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   "dimensions": {
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    "entity": "scheme:8156004B244AA70DE787",
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    "unit": "iso4217:EUR"
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    "unit": "iso4217:EUR"
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    "entity": "scheme:8156004B244AA70DE787",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:EUR"
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    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:EUR"
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    "entity": "scheme:8156004B244AA70DE787",
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    "unit": "iso4217:EUR"
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    "entity": "scheme:8156004B244AA70DE787",
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    "unit": "iso4217:EUR"
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    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:EUR"
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    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:EUR"
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  "fact-724": {
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   "dimensions": {
    "concept": "ce:OtherInflowsOutflowsFromSalePurchaseofMinorityControl",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:EUR"
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  },
  "fact-725": {
   "value": "-108342000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:EUR"
   }
  },
  "fact-726": {
   "value": "-15181000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:EUR"
   }
  },
  "fact-727": {
   "value": "3126756000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:EUR"
   }
  },
  "fact-728": {
   "value": "-5805000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:EUR"
   }
  },
  "fact-729": {
   "value": "230954000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:CashAndCashEquivalents",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:EUR"
   }
  },
  "fact-730": {
   "value": "236759000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:CashAndCashEquivalents",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2021-01-01T00:00:00",
    "unit": "iso4217:EUR"
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  },
  "fact-731": {
   "value": "3126756000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:EUR"
   }
  },
  "fact-732": {
   "value": "-5805000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:EUR"
   }
  },
  "fact-733": {
   "value": "0",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:EUR"
   }
  },
  "fact-734": {
   "value": "0",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:EUR"
   }
  },
  "fact-735": {
   "value": "3357710000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:CashAndCashEquivalents",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:EUR"
   }
  },
  "fact-736": {
   "value": "230954000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:CashAndCashEquivalents",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:EUR"
   }
  },
  "fact-742": {
   "value": "<div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs14\">Se<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs15\">1<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs16\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs17\">Di<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>ion<span class=\"_ _1\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs18\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs19\">co<span class=\"_ _0\"></span>nf<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>mit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs1a\">ai<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs1b\">pr<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>cip<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs1c\">co<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs1d\">in<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>rnaz<span class=\"_ _1\"></span>iona<span class=\"_ _1\"></span>li<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1e\">Il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>bilancio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>consolidato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>stato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>redatto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nella<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>piena<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>conformit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tutti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Principi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Contabili<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Internazionali<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1f\">(IAS/IFRS)<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>emanati<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>dall\u2019International<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>Accounting<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>Standard<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>Board<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>relative<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>interpretazioni<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs20\">dell\u2019International<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Financial<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Repo<span class=\"_ _2\"></span>rting<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Interpretation<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Committee,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>vigenti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>data<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>31<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dicembre<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>2015<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs21\">omologati<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Commissione<span class=\"ff1\"> </span>Europea<span class=\"ff1\"> </span>secondo<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>procedura<span class=\"ff1\"> </span>prev<span class=\"_ _0\"></span>ista<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>regolamento<span class=\"ff1\"> </span>UE<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">n.<span class=\"ff1\"> </span>1606/200<span class=\"_ _2\"></span>2<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs22\">19<span class=\"ff1\"> </span>luglio<span class=\"ff1\"> </span>200<span class=\"_ _2\"></span>2,<span class=\"ff1\"> </span>nonch\u00e9<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>pro<span class=\"_ _2\"></span>vvedimenti<span class=\"ff1\"> </span>emanati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>attuazione<span class=\"ff1\"> </span>dell\u2019art.9<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>D.Lgs.<span class=\"ff1\"> </span>n.38/200<span class=\"_ _2\"></span>5<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>dell\u2019art.43<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs23\">del<span class=\"ff1\"> </span>_D.<span class=\"ff1\"> </span>Lgs.18<span class=\"ff1\"> </span>agosto<span class=\"ff1\"> </span>2015,<span class=\"ff1\"> </span>n.136. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs24\">Si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">presente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ino<span class=\"_ _2\"></span>ltre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Ban<span class=\"_ _2\"></span>ca<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d\u2019Italia,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">avendo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">poteri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ma<span class=\"_ _2\"></span>teria<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">definizione<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prospetti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contabili<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs25\">definizione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Nota<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Integrativa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Bilancio,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>manato<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">7\u00b0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>ggiornamento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Circolare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">n.<span class=\"ff1\"> </span>2<span class=\"_ _0\"></span>62/2005<span class=\"ff1\"> </span>\u201cIl<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs26\">bilancio<span class=\"ff1\"> </span>bancario:<span class=\"ff1\"> </span>schemi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>regole<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>compilazione\u201d<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>29<span class=\"ff1\"> </span>ottobre<span class=\"ff1\"> </span>2021. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs27\">La<span class=\"ff1\"> </span>Banca<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">d\u2019Italia,<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">comunicazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">21<span class=\"ff1\"> </span>dicembre<span class=\"ff1\"> </span>2021,<span class=\"ff1\"> </span>ha<span class=\"ff1\"> </span>agg<span class=\"_ _0\"></span>iornato<span class=\"_ _2\"></span><span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">integrazioni<span class=\"_ _2\"></span><span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>disposizioni<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs28\">che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>disciplinano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>bilanci<span class=\"ff1\"> <span class=\"_ _20\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>banche<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(Circolare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>n.262<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>20<span class=\"_ _2\"></span>05)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fornire<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>mercato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>informazioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sugli<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs29\">effetti<span class=\"ff1\"> </span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>COVID-19<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> </span>m<span class=\"_ _2\"></span>isure<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sostegno<span class=\"ff1\"> <span class=\"_ _2\"></span></span>all'economia<span class=\"ff1\"> </span>han<span class=\"_ _2\"></span>no<span class=\"ff1\"> </span>pr<span class=\"_ _2\"></span>odotto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sulle<span class=\"ff1\"> </span>str<span class=\"_ _2\"></span>ategie,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">gli</span> <span class=\"_ _2\"></span><span class=\"ff3\">obiettivi</span> <span class=\"_ _2\"></span><span class=\"ff3\">e</span> <span class=\"_ _2\"></span><span class=\"ff3\">le</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2a\">politiche<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>gestione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>rischi,<span class=\"ff1\"> </span>nonch\u00e9<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>situazione<span class=\"ff1\"> </span>economica-patrimonaile<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>banche. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2b\">In<span class=\"ff1\"> </span>relazione<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>natura<span class=\"ff1\"> </span>temporanea<span class=\"ff1\"> </span>dell\u2019emergenza<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>CO<span class=\"_ _2\"></span>VID-19<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>misure<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>sostegno,<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>integrazioni<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2c\">alle<span class=\"ff1\"> </span>disposizioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>bilanci<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>es<span class=\"_ _2\"></span>se<span class=\"ff1\"> </span>connesse<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">restano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vigore<span class=\"ff1\"> </span>fino<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>diversa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>comunicazione<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>parte<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d\">Banca<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d'Italia. </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e\">I<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>principi<span class=\"ff1\">  </span>contabili<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>adotta<span class=\"_ _2\"></span>ti<span class=\"ff1\">  </span>per<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>predisposizione<span class=\"ff1\">  </span>del<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>presente<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>bilancio,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>riferimento<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>alle<span class=\"ff1\">  </span>fas<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2f\">classificazione,<span class=\"ff1\"> </span>iscrizione,<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alutazione<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>cancellazione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>passivit\u00e0<span class=\"ff1\"> </span>finanziarie,<span class=\"ff1\"> </span>cos\u00ec<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs30\">modalit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>riconoscimento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ricavi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>costi,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>non<span class=\"ff1\"> <span class=\"_ _20\"></span></span>risultano<span class=\"ff1\"> <span class=\"_ _21\"></span></span>modific<span class=\"_ _0\"></span>ati<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rispetto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>quel<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"_ _2\"></span>dottati<span class=\"ff1\"> <span class=\"_ _21\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs31\">predisposizione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Bilancio<span class=\"ff1\"> </span>2021<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Gruppo<span class=\"ff1\"> </span>Credem. </div>",
   "dimensions": {
    "concept": "ifrs-full:StatementOfIFRSCompliance",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-743": {
   "value": "<div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs33\">Se<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs34\">2<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs35\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs36\">Pr<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>cip<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs37\">ge<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs38\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs39\">red<span class=\"_ _1\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a\">Il<span class=\"ff1\">  </span>bi<span class=\"_ _2\"></span>lancio<span class=\"ff1\">  </span>conso<span class=\"_ _2\"></span>lidato<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>\u00e8<span class=\"ff1\">  </span>s<span class=\"_ _2\"></span>tato<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>predisposto<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>sulla<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>base<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>\u201cIstruzioni<span class=\"ff1\">  </span>per<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>r<span class=\"_ _2\"></span>edazione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>del<span class=\"ff1\">  </span>bilanc<span class=\"_ _2\"></span>io<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3b\">del<span class=\"_ _0\"></span>l\u2019i<span class=\"_ _0\"></span>mpre<span class=\"_ _0\"></span>sa<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>bila<span class=\"_ _0\"></span>ncio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">consol<span class=\"_ _0\"></span>ida<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"ff1\"> </span>ba<span class=\"_ _0\"></span>nche<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">delle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">socie<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>fin<span class=\"_ _0\"></span>anzi<span class=\"_ _0\"></span>arie<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">capo<span class=\"_ _0\"></span>grup<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">di</span> <span class=\"ff3\">gr<span class=\"_ _0\"></span>uppi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">banc<span class=\"_ _0\"></span>ari\u201d<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3c\">emanate<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>Banca<span class=\"ff1\"> </span>d\u2019Italia<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>Provvedimento<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>22<span class=\"ff1\"> </span>dicembre<span class=\"ff1\"> </span>2005<span class=\"_ _2\"></span><span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">successivi<span class=\"ff1\"> </span>aggiornamenti.<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d\">Il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> </span>consolidato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cos<span class=\"_ _2\"></span>tituito<span class=\"ff1\"> </span>dallo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">St<span class=\"_ _2\"></span>ato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">patrimoniale,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Co<span class=\"_ _2\"></span>nto<span class=\"ff1\"> </span>economico,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dal<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Prospetto<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ella<span class=\"ff1\"> </span>red<span class=\"_ _0\"></span>ditivit\u00e0<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3e\">complessiva,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>da<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Prospetto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>variazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>patrimonio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>netto<span class=\"_ _2\"></span>,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Rendiconto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>finanziario<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dalla<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>No<span class=\"_ _2\"></span>ta<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3f\">integrativa<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dalle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>relative<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>infor<span class=\"_ _2\"></span>mazioni<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>comparat<span class=\"_ _2\"></span>ive<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>31<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dicembre<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>2021<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ed<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>inoltre<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>corredato<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>una<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs40\">Relazione<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gestione,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sui<span class=\"ff1\"> <span class=\"_ _2\"></span></span>risultati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>economici<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conseguiti<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sulla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>situazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>patrimoniale<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziaria<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs41\">Gruppo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Credem.<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs42\">Il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">bil<span class=\"_ _0\"></span>anci<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">reda<span class=\"_ _0\"></span>tto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>\u2019app<span class=\"_ _0\"></span>lic<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">prin<span class=\"_ _0\"></span>cipi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">gen<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>pr<span class=\"_ _0\"></span>evi<span class=\"_ _0\"></span>sti<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>all<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>IA<span class=\"_ _0\"></span>S<span class=\"ff1\"> </span>1<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">deg<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">spec<span class=\"_ _0\"></span>ific<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rinc<span class=\"_ _0\"></span>ipi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span>tabi<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs43\">omologati<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>Commissione<span class=\"ff1\"> </span>europea<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>illustrat<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>Parte<span class=\"ff1\"> </span>A.2<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>presente<span class=\"ff1\"> </span>Nota<span class=\"ff1\"> </span>int<span class=\"_ _2\"></span>egrativa,<span class=\"ff1\"> </span>nonch\u00e9<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs44\">ad<span class=\"_ _0\"></span>eren<span class=\"_ _0\"></span>za<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le</span> <span class=\"ff3\">assu<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">genera<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">previ<span class=\"_ _0\"></span>ste<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dal</span> <span class=\"ff3\">Qu<span class=\"_ _0\"></span>adro<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Siste<span class=\"_ _0\"></span>mati<span class=\"_ _0\"></span>co<span class=\"ff1\"> </span>per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">la</span> <span class=\"ff3\">prep<span class=\"_ _0\"></span>ara<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>pre<span class=\"_ _0\"></span>senta<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del</span> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs45\">bilancio<span class=\"ff1\"> </span>elaborato<span class=\"ff1\"> </span>dallo<span class=\"ff1\"> </span>IASB.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs46\">Non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>st<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span>ffet<span class=\"_ _0\"></span>tua<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>erog<span class=\"_ _0\"></span>he<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">all<span class=\"_ _0\"></span>\u2019app<span class=\"_ _0\"></span>lica<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rinci<span class=\"_ _0\"></span>pi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">conta<span class=\"_ _0\"></span>bil<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>IA<span class=\"_ _0\"></span>S/I<span class=\"_ _0\"></span>FRS.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs47\">In<span class=\"ff1\"> </span>conformit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> </span>quanto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>disposto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall\u2019art.<span class=\"ff1\"> </span>5,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>comma<span class=\"ff1\"> </span>2,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>D<span class=\"_ _2\"></span>ecreto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Legislativo<span class=\"ff1\"> </span>n.<span class=\"ff1\"> </span>38<span class=\"_ _2\"></span><span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>28<span class=\"ff1\"> </span>fe<span class=\"_ _2\"></span>bbraio<span class=\"ff1\"> </span>2005<span class=\"_ _2\"></span>,<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs48\">bilancio<span class=\"ff1\"> </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">redatto</span> <span class=\"ff3\">u<span class=\"_ _0\"></span>tilizzando<span class=\"ff1\"> </span>l\u2019euro<span class=\"ff1\"> </span>come<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">moneta<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">conto,</span> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fonda<span class=\"ff1\"> </span>sul<span class=\"_ _0\"></span>l\u2019applicazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>eguenti<span class=\"ff1\"> </span>principi<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49\">generali<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>redazione<span class=\"ff1\"> </span>dettati<span class=\"ff1\"> </span>dallo<span class=\"ff1\"> </span>IAS<span class=\"ff1\"> </span>1:<span class=\"_ _3bd\"> </span> </div><div class=\"t m4 h2c ff4 fs5 fc0 sc0 ls0 ws0 gs4a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b\">Continuit\u00e0<span class=\"ff1\"> </span>aziendale.<span class=\"ff1\"> </span>Gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">amminis<span class=\"_ _2\"></span>tratori</span> <span class=\"ff3\">hanno</span> <span class=\"ff3\">consid<span class=\"_ _0\"></span>erato<span class=\"ff1\"> </span>appropriato<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>presupposto<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>continuit\u00e0<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c\">aziendale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>quanto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>lor<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>giud<span class=\"_ _0\"></span>izio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>emers<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>incertezze<span class=\"ff1\"> <span class=\"_ _21\"></span></span>legate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>eventi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>circos<span class=\"_ _2\"></span>tante<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che,<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4d\">considerati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>singolarmente<span class=\"ff1\">  </span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>loro<span class=\"ff1\">  </span>insie<span class=\"_ _0\"></span>me,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>poss<span class=\"_ _2\"></span>ano<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>far<span class=\"ff1\">  </span>s<span class=\"_ _0\"></span>orgere<span class=\"ff1\">  </span>du<span class=\"_ _0\"></span>bbi<span class=\"ff1\">  </span>rigu<span class=\"_ _0\"></span>ardo<span class=\"ff1\">  </span>alla<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>continuit\u00e0<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4e\">az<span class=\"_ _0\"></span>iend<span class=\"_ _0\"></span>ale.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">Con<span class=\"_ _0\"></span>segu<span class=\"_ _0\"></span>ente<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>atti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>t\u00e0,<span class=\"ff1\"> </span>pas<span class=\"_ _0\"></span>sivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ed<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">oper<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>oni<span class=\"ff1\"> </span>\u201cfuo<span class=\"_ _0\"></span>ri<span class=\"ff1\"> </span>bilan<span class=\"_ _0\"></span>cio<span class=\"_ _0\"></span>\u201d<span class=\"ff1\"> <span class=\"_ _2\"></span></span>son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>valut<span class=\"_ _0\"></span>ate<span class=\"ff1\"> </span>secon<span class=\"_ _0\"></span>do<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4f\">valori<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>funzionamento,<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>quanto<span class=\"ff1\"> </span>destinat<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>durare<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>tempo.<span class=\"_ _3bd\"> </span> </div><div class=\"t m4 h2c ff4 fs5 fc0 sc0 ls0 ws0 gs50\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs51\">Competenza<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>economica.<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>Cos<span class=\"_ _2\"></span>ti<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>ricavi<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>vengono<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>rilevati,<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>prescindere<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>momento<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>loro<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs52\">regolamento<span class=\"ff1\"> </span>monetario,<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>periodo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>maturazione<span class=\"ff1\"> </span>economica<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>econdo<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>criterio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>correlazione.<span class=\"_ _3bd\"> </span> </div><div class=\"t m4 h2c ff4 fs5 fc0 sc0 ls0 ws0 gs53\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs54\">Coe<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>za<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">prese<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>zione<span class=\"_ _1\"></span>.<span class=\"ff1\"> </span>La<span class=\"ff1\"> </span>pre<span class=\"_ _0\"></span>sen<span class=\"_ _0\"></span>tazi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">clas<span class=\"_ _0\"></span>sif<span class=\"_ _0\"></span>icazi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>voc<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>man<span class=\"_ _0\"></span>ten<span class=\"_ _0\"></span>ute<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">costa<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">nel<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs55\">tempo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>allo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>scopo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>garant<span class=\"_ _2\"></span>ire<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>comparabilit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>infor<span class=\"_ _2\"></span>mazioni,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>salvo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ch<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>l<span class=\"_ _0\"></span>oro<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>variazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sia<span class=\"_ _3bd\"> </span></div>ric<span class=\"_ _0\"></span>hie<span class=\"_ _0\"></span>sta<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>un<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Pri<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>pio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Cont<span class=\"_ _0\"></span>abil<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>I<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>rnaz<span class=\"_ _0\"></span>iona<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Inte<span class=\"_ _1\"></span>rpreta<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span>ppu<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>pi<span class=\"_ _0\"></span>\u00f9<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ppro<span class=\"_ _0\"></span>pri<span class=\"_ _0\"></span>ata,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">termini<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">significativit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">affidabilit\u00e0,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>rappresentazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valori.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Se<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">criterio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">presentazione<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>o<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>classificazione<span class=\"ff1\"> </span>viene<span class=\"ff1\"> </span>cambiato,<span class=\"ff1\"> </span>quello<span class=\"ff1\"> </span>nuovo<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>applica<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> </span>ove<span class=\"ff1\"> </span>possibile<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>modo<span class=\"ff1\"> </span>retroattivo;<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>tal<span class=\"ff1\"> </span>caso<span class=\"ff1\"> <span class=\"_ _21\"></span></span>vengono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>anche<span class=\"ff1\"> <span class=\"_ _21\"></span></span>indi<span class=\"_ _0\"></span>cati<span class=\"ff1\"> <span class=\"_ _21\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>natura<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>motivo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>variazione,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nonch\u00e9<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">le</span> <span class=\"_ _20\"></span><span class=\"ff3\">voci</span> <span class=\"_ _21\"></span><span class=\"ff3\">interessate.</span> <span class=\"_ _21\"></span><span class=\"ff3\">Nella</span> </span>presentazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>nella<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">classificazione<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"ff1\"> </span>voci<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>adottati<span class=\"ff1\"> </span>gli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">schemi<span class=\"ff1\"> </span>predisposti<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>alla<span class=\"ff1\"> </span>Banca<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">d\u2019Italia<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>per<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>i<span class=\"ff1\">  </span>bilanci<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>banche,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>contenuti<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>nella<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>circolare<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>n.<span class=\"ff1\">  </span>262<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>del<span class=\"ff1\">  </span>22<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dicembre<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>2005<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>successivi<span class=\"ff1\"> </span>aggiornamenti<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>integrazioni.<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Aggregazione<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>rilevanza.<span class=\"ff1\"> </span>Tutti<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>aggruppamenti<span class=\"ff1\"> </span>significativi<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>voci<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>natura<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>fu<span class=\"_ _2\"></span>nzione<span class=\"ff1\"> </span>simili<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>riportati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>separatam<span class=\"_ _2\"></span>ente.<span class=\"ff1\"> </span>G<span class=\"_ _2\"></span>li<span class=\"ff1\"> <span class=\"_ _2\"></span></span>elementi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>natura<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>funzione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>diversa,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>se<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rilevanti,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>vengono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pres<span class=\"_ _2\"></span>entati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>modo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">distinto.<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>Divieto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">compensazione.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">passivit\u00e0,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">costi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ricavi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">v<span class=\"_ _2\"></span>engono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">compensat<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tr<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">loro,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">salvo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ci\u00f2<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sia<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>richiesto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>permesso<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _21\"></span></span>un<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Principio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Contabile<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Internazionale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Interpretazione<span class=\"ff1\"> </span>oppure<span class=\"ff1\"> </span>dagli<span class=\"ff1\"> </span>schemi<span class=\"ff1\"> </span>predisposti<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>Banca<span class=\"ff1\"> </span>d\u2019Italia<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>bilanci<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>banche.<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>In<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>ativ<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>compa<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>va.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">Le</span> <span class=\"ff3\">informa<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">comp<span class=\"_ _0\"></span>arat<span class=\"_ _0\"></span>ive<span class=\"ff1\"> </span>dell<span class=\"_ _0\"></span>\u2019ese<span class=\"_ _0\"></span>rciz<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>prece<span class=\"_ _0\"></span>den<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>ripo<span class=\"_ _0\"></span>rtate<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">per</span> <span class=\"ff3\">tutti<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span>i<span class=\"ff1\"> </span>d<span class=\"_ _1\"></span>ati<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>nten<span class=\"_ _0\"></span>uti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pros<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>tti<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ontab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">conf<span class=\"_ _0\"></span>ron<span class=\"_ _0\"></span>to.<span class=\"ff1\"> </span>L<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">modif<span class=\"_ _0\"></span>ich<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ati<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>arati<span class=\"_ _0\"></span>vi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>effe<span class=\"_ _0\"></span>ttu<span class=\"_ _0\"></span>ate<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>olo<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>quando<span class=\"ff1\"> </span>ritenute<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>importo<span class=\"ff1\"> </span>significativo.<span class=\"_ _3bd\"> </span>Si<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tenuto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>conto,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ove<span class=\"ff1\"> <span class=\"_ _20\"></span></span>applicabile,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>documenti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>tipo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>interpretativo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>supporto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>all\u2019applicazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> </span>principi<span class=\"ff1\"> </span>contabili<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>relazione<span class=\"ff1\"> </span>agli<span class=\"ff1\"> </span>impatti<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>COVID-19,<span class=\"ff1\"> </span>emanati<span class=\"ff1\"> </span>dagli<span class=\"ff1\"> </span>organismi<span class=\"ff1\"> </span>regolamentari<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>igilanza<span class=\"ff1\"> </span>europei<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>dagli<span class=\"ff1\"> </span>standard<span class=\"ff1\"> </span>setter.<span class=\"ff1\"> </span>Si<span class=\"ff1\"> </span>richiamano<span class=\"ff1\"> </span>tra<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gli<span class=\"ff1\"> </span>altri:<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>la<span class=\"ff1\">  </span>comunicazione<span class=\"ff1\">  </span>dell\u2019EBA<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>25<span class=\"ff1\">  </span>marzo<span class=\"ff1\">  </span>20<span class=\"_ _2\"></span>20<span class=\"ff1\">  </span>\u201cStatement<span class=\"ff1\">  </span>on<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>the<span class=\"ff1\">  </span>application<span class=\"ff1\">  </span>o<span class=\"_ _2\"></span>f<span class=\"ff1\">  </span>the<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>pruden<span class=\"_ _0\"></span>tial<span class=\"ff1\"> </span>framework<span class=\"ff1\"> </span>regarding<span class=\"ff1\"> </span>Default,<span class=\"ff1\"> </span>Forbearance<span class=\"ff1\"> </span>and<span class=\"ff1\"> </span>IFRS<span class=\"ff1\"> </span>9<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>light<span class=\"ff1\"> </span>of<span class=\"ff1\"> </span>COVID<span class=\"ff1\"> </span>19<span class=\"ff1\"> </span>measures\u201d;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>comunicazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dell\u2019ESMA<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>25<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>marzo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>2020<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u201cPublic<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Stat<span class=\"_ _2\"></span>ement.<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Accounting<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>implications<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>of<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>the<span class=\"ff1\"> </span>COVID<span class=\"ff1\"> </span>19<span class=\"ff1\"> </span>outbreak<span class=\"ff1\"> </span>on<span class=\"ff1\"> </span>the<span class=\"ff1\"> </span>calculation<span class=\"ff1\"> </span>of<span class=\"ff1\"> </span>expected<span class=\"ff1\"> </span>credit<span class=\"ff1\"> </span>losses<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>accordance<span class=\"ff1\"> </span>with<span class=\"ff1\"> </span>IFRS<span class=\"ff1\"> </span>9\u201d;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>il<span class=\"ff1\"> </span>documento<span class=\"ff1\"> </span>dell\u2019IFRS<span class=\"ff1\"> </span>Fo<span class=\"_ _2\"></span>undation<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>27<span class=\"ff1\"> </span>marzo<span class=\"ff1\"> </span>20<span class=\"_ _2\"></span>20<span class=\"ff1\"> </span>\u201cIFRS<span class=\"ff1\"> </span>9<span class=\"ff1\"> </span>and<span class=\"ff1\"> </span>covid-19<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> </span>Accounting<span class=\"ff1\"> </span>for<span class=\"ff1\"> <span class=\"_ _2\"></span></span>expected<span class=\"ff1\"> </span>credit<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">loss<span class=\"_ _2\"></span>es<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">applying<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">IFRS<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">9<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Fin<span class=\"_ _2\"></span>ancial<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Inst<span class=\"_ _2\"></span>ruments<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">the<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">light<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">of<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">current<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>ncertaint<span class=\"_ _2\"></span>y<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>esulting<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">from<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>he<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>covid-19<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pandemic\u201d;<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>lettera<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>BCE<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>1\u00b0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>aprile<span class=\"ff1\"> <span class=\"_ _2\"></span></span>2020<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u201cIFRS<span class=\"ff1\"> <span class=\"_ _2\"></span></span>9<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>the<span class=\"ff1\"> <span class=\"_ _2\"></span></span>context<span class=\"_ _2\"></span><span class=\"ff1\"> </span>o<span class=\"_ _2\"></span>f<span class=\"ff1\"> <span class=\"_ _2\"></span></span>the<span class=\"ff1\"> <span class=\"_ _2\"></span></span>coronavirus<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(COVID<span class=\"ff1\"> <span class=\"_ _2\"></span></span>19)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pandemic\u201d<span class=\"ff1\"> </span>indirizzata<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>tutti<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>enti<span class=\"ff1\"> </span>significativi;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>gli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>orientamenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019E<span class=\"_ _2\"></span>BA<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>2<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"_ _2\"></span>prile<span class=\"ff1\"> <span class=\"_ _2\"></span></span>2020<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u201cG<span class=\"_ _2\"></span>uidelines<span class=\"ff1\"> <span class=\"_ _2\"></span></span>on<span class=\"ff1\"> <span class=\"_ _2\"></span></span>legislat<span class=\"_ _2\"></span>ive<span class=\"ff1\"> <span class=\"_ _2\"></span></span>and<span class=\"ff1\"> <span class=\"_ _2\"></span></span>non<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l<span class=\"_ _2\"></span>egislative<span class=\"ff1\"> <span class=\"_ _2\"></span></span>moratoria<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"_ _2\"></span>n<span class=\"ff1\"> </span>loan<span class=\"ff1\"> </span>repayments<span class=\"ff1\"> </span>applied<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>the<span class=\"ff1\"> </span>light<span class=\"ff1\"> </span>of<span class=\"ff1\"> </span>the<span class=\"ff1\"> </span>COVID<span class=\"ff1\"> </span>19<span class=\"ff1\"> </span>crisis<span class=\"_ _2\"></span>\u201d;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>comunicazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019ESMA<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d<span class=\"_ _2\"></span>el<span class=\"ff1\"> <span class=\"_ _2\"></span></span>20<span class=\"ff1\"> <span class=\"_ _20\"></span></span>maggio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>2020<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u201cImplications<span class=\"ff1\"> <span class=\"_ _20\"></span></span>of<span class=\"ff1\"> <span class=\"_ _2\"></span></span>the<span class=\"ff1\"> <span class=\"_ _2\"></span></span>COVID-19<span class=\"ff1\"> <span class=\"_ _2\"></span></span>outbr<span class=\"_ _2\"></span>eak<span class=\"ff1\"> <span class=\"_ _2\"></span></span>on<span class=\"ff1\"> <span class=\"_ _2\"></span></span>the<span class=\"ff1\"> <span class=\"_ _20\"></span></span>half-<span class=\"ff1\"> </span>yearly<span class=\"ff1\"> </span>financial<span class=\"ff1\"> </span>reports\u201d;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>gl<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span>rien<span class=\"_ _0\"></span>tame<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>ll\u2019E<span class=\"_ _0\"></span>BA<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">2</span> <span class=\"ff3\">g<span class=\"_ _0\"></span>iugn<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>2<span class=\"_ _0\"></span>020<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u201cGui<span class=\"_ _0\"></span>deli<span class=\"_ _0\"></span>nes<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">on<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rep<span class=\"_ _0\"></span>orti<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">an<span class=\"_ _0\"></span>d<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>scl<span class=\"_ _0\"></span>osure<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o<span class=\"_ _0\"></span>f<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>xpo<span class=\"_ _0\"></span>sure<span class=\"_ _0\"></span>s<span class=\"ff1\"> </span>su<span class=\"_ _0\"></span>bjec<span class=\"_ _0\"></span>t<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>to<span class=\"ff1\"> </span>measures<span class=\"ff1\"> </span>applied<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>response<span class=\"ff1\"> </span>to<span class=\"ff1\"> </span>t<span class=\"_ _2\"></span>he<span class=\"ff1\"> </span>COVID<span class=\"ff1\"> </span>19<span class=\"ff1\"> </span>crisis\u201d;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>la<span class=\"ff1\"> </span>co<span class=\"_ _2\"></span>municazione<span class=\"ff1\"> </span>dell\u2019ESMA<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>28<span class=\"ff1\"> <span class=\"_ _2\"></span></span>maggio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>2020<span class=\"ff1\"> </span>\u201c<span class=\"_ _2\"></span>European<span class=\"ff1\"> </span>common<span class=\"ff1\"> </span>enforcement<span class=\"ff1\"> <span class=\"_ _2\"></span></span>priorities<span class=\"ff1\"> <span class=\"_ _2\"></span></span>for<span class=\"ff1\"> <span class=\"_ _2\"></span></span>2020<span class=\"ff1\"> </span>annual<span class=\"ff1\"> </span>financial<span class=\"ff1\"> </span>reports\u201d;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>gli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>orientamenti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dell\u2019EBA<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>2<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dicembre<span class=\"ff1\"> <span class=\"_ _21\"></span></span>2020<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u201cGuidelines<span class=\"ff1\"> <span class=\"_ _21\"></span></span>amending<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Guidelines<span class=\"ff1\"> <span class=\"_ _21\"></span></span>EBA/GL/2020/02<span class=\"ff1\"> <span class=\"_ _20\"></span></span>on<span class=\"ff1\"> </span>legislative<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>nd<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> </span>legi<span class=\"_ _0\"></span>slative<span class=\"ff1\"> </span>moratoria<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">on<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">loan<span class=\"ff1\"> </span>rep<span class=\"_ _0\"></span>ayments<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">applied<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>the<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">light<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">of<span class=\"ff1\"> </span>the<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">COVID<span class=\"ff1\"> </span>19<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">crisis\u201d<span class=\"_ _2\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">lettera<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">BCE<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>el<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">4<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dicemb<span class=\"_ _2\"></span>re<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">2020<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u201c<span class=\"_ _2\"></span>Identification<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">and<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">meas<span class=\"_ _2\"></span>urement<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">of<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">credit<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">risk<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">the<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">context<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">of<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>the<span class=\"ff1\"> </span>coronavirus<span class=\"ff1\"> </span>(COVID<span class=\"ff1\"> </span>19)<span class=\"ff1\"> </span>pandemic\u201d<span class=\"ff1\"> </span>indirizzata<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>tutti<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>enti<span class=\"ff1\"> </span>significativi;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>comunicazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d<span class=\"_ _2\"></span>ell\u2019ESMA<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>29<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ottobre<span class=\"ff1\"> <span class=\"_ _20\"></span></span>2021<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u201cEuropean<span class=\"ff1\"> <span class=\"_ _20\"></span></span>common<span class=\"ff1\"> <span class=\"_ _20\"></span></span>enforcement<span class=\"ff1\"> <span class=\"_ _20\"></span></span>priorities<span class=\"ff1\"> <span class=\"_ _20\"></span></span>for<span class=\"ff1\"> <span class=\"_ _20\"></span></span>2021<span class=\"ff1\"> </span>annual<span class=\"ff1\"> </span>financial<span class=\"ff1\"> </span>reports\u201d;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">comun<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>l\u2019E<span class=\"_ _0\"></span>SMA<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del</span> <span class=\"ff3\">13</span> <span class=\"ff3\">m<span class=\"_ _0\"></span>aggi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>20<span class=\"_ _0\"></span>22<span class=\"ff1\"> </span></span></span></span></span>\u201cIm<span class=\"_ _0\"></span>plic<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>ns<span class=\"_ _3bd\"> </span>of<span class=\"_ _3bd\"> </span>Russ<span class=\"_ _0\"></span>ia\u2019<span class=\"_ _0\"></span>s<span class=\"_ _3bd\"> </span>inv<span class=\"_ _0\"></span>asi<span class=\"_ _0\"></span>on<span class=\"_ _3bd\"> </span>of<span class=\"_ _3bd\"> </span>Ukra<span class=\"_ _0\"></span>ine<span class=\"_ _3bd\"> </span>on<span class=\"_ _3bd\"> </span>hal<span class=\"_ _0\"></span>f<span class=\"_ _3bd\"> </span>yearly<span class=\"_ _3bd\"> </span>financial<span class=\"_ _3bd\"> </span>reports <span class=\"_ _1f\"> </span><span class=\"ff3 fs5\">afferente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>gl<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>effetti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"_ _0\"></span>l\u2019invasione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dell\u2019Ucraina<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>parte<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>ella<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Russia<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sulle<span class=\"ff1\"> </span></span>rendicontazioni<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>semestrali;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">co<span class=\"_ _0\"></span>muni<span class=\"_ _0\"></span>caz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dell\u2019<span class=\"_ _0\"></span>ESMA<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del</span> <span class=\"ff3\">28<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ottob<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>202<span class=\"_ _0\"></span>2<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>\u201cE<span class=\"_ _0\"></span>uro<span class=\"_ _0\"></span>pean<span class=\"_ _3bd\"> </span>com<span class=\"_ _0\"></span>mon<span class=\"_ _3bd\"> </span>enf<span class=\"_ _1\"></span>orcemen<span class=\"_ _0\"></span>t<span class=\"_ _3bd\"> </span>pri<span class=\"_ _0\"></span>ori<span class=\"_ _0\"></span>ties<span class=\"_ _3bd\"> </span>for<span class=\"_ _3bd\"> </span>20<span class=\"_ _0\"></span>22<span class=\"_ _3bd\"> </span>annual<span class=\"_ _3bd\"> </span>financial<span class=\"_ _3bd\"> </span>reports<span class=\"_ _2\"></span>\u201d, <span class=\"_ _1\"></span><span class=\"ff3 fs5\">dov<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">evidenziano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">priorit\u00e0<span class=\"ff1\"> </span>relative<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>isclosure<span class=\"ff1\"> </span>sui<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rendiconti</span> <span class=\"_ _1\"></span><span class=\"ff3\">an<span class=\"_ _2\"></span>nuali.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span>Pri<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>ip<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nta<span class=\"_ _1\"></span>bili<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Princip<span class=\"_ _0\"></span>ali<span class=\"_ _3bd\"> </span>norm<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>ed<span class=\"_ _3bd\"> </span>interp<span class=\"_ _0\"></span>retazio<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>conta<span class=\"_ _0\"></span>bili<span class=\"_ _3bd\"> </span>omo<span class=\"_ _0\"></span>logate<span class=\"_ _3bd\"> </span>dall\u2019<span class=\"_ _0\"></span>Unione<span class=\"_ _3bd\"> </span>Europ<span class=\"_ _0\"></span>ea,<span class=\"_ _3bd\"> </span>la<span class=\"_ _3bd\"> </span>cui<span class=\"_ _3bd\"> </span>appli<span class=\"_ _0\"></span>cazion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>\u00e8<span class=\"_ _3bd\"> </span>divenu<span class=\"_ _0\"></span>ta<span class=\"_ _3bd\"> </span>obblig<span class=\"_ _0\"></span>atori<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>part<span class=\"_ _0\"></span>ire<span class=\"_ _3bd\"> </span>dall\u2019<span class=\"_ _0\"></span>eserciz<span class=\"_ _0\"></span>io<span class=\"_ _3bd\"> </span>2022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>In<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>14<span class=\"ff1\"> </span>maggio<span class=\"ff1\"> </span>2020<span class=\"ff1\"> </span>lo<span class=\"ff1\"> </span>IASB<span class=\"ff1\"> </span>ha<span class=\"ff1\"> </span>pubblicato<span class=\"ff1\"> </span>alcune<span class=\"ff1\"> </span>modifiche<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>seguenti<span class=\"ff1\"> </span>IFRS,<span class=\"ff1\"> </span>applicabili<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>part<span class=\"_ _2\"></span>ire<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>1\u00b0<span class=\"ff1\"> </span>gennaio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">2022:<span class=\"_ _2\"></span> </span></span>Amendments<span class=\"ff1\"> </span>to<span class=\"ff1\"> </span>IFRS<span class=\"ff1\"> </span>3<span class=\"ff1\"> </span>Business<span class=\"ff1\"> </span>Combinations:<span class=\"ff1\"> </span>aggiorna<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>iferimento<span class=\"ff1\"> </span>presente<span class=\"ff1\"> </span>nell\u2019IFRS<span class=\"ff1\"> </span>3<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>Conceptual<span class=\"ff1\"> </span>Framework<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>versione<span class=\"ff1\"> </span>rivista,<span class=\"ff1\"> </span>senza<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>ci\u00f2<span class=\"ff1\"> </span>comporti<span class=\"ff1\"> </span>modifiche<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>disposizioni<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>standard<span class=\"ff1\"> </span>Amendments<span class=\"ff1\"> </span>to<span class=\"ff1\"> </span>IAS<span class=\"ff1\"> </span>16<span class=\"ff1\"> </span>Property,<span class=\"ff1\"> </span>Plant<span class=\"ff1\"> </span>and<span class=\"ff1\"> </span>Equipment\u2013<span class=\"ff1\"> </span>\u201cPro<span class=\"_ _2\"></span>ceeds<span class=\"ff1\"> </span>bef<span class=\"_ _0\"></span>ore<span class=\"ff1\"> </span>Intended<span class=\"ff1\"> </span>Use\u201d:<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _2\"></span></span>consente<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>dedurre<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>costo<span class=\"ff1\"> </span>dell\u2019immobilizzazione<span class=\"ff1\"> </span>l\u2019importo<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>icevuto<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>ve<span class=\"_ _0\"></span>ndita<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>beni<span class=\"ff1\"> </span>prodot<span class=\"_ _2\"></span>ti<span class=\"ff1\"> </span>prima<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>l\u2019asset<span class=\"ff1\"> </span>fosse<span class=\"ff1\"> </span>pronto<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>l\u2019uso.<span class=\"ff1\"> </span>Tali<span class=\"ff1\"> </span>ricavi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>ve<span class=\"_ _0\"></span>ndita<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>relativi<span class=\"ff1\"> </span>costi<span class=\"ff1\"> </span>saranno<span class=\"ff1\"> </span>rilevati<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico<span class=\"_ _3bd\"> </span>Amendments<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">IAS<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">37<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Provisions,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Contingent<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Liabilities<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">and<span class=\"ff1\"> </span>Contingent<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Assets<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u201cOnerous<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Contracts<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u2013<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Costs<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>of<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Fulfilling<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Contract\u201d:<span class=\"ff1\"> </span>chiarisce<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">quali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">voci<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>costo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>evono<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onsiderare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>valu<span class=\"_ _0\"></span>tare<span class=\"ff1\"> </span>se<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cont<span class=\"_ _2\"></span>ratto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sar\u00e0<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">perdita<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>Annual<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Improvements<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">201<span class=\"_ _2\"></span>8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2020<span class=\"_ _2\"></span>:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">modifiche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">apportat<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ai<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">seguenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">principi<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">contabili:<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Am<span class=\"_ _2\"></span>endments<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">to<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>IF<span class=\"_ _0\"></span>RS<span class=\"ff1\"> </span>1<span class=\"ff1\"> </span>Fir<span class=\"_ _0\"></span>st-ti<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">Ad<span class=\"_ _0\"></span>opti<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>of<span class=\"ff1\"> </span>In<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>nati<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>al<span class=\"ff1\"> </span>Fin<span class=\"_ _0\"></span>ancia<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>Repo<span class=\"_ _0\"></span>rtin<span class=\"_ _0\"></span>g<span class=\"ff1\"> </span>Stan<span class=\"_ _0\"></span>dar<span class=\"_ _0\"></span>ds\u2013<span class=\"ff1\"> </span>Su<span class=\"_ _0\"></span>bsidi<span class=\"_ _0\"></span>ary<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">as</span> <span class=\"ff3\">a</span> <span class=\"ff3\">first-<span class=\"_ _0\"></span>tim<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>ad<span class=\"_ _0\"></span>opte<span class=\"_ _0\"></span>r,<span class=\"ff1\"> </span></span></span></span></span>Amendment<span class=\"ff1\"> <span class=\"_ _2\"></span></span>to<span class=\"ff1\"> </span>IFRS<span class=\"ff1\"> <span class=\"_ _2\"></span></span>9<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Financial<span class=\"ff1\"> </span>Instruments<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u2013<span class=\"ff1\"> </span>\u201cF<span class=\"_ _2\"></span>ees<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>the<span class=\"ff1\"> </span>\u201810<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cent\u2019<span class=\"ff1\"> <span class=\"_ _2\"></span></span>test<span class=\"ff1\"> <span class=\"_ _2\"></span></span>for<span class=\"ff1\"> </span>derecognition<span class=\"ff1\"> </span>o<span class=\"_ _2\"></span>f<span class=\"ff1\"> </span>financial<span class=\"ff1\"> </span>liabilities\u201d,<span class=\"ff1\"> </span>allo<span class=\"ff1\"> </span>IAS<span class=\"ff1\"> </span>41<span class=\"ff1\"> </span>Agriculture<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>agli<span class=\"ff1\"> </span>Illustrative<span class=\"ff1\"> </span>Examples<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>accompagnano<span class=\"ff1\"> </span>l\u2019IFRS<span class=\"ff1\"> </span>16<span class=\"ff1\"> </span>Leases.<span class=\"_ _3bd\"> </span> Pr<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>cip<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>no<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>ed<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>pr<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>ili<span class=\"_ _3bd\"> </span>om<span class=\"_ _1\"></span>olo<span class=\"_ _0\"></span>gat<span class=\"_ _1\"></span>e<span class=\"_ _3bd\"> </span>da<span class=\"_ _0\"></span>ll\u2019<span class=\"_ _0\"></span>Un<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>Eu<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>a,<span class=\"_ _3bd\"> </span>ma<span class=\"_ _3bd\"> </span>ch<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>no<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span>tro<span class=\"_ _1\"></span>van<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>ap<span class=\"_ _0\"></span>pli<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _1\"></span>e<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>31<span class=\"_ _3bd\"> </span>dicem<span class=\"_ _0\"></span>bre<span class=\"_ _3bd\"> </span>2022<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>per<span class=\"_ _3bd\"> </span>i<span class=\"_ _3bd\"> </span>quali<span class=\"_ _3bd\"> </span>la<span class=\"_ _3bd\"> </span>Banca<span class=\"_ _3bd\"> </span>ed<span class=\"_ _3bd\"> </span>il<span class=\"_ _3bd\"> </span>Grupp<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>appa<span class=\"_ _0\"></span>rtenen<span class=\"_ _0\"></span>za<span class=\"_ _3bd\"> </span>non<span class=\"_ _3bd\"> </span>si<span class=\"_ _3bd\"> </span>sono<span class=\"_ _3bd\"> </span>avva<span class=\"_ _0\"></span>lsi,<span class=\"_ _3bd\"> </span>nei<span class=\"_ _3bd\"> </span>casi<span class=\"_ _3bd\"> </span>eventu<span class=\"_ _0\"></span>alme<span class=\"_ _0\"></span>nte<span class=\"_ _3bd\"> </span>previs<span class=\"_ _0\"></span>ti,<span class=\"_ _3bd\"> </span>dell\u2019a<span class=\"_ _0\"></span>pplicaz<span class=\"_ _0\"></span>ione<span class=\"_ _3bd\"> </span>antici<span class=\"_ _0\"></span>pata<span class=\"fc0 sc1\"> </span>In<span class=\"ff1\"> </span>data<span class=\"ff1\"> <span class=\"_ _2\"></span></span>1<span class=\"_ _2\"></span>8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>maggio<span class=\"ff1\"> </span>201<span class=\"_ _2\"></span>7<span class=\"ff1\"> <span class=\"_ _2\"></span></span>lo<span class=\"ff1\"> </span>IASB<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ha<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pubblicato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019IFRS<span class=\"ff1\"> </span>17<span class=\"_ _2\"></span><span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Insuran<span class=\"_ _2\"></span>ce<span class=\"ff1\"> </span>Contr<span class=\"_ _2\"></span>acts,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> </span>nuovo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>principio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>completo<span class=\"ff1\"> </span>relativo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ai<span class=\"ff1\"> </span>cont<span class=\"_ _2\"></span>ratti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>ass<span class=\"_ _2\"></span>icurazione<span class=\"ff1\"> </span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>copre<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rilevazion<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mis<span class=\"_ _2\"></span>urazione,<span class=\"ff1\"> </span>presentazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ed<span class=\"ff1\"> <span class=\"_ _2\"></span></span>informativa.<span class=\"ff1\"> </span>L\u2019IFRS<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">17<span class=\"_ _2\"></span><span class=\"ff1\"> </span>sostituisce<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l<span class=\"_ _0\"></span>\u2019IFRS<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">4<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Insurance<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Cont<span class=\"_ _2\"></span>racts<span class=\"ff1\"> </span>ch<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stato<span class=\"ff1\"> </span>eme<span class=\"_ _0\"></span>sso<span class=\"ff1\"> </span>nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">20<span class=\"_ _2\"></span>05.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">L\u2019IFRS<span class=\"ff1\"> </span>17<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">applica<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>tutti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>tipi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cont<span class=\"_ _2\"></span>ratti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>assicurativi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ind<span class=\"_ _0\"></span>ipendentemente<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dal<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>ipo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>entit<span class=\"_ _2\"></span>\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>li<span class=\"ff1\"> <span class=\"_ _21\"></span></span>emettono,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>come<span class=\"ff1\"> <span class=\"_ _20\"></span></span>anche<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alcune<span class=\"ff1\"> </span>garanzie<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>st<span class=\"_ _2\"></span>rumenti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>finanziari<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>caratteris<span class=\"_ _2\"></span>tiche<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>par<span class=\"_ _2\"></span>tecipazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>d<span class=\"_ _2\"></span>iscrezionale.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>L\u2019IFRS<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>17<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>ichiede<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"_ _2\"></span><span class=\"ff1\"> </span>presentazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>saldi<span class=\"ff1\"> </span>comparativi.<span class=\"ff1\"> </span>La<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>entrata<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>vig<span class=\"_ _0\"></span>ore<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>prevista<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>1\u00b0<span class=\"ff1\"> </span>gennaio<span class=\"ff1\"> </span>2023.<span class=\"_ _3bd\"> </span> In<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">data<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">25<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">giugno<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2020<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">lo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">IAS<span class=\"_ _2\"></span>B<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pubblicato<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">doc<span class=\"_ _2\"></span>umento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Amendments<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">to<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">IFRS<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">1<span class=\"_ _2\"></span>7<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Insurance<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Contr<span class=\"_ _2\"></span>acts<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per:<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ridurre<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>costi<span class=\"ff1\"> </span>semplificando<span class=\"ff1\"> </span>alcuni<span class=\"ff1\"> </span>requisiti<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>Standard;<span class=\"_ _3bd\"> </span> ren<span class=\"_ _0\"></span>der<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>pe<span class=\"_ _1\"></span>rforma<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fin<span class=\"_ _0\"></span>anzi<span class=\"_ _0\"></span>aria<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pi<span class=\"_ _0\"></span>\u00f9<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>acile<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">da</span> <span class=\"ff3\">s<span class=\"_ _0\"></span>pie<span class=\"_ _0\"></span>gare<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span>facilitare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>transizione<span class=\"ff1\"> </span>posticipando<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">entrata<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>vigore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dello<span class=\"ff1\"> </span>Standard<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">2023</span> <span class=\"ff3\">e</span> <span class=\"_ _0\"></span><span class=\"ff3\">fornendo<span class=\"ff1\"> </span>ulteriore<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>sostegno<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>ridurre<span class=\"ff1\"> </span>lo<span class=\"ff1\"> </span>sforzo<span class=\"ff1\"> </span>richiesto<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>prima<span class=\"ff1\"> </span>applicazione<span class=\"ff1\"> </span>dell'IFRS<span class=\"ff1\"> </span>17.<span class=\"_ _3bd\"> </span> In<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">data<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">9<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dicembre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">2021<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">lo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">IASB<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ha<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">emesso<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">documento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Amendments<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">IFRS<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">17<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Insurance<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">contr<span class=\"_ _2\"></span>acts:<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Initial<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Application<span class=\"ff1\">  </span>of<span class=\"ff1\">  </span>IFRS<span class=\"ff1\">  </span>17<span class=\"ff1\">  </span>and<span class=\"ff1\">  </span>IFRS<span class=\"ff1\">  </span>9<span class=\"ff1\">  </span>\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Comparative<span class=\"ff1\">  </span>Information.<span class=\"ff1\">  </span>La<span class=\"ff1\">  </span>modifica<span class=\"ff1\">  </span>fornisce<span class=\"ff1\">  </span>agli<span class=\"ff1\">  </span>assicuratori<span class=\"ff1\"> </span>un\u2019opzione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _21\"></span></span>l\u2019obiettivo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>m<span class=\"_ _2\"></span>igliorare<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rilevanza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"_ _2\"></span>nformazioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>da<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fornire<span class=\"ff1\"> <span class=\"_ _20\"></span></span>agli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"_ _2\"></span>nvestitori<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fase<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> </span>applicazione<span class=\"ff1\"> </span>iniziale<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>nuovo<span class=\"ff1\"> </span>standard.<span class=\"ff1\"> </span>L\u2019entrata<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>vigore<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>prevista<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>part<span class=\"_ _2\"></span>ire<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>1\u00b0<span class=\"ff1\"> </span>gennaio<span class=\"ff1\"> </span>2023.<span class=\"_ _3bd\"> </span> In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dat<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>7<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mag<span class=\"_ _0\"></span>gio<span class=\"ff1\"> </span>2<span class=\"_ _0\"></span>021<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">lo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">IASB<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">h<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>pub<span class=\"_ _0\"></span>bli<span class=\"_ _0\"></span>cato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">il</span> <span class=\"_ _0\"></span><span class=\"ff3\">docu<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>A<span class=\"_ _0\"></span>mend<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ts<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>I<span class=\"_ _0\"></span>AS<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">12<span class=\"ff1\"> </span>I<span class=\"_ _0\"></span>nco<span class=\"_ _0\"></span>me<span class=\"ff1\"> </span>T<span class=\"_ _0\"></span>axe<span class=\"_ _0\"></span>s:<span class=\"ff1\"> </span>De<span class=\"_ _0\"></span>ferr<span class=\"_ _0\"></span>ed<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Ta<span class=\"_ _0\"></span>x<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>rel<span class=\"_ _0\"></span>ated<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">to</span> <span class=\"ff3\">Ass<span class=\"_ _0\"></span>ets<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">an<span class=\"_ _0\"></span>d<span class=\"ff1\"> </span>Li<span class=\"_ _0\"></span>abi<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ties<span class=\"ff1\"> </span>ar<span class=\"_ _0\"></span>isi<span class=\"_ _0\"></span>ng<span class=\"ff1\"> </span>fr<span class=\"_ _0\"></span>om<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>Si<span class=\"_ _0\"></span>ngl<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>Tr<span class=\"_ _0\"></span>ansa<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on.<span class=\"ff1\"> </span>I<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>doc<span class=\"_ _0\"></span>umen<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>pre<span class=\"_ _1\"></span>cisa<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>me<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>von<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>esse<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span></span></span></span></span>contabilizzate<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>imposte<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>differite<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>sulle<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>op<span class=\"_ _2\"></span>erazioni<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>q<span class=\"_ _2\"></span>uali<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>leasing<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>g<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>obblighi<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>sma<span class=\"_ _2\"></span>ntellamento<span class=\"ff1\"> </span>(decommissioning<span class=\"ff1\"> </span>obligations).<span class=\"ff1\"> </span>La<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>entrata<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>vigore<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>prevista<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>partire<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>1\u00b0<span class=\"ff1\"> </span>gennaio<span class=\"ff1\"> </span>2023.<span class=\"_ _3bd\"> </span> In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>ata<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">12<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>ebb<span class=\"_ _0\"></span>raio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">20<span class=\"_ _0\"></span>21<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>I<span class=\"_ _0\"></span>ASB<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ha<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>ubbl<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>ocu<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>i:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span>Amendments<span class=\"ff1\"> <span class=\"_ _20\"></span></span>to<span class=\"ff1\"> <span class=\"_ _2\"></span></span>IAS<span class=\"ff1\"> <span class=\"_ _20\"></span></span>1<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Presentation<span class=\"ff1\"> <span class=\"_ _2\"></span></span>of<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Financial<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Stat<span class=\"_ _2\"></span>ements<span class=\"ff1\"> <span class=\"_ _2\"></span></span>and<span class=\"ff1\"> <span class=\"_ _2\"></span></span>IFRS<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Practice<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Statement<span class=\"ff1\"> <span class=\"_ _20\"></span></span>2:<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Disclosure<span class=\"ff1\"> <span class=\"_ _20\"></span></span>of<span class=\"ff1\"> </span>Accounting<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">policies;<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>Amendments<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>to<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>IAS<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>8<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Accounting<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>policies,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Changes<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Accounting<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Estimates<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>and<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Errors:<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Definition<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>of<span class=\"ff1\"> </span>Accounting<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Estimates.<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>Le<span class=\"ff1\"> </span>m<span class=\"_ _0\"></span>odif<span class=\"_ _0\"></span>iche<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>volte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"ff3\">migl<span class=\"_ _0\"></span>iora<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>dis<span class=\"_ _0\"></span>closu<span class=\"_ _1\"></span>re<span class=\"ff1\"> </span>sull<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>acc<span class=\"_ _0\"></span>ount<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">polic<span class=\"_ _0\"></span>y<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>mod<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>orn<span class=\"_ _0\"></span>ire<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">info<span class=\"_ _0\"></span>rmaz<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pi\u00f9</span> </span></span></span></span></span></span></span></span></span>utili<span class=\"ff1\"> <span class=\"_ _20\"></span></span>agli<span class=\"ff1\"> <span class=\"_ _21\"></span></span>investitori<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"_ _2\"></span>gli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>altri<span class=\"ff1\"> <span class=\"_ _21\"></span></span>utilizzatori<span class=\"ff1\"> <span class=\"_ _21\"></span></span>primari<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">del</span> <span class=\"_ _20\"></span><span class=\"ff3\">bilancio</span> <span class=\"_ _21\"></span><span class=\"ff3\">nonch\u00e9</span> <span class=\"_ _20\"></span><span class=\"ff3\">ad</span> <span class=\"_ _21\"></span><span class=\"ff3\">aiutare</span> <span class=\"_ _21\"></span><span class=\"ff3\">le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">societ\u00e0</span> <span class=\"_ _21\"></span><span class=\"ff3\">a</span> <span class=\"_ _20\"></span><span class=\"ff3\">distinguere</span> <span class=\"_ _20\"></span><span class=\"ff3\">i<span class=\"_ _2\"></span></span> </span></span></span>cambiamenti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>nelle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>stime<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>contabili<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dai<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>camb<span class=\"_ _2\"></span>iamenti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>account<span class=\"_ _2\"></span>ing<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>policy.<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>La<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dat<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>entrat<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>vigore<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"_ _2\"></span><span class=\"ff1\"> </span>prevista<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>partire<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>1\u00b0<span class=\"ff1\"> </span>gennaio<span class=\"ff1\"> </span>2023.<span class=\"_ _3bd\"> </span> Pr<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>cip<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>abi<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>,<span class=\"_ _3bd\"> </span>em<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>da<span class=\"_ _0\"></span>me<span class=\"_ _1\"></span>nti<span class=\"_ _3bd\"> </span>ed<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>ret<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>IF<span class=\"_ _0\"></span>RS<span class=\"_ _3bd\"> </span>no<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span>an<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>ra<span class=\"_ _3bd\"> </span>om<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>ati<span class=\"_ _3bd\"> </span>da<span class=\"_ _0\"></span>ll\u2019<span class=\"_ _0\"></span>Un<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>Eu<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>pea<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>ata<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">23<span class=\"ff1\"> </span>g<span class=\"_ _0\"></span>ennai<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">202<span class=\"_ _0\"></span>0<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">15<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l<span class=\"_ _0\"></span>uglio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">2<span class=\"_ _0\"></span>020<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">lo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">IA<span class=\"_ _0\"></span>SB<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ha<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pubbl<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">docu<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Ame<span class=\"_ _0\"></span>ndme<span class=\"_ _0\"></span>nts<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">IA<span class=\"_ _0\"></span>S<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">1<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Pres<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>ation<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>of<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Financial<span class=\"ff1\"> </span>Statements:<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Classification<span class=\"ff1\"> </span>o<span class=\"_ _2\"></span>f<span class=\"ff1\"> </span>Liabilities<span class=\"ff1\"> </span>as<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Current<span class=\"ff1\"> <span class=\"_ _2\"></span></span>or<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Non-current<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Classification<span class=\"ff1\"> </span>of<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Liabilities<span class=\"ff1\"> </span>as<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Current<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>or<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Non-current<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>-<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>deferral<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>of<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"_ _0\"></span>ffective<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dat<span class=\"_ _2\"></span>e.<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>No<span class=\"_ _2\"></span>n<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>state<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>introdotte<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>modifiche<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>alle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>egole<span class=\"ff1\"> </span>esi<span class=\"_ _0\"></span>ste<span class=\"_ _0\"></span>nti,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ma</span> <span class=\"ff3\">so<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>fo<span class=\"_ _0\"></span>rnit<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>chi<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">meri<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>all<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>cl<span class=\"_ _0\"></span>assif<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>deb<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">del<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ltre<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pas<span class=\"_ _0\"></span>sivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>tra<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">corre<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>(dovute<span class=\"ff1\"> </span>o<span class=\"_ _2\"></span><span class=\"ff1\"> </span>pot<span class=\"_ _2\"></span>enzialmente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dovute<span class=\"ff1\"> <span class=\"_ _2\"></span></span>entro<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019anno)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>non<span class=\"ff1\"> <span class=\"_ _2\"></span></span>correnti.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>modifiche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>forniscono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>inoltre<span class=\"ff1\"> <span class=\"_ _2\"></span></span>chiarimenti<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>classificazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>debiti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>societ\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>pu\u00f2<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>regolare<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>m<span class=\"_ _2\"></span>ediante<span class=\"ff1\"> <span class=\"_ _21\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>conversione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>equity.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>La<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>data<span class=\"ff1\"> </span>prevista<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>l\u2019applicazione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>modifiche<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>fissata<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>1\u00b0<span class=\"ff1\"> </span>gennaio<span class=\"ff1\"> </span>2023.<span class=\"_ _3bd\"> </span> Lo<span class=\"ff1\"> </span>IASB<span class=\"ff1\"> </span>ha<span class=\"ff1\"> </span>inoltre<span class=\"ff1\"> </span>pubblicato<span class=\"_ _2\"></span><span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>19<span class=\"ff1\"> </span>novembre<span class=\"ff1\"> </span>2021<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>nuovo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Exposure<span class=\"ff1\"> </span>Draft<span class=\"ff1\"> </span>Non-current<span class=\"ff1\"> </span>Liabilities<span class=\"ff1\"> </span>with<span class=\"ff1\"> </span>Covenants,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> </span>propone<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">modifiche<span class=\"ff1\"> </span>allo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">IAS<span class=\"ff1\"> </span>1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Pr<span class=\"_ _2\"></span>esentation<span class=\"ff1\"> </span>of<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">F<span class=\"_ _2\"></span>inancial<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Statements<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019obiettivo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">chiarire<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>la<span class=\"ff1\"> </span>classificazione<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>debiti<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>lungo<span class=\"ff1\"> </span>termine<span class=\"ff1\"> </span>sottoposti<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>rispetto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>covenants.<span class=\"_ _3bd\"> </span> In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dat<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>2<span class=\"_ _0\"></span>2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">settem<span class=\"_ _0\"></span>bre<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">2<span class=\"_ _0\"></span>022<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">IASB<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pubb<span class=\"_ _0\"></span>lic<span class=\"_ _0\"></span>ato<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">do<span class=\"_ _0\"></span>cume<span class=\"_ _0\"></span>nto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Amend<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ts<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">IF<span class=\"_ _0\"></span>RS<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">16<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Le<span class=\"_ _0\"></span>ases:<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">L<span class=\"_ _0\"></span>eas<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Liabi<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>y<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>Sale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">and<span class=\"ff1\"> </span>Leaseback,<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>hiarendo<span class=\"ff1\"> </span>come<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span>contabilizza<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un\u2019o<span class=\"_ _2\"></span>perazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>sale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">and<span class=\"ff1\"> </span>leaseback<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">preve<span class=\"_ _1\"></span>de<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pagamenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>variabili<span class=\"ff1\"> <span class=\"_ _20\"></span></span>basati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sulla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>p<span class=\"_ _2\"></span>erformance<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>sull\u2019uso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>bene<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"_ _2\"></span>ggetto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>trans<span class=\"_ _2\"></span>azione.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>La<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dat<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>entrata<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>vigore<span class=\"ff1\"> </span>prevista<span class=\"ff1\"> </span>dallo<span class=\"ff1\"> </span>IASB<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>1\u00b0<span class=\"ff1\"> </span>gennaio<span class=\"ff1\"> </span>2024.<span class=\"_ _3bd\"> </span> IFRS<span class=\"ff1\">  </span>14<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Regulatory<span class=\"ff1\">  </span>Deferral<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Accounts.<span class=\"ff1\">  </span>La<span class=\"ff1\">  </span>Comun<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\">  </span>Europea<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ha<span class=\"ff1\">  </span>deciso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\">  </span>non<span class=\"ff1\">  </span>av<span class=\"_ _0\"></span>viare<span class=\"ff1\">  </span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>process<span class=\"_ _2\"></span>o<span class=\"ff1\">  </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> </span>endorsment<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>versione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>provvisoria<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dello<span class=\"ff1\"> <span class=\"_ _2\"></span></span>st<span class=\"_ _2\"></span>andard<span class=\"ff1\"> <span class=\"_ _2\"></span></span>IFRS<span class=\"ff1\"> <span class=\"_ _20\"></span></span>14<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Regulatory<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Deferral<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Accounts,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>emesso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>30<span class=\"ff1\"> </span>Gennaio<span class=\"ff1\"> </span>2014,<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>ha<span class=\"ff1\"> </span>deciso<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>attendere<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>versione<span class=\"ff1\"> </span>finale<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>principio<span class=\"ff1\"> </span>contabile.<span class=\"_ _3bd\"> </span> Co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>uto<span class=\"_ _3bd\"> </span>dei<span class=\"_ _3bd\"> </span>pr<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>pet<span class=\"_ _1\"></span>ti<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>St<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>pa<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span>e,<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>ec<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>co<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>pro<span class=\"_ _1\"></span>spe<span class=\"_ _0\"></span>tto<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>lla<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>va<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Gli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>schemi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dello<span class=\"ff1\"> <span class=\"_ _20\"></span></span>stat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>patrimoniale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>conto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>economico<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>costituiti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>da<span class=\"ff1\"> <span class=\"_ _20\"></span></span>voci,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sot<span class=\"_ _2\"></span>tovoci<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>da<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ulteriori<span class=\"ff1\"> </span>dettagli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">informativi<span class=\"ff1\"> </span>(i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u201c<span class=\"_ _2\"></span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui\u201d<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">voci<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sottovoci).<span class=\"ff1\"> </span>Nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">conto<span class=\"ff1\"> </span>economico<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ricavi<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">indicati<span class=\"ff1\"> </span>senza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">segno,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>mentre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">costi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">indicati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fra<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">parentesi.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Allo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">st<span class=\"_ _2\"></span>esso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">m<span class=\"_ _2\"></span>odo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">so<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">esposte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">componenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">reddituali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">positive<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>negative<span class=\"ff1\"> </span>incluse<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>prospetto<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>redditivit\u00e0<span class=\"ff1\"> </span>complessiva.<span class=\"_ _3bd\"> </span> Gli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>schemi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>riportano<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff3\">corr<span class=\"_ _2\"></span>isponde<span class=\"_ _0\"></span>nti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>raffront<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>relativi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>allo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>stat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>pat<span class=\"_ _2\"></span>rimoniale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>iferiti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>all\u2019esercizio<span class=\"ff1\"> </span></span></span>precedente,<span class=\"ff1\"> </span>mentre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>dati<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>conomico<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rospett<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>edditivit\u00e0<span class=\"ff1\"> </span>complessiva<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>riferiti<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>lo<span class=\"ff1\"> </span></span></span></span></span>stesso<span class=\"ff1\"> </span>periodo<span class=\"ff1\"> </span>dell\u2019esercizio<span class=\"ff1\"> </span>precedente.<span class=\"_ _3bd\"> </span> Pro<span class=\"_ _1\"></span>spe<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>ria<span class=\"_ _1\"></span>zion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span>pa<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>io<span class=\"_ _3bd\"> </span>n<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Il<span class=\"ff1\"> </span>pros<span class=\"_ _2\"></span>petto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> </span>variazioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>patrimonio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>netto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> </span>quello<span class=\"ff1\"> <span class=\"_ _2\"></span></span>previsto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dalla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Circolare<span class=\"ff1\"> </span>n.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>262/2005,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>uccessivi<span class=\"ff1\"> </span>aggiornamenti,<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>Banca<span class=\"ff1\"> </span>d\u2019Italia.<span class=\"ff1\"> </span>Nel<span class=\"ff1\"> </span>prospetto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>viene<span class=\"ff1\"> </span>riportata<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>composizione<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>movimentazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>conti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>patrimonio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>netto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>intervenuta<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ne<span class=\"_ _0\"></span>ll\u2019esercizio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>riferimento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>bilancio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"_ _0\"></span>d<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quello<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>precede<span class=\"_ _0\"></span>nte,<span class=\"_ _2\"></span><span class=\"ff1\"> </span>suddivisi<span class=\"ff1\"> </span>tra<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">capitale<span class=\"ff1\"> </span>sociale,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>riserve<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">capitale,<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>utili<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>assivit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> </span></span></span></span></span></span></span>ed<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>risultato<span class=\"ff1\"> </span>economico.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Le<span class=\"ff1\"> </span>azioni<span class=\"ff1\"> </span>proprie<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>portafoglio,<span class=\"ff1\"> </span>qualora<span class=\"ff1\"> </span>presenti,<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>portate<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>diminu<span class=\"_ _0\"></span>zione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span></span></span>patrimonio<span class=\"ff1\"> </span>netto.<span class=\"ff1\"> </span>Non<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>stati<span class=\"ff1\"> </span>emessi<span class=\"ff1\"> </span>str<span class=\"_ _2\"></span>umenti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>capitale<span class=\"ff1\"> </span>dive<span class=\"_ _0\"></span>rsi<span class=\"ff1\"> </span>dalle<span class=\"ff1\"> </span>azioni<span class=\"ff1\"> </span>or<span class=\"_ _2\"></span>dinarie.<span class=\"_ _3bd\"> </span> Re<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>ico<span class=\"_ _1\"></span>nto<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>zia<span class=\"_ _1\"></span>rio<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Rendiconto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Finanziario<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fornisce<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">informazioni</span> <span class=\"_ _27\"> </span><span class=\"ff3\">che</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">permettono</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">agli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">utilizzatori</span> <span class=\"_ _27\"> </span><span class=\"ff3\">di</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">valutare</span> <span class=\"_ _27\"> </span><span class=\"ff3\">le</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">variazioni</span> </span></span></span>nell\u2019attivo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">netto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">societ\u00e0,<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sua<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>truttura<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziaria<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(compresa<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">liquidit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">solvibilit\u00e0<span class=\"_ _2\"></span>)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ua<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">capacit<span class=\"_ _2\"></span>\u00e0<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> </span>influire<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dimensione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tempistica<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>flussi<span class=\"ff1\"> </span>finanziari<span class=\"_ _2\"></span><span class=\"ff1\"> </span>allo<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>copo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>ad<span class=\"_ _2\"></span>eguarsi<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>cir<span class=\"_ _2\"></span>costanze<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>alle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">opportunit\u00e0.<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>Lo<span class=\"ff1\"> </span>IAS<span class=\"ff1\"> </span>7<span class=\"ff1\"> </span>stabilisce<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>rendiconto<span class=\"ff1\"> </span>finanziario<span class=\"ff1\"> </span>pu\u00f2<span class=\"ff1\"> </span>ess<span class=\"_ _2\"></span>ere<span class=\"ff1\"> </span>redatto<span class=\"ff1\"> </span>seguendo,<span class=\"ff1\"> </span>alternativamente,<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>\u201cmetodo<span class=\"ff1\"> </span>diretto\u201d<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>quello<span class=\"ff1\"> </span>\u201cindiretto\u201d.<span class=\"_ _3bd\"> </span> La<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Banca<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d'<span class=\"_ _2\"></span>Italia,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cos\u00ec<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">come<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">previsto<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>alle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">istruzioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Circolare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">n.262/05,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">propone<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quindi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">due<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alternativi<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>schemi<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Rendiconto<span class=\"ff1\"> </span>Finanziario<span class=\"_ _2\"></span><span class=\"ff1\"> </span>nei<span class=\"ff1\"> </span>quali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>correlati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>all'attivit\u00e0<span class=\"ff1\"> </span>operativa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>esposti<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>metodo<span class=\"_ _2\"></span><span class=\"ff1\"> </span>diretto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">metodo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">indirett<span class=\"_ _2\"></span>o,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">senza<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">priv<span class=\"_ _2\"></span>ilegiarne<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">uno<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">particolare,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">las<span class=\"_ _2\"></span>ciando<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">discrezionalit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">all'<span class=\"_ _2\"></span>estensore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>bi<span class=\"_ _0\"></span>lanc<span class=\"_ _0\"></span>io.<span class=\"_ _3bd\"> </span> Il<span class=\"ff1\"> </span>pros<span class=\"_ _2\"></span>petto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziari<span class=\"ff1\"> <span class=\"_ _2\"></span></span>intervenuti<span class=\"ff1\"> </span>nel<span class=\"ff1\"> <span class=\"_ _2\"></span></span>periodo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>riferimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>bilancio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ed<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quello<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>ell\u2019esercizio<span class=\"ff1\"> </span>precedente<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>stato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>predisposto<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>eguend<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>metodo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>indiretto,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>base<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> </span>quale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>derivanti<span class=\"ff1\"> </span>dall\u2019attivit\u00e0<span class=\"_ _2\"></span><span class=\"ff1\"> </span>operativa<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">so<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>appresentati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dal<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risultato<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dell\u2019esercizio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ettificato<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>gli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">effetti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"_ _2\"></span>perazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">natura<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>mon<span class=\"_ _0\"></span>eta<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span> I<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>flussi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>finanziari<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>suddivisi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tra<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>quelli<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>derivanti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dall\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>operativa,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>quelli<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>generati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dall\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> </span>investimento<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>quelli<span class=\"ff1\"> </span>prodotti<span class=\"ff1\"> </span>dall\u2019attivit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>provvista.<span class=\"_ _3bd\"> </span> Nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pros<span class=\"_ _2\"></span>petto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">flussi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">generatisi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">corso<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">p<span class=\"_ _2\"></span>eriodo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">indicati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">senza<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">segno,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mentre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">quelli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">asso<span class=\"_ _2\"></span>rbiti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>indicati<span class=\"ff1\"> </span>fra<span class=\"ff1\"> </span>parentesi.<span class=\"_ _3bd\"> </span> Co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>uto<span class=\"_ _3bd\"> </span>del<span class=\"_ _0\"></span>la<span class=\"_ _3bd\"> </span>No<span class=\"_ _0\"></span>ta<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>gr<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>La<span class=\"ff1\"> </span>Nota<span class=\"ff1\"> </span>integ<span class=\"_ _0\"></span>rativa<span class=\"ff1\"> </span>comprende<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>informazioni<span class=\"ff1\"> </span>previste<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>alla<span class=\"ff1\"> </span>Circolare<span class=\"ff1\"> </span>n.<span class=\"ff1\"> </span>262/2005,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>succe<span class=\"_ _0\"></span>ssive<span class=\"ff1\"> </span>modifiche<span class=\"ff1\"> </span></span></span></span></span>ed<span class=\"ff1\"> </span>integrazioni,<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>Banca<span class=\"ff1\"> </span>d\u2019Italia<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>ulteriori<span class=\"ff1\"> </span>informazioni<span class=\"ff1\"> </span>previste<span class=\"ff1\"> </span>dai<span class=\"ff1\"> </span>principi<span class=\"ff1\"> </span>conta<span class=\"_ _2\"></span>bili<span class=\"ff1\"> </span>internazionali.<span class=\"_ _3bd\"> </span> In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">qu<span class=\"_ _1\"></span>anto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">disp<span class=\"_ _0\"></span>osto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dall<span class=\"_ _0\"></span>\u2019a<span class=\"_ _0\"></span>rt.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">5<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">D.Lg<span class=\"_ _0\"></span>s<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">38<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">28<span class=\"ff1\"> </span>fe<span class=\"_ _0\"></span>bbr<span class=\"_ _0\"></span>aio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">200<span class=\"_ _0\"></span>5,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">bi<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>cio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">reda<span class=\"_ _0\"></span>tto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">util<span class=\"_ _0\"></span>izz<span class=\"_ _0\"></span>ando<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>l\u2019euro<span class=\"ff1\"> </span>come<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">moneta<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conto:<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">schemi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>red<span class=\"_ _0\"></span>atti<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">unit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">euro<span class=\"ff1\"> </span>men<span class=\"_ _0\"></span>tre<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nota<span class=\"ff1\"> </span>inte<span class=\"_ _0\"></span>grativa<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>migliaia<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>euro. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-767": {
   "value": "Se<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>2<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Pr<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>cip<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>ge<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>red<span class=\"_ _1\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Il<span class=\"ff1\">  </span>bi<span class=\"_ _2\"></span>lancio<span class=\"ff1\">  </span>conso<span class=\"_ _2\"></span>lidato<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>\u00e8<span class=\"ff1\">  </span>s<span class=\"_ _2\"></span>tato<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>predisposto<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>sulla<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>base<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>\u201cIstruzioni<span class=\"ff1\">  </span>per<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>r<span class=\"_ _2\"></span>edazione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>del<span class=\"ff1\">  </span>bilanc<span class=\"_ _2\"></span>io<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>l\u2019i<span class=\"_ _0\"></span>mpre<span class=\"_ _0\"></span>sa<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>bila<span class=\"_ _0\"></span>ncio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">consol<span class=\"_ _0\"></span>ida<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"ff1\"> </span>ba<span class=\"_ _0\"></span>nche<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">delle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">socie<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>fin<span class=\"_ _0\"></span>anzi<span class=\"_ _0\"></span>arie<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">capo<span class=\"_ _0\"></span>grup<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">di</span> <span class=\"ff3\">gr<span class=\"_ _0\"></span>uppi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">banc<span class=\"_ _0\"></span>ari\u201d<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>emanate<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>Banca<span class=\"ff1\"> </span>d\u2019Italia<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>Provvedimento<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>22<span class=\"ff1\"> </span>dicembre<span class=\"ff1\"> </span>2005<span class=\"_ _2\"></span><span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">successivi<span class=\"ff1\"> </span>aggiornamenti.<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>Il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> </span>consolidato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cos<span class=\"_ _2\"></span>tituito<span class=\"ff1\"> </span>dallo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">St<span class=\"_ _2\"></span>ato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">patrimoniale,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Co<span class=\"_ _2\"></span>nto<span class=\"ff1\"> </span>economico,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dal<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Prospetto<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ella<span class=\"ff1\"> </span>red<span class=\"_ _0\"></span>ditivit\u00e0<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>complessiva,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>da<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Prospetto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>variazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>patrimonio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>netto<span class=\"_ _2\"></span>,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Rendiconto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>finanziario<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dalla<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>No<span class=\"_ _2\"></span>ta<span class=\"ff1\"> </span>integrativa<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dalle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>relative<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>infor<span class=\"_ _2\"></span>mazioni<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>comparat<span class=\"_ _2\"></span>ive<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>31<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dicembre<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>2021<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ed<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>inoltre<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>corredato<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>una<span class=\"ff1\"> </span>Relazione<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gestione,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sui<span class=\"ff1\"> <span class=\"_ _2\"></span></span>risultati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>economici<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conseguiti<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sulla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>situazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>patrimoniale<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziaria<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>Gruppo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Credem.<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>Il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">bil<span class=\"_ _0\"></span>anci<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">reda<span class=\"_ _0\"></span>tto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>\u2019app<span class=\"_ _0\"></span>lic<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">prin<span class=\"_ _0\"></span>cipi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">gen<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>pr<span class=\"_ _0\"></span>evi<span class=\"_ _0\"></span>sti<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>all<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>IA<span class=\"_ _0\"></span>S<span class=\"ff1\"> </span>1<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">deg<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">spec<span class=\"_ _0\"></span>ific<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rinc<span class=\"_ _0\"></span>ipi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span>tabi<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>omologati<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>Commissione<span class=\"ff1\"> </span>europea<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>illustrat<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>Parte<span class=\"ff1\"> </span>A.2<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>presente<span class=\"ff1\"> </span>Nota<span class=\"ff1\"> </span>int<span class=\"_ _2\"></span>egrativa,<span class=\"ff1\"> </span>nonch\u00e9<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>ad<span class=\"_ _0\"></span>eren<span class=\"_ _0\"></span>za<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le</span> <span class=\"ff3\">assu<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">genera<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">previ<span class=\"_ _0\"></span>ste<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dal</span> <span class=\"ff3\">Qu<span class=\"_ _0\"></span>adro<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Siste<span class=\"_ _0\"></span>mati<span class=\"_ _0\"></span>co<span class=\"ff1\"> </span>per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">la</span> <span class=\"ff3\">prep<span class=\"_ _0\"></span>ara<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>pre<span class=\"_ _0\"></span>senta<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del</span> </span></span></span></span></span></span></span></span></span></span></span></span></span>bilancio<span class=\"ff1\"> </span>elaborato<span class=\"ff1\"> </span>dallo<span class=\"ff1\"> </span>IASB.<span class=\"_ _3bd\"> </span> Non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>st<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span>ffet<span class=\"_ _0\"></span>tua<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>erog<span class=\"_ _0\"></span>he<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">all<span class=\"_ _0\"></span>\u2019app<span class=\"_ _0\"></span>lica<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rinci<span class=\"_ _0\"></span>pi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">conta<span class=\"_ _0\"></span>bil<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>IA<span class=\"_ _0\"></span>S/I<span class=\"_ _0\"></span>FRS.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span>In<span class=\"ff1\"> </span>conformit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> </span>quanto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>disposto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall\u2019art.<span class=\"ff1\"> </span>5,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>comma<span class=\"ff1\"> </span>2,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>D<span class=\"_ _2\"></span>ecreto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Legislativo<span class=\"ff1\"> </span>n.<span class=\"ff1\"> </span>38<span class=\"_ _2\"></span><span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>28<span class=\"ff1\"> </span>fe<span class=\"_ _2\"></span>bbraio<span class=\"ff1\"> </span>2005<span class=\"_ _2\"></span>,<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">redatto</span> <span class=\"ff3\">u<span class=\"_ _0\"></span>tilizzando<span class=\"ff1\"> </span>l\u2019euro<span class=\"ff1\"> </span>come<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">moneta<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">conto,</span> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fonda<span class=\"ff1\"> </span>sul<span class=\"_ _0\"></span>l\u2019applicazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>eguenti<span class=\"ff1\"> </span>principi<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>generali<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>redazione<span class=\"ff1\"> </span>dettati<span class=\"ff1\"> </span>dallo<span class=\"ff1\"> </span>IAS<span class=\"ff1\"> </span>1:<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>Continuit\u00e0<span class=\"ff1\"> </span>aziendale.<span class=\"ff1\"> </span>Gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">amminis<span class=\"_ _2\"></span>tratori</span> <span class=\"ff3\">hanno</span> <span class=\"ff3\">consid<span class=\"_ _0\"></span>erato<span class=\"ff1\"> </span>appropriato<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>presupposto<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>continuit\u00e0<span class=\"ff1\"> </span></span></span>aziendale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>quanto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>lor<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>giud<span class=\"_ _0\"></span>izio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>emers<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>incertezze<span class=\"ff1\"> <span class=\"_ _21\"></span></span>legate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>eventi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>circos<span class=\"_ _2\"></span>tante<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che,<span class=\"ff1\"> </span>considerati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>singolarmente<span class=\"ff1\">  </span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>loro<span class=\"ff1\">  </span>insie<span class=\"_ _0\"></span>me,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>poss<span class=\"_ _2\"></span>ano<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>far<span class=\"ff1\">  </span>s<span class=\"_ _0\"></span>orgere<span class=\"ff1\">  </span>du<span class=\"_ _0\"></span>bbi<span class=\"ff1\">  </span>rigu<span class=\"_ _0\"></span>ardo<span class=\"ff1\">  </span>alla<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>continuit\u00e0<span class=\"ff1\"> </span>az<span class=\"_ _0\"></span>iend<span class=\"_ _0\"></span>ale.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">Con<span class=\"_ _0\"></span>segu<span class=\"_ _0\"></span>ente<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>atti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>t\u00e0,<span class=\"ff1\"> </span>pas<span class=\"_ _0\"></span>sivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ed<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">oper<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>oni<span class=\"ff1\"> </span>\u201cfuo<span class=\"_ _0\"></span>ri<span class=\"ff1\"> </span>bilan<span class=\"_ _0\"></span>cio<span class=\"_ _0\"></span>\u201d<span class=\"ff1\"> <span class=\"_ _2\"></span></span>son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>valut<span class=\"_ _0\"></span>ate<span class=\"ff1\"> </span>secon<span class=\"_ _0\"></span>do<span class=\"ff1\"> </span></span></span></span></span>valori<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>funzionamento,<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>quanto<span class=\"ff1\"> </span>destinat<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>durare<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>tempo.<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>Competenza<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>economica.<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>Cos<span class=\"_ _2\"></span>ti<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>ricavi<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>vengono<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>rilevati,<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>prescindere<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>momento<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>loro<span class=\"ff1\"> </span>regolamento<span class=\"ff1\"> </span>monetario,<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>periodo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>maturazione<span class=\"ff1\"> </span>economica<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>econdo<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>criterio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>correlazione.<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>Coe<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>za<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">prese<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>zione<span class=\"_ _1\"></span>.<span class=\"ff1\"> </span>La<span class=\"ff1\"> </span>pre<span class=\"_ _0\"></span>sen<span class=\"_ _0\"></span>tazi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">clas<span class=\"_ _0\"></span>sif<span class=\"_ _0\"></span>icazi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>voc<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>man<span class=\"_ _0\"></span>ten<span class=\"_ _0\"></span>ute<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">costa<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">nel<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>tempo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>allo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>scopo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>garant<span class=\"_ _2\"></span>ire<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>comparabilit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>infor<span class=\"_ _2\"></span>mazioni,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>salvo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ch<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>l<span class=\"_ _0\"></span>oro<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>variazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sia<span class=\"_ _3bd\"> </span>ric<span class=\"_ _0\"></span>hie<span class=\"_ _0\"></span>sta<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>un<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Pri<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>pio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Cont<span class=\"_ _0\"></span>abil<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>I<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>rnaz<span class=\"_ _0\"></span>iona<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Inte<span class=\"_ _1\"></span>rpreta<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span>ppu<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>pi<span class=\"_ _0\"></span>\u00f9<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ppro<span class=\"_ _0\"></span>pri<span class=\"_ _0\"></span>ata,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">termini<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">significativit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">affidabilit\u00e0,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>rappresentazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valori.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Se<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">criterio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">presentazione<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>o<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>classificazione<span class=\"ff1\"> </span>viene<span class=\"ff1\"> </span>cambiato,<span class=\"ff1\"> </span>quello<span class=\"ff1\"> </span>nuovo<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>applica<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> </span>ove<span class=\"ff1\"> </span>possibile<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>modo<span class=\"ff1\"> </span>retroattivo;<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>tal<span class=\"ff1\"> </span>caso<span class=\"ff1\"> <span class=\"_ _21\"></span></span>vengono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>anche<span class=\"ff1\"> <span class=\"_ _21\"></span></span>indi<span class=\"_ _0\"></span>cati<span class=\"ff1\"> <span class=\"_ _21\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>natura<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>motivo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>variazione,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nonch\u00e9<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">le</span> <span class=\"_ _20\"></span><span class=\"ff3\">voci</span> <span class=\"_ _21\"></span><span class=\"ff3\">interessate.</span> <span class=\"_ _21\"></span><span class=\"ff3\">Nella</span> </span>presentazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>nella<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">classificazione<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"ff1\"> </span>voci<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>adottati<span class=\"ff1\"> </span>gli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">schemi<span class=\"ff1\"> </span>predisposti<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>alla<span class=\"ff1\"> </span>Banca<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">d\u2019Italia<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>per<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>i<span class=\"ff1\">  </span>bilanci<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>banche,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>contenuti<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>nella<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>circolare<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>n.<span class=\"ff1\">  </span>262<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>del<span class=\"ff1\">  </span>22<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dicembre<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>2005<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>successivi<span class=\"ff1\"> </span>aggiornamenti<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>integrazioni.<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>Aggregazione<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>rilevanza.<span class=\"ff1\"> </span>Tutti<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>aggruppamenti<span class=\"ff1\"> </span>significativi<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>voci<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>natura<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>fu<span class=\"_ _2\"></span>nzione<span class=\"ff1\"> </span>simili<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>riportati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>separatam<span class=\"_ _2\"></span>ente.<span class=\"ff1\"> </span>G<span class=\"_ _2\"></span>li<span class=\"ff1\"> <span class=\"_ _2\"></span></span>elementi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>natura<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>funzione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>diversa,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>se<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rilevanti,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>vengono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pres<span class=\"_ _2\"></span>entati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>modo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">distinto.<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>-<span class=\"_ _3bd\"> </span>Divieto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">compensazione.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">passivit\u00e0,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">costi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ricavi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">v<span class=\"_ _2\"></span>engono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">compensat<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tr<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">loro,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">salvo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ci\u00f2<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sia<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>richiesto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>permesso<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _21\"></span></span>un<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Principio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Contabile<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Internazionale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Interpretazione<span class=\"ff1\"> </span>oppure<span class=\"ff1\"> </span>dagli<span class=\"ff1\"> </span>schemi<span class=\"ff1\"> </span>predisposti<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>Banca<span class=\"ff1\"> </span>d\u2019Italia<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>bilanci<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>banche.<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>In<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>ativ<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>compa<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>va.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">Le</span> <span class=\"ff3\">informa<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">comp<span class=\"_ _0\"></span>arat<span class=\"_ _0\"></span>ive<span class=\"ff1\"> </span>dell<span class=\"_ _0\"></span>\u2019ese<span class=\"_ _0\"></span>rciz<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>prece<span class=\"_ _0\"></span>den<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>ripo<span class=\"_ _0\"></span>rtate<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">per</span> <span class=\"ff3\">tutti<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span>i<span class=\"ff1\"> </span>d<span class=\"_ _1\"></span>ati<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>nten<span class=\"_ _0\"></span>uti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pros<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>tti<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ontab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">conf<span class=\"_ _0\"></span>ron<span class=\"_ _0\"></span>to.<span class=\"ff1\"> </span>L<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">modif<span class=\"_ _0\"></span>ich<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ati<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>arati<span class=\"_ _0\"></span>vi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>effe<span class=\"_ _0\"></span>ttu<span class=\"_ _0\"></span>ate<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>olo<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>quando<span class=\"ff1\"> </span>ritenute<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>importo<span class=\"ff1\"> </span>significativo.<span class=\"_ _3bd\"> </span> Si<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tenuto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>conto,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ove<span class=\"ff1\"> <span class=\"_ _20\"></span></span>applicabile,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>documenti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>tipo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>interpretativo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>supporto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>all\u2019applicazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> </span>principi<span class=\"ff1\"> </span>contabili<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>relazione<span class=\"ff1\"> </span>agli<span class=\"ff1\"> </span>impatti<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>COVID-19,<span class=\"ff1\"> </span>emanati<span class=\"ff1\"> </span>dagli<span class=\"ff1\"> </span>organismi<span class=\"ff1\"> </span>regolamentari<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>igilanza<span class=\"ff1\"> </span>europei<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>dagli<span class=\"ff1\"> </span>standard<span class=\"ff1\"> </span>setter.<span class=\"ff1\"> </span>Si<span class=\"ff1\"> </span>richiamano<span class=\"ff1\"> </span>tra<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gli<span class=\"ff1\"> </span>altri:<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>la<span class=\"ff1\">  </span>comunicazione<span class=\"ff1\">  </span>dell\u2019EBA<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>25<span class=\"ff1\">  </span>marzo<span class=\"ff1\">  </span>20<span class=\"_ _2\"></span>20<span class=\"ff1\">  </span>\u201cStatement<span class=\"ff1\">  </span>on<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>the<span class=\"ff1\">  </span>application<span class=\"ff1\">  </span>o<span class=\"_ _2\"></span>f<span class=\"ff1\">  </span>the<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>pruden<span class=\"_ _0\"></span>tial<span class=\"ff1\"> </span>framework<span class=\"ff1\"> </span>regarding<span class=\"ff1\"> </span>Default,<span class=\"ff1\"> </span>Forbearance<span class=\"ff1\"> </span>and<span class=\"ff1\"> </span>IFRS<span class=\"ff1\"> </span>9<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>light<span class=\"ff1\"> </span>of<span class=\"ff1\"> </span>COVID<span class=\"ff1\"> </span>19<span class=\"ff1\"> </span>measures\u201d;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>comunicazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dell\u2019ESMA<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>25<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>marzo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>2020<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u201cPublic<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Stat<span class=\"_ _2\"></span>ement.<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Accounting<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>implications<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>of<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>the<span class=\"ff1\"> </span>COVID<span class=\"ff1\"> </span>19<span class=\"ff1\"> </span>outbreak<span class=\"ff1\"> </span>on<span class=\"ff1\"> </span>the<span class=\"ff1\"> </span>calculation<span class=\"ff1\"> </span>of<span class=\"ff1\"> </span>expected<span class=\"ff1\"> </span>credit<span class=\"ff1\"> </span>losses<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>accordance<span class=\"ff1\"> </span>with<span class=\"ff1\"> </span>IFRS<span class=\"ff1\"> </span>9\u201d;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>il<span class=\"ff1\"> </span>documento<span class=\"ff1\"> </span>dell\u2019IFRS<span class=\"ff1\"> </span>Fo<span class=\"_ _2\"></span>undation<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>27<span class=\"ff1\"> </span>marzo<span class=\"ff1\"> </span>20<span class=\"_ _2\"></span>20<span class=\"ff1\"> </span>\u201cIFRS<span class=\"ff1\"> </span>9<span class=\"ff1\"> </span>and<span class=\"ff1\"> </span>covid-19<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> </span>Accounting<span class=\"ff1\"> </span>for<span class=\"ff1\"> <span class=\"_ _2\"></span></span>expected<span class=\"ff1\"> </span>credit<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">loss<span class=\"_ _2\"></span>es<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">applying<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">IFRS<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">9<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Fin<span class=\"_ _2\"></span>ancial<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Inst<span class=\"_ _2\"></span>ruments<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">the<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">light<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">of<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">current<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>ncertaint<span class=\"_ _2\"></span>y<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>esulting<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">from<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>he<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>covid-19<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pandemic\u201d;<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>-<span class=\"_ _3bd\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>lettera<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>BCE<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>1\u00b0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>aprile<span class=\"ff1\"> <span class=\"_ _2\"></span></span>2020<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u201cIFRS<span class=\"ff1\"> <span class=\"_ _2\"></span></span>9<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>the<span class=\"ff1\"> <span class=\"_ _2\"></span></span>context<span class=\"_ _2\"></span><span class=\"ff1\"> </span>o<span class=\"_ _2\"></span>f<span class=\"ff1\"> <span class=\"_ _2\"></span></span>the<span class=\"ff1\"> <span class=\"_ _2\"></span></span>coronavirus<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(COVID<span class=\"ff1\"> <span class=\"_ _2\"></span></span>19)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pandemic\u201d<span class=\"ff1\"> </span>indirizzata<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>tutti<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>enti<span class=\"ff1\"> </span>significativi;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>gli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>orientamenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019E<span class=\"_ _2\"></span>BA<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>2<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"_ _2\"></span>prile<span class=\"ff1\"> <span class=\"_ _2\"></span></span>2020<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u201cG<span class=\"_ _2\"></span>uidelines<span class=\"ff1\"> <span class=\"_ _2\"></span></span>on<span class=\"ff1\"> <span class=\"_ _2\"></span></span>legislat<span class=\"_ _2\"></span>ive<span class=\"ff1\"> <span class=\"_ _2\"></span></span>and<span class=\"ff1\"> <span class=\"_ _2\"></span></span>non<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l<span class=\"_ _2\"></span>egislative<span class=\"ff1\"> <span class=\"_ _2\"></span></span>moratoria<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"_ _2\"></span>n<span class=\"ff1\"> </span>loan<span class=\"ff1\"> </span>repayments<span class=\"ff1\"> </span>applied<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>the<span class=\"ff1\"> </span>light<span class=\"ff1\"> </span>of<span class=\"ff1\"> </span>the<span class=\"ff1\"> </span>COVID<span class=\"ff1\"> </span>19<span class=\"ff1\"> </span>crisis<span class=\"_ _2\"></span>\u201d;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>comunicazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019ESMA<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d<span class=\"_ _2\"></span>el<span class=\"ff1\"> <span class=\"_ _2\"></span></span>20<span class=\"ff1\"> <span class=\"_ _20\"></span></span>maggio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>2020<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u201cImplications<span class=\"ff1\"> <span class=\"_ _20\"></span></span>of<span class=\"ff1\"> <span class=\"_ _2\"></span></span>the<span class=\"ff1\"> <span class=\"_ _2\"></span></span>COVID-19<span class=\"ff1\"> <span class=\"_ _2\"></span></span>outbr<span class=\"_ _2\"></span>eak<span class=\"ff1\"> <span class=\"_ _2\"></span></span>on<span class=\"ff1\"> <span class=\"_ _2\"></span></span>the<span class=\"ff1\"> <span class=\"_ _20\"></span></span>half-<span class=\"ff1\"> </span>yearly<span class=\"ff1\"> </span>financial<span class=\"ff1\"> </span>reports\u201d;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>gl<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span>rien<span class=\"_ _0\"></span>tame<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>ll\u2019E<span class=\"_ _0\"></span>BA<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">2</span> <span class=\"ff3\">g<span class=\"_ _0\"></span>iugn<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>2<span class=\"_ _0\"></span>020<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u201cGui<span class=\"_ _0\"></span>deli<span class=\"_ _0\"></span>nes<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">on<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rep<span class=\"_ _0\"></span>orti<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">an<span class=\"_ _0\"></span>d<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>scl<span class=\"_ _0\"></span>osure<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o<span class=\"_ _0\"></span>f<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>xpo<span class=\"_ _0\"></span>sure<span class=\"_ _0\"></span>s<span class=\"ff1\"> </span>su<span class=\"_ _0\"></span>bjec<span class=\"_ _0\"></span>t<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>to<span class=\"ff1\"> </span>measures<span class=\"ff1\"> </span>applied<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>response<span class=\"ff1\"> </span>to<span class=\"ff1\"> </span>t<span class=\"_ _2\"></span>he<span class=\"ff1\"> </span>COVID<span class=\"ff1\"> </span>19<span class=\"ff1\"> </span>crisis\u201d;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>la<span class=\"ff1\"> </span>co<span class=\"_ _2\"></span>municazione<span class=\"ff1\"> </span>dell\u2019ESMA<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>28<span class=\"ff1\"> <span class=\"_ _2\"></span></span>maggio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>2020<span class=\"ff1\"> </span>\u201c<span class=\"_ _2\"></span>European<span class=\"ff1\"> </span>common<span class=\"ff1\"> </span>enforcement<span class=\"ff1\"> <span class=\"_ _2\"></span></span>priorities<span class=\"ff1\"> <span class=\"_ _2\"></span></span>for<span class=\"ff1\"> <span class=\"_ _2\"></span></span>2020<span class=\"ff1\"> </span>annual<span class=\"ff1\"> </span>financial<span class=\"ff1\"> </span>reports\u201d;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>gli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>orientamenti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dell\u2019EBA<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>2<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dicembre<span class=\"ff1\"> <span class=\"_ _21\"></span></span>2020<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u201cGuidelines<span class=\"ff1\"> <span class=\"_ _21\"></span></span>amending<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Guidelines<span class=\"ff1\"> <span class=\"_ _21\"></span></span>EBA/GL/2020/02<span class=\"ff1\"> <span class=\"_ _20\"></span></span>on<span class=\"ff1\"> </span>legislative<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>nd<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> </span>legi<span class=\"_ _0\"></span>slative<span class=\"ff1\"> </span>moratoria<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">on<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">loan<span class=\"ff1\"> </span>rep<span class=\"_ _0\"></span>ayments<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">applied<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>the<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">light<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">of<span class=\"ff1\"> </span>the<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">COVID<span class=\"ff1\"> </span>19<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">crisis\u201d<span class=\"_ _2\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">lettera<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">BCE<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>el<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">4<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dicemb<span class=\"_ _2\"></span>re<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">2020<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u201c<span class=\"_ _2\"></span>Identification<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">and<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">meas<span class=\"_ _2\"></span>urement<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">of<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">credit<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">risk<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">the<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">context<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">of<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>the<span class=\"ff1\"> </span>coronavirus<span class=\"ff1\"> </span>(COVID<span class=\"ff1\"> </span>19)<span class=\"ff1\"> </span>pandemic\u201d<span class=\"ff1\"> </span>indirizzata<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>tutti<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>enti<span class=\"ff1\"> </span>significativi;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>comunicazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d<span class=\"_ _2\"></span>ell\u2019ESMA<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>29<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ottobre<span class=\"ff1\"> <span class=\"_ _20\"></span></span>2021<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u201cEuropean<span class=\"ff1\"> <span class=\"_ _20\"></span></span>common<span class=\"ff1\"> <span class=\"_ _20\"></span></span>enforcement<span class=\"ff1\"> <span class=\"_ _20\"></span></span>priorities<span class=\"ff1\"> <span class=\"_ _20\"></span></span>for<span class=\"ff1\"> <span class=\"_ _20\"></span></span>2021<span class=\"ff1\"> </span>annual<span class=\"ff1\"> </span>financial<span class=\"ff1\"> </span>reports\u201d;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">comun<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>l\u2019E<span class=\"_ _0\"></span>SMA<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del</span> <span class=\"ff3\">13</span> <span class=\"ff3\">m<span class=\"_ _0\"></span>aggi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>20<span class=\"_ _0\"></span>22<span class=\"ff1\"> </span></span></span></span></span>\u201cIm<span class=\"_ _0\"></span>plic<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>ns<span class=\"_ _3bd\"> </span>of<span class=\"_ _3bd\"> </span>Russ<span class=\"_ _0\"></span>ia\u2019<span class=\"_ _0\"></span>s<span class=\"_ _3bd\"> </span>inv<span class=\"_ _0\"></span>asi<span class=\"_ _0\"></span>on<span class=\"_ _3bd\"> </span>of<span class=\"_ _3bd\"> </span>Ukra<span class=\"_ _0\"></span>ine<span class=\"_ _3bd\"> </span>on<span class=\"_ _3bd\"> </span>hal<span class=\"_ _0\"></span>f<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>yearly<span class=\"_ _3bd\"> </span>financial<span class=\"_ _3bd\"> </span>reports <span class=\"_ _1f\"> </span><span class=\"ff3 fs5\">afferente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>gl<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>effetti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"_ _0\"></span>l\u2019invasione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dell\u2019Ucraina<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>parte<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>ella<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Russia<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sulle<span class=\"ff1\"> </span></span>rendicontazioni<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>semestrali;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">co<span class=\"_ _0\"></span>muni<span class=\"_ _0\"></span>caz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dell\u2019<span class=\"_ _0\"></span>ESMA<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del</span> <span class=\"ff3\">28<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ottob<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>202<span class=\"_ _0\"></span>2<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>\u201cE<span class=\"_ _0\"></span>uro<span class=\"_ _0\"></span>pean<span class=\"_ _3bd\"> </span>com<span class=\"_ _0\"></span>mon<span class=\"_ _3bd\"> </span>enf<span class=\"_ _1\"></span>orcemen<span class=\"_ _0\"></span>t<span class=\"_ _3bd\"> </span>pri<span class=\"_ _0\"></span>ori<span class=\"_ _0\"></span>ties<span class=\"_ _3bd\"> </span>for<span class=\"_ _3bd\"> </span>20<span class=\"_ _0\"></span>22<span class=\"_ _3bd\"> </span>annual<span class=\"_ _3bd\"> </span>financial<span class=\"_ _3bd\"> </span>reports<span class=\"_ _2\"></span>\u201d, <span class=\"_ _1\"></span><span class=\"ff3 fs5\">dov<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">evidenziano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">priorit\u00e0<span class=\"ff1\"> </span>relative<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>isclosure<span class=\"ff1\"> </span>sui<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rendiconti</span> <span class=\"_ _1\"></span><span class=\"ff3\">an<span class=\"_ _2\"></span>nuali.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff3 fs5\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>Pri<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>ip<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nta<span class=\"_ _1\"></span>bili<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Princip<span class=\"_ _0\"></span>ali<span class=\"_ _3bd\"> </span>norm<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>ed<span class=\"_ _3bd\"> </span>interp<span class=\"_ _0\"></span>retazio<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>conta<span class=\"_ _0\"></span>bili<span class=\"_ _3bd\"> </span>omo<span class=\"_ _0\"></span>logate<span class=\"_ _3bd\"> </span>dall\u2019<span class=\"_ _0\"></span>Unione<span class=\"_ _3bd\"> </span>Europ<span class=\"_ _0\"></span>ea,<span class=\"_ _3bd\"> </span>la<span class=\"_ _3bd\"> </span>cui<span class=\"_ _3bd\"> </span>appli<span class=\"_ _0\"></span>cazion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>\u00e8<span class=\"_ _3bd\"> </span>divenu<span class=\"_ _0\"></span>ta<span class=\"_ _3bd\"> </span>obblig<span class=\"_ _0\"></span>atori<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>part<span class=\"_ _0\"></span>ire<span class=\"_ _3bd\"> </span>dall\u2019<span class=\"_ _0\"></span>eserciz<span class=\"_ _0\"></span>io<span class=\"_ _3bd\"> </span>2022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>In<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>14<span class=\"ff1\"> </span>maggio<span class=\"ff1\"> </span>2020<span class=\"ff1\"> </span>lo<span class=\"ff1\"> </span>IASB<span class=\"ff1\"> </span>ha<span class=\"ff1\"> </span>pubblicato<span class=\"ff1\"> </span>alcune<span class=\"ff1\"> </span>modifiche<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>seguenti<span class=\"ff1\"> </span>IFRS,<span class=\"ff1\"> </span>applicabili<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>part<span class=\"_ _2\"></span>ire<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>1\u00b0<span class=\"ff1\"> </span>gennaio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">2022:<span class=\"_ _2\"></span> </span></span>Amendments<span class=\"ff1\"> </span>to<span class=\"ff1\"> </span>IFRS<span class=\"ff1\"> </span>3<span class=\"ff1\"> </span>Business<span class=\"ff1\"> </span>Combinations:<span class=\"ff1\"> </span>aggiorna<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>iferimento<span class=\"ff1\"> </span>presente<span class=\"ff1\"> </span>nell\u2019IFRS<span class=\"ff1\"> </span>3<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>Conceptual<span class=\"ff1\"> </span>Framework<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>versione<span class=\"ff1\"> </span>rivista,<span class=\"ff1\"> </span>senza<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>ci\u00f2<span class=\"ff1\"> </span>comporti<span class=\"ff1\"> </span>modifiche<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>disposizioni<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>standard<span class=\"ff1\"> </span>Amendments<span class=\"ff1\"> </span>to<span class=\"ff1\"> </span>IAS<span class=\"ff1\"> </span>16<span class=\"ff1\"> </span>Property,<span class=\"ff1\"> </span>Plant<span class=\"ff1\"> </span>and<span class=\"ff1\"> </span>Equipment\u2013<span class=\"ff1\"> </span>\u201cPro<span class=\"_ _2\"></span>ceeds<span class=\"ff1\"> </span>bef<span class=\"_ _0\"></span>ore<span class=\"ff1\"> </span>Intended<span class=\"ff1\"> </span>Use\u201d:<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _2\"></span></span>consente<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>dedurre<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>costo<span class=\"ff1\"> </span>dell\u2019immobilizzazione<span class=\"ff1\"> </span>l\u2019importo<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>icevuto<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>ve<span class=\"_ _0\"></span>ndita<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>beni<span class=\"ff1\"> </span>prodot<span class=\"_ _2\"></span>ti<span class=\"ff1\"> </span>prima<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>l\u2019asset<span class=\"ff1\"> </span>fosse<span class=\"ff1\"> </span>pronto<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>l\u2019uso.<span class=\"ff1\"> </span>Tali<span class=\"ff1\"> </span>ricavi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>ve<span class=\"_ _0\"></span>ndita<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>relativi<span class=\"ff1\"> </span>costi<span class=\"ff1\"> </span>saranno<span class=\"ff1\"> </span>rilevati<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico<span class=\"_ _3bd\"> </span>Amendments<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">IAS<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">37<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Provisions,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Contingent<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Liabilities<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">and<span class=\"ff1\"> </span>Contingent<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Assets<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u201cOnerous<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Contracts<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u2013<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Costs<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>of<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Fulfilling<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Contract\u201d:<span class=\"ff1\"> </span>chiarisce<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">quali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">voci<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>costo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>evono<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onsiderare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>valu<span class=\"_ _0\"></span>tare<span class=\"ff1\"> </span>se<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cont<span class=\"_ _2\"></span>ratto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sar\u00e0<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">perdita<span class=\"_ _3bd\"> </span></span></span>Annual<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Improvements<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">201<span class=\"_ _2\"></span>8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2020<span class=\"_ _2\"></span>:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">modifiche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">apportat<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ai<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">seguenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">principi<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">contabili:<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Am<span class=\"_ _2\"></span>endments<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">to<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>IF<span class=\"_ _0\"></span>RS<span class=\"ff1\"> </span>1<span class=\"ff1\"> </span>Fir<span class=\"_ _0\"></span>st-ti<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">Ad<span class=\"_ _0\"></span>opti<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>of<span class=\"ff1\"> </span>In<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>nati<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>al<span class=\"ff1\"> </span>Fin<span class=\"_ _0\"></span>ancia<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>Repo<span class=\"_ _0\"></span>rtin<span class=\"_ _0\"></span>g<span class=\"ff1\"> </span>Stan<span class=\"_ _0\"></span>dar<span class=\"_ _0\"></span>ds\u2013<span class=\"ff1\"> </span>Su<span class=\"_ _0\"></span>bsidi<span class=\"_ _0\"></span>ary<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">as</span> <span class=\"ff3\">a</span> <span class=\"ff3\">first-<span class=\"_ _0\"></span>tim<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>ad<span class=\"_ _0\"></span>opte<span class=\"_ _0\"></span>r,<span class=\"ff1\"> </span></span></span></span></span>Amendment<span class=\"ff1\"> <span class=\"_ _2\"></span></span>to<span class=\"ff1\"> </span>IFRS<span class=\"ff1\"> <span class=\"_ _2\"></span></span>9<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Financial<span class=\"ff1\"> </span>Instruments<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u2013<span class=\"ff1\"> </span>\u201cF<span class=\"_ _2\"></span>ees<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>the<span class=\"ff1\"> </span>\u201810<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cent\u2019<span class=\"ff1\"> <span class=\"_ _2\"></span></span>test<span class=\"ff1\"> <span class=\"_ _2\"></span></span>for<span class=\"ff1\"> </span>derecognition<span class=\"ff1\"> </span>o<span class=\"_ _2\"></span>f<span class=\"ff1\"> </span>financial<span class=\"ff1\"> </span>liabilities\u201d,<span class=\"ff1\"> </span>allo<span class=\"ff1\"> </span>IAS<span class=\"ff1\"> </span>41<span class=\"ff1\"> </span>Agriculture<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>agli<span class=\"ff1\"> </span>Illustrative<span class=\"ff1\"> </span>Examples<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>accompagnano<span class=\"ff1\"> </span>l\u2019IFRS<span class=\"ff1\"> </span>16<span class=\"ff1\"> </span>Leases.<span class=\"_ _3bd\"> </span>Pr<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>cip<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>no<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>ed<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>pr<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>ili<span class=\"_ _3bd\"> </span>om<span class=\"_ _1\"></span>olo<span class=\"_ _0\"></span>gat<span class=\"_ _1\"></span>e<span class=\"_ _3bd\"> </span>da<span class=\"_ _0\"></span>ll\u2019<span class=\"_ _0\"></span>Un<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>Eu<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>a,<span class=\"_ _3bd\"> </span>ma<span class=\"_ _3bd\"> </span>ch<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>no<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span>tro<span class=\"_ _1\"></span>van<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>ap<span class=\"_ _0\"></span>pli<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _1\"></span>e<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>31<span class=\"_ _3bd\"> </span>dicem<span class=\"_ _0\"></span>bre<span class=\"_ _3bd\"> </span>2022<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>per<span class=\"_ _3bd\"> </span>i<span class=\"_ _3bd\"> </span>quali<span class=\"_ _3bd\"> </span>la<span class=\"_ _3bd\"> </span>Banca<span class=\"_ _3bd\"> </span>ed<span class=\"_ _3bd\"> </span>il<span class=\"_ _3bd\"> </span>Grupp<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>appa<span class=\"_ _0\"></span>rtenen<span class=\"_ _0\"></span>za<span class=\"_ _3bd\"> </span>non<span class=\"_ _3bd\"> </span>si<span class=\"_ _3bd\"> </span>sono<span class=\"_ _3bd\"> </span>avva<span class=\"_ _0\"></span>lsi,<span class=\"_ _3bd\"> </span>nei<span class=\"_ _3bd\"> </span>casi<span class=\"_ _3bd\"> </span>eventu<span class=\"_ _0\"></span>alme<span class=\"_ _0\"></span>nte<span class=\"_ _3bd\"> </span>previs<span class=\"_ _0\"></span>ti,<span class=\"_ _3bd\"> </span>dell\u2019a<span class=\"_ _0\"></span>pplicaz<span class=\"_ _0\"></span>ione<span class=\"_ _3bd\"> </span>antici<span class=\"_ _0\"></span>pata<span class=\"fc0 sc1\"> </span>In<span class=\"ff1\"> </span>data<span class=\"ff1\"> <span class=\"_ _2\"></span></span>1<span class=\"_ _2\"></span>8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>maggio<span class=\"ff1\"> </span>201<span class=\"_ _2\"></span>7<span class=\"ff1\"> <span class=\"_ _2\"></span></span>lo<span class=\"ff1\"> </span>IASB<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ha<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pubblicato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019IFRS<span class=\"ff1\"> </span>17<span class=\"_ _2\"></span><span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Insuran<span class=\"_ _2\"></span>ce<span class=\"ff1\"> </span>Contr<span class=\"_ _2\"></span>acts,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> </span>nuovo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>principio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>completo<span class=\"ff1\"> </span>relativo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ai<span class=\"ff1\"> </span>cont<span class=\"_ _2\"></span>ratti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>ass<span class=\"_ _2\"></span>icurazione<span class=\"ff1\"> </span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>copre<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rilevazion<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mis<span class=\"_ _2\"></span>urazione,<span class=\"ff1\"> </span>presentazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ed<span class=\"ff1\"> <span class=\"_ _2\"></span></span>informativa.<span class=\"ff1\"> </span>L\u2019IFRS<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">17<span class=\"_ _2\"></span><span class=\"ff1\"> </span>sostituisce<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l<span class=\"_ _0\"></span>\u2019IFRS<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">4<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Insurance<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Cont<span class=\"_ _2\"></span>racts<span class=\"ff1\"> </span>ch<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stato<span class=\"ff1\"> </span>eme<span class=\"_ _0\"></span>sso<span class=\"ff1\"> </span>nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">20<span class=\"_ _2\"></span>05.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">L\u2019IFRS<span class=\"ff1\"> </span>17<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">applica<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>tutti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>tipi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cont<span class=\"_ _2\"></span>ratti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>assicurativi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ind<span class=\"_ _0\"></span>ipendentemente<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dal<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>ipo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>entit<span class=\"_ _2\"></span>\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>li<span class=\"ff1\"> <span class=\"_ _21\"></span></span>emettono,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>come<span class=\"ff1\"> <span class=\"_ _20\"></span></span>anche<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alcune<span class=\"ff1\"> </span>garanzie<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>st<span class=\"_ _2\"></span>rumenti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>finanziari<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>caratteris<span class=\"_ _2\"></span>tiche<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>par<span class=\"_ _2\"></span>tecipazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>d<span class=\"_ _2\"></span>iscrezionale.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>L\u2019IFRS<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>17<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>ichiede<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"_ _2\"></span><span class=\"ff1\"> </span>presentazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>saldi<span class=\"ff1\"> </span>comparativi.<span class=\"ff1\"> </span>La<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>entrata<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>vig<span class=\"_ _0\"></span>ore<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>prevista<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>1\u00b0<span class=\"ff1\"> </span>gennaio<span class=\"ff1\"> </span>2023.<span class=\"_ _3bd\"> </span>In<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">data<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">25<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">giugno<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2020<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">lo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">IAS<span class=\"_ _2\"></span>B<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pubblicato<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">doc<span class=\"_ _2\"></span>umento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Amendments<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">to<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">IFRS<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">1<span class=\"_ _2\"></span>7<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Insurance<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Contr<span class=\"_ _2\"></span>acts<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per:<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ridurre<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>costi<span class=\"ff1\"> </span>semplificando<span class=\"ff1\"> </span>alcuni<span class=\"ff1\"> </span>requisiti<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>Standard;<span class=\"_ _3bd\"> </span>ren<span class=\"_ _0\"></span>der<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>pe<span class=\"_ _1\"></span>rforma<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fin<span class=\"_ _0\"></span>anzi<span class=\"_ _0\"></span>aria<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pi<span class=\"_ _0\"></span>\u00f9<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>acile<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">da</span> <span class=\"ff3\">s<span class=\"_ _0\"></span>pie<span class=\"_ _0\"></span>gare<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>facilitare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>transizione<span class=\"ff1\"> </span>posticipando<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">entrata<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>vigore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dello<span class=\"ff1\"> </span>Standard<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">2023</span> <span class=\"ff3\">e</span> <span class=\"_ _0\"></span><span class=\"ff3\">fornendo<span class=\"ff1\"> </span>ulteriore<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>sostegno<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>ridurre<span class=\"ff1\"> </span>lo<span class=\"ff1\"> </span>sforzo<span class=\"ff1\"> </span>richiesto<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>prima<span class=\"ff1\"> </span>applicazione<span class=\"ff1\"> </span>dell'IFRS<span class=\"ff1\"> </span>17.<span class=\"_ _3bd\"> </span>In<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">data<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">9<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dicembre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">2021<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">lo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">IASB<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ha<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">emesso<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">documento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Amendments<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">IFRS<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">17<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Insurance<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">contr<span class=\"_ _2\"></span>acts:<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Initial<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Application<span class=\"ff1\">  </span>of<span class=\"ff1\">  </span>IFRS<span class=\"ff1\">  </span>17<span class=\"ff1\">  </span>and<span class=\"ff1\">  </span>IFRS<span class=\"ff1\">  </span>9<span class=\"ff1\">  </span>\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Comparative<span class=\"ff1\">  </span>Information.<span class=\"ff1\">  </span>La<span class=\"ff1\">  </span>modifica<span class=\"ff1\">  </span>fornisce<span class=\"ff1\">  </span>agli<span class=\"ff1\">  </span>assicuratori<span class=\"ff1\"> </span>un\u2019opzione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _21\"></span></span>l\u2019obiettivo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>m<span class=\"_ _2\"></span>igliorare<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rilevanza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"_ _2\"></span>nformazioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>da<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fornire<span class=\"ff1\"> <span class=\"_ _20\"></span></span>agli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"_ _2\"></span>nvestitori<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fase<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> </span>applicazione<span class=\"ff1\"> </span>iniziale<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>nuovo<span class=\"ff1\"> </span>standard.<span class=\"ff1\"> </span>L\u2019entrata<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>vigore<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>prevista<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>part<span class=\"_ _2\"></span>ire<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>1\u00b0<span class=\"ff1\"> </span>gennaio<span class=\"ff1\"> </span>2023.<span class=\"_ _3bd\"> </span>In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dat<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>7<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mag<span class=\"_ _0\"></span>gio<span class=\"ff1\"> </span>2<span class=\"_ _0\"></span>021<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">lo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">IASB<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">h<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>pub<span class=\"_ _0\"></span>bli<span class=\"_ _0\"></span>cato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">il</span> <span class=\"_ _0\"></span><span class=\"ff3\">docu<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>A<span class=\"_ _0\"></span>mend<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ts<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>I<span class=\"_ _0\"></span>AS<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">12<span class=\"ff1\"> </span>I<span class=\"_ _0\"></span>nco<span class=\"_ _0\"></span>me<span class=\"ff1\"> </span>T<span class=\"_ _0\"></span>axe<span class=\"_ _0\"></span>s:<span class=\"ff1\"> </span>De<span class=\"_ _0\"></span>ferr<span class=\"_ _0\"></span>ed<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Ta<span class=\"_ _0\"></span>x<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>rel<span class=\"_ _0\"></span>ated<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">to</span> <span class=\"ff3\">Ass<span class=\"_ _0\"></span>ets<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">an<span class=\"_ _0\"></span>d<span class=\"ff1\"> </span>Li<span class=\"_ _0\"></span>abi<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ties<span class=\"ff1\"> </span>ar<span class=\"_ _0\"></span>isi<span class=\"_ _0\"></span>ng<span class=\"ff1\"> </span>fr<span class=\"_ _0\"></span>om<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>Si<span class=\"_ _0\"></span>ngl<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>Tr<span class=\"_ _0\"></span>ansa<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on.<span class=\"ff1\"> </span>I<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>doc<span class=\"_ _0\"></span>umen<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>pre<span class=\"_ _1\"></span>cisa<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>me<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>von<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>esse<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span></span></span></span></span>contabilizzate<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>imposte<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>differite<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>sulle<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>op<span class=\"_ _2\"></span>erazioni<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>q<span class=\"_ _2\"></span>uali<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>leasing<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>g<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>obblighi<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>sma<span class=\"_ _2\"></span>ntellamento<span class=\"ff1\"> </span>(decommissioning<span class=\"ff1\"> </span>obligations).<span class=\"ff1\"> </span>La<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>entrata<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>vigore<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>prevista<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>partire<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>1\u00b0<span class=\"ff1\"> </span>gennaio<span class=\"ff1\"> </span>2023.<span class=\"_ _3bd\"> </span>In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>ata<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">12<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>ebb<span class=\"_ _0\"></span>raio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">20<span class=\"_ _0\"></span>21<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>I<span class=\"_ _0\"></span>ASB<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ha<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>ubbl<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>ocu<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>i:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>Amendments<span class=\"ff1\"> <span class=\"_ _20\"></span></span>to<span class=\"ff1\"> <span class=\"_ _2\"></span></span>IAS<span class=\"ff1\"> <span class=\"_ _20\"></span></span>1<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Presentation<span class=\"ff1\"> <span class=\"_ _2\"></span></span>of<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Financial<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Stat<span class=\"_ _2\"></span>ements<span class=\"ff1\"> <span class=\"_ _2\"></span></span>and<span class=\"ff1\"> <span class=\"_ _2\"></span></span>IFRS<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Practice<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Statement<span class=\"ff1\"> <span class=\"_ _20\"></span></span>2:<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Disclosure<span class=\"ff1\"> <span class=\"_ _20\"></span></span>of<span class=\"ff1\"> </span>Accounting<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">policies;<span class=\"_ _3bd\"> </span></span></span>Amendments<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>to<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>IAS<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>8<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Accounting<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>policies,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Changes<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Accounting<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Estimates<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>and<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Errors:<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Definition<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>of<span class=\"ff1\"> </span>Accounting<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Estimates.<span class=\"_ _3bd\"> </span></span></span>Le<span class=\"ff1\"> </span>m<span class=\"_ _0\"></span>odif<span class=\"_ _0\"></span>iche<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>volte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"ff3\">migl<span class=\"_ _0\"></span>iora<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>dis<span class=\"_ _0\"></span>closu<span class=\"_ _1\"></span>re<span class=\"ff1\"> </span>sull<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>acc<span class=\"_ _0\"></span>ount<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">polic<span class=\"_ _0\"></span>y<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>mod<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>orn<span class=\"_ _0\"></span>ire<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">info<span class=\"_ _0\"></span>rmaz<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pi\u00f9</span> </span></span></span></span></span></span></span></span></span>utili<span class=\"ff1\"> <span class=\"_ _20\"></span></span>agli<span class=\"ff1\"> <span class=\"_ _21\"></span></span>investitori<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"_ _2\"></span>gli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>altri<span class=\"ff1\"> <span class=\"_ _21\"></span></span>utilizzatori<span class=\"ff1\"> <span class=\"_ _21\"></span></span>primari<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">del</span> <span class=\"_ _20\"></span><span class=\"ff3\">bilancio</span> <span class=\"_ _21\"></span><span class=\"ff3\">nonch\u00e9</span> <span class=\"_ _20\"></span><span class=\"ff3\">ad</span> <span class=\"_ _21\"></span><span class=\"ff3\">aiutare</span> <span class=\"_ _21\"></span><span class=\"ff3\">le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">societ\u00e0</span> <span class=\"_ _21\"></span><span class=\"ff3\">a</span> <span class=\"_ _20\"></span><span class=\"ff3\">distinguere</span> <span class=\"_ _20\"></span><span class=\"ff3\">i<span class=\"_ _2\"></span></span> </span></span></span>cambiamenti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>nelle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>stime<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>contabili<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dai<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>camb<span class=\"_ _2\"></span>iamenti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>account<span class=\"_ _2\"></span>ing<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>policy.<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>La<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dat<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>entrat<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>vigore<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"_ _2\"></span><span class=\"ff1\"> </span>prevista<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>partire<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>1\u00b0<span class=\"ff1\"> </span>gennaio<span class=\"ff1\"> </span>2023.<span class=\"_ _3bd\"> </span>Pr<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>cip<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>abi<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>,<span class=\"_ _3bd\"> </span>em<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>da<span class=\"_ _0\"></span>me<span class=\"_ _1\"></span>nti<span class=\"_ _3bd\"> </span>ed<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>ret<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>IF<span class=\"_ _0\"></span>RS<span class=\"_ _3bd\"> </span>no<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span>an<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>ra<span class=\"_ _3bd\"> </span>om<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>ati<span class=\"_ _3bd\"> </span>da<span class=\"_ _0\"></span>ll\u2019<span class=\"_ _0\"></span>Un<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>Eu<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>pea<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>ata<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">23<span class=\"ff1\"> </span>g<span class=\"_ _0\"></span>ennai<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">202<span class=\"_ _0\"></span>0<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">15<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l<span class=\"_ _0\"></span>uglio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">2<span class=\"_ _0\"></span>020<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">lo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">IA<span class=\"_ _0\"></span>SB<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ha<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pubbl<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">docu<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Ame<span class=\"_ _0\"></span>ndme<span class=\"_ _0\"></span>nts<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">IA<span class=\"_ _0\"></span>S<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">1<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Pres<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>ation<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>of<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Financial<span class=\"ff1\"> </span>Statements:<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Classification<span class=\"ff1\"> </span>o<span class=\"_ _2\"></span>f<span class=\"ff1\"> </span>Liabilities<span class=\"ff1\"> </span>as<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Current<span class=\"ff1\"> <span class=\"_ _2\"></span></span>or<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Non-current<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Classification<span class=\"ff1\"> </span>of<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Liabilities<span class=\"ff1\"> </span>as<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Current<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>or<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Non-current<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>-<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>deferral<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>of<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"_ _0\"></span>ffective<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dat<span class=\"_ _2\"></span>e.<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>No<span class=\"_ _2\"></span>n<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>state<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>introdotte<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>modifiche<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>alle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>egole<span class=\"ff1\"> </span>esi<span class=\"_ _0\"></span>ste<span class=\"_ _0\"></span>nti,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ma</span> <span class=\"ff3\">so<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>fo<span class=\"_ _0\"></span>rnit<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>chi<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">meri<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>all<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>cl<span class=\"_ _0\"></span>assif<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>deb<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">del<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ltre<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pas<span class=\"_ _0\"></span>sivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>tra<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">corre<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>(dovute<span class=\"ff1\"> </span>o<span class=\"_ _2\"></span><span class=\"ff1\"> </span>pot<span class=\"_ _2\"></span>enzialmente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dovute<span class=\"ff1\"> <span class=\"_ _2\"></span></span>entro<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019anno)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>non<span class=\"ff1\"> <span class=\"_ _2\"></span></span>correnti.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>modifiche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>forniscono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>inoltre<span class=\"ff1\"> <span class=\"_ _2\"></span></span>chiarimenti<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>classificazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>debiti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>societ\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>pu\u00f2<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>regolare<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>m<span class=\"_ _2\"></span>ediante<span class=\"ff1\"> <span class=\"_ _21\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>conversione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>equity.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>La<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>data<span class=\"ff1\"> </span>prevista<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>l\u2019applicazione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>modifiche<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>fissata<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>1\u00b0<span class=\"ff1\"> </span>gennaio<span class=\"ff1\"> </span>2023.<span class=\"_ _3bd\"> </span>Lo<span class=\"ff1\"> </span>IASB<span class=\"ff1\"> </span>ha<span class=\"ff1\"> </span>inoltre<span class=\"ff1\"> </span>pubblicato<span class=\"_ _2\"></span><span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>19<span class=\"ff1\"> </span>novembre<span class=\"ff1\"> </span>2021<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>nuovo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Exposure<span class=\"ff1\"> </span>Draft<span class=\"ff1\"> </span>Non-current<span class=\"ff1\"> </span>Liabilities<span class=\"ff1\"> </span>with<span class=\"ff1\"> </span>Covenants,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> </span>propone<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">modifiche<span class=\"ff1\"> </span>allo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">IAS<span class=\"ff1\"> </span>1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Pr<span class=\"_ _2\"></span>esentation<span class=\"ff1\"> </span>of<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">F<span class=\"_ _2\"></span>inancial<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Statements<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019obiettivo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">chiarire<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>la<span class=\"ff1\"> </span>classificazione<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>debiti<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>lungo<span class=\"ff1\"> </span>termine<span class=\"ff1\"> </span>sottoposti<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>rispetto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>covenants.<span class=\"_ _3bd\"> </span>In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dat<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>2<span class=\"_ _0\"></span>2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">settem<span class=\"_ _0\"></span>bre<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">2<span class=\"_ _0\"></span>022<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">IASB<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pubb<span class=\"_ _0\"></span>lic<span class=\"_ _0\"></span>ato<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">do<span class=\"_ _0\"></span>cume<span class=\"_ _0\"></span>nto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Amend<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ts<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">IF<span class=\"_ _0\"></span>RS<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">16<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Le<span class=\"_ _0\"></span>ases:<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">L<span class=\"_ _0\"></span>eas<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Liabi<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>y<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>Sale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">and<span class=\"ff1\"> </span>Leaseback,<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>hiarendo<span class=\"ff1\"> </span>come<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span>contabilizza<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un\u2019o<span class=\"_ _2\"></span>perazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>sale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">and<span class=\"ff1\"> </span>leaseback<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">preve<span class=\"_ _1\"></span>de<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pagamenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>variabili<span class=\"ff1\"> <span class=\"_ _20\"></span></span>basati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sulla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>p<span class=\"_ _2\"></span>erformance<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>sull\u2019uso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>bene<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"_ _2\"></span>ggetto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>trans<span class=\"_ _2\"></span>azione.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>La<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dat<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>entrata<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>vigore<span class=\"ff1\"> </span>prevista<span class=\"ff1\"> </span>dallo<span class=\"ff1\"> </span>IASB<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>1\u00b0<span class=\"ff1\"> </span>gennaio<span class=\"ff1\"> </span>2024.<span class=\"_ _3bd\"> </span>IFRS<span class=\"ff1\">  </span>14<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Regulatory<span class=\"ff1\">  </span>Deferral<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Accounts.<span class=\"ff1\">  </span>La<span class=\"ff1\">  </span>Comun<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\">  </span>Europea<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ha<span class=\"ff1\">  </span>deciso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\">  </span>non<span class=\"ff1\">  </span>av<span class=\"_ _0\"></span>viare<span class=\"ff1\">  </span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>process<span class=\"_ _2\"></span>o<span class=\"ff1\">  </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> </span>endorsment<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>versione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>provvisoria<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dello<span class=\"ff1\"> <span class=\"_ _2\"></span></span>st<span class=\"_ _2\"></span>andard<span class=\"ff1\"> <span class=\"_ _2\"></span></span>IFRS<span class=\"ff1\"> <span class=\"_ _20\"></span></span>14<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Regulatory<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Deferral<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Accounts,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>emesso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>30<span class=\"ff1\"> </span>Gennaio<span class=\"ff1\"> </span>2014,<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>ha<span class=\"ff1\"> </span>deciso<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>attendere<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>versione<span class=\"ff1\"> </span>finale<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>principio<span class=\"ff1\"> </span>contabile.<span class=\"_ _3bd\"> </span>Co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>uto<span class=\"_ _3bd\"> </span>dei<span class=\"_ _3bd\"> </span>pr<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>pet<span class=\"_ _1\"></span>ti<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>St<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>pa<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span>e,<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>ec<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>co<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>pro<span class=\"_ _1\"></span>spe<span class=\"_ _0\"></span>tto<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>lla<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>va<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Gli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>schemi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dello<span class=\"ff1\"> <span class=\"_ _20\"></span></span>stat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>patrimoniale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>conto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>economico<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>costituiti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>da<span class=\"ff1\"> <span class=\"_ _20\"></span></span>voci,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sot<span class=\"_ _2\"></span>tovoci<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>da<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ulteriori<span class=\"ff1\"> </span>dettagli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">informativi<span class=\"ff1\"> </span>(i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u201c<span class=\"_ _2\"></span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui\u201d<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">voci<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sottovoci).<span class=\"ff1\"> </span>Nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">conto<span class=\"ff1\"> </span>economico<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ricavi<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">indicati<span class=\"ff1\"> </span>senza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">segno,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>mentre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">costi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">indicati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fra<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">parentesi.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Allo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">st<span class=\"_ _2\"></span>esso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">m<span class=\"_ _2\"></span>odo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">so<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">esposte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">componenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">reddituali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">positive<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>negative<span class=\"ff1\"> </span>incluse<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>prospetto<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>redditivit\u00e0<span class=\"ff1\"> </span>complessiva.<span class=\"_ _3bd\"> </span>Gli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>schemi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>riportano<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff3\">corr<span class=\"_ _2\"></span>isponde<span class=\"_ _0\"></span>nti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>raffront<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>relativi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>allo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>stat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>pat<span class=\"_ _2\"></span>rimoniale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>iferiti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>all\u2019esercizio<span class=\"ff1\"> </span></span></span>precedente,<span class=\"ff1\"> </span>mentre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>dati<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>conomico<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rospett<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>edditivit\u00e0<span class=\"ff1\"> </span>complessiva<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>riferiti<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>lo<span class=\"ff1\"> </span></span></span></span></span>stesso<span class=\"ff1\"> </span>periodo<span class=\"ff1\"> </span>dell\u2019esercizio<span class=\"ff1\"> </span>precedente.<span class=\"_ _3bd\"> </span>Pro<span class=\"_ _1\"></span>spe<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>ria<span class=\"_ _1\"></span>zion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span>pa<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>io<span class=\"_ _3bd\"> </span>n<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Il<span class=\"ff1\"> </span>pros<span class=\"_ _2\"></span>petto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> </span>variazioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>patrimonio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>netto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> </span>quello<span class=\"ff1\"> <span class=\"_ _2\"></span></span>previsto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dalla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Circolare<span class=\"ff1\"> </span>n.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>262/2005,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>uccessivi<span class=\"ff1\"> </span>aggiornamenti,<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>Banca<span class=\"ff1\"> </span>d\u2019Italia.<span class=\"ff1\"> </span>Nel<span class=\"ff1\"> </span>prospetto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>viene<span class=\"ff1\"> </span>riportata<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>composizione<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>movimentazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>conti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>patrimonio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>netto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>intervenuta<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ne<span class=\"_ _0\"></span>ll\u2019esercizio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>riferimento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>bilancio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"_ _0\"></span>d<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quello<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>precede<span class=\"_ _0\"></span>nte,<span class=\"_ _2\"></span><span class=\"ff1\"> </span>suddivisi<span class=\"ff1\"> </span>tra<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">capitale<span class=\"ff1\"> </span>sociale,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>riserve<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">capitale,<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>utili<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>assivit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> </span></span></span></span></span></span></span>ed<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>risultato<span class=\"ff1\"> </span>economico.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Le<span class=\"ff1\"> </span>azioni<span class=\"ff1\"> </span>proprie<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>portafoglio,<span class=\"ff1\"> </span>qualora<span class=\"ff1\"> </span>presenti,<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>portate<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>diminu<span class=\"_ _0\"></span>zione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span></span></span>patrimonio<span class=\"ff1\"> </span>netto.<span class=\"ff1\"> </span>Non<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>stati<span class=\"ff1\"> </span>emessi<span class=\"ff1\"> </span>str<span class=\"_ _2\"></span>umenti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>capitale<span class=\"ff1\"> </span>dive<span class=\"_ _0\"></span>rsi<span class=\"ff1\"> </span>dalle<span class=\"ff1\"> </span>azioni<span class=\"ff1\"> </span>or<span class=\"_ _2\"></span>dinarie.<span class=\"_ _3bd\"> </span>Re<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>ico<span class=\"_ _1\"></span>nto<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>zia<span class=\"_ _1\"></span>rio<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Rendiconto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Finanziario<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fornisce<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">informazioni</span> <span class=\"_ _27\"> </span><span class=\"ff3\">che</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">permettono</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">agli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">utilizzatori</span> <span class=\"_ _27\"> </span><span class=\"ff3\">di</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">valutare</span> <span class=\"_ _27\"> </span><span class=\"ff3\">le</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">variazioni</span> </span></span></span>nell\u2019attivo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">netto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">societ\u00e0,<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sua<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>truttura<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziaria<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(compresa<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">liquidit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">solvibilit\u00e0<span class=\"_ _2\"></span>)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ua<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">capacit<span class=\"_ _2\"></span>\u00e0<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> </span>influire<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dimensione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tempistica<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>flussi<span class=\"ff1\"> </span>finanziari<span class=\"_ _2\"></span><span class=\"ff1\"> </span>allo<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>copo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>ad<span class=\"_ _2\"></span>eguarsi<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>cir<span class=\"_ _2\"></span>costanze<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>alle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">opportunit\u00e0.<span class=\"_ _3bd\"> </span></span></span>Lo<span class=\"ff1\"> </span>IAS<span class=\"ff1\"> </span>7<span class=\"ff1\"> </span>stabilisce<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>rendiconto<span class=\"ff1\"> </span>finanziario<span class=\"ff1\"> </span>pu\u00f2<span class=\"ff1\"> </span>ess<span class=\"_ _2\"></span>ere<span class=\"ff1\"> </span>redatto<span class=\"ff1\"> </span>seguendo,<span class=\"ff1\"> </span>alternativamente,<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>\u201cmetodo<span class=\"ff1\"> </span>diretto\u201d<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>quello<span class=\"ff1\"> </span>\u201cindiretto\u201d.<span class=\"_ _3bd\"> </span>La<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Banca<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d'<span class=\"_ _2\"></span>Italia,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cos\u00ec<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">come<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">previsto<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>alle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">istruzioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Circolare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">n.262/05,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">propone<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quindi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">due<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alternativi<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>schemi<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Rendiconto<span class=\"ff1\"> </span>Finanziario<span class=\"_ _2\"></span><span class=\"ff1\"> </span>nei<span class=\"ff1\"> </span>quali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>correlati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>all'attivit\u00e0<span class=\"ff1\"> </span>operativa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>esposti<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>metodo<span class=\"_ _2\"></span><span class=\"ff1\"> </span>diretto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">metodo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">indirett<span class=\"_ _2\"></span>o,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">senza<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">priv<span class=\"_ _2\"></span>ilegiarne<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">uno<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">particolare,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">las<span class=\"_ _2\"></span>ciando<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">discrezionalit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">all'<span class=\"_ _2\"></span>estensore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>bi<span class=\"_ _0\"></span>lanc<span class=\"_ _0\"></span>io.<span class=\"_ _3bd\"> </span>Il<span class=\"ff1\"> </span>pros<span class=\"_ _2\"></span>petto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziari<span class=\"ff1\"> <span class=\"_ _2\"></span></span>intervenuti<span class=\"ff1\"> </span>nel<span class=\"ff1\"> <span class=\"_ _2\"></span></span>periodo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>riferimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>bilancio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ed<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quello<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>ell\u2019esercizio<span class=\"ff1\"> </span>precedente<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>stato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>predisposto<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>eguend<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>metodo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>indiretto,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>base<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> </span>quale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>derivanti<span class=\"ff1\"> </span>dall\u2019attivit\u00e0<span class=\"_ _2\"></span><span class=\"ff1\"> </span>operativa<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">so<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>appresentati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dal<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risultato<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dell\u2019esercizio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ettificato<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>gli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">effetti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"_ _2\"></span>perazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">natura<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>mon<span class=\"_ _0\"></span>eta<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span>I<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>flussi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>finanziari<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>suddivisi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tra<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>quelli<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>derivanti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dall\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>operativa,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>quelli<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>generati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dall\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> </span>investimento<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>quelli<span class=\"ff1\"> </span>prodotti<span class=\"ff1\"> </span>dall\u2019attivit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>provvista.<span class=\"_ _3bd\"> </span>Nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pros<span class=\"_ _2\"></span>petto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">flussi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">generatisi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">corso<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">p<span class=\"_ _2\"></span>eriodo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">indicati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">senza<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">segno,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mentre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">quelli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">asso<span class=\"_ _2\"></span>rbiti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>indicati<span class=\"ff1\"> </span>fra<span class=\"ff1\"> </span>parentesi.<span class=\"_ _3bd\"> </span>Co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>uto<span class=\"_ _3bd\"> </span>del<span class=\"_ _0\"></span>la<span class=\"_ _3bd\"> </span>No<span class=\"_ _0\"></span>ta<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>gr<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>La<span class=\"ff1\"> </span>Nota<span class=\"ff1\"> </span>integ<span class=\"_ _0\"></span>rativa<span class=\"ff1\"> </span>comprende<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>informazioni<span class=\"ff1\"> </span>previste<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>alla<span class=\"ff1\"> </span>Circolare<span class=\"ff1\"> </span>n.<span class=\"ff1\"> </span>262/2005,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>succe<span class=\"_ _0\"></span>ssive<span class=\"ff1\"> </span>modifiche<span class=\"ff1\"> </span></span></span></span></span>ed<span class=\"ff1\"> </span>integrazioni,<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>Banca<span class=\"ff1\"> </span>d\u2019Italia<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>ulteriori<span class=\"ff1\"> </span>informazioni<span class=\"ff1\"> </span>previste<span class=\"ff1\"> </span>dai<span class=\"ff1\"> </span>principi<span class=\"ff1\"> </span>conta<span class=\"_ _2\"></span>bili<span class=\"ff1\"> </span>internazionali.<span class=\"_ _3bd\"> </span>In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">qu<span class=\"_ _1\"></span>anto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">disp<span class=\"_ _0\"></span>osto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dall<span class=\"_ _0\"></span>\u2019a<span class=\"_ _0\"></span>rt.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">5<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">D.Lg<span class=\"_ _0\"></span>s<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">38<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">28<span class=\"ff1\"> </span>fe<span class=\"_ _0\"></span>bbr<span class=\"_ _0\"></span>aio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">200<span class=\"_ _0\"></span>5,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">bi<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>cio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">reda<span class=\"_ _0\"></span>tto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">util<span class=\"_ _0\"></span>izz<span class=\"_ _0\"></span>ando<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>l\u2019euro<span class=\"ff1\"> </span>come<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">moneta<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conto:<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">schemi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>red<span class=\"_ _0\"></span>atti<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">unit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">euro<span class=\"ff1\"> </span>men<span class=\"_ _0\"></span>tre<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nota<span class=\"ff1\"> </span>inte<span class=\"_ _0\"></span>grativa<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>migliaia<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>euro.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-737": {
   "value": "Se<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>2<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Pr<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>cip<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>ge<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>red<span class=\"_ _1\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Il<span class=\"ff1\">  </span>bi<span class=\"_ _2\"></span>lancio<span class=\"ff1\">  </span>conso<span class=\"_ _2\"></span>lidato<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>\u00e8<span class=\"ff1\">  </span>s<span class=\"_ _2\"></span>tato<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>predisposto<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>sulla<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>base<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>\u201cIstruzioni<span class=\"ff1\">  </span>per<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>r<span class=\"_ _2\"></span>edazione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>del<span class=\"ff1\">  </span>bilanc<span class=\"_ _2\"></span>io<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>l\u2019i<span class=\"_ _0\"></span>mpre<span class=\"_ _0\"></span>sa<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>bila<span class=\"_ _0\"></span>ncio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">consol<span class=\"_ _0\"></span>ida<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"ff1\"> </span>ba<span class=\"_ _0\"></span>nche<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">delle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">socie<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>fin<span class=\"_ _0\"></span>anzi<span class=\"_ _0\"></span>arie<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">capo<span class=\"_ _0\"></span>grup<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">di</span> <span class=\"ff3\">gr<span class=\"_ _0\"></span>uppi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">banc<span class=\"_ _0\"></span>ari\u201d<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>emanate<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>Banca<span class=\"ff1\"> </span>d\u2019Italia<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>Provvedimento<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>22<span class=\"ff1\"> </span>dicembre<span class=\"ff1\"> </span>2005<span class=\"_ _2\"></span><span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">successivi<span class=\"ff1\"> </span>aggiornamenti.<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>Il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> </span>consolidato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cos<span class=\"_ _2\"></span>tituito<span class=\"ff1\"> </span>dallo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">St<span class=\"_ _2\"></span>ato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">patrimoniale,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Co<span class=\"_ _2\"></span>nto<span class=\"ff1\"> </span>economico,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dal<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Prospetto<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ella<span class=\"ff1\"> </span>red<span class=\"_ _0\"></span>ditivit\u00e0<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>complessiva,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>da<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Prospetto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>variazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>patrimonio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>netto<span class=\"_ _2\"></span>,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Rendiconto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>finanziario<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dalla<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>No<span class=\"_ _2\"></span>ta<span class=\"ff1\"> </span>integrativa<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dalle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>relative<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>infor<span class=\"_ _2\"></span>mazioni<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>comparat<span class=\"_ _2\"></span>ive<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>31<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dicembre<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>2021<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ed<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>inoltre<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>corredato<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>una<span class=\"ff1\"> </span>Relazione<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gestione,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sui<span class=\"ff1\"> <span class=\"_ _2\"></span></span>risultati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>economici<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conseguiti<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sulla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>situazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>patrimoniale<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziaria<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>Gruppo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Credem.<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>Il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">bil<span class=\"_ _0\"></span>anci<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">reda<span class=\"_ _0\"></span>tto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>\u2019app<span class=\"_ _0\"></span>lic<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">prin<span class=\"_ _0\"></span>cipi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">gen<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>pr<span class=\"_ _0\"></span>evi<span class=\"_ _0\"></span>sti<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>all<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>IA<span class=\"_ _0\"></span>S<span class=\"ff1\"> </span>1<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">deg<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">spec<span class=\"_ _0\"></span>ific<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rinc<span class=\"_ _0\"></span>ipi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span>tabi<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>omologati<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>Commissione<span class=\"ff1\"> </span>europea<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>illustrat<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>Parte<span class=\"ff1\"> </span>A.2<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>presente<span class=\"ff1\"> </span>Nota<span class=\"ff1\"> </span>int<span class=\"_ _2\"></span>egrativa,<span class=\"ff1\"> </span>nonch\u00e9<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>ad<span class=\"_ _0\"></span>eren<span class=\"_ _0\"></span>za<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le</span> <span class=\"ff3\">assu<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">genera<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">previ<span class=\"_ _0\"></span>ste<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dal</span> <span class=\"ff3\">Qu<span class=\"_ _0\"></span>adro<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Siste<span class=\"_ _0\"></span>mati<span class=\"_ _0\"></span>co<span class=\"ff1\"> </span>per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">la</span> <span class=\"ff3\">prep<span class=\"_ _0\"></span>ara<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>pre<span class=\"_ _0\"></span>senta<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del</span> </span></span></span></span></span></span></span></span></span></span></span></span></span>bilancio<span class=\"ff1\"> </span>elaborato<span class=\"ff1\"> </span>dallo<span class=\"ff1\"> </span>IASB.<span class=\"_ _3bd\"> </span> Non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>st<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span>ffet<span class=\"_ _0\"></span>tua<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>erog<span class=\"_ _0\"></span>he<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">all<span class=\"_ _0\"></span>\u2019app<span class=\"_ _0\"></span>lica<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rinci<span class=\"_ _0\"></span>pi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">conta<span class=\"_ _0\"></span>bil<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>IA<span class=\"_ _0\"></span>S/I<span class=\"_ _0\"></span>FRS.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span>In<span class=\"ff1\"> </span>conformit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> </span>quanto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>disposto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall\u2019art.<span class=\"ff1\"> </span>5,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>comma<span class=\"ff1\"> </span>2,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>D<span class=\"_ _2\"></span>ecreto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Legislativo<span class=\"ff1\"> </span>n.<span class=\"ff1\"> </span>38<span class=\"_ _2\"></span><span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>28<span class=\"ff1\"> </span>fe<span class=\"_ _2\"></span>bbraio<span class=\"ff1\"> </span>2005<span class=\"_ _2\"></span>,<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">redatto</span> <span class=\"ff3\">u<span class=\"_ _0\"></span>tilizzando<span class=\"ff1\"> </span>l\u2019euro<span class=\"ff1\"> </span>come<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">moneta<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">conto,</span> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fonda<span class=\"ff1\"> </span>sul<span class=\"_ _0\"></span>l\u2019applicazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>eguenti<span class=\"ff1\"> </span>principi<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>generali<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>redazione<span class=\"ff1\"> </span>dettati<span class=\"ff1\"> </span>dallo<span class=\"ff1\"> </span>IAS<span class=\"ff1\"> </span>1:<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>Continuit\u00e0<span class=\"ff1\"> </span>aziendale.<span class=\"ff1\"> </span>Gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">amminis<span class=\"_ _2\"></span>tratori</span> <span class=\"ff3\">hanno</span> <span class=\"ff3\">consid<span class=\"_ _0\"></span>erato<span class=\"ff1\"> </span>appropriato<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>presupposto<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>continuit\u00e0<span class=\"ff1\"> </span></span></span>aziendale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>quanto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>lor<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>giud<span class=\"_ _0\"></span>izio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>emers<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>incertezze<span class=\"ff1\"> <span class=\"_ _21\"></span></span>legate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>eventi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>circos<span class=\"_ _2\"></span>tante<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che,<span class=\"ff1\"> </span>considerati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>singolarmente<span class=\"ff1\">  </span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>loro<span class=\"ff1\">  </span>insie<span class=\"_ _0\"></span>me,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>poss<span class=\"_ _2\"></span>ano<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>far<span class=\"ff1\">  </span>s<span class=\"_ _0\"></span>orgere<span class=\"ff1\">  </span>du<span class=\"_ _0\"></span>bbi<span class=\"ff1\">  </span>rigu<span class=\"_ _0\"></span>ardo<span class=\"ff1\">  </span>alla<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>continuit\u00e0<span class=\"ff1\"> </span>az<span class=\"_ _0\"></span>iend<span class=\"_ _0\"></span>ale.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">Con<span class=\"_ _0\"></span>segu<span class=\"_ _0\"></span>ente<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>atti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>t\u00e0,<span class=\"ff1\"> </span>pas<span class=\"_ _0\"></span>sivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ed<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">oper<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>oni<span class=\"ff1\"> </span>\u201cfuo<span class=\"_ _0\"></span>ri<span class=\"ff1\"> </span>bilan<span class=\"_ _0\"></span>cio<span class=\"_ _0\"></span>\u201d<span class=\"ff1\"> <span class=\"_ _2\"></span></span>son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>valut<span class=\"_ _0\"></span>ate<span class=\"ff1\"> </span>secon<span class=\"_ _0\"></span>do<span class=\"ff1\"> </span></span></span></span></span>valori<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>funzionamento,<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>quanto<span class=\"ff1\"> </span>destinat<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>durare<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>tempo.<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>Competenza<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>economica.<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>Cos<span class=\"_ _2\"></span>ti<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>ricavi<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>vengono<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>rilevati,<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>prescindere<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>momento<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>loro<span class=\"ff1\"> </span>regolamento<span class=\"ff1\"> </span>monetario,<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>periodo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>maturazione<span class=\"ff1\"> </span>economica<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>econdo<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>criterio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>correlazione.<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>Coe<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>za<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">prese<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>zione<span class=\"_ _1\"></span>.<span class=\"ff1\"> </span>La<span class=\"ff1\"> </span>pre<span class=\"_ _0\"></span>sen<span class=\"_ _0\"></span>tazi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">clas<span class=\"_ _0\"></span>sif<span class=\"_ _0\"></span>icazi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>voc<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>man<span class=\"_ _0\"></span>ten<span class=\"_ _0\"></span>ute<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">costa<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">nel<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>tempo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>allo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>scopo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>garant<span class=\"_ _2\"></span>ire<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>comparabilit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>infor<span class=\"_ _2\"></span>mazioni,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>salvo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ch<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>l<span class=\"_ _0\"></span>oro<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>variazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sia<span class=\"_ _3bd\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-803": {
   "value": "Sezione 2 - Principi generali di redazione Il  bilancio  consolidato  \u00e8  stato  predisposto  sulla  base  delle  \u201cIstruzioni  per  la  redazione  del  bilancio dell\u2019impresa e del bilancio consolidato delle banche e delle societ\u00e0 finanziarie capogruppo di gruppi bancari\u201d emanate dalla Banca d\u2019Italia con il Provvedimento del 22 dicembre 2005 e successivi aggiornamenti. Il bilancio consolidato \u00e8 costituito dallo Stato patrimoniale, Conto economico, dal Prospetto della redditivit\u00e0 complessiva,  dal  Prospetto  delle  variazioni  di  patrimonio  netto,  dal  Rendiconto  finanziario  e  dalla  Nota integrativa  e  dalle  relative  informazioni  comparative  al  31  dicembre  2021  ed  \u00e8  inoltre  corredato  da  una Relazione sulla gestione, sui risultati economici conseguiti e sulla situazione patrimoniale e finanziaria del Gruppo Credem. 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. In conformit\u00e0 a quanto disposto dall\u2019art. 5, comma 2, del Decreto Legislativo n. 38 del 28 febbraio 2005, il bilancio \u00e8 redatto utilizzando l\u2019euro come moneta di conto, e si fonda sull\u2019applicazione dei seguenti principi generali di redazione dettati dallo IAS 1: - Continuit\u00e0 aziendale. Gli amministratori hanno considerato appropriato il presupposto della continuit\u00e0 aziendale in  quanto a loro giudizio  non sono emerse incertezze legate ad  eventi o circostante che, considerati  singolarmente  o  nel  loro  insieme,  possano  far  sorgere  dubbi  riguardo  alla  continuit\u00e0 aziendale. Conseguentemente le attivit\u00e0, passivit\u00e0 ed operazioni \u201cfuori bilancio\u201d sono valutate secondo valori di funzionamento, in quanto destinate a durare nel tempo. - Competenza  economica.  Costi  e  ricavi  vengono  rilevati,  a  prescindere  dal  momento  del  loro regolamento monetario, per periodo di maturazione economica e secondo il criterio di correlazione. - Coerenza di presentazione. La presentazione e la classificazione delle voci sono mantenute costanti nel tempo  allo  scopo  di  garantire  la  comparabilit\u00e0  delle  informazioni,  salvo  che  la  loro  variazione  sia richiesta da un Principio Contabile Internazionale o da una Interpretazione oppure renda pi\u00f9 appropriata, in termini di significativit\u00e0 e di affidabilit\u00e0, la rappresentazione dei valori. Se un criterio di presentazione o di classificazione viene cambiato, quello nuovo si applica \u2013 ove possibile \u2013 in modo retroattivo; in tal caso vengono anche indicati la natura e il motivo della variazione, nonch\u00e9 le voci interessate. Nella presentazione e nella classificazione delle voci sono adottati gli schemi predisposti dalla Banca d\u2019Italia per  i  bilanci  delle  banche,  contenuti  nella  circolare  n.  262  del  22  dicembre  2005  e  successivi aggiornamenti ed integrazioni.  - Aggregazione e rilevanza. Tutti i raggruppamenti significativi di voci con natura o funzione simili sono riportati separatamente. Gli elementi di natura o funzione diversa, se rilevanti, vengono presentati in modo distinto.  - Divieto di compensazione. Attivit\u00e0 e passivit\u00e0, costi e ricavi non vengono compensati tra loro, salvo che ci\u00f2  non  sia  richiesto  o  permesso  da un Principio Contabile Internazionale  o  da  una  Interpretazione oppure dagli schemi predisposti dalla Banca d\u2019Italia per i bilanci delle banche.  - Informativa comparativa. Le informazioni comparative dell\u2019esercizio precedente sono riportate per tutti i dati contenuti nei prospetti contabili di confronto. Le modifiche ai dati comparativi sono effettuate solo quando ritenute di importo significativo.  Si \u00e8  tenuto conto, ove applicabile, dei documenti di tipo interpretativo  e di supporto  all\u2019applicazione dei principi contabili in relazione agli impatti da COVID-19, emanati dagli organismi regolamentari e di vigilanza europei e dagli standard setter. Si richiamano tra gli altri:  - la  comunicazione  dell\u2019EBA  del  25  marzo  2020  \u201cStatement  on  the  application  of  the  prudential framework regarding Default, Forbearance and IFRS 9 in light of COVID 19 measures\u201d;  - la  comunicazione  dell\u2019ESMA  del  25  marzo  2020  \u201cPublic  Statement.  Accounting  implications  of  the COVID 19 outbreak on the calculation of expected credit losses in accordance with IFRS 9\u201d;  - il documento dell\u2019IFRS Foundation del 27 marzo 2020 \u201cIFRS 9 and covid-19 \u2013 Accounting for expected credit losses applying IFRS 9 Financial Instruments in the light of current uncertainty resulting from the covid-19 pandemic\u201d;  - la lettera della BCE del 1\u00b0 aprile 2020 \u201cIFRS 9 in the context of the coronavirus (COVID 19) pandemic\u201d indirizzata a tutti gli enti significativi;  - gli orientamenti dell\u2019EBA del 2 aprile 2020 \u201cGuidelines on legislative and non legislative moratoria on loan repayments applied in the light of the COVID 19 crisis\u201d;  - la comunicazione dell\u2019ESMA del 20 maggio 2020 \u201cImplications of the COVID-19 outbreak on the half- yearly financial reports\u201d;  - gli orientamenti dell\u2019EBA del 2 giugno 2020 \u201cGuidelines on reporting and disclosure of exposures subject to measures applied in response to the COVID 19 crisis\u201d;  - la comunicazione dell\u2019ESMA del 28 maggio 2020 \u201cEuropean common enforcement priorities for 2020 annual financial reports\u201d;  - gli orientamenti dell\u2019EBA del 2 dicembre 2020 \u201cGuidelines amending Guidelines EBA/GL/2020/02 on legislative and non legislative moratoria on loan repayments applied in the light of the COVID 19 crisis\u201d;  - la lettera della BCE del 4 dicembre 2020 \u201cIdentification and measurement of credit risk in the context of the coronavirus (COVID 19) pandemic\u201d indirizzata a tutti gli enti significativi;  - la comunicazione dell\u2019ESMA del 29 ottobre 2021 \u201cEuropean common enforcement priorities for 2021 annual financial reports\u201d;  - la comunicazione dell\u2019ESMA del 13 maggio 2022 \u201cImplications of Russia\u2019s invasion of Ukraine on half - yearly financial reports  afferente  gli  effetti  dell\u2019invasione  dell\u2019Ucraina  da  parte  della  Russia sulle rendicontazioni finanziarie semestrali;  - la comunicazione dell\u2019ESMA del 28 ottobre 2022 \u201cEuropean common enforcement priorities for 2022 annual financial reports\u201d, dove si evidenziano le priorit\u00e0 relative alla disclosure sui rendiconti annuali.  Principi contabili Principali norme ed interpretazioni contabili omologate dall\u2019Unione Europea, la cui applicazione \u00e8 divenuta obbligatoria a partire dall\u2019esercizio 2022 In data 14 maggio 2020 lo IASB ha pubblicato alcune modifiche ai seguenti IFRS, applicabili a partire dal 1\u00b0 gennaio 2022: Amendments to IFRS 3 Business Combinations: aggiorna il riferimento presente nell\u2019IFRS 3 al Conceptual Framework nella versione rivista, senza che ci\u00f2 comporti modifiche alle disposizioni dello standard Amendments to IAS 16 Property, Plant and Equipment\u2013 \u201cProceeds before Intended Use\u201d: non consente di dedurre dal costo dell\u2019immobilizzazione l\u2019importo ricevuto dalla vendita di beni prodotti prima che l\u2019asset fosse pronto per l\u2019uso. Tali ricavi di vendita e i relativi costi saranno rilevati a conto economico  Amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets \u201cOnerous Contracts \u2013 Costs of Fulfilling a Contract\u201d: chiarisce quali voci di costo si devono considerare per valutare se un contratto sar\u00e0 in perdita  Annual Improvements 2018 - 2020: modifiche sono apportate ai seguenti principi contabili: Amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards\u2013 Subsidiary as a first-time adopter, Amendment to IFRS 9 Financial Instruments \u2013 \u201cFees in the \u201810 per cent\u2019 test for derecognition of financial liabilities\u201d, allo IAS 41 Agriculture e agli Illustrative Examples che accompagnano l\u2019IFRS 16 Leases.  Principali norme ed interpretazioni contabili omologate dall\u2019Unione Europea, ma che non trovano applicazione al 31 dicembre 2022 e per i quali la Banca ed il Gruppo di appartenenza non si sono avvalsi, nei casi eventualmente previsti, dell\u2019applicazione anticipata In data 18 maggio 2017 lo IASB ha pubblicato l\u2019IFRS 17 - Insurance Contracts, un nuovo principio completo relativo ai contratti di assicurazione che copre la rilevazione e misurazione, presentazione ed informativa. L\u2019IFRS 17 sostituisce l\u2019IFRS 4 \u2013 Insurance Contracts che \u00e8 stato emesso nel 2005. L\u2019IFRS 17 si applica a tutti i tipi di contratti assicurativi indipendentemente dal tipo di entit\u00e0 che li emettono, come anche ad alcune garanzie  e  strumenti  finanziari  con  caratteristiche  di  partecipazione  discrezionale.  L\u2019IFRS  17  richiede  la presentazione dei saldi comparativi. La data di entrata in vigore \u00e8 prevista per il 1\u00b0 gennaio 2023.  In data 25 giugno 2020 lo IASB ha pubblicato il documento Amendments to IFRS 17 Insurance Contracts per: ridurre i costi semplificando alcuni requisiti dello Standard;  rendere la performance finanziaria pi\u00f9 facile da spiegare;  facilitare la transizione posticipando la data di entrata in vigore dello Standard al 2023 e fornendo ulteriore sostegno per ridurre lo sforzo richiesto dalla prima applicazione dell'IFRS 17.  In data 9 dicembre 2021 lo IASB ha emesso il documento Amendments to IFRS 17 Insurance contracts: Initial Application  of  IFRS  17  and  IFRS  9  \u2013  Comparative  Information.  La  modifica  fornisce  agli  assicuratori un\u2019opzione con l\u2019obiettivo di migliorare la rilevanza delle informazioni da fornire agli investitori in fase di applicazione iniziale del nuovo standard. L\u2019entrata in vigore \u00e8 prevista a partire dal 1\u00b0 gennaio 2023.  In data 7 maggio 2021 lo IASB ha pubblicato il documento Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction. Il documento precisa come devono essere contabilizzate  le  imposte  differite  sulle  operazioni  quali  il  leasing  e  gli  obblighi  di  smantellamento (decommissioning obligations). La data di entrata in vigore \u00e8 prevista a partire dal 1\u00b0 gennaio 2023.  In data 12 febbraio 2021 lo IASB ha pubblicato i documenti:  Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting policies;  Amendments  to  IAS  8  Accounting  policies,  Changes  in  Accounting  Estimates  and  Errors:  Definition  of Accounting Estimates.  Le modifiche sono volte a migliorare la disclosure sulle accounting policy in modo da fornire informazioni pi\u00f9 utili agli investitori e agli altri utilizzatori primari del bilancio nonch\u00e9 ad aiutare le societ\u00e0 a distinguere i cambiamenti  nelle  stime  contabili  dai  cambiamenti  di  accounting  policy.  La  data  di  entrata  in  vigore  \u00e8 prevista a partire dal 1\u00b0 gennaio 2023.  Principi contabili, emendamenti ed interpretazioni IFRS non ancora omologati dall\u2019Unione Europea In data 23 gennaio 2020 e 15 luglio 2020 lo IASB ha pubblicato i documenti Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current e Classification of Liabilities as  Current  or  Non-current  -  deferral  of  effective  date.  Non  sono  state  introdotte  modifiche  alle  regole esistenti, ma sono forniti chiarimenti in merito alla classificazione dei debiti e delle altre passivit\u00e0 tra correnti (dovute o potenzialmente dovute entro l\u2019anno) e non correnti. Le modifiche forniscono inoltre chiarimenti sulla  classificazione  dei  debiti  che  una  societ\u00e0  pu\u00f2  regolare  mediante la conversione  in  equity.  La  data prevista per l\u2019applicazione delle modifiche \u00e8 fissata al 1\u00b0 gennaio 2023.  Lo IASB ha inoltre pubblicato in data 19 novembre 2021 il nuovo Exposure Draft Non-current Liabilities with Covenants, che propone modifiche allo IAS 1 Presentation of Financial Statements con l\u2019obiettivo di chiarire la classificazione in bilancio dei debiti a lungo termine sottoposti al rispetto di covenants.  In data 22 settembre 2022 lo IASB ha pubblicato il documento Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback, chiarendo come si contabilizza un\u2019operazione di sale and leaseback che prevede  dei pagamenti variabili basati sulla performance o sull\u2019uso del bene oggetto della transazione. La data di entrata in vigore prevista dallo IASB \u00e8 il 1\u00b0 gennaio 2024.  IFRS  14  Regulatory  Deferral  Accounts.  La  Comunit\u00e0  Europea  ha  deciso  di  non  avviare  il  processo  di endorsment della versione provvisoria dello standard IFRS 14 Regulatory Deferral Accounts, emesso il 30 Gennaio 2014, ed ha deciso di attendere la versione finale del principio contabile.  Contenuto dei prospetti contabili Stato patrimoniale, conto economico e prospetto della redditivit\u00e0 complessiva 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). Nel conto economico i ricavi sono indicati senza segno, mentre i costi sono indicati fra parentesi. Allo stesso modo sono esposte le componenti reddituali positive e negative incluse nel prospetto della redditivit\u00e0 complessiva.  Gli  schemi  riportano  i  corrispondenti  dati  di  raffronto  relativi  allo  stato  patrimoniale  riferiti  all\u2019esercizio precedente, mentre i dati di conto economico e del prospetto delle redditivit\u00e0 complessiva sono riferiti allo stesso periodo dell\u2019esercizio precedente.  Prospetto delle variazioni del patrimonio netto Il prospetto delle variazioni del patrimonio netto \u00e8 quello previsto dalla Circolare n. 262/2005, e successivi aggiornamenti, della Banca d\u2019Italia. Nel prospetto 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, qualora presenti, sono portate in diminuzione del patrimonio netto. Non sono stati emessi strumenti di capitale diversi dalle azioni ordinarie.  Rendiconto finanziario Il  Rendiconto  Finanziario  fornisce  informazioni  che  permettono  agli  utilizzatori  di  valutare  le  variazioni nell\u2019attivo netto della societ\u00e0, la sua struttura finanziaria (compresa la liquidit\u00e0 e solvibilit\u00e0) e la sua capacit\u00e0 di influire sulla dimensione e sulla tempistica dei flussi finanziari allo scopo di adeguarsi alle circostanze e alle opportunit\u00e0.  Lo IAS 7 stabilisce che il rendiconto finanziario pu\u00f2 essere redatto seguendo, alternativamente, il \u201cmetodo diretto\u201d o quello \u201cindiretto\u201d.  La Banca d'Italia, cos\u00ec come previsto dalle istruzioni della Circolare n.262/05, propone quindi i due alternativi schemi di Rendiconto Finanziario nei quali i flussi correlati all'attivit\u00e0 operativa sono esposti con il metodo diretto e il metodo indiretto, senza privilegiarne uno in particolare, lasciando discrezionalit\u00e0 all'estensore del bilancio.  Il prospetto dei flussi finanziari intervenuti nel periodo di riferimento del bilancio ed in quello dell\u2019esercizio precedente \u00e8 stato 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 del periodo sono indicati senza segno, mentre quelli assorbiti sono indicati fra parentesi.  Contenuto della Nota integrativa La Nota integrativa comprende le informazioni previste dalla Circolare n. 262/2005, e successive modifiche ed integrazioni, della Banca d\u2019Italia e le ulteriori informazioni previste dai principi contabili internazionali.  In conformit\u00e0 a quanto disposto dall\u2019art. 5 del D.Lgs n. 38 del 28 febbraio 2005, il bilancio \u00e8 redatto utilizzando l\u2019euro come moneta di conto: gli schemi di bilancio sono redatti in unit\u00e0 di euro mentre la nota integrativa in migliaia di euro. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-830": {
   "value": "Rendiconto finanziario Il  Rendiconto  Finanziario  fornisce  informazioni  che  permettono  agli  utilizzatori  di  valutare  le  variazioni nell\u2019attivo netto della societ\u00e0, la sua struttura finanziaria (compresa la liquidit\u00e0 e solvibilit\u00e0) e la sua capacit\u00e0 di influire sulla dimensione e sulla tempistica dei flussi finanziari allo scopo di adeguarsi alle circostanze e alle opportunit\u00e0.  Lo IAS 7 stabilisce che il rendiconto finanziario pu\u00f2 essere redatto seguendo, alternativamente, il \u201cmetodo diretto\u201d o quello \u201cindiretto\u201d.  La Banca d'Italia, cos\u00ec come previsto dalle istruzioni della Circolare n.262/05, propone quindi i due alternativi schemi di Rendiconto Finanziario nei quali i flussi correlati all'attivit\u00e0 operativa sono esposti con il metodo diretto e il metodo indiretto, senza privilegiarne uno in particolare, lasciando discrezionalit\u00e0 all'estensore del bilancio.  Il prospetto dei flussi finanziari intervenuti nel periodo di riferimento del bilancio ed in quello dell\u2019esercizio precedente \u00e8 stato 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 del periodo sono indicati senza segno, mentre quelli assorbiti sono indicati fra parentesi.  Contenuto della Nota integrativa La Nota integrativa comprende le informazioni previste dalla Circolare n. 262/2005, e successive modifiche ed integrazioni, della Banca d\u2019Italia e le ulteriori informazioni previste dai principi contabili internazionali.  In conformit\u00e0 a quanto disposto dall\u2019art. 5 del D.Lgs n. 38 del 28 febbraio 2005, il bilancio \u00e8 redatto utilizzando l\u2019euro come moneta di conto: gli schemi di bilancio sono redatti in unit\u00e0 di euro mentre la nota integrativa in migliaia di euro. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-848": {
   "value": "<div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs16a\">Sezion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs16b\">3<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs16c\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs16d\">Area<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs16e\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs16f\">meto<span class=\"_ _0\"></span>di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs170\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs171\">co<span class=\"_ _0\"></span>nso<span class=\"_ _1\"></span>lida<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nto<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs172\">Il<span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>consolidato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Gruppo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Credem<span class=\"ff1\"> <span class=\"_ _2\"></span></span>comprende<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>bilancio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Credito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Emiliano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>spa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>societ\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs173\">que<span class=\"_ _0\"></span>sta<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">contro<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>ate,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">incl<span class=\"_ _0\"></span>ude<span class=\"_ _0\"></span>ndo<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>rime<span class=\"_ _0\"></span>tro<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span>sol<span class=\"_ _0\"></span>idame<span class=\"_ _0\"></span>nto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">anche<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le</span> <span class=\"ff3\">so<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>et\u00e0<span class=\"ff1\"> </span>ope<span class=\"_ _0\"></span>ran<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>se<span class=\"_ _0\"></span>ttori<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ttiv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs174\">dissimili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quello<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>appartenenza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Capogruppo.<span class=\"ff1\"> </span>An<span class=\"_ _0\"></span>alogamente,<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">inc<span class=\"_ _2\"></span>luse<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>societ\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">veicolo<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs176\">(SPE/SPV)<span class=\"ff1\"> </span>quando<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ne<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ricorrano<span class=\"_ _2\"></span><span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>requisiti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>eff<span class=\"_ _2\"></span>ettivo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>controllo,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>anche<span class=\"ff1\"> </span>indipendentemente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall\u2019esist<span class=\"_ _2\"></span>enza<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs177\">una<span class=\"ff1\"> </span>quota<span class=\"ff1\"> </span>partecipativa.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs178\">Sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">considerate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cont<span class=\"_ _2\"></span>rollate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"_ _2\"></span>mprese<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nelle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Capogrup<span class=\"_ _2\"></span>po,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dirett<span class=\"_ _2\"></span>amente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>indirettamente,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">poss<span class=\"_ _2\"></span>iede<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs179\">pi\u00f9<span class=\"ff1\"> </span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>met\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> </span>diritt<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>voto<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quando,<span class=\"ff1\"> </span>pur<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>una<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quota<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>diritti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>voto<span class=\"ff1\"> </span>inferiore,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Capogruppo<span class=\"ff1\"> </span>ha<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs17a\">potere<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nominare<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>magg<span class=\"_ _0\"></span>ioranza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>degli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ammin<span class=\"_ _2\"></span>istratori<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _0\"></span>artecipata<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff3\">determ<span class=\"_ _2\"></span>inare</span> <span class=\"_ _21\"> </span><span class=\"ff3\">l<span class=\"_ _2\"></span>e</span> <span class=\"_ _27\"> </span><span class=\"ff3\">politiche</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs17b\">finanziarie<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ed<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>operative<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>st<span class=\"_ _2\"></span>essa.<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Nella<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valutazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>diritti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>voto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tiene<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>conto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>anche<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>diritti<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs17c\">\u201cpo<span class=\"_ _0\"></span>ten<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>li\u201d<span class=\"ff1\"> </span>ch<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>sia<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>cor<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>temen<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>es<span class=\"_ _0\"></span>erci<span class=\"_ _0\"></span>tabi<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>rtib<span class=\"_ _0\"></span>ili<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">diri<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">vot<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>effe<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span>vi<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">quals<span class=\"_ _0\"></span>ias<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>momen<span class=\"_ _0\"></span>to.<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs17d\">Sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">considerate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">controllate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">congiuntamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">imprese<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nelle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">diritti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>oto<span class=\"ff1\"> </span>ed<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">controllo<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>l\u2019att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs17e\">economica<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">della<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>artecipat<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">condivisi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>modo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">paritetico<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Credem,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">direttam<span class=\"_ _2\"></span>ente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>indirettamente,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs17f\">da<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>altro<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>so<span class=\"_ _2\"></span>ggetto.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Inoltre<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>vie<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>qu<span class=\"_ _0\"></span>alificato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>come<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sotto<span class=\"_ _2\"></span>posto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>controllo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>congiunto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>investimento<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs180\">partecipativo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>q<span class=\"_ _2\"></span>uale,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pur<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>assenza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>qu<span class=\"_ _0\"></span>ota<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>paritetica<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>diritt<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>vot<span class=\"_ _2\"></span>o,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>c<span class=\"_ _0\"></span>ontro<span class=\"_ _2\"></span>llo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sull\u2019attivit\u00e0<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs181\">economica<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sugli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"_ _2\"></span>dirizzi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>st<span class=\"_ _2\"></span>rategici<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>part<span class=\"_ _2\"></span>ecipata<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>condiviso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>altri<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>oggetti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>virt\u00f9<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>accor<span class=\"_ _2\"></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs182\">con<span class=\"_ _0\"></span>trat<span class=\"_ _0\"></span>tua<span class=\"_ _0\"></span>li.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs183\">Sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>considerate<span class=\"ff1\"> <span class=\"_ _21\"></span></span>collegate,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cio<span class=\"_ _2\"></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sot<span class=\"_ _2\"></span>toposte<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _21\"></span></span>influ<span class=\"_ _0\"></span>enza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>note<span class=\"_ _2\"></span>vole,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>imp<span class=\"_ _0\"></span>rese<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nelle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>capogruppo,<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs184\">di<span class=\"_ _0\"></span>rett<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">indi<span class=\"_ _0\"></span>retta<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nte,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">possi<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span>meno<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">il</span> <span class=\"ff3\">20%<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">diri<span class=\"_ _0\"></span>tti<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>vo<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>(iv<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>iri<span class=\"_ _0\"></span>tti<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>vo<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>\u201c<span class=\"_ _0\"></span>pote<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>\u201d<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs185\">come<span class=\"ff1\"> </span>sopra<span class=\"ff1\"> </span>definiti)<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nelle<span class=\"ff1\"> </span>quali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u2013<span class=\"ff1\"> </span>pur<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>quota<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>diritti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>voto<span class=\"ff1\"> </span>inferiore<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ha<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>poter<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>partecipare<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs186\">alla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>determinazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>pol<span class=\"_ _2\"></span>itiche<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>gestionali<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>partecipata<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>virt\u00f9<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>par<span class=\"_ _2\"></span>ticolari<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>legami<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs187\">giuridici<span class=\"ff1\"> </span>quali<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>partecipazione<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>patti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>sindacato.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs188\">Le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>part<span class=\"_ _2\"></span>ecipazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>contr<span class=\"_ _2\"></span>ollate<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>conso<span class=\"_ _2\"></span>lidate<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>meto<span class=\"_ _2\"></span>do<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"_ _0\"></span>ntegrale,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>mentre<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>interessenze<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs189\">controllo<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>joint<span class=\"ff1\"> </span>venture<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>consolidate<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>metodo<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>patrimonio<span class=\"ff1\"> </span>netto.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs18a\">Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs18b\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs18c\">pri<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>ip<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs18d\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs18e\">co<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span>da<span class=\"_ _0\"></span>me<span class=\"_ _1\"></span>nto<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs18f\">I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cri<span class=\"_ _0\"></span>teri<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>dott<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">redaz<span class=\"_ _0\"></span>ione<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">del</span> <span class=\"_ _0\"></span><span class=\"ff3\">bil<span class=\"_ _0\"></span>anci<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ons<span class=\"_ _0\"></span>olida<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">segu<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>i:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m6 h13 ff6 fs5 fc0 sc0 ls0 ws0 gs190\"> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs191\">in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>occasione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>primo<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span></span>consolidamento,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>carico<span class=\"ff1\"> <span class=\"_ _20\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>partecipazioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>so<span class=\"_ _2\"></span>ciet\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>consolidat<span class=\"_ _3bd\"> </span>e<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs192\">integralmente<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>proporzionalmente<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>annullato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fronte<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _0\"></span>atrimonio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>netto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>societ\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>tesse<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs193\">(ovvero<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>quote<span class=\"ff1\"> <span class=\"_ _2c\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>patrimonio<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>netto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>partecipazioni<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>stesse<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>rappresentano).<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>La<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs194\">contabilizzazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>degli<span class=\"ff1\"> </span>ac<span class=\"_ _2\"></span>quisti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nelle<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ociet\u00e0<span class=\"ff1\"> </span>a<span class=\"_ _2\"></span>vviene<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>base<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u201cmetodo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019acquisto\u201d<span class=\"ff1\"> <span class=\"_ _2\"></span></span>come<span class=\"ff1\"> <span class=\"_ _2\"></span></span>definito<span class=\"_ _3bd\"> </span><span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs195\">da<span class=\"_ _0\"></span>ll\u2019<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">IFRS<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">3,</span> <span class=\"ff3\">os<span class=\"_ _0\"></span>sia<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con</span> <span class=\"_ _1\"></span><span class=\"ff3\">rilev<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>ssiv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pa<span class=\"_ _0\"></span>ssivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>pot<span class=\"_ _0\"></span>enz<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>mpre<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">acqu<span class=\"_ _0\"></span>isite<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fai<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs196\">value<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>alla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>data<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>acquisizione,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cio\u00e8<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>mo<span class=\"_ _2\"></span>mento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ottiene<span class=\"ff1\"> <span class=\"_ _21\"></span></span>l\u2019effettivo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>controllo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>societ\u00e0<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs197\">acquisita.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Perta<span class=\"_ _2\"></span>nto,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risultati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">economici<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">controllata<span class=\"ff1\"> </span>acq<span class=\"_ _0\"></span>uisita<span class=\"ff1\"> </span>nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">corso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">periodo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>iferimento<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs198\">sono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>inclusi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _21\"></span></span>bilancio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>co<span class=\"_ _2\"></span>nsolidato<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>partire<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dalla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>data<span class=\"ff1\"> <span class=\"_ _21\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>ua<span class=\"ff1\"> <span class=\"_ _20\"></span></span>acquisizione.<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Parimenti,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>isultati<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs199\">economici<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>una<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cont<span class=\"_ _2\"></span>rollata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ceduta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>inclu<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> </span>consolidato<span class=\"ff1\"> </span>fino<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>cui<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>controllo<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs19a\">\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cessato;<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m6 h13 ff6 fs5 fc0 sc0 ls0 ws0 gs19b\"> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs19c\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ev<span class=\"_ _2\"></span>entuali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">eccedenze<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valore<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">car<span class=\"_ _2\"></span>ico<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>arteci<span class=\"_ _2\"></span>pazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">punto</span> <span class=\"_ _0\"></span><span class=\"ff3\">precedente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rispetto<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs19d\">corrispondente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>frazione<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>patrimonio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>netto,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>adeguato<span class=\"ff1\">  </span>con<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>l\u2019e<span class=\"_ _0\"></span>ffetto<span class=\"ff1\">  </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\">  </span>fai<span class=\"_ _0\"></span>r<span class=\"ff1\">  </span>valu<span class=\"_ _0\"></span>e<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>elle<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>o<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs19e\">passivit\u00e0,<span class=\"ff1\"> </span>se<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ositive<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>rilevate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quali<span class=\"ff1\"> </span>avv<span class=\"_ _0\"></span>iamento<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>voce<span class=\"ff1\"> </span>\u201cAttivit\u00e0<span class=\"ff1\"> </span>immateriali\u201d,<span class=\"ff1\"> </span>se<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">negative<span class=\"ff1\"> </span>son<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">o<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs19f\">imputate<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico;<span class=\"_ _3bd\"> </span> </div><div class=\"t m6 h13 ff6 fs5 fc0 sc0 ls0 ws0 gs1a0\"> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1a1\">per<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>g<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>eventuali<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ac<span class=\"_ _2\"></span>quisti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ulteriori<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quote<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>par<span class=\"_ _0\"></span>tecipative<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>succ<span class=\"_ _2\"></span>essive<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>all\u2019acquisizione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"_ _0\"></span>trol<span class=\"_ _0\"></span>lo,<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1a2\">disciplinati<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>pecificatamente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dal<span class=\"ff1\"> <span class=\"_ _2\"></span></span>principio<span class=\"ff1\"> </span>co<span class=\"_ _2\"></span>ntabile<span class=\"ff1\"> <span class=\"_ _2\"></span></span>IAS27,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>eventuali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>differenze<span class=\"ff1\"> <span class=\"_ _2\"></span></span>positive<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>negative,<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1a3\">come<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sopr<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>determinate,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>vengono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sorgere<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>eguito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>acquisti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>successivi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>imputate<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1a4\">direttamente<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>patrimonio;<span class=\"_ _3bd\"> </span> </div><div class=\"t m6 h13 ff6 fs5 fc0 sc0 ls0 ws0 gs1a5\"> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1a6\">ad<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ogni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>data<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>bilancio<span class=\"ff1\">  </span>(od<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>og<span class=\"_ _0\"></span>ni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>volta<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>vi<span class=\"ff1\">  </span>sia<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ev<span class=\"_ _0\"></span>idenza<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>pe<span class=\"_ _0\"></span>rdit<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>valore)<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>v<span class=\"_ _2\"></span>iene<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ver<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>cata<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1a7\">l\u2019adeguatezza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>de<span class=\"_ _2\"></span>ll\u2019avviamento<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>(c.d.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>impairment<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>test).<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>A<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ta<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fine<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>viene<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"_ _0\"></span>dentificata<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>l<span class=\"_ _2\"></span>\u2019unit<span class=\"_ _3bd\"> </span>\u00e0<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1a8\">generatrice<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>flussi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>finanziari<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>attribuire<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>l\u2019avviamento.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>L\u2019ammontare<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dell\u2019eventuale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>r<span class=\"_ _2\"></span>iduzione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _3bd\"> </span>i<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1a9\">valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dall\u2019eventuale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">differenza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">negativa<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tra<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">isc<span class=\"_ _2\"></span>rizione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dell\u2019avviamento<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ed<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>uo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valor<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1aa\">di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>recupero,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>determinato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>co<span class=\"_ _2\"></span>me<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>maggiore<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tra<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _2\"></span></span>value<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019unit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>generatrice<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziari,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1ab\">netto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>degli<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>eventuali<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>costi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>vendita,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ed<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>relativo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>d\u2019uso.<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>conseguenti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rettifiche<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span></span>valore<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1ac\">vengono<span class=\"ff1\"> </span>rilevate<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico;<span class=\"_ _3bd\"> </span> </div><div class=\"t m6 h13 ff6 fs5 fc0 sc0 ls0 ws0 gs1ad\"> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1ae\">gl<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>leme<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">at<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>o,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">passi<span class=\"_ _0\"></span>vo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"_ _0\"></span><span class=\"ff3\">conto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">eco<span class=\"_ _0\"></span>nom<span class=\"_ _0\"></span>ico<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">veng<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>tegral<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">acqu<span class=\"_ _0\"></span>isi<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u201clin<span class=\"_ _0\"></span>ea<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">line<span class=\"_ _0\"></span>a\u201d;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m6 h13 ff6 fs5 fc0 sc0 ls0 ws0 gs1af\"> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b0\">le<span class=\"ff1\"> </span>partite<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ebitorie<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>cred<span class=\"_ _0\"></span>itorie,<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>operazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fuori<span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> </span>nonch\u00e9<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">proventi</span> <span class=\"ff3\">e</span> <span class=\"_ _0\"></span><span class=\"ff3\">gli<span class=\"ff1\"> </span>oneri<span class=\"ff1\"> </span>ed<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i</span> <span class=\"ff3\">profitti</span> <span class=\"ff3\">e</span> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b1\">perdite<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">traenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">origine<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rapporti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tra<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">so<span class=\"_ _2\"></span>ciet\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">oggetto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">consolidamento<span class=\"ff1\"> </span>integ<span class=\"_ _0\"></span>rale,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">loro<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">elisi;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m6 h13 ff6 fs5 fc0 sc0 ls0 ws0 gs1b2\"> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b3\">le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quote<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>patrimonio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>netto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>utile<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">di</span> <span class=\"_ _27\"> </span><span class=\"ff3\">periodo</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">di</span> <span class=\"_ _27\"> </span><span class=\"ff3\">pertinenza</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">dei</span> <span class=\"_ _27\"> </span><span class=\"ff3\">\u201cterzi\u201d</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">azionisti</span> <span class=\"_ _27\"> </span><span class=\"ff3\">delle</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">so<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>et\u00e0<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b4\">con<span class=\"_ _0\"></span>sol<span class=\"_ _0\"></span>ida<span class=\"_ _0\"></span>te,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>se<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>ap<span class=\"_ _0\"></span>posi<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">voc<span class=\"_ _0\"></span>i,<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>isp<span class=\"_ _0\"></span>ett<span class=\"_ _0\"></span>ivame<span class=\"_ _0\"></span>nte,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>assi<span class=\"_ _0\"></span>vo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stato<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">patri<span class=\"_ _0\"></span>mon<span class=\"_ _0\"></span>iale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b5\">ec<span class=\"_ _0\"></span>ono<span class=\"_ _0\"></span>mico<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span> </div><div class=\"t m6 h13 ff6 fs5 fc0 sc0 ls0 ws0 gs1b6\"> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b7\">per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>consolidamento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>societ\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>metodo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>int<span class=\"_ _2\"></span>egrale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>stat<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>utilizzati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>bilanci<span class=\"ff1\"> <span class=\"_ _20\"></span></span>predispost<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"_ _1\"></span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b8\">approvati<span class=\"ff1\"> </span>dalle<span class=\"ff1\"> </span>sing<span class=\"_ _0\"></span>ole<span class=\"ff1\"> </span>societ\u00e0,<span class=\"ff1\"> </span>eventualmente<span class=\"ff1\"> </span>resi<span class=\"ff1\"> </span>conformi<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>principi<span class=\"ff1\"> </span>contabili<span class=\"ff1\"> </span>internazionali<span class=\"ff1\"> </span>seguiti<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b9\">nella<span class=\"ff1\"> </span>predisposizione<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>situazione<span class=\"ff1\"> </span>consolidata;<span class=\"_ _3bd\"> </span></div><div class=\"t m6 h13 ff6 fs5 fc0 sc0 ls0 ws0 gs1bb\"> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1bc\">il<span class=\"ff1\"> </span>valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>libro<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">partecipazioni<span class=\"ff1\"> </span>rilevanti,<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>etenute<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>capogruppo,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>altre<span class=\"ff1\"> </span>societ\u00e0<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">g<span class=\"_ _2\"></span>ruppo,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1bd\">afferenti<span class=\"ff1\"> </span>societ\u00e0<span class=\"ff1\"> </span>consolidate<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>metodo<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">patrimonio</span> <span class=\"_ _2\"></span><span class=\"ff3\">netto,</span> <span class=\"ff3\">\u00e8</span> <span class=\"ff3\">raffrontato</span> <span class=\"ff3\">con</span> <span class=\"ff3\">la</span> <span class=\"ff3\">pertinente</span> <span class=\"_ _0\"></span><span class=\"ff3\">quota<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1be\">di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>patrimonio<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>delle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1e\"> </span><span class=\"ff3\">par<span class=\"_ _2\"></span>tecipate.</span> <span class=\"_ _1e\"> </span><span class=\"ff3\">L\u2019eventuale</span> <span class=\"_ _1e\"> </span><span class=\"ff3\">eccedenza</span> <span class=\"_ _1e\"> </span><span class=\"ff3\">del</span> <span class=\"_ _1d\"> </span><span class=\"ff3\">valore</span> <span class=\"_ _1e\"> </span><span class=\"ff3\">di</span> <span class=\"_ _1e\"> </span><span class=\"ff3\">libro</span> <span class=\"_ _1d\"> </span><span class=\"ff3\">-</span> <span class=\"_ _1e\"> </span><span class=\"ff3\">risultante</span> <span class=\"_ _1e\"> </span><span class=\"ff3\">in</span> <span class=\"_ _1e\"> </span><span class=\"ff3\">prima</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1bf\">applicazione<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>consolidato<span class=\"_ _2\"></span><span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>inclusa<span class=\"ff1\"> </span>n<span class=\"_ _2\"></span>el<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>conta<span class=\"_ _2\"></span>bile<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>part<span class=\"_ _2\"></span>ecipata.<span class=\"ff1\"> </span>Le<span class=\"ff1\"> </span>variazioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nel<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1c0\">va<span class=\"_ _0\"></span>lore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">patr<span class=\"_ _0\"></span>imon<span class=\"_ _0\"></span>iale<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>terv<span class=\"_ _0\"></span>enu<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>negl<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>an<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>suc<span class=\"_ _0\"></span>cess<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"_ _2\"></span><span class=\"ff3\">qu<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">prima<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">appl<span class=\"_ _0\"></span>icaz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>iscr<span class=\"_ _0\"></span>itte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>voce<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1c1\">250<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>conto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>economico<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>con<span class=\"_ _2\"></span>solidato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(\u201cutili<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(perdite)<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>delle<span class=\"ff1\">  </span>partecipazioni\u201d)<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nella<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>misura<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1c2\">variazioni<span class=\"ff1\"> </span>stesse<span class=\"ff1\"> </span>siano<span class=\"ff1\"> </span>riferibili<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>utili<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>perdite<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>partecipate; </div><div class=\"t m6 h13 ff6 fs5 fc0 sc0 ls0 ws0 gs1c3\"> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1c4\">se<span class=\"ff1\"> </span>esistono<span class=\"ff1\"> </span>evidenze<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>part<span class=\"_ _2\"></span>ecipazione<span class=\"ff1\"> </span>rilevante<span class=\"ff1\"> </span>possa<span class=\"ff1\"> </span>aver<span class=\"ff1\"> </span>subito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>una<span class=\"ff1\"> </span>riduzione,<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1c5\">procede<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>tima<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ecupe<span class=\"_ _0\"></span>rabile<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">partecipazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">st<span class=\"_ _2\"></span>essa,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>enendo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attuale<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1c6\">dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziar<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>futuri<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>partecipazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pot<span class=\"_ _2\"></span>r\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>generare,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>incluso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dismissione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finale<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1c7\">dell\u2019investimento.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Qualora<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">recupero<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">risulti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inferiore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contabile,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>elativa<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">differenza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1c8\">rilevata<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico; </div><div class=\"t m6 h13 ff6 fs5 fc0 sc0 ls0 ws0 gs1c9\"> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1ca\">per<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>consolidamento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> </span>partecipazioni<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>societ\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>collegate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>state<span class=\"ff1\"> </span>utilizzate,<span class=\"ff1\"> </span>ove<span class=\"ff1\"> <span class=\"_ _2\"></span></span>disponibili,<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1cb\">progetti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>bilancio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>31<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dicembre<span class=\"ff1\"> <span class=\"_ _21\"></span></span>2022<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>approvati<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dai<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rispettivi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Consigli<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Amministrazione;<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>lor<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1cc\">mancanza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>stati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">considerati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">degli<span class=\"ff1\"> </span>ultimi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">bilanci<span class=\"ff1\"> </span>ap<span class=\"_ _0\"></span>provat<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(generalmente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quelli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>31<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dic<span class=\"_ _2\"></span>embre<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1cd\">202<span class=\"_ _0\"></span>1). </div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1ce\">Pa<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>eci<span class=\"_ _0\"></span>pa<span class=\"_ _1\"></span>zion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1cf\">in<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1d0\">so<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>et\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1d1\">co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>rol<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1d2\">in<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1d3\">vi<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1d4\">es<span class=\"_ _0\"></span>cl<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>iva<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1d5\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1d6\">co<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>eg<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1d7\">(c<span class=\"_ _1\"></span>ons<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span>da<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1d8\">al<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1d9\">pa<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>io<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1da\">ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>o)<span class=\"fc0 sc1\"> </span></div><div class=\"c w8f h28 gs1db\"><div class=\"t m0 x1f9 h1c y61c ff3 fsc fc0 sc0 ls0 ws0\">Magazzini</div></div><div class=\"c w90 h28 gs1dc\"><div class=\"t m0 x1f9 h1c y61c ff3 fsc fc0 sc0 ls0 ws0\">Generali</div></div><div class=\"c w91 h28 gs1dd\"><div class=\"t m0 x1f9 h1c y61c ff3 fsc fc0 sc0 ls0 ws0\">d<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1de\">Tag<span class=\"_ _0\"></span>liat<span class=\"_ _0\"></span>e </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1df\">0,<span class=\"_ _0\"></span>10%<span class=\"_ _0\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1e0\">2.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Cre<span class=\"_ _0\"></span>dem<span class=\"_ _0\"></span>fact<span class=\"_ _0\"></span>or<span class=\"ff1\"> </span>sp<span class=\"_ _1\"></span>a <span class=\"_ _191\"> </span>Reggio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Emil<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span> <span class=\"_ _4a\"> </span>1 <span class=\"_ _7c\"> </span>C<span class=\"_ _0\"></span>red<span class=\"_ _0\"></span>ito<span class=\"ff1\"> </span>Em<span class=\"_ _0\"></span>ilia<span class=\"_ _0\"></span>no <span class=\"_ _177\"> </span>99,0<span class=\"_ _0\"></span>0% </span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1e1\">Cr<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span>mle<span class=\"_ _0\"></span>asi<span class=\"_ _0\"></span>ng <span class=\"_ _77\"> </span>1,<span class=\"_ _0\"></span>00%<span class=\"_ _0\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1e2\">3.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Cre<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>m<span class=\"ff1\"> </span>Pr<span class=\"_ _0\"></span>ivat<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Equ<span class=\"_ _0\"></span>ity<span class=\"ff1\"> </span>S<span class=\"_ _0\"></span>GR<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sp<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span> <span class=\"_ _45\"> </span>Reggio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Emi<span class=\"_ _0\"></span>lia<span class=\"_ _0\"></span> <span class=\"_ _4a\"> </span>1 <span class=\"_ _7c\"> </span>C<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>dito<span class=\"ff1\"> </span>Em<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>ano<span class=\"_ _0\"></span> <span class=\"_ _11c\"> </span>87,<span class=\"_ _0\"></span>50% </span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1e3\">Credem<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Euromobiliare<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1e4\">Private<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">banking </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1e5\">12<span class=\"_ _0\"></span>,50<span class=\"_ _0\"></span>% </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1e6\">4.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Eurom<span class=\"_ _0\"></span>obi<span class=\"_ _0\"></span>liar<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>Ass<span class=\"_ _0\"></span>et<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Mana<span class=\"_ _0\"></span>gem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t<span class=\"ff1\"> </span>SGR<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span> <span class=\"_ _66\"> </span>Mila<span class=\"_ _0\"></span>no<span class=\"_ _0\"></span> <span class=\"_ _193\"> </span>1 <span class=\"_ _194\"> </span>Cr<span class=\"_ _0\"></span>edi<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>Emil<span class=\"_ _0\"></span>ian<span class=\"_ _0\"></span>o <span class=\"_ _a2\"> </span>1<span class=\"_ _0\"></span>00,<span class=\"_ _0\"></span>00<span class=\"_ _0\"></span>% </span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1e7\">5.<span class=\"ff1\"> </span>E<span class=\"_ _0\"></span>urom<span class=\"_ _0\"></span>obi<span class=\"_ _0\"></span>liar<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>Ad<span class=\"_ _0\"></span>vis<span class=\"_ _0\"></span>ory<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">SIM<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">s<span class=\"_ _0\"></span>pa<span class=\"_ _1\"></span> <span class=\"_ _f7\"> </span>Milan<span class=\"_ _1\"></span>o <span class=\"_ _193\"> </span>1 <span class=\"_ _194\"> </span>Cr<span class=\"_ _0\"></span>edi<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>Emil<span class=\"_ _0\"></span>ian<span class=\"_ _0\"></span>o <span class=\"_ _a2\"> </span>1<span class=\"_ _0\"></span>00,<span class=\"_ _0\"></span>00<span class=\"_ _0\"></span>% </span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1e8\">6.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Cr<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span>mte<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>sp<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span> <span class=\"_ _195\"> </span>Reggio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Emil<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span> <span class=\"_ _4a\"> </span>1 <span class=\"_ _194\"> </span>Cre<span class=\"_ _0\"></span>dito<span class=\"ff1\"> </span>Em<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>ano<span class=\"_ _0\"></span> <span class=\"_ _a2\"> </span>10<span class=\"_ _0\"></span>0,0<span class=\"_ _0\"></span>0% </span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1e9\">7.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Avvera<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sp<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span> <span class=\"_ _3c\"> </span>Reggio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Emil<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span> <span class=\"_ _4a\"> </span>1 <span class=\"_ _194\"> </span>Cre<span class=\"_ _0\"></span>dito<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Emili<span class=\"_ _0\"></span>ano<span class=\"_ _0\"></span> <span class=\"_ _a2\"> </span>10<span class=\"_ _0\"></span>0,0<span class=\"_ _0\"></span>0% </span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1ea\">8.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Maga<span class=\"_ _0\"></span>zz<span class=\"_ _0\"></span>ini<span class=\"ff1\"> </span>Ge<span class=\"_ _0\"></span>ner<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>Ta<span class=\"_ _0\"></span>gli<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>a <span class=\"_ _41\"> </span>Reggio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Em<span class=\"_ _0\"></span>ilia<span class=\"_ _1\"></span> <span class=\"_ _41\"> </span>1 <span class=\"_ _194\"> </span>Cr<span class=\"_ _0\"></span>edit<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>Emil<span class=\"_ _0\"></span>ian<span class=\"_ _0\"></span>o <span class=\"_ _a2\"> </span>1<span class=\"_ _0\"></span>00,<span class=\"_ _0\"></span>00<span class=\"_ _0\"></span>% </span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1eb\">9.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Cre<span class=\"_ _0\"></span>dem<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Eurom<span class=\"_ _0\"></span>obi<span class=\"_ _0\"></span>liare<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Pri<span class=\"_ _0\"></span>vate<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ban<span class=\"_ _1\"></span>king<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">s<span class=\"_ _0\"></span>pa<span class=\"_ _1\"></span> <span class=\"_ _178\"> </span>Reggio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Emil<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span> <span class=\"_ _4a\"> </span>1 <span class=\"_ _194\"> </span>Cred<span class=\"_ _0\"></span>ito<span class=\"ff1\"> </span>Em<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>ano<span class=\"_ _0\"></span> <span class=\"_ _a2\"> </span>10<span class=\"_ _0\"></span>0,0<span class=\"_ _0\"></span>0% </span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1ec\">10<span class=\"_ _0\"></span>.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Eur<span class=\"_ _0\"></span>omob<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Fidu<span class=\"_ _0\"></span>ciar<span class=\"_ _0\"></span>ia<span class=\"ff1\"> </span>sp<span class=\"_ _1\"></span>a <span class=\"_ _192\"> </span>Mila<span class=\"_ _0\"></span>no<span class=\"_ _0\"></span> <span class=\"_ _193\"> </span>1 <span class=\"_ _194\"> </span>Cr<span class=\"_ _0\"></span>edi<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>Emil<span class=\"_ _1\"></span>iano <span class=\"_ _196\"> </span>10<span class=\"_ _0\"></span>0,0<span class=\"_ _0\"></span>0% </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1ed\">11<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>Cr<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span>mvit<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>sp<span class=\"_ _1\"></span>a <span class=\"_ _ec\"> </span>Reggio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Emil<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span> <span class=\"_ _4a\"> </span>1 <span class=\"_ _194\"> </span>Cred<span class=\"_ _0\"></span>ito<span class=\"ff1\"> </span>Em<span class=\"_ _0\"></span>ilia<span class=\"_ _0\"></span>no<span class=\"_ _0\"></span> <span class=\"_ _a2\"> </span>100<span class=\"_ _0\"></span>,0<span class=\"_ _0\"></span>0% </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1ee\">12.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Sata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sr<span class=\"_ _1\"></span>l <span class=\"_ _197\"> </span>Mod<span class=\"_ _0\"></span>ena<span class=\"_ _0\"></span> <span class=\"_ _f7\"> </span>1 <span class=\"_ _198\"> </span>Cr<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span>mte<span class=\"_ _0\"></span>l <span class=\"_ _a5\"> </span>100,<span class=\"_ _0\"></span>00<span class=\"_ _0\"></span>% </span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1ef\">13.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Blue<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Eye<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Solutions<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sr<span class=\"_ _1\"></span>l <span class=\"_ _199\"> </span>Mont<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>hiar<span class=\"_ _0\"></span>ug<span class=\"_ _0\"></span>olo<span class=\"_ _0\"></span> <span class=\"_ _a5\"> </span>1 <span class=\"_ _198\"> </span>C<span class=\"_ _0\"></span>red<span class=\"_ _0\"></span>emt<span class=\"_ _0\"></span>el <span class=\"_ _7f\"> </span>75,0<span class=\"_ _0\"></span>0% </span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1f0\">14.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Credem<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">CB<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sr<span class=\"_ _1\"></span>l <span class=\"_ _b1\"> </span>C<span class=\"_ _1\"></span>onegl<span class=\"_ _0\"></span>iano<span class=\"_ _0\"></span> <span class=\"_ _138\"> </span>1 <span class=\"_ _194\"> </span>Cre<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>Emil<span class=\"_ _0\"></span>iano<span class=\"_ _1\"></span> <span class=\"_ _11c\"> </span>70,<span class=\"_ _0\"></span>00<span class=\"_ _0\"></span>% </span></span></span></span></span></span></div><div class=\"c w92 h28 gs1f1\"><div class=\"t m0 x1f9 h1c y6c7 ff3 fsc fc0 sc0 ls0 ws0\">1.<span class=\"_ _0\"></span>Cre<span class=\"_ _0\"></span>dem<span class=\"_ _0\"></span>assi<span class=\"_ _0\"></span>cur<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>oni</div></div><div class=\"c w93 h28 gs1f2\"><div class=\"t m0 x1f9 h1c y6c7 ff3 fsc fc0 sc0 ls0 ws0\">sp<span class=\"_ _1\"></span>a<span class=\"_ _3bd\"> </span></div></div><div class=\"c w94 h28 gs1f3\"><div class=\"t m0 x1f9 h1c y6c7 ff3 fsc fc0 sc0 ls0 ws0\">Reggio</div></div><div class=\"c w95 h28 gs1f4\"><div class=\"t m0 x1f9 h1c y6c7 ff3 fsc fc0 sc0 ls0 ws0\">Emi<span class=\"_ _0\"></span>lia<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1f5\">2 </div><div class=\"c w96 h28 gs1f6\"><div class=\"t m0 x1f9 h1c y6c7 ff3 fsc fc0 sc0 ls0 ws0\">Cr<span class=\"_ _0\"></span>edi<span class=\"_ _0\"></span>to</div></div><div class=\"c w97 h28 gs1f7\"><div class=\"t m0 x1f9 h1c y6c7 ff3 fsc fc0 sc0 ls0 ws0\">Emi<span class=\"_ _0\"></span>lia<span class=\"_ _0\"></span>no<span class=\"_ _3bd\"> </span></div></div><div class=\"c w98 h28 gs1f8\"><div class=\"t m0 x1f9 h1c y6c7 ff3 fsc fc0 sc0 ls0 ws0\">50,<span class=\"_ _0\"></span>00<span class=\"_ _0\"></span>%<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1f9\">2.<span class=\"_ _0\"></span>And<span class=\"_ _0\"></span>xor<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>l <span class=\"_ _19a\"> </span>Cin<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>llo<span class=\"ff1\"> </span>Bal<span class=\"_ _0\"></span>sam<span class=\"_ _0\"></span>o </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1fa\">3 </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1fb\">Cr<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span>mte<span class=\"_ _0\"></span>l <span class=\"_ _11b\"> </span>4<span class=\"_ _0\"></span>0,0<span class=\"_ _0\"></span>0% </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1fc\">3.S<span class=\"_ _0\"></span>BC<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Finte<span class=\"_ _0\"></span>ch<span class=\"ff1\"> </span>M<span class=\"_ _0\"></span>ilan<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">22<span class=\"_ _0\"></span>24<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>l <span class=\"_ _19b\"> </span>Mila<span class=\"_ _0\"></span>no<span class=\"_ _0\"></span> <span class=\"_ _12d\"> </span>3 <span class=\"_ _19c\"> </span>Cr<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span>mte<span class=\"_ _0\"></span>l <span class=\"_ _7c\"> </span>19,<span class=\"_ _0\"></span>68<span class=\"_ _0\"></span>% </span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1fd\">4.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Gru<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>Sant<span class=\"_ _0\"></span>ama<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>pa<span class=\"_ _1\"></span> <span class=\"_ _19d\"> </span>Ca<span class=\"_ _0\"></span>tani<span class=\"_ _0\"></span>a <span class=\"_ _c2\"> </span>3 <span class=\"_ _138\"> </span>Avv<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span> <span class=\"_ _90\"> </span>10,<span class=\"_ _0\"></span>00% </span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1fe\">Le<span class=\"_ _0\"></span>gen<span class=\"_ _0\"></span>da </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1ff\">Tipo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rapp<span class=\"_ _1\"></span>orto:<span class=\"_ _0\"></span> </span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs200\">1<span class=\"ff1\"> </span>=<span class=\"ff1\"> </span>m<span class=\"_ _0\"></span>agg<span class=\"_ _0\"></span>ior<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>diri<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">voto<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ne<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>\u2019as<span class=\"_ _0\"></span>sem<span class=\"_ _0\"></span>ble<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>ord<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span> </span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs201\">2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">=<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">controllo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>giu<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>o </span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs202\">3<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">=<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">imprese<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">co<span class=\"_ _0\"></span>lleg<span class=\"_ _0\"></span>ate<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"_ _0\"></span> </span></span></span></span></span></span></div>Avvera<span class=\"ff1\"> </span>spa<span class=\"ff1\"> </span>detiene<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>10%<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">G<span class=\"_ _2\"></span>ruppo<span class=\"ff1\"> </span>Santamaria<span class=\"ff1\"> </span>spa<span class=\"ff1\"> </span>\u201cGSM\u201d.<span class=\"ff1\"> </span>Il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">capitale</span> <span class=\"ff3\">sociale</span> <span class=\"ff3\">di</span> <span class=\"ff3\">GSM</span> <span class=\"ff3\">\u00e8</span> <span class=\"_ _0\"></span><span class=\"ff3\">detenuto<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>Avver<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span></span></span>tramite<span class=\"ff1\"> </span>azioni<span class=\"ff1\"> </span>speciali<span class=\"ff1\"> </span>\u201cAzioni<span class=\"ff1\"> </span>B\u201d<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cui<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>attribuiti,<span class=\"ff1\"> </span>oltre<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>diritti<span class=\"ff1\"> </span>attribuiti<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>Legge<span class=\"ff1\"> </span>all<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>azioni<span class=\"ff1\"> </span>ordinari<span class=\"_ _3bd\"> </span>e,<span class=\"ff1\"> </span>anche<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>seguenti<span class=\"ff1\"> </span>diritti:<span class=\"_ _3bd\"> </span>  di<span class=\"_ _0\"></span>ritt<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>sig<span class=\"_ _0\"></span>nare<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ai<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fin<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ella<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nom<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">comp<span class=\"_ _0\"></span>onen<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">C<span class=\"_ _0\"></span>onsig<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">Amm<span class=\"_ _0\"></span>ini<span class=\"_ _0\"></span>straz<span class=\"_ _0\"></span>ione<span class=\"_ _1\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span> diritto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">designare,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ai<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fini<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">de<span class=\"_ _2\"></span>lla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nom<span class=\"_ _2\"></span>ina,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">quale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">componente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">C<span class=\"_ _2\"></span>ollegio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Sindacale,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Sindaco<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Eff<span class=\"_ _2\"></span>ettivo<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>che<span class=\"ff1\"> </span>rivestir\u00e0<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>carica<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Presidente,<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>Sindaco<span class=\"ff1\"> </span>Supplente;<span class=\"_ _3bd\"> </span>  presentazione<span class=\"ff1\"> </span>all\u2019Assemblea<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>ci<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>proposta<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>revoca<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>soggetto<span class=\"ff1\"> </span>incaricato<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>revis<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span> leg<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">GSM<span class=\"_ _1\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span> diritto<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">subordinare<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>proprio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">voto<span class=\"ff1\"> </span>favorevole<span class=\"ff1\"> </span>una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">serie<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>iberazioni<span class=\"ff1\"> </span>assembleari<span class=\"ff1\"> </span>quali<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>modific<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span></span></span></span></span>dello<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Statuto,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019aumento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>diminuzione<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cap<span class=\"_ _2\"></span>itale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sociale,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fusioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sciss<span class=\"_ _2\"></span>ioni,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>determinazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"_ _3bd\"> </span><span class=\"ff1\"> </span>modifica<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>compensi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>am<span class=\"_ _2\"></span>ministratori<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sindaci,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>l\u2019approvazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>p<span class=\"_ _2\"></span>iani<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>incentivazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>deg<span class=\"_ _3bd\"> </span>li<span class=\"ff1\"> </span>amministratori,<span class=\"ff1\"> </span>dirigenti<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>dipendenti.<span class=\"_ _3bd\"> </span> Siccome<span class=\"ff1\"> <span class=\"_ _20\"></span></span>non<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>vi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>GSM<span class=\"ff1\"> <span class=\"_ _20\"></span></span>voti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>consiglieri<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prevalgano<span class=\"ff1\"> <span class=\"_ _21\"></span></span>su<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quelli<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>altri<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Consiglie<span class=\"_ _0\"></span>ri,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>l<span class=\"_ _3bd\"> </span>a<span class=\"ff1\"> </span>designazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>esponenti<span class=\"ff1\"> </span>aziendali<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>attribuisce<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>nessun<span class=\"ff1\"> </span>socio<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>prevalenza<span class=\"ff1\"> </span>sulle<span class=\"ff1\"> </span>scelte<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>cietarie<span class=\"_ _3bd\"> </span> In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ta<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>test<span class=\"_ _0\"></span>o,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">GS<span class=\"_ _0\"></span>M:<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span> Avvera<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>detiene<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>maggioranza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>diritti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>voto,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>potendo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>solo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>determinare<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>scelt<span class=\"_ _3bd\"> </span>e<span class=\"ff1\"> </span>societarie,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>avendo<span class=\"ff1\">  </span>la<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>capacit\u00e0<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>pra<span class=\"_ _2\"></span>tica<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\">  </span>condurre<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>unilateralmente<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>attivit\u00e0<span class=\"ff1\">  </span>r<span class=\"_ _2\"></span>ilevanti<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dell<span class=\"_ _3bd\"> </span>a<span class=\"ff1\"> </span>partecipata,<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>quali<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>sempre<span class=\"ff1\"> </span>necessario<span class=\"ff1\"> </span>anche<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>consenso<span class=\"_ _2\"></span><span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>altri<span class=\"ff1\"> </span>soci;<span class=\"_ _3bd\"> </span>  Avv<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">h<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pote<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">vet<span class=\"_ _0\"></span>o,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>pec<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ci<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">argom<span class=\"_ _0\"></span>enti<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"_ _0\"></span>lle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">scelt<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">degli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altr<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">soc<span class=\"_ _0\"></span>i,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sen<span class=\"_ _0\"></span>so<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mancan<span class=\"_ _0\"></span>za<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">v<span class=\"_ _0\"></span>oto<span class=\"ff1\"> </span>fa<span class=\"_ _0\"></span>vo<span class=\"_ _0\"></span>revo<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Av<span class=\"_ _0\"></span>vera<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">anch<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">altri<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>oci<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>ten<span class=\"_ _0\"></span>tori<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>estan<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">90%<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cap<span class=\"_ _0\"></span>ital<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ocia<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>on<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>in<span class=\"ff1\"> </span>grado<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>incidere<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>societ\u00e0.<span class=\"_ _3bd\"> </span> In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">re<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">GS<span class=\"_ _0\"></span>M<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pos<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Avv<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">per<span class=\"_ _0\"></span>tant<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uel<span class=\"_ _0\"></span>la:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span> di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>un<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>oggetto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"></span></span>espo<span class=\"_ _0\"></span>sto<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rendimenti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>variabi<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>deti<span class=\"_ _2\"></span>ene<span class=\"ff1\"> <span class=\"_ _21\"></span></span>comunque<span class=\"ff1\"> <span class=\"_ _20\"></span></span>diritt<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>su<span class=\"ff1\"> </span>tali<span class=\"ff1\"> <span class=\"_ _21\"></span></span>possibi<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>ren<span class=\"_ _0\"></span>dim<span class=\"_ _0\"></span>enti<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span>  ch<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ha<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pr<span class=\"_ _0\"></span>opr<span class=\"_ _0\"></span>ia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cap<span class=\"_ _0\"></span>acit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inci<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rend<span class=\"_ _0\"></span>imen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sol<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>e<span class=\"_ _1\"></span>sercit<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ote<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>ve<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sce<span class=\"_ _0\"></span>lte<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>deg<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">altr<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>oci<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span></span></span>5-<span class=\"_ _3bd\"> </span>Pa<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>eci<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>zio<span class=\"_ _1\"></span>ni<span class=\"fc0 sc1\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>isc<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>partecipazioni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>iscritte<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>data<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>regolamento.<span class=\"ff1\"> <span class=\"_ _21\"></span></span>All\u2019atto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>della<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rile<span class=\"_ _0\"></span>vazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>iniziale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>interessenze<span class=\"ff1\"> </span>partecipative<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span></span>contabili<span class=\"_ _0\"></span>zzate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"></span></span>costo,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>comprensivo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">costi</span> <span class=\"_ _20\"></span><span class=\"ff3\">o</span> <span class=\"_ _21\"> </span><span class=\"ff3\">proventi</span> <span class=\"_ _20\"></span><span class=\"ff3\">dirett<span class=\"_ _2\"></span>amente</span> <span class=\"_ _20\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>ttribui<span class=\"_ _0\"></span>bili<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alla<span class=\"ff1\"> </span></span></span>tran<span class=\"_ _0\"></span>saz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cla<span class=\"_ _1\"></span>ssi<span class=\"_ _0\"></span>fica<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>La<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">vo<span class=\"_ _0\"></span>ce<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>ncl<span class=\"_ _0\"></span>ude<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"_ _0\"></span>teres<span class=\"_ _0\"></span>senz<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dete<span class=\"_ _0\"></span>nut<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>so<span class=\"_ _0\"></span>cie<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>roll<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span>giu<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">colleg<span class=\"_ _0\"></span>ate.<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span>Sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">considerate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">controllate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">congiuntamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">imprese<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nelle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">diritti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>oto<span class=\"ff1\"> </span>ed<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">controllo<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>l\u2019att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>economica<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">della<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>artecipat<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">condivisi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>modo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">paritetico<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Credem,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">direttam<span class=\"_ _2\"></span>ente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>indirettamente,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>da<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>altro<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>so<span class=\"_ _2\"></span>ggetto.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Inoltre<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>vie<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>qu<span class=\"_ _0\"></span>alificato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>come<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sotto<span class=\"_ _2\"></span>posto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>controllo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>congiunto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>investimento<span class=\"ff1\"> </span>partecipativo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>q<span class=\"_ _2\"></span>uale,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pur<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>assenza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>qu<span class=\"_ _0\"></span>ota<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>paritetica<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>diritt<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>vot<span class=\"_ _2\"></span>o,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>c<span class=\"_ _0\"></span>ontro<span class=\"_ _2\"></span>llo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sull\u2019attivit\u00e0<span class=\"ff1\"> </span>economica<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sugli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"_ _2\"></span>dirizzi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>st<span class=\"_ _2\"></span>rategici<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>part<span class=\"_ _2\"></span>ecipata<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>condiviso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>altri<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>oggetti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>virt\u00f9<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>accor<span class=\"_ _2\"></span>di<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>trat<span class=\"_ _0\"></span>tua<span class=\"_ _0\"></span>li.<span class=\"_ _3bd\"> </span>Sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>considerate<span class=\"ff1\"> <span class=\"_ _21\"></span></span>collegate,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cio<span class=\"_ _2\"></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sot<span class=\"_ _2\"></span>toposte<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _21\"></span></span>influ<span class=\"_ _0\"></span>enza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>note<span class=\"_ _2\"></span>vole,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>imp<span class=\"_ _0\"></span>rese<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nelle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>q<span class=\"_ _2\"></span>uali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>c<span class=\"_ _2\"></span>apogruppo,<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>rett<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>indi<span class=\"_ _0\"></span>ret<span class=\"_ _0\"></span>tamen<span class=\"_ _0\"></span>te,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">poss<span class=\"_ _0\"></span>ied<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">almen<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>2<span class=\"_ _0\"></span>0%<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">diritt<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vot<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>ivi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inc<span class=\"_ _0\"></span>lusi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>rit<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>oto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u201cp<span class=\"_ _0\"></span>ote<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ali\u201d<span class=\"_ _0\"></span>)<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>o<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quali<span class=\"ff1\"> </span>\u2013<span class=\"_ _2\"></span><span class=\"ff1\"> </span>pur<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>una<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quota<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>diritti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>voto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>inferiore<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> </span>ha<span class=\"_ _2\"></span><span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>potere<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>partecipare<span class=\"ff1\"> </span>alla<span class=\"_ _2\"></span><span class=\"ff1\"> </span>determinazione<span class=\"ff1\"> </span>delle<span class=\"ff1\">  </span>politiche<span class=\"ff1\">  </span>finanziarie<span class=\"ff1\">  </span>e<span class=\"ff1\">  </span>gestionali<span class=\"ff1\">  </span>della<span class=\"ff1\">  </span>partecipata<span class=\"ff1\">  </span>in<span class=\"ff1\">  </span>virt\u00f9<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>particolari<span class=\"ff1\">  </span>legami<span class=\"ff1\">  </span>giuridici<span class=\"ff1\">  </span>quali<span class=\"ff1\">  </span>la<span class=\"ff1\"> </span>partecipazione<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>patti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>sindacato.<span class=\"_ _3bd\"> </span>Non<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>considerate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>ottoposte<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _2\"></span></span>influenza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>notevole<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alcune<span class=\"ff1\"> <span class=\"_ _20\"></span></span>interessenze<span class=\"ff1\"> <span class=\"_ _20\"></span></span>superiori<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>20<span class=\"_ _2\"></span>%,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nelle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quali,<span class=\"_ _2\"></span><span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>rett<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">indi<span class=\"_ _0\"></span>retta<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te,<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>Gru<span class=\"_ _0\"></span>ppo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">deti<span class=\"_ _0\"></span>ene<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>sclu<span class=\"_ _0\"></span>siva<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>dir<span class=\"_ _0\"></span>itti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pat<span class=\"_ _0\"></span>rimo<span class=\"_ _0\"></span>nial<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>su<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">una</span> <span class=\"ff3\">po<span class=\"_ _0\"></span>rzi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>rutti<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>degli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">investimenti,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">acces<span class=\"_ _2\"></span>so<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">politiche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gestio<span class=\"_ _2\"></span>ne<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pu\u00f2<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esercitare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">diritti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">governance<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">limitati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>tutela<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>interessi<span class=\"ff1\"> </span>patrimoniali.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>part<span class=\"_ _2\"></span>ecipazioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\">  </span>societ\u00e0<span class=\"ff1\">  </span>colle<span class=\"_ _0\"></span>gate<span class=\"ff1\">  </span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>cont<span class=\"_ _2\"></span>rollate<span class=\"ff1\">  </span>congi<span class=\"_ _0\"></span>untamente<span class=\"ff1\">  </span>sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>valutate<span class=\"ff1\">  </span>con<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>meto<span class=\"_ _2\"></span>do<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>patrimonio<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>etto.<span class=\"_ _3bd\"> </span>Se<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esis<span class=\"_ _0\"></span>tono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ev<span class=\"_ _0\"></span>ide<span class=\"_ _0\"></span>nze<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>lore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">part<span class=\"_ _0\"></span>ecip<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>ossa<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">av<span class=\"_ _0\"></span>er<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sub<span class=\"_ _0\"></span>ito<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ridu<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">si<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>roc<span class=\"_ _0\"></span>ede<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">all<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>tim<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _21\"></span></span>recuperabile<span class=\"ff1\"> <span class=\"_ _21\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>part<span class=\"_ _2\"></span>ecipazione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">stessa,</span> <span class=\"_ _21\"></span><span class=\"ff3\">tenendo</span> <span class=\"_ _20\"></span><span class=\"ff3\">co<span class=\"_ _2\"></span>nto</span> <span class=\"_ _21\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">valore</span> <span class=\"_ _20\"></span><span class=\"ff3\">at<span class=\"_ _2\"></span>tuale</span> <span class=\"_ _20\"></span><span class=\"ff3\">dei</span> <span class=\"_ _21\"></span><span class=\"ff3\">flussi</span> <span class=\"_ _21\"></span><span class=\"ff3\">finanziar<span class=\"_ _3bd\"> </span></span></span></span></span>futuri<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>partecipazione<span class=\"ff1\"> </span>potr\u00e0<span class=\"ff1\"> </span>generare,<span class=\"ff1\"> </span>incluso<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>dismiss<span class=\"_ _2\"></span>ione<span class=\"ff1\"> </span>finale<span class=\"ff1\"> </span>dell\u2019investimento.<span class=\"_ _3bd\"> </span>Qualora<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>ecupero<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>risulti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>inferiore<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>contabile,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>elativa<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>differenza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rilevata<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cont<span class=\"_ _3bd\"> </span>ec<span class=\"_ _0\"></span>ono<span class=\"_ _0\"></span>mico<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span>Qualora<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">motivi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>ella<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perdita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">v<span class=\"_ _2\"></span>alore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>iano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rimossi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">seguito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">evento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">verificatosi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">successivamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">all<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ril<span class=\"_ _0\"></span>eva<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">riduz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">val<span class=\"_ _0\"></span>ore,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ven<span class=\"_ _0\"></span>gon<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>ef<span class=\"_ _0\"></span>fettu<span class=\"_ _0\"></span>ate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rip<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">va<span class=\"_ _0\"></span>lore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">imp<span class=\"_ _0\"></span>uta<span class=\"_ _0\"></span>zione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"ff3\">c<span class=\"_ _0\"></span>onto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">econ<span class=\"_ _0\"></span>omic<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>che<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>possono<span class=\"ff1\"> </span>eccedere<span class=\"ff1\"> </span>l\u2019ammontar<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>delle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">perdite</span> <span class=\"ff3\">da</span> <span class=\"ff3\">impairm<span class=\"_ _2\"></span>ent</span> <span class=\"ff3\">in</span> <span class=\"ff3\">precedenza</span> <span class=\"ff3\">registrate.<span class=\"_ _3bd\"> </span></span></span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> </span>partecipazioni<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cancellate<span class=\"ff1\"> </span>quando<span class=\"ff1\"> <span class=\"_ _2\"></span></span>scadono<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>diritti<span class=\"ff1\"> </span>contrattuali<span class=\"ff1\"> </span>sui<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziari<span class=\"ff1\"> </span>derivati<span class=\"ff1\"> </span>dalle<span class=\"_ _3bd\"> </span>atti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>ste<span class=\"_ _1\"></span>sse<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>l\u2019att<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>nanz<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>ria<span class=\"ff1\"> </span>vie<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>ced<span class=\"_ _0\"></span>uta<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">trasf<span class=\"_ _0\"></span>eren<span class=\"_ _0\"></span>do<span class=\"ff1\"> </span>sos<span class=\"_ _0\"></span>tan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>lme<span class=\"_ _0\"></span>nte<span class=\"ff1\"> </span>tut<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>be<span class=\"_ _0\"></span>nef<span class=\"_ _0\"></span>ic<span class=\"_ _3bd\"> </span></span></span>ad<span class=\"ff1\"> </span>essa<span class=\"ff1\"> </span>connessi.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ril<span class=\"_ _0\"></span>ev<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>del<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ual<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>differenze<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>negative<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>prima<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>is<span class=\"_ _2\"></span>crizione,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>gli<span class=\"ff1\"> <span class=\"_ _21\"></span></span>utili<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>perdite<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>partecipate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>realizzate,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>perdite<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>d<span class=\"_ _3bd\"> </span>impairment<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ri<span class=\"_ _2\"></span>prese<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valor<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>vengono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>allocate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>nella<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>voce<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>conto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>economico<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u201c<span class=\"_ _2\"></span>Utili<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>(Perdite)<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dell<span class=\"_ _2\"></span>e<span class=\"_ _3bd\"> </span>partecipazioni\u201d,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>mentre<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dividendi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>incassat<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>vengono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>allocati<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nell<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>voce<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u201cDividendi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>proventi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>simili\u201d<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ne<span class=\"_ _3bd\"> </span>momento<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>sorge<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>diritto<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>riceverne<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>pagamento.<span class=\"_ _3bd\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-892": {
   "value": "Sezion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>3<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Area<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>meto<span class=\"_ _0\"></span>di<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nso<span class=\"_ _1\"></span>lida<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nto<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Il<span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>consolidato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Gruppo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Credem<span class=\"ff1\"> <span class=\"_ _2\"></span></span>comprende<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>bilancio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Credito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Emiliano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>spa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>societ\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"ff1\"> </span>que<span class=\"_ _0\"></span>sta<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">contro<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>ate,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">incl<span class=\"_ _0\"></span>ude<span class=\"_ _0\"></span>ndo<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>rime<span class=\"_ _0\"></span>tro<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span>sol<span class=\"_ _0\"></span>idame<span class=\"_ _0\"></span>nto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">anche<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le</span> <span class=\"ff3\">so<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>et\u00e0<span class=\"ff1\"> </span>ope<span class=\"_ _0\"></span>ran<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>se<span class=\"_ _0\"></span>ttori<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ttiv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>dissimili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quello<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>appartenenza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Capogruppo.<span class=\"ff1\"> </span>An<span class=\"_ _0\"></span>alogamente,<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">inc<span class=\"_ _2\"></span>luse<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>societ\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">veicolo<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>SPE/SPV)<span class=\"ff1\"> </span>quando<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ne<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ricorrano<span class=\"_ _2\"></span><span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>requisiti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>eff<span class=\"_ _2\"></span>ettivo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>controllo,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>anche<span class=\"ff1\"> </span>indipendentemente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall\u2019esist<span class=\"_ _2\"></span>enza<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>quota<span class=\"ff1\"> </span>partecipativa.<span class=\"_ _3bd\"> </span> Sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">considerate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cont<span class=\"_ _2\"></span>rollate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"_ _2\"></span>mprese<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nelle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Capogrup<span class=\"_ _2\"></span>po,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dirett<span class=\"_ _2\"></span>amente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>indirettamente,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">poss<span class=\"_ _2\"></span>iede<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>pi\u00f9<span class=\"ff1\"> </span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>met\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> </span>diritt<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>voto<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quando,<span class=\"ff1\"> </span>pur<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>una<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quota<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>diritti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>voto<span class=\"ff1\"> </span>inferiore,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Capogruppo<span class=\"ff1\"> </span>ha<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>potere<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nominare<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>magg<span class=\"_ _0\"></span>ioranza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>degli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ammin<span class=\"_ _2\"></span>istratori<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _0\"></span>artecipata<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff3\">determ<span class=\"_ _2\"></span>inare</span> <span class=\"_ _21\"> </span><span class=\"ff3\">l<span class=\"_ _2\"></span>e</span> <span class=\"_ _27\"> </span><span class=\"ff3\">politiche</span> </span>finanziarie<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ed<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>operative<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>st<span class=\"_ _2\"></span>essa.<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Nella<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valutazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>diritti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>voto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tiene<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>conto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>anche<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>diritti<span class=\"ff1\"> </span>\u201cpo<span class=\"_ _0\"></span>ten<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>li\u201d<span class=\"ff1\"> </span>ch<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>sia<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>cor<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>temen<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>es<span class=\"_ _0\"></span>erci<span class=\"_ _0\"></span>tabi<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>rtib<span class=\"_ _0\"></span>ili<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">diri<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">vot<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>effe<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span>vi<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">quals<span class=\"_ _0\"></span>ias<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>momen<span class=\"_ _0\"></span>to.<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span>Sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">considerate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">controllate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">congiuntamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">imprese<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nelle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">diritti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>oto<span class=\"ff1\"> </span>ed<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">controllo<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>l\u2019att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>economica<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">della<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>artecipat<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">condivisi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>modo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">paritetico<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Credem,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">direttam<span class=\"_ _2\"></span>ente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>indirettamente,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>da<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>altro<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>so<span class=\"_ _2\"></span>ggetto.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Inoltre<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>vie<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>qu<span class=\"_ _0\"></span>alificato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>come<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sotto<span class=\"_ _2\"></span>posto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>controllo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>congiunto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>investimento<span class=\"ff1\"> </span>partecipativo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>q<span class=\"_ _2\"></span>uale,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pur<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>assenza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>qu<span class=\"_ _0\"></span>ota<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>paritetica<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>diritt<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>vot<span class=\"_ _2\"></span>o,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>c<span class=\"_ _0\"></span>ontro<span class=\"_ _2\"></span>llo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sull\u2019attivit\u00e0<span class=\"ff1\"> </span>economica<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sugli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"_ _2\"></span>dirizzi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>st<span class=\"_ _2\"></span>rategici<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>part<span class=\"_ _2\"></span>ecipata<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>condiviso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>altri<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>oggetti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>virt\u00f9<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>accor<span class=\"_ _2\"></span>di<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>trat<span class=\"_ _0\"></span>tua<span class=\"_ _0\"></span>li.<span class=\"_ _3bd\"> </span> Sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>considerate<span class=\"ff1\"> <span class=\"_ _21\"></span></span>collegate,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cio<span class=\"_ _2\"></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sot<span class=\"_ _2\"></span>toposte<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _21\"></span></span>influ<span class=\"_ _0\"></span>enza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>note<span class=\"_ _2\"></span>vole,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>imp<span class=\"_ _0\"></span>rese<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nelle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>capogruppo,<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>rett<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">indi<span class=\"_ _0\"></span>retta<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nte,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">possi<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span>meno<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">il</span> <span class=\"ff3\">20%<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">diri<span class=\"_ _0\"></span>tti<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>vo<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>(iv<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>iri<span class=\"_ _0\"></span>tti<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>vo<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>\u201c<span class=\"_ _0\"></span>pote<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>\u201d<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>come<span class=\"ff1\"> </span>sopra<span class=\"ff1\"> </span>definiti)<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nelle<span class=\"ff1\"> </span>quali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u2013<span class=\"ff1\"> </span>pur<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>quota<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>diritti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>voto<span class=\"ff1\"> </span>inferiore<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ha<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>poter<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>partecipare<span class=\"ff1\"> </span>alla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>determinazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>pol<span class=\"_ _2\"></span>itiche<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>gestionali<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>partecipata<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>virt\u00f9<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>par<span class=\"_ _2\"></span>ticolari<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>legami<span class=\"ff1\"> </span>giuridici<span class=\"ff1\"> </span>quali<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>partecipazione<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>patti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>sindacato.<span class=\"_ _3bd\"> </span> Le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>part<span class=\"_ _2\"></span>ecipazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>contr<span class=\"_ _2\"></span>ollate<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>conso<span class=\"_ _2\"></span>lidate<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>meto<span class=\"_ _2\"></span>do<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"_ _0\"></span>ntegrale,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>mentre<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>interessenze<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> </span>controllo<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>joint<span class=\"ff1\"> </span>venture<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>consolidate<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>metodo<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>patrimonio<span class=\"ff1\"> </span>netto.<span class=\"_ _3bd\"> </span> Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>pri<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>ip<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span>da<span class=\"_ _0\"></span>me<span class=\"_ _1\"></span>nto<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cri<span class=\"_ _0\"></span>teri<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>dott<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">redaz<span class=\"_ _0\"></span>ione<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">del</span> <span class=\"_ _0\"></span><span class=\"ff3\">bil<span class=\"_ _0\"></span>anci<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ons<span class=\"_ _0\"></span>olida<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">segu<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>i:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>occasione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>primo<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span></span>consolidamento,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>carico<span class=\"ff1\"> <span class=\"_ _20\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>partecipazioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>so<span class=\"_ _2\"></span>ciet\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>consolidat<span class=\"_ _3bd\"> </span>e<span class=\"ff1\"> </span>integralmente<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>proporzionalmente<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>annullato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fronte<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _0\"></span>atrimonio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>netto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>societ\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>tesse<span class=\"ff1\"> </span>(ovvero<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>quote<span class=\"ff1\"> <span class=\"_ _2c\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>patrimonio<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>netto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>partecipazioni<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>stesse<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>rappresentano).<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>La<span class=\"_ _2\"></span><span class=\"ff1\"> </span>contabilizzazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>degli<span class=\"ff1\"> </span>ac<span class=\"_ _2\"></span>quisti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nelle<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ociet\u00e0<span class=\"ff1\"> </span>a<span class=\"_ _2\"></span>vviene<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>base<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u201cmetodo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019acquisto\u201d<span class=\"ff1\"> <span class=\"_ _2\"></span></span>come<span class=\"ff1\"> <span class=\"_ _2\"></span></span>definito<span class=\"_ _3bd\"> </span><span class=\"_ _2\"></span><span class=\"ff1\"> </span>da<span class=\"_ _0\"></span>ll\u2019<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">IFRS<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">3,</span> <span class=\"ff3\">os<span class=\"_ _0\"></span>sia<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con</span> <span class=\"_ _1\"></span><span class=\"ff3\">rilev<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>ssiv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pa<span class=\"_ _0\"></span>ssivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>pot<span class=\"_ _0\"></span>enz<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>mpre<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">acqu<span class=\"_ _0\"></span>isite<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fai<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>value<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>alla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>data<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>acquisizione,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cio\u00e8<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>mo<span class=\"_ _2\"></span>mento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ottiene<span class=\"ff1\"> <span class=\"_ _21\"></span></span>l\u2019effettivo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>controllo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>societ\u00e0<span class=\"ff1\"> </span>acquisita.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Perta<span class=\"_ _2\"></span>nto,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risultati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">economici<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">controllata<span class=\"ff1\"> </span>acq<span class=\"_ _0\"></span>uisita<span class=\"ff1\"> </span>nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">corso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">periodo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>iferimento<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>inclusi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _21\"></span></span>bilancio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>co<span class=\"_ _2\"></span>nsolidato<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>partire<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dalla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>data<span class=\"ff1\"> <span class=\"_ _21\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>ua<span class=\"ff1\"> <span class=\"_ _20\"></span></span>acquisizione.<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Parimenti,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>isultati<span class=\"ff1\"> </span>economici<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>una<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cont<span class=\"_ _2\"></span>rollata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ceduta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>inclu<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> </span>consolidato<span class=\"ff1\"> </span>fino<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>cui<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>controllo<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cessato;<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ev<span class=\"_ _2\"></span>entuali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">eccedenze<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valore<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">car<span class=\"_ _2\"></span>ico<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>arteci<span class=\"_ _2\"></span>pazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">punto</span> <span class=\"_ _0\"></span><span class=\"ff3\">precedente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rispetto<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>corrispondente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>frazione<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>patrimonio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>netto,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>adeguato<span class=\"ff1\">  </span>con<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>l\u2019e<span class=\"_ _0\"></span>ffetto<span class=\"ff1\">  </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\">  </span>fai<span class=\"_ _0\"></span>r<span class=\"ff1\">  </span>valu<span class=\"_ _0\"></span>e<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>elle<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>o<span class=\"ff1\"> </span>passivit\u00e0,<span class=\"ff1\"> </span>se<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ositive<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>rilevate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quali<span class=\"ff1\"> </span>avv<span class=\"_ _0\"></span>iamento<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>voce<span class=\"ff1\"> </span>\u201cAttivit\u00e0<span class=\"ff1\"> </span>immateriali\u201d,<span class=\"ff1\"> </span>se<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">negative<span class=\"ff1\"> </span>son<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">o<span class=\"ff1\"> </span></span></span></span></span>imputate<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico;<span class=\"_ _3bd\"> </span> per<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>g<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>eventuali<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ac<span class=\"_ _2\"></span>quisti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ulteriori<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quote<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>par<span class=\"_ _0\"></span>tecipative<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>succ<span class=\"_ _2\"></span>essive<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>all\u2019acquisizione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"_ _0\"></span>trol<span class=\"_ _0\"></span>lo,<span class=\"_ _3bd\"> </span> disciplinati<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>pecificatamente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dal<span class=\"ff1\"> <span class=\"_ _2\"></span></span>principio<span class=\"ff1\"> </span>co<span class=\"_ _2\"></span>ntabile<span class=\"ff1\"> <span class=\"_ _2\"></span></span>IAS27,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>eventuali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>differenze<span class=\"ff1\"> <span class=\"_ _2\"></span></span>positive<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>negative,<span class=\"ff1\"> </span>come<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sopr<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>determinate,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>vengono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sorgere<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>eguito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>acquisti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>successivi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>imputate<span class=\"ff1\"> </span>direttamente<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>patrimonio;<span class=\"_ _3bd\"> </span> ad<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ogni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>data<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>bilancio<span class=\"ff1\">  </span>(od<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>og<span class=\"_ _0\"></span>ni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>volta<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>vi<span class=\"ff1\">  </span>sia<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ev<span class=\"_ _0\"></span>idenza<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>pe<span class=\"_ _0\"></span>rdit<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>valore)<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>v<span class=\"_ _2\"></span>iene<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ver<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>cata<span class=\"_ _3bd\"> </span> l\u2019adeguatezza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>de<span class=\"_ _2\"></span>ll\u2019avviamento<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>(c.d.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>impairment<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>test).<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>A<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ta<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fine<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>viene<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"_ _0\"></span>dentificata<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>l<span class=\"_ _2\"></span>\u2019unit<span class=\"_ _3bd\"> </span>\u00e0<span class=\"ff1\"> </span>generatrice<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>flussi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>finanziari<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>attribuire<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>l\u2019avviamento.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>L\u2019ammontare<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dell\u2019eventuale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>r<span class=\"_ _2\"></span>iduzione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _3bd\"> </span>i<span class=\"ff1\"> </span>valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dall\u2019eventuale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">differenza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">negativa<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tra<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">isc<span class=\"_ _2\"></span>rizione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dell\u2019avviamento<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ed<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>uo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valor<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>recupero,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>determinato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>co<span class=\"_ _2\"></span>me<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>maggiore<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tra<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _2\"></span></span>value<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019unit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>generatrice<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziari,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> </span>netto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>degli<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>eventuali<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>costi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>vendita,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ed<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>relativo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>d\u2019uso.<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>conseguenti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rettifiche<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span></span>valore<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> </span>rilevate<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico;<span class=\"_ _3bd\"> </span> gl<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>leme<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">at<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>o,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">passi<span class=\"_ _0\"></span>vo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"_ _0\"></span><span class=\"ff3\">conto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">eco<span class=\"_ _0\"></span>nom<span class=\"_ _0\"></span>ico<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">veng<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>tegral<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">acqu<span class=\"_ _0\"></span>isi<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u201clin<span class=\"_ _0\"></span>ea<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">line<span class=\"_ _0\"></span>a\u201d;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>le<span class=\"ff1\"> </span>partite<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ebitorie<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>cred<span class=\"_ _0\"></span>itorie,<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>operazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fuori<span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> </span>nonch\u00e9<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">proventi</span> <span class=\"ff3\">e</span> <span class=\"_ _0\"></span><span class=\"ff3\">gli<span class=\"ff1\"> </span>oneri<span class=\"ff1\"> </span>ed<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i</span> <span class=\"ff3\">profitti</span> <span class=\"ff3\">e</span> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span></span></span></span></span></span></span>perdite<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">traenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">origine<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rapporti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tra<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">so<span class=\"_ _2\"></span>ciet\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">oggetto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">consolidamento<span class=\"ff1\"> </span>integ<span class=\"_ _0\"></span>rale,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">loro<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">elisi;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quote<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>patrimonio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>netto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>utile<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">di</span> <span class=\"_ _27\"> </span><span class=\"ff3\">periodo</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">di</span> <span class=\"_ _27\"> </span><span class=\"ff3\">pertinenza</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">dei</span> <span class=\"_ _27\"> </span><span class=\"ff3\">\u201cterzi\u201d</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">azionisti</span> <span class=\"_ _27\"> </span><span class=\"ff3\">delle</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">so<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>et\u00e0<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>con<span class=\"_ _0\"></span>sol<span class=\"_ _0\"></span>ida<span class=\"_ _0\"></span>te,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>se<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>ap<span class=\"_ _0\"></span>posi<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">voc<span class=\"_ _0\"></span>i,<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>isp<span class=\"_ _0\"></span>ett<span class=\"_ _0\"></span>ivame<span class=\"_ _0\"></span>nte,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>assi<span class=\"_ _0\"></span>vo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stato<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">patri<span class=\"_ _0\"></span>mon<span class=\"_ _0\"></span>iale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ec<span class=\"_ _0\"></span>ono<span class=\"_ _0\"></span>mico<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span> per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>consolidamento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>societ\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>metodo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>int<span class=\"_ _2\"></span>egrale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>stat<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>utilizzati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>bilanci<span class=\"ff1\"> <span class=\"_ _20\"></span></span>predispost<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"_ _1\"></span> approvati<span class=\"ff1\"> </span>dalle<span class=\"ff1\"> </span>sing<span class=\"_ _0\"></span>ole<span class=\"ff1\"> </span>societ\u00e0,<span class=\"ff1\"> </span>eventualmente<span class=\"ff1\"> </span>resi<span class=\"ff1\"> </span>conformi<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>principi<span class=\"ff1\"> </span>contabili<span class=\"ff1\"> </span>internazionali<span class=\"ff1\"> </span>seguiti<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>predisposizione<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>situazione<span class=\"ff1\"> </span>consolidata;<span class=\"_ _3bd\"> </span>il<span class=\"ff1\"> </span>valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>libro<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">partecipazioni<span class=\"ff1\"> </span>rilevanti,<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>etenute<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>capogruppo,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>altre<span class=\"ff1\"> </span>societ\u00e0<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">g<span class=\"_ _2\"></span>ruppo,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>afferenti<span class=\"ff1\"> </span>societ\u00e0<span class=\"ff1\"> </span>consolidate<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>metodo<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">patrimonio</span> <span class=\"_ _2\"></span><span class=\"ff3\">netto,</span> <span class=\"ff3\">\u00e8</span> <span class=\"ff3\">raffrontato</span> <span class=\"ff3\">con</span> <span class=\"ff3\">la</span> <span class=\"ff3\">pertinente</span> <span class=\"_ _0\"></span><span class=\"ff3\">quota<span class=\"ff1\"> </span></span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>patrimonio<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>delle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1e\"> </span><span class=\"ff3\">par<span class=\"_ _2\"></span>tecipate.</span> <span class=\"_ _1e\"> </span><span class=\"ff3\">L\u2019eventuale</span> <span class=\"_ _1e\"> </span><span class=\"ff3\">eccedenza</span> <span class=\"_ _1e\"> </span><span class=\"ff3\">del</span> <span class=\"_ _1d\"> </span><span class=\"ff3\">valore</span> <span class=\"_ _1e\"> </span><span class=\"ff3\">di</span> <span class=\"_ _1e\"> </span><span class=\"ff3\">libro</span> <span class=\"_ _1d\"> </span><span class=\"ff3\">-</span> <span class=\"_ _1e\"> </span><span class=\"ff3\">risultante</span> <span class=\"_ _1e\"> </span><span class=\"ff3\">in</span> <span class=\"_ _1e\"> </span><span class=\"ff3\">prima</span> </span>applicazione<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>consolidato<span class=\"_ _2\"></span><span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>inclusa<span class=\"ff1\"> </span>n<span class=\"_ _2\"></span>el<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>conta<span class=\"_ _2\"></span>bile<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>part<span class=\"_ _2\"></span>ecipata.<span class=\"ff1\"> </span>Le<span class=\"ff1\"> </span>variazioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nel<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>lore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">patr<span class=\"_ _0\"></span>imon<span class=\"_ _0\"></span>iale<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>terv<span class=\"_ _0\"></span>enu<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>negl<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>an<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>suc<span class=\"_ _0\"></span>cess<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"_ _2\"></span><span class=\"ff3\">qu<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">prima<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">appl<span class=\"_ _0\"></span>icaz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>iscr<span class=\"_ _0\"></span>itte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>voce<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>250<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>conto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>economico<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>con<span class=\"_ _2\"></span>solidato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(\u201cutili<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(perdite)<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>delle<span class=\"ff1\">  </span>partecipazioni\u201d)<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nella<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>misura<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> </span>variazioni<span class=\"ff1\"> </span>stesse<span class=\"ff1\"> </span>siano<span class=\"ff1\"> </span>riferibili<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>utili<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>perdite<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>partecipate; se<span class=\"ff1\"> </span>esistono<span class=\"ff1\"> </span>evidenze<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>part<span class=\"_ _2\"></span>ecipazione<span class=\"ff1\"> </span>rilevante<span class=\"ff1\"> </span>possa<span class=\"ff1\"> </span>aver<span class=\"ff1\"> </span>subito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>una<span class=\"ff1\"> </span>riduzione,<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span> procede<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>tima<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ecupe<span class=\"_ _0\"></span>rabile<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">partecipazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">st<span class=\"_ _2\"></span>essa,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>enendo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attuale<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziar<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>futuri<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>partecipazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pot<span class=\"_ _2\"></span>r\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>generare,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>incluso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dismissione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finale<span class=\"ff1\"> </span>dell\u2019investimento.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Qualora<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">recupero<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">risulti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inferiore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contabile,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>elativa<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">differenza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>rilevata<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico; per<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>consolidamento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> </span>partecipazioni<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>societ\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>collegate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>state<span class=\"ff1\"> </span>utilizzate,<span class=\"ff1\"> </span>ove<span class=\"ff1\"> <span class=\"_ _2\"></span></span>disponibili,<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span> progetti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>bilancio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>31<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dicembre<span class=\"ff1\"> <span class=\"_ _21\"></span></span>2022<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>approvati<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dai<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rispettivi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Consigli<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Amministrazione;<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>lor<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>mancanza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>stati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">considerati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">degli<span class=\"ff1\"> </span>ultimi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">bilanci<span class=\"ff1\"> </span>ap<span class=\"_ _0\"></span>provat<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(generalmente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quelli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>31<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dic<span class=\"_ _2\"></span>embre<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>202<span class=\"_ _0\"></span>1). Pa<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>eci<span class=\"_ _0\"></span>pa<span class=\"_ _1\"></span>zion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>so<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>et\u00e0<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>rol<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>vi<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>es<span class=\"_ _0\"></span>cl<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>iva<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>eg<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>(c<span class=\"_ _1\"></span>ons<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span>da<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>pa<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>io<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>o)<span class=\"fc0 sc1\"> </span>MagazziniGeneralid<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>Tag<span class=\"_ _0\"></span>liat<span class=\"_ _0\"></span>e 0,<span class=\"_ _0\"></span>10%<span class=\"_ _0\"></span> 2.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Cre<span class=\"_ _0\"></span>dem<span class=\"_ _0\"></span>fact<span class=\"_ _0\"></span>or<span class=\"ff1\"> </span>sp<span class=\"_ _1\"></span>a <span class=\"_ _191\"> </span>Reggio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Emil<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span> <span class=\"_ _4a\"> </span>1 <span class=\"_ _7c\"> </span>C<span class=\"_ _0\"></span>red<span class=\"_ _0\"></span>ito<span class=\"ff1\"> </span>Em<span class=\"_ _0\"></span>ilia<span class=\"_ _0\"></span>no <span class=\"_ _177\"> </span>99,0<span class=\"_ _0\"></span>0% </span></span></span></span>Cr<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span>mle<span class=\"_ _0\"></span>asi<span class=\"_ _0\"></span>ng <span class=\"_ _77\"> </span>1,<span class=\"_ _0\"></span>00%<span class=\"_ _0\"></span> 3.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Cre<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>m<span class=\"ff1\"> </span>Pr<span class=\"_ _0\"></span>ivat<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Equ<span class=\"_ _0\"></span>ity<span class=\"ff1\"> </span>S<span class=\"_ _0\"></span>GR<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sp<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span> <span class=\"_ _45\"> </span>Reggio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Emi<span class=\"_ _0\"></span>lia<span class=\"_ _0\"></span> <span class=\"_ _4a\"> </span>1 <span class=\"_ _7c\"> </span>C<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>dito<span class=\"ff1\"> </span>Em<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>ano<span class=\"_ _0\"></span> <span class=\"_ _11c\"> </span>87,<span class=\"_ _0\"></span>50% </span></span></span></span></span></span></span></span>Credem<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Euromobiliare<span class=\"ff1\"> </span></span></span>Private<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">banking </span></span>12<span class=\"_ _0\"></span>,50<span class=\"_ _0\"></span>% 4.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Eurom<span class=\"_ _0\"></span>obi<span class=\"_ _0\"></span>liar<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>Ass<span class=\"_ _0\"></span>et<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Mana<span class=\"_ _0\"></span>gem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t<span class=\"ff1\"> </span>SGR<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span> <span class=\"_ _66\"> </span>Mila<span class=\"_ _0\"></span>no<span class=\"_ _0\"></span> <span class=\"_ _193\"> </span>1 <span class=\"_ _194\"> </span>Cr<span class=\"_ _0\"></span>edi<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>Emil<span class=\"_ _0\"></span>ian<span class=\"_ _0\"></span>o <span class=\"_ _a2\"> </span>1<span class=\"_ _0\"></span>00,<span class=\"_ _0\"></span>00<span class=\"_ _0\"></span>% </span></span></span></span>5.<span class=\"ff1\"> </span>E<span class=\"_ _0\"></span>urom<span class=\"_ _0\"></span>obi<span class=\"_ _0\"></span>liar<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>Ad<span class=\"_ _0\"></span>vis<span class=\"_ _0\"></span>ory<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">SIM<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">s<span class=\"_ _0\"></span>pa<span class=\"_ _1\"></span> <span class=\"_ _f7\"> </span>Milan<span class=\"_ _1\"></span>o <span class=\"_ _193\"> </span>1 <span class=\"_ _194\"> </span>Cr<span class=\"_ _0\"></span>edi<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>Emil<span class=\"_ _0\"></span>ian<span class=\"_ _0\"></span>o <span class=\"_ _a2\"> </span>1<span class=\"_ _0\"></span>00,<span class=\"_ _0\"></span>00<span class=\"_ _0\"></span>% </span></span></span></span>6.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Cr<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span>mte<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>sp<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span> <span class=\"_ _195\"> </span>Reggio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Emil<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span> <span class=\"_ _4a\"> </span>1 <span class=\"_ _194\"> </span>Cre<span class=\"_ _0\"></span>dito<span class=\"ff1\"> </span>Em<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>ano<span class=\"_ _0\"></span> <span class=\"_ _a2\"> </span>10<span class=\"_ _0\"></span>0,0<span class=\"_ _0\"></span>0% </span></span></span></span>7.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Avvera<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sp<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span> <span class=\"_ _3c\"> </span>Reggio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Emil<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span> <span class=\"_ _4a\"> </span>1 <span class=\"_ _194\"> </span>Cre<span class=\"_ _0\"></span>dito<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Emili<span class=\"_ _0\"></span>ano<span class=\"_ _0\"></span> <span class=\"_ _a2\"> </span>10<span class=\"_ _0\"></span>0,0<span class=\"_ _0\"></span>0% </span></span></span></span></span></span></span></span>8.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Maga<span class=\"_ _0\"></span>zz<span class=\"_ _0\"></span>ini<span class=\"ff1\"> </span>Ge<span class=\"_ _0\"></span>ner<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>Ta<span class=\"_ _0\"></span>gli<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>a <span class=\"_ _41\"> </span>Reggio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Em<span class=\"_ _0\"></span>ilia<span class=\"_ _1\"></span> <span class=\"_ _41\"> </span>1 <span class=\"_ _194\"> </span>Cr<span class=\"_ _0\"></span>edit<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>Emil<span class=\"_ _0\"></span>ian<span class=\"_ _0\"></span>o <span class=\"_ _a2\"> </span>1<span class=\"_ _0\"></span>00,<span class=\"_ _0\"></span>00<span class=\"_ _0\"></span>% </span></span></span></span></span></span></span></span>9.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Cre<span class=\"_ _0\"></span>dem<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Eurom<span class=\"_ _0\"></span>obi<span class=\"_ _0\"></span>liare<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Pri<span class=\"_ _0\"></span>vate<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ban<span class=\"_ _1\"></span>king<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">s<span class=\"_ _0\"></span>pa<span class=\"_ _1\"></span> <span class=\"_ _178\"> </span>Reggio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Emil<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span> <span class=\"_ _4a\"> </span>1 <span class=\"_ _194\"> </span>Cred<span class=\"_ _0\"></span>ito<span class=\"ff1\"> </span>Em<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>ano<span class=\"_ _0\"></span> <span class=\"_ _a2\"> </span>10<span class=\"_ _0\"></span>0,0<span class=\"_ _0\"></span>0% </span></span></span></span></span></span></span></span></span></span></span></span>10<span class=\"_ _0\"></span>.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Eur<span class=\"_ _0\"></span>omob<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Fidu<span class=\"_ _0\"></span>ciar<span class=\"_ _0\"></span>ia<span class=\"ff1\"> </span>sp<span class=\"_ _1\"></span>a <span class=\"_ _192\"> </span>Mila<span class=\"_ _0\"></span>no<span class=\"_ _0\"></span> <span class=\"_ _193\"> </span>1 <span class=\"_ _194\"> </span>Cr<span class=\"_ _0\"></span>edi<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>Emil<span class=\"_ _1\"></span>iano <span class=\"_ _196\"> </span>10<span class=\"_ _0\"></span>0,0<span class=\"_ _0\"></span>0% </span></span>11<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>Cr<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span>mvit<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>sp<span class=\"_ _1\"></span>a <span class=\"_ _ec\"> </span>Reggio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Emil<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span> <span class=\"_ _4a\"> </span>1 <span class=\"_ _194\"> </span>Cred<span class=\"_ _0\"></span>ito<span class=\"ff1\"> </span>Em<span class=\"_ _0\"></span>ilia<span class=\"_ _0\"></span>no<span class=\"_ _0\"></span> <span class=\"_ _a2\"> </span>100<span class=\"_ _0\"></span>,0<span class=\"_ _0\"></span>0% </span></span>12.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Sata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sr<span class=\"_ _1\"></span>l <span class=\"_ _197\"> </span>Mod<span class=\"_ _0\"></span>ena<span class=\"_ _0\"></span> <span class=\"_ _f7\"> </span>1 <span class=\"_ _198\"> </span>Cr<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span>mte<span class=\"_ _0\"></span>l <span class=\"_ _a5\"> </span>100,<span class=\"_ _0\"></span>00<span class=\"_ _0\"></span>% </span></span></span></span>13.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Blue<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Eye<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Solutions<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sr<span class=\"_ _1\"></span>l <span class=\"_ _199\"> </span>Mont<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>hiar<span class=\"_ _0\"></span>ug<span class=\"_ _0\"></span>olo<span class=\"_ _0\"></span> <span class=\"_ _a5\"> </span>1 <span class=\"_ _198\"> </span>C<span class=\"_ _0\"></span>red<span class=\"_ _0\"></span>emt<span class=\"_ _0\"></span>el <span class=\"_ _7f\"> </span>75,0<span class=\"_ _0\"></span>0% </span></span></span></span></span></span></span></span>14.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Credem<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">CB<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sr<span class=\"_ _1\"></span>l <span class=\"_ _b1\"> </span>C<span class=\"_ _1\"></span>onegl<span class=\"_ _0\"></span>iano<span class=\"_ _0\"></span> <span class=\"_ _138\"> </span>1 <span class=\"_ _194\"> </span>Cre<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>Emil<span class=\"_ _0\"></span>iano<span class=\"_ _1\"></span> <span class=\"_ _11c\"> </span>70,<span class=\"_ _0\"></span>00<span class=\"_ _0\"></span>% </span></span></span></span></span></span>1.<span class=\"_ _0\"></span>Cre<span class=\"_ _0\"></span>dem<span class=\"_ _0\"></span>assi<span class=\"_ _0\"></span>cur<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>onisp<span class=\"_ _1\"></span>a<span class=\"_ _3bd\"> </span>ReggioEmi<span class=\"_ _0\"></span>lia<span class=\"_ _3bd\"> </span>2 Cr<span class=\"_ _0\"></span>edi<span class=\"_ _0\"></span>toEmi<span class=\"_ _0\"></span>lia<span class=\"_ _0\"></span>no<span class=\"_ _3bd\"> </span>50,<span class=\"_ _0\"></span>00<span class=\"_ _0\"></span>%<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>And<span class=\"_ _0\"></span>xor<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>l <span class=\"_ _19a\"> </span>Cin<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>llo<span class=\"ff1\"> </span>Bal<span class=\"_ _0\"></span>sam<span class=\"_ _0\"></span>o 3 Cr<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span>mte<span class=\"_ _0\"></span>l <span class=\"_ _11b\"> </span>4<span class=\"_ _0\"></span>0,0<span class=\"_ _0\"></span>0% 3.S<span class=\"_ _0\"></span>BC<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Finte<span class=\"_ _0\"></span>ch<span class=\"ff1\"> </span>M<span class=\"_ _0\"></span>ilan<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">22<span class=\"_ _0\"></span>24<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>l <span class=\"_ _19b\"> </span>Mila<span class=\"_ _0\"></span>no<span class=\"_ _0\"></span> <span class=\"_ _12d\"> </span>3 <span class=\"_ _19c\"> </span>Cr<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span>mte<span class=\"_ _0\"></span>l <span class=\"_ _7c\"> </span>19,<span class=\"_ _0\"></span>68<span class=\"_ _0\"></span>% </span></span></span></span>4.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Gru<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>Sant<span class=\"_ _0\"></span>ama<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>pa<span class=\"_ _1\"></span> <span class=\"_ _19d\"> </span>Ca<span class=\"_ _0\"></span>tani<span class=\"_ _0\"></span>a <span class=\"_ _c2\"> </span>3 <span class=\"_ _138\"> </span>Avv<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span> <span class=\"_ _90\"> </span>10,<span class=\"_ _0\"></span>00% </span></span></span></span>Le<span class=\"_ _0\"></span>gen<span class=\"_ _0\"></span>da Tipo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rapp<span class=\"_ _1\"></span>orto:<span class=\"_ _0\"></span> </span></span></span></span>1<span class=\"ff1\"> </span>=<span class=\"ff1\"> </span>m<span class=\"_ _0\"></span>agg<span class=\"_ _0\"></span>ior<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>diri<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">voto<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ne<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>\u2019as<span class=\"_ _0\"></span>sem<span class=\"_ _0\"></span>ble<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>ord<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span> </span></span></span></span></span></span>2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">=<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">controllo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>giu<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>o </span></span></span></span></span></span>3<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">=<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">imprese<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">co<span class=\"_ _0\"></span>lleg<span class=\"_ _0\"></span>ate<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs204\">Avvera<span class=\"ff1\"> </span>spa<span class=\"ff1\"> </span>detiene<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>10%<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">G<span class=\"_ _2\"></span>ruppo<span class=\"ff1\"> </span>Santamaria<span class=\"ff1\"> </span>spa<span class=\"ff1\"> </span>\u201cGSM\u201d.<span class=\"ff1\"> </span>Il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">capitale</span> <span class=\"ff3\">sociale</span> <span class=\"ff3\">di</span> <span class=\"ff3\">GSM</span> <span class=\"ff3\">\u00e8</span> <span class=\"_ _0\"></span><span class=\"ff3\">detenuto<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>Avver<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs205\">tramite<span class=\"ff1\"> </span>azioni<span class=\"ff1\"> </span>speciali<span class=\"ff1\"> </span>\u201cAzioni<span class=\"ff1\"> </span>B\u201d<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cui<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>attribuiti,<span class=\"ff1\"> </span>oltre<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>diritti<span class=\"ff1\"> </span>attribuiti<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>Legge<span class=\"ff1\"> </span>all<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>azioni<span class=\"ff1\"> </span>ordinari<span class=\"_ _3bd\"> </span>e,<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs206\">anche<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>seguenti<span class=\"ff1\"> </span>diritti:<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs207\">di<span class=\"_ _0\"></span>ritt<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>sig<span class=\"_ _0\"></span>nare<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ai<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fin<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ella<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nom<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">comp<span class=\"_ _0\"></span>onen<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">C<span class=\"_ _0\"></span>onsig<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">Amm<span class=\"_ _0\"></span>ini<span class=\"_ _0\"></span>straz<span class=\"_ _0\"></span>ione<span class=\"_ _1\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs208\">diritto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">designare,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ai<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fini<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">de<span class=\"_ _2\"></span>lla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nom<span class=\"_ _2\"></span>ina,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">quale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">componente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">C<span class=\"_ _2\"></span>ollegio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Sindacale,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Sindaco<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Eff<span class=\"_ _2\"></span>ettivo<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs209\">che<span class=\"ff1\"> </span>rivestir\u00e0<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>carica<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Presidente,<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>Sindaco<span class=\"ff1\"> </span>Supplente;<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs20a\">presentazione<span class=\"ff1\"> </span>all\u2019Assemblea<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>ci<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>proposta<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>revoca<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>soggetto<span class=\"ff1\"> </span>incaricato<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>revis<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs20b\">leg<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">GSM<span class=\"_ _1\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs20c\">diritto<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">subordinare<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>proprio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">voto<span class=\"ff1\"> </span>favorevole<span class=\"ff1\"> </span>una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">serie<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>iberazioni<span class=\"ff1\"> </span>assembleari<span class=\"ff1\"> </span>quali<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>modific<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs20d\">dello<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Statuto,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019aumento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>diminuzione<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cap<span class=\"_ _2\"></span>itale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sociale,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fusioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sciss<span class=\"_ _2\"></span>ioni,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>determinazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"_ _3bd\"> </span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs20e\">modifica<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>compensi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>am<span class=\"_ _2\"></span>ministratori<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sindaci,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>l\u2019approvazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>p<span class=\"_ _2\"></span>iani<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>incentivazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>deg<span class=\"_ _3bd\"> </span>li<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs20f\">amministratori,<span class=\"ff1\"> </span>dirigenti<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>dipendenti.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs210\">Siccome<span class=\"ff1\"> <span class=\"_ _20\"></span></span>non<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>vi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>GSM<span class=\"ff1\"> <span class=\"_ _20\"></span></span>voti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>consiglieri<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prevalgano<span class=\"ff1\"> <span class=\"_ _21\"></span></span>su<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quelli<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>altri<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Consiglie<span class=\"_ _0\"></span>ri,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>l<span class=\"_ _3bd\"> </span>a<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs211\">designazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>esponenti<span class=\"ff1\"> </span>aziendali<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>attribuisce<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>nessun<span class=\"ff1\"> </span>socio<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>prevalenza<span class=\"ff1\"> </span>sulle<span class=\"ff1\"> </span>scelte<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>cietarie<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs212\">In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ta<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>test<span class=\"_ _0\"></span>o,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">GS<span class=\"_ _0\"></span>M:<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs213\">Avvera<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>detiene<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>maggioranza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>diritti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>voto,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>potendo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>solo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>determinare<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>scelt<span class=\"_ _3bd\"> </span>e<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs214\">societarie,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>avendo<span class=\"ff1\">  </span>la<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>capacit\u00e0<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>pra<span class=\"_ _2\"></span>tica<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\">  </span>condurre<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>unilateralmente<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>attivit\u00e0<span class=\"ff1\">  </span>r<span class=\"_ _2\"></span>ilevanti<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dell<span class=\"_ _3bd\"> </span>a<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs215\">partecipata,<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>quali<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>sempre<span class=\"ff1\"> </span>necessario<span class=\"ff1\"> </span>anche<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>consenso<span class=\"_ _2\"></span><span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>altri<span class=\"ff1\"> </span>soci;<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs216\">Avv<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">h<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pote<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">vet<span class=\"_ _0\"></span>o,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>pec<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ci<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">argom<span class=\"_ _0\"></span>enti<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"_ _0\"></span>lle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">scelt<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">degli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altr<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">soc<span class=\"_ _0\"></span>i,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sen<span class=\"_ _0\"></span>so<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mancan<span class=\"_ _0\"></span>za<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs217\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">v<span class=\"_ _0\"></span>oto<span class=\"ff1\"> </span>fa<span class=\"_ _0\"></span>vo<span class=\"_ _0\"></span>revo<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Av<span class=\"_ _0\"></span>vera<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">anch<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">altri<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>oci<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>ten<span class=\"_ _0\"></span>tori<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>estan<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">90%<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cap<span class=\"_ _0\"></span>ital<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ocia<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>on<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs218\">in<span class=\"ff1\"> </span>grado<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>incidere<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>societ\u00e0.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs219\">In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">re<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">GS<span class=\"_ _0\"></span>M<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pos<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Avv<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">per<span class=\"_ _0\"></span>tant<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uel<span class=\"_ _0\"></span>la:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs21a\">di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>un<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>oggetto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"></span></span>espo<span class=\"_ _0\"></span>sto<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rendimenti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>variabi<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>deti<span class=\"_ _2\"></span>ene<span class=\"ff1\"> <span class=\"_ _21\"></span></span>comunque<span class=\"ff1\"> <span class=\"_ _20\"></span></span>diritt<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>su<span class=\"ff1\"> </span>tali<span class=\"ff1\"> <span class=\"_ _21\"></span></span>possibi<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs21b\">ren<span class=\"_ _0\"></span>dim<span class=\"_ _0\"></span>enti<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs21c\">ch<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ha<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pr<span class=\"_ _0\"></span>opr<span class=\"_ _0\"></span>ia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cap<span class=\"_ _0\"></span>acit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inci<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rend<span class=\"_ _0\"></span>imen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sol<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>e<span class=\"_ _1\"></span>sercit<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ote<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>ve<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sce<span class=\"_ _0\"></span>lte<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs21d\">deg<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">altr<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>oci<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-889": {
   "value": "Sezion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>3<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Area<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>meto<span class=\"_ _0\"></span>di<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nso<span class=\"_ _1\"></span>lida<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nto<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Il<span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>consolidato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Gruppo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Credem<span class=\"ff1\"> <span class=\"_ _2\"></span></span>comprende<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>bilancio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Credito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Emiliano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>spa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>societ\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"ff1\"> </span>que<span class=\"_ _0\"></span>sta<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">contro<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>ate,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">incl<span class=\"_ _0\"></span>ude<span class=\"_ _0\"></span>ndo<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>rime<span class=\"_ _0\"></span>tro<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span>sol<span class=\"_ _0\"></span>idame<span class=\"_ _0\"></span>nto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">anche<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le</span> <span class=\"ff3\">so<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>et\u00e0<span class=\"ff1\"> </span>ope<span class=\"_ _0\"></span>ran<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>se<span class=\"_ _0\"></span>ttori<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ttiv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>dissimili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quello<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>appartenenza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Capogruppo.<span class=\"ff1\"> </span>An<span class=\"_ _0\"></span>alogamente,<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">inc<span class=\"_ _2\"></span>luse<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>societ\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">veicolo<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>(SPE/SPV)<span class=\"ff1\"> </span>quando<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ne<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ricorrano<span class=\"_ _2\"></span><span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>requisiti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>eff<span class=\"_ _2\"></span>ettivo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>controllo,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>anche<span class=\"ff1\"> </span>indipendentemente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall\u2019esist<span class=\"_ _2\"></span>enza<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>quota<span class=\"ff1\"> </span>partecipativa.<span class=\"_ _3bd\"> </span>Sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">considerate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cont<span class=\"_ _2\"></span>rollate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"_ _2\"></span>mprese<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nelle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Capogrup<span class=\"_ _2\"></span>po,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dirett<span class=\"_ _2\"></span>amente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>indirettamente,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">poss<span class=\"_ _2\"></span>iede<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>pi\u00f9<span class=\"ff1\"> </span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>met\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> </span>diritt<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>voto<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quando,<span class=\"ff1\"> </span>pur<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>una<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quota<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>diritti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>voto<span class=\"ff1\"> </span>inferiore,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Capogruppo<span class=\"ff1\"> </span>ha<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>potere<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nominare<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>magg<span class=\"_ _0\"></span>ioranza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>degli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ammin<span class=\"_ _2\"></span>istratori<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _0\"></span>artecipata<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff3\">determ<span class=\"_ _2\"></span>inare</span> <span class=\"_ _21\"> </span><span class=\"ff3\">l<span class=\"_ _2\"></span>e</span> <span class=\"_ _27\"> </span><span class=\"ff3\">politiche</span> </span>finanziarie<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ed<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>operative<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>st<span class=\"_ _2\"></span>essa.<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Nella<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valutazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>diritti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>voto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tiene<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>conto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>anche<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>diritti<span class=\"ff1\"> </span>\u201cpo<span class=\"_ _0\"></span>ten<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>li\u201d<span class=\"ff1\"> </span>ch<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>sia<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>cor<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>temen<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>es<span class=\"_ _0\"></span>erci<span class=\"_ _0\"></span>tabi<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>rtib<span class=\"_ _0\"></span>ili<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">diri<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">vot<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>effe<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span>vi<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">quals<span class=\"_ _0\"></span>ias<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>momen<span class=\"_ _0\"></span>to.<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span>Sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">considerate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">controllate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">congiuntamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">imprese<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nelle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">diritti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>oto<span class=\"ff1\"> </span>ed<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">controllo<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>l\u2019att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>economica<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">della<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>artecipat<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">condivisi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>modo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">paritetico<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Credem,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">direttam<span class=\"_ _2\"></span>ente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>indirettamente,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>da<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>altro<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>so<span class=\"_ _2\"></span>ggetto.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Inoltre<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>vie<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>qu<span class=\"_ _0\"></span>alificato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>come<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sotto<span class=\"_ _2\"></span>posto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>controllo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>congiunto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>investimento<span class=\"ff1\"> </span>partecipativo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>q<span class=\"_ _2\"></span>uale,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pur<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>assenza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>qu<span class=\"_ _0\"></span>ota<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>paritetica<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>diritt<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>vot<span class=\"_ _2\"></span>o,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>c<span class=\"_ _0\"></span>ontro<span class=\"_ _2\"></span>llo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sull\u2019attivit\u00e0<span class=\"ff1\"> </span>economica<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sugli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"_ _2\"></span>dirizzi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>st<span class=\"_ _2\"></span>rategici<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>part<span class=\"_ _2\"></span>ecipata<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>condiviso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>altri<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>oggetti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>virt\u00f9<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>accor<span class=\"_ _2\"></span>di<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>trat<span class=\"_ _0\"></span>tua<span class=\"_ _0\"></span>li.<span class=\"_ _3bd\"> </span>Sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>considerate<span class=\"ff1\"> <span class=\"_ _21\"></span></span>collegate,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cio<span class=\"_ _2\"></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sot<span class=\"_ _2\"></span>toposte<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _21\"></span></span>influ<span class=\"_ _0\"></span>enza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>note<span class=\"_ _2\"></span>vole,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>imp<span class=\"_ _0\"></span>rese<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nelle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>capogruppo,<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>rett<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">indi<span class=\"_ _0\"></span>retta<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nte,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">possi<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span>meno<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">il</span> <span class=\"ff3\">20%<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">diri<span class=\"_ _0\"></span>tti<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>vo<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>(iv<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>iri<span class=\"_ _0\"></span>tti<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>vo<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>\u201c<span class=\"_ _0\"></span>pote<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>\u201d<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>come<span class=\"ff1\"> </span>sopra<span class=\"ff1\"> </span>definiti)<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nelle<span class=\"ff1\"> </span>quali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u2013<span class=\"ff1\"> </span>pur<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>quota<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>diritti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>voto<span class=\"ff1\"> </span>inferiore<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ha<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>poter<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>partecipare<span class=\"ff1\"> </span>alla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>determinazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>pol<span class=\"_ _2\"></span>itiche<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>gestionali<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>partecipata<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>virt\u00f9<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>par<span class=\"_ _2\"></span>ticolari<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>legami<span class=\"ff1\"> </span>giuridici<span class=\"ff1\"> </span>quali<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>partecipazione<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>patti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>sindacato.<span class=\"_ _3bd\"> </span>Le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>part<span class=\"_ _2\"></span>ecipazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>contr<span class=\"_ _2\"></span>ollate<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>conso<span class=\"_ _2\"></span>lidate<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>meto<span class=\"_ _2\"></span>do<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"_ _0\"></span>ntegrale,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>mentre<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>interessenze<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> </span>controllo<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>joint<span class=\"ff1\"> </span>venture<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>consolidate<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>metodo<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>patrimonio<span class=\"ff1\"> </span>netto.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>pri<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>ip<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span>da<span class=\"_ _0\"></span>me<span class=\"_ _1\"></span>nto<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cri<span class=\"_ _0\"></span>teri<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>dott<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">redaz<span class=\"_ _0\"></span>ione<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">del</span> <span class=\"_ _0\"></span><span class=\"ff3\">bil<span class=\"_ _0\"></span>anci<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ons<span class=\"_ _0\"></span>olida<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">segu<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>i:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>occasione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>primo<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span></span>consolidamento,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>carico<span class=\"ff1\"> <span class=\"_ _20\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>partecipazioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>so<span class=\"_ _2\"></span>ciet\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>consolidat<span class=\"_ _3bd\"> </span>integralmente<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>proporzionalmente<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>annullato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fronte<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _0\"></span>atrimonio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>netto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>societ\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>tesse<span class=\"ff1\"> </span>(ovvero<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>quote<span class=\"ff1\"> <span class=\"_ _2c\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>patrimonio<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>netto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>partecipazioni<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>stesse<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>rappresentano).<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>La<span class=\"_ _2\"></span><span class=\"ff1\"> </span>contabilizzazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>degli<span class=\"ff1\"> </span>ac<span class=\"_ _2\"></span>quisti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nelle<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ociet\u00e0<span class=\"ff1\"> </span>a<span class=\"_ _2\"></span>vviene<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>base<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u201cmetodo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019acquisto\u201d<span class=\"ff1\"> <span class=\"_ _2\"></span></span>come<span class=\"ff1\"> <span class=\"_ _2\"></span></span>definito<span class=\"_ _3bd\"> </span>da<span class=\"_ _0\"></span>ll\u2019<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">IFRS<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">3,</span> <span class=\"ff3\">os<span class=\"_ _0\"></span>sia<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con</span> <span class=\"_ _1\"></span><span class=\"ff3\">rilev<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>ssiv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pa<span class=\"_ _0\"></span>ssivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>pot<span class=\"_ _0\"></span>enz<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>mpre<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">acqu<span class=\"_ _0\"></span>isite<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fai<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>value<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>alla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>data<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>acquisizione,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cio\u00e8<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>mo<span class=\"_ _2\"></span>mento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ottiene<span class=\"ff1\"> <span class=\"_ _21\"></span></span>l\u2019effettivo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>controllo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>societ\u00e0<span class=\"ff1\"> </span>acquisita.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Perta<span class=\"_ _2\"></span>nto,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risultati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">economici<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">controllata<span class=\"ff1\"> </span>acq<span class=\"_ _0\"></span>uisita<span class=\"ff1\"> </span>nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">corso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">periodo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>iferimento<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>inclusi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _21\"></span></span>bilancio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>co<span class=\"_ _2\"></span>nsolidato<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>partire<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dalla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>data<span class=\"ff1\"> <span class=\"_ _21\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>ua<span class=\"ff1\"> <span class=\"_ _20\"></span></span>acquisizione.<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Parimenti,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>isultati<span class=\"ff1\"> </span>economici<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>una<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cont<span class=\"_ _2\"></span>rollata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ceduta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>inclu<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> </span>consolidato<span class=\"ff1\"> </span>fino<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>cui<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>controllo<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cessato;<span class=\"_ _3bd\"> </span></span></span>le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ev<span class=\"_ _2\"></span>entuali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">eccedenze<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valore<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">car<span class=\"_ _2\"></span>ico<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>arteci<span class=\"_ _2\"></span>pazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">punto</span> <span class=\"_ _0\"></span><span class=\"ff3\">precedente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rispetto<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>corrispondente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>frazione<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>patrimonio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>netto,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>adeguato<span class=\"ff1\">  </span>con<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>l\u2019e<span class=\"_ _0\"></span>ffetto<span class=\"ff1\">  </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\">  </span>fai<span class=\"_ _0\"></span>r<span class=\"ff1\">  </span>valu<span class=\"_ _0\"></span>e<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>elle<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>o<span class=\"ff1\"> </span>passivit\u00e0,<span class=\"ff1\"> </span>se<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ositive<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>rilevate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quali<span class=\"ff1\"> </span>avv<span class=\"_ _0\"></span>iamento<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>voce<span class=\"ff1\"> </span>\u201cAttivit\u00e0<span class=\"ff1\"> </span>immateriali\u201d,<span class=\"ff1\"> </span>se<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">negative<span class=\"ff1\"> </span>son<span class=\"_ _3bd\"> </span></span></span></span></span>imputate<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico;<span class=\"_ _3bd\"> </span>per<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>g<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>eventuali<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ac<span class=\"_ _2\"></span>quisti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ulteriori<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quote<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>par<span class=\"_ _0\"></span>tecipative<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>succ<span class=\"_ _2\"></span>essive<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>all\u2019acquisizione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"_ _0\"></span>trol<span class=\"_ _0\"></span>lo,<span class=\"_ _3bd\"> </span>disciplinati<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>pecificatamente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dal<span class=\"ff1\"> <span class=\"_ _2\"></span></span>principio<span class=\"ff1\"> </span>co<span class=\"_ _2\"></span>ntabile<span class=\"ff1\"> <span class=\"_ _2\"></span></span>IAS27,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>eventuali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>differenze<span class=\"ff1\"> <span class=\"_ _2\"></span></span>positive<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>negative,<span class=\"ff1\"> </span>come<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sopr<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>determinate,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>vengono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sorgere<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>eguito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>acquisti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>successivi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>imputate<span class=\"ff1\"> </span>direttamente<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>patrimonio;<span class=\"_ _3bd\"> </span>ad<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ogni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>data<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>bilancio<span class=\"ff1\">  </span>(od<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>og<span class=\"_ _0\"></span>ni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>volta<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>vi<span class=\"ff1\">  </span>sia<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ev<span class=\"_ _0\"></span>idenza<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>pe<span class=\"_ _0\"></span>rdit<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>valore)<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>v<span class=\"_ _2\"></span>iene<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ver<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>cata<span class=\"_ _3bd\"> </span>l\u2019adeguatezza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>de<span class=\"_ _2\"></span>ll\u2019avviamento<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>(c.d.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>impairment<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>test).<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>A<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ta<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fine<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>viene<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"_ _0\"></span>dentificata<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>l<span class=\"_ _2\"></span>\u2019unit<span class=\"_ _3bd\"> </span>generatrice<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>flussi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>finanziari<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>attribuire<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>l\u2019avviamento.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>L\u2019ammontare<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dell\u2019eventuale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>r<span class=\"_ _2\"></span>iduzione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _3bd\"> </span>valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dall\u2019eventuale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">differenza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">negativa<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tra<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">isc<span class=\"_ _2\"></span>rizione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dell\u2019avviamento<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ed<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>uo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valor<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>recupero,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>determinato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>co<span class=\"_ _2\"></span>me<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>maggiore<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tra<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _2\"></span></span>value<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019unit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>generatrice<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziari,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> </span>netto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>degli<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>eventuali<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>costi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>vendita,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ed<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>relativo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>d\u2019uso.<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>conseguenti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rettifiche<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span></span>valore<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> </span>rilevate<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico;<span class=\"_ _3bd\"> </span>gl<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>leme<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">at<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>o,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">passi<span class=\"_ _0\"></span>vo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"_ _0\"></span><span class=\"ff3\">conto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">eco<span class=\"_ _0\"></span>nom<span class=\"_ _0\"></span>ico<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">veng<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>tegral<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">acqu<span class=\"_ _0\"></span>isi<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u201clin<span class=\"_ _0\"></span>ea<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">line<span class=\"_ _0\"></span>a\u201d;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>le<span class=\"ff1\"> </span>partite<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ebitorie<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>cred<span class=\"_ _0\"></span>itorie,<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>operazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fuori<span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> </span>nonch\u00e9<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">proventi</span> <span class=\"ff3\">e</span> <span class=\"_ _0\"></span><span class=\"ff3\">gli<span class=\"ff1\"> </span>oneri<span class=\"ff1\"> </span>ed<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i</span> <span class=\"ff3\">profitti</span> <span class=\"ff3\">e</span> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span></span></span></span></span></span></span>perdite<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">traenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">origine<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rapporti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tra<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">so<span class=\"_ _2\"></span>ciet\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">oggetto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">consolidamento<span class=\"ff1\"> </span>integ<span class=\"_ _0\"></span>rale,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">loro<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">elisi;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quote<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>patrimonio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>netto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>utile<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">di</span> <span class=\"_ _27\"> </span><span class=\"ff3\">periodo</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">di</span> <span class=\"_ _27\"> </span><span class=\"ff3\">pertinenza</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">dei</span> <span class=\"_ _27\"> </span><span class=\"ff3\">\u201cterzi\u201d</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">azionisti</span> <span class=\"_ _27\"> </span><span class=\"ff3\">delle</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">so<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>et\u00e0<span class=\"_ _3bd\"> </span></span></span>con<span class=\"_ _0\"></span>sol<span class=\"_ _0\"></span>ida<span class=\"_ _0\"></span>te,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>se<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>ap<span class=\"_ _0\"></span>posi<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">voc<span class=\"_ _0\"></span>i,<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>isp<span class=\"_ _0\"></span>ett<span class=\"_ _0\"></span>ivame<span class=\"_ _0\"></span>nte,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>assi<span class=\"_ _0\"></span>vo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stato<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">patri<span class=\"_ _0\"></span>mon<span class=\"_ _0\"></span>iale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ec<span class=\"_ _0\"></span>ono<span class=\"_ _0\"></span>mico<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>consolidamento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>societ\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>metodo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>int<span class=\"_ _2\"></span>egrale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>stat<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>utilizzati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>bilanci<span class=\"ff1\"> <span class=\"_ _20\"></span></span>predispost<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"_ _1\"></span> approvati<span class=\"ff1\"> </span>dalle<span class=\"ff1\"> </span>sing<span class=\"_ _0\"></span>ole<span class=\"ff1\"> </span>societ\u00e0,<span class=\"ff1\"> </span>eventualmente<span class=\"ff1\"> </span>resi<span class=\"ff1\"> </span>conformi<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>principi<span class=\"ff1\"> </span>contabili<span class=\"ff1\"> </span>internazionali<span class=\"ff1\"> </span>seguiti<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>predisposizione<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>situazione<span class=\"ff1\"> </span>consolidata;<span class=\"_ _3bd\"> </span>il<span class=\"ff1\"> </span>valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>libro<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">partecipazioni<span class=\"ff1\"> </span>rilevanti,<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>etenute<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>capogruppo,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>altre<span class=\"ff1\"> </span>societ\u00e0<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">g<span class=\"_ _2\"></span>ruppo,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>afferenti<span class=\"ff1\"> </span>societ\u00e0<span class=\"ff1\"> </span>consolidate<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>metodo<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">patrimonio</span> <span class=\"_ _2\"></span><span class=\"ff3\">netto,</span> <span class=\"ff3\">\u00e8</span> <span class=\"ff3\">raffrontato</span> <span class=\"ff3\">con</span> <span class=\"ff3\">la</span> <span class=\"ff3\">pertinente</span> <span class=\"_ _0\"></span><span class=\"ff3\">quota<span class=\"ff1\"> </span></span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>patrimonio<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>delle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1e\"> </span><span class=\"ff3\">par<span class=\"_ _2\"></span>tecipate.</span> <span class=\"_ _1e\"> </span><span class=\"ff3\">L\u2019eventuale</span> <span class=\"_ _1e\"> </span><span class=\"ff3\">eccedenza</span> <span class=\"_ _1e\"> </span><span class=\"ff3\">del</span> <span class=\"_ _1d\"> </span><span class=\"ff3\">valore</span> <span class=\"_ _1e\"> </span><span class=\"ff3\">di</span> <span class=\"_ _1e\"> </span><span class=\"ff3\">libro</span> <span class=\"_ _1d\"> </span><span class=\"ff3\">-</span> <span class=\"_ _1e\"> </span><span class=\"ff3\">risultante</span> <span class=\"_ _1e\"> </span><span class=\"ff3\">in</span> <span class=\"_ _1e\"> </span><span class=\"ff3\">prima</span> </span>applicazione<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>consolidato<span class=\"_ _2\"></span><span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>inclusa<span class=\"ff1\"> </span>n<span class=\"_ _2\"></span>el<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>conta<span class=\"_ _2\"></span>bile<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>part<span class=\"_ _2\"></span>ecipata.<span class=\"ff1\"> </span>Le<span class=\"ff1\"> </span>variazioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nel<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>lore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">patr<span class=\"_ _0\"></span>imon<span class=\"_ _0\"></span>iale<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>terv<span class=\"_ _0\"></span>enu<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>negl<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>an<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>suc<span class=\"_ _0\"></span>cess<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"_ _2\"></span><span class=\"ff3\">qu<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">prima<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">appl<span class=\"_ _0\"></span>icaz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>iscr<span class=\"_ _0\"></span>itte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>voce<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>250<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>conto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>economico<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>con<span class=\"_ _2\"></span>solidato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(\u201cutili<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(perdite)<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>delle<span class=\"ff1\">  </span>partecipazioni\u201d)<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nella<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>misura<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> </span>variazioni<span class=\"ff1\"> </span>stesse<span class=\"ff1\"> </span>siano<span class=\"ff1\"> </span>riferibili<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>utili<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>perdite<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>partecipate; se<span class=\"ff1\"> </span>esistono<span class=\"ff1\"> </span>evidenze<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>part<span class=\"_ _2\"></span>ecipazione<span class=\"ff1\"> </span>rilevante<span class=\"ff1\"> </span>possa<span class=\"ff1\"> </span>aver<span class=\"ff1\"> </span>subito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>una<span class=\"ff1\"> </span>riduzione,<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span> procede<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>tima<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ecupe<span class=\"_ _0\"></span>rabile<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">partecipazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">st<span class=\"_ _2\"></span>essa,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>enendo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attuale<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziar<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>futuri<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>partecipazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pot<span class=\"_ _2\"></span>r\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>generare,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>incluso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dismissione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finale<span class=\"ff1\"> </span>dell\u2019investimento.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Qualora<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">recupero<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">risulti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inferiore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contabile,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>elativa<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">differenza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>rilevata<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico; per<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>consolidamento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> </span>partecipazioni<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>societ\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>collegate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>state<span class=\"ff1\"> </span>utilizzate,<span class=\"ff1\"> </span>ove<span class=\"ff1\"> <span class=\"_ _2\"></span></span>disponibili,<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span> progetti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>bilancio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>31<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dicembre<span class=\"ff1\"> <span class=\"_ _21\"></span></span>2022<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>approvati<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dai<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rispettivi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Consigli<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Amministrazione;<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>lor<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>mancanza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>stati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">considerati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">degli<span class=\"ff1\"> </span>ultimi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">bilanci<span class=\"ff1\"> </span>ap<span class=\"_ _0\"></span>provat<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(generalmente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quelli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>31<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dic<span class=\"_ _2\"></span>embre<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>202<span class=\"_ _0\"></span>1). Pa<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>eci<span class=\"_ _0\"></span>pa<span class=\"_ _1\"></span>zion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>so<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>et\u00e0<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>rol<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>vi<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>es<span class=\"_ _0\"></span>cl<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>iva<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>eg<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>(c<span class=\"_ _1\"></span>ons<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span>da<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>pa<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>io<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>o)<span class=\"fc0 sc1\"> </span>MagazziniGeneralid<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>Tag<span class=\"_ _0\"></span>liat<span class=\"_ _0\"></span>e 0,<span class=\"_ _0\"></span>10%<span class=\"_ _0\"></span> 2.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Cre<span class=\"_ _0\"></span>dem<span class=\"_ _0\"></span>fact<span class=\"_ _0\"></span>or<span class=\"ff1\"> </span>sp<span class=\"_ _1\"></span>a <span class=\"_ _191\"> </span>Reggio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Emil<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span> <span class=\"_ _4a\"> </span>1 <span class=\"_ _7c\"> </span>C<span class=\"_ _0\"></span>red<span class=\"_ _0\"></span>ito<span class=\"ff1\"> </span>Em<span class=\"_ _0\"></span>ilia<span class=\"_ _0\"></span>no <span class=\"_ _177\"> </span>99,0<span class=\"_ _0\"></span>0% </span></span></span></span>Cr<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span>mle<span class=\"_ _0\"></span>asi<span class=\"_ _0\"></span>ng <span class=\"_ _77\"> </span>1,<span class=\"_ _0\"></span>00%<span class=\"_ _0\"></span> 3.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Cre<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>m<span class=\"ff1\"> </span>Pr<span class=\"_ _0\"></span>ivat<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Equ<span class=\"_ _0\"></span>ity<span class=\"ff1\"> </span>S<span class=\"_ _0\"></span>GR<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sp<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span> <span class=\"_ _45\"> </span>Reggio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Emi<span class=\"_ _0\"></span>lia<span class=\"_ _0\"></span> <span class=\"_ _4a\"> </span>1 <span class=\"_ _7c\"> </span>C<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>dito<span class=\"ff1\"> </span>Em<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>ano<span class=\"_ _0\"></span> <span class=\"_ _11c\"> </span>87,<span class=\"_ _0\"></span>50% </span></span></span></span></span></span></span></span>Credem<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Euromobiliare<span class=\"ff1\"> </span></span></span>Private<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">banking </span></span>12<span class=\"_ _0\"></span>,50<span class=\"_ _0\"></span>% 4.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Eurom<span class=\"_ _0\"></span>obi<span class=\"_ _0\"></span>liar<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>Ass<span class=\"_ _0\"></span>et<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Mana<span class=\"_ _0\"></span>gem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t<span class=\"ff1\"> </span>SGR<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span> <span class=\"_ _66\"> </span>Mila<span class=\"_ _0\"></span>no<span class=\"_ _0\"></span> <span class=\"_ _193\"> </span>1 <span class=\"_ _194\"> </span>Cr<span class=\"_ _0\"></span>edi<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>Emil<span class=\"_ _0\"></span>ian<span class=\"_ _0\"></span>o <span class=\"_ _a2\"> </span>1<span class=\"_ _0\"></span>00,<span class=\"_ _0\"></span>00<span class=\"_ _0\"></span>% </span></span></span></span>5.<span class=\"ff1\"> </span>E<span class=\"_ _0\"></span>urom<span class=\"_ _0\"></span>obi<span class=\"_ _0\"></span>liar<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>Ad<span class=\"_ _0\"></span>vis<span class=\"_ _0\"></span>ory<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">SIM<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">s<span class=\"_ _0\"></span>pa<span class=\"_ _1\"></span> <span class=\"_ _f7\"> </span>Milan<span class=\"_ _1\"></span>o <span class=\"_ _193\"> </span>1 <span class=\"_ _194\"> </span>Cr<span class=\"_ _0\"></span>edi<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>Emil<span class=\"_ _0\"></span>ian<span class=\"_ _0\"></span>o <span class=\"_ _a2\"> </span>1<span class=\"_ _0\"></span>00,<span class=\"_ _0\"></span>00<span class=\"_ _0\"></span>% </span></span></span></span>6.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Cr<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span>mte<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>sp<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span> <span class=\"_ _195\"> </span>Reggio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Emil<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span> <span class=\"_ _4a\"> </span>1 <span class=\"_ _194\"> </span>Cre<span class=\"_ _0\"></span>dito<span class=\"ff1\"> </span>Em<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>ano<span class=\"_ _0\"></span> <span class=\"_ _a2\"> </span>10<span class=\"_ _0\"></span>0,0<span class=\"_ _0\"></span>0% </span></span></span></span>7.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Avvera<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sp<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span> <span class=\"_ _3c\"> </span>Reggio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Emil<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span> <span class=\"_ _4a\"> </span>1 <span class=\"_ _194\"> </span>Cre<span class=\"_ _0\"></span>dito<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Emili<span class=\"_ _0\"></span>ano<span class=\"_ _0\"></span> <span class=\"_ _a2\"> </span>10<span class=\"_ _0\"></span>0,0<span class=\"_ _0\"></span>0% </span></span></span></span></span></span></span></span>8.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Maga<span class=\"_ _0\"></span>zz<span class=\"_ _0\"></span>ini<span class=\"ff1\"> </span>Ge<span class=\"_ _0\"></span>ner<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>Ta<span class=\"_ _0\"></span>gli<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>a <span class=\"_ _41\"> </span>Reggio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Em<span class=\"_ _0\"></span>ilia<span class=\"_ _1\"></span> <span class=\"_ _41\"> </span>1 <span class=\"_ _194\"> </span>Cr<span class=\"_ _0\"></span>edit<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>Emil<span class=\"_ _0\"></span>ian<span class=\"_ _0\"></span>o <span class=\"_ _a2\"> </span>1<span class=\"_ _0\"></span>00,<span class=\"_ _0\"></span>00<span class=\"_ _0\"></span>% </span></span></span></span></span></span></span></span>9.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Cre<span class=\"_ _0\"></span>dem<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Eurom<span class=\"_ _0\"></span>obi<span class=\"_ _0\"></span>liare<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Pri<span class=\"_ _0\"></span>vate<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ban<span class=\"_ _1\"></span>king<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">s<span class=\"_ _0\"></span>pa<span class=\"_ _1\"></span> <span class=\"_ _178\"> </span>Reggio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Emil<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span> <span class=\"_ _4a\"> </span>1 <span class=\"_ _194\"> </span>Cred<span class=\"_ _0\"></span>ito<span class=\"ff1\"> </span>Em<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>ano<span class=\"_ _0\"></span> <span class=\"_ _a2\"> </span>10<span class=\"_ _0\"></span>0,0<span class=\"_ _0\"></span>0% </span></span></span></span></span></span></span></span></span></span></span></span>10<span class=\"_ _0\"></span>.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Eur<span class=\"_ _0\"></span>omob<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Fidu<span class=\"_ _0\"></span>ciar<span class=\"_ _0\"></span>ia<span class=\"ff1\"> </span>sp<span class=\"_ _1\"></span>a <span class=\"_ _192\"> </span>Mila<span class=\"_ _0\"></span>no<span class=\"_ _0\"></span> <span class=\"_ _193\"> </span>1 <span class=\"_ _194\"> </span>Cr<span class=\"_ _0\"></span>edi<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>Emil<span class=\"_ _1\"></span>iano <span class=\"_ _196\"> </span>10<span class=\"_ _0\"></span>0,0<span class=\"_ _0\"></span>0% </span></span>11<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>Cr<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span>mvit<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>sp<span class=\"_ _1\"></span>a <span class=\"_ _ec\"> </span>Reggio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Emil<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span> <span class=\"_ _4a\"> </span>1 <span class=\"_ _194\"> </span>Cred<span class=\"_ _0\"></span>ito<span class=\"ff1\"> </span>Em<span class=\"_ _0\"></span>ilia<span class=\"_ _0\"></span>no<span class=\"_ _0\"></span> <span class=\"_ _a2\"> </span>100<span class=\"_ _0\"></span>,0<span class=\"_ _0\"></span>0% </span></span>12.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Sata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sr<span class=\"_ _1\"></span>l <span class=\"_ _197\"> </span>Mod<span class=\"_ _0\"></span>ena<span class=\"_ _0\"></span> <span class=\"_ _f7\"> </span>1 <span class=\"_ _198\"> </span>Cr<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span>mte<span class=\"_ _0\"></span>l <span class=\"_ _a5\"> </span>100,<span class=\"_ _0\"></span>00<span class=\"_ _0\"></span>% </span></span></span></span>13.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Blue<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Eye<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Solutions<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sr<span class=\"_ _1\"></span>l <span class=\"_ _199\"> </span>Mont<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>hiar<span class=\"_ _0\"></span>ug<span class=\"_ _0\"></span>olo<span class=\"_ _0\"></span> <span class=\"_ _a5\"> </span>1 <span class=\"_ _198\"> </span>C<span class=\"_ _0\"></span>red<span class=\"_ _0\"></span>emt<span class=\"_ _0\"></span>el <span class=\"_ _7f\"> </span>75,0<span class=\"_ _0\"></span>0% </span></span></span></span></span></span></span></span>14.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Credem<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">CB<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sr<span class=\"_ _1\"></span>l <span class=\"_ _b1\"> </span>C<span class=\"_ _1\"></span>onegl<span class=\"_ _0\"></span>iano<span class=\"_ _0\"></span> <span class=\"_ _138\"> </span>1 <span class=\"_ _194\"> </span>Cre<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>Emil<span class=\"_ _0\"></span>iano<span class=\"_ _1\"></span> <span class=\"_ _11c\"> </span>70,<span class=\"_ _0\"></span>00<span class=\"_ _0\"></span>% </span></span></span></span></span></span>1.<span class=\"_ _0\"></span>Cre<span class=\"_ _0\"></span>dem<span class=\"_ _0\"></span>assi<span class=\"_ _0\"></span>cur<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>onisp<span class=\"_ _1\"></span>a<span class=\"_ _3bd\"> </span>ReggioEmi<span class=\"_ _0\"></span>lia<span class=\"_ _3bd\"> </span>2 Cr<span class=\"_ _0\"></span>edi<span class=\"_ _0\"></span>toEmi<span class=\"_ _0\"></span>lia<span class=\"_ _0\"></span>no<span class=\"_ _3bd\"> </span>50,<span class=\"_ _0\"></span>00<span class=\"_ _0\"></span>%<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>And<span class=\"_ _0\"></span>xor<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>l <span class=\"_ _19a\"> </span>Cin<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>llo<span class=\"ff1\"> </span>Bal<span class=\"_ _0\"></span>sam<span class=\"_ _0\"></span>o 3 Cr<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span>mte<span class=\"_ _0\"></span>l <span class=\"_ _11b\"> </span>4<span class=\"_ _0\"></span>0,0<span class=\"_ _0\"></span>0% 3.S<span class=\"_ _0\"></span>BC<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Finte<span class=\"_ _0\"></span>ch<span class=\"ff1\"> </span>M<span class=\"_ _0\"></span>ilan<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">22<span class=\"_ _0\"></span>24<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>l <span class=\"_ _19b\"> </span>Mila<span class=\"_ _0\"></span>no<span class=\"_ _0\"></span> <span class=\"_ _12d\"> </span>3 <span class=\"_ _19c\"> </span>Cr<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span>mte<span class=\"_ _0\"></span>l <span class=\"_ _7c\"> </span>19,<span class=\"_ _0\"></span>68<span class=\"_ _0\"></span>% </span></span></span></span>4.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Gru<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>Sant<span class=\"_ _0\"></span>ama<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>pa<span class=\"_ _1\"></span> <span class=\"_ _19d\"> </span>Ca<span class=\"_ _0\"></span>tani<span class=\"_ _0\"></span>a <span class=\"_ _c2\"> </span>3 <span class=\"_ _138\"> </span>Avv<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span> <span class=\"_ _90\"> </span>10,<span class=\"_ _0\"></span>00% </span></span></span></span>Le<span class=\"_ _0\"></span>gen<span class=\"_ _0\"></span>da Tipo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rapp<span class=\"_ _1\"></span>orto:<span class=\"_ _0\"></span> </span></span></span></span>1<span class=\"ff1\"> </span>=<span class=\"ff1\"> </span>m<span class=\"_ _0\"></span>agg<span class=\"_ _0\"></span>ior<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>diri<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">voto<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ne<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>\u2019as<span class=\"_ _0\"></span>sem<span class=\"_ _0\"></span>ble<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>ord<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span> </span></span></span></span></span></span>2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">=<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">controllo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>giu<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>o </span></span></span></span></span></span>3<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">=<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">imprese<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">co<span class=\"_ _0\"></span>lleg<span class=\"_ _0\"></span>ate<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"_ _0\"></span> </span></span></span></span></span></span>Avvera<span class=\"ff1\"> </span>spa<span class=\"ff1\"> </span>detiene<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>10%<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">G<span class=\"_ _2\"></span>ruppo<span class=\"ff1\"> </span>Santamaria<span class=\"ff1\"> </span>spa<span class=\"ff1\"> </span>\u201cGSM\u201d.<span class=\"ff1\"> </span>Il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">capitale</span> <span class=\"ff3\">sociale</span> <span class=\"ff3\">di</span> <span class=\"ff3\">GSM</span> <span class=\"ff3\">\u00e8</span> <span class=\"_ _0\"></span><span class=\"ff3\">detenuto<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>Avver<span class=\"_ _3bd\"> </span></span></span></span></span>tramite<span class=\"ff1\"> </span>azioni<span class=\"ff1\"> </span>speciali<span class=\"ff1\"> </span>\u201cAzioni<span class=\"ff1\"> </span>B\u201d<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cui<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>attribuiti,<span class=\"ff1\"> </span>oltre<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>diritti<span class=\"ff1\"> </span>attribuiti<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>Legge<span class=\"ff1\"> </span>all<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>azioni<span class=\"ff1\"> </span>ordinari<span class=\"_ _3bd\"> </span>anche<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>seguenti<span class=\"ff1\"> </span>diritti:<span class=\"_ _3bd\"> </span>di<span class=\"_ _0\"></span>ritt<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>sig<span class=\"_ _0\"></span>nare<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ai<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fin<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ella<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nom<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">comp<span class=\"_ _0\"></span>onen<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">C<span class=\"_ _0\"></span>onsig<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">Amm<span class=\"_ _0\"></span>ini<span class=\"_ _0\"></span>straz<span class=\"_ _0\"></span>ione<span class=\"_ _1\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>diritto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">designare,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ai<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fini<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">de<span class=\"_ _2\"></span>lla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nom<span class=\"_ _2\"></span>ina,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">quale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">componente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">C<span class=\"_ _2\"></span>ollegio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Sindacale,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Sindaco<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Eff<span class=\"_ _2\"></span>ettivo<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>che<span class=\"ff1\"> </span>rivestir\u00e0<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>carica<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Presidente,<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>Sindaco<span class=\"ff1\"> </span>Supplente;<span class=\"_ _3bd\"> </span>presentazione<span class=\"ff1\"> </span>all\u2019Assemblea<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>ci<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>proposta<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>revoca<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>soggetto<span class=\"ff1\"> </span>incaricato<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>revis<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>leg<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">GSM<span class=\"_ _1\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>diritto<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">subordinare<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>proprio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">voto<span class=\"ff1\"> </span>favorevole<span class=\"ff1\"> </span>una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">serie<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>iberazioni<span class=\"ff1\"> </span>assembleari<span class=\"ff1\"> </span>quali<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>modific<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>dello<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Statuto,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019aumento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>diminuzione<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cap<span class=\"_ _2\"></span>itale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sociale,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fusioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sciss<span class=\"_ _2\"></span>ioni,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>determinazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"_ _3bd\"> </span>modifica<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>compensi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>am<span class=\"_ _2\"></span>ministratori<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sindaci,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>l\u2019approvazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>p<span class=\"_ _2\"></span>iani<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>incentivazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>deg<span class=\"_ _3bd\"> </span>amministratori,<span class=\"ff1\"> </span>dirigenti<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>dipendenti.<span class=\"_ _3bd\"> </span>Siccome<span class=\"ff1\"> <span class=\"_ _20\"></span></span>non<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>vi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>GSM<span class=\"ff1\"> <span class=\"_ _20\"></span></span>voti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>consiglieri<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prevalgano<span class=\"ff1\"> <span class=\"_ _21\"></span></span>su<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quelli<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>altri<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Consiglie<span class=\"_ _0\"></span>ri,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>l<span class=\"_ _3bd\"> </span>designazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>esponenti<span class=\"ff1\"> </span>aziendali<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>attribuisce<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>nessun<span class=\"ff1\"> </span>socio<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>prevalenza<span class=\"ff1\"> </span>sulle<span class=\"ff1\"> </span>scelte<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>cietarie<span class=\"_ _3bd\"> </span>In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ta<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>test<span class=\"_ _0\"></span>o,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">GS<span class=\"_ _0\"></span>M:<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span>Avvera<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>detiene<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>maggioranza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>diritti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>voto,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>potendo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>solo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>determinare<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>scelt<span class=\"_ _3bd\"> </span>societarie,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>avendo<span class=\"ff1\">  </span>la<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>capacit\u00e0<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>pra<span class=\"_ _2\"></span>tica<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\">  </span>condurre<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>unilateralmente<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>attivit\u00e0<span class=\"ff1\">  </span>r<span class=\"_ _2\"></span>ilevanti<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dell<span class=\"_ _3bd\"> </span>partecipata,<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>quali<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>sempre<span class=\"ff1\"> </span>necessario<span class=\"ff1\"> </span>anche<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>consenso<span class=\"_ _2\"></span><span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>altri<span class=\"ff1\"> </span>soci;<span class=\"_ _3bd\"> </span>Avv<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">h<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pote<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">vet<span class=\"_ _0\"></span>o,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>pec<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ci<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">argom<span class=\"_ _0\"></span>enti<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"_ _0\"></span>lle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">scelt<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">degli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altr<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">soc<span class=\"_ _0\"></span>i,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sen<span class=\"_ _0\"></span>so<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mancan<span class=\"_ _0\"></span>za<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">v<span class=\"_ _0\"></span>oto<span class=\"ff1\"> </span>fa<span class=\"_ _0\"></span>vo<span class=\"_ _0\"></span>revo<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Av<span class=\"_ _0\"></span>vera<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">anch<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">altri<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>oci<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>ten<span class=\"_ _0\"></span>tori<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>estan<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">90%<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cap<span class=\"_ _0\"></span>ital<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ocia<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>on<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>in<span class=\"ff1\"> </span>grado<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>incidere<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>societ\u00e0.<span class=\"_ _3bd\"> </span>In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">re<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">GS<span class=\"_ _0\"></span>M<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pos<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Avv<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">per<span class=\"_ _0\"></span>tant<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uel<span class=\"_ _0\"></span>la:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>un<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>oggetto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"></span></span>espo<span class=\"_ _0\"></span>sto<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rendimenti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>variabi<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>deti<span class=\"_ _2\"></span>ene<span class=\"ff1\"> <span class=\"_ _21\"></span></span>comunque<span class=\"ff1\"> <span class=\"_ _20\"></span></span>diritt<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>su<span class=\"ff1\"> </span>tali<span class=\"ff1\"> <span class=\"_ _21\"></span></span>possibi<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>ren<span class=\"_ _0\"></span>dim<span class=\"_ _0\"></span>enti<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span>ch<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ha<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pr<span class=\"_ _0\"></span>opr<span class=\"_ _0\"></span>ia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cap<span class=\"_ _0\"></span>acit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inci<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rend<span class=\"_ _0\"></span>imen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sol<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>e<span class=\"_ _1\"></span>sercit<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ote<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>ve<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sce<span class=\"_ _0\"></span>lte<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>deg<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">altr<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>oci<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span></span></span>7.6<span class=\"_ _3bd\"> </span>Valut<span class=\"_ _0\"></span>azioni<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>ass<span class=\"_ _0\"></span>unzioni<span class=\"_ _3bd\"> </span>signi<span class=\"_ _0\"></span>ficat<span class=\"_ _0\"></span>ive<span class=\"_ _3bd\"> </span>per<span class=\"_ _3bd\"> </span>stabili<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>l\u2019esis<span class=\"_ _0\"></span>tenza<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>contro<span class=\"_ _0\"></span>llo<span class=\"_ _3bd\"> </span>congi<span class=\"_ _0\"></span>unto<span class=\"_ _3bd\"> </span>o<span class=\"_ _3bd\"> </span>influe<span class=\"_ _0\"></span>nza<span class=\"_ _3bd\"> </span>notev<span class=\"_ _0\"></span>ole<span class=\"_ _3bd\"> </span>Credito<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Emiliano<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>S.p.A.<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>detiene<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>50%<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Cr<span class=\"_ _2\"></span>edemassicurazioni<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>S.p.A.,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>restante<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quota<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>capitale<span class=\"ff1\"> </span>sociale<span class=\"ff1\"> </span>(50%)<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>invece<span class=\"ff1\"> </span>detenuta<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>Reale<span class=\"ff1\"> </span>Mutua<span class=\"ff1\"> </span>Assicurazioni. In<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conte<span class=\"_ _0\"></span>sto<span class=\"_ _0\"></span>: </span></span></span></span>Credito<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Emilian<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>non<span class=\"ff1\"> <span class=\"_ _21\"></span></span>detiene<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span></span>maggioranza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>diritti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>voto,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>non<span class=\"ff1\"> <span class=\"_ _21\"></span></span>potend<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>da<span class=\"ff1\"> <span class=\"_ _21\"></span></span>solo<span class=\"ff1\"> </span>determinare<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>scelte<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>societarie,<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>avendo<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>capacit\u00e0<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>pratica<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>condurre<span class=\"_ _2\"></span><span class=\"ff1\"> </span>unilateralmente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rilevanti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>partecipata,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sempre<span class=\"ff1\"> <span class=\"_ _2\"></span></span>necess<span class=\"_ _2\"></span>ario<span class=\"ff1\"> </span>anche<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>consenso<span class=\"ff1\"> </span>dell\u2019altro<span class=\"ff1\"> </span>socio; Credito<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Emiliano<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ha<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>pot<span class=\"_ _2\"></span>ere<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>veto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sulle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>scelt<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dell\u2019altro<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>so<span class=\"_ _0\"></span>cio,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>senso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"_ _0\"></span> mancanza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>voto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>favor<span class=\"_ _2\"></span>evole<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Credito<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Emi<span class=\"_ _0\"></span>liano<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>anche<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>l\u2019al<span class=\"_ _0\"></span>tro<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span></span>socio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>detentore<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"_ _2\"></span><span class=\"ff1\"> </span>restante<span class=\"ff1\"> </span>50%<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>capitale<span class=\"ff1\"> </span>sociale<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>grado<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>incidere<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>ciet\u00e0. In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">re<span class=\"_ _0\"></span>lazi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"ff3\">C<span class=\"_ _0\"></span>rede<span class=\"_ _1\"></span>massic<span class=\"_ _0\"></span>ura<span class=\"_ _0\"></span>zioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>po<span class=\"_ _0\"></span>sizi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Cre<span class=\"_ _0\"></span>dito<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Emi<span class=\"_ _0\"></span>lia<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pe<span class=\"_ _0\"></span>rtan<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>a: </span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un</span> <span class=\"_ _0\"></span><span class=\"ff3\">sogge<span class=\"_ _0\"></span>tto<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u00e8</span> <span class=\"ff3\">e<span class=\"_ _0\"></span>spost<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>re<span class=\"_ _1\"></span>ndime<span class=\"_ _0\"></span>nti<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>abil<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>ch<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>tie<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>com<span class=\"_ _0\"></span>unqu<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>iri<span class=\"_ _0\"></span>tti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tali<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>possibili<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rendimenti; </span></span>che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>na<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">propria<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">capacit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">incidere<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>ali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rendimenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">solo<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>sercitando<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">potere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ve<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>su<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sce<span class=\"_ _0\"></span>lte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span>l\u2019a<span class=\"_ _0\"></span>ltro<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">soci<span class=\"_ _0\"></span>o. </span></span></span></span></span></span>Gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>ccor<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in</span> <span class=\"ff3\">e<span class=\"_ _1\"></span>ssere<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tra<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">soc<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ete<span class=\"_ _0\"></span>ntor<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ris<span class=\"_ _0\"></span>pett<span class=\"_ _0\"></span>ivam<span class=\"_ _0\"></span>ente<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>50<span class=\"_ _0\"></span>%<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">capi<span class=\"_ _0\"></span>tal<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">soci<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span>templ<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>o: </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>diritto<span class=\"ff1\"> </span>contemplato<span class=\"ff1\"> </span>nell\u2019atto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>compravendita<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>azioni,<span class=\"ff1\"> </span>circoscritto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>entro<span class=\"ff1\"> </span>precisi<span class=\"ff1\"> </span>limiti<span class=\"ff1\"> </span>temporali<span class=\"ff1\"> </span>(ogni<span class=\"ff1\"> </span>5<span class=\"ff1\"> </span>anni),<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>esercitare<span class=\"ff1\"> </span>opzioni<span class=\"ff1\"> </span>call<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>put<span class=\"ff1\"> </span>sulle<span class=\"ff1\"> </span>rispettive<span class=\"ff1\"> </span>azioni; diritto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contemplato<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>apposito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>patto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>para<span class=\"_ _0\"></span>sociale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ottenere<span class=\"ff1\"> <span class=\"_ _20\"></span></span>esponenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>aziendali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(l<span class=\"_ _0\"></span>a met\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>de<span class=\"_ _0\"></span>gli<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>amministratori<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>r<span class=\"_ _2\"></span>innovi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>alternati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Consiglio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Amministr<span class=\"_ _2\"></span>azione,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> </span>Presidente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span>Consigli<span class=\"_ _0\"></span>o<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Amm<span class=\"_ _2\"></span>inistrazione,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>Sindaci<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rinnovi<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>ternati,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Presidente<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>del<span class=\"ff1\"> </span>Collegi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>Sindacale).<span class=\"ff1\"> </span>Siccome<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>vi<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>ll\u2019ambito<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>redemass<span class=\"_ _2\"></span>icurazioni<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>oti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>consiglieri<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ch<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prevalgano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quelli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">altri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Consiglieri<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>ad<span class=\"ff1\"> </span>esempio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cont<span class=\"_ _2\"></span>emplata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>prevalenza<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>oto<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Presidente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Cons<span class=\"_ _2\"></span>iglio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>Ammini<span class=\"_ _0\"></span>str<span class=\"_ _2\"></span>azione),<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">designazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>esponenti<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>aziendali<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>attribuisce<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>nessun<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>so<span class=\"_ _2\"></span>cio<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>u<span class=\"_ _0\"></span>na<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>prev<span class=\"_ _0\"></span>alenza<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>sulle<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>scelte<span class=\"ff1\"> </span>soc<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>tarie<span class=\"_ _0\"></span>; ob<span class=\"_ _0\"></span>blig<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">no<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">trasf<span class=\"_ _0\"></span>erir<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">azi<span class=\"_ _0\"></span>oni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ter<span class=\"_ _0\"></span>zi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">du<span class=\"_ _0\"></span>rata<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pat<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>araso<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>le. </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>In<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>t<span class=\"_ _2\"></span>ale<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>contest<span class=\"_ _2\"></span>o,<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>diritti<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>Cr<span class=\"_ _2\"></span>edito<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>Emiliano<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>sono<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>cir<span class=\"_ _2\"></span>coscritti<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>alle<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>nette<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>di<span class=\"ff1\"> </span>Cre<span class=\"_ _0\"></span>dem<span class=\"_ _0\"></span>assi<span class=\"_ _0\"></span>cur<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ni. Credito<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Emiliano<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>S.p.A.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>detiene<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>100%<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Credemtel<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>S.p.A.,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>ua<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>volta<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>deti<span class=\"_ _2\"></span>ene<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>40%<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> </span>ANDXOR<span class=\"ff1\"> </span>SOLUZIONI<span class=\"ff1\"> </span>INFORMATICHE<span class=\"ff1\"> </span>S.R.L.<span class=\"ff1\"> </span>\u201cANDXOR\u201d. In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ta<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>test<span class=\"_ _0\"></span>o,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ANDXO<span class=\"_ _0\"></span>R:<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span>Credemtel<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>detiene<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>maggioranza<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>diritti<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>voto,<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>potendo<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>solo<span class=\"ff1\"> </span>determinare<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>scelte<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>societarie,<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>avendo<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>capacit\u00e0<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>pratica<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>condurre<span class=\"_ _2\"></span><span class=\"ff1\"> </span>unilateralmente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rilevanti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>partecipata,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sempre<span class=\"ff1\"> <span class=\"_ _2\"></span></span>necess<span class=\"_ _2\"></span>ario<span class=\"ff1\"> </span>anche<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>consenso<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>altri<span class=\"ff1\"> </span>soci; Credemtel<span class=\"ff1\"> </span>ha<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>potere<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>veto,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>su<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>pecifici<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">argomenti,</span> <span class=\"_ _2\"></span><span class=\"ff3\">sulle</span> <span class=\"_ _2\"></span><span class=\"ff3\">scelte</span> <span class=\"_ _2\"></span><span class=\"ff3\">degli</span> <span class=\"_ _2\"></span><span class=\"ff3\">altri</span> <span class=\"_ _2\"></span><span class=\"ff3\">soci,</span> <span class=\"_ _2\"></span><span class=\"ff3\">ne<span class=\"_ _1\"></span>l </span></span>sen<span class=\"_ _0\"></span>so<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>he<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>ma<span class=\"_ _0\"></span>ncan<span class=\"_ _0\"></span>za<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>oto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fa<span class=\"_ _0\"></span>vor<span class=\"_ _0\"></span>evo<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">C<span class=\"_ _0\"></span>redem<span class=\"_ _0\"></span>tel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">anch<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>g<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ltri<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>oci<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>tento<span class=\"_ _0\"></span>ri<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>restante<span class=\"ff1\"> </span>60%<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>capitale<span class=\"ff1\"> </span>sociale<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>grado<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>incide<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ulla<span class=\"ff1\"> </span>societ\u00e0. In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">re<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">AN<span class=\"_ _0\"></span>DXOR<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>osiz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Crede<span class=\"_ _0\"></span>mte<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>rtan<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>lla: </span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un</span> <span class=\"_ _0\"></span><span class=\"ff3\">sogge<span class=\"_ _0\"></span>tto<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u00e8</span> <span class=\"ff3\">e<span class=\"_ _0\"></span>spost<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>re<span class=\"_ _1\"></span>ndime<span class=\"_ _0\"></span>nti<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>abil<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>ch<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>tie<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>com<span class=\"_ _0\"></span>unqu<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>iri<span class=\"_ _0\"></span>tti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tali<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>possibili<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rendimenti; </span></span>che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>na<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">propria<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">capacit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">incidere<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>ali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rendimenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">solo<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>sercitando<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">potere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ve<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ulle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>celt<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>de<span class=\"_ _1\"></span>gli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">altri<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">soc<span class=\"_ _0\"></span>i. </span></span></span></span></span></span>Gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>cc<span class=\"_ _0\"></span>ordi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ess<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">t<span class=\"_ _0\"></span>ra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">soci<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>A<span class=\"_ _0\"></span>NDXO<span class=\"_ _0\"></span>R<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>temp<span class=\"_ _0\"></span>lano<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>avore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Cre<span class=\"_ _0\"></span>demt<span class=\"_ _0\"></span>el: </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>diritto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contemplato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>apposito<span class=\"ff1\"> <span class=\"_ _21\"></span></span>patto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>parasociale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ottenere<span class=\"ff1\"> <span class=\"_ _21\"></span></span>esponenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>aziendali<span class=\"ff1\"> <span class=\"_ _21\"></span></span>(un<span class=\"ff1\"> </span>consigliere<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>amministrazione<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>sindaco<span class=\"ff1\"> </span>unico).<span class=\"ff1\"> </span>Si<span class=\"_ _0\"></span>ccome<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>vi<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>no<span class=\"ff1\"> </span>nell<span class=\"_ _0\"></span>\u2019ambito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>ANDXOR<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">voti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">consiglieri<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ch<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prevalgano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quelli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">altri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Consiglieri,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">designazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>esponenti<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>azie<span class=\"_ _2\"></span>ndali<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>attribuisce<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>nessun<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>socio<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>u<span class=\"_ _0\"></span>na<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>prev<span class=\"_ _0\"></span>alenza<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>sulle<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>s<span class=\"_ _2\"></span>celte<span class=\"ff1\"> </span>soc<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>tarie<span class=\"_ _0\"></span>; diritto<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">co-vendita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>fav<span class=\"_ _0\"></span>ore<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>Credemtel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">qualora<span class=\"ff1\"> </span>ve<span class=\"_ _0\"></span>nga<span class=\"ff1\"> </span>trasferita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">atto<span class=\"ff1\"> </span>tra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vivi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un<span class=\"_ _1\"></span>a </span></span></span></span></span></span></span></span></span></span></span></span></span></span>quota<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>almeno<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>50%<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>capitale<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sociale<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ANDXOR<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"></span></span>tutta<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>durata<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>patto<span class=\"ff1\"> </span>parasociale<span class=\"ff1\"> </span>attualmente<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>essere. Credito<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Emiliano<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">S.p.A.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">detiene<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">100%<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Credemtel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">S.p.A.,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ch<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sua<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">volta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">detiene<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">1<span class=\"_ _2\"></span>9,68%<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">SBC<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Fintech<span class=\"ff1\"> </span>Milan<span class=\"ff1\"> </span>2224<span class=\"ff1\"> </span>srl<span class=\"ff1\"> </span>(SBC). In<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conte<span class=\"_ _0\"></span>sto<span class=\"_ _0\"></span>: </span></span></span></span>-<span class=\"_ _3bd\"> </span>Cre<span class=\"_ _0\"></span>dem<span class=\"_ _0\"></span>tel<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>etie<span class=\"_ _1\"></span>ne<span class=\"ff1\"> </span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">magg<span class=\"_ _0\"></span>ioran<span class=\"_ _0\"></span>za<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">diri<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">vo<span class=\"_ _0\"></span>to,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">n<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>otend<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>da<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">solo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dete<span class=\"_ _0\"></span>rmin<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs14e2\">danni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>accrescere<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _21\"></span></span>livello<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>servizio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"_ _2\"></span>fferto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>propria<span class=\"ff1\"> <span class=\"_ _20\"></span></span>clientela,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>grazie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>upporto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>u<span class=\"_ _3bd\"> </span>n<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs14e3\">primario<span class=\"ff1\"> </span>player<span class=\"ff1\"> </span>specializzato<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>settore<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>protection.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs14e4\">Le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pa<span class=\"_ _0\"></span>rti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">hanno<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">poi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>rfe<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>ato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pa<span class=\"_ _0\"></span>tto<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ara<span class=\"_ _0\"></span>soci<span class=\"_ _0\"></span>ale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>cu<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>lau<span class=\"_ _0\"></span>sole<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>onte<span class=\"_ _0\"></span>mpla<span class=\"_ _0\"></span>no:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs14e5\">Il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>div<span class=\"_ _0\"></span>ieto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>trasferimento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>azioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>diritti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>opzione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>terzi,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>div<span class=\"_ _0\"></span>ersi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>societ<span class=\"_ _3bd\"> </span>\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs14e6\">controllate,<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>tutta<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>durata<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>patto<span class=\"ff1\"> </span>paraso<span class=\"_ _2\"></span>ciale<span class=\"ff1\"> </span>attualmen<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>essere;<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs14e7\">Il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">diritto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ciascuna<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">parte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ottenere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nomina<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ot<span class=\"_ _2\"></span>tenere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nomin<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">esponent<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">aziendali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs14e8\">propria<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>designazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>(la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>met\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>egli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>amministr<span class=\"_ _2\"></span>atori<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rinnovi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>alternati<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Consiglio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>i<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs14e9\">Amministrazione,<span class=\"ff1\">  </span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Presidente<span class=\"ff1\">  </span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Consi<span class=\"_ _2\"></span>glio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Amminist<span class=\"_ _2\"></span>razione,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"ff1\">  </span>Sindaci<span class=\"ff1\">  </span>e,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\">  </span>rinno<span class=\"_ _3bd\"> </span>vi<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs14ea\">alternati,<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>Presidente<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Collegio<span class=\"ff1\"> </span>Sindacale);<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs14eb\">La<span class=\"ff1\"> </span>necessit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quorum<span class=\"ff1\"> <span class=\"_ _2\"></span></span>qualificato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> </span>deliberazioni<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>componenti<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Co<span class=\"_ _2\"></span>nsiglio<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs14ec\">Amministrazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>iguardanti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">particolari<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tematiche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(come,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altre,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>omina<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Dirett<span class=\"_ _2\"></span>or<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs14ed\">Generale,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Responsabile<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Si<span class=\"_ _2\"></span>nistri,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Dir<span class=\"_ _2\"></span>ettore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Commerciale,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>funzione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>auditin<span class=\"_ _3bd\"> </span>g,<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs14ee\">l\u2019approvazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>operazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>finanzia<span class=\"ff1\"> </span>str<span class=\"_ _2\"></span>aordinaria,<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>accordi<span class=\"ff1\"> </span>distributivi,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ecc).<span class=\"_ _2\"></span> </span></span></div><div class=\"t m26 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs14ef\">7.8<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs14f0\">Im<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs14f1\">rif<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>iti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs14f2\">a<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs14f3\">pa<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>eci<span class=\"_ _0\"></span>pa<span class=\"_ _1\"></span>zion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs14f4\">in<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs14f5\">so<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs14f6\">so<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>op<span class=\"_ _0\"></span>ost<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs14f7\">ad<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs14f8\">in<span class=\"_ _0\"></span>flu<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>za<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs14f9\">no<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>vol<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc9 sc0 ls0 ws0 gs14fa\">Credemtel<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>h<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc9 sc0 ls0 ws0 gs14fb\">a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>so<span class=\"_ _2\"></span>ttoscritto<span class=\"ff1\">  </span>con<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">i</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">soci</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">di</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">ANDXOR</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">accordi</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">contrattuali</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">volti</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">a</span>  <span class=\"ff3\">di<span class=\"_ _0\"></span>sciplinare<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>pi<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\">\u00f9<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc9 sc0 ls0 ws0 gs14fc\">compiutamente<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>partnership<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>SATA.<span class=\"fc0\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc9 sc0 ls0 ws0 gs14fd\">Le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pa<span class=\"_ _0\"></span>rti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">hanno<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">poi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>rfe<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>ato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pa<span class=\"_ _0\"></span>tto<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ara<span class=\"_ _0\"></span>soci<span class=\"_ _0\"></span>ale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>cu<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>lau<span class=\"_ _0\"></span>sole<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>onte<span class=\"_ _0\"></span>mpla<span class=\"_ _0\"></span>no:<span class=\"fc0\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs14fe\">il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span>rit<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Cred<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>tel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">otten<span class=\"_ _0\"></span>ere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>omin<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esp<span class=\"_ _0\"></span>onen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">azien<span class=\"_ _0\"></span>dali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>rop<span class=\"_ _0\"></span>ria<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">desi<span class=\"_ _0\"></span>gnaz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">(u<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs14ff\">consigliere<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>amministrazione<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>sindaco<span class=\"ff1\"> </span>unico);<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1500\">il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">diri<span class=\"_ _0\"></span>tto<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">co<span class=\"_ _0\"></span>-vend<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fav<span class=\"_ _0\"></span>ore<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Cre<span class=\"_ _0\"></span>dem<span class=\"_ _0\"></span>tel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">qu<span class=\"_ _1\"></span>alora<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">v<span class=\"_ _0\"></span>enga<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">trasf<span class=\"_ _0\"></span>erit<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">atto<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">tra<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">viv<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">qu<span class=\"_ _1\"></span>ota<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1501\">di<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>almeno<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>5<span class=\"_ _2\"></span>0%<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>ca<span class=\"_ _2\"></span>pitale<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>so<span class=\"_ _2\"></span>ciale<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>ANDX<span class=\"_ _2\"></span>OR<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>tutta<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>durata<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>patt<span class=\"_ _3bd\"> </span>o<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1502\">parasociale<span class=\"ff1\"> </span>attualmente<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>essere;<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1503\">la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>necessit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quorum<span class=\"ff1\"> <span class=\"_ _20\"></span></span>qualificato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>deliberazioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>componenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>de<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Consiglio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"_ _0\"></span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1504\">Amministrazione<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>riguardanti<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>particolari<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>t<span class=\"_ _2\"></span>ematiche<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>(come<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>mo<span class=\"_ _2\"></span>dificazioni<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>dell\u2019atto<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1505\">costitutivo,<span class=\"ff1\">  </span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>modificazione<span class=\"ff1\">  </span>dell\u2019<span class=\"_ _0\"></span>oggett<span class=\"_ _2\"></span>o<span class=\"ff1\">  </span>sociale,<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">l\u2019assunzione</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">di</span>  <span class=\"ff3\">finanziamenti</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">olt<span class=\"_ _2\"></span>re</span>  <span class=\"ff3\">i<span class=\"_ _1c\"></span> </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1506\">150.000<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>euro,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>compravendi<span class=\"_ _0\"></span>ta<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>diritti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>reali<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>immobil<span class=\"_ _0\"></span>iari,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>emissione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>titoli<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>debito<span class=\"_ _3bd\"> </span>,<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1507\">distribuzione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>riserve).<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1508\">Avvera<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sottoscritto<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">soci<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Gruppo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Santamaria<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">accordi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">contr<span class=\"_ _2\"></span>attuali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">volti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">disciplinare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pi<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">\u00f9<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1509\">compiutamente<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>partnership<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>GSM.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs150a\">In<span class=\"ff1\"> </span>tale<span class=\"ff1\"> </span>contesto<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>contratto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>investimento<span class=\"ff1\"> </span>sot<span class=\"_ _2\"></span>toscritto<span class=\"ff1\"> </span>dalle<span class=\"ff1\"> </span>parti<span class=\"ff1\"> </span>ha<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">espressamente<span class=\"ff1\"> </span>convenut<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\">o<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs150b\">in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>apo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ad<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">A<span class=\"_ _0\"></span>vvera<span class=\"_ _0\"></span>:<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(i)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">u<span class=\"_ _0\"></span>na<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pri<span class=\"_ _0\"></span>ma<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">opzion<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cal<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fino<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">20%<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">capi<span class=\"_ _0\"></span>tale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>oci<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">GSM;<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">(i<span class=\"_ _0\"></span>i)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>se<span class=\"_ _0\"></span>con<span class=\"_ _0\"></span>d<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs150c\">opzione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>call<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>ulla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>intera<span class=\"ff1\"> <span class=\"_ _20\"></span></span>partecipazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>residua<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d<span class=\"_ _2\"></span>el<span class=\"ff1\"> <span class=\"_ _2\"></span></span>capitale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>ociale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>G<span class=\"_ _2\"></span>SM;<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(iii)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>una<span class=\"ff1\"> <span class=\"_ _20\"></span></span>opzione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>p<span class=\"_ _3bd\"> </span>ut<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs150d\">sull\u2019intera<span class=\"ff1\"> </span>partecipazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nel<span class=\"ff1\"> </span>ca<span class=\"_ _2\"></span>pitale<span class=\"ff1\"> </span>sociale<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>GSM<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>titolarit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>Avvera.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>La<span class=\"ff1\"> </span>prima<span class=\"ff1\"> <span class=\"_ _2\"></span></span>opzione<span class=\"ff1\"> </span>ca<span class=\"_ _3bd\"> </span>ll<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs150e\">era<span class=\"ff1\"> </span>esercitabile<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dalla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>ap<span class=\"_ _0\"></span>provazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span>bi<span class=\"_ _0\"></span>lancio<span class=\"ff1\"> </span>relativo<span class=\"ff1\"> </span>all\u2019esercizio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2020<span class=\"ff1\"> </span>fino<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ata<span class=\"ff1\"> </span>d<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">e<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs150f\">31<span class=\"ff1\"> </span>dicembre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2021,<span class=\"ff1\"> </span>tale<span class=\"ff1\"> </span>opzione<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span>stata<span class=\"ff1\"> </span>esercitata,<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">seconda<span class=\"ff1\"> </span>opzione<span class=\"ff1\"> </span>call<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esercitabile<span class=\"ff1\"> </span>dall<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1510\">data<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>approvazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _21\"></span></span>bilancio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>relativo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>all\u2019esercizio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>2021<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fino<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>data<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">del</span> <span class=\"_ _20\"></span><span class=\"ff3\">31</span> <span class=\"_ _21\"></span><span class=\"ff3\">dicembre</span> <span class=\"_ _20\"></span><span class=\"ff3\">202<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\">2</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1511\">nonch\u00e9<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>periodo<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>decorre<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>approvazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>elativo<span class=\"ff1\"> </span>all\u2019esercizio<span class=\"ff1\"> </span>202<span class=\"_ _3bd\"> </span>2<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1512\">fino<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>data<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>31<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dicembre<span class=\"ff1\"> <span class=\"_ _20\"></span></span>20<span class=\"_ _2\"></span>23;<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l\u2019opzione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>put<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>esercitabile<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dalla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>data<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>approvazion<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _3bd\"> </span>el<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1513\">bilancio<span class=\"ff1\"> </span>relativo<span class=\"ff1\"> </span>all<span class=\"_ _0\"></span>\u2019esercizio<span class=\"ff1\"> </span>2022<span class=\"ff1\"> </span>fino<span class=\"ff1\"> </span>all<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">31<span class=\"ff1\"> </span>dicembre<span class=\"ff1\"> </span>2023<span class=\"ff1\"> </span>e,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in</span> <span class=\"ff3\">c<span class=\"_ _0\"></span>aso<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>ce<span class=\"_ _0\"></span>ssazione<span class=\"ff1\"> </span>p<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">er<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1514\">qualsiasi<span class=\"ff1\"> </span>causa<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>contratto<span class=\"_ _2\"></span><span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>genzia<span class=\"ff1\"> </span>tra<span class=\"ff1\"> </span>Avve<span class=\"_ _0\"></span>ra<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>GSM,<span class=\"ff1\"> </span>entro<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">6<span class=\"ff1\"> </span>mesi<span class=\"ff1\"> </span>successivi<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rima<span class=\"ff1\"> </span>tr<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1515\">le<span class=\"ff1\"> </span>seguenti<span class=\"ff1\"> </span>date:<span class=\"ff1\"> </span>(i)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>data<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>esercizio<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>recesso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>contratto<span class=\"_ _2\"></span><span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>agenzia;<span class=\"ff1\"> </span>(ii)<span class=\"ff1\"> </span>data<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>riceviment<span class=\"_ _3bd\"> </span>o<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1516\">della<span class=\"ff1\"> <span class=\"_ _21\"></span></span>comunicazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _21\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Avvera<span class=\"ff1\"> <span class=\"_ _21\"></span></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>GSM<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"_ _0\"></span>chiarino<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>avv<span class=\"_ _0\"></span>alers<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dell<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>clausola<span class=\"ff1\"> <span class=\"_ _21\"></span></span>risolutiv<span class=\"_ _3bd\"> </span>a<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1517\">espressa<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>contratto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>agenzia<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>sensi<span class=\"ff1\"> </span>dell\u2019art.<span class=\"ff1\"> </span>1465<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Cod.<span class=\"ff1\"> </span>Civ;<span class=\"ff1\"> </span>(iii)<span class=\"ff1\"> </span>decorso<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>termin<span class=\"_ _3bd\"> </span>e<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1518\">per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">adempiere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">contratt<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">agenzia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">intimat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Av<span class=\"_ _2\"></span>vera<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">GSM<span class=\"ff1\"> </span>ai<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">sensi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dell\u2019art.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">14<span class=\"_ _2\"></span>54<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Cod.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Civ<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">.;<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1519\">Il<span class=\"ff1\"> </span>contratto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>investimento<span class=\"ff1\"> </span>prevede<span class=\"ff1\"> </span>inoltre:<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs151a\">un<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>riodo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">5</span> <span class=\"_ _0\"></span><span class=\"ff3\">anni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Loc<span class=\"_ _0\"></span>k-Up<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dura<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">qu<span class=\"_ _0\"></span>ale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">soci<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">GSM<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">no<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>potr<span class=\"_ _0\"></span>ann<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>tra<span class=\"_ _0\"></span>sfe<span class=\"_ _0\"></span>rir<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>d<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alcu<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs151b\">titolo<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>proprie<span class=\"ff1\"> </span>partecipazioni<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>GSM<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>soggetti<span class=\"ff1\"> </span>diversi<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>Avvera;<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs151c\">la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>necessit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quorum<span class=\"ff1\"> <span class=\"_ _20\"></span></span>qualificato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>deliberazioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>componenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>de<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Consiglio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"_ _0\"></span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs151d\">Amministrazione<span class=\"ff1\">  </span>riguardanti<span class=\"ff1\">  </span>particolari<span class=\"ff1\">  </span>tematiche<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(come<span class=\"ff1\">  </span>la<span class=\"ff1\">  </span>stipulazione<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>c<span class=\"_ _0\"></span>ontratti<span class=\"ff1\">  </span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs151e\">locazione,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>l\u2019approvazione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>m<span class=\"_ _2\"></span>odifica<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>b<span class=\"_ _2\"></span>usiness<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>plan<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>e/o<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Budget,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>l\u2019effettuazione<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs151f\">investimenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019assunzione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>debiti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziari<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>concessione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziamenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ecceden<span class=\"_ _3bd\"> </span>ti<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1520\">determinate<span class=\"ff1\"> </span>soglie<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>importo).<span class=\"_ _3bd\"> </span> </div>B.<span class=\"ff5\"> <span class=\"_ _1c\"></span><span class=\"ff3\">Inf<span class=\"_ _0\"></span>orm<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>va<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sul<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">entit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">stru<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>urat<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(di<span class=\"_ _0\"></span>ver<span class=\"_ _0\"></span>se<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">dalle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">soci<span class=\"_ _0\"></span>et\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">car<span class=\"_ _0\"></span>tol<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>zza<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e)<span class=\"fc0\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Un\u2019entit\u00e0<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>trutturata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un\u2019entit\u00e0<span class=\"ff1\"> </span>configurata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>modo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>diritti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>vot<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>diritti<span class=\"ff1\"> </span>similari<span class=\"ff1\"> <span class=\"_ _2\"></span></span>non<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rit<span class=\"_ _2\"></span>enuti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rilevanti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">p<span class=\"_ _2\"></span>er<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">st<span class=\"_ _2\"></span>abilire<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">contr<span class=\"_ _2\"></span>ollo,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">come<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">caso<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">diritti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">voto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">facciano<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>oltanto<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>riferimento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ad<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>amministrative<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>r<span class=\"_ _2\"></span>ilevanti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>siano<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>condotte<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"_ _0\"></span>ttraverso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>accordi<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>trat<span class=\"_ _0\"></span>tua<span class=\"_ _0\"></span>li.<span class=\"_ _3bd\"> </span> Per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">veicoli<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">destinazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">specifica<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fondi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">investimento,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cont<span class=\"_ _2\"></span>rollo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rit<span class=\"_ _2\"></span>enuto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">esistere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">laddove<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>il<span class=\"ff1\"> </span>Gruppo<span class=\"ff1\"> </span>dispone<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>diritti<span class=\"ff1\"> </span>contrattuali<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>gestire<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> </span>rilevanti<span class=\"ff1\"> </span>dell\u2019entit\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>risulta<span class=\"ff1\"> </span>esposto<span class=\"ff1\"> </span></span></span>ai<span class=\"ff1\"> </span>rendimenti<span class=\"ff1\"> </span>variabili<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>stesse.<span class=\"_ _3bd\"> </span> B.1En<span class=\"_ _0\"></span>tit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>str<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>rat<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nso<span class=\"_ _1\"></span>lida<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">so<span class=\"_ _0\"></span>no<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pr<span class=\"_ _0\"></span>esen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Gru<span class=\"_ _0\"></span>ppo<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>st<span class=\"_ _0\"></span>rut<span class=\"_ _0\"></span>tur<span class=\"_ _0\"></span>ate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>sol<span class=\"_ _0\"></span>idat<span class=\"_ _0\"></span>e.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span>B.2En<span class=\"_ _0\"></span>tit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>st<span class=\"_ _0\"></span>ru<span class=\"_ _0\"></span>ttu<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span>no<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nso<span class=\"_ _1\"></span>lida<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>lme<span class=\"_ _1\"></span>nte<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">so<span class=\"_ _0\"></span>no<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pr<span class=\"_ _0\"></span>esen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Gru<span class=\"_ _0\"></span>ppo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">enti<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stru<span class=\"_ _0\"></span>ttur<span class=\"_ _0\"></span>ate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>sol<span class=\"_ _0\"></span>ida<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onta<span class=\"_ _0\"></span>bil<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>e.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>B.2.<span class=\"_ _0\"></span>1En<span class=\"_ _0\"></span>tit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>st<span class=\"_ _0\"></span>ru<span class=\"_ _0\"></span>ttu<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span>no<span class=\"_ _1\"></span>n<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nso<span class=\"_ _1\"></span>lida<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span>ai<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>vig<span class=\"_ _1\"></span>ila<span class=\"_ _0\"></span>nza<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">so<span class=\"_ _0\"></span>no<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pr<span class=\"_ _0\"></span>esen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">G<span class=\"_ _0\"></span>rupp<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>enti<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stru<span class=\"_ _0\"></span>ttu<span class=\"_ _0\"></span>rate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">n<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conso<span class=\"_ _0\"></span>lid<span class=\"_ _0\"></span>ate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ai<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fin<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>vi<span class=\"_ _0\"></span>gil<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>a.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>B.2.<span class=\"_ _0\"></span>2Alt<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>en<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span>st<span class=\"_ _0\"></span>rut<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>rat<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>Non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">so<span class=\"_ _0\"></span>no<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pr<span class=\"_ _0\"></span>esen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">G<span class=\"_ _0\"></span>rupp<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>alt<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">en<span class=\"_ _0\"></span>tit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">strutt<span class=\"_ _0\"></span>urat<span class=\"_ _0\"></span>e.<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-885": {
   "value": "Sezion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>3<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Area<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>meto<span class=\"_ _0\"></span>di<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nso<span class=\"_ _1\"></span>lida<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nto<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Il<span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>consolidato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Gruppo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Credem<span class=\"ff1\"> <span class=\"_ _2\"></span></span>comprende<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>bilancio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Credito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Emiliano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>spa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>societ\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"ff1\"> </span>que<span class=\"_ _0\"></span>sta<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">contro<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>ate,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">incl<span class=\"_ _0\"></span>ude<span class=\"_ _0\"></span>ndo<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>rime<span class=\"_ _0\"></span>tro<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span>sol<span class=\"_ _0\"></span>idame<span class=\"_ _0\"></span>nto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">anche<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le</span> <span class=\"ff3\">so<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>et\u00e0<span class=\"ff1\"> </span>ope<span class=\"_ _0\"></span>ran<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>se<span class=\"_ _0\"></span>ttori<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ttiv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>dissimili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quello<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>appartenenza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Capogruppo.<span class=\"ff1\"> </span>An<span class=\"_ _0\"></span>alogamente,<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">inc<span class=\"_ _2\"></span>luse<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>societ\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">veicolo<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>(SPE/SPV)<span class=\"ff1\"> </span>quando<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ne<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ricorrano<span class=\"_ _2\"></span><span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>requisiti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>eff<span class=\"_ _2\"></span>ettivo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>controllo,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>anche<span class=\"ff1\"> </span>indipendentemente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall\u2019esist<span class=\"_ _2\"></span>enza<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>quota<span class=\"ff1\"> </span>partecipativa.<span class=\"_ _3bd\"> </span> Sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">considerate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cont<span class=\"_ _2\"></span>rollate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"_ _2\"></span>mprese<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nelle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Capogrup<span class=\"_ _2\"></span>po,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dirett<span class=\"_ _2\"></span>amente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>indirettamente,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">poss<span class=\"_ _2\"></span>iede<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>pi\u00f9<span class=\"ff1\"> </span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>met\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> </span>diritt<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>voto<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quando,<span class=\"ff1\"> </span>pur<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>una<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quota<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>diritti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>voto<span class=\"ff1\"> </span>inferiore,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Capogruppo<span class=\"ff1\"> </span>ha<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>potere<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nominare<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>magg<span class=\"_ _0\"></span>ioranza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>degli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ammin<span class=\"_ _2\"></span>istratori<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _0\"></span>artecipata<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff3\">determ<span class=\"_ _2\"></span>inare</span> <span class=\"_ _21\"> </span><span class=\"ff3\">l<span class=\"_ _2\"></span>e</span> <span class=\"_ _27\"> </span><span class=\"ff3\">politiche</span> </span>finanziarie<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ed<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>operative<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>st<span class=\"_ _2\"></span>essa.<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Nella<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valutazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>diritti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>voto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tiene<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>conto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>anche<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>diritti<span class=\"ff1\"> </span>\u201cpo<span class=\"_ _0\"></span>ten<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>li\u201d<span class=\"ff1\"> </span>ch<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>sia<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>cor<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>temen<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>es<span class=\"_ _0\"></span>erci<span class=\"_ _0\"></span>tabi<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>rtib<span class=\"_ _0\"></span>ili<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">diri<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">vot<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>effe<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span>vi<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">quals<span class=\"_ _0\"></span>ias<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>momen<span class=\"_ _0\"></span>to.<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span>Sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">considerate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">controllate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">congiuntamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">imprese<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nelle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">diritti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>oto<span class=\"ff1\"> </span>ed<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">controllo<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>l\u2019att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>economica<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">della<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>artecipat<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">condivisi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>modo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">paritetico<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Credem,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">direttam<span class=\"_ _2\"></span>ente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>indirettamente,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>da<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>altro<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>so<span class=\"_ _2\"></span>ggetto.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Inoltre<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>vie<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>qu<span class=\"_ _0\"></span>alificato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>come<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sotto<span class=\"_ _2\"></span>posto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>controllo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>congiunto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>investimento<span class=\"ff1\"> </span>partecipativo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>q<span class=\"_ _2\"></span>uale,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pur<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>assenza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>qu<span class=\"_ _0\"></span>ota<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>paritetica<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>diritt<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>vot<span class=\"_ _2\"></span>o,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>c<span class=\"_ _0\"></span>ontro<span class=\"_ _2\"></span>llo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sull\u2019attivit\u00e0<span class=\"ff1\"> </span>economica<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sugli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"_ _2\"></span>dirizzi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>st<span class=\"_ _2\"></span>rategici<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>part<span class=\"_ _2\"></span>ecipata<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>condiviso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>altri<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>oggetti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>virt\u00f9<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>accor<span class=\"_ _2\"></span>di<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>trat<span class=\"_ _0\"></span>tua<span class=\"_ _0\"></span>li.<span class=\"_ _3bd\"> </span> Sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>considerate<span class=\"ff1\"> <span class=\"_ _21\"></span></span>collegate,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cio<span class=\"_ _2\"></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sot<span class=\"_ _2\"></span>toposte<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _21\"></span></span>influ<span class=\"_ _0\"></span>enza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>note<span class=\"_ _2\"></span>vole,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>imp<span class=\"_ _0\"></span>rese<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nelle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>capogruppo,<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>rett<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">indi<span class=\"_ _0\"></span>retta<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nte,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">possi<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span>meno<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">il</span> <span class=\"ff3\">20%<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">diri<span class=\"_ _0\"></span>tti<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>vo<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>(iv<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>iri<span class=\"_ _0\"></span>tti<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>vo<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>\u201c<span class=\"_ _0\"></span>pote<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>\u201d<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>come<span class=\"ff1\"> </span>sopra<span class=\"ff1\"> </span>definiti)<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nelle<span class=\"ff1\"> </span>quali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u2013<span class=\"ff1\"> </span>pur<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>quota<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>diritti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>voto<span class=\"ff1\"> </span>inferiore<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ha<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>poter<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>partecipare<span class=\"ff1\"> </span>alla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>determinazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>pol<span class=\"_ _2\"></span>itiche<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>gestionali<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>partecipata<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>virt\u00f9<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>par<span class=\"_ _2\"></span>ticolari<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>legami<span class=\"ff1\"> </span>giuridici<span class=\"ff1\"> </span>quali<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>partecipazione<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>patti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>sindacato.<span class=\"_ _3bd\"> </span> Le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>part<span class=\"_ _2\"></span>ecipazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>contr<span class=\"_ _2\"></span>ollate<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>conso<span class=\"_ _2\"></span>lidate<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>meto<span class=\"_ _2\"></span>do<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"_ _0\"></span>ntegrale,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>mentre<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>interessenze<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> </span>controllo<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>joint<span class=\"ff1\"> </span>venture<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>consolidate<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>metodo<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>patrimonio<span class=\"ff1\"> </span>netto.<span class=\"_ _3bd\"> </span> Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>pri<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>ip<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span>da<span class=\"_ _0\"></span>me<span class=\"_ _1\"></span>nto<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cri<span class=\"_ _0\"></span>teri<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>dott<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">redaz<span class=\"_ _0\"></span>ione<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">del</span> <span class=\"_ _0\"></span><span class=\"ff3\">bil<span class=\"_ _0\"></span>anci<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ons<span class=\"_ _0\"></span>olida<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">segu<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>i:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>occasione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>primo<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span></span>consolidamento,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>carico<span class=\"ff1\"> <span class=\"_ _20\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>partecipazioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>so<span class=\"_ _2\"></span>ciet\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>consolidat<span class=\"_ _3bd\"> </span>e<span class=\"ff1\"> </span>integralmente<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>proporzionalmente<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>annullato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fronte<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _0\"></span>atrimonio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>netto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>societ\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>tesse<span class=\"ff1\"> </span>(ovvero<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>quote<span class=\"ff1\"> <span class=\"_ _2c\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>patrimonio<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>netto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>partecipazioni<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>stesse<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>rappresentano).<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>La<span class=\"_ _2\"></span><span class=\"ff1\"> </span>contabilizzazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>degli<span class=\"ff1\"> </span>ac<span class=\"_ _2\"></span>quisti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nelle<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ociet\u00e0<span class=\"ff1\"> </span>a<span class=\"_ _2\"></span>vviene<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>base<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u201cmetodo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019acquisto\u201d<span class=\"ff1\"> <span class=\"_ _2\"></span></span>come<span class=\"ff1\"> <span class=\"_ _2\"></span></span>definito<span class=\"_ _3bd\"> </span><span class=\"_ _2\"></span><span class=\"ff1\"> </span>da<span class=\"_ _0\"></span>ll\u2019<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">IFRS<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">3,</span> <span class=\"ff3\">os<span class=\"_ _0\"></span>sia<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con</span> <span class=\"_ _1\"></span><span class=\"ff3\">rilev<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>ssiv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pa<span class=\"_ _0\"></span>ssivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>pot<span class=\"_ _0\"></span>enz<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>mpre<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">acqu<span class=\"_ _0\"></span>isite<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fai<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>value<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>alla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>data<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>acquisizione,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cio\u00e8<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>mo<span class=\"_ _2\"></span>mento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ottiene<span class=\"ff1\"> <span class=\"_ _21\"></span></span>l\u2019effettivo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>controllo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>societ\u00e0<span class=\"ff1\"> </span>acquisita.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Perta<span class=\"_ _2\"></span>nto,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risultati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">economici<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">controllata<span class=\"ff1\"> </span>acq<span class=\"_ _0\"></span>uisita<span class=\"ff1\"> </span>nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">corso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">periodo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>iferimento<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>inclusi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _21\"></span></span>bilancio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>co<span class=\"_ _2\"></span>nsolidato<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>partire<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dalla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>data<span class=\"ff1\"> <span class=\"_ _21\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>ua<span class=\"ff1\"> <span class=\"_ _20\"></span></span>acquisizione.<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Parimenti,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>isultati<span class=\"ff1\"> </span>economici<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>una<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cont<span class=\"_ _2\"></span>rollata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ceduta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>inclu<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> </span>consolidato<span class=\"ff1\"> </span>fino<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>cui<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>controllo<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cessato;<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ev<span class=\"_ _2\"></span>entuali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">eccedenze<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valore<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">car<span class=\"_ _2\"></span>ico<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>arteci<span class=\"_ _2\"></span>pazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">punto</span> <span class=\"_ _0\"></span><span class=\"ff3\">precedente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rispetto<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>corrispondente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>frazione<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>patrimonio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>netto,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>adeguato<span class=\"ff1\">  </span>con<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>l\u2019e<span class=\"_ _0\"></span>ffetto<span class=\"ff1\">  </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\">  </span>fai<span class=\"_ _0\"></span>r<span class=\"ff1\">  </span>valu<span class=\"_ _0\"></span>e<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>elle<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>o<span class=\"ff1\"> </span>passivit\u00e0,<span class=\"ff1\"> </span>se<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ositive<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>rilevate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quali<span class=\"ff1\"> </span>avv<span class=\"_ _0\"></span>iamento<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>voce<span class=\"ff1\"> </span>\u201cAttivit\u00e0<span class=\"ff1\"> </span>immateriali\u201d,<span class=\"ff1\"> </span>se<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">negative<span class=\"ff1\"> </span>son<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">o<span class=\"ff1\"> </span></span></span></span></span>imputate<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico;<span class=\"_ _3bd\"> </span> per<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>g<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>eventuali<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ac<span class=\"_ _2\"></span>quisti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ulteriori<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quote<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>par<span class=\"_ _0\"></span>tecipative<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>succ<span class=\"_ _2\"></span>essive<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>all\u2019acquisizione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"_ _0\"></span>trol<span class=\"_ _0\"></span>lo,<span class=\"_ _3bd\"> </span> disciplinati<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>pecificatamente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dal<span class=\"ff1\"> <span class=\"_ _2\"></span></span>principio<span class=\"ff1\"> </span>co<span class=\"_ _2\"></span>ntabile<span class=\"ff1\"> <span class=\"_ _2\"></span></span>IAS27,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>eventuali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>differenze<span class=\"ff1\"> <span class=\"_ _2\"></span></span>positive<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>negative,<span class=\"ff1\"> </span>come<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sopr<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>determinate,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>vengono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sorgere<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>eguito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>acquisti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>successivi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>imputate<span class=\"ff1\"> </span>direttamente<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>patrimonio;<span class=\"_ _3bd\"> </span> ad<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ogni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>data<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>bilancio<span class=\"ff1\">  </span>(od<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>og<span class=\"_ _0\"></span>ni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>volta<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>vi<span class=\"ff1\">  </span>sia<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ev<span class=\"_ _0\"></span>idenza<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>pe<span class=\"_ _0\"></span>rdit<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>valore)<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>v<span class=\"_ _2\"></span>iene<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ver<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>cata<span class=\"_ _3bd\"> </span> l\u2019adeguatezza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>de<span class=\"_ _2\"></span>ll\u2019avviamento<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>(c.d.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>impairment<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>test).<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>A<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ta<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fine<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>viene<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"_ _0\"></span>dentificata<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>l<span class=\"_ _2\"></span>\u2019unit<span class=\"_ _3bd\"> </span>\u00e0<span class=\"ff1\"> </span>generatrice<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>flussi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>finanziari<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>attribuire<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>l\u2019avviamento.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>L\u2019ammontare<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dell\u2019eventuale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>r<span class=\"_ _2\"></span>iduzione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _3bd\"> </span>i<span class=\"ff1\"> </span>valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dall\u2019eventuale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">differenza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">negativa<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tra<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">isc<span class=\"_ _2\"></span>rizione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dell\u2019avviamento<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ed<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>uo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valor<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>recupero,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>determinato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>co<span class=\"_ _2\"></span>me<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>maggiore<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tra<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _2\"></span></span>value<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019unit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>generatrice<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziari,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> </span>netto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>degli<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>eventuali<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>costi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>vendita,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ed<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>relativo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>d\u2019uso.<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>conseguenti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rettifiche<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span></span>valore<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> </span>rilevate<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico;<span class=\"_ _3bd\"> </span> gl<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>leme<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">at<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>o,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">passi<span class=\"_ _0\"></span>vo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"_ _0\"></span><span class=\"ff3\">conto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">eco<span class=\"_ _0\"></span>nom<span class=\"_ _0\"></span>ico<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">veng<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>tegral<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">acqu<span class=\"_ _0\"></span>isi<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u201clin<span class=\"_ _0\"></span>ea<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">line<span class=\"_ _0\"></span>a\u201d;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>le<span class=\"ff1\"> </span>partite<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ebitorie<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>cred<span class=\"_ _0\"></span>itorie,<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>operazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fuori<span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> </span>nonch\u00e9<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">proventi</span> <span class=\"ff3\">e</span> <span class=\"_ _0\"></span><span class=\"ff3\">gli<span class=\"ff1\"> </span>oneri<span class=\"ff1\"> </span>ed<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i</span> <span class=\"ff3\">profitti</span> <span class=\"ff3\">e</span> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span></span></span></span></span></span></span>perdite<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">traenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">origine<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rapporti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tra<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">so<span class=\"_ _2\"></span>ciet\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">oggetto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">consolidamento<span class=\"ff1\"> </span>integ<span class=\"_ _0\"></span>rale,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">loro<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">elisi;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quote<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>patrimonio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>netto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>utile<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">di</span> <span class=\"_ _27\"> </span><span class=\"ff3\">periodo</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">di</span> <span class=\"_ _27\"> </span><span class=\"ff3\">pertinenza</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">dei</span> <span class=\"_ _27\"> </span><span class=\"ff3\">\u201cterzi\u201d</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">azionisti</span> <span class=\"_ _27\"> </span><span class=\"ff3\">delle</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">so<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>et\u00e0<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>con<span class=\"_ _0\"></span>sol<span class=\"_ _0\"></span>ida<span class=\"_ _0\"></span>te,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>se<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>ap<span class=\"_ _0\"></span>posi<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">voc<span class=\"_ _0\"></span>i,<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>isp<span class=\"_ _0\"></span>ett<span class=\"_ _0\"></span>ivame<span class=\"_ _0\"></span>nte,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>assi<span class=\"_ _0\"></span>vo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stato<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">patri<span class=\"_ _0\"></span>mon<span class=\"_ _0\"></span>iale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ec<span class=\"_ _0\"></span>ono<span class=\"_ _0\"></span>mico<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span> per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>consolidamento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>societ\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>metodo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>int<span class=\"_ _2\"></span>egrale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>stat<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>utilizzati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>bilanci<span class=\"ff1\"> <span class=\"_ _20\"></span></span>predispost<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"_ _1\"></span> approvati<span class=\"ff1\"> </span>dalle<span class=\"ff1\"> </span>sing<span class=\"_ _0\"></span>ole<span class=\"ff1\"> </span>societ\u00e0,<span class=\"ff1\"> </span>eventualmente<span class=\"ff1\"> </span>resi<span class=\"ff1\"> </span>conformi<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>principi<span class=\"ff1\"> </span>contabili<span class=\"ff1\"> </span>internazionali<span class=\"ff1\"> </span>seguiti<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>predisposizione<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>situazione<span class=\"ff1\"> </span>consolidata;<span class=\"_ _3bd\"> </span>il<span class=\"ff1\"> </span>valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>libro<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">partecipazioni<span class=\"ff1\"> </span>rilevanti,<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>etenute<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>capogruppo,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>altre<span class=\"ff1\"> </span>societ\u00e0<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">g<span class=\"_ _2\"></span>ruppo,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>afferenti<span class=\"ff1\"> </span>societ\u00e0<span class=\"ff1\"> </span>consolidate<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>metodo<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">patrimonio</span> <span class=\"_ _2\"></span><span class=\"ff3\">netto,</span> <span class=\"ff3\">\u00e8</span> <span class=\"ff3\">raffrontato</span> <span class=\"ff3\">con</span> <span class=\"ff3\">la</span> <span class=\"ff3\">pertinente</span> <span class=\"_ _0\"></span><span class=\"ff3\">quota<span class=\"ff1\"> </span></span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>patrimonio<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>delle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1e\"> </span><span class=\"ff3\">par<span class=\"_ _2\"></span>tecipate.</span> <span class=\"_ _1e\"> </span><span class=\"ff3\">L\u2019eventuale</span> <span class=\"_ _1e\"> </span><span class=\"ff3\">eccedenza</span> <span class=\"_ _1e\"> </span><span class=\"ff3\">del</span> <span class=\"_ _1d\"> </span><span class=\"ff3\">valore</span> <span class=\"_ _1e\"> </span><span class=\"ff3\">di</span> <span class=\"_ _1e\"> </span><span class=\"ff3\">libro</span> <span class=\"_ _1d\"> </span><span class=\"ff3\">-</span> <span class=\"_ _1e\"> </span><span class=\"ff3\">risultante</span> <span class=\"_ _1e\"> </span><span class=\"ff3\">in</span> <span class=\"_ _1e\"> </span><span class=\"ff3\">prima</span> </span>applicazione<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>consolidato<span class=\"_ _2\"></span><span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>inclusa<span class=\"ff1\"> </span>n<span class=\"_ _2\"></span>el<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>conta<span class=\"_ _2\"></span>bile<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>part<span class=\"_ _2\"></span>ecipata.<span class=\"ff1\"> </span>Le<span class=\"ff1\"> </span>variazioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nel<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>lore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">patr<span class=\"_ _0\"></span>imon<span class=\"_ _0\"></span>iale<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>terv<span class=\"_ _0\"></span>enu<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>negl<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>an<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>suc<span class=\"_ _0\"></span>cess<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"_ _2\"></span><span class=\"ff3\">qu<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">prima<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">appl<span class=\"_ _0\"></span>icaz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>iscr<span class=\"_ _0\"></span>itte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>voce<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>250<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>conto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>economico<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>con<span class=\"_ _2\"></span>solidato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(\u201cutili<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(perdite)<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>delle<span class=\"ff1\">  </span>partecipazioni\u201d)<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nella<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>misura<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> </span>variazioni<span class=\"ff1\"> </span>stesse<span class=\"ff1\"> </span>siano<span class=\"ff1\"> </span>riferibili<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>utili<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>perdite<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>partecipate; se<span class=\"ff1\"> </span>esistono<span class=\"ff1\"> </span>evidenze<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>part<span class=\"_ _2\"></span>ecipazione<span class=\"ff1\"> </span>rilevante<span class=\"ff1\"> </span>possa<span class=\"ff1\"> </span>aver<span class=\"ff1\"> </span>subito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>una<span class=\"ff1\"> </span>riduzione,<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span> procede<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>tima<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ecupe<span class=\"_ _0\"></span>rabile<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">partecipazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">st<span class=\"_ _2\"></span>essa,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>enendo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attuale<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziar<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>futuri<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>partecipazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pot<span class=\"_ _2\"></span>r\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>generare,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>incluso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dismissione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finale<span class=\"ff1\"> </span>dell\u2019investimento.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Qualora<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">recupero<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">risulti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inferiore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contabile,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>elativa<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">differenza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>rilevata<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico; per<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>consolidamento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> </span>partecipazioni<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>societ\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>collegate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>state<span class=\"ff1\"> </span>utilizzate,<span class=\"ff1\"> </span>ove<span class=\"ff1\"> <span class=\"_ _2\"></span></span>disponibili,<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span> progetti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>bilancio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>31<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dicembre<span class=\"ff1\"> <span class=\"_ _21\"></span></span>2022<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>approvati<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dai<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rispettivi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Consigli<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Amministrazione;<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>lor<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>mancanza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>stati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">considerati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">degli<span class=\"ff1\"> </span>ultimi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">bilanci<span class=\"ff1\"> </span>ap<span class=\"_ _0\"></span>provat<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(generalmente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quelli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>31<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dic<span class=\"_ _2\"></span>embre<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>202<span class=\"_ _0\"></span>1). Pa<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>eci<span class=\"_ _0\"></span>pa<span class=\"_ _1\"></span>zion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>so<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>et\u00e0<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>rol<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>vi<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>es<span class=\"_ _0\"></span>cl<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>iva<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>eg<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>(c<span class=\"_ _1\"></span>ons<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span>da<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>pa<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>io<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>o)<span class=\"fc0 sc1\"> </span>MagazziniGeneralid<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>Tag<span class=\"_ _0\"></span>liat<span class=\"_ _0\"></span>e 0,<span class=\"_ _0\"></span>10%<span class=\"_ _0\"></span> 2.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Cre<span class=\"_ _0\"></span>dem<span class=\"_ _0\"></span>fact<span class=\"_ _0\"></span>or<span class=\"ff1\"> </span>sp<span class=\"_ _1\"></span>a <span class=\"_ _191\"> </span>Reggio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Emil<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span> <span class=\"_ _4a\"> </span>1 <span class=\"_ _7c\"> </span>C<span class=\"_ _0\"></span>red<span class=\"_ _0\"></span>ito<span class=\"ff1\"> </span>Em<span class=\"_ _0\"></span>ilia<span class=\"_ _0\"></span>no <span class=\"_ _177\"> </span>99,0<span class=\"_ _0\"></span>0% </span></span></span></span>Cr<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span>mle<span class=\"_ _0\"></span>asi<span class=\"_ _0\"></span>ng <span class=\"_ _77\"> </span>1,<span class=\"_ _0\"></span>00%<span class=\"_ _0\"></span> 3.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Cre<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>m<span class=\"ff1\"> </span>Pr<span class=\"_ _0\"></span>ivat<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Equ<span class=\"_ _0\"></span>ity<span class=\"ff1\"> </span>S<span class=\"_ _0\"></span>GR<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sp<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span> <span class=\"_ _45\"> </span>Reggio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Emi<span class=\"_ _0\"></span>lia<span class=\"_ _0\"></span> <span class=\"_ _4a\"> </span>1 <span class=\"_ _7c\"> </span>C<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>dito<span class=\"ff1\"> </span>Em<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>ano<span class=\"_ _0\"></span> <span class=\"_ _11c\"> </span>87,<span class=\"_ _0\"></span>50% </span></span></span></span></span></span></span></span>Credem<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Euromobiliare<span class=\"ff1\"> </span></span></span>Private<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">banking </span></span>12<span class=\"_ _0\"></span>,50<span class=\"_ _0\"></span>% 4.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Eurom<span class=\"_ _0\"></span>obi<span class=\"_ _0\"></span>liar<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>Ass<span class=\"_ _0\"></span>et<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Mana<span class=\"_ _0\"></span>gem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t<span class=\"ff1\"> </span>SGR<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span> <span class=\"_ _66\"> </span>Mila<span class=\"_ _0\"></span>no<span class=\"_ _0\"></span> <span class=\"_ _193\"> </span>1 <span class=\"_ _194\"> </span>Cr<span class=\"_ _0\"></span>edi<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>Emil<span class=\"_ _0\"></span>ian<span class=\"_ _0\"></span>o <span class=\"_ _a2\"> </span>1<span class=\"_ _0\"></span>00,<span class=\"_ _0\"></span>00<span class=\"_ _0\"></span>% </span></span></span></span>5.<span class=\"ff1\"> </span>E<span class=\"_ _0\"></span>urom<span class=\"_ _0\"></span>obi<span class=\"_ _0\"></span>liar<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>Ad<span class=\"_ _0\"></span>vis<span class=\"_ _0\"></span>ory<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">SIM<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">s<span class=\"_ _0\"></span>pa<span class=\"_ _1\"></span> <span class=\"_ _f7\"> </span>Milan<span class=\"_ _1\"></span>o <span class=\"_ _193\"> </span>1 <span class=\"_ _194\"> </span>Cr<span class=\"_ _0\"></span>edi<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>Emil<span class=\"_ _0\"></span>ian<span class=\"_ _0\"></span>o <span class=\"_ _a2\"> </span>1<span class=\"_ _0\"></span>00,<span class=\"_ _0\"></span>00<span class=\"_ _0\"></span>% </span></span></span></span>6.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Cr<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span>mte<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>sp<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span> <span class=\"_ _195\"> </span>Reggio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Emil<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span> <span class=\"_ _4a\"> </span>1 <span class=\"_ _194\"> </span>Cre<span class=\"_ _0\"></span>dito<span class=\"ff1\"> </span>Em<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>ano<span class=\"_ _0\"></span> <span class=\"_ _a2\"> </span>10<span class=\"_ _0\"></span>0,0<span class=\"_ _0\"></span>0% </span></span></span></span>7.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Avvera<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sp<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span> <span class=\"_ _3c\"> </span>Reggio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Emil<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span> <span class=\"_ _4a\"> </span>1 <span class=\"_ _194\"> </span>Cre<span class=\"_ _0\"></span>dito<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Emili<span class=\"_ _0\"></span>ano<span class=\"_ _0\"></span> <span class=\"_ _a2\"> </span>10<span class=\"_ _0\"></span>0,0<span class=\"_ _0\"></span>0% </span></span></span></span></span></span></span></span>8.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Maga<span class=\"_ _0\"></span>zz<span class=\"_ _0\"></span>ini<span class=\"ff1\"> </span>Ge<span class=\"_ _0\"></span>ner<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>Ta<span class=\"_ _0\"></span>gli<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>a <span class=\"_ _41\"> </span>Reggio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Em<span class=\"_ _0\"></span>ilia<span class=\"_ _1\"></span> <span class=\"_ _41\"> </span>1 <span class=\"_ _194\"> </span>Cr<span class=\"_ _0\"></span>edit<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>Emil<span class=\"_ _0\"></span>ian<span class=\"_ _0\"></span>o <span class=\"_ _a2\"> </span>1<span class=\"_ _0\"></span>00,<span class=\"_ _0\"></span>00<span class=\"_ _0\"></span>% </span></span></span></span></span></span></span></span>9.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Cre<span class=\"_ _0\"></span>dem<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Eurom<span class=\"_ _0\"></span>obi<span class=\"_ _0\"></span>liare<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Pri<span class=\"_ _0\"></span>vate<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ban<span class=\"_ _1\"></span>king<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">s<span class=\"_ _0\"></span>pa<span class=\"_ _1\"></span> <span class=\"_ _178\"> </span>Reggio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Emil<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span> <span class=\"_ _4a\"> </span>1 <span class=\"_ _194\"> </span>Cred<span class=\"_ _0\"></span>ito<span class=\"ff1\"> </span>Em<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>ano<span class=\"_ _0\"></span> <span class=\"_ _a2\"> </span>10<span class=\"_ _0\"></span>0,0<span class=\"_ _0\"></span>0% </span></span></span></span></span></span></span></span></span></span></span></span>10<span class=\"_ _0\"></span>.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Eur<span class=\"_ _0\"></span>omob<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Fidu<span class=\"_ _0\"></span>ciar<span class=\"_ _0\"></span>ia<span class=\"ff1\"> </span>sp<span class=\"_ _1\"></span>a <span class=\"_ _192\"> </span>Mila<span class=\"_ _0\"></span>no<span class=\"_ _0\"></span> <span class=\"_ _193\"> </span>1 <span class=\"_ _194\"> </span>Cr<span class=\"_ _0\"></span>edi<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>Emil<span class=\"_ _1\"></span>iano <span class=\"_ _196\"> </span>10<span class=\"_ _0\"></span>0,0<span class=\"_ _0\"></span>0% </span></span>11<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>Cr<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span>mvit<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>sp<span class=\"_ _1\"></span>a <span class=\"_ _ec\"> </span>Reggio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Emil<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span> <span class=\"_ _4a\"> </span>1 <span class=\"_ _194\"> </span>Cred<span class=\"_ _0\"></span>ito<span class=\"ff1\"> </span>Em<span class=\"_ _0\"></span>ilia<span class=\"_ _0\"></span>no<span class=\"_ _0\"></span> <span class=\"_ _a2\"> </span>100<span class=\"_ _0\"></span>,0<span class=\"_ _0\"></span>0% </span></span>12.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Sata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sr<span class=\"_ _1\"></span>l <span class=\"_ _197\"> </span>Mod<span class=\"_ _0\"></span>ena<span class=\"_ _0\"></span> <span class=\"_ _f7\"> </span>1 <span class=\"_ _198\"> </span>Cr<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span>mte<span class=\"_ _0\"></span>l <span class=\"_ _a5\"> </span>100,<span class=\"_ _0\"></span>00<span class=\"_ _0\"></span>% </span></span></span></span>13.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Blue<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Eye<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Solutions<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sr<span class=\"_ _1\"></span>l <span class=\"_ _199\"> </span>Mont<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>hiar<span class=\"_ _0\"></span>ug<span class=\"_ _0\"></span>olo<span class=\"_ _0\"></span> <span class=\"_ _a5\"> </span>1 <span class=\"_ _198\"> </span>C<span class=\"_ _0\"></span>red<span class=\"_ _0\"></span>emt<span class=\"_ _0\"></span>el <span class=\"_ _7f\"> </span>75,0<span class=\"_ _0\"></span>0% </span></span></span></span></span></span></span></span>14.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Credem<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">CB<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sr<span class=\"_ _1\"></span>l <span class=\"_ _b1\"> </span>C<span class=\"_ _1\"></span>onegl<span class=\"_ _0\"></span>iano<span class=\"_ _0\"></span> <span class=\"_ _138\"> </span>1 <span class=\"_ _194\"> </span>Cre<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>Emil<span class=\"_ _0\"></span>iano<span class=\"_ _1\"></span> <span class=\"_ _11c\"> </span>70,<span class=\"_ _0\"></span>00<span class=\"_ _0\"></span>% </span></span></span></span></span></span>1.<span class=\"_ _0\"></span>Cre<span class=\"_ _0\"></span>dem<span class=\"_ _0\"></span>assi<span class=\"_ _0\"></span>cur<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>onisp<span class=\"_ _1\"></span>a<span class=\"_ _3bd\"> </span>ReggioEmi<span class=\"_ _0\"></span>lia<span class=\"_ _3bd\"> </span>2 Cr<span class=\"_ _0\"></span>edi<span class=\"_ _0\"></span>toEmi<span class=\"_ _0\"></span>lia<span class=\"_ _0\"></span>no<span class=\"_ _3bd\"> </span>50,<span class=\"_ _0\"></span>00<span class=\"_ _0\"></span>%<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>And<span class=\"_ _0\"></span>xor<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>l <span class=\"_ _19a\"> </span>Cin<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>llo<span class=\"ff1\"> </span>Bal<span class=\"_ _0\"></span>sam<span class=\"_ _0\"></span>o 3 Cr<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span>mte<span class=\"_ _0\"></span>l <span class=\"_ _11b\"> </span>4<span class=\"_ _0\"></span>0,0<span class=\"_ _0\"></span>0% 3.S<span class=\"_ _0\"></span>BC<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Finte<span class=\"_ _0\"></span>ch<span class=\"ff1\"> </span>M<span class=\"_ _0\"></span>ilan<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">22<span class=\"_ _0\"></span>24<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>l <span class=\"_ _19b\"> </span>Mila<span class=\"_ _0\"></span>no<span class=\"_ _0\"></span> <span class=\"_ _12d\"> </span>3 <span class=\"_ _19c\"> </span>Cr<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span>mte<span class=\"_ _0\"></span>l <span class=\"_ _7c\"> </span>19,<span class=\"_ _0\"></span>68<span class=\"_ _0\"></span>% </span></span></span></span>4.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Gru<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>Sant<span class=\"_ _0\"></span>ama<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>pa<span class=\"_ _1\"></span> <span class=\"_ _19d\"> </span>Ca<span class=\"_ _0\"></span>tani<span class=\"_ _0\"></span>a <span class=\"_ _c2\"> </span>3 <span class=\"_ _138\"> </span>Avv<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span> <span class=\"_ _90\"> </span>10,<span class=\"_ _0\"></span>00% </span></span></span></span>Le<span class=\"_ _0\"></span>gen<span class=\"_ _0\"></span>da Tipo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rapp<span class=\"_ _1\"></span>orto:<span class=\"_ _0\"></span> </span></span></span></span>1<span class=\"ff1\"> </span>=<span class=\"ff1\"> </span>m<span class=\"_ _0\"></span>agg<span class=\"_ _0\"></span>ior<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>diri<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">voto<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ne<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>\u2019as<span class=\"_ _0\"></span>sem<span class=\"_ _0\"></span>ble<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>ord<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span> </span></span></span></span></span></span>2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">=<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">controllo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>giu<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>o </span></span></span></span></span></span>3<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">=<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">imprese<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">co<span class=\"_ _0\"></span>lleg<span class=\"_ _0\"></span>ate<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>Avvera<span class=\"ff1\"> </span>spa<span class=\"ff1\"> </span>detiene<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>10%<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">G<span class=\"_ _2\"></span>ruppo<span class=\"ff1\"> </span>Santamaria<span class=\"ff1\"> </span>spa<span class=\"ff1\"> </span>\u201cGSM\u201d.<span class=\"ff1\"> </span>Il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">capitale</span> <span class=\"ff3\">sociale</span> <span class=\"ff3\">di</span> <span class=\"ff3\">GSM</span> <span class=\"ff3\">\u00e8</span> <span class=\"_ _0\"></span><span class=\"ff3\">detenuto<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>Avver<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span></span></span>tramite<span class=\"ff1\"> </span>azioni<span class=\"ff1\"> </span>speciali<span class=\"ff1\"> </span>\u201cAzioni<span class=\"ff1\"> </span>B\u201d<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cui<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>attribuiti,<span class=\"ff1\"> </span>oltre<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>diritti<span class=\"ff1\"> </span>attribuiti<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>Legge<span class=\"ff1\"> </span>all<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>azioni<span class=\"ff1\"> </span>ordinari<span class=\"_ _3bd\"> </span>e,<span class=\"ff1\"> </span>anche<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>seguenti<span class=\"ff1\"> </span>diritti:<span class=\"_ _3bd\"> </span> di<span class=\"_ _0\"></span>ritt<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>sig<span class=\"_ _0\"></span>nare<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ai<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fin<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ella<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nom<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">comp<span class=\"_ _0\"></span>onen<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">C<span class=\"_ _0\"></span>onsig<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">Amm<span class=\"_ _0\"></span>ini<span class=\"_ _0\"></span>straz<span class=\"_ _0\"></span>ione<span class=\"_ _1\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span>diritto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">designare,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ai<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fini<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">de<span class=\"_ _2\"></span>lla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nom<span class=\"_ _2\"></span>ina,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">quale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">componente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">C<span class=\"_ _2\"></span>ollegio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Sindacale,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Sindaco<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Eff<span class=\"_ _2\"></span>ettivo<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>che<span class=\"ff1\"> </span>rivestir\u00e0<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>carica<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Presidente,<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>Sindaco<span class=\"ff1\"> </span>Supplente;<span class=\"_ _3bd\"> </span> presentazione<span class=\"ff1\"> </span>all\u2019Assemblea<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>ci<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>proposta<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>revoca<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>soggetto<span class=\"ff1\"> </span>incaricato<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>revis<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span> leg<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">GSM<span class=\"_ _1\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span>diritto<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">subordinare<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>proprio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">voto<span class=\"ff1\"> </span>favorevole<span class=\"ff1\"> </span>una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">serie<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>iberazioni<span class=\"ff1\"> </span>assembleari<span class=\"ff1\"> </span>quali<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>modific<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span></span></span></span></span>dello<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Statuto,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019aumento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>diminuzione<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cap<span class=\"_ _2\"></span>itale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sociale,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fusioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sciss<span class=\"_ _2\"></span>ioni,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>determinazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"_ _3bd\"> </span><span class=\"ff1\"> </span>modifica<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>compensi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>am<span class=\"_ _2\"></span>ministratori<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sindaci,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>l\u2019approvazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>p<span class=\"_ _2\"></span>iani<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>incentivazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>deg<span class=\"_ _3bd\"> </span>li<span class=\"ff1\"> </span>amministratori,<span class=\"ff1\"> </span>dirigenti<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>dipendenti.<span class=\"_ _3bd\"> </span> Siccome<span class=\"ff1\"> <span class=\"_ _20\"></span></span>non<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>vi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>GSM<span class=\"ff1\"> <span class=\"_ _20\"></span></span>voti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>consiglieri<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prevalgano<span class=\"ff1\"> <span class=\"_ _21\"></span></span>su<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quelli<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>altri<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Consiglie<span class=\"_ _0\"></span>ri,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>l<span class=\"_ _3bd\"> </span>a<span class=\"ff1\"> </span>designazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>esponenti<span class=\"ff1\"> </span>aziendali<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>attribuisce<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>nessun<span class=\"ff1\"> </span>socio<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>prevalenza<span class=\"ff1\"> </span>sulle<span class=\"ff1\"> </span>scelte<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>cietarie<span class=\"_ _3bd\"> </span> In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ta<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>test<span class=\"_ _0\"></span>o,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">GS<span class=\"_ _0\"></span>M:<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span>Avvera<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>detiene<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>maggioranza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>diritti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>voto,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>potendo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>solo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>determinare<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>scelt<span class=\"_ _3bd\"> </span>e<span class=\"ff1\"> </span>societarie,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>avendo<span class=\"ff1\">  </span>la<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>capacit\u00e0<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>pra<span class=\"_ _2\"></span>tica<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\">  </span>condurre<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>unilateralmente<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>attivit\u00e0<span class=\"ff1\">  </span>r<span class=\"_ _2\"></span>ilevanti<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dell<span class=\"_ _3bd\"> </span>a<span class=\"ff1\"> </span>partecipata,<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>quali<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>sempre<span class=\"ff1\"> </span>necessario<span class=\"ff1\"> </span>anche<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>consenso<span class=\"_ _2\"></span><span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>altri<span class=\"ff1\"> </span>soci;<span class=\"_ _3bd\"> </span> Avv<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">h<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pote<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">vet<span class=\"_ _0\"></span>o,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>pec<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ci<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">argom<span class=\"_ _0\"></span>enti<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"_ _0\"></span>lle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">scelt<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">degli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altr<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">soc<span class=\"_ _0\"></span>i,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sen<span class=\"_ _0\"></span>so<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mancan<span class=\"_ _0\"></span>za<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">v<span class=\"_ _0\"></span>oto<span class=\"ff1\"> </span>fa<span class=\"_ _0\"></span>vo<span class=\"_ _0\"></span>revo<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Av<span class=\"_ _0\"></span>vera<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">anch<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">altri<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>oci<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>ten<span class=\"_ _0\"></span>tori<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>estan<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">90%<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cap<span class=\"_ _0\"></span>ital<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ocia<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>on<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>in<span class=\"ff1\"> </span>grado<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>incidere<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>societ\u00e0.<span class=\"_ _3bd\"> </span> In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">re<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">GS<span class=\"_ _0\"></span>M<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pos<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Avv<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">per<span class=\"_ _0\"></span>tant<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uel<span class=\"_ _0\"></span>la:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>un<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>oggetto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"></span></span>espo<span class=\"_ _0\"></span>sto<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rendimenti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>variabi<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>deti<span class=\"_ _2\"></span>ene<span class=\"ff1\"> <span class=\"_ _21\"></span></span>comunque<span class=\"ff1\"> <span class=\"_ _20\"></span></span>diritt<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>su<span class=\"ff1\"> </span>tali<span class=\"ff1\"> <span class=\"_ _21\"></span></span>possibi<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>ren<span class=\"_ _0\"></span>dim<span class=\"_ _0\"></span>enti<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span> ch<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ha<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pr<span class=\"_ _0\"></span>opr<span class=\"_ _0\"></span>ia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cap<span class=\"_ _0\"></span>acit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inci<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rend<span class=\"_ _0\"></span>imen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sol<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>e<span class=\"_ _1\"></span>sercit<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ote<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>ve<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sce<span class=\"_ _0\"></span>lte<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>deg<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">altr<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>oci<span class=\"_ _3bd\"> </span></span></span><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs13a3\">Sezion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs13a4\">7<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs13a5\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs13a6\">Le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs13a7\">part<span class=\"_ _0\"></span>ecipazio<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs13a8\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs13a9\">Voce<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs13aa\">7<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs13ab\">Il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">va<span class=\"_ _0\"></span>lor<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">b<span class=\"_ _0\"></span>ilan<span class=\"_ _0\"></span>cio<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>oce<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u201cP<span class=\"_ _0\"></span>artec<span class=\"_ _0\"></span>ip<span class=\"_ _0\"></span>azion<span class=\"_ _0\"></span>i\u201d<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ammo<span class=\"_ _0\"></span>nta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">47,4<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mil<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>ur<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">o.<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m26 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs13ac\">7.<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs13ad\">Pa<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>eci<span class=\"_ _0\"></span>pa<span class=\"_ _1\"></span>zion<span class=\"_ _0\"></span>i:<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs13ae\">in<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs13af\">sui<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs13b0\">ra<span class=\"_ _1\"></span>ppor<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs13b1\">pa<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>eci<span class=\"_ _0\"></span>pa<span class=\"_ _1\"></span>tivi<span class=\"_ _0\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs13b2\">1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Andxor<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sr<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span> <span class=\"_ _21f\"> </span>Cin<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>llo<span class=\"ff1\"> </span>Ba<span class=\"_ _1\"></span>lsamo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">(M<span class=\"_ _1\"></span>I) <span class=\"_ _fd\"> </span>8 <span class=\"_ _90\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">Cre<span class=\"_ _0\"></span>dem<span class=\"_ _0\"></span>tel <span class=\"_ _20b\"> </span>40,<span class=\"_ _0\"></span>00<span class=\"_ _0\"></span>% </span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs13b3\">2.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">SBC<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">F<span class=\"_ _2\"></span>intech<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">2224<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Mila<span class=\"_ _0\"></span>n <span class=\"_ _a3\"> </span>Milan<span class=\"_ _0\"></span>o <span class=\"_ _220\"> </span>8 <span class=\"_ _90\"> </span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">Cre<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>mte<span class=\"_ _0\"></span>l <span class=\"_ _75\"> </span>19,<span class=\"_ _0\"></span>68<span class=\"_ _0\"></span>% </span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs13b4\">2.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Grup<span class=\"_ _0\"></span>po<span class=\"ff1\"> </span>S<span class=\"_ _0\"></span>anta<span class=\"_ _0\"></span>mar<span class=\"_ _0\"></span>ia<span class=\"ff1\"> </span>s<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span> <span class=\"_ _6f\"> </span>Cat<span class=\"_ _0\"></span>ania<span class=\"_ _0\"></span> <span class=\"_ _221\"> </span>8 <span class=\"_ _6a\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\">Avv<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span> <span class=\"_ _194\"> </span>10,<span class=\"_ _0\"></span>00% </span></span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs13b5\">Le<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>nda<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs13b6\">Tipo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rapp<span class=\"_ _1\"></span>orto:<span class=\"_ _0\"></span> </span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs13b7\">1<span class=\"ff5\"> <span class=\"_ _1\"></span><span class=\"ff3\">-<span class=\"ff1\"> </span>ma<span class=\"_ _0\"></span>ggio<span class=\"_ _0\"></span>ranz<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>dir<span class=\"_ _0\"></span>itt<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vot<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>nel<span class=\"_ _0\"></span>l'<span class=\"_ _0\"></span>asse<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>lea<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span>rdi<span class=\"_ _0\"></span>nar<span class=\"_ _0\"></span>ia<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff5\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs13b8\">2<span class=\"ff5\"> <span class=\"_ _1\"></span><span class=\"ff3\">-<span class=\"ff1\"> </span>influ<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>za<span class=\"ff1\"> </span>dom<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nell<span class=\"_ _0\"></span>'as<span class=\"_ _0\"></span>sem<span class=\"_ _0\"></span>ble<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>ordina<span class=\"_ _1\"></span>ria<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff5\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs13b9\">3<span class=\"ff5\"> <span class=\"_ _1\"></span><span class=\"ff3\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">accordi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">so<span class=\"_ _0\"></span>ci<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs13ba\">4<span class=\"ff5\"> <span class=\"_ _1\"></span><span class=\"ff3\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">forme<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">co<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>oll<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span><span class=\"ff5\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs13bb\">5<span class=\"ff5\"> <span class=\"_ _1\"></span><span class=\"ff3\">-<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>rez<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">uni<span class=\"_ _0\"></span>tar<span class=\"_ _0\"></span>ia<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>x<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>rt.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">26,<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">comm<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>1,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>\"de<span class=\"_ _0\"></span>cre<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span>gisla<span class=\"_ _1\"></span>tivo<span class=\"ff1\"> </span>87<span class=\"_ _0\"></span>/92<span class=\"_ _0\"></span>\"<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs13bc\">6<span class=\"ff5\"> <span class=\"_ _1\"></span><span class=\"ff3\">-<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>rez<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">u<span class=\"_ _0\"></span>nita<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ex</span> <span class=\"ff3\">a<span class=\"_ _0\"></span>rt.<span class=\"ff1\"> </span>2<span class=\"_ _0\"></span>6,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">com<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">2,</span> <span class=\"ff3\">d<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span>\"<span class=\"_ _0\"></span>dec<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>leg<span class=\"_ _0\"></span>isla<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>87/<span class=\"_ _0\"></span>92<span class=\"_ _0\"></span>\"<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span><span class=\"ff5\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs13bd\">7<span class=\"ff5\"> <span class=\"_ _1\"></span><span class=\"ff3\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">controllo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cong<span class=\"_ _1\"></span>iunto<span class=\"_ _0\"></span> </span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs13be\">8<span class=\"ff5\"> <span class=\"_ _1\"></span><span class=\"ff3\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">impresa<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">asso<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>ta<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff5\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"_ _0\"></span> </span></span></span></span></span></span></div>7.2<span class=\"_ _3bd\"> </span>Pa<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>eci<span class=\"_ _0\"></span>pa<span class=\"_ _1\"></span>zion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>si<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>e:<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>bi<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>o,<span class=\"_ _3bd\"> </span>fai<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lue<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>di<span class=\"_ _0\"></span>vid<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>di<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>ep<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span> De<span class=\"_ _0\"></span>no<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>ina<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Va<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>bi<span class=\"_ _0\"></span>lan<span class=\"_ _1\"></span>cio<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Fa<span class=\"_ _0\"></span>ir<span class=\"_ _3bd\"> </span>v<span class=\"_ _0\"></span>al<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Di<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>den<span class=\"_ _1\"></span>di<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>epi<span class=\"_ _1\"></span>ti<span class=\"fc0 sc1\"> </span>A.<span class=\"_ _3bd\"> </span>Im<span class=\"_ _1\"></span>pre<span class=\"_ _0\"></span>se<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>lla<span class=\"_ _1\"></span>te<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>m<span class=\"_ _0\"></span>odo<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>iu<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span> Cr<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span>mas<span class=\"_ _0\"></span>sic<span class=\"_ _0\"></span>ura<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>s<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span> 45.<span class=\"_ _0\"></span>41<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span> 2.<span class=\"_ _0\"></span>951<span class=\"_ _3bd\"> </span>B.<span class=\"_ _3bd\"> </span>Im<span class=\"_ _1\"></span>pre<span class=\"_ _0\"></span>se<span class=\"_ _3bd\"> </span>so<span class=\"_ _0\"></span>tt<span class=\"_ _1\"></span>opo<span class=\"_ _0\"></span>ste<span class=\"_ _3bd\"> </span>ad<span class=\"_ _3bd\"> </span>in<span class=\"_ _1\"></span>flue<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>no<span class=\"_ _1\"></span>tev<span class=\"_ _0\"></span>ole<span class=\"_ _0\"></span> 1<span class=\"_ _0\"></span>.<span class=\"ff1\"> <span class=\"_ _1ed\"> </span></span>Andxor<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">s<span class=\"_ _0\"></span>rl<span class=\"_ _1\"></span> </span></span>1.<span class=\"_ _0\"></span>378<span class=\"_ _3bd\"> </span> 1<span class=\"_ _0\"></span>20<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>.<span class=\"ff1\"> <span class=\"_ _1eb\"> </span></span>SBC<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Fintech<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2224<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Milan<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sr<span class=\"_ _1\"></span>l<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>3.<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1eb\"> </span><span class=\"ff3\">Grup<span class=\"_ _0\"></span>po<span class=\"ff1\"> </span>S<span class=\"_ _0\"></span>anta<span class=\"_ _0\"></span>mar<span class=\"_ _0\"></span>ia<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>pa<span class=\"_ _1\"></span> </span></span>56<span class=\"_ _1\"></span>7<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span> <span class=\"_ _cb\"> </span>47<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>62<span class=\"_ _0\"></span> <span class=\"_ _1e9\"> </span>-<span class=\"_ _3bd\"> </span>3.<span class=\"_ _0\"></span>07<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>La<span class=\"ff1\">  </span>colonna<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fair<span class=\"ff1\">  </span>value<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">non</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">\u00e8</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">avvalorata<span class=\"_ _2\"></span></span>  <span class=\"ff3\">p<span class=\"_ _0\"></span>erch\u00e9<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>non<span class=\"ff1\">  </span>sono<span class=\"ff1\">  </span>p<span class=\"_ _0\"></span>resenti<span class=\"ff1\">  </span>societ\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>quotate<span class=\"ff1\">  </span>classificate<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tra<span class=\"ff1\">  </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span>partecipazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">significative.<span class=\"_ _3bd\"> </span></span></span>7.3Pa<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ipaz<span class=\"_ _1\"></span>ion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>si<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>e:<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>zio<span class=\"_ _1\"></span>ni<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span> De<span class=\"_ _0\"></span>no<span class=\"_ _1\"></span>min<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Cas<span class=\"_ _0\"></span>sa<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>di<span class=\"_ _0\"></span>sp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>ib<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span>li<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>de<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>At<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>nan<span class=\"_ _1\"></span>zia<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>At<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>no<span class=\"_ _1\"></span>n<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>nan<span class=\"_ _1\"></span>zia<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>Pa<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>nan<span class=\"_ _1\"></span>zia<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>Pa<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>no<span class=\"_ _1\"></span>n<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>nan<span class=\"_ _1\"></span>zia<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>vi<span class=\"_ _3bd\"> </span>to<span class=\"_ _0\"></span>tal<span class=\"_ _1\"></span>i<span class=\"fc0 sc1\"> </span>Ma<span class=\"_ _1\"></span>rgin<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>d<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>ter<span class=\"_ _1\"></span>ess<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>Re<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ch<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>ripres<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>val<span class=\"_ _0\"></span>ore<span class=\"_ _3bd\"> </span>su<span class=\"_ _3bd\"> </span>at<span class=\"_ _0\"></span>tiv<span class=\"_ _1\"></span>it\u00e0<span class=\"_ _3bd\"> </span>ma<span class=\"_ _0\"></span>teriali<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>im<span class=\"_ _0\"></span>ma<span class=\"_ _1\"></span>ter<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>U<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>(P<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>dit<span class=\"_ _1\"></span>a)<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>lordo<span class=\"_ _3bd\"> </span>delle<span class=\"_ _3bd\"> </span>im<span class=\"_ _1\"></span>post<span class=\"_ _1\"></span>e<span class=\"fc0 sc1\"> </span>U<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>(P<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>dit<span class=\"_ _1\"></span>a)<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>net<span class=\"_ _0\"></span>to<span class=\"_ _3bd\"> </span>delle<span class=\"_ _3bd\"> </span>im<span class=\"_ _1\"></span>post<span class=\"_ _1\"></span>e<span class=\"fc0 sc1\"> </span>U<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>(P<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>dit<span class=\"_ _1\"></span>a)<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>grup<span class=\"_ _0\"></span>pi<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>attiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>via<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>di<span class=\"_ _0\"></span>sm<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>net<span class=\"_ _0\"></span>to<span class=\"_ _3bd\"> </span>d<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>im<span class=\"_ _1\"></span>post<span class=\"_ _1\"></span>e<span class=\"fc0 sc1\"> </span>U<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>(P<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>dit<span class=\"_ _1\"></span>a)<span class=\"_ _3bd\"> </span>d'<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>zio<span class=\"_ _3bd\"> </span>(1<span class=\"_ _1\"></span>)<span class=\"fc0 sc1\"> </span>Alt<span class=\"_ _1\"></span>re<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>on<span class=\"_ _1\"></span>ent<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>reddit<span class=\"_ _0\"></span>uali<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>net<span class=\"_ _0\"></span>to<span class=\"_ _3bd\"> </span>delle<span class=\"_ _3bd\"> </span>impo<span class=\"_ _0\"></span>ste<span class=\"_ _3bd\"> </span>(2)<span class=\"_ _3bd\"> </span>Re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>ss<span class=\"_ _1\"></span>iva<span class=\"_ _3bd\"> </span>(3)<span class=\"_ _3bd\"> </span>=<span class=\"_ _3bd\"> </span>(1)<span class=\"_ _3bd\"> </span>+<span class=\"_ _3bd\"> </span>(<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>)<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span>Impr<span class=\"_ _0\"></span>ese<span class=\"_ _3bd\"> </span>cont<span class=\"_ _0\"></span>rolla<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>modo<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>iu<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span> Cr<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>ssic<span class=\"_ _0\"></span>ura<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span> Gru<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>S<span class=\"_ _3bd\"> </span>ant<span class=\"_ _0\"></span>ama<span class=\"_ _0\"></span>ria<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _221\"> </span><span class=\"ff3\">3.38<span class=\"_ _0\"></span>1<span class=\"ff1\"> <span class=\"_ _207\"> </span></span>2<span class=\"_ _1\"></span>19<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _209\"> </span><span class=\"ff3\">26<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _11c\"> </span><span class=\"ff3\">66<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20b\"> </span><span class=\"ff3\">39<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1ee\"> </span><span class=\"ff3\">2<span class=\"_ _0\"></span>.22<span class=\"_ _0\"></span>7<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> </span>(2<span class=\"_ _1\"></span>2)<span class=\"ff1\"> <span class=\"_ _f2\"> </span></span>80<span class=\"_ _1\"></span>3<span class=\"ff1\"> <span class=\"_ _f2\"> </span></span>598<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _68\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _177\"> </span><span class=\"ff3\">59<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _47\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff8\"> <span class=\"_ _1ae\"> </span><span class=\"ff3\">598<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span>Nella<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t</span></span>abella<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>rip<span class=\"_ _0\"></span>ortati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pro<span class=\"_ _2\"></span>getti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">31<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>icembre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2022<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">approvati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dal<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Consiglio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Amministrazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fornito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dalle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">societ\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">qualora<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dispo<span class=\"_ _2\"></span>nibili,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dalle<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>pi\u00f9<span class=\"ff1\"> </span>recenti<span class=\"ff1\"> </span>situazioni<span class=\"ff1\"> </span>patrimoniali<span class=\"ff1\"> </span>riferite<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>totale<span class=\"ff1\"> </span>delle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">part<span class=\"_ _2\"></span>ecipate</span> <span class=\"ff3\">e</span> <span class=\"ff3\">non</span> <span class=\"ff3\">alla</span> <span class=\"ff3\">percen<span class=\"_ _0\"></span>tuale<span class=\"ff1\"> </span>dete<span class=\"_ _2\"></span>nuta<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>Gruppo<span class=\"_ _3bd\"> </span></span></span>Ric<span class=\"_ _0\"></span>on<span class=\"_ _1\"></span>cili<span class=\"_ _0\"></span>azio<span class=\"_ _1\"></span>ne<span class=\"_ _3bd\"> </span>tra<span class=\"_ _3bd\"> </span>le<span class=\"_ _3bd\"> </span>inf<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>zio<span class=\"_ _1\"></span>ni<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>na<span class=\"_ _1\"></span>tura<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>ed<span class=\"_ _3bd\"> </span>il<span class=\"_ _3bd\"> </span>val<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nta<span class=\"_ _1\"></span>bile<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"_ _3bd\"> </span>pa<span class=\"_ _0\"></span>rte<span class=\"_ _1\"></span>cipa<span class=\"_ _0\"></span>zio<span class=\"_ _1\"></span>ni<span class=\"fc0 sc1\"> </span>De<span class=\"_ _0\"></span>no<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>ina<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Pa<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>io<span class=\"_ _3bd\"> </span>nett<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>(*)<span class=\"fc0 sc1\"> </span>Pe<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>sen<span class=\"_ _0\"></span>za<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Pa<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>io<span class=\"_ _3bd\"> </span>nett<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>rti<span class=\"_ _1\"></span>nen<span class=\"_ _0\"></span>za<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Av<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>am<span class=\"_ _0\"></span>en<span class=\"_ _1\"></span>to<span class=\"fc0 sc1\"> </span>Alt<span class=\"_ _1\"></span>re<span class=\"_ _3bd\"> </span>po<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>Va<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>bi<span class=\"_ _0\"></span>lan<span class=\"_ _1\"></span>cio<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>A.<span class=\"_ _3bd\"> </span>Im<span class=\"_ _1\"></span>pre<span class=\"_ _0\"></span>se<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>lla<span class=\"_ _1\"></span>te<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>m<span class=\"_ _0\"></span>odo<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>iu<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>o Cr<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span>mas<span class=\"_ _0\"></span>sic<span class=\"_ _0\"></span>ura<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i 70.<span class=\"_ _0\"></span>18<span class=\"_ _0\"></span>8 <span class=\"_ _20b\"> </span>50,<span class=\"_ _0\"></span>00%<span class=\"_ _0\"></span> <span class=\"_ _1ae\"> </span>35.0<span class=\"_ _0\"></span>94 <span class=\"_ _a1\"> </span>10<span class=\"_ _0\"></span>.32<span class=\"_ _0\"></span>4 <span class=\"_ _72\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _a1\"> </span><span class=\"ff3\">45<span class=\"_ _0\"></span>.41<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span></span></span>An<span class=\"_ _0\"></span>dxor<span class=\"_ _0\"></span> 78<span class=\"_ _1\"></span>9 <span class=\"_ _81\"> </span>4<span class=\"_ _0\"></span>0,0<span class=\"_ _0\"></span>0% <span class=\"_ _3b\"> </span>3<span class=\"_ _1\"></span>16<span class=\"_ _0\"></span> <span class=\"_ _176\"> </span>1.<span class=\"_ _0\"></span>06<span class=\"_ _0\"></span>2 <span class=\"_ _34\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _75\"> </span><span class=\"ff3\">1.<span class=\"_ _0\"></span>37<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span></span></span>SBC<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Fintech<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2224<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Mi<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span> </span></span></span></span></span></span>- <span class=\"_ _7e\"> </span>19,6<span class=\"_ _0\"></span>8% <span class=\"_ _138\"> </span>- <span class=\"_ _19c\"> </span>- <span class=\"_ _50\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2f\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span>Gru<span class=\"_ _0\"></span>ppo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Sant<span class=\"_ _0\"></span>ama<span class=\"_ _0\"></span>ria<span class=\"_ _1\"></span> </span></span>3.1<span class=\"_ _0\"></span>66 <span class=\"_ _129\"> </span>10,<span class=\"_ _0\"></span>00% <span class=\"_ _3b\"> </span>31<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span> <span class=\"_ _68\"> </span>25<span class=\"_ _0\"></span>1<span class=\"_ _1\"></span> <span class=\"_ _f5\"> </span>56<span class=\"_ _1\"></span>7<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span> <span class=\"_ _1fd\"> </span>74<span class=\"_ _0\"></span>.14<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span> - <span class=\"_ _52\"> </span>35.<span class=\"_ _0\"></span>72<span class=\"_ _0\"></span>7 <span class=\"_ _21a\"> </span>11.<span class=\"_ _0\"></span>63<span class=\"_ _1\"></span>7 <span class=\"_ _72\"> </span>-<span class=\"_ _3bd\"> </span>47<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>62<span class=\"_ _3bd\"> </span>(*)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">patrimonio<span class=\"ff1\"> </span>netto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">somm<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">delle<span class=\"ff1\"> </span>\u201cattivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">f<span class=\"_ _2\"></span>inanziarie\u201d,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"_ _2\"></span>le<span class=\"ff1\"> </span>\u201c<span class=\"_ _0\"></span>Attiv<span class=\"_ _2\"></span>it\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">no<span class=\"_ _2\"></span>n<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fi<span class=\"_ _2\"></span>nanziarie\u201d<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>netto<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>elle<span class=\"ff1\"> </span>\u201cPassivit\u00e0<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>finanziarie\u201d<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>del<span class=\"_ _2\"></span>le<span class=\"ff1\"> </span>\u201cPassiv<span class=\"_ _2\"></span>it\u00e0<span class=\"ff1\"> </span>finanziarie\u201d<span class=\"ff1\"> </span>ri<span class=\"_ _2\"></span>portate<span class=\"ff1\"> </span>nell<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>tabella<span class=\"ff1\"> </span>7.3. La<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">so<span class=\"_ _0\"></span>cie<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Fin<span class=\"_ _0\"></span>tech<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">h<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>atri<span class=\"_ _0\"></span>mon<span class=\"_ _0\"></span>io<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">neg<span class=\"_ _0\"></span>ativ<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">24<span class=\"ff1\"> </span>m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>eu<span class=\"_ _0\"></span>ro. </span></span></span></span></span></span></span></span></span></span>7.<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>Pa<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>eci<span class=\"_ _0\"></span>pa<span class=\"_ _1\"></span>zion<span class=\"_ _0\"></span>i:<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>a<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>nu<span class=\"_ _1\"></span>e<span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>A.<span class=\"_ _3bd\"> </span>Esist<span class=\"_ _0\"></span>enze<span class=\"_ _3bd\"> </span>in<span class=\"_ _1\"></span>zial<span class=\"_ _0\"></span>i 48<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>92<span class=\"_ _3bd\"> </span>45<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>90<span class=\"_ _3bd\"> </span>B.<span class=\"_ _3bd\"> </span>Au<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>i 6.<span class=\"_ _0\"></span>89<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>7.<span class=\"_ _0\"></span>45<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>B.1<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Ac<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span> </span></span>2<span class=\"_ _0\"></span>50<span class=\"_ _3bd\"> </span>8<span class=\"_ _0\"></span>21<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>cu<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>op<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>zion<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>agg<span class=\"_ _1\"></span>rega<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>az<span class=\"_ _1\"></span>iend<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>B.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Riprese<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alo<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span> </span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>B.3<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Rival<span class=\"_ _0\"></span>utaz<span class=\"_ _1\"></span>ioni<span class=\"_ _0\"></span> </span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>B.4<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">var<span class=\"_ _0\"></span>iaz<span class=\"_ _0\"></span>ioni<span class=\"_ _1\"></span> </span></span></span></span>6.<span class=\"_ _0\"></span>643<span class=\"_ _3bd\"> </span>6.<span class=\"_ _0\"></span>632<span class=\"_ _3bd\"> </span>C.<span class=\"_ _3bd\"> </span>Di<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i 8.<span class=\"_ _0\"></span>123<span class=\"_ _3bd\"> </span>4.<span class=\"_ _0\"></span>55<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>C.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Ven<span class=\"_ _0\"></span>dite<span class=\"_ _0\"></span> </span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>cu<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>op<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>zion<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>agg<span class=\"_ _1\"></span>rega<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>az<span class=\"_ _1\"></span>iend<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>C.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Rettifiche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">val<span class=\"_ _0\"></span>ore<span class=\"_ _0\"></span> </span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>63<span class=\"_ _1\"></span>6<span class=\"_ _3bd\"> </span>C.3<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Svalu<span class=\"_ _0\"></span>taz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i </span></span>2<span class=\"_ _0\"></span>50<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>C.4<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vari<span class=\"_ _0\"></span>azi<span class=\"_ _1\"></span>oni </span></span></span></span>7.<span class=\"_ _1\"></span>87<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>3.9<span class=\"_ _0\"></span>15<span class=\"_ _3bd\"> </span>D.<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ze<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>li 47<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>62<span class=\"_ _3bd\"> </span>48<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>92<span class=\"_ _3bd\"> </span>E.<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>taz<span class=\"_ _1\"></span>ioni<span class=\"_ _3bd\"> </span>to<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span> --F.<span class=\"_ _3bd\"> </span>Re<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ch<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>to<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>li --Le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">variazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">relative<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">com<span class=\"_ _2\"></span>parto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">partecipazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">recepiscono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">utili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perdite<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">delle<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">societ<span class=\"_ _2\"></span>\u00e0<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>consolidate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>atrimonio<span class=\"ff1\"> </span>netto,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>dividendi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">distribuiti,</span> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019acquisto<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">250<span class=\"ff1\"> </span>mila<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">euro<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span>riferisce<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>SBC<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Fintech<span class=\"ff1\"> </span>2224<span class=\"ff1\"> </span>Milan,<span class=\"ff1\"> </span>partecipazione<span class=\"ff1\"> </span>interamente<span class=\"ff1\"> </span>svalutata. Nel<span class=\"ff1\"> </span>me<span class=\"_ _0\"></span>se<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gennaio<span class=\"ff1\"> </span>2022<span class=\"ff1\"> </span>si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span>perfezionato<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">investimento<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>redemtel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Spa<span class=\"ff1\"> </span>(\u201cCredemtel\u201d)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nella<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>societ\u00e0<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>SBC<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Fintech<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>Milan<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>2<span class=\"_ _2\"></span>224<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>s.r.l.<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>(\u201cSBC\u201d)<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>l\u2019importo<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>complessivo<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>250.00<span class=\"_ _2\"></span>0<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>euro.<span class=\"_ _0\"></span><span class=\"ff1\"> </span>L\u2019investimento<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>avvenuto<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>nella<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>form<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>aumento<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>capitale<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>riservato<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Credemtel<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>la<span class=\"ff1\"> </span>partecipazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Credemtel<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>societ\u00e0<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>pari,<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>31.12.2022,<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>19,68%<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>capitale<span class=\"ff1\"> </span>sociale. SBC<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>una<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Holding<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">che</span> <span class=\"_ _20\"></span><span class=\"ff3\">detiene,</span> <span class=\"_ _20\"></span><span class=\"ff3\">al</span> <span class=\"_ _21\"></span><span class=\"ff3\">31.12.2022,</span> <span class=\"_ _20\"></span><span class=\"ff3\">il</span> <span class=\"_ _20\"></span><span class=\"ff3\">16,695%</span> <span class=\"_ _21\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _21\"></span></span>capi<span class=\"_ _0\"></span>tale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>ociale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u201cF<span class=\"_ _2\"></span>intech<span class=\"ff1\"> <span class=\"_ _20\"></span></span>&amp;amp;<span class=\"ff1\"> </span></span></span>Insurtech<span class=\"ff1\">  </span>Accelerator<span class=\"_ _2\"></span><span class=\"ff1\">  </span>s.r.l.\u201d,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>con<span class=\"ff1\">  </span>s<span class=\"_ _2\"></span>ede<span class=\"ff1\">  </span>in<span class=\"ff1\">  </span>Rom<span class=\"_ _2\"></span>a<span class=\"ff1\">  </span>(RM),<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Via<span class=\"ff1\">  </span>A<span class=\"_ _2\"></span>rduino<span class=\"ff1\">  </span>n.<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>22,<span class=\"ff1\">  </span>n<span class=\"_ _2\"></span>ell\u2019ambito<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>un<span class=\"_ _2\"></span><span class=\"ff1\"> </span>programma<span class=\"ff1\"> </span>verticale<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">investimento<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>innovazione<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>ell\u2019ambito<span class=\"ff1\"> </span>FinTech<span class=\"ff1\"> </span>&amp;amp;<span class=\"ff1\"> </span>InsurTech<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">basato<span class=\"ff1\"> </span></span></span></span></span>a<span class=\"ff1\"> </span>Milano<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>promosso<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>CDP<span class=\"ff1\"> </span>Venture<span class=\"ff1\"> </span>Capital<span class=\"ff1\"> </span>SGR<span class=\"ff1\"> </span>S.p.A.<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span>durata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>almeno<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>triennio. Ai<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fini<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">processo<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">impairment<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>est<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stat<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">utilizzata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valutazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">effett<span class=\"_ _2\"></span>uata<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">primar<span class=\"_ _2\"></span>ia<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>soc<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>espe<span class=\"_ _0\"></span>rta<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nella<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">valu<span class=\"_ _0\"></span>tazi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Start-<span class=\"_ _0\"></span>up<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">che</span> <span class=\"ff3\">ha</span> <span class=\"ff3\">fo<span class=\"_ _0\"></span>rni<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>una<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">valu<span class=\"_ _0\"></span>tazi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>Pat<span class=\"_ _0\"></span>rimo<span class=\"_ _0\"></span>nio<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>tto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>\u201cFintech<span class=\"ff1\"> </span>&amp;amp;<span class=\"ff1\"> </span>Insurtech<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Accelerator<span class=\"ff1\"> </span>s.r.l.\u201d<span class=\"ff1\"> </span>rettificato<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fair-value<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>societ\u00e0<span class=\"ff1\"> </span>Star<span class=\"_ _2\"></span>t-up<span class=\"ff1\"> </span>detenute.<span class=\"ff1\">  </span>La<span class=\"ff1\">  </span>v<span class=\"_ _0\"></span>alutazione<span class=\"ff1\">  </span>in<span class=\"ff1\">  </span>parola<span class=\"ff1\">  </span>non<span class=\"ff1\">  </span>ha<span class=\"ff1\">  </span>consen<span class=\"_ _0\"></span>tito<span class=\"ff1\">  </span>pertanto<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>ritenere<span class=\"ff1\">  </span>suf<span class=\"_ _0\"></span>ficientemente<span class=\"ff1\"> </span>consistente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Patrimonio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nett<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>ettificato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>SBC<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>conseguente<span class=\"ff1\"> <span class=\"_ _21\"></span></span>svalu<span class=\"_ _0\"></span>tazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>da<span class=\"ff1\"> <span class=\"_ _21\"></span></span>impai<span class=\"_ _0\"></span>rment<span class=\"_ _3bd\"> </span>della<span class=\"ff1\"> </span>partecipazione<span class=\"ff1\"> </span>detenuta<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>Credemtel.<span class=\"_ _3bd\"> </span>7.6<span class=\"_ _3bd\"> </span>Valut<span class=\"_ _0\"></span>azioni<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>ass<span class=\"_ _0\"></span>unzioni<span class=\"_ _3bd\"> </span>signi<span class=\"_ _0\"></span>ficat<span class=\"_ _0\"></span>ive<span class=\"_ _3bd\"> </span>per<span class=\"_ _3bd\"> </span>stabili<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>l\u2019esis<span class=\"_ _0\"></span>tenza<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>contro<span class=\"_ _0\"></span>llo<span class=\"_ _3bd\"> </span>congi<span class=\"_ _0\"></span>unto<span class=\"_ _3bd\"> </span>o<span class=\"_ _3bd\"> </span>influe<span class=\"_ _0\"></span>nza<span class=\"_ _3bd\"> </span>notev<span class=\"_ _0\"></span>ole<span class=\"_ _3bd\"> </span>Credito<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Emiliano<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>S.p.A.<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>detiene<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>50%<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Cr<span class=\"_ _2\"></span>edemassicurazioni<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>S.p.A.,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>restante<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quota<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>capitale<span class=\"ff1\"> </span>sociale<span class=\"ff1\"> </span>(50%)<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>invece<span class=\"ff1\"> </span>detenuta<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>Reale<span class=\"ff1\"> </span>Mutua<span class=\"ff1\"> </span>Assicurazioni. In<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conte<span class=\"_ _0\"></span>sto<span class=\"_ _0\"></span>: </span></span></span></span>Credito<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Emilian<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>non<span class=\"ff1\"> <span class=\"_ _21\"></span></span>detiene<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span></span>maggioranza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>diritti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>voto,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>non<span class=\"ff1\"> <span class=\"_ _21\"></span></span>potend<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>da<span class=\"ff1\"> <span class=\"_ _21\"></span></span>solo<span class=\"ff1\"> </span>determinare<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>scelte<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>societarie,<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>avendo<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>capacit\u00e0<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>pratica<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>condurre<span class=\"_ _2\"></span><span class=\"ff1\"> </span>unilateralmente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rilevanti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>partecipata,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sempre<span class=\"ff1\"> <span class=\"_ _2\"></span></span>necess<span class=\"_ _2\"></span>ario<span class=\"ff1\"> </span>anche<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>consenso<span class=\"ff1\"> </span>dell\u2019altro<span class=\"ff1\"> </span>socio; Credito<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Emiliano<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ha<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>pot<span class=\"_ _2\"></span>ere<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>veto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sulle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>scelt<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dell\u2019altro<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>so<span class=\"_ _0\"></span>cio,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>senso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"_ _0\"></span> mancanza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>voto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>favor<span class=\"_ _2\"></span>evole<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Credito<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Emi<span class=\"_ _0\"></span>liano<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>anche<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>l\u2019al<span class=\"_ _0\"></span>tro<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span></span>socio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>detentore<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"_ _2\"></span><span class=\"ff1\"> </span>restante<span class=\"ff1\"> </span>50%<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>capitale<span class=\"ff1\"> </span>sociale<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>grado<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>incidere<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>ciet\u00e0. In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">re<span class=\"_ _0\"></span>lazi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"ff3\">C<span class=\"_ _0\"></span>rede<span class=\"_ _1\"></span>massic<span class=\"_ _0\"></span>ura<span class=\"_ _0\"></span>zioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>po<span class=\"_ _0\"></span>sizi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Cre<span class=\"_ _0\"></span>dito<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Emi<span class=\"_ _0\"></span>lia<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pe<span class=\"_ _0\"></span>rtan<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>a: </span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un</span> <span class=\"_ _0\"></span><span class=\"ff3\">sogge<span class=\"_ _0\"></span>tto<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u00e8</span> <span class=\"ff3\">e<span class=\"_ _0\"></span>spost<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>re<span class=\"_ _1\"></span>ndime<span class=\"_ _0\"></span>nti<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>abil<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>ch<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>tie<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>com<span class=\"_ _0\"></span>unqu<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>iri<span class=\"_ _0\"></span>tti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tali<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>possibili<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rendimenti; </span></span>che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>na<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">propria<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">capacit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">incidere<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>ali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rendimenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">solo<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>sercitando<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">potere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ve<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>su<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sce<span class=\"_ _0\"></span>lte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span>l\u2019a<span class=\"_ _0\"></span>ltro<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">soci<span class=\"_ _0\"></span>o. </span></span></span></span></span></span>Gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>ccor<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in</span> <span class=\"ff3\">e<span class=\"_ _1\"></span>ssere<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tra<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">soc<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ete<span class=\"_ _0\"></span>ntor<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ris<span class=\"_ _0\"></span>pett<span class=\"_ _0\"></span>ivam<span class=\"_ _0\"></span>ente<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>50<span class=\"_ _0\"></span>%<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">capi<span class=\"_ _0\"></span>tal<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">soci<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span>templ<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>o: </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>diritto<span class=\"ff1\"> </span>contemplato<span class=\"ff1\"> </span>nell\u2019atto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>compravendita<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>azioni,<span class=\"ff1\"> </span>circoscritto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>entro<span class=\"ff1\"> </span>precisi<span class=\"ff1\"> </span>limiti<span class=\"ff1\"> </span>temporali<span class=\"ff1\"> </span>(ogni<span class=\"ff1\"> </span>5<span class=\"ff1\"> </span>anni),<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>esercitare<span class=\"ff1\"> </span>opzioni<span class=\"ff1\"> </span>call<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>put<span class=\"ff1\"> </span>sulle<span class=\"ff1\"> </span>rispettive<span class=\"ff1\"> </span>azioni; diritto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contemplato<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>apposito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>patto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>para<span class=\"_ _0\"></span>sociale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ottenere<span class=\"ff1\"> <span class=\"_ _20\"></span></span>esponenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>aziendali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(l<span class=\"_ _0\"></span>a met\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>de<span class=\"_ _0\"></span>gli<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>amministratori<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>r<span class=\"_ _2\"></span>innovi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>alternati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Consiglio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Amministr<span class=\"_ _2\"></span>azione,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> </span>Presidente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span>Consigli<span class=\"_ _0\"></span>o<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Amm<span class=\"_ _2\"></span>inistrazione,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>Sindaci<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rinnovi<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>ternati,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Presidente<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>del<span class=\"ff1\"> </span>Collegi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>Sindacale).<span class=\"ff1\"> </span>Siccome<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>vi<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>ll\u2019ambito<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>redemass<span class=\"_ _2\"></span>icurazioni<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>oti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>consiglieri<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ch<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prevalgano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quelli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">altri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Consiglieri<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>ad<span class=\"ff1\"> </span>esempio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cont<span class=\"_ _2\"></span>emplata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>prevalenza<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>oto<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Presidente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Cons<span class=\"_ _2\"></span>iglio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>Ammini<span class=\"_ _0\"></span>str<span class=\"_ _2\"></span>azione),<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">designazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>esponenti<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>aziendali<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>attribuisce<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>nessun<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>so<span class=\"_ _2\"></span>cio<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>u<span class=\"_ _0\"></span>na<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>prev<span class=\"_ _0\"></span>alenza<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>sulle<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>scelte<span class=\"ff1\"> </span>soc<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>tarie<span class=\"_ _0\"></span>; ob<span class=\"_ _0\"></span>blig<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">no<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">trasf<span class=\"_ _0\"></span>erir<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">azi<span class=\"_ _0\"></span>oni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ter<span class=\"_ _0\"></span>zi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">du<span class=\"_ _0\"></span>rata<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pat<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>araso<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>le. </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>In<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>t<span class=\"_ _2\"></span>ale<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>contest<span class=\"_ _2\"></span>o,<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>diritti<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>Cr<span class=\"_ _2\"></span>edito<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>Emiliano<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>sono<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>cir<span class=\"_ _2\"></span>coscritti<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>alle<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>nette<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>di<span class=\"ff1\"> </span>Cre<span class=\"_ _0\"></span>dem<span class=\"_ _0\"></span>assi<span class=\"_ _0\"></span>cur<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ni. Credito<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Emiliano<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>S.p.A.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>detiene<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>100%<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Credemtel<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>S.p.A.,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>ua<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>volta<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>deti<span class=\"_ _2\"></span>ene<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>40%<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> </span>ANDXOR<span class=\"ff1\"> </span>SOLUZIONI<span class=\"ff1\"> </span>INFORMATICHE<span class=\"ff1\"> </span>S.R.L.<span class=\"ff1\"> </span>\u201cANDXOR\u201d. In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ta<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>test<span class=\"_ _0\"></span>o,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ANDXO<span class=\"_ _0\"></span>R:<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span>Credemtel<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>detiene<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>maggioranza<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>diritti<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>voto,<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>potendo<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>solo<span class=\"ff1\"> </span>determinare<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>scelte<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>societarie,<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>avendo<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>capacit\u00e0<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>pratica<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>condurre<span class=\"_ _2\"></span><span class=\"ff1\"> </span>unilateralmente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rilevanti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>partecipata,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sempre<span class=\"ff1\"> <span class=\"_ _2\"></span></span>necess<span class=\"_ _2\"></span>ario<span class=\"ff1\"> </span>anche<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>consenso<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>altri<span class=\"ff1\"> </span>soci; Credemtel<span class=\"ff1\"> </span>ha<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>potere<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>veto,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>su<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>pecifici<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">argomenti,</span> <span class=\"_ _2\"></span><span class=\"ff3\">sulle</span> <span class=\"_ _2\"></span><span class=\"ff3\">scelte</span> <span class=\"_ _2\"></span><span class=\"ff3\">degli</span> <span class=\"_ _2\"></span><span class=\"ff3\">altri</span> <span class=\"_ _2\"></span><span class=\"ff3\">soci,</span> <span class=\"_ _2\"></span><span class=\"ff3\">ne<span class=\"_ _1\"></span>l </span></span>sen<span class=\"_ _0\"></span>so<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>he<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>ma<span class=\"_ _0\"></span>ncan<span class=\"_ _0\"></span>za<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>oto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fa<span class=\"_ _0\"></span>vor<span class=\"_ _0\"></span>evo<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">C<span class=\"_ _0\"></span>redem<span class=\"_ _0\"></span>tel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">anch<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>g<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ltri<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>oci<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>tento<span class=\"_ _0\"></span>ri<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>restante<span class=\"ff1\"> </span>60%<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>capitale<span class=\"ff1\"> </span>sociale<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>grado<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>incide<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ulla<span class=\"ff1\"> </span>societ\u00e0. In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">re<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">AN<span class=\"_ _0\"></span>DXOR<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>osiz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Crede<span class=\"_ _0\"></span>mte<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>rtan<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>lla: </span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un</span> <span class=\"_ _0\"></span><span class=\"ff3\">sogge<span class=\"_ _0\"></span>tto<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u00e8</span> <span class=\"ff3\">e<span class=\"_ _0\"></span>spost<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>re<span class=\"_ _1\"></span>ndime<span class=\"_ _0\"></span>nti<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>abil<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>ch<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>tie<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>com<span class=\"_ _0\"></span>unqu<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>iri<span class=\"_ _0\"></span>tti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tali<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>possibili<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rendimenti; </span></span>che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>na<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">propria<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">capacit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">incidere<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>ali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rendimenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">solo<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>sercitando<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">potere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ve<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ulle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>celt<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>de<span class=\"_ _1\"></span>gli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">altri<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">soc<span class=\"_ _0\"></span>i. </span></span></span></span></span></span>Gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>cc<span class=\"_ _0\"></span>ordi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ess<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">t<span class=\"_ _0\"></span>ra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">soci<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>A<span class=\"_ _0\"></span>NDXO<span class=\"_ _0\"></span>R<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>temp<span class=\"_ _0\"></span>lano<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>avore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Cre<span class=\"_ _0\"></span>demt<span class=\"_ _0\"></span>el: </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>diritto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contemplato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>apposito<span class=\"ff1\"> <span class=\"_ _21\"></span></span>patto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>parasociale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ottenere<span class=\"ff1\"> <span class=\"_ _21\"></span></span>esponenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>aziendali<span class=\"ff1\"> <span class=\"_ _21\"></span></span>(un<span class=\"ff1\"> </span>consigliere<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>amministrazione<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>sindaco<span class=\"ff1\"> </span>unico).<span class=\"ff1\"> </span>Si<span class=\"_ _0\"></span>ccome<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>vi<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>no<span class=\"ff1\"> </span>nell<span class=\"_ _0\"></span>\u2019ambito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>ANDXOR<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">voti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">consiglieri<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ch<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prevalgano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quelli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">altri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Consiglieri,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">designazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>esponenti<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>azie<span class=\"_ _2\"></span>ndali<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>attribuisce<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>nessun<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>socio<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>u<span class=\"_ _0\"></span>na<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>prev<span class=\"_ _0\"></span>alenza<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>sulle<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>s<span class=\"_ _2\"></span>celte<span class=\"ff1\"> </span>soc<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>tarie<span class=\"_ _0\"></span>; diritto<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">co-vendita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>fav<span class=\"_ _0\"></span>ore<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>Credemtel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">qualora<span class=\"ff1\"> </span>ve<span class=\"_ _0\"></span>nga<span class=\"ff1\"> </span>trasferita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">atto<span class=\"ff1\"> </span>tra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vivi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un<span class=\"_ _1\"></span>a </span></span></span></span></span></span></span></span></span></span></span></span></span></span>quota<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>almeno<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>50%<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>capitale<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sociale<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ANDXOR<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"></span></span>tutta<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>durata<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>patto<span class=\"ff1\"> </span>parasociale<span class=\"ff1\"> </span>attualmente<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>essere. Credito<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Emiliano<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">S.p.A.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">detiene<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">100%<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Credemtel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">S.p.A.,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ch<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sua<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">volta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">detiene<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">1<span class=\"_ _2\"></span>9,68%<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">SBC<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Fintech<span class=\"ff1\"> </span>Milan<span class=\"ff1\"> </span>2224<span class=\"ff1\"> </span>srl<span class=\"ff1\"> </span>(SBC). In<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conte<span class=\"_ _0\"></span>sto<span class=\"_ _0\"></span>: </span></span></span></span>-<span class=\"_ _3bd\"> </span>Cre<span class=\"_ _0\"></span>dem<span class=\"_ _0\"></span>tel<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>etie<span class=\"_ _1\"></span>ne<span class=\"ff1\"> </span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">magg<span class=\"_ _0\"></span>ioran<span class=\"_ _0\"></span>za<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">diri<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">vo<span class=\"_ _0\"></span>to,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">n<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>otend<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>da<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">solo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dete<span class=\"_ _0\"></span>rmin<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>scelte<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>societarie,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>avendo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>capacit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>prat<span class=\"_ _2\"></span>ica<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>condurre<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>unilateralmente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>attivit\u00e0<span class=\"ff1\"> </span>rilevanti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">partecipata,<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>ali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>empre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">necess<span class=\"_ _2\"></span>ario<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">consenso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">degli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>ltri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">soci; </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Cre<span class=\"_ _0\"></span>dem<span class=\"_ _0\"></span>tel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per\u00f2<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ha<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">po<span class=\"_ _0\"></span>tere<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>eto<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">spec<span class=\"_ _0\"></span>ifici<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>rgo<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>i,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sull<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sce<span class=\"_ _0\"></span>lte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>gli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altri<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">soci<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sen<span class=\"_ _0\"></span>so<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>mancanza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>voto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>favorevole<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Credemtel<span class=\"ff1\"> <span class=\"_ _20\"></span></span>anche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>altri<span class=\"ff1\"> <span class=\"_ _20\"></span></span>soci<span class=\"ff1\"> <span class=\"_ _20\"></span></span>non<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>grado<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>incidere<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>societ\u00e0. In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">re<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">SB<span class=\"_ _0\"></span>C<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>p<span class=\"_ _1\"></span>osizio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>rede<span class=\"_ _1\"></span>mtel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"_ _0\"></span>tant<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uell<span class=\"_ _0\"></span>a: </span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un<span class=\"ff1\"> <span class=\"_ _21\"></span></span>soggetto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"></span></span>esposto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">rendimenti</span> <span class=\"_ _20\"></span><span class=\"ff3\">variabili</span> <span class=\"_ _21\"></span><span class=\"ff3\">e</span> <span class=\"_ _20\"></span><span class=\"ff3\">che</span> <span class=\"_ _21\"></span><span class=\"ff3\">detiene</span> <span class=\"_ _20\"></span><span class=\"ff3\">comunque</span> <span class=\"_ _21\"></span><span class=\"ff3\">diritti</span> <span class=\"_ _21\"></span><span class=\"ff3\">su</span> <span class=\"_ _20\"></span><span class=\"ff3\">tali</span> </span>possibili<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rendimenti; </span></span>-<span class=\"_ _3bd\"> </span>che<span class=\"ff1\"> </span>ha<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>propria<span class=\"ff1\"> </span>capacit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>incidere<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>tali<span class=\"ff1\"> </span>rendimenti<span class=\"ff1\"> </span>solo<span class=\"ff1\"> </span>esercitando<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>potere<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>veto<span class=\"ff1\"> </span>sulle<span class=\"ff1\"> </span>scelte<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>altri<span class=\"ff1\"> </span>soci. Gli<span class=\"ff1\"> </span>accordi<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>tra<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>soci<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>SB<span class=\"_ _0\"></span>C<span class=\"ff1\"> </span>contemplano,<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>favore<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Credemtel<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>diritto<span class=\"ff1\"> </span>contemplato<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span></span></span>apposito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pat<span class=\"_ _2\"></span>to<span class=\"ff1\"> <span class=\"_ _20\"></span></span>parasociale<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">ottenere</span> <span class=\"_ _20\"></span><span class=\"ff3\">esponenti</span> <span class=\"_ _20\"></span><span class=\"ff3\">aziendali</span> <span class=\"_ _21\"></span><span class=\"ff3\">(un</span> <span class=\"_ _20\"></span><span class=\"ff3\">consigliere</span> <span class=\"_ _20\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>i</span> <span class=\"_ _20\"></span><span class=\"ff3\">amministr<span class=\"_ _2\"></span>azione).</span> </span>Si<span class=\"_ _0\"></span>ccom<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">vi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>ono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nell\u2019<span class=\"_ _0\"></span>ambi<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>d<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span>SB<span class=\"_ _0\"></span>C<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vot<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>sigli<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>he<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prev<span class=\"_ _0\"></span>alg<span class=\"_ _0\"></span>ano<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">su<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uel<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span>tri<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>onsig<span class=\"_ _0\"></span>lie<span class=\"_ _0\"></span>ri,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>la<span class=\"ff1\"> </span>designazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>sponenti<span class=\"ff1\"> </span>aziendali<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>attribuisce<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>nessun<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>cio<span class=\"ff1\"> </span>una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prevalenza<span class=\"ff1\"> </span>sulle<span class=\"ff1\"> </span>scelte<span class=\"ff1\"> </span></span></span></span></span>soc<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>tarie<span class=\"_ _0\"></span>. Credito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Emiliano<span class=\"ff1\"> </span>S.p.A.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>detiene<span class=\"ff1\"> </span>i<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _2\"></span></span>100%<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>Avvera<span class=\"ff1\"> <span class=\"_ _2\"></span></span>S.p.A.,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sua<span class=\"ff1\"> <span class=\"_ _2\"></span></span>volta<span class=\"ff1\"> <span class=\"_ _2\"></span></span>detiene<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>10<span class=\"_ _2\"></span>%<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Gruppo<span class=\"ff1\"> </span>Santamaria<span class=\"ff1\"> <span class=\"_ _2\"></span></span>S.p.A.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u201cGSM\u201d.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cap<span class=\"_ _2\"></span>itale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sociale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>GSM<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>detenuto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>da<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Avvera<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tr<span class=\"_ _2\"></span>amite<span class=\"ff1\"> <span class=\"_ _2\"></span></span>azioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>speciali<span class=\"ff1\"> </span>\u201cAzioni<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>B\u201d<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>attribuiti,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>o<span class=\"_ _2\"></span>ltre<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ai<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>diritti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>at<span class=\"_ _2\"></span>tribuiti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dalla<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Legge<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>alle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"_ _2\"></span>zioni<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ordinar<span class=\"_ _2\"></span>ie,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>anche<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>i<span class=\"ff1\"> </span>seguenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">diritti: </span></span>diritto<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>designare,<span class=\"_ _3bd\"> </span>ai<span class=\"_ _3bd\"> </span>fini<span class=\"_ _3bd\"> </span>della<span class=\"_ _3bd\"> </span>nomina,<span class=\"_ _3bd\"> </span>un<span class=\"_ _3bd\"> </span>componente<span class=\"_ _3bd\"> </span>del<span class=\"_ _3bd\"> </span>Consiglio<span class=\"_ _3bd\"> </span>d<span class=\"_ _0\"></span>i Amm<span class=\"_ _0\"></span>ini<span class=\"_ _0\"></span>straz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e; diritto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>designare,<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>fini<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>nomina,<span class=\"ff1\"> </span>quale<span class=\"ff1\"> </span>componente<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Collegio<span class=\"ff1\"> </span>Sindacale,<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>Sindaco<span class=\"ff1\"> </span>Effettivo,<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>rivestir\u00e0<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>carica<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Presidente,<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>Sindaco<span class=\"ff1\"> </span>Supplente; presentazione<span class=\"ff1\"> </span>all\u2019Assemblea<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>soci<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>proposta<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>revoca<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span>soggetto<span class=\"ff1\"> </span>inc<span class=\"_ _0\"></span>aric<span class=\"_ _0\"></span>ato del<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rev<span class=\"_ _0\"></span>isi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">leg<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>onti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">GS<span class=\"_ _1\"></span>M, </span></span></span></span></span></span></span></span></span></span></span></span>diritto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>ubordinare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>proprio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>voto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>favorevole<span class=\"ff1\"> <span class=\"_ _2\"></span></span>una<span class=\"ff1\"> <span class=\"_ _2\"></span></span>serie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>deliberazioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>assembleari<span class=\"ff1\"> </span>quali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>modi<span class=\"_ _0\"></span>fica<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>Statuto,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019aumento<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>iminuzione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">capitale<span class=\"ff1\"> </span>sociale,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fusioni<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>scissioni,<span class=\"ff1\">  </span>la<span class=\"ff1\">  </span>determinazione<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">e</span>  <span class=\"ff3\">modifica</span>  <span class=\"ff3\">dei</span>  <span class=\"ff3\">compensi</span>  <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">amministr<span class=\"_ _2\"></span>atori</span>  <span class=\"ff3\">e</span>  <span class=\"ff3\">sindaci<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span></span></span></span></span>l\u2019approvazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>piani<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>incentivazione<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>amministrat<span class=\"_ _2\"></span>ori,<span class=\"ff1\"> </span>dirigenti<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>dipendenti. Siccome<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>non<span class=\"ff1\">  </span>v<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nell\u2019ambit<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\">  </span>GSM<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">voti</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">di</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">consiglieri</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">c<span class=\"_ _2\"></span>he</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">prevalgano</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">s<span class=\"_ _2\"></span>u</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">quelli</span>  <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\">  </span>al<span class=\"_ _0\"></span>tri<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span>Consiglieri,<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>designazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>esponenti<span class=\"ff1\"> </span>aziendali<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>attribuisce<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>nessun<span class=\"ff1\"> </span>socio<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>prevalenza<span class=\"_ _2\"></span><span class=\"ff1\"> </span>sulle<span class=\"ff1\"> </span>scelte<span class=\"ff1\"> </span>societarie. In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ta<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>test<span class=\"_ _0\"></span>o,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">GS<span class=\"_ _0\"></span>M:<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span>Avvera<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">detiene<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>maggioranza<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">diritti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>oto,<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>potendo<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>solo<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>terminare<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sc<span class=\"_ _0\"></span>elte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">soc<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>tarie<span class=\"_ _1\"></span>,<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ave<span class=\"_ _0\"></span>ndo<span class=\"ff1\"> </span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ca<span class=\"_ _0\"></span>pac<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pra<span class=\"_ _0\"></span>tica<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">cond<span class=\"_ _0\"></span>urr<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>uni<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>teral<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">atti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>rilevanti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>ella<span class=\"ff1\"> </span>partecip<span class=\"_ _0\"></span>ata,<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sempre<span class=\"ff1\"> </span>necessario<span class=\"ff1\"> </span>anc<span class=\"_ _0\"></span>he<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">consenso<span class=\"ff1\"> </span>deg<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>altri<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>soc<span class=\"_ _0\"></span>i; Avvera<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">potere<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">veto,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">specifici<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">argomenti,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ulle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">scelte<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">de<span class=\"_ _2\"></span>gli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altri<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>oci,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">se<span class=\"_ _0\"></span>ns<span class=\"_ _1\"></span>o </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>mancanza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">voto<span class=\"ff1\"> </span>favorevole<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _1\"></span><span class=\"ff3\">Avvera<span class=\"ff1\"> </span>anche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alt<span class=\"_ _2\"></span>ri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">soci<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>tentori<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">restante</span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>90%<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>capitale<span class=\"ff1\"> </span>sociale<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>grado<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>incidere<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>societ\u00e0. In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">re<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">GS<span class=\"_ _0\"></span>M<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pos<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Avv<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">per<span class=\"_ _0\"></span>tant<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uel<span class=\"_ _0\"></span>la: </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">soggetto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">espos<span class=\"_ _2\"></span>to<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rendimenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">variabili<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">detiene<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">comunque<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">diritti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tali<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>possibili<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rendimenti; </span></span>che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>na<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">propria<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">capacit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">incidere<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>ali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rendimenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">solo<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>sercitando<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">potere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ve<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ulle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>celt<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>de<span class=\"_ _1\"></span>gli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">altri<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">soc<span class=\"_ _0\"></span>i. </span></span></span></span></span></span>7.<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>Im<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>rit<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>pa<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>eci<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>zio<span class=\"_ _1\"></span>ni<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>so<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>et\u00e0<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>rol<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>mo<span class=\"_ _1\"></span>do<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>iun<span class=\"_ _0\"></span>to<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Credito<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Emiliano<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ha<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>ottoscritto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Re<span class=\"_ _0\"></span>ale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Mutua<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>As<span class=\"_ _2\"></span>sicurazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>accordi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>contrattuali<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>volt<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> </span>disciplinare<span class=\"ff1\"> </span>pi\u00f9<span class=\"ff1\"> </span>compiutamente<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>partnership<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>Credemassicurazioni. In<span class=\"ff1\"> </span>tale<span class=\"ff1\"> </span>contesto<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>clausole<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>contratto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>compravend<span class=\"_ _0\"></span>ita<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>azioni<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>suo<span class=\"ff1\"> </span>tempo<span class=\"ff1\"> </span>perfezionato<span class=\"ff1\"> </span>tra<span class=\"ff1\"> </span>Credito<span class=\"ff1\"> </span>Emili<span class=\"_ _0\"></span>ano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>Reale<span class=\"ff1\"> </span>Mu<span class=\"_ _0\"></span>tua<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Assicurazioni<span class=\"ff1\"> </span>hanno<span class=\"ff1\"> </span>espressamente<span class=\"ff1\"> </span>convenuto<span class=\"ff1\"> </span>un\u2019opzione<span class=\"ff1\"> </span>put<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"></span></span>capo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span></span>Reale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Mutua<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Assicurazioni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>un\u2019<span class=\"_ _0\"></span>opzione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>call<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>capo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Credi<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Emiliano<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>S.p.A.<span class=\"ff1\"> </span>rig<span class=\"_ _0\"></span>ua<span class=\"_ _0\"></span>rdan<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>50%<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>rte<span class=\"_ _0\"></span>cipaz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Re<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">Mu<span class=\"_ _0\"></span>tua<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>capi<span class=\"_ _0\"></span>tale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">soci<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">Crede<span class=\"_ _1\"></span>massi<span class=\"_ _0\"></span>cura<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i.<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>Entrambe<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>opzioni<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>esercitabili<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>allo<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>scadere<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>ogni<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>quinquennio<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>dall\u2019acquisto<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>della<span class=\"ff1\"> </span>partecipazione<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>Credemassicurazioni<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>parte<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Reale<span class=\"ff1\"> </span>Mutua. A<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">distanza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">10<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dalla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sottoscrizione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">primo<span class=\"ff1\"> </span>accordo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">co<span class=\"_ _2\"></span>llaborazione,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Cr<span class=\"_ _2\"></span>edito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Emiliano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Societ\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Reale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">M<span class=\"_ _2\"></span>utua<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Assicurazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">hanno<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>innovato<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">loro<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">partnership<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">paritetica<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nella<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">societ\u00e0<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ra<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>gna.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">r<span class=\"_ _0\"></span>inn<span class=\"_ _0\"></span>ovo<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>ll\u2019<span class=\"_ _0\"></span>acco<span class=\"_ _0\"></span>rdo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pe<span class=\"_ _0\"></span>rmett<span class=\"_ _0\"></span>er\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>g<span class=\"_ _0\"></span>rupp<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">svi<span class=\"_ _0\"></span>luppa<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019offe<span class=\"_ _0\"></span>rta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>rodo<span class=\"_ _0\"></span>tti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">r<span class=\"_ _0\"></span>am<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>danni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>accrescere<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _21\"></span></span>livello<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>servizio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"_ _2\"></span>fferto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>propria<span class=\"ff1\"> <span class=\"_ _20\"></span></span>clientela,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>grazie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>upporto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>u<span class=\"_ _3bd\"> </span>n<span class=\"_ _2\"></span><span class=\"ff1\"> </span>primario<span class=\"ff1\"> </span>player<span class=\"ff1\"> </span>specializzato<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>settore<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>protection.<span class=\"_ _3bd\"> </span> Le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pa<span class=\"_ _0\"></span>rti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">hanno<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">poi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>rfe<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>ato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pa<span class=\"_ _0\"></span>tto<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ara<span class=\"_ _0\"></span>soci<span class=\"_ _0\"></span>ale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>cu<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>lau<span class=\"_ _0\"></span>sole<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>onte<span class=\"_ _0\"></span>mpla<span class=\"_ _0\"></span>no:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>div<span class=\"_ _0\"></span>ieto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>trasferimento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>azioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>diritti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>opzione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>terzi,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>div<span class=\"_ _0\"></span>ersi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>societ<span class=\"_ _3bd\"> </span>\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> </span>controllate,<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>tutta<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>durata<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>patto<span class=\"ff1\"> </span>paraso<span class=\"_ _2\"></span>ciale<span class=\"ff1\"> </span>attualmen<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>essere;<span class=\"_ _3bd\"> </span> Il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">diritto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ciascuna<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">parte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ottenere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nomina<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ot<span class=\"_ _2\"></span>tenere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nomin<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">esponent<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">aziendali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>propria<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>designazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>(la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>met\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>egli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>amministr<span class=\"_ _2\"></span>atori<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rinnovi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>alternati<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Consiglio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>Amministrazione,<span class=\"ff1\">  </span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Presidente<span class=\"ff1\">  </span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Consi<span class=\"_ _2\"></span>glio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Amminist<span class=\"_ _2\"></span>razione,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"ff1\">  </span>Sindaci<span class=\"ff1\">  </span>e,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\">  </span>rinno<span class=\"_ _3bd\"> </span>vi<span class=\"ff1\"> </span>alternati,<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>Presidente<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Collegio<span class=\"ff1\"> </span>Sindacale);<span class=\"_ _3bd\"> </span> La<span class=\"ff1\"> </span>necessit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quorum<span class=\"ff1\"> <span class=\"_ _2\"></span></span>qualificato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> </span>deliberazioni<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>componenti<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Co<span class=\"_ _2\"></span>nsiglio<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span> Amministrazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>iguardanti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">particolari<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tematiche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(come,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altre,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>omina<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Dirett<span class=\"_ _2\"></span>or<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Generale,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Responsabile<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Si<span class=\"_ _2\"></span>nistri,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Dir<span class=\"_ _2\"></span>ettore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Commerciale,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>funzione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>auditin<span class=\"_ _3bd\"> </span>g,<span class=\"ff1\"> </span>l\u2019approvazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>operazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>finanzia<span class=\"ff1\"> </span>str<span class=\"_ _2\"></span>aordinaria,<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>accordi<span class=\"ff1\"> </span>distributivi,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ecc).<span class=\"_ _2\"></span> </span></span>7.8<span class=\"_ _3bd\"> </span>Im<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>rif<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>iti<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>pa<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>eci<span class=\"_ _0\"></span>pa<span class=\"_ _1\"></span>zion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>so<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>so<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>op<span class=\"_ _0\"></span>ost<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>ad<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>flu<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>za<span class=\"_ _3bd\"> </span>no<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>vol<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>Credemtel<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>h<span class=\"_ _3bd\"> </span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>so<span class=\"_ _2\"></span>ttoscritto<span class=\"ff1\">  </span>con<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">i</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">soci</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">di</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">ANDXOR</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">accordi</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">contrattuali</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">volti</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">a</span>  <span class=\"ff3\">di<span class=\"_ _0\"></span>sciplinare<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>pi<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\">\u00f9<span class=\"ff1\"> </span></span></span>compiutamente<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>partnership<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>SATA.<span class=\"fc0\"> </span>Le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pa<span class=\"_ _0\"></span>rti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">hanno<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">poi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>rfe<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>ato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pa<span class=\"_ _0\"></span>tto<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ara<span class=\"_ _0\"></span>soci<span class=\"_ _0\"></span>ale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>cu<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>lau<span class=\"_ _0\"></span>sole<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>onte<span class=\"_ _0\"></span>mpla<span class=\"_ _0\"></span>no:<span class=\"fc0\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span>rit<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Cred<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>tel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">otten<span class=\"_ _0\"></span>ere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>omin<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esp<span class=\"_ _0\"></span>onen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">azien<span class=\"_ _0\"></span>dali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>rop<span class=\"_ _0\"></span>ria<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">desi<span class=\"_ _0\"></span>gnaz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">(u<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>consigliere<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>amministrazione<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>sindaco<span class=\"ff1\"> </span>unico);<span class=\"_ _3bd\"> </span> il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">diri<span class=\"_ _0\"></span>tto<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">co<span class=\"_ _0\"></span>-vend<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fav<span class=\"_ _0\"></span>ore<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Cre<span class=\"_ _0\"></span>dem<span class=\"_ _0\"></span>tel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">qu<span class=\"_ _1\"></span>alora<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">v<span class=\"_ _0\"></span>enga<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">trasf<span class=\"_ _0\"></span>erit<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">atto<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">tra<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">viv<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">qu<span class=\"_ _1\"></span>ota<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>almeno<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>5<span class=\"_ _2\"></span>0%<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>ca<span class=\"_ _2\"></span>pitale<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>so<span class=\"_ _2\"></span>ciale<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>ANDX<span class=\"_ _2\"></span>OR<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>tutta<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>durata<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>patt<span class=\"_ _3bd\"> </span>o<span class=\"ff1\"> </span>parasociale<span class=\"ff1\"> </span>attualmente<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>essere;<span class=\"_ _3bd\"> </span> la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>necessit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quorum<span class=\"ff1\"> <span class=\"_ _20\"></span></span>qualificato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>deliberazioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>componenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>de<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Consiglio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"_ _0\"></span> Amministrazione<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>riguardanti<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>particolari<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>t<span class=\"_ _2\"></span>ematiche<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>(come<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>mo<span class=\"_ _2\"></span>dificazioni<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>dell\u2019atto<span class=\"ff1\"> </span>costitutivo,<span class=\"ff1\">  </span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>modificazione<span class=\"ff1\">  </span>dell\u2019<span class=\"_ _0\"></span>oggett<span class=\"_ _2\"></span>o<span class=\"ff1\">  </span>sociale,<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">l\u2019assunzione</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">di</span>  <span class=\"ff3\">finanziamenti</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">olt<span class=\"_ _2\"></span>re</span>  <span class=\"ff3\">i<span class=\"_ _1c\"></span> </span></span>150.000<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>euro,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>compravendi<span class=\"_ _0\"></span>ta<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>diritti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>reali<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>immobil<span class=\"_ _0\"></span>iari,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>emissione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>titoli<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>debito<span class=\"_ _3bd\"> </span>,<span class=\"ff1\"> </span>distribuzione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>riserve).<span class=\"_ _3bd\"> </span> Avvera<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sottoscritto<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">soci<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Gruppo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Santamaria<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">accordi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">contr<span class=\"_ _2\"></span>attuali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">volti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">disciplinare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pi<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">\u00f9<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>compiutamente<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>partnership<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>GSM.<span class=\"_ _3bd\"> </span> In<span class=\"ff1\"> </span>tale<span class=\"ff1\"> </span>contesto<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>contratto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>investimento<span class=\"ff1\"> </span>sot<span class=\"_ _2\"></span>toscritto<span class=\"ff1\"> </span>dalle<span class=\"ff1\"> </span>parti<span class=\"ff1\"> </span>ha<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">espressamente<span class=\"ff1\"> </span>convenut<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\">o<span class=\"ff1\"> </span></span></span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>apo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ad<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">A<span class=\"_ _0\"></span>vvera<span class=\"_ _0\"></span>:<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(i)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">u<span class=\"_ _0\"></span>na<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pri<span class=\"_ _0\"></span>ma<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">opzion<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cal<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fino<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">20%<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">capi<span class=\"_ _0\"></span>tale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>oci<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">GSM;<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">(i<span class=\"_ _0\"></span>i)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>se<span class=\"_ _0\"></span>con<span class=\"_ _0\"></span>d<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>opzione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>call<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>ulla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>intera<span class=\"ff1\"> <span class=\"_ _20\"></span></span>partecipazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>residua<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d<span class=\"_ _2\"></span>el<span class=\"ff1\"> <span class=\"_ _2\"></span></span>capitale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>ociale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>G<span class=\"_ _2\"></span>SM;<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(iii)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>una<span class=\"ff1\"> <span class=\"_ _20\"></span></span>opzione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>p<span class=\"_ _3bd\"> </span>ut<span class=\"ff1\"> </span>sull\u2019intera<span class=\"ff1\"> </span>partecipazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nel<span class=\"ff1\"> </span>ca<span class=\"_ _2\"></span>pitale<span class=\"ff1\"> </span>sociale<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>GSM<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>titolarit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>Avvera.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>La<span class=\"ff1\"> </span>prima<span class=\"ff1\"> <span class=\"_ _2\"></span></span>opzione<span class=\"ff1\"> </span>ca<span class=\"_ _3bd\"> </span>ll<span class=\"ff1\"> </span>era<span class=\"ff1\"> </span>esercitabile<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dalla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>ap<span class=\"_ _0\"></span>provazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span>bi<span class=\"_ _0\"></span>lancio<span class=\"ff1\"> </span>relativo<span class=\"ff1\"> </span>all\u2019esercizio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2020<span class=\"ff1\"> </span>fino<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ata<span class=\"ff1\"> </span>d<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">e<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span></span></span></span></span></span></span>31<span class=\"ff1\"> </span>dicembre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2021,<span class=\"ff1\"> </span>tale<span class=\"ff1\"> </span>opzione<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span>stata<span class=\"ff1\"> </span>esercitata,<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">seconda<span class=\"ff1\"> </span>opzione<span class=\"ff1\"> </span>call<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esercitabile<span class=\"ff1\"> </span>dall<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>data<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>approvazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _21\"></span></span>bilancio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>relativo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>all\u2019esercizio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>2021<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fino<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>data<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">del</span> <span class=\"_ _20\"></span><span class=\"ff3\">31</span> <span class=\"_ _21\"></span><span class=\"ff3\">dicembre</span> <span class=\"_ _20\"></span><span class=\"ff3\">202<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\">2</span> </span>nonch\u00e9<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>periodo<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>decorre<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>approvazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>elativo<span class=\"ff1\"> </span>all\u2019esercizio<span class=\"ff1\"> </span>202<span class=\"_ _3bd\"> </span>2<span class=\"ff1\"> </span>fino<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>data<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>31<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dicembre<span class=\"ff1\"> <span class=\"_ _20\"></span></span>20<span class=\"_ _2\"></span>23;<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l\u2019opzione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>put<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>esercitabile<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dalla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>data<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>approvazion<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _3bd\"> </span>el<span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> </span>relativo<span class=\"ff1\"> </span>all<span class=\"_ _0\"></span>\u2019esercizio<span class=\"ff1\"> </span>2022<span class=\"ff1\"> </span>fino<span class=\"ff1\"> </span>all<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">31<span class=\"ff1\"> </span>dicembre<span class=\"ff1\"> </span>2023<span class=\"ff1\"> </span>e,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in</span> <span class=\"ff3\">c<span class=\"_ _0\"></span>aso<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>ce<span class=\"_ _0\"></span>ssazione<span class=\"ff1\"> </span>p<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">er<span class=\"ff1\"> </span></span></span></span></span>qualsiasi<span class=\"ff1\"> </span>causa<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>contratto<span class=\"_ _2\"></span><span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>genzia<span class=\"ff1\"> </span>tra<span class=\"ff1\"> </span>Avve<span class=\"_ _0\"></span>ra<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>GSM,<span class=\"ff1\"> </span>entro<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">6<span class=\"ff1\"> </span>mesi<span class=\"ff1\"> </span>successivi<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rima<span class=\"ff1\"> </span>tr<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span></span></span>le<span class=\"ff1\"> </span>seguenti<span class=\"ff1\"> </span>date:<span class=\"ff1\"> </span>(i)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>data<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>esercizio<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>recesso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>contratto<span class=\"_ _2\"></span><span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>agenzia;<span class=\"ff1\"> </span>(ii)<span class=\"ff1\"> </span>data<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>riceviment<span class=\"_ _3bd\"> </span>o<span class=\"ff1\"> </span>della<span class=\"ff1\"> <span class=\"_ _21\"></span></span>comunicazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _21\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Avvera<span class=\"ff1\"> <span class=\"_ _21\"></span></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>GSM<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"_ _0\"></span>chiarino<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>avv<span class=\"_ _0\"></span>alers<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dell<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>clausola<span class=\"ff1\"> <span class=\"_ _21\"></span></span>risolutiv<span class=\"_ _3bd\"> </span>a<span class=\"ff1\"> </span>espressa<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>contratto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>agenzia<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>sensi<span class=\"ff1\"> </span>dell\u2019art.<span class=\"ff1\"> </span>1465<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Cod.<span class=\"ff1\"> </span>Civ;<span class=\"ff1\"> </span>(iii)<span class=\"ff1\"> </span>decorso<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>termin<span class=\"_ _3bd\"> </span>e<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">adempiere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">contratt<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">agenzia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">intimat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Av<span class=\"_ _2\"></span>vera<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">GSM<span class=\"ff1\"> </span>ai<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">sensi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dell\u2019art.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">14<span class=\"_ _2\"></span>54<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Cod.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Civ<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">.;<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Il<span class=\"ff1\"> </span>contratto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>investimento<span class=\"ff1\"> </span>prevede<span class=\"ff1\"> </span>inoltre:<span class=\"_ _3bd\"> </span> un<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>riodo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">5</span> <span class=\"_ _0\"></span><span class=\"ff3\">anni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Loc<span class=\"_ _0\"></span>k-Up<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dura<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">qu<span class=\"_ _0\"></span>ale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">soci<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">GSM<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">no<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>potr<span class=\"_ _0\"></span>ann<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>tra<span class=\"_ _0\"></span>sfe<span class=\"_ _0\"></span>rir<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>d<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alcu<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>titolo<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>proprie<span class=\"ff1\"> </span>partecipazioni<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>GSM<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>soggetti<span class=\"ff1\"> </span>diversi<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>Avvera;<span class=\"_ _3bd\"> </span> la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>necessit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quorum<span class=\"ff1\"> <span class=\"_ _20\"></span></span>qualificato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>deliberazioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>componenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>de<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Consiglio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"_ _0\"></span> Amministrazione<span class=\"ff1\">  </span>riguardanti<span class=\"ff1\">  </span>particolari<span class=\"ff1\">  </span>tematiche<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(come<span class=\"ff1\">  </span>la<span class=\"ff1\">  </span>stipulazione<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>c<span class=\"_ _0\"></span>ontratti<span class=\"ff1\">  </span>di<span class=\"ff1\"> </span>locazione,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>l\u2019approvazione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>m<span class=\"_ _2\"></span>odifica<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>b<span class=\"_ _2\"></span>usiness<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>plan<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>e/o<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Budget,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>l\u2019effettuazione<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"ff1\"> </span>investimenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019assunzione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>debiti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziari<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>concessione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziamenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ecceden<span class=\"_ _3bd\"> </span>ti<span class=\"ff1\"> </span>determinate<span class=\"ff1\"> </span>soglie<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>importo).<span class=\"_ _3bd\"> </span> 7.1<span class=\"_ _1\"></span>0<span class=\"_ _3bd\"> </span>Al<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>for<span class=\"_ _0\"></span>ma<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"fc0 sc1\"> </span>Credemassicurazioni,<span class=\"ff1\"> </span>Andxor<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Gruppo<span class=\"ff1\"> </span>Santamaria,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">partecipazioni<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>quali<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>bil<span class=\"_ _0\"></span>anci<span class=\"_ _2\"></span>o<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"> </span></span></span></span></span></span></span>risulta<span class=\"ff1\"> <span class=\"_ _20\"></span></span>essere<span class=\"ff1\"> <span class=\"_ _2\"></span></span>superiore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quot<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pertinenza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>patrimonio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>netto<span class=\"_ _2\"></span>,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>state<span class=\"ff1\"> <span class=\"_ _20\"></span></span>assoggettate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"_ _3bd\"> </span><span class=\"ff1\"> </span>test<span class=\"ff1\"> <span class=\"_ _21\"></span></span>d\u2019i<span class=\"_ _0\"></span>mpairment<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dal<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quale<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>emers<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>un<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">valore</span> <span class=\"_ _20\"></span><span class=\"ff3\">recuperabile</span> <span class=\"_ _21\"></span><span class=\"ff3\">supe<span class=\"_ _0\"></span>riore<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>carico.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Si<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"_ _3bd\"> </span></span></span>quindi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>r<span class=\"_ _2\"></span>itenuto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>differenz<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ne<span class=\"_ _0\"></span>gativa<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fra<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>car<span class=\"_ _2\"></span>ico<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">la</span> <span class=\"_ _27\"> </span><span class=\"ff3\">quota</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">di</span> <span class=\"_ _27\"> </span><span class=\"ff3\">pertinenza</span> <span class=\"_ _27\"> </span><span class=\"ff3\">de<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\">l<span class=\"_ _3bd\"> </span></span></span>patrimonio<span class=\"ff1\"> </span>nett<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>partecipate<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>ascr<span class=\"_ _2\"></span>ivibile<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>perdita<span class=\"ff1\"> </span>dur<span class=\"_ _2\"></span>evole<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valore<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e,<span class=\"ff1\"> </span>pertanto,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>non<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>stati<span class=\"ff1\"> </span>rettificati<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>valori<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>iscrizione.<span class=\"_ _3bd\"> </span> Per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Credemassicurazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>differenza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>negativa<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ascrivibile<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"_ _2\"></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>quota<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>avviamento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>10,3<span class=\"ff1\"> </span>milioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>euro,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>m<span class=\"_ _2\"></span>entre<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Andxor<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Gruppo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Santa<span class=\"_ _2\"></span>maria<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"_ _0\"></span>fferenza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>negativa<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ascrivibile<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alla<span class=\"ff1\"> </span>quota<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>avviamento<span class=\"ff1\"> </span>rispettivamente<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>1.062<span class=\"ff1\"> </span>mila<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>euro<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>251<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mila<span class=\"ff1\"> </span>euro.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-881": {
   "value": "Sezion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>3<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Area<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>meto<span class=\"_ _0\"></span>di<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nso<span class=\"_ _1\"></span>lida<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nto<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Il<span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>consolidato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Gruppo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Credem<span class=\"ff1\"> <span class=\"_ _2\"></span></span>comprende<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>bilancio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Credito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Emiliano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>spa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>societ\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"ff1\"> </span>que<span class=\"_ _0\"></span>sta<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">contro<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>ate,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">incl<span class=\"_ _0\"></span>ude<span class=\"_ _0\"></span>ndo<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>rime<span class=\"_ _0\"></span>tro<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span>sol<span class=\"_ _0\"></span>idame<span class=\"_ _0\"></span>nto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">anche<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le</span> <span class=\"ff3\">so<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>et\u00e0<span class=\"ff1\"> </span>ope<span class=\"_ _0\"></span>ran<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>se<span class=\"_ _0\"></span>ttori<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ttiv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>dissimili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quello<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>appartenenza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Capogruppo.<span class=\"ff1\"> </span>An<span class=\"_ _0\"></span>alogamente,<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">inc<span class=\"_ _2\"></span>luse<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>societ\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">veicolo<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>(SPE/SPV)<span class=\"ff1\"> </span>quando<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ne<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ricorrano<span class=\"_ _2\"></span><span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>requisiti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>eff<span class=\"_ _2\"></span>ettivo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>controllo,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>anche<span class=\"ff1\"> </span>indipendentemente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall\u2019esist<span class=\"_ _2\"></span>enza<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>quota<span class=\"ff1\"> </span>partecipativa.<span class=\"_ _3bd\"> </span> Sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">considerate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cont<span class=\"_ _2\"></span>rollate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"_ _2\"></span>mprese<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nelle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Capogrup<span class=\"_ _2\"></span>po,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dirett<span class=\"_ _2\"></span>amente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>indirettamente,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">poss<span class=\"_ _2\"></span>iede<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>pi\u00f9<span class=\"ff1\"> </span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>met\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> </span>diritt<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>voto<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quando,<span class=\"ff1\"> </span>pur<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>una<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quota<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>diritti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>voto<span class=\"ff1\"> </span>inferiore,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Capogruppo<span class=\"ff1\"> </span>ha<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>potere<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nominare<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>magg<span class=\"_ _0\"></span>ioranza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>degli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ammin<span class=\"_ _2\"></span>istratori<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _0\"></span>artecipata<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff3\">determ<span class=\"_ _2\"></span>inare</span> <span class=\"_ _21\"> </span><span class=\"ff3\">l<span class=\"_ _2\"></span>e</span> <span class=\"_ _27\"> </span><span class=\"ff3\">politiche</span> </span>finanziarie<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ed<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>operative<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>st<span class=\"_ _2\"></span>essa.<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Nella<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valutazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>diritti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>voto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tiene<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>conto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>anche<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>diritti<span class=\"ff1\"> </span>\u201cpo<span class=\"_ _0\"></span>ten<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>li\u201d<span class=\"ff1\"> </span>ch<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>sia<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>cor<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>temen<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>es<span class=\"_ _0\"></span>erci<span class=\"_ _0\"></span>tabi<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>rtib<span class=\"_ _0\"></span>ili<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">diri<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">vot<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>effe<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span>vi<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">quals<span class=\"_ _0\"></span>ias<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>momen<span class=\"_ _0\"></span>to.<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span>Sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">considerate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">controllate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">congiuntamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">imprese<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nelle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">diritti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>oto<span class=\"ff1\"> </span>ed<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">controllo<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>l\u2019att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>economica<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">della<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>artecipat<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">condivisi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>modo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">paritetico<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Credem,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">direttam<span class=\"_ _2\"></span>ente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>indirettamente,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>da<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>altro<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>so<span class=\"_ _2\"></span>ggetto.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Inoltre<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>vie<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>qu<span class=\"_ _0\"></span>alificato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>come<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sotto<span class=\"_ _2\"></span>posto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>controllo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>congiunto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>investimento<span class=\"ff1\"> </span>partecipativo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>q<span class=\"_ _2\"></span>uale,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pur<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>assenza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>qu<span class=\"_ _0\"></span>ota<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>paritetica<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>diritt<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>vot<span class=\"_ _2\"></span>o,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>c<span class=\"_ _0\"></span>ontro<span class=\"_ _2\"></span>llo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sull\u2019attivit\u00e0<span class=\"ff1\"> </span>economica<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sugli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"_ _2\"></span>dirizzi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>st<span class=\"_ _2\"></span>rategici<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>part<span class=\"_ _2\"></span>ecipata<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>condiviso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>altri<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>oggetti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>virt\u00f9<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>accor<span class=\"_ _2\"></span>di<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>trat<span class=\"_ _0\"></span>tua<span class=\"_ _0\"></span>li.<span class=\"_ _3bd\"> </span> Sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>considerate<span class=\"ff1\"> <span class=\"_ _21\"></span></span>collegate,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cio<span class=\"_ _2\"></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sot<span class=\"_ _2\"></span>toposte<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _21\"></span></span>influ<span class=\"_ _0\"></span>enza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>note<span class=\"_ _2\"></span>vole,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>imp<span class=\"_ _0\"></span>rese<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nelle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>capogruppo,<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>rett<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">indi<span class=\"_ _0\"></span>retta<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nte,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">possi<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span>meno<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">il</span> <span class=\"ff3\">20%<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">diri<span class=\"_ _0\"></span>tti<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>vo<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>(iv<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>iri<span class=\"_ _0\"></span>tti<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>vo<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>\u201c<span class=\"_ _0\"></span>pote<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>\u201d<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>come<span class=\"ff1\"> </span>sopra<span class=\"ff1\"> </span>definiti)<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nelle<span class=\"ff1\"> </span>quali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u2013<span class=\"ff1\"> </span>pur<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>quota<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>diritti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>voto<span class=\"ff1\"> </span>inferiore<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ha<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>poter<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>partecipare<span class=\"ff1\"> </span>alla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>determinazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>pol<span class=\"_ _2\"></span>itiche<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>gestionali<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>partecipata<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>virt\u00f9<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>par<span class=\"_ _2\"></span>ticolari<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>legami<span class=\"ff1\"> </span>giuridici<span class=\"ff1\"> </span>quali<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>partecipazione<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>patti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>sindacato.<span class=\"_ _3bd\"> </span> Le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>part<span class=\"_ _2\"></span>ecipazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>contr<span class=\"_ _2\"></span>ollate<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>conso<span class=\"_ _2\"></span>lidate<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>meto<span class=\"_ _2\"></span>do<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"_ _0\"></span>ntegrale,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>mentre<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>interessenze<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> </span>controllo<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>joint<span class=\"ff1\"> </span>venture<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>consolidate<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>metodo<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>patrimonio<span class=\"ff1\"> </span>netto.<span class=\"_ _3bd\"> </span> Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>pri<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>ip<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span>da<span class=\"_ _0\"></span>me<span class=\"_ _1\"></span>nto<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cri<span class=\"_ _0\"></span>teri<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>dott<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">redaz<span class=\"_ _0\"></span>ione<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">del</span> <span class=\"_ _0\"></span><span class=\"ff3\">bil<span class=\"_ _0\"></span>anci<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ons<span class=\"_ _0\"></span>olida<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">segu<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>i:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>occasione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>primo<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span></span>consolidamento,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>carico<span class=\"ff1\"> <span class=\"_ _20\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>partecipazioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>so<span class=\"_ _2\"></span>ciet\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>consolidat<span class=\"_ _3bd\"> </span>e<span class=\"ff1\"> </span>integralmente<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>proporzionalmente<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>annullato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fronte<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _0\"></span>atrimonio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>netto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>societ\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>tesse<span class=\"ff1\"> </span>(ovvero<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>quote<span class=\"ff1\"> <span class=\"_ _2c\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>patrimonio<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>netto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>partecipazioni<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>stesse<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>rappresentano).<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>La<span class=\"_ _2\"></span><span class=\"ff1\"> </span>contabilizzazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>degli<span class=\"ff1\"> </span>ac<span class=\"_ _2\"></span>quisti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nelle<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ociet\u00e0<span class=\"ff1\"> </span>a<span class=\"_ _2\"></span>vviene<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>base<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u201cmetodo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019acquisto\u201d<span class=\"ff1\"> <span class=\"_ _2\"></span></span>come<span class=\"ff1\"> <span class=\"_ _2\"></span></span>definito<span class=\"_ _3bd\"> </span><span class=\"_ _2\"></span><span class=\"ff1\"> </span>da<span class=\"_ _0\"></span>ll\u2019<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">IFRS<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">3,</span> <span class=\"ff3\">os<span class=\"_ _0\"></span>sia<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con</span> <span class=\"_ _1\"></span><span class=\"ff3\">rilev<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>ssiv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pa<span class=\"_ _0\"></span>ssivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>pot<span class=\"_ _0\"></span>enz<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>mpre<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">acqu<span class=\"_ _0\"></span>isite<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fai<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>value<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>alla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>data<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>acquisizione,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cio\u00e8<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>mo<span class=\"_ _2\"></span>mento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ottiene<span class=\"ff1\"> <span class=\"_ _21\"></span></span>l\u2019effettivo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>controllo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>societ\u00e0<span class=\"ff1\"> </span>acquisita.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Perta<span class=\"_ _2\"></span>nto,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risultati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">economici<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">controllata<span class=\"ff1\"> </span>acq<span class=\"_ _0\"></span>uisita<span class=\"ff1\"> </span>nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">corso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">periodo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>iferimento<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>inclusi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _21\"></span></span>bilancio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>co<span class=\"_ _2\"></span>nsolidato<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>partire<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dalla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>data<span class=\"ff1\"> <span class=\"_ _21\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>ua<span class=\"ff1\"> <span class=\"_ _20\"></span></span>acquisizione.<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Parimenti,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>isultati<span class=\"ff1\"> </span>economici<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>una<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cont<span class=\"_ _2\"></span>rollata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ceduta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>inclu<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> </span>consolidato<span class=\"ff1\"> </span>fino<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>cui<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>controllo<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cessato;<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ev<span class=\"_ _2\"></span>entuali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">eccedenze<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valore<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">car<span class=\"_ _2\"></span>ico<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>arteci<span class=\"_ _2\"></span>pazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">punto</span> <span class=\"_ _0\"></span><span class=\"ff3\">precedente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rispetto<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>corrispondente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>frazione<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>patrimonio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>netto,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>adeguato<span class=\"ff1\">  </span>con<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>l\u2019e<span class=\"_ _0\"></span>ffetto<span class=\"ff1\">  </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\">  </span>fai<span class=\"_ _0\"></span>r<span class=\"ff1\">  </span>valu<span class=\"_ _0\"></span>e<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>elle<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>o<span class=\"ff1\"> </span>passivit\u00e0,<span class=\"ff1\"> </span>se<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ositive<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>rilevate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quali<span class=\"ff1\"> </span>avv<span class=\"_ _0\"></span>iamento<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>voce<span class=\"ff1\"> </span>\u201cAttivit\u00e0<span class=\"ff1\"> </span>immateriali\u201d,<span class=\"ff1\"> </span>se<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">negative<span class=\"ff1\"> </span>son<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">o<span class=\"ff1\"> </span></span></span></span></span>imputate<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico;<span class=\"_ _3bd\"> </span> per<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>g<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>eventuali<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ac<span class=\"_ _2\"></span>quisti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ulteriori<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quote<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>par<span class=\"_ _0\"></span>tecipative<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>succ<span class=\"_ _2\"></span>essive<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>all\u2019acquisizione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"_ _0\"></span>trol<span class=\"_ _0\"></span>lo,<span class=\"_ _3bd\"> </span> disciplinati<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>pecificatamente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dal<span class=\"ff1\"> <span class=\"_ _2\"></span></span>principio<span class=\"ff1\"> </span>co<span class=\"_ _2\"></span>ntabile<span class=\"ff1\"> <span class=\"_ _2\"></span></span>IAS27,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>eventuali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>differenze<span class=\"ff1\"> <span class=\"_ _2\"></span></span>positive<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>negative,<span class=\"ff1\"> </span>come<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sopr<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>determinate,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>vengono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sorgere<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>eguito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>acquisti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>successivi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>imputate<span class=\"ff1\"> </span>direttamente<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>patrimonio;<span class=\"_ _3bd\"> </span> ad<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ogni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>data<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>bilancio<span class=\"ff1\">  </span>(od<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>og<span class=\"_ _0\"></span>ni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>volta<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>vi<span class=\"ff1\">  </span>sia<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ev<span class=\"_ _0\"></span>idenza<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>pe<span class=\"_ _0\"></span>rdit<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>valore)<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>v<span class=\"_ _2\"></span>iene<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ver<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>cata<span class=\"_ _3bd\"> </span> l\u2019adeguatezza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>de<span class=\"_ _2\"></span>ll\u2019avviamento<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>(c.d.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>impairment<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>test).<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>A<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ta<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fine<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>viene<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"_ _0\"></span>dentificata<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>l<span class=\"_ _2\"></span>\u2019unit<span class=\"_ _3bd\"> </span>\u00e0<span class=\"ff1\"> </span>generatrice<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>flussi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>finanziari<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>attribuire<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>l\u2019avviamento.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>L\u2019ammontare<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dell\u2019eventuale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>r<span class=\"_ _2\"></span>iduzione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _3bd\"> </span>i<span class=\"ff1\"> </span>valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dall\u2019eventuale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">differenza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">negativa<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tra<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">isc<span class=\"_ _2\"></span>rizione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dell\u2019avviamento<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ed<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>uo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valor<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>recupero,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>determinato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>co<span class=\"_ _2\"></span>me<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>maggiore<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tra<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _2\"></span></span>value<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019unit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>generatrice<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziari,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> </span>netto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>degli<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>eventuali<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>costi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>vendita,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ed<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>relativo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>d\u2019uso.<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>conseguenti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rettifiche<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span></span>valore<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> </span>rilevate<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico;<span class=\"_ _3bd\"> </span> gl<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>leme<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">at<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>o,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">passi<span class=\"_ _0\"></span>vo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"_ _0\"></span><span class=\"ff3\">conto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">eco<span class=\"_ _0\"></span>nom<span class=\"_ _0\"></span>ico<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">veng<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>tegral<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">acqu<span class=\"_ _0\"></span>isi<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u201clin<span class=\"_ _0\"></span>ea<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">line<span class=\"_ _0\"></span>a\u201d;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>le<span class=\"ff1\"> </span>partite<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ebitorie<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>cred<span class=\"_ _0\"></span>itorie,<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>operazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fuori<span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> </span>nonch\u00e9<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">proventi</span> <span class=\"ff3\">e</span> <span class=\"_ _0\"></span><span class=\"ff3\">gli<span class=\"ff1\"> </span>oneri<span class=\"ff1\"> </span>ed<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i</span> <span class=\"ff3\">profitti</span> <span class=\"ff3\">e</span> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span></span></span></span></span></span></span>perdite<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">traenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">origine<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rapporti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tra<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">so<span class=\"_ _2\"></span>ciet\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">oggetto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">consolidamento<span class=\"ff1\"> </span>integ<span class=\"_ _0\"></span>rale,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">loro<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">elisi;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quote<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>patrimonio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>netto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>utile<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">di</span> <span class=\"_ _27\"> </span><span class=\"ff3\">periodo</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">di</span> <span class=\"_ _27\"> </span><span class=\"ff3\">pertinenza</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">dei</span> <span class=\"_ _27\"> </span><span class=\"ff3\">\u201cterzi\u201d</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">azionisti</span> <span class=\"_ _27\"> </span><span class=\"ff3\">delle</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">so<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>et\u00e0<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>con<span class=\"_ _0\"></span>sol<span class=\"_ _0\"></span>ida<span class=\"_ _0\"></span>te,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>se<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>ap<span class=\"_ _0\"></span>posi<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">voc<span class=\"_ _0\"></span>i,<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>isp<span class=\"_ _0\"></span>ett<span class=\"_ _0\"></span>ivame<span class=\"_ _0\"></span>nte,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>assi<span class=\"_ _0\"></span>vo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stato<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">patri<span class=\"_ _0\"></span>mon<span class=\"_ _0\"></span>iale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ec<span class=\"_ _0\"></span>ono<span class=\"_ _0\"></span>mico<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span> per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>consolidamento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>societ\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>metodo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>int<span class=\"_ _2\"></span>egrale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>stat<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>utilizzati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>bilanci<span class=\"ff1\"> <span class=\"_ _20\"></span></span>predispost<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"_ _1\"></span> approvati<span class=\"ff1\"> </span>dalle<span class=\"ff1\"> </span>sing<span class=\"_ _0\"></span>ole<span class=\"ff1\"> </span>societ\u00e0,<span class=\"ff1\"> </span>eventualmente<span class=\"ff1\"> </span>resi<span class=\"ff1\"> </span>conformi<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>principi<span class=\"ff1\"> </span>contabili<span class=\"ff1\"> </span>internazionali<span class=\"ff1\"> </span>seguiti<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>predisposizione<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>situazione<span class=\"ff1\"> </span>consolidata;<span class=\"_ _3bd\"> </span>il<span class=\"ff1\"> </span>valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>libro<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">partecipazioni<span class=\"ff1\"> </span>rilevanti,<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>etenute<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>capogruppo,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>altre<span class=\"ff1\"> </span>societ\u00e0<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">g<span class=\"_ _2\"></span>ruppo,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>afferenti<span class=\"ff1\"> </span>societ\u00e0<span class=\"ff1\"> </span>consolidate<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>metodo<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">patrimonio</span> <span class=\"_ _2\"></span><span class=\"ff3\">netto,</span> <span class=\"ff3\">\u00e8</span> <span class=\"ff3\">raffrontato</span> <span class=\"ff3\">con</span> <span class=\"ff3\">la</span> <span class=\"ff3\">pertinente</span> <span class=\"_ _0\"></span><span class=\"ff3\">quota<span class=\"ff1\"> </span></span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>patrimonio<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>delle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1e\"> </span><span class=\"ff3\">par<span class=\"_ _2\"></span>tecipate.</span> <span class=\"_ _1e\"> </span><span class=\"ff3\">L\u2019eventuale</span> <span class=\"_ _1e\"> </span><span class=\"ff3\">eccedenza</span> <span class=\"_ _1e\"> </span><span class=\"ff3\">del</span> <span class=\"_ _1d\"> </span><span class=\"ff3\">valore</span> <span class=\"_ _1e\"> </span><span class=\"ff3\">di</span> <span class=\"_ _1e\"> </span><span class=\"ff3\">libro</span> <span class=\"_ _1d\"> </span><span class=\"ff3\">-</span> <span class=\"_ _1e\"> </span><span class=\"ff3\">risultante</span> <span class=\"_ _1e\"> </span><span class=\"ff3\">in</span> <span class=\"_ _1e\"> </span><span class=\"ff3\">prima</span> </span>applicazione<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>consolidato<span class=\"_ _2\"></span><span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>inclusa<span class=\"ff1\"> </span>n<span class=\"_ _2\"></span>el<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>conta<span class=\"_ _2\"></span>bile<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>part<span class=\"_ _2\"></span>ecipata.<span class=\"ff1\"> </span>Le<span class=\"ff1\"> </span>variazioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nel<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>lore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">patr<span class=\"_ _0\"></span>imon<span class=\"_ _0\"></span>iale<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>terv<span class=\"_ _0\"></span>enu<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>negl<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>an<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>suc<span class=\"_ _0\"></span>cess<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"_ _2\"></span><span class=\"ff3\">qu<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">prima<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">appl<span class=\"_ _0\"></span>icaz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>iscr<span class=\"_ _0\"></span>itte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>voce<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>250<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>conto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>economico<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>con<span class=\"_ _2\"></span>solidato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(\u201cutili<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(perdite)<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>delle<span class=\"ff1\">  </span>partecipazioni\u201d)<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nella<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>misura<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> </span>variazioni<span class=\"ff1\"> </span>stesse<span class=\"ff1\"> </span>siano<span class=\"ff1\"> </span>riferibili<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>utili<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>perdite<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>partecipate; se<span class=\"ff1\"> </span>esistono<span class=\"ff1\"> </span>evidenze<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>part<span class=\"_ _2\"></span>ecipazione<span class=\"ff1\"> </span>rilevante<span class=\"ff1\"> </span>possa<span class=\"ff1\"> </span>aver<span class=\"ff1\"> </span>subito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>una<span class=\"ff1\"> </span>riduzione,<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span> procede<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>tima<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ecupe<span class=\"_ _0\"></span>rabile<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">partecipazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">st<span class=\"_ _2\"></span>essa,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>enendo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attuale<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziar<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>futuri<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>partecipazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pot<span class=\"_ _2\"></span>r\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>generare,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>incluso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dismissione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finale<span class=\"ff1\"> </span>dell\u2019investimento.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Qualora<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">recupero<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">risulti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inferiore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contabile,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>elativa<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">differenza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>rilevata<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico; per<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>consolidamento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> </span>partecipazioni<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>societ\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>collegate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>state<span class=\"ff1\"> </span>utilizzate,<span class=\"ff1\"> </span>ove<span class=\"ff1\"> <span class=\"_ _2\"></span></span>disponibili,<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span> progetti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>bilancio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>31<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dicembre<span class=\"ff1\"> <span class=\"_ _21\"></span></span>2022<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>approvati<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dai<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rispettivi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Consigli<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Amministrazione;<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>lor<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>mancanza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>stati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">considerati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">degli<span class=\"ff1\"> </span>ultimi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">bilanci<span class=\"ff1\"> </span>ap<span class=\"_ _0\"></span>provat<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(generalmente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quelli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>31<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dic<span class=\"_ _2\"></span>embre<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>202<span class=\"_ _0\"></span>1). Pa<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>eci<span class=\"_ _0\"></span>pa<span class=\"_ _1\"></span>zion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>so<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>et\u00e0<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>rol<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>vi<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>es<span class=\"_ _0\"></span>cl<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>iva<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>eg<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>(c<span class=\"_ _1\"></span>ons<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span>da<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>pa<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>io<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>o)<span class=\"fc0 sc1\"> </span>MagazziniGeneralid<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>Tag<span class=\"_ _0\"></span>liat<span class=\"_ _0\"></span>e 0,<span class=\"_ _0\"></span>10%<span class=\"_ _0\"></span> 2.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Cre<span class=\"_ _0\"></span>dem<span class=\"_ _0\"></span>fact<span class=\"_ _0\"></span>or<span class=\"ff1\"> </span>sp<span class=\"_ _1\"></span>a <span class=\"_ _191\"> </span>Reggio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Emil<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span> <span class=\"_ _4a\"> </span>1 <span class=\"_ _7c\"> </span>C<span class=\"_ _0\"></span>red<span class=\"_ _0\"></span>ito<span class=\"ff1\"> </span>Em<span class=\"_ _0\"></span>ilia<span class=\"_ _0\"></span>no <span class=\"_ _177\"> </span>99,0<span class=\"_ _0\"></span>0% </span></span></span></span>Cr<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span>mle<span class=\"_ _0\"></span>asi<span class=\"_ _0\"></span>ng <span class=\"_ _77\"> </span>1,<span class=\"_ _0\"></span>00%<span class=\"_ _0\"></span> 3.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Cre<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>m<span class=\"ff1\"> </span>Pr<span class=\"_ _0\"></span>ivat<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Equ<span class=\"_ _0\"></span>ity<span class=\"ff1\"> </span>S<span class=\"_ _0\"></span>GR<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sp<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span> <span class=\"_ _45\"> </span>Reggio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Emi<span class=\"_ _0\"></span>lia<span class=\"_ _0\"></span> <span class=\"_ _4a\"> </span>1 <span class=\"_ _7c\"> </span>C<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>dito<span class=\"ff1\"> </span>Em<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>ano<span class=\"_ _0\"></span> <span class=\"_ _11c\"> </span>87,<span class=\"_ _0\"></span>50% </span></span></span></span></span></span></span></span>Credem<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Euromobiliare<span class=\"ff1\"> </span></span></span>Private<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">banking </span></span>12<span class=\"_ _0\"></span>,50<span class=\"_ _0\"></span>% 4.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Eurom<span class=\"_ _0\"></span>obi<span class=\"_ _0\"></span>liar<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>Ass<span class=\"_ _0\"></span>et<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Mana<span class=\"_ _0\"></span>gem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t<span class=\"ff1\"> </span>SGR<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span> <span class=\"_ _66\"> </span>Mila<span class=\"_ _0\"></span>no<span class=\"_ _0\"></span> <span class=\"_ _193\"> </span>1 <span class=\"_ _194\"> </span>Cr<span class=\"_ _0\"></span>edi<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>Emil<span class=\"_ _0\"></span>ian<span class=\"_ _0\"></span>o <span class=\"_ _a2\"> </span>1<span class=\"_ _0\"></span>00,<span class=\"_ _0\"></span>00<span class=\"_ _0\"></span>% </span></span></span></span>5.<span class=\"ff1\"> </span>E<span class=\"_ _0\"></span>urom<span class=\"_ _0\"></span>obi<span class=\"_ _0\"></span>liar<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>Ad<span class=\"_ _0\"></span>vis<span class=\"_ _0\"></span>ory<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">SIM<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">s<span class=\"_ _0\"></span>pa<span class=\"_ _1\"></span> <span class=\"_ _f7\"> </span>Milan<span class=\"_ _1\"></span>o <span class=\"_ _193\"> </span>1 <span class=\"_ _194\"> </span>Cr<span class=\"_ _0\"></span>edi<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>Emil<span class=\"_ _0\"></span>ian<span class=\"_ _0\"></span>o <span class=\"_ _a2\"> </span>1<span class=\"_ _0\"></span>00,<span class=\"_ _0\"></span>00<span class=\"_ _0\"></span>% </span></span></span></span>6.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Cr<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span>mte<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>sp<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span> <span class=\"_ _195\"> </span>Reggio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Emil<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span> <span class=\"_ _4a\"> </span>1 <span class=\"_ _194\"> </span>Cre<span class=\"_ _0\"></span>dito<span class=\"ff1\"> </span>Em<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>ano<span class=\"_ _0\"></span> <span class=\"_ _a2\"> </span>10<span class=\"_ _0\"></span>0,0<span class=\"_ _0\"></span>0% </span></span></span></span>7.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Avvera<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sp<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span> <span class=\"_ _3c\"> </span>Reggio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Emil<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span> <span class=\"_ _4a\"> </span>1 <span class=\"_ _194\"> </span>Cre<span class=\"_ _0\"></span>dito<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Emili<span class=\"_ _0\"></span>ano<span class=\"_ _0\"></span> <span class=\"_ _a2\"> </span>10<span class=\"_ _0\"></span>0,0<span class=\"_ _0\"></span>0% </span></span></span></span></span></span></span></span>8.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Maga<span class=\"_ _0\"></span>zz<span class=\"_ _0\"></span>ini<span class=\"ff1\"> </span>Ge<span class=\"_ _0\"></span>ner<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>Ta<span class=\"_ _0\"></span>gli<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>a <span class=\"_ _41\"> </span>Reggio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Em<span class=\"_ _0\"></span>ilia<span class=\"_ _1\"></span> <span class=\"_ _41\"> </span>1 <span class=\"_ _194\"> </span>Cr<span class=\"_ _0\"></span>edit<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>Emil<span class=\"_ _0\"></span>ian<span class=\"_ _0\"></span>o <span class=\"_ _a2\"> </span>1<span class=\"_ _0\"></span>00,<span class=\"_ _0\"></span>00<span class=\"_ _0\"></span>% </span></span></span></span></span></span></span></span>9.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Cre<span class=\"_ _0\"></span>dem<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Eurom<span class=\"_ _0\"></span>obi<span class=\"_ _0\"></span>liare<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Pri<span class=\"_ _0\"></span>vate<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ban<span class=\"_ _1\"></span>king<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">s<span class=\"_ _0\"></span>pa<span class=\"_ _1\"></span> <span class=\"_ _178\"> </span>Reggio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Emil<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span> <span class=\"_ _4a\"> </span>1 <span class=\"_ _194\"> </span>Cred<span class=\"_ _0\"></span>ito<span class=\"ff1\"> </span>Em<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>ano<span class=\"_ _0\"></span> <span class=\"_ _a2\"> </span>10<span class=\"_ _0\"></span>0,0<span class=\"_ _0\"></span>0% </span></span></span></span></span></span></span></span></span></span></span></span>10<span class=\"_ _0\"></span>.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Eur<span class=\"_ _0\"></span>omob<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Fidu<span class=\"_ _0\"></span>ciar<span class=\"_ _0\"></span>ia<span class=\"ff1\"> </span>sp<span class=\"_ _1\"></span>a <span class=\"_ _192\"> </span>Mila<span class=\"_ _0\"></span>no<span class=\"_ _0\"></span> <span class=\"_ _193\"> </span>1 <span class=\"_ _194\"> </span>Cr<span class=\"_ _0\"></span>edi<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>Emil<span class=\"_ _1\"></span>iano <span class=\"_ _196\"> </span>10<span class=\"_ _0\"></span>0,0<span class=\"_ _0\"></span>0% </span></span>11<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>Cr<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span>mvit<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>sp<span class=\"_ _1\"></span>a <span class=\"_ _ec\"> </span>Reggio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Emil<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span> <span class=\"_ _4a\"> </span>1 <span class=\"_ _194\"> </span>Cred<span class=\"_ _0\"></span>ito<span class=\"ff1\"> </span>Em<span class=\"_ _0\"></span>ilia<span class=\"_ _0\"></span>no<span class=\"_ _0\"></span> <span class=\"_ _a2\"> </span>100<span class=\"_ _0\"></span>,0<span class=\"_ _0\"></span>0% </span></span>12.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Sata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sr<span class=\"_ _1\"></span>l <span class=\"_ _197\"> </span>Mod<span class=\"_ _0\"></span>ena<span class=\"_ _0\"></span> <span class=\"_ _f7\"> </span>1 <span class=\"_ _198\"> </span>Cr<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span>mte<span class=\"_ _0\"></span>l <span class=\"_ _a5\"> </span>100,<span class=\"_ _0\"></span>00<span class=\"_ _0\"></span>% </span></span></span></span>13.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Blue<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Eye<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Solutions<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sr<span class=\"_ _1\"></span>l <span class=\"_ _199\"> </span>Mont<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>hiar<span class=\"_ _0\"></span>ug<span class=\"_ _0\"></span>olo<span class=\"_ _0\"></span> <span class=\"_ _a5\"> </span>1 <span class=\"_ _198\"> </span>C<span class=\"_ _0\"></span>red<span class=\"_ _0\"></span>emt<span class=\"_ _0\"></span>el <span class=\"_ _7f\"> </span>75,0<span class=\"_ _0\"></span>0% </span></span></span></span></span></span></span></span>14.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Credem<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">CB<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sr<span class=\"_ _1\"></span>l <span class=\"_ _b1\"> </span>C<span class=\"_ _1\"></span>onegl<span class=\"_ _0\"></span>iano<span class=\"_ _0\"></span> <span class=\"_ _138\"> </span>1 <span class=\"_ _194\"> </span>Cre<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>Emil<span class=\"_ _0\"></span>iano<span class=\"_ _1\"></span> <span class=\"_ _11c\"> </span>70,<span class=\"_ _0\"></span>00<span class=\"_ _0\"></span>% </span></span></span></span></span></span>1.<span class=\"_ _0\"></span>Cre<span class=\"_ _0\"></span>dem<span class=\"_ _0\"></span>assi<span class=\"_ _0\"></span>cur<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>onisp<span class=\"_ _1\"></span>a<span class=\"_ _3bd\"> </span>ReggioEmi<span class=\"_ _0\"></span>lia<span class=\"_ _3bd\"> </span>2 Cr<span class=\"_ _0\"></span>edi<span class=\"_ _0\"></span>toEmi<span class=\"_ _0\"></span>lia<span class=\"_ _0\"></span>no<span class=\"_ _3bd\"> </span>50,<span class=\"_ _0\"></span>00<span class=\"_ _0\"></span>%<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>And<span class=\"_ _0\"></span>xor<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>l <span class=\"_ _19a\"> </span>Cin<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>llo<span class=\"ff1\"> </span>Bal<span class=\"_ _0\"></span>sam<span class=\"_ _0\"></span>o 3 Cr<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span>mte<span class=\"_ _0\"></span>l <span class=\"_ _11b\"> </span>4<span class=\"_ _0\"></span>0,0<span class=\"_ _0\"></span>0% 3.S<span class=\"_ _0\"></span>BC<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Finte<span class=\"_ _0\"></span>ch<span class=\"ff1\"> </span>M<span class=\"_ _0\"></span>ilan<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">22<span class=\"_ _0\"></span>24<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>l <span class=\"_ _19b\"> </span>Mila<span class=\"_ _0\"></span>no<span class=\"_ _0\"></span> <span class=\"_ _12d\"> </span>3 <span class=\"_ _19c\"> </span>Cr<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span>mte<span class=\"_ _0\"></span>l <span class=\"_ _7c\"> </span>19,<span class=\"_ _0\"></span>68<span class=\"_ _0\"></span>% </span></span></span></span>4.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Gru<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>Sant<span class=\"_ _0\"></span>ama<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>pa<span class=\"_ _1\"></span> <span class=\"_ _19d\"> </span>Ca<span class=\"_ _0\"></span>tani<span class=\"_ _0\"></span>a <span class=\"_ _c2\"> </span>3 <span class=\"_ _138\"> </span>Avv<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span> <span class=\"_ _90\"> </span>10,<span class=\"_ _0\"></span>00% </span></span></span></span>Le<span class=\"_ _0\"></span>gen<span class=\"_ _0\"></span>da Tipo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rapp<span class=\"_ _1\"></span>orto:<span class=\"_ _0\"></span> </span></span></span></span>1<span class=\"ff1\"> </span>=<span class=\"ff1\"> </span>m<span class=\"_ _0\"></span>agg<span class=\"_ _0\"></span>ior<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>diri<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">voto<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ne<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>\u2019as<span class=\"_ _0\"></span>sem<span class=\"_ _0\"></span>ble<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>ord<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span> </span></span></span></span></span></span>2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">=<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">controllo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>giu<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>o </span></span></span></span></span></span>3<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">=<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">imprese<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">co<span class=\"_ _0\"></span>lleg<span class=\"_ _0\"></span>ate<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>Avvera<span class=\"ff1\"> </span>spa<span class=\"ff1\"> </span>detiene<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>10%<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">G<span class=\"_ _2\"></span>ruppo<span class=\"ff1\"> </span>Santamaria<span class=\"ff1\"> </span>spa<span class=\"ff1\"> </span>\u201cGSM\u201d.<span class=\"ff1\"> </span>Il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">capitale</span> <span class=\"ff3\">sociale</span> <span class=\"ff3\">di</span> <span class=\"ff3\">GSM</span> <span class=\"ff3\">\u00e8</span> <span class=\"_ _0\"></span><span class=\"ff3\">detenuto<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>Avver<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span></span></span>tramite<span class=\"ff1\"> </span>azioni<span class=\"ff1\"> </span>speciali<span class=\"ff1\"> </span>\u201cAzioni<span class=\"ff1\"> </span>B\u201d<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cui<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>attribuiti,<span class=\"ff1\"> </span>oltre<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>diritti<span class=\"ff1\"> </span>attribuiti<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>Legge<span class=\"ff1\"> </span>all<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>azioni<span class=\"ff1\"> </span>ordinari<span class=\"_ _3bd\"> </span>e,<span class=\"ff1\"> </span>anche<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>seguenti<span class=\"ff1\"> </span>diritti:<span class=\"_ _3bd\"> </span> di<span class=\"_ _0\"></span>ritt<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>sig<span class=\"_ _0\"></span>nare<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ai<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fin<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ella<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nom<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">comp<span class=\"_ _0\"></span>onen<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">C<span class=\"_ _0\"></span>onsig<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">Amm<span class=\"_ _0\"></span>ini<span class=\"_ _0\"></span>straz<span class=\"_ _0\"></span>ione<span class=\"_ _1\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span>diritto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">designare,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ai<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fini<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">de<span class=\"_ _2\"></span>lla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nom<span class=\"_ _2\"></span>ina,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">quale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">componente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">C<span class=\"_ _2\"></span>ollegio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Sindacale,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Sindaco<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Eff<span class=\"_ _2\"></span>ettivo<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>che<span class=\"ff1\"> </span>rivestir\u00e0<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>carica<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Presidente,<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>Sindaco<span class=\"ff1\"> </span>Supplente;<span class=\"_ _3bd\"> </span> presentazione<span class=\"ff1\"> </span>all\u2019Assemblea<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>ci<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>proposta<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>revoca<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>soggetto<span class=\"ff1\"> </span>incaricato<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>revis<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span> leg<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">GSM<span class=\"_ _1\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span>diritto<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">subordinare<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>proprio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">voto<span class=\"ff1\"> </span>favorevole<span class=\"ff1\"> </span>una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">serie<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>iberazioni<span class=\"ff1\"> </span>assembleari<span class=\"ff1\"> </span>quali<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>modific<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span></span></span></span></span>dello<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Statuto,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019aumento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>diminuzione<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cap<span class=\"_ _2\"></span>itale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sociale,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fusioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sciss<span class=\"_ _2\"></span>ioni,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>determinazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"_ _3bd\"> </span><span class=\"ff1\"> </span>modifica<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>compensi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>am<span class=\"_ _2\"></span>ministratori<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sindaci,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>l\u2019approvazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>p<span class=\"_ _2\"></span>iani<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>incentivazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>deg<span class=\"_ _3bd\"> </span>li<span class=\"ff1\"> </span>amministratori,<span class=\"ff1\"> </span>dirigenti<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>dipendenti.<span class=\"_ _3bd\"> </span> Siccome<span class=\"ff1\"> <span class=\"_ _20\"></span></span>non<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>vi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>GSM<span class=\"ff1\"> <span class=\"_ _20\"></span></span>voti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>consiglieri<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prevalgano<span class=\"ff1\"> <span class=\"_ _21\"></span></span>su<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quelli<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>altri<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Consiglie<span class=\"_ _0\"></span>ri,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>l<span class=\"_ _3bd\"> </span>a<span class=\"ff1\"> </span>designazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>esponenti<span class=\"ff1\"> </span>aziendali<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>attribuisce<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>nessun<span class=\"ff1\"> </span>socio<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>prevalenza<span class=\"ff1\"> </span>sulle<span class=\"ff1\"> </span>scelte<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>cietarie<span class=\"_ _3bd\"> </span> In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ta<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>test<span class=\"_ _0\"></span>o,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">GS<span class=\"_ _0\"></span>M:<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span>Avvera<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>detiene<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>maggioranza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>diritti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>voto,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>potendo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>solo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>determinare<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>scelt<span class=\"_ _3bd\"> </span>e<span class=\"ff1\"> </span>societarie,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>avendo<span class=\"ff1\">  </span>la<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>capacit\u00e0<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>pra<span class=\"_ _2\"></span>tica<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\">  </span>condurre<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>unilateralmente<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>attivit\u00e0<span class=\"ff1\">  </span>r<span class=\"_ _2\"></span>ilevanti<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dell<span class=\"_ _3bd\"> </span>a<span class=\"ff1\"> </span>partecipata,<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>quali<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>sempre<span class=\"ff1\"> </span>necessario<span class=\"ff1\"> </span>anche<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>consenso<span class=\"_ _2\"></span><span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>altri<span class=\"ff1\"> </span>soci;<span class=\"_ _3bd\"> </span> Avv<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">h<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pote<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">vet<span class=\"_ _0\"></span>o,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>pec<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ci<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">argom<span class=\"_ _0\"></span>enti<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"_ _0\"></span>lle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">scelt<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">degli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altr<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">soc<span class=\"_ _0\"></span>i,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sen<span class=\"_ _0\"></span>so<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mancan<span class=\"_ _0\"></span>za<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">v<span class=\"_ _0\"></span>oto<span class=\"ff1\"> </span>fa<span class=\"_ _0\"></span>vo<span class=\"_ _0\"></span>revo<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Av<span class=\"_ _0\"></span>vera<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">anch<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">altri<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>oci<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>ten<span class=\"_ _0\"></span>tori<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>estan<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">90%<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cap<span class=\"_ _0\"></span>ital<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ocia<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>on<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>in<span class=\"ff1\"> </span>grado<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>incidere<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>societ\u00e0.<span class=\"_ _3bd\"> </span> In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">re<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">GS<span class=\"_ _0\"></span>M<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pos<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Avv<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">per<span class=\"_ _0\"></span>tant<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uel<span class=\"_ _0\"></span>la:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>un<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>oggetto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"></span></span>espo<span class=\"_ _0\"></span>sto<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rendimenti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>variabi<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>deti<span class=\"_ _2\"></span>ene<span class=\"ff1\"> <span class=\"_ _21\"></span></span>comunque<span class=\"ff1\"> <span class=\"_ _20\"></span></span>diritt<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>su<span class=\"ff1\"> </span>tali<span class=\"ff1\"> <span class=\"_ _21\"></span></span>possibi<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>ren<span class=\"_ _0\"></span>dim<span class=\"_ _0\"></span>enti<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span> ch<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ha<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pr<span class=\"_ _0\"></span>opr<span class=\"_ _0\"></span>ia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cap<span class=\"_ _0\"></span>acit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inci<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rend<span class=\"_ _0\"></span>imen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sol<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>e<span class=\"_ _1\"></span>sercit<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ote<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>ve<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sce<span class=\"_ _0\"></span>lte<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>deg<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">altr<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>oci<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span></span></span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-873": {
   "value": "Sezion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>3<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Area<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>meto<span class=\"_ _0\"></span>di<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nso<span class=\"_ _1\"></span>lida<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nto<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Il<span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>consolidato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Gruppo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Credem<span class=\"ff1\"> <span class=\"_ _2\"></span></span>comprende<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>bilancio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Credito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Emiliano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>spa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>societ\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"ff1\"> </span>que<span class=\"_ _0\"></span>sta<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">contro<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>ate,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">incl<span class=\"_ _0\"></span>ude<span class=\"_ _0\"></span>ndo<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>rime<span class=\"_ _0\"></span>tro<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span>sol<span class=\"_ _0\"></span>idame<span class=\"_ _0\"></span>nto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">anche<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le</span> <span class=\"ff3\">so<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>et\u00e0<span class=\"ff1\"> </span>ope<span class=\"_ _0\"></span>ran<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>se<span class=\"_ _0\"></span>ttori<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ttiv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>dissimili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quello<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>appartenenza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Capogruppo.<span class=\"ff1\"> </span>An<span class=\"_ _0\"></span>alogamente,<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">inc<span class=\"_ _2\"></span>luse<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>societ\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">veicolo<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>(SPE/SPV)<span class=\"ff1\"> </span>quando<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ne<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ricorrano<span class=\"_ _2\"></span><span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>requisiti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>eff<span class=\"_ _2\"></span>ettivo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>controllo,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>anche<span class=\"ff1\"> </span>indipendentemente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall\u2019esist<span class=\"_ _2\"></span>enza<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>quota<span class=\"ff1\"> </span>partecipativa.<span class=\"_ _3bd\"> </span> Sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">considerate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cont<span class=\"_ _2\"></span>rollate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"_ _2\"></span>mprese<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nelle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Capogrup<span class=\"_ _2\"></span>po,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dirett<span class=\"_ _2\"></span>amente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>indirettamente,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">poss<span class=\"_ _2\"></span>iede<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>pi\u00f9<span class=\"ff1\"> </span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>met\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> </span>diritt<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>voto<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quando,<span class=\"ff1\"> </span>pur<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>una<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quota<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>diritti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>voto<span class=\"ff1\"> </span>inferiore,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Capogruppo<span class=\"ff1\"> </span>ha<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>potere<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nominare<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>magg<span class=\"_ _0\"></span>ioranza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>degli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ammin<span class=\"_ _2\"></span>istratori<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _0\"></span>artecipata<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff3\">determ<span class=\"_ _2\"></span>inare</span> <span class=\"_ _21\"> </span><span class=\"ff3\">l<span class=\"_ _2\"></span>e</span> <span class=\"_ _27\"> </span><span class=\"ff3\">politiche</span> </span>finanziarie<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ed<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>operative<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>st<span class=\"_ _2\"></span>essa.<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Nella<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valutazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>diritti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>voto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tiene<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>conto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>anche<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>diritti<span class=\"ff1\"> </span>\u201cpo<span class=\"_ _0\"></span>ten<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>li\u201d<span class=\"ff1\"> </span>ch<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>sia<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>cor<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>temen<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>es<span class=\"_ _0\"></span>erci<span class=\"_ _0\"></span>tabi<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>rtib<span class=\"_ _0\"></span>ili<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">diri<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">vot<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>effe<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span>vi<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">quals<span class=\"_ _0\"></span>ias<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>momen<span class=\"_ _0\"></span>to.<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span>Sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">considerate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">controllate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">congiuntamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">imprese<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nelle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">diritti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>oto<span class=\"ff1\"> </span>ed<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">controllo<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>l\u2019att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>economica<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">della<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>artecipat<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">condivisi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>modo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">paritetico<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Credem,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">direttam<span class=\"_ _2\"></span>ente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>indirettamente,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>da<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>altro<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>so<span class=\"_ _2\"></span>ggetto.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Inoltre<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>vie<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>qu<span class=\"_ _0\"></span>alificato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>come<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sotto<span class=\"_ _2\"></span>posto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>controllo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>congiunto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>investimento<span class=\"ff1\"> </span>partecipativo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>q<span class=\"_ _2\"></span>uale,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pur<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>assenza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>qu<span class=\"_ _0\"></span>ota<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>paritetica<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>diritt<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>vot<span class=\"_ _2\"></span>o,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>c<span class=\"_ _0\"></span>ontro<span class=\"_ _2\"></span>llo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sull\u2019attivit\u00e0<span class=\"ff1\"> </span>economica<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sugli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"_ _2\"></span>dirizzi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>st<span class=\"_ _2\"></span>rategici<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>part<span class=\"_ _2\"></span>ecipata<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>condiviso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>altri<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>oggetti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>virt\u00f9<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>accor<span class=\"_ _2\"></span>di<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>trat<span class=\"_ _0\"></span>tua<span class=\"_ _0\"></span>li.<span class=\"_ _3bd\"> </span> Sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>considerate<span class=\"ff1\"> <span class=\"_ _21\"></span></span>collegate,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cio<span class=\"_ _2\"></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sot<span class=\"_ _2\"></span>toposte<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _21\"></span></span>influ<span class=\"_ _0\"></span>enza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>note<span class=\"_ _2\"></span>vole,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>imp<span class=\"_ _0\"></span>rese<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nelle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>capogruppo,<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>rett<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">indi<span class=\"_ _0\"></span>retta<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nte,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">possi<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span>meno<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">il</span> <span class=\"ff3\">20%<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">diri<span class=\"_ _0\"></span>tti<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>vo<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>(iv<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>iri<span class=\"_ _0\"></span>tti<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>vo<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>\u201c<span class=\"_ _0\"></span>pote<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>\u201d<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>come<span class=\"ff1\"> </span>sopra<span class=\"ff1\"> </span>definiti)<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nelle<span class=\"ff1\"> </span>quali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u2013<span class=\"ff1\"> </span>pur<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>quota<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>diritti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>voto<span class=\"ff1\"> </span>inferiore<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ha<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>poter<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>partecipare<span class=\"ff1\"> </span>alla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>determinazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>pol<span class=\"_ _2\"></span>itiche<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>gestionali<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>partecipata<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>virt\u00f9<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>par<span class=\"_ _2\"></span>ticolari<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>legami<span class=\"ff1\"> </span>giuridici<span class=\"ff1\"> </span>quali<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>partecipazione<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>patti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>sindacato.<span class=\"_ _3bd\"> </span> Le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>part<span class=\"_ _2\"></span>ecipazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>contr<span class=\"_ _2\"></span>ollate<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>conso<span class=\"_ _2\"></span>lidate<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>meto<span class=\"_ _2\"></span>do<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"_ _0\"></span>ntegrale,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>mentre<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>interessenze<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> </span>controllo<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>joint<span class=\"ff1\"> </span>venture<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>consolidate<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>metodo<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>patrimonio<span class=\"ff1\"> </span>netto.<span class=\"_ _3bd\"> </span> Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>pri<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>ip<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span>da<span class=\"_ _0\"></span>me<span class=\"_ _1\"></span>nto<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cri<span class=\"_ _0\"></span>teri<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>dott<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">redaz<span class=\"_ _0\"></span>ione<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">del</span> <span class=\"_ _0\"></span><span class=\"ff3\">bil<span class=\"_ _0\"></span>anci<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ons<span class=\"_ _0\"></span>olida<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">segu<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>i:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>occasione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>primo<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span></span>consolidamento,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>carico<span class=\"ff1\"> <span class=\"_ _20\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>partecipazioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>so<span class=\"_ _2\"></span>ciet\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>consolidat<span class=\"_ _3bd\"> </span>e<span class=\"ff1\"> </span>integralmente<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>proporzionalmente<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>annullato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fronte<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _0\"></span>atrimonio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>netto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>societ\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>tesse<span class=\"ff1\"> </span>(ovvero<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>quote<span class=\"ff1\"> <span class=\"_ _2c\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>patrimonio<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>netto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>partecipazioni<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>stesse<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>rappresentano).<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>La<span class=\"_ _2\"></span><span class=\"ff1\"> </span>contabilizzazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>degli<span class=\"ff1\"> </span>ac<span class=\"_ _2\"></span>quisti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nelle<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ociet\u00e0<span class=\"ff1\"> </span>a<span class=\"_ _2\"></span>vviene<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>base<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u201cmetodo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019acquisto\u201d<span class=\"ff1\"> <span class=\"_ _2\"></span></span>come<span class=\"ff1\"> <span class=\"_ _2\"></span></span>definito<span class=\"_ _3bd\"> </span><span class=\"_ _2\"></span><span class=\"ff1\"> </span>da<span class=\"_ _0\"></span>ll\u2019<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">IFRS<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">3,</span> <span class=\"ff3\">os<span class=\"_ _0\"></span>sia<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con</span> <span class=\"_ _1\"></span><span class=\"ff3\">rilev<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>ssiv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pa<span class=\"_ _0\"></span>ssivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>pot<span class=\"_ _0\"></span>enz<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>mpre<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">acqu<span class=\"_ _0\"></span>isite<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fai<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>value<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>alla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>data<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>acquisizione,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cio\u00e8<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>mo<span class=\"_ _2\"></span>mento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ottiene<span class=\"ff1\"> <span class=\"_ _21\"></span></span>l\u2019effettivo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>controllo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>societ\u00e0<span class=\"ff1\"> </span>acquisita.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Perta<span class=\"_ _2\"></span>nto,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risultati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">economici<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">controllata<span class=\"ff1\"> </span>acq<span class=\"_ _0\"></span>uisita<span class=\"ff1\"> </span>nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">corso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">periodo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>iferimento<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>inclusi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _21\"></span></span>bilancio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>co<span class=\"_ _2\"></span>nsolidato<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>partire<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dalla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>data<span class=\"ff1\"> <span class=\"_ _21\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>ua<span class=\"ff1\"> <span class=\"_ _20\"></span></span>acquisizione.<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Parimenti,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>isultati<span class=\"ff1\"> </span>economici<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>una<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cont<span class=\"_ _2\"></span>rollata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ceduta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>inclu<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> </span>consolidato<span class=\"ff1\"> </span>fino<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>cui<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>controllo<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cessato;<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ev<span class=\"_ _2\"></span>entuali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">eccedenze<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valore<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">car<span class=\"_ _2\"></span>ico<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>arteci<span class=\"_ _2\"></span>pazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">punto</span> <span class=\"_ _0\"></span><span class=\"ff3\">precedente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rispetto<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>corrispondente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>frazione<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>patrimonio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>netto,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>adeguato<span class=\"ff1\">  </span>con<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>l\u2019e<span class=\"_ _0\"></span>ffetto<span class=\"ff1\">  </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\">  </span>fai<span class=\"_ _0\"></span>r<span class=\"ff1\">  </span>valu<span class=\"_ _0\"></span>e<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>elle<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>o<span class=\"ff1\"> </span>passivit\u00e0,<span class=\"ff1\"> </span>se<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ositive<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>rilevate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quali<span class=\"ff1\"> </span>avv<span class=\"_ _0\"></span>iamento<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>voce<span class=\"ff1\"> </span>\u201cAttivit\u00e0<span class=\"ff1\"> </span>immateriali\u201d,<span class=\"ff1\"> </span>se<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">negative<span class=\"ff1\"> </span>son<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">o<span class=\"ff1\"> </span></span></span></span></span>imputate<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico;<span class=\"_ _3bd\"> </span> per<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>g<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>eventuali<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ac<span class=\"_ _2\"></span>quisti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ulteriori<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quote<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>par<span class=\"_ _0\"></span>tecipative<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>succ<span class=\"_ _2\"></span>essive<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>all\u2019acquisizione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"_ _0\"></span>trol<span class=\"_ _0\"></span>lo,<span class=\"_ _3bd\"> </span> disciplinati<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>pecificatamente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dal<span class=\"ff1\"> <span class=\"_ _2\"></span></span>principio<span class=\"ff1\"> </span>co<span class=\"_ _2\"></span>ntabile<span class=\"ff1\"> <span class=\"_ _2\"></span></span>IAS27,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>eventuali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>differenze<span class=\"ff1\"> <span class=\"_ _2\"></span></span>positive<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>negative,<span class=\"ff1\"> </span>come<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sopr<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>determinate,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>vengono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sorgere<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>eguito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>acquisti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>successivi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>imputate<span class=\"ff1\"> </span>direttamente<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>patrimonio;<span class=\"_ _3bd\"> </span> ad<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ogni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>data<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>bilancio<span class=\"ff1\">  </span>(od<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>og<span class=\"_ _0\"></span>ni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>volta<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>vi<span class=\"ff1\">  </span>sia<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ev<span class=\"_ _0\"></span>idenza<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>pe<span class=\"_ _0\"></span>rdit<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>valore)<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>v<span class=\"_ _2\"></span>iene<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ver<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>cata<span class=\"_ _3bd\"> </span> l\u2019adeguatezza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>de<span class=\"_ _2\"></span>ll\u2019avviamento<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>(c.d.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>impairment<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>test).<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>A<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ta<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fine<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>viene<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"_ _0\"></span>dentificata<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>l<span class=\"_ _2\"></span>\u2019unit<span class=\"_ _3bd\"> </span>\u00e0<span class=\"ff1\"> </span>generatrice<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>flussi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>finanziari<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>attribuire<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>l\u2019avviamento.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>L\u2019ammontare<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dell\u2019eventuale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>r<span class=\"_ _2\"></span>iduzione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _3bd\"> </span>i<span class=\"ff1\"> </span>valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dall\u2019eventuale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">differenza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">negativa<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tra<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">isc<span class=\"_ _2\"></span>rizione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dell\u2019avviamento<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ed<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>uo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valor<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>recupero,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>determinato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>co<span class=\"_ _2\"></span>me<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>maggiore<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tra<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _2\"></span></span>value<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019unit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>generatrice<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziari,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> </span>netto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>degli<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>eventuali<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>costi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>vendita,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ed<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>relativo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>d\u2019uso.<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>conseguenti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rettifiche<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span></span>valore<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> </span>rilevate<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico;<span class=\"_ _3bd\"> </span> gl<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>leme<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">at<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>o,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">passi<span class=\"_ _0\"></span>vo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"_ _0\"></span><span class=\"ff3\">conto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">eco<span class=\"_ _0\"></span>nom<span class=\"_ _0\"></span>ico<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">veng<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>tegral<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">acqu<span class=\"_ _0\"></span>isi<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u201clin<span class=\"_ _0\"></span>ea<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">line<span class=\"_ _0\"></span>a\u201d;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>le<span class=\"ff1\"> </span>partite<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ebitorie<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>cred<span class=\"_ _0\"></span>itorie,<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>operazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fuori<span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> </span>nonch\u00e9<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">proventi</span> <span class=\"ff3\">e</span> <span class=\"_ _0\"></span><span class=\"ff3\">gli<span class=\"ff1\"> </span>oneri<span class=\"ff1\"> </span>ed<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i</span> <span class=\"ff3\">profitti</span> <span class=\"ff3\">e</span> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span></span></span></span></span></span></span>perdite<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">traenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">origine<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rapporti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tra<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">so<span class=\"_ _2\"></span>ciet\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">oggetto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">consolidamento<span class=\"ff1\"> </span>integ<span class=\"_ _0\"></span>rale,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">loro<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">elisi;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quote<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>patrimonio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>netto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>utile<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">di</span> <span class=\"_ _27\"> </span><span class=\"ff3\">periodo</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">di</span> <span class=\"_ _27\"> </span><span class=\"ff3\">pertinenza</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">dei</span> <span class=\"_ _27\"> </span><span class=\"ff3\">\u201cterzi\u201d</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">azionisti</span> <span class=\"_ _27\"> </span><span class=\"ff3\">delle</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">so<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>et\u00e0<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>con<span class=\"_ _0\"></span>sol<span class=\"_ _0\"></span>ida<span class=\"_ _0\"></span>te,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>se<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>ap<span class=\"_ _0\"></span>posi<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">voc<span class=\"_ _0\"></span>i,<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>isp<span class=\"_ _0\"></span>ett<span class=\"_ _0\"></span>ivame<span class=\"_ _0\"></span>nte,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>assi<span class=\"_ _0\"></span>vo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stato<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">patri<span class=\"_ _0\"></span>mon<span class=\"_ _0\"></span>iale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ec<span class=\"_ _0\"></span>ono<span class=\"_ _0\"></span>mico<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span> per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>consolidamento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>societ\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>metodo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>int<span class=\"_ _2\"></span>egrale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>stat<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>utilizzati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>bilanci<span class=\"ff1\"> <span class=\"_ _20\"></span></span>predispost<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"_ _1\"></span> approvati<span class=\"ff1\"> </span>dalle<span class=\"ff1\"> </span>sing<span class=\"_ _0\"></span>ole<span class=\"ff1\"> </span>societ\u00e0,<span class=\"ff1\"> </span>eventualmente<span class=\"ff1\"> </span>resi<span class=\"ff1\"> </span>conformi<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>principi<span class=\"ff1\"> </span>contabili<span class=\"ff1\"> </span>internazionali<span class=\"ff1\"> </span>seguiti<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>predisposizione<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>situazione<span class=\"ff1\"> </span>consolidata;<span class=\"_ _3bd\"> </span>il<span class=\"ff1\"> </span>valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>libro<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">partecipazioni<span class=\"ff1\"> </span>rilevanti,<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>etenute<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>capogruppo,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>altre<span class=\"ff1\"> </span>societ\u00e0<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">g<span class=\"_ _2\"></span>ruppo,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>afferenti<span class=\"ff1\"> </span>societ\u00e0<span class=\"ff1\"> </span>consolidate<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>metodo<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">patrimonio</span> <span class=\"_ _2\"></span><span class=\"ff3\">netto,</span> <span class=\"ff3\">\u00e8</span> <span class=\"ff3\">raffrontato</span> <span class=\"ff3\">con</span> <span class=\"ff3\">la</span> <span class=\"ff3\">pertinente</span> <span class=\"_ _0\"></span><span class=\"ff3\">quota<span class=\"ff1\"> </span></span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>patrimonio<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>delle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1e\"> </span><span class=\"ff3\">par<span class=\"_ _2\"></span>tecipate.</span> <span class=\"_ _1e\"> </span><span class=\"ff3\">L\u2019eventuale</span> <span class=\"_ _1e\"> </span><span class=\"ff3\">eccedenza</span> <span class=\"_ _1e\"> </span><span class=\"ff3\">del</span> <span class=\"_ _1d\"> </span><span class=\"ff3\">valore</span> <span class=\"_ _1e\"> </span><span class=\"ff3\">di</span> <span class=\"_ _1e\"> </span><span class=\"ff3\">libro</span> <span class=\"_ _1d\"> </span><span class=\"ff3\">-</span> <span class=\"_ _1e\"> </span><span class=\"ff3\">risultante</span> <span class=\"_ _1e\"> </span><span class=\"ff3\">in</span> <span class=\"_ _1e\"> </span><span class=\"ff3\">prima</span> </span>applicazione<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>consolidato<span class=\"_ _2\"></span><span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>inclusa<span class=\"ff1\"> </span>n<span class=\"_ _2\"></span>el<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>conta<span class=\"_ _2\"></span>bile<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>part<span class=\"_ _2\"></span>ecipata.<span class=\"ff1\"> </span>Le<span class=\"ff1\"> </span>variazioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nel<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>lore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">patr<span class=\"_ _0\"></span>imon<span class=\"_ _0\"></span>iale<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>terv<span class=\"_ _0\"></span>enu<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>negl<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>an<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>suc<span class=\"_ _0\"></span>cess<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"_ _2\"></span><span class=\"ff3\">qu<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">prima<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">appl<span class=\"_ _0\"></span>icaz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>iscr<span class=\"_ _0\"></span>itte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>voce<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>250<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>conto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>economico<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>con<span class=\"_ _2\"></span>solidato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(\u201cutili<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(perdite)<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>delle<span class=\"ff1\">  </span>partecipazioni\u201d)<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nella<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>misura<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> </span>variazioni<span class=\"ff1\"> </span>stesse<span class=\"ff1\"> </span>siano<span class=\"ff1\"> </span>riferibili<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>utili<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>perdite<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>partecipate; se<span class=\"ff1\"> </span>esistono<span class=\"ff1\"> </span>evidenze<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>part<span class=\"_ _2\"></span>ecipazione<span class=\"ff1\"> </span>rilevante<span class=\"ff1\"> </span>possa<span class=\"ff1\"> </span>aver<span class=\"ff1\"> </span>subito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>una<span class=\"ff1\"> </span>riduzione,<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span> procede<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>tima<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ecupe<span class=\"_ _0\"></span>rabile<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">partecipazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">st<span class=\"_ _2\"></span>essa,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>enendo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attuale<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziar<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>futuri<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>partecipazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pot<span class=\"_ _2\"></span>r\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>generare,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>incluso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dismissione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finale<span class=\"ff1\"> </span>dell\u2019investimento.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Qualora<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">recupero<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">risulti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inferiore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contabile,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>elativa<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">differenza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>rilevata<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico; per<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>consolidamento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> </span>partecipazioni<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>societ\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>collegate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>state<span class=\"ff1\"> </span>utilizzate,<span class=\"ff1\"> </span>ove<span class=\"ff1\"> <span class=\"_ _2\"></span></span>disponibili,<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span> progetti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>bilancio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>31<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dicembre<span class=\"ff1\"> <span class=\"_ _21\"></span></span>2022<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>approvati<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dai<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rispettivi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Consigli<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Amministrazione;<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>lor<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>mancanza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>stati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">considerati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">degli<span class=\"ff1\"> </span>ultimi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">bilanci<span class=\"ff1\"> </span>ap<span class=\"_ _0\"></span>provat<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(generalmente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quelli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>31<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dic<span class=\"_ _2\"></span>embre<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>202<span class=\"_ _0\"></span>1). Pa<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>eci<span class=\"_ _0\"></span>pa<span class=\"_ _1\"></span>zion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>so<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>et\u00e0<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>rol<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>vi<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>es<span class=\"_ _0\"></span>cl<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>iva<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>eg<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>(c<span class=\"_ _1\"></span>ons<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span>da<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>pa<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>io<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>o)<span class=\"fc0 sc1\"> </span>MagazziniGeneralid<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>Tag<span class=\"_ _0\"></span>liat<span class=\"_ _0\"></span>e 0,<span class=\"_ _0\"></span>10%<span class=\"_ _0\"></span> 2.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Cre<span class=\"_ _0\"></span>dem<span class=\"_ _0\"></span>fact<span class=\"_ _0\"></span>or<span class=\"ff1\"> </span>sp<span class=\"_ _1\"></span>a <span class=\"_ _191\"> </span>Reggio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Emil<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span> <span class=\"_ _4a\"> </span>1 <span class=\"_ _7c\"> </span>C<span class=\"_ _0\"></span>red<span class=\"_ _0\"></span>ito<span class=\"ff1\"> </span>Em<span class=\"_ _0\"></span>ilia<span class=\"_ _0\"></span>no <span class=\"_ _177\"> </span>99,0<span class=\"_ _0\"></span>0% </span></span></span></span>Cr<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span>mle<span class=\"_ _0\"></span>asi<span class=\"_ _0\"></span>ng <span class=\"_ _77\"> </span>1,<span class=\"_ _0\"></span>00%<span class=\"_ _0\"></span> 3.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Cre<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>m<span class=\"ff1\"> </span>Pr<span class=\"_ _0\"></span>ivat<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Equ<span class=\"_ _0\"></span>ity<span class=\"ff1\"> </span>S<span class=\"_ _0\"></span>GR<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sp<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span> <span class=\"_ _45\"> </span>Reggio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Emi<span class=\"_ _0\"></span>lia<span class=\"_ _0\"></span> <span class=\"_ _4a\"> </span>1 <span class=\"_ _7c\"> </span>C<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>dito<span class=\"ff1\"> </span>Em<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>ano<span class=\"_ _0\"></span> <span class=\"_ _11c\"> </span>87,<span class=\"_ _0\"></span>50% </span></span></span></span></span></span></span></span>Credem<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Euromobiliare<span class=\"ff1\"> </span></span></span>Private<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">banking </span></span>12<span class=\"_ _0\"></span>,50<span class=\"_ _0\"></span>% 4.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Eurom<span class=\"_ _0\"></span>obi<span class=\"_ _0\"></span>liar<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>Ass<span class=\"_ _0\"></span>et<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Mana<span class=\"_ _0\"></span>gem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t<span class=\"ff1\"> </span>SGR<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span> <span class=\"_ _66\"> </span>Mila<span class=\"_ _0\"></span>no<span class=\"_ _0\"></span> <span class=\"_ _193\"> </span>1 <span class=\"_ _194\"> </span>Cr<span class=\"_ _0\"></span>edi<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>Emil<span class=\"_ _0\"></span>ian<span class=\"_ _0\"></span>o <span class=\"_ _a2\"> </span>1<span class=\"_ _0\"></span>00,<span class=\"_ _0\"></span>00<span class=\"_ _0\"></span>% </span></span></span></span>5.<span class=\"ff1\"> </span>E<span class=\"_ _0\"></span>urom<span class=\"_ _0\"></span>obi<span class=\"_ _0\"></span>liar<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>Ad<span class=\"_ _0\"></span>vis<span class=\"_ _0\"></span>ory<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">SIM<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">s<span class=\"_ _0\"></span>pa<span class=\"_ _1\"></span> <span class=\"_ _f7\"> </span>Milan<span class=\"_ _1\"></span>o <span class=\"_ _193\"> </span>1 <span class=\"_ _194\"> </span>Cr<span class=\"_ _0\"></span>edi<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>Emil<span class=\"_ _0\"></span>ian<span class=\"_ _0\"></span>o <span class=\"_ _a2\"> </span>1<span class=\"_ _0\"></span>00,<span class=\"_ _0\"></span>00<span class=\"_ _0\"></span>% </span></span></span></span>6.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Cr<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span>mte<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>sp<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span> <span class=\"_ _195\"> </span>Reggio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Emil<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span> <span class=\"_ _4a\"> </span>1 <span class=\"_ _194\"> </span>Cre<span class=\"_ _0\"></span>dito<span class=\"ff1\"> </span>Em<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>ano<span class=\"_ _0\"></span> <span class=\"_ _a2\"> </span>10<span class=\"_ _0\"></span>0,0<span class=\"_ _0\"></span>0% </span></span></span></span>7.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Avvera<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sp<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span> <span class=\"_ _3c\"> </span>Reggio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Emil<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span> <span class=\"_ _4a\"> </span>1 <span class=\"_ _194\"> </span>Cre<span class=\"_ _0\"></span>dito<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Emili<span class=\"_ _0\"></span>ano<span class=\"_ _0\"></span> <span class=\"_ _a2\"> </span>10<span class=\"_ _0\"></span>0,0<span class=\"_ _0\"></span>0% </span></span></span></span></span></span></span></span>8.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Maga<span class=\"_ _0\"></span>zz<span class=\"_ _0\"></span>ini<span class=\"ff1\"> </span>Ge<span class=\"_ _0\"></span>ner<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>Ta<span class=\"_ _0\"></span>gli<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>a <span class=\"_ _41\"> </span>Reggio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Em<span class=\"_ _0\"></span>ilia<span class=\"_ _1\"></span> <span class=\"_ _41\"> </span>1 <span class=\"_ _194\"> </span>Cr<span class=\"_ _0\"></span>edit<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>Emil<span class=\"_ _0\"></span>ian<span class=\"_ _0\"></span>o <span class=\"_ _a2\"> </span>1<span class=\"_ _0\"></span>00,<span class=\"_ _0\"></span>00<span class=\"_ _0\"></span>% </span></span></span></span></span></span></span></span>9.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Cre<span class=\"_ _0\"></span>dem<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Eurom<span class=\"_ _0\"></span>obi<span class=\"_ _0\"></span>liare<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Pri<span class=\"_ _0\"></span>vate<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ban<span class=\"_ _1\"></span>king<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">s<span class=\"_ _0\"></span>pa<span class=\"_ _1\"></span> <span class=\"_ _178\"> </span>Reggio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Emil<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span> <span class=\"_ _4a\"> </span>1 <span class=\"_ _194\"> </span>Cred<span class=\"_ _0\"></span>ito<span class=\"ff1\"> </span>Em<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>ano<span class=\"_ _0\"></span> <span class=\"_ _a2\"> </span>10<span class=\"_ _0\"></span>0,0<span class=\"_ _0\"></span>0% </span></span></span></span></span></span></span></span></span></span></span></span>10<span class=\"_ _0\"></span>.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Eur<span class=\"_ _0\"></span>omob<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Fidu<span class=\"_ _0\"></span>ciar<span class=\"_ _0\"></span>ia<span class=\"ff1\"> </span>sp<span class=\"_ _1\"></span>a <span class=\"_ _192\"> </span>Mila<span class=\"_ _0\"></span>no<span class=\"_ _0\"></span> <span class=\"_ _193\"> </span>1 <span class=\"_ _194\"> </span>Cr<span class=\"_ _0\"></span>edi<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>Emil<span class=\"_ _1\"></span>iano <span class=\"_ _196\"> </span>10<span class=\"_ _0\"></span>0,0<span class=\"_ _0\"></span>0% </span></span>11<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>Cr<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span>mvit<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>sp<span class=\"_ _1\"></span>a <span class=\"_ _ec\"> </span>Reggio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Emil<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span> <span class=\"_ _4a\"> </span>1 <span class=\"_ _194\"> </span>Cred<span class=\"_ _0\"></span>ito<span class=\"ff1\"> </span>Em<span class=\"_ _0\"></span>ilia<span class=\"_ _0\"></span>no<span class=\"_ _0\"></span> <span class=\"_ _a2\"> </span>100<span class=\"_ _0\"></span>,0<span class=\"_ _0\"></span>0% </span></span>12.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Sata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sr<span class=\"_ _1\"></span>l <span class=\"_ _197\"> </span>Mod<span class=\"_ _0\"></span>ena<span class=\"_ _0\"></span> <span class=\"_ _f7\"> </span>1 <span class=\"_ _198\"> </span>Cr<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span>mte<span class=\"_ _0\"></span>l <span class=\"_ _a5\"> </span>100,<span class=\"_ _0\"></span>00<span class=\"_ _0\"></span>% </span></span></span></span>13.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Blue<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Eye<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Solutions<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sr<span class=\"_ _1\"></span>l <span class=\"_ _199\"> </span>Mont<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>hiar<span class=\"_ _0\"></span>ug<span class=\"_ _0\"></span>olo<span class=\"_ _0\"></span> <span class=\"_ _a5\"> </span>1 <span class=\"_ _198\"> </span>C<span class=\"_ _0\"></span>red<span class=\"_ _0\"></span>emt<span class=\"_ _0\"></span>el <span class=\"_ _7f\"> </span>75,0<span class=\"_ _0\"></span>0% </span></span></span></span></span></span></span></span>14.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Credem<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">CB<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sr<span class=\"_ _1\"></span>l <span class=\"_ _b1\"> </span>C<span class=\"_ _1\"></span>onegl<span class=\"_ _0\"></span>iano<span class=\"_ _0\"></span> <span class=\"_ _138\"> </span>1 <span class=\"_ _194\"> </span>Cre<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>Emil<span class=\"_ _0\"></span>iano<span class=\"_ _1\"></span> <span class=\"_ _11c\"> </span>70,<span class=\"_ _0\"></span>00<span class=\"_ _0\"></span>% </span></span></span></span></span></span>1.<span class=\"_ _0\"></span>Cre<span class=\"_ _0\"></span>dem<span class=\"_ _0\"></span>assi<span class=\"_ _0\"></span>cur<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>onisp<span class=\"_ _1\"></span>a<span class=\"_ _3bd\"> </span>ReggioEmi<span class=\"_ _0\"></span>lia<span class=\"_ _3bd\"> </span>2 Cr<span class=\"_ _0\"></span>edi<span class=\"_ _0\"></span>toEmi<span class=\"_ _0\"></span>lia<span class=\"_ _0\"></span>no<span class=\"_ _3bd\"> </span>50,<span class=\"_ _0\"></span>00<span class=\"_ _0\"></span>%<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>And<span class=\"_ _0\"></span>xor<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>l <span class=\"_ _19a\"> </span>Cin<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>llo<span class=\"ff1\"> </span>Bal<span class=\"_ _0\"></span>sam<span class=\"_ _0\"></span>o 3 Cr<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span>mte<span class=\"_ _0\"></span>l <span class=\"_ _11b\"> </span>4<span class=\"_ _0\"></span>0,0<span class=\"_ _0\"></span>0% 3.S<span class=\"_ _0\"></span>BC<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Finte<span class=\"_ _0\"></span>ch<span class=\"ff1\"> </span>M<span class=\"_ _0\"></span>ilan<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">22<span class=\"_ _0\"></span>24<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>l <span class=\"_ _19b\"> </span>Mila<span class=\"_ _0\"></span>no<span class=\"_ _0\"></span> <span class=\"_ _12d\"> </span>3 <span class=\"_ _19c\"> </span>Cr<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span>mte<span class=\"_ _0\"></span>l <span class=\"_ _7c\"> </span>19,<span class=\"_ _0\"></span>68<span class=\"_ _0\"></span>% </span></span></span></span>4.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Gru<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>Sant<span class=\"_ _0\"></span>ama<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>pa<span class=\"_ _1\"></span> <span class=\"_ _19d\"> </span>Ca<span class=\"_ _0\"></span>tani<span class=\"_ _0\"></span>a <span class=\"_ _c2\"> </span>3 <span class=\"_ _138\"> </span>Avv<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span> <span class=\"_ _90\"> </span>10,<span class=\"_ _0\"></span>00% </span></span></span></span>Le<span class=\"_ _0\"></span>gen<span class=\"_ _0\"></span>da Tipo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rapp<span class=\"_ _1\"></span>orto:<span class=\"_ _0\"></span> </span></span></span></span>1<span class=\"ff1\"> </span>=<span class=\"ff1\"> </span>m<span class=\"_ _0\"></span>agg<span class=\"_ _0\"></span>ior<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>diri<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">voto<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ne<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>\u2019as<span class=\"_ _0\"></span>sem<span class=\"_ _0\"></span>ble<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>ord<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span> </span></span></span></span></span></span>2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">=<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">controllo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>giu<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>o </span></span></span></span></span></span>3<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">=<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">imprese<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">co<span class=\"_ _0\"></span>lleg<span class=\"_ _0\"></span>ate<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>Avvera<span class=\"ff1\"> </span>spa<span class=\"ff1\"> </span>detiene<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>10%<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">G<span class=\"_ _2\"></span>ruppo<span class=\"ff1\"> </span>Santamaria<span class=\"ff1\"> </span>spa<span class=\"ff1\"> </span>\u201cGSM\u201d.<span class=\"ff1\"> </span>Il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">capitale</span> <span class=\"ff3\">sociale</span> <span class=\"ff3\">di</span> <span class=\"ff3\">GSM</span> <span class=\"ff3\">\u00e8</span> <span class=\"_ _0\"></span><span class=\"ff3\">detenuto<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>Avver<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span></span></span>tramite<span class=\"ff1\"> </span>azioni<span class=\"ff1\"> </span>speciali<span class=\"ff1\"> </span>\u201cAzioni<span class=\"ff1\"> </span>B\u201d<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cui<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>attribuiti,<span class=\"ff1\"> </span>oltre<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>diritti<span class=\"ff1\"> </span>attribuiti<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>Legge<span class=\"ff1\"> </span>all<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>azioni<span class=\"ff1\"> </span>ordinari<span class=\"_ _3bd\"> </span>e,<span class=\"ff1\"> </span>anche<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>seguenti<span class=\"ff1\"> </span>diritti:<span class=\"_ _3bd\"> </span> di<span class=\"_ _0\"></span>ritt<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>sig<span class=\"_ _0\"></span>nare<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ai<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fin<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ella<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nom<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">comp<span class=\"_ _0\"></span>onen<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">C<span class=\"_ _0\"></span>onsig<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">Amm<span class=\"_ _0\"></span>ini<span class=\"_ _0\"></span>straz<span class=\"_ _0\"></span>ione<span class=\"_ _1\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span>diritto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">designare,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ai<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fini<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">de<span class=\"_ _2\"></span>lla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nom<span class=\"_ _2\"></span>ina,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">quale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">componente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">C<span class=\"_ _2\"></span>ollegio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Sindacale,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Sindaco<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Eff<span class=\"_ _2\"></span>ettivo<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>che<span class=\"ff1\"> </span>rivestir\u00e0<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>carica<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Presidente,<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>Sindaco<span class=\"ff1\"> </span>Supplente;<span class=\"_ _3bd\"> </span> presentazione<span class=\"ff1\"> </span>all\u2019Assemblea<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>ci<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>proposta<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>revoca<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>soggetto<span class=\"ff1\"> </span>incaricato<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>revis<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span> leg<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">GSM<span class=\"_ _1\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span>diritto<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">subordinare<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>proprio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">voto<span class=\"ff1\"> </span>favorevole<span class=\"ff1\"> </span>una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">serie<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>iberazioni<span class=\"ff1\"> </span>assembleari<span class=\"ff1\"> </span>quali<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>modific<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span></span></span></span></span>dello<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Statuto,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019aumento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>diminuzione<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cap<span class=\"_ _2\"></span>itale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sociale,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fusioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sciss<span class=\"_ _2\"></span>ioni,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>determinazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"_ _3bd\"> </span><span class=\"ff1\"> </span>modifica<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>compensi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>am<span class=\"_ _2\"></span>ministratori<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sindaci,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>l\u2019approvazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>p<span class=\"_ _2\"></span>iani<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>incentivazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>deg<span class=\"_ _3bd\"> </span>li<span class=\"ff1\"> </span>amministratori,<span class=\"ff1\"> </span>dirigenti<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>dipendenti.<span class=\"_ _3bd\"> </span> Siccome<span class=\"ff1\"> <span class=\"_ _20\"></span></span>non<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>vi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>GSM<span class=\"ff1\"> <span class=\"_ _20\"></span></span>voti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>consiglieri<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prevalgano<span class=\"ff1\"> <span class=\"_ _21\"></span></span>su<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quelli<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>altri<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Consiglie<span class=\"_ _0\"></span>ri,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>l<span class=\"_ _3bd\"> </span>a<span class=\"ff1\"> </span>designazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>esponenti<span class=\"ff1\"> </span>aziendali<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>attribuisce<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>nessun<span class=\"ff1\"> </span>socio<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>prevalenza<span class=\"ff1\"> </span>sulle<span class=\"ff1\"> </span>scelte<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>cietarie<span class=\"_ _3bd\"> </span> In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ta<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>test<span class=\"_ _0\"></span>o,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">GS<span class=\"_ _0\"></span>M:<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span>Avvera<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>detiene<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>maggioranza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>diritti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>voto,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>potendo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>solo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>determinare<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>scelt<span class=\"_ _3bd\"> </span>e<span class=\"ff1\"> </span>societarie,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>avendo<span class=\"ff1\">  </span>la<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>capacit\u00e0<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>pra<span class=\"_ _2\"></span>tica<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\">  </span>condurre<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>unilateralmente<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>attivit\u00e0<span class=\"ff1\">  </span>r<span class=\"_ _2\"></span>ilevanti<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dell<span class=\"_ _3bd\"> </span>a<span class=\"ff1\"> </span>partecipata,<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>quali<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>sempre<span class=\"ff1\"> </span>necessario<span class=\"ff1\"> </span>anche<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>consenso<span class=\"_ _2\"></span><span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>altri<span class=\"ff1\"> </span>soci;<span class=\"_ _3bd\"> </span> Avv<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">h<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pote<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">vet<span class=\"_ _0\"></span>o,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>pec<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ci<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">argom<span class=\"_ _0\"></span>enti<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"_ _0\"></span>lle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">scelt<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">degli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altr<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">soc<span class=\"_ _0\"></span>i,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sen<span class=\"_ _0\"></span>so<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mancan<span class=\"_ _0\"></span>za<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">v<span class=\"_ _0\"></span>oto<span class=\"ff1\"> </span>fa<span class=\"_ _0\"></span>vo<span class=\"_ _0\"></span>revo<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Av<span class=\"_ _0\"></span>vera<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">anch<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">altri<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>oci<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>ten<span class=\"_ _0\"></span>tori<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>estan<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">90%<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cap<span class=\"_ _0\"></span>ital<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ocia<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>on<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>in<span class=\"ff1\"> </span>grado<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>incidere<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>societ\u00e0.<span class=\"_ _3bd\"> </span> In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">re<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">GS<span class=\"_ _0\"></span>M<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pos<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Avv<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">per<span class=\"_ _0\"></span>tant<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uel<span class=\"_ _0\"></span>la:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>un<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>oggetto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"></span></span>espo<span class=\"_ _0\"></span>sto<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rendimenti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>variabi<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>deti<span class=\"_ _2\"></span>ene<span class=\"ff1\"> <span class=\"_ _21\"></span></span>comunque<span class=\"ff1\"> <span class=\"_ _20\"></span></span>diritt<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>su<span class=\"ff1\"> </span>tali<span class=\"ff1\"> <span class=\"_ _21\"></span></span>possibi<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>ren<span class=\"_ _0\"></span>dim<span class=\"_ _0\"></span>enti<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span> ch<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ha<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pr<span class=\"_ _0\"></span>opr<span class=\"_ _0\"></span>ia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cap<span class=\"_ _0\"></span>acit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inci<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rend<span class=\"_ _0\"></span>imen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sol<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>e<span class=\"_ _1\"></span>sercit<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ote<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>ve<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sce<span class=\"_ _0\"></span>lte<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>deg<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">altr<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>oci<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span></span></span>5-<span class=\"_ _3bd\"> </span>Pa<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>eci<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>zio<span class=\"_ _1\"></span>ni<span class=\"fc0 sc1\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>isc<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>partecipazioni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>iscritte<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>data<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>regolamento.<span class=\"ff1\"> <span class=\"_ _21\"></span></span>All\u2019atto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>della<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rile<span class=\"_ _0\"></span>vazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>iniziale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>interessenze<span class=\"ff1\"> </span>partecipative<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span></span>contabili<span class=\"_ _0\"></span>zzate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"></span></span>costo,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>comprensivo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">costi</span> <span class=\"_ _20\"></span><span class=\"ff3\">o</span> <span class=\"_ _21\"> </span><span class=\"ff3\">proventi</span> <span class=\"_ _20\"></span><span class=\"ff3\">dirett<span class=\"_ _2\"></span>amente</span> <span class=\"_ _20\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>ttribui<span class=\"_ _0\"></span>bili<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alla<span class=\"ff1\"> </span></span></span>tran<span class=\"_ _0\"></span>saz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e.<span class=\"_ _3bd\"> </span> Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cla<span class=\"_ _1\"></span>ssi<span class=\"_ _0\"></span>fica<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>La<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">vo<span class=\"_ _0\"></span>ce<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>ncl<span class=\"_ _0\"></span>ude<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"_ _0\"></span>teres<span class=\"_ _0\"></span>senz<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dete<span class=\"_ _0\"></span>nut<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>so<span class=\"_ _0\"></span>cie<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>roll<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span>giu<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">colleg<span class=\"_ _0\"></span>ate.<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span>Sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">considerate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">controllate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">congiuntamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">imprese<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nelle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">diritti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>oto<span class=\"ff1\"> </span>ed<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">controllo<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>l\u2019att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>economica<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">della<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>artecipat<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">condivisi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>modo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">paritetico<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Credem,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">direttam<span class=\"_ _2\"></span>ente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>indirettamente,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>da<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>altro<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>so<span class=\"_ _2\"></span>ggetto.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Inoltre<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>vie<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>qu<span class=\"_ _0\"></span>alificato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>come<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sotto<span class=\"_ _2\"></span>posto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>controllo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>congiunto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>investimento<span class=\"ff1\"> </span>partecipativo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>q<span class=\"_ _2\"></span>uale,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pur<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>assenza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>qu<span class=\"_ _0\"></span>ota<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>paritetica<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>diritt<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>vot<span class=\"_ _2\"></span>o,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>c<span class=\"_ _0\"></span>ontro<span class=\"_ _2\"></span>llo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sull\u2019attivit\u00e0<span class=\"ff1\"> </span>economica<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sugli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"_ _2\"></span>dirizzi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>st<span class=\"_ _2\"></span>rategici<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>part<span class=\"_ _2\"></span>ecipata<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>condiviso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>altri<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>oggetti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>virt\u00f9<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>accor<span class=\"_ _2\"></span>di<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>trat<span class=\"_ _0\"></span>tua<span class=\"_ _0\"></span>li.<span class=\"_ _3bd\"> </span> Sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>considerate<span class=\"ff1\"> <span class=\"_ _21\"></span></span>collegate,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cio<span class=\"_ _2\"></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sot<span class=\"_ _2\"></span>toposte<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _21\"></span></span>influ<span class=\"_ _0\"></span>enza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>note<span class=\"_ _2\"></span>vole,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>imp<span class=\"_ _0\"></span>rese<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nelle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>q<span class=\"_ _2\"></span>uali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>c<span class=\"_ _2\"></span>apogruppo,<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>rett<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>indi<span class=\"_ _0\"></span>ret<span class=\"_ _0\"></span>tamen<span class=\"_ _0\"></span>te,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">poss<span class=\"_ _0\"></span>ied<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">almen<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>2<span class=\"_ _0\"></span>0%<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">diritt<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vot<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>ivi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inc<span class=\"_ _0\"></span>lusi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>rit<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>oto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u201cp<span class=\"_ _0\"></span>ote<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ali\u201d<span class=\"_ _0\"></span>)<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>o<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quali<span class=\"ff1\"> </span>\u2013<span class=\"_ _2\"></span><span class=\"ff1\"> </span>pur<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>una<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quota<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>diritti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>voto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>inferiore<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> </span>ha<span class=\"_ _2\"></span><span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>potere<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>partecipare<span class=\"ff1\"> </span>alla<span class=\"_ _2\"></span><span class=\"ff1\"> </span>determinazione<span class=\"ff1\"> </span>delle<span class=\"ff1\">  </span>politiche<span class=\"ff1\">  </span>finanziarie<span class=\"ff1\">  </span>e<span class=\"ff1\">  </span>gestionali<span class=\"ff1\">  </span>della<span class=\"ff1\">  </span>partecipata<span class=\"ff1\">  </span>in<span class=\"ff1\">  </span>virt\u00f9<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>particolari<span class=\"ff1\">  </span>legami<span class=\"ff1\">  </span>giuridici<span class=\"ff1\">  </span>quali<span class=\"ff1\">  </span>la<span class=\"ff1\"> </span>partecipazione<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>patti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>sindacato.<span class=\"_ _3bd\"> </span> Non<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>considerate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>ottoposte<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _2\"></span></span>influenza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>notevole<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alcune<span class=\"ff1\"> <span class=\"_ _20\"></span></span>interessenze<span class=\"ff1\"> <span class=\"_ _20\"></span></span>superiori<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>20<span class=\"_ _2\"></span>%,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nelle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quali,<span class=\"_ _2\"></span><span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>rett<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">indi<span class=\"_ _0\"></span>retta<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te,<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>Gru<span class=\"_ _0\"></span>ppo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">deti<span class=\"_ _0\"></span>ene<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>sclu<span class=\"_ _0\"></span>siva<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>dir<span class=\"_ _0\"></span>itti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pat<span class=\"_ _0\"></span>rimo<span class=\"_ _0\"></span>nial<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>su<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">una</span> <span class=\"ff3\">po<span class=\"_ _0\"></span>rzi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>rutti<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>degli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">investimenti,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">acces<span class=\"_ _2\"></span>so<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">politiche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gestio<span class=\"_ _2\"></span>ne<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pu\u00f2<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esercitare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">diritti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">governance<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">limitati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>tutela<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>interessi<span class=\"ff1\"> </span>patrimoniali.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>part<span class=\"_ _2\"></span>ecipazioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\">  </span>societ\u00e0<span class=\"ff1\">  </span>colle<span class=\"_ _0\"></span>gate<span class=\"ff1\">  </span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>cont<span class=\"_ _2\"></span>rollate<span class=\"ff1\">  </span>congi<span class=\"_ _0\"></span>untamente<span class=\"ff1\">  </span>sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>valutate<span class=\"ff1\">  </span>con<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>meto<span class=\"_ _2\"></span>do<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>l<span class=\"ff1\"> </span>patrimonio<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>etto.<span class=\"_ _3bd\"> </span> Se<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esis<span class=\"_ _0\"></span>tono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ev<span class=\"_ _0\"></span>ide<span class=\"_ _0\"></span>nze<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>lore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">part<span class=\"_ _0\"></span>ecip<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>ossa<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">av<span class=\"_ _0\"></span>er<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sub<span class=\"_ _0\"></span>ito<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ridu<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">si<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>roc<span class=\"_ _0\"></span>ede<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">all<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>tim<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _21\"></span></span>recuperabile<span class=\"ff1\"> <span class=\"_ _21\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>part<span class=\"_ _2\"></span>ecipazione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">stessa,</span> <span class=\"_ _21\"></span><span class=\"ff3\">tenendo</span> <span class=\"_ _20\"></span><span class=\"ff3\">co<span class=\"_ _2\"></span>nto</span> <span class=\"_ _21\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">valore</span> <span class=\"_ _20\"></span><span class=\"ff3\">at<span class=\"_ _2\"></span>tuale</span> <span class=\"_ _20\"></span><span class=\"ff3\">dei</span> <span class=\"_ _21\"></span><span class=\"ff3\">flussi</span> <span class=\"_ _21\"></span><span class=\"ff3\">finanziar<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">i</span> </span></span></span>futuri<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>partecipazione<span class=\"ff1\"> </span>potr\u00e0<span class=\"ff1\"> </span>generare,<span class=\"ff1\"> </span>incluso<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>dismiss<span class=\"_ _2\"></span>ione<span class=\"ff1\"> </span>finale<span class=\"ff1\"> </span>dell\u2019investimento.<span class=\"_ _3bd\"> </span> Qualora<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>ecupero<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>risulti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>inferiore<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>contabile,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>elativa<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>differenza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rilevata<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cont<span class=\"_ _3bd\"> </span>o<span class=\"ff1\"> </span>ec<span class=\"_ _0\"></span>ono<span class=\"_ _0\"></span>mico<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span> Qualora<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">motivi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>ella<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perdita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">v<span class=\"_ _2\"></span>alore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>iano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rimossi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">seguito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">evento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">verificatosi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">successivamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">all<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ril<span class=\"_ _0\"></span>eva<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">riduz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">val<span class=\"_ _0\"></span>ore,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ven<span class=\"_ _0\"></span>gon<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>ef<span class=\"_ _0\"></span>fettu<span class=\"_ _0\"></span>ate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rip<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">va<span class=\"_ _0\"></span>lore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">imp<span class=\"_ _0\"></span>uta<span class=\"_ _0\"></span>zione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"ff3\">c<span class=\"_ _0\"></span>onto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">econ<span class=\"_ _0\"></span>omic<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>che<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>possono<span class=\"ff1\"> </span>eccedere<span class=\"ff1\"> </span>l\u2019ammontar<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>delle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">perdite</span> <span class=\"ff3\">da</span> <span class=\"ff3\">impairm<span class=\"_ _2\"></span>ent</span> <span class=\"ff3\">in</span> <span class=\"ff3\">precedenza</span> <span class=\"ff3\">registrate.<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> </span>partecipazioni<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cancellate<span class=\"ff1\"> </span>quando<span class=\"ff1\"> <span class=\"_ _2\"></span></span>scadono<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>diritti<span class=\"ff1\"> </span>contrattuali<span class=\"ff1\"> </span>sui<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziari<span class=\"ff1\"> </span>derivati<span class=\"ff1\"> </span>dalle<span class=\"_ _3bd\"> </span><span class=\"_ _2\"></span><span class=\"ff1\"> </span>atti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>ste<span class=\"_ _1\"></span>sse<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>l\u2019att<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>nanz<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>ria<span class=\"ff1\"> </span>vie<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>ced<span class=\"_ _0\"></span>uta<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">trasf<span class=\"_ _0\"></span>eren<span class=\"_ _0\"></span>do<span class=\"ff1\"> </span>sos<span class=\"_ _0\"></span>tan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>lme<span class=\"_ _0\"></span>nte<span class=\"ff1\"> </span>tut<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>be<span class=\"_ _0\"></span>nef<span class=\"_ _0\"></span>ic<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\">i<span class=\"ff1\"> </span></span></span>ad<span class=\"ff1\"> </span>essa<span class=\"ff1\"> </span>connessi.<span class=\"_ _3bd\"> </span> Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ril<span class=\"_ _0\"></span>ev<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>del<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ual<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>differenze<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>negative<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>prima<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>is<span class=\"_ _2\"></span>crizione,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>gli<span class=\"ff1\"> <span class=\"_ _21\"></span></span>utili<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>perdite<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>partecipate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>realizzate,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>perdite<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>d<span class=\"_ _3bd\"> </span>a<span class=\"_ _2\"></span><span class=\"ff1\"> </span>impairment<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ri<span class=\"_ _2\"></span>prese<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valor<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>vengono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>allocate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>nella<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>voce<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>conto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>economico<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u201c<span class=\"_ _2\"></span>Utili<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>(Perdite)<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dell<span class=\"_ _2\"></span>e<span class=\"_ _3bd\"> </span><span class=\"ff1\"> </span>partecipazioni\u201d,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>mentre<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dividendi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>incassat<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>vengono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>allocati<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nell<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>voce<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u201cDividendi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>proventi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>simili\u201d<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ne<span class=\"_ _3bd\"> </span>l<span class=\"ff1\"> </span>momento<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>sorge<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>diritto<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>riceverne<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>pagamento.<span class=\"_ _3bd\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-744": {
   "value": "Se<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>4<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Ev<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>su<span class=\"_ _0\"></span>cc<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>siv<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>all<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>da<span class=\"_ _1\"></span>ta<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>rif<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>to<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span>bi<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>io<span class=\"fc0 sc1\"> </span>Si<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rimanda<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quanto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>gi\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>analiticamente<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>esposto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nella<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>relazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sulla<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>gestione,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ca<span class=\"_ _2\"></span>pitolo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u201cEvoluzione<span class=\"ff1\"> </span>prevedibile<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>gestione<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>fatti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rilievo<span class=\"ff1\"> </span>verificatisi<span class=\"ff1\"> </span>dopo<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>chiusura<span class=\"ff1\"> </span>dell\u2019esercizio\u201d. Si<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rende<span class=\"ff1\"> <span class=\"_ _20\"></span></span>noto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sensi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dello<span class=\"ff1\"> <span class=\"_ _20\"></span></span>IAS<span class=\"ff1\"> <span class=\"_ _2\"></span></span>10<span class=\"_ _2\"></span>,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>data<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>bilancio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>st<span class=\"_ _2\"></span>ato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>autorizzato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pubblicazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dal<span class=\"ff1\"> </span>consiglio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>amministrazione<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>banca<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>9<span class=\"ff1\"> </span>marzo<span class=\"ff1\"> </span>2023",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-895": {
   "value": "<div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs21f\">Sezion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs220\">5<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs221\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs222\">Altri<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs223\">as<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs224\">Ris<span class=\"_ _0\"></span>ch<span class=\"_ _0\"></span>i,<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs225\">in<span class=\"_ _0\"></span>cer<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>zze<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs226\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs227\">im<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>tti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs228\">de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>\u2019ep<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ia<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs229\">CO<span class=\"_ _0\"></span>VI<span class=\"_ _0\"></span>D-<span class=\"_ _0\"></span>19<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs22a\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs22b\">co<span class=\"_ _0\"></span>nf<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>to<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs22c\">Ru<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>-Uc<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m7 h32 ff3 fs17 fc0 sc0 ls0 ws0 gs22d\">Effetti<span class=\"_ _3bd\"> </span></div><div class=\"t m7 h32 ff3 fs17 fc0 sc0 ls0 ws0 gs22e\">COVID-19<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs22f\">Una<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>progress<span class=\"_ _2\"></span>iva<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>normalizzazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>situazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>anitaria<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ha<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>consentito<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>parallelo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>lento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rientro<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>alle<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs230\">modalit\u00e0<span class=\"ff1\"> </span>pi\u00f9<span class=\"ff1\"> </span>ordinarie<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>svolgimento<span class=\"ff1\"> </span>dell\u2019attivit\u00e0<span class=\"ff1\"> </span>bancaria.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs231\">Nel<span class=\"ff1\"> </span>corso<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>2022,<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>Grupp<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>ha<span class=\"ff1\"> </span>mantenuto<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>presidi<span class=\"ff1\"> </span>individuati<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>far<span class=\"ff1\"> </span>fronte<span class=\"ff1\"> </span>all<span class=\"_ _0\"></span>\u2019evoluzione<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>pandemia<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs232\">gi\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dalle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fasi<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">iniziali<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>potenziament<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">canali<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>gitali,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">messa<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">punto<span class=\"ff1\"> </span>dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sistemi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">early<span class=\"ff1\"> </span>warnin<span class=\"_ _0\"></span>g<span class=\"ff1\"> </span>su<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">credito<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs233\">ed<span class=\"ff1\"> </span>istituzionalizzazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>sistemi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rolling<span class=\"ff1\"> </span>forecast<span class=\"ff1\"> </span>t<span class=\"_ _2\"></span>rimestrale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nei<span class=\"ff1\"> </span>processi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>pianificazione\u2026).<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs234\">Le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sono<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">state<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">svolte<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rispetto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tutte<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">normative<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vigent<span class=\"_ _2\"></span>i,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">seguendone<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">costant<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">aggiornamento<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs235\">nel<span class=\"ff1\"> </span>tempo.<span class=\"ff1\"> </span>A<span class=\"ff1\"> </span>questo<span class=\"ff1\"> </span>proposito,<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>ricor<span class=\"_ _2\"></span>dano<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>particolare: </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs236\">il<span class=\"ff1\">  </span>Proto<span class=\"_ _2\"></span>collo<span class=\"ff1\">  </span>siglato<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>tra<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Governo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Parti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Sociali<span class=\"ff1\">  </span>per<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>contrast<span class=\"_ _2\"></span>o<span class=\"ff1\">  </span>alla<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>diffusione<span class=\"ff1\">  </span>del<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Covid-19<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span> </span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs237\">sottoscritto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">data<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">30<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">giugno<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">2022<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">divulgato<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vers<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tutti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dipendenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"_ _2\"></span>nsieme<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">principali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mis<span class=\"_ _2\"></span>ure<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs238\">di<span class=\"ff1\"> </span>prevenzione<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>mantenere<span class=\"ff1\"> </span>nell\u2019esercizio<span class=\"ff1\"> </span>dell\u2019attivit\u00e0<span class=\"ff1\"> </span>lavorativa; </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs239\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Decreto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Legge<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">n.</span> <span class=\"_ _1\"></span><span class=\"ff3\">24<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>25<span class=\"ff1\"> </span>marzo<span class=\"ff1\"> </span>2022,<span class=\"ff1\"> </span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">prevedeva</span> <span class=\"_ _0\"></span><span class=\"ff3\">\u201cDispos<span class=\"_ _2\"></span>izioni<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>rgenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">su<span class=\"_ _0\"></span>pera<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>to<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs23a\">del<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mis<span class=\"_ _0\"></span>ure<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">cont<span class=\"_ _0\"></span>rasto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dif<span class=\"_ _0\"></span>fusi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span>l\u2019ep<span class=\"_ _0\"></span>ide<span class=\"_ _0\"></span>mia<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">da</span> <span class=\"ff3\">C<span class=\"_ _0\"></span>OVID<span class=\"_ _0\"></span>-19<span class=\"_ _1\"></span>\u201d;</span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs23b\">la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Circolare<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Minis<span class=\"_ _2\"></span>tero<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Salute<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>31<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dicembre<span class=\"ff1\"> <span class=\"_ _21\"></span></span>2022<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ha<span class=\"ff1\"> <span class=\"_ _21\"></span></span>apportato<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alcune<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">sostanziali</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs23c\">modifiche<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>regime<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>isolamento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>caso<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>affezione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>da<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Covid<span class=\"ff1\"> <span class=\"_ _2\"></span></span>19<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contatto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>stretto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs23d\">soggetto<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ositivo.; </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs23e\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Legge<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">29<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dicembre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2022<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">n.<span class=\"ff1\"> </span>197,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>c.<span class=\"_ _0\"></span>d.<span class=\"ff1\"> </span>Le<span class=\"_ _0\"></span>gge<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Bilancio,<span class=\"ff1\"> </span>che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pr<span class=\"_ _2\"></span>evede<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fino<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">31<span class=\"ff1\"> </span>marzo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2023<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs23f\">lavoratori<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dipendenti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>pubblici<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>privati<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>condizione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fragilit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>secondo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>normativa<span class=\"ff1\"> <span class=\"_ _21\"></span></span>vige<span class=\"_ _0\"></span>nt<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>la<span class=\"_ _0\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs240\">possibilit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>svolgimento<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>prestazione<span class=\"ff1\"> </span>lavorativa<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>modalit<span class=\"_ _2\"></span>\u00e0<span class=\"ff1\"> </span>agile.<span class=\"_ _3bd\"> </span> </div>Lo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>smart<span class=\"ff1\"> </span>wor<span class=\"_ _2\"></span>king,<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>partire<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"ff1\"> </span>settembre<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fatte<span class=\"ff1\"> </span>salve<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> </span>categorie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>evidenziate<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>opra,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> </span>tornato<span class=\"ff1\"> </span>ad<span class=\"ff1\"> <span class=\"_ _2\"></span></span>essere<span class=\"ff1\"> </span>un<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">modal<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">la<span class=\"_ _0\"></span>voro<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ib<span class=\"_ _0\"></span>rid<span class=\"_ _0\"></span>a,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">basat<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span>nza<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fi<span class=\"_ _0\"></span>sica<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span>tern<span class=\"_ _0\"></span>ata<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>av<span class=\"_ _0\"></span>oro<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rem<span class=\"_ _0\"></span>oto,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">n<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pi\u00f9<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">uno<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">stru<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nto<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>em<span class=\"_ _0\"></span>erge<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ale.<span class=\"_ _3bd\"> </span>Dopo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>proroga<span class=\"ff1\"> <span class=\"_ _2\"></span></span>concessa<span class=\"ff1\"> </span>fino<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fine<span class=\"ff1\"> <span class=\"_ _2\"></span></span>2021,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _2\"></span></span>primo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>semestre<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>2022<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>scadute<span class=\"ff1\"> <span class=\"_ _2\"></span></span>anche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>moratorie<span class=\"ff1\"> </span>statali.<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>L\u2019allentamento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u201cmisure<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>COVID-19\u201d<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ha<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>com<span class=\"_ _2\"></span>portato<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Gruppo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>l\u2019evidenza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>ilevanti<span class=\"ff1\"> </span>segnali<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>deterioramento<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>conteso<span class=\"ff1\"> </span>economico.<span class=\"_ _3bd\"> </span>Implicazionidelconflit<span class=\"_ _0\"></span>to<span class=\"_ _3bd\"> </span>Ucr<span class=\"_ _0\"></span>ain<span class=\"_ _1\"></span>a<span class=\"_ _3bd\"> </span>In<span class=\"ff1\"> <span class=\"_ _21\"></span></span>considerazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dell\u2019e<span class=\"_ _0\"></span>sca<span class=\"_ _2\"></span>lation<span class=\"ff1\"> <span class=\"_ _21\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"></span></span>tensioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>militari<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>geopolitiche,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Gruppo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ha<span class=\"ff1\"> <span class=\"_ _21\"></span></span>posto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"></span></span>essere<span class=\"ff1\"> <span class=\"_ _21\"></span></span>varie<span class=\"ff1\"> </span>misure<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>preventive<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>cogliere,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>gestire<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ed<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>eventualmente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>mitigare<span class=\"ff1\">  </span>g<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>effetti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>indiretti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>si<span class=\"ff1\">  </span>p<span class=\"_ _0\"></span>otr<span class=\"_ _2\"></span>anno<span class=\"ff1\"> </span>eventualmente<span class=\"ff1\"> </span>ripercuotere<span class=\"ff1\"> </span>sull\u2019attivit\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>sui<span class=\"ff1\"> </span>risultat<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Gruppo.<span class=\"_ _3bd\"> </span>Fac<span class=\"_ _0\"></span>end<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>se<span class=\"_ _1\"></span>guito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>ndic<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">ESM<span class=\"_ _0\"></span>A<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>in<span class=\"ff1\"> </span>data<span class=\"ff1\"> <span class=\"_ _2\"></span></span>13<span class=\"_ _2\"></span><span class=\"ff1\"> </span>m<span class=\"_ _2\"></span>aggio<span class=\"ff1\"> </span>2022,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ha<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pubblicato<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>PublicStatement\u201cImplicationsofRussia\u2019sinvasionof<span class=\"_ _3bd\"> </span>Ukraineonhalf-yearlyfinancial<span class=\"_ _3bd\"> </span>reports\u201d, <span class=\"_ _0\"></span><span class=\"ff3 fs5\">afferente<span class=\"ff1\"> </span>gli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>effetti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019invasione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019Ucraina<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _2\"></span></span>par<span class=\"_ _2\"></span>te<span class=\"ff1\"> </span></span>della<span class=\"ff1\"> </span>Russia<span class=\"ff1\"> </span>sulle<span class=\"ff1\"> </span>rendicontazioni<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>semestrali<span class=\"_ _3bd\"> </span>in<span class=\"ff1\"> <span class=\"_ _21\"></span></span>data<span class=\"ff1\"> <span class=\"_ _21\"></span></span>28<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ottobre<span class=\"ff1\"> <span class=\"_ _20\"></span></span>20<span class=\"_ _2\"></span>22,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ha<span class=\"ff1\"> <span class=\"_ _21\"></span></span>pu<span class=\"_ _0\"></span>bblicato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> </span>Public<span class=\"_ _3bd\"> </span>Statement <span class=\"_ _21\"></span><span class=\"ff3 fs5\">\u201c</span>Europeancommonenforcement<span class=\"_ _3bd\"> </span>pr<span class=\"_ _1\"></span>io<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>esfo<span class=\"_ _1\"></span>r2<span class=\"_ _0\"></span>022an<span class=\"_ _1\"></span>nua<span class=\"_ _0\"></span>lfi<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>lre<span class=\"_ _1\"></span>por<span class=\"_ _0\"></span>ts<span class=\"_ _0\"></span>\u201d, <span class=\"ff3 fs5\">dov<span class=\"_ _1\"></span>e<span class=\"ff1\"> </span>si<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">e<span class=\"_ _0\"></span>vid<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>le<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">pr<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ori<span class=\"_ _1\"></span>t\u00e0<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>el<span class=\"_ _1\"></span>ativ<span class=\"_ _1\"></span>e<span class=\"ff1\"> </span>al<span class=\"_ _1\"></span>la<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>cl<span class=\"_ _1\"></span>osu<span class=\"_ _0\"></span>re<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">sui</span> </span></span></span></span></span></span>rendiconti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">annuali,<span class=\"_ _3bd\"> </span></span></span>si<span class=\"ff1\"> </span>sottolinea,<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>Gruppo<span class=\"ff1\"> </span>Credem,<span class=\"ff1\"> </span>l\u2019assen<span class=\"_ _2\"></span>za<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>esposizioni<span class=\"ff1\"> </span>ril<span class=\"_ _2\"></span>evanti<span class=\"ff1\"> </span>verso<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>paesi<span class=\"ff1\"> </span>coinvolt<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>conflitto.<span class=\"ff1\"> </span>Gli<span class=\"ff1\"> </span>impatti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sui<span class=\"ff1\"> <span class=\"_ _20\"></span></span>risultati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>annuali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riconducibili<span class=\"ff1\"> <span class=\"_ _20\"></span></span>principalmente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>all\u2019a<span class=\"_ _2\"></span>ndamento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>negativo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>mercati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziari<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> </span>hanno<span class=\"ff1\"> </span>risentito<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>adro<span class=\"_ _2\"></span><span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">instabilit\u00e0.<span class=\"ff1\"> </span>Il<span class=\"ff1\"> </span>calo<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>capitalizzazioni<span class=\"ff1\"> </span>ha<span class=\"ff1\"> </span>conseguentemente<span class=\"ff1\"> </span>determinato<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span></span></span>modesto<span class=\"ff1\"> </span>riflesso<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ui<span class=\"ff1\"> </span>ricavi<span class=\"ff1\"> </span>commissionali,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> </span>continuano<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>beneficiare<span class=\"ff1\"> </span>degli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>importanti<span class=\"ff1\"> </span>stock<span class=\"ff1\"> </span>iniziali<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>masse<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>gestione<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>seconda<span class=\"ff1\"> </span>parte<span class=\"ff1\"> </span>dell\u2019esrcizio<span class=\"ff1\"> </span>hanno<span class=\"ff1\"> </span>registr<span class=\"_ _2\"></span>ato<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>ripresa<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>mercato.<span class=\"_ _3bd\"> </span>Per<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>quanto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>riguarda<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\">  </span>qual<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dell\u2019attivo,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fin<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dall\u2019inizio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _2\"></span>el<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>conflitto,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Gruppo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ha<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"_ _2\"></span>nnalzato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>presidio<span class=\"ff1\"> </span>attraverso<span class=\"ff1\"> <span class=\"_ _21\"></span></span>meccanismi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>segmentazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _21\"></span></span>clientela<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>relativi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>li<span class=\"_ _2\"></span>velli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rischiosit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"></span></span>relazione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">alla</span> </span>maggior<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>esposizione<span class=\"ff1\">  </span>nei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>settori<span class=\"ff1\">  </span>direttamente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>pi\u00f9<span class=\"ff1\">  </span>c<span class=\"_ _0\"></span>olpiti<span class=\"ff1\">  </span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>pi\u00f9<span class=\"ff1\">  </span>e<span class=\"_ _0\"></span>sposti<span class=\"ff1\">  </span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischi<span class=\"ff1\">  </span>geopolitici<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>o<span class=\"ff1\">  </span>impattati<span class=\"ff1\"> </span>dall\u2019incremento<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>prezzi<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>materie<span class=\"ff1\"> </span>prime.<span class=\"_ _3bd\"> </span>Le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>r<span class=\"_ _2\"></span>ipercussioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dello<span class=\"ff1\">  </span>scenario<span class=\"ff1\">  </span>sull<span class=\"_ _0\"></span>e<span class=\"ff1\">  </span>princip<span class=\"_ _0\"></span>ali<span class=\"ff1\">  </span>grandezze<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>eco<span class=\"_ _2\"></span>nomiche<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\">  </span>patrimoniali<span class=\"ff1\">  </span>sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>revisionate<span class=\"ff1\"> </span>trimestralmente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tener<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cont<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>eventuali<span class=\"ff1\"> <span class=\"_ _21\"></span></span>deterioramenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>anomalie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ch<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>mome<span class=\"_ _2\"></span>nto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>non<span class=\"ff1\"> <span class=\"_ _20\"></span></span>si<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sono<span class=\"ff1\"> </span>manifestati,<span class=\"ff1\"> </span>consentendo<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>Gruppo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>mantenere<span class=\"ff1\"> </span>un\u2019ottima<span class=\"ff1\"> </span>qualit\u00e0<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>asset.<span class=\"_ _2\"></span> Dal<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>punto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>vista<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>o<span class=\"_ _2\"></span>perativo,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>segui<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>degli<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sviluppi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>quadro<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>anzionatorio,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Gruppo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ha<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>adottato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>un<span class=\"ff1\"> </span>approccio<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>estrittivo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nei<span class=\"ff1\"> </span>confronti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019ope<span class=\"_ _0\"></span>rativit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> </span>coin<span class=\"_ _2\"></span>volge<span class=\"ff1\"> </span>Russia,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Bielorussia<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Ucraina,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prevedendo:<span class=\"ff1\"> </span></span></span></span></span>blocchi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sulle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>transazioni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sull\u2019acquisizione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nuovi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>clienti,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rest<span class=\"_ _2\"></span>rizioni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">tipo</span> <span class=\"_ _20\"></span><span class=\"ff3\">geografico,</span> <span class=\"_ _21\"></span><span class=\"ff3\">merce<span class=\"_ _0\"></span>ologico<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> </span></span></span>finanziario<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>soglie<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rilevanza<span class=\"ff1\"> </span>stringenti.<span class=\"_ _3bd\"> </span>Son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>sta<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">appl<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mis<span class=\"_ _0\"></span>ure<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>stri<span class=\"_ _0\"></span>ttiv<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>arat<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>alle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Aut<span class=\"_ _0\"></span>orit<span class=\"_ _0\"></span>\u00e0:<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>dec<span class=\"_ _0\"></span>orre<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>da<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>12<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mar<span class=\"_ _0\"></span>zo,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in</span> <span class=\"_ _0\"></span><span class=\"ff3\">otte<span class=\"_ _0\"></span>mper<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>all<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>nor<span class=\"_ _0\"></span>ma<span class=\"ff1\"> </span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">prev<span class=\"_ _0\"></span>ede<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">divie<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">presta<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>erv<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mess<span class=\"_ _0\"></span>aggi<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>ca<span class=\"ff1\"> </span>fin<span class=\"_ _0\"></span>anzi<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>sc<span class=\"_ _0\"></span>ambi<span class=\"_ _0\"></span>are<span class=\"ff1\"> </span>da<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>nanz<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>ri<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>soggetti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>listati<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">loro</span> <span class=\"_ _27\"> </span><span class=\"ff3\">controllate,</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">ha</span> <span class=\"_ _21\"> </span><span class=\"ff3\">d<span class=\"_ _2\"></span>isattivato</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">la</span> <span class=\"_ _27\"> </span><span class=\"ff3\">rete</span> <span class=\"_ _21\"> </span><span class=\"ff3\">SWIFT</span> <span class=\"_ _27\"> </span><span class=\"ff3\">verso<span class=\"_ _2\"></span></span> <span class=\"_ _27\"> </span><span class=\"ff3\">alcune</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">ban<span class=\"_ _0\"></span>che<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>list<span class=\"_ _2\"></span>ate<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>russ<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> </span></span></span>bie<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>russe<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span>\u00c8<span class=\"ff1\"> </span>stata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">data<span class=\"ff1\"> </span>ampia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">diffusione<span class=\"ff1\"> </span>anche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">all\u2019intervento<span class=\"ff1\"> </span>dell\u2019EBA,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">data<span class=\"ff1\"> </span>11<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">marzo,<span class=\"ff1\"> </span>ha<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ichiamato<span class=\"ff1\"> </span>l\u2019<span class=\"_ _0\"></span>attenzione<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>dei<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>soggett<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>vigilati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>relativamente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ad<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">una</span> <span class=\"_ _27\"> </span><span class=\"ff3\">corr<span class=\"_ _2\"></span>etta</span> <span class=\"_ _27\"> </span><span class=\"ff3\">applicazione</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">d<span class=\"_ _0\"></span>elle<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>misure<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rest<span class=\"_ _2\"></span>rittive,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pres<span class=\"_ _2\"></span>ervando<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>al<span class=\"ff1\"> </span></span></span>contempo<span class=\"ff1\">  </span>una<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>protezione<span class=\"ff1\">  </span>temporanea<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>per<span class=\"ff1\">  </span>gli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sfollati<span class=\"ff1\">  </span>ucraini,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>evidenziando<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\">  </span>possibil<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\">  </span>che<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>abbiano<span class=\"ff1\"> </span>accesso<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>aprire<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>utilizzare<span class=\"ff1\"> </span>conti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>pagamento<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>servizi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>base.<span class=\"_ _3bd\"> </span>A<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sost<span class=\"_ _2\"></span>egno<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>vittime<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>guerra<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Ucraina,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Consiglio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Amministrazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Credem,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>7<span class=\"ff1\"> <span class=\"_ _20\"></span></span>marzo,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ha<span class=\"ff1\"> </span>deliberato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>uno<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>stanziamento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>pi\u00f9<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tranche<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>v<span class=\"_ _2\"></span>erso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Croce<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Rossa<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Italiana<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">la</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">Fondazione</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">Solidariet\u00e0</span> </span>Reggiana,<span class=\"ff1\"> </span>Save<span class=\"ff1\"> </span>the<span class=\"ff1\"> </span>Children,<span class=\"ff1\"> </span>Caritas<span class=\"ff1\"> </span>diocesana<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Reggio<span class=\"ff1\"> </span>Emilia<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>Guast<span class=\"_ _2\"></span>alla,<span class=\"ff1\"> </span>Banco<span class=\"ff1\"> </span>Alimentare.<span class=\"_ _3bd\"> </span>Il<span class=\"ff1\"> </span>quadro<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>distanza<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> </span>anno<span class=\"ff1\"> </span>dall\u2019inizio<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>conflitto<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>ancora<span class=\"ff1\"> </span>imprev<span class=\"_ _0\"></span>edibile,<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>Gruppo<span class=\"ff1\"> </span>pertanto<span class=\"ff1\"> </span>mantiente<span class=\"ff1\"> </span></span></span>una<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>gestione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dell\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>bancaria<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ancor<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pi\u00f9<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>attenta<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>flessibile<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pronta<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ad<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>adat<span class=\"_ _2\"></span>tarsi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>velocemente<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>cambiamenti<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>contesto.<span class=\"_ _3bd\"> </span>Altre<span class=\"_ _3bd\"> </span>inform<span class=\"_ _0\"></span>azioni<span class=\"_ _3bd\"> </span>Ag<span class=\"_ _0\"></span>gr<span class=\"_ _0\"></span>ega<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>az<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>operazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>aggregazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>aziendale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>disciplinate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dal<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Principio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cont<span class=\"_ _2\"></span>abile<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>internazionale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>IFRS<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>3<span class=\"_ _2\"></span><span class=\"ff1\"> </span>\u201cBusiness<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">combination\u201d.<span class=\"_ _3bd\"> </span></span></span>Il<span class=\"ff1\"> </span>trasferimento<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>controllo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> </span>un\u2019i<span class=\"_ _0\"></span>mpresa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un</span> <span class=\"ff3\">gruppo</span> <span class=\"_ _21\"></span><span class=\"ff3\">di</span> <span class=\"_ _21\"></span><span class=\"ff3\">attivit\u00e0</span> <span class=\"ff3\">e</span> <span class=\"ff3\">beni</span> <span class=\"ff3\">integrati,</span> <span class=\"ff3\">condotti</span> <span class=\"ff3\">e</span> <span class=\"ff3\">gestiti</span> </span>unitariamente)<span class=\"ff1\"> </span>configura<span class=\"ff1\"> </span>un\u2019operazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>aggregazione<span class=\"ff1\"> </span>aziendale.<span class=\"_ _3bd\"> </span>A<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tal<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fine<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>controllo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>si<span class=\"ff1\"> <span class=\"_ _2\"></span></span>considera<span class=\"ff1\"> </span>t<span class=\"_ _2\"></span>rasferito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quando<span class=\"ff1\"> </span>l\u2019investitor<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>esposto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>endimenti<span class=\"ff1\"> </span>variabili,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>detiene<span class=\"ff1\"> </span>diritti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>su<span class=\"ff1\"> </span>tali<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>endimen<span class=\"_ _0\"></span>ti,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>derivanti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dal<span class=\"ff1\"> <span class=\"_ _2\"></span></span>proprio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rapporto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>partecipata<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contempo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ha<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>capacit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>incidere<span class=\"ff1\"> </span>sui<span class=\"ff1\"> </span>rendimenti<span class=\"ff1\"> </span>esercitando<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>proprio<span class=\"ff1\"> </span>potere<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>t<span class=\"_ _2\"></span>ale<span class=\"ff1\"> </span>entit\u00e0.<span class=\"_ _3bd\"> </span> L\u2019IFRS<span class=\"ff1\"> </span>3<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">richiede<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>tutte<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>operazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">aggregazione<span class=\"ff1\"> </span>venga<span class=\"ff1\"> </span>individuato<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>cquirente.<span class=\"ff1\"> </span>Quest\u2019ultimo<span class=\"ff1\"> </span></span></span></span></span></span></span>deve<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>identificato<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>soggetto<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>ottiene<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>controllo<span class=\"ff1\"> </span>su<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un\u2019altra<span class=\"ff1\"> </span>entit\u00e0<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>gruppo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>attivit\u00e0.<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>L\u2019acquisizione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>deve<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ess<span class=\"_ _2\"></span>ere<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contabilizzata<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nella<span class=\"ff1\"> <span class=\"_ _21\"></span></span>data<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l\u2019acquirente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ot<span class=\"_ _2\"></span>tiene<span class=\"ff1\"> <span class=\"_ _20\"></span></span>effettivamente<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>controllo<span class=\"ff1\"> </span>sul<span class=\"_ _0\"></span>l\u2019i<span class=\"_ _0\"></span>mpre<span class=\"_ _0\"></span>sa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>atti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>acq<span class=\"_ _1\"></span>uisite<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>Qua<span class=\"_ _0\"></span>ndo<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>\u2019op<span class=\"_ _0\"></span>eraz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">av<span class=\"_ _0\"></span>vien<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">trami<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un\u2019<span class=\"_ _0\"></span>uni<span class=\"_ _0\"></span>ca<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span>pera<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>sc<span class=\"_ _0\"></span>amb<span class=\"_ _0\"></span>io,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ata<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>dello<span class=\"ff1\"> </span>scamb<span class=\"_ _2\"></span>io<span class=\"ff1\"> </span>nor<span class=\"_ _2\"></span>malmente<span class=\"ff1\"> </span>coi<span class=\"_ _2\"></span>ncide<span class=\"ff1\"> </span>co<span class=\"_ _2\"></span>n<span class=\"ff1\"> </span>la<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>data<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>acquisizione.<span class=\"ff1\"> </span>T<span class=\"_ _2\"></span>uttavia,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sempre<span class=\"ff1\"> </span>n<span class=\"_ _2\"></span>ecessario<span class=\"ff1\"> <span class=\"_ _2\"></span></span>verificare<span class=\"ff1\"> </span>l\u2019eventuale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>presenza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"_ _2\"></span>ccordi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tra<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>part<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>possano<span class=\"ff1\"> <span class=\"_ _20\"></span></span>comportare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> <span class=\"_ _20\"></span></span>trasferimento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cont<span class=\"_ _2\"></span>rollo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prima<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>scambio.<span class=\"_ _3bd\"> </span> Il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>corrispettivo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>trasferito<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nell\u2019ambi<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>un\u2019operazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>aggregazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>d<span class=\"_ _2\"></span>eve<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>essere<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>determinato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>come<span class=\"ff1\"> </span>sommatoria<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"_ _2\"></span><span class=\"ff1\"> </span>value,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>scambi<span class=\"_ _0\"></span>o,<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cedute,<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">passivit\u00e0<span class=\"ff1\"> </span>sostenute<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>assunte<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>e<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>capitale<span class=\"ff1\"> </span>emessi<span class=\"ff1\"> </span>dall\u2019acquirente<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>cambio<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>controllo.<span class=\"_ _3bd\"> </span> Nelle<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>operazioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pre<span class=\"_ _2\"></span>vedono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>pagamento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>denaro<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>qu<span class=\"_ _0\"></span>ando<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>previsto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _0\"></span>agamento<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>mediante<span class=\"ff1\"> </span>stru<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">fin<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>iari<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ass<span class=\"_ _0\"></span>imil<span class=\"_ _0\"></span>abi<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>all<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>cassa<span class=\"_ _0\"></span>)<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>pre<span class=\"_ _0\"></span>zzo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">\u00e8</span> <span class=\"ff3\">il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">co<span class=\"_ _0\"></span>rrisp<span class=\"_ _0\"></span>etti<span class=\"_ _0\"></span>vo<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>ttuit<span class=\"_ _0\"></span>o,<span class=\"ff1\"> </span>eve<span class=\"_ _0\"></span>ntu<span class=\"_ _0\"></span>almen<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">att<span class=\"_ _0\"></span>uali<span class=\"_ _0\"></span>zza<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>caso<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span>previsto<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>pagamento<span class=\"ff1\"> </span>rateale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> </span>rife<span class=\"_ _0\"></span>riment<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>ad<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> </span>periodo<span class=\"ff1\"> </span>supe<span class=\"_ _0\"></span>riore<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>breve<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">termine;<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>caso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>agamento<span class=\"ff1\"> </span>avvenga<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tramite<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">uno<span class=\"ff1\"> </span>strumento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">diverso<span class=\"ff1\"> </span>dall<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>cassa,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">quindi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mediante<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019emissione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>strumenti<span class=\"ff1\"> </span>rappresentativi<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">capitale,<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>prezz<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mezzo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>pagamento<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>tto<span class=\"_ _2\"></span><span class=\"ff1\"> </span>dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">costi</span> </span></span></span></span></span>direttamente<span class=\"ff1\"> </span>attribuibili<span class=\"ff1\"> </span>all\u2019operazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>emissione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>capitale.<span class=\"_ _3bd\"> </span> Le<span class=\"ff1\"> </span>ope<span class=\"_ _0\"></span>razioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>aggregazione<span class=\"ff1\"> </span>aziendale<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ontabilizzate<span class=\"ff1\"> </span>secondo<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>\u201cmetodo<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell\u2019acquisizione\u201d,<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">identificabili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">acquisite<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>comprese<span class=\"ff1\"> </span>eventuali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> </span>immateriali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>precedenza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> </span>rilevate<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>dall\u2019impresa<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>acquisita)<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>pass<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ide<span class=\"_ _0\"></span>ntificabili<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>assunte<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(comprese<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>quelle<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>potenziali)<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>devono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>essere<span class=\"ff1\"> </span>rilevate<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>rispettivi<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>acquisizione.<span class=\"_ _3bd\"> </span> L\u2019eccedenza<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tra<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">corrispett<span class=\"_ _2\"></span>ivo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>rasferito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(rappresentato<span class=\"ff1\"> </span>dal<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> </span>trasferite,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">passivit\u00e0<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>sostenute<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>degli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>trumenti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>capitale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>emess<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dall\u2019acquirente)<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ed<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fair<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>value<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>passiv<span class=\"_ _2\"></span>it\u00e0<span class=\"ff1\"> </span>acquisite<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>deve<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">essere</span> <span class=\"_ _27\"> </span><span class=\"ff3\">r<span class=\"_ _2\"></span>ilevata</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">come</span> <span class=\"_ _27\"> </span><span class=\"ff3\">avviamento<span class=\"_ _2\"></span>;</span> <span class=\"_ _27\"> </span><span class=\"ff3\">qualora</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">queste</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">ultime</span> <span class=\"_ _27\"> </span><span class=\"ff3\">ris<span class=\"_ _2\"></span>ultino,</span> <span class=\"_ _27\"> </span><span class=\"ff3\">invece,</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">superiori</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">alla</span> </span>sommatoria<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>corr<span class=\"_ _2\"></span>ispettivo,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>de<span class=\"_ _0\"></span>lle<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>quot<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>minoranza<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fair<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>value<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>quote<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>gi\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>poss<span class=\"_ _2\"></span>edute,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> </span>differenza<span class=\"ff1\"> </span>deve<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>imputata<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>conto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>economico.<span class=\"_ _3bd\"> </span> La<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>contabilizzazione<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>de<span class=\"_ _2\"></span>ll\u2019operazione<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>aggregazione<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>pu\u00f2<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>avvenire<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>provvisoriamente<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>ent<span class=\"_ _2\"></span>ro<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>fine<span class=\"ff1\"> </span>dell\u2019esercizio<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>l\u2019aggregazione<span class=\"ff1\"> </span>viene<span class=\"ff1\"> </span>realizzata<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>deve<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>perfezionata<span class=\"ff1\"> </span>entro<span class=\"ff1\"> </span>dodici<span class=\"ff1\"> </span>mesi<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">acquisizione.<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>Le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fu<span class=\"_ _0\"></span>sio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rien<span class=\"_ _0\"></span>tran<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>tra<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ope<span class=\"_ _0\"></span>razion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>d<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>cent<span class=\"_ _0\"></span>razi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tr<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>mpre<span class=\"_ _0\"></span>se,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rap<span class=\"_ _0\"></span>pre<span class=\"_ _0\"></span>sent<span class=\"_ _0\"></span>ando<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">la</span> <span class=\"_ _0\"></span><span class=\"ff3\">for<span class=\"_ _0\"></span>ma<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">aggre<span class=\"_ _0\"></span>gazi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>aziendale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pi\u00f9<span class=\"ff1\"> </span>completa,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quanto<span class=\"ff1\"> </span>comportano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019unificazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sia<span class=\"ff1\"> </span>giuridica<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"_ _2\"></span>conomica<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">so<span class=\"_ _2\"></span>ggetti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">v<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>pa<span class=\"_ _0\"></span>rtec<span class=\"_ _0\"></span>ipan<span class=\"_ _0\"></span>o.<span class=\"_ _3bd\"> </span> Le<span class=\"ff1\">  </span>fusioni,<span class=\"ff1\">  </span>siano<span class=\"ff1\">  </span>esse<span class=\"ff1\">  </span>proprie,<span class=\"ff1\">  </span>cio\u00e8<span class=\"ff1\">  </span>con<span class=\"ff1\">  </span>la<span class=\"ff1\">  </span>costituzione<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>un<span class=\"ff1\">  </span>nuovo<span class=\"ff1\">  </span>soggetto<span class=\"ff1\">  </span>giuridico<span class=\"ff1\">  </span>oppure<span class=\"ff1\">  </span>\u201cper<span class=\"ff1\"> </span>incorporazione\u201d<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> </span>confluenza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>un\u2019impresa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un\u2019altra<span class=\"ff1\"> <span class=\"_ _2\"></span></span>impresa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gi\u00e0<span class=\"ff1\"> </span>esist<span class=\"_ _2\"></span>ente,<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>trattate<span class=\"ff1\"> </span>secondo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> </span>criteri<span class=\"ff1\"> </span>precedentemente<span class=\"ff1\"> </span>illustrati,<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>particolare: se<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>l\u2019operazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>compor<span class=\"_ _2\"></span>ta<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>trasferimento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>controllo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>un\u2019impresa,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>essa<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>viene<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>t<span class=\"_ _2\"></span>rattata<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>co<span class=\"_ _0\"></span>me<span class=\"_ _1\"></span> un<span class=\"_ _0\"></span>\u2019ope<span class=\"_ _0\"></span>razi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">agg<span class=\"_ _0\"></span>reg<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>se<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>ll\u2019I<span class=\"_ _0\"></span>FRS<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">3<span class=\"_ _0\"></span>;</span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span>se<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019operazione<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _2\"></span></span>comport<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>tr<span class=\"_ _2\"></span>asferimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>contr<span class=\"_ _2\"></span>ollo,<span class=\"ff1\"> </span>essa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>viene<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contabilizzata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>privilegiando<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> </span>continuit\u00e0<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alori<span class=\"ff1\"> </span>della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">societ\u00e0<span class=\"ff1\"> </span>incorporata.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Difatti,<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>operazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>ag<span class=\"_ _0\"></span>gregazione<span class=\"ff1\"> </span>aziendale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fra<span class=\"ff1\"> </span>entit\u00e0<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>under<span class=\"ff1\"> </span>common<span class=\"ff1\"> </span>control<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>rientrano<span class=\"ff1\"> </span>nell\u2019ambi<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>applicazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Principio<span class=\"ff1\"> </span>contabile<span class=\"ff1\"> </span>internazionale<span class=\"ff1\"> </span>IFRS<span class=\"ff1\"> </span>3,<span class=\"ff1\"> </span>n\u00e9<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>disciplinate<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>altri<span class=\"ff1\"> </span>IFRS;<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> </span>quindi<span class=\"ff1\"> </span>definite<span class=\"ff1\"> </span>facendo<span class=\"ff1\"> </span>riferimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alle<span class=\"ff1\"> </span>disposizioni<span class=\"ff1\"> </span>contenute<span class=\"ff1\"> </span>nello<span class=\"ff1\"> </span>IAS<span class=\"ff1\"> </span>8<span class=\"ff1\"> </span>Accounting<span class=\"ff1\"> </span>Policies,<span class=\"ff1\"> </span>Changes<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>Accounting<span class=\"ff1\"> </span>Estimates<span class=\"ff1\"> <span class=\"_ _2\"></span></span>and<span class=\"ff1\"> </span>Errors.<span class=\"_ _3bd\"> </span>Re<span class=\"_ _0\"></span>vo<span class=\"_ _0\"></span>ca<span class=\"_ _3bd\"> </span>op<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>il<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nso<span class=\"_ _1\"></span>lida<span class=\"_ _0\"></span>to<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>ale<span class=\"_ _3bd\"> </span>na<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>Nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>orso<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">202<span class=\"_ _0\"></span>2<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stata<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _1\"></span>liberat<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>ont\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">n<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rinnov<span class=\"_ _0\"></span>arl<span class=\"_ _0\"></span>o.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>L\u2019effetto<span class=\"ff1\">  </span>del<span class=\"ff1\">  </span>mancato<span class=\"ff1\">  </span>rinnovo,<span class=\"ff1\">  </span>comporta<span class=\"ff1\">  </span>per<span class=\"ff1\">  </span>il<span class=\"ff1\">  </span>periodo<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>imposta<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>2022<span class=\"ff1\">  </span>ed<span class=\"ff1\">  </span>anni<span class=\"ff1\">  </span>succe<span class=\"_ _0\"></span>ssivi,<span class=\"ff1\">  </span>che<span class=\"ff1\">  </span>gli<span class=\"ff1\"> </span>adempimenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fiscali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riferimento<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">versamento<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">imposte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dovute<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">titolo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">IRES,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>iano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">effettuati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>riferimento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ciascuna<span class=\"ff1\"> <span class=\"_ _20\"></span></span>societ\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>propri<span class=\"ff1\"> <span class=\"_ _20\"></span></span>redditi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>imponibili<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>ingolarmente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cons<span class=\"_ _2\"></span>iderati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>non<span class=\"ff1\"> <span class=\"_ _2\"></span></span>saranno<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pi\u00f9<span class=\"ff1\"> </span>trasferiti<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>Credemholding.<span class=\"_ _3bd\"> </span> Gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ac<span class=\"_ _0\"></span>can<span class=\"_ _0\"></span>tona<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ompe<span class=\"_ _1\"></span>tenza<span class=\"ff1\"> </span>I<span class=\"_ _0\"></span>RES<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>ora<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">regi<span class=\"_ _0\"></span>stra<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">voce<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u201cp<span class=\"_ _0\"></span>assi<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>isc<span class=\"_ _0\"></span>ali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">corr<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>i\u201d.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span>Re<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>one<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nta<span class=\"_ _1\"></span>bile<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ottoposto<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">revisione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cont<span class=\"_ _2\"></span>abile,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ai<span class=\"ff1\"> </span>sensi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">D.Lgs.<span class=\"ff1\"> </span>39/2010<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Regolamento<span class=\"ff1\"> </span>UE<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">537/2014,</span> <span class=\"ff3\">da</span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>parte<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>societ\u00e0<span class=\"ff1\"> </span>EY<span class=\"ff1\"> </span>S.p.A.,<span class=\"ff1\"> </span>cui<span class=\"_ _2\"></span><span class=\"ff1\"> </span>tale<span class=\"ff1\"> </span>incarico<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> </span>stato<span class=\"ff1\"> </span>affidato,<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>att<span class=\"_ _2\"></span>uazione<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>Delibera<span class=\"ff1\"> </span>assembleare<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>30<span class=\"ff1\"> </span>aprile<span class=\"ff1\"> </span>2013,<span class=\"ff1\"> </span>fino<span class=\"ff1\"> </span>all\u2019esercizio<span class=\"ff1\"> </span>chiuso<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>2022.<span class=\"_ _3bd\"> </span>Ut<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>izz<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>st<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>ed<span class=\"_ _3bd\"> </span>as<span class=\"_ _1\"></span>sun<span class=\"_ _0\"></span>zio<span class=\"_ _1\"></span>ni<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>lla<span class=\"_ _3bd\"> </span>pr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>siz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span>bil<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>o<span class=\"fc0 sc1\"> </span>In<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conformit<span class=\"_ _2\"></span>\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>agli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>IFRS,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>direzione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>aziendale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>deve<span class=\"ff1\"> <span class=\"_ _2\"></span></span>for<span class=\"_ _2\"></span>mulare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valutazioni,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>st<span class=\"_ _2\"></span>ime<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ipotesi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>influenzano<span class=\"ff1\"> </span>l\u2019applicazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>principi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contabili<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>import<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>at<span class=\"_ _2\"></span>tivit\u00e0,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> </span>passivit\u00e0,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>costi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> </span>ricavi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rilevati<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>bilancio,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nonch\u00e9<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sull\u2019inform<span class=\"_ _2\"></span>ativa<span class=\"ff1\"> <span class=\"_ _20\"></span></span>relativa<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _20\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>passivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pot<span class=\"_ _2\"></span>enziali.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">Le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">stime</span> <span class=\"_ _20\"></span><span class=\"ff3\">e</span> <span class=\"_ _20\"></span><span class=\"ff3\">le</span> <span class=\"_ _21\"></span><span class=\"ff3\">relative<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">ipotesi</span> <span class=\"_ _20\"></span><span class=\"ff3\">si</span> </span></span></span></span></span>basano<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sulle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>esperienze<span class=\"ff1\"> <span class=\"_ _21\"></span></span>preg<span class=\"_ _0\"></span>res<span class=\"_ _2\"></span>se<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>su<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alt<span class=\"_ _2\"></span>ri<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fattor<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>considerati<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ragionevoli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nella<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fattispecie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>state<span class=\"_ _0\"></span><span class=\"ff1\"> </span>ad<span class=\"_ _0\"></span>ottat<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stima<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alore<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">conta<span class=\"_ _0\"></span>bil<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">at<span class=\"_ _0\"></span>tivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>lle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">passiv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>he<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">no<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fac<span class=\"_ _0\"></span>ilme<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">des<span class=\"_ _0\"></span>umi<span class=\"_ _0\"></span>bile<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">da<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span>tre<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>fon<span class=\"_ _0\"></span>ti.<span class=\"_ _3bd\"> </span>In<span class=\"ff1\"> <span class=\"_ _20\"></span></span>par<span class=\"_ _2\"></span>ticolare<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>stat<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"_ _2\"></span>dottati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>processi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>stima<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>supporto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>iscrizione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"_ _2\"></span>lcune<span class=\"ff1\"> <span class=\"_ _21\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pi\u00f9<span class=\"_ _2\"></span><span class=\"ff1\"> </span>rilevanti<span class=\"ff1\"> </span>poste<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutative<span class=\"ff1\"> </span>iscritte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> </span>Bilancio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>31<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>cembre<span class=\"ff1\"> </span>2022,<span class=\"ff1\"> </span>cos\u00ec<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">come<span class=\"ff1\"> </span>previsto<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ai<span class=\"ff1\"> </span>principi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contabili<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>dalle<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>normative<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\">  </span>riferimento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sopra<span class=\"ff1\">  </span>de<span class=\"_ _0\"></span>scritti.<span class=\"ff1\">  </span>Det<span class=\"_ _0\"></span>ti<span class=\"ff1\">  </span>processi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>basati<span class=\"ff1\">  </span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>larga<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>misura<span class=\"ff1\">  </span>s<span class=\"_ _0\"></span>u<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>st<span class=\"_ _2\"></span>ime<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> </span>recuperabilit\u00e0<span class=\"ff1\"> </span>futura<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> </span>valori<span class=\"ff1\"> <span class=\"_ _2\"></span></span>iscritti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> </span>secondo<span class=\"ff1\"> </span>l<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>rego<span class=\"_ _2\"></span>le<span class=\"ff1\"> </span>dettate<span class=\"ff1\"> </span>dalle<span class=\"ff1\"> </span>nor<span class=\"_ _2\"></span>me<span class=\"ff1\"> </span>vigenti<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>tati<span class=\"ff1\"> </span>effettuati<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"></span></span>un\u2019ottica<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>continuit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>aziendale,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ossia<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>prescindendo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>da<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ipotesi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>liquidazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>forzata<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>delle<span class=\"ff1\"> </span>poste<span class=\"ff1\"> </span>oggetto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valutazione.<span class=\"_ _3bd\"> </span>I<span class=\"ff1\"> <span class=\"_ _21\"></span></span>processi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>adott<span class=\"_ _2\"></span>ati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>confort<span class=\"_ _2\"></span>ano<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>valori<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>iscrizione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>31<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dicembre<span class=\"ff1\"> <span class=\"_ _21\"></span></span>2022.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>processo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>valutativo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>risultato<span class=\"ff1\"> </span>particolarmente<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>complesso<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>considerazione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>p<span class=\"_ _2\"></span>ersistente<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>incertezza<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>r<span class=\"_ _2\"></span>iscontrabile<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>contesto<span class=\"ff1\"> </span>macroeconomico<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>mercato,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">caratt<span class=\"_ _2\"></span>erizzato,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sia<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">importanti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">livelli<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>volatilit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riscontrabili<span class=\"ff1\"> </span>nei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">parametri</span> </span></span></span></span></span></span></span></span></span></span></span></span></span>finanziari<span class=\"ff1\"> </span>det<span class=\"_ _2\"></span>erminanti<span class=\"ff1\"> </span>ai<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fini<span class=\"ff1\"> <span class=\"_ _2\"></span></span>de<span class=\"_ _2\"></span>lla<span class=\"ff1\"> </span>val<span class=\"_ _2\"></span>utazione,<span class=\"ff1\"> </span>sia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"ff1\"> <span class=\"_ _2\"></span></span>indicator<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>deterior<span class=\"_ _2\"></span>amento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> </span>qualit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>credito<span class=\"ff1\"> </span>ancora<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">elevati.<span class=\"_ _3bd\"> </span></span></span>I<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>parametri<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>informazioni<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>utilizzati<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>verifica<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>valori<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>prima<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>menzionati<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>quindi<span class=\"ff1\"> </span>significativamente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>influenzati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>de<span class=\"_ _0\"></span>tti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fattori<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>potrebbero<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>registrare<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rapidi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>mutamenti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ad<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>oggi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>non<span class=\"ff1\"> </span>prevedibili,<span class=\"ff1\"> </span>talch\u00e9<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>possono<span class=\"ff1\"> </span>escludere<span class=\"ff1\"> </span>conseguenti<span class=\"ff1\"> </span>effetti<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ui<span class=\"ff1\"> </span>futuri<span class=\"ff1\"> </span>valori<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>bilancio.<span class=\"_ _3bd\"> </span>Le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>stime<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ipotesi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>riviste<span class=\"ff1\"> <span class=\"_ _21\"></span></span>regolarmente.<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>eventuali<span class=\"ff1\"> <span class=\"_ _21\"></span></span>variazioni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>conseguenti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>tali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>evisioni<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sono<span class=\"ff1\"> </span>rilevate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">n<span class=\"_ _2\"></span>el<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">periodo<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>revisione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">v<span class=\"_ _2\"></span>iene<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">effettuata<span class=\"ff1\"> </span>qualora<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>tessa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">interessi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">solo<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uel<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>eriodo.<span class=\"ff1\"> </span>Nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">caso<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>revisione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">interessi<span class=\"ff1\"> </span>periodi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">correnti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sia<span class=\"ff1\"> </span>fu<span class=\"_ _0\"></span>turi,<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>ariazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rilevata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">periodo<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cui<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">revisione<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>viene<span class=\"ff1\"> </span>effettuata<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>nei<span class=\"ff1\"> </span>relativi<span class=\"ff1\"> </span>periodi<span class=\"ff1\"> </span>futuri.<span class=\"_ _3bd\"> </span>Le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>principali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fat<span class=\"_ _2\"></span>tispecie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>maggiormente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>richiesto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l\u2019impiego<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valutazioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>soggettiv<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"ff1\"> <span class=\"_ _20\"></span></span>parte<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>Direzione<span class=\"ff1\"> </span>sono:<span class=\"_ _3bd\"> </span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quantificazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>p<span class=\"_ _2\"></span>erdite<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>riduzi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>valor<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>d<span class=\"_ _2\"></span>ei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cr<span class=\"_ _2\"></span>editi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff3\">in</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">genere,</span> <span class=\"_ _27\"> </span><span class=\"ff3\">delle</span> <span class=\"_ _27\"> </span><span class=\"ff3\">altre</span> <span class=\"_ _27\"> </span><span class=\"ff3\">attivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span></span></span>fi<span class=\"_ _0\"></span>nanz<span class=\"_ _0\"></span>iari<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">partec<span class=\"_ _0\"></span>ipa<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i;<span class=\"_ _3bd\"> </span></span></span></span></span>l\u2019utilizzo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>modelli<span class=\"ff1\"> </span>valutativi<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>rilevazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> </span>finanziari<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>quotati<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>mercati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivi;<span class=\"_ _3bd\"> </span></span></span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sti<span class=\"_ _0\"></span>ma<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">val<span class=\"_ _0\"></span>ore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">re<span class=\"_ _0\"></span>cupe<span class=\"_ _0\"></span>rabi<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dell<span class=\"_ _0\"></span>\u2019av<span class=\"_ _0\"></span>viame<span class=\"_ _0\"></span>nto<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">qu<span class=\"_ _0\"></span>ant<span class=\"_ _0\"></span>ific<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">T<span class=\"_ _0\"></span>FR,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">f<span class=\"_ _0\"></span>ondi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pers<span class=\"_ _0\"></span>ona<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fon<span class=\"_ _0\"></span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">on<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">st<span class=\"_ _0\"></span>ime<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">assu<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>oni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sull<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>ecu<span class=\"_ _0\"></span>pera<span class=\"_ _0\"></span>bili<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>sca<span class=\"_ _0\"></span>lit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span>ffer<span class=\"_ _0\"></span>ita;<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">st<span class=\"_ _0\"></span>ime<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">eff<span class=\"_ _0\"></span>ettu<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ne<span class=\"_ _0\"></span>ll\u2019a<span class=\"_ _0\"></span>mbit<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>roce<span class=\"_ _0\"></span>sso<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>P<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>chase<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">Pr<span class=\"_ _0\"></span>ice<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Al<span class=\"_ _0\"></span>loca<span class=\"_ _0\"></span>tion<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">(P<span class=\"_ _0\"></span>PA).<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>Tali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valutazioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prevalentemente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>legate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>all\u2019evoluzione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contest<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>socio-economico<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nazionale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> </span>internazionale,<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span>all\u2019<span class=\"_ _0\"></span>andamento<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>me<span class=\"_ _0\"></span>rcati<span class=\"ff1\"> </span>finanziari,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> </span>provocano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">conseguenti<span class=\"ff1\"> </span>riflessi<span class=\"ff1\"> </span>sul<span class=\"_ _0\"></span>l\u2019andamento<span class=\"ff1\"> </span></span></span></span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>t<span class=\"_ _2\"></span>assi,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sulla<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fluttuazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>prezzi,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sulle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>basi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>at<span class=\"_ _2\"></span>tuariali<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pi\u00f9<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>g<span class=\"_ _2\"></span>enerale,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sul<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>merito<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>creditizio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"_ _2\"></span><span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>trop<span class=\"_ _0\"></span>arti<span class=\"_ _0\"></span>.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-768": {
   "value": "Sezion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>5<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Altri<span class=\"_ _3bd\"> </span>as<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Ris<span class=\"_ _0\"></span>ch<span class=\"_ _0\"></span>i,<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>cer<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>zze<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>im<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>tti<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>\u2019ep<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ia<span class=\"_ _3bd\"> </span>CO<span class=\"_ _0\"></span>VI<span class=\"_ _0\"></span>D-<span class=\"_ _0\"></span>19<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nf<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>to<span class=\"_ _3bd\"> </span>Ru<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>-Uc<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span> Effetti<span class=\"_ _3bd\"> </span>COVID-19<span class=\"_ _3bd\"> </span>Una<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>progress<span class=\"_ _2\"></span>iva<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>normalizzazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>situazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>anitaria<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ha<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>consentito<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>parallelo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>lento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rientro<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>alle<span class=\"ff1\"> </span>modalit\u00e0<span class=\"ff1\"> </span>pi\u00f9<span class=\"ff1\"> </span>ordinarie<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>svolgimento<span class=\"ff1\"> </span>dell\u2019attivit\u00e0<span class=\"ff1\"> </span>bancaria.<span class=\"_ _3bd\"> </span>Nel<span class=\"ff1\"> </span>corso<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>2022,<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>Grupp<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>ha<span class=\"ff1\"> </span>mantenuto<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>presidi<span class=\"ff1\"> </span>individuati<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>far<span class=\"ff1\"> </span>fronte<span class=\"ff1\"> </span>all<span class=\"_ _0\"></span>\u2019evoluzione<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>pandemia<span class=\"_ _2\"></span><span class=\"ff1\"> </span>gi\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dalle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fasi<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">iniziali<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>potenziament<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">canali<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>gitali,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">messa<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">punto<span class=\"ff1\"> </span>dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sistemi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">early<span class=\"ff1\"> </span>warnin<span class=\"_ _0\"></span>g<span class=\"ff1\"> </span>su<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">credito<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ed<span class=\"ff1\"> </span>istituzionalizzazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>sistemi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rolling<span class=\"ff1\"> </span>forecast<span class=\"ff1\"> </span>t<span class=\"_ _2\"></span>rimestrale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nei<span class=\"ff1\"> </span>processi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>pianificazione\u2026).<span class=\"_ _3bd\"> </span></span></span>Le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sono<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">state<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">svolte<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rispetto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tutte<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">normative<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vigent<span class=\"_ _2\"></span>i,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">seguendone<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">costant<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">aggiornamento<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>nel<span class=\"ff1\"> </span>tempo.<span class=\"ff1\"> </span>A<span class=\"ff1\"> </span>questo<span class=\"ff1\"> </span>proposito,<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>ricor<span class=\"_ _2\"></span>dano<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>particolare: il<span class=\"ff1\">  </span>Proto<span class=\"_ _2\"></span>collo<span class=\"ff1\">  </span>siglato<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>tra<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Governo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Parti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Sociali<span class=\"ff1\">  </span>per<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>contrast<span class=\"_ _2\"></span>o<span class=\"ff1\">  </span>alla<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>diffusione<span class=\"ff1\">  </span>del<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Covid-19<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span> </span></span></span></span>sottoscritto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">data<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">30<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">giugno<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">2022<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">divulgato<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vers<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tutti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dipendenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"_ _2\"></span>nsieme<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">principali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mis<span class=\"_ _2\"></span>ure<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> </span>prevenzione<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>mantenere<span class=\"ff1\"> </span>nell\u2019esercizio<span class=\"ff1\"> </span>dell\u2019attivit\u00e0<span class=\"ff1\"> </span>lavorativa; il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Decreto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Legge<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">n.</span> <span class=\"_ _1\"></span><span class=\"ff3\">24<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>25<span class=\"ff1\"> </span>marzo<span class=\"ff1\"> </span>2022,<span class=\"ff1\"> </span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">prevedeva</span> <span class=\"_ _0\"></span><span class=\"ff3\">\u201cDispos<span class=\"_ _2\"></span>izioni<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>rgenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">su<span class=\"_ _0\"></span>pera<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>to<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>del<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mis<span class=\"_ _0\"></span>ure<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">cont<span class=\"_ _0\"></span>rasto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dif<span class=\"_ _0\"></span>fusi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span>l\u2019ep<span class=\"_ _0\"></span>ide<span class=\"_ _0\"></span>mia<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">da</span> <span class=\"ff3\">C<span class=\"_ _0\"></span>OVID<span class=\"_ _0\"></span>-19<span class=\"_ _1\"></span>\u201d;</span></span></span></span></span></span></span></span></span></span></span></span> la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Circolare<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Minis<span class=\"_ _2\"></span>tero<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Salute<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>31<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dicembre<span class=\"ff1\"> <span class=\"_ _21\"></span></span>2022<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ha<span class=\"ff1\"> <span class=\"_ _21\"></span></span>apportato<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alcune<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">sostanziali</span> </span>modifiche<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>regime<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>isolamento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>caso<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>affezione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>da<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Covid<span class=\"ff1\"> <span class=\"_ _2\"></span></span>19<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contatto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>stretto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"_ _2\"></span><span class=\"ff1\"> </span>soggetto<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ositivo.; la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Legge<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">29<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dicembre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2022<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">n.<span class=\"ff1\"> </span>197,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>c.<span class=\"_ _0\"></span>d.<span class=\"ff1\"> </span>Le<span class=\"_ _0\"></span>gge<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Bilancio,<span class=\"ff1\"> </span>che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pr<span class=\"_ _2\"></span>evede<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fino<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">31<span class=\"ff1\"> </span>marzo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2023<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>lavoratori<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dipendenti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>pubblici<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>privati<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>condizione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fragilit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>secondo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>normativa<span class=\"ff1\"> <span class=\"_ _21\"></span></span>vige<span class=\"_ _0\"></span>nt<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>la<span class=\"_ _0\"></span><span class=\"ff1\"> </span>possibilit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>svolgimento<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>prestazione<span class=\"ff1\"> </span>lavorativa<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>modalit<span class=\"_ _2\"></span>\u00e0<span class=\"ff1\"> </span>agile.<span class=\"_ _3bd\"> </span><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs242\">Lo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>smart<span class=\"ff1\"> </span>wor<span class=\"_ _2\"></span>king,<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>partire<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"ff1\"> </span>settembre<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fatte<span class=\"ff1\"> </span>salve<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> </span>categorie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>evidenziate<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>opra,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> </span>tornato<span class=\"ff1\"> </span>ad<span class=\"ff1\"> <span class=\"_ _2\"></span></span>essere<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs243\">un<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">modal<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">la<span class=\"_ _0\"></span>voro<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ib<span class=\"_ _0\"></span>rid<span class=\"_ _0\"></span>a,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">basat<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span>nza<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fi<span class=\"_ _0\"></span>sica<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span>tern<span class=\"_ _0\"></span>ata<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>av<span class=\"_ _0\"></span>oro<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rem<span class=\"_ _0\"></span>oto,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">n<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pi\u00f9<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">uno<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">stru<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nto<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs244\">em<span class=\"_ _0\"></span>erge<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ale.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs245\">Dopo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>proroga<span class=\"ff1\"> <span class=\"_ _2\"></span></span>concessa<span class=\"ff1\"> </span>fino<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fine<span class=\"ff1\"> <span class=\"_ _2\"></span></span>2021,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _2\"></span></span>primo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>semestre<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>2022<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>scadute<span class=\"ff1\"> <span class=\"_ _2\"></span></span>anche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>moratorie<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs246\">statali.<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>L\u2019allentamento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u201cmisure<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>COVID-19\u201d<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ha<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>com<span class=\"_ _2\"></span>portato<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Gruppo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>l\u2019evidenza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>ilevanti<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs247\">segnali<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>deterioramento<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>conteso<span class=\"ff1\"> </span>economico.<span class=\"_ _3bd\"> </span> </div><div class=\"t m6 h13 ff6 fs5 fc0 sc0 ls0 ws0 gs248\"> </div><div class=\"t m7 h32 ff3 fs17 fc0 sc0 ls0 ws0 gs249\">Implicazioni</div><div class=\"t m7 h32 ff3 fs17 fc0 sc0 ls0 ws0 gs24a\">del</div><div class=\"t m7 h32 ff3 fs17 fc0 sc0 ls0 ws0 gs24b\">conflit<span class=\"_ _0\"></span>to<span class=\"_ _3bd\"> </span></div><div class=\"t m7 h32 ff3 fs17 fc0 sc0 ls0 ws0 gs24c\">Ucr<span class=\"_ _0\"></span>ain<span class=\"_ _1\"></span>a<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs24d\">In<span class=\"ff1\"> <span class=\"_ _21\"></span></span>considerazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dell\u2019e<span class=\"_ _0\"></span>sca<span class=\"_ _2\"></span>lation<span class=\"ff1\"> <span class=\"_ _21\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"></span></span>tensioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>militari<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>geopolitiche,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Gruppo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ha<span class=\"ff1\"> <span class=\"_ _21\"></span></span>posto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"></span></span>essere<span class=\"ff1\"> <span class=\"_ _21\"></span></span>varie<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs24e\">misure<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>preventive<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>cogliere,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>gestire<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ed<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>eventualmente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>mitigare<span class=\"ff1\">  </span>g<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>effetti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>indiretti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>si<span class=\"ff1\">  </span>p<span class=\"_ _0\"></span>otr<span class=\"_ _2\"></span>anno<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs24f\">eventualmente<span class=\"ff1\"> </span>ripercuotere<span class=\"ff1\"> </span>sull\u2019attivit\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>sui<span class=\"ff1\"> </span>risultat<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Gruppo.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs250\">Fac<span class=\"_ _0\"></span>end<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>se<span class=\"_ _1\"></span>guito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>ndic<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">ESM<span class=\"_ _0\"></span>A<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></div><div class=\"t m6 h13 ff6 fs5 fc0 sc0 ls0 ws0 gs251\"> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs252\">in<span class=\"ff1\"> </span>data<span class=\"ff1\"> <span class=\"_ _2\"></span></span>13<span class=\"_ _2\"></span><span class=\"ff1\"> </span>m<span class=\"_ _2\"></span>aggio<span class=\"ff1\"> </span>2022,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ha<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pubblicato<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs253\">Public</div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs254\">Statement</div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs255\">\u201cImplications</div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs256\">of</div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs257\">Russia\u2019s</div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs258\">invasion</div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs259\">of<span class=\"_ _3bd\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs25a\">Ukraine</div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs25b\">on</div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs25c\">half-yearly</div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs25d\">financial<span class=\"_ _3bd\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs25e\">reports\u201d,</div><div class=\"t m0 h9 ff1 fs4 fc0 sc0 ls0 ws0 gs25f\"> <span class=\"_ _0\"></span><span class=\"ff3 fs5\">afferente<span class=\"ff1\"> </span>gli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>effetti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019invasione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019Ucraina<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _2\"></span></span>par<span class=\"_ _2\"></span>te<span class=\"ff1\"> </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs260\">della<span class=\"ff1\"> </span>Russia<span class=\"ff1\"> </span>sulle<span class=\"ff1\"> </span>rendicontazioni<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>semestrali<span class=\"_ _3bd\"> </span> </div><div class=\"t m6 h13 ff6 fs5 fc0 sc0 ls0 ws0 gs261\"> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs262\">in<span class=\"ff1\"> <span class=\"_ _21\"></span></span>data<span class=\"ff1\"> <span class=\"_ _21\"></span></span>28<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ottobre<span class=\"ff1\"> <span class=\"_ _20\"></span></span>20<span class=\"_ _2\"></span>22,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ha<span class=\"ff1\"> <span class=\"_ _21\"></span></span>pu<span class=\"_ _0\"></span>bblicato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs263\">Public<span class=\"_ _3bd\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs264\">Statement</div><div class=\"t m0 h9 ff1 fs4 fc0 sc0 ls0 ws0 gs265\"> <span class=\"_ _21\"></span><span class=\"ff3 fs5\">\u201c</span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs266\">European</div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs267\">common</div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs268\">enforcement<span class=\"_ _3bd\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs269\">pr<span class=\"_ _1\"></span>io<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>es</div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs26a\">fo<span class=\"_ _1\"></span>r</div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs26b\">2<span class=\"_ _0\"></span>022</div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs26c\">an<span class=\"_ _1\"></span>nua<span class=\"_ _0\"></span>l</div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs26d\">fi<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l</div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs26e\">re<span class=\"_ _1\"></span>por<span class=\"_ _0\"></span>ts<span class=\"_ _0\"></span>\u201d,</div><div class=\"t m0 h9 ff1 fs4 fc0 sc0 ls0 ws0 gs26f\"> <span class=\"ff3 fs5\">dov<span class=\"_ _1\"></span>e<span class=\"ff1\"> </span>si<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">e<span class=\"_ _0\"></span>vid<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>le<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">pr<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ori<span class=\"_ _1\"></span>t\u00e0<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>el<span class=\"_ _1\"></span>ativ<span class=\"_ _1\"></span>e<span class=\"ff1\"> </span>al<span class=\"_ _1\"></span>la<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>cl<span class=\"_ _1\"></span>osu<span class=\"_ _0\"></span>re<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">sui</span> </span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs270\">rendiconti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">annuali,<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs271\">si<span class=\"ff1\"> </span>sottolinea,<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>Gruppo<span class=\"ff1\"> </span>Credem,<span class=\"ff1\"> </span>l\u2019assen<span class=\"_ _2\"></span>za<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>esposizioni<span class=\"ff1\"> </span>ril<span class=\"_ _2\"></span>evanti<span class=\"ff1\"> </span>verso<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>paesi<span class=\"ff1\"> </span>coinvolt<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>conflitto.<span class=\"ff1\"> </span>Gli<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs272\">impatti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sui<span class=\"ff1\"> <span class=\"_ _20\"></span></span>risultati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>annuali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riconducibili<span class=\"ff1\"> <span class=\"_ _20\"></span></span>principalmente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>all\u2019a<span class=\"_ _2\"></span>ndamento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>negativo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>mercati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziari<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs273\">hanno<span class=\"ff1\"> </span>risentito<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>adro<span class=\"_ _2\"></span><span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">instabilit\u00e0.<span class=\"ff1\"> </span>Il<span class=\"ff1\"> </span>calo<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>capitalizzazioni<span class=\"ff1\"> </span>ha<span class=\"ff1\"> </span>conseguentemente<span class=\"ff1\"> </span>determinato<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs274\">modesto<span class=\"ff1\"> </span>riflesso<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ui<span class=\"ff1\"> </span>ricavi<span class=\"ff1\"> </span>commissionali,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> </span>continuano<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>beneficiare<span class=\"ff1\"> </span>degli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>importanti<span class=\"ff1\"> </span>stock<span class=\"ff1\"> </span>iniziali<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs275\">masse<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>gestione<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>seconda<span class=\"ff1\"> </span>parte<span class=\"ff1\"> </span>dell\u2019esrcizio<span class=\"ff1\"> </span>hanno<span class=\"ff1\"> </span>registr<span class=\"_ _2\"></span>ato<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>ripresa<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>mercato.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs276\">Per<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>quanto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>riguarda<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\">  </span>qual<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dell\u2019attivo,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fin<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dall\u2019inizio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _2\"></span>el<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>conflitto,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Gruppo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ha<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"_ _2\"></span>nnalzato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>presidio<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs277\">attraverso<span class=\"ff1\"> <span class=\"_ _21\"></span></span>meccanismi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>segmentazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _21\"></span></span>clientela<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>relativi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>li<span class=\"_ _2\"></span>velli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rischiosit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"></span></span>relazione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">alla</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs278\">maggior<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>esposizione<span class=\"ff1\">  </span>nei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>settori<span class=\"ff1\">  </span>direttamente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>pi\u00f9<span class=\"ff1\">  </span>c<span class=\"_ _0\"></span>olpiti<span class=\"ff1\">  </span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>pi\u00f9<span class=\"ff1\">  </span>e<span class=\"_ _0\"></span>sposti<span class=\"ff1\">  </span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischi<span class=\"ff1\">  </span>geopolitici<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>o<span class=\"ff1\">  </span>impattati<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs279\">dall\u2019incremento<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>prezzi<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>materie<span class=\"ff1\"> </span>prime.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs27a\">Le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>r<span class=\"_ _2\"></span>ipercussioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dello<span class=\"ff1\">  </span>scenario<span class=\"ff1\">  </span>sull<span class=\"_ _0\"></span>e<span class=\"ff1\">  </span>princip<span class=\"_ _0\"></span>ali<span class=\"ff1\">  </span>grandezze<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>eco<span class=\"_ _2\"></span>nomiche<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\">  </span>patrimoniali<span class=\"ff1\">  </span>sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>revisionate<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs27b\">trimestralmente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tener<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cont<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>eventuali<span class=\"ff1\"> <span class=\"_ _21\"></span></span>deterioramenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>anomalie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ch<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>mome<span class=\"_ _2\"></span>nto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>non<span class=\"ff1\"> <span class=\"_ _20\"></span></span>si<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sono<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs27c\">manifestati,<span class=\"ff1\"> </span>consentendo<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>Gruppo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>mantenere<span class=\"ff1\"> </span>un\u2019ottima<span class=\"ff1\"> </span>qualit\u00e0<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>asset.<span class=\"_ _2\"></span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs27d\">Dal<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>punto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>vista<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>o<span class=\"_ _2\"></span>perativo,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>segui<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>degli<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sviluppi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>quadro<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>anzionatorio,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Gruppo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ha<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>adottato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>un<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs27e\">approccio<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>estrittivo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nei<span class=\"ff1\"> </span>confronti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019ope<span class=\"_ _0\"></span>rativit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> </span>coin<span class=\"_ _2\"></span>volge<span class=\"ff1\"> </span>Russia,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Bielorussia<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Ucraina,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prevedendo:<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs27f\">blocchi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sulle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>transazioni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sull\u2019acquisizione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nuovi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>clienti,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rest<span class=\"_ _2\"></span>rizioni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">tipo</span> <span class=\"_ _20\"></span><span class=\"ff3\">geografico,</span> <span class=\"_ _21\"></span><span class=\"ff3\">merce<span class=\"_ _0\"></span>ologico<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs280\">finanziario<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>soglie<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rilevanza<span class=\"ff1\"> </span>stringenti.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs281\">Son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>sta<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">appl<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mis<span class=\"_ _0\"></span>ure<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>stri<span class=\"_ _0\"></span>ttiv<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>arat<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>alle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Aut<span class=\"_ _0\"></span>orit<span class=\"_ _0\"></span>\u00e0:<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>dec<span class=\"_ _0\"></span>orre<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>da<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>12<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mar<span class=\"_ _0\"></span>zo,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in</span> <span class=\"_ _0\"></span><span class=\"ff3\">otte<span class=\"_ _0\"></span>mper<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>all<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs282\">nor<span class=\"_ _0\"></span>ma<span class=\"ff1\"> </span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">prev<span class=\"_ _0\"></span>ede<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">divie<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">presta<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>erv<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mess<span class=\"_ _0\"></span>aggi<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>ca<span class=\"ff1\"> </span>fin<span class=\"_ _0\"></span>anzi<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>sc<span class=\"_ _0\"></span>ambi<span class=\"_ _0\"></span>are<span class=\"ff1\"> </span>da<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>nanz<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>ri<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs283\">i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>soggetti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>listati<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">loro</span> <span class=\"_ _27\"> </span><span class=\"ff3\">controllate,</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">ha</span> <span class=\"_ _21\"> </span><span class=\"ff3\">d<span class=\"_ _2\"></span>isattivato</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">la</span> <span class=\"_ _27\"> </span><span class=\"ff3\">rete</span> <span class=\"_ _21\"> </span><span class=\"ff3\">SWIFT</span> <span class=\"_ _27\"> </span><span class=\"ff3\">verso<span class=\"_ _2\"></span></span> <span class=\"_ _27\"> </span><span class=\"ff3\">alcune</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">ban<span class=\"_ _0\"></span>che<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>list<span class=\"_ _2\"></span>ate<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>russ<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs284\">bie<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>russe<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs285\">\u00c8<span class=\"ff1\"> </span>stata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">data<span class=\"ff1\"> </span>ampia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">diffusione<span class=\"ff1\"> </span>anche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">all\u2019intervento<span class=\"ff1\"> </span>dell\u2019EBA,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">data<span class=\"ff1\"> </span>11<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">marzo,<span class=\"ff1\"> </span>ha<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ichiamato<span class=\"ff1\"> </span>l\u2019<span class=\"_ _0\"></span>attenzione<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs286\">dei<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>soggett<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>vigilati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>relativamente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ad<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">una</span> <span class=\"_ _27\"> </span><span class=\"ff3\">corr<span class=\"_ _2\"></span>etta</span> <span class=\"_ _27\"> </span><span class=\"ff3\">applicazione</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">d<span class=\"_ _0\"></span>elle<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>misure<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rest<span class=\"_ _2\"></span>rittive,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pres<span class=\"_ _2\"></span>ervando<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>al<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs287\">contempo<span class=\"ff1\">  </span>una<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>protezione<span class=\"ff1\">  </span>temporanea<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>per<span class=\"ff1\">  </span>gli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sfollati<span class=\"ff1\">  </span>ucraini,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>evidenziando<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\">  </span>possibil<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\">  </span>che<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>abbiano<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs288\">accesso<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>aprire<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>utilizzare<span class=\"ff1\"> </span>conti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>pagamento<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>servizi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>base.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs289\">A<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sost<span class=\"_ _2\"></span>egno<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>vittime<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>guerra<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Ucraina,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Consiglio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Amministrazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Credem,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>7<span class=\"ff1\"> <span class=\"_ _20\"></span></span>marzo,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ha<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs28a\">deliberato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>uno<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>stanziamento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>pi\u00f9<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tranche<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>v<span class=\"_ _2\"></span>erso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Croce<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Rossa<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Italiana<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">la</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">Fondazione</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">Solidariet\u00e0</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs28b\">Reggiana,<span class=\"ff1\"> </span>Save<span class=\"ff1\"> </span>the<span class=\"ff1\"> </span>Children,<span class=\"ff1\"> </span>Caritas<span class=\"ff1\"> </span>diocesana<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Reggio<span class=\"ff1\"> </span>Emilia<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>Guast<span class=\"_ _2\"></span>alla,<span class=\"ff1\"> </span>Banco<span class=\"ff1\"> </span>Alimentare.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs28c\">Il<span class=\"ff1\"> </span>quadro<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>distanza<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> </span>anno<span class=\"ff1\"> </span>dall\u2019inizio<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>conflitto<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>ancora<span class=\"ff1\"> </span>imprev<span class=\"_ _0\"></span>edibile,<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>Gruppo<span class=\"ff1\"> </span>pertanto<span class=\"ff1\"> </span>mantiente<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs28d\">una<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>gestione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dell\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>bancaria<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ancor<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pi\u00f9<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>attenta<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>flessibile<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pronta<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ad<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>adat<span class=\"_ _2\"></span>tarsi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>velocemente<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs28e\">cambiamenti<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>contesto.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs28f\">Altre<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs290\">inform<span class=\"_ _0\"></span>azioni<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs291\">Ag<span class=\"_ _0\"></span>gr<span class=\"_ _0\"></span>ega<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs292\">az<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs293\">L</div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs294\">e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>operazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>aggregazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>aziendale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>disciplinate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dal<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Principio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cont<span class=\"_ _2\"></span>abile<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>internazionale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>IFRS<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>3<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs295\">\u201cBusiness<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">combination\u201d.<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs296\">Il<span class=\"ff1\"> </span>trasferimento<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>controllo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> </span>un\u2019i<span class=\"_ _0\"></span>mpresa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un</span> <span class=\"ff3\">gruppo</span> <span class=\"_ _21\"></span><span class=\"ff3\">di</span> <span class=\"_ _21\"></span><span class=\"ff3\">attivit\u00e0</span> <span class=\"ff3\">e</span> <span class=\"ff3\">beni</span> <span class=\"ff3\">integrati,</span> <span class=\"ff3\">condotti</span> <span class=\"ff3\">e</span> <span class=\"ff3\">gestiti</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs297\">unitariamente)<span class=\"ff1\"> </span>configura<span class=\"ff1\"> </span>un\u2019operazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>aggregazione<span class=\"ff1\"> </span>aziendale.<span class=\"_ _3bd\"> </span> </div>A<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tal<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fine<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>controllo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>si<span class=\"ff1\"> <span class=\"_ _2\"></span></span>considera<span class=\"ff1\"> </span>t<span class=\"_ _2\"></span>rasferito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quando<span class=\"ff1\"> </span>l\u2019investitor<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>esposto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>endimenti<span class=\"ff1\"> </span>variabili,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>detiene<span class=\"ff1\"> </span>diritti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>su<span class=\"ff1\"> </span>tali<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>endimen<span class=\"_ _0\"></span>ti,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>derivanti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dal<span class=\"ff1\"> <span class=\"_ _2\"></span></span>proprio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rapporto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>partecipata<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contempo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ha<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>capacit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>incidere<span class=\"ff1\"> </span>sui<span class=\"ff1\"> </span>rendimenti<span class=\"ff1\"> </span>esercitando<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>proprio<span class=\"ff1\"> </span>potere<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>t<span class=\"_ _2\"></span>ale<span class=\"ff1\"> </span>entit\u00e0.<span class=\"_ _3bd\"> </span>L\u2019IFRS<span class=\"ff1\"> </span>3<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">richiede<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>tutte<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>operazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">aggregazione<span class=\"ff1\"> </span>venga<span class=\"ff1\"> </span>individuato<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>cquirente.<span class=\"ff1\"> </span>Quest\u2019ultimo<span class=\"ff1\"> </span></span></span></span></span></span></span>deve<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>identificato<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>soggetto<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>ottiene<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>controllo<span class=\"ff1\"> </span>su<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un\u2019altra<span class=\"ff1\"> </span>entit\u00e0<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>gruppo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>attivit\u00e0.<span class=\"_ _3bd\"> </span></span></span>L\u2019acquisizione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>deve<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ess<span class=\"_ _2\"></span>ere<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contabilizzata<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nella<span class=\"ff1\"> <span class=\"_ _21\"></span></span>data<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l\u2019acquirente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ot<span class=\"_ _2\"></span>tiene<span class=\"ff1\"> <span class=\"_ _20\"></span></span>effettivamente<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>controllo<span class=\"ff1\"> </span>sul<span class=\"_ _0\"></span>l\u2019i<span class=\"_ _0\"></span>mpre<span class=\"_ _0\"></span>sa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>atti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>acq<span class=\"_ _1\"></span>uisite<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>Qua<span class=\"_ _0\"></span>ndo<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>\u2019op<span class=\"_ _0\"></span>eraz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">av<span class=\"_ _0\"></span>vien<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">trami<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un\u2019<span class=\"_ _0\"></span>uni<span class=\"_ _0\"></span>ca<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span>pera<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>sc<span class=\"_ _0\"></span>amb<span class=\"_ _0\"></span>io,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ata<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>dello<span class=\"ff1\"> </span>scamb<span class=\"_ _2\"></span>io<span class=\"ff1\"> </span>nor<span class=\"_ _2\"></span>malmente<span class=\"ff1\"> </span>coi<span class=\"_ _2\"></span>ncide<span class=\"ff1\"> </span>co<span class=\"_ _2\"></span>n<span class=\"ff1\"> </span>la<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>data<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>acquisizione.<span class=\"ff1\"> </span>T<span class=\"_ _2\"></span>uttavia,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sempre<span class=\"ff1\"> </span>n<span class=\"_ _2\"></span>ecessario<span class=\"ff1\"> <span class=\"_ _2\"></span></span>verificare<span class=\"ff1\"> </span>l\u2019eventuale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>presenza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"_ _2\"></span>ccordi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tra<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>part<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>possano<span class=\"ff1\"> <span class=\"_ _20\"></span></span>comportare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> <span class=\"_ _20\"></span></span>trasferimento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cont<span class=\"_ _2\"></span>rollo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prima<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>scambio.<span class=\"_ _3bd\"> </span>Il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>corrispettivo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>trasferito<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nell\u2019ambi<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>un\u2019operazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>aggregazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>d<span class=\"_ _2\"></span>eve<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>essere<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>determinato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>come<span class=\"ff1\"> </span>sommatoria<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"_ _2\"></span><span class=\"ff1\"> </span>value,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>scambi<span class=\"_ _0\"></span>o,<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cedute,<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">passivit\u00e0<span class=\"ff1\"> </span>sostenute<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>assunte<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>e<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>capitale<span class=\"ff1\"> </span>emessi<span class=\"ff1\"> </span>dall\u2019acquirente<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>cambio<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>controllo.<span class=\"_ _3bd\"> </span>Nelle<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>operazioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pre<span class=\"_ _2\"></span>vedono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>pagamento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>denaro<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>qu<span class=\"_ _0\"></span>ando<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>previsto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _0\"></span>agamento<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>mediante<span class=\"ff1\"> </span>stru<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">fin<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>iari<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ass<span class=\"_ _0\"></span>imil<span class=\"_ _0\"></span>abi<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>all<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>cassa<span class=\"_ _0\"></span>)<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>pre<span class=\"_ _0\"></span>zzo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">\u00e8</span> <span class=\"ff3\">il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">co<span class=\"_ _0\"></span>rrisp<span class=\"_ _0\"></span>etti<span class=\"_ _0\"></span>vo<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>ttuit<span class=\"_ _0\"></span>o,<span class=\"ff1\"> </span>eve<span class=\"_ _0\"></span>ntu<span class=\"_ _0\"></span>almen<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">att<span class=\"_ _0\"></span>uali<span class=\"_ _0\"></span>zza<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>caso<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span>previsto<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>pagamento<span class=\"ff1\"> </span>rateale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> </span>rife<span class=\"_ _0\"></span>riment<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>ad<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> </span>periodo<span class=\"ff1\"> </span>supe<span class=\"_ _0\"></span>riore<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>breve<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">termine;<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>caso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>agamento<span class=\"ff1\"> </span>avvenga<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tramite<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">uno<span class=\"ff1\"> </span>strumento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">diverso<span class=\"ff1\"> </span>dall<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>cassa,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">quindi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mediante<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019emissione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>strumenti<span class=\"ff1\"> </span>rappresentativi<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">capitale,<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>prezz<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mezzo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>pagamento<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>tto<span class=\"_ _2\"></span><span class=\"ff1\"> </span>dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">costi</span> </span></span></span></span></span>direttamente<span class=\"ff1\"> </span>attribuibili<span class=\"ff1\"> </span>all\u2019operazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>emissione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>capitale.<span class=\"_ _3bd\"> </span>Le<span class=\"ff1\"> </span>ope<span class=\"_ _0\"></span>razioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>aggregazione<span class=\"ff1\"> </span>aziendale<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ontabilizzate<span class=\"ff1\"> </span>secondo<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>\u201cmetodo<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell\u2019acquisizione\u201d,<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">identificabili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">acquisite<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>comprese<span class=\"ff1\"> </span>eventuali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> </span>immateriali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>precedenza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> </span>rilevate<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>dall\u2019impresa<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>acquisita)<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>pass<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ide<span class=\"_ _0\"></span>ntificabili<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>assunte<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(comprese<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>quelle<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>potenziali)<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>devono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>essere<span class=\"ff1\"> </span>rilevate<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>rispettivi<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>acquisizione.<span class=\"_ _3bd\"> </span>L\u2019eccedenza<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tra<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">corrispett<span class=\"_ _2\"></span>ivo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>rasferito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(rappresentato<span class=\"ff1\"> </span>dal<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> </span>trasferite,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">passivit\u00e0<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>sostenute<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>degli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>trumenti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>capitale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>emess<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dall\u2019acquirente)<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ed<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fair<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>value<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>passiv<span class=\"_ _2\"></span>it\u00e0<span class=\"ff1\"> </span>acquisite<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>deve<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">essere</span> <span class=\"_ _27\"> </span><span class=\"ff3\">r<span class=\"_ _2\"></span>ilevata</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">come</span> <span class=\"_ _27\"> </span><span class=\"ff3\">avviamento<span class=\"_ _2\"></span>;</span> <span class=\"_ _27\"> </span><span class=\"ff3\">qualora</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">queste</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">ultime</span> <span class=\"_ _27\"> </span><span class=\"ff3\">ris<span class=\"_ _2\"></span>ultino,</span> <span class=\"_ _27\"> </span><span class=\"ff3\">invece,</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">superiori</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">alla</span> </span>sommatoria<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>corr<span class=\"_ _2\"></span>ispettivo,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>de<span class=\"_ _0\"></span>lle<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>quot<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>minoranza<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fair<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>value<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>quote<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>gi\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>poss<span class=\"_ _2\"></span>edute,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> </span>differenza<span class=\"ff1\"> </span>deve<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>imputata<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>conto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>economico.<span class=\"_ _3bd\"> </span>La<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>contabilizzazione<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>de<span class=\"_ _2\"></span>ll\u2019operazione<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>aggregazione<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>pu\u00f2<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>avvenire<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>provvisoriamente<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>ent<span class=\"_ _2\"></span>ro<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>fine<span class=\"ff1\"> </span>dell\u2019esercizio<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>l\u2019aggregazione<span class=\"ff1\"> </span>viene<span class=\"ff1\"> </span>realizzata<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>deve<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>perfezionata<span class=\"ff1\"> </span>entro<span class=\"ff1\"> </span>dodici<span class=\"ff1\"> </span>mesi<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">acquisizione.<span class=\"_ _3bd\"> </span></span></span>Le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fu<span class=\"_ _0\"></span>sio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rien<span class=\"_ _0\"></span>tran<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>tra<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ope<span class=\"_ _0\"></span>razion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>d<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>cent<span class=\"_ _0\"></span>razi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tr<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>mpre<span class=\"_ _0\"></span>se,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rap<span class=\"_ _0\"></span>pre<span class=\"_ _0\"></span>sent<span class=\"_ _0\"></span>ando<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">la</span> <span class=\"_ _0\"></span><span class=\"ff3\">for<span class=\"_ _0\"></span>ma<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">aggre<span class=\"_ _0\"></span>gazi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>aziendale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pi\u00f9<span class=\"ff1\"> </span>completa,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quanto<span class=\"ff1\"> </span>comportano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019unificazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sia<span class=\"ff1\"> </span>giuridica<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"_ _2\"></span>conomica<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">so<span class=\"_ _2\"></span>ggetti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">v<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>pa<span class=\"_ _0\"></span>rtec<span class=\"_ _0\"></span>ipan<span class=\"_ _0\"></span>o.<span class=\"_ _3bd\"> </span>Le<span class=\"ff1\">  </span>fusioni,<span class=\"ff1\">  </span>siano<span class=\"ff1\">  </span>esse<span class=\"ff1\">  </span>proprie,<span class=\"ff1\">  </span>cio\u00e8<span class=\"ff1\">  </span>con<span class=\"ff1\">  </span>la<span class=\"ff1\">  </span>costituzione<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>un<span class=\"ff1\">  </span>nuovo<span class=\"ff1\">  </span>soggetto<span class=\"ff1\">  </span>giuridico<span class=\"ff1\">  </span>oppure<span class=\"ff1\">  </span>\u201cper<span class=\"ff1\"> </span>incorporazione\u201d<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> </span>confluenza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>un\u2019impresa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un\u2019altra<span class=\"ff1\"> <span class=\"_ _2\"></span></span>impresa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gi\u00e0<span class=\"ff1\"> </span>esist<span class=\"_ _2\"></span>ente,<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>trattate<span class=\"ff1\"> </span>secondo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> </span>criteri<span class=\"ff1\"> </span>precedentemente<span class=\"ff1\"> </span>illustrati,<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>particolare: se<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>l\u2019operazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>compor<span class=\"_ _2\"></span>ta<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>trasferimento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>controllo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>un\u2019impresa,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>essa<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>viene<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>t<span class=\"_ _2\"></span>rattata<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>co<span class=\"_ _0\"></span>me<span class=\"_ _1\"></span> un<span class=\"_ _0\"></span>\u2019ope<span class=\"_ _0\"></span>razi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">agg<span class=\"_ _0\"></span>reg<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>se<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>ll\u2019I<span class=\"_ _0\"></span>FRS<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">3<span class=\"_ _0\"></span>;</span></span></span></span></span></span> se<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019operazione<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _2\"></span></span>comport<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>tr<span class=\"_ _2\"></span>asferimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>contr<span class=\"_ _2\"></span>ollo,<span class=\"ff1\"> </span>essa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>viene<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contabilizzata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>privilegiando<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> </span>continuit\u00e0<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alori<span class=\"ff1\"> </span>della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">societ\u00e0<span class=\"ff1\"> </span>incorporata.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Difatti,<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>operazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>ag<span class=\"_ _0\"></span>gregazione<span class=\"ff1\"> </span>aziendale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fra<span class=\"ff1\"> </span>entit\u00e0<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>under<span class=\"ff1\"> </span>common<span class=\"ff1\"> </span>control<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>rientrano<span class=\"ff1\"> </span>nell\u2019ambi<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>applicazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Principio<span class=\"ff1\"> </span>contabile<span class=\"ff1\"> </span>internazionale<span class=\"ff1\"> </span>IFRS<span class=\"ff1\"> </span>3,<span class=\"ff1\"> </span>n\u00e9<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>disciplinate<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>altri<span class=\"ff1\"> </span>IFRS;<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> </span>quindi<span class=\"ff1\"> </span>definite<span class=\"ff1\"> </span>facendo<span class=\"ff1\"> </span>riferimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alle<span class=\"ff1\"> </span>disposizioni<span class=\"ff1\"> </span>contenute<span class=\"ff1\"> </span>nello<span class=\"ff1\"> </span>IAS<span class=\"ff1\"> </span>8<span class=\"ff1\"> </span>Accounting<span class=\"ff1\"> </span>Policies,<span class=\"ff1\"> </span>Changes<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>Accounting<span class=\"ff1\"> </span>Estimates<span class=\"ff1\"> <span class=\"_ _2\"></span></span>and<span class=\"ff1\"> </span>Errors.<span class=\"_ _3bd\"> </span>Re<span class=\"_ _0\"></span>vo<span class=\"_ _0\"></span>ca<span class=\"_ _3bd\"> </span>op<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>il<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nso<span class=\"_ _1\"></span>lida<span class=\"_ _0\"></span>to<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>ale<span class=\"_ _3bd\"> </span>na<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>Nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>orso<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">202<span class=\"_ _0\"></span>2<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stata<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _1\"></span>liberat<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>ont\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">n<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rinnov<span class=\"_ _0\"></span>arl<span class=\"_ _0\"></span>o.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>L\u2019effetto<span class=\"ff1\">  </span>del<span class=\"ff1\">  </span>mancato<span class=\"ff1\">  </span>rinnovo,<span class=\"ff1\">  </span>comporta<span class=\"ff1\">  </span>per<span class=\"ff1\">  </span>il<span class=\"ff1\">  </span>periodo<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>imposta<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>2022<span class=\"ff1\">  </span>ed<span class=\"ff1\">  </span>anni<span class=\"ff1\">  </span>succe<span class=\"_ _0\"></span>ssivi,<span class=\"ff1\">  </span>che<span class=\"ff1\">  </span>gli<span class=\"ff1\"> </span>adempimenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fiscali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riferimento<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">versamento<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">imposte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dovute<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">titolo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">IRES,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>iano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">effettuati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>riferimento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ciascuna<span class=\"ff1\"> <span class=\"_ _20\"></span></span>societ\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>propri<span class=\"ff1\"> <span class=\"_ _20\"></span></span>redditi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>imponibili<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>ingolarmente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cons<span class=\"_ _2\"></span>iderati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>non<span class=\"ff1\"> <span class=\"_ _2\"></span></span>saranno<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pi\u00f9<span class=\"ff1\"> </span>trasferiti<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>Credemholding.<span class=\"_ _3bd\"> </span>Gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ac<span class=\"_ _0\"></span>can<span class=\"_ _0\"></span>tona<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ompe<span class=\"_ _1\"></span>tenza<span class=\"ff1\"> </span>I<span class=\"_ _0\"></span>RES<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>ora<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">regi<span class=\"_ _0\"></span>stra<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">voce<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u201cp<span class=\"_ _0\"></span>assi<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>isc<span class=\"_ _0\"></span>ali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">corr<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>i\u201d.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>Re<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>one<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nta<span class=\"_ _1\"></span>bile<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ottoposto<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">revisione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cont<span class=\"_ _2\"></span>abile,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ai<span class=\"ff1\"> </span>sensi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">D.Lgs.<span class=\"ff1\"> </span>39/2010<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Regolamento<span class=\"ff1\"> </span>UE<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">537/2014,</span> <span class=\"ff3\">da</span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>parte<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>societ\u00e0<span class=\"ff1\"> </span>EY<span class=\"ff1\"> </span>S.p.A.,<span class=\"ff1\"> </span>cui<span class=\"_ _2\"></span><span class=\"ff1\"> </span>tale<span class=\"ff1\"> </span>incarico<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> </span>stato<span class=\"ff1\"> </span>affidato,<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>att<span class=\"_ _2\"></span>uazione<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>Delibera<span class=\"ff1\"> </span>assembleare<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>30<span class=\"ff1\"> </span>aprile<span class=\"ff1\"> </span>2013,<span class=\"ff1\"> </span>fino<span class=\"ff1\"> </span>all\u2019esercizio<span class=\"ff1\"> </span>chiuso<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>2022.<span class=\"_ _3bd\"> </span>Ut<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>izz<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>st<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>ed<span class=\"_ _3bd\"> </span>as<span class=\"_ _1\"></span>sun<span class=\"_ _0\"></span>zio<span class=\"_ _1\"></span>ni<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>lla<span class=\"_ _3bd\"> </span>pr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>siz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span>bil<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>o<span class=\"fc0 sc1\"> </span>In<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conformit<span class=\"_ _2\"></span>\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>agli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>IFRS,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>direzione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>aziendale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>deve<span class=\"ff1\"> <span class=\"_ _2\"></span></span>for<span class=\"_ _2\"></span>mulare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valutazioni,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>st<span class=\"_ _2\"></span>ime<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ipotesi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>influenzano<span class=\"ff1\"> </span>l\u2019applicazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>principi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contabili<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>import<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>at<span class=\"_ _2\"></span>tivit\u00e0,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> </span>passivit\u00e0,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>costi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> </span>ricavi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rilevati<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>bilancio,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nonch\u00e9<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sull\u2019inform<span class=\"_ _2\"></span>ativa<span class=\"ff1\"> <span class=\"_ _20\"></span></span>relativa<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _20\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>passivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pot<span class=\"_ _2\"></span>enziali.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">Le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">stime</span> <span class=\"_ _20\"></span><span class=\"ff3\">e</span> <span class=\"_ _20\"></span><span class=\"ff3\">le</span> <span class=\"_ _21\"></span><span class=\"ff3\">relative<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">ipotesi</span> <span class=\"_ _20\"></span><span class=\"ff3\">si</span> </span></span></span></span></span>basano<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sulle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>esperienze<span class=\"ff1\"> <span class=\"_ _21\"></span></span>preg<span class=\"_ _0\"></span>res<span class=\"_ _2\"></span>se<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>su<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alt<span class=\"_ _2\"></span>ri<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fattor<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>considerati<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ragionevoli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nella<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fattispecie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>state<span class=\"_ _0\"></span><span class=\"ff1\"> </span>ad<span class=\"_ _0\"></span>ottat<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stima<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alore<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">conta<span class=\"_ _0\"></span>bil<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">at<span class=\"_ _0\"></span>tivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>lle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">passiv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>he<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">no<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fac<span class=\"_ _0\"></span>ilme<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">des<span class=\"_ _0\"></span>umi<span class=\"_ _0\"></span>bile<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">da<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span>tre<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>fon<span class=\"_ _0\"></span>ti.<span class=\"_ _3bd\"> </span>In<span class=\"ff1\"> <span class=\"_ _20\"></span></span>par<span class=\"_ _2\"></span>ticolare<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>stat<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"_ _2\"></span>dottati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>processi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>stima<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>supporto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>iscrizione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"_ _2\"></span>lcune<span class=\"ff1\"> <span class=\"_ _21\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pi\u00f9<span class=\"_ _2\"></span><span class=\"ff1\"> </span>rilevanti<span class=\"ff1\"> </span>poste<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutative<span class=\"ff1\"> </span>iscritte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> </span>Bilancio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>31<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>cembre<span class=\"ff1\"> </span>2022,<span class=\"ff1\"> </span>cos\u00ec<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">come<span class=\"ff1\"> </span>previsto<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ai<span class=\"ff1\"> </span>principi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contabili<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>dalle<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>normative<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\">  </span>riferimento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sopra<span class=\"ff1\">  </span>de<span class=\"_ _0\"></span>scritti.<span class=\"ff1\">  </span>Det<span class=\"_ _0\"></span>ti<span class=\"ff1\">  </span>processi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>basati<span class=\"ff1\">  </span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>larga<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>misura<span class=\"ff1\">  </span>s<span class=\"_ _0\"></span>u<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>st<span class=\"_ _2\"></span>ime<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> </span>recuperabilit\u00e0<span class=\"ff1\"> </span>futura<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> </span>valori<span class=\"ff1\"> <span class=\"_ _2\"></span></span>iscritti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> </span>secondo<span class=\"ff1\"> </span>l<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>rego<span class=\"_ _2\"></span>le<span class=\"ff1\"> </span>dettate<span class=\"ff1\"> </span>dalle<span class=\"ff1\"> </span>nor<span class=\"_ _2\"></span>me<span class=\"ff1\"> </span>vigenti<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>tati<span class=\"ff1\"> </span>effettuati<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"></span></span>un\u2019ottica<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>continuit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>aziendale,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ossia<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>prescindendo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>da<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ipotesi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>liquidazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>forzata<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>delle<span class=\"ff1\"> </span>poste<span class=\"ff1\"> </span>oggetto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valutazione.<span class=\"_ _3bd\"> </span>I<span class=\"ff1\"> <span class=\"_ _21\"></span></span>processi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>adott<span class=\"_ _2\"></span>ati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>confort<span class=\"_ _2\"></span>ano<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>valori<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>iscrizione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>31<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dicembre<span class=\"ff1\"> <span class=\"_ _21\"></span></span>2022.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>processo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>valutativo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>risultato<span class=\"ff1\"> </span>particolarmente<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>complesso<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>considerazione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>p<span class=\"_ _2\"></span>ersistente<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>incertezza<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>r<span class=\"_ _2\"></span>iscontrabile<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>contesto<span class=\"ff1\"> </span>macroeconomico<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>mercato,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">caratt<span class=\"_ _2\"></span>erizzato,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sia<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">importanti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">livelli<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>volatilit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riscontrabili<span class=\"ff1\"> </span>nei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">parametri</span> </span></span></span></span></span></span></span></span></span></span></span></span></span>finanziari<span class=\"ff1\"> </span>det<span class=\"_ _2\"></span>erminanti<span class=\"ff1\"> </span>ai<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fini<span class=\"ff1\"> <span class=\"_ _2\"></span></span>de<span class=\"_ _2\"></span>lla<span class=\"ff1\"> </span>val<span class=\"_ _2\"></span>utazione,<span class=\"ff1\"> </span>sia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"ff1\"> <span class=\"_ _2\"></span></span>indicator<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>deterior<span class=\"_ _2\"></span>amento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> </span>qualit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>credito<span class=\"ff1\"> </span>ancora<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">elevati.<span class=\"_ _3bd\"> </span></span></span>I<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>parametri<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>informazioni<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>utilizzati<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>verifica<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>valori<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>prima<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>menzionati<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>quindi<span class=\"ff1\"> </span>significativamente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>influenzati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>de<span class=\"_ _0\"></span>tti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fattori<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>potrebbero<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>registrare<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rapidi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>mutamenti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ad<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>oggi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>non<span class=\"ff1\"> </span>prevedibili,<span class=\"ff1\"> </span>talch\u00e9<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>possono<span class=\"ff1\"> </span>escludere<span class=\"ff1\"> </span>conseguenti<span class=\"ff1\"> </span>effetti<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ui<span class=\"ff1\"> </span>futuri<span class=\"ff1\"> </span>valori<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>bilancio.<span class=\"_ _3bd\"> </span>Le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>stime<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ipotesi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>riviste<span class=\"ff1\"> <span class=\"_ _21\"></span></span>regolarmente.<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>eventuali<span class=\"ff1\"> <span class=\"_ _21\"></span></span>variazioni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>conseguenti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>tali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>evisioni<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sono<span class=\"ff1\"> </span>rilevate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">n<span class=\"_ _2\"></span>el<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">periodo<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>revisione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">v<span class=\"_ _2\"></span>iene<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">effettuata<span class=\"ff1\"> </span>qualora<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>tessa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">interessi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">solo<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uel<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>eriodo.<span class=\"ff1\"> </span>Nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">caso<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>revisione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">interessi<span class=\"ff1\"> </span>periodi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">correnti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sia<span class=\"ff1\"> </span>fu<span class=\"_ _0\"></span>turi,<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>ariazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rilevata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">periodo<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cui<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">revisione<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>viene<span class=\"ff1\"> </span>effettuata<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>nei<span class=\"ff1\"> </span>relativi<span class=\"ff1\"> </span>periodi<span class=\"ff1\"> </span>futuri.<span class=\"_ _3bd\"> </span>Le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>principali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fat<span class=\"_ _2\"></span>tispecie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>maggiormente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>richiesto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l\u2019impiego<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valutazioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>soggettiv<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"ff1\"> <span class=\"_ _20\"></span></span>parte<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>Direzione<span class=\"ff1\"> </span>sono:<span class=\"_ _3bd\"> </span> la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quantificazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>p<span class=\"_ _2\"></span>erdite<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>riduzi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>valor<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>d<span class=\"_ _2\"></span>ei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cr<span class=\"_ _2\"></span>editi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff3\">in</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">genere,</span> <span class=\"_ _27\"> </span><span class=\"ff3\">delle</span> <span class=\"_ _27\"> </span><span class=\"ff3\">altre</span> <span class=\"_ _27\"> </span><span class=\"ff3\">attivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span></span></span>fi<span class=\"_ _0\"></span>nanz<span class=\"_ _0\"></span>iari<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">partec<span class=\"_ _0\"></span>ipa<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i;<span class=\"_ _3bd\"> </span></span></span></span></span> l\u2019utilizzo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>modelli<span class=\"ff1\"> </span>valutativi<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>rilevazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> </span>finanziari<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>quotati<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>mercati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivi;<span class=\"_ _3bd\"> </span></span></span> la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sti<span class=\"_ _0\"></span>ma<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">val<span class=\"_ _0\"></span>ore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">re<span class=\"_ _0\"></span>cupe<span class=\"_ _0\"></span>rabi<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dell<span class=\"_ _0\"></span>\u2019av<span class=\"_ _0\"></span>viame<span class=\"_ _0\"></span>nto<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span> la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">qu<span class=\"_ _0\"></span>ant<span class=\"_ _0\"></span>ific<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">T<span class=\"_ _0\"></span>FR,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">f<span class=\"_ _0\"></span>ondi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pers<span class=\"_ _0\"></span>ona<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fon<span class=\"_ _0\"></span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">on<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span> le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">st<span class=\"_ _0\"></span>ime<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">assu<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>oni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sull<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>ecu<span class=\"_ _0\"></span>pera<span class=\"_ _0\"></span>bili<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>sca<span class=\"_ _0\"></span>lit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span>ffer<span class=\"_ _0\"></span>ita;<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span> le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">st<span class=\"_ _0\"></span>ime<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">eff<span class=\"_ _0\"></span>ettu<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ne<span class=\"_ _0\"></span>ll\u2019a<span class=\"_ _0\"></span>mbit<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>roce<span class=\"_ _0\"></span>sso<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>P<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>chase<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">Pr<span class=\"_ _0\"></span>ice<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Al<span class=\"_ _0\"></span>loca<span class=\"_ _0\"></span>tion<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">(P<span class=\"_ _0\"></span>PA).<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>Tali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valutazioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prevalentemente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>legate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>all\u2019evoluzione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contest<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>socio-economico<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nazionale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> </span>internazionale,<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span>all\u2019<span class=\"_ _0\"></span>andamento<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>me<span class=\"_ _0\"></span>rcati<span class=\"ff1\"> </span>finanziari,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> </span>provocano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">conseguenti<span class=\"ff1\"> </span>riflessi<span class=\"ff1\"> </span>sul<span class=\"_ _0\"></span>l\u2019andamento<span class=\"ff1\"> </span></span></span></span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>t<span class=\"_ _2\"></span>assi,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sulla<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fluttuazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>prezzi,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sulle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>basi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>at<span class=\"_ _2\"></span>tuariali<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pi\u00f9<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>g<span class=\"_ _2\"></span>enerale,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sul<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>merito<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>creditizio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"_ _2\"></span><span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>trop<span class=\"_ _0\"></span>arti<span class=\"_ _0\"></span>.",
   "dimensions": {
    "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-831": {
   "value": "Rischi, incertezze e impatti dell\u2019epidemia COVID-19 e conflitto Russia-Ucraina Effetti COVID-19 Una  progressiva  normalizzazione  della  situazione  sanitaria  ha  consentito  un  parallelo  lento  rientro  alle modalit\u00e0 pi\u00f9 ordinarie di svolgimento dell\u2019attivit\u00e0 bancaria.  Nel corso del 2022, il Gruppo ha mantenuto i presidi individuati per far fronte all\u2019evoluzione della pandemia gi\u00e0 dalle fasi iniziali (potenziamento dei canali digitali, messa a punto dei sistemi di early warning sul credito ed istituzionalizzazione dei sistemi di rolling forecast trimestrale nei processi di pianificazione\u2026).  Le attivit\u00e0 sono state svolte nel rispetto di tutte le normative vigenti, seguendone il costante aggiornamento nel tempo. A questo proposito, si ricordano in particolare: il  Protocollo  siglato  tra  Governo e  Parti Sociali  per  il  contrasto  alla  diffusione  del  Covid-19, sottoscritto in data 30 giugno 2022 e divulgato verso tutti i dipendenti insieme alle principali misure di prevenzione da mantenere nell\u2019esercizio dell\u2019attivit\u00e0 lavorativa; il Decreto Legge n. 24 del 25 marzo 2022, che prevedeva \u201cDisposizioni urgenti per il superamento  delle misure di contrasto alla diffusione dell\u2019epidemia da COVID-19\u201d; la Circolare del Ministero della Salute del 31  dicembre 2022 che  ha apportato alcune sostanziali modifiche al regime di isolamento in caso  di affezione da Covid 19  o di contatto stretto con un soggetto positivo.; la Legge 29 dicembre 2022 n. 197, la c.d. Legge di Bilancio, che prevede fino al 31 marzo 2023 per i lavoratori  dipendenti pubblici e privati in condizione  di fragilit\u00e0  secondo  la normativa vigente la possibilit\u00e0 di svolgimento della prestazione lavorativa in modalit\u00e0 agile. Lo smart working, a partire da settembre e fatte salve le categorie evidenziate sopra, \u00e8 tornato ad essere una modalit\u00e0 di lavoro ibrida, basata su presenza fisica alternata a lavoro da remoto, e non pi\u00f9 uno strumento emergenziale.  Dopo la proroga concessa fino a fine 2021, nel primo semestre del 2022 sono scadute anche le moratorie statali.  L\u2019allentamento  delle  \u201cmisure  COVID-19\u201d  non  ha  comportato  per  il  Gruppo  l\u2019evidenza  di  rilevanti segnali di deterioramento del conteso economico.  Implicazionidelconflitto Ucraina In considerazione dell\u2019escalation delle tensioni militari  e geopolitiche,  il  Gruppo  ha posto  in essere varie misure  preventive  per  cogliere,  gestire  ed  eventualmente  mitigare  gli  effetti  indiretti  che  si  potranno eventualmente ripercuotere sull\u2019attivit\u00e0 e sui risultati del Gruppo.  Facendo seguito alle indicazioni di ESMA che:  in data 13 maggio 2022, ha pubblicato il PublicStatement\u201cImplicationsofRussia\u2019sinvasionof Ukraineonhalf-yearlyfinancial reports\u201d, afferente gli effetti dell\u2019invasione dell\u2019Ucraina da parte della Russia sulle rendicontazioni finanziarie semestrali  in data 28 ottobre 2022, ha pubblicato  il Public Statement \u201cEuropeancommonenforcement prioritiesfor2022annualfinancialreports\u201d, dove si evidenziano le priorit\u00e0 relative alla disclosure sui rendiconti annuali,  si sottolinea, per il Gruppo Credem, l\u2019assenza di esposizioni rilevanti verso i paesi coinvolti nel conflitto. Gli impatti sui risultati annuali riconducibili principalmente all\u2019andamento negativo dei mercati finanziari che hanno risentito del quadro di instabilit\u00e0. Il calo delle capitalizzazioni ha conseguentemente determinato un modesto riflesso sui ricavi commissionali, che continuano a beneficiare degli importanti stock iniziali delle masse in gestione e nella seconda parte dell\u2019esrcizio hanno registrato la ripresa del mercato.  Per  quanto  riguarda  la  qualit\u00e0  dell\u2019attivo,  fin  dall\u2019inizio  del  conflitto,  il  Gruppo  ha  innalzato  il  presidio attraverso meccanismi di segmentazione della clientela e dei relativi livelli di  rischiosit\u00e0  in relazione alla maggior  esposizione  nei  settori  direttamente  pi\u00f9  colpiti  o  pi\u00f9  esposti  a  rischi  geopolitici  o  impattati dall\u2019incremento dei prezzi delle materie prime.  Le  ripercussioni  dello  scenario  sulle  principali  grandezze  economiche  e  patrimoniali  sono  revisionate trimestralmente per tener conto di eventuali deterioramenti o anomalie che per il momento non si sono manifestati, consentendo al Gruppo di mantenere un\u2019ottima qualit\u00e0 degli asset. Dal  punto  di  vista  operativo, a seguito  degli  sviluppi del  quadro  sanzionatorio, il Gruppo ha  adottato  un approccio restrittivo nei confronti dell\u2019operativit\u00e0 che coinvolge Russia, Bielorussia e Ucraina, prevedendo: blocchi sulle  transazioni e sull\u2019acquisizione di nuovi clienti, restrizioni di tipo geografico, merceologico e finanziario con soglie di rilevanza stringenti.  Sono state applicate le misure restrittive varate dalle Autorit\u00e0: a decorrere dal 12 marzo, in ottemperanza alla norma che prevede il divieto di prestare servizi di messaggistica finanziaria per scambiare dati finanziari con i  soggetti  listati  e  le  loro  controllate,  ha  disattivato  la  rete  SWIFT  verso  alcune  banche  listate  russe  e bielorusse.  \u00c8 stata data ampia diffusione anche all\u2019intervento dell\u2019EBA, che in data 11 marzo, ha richiamato l\u2019attenzione dei  soggetti  vigilati  relativamente  ad  una  corretta  applicazione  delle  misure  restrittive,  preservando  al contempo  una  protezione  temporanea  per  gli  sfollati  ucraini,  evidenziando  la  possibilit\u00e0  che  abbiano accesso ad aprire e utilizzare conti di pagamento con servizi di base.  A sostegno delle vittime della guerra in Ucraina, il Consiglio di Amministrazione di Credem, il 7 marzo, ha deliberato  uno  stanziamento  in  pi\u00f9  tranche  verso  la  Croce  Rossa  Italiana  e  la  Fondazione  Solidariet\u00e0 Reggiana, Save the Children, Caritas diocesana di Reggio Emilia e Guastalla, Banco Alimentare.  Il quadro a distanza di un anno dall\u2019inizio del conflitto \u00e8 ancora imprevedibile, il Gruppo pertanto mantiente una  gestione  dell\u2019attivit\u00e0  bancaria  ancora  pi\u00f9  attenta  e  flessibile  e  pronta  ad  adattarsi  velocemente  ai cambiamenti del contesto. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfUncertaintiesOfEntitysAbilityToContinueAsGoingConcern",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-861": {
   "value": "Aggregazione aziendale Le  operazioni  di  aggregazione  aziendale  sono  disciplinate  dal  Principio  contabile  internazionale  IFRS  3 \u201cBusiness combination\u201d.  Il trasferimento del controllo  di un\u2019impresa (o di un gruppo di attivit\u00e0 e beni integrati, condotti e gestiti unitariamente) configura un\u2019operazione di aggregazione aziendale. A tal fine il controllo si considera trasferito quando l\u2019investitore \u00e8 esposto a rendimenti variabili, o detiene diritti su tali rendimenti, derivanti dal proprio rapporto con la partecipata e nel contempo ha la capacit\u00e0 di incidere sui rendimenti esercitando il proprio potere su tale entit\u00e0.  L\u2019IFRS 3 richiede che per tutte le operazioni di aggregazione venga individuato un acquirente. Quest\u2019ultimo deve essere identificato nel soggetto che ottiene il controllo su un\u2019altra entit\u00e0 o gruppo di attivit\u00e0.  L\u2019acquisizione deve essere contabilizzata nella data in cui l\u2019acquirente ottiene effettivamente il controllo sull\u2019impresa o attivit\u00e0 acquisite. Quando l\u2019operazione avviene tramite un\u2019unica operazione di scambio, la data dello scambio normalmente coincide con la data di acquisizione. Tuttavia, \u00e8 sempre necessario verificare l\u2019eventuale presenza di accordi tra le parti che possano comportare un trasferimento del controllo prima della data dello scambio.  Il  corrispettivo  trasferito  nell\u2019ambito  di  un\u2019operazione  di  aggregazione  deve  essere  determinato  come sommatoria del fair value, alla data dello scambio, delle attivit\u00e0 cedute, delle passivit\u00e0 sostenute o assunte e degli strumenti di capitale emessi dall\u2019acquirente in cambio del controllo.  Nelle  operazioni  che  prevedono  il  pagamento  in  denaro  (o  quando  \u00e8  previsto  il  pagamento  mediante strumenti finanziari assimilabili alla cassa) il prezzo \u00e8 il corrispettivo pattuito, eventualmente attualizzato nel caso in cui sia previsto un pagamento rateale con riferimento ad un periodo superiore al breve termine; nel caso in cui il pagamento avvenga tramite uno strumento diverso dalla cassa, quindi mediante l\u2019emissione di strumenti rappresentativi di capitale, il prezzo \u00e8 pari al fair value del mezzo di pagamento al netto dei costi direttamente attribuibili all\u2019operazione di emissione di capitale.  Le operazioni di aggregazione aziendale sono contabilizzate secondo il \u201cmetodo dell\u2019acquisizione\u201d, in base al quale le attivit\u00e0 identificabili acquisite (comprese eventuali attivit\u00e0 immateriali in precedenza non rilevate dall\u2019impresa  acquisita)  e  le  passivit\u00e0  identificabili  assunte  (comprese  quelle  potenziali)  devono  essere rilevate ai rispettivi fair value alla data di acquisizione.  L\u2019eccedenza tra il corrispettivo trasferito (rappresentato dal fair value delle attivit\u00e0 trasferite, delle passivit\u00e0 sostenute  o  degli  strumenti  di  capitale  emessi  dall\u2019acquirente)  ed  il  fair  value  delle  attivit\u00e0  e  passivit\u00e0 acquisite  deve  essere  rilevata  come  avviamento;  qualora  queste  ultime  risultino,  invece,  superiori  alla sommatoria  del  corrispettivo,  delle  quote  di  minoranza  e  del  fair  value  delle  quote  gi\u00e0  possedute,  la differenza deve essere imputata a conto economico.  La  contabilizzazione  dell\u2019operazione  di  aggregazione  pu\u00f2  avvenire  provvisoriamente  entro  la  fine dell\u2019esercizio in cui l\u2019aggregazione viene realizzata e deve essere perfezionata entro dodici mesi dalla data di acquisizione.  Le fusioni rientrano tra le operazioni di concentrazione tra imprese, rappresentando la forma di aggregazione aziendale pi\u00f9 completa, in quanto comportano l\u2019unificazione sia giuridica che economica dei soggetti che vi partecipano.  Le  fusioni,  siano  esse  proprie,  cio\u00e8  con  la  costituzione  di  un  nuovo  soggetto  giuridico  oppure  \u201cper incorporazione\u201d con la confluenza di un\u2019impresa in un\u2019altra impresa gi\u00e0 esistente, sono trattate secondo i criteri precedentemente illustrati, in particolare: se  l\u2019operazione  comporta  il  trasferimento  del  controllo  di  un\u2019impresa,  essa  viene  trattata  come un\u2019operazione di aggregazione ai sensi dell\u2019IFRS 3; se l\u2019operazione non comporta il trasferimento del controllo, essa viene contabilizzata privilegiando la continuit\u00e0 dei valori della societ\u00e0 incorporata. Difatti, le operazioni di aggregazione aziendale fra entit\u00e0 under common control non rientrano nell\u2019ambito di applicazione del Principio contabile internazionale IFRS 3, n\u00e9 sono disciplinate da altri IFRS; vengono quindi definite facendo riferimento alle disposizioni contenute nello IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-804": {
   "value": "Utilizzo di stime ed assunzioni nella predisposizione del bilancio In conformit\u00e0 agli IFRS, la direzione aziendale deve formulare valutazioni, stime e ipotesi che influenzano l\u2019applicazione dei principi contabili e gli importi delle attivit\u00e0, delle passivit\u00e0, dei costi e dei ricavi rilevati in bilancio, nonch\u00e9 sull\u2019informativa relativa ad attivit\u00e0 e passivit\u00e0 potenziali. Le stime e le relative ipotesi si basano sulle esperienze pregresse e su altri fattori considerati ragionevoli nella fattispecie e  sono state adottate per stimare il valore contabile delle attivit\u00e0 e delle passivit\u00e0 che non \u00e8 facilmente desumibile da altre fonti.  In particolare sono stati adottati processi  di stima a supporto del valore di iscrizione  di alcune delle pi\u00f9 rilevanti poste valutative iscritte nel Bilancio al 31 dicembre 2022, cos\u00ec come previsto dai principi contabili e dalle  normative  di  riferimento  sopra  descritti.  Detti  processi  sono  basati  in  larga  misura  su  stime  di recuperabilit\u00e0 futura dei valori iscritti in bilancio secondo le regole dettate dalle norme vigenti e sono stati effettuati in un\u2019ottica di continuit\u00e0  aziendale, ossia  prescindendo da ipotesi di  liquidazione forzata  delle poste oggetto di valutazione.  I processi adottati confortano i  valori di iscrizione al 31  dicembre 2022. Il  processo  valutativo \u00e8 risultato particolarmente  complesso  in  considerazione  della  persistente  incertezza  riscontrabile  nel  contesto macroeconomico e di mercato, caratterizzato, sia da importanti livelli di volatilit\u00e0 riscontrabili nei parametri finanziari determinanti ai fini della valutazione, sia da indicatori di deterioramento della qualit\u00e0 del credito ancora elevati.  I  parametri  e  le  informazioni  utilizzati  per  la  verifica  dei  valori  prima  menzionati  sono  quindi significativamente  influenzati  da  detti  fattori  che  potrebbero  registrare  rapidi  mutamenti  ad  oggi  non prevedibili, talch\u00e9 non si possono escludere conseguenti effetti sui futuri valori di bilancio.  Le stime e le ipotesi sono riviste regolarmente. Le eventuali variazioni conseguenti a tali revisioni  sono rilevate nel periodo in cui la revisione viene effettuata qualora la stessa interessi solo quel periodo. Nel caso in cui la revisione interessi periodi sia correnti sia futuri, la variazione \u00e8 rilevata nel periodo in cui la revisione viene effettuata e nei relativi periodi futuri.  Le principali fattispecie per le quali \u00e8 maggiormente richiesto l\u2019impiego di valutazioni soggettive da parte della Direzione sono:  la  quantificazione  delle  perdite  per  riduzione  di  valore  dei  crediti  e,  in  genere,  delle  altre  attivit\u00e0  finanziarie e delle partecipazioni;  l\u2019utilizzo di modelli valutativi per la rilevazione del fair value degli strumenti finanziari non quotati in mercati attivi;  la stima del valore recuperabile dell\u2019avviamento;  la quantificazione del TFR, dei fondi del personale e dei fondi per rischi e oneri;  le stime e le assunzioni sulla recuperabilit\u00e0 della fiscalit\u00e0 differita; le stime effettuate nell\u2019ambito del processo di Purchase Price Allocation (PPA).  Tali valutazioni sono prevalentemente legate sia all\u2019evoluzione del contesto socio-economico nazionale e internazionale, sia all\u2019andamento dei mercati finanziari, che provocano conseguenti riflessi sull\u2019andamento dei  tassi,  sulla  fluttuazione  dei  prezzi,  sulle  basi  attuariali  e,  pi\u00f9  in  generale,  sul  merito  creditizio  delle controparti. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-832": {
   "value": "Utilizzo di stime ed assunzioni nella predisposizione del bilancio In conformit\u00e0 agli IFRS, la direzione aziendale deve formulare valutazioni, stime e ipotesi che influenzano l\u2019applicazione dei principi contabili e gli importi delle attivit\u00e0, delle passivit\u00e0, dei costi e dei ricavi rilevati in bilancio, nonch\u00e9 sull\u2019informativa relativa ad attivit\u00e0 e passivit\u00e0 potenziali. Le stime e le relative ipotesi si basano sulle esperienze pregresse e su altri fattori considerati ragionevoli nella fattispecie e  sono state adottate per stimare il valore contabile delle attivit\u00e0 e delle passivit\u00e0 che non \u00e8 facilmente desumibile da altre fonti.  In particolare sono stati adottati processi  di stima a supporto del valore di iscrizione  di alcune delle pi\u00f9 rilevanti poste valutative iscritte nel Bilancio al 31 dicembre 2022, cos\u00ec come previsto dai principi contabili e dalle  normative  di  riferimento  sopra  descritti.  Detti  processi  sono  basati  in  larga  misura  su  stime  di recuperabilit\u00e0 futura dei valori iscritti in bilancio secondo le regole dettate dalle norme vigenti e sono stati effettuati in un\u2019ottica di continuit\u00e0  aziendale, ossia  prescindendo da ipotesi di  liquidazione forzata  delle poste oggetto di valutazione.  I processi adottati confortano i  valori di iscrizione al 31  dicembre 2022. Il  processo  valutativo \u00e8 risultato particolarmente  complesso  in  considerazione  della  persistente  incertezza  riscontrabile  nel  contesto macroeconomico e di mercato, caratterizzato, sia da importanti livelli di volatilit\u00e0 riscontrabili nei parametri finanziari determinanti ai fini della valutazione, sia da indicatori di deterioramento della qualit\u00e0 del credito ancora elevati.  I  parametri  e  le  informazioni  utilizzati  per  la  verifica  dei  valori  prima  menzionati  sono  quindi significativamente  influenzati  da  detti  fattori  che  potrebbero  registrare  rapidi  mutamenti  ad  oggi  non prevedibili, talch\u00e9 non si possono escludere conseguenti effetti sui futuri valori di bilancio.  Le stime e le ipotesi sono riviste regolarmente. Le eventuali variazioni conseguenti a tali revisioni  sono rilevate nel periodo in cui la revisione viene effettuata qualora la stessa interessi solo quel periodo. Nel caso in cui la revisione interessi periodi sia correnti sia futuri, la variazione \u00e8 rilevata nel periodo in cui la revisione viene effettuata e nei relativi periodi futuri.  Le principali fattispecie per le quali \u00e8 maggiormente richiesto l\u2019impiego di valutazioni soggettive da parte della Direzione sono:  la  quantificazione  delle  perdite  per  riduzione  di  valore  dei  crediti  e,  in  genere,  delle  altre  attivit\u00e0  finanziarie e delle partecipazioni;  l\u2019utilizzo di modelli valutativi per la rilevazione del fair value degli strumenti finanziari non quotati in mercati attivi;  la stima del valore recuperabile dell\u2019avviamento;  la quantificazione del TFR, dei fondi del personale e dei fondi per rischi e oneri;  le stime e le assunzioni sulla recuperabilit\u00e0 della fiscalit\u00e0 differita; le stime effettuate nell\u2019ambito del processo di Purchase Price Allocation (PPA).  Tali valutazioni sono prevalentemente legate sia all\u2019evoluzione del contesto socio-economico nazionale e internazionale, sia all\u2019andamento dei mercati finanziari, che provocano conseguenti riflessi sull\u2019andamento dei  tassi,  sulla  fluttuazione  dei  prezzi,  sulle  basi  attuariali  e,  pi\u00f9  in  generale,  sul  merito  creditizio  delle controparti.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-738": {
   "value": "A<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span><span class=\"ff5\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u2013<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">PAR<span class=\"_ _1\"></span>TE<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">REL<span class=\"_ _0\"></span>AT<span class=\"_ _1\"></span>IVA<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">AL<span class=\"_ _0\"></span>LE<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">PR<span class=\"_ _0\"></span>IN<span class=\"_ _1\"></span>CIP<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>LI<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">VO<span class=\"_ _1\"></span>CI<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">DI<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">B<span class=\"_ _1\"></span>ILA<span class=\"_ _1\"></span>NCI<span class=\"_ _1\"></span>O<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>I<span class=\"ff1\"> <span class=\"_ _21\"></span></span>criteri<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>iscrizione,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff3\">classificazione,</span> <span class=\"_ _21\"></span><span class=\"ff3\">valutazione,</span> <span class=\"_ _21\"></span><span class=\"ff3\">cancellazione</span> <span class=\"_ _21\"></span><span class=\"ff3\">e</span> <span class=\"_ _21\"></span><span class=\"ff3\">rilevazi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>componenti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>reddituali<span class=\"ff1\"> </span></span></span>delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">passivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>iportati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">seguito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riguardano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Gruppo<span class=\"ff1\"> </span>ban<span class=\"_ _0\"></span>cario,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mentre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">criteri<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">adot<span class=\"_ _2\"></span>tati<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>da<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Impre<span class=\"_ _0\"></span>se<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">assi<span class=\"_ _0\"></span>cur<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>trol<span class=\"_ _0\"></span>lat<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ogge<span class=\"_ _0\"></span>tto<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sp<span class=\"_ _0\"></span>ecif<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">disa<span class=\"_ _0\"></span>mina<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in</span> <span class=\"ff3\">un</span> <span class=\"ff3\">app<span class=\"_ _1\"></span>osito<span class=\"ff1\"> </span>ca<span class=\"_ _0\"></span>pito<span class=\"_ _0\"></span>lo<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>calce<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>alla<span class=\"ff1\"> </span>presente<span class=\"ff1\"> </span>sezione.<span class=\"_ _3bd\"> </span>1<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>At<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>tat<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>fa<span class=\"_ _1\"></span>ir<span class=\"_ _3bd\"> </span>val<span class=\"_ _0\"></span>ue<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span>imp<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>tto<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nto<span class=\"_ _3bd\"> </span>ec<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>ico<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>isc<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>L\u2019iscrizione<span class=\"ff1\"> </span>iniziale<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inanziarie<span class=\"ff1\"> </span>avviene<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>regolamento<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">debito</span> <span class=\"ff3\">e</span> <span class=\"ff3\">per</span> <span class=\"ff3\">i</span> <span class=\"ff3\">titoli</span> </span>di<span class=\"ff1\"> </span>capitale,<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>erogazione<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>finanziamenti<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>sottoscrizione<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>contrattiderivati.<span class=\"_ _3bd\"> </span>All\u2019atto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> </span>ril<span class=\"_ _2\"></span>evazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>iniziale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> </span>att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> </span>finanziar<span class=\"_ _2\"></span>ie<span class=\"ff1\"> </span>valutat<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _2\"></span></span>value<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>im<span class=\"_ _2\"></span>patto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>economico<span class=\"ff1\"> </span>ven<span class=\"_ _0\"></span>gon<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>rile<span class=\"_ _0\"></span>vate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al</span> <span class=\"ff3\">fai<span class=\"_ _0\"></span>r<span class=\"ff1\"> <span class=\"_ _2\"></span></span>va<span class=\"_ _0\"></span>lue,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">senza<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">consi<span class=\"_ _0\"></span>dera<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>sti<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">prov<span class=\"_ _1\"></span>enti<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">trans<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>retta<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>att<span class=\"_ _0\"></span>rib<span class=\"_ _0\"></span>uibi<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>all<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>strumento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stesso.<span class=\"_ _3bd\"> </span></span></span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cl<span class=\"_ _0\"></span>ass<span class=\"_ _1\"></span>ific<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>classificate<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>questa<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cat<span class=\"_ _2\"></span>egoria<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">attivit\u00e0</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">fi<span class=\"_ _0\"></span>nanziarie<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>diverse<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quelle<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>classificate<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tra<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Attivit\u00e0<span class=\"ff1\"> </span></span></span>finanziarie<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alutat<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alue<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>impatto<span class=\"ff1\"> </span>sul<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>reddi<span class=\"_ _0\"></span>tivit\u00e0<span class=\"ff1\"> </span>complessiva<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>tra<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>Attivit\u00e0<span class=\"ff1\"> </span>fin<span class=\"_ _0\"></span>anziare<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> </span></span></span>al<span class=\"ff1\"> </span>costo<span class=\"ff1\"> </span>ammortizzato.<span class=\"ff1\"> </span>La<span class=\"ff1\"> </span>voce,<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>particolare,<span class=\"ff1\"> </span>include:<span class=\"_ _3bd\"> </span> le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>ttivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanz<span class=\"_ _0\"></span>iari<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ete<span class=\"_ _0\"></span>nute<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">la</span> <span class=\"ff3\">n<span class=\"_ _0\"></span>eg<span class=\"_ _0\"></span>ozia<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ess<span class=\"_ _0\"></span>enzi<span class=\"_ _0\"></span>alme<span class=\"_ _0\"></span>nte<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rappre<span class=\"_ _0\"></span>sen<span class=\"_ _0\"></span>tate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">da<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">t<span class=\"_ _0\"></span>itoli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>bit<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>d<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ca<span class=\"_ _0\"></span>pita<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valo<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">posi<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>ntra<span class=\"_ _0\"></span>tti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>riv<span class=\"_ _0\"></span>ati<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ete<span class=\"_ _0\"></span>nuti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inal<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">neg<span class=\"_ _0\"></span>ozia<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span> le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">atti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fin<span class=\"_ _0\"></span>anzi<span class=\"_ _0\"></span>arie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">obb<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>atori<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>nte<span class=\"ff1\"> </span>valu<span class=\"_ _0\"></span>tate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">al</span> <span class=\"ff3\">fair<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">value<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>rappre<span class=\"_ _0\"></span>sen<span class=\"_ _0\"></span>tate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">dall<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>attiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">fina<span class=\"_ _0\"></span>nziar<span class=\"_ _0\"></span>ie<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>non<span class=\"ff1\"> <span class=\"_ _21\"></span></span>soddisfano<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>requi<span class=\"_ _0\"></span>siti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>valutazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>costo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ammortizzato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fair<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">value</span> <span class=\"_ _20\"></span><span class=\"ff3\">con</span> <span class=\"_ _21\"></span><span class=\"ff3\">impatto</span> <span class=\"_ _20\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ulla</span> </span>redditivit\u00e0<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>complessiva.<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Si<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>t<span class=\"_ _2\"></span>ratta<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>c<span class=\"_ _2\"></span>ui<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>t<span class=\"_ _2\"></span>ermini<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>contrattuali<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>prevedono<span class=\"ff1\"> </span>esclusivamente<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>imborsi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>capitale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>pagament<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>dell\u2019interesse<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sull\u2019importo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>capitale<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rest<span class=\"_ _2\"></span>ituire<span class=\"ff1\"> </span>(cd.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u201cSPPI<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>est\u201d<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>uperato)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">oppure<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">so<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">detenute<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quadro<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">m<span class=\"_ _2\"></span>odello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">busin<span class=\"_ _2\"></span>ess<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ob<span class=\"_ _0\"></span>ietti<span class=\"_ _0\"></span>vo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u00e8</span> <span class=\"ff3\">il</span> <span class=\"ff3\">p<span class=\"_ _0\"></span>osse<span class=\"_ _0\"></span>sso<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ttivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fin<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>zzato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">alla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">racc<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">flu<span class=\"_ _0\"></span>ssi<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>ri<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ontra<span class=\"_ _0\"></span>ttua<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(Bu<span class=\"_ _0\"></span>sines<span class=\"_ _0\"></span>s<span class=\"ff1\"> </span>mode<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>\u201cHold<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Collect\u201d)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">obiettivo<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conse<span class=\"_ _2\"></span>guito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mediante<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">raccolta<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">flussi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziari<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contratt<span class=\"_ _2\"></span>uali<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>che<span class=\"ff1\"> </span>mediante<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>vendita<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>(Business<span class=\"ff1\"> </span>model<span class=\"ff1\"> </span>\u201cHold<span class=\"ff1\"> </span>to<span class=\"ff1\"> </span>Collect<span class=\"ff1\"> </span>and<span class=\"ff1\"> </span>Sell\u201d);<span class=\"_ _3bd\"> </span> le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>finan<span class=\"_ _0\"></span>ziarie<span class=\"ff1\"> </span>designate<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>ossia<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>finan<span class=\"_ _0\"></span>ziarie<span class=\"ff1\"> </span>cos\u00ec<span class=\"ff1\"> </span>definite<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>momento<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span> </span></span>rilevazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>iniziale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ove<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>n<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sussist<span class=\"_ _2\"></span>ano<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>presupposti.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>In<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>relazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>t<span class=\"_ _2\"></span>ale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fattispecie,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un\u2019entit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _0\"></span>u\u00f2<span class=\"ff1\"> </span>designare<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">irrevocabilmente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">all\u2019iscrizione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un\u2019att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziaria<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">come<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valutata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>mpat<span class=\"_ _2\"></span>to<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>conto<span class=\"ff1\">  </span>economico<span class=\"ff1\">  </span>se,<span class=\"ff1\">  </span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>so<span class=\"_ _2\"></span>lo<span class=\"ff1\">  </span>se,<span class=\"ff1\">  </span>cos\u00ec<span class=\"ff1\">  </span>facendo<span class=\"ff1\">  </span>elimina<span class=\"ff1\">  </span>o<span class=\"ff1\">  </span>riduce<span class=\"ff1\">  </span>significativamente<span class=\"ff1\">  </span>un\u2019incoerenza<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>luta<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>a.<span class=\"_ _3bd\"> </span>Tro<span class=\"_ _0\"></span>van<span class=\"_ _0\"></span>o,<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uind<span class=\"_ _0\"></span>i,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">evi<span class=\"_ _0\"></span>denz<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uesta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">voc<span class=\"_ _0\"></span>e:<span class=\"_ _3bd\"> </span></span></span></span></span> i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">titoli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>ebito<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziamenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inclusi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">business<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">model<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Tr<span class=\"_ _2\"></span>ading<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riconducibili<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">q<span class=\"_ _2\"></span>uindi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ai<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>business<span class=\"ff1\"> </span>model<span class=\"ff1\"> </span>\u201cHold<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">to<span class=\"ff1\"> </span>Collect\u201d<span class=\"_ _2\"></span><span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>\u201cHold<span class=\"ff1\"> </span>to<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Collect</span> <span class=\"ff3\">and</span> <span class=\"ff3\">Se<span class=\"_ _0\"></span>ll\u201d)<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>superano<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>test<span class=\"ff1\"> </span>SPPI;<span class=\"_ _3bd\"> </span></span></span></span></span> gl<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">strume<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cap<span class=\"_ _0\"></span>ital<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">-<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">qual<span class=\"_ _0\"></span>ific<span class=\"_ _0\"></span>abil<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cont<span class=\"_ _0\"></span>roll<span class=\"_ _0\"></span>o,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">coll<span class=\"_ _0\"></span>ega<span class=\"_ _0\"></span>mento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">co<span class=\"_ _0\"></span>ntro<span class=\"_ _0\"></span>llo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>giun<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">-<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ete<span class=\"_ _0\"></span>nuti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pe<span class=\"_ _1\"></span>r<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>finalit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">n<span class=\"_ _2\"></span>egoziazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span>optato,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>sede<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>rilevazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">iniziale,<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">designazione<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>impatto<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>redditivit\u00e0<span class=\"ff1\"> </span>complessiva;<span class=\"_ _3bd\"> </span> le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">qu<span class=\"_ _0\"></span>ote<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">OI<span class=\"_ _1\"></span>CR.<span class=\"_ _0\"></span> </span></span></span></span></span></span>La<span class=\"ff1\">  </span>voce<span class=\"ff1\">  </span>a<span class=\"_ _2\"></span>ccoglie,<span class=\"ff1\">  </span>inoltre,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>i<span class=\"ff1\">  </span>contr<span class=\"_ _2\"></span>atti<span class=\"ff1\">  </span>derivati,<span class=\"ff1\">  </span>cont<span class=\"_ _2\"></span>abilizzati<span class=\"ff1\">  </span>tra<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>le<span class=\"ff1\">  </span>att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\">  </span>finanziarie<span class=\"ff1\">  </span>detenute<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>per<span class=\"ff1\">  </span>la<span class=\"ff1\"> </span>negoziazione,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rappresentati<span class=\"ff1\"> </span>come<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> </span>se<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>air<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ositivo<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">come<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>assivit\u00e0<span class=\"ff1\"> </span>se<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>air<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>\u00e8<span class=\"ff1\"> </span>negativ<span class=\"_ _0\"></span>o.<span class=\"ff1\"> </span>E\u2019<span class=\"ff1\"> </span>possibile<span class=\"ff1\"> </span>compensare<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>valori<span class=\"ff1\"> </span>corren<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>positivi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>egativi<span class=\"ff1\"> </span>derivanti<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>operazioni<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>medesima<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contropart<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>soltan<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>qualora<span class=\"ff1\"> </span>si<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">abbia</span> <span class=\"ff3\">correntemente</span> <span class=\"ff3\">i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>diritto<span class=\"ff1\"> </span>leg<span class=\"_ _0\"></span>ale<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ompensare<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>importi<span class=\"ff1\"> </span></span></span></span></span>rilevati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>contabilmente<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>intenda<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>procedere<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>regolamento<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>su<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>base<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>n<span class=\"_ _0\"></span>etta<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>posizioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>oggetto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> </span>com<span class=\"_ _0\"></span>pen<span class=\"_ _0\"></span>sazi<span class=\"_ _0\"></span>one.<span class=\"_ _0\"></span> Fra<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i</span> <span class=\"ff3\">de<span class=\"_ _0\"></span>riva<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>so<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span>an<span class=\"_ _0\"></span>che<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uell<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>inc<span class=\"_ _0\"></span>orp<span class=\"_ _0\"></span>orat<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>ratti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">finan<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">comp<span class=\"_ _0\"></span>lessi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">-</span> <span class=\"ff3\">in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cui</span> <span class=\"ff3\">il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cont<span class=\"_ _0\"></span>ratto<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rim<span class=\"_ _0\"></span>ario<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>\u00e8<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>passivit\u00e0<span class=\"ff1\"> </span>finanziaria<span class=\"ff1\"> </span>-<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>stat<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>oggetto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rilev<span class=\"_ _0\"></span>azione<span class=\"ff1\"> </span>separata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>quanto:<span class=\"_ _3bd\"> </span> le<span class=\"ff1\"> </span>loro<span class=\"ff1\"> </span>caratt<span class=\"_ _2\"></span>eristiche<span class=\"ff1\"> </span>economiche<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>no<span class=\"ff1\"> </span>strettamente<span class=\"ff1\"> </span>correlati<span class=\"ff1\"> </span>alle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>caratteristiche<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span>con<span class=\"_ _0\"></span>trat<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>so<span class=\"_ _0\"></span>ttost<span class=\"_ _0\"></span>ante<span class=\"_ _1\"></span>;<span class=\"_ _3bd\"> </span> gl<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>trum<span class=\"_ _0\"></span>enti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span>corp<span class=\"_ _0\"></span>orat<span class=\"_ _0\"></span>i,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anch<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">se<span class=\"ff1\"> </span>se<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>rati,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sod<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>sfan<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">defi<span class=\"_ _0\"></span>niz<span class=\"_ _0\"></span>ione<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">d<span class=\"_ _0\"></span>eriv<span class=\"_ _0\"></span>ato<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span> gli<span class=\"ff1\"> </span>st<span class=\"_ _2\"></span>rumenti<span class=\"ff1\"> </span>ibridi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _2\"></span></span>appartengono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>non<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valutati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>relative<span class=\"ff1\"> </span>variazioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rilevate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> </span>Conto<span class=\"ff1\"> </span>E<span class=\"_ _0\"></span>conomico.<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>cla<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>ich<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Secondo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>regole<span class=\"ff1\"> <span class=\"_ _20\"></span></span>g<span class=\"_ _2\"></span>enerali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>previst<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dall\u2019IFRS<span class=\"ff1\"> <span class=\"_ _21\"></span></span>9<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>materia<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riclassificazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(ad<span class=\"ff1\"> </span>eccezione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>capitale,<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ammessa</span> <span class=\"ff3\">alcuna</span> <span class=\"ff3\">riclassifica),</span> <span class=\"ff3\">n<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>ammesse<span class=\"ff1\"> </span>riclassifiche<span class=\"ff1\"> </span></span></span>verso<span class=\"ff1\"> </span>altre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">categorie<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> </span>salv<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>aso<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>\u2019ent<span class=\"_ _2\"></span>it\u00e0<span class=\"ff1\"> </span>modifi<span class=\"_ _0\"></span>chi<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">propr<span class=\"_ _2\"></span>io<span class=\"ff1\"> </span>mode<span class=\"_ _0\"></span>llo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">business<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gestione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"ff1\"> </span>seg<span class=\"_ _0\"></span>uito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cam<span class=\"_ _2\"></span>biamenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ester<span class=\"_ _2\"></span>ni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">interni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>quali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">siano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rilevanti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>operazioni<span class=\"ff1\">  </span>dell'entit\u00e0<span class=\"ff1\">  </span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dimostrabili<span class=\"ff1\">  </span>alle<span class=\"ff1\">  </span>parti<span class=\"ff1\">  </span>esterne.<span class=\"ff1\">  </span>I<span class=\"_ _0\"></span>n<span class=\"ff1\">  </span>tali<span class=\"ff1\">  </span>casi,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"ff1\">  </span>ci<span class=\"ff1\">  </span>si<span class=\"ff1\">  </span>at<span class=\"_ _0\"></span>tende<span class=\"ff1\">  </span>siano<span class=\"ff1\">  </span>altamente<span class=\"ff1\"> </span>infrequenti,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>pot<span class=\"_ _2\"></span>ranno<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>essere<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>riclassificate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dalla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>categoria<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valutata<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>fair<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>value<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> </span>impatto<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>economico<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>altre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">due<span class=\"ff1\"> </span>categorie<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>reviste<span class=\"ff1\"> </span>dall\u2019IFRS<span class=\"ff1\"> </span>9<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(Attivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> </span></span></span></span></span></span></span>al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">costo<span class=\"ff1\"> </span>ammo<span class=\"_ _0\"></span>rtizzato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valutate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">c<span class=\"_ _2\"></span>on<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">impatt<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sulla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>edditivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">complessiva).<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">I<span class=\"_ _2\"></span>l<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>valore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>trasferimento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rappr<span class=\"_ _0\"></span>esentato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dal<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _21\"></span></span>valu<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>momento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riclassificazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>g<span class=\"_ _2\"></span>li<span class=\"ff1\"> <span class=\"_ _20\"></span></span>effetti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> </span>riclassificazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"_ _2\"></span>perano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>maniera<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prospettica<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>partire<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dalla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>data<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riclassificazione.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>In<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ques<span class=\"_ _2\"></span>to<span class=\"ff1\"> <span class=\"_ _20\"></span></span>caso,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>inter<span class=\"_ _2\"></span>esse<span class=\"ff1\"> </span>effettivo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> </span>finanziaria<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riclassificata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>determinato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>base<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>suo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fair<span class=\"_ _2\"></span><span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>iclassificazione<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>tale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>data<span class=\"ff1\"> <span class=\"_ _2\"></span></span>viene<span class=\"ff1\"> </span>considerata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>come<span class=\"ff1\"> </span>data<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rilevazione<span class=\"ff1\"> </span>iniziale<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019allocazione<span class=\"ff1\"> </span>nei<span class=\"ff1\"> </span>diversi<span class=\"ff1\"> </span>stadi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>creditizio<span class=\"ff1\"> </span>(stage<span class=\"ff1\"> </span>assignment)<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>finidell\u2019impairment.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Successivamente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rilevazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>iniziale,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valutate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _20\"></span></span>value<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>impat<span class=\"_ _2\"></span>to<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>conto<span class=\"ff1\"> </span>economico<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>so<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>valorizzate<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fair<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>value.<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>G<span class=\"_ _2\"></span>li<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>eff<span class=\"_ _2\"></span>etti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dell\u2019applicazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cr<span class=\"_ _2\"></span>iterio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valuta<span class=\"_ _2\"></span>zione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sono<span class=\"ff1\"> </span>imputati<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>Conto<span class=\"ff1\"> </span>Economico.<span class=\"_ _3bd\"> </span>Pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>det<span class=\"_ _0\"></span>ermi<span class=\"_ _0\"></span>nazi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del</span> <span class=\"ff3\">fai<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>valu<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>degl<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>stru<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">fin<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>iari<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">quotat<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>un<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">merc<span class=\"_ _0\"></span>ato<span class=\"ff1\"> </span>att<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>o,<span class=\"ff1\"> </span>veng<span class=\"_ _0\"></span>ono<span class=\"ff1\"> </span>ut<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>zza<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>qu<span class=\"_ _0\"></span>otaz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>me<span class=\"_ _0\"></span>rcato<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">assen<span class=\"_ _0\"></span>za<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un</span> <span class=\"ff3\">mer<span class=\"_ _0\"></span>cato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">attiv<span class=\"_ _0\"></span>o,<span class=\"ff1\"> </span>ve<span class=\"_ _0\"></span>ngo<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>uti<span class=\"_ _0\"></span>liz<span class=\"_ _0\"></span>zati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">met<span class=\"_ _0\"></span>odi<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sti<span class=\"_ _0\"></span>ma<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>mo<span class=\"_ _0\"></span>dell<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>val<span class=\"_ _0\"></span>uta<span class=\"_ _0\"></span>tivi<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>com<span class=\"_ _0\"></span>une<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>dot<span class=\"_ _0\"></span>tati<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>ch<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>engo<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tu<span class=\"_ _0\"></span>tti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>atto<span class=\"_ _0\"></span>ri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risc<span class=\"_ _0\"></span>hio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cor<span class=\"_ _0\"></span>rel<span class=\"_ _0\"></span>ati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">agl<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>trum<span class=\"_ _0\"></span>enti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ba<span class=\"_ _0\"></span>sati<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>su<span class=\"ff1\"> </span>da<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>rilev<span class=\"_ _1\"></span>abili<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">sul<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">merc<span class=\"_ _0\"></span>ato<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>ali:<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">valuta<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>strum<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>quotati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ch<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>pre<span class=\"_ _0\"></span>senta<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>anal<span class=\"_ _0\"></span>oghe<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">caratte<span class=\"_ _0\"></span>ris<span class=\"_ _0\"></span>tic<span class=\"_ _0\"></span>he,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>calcoli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cas<span class=\"_ _2\"></span>sa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>contati,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mo<span class=\"_ _2\"></span>delli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>determinazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prezzo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>opzioni,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valori<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rilevati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>recenti<span class=\"ff1\"> </span>transazioni<span class=\"ff1\"> </span>comparabili,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ecc.<span class=\"ff1\"> </span>Per<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>capitale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>gli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">strumenti<span class=\"ff1\"> </span>derivati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> </span>hann<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>oggetto<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>capitale,<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>quotati<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>mercato<span class=\"ff1\"> </span>attiv<span class=\"_ _0\"></span>o,<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>criterio<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>costo<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>tilizzato<span class=\"ff1\"> </span>quale<span class=\"ff1\"> </span>stima<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>soltanto<span class=\"ff1\"> </span></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>via<span class=\"ff1\"> <span class=\"_ _20\"></span></span>residuale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>limitatam<span class=\"_ _2\"></span>ente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>poche<span class=\"ff1\"> <span class=\"_ _20\"></span></span>circostanze,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"_ _2\"></span>ssia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cas<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>non<span class=\"ff1\"> <span class=\"_ _20\"></span></span>applicabilit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>utti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>meto<span class=\"_ _2\"></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"_ _2\"></span><span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rece<span class=\"_ _2\"></span>dentemente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">richiamati,<span class=\"ff1\"> </span>ovve<span class=\"_ _0\"></span>ro<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>presenz<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>un\u2019<span class=\"_ _0\"></span>ampia<span class=\"ff1\"> </span>gamma<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>possibili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutazioni<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span></span></span></span></span></span></span>fair<span class=\"ff1\"> </span>value,<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>ambito<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>costo<span class=\"ff1\"> </span>rappresenta<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>stima<span class=\"ff1\"> </span>pi\u00f9<span class=\"ff1\"> </span>significativa.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inanziarie<span class=\"ff1\"> </span>veng<span class=\"_ _0\"></span>ono<span class=\"ff1\"> </span>cancell<span class=\"_ _0\"></span>ate<span class=\"ff1\"> </span>dal<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> </span>solamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">se<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>cessione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">comportato<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sostanzial<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>trasferimento<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>utti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>be<span class=\"_ _0\"></span>nefici<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">connessi<span class=\"ff1\"> </span>alle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> </span>stesse.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Per<span class=\"ff1\"> </span>contro,<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>ualora<span class=\"ff1\"> </span>sia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stat<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ma<span class=\"_ _2\"></span>ntenuta<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>una<span class=\"ff1\"> </span>quota<span class=\"ff1\"> <span class=\"_ _2\"></span></span>part<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>rilevante<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>b<span class=\"_ _2\"></span>enefici<span class=\"ff1\"> </span>relativi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cedute,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>queste<span class=\"ff1\"> <span class=\"_ _2\"></span></span>continuano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ad<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>iscritte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>b<span class=\"_ _0\"></span>ilancio,<span class=\"ff1\"> </span>ancorch\u00e9<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">giuridicamente<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">titolarit\u00e0<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stesse<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span>stata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">effettivamente<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>tras<span class=\"_ _0\"></span>fer<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span>Nel<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>caso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pos<span class=\"_ _2\"></span>sibile<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>accert<span class=\"_ _2\"></span>are<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sostanziale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>trasferimento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>b<span class=\"_ _0\"></span>enefici,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> <span class=\"_ _21\"></span></span>vengono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cancellate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _21\"></span></span>bilancio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>qualora<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>tato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>mantenuto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alcun<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tipo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>controllo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sulle<span class=\"ff1\"> </span>stesse.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>In<span class=\"ff1\"> <span class=\"_ _2\"></span></span>caso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contrario,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conservazione,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>anche<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>parte,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>ale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>controllo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>comporta<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mantenimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"_ _2\"></span><span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>misura<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>coinvolgimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>residuo,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>misurato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall\u2019esposizione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ai</span> <span class=\"ff3\">cam<span class=\"_ _2\"></span>biamenti</span> <span class=\"ff3\">di</span> </span>valore<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>cedute<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>variazioni<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> </span>finanziari<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>stesse.<span class=\"_ _3bd\"> </span>Infine,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziar<span class=\"_ _2\"></span>ie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ce<span class=\"_ _2\"></span>dute<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vengono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cancellate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dal<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> </span>nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">caso<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cui<span class=\"ff1\"> </span>vi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sia</span> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onservazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>diritti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contrattuali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ricevere<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>relativi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cas<span class=\"_ _2\"></span>sa,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contestuale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>as<span class=\"_ _2\"></span>sunzione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un\u2019obb<span class=\"_ _2\"></span>ligazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"_ _2\"></span><span class=\"ff1\"> </span>pagare<span class=\"ff1\"> </span>detti<span class=\"ff1\"> </span>flussi,<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>solo<span class=\"ff1\"> </span>essi,<span class=\"ff1\"> </span>senza<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>ritardo<span class=\"ff1\"> </span>rilevante<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>altri<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>ggetti<span class=\"ff1\"> </span>terzi.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ril<span class=\"_ _0\"></span>ev<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>del<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ual<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>Gli<span class=\"ff1\"> <span class=\"_ _21\"></span></span>interessi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>attivi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sui<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tit<span class=\"_ _2\"></span>oli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>deb<span class=\"_ _0\"></span>ito<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ed<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>differenziali<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ed<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">i</span> <span class=\"_ _20\"></span><span class=\"ff3\">mar<span class=\"_ _2\"></span>gini</span> <span class=\"_ _20\"></span><span class=\"ff3\">dei</span> <span class=\"_ _21\"> </span><span class=\"ff3\">contratti</span> <span class=\"_ _21\"></span><span class=\"ff3\">derivati</span> <span class=\"_ _20\"></span><span class=\"ff3\">classificati</span> <span class=\"_ _21\"> </span><span class=\"ff3\">in</span> <span class=\"_ _21\"></span><span class=\"ff3\">tale</span> </span>ca<span class=\"_ _0\"></span>teg<span class=\"_ _0\"></span>oria,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ma</span> <span class=\"ff3\">ge<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>onal<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>coll<span class=\"_ _0\"></span>ega<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>ad<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">atti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o</span> <span class=\"ff3\">pa<span class=\"_ _0\"></span>ssivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inanz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>luta<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fai<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>value<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sono</span> <span class=\"ff3\">i<span class=\"_ _0\"></span>scr<span class=\"_ _0\"></span>itti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">per</span> </span></span></span></span></span></span></span></span></span></span></span>competenza<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> </span>voci<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico<span class=\"ff1\"> </span>relativi<span class=\"ff1\"> </span>agli<span class=\"ff1\"> </span>interessi.<span class=\"_ _3bd\"> </span>I<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>ffe<span class=\"_ _0\"></span>renzi<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">i</span> <span class=\"ff3\">margi<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>gli<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>tri<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>trat<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>ve<span class=\"_ _0\"></span>ngo<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>leva<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u201cRisu<span class=\"_ _0\"></span>ltat<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>net<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>l\u2019a<span class=\"_ _0\"></span>ttiv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">negoz<span class=\"_ _0\"></span>iaz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span>\u201d.<span class=\"ff1\"> </span></span></span></span></span></span></span>I<span class=\"ff1\">  </span>dividendi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>so<span class=\"_ _2\"></span>no<span class=\"ff1\">  </span>rilevati<span class=\"ff1\">  </span>per<span class=\"ff1\">  </span>compe<span class=\"_ _0\"></span>tenza<span class=\"ff1\">  </span>economica<span class=\"ff1\">  </span>riferita<span class=\"ff1\">  </span>alla<span class=\"ff1\">  </span>data<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>assunzione<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">della</span>  <span class=\"ff3\">delibera</span>  <span class=\"ff3\">di</span> </span>distribuzione<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>parte<span class=\"ff1\"> </span>dell\u2019assemblea<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>esposti<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>voce<span class=\"ff1\"> </span>\u201cDividendi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>proventi<span class=\"ff1\"> </span>simili\u201d.<span class=\"_ _3bd\"> </span>Gli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">utili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perdite<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ealizzati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dalla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cessione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rimborso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">plus/minusvalenze<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">derivanti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dalle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">variazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>value<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>iscritti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">conto</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">economico</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">del</span> <span class=\"_ _27\"> </span><span class=\"ff3\">p<span class=\"_ _2\"></span>eriodo</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">nel</span> <span class=\"_ _27\"> </span><span class=\"ff3\">q<span class=\"_ _2\"></span>uale</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">si</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">manifestano</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">e</span> <span class=\"_ _27\"> </span><span class=\"ff3\">class<span class=\"_ _2\"></span>ificati</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">nel<span class=\"_ _0\"></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>voce<span class=\"ff1\"> </span></span></span>\u201cRisultato<span class=\"ff1\">  </span>netto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>delle<span class=\"ff1\">  </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\">  </span>negoziazione\u201d,<span class=\"ff1\">  </span>ad<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>eccezione<span class=\"ff1\">  </span>della<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>quota<span class=\"ff1\">  </span>relativa<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ai<span class=\"ff1\">  </span>contratt<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>derivati<span class=\"_ _2\"></span><span class=\"ff1\"> </span>gestionalmente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">collegati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ad<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">passivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">val<span class=\"_ _2\"></span>utate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rilevata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u201c<span class=\"_ _2\"></span>Risultato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">netto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>e<span class=\"ff1\"> </span>passivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value\u201d.<span class=\"_ _3bd\"> </span>2.1-<span class=\"_ _3bd\"> </span>At<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>tat<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>fa<span class=\"_ _0\"></span>ir<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span>im<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>tto<span class=\"_ _3bd\"> </span>su<span class=\"_ _0\"></span>lla<span class=\"_ _3bd\"> </span>red<span class=\"_ _1\"></span>diti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>va<span class=\"_ _3bd\"> </span>(FV<span class=\"_ _1\"></span>OCI<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>cic<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>)<span class=\"fc0 sc1\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>isc<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>L\u2019iscrizione<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>niziale<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> </span>avviene<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>lla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">regolamento</span> <span class=\"ff3\">per</span> <span class=\"ff3\">i</span> <span class=\"_ _0\"></span><span class=\"ff3\">titoli<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ebito<span class=\"ff1\"> </span>ed<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">erogazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">f<span class=\"_ _2\"></span>inanziamenti.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">All\u2019atto<span class=\"ff1\"> </span>della<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rilevazione<span class=\"ff1\"> </span>iniziale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>contabili<span class=\"_ _0\"></span>zzat<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">value,<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>comprensivo<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>costi<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>proventi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>transazione<span class=\"ff1\"> </span>direttamente<span class=\"ff1\"> </span>attribuibili<span class=\"ff1\"> </span>allo<span class=\"ff1\"> </span>str<span class=\"_ _2\"></span>umentostesso. Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cl<span class=\"_ _0\"></span>ass<span class=\"_ _1\"></span>ific<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>se<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>pr<span class=\"_ _0\"></span>esen<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cat<span class=\"_ _0\"></span>egor<span class=\"_ _0\"></span>ia<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ttiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fin<span class=\"_ _0\"></span>anzi<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>ch<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>oddi<span class=\"_ _0\"></span>sfa<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>ambe<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">seg<span class=\"_ _0\"></span>uen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span>ni: </span></span></span></span></span></span></span></span> l\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>finanz<span class=\"_ _0\"></span>iaria<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>poss<span class=\"_ _2\"></span>edut<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>secondo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>model<span class=\"_ _0\"></span>lo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>business<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>obiettivo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>conseguito<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sia<span class=\"ff1\"> </span>mediante<span class=\"ff1\"> <span class=\"_ _21\"></span></span>l\u2019incasso<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>finanziari<span class=\"ff1\"> <span class=\"_ _20\"></span></span>previst<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>co<span class=\"_ _2\"></span>ntrattualmente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _21\"></span></span>mediante<span class=\"ff1\"> <span class=\"_ _21\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>vendita<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(Business<span class=\"ff1\"> </span>model<span class=\"ff1\"> </span>\u201cHold<span class=\"ff1\"> </span>to<span class=\"ff1\"> </span>Collect<span class=\"ff1\"> </span>and<span class=\"ff1\"> </span>Sell<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> </span>\u201cHTCS\u201d\u201d),<span class=\"ff1\"> </span>e  i<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>termini<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>contrattuali<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>dell\u2019atti<span class=\"_ _2\"></span>vit\u00e0<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>finanziaria<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>prevedono,<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>a<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _29\"> </span></span>determinate<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>date,<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>flussi<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>finan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>ri rappresentati<span class=\"ff1\">  </span>u<span class=\"_ _0\"></span>nicamente<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>a<span class=\"ff1\">  </span>pagamenti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\">  </span>capi<span class=\"_ _0\"></span>tale<span class=\"ff1\">  </span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dell\u2019i<span class=\"_ _2\"></span>nteresse<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sull\u2019import<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\">  </span>c<span class=\"_ _0\"></span>apitale<span class=\"ff1\">  </span>da<span class=\"ff1\"> </span>restituire<span class=\"ff1\"> </span>(cd.<span class=\"ff1\"> </span>\u201cSPPI<span class=\"ff1\"> </span>test\u201d<span class=\"ff1\"> </span>superato). In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pa<span class=\"_ _0\"></span>rtic<span class=\"_ _0\"></span>ola<span class=\"_ _0\"></span>re,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ven<span class=\"_ _0\"></span>gono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">inc<span class=\"_ _0\"></span>lus<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>esta<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">vo<span class=\"_ _0\"></span>ce: </span></span></span></span></span></span></span></span></span></span> i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>titoli<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>deb<span class=\"_ _0\"></span>ito<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>riconducibili<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _21\"></span></span>un<span class=\"ff1\"> <span class=\"_ _21\"></span></span>business<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>model<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Hold<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>to<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Collect<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>and<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Sell<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>c<span class=\"_ _2\"></span>he<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>hanno<span class=\"ff1\"> </span>superato<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>test<span class=\"ff1\"> </span>SPPI;  i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>finanziamenti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>riconducibili<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>business<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>mo<span class=\"_ _2\"></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Hold<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff3\">to</span> <span class=\"_ _21\"> </span><span class=\"ff3\">Collect</span> <span class=\"_ _21\"> </span><span class=\"ff3\">and</span> <span class=\"_ _21\"> </span><span class=\"ff3\">Sell</span> <span class=\"_ _21\"></span><span class=\"ff3\">e</span> <span class=\"_ _21\"></span><span class=\"ff3\">che</span> <span class=\"_ _20\"></span><span class=\"ff3\">hann<span class=\"_ _0\"></span>o </span></span>superato<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">test<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">SPPI.<span class=\"ff1\"> </span></span></span></span></span></span></span>Ri<span class=\"_ _0\"></span>cla<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>ich<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Secondo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>regole<span class=\"ff1\"> <span class=\"_ _20\"></span></span>generali<span class=\"ff1\"> <span class=\"_ _21\"></span></span>previste<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dall\u2019I<span class=\"_ _0\"></span>FRS<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>9<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>materia<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riclassificazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>elle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"_ _2\"></span>ttivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fin<span class=\"_ _0\"></span>anziarie<span class=\"ff1\"> <span class=\"_ _21\"></span></span>(ad<span class=\"ff1\"> </span>eccezione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>capitale,<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>ammessa<span class=\"ff1\"> </span>alcuna<span class=\"ff1\"> </span>riclassifica),<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>ammesse<span class=\"ff1\"> </span>riclassifiche<span class=\"ff1\"> </span></span></span>verso<span class=\"ff1\"> </span>altre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">categorie<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> </span>salv<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>aso<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>\u2019entit\u00e0<span class=\"ff1\"> </span>modifichi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">proprio<span class=\"ff1\"> </span>modello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>bu<span class=\"_ _0\"></span>siness<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gestione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">seguito<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cambiamenti<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>sterni<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">interni</span> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>ali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">siano<span class=\"ff1\"> </span>rilevanti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>operazioni<span class=\"ff1\"> </span>dell'entit\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>dimostrabili<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>parti<span class=\"ff1\"> </span>esterne. In<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">casi,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ci<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attende<span class=\"ff1\"> </span>siano<span class=\"ff1\"> </span>altamente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">infrequenti,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit<span class=\"_ _2\"></span>\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">potranno<span class=\"ff1\"> </span>essere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>iclassificate<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>dalla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">categoria<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">impatt<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ulla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">redditivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">complessiva<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">due<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">categorie<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>previste<span class=\"ff1\"> </span>dall\u2019IFRS<span class=\"ff1\"> <span class=\"_ _2\"></span></span>9<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziarie<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>costo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ammortizzato<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziarie<span class=\"ff1\"> </span>valut<span class=\"_ _2\"></span>ate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>mpatto<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico).<span class=\"ff1\"> </span>Il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>trasferimento<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>rappresentato<span class=\"ff1\"> </span>dal<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>momento<span class=\"ff1\"> </span></span></span></span></span>della<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riclassificazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">effetti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riclassificazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">operano<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">maniera<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prospettica<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">partire<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dalla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">data<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>riclassificazione.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Nel<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cas<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riclassifica<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dalla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>categoria<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>oggetto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quella<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>costo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ammortizzato,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l\u2019utile<span class=\"ff1\"> </span>(perdita)<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>cumulato<span class=\"ff1\">  </span>rilevato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nella<span class=\"ff1\">  </span>riserva<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>da<span class=\"ff1\">  </span>v<span class=\"_ _0\"></span>alutazione<span class=\"ff1\">  </span>\u00e8<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>portat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>r<span class=\"_ _2\"></span>ettifica<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fa<span class=\"_ _2\"></span>ir<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>value<span class=\"ff1\">  </span>dell\u2019attivit\u00e0<span class=\"ff1\"> </span>finanziaria<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>data<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riclassificazione.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>N<span class=\"_ _2\"></span>el<span class=\"ff1\"> <span class=\"_ _2\"></span></span>caso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>invece<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>iclassifica<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nella<span class=\"ff1\"> <span class=\"_ _20\"></span></span>categoria<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _20\"></span></span>value<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> </span>impatto<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conto<span class=\"ff1\"> </span>economico,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l'utile<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(perdita)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cumulato<span class=\"ff1\"> </span>rilev<span class=\"_ _0\"></span>ato<span class=\"ff1\"> </span>precedentemente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nella<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riserva<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> </span>val<span class=\"_ _0\"></span>utazione<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>\u00e8<span class=\"ff1\"> </span>riclassificato<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>patrimonio<span class=\"ff1\"> </span>netto<span class=\"ff1\"> </span>all'utile<span class=\"ff1\"> </span>(perdita)<span class=\"ff1\"> </span>d'esercizio. Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Successivamente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rilevazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>iniziale,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>classificate<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _21\"></span></span>value<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _21\"></span></span>impatto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sulla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>redditivit\u00e0<span class=\"ff1\"> </span>complessiva<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>valutate<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>f<span class=\"_ _2\"></span>air<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>value,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rilevazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\">  </span>Conto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Economico<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>degli<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>impatti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>derivanti<span class=\"_ _2\"></span><span class=\"ff1\"> </span>dall\u2019applicazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>costo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ammortizzato,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>degli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>effett<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dell\u2019im<span class=\"_ _2\"></span>pairment<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">dell\u2019eventuale</span> <span class=\"_ _27\"> </span><span class=\"ff3\">e<span class=\"_ _2\"></span>ffetto</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">cambio,</span> </span>mentre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">altri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">utili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>perdi<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>erivanti<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">una<span class=\"ff1\"> </span>variazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">veng<span class=\"_ _0\"></span>ono<span class=\"ff1\"> </span>rilevati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>una<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">specif<span class=\"_ _2\"></span>ica<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riserva<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> </span>patrimonio<span class=\"ff1\"> </span>netto<span class=\"ff1\"> </span>finc<span class=\"_ _0\"></span>h\u00e9<span class=\"ff1\"> </span>l\u2019attivit\u00e0<span class=\"ff1\"> </span>finanziaria<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">viene<span class=\"ff1\"> </span>cancellata.<span class=\"ff1\"> </span>Al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">momento<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>dismissione,<span class=\"ff1\"> </span>totale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span></span></span></span></span></span></span>parziale,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019utile<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">perdita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cumulati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nella<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riserva<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vengono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>iversati,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tutto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">parte,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Conto<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Ec<span class=\"_ _0\"></span>onom<span class=\"_ _0\"></span>ico.<span class=\"_ _0\"></span> Il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">v<span class=\"_ _2\"></span>iene<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">determinato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sulla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">base<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">crit<span class=\"_ _2\"></span>eri<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gi\u00e0<span class=\"ff1\"> </span>illu<span class=\"_ _0\"></span>str<span class=\"_ _2\"></span>ati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">p<span class=\"_ _2\"></span>er<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">val<span class=\"_ _2\"></span>utate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>con<span class=\"ff1\"> </span>impatto<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico. Le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>mpatto<span class=\"ff1\"> </span>sull<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">redditivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">complessiva<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u2013<span class=\"ff1\"> </span>sia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sotto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">forma<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">titoli<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>debito<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">di</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">crediti</span> <span class=\"_ _27\"> </span><span class=\"ff3\">\u2013</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">sono</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">soggette</span> <span class=\"_ _27\"> </span><span class=\"ff3\">alla</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">verifica</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">dell\u2019incremento</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">signifi<span class=\"_ _0\"></span>cativo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>creditizio<span class=\"ff1\"> </span></span></span>(impairment)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pre<span class=\"_ _2\"></span>vista<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dall\u2019IFRS<span class=\"ff1\"> </span>9,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pari<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>osto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ammortizzato,<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conseguente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rilevazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>conto<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>conomico<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rettifica<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">copertura<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>erdit<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">att<span class=\"_ _2\"></span>ese.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Pi\u00f9<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">particolare,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sugli<span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>classificati<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>stage<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">1<span class=\"ff1\"> </span>(ossia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sulle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>momento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dell\u2019origination,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ove<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">deteriorate,<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sugli<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>strumenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _20\"></span></span>non<span class=\"ff1\"> <span class=\"_ _20\"></span></span>si<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>verificato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>ignificativo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>incremento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cr<span class=\"_ _2\"></span>editizio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rispett<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>data<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> </span>ril<span class=\"_ _0\"></span>eva<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>ale)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">vie<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onta<span class=\"_ _0\"></span>bili<span class=\"_ _0\"></span>zza<span class=\"_ _0\"></span>ta,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">all<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>data<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rile<span class=\"_ _0\"></span>vazi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">inizi<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">ad<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ogn<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ata<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rep<span class=\"_ _0\"></span>orti<span class=\"_ _0\"></span>ng<span class=\"ff1\"> </span>su<span class=\"_ _1\"></span>ccessi<span class=\"_ _0\"></span>va,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perdita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attesa<span class=\"ff1\"> </span>ad<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un<span class=\"ff1\"> </span>an<span class=\"_ _0\"></span>no.<span class=\"ff1\"> </span>Inve<span class=\"_ _0\"></span>ce,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>gli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>trumenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">classificati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stage<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(bonis<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">quali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">verificato<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>un<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>incremento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>significativo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>creditizio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rispetto<span class=\"ff1\">  </span>al<span class=\"_ _0\"></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>data<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rilevazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>iniziale)<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>stage<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>3<span class=\"ff1\"> </span>(esposizioni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>teriorat<span class=\"_ _2\"></span>e)<span class=\"ff1\"> <span class=\"_ _20\"></span></span>viene<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>contabilizzata<span class=\"ff1\"> <span class=\"_ _21\"></span></span>una<span class=\"ff1\"> <span class=\"_ _20\"></span></span>perdita<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>attesa<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"></span></span>l\u2019in<span class=\"_ _0\"></span>tera<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>vita<span class=\"ff1\"> <span class=\"_ _21\"></span></span>residua<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dello<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>strumento<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>nanz<span class=\"_ _0\"></span>iari<span class=\"_ _0\"></span>o.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inanziarie<span class=\"ff1\"> </span>veng<span class=\"_ _0\"></span>ono<span class=\"ff1\"> </span>cancell<span class=\"_ _0\"></span>ate<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>al<span class=\"ff1\"> </span>bilanc<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>solamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">se<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>cessione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">comportat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>sostanziale<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>trasferimento<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>utti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>be<span class=\"_ _0\"></span>nefici<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">connessi<span class=\"ff1\"> </span>alle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> </span>stesse.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Per<span class=\"ff1\"> </span>contro,<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>ualora<span class=\"ff1\"> </span>sia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stat<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ma<span class=\"_ _2\"></span>ntenuta<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>una<span class=\"ff1\"> </span>quota<span class=\"ff1\"> <span class=\"_ _2\"></span></span>part<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>rilevante<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>b<span class=\"_ _2\"></span>enefici<span class=\"ff1\"> </span>relativi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cedute,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>queste<span class=\"ff1\"> <span class=\"_ _2\"></span></span>continuano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ad<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>iscritte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>b<span class=\"_ _0\"></span>ilancio,<span class=\"ff1\"> </span>ancorch\u00e9<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">giuridicamente<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">titolarit\u00e0<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stesse<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span>stata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">effettivamente<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>tras<span class=\"_ _0\"></span>fer<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span>Nel<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>caso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pos<span class=\"_ _2\"></span>sibile<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>accert<span class=\"_ _2\"></span>are<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sostanziale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>trasferimento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>b<span class=\"_ _0\"></span>enefici,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> <span class=\"_ _21\"></span></span>vengono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cancellate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _21\"></span></span>bilancio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>qualora<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>tato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>mantenuto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alcun<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tipo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>controllo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sulle<span class=\"ff1\"> </span>stesse.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>In<span class=\"ff1\"> <span class=\"_ _2\"></span></span>caso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contrario,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conservazione,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>anche<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>parte,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>ale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>controllo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>comporta<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mantenimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"_ _2\"></span><span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>misura<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>coinvolgimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>residuo,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>misurato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall\u2019esposizione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ai</span> <span class=\"ff3\">cam<span class=\"_ _2\"></span>biamenti</span> <span class=\"ff3\">di</span> </span>valore<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>cedute<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>variazioni<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> </span>finanziari<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>stesse.<span class=\"_ _3bd\"> </span>Infine,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziar<span class=\"_ _2\"></span>ie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ce<span class=\"_ _2\"></span>dute<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vengono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cancellate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dal<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> </span>nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">caso<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cui<span class=\"ff1\"> </span>vi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sia</span> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onservazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>diritti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contrattuali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ricevere<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>relativi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cas<span class=\"_ _2\"></span>sa,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contestuale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>as<span class=\"_ _2\"></span>sunzione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un\u2019obb<span class=\"_ _2\"></span>ligazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"_ _2\"></span><span class=\"ff1\"> </span>pagare<span class=\"ff1\"> </span>detti<span class=\"ff1\"> </span>flussi,<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>solo<span class=\"ff1\"> </span>essi,<span class=\"ff1\"> </span>senza<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>ritardo<span class=\"ff1\"> </span>rilevante<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>altri<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>ggetti<span class=\"ff1\"> </span>terzi.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ril<span class=\"_ _0\"></span>ev<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>del<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ual<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>Gli<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>nteressi<span class=\"_ _2\"></span><span class=\"ff1\"> </span>attivi,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">calcolati<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>b<span class=\"_ _0\"></span>as<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span>metodologia<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>T.I.R.,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vengono<span class=\"ff1\"> </span>contabilizzati<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>competenza<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> </span></span></span></span></span></span></span>vo<span class=\"_ _0\"></span>ci<span class=\"ff1\"> </span>\u201cI<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>ressi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">atti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">prov<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>assi<span class=\"_ _0\"></span>mil<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>\u201d,<span class=\"ff1\"> </span>me<span class=\"_ _0\"></span>ntre<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">utili<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o</span> <span class=\"ff3\">le</span> <span class=\"ff3\">p<span class=\"_ _0\"></span>erdi<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>riv<span class=\"_ _0\"></span>anti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">da</span> <span class=\"ff3\">un<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>var<span class=\"_ _0\"></span>iazi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>fa<span class=\"_ _0\"></span>ir<span class=\"_ _3bd\"> </span>val<span class=\"_ _0\"></span>ue<span class=\"_ _3bd\"> </span>vengono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rilev<span class=\"_ _0\"></span>ati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>spe<span class=\"_ _0\"></span>cifica<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>riser<span class=\"_ _2\"></span>va<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>patrimonio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>netto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sino<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>l\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>finanziaria<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>viene<span class=\"ff1\"> </span>ca<span class=\"_ _0\"></span>ncel<span class=\"_ _0\"></span>lata<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o</span> <span class=\"ff3\">n<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vien<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rile<span class=\"_ _0\"></span>vata<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">una<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>rdita<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">va<span class=\"_ _0\"></span>lore<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>Pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tit<span class=\"_ _0\"></span>oli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>bit<span class=\"_ _0\"></span>o,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">momen<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ism<span class=\"_ _0\"></span>issi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o</span> <span class=\"ff3\">de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>rilevazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>perdita<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valore,<span class=\"ff1\"> </span>l\u2019utile<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>perdita<span class=\"ff1\"> </span>cumulati<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> </span>riversati<span class=\"ff1\"> </span>a<span class=\"_ _2\"></span><span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>econo<span class=\"_ _0\"></span>mico.<span class=\"_ _3bd\"> </span>Qualora<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">motivi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>ella<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perdita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">v<span class=\"_ _2\"></span>alore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>iano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rimossi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">seguito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">evento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">verificatosi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">successivamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>rilevazione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>riduzione<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>valore,<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>vengono<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>effettuat<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>riprese<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>imputazion<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>conto<span class=\"ff1\"> </span>ec<span class=\"_ _0\"></span>ono<span class=\"_ _0\"></span>mico<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cas<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>d<span class=\"_ _1\"></span>ei<span class=\"ff1\"> </span>ti<span class=\"_ _0\"></span>tol<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>d<span class=\"_ _1\"></span>ebito<span class=\"_ _0\"></span>.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">L\u2019am<span class=\"_ _0\"></span>mon<span class=\"_ _0\"></span>tare<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>ip<span class=\"_ _0\"></span>resa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pu<span class=\"_ _0\"></span>\u00f2<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ogn<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cas<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>uper<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>feren<span class=\"_ _0\"></span>za<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>tra<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contabile<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ed<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>costo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ammortizzato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>lo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>strumento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>avrebb<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>avuto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ass<span class=\"_ _2\"></span>enza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>precedenti<span class=\"ff1\"> </span>ret<span class=\"_ _0\"></span>tif<span class=\"_ _0\"></span>iche<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span>2.2At<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>fa<span class=\"_ _0\"></span>ir<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lue<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span>im<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>tto<span class=\"_ _3bd\"> </span>su<span class=\"_ _0\"></span>lla<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>va<span class=\"_ _3bd\"> </span>(FV<span class=\"_ _1\"></span>OCI<span class=\"_ _3bd\"> </span>se<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>cic<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>)<span class=\"fc0 sc1\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>isc<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>L\u2019iscrizione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>iniziale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d<span class=\"_ _2\"></span>elle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>av<span class=\"_ _2\"></span>viene<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>data<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>regolamento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>itoli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ca<span class=\"_ _2\"></span>pitale.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>All\u2019atto<span class=\"_ _2\"></span><span class=\"ff1\"> </span>della<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rilevazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>iniziale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>l<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>contabilizzate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fair<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>value,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>comprensivo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cost<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>proventi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> </span>transazione<span class=\"ff1\"> </span>direttamente<span class=\"ff1\"> </span>attribuibili<span class=\"ff1\"> </span>allo<span class=\"ff1\"> </span>strumentostesso.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cla<span class=\"_ _1\"></span>ssi<span class=\"_ _0\"></span>fica<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Sono<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>inclusi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>nella<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>voce<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>gli<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>trumenti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>capitale<span class=\"_ _2\"></span>,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>detenuti<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>finalit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>negoziazione,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>qua<span class=\"_ _2\"></span>li<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> </span>momento<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>rilevazione<span class=\"ff1\"> </span>iniziale<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>stata<span class=\"ff1\"> </span>esercitat<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>l\u2019opzione<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>designazione<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>impatto<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>redditivit\u00e0<span class=\"ff1\"> </span>complessiva.<span class=\"_ _3bd\"> </span>In<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>particolare,<span class=\"ff1\">  </span>vengono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>inclusi<span class=\"ff1\">  </span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>questa<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>voce<span class=\"ff1\">  </span>le<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">interessenze</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">azionarie,</span>  <span class=\"ff3\">non</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">qualificabili</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">di</span>  <span class=\"ff3\">controllo,</span> </span>collegamento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>controllo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>congi<span class=\"_ _0\"></span>unto,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>detenute<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>finalit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>negoziazione,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>cu<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u00e8<span class=\"ff1\"> </span>esercitata<span class=\"ff1\"> </span>l\u2019opzione<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>designazione<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>impatto<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ulla<span class=\"ff1\"> </span>redditiv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span>compless<span class=\"_ _2\"></span>iva.<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>cla<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>ich<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Secondo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>egole<span class=\"ff1\"> <span class=\"_ _2\"></span></span>generali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prev<span class=\"_ _2\"></span>iste<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall\u2019IFRS<span class=\"ff1\"> <span class=\"_ _2\"></span></span>9<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>materia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riclassificazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"_ _2\"></span><span class=\"ff1\"> </span>titoli<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>capitale<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>ammessa<span class=\"ff1\"> </span>alcuna<span class=\"ff1\"> </span>riclassifica.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Successivamente<span class=\"ff1\"> </span>alla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rilevazione<span class=\"ff1\"> </span>iniziale,<span class=\"ff1\"> </span>gli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>str<span class=\"_ _2\"></span>umenti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>capitale<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cui<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>stata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>effettuata<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>celta<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> </span>classificazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nella<span class=\"ff1\"> <span class=\"_ _20\"></span></span>presente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>categoria<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valutati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fair<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>value<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>g<span class=\"_ _2\"></span>li<span class=\"ff1\"> <span class=\"_ _2\"></span></span>import<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rilevati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contr<span class=\"_ _2\"></span>opartita<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> </span>patrimonio<span class=\"ff1\"> </span>netto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(Prospetto<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>redditivit\u00e0<span class=\"ff1\"> </span>complessiva)<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>devono<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>uccessivamente<span class=\"ff1\"> </span>trasferiti<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>conto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">economico,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">neanche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">caso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cessione.<span class=\"ff1\"> </span>L<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sola<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">componente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riferibile<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ai<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">titoli<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">capitale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>questione<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>che<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>oggetto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rilevazione<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>ra<span class=\"_ _2\"></span>ppresentata<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ai<span class=\"ff1\"> </span>relativi<span class=\"ff1\"> </span>dividendi.<span class=\"_ _3bd\"> </span>Il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">v<span class=\"_ _2\"></span>iene<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">determinato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sulla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">base<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">crit<span class=\"_ _2\"></span>eri<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gi\u00e0<span class=\"ff1\"> </span>illu<span class=\"_ _0\"></span>str<span class=\"_ _2\"></span>ati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">p<span class=\"_ _2\"></span>er<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">val<span class=\"_ _2\"></span>utate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>con<span class=\"ff1\"> </span>impatto<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico.<span class=\"_ _3bd\"> </span>Per<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>titoli<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cap<span class=\"_ _2\"></span>itale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"_ _2\"></span>clusi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>questa<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>categoria,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>non<span class=\"ff1\"> <span class=\"_ _20\"></span></span>q<span class=\"_ _2\"></span>uotati<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un<span class=\"ff1\"> <span class=\"_ _21\"></span></span>mercato<span class=\"ff1\"> <span class=\"_ _21\"></span></span>attivo,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>criterio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>costo<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> </span>utilizzato<span class=\"ff1\"> </span>quale<span class=\"ff1\"> </span>stima<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>soltanto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>via<span class=\"ff1\"> </span>residuale<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">limitat<span class=\"_ _2\"></span>amente</span> <span class=\"ff3\">a</span> <span class=\"ff3\">poche</span> <span class=\"ff3\">circostanze,</span> <span class=\"ff3\">ossia</span> <span class=\"ff3\">in<span class=\"_ _3bd\"> </span></span></span>caso<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>non<span class=\"ff1\"> </span>applicabilit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>tutti<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>metodi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> </span>precedent<span class=\"_ _2\"></span>emente<span class=\"ff1\"> </span>richiamati,<span class=\"ff1\"> </span>ovvero<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>presenza<span class=\"ff1\"> </span>di<span class=\"_ _2\"></span><span class=\"ff1\"> </span>un\u2019ampia<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>gamma<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>possibili<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>valutazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fair<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>value,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ambito<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>costo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>appresenta<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>tima<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pi\u00f9<span class=\"ff1\"> </span>sig<span class=\"_ _0\"></span>nif<span class=\"_ _0\"></span>icat<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inanziarie<span class=\"ff1\"> </span>veng<span class=\"_ _0\"></span>ono<span class=\"ff1\"> </span>cancell<span class=\"_ _0\"></span>ate<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>al<span class=\"ff1\"> </span>bilanc<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>solamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">se<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>cessione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">comportat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>sostanziale<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>trasferimento<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>utti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>be<span class=\"_ _0\"></span>nefici<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">connessi<span class=\"ff1\"> </span>alle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> </span>stesse.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Per<span class=\"ff1\"> </span>contro,<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>ualora<span class=\"ff1\"> </span>sia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stat<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ma<span class=\"_ _2\"></span>ntenuta<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>una<span class=\"ff1\"> </span>quota<span class=\"ff1\"> <span class=\"_ _2\"></span></span>part<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>rilevante<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>b<span class=\"_ _2\"></span>enefici<span class=\"ff1\"> </span>relativi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cedute,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>queste<span class=\"ff1\"> <span class=\"_ _2\"></span></span>continuano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ad<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>iscritte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>b<span class=\"_ _0\"></span>ilancio,<span class=\"ff1\"> </span>ancorch\u00e9<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">giuridicamente<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">titolarit\u00e0<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stesse<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span>stata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">effettivamente<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>tras<span class=\"_ _0\"></span>fer<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span>Nel<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>caso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pos<span class=\"_ _2\"></span>sibile<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>accert<span class=\"_ _2\"></span>are<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sostanziale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>trasferimento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>b<span class=\"_ _0\"></span>enefici,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> <span class=\"_ _21\"></span></span>vengono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cancellate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _21\"></span></span>bilancio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>qualora<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>tato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>mantenuto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alcun<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tipo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>controllo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sulle<span class=\"ff1\"> </span>stesse.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>In<span class=\"ff1\"> <span class=\"_ _2\"></span></span>caso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contrario,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conservazione,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>anche<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>parte,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>ale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>controllo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>comporta<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mantenimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"_ _2\"></span><span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>misura<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>coinvolgimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>residuo,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>misurato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall\u2019esposizione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ai</span> <span class=\"ff3\">cam<span class=\"_ _2\"></span>biamenti</span> <span class=\"ff3\">di</span> </span>valore<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>cedute<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>variazioni<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> </span>finanziari<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>stesse.<span class=\"_ _3bd\"> </span>Infine,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziar<span class=\"_ _2\"></span>ie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ce<span class=\"_ _2\"></span>dute<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vengono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cancellate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dal<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> </span>nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">caso<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cui<span class=\"ff1\"> </span>vi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sia</span> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onservazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>diritti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contrattuali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ricevere<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>relativi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cas<span class=\"_ _2\"></span>sa,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contestuale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>as<span class=\"_ _2\"></span>sunzione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un\u2019obb<span class=\"_ _2\"></span>ligazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"_ _2\"></span><span class=\"ff1\"> </span>pagare<span class=\"ff1\"> </span>detti<span class=\"ff1\"> </span>flussi,<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>solo<span class=\"ff1\"> </span>essi,<span class=\"ff1\"> </span>senza<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>ritardo<span class=\"ff1\"> </span>rilevante<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>altri<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>ggetti<span class=\"ff1\"> </span>terzi.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ril<span class=\"_ _0\"></span>ev<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>del<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ual<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>I<span class=\"ff1\"> </span>dividendi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">vengono</span> <span class=\"ff3\">contabilizzat<span class=\"_ _2\"></span>i</span> <span class=\"ff3\">alla</span> <span class=\"_ _0\"></span><span class=\"ff3\">voce<span class=\"ff1\"> </span>\u201cDividendi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rov<span class=\"_ _2\"></span>enti<span class=\"ff1\"> </span>simili\u201d<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>momento<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cui</span> <span class=\"ff3\">sorge</span> <span class=\"ff3\">il</span> <span class=\"ff3\">diritto</span> <span class=\"ff3\">a</span> </span></span></span>ric<span class=\"_ _0\"></span>eve<span class=\"_ _0\"></span>rne<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pa<span class=\"_ _0\"></span>game<span class=\"_ _0\"></span>nto<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ment<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>g<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ut<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o</span> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>erd<span class=\"_ _0\"></span>ite<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>riv<span class=\"_ _0\"></span>anti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">da<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">una<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">va<span class=\"_ _0\"></span>riaz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>fai<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>val<span class=\"_ _0\"></span>ue <span class=\"_ _0\"></span><span class=\"ff3 fs5\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ti<span class=\"_ _0\"></span>toli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">capi<span class=\"_ _0\"></span>tale<span class=\"ff1\"> </span></span></span></span></span></span></span></span>vengono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rilevati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">specifica<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riserva<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">patrimonio<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>etto<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">viene<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riversato<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">economico<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nel<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>caso<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cessione<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>cancellazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>titolo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>capitale.<span class=\"_ _3bd\"> </span>3-<span class=\"_ _3bd\"> </span>At<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>sto<span class=\"_ _3bd\"> </span>am<span class=\"_ _1\"></span>mor<span class=\"_ _0\"></span>tizz<span class=\"_ _1\"></span>ato<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>isc<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>L\u2019iscrizione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">iniziale<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziaria<span class=\"ff1\"> </span>av<span class=\"_ _0\"></span>viene<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">data<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>egolamento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>itoli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ebito<span class=\"ff1\"> </span>ed<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">data<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>erogazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _2\"></span></span>caso<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>crediti.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>All\u2019att<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>ilevazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>iniziale<span class=\"ff1\"> <span class=\"_ _21\"></span></span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span><span class=\"ff3\">att<span class=\"_ _2\"></span>ivit\u00e0</span> <span class=\"_ _2\"></span><span class=\"ff3\">sono</span> <span class=\"_ _20\"></span><span class=\"ff3\">contabilizzate</span> <span class=\"_ _20\"></span><span class=\"ff3\">al</span> <span class=\"_ _20\"></span><span class=\"ff3\">fair</span> <span class=\"_ _21\"></span><span class=\"ff3\">val<span class=\"_ _0\"></span>ue,<span class=\"ff1\"> </span></span></span>comprensivo<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>costi<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>proventi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>transazione<span class=\"ff1\"> </span>direttamente<span class=\"ff1\"> </span>attribuibili<span class=\"ff1\"> </span>allo<span class=\"ff1\"> </span>str<span class=\"_ _2\"></span>umento<span class=\"ff1\"> </span>stesso.<span class=\"_ _3bd\"> </span>In<span class=\"ff1\"> <span class=\"_ _20\"></span></span>par<span class=\"_ _2\"></span>ticolare,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>quel<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>attiene<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _20\"></span></span>crediti,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>data<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>erogazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>normalmente<span class=\"ff1\"> <span class=\"_ _21\"></span></span>coincide<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _21\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>data<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _3bd\"> </span>i<span class=\"ff1\"> </span>sott<span class=\"_ _0\"></span>oscr<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>ntra<span class=\"_ _0\"></span>tto.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Qual<span class=\"_ _0\"></span>ora<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tal<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>oinci<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>nza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>m<span class=\"_ _0\"></span>anife<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sed<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">so<span class=\"_ _0\"></span>ttosc<span class=\"_ _0\"></span>riz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>ntra<span class=\"_ _0\"></span>tt<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pro<span class=\"_ _0\"></span>vved<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>ad<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">iscri<span class=\"_ _0\"></span>vere<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">impe<span class=\"_ _0\"></span>gno<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ad</span> <span class=\"ff3\">e<span class=\"_ _0\"></span>rog<span class=\"_ _0\"></span>are<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fon<span class=\"_ _0\"></span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">chiud<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ata<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">e<span class=\"_ _0\"></span>rog<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fina<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>nto<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">.<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>L\u2019iscrizione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cre<span class=\"_ _2\"></span>dito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">avviene<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ulla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">base<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stes<span class=\"_ _2\"></span>so,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pari<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">all\u2019ammo<span class=\"_ _2\"></span>ntare<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ero<span class=\"_ _2\"></span>gato,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prezzo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">d<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>sottoscrizione,<span class=\"ff1\"> </span>comprensivo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>costi/proventi<span class=\"ff1\"> </span>diretta<span class=\"_ _2\"></span>mente<span class=\"ff1\"> </span>riconducibili<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>singolo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>credito<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>determinabil<span class=\"_ _3bd\"> </span>i<span class=\"ff1\"> </span>sin<span class=\"ff1\"> </span>dall\u2019origine<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>ell\u2019operazione,<span class=\"ff1\"> </span>ancor<span class=\"_ _2\"></span>ch\u00e9<span class=\"ff1\"> </span>liquidati<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> </span>mom<span class=\"_ _2\"></span>ento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>successivo.<span class=\"ff1\"> </span>Sono<span class=\"ff1\"> </span>esclusi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> </span>co<span class=\"_ _2\"></span>sti<span class=\"ff1\"> </span>che,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pu<span class=\"_ _3bd\"> </span>r<span class=\"ff1\"> </span>avendo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>carat<span class=\"_ _2\"></span>teristiche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>suddett<span class=\"_ _2\"></span>e,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>oggetto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rimborso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>da<span class=\"ff1\"> <span class=\"_ _20\"></span></span>parte<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contr<span class=\"_ _2\"></span>oparte<span class=\"ff1\"> <span class=\"_ _20\"></span></span>debitrice<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"ff1\"> </span>inquadrabili<span class=\"ff1\"> </span>tra<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>normali<span class=\"ff1\"> </span>costi<span class=\"ff1\"> </span>interni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>caratter<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">amministrativo.<span class=\"_ _3bd\"> </span></span></span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cl<span class=\"_ _0\"></span>ass<span class=\"_ _1\"></span>ific<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Sono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">incluse<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nella<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">presente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">categoria<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">particolare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziamenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tito<span class=\"_ _2\"></span>li<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">debito)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ch<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>soddisfano<span class=\"ff1\"> </span>entrambe<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>seguenti<span class=\"ff1\"> </span>condizioni:<span class=\"_ _3bd\"> </span> l\u2019<span class=\"_ _0\"></span>atti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ziari<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">po<span class=\"_ _0\"></span>ssedu<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>eco<span class=\"_ _0\"></span>ndo<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>mo<span class=\"_ _0\"></span>dell<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">bus<span class=\"_ _0\"></span>ine<span class=\"_ _0\"></span>ss<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cui<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">obi<span class=\"_ _0\"></span>etti<span class=\"_ _0\"></span>vo<span class=\"ff1\"> </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>onse<span class=\"_ _0\"></span>gui<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>med<span class=\"_ _0\"></span>ian<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>l\u2019<span class=\"_ _0\"></span>inc<span class=\"_ _0\"></span>asso<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">flu<span class=\"_ _0\"></span>ssi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fin<span class=\"_ _0\"></span>anzi<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pre<span class=\"_ _0\"></span>vist<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ontr<span class=\"_ _0\"></span>attu<span class=\"_ _0\"></span>alm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>(B<span class=\"_ _0\"></span>usin<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>s<span class=\"ff1\"> </span>model<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u201cH<span class=\"_ _0\"></span>old<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">to</span> <span class=\"_ _1\"></span><span class=\"ff3\">Colle<span class=\"_ _0\"></span>ct\u201d<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u2013</span> <span class=\"ff3\">\u201cHT<span class=\"_ _0\"></span>C\u201d)<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>e<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span></span></span> i<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>t<span class=\"_ _2\"></span>ermini<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>contra<span class=\"_ _2\"></span>ttuali<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>dell\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>finanziaria<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>prevedono,<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>determinate<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>date,<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>flussi<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>fin<span class=\"_ _2\"></span>anziar<span class=\"_ _3bd\"> </span>i<span class=\"ff1\"> </span>rappresentati<span class=\"ff1\">  </span>unicame<span class=\"_ _0\"></span>nte<span class=\"ff1\">  </span>da<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>pagamenti<span class=\"ff1\">  </span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>capitale<span class=\"ff1\">  </span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dell\u2019interesse<span class=\"ff1\">  </span>sull\u2019importo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\">  </span>capitale<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _3bd\"> </span>a<span class=\"ff1\"> </span>restituire<span class=\"ff1\"> </span>(cd.<span class=\"ff1\"> </span>\u201cSPPI<span class=\"ff1\"> </span>test\u201d<span class=\"ff1\"> </span>superato).<span class=\"_ _3bd\"> </span>Pi\u00f9<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>arti<span class=\"_ _0\"></span>col<span class=\"_ _0\"></span>are,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fo<span class=\"_ _0\"></span>rman<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>og<span class=\"_ _0\"></span>getto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>ile<span class=\"_ _0\"></span>vazi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">que<span class=\"_ _1\"></span>sta<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>oce:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span> gli<span class=\"ff1\"> <span class=\"_ _21\"></span></span>impieghi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>banche<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>n<span class=\"_ _2\"></span>elle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>diverse<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>forme<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tecniche<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>pr<span class=\"_ _2\"></span>esentano<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>requisiti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>pa<span class=\"_ _2\"></span>ragraf<span class=\"_ _3bd\"> </span>o<span class=\"ff1\"> </span>pre<span class=\"_ _0\"></span>ced<span class=\"_ _0\"></span>ente<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span> gli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>impieghi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>clientela<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nelle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>diverse<span class=\"ff1\"> <span class=\"_ _2\"></span></span>for<span class=\"_ _2\"></span>me<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tecniche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ch<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>presentano<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>requisiti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>par<span class=\"_ _0\"></span>agraf<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>pre<span class=\"_ _0\"></span>ced<span class=\"_ _0\"></span>ente<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span> i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tit<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>bito<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ch<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">re<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>siti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cu<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">par<span class=\"_ _0\"></span>agraf<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rece<span class=\"_ _0\"></span>den<span class=\"_ _0\"></span>te.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>inoltr<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>inclusi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>categoria<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>crediti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>funzionamento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>connessi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prestazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>servizi<span class=\"ff1\"> </span>finanziari<span class=\"ff1\"> <span class=\"_ _2\"></span></span>come<span class=\"ff1\"> </span>definiti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dal<span class=\"ff1\"> </span>T.U.B.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>dal<span class=\"ff1\"> <span class=\"_ _2\"></span></span>T.U.F.<span class=\"ff1\"> </span>(ad<span class=\"ff1\"> <span class=\"_ _2\"></span></span>esempio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> </span>distribuzione<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prodotti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziari<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">diservicing).<span class=\"_ _3bd\"> </span></span></span>Ri<span class=\"_ _0\"></span>cla<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>ich<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Secondo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>regole<span class=\"ff1\"> <span class=\"_ _2\"></span></span>g<span class=\"_ _2\"></span>enerali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>previs<span class=\"_ _2\"></span>te<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall\u2019IFRS<span class=\"ff1\"> <span class=\"_ _20\"></span></span>9<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>materia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riclassificazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziarie,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>non<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>ammesse<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riclassifiche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">verso<span class=\"ff1\"> </span>altre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">categorie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>alvo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>caso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>cu<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>l\u2019entit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mo<span class=\"_ _2\"></span>difichi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>pro<span class=\"_ _0\"></span>pri<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>mod<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">bus<span class=\"_ _0\"></span>ine<span class=\"_ _0\"></span>ss<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gesti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">atti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>nanz<span class=\"_ _0\"></span>iarie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"_ _0\"></span><span class=\"ff3\">segu<span class=\"_ _0\"></span>ito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ambi<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">este<span class=\"_ _0\"></span>rni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">quali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">siano<span class=\"ff1\"> </span>rile<span class=\"_ _0\"></span>vanti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">operazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dell'entit\u00e0<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dimostr<span class=\"_ _2\"></span>abili<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">par<span class=\"_ _2\"></span>ti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">est<span class=\"_ _2\"></span>erne.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">In<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cas<span class=\"_ _2\"></span>i,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ci<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">at<span class=\"_ _2\"></span>tende<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>siano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>altamente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>infrequenti,<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"_ _2\"></span>ttivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziarie<span class=\"ff1\"> </span>potranno<span class=\"ff1\"> <span class=\"_ _2\"></span></span>essere<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riclassificate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dalla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>categoria<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valutata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> </span>costo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ammortizzato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>una<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> </span>altre<span class=\"ff1\"> <span class=\"_ _2\"></span></span>due<span class=\"ff1\"> </span>categorie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>previste<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall\u2019<span class=\"_ _0\"></span>IFRS<span class=\"ff1\"> <span class=\"_ _2\"></span></span>9<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(Attivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valutate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fair<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>lue<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>mpatt<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>su<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>redd<span class=\"_ _0\"></span>itiv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ompl<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o</span> <span class=\"ff3\">Attiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">finan<span class=\"_ _0\"></span>ziari<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>tate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al</span> <span class=\"ff3\">f<span class=\"_ _0\"></span>air<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">value<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>impatt<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>economico).<span class=\"ff1\"> </span>Il<span class=\"ff1\"> </span>valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>trasferimento<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>rappresentato<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">momento<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>riclassificazione<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span></span></span></span></span>effetti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riclassificazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">operano<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">maniera<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pros<span class=\"_ _2\"></span>pettica<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">part<span class=\"_ _2\"></span>ire<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dalla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">data<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ric<span class=\"_ _2\"></span>lassificazione.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Gli<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">utili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>rdi<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ris<span class=\"_ _0\"></span>ulta<span class=\"_ _0\"></span>nti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dal<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>ffer<span class=\"_ _0\"></span>enz<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>ra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>osto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">amm<span class=\"_ _0\"></span>orti<span class=\"_ _0\"></span>zz<span class=\"_ _0\"></span>ato<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>'atti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nzia<span class=\"_ _0\"></span>ria<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>lati<span class=\"_ _0\"></span>vo<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>air<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alue<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>ono<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>rilevati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">conto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">economico<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">caso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riclassifica<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valutat<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">impatto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>conto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>economico<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Patrimonio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nett<span class=\"_ _2\"></span>o,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nel<span class=\"_ _0\"></span>l\u2019apposita<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>riserva<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valutazione,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _21\"></span></span>caso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>riclassifica<span class=\"ff1\"> <span class=\"_ _20\"></span></span>t<span class=\"_ _2\"></span>ra<span class=\"ff1\"> <span class=\"_ _21\"></span></span>le<span class=\"ff1\"> </span>Attivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>impatto<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>redditivit\u00e0<span class=\"ff1\"> </span>complessiva.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Successivamente<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>al<span class=\"_ _2\"></span>la<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>rilevazione<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>iniziale,<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>esame<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>valutate<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>costo<span class=\"ff1\"> </span>amm<span class=\"_ _0\"></span>orti<span class=\"_ _0\"></span>zza<span class=\"_ _0\"></span>to,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">utiliz<span class=\"_ _0\"></span>zand<span class=\"_ _1\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>metod<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tasso</span> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">int<span class=\"_ _0\"></span>eres<span class=\"_ _0\"></span>se<span class=\"ff1\"> </span>effe<span class=\"_ _0\"></span>ttiv<span class=\"_ _0\"></span>o.<span class=\"ff1\"> </span>In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">que<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">te<span class=\"_ _0\"></span>rmini<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>l\u2019at<span class=\"_ _0\"></span>tivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>ricon<span class=\"_ _0\"></span>osc<span class=\"_ _0\"></span>iuta<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">am<span class=\"_ _2\"></span>montare<span class=\"ff1\"> </span>pari<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alore<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prima<span class=\"ff1\"> </span>iscrizione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _2\"></span>minuito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span>rimborsi<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>capitale,<span class=\"ff1\"> </span>pi\u00f9<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o</span> <span class=\"_ _0\"></span><span class=\"ff3\">meno<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>l\u2019<span class=\"_ _0\"></span>amm<span class=\"_ _0\"></span>ortam<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>cumul<span class=\"_ _0\"></span>ato<span class=\"ff1\"> </span>(ca<span class=\"_ _0\"></span>lcola<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>col<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>amat<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>me<span class=\"_ _0\"></span>tod<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tasso</span> <span class=\"ff3\">di</span> <span class=\"ff3\">int<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">effe<span class=\"_ _0\"></span>ttiv<span class=\"_ _1\"></span>o<span class=\"_ _2\"></span>)<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>dif<span class=\"_ _0\"></span>feren<span class=\"_ _0\"></span>za<span class=\"ff1\"> </span></span></span></span></span>tra<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tale<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>importo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>iniziale<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">l\u2019import<span class=\"_ _2\"></span>o</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">alla</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">scaden<span class=\"_ _0\"></span>za<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(riconducibile<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tipicamente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ai<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>costi/proventi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>imputati<span class=\"ff1\"> </span></span></span>direttamente<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>singola<span class=\"ff1\"> </span>attivit\u00e0)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>rettificato<span class=\"ff1\"> </span>dell\u2019eventuale<span class=\"ff1\"> </span>fondo<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>copertura<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"ff1\"> </span>perdite<span class=\"ff1\"> </span>attese.<span class=\"ff1\"> </span>I<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> </span></span></span>di<span class=\"ff1\">  </span>interesse<span class=\"ff1\">  </span>ef<span class=\"_ _0\"></span>fett<span class=\"_ _2\"></span>ivo<span class=\"ff1\">  </span>\u00e8<span class=\"ff1\">  </span>i<span class=\"_ _0\"></span>ndividuato<span class=\"_ _2\"></span><span class=\"ff1\">  </span>calcolando<span class=\"ff1\">  </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\">  </span>tasso<span class=\"ff1\">  </span>che<span class=\"ff1\">  </span>eguaglia<span class=\"ff1\">  </span>il<span class=\"ff1\">  </span>valore<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>at<span class=\"_ _2\"></span>tuale<span class=\"ff1\">  </span>dei<span class=\"ff1\">  </span>flussi<span class=\"ff1\">  </span>fu<span class=\"_ _0\"></span>turi<span class=\"_ _2\"></span><span class=\"ff1\"> </span>dell\u2019attivit\u00e0,<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>capi<span class=\"_ _0\"></span>tale<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>ed<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _23\"> </span><span class=\"ff3\">i<span class=\"_ _0\"></span>nteresse,<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>all\u2019<span class=\"_ _0\"></span>ammontar<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>erogato<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>inclusivo<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>costi/proventi<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>ricondotti<span class=\"ff1\"> </span></span></span>all\u2019attivit\u00e0<span class=\"ff1\">  </span>finan<span class=\"_ _0\"></span>ziaria<span class=\"ff1\">  </span>medesima.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Tale<span class=\"ff1\">  </span>modalit\u00e0<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\">  </span>contabilizzaz<span class=\"_ _0\"></span>ione,<span class=\"ff1\">  </span>utili<span class=\"_ _0\"></span>zzando<span class=\"ff1\">  </span>una<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>logica<span class=\"ff1\">  </span>finanziaria,<span class=\"ff1\"> </span>consente<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>d<span class=\"_ _0\"></span>istribuire<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>l\u2019<span class=\"_ _0\"></span>effetto<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>economico<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>cost<span class=\"_ _2\"></span>i/proventi<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>direttamente<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>attribuibili<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>ad<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>un\u2019attivit\u00e0<span class=\"ff1\"> </span>finanziaria<span class=\"ff1\"> </span>lungo<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>sua<span class=\"ff1\"> </span>vita<span class=\"ff1\"> </span>residua<span class=\"ff1\"> </span>attesa.<span class=\"_ _3bd\"> </span>Il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>metodo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>costo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ammortizzato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>non<span class=\"ff1\"> <span class=\"_ _2\"></span></span>viene<span class=\"ff1\"> <span class=\"_ _2\"></span></span>utilizzato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u2013<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valorizzat<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>costo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>storico<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u2013<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cui<span class=\"_ _2\"></span><span class=\"ff1\"> </span>breve<span class=\"ff1\"> <span class=\"_ _20\"></span></span>durata<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fa<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>itenere<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tr<span class=\"_ _2\"></span>ascurabile<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l\u2019effetto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dell\u2019applicazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>logica<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dell\u2019attualizzazione,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _21\"></span></span>quel<span class=\"_ _0\"></span>l<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>senza<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>scadenza<span class=\"ff1\"> </span>definita<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>crediti<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>revoca.<span class=\"_ _3bd\"> </span>I<span class=\"ff1\">  </span>criteri<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\">  </span>valu<span class=\"_ _0\"></span>tazione<span class=\"ff1\">  </span>relativi<span class=\"ff1\">  </span>agli<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>accantonamenti<span class=\"ff1\">  </span>per<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\">  </span>perdite<span class=\"ff1\">  </span>attese<span class=\"ff1\">  </span>sono<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">strettamente</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">connessi</span> </span>all\u2019inclusione<span class=\"ff1\"> </span>degli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>str<span class=\"_ _2\"></span>umenti<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>esame<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>uno<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>ei<span class=\"ff1\"> </span>tr<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>st<span class=\"_ _2\"></span>ages<span class=\"ff1\"> </span>(stadi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>creditizio)<span class=\"ff1\"> </span>prev<span class=\"_ _2\"></span>isti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall\u2019IFRS<span class=\"ff1\"> </span>9,<span class=\"ff1\"> </span>l\u2019ultimo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(Stage<span class=\"ff1\"> <span class=\"_ _2\"></span></span>3)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>com<span class=\"_ _2\"></span>prende<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>deter<span class=\"_ _2\"></span>iorate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>estanti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(Stage<span class=\"ff1\"> <span class=\"_ _2\"></span></span>1<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>2)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>bonis.<span class=\"_ _3bd\"> </span>Con<span class=\"ff1\"> </span>riferimento<span class=\"ff1\"> </span>alla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>appresentazione<span class=\"ff1\"> </span>contabil<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>suddetti<span class=\"ff1\"> </span>ef<span class=\"_ _0\"></span>fetti<span class=\"ff1\"> </span>valutativi,<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rettifiche</span> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> </span>riferite<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span>questa<span class=\"ff1\"> </span>tipologia<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>rilevate<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>Conto<span class=\"ff1\"> </span>Economico:<span class=\"_ _3bd\"> </span> al<span class=\"_ _0\"></span>l\u2019at<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>ll\u2019<span class=\"_ _0\"></span>isc<span class=\"_ _0\"></span>rizi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">iniz<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span>e,<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>mmon<span class=\"_ _0\"></span>tare<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>ari<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">perd<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">at<span class=\"_ _0\"></span>tesa<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"ff3\">d<span class=\"_ _1\"></span>odici<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">me<span class=\"_ _1\"></span>si;<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span> all\u2019atto<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>valutazione<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>successiva<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>dell\u2019att<span class=\"_ _2\"></span>ivit\u00e0,<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>ove<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>creditizio<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>sia<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>risultato<span class=\"ff1\"> </span>significativamente<span class=\"ff1\"> <span class=\"_ _28\"> </span></span>incrementato<span class=\"ff1\"> <span class=\"_ _28\"> </span></span>rispetto<span class=\"ff1\"> <span class=\"_ _2b\"> </span></span>all\u2019<span class=\"_ _0\"></span>iscrizione<span class=\"ff1\"> <span class=\"_ _28\"> </span></span>iniziale,<span class=\"ff1\"> <span class=\"_ _28\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _28\"> </span></span>relazione<span class=\"ff1\"> <span class=\"_ _28\"> </span></span>alle<span class=\"ff1\"> <span class=\"_ _28\"> </span></span>vari<span class=\"_ _2\"></span>azioni<span class=\"ff1\"> </span>dell\u2019ammontare<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>rettifiche<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>perdite<span class=\"ff1\"> </span>attese<span class=\"ff1\"> </span>nei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dodici<span class=\"ff1\"> </span>mesi<span class=\"ff1\"> </span>successivi;<span class=\"_ _3bd\"> </span> al<span class=\"_ _0\"></span>l\u2019at<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>valu<span class=\"_ _0\"></span>tazi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">succes<span class=\"_ _0\"></span>siv<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>dell\u2019<span class=\"_ _0\"></span>atti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0,<span class=\"ff1\"> </span>ove<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">risch<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>cred<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>zio<span class=\"ff1\"> </span>si<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ris<span class=\"_ _0\"></span>ulta<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>sig<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>fica<span class=\"_ _0\"></span>tiva<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>incrementato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rispetto<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>l\u2019iscrizione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"_ _2\"></span>niziale,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>relazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span>rilevazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rettifiche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>perdite<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>attese<span class=\"ff1\"> </span>riferibili<span class=\"ff1\"> </span>all\u2019intera<span class=\"ff1\"> </span>vita<span class=\"ff1\"> </span>residua<span class=\"ff1\"> </span>prevista<span class=\"ff1\"> </span>contr<span class=\"_ _2\"></span>attualmente<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>l\u2019attivit\u00e0;<span class=\"_ _3bd\"> </span> all\u2019atto<span class=\"ff1\">  </span>della<span class=\"ff1\">  </span>valutazione<span class=\"ff1\">  </span>succe<span class=\"_ _0\"></span>ssiva<span class=\"ff1\">  </span>dell\u2019attivit\u00e0,<span class=\"ff1\">  </span>ove<span class=\"ff1\">  </span>\u2013<span class=\"ff1\">  </span>dopo<span class=\"ff1\">  </span>che<span class=\"ff1\">  </span>si<span class=\"ff1\">  </span>\u00e8<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>verificato<span class=\"ff1\">  </span>un<span class=\"ff1\">  </span>inc<span class=\"_ _0\"></span>reme<span class=\"_ _0\"></span>nto<span class=\"_ _3bd\"> </span>sig<span class=\"_ _0\"></span>nif<span class=\"_ _0\"></span>icat<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">risc<span class=\"_ _0\"></span>hio<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">cre<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>rispe<span class=\"_ _0\"></span>tto<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>l\u2019i<span class=\"_ _0\"></span>scri<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>iniz<span class=\"_ _0\"></span>iale<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">\u2013</span> <span class=\"ff3\">la</span> <span class=\"ff3\">\u201csig<span class=\"_ _0\"></span>nifi<span class=\"_ _0\"></span>cat<span class=\"_ _0\"></span>ivit\u00e0<span class=\"_ _0\"></span>\u201d<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tal<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>incr<span class=\"_ _0\"></span>eme<span class=\"_ _0\"></span>nto<span class=\"ff1\"> </span>sia<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span>poi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>venuta<span class=\"ff1\"> <span class=\"_ _2\"></span></span>meno,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>relazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>all\u2019adeguamento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rettifiche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valor<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cumulate<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tener<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"_ _2\"></span>to<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>passaggio<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>perdita<span class=\"ff1\"> </span>attesa<span class=\"ff1\"> </span>lungo<span class=\"ff1\"> </span>l\u2019intera<span class=\"ff1\"> </span>vita<span class=\"ff1\"> </span>residua<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>strumento<span class=\"ff1\"> </span>(\u201clifetime\u201d)<span class=\"ff1\"> </span>ad<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>dodici<span class=\"ff1\"> </span></span></span>me<span class=\"_ _1\"></span>si.<span class=\"_ _0\"></span> Le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> </span>fin<span class=\"_ _0\"></span>anziarie<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esame,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ove<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risultino<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">bonis,</span> <span class=\"_ _1\"></span><span class=\"ff3\">sono<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sottoposte<span class=\"ff1\"> </span>ad<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">una<span class=\"ff1\"> </span>valutazione,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">volta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>defi<span class=\"_ _0\"></span>nire<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>rettifiche<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>val<span class=\"_ _0\"></span>ore<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rilevare<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"></span></span>bil<span class=\"_ _0\"></span>ancio,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>livello<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>ingolo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rapp<span class=\"_ _0\"></span>ort<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>creditizi<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>(o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u201ctranche\u201d<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>titolo),<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"_ _0\"></span><span class=\"ff1\"> </span>funzione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>parametri<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>appresentati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>da<span class=\"ff1\"> <span class=\"_ _21\"></span></span>probabili<span class=\"_ _0\"></span>ty<span class=\"ff1\"> <span class=\"_ _21\"></span></span>of<span class=\"ff1\"> <span class=\"_ _20\"></span></span>default<span class=\"ff1\"> <span class=\"_ _21\"></span></span>(P<span class=\"_ _0\"></span>D),<span class=\"ff1\"> <span class=\"_ _21\"></span></span>loss<span class=\"ff1\"> <span class=\"_ _20\"></span></span>given<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>efault<span class=\"ff1\"> <span class=\"_ _21\"></span></span>(LGD)<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ed<span class=\"ff1\"> </span>exposure<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>at<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>default<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(EAD),<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>derivati<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>ai<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>modelli<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>AIRB<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>op<span class=\"_ _2\"></span>portunamente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>corretti<span class=\"ff1\">  </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tener<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>conto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>delle<span class=\"ff1\"> </span>previsioni<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>principio<span class=\"ff1\"> </span>contabile<span class=\"ff1\"> </span>IFRS<span class=\"ff1\"> </span>9.<span class=\"_ _3bd\"> </span>Se,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">olt<span class=\"_ _2\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ad<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">incremento<span class=\"ff1\"> </span>significativo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">credito,<span class=\"ff1\"> </span>si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riscont<span class=\"_ _2\"></span>rano<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>nche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">oggettive<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">evidenze<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>perdita<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valore,<span class=\"ff1\"> </span>l\u2019importo<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>perdi<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>viene<span class=\"ff1\"> </span>misurat<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ifferenza<span class=\"ff1\"> </span>tra<span class=\"_ _2\"></span><span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> </span>contabile<span class=\"ff1\"> </span>dell\u2019attivit\u00e0<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> </span></span></span>classificata<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">com<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u201cdeteriorat<span class=\"_ _2\"></span>a\u201d,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pari<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tutti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alt<span class=\"_ _2\"></span>ri<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>apporti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">intercorrenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">medesima<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contr<span class=\"_ _2\"></span>oparte<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u2013<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>attuale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>futuri<span class=\"ff1\"> <span class=\"_ _20\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziari<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>timati,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>scontati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tasso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>interesse<span class=\"ff1\"> <span class=\"_ _2\"></span></span>effettivo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>originario.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>In<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>ale<span class=\"ff1\"> </span>contesto,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>stata<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sviluppata<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>specifica<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>metodologia<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>trattamento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cont<span class=\"_ _2\"></span>abile<span class=\"ff1\"> <span class=\"_ _21\"></span></span>da<span class=\"ff1\"> <span class=\"_ _21\"></span></span>applicare<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ad<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>un<span class=\"_ _3bd\"> </span><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs46f\">portafoglio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">posizioni<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sofferenza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che,<span class=\"ff1\"> </span>avend<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>maturato<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vintage<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">significativo,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vengono<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anche<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs470\">in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>un\u2019ot<span class=\"_ _2\"></span>tica<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cessione.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Tale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>metodologia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>considera<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>diversi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>scenari<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>stima<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>recuperabile<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs471\">esposizioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>base<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>combinazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>all<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>probabilit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"_ _2\"></span>ccadimento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ta<span class=\"_ _2\"></span>li<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>cenari,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>oltre<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>elativi<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs472\">flussi<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cas<span class=\"_ _2\"></span>sa<span class=\"ff1\"> </span>stimati.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Rientrano<span class=\"ff1\"> </span>nell\u2019ambito<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> </span>deteriorate<span class=\"ff1\"> </span>g<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziari<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>quali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span>stato<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs473\">attribuito<span class=\"ff1\"> </span>lo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>status<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sofferenza,<span class=\"ff1\"> </span>inadempienza<span class=\"ff1\"> </span>probabile<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>caduto/sconfinante<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>oltre<span class=\"ff1\"> </span>nov<span class=\"_ _2\"></span>anta<span class=\"ff1\"> </span>giorni<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs474\">secondo<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>regole<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Banca<span class=\"ff1\"> </span>d\u2019Italia,<span class=\"ff1\"> </span>coerenti<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>normativa<span class=\"ff1\"> </span>IAS/IFRS<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Vigilanza<span class=\"ff1\"> </span>europea.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs475\">I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">flussi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cassa<span class=\"ff1\"> </span>prev<span class=\"_ _0\"></span>isti<span class=\"ff1\"> </span>tengono<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>tempi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>recupero<span class=\"ff1\"> </span>attesi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>presumibile<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">realizzo<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs476\">eventuali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">garanzie.<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs477\">Il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>tasso<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>effettivo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>originario<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ci<span class=\"_ _2\"></span>ascuna<span class=\"ff1\"> <span class=\"_ _21\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rimane<span class=\"ff1\"> <span class=\"_ _21\"></span></span>invariato<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff3\">tempo</span> <span class=\"_ _21\"> </span><span class=\"ff3\">ancorch\u00e9</span> <span class=\"_ _21\"></span><span class=\"ff3\">sia</span> <span class=\"_ _21\"></span><span class=\"ff3\">intervenuta</span> <span class=\"_ _21\"></span><span class=\"ff3\">una</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs478\">ristrutturazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>rapporto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> </span>abb<span class=\"_ _0\"></span>ia<span class=\"ff1\"> </span>com<span class=\"_ _2\"></span>portato<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>variazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contrattuale<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>anche<span class=\"ff1\"> </span>qualora<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs479\">rapporto<span class=\"ff1\"> </span>divenga,<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>pratica,<span class=\"ff1\"> </span>infruttifero<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>interessi<span class=\"ff1\"> </span>cont<span class=\"_ _2\"></span>rattuali.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs47a\">Qualora<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">motivi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>ella<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perdita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">v<span class=\"_ _2\"></span>alore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>iano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rimossi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">seguito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">evento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">verificatosi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">successivamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs47b\">rilevazione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>riduzione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>valore,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>vengono<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>effettuate<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>riprese<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>imputazione<span class=\"ff1\">  </span>a<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>Conto<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs47c\">Economico.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>La<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ripresa<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>pu\u00f2<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>eccede<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">costo</span> <span class=\"_ _27\"> </span><span class=\"ff3\">ammortizzato</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">l<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>strumento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>finanziario<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs47d\">avrebbe<span class=\"ff1\"> </span>avuto<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>assenza<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>precedenti<span class=\"ff1\"> </span>rett<span class=\"_ _2\"></span>ifiche.<span class=\"ff1\"> </span>I<span class=\"ff1\"> </span>ripristini<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>connessi<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>trascorrere<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>tempo<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs47e\">sono<span class=\"ff1\"> </span>appostati<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>margine<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>interesse.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs47f\">In<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alcuni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>casi,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>urante<span class=\"ff1\"> <span class=\"_ _21\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>vita<span class=\"ff1\"> <span class=\"_ _21\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>esame<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>particolare,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>crediti,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>condizioni<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs480\">contrattuali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"_ _2\"></span>riginarie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">oggett<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">successiva<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">modifica<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">volont\u00e0<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">parti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contratto<span class=\"_ _2\"></span>.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Quando,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs481\">corso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>vita<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>uno<span class=\"ff1\"> <span class=\"_ _20\"></span></span>st<span class=\"_ _2\"></span>rumento,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>clausole<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">contrattuali</span> <span class=\"_ _20\"></span><span class=\"ff3\">sono</span> <span class=\"_ _20\"></span><span class=\"ff3\">oggetto<span class=\"_ _2\"></span></span> <span class=\"_ _20\"></span><span class=\"ff3\">di</span> <span class=\"_ _20\"></span><span class=\"ff3\">m<span class=\"_ _2\"></span>odifica</span> <span class=\"_ _20\"></span><span class=\"ff3\">occorre</span> <span class=\"_ _21\"></span><span class=\"ff3\">verifi<span class=\"_ _0\"></span>care<span class=\"ff1\"> <span class=\"_ _21\"></span></span>se<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs482\">l\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>originaria<span class=\"ff1\"> <span class=\"_ _2\"></span></span>deve<span class=\"ff1\"> <span class=\"_ _2\"></span></span>continuare<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _2\"></span></span>essere<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rilevata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>bilancio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>se,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contr<span class=\"_ _2\"></span>ario,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>lo<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>trumento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>originario<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs483\">deve<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>esser<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>oggetto<span class=\"_ _2\"></span><span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\">  </span>cancellazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dal<span class=\"ff1\">  </span>bilancio<span class=\"ff1\">  </span>(</div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs484\">derecognition</div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs485\">)<span class=\"ff1\">  </span>e<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">debba</span>  <span class=\"ff3\">e<span class=\"_ _0\"></span>ssere<span class=\"ff1\">  </span>rilevato<span class=\"ff1\">  </span>un<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nuovo<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs486\">strumento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziario.<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs487\">In<span class=\"ff1\"> </span>gen<span class=\"_ _0\"></span>erale,<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>modifiche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>un\u2019attivit\u00e0<span class=\"ff1\"> </span>finanziaria<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">conducono<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>cancell<span class=\"_ _0\"></span>azione<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>stessa<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>d<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>l\u2019iscrizione<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs488\">di<span class=\"ff1\"> </span>una<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nuova<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quando<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>no<span class=\"ff1\"> </span>\u201c<span class=\"_ _2\"></span>sostanziali\u201d.<span class=\"ff1\"> </span>La<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valutazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>circa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> </span>\u201c<span class=\"_ _2\"></span>sostanzialit\u00e0\u201d<span class=\"ff1\"> </span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>modifica<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>eve<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs489\">essere<span class=\"ff1\"> </span>effettuata<span class=\"ff1\"> </span>conside<span class=\"_ _0\"></span>rando<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span>elementi<span class=\"ff1\"> </span>qualitativi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sia<span class=\"ff1\"> </span>elementi<span class=\"ff1\"> </span>quantitativi.<span class=\"ff1\"> </span>In<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alcuni<span class=\"ff1\"> </span>casi,<span class=\"ff1\"> </span>infatti,<span class=\"ff1\"> </span>potr\u00e0<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs48a\">risultare<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>chiaro,<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>senza<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>ricorso<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>complesse<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>analisi,<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>cambiamenti<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>intro<span class=\"_ _2\"></span>dotti<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>modificano<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs48b\">sostanzialmente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>caratterist<span class=\"_ _2\"></span>iche<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span><span class=\"ff3\">e/o</span> <span class=\"_ _2\"></span><span class=\"ff3\">i</span> <span class=\"_ _20\"></span><span class=\"ff3\">flussi</span> <span class=\"_ _20\"></span><span class=\"ff3\">contrattuali</span> <span class=\"_ _20\"></span><span class=\"ff3\">di</span> <span class=\"_ _2\"></span><span class=\"ff3\">una</span> <span class=\"_ _20\"></span><span class=\"ff3\">determinata</span> <span class=\"_ _20\"></span><span class=\"ff3\">attivit\u00e0</span> <span class=\"_ _20\"></span><span class=\"ff3\">mentre,</span> <span class=\"_ _2\"></span><span class=\"ff3\">in</span> <span class=\"_ _20\"></span><span class=\"ff3\">altri</span> <span class=\"_ _20\"></span><span class=\"ff3\">casi,</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs48c\">dovranno<span class=\"ff1\"> <span class=\"_ _2\"></span></span>essere<span class=\"ff1\"> </span>svolte<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ulteriori<span class=\"ff1\"> <span class=\"_ _2\"></span></span>analisi<span class=\"ff1\"> </span>(anche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>tipo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quantitativo)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>apprezzare<span class=\"ff1\"> </span>gli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>effetti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>stesse<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs48d\">verificare<span class=\"ff1\"> <span class=\"_ _21\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>necessit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>procedere<span class=\"ff1\"> <span class=\"_ _21\"></span></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>meno<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>cancellazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dell\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ed<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"_ _2\"></span>lla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>iscrizione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nuovo<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs48e\">strumento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziario.<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs48f\">Le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>analisi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(q<span class=\"_ _2\"></span>uali-quantitative)<span class=\"ff1\"> <span class=\"_ _21\"></span></span>volte<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>defini<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u201csostanzialit\u00e0\u201d<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>modifiche<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contrattuali<span class=\"ff1\"> <span class=\"_ _21\"></span></span>apportate<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ad<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs490\">un\u2019attivit\u00e0<span class=\"ff1\"> </span>finanziaria,<span class=\"ff1\"> </span>dovranno<span class=\"ff1\"> </span>pertanto<span class=\"ff1\"> </span>considerare:<span class=\"_ _3bd\"> </span> </div><div class=\"t m6 h13 ff6 fs5 fc0 sc0 ls0 ws0 gs491\"> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs492\">le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fin<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>pe<span class=\"_ _1\"></span>r<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mod<span class=\"_ _0\"></span>ific<span class=\"_ _0\"></span>he<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">state<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span>ffe<span class=\"_ _0\"></span>ttua<span class=\"_ _0\"></span>te:<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>d<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>semp<span class=\"_ _0\"></span>io,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rin<span class=\"_ _0\"></span>egoz<span class=\"_ _0\"></span>iaz<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>motiv<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ommerc<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs493\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>cess<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>dif<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>olt<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>nanz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>ntro<span class=\"_ _0\"></span>par<span class=\"_ _0\"></span>te:<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></div><div class=\"t m6 h13 ff6 fs5 fc0 sc0 ls0 ws0 gs494\"> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs495\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prime,<span class=\"ff1\"> </span>volte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>\u201ctrattenere\u201d<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>cliente,<span class=\"ff1\"> </span>vedono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">coinvolto<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>debitore<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>he<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">versa<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">situazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs496\">di<span class=\"_ _0\"></span>ffi<span class=\"_ _0\"></span>colt\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fina<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>a.<span class=\"ff1\"> </span>In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">que<span class=\"_ _0\"></span>sta<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>asist<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>inc<span class=\"_ _0\"></span>luse<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tut<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>le<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">operaz<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rine<span class=\"_ _0\"></span>gozi<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>olte<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs497\">ad<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">adeg<span class=\"_ _0\"></span>uare<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">l\u2019o<span class=\"_ _0\"></span>nero<span class=\"_ _0\"></span>sit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">debi<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>alle<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">co<span class=\"_ _0\"></span>ndiz<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">me<span class=\"_ _0\"></span>rca<span class=\"_ _0\"></span>to.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Tali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">oper<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ompo<span class=\"_ _0\"></span>rtan<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>una<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">variaz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs498\">delle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>condizioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>originarie<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>contratto,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>olitamente<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>richieste<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>debitore,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">attiene</span> <span class=\"_ _27\"> </span><span class=\"ff3\">ad</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">aspetti</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs499\">connessi<span class=\"ff1\"> </span>alla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>onerosit\u00e0<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>debito<span class=\"_ _2\"></span>,<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>conseguente<span class=\"ff1\"> </span>beneficio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>economico<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>debitore<span class=\"ff1\"> </span>stesso.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>In<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49a\">linea<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>generale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>itiene<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>che,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>o<span class=\"_ _2\"></span>gniqualvolta<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>banca<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>effettui<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>u<span class=\"_ _2\"></span>na<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rinegoziazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fine<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"_ _2\"></span>vitare<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49b\">pe<span class=\"_ _0\"></span>rde<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">prop<span class=\"_ _0\"></span>rio<span class=\"ff1\"> </span>cl<span class=\"_ _0\"></span>ien<span class=\"_ _0\"></span>te,<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>ale<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>neg<span class=\"_ _0\"></span>ozi<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>bba<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">essere<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span>side<span class=\"_ _1\"></span>rata<span class=\"ff1\"> </span>com<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>sos<span class=\"_ _0\"></span>tanz<span class=\"_ _0\"></span>iale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">quanto<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>ov<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49c\">non<span class=\"ff1\"> </span>fosse<span class=\"ff1\"> </span>effettuata,<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>cliente<span class=\"ff1\"> </span>potrebbe<span class=\"ff1\"> </span>finanziarsi<span class=\"ff1\"> </span>presso<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>altro<span class=\"ff1\"> </span>intermediario<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>banca<span class=\"ff1\"> </span>subirebbe<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49d\">un<span class=\"ff1\"> </span>decremento<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>ricavi<span class=\"ff1\"> </span>futuri<span class=\"ff1\"> </span>previsti;<span class=\"_ _3bd\"> </span> </div><div class=\"t m6 h13 ff6 fs5 fc0 sc0 ls0 ws0 gs49e\"> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49f\">le<span class=\"ff1\"> </span>seconde,<span class=\"ff1\"> </span>effettuate<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u201cragioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>creditizio\u201d<span class=\"ff1\"> </span>(misure<span class=\"_ _2\"></span><span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>forbearance),<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riconducibili<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a0\">tentativo<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>banca<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>massimizzare<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>recovery<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>cash<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">flow<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span>cred<span class=\"_ _0\"></span>ito<span class=\"ff1\"> </span>originario.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischi<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i</span> <span class=\"_ _1\"></span><span class=\"ff3\">benefici<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a1\">sottostanti,<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>successivamente<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>alle<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>modifiche,<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>norma,<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>sostanzialmente<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>t<span class=\"_ _2\"></span>rasferiti<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>e,<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a2\">conseguentemente,<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rappresentazione<span class=\"ff1\"> </span>contabile<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>offre<span class=\"ff1\"> </span>informazioni<span class=\"ff1\"> </span>pi\u00f9<span class=\"ff1\"> </span>rilevanti<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>lettor<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a3\">bilancio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>(salvo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quanto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dir\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>eguito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span></span>tema<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>elementi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>oggettivi),<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quella<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>effettuata<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tramite<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a4\">\u201cmodification<span class=\"ff1\"> <span class=\"_ _20\"></span></span>accounting\u201d<span class=\"ff1\"> <span class=\"_ _21\"></span></span>-<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>implica<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rilevazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>conto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>economico<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>differenza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tr<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valore<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a5\">contabile<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>valore<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attuale<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>flu<span class=\"_ _2\"></span>ssi<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cassa<span class=\"ff1\"> </span>modificati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>scontati<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>interesse<span class=\"ff1\"> </span>or<span class=\"_ _2\"></span>iginario<span class=\"ff1\"> </span>-<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a6\">tramite<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>derecognition;<span class=\"_ _3bd\"> </span> </div><div class=\"t m6 h13 ff6 fs5 fc0 sc0 ls0 ws0 gs4a7\"> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a8\">la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>presenza<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>specifici<span class=\"ff1\"> <span class=\"_ _20\"></span></span>el<span class=\"_ _2\"></span>ementi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>oggettivi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>(\u201ctrigger\u201d)<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"_ _2\"></span>ncidono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sulle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">caratteristiche</span> <span class=\"_ _20\"></span><span class=\"ff3\">e/o</span> <span class=\"_ _21\"></span><span class=\"ff3\">sui</span> <span class=\"_ _20\"></span><span class=\"ff3\">flussi</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a9\">contrattuali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dello<span class=\"ff1\"> <span class=\"_ _20\"></span></span>str<span class=\"_ _2\"></span>umento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziario<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(quali,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>solo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>titolo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>es<span class=\"_ _2\"></span>empio,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cambiamento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>divisa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4aa\">modifica<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> </span>tipologia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>esposti,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ove<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span>correli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>parametri<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">equity<span class=\"_ _2\"></span><span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">commodity),</span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ab\">ch<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>riti<span class=\"_ _0\"></span>ene<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">compo<span class=\"_ _0\"></span>rtin<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>derec<span class=\"_ _0\"></span>ogn<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>side<span class=\"_ _0\"></span>raz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">loro</span> <span class=\"ff3\">im<span class=\"_ _0\"></span>patt<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>(att<span class=\"_ _0\"></span>eso<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>me<span class=\"ff1\"> </span>si<span class=\"_ _0\"></span>gnif<span class=\"_ _0\"></span>icat<span class=\"_ _0\"></span>ivo)<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ac\">sui<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> </span>contrattuali<span class=\"ff1\"> </span>originari.<span class=\"_ _3bd\"> </span> </div>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inanziarie<span class=\"ff1\"> </span>veng<span class=\"_ _0\"></span>ono<span class=\"ff1\"> </span>cancell<span class=\"_ _0\"></span>ate<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>al<span class=\"ff1\"> </span>bilanc<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>solamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">se<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>cessione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">comportat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>sostanzial<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>trasferimento<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>utti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>be<span class=\"_ _0\"></span>nefici<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">connessi<span class=\"ff1\"> </span>alle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> </span>stesse.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Per<span class=\"ff1\"> </span>contro,<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>ualora<span class=\"ff1\"> </span>sia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stat<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ma<span class=\"_ _2\"></span>ntenut<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>una<span class=\"ff1\"> </span>quota<span class=\"ff1\"> <span class=\"_ _2\"></span></span>part<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>rilevante<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>b<span class=\"_ _2\"></span>enefici<span class=\"ff1\"> </span>relativi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cedute,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>queste<span class=\"ff1\"> <span class=\"_ _2\"></span></span>continuano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"_ _3bd\"> </span>essere<span class=\"ff1\"> </span>iscritte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>b<span class=\"_ _0\"></span>ilancio,<span class=\"ff1\"> </span>ancorch\u00e9<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">giuridicamente<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">titolarit\u00e0<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stesse<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span>stata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">effettivament<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>tras<span class=\"_ _0\"></span>fer<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span>Nel<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>caso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pos<span class=\"_ _2\"></span>sibile<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>accert<span class=\"_ _2\"></span>are<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sostanziale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>trasferimento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>b<span class=\"_ _0\"></span>enefici,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>at<span class=\"_ _2\"></span>tivit<span class=\"_ _3bd\"> </span>finanziarie<span class=\"ff1\"> <span class=\"_ _21\"></span></span>vengono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cancellate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _21\"></span></span>bilancio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>qualora<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>tato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>mantenuto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alcun<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tipo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>controllo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sull<span class=\"_ _3bd\"> </span>stesse.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>In<span class=\"ff1\"> <span class=\"_ _2\"></span></span>caso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contrario,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conservazione,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>anche<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>parte,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>ale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>controllo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>comporta<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mantenimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"_ _3bd\"> </span>n<span class=\"_ _3bd\"> </span>bilancio<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>misura<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>coinvolgimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>residuo,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>misurato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall\u2019esposizione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ai</span> <span class=\"ff3\">cam<span class=\"_ _2\"></span>biamenti</span> </span><span class=\"ff1\"><span class=\"ff3\">d<span class=\"_ _3bd\"> </span></span></span>valore<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>cedute<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>variazioni<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> </span>finanziari<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>stesse.<span class=\"_ _3bd\"> </span>Infine,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziar<span class=\"_ _2\"></span>ie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ce<span class=\"_ _2\"></span>dute<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vengono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cancellate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dal<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> </span>nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">caso<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cui<span class=\"ff1\"> </span>vi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sia</span> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onservazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">d<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">e<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>diritti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contrattuali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ricevere<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>relativi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cas<span class=\"_ _2\"></span>sa,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contestuale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>as<span class=\"_ _2\"></span>sunzione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un\u2019obb<span class=\"_ _2\"></span>ligazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"_ _3bd\"> </span>pagare<span class=\"ff1\"> </span>detti<span class=\"ff1\"> </span>flussi,<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>solo<span class=\"ff1\"> </span>essi,<span class=\"ff1\"> </span>senza<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>ritardo<span class=\"ff1\"> </span>rilevante<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>altri<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>ggetti<span class=\"ff1\"> </span>terzi.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ril<span class=\"_ _0\"></span>ev<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>del<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ual<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>L\u2019allocazione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>componenti<span class=\"ff1\"> </span>reddituali<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> </span>pertinenti<span class=\"ff1\"> </span>voci<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>conto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>economico<span class=\"ff1\"> </span>avviene<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>quanto<span class=\"ff1\"> </span>riportato<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>seguito:<span class=\"_ _3bd\"> </span> Gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>ress<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ttivi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>red<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> </span>ti<span class=\"_ _0\"></span>tol<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>eng<span class=\"_ _0\"></span>ono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">all<span class=\"_ _0\"></span>ocati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ne<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">voce<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u201cI<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">atti<span class=\"_ _0\"></span>vi<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>rove<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ass<span class=\"_ _0\"></span>imil<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>\u201d<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ompe<span class=\"_ _0\"></span>tenz<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ulla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">b<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">t<span class=\"_ _0\"></span>asso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>resse<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span>ffe<span class=\"_ _0\"></span>ttiv<span class=\"_ _0\"></span>o;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span> Gli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">utili<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">perdite<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cessione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">crediti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">titoli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vengono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">allocat<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nella<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">voce<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u201cUtili<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(perdite)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cess<span class=\"_ _2\"></span>ion<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>o<span class=\"ff1\"> </span>riacquisto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>costo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ammortizzato\u201d;<span class=\"_ _3bd\"> </span> Le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rettifiche<span class=\"ff1\"> <span class=\"_ _21\"></span></span>da<span class=\"ff1\"> <span class=\"_ _20\"></span></span>impairment,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>perdite<span class=\"ff1\"> <span class=\"_ _21\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cancellazioni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>riprese<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>credi<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tito<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span>vengono<span class=\"ff1\"> </span>allocate<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span>voce<span class=\"ff1\"> </span>\u201cRettifiche/riprese<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> </span>nette<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">credito<span class=\"ff1\"> </span>relativo<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ttivit<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">\u00e0<span class=\"ff1\"> </span></span></span></span></span>finanziarie<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>costo<span class=\"ff1\"> </span>ammort<span class=\"_ _2\"></span>izzato\u201d.<span class=\"_ _3bd\"> </span> Gli<span class=\"ff1\"> </span>interessi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dovuti<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>trascorrere<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tempo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contabilizzati<span class=\"ff1\"> </span>nella<span class=\"ff1\"> <span class=\"_ _2\"></span></span>voce<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u201cInteressi<span class=\"ff1\"> </span>att<span class=\"_ _2\"></span>ivi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>prove<span class=\"_ _0\"></span>nti<span class=\"_ _3bd\"> </span>ass<span class=\"_ _0\"></span>imi<span class=\"_ _0\"></span>lat<span class=\"_ _0\"></span>i\u201d.<span class=\"_ _3bd\"> </span>4-<span class=\"_ _3bd\"> </span>Op<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rtu<span class=\"_ _1\"></span>ra<span class=\"fc0 sc1\"> </span>Il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Gruppo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>avvale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>facolt\u00e0,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>previs<span class=\"_ _2\"></span>ta<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sede<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>introduzione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>d<span class=\"_ _2\"></span>ell\u2019IFRS<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>9,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>continuare<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ad<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>applicar<span class=\"_ _3bd\"> </span>integralmente<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>previsioni<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>principio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>contabile<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>IAS<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>39<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tema<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u201c<span class=\"_ _2\"></span>hedge<span class=\"ff1\"> <span class=\"_ _21\"></span></span>accounting\u201d<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>(nella<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>versione<span class=\"ff1\"> </span>carved<span class=\"ff1\"> <span class=\"_ _21\"></span></span>out<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>omologata<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dalla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Commissione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Europea)<span class=\"ff1\"> <span class=\"_ _21\"></span></span>per<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ogni<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tipologia<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>copertura<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>(sia<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>copertur<span class=\"_ _3bd\"> </span>specifiche<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>macro<span class=\"ff1\"> </span>coperture).<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>isc<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Gli<span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> </span>derivati<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>copertura,<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tutt<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>derivati,<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>inizialmente<span class=\"ff1\"> </span>iscritti<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>successivamente<span class=\"ff1\"> </span>misurati<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cla<span class=\"_ _1\"></span>ssi<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e:<span class=\"_ _3bd\"> </span>ti<span class=\"_ _0\"></span>pol<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>ia<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rtu<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>operazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>copert<span class=\"_ _2\"></span>ura<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>finalizzate<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>neutralizzare<span class=\"ff1\"> <span class=\"_ _21\"></span></span>potenziali<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>variazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>f<span class=\"_ _2\"></span>air<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>value<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>o<span class=\"_ _3bd\"> </span>variazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>cass<span class=\"_ _2\"></span>a,<span class=\"ff1\"> </span>at<span class=\"_ _2\"></span>tribuibil<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> </span>determ<span class=\"_ _2\"></span>inato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rilevabili<span class=\"ff1\"> </span>su<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>determinato<span class=\"ff1\"> </span>elemento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> </span>gruppo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>elementi,<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>caso<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>quel<span class=\"ff1\"> </span>particolare<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>dovesse<span class=\"ff1\"> </span>effettivamente<span class=\"ff1\"> </span>manifestar<span class=\"_ _2\"></span>si.<span class=\"_ _3bd\"> </span>Le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ti<span class=\"_ _0\"></span>polo<span class=\"_ _0\"></span>gie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">cope<span class=\"_ _0\"></span>rtu<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">util<span class=\"_ _0\"></span>izz<span class=\"_ _0\"></span>ate<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ono<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">segue<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span> copertura<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fa<span class=\"_ _2\"></span>ir<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019obiett<span class=\"_ _2\"></span>ivo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">coprire<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019esposizione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alla<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">variazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valu<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(attr<span class=\"_ _2\"></span>ibuibile<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>ll<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>diverse<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tipologie<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>ischio)<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>passivit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>iscritte<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>bi<span class=\"_ _2\"></span>lancio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>porzioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>esse,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>gruppi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>d<span class=\"_ _3bd\"> </span>attivit\u00e0/passivit\u00e0,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>impegni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>irrevocabili<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>portafogli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pass<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziarie,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>incl<span class=\"_ _2\"></span>usi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cor<span class=\"_ _3bd\"> </span>dep<span class=\"_ _0\"></span>osi<span class=\"_ _0\"></span>ts,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">com<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>conse<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>dall<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>IAS<span class=\"ff1\"> </span>39<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">omol<span class=\"_ _0\"></span>oga<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>dall<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>Commi<span class=\"_ _0\"></span>ssio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>Euro<span class=\"_ _0\"></span>pea<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>Le<span class=\"ff1\"> </span>cope<span class=\"_ _0\"></span>rture<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">gener<span class=\"_ _0\"></span>ich<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>(\u201cmacro<span class=\"ff1\"> </span>hedge\u201d)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">hanno<span class=\"ff1\"> </span>l\u2019obiettivo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ridurre<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">oscill<span class=\"_ _2\"></span>azioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value,<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>mputabili<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>rischi<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>t<span class=\"_ _2\"></span>asso<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>interesse,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>un<span class=\"ff1\"> <span class=\"_ _20\"></span></span>imp<span class=\"_ _2\"></span>orto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>monetario,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>riveni<span class=\"_ _0\"></span>ente<span class=\"ff1\"> <span class=\"_ _21\"></span></span>da<span class=\"ff1\"> <span class=\"_ _21\"></span></span>un<span class=\"ff1\"> <span class=\"_ _20\"></span></span>port<span class=\"_ _2\"></span>afoglio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>passivit<span class=\"_ _3bd\"> </span>finanziarie.<span class=\"ff1\"> </span>Non<span class=\"ff1\"> </span>possono<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>ogg<span class=\"_ _0\"></span>etto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>copertura<span class=\"ff1\"> </span>generica<span class=\"ff1\"> </span>importi<span class=\"ff1\"> </span>netti<span class=\"ff1\"> </span>derivanti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dallo<span class=\"ff1\"> </span>sbilancio<span class=\"ff1\"> </span>d<span class=\"_ _3bd\"> </span></span></span>attivit\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>passivit\u00e0;<span class=\"_ _3bd\"> </span> copertura<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">flussi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziari:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"ff1\"> </span>l\u2019obiettivo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">coprire<span class=\"ff1\"> </span>l\u2019e<span class=\"_ _0\"></span>sposizione<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">variazioni<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">flussi<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cassa<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>utu<span class=\"_ _0\"></span>ri<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>attribuibili<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>particolari<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>asso<span class=\"_ _2\"></span>ciati<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>poste<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>bilancio.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Tale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tipologia<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>copertur<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>utilizzat<span class=\"_ _3bd\"> </span>essenzialmente<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>tabilizzare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>flusso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>inter<span class=\"_ _2\"></span>essi<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>accolta<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> </span>tas<span class=\"_ _2\"></span>so<span class=\"ff1\"> </span>variabile<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>m<span class=\"_ _2\"></span>isura<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cu<span class=\"_ _3bd\"> </span>quest\u2019ultima<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanzia<span class=\"ff1\"> </span>impieghi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tasso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fisso.<span class=\"ff1\"> </span>In<span class=\"ff1\"> <span class=\"_ _2\"></span></span>talune<span class=\"ff1\"> </span>circost<span class=\"_ _2\"></span>anze,<span class=\"ff1\"> </span>analoghe<span class=\"ff1\"> <span class=\"_ _2\"></span></span>operazioni<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>poste<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"_ _3bd\"> </span>essere<span class=\"ff1\"> </span>relativamente<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>alcune<span class=\"ff1\"> </span>tipologie<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>impieghi<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>variabil<span class=\"_ _0\"></span>e.<span class=\"_ _3bd\"> </span><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4f6\">Solo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>gli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>strumenti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>coin<span class=\"_ _2\"></span>volgono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>contr<span class=\"_ _2\"></span>oparte<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>esterna<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Gruppo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>pos<span class=\"_ _2\"></span>sono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>essere<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>designat<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>come<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4f7\">strumenti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>c<span class=\"_ _0\"></span>opertura.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Data<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>scelta<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"_ _0\"></span>sercitata<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Gruppo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>avvalersi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dell<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>facolt\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>co<span class=\"_ _2\"></span>ntinuare<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ad<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4f8\">applicare<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">integralmente<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>egole<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">IAS<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">39<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">relazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">copert<span class=\"_ _2\"></span>ura,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">poss<span class=\"_ _2\"></span>ibile<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">designar<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4f9\">capitale<span class=\"ff1\"> </span>classificati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tra<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> </span>Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziarie<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _2\"></span></span>value<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>impatto<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>redditivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>complessiva<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4fa\">(FVOCI)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>come<span class=\"ff1\"> <span class=\"_ _2\"></span></span>oggetti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>coperti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prezzo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cam<span class=\"_ _2\"></span>bio,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>str<span class=\"_ _2\"></span>umenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>non<span class=\"ff1\"> <span class=\"_ _2\"></span></span>impattano<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4fb\">conto<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>conomico,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nemmeno<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>caso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vendita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(se<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dividendi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ch<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>rilevati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">conto<span class=\"ff1\"> </span>economico).<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4fc\">Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4fd\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4fe\">va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ff\">I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>riv<span class=\"_ _0\"></span>ati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cop<span class=\"_ _0\"></span>ertu<span class=\"_ _0\"></span>ra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">va<span class=\"_ _0\"></span>lutati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fai<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>val<span class=\"_ _0\"></span>ue.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">I<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>arti<span class=\"_ _0\"></span>cola<span class=\"_ _0\"></span>re:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m6 h13 ff6 fs5 fc0 sc0 ls0 ws0 gs500\"> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs501\">nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">caso<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">copertura<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">si</span> <span class=\"_ _0\"></span><span class=\"ff3\">compensa<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">var<span class=\"_ _2\"></span>iazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dell\u2019elemento<span class=\"ff1\"> </span>coperto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs502\">variazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dello<span class=\"ff1\"> </span>strumento<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">copertura<span class=\"_ _2\"></span>.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Tale<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ompensazione<span class=\"ff1\"> </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">riconosciuta</span> <span class=\"_ _0\"></span><span class=\"ff3\">attraverso<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs503\">rilevazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Conto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Economico<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>variazioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valore,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riferite<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>all\u2019elemento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>coperto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>(per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quanto<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs504\">riguarda<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>variazioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>prodotte<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fatto<span class=\"_ _2\"></span>re<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">rischio</span> <span class=\"_ _27\"> </span><span class=\"ff3\">s<span class=\"_ _2\"></span>ottostante),</span> <span class=\"_ _27\"> </span><span class=\"ff3\">s<span class=\"_ _2\"></span>ia</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">allo</span> <span class=\"_ _27\"> </span><span class=\"ff3\">st<span class=\"_ _2\"></span>rumento</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">di</span> <span class=\"_ _27\"> </span><span class=\"ff3\">copertura.</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs505\">L\u2019eventuale<span class=\"ff1\">  </span>differenza,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>che<span class=\"ff1\">  </span>rappresenta<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>la<span class=\"ff1\">  </span>parziale<span class=\"ff1\">  </span>in<span class=\"_ _2\"></span>efficacia<span class=\"ff1\">  </span>della<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>copertura,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>ne<span class=\"ff1\">  </span>costit<span class=\"_ _2\"></span>uisce<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1e\"> </span><span class=\"ff3\">di</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs506\">conseguenza<span class=\"ff1\"> </span>l\u2019effetto<span class=\"ff1\"> </span>economico<span class=\"ff1\"> </span>netto.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Nel<span class=\"ff1\"> </span>caso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">operazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">copert<span class=\"_ _2\"></span>ura<span class=\"ff1\"> </span>gene<span class=\"_ _0\"></span>rica<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alue<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs507\">portafoglio<span class=\"ff1\"> </span>(\u201cma<span class=\"_ _2\"></span>cro<span class=\"ff1\"> </span>hedge\u201d)<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>v<span class=\"_ _2\"></span>ariazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>fair<span class=\"ff1\"> <span class=\"_ _2\"></span></span>value<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>riferim<span class=\"_ _2\"></span>ento<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>coperto<span class=\"_ _2\"></span><span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs508\">delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">passivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">oggetto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">copertura<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">so<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">imputate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nello<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">patrimoniale,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rispettivamente,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nell<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">voce<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs509\">60.<span class=\"ff1\">  </span>\u201cAdeguamento<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>valore<span class=\"ff1\">  </span>delle<span class=\"ff1\">  </span>attivit\u00e0<span class=\"ff1\">  </span>fin<span class=\"_ _0\"></span>anziarie<span class=\"ff1\">  </span>oggetto<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>copertura<span class=\"ff1\">  </span>generica\u201d<span class=\"ff1\">  </span>oppure<span class=\"ff1\">  </span>50.<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs50a\">\u201cAdeguamento<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>passivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>oggetto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>c<span class=\"_ _2\"></span>opertura<span class=\"ff1\"> </span>generica\u201d;<span class=\"_ _3bd\"> </span> </div><div class=\"t m6 h13 ff6 fs5 fc0 sc0 ls0 ws0 gs50b\"> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs50c\">nel<span class=\"ff1\"> <span class=\"_ _20\"></span></span>caso<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>copertura<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>f<span class=\"_ _2\"></span>inanziari,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>variazioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _20\"></span></span>value<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>derivato<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>imputate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nel<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs50d\">redditivit\u00e0<span class=\"ff1\"> </span>complessiva,<span class=\"ff1\"> </span>p<span class=\"_ _2\"></span>er<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quota<span class=\"ff1\"> </span>efficace<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>ella<span class=\"ff1\"> </span>copertura,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>rilevate<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>Conto<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Economico<span class=\"ff1\"> <span class=\"_ _2\"></span></span>solo<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs50e\">quando,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rif<span class=\"_ _2\"></span>erimento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pos<span class=\"_ _2\"></span>ta<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">coperta<span class=\"_ _2\"></span>,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">manifesta<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">variazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">flussi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cassa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">compensa<span class=\"_ _2\"></span>re<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs50f\">o<span class=\"ff1\"> </span>se<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>copertura<span class=\"ff1\"> </span>risulta<span class=\"ff1\"> </span>inefficace;<span class=\"_ _3bd\"> </span> </div><div class=\"t m6 h13 ff6 fs5 fc0 sc0 ls0 ws0 gs510\"> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs511\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">coperture<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">investimento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">netto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valuta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contabilizzate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">allo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stesso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">modo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">coperture<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs512\">fl<span class=\"_ _0\"></span>ussi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">f<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>ziar<span class=\"_ _0\"></span>i.<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs513\">Lo<span class=\"ff1\"> </span>strumento<span class=\"ff1\"> </span>derivato<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>signato<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>copertura<span class=\"ff1\"> </span>se<span class=\"ff1\"> </span>esiste<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> </span>documentazione<span class=\"ff1\"> </span>formalizzata<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>relazione<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs514\">tra<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">lo<span class=\"ff1\"> </span>str<span class=\"_ _0\"></span>ume<span class=\"_ _0\"></span>nto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>per<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">lo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">stru<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>cop<span class=\"_ _0\"></span>ertu<span class=\"_ _0\"></span>ra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">se<span class=\"ff1\"> </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ef<span class=\"_ _0\"></span>ficac<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span>m<span class=\"_ _0\"></span>omen<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>cu<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">coper<span class=\"_ _0\"></span>tura<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ha</span> <span class=\"_ _0\"></span><span class=\"ff3\">iniz<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs515\">e,<span class=\"ff1\"> </span>prospetticamente,<span class=\"ff1\"> </span>durante<span class=\"ff1\"> </span>tutta<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>vita<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>stessa.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs516\">L'efficacia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">copertura<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>pende<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dalla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">misura<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">variazioni<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>ello<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">st<span class=\"_ _2\"></span>rumento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">coperto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs517\">relativi<span class=\"ff1\">  </span>flussi<span class=\"ff1\">  </span>fi<span class=\"_ _0\"></span>nanziari<span class=\"ff1\">  </span>attesi<span class=\"ff1\">  </span>risultano<span class=\"ff1\">  </span>compensati<span class=\"ff1\">  </span>da<span class=\"ff1\">  </span>quelle<span class=\"ff1\">  </span>de<span class=\"_ _0\"></span>llo<span class=\"ff1\">  </span>strumento<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>copertura.<span class=\"ff1\">  </span>Pertanto,<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs518\">l'efficacia<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>\u00e8<span class=\"ff1\">  </span>apprezzat<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dal<span class=\"ff1\">  </span>confr<span class=\"_ _2\"></span>onto<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>delle<span class=\"ff1\">  </span>suddette<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>variazi<span class=\"_ _2\"></span>oni,<span class=\"ff1\">  </span>t<span class=\"_ _2\"></span>enuto<span class=\"ff1\">  </span>cont<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dell'intento<span class=\"ff1\">  </span>perseguito<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs519\">dall'impresa<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>momento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>copertura<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> </span>stata<span class=\"ff1\"> </span>posta<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>essere.<span class=\"ff1\"> </span>Si<span class=\"ff1\"> </span>ha<span class=\"ff1\"> </span>efficacia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quando<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>var<span class=\"_ _2\"></span>iazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs51a\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>(o<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cassa)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dello<span class=\"ff1\"> </span>strumento<span class=\"ff1\"> </span>finanziario<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>copertura<span class=\"ff1\"> </span>neutralizzano<span class=\"ff1\"> </span>quasi<span class=\"ff1\"> </span>integralmente,<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs51b\">cio\u00e8<span class=\"ff1\">  </span>nei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>limiti<span class=\"ff1\">  </span>stabiliti<span class=\"ff1\">  </span>dall\u2019intervallo<span class=\"ff1\">  </span>80-125%,<span class=\"ff1\">  </span>le<span class=\"ff1\">  </span>variazioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\">  </span>fair<span class=\"ff1\">  </span>value<span class=\"ff1\">  </span>de<span class=\"_ _0\"></span>llo<span class=\"ff1\">  </span>strumento<span class=\"ff1\">  </span>coperto,<span class=\"ff1\">  </span>per<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs51c\">l\u2019elemento<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>oggetto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>copertura.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs51d\">La<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">va<span class=\"_ _0\"></span>luta<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>'effi<span class=\"_ _0\"></span>cac<span class=\"_ _0\"></span>ia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span>ef<span class=\"_ _0\"></span>fett<span class=\"_ _0\"></span>uat<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>ad<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">og<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">chiu<span class=\"_ _0\"></span>su<span class=\"_ _0\"></span>ra<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">b<span class=\"_ _0\"></span>ilanc<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _1\"></span><span class=\"ff3\">situa<span class=\"_ _0\"></span>zione<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">inf<span class=\"_ _0\"></span>rannu<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">u<span class=\"_ _0\"></span>tilizz<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>o:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m6 h13 ff6 fs5 fc0 sc0 ls0 ws0 gs51e\"> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs51f\">test<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>prospettici,<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>giustificano<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>l'appl<span class=\"_ _0\"></span>icazione<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>contabilizzazione<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>copertura,<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>quanto<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs520\">dimostrano<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>sua<span class=\"ff1\"> </span>efficacia<span class=\"ff1\"> </span>attesa;<span class=\"_ _3bd\"> </span> </div><div class=\"t m6 h13 ff6 fs5 fc0 sc0 ls0 ws0 gs521\"> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs522\">test<span class=\"ff1\"> <span class=\"_ _21\"></span></span>retrospettivi,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _21\"></span></span>evidenziano<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>grado<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>efficacia<span class=\"ff1\"> <span class=\"_ _21\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>co<span class=\"_ _2\"></span>pertura<span class=\"ff1\"> <span class=\"_ _21\"></span></span>raggiunto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _21\"></span></span>periodo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _20\"></span></span>si<span class=\"_ _0\"></span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs523\">rif<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>scon<span class=\"_ _0\"></span>o,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ovve<span class=\"_ _1\"></span>ro,<span class=\"ff1\"> </span>mi<span class=\"_ _0\"></span>sura<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>anto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i</span> <span class=\"_ _0\"></span><span class=\"ff3\">risu<span class=\"_ _0\"></span>lta<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">effe<span class=\"_ _0\"></span>ttiv<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ian<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>disc<span class=\"_ _0\"></span>osta<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>oper<span class=\"_ _0\"></span>tura<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>rfett<span class=\"_ _0\"></span>a.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs524\">Solo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>strumenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>coinvolgono<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>una<span class=\"ff1\"> <span class=\"_ _20\"></span></span>controparte<span class=\"ff1\"> <span class=\"_ _20\"></span></span>esterna<span class=\"ff1\"> <span class=\"_ _20\"></span></span>possono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>essere<span class=\"ff1\"> <span class=\"_ _20\"></span></span>designati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>come<span class=\"ff1\"> <span class=\"_ _20\"></span></span>str<span class=\"_ _2\"></span>umenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs525\">cop<span class=\"_ _0\"></span>ertu<span class=\"_ _0\"></span>ra.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Pert<span class=\"_ _0\"></span>anto<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>ogni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">risu<span class=\"_ _0\"></span>lta<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>ric<span class=\"_ _0\"></span>ondu<span class=\"_ _0\"></span>cib<span class=\"_ _0\"></span>ile<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>tran<span class=\"_ _0\"></span>saz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>terne<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">effe<span class=\"_ _1\"></span>ttuate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tra</span> <span class=\"ff3\">di<span class=\"_ _0\"></span>vers<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>enti<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ban<span class=\"_ _0\"></span>ca<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs526\">\u00e8<span class=\"ff1\"> </span>eliminato<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> </span>consolidato.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs527\">Ce<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs528\">pro<span class=\"_ _1\"></span>spe<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span>ca<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs529\">de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs52a\">co<span class=\"_ _0\"></span>nta<span class=\"_ _1\"></span>bili<span class=\"_ _0\"></span>zz<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs52b\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs52c\">co<span class=\"_ _0\"></span>per<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs52d\">Se<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>v<span class=\"_ _2\"></span>erifiche<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>confermano<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>l\u2019efficacia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>copertura,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>qu<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>momento<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>contabili<span class=\"_ _0\"></span>zza<span class=\"_ _2\"></span>zione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs52e\">operazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">copertura,<span class=\"ff1\"> </span>secondo<span class=\"ff1\"> </span>quanto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sopra<span class=\"ff1\"> </span>esposto,<span class=\"ff1\"> </span>viene<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">interrott<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">il</span> <span class=\"_ _0\"></span><span class=\"ff3\">contratto<span class=\"ff1\"> </span>derivato<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">copertura</span> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs52f\">vie<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>cla<span class=\"_ _0\"></span>ssif<span class=\"_ _0\"></span>icato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tra</span> <span class=\"ff3\">gl<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>stru<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">negozi<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Inol<span class=\"_ _0\"></span>tre,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">opera<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>pertu<span class=\"_ _1\"></span>ra<span class=\"ff1\"> </span>cessa<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">momen<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs530\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">lo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">strumento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">copertura<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">giunge<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>scadenza,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">venduto,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cessat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>sercitato,<span class=\"ff1\"> </span>opp<span class=\"_ _0\"></span>ure<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>banca<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>evoca<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs531\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">designazione.<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs532\">Pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rel<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>oni<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ope<span class=\"_ _0\"></span>rtura<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">f<span class=\"_ _0\"></span>air<span class=\"ff1\"> </span>val<span class=\"_ _0\"></span>ue,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">lo</span> <span class=\"ff3\">s<span class=\"_ _0\"></span>trum<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finan<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>ario<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cope<span class=\"_ _0\"></span>rto<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pi\u00f9<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">re<span class=\"_ _0\"></span>ttifi<span class=\"_ _0\"></span>cat<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">va<span class=\"_ _0\"></span>riaz<span class=\"_ _0\"></span>ioni<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs533\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> </span>caso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">qualsiasi<span class=\"ff1\"> </span>rettifica<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alore<span class=\"ff1\"> </span>contabil<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">uno</span> <span class=\"ff3\">strumento</span> <span class=\"ff3\">finanz<span class=\"_ _0\"></span>iario<span class=\"ff1\"> </span>coperto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uale<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs534\">\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>utilizzato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>criterio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dell'interesse<span class=\"ff1\"> <span class=\"_ _20\"></span></span>effettivo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>deve<span class=\"ff1\"> <span class=\"_ _20\"></span></span>essere<span class=\"ff1\"> <span class=\"_ _20\"></span></span>amm<span class=\"_ _2\"></span>ortizzata<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ne<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _20\"></span></span>conto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>economico.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>N<span class=\"_ _2\"></span>el<span class=\"ff1\"> <span class=\"_ _2\"></span></span>caso<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs535\">interruzione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">relazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">copertura<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">generica<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fa<span class=\"_ _2\"></span>ir<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rivalutazioni/svalutazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cum<span class=\"_ _2\"></span>ulate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">iscritt<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs536\">nella<span class=\"ff1\"> <span class=\"_ _2\"></span></span>voce<span class=\"ff1\"> <span class=\"_ _2\"></span></span>60.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u201cAdeguamento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>oggetto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>copertura<span class=\"ff1\"> <span class=\"_ _2\"></span></span>generica\u201d<span class=\"ff1\"> <span class=\"_ _2\"></span></span>oppure<span class=\"ff1\"> <span class=\"_ _2\"></span></span>50.<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs537\">\u201cAdeguamento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _21\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"></span></span>passivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>og<span class=\"_ _2\"></span>getto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>copertura<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>generica\u201d<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rilevate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>conto<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs538\">ec<span class=\"_ _0\"></span>ono<span class=\"_ _0\"></span>mico<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tra</span> <span class=\"ff3\">gl<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>ntere<span class=\"_ _1\"></span>ssi<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ttivi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o</span> <span class=\"ff3\">p<span class=\"_ _0\"></span>assiv<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span>lung<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>du<span class=\"_ _0\"></span>rata<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">res<span class=\"_ _0\"></span>idu<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span>rigi<span class=\"_ _0\"></span>nari<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>rel<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>oni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>pert<span class=\"_ _0\"></span>ura,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fe<span class=\"_ _0\"></span>rma<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs539\">restando<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>verifica<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>ne<span class=\"ff1\"> </span>sussistano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> </span>presupposti.<span class=\"_ _3bd\"> </span> </div>Per<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">relazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">copertura<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">flussi<span class=\"ff1\"> </span>finanziari,<span class=\"ff1\"> </span>l'utile<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">p<span class=\"_ _2\"></span>erdita<span class=\"ff1\"> </span>complessiva<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>lo<span class=\"ff1\"> </span>strumento<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">copertur<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>che<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>stato<span class=\"ff1\"> </span>rile<span class=\"_ _0\"></span>vato<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> </span>altre<span class=\"ff1\"> </span>componenti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico<span class=\"ff1\"> </span>complessivo<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>partire<span class=\"ff1\"> </span>dall'esercizio<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>la<span class=\"_ _2\"></span><span class=\"ff1\"> </span>copertura<span class=\"ff1\">  </span>era<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>efficace,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>deve<span class=\"ff1\">  </span>restare<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>separatam<span class=\"_ _2\"></span>ente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nel<span class=\"ff1\">  </span>patrimonio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>netto<span class=\"ff1\">  </span>sino<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\">  </span>quand<span class=\"_ _0\"></span>o<span class=\"ff1\">  </span>l'operazione<span class=\"ff1\"> </span>programmata<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>verifica.<span class=\"ff1\"> </span>Qualora<span class=\"ff1\"> </span>l'operazione<span class=\"ff1\"> </span>programmata<span class=\"ff1\"> </span>ci<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>attende<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>debba<span class=\"ff1\"> </span>pi\u00f9<span class=\"ff1\"> </span>accad<span class=\"_ _2\"></span>ere,<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>qual<span class=\"ff1\"> </span>caso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>qualsiasi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>correlato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>utile<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>perdita<span class=\"ff1\"> <span class=\"_ _21\"></span></span>comple<span class=\"_ _0\"></span>ssivo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sullo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>strumento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>copertura<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>stat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rilevato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nel<span class=\"ff1\"> </span>prospetto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>altre<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>componenti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cont<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>economico<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>complessivo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dall'esercizio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>co<span class=\"_ _2\"></span>pertura<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>era<span class=\"ff1\"> </span>efficace<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>deve<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>essere<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>riclassificato<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>al<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>patrimonio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>netto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>all\u2019utile<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(perdita)<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d\u2019esercizio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>come<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rettifica<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>da<span class=\"ff1\"> </span>riclassificazione.<span class=\"ff1\"> </span>Tuttavia,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un\u2019operazione<span class=\"ff1\"> </span>programmat<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>he<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span>pi\u00f9<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">altamente<span class=\"ff1\"> </span>probabile,<span class=\"ff1\"> </span>ci<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>pu\u00f2<span class=\"ff1\"> </span>ancora<span class=\"ff1\"> </span></span></span></span></span></span></span>attendere<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>verifichi.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ril<span class=\"_ _0\"></span>ev<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>del<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ual<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>L\u2019allocazione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>componenti<span class=\"ff1\"> </span>reddituali<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> </span>pertinenti<span class=\"ff1\"> </span>voci<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>conto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>economico<span class=\"ff1\"> </span>avviene<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>quanto<span class=\"ff1\"> </span>riportato<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>seguito:<span class=\"_ _3bd\"> </span> i<span class=\"ff1\"> </span>differenziali<span class=\"ff1\"> </span>maturat<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>sugli<span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> </span>derivati<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>co<span class=\"_ _2\"></span>pertura<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>ris<span class=\"_ _2\"></span>chio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>interesse<span class=\"ff1\"> </span>(oltre<span class=\"ff1\"> </span>ag<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span>interessi<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>posizioni<span class=\"ff1\"> </span>oggetto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>copertura)<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> </span>allocati<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>voce<span class=\"ff1\"> </span>\u201cInteressi<span class=\"ff1\"> </span>att<span class=\"_ _2\"></span>ivi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>proventi<span class=\"ff1\"> </span>assimilati\u201d<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>\u201cInteressi<span class=\"ff1\"> </span>passivi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>oneri<span class=\"ff1\"> </span>ass<span class=\"_ _2\"></span>imilati\u201d;<span class=\"_ _3bd\"> </span> le<span class=\"ff1\"> </span>plusvalenze<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">minusvalenze</span> <span class=\"ff3\">derivanti</span> <span class=\"ff3\">dalla</span> <span class=\"ff3\">valutazione</span> <span class=\"ff3\">degli</span> <span class=\"ff3\">strumenti</span> <span class=\"ff3\">derivati</span> <span class=\"ff3\">di</span> <span class=\"ff3\">copertura</span> <span class=\"ff3\">e</span> <span class=\"ff3\">d<span class=\"_ _0\"></span>elle<span class=\"_ _0\"></span> </span></span>posizioni<span class=\"ff1\">  </span>ogg<span class=\"_ _0\"></span>etto<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>c<span class=\"_ _0\"></span>opertura<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fair<span class=\"ff1\">  </span>value<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">hedge</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">vengono</span>  <span class=\"ff3\">allocate</span>  <span class=\"ff3\">n<span class=\"_ _0\"></span>ella<span class=\"ff1\">  </span>voce<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">\u201cRisultato</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">netto<span class=\"_ _2\"></span></span> </span></span></span>dell\u2019attivit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>copertura\u201d;<span class=\"_ _3bd\"> </span> le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>lus<span class=\"_ _0\"></span>vale<span class=\"_ _0\"></span>nze<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">minusv<span class=\"_ _0\"></span>alen<span class=\"_ _0\"></span>ze<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>eriv<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>all<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>tazi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">deg<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">strume<span class=\"_ _1\"></span>nti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">deri<span class=\"_ _0\"></span>vati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cope<span class=\"_ _0\"></span>rtu<span class=\"_ _0\"></span>ra<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>c<span class=\"_ _1\"></span>as<span class=\"_ _0\"></span>h<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>flow<span class=\"ff1\"> </span>h<span class=\"_ _0\"></span>edge<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(per<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">parte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">efficace)<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">allocate<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">una</span> <span class=\"_ _0\"></span><span class=\"ff3\">specifica<span class=\"ff1\"> </span>riserva<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alutazione<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>patrimonio<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>ne<span class=\"_ _0\"></span>tto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u201cCo<span class=\"_ _0\"></span>pert<span class=\"_ _0\"></span>ura<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dei</span> <span class=\"_ _0\"></span><span class=\"ff3\">flu<span class=\"_ _0\"></span>ssi<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nzia<span class=\"_ _0\"></span>ri\u201d,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ne<span class=\"_ _0\"></span>tto<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>l\u2019ef<span class=\"_ _0\"></span>fetto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fi<span class=\"_ _0\"></span>scale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span>ffe<span class=\"_ _0\"></span>rito<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>Per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">la</span> <span class=\"ff3\">p<span class=\"_ _0\"></span>arte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ine<span class=\"_ _0\"></span>ffic<span class=\"_ _0\"></span>ace<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tal<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>plu<span class=\"_ _0\"></span>s<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>e<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>minus<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>vengono<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>contabilizzate<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>a<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>conto<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>economico<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>nella<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>voce<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>\u201cRisultato<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>nett<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>dell\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>copertura\u201d.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Se<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>lo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>strumento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>cope<span class=\"_ _0\"></span>rto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff3\">cancellato,</span> <span class=\"_ _27\"> </span><span class=\"ff3\">scade</span> <span class=\"_ _27\"> </span><span class=\"ff3\">o</span> <span class=\"_ _27\"> </span><span class=\"ff3\">s<span class=\"_ _2\"></span>i</span> <span class=\"_ _27\"> </span><span class=\"ff3\">estingue</span> <span class=\"_ _21\"> </span><span class=\"ff3\">allora</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">la</span> <span class=\"_ _21\"> </span><span class=\"ff3\">riserva</span> <span class=\"_ _27\"> </span><span class=\"ff3\">\u00e8</span> <span class=\"_ _27\"> </span><span class=\"ff3\">r<span class=\"_ _2\"></span>iversata</span> </span>immediatamente<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico<span class=\"ff1\"> </span>contestualmente<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>cancellazione<span class=\"ff1\"> </span>dell\u2019elemento<span class=\"ff1\"> </span>coperto<span class=\"_ _2\"></span>.<span class=\"_ _3bd\"> </span> nel<span class=\"ff1\"> <span class=\"_ _20\"></span></span>caso<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>copertura<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>f<span class=\"_ _2\"></span>inanziari,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>variazioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _20\"></span></span>value<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>derivato<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>imputate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nel<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>redditivit\u00e0<span class=\"ff1\"> </span>complessiva,<span class=\"ff1\"> </span>p<span class=\"_ _2\"></span>er<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quota<span class=\"ff1\"> </span>efficace<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>ella<span class=\"ff1\"> </span>copertura,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>rilevate<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>Conto<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Economico<span class=\"ff1\"> <span class=\"_ _2\"></span></span>solo<span class=\"ff1\"> </span>quando,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rif<span class=\"_ _2\"></span>erimento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pos<span class=\"_ _2\"></span>ta<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">coperta<span class=\"_ _2\"></span>,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">manifesta<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">variazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">flussi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cassa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">compensa<span class=\"_ _2\"></span>re<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>o<span class=\"ff1\"> </span>se<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>copertura<span class=\"ff1\"> </span>risulta<span class=\"ff1\"> </span>inefficace.<span class=\"_ _3bd\"> </span>5-<span class=\"_ _3bd\"> </span>Pa<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>eci<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>zio<span class=\"_ _1\"></span>ni<span class=\"fc0 sc1\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>isc<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>partecipazioni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>iscritte<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>data<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>regolamento.<span class=\"ff1\"> <span class=\"_ _21\"></span></span>All\u2019atto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>della<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rile<span class=\"_ _0\"></span>vazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>iniziale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>interessenze<span class=\"ff1\"> </span>partecipative<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span></span>contabili<span class=\"_ _0\"></span>zzate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"></span></span>costo,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>comprensivo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">costi</span> <span class=\"_ _20\"></span><span class=\"ff3\">o</span> <span class=\"_ _21\"> </span><span class=\"ff3\">proventi</span> <span class=\"_ _20\"></span><span class=\"ff3\">dirett<span class=\"_ _2\"></span>amente</span> <span class=\"_ _20\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>ttribui<span class=\"_ _0\"></span>bili<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alla<span class=\"ff1\"> </span></span></span>tran<span class=\"_ _0\"></span>saz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cla<span class=\"_ _1\"></span>ssi<span class=\"_ _0\"></span>fica<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>La<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">vo<span class=\"_ _0\"></span>ce<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>ncl<span class=\"_ _0\"></span>ude<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"_ _0\"></span>teres<span class=\"_ _0\"></span>senz<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dete<span class=\"_ _0\"></span>nut<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>so<span class=\"_ _0\"></span>cie<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>roll<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span>giu<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">colleg<span class=\"_ _0\"></span>ate.<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span>Sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">considerate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">controllate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">congiuntamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">imprese<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nelle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">diritti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>oto<span class=\"ff1\"> </span>ed<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">controllo<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>l\u2019att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>economica<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">della<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>artecipat<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">condivisi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>modo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">paritetico<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Credem,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">direttam<span class=\"_ _2\"></span>ente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>indirettamente,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>da<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>altro<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>so<span class=\"_ _2\"></span>ggetto.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Inoltre<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>vie<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>qu<span class=\"_ _0\"></span>alificato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>come<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sotto<span class=\"_ _2\"></span>posto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>controllo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>congiunto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>investimento<span class=\"ff1\"> </span>partecipativo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>q<span class=\"_ _2\"></span>uale,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pur<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>assenza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>qu<span class=\"_ _0\"></span>ota<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>paritetica<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>diritt<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>vot<span class=\"_ _2\"></span>o,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>c<span class=\"_ _0\"></span>ontro<span class=\"_ _2\"></span>llo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sull\u2019attivit\u00e0<span class=\"ff1\"> </span>economica<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sugli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"_ _2\"></span>dirizzi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>st<span class=\"_ _2\"></span>rategici<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>part<span class=\"_ _2\"></span>ecipata<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>condiviso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>altri<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>oggetti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>virt\u00f9<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>accor<span class=\"_ _2\"></span>di<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>trat<span class=\"_ _0\"></span>tua<span class=\"_ _0\"></span>li.<span class=\"_ _3bd\"> </span>Sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>considerate<span class=\"ff1\"> <span class=\"_ _21\"></span></span>collegate,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cio<span class=\"_ _2\"></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sot<span class=\"_ _2\"></span>toposte<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _21\"></span></span>influ<span class=\"_ _0\"></span>enza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>note<span class=\"_ _2\"></span>vole,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>imp<span class=\"_ _0\"></span>rese<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nelle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>q<span class=\"_ _2\"></span>uali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>c<span class=\"_ _2\"></span>apogruppo,<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>rett<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>indi<span class=\"_ _0\"></span>ret<span class=\"_ _0\"></span>tamen<span class=\"_ _0\"></span>te,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">poss<span class=\"_ _0\"></span>ied<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">almen<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>2<span class=\"_ _0\"></span>0%<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">diritt<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vot<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>ivi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inc<span class=\"_ _0\"></span>lusi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>rit<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>oto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u201cp<span class=\"_ _0\"></span>ote<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ali\u201d<span class=\"_ _0\"></span>)<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>o<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quali<span class=\"ff1\"> </span>\u2013<span class=\"_ _2\"></span><span class=\"ff1\"> </span>pur<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>una<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quota<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>diritti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>voto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>inferiore<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> </span>ha<span class=\"_ _2\"></span><span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>potere<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>partecipare<span class=\"ff1\"> </span>alla<span class=\"_ _2\"></span><span class=\"ff1\"> </span>determinazione<span class=\"ff1\"> </span>delle<span class=\"ff1\">  </span>politiche<span class=\"ff1\">  </span>finanziarie<span class=\"ff1\">  </span>e<span class=\"ff1\">  </span>gestionali<span class=\"ff1\">  </span>della<span class=\"ff1\">  </span>partecipata<span class=\"ff1\">  </span>in<span class=\"ff1\">  </span>virt\u00f9<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>particolari<span class=\"ff1\">  </span>legami<span class=\"ff1\">  </span>giuridici<span class=\"ff1\">  </span>quali<span class=\"ff1\">  </span>la<span class=\"ff1\"> </span>partecipazione<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>patti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>sindacato.<span class=\"_ _3bd\"> </span>Non<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>considerate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>ottoposte<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _2\"></span></span>influenza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>notevole<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alcune<span class=\"ff1\"> <span class=\"_ _20\"></span></span>interessenze<span class=\"ff1\"> <span class=\"_ _20\"></span></span>superiori<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>20<span class=\"_ _2\"></span>%,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nelle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quali,<span class=\"_ _2\"></span><span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>rett<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">indi<span class=\"_ _0\"></span>retta<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te,<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>Gru<span class=\"_ _0\"></span>ppo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">deti<span class=\"_ _0\"></span>ene<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>sclu<span class=\"_ _0\"></span>siva<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>dir<span class=\"_ _0\"></span>itti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pat<span class=\"_ _0\"></span>rimo<span class=\"_ _0\"></span>nial<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>su<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">una</span> <span class=\"ff3\">po<span class=\"_ _0\"></span>rzi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>rutti<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>degli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">investimenti,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">acces<span class=\"_ _2\"></span>so<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">politiche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gestio<span class=\"_ _2\"></span>ne<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pu\u00f2<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esercitare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">diritti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">governance<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">limitati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>tutela<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>interessi<span class=\"ff1\"> </span>patrimoniali.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>part<span class=\"_ _2\"></span>ecipazioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\">  </span>societ\u00e0<span class=\"ff1\">  </span>colle<span class=\"_ _0\"></span>gate<span class=\"ff1\">  </span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>cont<span class=\"_ _2\"></span>rollate<span class=\"ff1\">  </span>congi<span class=\"_ _0\"></span>untamente<span class=\"ff1\">  </span>sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>valutate<span class=\"ff1\">  </span>con<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>meto<span class=\"_ _2\"></span>do<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>l<span class=\"ff1\"> </span>patrimonio<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>etto.<span class=\"_ _3bd\"> </span>Se<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esis<span class=\"_ _0\"></span>tono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ev<span class=\"_ _0\"></span>ide<span class=\"_ _0\"></span>nze<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>lore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">part<span class=\"_ _0\"></span>ecip<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>ossa<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">av<span class=\"_ _0\"></span>er<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sub<span class=\"_ _0\"></span>ito<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ridu<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">si<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>roc<span class=\"_ _0\"></span>ede<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">all<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>tim<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _21\"></span></span>recuperabile<span class=\"ff1\"> <span class=\"_ _21\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>part<span class=\"_ _2\"></span>ecipazione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">stessa,</span> <span class=\"_ _21\"></span><span class=\"ff3\">tenendo</span> <span class=\"_ _20\"></span><span class=\"ff3\">co<span class=\"_ _2\"></span>nto</span> <span class=\"_ _21\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">valore</span> <span class=\"_ _20\"></span><span class=\"ff3\">at<span class=\"_ _2\"></span>tuale</span> <span class=\"_ _20\"></span><span class=\"ff3\">dei</span> <span class=\"_ _21\"></span><span class=\"ff3\">flussi</span> <span class=\"_ _21\"></span><span class=\"ff3\">finanziar<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">i</span> </span></span></span>futuri<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>partecipazione<span class=\"ff1\"> </span>potr\u00e0<span class=\"ff1\"> </span>generare,<span class=\"ff1\"> </span>incluso<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>dismiss<span class=\"_ _2\"></span>ione<span class=\"ff1\"> </span>finale<span class=\"ff1\"> </span>dell\u2019investimento.<span class=\"_ _3bd\"> </span>Qualora<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>ecupero<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>risulti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>inferiore<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>contabile,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>elativa<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>differenza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rilevata<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cont<span class=\"_ _3bd\"> </span>o<span class=\"ff1\"> </span>ec<span class=\"_ _0\"></span>ono<span class=\"_ _0\"></span>mico<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span>Qualora<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">motivi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>ella<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perdita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">v<span class=\"_ _2\"></span>alore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>iano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rimossi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">seguito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">evento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">verificatosi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">successivamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">all<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ril<span class=\"_ _0\"></span>eva<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">riduz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">val<span class=\"_ _0\"></span>ore,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ven<span class=\"_ _0\"></span>gon<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>ef<span class=\"_ _0\"></span>fettu<span class=\"_ _0\"></span>ate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rip<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">va<span class=\"_ _0\"></span>lore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">imp<span class=\"_ _0\"></span>uta<span class=\"_ _0\"></span>zione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"ff3\">c<span class=\"_ _0\"></span>onto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">econ<span class=\"_ _0\"></span>omic<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>che<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>possono<span class=\"ff1\"> </span>eccedere<span class=\"ff1\"> </span>l\u2019ammontar<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>delle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">perdite</span> <span class=\"ff3\">da</span> <span class=\"ff3\">impairm<span class=\"_ _2\"></span>ent</span> <span class=\"ff3\">in</span> <span class=\"ff3\">precedenza</span> <span class=\"ff3\">registrate.<span class=\"_ _3bd\"> </span></span></span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> </span>partecipazioni<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cancellate<span class=\"ff1\"> </span>quando<span class=\"ff1\"> <span class=\"_ _2\"></span></span>scadono<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>diritti<span class=\"ff1\"> </span>contrattuali<span class=\"ff1\"> </span>sui<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziari<span class=\"ff1\"> </span>derivati<span class=\"ff1\"> </span>dalle<span class=\"_ _3bd\"> </span><span class=\"_ _2\"></span><span class=\"ff1\"> </span>atti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>ste<span class=\"_ _1\"></span>sse<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>l\u2019att<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>nanz<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>ria<span class=\"ff1\"> </span>vie<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>ced<span class=\"_ _0\"></span>uta<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">trasf<span class=\"_ _0\"></span>eren<span class=\"_ _0\"></span>do<span class=\"ff1\"> </span>sos<span class=\"_ _0\"></span>tan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>lme<span class=\"_ _0\"></span>nte<span class=\"ff1\"> </span>tut<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>be<span class=\"_ _0\"></span>nef<span class=\"_ _0\"></span>ic<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\">i<span class=\"ff1\"> </span></span></span>ad<span class=\"ff1\"> </span>essa<span class=\"ff1\"> </span>connessi.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ril<span class=\"_ _0\"></span>ev<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>del<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ual<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>differenze<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>negative<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>prima<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>is<span class=\"_ _2\"></span>crizione,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>gli<span class=\"ff1\"> <span class=\"_ _21\"></span></span>utili<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>perdite<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>partecipate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>realizzate,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>perdite<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>d<span class=\"_ _3bd\"> </span>a<span class=\"_ _2\"></span><span class=\"ff1\"> </span>impairment<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ri<span class=\"_ _2\"></span>prese<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valor<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>vengono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>allocate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>nella<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>voce<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>conto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>economico<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u201c<span class=\"_ _2\"></span>Utili<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>(Perdite)<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dell<span class=\"_ _2\"></span>e<span class=\"_ _3bd\"> </span><span class=\"ff1\"> </span>partecipazioni\u201d,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>mentre<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dividendi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>incassat<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>vengono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>allocati<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nell<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>voce<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u201cDividendi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>proventi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>simili\u201d<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ne<span class=\"_ _3bd\"> </span>l<span class=\"ff1\"> </span>momento<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>sorge<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>diritto<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>riceverne<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>pagamento.<span class=\"_ _3bd\"> </span>6-<span class=\"_ _3bd\"> </span>Attivit\u00e0<span class=\"_ _3bd\"> </span>ma<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>li<span class=\"fc0 sc1\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>isc<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>materiali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>inizialmente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>iscritt<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>costo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>comprende,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>oltr<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prezzo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>acquisto,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tutti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gli<span class=\"ff1\"> </span>eventuali<span class=\"ff1\"> </span>oneri<span class=\"ff1\"> </span>accessori<span class=\"ff1\"> </span>direttamente<span class=\"ff1\"> </span>imputabili<span class=\"ff1\"> </span>all\u2019acquisto<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>mess<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>funzione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>bene.<span class=\"_ _3bd\"> </span>Le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>spese<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>manutenzione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>stra<span class=\"_ _2\"></span>ordinaria<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>c<span class=\"_ _0\"></span>omport<span class=\"_ _2\"></span>ano<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"_ _0\"></span>ncremento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>benefici<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>economici<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fu<span class=\"_ _0\"></span>turi<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">imputate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ad<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">incremento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span>cesp<span class=\"_ _0\"></span>iti,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mentre<span class=\"ff1\"> </span>gli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">costi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">man<span class=\"_ _2\"></span>utenzione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ordinaria<span class=\"ff1\"> </span>son<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>rilevati<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>Conto<span class=\"ff1\"> </span>Economico.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _0\"></span>cl<span class=\"_ _0\"></span>ass<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>ica<span class=\"_ _1\"></span>zion<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">attivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>ma<span class=\"_ _0\"></span>teri<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">comp<span class=\"_ _0\"></span>rendo<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>ter<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>i,<span class=\"ff1\"> </span>gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">immob<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">stru<span class=\"_ _1\"></span>mental<span class=\"_ _0\"></span>i,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">inve<span class=\"_ _0\"></span>stime<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">immobi<span class=\"_ _0\"></span>lia<span class=\"_ _0\"></span>ri,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">il</span> <span class=\"ff3\">pa<span class=\"_ _0\"></span>trim<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>arti<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>co<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>pre<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>o,<span class=\"ff1\"> </span>gli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">imp<span class=\"_ _0\"></span>ianti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tec<span class=\"_ _0\"></span>nic<span class=\"_ _0\"></span>i,<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mobi<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">arre<span class=\"_ _0\"></span>di<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>onc<span class=\"_ _0\"></span>h\u00e9<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">attr<span class=\"_ _0\"></span>ezz<span class=\"_ _0\"></span>atu<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">qua<span class=\"_ _0\"></span>lsi<span class=\"_ _0\"></span>asi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tipo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">che</span> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>tien<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ut<span class=\"_ _2\"></span>ilizzare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pi\u00f9<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un<span class=\"ff1\"> </span>periodo.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">materiali<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>etenute<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">essere<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">utilizzate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nella<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">produzione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>nell<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>fornitura<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">beni<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>servizi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>classificate<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>\u201cattivit\u00e0<span class=\"ff1\"> </span>ad<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">uso<span class=\"_ _2\"></span><span class=\"ff1\"> </span>funzi<span class=\"_ _0\"></span>onale\u201d<span class=\"ff1\"> </span>secondo<span class=\"ff1\"> </span>lo<span class=\"ff1\"> </span>IAS<span class=\"ff1\"> </span>16.<span class=\"ff1\"> </span>Gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">immobili</span> </span></span></span></span></span></span></span>po<span class=\"_ _0\"></span>ssed<span class=\"_ _0\"></span>uti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">fin<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span>vest<span class=\"_ _0\"></span>imen<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>(pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>segu<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">can<span class=\"_ _0\"></span>oni<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">loca<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>l\u2019a<span class=\"_ _0\"></span>ppre<span class=\"_ _0\"></span>zza<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>api<span class=\"_ _0\"></span>tale<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>investito)<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>classificati<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>\u201cattivit\u00e0<span class=\"ff1\"> </span>detenute<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>scopo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>investimento\u201d<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>allo<span class=\"ff1\"> </span>IAS<span class=\"ff1\"> </span>40.<span class=\"_ _3bd\"> </span>La<span class=\"ff1\"> </span>voce<span class=\"ff1\"> </span>accoglie<span class=\"ff1\"> </span>anche<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>materiali<span class=\"ff1\"> </span>cl<span class=\"_ _0\"></span>assificate<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>allo<span class=\"ff1\"> </span>IAS<span class=\"ff1\"> </span>2<span class=\"ff1\"> </span>-<span class=\"ff1\"> </span>Riman<span class=\"_ _2\"></span>enze,<span class=\"ff1\"> </span>che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span>rifer<span class=\"_ _2\"></span>iscono<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span></span></span>beni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>derivanti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dall\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>esc<span class=\"_ _2\"></span>ussione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>garanzie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dal<span class=\"_ _2\"></span>l\u2019acquisto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>asta<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span><span class=\"ff3\">l\u2019impresa</span> <span class=\"_ _20\"></span><span class=\"ff3\">ha</span> <span class=\"_ _20\"></span><span class=\"ff3\">i<span class=\"_ _2\"></span>ntenzione</span> <span class=\"_ _20\"></span><span class=\"ff3\">di</span> </span>vendere<span class=\"ff1\">  </span>nel<span class=\"ff1\">  </span>prossimo<span class=\"ff1\">  </span>futuro,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>s<span class=\"_ _2\"></span>enza<span class=\"ff1\">  </span>ef<span class=\"_ _0\"></span>fett<span class=\"_ _2\"></span>uare<span class=\"ff1\">  </span>rilevanti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>oper<span class=\"_ _2\"></span>e<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>ristrutturazione,<span class=\"ff1\">  </span>e<span class=\"ff1\">  </span>c<span class=\"_ _0\"></span>he<span class=\"ff1\">  </span>non<span class=\"ff1\">  </span>hanno<span class=\"ff1\">  </span>i<span class=\"_ _3bd\"> </span><span class=\"ff1\"> </span>presupposti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>essere<span class=\"ff1\"> <span class=\"_ _20\"></span></span>classificati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nelle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>categorie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>precedenti,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>portafoglio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>immobiliare<span class=\"ff1\"> <span class=\"_ _20\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Societ\u00e0<span class=\"ff1\"> </span>immobiliari<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>Gruppo,<span class=\"ff1\"> </span>comprensivo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">aree<span class=\"ff1\"> </span>edificabili,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">immobili<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>costruzione,<span class=\"ff1\"> </span>immobili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ultimati<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>ve<span class=\"_ _0\"></span>ndita<span class=\"ff1\"> </span></span></span></span></span></span></span>e<span class=\"ff1\"> </span>iniziative<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>sviluppo<span class=\"ff1\"> </span>immobiliare,<span class=\"ff1\"> </span>detenuto<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>un\u2019ottica<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>dismissione.<span class=\"_ _3bd\"> </span>Sono,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>infine,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>iscritt<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nelle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>mater<span class=\"_ _2\"></span>iali<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>b<span class=\"_ _2\"></span>eni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>utilizzati<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nell\u2019am<span class=\"_ _2\"></span>bito<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>contratt<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>leasing<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span></span>finanziario,<span class=\"ff1\"> </span>ancorch\u00e9<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>titolarit\u00e0<span class=\"ff1\"> </span>giuridica<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>stessi<span class=\"ff1\"> </span>rimanga<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>societ\u00e0<span class=\"ff1\"> </span>locatr<span class=\"_ _2\"></span>ice.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>ttivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>m<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span>riali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">so<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>tate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cos<span class=\"_ _0\"></span>to,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ded<span class=\"_ _0\"></span>otti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span>ven<span class=\"_ _0\"></span>tual<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>mmorta<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>erd<span class=\"_ _0\"></span>ite<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">val<span class=\"_ _0\"></span>ore.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>materiali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span></span>sistematicamen<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ammortizzate,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>adottando<span class=\"ff1\"> <span class=\"_ _21\"></span></span>come<span class=\"ff1\"> <span class=\"_ _20\"></span></span>criterio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ammortamento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"_ _3bd\"> </span>l<span class=\"ff1\"> </span>metodo<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uote<span class=\"ff1\"> </span>costanti,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">lungo<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>loro<span class=\"ff1\"> </span>vi<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>utile.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Il<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alore<span class=\"ff1\"> </span>ammortizzabile<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rappresentato<span class=\"_ _2\"></span><span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>al<span class=\"ff1\"> </span>costo<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> </span>ben<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">i<span class=\"ff1\"> </span></span></span></span></span></span></span>al<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>etto<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">residuo<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>termine<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span>processo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ammortamento,<span class=\"ff1\"> </span>se<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">significativo.<span class=\"ff1\"> </span>Gli<span class=\"ff1\"> </span>immobili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vengono<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>ammortizzati<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quota<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rit<span class=\"_ _2\"></span>enuta<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>congrua<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>appresentare<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>d<span class=\"_ _2\"></span>eperimento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>c<span class=\"_ _2\"></span>espiti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tempo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> </span>seguito<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>loro<span class=\"ff1\"> <span class=\"_ _2\"></span></span>utilizzo,<span class=\"ff1\"> </span>tenuto<span class=\"ff1\"> </span>conto<span class=\"_ _2\"></span><span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>spese<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>manutenzione<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>carattere<span class=\"ff1\"> </span>str<span class=\"_ _2\"></span>aordinario,<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> </span>portate<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>incremento<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>cespiti<span class=\"_ _3bd\"> </span>Non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ven<span class=\"_ _0\"></span>gono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">inv<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>mmor<span class=\"_ _0\"></span>tiz<span class=\"_ _0\"></span>zati:<span class=\"_ _0\"></span> </span></span></span></span></span></span> i<span class=\"ff1\"> </span>terreni,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">siano</span> <span class=\"_ _0\"></span><span class=\"ff3\">essi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stati<span class=\"ff1\"> </span>acquisiti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">singolarmente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>incorporati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> </span>valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span>fabbricati,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>quanto<span class=\"ff1\"> </span>han<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">n<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>vita<span class=\"ff1\"> </span>utile<span class=\"ff1\"> </span>indefinita;<span class=\"_ _3bd\"> </span> il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">patrimonio<span class=\"ff1\"> </span>artistico<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>regio,<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>tri<span class=\"ff1\"> </span>beni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">st<span class=\"_ _2\"></span>orico<span class=\"ff1\"> </span>artistici<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">decorativi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>quanto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>loro<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vita<span class=\"ff1\"> </span>utile<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">n<span class=\"_ _1\"></span>on<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>pu<span class=\"_ _0\"></span>\u00f2<span class=\"ff1\"> </span>es<span class=\"_ _0\"></span>sere<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>tim<span class=\"_ _0\"></span>ata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ed<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l<span class=\"_ _0\"></span>oro<span class=\"ff1\"> </span>v<span class=\"_ _1\"></span>alore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nor<span class=\"_ _0\"></span>malme<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>stin<span class=\"_ _0\"></span>ato<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ad<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">aumen<span class=\"_ _0\"></span>tare<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">n<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>em<span class=\"_ _0\"></span>po.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Se<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esiste<span class=\"ff1\"> </span>qualche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"_ _2\"></span>dicazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> </span>dimostri<span class=\"ff1\"> </span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un\u2019<span class=\"_ _0\"></span>attivit\u00e0<span class=\"ff1\"> </span>materiale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutata<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">costo<span class=\"ff1\"> </span>possa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">aver<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">subito<span class=\"ff1\"> </span>u<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">na<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>perdita<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valore,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>si<span class=\"ff1\"> <span class=\"_ _20\"></span></span>procede<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>confr<span class=\"_ _2\"></span>onto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tr<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>carico<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cespit<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ed<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>suo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>recupero.<span class=\"ff1\"> </span><span class=\"ff1\"><span class=\"_ _20\"></span></span>Le<span class=\"ff1\"> </span>eventuali<span class=\"ff1\"> </span>rettifiche<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> </span>rilevate<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>Conto<span class=\"ff1\"> </span>Economico.<span class=\"_ _3bd\"> </span>Qualora<span class=\"ff1\"> </span>ven<span class=\"_ _0\"></span>gano<span class=\"ff1\"> </span>meno<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mot<span class=\"_ _2\"></span>ivi<span class=\"ff1\"> </span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">hanno<span class=\"ff1\"> </span>portato<span class=\"ff1\"> </span>alla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rilevazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perdita,<span class=\"ff1\"> </span>si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">d\u00e0<span class=\"ff1\"> </span>luogo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>d<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">una<span class=\"ff1\"> </span>ripresa<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>valore,<span class=\"ff1\"> </span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">non</span> <span class=\"ff3\">pu\u00f2</span> <span class=\"ff3\">superare</span> <span class=\"ff3\">il</span> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>l\u2019attivit\u00e0<span class=\"ff1\"> </span>avrebbe<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">avuto,<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>netto<span class=\"ff1\"> </span>degli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ammortamenti</span> <span class=\"ff3\">calcolati,</span> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">in</span> </span></span></span></span></span>assenza<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>precedenti<span class=\"ff1\"> </span>perdite<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valore.<span class=\"_ _3bd\"> </span>Per<span class=\"ff1\"> </span>quel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> </span>attiene<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>materiali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rilevate<span class=\"ff1\"> </span>ai<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ensi<span class=\"ff1\"> </span>dello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">IAS<span class=\"ff1\"> </span>2,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>stesse<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutate<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">m<span class=\"_ _2\"></span>inore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tra<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">il<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>cos<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ed<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">val<span class=\"_ _0\"></span>ore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">netto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>izzo,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fer<span class=\"_ _0\"></span>mo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">res<span class=\"_ _0\"></span>tand<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pro<span class=\"_ _0\"></span>cede<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>munq<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">conf<span class=\"_ _0\"></span>ron<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tra<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">va<span class=\"_ _0\"></span>lore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>ari<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">c<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>del<span class=\"ff1\"> </span>cespite<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ed<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>suo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valore<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>recupero<span class=\"ff1\"> </span>ove<span class=\"ff1\"> </span>esist<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>qualche<span class=\"ff1\"> </span>in<span class=\"_ _2\"></span>dicazione<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>dimos<span class=\"_ _2\"></span>tri<span class=\"ff1\"> </span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>bene<span class=\"ff1\"> <span class=\"_ _2\"></span></span>possa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>av<span class=\"_ _3bd\"> </span>er<span class=\"ff1\"> </span>subito<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>perdita<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valore.<span class=\"ff1\"> </span>Le<span class=\"ff1\"> </span>eventuali<span class=\"ff1\"> </span>rettifiche<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> </span>rilevate<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>conto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>economico.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"fc0 sc1\"> </span>Un'attivit\u00e0<span class=\"ff1\"> </span>m<span class=\"_ _2\"></span>ateriale<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>eliminata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dallo<span class=\"ff1\"> </span>Stato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Patrimoniale<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>momento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> </span>dismiss<span class=\"_ _2\"></span>ione<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quando<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>bene<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>permanentemente<span class=\"ff1\"> </span>ritirato<span class=\"ff1\"> </span>dall\u2019uso<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>sua<span class=\"ff1\"> </span>dismissione<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>attesi<span class=\"ff1\"> </span>benefici<span class=\"ff1\"> </span>economici<span class=\"ff1\"> </span>futuri.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ril<span class=\"_ _0\"></span>ev<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>del<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ual<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>L\u2019allocazione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>componenti<span class=\"ff1\"> </span>reddituali<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> </span>pertinenti<span class=\"ff1\"> </span>voci<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>conto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>economico<span class=\"ff1\"> </span>avviene<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>quanto<span class=\"ff1\"> </span>riportato<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>seguito:<span class=\"_ _3bd\"> </span> gl<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ammo<span class=\"_ _0\"></span>rtame<span class=\"_ _1\"></span>nti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">peri<span class=\"_ _0\"></span>odi<span class=\"_ _0\"></span>ci,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">perdi<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dura<span class=\"_ _0\"></span>tur<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">valore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ri<span class=\"_ _0\"></span>prese<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">val<span class=\"_ _0\"></span>ore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ve<span class=\"_ _0\"></span>ngo<span class=\"_ _0\"></span>no<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alloc<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nell<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">v<span class=\"_ _0\"></span>oce<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>\u201cRe<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span>fich<span class=\"_ _0\"></span>e/ri<span class=\"_ _0\"></span>pre<span class=\"_ _0\"></span>se<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>lore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ne<span class=\"_ _0\"></span>tte<span class=\"ff1\"> </span>su<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">at<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mate<span class=\"_ _0\"></span>rial<span class=\"_ _0\"></span>i\u201d;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span> i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">profitti<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perdite<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">derivanti<span class=\"ff1\"> </span>dalle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">op<span class=\"_ _2\"></span>erazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cessione<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>engono<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">allocati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nella<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">voce<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u201cUtili<span class=\"ff1\"> </span>(Perdite)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>cessione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>investimenti\u201d.<span class=\"_ _3bd\"> </span>7-<span class=\"_ _3bd\"> </span>Attivit\u00e0<span class=\"_ _3bd\"> </span>im<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>li<span class=\"fc0 sc1\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>isc<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>immateriali<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>iscritte<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>come<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tali<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>se<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>identificabili<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>trovano<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>origine<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>diritti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>legal<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>o<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>trat<span class=\"_ _0\"></span>tua<span class=\"_ _0\"></span>li.<span class=\"_ _3bd\"> </span>Le<span class=\"ff1\"> </span>pre<span class=\"_ _2\"></span>dette<span class=\"ff1\"> </span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>iscritte<span class=\"ff1\"> </span>ai<span class=\"ff1\"> <span class=\"_ _2\"></span></span>costi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>acquisto,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>comprensivi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>degli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>oneri<span class=\"ff1\"> </span>accesso<span class=\"_ _2\"></span>ri<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ed<span class=\"ff1\"> </span>aumentat<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>spese<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>uccessive<span class=\"ff1\"> </span>sos<span class=\"_ _2\"></span>tenute<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>accrescerne<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>valor<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>capacit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>produttiva<span class=\"ff1\"> <span class=\"_ _2\"></span></span>iniziale.<span class=\"ff1\"> </span>Gli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>avviamenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>ri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">all<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>diff<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span>nza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">posi<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>tra<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">one<span class=\"_ _0\"></span>ri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">soste<span class=\"_ _1\"></span>nuti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">acqui<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">comple<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">az<span class=\"_ _0\"></span>iend<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">so<span class=\"_ _0\"></span>ttosta<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>rti<span class=\"_ _0\"></span>nen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>quote<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>assivit\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">delle<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>assivit\u00e0<span class=\"ff1\"> </span>potenzial<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">acquisite.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Qualor<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">differen<span class=\"_ _2\"></span>za<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ris<span class=\"_ _0\"></span>ult<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>neg<span class=\"_ _0\"></span>ativ<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>(bad<span class=\"_ _0\"></span>will<span class=\"_ _0\"></span>)<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>ll\u2019i<span class=\"_ _0\"></span>pote<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cui<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">il</span> <span class=\"ff3\">good<span class=\"_ _0\"></span>wil<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tro<span class=\"_ _0\"></span>vi<span class=\"ff1\"> </span>gi<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>tifi<span class=\"_ _0\"></span>cazi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">nel<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>ca<span class=\"_ _0\"></span>pac<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>ddit<span class=\"_ _0\"></span>uali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">futu<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>della<span class=\"ff1\"> </span>partecipata,<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>differenza<span class=\"ff1\"> </span>stessa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>viene<span class=\"ff1\"> </span>iscritta<span class=\"ff1\"> </span>direttamente<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cla<span class=\"_ _1\"></span>ssi<span class=\"_ _0\"></span>fica<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Il<span class=\"ff1\">  </span>portafoglio<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>delle<span class=\"ff1\">  </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>immateriali<span class=\"ff1\">  </span>include<span class=\"ff1\">  </span>i<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>fattor<span class=\"_ _2\"></span>i<span class=\"ff1\">  </span>intangibili<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>produzione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>ad<span class=\"ff1\">  </span>utilit\u00e0<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>pluriennale<span class=\"ff1\"> </span>rappresentati<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>particolare<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>software,<span class=\"ff1\"> </span>benefici<span class=\"ff1\"> </span>legati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> </span>relazione<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> </span>clientela<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(client<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>elationship)<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>av<span class=\"_ _0\"></span>viame<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>immateriali<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>durata<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>limitata<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>vengono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valutate<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>secondo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _0\"></span>rincipio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>co<span class=\"_ _2\"></span>sto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>netto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>deg<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>ammortamenti<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perdite<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>riduzioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">durevoli<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valor<span class=\"_ _2\"></span>e.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Gli<span class=\"ff1\"> </span>ammortamenti<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>du<span class=\"_ _0\"></span>rata<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>alla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vita<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>uti<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ben<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>d<span class=\"_ _1\"></span>a<span class=\"ff1\"> </span>am<span class=\"_ _0\"></span>morti<span class=\"_ _0\"></span>zza<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">son<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bas<span class=\"_ _0\"></span>ati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sul<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">meto<span class=\"_ _0\"></span>do<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>ote<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cos<span class=\"_ _0\"></span>tant<span class=\"_ _0\"></span>i.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Se<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rico<span class=\"_ _0\"></span>rron<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>vid<span class=\"_ _0\"></span>enze<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sinto<span class=\"_ _0\"></span>mati<span class=\"_ _0\"></span>che<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>dell\u2019esistenza<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>perdite<span class=\"ff1\"> </span>durevoli,<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> </span>immateriali<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>sottoposte<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>impairment<span class=\"ff1\"> </span>test,<span class=\"ff1\"> </span>registrando<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> </span>eventuali<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>rdite<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valore;<span class=\"ff1\"> </span>successive<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riprese<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">possono<span class=\"ff1\"> </span>eccedere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019ammontare<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"ff1\"> </span>perdite<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>impairment<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>precedenza<span class=\"ff1\"> </span>registr<span class=\"_ _2\"></span>ate.<span class=\"_ _3bd\"> </span>Gli<span class=\"ff1\">  </span>avviamen<span class=\"_ _0\"></span>ti<span class=\"ff1\">  </span>non<span class=\"ff1\">  </span>sono<span class=\"ff1\">  </span>assoggettati<span class=\"ff1\">  </span>ad<span class=\"ff1\">  </span>ammortamento,<span class=\"ff1\">  </span>m<span class=\"_ _0\"></span>a<span class=\"ff1\">  </span>vengono<span class=\"ff1\">  </span>pe<span class=\"_ _0\"></span>riodicamente<span class=\"ff1\">  </span>sott<span class=\"_ _2\"></span>oposti<span class=\"ff1\">  </span>ad<span class=\"ff1\"> </span>impairment<span class=\"ff1\"> <span class=\"_ _2\"></span></span>test.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>L\u2019eventuale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>differenza<span class=\"ff1\"> </span>n<span class=\"_ _2\"></span>egativa<span class=\"ff1\"> </span>t<span class=\"_ _2\"></span>ra<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _2\"></span></span>recuperabile<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ciascuna<span class=\"ff1\"> <span class=\"_ _2\"></span></span>unit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>generatrice<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziari<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(CGU)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _21\"></span></span>quale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>ppartiene</span> <span class=\"_ _2\"></span><span class=\"ff3\">un</span> <span class=\"_ _20\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>eterminato</span> <span class=\"_ _20\"></span><span class=\"ff3\">avviamento</span> <span class=\"_ _20\"></span><span class=\"ff3\">e</span> <span class=\"_ _20\"></span><span class=\"ff3\">il</span> <span class=\"_ _20\"></span><span class=\"ff3\">valore</span> <span class=\"_ _20\"></span><span class=\"ff3\">contabile</span> <span class=\"_ _20\"></span><span class=\"ff3\">del</span> <span class=\"_ _20\"></span><span class=\"ff3\">patrimonio</span> </span>netto<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>ella<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>medesima<span class=\"ff1\">  </span>costituisce<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>perdita<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>da<span class=\"ff1\">  </span>i<span class=\"_ _0\"></span>mpairment.<span class=\"ff1\">  </span>I<span class=\"_ _0\"></span>l<span class=\"ff1\">  </span>valore<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>recuperabile<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\">  </span>un<span class=\"_ _0\"></span>a<span class=\"ff1\">  </span>CGU<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u2013<span class=\"ff1\">  </span>che<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ne<span class=\"ff1\"> </span>rappresenta<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stima<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">economico<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u2013<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span>raggu<span class=\"_ _0\"></span>aglia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">maggior<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tra<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d\u2019uso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attuale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>flussi<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>cassa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attesi)<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>cambio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(presumibile<span class=\"ff1\"> </span>valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>ce<span class=\"_ _0\"></span>ssione<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">netto<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cos<span class=\"_ _2\"></span>ti<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>transazione).<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Eventuali<span class=\"ff1\"> </span>successive<span class=\"ff1\"> </span>riprese<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>possono<span class=\"ff1\"> </span>ess<span class=\"_ _2\"></span>ere<span class=\"ff1\"> </span>registrate.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\">  </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>immateriali<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>vengono<span class=\"ff1\">  </span>cancellate<span class=\"ff1\">  </span>dal<span class=\"ff1\">  </span>bilancio<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>quando<span class=\"ff1\">  </span>hanno<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>esaurito<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>integralmente<span class=\"ff1\">  </span>le<span class=\"ff1\">  </span>lo<span class=\"_ _3bd\"> </span>ro<span class=\"ff1\"> </span>funzionalit\u00e0<span class=\"ff1\">  </span>economiche,<span class=\"ff1\">  </span>ov<span class=\"_ _2\"></span>vero<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>nel<span class=\"ff1\">  </span>momento<span class=\"ff1\">  </span>della<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dismissione<span class=\"ff1\">  </span>o<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>qualora<span class=\"ff1\">  </span>non<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>sono<span class=\"ff1\">  </span>att<span class=\"_ _2\"></span>esi<span class=\"ff1\">  </span>benef<span class=\"_ _3bd\"> </span>ici<span class=\"ff1\"> </span>economici<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">futuri<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ril<span class=\"_ _0\"></span>ev<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>del<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ual<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>L\u2019allocazione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>componenti<span class=\"ff1\"> </span>reddituali<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> </span>pertinenti<span class=\"ff1\"> </span>voci<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>conto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>economico<span class=\"ff1\"> </span>avviene<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>quanto<span class=\"ff1\"> </span>riportato<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>seguito:<span class=\"_ _3bd\"> </span>  gl<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ammo<span class=\"_ _0\"></span>rtame<span class=\"_ _1\"></span>nti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">peri<span class=\"_ _0\"></span>odi<span class=\"_ _0\"></span>ci,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">perdi<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dura<span class=\"_ _0\"></span>tur<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">valore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ri<span class=\"_ _0\"></span>prese<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">val<span class=\"_ _0\"></span>ore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ve<span class=\"_ _0\"></span>ngo<span class=\"_ _0\"></span>no<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alloc<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nell<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">v<span class=\"_ _0\"></span>oc<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">e<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>\u201cRe<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span>fich<span class=\"_ _0\"></span>e/ri<span class=\"_ _0\"></span>pre<span class=\"_ _0\"></span>se<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>lore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ne<span class=\"_ _0\"></span>tte<span class=\"ff1\"> </span>su<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">at<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">imma<span class=\"_ _0\"></span>teri<span class=\"_ _0\"></span>ali\u201d<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span> le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>perdite<span class=\"ff1\">  </span>durature<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>valore<span class=\"ff1\">  </span>de<span class=\"_ _0\"></span>ll\u2019avviamento<span class=\"ff1\">  </span>vengono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>allocate<span class=\"ff1\">  </span>nella<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>voce<span class=\"ff1\">  </span>\u201cRettifiche<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\">  </span>valore<span class=\"ff1\"> </span>dell\u2019avviamento\u201d.<span class=\"ff1\"> </span>Non<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>ammessa<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>cont<span class=\"_ _2\"></span>abilizzazione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">event<span class=\"_ _2\"></span>uali</span> <span class=\"ff3\">successive</span> <span class=\"ff3\">riprese</span> <span class=\"ff3\">di</span> <span class=\"ff3\">valore.</span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>8-<span class=\"_ _3bd\"> </span>Attivit\u00e0<span class=\"_ _3bd\"> </span>non<span class=\"_ _3bd\"> </span>corren<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>gruppi<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>attivit\u00e0<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>via<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>dis<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Vengono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">c<span class=\"_ _2\"></span>lassificate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nella<span class=\"ff1\"> </span>voce<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dell\u2019attivo</span> <span class=\"ff3\">\u201cAttivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">corr<span class=\"_ _2\"></span>enti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gruppi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">via<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>dismissione\u201d<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>quella<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>passivo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u201cPassivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>associate<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _21\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"></span></span>via<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dis<span class=\"_ _2\"></span>missione\u201d<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>correnti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>gruppi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> </span>attivit\u00e0/passivit\u00e0<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>quali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stat<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>av<span class=\"_ _0\"></span>viato<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>processo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dismissione<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>loro<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>endita<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rit<span class=\"_ _2\"></span>enuta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">altamente<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>probabile.<span class=\"ff1\"> </span>Tali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0/passivit\u00e0<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>no<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">minore</span> <span class=\"ff3\">tra</span> <span class=\"ff3\">il</span> <span class=\"ff3\">valore</span> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">carico</span> <span class=\"ff3\">ed</span> <span class=\"ff3\">il</span> <span class=\"ff3\">loro</span> <span class=\"ff3\">fair</span> <span class=\"ff3\">value<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _2\"></span>l</span> <span class=\"ff3\">netto</span> <span class=\"ff3\">de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>costi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cessione,<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>eccezione<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alcune<span class=\"ff1\"> </span>tipologie<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>(es.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>rientranti<span class=\"ff1\"> </span>nell\u2019ambito<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></span></span>applicazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dell\u2019IFRS<span class=\"ff1\"> <span class=\"_ _20\"></span></span>9)<span class=\"ff1\"> <span class=\"_ _21\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l\u2019IFRS<span class=\"ff1\"> <span class=\"_ _20\"></span></span>5<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span></span>prevede<span class=\"ff1\"> <span class=\"_ _20\"></span></span>specificatamente<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>bbano<span class=\"ff1\"> <span class=\"_ _21\"></span></span>essere<span class=\"ff1\"> <span class=\"_ _20\"></span></span>applicati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>criteri<span class=\"ff1\"> </span></span></span>valutativi<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>principio<span class=\"ff1\"> </span>contabile<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>pertinenza.<span class=\"_ _3bd\"> </span> I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prov<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ed<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">one<span class=\"_ _0\"></span>ri<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>al<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>tto<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell\u2019<span class=\"_ _0\"></span>eff<span class=\"_ _0\"></span>etto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fis<span class=\"_ _0\"></span>cale<span class=\"_ _0\"></span>),<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>nduc<span class=\"_ _0\"></span>ibil<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ad<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">att<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span>op<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>tive<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ce<span class=\"_ _0\"></span>ssate<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">vi<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>dis<span class=\"_ _0\"></span>mis<span class=\"_ _0\"></span>sione<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>o<span class=\"ff1\"> </span>rilevati<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>tali<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>corso<span class=\"ff1\"> </span>dell\u2019esercizio,<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>esposti<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>voce<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">separata.</span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>9-<span class=\"_ _3bd\"> </span>Fi<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>di<span class=\"_ _0\"></span>ff<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>ta<span class=\"fc0 sc1\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>is<span class=\"_ _0\"></span>cri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _1\"></span>,<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>impos<span class=\"_ _2\"></span>te<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sul<span class=\"ff1\"> <span class=\"_ _20\"></span></span>reddito,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>calcolat<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>ispetto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>legislazioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>f<span class=\"_ _2\"></span>iscali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nazional<span class=\"_ _2\"></span>i,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contabilizzate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>come<span class=\"_ _2\"></span><span class=\"ff1\"> </span>costo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>base<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cr<span class=\"_ _2\"></span>iterio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>competenza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>economica,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>coerentemente<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>modalit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>ilevazione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff3\">in</span> </span>bilancio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cost<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ricavi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">h<span class=\"_ _2\"></span>anno<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">generate.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Esse<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>appresentano<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pert<span class=\"_ _2\"></span>anto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">saldo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fiscalit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">corrente<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>e<span class=\"ff1\"> </span>differita<span class=\"ff1\"> <span class=\"_ _2\"></span></span>relativa<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>reddito<span class=\"ff1\"> </span>dell<span class=\"_ _2\"></span>\u2019esercizio.<span class=\"ff1\"> </span>In<span class=\"ff1\"> <span class=\"_ _2\"></span></span>particolare,<span class=\"ff1\"> </span>tali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>poste<span class=\"ff1\"> <span class=\"_ _2\"></span></span>accolgono<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>aldo<span class=\"ff1\"> </span>netto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tra<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>passivit\u00e0<span class=\"ff1\"> </span>fiscali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">corr<span class=\"_ _2\"></span>enti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dell\u2019esercizio,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">calcolat<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">base<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ad<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">prudenzial<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">previsione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dell\u2019onere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tributario<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ovuto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>l\u2019e<span class=\"_ _0\"></span>ser<span class=\"_ _0\"></span>ciz<span class=\"_ _0\"></span>io,<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>term<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>bas<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>alle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">norme<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">trib<span class=\"_ _0\"></span>uta<span class=\"_ _0\"></span>rie<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">vig<span class=\"_ _0\"></span>ore<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>atti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>fis<span class=\"_ _0\"></span>cali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">corre<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rappr<span class=\"_ _0\"></span>esen<span class=\"_ _0\"></span>tate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dagli</span> </span></span></span></span></span></span></span></span></span></span></span>acconti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dagli<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>alt<span class=\"_ _2\"></span>ri<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>crediti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>d\u2019<span class=\"_ _2\"></span>imposta<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>itenute<span class=\"ff1\"> <span class=\"_ _21\"></span></span>d\u2019acconto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>subite<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>od<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>altri<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>crediti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>d\u2019impost<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>eserciz<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>precedenti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quali<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>societ\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Gruppo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>hanno<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>richiesto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>compensazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>im<span class=\"_ _2\"></span>poste<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>esercizi<span class=\"ff1\"> </span>suc<span class=\"_ _0\"></span>ces<span class=\"_ _0\"></span>sivi<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span> Le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Attivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fisc<span class=\"_ _0\"></span>ali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">corren<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">acc<span class=\"_ _0\"></span>olgon<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>tre<span class=\"_ _0\"></span>s\u00ec<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>redi<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">d\u2019i<span class=\"_ _0\"></span>mpost<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">qual<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>ociet<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>G<span class=\"_ _0\"></span>rupp<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>h<span class=\"_ _0\"></span>anno<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ric<span class=\"_ _0\"></span>hie<span class=\"_ _0\"></span>sto<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rimbors<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"_ _2\"></span>utorit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fiscali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">competenti,</span> <span class=\"_ _20\"></span><span class=\"ff3\">nonch\u00e9</span> <span class=\"_ _20\"></span><span class=\"ff3\">l<span class=\"_ _2\"></span>e</span> <span class=\"_ _20\"></span><span class=\"ff3\">som<span class=\"_ _2\"></span>me</span> <span class=\"_ _20\"></span><span class=\"ff3\">versat<span class=\"_ _2\"></span>e</span> <span class=\"_ _20\"></span><span class=\"ff3\">a</span> <span class=\"_ _21\"></span><span class=\"ff3\">titolo</span> <span class=\"_ _20\"></span><span class=\"ff3\">provvisorio</span> <span class=\"_ _21\"></span><span class=\"ff3\">nel</span> <span class=\"_ _20\"></span><span class=\"ff3\">corso</span> <span class=\"_ _21\"></span><span class=\"ff3\">di</span> <span class=\"_ _20\"></span><span class=\"ff3\">un</span> </span>procedimento<span class=\"ff1\"> </span>contenzioso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>\u2019Amministrazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziaria.<span class=\"ff1\"> </span>I<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>insito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>uddetti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">procedimenti,<span class=\"ff1\"> </span>allo<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>stesso<span class=\"ff1\"> </span>modo<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>insiti<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>procedimenti<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>hanno<span class=\"ff1\"> </span>richiesto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>versamenti<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>titolo<span class=\"ff1\"> </span>provvisorio,<span class=\"ff1\"> </span>viene<span class=\"ff1\"> </span>valutato<span class=\"ff1\"> </span>secondo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> </span>logiche<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>IAS<span class=\"ff1\"> </span>37<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>relazione<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>probabilit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>impiego<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>risor<span class=\"_ _2\"></span>se<span class=\"ff1\"> </span>economiche<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>loro<span class=\"ff1\"> </span>ad<span class=\"_ _0\"></span>empimento.<span class=\"_ _3bd\"> </span> La<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fiscalit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>diffe<span class=\"_ _0\"></span>rita<span class=\"ff1\"> <span class=\"_ _21\"></span></span>viene<span class=\"ff1\"> <span class=\"_ _20\"></span></span>determinata<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>base<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _21\"></span></span>criterio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>cosidde<span class=\"_ _0\"></span>tto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u201cbalance<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sheet<span class=\"ff1\"> <span class=\"_ _20\"></span></span>liability<span class=\"ff1\"> <span class=\"_ _21\"></span></span>method\u201d,<span class=\"ff1\"> </span>tenuto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conto<span class=\"ff1\"> </span>dell\u2019effetto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fiscale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>connesso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>differenze<span class=\"ff1\"> </span>tempo<span class=\"_ _2\"></span>ranee<span class=\"ff1\"> </span>tr<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contabile<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>passivit\u00e0<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>loro<span class=\"ff1\"> </span>valor<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>fiscale<span class=\"ff1\"> </span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>determineranno<span class=\"ff1\"> </span>import<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>imponibili<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>deducibili<span class=\"ff1\"> </span>n<span class=\"_ _2\"></span>ei<span class=\"ff1\"> </span>futuri<span class=\"ff1\"> </span>pe<span class=\"_ _2\"></span>riodi.<span class=\"ff1\"> </span>A<span class=\"ff1\"> </span>t<span class=\"_ _2\"></span>ali<span class=\"ff1\"> </span>fini,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>si<span class=\"ff1\"> <span class=\"_ _21\"></span></span>intendono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u201cdifferenze<span class=\"ff1\"> <span class=\"_ _21\"></span></span>temporanee<span class=\"ff1\"> <span class=\"_ _20\"></span></span>t<span class=\"_ _2\"></span>assabili\u201d<span class=\"ff1\"> <span class=\"_ _21\"></span></span>quelle<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>p<span class=\"_ _2\"></span>eriodi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>futuri<span class=\"ff1\"> <span class=\"_ _21\"></span></span>determineranno<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>importi<span class=\"ff1\"> </span>imponibili<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u201cdifferenze<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tempor<span class=\"_ _2\"></span>anee<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>deducibili\u201d<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>quelle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>negli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>esercizi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>futuri<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>determiner<span class=\"_ _2\"></span>anno<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>impor<span class=\"_ _2\"></span>ti<span class=\"ff1\"> </span>ded<span class=\"_ _0\"></span>uci<span class=\"_ _0\"></span>bili<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span> Le<span class=\"ff1\"> </span>imposte<span class=\"ff1\"> </span>ant<span class=\"_ _2\"></span>icipate<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rilevate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> </span>fronte<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>tutte<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> </span>differenz<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>temporanee<span class=\"ff1\"> <span class=\"_ _2\"></span></span>deducibili,<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>crediti<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>elle<span class=\"ff1\"> </span>perdite<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fiscali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>non<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ut<span class=\"_ _2\"></span>ilizzate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ripor<span class=\"_ _2\"></span>tabili<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nuov<span class=\"_ _0\"></span>o,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nella<span class=\"ff1\"> <span class=\"_ _20\"></span></span>misura<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>probabile<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>saranno<span class=\"ff1\"> <span class=\"_ _20\"></span></span>disponibili<span class=\"ff1\"> </span>sufficienti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">imponibili<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>sca<span class=\"_ _2\"></span>li<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">futuri,<span class=\"ff1\"> </span>che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pos<span class=\"_ _2\"></span>sano<span class=\"ff1\"> </span>consentire<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l\u2019util<span class=\"_ _0\"></span>izzo<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">differenze<span class=\"ff1\"> </span>temporanee<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">deducibili<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>dei<span class=\"ff1\"> </span>crediti<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>perdite<span class=\"ff1\"> </span>fiscali<span class=\"ff1\"> </span>riport<span class=\"_ _2\"></span>ati<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>nuovo,<span class=\"ff1\"> </span>ecce<span class=\"_ _0\"></span>tto<span class=\"_ _2\"></span><span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>casi<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>cui:<span class=\"_ _3bd\"> </span>  l\u2019<span class=\"_ _0\"></span>impo<span class=\"_ _0\"></span>sta<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>ffer<span class=\"_ _0\"></span>ita<span class=\"ff1\"> </span>atti<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">coll<span class=\"_ _0\"></span>ega<span class=\"_ _0\"></span>ta<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">dif<span class=\"_ _0\"></span>fere<span class=\"_ _0\"></span>nze<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tempor<span class=\"_ _0\"></span>anee<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">deduc<span class=\"_ _0\"></span>ibi<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>deriv<span class=\"_ _1\"></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>rile<span class=\"_ _0\"></span>vazi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ini<span class=\"_ _0\"></span>zial<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">passivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tr<span class=\"_ _2\"></span>ansazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rappresenta<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un\u2019aggregazion<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">aziendale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>tempo<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>della<span class=\"ff1\"> </span>transazione<span class=\"ff1\"> </span>stessa,<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>influisce<span class=\"ff1\"> </span>n\u00e9<span class=\"ff1\"> </span>sul<span class=\"ff1\"> </span>risultato<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>bilancio,<span class=\"ff1\"> </span>n\u00e9<span class=\"ff1\"> </span>sul<span class=\"ff1\"> </span>risultato<span class=\"_ _2\"></span><span class=\"ff1\"> </span>fiscale;<span class=\"_ _3bd\"> </span>  ne<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cas<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>iff<span class=\"_ _0\"></span>eren<span class=\"_ _0\"></span>ze<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">temp<span class=\"_ _0\"></span>ora<span class=\"_ _0\"></span>nee<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>duci<span class=\"_ _0\"></span>bil<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ssoc<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>arte<span class=\"_ _0\"></span>cipaz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">soci<span class=\"_ _0\"></span>et\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span>trol<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>te,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">col<span class=\"_ _0\"></span>leg<span class=\"_ _0\"></span>ate<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">joint<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">venture,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">imposte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">differite<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attive<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rilevate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">solo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nella<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">misura<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">probabile<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">es<span class=\"_ _2\"></span>se<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">si<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>riverseranno<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>futuro<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>prev<span class=\"_ _0\"></span>edibile<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>vi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>saranno<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>suff<span class=\"_ _0\"></span>icienti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>imponibili<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>fiscali<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>co<span class=\"_ _2\"></span>nsentano<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> </span>recupero<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tali<span class=\"ff1\"> </span>differenze<span class=\"ff1\"> </span>temporanee.<span class=\"_ _3bd\"> </span>Le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>impos<span class=\"_ _2\"></span>te<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>differite<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>pass<span class=\"_ _2\"></span>ive<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rilev<span class=\"_ _0\"></span>ate<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>su<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tutte<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>differenze<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>temporanee<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tas<span class=\"_ _2\"></span>sabili,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>l<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>seguenti<span class=\"ff1\"> </span>ec<span class=\"_ _0\"></span>cezi<span class=\"_ _0\"></span>oni:<span class=\"_ _0\"></span>  le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">imp<span class=\"_ _0\"></span>oste<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span>ffe<span class=\"_ _0\"></span>rite<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pas<span class=\"_ _0\"></span>sive<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">deri<span class=\"_ _0\"></span>van<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>dal<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>leva<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>niz<span class=\"_ _0\"></span>iale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span>l\u2019av<span class=\"_ _0\"></span>via<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un\u2019<span class=\"_ _0\"></span>atti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o</span> <span class=\"ff3\">pa<span class=\"_ _0\"></span>ssiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>transazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rappresenta<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un<span class=\"_ _2\"></span>\u2019aggregazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>aziendale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tempo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"_ _0\"></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tr<span class=\"_ _2\"></span>ansazione<span class=\"ff1\"> </span>stessa,<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>influenza<span class=\"ff1\"> </span>n\u00e9<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>risultato<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> </span>n\u00e9<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>risultato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fiscale<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span> il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riv<span class=\"_ _0\"></span>ersa<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dif<span class=\"_ _0\"></span>fere<span class=\"_ _0\"></span>nze<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">temp<span class=\"_ _0\"></span>oran<span class=\"_ _0\"></span>ee<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">impo<span class=\"_ _0\"></span>nib<span class=\"_ _0\"></span>ili,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ass<span class=\"_ _0\"></span>oci<span class=\"_ _0\"></span>ate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">part<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ipazi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">soci<span class=\"_ _0\"></span>et\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>troll<span class=\"_ _0\"></span>ate,<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>collegate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">joint<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">venture,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pu\u00f2<span class=\"ff1\"> </span>essere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">controllato,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ed<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">probabile<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">esso<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">verifichi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pre<span class=\"_ _2\"></span>vedibile<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>fu<span class=\"_ _0\"></span>turo<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span>La<span class=\"ff1\"> </span>fiscalit\u00e0<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ifferita<span class=\"ff1\"> </span>viene<span class=\"ff1\"> </span>calc<span class=\"_ _0\"></span>olat<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>applic<span class=\"_ _0\"></span>ando<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>aliquote<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>imposizione<span class=\"ff1\"> </span>stabilite<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dalle<span class=\"ff1\"> </span>disposizioni<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>legg<span class=\"_ _3bd\"> </span></span></span></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>vigore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>differenze<span class=\"ff1\"> <span class=\"_ _20\"></span></span>t<span class=\"_ _2\"></span>emporanee<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>assabili<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _20\"></span></span>esist<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>probabilit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un<span class=\"ff1\"> <span class=\"_ _21\"></span></span>effettivo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sostenimento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _3bd\"> </span>imposte<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ed<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>all<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"_ _2\"></span>fferenze<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>temporanee<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>de<span class=\"_ _2\"></span>ducibili<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cu<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>esiste<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>agionevole<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>c<span class=\"_ _2\"></span>ertezza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>v<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sian<span class=\"_ _3bd\"> </span>ammontari<span class=\"ff1\"> </span>imponibili<span class=\"ff1\"> </span>futuri<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>momento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>manifester\u00e0<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>elativa<span class=\"ff1\"> </span>deducibilit\u00e0<span class=\"ff1\"> </span>fiscale<span class=\"ff1\"> </span>(c.d.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>probabilit<span class=\"_ _3bd\"> </span>tes<span class=\"_ _0\"></span>t).<span class=\"_ _3bd\"> </span>Qualora<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Passivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>fiscali<span class=\"ff1\"> <span class=\"_ _21\"></span></span>differite<span class=\"ff1\"> <span class=\"_ _21\"></span></span>si<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>iferiscano<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>c<span class=\"_ _0\"></span>omponenti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"ff1\"> <span class=\"_ _21\"></span></span>hanno<span class=\"ff1\"> <span class=\"_ _21\"></span></span>interess<span class=\"_ _0\"></span>ato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>cont<span class=\"_ _3bd\"> </span>economico,<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>contropartita<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>rappresentata<span class=\"ff1\"> </span>dalle<span class=\"ff1\"> </span>imposte<span class=\"ff1\"> </span>sul<span class=\"ff1\"> </span>reddito.<span class=\"_ _3bd\"> </span>Nei<span class=\"ff1\"> </span>casi<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>imposte<span class=\"ff1\"> </span>anticipate<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>differite<span class=\"ff1\"> </span>riguardino<span class=\"ff1\"> </span>transazioni<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>hanno<span class=\"ff1\"> </span>interessato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>direttamente<span class=\"ff1\"> </span>i<span class=\"_ _3bd\"> </span>patrimonio<span class=\"ff1\">  </span>ne<span class=\"_ _0\"></span>tto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>senza<span class=\"ff1\">  </span>infl<span class=\"_ _0\"></span>uenzare<span class=\"ff1\">  </span>il<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">conto<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">ec<span class=\"_ _0\"></span>onomico<span class=\"ff1\">  </span>(q<span class=\"_ _0\"></span>uali<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\">  </span>ret<span class=\"_ _0\"></span>tifiche<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\">  </span>p<span class=\"_ _0\"></span>rima<span class=\"ff1\">  </span>appl<span class=\"_ _0\"></span>icazione<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>egl<span class=\"_ _3bd\"> </span></span></span></span></span>IA<span class=\"_ _0\"></span>S/IF<span class=\"_ _0\"></span>RS,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le</span> <span class=\"ff3\">valu<span class=\"_ _0\"></span>tazi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">degli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">strum<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>fina<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rileva<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">fa<span class=\"_ _0\"></span>ir<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>lue<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con</span> <span class=\"ff3\">imp<span class=\"_ _0\"></span>atto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sul<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>red<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>comp<span class=\"_ _0\"></span>less<span class=\"_ _0\"></span>iv<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dei<span class=\"ff1\">  </span>contratti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>derivati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\">  </span>c<span class=\"_ _0\"></span>opertura<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>flussi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>finanziari),<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>s<span class=\"_ _2\"></span>tesse<span class=\"ff1\">  </span>v<span class=\"_ _0\"></span>engono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>iscr<span class=\"_ _2\"></span>itte<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\">  </span>contropartita<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"_ _3bd\"> </span>patrimonio<span class=\"ff1\"> </span>netto,<span class=\"ff1\"> </span>interessando<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>specifiche<span class=\"ff1\"> </span>riserve<span class=\"ff1\"> </span>quando<span class=\"ff1\"> </span>previsto<span class=\"_ _2\"></span><span class=\"ff1\"> </span>(es.<span class=\"ff1\"> </span>riserve<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>valutazione).<span class=\"_ _3bd\"> </span>La<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fiscalit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>latente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sulle<span class=\"ff1\"> <span class=\"_ _21\"></span></span>poste<span class=\"ff1\"> <span class=\"_ _2\"></span></span>patr<span class=\"_ _2\"></span>imoniali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>ospensione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d\u2019imposta<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u201ctassabil<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ogni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cas<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>utilizzo\u201d<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"_ _3bd\"> </span>iscritta<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"></span></span>bilancio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>riduzione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>patrimonio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>netto.<span class=\"ff1\"> <span class=\"_ _21\"></span></span>La<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fiscalit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>latente<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>riferita<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>alle<span class=\"ff1\"> <span class=\"_ _21\"></span></span>poste<span class=\"ff1\"> <span class=\"_ _21\"></span></span>patri<span class=\"_ _0\"></span>moniali<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>i<span class=\"_ _3bd\"> </span>sospensione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">d\u2019imposta<span class=\"ff1\"> </span>\u201ctassabi<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">soltanto<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ipotesi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>istribuzione\u201d<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">viene<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>scritt<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bilancio,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>quant<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>la<span class=\"ff1\"> </span>consistenza<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>riserve<span class=\"ff1\"> </span>disponibili<span class=\"ff1\"> </span>gi\u00e0<span class=\"ff1\"> </span>assoggettate<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>tassazione<span class=\"ff1\"> </span>consente<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>ritenere<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>sarann<span class=\"_ _3bd\"> </span>effettuate<span class=\"ff1\"> </span>operazioni<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>ne<span class=\"ff1\"> </span>comportino<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>tass<span class=\"_ _2\"></span>azione.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ril<span class=\"_ _0\"></span>ev<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>del<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ual<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>passivit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fiscali<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>so<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>imp<span class=\"_ _0\"></span>utate<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cont<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ec<span class=\"_ _0\"></span>onomico<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(voce<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u201cImposte<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sul<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>reddito<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dell\u2019esercizi<span class=\"_ _3bd\"> </span>del<span class=\"_ _0\"></span>l\u2019o<span class=\"_ _0\"></span>pera<span class=\"_ _0\"></span>tivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>rren<span class=\"_ _0\"></span>te\u201d<span class=\"_ _0\"></span>),<span class=\"ff1\"> </span>sal<span class=\"_ _0\"></span>vo<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>esse<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>riv<span class=\"_ _0\"></span>ino<span class=\"ff1\"> </span>da<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">opera<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>cu<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>effe<span class=\"_ _0\"></span>tti<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>nno<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">attri<span class=\"_ _0\"></span>bui<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>dire<span class=\"_ _0\"></span>tta<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>t<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>al<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>patrimo<span class=\"_ _2\"></span>nio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>netto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(nel<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>qual<span class=\"ff1\">  </span>caso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>vengono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>imputate<span class=\"ff1\">  </span>al<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>patrimonio)<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>o<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>operazioni<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\">  </span>agg<span class=\"_ _0\"></span>regazion<span class=\"_ _3bd\"> </span>societaria<span class=\"ff1\"> </span>(nel<span class=\"ff1\"> </span>qual<span class=\"ff1\"> </span>caso<span class=\"ff1\"> </span>entrano<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>computo<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>avviamento).<span class=\"_ _3bd\"> </span>10-<span class=\"_ _3bd\"> </span>Fon<span class=\"_ _0\"></span>di<span class=\"_ _3bd\"> </span>per<span class=\"_ _3bd\"> </span>rischi<span class=\"_ _3bd\"> </span>ed<span class=\"_ _3bd\"> </span>o<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span>ri<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>is<span class=\"_ _0\"></span>cri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _1\"></span>,<span class=\"_ _3bd\"> </span>cl<span class=\"_ _0\"></span>ass<span class=\"_ _1\"></span>ific<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"fc0 sc1\"> </span>I<span class=\"ff1\"> </span>fon<span class=\"_ _0\"></span>di<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>risc<span class=\"_ _0\"></span>hi<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>d<span class=\"ff1\"> </span>one<span class=\"_ _0\"></span>ri<span class=\"ff1\"> </span>son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>passi<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>d\u2019am<span class=\"_ _0\"></span>mon<span class=\"_ _0\"></span>tare<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o</span> <span class=\"ff3\">sca<span class=\"_ _0\"></span>den<span class=\"_ _0\"></span>za<span class=\"ff1\"> </span>inc<span class=\"_ _0\"></span>erti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ril<span class=\"_ _0\"></span>eva<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">bilanc<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">qu<span class=\"_ _0\"></span>ando<span class=\"ff1\"> </span>ric<span class=\"_ _0\"></span>orro<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>le<span class=\"ff1\"> </span>seguenti<span class=\"ff1\"> </span>contestuali<span class=\"ff1\"> </span>condizioni:<span class=\"_ _3bd\"> </span> esiste<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un\u2019obbligazione<span class=\"ff1\"> </span>att<span class=\"_ _2\"></span>uale<span class=\"ff1\"> </span>alla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>data<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riferimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>bilancio,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> </span>deri<span class=\"_ _2\"></span>va<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ev<span class=\"_ _2\"></span>ento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pas<span class=\"_ _0\"></span>sato<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span>l\u2019obbligazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">deve<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">essere<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tipo<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span>gale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(tro<span class=\"_ _2\"></span>va<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">origine<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contratto<span class=\"_ _2\"></span>,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">normativa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">altra<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">disposizione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>legge)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>implicita<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(nasce<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _20\"></span></span>momento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l\u2019impr<span class=\"_ _2\"></span>esa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>genera<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>co<span class=\"_ _2\"></span>nfronti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>erzi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019aspett<span class=\"_ _2\"></span>ativa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ch<span class=\"_ _3bd\"> </span>assolver\u00e0<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>propri<span class=\"ff1\"> </span>impegni<span class=\"ff1\"> </span>anche<span class=\"ff1\"> </span>se<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>rientranti<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>casistica<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>obbligazioni<span class=\"ff1\"> </span>legali);<span class=\"_ _3bd\"> </span> \u00e8<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>probabile<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>verifichi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>un\u2019<span class=\"_ _2\"></span>uscita<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>finanziaria<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>per<span class=\"ff1\">  </span>produrre<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>benefici<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>economici<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ademp<span class=\"_ _0\"></span>iere<span class=\"_ _3bd\"> </span>l\u2019<span class=\"_ _0\"></span>obbl<span class=\"_ _0\"></span>igaz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span> \u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">poss<span class=\"_ _0\"></span>ibil<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>ef<span class=\"_ _0\"></span>fet<span class=\"_ _0\"></span>tuare<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>sti<span class=\"_ _0\"></span>ma<span class=\"ff1\"> </span>at<span class=\"_ _0\"></span>ten<span class=\"_ _0\"></span>dibi<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell\u2019<span class=\"_ _0\"></span>amm<span class=\"_ _0\"></span>onta<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>de<span class=\"_ _1\"></span>ll\u2019obb<span class=\"_ _0\"></span>liga<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one.<span class=\"_ _3bd\"> </span></span></span></span></span>Nella<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">voce<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u201c<span class=\"_ _2\"></span>Fondi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ed<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">oneri\u201d<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inclusi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>fondi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">relativi<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prestazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">lungo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">termine,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>prestazion<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>successive<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span>cessazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rapporto<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">lavoro<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tr<span class=\"_ _2\"></span>attati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dallo<span class=\"ff1\"> </span>IA<span class=\"_ _0\"></span>S<span class=\"ff1\"> </span>19<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fondi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ed<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">oneri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">trattati<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>all<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>IAS<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">37.<span class=\"_ _3bd\"> </span></span></span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Gli<span class=\"ff1\"> </span>accantonamenti<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> </span>attualizzati,<span class=\"ff1\"> </span>laddove<span class=\"ff1\"> </span>l\u2019elemento<span class=\"ff1\"> </span>tempor<span class=\"_ _2\"></span>ale<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span>significativo,<span class=\"ff1\"> </span>utilizzando<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>tassi<span class=\"ff1\"> </span>correnti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>mercato<span class=\"ff1\"> </span>\u201cfree<span class=\"ff1\"> </span>risk\u201d.<span class=\"ff1\"> </span>L\u2019accantonamento<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>rilevato<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>conto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>economico.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ril<span class=\"_ _0\"></span>ev<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>del<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ual<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>Gli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">accantonamenti/recuperi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fronte<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fondi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">p<span class=\"_ _2\"></span>er<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">oneri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nonch\u00e9<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l<span class=\"_ _2\"></span>\u2019effetto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">derivante<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dal<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pas<span class=\"_ _2\"></span>saggio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>tempo<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> </span>allocati<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>voce<span class=\"ff1\"> </span>\u201cAccantonamenti<span class=\"ff1\"> </span>netti<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>fondi<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>oneri\u201d.<span class=\"_ _2\"></span> Fo<span class=\"_ _1\"></span>ndi<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>qu<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>enz<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>ob<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>hi<span class=\"_ _3bd\"> </span>sim<span class=\"_ _1\"></span>ili<span class=\"fc0 sc1\"> </span>I<span class=\"ff1\"> </span>Fondi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>quiescenza<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>costituiti<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>attuazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>accordi<span class=\"ff1\"> </span>aziendali<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span>qualificano<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>piani<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>benefici<span class=\"ff1\"> </span></span></span></span></span></span></span>definiti.<span class=\"ff1\"> </span>La<span class=\"ff1\"> </span>passivit\u00e0<span class=\"ff1\"> </span>relativa<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>tali<span class=\"ff1\"> </span>piani<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>rel<span class=\"_ _0\"></span>ativo<span class=\"ff1\"> </span>cost<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>previdenzi<span class=\"_ _0\"></span>ale<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>prestazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>lavoro<span class=\"ff1\"> </span>corr<span class=\"_ _2\"></span>ente<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>determinati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sulla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">base<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ipot<span class=\"_ _2\"></span>esi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attuar<span class=\"_ _2\"></span>iali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">applicando<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">m<span class=\"_ _2\"></span>etodo<span class=\"ff1\"> </span>della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u201cProiezione<span class=\"ff1\"> </span>Unitaria<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Cred<span class=\"_ _2\"></span>ito\u201d,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>che<span class=\"ff1\">  </span>prevede<span class=\"ff1\">  </span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>proiezione<span class=\"ff1\">  </span>degli<span class=\"ff1\">  </span>esborsi<span class=\"ff1\">  </span>futuri<span class=\"ff1\">  </span>sulla<span class=\"ff1\">  </span>b<span class=\"_ _0\"></span>ase<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>analisi<span class=\"ff1\">  </span>storiche<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">statistiche</span>  <span class=\"ff3\">e</span>  <span class=\"ff3\">del<span class=\"_ _0\"></span>la<span class=\"ff1\">  </span>curva<span class=\"ff1\"> </span></span></span>demografica<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>l\u2019attualizzazione<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span></span>finanziaria<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>t<span class=\"_ _2\"></span>ali<span class=\"ff1\"> <span class=\"_ _21\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sulla<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>base<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tass<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>interesse<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>mercato.<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>I<span class=\"_ _2\"></span><span class=\"ff1\"> </span>contributi<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>versat<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>ciascun<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>esercizio<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>considerati<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>come<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>unit\u00e0<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>separate,<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>r<span class=\"_ _2\"></span>ilevate<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>valutate<span class=\"ff1\"> </span>singolarmente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ai<span class=\"ff1\"> </span>fini<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>determinazione<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>ell'obbligazione<span class=\"ff1\"> </span>fi<span class=\"_ _2\"></span>nale.<span class=\"ff1\"> </span>Il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tass<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>utilizzato<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019attualizzazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> </span>determinato<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>base<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ai<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>endimenti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>mercato<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rilevati<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>alle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>date<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valutazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>obbligazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>aziende<span class=\"ff1\"> </span>primarie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>enendo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">durata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">media<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>esidua<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">passivit\u00e0.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valor<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attuale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dell'obbligazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">data<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> </span>riferimento<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>inoltre<span class=\"ff1\"> </span>rettificato<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fair</span> <span class=\"ff3\">value</span> <span class=\"ff3\">delle</span> <span class=\"ff3\">eventuali</span> <span class=\"ff3\">attivit\u00e0</span> <span class=\"ff3\">a</span> <span class=\"ff3\">servizio</span> <span class=\"ff3\">del</span> <span class=\"ff3\">piano.<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>Gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">util<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>perd<span class=\"_ _0\"></span>ite<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">attua<span class=\"_ _0\"></span>rial<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>(ovve<span class=\"_ _0\"></span>ro<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">varia<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>oni<span class=\"ff1\"> </span>nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">va<span class=\"_ _0\"></span>lore<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">attu<span class=\"_ _0\"></span>ale<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>l\u2019o<span class=\"_ _0\"></span>bbli<span class=\"_ _0\"></span>gazi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>riva<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">da<span class=\"_ _0\"></span>lle<span class=\"ff1\"> </span>mod<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>che<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>alle<span class=\"ff1\"> </span>ipotesi<span class=\"ff1\"> </span>att<span class=\"_ _2\"></span>uariali<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>dalle<span class=\"ff1\"> </span>rettifiche<span class=\"ff1\"> </span>basate<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ull\u2019espe<span class=\"_ _0\"></span>rienza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>passata)<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> </span>riconosciuti<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>prospetto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> </span>redditivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">com<span class=\"_ _2\"></span>plessiva.<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>Fo<span class=\"_ _1\"></span>ndi<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>hi<span class=\"_ _3bd\"> </span>ed<span class=\"_ _3bd\"> </span>on<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>fro<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>im<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>ga<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>ril<span class=\"_ _0\"></span>as<span class=\"_ _1\"></span>ciat<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>La<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">so<span class=\"_ _2\"></span>ttovoce<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fondi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ischi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ed<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">oneri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esame<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">accoglie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fondi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">p<span class=\"_ _2\"></span>er<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cre<span class=\"_ _2\"></span>dito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rilevati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>fronte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">degli<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>impegni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ad<span class=\"ff1\"> </span>erogare<span class=\"ff1\"> </span>fondi<span class=\"ff1\"> </span>ed<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alle<span class=\"ff1\"> </span>garanzie<span class=\"ff1\"> </span>rilasciate<span class=\"ff1\"> </span>che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rientrano<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>perimetro<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">applicazione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>regole<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>sull\u2019impairment<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sensi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dell\u2019IFRS<span class=\"ff1\"> <span class=\"_ _21\"></span></span>9.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tali<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>fattispecie<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>adottat<span class=\"_ _2\"></span>e,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>linea<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>principio,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>medesime<span class=\"ff1\"> </span>modalit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alloca<span class=\"_ _2\"></span>zione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>ra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>re<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">st<span class=\"_ _2\"></span>age<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(stadi<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>credi<span class=\"_ _0\"></span>tizio)<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>calcolo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">della<span class=\"ff1\"> </span>perdi<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>attesa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esposte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>riferimento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valutat<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>costo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ammortizzato<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">im<span class=\"_ _2\"></span>patto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sulla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">redditivit\u00e0<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>com<span class=\"_ _0\"></span>ple<span class=\"_ _0\"></span>ssiv<span class=\"_ _0\"></span>a.<span class=\"_ _3bd\"> </span> L\u2019aggregato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">accoglie,<span class=\"ff1\"> </span>peraltro,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>fondi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ed<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">oneri<span class=\"ff1\"> </span>costituti<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fronte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">altre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tipologie<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>mpegni<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>garanzie<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>ilasciate<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>i<span class=\"_ _2\"></span>n<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>virt\u00f9<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>proprie<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>peculiarit\u00e0,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rientr<span class=\"_ _2\"></span>ano<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>richiamato<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>perimetro<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> </span>applicazione<span class=\"ff1\"> </span>dell\u2019impairment<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>sensi<span class=\"ff1\"> </span>dell\u2019IFRS<span class=\"ff1\"> </span>9.<span class=\"_ _3bd\"> </span> Al<span class=\"_ _0\"></span>tri<span class=\"_ _3bd\"> </span>fo<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>Gli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>altri<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fondi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ed<span class=\"ff1\"> <span class=\"_ _20\"></span></span>oneri<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span></span>accolgono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>gli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>accantonamenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>elativi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"_ _2\"></span>bbligazioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>legali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>connessi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> </span>rapporti<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">lavoro<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">oppure<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>contenz<span class=\"_ _0\"></span>iosi,<span class=\"ff1\"> </span>anche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">f<span class=\"_ _2\"></span>iscali,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">originati<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> </span>ev<span class=\"_ _0\"></span>ento<span class=\"ff1\"> </span>passato<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quali<span class=\"ff1\"> </span>sia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">probabile<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>l\u2019esborso<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>risorse<span class=\"ff1\"> <span class=\"_ _21\"></span></span>economiche<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>l\u2019adempimento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"></span></span>obbligazioni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>stesse,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sempre<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>possa<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>essere<span class=\"ff1\"> </span>effettuata<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>stima<span class=\"ff1\"> </span>attendibile<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>relativo<span class=\"ff1\"> </span>ammontare.<span class=\"_ _3bd\"> </span> Con<span class=\"_ _0\"></span>seg<span class=\"_ _0\"></span>uen<span class=\"_ _0\"></span>teme<span class=\"_ _0\"></span>nte,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>leva<span class=\"_ _0\"></span>zione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ccan<span class=\"_ _0\"></span>ton<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>vvie<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>se<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">s<span class=\"_ _0\"></span>olo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span> vi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u00e8</span> <span class=\"_ _1\"></span><span class=\"ff3\">un\u2019ob<span class=\"_ _0\"></span>blig<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cor<span class=\"_ _0\"></span>so<span class=\"ff1\"> </span>(l<span class=\"_ _0\"></span>egal<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>im<span class=\"_ _0\"></span>pli<span class=\"_ _0\"></span>cita<span class=\"_ _0\"></span>)<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>sul<span class=\"_ _0\"></span>tato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">eve<span class=\"_ _0\"></span>nto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pas<span class=\"_ _0\"></span>sato;<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span> \u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pro<span class=\"_ _0\"></span>babi<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>ad<span class=\"_ _0\"></span>empi<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span>l\u2019o<span class=\"_ _0\"></span>bbli<span class=\"_ _0\"></span>gaz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>nde<span class=\"_ _0\"></span>r\u00e0<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>ssari<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>\u2019imp<span class=\"_ _0\"></span>iego<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _1\"></span><span class=\"ff3\">risors<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">atte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>rodu<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>benefici<span class=\"ff1\"> </span>economici;<span class=\"ff1\"> </span>e<span class=\"_ _3bd\"> </span>  pu<span class=\"_ _0\"></span>\u00f2<span class=\"ff1\"> </span>esse<span class=\"_ _1\"></span>re<span class=\"ff1\"> </span>ef<span class=\"_ _0\"></span>fettu<span class=\"_ _0\"></span>ata<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">una</span> <span class=\"_ _0\"></span><span class=\"ff3\">stim<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">att<span class=\"_ _0\"></span>end<span class=\"_ _0\"></span>ibi<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>de<span class=\"_ _1\"></span>ll\u2019imp<span class=\"_ _0\"></span>orto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">deri<span class=\"_ _0\"></span>van<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>all\u2019<span class=\"_ _0\"></span>ade<span class=\"_ _0\"></span>mpi<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>dell<span class=\"_ _0\"></span>\u2019obb<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>azion<span class=\"_ _0\"></span>e.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span>L\u2019importo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rilevato<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">come<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">accantonamento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rappresenta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">miglior<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stima<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ella<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">spesa<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ichiesta<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>ad<span class=\"_ _0\"></span>empiere<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>all\u2019obbligazione<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>esistente<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>alla<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>data<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>riferimento<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>bila<span class=\"_ _2\"></span>ncio<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>r<span class=\"_ _2\"></span>iflette<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>ed<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>in<span class=\"_ _2\"></span>certezze<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>che<span class=\"ff1\"> </span>inevitabilmente<span class=\"ff1\"> </span>caratterizzano<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>pluralit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>fatti<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>circostanze.<span class=\"ff1\"> </span>Per<span class=\"ff1\"> </span>tener<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conto<span class=\"ff1\"> </span>dell\u2019elemento<span class=\"ff1\"> </span>temporale<span class=\"ff1\"> </span>gli<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>accantonamenti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>vengono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>attualizzati<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>utilizzando<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tass<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>corr<span class=\"_ _2\"></span>enti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>mercato.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>L\u2019accantonamento<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>gli<span class=\"_ _2\"></span><span class=\"ff1\"> </span>incrementi<span class=\"ff1\"> </span>dovuti<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fattore<span class=\"ff1\"> </span>temporale<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>ilevati<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>Conto<span class=\"ff1\"> </span>Economico.<span class=\"_ _3bd\"> </span> L\u2019accantonamento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>viene<span class=\"ff1\"> </span>st<span class=\"_ _2\"></span>ornato<span class=\"ff1\"> </span>quando<span class=\"ff1\"> <span class=\"_ _2\"></span></span>diviene<span class=\"ff1\"> </span>improbabile<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019impiego<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>risorse<span class=\"ff1\"> <span class=\"_ _2\"></span></span>atte<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>produrre<span class=\"ff1\"> </span>benefici<span class=\"_ _2\"></span><span class=\"ff1\"> </span>economici<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>adempiere<span class=\"ff1\"> </span>l\u2019obbligazione<span class=\"ff1\"> </span>oppure<span class=\"ff1\"> </span>quando<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>estingue<span class=\"ff1\"> </span>l\u2019obbligazione.<span class=\"_ _3bd\"> </span> Nella<span class=\"ff1\"> </span>voce<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>inclusi<span class=\"ff1\"> </span>anche<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">benefici<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>lungo<span class=\"ff1\"> </span>termine<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>dipendenti,<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ui<span class=\"ff1\"> </span>oneri<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> </span>determinati<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span></span></span>medesimi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>criteri<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attuariali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>descritti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fondi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quiescenza.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Gli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>utili<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>perdite<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attuariali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>vengono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>ilevati<span class=\"ff1\"> </span>tutti<span class=\"ff1\"> </span>immediatamente<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico.<span class=\"_ _3bd\"> </span>11-<span class=\"_ _3bd\"> </span>Pa<span class=\"_ _1\"></span>ssiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>sto<span class=\"_ _3bd\"> </span>am<span class=\"_ _1\"></span>mor<span class=\"_ _0\"></span>tiz<span class=\"_ _0\"></span>za<span class=\"_ _0\"></span>to<span class=\"fc0 sc1\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>isc<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>La<span class=\"ff1\">  </span>prima<span class=\"ff1\">  </span>iscrizione<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>tali<span class=\"ff1\">  </span>passivit\u00e0<span class=\"ff1\">  </span>finanziarie<span class=\"ff1\">  </span>avviene<span class=\"ff1\">  </span>alla<span class=\"ff1\">  </span>data<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>sottoscr<span class=\"_ _2\"></span>izione<span class=\"ff1\">  </span>del<span class=\"ff1\">  </span>contratto,<span class=\"ff1\">  </span>ch<span class=\"_ _3bd\"> </span>e<span class=\"ff1\"> </span>normalmente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>coincide<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>m<span class=\"_ _2\"></span>omento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ricezione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>omme<span class=\"ff1\"> <span class=\"_ _2\"></span></span>raccolte<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>emissione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>titoli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> </span>deb<span class=\"_ _0\"></span>ito<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span> La<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prima<span class=\"ff1\"> <span class=\"_ _20\"></span></span>iscrizione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>effettuata<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sulla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>base<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _21\"></span></span>value<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pas<span class=\"_ _2\"></span>sivit\u00e0,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>normalmente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pari<span class=\"ff1\"> <span class=\"_ _20\"></span></span>all\u2019ammo<span class=\"_ _2\"></span>ntar<span class=\"_ _3bd\"> </span>e<span class=\"ff1\"> </span>incassato<span class=\"ff1\">  </span>o<span class=\"ff1\">  </span>al<span class=\"ff1\">  </span>prezzo<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>emissione,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>aum<span class=\"_ _2\"></span>entato<span class=\"ff1\">  </span>degli<span class=\"ff1\">  </span>eventuali<span class=\"ff1\">  </span>costi/proventi<span class=\"ff1\">  </span>aggiuntivi<span class=\"ff1\">  </span>direttament<span class=\"_ _3bd\"> </span>e<span class=\"ff1\"> </span>attribuibili<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>al<span class=\"_ _2\"></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sing<span class=\"_ _0\"></span>ola<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>operazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>provvista<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>emissione.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Sono<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"_ _0\"></span>sclusi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>costi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>interni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>carattere<span class=\"ff1\"> </span>amm<span class=\"_ _0\"></span>ini<span class=\"_ _0\"></span>stra<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>o.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cl<span class=\"_ _0\"></span>ass<span class=\"_ _1\"></span>ific<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Deb<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ve<span class=\"_ _0\"></span>rso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ban<span class=\"_ _0\"></span>che,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">De<span class=\"_ _0\"></span>biti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">v<span class=\"_ _0\"></span>erso<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>lie<span class=\"_ _0\"></span>ntel<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i</span> <span class=\"_ _1\"></span><span class=\"ff3\">Titol<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cir<span class=\"_ _0\"></span>cola<span class=\"_ _0\"></span>zione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">r<span class=\"_ _0\"></span>ico<span class=\"_ _0\"></span>mpren<span class=\"_ _0\"></span>don<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">v<span class=\"_ _0\"></span>arie<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">forme<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rov<span class=\"_ _0\"></span>vist<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>interbancaria<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>clientela,<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>operazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>pronti<span class=\"ff1\"> </span>contro<span class=\"ff1\"> </span>t<span class=\"_ _2\"></span>ermin<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>obbligo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>riacquisto<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>t<span class=\"_ _2\"></span>ermine<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>raccolta<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>effettuata<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>attraverso<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>certificati<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>deposito,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>titoli<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>obbligazionari<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ed<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>altri<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>strumenti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>raccolta<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> </span>circolazione,<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>netto<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>eventuali<span class=\"ff1\"> </span>ammontari<span class=\"ff1\"> </span>riacquistati.<span class=\"_ _3bd\"> </span> Son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>olt<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inclu<span class=\"_ _1\"></span>si<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">deb<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">isc<span class=\"_ _0\"></span>ritt<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>all<span class=\"_ _0\"></span>\u2019imp<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">qu<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>oca<span class=\"_ _0\"></span>tario<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>l\u2019a<span class=\"_ _0\"></span>mbit<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">op<span class=\"_ _0\"></span>eraz<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le<span class=\"_ _0\"></span>asin<span class=\"_ _0\"></span>g.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Dopo<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>ilevazione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">iniziale,</span> <span class=\"ff3\">le</span> <span class=\"ff3\">passivit\u00e0</span> <span class=\"_ _2\"></span><span class=\"ff3\">finanziarie</span> <span class=\"ff3\">vengono</span> <span class=\"ff3\">valuta<span class=\"_ _2\"></span>te</span> <span class=\"ff3\">al</span> <span class=\"ff3\">costo<span class=\"_ _2\"></span></span> <span class=\"ff3\">ammortizzato</span> <span class=\"ff3\">col</span> <span class=\"ff3\">metodo</span> <span class=\"ff3\">de<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\">l</span> </span>tasso<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>interesse<span class=\"ff1\"> </span>effettivo.<span class=\"_ _3bd\"> </span> Fanno<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>eccezione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>passivit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>breve<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>termine,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quali<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fattore<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>t<span class=\"_ _2\"></span>emporale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>risulta<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>trascurabile,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che<span class=\"ff1\"> </span>rimangono<span class=\"ff1\"> </span>iscritte<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>incassato.<span class=\"_ _3bd\"> </span> Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pass<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cancellate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dal<span class=\"ff1\"> <span class=\"_ _20\"></span></span>bilancio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>q<span class=\"_ _2\"></span>uando<span class=\"ff1\"> <span class=\"_ _20\"></span></span>risultano<span class=\"ff1\"> <span class=\"_ _20\"></span></span>scadute<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>est<span class=\"_ _2\"></span>inte.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>La<span class=\"ff1\"> <span class=\"_ _21\"></span></span>cance<span class=\"_ _0\"></span>llazione<span class=\"_ _3bd\"> </span><span class=\"_ _2\"></span><span class=\"ff1\"> </span>avviene<span class=\"ff1\"> <span class=\"_ _2\"></span></span>anche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>presenza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riacquisto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>itoli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>obbligazionari<span class=\"ff1\"> </span>precedentemente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>emessi.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>La<span class=\"ff1\"> <span class=\"_ _2\"></span></span>differenza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tr<span class=\"_ _3bd\"> </span>a<span class=\"ff1\"> </span>valore<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>contabile<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>passivit\u00e0<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>l\u2019ammontare<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>corrisposto<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>acquis<span class=\"_ _2\"></span>tarla<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>viene<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>regist<span class=\"_ _2\"></span>rata<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>Cont<span class=\"_ _3bd\"> </span>o<span class=\"ff1\"> </span>Ec<span class=\"_ _0\"></span>onom<span class=\"_ _0\"></span>ico.<span class=\"_ _0\"></span> Il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>icollocamento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sul<span class=\"ff1\"> <span class=\"_ _20\"></span></span>mercato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>titoli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>propri<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>successivamente<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>loro<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span></span>riacqu<span class=\"_ _0\"></span>isto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"></span></span>considerato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>come<span class=\"ff1\"> <span class=\"_ _21\"></span></span>una<span class=\"ff1\"> </span>nuova<span class=\"ff1\"> </span>emissione<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>iscrizione<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>nuovo<span class=\"ff1\"> </span>prezzo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>collocamento.<span class=\"_ _3bd\"> </span> 12-<span class=\"_ _3bd\"> </span>Pa<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>go<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>is<span class=\"_ _0\"></span>cri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">str<span class=\"_ _0\"></span>ume<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fin<span class=\"_ _0\"></span>anzia<span class=\"_ _0\"></span>ri<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>og<span class=\"_ _0\"></span>gett<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>isc<span class=\"_ _0\"></span>ritt<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ata<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">so<span class=\"_ _0\"></span>ttosc<span class=\"_ _0\"></span>riz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ata<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>emi<span class=\"_ _0\"></span>ssio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>ad<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">valo<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>pari<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>str<span class=\"_ _2\"></span>umento,<span class=\"ff1\"> </span>senza<span class=\"ff1\"> </span>cons<span class=\"_ _2\"></span>iderare<span class=\"ff1\"> </span>eventuali<span class=\"ff1\"> </span>costi<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>proventi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tr<span class=\"_ _2\"></span>ansazione<span class=\"ff1\"> </span>direttament<span class=\"_ _3bd\"> </span>e<span class=\"ff1\"> </span>attribuibili<span class=\"ff1\"> </span>agli<span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> </span>stessi.<span class=\"_ _3bd\"> </span> In<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">categoria<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">passivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono,<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>particolare,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inclusi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>contratti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">derivati<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">trading<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">negativo<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>nonch\u00e9<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>derivati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">impliciti<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">negativo<span class=\"ff1\"> </span>presenti<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contratti<span class=\"ff1\"> </span>complessi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">-<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cui</span> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>contratto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">primari<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">passivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fi<span class=\"_ _2\"></span>nanziaria<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ma<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">strettamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">correlati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">agli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stessi.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Inoltre,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">so<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">incluse<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">passivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">s<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>originano<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>scoperti<span class=\"ff1\"> </span>tecnici<span class=\"ff1\"> </span>generati<span class=\"ff1\"> </span>dall\u2019attivit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>negoziazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>titoli.<span class=\"_ _3bd\"> </span> Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Tutte<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>passivit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>neg<span class=\"_ _0\"></span>oziazion<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>valu<span class=\"_ _0\"></span>tate<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>imputazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>risultato<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>Conto<span class=\"ff1\"> </span>Economico.<span class=\"_ _3bd\"> </span> Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> </span>Passivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>detenute<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>negoziazione<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> </span>cancellate<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quando<span class=\"ff1\"> </span>scadono<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>diritt<span class=\"_ _3bd\"> </span>i<span class=\"ff1\"> </span>contrattuali<span class=\"ff1\">  </span>sui<span class=\"ff1\">  </span>relativi<span class=\"ff1\">  </span>flussi<span class=\"ff1\">  </span>finanziari<span class=\"ff1\">  </span>o<span class=\"_ _2\"></span><span class=\"ff1\">  </span>quando<span class=\"ff1\">  </span>la<span class=\"ff1\">  </span>passivit\u00e0<span class=\"ff1\">  </span>finanziaria<span class=\"ff1\">  </span>\u00e8<span class=\"ff1\">  </span>ceduta<span class=\"ff1\">  </span>co<span class=\"_ _2\"></span>n<span class=\"ff1\">  </span>trasferiment<span class=\"_ _3bd\"> </span>o<span class=\"ff1\"> </span>sostanziale<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tutti<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>benefici<span class=\"ff1\"> </span>derivanti<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>propriet\u00e0<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>stessa.<span class=\"_ _3bd\"> </span>13-<span class=\"_ _3bd\"> </span>Pa<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>gna<span class=\"_ _1\"></span>te<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>fa<span class=\"_ _0\"></span>ir<span class=\"_ _3bd\"> </span>va<span class=\"_ _1\"></span>lu<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>isc<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>L\u2019iscrizione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>ali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>passivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>avviene<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>data<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>emissione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>misura<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pari<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>loro<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _2\"></span></span>value,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>incluso<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valor<span class=\"_ _3bd\"> </span>e<span class=\"ff1\"> </span>dell\u2019eventuale<span class=\"ff1\"> </span>derivato<span class=\"ff1\"> </span>embedded<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>netto<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>commissioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>collocamento<span class=\"ff1\"> </span>pagate.<span class=\"_ _3bd\"> </span> Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cl<span class=\"_ _0\"></span>ass<span class=\"_ _1\"></span>ific<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Formano<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>oggetto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>r<span class=\"_ _2\"></span>ilevazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nella<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>presente<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>voce<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">passivit\u00e0</span> <span class=\"_ _27\"> </span><span class=\"ff3\">finanziarie</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">desig<span class=\"_ _0\"></span>nate<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fair<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>value<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span>contropartita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Cont<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Economico,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sulla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">base<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>ella<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">facolt\u00e0<span class=\"ff1\"> </span>riconosciuta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">imprese<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(c.d.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u201cfair<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alue<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">option\u201d<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">)<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>dall\u2019IFRS<span class=\"ff1\"> </span>9<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>rispetto<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>casistiche<span class=\"ff1\"> </span>previste<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>normativa<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>riferimento.<span class=\"_ _3bd\"> </span> Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Tali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>passivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valutate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _2\"></span></span>value<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>imputazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>isultato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>secondo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>seguenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>regole<span class=\"ff1\"> <span class=\"_ _2\"></span></span>previste<span class=\"ff1\"> </span>dall\u2019IFRS<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">9:<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span> le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">var<span class=\"_ _0\"></span>iazi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">f<span class=\"_ _0\"></span>air<span class=\"ff1\"> </span>val<span class=\"_ _0\"></span>ue<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>he<span class=\"ff1\"> </span>so<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ttrib<span class=\"_ _1\"></span>uibil<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>all<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>ariaz<span class=\"_ _0\"></span>ione<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>prop<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mer<span class=\"_ _0\"></span>ito<span class=\"ff1\"> </span>cre<span class=\"_ _1\"></span>ditizi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>dev<span class=\"_ _0\"></span>ono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">esser<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span>ril<span class=\"_ _0\"></span>eva<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> </span>P<span class=\"_ _0\"></span>rospe<span class=\"_ _0\"></span>tto<span class=\"ff1\"> </span>de<span class=\"_ _1\"></span>lla<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>dditi<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>mpl<span class=\"_ _0\"></span>essiv<span class=\"_ _1\"></span>a<span class=\"ff1\"> </span>(Patr<span class=\"_ _0\"></span>imo<span class=\"_ _0\"></span>nio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">netto)<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span> le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">re<span class=\"_ _1\"></span>stanti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">varia<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>air<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valu<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>evo<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>ile<span class=\"_ _0\"></span>vate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ne<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>onto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Ec<span class=\"_ _0\"></span>onom<span class=\"_ _0\"></span>ico.<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span>Gli<span class=\"ff1\">  </span>importi<span class=\"ff1\">  </span>rilevati<span class=\"ff1\">  </span>nel<span class=\"ff1\">  </span>Prospetto<span class=\"ff1\">  </span>della<span class=\"ff1\">  </span>redditivit\u00e0<span class=\"ff1\">  </span>complessiva<span class=\"ff1\">  </span>non<span class=\"ff1\">  </span>r<span class=\"_ _2\"></span>igirano<span class=\"ff1\">  </span>successivamente<span class=\"ff1\">  </span>a<span class=\"ff1\">  </span>conto<span class=\"ff1\"> </span>economico.<span class=\"ff1\"> </span>Tale<span class=\"ff1\"> </span>modali<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>contabilizzazione<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">deve<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>applicata<span class=\"ff1\"> </span>qualora<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>rilevazione<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>effetti<span class=\"ff1\"> </span></span></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>proprio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>merito<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>credito<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Patr<span class=\"_ _2\"></span>imonio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>netto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>determini<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>accentui<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>accounting<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>mis<span class=\"_ _2\"></span>match<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>conto<span class=\"ff1\"> </span>economico.<span class=\"ff1\"> </span>In<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">questo<span class=\"ff1\"> </span>caso<span class=\"ff1\"> </span>gli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">utili<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>perdite<span class=\"ff1\"> </span>leg<span class=\"_ _0\"></span>ate<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>passivit\u00e0,<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>cluse<span class=\"ff1\"> </span>quelle<span class=\"ff1\"> </span>che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>determinano<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span></span></span></span></span></span></span>effetto<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>variazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>proprio<span class=\"ff1\"> </span>merit<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>creditizio,<span class=\"ff1\"> </span>devono<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>rilevate<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico.<span class=\"_ _3bd\"> </span> Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>passivit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>valutate<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fair<span class=\"ff1\">  </span>value<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>vengono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>cancellate<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>bilancio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>quando<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>scadono<span class=\"ff1\">  </span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"_ _0\"></span>ritt<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>contrattuali<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sui<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>relativi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>fl<span class=\"_ _2\"></span>ussi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>finanziari<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quando<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>questa<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>viene<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>estinta,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ovv<span class=\"_ _0\"></span>erosia<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>quando<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>l'obbligazione<span class=\"ff1\"> </span>specificata<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>contratto<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>adempiuta<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>cancellata<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>scaduta.<span class=\"_ _3bd\"> </span>14-<span class=\"_ _3bd\"> </span>Opera<span class=\"_ _0\"></span>zioni<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _0\"></span>a<span class=\"fc0 sc1\"> </span>Criter<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>isc<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>o<span class=\"_ _2\"></span>perazioni<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>i<span class=\"_ _2\"></span>n<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valuta<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>estera<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sono<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span></span>registrate,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>momento<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rilevazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>iniziale,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>divisa<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff3\">conto,</span> </span>applicando<span class=\"ff1\"> </span>all\u2019importo<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>valuta<span class=\"ff1\"> </span>estera<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>cambio<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>vigore<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>dell<span class=\"_ _0\"></span>\u2019operazione.<span class=\"_ _2\"></span> Criter<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cla<span class=\"_ _1\"></span>ssi<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">oper<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valu<span class=\"_ _0\"></span>ta<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">costi<span class=\"_ _0\"></span>tui<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>utte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pa<span class=\"_ _0\"></span>ssiv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">denom<span class=\"_ _0\"></span>inat<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valu<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">div<span class=\"_ _0\"></span>erse<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>l\u2019eu<span class=\"_ _0\"></span>ro. </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Criter<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">applicano<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">criteri<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">indicati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">voci<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">corrispondenti.<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Il<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cambio<span class=\"ff1\"> </span>utilizzato<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>quello<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>estinzione. Criter<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Ad<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>o<span class=\"_ _2\"></span>gni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>chiusura<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>bilancio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>situazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>infrannuale,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>poste<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>bilancio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valuta<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>estera<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> </span>valorizzate<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>segue:  le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>oste<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">m<span class=\"_ _0\"></span>onet<span class=\"_ _0\"></span>arie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">so<span class=\"_ _0\"></span>no<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">co<span class=\"_ _0\"></span>nvert<span class=\"_ _0\"></span>ite<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">t<span class=\"_ _0\"></span>asso<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ca<span class=\"_ _0\"></span>mbio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">all<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ata<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _1\"></span><span class=\"ff3\">chius<span class=\"_ _0\"></span>ura<span class=\"_ _0\"></span>; </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span> le<span class=\"ff1\"> </span>poste<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">monetarie<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>costo<span class=\"ff1\"> </span>storico<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>convertite<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>cambio<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>essere<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>del<span class=\"_ _0\"></span>l\u2019o<span class=\"_ _0\"></span>pera<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e;  le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">poste<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">monetarie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>convertite<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">utilizzando<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>assi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cambio<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">essere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">all<span class=\"_ _1\"></span>a </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>data<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">chius<span class=\"_ _0\"></span>ura. </span></span></span></span>Le<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>fferenze<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cambio<span class=\"ff1\"> </span>che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>erivano<span class=\"ff1\"> </span>dal<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">regolamento<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>elementi<span class=\"ff1\"> </span>monetari<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">conversione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>ele<span class=\"_ _0\"></span>menti<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>mon<span class=\"_ _0\"></span>eta<span class=\"_ _0\"></span>ri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tass<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ive<span class=\"_ _0\"></span>rsi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">da<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">que<span class=\"_ _0\"></span>lli<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>vers<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>nizi<span class=\"_ _0\"></span>ali,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o</span> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onvers<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">bi<span class=\"_ _0\"></span>lanc<span class=\"_ _0\"></span>io<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prec<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span>nte,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">son<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rile<span class=\"_ _0\"></span>vate<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>nel<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>periodo<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>sorgono. Quando<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ut<span class=\"_ _2\"></span>ile<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>una<span class=\"ff1\"> <span class=\"_ _21\"></span></span>perdita<span class=\"ff1\"> <span class=\"_ _20\"></span></span>relativi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _2\"></span></span>u<span class=\"_ _2\"></span>n<span class=\"ff1\"> <span class=\"_ _20\"></span></span>elemento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>non<span class=\"ff1\"> <span class=\"_ _20\"></span></span>monetario<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rilevati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>patrimonio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>netto,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>la<span class=\"_ _0\"></span><span class=\"ff1\"> </span>differenza<span class=\"ff1\"> </span>cambio<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>elativa<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>tale<span class=\"ff1\"> </span>elemento<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>rilevata<span class=\"ff1\"> </span>anch\u2019essa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> </span>patrimonio.<span class=\"ff1\"> </span>Per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contro,<span class=\"ff1\"> </span>quando<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>utile<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>una<span class=\"ff1\"> <span class=\"_ _21\"></span></span>perdita<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rilevati<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>conto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>economico,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rilevata<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"></span></span>conto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>economico<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>anche<span class=\"ff1\"> <span class=\"_ _21\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>relativa<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>differenza<span class=\"ff1\"> </span>ca<span class=\"_ _0\"></span>mbio<span class=\"_ _0\"></span>. Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ril<span class=\"_ _0\"></span>ev<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>del<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ual<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>fferenze<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cambio<span class=\"ff1\"> </span>che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">derivano<span class=\"ff1\"> </span>dal<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">regolamento<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>elementi<span class=\"ff1\"> </span>monetari<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">conversione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>ele<span class=\"_ _0\"></span>menti<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>mon<span class=\"_ _0\"></span>eta<span class=\"_ _0\"></span>ri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tass<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ive<span class=\"_ _0\"></span>rsi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">da<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">que<span class=\"_ _0\"></span>lli<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>vers<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>nizi<span class=\"_ _0\"></span>ali,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o</span> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onvers<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">bi<span class=\"_ _0\"></span>lanc<span class=\"_ _0\"></span>io<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prec<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span>nte,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">son<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rile<span class=\"_ _0\"></span>vate<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>nel<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>periodo<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>sorgono<span class=\"ff1\"> </span>nell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>voce<span class=\"ff1\"> </span>\u201cRisultato<span class=\"ff1\"> </span>nett<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>dell\u2019<span class=\"_ _0\"></span>attivit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>negoziazione\u201d. Quando<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ut<span class=\"_ _2\"></span>ile<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>una<span class=\"ff1\"> <span class=\"_ _21\"></span></span>perdita<span class=\"ff1\"> <span class=\"_ _20\"></span></span>relativi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _2\"></span></span>u<span class=\"_ _2\"></span>n<span class=\"ff1\"> <span class=\"_ _20\"></span></span>elemento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>non<span class=\"ff1\"> <span class=\"_ _20\"></span></span>monetario<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rilevati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>patrimonio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>netto,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>la<span class=\"_ _0\"></span><span class=\"ff1\"> </span>differenza<span class=\"ff1\"> </span>cambio<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>elativa<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>tale<span class=\"ff1\"> </span>elemento<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>rilevata<span class=\"ff1\"> </span>anch\u2019essa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> </span>patrimonio.<span class=\"ff1\"> </span>Per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contro,<span class=\"ff1\"> </span>quando<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>utile<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>una<span class=\"ff1\"> <span class=\"_ _21\"></span></span>perdita<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rilevati<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>conto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>economico,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rilevata<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"></span></span>conto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>economico<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>anche<span class=\"ff1\"> <span class=\"_ _21\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>relativa<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>differenza<span class=\"ff1\"> </span>ca<span class=\"_ _0\"></span>mbio<span class=\"_ _0\"></span>. 15\u2013<span class=\"_ _3bd\"> </span>Attivit\u00e0<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>passivit\u00e0<span class=\"_ _3bd\"> </span>as<span class=\"_ _1\"></span>sicu<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>Pro<span class=\"_ _1\"></span>dot<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>uto<span class=\"_ _3bd\"> </span>as<span class=\"_ _1\"></span>sic<span class=\"_ _0\"></span>ura<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vo<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>I<span class=\"ff1\"> </span>prodotti<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>quali<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>assicurativo<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>valutato<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ignificativo<span class=\"ff1\"> </span>comprendono:<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>polizze<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>ramo<span class=\"ff1\"> </span>primo<span class=\"ff1\"> </span>temporanee<span class=\"ff1\"> </span>caso<span class=\"ff1\"> </span>morte,<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>polizze<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rendita<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>miste<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>coefficienti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>conversione<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>rendita<span class=\"ff1\"> </span>gar<span class=\"_ _2\"></span>antiti<span class=\"ff1\"> </span>al<div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs777\">mom<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dell<span class=\"_ _0\"></span>'e<span class=\"_ _0\"></span>missi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alcu<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tipol<span class=\"_ _0\"></span>ogie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span>zze<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">uni<span class=\"_ _0\"></span>t<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">link<span class=\"_ _0\"></span>ed<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pol<span class=\"_ _0\"></span>izze<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">danni<span class=\"_ _0\"></span>.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>ta<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>rodo<span class=\"_ _0\"></span>tti,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">disc<span class=\"_ _0\"></span>ipli<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">a<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs778\">IAS/IFRS<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">conferma<span class=\"ff1\"> </span>sostanzialmente<span class=\"ff1\"> </span>quanto<span class=\"ff1\"> </span>prev<span class=\"_ _0\"></span>isto<span class=\"ff1\"> </span>dai<span class=\"ff1\"> </span>principi<span class=\"ff1\"> </span>contabili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nazionali<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">materia</span> <span class=\"ff3\">assicurativa<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">.</span> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs779\">L\u2019IFRS<span class=\"ff1\"> </span>4,<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>sintesi<span class=\"ff1\"> </span>prevede:<span class=\"_ _3bd\"> </span> </div>l\u2019iscrizione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">premi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">lordi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Cont<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Economico<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fra<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">proventi;<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">essi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">comprendono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>utti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">importi<span class=\"ff1\"> </span>maturati<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>durante<span class=\"ff1\"> <span class=\"_ _21\"></span></span>l\u2019esercizio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>seguito<span class=\"ff1\"> <span class=\"_ _21\"></span></span>della<span class=\"ff1\"> <span class=\"_ _21\"></span></span>stipula<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contratti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>assicurazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> <span class=\"_ _21\"></span></span>netto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>degli<span class=\"ff1\"> <span class=\"_ _21\"></span></span>annullamenti;<span class=\"ff1\"> </span>analogamente,<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>premi<span class=\"ff1\"> </span>ceduti<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>riassicuratori<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>no<span class=\"ff1\"> </span>iscritti<span class=\"ff1\"> </span>quali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cost<span class=\"_ _2\"></span>i</span> <span class=\"ff3\">dell\u2019e<span class=\"_ _0\"></span>sercizio;<span class=\"_ _2\"></span> </span></span> a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fronte<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">prove<span class=\"_ _2\"></span>nti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">premi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">lor<span class=\"_ _2\"></span>di,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">accantonato<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riserve<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>ecniche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019importo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">degli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">imp<span class=\"_ _2\"></span>egni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ve<span class=\"_ _0\"></span>rso<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>gli<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>assicurati,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>calcolati<span class=\"ff1\">  </span>an<span class=\"_ _0\"></span>aliticamente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _2\"></span>er<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ciascun<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>contrat<span class=\"_ _2\"></span>to<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>secondo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>quanto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>definito<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dai<span class=\"ff1\">  </span>principi<span class=\"ff1\"> </span>contabili<span class=\"ff1\"> <span class=\"_ _2\"></span></span>locali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>materia.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>In<span class=\"ff1\"> <span class=\"_ _2\"></span></span>co<span class=\"_ _2\"></span>nformit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"_ _2\"></span>lle<span class=\"ff1\"> </span>previsioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019IFRS<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>4<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Gruppo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>verifica<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019adeguatez<span class=\"_ _2\"></span>za<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>passivit\u00e0<span class=\"ff1\"> </span>iscritte<span class=\"ff1\"> </span>attraverso<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>cos<span class=\"_ _2\"></span>iddetto<span class=\"ff1\"> </span>Liability<span class=\"ff1\"> </span>Adeq<span class=\"_ _0\"></span>uacy<span class=\"ff1\"> </span>Test<span class=\"_ _2\"></span><span class=\"ff1\"> </span>(LAT);<span class=\"_ _3bd\"> </span>  i<span class=\"ff1\"> </span>pro<span class=\"_ _0\"></span>dot<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>nuto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">assi<span class=\"_ _0\"></span>cu<span class=\"_ _0\"></span>rativ<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>inse<span class=\"_ _0\"></span>rit<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>all<span class=\"_ _0\"></span>\u2019in<span class=\"_ _0\"></span>tern<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>delle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">gesti<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">sep<span class=\"_ _0\"></span>ara<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>so<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alut<span class=\"_ _0\"></span>ati<span class=\"ff1\"> </span>ap<span class=\"_ _0\"></span>plic<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span> </span></span></span></span></span></span>cosiddetto<span class=\"ff1\"> </span>shadow<span class=\"ff1\"> </span>accounting,<span class=\"ff1\"> </span>ossia<span class=\"ff1\"> </span>allocando<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>differenze<span class=\"ff1\"> </span>tra<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>carico<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>quello<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>mercato,<span class=\"ff1\"> </span></span></span>relativamente<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ai<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>titoli<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>class<span class=\"_ _2\"></span>ificati<span class=\"ff1\"> <span class=\"_ _21\"></span></span>disponibi<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>vendita,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>co<span class=\"_ _2\"></span>mponente<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>competenza<span class=\"ff1\"> <span class=\"_ _21\"></span></span>degli<span class=\"ff1\"> </span>assicurati<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>alle<span class=\"ff1\"> <span class=\"_ _21\"></span></span>riserve<span class=\"ff1\"> <span class=\"_ _21\"></span></span>tecniche,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>per<span class=\"ff1\"> <span class=\"_ _21\"></span></span>quella<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>competenza<span class=\"ff1\"> <span class=\"_ _21\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"></span></span>societ\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>assicurative<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> <span class=\"_ _21\"></span></span>patrimonio<span class=\"ff1\"> </span>netto.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">caso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">invece,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">siano<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alutat<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>fai<span class=\"_ _0\"></span>r<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">value,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ril<span class=\"_ _2\"></span>evato<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Conto<span class=\"ff1\"> </span>E<span class=\"_ _0\"></span>conomico,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">diffe<span class=\"_ _2\"></span>renza<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>tra<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>carico<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ed<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>valore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">di</span> <span class=\"_ _20\"></span><span class=\"ff3\">mercat<span class=\"_ _2\"></span>o</span> <span class=\"_ _20\"></span><span class=\"ff3\">viene</span> <span class=\"_ _21\"></span><span class=\"ff3\">regi<span class=\"_ _0\"></span>str<span class=\"_ _2\"></span>ata<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Conto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Econom<span class=\"_ _2\"></span>ico<span class=\"ff1\"> <span class=\"_ _20\"></span></span>determinando<span class=\"ff1\"> <span class=\"_ _21\"></span></span>una<span class=\"ff1\"> </span></span></span>variazione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>riserve<span class=\"ff1\"> </span>tecniche<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>quota<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>competenza<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>assicurati;<span class=\"_ _3bd\"> </span>  nella<span class=\"ff1\"> </span>determinazione<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>shadow<span class=\"ff1\"> </span>accounting<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>Gruppo<span class=\"ff1\"> </span>utilizza,<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>ogni<span class=\"ff1\"> </span>gestione,<span class=\"ff1\"> </span>l\u2019aliquota<span class=\"ff1\"> </span>media<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>retrocessione<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tass<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">minimo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">garantito<span class=\"ff1\"> </span>def<span class=\"_ _0\"></span>initi<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">base<span class=\"ff1\"> </span>alle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">condizioni<span class=\"ff1\"> </span>contrattuali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">divers<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prodotti<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>collegati<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>gestione;<span class=\"_ _3bd\"> </span>  le<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>passivit\u00e0<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>r<span class=\"_ _2\"></span>elative<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>ai<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>pro<span class=\"_ _2\"></span>dotti<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>co<span class=\"_ _2\"></span>n<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>part<span class=\"_ _2\"></span>ecipazione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _23\"> </span><span class=\"ff3\">d<span class=\"_ _0\"></span>iscrezi<span class=\"_ _2\"></span>onale<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>agli<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>utili<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>rap<span class=\"_ _0\"></span>pre<span class=\"_ _0\"></span>senta<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>com<span class=\"_ _0\"></span>ple<span class=\"_ _0\"></span>ssiv<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>en<span class=\"_ _0\"></span>za<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dis<span class=\"_ _0\"></span>tinzi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tra<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">com<span class=\"_ _0\"></span>pone<span class=\"_ _1\"></span>nte<span class=\"ff1\"> </span>g<span class=\"_ _0\"></span>aran<span class=\"_ _0\"></span>tita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uel<span class=\"_ _0\"></span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">disc<span class=\"_ _0\"></span>rezi<span class=\"_ _0\"></span>onal<span class=\"_ _0\"></span>e.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span>Pro<span class=\"_ _1\"></span>dot<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>na<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>ra<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ia<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>clu<span class=\"_ _1\"></span>si<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>ge<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>se<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>rat<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>I<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>prodot<span class=\"_ _2\"></span>ti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>natura<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>finanziaria<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>che,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pur<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"_ _2\"></span>vendo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>assicurativo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>significativo,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>so<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>inclusi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> </span>gestioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>separate,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quindi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prevedono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>elementi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>partecipazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>discrezionale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>agli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>utili,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>comp<span class=\"_ _2\"></span>rendono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> </span>maggioranza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>polizze<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>ulla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>durata<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>vita<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>polizze<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mist<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ramo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>primo,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nonch\u00e9<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>polizze<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"_ _2\"></span><span class=\"ff1\"> </span>capitalizzazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ramo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>qui<span class=\"_ _0\"></span>nt<span class=\"_ _2\"></span>o.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Essi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>contabilizzati<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>econdo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>principi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>d<span class=\"_ _2\"></span>ettati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dall'IFRS<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>4,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ovvero,<span class=\"ff1\"> </span>sin<span class=\"_ _0\"></span>tet<span class=\"_ _0\"></span>icam<span class=\"_ _0\"></span>ente<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span>  i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>prodotti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>esposti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"></span></span>bilancio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>modo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sostanzialmente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>analogo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>quanto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>previsto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dai<span class=\"ff1\"> <span class=\"_ _21\"></span></span>pr<span class=\"_ _0\"></span>inci<span class=\"_ _0\"></span>pi<span class=\"_ _3bd\"> </span> contabili<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">locali<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">m<span class=\"_ _2\"></span>ateria,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>videnza<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Conto<span class=\"ff1\"> </span>Economico<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">premi,<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>agamenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>della<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">varia<span class=\"_ _2\"></span>zione<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>delle<span class=\"ff1\"> </span>riserve<span class=\"ff1\"> </span>tecniche;<span class=\"_ _3bd\"> </span>  ai<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prodotti<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">contenuto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">assicurativo<span class=\"ff1\"> </span>inseriti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">all\u2019interno<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>elle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gestioni<span class=\"ff1\"> </span>separate,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">quindi<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>reved<span class=\"_ _1\"></span>ono<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span>elementi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">partecipazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">discrezionale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">agli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">utili,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">applica<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cosiddetto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">shadow<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">accounting,<span class=\"ff1\"> </span>come<span class=\"ff1\"> <span class=\"_ _21\"></span></span>gi\u00e0<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>rappresentato<span class=\"ff1\">  </span>nel<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>paragrafo<span class=\"ff1\"> </span>precedente;<span class=\"_ _3bd\"> </span>  nella<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">determinazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>ello<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">shado<span class=\"_ _2\"></span>w<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">accounting<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Gruppo<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>tilizza,<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ogni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gestione,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019aliquota<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">media<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>retrocessione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tasso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">minimo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gara<span class=\"_ _2\"></span>ntito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">definiti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">base<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">condizioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contratt<span class=\"_ _2\"></span>uali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>iversi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prodotti<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>collegati<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>gestione;<span class=\"_ _3bd\"> </span>  le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">passivit\u00e0<span class=\"ff1\"> </span>relative<span class=\"ff1\"> </span>ai<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prodotti<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>partecipazione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">discrezionale</span> <span class=\"ff3\">agli</span> <span class=\"ff3\">utili<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sono</span> <span class=\"ff3\">rappresentate</span> <span class=\"ff3\">in</span> <span class=\"_ _1\"></span><span class=\"ff3\">mod<span class=\"_ _1\"></span>o<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span>com<span class=\"_ _0\"></span>ple<span class=\"_ _0\"></span>ssiv<span class=\"_ _0\"></span>o,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>en<span class=\"_ _0\"></span>za<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ist<span class=\"_ _0\"></span>inzi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tra<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">la</span> <span class=\"_ _0\"></span><span class=\"ff3\">com<span class=\"_ _0\"></span>pone<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">g<span class=\"_ _0\"></span>aran<span class=\"_ _0\"></span>tita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>lla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dis<span class=\"_ _0\"></span>crez<span class=\"_ _0\"></span>iona<span class=\"_ _0\"></span>le.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span>Pro<span class=\"_ _1\"></span>dot<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>na<span class=\"_ _0\"></span>tur<span class=\"_ _1\"></span>a<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>zia<span class=\"_ _1\"></span>ria<span class=\"_ _3bd\"> </span>no<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>si<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>ge<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>se<span class=\"_ _0\"></span>pa<span class=\"_ _1\"></span>rate<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prodott<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>natura<span class=\"ff1\"> </span>finanziaria<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>presentano<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>assicurativo<span class=\"ff1\"> </span>significativo<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>inclusi<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>gestioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">separate,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quindi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> </span>prevedono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">elementi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">partecipazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">discrezionale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">agli<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>tili,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>esposti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>bilancio<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>passivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>valutati<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value,<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>prevista<span class=\"ff1\"> </span>opzione<span class=\"ff1\"> </span>(Fair<span class=\"ff1\"> </span>Value<span class=\"ff1\"> </span>Option),<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>costo<span class=\"ff1\"> </span>ammort<span class=\"_ _2\"></span>izzato.<span class=\"ff1\"> </span>Questi<span class=\"ff1\"> </span>prodotti<span class=\"ff1\"> </span>finan<span class=\"_ _0\"></span>ziari<span class=\"ff1\"> </span>comprendono<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ostanzialmente<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>polizze<span class=\"ff1\"> </span>index<span class=\"ff1\"> </span>linked<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>part<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>unit<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>linked,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nonc<span class=\"_ _0\"></span>h\u00e9<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>polizze<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _0\"></span>rovvista<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>pecifica<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>at<span class=\"_ _2\"></span>tivi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>incluse<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>gestioni<span class=\"ff1\"> </span>sep<span class=\"_ _1\"></span>arate.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">T<span class=\"_ _0\"></span>ali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">prod<span class=\"_ _0\"></span>otti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>ono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>onta<span class=\"_ _0\"></span>bil<span class=\"_ _0\"></span>izza<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">se<span class=\"_ _0\"></span>cond<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>rinci<span class=\"_ _0\"></span>pi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dettat<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dal<span class=\"_ _0\"></span>lo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">IAS<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">39,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>ome<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">segui<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sinte<span class=\"_ _0\"></span>tiz<span class=\"_ _0\"></span>zato:<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span> le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>polizze<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>index<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>unit<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>linked<span class=\"ff1\"> <span class=\"_ _20\"></span></span>c<span class=\"_ _2\"></span>onsiderate<span class=\"ff1\"> <span class=\"_ _21\"></span></span>inve<span class=\"_ _0\"></span>stment<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>contracts<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>valu<span class=\"_ _0\"></span>tate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _20\"></span></span>value,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>m<span class=\"_ _2\"></span>entre<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> </span>prodotti<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>a<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _23\"> </span><span class=\"ff3\">spe<span class=\"_ _0\"></span>cifica<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>provvista<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>attivi<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>inclusi<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>gestioni<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>separate<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>valutat<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>costo<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span>amm<span class=\"_ _0\"></span>orti<span class=\"_ _0\"></span>zza<span class=\"_ _0\"></span>to;<span class=\"_ _3bd\"> </span>  il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Co<span class=\"_ _2\"></span>nto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Economico<span class=\"ff1\"> <span class=\"_ _21\"></span></span>non<span class=\"ff1\"> <span class=\"_ _21\"></span></span>riflette<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>premi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>relativi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>que<span class=\"_ _0\"></span>sti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>prodotti,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ma<span class=\"ff1\"> <span class=\"_ _21\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sole<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>componenti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ri<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>vo,<span class=\"_ _3bd\"> </span> rappresentate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dai<span class=\"ff1\"> </span>caricamenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dalle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>commissioni,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>cos<span class=\"_ _2\"></span>to,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>costituite<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dalle<span class=\"ff1\"> </span>prov<span class=\"_ _2\"></span>vigioni<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"_ _2\"></span>gli<span class=\"ff1\"> </span>altr<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>oneri;<span class=\"ff1\"> </span>ess<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riflette,<span class=\"ff1\"> </span>inoltr<span class=\"_ _2\"></span>e,<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cos<span class=\"_ _2\"></span>ti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ed<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ricavi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rappresentati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dalle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>variazioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _2\"></span></span>value<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>passivit\u00e0<span class=\"ff1\"> </span>accese<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>fronte<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tali<span class=\"ff1\"> </span>contratti.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Pi\u00f9<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>ettaglio,<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">principi</span> <span class=\"_ _0\"></span><span class=\"ff3\">contabili<span class=\"ff1\"> </span>internazionali,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contenuti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nello<span class=\"ff1\"> </span>IAS<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">39<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nell\u2019IFRS<span class=\"ff1\"> </span>15,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">prevedono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">passivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valutate<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>val<span class=\"_ _0\"></span>ue,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>ricavi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ed</span> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">costi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">relativi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ai<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prodotti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>oggetto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>siano<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ide<span class=\"_ _0\"></span>ntificati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>separati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nell<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>due<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>com<span class=\"_ _2\"></span>ponenti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(i)<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>or<span class=\"_ _2\"></span>igination,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>imputare<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Conto<span class=\"ff1\"> </span>Economico<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>momento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dell\u2019emissione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>prodotto,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(i<span class=\"_ _0\"></span>i)<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>investment<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>management<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>service,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>da<div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs7c1\">ripartire<span class=\"ff1\"> <span class=\"_ _21\"></span></span>lungo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>vita<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _21\"></span></span>prodotto,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>funzione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>come<span class=\"ff1\"> <span class=\"_ _20\"></span></span>viene<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fornito<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>servizio.<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Inoltre,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _21\"></span></span>caso<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dei<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs7c2\">prodotti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>specifica<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>provvista<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>attivi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>inclusi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>gestioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>separate,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ricavi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cost<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>incrementali<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs7c3\">confluiscono<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>determinazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>costo<span class=\"ff1\"> </span>ammortizzato;<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs7c5\">l'e<span class=\"_ _0\"></span>ven<span class=\"_ _0\"></span>tua<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">comp<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span>nte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ass<span class=\"_ _0\"></span>icur<span class=\"_ _0\"></span>ativ<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prod<span class=\"_ _0\"></span>otti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>nde<span class=\"_ _0\"></span>x<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>nit<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">li<span class=\"_ _0\"></span>nked<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>ualo<span class=\"_ _0\"></span>ra<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>epa<span class=\"_ _0\"></span>rabi<span class=\"_ _0\"></span>le,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ogge<span class=\"_ _0\"></span>tto<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs7c6\">di<span class=\"ff1\"> </span>autonoma<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>rappresentazione<span class=\"ff1\"> </span>contabile.<span class=\"_ _3bd\"> </span> </div><div class=\"t mb h5 ff3 fs0 fc4 sc2 ls0 ws0 gs7c7\">16</div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs7c8\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs7c9\">Altre<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs7ca\">inf<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>zio<span class=\"_ _1\"></span>ni<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs7cb\">Trat<span class=\"_ _0\"></span>tamento<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs7cc\">conta<span class=\"_ _0\"></span>bile<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs7cd\">delle<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs7ce\">oper<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs7cf\">con<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs7d0\">riferi<span class=\"_ _0\"></span>mento<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs7d1\">al<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs7d2\">Credit<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs7d3\">d\u2019imp<span class=\"_ _0\"></span>osta<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs7d4\">ai<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs7d5\">sensi<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs7d6\">del<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs7d7\">D.L.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs7d8\">n.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs7d9\">18/<span class=\"_ _0\"></span>2020<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs7da\">(\u201cCura<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs7db\">Italia<span class=\"_ _0\"></span>\u201d)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs7dc\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs7dd\">D.L<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs7de\">n.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs7df\">34/2<span class=\"_ _0\"></span>020<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs7e0\">(\u201cRila<span class=\"_ _0\"></span>ncio\u201d<span class=\"_ _0\"></span>)<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs7e1\">Il<span class=\"ff1\"> </span>D<span class=\"_ _2\"></span>L<span class=\"ff1\"> </span>n.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>18/2020<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(c.d.<span class=\"ff1\"> </span>\u201cCura<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Italia\u201d)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>DL<span class=\"ff1\"> <span class=\"_ _2\"></span></span>n.<span class=\"ff1\"> </span>34/2020<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(c.d.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u201cRilancio\u201d)<span class=\"ff1\"> </span>convertiti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>legge,<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>modificazioni,<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs7e2\">rispettivamente<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>Legge<span class=\"ff1\"> </span>n.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>27<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>24<span class=\"_ _2\"></span><span class=\"ff1\"> </span>aprile<span class=\"ff1\"> </span>2020<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Legge<span class=\"ff1\"> </span>n.<span class=\"ff1\"> </span>77<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>17<span class=\"ff1\"> </span>luglio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>2020<span class=\"ff1\"> <span class=\"_ _2\"></span></span>hanno<span class=\"ff1\"> </span>introdotto<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs7e3\">mis<span class=\"_ _0\"></span>ure<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fisca<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span>ntiv<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>sp<span class=\"_ _0\"></span>ese<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sosten<span class=\"_ _0\"></span>ute<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>inve<span class=\"_ _0\"></span>stime<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">(e<span class=\"_ _0\"></span>s.<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>co<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sismab<span class=\"_ _0\"></span>onu<span class=\"_ _0\"></span>s):<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">detti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>ncen<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs7e4\">fiscali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">applicano<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">famiglie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ed<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">imprese,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">commisurati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">percentuale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>pesa<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ostenuta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sono<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs7e5\">erogati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sotto<span class=\"ff1\">  </span>forma<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>credi<span class=\"_ _0\"></span>ti<span class=\"ff1\">  </span>d\u2019<span class=\"_ _0\"></span>imposta<span class=\"ff1\">  </span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>detrazioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d\u2019imposta<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(trasform<span class=\"_ _2\"></span>abili<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>su<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>opzione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>crediti<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs7e6\">d\u2019<span class=\"_ _0\"></span>imp<span class=\"_ _0\"></span>osta)<span class=\"_ _0\"></span>. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs7e7\">Nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tali<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>operazioni,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>esis<span class=\"_ _2\"></span>te<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>possibilit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>beneficiario,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cedere<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>terzi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>detti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"_ _0\"></span>ncentivi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ad<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs7e8\">acquirenti<span class=\"ff1\"> </span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>potra<span class=\"_ _2\"></span>nno<span class=\"ff1\"> </span>utilizzar<span class=\"_ _2\"></span>li<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>compensazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>imposte<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contributi,<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>econdo<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>medesime<span class=\"ff1\"> <span class=\"_ _2\"></span></span>regole<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs7e9\">previste<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>b<span class=\"_ _2\"></span>eneficiario<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>origi<span class=\"_ _2\"></span>nario,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>oppure<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>possono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ulteriormente<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cederli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>(in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tutto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>parte)<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>terzi.<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs7ea\">Nessuno<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cr<span class=\"_ _2\"></span>editi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>esame<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rimbor<span class=\"_ _2\"></span>sabile<span class=\"ff1\"> <span class=\"_ _21\"></span></span>(in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tutto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>part<span class=\"_ _2\"></span>e)<span class=\"ff1\"> <span class=\"_ _21\"></span></span>direttamente<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dallo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>St<span class=\"_ _2\"></span>ato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>vi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs7eb\">possibilit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>riportare<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\">  </span>nu<span class=\"_ _0\"></span>ovo,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>n\u00e9<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>chiedere<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rimborso,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>quota<span class=\"ff1\">  </span>parte<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>compensata<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nell\u2019<span class=\"_ _0\"></span>anno<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs7ec\">riferimento<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>motivi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>incapienza. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs7ed\">Come<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">previsto<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Documento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Banca<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">d'Italia/Consob/Ivass<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">n.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">9<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gennaio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2021,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">car<span class=\"_ _2\"></span>atteristiche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">principali<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs7ee\">dei<span class=\"ff1\"> </span>crediti<span class=\"ff1\"> </span>d\u2019imposta<span class=\"ff1\"> </span>introdotti<span class=\"ff1\"> </span>dai<span class=\"ff1\"> </span>Decreti<span class=\"ff1\"> </span>sono: </div><div class=\"t m6 h13 ff6 fs5 fc0 sc0 ls0 ws0 gs7ef\"> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs7f0\">la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>ossib<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">uti<span class=\"_ _0\"></span>lizz<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>ompe<span class=\"_ _0\"></span>nsa<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">arc<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">temp<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>li<span class=\"_ _0\"></span>mita<span class=\"_ _0\"></span>to; </span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m6 h13 ff6 fs5 fc0 sc0 ls0 ws0 gs7f1\"> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs7f2\">la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ce<span class=\"_ _0\"></span>dibi<span class=\"_ _0\"></span>lit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"_ _0\"></span><span class=\"ff3\">terz<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">acq<span class=\"_ _0\"></span>uire<span class=\"_ _0\"></span>nti </span></span></span></span></span></span></div><div class=\"t m6 h13 ff6 fs5 fc0 sc0 ls0 ws0 gs7f3\"> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs7f4\">la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">r<span class=\"_ _0\"></span>imbo<span class=\"_ _0\"></span>rsab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>da<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>arte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span>l\u2019E<span class=\"_ _0\"></span>rari<span class=\"_ _0\"></span>o). </span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs7f5\">Se<span class=\"_ _0\"></span>cond<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>ale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Docume<span class=\"_ _0\"></span>nto<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">so<span class=\"_ _0\"></span>gge<span class=\"_ _0\"></span>tto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bene<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>io,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">vo<span class=\"_ _0\"></span>lta<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ac<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>stati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">da<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">u<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ogge<span class=\"_ _0\"></span>tto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">terzo,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>ecu<span class=\"_ _0\"></span>liar<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs7f6\">dei<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>crediti<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>p<span class=\"_ _0\"></span>ermettono<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>loro<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>immediata<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>ricond<span class=\"_ _0\"></span>ucibilit\u00e0<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>uno<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>specifico<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>p<span class=\"_ _0\"></span>rincipio<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _23\"> </span></span>contabile<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs7f7\">internazionale.<span class=\"ff1\"> </span>In<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tal<span class=\"ff1\"> <span class=\"_ _2\"></span></span>senso,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Banca<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ha<span class=\"ff1\"> </span>definito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>una<span class=\"ff1\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs7f8\">accounting</div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs7f9\">policy</div><div class=\"t m0 h9 ff1 fs4 fc0 sc0 ls0 ws0 gs7fa\"> <span class=\"_ _2\"></span><span class=\"ff3 fs5\">per<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>trattamento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contabile<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>t<span class=\"_ _2\"></span>ali<span class=\"ff1\"> </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs7fb\">tip<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>ogie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">credi<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d\u2019imp<span class=\"_ _0\"></span>osta<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ai<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sen<span class=\"_ _0\"></span>si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">par<span class=\"_ _0\"></span>agraf<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">10<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">11<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>llo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">I<span class=\"_ _0\"></span>AS<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">8,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fine<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>fini<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">modal<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>lev<span class=\"_ _1\"></span>azione<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs7fc\">iniziale,<span class=\"ff1\"> </span>misurazione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">conseguente</span> <span class=\"ff3\">classificazione<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>tenendo<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>costo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sostenuto<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>essionario<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs7fd\">l\u2019acquisto<span class=\"ff1\">  </span>dei<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">crediti,</span>  <span class=\"ff3\">delle</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">lor<span class=\"_ _2\"></span>o</span>  <span class=\"ff3\">caratteristiche</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">di</span>  <span class=\"ff3\">utilizzabilit\u00e0</span>  <span class=\"ff3\">e</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">dell\u2019esigenza</span>  <span class=\"ff3\">di</span>  <span class=\"ff3\">rilevare,</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">i<span class=\"_ _2\"></span>n</span>  <span class=\"ff3\">b<span class=\"_ _0\"></span>ase<span class=\"ff1\">  </span>alla<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs7fe\">competenza<span class=\"ff1\"> </span>economica,<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>provento<span class=\"ff1\"> </span>ottenuto. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs7ff\">Come<span class=\"ff1\">  </span>prev<span class=\"_ _0\"></span>isto<span class=\"ff1\">  </span>dal<span class=\"ff1\">  </span>Docume<span class=\"_ _0\"></span>nto<span class=\"_ _2\"></span><span class=\"ff1\">  </span>Banc<span class=\"_ _0\"></span>a<span class=\"ff1\">  </span>d'Italia/Consob/Ivass<span class=\"ff1\">  </span>n.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>9<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>g<span class=\"_ _2\"></span>ennaio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>2021,<span class=\"ff1\">  </span>al<span class=\"ff1\">  </span>fine<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\">  </span>definire<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"_ _2\"></span>l<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs800\">trattamento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contabile<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _2\"></span></span>adotta<span class=\"_ _2\"></span>re<span class=\"ff1\"> </span>ai<span class=\"ff1\"> <span class=\"_ _2\"></span></span>crediti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d\u2019imposta<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>esame,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>si<span class=\"ff1\"> <span class=\"_ _2\"></span></span>far\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riferimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ad<span class=\"ff1\"> </span>a<span class=\"_ _2\"></span>lcune<span class=\"ff1\"> </span>disposizioni<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs801\">contenute<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>principio<span class=\"ff1\"> </span>contabile<span class=\"ff1\"> </span>IFRS<span class=\"ff1\"> </span>9<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> </span>finanziari. </div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs802\">Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs803\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs804\">isc<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs805\">La<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>prima<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>iscrizione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>credito<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span></span>d\u2019imposta<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ai<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sensi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>D.L.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>n.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>18/2020<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>(\u201cCura<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Italia\u201d)<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>D<span class=\"_ _2\"></span>.L<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>n.<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>3<span class=\"_ _2\"></span>4/2020<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs806\">(\u201cRilancio\u201d)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">avviene<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"_ _2\"></span>la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">data<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">accettazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">credito<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ul<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cassetto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fiscale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Banca.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">L\u2019iscrizione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">avviene<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs807\">al<span class=\"ff1\"> </span>prezzo<span class=\"ff1\"> </span>dell\u2019operazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>acquisizione<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>beneficiario<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>dovr\u00e0<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>contare: </div><div class=\"t m6 h13 ff6 fs5 fc0 sc0 ls0 ws0 gs808\"> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs809\">a)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">v<span class=\"_ _0\"></span>alor<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">temp<span class=\"_ _0\"></span>orale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ena<span class=\"_ _0\"></span>ro<span class=\"ff1\"> </span>e<span class=\"_ _1c\"></span> </span></span></span></span></span></span></span></span></div><div class=\"t m6 h13 ff6 fs5 fc0 sc0 ls0 ws0 gs80a\"> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs80b\">b)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ca<span class=\"_ _0\"></span>paci<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>til<span class=\"_ _0\"></span>izza<span class=\"_ _0\"></span>rlo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">entr<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>ativ<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>sc<span class=\"_ _0\"></span>ade<span class=\"_ _0\"></span>nza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tem<span class=\"_ _0\"></span>pora<span class=\"_ _0\"></span>le. </span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs80c\">Tale<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>prezzo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>soddisfa<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>condizione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dell\u2019IFRS<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>9<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>s<span class=\"_ _2\"></span>econdo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>attivit\u00e0<span class=\"ff1\">  </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">le</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">passivit\u00e0</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">finanziarie</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">vanno</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs80d\">inizialmente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ilevate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dovr\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">essere<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">assimilato,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nella<span class=\"ff1\"> </span>gerarchia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">previst<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dall\u2019IFRS<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs80e\">13,<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>livello<span class=\"ff1\"> </span>3. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs80f\">Sono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>oggetto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>potenziale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>inclusione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _21\"></span></span>calcolo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _21\"></span></span>value<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cost<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>marginali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>direttam<span class=\"_ _2\"></span>ente<span class=\"ff1\"> <span class=\"_ _21\"></span></span>attribuibili<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs810\">al<span class=\"_ _0\"></span>l'ac<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>sizi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>cred<span class=\"_ _0\"></span>ito<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d\u2019imp<span class=\"_ _0\"></span>osta<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>sid<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>ndo<span class=\"ff1\"> </span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">costo</span> <span class=\"ff3\">m<span class=\"_ _0\"></span>argi<span class=\"_ _0\"></span>nal<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>osto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">che</span> <span class=\"ff3\">no<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>sare<span class=\"_ _0\"></span>bbe<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">stat<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs811\">sostenuto<span class=\"ff1\"> </span>se<span class=\"ff1\"> </span>l'entit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>non<span class=\"ff1\"> </span>avesse<span class=\"ff1\"> </span>acqu<span class=\"_ _0\"></span>istato<span class=\"_ _2\"></span><span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>credito<span class=\"ff1\"> </span>d\u2019imposta<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(quale<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>esempio<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>comm<span class=\"_ _2\"></span>issione<span class=\"ff1\"> </span>pagata<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs812\">ad<span class=\"ff1\"> </span>agenti,<span class=\"ff1\"> </span>consulenti<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>mediatori,<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>sensi<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>paragrafo<span class=\"ff1\"> </span>B5.4.8<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>IFRS9). </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs813\">Sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>esclusi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>costi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>pu<span class=\"_ _0\"></span>r<span class=\"ff1\"> <span class=\"_ _20\"></span></span>av<span class=\"_ _2\"></span>endo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>caratteristiche<span class=\"ff1\"> <span class=\"_ _20\"></span></span>suddette,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>oggetto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>imborso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>da<span class=\"ff1\"> <span class=\"_ _20\"></span></span>parte<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs814\">controparte<span class=\"ff1\"> </span>debitrice<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>inquadrabili<span class=\"ff1\"> </span>tra<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>normali<span class=\"ff1\"> </span>cost<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>interni<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">carat<span class=\"_ _2\"></span>tere</span> <span class=\"ff3\">amministrativo. </span></span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs815\">Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs816\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs817\">cla<span class=\"_ _1\"></span>ssi<span class=\"_ _0\"></span>fica<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs818\">Come<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pre<span class=\"_ _2\"></span>visto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dal<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Documento<span class=\"ff1\"> </span>Banca<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d'Italia/Consob/Ivass<span class=\"ff1\"> </span>n.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">9<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gennaio<span class=\"ff1\"> </span>2021,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tenuto<span class=\"ff1\"> </span>conto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>ali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">credit<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs819\">d\u2019<span class=\"_ _0\"></span>imp<span class=\"_ _0\"></span>osta<span class=\"ff1\"> </span>ac<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>stat<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rapp<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span>ntan<span class=\"_ _0\"></span>o,<span class=\"ff1\"> </span>ai<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sens<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">princi<span class=\"_ _0\"></span>pi<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>ntab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">inte<span class=\"_ _0\"></span>rnazi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>ali,<span class=\"ff1\"> </span>at<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>sca<span class=\"_ _0\"></span>li,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">contr<span class=\"_ _0\"></span>ibu<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs81a\">pub<span class=\"_ _0\"></span>bli<span class=\"_ _0\"></span>ci,<span class=\"ff1\"> </span>att<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span>im<span class=\"_ _0\"></span>mate<span class=\"_ _0\"></span>rial<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>atti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>fin<span class=\"_ _0\"></span>anzi<span class=\"_ _0\"></span>arie,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">la</span> <span class=\"ff3\">cl<span class=\"_ _0\"></span>assif<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span>zione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pi\u00f9</span> <span class=\"ff3\">app<span class=\"_ _0\"></span>rop<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>ta,<span class=\"ff1\"> </span>ai<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">fin<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>dell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>pre<span class=\"_ _0\"></span>sen<span class=\"_ _0\"></span>tazi<span class=\"_ _0\"></span>one</span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs81c\">in<span class=\"ff1\"> </span>bil<span class=\"_ _0\"></span>ancio,<span class=\"_ _2\"></span><span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quella<span class=\"ff1\"> </span>residuale<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>oce<span class=\"ff1\"> </span>120<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>stato<span class=\"ff1\"> </span>patrimoniale<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u201cAltre<span class=\"ff1\"> </span>Attivit\u00e0\u201d<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ello<span class=\"ff1\"> </span>stato<span class=\"ff1\"> </span>patrimoniale,<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs81d\">in<span class=\"ff1\"> </span>linea<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>paragrafi<span class=\"ff1\"> </span>54<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>55<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>IAS<span class=\"ff1\"> </span>1<span class=\"ff1\"> </span>\u201cPresentazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>bilancio\u201d. </div>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Successivamente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ril<span class=\"_ _2\"></span>evazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">iniziale,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">crediti<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d\u2019imposta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ai<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sensi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">D.L.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">n.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">18/2020<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(\u201cCura<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Italia\u201d)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">D.L<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">n<span class=\"_ _2\"></span>.<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>34/2020<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(\u201cRilancio\u201d)<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>detenuti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ess<span class=\"_ _2\"></span>ere<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>utilizzat<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>compensazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">imposte</span> <span class=\"_ _27\"> </span><span class=\"ff3\">e</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">contributi<span class=\"_ _2\"></span></span> </span>(secondo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>med<span class=\"_ _2\"></span>esime<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>egole<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pr<span class=\"_ _2\"></span>eviste<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>beneficiario<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"_ _2\"></span>riginario),<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valutati<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span><span class=\"ff3\">costo</span> <span class=\"_ _20\"></span><span class=\"ff3\">ammortizzato,</span> </span>utilizzando<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>metodo<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>interesse<span class=\"ff1\"> </span>effettivo.<span class=\"_ _3bd\"> </span>Com<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>revi<span class=\"_ _0\"></span>sto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dal<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Docume<span class=\"_ _0\"></span>nto<span class=\"ff1\"> </span>Ba<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>d'I<span class=\"_ _0\"></span>tali<span class=\"_ _0\"></span>a/C<span class=\"_ _0\"></span>onso<span class=\"_ _0\"></span>b/Iv<span class=\"_ _0\"></span>ass<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">n.</span> <span class=\"_ _0\"></span><span class=\"ff3\">9<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ge<span class=\"_ _0\"></span>nna<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>2<span class=\"_ _0\"></span>021,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alut<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ucce<span class=\"_ _1\"></span>ssiva<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>dei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>crediti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>\u2019impost<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ai<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sensi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>D.L.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>n.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>18/2020<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(\u201cCura<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>It<span class=\"_ _0\"></span>alia\u201d)<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>D.L<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>n.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">34/2020</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">(\u201cRilancio\u201d)</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">al</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">costo</span> </span>ammortizzato,<span class=\"ff1\"> </span>viene<span class=\"ff1\"> </span>considerato: il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">va<span class=\"_ _0\"></span>lore<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">temp<span class=\"_ _0\"></span>oral<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>de<span class=\"_ _1\"></span>l<span class=\"ff1\"> </span>den<span class=\"_ _0\"></span>aro<span class=\"_ _0\"></span>;</span></span></span></span> l\u2019utilizzo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tas<span class=\"_ _2\"></span>so<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d\u2019interesse<span class=\"ff1\"> <span class=\"_ _2\"></span></span>effettivo,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>determinat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>all\u2019origine<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>m<span class=\"_ _2\"></span>aniera<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cas<span class=\"_ _2\"></span>sa<span class=\"ff1\"> </span>attualizzati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>connessi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>com<span class=\"_ _2\"></span>pensazioni<span class=\"ff1\"> </span>at<span class=\"_ _2\"></span>tese<span class=\"ff1\"> <span class=\"_ _2\"></span></span>future<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>timate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>lungo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>durata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>previst<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>credito<span class=\"ff1\"> </span>d\u2019imposta<span class=\"ff1\"> </span>eguaglino<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>prezzo<span class=\"ff1\"> </span>d\u2019acquisto<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>crediti<span class=\"ff1\"> </span>d\u2019imposta. i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">flu<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ut<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>zzo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del</span> <span class=\"_ _0\"></span><span class=\"ff3\">cred<span class=\"_ _0\"></span>ito<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d\u2019i<span class=\"_ _0\"></span>mpost<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>rami<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ompe<span class=\"_ _0\"></span>nsa<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>Per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">calcolare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tas<span class=\"_ _2\"></span>so<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">interesse<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">effett<span class=\"_ _2\"></span>ivo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vengono,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quindi,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>timate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">com<span class=\"_ _2\"></span>pensazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">att<span class=\"_ _2\"></span>ese,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tenendo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conto<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>utti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>termini<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>elativi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>credit<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d\u2019imposta,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>compreso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fat<span class=\"_ _2\"></span>to<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dopo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"_ _2\"></span>ver<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valutato<span class=\"ff1\"> <span class=\"_ _21\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>possibilit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>gli<span class=\"ff1\"> </span>eventuali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>im<span class=\"_ _2\"></span>patti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cont<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>economico<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>una<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nuova<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cessione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>degli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>st<span class=\"_ _2\"></span>essi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un<span class=\"ff1\"> <span class=\"_ _21\"></span></span>terzo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>soggetto,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>credito<span class=\"ff1\"> </span>d\u2019imposta<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>utilizzato<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>ciascun<span class=\"ff1\"> </span>periodo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>compensazione<span class=\"ff1\"> </span>sar\u00e0<span class=\"ff1\"> </span>perso<span class=\"_ _2\"></span>.<span class=\"_ _3bd\"> </span>Tale<span class=\"ff1\">  </span>modalit\u00e0<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>contabilizzazio<span class=\"_ _2\"></span>ne,<span class=\"ff1\">  </span>utilizzando<span class=\"ff1\">  </span>una<span class=\"ff1\">  </span>logica<span class=\"ff1\">  </span>finanziaria,<span class=\"ff1\">  </span>cons<span class=\"_ _2\"></span>ente<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>distribuire<span class=\"ff1\">  </span>l\u2019effetto<span class=\"ff1\"> </span>economico<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>costi/proventi<span class=\"ff1\"> </span>lungo<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>vita<span class=\"ff1\"> </span>residua<span class=\"ff1\"> </span>attesa<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>credito.<span class=\"_ _3bd\"> </span>Uti<span class=\"_ _0\"></span>liz<span class=\"_ _0\"></span>zand<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">meto<span class=\"_ _0\"></span>do<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>osto<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>mmor<span class=\"_ _0\"></span>tiz<span class=\"_ _0\"></span>zato<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rife<span class=\"_ _0\"></span>rimen<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cal<span class=\"_ _0\"></span>col<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">val<span class=\"_ _0\"></span>ore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>tabil<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>ordo<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cred<span class=\"_ _0\"></span>ito<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>d\u2019imposta,<span class=\"ff1\"> </span>si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pro<span class=\"_ _2\"></span>cede<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">periodicamente<span class=\"ff1\"> </span>alla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">revisione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>stime<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">flussi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cassa<span class=\"ff1\"> </span>ed<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">alla</span> <span class=\"_ _0\"></span><span class=\"ff3\">rettifica<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>val<span class=\"_ _0\"></span>ore<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>con<span class=\"_ _0\"></span>tab<span class=\"_ _0\"></span>ile<span class=\"ff1\"> </span>lo<span class=\"_ _0\"></span>rdo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>rifle<span class=\"_ _0\"></span>ttere<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">i</span> <span class=\"ff3\">flussi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">finan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>ri<span class=\"ff1\"> </span>effe<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span>vi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>ride<span class=\"_ _0\"></span>term<span class=\"_ _0\"></span>inat<span class=\"_ _0\"></span>i:<span class=\"ff1\"> </span>nel<span class=\"_ _0\"></span>l\u2019e<span class=\"_ _0\"></span>ffe<span class=\"_ _0\"></span>ttua<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>tali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">retti<span class=\"_ _0\"></span>fiche<span class=\"_ _1\"></span>,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>si<span class=\"ff1\"> </span>pro<span class=\"_ _0\"></span>cede<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>sco<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>ndo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">i</span> <span class=\"_ _2\"></span><span class=\"ff3\">nuovi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">flu<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">finan<span class=\"_ _0\"></span>ziar<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"_ _0\"></span>l\u2019o<span class=\"_ _0\"></span>rigi<span class=\"_ _0\"></span>nari<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tasso<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">di</span> <span class=\"ff3\">inte<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>se<span class=\"ff1\"> </span>effe<span class=\"_ _0\"></span>ttiv<span class=\"_ _0\"></span>o.<span class=\"ff1\"> </span>Tale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">conta<span class=\"_ _0\"></span>bil<span class=\"_ _0\"></span>izza<span class=\"_ _0\"></span>zione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">cons<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>ir\u00e0<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>quindi<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rilevare<span class=\"ff1\"> </span>\u201c<span class=\"_ _2\"></span>pro-rata\u201d<span class=\"ff1\"> </span>t<span class=\"_ _2\"></span>emporis<span class=\"ff1\"> <span class=\"_ _2\"></span></span>durante<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>vita<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>tale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>credito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d\u2019imposta<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>proventi,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nonch\u00e9<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rilevare<span class=\"ff1\"> </span>immediatamente<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>eventuali<span class=\"ff1\"> </span>perdite<span class=\"ff1\"> </span>dell\u2019operazione.<span class=\"_ _3bd\"> </span>Ne<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>consegue<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>che,<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>qu<span class=\"_ _0\"></span>alora<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>da<span class=\"_ _2\"></span>lla<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>revisione<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>s<span class=\"_ _2\"></span>time<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>circa<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>l\u2019utilizzo<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>credito<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>d\u2019imposta<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>t<span class=\"_ _2\"></span>ramite<span class=\"ff1\"> </span>compensazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">emerga<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">neces<span class=\"_ _2\"></span>sit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rett<span class=\"_ _2\"></span>ificare<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contabile<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">lor<span class=\"_ _2\"></span>do<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cr<span class=\"_ _2\"></span>edito<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d\u2019imposta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riflettere<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>gli<span class=\"ff1\"> <span class=\"_ _21\"></span></span>utilizzi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>stimati,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>effettivi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rideterminati,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>proceder\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ricalcolare<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>contabile<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>lordo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>credito<span class=\"ff1\"> </span>d\u2019<span class=\"_ _0\"></span>imp<span class=\"_ _0\"></span>osta<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>me<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>lore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">attu<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">delle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nu<span class=\"_ _0\"></span>ove<span class=\"ff1\"> </span>sti<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">deg<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>ut<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>zzi<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cre<span class=\"_ _0\"></span>dito<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d\u2019i<span class=\"_ _0\"></span>mpost<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>trami<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ompe<span class=\"_ _0\"></span>nsa<span class=\"_ _0\"></span>zione<span class=\"_ _1\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>attualizzati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>all\u2019originario<span class=\"ff1\"> </span>t<span class=\"_ _2\"></span>asso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>interesse<span class=\"ff1\"> <span class=\"_ _2\"></span></span>effettivo.<span class=\"ff1\"> </span>In<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tal<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>ideterminazione,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tenuto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019assenza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>rimborsabilit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>da<span class=\"ff1\"> <span class=\"_ _20\"></span></span>parte<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>controparte<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(vale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dire<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dell\u2019Erar<span class=\"_ _2\"></span>io),<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>arebbe<span class=\"ff1\"> <span class=\"_ _2\"></span></span>inclusa<span class=\"ff1\"> <span class=\"_ _20\"></span></span>q<span class=\"_ _2\"></span>uindi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>una<span class=\"ff1\"> <span class=\"_ _20\"></span></span>svalutazione<span class=\"ff1\"> </span>derivante<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>eventuale<span class=\"ff1\"> </span>mancato<span class=\"ff1\"> </span>ut<span class=\"_ _2\"></span>ilizzo<span class=\"ff1\"> </span>dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">crediti</span> <span class=\"ff3\">d\u2019imposta</span> <span class=\"_ _2\"></span><span class=\"ff3\">acquistati.<span class=\"_ _3bd\"> </span></span></span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"fc0 sc1\"> </span>I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">crediti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">d\u2019imposta<span class=\"ff1\"> </span>veng<span class=\"_ _0\"></span>ono<span class=\"ff1\"> </span>cancellati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quando<span class=\"ff1\"> </span>scadono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">diritti<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">com<span class=\"_ _2\"></span>pensazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>ei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">crediti<span class=\"ff1\"> </span>stessi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quando<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>i<span class=\"ff1\"> </span>crediti<span class=\"ff1\"> </span>d\u2019imposta<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> </span>ceduti<span class=\"ff1\"> </span>trasferendo<span class=\"ff1\"> </span>sostanzialmente<span class=\"ff1\"> </span>tutt<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>ben<span class=\"_ _0\"></span>efici.<span class=\"_ _2\"></span> Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ril<span class=\"_ _0\"></span>ev<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>del<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ual<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>Come<span class=\"ff1\"> <span class=\"_ _21\"></span></span>previ<span class=\"_ _0\"></span>sto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Documento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Banca<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d'Italia/Consob/Ivass<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>n.<span class=\"ff1\"> <span class=\"_ _21\"></span></span>9<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>gennaio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>2021,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rappresent<span class=\"_ _2\"></span>azione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> </span>proventi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>egli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">oneri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">derivanti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>all\u2019acquisto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">util<span class=\"_ _2\"></span>izzo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>ei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">crediti<span class=\"ff1\"> </span>d\u2019i<span class=\"_ _0\"></span>mposta<span class=\"ff1\"> </span>ai<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sensi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">D.L.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">n.<span class=\"ff1\"> </span>18/2020<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(\u201cCura<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Italia\u201d)<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>D.L<span class=\"ff1\"> </span>n.<span class=\"ff1\"> </span>34/2020<span class=\"ff1\"> </span>(\u201cRilancio\u201d)<span class=\"ff1\"> </span>riflette<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>modalit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>gestione<span class=\"ff1\"> </span>adottat<span class=\"_ _2\"></span>a.<span class=\"_ _3bd\"> </span>Nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">caso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>crediti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>\u2019imposta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">detenuti<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>essere<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">utilizzati<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">compensazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">im<span class=\"_ _2\"></span>poste<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contributi<span class=\"ff1\"> </span>valutati<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>al<span class=\"ff1\"> <span class=\"_ _21\"></span></span>costo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ammortizzato,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rilevazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>della<span class=\"ff1\"> <span class=\"_ _21\"></span></span>componente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>inter<span class=\"_ _2\"></span>essi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>viene<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff3\">effettuata</span> <span class=\"_ _21\"> </span><span class=\"ff3\">nella</span> <span class=\"_ _21\"> </span><span class=\"ff3\">voce</span> <span class=\"_ _21\"></span><span class=\"ff3\">10</span> <span class=\"_ _21\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff3\">conto</span> </span></span></span>economico<span class=\"ff1\"> </span>\u201c<span class=\"_ _2\"></span>Interessi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Attivi\u201d<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>ilevate<span class=\"ff1\"> </span>tra<span class=\"_ _2\"></span><span class=\"ff1\"> </span>gli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>interessi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>passivi<span class=\"ff1\"> </span>anche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> </span>variazio<span class=\"_ _2\"></span>ni<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valore<span class=\"ff1\"> </span>dovute<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cambiamenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>stima<span class=\"ff1\"> <span class=\"_ _20\"></span></span>delle<span class=\"ff1\"> </span>tempistich<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>compensazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cas<span class=\"_ _2\"></span>sa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attesi,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sensi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>paragrafo<span class=\"ff1\"> </span>B5.4.6<span class=\"ff1\"> </span>dell\u2019IFRS<span class=\"ff1\"> </span>9.<span class=\"_ _3bd\"> </span>Eventuali<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rettifiche<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>conseg<span class=\"_ _2\"></span>uenti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>integrale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>recupero<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tramite<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>co<span class=\"_ _2\"></span>mpensazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>credit<span class=\"_ _2\"></span>i,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dopo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>aver<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>luta<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">poss<span class=\"_ _0\"></span>ibil<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"_ _0\"></span><span class=\"ff3\">gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ev<span class=\"_ _0\"></span>entu<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">im<span class=\"_ _0\"></span>pat<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ec<span class=\"_ _0\"></span>onom<span class=\"_ _0\"></span>ico<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>un<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>nu<span class=\"_ _0\"></span>ov<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>ce<span class=\"_ _0\"></span>ssio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">deg<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stessi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ad<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">te<span class=\"_ _0\"></span>rzo<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>soggetto,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rilevate<span class=\"ff1\"> </span>nella<span class=\"ff1\"> <span class=\"_ _2\"></span></span>voce<span class=\"ff1\"> </span>130<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>conto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>economico<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u201cRettifiche/riprese<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nette<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>credito<span class=\"ff1\"> </span>di:<span class=\"ff1\"> </span>a)<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>costo<span class=\"ff1\"> </span>am<span class=\"_ _2\"></span>mortizzato\u201d.<span class=\"_ _3bd\"> </span>In<span class=\"ff1\"> </span>caso<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cessione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">degli<span class=\"ff1\"> </span>stessi<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>terzi<span class=\"ff1\"> </span>soggetti,<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">eventuali<span class=\"ff1\"> </span>plus<span class=\"_ _2\"></span>/minusvalenze<span class=\"ff1\"> </span>tra<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cessione<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span></span></span></span></span></span></span>valore<span class=\"ff1\"> </span>netto<span class=\"ff1\"> </span>contabile<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>crediti<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cessione<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>rilevati<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>voce<span class=\"ff1\"> </span>100<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico<span class=\"ff1\"> </span>\u201cUtili<span class=\"ff1\"> </span>(perdite)<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>cessione<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>riacquisto<span class=\"ff1\"> </span>di:<span class=\"ff1\"> </span>a)<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>cost<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>ammortizzato\u201d.<div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs81f\">Az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs820\">pro<span class=\"_ _1\"></span>pri<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span></div>Le<span class=\"ff1\"> </span>eventuali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">azioni<span class=\"ff1\"> </span>proprie<span class=\"ff1\"> </span>detenute<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>portate<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>riduzi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>patrimonio<span class=\"ff1\"> </span>netto.<span class=\"ff1\"> </span>Analogamente,<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">costo<span class=\"ff1\"> </span></span></span></span></span>originario<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>stesse<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>gli<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>utili<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>perdite<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>d<span class=\"_ _2\"></span>erivanti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dalla<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>loro<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>successiva<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ve<span class=\"_ _0\"></span>ndita<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rilevati<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>com<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>movimenti<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>patrimonio<span class=\"ff1\"> </span>netto.<span class=\"_ _3bd\"> </span>Ra<span class=\"_ _0\"></span>tei<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>ti<span class=\"fc0 sc1\"> </span>I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ratei<span class=\"ff1\"> </span>ed<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>risconti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che<span class=\"ff1\"> </span>accolgono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">oneri<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">proventi</span> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">competenza<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">periodo<span class=\"ff1\"> </span>maturati<span class=\"ff1\"> </span>su<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>ttivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>passivit\u00e0<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>sono<span class=\"ff1\"> </span>iscritti<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>rettifica<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>passivit\u00e0<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>iferiscono.<span class=\"_ _3bd\"> </span>Sp<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>mi<span class=\"_ _0\"></span>gl<span class=\"_ _0\"></span>ior<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>su<span class=\"_ _3bd\"> </span>be<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>t<span class=\"_ _0\"></span>er<span class=\"_ _1\"></span>zi<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>I<span class=\"ff1\"> </span>costi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>rist<span class=\"_ _2\"></span>rutturazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>immo<span class=\"_ _2\"></span>bili<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>propriet\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>vengono<span class=\"ff1\"> </span>c<span class=\"_ _2\"></span>apitalizzati<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>considerazione<span class=\"ff1\"> </span>de<span class=\"_ _2\"></span>l<span class=\"ff1\"> </span>fatto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">durata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">contrat<span class=\"_ _2\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">affitto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">societ\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">utilizzatrice<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">controllo<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">beni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">p<span class=\"_ _2\"></span>u\u00f2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tr<span class=\"_ _2\"></span>arre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">essi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">benefici<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>economici<span class=\"ff1\"> <span class=\"_ _2\"></span></span>futuri.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>I<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sud<span class=\"_ _2\"></span>detti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>costi,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>classificati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tr<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Altre<span class=\"ff1\"> <span class=\"_ _2\"></span></span>att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> </span>com<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>previsto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dalle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Istr<span class=\"_ _2\"></span>uzioni<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>ella<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Banca<span class=\"ff1\"> </span>d\u2019Italia,<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> </span>ammortizzati<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>periodo<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>superiore<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>durata<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>contr<span class=\"_ _2\"></span>atto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>affitto.<span class=\"_ _3bd\"> </span>Tr<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>tam<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>to<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>ra<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>to<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>rso<span class=\"_ _1\"></span>nal<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>Il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">trattamento<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fine</span> <span class=\"_ _1\"></span><span class=\"ff3\">rapporto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">configura<span class=\"ff1\"> </span>come<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">u<span class=\"_ _2\"></span>n<span class=\"ff1\"> </span>\u201cbe<span class=\"_ _0\"></span>neficio<span class=\"ff1\"> </span>successivo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>rapporto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">lavoro\u201d<span class=\"ff1\"> </span>classificato<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>com<span class=\"_ _0\"></span>e: \u201cpi<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ontr<span class=\"_ _0\"></span>ibuz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>fin<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>\u201d<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uo<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>tr<span class=\"_ _0\"></span>atta<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>ine<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rap<span class=\"_ _0\"></span>por<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>erso<span class=\"_ _0\"></span>nale<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">matu<span class=\"_ _0\"></span>rande<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span>pa<span class=\"_ _0\"></span>rtire<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">da<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>1\u00b0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">gen<span class=\"_ _0\"></span>naio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">2007</span> <span class=\"_ _0\"></span><span class=\"ff3\">(da<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>ntra<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">vig<span class=\"_ _0\"></span>ore<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>rif<span class=\"_ _0\"></span>orm<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>pre<span class=\"_ _0\"></span>vid<span class=\"_ _0\"></span>enza<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">comp<span class=\"_ _0\"></span>lem<span class=\"_ _0\"></span>enta<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>al<span class=\"ff1\"> </span>D<span class=\"_ _2\"></span>ecreto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Legislativo<span class=\"ff1\"> </span>5<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dicem<span class=\"_ _2\"></span>bre<span class=\"ff1\"> <span class=\"_ _2\"></span></span>2005<span class=\"ff1\"> <span class=\"_ _2\"></span></span>n.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>252)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sia<span class=\"ff1\"> </span>nel<span class=\"_ _2\"></span><span class=\"ff1\"> </span>cas<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>o<span class=\"_ _2\"></span>pzione<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _2\"></span></span>part<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dipendente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> </span>la<span class=\"_ _2\"></span><span class=\"ff1\"> </span>previdenza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>complementare,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>ia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _20\"></span></span>caso<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>stinazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fondo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Tesoreria<span class=\"ff1\"> <span class=\"_ _20\"></span></span>presso<span class=\"ff1\"> <span class=\"_ _21\"></span></span>l\u2019<span class=\"_ _0\"></span>INPS.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Per<span class=\"ff1\"> <span class=\"_ _21\"></span></span>tali<span class=\"ff1\"> </span>quote<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019importo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contabilizzato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tra<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>costi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>personale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>determinato<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>sulla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>base<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contributi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dovuti<span class=\"ff1\"> </span>senza<span class=\"ff1\"> </span>l\u2019applicazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>metodologie<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>calcolo<span class=\"ff1\"> </span>attuariali; \u201cpiano<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>benefici<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>definiti\u201d<span class=\"ff1\">  </span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>pertanto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>iscritto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sulla<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>base<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>suo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>attuar<span class=\"_ _2\"></span>iale<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>ete<span class=\"_ _0\"></span>rmin<span class=\"_ _0\"></span>ato<span class=\"_ _3bd\"> </span>uti<span class=\"_ _0\"></span>liz<span class=\"_ _0\"></span>zan<span class=\"_ _0\"></span>do<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>me<span class=\"_ _0\"></span>todo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u201cProi<span class=\"_ _0\"></span>ezi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Uni<span class=\"_ _0\"></span>tari<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Credi<span class=\"_ _0\"></span>to\u201d,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uo<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tratt<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>nto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fine<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rap<span class=\"_ _1\"></span>porto<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>del<span class=\"ff1\"> </span>personale<span class=\"ff1\"> </span>maturata<span class=\"ff1\"> </span>sino<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>31<span class=\"ff1\"> </span>dicembre<span class=\"ff1\"> </span>2006.<span class=\"_ _3bd\"> </span>Tali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quote<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riferite<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _2\"></span></span>piano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>benefici<span class=\"ff1\"> <span class=\"_ _2\"></span></span>definiti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>so<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _2\"></span></span>iscritte<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sulla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>base<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>loro<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _2\"></span></span>at<span class=\"_ _2\"></span>tuariale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>determinato<span class=\"ff1\"> </span>utilizzando<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>metodo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u201c<span class=\"_ _2\"></span>Proiezione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Uni<span class=\"_ _0\"></span>taria<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Credito\u201d,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>enza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ap<span class=\"_ _2\"></span>plicazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>pro-rata<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>servizio<span class=\"_ _2\"></span><span class=\"ff1\"> </span>prestato<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quanto<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>costo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">previdenziale<span class=\"ff1\"> </span>(\u201ccurrent<span class=\"ff1\"> </span>service<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ost<span class=\"_ _2\"></span>\u201d)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span>TFR<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quasi<span class=\"ff1\"> </span>interamente<span class=\"ff1\"> </span>maturato<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>rivalutazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dello<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">st<span class=\"_ _2\"></span>esso,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">anni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">venire,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ritiene<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">lu<span class=\"_ _2\"></span>ogo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">significativi<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">benefici<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">p<span class=\"_ _2\"></span>er<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dipendenti.<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Ai<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>fini<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dell'att<span class=\"_ _2\"></span>ualizzazione,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tasso<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span></span>utilizzato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>d<span class=\"_ _2\"></span>eterminato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>iferimento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rendimento<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>m<span class=\"_ _2\"></span>ercato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> </span>obbligazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>ziende<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">primarie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tenendo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">durata<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">media<span class=\"ff1\"> </span>residu<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">passivit\u00e0,<span class=\"ff1\"> </span>pond<span class=\"_ _0\"></span>erat<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">base<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>alla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>percentuale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dell'importo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pagato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>anticipato,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ciascuna<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>scadenza,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rispetto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>totale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>pagare<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> </span>anticipare<span class=\"ff1\"> </span>fino<span class=\"ff1\"> </span>all'estinzione<span class=\"ff1\"> </span>finale<span class=\"ff1\"> </span>dell\u2019intera<span class=\"ff1\"> </span>obbligazione.<span class=\"_ _3bd\"> </span>I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cost<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>se<span class=\"_ _0\"></span>rviz<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pian<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>sono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span>tab<span class=\"_ _0\"></span>iliz<span class=\"_ _0\"></span>zati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tra<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>sti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pers<span class=\"_ _0\"></span>ona<span class=\"_ _0\"></span>le,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">me<span class=\"_ _0\"></span>ntre<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">u<span class=\"_ _0\"></span>tili<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>erdit<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ttua<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>sono<span class=\"ff1\"> </span>rilevati<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>prospetto<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>redditivit\u00e0<span class=\"ff1\"> </span>complessiva.<span class=\"_ _3bd\"> </span>Pa<span class=\"_ _1\"></span>game<span class=\"_ _1\"></span>nti<span class=\"_ _3bd\"> </span>ba<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>su<span class=\"_ _3bd\"> </span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>I<span class=\"ff1\"> <span class=\"_ _2\"></span></span>piani<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>remunerazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d<span class=\"_ _2\"></span>el<span class=\"ff1\"> <span class=\"_ _2\"></span></span>personale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>basati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>su<span class=\"ff1\"> <span class=\"_ _2\"></span></span>azioni,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>regolate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>azioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>non<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cassa<span class=\"_ _3bd\"> </span>,<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> </span>rilevati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>economico,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> </span>corr<span class=\"_ _2\"></span>ispondente<span class=\"ff1\"> </span>incremento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>patr<span class=\"_ _2\"></span>imonio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>netto,<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>bas<span class=\"_ _3bd\"> </span>e<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _21\"></span></span>value<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>egli<span class=\"ff1\"> <span class=\"_ _21\"></span></span>strumenti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>finanziari<span class=\"ff1\"> <span class=\"_ _21\"></span></span>attribuiti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>data<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff3\">assegnazione,</span> <span class=\"_ _21\"></span><span class=\"ff3\">suddividendo</span> <span class=\"_ _21\"> </span><span class=\"ff3\">l\u2019onere</span> <span class=\"_ _21\"> </span><span class=\"ff3\">lungo</span> <span class=\"_ _21\"></span><span class=\"ff3\">i<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\">l</span> </span>periodo<span class=\"ff1\"> </span>previsto<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>piano.<span class=\"_ _3bd\"> </span>In<span class=\"ff1\"> <span class=\"_ _2\"></span></span>presenza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>opzioni,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _20\"></span></span>value<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>stesse<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>calcolato<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>utilizzando<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> <span class=\"_ _20\"></span></span>modello<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>consider<span class=\"_ _2\"></span>a,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>oltre<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"_ _3bd\"> </span>d<span class=\"ff1\"> </span>informazioni<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uali<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prezzo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>ercizio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vita<span class=\"ff1\"> </span>dell\u2019opzione,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>ezzo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">corrente<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">azioni<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">loro<span class=\"ff1\"> </span>volatilit<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">\u00e0<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>attesa,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>divide<span class=\"_ _0\"></span>ndi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>attesi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>tasso<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff3\">interesse</span> <span class=\"_ _21\"> </span><span class=\"ff3\">risk-free,</span> <span class=\"_ _21\"></span><span class=\"ff3\">anche</span> <span class=\"_ _20\"></span><span class=\"ff3\">le</span> <span class=\"_ _21\"> </span><span class=\"ff3\">caratt<span class=\"_ _2\"></span>eristiche</span> <span class=\"_ _20\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>pecifiche</span> <span class=\"_ _21\"></span><span class=\"ff3\">del</span> <span class=\"_ _20\"></span><span class=\"ff3\">piano</span> <span class=\"_ _21\"> </span><span class=\"ff3\">in<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"_ _2\"></span></span> </span>ess<span class=\"_ _0\"></span>ere.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mode<span class=\"_ _0\"></span>llo<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">val<span class=\"_ _0\"></span>oriz<span class=\"_ _0\"></span>zazio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>val<span class=\"_ _0\"></span>uta<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">mod<span class=\"_ _1\"></span>o<span class=\"ff1\"> </span>dist<span class=\"_ _0\"></span>into<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>\u2019op<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">prob<span class=\"_ _0\"></span>abi<span class=\"_ _0\"></span>lit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">re<span class=\"_ _0\"></span>aliz<span class=\"_ _0\"></span>zaz<span class=\"_ _0\"></span>ion<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>delle<span class=\"ff1\"> </span>condizioni<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>quali<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>opzioni<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>state<span class=\"ff1\"> </span>assegnate.<span class=\"_ _3bd\"> </span>La<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">com<span class=\"_ _0\"></span>bin<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">due<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">v<span class=\"_ _0\"></span>alo<span class=\"_ _0\"></span>ri<span class=\"ff1\"> </span>fo<span class=\"_ _0\"></span>rni<span class=\"_ _0\"></span>sce<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fa<span class=\"_ _0\"></span>ir<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alue<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>llo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">stru<span class=\"_ _0\"></span>mento<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">asse<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ato.<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>L\u2019eventuale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riduzione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>numero<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>strumenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziari<span class=\"ff1\"> <span class=\"_ _2\"></span></span>assegn<span class=\"_ _2\"></span>ati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contabilizzata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>come<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cancellazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d<span class=\"_ _2\"></span>i<span class=\"_ _3bd\"> </span><span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>parte<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>stessi.<span class=\"_ _3bd\"> </span>Be<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>ai<span class=\"_ _3bd\"> </span>di<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>nde<span class=\"_ _1\"></span>nti<span class=\"fc0 sc1\"> </span>Si<span class=\"ff1\"> </span>definiscono<span class=\"ff1\"> </span>benefici<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>dipendenti<span class=\"ff1\"> </span>tutti<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>tipi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>remun<span class=\"_ _0\"></span>erazione<span class=\"ff1\"> </span>erogati<span class=\"ff1\"> </span>dall\u2019azienda<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>cambio<span class=\"ff1\"> </span>dell\u2019attivit<span class=\"_ _3bd\"> </span>\u00e0<span class=\"ff1\"> </span>lavorativa<span class=\"ff1\"> </span>svolta<span class=\"ff1\"> </span>dai<span class=\"ff1\"> </span>dipendenti.<span class=\"ff1\"> </span>I<span class=\"ff1\"> </span>benefici<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>dipendenti<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>suddividono<span class=\"ff1\"> </span>tra:<span class=\"_ _3bd\"> </span> ben<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>ci<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">br<span class=\"_ _0\"></span>eve<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ter<span class=\"_ _0\"></span>mine<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(dive<span class=\"_ _1\"></span>rsi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">bene<span class=\"_ _0\"></span>fici<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dovu<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ai<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dip<span class=\"_ _0\"></span>ende<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ces<span class=\"_ _0\"></span>sazi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rapp<span class=\"_ _1\"></span>orto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">lav<span class=\"_ _0\"></span>oro<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>e<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">dai<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">be<span class=\"_ _0\"></span>nefi<span class=\"_ _0\"></span>ci<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">re<span class=\"_ _0\"></span>tribu<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sott<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">form<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">parte<span class=\"_ _0\"></span>cip<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">capi<span class=\"_ _0\"></span>tale<span class=\"_ _0\"></span>)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">prev<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">liq<span class=\"_ _0\"></span>uid<span class=\"_ _0\"></span>are<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">inte<span class=\"_ _0\"></span>rame<span class=\"_ _0\"></span>nte<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>entro<span class=\"ff1\"> </span>dodici<span class=\"ff1\"> </span>mesi<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>termine<span class=\"ff1\"> </span>dell\u2019esercizio<span class=\"ff1\"> </span>ne<span class=\"_ _2\"></span>l<span class=\"ff1\"> </span>quale<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>dipendenti<span class=\"ff1\"> </span>hanno<span class=\"ff1\"> </span>prestato<span class=\"ff1\"> </span>l\u2019attivit\u00e0<span class=\"ff1\"> </span>lavorat<span class=\"_ _2\"></span>iva<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>rilevati<span class=\"ff1\"> </span>interamente<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>economico<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>momento<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>maturazione<span class=\"ff1\"> </span>(rientrano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>tale<span class=\"ff1\"> </span>categoria,<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>esempio,<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>salari,<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>stipendi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>prestazioni<span class=\"ff1\"> </span>\u201cstrao<span class=\"_ _2\"></span>rdinarie\u201d);<span class=\"_ _3bd\"> </span> ben<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>ci<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">succe<span class=\"_ _0\"></span>ssiv<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rap<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>rto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">la<span class=\"_ _0\"></span>voro<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>ovu<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dop<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>oncl<span class=\"_ _0\"></span>usi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rapp<span class=\"_ _0\"></span>orto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">lav<span class=\"_ _0\"></span>oro<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">obbl<span class=\"_ _0\"></span>igan<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>l\u2019impresa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un\u2019erogazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>futu<span class=\"_ _2\"></span>ra<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>confronti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dipendenti.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Tra<span class=\"ff1\"> <span class=\"_ _20\"></span></span>questi,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>ientrano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>trattamento<span class=\"ff1\"> </span><span class=\"ff1\"><span class=\"_ _20\"></span></span>di<span class=\"ff1\"> </span>fine<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rapporto<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fon<span class=\"_ _2\"></span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pension<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">loro<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">volta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>uddividono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">piani<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>contribuzione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">definita<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">piani<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>benefici<span class=\"ff1\"> </span>definiti<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>fondi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>quiescenza<span class=\"ff1\"> </span>aziendale;<span class=\"_ _3bd\"> </span> benefici<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>lungo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>termine,<span class=\"ff1\"> </span>diversi<span class=\"_ _2\"></span><span class=\"ff1\"> </span>dai<span class=\"ff1\"> </span>precedenti,<span class=\"ff1\"> </span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>non<span class=\"ff1\"> </span>si<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prevede<span class=\"ff1\"> </span>siano<span class=\"ff1\"> </span>estinti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>interamente<span class=\"ff1\"> </span>entro<span class=\"ff1\"> </span>i<span class=\"_ _1\"></span> dodici<span class=\"ff1\"> <span class=\"_ _2\"></span></span>m<span class=\"_ _2\"></span>esi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>successivi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>temine<span class=\"ff1\"> <span class=\"_ _20\"></span></span>de<span class=\"_ _2\"></span>ll\u2019esercizio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"_ _2\"></span>n<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dipend<span class=\"_ _2\"></span>enti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>hanno<span class=\"ff1\"> <span class=\"_ _20\"></span></span>svolto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>proprie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pres<span class=\"_ _2\"></span>tazio<span class=\"_ _3bd\"> </span>ni<span class=\"ff1\"> </span>lavorative.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Il<span class=\"ff1\"> </span>costo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">allocato<span class=\"ff1\"> </span>sul<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">periodo<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">servizio</span> <span class=\"ff3\">l<span class=\"_ _0\"></span>avorativo<span class=\"ff1\"> </span>prestato<span class=\"ff1\"> </span>dal<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">beneficiario<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>base<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>valo<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">re<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>attuariale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>determinato<span class=\"ff1\"> <span class=\"_ _21\"></span></span>utilizzando<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>metodo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u201cProiezione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">Unitaria</span> <span class=\"_ _20\"></span><span class=\"ff3\">del</span> <span class=\"_ _20\"></span><span class=\"ff3\">Credito\u201d.</span> <span class=\"_ _21\"></span><span class=\"ff3\">Gli</span> <span class=\"_ _20\"></span><span class=\"ff3\">utili</span> <span class=\"_ _20\"></span><span class=\"ff3\">e</span> <span class=\"_ _2\"></span><span class=\"ff3\">perdi<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\">t<span class=\"_ _2\"></span>e</span> </span>attuariali<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>rilevate<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico.<span class=\"_ _3bd\"> </span>Pro<span class=\"_ _1\"></span>ced<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>Im<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>ir<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _3bd\"> </span>te<span class=\"_ _0\"></span>st<span class=\"_ _3bd\"> </span>su<span class=\"_ _0\"></span>gl<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>av<span class=\"_ _0\"></span>via<span class=\"_ _1\"></span>men<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>L\u2019avviamento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>iscritto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>eguito<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>acqui<span class=\"_ _0\"></span>sizioni<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>viene<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>asso<span class=\"_ _2\"></span>ggettato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ad<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>impairment<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>test<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>almeno<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>volta<span class=\"ff1\"> </span>all\u2019anno<span class=\"ff1\">  </span>e<span class=\"ff1\">  </span>comunque<span class=\"ff1\">  </span>q<span class=\"_ _2\"></span>uando<span class=\"ff1\">  </span>vi<span class=\"ff1\">  </span>siano<span class=\"ff1\">  </span>segnali<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\">  </span>deterioramento.<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Ai<span class=\"ff1\">  </span>fini<span class=\"ff1\">  </span>del<span class=\"ff1\">  </span>test,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>una<span class=\"ff1\">  </span>volta<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>allocato<span class=\"ff1\"> </span>l\u2019avviamento<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>unit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>generatrici<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> </span>finanziari<span class=\"ff1\"> </span>(CGU)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>si<span class=\"ff1\"> </span>pone<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>confronto<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valore<span class=\"ff1\"> </span>contabile<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>valore<span class=\"_ _2\"></span><span class=\"ff1\"> </span>recuperabile<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tali<span class=\"ff1\"> </span>un<span class=\"_ _0\"></span>it\u00e0,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rappres<span class=\"_ _2\"></span>entato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dal<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">m<span class=\"_ _2\"></span>aggiore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">value,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nett<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">eventuali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cos<span class=\"_ _2\"></span>ti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>endita,<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>d<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>il<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>d\u2019uso.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>L\u2019apposita<span class=\"ff1\"> </span>informativa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>presentata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nella<span class=\"ff1\"> </span>sezione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>10<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019attivo<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>not<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>integrativa<span class=\"ff1\"> </span>fornisce<span class=\"ff1\"> </span>maggiori<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">informazioni.<span class=\"_ _3bd\"> </span></span></span>Ri<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>no<span class=\"_ _0\"></span>sci<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>vi<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>c<span class=\"_ _0\"></span>os<span class=\"_ _1\"></span>ti<span class=\"fc0 sc1\"> </span>La<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">banca<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rileva<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ricavi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">im<span class=\"_ _2\"></span>porto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riflette<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">corrispettivo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019entit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ritiene<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">avere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>iritto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cambio<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>del<span class=\"ff1\"> </span>trasferimento<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>merci<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>servizi<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>cliente.<span class=\"_ _3bd\"> </span>L\u2019IFRS<span class=\"ff1\"> <span class=\"_ _2\"></span></span>15<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span></span>-Ricavi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cont<span class=\"_ _2\"></span>ratti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>clienti,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ha<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sostituito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>lo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>IAS<span class=\"ff1\"> <span class=\"_ _20\"></span></span>18<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u2013<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span></span>Ricavi,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>lo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>IAS<span class=\"ff1\"> <span class=\"_ _20\"></span></span>11<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u2013<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Lavori<span class=\"ff1\"> <span class=\"_ _20\"></span></span>su<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ordinazione,<span class=\"ff1\"> </span>nonch\u00e9<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>interpretazioni<span class=\"ff1\"> </span>Sic<span class=\"ff1\"> </span>31,<span class=\"ff1\"> </span>IFRIC<span class=\"ff1\"> </span>13<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>IFRIC<span class=\"ff1\"> </span>15.<span class=\"_ _3bd\"> </span>Il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">principio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stabilisce<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un<span class=\"ff1\"> </span>mode<span class=\"_ _0\"></span>llo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>iconoscimento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ricavi,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">applica<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>utti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contratti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">clienti,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">eccezion<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>fatta<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>contratti<span class=\"ff1\"> </span>che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rientrano<span class=\"ff1\"> </span>nell\u2019ambito<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">applicazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>IFRS<span class=\"ff1\"> </span>4,<span class=\"ff1\"> </span>IFRS<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">9,</span> <span class=\"ff3\">IFRS</span> <span class=\"_ _0\"></span><span class=\"ff3\">16,<span class=\"ff1\"> </span>quindi<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>contratti<span class=\"ff1\"> </span></span></span></span></span></span></span>ass<span class=\"_ _0\"></span>icu<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>vi<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">stru<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fina<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ari<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span>trat<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>easi<span class=\"_ _0\"></span>ng.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Il</span> <span class=\"ff3\">p<span class=\"_ _0\"></span>rin<span class=\"_ _0\"></span>cipi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>int<span class=\"_ _0\"></span>rodu<span class=\"_ _0\"></span>ce<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>mo<span class=\"_ _0\"></span>dell<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>ci<span class=\"_ _0\"></span>nque<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">fasi</span> </span></span></span></span></span></span></span></span></span></span></span></span></span>che<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>applica<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>fase<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>contabilizzazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>ricavi<span class=\"ff1\"> </span>derivanti<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>contr<span class=\"_ _2\"></span>atti<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>clienti: l\u2019<span class=\"_ _0\"></span>iden<span class=\"_ _0\"></span>tifi<span class=\"_ _0\"></span>caz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ontra<span class=\"_ _0\"></span>tto<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>cl<span class=\"_ _0\"></span>ien<span class=\"_ _0\"></span>te;</span></span> l\u2019<span class=\"_ _0\"></span>iden<span class=\"_ _0\"></span>tifi<span class=\"_ _0\"></span>caz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>rfo<span class=\"_ _0\"></span>rmanc<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>ob<span class=\"_ _0\"></span>liga<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span>tratto<span class=\"_ _0\"></span>;</span></span></span></span> la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>termi<span class=\"_ _0\"></span>naz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prez<span class=\"_ _0\"></span>zo;</span></span></span></span></span></span> l\u2019<span class=\"_ _0\"></span>allo<span class=\"_ _0\"></span>cazi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>pre<span class=\"_ _1\"></span>zzo<span class=\"ff1\"> </span>all<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>rfor<span class=\"_ _0\"></span>manc<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">oblig<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>de<span class=\"_ _1\"></span>l<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>trat<span class=\"_ _0\"></span>to;</span></span></span></span> i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cri<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">is<span class=\"_ _0\"></span>criz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rica<span class=\"_ _0\"></span>vo<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>l\u2019e<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sodd<span class=\"_ _0\"></span>isfa<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ci<span class=\"_ _0\"></span>ascu<span class=\"_ _0\"></span>na<span class=\"ff1\"> </span>pe<span class=\"_ _1\"></span>rforma<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ob<span class=\"_ _0\"></span>liga<span class=\"_ _0\"></span>tion<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">principio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">comporta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019esercizio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">giudizio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">part<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">entit\u00e0,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">prenda<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">consid<span class=\"_ _2\"></span>erazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>utti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fatti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>le<span class=\"ff1\"> </span>circos<span class=\"_ _2\"></span>tanze<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>ilevanti<span class=\"ff1\"> </span>nell\u2019applicazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>ogni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fase<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>modello<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ai<span class=\"ff1\"> </span>co<span class=\"_ _2\"></span>ntratti<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> </span>propri<span class=\"ff1\"> <span class=\"_ _2\"></span></span>clienti.<span class=\"ff1\"> </span>Il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>principio<span class=\"ff1\"> </span>specifica<span class=\"ff1\"> </span>inoltre<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>contabilizzazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>costi<span class=\"ff1\"> </span>incrementali<span class=\"ff1\"> </span>legati<span class=\"ff1\"> </span>all\u2019ottenimento<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>contratto<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span>costi<span class=\"ff1\"> </span></span></span>direttamente<span class=\"ff1\">  </span>legati<span class=\"ff1\">  </span>al<span class=\"ff1\">  </span>completamento<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>un<span class=\"ff1\">  </span>contr<span class=\"_ _2\"></span>atto.<span class=\"ff1\">  </span>La<span class=\"ff1\">  </span>banc<span class=\"_ _0\"></span>a<span class=\"ff1\">  </span>esercita<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>un<span class=\"ff1\">  </span>giudizio<span class=\"ff1\">  </span>che<span class=\"ff1\">  </span>prende<span class=\"ff1\">  </span>in<span class=\"ff1\"> </span>considerazione<span class=\"ff1\"> </span>tutt<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fatt<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>c<span class=\"_ _2\"></span>ircostanze<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rilevanti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nell\u2019applicazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ai<span class=\"ff1\"> </span>cont<span class=\"_ _2\"></span>ratti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>propri<span class=\"ff1\"> <span class=\"_ _2\"></span></span>clienti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ogni<span class=\"ff1\"> </span>fase<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>modello<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>cinque<span class=\"ff1\"> </span>fasi<span class=\"ff1\"> </span>introdotto<span class=\"ff1\"> </span>dall\u2019IFRS<span class=\"ff1\"> </span>15.<span class=\"_ _3bd\"> </span>I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ric<span class=\"_ _0\"></span>avi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">po<span class=\"_ _0\"></span>sson<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>es<span class=\"_ _0\"></span>sere<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ric<span class=\"_ _0\"></span>ono<span class=\"_ _0\"></span>sciut<span class=\"_ _0\"></span>i:</span></span></span></span></span></span> in<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>momento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>preciso,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quando<span class=\"ff1\"> </span>l\u2019entit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>adempie<span class=\"ff1\"> </span>l\u2019obbligazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>far<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>trasferendo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> </span>cliente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>bene<span class=\"ff1\"> </span>o<span class=\"_ _2\"></span><span class=\"ff1\"> </span>servizio<span class=\"ff1\"> </span>promesso,<span class=\"ff1\"> </span>o nel<span class=\"ff1\"> </span>corso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span>tempo,<span class=\"ff1\"> </span>mano<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mano<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>\u2019entit\u00e0<span class=\"ff1\"> </span>adempie<span class=\"ff1\"> </span>l\u2019obbligazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>fare<span class=\"ff1\"> </span>trasferendo<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>cl<span class=\"_ _0\"></span>iente<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span> </span></span></span></span></span></span>ben<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>se<span class=\"_ _0\"></span>rvizi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rome<span class=\"_ _0\"></span>sso<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span></span></span>Il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">bene<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tr<span class=\"_ _2\"></span>asferito<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">quando,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">corso<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">periodo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cui,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cliente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ne<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ac<span class=\"_ _2\"></span>quisisce<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cont<span class=\"_ _2\"></span>rollo.<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>In<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">particolare:</span></span> per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">str<span class=\"_ _2\"></span>umenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziari<span class=\"ff1\"> </span>cl<span class=\"_ _0\"></span>assificati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">HTC<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">HTCS,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gli<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>teressi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cor<span class=\"_ _2\"></span>rispettivi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riconosciuti<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ro<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ra<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>temporis<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">base<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tasso<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>teresse<span class=\"ff1\"> </span>contrattuale<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>quello<span class=\"ff1\"> </span>effe<span class=\"_ _0\"></span>ttivo<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>caso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>applicazione<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>costo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ammortizzato.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">La<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>oce<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">int<span class=\"_ _2\"></span>eressi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(ovvero<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">interessi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">passivi)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">compr<span class=\"_ _2\"></span>ende<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">anche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">differenziali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mar<span class=\"_ _0\"></span>gini<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">posi<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>egat<span class=\"_ _0\"></span>ivi)<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">matu<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">si<span class=\"_ _0\"></span>no<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dat<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rif<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>b<span class=\"_ _0\"></span>ila<span class=\"_ _0\"></span>ncio<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rela<span class=\"_ _0\"></span>tivi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"_ _1\"></span><span class=\"ff3\">contr<span class=\"_ _0\"></span>atti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>riv<span class=\"_ _0\"></span>ati<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>fi<span class=\"_ _0\"></span>nanz<span class=\"_ _0\"></span>iari<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span>o<span class=\"_ _3bd\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>opert<span class=\"_ _0\"></span>ura<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">at<span class=\"_ _0\"></span>tivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>e<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">pass<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ge<span class=\"_ _0\"></span>nera<span class=\"_ _0\"></span>no<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"_ _0\"></span>tere<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>o<span class=\"_ _3bd\"> </span>classificati<span class=\"ff1\"> </span>nello<span class=\"ff1\"> </span>Stato<span class=\"ff1\"> </span>Patrimoniale<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ort<span class=\"_ _2\"></span>afoglio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>negoziazione,<span class=\"ff1\"> </span>ma<span class=\"ff1\"> </span>gestionalmente<span class=\"ff1\"> </span>colle<span class=\"_ _0\"></span>gati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ad<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>e/o<span class=\"ff1\"> </span>passivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>(fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>option);<span class=\"_ _3bd\"> </span>o<span class=\"_ _3bd\"> </span>connessi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gestionalmente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>passivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>classificate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _20\"></span></span>portafoglio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>negoziazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> </span>prevedono<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>liquidazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>differenziali<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>margini<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>pi\u00f9<span class=\"ff1\"> </span>scadenze;<span class=\"_ _3bd\"> </span><div class=\"t m6 h13 ff6 fs5 fc0 sc0 ls0 ws0 gs869\"> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs86a\">gli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">interessi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mor<span class=\"_ _2\"></span>a,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">eventualmente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">previsti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>via<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">contrattuale,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ontabilizzati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>Conto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Economico<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs86b\">solo<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>momento<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>loro<span class=\"ff1\"> </span>effettivo<span class=\"ff1\"> </span>incasso; </div><div class=\"t m6 h13 ff6 fs5 fc0 sc0 ls0 ws0 gs86c\"> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs86d\">i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>ividendi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rilevati<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Conto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Economico<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>corso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>ell\u2019esercizio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ne<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>viene<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>deliberata<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>l<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs86e\">di<span class=\"_ _0\"></span>stri<span class=\"_ _0\"></span>buzi<span class=\"_ _0\"></span>one;<span class=\"_ _0\"></span> </div><div class=\"t m6 h13 ff6 fs5 fc0 sc0 ls0 ws0 gs86f\"> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs870\">le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>commissioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ricavi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>da<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>ervizi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span><span class=\"ff3\">sono</span> <span class=\"_ _20\"></span><span class=\"ff3\">iscritte,</span> <span class=\"_ _2\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ulla</span> <span class=\"_ _2\"></span><span class=\"ff3\">base</span> <span class=\"_ _2\"></span><span class=\"ff3\">dell\u2019esistenza</span> <span class=\"_ _2\"></span><span class=\"ff3\">di</span> <span class=\"_ _20\"></span><span class=\"ff3\">accordi</span> <span class=\"_ _20\"></span><span class=\"ff3\">contrattuali,</span> <span class=\"_ _2\"></span><span class=\"ff3\">nel</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs871\">periodo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">c<span class=\"_ _2\"></span>ui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">servizi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>tessi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stat<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">prestat<span class=\"_ _2\"></span>i.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">commissioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">considerate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">costo<span class=\"ff1\"> </span>ammortizzato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ai<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs872\">fini<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>determinazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>interesse<span class=\"ff1\"> </span>effettivo,<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>ile<span class=\"_ _0\"></span>vate<span class=\"ff1\"> </span>tra<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gli<span class=\"ff1\"> </span>interessi; </div><div class=\"t m6 h13 ff6 fs5 fc0 sc0 ls0 ws0 gs873\"> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs874\">i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ri<span class=\"_ _0\"></span>cavi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">deriv<span class=\"_ _0\"></span>anti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dall<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vendi<span class=\"_ _0\"></span>ta<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stru<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fi<span class=\"_ _0\"></span>nanz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>i,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dete<span class=\"_ _0\"></span>rmi<span class=\"_ _0\"></span>nati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>ll<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">diff<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span>nza<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tra<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">corri<span class=\"_ _0\"></span>spe<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span>vo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pag<span class=\"_ _0\"></span>ato </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs875\">o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">incassato<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">trans<span class=\"_ _2\"></span>azione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ed<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">strumento,<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>engono<span class=\"ff1\"> </span>riconosciuti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>Conto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Econ<span class=\"_ _2\"></span>omico<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs876\">in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sede<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>ilevazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019opera<span class=\"_ _2\"></span>zione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>se<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _20\"></span></span>value<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>determinabile<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> <span class=\"_ _21\"></span></span>riferimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>prezz<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ufficiali<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs877\">disponibili<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mercati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">at<span class=\"_ _2\"></span>tivi,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ovver<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>at<span class=\"_ _0\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">passivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">misurate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sulla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">base<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tecniche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valutazione<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs878\">che<span class=\"ff1\"> </span>prendono<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riferimento<span class=\"ff1\"> </span>parametri<span class=\"ff1\"> </span>osservabili<span class=\"ff1\"> </span>sul<span class=\"ff1\"> </span>mercato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>diversi<span class=\"ff1\"> </span>dalle<span class=\"ff1\"> </span>quotazioni<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>str<span class=\"_ _2\"></span>umento<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs879\">finanziario<span class=\"ff1\"> </span>(livello<span class=\"ff1\"> </span>1<span class=\"_ _2\"></span><span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>livello<span class=\"ff1\"> </span>2<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> </span>gerarchia<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>fair<span class=\"_ _2\"></span><span class=\"ff1\"> </span>value).<span class=\"ff1\"> </span>Qualora<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>parametri<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>riferimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>utilizzati<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs87a\">per<span class=\"ff1\"> <span class=\"_ _21\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valutazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>no<span class=\"_ _2\"></span>n<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>iano<span class=\"ff1\"> <span class=\"_ _21\"></span></span>osservab<span class=\"_ _0\"></span>ili<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sul<span class=\"ff1\"> <span class=\"_ _20\"></span></span>mercato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>(livello<span class=\"ff1\"> <span class=\"_ _21\"></span></span>3)<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>gli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>strumenti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>stessi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>presentino<span class=\"ff1\"> <span class=\"_ _20\"></span></span>una<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs87b\">rid<span class=\"_ _0\"></span>otta<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">liqu<span class=\"_ _0\"></span>idi<span class=\"_ _0\"></span>t\u00e0,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">lo</span> <span class=\"ff3\">strume<span class=\"_ _0\"></span>nto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">finan<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>ario<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">vie<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>is<span class=\"_ _0\"></span>cri<span class=\"_ _0\"></span>tto<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>import<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>pari<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al</span> <span class=\"ff3\">p<span class=\"_ _0\"></span>rez<span class=\"_ _0\"></span>zo<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span>tra<span class=\"_ _0\"></span>nsa<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e;<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">la</span> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs87c\">differenza<span class=\"ff1\"> </span>rispetto<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>affluisce<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>Conto<span class=\"ff1\"> </span>Economico<span class=\"ff1\"> </span>lungo<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>durata<span class=\"ff1\"> </span>dell\u2019operazione; </div><div class=\"t m6 h13 ff6 fs5 fc0 sc0 ls0 ws0 gs87d\"> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs87e\">gli<span class=\"ff1\">  </span>utili<span class=\"ff1\">  </span>e<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>perdite<span class=\"ff1\">  </span>derivant<span class=\"_ _2\"></span>i<span class=\"ff1\">  </span>dalla<span class=\"ff1\">  </span>negoziazione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\">  </span>str<span class=\"_ _2\"></span>umenti<span class=\"ff1\">  </span>finanziari<span class=\"ff1\">  </span>sono<span class=\"_ _2\"></span><span class=\"ff1\">  </span>riconosciuti<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>al<span class=\"ff1\">  </span>Conto<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs87f\">Ec<span class=\"_ _0\"></span>onom<span class=\"_ _0\"></span>ico<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mome<span class=\"_ _1\"></span>nto<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">perfe<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>oname<span class=\"_ _0\"></span>nto<span class=\"ff1\"> </span>de<span class=\"_ _1\"></span>lla<span class=\"ff1\"> </span>ven<span class=\"_ _0\"></span>dita<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>su<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span>ba<span class=\"_ _0\"></span>se<span class=\"ff1\"> </span>de<span class=\"_ _1\"></span>lla<span class=\"ff1\"> </span>dif<span class=\"_ _0\"></span>fere<span class=\"_ _0\"></span>nza<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tra</span> <span class=\"ff3\">il</span> <span class=\"ff3\">c<span class=\"_ _0\"></span>orr<span class=\"_ _0\"></span>isp<span class=\"_ _0\"></span>etti<span class=\"_ _0\"></span>vo<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs880\">pagato<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>incassato<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>iscrizione<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> </span>st<span class=\"_ _2\"></span>essi; </div><div class=\"t m6 h13 ff6 fs5 fc0 sc0 ls0 ws0 gs881\"> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs882\">i<span class=\"ff1\"> </span>ricavi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">derivanti<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>vendita<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>rilevati<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">momento<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>erf<span class=\"_ _0\"></span>ezi<span class=\"_ _0\"></span>onam<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>o </span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs883\">del<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">vend<span class=\"_ _1\"></span>ita,<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span>vve<span class=\"_ _0\"></span>ro<span class=\"ff1\"> </span>qu<span class=\"_ _1\"></span>ando<span class=\"ff1\"> </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ad<span class=\"_ _0\"></span>emp<span class=\"_ _0\"></span>iuta<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l\u2019<span class=\"_ _0\"></span>obbl<span class=\"_ _0\"></span>igaz<span class=\"_ _0\"></span>ione<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">f<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>nfron<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>lie<span class=\"_ _0\"></span>nte. </span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs884\">Co<span class=\"_ _0\"></span>sti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs885\">so<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>enu<span class=\"_ _1\"></span>ti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs886\">pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs887\">l\u2019<span class=\"_ _0\"></span>ott<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>to<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs888\">de<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs889\">co<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs88a\">I<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">costi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sostenuti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l'ottenimento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">contratto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sono<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">costi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l'entit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sostiene<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ottenere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">contratto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs88b\">il<span class=\"ff1\"> </span>cliente<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>avrebbe<span class=\"ff1\"> </span>sostenuto<span class=\"ff1\"> </span>se<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>avesse<span class=\"ff1\"> </span>ottenuto<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>contr<span class=\"_ _2\"></span>atto.<span class=\"ff1\"> </span>Il<span class=\"ff1\"> </span>Gruppo<span class=\"ff1\"> </span>rileva<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs88c\">costi<span class=\"ff1\"> </span>sostenuti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>l'adempimento<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cont<span class=\"_ _2\"></span>ratto<span class=\"ff1\"> </span>soltanto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">se<span class=\"ff1\"> </span>questi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">soddisfano<span class=\"ff1\"> </span>tutte<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">condizioni<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>eguenti:<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs88d\">sono<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>ncrementali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u2013<span class=\"ff1\"> </span>La<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">banca<span class=\"ff1\"> </span>li<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sostiene</span> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>ottenere<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contratto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cliente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">li<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">avrebbe<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sostenuti<span class=\"ff1\"> </span>se<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs88e\">non<span class=\"ff1\"> </span>avesse<span class=\"ff1\"> </span>ottenuto<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>contratto; </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs88f\">si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">preve<span class=\"_ _1\"></span>de<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">r<span class=\"_ _0\"></span>ecu<span class=\"_ _0\"></span>pera<span class=\"_ _0\"></span>rli. </span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs890\">I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">costi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rilevati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>Conto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Economico<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">secondo<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">princip<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ompetenza;<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cos<span class=\"_ _2\"></span>ti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>elativi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">all\u2019ottenimento<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs891\">e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l\u2019adempimento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contr<span class=\"_ _2\"></span>atti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>clientela<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rilev<span class=\"_ _0\"></span>ati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>C<span class=\"_ _2\"></span>onto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Economico<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ne<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>periodi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>qu<span class=\"_ _0\"></span>ali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs892\">contabilizzati<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>relativi<span class=\"ff1\"> </span>ricavi.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs893\">At<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs894\">fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>zia<span class=\"_ _1\"></span>rie<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs895\">det<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs896\">ac<span class=\"_ _1\"></span>qui<span class=\"_ _0\"></span>sit<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs897\">o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs898\">or<span class=\"_ _0\"></span>igi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs899\">Se<span class=\"_ _0\"></span>cond<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>qua<span class=\"_ _0\"></span>nto<span class=\"ff1\"> </span>pr<span class=\"_ _0\"></span>evi<span class=\"_ _0\"></span>sto<span class=\"ff1\"> </span>da<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>prin<span class=\"_ _0\"></span>cip<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>ntabi<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>I<span class=\"_ _0\"></span>FRS<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">9,</span> <span class=\"ff3\">i</span> <span class=\"ff3\">c<span class=\"_ _0\"></span>redit<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>dera<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>iora<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>gi<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>dal<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mome<span class=\"_ _0\"></span>nto<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs89a\">rilevazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">iniziale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bilancio,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"_ _2\"></span>n<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ragione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dell\u2019elevato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cr<span class=\"_ _2\"></span>edito<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">asso<span class=\"_ _2\"></span>ciato,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vengono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">definiti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Purchased<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs89b\">or<span class=\"ff1\">  </span>Originated<span class=\"ff1\">  </span>Credit<span class=\"ff1\">  </span>I<span class=\"_ _0\"></span>mpaired<span class=\"ff1\">  </span>Asset<span class=\"ff1\">  </span>(POCI).<span class=\"ff1\">  </span>Conseguentemente,<span class=\"ff1\">  </span>qu<span class=\"_ _0\"></span>alora<span class=\"ff1\">  </span>all\u2019atto<span class=\"ff1\">  </span>dell\u2019iscrizione<span class=\"ff1\">  </span>iniziale<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs89c\">un\u2019esposizione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cr<span class=\"_ _2\"></span>editizia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>iscritt<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nella<span class=\"ff1\"> <span class=\"_ _20\"></span></span>voce<span class=\"ff1\"> <span class=\"_ _2\"></span></span>3<span class=\"_ _2\"></span>0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u201c<span class=\"_ _2\"></span>Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valutate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _20\"></span></span>value<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>impatto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sulla<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs89d\">redditivit\u00e0<span class=\"ff1\"> </span>complessiva\u201d<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>voce<span class=\"ff1\"> </span>40<span class=\"_ _2\"></span><span class=\"ff1\"> </span>\u201cAttivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>costo<span class=\"ff1\"> </span>amm<span class=\"_ _2\"></span>ortizzato\u201d,<span class=\"ff1\"> </span>risu<span class=\"_ _0\"></span>lti<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs89e\">deteriorata,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">st<span class=\"_ _2\"></span>essa<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">qualificata<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">quale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u201cAt<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziar<span class=\"_ _2\"></span>ie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">deter<span class=\"_ _2\"></span>iorate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">acquisite<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">or<span class=\"_ _2\"></span>iginate\u201d<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(Pur<span class=\"_ _2\"></span>chased<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">or<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs89f\">Originated<span class=\"ff1\"> </span>Credit<span class=\"ff1\"> </span>Impaired<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> </span>POCI). </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8a0\">Ai<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fini<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span>calcolo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">degli<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>nteressi<span class=\"ff1\"> </span>attivi,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dalla<span class=\"ff1\"> </span>rile<span class=\"_ _0\"></span>vazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">iniziale<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l<span class=\"_ _2\"></span>ungo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tutta<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attesa<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>llo<span class=\"ff1\"> </span>stru<span class=\"_ _0\"></span>mento,<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8a1\">applica<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tasso<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>interesse<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>effettivo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>corretto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>credito<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cos<span class=\"_ _2\"></span>to<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ammortizzato<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dell'attivit\u00e0<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8a2\">finanziaria<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(c.<span class=\"_ _2\"></span>d.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u201c<span class=\"_ _2\"></span>Credit<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Adjusted<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Effective<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Interest<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Rate\u201d<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u201cCEIR\u201d),<span class=\"ff1\"> <span class=\"_ _20\"></span></span>anche<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ipotesi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>miglioramento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8a3\">rischio<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">credito</span> <span class=\"ff3\">dell\u2019<span class=\"_ _0\"></span>attivit\u00e0<span class=\"ff1\"> </span>finanziaria<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>cfr.<span class=\"ff1\"> </span>IFRS<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">9,<span class=\"ff1\"> </span>parr.<span class=\"ff1\"> </span>5.4.1-5.<span class=\"_ _0\"></span>4.2).<span class=\"ff1\"> </span>L'EIR<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rettificato<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>credito<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tass<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8a4\">di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>int<span class=\"_ _2\"></span>eresse<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>m<span class=\"_ _2\"></span>omento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rilevazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>iniziale,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>at<span class=\"_ _2\"></span>tualizza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span><span class=\"ff3\">cassa</span> <span class=\"_ _20\"></span><span class=\"ff3\">futuri</span> <span class=\"_ _20\"></span><span class=\"ff3\">stimati</span> <span class=\"_ _20\"></span><span class=\"ff3\">(incluse</span> <span class=\"_ _20\"></span><span class=\"ff3\">le</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8a5\">perdite<span class=\"ff1\"> <span class=\"_ _20\"></span></span>su<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cr<span class=\"_ _2\"></span>editi)<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cost<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ammort<span class=\"_ _2\"></span>izzato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dell'attivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziaria<span class=\"ff1\"> <span class=\"_ _21\"></span></span>POCI<span class=\"_ _0\"></span>.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Ai<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fini<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>calco<span class=\"_ _2\"></span>lo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>C<span class=\"_ _2\"></span>EIR<span class=\"ff1\"> <span class=\"_ _20\"></span></span>occorre<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8a6\">stimare<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cassa<span class=\"ff1\"> </span>attesi<span class=\"ff1\"> </span>considerando: </div><div class=\"t m6 h33 ff7 fs5 fc0 sc0 ls0 ws0 gs8a7\">o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8a8\">tutti<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>t<span class=\"_ _2\"></span>ermini<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>contrattuali<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dell\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>finanziaria<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>(ad<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>esempio,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>rimbors<span class=\"_ _2\"></span>i<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>capitale<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>anticipati,<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8a9\">estensioni<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>cc.),<span class=\"ff1\"> </span>tutte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ommi<span class=\"_ _2\"></span>ssioni<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">punti</span> <span class=\"_ _0\"></span><span class=\"ff3\">base<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pagati<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ricevuti<span class=\"ff1\"> </span>tra<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cont<span class=\"_ _2\"></span>roparti<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cont<span class=\"_ _2\"></span>ratto<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8aa\">che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>parte<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">integrante<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>asso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">int<span class=\"_ _2\"></span>eresse<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">effettivo,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">costi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dell\u2019operazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tutti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gli<span class=\"ff1\"> </span>altri<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">premi<span class=\"_ _2\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8ab\">o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">scon<span class=\"_ _0\"></span>ti;<span class=\"_ _0\"></span> </span></span></div><div class=\"t m6 h33 ff7 fs5 fc0 sc0 ls0 ws0 gs8ac\">o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8ad\">le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>rdi<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">atte<span class=\"_ _0\"></span>se<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">life<span class=\"_ _0\"></span>time<span class=\"_ _0\"></span>. </span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8ae\">Alla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">data<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riferimento<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bilancio,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>Gruppo,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>linea<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>spos<span class=\"_ _2\"></span>izioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dell\u2019IFRS<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">9<span class=\"ff1\"> </span>parr.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">5.5.13-5.5.14,<span class=\"ff1\"> </span>rileva<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8af\">a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>conto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>economico,<span class=\"ff1\">  </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\">  </span>contropartita<span class=\"ff1\">  </span>al<span class=\"_ _0\"></span>l\u2019attivit\u00e0<span class=\"ff1\">  </span>finan<span class=\"_ _0\"></span>ziaria,<span class=\"ff1\">  </span>le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>variazioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>cum<span class=\"_ _2\"></span>ulate<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>delle<span class=\"ff1\">  </span>perdite<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>attese<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8b0\">derivanti<span class=\"ff1\"> </span>dal<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cambiamento<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>stime<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">flussi<span class=\"ff1\"> </span>finanziari<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">futuri<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>utile<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>perdita<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>riduzione<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8b1\">lungo<span class=\"ff1\"> </span>tutta<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>vita<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>credito<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>momento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> </span>rilevazione<span class=\"ff1\"> </span>iniziale.<span class=\"ff1\"> </span>Ai<span class=\"ff1\"> </span>fini<span class=\"ff1\"> </span>dell\u2019attualizzazione<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>perdita<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8b2\">attesa,<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>utilizza<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>CEIR<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>fattore<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>sconto<span class=\"_ _2\"></span>. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8b4\">Tale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>circos<span class=\"_ _2\"></span>tanza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>implica<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un\u2019att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>POCI<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sar<span class=\"_ _2\"></span>\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>empre<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valutata<span class=\"ff1\"> <span class=\"_ _20\"></span></span>secondo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>modello<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u201clifetime<span class=\"ff1\"> <span class=\"_ _20\"></span></span>expected<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8b5\">credit<span class=\"ff1\"> <span class=\"_ _21\"></span></span>loss\u201d.<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>La<span class=\"ff1\"> <span class=\"_ _21\"></span></span>conseguenza<span class=\"ff1\"> <span class=\"_ _21\"></span></span>diretta<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>volta<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>viene<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>attr<span class=\"_ _2\"></span>ibuita<span class=\"ff1\"> <span class=\"_ _21\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>qualifica<span class=\"ff1\"> <span class=\"_ _20\"></span></span>P<span class=\"_ _2\"></span>OCI<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>un\u2019attivit\u00e0<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8b6\">finanziaria<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>essa<span class=\"_ _2\"></span><span class=\"ff1\">  </span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>potr\u00e0<span class=\"ff1\">  </span>mai<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">essere</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">riclassificata</span>  <span class=\"ff3\">in</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">Stage</span>  <span class=\"ff3\">d<span class=\"_ _0\"></span>iversi<span class=\"ff1\">  </span>da<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>POCI<span class=\"ff1\">  </span>e<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">dovr\u00e0</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">s<span class=\"_ _2\"></span>empre</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">essere</span> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8b7\">assoggettata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>modello<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>imp<span class=\"_ _2\"></span>airment<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u201clifetime\u201d.<span class=\"ff1\"> </span>La<span class=\"ff1\"> <span class=\"_ _2\"></span></span>variazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>positiva<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>perdite<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attese<span class=\"ff1\"> <span class=\"_ _2\"></span></span>lungo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tutta<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8b8\">vi<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cred<span class=\"_ _0\"></span>ito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">deve<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span>ssere<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>ntab<span class=\"_ _1\"></span>ilizz<span class=\"_ _0\"></span>ata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>nto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ec<span class=\"_ _0\"></span>onomi<span class=\"_ _0\"></span>co<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anch<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>se<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l\u2019<span class=\"_ _0\"></span>amm<span class=\"_ _0\"></span>onta<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>ali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pe<span class=\"_ _0\"></span>rdite<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">inf<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>ore<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8b9\">rispetto<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>quello<span class=\"ff1\"> </span>considerato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>determinazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>tass<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>interno<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rendimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>calcolo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>costo<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8ba\">ammortizzato,<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>prima<span class=\"ff1\"> </span>rilevazione. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8bb\">Per<span class=\"ff1\"> </span>quanto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">concerne<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cont<span class=\"_ _2\"></span>abilizzazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">degli<span class=\"ff1\"> </span>interessi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivi,<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>ssi<span class=\"ff1\"> </span>continuano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ad<span class=\"ff1\"> </span>essere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">calcolat<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sul<span class=\"ff1\"> </span>costo<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8bc\">ammortizzato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(al<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>netto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>de<span class=\"_ _0\"></span>lle<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rettifiche<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>valore),<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>applicando<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ad<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"_ _0\"></span>sso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>CEIR<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>iscritti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>contropartita<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8bd\">all\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziaria. </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8be\">I<span class=\"ff1\">  </span>crediti<span class=\"ff1\">  </span>POCI<span class=\"ff1\">  </span>iscritti<span class=\"ff1\">  </span>nel<span class=\"ff1\">  </span>bilancio<span class=\"ff1\">  </span>del<span class=\"ff1\">  </span>Gr<span class=\"_ _2\"></span>uppo,<span class=\"ff1\">  </span>coerentemente<span class=\"ff1\">  </span>alle<span class=\"ff1\">  </span>disposizioni<span class=\"ff1\">  </span>del<span class=\"ff1\">  </span>Principio<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>IFRS9,<span class=\"ff1\">  </span>si<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8bf\">distinguono<span class=\"ff1\"> </span>due<span class=\"ff1\"> </span>fattispecie<span class=\"ff1\"> </span>di: </div><div class=\"t m6 h33 ff7 fs5 fc0 sc0 ls0 ws0 gs8c0\">o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8c1\">Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>acquistate<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>deteriorate<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>seguito,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>anche<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u201cPCI\u201d),<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>esposizioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">creditizie</span>  <span class=\"ff3\">gi<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8c2\">deteriorate<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>momento<span class=\"ff1\"> </span>dell\u2019acquisto,<span class=\"ff1\"> </span>anche<span class=\"ff1\"> </span>nell\u2019ambito<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>operazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>aggregazione<span class=\"ff1\"> </span>aziendale; </div><div class=\"t m6 h33 ff7 fs5 fc0 sc0 ls0 ws0 gs8c3\">o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8c4\">Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">originate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dete<span class=\"_ _2\"></span>riorate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">seguito,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">anche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u201c<span class=\"_ _2\"></span>OCI\u201d),<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esposizioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">creditizie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">originate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8c5\">caso<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>ope<span class=\"_ _0\"></span>razioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>ristrutturazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esposizioni<span class=\"ff1\"> </span>deteriorate<span class=\"ff1\"> </span>che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">hanno<span class=\"ff1\"> </span>determinato<span class=\"ff1\"> </span>l\u2019erogazione<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8c6\">di<span class=\"ff1\"> </span>nuova<span class=\"ff1\"> </span>finanza,<span class=\"ff1\"> </span>ovvero<span class=\"ff1\"> </span>introdotto<span class=\"ff1\"> </span>modifiche<span class=\"ff1\"> </span>sostanziali<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>condizioni<span class=\"ff1\"> </span>originarie<span class=\"ff1\"> </span>contrat<span class=\"_ _2\"></span>tuali. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8c7\">Per<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>Grupp<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>CREDEM<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>l\u2019unica<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>fattispecie<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>riconducibile<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>ai<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>PCI<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>q<span class=\"_ _0\"></span>uella<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>derivante<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>dall\u2019operazione<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8c8\">aggregazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>aziendale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>C<span class=\"_ _2\"></span>assa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Risparmio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Cento.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riferimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cr<span class=\"_ _2\"></span>editi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>deteriorati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>acquistat<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8c9\">nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dell\u2019operazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"_ _2\"></span>ggregazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>aziendale<span class=\"ff1\"> <span class=\"_ _21\"></span></span>si<span class=\"ff1\"> <span class=\"_ _20\"></span></span>precisa<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rispetto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">trattamento</span> <span class=\"_ _20\"></span><span class=\"ff3\">contabile</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8ca\">sopra<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ill<span class=\"_ _0\"></span>ustrato<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>stato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ott<span class=\"_ _2\"></span>enuto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sotto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>profilo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sostanziale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>at<span class=\"_ _2\"></span>traverso<span class=\"ff1\"> <span class=\"_ _21\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contabilizzazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>negli<span class=\"ff1\"> <span class=\"_ _21\"></span></span>interessi<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8cb\">attivi,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _0\"></span>ro-ra<span class=\"_ _2\"></span>ta<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>temporis,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dell\u2019effetto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>reversal<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>minori<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>va<span class=\"_ _2\"></span>lori<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>attribuiti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ai<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>crediti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>deteriorati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sede<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8cc\">Purchase<span class=\"ff1\"> </span>Price<span class=\"ff1\"> </span>Allocation.<span class=\"ff1\"> </span>Tale<span class=\"ff1\"> </span>approccio<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>ritenuto<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>ragionevole<span class=\"ff1\"> </span>approssimazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>\u201ccredit-adjusted<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8cd\">effective<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>interest<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ra<span class=\"_ _2\"></span>te\u201d,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>quanto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tasso<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>interesse<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>contrattuale<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u00e8,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fatto,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>integrato<span class=\"ff1\">  </span>dal<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">maggior</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8ce\">rendimento<span class=\"ff1\"> </span>derivante<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>minor<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>attr<span class=\"_ _2\"></span>ibuito<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>crediti<span class=\"ff1\"> </span>acqui<span class=\"_ _0\"></span>siti. </div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs8cf\">Op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs8d0\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs8d1\">ri<span class=\"_ _0\"></span>fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>zia<span class=\"_ _1\"></span>men<span class=\"_ _0\"></span>to<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs8d2\">T<span class=\"_ _0\"></span>LT<span class=\"_ _1\"></span>RO<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8d3\">Le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>operazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>T<span class=\"_ _2\"></span>LTRO<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>III<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(Targeted<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Longer<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Te<span class=\"_ _0\"></span>rm<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Ref<span class=\"_ _0\"></span>inancing<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>O<span class=\"_ _2\"></span>peration)<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>mirano<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>preservare<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>condizioni<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8d4\">favorevoli<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>credito<span class=\"ff1\"> </span>bancario<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>sostenere<span class=\"ff1\"> </span>l\u2019orientamento<span class=\"ff1\"> </span>definito<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>politica<span class=\"ff1\"> </span>monetar<span class=\"_ _2\"></span>ia. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8d5\">Alcuni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>parametri<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cara<span class=\"_ _2\"></span>tterizzano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>qu<span class=\"_ _2\"></span>este<span class=\"ff1\"> <span class=\"_ _20\"></span></span>operazioni,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>tabiliti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dalla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>BCE<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>6<span class=\"ff1\"> <span class=\"_ _20\"></span></span>giugno<span class=\"ff1\"> <span class=\"_ _20\"></span></span>201<span class=\"_ _2\"></span>9,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>stati<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8d6\">successivamente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rivisiti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>senso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>m<span class=\"_ _2\"></span>igliorativo,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ultimo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>data<span class=\"ff1\"> <span class=\"_ _2\"></span></span>10<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dicembre<span class=\"ff1\"> <span class=\"_ _2\"></span></span>2020,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>luce<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ricadute<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8d7\">economiche<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>d<span class=\"_ _2\"></span>erivanti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pro<span class=\"_ _2\"></span>trarsi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dell\u2019emergenza<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>COV<span class=\"_ _2\"></span>ID-19<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ultimo,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>data<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>27<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ottobre<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>2022<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>per<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8d8\">ristabilire<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>condizioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>stabilit\u00e0<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>prezzi<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>medio<span class=\"ff1\"> </span>termine. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8d9\">Il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>finanziamento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ottenibile<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">d<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ciascun<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>istituto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>bancario<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dipende<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dall\u2019ammontare<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>prest<span class=\"_ _2\"></span>iti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>concessi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8da\">determinate<span class=\"ff1\"> </span>date<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rilevazione<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>societ\u00e0<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>famiglie<span class=\"ff1\"> </span>(c.d.<span class=\"ff1\"> </span>prestiti<span class=\"ff1\"> </span>idonei).<span class=\"ff1\"> </span>Le<span class=\"ff1\"> </span>operazioni<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8db\">condotte<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> </span>cadenza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>trimestrale,<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>partire<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ettembre<span class=\"ff1\"> </span>2019<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>ciascuna<span class=\"ff1\"> <span class=\"_ _2\"></span></span>operazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ha<span class=\"ff1\"> <span class=\"_ _2\"></span></span>durata<span class=\"ff1\"> </span>pari<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> </span>tr<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8dc\">an<span class=\"_ _0\"></span>ni. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8dd\">Il<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>interesse<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>ciascuna<span class=\"ff1\"> </span>operazione<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>fissato<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>livello<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>quello<span class=\"ff1\"> </span>medio<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>opera<span class=\"_ _2\"></span>zioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8de\">rifinanziamento<span class=\"ff1\"> </span>principali<span class=\"ff1\"> </span>dell\u2019Eurosistema<span class=\"ff1\"> </span>(MRO),<span class=\"ff1\"> </span>fatta<span class=\"ff1\"> </span>eccezione<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>periodo<span class=\"ff1\"> </span>compreso<span class=\"ff1\"> </span>tr<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">24<span class=\"ff1\"> </span>giugno<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8df\">2020<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">23<span class=\"ff1\"> </span>giugno<span class=\"ff1\"> </span>2<span class=\"_ _0\"></span>022<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>\u201cspeci<span class=\"_ _2\"></span>al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">interest<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rate<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>riod\u201d),<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cui<span class=\"ff1\"> </span>si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">applica<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tasso<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inferiore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">5<span class=\"_ _2\"></span>0<span class=\"ff1\"> </span>punti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">base.<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8e0\">Le<span class=\"ff1\"> </span>banche<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>concedono<span class=\"ff1\"> </span>prestiti<span class=\"ff1\"> </span>idonei<span class=\"ff1\"> </span>superiori<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>riferimento<span class=\"ff1\"> </span>(\u201cbenchmar<span class=\"_ _2\"></span>k<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>lending\u201d)<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8e1\">possono<span class=\"ff1\"> </span>bene<span class=\"_ _0\"></span>ficiare<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>na<span class=\"ff1\"> </span>riduzione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">interess<span class=\"_ _2\"></span>e.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">In<span class=\"ff1\"> </span>dettaglio,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> </span>mig<span class=\"_ _0\"></span>liorativo<span class=\"ff1\"> </span>applicato<span class=\"ff1\"> </span>sar\u00e0<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8e2\">pari<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> </span>medio<span class=\"ff1\"> </span>sui<span class=\"ff1\"> </span>depositi<span class=\"ff1\"> </span>presso<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>banca<span class=\"ff1\"> </span>centrale<span class=\"ff1\"> </span>(Deposit<span class=\"ff1\"> </span>Facility<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>DF<span class=\"_ _2\"></span>R),<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>l\u2019in<span class=\"_ _0\"></span>tera<span class=\"ff1\"> </span>durata<span class=\"_ _2\"></span><span class=\"ff1\"> </span>della<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8e3\">rispettiva<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>operazione,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>c<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>l\u2019eccezione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>degli<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u201cspecial<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>interest<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rate<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>period\u201d<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>aggiu<span class=\"_ _0\"></span>nge<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>l\u2019ulteriore<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8e4\">riduzione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">5<span class=\"_ _2\"></span>0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">punti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">base.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">La<span class=\"ff1\"> </span>Banca,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">avendo<span class=\"ff1\"> </span>superato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>riferimento,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"ff1\"> </span>be<span class=\"_ _0\"></span>neficiato<span class=\"ff1\"> </span>della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riduzione<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8e5\">del<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>interesse<span class=\"ff1\"> </span>sopra<span class=\"ff1\"> </span>citato. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8e6\">Gli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">interessi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sono<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">regolati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">posticipatamente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>cadenza<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ciascuna<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">operazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">TLTRO<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">I<span class=\"_ _2\"></span>II<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>momento<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8e7\">del<span class=\"ff1\"> </span>rimborso<span class=\"ff1\"> </span>anticipato. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8e8\">In<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>data<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>27<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">ottobre</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">2022</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">i<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Consiglio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>irettivo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>BCE<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">-</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">oltre</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">ad</span> <span class=\"_ _27\"> </span><span class=\"ff3\">un</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">ulteriore</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">innalzamento</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">tassi,</span> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8e9\">ne<span class=\"_ _0\"></span>ll\u2019<span class=\"_ _0\"></span>ambit<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tre<span class=\"_ _0\"></span>nd<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rial<span class=\"_ _0\"></span>zo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tas<span class=\"_ _0\"></span>si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">avvia<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">lug<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">2<span class=\"_ _0\"></span>022<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ha<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>cis<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rica<span class=\"_ _0\"></span>lib<span class=\"_ _0\"></span>rare<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">condi<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">app<span class=\"_ _0\"></span>lic<span class=\"_ _0\"></span>abili<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8ea\">ai<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fin<span class=\"_ _0\"></span>anzia<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>TL<span class=\"_ _0\"></span>TRO<span class=\"ff1\"> </span>I<span class=\"_ _0\"></span>II.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Nell<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>spe<span class=\"_ _0\"></span>cifi<span class=\"_ _0\"></span>co,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>man<span class=\"_ _0\"></span>ovra<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ha</span> <span class=\"ff3\">man<span class=\"_ _0\"></span>tenu<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>inv<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>ata<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">la</span> <span class=\"ff3\">moda<span class=\"_ _0\"></span>lit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">c<span class=\"_ _0\"></span>alco<span class=\"_ _0\"></span>lo<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ta<span class=\"_ _0\"></span>sso<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8eb\">di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>interesse<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ess<span class=\"_ _2\"></span>ere<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fino<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _20\"></span></span>22<span class=\"ff1\"> <span class=\"_ _20\"></span></span>novembre<span class=\"ff1\"> <span class=\"_ _21\"></span></span>2022<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prevedeva<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>periodi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u201c<span class=\"_ _2\"></span>ordinari\u201d<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(ovvero<span class=\"ff1\"> <span class=\"_ _21\"></span></span>periodi<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8ec\">diversi<span class=\"ff1\"> </span>dagli<span class=\"ff1\"> </span>\u201cs<span class=\"_ _2\"></span>pecial<span class=\"ff1\"> </span>interest<span class=\"ff1\"> </span>rate<span class=\"ff1\"> </span>period\u201d<span class=\"ff1\"> <span class=\"_ _2\"></span></span>definiti<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>precedenza<span class=\"_ _2\"></span>)<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>tas<span class=\"_ _2\"></span>so<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>interesse<span class=\"ff1\"> </span>applicabile<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fosse<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8ed\">alla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">media<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tassi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">calcolati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">lun<span class=\"_ _2\"></span>go<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tutta<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>urata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">strumento,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">compor<span class=\"_ _2\"></span>tando<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">variazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tasso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8ee\">si<span class=\"ff1\"> </span>sarebbe<span class=\"ff1\"> </span>determinato<span class=\"ff1\"> </span>applicando<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tempo<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>t<span class=\"_ _2\"></span>empo<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>vigore<span class=\"ff1\"> </span>nei<span class=\"ff1\"> </span>soli<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>riodi<span class=\"ff1\"> </span>o<span class=\"_ _2\"></span>rdinari;<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>partire<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8ef\">23<span class=\"ff1\"> </span>novembre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2022<span class=\"ff1\"> </span>(fino<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>scade<span class=\"_ _0\"></span>nza<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>rimborso<span class=\"ff1\"> </span>anticipato<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>ogni<span class=\"ff1\"> </span>rispettiv<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>TLTRO<span class=\"ff1\"> </span>III<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>essere)<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l</span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8f1\">tasso<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>interesse<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>indicizzato<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>media<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>tassi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>interesse<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">riferimento</span> <span class=\"ff3\">della</span> <span class=\"ff3\">BCE</span> <span class=\"ff3\">app<span class=\"_ _2\"></span>licabili</span> <span class=\"ff3\">per</span> <span class=\"ff3\">ogni</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8f2\">operazione<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>tale<span class=\"ff1\"> </span>periodo<span class=\"ff1\"> </span>(pari<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> </span>DFR<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>b<span class=\"_ _0\"></span>anche<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>hanno<span class=\"ff1\"> </span>raggiunto<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>benchmark<span class=\"ff1\"> </span>definiti). </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8f3\">In<span class=\"ff1\"> </span>data<span class=\"ff1\"> <span class=\"_ _2\"></span></span>6<span class=\"ff1\"> </span>gennaio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>2021<span class=\"ff1\"> </span>l\u2019ESMA<span class=\"ff1\"> </span>h<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>emesso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> </span>Public<span class=\"ff1\"> </span>Stat<span class=\"_ _2\"></span>ement<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>lo<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>copo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>promuovere<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tras<span class=\"_ _2\"></span>parenza<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8f4\">nei<span class=\"ff1\"> </span>resoconti<span class=\"ff1\"> </span>finanziari<span class=\"ff1\"> </span>IFRS<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>banche<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>merito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> </span>rappresentazione<span class=\"ff1\"> </span>contabile<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>operazioni<span class=\"ff1\"> </span>TLTRO<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8f5\">III,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>evidenziando<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>l\u2019importanza<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fornire<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>bilancio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"_ _2\"></span>deguato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>livello<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tr<span class=\"_ _2\"></span>asparenza<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sul<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tr<span class=\"_ _2\"></span>attamento<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8f6\">contabile<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>operazioni. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8f7\">Il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Gruppo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Crede<span class=\"_ _0\"></span>m<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ha<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>determinato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>trattamento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contabi<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>applicato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>tali<span class=\"ff1\"> <span class=\"_ _21\"></span></span>finanziamenti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sull<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>base<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>delle<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8f8\">disposizioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>el<span class=\"ff1\"> <span class=\"_ _20\"></span></span>principio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>contabile<span class=\"ff1\"> <span class=\"_ _21\"></span></span>IFRS<span class=\"ff1\"> <span class=\"_ _20\"></span></span>9<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"></span></span>gli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>trumenti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>finanzi<span class=\"_ _0\"></span>ari<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>tasso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>variabile<span class=\"ff1\"> <span class=\"_ _21\"></span></span>-<span class=\"ff1\"> <span class=\"_ _20\"></span></span>considerando<span class=\"ff1\"> <span class=\"_ _21\"></span></span>le<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8f9\">condizioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rifinanziamento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>definite<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dalla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>BCE<span class=\"ff1\"> <span class=\"_ _2\"></span></span>come<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tass<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>variabili<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>mercato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>misure<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8fa\">po<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>ica<span class=\"ff1\"> </span>mone<span class=\"_ _0\"></span>tari<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>dell\u2019<span class=\"_ _0\"></span>Euro<span class=\"_ _0\"></span>sis<span class=\"_ _0\"></span>tema<span class=\"ff1\"> </span>-<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>ril<span class=\"_ _0\"></span>eva<span class=\"_ _0\"></span>zione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">deg<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>int<span class=\"_ _0\"></span>eressi<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>temp<span class=\"_ _1\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> </span>temp<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>appli<span class=\"_ _0\"></span>cab<span class=\"_ _0\"></span>ili,<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>stim<span class=\"_ _0\"></span>are<span class=\"_ _1\"></span><span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8fb\">in<span class=\"ff1\"> </span>funzione<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>probabilit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>riuscire<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>raggiunge<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>obiettivi<span class=\"ff1\"> </span>pr<span class=\"_ _2\"></span>evisti<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>termini<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>net<span class=\"ff1\"> </span>lendi<span class=\"_ _0\"></span>ng. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8fc\">Pertanto,<span class=\"ff1\"> </span>gli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">interventi<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ricalibrazione<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>elle<span class=\"ff1\"> </span>condi<span class=\"_ _0\"></span>zioni<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>stru<span class=\"_ _0\"></span>mento<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>arte<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span>BCE<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sono</span> <span class=\"_ _0\"></span><span class=\"ff3\">considerati<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8fd\">come<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>modifica<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tasso<span class=\"ff1\"> </span>variabile<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ensi<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>par.<span class=\"ff1\"> </span>B5.4.5<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019IFRS<span class=\"ff1\"> </span>9<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>adeguamento<span class=\"ff1\"> </span>pro<span class=\"_ _2\"></span>spettico<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8fe\">del<span class=\"ff1\"> </span>tasso,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>considerazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fatto<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>BCE<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ha<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>pos<span class=\"_ _2\"></span>sibilit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>modificare<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>tas<span class=\"_ _2\"></span>si<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>propria<span class=\"ff1\"> </span>discrezione<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs8ff\">nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">definiz<span class=\"_ _2\"></span>ione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tassi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">politica<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">monetaria<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(come<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">peraltr<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fatto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ad<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">aprile<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>icembre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">2020<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs900\">con<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>l\u2019introduzione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>degli<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u201cspecial<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>interest<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>period\u201d<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>pi\u00f9<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>recentemente,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ad<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ottobre<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>2022<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>nei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>t<span class=\"_ _2\"></span>ermini<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs901\">evidenziati<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>precedenza). </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs902\">A<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">seguito<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>egli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">incrementi<span class=\"ff1\"> </span>nei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tas<span class=\"_ _2\"></span>si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">int<span class=\"_ _2\"></span>eresse<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">approvati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dal<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Consiglio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Direttivo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">BCE<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">partire<span class=\"ff1\"> </span>dal<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mese<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs903\">luglio<span class=\"ff1\"> </span>2<span class=\"_ _0\"></span>022<span class=\"ff1\"> </span>si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span>reso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">necessario<span class=\"ff1\"> </span>rideterminare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tasso<span class=\"_ _2\"></span><span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>interesse<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">effe<span class=\"_ _0\"></span>ttivo<span class=\"ff1\"> </span>applicabile<span class=\"ff1\"> </span>ad<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ogni</span> <span class=\"_ _0\"></span><span class=\"ff3\">operazione<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs904\">partire<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dalla<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>data<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>revisione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tassi,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>l<span class=\"_ _0\"></span>\u2019obiettivo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ripartire<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>beneficio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>conseguente<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>peculiare<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs905\">meccanismo<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ella<span class=\"ff1\"> </span>media<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>ei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tassi<span class=\"ff1\"> </span>nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">periodo<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>riferimento<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span>beneficio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>tesso.<span class=\"ff1\"> </span>Da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ultimo,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ricalibrazioni<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs906\">alle<span class=\"ff1\">  </span>condi<span class=\"_ _0\"></span>zioni<span class=\"ff1\">  </span>applicabili<span class=\"ff1\">  </span>ai<span class=\"ff1\">  </span>finanziame<span class=\"_ _0\"></span>nti<span class=\"ff1\">  </span>TLTRO<span class=\"ff1\">  </span>III<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>efinite<span class=\"ff1\">  </span>il<span class=\"ff1\">  </span>27<span class=\"ff1\">  </span>ottobre<span class=\"ff1\">  </span>2<span class=\"_ _0\"></span>022<span class=\"ff1\">  </span>hanno<span class=\"ff1\">  </span>comportato<span class=\"ff1\">  </span>la<span class=\"_ _0\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs907\">rilevazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>beneficio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>esiduo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fino<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>data<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>modifica<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d<span class=\"_ _2\"></span>elle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>condi<span class=\"_ _2\"></span>zioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cont<span class=\"_ _2\"></span>rattuali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(ovvero,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fino<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _21\"></span></span>22<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs908\">novembre<span class=\"ff1\"> <span class=\"_ _20\"></span></span>2022).<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Pertanto,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>partire<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dal<span class=\"ff1\"> <span class=\"_ _21\"></span></span>23<span class=\"ff1\"> <span class=\"_ _20\"></span></span>novembre<span class=\"ff1\"> <span class=\"_ _20\"></span></span>2022<span class=\"ff1\"> <span class=\"_ _21\"></span></span>gli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>interessi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sui<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziamenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>TLT<span class=\"_ _2\"></span>RO<span class=\"ff1\"> <span class=\"_ _20\"></span></span>III<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sono<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs909\">rilevati<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> </span>DRF<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>vigore. </div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs90a\">Mo<span class=\"_ _0\"></span>da<span class=\"_ _0\"></span>lit\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs90b\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs90c\">de<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>zio<span class=\"_ _1\"></span>ne<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs90d\">de<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs90e\">fa<span class=\"_ _0\"></span>ir<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs90f\">va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs910\">de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs911\">at<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs912\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs913\">pa<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs914\">As<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs915\">ge<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs916\">Gli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>st<span class=\"_ _2\"></span>rumenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziari<span class=\"ff1\"> <span class=\"_ _20\"></span></span>va<span class=\"_ _2\"></span>lutati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _20\"></span></span>value<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"_ _2\"></span>ncludono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>passivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>detenute<span class=\"ff1\"> <span class=\"_ _21\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs917\">negoziazione,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>gli<span class=\"ff1\"> <span class=\"_ _21\"></span></span>strumenti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>finanziari<span class=\"ff1\"> <span class=\"_ _21\"></span></span>designati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>fair<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>value,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>gli<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>strumenti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>derivati<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>infine,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>gli<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>strumenti<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs918\">classificati<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>disponibili<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>vendita. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs919\">Il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pri<span class=\"_ _0\"></span>ncip<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>IF<span class=\"_ _0\"></span>RS13<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">defi<span class=\"_ _0\"></span>nisc<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs91a\">fai<span class=\"_ _0\"></span>r</div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs91b\">va<span class=\"_ _0\"></span>lue</div><div class=\"t m0 h9 ff1 fs4 fc0 sc0 ls0 ws0 gs91c\"> <span class=\"ff3 fs5\">co<span class=\"_ _0\"></span>me<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rezz<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">si</span> <span class=\"_ _0\"></span><span class=\"ff3\">perce<span class=\"_ _0\"></span>pir<span class=\"_ _0\"></span>ebbe<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">per</span> <span class=\"ff3\">la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">vend<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">un\u2019<span class=\"_ _0\"></span>attiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ovve<span class=\"_ _0\"></span>ro<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs91d\">che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pagherebbe<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>trasferimento<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>una<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pass<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">una<span class=\"ff1\"> </span>regolare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">operazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> </span>mercato<span class=\"ff1\"> </span>princip<span class=\"_ _0\"></span>ale<span class=\"ff1\"> </span>(o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs91e\">pi\u00f9<span class=\"ff1\"> <span class=\"_ _2\"></span></span>vantaggioso)<span class=\"ff1\"> </span>al<span class=\"_ _2\"></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>data<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valutazione,<span class=\"ff1\"> </span>a<span class=\"_ _2\"></span>lle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>correnti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>condizioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>m<span class=\"_ _2\"></span>ercato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(ossia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prezzo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>chiusura),<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs91f\">indipendentemente<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>fatto<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>he<span class=\"ff1\"> </span>quel<span class=\"ff1\"> </span>prezzo<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span>osservabile<span class=\"ff1\"> </span>direttamente<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>venga<span class=\"ff1\"> </span>stimato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">utilizzando<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs920\">un\u2019altra<span class=\"ff1\"> </span>tecnica<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valutazione. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs921\">Le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>funzioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>coinvolte<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>processi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>determinazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d<span class=\"_ _2\"></span>el<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _2\"></span></span>value<span class=\"ff1\"> <span class=\"_ _2\"></span></span>includono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>funzioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>amminist<span class=\"_ _2\"></span>rative,<span class=\"ff1\"> </span>l<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs922\">funzioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>front<span class=\"ff1\"> </span>office<span class=\"ff1\"> </span>Finanza<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>funzioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Risk<span class=\"ff1\"> </span>Management. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs923\">Gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">uff<span class=\"_ _0\"></span>ici<span class=\"ff1\"> </span>ammini<span class=\"_ _0\"></span>stra<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>i,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"_ _0\"></span>retta<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>es<span class=\"_ _0\"></span>pon<span class=\"_ _0\"></span>sabil<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>redaz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">dell<span class=\"_ _0\"></span>\u2019in<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>ativ<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fina<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>a,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> </span>chia<span class=\"_ _0\"></span>mati<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs924\">a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>presidiare<span class=\"ff1\"> <span class=\"_ _21\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>regole<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>utilizzate<span class=\"ff1\"> <span class=\"_ _21\"></span></span>per<span class=\"ff1\"> <span class=\"_ _21\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>determinazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Fair<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Value<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rispetto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>principi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>contabili<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs925\">rif<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>to. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs926\">Gli<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>uffici<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>F<span class=\"_ _2\"></span>inanza,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>loro<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>volta,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>detengono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>conos<span class=\"_ _2\"></span>cenze<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>lega<span class=\"_ _2\"></span>te<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>alle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tecniche<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valutazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>applicate<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs927\">presiedono<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>sistemi<span class=\"ff1\"> </span>informativi<span class=\"ff1\"> </span>utilizzati<span class=\"ff1\"> </span>nei<span class=\"ff1\"> </span>processi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>determinazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs928\">Infine<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">u<span class=\"_ _2\"></span>ffici<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">funzione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Ris<span class=\"_ _2\"></span>k<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Management<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>hiamati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">validare<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tecniche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">val<span class=\"_ _2\"></span>utazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">utilizzat<span class=\"_ _2\"></span>e,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs929\">in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rel<span class=\"_ _0\"></span>ativ<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>mod<span class=\"_ _0\"></span>elli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">i</span> <span class=\"_ _0\"></span><span class=\"ff3\">pa<span class=\"_ _0\"></span>rame<span class=\"_ _0\"></span>tri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">uti<span class=\"_ _0\"></span>lizz<span class=\"_ _0\"></span>ati.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">T<span class=\"_ _0\"></span>ali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">uffi<span class=\"_ _0\"></span>ci<span class=\"ff1\"> </span>ve<span class=\"_ _0\"></span>rif<span class=\"_ _0\"></span>ican<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ote<span class=\"_ _0\"></span>nzial<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span>nza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>merc<span class=\"_ _0\"></span>ato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">atti<span class=\"_ _0\"></span>vo<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs92a\">e<span class=\"ff1\"> </span>analiz<span class=\"_ _2\"></span>zano<span class=\"ff1\"> </span>le<span class=\"_ _2\"></span><span class=\"ff1\"> </span>pos<span class=\"_ _2\"></span>sibili<span class=\"ff1\"> </span>font<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>dis<span class=\"_ _2\"></span>ponibili.<span class=\"ff1\"> </span>In<span class=\"ff1\"> <span class=\"_ _2\"></span></span>generale,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Gr<span class=\"_ _2\"></span>uppo<span class=\"ff1\"> </span>determina<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _2\"></span></span>value<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>passivit\u00e0<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs92b\">finanziarie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">secondo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tecniche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">scelte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">base<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">natura<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>egli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">st<span class=\"_ _2\"></span>rumenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">detenuti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ed<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">base<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alle<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs92c\">informazioni<span class=\"ff1\"> </span>disponibili<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>momento<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>valutazione. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs92d\">Sulla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">base<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">informazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">disponibili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">momento<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>valutazione,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">strumenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziari<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">suddivisi<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs92e\">tra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quelli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>cu<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>prezzo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span>quotato<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mer<span class=\"_ _2\"></span>cato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivo<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">quelli<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>quali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un</span> <span class=\"_ _1\"></span><span class=\"ff3\">m<span class=\"_ _2\"></span>ercato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivo<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">momento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs92f\">valutazione<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>esiste. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs930\">La<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ge<span class=\"_ _0\"></span>rarc<span class=\"_ _0\"></span>hia<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fa<span class=\"_ _0\"></span>ir<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valu<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attri<span class=\"_ _0\"></span>bui<span class=\"_ _0\"></span>sce<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mas<span class=\"_ _0\"></span>sima<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pr<span class=\"_ _0\"></span>iori<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ai<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pre<span class=\"_ _0\"></span>zzi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">qu<span class=\"_ _0\"></span>otat<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">re<span class=\"_ _0\"></span>ttifi<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>ti)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">merc<span class=\"_ _0\"></span>ati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attiv<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs931\">attivit\u00e0<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">passivit\u00e0<span class=\"ff1\"> </span>ide<span class=\"_ _0\"></span>ntiche<span class=\"ff1\"> </span>(dati<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>livell<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>1)<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>priorit\u00e0<span class=\"ff1\"> </span>minima<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">agli<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>nput<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>osservabili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(dati<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>L<span class=\"_ _0\"></span>ivello<span class=\"ff1\"> </span>3).<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs932\">Gli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">input<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Livello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">1<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prezzi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">quotat<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rettificati)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mercati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">att<span class=\"_ _2\"></span>ivi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">passivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">identiche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cui<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs933\">l\u2019entit\u00e0<span class=\"ff1\"> </span>pu\u00f2<span class=\"ff1\"> </span>accedere<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valutazione.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Un</span> <span class=\"ff3\">prezzo</span> <span class=\"ff3\">quotat<span class=\"_ _2\"></span>o</span> <span class=\"ff3\">in</span> <span class=\"ff3\">un</span> <span class=\"ff3\">mercato</span> <span class=\"ff3\">attivo</span> <span class=\"ff3\">fornisce</span> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>prova<span class=\"ff1\"> </span>pi\u00f9<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs934\">atte<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>ibil<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fai<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>val<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e,</span> <span class=\"_ _0\"></span><span class=\"ff3\">quan<span class=\"_ _0\"></span>do<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>isp<span class=\"_ _0\"></span>onib<span class=\"_ _0\"></span>ile,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>ve<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">util<span class=\"_ _0\"></span>izza<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>se<span class=\"_ _1\"></span>nza<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>lcun<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>etti<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>luta<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fai<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs935\">va<span class=\"_ _0\"></span>lue. </div>Gli<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>input<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Livello<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>2<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>input<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>diversi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dai<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>prezzi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quotati<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>inclusi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Livello<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>1<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>o<span class=\"_ _2\"></span>sservabili<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>direttamente<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>o<span class=\"ff1\"> </span>indirettamente<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>l\u2019attivit\u00e0<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>passivit\u00e0.<span class=\"_ _3bd\"> </span>Allo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stesso<span class=\"ff1\"> </span>modo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ono<span class=\"ff1\"> </span>conside<span class=\"_ _0\"></span>rate<span class=\"ff1\"> </span>osservabili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tutte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">altre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">variabili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">impiegate<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>ecniche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutative<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>che<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>possono<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>corroborat<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>dati<span class=\"ff1\"> </span>osservabili<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">mercat<span class=\"_ _2\"></span>o.<span class=\"_ _3bd\"> </span></span></span>La<span class=\"_ _3bd\"> </span>pr<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>za<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>me<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>at<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vi<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>l\u2019<span class=\"_ _0\"></span>uti<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>zzo<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>pr<span class=\"_ _0\"></span>ez<span class=\"_ _0\"></span>zi<span class=\"_ _3bd\"> </span>qu<span class=\"_ _0\"></span>ota<span class=\"_ _1\"></span>ti<span class=\"_ _3bd\"> </span>(M<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>k<span class=\"_ _3bd\"> </span>to<span class=\"_ _3bd\"> </span>Ma<span class=\"_ _0\"></span>rk<span class=\"_ _0\"></span>et)<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>In<span class=\"ff1\"> <span class=\"_ _20\"></span></span>linea<span class=\"ff1\"> <span class=\"_ _21\"></span></span>generale,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _20\"></span></span>processo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l\u2019applicazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Mark<span class=\"ff1\"> <span class=\"_ _20\"></span></span>to<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Market<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>largamente<span class=\"ff1\"> <span class=\"_ _21\"></span></span>automatizzato.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Tutt<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>gli<span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>finanziari<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quot<span class=\"_ _2\"></span>ati<span class=\"ff1\"> <span class=\"_ _21\"></span></span>deten<span class=\"_ _0\"></span>uti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>(azioni,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>obbligazioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span></span>strumenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziari<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>derivati)<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>valutati,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"_ _2\"></span><span class=\"ff1\"> </span>presenza<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>mercati<span class=\"ff1\">  </span>attivi,<span class=\"ff1\">  </span>mediante<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"ff1\">  </span>rispett<span class=\"_ _2\"></span>ivi<span class=\"ff1\">  </span>prezzi<span class=\"ff1\">  </span>quotati<span class=\"ff1\">  </span>(valu<span class=\"_ _0\"></span>tazioni<span class=\"ff1\">  </span>al<span class=\"ff1\">  </span>Mark<span class=\"ff1\">  </span>to<span class=\"ff1\">  </span>Market)<span class=\"ff1\">  </span>per<span class=\"ff1\">  </span>la<span class=\"ff1\"> </span>determinazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>P&amp;L<span class=\"ff1\"> </span>giornaliero.<span class=\"_ _3bd\"> </span>Rel<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>vame<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ai</span> <span class=\"ff3\">p<span class=\"_ _0\"></span>rin<span class=\"_ _0\"></span>cipal<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>In<span class=\"_ _0\"></span>forma<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>Pr<span class=\"_ _0\"></span>ovid<span class=\"_ _0\"></span>ers<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>si<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dis<span class=\"_ _0\"></span>tingu<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Market<span class=\"ff1\"> <span class=\"_ _2\"></span></span>parameters<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> </span>agga<span class=\"_ _2\"></span>nciato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> </span>R<span class=\"_ _2\"></span>IC<span class=\"ff1\"> </span>R<span class=\"_ _2\"></span>efinitiv:<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>q<span class=\"_ _2\"></span>uesto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>caso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prezzo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>viene<span class=\"ff1\"> <span class=\"_ _2\"></span></span>recuperato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>real<span class=\"ff1\"> </span>time<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>Refinitiv<span class=\"ff1\"> </span>attraverso<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>piattaforma<span class=\"ff1\"> </span>ATS;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Strumenti<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>quali<span class=\"ff1\"> </span>pu\u00f2<span class=\"ff1\"> <span class=\"_ _2\"></span></span>essere<span class=\"ff1\"> </span>agganciata<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ia<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>contr<span class=\"_ _2\"></span>ibuzione<span class=\"ff1\"> </span>Refinitiv<span class=\"ff1\"> </span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Bloomberg.<span class=\"ff1\"> </span>Nel<span class=\"ff1\"> </span>de<span class=\"_ _2\"></span>ttaglio<span class=\"ff1\"> </span>all\u2019interno<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dell\u2019ATS<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>state<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>implementate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>regole<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>consento<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>comparazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tra<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>fonti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> </span>seleziona<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quella<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ritenuta<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valida<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>termini<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>liquidit\u00e0,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>aggiornamento<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>giornaliero<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delta<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>pread.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Il<span class=\"ff1\"> </span>modulo<span class=\"ff1\"> </span>ATS<span class=\"ff1\"> </span>considera<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>fonte<span class=\"ff1\"> </span>primaria<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>ogni<span class=\"ff1\"> </span>categoria<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>strumento,<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attribuisce<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>livello<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span></span></span>value<span class=\"ff1\"> </span>associato<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>ogni<span class=\"ff1\"> </span>parametro;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Parametri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">EOD:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mar<span class=\"_ _2\"></span>ket<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">parameters<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">aggiornati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">volta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gior<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(es<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">volatilit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cap<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">and<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Floo<span class=\"_ _2\"></span>r)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">disponibili<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>dal<span class=\"ff1\"> </span>provider<span class=\"ff1\"> </span>The<span class=\"ff1\"> </span>ICE.<span class=\"_ _3bd\"> </span>Qualora<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>informazioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Refinitiv<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Bloomberg<span class=\"ff1\"> <span class=\"_ _2\"></span></span>non<span class=\"ff1\"> <span class=\"_ _2\"></span></span>siano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>disponibili<span class=\"ff1\"> <span class=\"_ _2\"></span></span>si<span class=\"ff1\"> <span class=\"_ _2\"></span></span>utilizzano<span class=\"ff1\"> <span class=\"_ _20\"></span></span>altri<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Information<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Pro<span class=\"_ _2\"></span>viders<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>dipe<span class=\"_ _0\"></span>nden<span class=\"_ _0\"></span>ti.<span class=\"_ _3bd\"> </span>Se<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un\u2019att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">passivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>fair<span class=\"_ _3bd\"> </span>value <span class=\"_ _1\"></span><span class=\"ff3 fs5\">ha<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">prezzo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">denaro<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prezzo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">lettera<span class=\"ff1\"> </span>(p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>esempio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dato<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>pro<span class=\"_ _0\"></span>ven<span class=\"_ _0\"></span>ien<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">u<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mercat<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">scamb<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span>ret<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">assis<span class=\"_ _0\"></span>titi)<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>tare<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>fai<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lue <span class=\"_ _0\"></span><span class=\"ff3 fs5\">deve<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">ess<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">u<span class=\"_ _0\"></span>tili<span class=\"_ _0\"></span>zz<span class=\"_ _0\"></span>ato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pre<span class=\"_ _0\"></span>zzo<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span>rie<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>ante<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">ne<span class=\"_ _0\"></span>llo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">scart<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">den<span class=\"_ _0\"></span>aro<span class=\"_ _0\"></span>-let<span class=\"_ _0\"></span>tera<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(</span></span></span></span></span></span></span></span>bid<span class=\"_ _0\"></span>-ask<span class=\"_ _3bd\"> </span>spre<span class=\"_ _0\"></span>ad)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pi\u00f9<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rapp<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span>ntat<span class=\"_ _0\"></span>ivo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span></span></span></span></span></span></span>fai<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>val<span class=\"_ _0\"></span>ue <span class=\"_ _0\"></span><span class=\"ff3 fs5\">in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">q<span class=\"_ _0\"></span>uel<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ci<span class=\"_ _0\"></span>rcos<span class=\"_ _0\"></span>tanze<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span>spe<span class=\"_ _1\"></span>cifich<span class=\"_ _0\"></span>e,<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>dip<span class=\"_ _0\"></span>ende<span class=\"_ _0\"></span>ntem<span class=\"_ _0\"></span>ente<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">da</span> <span class=\"ff3\">com<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>ale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dat<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>lassi<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>ato<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>gera<span class=\"_ _0\"></span>rch<span class=\"_ _0\"></span>ia<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span></span></span></span></span></span></span>fa<span class=\"_ _0\"></span>ir<span class=\"_ _3bd\"> </span>val<span class=\"_ _0\"></span>ue <span class=\"ff3 fs5\">(<span class=\"_ _0\"></span>Liv<span class=\"_ _0\"></span>ello<span class=\"ff1\"> </span>1<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>2<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>3<span class=\"_ _0\"></span>).<span class=\"ff1\"> </span></span>\u00c8<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onsentito<span class=\"ff1\"> </span>l\u2019utilizzo<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>prezzi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">denaro<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">posizioni<span class=\"ff1\"> </span>attive<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prezzi<span class=\"ff1\"> </span>lettera<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>posizioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pass<span class=\"_ _2\"></span>ive,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ma<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>obbligatorio.<span class=\"ff1\"> </span>I<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>Gruppo<span class=\"ff1\"> </span>utilizza<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>revalentemente<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">proprie<span class=\"ff1\"> </span>posizioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attive<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prezzi<span class=\"ff1\"> </span>denaro,<span class=\"ff1\"> </span>mentre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>proprie<span class=\"ff1\"> </span>posizioni<span class=\"ff1\"> </span>passive<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>prezzi<span class=\"ff1\"> </span>lettera.<span class=\"_ _3bd\"> </span>Generalmente<span class=\"ff1\"> </span>l\u2019acquisizione<span class=\"ff1\"> </span>dei<span class=\"_ _2\"></span><span class=\"ff1\"> </span>prezzi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quotati<span class=\"ff1\"> </span>avviene<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>via<span class=\"ff1\"> <span class=\"_ _2\"></span></span>automatica,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>su<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>giornaliera,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attraverso<span class=\"ff1\"> </span>lo<span class=\"ff1\"> </span>scarico<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>informazioni<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>primari<span class=\"ff1\"> </span>Information<span class=\"ff1\"> </span>Provider<span class=\"ff1\"> </span>indipendenti.<span class=\"_ _3bd\"> </span>L\u2019<span class=\"_ _0\"></span>uti<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>zzo<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>te<span class=\"_ _0\"></span>cn<span class=\"_ _0\"></span>ich<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>(M<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>k<span class=\"_ _3bd\"> </span>to<span class=\"_ _3bd\"> </span>Mo<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>l)<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>N<span class=\"_ _3bd\"> </span>el<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">determinare<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">degli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">strumenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziari<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>icorre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Mark<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Model<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">qualora<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019analisi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"_ _2\"></span>videnzi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>per<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> </span>detenuti<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>esistano<span class=\"ff1\"> </span>prezzi<span class=\"ff1\"> </span>quotati<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>mercato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>principale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">(o</span> <span class=\"ff3\">pi\u00f9</span> <span class=\"ff3\">vantaggioso)<span class=\"_ _2\"></span>.<span class=\"_ _3bd\"> </span></span></span>Le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tecniche<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valuta<span class=\"_ _2\"></span>zione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>utilizzate<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>valutare<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>fair<span class=\"_ _3bd\"> </span>value <span class=\"_ _1f\"> </span><span class=\"ff3 fs5\">de<span class=\"_ _0\"></span>vono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>massimizzare<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>l\u2019utilizzo<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>input<span class=\"ff1\"> </span></span>osservabili<span class=\"ff1\"> </span>rilevanti<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>ridurre<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>minimo<span class=\"ff1\"> </span>l\u2019utilizzo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>input<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>osservabili.<span class=\"_ _2\"></span> Gli<span class=\"ff1\"> <span class=\"_ _21\"></span></span>input<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Livello<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>2<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>input<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>diversi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dai<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>prezzi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>quotati<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>inclusi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Livello<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>1<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>o<span class=\"_ _2\"></span>sservabili<span class=\"ff1\"> <span class=\"_ _21\"></span></span>direttamente<span class=\"ff1\"> <span class=\"_ _21\"></span></span>o<span class=\"ff1\"> </span>indirettamente<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>l\u2019attivit\u00e0<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>passivit\u00e0.<span class=\"_ _3bd\"> </span>Gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inpu<span class=\"_ _0\"></span>t<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">live<span class=\"_ _0\"></span>llo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">2</span> <span class=\"_ _1\"></span><span class=\"ff3\">compr<span class=\"_ _0\"></span>end<span class=\"_ _0\"></span>ono:<span class=\"_ _0\"></span> </span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>pre<span class=\"_ _0\"></span>zzi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">qu<span class=\"_ _1\"></span>otati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ttiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o</span> <span class=\"_ _0\"></span><span class=\"ff3\">pass<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>imil<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">me<span class=\"_ _0\"></span>rca<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ttiv<span class=\"_ _0\"></span>i;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>pre<span class=\"_ _0\"></span>zzi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">qu<span class=\"_ _1\"></span>otati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>at<span class=\"_ _0\"></span>tivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>assiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">id<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>iche<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o</span> <span class=\"ff3\">s<span class=\"_ _0\"></span>imi<span class=\"_ _0\"></span>lari<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>m<span class=\"_ _0\"></span>erc<span class=\"_ _0\"></span>ati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">att<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>dati<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>iversi<span class=\"ff1\"> </span>dai<span class=\"ff1\"> </span>prezzi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quotat<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">osservabili<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>l\u2019attivit\u00e0<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>passivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>(per<span class=\"ff1\"> </span>esempio<span class=\"ff1\"> </span>tassi<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>interesse<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">curve</span> </span></span></span></span></span>dei<span class=\"ff1\"> </span>rendimenti<span class=\"ff1\"> </span>osservabili<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>intervalli<span class=\"ff1\"> </span>comunemente<span class=\"ff1\"> </span>quotati,<span class=\"ff1\"> </span>volatilit\u00e0<span class=\"ff1\"> </span>implicite<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>spread<span class=\"ff1\"> </span>creditizi);<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>put<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>orrob<span class=\"_ _1\"></span>orati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dal<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">me<span class=\"_ _0\"></span>rca<span class=\"_ _0\"></span>to.<span class=\"_ _3bd\"> </span></span></span></span></span>Gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>nput<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">osse<span class=\"_ _0\"></span>rvab<span class=\"_ _0\"></span>ili,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Li<span class=\"_ _0\"></span>vell<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>3,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dev<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>esse<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">util<span class=\"_ _0\"></span>izz<span class=\"_ _0\"></span>ati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alut<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">il<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>fai<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>val<span class=\"_ _0\"></span>ue <span class=\"ff3 fs5\">n<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>mi<span class=\"_ _0\"></span>sur<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">inp<span class=\"_ _0\"></span>ut<span class=\"ff1\"> </span></span></span></span></span></span>osservabili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rilevanti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">siano<span class=\"ff1\"> </span>disponib<span class=\"_ _0\"></span>ili,<span class=\"ff1\"> </span>consen<span class=\"_ _0\"></span>tendo<span class=\"ff1\"> </span>pertanto<span class=\"ff1\"> </span>situazi<span class=\"_ _0\"></span>oni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">scarsa<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mercato<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>l\u2019<span class=\"_ _0\"></span>atti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o</span> <span class=\"ff3\">p<span class=\"_ _0\"></span>assiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">alla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dat<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">val<span class=\"_ _0\"></span>uta<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne.<span class=\"ff1\"> </span>Tu<span class=\"_ _1\"></span>ttavia<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fin<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>tazi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>fa<span class=\"_ _0\"></span>ir<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lue <span class=\"ff3 fs5\">r<span class=\"_ _0\"></span>esta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stes<span class=\"_ _0\"></span>sa,<span class=\"ff1\"> </span></span></span></span></span></span>ossi<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pre<span class=\"_ _0\"></span>zzo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">chiu<span class=\"_ _0\"></span>sur<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>all<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">data<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valu<span class=\"_ _0\"></span>taz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>al<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>unto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _1\"></span><span class=\"ff3\">vista<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">opera<span class=\"_ _0\"></span>tore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">me<span class=\"_ _0\"></span>rcat<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>he<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">poss<span class=\"_ _0\"></span>ied<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>l\u2019attivit\u00e0<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>pas<span class=\"_ _2\"></span>sivit\u00e0.<span class=\"ff1\"> </span>Pertanto,<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>input<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>os<span class=\"_ _2\"></span>servabili<span class=\"ff1\"> </span>devono<span class=\"ff1\"> </span>riflettere<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>assunzioni<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>o<span class=\"_ _2\"></span>peratori<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>me<span class=\"_ _0\"></span>rcat<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>util<span class=\"_ _0\"></span>izze<span class=\"_ _0\"></span>reb<span class=\"_ _0\"></span>bero<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">determi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>pre<span class=\"_ _0\"></span>zzo<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>ll\u2019<span class=\"_ _0\"></span>atti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>passi<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0,<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>se<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">assu<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">circa<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">il</span> <span class=\"ff3\">ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>io.<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>Le<span class=\"ff1\"> </span>rettifiche<span class=\"ff1\"> </span>agli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">input<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Livello<span class=\"ff1\"> </span>2<span class=\"ff1\"> </span>varieranno<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>fun<span class=\"_ _0\"></span>zione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>fattori<span class=\"ff1\"> </span>specifici<span class=\"ff1\"> </span>dell\u2019attivit\u00e0<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>passivit\u00e0.<span class=\"ff1\"> </span>Tali<span class=\"ff1\"> </span></span></span>fattori<span class=\"ff1\"> </span>comprendono<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>seguenti<span class=\"ff1\"> </span>elementi:<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span>dizi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o</span> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019u<span class=\"_ _0\"></span>bic<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>\u2019atti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>t\u00e0;<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mis<span class=\"_ _0\"></span>ura<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cui<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">g<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">input<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fann<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>fer<span class=\"_ _0\"></span>imen<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">el<span class=\"_ _0\"></span>emen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">com<span class=\"_ _0\"></span>parab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">all<span class=\"_ _0\"></span>\u2019att<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pass<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t\u00e0;<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">v<span class=\"_ _0\"></span>olume<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">li<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>llo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">merc<span class=\"_ _0\"></span>ati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">gl<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>nput<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>os<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>rvat<span class=\"_ _0\"></span>i.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>L\u2019utilizzo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>input<span class=\"ff1\"> <span class=\"_ _20\"></span></span>non<span class=\"ff1\"> <span class=\"_ _2\"></span></span>os<span class=\"_ _2\"></span>servabili<span class=\"ff1\"> <span class=\"_ _2\"></span></span>significativi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>eventuali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rettifiche<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> <span class=\"_ _20\"></span></span>input<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Li<span class=\"_ _2\"></span>vello<span class=\"ff1\"> <span class=\"_ _2\"></span></span>2<span class=\"ff1\"> <span class=\"_ _20\"></span></span>significativo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> </span>l\u2019<span class=\"_ _0\"></span>inte<span class=\"_ _0\"></span>ra<span class=\"ff1\"> </span>valu<span class=\"_ _0\"></span>tazi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span>lo<span class=\"ff1\"> </span>stru<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>o,<span class=\"ff1\"> </span>poss<span class=\"_ _0\"></span>ono<span class=\"ff1\"> </span>com<span class=\"_ _0\"></span>port<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ne<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span>valu<span class=\"_ _1\"></span>tazione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del</span> </span></span></span></span></span>fai<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>val<span class=\"_ _0\"></span>ue <span class=\"ff3 fs5\">una<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">clas<span class=\"_ _0\"></span>sif<span class=\"_ _0\"></span>icaz<span class=\"_ _0\"></span>ione<span class=\"ff1\"> </span></span></span></span>a<span class=\"ff1\"> </span>Livello<span class=\"ff1\"> </span>3<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>gerarchia<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>fair<span class=\"_ _3bd\"> </span>value.<span class=\"_ _3bd\"> </span>L\u2019utilizzo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>una<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tecn<span class=\"_ _2\"></span>ica<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valutazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ha<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019obiett<span class=\"_ _2\"></span>ivo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>stimare<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prezzo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _2\"></span></span>avrebb<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>luogo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>una<span class=\"ff1\"> <span class=\"_ _20\"></span></span>regolare<span class=\"ff1\"> </span>operazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>vendita<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tras<span class=\"_ _2\"></span>ferimento<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>passivit\u00e0<span class=\"ff1\"> </span>tra<span class=\"ff1\"> </span>operatori<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>mercato<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valutazione,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>co<span class=\"_ _2\"></span>ndizioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>mercat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>correnti.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Tre<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tecniche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valutazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ampiamente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>utilizzat<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> </span>metodo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>basat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>ulla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valutazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>mercato,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> </span>metodo<span class=\"_ _3bd\"> </span>del<span class=\"_ _3bd\"> </span>costo <span class=\"_ _20\"></span><span class=\"ff3 fs5\">e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>m<span class=\"_ _2\"></span>etodo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>reddituale.<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Un\u2019entit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>deve<span class=\"ff1\"> </span></span>utilizzare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tecniche<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutazion<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">coerenti<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">uno<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>pi\u00f9<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>questi<span class=\"ff1\"> </span>metodi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>valutare<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>fair<span class=\"_ _3bd\"> </span>value.<span class=\"_ _3bd\"> </span>Esempi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rincipali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">parametri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">osservabili<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mercat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ser<span class=\"_ _2\"></span>vono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pi\u00f9<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>omuni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tecniche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alutazione<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>applicate<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>seguenti:<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>curva<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>t<span class=\"_ _2\"></span>assi<span class=\"ff1\"> </span>Risk<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Free.<span class=\"ff1\"> </span>Sulla<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>rilevazioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>storicizzate<span class=\"ff1\"> </span>nell\u2019applicativo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>Front<span class=\"ff1\"> </span>Office<span class=\"ff1\"> </span>(Murex<span class=\"_ _2\"></span>)<span class=\"ff1\"> </span>viene<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ricavata<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>curva<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tas<span class=\"_ _2\"></span>si<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Euro<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>c.d.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Risk-Free,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>at<span class=\"_ _2\"></span>traverso<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>boo<span class=\"_ _2\"></span>tstrapping<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ta<span class=\"_ _2\"></span>ssi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>impliciti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> </span>depositi,<span class=\"ff1\"> </span>swap<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>Forward<span class=\"ff1\"> </span>Rate<span class=\"ff1\"> </span>Agreement;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>tassi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cambio.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sistema<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Murex<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>acquisisce<span class=\"ff1\"> <span class=\"_ _2\"></span></span>giornalmente,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>automat<span class=\"_ _2\"></span>ico,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tassi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cambio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>spot<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fixing<span class=\"ff1\"> </span>BCE<span class=\"ff1\"> </span>dall\u2019infoprovider<span class=\"ff1\"> </span>Reuters;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>curve<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>volatilit\u00e0.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Vengono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>mappate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>curv<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>volatilit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rilevate<span class=\"ff1\"> <span class=\"_ _21\"></span></span>da<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fonte<span class=\"ff1\"> <span class=\"_ _20\"></span></span>est<span class=\"_ _2\"></span>erna<span class=\"ff1\"> <span class=\"_ _20\"></span></span>precedentemente<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>divi<span class=\"_ _0\"></span>dua<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>(ICE<span class=\"_ _0\"></span>),<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>stori<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>zzat<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>nell<span class=\"_ _0\"></span>\u2019ap<span class=\"_ _0\"></span>plic<span class=\"_ _0\"></span>ativ<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>fron<span class=\"_ _0\"></span>t<span class=\"ff1\"> </span>offi<span class=\"_ _0\"></span>ce<span class=\"ff1\"> </span>(Mu<span class=\"_ _0\"></span>rex<span class=\"_ _0\"></span>);<span class=\"ff1\"> </span>va<span class=\"ff1\"> </span>sot<span class=\"_ _0\"></span>toli<span class=\"_ _0\"></span>nea<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l\u2019ope<span class=\"_ _0\"></span>rativ<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del</span> </span></span></span>Gruppo<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>proprio<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>concentra<span class=\"ff1\"> </span>prevalentemente<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>str<span class=\"_ _2\"></span>umenti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tasso.<span class=\"_ _3bd\"> </span>Diversamente,<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>ualora<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>ecniche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alutazione<span class=\"ff1\"> </span>si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">basi<span class=\"_ _2\"></span>no<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">via<span class=\"ff1\"> </span>prevalente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"ff1\"> </span>parametri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"_ _2\"></span>sservabili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sul<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>mercato,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>vengono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>svolti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>processi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>stima<span class=\"ff1\"> <span class=\"_ _20\"></span></span>interni.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Ci\u00f2<span class=\"ff1\"> <span class=\"_ _20\"></span></span>avviene<span class=\"ff1\"> <span class=\"_ _20\"></span></span>limitatamente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _20\"></span></span>casi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>relativi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> </span>mercato<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>siano<span class=\"ff1\"> </span>disponibili<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>siano<span class=\"ff1\"> </span>rit<span class=\"_ _2\"></span>enuti<span class=\"ff1\"> </span>affidab<span class=\"_ _0\"></span>ili.<span class=\"_ _3bd\"> </span>L\u2019utilizzo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>t<span class=\"_ _2\"></span>ecniche<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\">  </span>valutazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"ff1\">  </span>f<span class=\"_ _0\"></span>anno<span class=\"ff1\">  </span>uso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>ati<span class=\"ff1\">  </span>osservabili<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>mercato<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>o<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>stimat<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>internamente,<span class=\"ff1\"> </span>implicano<span class=\"ff1\"> </span>l\u2019utilizzo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>modelli<span class=\"ff1\"> </span>valutativi<span class=\"ff1\"> </span>all\u2019interno<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>quali<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>calati<span class=\"ff1\"> </span>tali<span class=\"ff1\"> </span>parametr<span class=\"_ _2\"></span>i.<span class=\"_ _3bd\"> </span>Il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">met<span class=\"_ _0\"></span>odo<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>ddi<span class=\"_ _0\"></span>tuale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">conv<span class=\"_ _1\"></span>erte<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>mpor<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>fu<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>ri<span class=\"ff1\"> </span>(p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>es<span class=\"_ _0\"></span>empi<span class=\"_ _0\"></span>o,<span class=\"ff1\"> </span>fl<span class=\"_ _0\"></span>ussi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fin<span class=\"_ _0\"></span>anzi<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o</span> <span class=\"ff3\">ric<span class=\"_ _0\"></span>avi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>sti)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>unic<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>imp<span class=\"_ _0\"></span>orto<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>corrente<span class=\"ff1\"> </span>(oss<span class=\"_ _2\"></span>ia<span class=\"ff1\"> </span>attualizzato).<span class=\"ff1\"> </span>Quando<span class=\"ff1\"> <span class=\"_ _2\"></span></span>si<span class=\"ff1\"> </span>utilizza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>metodo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>reddituale,<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valutazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>fair<span class=\"_ _3bd\"> </span>value <span class=\"ff3 fs5\">riflette<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span></span>attuali<span class=\"ff1\"> </span>aspettative<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>mercato<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>tali<span class=\"ff1\"> </span>importi<span class=\"ff1\"> </span>futuri.<span class=\"_ _3bd\"> </span>A<span class=\"ff1\"> </span>ti<span class=\"_ _0\"></span>tolo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">es<span class=\"_ _0\"></span>emp<span class=\"_ _0\"></span>lifi<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>tivo<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>ta<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>ecn<span class=\"_ _0\"></span>iche<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">valu<span class=\"_ _0\"></span>tazi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>mpre<span class=\"_ _0\"></span>ndon<span class=\"_ _0\"></span>o:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>tec<span class=\"_ _0\"></span>nic<span class=\"_ _0\"></span>he<span class=\"ff1\"> </span>d<span class=\"_ _1\"></span>el<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>lore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">att<span class=\"_ _0\"></span>ual<span class=\"_ _0\"></span>e;<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>modelli<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>misurazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>prezzo<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>opzioni,<span class=\"ff1\"> </span>quali<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>formula<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Black-Scholes-Merton<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>incorpora<span class=\"ff1\"> </span>tecniche<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>calcolo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>attuale<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">riflettono</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">sia</span> <span class=\"_ _27\"> </span><span class=\"ff3\">il</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">valore</span> <span class=\"_ _27\"> </span><span class=\"ff3\">temporale,</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">sia</span> <span class=\"_ _27\"> </span><span class=\"ff3\">il</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">valore</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">intrinseco</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">di</span> </span>un<span class=\"_ _0\"></span>\u2019opz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span>Qu<span class=\"_ _0\"></span>alor<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>per\u00f2<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">si</span> <span class=\"ff3\">facci<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>rico<span class=\"_ _0\"></span>rso<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>mod<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>valu<span class=\"_ _0\"></span>tativ<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>prop<span class=\"_ _0\"></span>rie<span class=\"_ _0\"></span>tari<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>l\u2019a<span class=\"_ _0\"></span>ffid<span class=\"_ _0\"></span>abil<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">degli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">stess<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>testa<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>conf<span class=\"_ _0\"></span>ron<span class=\"_ _0\"></span>tand<span class=\"_ _0\"></span>o,<span class=\"ff1\"> </span></span></span></span></span></span></span>per<span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> </span>simili<span class=\"ff1\"> </span>quotati,<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>valutazioni<span class=\"ff1\"> </span>fornite<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>tali<span class=\"ff1\"> </span>tecniche<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>relativi<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rezzi<span class=\"_ _2\"></span><span class=\"ff1\"> </span>quotati<span class=\"ff1\"> </span>(back<span class=\"ff1\"> </span>testing).<span class=\"ff1\"> </span>Inoltre,<span class=\"ff1\"> </span>l\u2019affidabilit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tali<span class=\"ff1\"> </span>tecniche<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>verificata,<span class=\"ff1\"> </span>ex<span class=\"ff1\"> </span>post,<span class=\"ff1\"> </span>monitorando<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>tempo<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>risultati<span class=\"ff1\"> </span>ottenut<span class=\"_ _2\"></span>i.<span class=\"_ _3bd\"> </span>Fo<span class=\"_ _1\"></span>ndi<span class=\"_ _3bd\"> </span>im<span class=\"_ _0\"></span>mo<span class=\"_ _1\"></span>bil<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>ch<span class=\"_ _0\"></span>ius<span class=\"_ _1\"></span>i<span class=\"fc0 sc1\"> </span>Al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fine<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tenere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"_ _2\"></span>n<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">consi<span class=\"_ _2\"></span>derazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019<span class=\"_ _2\"></span>indisponibilit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">c<span class=\"_ _2\"></span>ontinuative<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fondi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">immobiliari<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>hiusi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>quotati,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dovute<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">illiquidit\u00e0,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">assenza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mercato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">liquido<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sp<span class=\"_ _2\"></span>ecificit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ottostante,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">metodologia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ba<span class=\"_ _0\"></span>se<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>l\u2019i<span class=\"_ _0\"></span>ndiv<span class=\"_ _0\"></span>idu<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span>fa<span class=\"_ _0\"></span>ir<span class=\"ff1\"> </span>val<span class=\"_ _0\"></span>ue<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ttrib<span class=\"_ _1\"></span>uibile<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al</span> <span class=\"ff3\">c<span class=\"_ _0\"></span>api<span class=\"_ _0\"></span>tale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">soci<span class=\"_ _0\"></span>ale<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">soci<span class=\"_ _0\"></span>et\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">av<span class=\"_ _0\"></span>vie<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onsi<span class=\"_ _0\"></span>deran<span class=\"_ _0\"></span>do<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>lor<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">NAV<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">pi\u00f9<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">aggi<span class=\"_ _0\"></span>orn<span class=\"_ _0\"></span>ato<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>spon<span class=\"_ _0\"></span>ibil<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>(di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">norm<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>rito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">all<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>ch<span class=\"_ _0\"></span>ius<span class=\"_ _0\"></span>ura<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del</span> <span class=\"ff3\">s<span class=\"_ _0\"></span>emes<span class=\"_ _0\"></span>tre<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rec<span class=\"_ _0\"></span>eden<span class=\"_ _0\"></span>te)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">oppo<span class=\"_ _0\"></span>rtun<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>nte<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>rettificato<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fine<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>riflettere<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>scarsa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>liquid<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span>dell\u2019asset.<span class=\"_ _2\"></span> Pa<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>pro<span class=\"_ _1\"></span>pria<span class=\"_ _3bd\"> </span>em<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>sio<span class=\"_ _1\"></span>ne<span class=\"fc0 sc1\"> </span>Per<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>determinazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>passivit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>propria<span class=\"ff1\"> </span>emis<span class=\"_ _2\"></span>sione<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value,<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>tiene<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>anche<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>proprio<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>emittente.<span class=\"_ _3bd\"> </span>La<span class=\"ff1\"> </span>costruzione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>pi\u00f9<span class=\"ff1\"> </span>curve<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>credit<span class=\"ff1\"> </span>spread<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>rende<span class=\"ff1\"> </span>necessaria,<span class=\"ff1\"> </span>nell\u2019ambito<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>option,<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span></span></span>fine<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valorizzare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>st<span class=\"_ _2\"></span>rumenti<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _20\"></span></span>negoziati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>su<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mercati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>attivi<span class=\"_ _3bd\"> </span>1<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>full<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _2\"></span></span>value.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>concetto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>full<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _2\"></span></span>comprende,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rispett<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>semplice<span class=\"ff1\"> <span class=\"_ _2\"></span></span>at<span class=\"_ _2\"></span>tualizzazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sulla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>c<span class=\"_ _2\"></span>urva<span class=\"ff1\"> <span class=\"_ _2\"></span></span>risk<span class=\"ff1\"> <span class=\"_ _2\"></span></span>free<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cash<span class=\"ff1\"> <span class=\"_ _2\"></span></span>flows<span class=\"ff1\"> <span class=\"_ _20\"></span></span>generati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dallo<span class=\"ff1\"> </span>strumento,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ulterior<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>aggiustamento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>enga<span class=\"ff1\"> <span class=\"_ _20\"></span></span>conto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">rischio</span> <span class=\"_ _20\"></span><span class=\"ff3\">emittente:</span> <span class=\"_ _20\"></span><span class=\"ff3\">l\u2019aggiustamento<span class=\"_ _2\"></span>,</span> <span class=\"_ _20\"></span><span class=\"ff3\">ovvero</span> <span class=\"_ _21\"></span><span class=\"ff3\">il</span> </span>credit<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">spread,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">assume<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>forma<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">uno<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">spread<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">additivo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sulla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">c<span class=\"_ _2\"></span>urva<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>isk<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">free<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ed<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">entit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">diversa<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sulle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">diverse<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>scadenze<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>temporali.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>credit<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>spread<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>relativo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ad<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>emittente,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>inoltre,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>esprimendo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>un\u2019indicazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sulla<span class=\"ff1\"> </span>probabilit\u00e0<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>sull\u2019entit\u00e0<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>r<span class=\"_ _2\"></span>imborso<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>dell\u2019emissione,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>diverso<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>base<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>alla<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>seniority<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>dell\u2019emissione:<span class=\"ff1\"> </span>un\u2019emissione<span class=\"ff1\"> </span>senior<span class=\"ff1\"> </span>avr\u00e0<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>credit<span class=\"ff1\"> </span>spread<span class=\"ff1\"> </span>inferiore<span class=\"ff1\"> </span>rispetto<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>un\u2019emissione<span class=\"ff1\"> </span>subordinata.<div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs937\">L\u2019applicazione<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>Fair<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Value<span class=\"ff1\"> </span>Option<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>passivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>prevede<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>dia<span class=\"ff1\"> </span>evidenza<span class=\"ff1\"> </span>dell\u2019ammo<span class=\"_ _2\"></span>ntare<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs938\">delle<span class=\"ff1\"> </span>variazioni<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs939\">fair</div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs93a\">value</div><div class=\"t m0 h9 ff1 fs4 fc0 sc0 ls0 ws0 gs93b\"> <span class=\"ff3 fs5\">attribu<span class=\"_ _0\"></span>ibili<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>variazioni<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">solo<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> </span>creditizio<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>strumento. </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs93c\">I<span class=\"ff1\"> </span>fat<span class=\"_ _2\"></span>tori<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dovuti<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>merito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>creditizio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>vengono<span class=\"ff1\"> </span>incorporat<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>nella<span class=\"ff1\"> <span class=\"_ _2\"></span></span>curva<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>att<span class=\"_ _2\"></span>ualizzazione<span class=\"ff1\"> </span>(usat<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs93d\">calcolo<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Fair<span class=\"ff1\"> </span>Value)<span class=\"ff1\"> </span>applicando<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>curva<span class=\"ff1\"> </span>risk<span class=\"ff1\"> </span>free<span class=\"ff1\"> </span>uno<span class=\"ff1\"> </span>spread<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> </span>renda<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>emittente. </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs93e\">Con<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ta<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">meto<span class=\"_ _0\"></span>do<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alut<span class=\"_ _0\"></span>ativ<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">possi<span class=\"_ _0\"></span>bil<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>se<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>rare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>ver<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ompo<span class=\"_ _0\"></span>nenti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>o,<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>isc<span class=\"_ _0\"></span>hio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tass<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ris<span class=\"_ _0\"></span>chio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cre<span class=\"_ _0\"></span>dito<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs93f\">Riguardo<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>merito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>creditizio,<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>proceduto<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>separare<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>credito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dovuto<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>variazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>merito<span class=\"_ _0\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs940\">creditizio<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>corso<span class=\"ff1\"> </span>dell\u2019ultimo<span class=\"ff1\"> </span>anno<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>momento<span class=\"ff1\"> </span>dell\u2019emissione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>titolo<span class=\"ff1\"> </span>(o<span class=\"ff1\"> </span>dall\u2019FTA<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>IAS). </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs941\">I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fatt<span class=\"_ _0\"></span>ori<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>sid<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>ei<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>alc<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sono<span class=\"_ _0\"></span>: </span></span></span></span></span></span></div><div class=\"t m4 h2c ff4 fs5 fc0 sc0 ls0 ws0 gs942\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs943\">il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ta<span class=\"_ _0\"></span>sso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">me<span class=\"_ _0\"></span>rca<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fre<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risk<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">os<span class=\"_ _0\"></span>serv<span class=\"_ _0\"></span>ato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">all<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ata<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">v<span class=\"_ _0\"></span>aluta<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one; </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m4 h2c ff4 fs5 fc0 sc0 ls0 ws0 gs944\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs945\">il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>redit<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sp<span class=\"_ _0\"></span>read<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">os<span class=\"_ _0\"></span>ser<span class=\"_ _0\"></span>vato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>lla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">data<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span>missi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ini<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>ale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">t<span class=\"_ _0\"></span>itolo<span class=\"_ _0\"></span>; </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m4 h2c ff4 fs5 fc0 sc0 ls0 ws0 gs946\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs947\">il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>redit<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">spre<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">oss<span class=\"_ _0\"></span>erv<span class=\"_ _0\"></span>ato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019a<span class=\"_ _0\"></span>nno<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rec<span class=\"_ _0\"></span>eden<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">all<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>da<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valu<span class=\"_ _0\"></span>tazi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">od<span class=\"_ _0\"></span>iern<span class=\"_ _0\"></span>a; </span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m4 h2c ff4 fs5 fc0 sc0 ls0 ws0 gs948\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs949\">il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>redit<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sp<span class=\"_ _0\"></span>read<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">os<span class=\"_ _0\"></span>ser<span class=\"_ _0\"></span>vato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>lla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">data<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">v<span class=\"_ _0\"></span>aluta<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one. </span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs94a\">Attraverso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">confronto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs94b\">fair</div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs94c\">value</div><div class=\"t m0 h9 ff1 fs4 fc0 sc0 ls0 ws0 gs94d\"> <span class=\"_ _1\"></span><span class=\"ff3 fs5\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mercato<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">data<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valutazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs94e\">fair</div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs94f\">value</div><div class=\"t m0 h9 ff1 fs4 fc0 sc0 ls0 ws0 gs950\"> <span class=\"_ _1\"></span><span class=\"ff3 fs5\">calcolato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">utilizzando<span class=\"ff1\"> </span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs951\">il<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>credito<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>osservato<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>momento<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>dell\u2019emissione<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>(o<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>all\u2019an<span class=\"_ _0\"></span>no<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>precedente),<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _23\"> </span><span class=\"ff3\">risulta</span> <span class=\"_ _1d\"> </span><span class=\"ff3\">poss<span class=\"_ _2\"></span>ibile</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs952\">determinare<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>variazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs953\">fair</div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs954\">value</div><div class=\"t m0 h9 ff1 fs4 fc0 sc0 ls0 ws0 gs955\"> <span class=\"ff3 fs5\">imp<span class=\"_ _0\"></span>utabili<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>sole<span class=\"ff1\"> </span>variazioni<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>credito<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>ell\u2019ultimo<span class=\"ff1\"> </span>anno,<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs956\">dal<span class=\"ff1\"> </span>momento<span class=\"ff1\"> </span>dell\u2019emissione. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs957\">Le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>curve<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rettificate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>merito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cre<span class=\"_ _2\"></span>dito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019emittente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ottengono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>ommando<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tas<span class=\"_ _2\"></span>si<span class=\"ff1\"> <span class=\"_ _2\"></span></span>zero<span class=\"ff1\"> <span class=\"_ _2\"></span></span>coupon<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(o<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs958\">tassi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>r<span class=\"_ _2\"></span>isk<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>free)<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>credi<span class=\"_ _0\"></span>t<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>pread<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>esprime<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff3\">m<span class=\"_ _2\"></span>erito</span> <span class=\"_ _27\"> </span><span class=\"ff3\">creditizio</span> <span class=\"_ _27\"> </span><span class=\"ff3\">dell\u2019<span class=\"_ _2\"></span>emittente</span> <span class=\"_ _27\"> </span><span class=\"ff3\">stesso.</span> <span class=\"_ _27\"> </span><span class=\"ff3\">Tali</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">curve<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff3\">sono</span> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs959\">utilizzate<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>obbligazioni<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>quotate<span class=\"ff1\"> </span>sui<span class=\"ff1\"> </span>mercati<span class=\"ff1\"> </span>at<span class=\"_ _2\"></span>tivi. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs95a\">Con<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valu<span class=\"_ _0\"></span>tazi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs95b\">Fair</div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs95c\">Val<span class=\"_ _0\"></span>ue</div><div class=\"t m0 h9 ff1 fs4 fc0 sc0 ls0 ws0 gs95d\"> <span class=\"_ _0\"></span><span class=\"ff3 fs5\">per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tutt<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gl<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">strum<span class=\"_ _0\"></span>enti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rela<span class=\"_ _0\"></span>tivi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">si<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>olo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span>mit<span class=\"_ _0\"></span>tente<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">anch<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">quel<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">emess<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs95e\">dal<span class=\"ff1\"> </span>Gruppo),<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>possono<span class=\"ff1\"> </span>costruire<span class=\"ff1\"> </span>tre<span class=\"ff1\"> </span>curve: </div><div class=\"t m4 h2c ff4 fs5 fc0 sc0 ls0 ws0 gs95f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs960\">un<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">curv<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">senio<span class=\"_ _0\"></span>r; </span></span></span></span></div><div class=\"t m4 h2c ff4 fs5 fc0 sc0 ls0 ws0 gs961\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs962\">un<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">curv<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">subordi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>ta; </span></span></span></span></div><div class=\"t m4 h2c ff4 fs5 fc0 sc0 ls0 ws0 gs963\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs964\">un<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">curv<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">covere<span class=\"_ _0\"></span>d. </span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs965\">Per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>determinazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>credit<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>pread<span class=\"ff1\"> <span class=\"_ _20\"></span></span>senior,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>presenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>ul<span class=\"ff1\"> <span class=\"_ _20\"></span></span>mercato<span class=\"ff1\"> <span class=\"_ _21\"></span></span>emissioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>senior<span class=\"ff1\"> <span class=\"_ _21\"></span></span>liquide,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>si<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs966\">utilizzano<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>credit<span class=\"ff1\"> </span>spread<span class=\"ff1\"> </span>impliciti<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> </span>quotazioni<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>emissioni<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>oggetto. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs967\">In<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>par<span class=\"_ _2\"></span>ticolare<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Credem<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>son<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>presi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>riferimento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>titoli<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>app<span class=\"_ _0\"></span>artenenti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pro<span class=\"_ _2\"></span>gramma<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>EMTN<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nostre<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs968\">emissioni<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>emittenti<span class=\"ff1\"> </span>comparable<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ari<span class=\"ff1\"> </span>carat<span class=\"_ _2\"></span>teristiche<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>settore<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rating<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>desumere<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>strutt<span class=\"_ _2\"></span>ura<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs969\">di<span class=\"ff1\"> </span>scadenze<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>curva. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs96a\">Nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dettaglio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">determinazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">credit<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>pread<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">avvien<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">part<span class=\"_ _2\"></span>ire<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">curva<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">benchmark<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">banc<span class=\"_ _2\"></span>aria<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">italiana<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs96b\">(ottenuta<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dall\u2019emittente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Intesa<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">S.Paolo)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sulla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">quale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">applica<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">v<span class=\"_ _2\"></span>incolo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">medio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">emissioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">liq<span class=\"_ _2\"></span>uide<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">senior<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs96c\">e<span class=\"ff1\"> </span>sub<span class=\"_ _0\"></span>ord<span class=\"_ _0\"></span>inati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">emit<span class=\"_ _0\"></span>ten<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>com<span class=\"_ _0\"></span>para<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>es.<span class=\"ff1\"> </span>La<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">cu<span class=\"_ _0\"></span>rva<span class=\"ff1\"> </span>cov<span class=\"_ _0\"></span>ered<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">viene<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">deter<span class=\"_ _0\"></span>mina<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>tram<span class=\"_ _0\"></span>ite<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un</span> <span class=\"ff3\">meto<span class=\"_ _0\"></span>do<span class=\"ff1\"> </span>sp<span class=\"_ _0\"></span>line<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fitti<span class=\"_ _0\"></span>ng<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs96d\">delle<span class=\"ff1\"> </span>quotazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>emissioni<span class=\"ff1\"> </span>comparables<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>rispettano<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>crit<span class=\"_ _2\"></span>eri<span class=\"ff1\"> </span>definiti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>liquidit\u00e0. </div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs96e\">Criter<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs96f\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs970\">deter<span class=\"_ _0\"></span>minazio<span class=\"_ _1\"></span>ne<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs971\">del<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs972\">fair<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs973\">value<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs974\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs975\">attivit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs976\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs977\">pass<span class=\"_ _0\"></span>ivit\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs978\">non<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs979\">misu<span class=\"_ _0\"></span>rate<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs97a\">al<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs97b\">fair<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs97c\">value<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs97d\">su<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs97e\">base<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs97f\">ricor<span class=\"_ _0\"></span>rente<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs980\">Di<span class=\"ff1\"> </span>s<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs981\">eguito<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>riportano<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>informazioni<span class=\"ff1\"> </span>richieste<span class=\"ff1\"> </span>dall\u2019IFRS<span class=\"ff1\"> </span>13. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs982\">Per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rapporti<span class=\"ff1\"> </span>creditizi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivi<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>assivi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> </span>mi<span class=\"_ _0\"></span>surati<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">su<span class=\"ff1\"> </span>base<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>icorrente,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>fai<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>value,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ripo<span class=\"_ _2\"></span>rtato<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>lle<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs983\">tabelle<span class=\"ff1\"> </span>presenti<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> </span>note<span class=\"ff1\"> </span>illustrative,<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>stato<span class=\"ff1\"> </span>determinato<span class=\"ff1\"> </span>co<span class=\"_ _2\"></span>n<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>seguenti<span class=\"ff1\"> </span>criteri: </div><div class=\"t m4 h2c ff4 fs5 fc0 sc0 ls0 ws0 gs984\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs985\">per<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pass<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>vista,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> </span>scade<span class=\"_ _0\"></span>nza<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">breve<span class=\"ff1\"> </span>termine<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(<span class=\"_ _2\"></span>entro<span class=\"ff1\"> </span>12<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mesi)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>indeterminata,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs986\">di<span class=\"ff1\"> </span>iscrizione;<span class=\"ff1\"> </span>stessa<span class=\"ff1\"> </span>impostazione<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>stata<span class=\"ff1\"> </span>utilizzata<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>crediti<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>performing; </div><div class=\"t m4 h2c ff4 fs5 fc0 sc0 ls0 ws0 gs987\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs988\">per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>titoli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>emessi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>tasso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>var<span class=\"_ _2\"></span>iabi<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>p<span class=\"_ _2\"></span>er<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quelli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>tasso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fisso<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span><span class=\"ff3\">breve</span> <span class=\"_ _2\"></span><span class=\"ff3\">term<span class=\"_ _2\"></span>ine</span> <span class=\"_ _20\"></span><span class=\"ff3\">(entro</span> <span class=\"_ _20\"></span><span class=\"ff3\">12</span> <span class=\"_ _20\"></span><span class=\"ff3\">mesi)</span> <span class=\"_ _1d\"> </span><span class=\"ff3\">il</span> <span class=\"_ _2\"></span><span class=\"ff3\">valor<span class=\"_ _2\"></span>e</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs989\">contabile<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>stato<span class=\"ff1\"> </span>assunto<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>approssimazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value; </div><div class=\"t m4 h2c ff4 fs5 fc0 sc0 ls0 ws0 gs98a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs98b\">per<span class=\"ff1\">  </span>l<span class=\"_ _0\"></span>e<span class=\"ff1\">  </span>attivit\u00e0<span class=\"ff1\">  </span>e<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">passivit\u00e0</span>  <span class=\"ff3\">a<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">m<span class=\"_ _0\"></span>edio<span class=\"ff1\">  </span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>lungo<span class=\"ff1\">  </span>termine,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\">  </span>valutazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u00e8<span class=\"ff1\">  </span>stata<span class=\"ff1\">  </span>de<span class=\"_ _0\"></span>terminata<span class=\"ff1\">  </span>mediante<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs98c\">l\u2019<span class=\"_ _0\"></span>attu<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>zzazi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">flu<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">c<span class=\"_ _0\"></span>assa<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fut<span class=\"_ _0\"></span>uri.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Tale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">op<span class=\"_ _0\"></span>eraz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>sta<span class=\"_ _0\"></span>ta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ese<span class=\"_ _0\"></span>gui<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>ut<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>zzand<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>tas<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span>p<span class=\"_ _1\"></span>rivi<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>risc<span class=\"_ _0\"></span>hio<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs98d\">e,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>att<span class=\"_ _2\"></span>ivit\u00e0,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>correggendo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cassa<span class=\"ff1\"> <span class=\"_ _20\"></span></span>futuri,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tenendo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>co<span class=\"_ _2\"></span>nto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischiosit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contropart<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs98e\">mediante<span class=\"ff1\"> </span>parametri<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>PD<span class=\"ff1\"> </span>(Probability<span class=\"ff1\"> </span>of<span class=\"ff1\"> </span>Default)<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>LGD<span class=\"ff1\"> </span>(Loss<span class=\"ff1\"> </span>Given<span class=\"ff1\"> </span>Default); </div><div class=\"t m4 h2c ff4 fs5 fc0 sc0 ls0 ws0 gs98f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs990\">per<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>titoli<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"_ _0\"></span>messi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tasso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fisso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>medio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>lungo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>temine<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\">  </span>v<span class=\"_ _0\"></span>alutazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>stata<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>effe<span class=\"_ _0\"></span>ttuata<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>me<span class=\"_ _0\"></span>diante<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs991\">l\u2019attualizzazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cassa<span class=\"ff1\"> </span>futuri,<span class=\"ff1\"> </span>corr<span class=\"_ _2\"></span>etta<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>emittente<span class=\"ff1\"> </span>associato<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>Credem. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs992\">Per<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tali<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>strumenti,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>determinazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fair<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>value<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>basa<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>anche<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sull\u2019utilizzo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>paramet<span class=\"_ _2\"></span>ri<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>interni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs993\">direttamente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>osservabili<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ul<span class=\"ff1\"> </span>mercato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ed<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> </span>calcolato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>solo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ai<span class=\"ff1\"> </span>fini<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>adempiere<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alle<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>ichieste<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>infor<span class=\"_ _2\"></span>mativa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs994\">non<span class=\"ff1\"> </span>ha<span class=\"ff1\"> </span>alcun<span class=\"ff1\"> </span>impatto<span class=\"ff1\"> </span>sullo<span class=\"ff1\"> </span>stato<span class=\"ff1\"> </span>patrimoniale<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>sul<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico. </div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs996\">Conglo<span class=\"_ _0\"></span>merat<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs997\">finanz<span class=\"_ _0\"></span>iario<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs998\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs999\">faco<span class=\"_ _0\"></span>lt\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs99a\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs99b\">differir<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs99c\">l\u2019applica<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs99d\">dell\u2019IFR<span class=\"_ _0\"></span>S<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs99e\">9<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs99f\">per<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs9a0\">il<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs9a1\">settore<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs9a2\">assi<span class=\"_ _0\"></span>curativo<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs9a3\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs9a4\">Opzion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs9a5\">per<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs9a6\">il<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs9a7\">Deferra<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs9a8\">App<span class=\"_ _0\"></span>roach<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs9a9\">Il<span class=\"ff1\">  </span>Gruppo<span class=\"ff1\">  </span>Cred<span class=\"_ _0\"></span>em,<span class=\"ff1\">  </span>a<span class=\"ff1\">  </span>partire<span class=\"ff1\">  </span>dal<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">mese</span>  <span class=\"ff3\">di</span>  <span class=\"ff3\">ottobre</span>  <span class=\"ff3\">2<span class=\"_ _0\"></span>017<span class=\"ff1\">  </span>\u00e8<span class=\"ff1\">  </span>sta<span class=\"_ _0\"></span>to<span class=\"ff1\">  </span>inserito<span class=\"ff1\">  </span>dall\u2019Autorit\u00e0<span class=\"ff1\">  </span>di<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">Vigilanza</span>  <span class=\"ff3\">tra</span>  <span class=\"ff3\">i<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs9aa\">conglomerati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziari,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vale<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>ire<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tra<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">soggetti<span class=\"ff1\"> </span>che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">svolgono<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">significativa<span class=\"ff1\"> </span>sia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">settor<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">bancario<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs9ab\">dei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ser<span class=\"_ _2\"></span>vizi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>investimento,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sett<span class=\"_ _2\"></span>ore<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>assicurativo.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Conseguentemente,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>qualit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>conglomerato<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs9ac\">finanziario<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>prevalenza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>bancaria<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Gr<span class=\"_ _2\"></span>uppo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Credem<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ha<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>deciso<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>avvalersi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>deroga<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>UE<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ha<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs9ad\">modificato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>l\u2019emendamento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>all\u2019IFRS<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>4<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span></span>emanato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dello<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>IASB<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>prevede<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>l\u2019opzione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>applicazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>c.d.<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs9ae\">\u201cDeferral<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Approach\u201d<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>(o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Temporary<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Exemption),<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>virt\u00f9<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>quale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>passivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs9af\">Credemvita<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(la<span class=\"ff1\"> </span>Compagnia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>assicurativa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>controllata)<span class=\"ff1\"> </span>co<span class=\"_ _2\"></span>ntinueranno<span class=\"ff1\"> </span>ad<span class=\"ff1\"> <span class=\"_ _2\"></span></span>essere<span class=\"ff1\"> </span>rilevate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sensi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs9b0\">quanto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">prescrit<span class=\"_ _2\"></span>to<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dallo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">IAS<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">39,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attesa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dell\u2019en<span class=\"_ _0\"></span>trat<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vigore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nuovo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pr<span class=\"_ _2\"></span>incipio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">contabile<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">internazionale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">su<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs9b1\">contratti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ass<span class=\"_ _2\"></span>icurativi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(IFRS<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">17),<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prevista<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">20<span class=\"_ _2\"></span>23.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rinvio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dell'adozione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dell'IFRS<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">9<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">parte<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>elle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">compagnie<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs9b2\">ass<span class=\"_ _0\"></span>icu<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>ve<span class=\"ff1\"> </span>imp<span class=\"_ _0\"></span>one,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">quind<span class=\"_ _0\"></span>i,<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>part<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dal</span> <span class=\"ff3\">1\u00b0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">gen<span class=\"_ _0\"></span>nai<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>2018,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l'ap<span class=\"_ _0\"></span>pli<span class=\"_ _0\"></span>cazi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">due</span> <span class=\"ff3\">diff<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">pri<span class=\"_ _0\"></span>ncip<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>cont<span class=\"_ _0\"></span>abil<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs9b3\">le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>passivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nell'ambito<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>bilancio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>consolidato<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Gr<span class=\"_ _2\"></span>uppo.<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Alla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>luce<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>d<span class=\"_ _2\"></span>ell\u2019autonomia<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs9b4\">lasciata<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dalla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Banca<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d\u2019Italia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sull<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>modalit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rappresentar<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>scelta<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ed<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>suoi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>effett<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>bilancio,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs9b5\">Gruppo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ha<span class=\"ff1\"> <span class=\"_ _21\"></span></span>deci<span class=\"_ _0\"></span>so<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>introdurre<span class=\"ff1\"> <span class=\"_ _20\"></span></span>apposite<span class=\"ff1\"> <span class=\"_ _20\"></span></span>voci<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ne<span class=\"_ _0\"></span>gli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>schemi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ufficiali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>bilancio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>consolidato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>previsti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dal<span class=\"ff1\"> <span class=\"_ _21\"></span></span>6\u00b0<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs9b6\">aggiornamento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Circolare<span class=\"ff1\"> <span class=\"_ _20\"></span></span>262<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fornire<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>relative<span class=\"ff1\"> <span class=\"_ _20\"></span></span>disclosures<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ne<span class=\"_ _0\"></span>lla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Not<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Integrativa<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>bilancio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nel<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs9b7\">rispetto<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>quanto<span class=\"ff1\">  </span>richiesto<span class=\"ff1\">  </span>dall<span class=\"_ _0\"></span>\u2019IFRS<span class=\"ff1\">  </span>7,<span class=\"ff1\">  </span>n<span class=\"_ _0\"></span>onch\u00e9<span class=\"ff1\">  </span>dall\u2019Amendment<span class=\"ff1\">  </span>all\u2019IFRS<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>4,<span class=\"ff1\">  </span>che<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>s<span class=\"_ _2\"></span>i<span class=\"ff1\">  </span>pone<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\">  </span>finalit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs9b8\">rappresentare<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">requisiti<span class=\"ff1\"> </span>necessari<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>beneficiare<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell\u2019esenzione<span class=\"ff1\"> </span>temporanea<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">garantire<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>confronto<span class=\"ff1\"> </span>tra<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs9b9\">gli<span class=\"ff1\"> </span>assicuratori<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>applicano<span class=\"ff1\"> </span>l\u2019esenzione<span class=\"ff1\"> </span>temporanea<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>entit\u00e0<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>applicano<span class=\"ff1\"> </span>l\u2019IFRS<span class=\"ff1\"> </span>9. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs9ba\">Pi\u00f9<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dettaglio,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>negli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>schemi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>consolidati<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>previsti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>6\u00b0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>aggior<span class=\"_ _2\"></span>namento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Circolare<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>26<span class=\"_ _2\"></span>2<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>state<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs9bb\">aggiunte<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>seguenti<span class=\"ff1\"> </span>voci: </div><div class=\"t m2 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs9bc\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs9bd\">Stato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Patrimoniale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Attivo:<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u201cVoce<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>3<span class=\"_ _2\"></span>5.<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>pert<span class=\"_ _2\"></span>inenza<span class=\"ff1\"> <span class=\"_ _21\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>imprese<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>as<span class=\"_ _2\"></span>sicurazione<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs9be\">valutate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ai<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sensi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dello<span class=\"ff1\"> </span>I<span class=\"_ _0\"></span>AS<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">39\u201d<span class=\"_ _2\"></span>,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">accoglie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">detenute<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">p<span class=\"_ _2\"></span>er<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">negoziazione,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs9bf\">attivit\u00e0<span class=\"ff1\"> </span>finanzi<span class=\"_ _0\"></span>arie<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fai<span class=\"_ _2\"></span>r<span class=\"ff1\"> </span>value<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">disponibili<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vendita<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gli<span class=\"ff1\"> </span>eventuali<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>rivati<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs9c0\">con<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>positivo,<span class=\"ff1\"> </span>cos\u00ec<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>definiti<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>rispetto<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>IAS<span class=\"ff1\"> </span>39; </div><div class=\"t m2 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs9c1\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs9c2\">Stato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Patrimoniale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Attivo:<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u201cVoce<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>4<span class=\"_ _2\"></span>5.<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>pertinenza<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>imprese<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ass<span class=\"_ _2\"></span>icurazione<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs9c3\">valutate<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>costo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ammortizzato<span class=\"ff1\"> </span>ai<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sensi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dello<span class=\"ff1\"> </span>IAS<span class=\"ff1\"> <span class=\"_ _2\"></span></span>39\u201d,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> </span>accoglie<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziarie<span class=\"ff1\"> </span>detenute<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sino<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs9c4\">scadenza,<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>crediti<span class=\"ff1\"> </span>verso<span class=\"ff1\"> </span>banche<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>que<span class=\"_ _0\"></span>lli<span class=\"ff1\"> </span>verso<span class=\"ff1\"> </span>clientela,<span class=\"ff1\"> </span>cos\u00ec<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>definiti<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>rispetto<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>IAS<span class=\"ff1\"> </span>39; </div><div class=\"t m2 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs9c5\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs9c6\">Stato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Patrimoniale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u2013<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Passivo:<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u201cVoce<span class=\"ff1\"> <span class=\"_ _2\"></span></span>15.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Pass<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziarie<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pertinenza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>imprese<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>assicurazione<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs9c7\">valutate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>costo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ammortizzato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ai<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sensi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dello<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>IAS<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>39\u201d<span class=\"_ _2\"></span>,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>accoglie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff3\">i</span> <span class=\"_ _27\"> </span><span class=\"ff3\">debiti</span> <span class=\"_ _21\"> </span><span class=\"ff3\">verso</span> <span class=\"_ _21\"> </span><span class=\"ff3\">banche,</span> <span class=\"_ _21\"> </span><span class=\"ff3\">i</span> <span class=\"_ _21\"> </span><span class=\"ff3\">debiti</span> <span class=\"_ _21\"> </span><span class=\"ff3\">verso</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs9c8\">clientela<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>circolazione,<span class=\"ff1\"> </span>cos\u00ec<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>definiti<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>rispetto<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>IAS<span class=\"ff1\"> </span>39; </div><div class=\"t m2 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs9c9\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs9ca\">Stato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Patrimoniale<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Passivo:<span class=\"ff1\"> </span>\u201cVoce<span class=\"ff1\"> <span class=\"_ _2\"></span></span>35.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Passivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pert<span class=\"_ _2\"></span>inenza<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>imprese<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>assicurazione<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs9cb\">valutate<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>ai<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sensi<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>IAS<span class=\"ff1\"> </span>39\u201d,<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>accoglie<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>passivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">negoziazione,<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>passivit\u00e0<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs9cc\">finanziarie<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>air<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>derivati<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>negativo,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cos\u00ec<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>definiti<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>rispetto<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>IAS<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs9cd\">39<span class=\"_ _1\"></span>; </div><div class=\"t m2 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs9ce\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs9cf\">Stato<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>Patrimoniale<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>\u2013<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>Passivo:<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>\u201cVoce<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>1<span class=\"_ _2\"></span>25.<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>Ri<span class=\"_ _0\"></span>serve<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>valutazione<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>p<span class=\"_ _2\"></span>ertinenza<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>imprese<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs9d0\">assicurazione\u201d,<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>accoglie<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>riserve<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>disponibili<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>vendita; </div><div class=\"t m2 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs9d1\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs9d2\">Con<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>Ec<span class=\"_ _0\"></span>onomi<span class=\"_ _0\"></span>co:<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u201cVoce<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">115.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">Ri<span class=\"_ _0\"></span>sulta<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>tto<span class=\"ff1\"> </span>dell<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>att<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>passi<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>fina<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>arie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">pe<span class=\"_ _0\"></span>rtine<span class=\"_ _0\"></span>nza<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">delle</span> <span class=\"ff3\">imp<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>se<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs9d3\">di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>assicurazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>ensi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>de<span class=\"_ _2\"></span>llo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>IAS<span class=\"ff1\"> <span class=\"_ _20\"></span></span>39\u201d,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ac<span class=\"_ _2\"></span>coglie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tut<span class=\"_ _2\"></span>te<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>componenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>conto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>economico<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>iferibili<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs9d4\">controllata<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>assicurativa<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ad<span class=\"ff1\"> <span class=\"_ _21\"></span></span>eccezione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>premi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>netti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>saldo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>degli<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>altri<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>proventi/oneri<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>gestione<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs9d5\">assicurativa,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">confluiscono</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">a</span> <span class=\"_ _27\"> </span><span class=\"ff3\">voce</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">propria,</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">delle</span> <span class=\"_ _27\"> </span><span class=\"ff3\">commis<span class=\"_ _2\"></span>sioni</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">c<span class=\"_ _0\"></span>he<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>r<span class=\"_ _2\"></span>appresentate<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>insieme<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>all<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs9d6\">analoghe<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>poste<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>banc<span class=\"_ _0\"></span>ari<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>d<span class=\"_ _2\"></span>elle<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>\u201crettifiche/riprese<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>v<span class=\"_ _0\"></span>alor<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>nette<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _23\"> </span><span class=\"ff3\">pertinenza</span> <span class=\"_ _23\"> </span><span class=\"ff3\">delle</span> <span class=\"_ _23\"> </span><span class=\"ff3\">imprese</span> <span class=\"_ _23\"> </span><span class=\"ff3\">di</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs9d7\">assicurazione<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>sensi<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>IAS<span class=\"ff1\"> </span>39\u201d,<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>ilevate<span class=\"ff1\"> </span>nell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>voce<span class=\"ff1\"> </span>135<span class=\"_ _2\"></span>,<span class=\"ff1\"> </span>appositamente<span class=\"ff1\"> </span>aperta; </div><div class=\"t m2 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs9d8\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs9d9\">Conto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Economico:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u201cVoce<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">1<span class=\"_ _2\"></span>35.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Rettifiche/riprese<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nette<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pertinenza<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">imprese<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">assicurazione<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs9da\">ai<span class=\"ff1\"> </span>sensi<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>IAS<span class=\"ff1\"> </span>39\u201d,<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>accoglie<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>eventuali<span class=\"ff1\"> </span>rettifiche/riprese<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valore. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs9db\">Nel<span class=\"ff1\"> </span>corso<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>primo<span class=\"ff1\"> </span>semestre<span class=\"ff1\"> </span>2022<span class=\"ff1\"> </span>Credemvita<span class=\"ff1\"> </span>ha<span class=\"ff1\"> </span>continuato<span class=\"ff1\"> </span>l\u2019implementazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>principio<span class=\"ff1\"> </span>c<span class=\"_ _2\"></span>ontabile<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs9dc\">IFRS17.<span class=\"ff1\"> </span>Il<span class=\"ff1\"> </span>Progetto,<span class=\"ff1\"> </span>articolato<span class=\"ff1\"> </span>nei<span class=\"ff1\"> </span>seguenti<span class=\"ff1\"> </span>cantieri </div><div class=\"t m2 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs9dd\">A.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs9de\">Dis<span class=\"_ _0\"></span>egn<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>vilup<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">m<span class=\"_ _0\"></span>odel<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">bus<span class=\"_ _0\"></span>ine<span class=\"_ _0\"></span>ss; </span></span></span></span></span></span></span></span></span></span></div><div class=\"t m2 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs9df\">B.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs9e0\">Ade<span class=\"_ _0\"></span>gua<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>pri<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>pi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>tabi<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>IF<span class=\"_ _0\"></span>RS1<span class=\"_ _0\"></span>7<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">IFRS<span class=\"_ _0\"></span>9; </span></span></span></span></div><div class=\"t m2 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs9e1\">C.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs9e2\">Si<span class=\"_ _0\"></span>mula<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>tto<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>titati<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>; </span></span></div><div class=\"t m2 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs9e3\">D.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs9e4\">Ta<span class=\"_ _0\"></span>rge<span class=\"_ _0\"></span>t<span class=\"ff1\"> </span>ope<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">m<span class=\"_ _0\"></span>odel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>P<span class=\"_ _1\"></span>MO;<span class=\"_ _0\"></span> </span></span></span></span></div><div class=\"t m2 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs9e5\">E.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs9e6\">Im<span class=\"_ _0\"></span>ple<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>ntab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">I<span class=\"_ _0\"></span>T;<span class=\"_ _0\"></span> </span></span></div><div class=\"t m2 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs9e7\">F.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs9e8\">Cantiere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Dat<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">definire<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>i\u00f9<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">efficace<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">arch<span class=\"_ _2\"></span>itettura<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sistemi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">applicativi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">coinvolti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pro<span class=\"_ _2\"></span>cesso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs9e9\">produzione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> </span>secondo<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>principi<span class=\"ff1\"> </span>contabili<span class=\"ff1\"> </span>IFRS17/9, </div>ha<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">visto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">completati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pr<span class=\"_ _2\"></span>imi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">due,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mentre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">so<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">corso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finalizzazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">restanti<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>antieri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">hann<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019obiettivo<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> </span>implementare,<span class=\"ff1\"> </span>at<span class=\"_ _2\"></span>traverso<span class=\"ff1\"> </span>piattaforme<span class=\"ff1\"> </span>dedicate,<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>metodologi<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>definite<span class=\"ff1\"> </span>nonch\u00e9<span class=\"ff1\"> </span>definire<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> </span>nuovi<span class=\"ff1\"> </span>pro<span class=\"_ _2\"></span>cessi<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">closing.<span class=\"_ _3bd\"> </span></span></span>Il<span class=\"ff1\"> </span>disegno<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>lo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sviluppo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> </span>modelli<span class=\"ff1\"> </span>ha<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tenuto<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>degli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>orientamenti<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>principi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contabili<span class=\"ff1\"> </span>IFRS9<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>IFRS17,<span class=\"ff1\"> </span>cosi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>come<span class=\"ff1\"> </span>questo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ultimo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>approvato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nella<span class=\"ff1\"> <span class=\"_ _2\"></span></span>versione<span class=\"ff1\"> </span>IFR<span class=\"_ _2\"></span>S<span class=\"ff1\"> <span class=\"_ _2\"></span></span>17<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u201cContratti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>assicurativi\u201d<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Regolamento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(UE)<span class=\"ff1\"> </span>2021/2036<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>Commissione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>19<span class=\"ff1\"> </span>novembre<span class=\"ff1\"> </span>2021,<span class=\"ff1\"> </span>ricercando<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>piena<span class=\"ff1\"> </span>conformit\u00e0<span class=\"ff1\"> </span>normativa.<span class=\"_ _3bd\"> </span>La<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>isclosure<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tema<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">trans<span class=\"_ _2\"></span>izione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">all\u2019IFRS<span class=\"ff1\"> </span>17<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">IFRS<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">9<span class=\"ff1\"> </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fornita</span> <span class=\"_ _1\"></span><span class=\"ff3\">sulla<span class=\"ff1\"> </span>base<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">comunicato<span class=\"ff1\"> </span>congiunto<span class=\"ff1\"> </span>B<span class=\"_ _0\"></span>anca<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>d\u2019Italia,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Consob,<span class=\"ff1\">  </span>Iv<span class=\"_ _0\"></span>ass<span class=\"ff1\">  </span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>27<span class=\"ff1\">  </span>ottobre<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>2022,<span class=\"ff1\">  </span>i<span class=\"_ _0\"></span>ncludendo<span class=\"ff1\">  </span>le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>informazioni<span class=\"ff1\">  </span>conosciu<span class=\"_ _0\"></span>te<span class=\"ff1\">  </span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ragionevolmente<span class=\"ff1\"> </span>stimabili,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rilevanti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valutare<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>possibile<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>impatt<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>l\u2019applicazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>n<span class=\"_ _2\"></span>uovo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Principio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>n<span class=\"_ _2\"></span>uova<span class=\"ff1\"> </span>Interpretazione<span class=\"ff1\"> </span>avr\u00e0<span class=\"ff1\"> </span>sul<span class=\"ff1\"> </span>bilancio.<span class=\"_ _3bd\"> </span>L\u2019<span class=\"_ _0\"></span>imp<span class=\"_ _0\"></span>lemen<span class=\"_ _0\"></span>tazi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>rinci<span class=\"_ _0\"></span>pio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pass<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>attr<span class=\"_ _0\"></span>ave<span class=\"_ _0\"></span>rso<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fasi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span>la:</span></span></span></span></span></span></span></span></span></span> \u201cClassificazione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>polizze\u201d<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fine<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>individuare<span class=\"ff1\"> </span>quelle<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>assoggettare<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>regole<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>principio<span class=\"ff1\"> </span>IFRS1<span class=\"_ _3bd\"> </span>diversamente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"ff1\"> </span>quelle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>possono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>essere<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riconducibili<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>loro<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contenuto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziario<span class=\"ff1\"> </span>prevalente<span class=\"ff1\"> </span>a<span class=\"_ _2\"></span>lle<span class=\"ff1\"> </span>regole<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>IFRS9; \u201cAg<span class=\"_ _0\"></span>gre<span class=\"_ _0\"></span>gazi<span class=\"_ _0\"></span>one\u201d<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un<span class=\"_ _0\"></span>it<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">of<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">acc<span class=\"_ _0\"></span>ount,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span> \u201cValutazione\u201d<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>st<span class=\"_ _2\"></span>esse<span class=\"ff1\"> </span>attraverso<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>possibilit\u00e0,<span class=\"ff1\"> </span>prevista<span class=\"ff1\"> </span>dal<span class=\"ff1\"> <span class=\"_ _2\"></span></span>principio,<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>selezionare<span class=\"ff1\"> </span>tra<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tre<span class=\"ff1\"> </span>modelli<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">diversi,<span class=\"_ _3bd\"> </span></span></span>o<span class=\"_ _3bd\"> </span>Ge<span class=\"_ _0\"></span>nera<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Mode<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span></span></span>o<span class=\"_ _3bd\"> </span>Va<span class=\"_ _0\"></span>riab<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>ee<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">App<span class=\"_ _0\"></span>roac<span class=\"_ _0\"></span>h<span class=\"_ _3bd\"> </span></span></span>o<span class=\"_ _3bd\"> </span>Pre<span class=\"_ _1\"></span>mium<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>cati<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>A<span class=\"_ _0\"></span>ppro<span class=\"_ _0\"></span>ach,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"ff3\">s<span class=\"_ _0\"></span>eco<span class=\"_ _0\"></span>nda<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dell<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cara<span class=\"_ _0\"></span>tte<span class=\"_ _0\"></span>rist<span class=\"_ _0\"></span>iche<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span>zze.<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span>Credemvita<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u201cClassificare\u201d<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>proprio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>portafoglio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>polizze<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff3\">ha<span class=\"_ _2\"></span></span> <span class=\"_ _27\"> </span><span class=\"ff3\">adot<span class=\"_ _2\"></span>tato</span> <span class=\"_ _27\"> </span><span class=\"ff3\">un</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">app<span class=\"_ _0\"></span>roccio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>qu<span class=\"_ _0\"></span>ali-quantit<span class=\"_ _2\"></span>ativo<span class=\"ff1\"> </span></span></span>attraverso<span class=\"ff1\"> </span>uno<span class=\"ff1\"> </span>specifi<span class=\"_ _0\"></span>co<span class=\"ff1\"> </span>albero<span class=\"ff1\"> </span>decisionale<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quale<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>granularit\u00e0<span class=\"ff1\"> </span>alla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">base<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">scelte<span class=\"ff1\"> </span>ha<span class=\"ff1\"> </span>considerato<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span></span></span></span></span></span></span>contratto<span class=\"ff1\">  </span>nella<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>sua<span class=\"ff1\">  </span>interezza<span class=\"ff1\">  </span>e<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>l\u2019utilizzo<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>un<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>approccio<span class=\"ff1\">  </span>Cont<span class=\"_ _2\"></span>ract<span class=\"ff1\">  </span>type<span class=\"ff1\">  </span>by<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Contract<span class=\"ff1\">  </span>type,<span class=\"ff1\">  </span>o<span class=\"_ _2\"></span>ssia<span class=\"ff1\">  </span>per<span class=\"ff1\"> </span>prodotto/tipologia<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>contratto.<span class=\"_ _3bd\"> </span>Ne<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span>de<span class=\"_ _1\"></span>rivat<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span></span></span>(1)<span class=\"_ _3bd\"> </span>un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">approccio<span class=\"ff1\"> </span>qualitativo<span class=\"ff1\"> </span>ha<span class=\"ff1\"> </span>portato<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>indiv<span class=\"_ _0\"></span>iduare<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>seguenti<span class=\"ff1\"> </span>gruppi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>polizze<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">come<span class=\"ff1\"> </span>contratti<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span></span></span></span></span></span></span>assicurativo<span class=\"ff1\"> </span>sig<span class=\"_ _0\"></span>nificativo:<span class=\"_ _3bd\"> </span>A.<span class=\"_ _3bd\"> </span>Forme<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tariffarie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>puro<span class=\"_ _2\"></span><span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> </span>no<span class=\"_ _2\"></span>n<span class=\"ff1\"> </span>collegate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Gestioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Separat<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>(aventi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>garanzie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sotto<span class=\"_ _2\"></span>stanti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>tip<span class=\"_ _3bd\"> </span>tecnico/demografico<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>TCM<span class=\"ff1\"> </span>Individuali<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>collettive,<span class=\"ff1\"> </span>TCM<span class=\"ff1\"> </span>associate<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mutui<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>prestiti)<span class=\"_ _3bd\"> </span>B.<span class=\"_ _3bd\"> </span>Form<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tarif<span class=\"_ _0\"></span>far<span class=\"_ _0\"></span>ie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Ra<span class=\"_ _0\"></span>mo<span class=\"ff1\"> </span>I<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">R<span class=\"_ _0\"></span>amo<span class=\"ff1\"> </span>V<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>rev<span class=\"_ _0\"></span>iden<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>(<span class=\"_ _1\"></span>PIP<span class=\"_ _0\"></span>)<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>C.<span class=\"_ _3bd\"> </span>Forme<span class=\"ff1\"> </span>tariffarie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Ramo<span class=\"ff1\"> </span>I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>Ramo<span class=\"ff1\"> </span>V<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> </span>previdenziali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">collegate<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>Gestioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Separate<span class=\"ff1\"> </span>(aventi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">condizioni<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>in<span class=\"ff1\"> </span>caso<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>sinistro<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>condizioni<span class=\"ff1\"> </span>contrattuali<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>premio<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>significativo<span class=\"ff1\"> </span>contenuto<span class=\"ff1\"> </span>ass<span class=\"_ _2\"></span>icurativo):<span class=\"_ _3bd\"> </span>(2)<span class=\"_ _3bd\"> </span>un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">approccio<span class=\"ff1\"> </span>qualitativo<span class=\"ff1\"> </span>ha<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">por<span class=\"_ _2\"></span>tato<span class=\"ff1\"> </span>ad<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">individuare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>seguenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gruppi<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">polizze<span class=\"ff1\"> </span>come<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contratti<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rischio</span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ass<span class=\"_ _0\"></span>icu<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>vo:<span class=\"_ _3bd\"> </span>A.<span class=\"_ _3bd\"> </span>Forme<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tariffarie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Ramo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">I<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Ramo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">V<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">prev<span class=\"_ _1\"></span>idenzi<span class=\"_ _0\"></span>ali<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>B.<span class=\"_ _3bd\"> </span>Forme<span class=\"ff1\">  </span>tar<span class=\"_ _2\"></span>iffarie<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>Ramo<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>I<span class=\"ff1\">  </span>o<span class=\"ff1\">  </span>Ramo<span class=\"_ _2\"></span><span class=\"ff1\">  </span>V<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>non<span class=\"ff1\">  </span>previdenziali<span class=\"ff1\">  </span>collegate<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>a<span class=\"ff1\">  </span>Gest<span class=\"_ _2\"></span>ioni<span class=\"ff1\">  </span>Separate<span class=\"ff1\">  </span>(come<span class=\"ff1\"> </span>Capitalizzazioni,<span class=\"ff1\"> </span>Capi<span class=\"_ _0\"></span>tale<span class=\"ff1\"> </span>differito<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>controassicurazione<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">forma</span> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">restituzione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>remio<span class=\"ff1\"> </span>puro,<span class=\"ff1\"> </span></span></span>Vita<span class=\"ff1\"> </span>intera<span class=\"ff1\"> </span>...)<span class=\"_ _3bd\"> </span>C.<span class=\"_ _3bd\"> </span>Form<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tarif<span class=\"_ _0\"></span>far<span class=\"_ _0\"></span>ie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ibri<span class=\"_ _0\"></span>de<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Ra<span class=\"_ _0\"></span>mo<span class=\"ff1\"> </span>I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Ram<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>III<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">(Mul<span class=\"_ _0\"></span>tira<span class=\"_ _0\"></span>mo)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>revid<span class=\"_ _0\"></span>enzi<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>,<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>D.<span class=\"_ _3bd\"> </span>Form<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tarif<span class=\"_ _0\"></span>far<span class=\"_ _0\"></span>ie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Ra<span class=\"_ _0\"></span>mo<span class=\"ff1\"> </span>II<span class=\"_ _0\"></span>I<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>VI<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rev<span class=\"_ _0\"></span>iden<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>li,<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>E.<span class=\"_ _3bd\"> </span>Form<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tarif<span class=\"_ _0\"></span>far<span class=\"_ _0\"></span>ie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Uni<span class=\"_ _0\"></span>t<span class=\"ff1\"> </span>Li<span class=\"_ _0\"></span>nked<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sta<span class=\"_ _0\"></span>nd<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alone<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>m<span class=\"_ _0\"></span>aggi<span class=\"_ _0\"></span>orazi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cap<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cas<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dec<span class=\"_ _0\"></span>esso<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Ta<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>fo<span class=\"_ _0\"></span>rme<span class=\"ff1\"> </span>ta<span class=\"_ _0\"></span>riff<span class=\"_ _0\"></span>arie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cla<span class=\"_ _0\"></span>ssifi<span class=\"_ _0\"></span>cate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dire<span class=\"_ _0\"></span>ttam<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>come<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">assic<span class=\"_ _0\"></span>urat<span class=\"_ _0\"></span>ive<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ca<span class=\"_ _0\"></span>so<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>cu<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>sia<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">pr<span class=\"_ _0\"></span>esen<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n\u2019o<span class=\"_ _0\"></span>pzio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conversione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rendita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ed<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">co<span class=\"_ _2\"></span>efficiente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">conversione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sia<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">definito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">all\u2019emissione;<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">caso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">contr<span class=\"_ _2\"></span>ario,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">purch\u00e9<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>sia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>presente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>una<span class=\"ff1\"> <span class=\"_ _20\"></span></span>garanzia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>complem<span class=\"_ _2\"></span>entare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>obbligatoria<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>lo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>meno<span class=\"ff1\"> <span class=\"_ _20\"></span></span>una<span class=\"ff1\"> <span class=\"_ _2\"></span></span>garanzia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>add<span class=\"_ _2\"></span>izionale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>caso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>morte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">insita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nella<span class=\"ff1\"> </span>tariffa,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">viene<span class=\"ff1\"> </span>effettuato<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">test<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">significativit\u00e0,<span class=\"ff1\"> </span>altrimenti<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ricorrono<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">presupposti<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>classificare<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>forma<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tariffaria<span class=\"ff1\"> <span class=\"_ _20\"></span></span>come<span class=\"ff1\"> <span class=\"_ _20\"></span></span>assicurativa<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ed<span class=\"ff1\"> <span class=\"_ _20\"></span></span>occorre<span class=\"ff1\"> <span class=\"_ _20\"></span></span>verificare<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>possibilit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>una<span class=\"ff1\"> <span class=\"_ _20\"></span></span>classificazione<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>contratto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>servizio<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>investimento.<span class=\"_ _3bd\"> </span>La<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>decisione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Cred<span class=\"_ _2\"></span>emvita,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ai<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fini<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>de<span class=\"_ _2\"></span>lla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>definizione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>uno<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>scenar<span class=\"_ _2\"></span>io<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sostanza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>commerciale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cui<span class=\"ff1\"> </span>effettuare<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">test<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">significativit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">assicurativo,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">quella<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">individuare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prima<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">collocamento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>tipologia<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">contratto</span> <span class=\"_ _21\"></span><span class=\"ff3\">presa</span> <span class=\"_ _21\"></span><span class=\"ff3\">a</span> <span class=\"_ _20\"></span><span class=\"ff3\">riferimento,</span> <span class=\"_ _20\"></span><span class=\"ff3\">una</span> <span class=\"_ _21\"></span><span class=\"ff3\">polizza</span> <span class=\"_ _21\"></span><span class=\"ff3\">tipo</span> <span class=\"_ _20\"></span><span class=\"ff3\">rit<span class=\"_ _2\"></span>enuta</span> <span class=\"_ _20\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>appresentativa</span> <span class=\"_ _20\"></span><span class=\"ff3\">della</span> <span class=\"_ _21\"></span><span class=\"ff3\">forma</span> <span class=\"_ _21\"></span><span class=\"ff3\">tariffaria</span> </span>oggetto<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">classificazione<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>lo<span class=\"ff1\"> </span>meno<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">termini<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>et\u00e0,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">durata<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>copertura,<span class=\"ff1\"> </span>premio<span class=\"ff1\"> </span>versato<span class=\"ff1\"> </span>ed<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">eventuali<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>garanzie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>aggiuntive<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prestate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(ad<span class=\"ff1\"> <span class=\"_ _20\"></span></span>esempio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>garanzia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>compleme<span class=\"_ _2\"></span>ntare<span class=\"ff1\"> <span class=\"_ _20\"></span></span>obbligatoria<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e/o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>garanzia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>caso<span class=\"ff1\"> <span class=\"_ _21\"></span></span>morte<span class=\"_ _0\"></span><span class=\"ff1\"> </span>addizionale).<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Credemvit<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ha<span class=\"ff1\"> <span class=\"_ _20\"></span></span>individuato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>una<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>oglia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quantitat<span class=\"_ _2\"></span>iva<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>significativit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>assicurativo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"_ _2\"></span><span class=\"ff1\"> </span>linea<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>practice<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>mercato<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>via<span class=\"ff1\"> </span>consolidamento.<span class=\"_ _3bd\"> </span>Ne<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">deri<span class=\"_ _0\"></span>va:<span class=\"_ _3bd\"> </span></span></span>(1)<span class=\"_ _3bd\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>decisione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>classificare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>com<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contratt<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>investimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>partecipazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>discrezionale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ag<span class=\"_ _2\"></span>li<span class=\"ff1\"> <span class=\"_ _2\"></span></span>util<span class=\"_ _3bd\"> </span>(investimento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">DPF)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">for<span class=\"_ _2\"></span>me<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tariffarie<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Ramo<span class=\"ff1\"> </span>I<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>Ramo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">V<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">collegate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>Gestioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Separate<span class=\"ff1\"> </span>nonc<span class=\"_ _0\"></span>h\u00e9<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>le<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>for<span class=\"_ _2\"></span>me<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>tariffarie<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>Multiramo<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>previdenziali,<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>caso<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>stess<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>siano<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>state<span class=\"ff1\"> </span>precedentemente<span class=\"ff1\"> </span>classificate<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>assicurative.<span class=\"_ _3bd\"> </span>(2)<span class=\"_ _3bd\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>decisione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>classificare<span class=\"ff1\"> <span class=\"_ _20\"></span></span>come<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contratti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>puro<span class=\"ff1\"> <span class=\"_ _20\"></span></span>investimento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>forme<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tariffarie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Unit<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Linked<span class=\"ff1\"> <span class=\"_ _20\"></span></span>stan<span class=\"_ _3bd\"> </span>alone,<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>caso<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>stesse<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>siano<span class=\"ff1\"> </span>state<span class=\"ff1\"> </span>precedentemente<span class=\"ff1\"> </span>classificate<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>assicurative.<span class=\"_ _3bd\"> </span>Con<span class=\"ff1\"> </span>riferimento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dell\u2019eventuale<span class=\"ff1\"> </span>separabilit\u00e0<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>componenti<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>assicurativ<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>contratto<span class=\"ff1\"> </span></span></span></span></span>principale,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>relativamente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _21\"></span></span>forme<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tariffarie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Unit<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Linked<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">stand</span> <span class=\"_ _20\"></span><span class=\"ff3\">alone</span> <span class=\"_ _20\"></span><span class=\"ff3\">e</span> <span class=\"_ _21\"></span><span class=\"ff3\">alle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">forme<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">tariffarie</span> <span class=\"_ _2\"></span><span class=\"ff3\">Multiramo,</span> <span class=\"_ _21\"></span><span class=\"ff3\">la</span> </span></span></span></span></span>decisione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Credemvita<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>quella<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>separare<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>componenti<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>investimento<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dalle<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>componenti<span class=\"_ _2\"></span><span class=\"ff1\"> </span>assicurative,<span class=\"ff1\"> </span>ma<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>considerare<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>contratto<span class=\"_ _2\"></span><span class=\"ff1\"> </span>nell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>sua<span class=\"ff1\"> </span>interezza<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>fini<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>classificazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>bilancio.<span class=\"_ _3bd\"> </span>Con<span class=\"ff1\"> </span>rife<span class=\"_ _0\"></span>rimento<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>tema<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> </span>\u201cAggregazione\u201d<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>contratti<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>unit<span class=\"ff1\"> </span>of<span class=\"ff1\"> </span>accou<span class=\"_ _0\"></span>nt<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>precisa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>relazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alle<span class=\"ff1\"> </span></span></span></span></span></span></span>nor<span class=\"_ _0\"></span>me<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tran<span class=\"_ _0\"></span>sizi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Pri<span class=\"_ _0\"></span>ncip<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>IF<span class=\"_ _0\"></span>RS<span class=\"ff1\"> </span>17<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>b<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>ines<span class=\"_ _0\"></span>s<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">force<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ata<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">tran<span class=\"_ _0\"></span>sizi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cas<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">appl<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>uno<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>degli<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>approcci<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>alternativi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Full<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Retrospective<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Approach<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(FRA),<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ossia<span class=\"ff1\">  </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">Modified</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">Retro<span class=\"_ _2\"></span>spective</span> </span>Approach,<span class=\"ff1\"> </span>(MRA)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>Fair<span class=\"ff1\"> </span>Value<span class=\"ff1\"> </span>Approach<span class=\"ff1\"> </span>(FV<span class=\"_ _0\"></span>A),<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>paragrafo<span class=\"ff1\"> </span>C10<span class=\"ff1\"> </span>dell\u2019Appendice<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">C<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>Standard<span class=\"ff1\"> </span>consente<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span></span></span></span></span>non<span class=\"ff1\"> </span>applicazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>requisito<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>coorti<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>massimo<span class=\"ff1\"> </span>annuali.<span class=\"_ _3bd\"> </span>Tale<span class=\"ff1\"> </span>deroga<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">consentita<span class=\"ff1\"> </span>dallo<span class=\"ff1\"> </span>Standard<span class=\"ff1\"> </span>secondo<span class=\"ff1\"> </span>criteri<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>versi<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>seconda<span class=\"ff1\"> </span>dell\u2019adozione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>MRA<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">FVA.<span class=\"ff1\"> </span></span></span></span></span>In<span class=\"ff1\"> <span class=\"_ _21\"></span></span>particolare,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"></span></span>caso<span class=\"ff1\"> <span class=\"_ _21\"></span></span>si<span class=\"ff1\"> <span class=\"_ _21\"></span></span>scegl<span class=\"_ _0\"></span>iesse<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>l\u2019approccio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>MRA<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _21\"></span></span>applicazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>requisito<span class=\"ff1\"> <span class=\"_ _21\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"></span></span>coorti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> </span>massimo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">annuali,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">paragrafo<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dello<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Standard<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">richiede<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dimostrare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">no<span class=\"_ _2\"></span>n<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">disponibilit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">informazioni<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ragionevoli<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sost<span class=\"_ _2\"></span>enibil<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>necessarie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>ispe<span class=\"_ _0\"></span>tto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>equisito<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>coorti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>massimo<span class=\"ff1\"> </span>annuali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>previsto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dal<span class=\"ff1\"> </span>paragrafo<span class=\"ff1\"> </span>22<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dello<span class=\"ff1\"> </span>S<span class=\"_ _0\"></span>tandard.<span class=\"ff1\"> </span>In<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">caso<span class=\"ff1\"> </span>si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">scegliesse<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019approccio<span class=\"ff1\"> </span>FVA<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>aragrafo<span class=\"ff1\"> </span>C23<span class=\"ff1\"> </span>dell<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>Standard<span class=\"ff1\"> </span>consente<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>direttamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">applicazion<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">requisito<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">coo<span class=\"_ _2\"></span>rti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ma<span class=\"_ _2\"></span>ssimo<span class=\"ff1\"> </span>annual<span class=\"_ _0\"></span>i,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">senza<span class=\"ff1\"> </span>alcuna<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>imos<span class=\"_ _2\"></span>trazione.<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Ai<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fin<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rispettare<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>requisito<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>coorte<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riferimento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"></span></span>new<span class=\"ff1\"> <span class=\"_ _20\"></span></span>business,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>decisione,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>eccezione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dei<span class=\"ff1\"> </span>portafogli<span class=\"ff1\"> <span class=\"_ _21\"></span></span>relativi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Gestioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Separate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Mu<span class=\"_ _0\"></span>ltiramo,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"></span></span>quell<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>inserire<span class=\"ff1\"> <span class=\"_ _20\"></span></span>all\u2019interno<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dello<span class=\"ff1\"> <span class=\"_ _20\"></span></span>st<span class=\"_ _2\"></span>esso<span class=\"ff1\"> <span class=\"_ _21\"></span></span>gruppo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> </span>contratti<span class=\"ff1\"> </span>emessi<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>pi\u00f9<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>anno<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>distanza<span class=\"ff1\"> </span>prendendo<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>riferimento<span class=\"ff1\"> </span>l\u2019anno<span class=\"ff1\"> </span>solare.<span class=\"_ _3bd\"> </span>La<span class=\"ff1\"> <span class=\"_ _2\"></span></span>decisione,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>iferimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _2\"></span></span>por<span class=\"_ _2\"></span>tafogli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Gestioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Separate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Multiramo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>caratterizzati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>da<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mutualit\u00e0<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>terg<span class=\"_ _0\"></span>ene<span class=\"_ _0\"></span>razi<span class=\"_ _0\"></span>onale<span class=\"_ _1\"></span>,<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">avvale<span class=\"_ _1\"></span>rsi<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dero<span class=\"_ _0\"></span>ga<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tal<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>sito<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>ser<span class=\"_ _0\"></span>end<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>all<span class=\"_ _0\"></span>\u2019in<span class=\"_ _0\"></span>tern<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>lo<span class=\"ff1\"> </span>st<span class=\"_ _0\"></span>esso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gru<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>i<span class=\"ff1\"> </span>contratti<span class=\"ff1\"> </span>emessi<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>pi\u00f9<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>anno<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>distanza.<span class=\"_ _3bd\"> </span>Gli<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>asset<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>so<span class=\"_ _2\"></span>ttostanti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Gestione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>S<span class=\"_ _0\"></span>eparat<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>gestiti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>congiuntamente<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tutte<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>polizze<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ad<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>essa<span class=\"ff1\"> </span>collegate<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>quindi<span class=\"ff1\"> </span>indipendentemente<span class=\"ff1\"> </span>dalle<span class=\"ff1\"> </span>differenti<span class=\"ff1\"> </span>coorti<span class=\"ff1\"> </span>annuali<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>tempo<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>generate.<span class=\"_ _3bd\"> </span>La<span class=\"ff1\"> </span>logica<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gestionale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Gestione<span class=\"ff1\"> </span>Separat<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>com<span class=\"_ _2\"></span>porta<span class=\"ff1\"> </span>una<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mutualizzazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rendimenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>ei<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>ischi<span class=\"ff1\"> </span>tra<span class=\"ff1\"> </span>generazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>polizze<span class=\"ff1\"> </span>emesse<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>anni<span class=\"ff1\"> </span>differenti.<span class=\"_ _3bd\"> </span>La<span class=\"ff1\"> <span class=\"_ _20\"></span></span>definizione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>coorti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>annuali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>t<span class=\"_ _2\"></span>ale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ambito<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rende<span class=\"ff1\"> <span class=\"_ _20\"></span></span>impossibile<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>estremamente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>difficoltos<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>meno<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> </span>semplificazioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>metodologiche)<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\">  </span>de<span class=\"_ _0\"></span>terminazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _2\"></span>istinta<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\">  </span>rendi<span class=\"_ _0\"></span>menti<span class=\"ff1\">  </span>(<span class=\"_ _0\"></span>e<span class=\"ff1\">  </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\">  </span>rel<span class=\"_ _0\"></span>ativi<span class=\"ff1\">  </span>cash<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>flow)<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>da<span class=\"ff1\"> </span>attribuire<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>diverse<span class=\"ff1\"> </span>coorti<span class=\"ff1\"> </span>facenti<span class=\"ff1\"> </span>parte<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>medesima<span class=\"ff1\"> </span>Gestione<span class=\"ff1\"> </span>Separata.<span class=\"_ _3bd\"> </span>Alla<span class=\"ff1\">  </span>luce<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>della<span class=\"ff1\">  </span>classificazione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>del<span class=\"ff1\">  </span>proprio<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>portafoglio<span class=\"ff1\">  </span>polizze<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>come<span class=\"ff1\">  </span>s<span class=\"_ _2\"></span>opra<span class=\"ff1\">  </span>descritta<span class=\"ff1\">  </span>e<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>delle<span class=\"ff1\">  </span>scelte<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> </span>aggregazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>finite,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Societ\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ha<span class=\"ff1\"> <span class=\"_ _20\"></span></span>determinato<span class=\"ff1\"> <span class=\"_ _21\"></span></span>anche<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>modello<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u201cValutazione\u201d<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _21\"></span></span>applicare<span class=\"ff1\"> <span class=\"_ _20\"></span></span>t<span class=\"_ _2\"></span>ra<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tre<span class=\"ff1\"> </span>previsti<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>principio,<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>sotto<span class=\"ff1\"> </span>rappresentato<span class=\"_ _3bd\"> </span>Pi\u00f9<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>dettaglio<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>eciso<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>aggregare<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">polizze<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>6<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">m<span class=\"_ _2\"></span>acro<span class=\"ff1\"> </span>portafogli,<span class=\"ff1\"> </span>2<span class=\"ff1\"> </span>riconduci<span class=\"_ _0\"></span>bili<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>modello<span class=\"ff1\"> </span>valutativo<span class=\"ff1\"> </span></span></span></span></span>IFRS9<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _21\"></span></span>perimetro<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rappresentato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dalle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>polizze<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Un<span class=\"_ _2\"></span>it<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Linked<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>tand<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alone<span class=\"ff1\"> <span class=\"_ _21\"></span></span>(p<span class=\"_ _0\"></span>ort<span class=\"_ _2\"></span>afoglio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>1)<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dai<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prodot<span class=\"_ _2\"></span>ti<span class=\"ff1\"> </span>Fondo<span class=\"ff1\"> </span>Pensione<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>PIP<span class=\"ff1\"> </span>(portafoglio<span class=\"ff1\"> </span>2<span class=\"ff1\"> </span>Risparmio<span class=\"ff1\"> </span>Gestito)<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>4<span class=\"ff1\"> </span>riconducibili<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>modelli<span class=\"ff1\"> </span>valutativi<span class=\"ff1\"> </span>IFRS17.<span class=\"_ _3bd\"> </span>Tra<span class=\"ff1\"> <span class=\"_ _2\"></span></span>questi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ultimi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>particolare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>portafogli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>1,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>2,<span class=\"ff1\"> </span>4<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valutati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>modello<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Variable<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fee<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Approach<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(VFA),<span class=\"ff1\"> </span>mentre<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>portafoglio<span class=\"ff1\"> </span>3<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>modello<span class=\"ff1\"> </span>General<span class=\"ff1\"> </span>Model.<span class=\"_ _3bd\"> </span>Relativamente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>principali<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sc<span class=\"_ _2\"></span>elte<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>me<span class=\"_ _0\"></span>todologiche<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Compagnia<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sta<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valutando,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tra<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>altre,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>giova<span class=\"ff1\"> </span>precisare<span class=\"ff1\"> </span>l\u2019approccio<span class=\"ff1\"> </span>seguito<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>riferimento<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>calibrazione<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>curva<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>scont<span class=\"_ _2\"></span>o.<span class=\"_ _3bd\"> </span>La<span class=\"ff1\"> </span>deci<span class=\"_ _0\"></span>sione<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>Compagnia<span class=\"ff1\"> </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">quella</span> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">utilizzare<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>pproccio<span class=\"ff1\"> </span>Bottom-Up<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">definizione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">curve<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>sconto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">preveda<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019utilizzo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tassi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">privi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> </span>ag<span class=\"_ _0\"></span>giunta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">premio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>liqui<span class=\"_ _0\"></span>dit\u00e0,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dove<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>Compagni<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>de<span class=\"_ _0\"></span>riva<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>remi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">liqu<span class=\"_ _0\"></span>idi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sull<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>ba<span class=\"_ _0\"></span>se<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sp<span class=\"_ _0\"></span>read<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">me<span class=\"_ _0\"></span>dio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>ortaf<span class=\"_ _0\"></span>ogl<span class=\"_ _0\"></span>io<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">asse<span class=\"_ _0\"></span>t<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rife<span class=\"_ _0\"></span>rime<span class=\"_ _0\"></span>nto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">aggiu<span class=\"_ _0\"></span>stand<span class=\"_ _0\"></span>olo<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>per<span class=\"ff1\"> </span>escludere<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>componente<span class=\"ff1\"> </span>relativa<span class=\"ff1\"> </span>allo<span class=\"ff1\"> </span>spread<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>credito<span class=\"ff1\"> </span>(limitat<span class=\"_ _2\"></span>amente<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>default<span class=\"ff1\"> </span>expected).<span class=\"_ _3bd\"> </span>Questo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ultimo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sar\u00e0<span class=\"ff1\"> </span>stima<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">partire<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dalla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Probabilit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Default<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Through<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">The<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Cycle,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">coeren<span class=\"_ _2\"></span>za<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">c<span class=\"_ _2\"></span>on<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pras<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>IFRS9<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>Capogruppo<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>credito.<span class=\"_ _3bd\"> </span>Le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>decisioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Compagnia,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"_ _2\"></span>n<span class=\"ff1\"> <span class=\"_ _2\"></span></span>relazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>definizione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>curva<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tassi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>interess<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>privi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischi<span class=\"_ _3bd\"> </span>prevedono<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>prendere<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>riferimento<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">curva<span class=\"ff1\"> </span>Zero<span class=\"ff1\"> </span>Coupon<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Risk<span class=\"ff1\"> </span>Free<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fornita<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">EIOPA<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">senza<span class=\"ff1\"> </span>aggiustament<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>per<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>volatilit\u00e0.<span class=\"_ _3bd\"> </span>In<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ultimo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sempre<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>relazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>percorso<span class=\"ff1\"> <span class=\"_ _21\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l\u2019implementazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>el<span class=\"ff1\"> <span class=\"_ _20\"></span></span>principio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contabile<span class=\"ff1\"> <span class=\"_ _20\"></span></span>IFRS1<span class=\"_ _2\"></span>7<span class=\"ff1\"> <span class=\"_ _20\"></span></span>si<span class=\"ff1\"> <span class=\"_ _21\"></span></span>precis<span class=\"_ _3bd\"> </span>l\u2019approccio<span class=\"ff1\"> </span>seguito<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>riferimento<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>modalit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>transizione<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>nuovo<span class=\"ff1\"> </span>principio<span class=\"ff1\"> </span>contabile.<span class=\"_ _3bd\"> </span>Alla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">luce<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risult<span class=\"_ _2\"></span>ati<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ella<span class=\"ff1\"> </span>survey<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>disponibilit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span>dati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">storici<span class=\"ff1\"> </span>condotta<span class=\"ff1\"> </span>su<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>utti<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cont<span class=\"_ _2\"></span>ratti<span class=\"ff1\"> </span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">si</span> <span class=\"_ _0\"></span><span class=\"ff3\">ritien<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>saranno<span class=\"ff1\"> </span>ancora<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>vita<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>transizione,<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>sul<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>carat<span class=\"_ _2\"></span>teristiche<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span>business<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ottostante,<span class=\"ff1\"> </span>\u00e8<span class=\"_ _3bd\"> </span></span></span>emerso<span class=\"ff1\"> </span>quanto<span class=\"ff1\"> </span>segue: L'approccio<span class=\"ff1\"> </span>FRA<span class=\"ff1\"> </span>richiede<span class=\"ff1\"> </span>elevata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>granularit\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>storicit\u00e0<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>informazioni<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> </span>ricostruzione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>flu<span class=\"_ _0\"></span>ssi<span class=\"_ _3bd\"> </span>contabili,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ass<span class=\"_ _2\"></span>umptions<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valutazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>run<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>motori<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>attuariali,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>alle<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>date<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>pregresse,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>est<span class=\"_ _2\"></span>rem<span class=\"_ _3bd\"> </span>onerosit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nella<span class=\"ff1\"> </span>ricostruzione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>stesse,<span class=\"ff1\"> </span>sia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> </span>i<span class=\"_ _2\"></span><span class=\"ff1\"> </span>contrat<span class=\"_ _2\"></span>ti<span class=\"ff1\"> </span>valutati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>G<span class=\"_ _2\"></span>eneral<span class=\"ff1\"> </span>Model<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> </span>pe<span class=\"_ _2\"></span>r<span class=\"ff1\"> </span>que<span class=\"_ _3bd\"> </span>valutati<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>VFA; Con<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rif<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Gener<span class=\"_ _0\"></span>al<span class=\"ff1\"> </span>m<span class=\"_ _0\"></span>odel,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">modi<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>sul<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>as<span class=\"_ _0\"></span>sum<span class=\"_ _0\"></span>pti<span class=\"_ _0\"></span>ons<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">valu<span class=\"_ _0\"></span>taz<span class=\"_ _0\"></span>ione<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>lle<span class=\"ff1\"> </span>T<span class=\"_ _0\"></span>CM,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">effet<span class=\"_ _0\"></span>tuat<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>el<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span>2021,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ende<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">disponibili<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ass<span class=\"_ _2\"></span>umptions<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">passato,<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">qua<span class=\"_ _2\"></span>li,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ritenute<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">coerenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nuov<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>metodologie<span class=\"ff1\"> </span>adottate<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>corso<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>2021,<span class=\"ff1\"> </span>pertanto<span class=\"_ _2\"></span><span class=\"ff1\"> </span>l'approccio<span class=\"ff1\"> </span>FRA<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>risulta<span class=\"ff1\"> </span>utilizzabile; In<span class=\"_ _0\"></span>oltr<span class=\"_ _0\"></span>e,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">r<span class=\"_ _0\"></span>ife<span class=\"_ _0\"></span>rime<span class=\"_ _0\"></span>nto<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">VFA<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">carv<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">out<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">coor<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">annu<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Ge<span class=\"_ _1\"></span>stioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Sep<span class=\"_ _1\"></span>arate<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>cu<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Cre<span class=\"_ _0\"></span>demv<span class=\"_ _0\"></span>ita<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>intende<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>avvalersi,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ha<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>eliminato<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>raggruppamento<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>coor<span class=\"_ _2\"></span>ti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>annuali,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>pe<span class=\"_ _0\"></span>rtant<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ritiene<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>necessari<span class=\"_ _3bd\"> </span>applicare<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>singolo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">approccio<span class=\"ff1\"> </span>Transition<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>ogni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">raggruppamento<span class=\"_ _2\"></span><span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>he<span class=\"ff1\"> </span>si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">configura<span class=\"ff1\"> </span>come<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> </span>bucket<span class=\"ff1\"> </span>d<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>profittabilit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>direttamente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>appli<span class=\"_ _2\"></span>cato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sul<span class=\"ff1\"> <span class=\"_ _2\"></span></span>port<span class=\"_ _2\"></span>afoglio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>GS<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>M<span class=\"_ _2\"></span>ultiramo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>uo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>complesso.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>L'approcci<span class=\"_ _3bd\"> </span>FRA<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>risulta<span class=\"ff1\"> </span>dunque<span class=\"ff1\"> </span>utilizzabile<span class=\"ff1\"> </span>dovendo<span class=\"ff1\"> </span>applicare<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>unico<span class=\"ff1\"> </span>metodo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Transit<span class=\"_ _2\"></span>ion; Credemvita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ritiene<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inoltre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">poter<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">applicare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">F<span class=\"_ _2\"></span>RA<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">relazione<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cambiamento<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">busin<span class=\"_ _0\"></span>ess<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>mod<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">della<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Com<span class=\"_ _0\"></span>pag<span class=\"_ _0\"></span>nia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>feri<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">DAS<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>arti<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">da<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>2<span class=\"_ _1\"></span>020<span class=\"_ _0\"></span>;</span></span></span></span></span></span></span></span></span></span></span></span></span></span> Con<span class=\"ff1\"> </span>riferimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> </span>MRA,<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>evidenziano<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>complessit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>relative<span class=\"ff1\"> </span>all\u2019elevata<span class=\"ff1\"> </span>granularit\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>storicit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell<span class=\"_ _3bd\"> </span>informazioni<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> </span>contabili<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>onerosit\u00e0<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>ricostruzione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>stesse<span class=\"ff1\"> </span>sia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>contratti<span class=\"ff1\"> </span>valuta<span class=\"_ _3bd\"> </span>con<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>GM<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>quelli<span class=\"ff1\"> </span>valutati<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>VFA; L'approccio<span class=\"ff1\"> </span>F<span class=\"_ _2\"></span>air<span class=\"ff1\"> </span>Value<span class=\"ff1\"> </span>Approach<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ris<span class=\"_ _2\"></span>ulta<span class=\"ff1\"> </span>altres\u00ec<span class=\"ff1\"> </span>sempre<span class=\"ff1\"> <span class=\"_ _2\"></span></span>applicabile<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>garantisce<span class=\"ff1\"> </span>una<span class=\"ff1\"> <span class=\"_ _2\"></span></span>robusta<span class=\"ff1\"> <span class=\"_ _2\"></span></span>stima<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d<span class=\"_ _0\"></span>el<span class=\"_ _1\"></span> CSM<span class=\"ff1\"> <span class=\"_ _21\"></span></span>su<span class=\"ff1\"> <span class=\"_ _21\"></span></span>tutti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>portafogli<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>iferimen<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>risulta<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>conforme<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>alla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>metodologia<span class=\"ff1\"> <span class=\"_ _21\"></span></span>definita<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dal<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Principio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>(i.<span class=\"_ _3bd\"> </span>valutazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>port<span class=\"_ _2\"></span>afogli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>secondo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Princ<span class=\"_ _0\"></span>ipio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>IFRS13<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>termini<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valutazioni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">mercato,</span> <span class=\"_ _20\"></span><span class=\"ff3\">al</span> <span class=\"_ _20\"></span><span class=\"ff3\">netto</span> <span class=\"_ _21\"></span><span class=\"ff3\">d<span class=\"_ _3bd\"> </span></span></span>valore<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Fulfilment<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cashflow<span class=\"ff1\"> <span class=\"_ _20\"></span></span>secondo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>logiche<span class=\"ff1\"> <span class=\"_ _20\"></span></span>IFRS17).<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Ino<span class=\"_ _2\"></span>ltre,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>metodologia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>adottata,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>spos<span class=\"_ _3bd\"> </span>logiche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>market<span class=\"ff1\"> <span class=\"_ _20\"></span></span>partecipant<span class=\"ff1\"> <span class=\"_ _2\"></span></span>view<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>leva<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sulla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cal<span class=\"_ _2\"></span>ibrazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>parametri<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>so<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gi\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>consolidati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>n<span class=\"_ _3bd\"> </span>framework<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>Compagnia.<span class=\"_ _3bd\"> </span>Relativamente<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>percorso<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>adeguamento<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Compagni<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>principio<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>contabile<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>IFRS9<span class=\"_ _2\"></span>,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>scelt<span class=\"_ _3bd\"> </span>metodologiche<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>applicative<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>st<span class=\"_ _2\"></span>ate<span class=\"ff1\"> </span>defin<span class=\"_ _0\"></span>ite<span class=\"ff1\"> </span>nell\u2019ambito<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>framework<span class=\"ff1\"> </span>gi\u00e0<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>uso<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>gruppo.<span class=\"_ _3bd\"> </span>L\u2019introduzione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>principio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contabile<span class=\"ff1\"> <span class=\"_ _2\"></span></span>IFRS,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l\u2019interazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>principio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>IFRS<span class=\"ff1\"> <span class=\"_ _20\"></span></span>9<span class=\"ff1\"> <span class=\"_ _21\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>misurazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>deg<span class=\"_ _3bd\"> </span>strumenti<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>finanziari,<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>introduce<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>nuovo<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>modello<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>rilevazione<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>grandezze<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>patrimoniali<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>d<span class=\"_ _3bd\"> </span>riconoscimento<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>elle<span class=\"ff1\">  </span>p<span class=\"_ _0\"></span>erformance<span class=\"ff1\">  </span>dei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>diversi<span class=\"ff1\">  </span>p<span class=\"_ _0\"></span>ort<span class=\"_ _2\"></span>afogli<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>prodotti<span class=\"ff1\">  </span>nel<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>conto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>economico<span class=\"ff1\">  </span>insieme<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>un<span class=\"_ _3bd\"> </span>rilevante<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ensibilit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">misurazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stime<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">correnti<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ipotesi<span class=\"ff1\"> </span>operative<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">grandezze<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mercat<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>(tr<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">modo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sign<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>cati<span class=\"_ _0\"></span>vo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cu<span class=\"_ _0\"></span>rve<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tassi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"_ _0\"></span>tere<span class=\"_ _0\"></span>sse)<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>ch<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>otran<span class=\"_ _0\"></span>no<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>mpor<span class=\"_ _0\"></span>tare<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">maggior<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vola<span class=\"_ _0\"></span>tili<span class=\"_ _0\"></span>t<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>dei<span class=\"ff1\"> </span>risultati<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>tempo.<span class=\"_ _3bd\"> </span>Sulla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>bas<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>de<span class=\"_ _2\"></span>lle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>analisi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>effettuate<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"></span></span>implementazioni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cor<span class=\"_ _2\"></span>so,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>tima<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _21\"></span></span>l\u2019impatto,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>da<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>ilevare<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"_ _3bd\"> </span>contropartita<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">patrimonio<span class=\"ff1\"> </span>netto<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sede</span> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>prima<span class=\"ff1\"> </span>appl<span class=\"_ _0\"></span>icazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>uovo<span class=\"ff1\"> </span>principio<span class=\"ff1\"> </span>contabile,<span class=\"ff1\"> </span>risulter\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">no<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>significativo<span class=\"ff1\"> </span>rispetto<span class=\"ff1\"> </span>agli<span class=\"ff1\"> </span>attuali<span class=\"ff1\"> </span>livelli<span class=\"ff1\"> </span>patrimoniali<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>regolamentari.<span class=\"_ _3bd\"> </span>All\u20191/1/2022,<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>se<span class=\"_ _2\"></span>de<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>FTA<span class=\"_ _2\"></span>,<span class=\"ff1\"> </span>i<span class=\"_ _2\"></span>l<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>elta<span class=\"ff1\"> <span class=\"_ _2\"></span></span>patrimoniale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rivenente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall\u2019applicazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019IFRS17<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ha<span class=\"ff1\"> <span class=\"_ _2\"></span></span>comportato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"_ _3bd\"> </span>perdita<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>56<span class=\"ff1\"> </span>milioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>euro,<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>-14<span class=\"ff1\"> <span class=\"_ _2\"></span></span>bps<span class=\"ff1\"> </span>sul<span class=\"ff1\"> </span>CET1.<span class=\"_ _3bd\"> </span>Con<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rife<span class=\"_ _0\"></span>rime<span class=\"_ _0\"></span>nto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">alle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">prin<span class=\"_ _0\"></span>cipal<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>g<span class=\"_ _0\"></span>rande<span class=\"_ _0\"></span>zze<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">IFRS<span class=\"_ _0\"></span>17<span class=\"ff1\"> </span>si<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">evid<span class=\"_ _0\"></span>enz<span class=\"_ _0\"></span>ia<span class=\"ff1\"> </span>ch<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>tr<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>1/<span class=\"_ _0\"></span>1/22<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u00e8</span> <span class=\"ff3\">st<span class=\"_ _0\"></span>ato<span class=\"ff1\"> </span>st<span class=\"_ _0\"></span>imato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">il</span> <span class=\"ff3\">C<span class=\"_ _0\"></span>S<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>consolidato<span class=\"ff1\"> </span>(relativo<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>perimetro<span class=\"ff1\"> </span>polizze<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">scope</span> <span class=\"ff3\">a</span> <span class=\"ff3\">IFRS17)</span> <span class=\"ff3\">per</span> <span class=\"ff3\">un</span> <span class=\"ff3\">ammontare</span> <span class=\"ff3\">pari</span> <span class=\"ff3\">a</span> <span class=\"_ _0\"></span><span class=\"ff3\">282<span class=\"ff1\"> </span>milioni<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">euro.<span class=\"_ _3bd\"> </span></span></span></span></span>La<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dinamica<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>m<span class=\"_ _2\"></span>ercati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cors<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dell\u2019esercizio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sce<span class=\"_ _2\"></span>lte<span class=\"ff1\"> <span class=\"_ _20\"></span></span>effettuate<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sede<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>imp<span class=\"_ _0\"></span>lementazio<span class=\"_ _2\"></span>ne<span class=\"ff1\"> <span class=\"_ _2\"></span></span>hann<span class=\"_ _3bd\"> </span>determinato<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riassorbimento<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>questi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>effetti<span class=\"ff1\"> </span>negativi.<span class=\"ff1\"> </span>Il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>patrimonio<span class=\"ff1\"> </span>nett<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>IFRS<span class=\"ff1\"> </span>17<span class=\"ff1\"> </span>all\u20191/1/<span class=\"_ _2\"></span>2023<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>superior<span class=\"_ _3bd\"> </span>rispetto<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dato<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">chiusura<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">3<span class=\"_ _2\"></span>1/12/2022<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">IFRS4<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">142<span class=\"ff1\"> </span>milioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>euro,<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>cluso<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risultato<span class=\"ff1\"> </span>economico<span class=\"ff1\"> </span>IFRS17<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>periodo<span class=\"ff1\"> </span>corrispondente.<span class=\"ff1\"> </span>L\u2019impatto<span class=\"ff1\"> </span>sul<span class=\"ff1\"> </span>CET1<span class=\"ff1\"> </span>ratio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Gruppo<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>+21bps.<span class=\"_ _3bd\"> </span>Con<span class=\"ff1\"> <span class=\"_ _21\"></span></span>riferimento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>collegata<span class=\"ff1\"> <span class=\"_ _20\"></span></span>C<span class=\"_ _2\"></span>redemassicurazioni,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _21\"></span></span>partecipazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>detenuta<span class=\"ff1\"> <span class=\"_ _21\"></span></span>pariteticamente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>da<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Credito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Emiliano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Reale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Mutua<span class=\"ff1\"> </span>Assicurazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cu<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valori<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sono<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">consolidati<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gruppo<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Credem<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>con<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>metodo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>patr<span class=\"_ _2\"></span>imonio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>netto,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>si<span class=\"ff1\"> <span class=\"_ _21\"></span></span>precisa<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>gli<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>impatti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>transition<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sul<span class=\"ff1\"> <span class=\"_ _21\"></span></span>bilancio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>co<span class=\"_ _2\"></span>nsolidato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sono<span class=\"ff1\"> </span>tras<span class=\"_ _0\"></span>cu<span class=\"_ _0\"></span>rabi<span class=\"_ _0\"></span>li.<span class=\"_ _3bd\"> </span>At<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>ten<span class=\"_ _1\"></span>ute<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>la<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>goz<span class=\"_ _1\"></span>iazi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>isc<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>L\u2019iscrizione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">iniziale<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>elle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">av<span class=\"_ _2\"></span>viene<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>lla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">data<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">regolamento<span class=\"_ _2\"></span>,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">debito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">capitale<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>e<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>sottoscrizione<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>contratti<span class=\"ff1\"> </span>derivati.<span class=\"_ _3bd\"> </span>In<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">particolare,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quando<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">viene<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>pplicata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">contabilizzazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"_ _2\"></span>ta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">regolamento,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un\u2019entit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rileva<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">qualsiasi<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>variazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dell\u2019att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> </span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">deve</span> <span class=\"_ _1\"></span><span class=\"ff3\">ess<span class=\"_ _2\"></span>ere<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ricevuta<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>riodo<span class=\"ff1\"> </span>tra<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">data<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">negoziazione</span> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dat<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> </span>regolamento,<span class=\"ff1\"> </span>nello<span class=\"ff1\"> </span>stesso<span class=\"ff1\"> </span>modo<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>contabilizza<span class=\"ff1\"> </span>l\u2019attivit\u00e0<span class=\"ff1\"> </span>acquistata.<span class=\"_ _3bd\"> </span>All\u2019atto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rilevazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">inizial<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> </span>finanzi<span class=\"_ _0\"></span>arie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">detenute<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">negoziazione<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>engono<span class=\"ff1\"> </span>rilevate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">costo,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>inteso<span class=\"ff1\"> </span>come<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>fair<span class=\"_ _3bd\"> </span>value <span class=\"ff3 fs5\">dello<span class=\"ff1\"> </span>strumento,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>senza<span class=\"ff1\"> </span>considerare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> </span>costi<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>proventi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tr<span class=\"_ _2\"></span>ansazione<span class=\"ff1\"> </span>direttamente<span class=\"ff1\"> </span></span>attribuibili<span class=\"ff1\"> </span>allo<span class=\"ff1\"> </span>strumento<span class=\"ff1\"> </span>stesso<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> </span>imputati<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico.<span class=\"_ _3bd\"> </span>Eventuali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">derivati<span class=\"ff1\"> </span>implici<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>presenti<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">strumenti</span> <span class=\"_ _0\"></span><span class=\"ff3\">finanziari<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ibridi,<span class=\"ff1\"> </span>classificati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>categorie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">diverse<span class=\"ff1\"> </span>dalle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">attivit\u00e0</span> </span></span></span></span></span></span></span></span></span></span></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">passivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valutat<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">strettam<span class=\"_ _2\"></span>ente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">correlati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">agli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stessi<span class=\"ff1\"> </span>ed<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">aventi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">caratteristiche<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>sodd<span class=\"_ _0\"></span>isf<span class=\"_ _0\"></span>are<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>defi<span class=\"_ _0\"></span>nizi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">\u201cd<span class=\"_ _0\"></span>eriv<span class=\"_ _0\"></span>ato\u201d<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>ve<span class=\"_ _0\"></span>ngon<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>scor<span class=\"_ _0\"></span>pora<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>al<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>ntra<span class=\"_ _0\"></span>tto<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span>spi<span class=\"_ _0\"></span>te,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cla<span class=\"_ _0\"></span>ssifi<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span>pre<span class=\"_ _0\"></span>sen<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span></span></span></span></span>categoria<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valutat<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>fair<span class=\"ff1\"> <span class=\"_ _21\"></span></span>value,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>mentre<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contrat<span class=\"_ _2\"></span>to<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ospite<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>applicato<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>criterio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>contabile<span class=\"ff1\"> <span class=\"_ _21\"></span></span>proprio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>della<span class=\"ff1\"> </span>categoria<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>quale<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>stato<span class=\"ff1\"> </span>classificato.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cla<span class=\"_ _1\"></span>ssi<span class=\"_ _0\"></span>fica<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">classificati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tr<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">detenute<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">negoziazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">strumenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziari<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sono<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>detenuti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>l\u2019i<span class=\"_ _0\"></span>ntento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>generare<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>profitti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>b<span class=\"_ _0\"></span>reve<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>termine<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>de<span class=\"_ _0\"></span>rivanti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dalle<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>variazioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pr<span class=\"_ _2\"></span>ezzi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tali<span class=\"_ _2\"></span><span class=\"ff1\"> </span>stru<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span>Rientrano<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">categoria<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">strumenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>erivati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">aventi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finalit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">copertura;<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">deri<span class=\"_ _2\"></span>vati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>rappresen<span class=\"_ _0\"></span>tati<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>come<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>se<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>positivo<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>passivit\u00e0<span class=\"ff1\"> </span>se<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>negativo.<span class=\"_ _3bd\"> </span>Non<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ammesse<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>iclassifiche<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>verso<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>altre<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>categorie<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>salvo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>caso<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>ia<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> </span>presenza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"_ _2\"></span>venti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"_ _2\"></span>usuali<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>c<span class=\"_ _2\"></span>he<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>difficilmente<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>possono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ripresentar<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>breve<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>periodo.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>In<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tali<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>casi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"ff1\"> </span>possibile<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>iclassificare<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>t<span class=\"_ _2\"></span>itoli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>debito<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>capitale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pi\u00f9<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>det<span class=\"_ _2\"></span>enuti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>finalit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>negoziazio<span class=\"_ _2\"></span>ne<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>altre<span class=\"ff1\"> </span>categorie<span class=\"ff1\"> </span>previste<span class=\"ff1\"> </span>dallo<span class=\"ff1\"> </span>IAS<span class=\"ff1\"> </span>39<span class=\"ff1\"> </span>qualora<span class=\"ff1\"> </span>ne<span class=\"ff1\"> </span>ricorr<span class=\"_ _2\"></span>ano<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>condiz<span class=\"_ _0\"></span>ioni<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>l\u2019iscrizione<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Su<span class=\"_ _0\"></span>cce<span class=\"_ _0\"></span>ssiv<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>alla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">rile<span class=\"_ _0\"></span>vaz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">in<span class=\"_ _0\"></span>izia<span class=\"_ _0\"></span>le,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">le</span> <span class=\"ff3\">atti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>finan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>rie<span class=\"ff1\"> </span>dete<span class=\"_ _0\"></span>nute<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">la</span> <span class=\"ff3\">neg<span class=\"_ _0\"></span>ozi<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>sono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">val<span class=\"_ _0\"></span>oriz<span class=\"_ _0\"></span>zate<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>al<span class=\"_ _0\"></span><span class=\"ff1\"> </span>fa<span class=\"_ _0\"></span>ir<span class=\"_ _3bd\"> </span>val<span class=\"_ _0\"></span>ue <span class=\"ff3 fs5\">e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">gli</span> <span class=\"ff3\">e<span class=\"_ _0\"></span>ffe<span class=\"_ _0\"></span>tti<span class=\"ff1\"> </span>de<span class=\"_ _1\"></span>ll\u2019app<span class=\"_ _0\"></span>lic<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ta<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>rit<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>luta<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">impu<span class=\"_ _0\"></span>tati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nel</span> <span class=\"ff3\">c<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>econ<span class=\"_ _0\"></span>omi<span class=\"_ _0\"></span>co.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">Se</span> </span></span></span></span></span></span></span></span></span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fair<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>v<span class=\"_ _0\"></span>alue<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un\u2019att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>finan<span class=\"_ _2\"></span>ziaria<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>diventa<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>negativo,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>t<span class=\"_ _2\"></span>ale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>contabilizzata<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>come<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>passivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>nanz<span class=\"_ _0\"></span>iari<span class=\"_ _0\"></span>a.<span class=\"_ _3bd\"> </span>Le<span class=\"ff1\">  </span>metodologie<span class=\"ff1\">  </span>utilizzate<span class=\"ff1\">  </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\">  </span>la<span class=\"ff1\">  </span>determinazione<span class=\"ff1\">  </span>del<span class=\"ff1\">  </span>fair<span class=\"ff1\">  </span>value<span class=\"ff1\">  </span>sono<span class=\"ff1\">  </span>riportate<span class=\"ff1\">  </span>nella<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>s<span class=\"_ _2\"></span>ezione<span class=\"ff1\">  </span>18<span class=\"ff1\">  </span>\u201cAltre<span class=\"ff1\"> </span>informazioni\u201d<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>presente<span class=\"ff1\"> </span>nota<span class=\"ff1\"> </span>integrativa.<span class=\"_ _3bd\"> </span>I<span class=\"ff1\"> <span class=\"_ _20\"></span></span>titoli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>capitale<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ed<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cor<span class=\"_ _2\"></span>relati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>str<span class=\"_ _2\"></span>umenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>derivati,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>n<span class=\"_ _2\"></span>on<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>possibile<span class=\"ff1\"> <span class=\"_ _20\"></span></span>determinare<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> </span>fair<span class=\"_ _3bd\"> </span>value <span class=\"_ _20\"></span><span class=\"ff3 fs5\">in<span class=\"ff1\"> </span></span>maniera<span class=\"ff1\"> </span>at<span class=\"_ _0\"></span>tendibile<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">secondo<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">linee<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">guida<span class=\"ff1\"> </span>indicate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nella<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sezione<span class=\"ff1\"> </span>18<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u201cAltre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">informazioni\u201d<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span>presente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nota<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>integrativa,<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>mantenuti<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>costo<span class=\"_ _2\"></span>.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vengono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cancellate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">solamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quando<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">scadono<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">diritt<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">contr<span class=\"_ _2\"></span>attuali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fluss<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziari<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>derivati<span class=\"ff1\"> </span>dalle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>stesse<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quando<span class=\"ff1\"> </span>l\u2019att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> </span>finanziaria<span class=\"ff1\"> <span class=\"_ _2\"></span></span>viene<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ceduta<span class=\"ff1\"> </span>t<span class=\"_ _2\"></span>rasferendo<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>stanzialmente<span class=\"ff1\"> </span>tutti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> </span>rischi/benefici<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"_ _2\"></span>d<span class=\"ff1\"> <span class=\"_ _20\"></span></span>essa<span class=\"ff1\"> <span class=\"_ _20\"></span></span>conness<span class=\"_ _2\"></span>i.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Q<span class=\"_ _2\"></span>ualora<span class=\"ff1\"> <span class=\"_ _20\"></span></span>si<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>m<span class=\"_ _2\"></span>antenuta<span class=\"ff1\"> <span class=\"_ _20\"></span></span>una<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quota<span class=\"ff1\"> <span class=\"_ _21\"></span></span>parte<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>ilevante<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>b<span class=\"_ _2\"></span>enefici<span class=\"ff1\"> </span>relativi<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>alle<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>cedute,<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>queste<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>continuano<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>ad<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>essere<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>iscritt<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>bilancio,<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>ancorch\u00e9<span class=\"ff1\"> </span>giuridicamente<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>titolarit\u00e0<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>stesse<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ia<span class=\"ff1\"> </span>stata<span class=\"ff1\"> </span>effettivamente<span class=\"ff1\"> </span>trasferita.<span class=\"_ _3bd\"> </span>Nel<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>caso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pos<span class=\"_ _2\"></span>sibile<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>accert<span class=\"_ _2\"></span>are<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sostanziale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>trasferimento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>b<span class=\"_ _0\"></span>enefici,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> <span class=\"_ _21\"></span></span>vengono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cancellate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _21\"></span></span>bilancio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>qualora<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>tato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>mantenuto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alcun<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tipo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>controllo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sulle<span class=\"ff1\"> </span>stesse.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>In<span class=\"ff1\"> <span class=\"_ _2\"></span></span>caso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contrario,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conservazione,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>anche<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>parte,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>ale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>controllo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>comporta<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mantenimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"_ _2\"></span><span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>misura<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>coinvolgimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>residuo,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>misurato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall\u2019esposizione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ai</span> <span class=\"ff3\">cam<span class=\"_ _2\"></span>biamenti</span> <span class=\"ff3\">di</span> </span>valore<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>cedute<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>variazioni<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> </span>finanziari<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>stesse.<span class=\"_ _3bd\"> </span>Nel<span class=\"ff1\"> <span class=\"_ _21\"></span></span>caso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>banca<span class=\"ff1\"> <span class=\"_ _21\"></span></span>venda<span class=\"ff1\"> <span class=\"_ _21\"></span></span>un\u2019<span class=\"_ _0\"></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>finanziaria<span class=\"ff1\"> <span class=\"_ _20\"></span></span>class<span class=\"_ _2\"></span>ificata<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _20\"></span></span>proprio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>portafoglio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>negoziazione,<span class=\"ff1\"> </span>procede<span class=\"ff1\"> </span>all'eliminazione<span class=\"ff1\"> </span>dell\u2019attivit\u00e0<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>suo<span class=\"ff1\"> </span>tras<span class=\"_ _2\"></span>ferimento<span class=\"ff1\"> </span>(data<span class=\"ff1\"> </span>regolamento).<span class=\"_ _3bd\"> </span>cevuti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un\u2019operazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contr<span class=\"_ _2\"></span>attualmente<span class=\"ff1\"> <span class=\"_ _21\"></span></span>prevede<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">la</span> <span class=\"_ _20\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>uccessiva</span> <span class=\"_ _21\"></span><span class=\"ff3\">vendita</span> <span class=\"_ _20\"></span><span class=\"ff3\">e</span> <span class=\"_ _21\"> </span><span class=\"ff3\">i</span> <span class=\"_ _21\"></span><span class=\"ff3\">titoli</span> </span>ati<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>ell\u2019ambito<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un\u2019operazione<span class=\"ff1\"> </span>che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contrattualmente<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>revede<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">riacquisto,</span> <span class=\"ff3\">non</span> <span class=\"_ _1\"></span><span class=\"ff3\">vengono<span class=\"ff1\"> </span>registrati<span class=\"ff1\"> </span></span></span></span></span></span></span>ti<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>bilancio.<span class=\"_ _3bd\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziar<span class=\"_ _2\"></span>ie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ce<span class=\"_ _2\"></span>dute<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vengono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cancellate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dal<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> </span>nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">caso<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cui<span class=\"ff1\"> </span>vi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sia</span> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onservazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ntrattuali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ricevere<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>relativi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cas<span class=\"_ _2\"></span>sa,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contestuale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>as<span class=\"_ _2\"></span>sunzione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un\u2019obb<span class=\"_ _2\"></span>ligazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"_ _2\"></span><span class=\"ff1\"> </span>etti<span class=\"ff1\"> </span>flussi,<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>solo<span class=\"ff1\"> </span>essi<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>altri<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>ggetti<span class=\"ff1\"> </span>terzi<span class=\"ff1\"> </span>(Cfr.<span class=\"ff1\"> </span>par.19<span class=\"ff1\"> </span>IAS39).<span class=\"_ _3bd\"> </span>ril<span class=\"_ _0\"></span>ev<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>del<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ual<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>essi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>attivi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sui<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tit<span class=\"_ _2\"></span>oli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>deb<span class=\"_ _0\"></span>ito<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ed<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>differenziali<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ed<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">i</span> <span class=\"_ _20\"></span><span class=\"ff3\">mar<span class=\"_ _2\"></span>gini</span> <span class=\"_ _20\"></span><span class=\"ff3\">dei</span> <span class=\"_ _21\"> </span><span class=\"ff3\">contratti</span> <span class=\"_ _21\"></span><span class=\"ff3\">derivati</span> <span class=\"_ _20\"></span><span class=\"ff3\">classificati</span> <span class=\"_ _21\"> </span><span class=\"ff3\">in</span> <span class=\"_ _21\"></span><span class=\"ff3\">tale</span> </span>a,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ma</span> <span class=\"ff3\">ge<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>onal<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>coll<span class=\"_ _0\"></span>ega<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>ad<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">atti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o</span> <span class=\"ff3\">pa<span class=\"_ _0\"></span>ssivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inanz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>luta<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fai<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>value<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sono</span> <span class=\"ff3\">i<span class=\"_ _0\"></span>scr<span class=\"_ _0\"></span>itti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">per</span> </span></span></span></span></span></span></span></span></span></span></span>nza<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> </span>voci<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico<span class=\"ff1\"> </span>relativi<span class=\"ff1\"> </span>agli<span class=\"ff1\"> </span>interessi.<span class=\"_ _3bd\"> </span>zi<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">i</span> <span class=\"ff3\">margi<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>gli<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>tri<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>trat<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>ve<span class=\"_ _0\"></span>ngo<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>leva<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u201cRisu<span class=\"_ _0\"></span>ltat<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>net<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>l\u2019a<span class=\"_ _0\"></span>ttiv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">negoz<span class=\"_ _0\"></span>iaz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span>\u201d.<span class=\"ff1\"> </span></span></span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>so<span class=\"_ _2\"></span>no<span class=\"ff1\">  </span>rilevati<span class=\"ff1\">  </span>per<span class=\"ff1\">  </span>compe<span class=\"_ _0\"></span>tenza<span class=\"ff1\">  </span>economica<span class=\"ff1\">  </span>riferita<span class=\"ff1\">  </span>alla<span class=\"ff1\">  </span>data<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>assunzione<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">della</span>  <span class=\"ff3\">delibera</span>  <span class=\"ff3\">di</span> </span>ione<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>parte<span class=\"ff1\"> </span>dell\u2019assemblea<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>esposti<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>voce<span class=\"ff1\"> </span>\u201cDividendi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>proventi<span class=\"ff1\"> </span>simili\u201d.<span class=\"_ _3bd\"> </span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perdite<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ealizzati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dalla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cessione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rimborso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">plus/minusvalenze<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">derivanti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dalle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">variazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>no<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>iscritti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">conto</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">economico</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">del</span> <span class=\"_ _27\"> </span><span class=\"ff3\">p<span class=\"_ _2\"></span>eriodo</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">nel</span> <span class=\"_ _27\"> </span><span class=\"ff3\">q<span class=\"_ _2\"></span>uale</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">si</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">manifestano</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">e</span> <span class=\"_ _27\"> </span><span class=\"ff3\">class<span class=\"_ _2\"></span>ificati</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">nel<span class=\"_ _0\"></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>voce<span class=\"ff1\"> </span></span></span>o<span class=\"ff1\">  </span>netto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>delle<span class=\"ff1\">  </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\">  </span>negoziazione\u201d,<span class=\"ff1\">  </span>ad<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>eccezione<span class=\"ff1\">  </span>della<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>quota<span class=\"ff1\">  </span>relativa<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ai<span class=\"ff1\">  </span>contratt<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>derivati<span class=\"_ _2\"></span><span class=\"ff1\"> </span>lmente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">collegati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ad<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">passivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">val<span class=\"_ _2\"></span>utate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rilevata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u201c<span class=\"_ _2\"></span>Risultato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">netto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>t\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value\u201d.<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>di<span class=\"_ _0\"></span>spo<span class=\"_ _1\"></span>nib<span class=\"_ _0\"></span>ili<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>la<span class=\"_ _3bd\"> </span>ve<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>isc<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>ne<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">iniziale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dell\u2019attivit\u00e0<span class=\"ff1\"> </span>finanziaria<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">avviene<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">regolamento<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>debito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">capital<span class=\"_ _2\"></span>e.<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ve<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>eccezioni<span class=\"ff1\"> </span>previste<span class=\"ff1\"> </span>dallo<span class=\"ff1\"> </span>IAS<span class=\"ff1\"> </span>39,<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>portafoglio<span class=\"ff1\"> </span>disponibile<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>vendita<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>poss<span class=\"_ _2\"></span>ono<span class=\"ff1\"> </span>asferiti<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>altri<span class=\"ff1\"> </span>portafogli<span class=\"ff1\"> </span>n\u00e9<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>altri<span class=\"ff1\"> </span>portafogli<span class=\"ff1\"> </span>possono<span class=\"ff1\"> </span>for<span class=\"_ _2\"></span>mare<span class=\"ff1\"> </span>oggetto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>trasferimento<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>lio<span class=\"ff1\"> </span>disponibile<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>vendita.<span class=\"_ _3bd\"> </span>e<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rilev<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>ione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ini<span class=\"_ _0\"></span>ziale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le</span> <span class=\"_ _0\"></span><span class=\"ff3\">atti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">so<span class=\"_ _0\"></span>no<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>tabi<span class=\"_ _0\"></span>liz<span class=\"_ _0\"></span>zate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al</span> <span class=\"ff3\">c<span class=\"_ _0\"></span>osto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"_ _0\"></span>tes<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ome<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>air<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">valu<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>llo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">strume<span class=\"_ _1\"></span>nto,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>sivo<span class=\"ff1\"> </span>dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">costi</span> <span class=\"ff3\">o</span> <span class=\"_ _0\"></span><span class=\"ff3\">proventi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>transazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">direttam<span class=\"_ _2\"></span>ente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">at<span class=\"_ _2\"></span>tribuibili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">allo<span class=\"ff1\"> </span>strumento<span class=\"ff1\"> </span>stesso.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Qualora,<span class=\"ff1\"> </span>nei<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>sentiti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dai</span> <span class=\"_ _1\"></span><span class=\"ff3\">principi<span class=\"ff1\"> </span>contab<span class=\"_ _0\"></span>ili,<span class=\"ff1\"> </span>l\u2019iscrizione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">avvenisse</span> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>segu<span class=\"_ _0\"></span>ito<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riclassificazione,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">is<span class=\"_ _2\"></span>crizione<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>rappresentato<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>momento<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>trasferimento.<span class=\"_ _3bd\"> </span>sponibili<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>vendita<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span><span class=\"ff3\">form<span class=\"_ _2\"></span>ano</span> <span class=\"_ _20\"></span><span class=\"ff3\">oggetto</span> <span class=\"_ _20\"></span><span class=\"ff3\">di</span> <span class=\"_ _20\"></span><span class=\"ff3\">operazioni</span> <span class=\"_ _20\"></span><span class=\"ff3\">di</span> <span class=\"_ _20\"></span><span class=\"ff3\">compravendita</span> <span class=\"_ _20\"></span><span class=\"ff3\">a</span> <span class=\"_ _21\"></span><span class=\"ff3\">pronti</span> <span class=\"_ _2\"></span><span class=\"ff3\">no<span class=\"_ _2\"></span>n</span> <span class=\"_ _20\"></span><span class=\"ff3\">ancora</span> </span>(regular<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">way)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vengono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"_ _2\"></span>scritti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(se<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">acquistati)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">oppure<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">can<span class=\"_ _2\"></span>cellati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(se<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">venduti)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">secondo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">principio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>ella<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>regolamento\u201d.<span class=\"_ _3bd\"> </span>cla<span class=\"_ _1\"></span>ssi<span class=\"_ _0\"></span>fica<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>use<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span>pre<span class=\"_ _0\"></span>sent<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>categ<span class=\"_ _0\"></span>ori<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>attiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">finan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>rie<span class=\"ff1\"> </span>non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">der<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>div<span class=\"_ _0\"></span>ersa<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>cla<span class=\"_ _0\"></span>ssifi<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span></span></span></span></span>,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u201cAttivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>detenute<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>negoziazione\u201d,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u201cA<span class=\"_ _0\"></span>ttivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _21\"></span></span>valutate<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> <span class=\"_ _21\"></span></span>f<span class=\"_ _0\"></span>air<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>value\u201d<span class=\"ff1\"> <span class=\"_ _21\"></span></span>o<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>detenute<span class=\"ff1\"> </span>sino<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>scadenza\u201d.<span class=\"_ _3bd\"> </span>olare,<span class=\"ff1\">  </span>vengono<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>incluse<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>questa<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>voce<span class=\"ff1\">  </span>le<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>interessenze<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>azionarie<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>gestite<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>finalit\u00e0<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> </span>ione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _2\"></span></span>qualificab<span class=\"_ _2\"></span>ili<span class=\"ff1\"> <span class=\"_ _2\"></span></span>come<span class=\"ff1\"> </span>part<span class=\"_ _2\"></span>ecipazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contr<span class=\"_ _2\"></span>ollo,<span class=\"ff1\"> </span>collegamento<span class=\"_ _2\"></span><span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contr<span class=\"_ _2\"></span>ollo<span class=\"ff1\"> </span>congiunto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gli<span class=\"_ _2\"></span><span class=\"ff1\"> </span>ti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>part<span class=\"_ _2\"></span>ecipativi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>capitale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>relativi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"_ _2\"></span>lle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>contribuzioni<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ve<span class=\"_ _2\"></span>rsate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>allo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Schema<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>volontario<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>d<span class=\"_ _2\"></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>FITD<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>relativi<span class=\"ff1\"> </span>all\u2019assunzione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>partecipazioni.<span class=\"_ _3bd\"> </span><span class=\"ff1\"><span class=\"_ _27\"> </span></span>consentiti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dai<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>principi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>contabili,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ammesse<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>riclassifiche<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>esclusivamente<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>verso<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>categoria<span class=\"ff1\"> </span>nan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>rie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dete<span class=\"_ _0\"></span>nute<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">sino</span> <span class=\"ff3\">a<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">scad<span class=\"_ _0\"></span>enz<span class=\"_ _0\"></span>a.<span class=\"ff1\"> </span>E<span class=\"_ _0\"></span>\u2019<span class=\"ff1\"> </span>po<span class=\"_ _0\"></span>ssib<span class=\"_ _0\"></span>ile<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span>oltre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ric<span class=\"_ _0\"></span>las<span class=\"_ _0\"></span>sifi<span class=\"_ _0\"></span>care<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i</span> <span class=\"_ _0\"></span><span class=\"ff3\">ti<span class=\"_ _0\"></span>toli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">deb<span class=\"_ _0\"></span>ito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">oltre<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ne<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> </span>Att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> </span>finanziar<span class=\"_ _2\"></span>ie<span class=\"ff1\"> </span>detenute<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sino<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>scadenza,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>anche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Crediti,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>presenza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>intento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>ne<span class=\"ff1\">  </span>per<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>il<span class=\"ff1\">  </span>prevedibile<span class=\"ff1\">  </span>f<span class=\"_ _2\"></span>uturo<span class=\"ff1\">  </span>e<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>qualora<span class=\"ff1\">  </span>ne<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>ricorrano<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>le<span class=\"ff1\">  </span>condizioni<span class=\"ff1\">  </span>per<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>l\u2019iscrizione.<span class=\"ff1\">  </span>Il<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>valore<span class=\"ff1\">  </span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>mento<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>rappresentato<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>momento<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>riclassificazione.<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>vamente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rilevazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>iniziale,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u201cAt<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>disponibili<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>vendita\u201d<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valutate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> </span>,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rilevazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>conto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">economico<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">corrispondente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cost<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">am<span class=\"_ _2\"></span>mortizzato,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mentre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gli<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>perdite<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">derivanti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">variazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fa<span class=\"_ _2\"></span>ir<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vengono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ilevati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>pecifica<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riserva<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">patrimo<span class=\"_ _2\"></span>nio<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>o<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>l\u2019attivit\u00e0<span class=\"ff1\"> </span>finanziaria<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>viene<span class=\"ff1\"> </span>cancellata<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>viene<span class=\"ff1\"> </span>rilev<span class=\"_ _0\"></span>ata<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>perdita<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>valore.<span class=\"_ _3bd\"> </span>dologie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>utilizzate<span class=\"ff1\"> <span class=\"_ _21\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>determinazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _20\"></span></span>value<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>principal<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>criteri<span class=\"ff1\"> <span class=\"_ _21\"></span></span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> <span class=\"_ _21\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rilevazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">un</span> </span>ent<span class=\"ff1\">  </span>delle<span class=\"ff1\">  </span>\u201cAttivit\u00e0<span class=\"ff1\">  </span>fina<span class=\"_ _0\"></span>nziarie<span class=\"ff1\">  </span>disponibili<span class=\"ff1\">  </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\">  </span>la<span class=\"ff1\">  </span>vendita\u201d<span class=\"ff1\">  </span>sono<span class=\"ff1\">  </span>ripor<span class=\"_ _0\"></span>tati<span class=\"ff1\">  </span>nella<span class=\"ff1\">  </span>sezione<span class=\"ff1\">  </span>18<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u201cAltr<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>ioni\u201d<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>presente<span class=\"ff1\"> </span>nota<span class=\"ff1\"> </span>integrativa.<span class=\"_ _3bd\"> </span>I<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tito<span class=\"_ _2\"></span>li<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cap<span class=\"_ _2\"></span>itale,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">quali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> </span>sia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">possibile<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">determinare<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>fair<span class=\"_ _3bd\"> </span>value <span class=\"_ _1\"></span><span class=\"ff3 fs5\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">maniera<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attendibile<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">secondo<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">linee<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span>guida<span class=\"ff1\"> </span>sopra<span class=\"ff1\"> </span>indicate,<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>mantenuti<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>costo.<span class=\"_ _3bd\"> </span>La<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ve<span class=\"_ _0\"></span>rifica<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dell\u2019esistenza<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>obiett<span class=\"_ _2\"></span>ive<span class=\"ff1\"> <span class=\"_ _20\"></span></span>evidenze<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>iduzione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>viene<span class=\"ff1\"> <span class=\"_ _21\"></span></span>effettuata<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ogni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>chiusura<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>situazione<span class=\"ff1\"> </span>infrannuale.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>vengono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cancellate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quando<span class=\"ff1\"> <span class=\"_ _20\"></span></span>scadono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>diritti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contratt<span class=\"_ _2\"></span>uali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sui<span class=\"ff1\"> <span class=\"_ _20\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziari<span class=\"ff1\"> <span class=\"_ _20\"></span></span>derivati<span class=\"ff1\"> </span>dalle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>st<span class=\"_ _2\"></span>esse<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quando<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziaria<span class=\"ff1\"> </span>viene<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ceduta<span class=\"ff1\"> <span class=\"_ _2\"></span></span>trasferendo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sostanzialmente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tutti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>benefici<span class=\"ff1\"> <span class=\"_ _21\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>propr<span class=\"_ _2\"></span>iet\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dell\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>finanziaria.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>contro<span class=\"_ _2\"></span>,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>qualora<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>stata<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>mantenuta<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _21\"></span></span>quota<span class=\"ff1\"> <span class=\"_ _21\"></span></span>parte<span class=\"ff1\"> </span>rilevante<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>e<span class=\"_ _2\"></span><span class=\"ff1\"> </span>benefici<span class=\"ff1\"> </span>relat<span class=\"_ _2\"></span>ivi<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cedute,<span class=\"ff1\"> </span>queste<span class=\"ff1\"> </span>continuano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ad<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>iscrit<span class=\"_ _2\"></span>te<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>bilancio,<span class=\"ff1\"> </span>ancorch\u00e9<span class=\"ff1\"> </span>giuridicamente<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>tito<span class=\"_ _2\"></span>larit\u00e0<span class=\"ff1\"> </span>delle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">att<span class=\"_ _2\"></span>ivit\u00e0</span> <span class=\"ff3\">stesse</span> <span class=\"ff3\">sia</span> <span class=\"ff3\">stata</span> <span class=\"ff3\">effettivamente</span> <span class=\"ff3\">trasferita.<span class=\"_ _3bd\"> </span></span></span>Nel<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>caso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pos<span class=\"_ _2\"></span>sibile<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>accert<span class=\"_ _2\"></span>are<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sostanziale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>trasferimento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>b<span class=\"_ _0\"></span>enefici,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> <span class=\"_ _21\"></span></span>vengono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cancellate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _21\"></span></span>bilancio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>qualora<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>tato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>mantenuto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alcun<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tipo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>controllo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sulle<span class=\"ff1\"> </span>stesse.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>In<span class=\"ff1\"> <span class=\"_ _2\"></span></span>caso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contrario,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conservazione,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>anche<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>parte,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>ale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>controllo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>comporta<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mantenimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"_ _2\"></span><span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>misura<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>coinvolgimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>residuo,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>misurato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall\u2019esposizione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ai</span> <span class=\"ff3\">cam<span class=\"_ _2\"></span>biamenti</span> <span class=\"ff3\">di</span> </span>valore<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>cedute<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>variazioni<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> </span>finanziari<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>stesse.<span class=\"_ _3bd\"> </span>Nel<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>caso<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>cui<span class=\"ff1\">  </span>la<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>banca<span class=\"ff1\">  </span>v<span class=\"_ _2\"></span>enda<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>un\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>finanziaria<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>classificata<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>suddetto<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>portafoglio,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>procede<span class=\"_ _2\"></span><span class=\"ff1\"> </span>all'eliminazione<span class=\"ff1\"> </span>dell\u2019attivit\u00e0<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>suo<span class=\"ff1\"> </span>trasferimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(data<span class=\"ff1\"> </span>regolamento).<span class=\"_ _3bd\"> </span>I<span class=\"ff1\"> <span class=\"_ _21\"></span></span>titoli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ricevuti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un\u2019operazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contr<span class=\"_ _2\"></span>attualmente<span class=\"ff1\"> <span class=\"_ _21\"></span></span>prevede<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">la</span> <span class=\"_ _20\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>uccessiva</span> <span class=\"_ _21\"></span><span class=\"ff3\">vendita</span> <span class=\"_ _20\"></span><span class=\"ff3\">e</span> <span class=\"_ _21\"> </span><span class=\"ff3\">i</span> <span class=\"_ _21\"></span><span class=\"ff3\">titoli</span> </span>consegnati<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>ell\u2019ambito<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un\u2019operazione<span class=\"ff1\"> </span>che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contrattualmente<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>revede<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">riacquisto,</span> <span class=\"ff3\">non</span> <span class=\"_ _1\"></span><span class=\"ff3\">vengono<span class=\"ff1\"> </span>registrati<span class=\"ff1\"> </span></span></span></span></span></span></span>o<span class=\"ff1\"> </span>stornati<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>bilancio.<span class=\"_ _3bd\"> </span>Infine,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziar<span class=\"_ _2\"></span>ie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ce<span class=\"_ _2\"></span>dute<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vengono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cancellate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dal<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> </span>nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">caso<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cui<span class=\"ff1\"> </span>vi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sia</span> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onservazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>diritti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contrattuali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ricevere<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>relativi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cas<span class=\"_ _2\"></span>sa,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contestuale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>as<span class=\"_ _2\"></span>sunzione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un\u2019obb<span class=\"_ _2\"></span>ligazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"_ _2\"></span><span class=\"ff1\"> </span>pagare<span class=\"ff1\"> </span>detti<span class=\"ff1\"> </span>flussi,<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>solo<span class=\"ff1\"> </span>essi<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>altri<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>ggetti<span class=\"ff1\"> </span>terzi<span class=\"ff1\"> </span>(Cfr.<span class=\"ff1\"> </span>par.19<span class=\"ff1\"> </span>IAS39).<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ril<span class=\"_ _0\"></span>ev<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>del<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ual<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>Gli<span class=\"ff1\"> </span>interessi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivi,<span class=\"ff1\"> </span>calcolati<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">base<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>metodologia<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">T.I.R.,<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> </span>contabilizzati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>competenza<span class=\"ff1\"> </span>nelle<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>voci<span class=\"ff1\"> </span>\u201cInteressi<span class=\"ff1\"> </span>attivi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>proventi<span class=\"ff1\"> </span>assimilati\u201d,<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>dividendi<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>voce<span class=\"ff1\"> </span>\u201cDividendi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>proventi<span class=\"ff1\"> </span>simili<span class=\"_ _0\"></span>\u201d<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nel<span class=\"ff1\"> </span>momento<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>cu<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sorge<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dir<span class=\"_ _0\"></span>itto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rice<span class=\"_ _0\"></span>ver<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pag<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>to,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">me<span class=\"_ _0\"></span>ntre<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">g<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">uti<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">per<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">deri<span class=\"_ _0\"></span>van<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">va<span class=\"_ _0\"></span>riaz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>fa<span class=\"_ _0\"></span>ir<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lue<span class=\"_ _3bd\"> </span>vengono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rilevati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>specifica<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>riserva<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _0\"></span>atrimonio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>netto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sino<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>l\u2019att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>finanzi<span class=\"_ _0\"></span>aria<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>vie<span class=\"_ _0\"></span>ne<span class=\"_ _2\"></span><span class=\"ff1\"> </span>cancellata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">viene<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rilevata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>erdita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>valore.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Al<span class=\"ff1\"> </span>momento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dismissione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>dell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>rilevazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>perdita<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valore,<span class=\"ff1\"> </span>l\u2019utile<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>perdita<span class=\"ff1\"> </span>cumulati<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> </span>riversati<span class=\"ff1\"> </span>a<span class=\"_ _2\"></span><span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico.<span class=\"_ _3bd\"> </span>Qualora<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">motivi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>ella<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perdita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">v<span class=\"_ _2\"></span>alore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>iano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rimossi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">seguito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">evento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">verificatosi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">successivamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>rilevazione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>riduzione<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>valore,<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>vengono<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>effettuat<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>riprese<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>imputazion<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>conto<span class=\"ff1\"> </span>economico,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> </span>caso<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>debito,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ed<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">patrimonio<span class=\"ff1\"> </span>netto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> </span>caso<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>apitale.<span class=\"ff1\"> </span>L\u2019ammontare<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>ripresa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>non<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pu\u00f2<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ogni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>caso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>superare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>differenza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tr<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contabile<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ed<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>costo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>am<span class=\"_ _2\"></span>mortizzato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>lo<span class=\"ff1\"> </span>strumento<span class=\"ff1\"> </span>avrebbe<span class=\"ff1\"> </span>avuto<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>assenza<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>precedenti<span class=\"ff1\"> </span>rettifiche.<span class=\"_ _3bd\"> </span>At<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>ten<span class=\"_ _1\"></span>ute<span class=\"_ _3bd\"> </span>si<span class=\"_ _0\"></span>no<span class=\"_ _3bd\"> </span>al<span class=\"_ _0\"></span>la<span class=\"_ _3bd\"> </span>sc<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>enz<span class=\"_ _0\"></span>a<span class=\"fc0 sc1\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>isc<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>L\u2019<span class=\"_ _0\"></span>iscr<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">iniz<span class=\"_ _0\"></span>iale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span>l\u2019at<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">finan<span class=\"_ _0\"></span>ziar<span class=\"_ _0\"></span>ia<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>vvie<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ata<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>gola<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>o.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>Al<span class=\"_ _0\"></span>l\u2019at<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>dell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>rilev<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>ini<span class=\"_ _0\"></span>ziale<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">le</span> <span class=\"_ _2\"></span><span class=\"ff3\">atti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>fina<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>arie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">cla<span class=\"_ _0\"></span>ssif<span class=\"_ _0\"></span>icat<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ne<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">pres<span class=\"_ _0\"></span>ente<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ca<span class=\"_ _0\"></span>teg<span class=\"_ _0\"></span>oria<span class=\"ff1\"> </span>son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>rilev<span class=\"_ _1\"></span>ate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">fai<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>value,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>co<span class=\"_ _2\"></span>mprensivo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>de<span class=\"_ _2\"></span>gli<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"_ _2\"></span>ventuali<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>co<span class=\"_ _2\"></span>sti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>proventi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>direttamente<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>at<span class=\"_ _2\"></span>tribuib<span class=\"_ _0\"></span>ili.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Se<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rilevazion<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>questa<span class=\"ff1\"> </span>categoria<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">avviene<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riclassificazione<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cat<span class=\"_ _2\"></span>egorie,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dell\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">data<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>riclassificazione<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>viene<span class=\"ff1\"> </span>assunto<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>nuovo<span class=\"ff1\"> </span>costo<span class=\"ff1\"> </span>ammortizzato<span class=\"_ _2\"></span><span class=\"ff1\"> </span>dell\u2019attivit\u00e0<span class=\"ff1\"> </span>stessa.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cla<span class=\"_ _1\"></span>ssi<span class=\"_ _0\"></span>fica<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>classificate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nella<span class=\"ff1\"> <span class=\"_ _2\"></span></span>presente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>categoria<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>titoli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>debito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pagamenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fissi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>determinabili<span class=\"ff1\"> </span>e<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>scadenza<span class=\"ff1\"> </span>fissa,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>si<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ha<span class=\"ff1\"> <span class=\"_ _20\"></span></span>intenzione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>capacit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>detenere<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>ino<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>scadenza.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Se<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>seguito<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ad<span class=\"ff1\"> <span class=\"_ _21\"></span></span>un<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">cambiame<span class=\"_ _0\"></span>nto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> </span></span></span>vo<span class=\"_ _0\"></span>lon<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">cap<span class=\"_ _0\"></span>aci<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ris<span class=\"_ _0\"></span>ulta<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>i\u00f9<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">appr<span class=\"_ _0\"></span>opri<span class=\"_ _0\"></span>ato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">man<span class=\"_ _0\"></span>tene<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inve<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>me<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>nuto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sin<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>sc<span class=\"_ _0\"></span>ade<span class=\"_ _0\"></span>nza,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>am<span class=\"_ _0\"></span>mes<span class=\"_ _0\"></span>se<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ric<span class=\"_ _0\"></span>lassi<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>he<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>scl<span class=\"_ _0\"></span>usi<span class=\"_ _0\"></span>vame<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ver<span class=\"_ _0\"></span>so<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ateg<span class=\"_ _0\"></span>ori<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>\u201c<span class=\"_ _0\"></span>Attiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ziari<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ispo<span class=\"_ _0\"></span>nib<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">la</span> <span class=\"_ _0\"></span><span class=\"ff3\">ven<span class=\"_ _0\"></span>dita<span class=\"_ _0\"></span>\u201d.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Successivamente<span class=\"ff1\"> </span>alla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rilevazione<span class=\"ff1\"> </span>iniziale,<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u201cAttivit\u00e0</span> <span class=\"ff3\">finanziarie</span> <span class=\"ff3\">detenute</span> <span class=\"ff3\">sino</span> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span>scadenza\u201d<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> </span></span></span></span></span>al<span class=\"ff1\"> </span>costo<span class=\"ff1\"> </span>ammortizzato,<span class=\"ff1\"> </span>utilizzando<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>metodo<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>interesse<span class=\"ff1\"> </span>effettivo.<span class=\"_ _3bd\"> </span>La<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ve<span class=\"_ _0\"></span>rifica<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dell\u2019esistenza<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>obiett<span class=\"_ _2\"></span>ive<span class=\"ff1\"> <span class=\"_ _20\"></span></span>evidenze<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>iduzione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>viene<span class=\"ff1\"> <span class=\"_ _21\"></span></span>effettuata<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ogni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>chiusura<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>situazione<span class=\"ff1\"> </span>infrannuale.<div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsa38\">Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsa39\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsa3a\">ca<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsa3b\">Le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>vengono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cancellate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quando<span class=\"ff1\"> <span class=\"_ _20\"></span></span>scadono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>diritti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contratt<span class=\"_ _2\"></span>uali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sui<span class=\"ff1\"> <span class=\"_ _20\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziari<span class=\"ff1\"> <span class=\"_ _20\"></span></span>derivati<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsa3c\">dalle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>st<span class=\"_ _2\"></span>esse<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quando<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziaria<span class=\"ff1\"> </span>viene<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ceduta<span class=\"ff1\"> <span class=\"_ _2\"></span></span>trasferendo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sostanzialmente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tutti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsa3d\">benefici<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _20\"></span></span>essa<span class=\"ff1\"> <span class=\"_ _21\"></span></span>connessi.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contr<span class=\"_ _2\"></span>o,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>qualora<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>st<span class=\"_ _2\"></span>ata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mantenuta<span class=\"ff1\"> <span class=\"_ _20\"></span></span>una<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quota<span class=\"ff1\"> <span class=\"_ _20\"></span></span>parte<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rilevante<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsa3e\">benefici<span class=\"ff1\"> <span class=\"_ _2\"></span></span>re<span class=\"_ _2\"></span>lativi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"_ _2\"></span>lle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cedute<span class=\"_ _2\"></span>,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>queste<span class=\"ff1\"> <span class=\"_ _20\"></span></span>continuano<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ess<span class=\"_ _2\"></span>ere<span class=\"ff1\"> <span class=\"_ _20\"></span></span>iscritte<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>bilancio,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ancorch\u00e9<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsa3f\">giuridicamente<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>titolarit\u00e0<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>stesse<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ia<span class=\"ff1\"> </span>stata<span class=\"ff1\"> </span>effettivamente<span class=\"ff1\"> </span>trasferita. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsa40\">Nel<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>caso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pos<span class=\"_ _2\"></span>sibile<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>accert<span class=\"_ _2\"></span>are<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sostanziale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>trasferimento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>b<span class=\"_ _0\"></span>enefici,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsa41\">finanziarie<span class=\"ff1\"> <span class=\"_ _21\"></span></span>vengono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cancellate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _21\"></span></span>bilancio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>qualora<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>tato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>mantenuto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alcun<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tipo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>controllo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sulle<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsa42\">stesse.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>In<span class=\"ff1\"> <span class=\"_ _2\"></span></span>caso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contrario,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conservazione,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>anche<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>parte,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>ale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>controllo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>comporta<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mantenimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsa43\">bilancio<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>misura<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>coinvolgimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>residuo,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>misurato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall\u2019esposizione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ai</span> <span class=\"ff3\">cam<span class=\"_ _2\"></span>biamenti</span> <span class=\"ff3\">di</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsa44\">valore<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>cedute<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>variazioni<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> </span>finanziari<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>stesse. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsa45\">Infine,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziar<span class=\"_ _2\"></span>ie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ce<span class=\"_ _2\"></span>dute<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vengono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cancellate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dal<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> </span>nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">caso<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cui<span class=\"ff1\"> </span>vi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sia</span> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onservazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsa46\">diritti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contrattuali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ricevere<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>relativi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cas<span class=\"_ _2\"></span>sa,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contestuale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>as<span class=\"_ _2\"></span>sunzione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un\u2019obb<span class=\"_ _2\"></span>ligazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsa47\">pagare<span class=\"ff1\"> </span>detti<span class=\"ff1\"> </span>flussi,<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>solo<span class=\"ff1\"> </span>essi<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>altri<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>ggetti<span class=\"ff1\"> </span>terzi<span class=\"ff1\"> </span>(Cfr.<span class=\"ff1\"> </span>par.19<span class=\"ff1\"> </span>IAS39). </div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsa48\">Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsa49\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsa4a\">ril<span class=\"_ _0\"></span>ev<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsa4b\">del<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsa4c\">co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsa4d\">re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ual<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsa4e\">Gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>ress<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tito<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>scri<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>er<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">comp<span class=\"_ _0\"></span>eten<span class=\"_ _0\"></span>za<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>elle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">v<span class=\"_ _0\"></span>oci<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _1\"></span><span class=\"ff3\">conto<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>con<span class=\"_ _0\"></span>omi<span class=\"_ _0\"></span>co<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rela<span class=\"_ _0\"></span>tivi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ag<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inte<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>ssi. </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsa4f\">Gli<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>utili<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>o<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>perdite<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>riferiti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>alle<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u201cAttivit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>finanziarie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">detenute</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">sino</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">a</span> <span class=\"_ _27\"> </span><span class=\"ff3\">scadenza\u201d,</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">sono</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">rilevati</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">nel</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">c<span class=\"_ _0\"></span>onto<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsa50\">economico<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _20\"></span></span>momento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cancellate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>hanno<span class=\"ff1\"> <span class=\"_ _2\"></span></span>subito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>una<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riduzione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valo<span class=\"_ _2\"></span>re,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nonch\u00e9<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsa51\">tramite<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>processo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>ammortamento. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsa52\">In<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>ede<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>chiusura<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>bilancio<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"></span></span>situazioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>infrannuali,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>viene<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"_ _2\"></span>ffettuata<span class=\"ff1\"> <span class=\"_ _21\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>verifica<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dell\u2019esistenza<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsa53\">obiettive<span class=\"ff1\"> </span>evidenze<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>riduzione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valore. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsa54\">Se<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sussist<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>t<span class=\"_ _2\"></span>ali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>evidenze<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l\u2019impor<span class=\"_ _2\"></span>to<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>p<span class=\"_ _2\"></span>erdita<span class=\"ff1\"> <span class=\"_ _20\"></span></span>viene<span class=\"ff1\"> <span class=\"_ _21\"></span></span>misurato<span class=\"ff1\"> <span class=\"_ _21\"></span></span>come<span class=\"ff1\"> <span class=\"_ _20\"></span></span>differenza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tra<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>co<span class=\"_ _2\"></span>ntabile<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsa55\">dell\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>attuale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>futuri<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>flussi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fi<span class=\"_ _0\"></span>nanziari<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>stimati,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>scontat<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tasso<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>interes<span class=\"_ _2\"></span>se<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>effett<span class=\"_ _2\"></span>ivo<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsa56\">originario.<span class=\"ff1\"> </span>L\u2019importo<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>perdita<span class=\"ff1\"> </span>viene<span class=\"ff1\"> </span>rilevato<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsa57\">Qualora<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">motivi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>ella<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perdita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">v<span class=\"_ _2\"></span>alore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>iano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rimossi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">seguito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">evento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">verificatosi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">successivamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsa58\">rilevazione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>riduzione<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>valore,<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>vengono<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>effettuat<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>riprese<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>imputazion<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>conto<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsa59\">ec<span class=\"_ _0\"></span>ono<span class=\"_ _0\"></span>mico<span class=\"_ _0\"></span>. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsa5a\">Il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ripristino<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>no<span class=\"_ _2\"></span>n<span class=\"ff1\"> <span class=\"_ _21\"></span></span>deve<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff3\">determinare</span> <span class=\"_ _21\"></span><span class=\"ff3\">un</span> <span class=\"_ _21\"></span><span class=\"ff3\">valore</span> <span class=\"_ _20\"></span><span class=\"ff3\">co<span class=\"_ _2\"></span>ntabile</span> <span class=\"_ _21\"></span><span class=\"ff3\">che</span> <span class=\"_ _21\"></span><span class=\"ff3\">supe<span class=\"_ _0\"></span>ra<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>costo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ammortizzato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _21\"></span></span>si<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsa5b\">sarebbe<span class=\"ff1\"> </span>avuto<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>caso<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>perdita<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>riduzione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>fos<span class=\"_ _2\"></span>se<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stata<span class=\"ff1\"> </span>rilevata.</span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gsa5c\">Cre<span class=\"_ _1\"></span>diti<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsa5d\">Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsa5e\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsa5f\">isc<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsa60\">La<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prima<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">iscrizione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cr<span class=\"_ _2\"></span>edito<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>vviene<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sott<span class=\"_ _2\"></span>oscrizione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">contr<span class=\"_ _2\"></span>atto,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che<span class=\"ff1\"> </span>normalmente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">coincide<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsa61\">con<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>erogazione<span class=\"ff1\"> </span>o,<span class=\"ff1\"> </span>nel<span class=\"ff1\"> <span class=\"_ _2\"></span></span>caso<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>tito<span class=\"_ _2\"></span>lo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>debito,<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>quella<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>regolamento,<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>fair<span class=\"ff1\"> <span class=\"_ _2\"></span></span>value<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsa62\">dello<span class=\"ff1\">  </span>strumento<span class=\"ff1\">  </span>finanziario,<span class=\"ff1\">  </span>p<span class=\"_ _0\"></span>ar<span class=\"_ _2\"></span>i<span class=\"ff1\">  </span>all\u2019ammontare<span class=\"ff1\">  </span>erogato,<span class=\"ff1\">  </span>o<span class=\"ff1\">  </span>pre<span class=\"_ _0\"></span>zzo<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>sottoscrizione,<span class=\"ff1\">  </span>comprensivo<span class=\"ff1\">  </span>dei<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsa63\">costi/proventi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>direttamente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>icondu<span class=\"_ _0\"></span>cibili<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>ingolo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cr<span class=\"_ _2\"></span>edito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>determinabili<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sin<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dall\u2019origine<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dell\u2019operazione,<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsa64\">ancorch\u00e9<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>liquidati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>momento<span class=\"ff1\">  </span>suc<span class=\"_ _0\"></span>cessivo.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>esclusi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>cost<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>pur<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>avend<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>cara<span class=\"_ _2\"></span>tteristiche<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsa65\">sud<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>tte,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>ogg<span class=\"_ _0\"></span>ett<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rim<span class=\"_ _0\"></span>borso<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">da<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">par<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ontrop<span class=\"_ _0\"></span>arte<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">debi<span class=\"_ _0\"></span>trice<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o</span> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">inq<span class=\"_ _0\"></span>uadr<span class=\"_ _0\"></span>abil<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>tr<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">norma<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cos<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsa66\">interni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>carattere<span class=\"ff1\"> </span>amministrativo. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsa67\">I<span class=\"ff1\"> </span>crediti<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>operazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>locazione<span class=\"ff1\"> </span>finanziaria<span class=\"ff1\"> <span class=\"_ _2\"></span></span>vengono<span class=\"ff1\"> </span>iscrit<span class=\"_ _2\"></span>ti<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>va<span class=\"_ _2\"></span>lore<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>all\u2019invest<span class=\"_ _2\"></span>imento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>netto<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsa68\">leasing,<span class=\"ff1\"> </span>comprensivo<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>costi<span class=\"ff1\"> </span>diretti<span class=\"ff1\"> </span>iniziali. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsa69\">I<span class=\"ff1\"> </span>crediti<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>i<span class=\"_ _2\"></span><span class=\"ff1\"> </span>titoli<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>allocati<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>port<span class=\"_ _2\"></span>afoglio<span class=\"ff1\"> </span>all\u2019atto<span class=\"ff1\"> </span>dell\u2019erogazione<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>de<span class=\"_ _2\"></span>ll\u2019acquisto<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>pos<span class=\"_ _2\"></span>sono<span class=\"ff1\"> </span>formar<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsa6a\">oggetto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>successivi<span class=\"ff1\"> </span>trasferimenti<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>altri<span class=\"ff1\"> </span>portafogli. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsa6b\">I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contratti<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riporto<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>ope<span class=\"_ _0\"></span>razioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pronti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contro<span class=\"ff1\"> </span>termine<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con</span> <span class=\"_ _1\"></span><span class=\"ff3\">obbligo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>iacquisto<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>rivendita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">termine<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsa6c\">sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">iscritti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">come<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">op<span class=\"_ _2\"></span>erazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">raccolta<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">impiego.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">In<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">particolare,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"_ _2\"></span>perazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vendita<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pro<span class=\"_ _2\"></span>nti<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsa6d\">e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riacquisto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>termine<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ri<span class=\"_ _0\"></span>levate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>bilanc<span class=\"_ _2\"></span>io<span class=\"ff1\"> <span class=\"_ _20\"></span></span>come<span class=\"ff1\"> <span class=\"_ _20\"></span></span>debiti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l\u2019im<span class=\"_ _2\"></span>porto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>percepito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pro<span class=\"_ _2\"></span>nti,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>mentre<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsa6e\">operazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ac<span class=\"_ _2\"></span>quisto<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pronti<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rivendita<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">termine<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rilevate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">come<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">crediti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>l\u2019<span class=\"_ _0\"></span>impor<span class=\"_ _2\"></span>to<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>rrisposto<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsa6f\">pro<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsa70\">Per<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>operazioni<span class=\"ff1\"> </span>creditizie<span class=\"ff1\"> </span>eventualmente<span class=\"ff1\"> </span>concluse<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>condizion<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>inferiori<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>quelle<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>mercato,<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>rilevazione<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsa71\">iniziale<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">effettuata<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>imp<span class=\"_ _0\"></span>or<span class=\"_ _2\"></span>to<span class=\"ff1\"> </span>pari<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ai<span class=\"ff1\"> </span>futuri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">flussi<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cassa<span class=\"ff1\"> </span>scontati<span class=\"ff1\"> </span>ad<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mercato.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">L\u2019eventuale<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsa72\">differenza<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tra<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rilevazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>iniziale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>l\u2019ammontare<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>er<span class=\"_ _2\"></span>ogato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rilevata<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>conto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>economico<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>m<span class=\"_ _2\"></span>omento<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsa73\">dell\u2019iscrizione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">iniziale.</span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cla<span class=\"_ _1\"></span>ssi<span class=\"_ _0\"></span>fica<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cre<span class=\"_ _0\"></span>diti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">inc<span class=\"_ _0\"></span>lud<span class=\"_ _0\"></span>ono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">imp<span class=\"_ _0\"></span>ieg<span class=\"_ _0\"></span>hi<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">clie<span class=\"_ _0\"></span>ntel<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">banc<span class=\"_ _0\"></span>he,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sia<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">erog<span class=\"_ _0\"></span>ati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span>rett<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sia<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>cqui<span class=\"_ _0\"></span>stat<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> </span>te<span class=\"_ _1\"></span>rzi,<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>he<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>prevedono<span class=\"ff1\"> </span>pagamenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fissi<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">comunque<span class=\"ff1\"> </span>determinabili,<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>quotati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>un<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mercato</span> <span class=\"ff3\">attivo</span> <span class=\"ff3\">e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">che</span> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>sono<span class=\"ff1\"> </span>stati<span class=\"ff1\"> </span>classificati<span class=\"ff1\"> </span>all\u2019origine<span class=\"ff1\"> </span>tra<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>disponibili<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>vendita.<span class=\"_ _2\"></span> Nella<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">voce<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">crediti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rientrano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inoltre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cre<span class=\"_ _2\"></span>diti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">commerciali,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">operazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pronti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">co<span class=\"_ _2\"></span>ntro<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">termine,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">crediti<span class=\"ff1\"> </span>origin<span class=\"_ _0\"></span>ati<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>da<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>operazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> </span>leasing <span class=\"_ _1f\"> </span><span class=\"ff3 fs5\">finanziario<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ed<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tito<span class=\"_ _2\"></span>li<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>acqu<span class=\"_ _0\"></span>istati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sottoscrizione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>co<span class=\"_ _2\"></span>llocamento<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>privato,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>con<span class=\"ff1\"> </span></span>pagamenti<span class=\"ff1\"> </span>determinati<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>determinabili,<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>quotati<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>mercati<span class=\"ff1\"> </span>at<span class=\"_ _2\"></span>tivi.<span class=\"_ _3bd\"> </span>Sono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">com<span class=\"_ _2\"></span>presi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nella<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">voce<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cr<span class=\"_ _2\"></span>editi<span class=\"ff1\"> </span>an<span class=\"_ _0\"></span>che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>finanziamenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">orig<span class=\"_ _2\"></span>inati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nell\u2019ambito<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>ll\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>factoring <span class=\"_ _1\"></span><span class=\"ff3 fs5\">a<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fr<span class=\"_ _2\"></span>onte<span class=\"ff1\"> </span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>anticipazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>u<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>portafoglio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ricevu<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>pro-solvendo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rimane<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>iscritto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>bi<span class=\"_ _0\"></span>lancio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>controparte<span class=\"ff1\"> </span>cedente.<span class=\"ff1\"> </span>Per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quanto<span class=\"ff1\"> </span>riguarda<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>crediti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>acquistati<span class=\"ff1\"> </span>pro-soluto,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gli<span class=\"ff1\"> </span>stessi<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>inclusi<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>voce<span class=\"ff1\"> <span class=\"_ _2\"></span></span>crediti,<span class=\"ff1\"> </span>previo<span class=\"ff1\"> </span>accertamento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>inesistenza<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>clausole<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contr<span class=\"_ _2\"></span>attuali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alterino<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>m<span class=\"_ _2\"></span>odo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>significativo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l\u2019esposizione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>societ\u00e0<span class=\"ff1\"> </span>cessionaria.<span class=\"_ _3bd\"> </span>Non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">son<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">amme<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ricl<span class=\"_ _0\"></span>assi<span class=\"_ _0\"></span>fich<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span>tre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cate<span class=\"_ _0\"></span>gori<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ttiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fin<span class=\"_ _0\"></span>anzi<span class=\"_ _0\"></span>arie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>revi<span class=\"_ _0\"></span>ste<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dall<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>IA<span class=\"_ _0\"></span>S<span class=\"ff1\"> </span>3<span class=\"_ _1\"></span>9.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Dopo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>ilevazione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span><span class=\"ff3\">iniziale,</span> <span class=\"_ _20\"></span><span class=\"ff3\">i</span> <span class=\"_ _2\"></span><span class=\"ff3\">cr<span class=\"_ _2\"></span>editi</span> <span class=\"_ _2\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ono</span> <span class=\"_ _2\"></span><span class=\"ff3\">valutati</span> <span class=\"_ _20\"></span><span class=\"ff3\">al</span> <span class=\"_ _20\"></span><span class=\"ff3\">costo</span> <span class=\"_ _20\"></span><span class=\"ff3\">ammortizzato,</span> <span class=\"_ _20\"></span><span class=\"ff3\">pari</span> <span class=\"_ _2\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>l</span> <span class=\"_ _2\"></span><span class=\"ff3\">valore</span> <span class=\"_ _20\"></span><span class=\"ff3\">di</span> <span class=\"_ _20\"></span><span class=\"ff3\">prima</span> <span class=\"_ _2\"></span><span class=\"ff3\">is<span class=\"_ _2\"></span>crizione</span> </span>diminuito/aumentato<span class=\"ff1\">  </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\">  </span>rimborsi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>capitale,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>delle<span class=\"ff1\">  </span>rettifiche/riprese<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\">  </span>v<span class=\"_ _0\"></span>alore<span class=\"ff1\">  </span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dell\u2019ammortamento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u2013<span class=\"ff1\"> </span>calcolato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>col<span class=\"ff1\"> <span class=\"_ _21\"></span></span>metodo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>t<span class=\"_ _2\"></span>asso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>interesse<span class=\"ff1\"> <span class=\"_ _20\"></span></span>effettivo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u2013<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _21\"></span></span>differenza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>ra<span class=\"ff1\"> <span class=\"_ _21\"></span></span>l\u2019<span class=\"_ _0\"></span>ammontar<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>erogato<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>qu<span class=\"_ _2\"></span>ello<span class=\"ff1\"> </span>rim<span class=\"_ _0\"></span>bor<span class=\"_ _0\"></span>sab<span class=\"_ _0\"></span>ile<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>sc<span class=\"_ _0\"></span>aden<span class=\"_ _0\"></span>za,<span class=\"ff1\"> </span>ric<span class=\"_ _0\"></span>ondu<span class=\"_ _0\"></span>cib<span class=\"_ _0\"></span>ile<span class=\"ff1\"> </span>ti<span class=\"_ _0\"></span>pica<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>ai<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">costi<span class=\"_ _0\"></span>/prove<span class=\"_ _1\"></span>nti<span class=\"ff1\"> </span>impu<span class=\"_ _0\"></span>tati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">diret<span class=\"_ _0\"></span>tame<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al</span> <span class=\"ff3\">sing<span class=\"_ _0\"></span>olo<span class=\"ff1\"> </span>cr<span class=\"_ _0\"></span>edi<span class=\"_ _0\"></span>to.<span class=\"ff1\"> </span></span></span></span></span></span></span>Il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tas<span class=\"_ _0\"></span>so<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">inte<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>sse<span class=\"ff1\"> </span>ef<span class=\"_ _0\"></span>fet<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>ind<span class=\"_ _0\"></span>ivid<span class=\"_ _0\"></span>ua<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>cal<span class=\"_ _0\"></span>cola<span class=\"_ _0\"></span>ndo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">il</span> <span class=\"ff3\">ta<span class=\"_ _0\"></span>sso<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>he<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>guagl<span class=\"_ _0\"></span>ia<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>val<span class=\"_ _0\"></span>ore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">att<span class=\"_ _0\"></span>uale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">flu<span class=\"_ _0\"></span>ssi<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>utu<span class=\"_ _0\"></span>ri<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>credito,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>capitale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ed<span class=\"ff1\"> <span class=\"_ _20\"></span></span>interesse,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>all\u2019ammontare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ero<span class=\"_ _2\"></span>gato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>inclusivo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>costi/proventi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ricondott<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>credito.<span class=\"ff1\"> </span>Tale<span class=\"ff1\">  </span>modalit\u00e0<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>contabilizzazio<span class=\"_ _2\"></span>ne,<span class=\"ff1\">  </span>utilizzando<span class=\"ff1\">  </span>una<span class=\"ff1\">  </span>logica<span class=\"ff1\">  </span>finanziaria,<span class=\"ff1\">  </span>cons<span class=\"_ _2\"></span>ente<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>distribuire<span class=\"ff1\">  </span>l\u2019effetto<span class=\"ff1\"> </span>economico<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>costi/proventi<span class=\"ff1\"> </span>lungo<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>vita<span class=\"ff1\"> </span>residua<span class=\"ff1\"> </span>attesa<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>credito.<span class=\"_ _3bd\"> </span>Il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>metodo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>costo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ammortizzato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>non<span class=\"ff1\"> <span class=\"_ _21\"></span></span>viene<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">utilizzato</span> <span class=\"_ _20\"></span><span class=\"ff3\">per</span> <span class=\"_ _21\"></span><span class=\"ff3\">i</span> <span class=\"_ _20\"></span><span class=\"ff3\">crediti</span> <span class=\"_ _20\"></span><span class=\"ff3\">la</span> <span class=\"_ _21\"> </span><span class=\"ff3\">cui</span> <span class=\"_ _20\"></span><span class=\"ff3\">brev<span class=\"_ _2\"></span>e</span> <span class=\"_ _20\"></span><span class=\"ff3\">durata</span> <span class=\"_ _21\"></span><span class=\"ff3\">(entro</span> <span class=\"_ _20\"></span><span class=\"ff3\">12</span> <span class=\"_ _21\"></span><span class=\"ff3\">mesi)</span> <span class=\"_ _20\"></span><span class=\"ff3\">fa</span> </span>rit<span class=\"_ _0\"></span>ene<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>tras<span class=\"_ _0\"></span>cur<span class=\"_ _0\"></span>abi<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>l\u2019e<span class=\"_ _0\"></span>ffe<span class=\"_ _0\"></span>tto<span class=\"ff1\"> </span>dell<span class=\"_ _0\"></span>\u2019app<span class=\"_ _0\"></span>lic<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>log<span class=\"_ _0\"></span>ica<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">attual<span class=\"_ _0\"></span>izz<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne.<span class=\"ff1\"> </span>Det<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>cred<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">vengon<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>val<span class=\"_ _0\"></span>orizz<span class=\"_ _0\"></span>ati<span class=\"ff1\"> </span></span></span></span></span>al<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ost<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">st<span class=\"_ _2\"></span>orico.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Analogo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">criterio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alorizzazione<span class=\"ff1\"> </span>viene<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">adott<span class=\"_ _2\"></span>ato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">crediti<span class=\"ff1\"> </span>senza<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">una<span class=\"ff1\"> </span>scadenza<span class=\"ff1\"> </span>defi<span class=\"_ _0\"></span>nita<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>a<span class=\"ff1\"> </span>revoca,<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>relazione<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>quali<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>costi<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>proventi<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>imputati<span class=\"ff1\"> </span>direttamente<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico.<span class=\"_ _3bd\"> </span>I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">crediti<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sottoposti<span class=\"ff1\"> </span>ad<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">una<span class=\"ff1\"> </span>ricognizione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">volta<span class=\"ff1\"> </span>ad<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">individuare<span class=\"ff1\"> </span>quelli<span class=\"ff1\"> </span>che,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">seguito<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>erificarsi<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">eventi<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>occorsi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dopo<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>loro<span class=\"ff1\"> <span class=\"_ _2\"></span></span>iscrizione,<span class=\"ff1\"> </span>mostrino<span class=\"ff1\"> <span class=\"_ _2\"></span></span>oggettive<span class=\"ff1\"> <span class=\"_ _2\"></span></span>evidenze<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>una<span class=\"ff1\"> <span class=\"_ _2\"></span></span>possibile<span class=\"ff1\"> </span>perdita<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valore.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Rientrano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>tale<span class=\"ff1\">  </span>ambito<span class=\"ff1\">  </span>i<span class=\"ff1\">  </span>crediti<span class=\"ff1\">  </span>ai<span class=\"ff1\">  </span>quali<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>\u00e8<span class=\"ff1\">  </span>stat<span class=\"_ _2\"></span>o<span class=\"ff1\">  </span>attribuito<span class=\"ff1\">  </span>lo<span class=\"ff1\">  </span>status<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>sofferenza,<span class=\"ff1\">  </span>inadempienza<span class=\"ff1\">  </span>probabile<span class=\"ff1\">  </span>o<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> </span>scaduto/sconfinante<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>secondo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>at<span class=\"_ _2\"></span>tuali<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>regole<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Banca<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>d\u2019Italia,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>coer<span class=\"_ _2\"></span>enti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>norma<span class=\"_ _2\"></span>tiva<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>IAS/IFRS<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> </span>vigilanza<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">europea.<span class=\"_ _3bd\"> </span></span></span>Con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>iferimento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>g<span class=\"_ _0\"></span>enerale<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>oncett<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ristrutturazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esposizioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cr<span class=\"_ _2\"></span>editizie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">identificate<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">diverse<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>fat<span class=\"_ _0\"></span>tisp<span class=\"_ _0\"></span>eci<span class=\"_ _0\"></span>e:<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>le<span class=\"ff1\"> </span>rinegoziazioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> </span>mo<span class=\"_ _2\"></span>tivi/prassi<span class=\"ff1\"> </span>\u201ccommerciali\u201d,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>diverse<span class=\"ff1\"> </span>quindi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dalle<span class=\"ff1\"> </span>difficolt\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>economico-finanziarie<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>debitore<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>concesse<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>interesse<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>mercato<span class=\"_ _2\"></span><span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>negoziaz<span class=\"_ _0\"></span>ione;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>esposizion<span class=\"_ _2\"></span>i<span class=\"ff1\">  </span>ogg<span class=\"_ _0\"></span>etto<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>\u201cconcessione\u201d<span class=\"ff1\">  </span>(<span class=\"_ _0\"></span>come<span class=\"ff1\">  </span>definite<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dal<span class=\"_ _2\"></span>la<span class=\"ff1\">  </span>circolare<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>272<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Ba<span class=\"_ _2\"></span>nca<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>\u2019Italia,<span class=\"ff1\">  </span>che<span class=\"ff1\"> </span>corrispondono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">definizioni</span> <span class=\"_ _20\"></span><span class=\"ff3\">cont<span class=\"_ _2\"></span>emplate</span> <span class=\"_ _20\"></span><span class=\"ff3\">dagli</span> <span class=\"_ _20\"></span><span class=\"ff3\">I<span class=\"_ _2\"></span>TS</span> <span class=\"_ _20\"></span><span class=\"ff3\">\u2013</span> <span class=\"_ _21\"></span><span class=\"ff3\">Implementing</span> <span class=\"_ _20\"></span><span class=\"ff3\">Technical</span> <span class=\"_ _21\"></span><span class=\"ff3\">Standards</span> <span class=\"_ _20\"></span><span class=\"ff3\">dell<span class=\"_ _2\"></span>\u2019EBA</span> <span class=\"_ _20\"></span><span class=\"ff3\">-</span> </span>\u201cfo<span class=\"_ _0\"></span>rbor<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>\u201d)<span class=\"ff1\"> </span>ovv<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>quei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">contra<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i</span> <span class=\"ff3\">quali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">state<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">app<span class=\"_ _0\"></span>lic<span class=\"_ _0\"></span>ate<span class=\"ff1\"> </span>mi<span class=\"_ _0\"></span>sur<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">tol<span class=\"_ _0\"></span>lera<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>(forb<span class=\"_ _0\"></span>eare<span class=\"_ _1\"></span>nce)<span class=\"ff1\"> </span>qua<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>concessioni,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">modifica<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>ei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">termin<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cont<span class=\"_ _2\"></span>ratto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e/o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rifinanziamento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">debito<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">esistente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">debitore<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>che<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>difficolt<span class=\"_ _2\"></span>\u00e0<span class=\"ff1\"> </span>finanziaria.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>esposizioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u201cforbor<span class=\"_ _2\"></span>ne\u201d<span class=\"ff1\"> </span>poss<span class=\"_ _2\"></span>ono<span class=\"ff1\"> </span>t<span class=\"_ _2\"></span>rovarsi<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ia<span class=\"ff1\"> </span>tra<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>categorie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>crediti<span class=\"ff1\"> </span>deteriorati<span class=\"ff1\"> </span>(non<span class=\"ff1\"> </span>perform<span class=\"_ _2\"></span>ing<span class=\"ff1\"> </span>exposures<span class=\"ff1\"> </span>with<span class=\"ff1\"> </span>forberance<span class=\"ff1\"> </span>measures)<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>tra<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> </span>bonis<span class=\"ff1\"> </span>(forborne<span class=\"ff1\"> </span>perfoming<span class=\"ff1\"> </span>exposures).<span class=\"ff1\"> <span class=\"_ _20\"></span></span>L<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>espp<span class=\"_ _0\"></span>osizioni<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>forborne<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>que<span class=\"_ _0\"></span>lle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _20\"></span></span>suss<span class=\"_ _2\"></span>itono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>oggettive<span class=\"ff1\"> <span class=\"_ _20\"></span></span>evidenze<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>p<span class=\"_ _2\"></span>erdite<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>lore<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>l\u2019estinzione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">de<span class=\"_ _2\"></span>bito<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mediante<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sost<span class=\"_ _2\"></span>ituzione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>el<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">debitore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">swap<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">debito<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">strumenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">patrimonio.<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Tali<span class=\"ff1\"> </span>eventi<span class=\"ff1\"> </span>comportano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>una<span class=\"ff1\"> </span>modifica<span class=\"ff1\"> </span>sostanziale<span class=\"ff1\"> </span>nei<span class=\"ff1\"> </span>termini<span class=\"ff1\"> </span>co<span class=\"_ _2\"></span>ntrattuali<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>punto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>vista<span class=\"ff1\"> </span>contabile<span class=\"ff1\"> </span>determinano<span class=\"ff1\"> </span>l\u2019estinzione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rapporto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>preesistente<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conseguente<span class=\"ff1\"> </span>iscrizione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> <span class=\"_ _2\"></span></span>value<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nuovo<span class=\"ff1\"> </span>rapporto,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riconoscendo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>conto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">economico<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">utile<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">una<span class=\"ff1\"> </span>perdi<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pari<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span>differenza<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fr<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valor<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l<span class=\"_ _2\"></span>ibro<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>del<span class=\"ff1\"> </span>vecchio<span class=\"ff1\"> </span>credito<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>asset<span class=\"ff1\"> </span>ricevuti.<span class=\"_ _3bd\"> </span>I<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>redi<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>riorat<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ogg<span class=\"_ _0\"></span>ett<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un</span> <span class=\"ff3\">pr<span class=\"_ _0\"></span>oce<span class=\"_ _0\"></span>sso<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">val<span class=\"_ _0\"></span>utaz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">anal<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>ca<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>\u2019am<span class=\"_ _0\"></span>monta<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>ret<span class=\"_ _0\"></span>tif<span class=\"_ _0\"></span>ica<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">val<span class=\"_ _0\"></span>ore<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cias<span class=\"_ _2\"></span>cun<span class=\"ff1\"> <span class=\"_ _20\"></span></span>credito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pari<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>differenza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tra<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>bilancio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>llo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>stess<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>momento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valutazione<span class=\"ff1\"> </span>(costo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ammort<span class=\"_ _2\"></span>izzato)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ed<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"_ _2\"></span>ttuale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>previsti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ca<span class=\"_ _2\"></span>ssa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>futuri,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>calcolato<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>applicando<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>asso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>interesse<span class=\"ff1\"> <span class=\"_ _21\"></span></span>effe<span class=\"_ _0\"></span>ttivo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>originario.<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Gli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>scaduti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>deteriorati<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>oggetto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>un<span class=\"ff1\"> <span class=\"_ _20\"></span></span>processo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valutazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>analitica<span class=\"ff1\"> </span>applicando<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>ogni<span class=\"ff1\"> </span>singola<span class=\"ff1\"> </span>posizione<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>percentuale<span class=\"ff1\"> </span>forfettaria<span class=\"ff1\"> </span>determinata<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>basi<span class=\"ff1\"> </span>stor<span class=\"_ _2\"></span>ico/statistiche.<span class=\"_ _3bd\"> </span>I<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cassa<span class=\"ff1\"> </span>previsti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tengono<span class=\"ff1\"> </span>conto<span class=\"_ _2\"></span><span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>tempi<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>recupero<span class=\"ff1\"> </span>at<span class=\"_ _2\"></span>tesi,<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>pr<span class=\"_ _2\"></span>esumibile<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>realizzo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> </span>eventuali<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>garanzie<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nonch\u00e9<span class=\"ff1\">  </span>dei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>costi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"ff1\">  </span>si<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ritiene<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>verranno<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sos<span class=\"_ _2\"></span>tenuti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>per<span class=\"ff1\">  </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>recupero<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>ell\u2019esposizione<span class=\"ff1\"> </span>creditizia.<span class=\"ff1\"> </span>I<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>cas<span class=\"_ _2\"></span>sa<span class=\"ff1\"> </span>relativi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> </span>crediti<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cui<span class=\"ff1\"> </span>rec<span class=\"_ _2\"></span>upero<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>previsto<span class=\"ff1\"> </span>entro<span class=\"ff1\"> </span>br<span class=\"_ _2\"></span>eve<span class=\"ff1\"> </span>durata<span class=\"ff1\"> </span>(entro<span class=\"ff1\"> <span class=\"_ _2\"></span></span>12<span class=\"ff1\"> </span>mesi)<span class=\"ff1\"> </span>non<span class=\"_ _2\"></span><span class=\"ff1\"> </span>vengono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">at<span class=\"_ _2\"></span>tualizzati.<span class=\"_ _3bd\"> </span></span></span>Il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tas<span class=\"_ _2\"></span>so<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>effettivo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>originario<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ciascun<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>credito<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rimane<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>invariato<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tempo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ancorch\u00e9<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>ia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>intervenuta<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>una<span class=\"ff1\"> </span>ristrutturazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>rapporto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> </span>abb<span class=\"_ _0\"></span>ia<span class=\"ff1\"> </span>com<span class=\"_ _2\"></span>portato<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>variazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contrattuale<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>anche<span class=\"ff1\"> </span>qualora<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>rapporto<span class=\"ff1\"> </span>divenga,<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>pratica,<span class=\"ff1\"> </span>infruttifero<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>interessi<span class=\"ff1\"> </span>cont<span class=\"_ _2\"></span>rattuali.<span class=\"_ _3bd\"> </span>La<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ret<span class=\"_ _0\"></span>tif<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">va<span class=\"_ _0\"></span>lore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span>is<span class=\"_ _0\"></span>cri<span class=\"_ _0\"></span>tta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>nto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ec<span class=\"_ _0\"></span>onom<span class=\"_ _0\"></span>ico.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>Il<span class=\"ff1\"> </span>valore<span class=\"ff1\"> <span class=\"_ _2\"></span></span>originario<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>crediti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>viene<span class=\"ff1\"> </span>riprist<span class=\"_ _2\"></span>inato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>negli<span class=\"ff1\"> </span>esercizi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>successivi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nella<span class=\"ff1\"> </span>mis<span class=\"_ _2\"></span>ura<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _2\"></span></span>vengano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>meno<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> </span>motivi<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>n<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>hanno<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>eterminato<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rettifica,<span class=\"ff1\"> </span>p<span class=\"_ _2\"></span>urch\u00e9<span class=\"ff1\"> </span>tale<span class=\"ff1\"> </span>valuta<span class=\"_ _2\"></span>zione<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span>ogg<span class=\"_ _2\"></span>ettivamente<span class=\"ff1\"> </span>collegabile<span class=\"ff1\"> </span>a<span class=\"_ _2\"></span>d<span class=\"ff1\"> </span>un<span class=\"_ _2\"></span><span class=\"ff1\"> </span>evento<span class=\"ff1\"> </span>ve<span class=\"_ _0\"></span>rificatosi<span class=\"ff1\"> </span>successivamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span>rettifica<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stessa.<span class=\"ff1\"> </span>La<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ripresa<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span>iscritta<span class=\"ff1\"> </span>nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">co<span class=\"_ _2\"></span>nto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">economico<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pu\u00f2<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ogni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">caso<span class=\"ff1\"> </span>superare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">costo<span class=\"ff1\"> </span>ammortizzato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">credito<span class=\"ff1\"> </span>avreb<span class=\"_ _0\"></span>be<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">avuto<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">as<span class=\"_ _2\"></span>senza<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"_ _2\"></span><span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>recedenti<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ret<span class=\"_ _0\"></span>tif<span class=\"_ _0\"></span>iche<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span>I<span class=\"ff1\"> </span>cr<span class=\"_ _2\"></span>editi<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _2\"></span></span>deteriorati<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>no<span class=\"ff1\"> </span>sottoposti<span class=\"ff1\"> </span>alla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valutazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>una<span class=\"ff1\"> <span class=\"_ _2\"></span></span>perdita<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>valore<span class=\"ff1\"> <span class=\"_ _2\"></span></span>collettiva.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Tale<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> </span>avviene<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>categorie<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>crediti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>omo<span class=\"_ _2\"></span>genee<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">in</span> <span class=\"ff3\">termini</span> <span class=\"_ _2\"></span><span class=\"ff3\">di</span> <span class=\"ff3\">rischio</span> <span class=\"_ _2\"></span><span class=\"ff3\">di</span> <span class=\"ff3\">credit<span class=\"_ _2\"></span>o</span> <span class=\"ff3\">e</span> <span class=\"ff3\">le</span> <span class=\"_ _2\"></span><span class=\"ff3\">relative</span> <span class=\"ff3\">percentuali</span> <span class=\"_ _2\"></span><span class=\"ff3\">di</span> <span class=\"ff3\">perdita</span> </span>son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>stim<span class=\"_ _0\"></span>ate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ten<span class=\"_ _0\"></span>end<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>se<span class=\"_ _0\"></span>rie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">stori<span class=\"_ _0\"></span>che,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fon<span class=\"_ _0\"></span>date<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">su</span> <span class=\"ff3\">ele<span class=\"_ _0\"></span>menti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">osse<span class=\"_ _0\"></span>rva<span class=\"_ _0\"></span>bil<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>all<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>dat<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>dell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>valu<span class=\"_ _0\"></span>taz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>consentano<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stimare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">perdita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">latente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ciascuna<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">c<span class=\"_ _2\"></span>ategoria<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">crediti.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Nella<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tiene<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>conto<span class=\"ff1\"> </span>anche<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>rischiosit\u00e0<span class=\"ff1\"> </span>connessa<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>paese<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>residenza<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>controparte.<span class=\"_ _3bd\"> </span>La<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>eterminazione<span class=\"ff1\"> </span>della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">svalutazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">co<span class=\"_ _2\"></span>llettiva<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>revede<span class=\"ff1\"> </span>l\u2019utilizzo<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>parametri<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>desunti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dai<span class=\"ff1\"> </span>modelli<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>interni<span class=\"ff1\"> </span>validati<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Funzione<span class=\"ff1\"> </span>reg<span class=\"_ _0\"></span>olamentare<span class=\"ff1\"> </span>\u201cCor<span class=\"_ _2\"></span>porate\u201d<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>replicati<span class=\"ff1\"> </span>anche<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>Funzione<span class=\"ff1\"> </span>regolamentare<span class=\"ff1\"> </span>\u201cRetail\u201d,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>quale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>corso<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>funzionali<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>richiesta<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>validazione.<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Per<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tutti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>clienti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> </span>portafoglio,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fine<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cons<span class=\"_ _2\"></span>iderare<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conc<span class=\"_ _2\"></span>etto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"_ _2\"></span>ncurred<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">loss,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">c<span class=\"_ _2\"></span>io\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">p<span class=\"_ _2\"></span>erdite<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">insite<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">n<span class=\"_ _2\"></span>el<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">portafoglio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">crediti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ma<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>non<span class=\"ff1\"> </span>anc<span class=\"_ _0\"></span>ora<span class=\"ff1\"> </span>emerse,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tra<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vari<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">parametri<span class=\"ff1\"> </span>utilizzati,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stato<span class=\"ff1\"> </span>inoltre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">considerato<span class=\"_ _2\"></span><span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>\u201cintervallo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">conferma<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>perdita\u201d<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>(Loss<span class=\"_ _3bd\"> </span>Confirmation<span class=\"_ _3bd\"> </span>Period);<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>tale<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>parametro<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>esprime<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>ritardo<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>medio<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>intercorre<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>tra<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>il<span class=\"ff1\"> </span>deterioramento<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>delle<span class=\"ff1\">  </span>condizioni<span class=\"ff1\">  </span>finanziarie<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>un<span class=\"ff1\">  </span>debitor<span class=\"_ _2\"></span>e<span class=\"ff1\">  </span>e<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>la<span class=\"ff1\">  </span>sua<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>classificazione<span class=\"ff1\">  </span>tra<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>esposizioni<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>teri<span class=\"_ _0\"></span>orat<span class=\"_ _0\"></span>e.<span class=\"_ _3bd\"> </span>Per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Funzione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>egolamentare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u201cCorporate\u201d<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">adottat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">intervallo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">conferma<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perdita<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">18<span class=\"_ _2\"></span>0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">giorni,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>me<span class=\"_ _0\"></span>ntre<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _1\"></span>r<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>Fu<span class=\"_ _0\"></span>nzio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">reg<span class=\"_ _0\"></span>olame<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u201cRetail<span class=\"_ _0\"></span>\u201d<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ad<span class=\"_ _0\"></span>otta<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inte<span class=\"_ _0\"></span>rva<span class=\"_ _0\"></span>llo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>ferma<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perd<span class=\"_ _1\"></span>ita<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">12<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">m<span class=\"_ _0\"></span>esi.<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>L\u2019identificazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>specifiche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>misure<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>suddetti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>para<span class=\"_ _2\"></span>metri<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>termini<span class=\"ff1\"> <span class=\"_ _2\"></span></span>degli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>intervalli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conferma<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> </span>perdita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tipologie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">controparti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(sia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">retail<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">corporate)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e9<span class=\"ff1\"> </span>sup<span class=\"_ _0\"></span>portat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">prevalentemente<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>al<span class=\"_ _2\"></span>le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">evidenze<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ottenibili<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>anch<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>at<span class=\"_ _2\"></span>traverso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>presidi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>or<span class=\"_ _2\"></span>ganizzativi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>efiniti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>processo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>cred<span class=\"_ _0\"></span>ito<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>come<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ad<span class=\"_ _0\"></span><span class=\"ff1\"> </span>esempio<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>frequenza<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>revisione<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>affidamenti<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>l\u2019attivit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>contro<span class=\"_ _2\"></span>llo<span class=\"ff1\"> </span>crediti.<span class=\"_ _3bd\"> </span>In<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>particolar<span class=\"_ _2\"></span>e,<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>tali<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>segmenti<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>caratterizzati<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>anche<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>dal<span class=\"_ _2\"></span>la<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>disponibilit\u00e0<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>divers<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>infor<span class=\"_ _2\"></span>mazioni<span class=\"ff1\"> </span>economico/finanziarie.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Nello<span class=\"ff1\">  </span>specifico<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>per<span class=\"ff1\">  </span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Funzione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>regolam<span class=\"_ _2\"></span>entare<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u201cRetail\u201d<span class=\"ff1\">  </span>\u00e8<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>osservabile<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\">  </span>ridotta<span class=\"ff1\"> </span>dimensione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>patrimoniale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>reddituale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>t<span class=\"_ _2\"></span>ipologia<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"_ _2\"></span>debitamento,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pi\u00f9<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>bilanciata<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>ul<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>medio/lungo<span class=\"_ _2\"></span><span class=\"ff1\"> </span>termine.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>L\u2019osservazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>suddetti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>elementi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>att<span class=\"_ _2\"></span>ribuibili<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>part<span class=\"_ _2\"></span>icolare<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>comparto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>retail<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ha<span class=\"ff1\"> <span class=\"_ _21\"></span></span>pe<span class=\"_ _0\"></span>rmesso<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> </span>affinare<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>stima<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>parametro<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>relativo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>alla<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>LCP<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>p<span class=\"_ _2\"></span>er<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>t<span class=\"_ _2\"></span>ale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>compar<span class=\"_ _2\"></span>to,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>aggiornandolo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>12<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>mesi,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pur<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>n<span class=\"_ _2\"></span>ella<span class=\"ff1\"> </span>conferma<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>continuit\u00e0<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>presidi<span class=\"ff1\"> </span>organizzativi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>creditizi<span class=\"ff1\"> </span>adot<span class=\"_ _2\"></span>tati.<span class=\"_ _3bd\"> </span>L\u2019orizzonte<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>temporale<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>utilizzat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>valor<span class=\"_ _2\"></span>izzazione<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>de<span class=\"_ _2\"></span>lla<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>probabilit\u00e0<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>default<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>ritiene<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>poss<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>approssimare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nozione<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>incurred<span class=\"ff1\"> <span class=\"_ _2\"></span></span>loss,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cio\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>perdita<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fondata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>su<span class=\"ff1\"> <span class=\"_ _2\"></span></span>eventi<span class=\"ff1\"> </span>at<span class=\"_ _2\"></span>tuali<span class=\"ff1\"> </span>ma<span class=\"ff1\"> <span class=\"_ _2\"></span></span>non<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ancora<span class=\"ff1\"> <span class=\"_ _2\"></span></span>acquisiti<span class=\"ff1\"> </span>dall\u2019impresa<span class=\"ff1\">  </span>nella<span class=\"ff1\">  </span>revisione<span class=\"ff1\">  </span>del<span class=\"ff1\">  </span>grado<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ris<span class=\"_ _2\"></span>chio<span class=\"ff1\">  </span>dello<span class=\"ff1\">  </span>specifico<span class=\"ff1\">  </span>cliente,<span class=\"ff1\">  </span>prevista<span class=\"ff1\">  </span>dai<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>prin<span class=\"_ _2\"></span>cipi<span class=\"ff1\">  </span>contabili<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>tern<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>onal<span class=\"_ _0\"></span>i.<span class=\"_ _3bd\"> </span>Le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">re<span class=\"_ _0\"></span>ttifi<span class=\"_ _0\"></span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">va<span class=\"_ _0\"></span>lore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>termi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>olle<span class=\"_ _0\"></span>ttiv<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">impu<span class=\"_ _1\"></span>tate<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>ec<span class=\"_ _0\"></span>onomi<span class=\"_ _0\"></span>co.<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"fc0 sc1\"> </span>I<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>c<span class=\"_ _0\"></span>rediti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ceduti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>vengono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>cancellati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dalle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">attivit\u00e0</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">in</span> <span class=\"_ _27\"> </span><span class=\"ff3\">bilancio</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">solamente</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">se</span> <span class=\"_ _27\"> </span><span class=\"ff3\">la</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">cessione</span> <span class=\"_ _27\"> </span><span class=\"ff3\">ha</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">comportato</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">il</span> </span>sostanziale<span class=\"ff1\"> </span>trasferimento<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tutti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i</span> <span class=\"ff3\">rischi</span> <span class=\"ff3\">e</span> <span class=\"_ _0\"></span><span class=\"ff3\">benefici<span class=\"ff1\"> </span>connessi<span class=\"ff1\"> </span>ai<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">crediti<span class=\"ff1\"> </span>stessi.<span class=\"ff1\"> </span>Per<span class=\"ff1\"> </span>contro,<span class=\"ff1\"> </span>qualora<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">siano<span class=\"ff1\"> </span>sta<span class=\"_ _2\"></span>ti<span class=\"ff1\"> </span></span></span></span></span></span></span>mantenuti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>benefici<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>elativi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _20\"></span></span>crediti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ceduti,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>questi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>continuano<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _2\"></span></span>esser<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>iscritt<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tra<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> </span>bilancio,<span class=\"ff1\"> </span>ancorch\u00e9<span class=\"ff1\"> </span>giuridicamente<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>tito<span class=\"_ _2\"></span>larit\u00e0<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>credito<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span>stata<span class=\"ff1\"> </span>effettivamente<span class=\"ff1\"> </span>trasferita.<span class=\"_ _3bd\"> </span>Nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">caso<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>sia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">possibile<span class=\"ff1\"> </span>accertare<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>sostanziale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">trasferimento<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ischi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>bene<span class=\"_ _0\"></span>fici,<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">crediti<span class=\"ff1\"> </span>ve<span class=\"_ _0\"></span>ngono<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>cancellati<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>al<span class=\"ff1\"> </span>bil<span class=\"_ _0\"></span>ancio<span class=\"ff1\"> </span>qualora<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sia<span class=\"ff1\"> </span>stato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mantenuto<span class=\"ff1\"> </span>alc<span class=\"_ _0\"></span>un<span class=\"ff1\"> </span>tipo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">controllo<span class=\"ff1\"> </span>sugli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">st<span class=\"_ _2\"></span>essi.<span class=\"ff1\"> </span>I<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>caso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">co<span class=\"_ _2\"></span>ntrario,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>la<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onservazione,<span class=\"ff1\"> </span>anche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>parte,<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>tale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">contr<span class=\"_ _2\"></span>ollo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">comporta<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mantenimento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>ei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">crediti<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">misura<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>pari<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>coinvolgimento<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>esiduo,<span class=\"ff1\"> </span>misurato<span class=\"ff1\"> </span>dall\u2019esposizione<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>cambiamenti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>crediti<span class=\"ff1\"> </span>c<span class=\"_ _2\"></span>eduti<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>variazioni<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> </span>finanziari<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>stessi.<span class=\"_ _3bd\"> </span>Infine,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>crediti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ce<span class=\"_ _2\"></span>duti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>vengono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>cancellati<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>bilancio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>caso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>vi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sia<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>conservazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>diritti<span class=\"ff1\"> </span>contrattuali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ricevere<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>relativi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>f<span class=\"_ _2\"></span>lussi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cassa,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contestuale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>assunzione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un\u2019obbligazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pagare<span class=\"ff1\"> </span>detti<span class=\"ff1\"> </span>flussi,<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>solo<span class=\"ff1\"> </span>essi<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>altri<span class=\"ff1\"> </span>soggetti<span class=\"ff1\"> </span>terzi.<span class=\"_ _3bd\"> </span>Inoltre<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l\u2019eliminazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>integrale<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>crediti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>avviene<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quando<span class=\"ff1\"> <span class=\"_ _20\"></span></span>gli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>stessi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>c<span class=\"_ _0\"></span>onsiderati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>irrecuperabili<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"ff1\"> </span>stralciati<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nella<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>loro<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"_ _0\"></span>terezza.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>L<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cancellazioni,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>quota<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"_ _2\"></span>ccedente<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>i<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>relativo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fondo,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>imputate<span class=\"ff1\"> </span>direttamente<span class=\"ff1\">  </span>alla<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>voce<span class=\"ff1\">  </span>130<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a)<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u201c<span class=\"_ _2\"></span>Rettifiche/riprese<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\">  </span>valore<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>net<span class=\"_ _2\"></span>te<span class=\"ff1\">  </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\">  </span>deterioramento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>crediti\u201d<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>conto<span class=\"ff1\"> </span>economico<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>ilevate<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riduzione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quota<span class=\"ff1\"> <span class=\"_ _2\"></span></span>capitale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>crediti.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Recuperi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>parte<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>i<span class=\"_ _2\"></span>nteri<span class=\"ff1\"> <span class=\"_ _2\"></span></span>importi<span class=\"ff1\"> </span>precedentemente<span class=\"ff1\"> </span>cancellati<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>iscritt<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>medesima<span class=\"ff1\"> </span>voce.<div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsafa\">Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsafb\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsafc\">ril<span class=\"_ _0\"></span>ev<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsafd\">del<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsafe\">co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsaff\">re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ual<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb00\">L\u2019allocazione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>componenti<span class=\"ff1\"> </span>reddituali<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> </span>pertinenti<span class=\"ff1\"> </span>voci<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>conto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>economico<span class=\"ff1\"> </span>avviene<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb01\">quanto<span class=\"ff1\"> </span>riportato<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>seguito: </div><div class=\"t m4 h2c ff4 fs5 fc0 sc0 ls0 ws0 gsb02\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb03\">Gli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">interessi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">crediti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vengono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">allocati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nella<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">voce<span class=\"ff1\"> </span>\u201cInteressi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">proventi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ass<span class=\"_ _2\"></span>imilati\u201d<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb04\">per<span class=\"ff1\"> </span>competenza<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>interess<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>effettivo; </div><div class=\"t m4 h2c ff4 fs5 fc0 sc0 ls0 ws0 gsb05\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb06\">Gli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">utili<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">perdite<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cessione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">crediti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">titoli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vengono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">allocat<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nella<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">voce<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u201cUtili<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(perdite)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cess<span class=\"_ _2\"></span>ione<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb07\">o<span class=\"ff1\"> </span>riacquisto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>crediti\u201d; </div><div class=\"t m4 h2c ff4 fs5 fc0 sc0 ls0 ws0 gsb08\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb09\">Le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rettifiche<span class=\"ff1\"> <span class=\"_ _21\"></span></span>da<span class=\"ff1\"> <span class=\"_ _20\"></span></span>impairment,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>perdite<span class=\"ff1\"> <span class=\"_ _21\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>canc<span class=\"_ _2\"></span>ellazioni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff3\">riprese</span> <span class=\"_ _21\"> </span><span class=\"ff3\">di</span> <span class=\"_ _21\"></span><span class=\"ff3\">valore</span> <span class=\"_ _21\"></span><span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff3\">crediti</span> <span class=\"_ _21\"></span><span class=\"ff3\">e</span> <span class=\"_ _21\"></span><span class=\"ff3\">dei</span> <span class=\"_ _21\"></span><span class=\"ff3\">titoli</span> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb0a\">vengono<span class=\"ff1\"> </span>allocate<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>voce<span class=\"ff1\"> </span>\u201cRettifiche/riprese<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>nette<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>deterioramento<span class=\"_ _2\"></span><span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>crediti\u201d. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb0b\">I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rip<span class=\"_ _0\"></span>ris<span class=\"_ _0\"></span>tini<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">v<span class=\"_ _0\"></span>alore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>nne<span class=\"_ _0\"></span>ssi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tra<span class=\"_ _0\"></span>sco<span class=\"_ _0\"></span>rrer<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tem<span class=\"_ _0\"></span>po<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ono<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ppo<span class=\"_ _0\"></span>stati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>pre<span class=\"_ _0\"></span>se<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">val<span class=\"_ _0\"></span>ore<span class=\"_ _0\"></span>.</span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gsb0c\">At<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gsb0d\">fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gsb0e\">val<span class=\"_ _0\"></span>uta<span class=\"_ _1\"></span>te<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gsb0f\">al<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gsb10\">fa<span class=\"_ _0\"></span>ir<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gsb11\">va<span class=\"_ _1\"></span>lu<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsb12\">Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsb13\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsb14\">isc<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb15\">All\u2019atto<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>rilevazione<span class=\"ff1\"> </span>iniziale<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> </span>finanziari<span class=\"ff1\"> </span>valutati<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> </span>rilevati<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>costo,<span class=\"ff1\"> </span>inteso<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb16\">com<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>air<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alue<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dell<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>trume<span class=\"_ _0\"></span>nto,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">se<span class=\"_ _0\"></span>nza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cons<span class=\"_ _0\"></span>ide<span class=\"_ _0\"></span>rare<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i</span> <span class=\"ff3\">c<span class=\"_ _0\"></span>osti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o</span> <span class=\"ff3\">p<span class=\"_ _0\"></span>rove<span class=\"_ _0\"></span>nti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tran<span class=\"_ _0\"></span>sazi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dir<span class=\"_ _0\"></span>etta<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>at<span class=\"_ _0\"></span>trib<span class=\"_ _0\"></span>uibi<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb17\">allo<span class=\"ff1\"> </span>strumento<span class=\"ff1\"> </span>stesso<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>invece<span class=\"ff1\"> </span>imputati<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>cont<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>economico. </div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsb18\">Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsb19\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsb1a\">cla<span class=\"_ _1\"></span>ssi<span class=\"_ _0\"></span>fica<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb1b\">Sono<span class=\"ff1\"> </span>classificate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>questa<span class=\"ff1\"> </span>categoria<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> </span>finanz<span class=\"_ _0\"></span>iarie<span class=\"ff1\"> </span>che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">si<span class=\"_ _2\"></span><span class=\"ff1\"> </span>intende<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">val<span class=\"_ _2\"></span>utare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> </span>impatto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb1c\">conto<span class=\"ff1\"> </span>economico<span class=\"ff1\"> </span>quando: </div><div class=\"t m4 h2c ff4 fs5 fc0 sc0 ls0 ws0 gsb1d\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb1e\">la<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>designazione<span class=\"ff1\">  </span>al<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>fair<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>value<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>consente<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>eliminare<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>ridurre<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>le<span class=\"ff1\">  </span>s<span class=\"_ _2\"></span>ignificative<span class=\"ff1\">  </span>distor<span class=\"_ _2\"></span>sioni<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>nella<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb1f\">rappresentazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>contabile<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>degli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>st<span class=\"_ _2\"></span>rumenti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>finanziari<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>oppure<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>t<span class=\"_ _2\"></span>ra<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>strumenti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>finanziari<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb20\">fi<span class=\"_ _0\"></span>nanz<span class=\"_ _0\"></span>iari<span class=\"_ _0\"></span>e; </div><div class=\"t m4 h2c ff4 fs5 fc0 sc0 ls0 ws0 gsb21\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb22\">oppure<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>gestione<span class=\"ff1\"> </span>e/o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valutazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>u<span class=\"_ _2\"></span>n<span class=\"ff1\"> </span>gruppo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>strumenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziari<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>ef<span class=\"_ _2\"></span>fetti<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb23\">economico<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>coerente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>una<span class=\"ff1\"> <span class=\"_ _20\"></span></span>str<span class=\"_ _2\"></span>ategia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ris<span class=\"_ _2\"></span>k<span class=\"ff1\"> <span class=\"_ _2\"></span></span>management<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>d\u2019investimento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>documentata<span class=\"ff1\"> <span class=\"_ _20\"></span></span>su<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tale<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb24\">base<span class=\"ff1\"> </span>anche<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>direzione<span class=\"ff1\"> </span>aziendale; </div><div class=\"t m4 h2c ff4 fs5 fc0 sc0 ls0 ws0 gsb25\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb26\">oppure<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>presenza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>uno<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>strumento<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cont<span class=\"_ _2\"></span>enente<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>derivato<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>implicito<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>modifica<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>modo<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb27\">significativo<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cassa<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>strumento<span class=\"ff1\"> </span>ospite<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>deve<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>scorpor<span class=\"_ _2\"></span>ato. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb28\">Non<span class=\"ff1\"> <span class=\"_ _2\"></span></span>posso<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _2\"></span></span>essere<span class=\"ff1\"> <span class=\"_ _2\"></span></span>classificate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>questa<span class=\"ff1\"> <span class=\"_ _20\"></span></span>categoria<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>str<span class=\"_ _2\"></span>umenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>capitale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ch<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>non<span class=\"ff1\"> <span class=\"_ _2\"></span></span>hanno<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _20\"></span></span>value<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb29\">atte<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>ibil<span class=\"_ _0\"></span>e. </div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsb2a\">Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsb2b\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsb2c\">va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb2d\">Su<span class=\"_ _0\"></span>cce<span class=\"_ _0\"></span>ssiv<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>lev<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>niz<span class=\"_ _0\"></span>iale<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">atti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>ziar<span class=\"_ _0\"></span>ie<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ono<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alo<span class=\"_ _0\"></span>rizz<span class=\"_ _0\"></span>ate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>fa<span class=\"_ _0\"></span>ir<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>lue. </span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb2e\">Le<span class=\"ff1\">  </span>metodologie<span class=\"ff1\">  </span>utilizzate<span class=\"ff1\">  </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\">  </span>la<span class=\"ff1\">  </span>determinazione<span class=\"ff1\">  </span>del<span class=\"ff1\">  </span>fair<span class=\"ff1\">  </span>value<span class=\"ff1\">  </span>sono<span class=\"ff1\">  </span>riportate<span class=\"ff1\">  </span>nella<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>s<span class=\"_ _2\"></span>ezione<span class=\"ff1\">  </span>18<span class=\"ff1\">  </span>\u201cAltre<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb2f\">informazioni\u201d<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>presente<span class=\"ff1\"> </span>nota<span class=\"ff1\"> </span>integrativa. </div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsb30\">Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsb31\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsb32\">ca<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb33\">Le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>vengono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cancellate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quando<span class=\"ff1\"> <span class=\"_ _20\"></span></span>scadono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>diritti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contrattuali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sui<span class=\"ff1\"> <span class=\"_ _20\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziari<span class=\"ff1\"> <span class=\"_ _20\"></span></span>derivati<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb34\">dalle<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>stess<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>quando<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>l\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>finanziaria<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>viene<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>ceduta<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>trasferendo<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>s<span class=\"_ _2\"></span>ostanzialmente<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>t<span class=\"_ _2\"></span>utti<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>i<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb35\">rischi/benefici<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ad<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">essa<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">connessi.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">P<span class=\"_ _2\"></span>er<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">contro,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">qualora<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">st<span class=\"_ _2\"></span>ata<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mantenuta<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">u<span class=\"_ _2\"></span>na<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">quota<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">parte<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rilevante<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>ei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">risch<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb36\">e<span class=\"ff1\"> </span>benefici<span class=\"ff1\"> </span>relativi<span class=\"ff1\"> </span>al<span class=\"_ _2\"></span>le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>c<span class=\"_ _2\"></span>edute,<span class=\"ff1\"> </span>queste<span class=\"ff1\"> </span>continuano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ad<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>iscritte<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>bilancio,<span class=\"ff1\"> </span>ancorch\u00e9<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb37\">giuridicamente<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>titolarit\u00e0<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>stesse<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ia<span class=\"ff1\"> </span>stata<span class=\"ff1\"> </span>effettivamente<span class=\"ff1\"> </span>trasferita. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb38\">Nel<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>caso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pos<span class=\"_ _2\"></span>sibile<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>accert<span class=\"_ _2\"></span>are<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sostanziale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>trasferimento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>b<span class=\"_ _0\"></span>enefici,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb39\">finanziarie<span class=\"ff1\"> <span class=\"_ _21\"></span></span>vengono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cancellate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _21\"></span></span>bilancio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>qualora<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>tato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>mantenuto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alcun<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tipo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>controllo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sulle<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb3a\">stesse.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>In<span class=\"ff1\"> <span class=\"_ _2\"></span></span>caso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contrario,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conservazione,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>anche<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>parte,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>ale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>controllo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>comporta<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mantenimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb3b\">bilancio<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>misura<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>coinvolgimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>residuo,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>misurato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall\u2019esposizione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ai</span> <span class=\"ff3\">cam<span class=\"_ _2\"></span>biamenti</span> <span class=\"ff3\">di</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb3c\">valore<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>cedute<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>variazioni<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> </span>finanziari<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>stesse. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb3d\">Nel<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>caso<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>cui<span class=\"ff1\">  </span>la<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>banca<span class=\"ff1\">  </span>v<span class=\"_ _2\"></span>enda<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>un\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>finanziaria<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>classificata<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>suddetto<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>portafoglio,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>procede<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb3e\">all'eliminazione<span class=\"ff1\"> </span>dell\u2019attivit\u00e0<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>suo<span class=\"ff1\"> </span>trasferimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(data<span class=\"ff1\"> </span>regolamento). </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb3f\">I<span class=\"ff1\"> <span class=\"_ _21\"></span></span>titoli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ricevuti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un\u2019operazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contr<span class=\"_ _2\"></span>attualmente<span class=\"ff1\"> <span class=\"_ _21\"></span></span>prevede<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">la</span> <span class=\"_ _20\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>uccessiva</span> <span class=\"_ _21\"></span><span class=\"ff3\">vendita</span> <span class=\"_ _20\"></span><span class=\"ff3\">e</span> <span class=\"_ _21\"> </span><span class=\"ff3\">i</span> <span class=\"_ _21\"></span><span class=\"ff3\">titoli</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb40\">consegnati<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>ell\u2019ambito<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un\u2019operazione<span class=\"ff1\"> </span>che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contrattualmente<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>revede<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">riacquisto,</span> <span class=\"ff3\">non</span> <span class=\"_ _1\"></span><span class=\"ff3\">vengono<span class=\"ff1\"> </span>registrati<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb41\">o<span class=\"ff1\"> </span>stornati<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>bilancio. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb42\">Infine,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziar<span class=\"_ _2\"></span>ie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ce<span class=\"_ _2\"></span>dute<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vengono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cancellate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dal<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> </span>nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">caso<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cui<span class=\"ff1\"> </span>vi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sia</span> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onservazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb43\">diritti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contrattuali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ricevere<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>relativi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cas<span class=\"_ _2\"></span>sa,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contestuale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>as<span class=\"_ _2\"></span>sunzione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un\u2019obb<span class=\"_ _2\"></span>ligazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb44\">pagare<span class=\"ff1\"> </span>detti<span class=\"ff1\"> </span>flussi,<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>solo<span class=\"ff1\"> </span>essi<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>altri<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>ggetti<span class=\"ff1\"> </span>terzi<span class=\"ff1\"> </span>(Cfr.<span class=\"ff1\"> </span>par.19<span class=\"ff1\"> </span>IAS39). </div>C<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>it<span class=\"_ _1\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>d<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>r<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>le<span class=\"_ _1\"></span>v<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>z<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>o<span class=\"_ _1\"></span>ne<span class=\"_ _3bd\"> </span>d<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>c<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>m<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>n<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>nt<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span>r<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>t<span class=\"_ _0\"></span>ua<span class=\"_ _1\"></span>l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>ress<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tito<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>scri<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>er<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">comp<span class=\"_ _0\"></span>eten<span class=\"_ _0\"></span>za<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>elle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">v<span class=\"_ _0\"></span>oci<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _1\"></span><span class=\"ff3\">conto<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>con<span class=\"_ _0\"></span>omi<span class=\"_ _0\"></span>co<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rela<span class=\"_ _0\"></span>tivi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ag<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inte<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>ssi.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">uti<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">perd<span class=\"_ _0\"></span>ite<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">deri<span class=\"_ _0\"></span>van<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>all<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>vari<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>air<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alue<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">p<span class=\"_ _0\"></span>assiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fin<span class=\"_ _0\"></span>anzi<span class=\"_ _0\"></span>arie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">gl<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ut<span class=\"_ _0\"></span>ili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>rdi<span class=\"_ _0\"></span>t<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>realizzati<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dalla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ce<span class=\"_ _0\"></span>ssione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rimborso<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rilevati<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nella<span class=\"ff1\"> <span class=\"_ _20\"></span></span>voc<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u201cRisultato<span class=\"ff1\"> <span class=\"_ _21\"></span></span>netto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>passivit<span class=\"_ _3bd\"> </span>finanziarie<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value\u201d.<span class=\"_ _3bd\"> </span>D<span class=\"_ _0\"></span>eb<span class=\"_ _1\"></span>it<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>t<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>ci<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>co<span class=\"_ _1\"></span>laz<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ne<span class=\"fc0 sc1\"> </span>C<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>d<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>is<span class=\"_ _1\"></span>cr<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>La<span class=\"ff1\"> </span>pr<span class=\"_ _2\"></span>ima<span class=\"ff1\"> </span>iscr<span class=\"_ _2\"></span>izione<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>passivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>avviene<span class=\"ff1\"> <span class=\"_ _2\"></span></span>all\u2019atto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ricezione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>somme<span class=\"ff1\"> <span class=\"_ _2\"></span></span>raccolt<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> </span>emissione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>debito.<span class=\"_ _3bd\"> </span>L\u2019iscrizione<span class=\"ff1\"> </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">effettuata</span> <span class=\"ff3\">sulla</span> <span class=\"ff3\">base</span> <span class=\"ff3\">del</span> <span class=\"ff3\">f<span class=\"_ _0\"></span>air<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>passivit\u00e0,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">normalmente<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>all\u2019ammontare<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>ncassato<span class=\"ff1\"> </span></span></span></span></span>od<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prezzo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>emissione,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rettificato<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>gli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>eventuali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>costi/pro<span class=\"_ _2\"></span>venti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>aggiuntivi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>direttam<span class=\"_ _2\"></span>ente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>at<span class=\"_ _2\"></span>tribuibili<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"_ _2\"></span><span class=\"ff1\"> </span>singola<span class=\"ff1\"> </span>operazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>provvista<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>emissione<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rimbor<span class=\"_ _2\"></span>sati<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>contropart<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>creditrice.<span class=\"ff1\"> </span>Sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>esclusi<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>costi<span class=\"ff1\"> </span>interni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>carattere<span class=\"ff1\"> </span>amministrativo.<span class=\"_ _3bd\"> </span>C<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>d<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>c<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>si<span class=\"_ _1\"></span>fi<span class=\"_ _0\"></span>ca<span class=\"_ _1\"></span>zio<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>I<span class=\"ff1\"> </span>\u201cDebiti<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>erso<span class=\"ff1\"> </span>banche\u201d,<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>\u201cDebiti<span class=\"ff1\"> </span>verso<span class=\"ff1\"> </span>clientela\u201d,<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u201cTitoli<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>circolazione\u201d<span class=\"ff1\"> </span>ricomprendono<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">varie<span class=\"ff1\"> </span>forme<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></span></span></span></span>provvista<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>interbancaria<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>clientela,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>operazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pronti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>contro<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>t<span class=\"_ _2\"></span>ermine<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>o<span class=\"_ _2\"></span>bbligo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ria<span class=\"_ _2\"></span>cquisto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> </span>termine,<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">raccolta<span class=\"ff1\"> </span>effettuata<span class=\"ff1\"> </span>attraverso<span class=\"ff1\"> </span>certificati<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">deposito,<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> </span>ob<span class=\"_ _0\"></span>bligazionari<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>circolazione<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>al<span class=\"ff1\"> </span>netto<span class=\"ff1\"> </span></span></span></span></span>degli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>eventuali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ammontar<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riacquistati)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ed<span class=\"ff1\"> <span class=\"_ _20\"></span></span>altri<span class=\"ff1\"> <span class=\"_ _20\"></span></span>str<span class=\"_ _2\"></span>umenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>accolta<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>circolazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>non<span class=\"ff1\"> <span class=\"_ _21\"></span></span>classificate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tra<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> </span>passivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value.<span class=\"_ _3bd\"> </span>C<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>d<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>va<span class=\"_ _1\"></span>lu<span class=\"_ _0\"></span>ta<span class=\"_ _1\"></span>zi<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Dopo<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>ilevazione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">iniziale,</span> <span class=\"ff3\">le</span> <span class=\"ff3\">pas<span class=\"_ _2\"></span>sivit\u00e0</span> <span class=\"ff3\">finanziarie</span> <span class=\"ff3\">vengono</span> <span class=\"ff3\">valuta<span class=\"_ _2\"></span>te</span> <span class=\"ff3\">al</span> <span class=\"ff3\">costo<span class=\"_ _2\"></span></span> <span class=\"ff3\">ammortizzato</span> <span class=\"ff3\">col</span> <span class=\"ff3\">metodo</span> <span class=\"ff3\">del</span> </span>tasso<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>interesse<span class=\"ff1\"> </span>effettivo.<span class=\"_ _3bd\"> </span>Fanno<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>eccezione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>l<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>passivit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>br<span class=\"_ _2\"></span>eve<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>t<span class=\"_ _2\"></span>ermine<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(e<span class=\"_ _0\"></span>ntro<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>12<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>mesi),<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>quali<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fattor<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>t<span class=\"_ _2\"></span>emporale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>r<span class=\"_ _2\"></span>isulta<span class=\"ff1\"> </span>trascurabile,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ch<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>imangono<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>scritt<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valore<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>ncassato<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ed<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">c<span class=\"_ _2\"></span>osti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">eventualmente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">imp<span class=\"_ _2\"></span>utati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">registrat<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>a<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico.<span class=\"_ _3bd\"> </span>Criter<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>passivit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cancellate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>bi<span class=\"_ _2\"></span>lancio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>qua<span class=\"_ _2\"></span>ndo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>isultano<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>scadute<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>o<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span></span>estinte.<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>La<span class=\"ff1\"> </span>cancellazione<span class=\"ff1\"> </span>avviene<span class=\"ff1\"> </span>anche<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>presenza<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>riacquisto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> </span>precedentemente<span class=\"ff1\"> </span>emessi.<span class=\"ff1\"> </span>La<span class=\"ff1\"> </span>differenza<span class=\"ff1\"> </span>tra<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>lore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">conta<span class=\"_ _0\"></span>bile<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>ssiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">l\u2019am<span class=\"_ _0\"></span>mon<span class=\"_ _0\"></span>tare<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">paga<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>riacq<span class=\"_ _0\"></span>uista<span class=\"_ _0\"></span>rla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">vie<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>gist<span class=\"_ _0\"></span>rato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>nto<span class=\"ff1\"> </span>eco<span class=\"_ _0\"></span>nom<span class=\"_ _0\"></span>ico<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>Il<span class=\"ff1\"> </span>ricollocamento<span class=\"ff1\"> </span>sul<span class=\"ff1\"> </span>mercato<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> </span>propr<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>successivamente<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>loro<span class=\"ff1\"> </span>riacquisto<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>considerato<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>nuova<span class=\"ff1\"> </span>emissione<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>iscrizione<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>nuovo<span class=\"ff1\"> </span>prezzo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>collocamento,<span class=\"ff1\"> </span>senza<span class=\"ff1\"> </span>alcun<span class=\"ff1\"> </span>effetto<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>cont<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>economico.<span class=\"_ _3bd\"> </span>Criter<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>rileva<span class=\"_ _0\"></span>zione<span class=\"_ _3bd\"> </span>delle<span class=\"_ _3bd\"> </span>comp<span class=\"_ _0\"></span>onent<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ual<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>L\u2019allocazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>componenti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>reddituali<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nelle<span class=\"ff1\"> <span class=\"_ _21\"></span></span>pe<span class=\"_ _0\"></span>rtinenti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>voci<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>conto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>economico<span class=\"ff1\"> <span class=\"_ _21\"></span></span>avvi<span class=\"_ _0\"></span>ene<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sulla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>base<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>quanto<span class=\"ff1\"> </span>riportato<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>seguito:<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>gli<span class=\"ff1\"> </span>interessi<span class=\"ff1\"> </span>passivi<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> </span>allocati<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>voce<span class=\"ff1\"> </span>\u201cInteressi<span class=\"ff1\"> </span>passivi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>oneri<span class=\"ff1\"> </span>ass<span class=\"_ _2\"></span>imilati\u201d<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>competenza<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>interesse<span class=\"ff1\"> </span>effettivo;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>gli<span class=\"ff1\"> </span>utili<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>perdite<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>riacquisto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>passivit\u00e0<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> </span>allocati<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>voce<span class=\"ff1\"> </span>\u201cUtili<span class=\"ff1\"> </span>(Perdite)<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>cessione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> </span>riacquisto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>passivit\u00e0<span class=\"ff1\"> </span>finanziarie\u201d.<span class=\"_ _3bd\"> </span>Pa<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>go<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>is<span class=\"_ _0\"></span>cri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"fc0 sc1\"> </span>Sono<span class=\"ff1\"> </span>app<span class=\"_ _0\"></span>licati,<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gli<span class=\"ff1\"> </span>opportuni<span class=\"ff1\"> </span>ad<span class=\"_ _0\"></span>attam<span class=\"_ _2\"></span>enti,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>med<span class=\"_ _0\"></span>esimi<span class=\"ff1\"> </span>criteri<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>iscrizione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>cancellazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>finanziarie<span class=\"ff1\">  </span>detenute<span class=\"ff1\">  </span>per<span class=\"ff1\">  </span>la<span class=\"ff1\">  </span>n<span class=\"_ _0\"></span>egoziazione<span class=\"ff1\">  </span>(precedente<span class=\"ff1\">  </span>Sezione<span class=\"ff1\">  </span>1<span class=\"ff1\">  </span>\u2013<span class=\"ff1\">  </span>Attivit\u00e0<span class=\"ff1\">  </span>finanzi<span class=\"_ _0\"></span>arie<span class=\"ff1\">  </span>detenute<span class=\"ff1\">  </span>per<span class=\"ff1\">  </span>la<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>gozi<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one)<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cla<span class=\"_ _1\"></span>ssi<span class=\"_ _0\"></span>fica<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>La<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">v<span class=\"_ _0\"></span>oce<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">inclu<span class=\"_ _0\"></span>de<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">val<span class=\"_ _0\"></span>ore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">neg<span class=\"_ _0\"></span>ativ<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>tratt<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">deriv<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>tra<span class=\"_ _0\"></span>ding <span class=\"_ _0\"></span><span class=\"ff3 fs5\">val<span class=\"_ _0\"></span>uta<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span></span></span></span>fa<span class=\"_ _0\"></span>ir<span class=\"_ _3bd\"> </span>val<span class=\"_ _0\"></span>ue <span class=\"_ _1\"></span><span class=\"ff3 fs5\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">passi<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">an<span class=\"_ _0\"></span>ch\u2019<span class=\"_ _0\"></span>esse<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span>valorizzate<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fair<span class=\"_ _3bd\"> </span>value,<span class=\"ff1\"> </span>che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">originano<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>scoperti<span class=\"ff1\"> </span>tecnici<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">generat<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>dall<span class=\"_ _0\"></span>\u2019attivit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>negoziazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>titoli.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Sono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>applicati,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>co<span class=\"_ _2\"></span>n<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>gli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>opportuni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ad<span class=\"_ _0\"></span>attamenti,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>me<span class=\"_ _0\"></span>desimi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>crit<span class=\"_ _2\"></span>eri<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>val<span class=\"_ _2\"></span>utazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>finanziarie<span class=\"ff1\"> </span>detenute<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>negoziazione<span class=\"ff1\"> </span>(precedente<span class=\"ff1\"> </span>Sezione<span class=\"ff1\"> </span>1<span class=\"ff1\"> </span>-<span class=\"ff1\"> </span>Attivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>detenute<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>negoziazione).<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ril<span class=\"_ _0\"></span>ev<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>del<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ual<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>Sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>applicati,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"_ _2\"></span>pportuni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>adattamenti,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>medesimi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>criteri<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rilevazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>componenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>reddituali<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>detenute<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>negoziazione<span class=\"ff1\"> </span>(preceden<span class=\"_ _2\"></span>te<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Sezione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>1<span class=\"ff1\"> <span class=\"_ _2\"></span></span>-<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>detenute<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>negoziazione).<span class=\"_ _3bd\"> </span>Pa<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>fa<span class=\"_ _1\"></span>ir<span class=\"_ _3bd\"> </span>va<span class=\"_ _1\"></span>lu<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>isc<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>All\u2019atto<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>rilevazione<span class=\"ff1\"> </span>iniziale<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> </span>finanziari<span class=\"ff1\"> </span>valutati<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> </span>rilevati<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>costo,<span class=\"ff1\"> </span>inteso<span class=\"ff1\"> </span>com<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>air<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alue<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dell<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>trume<span class=\"_ _0\"></span>nto,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">se<span class=\"_ _0\"></span>nza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cons<span class=\"_ _0\"></span>ide<span class=\"_ _0\"></span>rare<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i</span> <span class=\"ff3\">c<span class=\"_ _0\"></span>osti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o</span> <span class=\"ff3\">p<span class=\"_ _0\"></span>rove<span class=\"_ _0\"></span>nti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tran<span class=\"_ _0\"></span>sazi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dir<span class=\"_ _0\"></span>etta<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>at<span class=\"_ _0\"></span>trib<span class=\"_ _0\"></span>uibi<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>allo<span class=\"ff1\"> </span>strumento<span class=\"ff1\"> </span>stesso<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>invece<span class=\"ff1\"> </span>imputati<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>cont<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>economico.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cla<span class=\"_ _1\"></span>ssi<span class=\"_ _0\"></span>fica<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Sono<span class=\"ff1\"> </span>classificate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">questa<span class=\"ff1\"> </span>categoria<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">passivit\u00e0<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>nanziarie<span class=\"ff1\"> </span>ch<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">intende<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alue<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">impatto<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>a<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico<span class=\"ff1\"> </span>quando:<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>la<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>designazione<span class=\"ff1\">  </span>al<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>fair<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>value<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>consente<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\">  </span>eliminare<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>ridurre<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>significative<span class=\"ff1\">  </span>disto<span class=\"_ _2\"></span>rsioni<span class=\"ff1\">  </span>nella<span class=\"ff1\"> </span>rappresentazione<span class=\"ff1\"> </span>contabile<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>str<span class=\"_ _2\"></span>umenti;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>oppure<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>gestione<span class=\"ff1\"> </span>e/o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valutazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>u<span class=\"_ _2\"></span>n<span class=\"ff1\"> </span>gruppo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>strumenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziari<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>ef<span class=\"_ _2\"></span>fetti<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>coerente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>una<span class=\"ff1\"> <span class=\"_ _20\"></span></span>str<span class=\"_ _2\"></span>ategia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ris<span class=\"_ _2\"></span>k<span class=\"ff1\"> <span class=\"_ _2\"></span></span>management<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>d\u2019investimento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>documentata<span class=\"ff1\"> <span class=\"_ _20\"></span></span>su<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tale<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>anche<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>direzione<span class=\"ff1\"> </span>aziendale;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>oppure<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>presenza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>uno<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>strumento<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cont<span class=\"_ _2\"></span>enente<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>derivato<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>implicito<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>modifica<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>modo<span class=\"ff1\"> </span>significativo<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cassa<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>strumento<span class=\"ff1\"> </span>ospite<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>deve<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>scorpor<span class=\"_ _2\"></span>ato.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Su<span class=\"_ _0\"></span>cce<span class=\"_ _0\"></span>ssiv<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>lev<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"_ _0\"></span>izial<span class=\"_ _0\"></span>e,<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>assi<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fin<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>iari<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>sono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">val<span class=\"_ _0\"></span>ori<span class=\"_ _0\"></span>zzat<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fai<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alue<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>Le<span class=\"ff1\">  </span>metodologie<span class=\"ff1\">  </span>utilizzate<span class=\"ff1\">  </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\">  </span>la<span class=\"ff1\">  </span>determinazione<span class=\"ff1\">  </span>del<span class=\"ff1\">  </span>fair<span class=\"ff1\">  </span>value<span class=\"ff1\">  </span>sono<span class=\"ff1\">  </span>riportate<span class=\"ff1\">  </span>nella<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>s<span class=\"_ _2\"></span>ezione<span class=\"ff1\">  </span>18<span class=\"ff1\">  </span>\u201cAltre<span class=\"ff1\"> </span>informazioni\u201d<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>presente<span class=\"ff1\"> </span>nota<span class=\"ff1\"> </span>integrativa.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>passivit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>vengono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>cancellate<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>all\u2019atto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>loro<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>estinzione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ovvero,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>quando<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>l\u2019obbligazione<span class=\"ff1\"> </span>specificata<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>contratto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>adempiuta<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>canc<span class=\"_ _0\"></span>ellata<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>o<span class=\"_ _2\"></span>ppure<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>scaduta.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>La<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cancellazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"_ _2\"></span>vviene<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>anche<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"_ _2\"></span><span class=\"ff1\"> </span>presenza<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>riacquisto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> </span>precedentemente<span class=\"ff1\"> </span>emessi.<span class=\"ff1\"> </span>La<span class=\"ff1\"> </span>diff<span class=\"_ _0\"></span>erenza<span class=\"ff1\"> </span>tr<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>contabil<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>passivit\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>l\u2019ammontare<span class=\"ff1\"> </span>pagato<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>riacquistarla<span class=\"ff1\"> </span>viene<span class=\"ff1\"> </span>registrato<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico.<span class=\"_ _3bd\"> </span>Il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>icollocamento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sul<span class=\"ff1\"> <span class=\"_ _20\"></span></span>mercato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>titoli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>propri<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>successivamente<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>loro<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span></span>riacqu<span class=\"_ _0\"></span>isto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"></span></span>considerato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>come<span class=\"ff1\"> <span class=\"_ _21\"></span></span>una<span class=\"ff1\"> </span>nuova<span class=\"ff1\"> </span>emissione<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>iscrizione<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>nuovo<span class=\"ff1\"> </span>prezzo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>collocamento,<span class=\"ff1\"> </span>senza<span class=\"ff1\"> </span>alcun<span class=\"ff1\"> </span>effe<span class=\"_ _0\"></span>tto<span class=\"_ _2\"></span><span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ril<span class=\"_ _0\"></span>ev<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>del<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ual<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>Gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>ress<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tito<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>scri<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>er<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">comp<span class=\"_ _0\"></span>eten<span class=\"_ _0\"></span>za<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>elle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">v<span class=\"_ _0\"></span>oci<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _1\"></span><span class=\"ff3\">conto<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>con<span class=\"_ _0\"></span>omi<span class=\"_ _0\"></span>co<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rela<span class=\"_ _0\"></span>tivi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ag<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inte<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>ssi.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Gli<span class=\"ff1\"> <span class=\"_ _21\"></span></span>utili<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">e</span> <span class=\"_ _20\"></span><span class=\"ff3\">le</span> <span class=\"_ _21\"></span><span class=\"ff3\">perdite</span> <span class=\"_ _20\"></span><span class=\"ff3\">derivanti</span> <span class=\"_ _21\"> </span><span class=\"ff3\">dalla</span> <span class=\"_ _21\"></span><span class=\"ff3\">variazione</span> <span class=\"_ _20\"></span><span class=\"ff3\">di</span> <span class=\"_ _21\"></span><span class=\"ff3\">fair</span> <span class=\"_ _20\"></span><span class=\"ff3\">value</span> <span class=\"_ _21\"></span><span class=\"ff3\">delle</span> <span class=\"_ _20\"></span><span class=\"ff3\">passivit\u00e0</span> <span class=\"_ _21\"> </span><span class=\"ff3\">finanziarie</span> <span class=\"_ _20\"></span><span class=\"ff3\">e</span> <span class=\"_ _21\"> </span><span class=\"ff3\">gli</span> <span class=\"_ _20\"></span><span class=\"ff3\">utili</span> <span class=\"_ _21\"></span><span class=\"ff3\">e</span> <span class=\"_ _21\"></span><span class=\"ff3\">le</span> <span class=\"_ _20\"></span><span class=\"ff3\">perdite</span> </span>realizzate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dalla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>cessione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dal<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rimbors<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>so<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rilevati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>n<span class=\"_ _2\"></span>ella<span class=\"ff1\"> <span class=\"_ _20\"></span></span>voce<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u201cRisultato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nett<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>passivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value\u201d<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico.<span class=\"_ _3bd\"> </span>In<span class=\"ff1\"> <span class=\"_ _20\"></span></span>particolare,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>qual<span class=\"_ _0\"></span>ora<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _21\"></span></span>val<span class=\"_ _0\"></span>ue<span class=\"ff1\"> <span class=\"_ _20\"></span></span>degli<span class=\"ff1\"> <span class=\"_ _21\"></span></span>strumenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziari<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"_ _2\"></span>messi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>corrisponda<span class=\"ff1\"> <span class=\"_ _21\"></span></span>iniz<span class=\"_ _0\"></span>ialmente<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prezzo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> </span>vendita,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019utile<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>perdita<span class=\"ff1\"> </span>generati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>seguito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> </span>successiva<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutazione<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>ril<span class=\"_ _0\"></span>evati<span class=\"ff1\"> </span>interamente<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">conto<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>ec<span class=\"_ _0\"></span>ono<span class=\"_ _0\"></span>mico<span class=\"_ _0\"></span>.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-769": {
   "value": "<div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2f6\">1<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2f7\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2f8\">At<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2f9\">fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2fa\">va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>tat<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2fb\">al<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2fc\">fa<span class=\"_ _1\"></span>ir<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2fd\">val<span class=\"_ _0\"></span>ue<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2fe\">co<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2ff\">imp<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>tto<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs300\">a<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs301\">co<span class=\"_ _0\"></span>nto<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs302\">ec<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>ico<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs303\">Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs304\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs305\">isc<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs306\">L\u2019iscrizione<span class=\"ff1\"> </span>iniziale<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inanziarie<span class=\"ff1\"> </span>avviene<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>regolamento<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">debito</span> <span class=\"ff3\">e</span> <span class=\"ff3\">per</span> <span class=\"ff3\">i</span> <span class=\"ff3\">titoli</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs307\">di<span class=\"ff1\"> </span>capitale,<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>erogazione<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>finanziamenti<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>sottoscrizione<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>contrattiderivati.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs308\">All\u2019atto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> </span>ril<span class=\"_ _2\"></span>evazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>iniziale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> </span>att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> </span>finanziar<span class=\"_ _2\"></span>ie<span class=\"ff1\"> </span>valutat<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _2\"></span></span>value<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>im<span class=\"_ _2\"></span>patto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>economico<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs309\">ven<span class=\"_ _0\"></span>gon<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>rile<span class=\"_ _0\"></span>vate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al</span> <span class=\"ff3\">fai<span class=\"_ _0\"></span>r<span class=\"ff1\"> <span class=\"_ _2\"></span></span>va<span class=\"_ _0\"></span>lue,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">senza<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">consi<span class=\"_ _0\"></span>dera<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>sti<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">prov<span class=\"_ _1\"></span>enti<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">trans<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>retta<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>att<span class=\"_ _0\"></span>rib<span class=\"_ _0\"></span>uibi<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>all<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs30a\">strumento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stesso.<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs30b\">Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs30c\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs30d\">cl<span class=\"_ _0\"></span>ass<span class=\"_ _1\"></span>ific<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs30e\">Sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>classificate<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>questa<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cat<span class=\"_ _2\"></span>egoria<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">attivit\u00e0</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">fi<span class=\"_ _0\"></span>nanziarie<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>diverse<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quelle<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>classificate<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tra<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Attivit\u00e0<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs30f\">finanziarie<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alutat<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alue<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>impatto<span class=\"ff1\"> </span>sul<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>reddi<span class=\"_ _0\"></span>tivit\u00e0<span class=\"ff1\"> </span>complessiva<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>tra<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>Attivit\u00e0<span class=\"ff1\"> </span>fin<span class=\"_ _0\"></span>anziare<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs310\">al<span class=\"ff1\"> </span>costo<span class=\"ff1\"> </span>ammortizzato.<span class=\"ff1\"> </span>La<span class=\"ff1\"> </span>voce,<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>particolare,<span class=\"ff1\"> </span>include:<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs311\">le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>ttivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanz<span class=\"_ _0\"></span>iari<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ete<span class=\"_ _0\"></span>nute<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">la</span> <span class=\"ff3\">n<span class=\"_ _0\"></span>eg<span class=\"_ _0\"></span>ozia<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ess<span class=\"_ _0\"></span>enzi<span class=\"_ _0\"></span>alme<span class=\"_ _0\"></span>nte<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rappre<span class=\"_ _0\"></span>sen<span class=\"_ _0\"></span>tate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">da<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">t<span class=\"_ _0\"></span>itoli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>bit<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>d<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs312\">ca<span class=\"_ _0\"></span>pita<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valo<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">posi<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>ntra<span class=\"_ _0\"></span>tti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>riv<span class=\"_ _0\"></span>ati<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ete<span class=\"_ _0\"></span>nuti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inal<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">neg<span class=\"_ _0\"></span>ozia<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs313\">le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">atti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fin<span class=\"_ _0\"></span>anzi<span class=\"_ _0\"></span>arie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">obb<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>atori<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>nte<span class=\"ff1\"> </span>valu<span class=\"_ _0\"></span>tate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">al</span> <span class=\"ff3\">fair<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">value<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>rappre<span class=\"_ _0\"></span>sen<span class=\"_ _0\"></span>tate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">dall<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>attiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">fina<span class=\"_ _0\"></span>nziar<span class=\"_ _0\"></span>ie<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs314\">non<span class=\"ff1\"> <span class=\"_ _21\"></span></span>soddisfano<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>requi<span class=\"_ _0\"></span>siti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>valutazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>costo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ammortizzato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fair<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">value</span> <span class=\"_ _20\"></span><span class=\"ff3\">con</span> <span class=\"_ _21\"></span><span class=\"ff3\">impatto</span> <span class=\"_ _20\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ulla</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs315\">redditivit\u00e0<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>complessiva.<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Si<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>t<span class=\"_ _2\"></span>ratta<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>c<span class=\"_ _2\"></span>ui<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>t<span class=\"_ _2\"></span>ermini<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>contrattuali<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>prevedono<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs316\">esclusivamente<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>imborsi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>capitale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>pagament<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>dell\u2019interesse<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sull\u2019importo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>capitale<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rest<span class=\"_ _2\"></span>ituire<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs317\">(cd.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u201cSPPI<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>est\u201d<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>uperato)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">oppure<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">so<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">detenute<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quadro<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">m<span class=\"_ _2\"></span>odello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">busin<span class=\"_ _2\"></span>ess<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs318\">ob<span class=\"_ _0\"></span>ietti<span class=\"_ _0\"></span>vo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u00e8</span> <span class=\"ff3\">il</span> <span class=\"ff3\">p<span class=\"_ _0\"></span>osse<span class=\"_ _0\"></span>sso<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ttivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fin<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>zzato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">alla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">racc<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">flu<span class=\"_ _0\"></span>ssi<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>ri<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ontra<span class=\"_ _0\"></span>ttua<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(Bu<span class=\"_ _0\"></span>sines<span class=\"_ _0\"></span>s<span class=\"ff1\"> </span>mode<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs319\">\u201cHold<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Collect\u201d)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">obiettivo<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conse<span class=\"_ _2\"></span>guito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mediante<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">raccolta<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">flussi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziari<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contratt<span class=\"_ _2\"></span>uali<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs31a\">che<span class=\"ff1\"> </span>mediante<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>vendita<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>(Business<span class=\"ff1\"> </span>model<span class=\"ff1\"> </span>\u201cHold<span class=\"ff1\"> </span>to<span class=\"ff1\"> </span>Collect<span class=\"ff1\"> </span>and<span class=\"ff1\"> </span>Sell\u201d);<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs31b\">le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>finan<span class=\"_ _0\"></span>ziarie<span class=\"ff1\"> </span>designate<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>ossia<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>finan<span class=\"_ _0\"></span>ziarie<span class=\"ff1\"> </span>cos\u00ec<span class=\"ff1\"> </span>definite<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>momento<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span> </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs31c\">rilevazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>iniziale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ove<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>n<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sussist<span class=\"_ _2\"></span>ano<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>presupposti.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>In<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>relazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>t<span class=\"_ _2\"></span>ale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fattispecie,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un\u2019entit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _0\"></span>u\u00f2<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs31d\">designare<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">irrevocabilmente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">all\u2019iscrizione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un\u2019att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziaria<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">come<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valutata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>mpat<span class=\"_ _2\"></span>to<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs31e\">conto<span class=\"ff1\">  </span>economico<span class=\"ff1\">  </span>se,<span class=\"ff1\">  </span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>so<span class=\"_ _2\"></span>lo<span class=\"ff1\">  </span>se,<span class=\"ff1\">  </span>cos\u00ec<span class=\"ff1\">  </span>facendo<span class=\"ff1\">  </span>elimina<span class=\"ff1\">  </span>o<span class=\"ff1\">  </span>riduce<span class=\"ff1\">  </span>significativamente<span class=\"ff1\">  </span>un\u2019incoerenza<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs31f\">va<span class=\"_ _0\"></span>luta<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>a.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs320\">Tro<span class=\"_ _0\"></span>van<span class=\"_ _0\"></span>o,<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uind<span class=\"_ _0\"></span>i,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">evi<span class=\"_ _0\"></span>denz<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uesta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">voc<span class=\"_ _0\"></span>e:<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs321\">i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">titoli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>ebito<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziamenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inclusi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">business<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">model<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Tr<span class=\"_ _2\"></span>ading<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riconducibili<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">q<span class=\"_ _2\"></span>uindi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ai<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs322\">business<span class=\"ff1\"> </span>model<span class=\"ff1\"> </span>\u201cHold<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">to<span class=\"ff1\"> </span>Collect\u201d<span class=\"_ _2\"></span><span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>\u201cHold<span class=\"ff1\"> </span>to<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Collect</span> <span class=\"ff3\">and</span> <span class=\"ff3\">Se<span class=\"_ _0\"></span>ll\u201d)<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>superano<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>test<span class=\"ff1\"> </span>SPPI;<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs323\">gl<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">strume<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cap<span class=\"_ _0\"></span>ital<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">-<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">qual<span class=\"_ _0\"></span>ific<span class=\"_ _0\"></span>abil<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cont<span class=\"_ _0\"></span>roll<span class=\"_ _0\"></span>o,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">coll<span class=\"_ _0\"></span>ega<span class=\"_ _0\"></span>mento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">co<span class=\"_ _0\"></span>ntro<span class=\"_ _0\"></span>llo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>giun<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">-<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ete<span class=\"_ _0\"></span>nuti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pe<span class=\"_ _1\"></span>r<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs324\">finalit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">n<span class=\"_ _2\"></span>egoziazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span>optato,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>sede<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>rilevazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">iniziale,<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">designazione<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs325\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>impatto<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>redditivit\u00e0<span class=\"ff1\"> </span>complessiva;<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs326\">le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">qu<span class=\"_ _0\"></span>ote<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">OI<span class=\"_ _1\"></span>CR.<span class=\"_ _0\"></span> </span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs327\">La<span class=\"ff1\">  </span>voce<span class=\"ff1\">  </span>a<span class=\"_ _2\"></span>ccoglie,<span class=\"ff1\">  </span>inoltre,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>i<span class=\"ff1\">  </span>contr<span class=\"_ _2\"></span>atti<span class=\"ff1\">  </span>derivati,<span class=\"ff1\">  </span>cont<span class=\"_ _2\"></span>abilizzati<span class=\"ff1\">  </span>tra<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>le<span class=\"ff1\">  </span>att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\">  </span>finanziarie<span class=\"ff1\">  </span>detenute<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>per<span class=\"ff1\">  </span>la<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs328\">negoziazione,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rappresentati<span class=\"ff1\"> </span>come<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> </span>se<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>air<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ositivo<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">come<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>assivit\u00e0<span class=\"ff1\"> </span>se<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>air<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs329\">\u00e8<span class=\"ff1\"> </span>negativ<span class=\"_ _0\"></span>o.<span class=\"ff1\"> </span>E\u2019<span class=\"ff1\"> </span>possibile<span class=\"ff1\"> </span>compensare<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>valori<span class=\"ff1\"> </span>corren<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>positivi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>egativi<span class=\"ff1\"> </span>derivanti<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>operazioni<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs32a\">la<span class=\"ff1\"> </span>medesima<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contropart<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>soltan<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>qualora<span class=\"ff1\"> </span>si<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">abbia</span> <span class=\"ff3\">correntemente</span> <span class=\"ff3\">i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>diritto<span class=\"ff1\"> </span>leg<span class=\"_ _0\"></span>ale<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ompensare<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>importi<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs32b\">rilevati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>contabilmente<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>intenda<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>procedere<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>regolamento<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>su<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>base<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>n<span class=\"_ _0\"></span>etta<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>posizioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>oggetto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs32c\">com<span class=\"_ _0\"></span>pen<span class=\"_ _0\"></span>sazi<span class=\"_ _0\"></span>one.<span class=\"_ _0\"></span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs32d\">Fra<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i</span> <span class=\"ff3\">de<span class=\"_ _0\"></span>riva<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>so<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span>an<span class=\"_ _0\"></span>che<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uell<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>inc<span class=\"_ _0\"></span>orp<span class=\"_ _0\"></span>orat<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>ratti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">finan<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">comp<span class=\"_ _0\"></span>lessi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">-</span> <span class=\"ff3\">in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cui</span> <span class=\"ff3\">il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cont<span class=\"_ _0\"></span>ratto<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rim<span class=\"_ _0\"></span>ario<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs32e\">\u00e8<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>passivit\u00e0<span class=\"ff1\"> </span>finanziaria<span class=\"ff1\"> </span>-<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>stat<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>oggetto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rilev<span class=\"_ _0\"></span>azione<span class=\"ff1\"> </span>separata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>quanto:<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs32f\">le<span class=\"ff1\"> </span>loro<span class=\"ff1\"> </span>caratt<span class=\"_ _2\"></span>eristiche<span class=\"ff1\"> </span>economiche<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>no<span class=\"ff1\"> </span>strettamente<span class=\"ff1\"> </span>correlati<span class=\"ff1\"> </span>alle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>caratteristiche<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs330\">con<span class=\"_ _0\"></span>trat<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>so<span class=\"_ _0\"></span>ttost<span class=\"_ _0\"></span>ante<span class=\"_ _1\"></span>;<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs331\">gl<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>trum<span class=\"_ _0\"></span>enti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span>corp<span class=\"_ _0\"></span>orat<span class=\"_ _0\"></span>i,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anch<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">se<span class=\"ff1\"> </span>se<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>rati,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sod<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>sfan<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">defi<span class=\"_ _0\"></span>niz<span class=\"_ _0\"></span>ione<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">d<span class=\"_ _0\"></span>eriv<span class=\"_ _0\"></span>ato<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs332\">gli<span class=\"ff1\"> </span>st<span class=\"_ _2\"></span>rumenti<span class=\"ff1\"> </span>ibridi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _2\"></span></span>appartengono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>non<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valutati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>relative<span class=\"ff1\"> </span>variazioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rilevate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs333\">Conto<span class=\"ff1\"> </span>E<span class=\"_ _0\"></span>conomico.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs335\">Ri<span class=\"_ _0\"></span>cla<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>ich<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs336\">Secondo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>regole<span class=\"ff1\"> <span class=\"_ _20\"></span></span>g<span class=\"_ _2\"></span>enerali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>previst<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dall\u2019IFRS<span class=\"ff1\"> <span class=\"_ _21\"></span></span>9<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>materia<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riclassificazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(ad<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs337\">eccezione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>capitale,<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ammessa</span> <span class=\"ff3\">alcuna</span> <span class=\"ff3\">riclassifica),</span> <span class=\"ff3\">n<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>ammesse<span class=\"ff1\"> </span>riclassifiche<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs338\">verso<span class=\"ff1\"> </span>altre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">categorie<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> </span>salv<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>aso<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>\u2019ent<span class=\"_ _2\"></span>it\u00e0<span class=\"ff1\"> </span>modifi<span class=\"_ _0\"></span>chi<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">propr<span class=\"_ _2\"></span>io<span class=\"ff1\"> </span>mode<span class=\"_ _0\"></span>llo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">business<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs339\">per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gestione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"ff1\"> </span>seg<span class=\"_ _0\"></span>uito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cam<span class=\"_ _2\"></span>biamenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ester<span class=\"_ _2\"></span>ni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">interni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>quali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">siano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rilevanti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs33a\">operazioni<span class=\"ff1\">  </span>dell'entit\u00e0<span class=\"ff1\">  </span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dimostrabili<span class=\"ff1\">  </span>alle<span class=\"ff1\">  </span>parti<span class=\"ff1\">  </span>esterne.<span class=\"ff1\">  </span>I<span class=\"_ _0\"></span>n<span class=\"ff1\">  </span>tali<span class=\"ff1\">  </span>casi,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"ff1\">  </span>ci<span class=\"ff1\">  </span>si<span class=\"ff1\">  </span>at<span class=\"_ _0\"></span>tende<span class=\"ff1\">  </span>siano<span class=\"ff1\">  </span>altamente<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs33b\">infrequenti,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>pot<span class=\"_ _2\"></span>ranno<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>essere<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>riclassificate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dalla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>categoria<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valutata<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>fair<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>value<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs33c\">impatto<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>economico<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>altre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">due<span class=\"ff1\"> </span>categorie<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>reviste<span class=\"ff1\"> </span>dall\u2019IFRS<span class=\"ff1\"> </span>9<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(Attivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs33d\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">costo<span class=\"ff1\"> </span>ammo<span class=\"_ _0\"></span>rtizzato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valutate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">c<span class=\"_ _2\"></span>on<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">impatt<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sulla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>edditivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">complessiva).<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">I<span class=\"_ _2\"></span>l<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs33e\">valore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>trasferimento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rappr<span class=\"_ _0\"></span>esentato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dal<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _21\"></span></span>valu<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>momento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riclassificazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>g<span class=\"_ _2\"></span>li<span class=\"ff1\"> <span class=\"_ _20\"></span></span>effetti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs33f\">riclassificazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"_ _2\"></span>perano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>maniera<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prospettica<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>partire<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dalla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>data<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riclassificazione.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>In<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ques<span class=\"_ _2\"></span>to<span class=\"ff1\"> <span class=\"_ _20\"></span></span>caso,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs340\">tasso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>inter<span class=\"_ _2\"></span>esse<span class=\"ff1\"> </span>effettivo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> </span>finanziaria<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riclassificata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>determinato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>base<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>suo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fair<span class=\"_ _2\"></span><span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs341\">data<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>iclassificazione<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>tale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>data<span class=\"ff1\"> <span class=\"_ _2\"></span></span>viene<span class=\"ff1\"> </span>considerata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>come<span class=\"ff1\"> </span>data<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rilevazione<span class=\"ff1\"> </span>iniziale<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019allocazione<span class=\"ff1\"> </span>nei<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs342\">diversi<span class=\"ff1\"> </span>stadi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>creditizio<span class=\"ff1\"> </span>(stage<span class=\"ff1\"> </span>assignment)<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>finidell\u2019impairment.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs343\">Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs344\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs345\">va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs346\">Successivamente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rilevazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>iniziale,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valutate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _20\"></span></span>value<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>impat<span class=\"_ _2\"></span>to<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>conto<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs347\">economico<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>so<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>valorizzate<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fair<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>value.<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>G<span class=\"_ _2\"></span>li<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>eff<span class=\"_ _2\"></span>etti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dell\u2019applicazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cr<span class=\"_ _2\"></span>iterio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valuta<span class=\"_ _2\"></span>zione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sono<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs348\">imputati<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>Conto<span class=\"ff1\"> </span>Economico.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs349\">Pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>det<span class=\"_ _0\"></span>ermi<span class=\"_ _0\"></span>nazi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del</span> <span class=\"ff3\">fai<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>valu<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>degl<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>stru<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">fin<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>iari<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">quotat<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>un<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">merc<span class=\"_ _0\"></span>ato<span class=\"ff1\"> </span>att<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>o,<span class=\"ff1\"> </span>veng<span class=\"_ _0\"></span>ono<span class=\"ff1\"> </span>ut<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>zza<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs34a\">qu<span class=\"_ _0\"></span>otaz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>me<span class=\"_ _0\"></span>rcato<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">assen<span class=\"_ _0\"></span>za<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un</span> <span class=\"ff3\">mer<span class=\"_ _0\"></span>cato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">attiv<span class=\"_ _0\"></span>o,<span class=\"ff1\"> </span>ve<span class=\"_ _0\"></span>ngo<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>uti<span class=\"_ _0\"></span>liz<span class=\"_ _0\"></span>zati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">met<span class=\"_ _0\"></span>odi<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sti<span class=\"_ _0\"></span>ma<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>mo<span class=\"_ _0\"></span>dell<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>val<span class=\"_ _0\"></span>uta<span class=\"_ _0\"></span>tivi<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs34b\">com<span class=\"_ _0\"></span>une<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>dot<span class=\"_ _0\"></span>tati<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>ch<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>engo<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tu<span class=\"_ _0\"></span>tti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>atto<span class=\"_ _0\"></span>ri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risc<span class=\"_ _0\"></span>hio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cor<span class=\"_ _0\"></span>rel<span class=\"_ _0\"></span>ati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">agl<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>trum<span class=\"_ _0\"></span>enti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ba<span class=\"_ _0\"></span>sati<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs34c\">su<span class=\"ff1\"> </span>da<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>rilev<span class=\"_ _1\"></span>abili<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">sul<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">merc<span class=\"_ _0\"></span>ato<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>ali:<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">valuta<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>strum<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>quotati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ch<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>pre<span class=\"_ _0\"></span>senta<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>anal<span class=\"_ _0\"></span>oghe<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">caratte<span class=\"_ _0\"></span>ris<span class=\"_ _0\"></span>tic<span class=\"_ _0\"></span>he,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs34d\">calcoli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cas<span class=\"_ _2\"></span>sa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>contati,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mo<span class=\"_ _2\"></span>delli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>determinazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prezzo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>opzioni,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valori<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rilevati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>recenti<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs34e\">transazioni<span class=\"ff1\"> </span>comparabili,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ecc.<span class=\"ff1\"> </span>Per<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>capitale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>gli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">strumenti<span class=\"ff1\"> </span>derivati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> </span>hann<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>oggetto<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs34f\">capitale,<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>quotati<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>mercato<span class=\"ff1\"> </span>attiv<span class=\"_ _0\"></span>o,<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>criterio<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>costo<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>tilizzato<span class=\"ff1\"> </span>quale<span class=\"ff1\"> </span>stima<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>soltanto<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs350\">in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>via<span class=\"ff1\"> <span class=\"_ _20\"></span></span>residuale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>limitatam<span class=\"_ _2\"></span>ente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>poche<span class=\"ff1\"> <span class=\"_ _20\"></span></span>circostanze,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"_ _2\"></span>ssia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cas<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>non<span class=\"ff1\"> <span class=\"_ _20\"></span></span>applicabilit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>utti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>meto<span class=\"_ _2\"></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs351\">valutazione<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rece<span class=\"_ _2\"></span>dentemente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">richiamati,<span class=\"ff1\"> </span>ovve<span class=\"_ _0\"></span>ro<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>presenz<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>un\u2019<span class=\"_ _0\"></span>ampia<span class=\"ff1\"> </span>gamma<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>possibili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutazioni<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs352\">fair<span class=\"ff1\"> </span>value,<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>ambito<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>costo<span class=\"ff1\"> </span>rappresenta<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>stima<span class=\"ff1\"> </span>pi\u00f9<span class=\"ff1\"> </span>significativa.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs353\">Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs354\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs355\">ca<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs356\">Le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inanziarie<span class=\"ff1\"> </span>veng<span class=\"_ _0\"></span>ono<span class=\"ff1\"> </span>cancell<span class=\"_ _0\"></span>ate<span class=\"ff1\"> </span>dal<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> </span>solamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">se<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>cessione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">comportato<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sostanzial<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs357\">trasferimento<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>utti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>be<span class=\"_ _0\"></span>nefici<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">connessi<span class=\"ff1\"> </span>alle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> </span>stesse.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Per<span class=\"ff1\"> </span>contro,<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>ualora<span class=\"ff1\"> </span>sia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stat<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ma<span class=\"_ _2\"></span>ntenuta<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs358\">una<span class=\"ff1\"> </span>quota<span class=\"ff1\"> <span class=\"_ _2\"></span></span>part<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>rilevante<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>b<span class=\"_ _2\"></span>enefici<span class=\"ff1\"> </span>relativi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cedute,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>queste<span class=\"ff1\"> <span class=\"_ _2\"></span></span>continuano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ad<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs359\">essere<span class=\"ff1\"> </span>iscritte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>b<span class=\"_ _0\"></span>ilancio,<span class=\"ff1\"> </span>ancorch\u00e9<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">giuridicamente<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">titolarit\u00e0<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stesse<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span>stata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">effettivamente<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs35a\">tras<span class=\"_ _0\"></span>fer<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs35b\">Nel<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>caso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pos<span class=\"_ _2\"></span>sibile<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>accert<span class=\"_ _2\"></span>are<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sostanziale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>trasferimento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>b<span class=\"_ _0\"></span>enefici,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs35c\">finanziarie<span class=\"ff1\"> <span class=\"_ _21\"></span></span>vengono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cancellate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _21\"></span></span>bilancio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>qualora<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>tato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>mantenuto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alcun<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tipo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>controllo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sulle<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs35d\">stesse.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>In<span class=\"ff1\"> <span class=\"_ _2\"></span></span>caso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contrario,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conservazione,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>anche<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>parte,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>ale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>controllo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>comporta<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mantenimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs35e\">bilancio<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>misura<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>coinvolgimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>residuo,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>misurato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall\u2019esposizione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ai</span> <span class=\"ff3\">cam<span class=\"_ _2\"></span>biamenti</span> <span class=\"ff3\">di</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs35f\">valore<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>cedute<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>variazioni<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> </span>finanziari<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>stesse.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs360\">Infine,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziar<span class=\"_ _2\"></span>ie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ce<span class=\"_ _2\"></span>dute<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vengono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cancellate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dal<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> </span>nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">caso<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cui<span class=\"ff1\"> </span>vi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sia</span> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onservazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs361\">diritti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contrattuali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ricevere<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>relativi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cas<span class=\"_ _2\"></span>sa,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contestuale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>as<span class=\"_ _2\"></span>sunzione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un\u2019obb<span class=\"_ _2\"></span>ligazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs362\">pagare<span class=\"ff1\"> </span>detti<span class=\"ff1\"> </span>flussi,<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>solo<span class=\"ff1\"> </span>essi,<span class=\"ff1\"> </span>senza<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>ritardo<span class=\"ff1\"> </span>rilevante<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>altri<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>ggetti<span class=\"ff1\"> </span>terzi.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs363\">Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs364\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs365\">ril<span class=\"_ _0\"></span>ev<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs366\">del<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs367\">co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs368\">re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ual<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs369\">Gli<span class=\"ff1\"> <span class=\"_ _21\"></span></span>interessi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>attivi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sui<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tit<span class=\"_ _2\"></span>oli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>deb<span class=\"_ _0\"></span>ito<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ed<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>differenziali<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ed<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">i</span> <span class=\"_ _20\"></span><span class=\"ff3\">mar<span class=\"_ _2\"></span>gini</span> <span class=\"_ _20\"></span><span class=\"ff3\">dei</span> <span class=\"_ _21\"> </span><span class=\"ff3\">contratti</span> <span class=\"_ _21\"></span><span class=\"ff3\">derivati</span> <span class=\"_ _20\"></span><span class=\"ff3\">classificati</span> <span class=\"_ _21\"> </span><span class=\"ff3\">in</span> <span class=\"_ _21\"></span><span class=\"ff3\">tale</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs36a\">ca<span class=\"_ _0\"></span>teg<span class=\"_ _0\"></span>oria,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ma</span> <span class=\"ff3\">ge<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>onal<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>coll<span class=\"_ _0\"></span>ega<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>ad<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">atti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o</span> <span class=\"ff3\">pa<span class=\"_ _0\"></span>ssivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inanz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>luta<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fai<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>value<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sono</span> <span class=\"ff3\">i<span class=\"_ _0\"></span>scr<span class=\"_ _0\"></span>itti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">per</span> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs36b\">competenza<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> </span>voci<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico<span class=\"ff1\"> </span>relativi<span class=\"ff1\"> </span>agli<span class=\"ff1\"> </span>interessi.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs36c\">I<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>ffe<span class=\"_ _0\"></span>renzi<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">i</span> <span class=\"ff3\">margi<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>gli<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>tri<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>trat<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>ve<span class=\"_ _0\"></span>ngo<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>leva<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u201cRisu<span class=\"_ _0\"></span>ltat<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>net<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>l\u2019a<span class=\"_ _0\"></span>ttiv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">negoz<span class=\"_ _0\"></span>iaz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span>\u201d.<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs36d\">I<span class=\"ff1\">  </span>dividendi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>so<span class=\"_ _2\"></span>no<span class=\"ff1\">  </span>rilevati<span class=\"ff1\">  </span>per<span class=\"ff1\">  </span>compe<span class=\"_ _0\"></span>tenza<span class=\"ff1\">  </span>economica<span class=\"ff1\">  </span>riferita<span class=\"ff1\">  </span>alla<span class=\"ff1\">  </span>data<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>assunzione<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">della</span>  <span class=\"ff3\">delibera</span>  <span class=\"ff3\">di</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs36e\">distribuzione<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>parte<span class=\"ff1\"> </span>dell\u2019assemblea<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>esposti<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>voce<span class=\"ff1\"> </span>\u201cDividendi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>proventi<span class=\"ff1\"> </span>simili\u201d.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs36f\">Gli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">utili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perdite<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ealizzati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dalla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cessione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rimborso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">plus/minusvalenze<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">derivanti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dalle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">variazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs370\">value<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>iscritti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">conto</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">economico</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">del</span> <span class=\"_ _27\"> </span><span class=\"ff3\">p<span class=\"_ _2\"></span>eriodo</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">nel</span> <span class=\"_ _27\"> </span><span class=\"ff3\">q<span class=\"_ _2\"></span>uale</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">si</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">manifestano</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">e</span> <span class=\"_ _27\"> </span><span class=\"ff3\">class<span class=\"_ _2\"></span>ificati</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">nel<span class=\"_ _0\"></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>voce<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs371\">\u201cRisultato<span class=\"ff1\">  </span>netto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>delle<span class=\"ff1\">  </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\">  </span>negoziazione\u201d,<span class=\"ff1\">  </span>ad<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>eccezione<span class=\"ff1\">  </span>della<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>quota<span class=\"ff1\">  </span>relativa<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ai<span class=\"ff1\">  </span>contratt<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>derivati<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs372\">gestionalmente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">collegati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ad<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">passivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">val<span class=\"_ _2\"></span>utate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rilevata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u201c<span class=\"_ _2\"></span>Risultato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">netto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs373\">e<span class=\"ff1\"> </span>passivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value\u201d.<span class=\"_ _3bd\"> </span> </div>Ri<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>no<span class=\"_ _0\"></span>sci<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>vi<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>c<span class=\"_ _0\"></span>os<span class=\"_ _1\"></span>ti<span class=\"fc0 sc1\"> </span>La<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">banca<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rileva<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ricavi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">im<span class=\"_ _2\"></span>porto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riflette<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">corrispettivo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019entit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ritiene<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">avere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>iritto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cambio<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>del<span class=\"ff1\"> </span>trasferimento<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>merci<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>servizi<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>cliente.<span class=\"_ _3bd\"> </span> L\u2019IFRS<span class=\"ff1\"> <span class=\"_ _2\"></span></span>15<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span></span>-Ricavi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cont<span class=\"_ _2\"></span>ratti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>clienti,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ha<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sostituito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>lo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>IAS<span class=\"ff1\"> <span class=\"_ _20\"></span></span>18<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u2013<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span></span>Ricavi,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>lo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>IAS<span class=\"ff1\"> <span class=\"_ _20\"></span></span>11<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u2013<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Lavori<span class=\"ff1\"> <span class=\"_ _20\"></span></span>su<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ordinazione,<span class=\"ff1\"> </span>nonch\u00e9<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>interpretazioni<span class=\"ff1\"> </span>Sic<span class=\"ff1\"> </span>31,<span class=\"ff1\"> </span>IFRIC<span class=\"ff1\"> </span>13<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>IFRIC<span class=\"ff1\"> </span>15.<span class=\"_ _3bd\"> </span> Il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">principio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stabilisce<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un<span class=\"ff1\"> </span>mode<span class=\"_ _0\"></span>llo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>iconoscimento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ricavi,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">applica<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>utti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contratti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">clienti,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">eccezion<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>fatta<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>contratti<span class=\"ff1\"> </span>che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rientrano<span class=\"ff1\"> </span>nell\u2019ambito<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">applicazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>IFRS<span class=\"ff1\"> </span>4,<span class=\"ff1\"> </span>IFRS<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">9,</span> <span class=\"ff3\">IFRS</span> <span class=\"_ _0\"></span><span class=\"ff3\">16,<span class=\"ff1\"> </span>quindi<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>contratti<span class=\"ff1\"> </span></span></span></span></span></span></span>ass<span class=\"_ _0\"></span>icu<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>vi<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">stru<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fina<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ari<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span>trat<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>easi<span class=\"_ _0\"></span>ng.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Il</span> <span class=\"ff3\">p<span class=\"_ _0\"></span>rin<span class=\"_ _0\"></span>cipi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>int<span class=\"_ _0\"></span>rodu<span class=\"_ _0\"></span>ce<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>mo<span class=\"_ _0\"></span>dell<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>ci<span class=\"_ _0\"></span>nque<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">fasi</span> </span></span></span></span></span></span></span></span></span></span></span></span></span>che<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>applica<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>fase<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>contabilizzazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>ricavi<span class=\"ff1\"> </span>derivanti<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>contr<span class=\"_ _2\"></span>atti<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>clienti: l\u2019<span class=\"_ _0\"></span>iden<span class=\"_ _0\"></span>tifi<span class=\"_ _0\"></span>caz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ontra<span class=\"_ _0\"></span>tto<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>cl<span class=\"_ _0\"></span>ien<span class=\"_ _0\"></span>te;</span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>l\u2019<span class=\"_ _0\"></span>iden<span class=\"_ _0\"></span>tifi<span class=\"_ _0\"></span>caz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>rfo<span class=\"_ _0\"></span>rmanc<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>ob<span class=\"_ _0\"></span>liga<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span>tratto<span class=\"_ _0\"></span>;</span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>termi<span class=\"_ _0\"></span>naz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prez<span class=\"_ _0\"></span>zo;</span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span>l\u2019<span class=\"_ _0\"></span>allo<span class=\"_ _0\"></span>cazi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>pre<span class=\"_ _1\"></span>zzo<span class=\"ff1\"> </span>all<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>rfor<span class=\"_ _0\"></span>manc<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">oblig<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>de<span class=\"_ _1\"></span>l<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>trat<span class=\"_ _0\"></span>to;</span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cri<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">is<span class=\"_ _0\"></span>criz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rica<span class=\"_ _0\"></span>vo<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>l\u2019e<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sodd<span class=\"_ _0\"></span>isfa<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ci<span class=\"_ _0\"></span>ascu<span class=\"_ _0\"></span>na<span class=\"ff1\"> </span>pe<span class=\"_ _1\"></span>rforma<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ob<span class=\"_ _0\"></span>liga<span class=\"_ _0\"></span>tion<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span>Il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">principio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">comporta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019esercizio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">giudizio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">part<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">entit\u00e0,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">prenda<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">consid<span class=\"_ _2\"></span>erazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>utti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fatti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>le<span class=\"ff1\"> </span>circos<span class=\"_ _2\"></span>tanze<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>ilevanti<span class=\"ff1\"> </span>nell\u2019applicazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>ogni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fase<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>modello<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ai<span class=\"ff1\"> </span>co<span class=\"_ _2\"></span>ntratti<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> </span>propri<span class=\"ff1\"> <span class=\"_ _2\"></span></span>clienti.<span class=\"ff1\"> </span>Il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>principio<span class=\"ff1\"> </span>specifica<span class=\"ff1\"> </span>inoltre<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>contabilizzazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>costi<span class=\"ff1\"> </span>incrementali<span class=\"ff1\"> </span>legati<span class=\"ff1\"> </span>all\u2019ottenimento<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>contratto<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span>costi<span class=\"ff1\"> </span></span></span>direttamente<span class=\"ff1\">  </span>legati<span class=\"ff1\">  </span>al<span class=\"ff1\">  </span>completamento<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>un<span class=\"ff1\">  </span>contr<span class=\"_ _2\"></span>atto.<span class=\"ff1\">  </span>La<span class=\"ff1\">  </span>banc<span class=\"_ _0\"></span>a<span class=\"ff1\">  </span>esercita<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>un<span class=\"ff1\">  </span>giudizio<span class=\"ff1\">  </span>che<span class=\"ff1\">  </span>prende<span class=\"ff1\">  </span>in<span class=\"ff1\"> </span>considerazione<span class=\"ff1\"> </span>tutt<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fatt<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>c<span class=\"_ _2\"></span>ircostanze<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rilevanti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nell\u2019applicazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ai<span class=\"ff1\"> </span>cont<span class=\"_ _2\"></span>ratti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>propri<span class=\"ff1\"> <span class=\"_ _2\"></span></span>clienti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ogni<span class=\"ff1\"> </span>fase<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>modello<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>cinque<span class=\"ff1\"> </span>fasi<span class=\"ff1\"> </span>introdotto<span class=\"ff1\"> </span>dall\u2019IFRS<span class=\"ff1\"> </span>15.<span class=\"_ _3bd\"> </span> I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ric<span class=\"_ _0\"></span>avi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">po<span class=\"_ _0\"></span>sson<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>es<span class=\"_ _0\"></span>sere<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ric<span class=\"_ _0\"></span>ono<span class=\"_ _0\"></span>sciut<span class=\"_ _0\"></span>i:</span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span>in<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>momento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>preciso,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quando<span class=\"ff1\"> </span>l\u2019entit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>adempie<span class=\"ff1\"> </span>l\u2019obbligazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>far<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>trasferendo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> </span>cliente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>bene<span class=\"ff1\"> </span>o<span class=\"_ _2\"></span><span class=\"ff1\"> </span>servizio<span class=\"ff1\"> </span>promesso,<span class=\"ff1\"> </span>o nel<span class=\"ff1\"> </span>corso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span>tempo,<span class=\"ff1\"> </span>mano<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mano<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>\u2019entit\u00e0<span class=\"ff1\"> </span>adempie<span class=\"ff1\"> </span>l\u2019obbligazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>fare<span class=\"ff1\"> </span>trasferendo<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>cl<span class=\"_ _0\"></span>iente<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span> </span></span></span></span></span></span>ben<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>se<span class=\"_ _0\"></span>rvizi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rome<span class=\"_ _0\"></span>sso<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>Il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">bene<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tr<span class=\"_ _2\"></span>asferito<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">quando,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">corso<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">periodo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cui,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cliente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ne<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ac<span class=\"_ _2\"></span>quisisce<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cont<span class=\"_ _2\"></span>rollo.<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>In<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">particolare:</span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">str<span class=\"_ _2\"></span>umenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziari<span class=\"ff1\"> </span>cl<span class=\"_ _0\"></span>assificati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">HTC<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">HTCS,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gli<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>teressi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cor<span class=\"_ _2\"></span>rispettivi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riconosciuti<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ro<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ra<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>temporis<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">base<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tasso<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>teresse<span class=\"ff1\"> </span>contrattuale<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>quello<span class=\"ff1\"> </span>effe<span class=\"_ _0\"></span>ttivo<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>caso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>applicazione<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>costo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ammortizzato.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">La<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>oce<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">int<span class=\"_ _2\"></span>eressi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(ovvero<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">interessi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">passivi)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">compr<span class=\"_ _2\"></span>ende<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">anche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">differenziali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mar<span class=\"_ _0\"></span>gini<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">posi<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>egat<span class=\"_ _0\"></span>ivi)<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">matu<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">si<span class=\"_ _0\"></span>no<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dat<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rif<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>b<span class=\"_ _0\"></span>ila<span class=\"_ _0\"></span>ncio<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rela<span class=\"_ _0\"></span>tivi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"_ _1\"></span><span class=\"ff3\">contr<span class=\"_ _0\"></span>atti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>riv<span class=\"_ _0\"></span>ati<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>fi<span class=\"_ _0\"></span>nanz<span class=\"_ _0\"></span>iari<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span> o<span class=\"_ _3bd\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>opert<span class=\"_ _0\"></span>ura<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">at<span class=\"_ _0\"></span>tivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>e<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">pass<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ge<span class=\"_ _0\"></span>nera<span class=\"_ _0\"></span>no<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"_ _0\"></span>tere<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span>o<span class=\"_ _3bd\"> </span>classificati<span class=\"ff1\"> </span>nello<span class=\"ff1\"> </span>Stato<span class=\"ff1\"> </span>Patrimoniale<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ort<span class=\"_ _2\"></span>afoglio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>negoziazione,<span class=\"ff1\"> </span>ma<span class=\"ff1\"> </span>gestionalmente<span class=\"ff1\"> </span>colle<span class=\"_ _0\"></span>gati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ad<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>e/o<span class=\"ff1\"> </span>passivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>(fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>option);<span class=\"_ _3bd\"> </span> o<span class=\"_ _3bd\"> </span>connessi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gestionalmente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>passivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>classificate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _20\"></span></span>portafoglio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>negoziazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> </span>prevedono<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>liquidazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>differenziali<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>margini<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>pi\u00f9<span class=\"ff1\"> </span>scadenze;<span class=\"_ _3bd\"> </span>gli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">interessi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mor<span class=\"_ _2\"></span>a,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">eventualmente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">previsti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>via<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">contrattuale,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ontabilizzati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>Conto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Economico<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>solo<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>momento<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>loro<span class=\"ff1\"> </span>effettivo<span class=\"ff1\"> </span>incasso; i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>ividendi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rilevati<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Conto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Economico<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>corso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>ell\u2019esercizio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ne<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>viene<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>deliberata<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>l<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span> di<span class=\"_ _0\"></span>stri<span class=\"_ _0\"></span>buzi<span class=\"_ _0\"></span>one;<span class=\"_ _0\"></span> le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>commissioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ricavi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>da<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>ervizi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span><span class=\"ff3\">sono</span> <span class=\"_ _20\"></span><span class=\"ff3\">iscritte,</span> <span class=\"_ _2\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ulla</span> <span class=\"_ _2\"></span><span class=\"ff3\">base</span> <span class=\"_ _2\"></span><span class=\"ff3\">dell\u2019esistenza</span> <span class=\"_ _2\"></span><span class=\"ff3\">di</span> <span class=\"_ _20\"></span><span class=\"ff3\">accordi</span> <span class=\"_ _20\"></span><span class=\"ff3\">contrattuali,</span> <span class=\"_ _2\"></span><span class=\"ff3\">nel</span> </span>periodo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">c<span class=\"_ _2\"></span>ui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">servizi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>tessi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stat<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">prestat<span class=\"_ _2\"></span>i.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">commissioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">considerate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">costo<span class=\"ff1\"> </span>ammortizzato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ai<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>fini<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>determinazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>interesse<span class=\"ff1\"> </span>effettivo,<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>ile<span class=\"_ _0\"></span>vate<span class=\"ff1\"> </span>tra<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gli<span class=\"ff1\"> </span>interessi; i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ri<span class=\"_ _0\"></span>cavi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">deriv<span class=\"_ _0\"></span>anti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dall<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vendi<span class=\"_ _0\"></span>ta<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stru<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fi<span class=\"_ _0\"></span>nanz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>i,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dete<span class=\"_ _0\"></span>rmi<span class=\"_ _0\"></span>nati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>ll<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">diff<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span>nza<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tra<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">corri<span class=\"_ _0\"></span>spe<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span>vo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pag<span class=\"_ _0\"></span>ato </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">incassato<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">trans<span class=\"_ _2\"></span>azione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ed<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">strumento,<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>engono<span class=\"ff1\"> </span>riconosciuti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>Conto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Econ<span class=\"_ _2\"></span>omico<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sede<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>ilevazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019opera<span class=\"_ _2\"></span>zione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>se<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _20\"></span></span>value<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>determinabile<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> <span class=\"_ _21\"></span></span>riferimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>prezz<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ufficiali<span class=\"ff1\"> </span>disponibili<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mercati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">at<span class=\"_ _2\"></span>tivi,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ovver<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>at<span class=\"_ _0\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">passivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">misurate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sulla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">base<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tecniche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valutazione<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>che<span class=\"ff1\"> </span>prendono<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riferimento<span class=\"ff1\"> </span>parametri<span class=\"ff1\"> </span>osservabili<span class=\"ff1\"> </span>sul<span class=\"ff1\"> </span>mercato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>diversi<span class=\"ff1\"> </span>dalle<span class=\"ff1\"> </span>quotazioni<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>str<span class=\"_ _2\"></span>umento<span class=\"ff1\"> </span>finanziario<span class=\"ff1\"> </span>(livello<span class=\"ff1\"> </span>1<span class=\"_ _2\"></span><span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>livello<span class=\"ff1\"> </span>2<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> </span>gerarchia<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>fair<span class=\"_ _2\"></span><span class=\"ff1\"> </span>value).<span class=\"ff1\"> </span>Qualora<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>parametri<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>riferimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>utilizzati<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _21\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valutazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>no<span class=\"_ _2\"></span>n<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>iano<span class=\"ff1\"> <span class=\"_ _21\"></span></span>osservab<span class=\"_ _0\"></span>ili<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sul<span class=\"ff1\"> <span class=\"_ _20\"></span></span>mercato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>(livello<span class=\"ff1\"> <span class=\"_ _21\"></span></span>3)<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>gli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>strumenti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>stessi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>presentino<span class=\"ff1\"> <span class=\"_ _20\"></span></span>una<span class=\"ff1\"> </span>rid<span class=\"_ _0\"></span>otta<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">liqu<span class=\"_ _0\"></span>idi<span class=\"_ _0\"></span>t\u00e0,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">lo</span> <span class=\"ff3\">strume<span class=\"_ _0\"></span>nto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">finan<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>ario<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">vie<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>is<span class=\"_ _0\"></span>cri<span class=\"_ _0\"></span>tto<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>import<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>pari<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al</span> <span class=\"ff3\">p<span class=\"_ _0\"></span>rez<span class=\"_ _0\"></span>zo<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span>tra<span class=\"_ _0\"></span>nsa<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e;<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">la</span> </span></span></span></span></span></span></span></span></span></span></span>differenza<span class=\"ff1\"> </span>rispetto<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>affluisce<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>Conto<span class=\"ff1\"> </span>Economico<span class=\"ff1\"> </span>lungo<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>durata<span class=\"ff1\"> </span>dell\u2019operazione; gli<span class=\"ff1\">  </span>utili<span class=\"ff1\">  </span>e<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>perdite<span class=\"ff1\">  </span>derivant<span class=\"_ _2\"></span>i<span class=\"ff1\">  </span>dalla<span class=\"ff1\">  </span>negoziazione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\">  </span>str<span class=\"_ _2\"></span>umenti<span class=\"ff1\">  </span>finanziari<span class=\"ff1\">  </span>sono<span class=\"_ _2\"></span><span class=\"ff1\">  </span>riconosciuti<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>al<span class=\"ff1\">  </span>Conto<span class=\"ff1\"> </span>Ec<span class=\"_ _0\"></span>onom<span class=\"_ _0\"></span>ico<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mome<span class=\"_ _1\"></span>nto<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">perfe<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>oname<span class=\"_ _0\"></span>nto<span class=\"ff1\"> </span>de<span class=\"_ _1\"></span>lla<span class=\"ff1\"> </span>ven<span class=\"_ _0\"></span>dita<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>su<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span>ba<span class=\"_ _0\"></span>se<span class=\"ff1\"> </span>de<span class=\"_ _1\"></span>lla<span class=\"ff1\"> </span>dif<span class=\"_ _0\"></span>fere<span class=\"_ _0\"></span>nza<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tra</span> <span class=\"ff3\">il</span> <span class=\"ff3\">c<span class=\"_ _0\"></span>orr<span class=\"_ _0\"></span>isp<span class=\"_ _0\"></span>etti<span class=\"_ _0\"></span>vo<span class=\"ff1\"> </span></span></span></span></span></span></span>pagato<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>incassato<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>iscrizione<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> </span>st<span class=\"_ _2\"></span>essi; i<span class=\"ff1\"> </span>ricavi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">derivanti<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>vendita<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>rilevati<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">momento<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>erf<span class=\"_ _0\"></span>ezi<span class=\"_ _0\"></span>onam<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>o </span></span></span></span></span></span></span></span>del<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">vend<span class=\"_ _1\"></span>ita,<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span>vve<span class=\"_ _0\"></span>ro<span class=\"ff1\"> </span>qu<span class=\"_ _1\"></span>ando<span class=\"ff1\"> </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ad<span class=\"_ _0\"></span>emp<span class=\"_ _0\"></span>iuta<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l\u2019<span class=\"_ _0\"></span>obbl<span class=\"_ _0\"></span>igaz<span class=\"_ _0\"></span>ione<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">f<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>nfron<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>lie<span class=\"_ _0\"></span>nte. </span></span></span></span></span></span></span></span></span></span></span></span></span></span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradingIncomeAndExpenseExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-886": {
   "value": "1<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>At<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>tat<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>fa<span class=\"_ _1\"></span>ir<span class=\"_ _3bd\"> </span>val<span class=\"_ _0\"></span>ue<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span>imp<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>tto<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nto<span class=\"_ _3bd\"> </span>ec<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>ico<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>isc<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>L\u2019iscrizione<span class=\"ff1\"> </span>iniziale<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inanziarie<span class=\"ff1\"> </span>avviene<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>regolamento<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">debito</span> <span class=\"ff3\">e</span> <span class=\"ff3\">per</span> <span class=\"ff3\">i</span> <span class=\"ff3\">titoli</span> </span>di<span class=\"ff1\"> </span>capitale,<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>erogazione<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>finanziamenti<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>sottoscrizione<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>contrattiderivati.<span class=\"_ _3bd\"> </span> All\u2019atto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> </span>ril<span class=\"_ _2\"></span>evazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>iniziale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> </span>att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> </span>finanziar<span class=\"_ _2\"></span>ie<span class=\"ff1\"> </span>valutat<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _2\"></span></span>value<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>im<span class=\"_ _2\"></span>patto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>economico<span class=\"ff1\"> </span>ven<span class=\"_ _0\"></span>gon<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>rile<span class=\"_ _0\"></span>vate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al</span> <span class=\"ff3\">fai<span class=\"_ _0\"></span>r<span class=\"ff1\"> <span class=\"_ _2\"></span></span>va<span class=\"_ _0\"></span>lue,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">senza<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">consi<span class=\"_ _0\"></span>dera<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>sti<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">prov<span class=\"_ _1\"></span>enti<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">trans<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>retta<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>att<span class=\"_ _0\"></span>rib<span class=\"_ _0\"></span>uibi<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>all<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>strumento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stesso.<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cl<span class=\"_ _0\"></span>ass<span class=\"_ _1\"></span>ific<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>classificate<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>questa<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cat<span class=\"_ _2\"></span>egoria<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">attivit\u00e0</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">fi<span class=\"_ _0\"></span>nanziarie<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>diverse<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quelle<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>classificate<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tra<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Attivit\u00e0<span class=\"ff1\"> </span></span></span>finanziarie<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alutat<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alue<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>impatto<span class=\"ff1\"> </span>sul<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>reddi<span class=\"_ _0\"></span>tivit\u00e0<span class=\"ff1\"> </span>complessiva<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>tra<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>Attivit\u00e0<span class=\"ff1\"> </span>fin<span class=\"_ _0\"></span>anziare<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> </span></span></span>al<span class=\"ff1\"> </span>costo<span class=\"ff1\"> </span>ammortizzato.<span class=\"ff1\"> </span>La<span class=\"ff1\"> </span>voce,<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>particolare,<span class=\"ff1\"> </span>include:<span class=\"_ _3bd\"> </span> le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>ttivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanz<span class=\"_ _0\"></span>iari<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ete<span class=\"_ _0\"></span>nute<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">la</span> <span class=\"ff3\">n<span class=\"_ _0\"></span>eg<span class=\"_ _0\"></span>ozia<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ess<span class=\"_ _0\"></span>enzi<span class=\"_ _0\"></span>alme<span class=\"_ _0\"></span>nte<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rappre<span class=\"_ _0\"></span>sen<span class=\"_ _0\"></span>tate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">da<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">t<span class=\"_ _0\"></span>itoli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>bit<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>d<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ca<span class=\"_ _0\"></span>pita<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valo<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">posi<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>ntra<span class=\"_ _0\"></span>tti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>riv<span class=\"_ _0\"></span>ati<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ete<span class=\"_ _0\"></span>nuti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inal<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">neg<span class=\"_ _0\"></span>ozia<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">atti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fin<span class=\"_ _0\"></span>anzi<span class=\"_ _0\"></span>arie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">obb<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>atori<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>nte<span class=\"ff1\"> </span>valu<span class=\"_ _0\"></span>tate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">al</span> <span class=\"ff3\">fair<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">value<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>rappre<span class=\"_ _0\"></span>sen<span class=\"_ _0\"></span>tate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">dall<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>attiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">fina<span class=\"_ _0\"></span>nziar<span class=\"_ _0\"></span>ie<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>non<span class=\"ff1\"> <span class=\"_ _21\"></span></span>soddisfano<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>requi<span class=\"_ _0\"></span>siti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>valutazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>costo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ammortizzato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fair<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">value</span> <span class=\"_ _20\"></span><span class=\"ff3\">con</span> <span class=\"_ _21\"></span><span class=\"ff3\">impatto</span> <span class=\"_ _20\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ulla</span> </span>redditivit\u00e0<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>complessiva.<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Si<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>t<span class=\"_ _2\"></span>ratta<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>c<span class=\"_ _2\"></span>ui<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>t<span class=\"_ _2\"></span>ermini<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>contrattuali<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>prevedono<span class=\"ff1\"> </span>esclusivamente<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>imborsi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>capitale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>pagament<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>dell\u2019interesse<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sull\u2019importo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>capitale<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rest<span class=\"_ _2\"></span>ituire<span class=\"ff1\"> </span>(cd.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u201cSPPI<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>est\u201d<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>uperato)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">oppure<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">so<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">detenute<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quadro<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">m<span class=\"_ _2\"></span>odello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">busin<span class=\"_ _2\"></span>ess<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ob<span class=\"_ _0\"></span>ietti<span class=\"_ _0\"></span>vo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u00e8</span> <span class=\"ff3\">il</span> <span class=\"ff3\">p<span class=\"_ _0\"></span>osse<span class=\"_ _0\"></span>sso<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ttivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fin<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>zzato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">alla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">racc<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">flu<span class=\"_ _0\"></span>ssi<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>ri<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ontra<span class=\"_ _0\"></span>ttua<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(Bu<span class=\"_ _0\"></span>sines<span class=\"_ _0\"></span>s<span class=\"ff1\"> </span>mode<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>\u201cHold<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Collect\u201d)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">obiettivo<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conse<span class=\"_ _2\"></span>guito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mediante<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">raccolta<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">flussi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziari<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contratt<span class=\"_ _2\"></span>uali<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>che<span class=\"ff1\"> </span>mediante<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>vendita<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>(Business<span class=\"ff1\"> </span>model<span class=\"ff1\"> </span>\u201cHold<span class=\"ff1\"> </span>to<span class=\"ff1\"> </span>Collect<span class=\"ff1\"> </span>and<span class=\"ff1\"> </span>Sell\u201d);<span class=\"_ _3bd\"> </span> le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>finan<span class=\"_ _0\"></span>ziarie<span class=\"ff1\"> </span>designate<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>ossia<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>finan<span class=\"_ _0\"></span>ziarie<span class=\"ff1\"> </span>cos\u00ec<span class=\"ff1\"> </span>definite<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>momento<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span> </span></span>rilevazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>iniziale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ove<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>n<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sussist<span class=\"_ _2\"></span>ano<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>presupposti.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>In<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>relazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>t<span class=\"_ _2\"></span>ale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fattispecie,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un\u2019entit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _0\"></span>u\u00f2<span class=\"ff1\"> </span>designare<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">irrevocabilmente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">all\u2019iscrizione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un\u2019att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziaria<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">come<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valutata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>mpat<span class=\"_ _2\"></span>to<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>conto<span class=\"ff1\">  </span>economico<span class=\"ff1\">  </span>se,<span class=\"ff1\">  </span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>so<span class=\"_ _2\"></span>lo<span class=\"ff1\">  </span>se,<span class=\"ff1\">  </span>cos\u00ec<span class=\"ff1\">  </span>facendo<span class=\"ff1\">  </span>elimina<span class=\"ff1\">  </span>o<span class=\"ff1\">  </span>riduce<span class=\"ff1\">  </span>significativamente<span class=\"ff1\">  </span>un\u2019incoerenza<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>luta<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>a.<span class=\"_ _3bd\"> </span> Tro<span class=\"_ _0\"></span>van<span class=\"_ _0\"></span>o,<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uind<span class=\"_ _0\"></span>i,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">evi<span class=\"_ _0\"></span>denz<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uesta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">voc<span class=\"_ _0\"></span>e:<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">titoli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>ebito<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziamenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inclusi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">business<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">model<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Tr<span class=\"_ _2\"></span>ading<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riconducibili<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">q<span class=\"_ _2\"></span>uindi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ai<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>business<span class=\"ff1\"> </span>model<span class=\"ff1\"> </span>\u201cHold<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">to<span class=\"ff1\"> </span>Collect\u201d<span class=\"_ _2\"></span><span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>\u201cHold<span class=\"ff1\"> </span>to<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Collect</span> <span class=\"ff3\">and</span> <span class=\"ff3\">Se<span class=\"_ _0\"></span>ll\u201d)<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>superano<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>test<span class=\"ff1\"> </span>SPPI;<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span>gl<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">strume<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cap<span class=\"_ _0\"></span>ital<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">-<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">qual<span class=\"_ _0\"></span>ific<span class=\"_ _0\"></span>abil<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cont<span class=\"_ _0\"></span>roll<span class=\"_ _0\"></span>o,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">coll<span class=\"_ _0\"></span>ega<span class=\"_ _0\"></span>mento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">co<span class=\"_ _0\"></span>ntro<span class=\"_ _0\"></span>llo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>giun<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">-<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ete<span class=\"_ _0\"></span>nuti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pe<span class=\"_ _1\"></span>r<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>finalit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">n<span class=\"_ _2\"></span>egoziazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span>optato,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>sede<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>rilevazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">iniziale,<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">designazione<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>impatto<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>redditivit\u00e0<span class=\"ff1\"> </span>complessiva;<span class=\"_ _3bd\"> </span> le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">qu<span class=\"_ _0\"></span>ote<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">OI<span class=\"_ _1\"></span>CR.<span class=\"_ _0\"></span> </span></span></span></span></span></span>La<span class=\"ff1\">  </span>voce<span class=\"ff1\">  </span>a<span class=\"_ _2\"></span>ccoglie,<span class=\"ff1\">  </span>inoltre,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>i<span class=\"ff1\">  </span>contr<span class=\"_ _2\"></span>atti<span class=\"ff1\">  </span>derivati,<span class=\"ff1\">  </span>cont<span class=\"_ _2\"></span>abilizzati<span class=\"ff1\">  </span>tra<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>le<span class=\"ff1\">  </span>att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\">  </span>finanziarie<span class=\"ff1\">  </span>detenute<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>per<span class=\"ff1\">  </span>la<span class=\"ff1\"> </span>negoziazione,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rappresentati<span class=\"ff1\"> </span>come<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> </span>se<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>air<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ositivo<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">come<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>assivit\u00e0<span class=\"ff1\"> </span>se<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>air<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>\u00e8<span class=\"ff1\"> </span>negativ<span class=\"_ _0\"></span>o.<span class=\"ff1\"> </span>E\u2019<span class=\"ff1\"> </span>possibile<span class=\"ff1\"> </span>compensare<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>valori<span class=\"ff1\"> </span>corren<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>positivi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>egativi<span class=\"ff1\"> </span>derivanti<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>operazioni<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>medesima<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contropart<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>soltan<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>qualora<span class=\"ff1\"> </span>si<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">abbia</span> <span class=\"ff3\">correntemente</span> <span class=\"ff3\">i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>diritto<span class=\"ff1\"> </span>leg<span class=\"_ _0\"></span>ale<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ompensare<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>importi<span class=\"ff1\"> </span></span></span></span></span>rilevati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>contabilmente<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>intenda<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>procedere<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>regolamento<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>su<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>base<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>n<span class=\"_ _0\"></span>etta<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>posizioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>oggetto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> </span>com<span class=\"_ _0\"></span>pen<span class=\"_ _0\"></span>sazi<span class=\"_ _0\"></span>one.<span class=\"_ _0\"></span> Fra<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i</span> <span class=\"ff3\">de<span class=\"_ _0\"></span>riva<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>so<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span>an<span class=\"_ _0\"></span>che<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uell<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>inc<span class=\"_ _0\"></span>orp<span class=\"_ _0\"></span>orat<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>ratti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">finan<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">comp<span class=\"_ _0\"></span>lessi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">-</span> <span class=\"ff3\">in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cui</span> <span class=\"ff3\">il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cont<span class=\"_ _0\"></span>ratto<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rim<span class=\"_ _0\"></span>ario<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>\u00e8<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>passivit\u00e0<span class=\"ff1\"> </span>finanziaria<span class=\"ff1\"> </span>-<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>stat<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>oggetto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rilev<span class=\"_ _0\"></span>azione<span class=\"ff1\"> </span>separata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>quanto:<span class=\"_ _3bd\"> </span> le<span class=\"ff1\"> </span>loro<span class=\"ff1\"> </span>caratt<span class=\"_ _2\"></span>eristiche<span class=\"ff1\"> </span>economiche<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>no<span class=\"ff1\"> </span>strettamente<span class=\"ff1\"> </span>correlati<span class=\"ff1\"> </span>alle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>caratteristiche<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span> con<span class=\"_ _0\"></span>trat<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>so<span class=\"_ _0\"></span>ttost<span class=\"_ _0\"></span>ante<span class=\"_ _1\"></span>;<span class=\"_ _3bd\"> </span> gl<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>trum<span class=\"_ _0\"></span>enti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span>corp<span class=\"_ _0\"></span>orat<span class=\"_ _0\"></span>i,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anch<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">se<span class=\"ff1\"> </span>se<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>rati,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sod<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>sfan<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">defi<span class=\"_ _0\"></span>niz<span class=\"_ _0\"></span>ione<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">d<span class=\"_ _0\"></span>eriv<span class=\"_ _0\"></span>ato<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span>gli<span class=\"ff1\"> </span>st<span class=\"_ _2\"></span>rumenti<span class=\"ff1\"> </span>ibridi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _2\"></span></span>appartengono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>non<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valutati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>relative<span class=\"ff1\"> </span>variazioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rilevate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> </span>Conto<span class=\"ff1\"> </span>E<span class=\"_ _0\"></span>conomico.<span class=\"_ _3bd\"> </span>4-<span class=\"_ _3bd\"> </span>Op<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rtu<span class=\"_ _1\"></span>ra<span class=\"fc0 sc1\"> </span>Il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Gruppo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>avvale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>facolt\u00e0,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>previs<span class=\"_ _2\"></span>ta<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sede<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>introduzione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>d<span class=\"_ _2\"></span>ell\u2019IFRS<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>9,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>continuare<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ad<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>applicar<span class=\"_ _3bd\"> </span>e<span class=\"ff1\"> </span>integralmente<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>previsioni<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>principio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>contabile<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>IAS<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>39<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tema<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u201c<span class=\"_ _2\"></span>hedge<span class=\"ff1\"> <span class=\"_ _21\"></span></span>accounting\u201d<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>(nella<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>versione<span class=\"ff1\"> </span>carved<span class=\"ff1\"> <span class=\"_ _21\"></span></span>out<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>omologata<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dalla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Commissione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Europea)<span class=\"ff1\"> <span class=\"_ _21\"></span></span>per<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ogni<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tipologia<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>copertura<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>(sia<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>copertur<span class=\"_ _3bd\"> </span>specifiche<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>macro<span class=\"ff1\"> </span>coperture).<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>isc<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Gli<span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> </span>derivati<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>copertura,<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tutt<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>derivati,<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>inizialmente<span class=\"ff1\"> </span>iscritti<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>successivamente<span class=\"ff1\"> </span>misurati<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cla<span class=\"_ _1\"></span>ssi<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e:<span class=\"_ _3bd\"> </span>ti<span class=\"_ _0\"></span>pol<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>ia<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rtu<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>operazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>copert<span class=\"_ _2\"></span>ura<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>finalizzate<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>neutralizzare<span class=\"ff1\"> <span class=\"_ _21\"></span></span>potenziali<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>variazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>f<span class=\"_ _2\"></span>air<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>value<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>o<span class=\"_ _3bd\"> </span><span class=\"ff1\"> </span>variazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>cass<span class=\"_ _2\"></span>a,<span class=\"ff1\"> </span>at<span class=\"_ _2\"></span>tribuibil<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> </span>determ<span class=\"_ _2\"></span>inato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rilevabili<span class=\"ff1\"> </span>su<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>determinato<span class=\"ff1\"> </span>elemento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> </span>gruppo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>elementi,<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>caso<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>quel<span class=\"ff1\"> </span>particolare<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>dovesse<span class=\"ff1\"> </span>effettivamente<span class=\"ff1\"> </span>manifestar<span class=\"_ _2\"></span>si.<span class=\"_ _3bd\"> </span>Le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ti<span class=\"_ _0\"></span>polo<span class=\"_ _0\"></span>gie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">cope<span class=\"_ _0\"></span>rtu<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">util<span class=\"_ _0\"></span>izz<span class=\"_ _0\"></span>ate<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ono<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">segue<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>copertura<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fa<span class=\"_ _2\"></span>ir<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019obiett<span class=\"_ _2\"></span>ivo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">coprire<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019esposizione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alla<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">variazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valu<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(attr<span class=\"_ _2\"></span>ibuibile<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>ll<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>diverse<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tipologie<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>ischio)<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>passivit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>iscritte<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>bi<span class=\"_ _2\"></span>lancio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>porzioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>esse,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>gruppi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>d<span class=\"_ _3bd\"> </span>i<span class=\"_ _3bd\"> </span>attivit\u00e0/passivit\u00e0,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>impegni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>irrevocabili<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>portafogli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pass<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziarie,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>incl<span class=\"_ _2\"></span>usi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cor<span class=\"_ _3bd\"> </span>dep<span class=\"_ _0\"></span>osi<span class=\"_ _0\"></span>ts,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">com<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>conse<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>dall<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>IAS<span class=\"ff1\"> </span>39<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">omol<span class=\"_ _0\"></span>oga<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>dall<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>Commi<span class=\"_ _0\"></span>ssio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>Euro<span class=\"_ _0\"></span>pea<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>Le<span class=\"ff1\"> </span>cope<span class=\"_ _0\"></span>rture<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">gener<span class=\"_ _0\"></span>ich<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>(\u201cmacro<span class=\"ff1\"> </span>hedge\u201d)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">hanno<span class=\"ff1\"> </span>l\u2019obiettivo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ridurre<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">oscill<span class=\"_ _2\"></span>azioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value,<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>mputabili<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>rischi<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>t<span class=\"_ _2\"></span>asso<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>interesse,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>un<span class=\"ff1\"> <span class=\"_ _20\"></span></span>imp<span class=\"_ _2\"></span>orto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>monetario,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>riveni<span class=\"_ _0\"></span>ente<span class=\"ff1\"> <span class=\"_ _21\"></span></span>da<span class=\"ff1\"> <span class=\"_ _21\"></span></span>un<span class=\"ff1\"> <span class=\"_ _20\"></span></span>port<span class=\"_ _2\"></span>afoglio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>passivit<span class=\"_ _3bd\"> </span>finanziarie.<span class=\"ff1\"> </span>Non<span class=\"ff1\"> </span>possono<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>ogg<span class=\"_ _0\"></span>etto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>copertura<span class=\"ff1\"> </span>generica<span class=\"ff1\"> </span>importi<span class=\"ff1\"> </span>netti<span class=\"ff1\"> </span>derivanti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dallo<span class=\"ff1\"> </span>sbilancio<span class=\"ff1\"> </span>d<span class=\"_ _3bd\"> </span></span></span>attivit\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>passivit\u00e0;<span class=\"_ _3bd\"> </span>copertura<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">flussi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziari:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"ff1\"> </span>l\u2019obiettivo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">coprire<span class=\"ff1\"> </span>l\u2019e<span class=\"_ _0\"></span>sposizione<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">variazioni<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">flussi<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cassa<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>utu<span class=\"_ _0\"></span>ri<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>attribuibili<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>particolari<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>asso<span class=\"_ _2\"></span>ciati<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>poste<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>bilancio.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Tale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tipologia<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>copertur<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>utilizzat<span class=\"_ _3bd\"> </span>essenzialmente<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>tabilizzare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>flusso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>inter<span class=\"_ _2\"></span>essi<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>accolta<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> </span>tas<span class=\"_ _2\"></span>so<span class=\"ff1\"> </span>variabile<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>m<span class=\"_ _2\"></span>isura<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cu<span class=\"_ _3bd\"> </span>quest\u2019ultima<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanzia<span class=\"ff1\"> </span>impieghi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tasso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fisso.<span class=\"ff1\"> </span>In<span class=\"ff1\"> <span class=\"_ _2\"></span></span>talune<span class=\"ff1\"> </span>circost<span class=\"_ _2\"></span>anze,<span class=\"ff1\"> </span>analoghe<span class=\"ff1\"> <span class=\"_ _2\"></span></span>operazioni<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>poste<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"_ _3bd\"> </span>essere<span class=\"ff1\"> </span>relativamente<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>alcune<span class=\"ff1\"> </span>tipologie<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>impieghi<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>variabil<span class=\"_ _0\"></span>e.<span class=\"_ _3bd\"> </span>Solo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>gli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>strumenti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>coin<span class=\"_ _2\"></span>volgono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>contr<span class=\"_ _2\"></span>oparte<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>esterna<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Gruppo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>pos<span class=\"_ _2\"></span>sono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>essere<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>designat<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>come<span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>c<span class=\"_ _0\"></span>opertura.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Data<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>scelta<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"_ _0\"></span>sercitata<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Gruppo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>avvalersi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dell<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>facolt\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>co<span class=\"_ _2\"></span>ntinuare<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ad<span class=\"ff1\"> </span>applicare<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">integralmente<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>egole<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">IAS<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">39<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">relazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">copert<span class=\"_ _2\"></span>ura,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">poss<span class=\"_ _2\"></span>ibile<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">designar<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>capitale<span class=\"ff1\"> </span>classificati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tra<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> </span>Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziarie<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _2\"></span></span>value<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>impatto<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>redditivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>complessiva<span class=\"ff1\"> </span>(FVOCI)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>come<span class=\"ff1\"> <span class=\"_ _2\"></span></span>oggetti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>coperti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prezzo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cam<span class=\"_ _2\"></span>bio,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>str<span class=\"_ _2\"></span>umenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>non<span class=\"ff1\"> <span class=\"_ _2\"></span></span>impattano<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>conomico,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nemmeno<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>caso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vendita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(se<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dividendi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ch<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>rilevati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">conto<span class=\"ff1\"> </span>economico).<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>riv<span class=\"_ _0\"></span>ati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cop<span class=\"_ _0\"></span>ertu<span class=\"_ _0\"></span>ra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">va<span class=\"_ _0\"></span>lutati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fai<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>val<span class=\"_ _0\"></span>ue.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">I<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>arti<span class=\"_ _0\"></span>cola<span class=\"_ _0\"></span>re:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">caso<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">copertura<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">si</span> <span class=\"_ _0\"></span><span class=\"ff3\">compensa<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">var<span class=\"_ _2\"></span>iazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dell\u2019elemento<span class=\"ff1\"> </span>coperto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>variazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dello<span class=\"ff1\"> </span>strumento<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">copertura<span class=\"_ _2\"></span>.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Tale<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ompensazione<span class=\"ff1\"> </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">riconosciuta</span> <span class=\"_ _0\"></span><span class=\"ff3\">attraverso<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>rilevazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Conto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Economico<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>variazioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valore,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riferite<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>all\u2019elemento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>coperto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>(per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quanto<span class=\"ff1\"> </span>riguarda<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>variazioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>prodotte<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fatto<span class=\"_ _2\"></span>re<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">rischio</span> <span class=\"_ _27\"> </span><span class=\"ff3\">s<span class=\"_ _2\"></span>ottostante),</span> <span class=\"_ _27\"> </span><span class=\"ff3\">s<span class=\"_ _2\"></span>ia</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">allo</span> <span class=\"_ _27\"> </span><span class=\"ff3\">st<span class=\"_ _2\"></span>rumento</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">di</span> <span class=\"_ _27\"> </span><span class=\"ff3\">copertura.</span> </span>L\u2019eventuale<span class=\"ff1\">  </span>differenza,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>che<span class=\"ff1\">  </span>rappresenta<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>la<span class=\"ff1\">  </span>parziale<span class=\"ff1\">  </span>in<span class=\"_ _2\"></span>efficacia<span class=\"ff1\">  </span>della<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>copertura,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>ne<span class=\"ff1\">  </span>costit<span class=\"_ _2\"></span>uisce<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1e\"> </span><span class=\"ff3\">di</span> </span>conseguenza<span class=\"ff1\"> </span>l\u2019effetto<span class=\"ff1\"> </span>economico<span class=\"ff1\"> </span>netto.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Nel<span class=\"ff1\"> </span>caso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">operazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">copert<span class=\"_ _2\"></span>ura<span class=\"ff1\"> </span>gene<span class=\"_ _0\"></span>rica<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alue<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>portafoglio<span class=\"ff1\"> </span>(\u201cma<span class=\"_ _2\"></span>cro<span class=\"ff1\"> </span>hedge\u201d)<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>v<span class=\"_ _2\"></span>ariazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>fair<span class=\"ff1\"> <span class=\"_ _2\"></span></span>value<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>riferim<span class=\"_ _2\"></span>ento<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>coperto<span class=\"_ _2\"></span><span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">passivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">oggetto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">copertura<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">so<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">imputate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nello<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">patrimoniale,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rispettivamente,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nell<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">voce<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>60.<span class=\"ff1\">  </span>\u201cAdeguamento<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>valore<span class=\"ff1\">  </span>delle<span class=\"ff1\">  </span>attivit\u00e0<span class=\"ff1\">  </span>fin<span class=\"_ _0\"></span>anziarie<span class=\"ff1\">  </span>oggetto<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>copertura<span class=\"ff1\">  </span>generica\u201d<span class=\"ff1\">  </span>oppure<span class=\"ff1\">  </span>50.<span class=\"ff1\"> </span>\u201cAdeguamento<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>passivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>oggetto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>c<span class=\"_ _2\"></span>opertura<span class=\"ff1\"> </span>generica\u201d;<span class=\"_ _3bd\"> </span>nel<span class=\"ff1\"> <span class=\"_ _20\"></span></span>caso<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>copertura<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>f<span class=\"_ _2\"></span>inanziari,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>variazioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _20\"></span></span>value<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>derivato<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>imputate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nel<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>redditivit\u00e0<span class=\"ff1\"> </span>complessiva,<span class=\"ff1\"> </span>p<span class=\"_ _2\"></span>er<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quota<span class=\"ff1\"> </span>efficace<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>ella<span class=\"ff1\"> </span>copertura,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>rilevate<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>Conto<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Economico<span class=\"ff1\"> <span class=\"_ _2\"></span></span>solo<span class=\"ff1\"> </span>quando,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rif<span class=\"_ _2\"></span>erimento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pos<span class=\"_ _2\"></span>ta<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">coperta<span class=\"_ _2\"></span>,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">manifesta<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">variazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">flussi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cassa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">compensa<span class=\"_ _2\"></span>re<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>o<span class=\"ff1\"> </span>se<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>copertura<span class=\"ff1\"> </span>risulta<span class=\"ff1\"> </span>inefficace;<span class=\"_ _3bd\"> </span>le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">coperture<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">investimento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">netto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valuta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contabilizzate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">allo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stesso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">modo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">coperture<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>fl<span class=\"_ _0\"></span>ussi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">f<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>ziar<span class=\"_ _0\"></span>i.<span class=\"_ _3bd\"> </span></span></span>Lo<span class=\"ff1\"> </span>strumento<span class=\"ff1\"> </span>derivato<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>signato<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>copertura<span class=\"ff1\"> </span>se<span class=\"ff1\"> </span>esiste<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> </span>documentazione<span class=\"ff1\"> </span>formalizzata<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>relazione<span class=\"ff1\"> </span></span></span>tra<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">lo<span class=\"ff1\"> </span>str<span class=\"_ _0\"></span>ume<span class=\"_ _0\"></span>nto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>per<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">lo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">stru<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>cop<span class=\"_ _0\"></span>ertu<span class=\"_ _0\"></span>ra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">se<span class=\"ff1\"> </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ef<span class=\"_ _0\"></span>ficac<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span>m<span class=\"_ _0\"></span>omen<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>cu<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">coper<span class=\"_ _0\"></span>tura<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ha</span> <span class=\"_ _0\"></span><span class=\"ff3\">iniz<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>e,<span class=\"ff1\"> </span>prospetticamente,<span class=\"ff1\"> </span>durante<span class=\"ff1\"> </span>tutta<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>vita<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>stessa.<span class=\"_ _3bd\"> </span>L'efficacia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">copertura<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>pende<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dalla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">misura<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">variazioni<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>ello<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">st<span class=\"_ _2\"></span>rumento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">coperto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>relativi<span class=\"ff1\">  </span>flussi<span class=\"ff1\">  </span>fi<span class=\"_ _0\"></span>nanziari<span class=\"ff1\">  </span>attesi<span class=\"ff1\">  </span>risultano<span class=\"ff1\">  </span>compensati<span class=\"ff1\">  </span>da<span class=\"ff1\">  </span>quelle<span class=\"ff1\">  </span>de<span class=\"_ _0\"></span>llo<span class=\"ff1\">  </span>strumento<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>copertura.<span class=\"ff1\">  </span>Pertanto,<span class=\"ff1\"> </span>l'efficacia<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>\u00e8<span class=\"ff1\">  </span>apprezzat<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dal<span class=\"ff1\">  </span>confr<span class=\"_ _2\"></span>onto<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>delle<span class=\"ff1\">  </span>suddette<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>variazi<span class=\"_ _2\"></span>oni,<span class=\"ff1\">  </span>t<span class=\"_ _2\"></span>enuto<span class=\"ff1\">  </span>cont<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dell'intento<span class=\"ff1\">  </span>perseguito<span class=\"_ _2\"></span><span class=\"ff1\"> </span>dall'impresa<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>momento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>copertura<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> </span>stata<span class=\"ff1\"> </span>posta<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>essere.<span class=\"ff1\"> </span>Si<span class=\"ff1\"> </span>ha<span class=\"ff1\"> </span>efficacia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quando<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>var<span class=\"_ _2\"></span>iazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>(o<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cassa)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dello<span class=\"ff1\"> </span>strumento<span class=\"ff1\"> </span>finanziario<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>copertura<span class=\"ff1\"> </span>neutralizzano<span class=\"ff1\"> </span>quasi<span class=\"ff1\"> </span>integralmente,<span class=\"_ _2\"></span><span class=\"ff1\"> </span>cio\u00e8<span class=\"ff1\">  </span>nei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>limiti<span class=\"ff1\">  </span>stabiliti<span class=\"ff1\">  </span>dall\u2019intervallo<span class=\"ff1\">  </span>80-125%,<span class=\"ff1\">  </span>le<span class=\"ff1\">  </span>variazioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\">  </span>fair<span class=\"ff1\">  </span>value<span class=\"ff1\">  </span>de<span class=\"_ _0\"></span>llo<span class=\"ff1\">  </span>strumento<span class=\"ff1\">  </span>coperto,<span class=\"ff1\">  </span>per<span class=\"ff1\"> </span>l\u2019elemento<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>oggetto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>copertura.<span class=\"_ _3bd\"> </span>La<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">va<span class=\"_ _0\"></span>luta<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>'effi<span class=\"_ _0\"></span>cac<span class=\"_ _0\"></span>ia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span>ef<span class=\"_ _0\"></span>fett<span class=\"_ _0\"></span>uat<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>ad<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">og<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">chiu<span class=\"_ _0\"></span>su<span class=\"_ _0\"></span>ra<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">b<span class=\"_ _0\"></span>ilanc<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _1\"></span><span class=\"ff3\">situa<span class=\"_ _0\"></span>zione<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">inf<span class=\"_ _0\"></span>rannu<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">u<span class=\"_ _0\"></span>tilizz<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>o:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>test<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>prospettici,<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>giustificano<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>l'appl<span class=\"_ _0\"></span>icazione<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>contabilizzazione<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>copertura,<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>quanto<span class=\"ff1\"> </span>dimostrano<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>sua<span class=\"ff1\"> </span>efficacia<span class=\"ff1\"> </span>attesa;<span class=\"_ _3bd\"> </span>test<span class=\"ff1\"> <span class=\"_ _21\"></span></span>retrospettivi,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _21\"></span></span>evidenziano<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>grado<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>efficacia<span class=\"ff1\"> <span class=\"_ _21\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>co<span class=\"_ _2\"></span>pertura<span class=\"ff1\"> <span class=\"_ _21\"></span></span>raggiunto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _21\"></span></span>periodo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _20\"></span></span>si<span class=\"_ _0\"></span> rif<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>scon<span class=\"_ _0\"></span>o,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ovve<span class=\"_ _1\"></span>ro,<span class=\"ff1\"> </span>mi<span class=\"_ _0\"></span>sura<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>anto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i</span> <span class=\"_ _0\"></span><span class=\"ff3\">risu<span class=\"_ _0\"></span>lta<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">effe<span class=\"_ _0\"></span>ttiv<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ian<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>disc<span class=\"_ _0\"></span>osta<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>oper<span class=\"_ _0\"></span>tura<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>rfett<span class=\"_ _0\"></span>a.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>Solo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>strumenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>coinvolgono<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>una<span class=\"ff1\"> <span class=\"_ _20\"></span></span>controparte<span class=\"ff1\"> <span class=\"_ _20\"></span></span>esterna<span class=\"ff1\"> <span class=\"_ _20\"></span></span>possono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>essere<span class=\"ff1\"> <span class=\"_ _20\"></span></span>designati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>come<span class=\"ff1\"> <span class=\"_ _20\"></span></span>str<span class=\"_ _2\"></span>umenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>cop<span class=\"_ _0\"></span>ertu<span class=\"_ _0\"></span>ra.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Pert<span class=\"_ _0\"></span>anto<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>ogni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">risu<span class=\"_ _0\"></span>lta<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>ric<span class=\"_ _0\"></span>ondu<span class=\"_ _0\"></span>cib<span class=\"_ _0\"></span>ile<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>tran<span class=\"_ _0\"></span>saz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>terne<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">effe<span class=\"_ _1\"></span>ttuate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tra</span> <span class=\"ff3\">di<span class=\"_ _0\"></span>vers<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>enti<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ban<span class=\"_ _0\"></span>ca<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>\u00e8<span class=\"ff1\"> </span>eliminato<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> </span>consolidato.<span class=\"_ _3bd\"> </span>Ce<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>pro<span class=\"_ _1\"></span>spe<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span>ca<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nta<span class=\"_ _1\"></span>bili<span class=\"_ _0\"></span>zz<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>per<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Se<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>v<span class=\"_ _2\"></span>erifiche<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>confermano<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>l\u2019efficacia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>copertura,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>qu<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>momento<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>contabili<span class=\"_ _0\"></span>zza<span class=\"_ _2\"></span>zione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"ff1\"> </span>operazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">copertura,<span class=\"ff1\"> </span>secondo<span class=\"ff1\"> </span>quanto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sopra<span class=\"ff1\"> </span>esposto,<span class=\"ff1\"> </span>viene<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">interrott<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">il</span> <span class=\"_ _0\"></span><span class=\"ff3\">contratto<span class=\"ff1\"> </span>derivato<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">copertura</span> </span></span></span></span></span></span></span></span></span>vie<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>cla<span class=\"_ _0\"></span>ssif<span class=\"_ _0\"></span>icato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tra</span> <span class=\"ff3\">gl<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>stru<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">negozi<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Inol<span class=\"_ _0\"></span>tre,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">opera<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>pertu<span class=\"_ _1\"></span>ra<span class=\"ff1\"> </span>cessa<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">momen<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">lo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">strumento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">copertura<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">giunge<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>scadenza,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">venduto,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cessat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>sercitato,<span class=\"ff1\"> </span>opp<span class=\"_ _0\"></span>ure<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>banca<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>evoca<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">designazione.<span class=\"_ _3bd\"> </span></span></span>Pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rel<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>oni<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ope<span class=\"_ _0\"></span>rtura<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">f<span class=\"_ _0\"></span>air<span class=\"ff1\"> </span>val<span class=\"_ _0\"></span>ue,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">lo</span> <span class=\"ff3\">s<span class=\"_ _0\"></span>trum<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finan<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>ario<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cope<span class=\"_ _0\"></span>rto<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pi\u00f9<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">re<span class=\"_ _0\"></span>ttifi<span class=\"_ _0\"></span>cat<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">va<span class=\"_ _0\"></span>riaz<span class=\"_ _0\"></span>ioni<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> </span>caso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">qualsiasi<span class=\"ff1\"> </span>rettifica<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alore<span class=\"ff1\"> </span>contabil<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">uno</span> <span class=\"ff3\">strumento</span> <span class=\"ff3\">finanz<span class=\"_ _0\"></span>iario<span class=\"ff1\"> </span>coperto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uale<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>utilizzato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>criterio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dell'interesse<span class=\"ff1\"> <span class=\"_ _20\"></span></span>effettivo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>deve<span class=\"ff1\"> <span class=\"_ _20\"></span></span>essere<span class=\"ff1\"> <span class=\"_ _20\"></span></span>amm<span class=\"_ _2\"></span>ortizzata<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ne<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _20\"></span></span>conto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>economico.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>N<span class=\"_ _2\"></span>el<span class=\"ff1\"> <span class=\"_ _2\"></span></span>caso<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> </span>interruzione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">relazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">copertura<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">generica<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fa<span class=\"_ _2\"></span>ir<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rivalutazioni/svalutazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cum<span class=\"_ _2\"></span>ulate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">iscritt<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>nella<span class=\"ff1\"> <span class=\"_ _2\"></span></span>voce<span class=\"ff1\"> <span class=\"_ _2\"></span></span>60.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u201cAdeguamento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>oggetto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>copertura<span class=\"ff1\"> <span class=\"_ _2\"></span></span>generica\u201d<span class=\"ff1\"> <span class=\"_ _2\"></span></span>oppure<span class=\"ff1\"> <span class=\"_ _2\"></span></span>50.<span class=\"ff1\"> </span>\u201cAdeguamento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _21\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"></span></span>passivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>og<span class=\"_ _2\"></span>getto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>copertura<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>generica\u201d<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rilevate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>conto<span class=\"ff1\"> </span>ec<span class=\"_ _0\"></span>ono<span class=\"_ _0\"></span>mico<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tra</span> <span class=\"ff3\">gl<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>ntere<span class=\"_ _1\"></span>ssi<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ttivi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o</span> <span class=\"ff3\">p<span class=\"_ _0\"></span>assiv<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span>lung<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>du<span class=\"_ _0\"></span>rata<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">res<span class=\"_ _0\"></span>idu<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span>rigi<span class=\"_ _0\"></span>nari<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>rel<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>oni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>pert<span class=\"_ _0\"></span>ura,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fe<span class=\"_ _0\"></span>rma<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>restando<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>verifica<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>ne<span class=\"ff1\"> </span>sussistano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> </span>presupposti.<span class=\"_ _3bd\"> </span>Per<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">relazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">copertura<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">flussi<span class=\"ff1\"> </span>finanziari,<span class=\"ff1\"> </span>l'utile<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">p<span class=\"_ _2\"></span>erdita<span class=\"ff1\"> </span>complessiva<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>lo<span class=\"ff1\"> </span>strumento<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">copertur<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>che<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>stato<span class=\"ff1\"> </span>rile<span class=\"_ _0\"></span>vato<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> </span>altre<span class=\"ff1\"> </span>componenti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico<span class=\"ff1\"> </span>complessivo<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>partire<span class=\"ff1\"> </span>dall'esercizio<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>la<span class=\"_ _2\"></span><span class=\"ff1\"> </span>copertura<span class=\"ff1\">  </span>era<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>efficace,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>deve<span class=\"ff1\">  </span>restare<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>separatam<span class=\"_ _2\"></span>ente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nel<span class=\"ff1\">  </span>patrimonio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>netto<span class=\"ff1\">  </span>sino<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\">  </span>quand<span class=\"_ _0\"></span>o<span class=\"ff1\">  </span>l'operazione<span class=\"ff1\"> </span>programmata<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>verifica.<span class=\"ff1\"> </span>Qualora<span class=\"ff1\"> </span>l'operazione<span class=\"ff1\"> </span>programmata<span class=\"ff1\"> </span>ci<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>attende<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>debba<span class=\"ff1\"> </span>pi\u00f9<span class=\"ff1\"> </span>accad<span class=\"_ _2\"></span>ere,<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>qual<span class=\"ff1\"> </span>caso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>qualsiasi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>correlato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>utile<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>perdita<span class=\"ff1\"> <span class=\"_ _21\"></span></span>comple<span class=\"_ _0\"></span>ssivo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sullo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>strumento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>copertura<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>stat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rilevato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nel<span class=\"ff1\"> </span>prospetto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>altre<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>componenti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cont<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>economico<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>complessivo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dall'esercizio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>co<span class=\"_ _2\"></span>pertura<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>era<span class=\"ff1\"> </span>efficace<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>deve<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>essere<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>riclassificato<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>al<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>patrimonio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>netto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>all\u2019utile<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(perdita)<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d\u2019esercizio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>come<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rettifica<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>da<span class=\"ff1\"> </span>riclassificazione.<span class=\"ff1\"> </span>Tuttavia,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un\u2019operazione<span class=\"ff1\"> </span>programmat<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>he<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span>pi\u00f9<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">altamente<span class=\"ff1\"> </span>probabile,<span class=\"ff1\"> </span>ci<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>pu\u00f2<span class=\"ff1\"> </span>ancora<span class=\"ff1\"> </span></span></span></span></span></span></span>attendere<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>verifichi.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ril<span class=\"_ _0\"></span>ev<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>del<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ual<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>L\u2019allocazione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>componenti<span class=\"ff1\"> </span>reddituali<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> </span>pertinenti<span class=\"ff1\"> </span>voci<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>conto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>economico<span class=\"ff1\"> </span>avviene<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>quanto<span class=\"ff1\"> </span>riportato<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>seguito:<span class=\"_ _3bd\"> </span>i<span class=\"ff1\"> </span>differenziali<span class=\"ff1\"> </span>maturat<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>sugli<span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> </span>derivati<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>co<span class=\"_ _2\"></span>pertura<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>ris<span class=\"_ _2\"></span>chio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>interesse<span class=\"ff1\"> </span>(oltre<span class=\"ff1\"> </span>ag<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span>interessi<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>posizioni<span class=\"ff1\"> </span>oggetto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>copertura)<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> </span>allocati<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>voce<span class=\"ff1\"> </span>\u201cInteressi<span class=\"ff1\"> </span>att<span class=\"_ _2\"></span>ivi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>proventi<span class=\"ff1\"> </span>assimilati\u201d<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>\u201cInteressi<span class=\"ff1\"> </span>passivi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>oneri<span class=\"ff1\"> </span>ass<span class=\"_ _2\"></span>imilati\u201d;<span class=\"_ _3bd\"> </span>le<span class=\"ff1\"> </span>plusvalenze<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">minusvalenze</span> <span class=\"ff3\">derivanti</span> <span class=\"ff3\">dalla</span> <span class=\"ff3\">valutazione</span> <span class=\"ff3\">degli</span> <span class=\"ff3\">strumenti</span> <span class=\"ff3\">derivati</span> <span class=\"ff3\">di</span> <span class=\"ff3\">copertura</span> <span class=\"ff3\">e</span> <span class=\"ff3\">d<span class=\"_ _0\"></span>elle<span class=\"_ _0\"></span> </span></span>posizioni<span class=\"ff1\">  </span>ogg<span class=\"_ _0\"></span>etto<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>c<span class=\"_ _0\"></span>opertura<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fair<span class=\"ff1\">  </span>value<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">hedge</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">vengono</span>  <span class=\"ff3\">allocate</span>  <span class=\"ff3\">n<span class=\"_ _0\"></span>ella<span class=\"ff1\">  </span>voce<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">\u201cRisultato</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">netto<span class=\"_ _2\"></span></span> </span></span></span>dell\u2019attivit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>copertura\u201d;<span class=\"_ _3bd\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>lus<span class=\"_ _0\"></span>vale<span class=\"_ _0\"></span>nze<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">minusv<span class=\"_ _0\"></span>alen<span class=\"_ _0\"></span>ze<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>eriv<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>all<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>tazi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">deg<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">strume<span class=\"_ _1\"></span>nti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">deri<span class=\"_ _0\"></span>vati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cope<span class=\"_ _0\"></span>rtu<span class=\"_ _0\"></span>ra<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>c<span class=\"_ _1\"></span>as<span class=\"_ _0\"></span>h<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>flow<span class=\"ff1\"> </span>h<span class=\"_ _0\"></span>edge<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(per<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">parte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">efficace)<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">allocate<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">una</span> <span class=\"_ _0\"></span><span class=\"ff3\">specifica<span class=\"ff1\"> </span>riserva<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alutazione<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>patrimonio<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>ne<span class=\"_ _0\"></span>tto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u201cCo<span class=\"_ _0\"></span>pert<span class=\"_ _0\"></span>ura<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dei</span> <span class=\"_ _0\"></span><span class=\"ff3\">flu<span class=\"_ _0\"></span>ssi<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nzia<span class=\"_ _0\"></span>ri\u201d,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ne<span class=\"_ _0\"></span>tto<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>l\u2019ef<span class=\"_ _0\"></span>fetto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fi<span class=\"_ _0\"></span>scale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span>ffe<span class=\"_ _0\"></span>rito<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>Per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">la</span> <span class=\"ff3\">p<span class=\"_ _0\"></span>arte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ine<span class=\"_ _0\"></span>ffic<span class=\"_ _0\"></span>ace<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tal<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>plu<span class=\"_ _0\"></span>s<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>e<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>minus<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>vengono<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>contabilizzate<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>a<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>conto<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>economico<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>nella<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>voce<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>\u201cRisultato<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>nett<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>dell\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>copertura\u201d.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Se<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>lo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>strumento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>cope<span class=\"_ _0\"></span>rto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff3\">cancellato,</span> <span class=\"_ _27\"> </span><span class=\"ff3\">scade</span> <span class=\"_ _27\"> </span><span class=\"ff3\">o</span> <span class=\"_ _27\"> </span><span class=\"ff3\">s<span class=\"_ _2\"></span>i</span> <span class=\"_ _27\"> </span><span class=\"ff3\">estingue</span> <span class=\"_ _21\"> </span><span class=\"ff3\">allora</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">la</span> <span class=\"_ _21\"> </span><span class=\"ff3\">riserva</span> <span class=\"_ _27\"> </span><span class=\"ff3\">\u00e8</span> <span class=\"_ _27\"> </span><span class=\"ff3\">r<span class=\"_ _2\"></span>iversata</span> </span>immediatamente<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico<span class=\"ff1\"> </span>contestualmente<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>cancellazione<span class=\"ff1\"> </span>dell\u2019elemento<span class=\"ff1\"> </span>coperto<span class=\"_ _2\"></span>.<span class=\"_ _3bd\"> </span>nel<span class=\"ff1\"> <span class=\"_ _20\"></span></span>caso<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>copertura<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>f<span class=\"_ _2\"></span>inanziari,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>variazioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _20\"></span></span>value<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>derivato<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>imputate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nel<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>redditivit\u00e0<span class=\"ff1\"> </span>complessiva,<span class=\"ff1\"> </span>p<span class=\"_ _2\"></span>er<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quota<span class=\"ff1\"> </span>efficace<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>ella<span class=\"ff1\"> </span>copertura,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>rilevate<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>Conto<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Economico<span class=\"ff1\"> <span class=\"_ _2\"></span></span>solo<span class=\"ff1\"> </span>quando,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rif<span class=\"_ _2\"></span>erimento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pos<span class=\"_ _2\"></span>ta<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">coperta<span class=\"_ _2\"></span>,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">manifesta<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">variazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">flussi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cassa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">compensa<span class=\"_ _2\"></span>re<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>o<span class=\"ff1\"> </span>se<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>copertura<span class=\"ff1\"> </span>risulta<span class=\"ff1\"> </span>inefficace.<span class=\"_ _3bd\"> </span>12-<span class=\"_ _3bd\"> </span>Pa<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>go<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>is<span class=\"_ _0\"></span>cri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">str<span class=\"_ _0\"></span>ume<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fin<span class=\"_ _0\"></span>anzia<span class=\"_ _0\"></span>ri<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>og<span class=\"_ _0\"></span>gett<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>isc<span class=\"_ _0\"></span>ritt<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ata<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">so<span class=\"_ _0\"></span>ttosc<span class=\"_ _0\"></span>riz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ata<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>emi<span class=\"_ _0\"></span>ssio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>ad<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">valo<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>pari<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>str<span class=\"_ _2\"></span>umento,<span class=\"ff1\"> </span>senza<span class=\"ff1\"> </span>cons<span class=\"_ _2\"></span>iderare<span class=\"ff1\"> </span>eventuali<span class=\"ff1\"> </span>costi<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>proventi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tr<span class=\"_ _2\"></span>ansazione<span class=\"ff1\"> </span>direttament<span class=\"_ _3bd\"> </span>attribuibili<span class=\"ff1\"> </span>agli<span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> </span>stessi.<span class=\"_ _3bd\"> </span>In<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">categoria<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">passivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono,<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>particolare,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inclusi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>contratti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">derivati<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">trading<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">negativo<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>nonch\u00e9<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>derivati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">impliciti<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">negativo<span class=\"ff1\"> </span>presenti<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contratti<span class=\"ff1\"> </span>complessi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">-<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cui</span> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>contratto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">primari<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">passivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fi<span class=\"_ _2\"></span>nanziaria<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ma<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">strettamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">correlati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">agli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stessi.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Inoltre,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">so<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">incluse<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">passivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">s<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>originano<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>scoperti<span class=\"ff1\"> </span>tecnici<span class=\"ff1\"> </span>generati<span class=\"ff1\"> </span>dall\u2019attivit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>negoziazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>titoli.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Tutte<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>passivit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>neg<span class=\"_ _0\"></span>oziazion<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>valu<span class=\"_ _0\"></span>tate<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>imputazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>risultato<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>Conto<span class=\"ff1\"> </span>Economico.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> </span>Passivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>detenute<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>negoziazione<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> </span>cancellate<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quando<span class=\"ff1\"> </span>scadono<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>diritt<span class=\"_ _3bd\"> </span>i<span class=\"ff1\"> </span>contrattuali<span class=\"ff1\">  </span>sui<span class=\"ff1\">  </span>relativi<span class=\"ff1\">  </span>flussi<span class=\"ff1\">  </span>finanziari<span class=\"ff1\">  </span>o<span class=\"_ _2\"></span><span class=\"ff1\">  </span>quando<span class=\"ff1\">  </span>la<span class=\"ff1\">  </span>passivit\u00e0<span class=\"ff1\">  </span>finanziaria<span class=\"ff1\">  </span>\u00e8<span class=\"ff1\">  </span>ceduta<span class=\"ff1\">  </span>co<span class=\"_ _2\"></span>n<span class=\"ff1\">  </span>trasferiment<span class=\"_ _3bd\"> </span>o<span class=\"ff1\"> </span>sostanziale<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tutti<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>benefici<span class=\"ff1\"> </span>derivanti<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>propriet\u00e0<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>stessa.<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>cla<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>ich<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Secondo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>regole<span class=\"ff1\"> <span class=\"_ _20\"></span></span>g<span class=\"_ _2\"></span>enerali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>previst<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dall\u2019IFRS<span class=\"ff1\"> <span class=\"_ _21\"></span></span>9<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>materia<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riclassificazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(ad<span class=\"ff1\"> </span>eccezione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>capitale,<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ammessa</span> <span class=\"ff3\">alcuna</span> <span class=\"ff3\">riclassifica),</span> <span class=\"ff3\">n<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>ammesse<span class=\"ff1\"> </span>riclassifiche<span class=\"ff1\"> </span></span></span>verso<span class=\"ff1\"> </span>altre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">categorie<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> </span>salv<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>aso<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>\u2019ent<span class=\"_ _2\"></span>it\u00e0<span class=\"ff1\"> </span>modifi<span class=\"_ _0\"></span>chi<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">propr<span class=\"_ _2\"></span>io<span class=\"ff1\"> </span>mode<span class=\"_ _0\"></span>llo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">business<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gestione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"ff1\"> </span>seg<span class=\"_ _0\"></span>uito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cam<span class=\"_ _2\"></span>biamenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ester<span class=\"_ _2\"></span>ni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">interni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>quali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">siano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rilevanti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>operazioni<span class=\"ff1\">  </span>dell'entit\u00e0<span class=\"ff1\">  </span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dimostrabili<span class=\"ff1\">  </span>alle<span class=\"ff1\">  </span>parti<span class=\"ff1\">  </span>esterne.<span class=\"ff1\">  </span>I<span class=\"_ _0\"></span>n<span class=\"ff1\">  </span>tali<span class=\"ff1\">  </span>casi,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"ff1\">  </span>ci<span class=\"ff1\">  </span>si<span class=\"ff1\">  </span>at<span class=\"_ _0\"></span>tende<span class=\"ff1\">  </span>siano<span class=\"ff1\">  </span>altamente<span class=\"ff1\"> </span>infrequenti,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>pot<span class=\"_ _2\"></span>ranno<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>essere<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>riclassificate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dalla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>categoria<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valutata<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>fair<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>value<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> </span>impatto<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>economico<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>altre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">due<span class=\"ff1\"> </span>categorie<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>reviste<span class=\"ff1\"> </span>dall\u2019IFRS<span class=\"ff1\"> </span>9<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(Attivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> </span></span></span></span></span></span></span>al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">costo<span class=\"ff1\"> </span>ammo<span class=\"_ _0\"></span>rtizzato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valutate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">c<span class=\"_ _2\"></span>on<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">impatt<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sulla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>edditivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">complessiva).<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">I<span class=\"_ _2\"></span>l<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>valore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>trasferimento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rappr<span class=\"_ _0\"></span>esentato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dal<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _21\"></span></span>valu<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>momento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riclassificazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>g<span class=\"_ _2\"></span>li<span class=\"ff1\"> <span class=\"_ _20\"></span></span>effetti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> </span>riclassificazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"_ _2\"></span>perano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>maniera<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prospettica<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>partire<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dalla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>data<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riclassificazione.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>In<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ques<span class=\"_ _2\"></span>to<span class=\"ff1\"> <span class=\"_ _20\"></span></span>caso,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>inter<span class=\"_ _2\"></span>esse<span class=\"ff1\"> </span>effettivo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> </span>finanziaria<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riclassificata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>determinato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>base<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>suo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fair<span class=\"_ _2\"></span><span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>iclassificazione<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>tale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>data<span class=\"ff1\"> <span class=\"_ _2\"></span></span>viene<span class=\"ff1\"> </span>considerata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>come<span class=\"ff1\"> </span>data<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rilevazione<span class=\"ff1\"> </span>iniziale<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019allocazione<span class=\"ff1\"> </span>nei<span class=\"ff1\"> </span>diversi<span class=\"ff1\"> </span>stadi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>creditizio<span class=\"ff1\"> </span>(stage<span class=\"ff1\"> </span>assignment)<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>finidell\u2019impairment.<span class=\"_ _3bd\"> </span> Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Successivamente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rilevazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>iniziale,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valutate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _20\"></span></span>value<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>impat<span class=\"_ _2\"></span>to<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>conto<span class=\"ff1\"> </span>economico<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>so<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>valorizzate<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fair<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>value.<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>G<span class=\"_ _2\"></span>li<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>eff<span class=\"_ _2\"></span>etti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dell\u2019applicazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cr<span class=\"_ _2\"></span>iterio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valuta<span class=\"_ _2\"></span>zione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sono<span class=\"ff1\"> </span>imputati<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>Conto<span class=\"ff1\"> </span>Economico.<span class=\"_ _3bd\"> </span> Pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>det<span class=\"_ _0\"></span>ermi<span class=\"_ _0\"></span>nazi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del</span> <span class=\"ff3\">fai<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>valu<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>degl<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>stru<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">fin<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>iari<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">quotat<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>un<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">merc<span class=\"_ _0\"></span>ato<span class=\"ff1\"> </span>att<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>o,<span class=\"ff1\"> </span>veng<span class=\"_ _0\"></span>ono<span class=\"ff1\"> </span>ut<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>zza<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>qu<span class=\"_ _0\"></span>otaz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>me<span class=\"_ _0\"></span>rcato<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">assen<span class=\"_ _0\"></span>za<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un</span> <span class=\"ff3\">mer<span class=\"_ _0\"></span>cato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">attiv<span class=\"_ _0\"></span>o,<span class=\"ff1\"> </span>ve<span class=\"_ _0\"></span>ngo<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>uti<span class=\"_ _0\"></span>liz<span class=\"_ _0\"></span>zati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">met<span class=\"_ _0\"></span>odi<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sti<span class=\"_ _0\"></span>ma<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>mo<span class=\"_ _0\"></span>dell<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>val<span class=\"_ _0\"></span>uta<span class=\"_ _0\"></span>tivi<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>com<span class=\"_ _0\"></span>une<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>dot<span class=\"_ _0\"></span>tati<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>ch<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>engo<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tu<span class=\"_ _0\"></span>tti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>atto<span class=\"_ _0\"></span>ri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risc<span class=\"_ _0\"></span>hio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cor<span class=\"_ _0\"></span>rel<span class=\"_ _0\"></span>ati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">agl<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>trum<span class=\"_ _0\"></span>enti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ba<span class=\"_ _0\"></span>sati<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>su<span class=\"ff1\"> </span>da<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>rilev<span class=\"_ _1\"></span>abili<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">sul<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">merc<span class=\"_ _0\"></span>ato<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>ali:<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">valuta<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>strum<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>quotati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ch<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>pre<span class=\"_ _0\"></span>senta<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>anal<span class=\"_ _0\"></span>oghe<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">caratte<span class=\"_ _0\"></span>ris<span class=\"_ _0\"></span>tic<span class=\"_ _0\"></span>he,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>calcoli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cas<span class=\"_ _2\"></span>sa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>contati,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mo<span class=\"_ _2\"></span>delli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>determinazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prezzo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>opzioni,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valori<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rilevati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>recenti<span class=\"ff1\"> </span>transazioni<span class=\"ff1\"> </span>comparabili,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ecc.<span class=\"ff1\"> </span>Per<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>capitale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>gli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">strumenti<span class=\"ff1\"> </span>derivati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> </span>hann<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>oggetto<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>capitale,<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>quotati<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>mercato<span class=\"ff1\"> </span>attiv<span class=\"_ _0\"></span>o,<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>criterio<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>costo<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>tilizzato<span class=\"ff1\"> </span>quale<span class=\"ff1\"> </span>stima<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>soltanto<span class=\"ff1\"> </span></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>via<span class=\"ff1\"> <span class=\"_ _20\"></span></span>residuale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>limitatam<span class=\"_ _2\"></span>ente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>poche<span class=\"ff1\"> <span class=\"_ _20\"></span></span>circostanze,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"_ _2\"></span>ssia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cas<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>non<span class=\"ff1\"> <span class=\"_ _20\"></span></span>applicabilit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>utti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>meto<span class=\"_ _2\"></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"_ _2\"></span><span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rece<span class=\"_ _2\"></span>dentemente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">richiamati,<span class=\"ff1\"> </span>ovve<span class=\"_ _0\"></span>ro<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>presenz<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>un\u2019<span class=\"_ _0\"></span>ampia<span class=\"ff1\"> </span>gamma<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>possibili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutazioni<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span></span></span></span></span></span></span>fair<span class=\"ff1\"> </span>value,<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>ambito<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>costo<span class=\"ff1\"> </span>rappresenta<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>stima<span class=\"ff1\"> </span>pi\u00f9<span class=\"ff1\"> </span>significativa.<span class=\"_ _3bd\"> </span> Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inanziarie<span class=\"ff1\"> </span>veng<span class=\"_ _0\"></span>ono<span class=\"ff1\"> </span>cancell<span class=\"_ _0\"></span>ate<span class=\"ff1\"> </span>dal<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> </span>solamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">se<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>cessione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">comportato<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sostanzial<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>trasferimento<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>utti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>be<span class=\"_ _0\"></span>nefici<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">connessi<span class=\"ff1\"> </span>alle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> </span>stesse.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Per<span class=\"ff1\"> </span>contro,<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>ualora<span class=\"ff1\"> </span>sia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stat<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ma<span class=\"_ _2\"></span>ntenuta<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>una<span class=\"ff1\"> </span>quota<span class=\"ff1\"> <span class=\"_ _2\"></span></span>part<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>rilevante<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>b<span class=\"_ _2\"></span>enefici<span class=\"ff1\"> </span>relativi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cedute,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>queste<span class=\"ff1\"> <span class=\"_ _2\"></span></span>continuano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ad<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>iscritte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>b<span class=\"_ _0\"></span>ilancio,<span class=\"ff1\"> </span>ancorch\u00e9<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">giuridicamente<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">titolarit\u00e0<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stesse<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span>stata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">effettivamente<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>tras<span class=\"_ _0\"></span>fer<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span> Nel<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>caso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pos<span class=\"_ _2\"></span>sibile<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>accert<span class=\"_ _2\"></span>are<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sostanziale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>trasferimento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>b<span class=\"_ _0\"></span>enefici,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> <span class=\"_ _21\"></span></span>vengono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cancellate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _21\"></span></span>bilancio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>qualora<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>tato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>mantenuto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alcun<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tipo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>controllo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sulle<span class=\"ff1\"> </span>stesse.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>In<span class=\"ff1\"> <span class=\"_ _2\"></span></span>caso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contrario,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conservazione,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>anche<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>parte,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>ale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>controllo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>comporta<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mantenimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"_ _2\"></span><span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>misura<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>coinvolgimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>residuo,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>misurato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall\u2019esposizione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ai</span> <span class=\"ff3\">cam<span class=\"_ _2\"></span>biamenti</span> <span class=\"ff3\">di</span> </span>valore<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>cedute<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>variazioni<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> </span>finanziari<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>stesse.<span class=\"_ _3bd\"> </span> Infine,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziar<span class=\"_ _2\"></span>ie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ce<span class=\"_ _2\"></span>dute<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vengono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cancellate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dal<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> </span>nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">caso<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cui<span class=\"ff1\"> </span>vi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sia</span> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onservazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>diritti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contrattuali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ricevere<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>relativi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cas<span class=\"_ _2\"></span>sa,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contestuale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>as<span class=\"_ _2\"></span>sunzione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un\u2019obb<span class=\"_ _2\"></span>ligazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"_ _2\"></span><span class=\"ff1\"> </span>pagare<span class=\"ff1\"> </span>detti<span class=\"ff1\"> </span>flussi,<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>solo<span class=\"ff1\"> </span>essi,<span class=\"ff1\"> </span>senza<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>ritardo<span class=\"ff1\"> </span>rilevante<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>altri<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>ggetti<span class=\"ff1\"> </span>terzi.<span class=\"_ _3bd\"> </span> Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ril<span class=\"_ _0\"></span>ev<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>del<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ual<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>Gli<span class=\"ff1\"> <span class=\"_ _21\"></span></span>interessi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>attivi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sui<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tit<span class=\"_ _2\"></span>oli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>deb<span class=\"_ _0\"></span>ito<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ed<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>differenziali<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ed<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">i</span> <span class=\"_ _20\"></span><span class=\"ff3\">mar<span class=\"_ _2\"></span>gini</span> <span class=\"_ _20\"></span><span class=\"ff3\">dei</span> <span class=\"_ _21\"> </span><span class=\"ff3\">contratti</span> <span class=\"_ _21\"></span><span class=\"ff3\">derivati</span> <span class=\"_ _20\"></span><span class=\"ff3\">classificati</span> <span class=\"_ _21\"> </span><span class=\"ff3\">in</span> <span class=\"_ _21\"></span><span class=\"ff3\">tale</span> </span>ca<span class=\"_ _0\"></span>teg<span class=\"_ _0\"></span>oria,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ma</span> <span class=\"ff3\">ge<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>onal<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>coll<span class=\"_ _0\"></span>ega<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>ad<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">atti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o</span> <span class=\"ff3\">pa<span class=\"_ _0\"></span>ssivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inanz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>luta<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fai<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>value<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sono</span> <span class=\"ff3\">i<span class=\"_ _0\"></span>scr<span class=\"_ _0\"></span>itti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">per</span> </span></span></span></span></span></span></span></span></span></span></span>competenza<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> </span>voci<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico<span class=\"ff1\"> </span>relativi<span class=\"ff1\"> </span>agli<span class=\"ff1\"> </span>interessi.<span class=\"_ _3bd\"> </span> I<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>ffe<span class=\"_ _0\"></span>renzi<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">i</span> <span class=\"ff3\">margi<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>gli<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>tri<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>trat<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>ve<span class=\"_ _0\"></span>ngo<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>leva<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u201cRisu<span class=\"_ _0\"></span>ltat<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>net<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>l\u2019a<span class=\"_ _0\"></span>ttiv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">negoz<span class=\"_ _0\"></span>iaz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span>\u201d.<span class=\"ff1\"> </span></span></span></span></span></span></span>I<span class=\"ff1\">  </span>dividendi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>so<span class=\"_ _2\"></span>no<span class=\"ff1\">  </span>rilevati<span class=\"ff1\">  </span>per<span class=\"ff1\">  </span>compe<span class=\"_ _0\"></span>tenza<span class=\"ff1\">  </span>economica<span class=\"ff1\">  </span>riferita<span class=\"ff1\">  </span>alla<span class=\"ff1\">  </span>data<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>assunzione<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">della</span>  <span class=\"ff3\">delibera</span>  <span class=\"ff3\">di</span> </span>distribuzione<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>parte<span class=\"ff1\"> </span>dell\u2019assemblea<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>esposti<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>voce<span class=\"ff1\"> </span>\u201cDividendi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>proventi<span class=\"ff1\"> </span>simili\u201d.<span class=\"_ _3bd\"> </span> Gli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">utili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perdite<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ealizzati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dalla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cessione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rimborso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">plus/minusvalenze<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">derivanti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dalle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">variazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>value<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>iscritti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">conto</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">economico</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">del</span> <span class=\"_ _27\"> </span><span class=\"ff3\">p<span class=\"_ _2\"></span>eriodo</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">nel</span> <span class=\"_ _27\"> </span><span class=\"ff3\">q<span class=\"_ _2\"></span>uale</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">si</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">manifestano</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">e</span> <span class=\"_ _27\"> </span><span class=\"ff3\">class<span class=\"_ _2\"></span>ificati</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">nel<span class=\"_ _0\"></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>voce<span class=\"ff1\"> </span></span></span>\u201cRisultato<span class=\"ff1\">  </span>netto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>delle<span class=\"ff1\">  </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\">  </span>negoziazione\u201d,<span class=\"ff1\">  </span>ad<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>eccezione<span class=\"ff1\">  </span>della<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>quota<span class=\"ff1\">  </span>relativa<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ai<span class=\"ff1\">  </span>contratt<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>derivati<span class=\"_ _2\"></span><span class=\"ff1\"> </span>gestionalmente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">collegati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ad<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">passivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">val<span class=\"_ _2\"></span>utate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rilevata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u201c<span class=\"_ _2\"></span>Risultato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">netto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>e<span class=\"ff1\"> </span>passivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value\u201d.<span class=\"_ _3bd\"> </span> ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-833": {
   "value": "1<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>At<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>tat<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>fa<span class=\"_ _1\"></span>ir<span class=\"_ _3bd\"> </span>val<span class=\"_ _0\"></span>ue<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span>imp<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>tto<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nto<span class=\"_ _3bd\"> </span>ec<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>ico<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>isc<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>L\u2019iscrizione<span class=\"ff1\"> </span>iniziale<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inanziarie<span class=\"ff1\"> </span>avviene<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>regolamento<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">debito</span> <span class=\"ff3\">e</span> <span class=\"ff3\">per</span> <span class=\"ff3\">i</span> <span class=\"ff3\">titoli</span> </span>di<span class=\"ff1\"> </span>capitale,<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>erogazione<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>finanziamenti<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>sottoscrizione<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>contrattiderivati.<span class=\"_ _3bd\"> </span> All\u2019atto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> </span>ril<span class=\"_ _2\"></span>evazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>iniziale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> </span>att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> </span>finanziar<span class=\"_ _2\"></span>ie<span class=\"ff1\"> </span>valutat<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _2\"></span></span>value<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>im<span class=\"_ _2\"></span>patto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>economico<span class=\"ff1\"> </span>ven<span class=\"_ _0\"></span>gon<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>rile<span class=\"_ _0\"></span>vate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al</span> <span class=\"ff3\">fai<span class=\"_ _0\"></span>r<span class=\"ff1\"> <span class=\"_ _2\"></span></span>va<span class=\"_ _0\"></span>lue,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">senza<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">consi<span class=\"_ _0\"></span>dera<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>sti<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">prov<span class=\"_ _1\"></span>enti<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">trans<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>retta<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>att<span class=\"_ _0\"></span>rib<span class=\"_ _0\"></span>uibi<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>all<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>strumento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stesso.<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cl<span class=\"_ _0\"></span>ass<span class=\"_ _1\"></span>ific<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>classificate<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>questa<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cat<span class=\"_ _2\"></span>egoria<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">attivit\u00e0</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">fi<span class=\"_ _0\"></span>nanziarie<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>diverse<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quelle<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>classificate<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tra<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Attivit\u00e0<span class=\"ff1\"> </span></span></span>finanziarie<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alutat<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alue<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>impatto<span class=\"ff1\"> </span>sul<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>reddi<span class=\"_ _0\"></span>tivit\u00e0<span class=\"ff1\"> </span>complessiva<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>tra<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>Attivit\u00e0<span class=\"ff1\"> </span>fin<span class=\"_ _0\"></span>anziare<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> </span></span></span>al<span class=\"ff1\"> </span>costo<span class=\"ff1\"> </span>ammortizzato.<span class=\"ff1\"> </span>La<span class=\"ff1\"> </span>voce,<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>particolare,<span class=\"ff1\"> </span>include:<span class=\"_ _3bd\"> </span> le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>ttivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanz<span class=\"_ _0\"></span>iari<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ete<span class=\"_ _0\"></span>nute<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">la</span> <span class=\"ff3\">n<span class=\"_ _0\"></span>eg<span class=\"_ _0\"></span>ozia<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ess<span class=\"_ _0\"></span>enzi<span class=\"_ _0\"></span>alme<span class=\"_ _0\"></span>nte<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rappre<span class=\"_ _0\"></span>sen<span class=\"_ _0\"></span>tate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">da<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">t<span class=\"_ _0\"></span>itoli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>bit<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>d<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ca<span class=\"_ _0\"></span>pita<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valo<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">posi<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>ntra<span class=\"_ _0\"></span>tti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>riv<span class=\"_ _0\"></span>ati<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ete<span class=\"_ _0\"></span>nuti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inal<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">neg<span class=\"_ _0\"></span>ozia<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">atti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fin<span class=\"_ _0\"></span>anzi<span class=\"_ _0\"></span>arie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">obb<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>atori<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>nte<span class=\"ff1\"> </span>valu<span class=\"_ _0\"></span>tate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">al</span> <span class=\"ff3\">fair<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">value<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>rappre<span class=\"_ _0\"></span>sen<span class=\"_ _0\"></span>tate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">dall<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>attiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">fina<span class=\"_ _0\"></span>nziar<span class=\"_ _0\"></span>ie<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>non<span class=\"ff1\"> <span class=\"_ _21\"></span></span>soddisfano<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>requi<span class=\"_ _0\"></span>siti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>valutazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>costo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ammortizzato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fair<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">value</span> <span class=\"_ _20\"></span><span class=\"ff3\">con</span> <span class=\"_ _21\"></span><span class=\"ff3\">impatto</span> <span class=\"_ _20\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ulla</span> </span>redditivit\u00e0<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>complessiva.<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Si<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>t<span class=\"_ _2\"></span>ratta<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>c<span class=\"_ _2\"></span>ui<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>t<span class=\"_ _2\"></span>ermini<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>contrattuali<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>prevedono<span class=\"ff1\"> </span>esclusivamente<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>imborsi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>capitale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>pagament<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>dell\u2019interesse<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sull\u2019importo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>capitale<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rest<span class=\"_ _2\"></span>ituire<span class=\"ff1\"> </span>(cd.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u201cSPPI<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>est\u201d<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>uperato)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">oppure<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">so<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">detenute<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quadro<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">m<span class=\"_ _2\"></span>odello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">busin<span class=\"_ _2\"></span>ess<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ob<span class=\"_ _0\"></span>ietti<span class=\"_ _0\"></span>vo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u00e8</span> <span class=\"ff3\">il</span> <span class=\"ff3\">p<span class=\"_ _0\"></span>osse<span class=\"_ _0\"></span>sso<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ttivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fin<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>zzato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">alla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">racc<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">flu<span class=\"_ _0\"></span>ssi<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>ri<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ontra<span class=\"_ _0\"></span>ttua<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(Bu<span class=\"_ _0\"></span>sines<span class=\"_ _0\"></span>s<span class=\"ff1\"> </span>mode<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>\u201cHold<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Collect\u201d)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">obiettivo<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conse<span class=\"_ _2\"></span>guito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mediante<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">raccolta<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">flussi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziari<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contratt<span class=\"_ _2\"></span>uali<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>che<span class=\"ff1\"> </span>mediante<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>vendita<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>(Business<span class=\"ff1\"> </span>model<span class=\"ff1\"> </span>\u201cHold<span class=\"ff1\"> </span>to<span class=\"ff1\"> </span>Collect<span class=\"ff1\"> </span>and<span class=\"ff1\"> </span>Sell\u201d);<span class=\"_ _3bd\"> </span> le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>finan<span class=\"_ _0\"></span>ziarie<span class=\"ff1\"> </span>designate<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>ossia<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>finan<span class=\"_ _0\"></span>ziarie<span class=\"ff1\"> </span>cos\u00ec<span class=\"ff1\"> </span>definite<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>momento<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span> </span></span>rilevazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>iniziale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ove<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>n<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sussist<span class=\"_ _2\"></span>ano<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>presupposti.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>In<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>relazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>t<span class=\"_ _2\"></span>ale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fattispecie,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un\u2019entit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _0\"></span>u\u00f2<span class=\"ff1\"> </span>designare<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">irrevocabilmente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">all\u2019iscrizione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un\u2019att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziaria<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">come<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valutata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>mpat<span class=\"_ _2\"></span>to<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>conto<span class=\"ff1\">  </span>economico<span class=\"ff1\">  </span>se,<span class=\"ff1\">  </span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>so<span class=\"_ _2\"></span>lo<span class=\"ff1\">  </span>se,<span class=\"ff1\">  </span>cos\u00ec<span class=\"ff1\">  </span>facendo<span class=\"ff1\">  </span>elimina<span class=\"ff1\">  </span>o<span class=\"ff1\">  </span>riduce<span class=\"ff1\">  </span>significativamente<span class=\"ff1\">  </span>un\u2019incoerenza<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>luta<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>a.<span class=\"_ _3bd\"> </span> Tro<span class=\"_ _0\"></span>van<span class=\"_ _0\"></span>o,<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uind<span class=\"_ _0\"></span>i,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">evi<span class=\"_ _0\"></span>denz<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uesta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">voc<span class=\"_ _0\"></span>e:<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">titoli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>ebito<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziamenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inclusi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">business<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">model<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Tr<span class=\"_ _2\"></span>ading<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riconducibili<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">q<span class=\"_ _2\"></span>uindi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ai<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>business<span class=\"ff1\"> </span>model<span class=\"ff1\"> </span>\u201cHold<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">to<span class=\"ff1\"> </span>Collect\u201d<span class=\"_ _2\"></span><span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>\u201cHold<span class=\"ff1\"> </span>to<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Collect</span> <span class=\"ff3\">and</span> <span class=\"ff3\">Se<span class=\"_ _0\"></span>ll\u201d)<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>superano<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>test<span class=\"ff1\"> </span>SPPI;<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span>gl<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">strume<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cap<span class=\"_ _0\"></span>ital<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">-<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">qual<span class=\"_ _0\"></span>ific<span class=\"_ _0\"></span>abil<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cont<span class=\"_ _0\"></span>roll<span class=\"_ _0\"></span>o,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">coll<span class=\"_ _0\"></span>ega<span class=\"_ _0\"></span>mento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">co<span class=\"_ _0\"></span>ntro<span class=\"_ _0\"></span>llo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>giun<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">-<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ete<span class=\"_ _0\"></span>nuti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pe<span class=\"_ _1\"></span>r<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>finalit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">n<span class=\"_ _2\"></span>egoziazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span>optato,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>sede<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>rilevazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">iniziale,<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">designazione<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>impatto<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>redditivit\u00e0<span class=\"ff1\"> </span>complessiva;<span class=\"_ _3bd\"> </span> le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">qu<span class=\"_ _0\"></span>ote<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">OI<span class=\"_ _1\"></span>CR.<span class=\"_ _0\"></span> </span></span></span></span></span></span>La<span class=\"ff1\">  </span>voce<span class=\"ff1\">  </span>a<span class=\"_ _2\"></span>ccoglie,<span class=\"ff1\">  </span>inoltre,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>i<span class=\"ff1\">  </span>contr<span class=\"_ _2\"></span>atti<span class=\"ff1\">  </span>derivati,<span class=\"ff1\">  </span>cont<span class=\"_ _2\"></span>abilizzati<span class=\"ff1\">  </span>tra<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>le<span class=\"ff1\">  </span>att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\">  </span>finanziarie<span class=\"ff1\">  </span>detenute<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>per<span class=\"ff1\">  </span>la<span class=\"ff1\"> </span>negoziazione,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rappresentati<span class=\"ff1\"> </span>come<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> </span>se<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>air<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ositivo<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">come<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>assivit\u00e0<span class=\"ff1\"> </span>se<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>air<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>\u00e8<span class=\"ff1\"> </span>negativ<span class=\"_ _0\"></span>o.<span class=\"ff1\"> </span>E\u2019<span class=\"ff1\"> </span>possibile<span class=\"ff1\"> </span>compensare<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>valori<span class=\"ff1\"> </span>corren<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>positivi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>egativi<span class=\"ff1\"> </span>derivanti<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>operazioni<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>medesima<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contropart<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>soltan<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>qualora<span class=\"ff1\"> </span>si<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">abbia</span> <span class=\"ff3\">correntemente</span> <span class=\"ff3\">i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>diritto<span class=\"ff1\"> </span>leg<span class=\"_ _0\"></span>ale<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ompensare<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>importi<span class=\"ff1\"> </span></span></span></span></span>rilevati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>contabilmente<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>intenda<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>procedere<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>regolamento<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>su<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>base<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>n<span class=\"_ _0\"></span>etta<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>posizioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>oggetto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> </span>com<span class=\"_ _0\"></span>pen<span class=\"_ _0\"></span>sazi<span class=\"_ _0\"></span>one.<span class=\"_ _0\"></span> Fra<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i</span> <span class=\"ff3\">de<span class=\"_ _0\"></span>riva<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>so<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span>an<span class=\"_ _0\"></span>che<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uell<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>inc<span class=\"_ _0\"></span>orp<span class=\"_ _0\"></span>orat<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>ratti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">finan<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">comp<span class=\"_ _0\"></span>lessi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">-</span> <span class=\"ff3\">in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cui</span> <span class=\"ff3\">il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cont<span class=\"_ _0\"></span>ratto<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rim<span class=\"_ _0\"></span>ario<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>\u00e8<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>passivit\u00e0<span class=\"ff1\"> </span>finanziaria<span class=\"ff1\"> </span>-<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>stat<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>oggetto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rilev<span class=\"_ _0\"></span>azione<span class=\"ff1\"> </span>separata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>quanto:<span class=\"_ _3bd\"> </span> le<span class=\"ff1\"> </span>loro<span class=\"ff1\"> </span>caratt<span class=\"_ _2\"></span>eristiche<span class=\"ff1\"> </span>economiche<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>no<span class=\"ff1\"> </span>strettamente<span class=\"ff1\"> </span>correlati<span class=\"ff1\"> </span>alle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>caratteristiche<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span> con<span class=\"_ _0\"></span>trat<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>so<span class=\"_ _0\"></span>ttost<span class=\"_ _0\"></span>ante<span class=\"_ _1\"></span>;<span class=\"_ _3bd\"> </span> gl<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>trum<span class=\"_ _0\"></span>enti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span>corp<span class=\"_ _0\"></span>orat<span class=\"_ _0\"></span>i,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anch<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">se<span class=\"ff1\"> </span>se<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>rati,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sod<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>sfan<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">defi<span class=\"_ _0\"></span>niz<span class=\"_ _0\"></span>ione<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">d<span class=\"_ _0\"></span>eriv<span class=\"_ _0\"></span>ato<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span>gli<span class=\"ff1\"> </span>st<span class=\"_ _2\"></span>rumenti<span class=\"ff1\"> </span>ibridi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _2\"></span></span>appartengono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>non<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valutati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>relative<span class=\"ff1\"> </span>variazioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rilevate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> </span>Conto<span class=\"ff1\"> </span>E<span class=\"_ _0\"></span>conomico.<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>cla<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>ich<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Secondo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>regole<span class=\"ff1\"> <span class=\"_ _20\"></span></span>g<span class=\"_ _2\"></span>enerali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>previst<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dall\u2019IFRS<span class=\"ff1\"> <span class=\"_ _21\"></span></span>9<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>materia<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riclassificazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(ad<span class=\"ff1\"> </span>eccezione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>capitale,<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ammessa</span> <span class=\"ff3\">alcuna</span> <span class=\"ff3\">riclassifica),</span> <span class=\"ff3\">n<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>ammesse<span class=\"ff1\"> </span>riclassifiche<span class=\"ff1\"> </span></span></span>verso<span class=\"ff1\"> </span>altre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">categorie<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> </span>salv<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>aso<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>\u2019ent<span class=\"_ _2\"></span>it\u00e0<span class=\"ff1\"> </span>modifi<span class=\"_ _0\"></span>chi<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">propr<span class=\"_ _2\"></span>io<span class=\"ff1\"> </span>mode<span class=\"_ _0\"></span>llo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">business<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gestione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"ff1\"> </span>seg<span class=\"_ _0\"></span>uito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cam<span class=\"_ _2\"></span>biamenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ester<span class=\"_ _2\"></span>ni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">interni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>quali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">siano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rilevanti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>operazioni<span class=\"ff1\">  </span>dell'entit\u00e0<span class=\"ff1\">  </span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dimostrabili<span class=\"ff1\">  </span>alle<span class=\"ff1\">  </span>parti<span class=\"ff1\">  </span>esterne.<span class=\"ff1\">  </span>I<span class=\"_ _0\"></span>n<span class=\"ff1\">  </span>tali<span class=\"ff1\">  </span>casi,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"ff1\">  </span>ci<span class=\"ff1\">  </span>si<span class=\"ff1\">  </span>at<span class=\"_ _0\"></span>tende<span class=\"ff1\">  </span>siano<span class=\"ff1\">  </span>altamente<span class=\"ff1\"> </span>infrequenti,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>pot<span class=\"_ _2\"></span>ranno<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>essere<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>riclassificate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dalla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>categoria<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valutata<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>fair<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>value<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> </span>impatto<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>economico<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>altre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">due<span class=\"ff1\"> </span>categorie<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>reviste<span class=\"ff1\"> </span>dall\u2019IFRS<span class=\"ff1\"> </span>9<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(Attivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> </span></span></span></span></span></span></span>al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">costo<span class=\"ff1\"> </span>ammo<span class=\"_ _0\"></span>rtizzato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valutate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">c<span class=\"_ _2\"></span>on<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">impatt<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sulla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>edditivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">complessiva).<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">I<span class=\"_ _2\"></span>l<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>valore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>trasferimento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rappr<span class=\"_ _0\"></span>esentato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dal<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _21\"></span></span>valu<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>momento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riclassificazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>g<span class=\"_ _2\"></span>li<span class=\"ff1\"> <span class=\"_ _20\"></span></span>effetti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> </span>riclassificazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"_ _2\"></span>perano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>maniera<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prospettica<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>partire<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dalla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>data<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riclassificazione.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>In<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ques<span class=\"_ _2\"></span>to<span class=\"ff1\"> <span class=\"_ _20\"></span></span>caso,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>inter<span class=\"_ _2\"></span>esse<span class=\"ff1\"> </span>effettivo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> </span>finanziaria<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riclassificata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>determinato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>base<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>suo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fair<span class=\"_ _2\"></span><span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>iclassificazione<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>tale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>data<span class=\"ff1\"> <span class=\"_ _2\"></span></span>viene<span class=\"ff1\"> </span>considerata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>come<span class=\"ff1\"> </span>data<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rilevazione<span class=\"ff1\"> </span>iniziale<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019allocazione<span class=\"ff1\"> </span>nei<span class=\"ff1\"> </span>diversi<span class=\"ff1\"> </span>stadi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>creditizio<span class=\"ff1\"> </span>(stage<span class=\"ff1\"> </span>assignment)<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>finidell\u2019impairment.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Successivamente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rilevazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>iniziale,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valutate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _20\"></span></span>value<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>impat<span class=\"_ _2\"></span>to<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>conto<span class=\"ff1\"> </span>economico<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>so<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>valorizzate<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fair<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>value.<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>G<span class=\"_ _2\"></span>li<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>eff<span class=\"_ _2\"></span>etti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dell\u2019applicazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cr<span class=\"_ _2\"></span>iterio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valuta<span class=\"_ _2\"></span>zione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sono<span class=\"ff1\"> </span>imputati<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>Conto<span class=\"ff1\"> </span>Economico.<span class=\"_ _3bd\"> </span>Pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>det<span class=\"_ _0\"></span>ermi<span class=\"_ _0\"></span>nazi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del</span> <span class=\"ff3\">fai<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>valu<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>degl<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>stru<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">fin<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>iari<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">quotat<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>un<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">merc<span class=\"_ _0\"></span>ato<span class=\"ff1\"> </span>att<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>o,<span class=\"ff1\"> </span>veng<span class=\"_ _0\"></span>ono<span class=\"ff1\"> </span>ut<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>zza<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>qu<span class=\"_ _0\"></span>otaz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>me<span class=\"_ _0\"></span>rcato<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">assen<span class=\"_ _0\"></span>za<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un</span> <span class=\"ff3\">mer<span class=\"_ _0\"></span>cato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">attiv<span class=\"_ _0\"></span>o,<span class=\"ff1\"> </span>ve<span class=\"_ _0\"></span>ngo<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>uti<span class=\"_ _0\"></span>liz<span class=\"_ _0\"></span>zati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">met<span class=\"_ _0\"></span>odi<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sti<span class=\"_ _0\"></span>ma<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>mo<span class=\"_ _0\"></span>dell<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>val<span class=\"_ _0\"></span>uta<span class=\"_ _0\"></span>tivi<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>com<span class=\"_ _0\"></span>une<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>dot<span class=\"_ _0\"></span>tati<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>ch<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>engo<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tu<span class=\"_ _0\"></span>tti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>atto<span class=\"_ _0\"></span>ri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risc<span class=\"_ _0\"></span>hio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cor<span class=\"_ _0\"></span>rel<span class=\"_ _0\"></span>ati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">agl<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>trum<span class=\"_ _0\"></span>enti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ba<span class=\"_ _0\"></span>sati<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>su<span class=\"ff1\"> </span>da<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>rilev<span class=\"_ _1\"></span>abili<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">sul<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">merc<span class=\"_ _0\"></span>ato<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>ali:<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">valuta<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>strum<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>quotati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ch<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>pre<span class=\"_ _0\"></span>senta<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>anal<span class=\"_ _0\"></span>oghe<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">caratte<span class=\"_ _0\"></span>ris<span class=\"_ _0\"></span>tic<span class=\"_ _0\"></span>he,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>calcoli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cas<span class=\"_ _2\"></span>sa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>contati,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mo<span class=\"_ _2\"></span>delli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>determinazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prezzo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>opzioni,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valori<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rilevati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>recenti<span class=\"ff1\"> </span>transazioni<span class=\"ff1\"> </span>comparabili,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ecc.<span class=\"ff1\"> </span>Per<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>capitale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>gli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">strumenti<span class=\"ff1\"> </span>derivati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> </span>hann<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>oggetto<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>capitale,<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>quotati<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>mercato<span class=\"ff1\"> </span>attiv<span class=\"_ _0\"></span>o,<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>criterio<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>costo<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>tilizzato<span class=\"ff1\"> </span>quale<span class=\"ff1\"> </span>stima<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>soltanto<span class=\"ff1\"> </span></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>via<span class=\"ff1\"> <span class=\"_ _20\"></span></span>residuale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>limitatam<span class=\"_ _2\"></span>ente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>poche<span class=\"ff1\"> <span class=\"_ _20\"></span></span>circostanze,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"_ _2\"></span>ssia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cas<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>non<span class=\"ff1\"> <span class=\"_ _20\"></span></span>applicabilit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>utti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>meto<span class=\"_ _2\"></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"_ _2\"></span><span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rece<span class=\"_ _2\"></span>dentemente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">richiamati,<span class=\"ff1\"> </span>ovve<span class=\"_ _0\"></span>ro<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>presenz<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>un\u2019<span class=\"_ _0\"></span>ampia<span class=\"ff1\"> </span>gamma<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>possibili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutazioni<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span></span></span></span></span></span></span>fair<span class=\"ff1\"> </span>value,<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>ambito<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>costo<span class=\"ff1\"> </span>rappresenta<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>stima<span class=\"ff1\"> </span>pi\u00f9<span class=\"ff1\"> </span>significativa.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inanziarie<span class=\"ff1\"> </span>veng<span class=\"_ _0\"></span>ono<span class=\"ff1\"> </span>cancell<span class=\"_ _0\"></span>ate<span class=\"ff1\"> </span>dal<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> </span>solamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">se<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>cessione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">comportato<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sostanzial<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>trasferimento<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>utti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>be<span class=\"_ _0\"></span>nefici<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">connessi<span class=\"ff1\"> </span>alle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> </span>stesse.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Per<span class=\"ff1\"> </span>contro,<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>ualora<span class=\"ff1\"> </span>sia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stat<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ma<span class=\"_ _2\"></span>ntenuta<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>una<span class=\"ff1\"> </span>quota<span class=\"ff1\"> <span class=\"_ _2\"></span></span>part<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>rilevante<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>b<span class=\"_ _2\"></span>enefici<span class=\"ff1\"> </span>relativi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cedute,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>queste<span class=\"ff1\"> <span class=\"_ _2\"></span></span>continuano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ad<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>iscritte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>b<span class=\"_ _0\"></span>ilancio,<span class=\"ff1\"> </span>ancorch\u00e9<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">giuridicamente<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">titolarit\u00e0<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stesse<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span>stata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">effettivamente<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>tras<span class=\"_ _0\"></span>fer<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span>Nel<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>caso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pos<span class=\"_ _2\"></span>sibile<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>accert<span class=\"_ _2\"></span>are<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sostanziale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>trasferimento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>b<span class=\"_ _0\"></span>enefici,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> <span class=\"_ _21\"></span></span>vengono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cancellate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _21\"></span></span>bilancio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>qualora<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>tato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>mantenuto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alcun<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tipo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>controllo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sulle<span class=\"ff1\"> </span>stesse.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>In<span class=\"ff1\"> <span class=\"_ _2\"></span></span>caso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contrario,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conservazione,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>anche<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>parte,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>ale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>controllo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>comporta<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mantenimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"_ _2\"></span><span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>misura<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>coinvolgimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>residuo,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>misurato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall\u2019esposizione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ai</span> <span class=\"ff3\">cam<span class=\"_ _2\"></span>biamenti</span> <span class=\"ff3\">di</span> </span>valore<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>cedute<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>variazioni<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> </span>finanziari<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>stesse.<span class=\"_ _3bd\"> </span>Infine,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziar<span class=\"_ _2\"></span>ie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ce<span class=\"_ _2\"></span>dute<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vengono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cancellate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dal<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> </span>nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">caso<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cui<span class=\"ff1\"> </span>vi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sia</span> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onservazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>diritti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contrattuali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ricevere<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>relativi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cas<span class=\"_ _2\"></span>sa,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contestuale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>as<span class=\"_ _2\"></span>sunzione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un\u2019obb<span class=\"_ _2\"></span>ligazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"_ _2\"></span><span class=\"ff1\"> </span>pagare<span class=\"ff1\"> </span>detti<span class=\"ff1\"> </span>flussi,<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>solo<span class=\"ff1\"> </span>essi,<span class=\"ff1\"> </span>senza<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>ritardo<span class=\"ff1\"> </span>rilevante<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>altri<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>ggetti<span class=\"ff1\"> </span>terzi.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ril<span class=\"_ _0\"></span>ev<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>del<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ual<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>Gli<span class=\"ff1\"> <span class=\"_ _21\"></span></span>interessi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>attivi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sui<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tit<span class=\"_ _2\"></span>oli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>deb<span class=\"_ _0\"></span>ito<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ed<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>differenziali<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ed<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">i</span> <span class=\"_ _20\"></span><span class=\"ff3\">mar<span class=\"_ _2\"></span>gini</span> <span class=\"_ _20\"></span><span class=\"ff3\">dei</span> <span class=\"_ _21\"> </span><span class=\"ff3\">contratti</span> <span class=\"_ _21\"></span><span class=\"ff3\">derivati</span> <span class=\"_ _20\"></span><span class=\"ff3\">classificati</span> <span class=\"_ _21\"> </span><span class=\"ff3\">in</span> <span class=\"_ _21\"></span><span class=\"ff3\">tale</span> </span>ca<span class=\"_ _0\"></span>teg<span class=\"_ _0\"></span>oria,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ma</span> <span class=\"ff3\">ge<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>onal<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>coll<span class=\"_ _0\"></span>ega<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>ad<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">atti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o</span> <span class=\"ff3\">pa<span class=\"_ _0\"></span>ssivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inanz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>luta<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fai<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>value<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sono</span> <span class=\"ff3\">i<span class=\"_ _0\"></span>scr<span class=\"_ _0\"></span>itti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">per</span> </span></span></span></span></span></span></span></span></span></span></span>competenza<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> </span>voci<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico<span class=\"ff1\"> </span>relativi<span class=\"ff1\"> </span>agli<span class=\"ff1\"> </span>interessi.<span class=\"_ _3bd\"> </span>I<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>ffe<span class=\"_ _0\"></span>renzi<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">i</span> <span class=\"ff3\">margi<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>gli<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>tri<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>trat<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>ve<span class=\"_ _0\"></span>ngo<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>leva<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u201cRisu<span class=\"_ _0\"></span>ltat<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>net<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>l\u2019a<span class=\"_ _0\"></span>ttiv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">negoz<span class=\"_ _0\"></span>iaz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span>\u201d.<span class=\"ff1\"> </span></span></span></span></span></span></span>I<span class=\"ff1\">  </span>dividendi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>so<span class=\"_ _2\"></span>no<span class=\"ff1\">  </span>rilevati<span class=\"ff1\">  </span>per<span class=\"ff1\">  </span>compe<span class=\"_ _0\"></span>tenza<span class=\"ff1\">  </span>economica<span class=\"ff1\">  </span>riferita<span class=\"ff1\">  </span>alla<span class=\"ff1\">  </span>data<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>assunzione<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">della</span>  <span class=\"ff3\">delibera</span>  <span class=\"ff3\">di</span> </span>distribuzione<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>parte<span class=\"ff1\"> </span>dell\u2019assemblea<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>esposti<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>voce<span class=\"ff1\"> </span>\u201cDividendi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>proventi<span class=\"ff1\"> </span>simili\u201d.<span class=\"_ _3bd\"> </span>Gli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">utili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perdite<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ealizzati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dalla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cessione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rimborso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">plus/minusvalenze<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">derivanti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dalle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">variazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>value<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>iscritti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">conto</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">economico</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">del</span> <span class=\"_ _27\"> </span><span class=\"ff3\">p<span class=\"_ _2\"></span>eriodo</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">nel</span> <span class=\"_ _27\"> </span><span class=\"ff3\">q<span class=\"_ _2\"></span>uale</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">si</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">manifestano</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">e</span> <span class=\"_ _27\"> </span><span class=\"ff3\">class<span class=\"_ _2\"></span>ificati</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">nel<span class=\"_ _0\"></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>voce<span class=\"ff1\"> </span></span></span>\u201cRisultato<span class=\"ff1\">  </span>netto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>delle<span class=\"ff1\">  </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\">  </span>negoziazione\u201d,<span class=\"ff1\">  </span>ad<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>eccezione<span class=\"ff1\">  </span>della<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>quota<span class=\"ff1\">  </span>relativa<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ai<span class=\"ff1\">  </span>contratt<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>derivati<span class=\"_ _2\"></span><span class=\"ff1\"> </span>gestionalmente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">collegati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ad<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">passivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">val<span class=\"_ _2\"></span>utate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rilevata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u201c<span class=\"_ _2\"></span>Risultato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">netto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>e<span class=\"ff1\"> </span>passivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value\u201d.<span class=\"_ _3bd\"> </span>2.1-<span class=\"_ _3bd\"> </span>At<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>tat<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>fa<span class=\"_ _0\"></span>ir<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span>im<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>tto<span class=\"_ _3bd\"> </span>su<span class=\"_ _0\"></span>lla<span class=\"_ _3bd\"> </span>red<span class=\"_ _1\"></span>diti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>va<span class=\"_ _3bd\"> </span>(FV<span class=\"_ _1\"></span>OCI<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>cic<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>)<span class=\"fc0 sc1\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>isc<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>L\u2019iscrizione<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>niziale<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> </span>avviene<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>lla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">regolamento</span> <span class=\"ff3\">per</span> <span class=\"ff3\">i</span> <span class=\"_ _0\"></span><span class=\"ff3\">titoli<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ebito<span class=\"ff1\"> </span>ed<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">erogazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">f<span class=\"_ _2\"></span>inanziamenti.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">All\u2019atto<span class=\"ff1\"> </span>della<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rilevazione<span class=\"ff1\"> </span>iniziale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>contabili<span class=\"_ _0\"></span>zzat<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">value,<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>comprensivo<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>costi<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>proventi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>transazione<span class=\"ff1\"> </span>direttamente<span class=\"ff1\"> </span>attribuibili<span class=\"ff1\"> </span>allo<span class=\"ff1\"> </span>str<span class=\"_ _2\"></span>umentostesso. Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cl<span class=\"_ _0\"></span>ass<span class=\"_ _1\"></span>ific<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>se<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>pr<span class=\"_ _0\"></span>esen<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cat<span class=\"_ _0\"></span>egor<span class=\"_ _0\"></span>ia<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ttiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fin<span class=\"_ _0\"></span>anzi<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>ch<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>oddi<span class=\"_ _0\"></span>sfa<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>ambe<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">seg<span class=\"_ _0\"></span>uen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span>ni: </span></span></span></span></span></span></span></span>l\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>finanz<span class=\"_ _0\"></span>iaria<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>poss<span class=\"_ _2\"></span>edut<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>secondo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>model<span class=\"_ _0\"></span>lo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>business<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>obiettivo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>conseguito<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sia<span class=\"ff1\"> </span>mediante<span class=\"ff1\"> <span class=\"_ _21\"></span></span>l\u2019incasso<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>finanziari<span class=\"ff1\"> <span class=\"_ _20\"></span></span>previst<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>co<span class=\"_ _2\"></span>ntrattualmente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _21\"></span></span>mediante<span class=\"ff1\"> <span class=\"_ _21\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>vendita<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(Business<span class=\"ff1\"> </span>model<span class=\"ff1\"> </span>\u201cHold<span class=\"ff1\"> </span>to<span class=\"ff1\"> </span>Collect<span class=\"ff1\"> </span>and<span class=\"ff1\"> </span>Sell<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> </span>\u201cHTCS\u201d\u201d),<span class=\"ff1\"> </span>e i<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>termini<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>contrattuali<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>dell\u2019atti<span class=\"_ _2\"></span>vit\u00e0<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>finanziaria<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>prevedono,<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>a<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _29\"> </span></span>determinate<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>date,<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>flussi<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>finan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>ri rappresentati<span class=\"ff1\">  </span>u<span class=\"_ _0\"></span>nicamente<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>a<span class=\"ff1\">  </span>pagamenti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\">  </span>capi<span class=\"_ _0\"></span>tale<span class=\"ff1\">  </span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dell\u2019i<span class=\"_ _2\"></span>nteresse<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sull\u2019import<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\">  </span>c<span class=\"_ _0\"></span>apitale<span class=\"ff1\">  </span>da<span class=\"ff1\"> </span>restituire<span class=\"ff1\"> </span>(cd.<span class=\"ff1\"> </span>\u201cSPPI<span class=\"ff1\"> </span>test\u201d<span class=\"ff1\"> </span>superato). In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pa<span class=\"_ _0\"></span>rtic<span class=\"_ _0\"></span>ola<span class=\"_ _0\"></span>re,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ven<span class=\"_ _0\"></span>gono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">inc<span class=\"_ _0\"></span>lus<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>esta<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">vo<span class=\"_ _0\"></span>ce: </span></span></span></span></span></span></span></span></span></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>titoli<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>deb<span class=\"_ _0\"></span>ito<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>riconducibili<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _21\"></span></span>un<span class=\"ff1\"> <span class=\"_ _21\"></span></span>business<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>model<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Hold<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>to<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Collect<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>and<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Sell<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>c<span class=\"_ _2\"></span>he<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>hanno<span class=\"ff1\"> </span>superato<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>test<span class=\"ff1\"> </span>SPPI; i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>finanziamenti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>riconducibili<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>business<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>mo<span class=\"_ _2\"></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Hold<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff3\">to</span> <span class=\"_ _21\"> </span><span class=\"ff3\">Collect</span> <span class=\"_ _21\"> </span><span class=\"ff3\">and</span> <span class=\"_ _21\"> </span><span class=\"ff3\">Sell</span> <span class=\"_ _21\"></span><span class=\"ff3\">e</span> <span class=\"_ _21\"></span><span class=\"ff3\">che</span> <span class=\"_ _20\"></span><span class=\"ff3\">hann<span class=\"_ _0\"></span>o </span></span>superato<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">test<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">SPPI.<span class=\"ff1\"> </span></span></span></span></span></span></span>Ri<span class=\"_ _0\"></span>cla<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>ich<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Secondo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>regole<span class=\"ff1\"> <span class=\"_ _20\"></span></span>generali<span class=\"ff1\"> <span class=\"_ _21\"></span></span>previste<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dall\u2019I<span class=\"_ _0\"></span>FRS<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>9<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>materia<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riclassificazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>elle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"_ _2\"></span>ttivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fin<span class=\"_ _0\"></span>anziarie<span class=\"ff1\"> <span class=\"_ _21\"></span></span>(ad<span class=\"ff1\"> </span>eccezione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>capitale,<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>ammessa<span class=\"ff1\"> </span>alcuna<span class=\"ff1\"> </span>riclassifica),<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>ammesse<span class=\"ff1\"> </span>riclassifiche<span class=\"ff1\"> </span></span></span>verso<span class=\"ff1\"> </span>altre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">categorie<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> </span>salv<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>aso<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>\u2019entit\u00e0<span class=\"ff1\"> </span>modifichi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">proprio<span class=\"ff1\"> </span>modello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>bu<span class=\"_ _0\"></span>siness<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gestione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">seguito<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cambiamenti<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>sterni<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">interni</span> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>ali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">siano<span class=\"ff1\"> </span>rilevanti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>operazioni<span class=\"ff1\"> </span>dell'entit\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>dimostrabili<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>parti<span class=\"ff1\"> </span>esterne. In<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">casi,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ci<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attende<span class=\"ff1\"> </span>siano<span class=\"ff1\"> </span>altamente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">infrequenti,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit<span class=\"_ _2\"></span>\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">potranno<span class=\"ff1\"> </span>essere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>iclassificate<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>dalla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">categoria<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">impatt<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ulla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">redditivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">complessiva<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">due<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">categorie<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>previste<span class=\"ff1\"> </span>dall\u2019IFRS<span class=\"ff1\"> <span class=\"_ _2\"></span></span>9<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziarie<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>costo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ammortizzato<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziarie<span class=\"ff1\"> </span>valut<span class=\"_ _2\"></span>ate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>mpatto<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico).<span class=\"ff1\"> </span>Il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>trasferimento<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>rappresentato<span class=\"ff1\"> </span>dal<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>momento<span class=\"ff1\"> </span></span></span></span></span>della<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riclassificazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">effetti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riclassificazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">operano<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">maniera<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prospettica<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">partire<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dalla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">data<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>riclassificazione.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Nel<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cas<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riclassifica<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dalla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>categoria<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>oggetto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quella<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>costo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ammortizzato,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l\u2019utile<span class=\"ff1\"> </span>(perdita)<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>cumulato<span class=\"ff1\">  </span>rilevato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nella<span class=\"ff1\">  </span>riserva<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>da<span class=\"ff1\">  </span>v<span class=\"_ _0\"></span>alutazione<span class=\"ff1\">  </span>\u00e8<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>portat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>r<span class=\"_ _2\"></span>ettifica<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fa<span class=\"_ _2\"></span>ir<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>value<span class=\"ff1\">  </span>dell\u2019attivit\u00e0<span class=\"ff1\"> </span>finanziaria<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>data<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riclassificazione.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>N<span class=\"_ _2\"></span>el<span class=\"ff1\"> <span class=\"_ _2\"></span></span>caso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>invece<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>iclassifica<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nella<span class=\"ff1\"> <span class=\"_ _20\"></span></span>categoria<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _20\"></span></span>value<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> </span>impatto<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conto<span class=\"ff1\"> </span>economico,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l'utile<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(perdita)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cumulato<span class=\"ff1\"> </span>rilev<span class=\"_ _0\"></span>ato<span class=\"ff1\"> </span>precedentemente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nella<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riserva<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> </span>val<span class=\"_ _0\"></span>utazione<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>\u00e8<span class=\"ff1\"> </span>riclassificato<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>patrimonio<span class=\"ff1\"> </span>netto<span class=\"ff1\"> </span>all'utile<span class=\"ff1\"> </span>(perdita)<span class=\"ff1\"> </span>d'esercizio. Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Successivamente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rilevazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>iniziale,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>classificate<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _21\"></span></span>value<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _21\"></span></span>impatto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sulla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>redditivit\u00e0<span class=\"ff1\"> </span>complessiva<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>valutate<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>f<span class=\"_ _2\"></span>air<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>value,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rilevazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\">  </span>Conto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Economico<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>degli<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>impatti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>derivanti<span class=\"_ _2\"></span><span class=\"ff1\"> </span>dall\u2019applicazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>costo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ammortizzato,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>degli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>effett<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dell\u2019im<span class=\"_ _2\"></span>pairment<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">dell\u2019eventuale</span> <span class=\"_ _27\"> </span><span class=\"ff3\">e<span class=\"_ _2\"></span>ffetto</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">cambio,</span> </span>mentre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">altri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">utili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>perdi<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>erivanti<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">una<span class=\"ff1\"> </span>variazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">veng<span class=\"_ _0\"></span>ono<span class=\"ff1\"> </span>rilevati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>una<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">specif<span class=\"_ _2\"></span>ica<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riserva<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> </span>patrimonio<span class=\"ff1\"> </span>netto<span class=\"ff1\"> </span>finc<span class=\"_ _0\"></span>h\u00e9<span class=\"ff1\"> </span>l\u2019attivit\u00e0<span class=\"ff1\"> </span>finanziaria<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">viene<span class=\"ff1\"> </span>cancellata.<span class=\"ff1\"> </span>Al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">momento<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>dismissione,<span class=\"ff1\"> </span>totale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span></span></span></span></span></span></span>parziale,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019utile<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">perdita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cumulati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nella<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riserva<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vengono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>iversati,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tutto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">parte,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Conto<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Ec<span class=\"_ _0\"></span>onom<span class=\"_ _0\"></span>ico.<span class=\"_ _0\"></span> Il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">v<span class=\"_ _2\"></span>iene<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">determinato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sulla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">base<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">crit<span class=\"_ _2\"></span>eri<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gi\u00e0<span class=\"ff1\"> </span>illu<span class=\"_ _0\"></span>str<span class=\"_ _2\"></span>ati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">p<span class=\"_ _2\"></span>er<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">val<span class=\"_ _2\"></span>utate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>con<span class=\"ff1\"> </span>impatto<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico. Le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>mpatto<span class=\"ff1\"> </span>sull<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">redditivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">complessiva<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u2013<span class=\"ff1\"> </span>sia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sotto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">forma<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">titoli<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>debito<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">di</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">crediti</span> <span class=\"_ _27\"> </span><span class=\"ff3\">\u2013</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">sono</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">soggette</span> <span class=\"_ _27\"> </span><span class=\"ff3\">alla</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">verifica</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">dell\u2019incremento</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">signifi<span class=\"_ _0\"></span>cativo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>creditizio<span class=\"ff1\"> </span></span></span>(impairment)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pre<span class=\"_ _2\"></span>vista<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dall\u2019IFRS<span class=\"ff1\"> </span>9,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pari<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>osto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ammortizzato,<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conseguente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rilevazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>conto<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>conomico<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rettifica<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">copertura<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>erdit<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">att<span class=\"_ _2\"></span>ese.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Pi\u00f9<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">particolare,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sugli<span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>classificati<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>stage<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">1<span class=\"ff1\"> </span>(ossia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sulle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>momento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dell\u2019origination,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ove<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">deteriorate,<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sugli<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>strumenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _20\"></span></span>non<span class=\"ff1\"> <span class=\"_ _20\"></span></span>si<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>verificato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>ignificativo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>incremento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cr<span class=\"_ _2\"></span>editizio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rispett<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>data<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> </span>ril<span class=\"_ _0\"></span>eva<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>ale)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">vie<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onta<span class=\"_ _0\"></span>bili<span class=\"_ _0\"></span>zza<span class=\"_ _0\"></span>ta,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">all<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>data<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rile<span class=\"_ _0\"></span>vazi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">inizi<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">ad<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ogn<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ata<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rep<span class=\"_ _0\"></span>orti<span class=\"_ _0\"></span>ng<span class=\"ff1\"> </span>su<span class=\"_ _1\"></span>ccessi<span class=\"_ _0\"></span>va,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perdita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attesa<span class=\"ff1\"> </span>ad<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un<span class=\"ff1\"> </span>an<span class=\"_ _0\"></span>no.<span class=\"ff1\"> </span>Inve<span class=\"_ _0\"></span>ce,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>gli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>trumenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">classificati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stage<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(bonis<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">quali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">verificato<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>un<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>incremento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>significativo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>creditizio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rispetto<span class=\"ff1\">  </span>al<span class=\"_ _0\"></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>data<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rilevazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>iniziale)<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>stage<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>3<span class=\"ff1\"> </span>(esposizioni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>teriorat<span class=\"_ _2\"></span>e)<span class=\"ff1\"> <span class=\"_ _20\"></span></span>viene<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>contabilizzata<span class=\"ff1\"> <span class=\"_ _21\"></span></span>una<span class=\"ff1\"> <span class=\"_ _20\"></span></span>perdita<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>attesa<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"></span></span>l\u2019in<span class=\"_ _0\"></span>tera<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>vita<span class=\"ff1\"> <span class=\"_ _21\"></span></span>residua<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dello<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>strumento<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>nanz<span class=\"_ _0\"></span>iari<span class=\"_ _0\"></span>o.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inanziarie<span class=\"ff1\"> </span>veng<span class=\"_ _0\"></span>ono<span class=\"ff1\"> </span>cancell<span class=\"_ _0\"></span>ate<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>al<span class=\"ff1\"> </span>bilanc<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>solamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">se<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>cessione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">comportat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>sostanziale<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>trasferimento<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>utti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>be<span class=\"_ _0\"></span>nefici<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">connessi<span class=\"ff1\"> </span>alle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> </span>stesse.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Per<span class=\"ff1\"> </span>contro,<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>ualora<span class=\"ff1\"> </span>sia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stat<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ma<span class=\"_ _2\"></span>ntenuta<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>una<span class=\"ff1\"> </span>quota<span class=\"ff1\"> <span class=\"_ _2\"></span></span>part<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>rilevante<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>b<span class=\"_ _2\"></span>enefici<span class=\"ff1\"> </span>relativi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cedute,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>queste<span class=\"ff1\"> <span class=\"_ _2\"></span></span>continuano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ad<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>iscritte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>b<span class=\"_ _0\"></span>ilancio,<span class=\"ff1\"> </span>ancorch\u00e9<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">giuridicamente<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">titolarit\u00e0<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stesse<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span>stata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">effettivamente<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>tras<span class=\"_ _0\"></span>fer<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span>Nel<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>caso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pos<span class=\"_ _2\"></span>sibile<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>accert<span class=\"_ _2\"></span>are<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sostanziale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>trasferimento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>b<span class=\"_ _0\"></span>enefici,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> <span class=\"_ _21\"></span></span>vengono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cancellate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _21\"></span></span>bilancio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>qualora<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>tato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>mantenuto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alcun<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tipo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>controllo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sulle<span class=\"ff1\"> </span>stesse.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>In<span class=\"ff1\"> <span class=\"_ _2\"></span></span>caso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contrario,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conservazione,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>anche<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>parte,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>ale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>controllo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>comporta<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mantenimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"_ _2\"></span><span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>misura<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>coinvolgimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>residuo,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>misurato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall\u2019esposizione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ai</span> <span class=\"ff3\">cam<span class=\"_ _2\"></span>biamenti</span> <span class=\"ff3\">di</span> </span>valore<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>cedute<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>variazioni<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> </span>finanziari<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>stesse.<span class=\"_ _3bd\"> </span>Infine,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziar<span class=\"_ _2\"></span>ie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ce<span class=\"_ _2\"></span>dute<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vengono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cancellate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dal<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> </span>nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">caso<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cui<span class=\"ff1\"> </span>vi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sia</span> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onservazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>diritti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contrattuali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ricevere<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>relativi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cas<span class=\"_ _2\"></span>sa,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contestuale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>as<span class=\"_ _2\"></span>sunzione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un\u2019obb<span class=\"_ _2\"></span>ligazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"_ _2\"></span><span class=\"ff1\"> </span>pagare<span class=\"ff1\"> </span>detti<span class=\"ff1\"> </span>flussi,<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>solo<span class=\"ff1\"> </span>essi,<span class=\"ff1\"> </span>senza<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>ritardo<span class=\"ff1\"> </span>rilevante<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>altri<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>ggetti<span class=\"ff1\"> </span>terzi.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ril<span class=\"_ _0\"></span>ev<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>del<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ual<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>Gli<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>nteressi<span class=\"_ _2\"></span><span class=\"ff1\"> </span>attivi,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">calcolati<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>b<span class=\"_ _0\"></span>as<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span>metodologia<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>T.I.R.,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vengono<span class=\"ff1\"> </span>contabilizzati<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>competenza<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> </span></span></span></span></span></span></span>vo<span class=\"_ _0\"></span>ci<span class=\"ff1\"> </span>\u201cI<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>ressi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">atti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">prov<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>assi<span class=\"_ _0\"></span>mil<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>\u201d,<span class=\"ff1\"> </span>me<span class=\"_ _0\"></span>ntre<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">utili<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o</span> <span class=\"ff3\">le</span> <span class=\"ff3\">p<span class=\"_ _0\"></span>erdi<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>riv<span class=\"_ _0\"></span>anti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">da</span> <span class=\"ff3\">un<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>var<span class=\"_ _0\"></span>iazi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>fa<span class=\"_ _0\"></span>ir<span class=\"_ _3bd\"> </span>val<span class=\"_ _0\"></span>ue<span class=\"_ _3bd\"> </span>vengono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rilev<span class=\"_ _0\"></span>ati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>spe<span class=\"_ _0\"></span>cifica<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>riser<span class=\"_ _2\"></span>va<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>patrimonio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>netto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sino<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>l\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>finanziaria<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>viene<span class=\"ff1\"> </span>ca<span class=\"_ _0\"></span>ncel<span class=\"_ _0\"></span>lata<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o</span> <span class=\"ff3\">n<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vien<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rile<span class=\"_ _0\"></span>vata<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">una<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>rdita<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">va<span class=\"_ _0\"></span>lore<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>Pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tit<span class=\"_ _0\"></span>oli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>bit<span class=\"_ _0\"></span>o,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">momen<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ism<span class=\"_ _0\"></span>issi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o</span> <span class=\"ff3\">de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>rilevazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>perdita<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valore,<span class=\"ff1\"> </span>l\u2019utile<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>perdita<span class=\"ff1\"> </span>cumulati<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> </span>riversati<span class=\"ff1\"> </span>a<span class=\"_ _2\"></span><span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>econo<span class=\"_ _0\"></span>mico.<span class=\"_ _3bd\"> </span>Qualora<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">motivi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>ella<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perdita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">v<span class=\"_ _2\"></span>alore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>iano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rimossi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">seguito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">evento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">verificatosi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">successivamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>rilevazione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>riduzione<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>valore,<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>vengono<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>effettuat<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>riprese<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>imputazion<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>conto<span class=\"ff1\"> </span>ec<span class=\"_ _0\"></span>ono<span class=\"_ _0\"></span>mico<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cas<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>d<span class=\"_ _1\"></span>ei<span class=\"ff1\"> </span>ti<span class=\"_ _0\"></span>tol<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>d<span class=\"_ _1\"></span>ebito<span class=\"_ _0\"></span>.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">L\u2019am<span class=\"_ _0\"></span>mon<span class=\"_ _0\"></span>tare<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>ip<span class=\"_ _0\"></span>resa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pu<span class=\"_ _0\"></span>\u00f2<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ogn<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cas<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>uper<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>feren<span class=\"_ _0\"></span>za<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>tra<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contabile<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ed<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>costo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ammortizzato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>lo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>strumento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>avrebb<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>avuto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ass<span class=\"_ _2\"></span>enza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>precedenti<span class=\"ff1\"> </span>ret<span class=\"_ _0\"></span>tif<span class=\"_ _0\"></span>iche<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span>2.2At<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>fa<span class=\"_ _0\"></span>ir<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lue<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span>im<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>tto<span class=\"_ _3bd\"> </span>su<span class=\"_ _0\"></span>lla<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>va<span class=\"_ _3bd\"> </span>(FV<span class=\"_ _1\"></span>OCI<span class=\"_ _3bd\"> </span>se<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>cic<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>)<span class=\"fc0 sc1\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>isc<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>L\u2019iscrizione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>iniziale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d<span class=\"_ _2\"></span>elle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>av<span class=\"_ _2\"></span>viene<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>data<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>regolamento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>itoli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ca<span class=\"_ _2\"></span>pitale.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>All\u2019atto<span class=\"_ _2\"></span><span class=\"ff1\"> </span>della<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rilevazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>iniziale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>l<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>contabilizzate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fair<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>value,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>comprensivo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cost<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>proventi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> </span>transazione<span class=\"ff1\"> </span>direttamente<span class=\"ff1\"> </span>attribuibili<span class=\"ff1\"> </span>allo<span class=\"ff1\"> </span>strumentostesso.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cla<span class=\"_ _1\"></span>ssi<span class=\"_ _0\"></span>fica<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Sono<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>inclusi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>nella<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>voce<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>gli<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>trumenti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>capitale<span class=\"_ _2\"></span>,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>detenuti<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>finalit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>negoziazione,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>qua<span class=\"_ _2\"></span>li<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> </span>momento<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>rilevazione<span class=\"ff1\"> </span>iniziale<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>stata<span class=\"ff1\"> </span>esercitat<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>l\u2019opzione<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>designazione<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>impatto<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>redditivit\u00e0<span class=\"ff1\"> </span>complessiva.<span class=\"_ _3bd\"> </span>In<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>particolare,<span class=\"ff1\">  </span>vengono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>inclusi<span class=\"ff1\">  </span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>questa<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>voce<span class=\"ff1\">  </span>le<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">interessenze</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">azionarie,</span>  <span class=\"ff3\">non</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">qualificabili</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">di</span>  <span class=\"ff3\">controllo,</span> </span>collegamento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>controllo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>congi<span class=\"_ _0\"></span>unto,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>detenute<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>finalit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>negoziazione,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>cu<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u00e8<span class=\"ff1\"> </span>esercitata<span class=\"ff1\"> </span>l\u2019opzione<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>designazione<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>impatto<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ulla<span class=\"ff1\"> </span>redditiv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span>compless<span class=\"_ _2\"></span>iva.<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>cla<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>ich<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Secondo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>egole<span class=\"ff1\"> <span class=\"_ _2\"></span></span>generali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prev<span class=\"_ _2\"></span>iste<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall\u2019IFRS<span class=\"ff1\"> <span class=\"_ _2\"></span></span>9<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>materia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riclassificazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"_ _2\"></span><span class=\"ff1\"> </span>titoli<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>capitale<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>ammessa<span class=\"ff1\"> </span>alcuna<span class=\"ff1\"> </span>riclassifica.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Successivamente<span class=\"ff1\"> </span>alla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rilevazione<span class=\"ff1\"> </span>iniziale,<span class=\"ff1\"> </span>gli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>str<span class=\"_ _2\"></span>umenti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>capitale<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cui<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>stata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>effettuata<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>celta<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> </span>classificazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nella<span class=\"ff1\"> <span class=\"_ _20\"></span></span>presente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>categoria<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valutati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fair<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>value<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>g<span class=\"_ _2\"></span>li<span class=\"ff1\"> <span class=\"_ _2\"></span></span>import<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rilevati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contr<span class=\"_ _2\"></span>opartita<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> </span>patrimonio<span class=\"ff1\"> </span>netto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(Prospetto<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>redditivit\u00e0<span class=\"ff1\"> </span>complessiva)<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>devono<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>uccessivamente<span class=\"ff1\"> </span>trasferiti<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>conto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">economico,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">neanche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">caso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cessione.<span class=\"ff1\"> </span>L<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sola<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">componente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riferibile<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ai<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">titoli<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">capitale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>questione<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>che<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>oggetto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rilevazione<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>ra<span class=\"_ _2\"></span>ppresentata<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ai<span class=\"ff1\"> </span>relativi<span class=\"ff1\"> </span>dividendi.<span class=\"_ _3bd\"> </span>Il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">v<span class=\"_ _2\"></span>iene<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">determinato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sulla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">base<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">crit<span class=\"_ _2\"></span>eri<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gi\u00e0<span class=\"ff1\"> </span>illu<span class=\"_ _0\"></span>str<span class=\"_ _2\"></span>ati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">p<span class=\"_ _2\"></span>er<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">val<span class=\"_ _2\"></span>utate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>con<span class=\"ff1\"> </span>impatto<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico.<span class=\"_ _3bd\"> </span>Per<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>titoli<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cap<span class=\"_ _2\"></span>itale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"_ _2\"></span>clusi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>questa<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>categoria,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>non<span class=\"ff1\"> <span class=\"_ _20\"></span></span>q<span class=\"_ _2\"></span>uotati<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un<span class=\"ff1\"> <span class=\"_ _21\"></span></span>mercato<span class=\"ff1\"> <span class=\"_ _21\"></span></span>attivo,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>criterio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>costo<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> </span>utilizzato<span class=\"ff1\"> </span>quale<span class=\"ff1\"> </span>stima<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>soltanto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>via<span class=\"ff1\"> </span>residuale<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">limitat<span class=\"_ _2\"></span>amente</span> <span class=\"ff3\">a</span> <span class=\"ff3\">poche</span> <span class=\"ff3\">circostanze,</span> <span class=\"ff3\">ossia</span> <span class=\"ff3\">in<span class=\"_ _3bd\"> </span></span></span>caso<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>non<span class=\"ff1\"> </span>applicabilit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>tutti<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>metodi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> </span>precedent<span class=\"_ _2\"></span>emente<span class=\"ff1\"> </span>richiamati,<span class=\"ff1\"> </span>ovvero<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>presenza<span class=\"ff1\"> </span>di<span class=\"_ _2\"></span><span class=\"ff1\"> </span>un\u2019ampia<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>gamma<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>possibili<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>valutazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fair<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>value,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ambito<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>costo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>appresenta<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>tima<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pi\u00f9<span class=\"ff1\"> </span>sig<span class=\"_ _0\"></span>nif<span class=\"_ _0\"></span>icat<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span> Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inanziarie<span class=\"ff1\"> </span>veng<span class=\"_ _0\"></span>ono<span class=\"ff1\"> </span>cancell<span class=\"_ _0\"></span>ate<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>al<span class=\"ff1\"> </span>bilanc<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>solamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">se<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>cessione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">comportat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>sostanziale<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>trasferimento<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>utti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>be<span class=\"_ _0\"></span>nefici<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">connessi<span class=\"ff1\"> </span>alle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> </span>stesse.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Per<span class=\"ff1\"> </span>contro,<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>ualora<span class=\"ff1\"> </span>sia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stat<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ma<span class=\"_ _2\"></span>ntenuta<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>una<span class=\"ff1\"> </span>quota<span class=\"ff1\"> <span class=\"_ _2\"></span></span>part<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>rilevante<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>b<span class=\"_ _2\"></span>enefici<span class=\"ff1\"> </span>relativi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cedute,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>queste<span class=\"ff1\"> <span class=\"_ _2\"></span></span>continuano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ad<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>iscritte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>b<span class=\"_ _0\"></span>ilancio,<span class=\"ff1\"> </span>ancorch\u00e9<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">giuridicamente<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">titolarit\u00e0<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stesse<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span>stata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">effettivamente<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>tras<span class=\"_ _0\"></span>fer<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span> Nel<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>caso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pos<span class=\"_ _2\"></span>sibile<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>accert<span class=\"_ _2\"></span>are<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sostanziale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>trasferimento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>b<span class=\"_ _0\"></span>enefici,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> <span class=\"_ _21\"></span></span>vengono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cancellate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _21\"></span></span>bilancio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>qualora<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>tato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>mantenuto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alcun<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tipo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>controllo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sulle<span class=\"ff1\"> </span>stesse.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>In<span class=\"ff1\"> <span class=\"_ _2\"></span></span>caso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contrario,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conservazione,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>anche<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>parte,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>ale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>controllo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>comporta<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mantenimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"_ _2\"></span><span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>misura<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>coinvolgimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>residuo,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>misurato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall\u2019esposizione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ai</span> <span class=\"ff3\">cam<span class=\"_ _2\"></span>biamenti</span> <span class=\"ff3\">di</span> </span>valore<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>cedute<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>variazioni<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> </span>finanziari<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>stesse.<span class=\"_ _3bd\"> </span> Infine,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziar<span class=\"_ _2\"></span>ie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ce<span class=\"_ _2\"></span>dute<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vengono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cancellate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dal<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> </span>nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">caso<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cui<span class=\"ff1\"> </span>vi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sia</span> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onservazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>diritti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contrattuali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ricevere<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>relativi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cas<span class=\"_ _2\"></span>sa,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contestuale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>as<span class=\"_ _2\"></span>sunzione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un\u2019obb<span class=\"_ _2\"></span>ligazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"_ _2\"></span><span class=\"ff1\"> </span>pagare<span class=\"ff1\"> </span>detti<span class=\"ff1\"> </span>flussi,<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>solo<span class=\"ff1\"> </span>essi,<span class=\"ff1\"> </span>senza<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>ritardo<span class=\"ff1\"> </span>rilevante<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>altri<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>ggetti<span class=\"ff1\"> </span>terzi.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ril<span class=\"_ _0\"></span>ev<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>del<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ual<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>I<span class=\"ff1\"> </span>dividendi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">vengono</span> <span class=\"ff3\">contabilizzat<span class=\"_ _2\"></span>i</span> <span class=\"ff3\">alla</span> <span class=\"_ _0\"></span><span class=\"ff3\">voce<span class=\"ff1\"> </span>\u201cDividendi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rov<span class=\"_ _2\"></span>enti<span class=\"ff1\"> </span>simili\u201d<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>momento<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cui</span> <span class=\"ff3\">sorge</span> <span class=\"ff3\">il</span> <span class=\"ff3\">diritto</span> <span class=\"ff3\">a</span> </span></span></span>ric<span class=\"_ _0\"></span>eve<span class=\"_ _0\"></span>rne<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pa<span class=\"_ _0\"></span>game<span class=\"_ _0\"></span>nto<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ment<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>g<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ut<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o</span> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>erd<span class=\"_ _0\"></span>ite<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>riv<span class=\"_ _0\"></span>anti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">da<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">una<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">va<span class=\"_ _0\"></span>riaz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>fai<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>val<span class=\"_ _0\"></span>ue <span class=\"_ _0\"></span><span class=\"ff3 fs5\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ti<span class=\"_ _0\"></span>toli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">capi<span class=\"_ _0\"></span>tale<span class=\"ff1\"> </span></span></span></span></span></span></span></span>vengono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rilevati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">specifica<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riserva<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">patrimonio<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>etto<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">viene<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riversato<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">economico<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nel<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>caso<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cessione<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>cancellazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>titolo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>capitale.<span class=\"_ _3bd\"> </span> 3-<span class=\"_ _3bd\"> </span>At<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>sto<span class=\"_ _3bd\"> </span>am<span class=\"_ _1\"></span>mor<span class=\"_ _0\"></span>tizz<span class=\"_ _1\"></span>ato<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>isc<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>L\u2019iscrizione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">iniziale<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziaria<span class=\"ff1\"> </span>av<span class=\"_ _0\"></span>viene<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">data<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>egolamento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>itoli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ebito<span class=\"ff1\"> </span>ed<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">data<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>erogazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _2\"></span></span>caso<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>crediti.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>All\u2019att<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>ilevazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>iniziale<span class=\"ff1\"> <span class=\"_ _21\"></span></span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span><span class=\"ff3\">att<span class=\"_ _2\"></span>ivit\u00e0</span> <span class=\"_ _2\"></span><span class=\"ff3\">sono</span> <span class=\"_ _20\"></span><span class=\"ff3\">contabilizzate</span> <span class=\"_ _20\"></span><span class=\"ff3\">al</span> <span class=\"_ _20\"></span><span class=\"ff3\">fair</span> <span class=\"_ _21\"></span><span class=\"ff3\">val<span class=\"_ _0\"></span>ue,<span class=\"ff1\"> </span></span></span>comprensivo<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>costi<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>proventi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>transazione<span class=\"ff1\"> </span>direttamente<span class=\"ff1\"> </span>attribuibili<span class=\"ff1\"> </span>allo<span class=\"ff1\"> </span>str<span class=\"_ _2\"></span>umento<span class=\"ff1\"> </span>stesso.<span class=\"_ _3bd\"> </span> In<span class=\"ff1\"> <span class=\"_ _20\"></span></span>par<span class=\"_ _2\"></span>ticolare,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>quel<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>attiene<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _20\"></span></span>crediti,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>data<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>erogazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>normalmente<span class=\"ff1\"> <span class=\"_ _21\"></span></span>coincide<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _21\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>data<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _3bd\"> </span>i<span class=\"ff1\"> </span>sott<span class=\"_ _0\"></span>oscr<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>ntra<span class=\"_ _0\"></span>tto.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Qual<span class=\"_ _0\"></span>ora<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tal<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>oinci<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>nza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>m<span class=\"_ _0\"></span>anife<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sed<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">so<span class=\"_ _0\"></span>ttosc<span class=\"_ _0\"></span>riz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>ntra<span class=\"_ _0\"></span>tt<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pro<span class=\"_ _0\"></span>vved<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>ad<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">iscri<span class=\"_ _0\"></span>vere<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">impe<span class=\"_ _0\"></span>gno<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ad</span> <span class=\"ff3\">e<span class=\"_ _0\"></span>rog<span class=\"_ _0\"></span>are<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fon<span class=\"_ _0\"></span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">chiud<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ata<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">e<span class=\"_ _0\"></span>rog<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fina<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>nto<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">.<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>L\u2019iscrizione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cre<span class=\"_ _2\"></span>dito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">avviene<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ulla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">base<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stes<span class=\"_ _2\"></span>so,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pari<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">all\u2019ammo<span class=\"_ _2\"></span>ntare<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ero<span class=\"_ _2\"></span>gato,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prezzo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">d<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>sottoscrizione,<span class=\"ff1\"> </span>comprensivo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>costi/proventi<span class=\"ff1\"> </span>diretta<span class=\"_ _2\"></span>mente<span class=\"ff1\"> </span>riconducibili<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>singolo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>credito<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>determinabil<span class=\"_ _3bd\"> </span>i<span class=\"ff1\"> </span>sin<span class=\"ff1\"> </span>dall\u2019origine<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>ell\u2019operazione,<span class=\"ff1\"> </span>ancor<span class=\"_ _2\"></span>ch\u00e9<span class=\"ff1\"> </span>liquidati<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> </span>mom<span class=\"_ _2\"></span>ento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>successivo.<span class=\"ff1\"> </span>Sono<span class=\"ff1\"> </span>esclusi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> </span>co<span class=\"_ _2\"></span>sti<span class=\"ff1\"> </span>che,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pu<span class=\"_ _3bd\"> </span>r<span class=\"ff1\"> </span>avendo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>carat<span class=\"_ _2\"></span>teristiche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>suddett<span class=\"_ _2\"></span>e,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>oggetto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rimborso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>da<span class=\"ff1\"> <span class=\"_ _20\"></span></span>parte<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contr<span class=\"_ _2\"></span>oparte<span class=\"ff1\"> <span class=\"_ _20\"></span></span>debitrice<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"ff1\"> </span>inquadrabili<span class=\"ff1\"> </span>tra<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>normali<span class=\"ff1\"> </span>costi<span class=\"ff1\"> </span>interni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>caratter<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">amministrativo.<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cl<span class=\"_ _0\"></span>ass<span class=\"_ _1\"></span>ific<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Sono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">incluse<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nella<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">presente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">categoria<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">particolare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziamenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tito<span class=\"_ _2\"></span>li<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">debito)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ch<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>soddisfano<span class=\"ff1\"> </span>entrambe<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>seguenti<span class=\"ff1\"> </span>condizioni:<span class=\"_ _3bd\"> </span> l\u2019<span class=\"_ _0\"></span>atti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ziari<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">po<span class=\"_ _0\"></span>ssedu<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>eco<span class=\"_ _0\"></span>ndo<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>mo<span class=\"_ _0\"></span>dell<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">bus<span class=\"_ _0\"></span>ine<span class=\"_ _0\"></span>ss<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cui<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">obi<span class=\"_ _0\"></span>etti<span class=\"_ _0\"></span>vo<span class=\"ff1\"> </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>onse<span class=\"_ _0\"></span>gui<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>med<span class=\"_ _0\"></span>ian<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span>l\u2019<span class=\"_ _0\"></span>inc<span class=\"_ _0\"></span>asso<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">flu<span class=\"_ _0\"></span>ssi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fin<span class=\"_ _0\"></span>anzi<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pre<span class=\"_ _0\"></span>vist<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ontr<span class=\"_ _0\"></span>attu<span class=\"_ _0\"></span>alm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>(B<span class=\"_ _0\"></span>usin<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>s<span class=\"ff1\"> </span>model<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u201cH<span class=\"_ _0\"></span>old<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">to</span> <span class=\"_ _1\"></span><span class=\"ff3\">Colle<span class=\"_ _0\"></span>ct\u201d<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u2013</span> <span class=\"ff3\">\u201cHT<span class=\"_ _0\"></span>C\u201d)<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>e<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span></span></span>i<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>t<span class=\"_ _2\"></span>ermini<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>contra<span class=\"_ _2\"></span>ttuali<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>dell\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>finanziaria<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>prevedono,<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>determinate<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>date,<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>flussi<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>fin<span class=\"_ _2\"></span>anziar<span class=\"_ _3bd\"> </span>i<span class=\"ff1\"> </span>rappresentati<span class=\"ff1\">  </span>unicame<span class=\"_ _0\"></span>nte<span class=\"ff1\">  </span>da<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>pagamenti<span class=\"ff1\">  </span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>capitale<span class=\"ff1\">  </span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dell\u2019interesse<span class=\"ff1\">  </span>sull\u2019importo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\">  </span>capitale<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _3bd\"> </span>a<span class=\"ff1\"> </span>restituire<span class=\"ff1\"> </span>(cd.<span class=\"ff1\"> </span>\u201cSPPI<span class=\"ff1\"> </span>test\u201d<span class=\"ff1\"> </span>superato).<span class=\"_ _3bd\"> </span> Pi\u00f9<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>arti<span class=\"_ _0\"></span>col<span class=\"_ _0\"></span>are,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fo<span class=\"_ _0\"></span>rman<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>og<span class=\"_ _0\"></span>getto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>ile<span class=\"_ _0\"></span>vazi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">que<span class=\"_ _1\"></span>sta<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>oce:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span>gli<span class=\"ff1\"> <span class=\"_ _21\"></span></span>impieghi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>banche<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>n<span class=\"_ _2\"></span>elle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>diverse<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>forme<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tecniche<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>pr<span class=\"_ _2\"></span>esentano<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>requisiti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>pa<span class=\"_ _2\"></span>ragraf<span class=\"_ _3bd\"> </span>o<span class=\"ff1\"> </span>pre<span class=\"_ _0\"></span>ced<span class=\"_ _0\"></span>ente<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span> gli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>impieghi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>clientela<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nelle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>diverse<span class=\"ff1\"> <span class=\"_ _2\"></span></span>for<span class=\"_ _2\"></span>me<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tecniche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ch<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>presentano<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>requisiti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>par<span class=\"_ _0\"></span>agraf<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span> pre<span class=\"_ _0\"></span>ced<span class=\"_ _0\"></span>ente<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span> i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tit<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>bito<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ch<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">re<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>siti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cu<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">par<span class=\"_ _0\"></span>agraf<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rece<span class=\"_ _0\"></span>den<span class=\"_ _0\"></span>te.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>inoltr<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>inclusi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>categoria<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>crediti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>funzionamento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>connessi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prestazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>servizi<span class=\"ff1\"> </span>finanziari<span class=\"ff1\"> <span class=\"_ _2\"></span></span>come<span class=\"ff1\"> </span>definiti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dal<span class=\"ff1\"> </span>T.U.B.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>dal<span class=\"ff1\"> <span class=\"_ _2\"></span></span>T.U.F.<span class=\"ff1\"> </span>(ad<span class=\"ff1\"> <span class=\"_ _2\"></span></span>esempio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> </span>distribuzione<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prodotti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziari<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">diservicing).<span class=\"_ _3bd\"> </span></span></span>Ri<span class=\"_ _0\"></span>cla<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>ich<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Secondo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>regole<span class=\"ff1\"> <span class=\"_ _2\"></span></span>g<span class=\"_ _2\"></span>enerali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>previs<span class=\"_ _2\"></span>te<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall\u2019IFRS<span class=\"ff1\"> <span class=\"_ _20\"></span></span>9<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>materia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riclassificazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziarie,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>non<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>ammesse<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riclassifiche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">verso<span class=\"ff1\"> </span>altre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">categorie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>alvo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>caso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>cu<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>l\u2019entit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mo<span class=\"_ _2\"></span>difichi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>pro<span class=\"_ _0\"></span>pri<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>mod<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">bus<span class=\"_ _0\"></span>ine<span class=\"_ _0\"></span>ss<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gesti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">atti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>nanz<span class=\"_ _0\"></span>iarie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"_ _0\"></span><span class=\"ff3\">segu<span class=\"_ _0\"></span>ito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ambi<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">este<span class=\"_ _0\"></span>rni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">quali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">siano<span class=\"ff1\"> </span>rile<span class=\"_ _0\"></span>vanti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">operazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dell'entit\u00e0<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dimostr<span class=\"_ _2\"></span>abili<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">par<span class=\"_ _2\"></span>ti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">est<span class=\"_ _2\"></span>erne.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">In<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cas<span class=\"_ _2\"></span>i,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ci<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">at<span class=\"_ _2\"></span>tende<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>siano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>altamente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>infrequenti,<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"_ _2\"></span>ttivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziarie<span class=\"ff1\"> </span>potranno<span class=\"ff1\"> <span class=\"_ _2\"></span></span>essere<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riclassificate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dalla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>categoria<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valutata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> </span>costo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ammortizzato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>una<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> </span>altre<span class=\"ff1\"> <span class=\"_ _2\"></span></span>due<span class=\"ff1\"> </span>categorie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>previste<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall\u2019<span class=\"_ _0\"></span>IFRS<span class=\"ff1\"> <span class=\"_ _2\"></span></span>9<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(Attivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valutate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fair<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>lue<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>mpatt<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>su<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>redd<span class=\"_ _0\"></span>itiv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ompl<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o</span> <span class=\"ff3\">Attiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">finan<span class=\"_ _0\"></span>ziari<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>tate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al</span> <span class=\"ff3\">f<span class=\"_ _0\"></span>air<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">value<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>impatt<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>economico).<span class=\"ff1\"> </span>Il<span class=\"ff1\"> </span>valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>trasferimento<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>rappresentato<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">momento<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>riclassificazione<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span></span></span></span></span>effetti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riclassificazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">operano<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">maniera<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pros<span class=\"_ _2\"></span>pettica<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">part<span class=\"_ _2\"></span>ire<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dalla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">data<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ric<span class=\"_ _2\"></span>lassificazione.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Gli<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">utili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>rdi<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ris<span class=\"_ _0\"></span>ulta<span class=\"_ _0\"></span>nti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dal<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>ffer<span class=\"_ _0\"></span>enz<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>ra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>osto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">amm<span class=\"_ _0\"></span>orti<span class=\"_ _0\"></span>zz<span class=\"_ _0\"></span>ato<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>'atti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nzia<span class=\"_ _0\"></span>ria<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>lati<span class=\"_ _0\"></span>vo<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>air<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alue<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>ono<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>rilevati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">conto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">economico<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">caso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riclassifica<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valutat<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">impatto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>conto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>economico<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Patrimonio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nett<span class=\"_ _2\"></span>o,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nel<span class=\"_ _0\"></span>l\u2019apposita<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>riserva<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valutazione,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _21\"></span></span>caso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>riclassifica<span class=\"ff1\"> <span class=\"_ _20\"></span></span>t<span class=\"_ _2\"></span>ra<span class=\"ff1\"> <span class=\"_ _21\"></span></span>le<span class=\"ff1\"> </span>Attivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>impatto<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>redditivit\u00e0<span class=\"ff1\"> </span>complessiva.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Successivamente<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>al<span class=\"_ _2\"></span>la<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>rilevazione<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>iniziale,<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>esame<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>valutate<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>costo<span class=\"ff1\"> </span>amm<span class=\"_ _0\"></span>orti<span class=\"_ _0\"></span>zza<span class=\"_ _0\"></span>to,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">utiliz<span class=\"_ _0\"></span>zand<span class=\"_ _1\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>metod<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tasso</span> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">int<span class=\"_ _0\"></span>eres<span class=\"_ _0\"></span>se<span class=\"ff1\"> </span>effe<span class=\"_ _0\"></span>ttiv<span class=\"_ _0\"></span>o.<span class=\"ff1\"> </span>In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">que<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">te<span class=\"_ _0\"></span>rmini<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>l\u2019at<span class=\"_ _0\"></span>tivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>ricon<span class=\"_ _0\"></span>osc<span class=\"_ _0\"></span>iuta<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">am<span class=\"_ _2\"></span>montare<span class=\"ff1\"> </span>pari<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alore<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prima<span class=\"ff1\"> </span>iscrizione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _2\"></span>minuito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span>rimborsi<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>capitale,<span class=\"ff1\"> </span>pi\u00f9<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o</span> <span class=\"_ _0\"></span><span class=\"ff3\">meno<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>l\u2019<span class=\"_ _0\"></span>amm<span class=\"_ _0\"></span>ortam<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>cumul<span class=\"_ _0\"></span>ato<span class=\"ff1\"> </span>(ca<span class=\"_ _0\"></span>lcola<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>col<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>amat<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>me<span class=\"_ _0\"></span>tod<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tasso</span> <span class=\"ff3\">di</span> <span class=\"ff3\">int<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">effe<span class=\"_ _0\"></span>ttiv<span class=\"_ _1\"></span>o<span class=\"_ _2\"></span>)<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>dif<span class=\"_ _0\"></span>feren<span class=\"_ _0\"></span>za<span class=\"ff1\"> </span></span></span></span></span>tra<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tale<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>importo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>iniziale<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">l\u2019import<span class=\"_ _2\"></span>o</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">alla</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">scaden<span class=\"_ _0\"></span>za<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(riconducibile<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tipicamente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ai<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>costi/proventi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>imputati<span class=\"ff1\"> </span></span></span>direttamente<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>singola<span class=\"ff1\"> </span>attivit\u00e0)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>rettificato<span class=\"ff1\"> </span>dell\u2019eventuale<span class=\"ff1\"> </span>fondo<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>copertura<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"ff1\"> </span>perdite<span class=\"ff1\"> </span>attese.<span class=\"ff1\"> </span>I<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> </span></span></span>di<span class=\"ff1\">  </span>interesse<span class=\"ff1\">  </span>ef<span class=\"_ _0\"></span>fett<span class=\"_ _2\"></span>ivo<span class=\"ff1\">  </span>\u00e8<span class=\"ff1\">  </span>i<span class=\"_ _0\"></span>ndividuato<span class=\"_ _2\"></span><span class=\"ff1\">  </span>calcolando<span class=\"ff1\">  </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\">  </span>tasso<span class=\"ff1\">  </span>che<span class=\"ff1\">  </span>eguaglia<span class=\"ff1\">  </span>il<span class=\"ff1\">  </span>valore<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>at<span class=\"_ _2\"></span>tuale<span class=\"ff1\">  </span>dei<span class=\"ff1\">  </span>flussi<span class=\"ff1\">  </span>fu<span class=\"_ _0\"></span>turi<span class=\"_ _2\"></span><span class=\"ff1\"> </span>dell\u2019attivit\u00e0,<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>capi<span class=\"_ _0\"></span>tale<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>ed<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _23\"> </span><span class=\"ff3\">i<span class=\"_ _0\"></span>nteresse,<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>all\u2019<span class=\"_ _0\"></span>ammontar<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>erogato<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>inclusivo<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>costi/proventi<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>ricondotti<span class=\"ff1\"> </span></span></span>all\u2019attivit\u00e0<span class=\"ff1\">  </span>finan<span class=\"_ _0\"></span>ziaria<span class=\"ff1\">  </span>medesima.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Tale<span class=\"ff1\">  </span>modalit\u00e0<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\">  </span>contabilizzaz<span class=\"_ _0\"></span>ione,<span class=\"ff1\">  </span>utili<span class=\"_ _0\"></span>zzando<span class=\"ff1\">  </span>una<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>logica<span class=\"ff1\">  </span>finanziaria,<span class=\"ff1\"> </span>consente<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>d<span class=\"_ _0\"></span>istribuire<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>l\u2019<span class=\"_ _0\"></span>effetto<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>economico<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>cost<span class=\"_ _2\"></span>i/proventi<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>direttamente<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>attribuibili<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>ad<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>un\u2019attivit\u00e0<span class=\"ff1\"> </span>finanziaria<span class=\"ff1\"> </span>lungo<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>sua<span class=\"ff1\"> </span>vita<span class=\"ff1\"> </span>residua<span class=\"ff1\"> </span>attesa.<span class=\"_ _3bd\"> </span>Il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>metodo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>costo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ammortizzato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>non<span class=\"ff1\"> <span class=\"_ _2\"></span></span>viene<span class=\"ff1\"> <span class=\"_ _2\"></span></span>utilizzato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u2013<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valorizzat<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>costo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>storico<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u2013<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cui<span class=\"_ _2\"></span><span class=\"ff1\"> </span>breve<span class=\"ff1\"> <span class=\"_ _20\"></span></span>durata<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fa<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>itenere<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tr<span class=\"_ _2\"></span>ascurabile<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l\u2019effetto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dell\u2019applicazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>logica<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dell\u2019attualizzazione,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _21\"></span></span>quel<span class=\"_ _0\"></span>l<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>senza<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>scadenza<span class=\"ff1\"> </span>definita<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>crediti<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>revoca.<span class=\"_ _3bd\"> </span>I<span class=\"ff1\">  </span>criteri<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\">  </span>valu<span class=\"_ _0\"></span>tazione<span class=\"ff1\">  </span>relativi<span class=\"ff1\">  </span>agli<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>accantonamenti<span class=\"ff1\">  </span>per<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\">  </span>perdite<span class=\"ff1\">  </span>attese<span class=\"ff1\">  </span>sono<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">strettamente</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">connessi</span> </span>all\u2019inclusione<span class=\"ff1\"> </span>degli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>str<span class=\"_ _2\"></span>umenti<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>esame<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>uno<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>ei<span class=\"ff1\"> </span>tr<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>st<span class=\"_ _2\"></span>ages<span class=\"ff1\"> </span>(stadi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>creditizio)<span class=\"ff1\"> </span>prev<span class=\"_ _2\"></span>isti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall\u2019IFRS<span class=\"ff1\"> </span>9,<span class=\"ff1\"> </span>l\u2019ultimo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(Stage<span class=\"ff1\"> <span class=\"_ _2\"></span></span>3)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>com<span class=\"_ _2\"></span>prende<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>deter<span class=\"_ _2\"></span>iorate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>estanti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(Stage<span class=\"ff1\"> <span class=\"_ _2\"></span></span>1<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>2)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>bonis.<span class=\"_ _3bd\"> </span>Con<span class=\"ff1\"> </span>riferimento<span class=\"ff1\"> </span>alla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>appresentazione<span class=\"ff1\"> </span>contabil<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>suddetti<span class=\"ff1\"> </span>ef<span class=\"_ _0\"></span>fetti<span class=\"ff1\"> </span>valutativi,<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rettifiche</span> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> </span>riferite<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span>questa<span class=\"ff1\"> </span>tipologia<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>rilevate<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>Conto<span class=\"ff1\"> </span>Economico:<span class=\"_ _3bd\"> </span>al<span class=\"_ _0\"></span>l\u2019at<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>ll\u2019<span class=\"_ _0\"></span>isc<span class=\"_ _0\"></span>rizi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">iniz<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span>e,<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>mmon<span class=\"_ _0\"></span>tare<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>ari<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">perd<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">at<span class=\"_ _0\"></span>tesa<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"ff3\">d<span class=\"_ _1\"></span>odici<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">me<span class=\"_ _1\"></span>si;<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span>all\u2019atto<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>valutazione<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>successiva<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>dell\u2019att<span class=\"_ _2\"></span>ivit\u00e0,<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>ove<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>creditizio<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>sia<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>risultato<span class=\"ff1\"> </span>significativamente<span class=\"ff1\"> <span class=\"_ _28\"> </span></span>incrementato<span class=\"ff1\"> <span class=\"_ _28\"> </span></span>rispetto<span class=\"ff1\"> <span class=\"_ _2b\"> </span></span>all\u2019<span class=\"_ _0\"></span>iscrizione<span class=\"ff1\"> <span class=\"_ _28\"> </span></span>iniziale,<span class=\"ff1\"> <span class=\"_ _28\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _28\"> </span></span>relazione<span class=\"ff1\"> <span class=\"_ _28\"> </span></span>alle<span class=\"ff1\"> <span class=\"_ _28\"> </span></span>vari<span class=\"_ _2\"></span>azioni<span class=\"ff1\"> </span>dell\u2019ammontare<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>rettifiche<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>perdite<span class=\"ff1\"> </span>attese<span class=\"ff1\"> </span>nei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dodici<span class=\"ff1\"> </span>mesi<span class=\"ff1\"> </span>successivi;<span class=\"_ _3bd\"> </span>al<span class=\"_ _0\"></span>l\u2019at<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>valu<span class=\"_ _0\"></span>tazi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">succes<span class=\"_ _0\"></span>siv<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>dell\u2019<span class=\"_ _0\"></span>atti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0,<span class=\"ff1\"> </span>ove<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">risch<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>cred<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>zio<span class=\"ff1\"> </span>si<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ris<span class=\"_ _0\"></span>ulta<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>sig<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>fica<span class=\"_ _0\"></span>tiva<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>incrementato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rispetto<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>l\u2019iscrizione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"_ _2\"></span>niziale,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>relazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span>rilevazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rettifiche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>perdite<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>attese<span class=\"ff1\"> </span>riferibili<span class=\"ff1\"> </span>all\u2019intera<span class=\"ff1\"> </span>vita<span class=\"ff1\"> </span>residua<span class=\"ff1\"> </span>prevista<span class=\"ff1\"> </span>contr<span class=\"_ _2\"></span>attualmente<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>l\u2019attivit\u00e0;<span class=\"_ _3bd\"> </span>all\u2019atto<span class=\"ff1\">  </span>della<span class=\"ff1\">  </span>valutazione<span class=\"ff1\">  </span>succe<span class=\"_ _0\"></span>ssiva<span class=\"ff1\">  </span>dell\u2019attivit\u00e0,<span class=\"ff1\">  </span>ove<span class=\"ff1\">  </span>\u2013<span class=\"ff1\">  </span>dopo<span class=\"ff1\">  </span>che<span class=\"ff1\">  </span>si<span class=\"ff1\">  </span>\u00e8<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>verificato<span class=\"ff1\">  </span>un<span class=\"ff1\">  </span>inc<span class=\"_ _0\"></span>reme<span class=\"_ _0\"></span>nto<span class=\"_ _3bd\"> </span>sig<span class=\"_ _0\"></span>nif<span class=\"_ _0\"></span>icat<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">risc<span class=\"_ _0\"></span>hio<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">cre<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>rispe<span class=\"_ _0\"></span>tto<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>l\u2019i<span class=\"_ _0\"></span>scri<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>iniz<span class=\"_ _0\"></span>iale<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">\u2013</span> <span class=\"ff3\">la</span> <span class=\"ff3\">\u201csig<span class=\"_ _0\"></span>nifi<span class=\"_ _0\"></span>cat<span class=\"_ _0\"></span>ivit\u00e0<span class=\"_ _0\"></span>\u201d<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tal<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>incr<span class=\"_ _0\"></span>eme<span class=\"_ _0\"></span>nto<span class=\"ff1\"> </span>sia<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span>poi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>venuta<span class=\"ff1\"> <span class=\"_ _2\"></span></span>meno,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>relazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>all\u2019adeguamento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rettifiche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valor<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cumulate<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tener<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"_ _2\"></span>to<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>passaggio<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>perdita<span class=\"ff1\"> </span>attesa<span class=\"ff1\"> </span>lungo<span class=\"ff1\"> </span>l\u2019intera<span class=\"ff1\"> </span>vita<span class=\"ff1\"> </span>residua<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>strumento<span class=\"ff1\"> </span>(\u201clifetime\u201d)<span class=\"ff1\"> </span>ad<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>dodici<span class=\"ff1\"> </span></span></span>me<span class=\"_ _1\"></span>si.<span class=\"_ _0\"></span> Le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> </span>fin<span class=\"_ _0\"></span>anziarie<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esame,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ove<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risultino<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">bonis,</span> <span class=\"_ _1\"></span><span class=\"ff3\">sono<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sottoposte<span class=\"ff1\"> </span>ad<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">una<span class=\"ff1\"> </span>valutazione,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">volta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>defi<span class=\"_ _0\"></span>nire<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>rettifiche<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>val<span class=\"_ _0\"></span>ore<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rilevare<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"></span></span>bil<span class=\"_ _0\"></span>ancio,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>livello<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>ingolo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rapp<span class=\"_ _0\"></span>ort<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>creditizi<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>(o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u201ctranche\u201d<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>titolo),<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"_ _0\"></span><span class=\"ff1\"> </span>funzione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>parametri<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>appresentati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>da<span class=\"ff1\"> <span class=\"_ _21\"></span></span>probabili<span class=\"_ _0\"></span>ty<span class=\"ff1\"> <span class=\"_ _21\"></span></span>of<span class=\"ff1\"> <span class=\"_ _20\"></span></span>default<span class=\"ff1\"> <span class=\"_ _21\"></span></span>(P<span class=\"_ _0\"></span>D),<span class=\"ff1\"> <span class=\"_ _21\"></span></span>loss<span class=\"ff1\"> <span class=\"_ _20\"></span></span>given<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>efault<span class=\"ff1\"> <span class=\"_ _21\"></span></span>(LGD)<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ed<span class=\"ff1\"> </span>exposure<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>at<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>default<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(EAD),<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>derivati<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>ai<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>modelli<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>AIRB<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>op<span class=\"_ _2\"></span>portunamente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>corretti<span class=\"ff1\">  </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tener<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>conto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>delle<span class=\"ff1\"> </span>previsioni<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>principio<span class=\"ff1\"> </span>contabile<span class=\"ff1\"> </span>IFRS<span class=\"ff1\"> </span>9.<span class=\"_ _3bd\"> </span>Se,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">olt<span class=\"_ _2\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ad<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">incremento<span class=\"ff1\"> </span>significativo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">credito,<span class=\"ff1\"> </span>si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riscont<span class=\"_ _2\"></span>rano<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>nche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">oggettive<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">evidenze<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>perdita<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valore,<span class=\"ff1\"> </span>l\u2019importo<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>perdi<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>viene<span class=\"ff1\"> </span>misurat<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ifferenza<span class=\"ff1\"> </span>tra<span class=\"_ _2\"></span><span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> </span>contabile<span class=\"ff1\"> </span>dell\u2019attivit\u00e0<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> </span></span></span>classificata<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">com<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u201cdeteriorat<span class=\"_ _2\"></span>a\u201d,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pari<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tutti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alt<span class=\"_ _2\"></span>ri<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>apporti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">intercorrenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">medesima<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contr<span class=\"_ _2\"></span>oparte<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u2013<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>attuale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>futuri<span class=\"ff1\"> <span class=\"_ _20\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziari<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>timati,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>scontati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tasso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>interesse<span class=\"ff1\"> <span class=\"_ _2\"></span></span>effettivo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>originario.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>In<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>ale<span class=\"ff1\"> </span>contesto,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>stata<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sviluppata<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>specifica<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>metodologia<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>trattamento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cont<span class=\"_ _2\"></span>abile<span class=\"ff1\"> <span class=\"_ _21\"></span></span>da<span class=\"ff1\"> <span class=\"_ _21\"></span></span>applicare<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ad<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>un<span class=\"_ _3bd\"> </span>portafoglio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">posizioni<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sofferenza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che,<span class=\"ff1\"> </span>avend<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>maturato<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vintage<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">significativo,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vengono<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anche<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>un\u2019ot<span class=\"_ _2\"></span>tica<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cessione.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Tale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>metodologia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>considera<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>diversi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>scenari<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>stima<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>recuperabile<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"_ _2\"></span><span class=\"ff1\"> </span>esposizioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>base<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>combinazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>all<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>probabilit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"_ _2\"></span>ccadimento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ta<span class=\"_ _2\"></span>li<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>cenari,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>oltre<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>elativi<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cas<span class=\"_ _2\"></span>sa<span class=\"ff1\"> </span>stimati.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Rientrano<span class=\"ff1\"> </span>nell\u2019ambito<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> </span>deteriorate<span class=\"ff1\"> </span>g<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziari<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>quali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span>stato<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>attribuito<span class=\"ff1\"> </span>lo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>status<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sofferenza,<span class=\"ff1\"> </span>inadempienza<span class=\"ff1\"> </span>probabile<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>caduto/sconfinante<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>oltre<span class=\"ff1\"> </span>nov<span class=\"_ _2\"></span>anta<span class=\"ff1\"> </span>giorni<span class=\"_ _2\"></span><span class=\"ff1\"> </span>secondo<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>regole<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Banca<span class=\"ff1\"> </span>d\u2019Italia,<span class=\"ff1\"> </span>coerenti<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>normativa<span class=\"ff1\"> </span>IAS/IFRS<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Vigilanza<span class=\"ff1\"> </span>europea.<span class=\"_ _3bd\"> </span>I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">flussi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cassa<span class=\"ff1\"> </span>prev<span class=\"_ _0\"></span>isti<span class=\"ff1\"> </span>tengono<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>tempi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>recupero<span class=\"ff1\"> </span>attesi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>presumibile<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">realizzo<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>eventuali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">garanzie.<span class=\"_ _3bd\"> </span></span></span>Il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>tasso<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>effettivo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>originario<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ci<span class=\"_ _2\"></span>ascuna<span class=\"ff1\"> <span class=\"_ _21\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rimane<span class=\"ff1\"> <span class=\"_ _21\"></span></span>invariato<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff3\">tempo</span> <span class=\"_ _21\"> </span><span class=\"ff3\">ancorch\u00e9</span> <span class=\"_ _21\"></span><span class=\"ff3\">sia</span> <span class=\"_ _21\"></span><span class=\"ff3\">intervenuta</span> <span class=\"_ _21\"></span><span class=\"ff3\">una</span> </span>ristrutturazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>rapporto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> </span>abb<span class=\"_ _0\"></span>ia<span class=\"ff1\"> </span>com<span class=\"_ _2\"></span>portato<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>variazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contrattuale<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>anche<span class=\"ff1\"> </span>qualora<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>rapporto<span class=\"ff1\"> </span>divenga,<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>pratica,<span class=\"ff1\"> </span>infruttifero<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>interessi<span class=\"ff1\"> </span>cont<span class=\"_ _2\"></span>rattuali.<span class=\"_ _3bd\"> </span>Qualora<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">motivi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>ella<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perdita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">v<span class=\"_ _2\"></span>alore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>iano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rimossi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">seguito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">evento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">verificatosi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">successivamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>rilevazione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>riduzione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>valore,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>vengono<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>effettuate<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>riprese<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>imputazione<span class=\"ff1\">  </span>a<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>Conto<span class=\"ff1\"> </span>Economico.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>La<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ripresa<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>pu\u00f2<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>eccede<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">costo</span> <span class=\"_ _27\"> </span><span class=\"ff3\">ammortizzato</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">l<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>strumento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>finanziario<span class=\"ff1\"> </span></span></span></span></span>avrebbe<span class=\"ff1\"> </span>avuto<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>assenza<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>precedenti<span class=\"ff1\"> </span>rett<span class=\"_ _2\"></span>ifiche.<span class=\"ff1\"> </span>I<span class=\"ff1\"> </span>ripristini<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>connessi<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>trascorrere<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>tempo<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>appostati<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>margine<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>interesse.<span class=\"_ _3bd\"> </span>In<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alcuni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>casi,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>urante<span class=\"ff1\"> <span class=\"_ _21\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>vita<span class=\"ff1\"> <span class=\"_ _21\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>esame<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>particolare,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>crediti,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>condizioni<span class=\"ff1\"> </span>contrattuali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"_ _2\"></span>riginarie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">oggett<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">successiva<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">modifica<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">volont\u00e0<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">parti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contratto<span class=\"_ _2\"></span>.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Quando,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>corso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>vita<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>uno<span class=\"ff1\"> <span class=\"_ _20\"></span></span>st<span class=\"_ _2\"></span>rumento,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>clausole<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">contrattuali</span> <span class=\"_ _20\"></span><span class=\"ff3\">sono</span> <span class=\"_ _20\"></span><span class=\"ff3\">oggetto<span class=\"_ _2\"></span></span> <span class=\"_ _20\"></span><span class=\"ff3\">di</span> <span class=\"_ _20\"></span><span class=\"ff3\">m<span class=\"_ _2\"></span>odifica</span> <span class=\"_ _20\"></span><span class=\"ff3\">occorre</span> <span class=\"_ _21\"></span><span class=\"ff3\">verifi<span class=\"_ _0\"></span>care<span class=\"ff1\"> <span class=\"_ _21\"></span></span>se<span class=\"ff1\"> </span></span></span>l\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>originaria<span class=\"ff1\"> <span class=\"_ _2\"></span></span>deve<span class=\"ff1\"> <span class=\"_ _2\"></span></span>continuare<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _2\"></span></span>essere<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rilevata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>bilancio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>se,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contr<span class=\"_ _2\"></span>ario,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>lo<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>trumento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>originario<span class=\"ff1\"> </span>deve<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>esser<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>oggetto<span class=\"_ _2\"></span><span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\">  </span>cancellazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dal<span class=\"ff1\">  </span>bilancio<span class=\"ff1\">  </span>(derecognition)<span class=\"ff1\">  </span>e<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">debba</span>  <span class=\"ff3\">e<span class=\"_ _0\"></span>ssere<span class=\"ff1\">  </span>rilevato<span class=\"ff1\">  </span>un<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nuovo<span class=\"ff1\"> </span></span></span>strumento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziario.<span class=\"_ _3bd\"> </span></span></span>In<span class=\"ff1\"> </span>gen<span class=\"_ _0\"></span>erale,<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>modifiche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>un\u2019attivit\u00e0<span class=\"ff1\"> </span>finanziaria<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">conducono<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>cancell<span class=\"_ _0\"></span>azione<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>stessa<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>d<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>l\u2019iscrizione<span class=\"ff1\"> </span></span></span></span></span>di<span class=\"ff1\"> </span>una<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nuova<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quando<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>no<span class=\"ff1\"> </span>\u201c<span class=\"_ _2\"></span>sostanziali\u201d.<span class=\"ff1\"> </span>La<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valutazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>circa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> </span>\u201c<span class=\"_ _2\"></span>sostanzialit\u00e0\u201d<span class=\"ff1\"> </span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>modifica<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>eve<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>effettuata<span class=\"ff1\"> </span>conside<span class=\"_ _0\"></span>rando<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span>elementi<span class=\"ff1\"> </span>qualitativi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sia<span class=\"ff1\"> </span>elementi<span class=\"ff1\"> </span>quantitativi.<span class=\"ff1\"> </span>In<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alcuni<span class=\"ff1\"> </span>casi,<span class=\"ff1\"> </span>infatti,<span class=\"ff1\"> </span>potr\u00e0<span class=\"ff1\"> </span></span></span></span></span>risultare<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>chiaro,<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>senza<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>ricorso<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>complesse<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>analisi,<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>cambiamenti<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>intro<span class=\"_ _2\"></span>dotti<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>modificano<span class=\"ff1\"> </span>sostanzialmente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>caratterist<span class=\"_ _2\"></span>iche<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span><span class=\"ff3\">e/o</span> <span class=\"_ _2\"></span><span class=\"ff3\">i</span> <span class=\"_ _20\"></span><span class=\"ff3\">flussi</span> <span class=\"_ _20\"></span><span class=\"ff3\">contrattuali</span> <span class=\"_ _20\"></span><span class=\"ff3\">di</span> <span class=\"_ _2\"></span><span class=\"ff3\">una</span> <span class=\"_ _20\"></span><span class=\"ff3\">determinata</span> <span class=\"_ _20\"></span><span class=\"ff3\">attivit\u00e0</span> <span class=\"_ _20\"></span><span class=\"ff3\">mentre,</span> <span class=\"_ _2\"></span><span class=\"ff3\">in</span> <span class=\"_ _20\"></span><span class=\"ff3\">altri</span> <span class=\"_ _20\"></span><span class=\"ff3\">casi,</span> </span>dovranno<span class=\"ff1\"> <span class=\"_ _2\"></span></span>essere<span class=\"ff1\"> </span>svolte<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ulteriori<span class=\"ff1\"> <span class=\"_ _2\"></span></span>analisi<span class=\"ff1\"> </span>(anche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>tipo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quantitativo)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>apprezzare<span class=\"ff1\"> </span>gli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>effetti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>stesse<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>verificare<span class=\"ff1\"> <span class=\"_ _21\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>necessit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>procedere<span class=\"ff1\"> <span class=\"_ _21\"></span></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>meno<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>cancellazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dell\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ed<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"_ _2\"></span>lla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>iscrizione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nuovo<span class=\"ff1\"> </span>strumento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziario.<span class=\"_ _3bd\"> </span></span></span>Le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>analisi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(q<span class=\"_ _2\"></span>uali-quantitative)<span class=\"ff1\"> <span class=\"_ _21\"></span></span>volte<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>defini<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u201csostanzialit\u00e0\u201d<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>modifiche<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contrattuali<span class=\"ff1\"> <span class=\"_ _21\"></span></span>apportate<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ad<span class=\"ff1\"> </span>un\u2019attivit\u00e0<span class=\"ff1\"> </span>finanziaria,<span class=\"ff1\"> </span>dovranno<span class=\"ff1\"> </span>pertanto<span class=\"ff1\"> </span>considerare:<span class=\"_ _3bd\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fin<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>pe<span class=\"_ _1\"></span>r<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mod<span class=\"_ _0\"></span>ific<span class=\"_ _0\"></span>he<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">state<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span>ffe<span class=\"_ _0\"></span>ttua<span class=\"_ _0\"></span>te:<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>d<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>semp<span class=\"_ _0\"></span>io,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rin<span class=\"_ _0\"></span>egoz<span class=\"_ _0\"></span>iaz<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>motiv<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ommerc<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>cess<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>dif<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>olt<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>nanz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>ntro<span class=\"_ _0\"></span>par<span class=\"_ _0\"></span>te:<span class=\"_ _3bd\"> </span></span></span></span></span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prime,<span class=\"ff1\"> </span>volte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>\u201ctrattenere\u201d<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>cliente,<span class=\"ff1\"> </span>vedono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">coinvolto<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>debitore<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>he<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">versa<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">situazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"_ _0\"></span>ffi<span class=\"_ _0\"></span>colt\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fina<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>a.<span class=\"ff1\"> </span>In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">que<span class=\"_ _0\"></span>sta<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>asist<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>inc<span class=\"_ _0\"></span>luse<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tut<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>le<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">operaz<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rine<span class=\"_ _0\"></span>gozi<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>olte<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ad<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">adeg<span class=\"_ _0\"></span>uare<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">l\u2019o<span class=\"_ _0\"></span>nero<span class=\"_ _0\"></span>sit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">debi<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>alle<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">co<span class=\"_ _0\"></span>ndiz<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">me<span class=\"_ _0\"></span>rca<span class=\"_ _0\"></span>to.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Tali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">oper<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ompo<span class=\"_ _0\"></span>rtan<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>una<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">variaz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>delle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>condizioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>originarie<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>contratto,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>olitamente<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>richieste<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>debitore,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">attiene</span> <span class=\"_ _27\"> </span><span class=\"ff3\">ad</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">aspetti</span> </span>connessi<span class=\"ff1\"> </span>alla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>onerosit\u00e0<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>debito<span class=\"_ _2\"></span>,<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>conseguente<span class=\"ff1\"> </span>beneficio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>economico<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>debitore<span class=\"ff1\"> </span>stesso.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>In<span class=\"ff1\"> </span>linea<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>generale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>itiene<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>che,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>o<span class=\"_ _2\"></span>gniqualvolta<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>banca<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>effettui<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>u<span class=\"_ _2\"></span>na<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rinegoziazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fine<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"_ _2\"></span>vitare<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>rde<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">prop<span class=\"_ _0\"></span>rio<span class=\"ff1\"> </span>cl<span class=\"_ _0\"></span>ien<span class=\"_ _0\"></span>te,<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>ale<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>neg<span class=\"_ _0\"></span>ozi<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>bba<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">essere<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span>side<span class=\"_ _1\"></span>rata<span class=\"ff1\"> </span>com<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>sos<span class=\"_ _0\"></span>tanz<span class=\"_ _0\"></span>iale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">quanto<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>ov<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>non<span class=\"ff1\"> </span>fosse<span class=\"ff1\"> </span>effettuata,<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>cliente<span class=\"ff1\"> </span>potrebbe<span class=\"ff1\"> </span>finanziarsi<span class=\"ff1\"> </span>presso<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>altro<span class=\"ff1\"> </span>intermediario<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>banca<span class=\"ff1\"> </span>subirebbe<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>decremento<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>ricavi<span class=\"ff1\"> </span>futuri<span class=\"ff1\"> </span>previsti;<span class=\"_ _3bd\"> </span>le<span class=\"ff1\"> </span>seconde,<span class=\"ff1\"> </span>effettuate<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u201cragioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>creditizio\u201d<span class=\"ff1\"> </span>(misure<span class=\"_ _2\"></span><span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>forbearance),<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riconducibili<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span> tentativo<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>banca<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>massimizzare<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>recovery<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>cash<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">flow<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span>cred<span class=\"_ _0\"></span>ito<span class=\"ff1\"> </span>originario.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischi<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i</span> <span class=\"_ _1\"></span><span class=\"ff3\">benefici<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>sottostanti,<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>successivamente<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>alle<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>modifiche,<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>norma,<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>sostanzialmente<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>t<span class=\"_ _2\"></span>rasferiti<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>e,<span class=\"ff1\"> </span>conseguentemente,<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rappresentazione<span class=\"ff1\"> </span>contabile<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>offre<span class=\"ff1\"> </span>informazioni<span class=\"ff1\"> </span>pi\u00f9<span class=\"ff1\"> </span>rilevanti<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>lettor<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>(salvo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quanto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dir\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>eguito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span></span>tema<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>elementi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>oggettivi),<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quella<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>effettuata<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tramite<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> </span>\u201cmodification<span class=\"ff1\"> <span class=\"_ _20\"></span></span>accounting\u201d<span class=\"ff1\"> <span class=\"_ _21\"></span></span>-<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>implica<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rilevazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>conto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>economico<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>differenza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tr<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valore<span class=\"ff1\"> </span>contabile<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>valore<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attuale<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>flu<span class=\"_ _2\"></span>ssi<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cassa<span class=\"ff1\"> </span>modificati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>scontati<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>interesse<span class=\"ff1\"> </span>or<span class=\"_ _2\"></span>iginario<span class=\"ff1\"> </span>-<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>tramite<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>derecognition;<span class=\"_ _3bd\"> </span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>presenza<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>specifici<span class=\"ff1\"> <span class=\"_ _20\"></span></span>el<span class=\"_ _2\"></span>ementi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>oggettivi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>(\u201ctrigger\u201d)<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"_ _2\"></span>ncidono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sulle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">caratteristiche</span> <span class=\"_ _20\"></span><span class=\"ff3\">e/o</span> <span class=\"_ _21\"></span><span class=\"ff3\">sui</span> <span class=\"_ _20\"></span><span class=\"ff3\">flussi</span> </span>contrattuali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dello<span class=\"ff1\"> <span class=\"_ _20\"></span></span>str<span class=\"_ _2\"></span>umento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziario<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(quali,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>solo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>titolo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>es<span class=\"_ _2\"></span>empio,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cambiamento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>divisa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"_ _2\"></span><span class=\"ff1\"> </span>modifica<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> </span>tipologia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>esposti,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ove<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span>correli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>parametri<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">equity<span class=\"_ _2\"></span><span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">commodity),</span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ch<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>riti<span class=\"_ _0\"></span>ene<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">compo<span class=\"_ _0\"></span>rtin<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>derec<span class=\"_ _0\"></span>ogn<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>side<span class=\"_ _0\"></span>raz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">loro</span> <span class=\"ff3\">im<span class=\"_ _0\"></span>patt<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>(att<span class=\"_ _0\"></span>eso<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>me<span class=\"ff1\"> </span>si<span class=\"_ _0\"></span>gnif<span class=\"_ _0\"></span>icat<span class=\"_ _0\"></span>ivo)<span class=\"ff1\"> </span></span></span></span></span></span></span>sui<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> </span>contrattuali<span class=\"ff1\"> </span>originari.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inanziarie<span class=\"ff1\"> </span>veng<span class=\"_ _0\"></span>ono<span class=\"ff1\"> </span>cancell<span class=\"_ _0\"></span>ate<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>al<span class=\"ff1\"> </span>bilanc<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>solamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">se<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>cessione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">comportat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>sostanzial<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>trasferimento<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>utti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>be<span class=\"_ _0\"></span>nefici<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">connessi<span class=\"ff1\"> </span>alle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> </span>stesse.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Per<span class=\"ff1\"> </span>contro,<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>ualora<span class=\"ff1\"> </span>sia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stat<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ma<span class=\"_ _2\"></span>ntenut<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>una<span class=\"ff1\"> </span>quota<span class=\"ff1\"> <span class=\"_ _2\"></span></span>part<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>rilevante<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>b<span class=\"_ _2\"></span>enefici<span class=\"ff1\"> </span>relativi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cedute,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>queste<span class=\"ff1\"> <span class=\"_ _2\"></span></span>continuano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"_ _3bd\"> </span>essere<span class=\"ff1\"> </span>iscritte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>b<span class=\"_ _0\"></span>ilancio,<span class=\"ff1\"> </span>ancorch\u00e9<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">giuridicamente<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">titolarit\u00e0<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stesse<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span>stata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">effettivament<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>tras<span class=\"_ _0\"></span>fer<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span>Nel<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>caso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pos<span class=\"_ _2\"></span>sibile<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>accert<span class=\"_ _2\"></span>are<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sostanziale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>trasferimento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>b<span class=\"_ _0\"></span>enefici,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>at<span class=\"_ _2\"></span>tivit<span class=\"_ _3bd\"> </span>finanziarie<span class=\"ff1\"> <span class=\"_ _21\"></span></span>vengono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cancellate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _21\"></span></span>bilancio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>qualora<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>tato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>mantenuto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alcun<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tipo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>controllo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sull<span class=\"_ _3bd\"> </span>stesse.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>In<span class=\"ff1\"> <span class=\"_ _2\"></span></span>caso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contrario,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conservazione,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>anche<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>parte,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>ale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>controllo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>comporta<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mantenimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"_ _3bd\"> </span>n<span class=\"_ _3bd\"> </span>bilancio<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>misura<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>coinvolgimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>residuo,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>misurato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall\u2019esposizione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ai</span> <span class=\"ff3\">cam<span class=\"_ _2\"></span>biamenti</span> </span><span class=\"ff1\"><span class=\"ff3\">d<span class=\"_ _3bd\"> </span></span></span>valore<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>cedute<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>variazioni<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> </span>finanziari<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>stesse.<span class=\"_ _3bd\"> </span>Infine,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziar<span class=\"_ _2\"></span>ie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ce<span class=\"_ _2\"></span>dute<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vengono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cancellate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dal<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> </span>nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">caso<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cui<span class=\"ff1\"> </span>vi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sia</span> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onservazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">d<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">e<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>diritti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contrattuali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ricevere<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>relativi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cas<span class=\"_ _2\"></span>sa,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contestuale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>as<span class=\"_ _2\"></span>sunzione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un\u2019obb<span class=\"_ _2\"></span>ligazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"_ _3bd\"> </span>pagare<span class=\"ff1\"> </span>detti<span class=\"ff1\"> </span>flussi,<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>solo<span class=\"ff1\"> </span>essi,<span class=\"ff1\"> </span>senza<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>ritardo<span class=\"ff1\"> </span>rilevante<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>altri<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>ggetti<span class=\"ff1\"> </span>terzi.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ril<span class=\"_ _0\"></span>ev<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>del<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ual<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>L\u2019allocazione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>componenti<span class=\"ff1\"> </span>reddituali<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> </span>pertinenti<span class=\"ff1\"> </span>voci<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>conto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>economico<span class=\"ff1\"> </span>avviene<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>quanto<span class=\"ff1\"> </span>riportato<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>seguito:<span class=\"_ _3bd\"> </span>Gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>ress<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ttivi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>red<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> </span>ti<span class=\"_ _0\"></span>tol<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>eng<span class=\"_ _0\"></span>ono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">all<span class=\"_ _0\"></span>ocati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ne<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">voce<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u201cI<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">atti<span class=\"_ _0\"></span>vi<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>rove<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ass<span class=\"_ _0\"></span>imil<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>\u201d<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ompe<span class=\"_ _0\"></span>tenz<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ulla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">b<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">t<span class=\"_ _0\"></span>asso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>resse<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span>ffe<span class=\"_ _0\"></span>ttiv<span class=\"_ _0\"></span>o;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>Gli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">utili<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">perdite<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cessione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">crediti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">titoli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vengono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">allocat<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nella<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">voce<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u201cUtili<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(perdite)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cess<span class=\"_ _2\"></span>ion<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>o<span class=\"ff1\"> </span>riacquisto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>costo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ammortizzato\u201d;<span class=\"_ _3bd\"> </span>Le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rettifiche<span class=\"ff1\"> <span class=\"_ _21\"></span></span>da<span class=\"ff1\"> <span class=\"_ _20\"></span></span>impairment,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>perdite<span class=\"ff1\"> <span class=\"_ _21\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cancellazioni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>riprese<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>credi<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tito<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span>vengono<span class=\"ff1\"> </span>allocate<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span>voce<span class=\"ff1\"> </span>\u201cRettifiche/riprese<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> </span>nette<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">credito<span class=\"ff1\"> </span>relativo<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ttivit<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">\u00e0<span class=\"ff1\"> </span></span></span></span></span>finanziarie<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>costo<span class=\"ff1\"> </span>ammort<span class=\"_ _2\"></span>izzato\u201d.<span class=\"_ _3bd\"> </span>Gli<span class=\"ff1\"> </span>interessi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dovuti<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>trascorrere<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tempo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contabilizzati<span class=\"ff1\"> </span>nella<span class=\"ff1\"> <span class=\"_ _2\"></span></span>voce<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u201cInteressi<span class=\"ff1\"> </span>att<span class=\"_ _2\"></span>ivi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>prove<span class=\"_ _0\"></span>nti<span class=\"_ _3bd\"> </span>ass<span class=\"_ _0\"></span>imi<span class=\"_ _0\"></span>lat<span class=\"_ _0\"></span>i\u201d.<span class=\"_ _3bd\"> </span>4-<span class=\"_ _3bd\"> </span>Op<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rtu<span class=\"_ _1\"></span>ra<span class=\"fc0 sc1\"> </span>Il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Gruppo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>avvale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>facolt\u00e0,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>previs<span class=\"_ _2\"></span>ta<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sede<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>introduzione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>d<span class=\"_ _2\"></span>ell\u2019IFRS<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>9,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>continuare<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ad<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>applicar<span class=\"_ _3bd\"> </span>integralmente<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>previsioni<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>principio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>contabile<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>IAS<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>39<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tema<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u201c<span class=\"_ _2\"></span>hedge<span class=\"ff1\"> <span class=\"_ _21\"></span></span>accounting\u201d<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>(nella<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>versione<span class=\"ff1\"> </span>carved<span class=\"ff1\"> <span class=\"_ _21\"></span></span>out<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>omologata<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dalla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Commissione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Europea)<span class=\"ff1\"> <span class=\"_ _21\"></span></span>per<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ogni<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tipologia<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>copertura<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>(sia<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>copertur<span class=\"_ _3bd\"> </span>specifiche<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>macro<span class=\"ff1\"> </span>coperture).<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>isc<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Gli<span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> </span>derivati<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>copertura,<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tutt<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>derivati,<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>inizialmente<span class=\"ff1\"> </span>iscritti<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>successivamente<span class=\"ff1\"> </span>misurati<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cla<span class=\"_ _1\"></span>ssi<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e:<span class=\"_ _3bd\"> </span>ti<span class=\"_ _0\"></span>pol<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>ia<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rtu<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>operazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>copert<span class=\"_ _2\"></span>ura<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>finalizzate<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>neutralizzare<span class=\"ff1\"> <span class=\"_ _21\"></span></span>potenziali<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>variazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>f<span class=\"_ _2\"></span>air<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>value<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>o<span class=\"_ _3bd\"> </span>variazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>cass<span class=\"_ _2\"></span>a,<span class=\"ff1\"> </span>at<span class=\"_ _2\"></span>tribuibil<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> </span>determ<span class=\"_ _2\"></span>inato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rilevabili<span class=\"ff1\"> </span>su<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>determinato<span class=\"ff1\"> </span>elemento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> </span>gruppo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>elementi,<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>caso<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>quel<span class=\"ff1\"> </span>particolare<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>dovesse<span class=\"ff1\"> </span>effettivamente<span class=\"ff1\"> </span>manifestar<span class=\"_ _2\"></span>si.<span class=\"_ _3bd\"> </span>Le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ti<span class=\"_ _0\"></span>polo<span class=\"_ _0\"></span>gie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">cope<span class=\"_ _0\"></span>rtu<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">util<span class=\"_ _0\"></span>izz<span class=\"_ _0\"></span>ate<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ono<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">segue<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>copertura<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fa<span class=\"_ _2\"></span>ir<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019obiett<span class=\"_ _2\"></span>ivo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">coprire<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019esposizione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alla<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">variazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valu<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(attr<span class=\"_ _2\"></span>ibuibile<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>ll<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>diverse<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tipologie<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>ischio)<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>passivit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>iscritte<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>bi<span class=\"_ _2\"></span>lancio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>porzioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>esse,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>gruppi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>d<span class=\"_ _3bd\"> </span>attivit\u00e0/passivit\u00e0,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>impegni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>irrevocabili<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>portafogli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pass<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziarie,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>incl<span class=\"_ _2\"></span>usi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cor<span class=\"_ _3bd\"> </span>dep<span class=\"_ _0\"></span>osi<span class=\"_ _0\"></span>ts,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">com<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>conse<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>dall<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>IAS<span class=\"ff1\"> </span>39<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">omol<span class=\"_ _0\"></span>oga<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>dall<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>Commi<span class=\"_ _0\"></span>ssio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>Euro<span class=\"_ _0\"></span>pea<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>Le<span class=\"ff1\"> </span>cope<span class=\"_ _0\"></span>rture<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">gener<span class=\"_ _0\"></span>ich<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>(\u201cmacro<span class=\"ff1\"> </span>hedge\u201d)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">hanno<span class=\"ff1\"> </span>l\u2019obiettivo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ridurre<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">oscill<span class=\"_ _2\"></span>azioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value,<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>mputabili<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>rischi<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>t<span class=\"_ _2\"></span>asso<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>interesse,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>un<span class=\"ff1\"> <span class=\"_ _20\"></span></span>imp<span class=\"_ _2\"></span>orto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>monetario,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>riveni<span class=\"_ _0\"></span>ente<span class=\"ff1\"> <span class=\"_ _21\"></span></span>da<span class=\"ff1\"> <span class=\"_ _21\"></span></span>un<span class=\"ff1\"> <span class=\"_ _20\"></span></span>port<span class=\"_ _2\"></span>afoglio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>passivit<span class=\"_ _3bd\"> </span>finanziarie.<span class=\"ff1\"> </span>Non<span class=\"ff1\"> </span>possono<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>ogg<span class=\"_ _0\"></span>etto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>copertura<span class=\"ff1\"> </span>generica<span class=\"ff1\"> </span>importi<span class=\"ff1\"> </span>netti<span class=\"ff1\"> </span>derivanti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dallo<span class=\"ff1\"> </span>sbilancio<span class=\"ff1\"> </span>d<span class=\"_ _3bd\"> </span></span></span>attivit\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>passivit\u00e0;<span class=\"_ _3bd\"> </span>copertura<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">flussi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziari:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"ff1\"> </span>l\u2019obiettivo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">coprire<span class=\"ff1\"> </span>l\u2019e<span class=\"_ _0\"></span>sposizione<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">variazioni<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">flussi<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cassa<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>utu<span class=\"_ _0\"></span>ri<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>attribuibili<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>particolari<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>asso<span class=\"_ _2\"></span>ciati<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>poste<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>bilancio.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Tale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tipologia<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>copertur<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>utilizzat<span class=\"_ _3bd\"> </span>essenzialmente<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>tabilizzare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>flusso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>inter<span class=\"_ _2\"></span>essi<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>accolta<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> </span>tas<span class=\"_ _2\"></span>so<span class=\"ff1\"> </span>variabile<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>m<span class=\"_ _2\"></span>isura<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cu<span class=\"_ _3bd\"> </span>quest\u2019ultima<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanzia<span class=\"ff1\"> </span>impieghi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tasso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fisso.<span class=\"ff1\"> </span>In<span class=\"ff1\"> <span class=\"_ _2\"></span></span>talune<span class=\"ff1\"> </span>circost<span class=\"_ _2\"></span>anze,<span class=\"ff1\"> </span>analoghe<span class=\"ff1\"> <span class=\"_ _2\"></span></span>operazioni<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>poste<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"_ _3bd\"> </span>essere<span class=\"ff1\"> </span>relativamente<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>alcune<span class=\"ff1\"> </span>tipologie<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>impieghi<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>variabil<span class=\"_ _0\"></span>e.<span class=\"_ _3bd\"> </span>Solo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>gli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>strumenti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>coin<span class=\"_ _2\"></span>volgono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>contr<span class=\"_ _2\"></span>oparte<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>esterna<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Gruppo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>pos<span class=\"_ _2\"></span>sono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>essere<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>designat<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>come<span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>c<span class=\"_ _0\"></span>opertura.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Data<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>scelta<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"_ _0\"></span>sercitata<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Gruppo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>avvalersi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dell<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>facolt\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>co<span class=\"_ _2\"></span>ntinuare<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ad<span class=\"ff1\"> </span>applicare<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">integralmente<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>egole<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">IAS<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">39<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">relazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">copert<span class=\"_ _2\"></span>ura,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">poss<span class=\"_ _2\"></span>ibile<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">designar<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>capitale<span class=\"ff1\"> </span>classificati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tra<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> </span>Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziarie<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _2\"></span></span>value<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>impatto<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>redditivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>complessiva<span class=\"ff1\"> </span>(FVOCI)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>come<span class=\"ff1\"> <span class=\"_ _2\"></span></span>oggetti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>coperti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prezzo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cam<span class=\"_ _2\"></span>bio,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>str<span class=\"_ _2\"></span>umenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>non<span class=\"ff1\"> <span class=\"_ _2\"></span></span>impattano<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>conomico,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nemmeno<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>caso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vendita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(se<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dividendi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ch<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>rilevati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">conto<span class=\"ff1\"> </span>economico).<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>riv<span class=\"_ _0\"></span>ati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cop<span class=\"_ _0\"></span>ertu<span class=\"_ _0\"></span>ra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">va<span class=\"_ _0\"></span>lutati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fai<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>val<span class=\"_ _0\"></span>ue.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">I<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>arti<span class=\"_ _0\"></span>cola<span class=\"_ _0\"></span>re:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">caso<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">copertura<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">si</span> <span class=\"_ _0\"></span><span class=\"ff3\">compensa<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">var<span class=\"_ _2\"></span>iazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dell\u2019elemento<span class=\"ff1\"> </span>coperto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>variazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dello<span class=\"ff1\"> </span>strumento<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">copertura<span class=\"_ _2\"></span>.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Tale<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ompensazione<span class=\"ff1\"> </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">riconosciuta</span> <span class=\"_ _0\"></span><span class=\"ff3\">attraverso<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>rilevazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Conto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Economico<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>variazioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valore,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riferite<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>all\u2019elemento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>coperto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>(per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quanto<span class=\"ff1\"> </span>riguarda<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>variazioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>prodotte<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fatto<span class=\"_ _2\"></span>re<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">rischio</span> <span class=\"_ _27\"> </span><span class=\"ff3\">s<span class=\"_ _2\"></span>ottostante),</span> <span class=\"_ _27\"> </span><span class=\"ff3\">s<span class=\"_ _2\"></span>ia</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">allo</span> <span class=\"_ _27\"> </span><span class=\"ff3\">st<span class=\"_ _2\"></span>rumento</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">di</span> <span class=\"_ _27\"> </span><span class=\"ff3\">copertura.</span> </span>L\u2019eventuale<span class=\"ff1\">  </span>differenza,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>che<span class=\"ff1\">  </span>rappresenta<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>la<span class=\"ff1\">  </span>parziale<span class=\"ff1\">  </span>in<span class=\"_ _2\"></span>efficacia<span class=\"ff1\">  </span>della<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>copertura,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>ne<span class=\"ff1\">  </span>costit<span class=\"_ _2\"></span>uisce<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1e\"> </span><span class=\"ff3\">di</span> </span>conseguenza<span class=\"ff1\"> </span>l\u2019effetto<span class=\"ff1\"> </span>economico<span class=\"ff1\"> </span>netto.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Nel<span class=\"ff1\"> </span>caso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">operazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">copert<span class=\"_ _2\"></span>ura<span class=\"ff1\"> </span>gene<span class=\"_ _0\"></span>rica<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alue<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>portafoglio<span class=\"ff1\"> </span>(\u201cma<span class=\"_ _2\"></span>cro<span class=\"ff1\"> </span>hedge\u201d)<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>v<span class=\"_ _2\"></span>ariazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>fair<span class=\"ff1\"> <span class=\"_ _2\"></span></span>value<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>riferim<span class=\"_ _2\"></span>ento<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>coperto<span class=\"_ _2\"></span><span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">passivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">oggetto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">copertura<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">so<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">imputate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nello<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">patrimoniale,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rispettivamente,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nell<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">voce<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>60.<span class=\"ff1\">  </span>\u201cAdeguamento<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>valore<span class=\"ff1\">  </span>delle<span class=\"ff1\">  </span>attivit\u00e0<span class=\"ff1\">  </span>fin<span class=\"_ _0\"></span>anziarie<span class=\"ff1\">  </span>oggetto<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>copertura<span class=\"ff1\">  </span>generica\u201d<span class=\"ff1\">  </span>oppure<span class=\"ff1\">  </span>50.<span class=\"ff1\"> </span>\u201cAdeguamento<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>passivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>oggetto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>c<span class=\"_ _2\"></span>opertura<span class=\"ff1\"> </span>generica\u201d;<span class=\"_ _3bd\"> </span>nel<span class=\"ff1\"> <span class=\"_ _20\"></span></span>caso<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>copertura<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>f<span class=\"_ _2\"></span>inanziari,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>variazioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _20\"></span></span>value<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>derivato<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>imputate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nel<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>redditivit\u00e0<span class=\"ff1\"> </span>complessiva,<span class=\"ff1\"> </span>p<span class=\"_ _2\"></span>er<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quota<span class=\"ff1\"> </span>efficace<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>ella<span class=\"ff1\"> </span>copertura,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>rilevate<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>Conto<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Economico<span class=\"ff1\"> <span class=\"_ _2\"></span></span>solo<span class=\"ff1\"> </span>quando,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rif<span class=\"_ _2\"></span>erimento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pos<span class=\"_ _2\"></span>ta<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">coperta<span class=\"_ _2\"></span>,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">manifesta<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">variazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">flussi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cassa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">compensa<span class=\"_ _2\"></span>re<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>o<span class=\"ff1\"> </span>se<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>copertura<span class=\"ff1\"> </span>risulta<span class=\"ff1\"> </span>inefficace;<span class=\"_ _3bd\"> </span>le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">coperture<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">investimento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">netto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valuta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contabilizzate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">allo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stesso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">modo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">coperture<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>fl<span class=\"_ _0\"></span>ussi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">f<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>ziar<span class=\"_ _0\"></span>i.<span class=\"_ _3bd\"> </span></span></span>Lo<span class=\"ff1\"> </span>strumento<span class=\"ff1\"> </span>derivato<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>signato<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>copertura<span class=\"ff1\"> </span>se<span class=\"ff1\"> </span>esiste<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> </span>documentazione<span class=\"ff1\"> </span>formalizzata<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>relazione<span class=\"ff1\"> </span></span></span>tra<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">lo<span class=\"ff1\"> </span>str<span class=\"_ _0\"></span>ume<span class=\"_ _0\"></span>nto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>per<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">lo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">stru<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>cop<span class=\"_ _0\"></span>ertu<span class=\"_ _0\"></span>ra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">se<span class=\"ff1\"> </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ef<span class=\"_ _0\"></span>ficac<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span>m<span class=\"_ _0\"></span>omen<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>cu<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">coper<span class=\"_ _0\"></span>tura<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ha</span> <span class=\"_ _0\"></span><span class=\"ff3\">iniz<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>e,<span class=\"ff1\"> </span>prospetticamente,<span class=\"ff1\"> </span>durante<span class=\"ff1\"> </span>tutta<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>vita<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>stessa.<span class=\"_ _3bd\"> </span>L'efficacia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">copertura<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>pende<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dalla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">misura<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">variazioni<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>ello<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">st<span class=\"_ _2\"></span>rumento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">coperto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>relativi<span class=\"ff1\">  </span>flussi<span class=\"ff1\">  </span>fi<span class=\"_ _0\"></span>nanziari<span class=\"ff1\">  </span>attesi<span class=\"ff1\">  </span>risultano<span class=\"ff1\">  </span>compensati<span class=\"ff1\">  </span>da<span class=\"ff1\">  </span>quelle<span class=\"ff1\">  </span>de<span class=\"_ _0\"></span>llo<span class=\"ff1\">  </span>strumento<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>copertura.<span class=\"ff1\">  </span>Pertanto,<span class=\"ff1\"> </span>l'efficacia<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>\u00e8<span class=\"ff1\">  </span>apprezzat<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dal<span class=\"ff1\">  </span>confr<span class=\"_ _2\"></span>onto<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>delle<span class=\"ff1\">  </span>suddette<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>variazi<span class=\"_ _2\"></span>oni,<span class=\"ff1\">  </span>t<span class=\"_ _2\"></span>enuto<span class=\"ff1\">  </span>cont<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dell'intento<span class=\"ff1\">  </span>perseguito<span class=\"_ _2\"></span><span class=\"ff1\"> </span>dall'impresa<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>momento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>copertura<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> </span>stata<span class=\"ff1\"> </span>posta<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>essere.<span class=\"ff1\"> </span>Si<span class=\"ff1\"> </span>ha<span class=\"ff1\"> </span>efficacia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quando<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>var<span class=\"_ _2\"></span>iazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>(o<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cassa)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dello<span class=\"ff1\"> </span>strumento<span class=\"ff1\"> </span>finanziario<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>copertura<span class=\"ff1\"> </span>neutralizzano<span class=\"ff1\"> </span>quasi<span class=\"ff1\"> </span>integralmente,<span class=\"_ _2\"></span><span class=\"ff1\"> </span>cio\u00e8<span class=\"ff1\">  </span>nei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>limiti<span class=\"ff1\">  </span>stabiliti<span class=\"ff1\">  </span>dall\u2019intervallo<span class=\"ff1\">  </span>80-125%,<span class=\"ff1\">  </span>le<span class=\"ff1\">  </span>variazioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\">  </span>fair<span class=\"ff1\">  </span>value<span class=\"ff1\">  </span>de<span class=\"_ _0\"></span>llo<span class=\"ff1\">  </span>strumento<span class=\"ff1\">  </span>coperto,<span class=\"ff1\">  </span>per<span class=\"ff1\"> </span>l\u2019elemento<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>oggetto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>copertura.<span class=\"_ _3bd\"> </span>La<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">va<span class=\"_ _0\"></span>luta<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>'effi<span class=\"_ _0\"></span>cac<span class=\"_ _0\"></span>ia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span>ef<span class=\"_ _0\"></span>fett<span class=\"_ _0\"></span>uat<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>ad<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">og<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">chiu<span class=\"_ _0\"></span>su<span class=\"_ _0\"></span>ra<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">b<span class=\"_ _0\"></span>ilanc<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _1\"></span><span class=\"ff3\">situa<span class=\"_ _0\"></span>zione<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">inf<span class=\"_ _0\"></span>rannu<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">u<span class=\"_ _0\"></span>tilizz<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>o:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>test<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>prospettici,<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>giustificano<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>l'appl<span class=\"_ _0\"></span>icazione<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>contabilizzazione<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>copertura,<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>quanto<span class=\"ff1\"> </span>dimostrano<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>sua<span class=\"ff1\"> </span>efficacia<span class=\"ff1\"> </span>attesa;<span class=\"_ _3bd\"> </span>test<span class=\"ff1\"> <span class=\"_ _21\"></span></span>retrospettivi,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _21\"></span></span>evidenziano<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>grado<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>efficacia<span class=\"ff1\"> <span class=\"_ _21\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>co<span class=\"_ _2\"></span>pertura<span class=\"ff1\"> <span class=\"_ _21\"></span></span>raggiunto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _21\"></span></span>periodo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _20\"></span></span>si<span class=\"_ _0\"></span> rif<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>scon<span class=\"_ _0\"></span>o,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ovve<span class=\"_ _1\"></span>ro,<span class=\"ff1\"> </span>mi<span class=\"_ _0\"></span>sura<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>anto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i</span> <span class=\"_ _0\"></span><span class=\"ff3\">risu<span class=\"_ _0\"></span>lta<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">effe<span class=\"_ _0\"></span>ttiv<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ian<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>disc<span class=\"_ _0\"></span>osta<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>oper<span class=\"_ _0\"></span>tura<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>rfett<span class=\"_ _0\"></span>a.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>Solo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>strumenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>coinvolgono<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>una<span class=\"ff1\"> <span class=\"_ _20\"></span></span>controparte<span class=\"ff1\"> <span class=\"_ _20\"></span></span>esterna<span class=\"ff1\"> <span class=\"_ _20\"></span></span>possono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>essere<span class=\"ff1\"> <span class=\"_ _20\"></span></span>designati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>come<span class=\"ff1\"> <span class=\"_ _20\"></span></span>str<span class=\"_ _2\"></span>umenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>cop<span class=\"_ _0\"></span>ertu<span class=\"_ _0\"></span>ra.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Pert<span class=\"_ _0\"></span>anto<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>ogni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">risu<span class=\"_ _0\"></span>lta<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>ric<span class=\"_ _0\"></span>ondu<span class=\"_ _0\"></span>cib<span class=\"_ _0\"></span>ile<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>tran<span class=\"_ _0\"></span>saz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>terne<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">effe<span class=\"_ _1\"></span>ttuate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tra</span> <span class=\"ff3\">di<span class=\"_ _0\"></span>vers<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>enti<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ban<span class=\"_ _0\"></span>ca<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>\u00e8<span class=\"ff1\"> </span>eliminato<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> </span>consolidato.<span class=\"_ _3bd\"> </span>Ce<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>pro<span class=\"_ _1\"></span>spe<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span>ca<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nta<span class=\"_ _1\"></span>bili<span class=\"_ _0\"></span>zz<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>per<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Se<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>v<span class=\"_ _2\"></span>erifiche<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>confermano<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>l\u2019efficacia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>copertura,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>qu<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>momento<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>contabili<span class=\"_ _0\"></span>zza<span class=\"_ _2\"></span>zione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"ff1\"> </span>operazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">copertura,<span class=\"ff1\"> </span>secondo<span class=\"ff1\"> </span>quanto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sopra<span class=\"ff1\"> </span>esposto,<span class=\"ff1\"> </span>viene<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">interrott<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">il</span> <span class=\"_ _0\"></span><span class=\"ff3\">contratto<span class=\"ff1\"> </span>derivato<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">copertura</span> </span></span></span></span></span></span></span></span></span>vie<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>cla<span class=\"_ _0\"></span>ssif<span class=\"_ _0\"></span>icato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tra</span> <span class=\"ff3\">gl<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>stru<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">negozi<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Inol<span class=\"_ _0\"></span>tre,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">opera<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>pertu<span class=\"_ _1\"></span>ra<span class=\"ff1\"> </span>cessa<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">momen<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">lo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">strumento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">copertura<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">giunge<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>scadenza,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">venduto,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cessat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>sercitato,<span class=\"ff1\"> </span>opp<span class=\"_ _0\"></span>ure<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>banca<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>evoca<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">designazione.<span class=\"_ _3bd\"> </span></span></span>Pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rel<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>oni<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ope<span class=\"_ _0\"></span>rtura<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">f<span class=\"_ _0\"></span>air<span class=\"ff1\"> </span>val<span class=\"_ _0\"></span>ue,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">lo</span> <span class=\"ff3\">s<span class=\"_ _0\"></span>trum<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finan<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>ario<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cope<span class=\"_ _0\"></span>rto<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pi\u00f9<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">re<span class=\"_ _0\"></span>ttifi<span class=\"_ _0\"></span>cat<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">va<span class=\"_ _0\"></span>riaz<span class=\"_ _0\"></span>ioni<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> </span>caso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">qualsiasi<span class=\"ff1\"> </span>rettifica<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alore<span class=\"ff1\"> </span>contabil<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">uno</span> <span class=\"ff3\">strumento</span> <span class=\"ff3\">finanz<span class=\"_ _0\"></span>iario<span class=\"ff1\"> </span>coperto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uale<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>utilizzato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>criterio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dell'interesse<span class=\"ff1\"> <span class=\"_ _20\"></span></span>effettivo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>deve<span class=\"ff1\"> <span class=\"_ _20\"></span></span>essere<span class=\"ff1\"> <span class=\"_ _20\"></span></span>amm<span class=\"_ _2\"></span>ortizzata<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ne<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _20\"></span></span>conto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>economico.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>N<span class=\"_ _2\"></span>el<span class=\"ff1\"> <span class=\"_ _2\"></span></span>caso<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> </span>interruzione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">relazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">copertura<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">generica<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fa<span class=\"_ _2\"></span>ir<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rivalutazioni/svalutazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cum<span class=\"_ _2\"></span>ulate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">iscritt<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>nella<span class=\"ff1\"> <span class=\"_ _2\"></span></span>voce<span class=\"ff1\"> <span class=\"_ _2\"></span></span>60.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u201cAdeguamento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>oggetto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>copertura<span class=\"ff1\"> <span class=\"_ _2\"></span></span>generica\u201d<span class=\"ff1\"> <span class=\"_ _2\"></span></span>oppure<span class=\"ff1\"> <span class=\"_ _2\"></span></span>50.<span class=\"ff1\"> </span>\u201cAdeguamento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _21\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"></span></span>passivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>og<span class=\"_ _2\"></span>getto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>copertura<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>generica\u201d<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rilevate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>conto<span class=\"ff1\"> </span>ec<span class=\"_ _0\"></span>ono<span class=\"_ _0\"></span>mico<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tra</span> <span class=\"ff3\">gl<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>ntere<span class=\"_ _1\"></span>ssi<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ttivi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o</span> <span class=\"ff3\">p<span class=\"_ _0\"></span>assiv<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span>lung<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>du<span class=\"_ _0\"></span>rata<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">res<span class=\"_ _0\"></span>idu<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span>rigi<span class=\"_ _0\"></span>nari<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>rel<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>oni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>pert<span class=\"_ _0\"></span>ura,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fe<span class=\"_ _0\"></span>rma<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>restando<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>verifica<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>ne<span class=\"ff1\"> </span>sussistano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> </span>presupposti.<span class=\"_ _3bd\"> </span>Per<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">relazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">copertura<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">flussi<span class=\"ff1\"> </span>finanziari,<span class=\"ff1\"> </span>l'utile<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">p<span class=\"_ _2\"></span>erdita<span class=\"ff1\"> </span>complessiva<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>lo<span class=\"ff1\"> </span>strumento<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">copertur<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>che<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>stato<span class=\"ff1\"> </span>rile<span class=\"_ _0\"></span>vato<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> </span>altre<span class=\"ff1\"> </span>componenti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico<span class=\"ff1\"> </span>complessivo<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>partire<span class=\"ff1\"> </span>dall'esercizio<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>la<span class=\"_ _2\"></span><span class=\"ff1\"> </span>copertura<span class=\"ff1\">  </span>era<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>efficace,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>deve<span class=\"ff1\">  </span>restare<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>separatam<span class=\"_ _2\"></span>ente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nel<span class=\"ff1\">  </span>patrimonio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>netto<span class=\"ff1\">  </span>sino<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\">  </span>quand<span class=\"_ _0\"></span>o<span class=\"ff1\">  </span>l'operazione<span class=\"ff1\"> </span>programmata<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>verifica.<span class=\"ff1\"> </span>Qualora<span class=\"ff1\"> </span>l'operazione<span class=\"ff1\"> </span>programmata<span class=\"ff1\"> </span>ci<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>attende<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>debba<span class=\"ff1\"> </span>pi\u00f9<span class=\"ff1\"> </span>accad<span class=\"_ _2\"></span>ere,<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>qual<span class=\"ff1\"> </span>caso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>qualsiasi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>correlato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>utile<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>perdita<span class=\"ff1\"> <span class=\"_ _21\"></span></span>comple<span class=\"_ _0\"></span>ssivo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sullo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>strumento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>copertura<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>stat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rilevato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nel<span class=\"ff1\"> </span>prospetto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>altre<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>componenti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cont<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>economico<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>complessivo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dall'esercizio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>co<span class=\"_ _2\"></span>pertura<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>era<span class=\"ff1\"> </span>efficace<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>deve<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>essere<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>riclassificato<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>al<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>patrimonio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>netto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>all\u2019utile<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(perdita)<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d\u2019esercizio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>come<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rettifica<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>da<span class=\"ff1\"> </span>riclassificazione.<span class=\"ff1\"> </span>Tuttavia,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un\u2019operazione<span class=\"ff1\"> </span>programmat<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>he<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span>pi\u00f9<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">altamente<span class=\"ff1\"> </span>probabile,<span class=\"ff1\"> </span>ci<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>pu\u00f2<span class=\"ff1\"> </span>ancora<span class=\"ff1\"> </span></span></span></span></span></span></span>attendere<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>verifichi.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ril<span class=\"_ _0\"></span>ev<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>del<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ual<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>L\u2019allocazione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>componenti<span class=\"ff1\"> </span>reddituali<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> </span>pertinenti<span class=\"ff1\"> </span>voci<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>conto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>economico<span class=\"ff1\"> </span>avviene<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>quanto<span class=\"ff1\"> </span>riportato<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>seguito:<span class=\"_ _3bd\"> </span>i<span class=\"ff1\"> </span>differenziali<span class=\"ff1\"> </span>maturat<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>sugli<span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> </span>derivati<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>co<span class=\"_ _2\"></span>pertura<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>ris<span class=\"_ _2\"></span>chio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>interesse<span class=\"ff1\"> </span>(oltre<span class=\"ff1\"> </span>ag<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span>interessi<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>posizioni<span class=\"ff1\"> </span>oggetto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>copertura)<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> </span>allocati<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>voce<span class=\"ff1\"> </span>\u201cInteressi<span class=\"ff1\"> </span>att<span class=\"_ _2\"></span>ivi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>proventi<span class=\"ff1\"> </span>assimilati\u201d<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>\u201cInteressi<span class=\"ff1\"> </span>passivi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>oneri<span class=\"ff1\"> </span>ass<span class=\"_ _2\"></span>imilati\u201d;<span class=\"_ _3bd\"> </span>le<span class=\"ff1\"> </span>plusvalenze<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">minusvalenze</span> <span class=\"ff3\">derivanti</span> <span class=\"ff3\">dalla</span> <span class=\"ff3\">valutazione</span> <span class=\"ff3\">degli</span> <span class=\"ff3\">strumenti</span> <span class=\"ff3\">derivati</span> <span class=\"ff3\">di</span> <span class=\"ff3\">copertura</span> <span class=\"ff3\">e</span> <span class=\"ff3\">d<span class=\"_ _0\"></span>elle<span class=\"_ _0\"></span> </span></span>posizioni<span class=\"ff1\">  </span>ogg<span class=\"_ _0\"></span>etto<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>c<span class=\"_ _0\"></span>opertura<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fair<span class=\"ff1\">  </span>value<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">hedge</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">vengono</span>  <span class=\"ff3\">allocate</span>  <span class=\"ff3\">n<span class=\"_ _0\"></span>ella<span class=\"ff1\">  </span>voce<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">\u201cRisultato</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">netto<span class=\"_ _2\"></span></span> </span></span></span>dell\u2019attivit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>copertura\u201d;<span class=\"_ _3bd\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>lus<span class=\"_ _0\"></span>vale<span class=\"_ _0\"></span>nze<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">minusv<span class=\"_ _0\"></span>alen<span class=\"_ _0\"></span>ze<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>eriv<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>all<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>tazi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">deg<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">strume<span class=\"_ _1\"></span>nti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">deri<span class=\"_ _0\"></span>vati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cope<span class=\"_ _0\"></span>rtu<span class=\"_ _0\"></span>ra<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>c<span class=\"_ _1\"></span>as<span class=\"_ _0\"></span>h<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>flow<span class=\"ff1\"> </span>h<span class=\"_ _0\"></span>edge<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(per<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">parte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">efficace)<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">allocate<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">una</span> <span class=\"_ _0\"></span><span class=\"ff3\">specifica<span class=\"ff1\"> </span>riserva<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alutazione<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>patrimonio<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>ne<span class=\"_ _0\"></span>tto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u201cCo<span class=\"_ _0\"></span>pert<span class=\"_ _0\"></span>ura<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dei</span> <span class=\"_ _0\"></span><span class=\"ff3\">flu<span class=\"_ _0\"></span>ssi<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nzia<span class=\"_ _0\"></span>ri\u201d,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ne<span class=\"_ _0\"></span>tto<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>l\u2019ef<span class=\"_ _0\"></span>fetto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fi<span class=\"_ _0\"></span>scale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span>ffe<span class=\"_ _0\"></span>rito<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>Per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">la</span> <span class=\"ff3\">p<span class=\"_ _0\"></span>arte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ine<span class=\"_ _0\"></span>ffic<span class=\"_ _0\"></span>ace<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tal<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>plu<span class=\"_ _0\"></span>s<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>e<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>minus<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>vengono<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>contabilizzate<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>a<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>conto<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>economico<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>nella<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>voce<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>\u201cRisultato<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>nett<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>dell\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>copertura\u201d.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Se<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>lo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>strumento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>cope<span class=\"_ _0\"></span>rto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff3\">cancellato,</span> <span class=\"_ _27\"> </span><span class=\"ff3\">scade</span> <span class=\"_ _27\"> </span><span class=\"ff3\">o</span> <span class=\"_ _27\"> </span><span class=\"ff3\">s<span class=\"_ _2\"></span>i</span> <span class=\"_ _27\"> </span><span class=\"ff3\">estingue</span> <span class=\"_ _21\"> </span><span class=\"ff3\">allora</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">la</span> <span class=\"_ _21\"> </span><span class=\"ff3\">riserva</span> <span class=\"_ _27\"> </span><span class=\"ff3\">\u00e8</span> <span class=\"_ _27\"> </span><span class=\"ff3\">r<span class=\"_ _2\"></span>iversata</span> </span>immediatamente<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico<span class=\"ff1\"> </span>contestualmente<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>cancellazione<span class=\"ff1\"> </span>dell\u2019elemento<span class=\"ff1\"> </span>coperto<span class=\"_ _2\"></span>.<span class=\"_ _3bd\"> </span>nel<span class=\"ff1\"> <span class=\"_ _20\"></span></span>caso<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>copertura<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>f<span class=\"_ _2\"></span>inanziari,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>variazioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _20\"></span></span>value<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>derivato<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>imputate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nel<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>redditivit\u00e0<span class=\"ff1\"> </span>complessiva,<span class=\"ff1\"> </span>p<span class=\"_ _2\"></span>er<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quota<span class=\"ff1\"> </span>efficace<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>ella<span class=\"ff1\"> </span>copertura,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>rilevate<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>Conto<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Economico<span class=\"ff1\"> <span class=\"_ _2\"></span></span>solo<span class=\"ff1\"> </span>quando,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rif<span class=\"_ _2\"></span>erimento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pos<span class=\"_ _2\"></span>ta<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">coperta<span class=\"_ _2\"></span>,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">manifesta<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">variazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">flussi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cassa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">compensa<span class=\"_ _2\"></span>re<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>o<span class=\"ff1\"> </span>se<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>copertura<span class=\"ff1\"> </span>risulta<span class=\"ff1\"> </span>inefficace.<span class=\"_ _3bd\"> </span>11-<span class=\"_ _3bd\"> </span>Pa<span class=\"_ _1\"></span>ssiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>sto<span class=\"_ _3bd\"> </span>am<span class=\"_ _1\"></span>mor<span class=\"_ _0\"></span>tiz<span class=\"_ _0\"></span>za<span class=\"_ _0\"></span>to<span class=\"fc0 sc1\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>isc<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>La<span class=\"ff1\">  </span>prima<span class=\"ff1\">  </span>iscrizione<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>tali<span class=\"ff1\">  </span>passivit\u00e0<span class=\"ff1\">  </span>finanziarie<span class=\"ff1\">  </span>avviene<span class=\"ff1\">  </span>alla<span class=\"ff1\">  </span>data<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>sottoscr<span class=\"_ _2\"></span>izione<span class=\"ff1\">  </span>del<span class=\"ff1\">  </span>contratto,<span class=\"ff1\">  </span>ch<span class=\"_ _3bd\"> </span>normalmente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>coincide<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>m<span class=\"_ _2\"></span>omento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ricezione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>omme<span class=\"ff1\"> <span class=\"_ _2\"></span></span>raccolte<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>emissione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>titoli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> </span>deb<span class=\"_ _0\"></span>ito<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span>La<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prima<span class=\"ff1\"> <span class=\"_ _20\"></span></span>iscrizione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>effettuata<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sulla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>base<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _21\"></span></span>value<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pas<span class=\"_ _2\"></span>sivit\u00e0,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>normalmente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pari<span class=\"ff1\"> <span class=\"_ _20\"></span></span>all\u2019ammo<span class=\"_ _2\"></span>ntar<span class=\"_ _3bd\"> </span>incassato<span class=\"ff1\">  </span>o<span class=\"ff1\">  </span>al<span class=\"ff1\">  </span>prezzo<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>emissione,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>aum<span class=\"_ _2\"></span>entato<span class=\"ff1\">  </span>degli<span class=\"ff1\">  </span>eventuali<span class=\"ff1\">  </span>costi/proventi<span class=\"ff1\">  </span>aggiuntivi<span class=\"ff1\">  </span>direttament<span class=\"_ _3bd\"> </span>attribuibili<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>al<span class=\"_ _2\"></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sing<span class=\"_ _0\"></span>ola<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>operazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>provvista<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>emissione.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Sono<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"_ _0\"></span>sclusi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>costi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>interni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>carattere<span class=\"ff1\"> </span>amm<span class=\"_ _0\"></span>ini<span class=\"_ _0\"></span>stra<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>o.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cl<span class=\"_ _0\"></span>ass<span class=\"_ _1\"></span>ific<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Deb<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ve<span class=\"_ _0\"></span>rso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ban<span class=\"_ _0\"></span>che,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">De<span class=\"_ _0\"></span>biti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">v<span class=\"_ _0\"></span>erso<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>lie<span class=\"_ _0\"></span>ntel<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i</span> <span class=\"_ _1\"></span><span class=\"ff3\">Titol<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cir<span class=\"_ _0\"></span>cola<span class=\"_ _0\"></span>zione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">r<span class=\"_ _0\"></span>ico<span class=\"_ _0\"></span>mpren<span class=\"_ _0\"></span>don<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">v<span class=\"_ _0\"></span>arie<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">forme<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rov<span class=\"_ _0\"></span>vist<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>interbancaria<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>clientela,<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>operazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>pronti<span class=\"ff1\"> </span>contro<span class=\"ff1\"> </span>t<span class=\"_ _2\"></span>ermin<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>obbligo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>riacquisto<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>t<span class=\"_ _2\"></span>ermine<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>raccolta<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>effettuata<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>attraverso<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>certificati<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>deposito,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>titoli<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>obbligazionari<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ed<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>altri<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>strumenti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>raccolta<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> </span>circolazione,<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>netto<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>eventuali<span class=\"ff1\"> </span>ammontari<span class=\"ff1\"> </span>riacquistati.<span class=\"_ _3bd\"> </span>Son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>olt<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inclu<span class=\"_ _1\"></span>si<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">deb<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">isc<span class=\"_ _0\"></span>ritt<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>all<span class=\"_ _0\"></span>\u2019imp<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">qu<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>oca<span class=\"_ _0\"></span>tario<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>l\u2019a<span class=\"_ _0\"></span>mbit<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">op<span class=\"_ _0\"></span>eraz<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le<span class=\"_ _0\"></span>asin<span class=\"_ _0\"></span>g.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Dopo<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>ilevazione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">iniziale,</span> <span class=\"ff3\">le</span> <span class=\"ff3\">passivit\u00e0</span> <span class=\"_ _2\"></span><span class=\"ff3\">finanziarie</span> <span class=\"ff3\">vengono</span> <span class=\"ff3\">valuta<span class=\"_ _2\"></span>te</span> <span class=\"ff3\">al</span> <span class=\"ff3\">costo<span class=\"_ _2\"></span></span> <span class=\"ff3\">ammortizzato</span> <span class=\"ff3\">col</span> <span class=\"ff3\">metodo</span> <span class=\"ff3\">de<span class=\"_ _3bd\"> </span></span></span>tasso<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>interesse<span class=\"ff1\"> </span>effettivo.<span class=\"_ _3bd\"> </span>Fanno<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>eccezione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>passivit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>breve<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>termine,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quali<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fattore<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>t<span class=\"_ _2\"></span>emporale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>risulta<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>trascurabile,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che<span class=\"ff1\"> </span>rimangono<span class=\"ff1\"> </span>iscritte<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>incassato.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pass<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cancellate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dal<span class=\"ff1\"> <span class=\"_ _20\"></span></span>bilancio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>q<span class=\"_ _2\"></span>uando<span class=\"ff1\"> <span class=\"_ _20\"></span></span>risultano<span class=\"ff1\"> <span class=\"_ _20\"></span></span>scadute<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>est<span class=\"_ _2\"></span>inte.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>La<span class=\"ff1\"> <span class=\"_ _21\"></span></span>cance<span class=\"_ _0\"></span>llazione<span class=\"_ _3bd\"> </span>avviene<span class=\"ff1\"> <span class=\"_ _2\"></span></span>anche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>presenza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riacquisto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>itoli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>obbligazionari<span class=\"ff1\"> </span>precedentemente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>emessi.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>La<span class=\"ff1\"> <span class=\"_ _2\"></span></span>differenza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tr<span class=\"_ _3bd\"> </span>valore<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>contabile<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>passivit\u00e0<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>l\u2019ammontare<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>corrisposto<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>acquis<span class=\"_ _2\"></span>tarla<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>viene<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>regist<span class=\"_ _2\"></span>rata<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>Cont<span class=\"_ _3bd\"> </span>Ec<span class=\"_ _0\"></span>onom<span class=\"_ _0\"></span>ico.<span class=\"_ _0\"></span> Il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>icollocamento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sul<span class=\"ff1\"> <span class=\"_ _20\"></span></span>mercato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>titoli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>propri<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>successivamente<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>loro<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span></span>riacqu<span class=\"_ _0\"></span>isto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"></span></span>considerato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>come<span class=\"ff1\"> <span class=\"_ _21\"></span></span>una<span class=\"ff1\"> </span>nuova<span class=\"ff1\"> </span>emissione<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>iscrizione<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>nuovo<span class=\"ff1\"> </span>prezzo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>collocamento.<span class=\"_ _3bd\"> </span>12-<span class=\"_ _3bd\"> </span>Pa<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>go<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>is<span class=\"_ _0\"></span>cri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">str<span class=\"_ _0\"></span>ume<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fin<span class=\"_ _0\"></span>anzia<span class=\"_ _0\"></span>ri<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>og<span class=\"_ _0\"></span>gett<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>isc<span class=\"_ _0\"></span>ritt<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ata<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">so<span class=\"_ _0\"></span>ttosc<span class=\"_ _0\"></span>riz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ata<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>emi<span class=\"_ _0\"></span>ssio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>ad<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">valo<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>pari<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>str<span class=\"_ _2\"></span>umento,<span class=\"ff1\"> </span>senza<span class=\"ff1\"> </span>cons<span class=\"_ _2\"></span>iderare<span class=\"ff1\"> </span>eventuali<span class=\"ff1\"> </span>costi<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>proventi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tr<span class=\"_ _2\"></span>ansazione<span class=\"ff1\"> </span>direttament<span class=\"_ _3bd\"> </span>attribuibili<span class=\"ff1\"> </span>agli<span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> </span>stessi.<span class=\"_ _3bd\"> </span>In<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">categoria<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">passivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono,<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>particolare,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inclusi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>contratti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">derivati<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">trading<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">negativo<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>nonch\u00e9<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>derivati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">impliciti<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">negativo<span class=\"ff1\"> </span>presenti<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contratti<span class=\"ff1\"> </span>complessi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">-<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cui</span> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>contratto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">primari<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">passivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fi<span class=\"_ _2\"></span>nanziaria<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ma<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">strettamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">correlati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">agli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stessi.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Inoltre,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">so<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">incluse<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">passivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">s<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>originano<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>scoperti<span class=\"ff1\"> </span>tecnici<span class=\"ff1\"> </span>generati<span class=\"ff1\"> </span>dall\u2019attivit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>negoziazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>titoli.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Tutte<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>passivit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>neg<span class=\"_ _0\"></span>oziazion<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>valu<span class=\"_ _0\"></span>tate<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>imputazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>risultato<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>Conto<span class=\"ff1\"> </span>Economico.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> </span>Passivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>detenute<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>negoziazione<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> </span>cancellate<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quando<span class=\"ff1\"> </span>scadono<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>diritt<span class=\"_ _3bd\"> </span>contrattuali<span class=\"ff1\">  </span>sui<span class=\"ff1\">  </span>relativi<span class=\"ff1\">  </span>flussi<span class=\"ff1\">  </span>finanziari<span class=\"ff1\">  </span>o<span class=\"_ _2\"></span><span class=\"ff1\">  </span>quando<span class=\"ff1\">  </span>la<span class=\"ff1\">  </span>passivit\u00e0<span class=\"ff1\">  </span>finanziaria<span class=\"ff1\">  </span>\u00e8<span class=\"ff1\">  </span>ceduta<span class=\"ff1\">  </span>co<span class=\"_ _2\"></span>n<span class=\"ff1\">  </span>trasferiment<span class=\"_ _3bd\"> </span>sostanziale<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tutti<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>benefici<span class=\"ff1\"> </span>derivanti<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>propriet\u00e0<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>stessa.<span class=\"_ _3bd\"> </span>13-<span class=\"_ _3bd\"> </span>Pa<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>gna<span class=\"_ _1\"></span>te<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>fa<span class=\"_ _0\"></span>ir<span class=\"_ _3bd\"> </span>va<span class=\"_ _1\"></span>lu<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>isc<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>L\u2019iscrizione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>ali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>passivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>avviene<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>data<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>emissione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>misura<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pari<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>loro<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _2\"></span></span>value,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>incluso<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valor<span class=\"_ _3bd\"> </span>dell\u2019eventuale<span class=\"ff1\"> </span>derivato<span class=\"ff1\"> </span>embedded<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>netto<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>commissioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>collocamento<span class=\"ff1\"> </span>pagate.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cl<span class=\"_ _0\"></span>ass<span class=\"_ _1\"></span>ific<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Formano<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>oggetto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>r<span class=\"_ _2\"></span>ilevazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nella<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>presente<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>voce<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">passivit\u00e0</span> <span class=\"_ _27\"> </span><span class=\"ff3\">finanziarie</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">desig<span class=\"_ _0\"></span>nate<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fair<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>value<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"_ _3bd\"> </span></span></span>contropartita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Cont<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Economico,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sulla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">base<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>ella<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">facolt\u00e0<span class=\"ff1\"> </span>riconosciuta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">imprese<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(c.d.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u201cfair<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alue<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">option\u201d<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>dall\u2019IFRS<span class=\"ff1\"> </span>9<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>rispetto<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>casistiche<span class=\"ff1\"> </span>previste<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>normativa<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>riferimento.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Tali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>passivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valutate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _2\"></span></span>value<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>imputazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>isultato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>secondo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>seguenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>regole<span class=\"ff1\"> <span class=\"_ _2\"></span></span>previste<span class=\"ff1\"> </span>dall\u2019IFRS<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">9:<span class=\"_ _3bd\"> </span></span></span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">var<span class=\"_ _0\"></span>iazi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">f<span class=\"_ _0\"></span>air<span class=\"ff1\"> </span>val<span class=\"_ _0\"></span>ue<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>he<span class=\"ff1\"> </span>so<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ttrib<span class=\"_ _1\"></span>uibil<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>all<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>ariaz<span class=\"_ _0\"></span>ione<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>prop<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mer<span class=\"_ _0\"></span>ito<span class=\"ff1\"> </span>cre<span class=\"_ _1\"></span>ditizi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>dev<span class=\"_ _0\"></span>ono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">esser<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>ril<span class=\"_ _0\"></span>eva<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> </span>P<span class=\"_ _0\"></span>rospe<span class=\"_ _0\"></span>tto<span class=\"ff1\"> </span>de<span class=\"_ _1\"></span>lla<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>dditi<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>mpl<span class=\"_ _0\"></span>essiv<span class=\"_ _1\"></span>a<span class=\"ff1\"> </span>(Patr<span class=\"_ _0\"></span>imo<span class=\"_ _0\"></span>nio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">netto)<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-849": {
   "value": "1<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>At<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>tat<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>fa<span class=\"_ _1\"></span>ir<span class=\"_ _3bd\"> </span>val<span class=\"_ _0\"></span>ue<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span>imp<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>tto<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nto<span class=\"_ _3bd\"> </span>ec<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>ico<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>isc<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>L\u2019iscrizione<span class=\"ff1\"> </span>iniziale<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inanziarie<span class=\"ff1\"> </span>avviene<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>regolamento<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">debito</span> <span class=\"ff3\">e</span> <span class=\"ff3\">per</span> <span class=\"ff3\">i</span> <span class=\"ff3\">titoli</span> </span>di<span class=\"ff1\"> </span>capitale,<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>erogazione<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>finanziamenti<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>sottoscrizione<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>contrattiderivati.<span class=\"_ _3bd\"> </span>All\u2019atto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> </span>ril<span class=\"_ _2\"></span>evazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>iniziale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> </span>att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> </span>finanziar<span class=\"_ _2\"></span>ie<span class=\"ff1\"> </span>valutat<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _2\"></span></span>value<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>im<span class=\"_ _2\"></span>patto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>economico<span class=\"ff1\"> </span>ven<span class=\"_ _0\"></span>gon<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>rile<span class=\"_ _0\"></span>vate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al</span> <span class=\"ff3\">fai<span class=\"_ _0\"></span>r<span class=\"ff1\"> <span class=\"_ _2\"></span></span>va<span class=\"_ _0\"></span>lue,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">senza<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">consi<span class=\"_ _0\"></span>dera<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>sti<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">prov<span class=\"_ _1\"></span>enti<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">trans<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>retta<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>att<span class=\"_ _0\"></span>rib<span class=\"_ _0\"></span>uibi<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>all<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>strumento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stesso.<span class=\"_ _3bd\"> </span></span></span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cl<span class=\"_ _0\"></span>ass<span class=\"_ _1\"></span>ific<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>classificate<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>questa<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cat<span class=\"_ _2\"></span>egoria<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">attivit\u00e0</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">fi<span class=\"_ _0\"></span>nanziarie<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>diverse<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quelle<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>classificate<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tra<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Attivit\u00e0<span class=\"ff1\"> </span></span></span>finanziarie<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alutat<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alue<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>impatto<span class=\"ff1\"> </span>sul<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>reddi<span class=\"_ _0\"></span>tivit\u00e0<span class=\"ff1\"> </span>complessiva<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>tra<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>Attivit\u00e0<span class=\"ff1\"> </span>fin<span class=\"_ _0\"></span>anziare<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> </span></span></span>al<span class=\"ff1\"> </span>costo<span class=\"ff1\"> </span>ammortizzato.<span class=\"ff1\"> </span>La<span class=\"ff1\"> </span>voce,<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>particolare,<span class=\"ff1\"> </span>include:<span class=\"_ _3bd\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>ttivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanz<span class=\"_ _0\"></span>iari<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ete<span class=\"_ _0\"></span>nute<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">la</span> <span class=\"ff3\">n<span class=\"_ _0\"></span>eg<span class=\"_ _0\"></span>ozia<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ess<span class=\"_ _0\"></span>enzi<span class=\"_ _0\"></span>alme<span class=\"_ _0\"></span>nte<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rappre<span class=\"_ _0\"></span>sen<span class=\"_ _0\"></span>tate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">da<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">t<span class=\"_ _0\"></span>itoli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>bit<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>d<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ca<span class=\"_ _0\"></span>pita<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valo<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">posi<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>ntra<span class=\"_ _0\"></span>tti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>riv<span class=\"_ _0\"></span>ati<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ete<span class=\"_ _0\"></span>nuti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inal<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">neg<span class=\"_ _0\"></span>ozia<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">atti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fin<span class=\"_ _0\"></span>anzi<span class=\"_ _0\"></span>arie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">obb<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>atori<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>nte<span class=\"ff1\"> </span>valu<span class=\"_ _0\"></span>tate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">al</span> <span class=\"ff3\">fair<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">value<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>rappre<span class=\"_ _0\"></span>sen<span class=\"_ _0\"></span>tate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">dall<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>attiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">fina<span class=\"_ _0\"></span>nziar<span class=\"_ _0\"></span>ie<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>non<span class=\"ff1\"> <span class=\"_ _21\"></span></span>soddisfano<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>requi<span class=\"_ _0\"></span>siti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>valutazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>costo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ammortizzato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fair<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">value</span> <span class=\"_ _20\"></span><span class=\"ff3\">con</span> <span class=\"_ _21\"></span><span class=\"ff3\">impatto</span> <span class=\"_ _20\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ulla</span> </span>redditivit\u00e0<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>complessiva.<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Si<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>t<span class=\"_ _2\"></span>ratta<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>c<span class=\"_ _2\"></span>ui<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>t<span class=\"_ _2\"></span>ermini<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>contrattuali<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>prevedono<span class=\"ff1\"> </span>esclusivamente<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>imborsi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>capitale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>pagament<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>dell\u2019interesse<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sull\u2019importo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>capitale<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rest<span class=\"_ _2\"></span>ituire<span class=\"ff1\"> </span>(cd.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u201cSPPI<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>est\u201d<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>uperato)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">oppure<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">so<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">detenute<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quadro<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">m<span class=\"_ _2\"></span>odello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">busin<span class=\"_ _2\"></span>ess<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ob<span class=\"_ _0\"></span>ietti<span class=\"_ _0\"></span>vo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u00e8</span> <span class=\"ff3\">il</span> <span class=\"ff3\">p<span class=\"_ _0\"></span>osse<span class=\"_ _0\"></span>sso<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ttivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fin<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>zzato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">alla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">racc<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">flu<span class=\"_ _0\"></span>ssi<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>ri<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ontra<span class=\"_ _0\"></span>ttua<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(Bu<span class=\"_ _0\"></span>sines<span class=\"_ _0\"></span>s<span class=\"ff1\"> </span>mode<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>\u201cHold<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Collect\u201d)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">obiettivo<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conse<span class=\"_ _2\"></span>guito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mediante<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">raccolta<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">flussi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziari<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contratt<span class=\"_ _2\"></span>uali<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>che<span class=\"ff1\"> </span>mediante<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>vendita<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>(Business<span class=\"ff1\"> </span>model<span class=\"ff1\"> </span>\u201cHold<span class=\"ff1\"> </span>to<span class=\"ff1\"> </span>Collect<span class=\"ff1\"> </span>and<span class=\"ff1\"> </span>Sell\u201d);<span class=\"_ _3bd\"> </span>le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>finan<span class=\"_ _0\"></span>ziarie<span class=\"ff1\"> </span>designate<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>ossia<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>finan<span class=\"_ _0\"></span>ziarie<span class=\"ff1\"> </span>cos\u00ec<span class=\"ff1\"> </span>definite<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>momento<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span> </span></span>rilevazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>iniziale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ove<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>n<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sussist<span class=\"_ _2\"></span>ano<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>presupposti.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>In<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>relazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>t<span class=\"_ _2\"></span>ale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fattispecie,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un\u2019entit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _0\"></span>u\u00f2<span class=\"ff1\"> </span>designare<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">irrevocabilmente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">all\u2019iscrizione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un\u2019att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziaria<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">come<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valutata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>mpat<span class=\"_ _2\"></span>to<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>conto<span class=\"ff1\">  </span>economico<span class=\"ff1\">  </span>se,<span class=\"ff1\">  </span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>so<span class=\"_ _2\"></span>lo<span class=\"ff1\">  </span>se,<span class=\"ff1\">  </span>cos\u00ec<span class=\"ff1\">  </span>facendo<span class=\"ff1\">  </span>elimina<span class=\"ff1\">  </span>o<span class=\"ff1\">  </span>riduce<span class=\"ff1\">  </span>significativamente<span class=\"ff1\">  </span>un\u2019incoerenza<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>luta<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>a.<span class=\"_ _3bd\"> </span>Tro<span class=\"_ _0\"></span>van<span class=\"_ _0\"></span>o,<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uind<span class=\"_ _0\"></span>i,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">evi<span class=\"_ _0\"></span>denz<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uesta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">voc<span class=\"_ _0\"></span>e:<span class=\"_ _3bd\"> </span></span></span></span></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">titoli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>ebito<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziamenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inclusi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">business<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">model<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Tr<span class=\"_ _2\"></span>ading<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riconducibili<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">q<span class=\"_ _2\"></span>uindi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ai<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>business<span class=\"ff1\"> </span>model<span class=\"ff1\"> </span>\u201cHold<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">to<span class=\"ff1\"> </span>Collect\u201d<span class=\"_ _2\"></span><span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>\u201cHold<span class=\"ff1\"> </span>to<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Collect</span> <span class=\"ff3\">and</span> <span class=\"ff3\">Se<span class=\"_ _0\"></span>ll\u201d)<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>superano<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>test<span class=\"ff1\"> </span>SPPI;<span class=\"_ _3bd\"> </span></span></span></span></span>gl<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">strume<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cap<span class=\"_ _0\"></span>ital<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">-<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">qual<span class=\"_ _0\"></span>ific<span class=\"_ _0\"></span>abil<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cont<span class=\"_ _0\"></span>roll<span class=\"_ _0\"></span>o,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">coll<span class=\"_ _0\"></span>ega<span class=\"_ _0\"></span>mento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">co<span class=\"_ _0\"></span>ntro<span class=\"_ _0\"></span>llo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>giun<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">-<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ete<span class=\"_ _0\"></span>nuti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pe<span class=\"_ _1\"></span>r<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>finalit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">n<span class=\"_ _2\"></span>egoziazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span>optato,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>sede<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>rilevazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">iniziale,<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">designazione<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>impatto<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>redditivit\u00e0<span class=\"ff1\"> </span>complessiva;<span class=\"_ _3bd\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">qu<span class=\"_ _0\"></span>ote<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">OI<span class=\"_ _1\"></span>CR.<span class=\"_ _0\"></span> </span></span></span></span></span></span>La<span class=\"ff1\">  </span>voce<span class=\"ff1\">  </span>a<span class=\"_ _2\"></span>ccoglie,<span class=\"ff1\">  </span>inoltre,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>i<span class=\"ff1\">  </span>contr<span class=\"_ _2\"></span>atti<span class=\"ff1\">  </span>derivati,<span class=\"ff1\">  </span>cont<span class=\"_ _2\"></span>abilizzati<span class=\"ff1\">  </span>tra<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>le<span class=\"ff1\">  </span>att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\">  </span>finanziarie<span class=\"ff1\">  </span>detenute<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>per<span class=\"ff1\">  </span>la<span class=\"ff1\"> </span>negoziazione,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rappresentati<span class=\"ff1\"> </span>come<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> </span>se<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>air<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ositivo<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">come<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>assivit\u00e0<span class=\"ff1\"> </span>se<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>air<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>\u00e8<span class=\"ff1\"> </span>negativ<span class=\"_ _0\"></span>o.<span class=\"ff1\"> </span>E\u2019<span class=\"ff1\"> </span>possibile<span class=\"ff1\"> </span>compensare<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>valori<span class=\"ff1\"> </span>corren<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>positivi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>egativi<span class=\"ff1\"> </span>derivanti<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>operazioni<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>medesima<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contropart<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>soltan<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>qualora<span class=\"ff1\"> </span>si<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">abbia</span> <span class=\"ff3\">correntemente</span> <span class=\"ff3\">i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>diritto<span class=\"ff1\"> </span>leg<span class=\"_ _0\"></span>ale<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ompensare<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>importi<span class=\"ff1\"> </span></span></span></span></span>rilevati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>contabilmente<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>intenda<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>procedere<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>regolamento<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>su<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>base<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>n<span class=\"_ _0\"></span>etta<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>posizioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>oggetto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> </span>com<span class=\"_ _0\"></span>pen<span class=\"_ _0\"></span>sazi<span class=\"_ _0\"></span>one.<span class=\"_ _0\"></span> Fra<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i</span> <span class=\"ff3\">de<span class=\"_ _0\"></span>riva<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>so<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span>an<span class=\"_ _0\"></span>che<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uell<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>inc<span class=\"_ _0\"></span>orp<span class=\"_ _0\"></span>orat<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>ratti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">finan<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">comp<span class=\"_ _0\"></span>lessi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">-</span> <span class=\"ff3\">in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cui</span> <span class=\"ff3\">il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cont<span class=\"_ _0\"></span>ratto<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rim<span class=\"_ _0\"></span>ario<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>\u00e8<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>passivit\u00e0<span class=\"ff1\"> </span>finanziaria<span class=\"ff1\"> </span>-<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>stat<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>oggetto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rilev<span class=\"_ _0\"></span>azione<span class=\"ff1\"> </span>separata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>quanto:<span class=\"_ _3bd\"> </span>le<span class=\"ff1\"> </span>loro<span class=\"ff1\"> </span>caratt<span class=\"_ _2\"></span>eristiche<span class=\"ff1\"> </span>economiche<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>no<span class=\"ff1\"> </span>strettamente<span class=\"ff1\"> </span>correlati<span class=\"ff1\"> </span>alle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>caratteristiche<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span>con<span class=\"_ _0\"></span>trat<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>so<span class=\"_ _0\"></span>ttost<span class=\"_ _0\"></span>ante<span class=\"_ _1\"></span>;<span class=\"_ _3bd\"> </span>gl<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>trum<span class=\"_ _0\"></span>enti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span>corp<span class=\"_ _0\"></span>orat<span class=\"_ _0\"></span>i,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anch<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">se<span class=\"ff1\"> </span>se<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>rati,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sod<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>sfan<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">defi<span class=\"_ _0\"></span>niz<span class=\"_ _0\"></span>ione<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">d<span class=\"_ _0\"></span>eriv<span class=\"_ _0\"></span>ato<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>gli<span class=\"ff1\"> </span>st<span class=\"_ _2\"></span>rumenti<span class=\"ff1\"> </span>ibridi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _2\"></span></span>appartengono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>non<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valutati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>relative<span class=\"ff1\"> </span>variazioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rilevate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> </span>Conto<span class=\"ff1\"> </span>E<span class=\"_ _0\"></span>conomico.<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>cla<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>ich<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Secondo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>regole<span class=\"ff1\"> <span class=\"_ _20\"></span></span>g<span class=\"_ _2\"></span>enerali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>previst<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dall\u2019IFRS<span class=\"ff1\"> <span class=\"_ _21\"></span></span>9<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>materia<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riclassificazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(ad<span class=\"ff1\"> </span>eccezione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>capitale,<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ammessa</span> <span class=\"ff3\">alcuna</span> <span class=\"ff3\">riclassifica),</span> <span class=\"ff3\">n<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>ammesse<span class=\"ff1\"> </span>riclassifiche<span class=\"ff1\"> </span></span></span>verso<span class=\"ff1\"> </span>altre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">categorie<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> </span>salv<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>aso<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>\u2019ent<span class=\"_ _2\"></span>it\u00e0<span class=\"ff1\"> </span>modifi<span class=\"_ _0\"></span>chi<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">propr<span class=\"_ _2\"></span>io<span class=\"ff1\"> </span>mode<span class=\"_ _0\"></span>llo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">business<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gestione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"ff1\"> </span>seg<span class=\"_ _0\"></span>uito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cam<span class=\"_ _2\"></span>biamenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ester<span class=\"_ _2\"></span>ni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">interni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>quali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">siano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rilevanti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>operazioni<span class=\"ff1\">  </span>dell'entit\u00e0<span class=\"ff1\">  </span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dimostrabili<span class=\"ff1\">  </span>alle<span class=\"ff1\">  </span>parti<span class=\"ff1\">  </span>esterne.<span class=\"ff1\">  </span>I<span class=\"_ _0\"></span>n<span class=\"ff1\">  </span>tali<span class=\"ff1\">  </span>casi,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"ff1\">  </span>ci<span class=\"ff1\">  </span>si<span class=\"ff1\">  </span>at<span class=\"_ _0\"></span>tende<span class=\"ff1\">  </span>siano<span class=\"ff1\">  </span>altamente<span class=\"ff1\"> </span>infrequenti,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>pot<span class=\"_ _2\"></span>ranno<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>essere<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>riclassificate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dalla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>categoria<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valutata<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>fair<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>value<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> </span>impatto<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>economico<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>altre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">due<span class=\"ff1\"> </span>categorie<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>reviste<span class=\"ff1\"> </span>dall\u2019IFRS<span class=\"ff1\"> </span>9<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(Attivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> </span></span></span></span></span></span></span>al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">costo<span class=\"ff1\"> </span>ammo<span class=\"_ _0\"></span>rtizzato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valutate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">c<span class=\"_ _2\"></span>on<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">impatt<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sulla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>edditivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">complessiva).<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">I<span class=\"_ _2\"></span>l<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>valore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>trasferimento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rappr<span class=\"_ _0\"></span>esentato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dal<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _21\"></span></span>valu<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>momento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riclassificazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>g<span class=\"_ _2\"></span>li<span class=\"ff1\"> <span class=\"_ _20\"></span></span>effetti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> </span>riclassificazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"_ _2\"></span>perano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>maniera<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prospettica<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>partire<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dalla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>data<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riclassificazione.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>In<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ques<span class=\"_ _2\"></span>to<span class=\"ff1\"> <span class=\"_ _20\"></span></span>caso,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>inter<span class=\"_ _2\"></span>esse<span class=\"ff1\"> </span>effettivo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> </span>finanziaria<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riclassificata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>determinato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>base<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>suo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fair<span class=\"_ _2\"></span><span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>iclassificazione<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>tale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>data<span class=\"ff1\"> <span class=\"_ _2\"></span></span>viene<span class=\"ff1\"> </span>considerata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>come<span class=\"ff1\"> </span>data<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rilevazione<span class=\"ff1\"> </span>iniziale<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019allocazione<span class=\"ff1\"> </span>nei<span class=\"ff1\"> </span>diversi<span class=\"ff1\"> </span>stadi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>creditizio<span class=\"ff1\"> </span>(stage<span class=\"ff1\"> </span>assignment)<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>finidell\u2019impairment.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Successivamente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rilevazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>iniziale,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valutate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _20\"></span></span>value<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>impat<span class=\"_ _2\"></span>to<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>conto<span class=\"ff1\"> </span>economico<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>so<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>valorizzate<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fair<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>value.<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>G<span class=\"_ _2\"></span>li<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>eff<span class=\"_ _2\"></span>etti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dell\u2019applicazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cr<span class=\"_ _2\"></span>iterio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valuta<span class=\"_ _2\"></span>zione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sono<span class=\"ff1\"> </span>imputati<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>Conto<span class=\"ff1\"> </span>Economico.<span class=\"_ _3bd\"> </span>Pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>det<span class=\"_ _0\"></span>ermi<span class=\"_ _0\"></span>nazi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del</span> <span class=\"ff3\">fai<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>valu<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>degl<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>stru<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">fin<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>iari<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">quotat<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>un<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">merc<span class=\"_ _0\"></span>ato<span class=\"ff1\"> </span>att<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>o,<span class=\"ff1\"> </span>veng<span class=\"_ _0\"></span>ono<span class=\"ff1\"> </span>ut<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>zza<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>qu<span class=\"_ _0\"></span>otaz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>me<span class=\"_ _0\"></span>rcato<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">assen<span class=\"_ _0\"></span>za<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un</span> <span class=\"ff3\">mer<span class=\"_ _0\"></span>cato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">attiv<span class=\"_ _0\"></span>o,<span class=\"ff1\"> </span>ve<span class=\"_ _0\"></span>ngo<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>uti<span class=\"_ _0\"></span>liz<span class=\"_ _0\"></span>zati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">met<span class=\"_ _0\"></span>odi<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sti<span class=\"_ _0\"></span>ma<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>mo<span class=\"_ _0\"></span>dell<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>val<span class=\"_ _0\"></span>uta<span class=\"_ _0\"></span>tivi<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>com<span class=\"_ _0\"></span>une<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>dot<span class=\"_ _0\"></span>tati<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>ch<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>engo<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tu<span class=\"_ _0\"></span>tti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>atto<span class=\"_ _0\"></span>ri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risc<span class=\"_ _0\"></span>hio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cor<span class=\"_ _0\"></span>rel<span class=\"_ _0\"></span>ati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">agl<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>trum<span class=\"_ _0\"></span>enti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ba<span class=\"_ _0\"></span>sati<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>su<span class=\"ff1\"> </span>da<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>rilev<span class=\"_ _1\"></span>abili<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">sul<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">merc<span class=\"_ _0\"></span>ato<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>ali:<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">valuta<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>strum<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>quotati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ch<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>pre<span class=\"_ _0\"></span>senta<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>anal<span class=\"_ _0\"></span>oghe<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">caratte<span class=\"_ _0\"></span>ris<span class=\"_ _0\"></span>tic<span class=\"_ _0\"></span>he,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>calcoli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cas<span class=\"_ _2\"></span>sa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>contati,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mo<span class=\"_ _2\"></span>delli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>determinazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prezzo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>opzioni,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valori<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rilevati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>recenti<span class=\"ff1\"> </span>transazioni<span class=\"ff1\"> </span>comparabili,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ecc.<span class=\"ff1\"> </span>Per<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>capitale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>gli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">strumenti<span class=\"ff1\"> </span>derivati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> </span>hann<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>oggetto<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>capitale,<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>quotati<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>mercato<span class=\"ff1\"> </span>attiv<span class=\"_ _0\"></span>o,<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>criterio<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>costo<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>tilizzato<span class=\"ff1\"> </span>quale<span class=\"ff1\"> </span>stima<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>soltanto<span class=\"ff1\"> </span></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>via<span class=\"ff1\"> <span class=\"_ _20\"></span></span>residuale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>limitatam<span class=\"_ _2\"></span>ente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>poche<span class=\"ff1\"> <span class=\"_ _20\"></span></span>circostanze,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"_ _2\"></span>ssia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cas<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>non<span class=\"ff1\"> <span class=\"_ _20\"></span></span>applicabilit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>utti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>meto<span class=\"_ _2\"></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"_ _2\"></span><span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rece<span class=\"_ _2\"></span>dentemente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">richiamati,<span class=\"ff1\"> </span>ovve<span class=\"_ _0\"></span>ro<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>presenz<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>un\u2019<span class=\"_ _0\"></span>ampia<span class=\"ff1\"> </span>gamma<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>possibili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutazioni<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span></span></span></span></span></span></span>fair<span class=\"ff1\"> </span>value,<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>ambito<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>costo<span class=\"ff1\"> </span>rappresenta<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>stima<span class=\"ff1\"> </span>pi\u00f9<span class=\"ff1\"> </span>significativa.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inanziarie<span class=\"ff1\"> </span>veng<span class=\"_ _0\"></span>ono<span class=\"ff1\"> </span>cancell<span class=\"_ _0\"></span>ate<span class=\"ff1\"> </span>dal<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> </span>solamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">se<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>cessione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">comportato<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sostanzial<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>trasferimento<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>utti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>be<span class=\"_ _0\"></span>nefici<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">connessi<span class=\"ff1\"> </span>alle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> </span>stesse.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Per<span class=\"ff1\"> </span>contro,<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>ualora<span class=\"ff1\"> </span>sia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stat<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ma<span class=\"_ _2\"></span>ntenuta<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>una<span class=\"ff1\"> </span>quota<span class=\"ff1\"> <span class=\"_ _2\"></span></span>part<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>rilevante<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>b<span class=\"_ _2\"></span>enefici<span class=\"ff1\"> </span>relativi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cedute,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>queste<span class=\"ff1\"> <span class=\"_ _2\"></span></span>continuano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ad<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>iscritte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>b<span class=\"_ _0\"></span>ilancio,<span class=\"ff1\"> </span>ancorch\u00e9<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">giuridicamente<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">titolarit\u00e0<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stesse<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span>stata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">effettivamente<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>tras<span class=\"_ _0\"></span>fer<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span>Nel<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>caso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pos<span class=\"_ _2\"></span>sibile<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>accert<span class=\"_ _2\"></span>are<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sostanziale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>trasferimento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>b<span class=\"_ _0\"></span>enefici,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> <span class=\"_ _21\"></span></span>vengono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cancellate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _21\"></span></span>bilancio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>qualora<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>tato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>mantenuto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alcun<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tipo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>controllo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sulle<span class=\"ff1\"> </span>stesse.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>In<span class=\"ff1\"> <span class=\"_ _2\"></span></span>caso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contrario,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conservazione,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>anche<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>parte,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>ale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>controllo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>comporta<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mantenimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"_ _2\"></span><span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>misura<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>coinvolgimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>residuo,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>misurato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall\u2019esposizione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ai</span> <span class=\"ff3\">cam<span class=\"_ _2\"></span>biamenti</span> <span class=\"ff3\">di</span> </span>valore<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>cedute<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>variazioni<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> </span>finanziari<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>stesse.<span class=\"_ _3bd\"> </span>Infine,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziar<span class=\"_ _2\"></span>ie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ce<span class=\"_ _2\"></span>dute<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vengono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cancellate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dal<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> </span>nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">caso<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cui<span class=\"ff1\"> </span>vi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sia</span> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onservazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>diritti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contrattuali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ricevere<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>relativi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cas<span class=\"_ _2\"></span>sa,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contestuale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>as<span class=\"_ _2\"></span>sunzione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un\u2019obb<span class=\"_ _2\"></span>ligazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"_ _2\"></span><span class=\"ff1\"> </span>pagare<span class=\"ff1\"> </span>detti<span class=\"ff1\"> </span>flussi,<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>solo<span class=\"ff1\"> </span>essi,<span class=\"ff1\"> </span>senza<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>ritardo<span class=\"ff1\"> </span>rilevante<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>altri<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>ggetti<span class=\"ff1\"> </span>terzi.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ril<span class=\"_ _0\"></span>ev<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>del<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ual<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>Gli<span class=\"ff1\"> <span class=\"_ _21\"></span></span>interessi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>attivi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sui<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tit<span class=\"_ _2\"></span>oli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>deb<span class=\"_ _0\"></span>ito<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ed<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>differenziali<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ed<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">i</span> <span class=\"_ _20\"></span><span class=\"ff3\">mar<span class=\"_ _2\"></span>gini</span> <span class=\"_ _20\"></span><span class=\"ff3\">dei</span> <span class=\"_ _21\"> </span><span class=\"ff3\">contratti</span> <span class=\"_ _21\"></span><span class=\"ff3\">derivati</span> <span class=\"_ _20\"></span><span class=\"ff3\">classificati</span> <span class=\"_ _21\"> </span><span class=\"ff3\">in</span> <span class=\"_ _21\"></span><span class=\"ff3\">tale</span> </span>ca<span class=\"_ _0\"></span>teg<span class=\"_ _0\"></span>oria,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ma</span> <span class=\"ff3\">ge<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>onal<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>coll<span class=\"_ _0\"></span>ega<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>ad<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">atti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o</span> <span class=\"ff3\">pa<span class=\"_ _0\"></span>ssivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inanz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>luta<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fai<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>value<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sono</span> <span class=\"ff3\">i<span class=\"_ _0\"></span>scr<span class=\"_ _0\"></span>itti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">per</span> </span></span></span></span></span></span></span></span></span></span></span>competenza<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> </span>voci<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico<span class=\"ff1\"> </span>relativi<span class=\"ff1\"> </span>agli<span class=\"ff1\"> </span>interessi.<span class=\"_ _3bd\"> </span>I<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>ffe<span class=\"_ _0\"></span>renzi<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">i</span> <span class=\"ff3\">margi<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>gli<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>tri<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>trat<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>ve<span class=\"_ _0\"></span>ngo<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>leva<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u201cRisu<span class=\"_ _0\"></span>ltat<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>net<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>l\u2019a<span class=\"_ _0\"></span>ttiv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">negoz<span class=\"_ _0\"></span>iaz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span>\u201d.<span class=\"ff1\"> </span></span></span></span></span></span></span>I<span class=\"ff1\">  </span>dividendi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>so<span class=\"_ _2\"></span>no<span class=\"ff1\">  </span>rilevati<span class=\"ff1\">  </span>per<span class=\"ff1\">  </span>compe<span class=\"_ _0\"></span>tenza<span class=\"ff1\">  </span>economica<span class=\"ff1\">  </span>riferita<span class=\"ff1\">  </span>alla<span class=\"ff1\">  </span>data<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>assunzione<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">della</span>  <span class=\"ff3\">delibera</span>  <span class=\"ff3\">di</span> </span>distribuzione<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>parte<span class=\"ff1\"> </span>dell\u2019assemblea<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>esposti<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>voce<span class=\"ff1\"> </span>\u201cDividendi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>proventi<span class=\"ff1\"> </span>simili\u201d.<span class=\"_ _3bd\"> </span>Gli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">utili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perdite<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ealizzati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dalla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cessione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rimborso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">plus/minusvalenze<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">derivanti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dalle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">variazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>value<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>iscritti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">conto</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">economico</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">del</span> <span class=\"_ _27\"> </span><span class=\"ff3\">p<span class=\"_ _2\"></span>eriodo</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">nel</span> <span class=\"_ _27\"> </span><span class=\"ff3\">q<span class=\"_ _2\"></span>uale</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">si</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">manifestano</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">e</span> <span class=\"_ _27\"> </span><span class=\"ff3\">class<span class=\"_ _2\"></span>ificati</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">nel<span class=\"_ _0\"></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>voce<span class=\"ff1\"> </span></span></span>\u201cRisultato<span class=\"ff1\">  </span>netto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>delle<span class=\"ff1\">  </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\">  </span>negoziazione\u201d,<span class=\"ff1\">  </span>ad<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>eccezione<span class=\"ff1\">  </span>della<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>quota<span class=\"ff1\">  </span>relativa<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ai<span class=\"ff1\">  </span>contratt<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>derivati<span class=\"_ _2\"></span><span class=\"ff1\"> </span>gestionalmente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">collegati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ad<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">passivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">val<span class=\"_ _2\"></span>utate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rilevata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u201c<span class=\"_ _2\"></span>Risultato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">netto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>e<span class=\"ff1\"> </span>passivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value\u201d.<span class=\"_ _3bd\"> </span>12-<span class=\"_ _3bd\"> </span>Pa<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>go<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>is<span class=\"_ _0\"></span>cri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">str<span class=\"_ _0\"></span>ume<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fin<span class=\"_ _0\"></span>anzia<span class=\"_ _0\"></span>ri<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>og<span class=\"_ _0\"></span>gett<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>isc<span class=\"_ _0\"></span>ritt<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ata<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">so<span class=\"_ _0\"></span>ttosc<span class=\"_ _0\"></span>riz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ata<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>emi<span class=\"_ _0\"></span>ssio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>ad<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">valo<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>pari<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>str<span class=\"_ _2\"></span>umento,<span class=\"ff1\"> </span>senza<span class=\"ff1\"> </span>cons<span class=\"_ _2\"></span>iderare<span class=\"ff1\"> </span>eventuali<span class=\"ff1\"> </span>costi<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>proventi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tr<span class=\"_ _2\"></span>ansazione<span class=\"ff1\"> </span>direttament<span class=\"_ _3bd\"> </span>attribuibili<span class=\"ff1\"> </span>agli<span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> </span>stessi.<span class=\"_ _3bd\"> </span>In<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">categoria<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">passivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono,<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>particolare,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inclusi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>contratti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">derivati<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">trading<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">negativo<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>nonch\u00e9<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>derivati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">impliciti<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">negativo<span class=\"ff1\"> </span>presenti<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contratti<span class=\"ff1\"> </span>complessi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">-<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cui</span> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>contratto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">primari<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">passivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fi<span class=\"_ _2\"></span>nanziaria<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ma<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">strettamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">correlati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">agli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stessi.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Inoltre,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">so<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">incluse<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">passivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">s<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>originano<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>scoperti<span class=\"ff1\"> </span>tecnici<span class=\"ff1\"> </span>generati<span class=\"ff1\"> </span>dall\u2019attivit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>negoziazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>titoli.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Tutte<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>passivit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>neg<span class=\"_ _0\"></span>oziazion<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>valu<span class=\"_ _0\"></span>tate<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>imputazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>risultato<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>Conto<span class=\"ff1\"> </span>Economico.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> </span>Passivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>detenute<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>negoziazione<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> </span>cancellate<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quando<span class=\"ff1\"> </span>scadono<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>diritt<span class=\"_ _3bd\"> </span>contrattuali<span class=\"ff1\">  </span>sui<span class=\"ff1\">  </span>relativi<span class=\"ff1\">  </span>flussi<span class=\"ff1\">  </span>finanziari<span class=\"ff1\">  </span>o<span class=\"_ _2\"></span><span class=\"ff1\">  </span>quando<span class=\"ff1\">  </span>la<span class=\"ff1\">  </span>passivit\u00e0<span class=\"ff1\">  </span>finanziaria<span class=\"ff1\">  </span>\u00e8<span class=\"ff1\">  </span>ceduta<span class=\"ff1\">  </span>co<span class=\"_ _2\"></span>n<span class=\"ff1\">  </span>trasferiment<span class=\"_ _3bd\"> </span>sostanziale<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tutti<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>benefici<span class=\"ff1\"> </span>derivanti<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>propriet\u00e0<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>stessa.<span class=\"_ _3bd\"> </span>13-<span class=\"_ _3bd\"> </span>Pa<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>gna<span class=\"_ _1\"></span>te<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>fa<span class=\"_ _0\"></span>ir<span class=\"_ _3bd\"> </span>va<span class=\"_ _1\"></span>lu<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>isc<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>L\u2019iscrizione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>ali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>passivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>avviene<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>data<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>emissione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>misura<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pari<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>loro<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _2\"></span></span>value,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>incluso<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valor<span class=\"_ _3bd\"> </span>dell\u2019eventuale<span class=\"ff1\"> </span>derivato<span class=\"ff1\"> </span>embedded<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>netto<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>commissioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>collocamento<span class=\"ff1\"> </span>pagate.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cl<span class=\"_ _0\"></span>ass<span class=\"_ _1\"></span>ific<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Formano<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>oggetto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>r<span class=\"_ _2\"></span>ilevazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nella<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>presente<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>voce<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">passivit\u00e0</span> <span class=\"_ _27\"> </span><span class=\"ff3\">finanziarie</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">desig<span class=\"_ _0\"></span>nate<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fair<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>value<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"_ _3bd\"> </span></span></span>contropartita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Cont<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Economico,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sulla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">base<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>ella<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">facolt\u00e0<span class=\"ff1\"> </span>riconosciuta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">imprese<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(c.d.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u201cfair<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alue<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">option\u201d<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>dall\u2019IFRS<span class=\"ff1\"> </span>9<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>rispetto<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>casistiche<span class=\"ff1\"> </span>previste<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>normativa<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>riferimento.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Tali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>passivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valutate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _2\"></span></span>value<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>imputazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>isultato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>secondo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>seguenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>regole<span class=\"ff1\"> <span class=\"_ _2\"></span></span>previste<span class=\"ff1\"> </span>dall\u2019IFRS<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">9:<span class=\"_ _3bd\"> </span></span></span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">var<span class=\"_ _0\"></span>iazi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">f<span class=\"_ _0\"></span>air<span class=\"ff1\"> </span>val<span class=\"_ _0\"></span>ue<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>he<span class=\"ff1\"> </span>so<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ttrib<span class=\"_ _1\"></span>uibil<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>all<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>ariaz<span class=\"_ _0\"></span>ione<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>prop<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mer<span class=\"_ _0\"></span>ito<span class=\"ff1\"> </span>cre<span class=\"_ _1\"></span>ditizi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>dev<span class=\"_ _0\"></span>ono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">esser<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>ril<span class=\"_ _0\"></span>eva<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> </span>P<span class=\"_ _0\"></span>rospe<span class=\"_ _0\"></span>tto<span class=\"ff1\"> </span>de<span class=\"_ _1\"></span>lla<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>dditi<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>mpl<span class=\"_ _0\"></span>essiv<span class=\"_ _1\"></span>a<span class=\"ff1\"> </span>(Patr<span class=\"_ _0\"></span>imo<span class=\"_ _0\"></span>nio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">netto)<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">re<span class=\"_ _1\"></span>stanti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">varia<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>air<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valu<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>evo<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>ile<span class=\"_ _0\"></span>vate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ne<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>onto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Ec<span class=\"_ _0\"></span>onom<span class=\"_ _0\"></span>ico.<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span>Gli<span class=\"ff1\">  </span>importi<span class=\"ff1\">  </span>rilevati<span class=\"ff1\">  </span>nel<span class=\"ff1\">  </span>Prospetto<span class=\"ff1\">  </span>della<span class=\"ff1\">  </span>redditivit\u00e0<span class=\"ff1\">  </span>complessiva<span class=\"ff1\">  </span>non<span class=\"ff1\">  </span>r<span class=\"_ _2\"></span>igirano<span class=\"ff1\">  </span>successivamente<span class=\"ff1\">  </span>a<span class=\"ff1\">  </span>conto<span class=\"ff1\"> </span>economico.<span class=\"ff1\"> </span>Tale<span class=\"ff1\"> </span>modali<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>contabilizzazione<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">deve<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>applicata<span class=\"ff1\"> </span>qualora<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>rilevazione<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>effetti<span class=\"ff1\"> </span></span></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>proprio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>merito<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>credito<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Patr<span class=\"_ _2\"></span>imonio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>netto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>determini<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>accentui<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>accounting<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>mis<span class=\"_ _2\"></span>match<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>conto<span class=\"ff1\"> </span>economico.<span class=\"ff1\"> </span>In<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">questo<span class=\"ff1\"> </span>caso<span class=\"ff1\"> </span>gli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">utili<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>perdite<span class=\"ff1\"> </span>leg<span class=\"_ _0\"></span>ate<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>passivit\u00e0,<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>cluse<span class=\"ff1\"> </span>quelle<span class=\"ff1\"> </span>che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>determinano<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span></span></span></span></span></span></span>effetto<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>variazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>proprio<span class=\"ff1\"> </span>merit<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>creditizio,<span class=\"ff1\"> </span>devono<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>rilevate<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>passivit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>valutate<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fair<span class=\"ff1\">  </span>value<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>vengono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>cancellate<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>bilancio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>quando<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>scadono<span class=\"ff1\">  </span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"_ _0\"></span>ritt<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>contrattuali<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sui<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>relativi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>fl<span class=\"_ _2\"></span>ussi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>finanziari<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quando<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>questa<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>viene<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>estinta,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ovv<span class=\"_ _0\"></span>erosia<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>quando<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>l'obbligazione<span class=\"ff1\"> </span>specificata<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>contratto<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>adempiuta<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>cancellata<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>scaduta.<span class=\"_ _3bd\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-890": {
   "value": "1<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>At<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>tat<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>fa<span class=\"_ _1\"></span>ir<span class=\"_ _3bd\"> </span>val<span class=\"_ _0\"></span>ue<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span>imp<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>tto<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nto<span class=\"_ _3bd\"> </span>ec<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>ico<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>isc<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>L\u2019iscrizione<span class=\"ff1\"> </span>iniziale<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inanziarie<span class=\"ff1\"> </span>avviene<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>regolamento<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">debito</span> <span class=\"ff3\">e</span> <span class=\"ff3\">per</span> <span class=\"ff3\">i</span> <span class=\"ff3\">titoli</span> </span>di<span class=\"ff1\"> </span>capitale,<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>erogazione<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>finanziamenti<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>sottoscrizione<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>contrattiderivati.<span class=\"_ _3bd\"> </span>All\u2019atto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> </span>ril<span class=\"_ _2\"></span>evazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>iniziale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> </span>att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> </span>finanziar<span class=\"_ _2\"></span>ie<span class=\"ff1\"> </span>valutat<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _2\"></span></span>value<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>im<span class=\"_ _2\"></span>patto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>economico<span class=\"ff1\"> </span>ven<span class=\"_ _0\"></span>gon<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>rile<span class=\"_ _0\"></span>vate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al</span> <span class=\"ff3\">fai<span class=\"_ _0\"></span>r<span class=\"ff1\"> <span class=\"_ _2\"></span></span>va<span class=\"_ _0\"></span>lue,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">senza<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">consi<span class=\"_ _0\"></span>dera<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>sti<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">prov<span class=\"_ _1\"></span>enti<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">trans<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>retta<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>att<span class=\"_ _0\"></span>rib<span class=\"_ _0\"></span>uibi<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>all<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>strumento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stesso.<span class=\"_ _3bd\"> </span></span></span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cl<span class=\"_ _0\"></span>ass<span class=\"_ _1\"></span>ific<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>classificate<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>questa<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cat<span class=\"_ _2\"></span>egoria<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">attivit\u00e0</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">fi<span class=\"_ _0\"></span>nanziarie<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>diverse<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quelle<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>classificate<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tra<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Attivit\u00e0<span class=\"ff1\"> </span></span></span>finanziarie<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alutat<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alue<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>impatto<span class=\"ff1\"> </span>sul<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>reddi<span class=\"_ _0\"></span>tivit\u00e0<span class=\"ff1\"> </span>complessiva<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>tra<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>Attivit\u00e0<span class=\"ff1\"> </span>fin<span class=\"_ _0\"></span>anziare<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> </span></span></span>al<span class=\"ff1\"> </span>costo<span class=\"ff1\"> </span>ammortizzato.<span class=\"ff1\"> </span>La<span class=\"ff1\"> </span>voce,<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>particolare,<span class=\"ff1\"> </span>include:<span class=\"_ _3bd\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>ttivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanz<span class=\"_ _0\"></span>iari<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ete<span class=\"_ _0\"></span>nute<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">la</span> <span class=\"ff3\">n<span class=\"_ _0\"></span>eg<span class=\"_ _0\"></span>ozia<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ess<span class=\"_ _0\"></span>enzi<span class=\"_ _0\"></span>alme<span class=\"_ _0\"></span>nte<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rappre<span class=\"_ _0\"></span>sen<span class=\"_ _0\"></span>tate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">da<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">t<span class=\"_ _0\"></span>itoli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>bit<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>d<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ca<span class=\"_ _0\"></span>pita<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valo<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">posi<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>ntra<span class=\"_ _0\"></span>tti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>riv<span class=\"_ _0\"></span>ati<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ete<span class=\"_ _0\"></span>nuti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inal<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">neg<span class=\"_ _0\"></span>ozia<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">atti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fin<span class=\"_ _0\"></span>anzi<span class=\"_ _0\"></span>arie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">obb<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>atori<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>nte<span class=\"ff1\"> </span>valu<span class=\"_ _0\"></span>tate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">al</span> <span class=\"ff3\">fair<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">value<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>rappre<span class=\"_ _0\"></span>sen<span class=\"_ _0\"></span>tate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">dall<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>attiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">fina<span class=\"_ _0\"></span>nziar<span class=\"_ _0\"></span>ie<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>non<span class=\"ff1\"> <span class=\"_ _21\"></span></span>soddisfano<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>requi<span class=\"_ _0\"></span>siti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>valutazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>costo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ammortizzato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fair<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">value</span> <span class=\"_ _20\"></span><span class=\"ff3\">con</span> <span class=\"_ _21\"></span><span class=\"ff3\">impatto</span> <span class=\"_ _20\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ulla</span> </span>redditivit\u00e0<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>complessiva.<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Si<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>t<span class=\"_ _2\"></span>ratta<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>c<span class=\"_ _2\"></span>ui<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>t<span class=\"_ _2\"></span>ermini<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>contrattuali<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>prevedono<span class=\"ff1\"> </span>esclusivamente<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>imborsi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>capitale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>pagament<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>dell\u2019interesse<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sull\u2019importo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>capitale<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rest<span class=\"_ _2\"></span>ituire<span class=\"ff1\"> </span>(cd.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u201cSPPI<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>est\u201d<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>uperato)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">oppure<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">so<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">detenute<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quadro<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">m<span class=\"_ _2\"></span>odello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">busin<span class=\"_ _2\"></span>ess<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ob<span class=\"_ _0\"></span>ietti<span class=\"_ _0\"></span>vo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u00e8</span> <span class=\"ff3\">il</span> <span class=\"ff3\">p<span class=\"_ _0\"></span>osse<span class=\"_ _0\"></span>sso<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ttivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fin<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>zzato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">alla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">racc<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">flu<span class=\"_ _0\"></span>ssi<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>ri<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ontra<span class=\"_ _0\"></span>ttua<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(Bu<span class=\"_ _0\"></span>sines<span class=\"_ _0\"></span>s<span class=\"ff1\"> </span>mode<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>\u201cHold<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Collect\u201d)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">obiettivo<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conse<span class=\"_ _2\"></span>guito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mediante<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">raccolta<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">flussi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziari<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contratt<span class=\"_ _2\"></span>uali<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>che<span class=\"ff1\"> </span>mediante<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>vendita<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>(Business<span class=\"ff1\"> </span>model<span class=\"ff1\"> </span>\u201cHold<span class=\"ff1\"> </span>to<span class=\"ff1\"> </span>Collect<span class=\"ff1\"> </span>and<span class=\"ff1\"> </span>Sell\u201d);<span class=\"_ _3bd\"> </span>le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>finan<span class=\"_ _0\"></span>ziarie<span class=\"ff1\"> </span>designate<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>ossia<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>finan<span class=\"_ _0\"></span>ziarie<span class=\"ff1\"> </span>cos\u00ec<span class=\"ff1\"> </span>definite<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>momento<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span> </span></span>rilevazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>iniziale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ove<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>n<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sussist<span class=\"_ _2\"></span>ano<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>presupposti.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>In<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>relazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>t<span class=\"_ _2\"></span>ale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fattispecie,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un\u2019entit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _0\"></span>u\u00f2<span class=\"ff1\"> </span>designare<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">irrevocabilmente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">all\u2019iscrizione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un\u2019att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziaria<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">come<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valutata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>mpat<span class=\"_ _2\"></span>to<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>conto<span class=\"ff1\">  </span>economico<span class=\"ff1\">  </span>se,<span class=\"ff1\">  </span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>so<span class=\"_ _2\"></span>lo<span class=\"ff1\">  </span>se,<span class=\"ff1\">  </span>cos\u00ec<span class=\"ff1\">  </span>facendo<span class=\"ff1\">  </span>elimina<span class=\"ff1\">  </span>o<span class=\"ff1\">  </span>riduce<span class=\"ff1\">  </span>significativamente<span class=\"ff1\">  </span>un\u2019incoerenza<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>luta<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>a.<span class=\"_ _3bd\"> </span>Tro<span class=\"_ _0\"></span>van<span class=\"_ _0\"></span>o,<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uind<span class=\"_ _0\"></span>i,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">evi<span class=\"_ _0\"></span>denz<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uesta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">voc<span class=\"_ _0\"></span>e:<span class=\"_ _3bd\"> </span></span></span></span></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">titoli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>ebito<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziamenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inclusi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">business<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">model<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Tr<span class=\"_ _2\"></span>ading<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riconducibili<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">q<span class=\"_ _2\"></span>uindi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ai<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>business<span class=\"ff1\"> </span>model<span class=\"ff1\"> </span>\u201cHold<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">to<span class=\"ff1\"> </span>Collect\u201d<span class=\"_ _2\"></span><span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>\u201cHold<span class=\"ff1\"> </span>to<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Collect</span> <span class=\"ff3\">and</span> <span class=\"ff3\">Se<span class=\"_ _0\"></span>ll\u201d)<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>superano<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>test<span class=\"ff1\"> </span>SPPI;<span class=\"_ _3bd\"> </span></span></span></span></span>gl<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">strume<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cap<span class=\"_ _0\"></span>ital<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">-<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">qual<span class=\"_ _0\"></span>ific<span class=\"_ _0\"></span>abil<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cont<span class=\"_ _0\"></span>roll<span class=\"_ _0\"></span>o,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">coll<span class=\"_ _0\"></span>ega<span class=\"_ _0\"></span>mento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">co<span class=\"_ _0\"></span>ntro<span class=\"_ _0\"></span>llo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>giun<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">-<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ete<span class=\"_ _0\"></span>nuti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pe<span class=\"_ _1\"></span>r<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>finalit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">n<span class=\"_ _2\"></span>egoziazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span>optato,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>sede<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>rilevazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">iniziale,<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">designazione<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>impatto<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>redditivit\u00e0<span class=\"ff1\"> </span>complessiva;<span class=\"_ _3bd\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">qu<span class=\"_ _0\"></span>ote<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">OI<span class=\"_ _1\"></span>CR.<span class=\"_ _0\"></span> </span></span></span></span></span></span>La<span class=\"ff1\">  </span>voce<span class=\"ff1\">  </span>a<span class=\"_ _2\"></span>ccoglie,<span class=\"ff1\">  </span>inoltre,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>i<span class=\"ff1\">  </span>contr<span class=\"_ _2\"></span>atti<span class=\"ff1\">  </span>derivati,<span class=\"ff1\">  </span>cont<span class=\"_ _2\"></span>abilizzati<span class=\"ff1\">  </span>tra<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>le<span class=\"ff1\">  </span>att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\">  </span>finanziarie<span class=\"ff1\">  </span>detenute<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>per<span class=\"ff1\">  </span>la<span class=\"ff1\"> </span>negoziazione,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rappresentati<span class=\"ff1\"> </span>come<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> </span>se<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>air<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ositivo<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">come<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>assivit\u00e0<span class=\"ff1\"> </span>se<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>air<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>\u00e8<span class=\"ff1\"> </span>negativ<span class=\"_ _0\"></span>o.<span class=\"ff1\"> </span>E\u2019<span class=\"ff1\"> </span>possibile<span class=\"ff1\"> </span>compensare<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>valori<span class=\"ff1\"> </span>corren<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>positivi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>egativi<span class=\"ff1\"> </span>derivanti<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>operazioni<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>medesima<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contropart<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>soltan<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>qualora<span class=\"ff1\"> </span>si<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">abbia</span> <span class=\"ff3\">correntemente</span> <span class=\"ff3\">i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>diritto<span class=\"ff1\"> </span>leg<span class=\"_ _0\"></span>ale<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ompensare<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>importi<span class=\"ff1\"> </span></span></span></span></span>rilevati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>contabilmente<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>intenda<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>procedere<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>regolamento<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>su<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>base<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>n<span class=\"_ _0\"></span>etta<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>posizioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>oggetto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> </span>com<span class=\"_ _0\"></span>pen<span class=\"_ _0\"></span>sazi<span class=\"_ _0\"></span>one.<span class=\"_ _0\"></span> Fra<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i</span> <span class=\"ff3\">de<span class=\"_ _0\"></span>riva<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>so<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span>an<span class=\"_ _0\"></span>che<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uell<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>inc<span class=\"_ _0\"></span>orp<span class=\"_ _0\"></span>orat<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>ratti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">finan<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">comp<span class=\"_ _0\"></span>lessi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">-</span> <span class=\"ff3\">in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cui</span> <span class=\"ff3\">il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cont<span class=\"_ _0\"></span>ratto<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rim<span class=\"_ _0\"></span>ario<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>\u00e8<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>passivit\u00e0<span class=\"ff1\"> </span>finanziaria<span class=\"ff1\"> </span>-<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>stat<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>oggetto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rilev<span class=\"_ _0\"></span>azione<span class=\"ff1\"> </span>separata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>quanto:<span class=\"_ _3bd\"> </span>le<span class=\"ff1\"> </span>loro<span class=\"ff1\"> </span>caratt<span class=\"_ _2\"></span>eristiche<span class=\"ff1\"> </span>economiche<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>no<span class=\"ff1\"> </span>strettamente<span class=\"ff1\"> </span>correlati<span class=\"ff1\"> </span>alle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>caratteristiche<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span>con<span class=\"_ _0\"></span>trat<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>so<span class=\"_ _0\"></span>ttost<span class=\"_ _0\"></span>ante<span class=\"_ _1\"></span>;<span class=\"_ _3bd\"> </span>gl<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>trum<span class=\"_ _0\"></span>enti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span>corp<span class=\"_ _0\"></span>orat<span class=\"_ _0\"></span>i,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anch<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">se<span class=\"ff1\"> </span>se<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>rati,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sod<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>sfan<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">defi<span class=\"_ _0\"></span>niz<span class=\"_ _0\"></span>ione<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">d<span class=\"_ _0\"></span>eriv<span class=\"_ _0\"></span>ato<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>gli<span class=\"ff1\"> </span>st<span class=\"_ _2\"></span>rumenti<span class=\"ff1\"> </span>ibridi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _2\"></span></span>appartengono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>non<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valutati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>relative<span class=\"ff1\"> </span>variazioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rilevate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> </span>Conto<span class=\"ff1\"> </span>E<span class=\"_ _0\"></span>conomico.<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>cla<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>ich<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Secondo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>regole<span class=\"ff1\"> <span class=\"_ _20\"></span></span>g<span class=\"_ _2\"></span>enerali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>previst<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dall\u2019IFRS<span class=\"ff1\"> <span class=\"_ _21\"></span></span>9<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>materia<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riclassificazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(ad<span class=\"ff1\"> </span>eccezione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>capitale,<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ammessa</span> <span class=\"ff3\">alcuna</span> <span class=\"ff3\">riclassifica),</span> <span class=\"ff3\">n<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>ammesse<span class=\"ff1\"> </span>riclassifiche<span class=\"ff1\"> </span></span></span>verso<span class=\"ff1\"> </span>altre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">categorie<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> </span>salv<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>aso<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>\u2019ent<span class=\"_ _2\"></span>it\u00e0<span class=\"ff1\"> </span>modifi<span class=\"_ _0\"></span>chi<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">propr<span class=\"_ _2\"></span>io<span class=\"ff1\"> </span>mode<span class=\"_ _0\"></span>llo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">business<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gestione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"ff1\"> </span>seg<span class=\"_ _0\"></span>uito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cam<span class=\"_ _2\"></span>biamenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ester<span class=\"_ _2\"></span>ni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">interni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>quali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">siano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rilevanti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>operazioni<span class=\"ff1\">  </span>dell'entit\u00e0<span class=\"ff1\">  </span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dimostrabili<span class=\"ff1\">  </span>alle<span class=\"ff1\">  </span>parti<span class=\"ff1\">  </span>esterne.<span class=\"ff1\">  </span>I<span class=\"_ _0\"></span>n<span class=\"ff1\">  </span>tali<span class=\"ff1\">  </span>casi,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"ff1\">  </span>ci<span class=\"ff1\">  </span>si<span class=\"ff1\">  </span>at<span class=\"_ _0\"></span>tende<span class=\"ff1\">  </span>siano<span class=\"ff1\">  </span>altamente<span class=\"ff1\"> </span>infrequenti,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>pot<span class=\"_ _2\"></span>ranno<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>essere<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>riclassificate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dalla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>categoria<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valutata<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>fair<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>value<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> </span>impatto<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>economico<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>altre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">due<span class=\"ff1\"> </span>categorie<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>reviste<span class=\"ff1\"> </span>dall\u2019IFRS<span class=\"ff1\"> </span>9<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(Attivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> </span></span></span></span></span></span></span>al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">costo<span class=\"ff1\"> </span>ammo<span class=\"_ _0\"></span>rtizzato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valutate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">c<span class=\"_ _2\"></span>on<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">impatt<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sulla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>edditivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">complessiva).<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">I<span class=\"_ _2\"></span>l<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>valore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>trasferimento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rappr<span class=\"_ _0\"></span>esentato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dal<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _21\"></span></span>valu<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>momento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riclassificazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>g<span class=\"_ _2\"></span>li<span class=\"ff1\"> <span class=\"_ _20\"></span></span>effetti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> </span>riclassificazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"_ _2\"></span>perano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>maniera<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prospettica<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>partire<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dalla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>data<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riclassificazione.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>In<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ques<span class=\"_ _2\"></span>to<span class=\"ff1\"> <span class=\"_ _20\"></span></span>caso,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>inter<span class=\"_ _2\"></span>esse<span class=\"ff1\"> </span>effettivo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> </span>finanziaria<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riclassificata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>determinato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>base<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>suo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fair<span class=\"_ _2\"></span><span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>iclassificazione<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>tale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>data<span class=\"ff1\"> <span class=\"_ _2\"></span></span>viene<span class=\"ff1\"> </span>considerata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>come<span class=\"ff1\"> </span>data<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rilevazione<span class=\"ff1\"> </span>iniziale<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019allocazione<span class=\"ff1\"> </span>nei<span class=\"ff1\"> </span>diversi<span class=\"ff1\"> </span>stadi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>creditizio<span class=\"ff1\"> </span>(stage<span class=\"ff1\"> </span>assignment)<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>finidell\u2019impairment.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Successivamente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rilevazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>iniziale,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valutate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _20\"></span></span>value<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>impat<span class=\"_ _2\"></span>to<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>conto<span class=\"ff1\"> </span>economico<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>so<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>valorizzate<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fair<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>value.<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>G<span class=\"_ _2\"></span>li<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>eff<span class=\"_ _2\"></span>etti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dell\u2019applicazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cr<span class=\"_ _2\"></span>iterio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valuta<span class=\"_ _2\"></span>zione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sono<span class=\"ff1\"> </span>imputati<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>Conto<span class=\"ff1\"> </span>Economico.<span class=\"_ _3bd\"> </span>Pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>det<span class=\"_ _0\"></span>ermi<span class=\"_ _0\"></span>nazi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del</span> <span class=\"ff3\">fai<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>valu<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>degl<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>stru<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">fin<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>iari<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">quotat<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>un<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">merc<span class=\"_ _0\"></span>ato<span class=\"ff1\"> </span>att<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>o,<span class=\"ff1\"> </span>veng<span class=\"_ _0\"></span>ono<span class=\"ff1\"> </span>ut<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>zza<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>qu<span class=\"_ _0\"></span>otaz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>me<span class=\"_ _0\"></span>rcato<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">assen<span class=\"_ _0\"></span>za<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un</span> <span class=\"ff3\">mer<span class=\"_ _0\"></span>cato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">attiv<span class=\"_ _0\"></span>o,<span class=\"ff1\"> </span>ve<span class=\"_ _0\"></span>ngo<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>uti<span class=\"_ _0\"></span>liz<span class=\"_ _0\"></span>zati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">met<span class=\"_ _0\"></span>odi<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sti<span class=\"_ _0\"></span>ma<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>mo<span class=\"_ _0\"></span>dell<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>val<span class=\"_ _0\"></span>uta<span class=\"_ _0\"></span>tivi<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>com<span class=\"_ _0\"></span>une<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>dot<span class=\"_ _0\"></span>tati<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>ch<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>engo<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tu<span class=\"_ _0\"></span>tti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>atto<span class=\"_ _0\"></span>ri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risc<span class=\"_ _0\"></span>hio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cor<span class=\"_ _0\"></span>rel<span class=\"_ _0\"></span>ati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">agl<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>trum<span class=\"_ _0\"></span>enti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ba<span class=\"_ _0\"></span>sati<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>su<span class=\"ff1\"> </span>da<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>rilev<span class=\"_ _1\"></span>abili<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">sul<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">merc<span class=\"_ _0\"></span>ato<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>ali:<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">valuta<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>strum<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>quotati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ch<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>pre<span class=\"_ _0\"></span>senta<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>anal<span class=\"_ _0\"></span>oghe<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">caratte<span class=\"_ _0\"></span>ris<span class=\"_ _0\"></span>tic<span class=\"_ _0\"></span>he,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>calcoli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cas<span class=\"_ _2\"></span>sa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>contati,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mo<span class=\"_ _2\"></span>delli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>determinazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prezzo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>opzioni,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valori<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rilevati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>recenti<span class=\"ff1\"> </span>transazioni<span class=\"ff1\"> </span>comparabili,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ecc.<span class=\"ff1\"> </span>Per<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>capitale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>gli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">strumenti<span class=\"ff1\"> </span>derivati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> </span>hann<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>oggetto<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>capitale,<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>quotati<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>mercato<span class=\"ff1\"> </span>attiv<span class=\"_ _0\"></span>o,<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>criterio<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>costo<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>tilizzato<span class=\"ff1\"> </span>quale<span class=\"ff1\"> </span>stima<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>soltanto<span class=\"ff1\"> </span></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>via<span class=\"ff1\"> <span class=\"_ _20\"></span></span>residuale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>limitatam<span class=\"_ _2\"></span>ente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>poche<span class=\"ff1\"> <span class=\"_ _20\"></span></span>circostanze,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"_ _2\"></span>ssia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cas<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>non<span class=\"ff1\"> <span class=\"_ _20\"></span></span>applicabilit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>utti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>meto<span class=\"_ _2\"></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"_ _2\"></span><span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rece<span class=\"_ _2\"></span>dentemente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">richiamati,<span class=\"ff1\"> </span>ovve<span class=\"_ _0\"></span>ro<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>presenz<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>un\u2019<span class=\"_ _0\"></span>ampia<span class=\"ff1\"> </span>gamma<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>possibili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutazioni<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span></span></span></span></span></span></span>fair<span class=\"ff1\"> </span>value,<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>ambito<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>costo<span class=\"ff1\"> </span>rappresenta<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>stima<span class=\"ff1\"> </span>pi\u00f9<span class=\"ff1\"> </span>significativa.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inanziarie<span class=\"ff1\"> </span>veng<span class=\"_ _0\"></span>ono<span class=\"ff1\"> </span>cancell<span class=\"_ _0\"></span>ate<span class=\"ff1\"> </span>dal<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> </span>solamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">se<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>cessione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">comportato<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sostanzial<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>trasferimento<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>utti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>be<span class=\"_ _0\"></span>nefici<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">connessi<span class=\"ff1\"> </span>alle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> </span>stesse.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Per<span class=\"ff1\"> </span>contro,<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>ualora<span class=\"ff1\"> </span>sia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stat<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ma<span class=\"_ _2\"></span>ntenuta<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>una<span class=\"ff1\"> </span>quota<span class=\"ff1\"> <span class=\"_ _2\"></span></span>part<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>rilevante<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>b<span class=\"_ _2\"></span>enefici<span class=\"ff1\"> </span>relativi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cedute,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>queste<span class=\"ff1\"> <span class=\"_ _2\"></span></span>continuano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ad<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>iscritte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>b<span class=\"_ _0\"></span>ilancio,<span class=\"ff1\"> </span>ancorch\u00e9<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">giuridicamente<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">titolarit\u00e0<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stesse<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span>stata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">effettivamente<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>tras<span class=\"_ _0\"></span>fer<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span>Nel<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>caso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pos<span class=\"_ _2\"></span>sibile<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>accert<span class=\"_ _2\"></span>are<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sostanziale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>trasferimento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>b<span class=\"_ _0\"></span>enefici,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> <span class=\"_ _21\"></span></span>vengono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cancellate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _21\"></span></span>bilancio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>qualora<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>tato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>mantenuto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alcun<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tipo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>controllo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sulle<span class=\"ff1\"> </span>stesse.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>In<span class=\"ff1\"> <span class=\"_ _2\"></span></span>caso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contrario,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conservazione,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>anche<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>parte,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>ale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>controllo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>comporta<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mantenimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"_ _2\"></span><span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>misura<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>coinvolgimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>residuo,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>misurato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall\u2019esposizione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ai</span> <span class=\"ff3\">cam<span class=\"_ _2\"></span>biamenti</span> <span class=\"ff3\">di</span> </span>valore<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>cedute<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>variazioni<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> </span>finanziari<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>stesse.<span class=\"_ _3bd\"> </span>Infine,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziar<span class=\"_ _2\"></span>ie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ce<span class=\"_ _2\"></span>dute<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vengono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cancellate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dal<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> </span>nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">caso<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cui<span class=\"ff1\"> </span>vi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sia</span> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onservazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>diritti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contrattuali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ricevere<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>relativi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cas<span class=\"_ _2\"></span>sa,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contestuale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>as<span class=\"_ _2\"></span>sunzione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un\u2019obb<span class=\"_ _2\"></span>ligazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"_ _2\"></span><span class=\"ff1\"> </span>pagare<span class=\"ff1\"> </span>detti<span class=\"ff1\"> </span>flussi,<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>solo<span class=\"ff1\"> </span>essi,<span class=\"ff1\"> </span>senza<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>ritardo<span class=\"ff1\"> </span>rilevante<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>altri<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>ggetti<span class=\"ff1\"> </span>terzi.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ril<span class=\"_ _0\"></span>ev<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>del<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ual<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>Gli<span class=\"ff1\"> <span class=\"_ _21\"></span></span>interessi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>attivi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sui<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tit<span class=\"_ _2\"></span>oli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>deb<span class=\"_ _0\"></span>ito<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ed<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>differenziali<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ed<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">i</span> <span class=\"_ _20\"></span><span class=\"ff3\">mar<span class=\"_ _2\"></span>gini</span> <span class=\"_ _20\"></span><span class=\"ff3\">dei</span> <span class=\"_ _21\"> </span><span class=\"ff3\">contratti</span> <span class=\"_ _21\"></span><span class=\"ff3\">derivati</span> <span class=\"_ _20\"></span><span class=\"ff3\">classificati</span> <span class=\"_ _21\"> </span><span class=\"ff3\">in</span> <span class=\"_ _21\"></span><span class=\"ff3\">tale</span> </span>ca<span class=\"_ _0\"></span>teg<span class=\"_ _0\"></span>oria,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ma</span> <span class=\"ff3\">ge<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>onal<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>coll<span class=\"_ _0\"></span>ega<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>ad<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">atti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o</span> <span class=\"ff3\">pa<span class=\"_ _0\"></span>ssivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inanz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>luta<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fai<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>value<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sono</span> <span class=\"ff3\">i<span class=\"_ _0\"></span>scr<span class=\"_ _0\"></span>itti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">per</span> </span></span></span></span></span></span></span></span></span></span></span>competenza<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> </span>voci<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico<span class=\"ff1\"> </span>relativi<span class=\"ff1\"> </span>agli<span class=\"ff1\"> </span>interessi.<span class=\"_ _3bd\"> </span>I<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>ffe<span class=\"_ _0\"></span>renzi<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">i</span> <span class=\"ff3\">margi<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>gli<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>tri<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>trat<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>ve<span class=\"_ _0\"></span>ngo<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>leva<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u201cRisu<span class=\"_ _0\"></span>ltat<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>net<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>l\u2019a<span class=\"_ _0\"></span>ttiv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">negoz<span class=\"_ _0\"></span>iaz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span>\u201d.<span class=\"ff1\"> </span></span></span></span></span></span></span>I<span class=\"ff1\">  </span>dividendi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>so<span class=\"_ _2\"></span>no<span class=\"ff1\">  </span>rilevati<span class=\"ff1\">  </span>per<span class=\"ff1\">  </span>compe<span class=\"_ _0\"></span>tenza<span class=\"ff1\">  </span>economica<span class=\"ff1\">  </span>riferita<span class=\"ff1\">  </span>alla<span class=\"ff1\">  </span>data<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>assunzione<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">della</span>  <span class=\"ff3\">delibera</span>  <span class=\"ff3\">di</span> </span>distribuzione<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>parte<span class=\"ff1\"> </span>dell\u2019assemblea<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>esposti<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>voce<span class=\"ff1\"> </span>\u201cDividendi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>proventi<span class=\"ff1\"> </span>simili\u201d.<span class=\"_ _3bd\"> </span>Gli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">utili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perdite<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ealizzati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dalla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cessione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rimborso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">plus/minusvalenze<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">derivanti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dalle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">variazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>value<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>iscritti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">conto</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">economico</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">del</span> <span class=\"_ _27\"> </span><span class=\"ff3\">p<span class=\"_ _2\"></span>eriodo</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">nel</span> <span class=\"_ _27\"> </span><span class=\"ff3\">q<span class=\"_ _2\"></span>uale</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">si</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">manifestano</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">e</span> <span class=\"_ _27\"> </span><span class=\"ff3\">class<span class=\"_ _2\"></span>ificati</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">nel<span class=\"_ _0\"></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>voce<span class=\"ff1\"> </span></span></span>\u201cRisultato<span class=\"ff1\">  </span>netto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>delle<span class=\"ff1\">  </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\">  </span>negoziazione\u201d,<span class=\"ff1\">  </span>ad<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>eccezione<span class=\"ff1\">  </span>della<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>quota<span class=\"ff1\">  </span>relativa<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ai<span class=\"ff1\">  </span>contratt<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>derivati<span class=\"_ _2\"></span><span class=\"ff1\"> </span>gestionalmente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">collegati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ad<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">passivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">val<span class=\"_ _2\"></span>utate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rilevata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u201c<span class=\"_ _2\"></span>Risultato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">netto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>e<span class=\"ff1\"> </span>passivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value\u201d.<span class=\"_ _3bd\"> </span>4-<span class=\"_ _3bd\"> </span>Op<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rtu<span class=\"_ _1\"></span>ra<span class=\"fc0 sc1\"> </span>Il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Gruppo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>avvale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>facolt\u00e0,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>previs<span class=\"_ _2\"></span>ta<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sede<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>introduzione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>d<span class=\"_ _2\"></span>ell\u2019IFRS<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>9,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>continuare<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ad<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>applicar<span class=\"_ _3bd\"> </span>e<span class=\"ff1\"> </span>integralmente<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>previsioni<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>principio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>contabile<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>IAS<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>39<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tema<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u201c<span class=\"_ _2\"></span>hedge<span class=\"ff1\"> <span class=\"_ _21\"></span></span>accounting\u201d<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>(nella<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>versione<span class=\"ff1\"> </span>carved<span class=\"ff1\"> <span class=\"_ _21\"></span></span>out<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>omologata<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dalla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Commissione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Europea)<span class=\"ff1\"> <span class=\"_ _21\"></span></span>per<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ogni<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tipologia<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>copertura<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>(sia<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>copertur<span class=\"_ _3bd\"> </span>e<span class=\"ff1\"> </span>specifiche<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>macro<span class=\"ff1\"> </span>coperture).<span class=\"_ _3bd\"> </span> Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>isc<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Gli<span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> </span>derivati<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>copertura,<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tutt<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>derivati,<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>inizialmente<span class=\"ff1\"> </span>iscritti<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>successivamente<span class=\"ff1\"> </span>misurati<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value.<span class=\"_ _3bd\"> </span> Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cla<span class=\"_ _1\"></span>ssi<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e:<span class=\"_ _3bd\"> </span>ti<span class=\"_ _0\"></span>pol<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>ia<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rtu<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>operazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>copert<span class=\"_ _2\"></span>ura<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>finalizzate<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>neutralizzare<span class=\"ff1\"> <span class=\"_ _21\"></span></span>potenziali<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>variazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>f<span class=\"_ _2\"></span>air<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>value<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>o<span class=\"_ _3bd\"> </span><span class=\"ff1\"> </span>variazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>cass<span class=\"_ _2\"></span>a,<span class=\"ff1\"> </span>at<span class=\"_ _2\"></span>tribuibil<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> </span>determ<span class=\"_ _2\"></span>inato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rilevabili<span class=\"ff1\"> </span>su<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>determinato<span class=\"ff1\"> </span>elemento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> </span>gruppo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>elementi,<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>caso<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>quel<span class=\"ff1\"> </span>particolare<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>dovesse<span class=\"ff1\"> </span>effettivamente<span class=\"ff1\"> </span>manifestar<span class=\"_ _2\"></span>si.<span class=\"_ _3bd\"> </span> Le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ti<span class=\"_ _0\"></span>polo<span class=\"_ _0\"></span>gie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">cope<span class=\"_ _0\"></span>rtu<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">util<span class=\"_ _0\"></span>izz<span class=\"_ _0\"></span>ate<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ono<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">segue<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span>copertura<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fa<span class=\"_ _2\"></span>ir<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019obiett<span class=\"_ _2\"></span>ivo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">coprire<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019esposizione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alla<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">variazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valu<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(attr<span class=\"_ _2\"></span>ibuibile<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>ll<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>diverse<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tipologie<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>ischio)<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>passivit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>iscritte<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>bi<span class=\"_ _2\"></span>lancio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>porzioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>esse,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>gruppi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>d<span class=\"_ _3bd\"> </span>i<span class=\"_ _3bd\"> </span><span class=\"_ _2\"></span><span class=\"ff1\"> </span>attivit\u00e0/passivit\u00e0,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>impegni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>irrevocabili<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>portafogli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pass<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziarie,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>incl<span class=\"_ _2\"></span>usi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cor<span class=\"_ _3bd\"> </span>e<span class=\"ff1\"> </span>dep<span class=\"_ _0\"></span>osi<span class=\"_ _0\"></span>ts,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">com<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>conse<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>dall<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>IAS<span class=\"ff1\"> </span>39<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">omol<span class=\"_ _0\"></span>oga<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>dall<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>Commi<span class=\"_ _0\"></span>ssio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>Euro<span class=\"_ _0\"></span>pea<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>Le<span class=\"ff1\"> </span>cope<span class=\"_ _0\"></span>rture<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">gener<span class=\"_ _0\"></span>ich<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">e<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>(\u201cmacro<span class=\"ff1\"> </span>hedge\u201d)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">hanno<span class=\"ff1\"> </span>l\u2019obiettivo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ridurre<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">oscill<span class=\"_ _2\"></span>azioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value,<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>mputabili<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>rischi<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>t<span class=\"_ _2\"></span>asso<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>interesse,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>un<span class=\"ff1\"> <span class=\"_ _20\"></span></span>imp<span class=\"_ _2\"></span>orto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>monetario,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>riveni<span class=\"_ _0\"></span>ente<span class=\"ff1\"> <span class=\"_ _21\"></span></span>da<span class=\"ff1\"> <span class=\"_ _21\"></span></span>un<span class=\"ff1\"> <span class=\"_ _20\"></span></span>port<span class=\"_ _2\"></span>afoglio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>passivit<span class=\"_ _3bd\"> </span>\u00e0<span class=\"ff1\"> </span>finanziarie.<span class=\"ff1\"> </span>Non<span class=\"ff1\"> </span>possono<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>ogg<span class=\"_ _0\"></span>etto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>copertura<span class=\"ff1\"> </span>generica<span class=\"ff1\"> </span>importi<span class=\"ff1\"> </span>netti<span class=\"ff1\"> </span>derivanti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dallo<span class=\"ff1\"> </span>sbilancio<span class=\"ff1\"> </span>d<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\">i<span class=\"ff1\"> </span></span></span>attivit\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>passivit\u00e0;<span class=\"_ _3bd\"> </span> copertura<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">flussi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziari:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"ff1\"> </span>l\u2019obiettivo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">coprire<span class=\"ff1\"> </span>l\u2019e<span class=\"_ _0\"></span>sposizione<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">variazioni<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">flussi<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cassa<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>utu<span class=\"_ _0\"></span>ri<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>attribuibili<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>particolari<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>asso<span class=\"_ _2\"></span>ciati<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>poste<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>bilancio.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Tale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tipologia<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>copertur<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>utilizzat<span class=\"_ _3bd\"> </span>a<span class=\"ff1\"> </span>essenzialmente<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>tabilizzare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>flusso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>inter<span class=\"_ _2\"></span>essi<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>accolta<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> </span>tas<span class=\"_ _2\"></span>so<span class=\"ff1\"> </span>variabile<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>m<span class=\"_ _2\"></span>isura<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cu<span class=\"_ _3bd\"> </span>i<span class=\"ff1\"> </span>quest\u2019ultima<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanzia<span class=\"ff1\"> </span>impieghi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tasso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fisso.<span class=\"ff1\"> </span>In<span class=\"ff1\"> <span class=\"_ _2\"></span></span>talune<span class=\"ff1\"> </span>circost<span class=\"_ _2\"></span>anze,<span class=\"ff1\"> </span>analoghe<span class=\"ff1\"> <span class=\"_ _2\"></span></span>operazioni<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>poste<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"_ _3bd\"> </span>n<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>relativamente<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>alcune<span class=\"ff1\"> </span>tipologie<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>impieghi<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>variabil<span class=\"_ _0\"></span>e.<span class=\"_ _3bd\"> </span>Solo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>gli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>strumenti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>coin<span class=\"_ _2\"></span>volgono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>contr<span class=\"_ _2\"></span>oparte<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>esterna<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Gruppo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>pos<span class=\"_ _2\"></span>sono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>essere<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>designat<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>come<span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>c<span class=\"_ _0\"></span>opertura.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Data<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>scelta<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"_ _0\"></span>sercitata<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Gruppo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>avvalersi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dell<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>facolt\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>co<span class=\"_ _2\"></span>ntinuare<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ad<span class=\"ff1\"> </span>applicare<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">integralmente<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>egole<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">IAS<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">39<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">relazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">copert<span class=\"_ _2\"></span>ura,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">poss<span class=\"_ _2\"></span>ibile<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">designar<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>capitale<span class=\"ff1\"> </span>classificati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tra<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> </span>Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziarie<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _2\"></span></span>value<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>impatto<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>redditivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>complessiva<span class=\"ff1\"> </span>(FVOCI)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>come<span class=\"ff1\"> <span class=\"_ _2\"></span></span>oggetti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>coperti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prezzo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cam<span class=\"_ _2\"></span>bio,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>str<span class=\"_ _2\"></span>umenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>non<span class=\"ff1\"> <span class=\"_ _2\"></span></span>impattano<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>conomico,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nemmeno<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>caso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vendita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(se<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dividendi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ch<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>rilevati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">conto<span class=\"ff1\"> </span>economico).<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>riv<span class=\"_ _0\"></span>ati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cop<span class=\"_ _0\"></span>ertu<span class=\"_ _0\"></span>ra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">va<span class=\"_ _0\"></span>lutati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fai<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>val<span class=\"_ _0\"></span>ue.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">I<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>arti<span class=\"_ _0\"></span>cola<span class=\"_ _0\"></span>re:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">caso<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">copertura<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">si</span> <span class=\"_ _0\"></span><span class=\"ff3\">compensa<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">var<span class=\"_ _2\"></span>iazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dell\u2019elemento<span class=\"ff1\"> </span>coperto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>variazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dello<span class=\"ff1\"> </span>strumento<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">copertura<span class=\"_ _2\"></span>.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Tale<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ompensazione<span class=\"ff1\"> </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">riconosciuta</span> <span class=\"_ _0\"></span><span class=\"ff3\">attraverso<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>rilevazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Conto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Economico<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>variazioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valore,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riferite<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>all\u2019elemento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>coperto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>(per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quanto<span class=\"ff1\"> </span>riguarda<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>variazioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>prodotte<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fatto<span class=\"_ _2\"></span>re<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">rischio</span> <span class=\"_ _27\"> </span><span class=\"ff3\">s<span class=\"_ _2\"></span>ottostante),</span> <span class=\"_ _27\"> </span><span class=\"ff3\">s<span class=\"_ _2\"></span>ia</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">allo</span> <span class=\"_ _27\"> </span><span class=\"ff3\">st<span class=\"_ _2\"></span>rumento</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">di</span> <span class=\"_ _27\"> </span><span class=\"ff3\">copertura.</span> </span>L\u2019eventuale<span class=\"ff1\">  </span>differenza,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>che<span class=\"ff1\">  </span>rappresenta<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>la<span class=\"ff1\">  </span>parziale<span class=\"ff1\">  </span>in<span class=\"_ _2\"></span>efficacia<span class=\"ff1\">  </span>della<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>copertura,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>ne<span class=\"ff1\">  </span>costit<span class=\"_ _2\"></span>uisce<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1e\"> </span><span class=\"ff3\">di</span> </span>conseguenza<span class=\"ff1\"> </span>l\u2019effetto<span class=\"ff1\"> </span>economico<span class=\"ff1\"> </span>netto.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Nel<span class=\"ff1\"> </span>caso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">operazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">copert<span class=\"_ _2\"></span>ura<span class=\"ff1\"> </span>gene<span class=\"_ _0\"></span>rica<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alue<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>portafoglio<span class=\"ff1\"> </span>(\u201cma<span class=\"_ _2\"></span>cro<span class=\"ff1\"> </span>hedge\u201d)<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>v<span class=\"_ _2\"></span>ariazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>fair<span class=\"ff1\"> <span class=\"_ _2\"></span></span>value<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>riferim<span class=\"_ _2\"></span>ento<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>coperto<span class=\"_ _2\"></span><span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">passivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">oggetto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">copertura<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">so<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">imputate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nello<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">patrimoniale,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rispettivamente,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nell<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">voce<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>60.<span class=\"ff1\">  </span>\u201cAdeguamento<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>valore<span class=\"ff1\">  </span>delle<span class=\"ff1\">  </span>attivit\u00e0<span class=\"ff1\">  </span>fin<span class=\"_ _0\"></span>anziarie<span class=\"ff1\">  </span>oggetto<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>copertura<span class=\"ff1\">  </span>generica\u201d<span class=\"ff1\">  </span>oppure<span class=\"ff1\">  </span>50.<span class=\"ff1\"> </span>\u201cAdeguamento<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>passivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>oggetto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>c<span class=\"_ _2\"></span>opertura<span class=\"ff1\"> </span>generica\u201d;<span class=\"_ _3bd\"> </span> nel<span class=\"ff1\"> <span class=\"_ _20\"></span></span>caso<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>copertura<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>f<span class=\"_ _2\"></span>inanziari,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>variazioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _20\"></span></span>value<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>derivato<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>imputate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nel<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span> redditivit\u00e0<span class=\"ff1\"> </span>complessiva,<span class=\"ff1\"> </span>p<span class=\"_ _2\"></span>er<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quota<span class=\"ff1\"> </span>efficace<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>ella<span class=\"ff1\"> </span>copertura,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>rilevate<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>Conto<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Economico<span class=\"ff1\"> <span class=\"_ _2\"></span></span>solo<span class=\"ff1\"> </span>quando,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rif<span class=\"_ _2\"></span>erimento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pos<span class=\"_ _2\"></span>ta<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">coperta<span class=\"_ _2\"></span>,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">manifesta<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">variazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">flussi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cassa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">compensa<span class=\"_ _2\"></span>re<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>o<span class=\"ff1\"> </span>se<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>copertura<span class=\"ff1\"> </span>risulta<span class=\"ff1\"> </span>inefficace;<span class=\"_ _3bd\"> </span> le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">coperture<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">investimento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">netto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valuta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contabilizzate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">allo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stesso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">modo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">coperture<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>fl<span class=\"_ _0\"></span>ussi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">f<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>ziar<span class=\"_ _0\"></span>i.<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>Lo<span class=\"ff1\"> </span>strumento<span class=\"ff1\"> </span>derivato<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>signato<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>copertura<span class=\"ff1\"> </span>se<span class=\"ff1\"> </span>esiste<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> </span>documentazione<span class=\"ff1\"> </span>formalizzata<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>relazione<span class=\"ff1\"> </span></span></span>tra<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">lo<span class=\"ff1\"> </span>str<span class=\"_ _0\"></span>ume<span class=\"_ _0\"></span>nto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>per<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">lo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">stru<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>cop<span class=\"_ _0\"></span>ertu<span class=\"_ _0\"></span>ra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">se<span class=\"ff1\"> </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ef<span class=\"_ _0\"></span>ficac<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span>m<span class=\"_ _0\"></span>omen<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>cu<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">coper<span class=\"_ _0\"></span>tura<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ha</span> <span class=\"_ _0\"></span><span class=\"ff3\">iniz<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>e,<span class=\"ff1\"> </span>prospetticamente,<span class=\"ff1\"> </span>durante<span class=\"ff1\"> </span>tutta<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>vita<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>stessa.<span class=\"_ _3bd\"> </span> L'efficacia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">copertura<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>pende<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dalla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">misura<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">variazioni<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>ello<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">st<span class=\"_ _2\"></span>rumento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">coperto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>relativi<span class=\"ff1\">  </span>flussi<span class=\"ff1\">  </span>fi<span class=\"_ _0\"></span>nanziari<span class=\"ff1\">  </span>attesi<span class=\"ff1\">  </span>risultano<span class=\"ff1\">  </span>compensati<span class=\"ff1\">  </span>da<span class=\"ff1\">  </span>quelle<span class=\"ff1\">  </span>de<span class=\"_ _0\"></span>llo<span class=\"ff1\">  </span>strumento<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>copertura.<span class=\"ff1\">  </span>Pertanto,<span class=\"ff1\"> </span>l'efficacia<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>\u00e8<span class=\"ff1\">  </span>apprezzat<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dal<span class=\"ff1\">  </span>confr<span class=\"_ _2\"></span>onto<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>delle<span class=\"ff1\">  </span>suddette<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>variazi<span class=\"_ _2\"></span>oni,<span class=\"ff1\">  </span>t<span class=\"_ _2\"></span>enuto<span class=\"ff1\">  </span>cont<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dell'intento<span class=\"ff1\">  </span>perseguito<span class=\"_ _2\"></span><span class=\"ff1\"> </span>dall'impresa<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>momento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>copertura<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> </span>stata<span class=\"ff1\"> </span>posta<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>essere.<span class=\"ff1\"> </span>Si<span class=\"ff1\"> </span>ha<span class=\"ff1\"> </span>efficacia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quando<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>var<span class=\"_ _2\"></span>iazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>(o<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cassa)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dello<span class=\"ff1\"> </span>strumento<span class=\"ff1\"> </span>finanziario<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>copertura<span class=\"ff1\"> </span>neutralizzano<span class=\"ff1\"> </span>quasi<span class=\"ff1\"> </span>integralmente,<span class=\"_ _2\"></span><span class=\"ff1\"> </span>cio\u00e8<span class=\"ff1\">  </span>nei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>limiti<span class=\"ff1\">  </span>stabiliti<span class=\"ff1\">  </span>dall\u2019intervallo<span class=\"ff1\">  </span>80-125%,<span class=\"ff1\">  </span>le<span class=\"ff1\">  </span>variazioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\">  </span>fair<span class=\"ff1\">  </span>value<span class=\"ff1\">  </span>de<span class=\"_ _0\"></span>llo<span class=\"ff1\">  </span>strumento<span class=\"ff1\">  </span>coperto,<span class=\"ff1\">  </span>per<span class=\"ff1\"> </span>l\u2019elemento<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>oggetto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>copertura.<span class=\"_ _3bd\"> </span> La<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">va<span class=\"_ _0\"></span>luta<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>'effi<span class=\"_ _0\"></span>cac<span class=\"_ _0\"></span>ia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span>ef<span class=\"_ _0\"></span>fett<span class=\"_ _0\"></span>uat<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>ad<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">og<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">chiu<span class=\"_ _0\"></span>su<span class=\"_ _0\"></span>ra<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">b<span class=\"_ _0\"></span>ilanc<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _1\"></span><span class=\"ff3\">situa<span class=\"_ _0\"></span>zione<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">inf<span class=\"_ _0\"></span>rannu<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">u<span class=\"_ _0\"></span>tilizz<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>o:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>test<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>prospettici,<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>giustificano<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>l'appl<span class=\"_ _0\"></span>icazione<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>contabilizzazione<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>copertura,<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>quanto<span class=\"ff1\"> </span>dimostrano<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>sua<span class=\"ff1\"> </span>efficacia<span class=\"ff1\"> </span>attesa;<span class=\"_ _3bd\"> </span> test<span class=\"ff1\"> <span class=\"_ _21\"></span></span>retrospettivi,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _21\"></span></span>evidenziano<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>grado<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>efficacia<span class=\"ff1\"> <span class=\"_ _21\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>co<span class=\"_ _2\"></span>pertura<span class=\"ff1\"> <span class=\"_ _21\"></span></span>raggiunto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _21\"></span></span>periodo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _20\"></span></span>si<span class=\"_ _0\"></span> rif<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>scon<span class=\"_ _0\"></span>o,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ovve<span class=\"_ _1\"></span>ro,<span class=\"ff1\"> </span>mi<span class=\"_ _0\"></span>sura<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>anto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i</span> <span class=\"_ _0\"></span><span class=\"ff3\">risu<span class=\"_ _0\"></span>lta<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">effe<span class=\"_ _0\"></span>ttiv<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ian<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>disc<span class=\"_ _0\"></span>osta<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>oper<span class=\"_ _0\"></span>tura<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>rfett<span class=\"_ _0\"></span>a.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span>Solo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>strumenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>coinvolgono<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>una<span class=\"ff1\"> <span class=\"_ _20\"></span></span>controparte<span class=\"ff1\"> <span class=\"_ _20\"></span></span>esterna<span class=\"ff1\"> <span class=\"_ _20\"></span></span>possono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>essere<span class=\"ff1\"> <span class=\"_ _20\"></span></span>designati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>come<span class=\"ff1\"> <span class=\"_ _20\"></span></span>str<span class=\"_ _2\"></span>umenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>cop<span class=\"_ _0\"></span>ertu<span class=\"_ _0\"></span>ra.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Pert<span class=\"_ _0\"></span>anto<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>ogni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">risu<span class=\"_ _0\"></span>lta<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>ric<span class=\"_ _0\"></span>ondu<span class=\"_ _0\"></span>cib<span class=\"_ _0\"></span>ile<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>tran<span class=\"_ _0\"></span>saz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>terne<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">effe<span class=\"_ _1\"></span>ttuate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tra</span> <span class=\"ff3\">di<span class=\"_ _0\"></span>vers<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>enti<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ban<span class=\"_ _0\"></span>ca<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>\u00e8<span class=\"ff1\"> </span>eliminato<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> </span>consolidato.<span class=\"_ _3bd\"> </span> Ce<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>pro<span class=\"_ _1\"></span>spe<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span>ca<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nta<span class=\"_ _1\"></span>bili<span class=\"_ _0\"></span>zz<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>per<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Se<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>v<span class=\"_ _2\"></span>erifiche<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>confermano<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>l\u2019efficacia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>copertura,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>qu<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>momento<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>contabili<span class=\"_ _0\"></span>zza<span class=\"_ _2\"></span>zione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"ff1\"> </span>operazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">copertura,<span class=\"ff1\"> </span>secondo<span class=\"ff1\"> </span>quanto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sopra<span class=\"ff1\"> </span>esposto,<span class=\"ff1\"> </span>viene<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">interrott<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">il</span> <span class=\"_ _0\"></span><span class=\"ff3\">contratto<span class=\"ff1\"> </span>derivato<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">copertura</span> </span></span></span></span></span></span></span></span></span>vie<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>cla<span class=\"_ _0\"></span>ssif<span class=\"_ _0\"></span>icato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tra</span> <span class=\"ff3\">gl<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>stru<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">negozi<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Inol<span class=\"_ _0\"></span>tre,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">opera<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>pertu<span class=\"_ _1\"></span>ra<span class=\"ff1\"> </span>cessa<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">momen<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">lo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">strumento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">copertura<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">giunge<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>scadenza,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">venduto,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cessat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>sercitato,<span class=\"ff1\"> </span>opp<span class=\"_ _0\"></span>ure<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>banca<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>evoca<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">designazione.<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>Pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rel<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>oni<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ope<span class=\"_ _0\"></span>rtura<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">f<span class=\"_ _0\"></span>air<span class=\"ff1\"> </span>val<span class=\"_ _0\"></span>ue,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">lo</span> <span class=\"ff3\">s<span class=\"_ _0\"></span>trum<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finan<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>ario<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cope<span class=\"_ _0\"></span>rto<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pi\u00f9<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">re<span class=\"_ _0\"></span>ttifi<span class=\"_ _0\"></span>cat<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">va<span class=\"_ _0\"></span>riaz<span class=\"_ _0\"></span>ioni<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> </span>caso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">qualsiasi<span class=\"ff1\"> </span>rettifica<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alore<span class=\"ff1\"> </span>contabil<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">uno</span> <span class=\"ff3\">strumento</span> <span class=\"ff3\">finanz<span class=\"_ _0\"></span>iario<span class=\"ff1\"> </span>coperto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uale<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>utilizzato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>criterio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dell'interesse<span class=\"ff1\"> <span class=\"_ _20\"></span></span>effettivo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>deve<span class=\"ff1\"> <span class=\"_ _20\"></span></span>essere<span class=\"ff1\"> <span class=\"_ _20\"></span></span>amm<span class=\"_ _2\"></span>ortizzata<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ne<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _20\"></span></span>conto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>economico.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>N<span class=\"_ _2\"></span>el<span class=\"ff1\"> <span class=\"_ _2\"></span></span>caso<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> </span>interruzione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">relazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">copertura<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">generica<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fa<span class=\"_ _2\"></span>ir<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rivalutazioni/svalutazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cum<span class=\"_ _2\"></span>ulate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">iscritt<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>nella<span class=\"ff1\"> <span class=\"_ _2\"></span></span>voce<span class=\"ff1\"> <span class=\"_ _2\"></span></span>60.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u201cAdeguamento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>oggetto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>copertura<span class=\"ff1\"> <span class=\"_ _2\"></span></span>generica\u201d<span class=\"ff1\"> <span class=\"_ _2\"></span></span>oppure<span class=\"ff1\"> <span class=\"_ _2\"></span></span>50.<span class=\"ff1\"> </span>\u201cAdeguamento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _21\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"></span></span>passivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>og<span class=\"_ _2\"></span>getto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>copertura<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>generica\u201d<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rilevate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>conto<span class=\"ff1\"> </span>ec<span class=\"_ _0\"></span>ono<span class=\"_ _0\"></span>mico<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tra</span> <span class=\"ff3\">gl<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>ntere<span class=\"_ _1\"></span>ssi<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ttivi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o</span> <span class=\"ff3\">p<span class=\"_ _0\"></span>assiv<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span>lung<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>du<span class=\"_ _0\"></span>rata<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">res<span class=\"_ _0\"></span>idu<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span>rigi<span class=\"_ _0\"></span>nari<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>rel<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>oni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>pert<span class=\"_ _0\"></span>ura,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fe<span class=\"_ _0\"></span>rma<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>restando<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>verifica<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>ne<span class=\"ff1\"> </span>sussistano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> </span>presupposti.<span class=\"_ _3bd\"> </span> Per<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">relazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">copertura<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">flussi<span class=\"ff1\"> </span>finanziari,<span class=\"ff1\"> </span>l'utile<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">p<span class=\"_ _2\"></span>erdita<span class=\"ff1\"> </span>complessiva<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>lo<span class=\"ff1\"> </span>strumento<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">copertur<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>che<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>stato<span class=\"ff1\"> </span>rile<span class=\"_ _0\"></span>vato<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> </span>altre<span class=\"ff1\"> </span>componenti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico<span class=\"ff1\"> </span>complessivo<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>partire<span class=\"ff1\"> </span>dall'esercizio<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>la<span class=\"_ _2\"></span><span class=\"ff1\"> </span>copertura<span class=\"ff1\">  </span>era<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>efficace,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>deve<span class=\"ff1\">  </span>restare<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>separatam<span class=\"_ _2\"></span>ente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nel<span class=\"ff1\">  </span>patrimonio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>netto<span class=\"ff1\">  </span>sino<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\">  </span>quand<span class=\"_ _0\"></span>o<span class=\"ff1\">  </span>l'operazione<span class=\"ff1\"> </span>programmata<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>verifica.<span class=\"ff1\"> </span>Qualora<span class=\"ff1\"> </span>l'operazione<span class=\"ff1\"> </span>programmata<span class=\"ff1\"> </span>ci<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>attende<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>debba<span class=\"ff1\"> </span>pi\u00f9<span class=\"ff1\"> </span>accad<span class=\"_ _2\"></span>ere,<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>qual<span class=\"ff1\"> </span>caso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>qualsiasi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>correlato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>utile<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>perdita<span class=\"ff1\"> <span class=\"_ _21\"></span></span>comple<span class=\"_ _0\"></span>ssivo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sullo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>strumento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>copertura<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>stat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rilevato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nel<span class=\"ff1\"> </span>prospetto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>altre<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>componenti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cont<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>economico<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>complessivo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dall'esercizio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>co<span class=\"_ _2\"></span>pertura<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>era<span class=\"ff1\"> </span>efficace<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>deve<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>essere<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>riclassificato<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>al<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>patrimonio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>netto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>all\u2019utile<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(perdita)<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d\u2019esercizio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>come<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rettifica<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>da<span class=\"ff1\"> </span>riclassificazione.<span class=\"ff1\"> </span>Tuttavia,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un\u2019operazione<span class=\"ff1\"> </span>programmat<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>he<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span>pi\u00f9<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">altamente<span class=\"ff1\"> </span>probabile,<span class=\"ff1\"> </span>ci<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>pu\u00f2<span class=\"ff1\"> </span>ancora<span class=\"ff1\"> </span></span></span></span></span></span></span>attendere<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>verifichi.<span class=\"_ _3bd\"> </span> Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ril<span class=\"_ _0\"></span>ev<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>del<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ual<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>L\u2019allocazione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>componenti<span class=\"ff1\"> </span>reddituali<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> </span>pertinenti<span class=\"ff1\"> </span>voci<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>conto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>economico<span class=\"ff1\"> </span>avviene<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>quanto<span class=\"ff1\"> </span>riportato<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>seguito:<span class=\"_ _3bd\"> </span> i<span class=\"ff1\"> </span>differenziali<span class=\"ff1\"> </span>maturat<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>sugli<span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> </span>derivati<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>co<span class=\"_ _2\"></span>pertura<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>ris<span class=\"_ _2\"></span>chio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>interesse<span class=\"ff1\"> </span>(oltre<span class=\"ff1\"> </span>ag<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span> interessi<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>posizioni<span class=\"ff1\"> </span>oggetto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>copertura)<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> </span>allocati<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>voce<span class=\"ff1\"> </span>\u201cInteressi<span class=\"ff1\"> </span>att<span class=\"_ _2\"></span>ivi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>proventi<span class=\"ff1\"> </span>assimilati\u201d<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>\u201cInteressi<span class=\"ff1\"> </span>passivi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>oneri<span class=\"ff1\"> </span>ass<span class=\"_ _2\"></span>imilati\u201d;<span class=\"_ _3bd\"> </span> le<span class=\"ff1\"> </span>plusvalenze<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">minusvalenze</span> <span class=\"ff3\">derivanti</span> <span class=\"ff3\">dalla</span> <span class=\"ff3\">valutazione</span> <span class=\"ff3\">degli</span> <span class=\"ff3\">strumenti</span> <span class=\"ff3\">derivati</span> <span class=\"ff3\">di</span> <span class=\"ff3\">copertura</span> <span class=\"ff3\">e</span> <span class=\"ff3\">d<span class=\"_ _0\"></span>elle<span class=\"_ _0\"></span> </span></span>posizioni<span class=\"ff1\">  </span>ogg<span class=\"_ _0\"></span>etto<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>c<span class=\"_ _0\"></span>opertura<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fair<span class=\"ff1\">  </span>value<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">hedge</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">vengono</span>  <span class=\"ff3\">allocate</span>  <span class=\"ff3\">n<span class=\"_ _0\"></span>ella<span class=\"ff1\">  </span>voce<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">\u201cRisultato</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">netto<span class=\"_ _2\"></span></span> </span></span></span>dell\u2019attivit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>copertura\u201d;<span class=\"_ _3bd\"> </span> le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>lus<span class=\"_ _0\"></span>vale<span class=\"_ _0\"></span>nze<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">minusv<span class=\"_ _0\"></span>alen<span class=\"_ _0\"></span>ze<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>eriv<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>all<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>tazi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">deg<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">strume<span class=\"_ _1\"></span>nti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">deri<span class=\"_ _0\"></span>vati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cope<span class=\"_ _0\"></span>rtu<span class=\"_ _0\"></span>ra<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>c<span class=\"_ _1\"></span>as<span class=\"_ _0\"></span>h<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>flow<span class=\"ff1\"> </span>h<span class=\"_ _0\"></span>edge<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(per<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">parte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">efficace)<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">allocate<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">una</span> <span class=\"_ _0\"></span><span class=\"ff3\">specifica<span class=\"ff1\"> </span>riserva<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alutazione<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>patrimonio<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>ne<span class=\"_ _0\"></span>tto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u201cCo<span class=\"_ _0\"></span>pert<span class=\"_ _0\"></span>ura<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dei</span> <span class=\"_ _0\"></span><span class=\"ff3\">flu<span class=\"_ _0\"></span>ssi<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nzia<span class=\"_ _0\"></span>ri\u201d,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ne<span class=\"_ _0\"></span>tto<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>l\u2019ef<span class=\"_ _0\"></span>fetto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fi<span class=\"_ _0\"></span>scale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span>ffe<span class=\"_ _0\"></span>rito<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>Per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">la</span> <span class=\"ff3\">p<span class=\"_ _0\"></span>arte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ine<span class=\"_ _0\"></span>ffic<span class=\"_ _0\"></span>ace<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tal<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>plu<span class=\"_ _0\"></span>s<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>e<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>minus<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>vengono<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>contabilizzate<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>a<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>conto<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>economico<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>nella<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>voce<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>\u201cRisultato<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>nett<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>dell\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>copertura\u201d.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Se<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>lo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>strumento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>cope<span class=\"_ _0\"></span>rto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff3\">cancellato,</span> <span class=\"_ _27\"> </span><span class=\"ff3\">scade</span> <span class=\"_ _27\"> </span><span class=\"ff3\">o</span> <span class=\"_ _27\"> </span><span class=\"ff3\">s<span class=\"_ _2\"></span>i</span> <span class=\"_ _27\"> </span><span class=\"ff3\">estingue</span> <span class=\"_ _21\"> </span><span class=\"ff3\">allora</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">la</span> <span class=\"_ _21\"> </span><span class=\"ff3\">riserva</span> <span class=\"_ _27\"> </span><span class=\"ff3\">\u00e8</span> <span class=\"_ _27\"> </span><span class=\"ff3\">r<span class=\"_ _2\"></span>iversata</span> </span>immediatamente<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico<span class=\"ff1\"> </span>contestualmente<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>cancellazione<span class=\"ff1\"> </span>dell\u2019elemento<span class=\"ff1\"> </span>coperto<span class=\"_ _2\"></span>.<span class=\"_ _3bd\"> </span> nel<span class=\"ff1\"> <span class=\"_ _20\"></span></span>caso<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>copertura<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>f<span class=\"_ _2\"></span>inanziari,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>variazioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _20\"></span></span>value<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>derivato<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>imputate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nel<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span> redditivit\u00e0<span class=\"ff1\"> </span>complessiva,<span class=\"ff1\"> </span>p<span class=\"_ _2\"></span>er<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quota<span class=\"ff1\"> </span>efficace<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>ella<span class=\"ff1\"> </span>copertura,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>rilevate<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>Conto<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Economico<span class=\"ff1\"> <span class=\"_ _2\"></span></span>solo<span class=\"ff1\"> </span>quando,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rif<span class=\"_ _2\"></span>erimento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pos<span class=\"_ _2\"></span>ta<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">coperta<span class=\"_ _2\"></span>,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">manifesta<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">variazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">flussi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cassa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">compensa<span class=\"_ _2\"></span>re<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>o<span class=\"ff1\"> </span>se<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>copertura<span class=\"ff1\"> </span>risulta<span class=\"ff1\"> </span>inefficace.<span class=\"_ _3bd\"> </span>12-<span class=\"_ _3bd\"> </span>Pa<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>go<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>is<span class=\"_ _0\"></span>cri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">str<span class=\"_ _0\"></span>ume<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fin<span class=\"_ _0\"></span>anzia<span class=\"_ _0\"></span>ri<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>og<span class=\"_ _0\"></span>gett<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>isc<span class=\"_ _0\"></span>ritt<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ata<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">so<span class=\"_ _0\"></span>ttosc<span class=\"_ _0\"></span>riz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ata<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>emi<span class=\"_ _0\"></span>ssio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>ad<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">valo<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>pari<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>str<span class=\"_ _2\"></span>umento,<span class=\"ff1\"> </span>senza<span class=\"ff1\"> </span>cons<span class=\"_ _2\"></span>iderare<span class=\"ff1\"> </span>eventuali<span class=\"ff1\"> </span>costi<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>proventi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tr<span class=\"_ _2\"></span>ansazione<span class=\"ff1\"> </span>direttament<span class=\"_ _3bd\"> </span>attribuibili<span class=\"ff1\"> </span>agli<span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> </span>stessi.<span class=\"_ _3bd\"> </span>In<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">categoria<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">passivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono,<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>particolare,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inclusi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>contratti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">derivati<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">trading<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">negativo<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>nonch\u00e9<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>derivati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">impliciti<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">negativo<span class=\"ff1\"> </span>presenti<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contratti<span class=\"ff1\"> </span>complessi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">-<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cui</span> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>contratto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">primari<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">passivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fi<span class=\"_ _2\"></span>nanziaria<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ma<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">strettamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">correlati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">agli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stessi.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Inoltre,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">so<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">incluse<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">passivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">s<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>originano<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>scoperti<span class=\"ff1\"> </span>tecnici<span class=\"ff1\"> </span>generati<span class=\"ff1\"> </span>dall\u2019attivit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>negoziazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>titoli.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Tutte<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>passivit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>neg<span class=\"_ _0\"></span>oziazion<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>valu<span class=\"_ _0\"></span>tate<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>imputazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>risultato<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>Conto<span class=\"ff1\"> </span>Economico.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> </span>Passivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>detenute<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>negoziazione<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> </span>cancellate<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quando<span class=\"ff1\"> </span>scadono<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>diritt<span class=\"_ _3bd\"> </span>contrattuali<span class=\"ff1\">  </span>sui<span class=\"ff1\">  </span>relativi<span class=\"ff1\">  </span>flussi<span class=\"ff1\">  </span>finanziari<span class=\"ff1\">  </span>o<span class=\"_ _2\"></span><span class=\"ff1\">  </span>quando<span class=\"ff1\">  </span>la<span class=\"ff1\">  </span>passivit\u00e0<span class=\"ff1\">  </span>finanziaria<span class=\"ff1\">  </span>\u00e8<span class=\"ff1\">  </span>ceduta<span class=\"ff1\">  </span>co<span class=\"_ _2\"></span>n<span class=\"ff1\">  </span>trasferiment<span class=\"_ _3bd\"> </span>sostanziale<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tutti<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>benefici<span class=\"ff1\"> </span>derivanti<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>propriet\u00e0<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>stessa.<span class=\"_ _3bd\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-805": {
   "value": "1 - Attivit\u00e0 finanziarie valutate al fair value con impatto a conto economico Criteri di iscrizione L\u2019iscrizione iniziale delle attivit\u00e0 finanziarie avviene alla data di regolamento per i titoli di debito e per i titoli di capitale, alla data di erogazione per i finanziamenti ed alla data di sottoscrizione per i contrattiderivati. All\u2019atto della rilevazione iniziale le attivit\u00e0 finanziarie valutate al fair value con impatto a conto economico vengono rilevate al fair value, senza considerare i costi o proventi di transazione direttamente attribuibili allo strumento stesso. Criteri di classificazione Sono  classificate  in  questa  categoria  le  attivit\u00e0  finanziarie  diverse  da  quelle  classificate  tra  le  Attivit\u00e0 finanziarie valutate al fair value con impatto sulla redditivit\u00e0 complessiva e tra le Attivit\u00e0 finanziare valutate al costo ammortizzato. La voce, in particolare, include: le attivit\u00e0 finanziarie detenute per la negoziazione, essenzialmente rappresentate da titoli di debito e di capitale e dal valore positivo dei contratti derivati detenuti con finalit\u00e0 di negoziazione; le attivit\u00e0 finanziarie obbligatoriamente valutate al fair value, rappresentate dalle attivit\u00e0 finanziarie che non soddisfano i requisiti per la  valutazione al  costo ammortizzato o  al fair value con impatto sulla redditivit\u00e0  complessiva.  Si  tratta  di  attivit\u00e0  finanziarie  i  cui  termini  contrattuali  non  prevedono esclusivamente rimborsi del capitale e pagamenti dell\u2019interesse sull\u2019importo del capitale da restituire (cd. \u201cSPPI test\u201d non superato) oppure che non sono detenute nel quadro di un modello di business il cui obiettivo \u00e8 il possesso di attivit\u00e0 finalizzato alla raccolta dei flussi finanziari contrattuali (Business model \u201cHold to Collect\u201d) o il cui obiettivo \u00e8 conseguito sia mediante la raccolta dei flussi finanziari contrattuali che mediante la vendita di attivit\u00e0 finanziarie (Business model \u201cHold to Collect and Sell\u201d); le attivit\u00e0 finanziarie designate al fair value, ossia le attivit\u00e0 finanziarie cos\u00ec definite al momento della rilevazione  iniziale  e  ove  ne  sussistano  i  presupposti.  In  relazione  a  tale  fattispecie,  un\u2019entit\u00e0  pu\u00f2 designare irrevocabilmente all\u2019iscrizione un\u2019attivit\u00e0 finanziaria come valutata al fair value con impatto a conto  economico  se,  e  solo  se,  cos\u00ec  facendo  elimina  o  riduce  significativamente  un\u2019incoerenza valutativa. Trovano, quindi, evidenza in questa voce: i titoli di debito e i finanziamenti che sono inclusi nel business model Trading (non riconducibili quindi ai business model \u201cHold to Collect\u201d o \u201cHold to Collect and Sell\u201d) o che non superano il test SPPI; gli strumenti di capitale - non qualificabili di controllo, collegamento e controllo congiunto - detenuti per finalit\u00e0 di negoziazione o per cui non si sia optato, in sede di rilevazione iniziale, per la designazione al fair value con impatto sulla redditivit\u00e0 complessiva; le quote di OICR. La  voce  accoglie,  inoltre,  i  contratti  derivati,  contabilizzati  tra  le  attivit\u00e0  finanziarie  detenute  per  la negoziazione, che sono rappresentati come attivit\u00e0 se il fair value \u00e8 positivo e come passivit\u00e0 se il fair value \u00e8 negativo. E\u2019 possibile compensare i valori correnti positivi e negativi derivanti da operazioni in essere con la medesima controparte soltanto qualora si abbia correntemente il diritto legale di compensare gli importi rilevati  contabilmente  e  si  intenda  procedere  al  regolamento  su  base  netta  delle  posizioni  oggetto  di compensazione. Fra i derivati sono inclusi anche quelli incorporati in contratti finanziari complessi - in cui il contratto primario \u00e8 una passivit\u00e0 finanziaria - che sono stati oggetto di rilevazione separata in quanto: le loro caratteristiche economiche ed i rischi non sono strettamente correlati alle caratteristiche del contratto sottostante; gli strumenti incorporati, anche se separati, soddisfano la definizione di derivato; gli strumenti ibridi cui appartengono non sono valutati al fair value con le relative variazioni rilevate a Conto Economico. Riclassifiche Secondo le regole generali previste dall\u2019IFRS 9 in materia di riclassificazione delle  attivit\u00e0 finanziarie (ad eccezione dei titoli di capitale, per cui non \u00e8 ammessa alcuna riclassifica), non sono ammesse riclassifiche verso altre categorie di attivit\u00e0 finanziarie salvo il caso in cui l\u2019entit\u00e0 modifichi il proprio modello di business per la gestione delle attivit\u00e0 finanziarie  a seguito di cambiamenti esterni o interni i quali siano rilevanti per le operazioni  dell'entit\u00e0  e  dimostrabili  alle  parti  esterne.  In  tali  casi,  che  ci  si  attende  siano  altamente infrequenti, le attivit\u00e0  finanziarie  potranno  essere  riclassificate  dalla  categoria  valutata  al  fair  value con impatto a conto economico in una delle altre due categorie previste dall\u2019IFRS 9 (Attivit\u00e0 finanziarie valutate al costo ammortizzato o Attivit\u00e0 finanziarie valutate al fair value con impatto sulla redditivit\u00e0 complessiva). Il valore di trasferimento \u00e8 rappresentato dal fair value al momento della riclassificazione e gli effetti della riclassificazione operano in maniera prospettica a partire dalla data di riclassificazione. In questo caso, il tasso di interesse effettivo dell\u2019attivit\u00e0 finanziaria riclassificata \u00e8 determinato in base al suo fair value alla data di riclassificazione e tale data viene considerata come data di rilevazione iniziale per l\u2019allocazione nei diversi stadi di rischio creditizio (stage assignment) ai finidell\u2019impairment. Criteri di valutazione Successivamente alla  rilevazione iniziale, le attivit\u00e0 finanziarie valutate  al fair value con impatto a conto economico  sono  valorizzate  al  fair  value.  Gli  effetti  dell\u2019applicazione  di  tale  criterio  di  valutazione  sono imputati nel Conto Economico. Per la determinazione del fair value degli strumenti finanziari quotati in un mercato attivo, vengono utilizzate quotazioni di mercato. In assenza di un mercato attivo, vengono utilizzati metodi di stima e modelli valutativi comunemente adottati, che tengono conto di tutti i fattori di rischio correlati agli strumenti e che sono basati su dati rilevabili sul mercato quali: valutazione di strumenti quotati che presentano analoghe caratteristiche, calcoli di flussi di cassa scontati, modelli di determinazione del prezzo di opzioni, valori rilevati in recenti transazioni comparabili, ecc. Per i titoli di capitale e per gli strumenti derivati che hanno per oggetto titoli di capitale, non quotati in un mercato attivo, il criterio del costo \u00e8 utilizzato quale stima del fair value soltanto in via residuale e limitatamente a poche circostanze, ossia in caso di non applicabilit\u00e0 di tutti i metodi di valutazione precedentemente richiamati, ovvero in presenza di un\u2019ampia gamma di possibili valutazioni del fair value, nel cui ambito il costo rappresenta la stima pi\u00f9 significativa. Criteri di cancellazione Le attivit\u00e0 finanziarie vengono cancellate dal bilancio solamente se la cessione ha comportato il sostanziale trasferimento di tutti i rischi e benefici connessi alle attivit\u00e0 stesse. Per contro, qualora sia stata mantenuta una quota parte rilevante dei rischi e benefici relativi alle attivit\u00e0 finanziarie cedute, queste continuano ad essere iscritte in bilancio, ancorch\u00e9 giuridicamente la titolarit\u00e0 delle attivit\u00e0 stesse sia stata effettivamente trasferita. Nel  caso  in  cui  non  sia  possibile  accertare  il  sostanziale  trasferimento  dei  rischi  e  benefici,  le  attivit\u00e0 finanziarie vengono cancellate  dal bilancio qualora  non sia stato  mantenuto alcun tipo di controllo sulle stesse. In caso contrario, la conservazione, anche in parte, di tale controllo comporta il mantenimento in bilancio delle attivit\u00e0 in misura pari al coinvolgimento residuo, misurato dall\u2019esposizione ai cambiamenti di valore delle attivit\u00e0 cedute ed alle variazioni dei flussi finanziari delle stesse. Infine, le attivit\u00e0 finanziarie cedute vengono cancellate dal bilancio nel caso in cui vi sia la conservazione dei diritti contrattuali a  ricevere i relativi flussi di cassa, con la contestuale assunzione di un\u2019obbligazione a pagare detti flussi, e solo essi, senza un ritardo rilevante ad altri soggetti terzi. Criteri di rilevazione delle componenti reddituali Gli interessi attivi sui titoli di  debito  ed i  differenziali ed i margini dei  contratti derivati classificati  in tale categoria, ma gestionalmente collegati ad attivit\u00e0 o passivit\u00e0 finanziarie valutate al fair value sono iscritti per competenza nelle voci di conto economico relativi agli interessi. I differenziali e i margini degli altri contratti vengono rilevati nel \u201cRisultato netto dell\u2019attivit\u00e0 di negoziazione\u201d. I  dividendi  sono  rilevati  per  competenza  economica  riferita  alla  data  di  assunzione  della  delibera  di distribuzione da parte dell\u2019assemblea e sono esposti nella voce \u201cDividendi e proventi simili\u201d. Gli utili e le perdite realizzati dalla cessione o rimborso o le plus/minusvalenze derivanti dalle variazioni di fair value  sono  iscritti  nel  conto  economico  del  periodo  nel  quale  si  manifestano  e  classificati  nella  voce \u201cRisultato  netto  delle  attivit\u00e0  di  negoziazione\u201d,  ad  eccezione  della  quota  relativa  ai  contratti  derivati gestionalmente collegati ad attivit\u00e0 o passivit\u00e0 valutate al fair value rilevata nel \u201cRisultato netto delle attivit\u00e0 e passivit\u00e0 finanziarie valutate al fair value\u201d. 2.1- Attivit\u00e0 finanziarie valutate al fair value con impatto sulla redditivit\u00e0 complessiva (FVOCI con riciclo) Criteri di iscrizione L\u2019iscrizione iniziale delle attivit\u00e0 finanziarie avviene alla data di regolamento per i titoli di debito ed alla data di erogazione per i finanziamenti. All\u2019atto della rilevazione iniziale le attivit\u00e0 sono contabilizzate al fair value, comprensivo dei costi o proventi di transazione direttamente attribuibili allo strumentostesso. Criteri di classificazione Sono incluse nella presente categoria le attivit\u00e0 finanziarie che soddisfano entrambe le seguenti condizioni: l\u2019attivit\u00e0  finanziaria  \u00e8  posseduta  secondo  un  modello  di  business  il  cui  obiettivo  \u00e8  conseguito  sia mediante l\u2019incasso dei flussi finanziari previsti contrattualmente che mediante la vendita (Business model \u201cHold to Collect and Sell \u2013 \u201cHTCS\u201d\u201d), e i  termini  contrattuali  dell\u2019attivit\u00e0  finanziaria  prevedono,  a  determinate  date,  flussi  finanziari rappresentati  unicamente  da  pagamenti  del  capitale  e  dell\u2019interesse  sull\u2019importo  del  capitale  da restituire (cd. \u201cSPPI test\u201d superato). In particolare, vengono inclusi in questa voce: i titoli di debito  che sono  riconducibili ad un business  model  Hold  to  Collect  and  Sell e che  hanno superato il test SPPI; i finanziamenti che sono riconducibili ad  un  business  model Hold  to  Collect  and  Sell e che hanno superato il test SPPI. Riclassifiche Secondo le regole generali previste dall\u2019IFRS  9 in materia di riclassificazione delle attivit\u00e0 finanziarie (ad eccezione dei titoli di capitale, per cui non \u00e8 ammessa alcuna riclassifica), non sono ammesse riclassifiche verso altre categorie di attivit\u00e0 finanziarie salvo il caso in cui l\u2019entit\u00e0 modifichi il proprio modello di business per la gestione delle attivit\u00e0 finanziarie a seguito di cambiamenti esterni o interni i quali siano rilevanti per le operazioni dell'entit\u00e0 e dimostrabili alle parti esterne. In tali casi, che ci si attende siano altamente infrequenti, le attivit\u00e0 finanziarie potranno essere riclassificate dalla categoria valutata al fair value con impatto sulla redditivit\u00e0 complessiva in una delle altre due categorie previste dall\u2019IFRS 9 (Attivit\u00e0 finanziarie valutate al costo ammortizzato o Attivit\u00e0 finanziarie valutate al fair value con impatto a conto economico). Il valore di trasferimento \u00e8 rappresentato dal fair value al momento della riclassificazione e gli effetti della riclassificazione operano in maniera prospettica a partire dalla data di riclassificazione. Nel caso di riclassifica dalla categoria in oggetto a quella del costo ammortizzato, l\u2019utile (perdita)  cumulato  rilevato  nella  riserva  da  valutazione  \u00e8  portato  a  rettifica  del  fair  value  dell\u2019attivit\u00e0 finanziaria alla data della riclassificazione. Nel caso invece di riclassifica nella categoria del fair value con impatto a conto economico, l'utile (perdita) cumulato rilevato precedentemente nella riserva da valutazione \u00e8 riclassificato dal patrimonio netto all'utile (perdita) d'esercizio. Criteri di valutazione Successivamente alla  rilevazione iniziale, le Attivit\u00e0 classificate al fair value con impatto sulla redditivit\u00e0 complessiva  sono  valutate  al  fair  value,  con  la  rilevazione  a  Conto  Economico  degli  impatti  derivanti dall\u2019applicazione  del  costo  ammortizzato,  degli  effetti  dell\u2019impairment  e  dell\u2019eventuale  effetto  cambio, mentre gli altri utili o perdite derivanti da una variazione di fair value vengono rilevati in una specifica riserva di patrimonio netto finch\u00e9 l\u2019attivit\u00e0 finanziaria non viene cancellata. Al momento della dismissione, totale o parziale, l\u2019utile o la perdita cumulati nella riserva da valutazione vengono riversati, in tutto o in parte, a Conto Economico. Il fair value viene determinato sulla base dei criteri gi\u00e0 illustrati per le Attivit\u00e0 finanziarie valutate al fair value con impatto a conto economico. Le Attivit\u00e0 finanziarie valutate al fair value con impatto sulla redditivit\u00e0 complessiva \u2013 sia sotto forma di titoli di  debito  che  di  crediti  \u2013  sono  soggette  alla  verifica  dell\u2019incremento  significativo  del  rischio  creditizio (impairment) prevista dall\u2019IFRS 9, al pari delle Attivit\u00e0 al costo ammortizzato, con conseguente rilevazione a conto economico di una rettifica di valore a copertura delle perdite attese. Pi\u00f9 in particolare, sugli strumenti classificati in stage 1 (ossia sulle attivit\u00e0 finanziarie al momento dell\u2019origination, ove non deteriorate, e sugli strumenti per cui non si \u00e8 verificato un significativo incremento del rischio creditizio rispetto alla data di rilevazione iniziale) viene contabilizzata, alla data di rilevazione iniziale e ad ogni data di reporting successiva, una perdita attesa ad un anno. Invece, per gli strumenti classificati in stage 2 (bonis per i quali si \u00e8 verificato un  incremento  significativo  del  rischio  creditizio  rispetto  alla  data  di  rilevazione  iniziale)  e  in  stage  3 (esposizioni deteriorate) viene  contabilizzata una perdita  attesa  per l\u2019intera  vita residua dello  strumento finanziario. Criteri di cancellazione Le attivit\u00e0 finanziarie vengono cancellate dal bilancio solamente se la cessione ha comportato il sostanziale trasferimento di tutti i rischi e benefici connessi alle attivit\u00e0 stesse. Per contro, qualora sia stata mantenuta una quota parte rilevante dei rischi e benefici relativi alle attivit\u00e0 finanziarie cedute, queste continuano ad essere iscritte in bilancio, ancorch\u00e9 giuridicamente la titolarit\u00e0 delle attivit\u00e0 stesse sia stata effettivamente trasferita.  Nel  caso  in  cui  non  sia  possibile  accertare  il  sostanziale  trasferimento  dei  rischi  e  benefici,  le  attivit\u00e0 finanziarie vengono cancellate  dal bilancio qualora  non sia stato  mantenuto alcun tipo di controllo sulle stesse. In caso contrario, la conservazione, anche in parte, di tale controllo comporta il mantenimento in bilancio delle attivit\u00e0 in misura pari al coinvolgimento residuo, misurato dall\u2019esposizione ai cambiamenti di valore delle attivit\u00e0 cedute ed alle variazioni dei flussi finanziari delle stesse.  Infine, le attivit\u00e0 finanziarie cedute vengono cancellate dal bilancio nel caso in cui vi sia la conservazione dei diritti contrattuali a  ricevere i relativi flussi di cassa, con la contestuale assunzione di un\u2019obbligazione a pagare detti flussi, e solo essi, senza un ritardo rilevante ad altri soggetti terzi. Criteri di rilevazione delle componenti reddituali Gli interessi attivi, calcolati in base alla metodologia del T.I.R., vengono contabilizzati per competenza nelle voci \u201cInteressi attivi e proventi assimilati\u201d, mentre gli utili o le perdite derivanti da una variazione di fair value vengono  rilevati  in  una  specifica  riserva  di  patrimonio  netto  sino  a  che  l\u2019attivit\u00e0  finanziaria  non  viene cancellata o non viene rilevata una perdita di valore. Per i titoli di debito, al momento della dismissione o della rilevazione di una perdita di valore, l\u2019utile o la perdita cumulati vengono riversati 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, nel caso dei titoli di debito. L\u2019ammontare della ripresa non pu\u00f2 in ogni caso superare la differenza tra il valore contabile ed il costo ammortizzato che lo strumento avrebbe avuto in assenza di precedenti rettifiche.  2.2Attivit\u00e0 finanziarie valutate al fair value con impatto sulla redditivit\u00e0 complessiva (FVOCI senza riciclo) Criteri di iscrizione L\u2019iscrizione iniziale delle attivit\u00e0 finanziarie avviene alla data di regolamento per i titoli di capitale. All\u2019atto della  rilevazione  iniziale  le  attivit\u00e0  sono  contabilizzate  al  fair  value,  comprensivo  dei  costi  o  proventi  di transazione direttamente attribuibili allo strumentostesso.  Criteri di classificazione Sono  inclusi  nella  voce  gli  strumenti  di  capitale,  non  detenuti  per  finalit\u00e0  di  negoziazione,  per  i  quali al momento della rilevazione iniziale \u00e8 stata esercitata l\u2019opzione per la designazione al fair value con impatto sulla redditivit\u00e0 complessiva.  In  particolare,  vengono  inclusi  in  questa  voce  le  interessenze  azionarie,  non  qualificabili  di  controllo, collegamento  e  controllo  congiunto,  che  non  sono  detenute  con  finalit\u00e0  di  negoziazione,  per  cui  si  \u00e8 esercitata l\u2019opzione per la designazione al fair value con impatto sulla redditivit\u00e0 complessiva.  Riclassifiche Secondo le regole generali previste dall\u2019IFRS 9 in materia di riclassificazione delle attivit\u00e0 finanziarie per i titoli di capitale non \u00e8 ammessa alcuna riclassifica.  Criteri di valutazione Successivamente alla rilevazione iniziale, gli strumenti di capitale per cui \u00e8 stata effettuata la scelta per la classificazione nella presente categoria sono valutati al fair value e gli importi rilevati in contropartita del patrimonio netto (Prospetto della redditivit\u00e0 complessiva) non devono essere successivamente trasferiti a conto economico, neanche in caso di cessione. La sola componente riferibile ai titoli di capitale in questione che \u00e8 oggetto di rilevazione a conto economico \u00e8 rappresentata dai relativi dividendi.  Il fair value viene determinato sulla base dei criteri gi\u00e0 illustrati per le Attivit\u00e0 finanziarie valutate al fair value con impatto a conto economico.  Per i titoli di capitale inclusi in questa  categoria, non quotati in un mercato attivo, il  criterio del costo \u00e8 utilizzato quale stima del fair value soltanto in via residuale e limitatamente a poche circostanze, ossia in caso di non applicabilit\u00e0 di tutti i metodi di valutazione precedentemente richiamati, ovvero in presenza di un\u2019ampia  gamma  di  possibili  valutazioni  del  fair  value,  nel  cui  ambito  il  costo  rappresenta  la  stima  pi\u00f9 significativa.  Criteri di cancellazione Le attivit\u00e0 finanziarie vengono cancellate dal bilancio solamente se la cessione ha comportato il sostanziale trasferimento di tutti i rischi e benefici connessi alle attivit\u00e0 stesse. Per contro, qualora sia stata mantenuta una quota parte rilevante dei rischi e benefici relativi alle attivit\u00e0 finanziarie cedute, queste continuano ad essere iscritte in bilancio, ancorch\u00e9 giuridicamente la titolarit\u00e0 delle attivit\u00e0 stesse sia stata effettivamente trasferita.  Nel  caso  in  cui  non  sia  possibile  accertare  il  sostanziale  trasferimento  dei  rischi  e  benefici,  le  attivit\u00e0 finanziarie vengono cancellate  dal bilancio qualora  non sia stato  mantenuto alcun tipo di controllo sulle stesse. In caso contrario, la conservazione, anche in parte, di tale controllo comporta il mantenimento in bilancio delle attivit\u00e0 in misura pari al coinvolgimento residuo, misurato dall\u2019esposizione ai cambiamenti di valore delle attivit\u00e0 cedute ed alle variazioni dei flussi finanziari delle stesse.  Infine, le attivit\u00e0 finanziarie cedute vengono cancellate dal bilancio nel caso in cui vi sia la conservazione dei diritti contrattuali a  ricevere i relativi flussi di cassa, con la contestuale assunzione di un\u2019obbligazione a pagare detti flussi, e solo essi, senza un ritardo rilevante ad altri soggetti terzi. Criteri di rilevazione delle componenti reddituali I dividendi vengono contabilizzati alla voce \u201cDividendi e proventi simili\u201d nel momento in cui sorge il diritto a riceverne il pagamento, mentre gli utili o le perdite derivanti da una variazione di fair value dei titoli di capitale vengono rilevati in una specifica riserva di patrimonio netto e tale non viene riversato a conto economico nel caso di cessione e cancellazione del titolo di capitale.  3- Attivit\u00e0 finanziarie valutate al costo ammortizzato Criteri di iscrizione L\u2019iscrizione iniziale dell\u2019attivit\u00e0 finanziaria avviene alla data di regolamento per i titoli di debito ed alla data di  erogazione nel caso di crediti. All\u2019atto della rilevazione iniziale le attivit\u00e0 sono contabilizzate al fair value, comprensivo dei costi o proventi di transazione direttamente attribuibili allo strumento stesso.  In particolare, per  quel che  attiene ai crediti, la data  di erogazione normalmente coincide con la data d i sottoscrizione del contratto. Qualora tale coincidenza non si manifesti, in sede di sottoscrizione del contratt o si provvede ad iscrivere un impegno ad erogare fondi che si chiude alla data di erogazione del finanziamento . L\u2019iscrizione del credito avviene sulla base del fair value dello stesso, pari all\u2019ammontare erogato, o prezzo d i sottoscrizione, comprensivo dei costi/proventi direttamente riconducibili al singolo credito e determinabil i sin dall\u2019origine dell\u2019operazione, ancorch\u00e9 liquidati in un momento successivo. Sono esclusi i costi che, pu r avendo le caratteristiche suddette, sono oggetto di rimborso da parte della controparte debitrice o sono inquadrabili tra i normali costi interni di carattere amministrativo.  Criteri di classificazione Sono incluse nella presente categoria le attivit\u00e0 finanziarie (in particolare finanziamenti e titoli di debito) che soddisfano entrambe le seguenti condizioni:  l\u2019attivit\u00e0 finanziaria \u00e8 posseduta secondo un modello di business il cui obiettivo \u00e8 conseguito mediante  l\u2019incasso dei flussi finanziari previsti contrattualmente (Business model \u201cHold to Collect\u201d \u2013 \u201cHTC\u201d), e i  termini  contrattuali  dell\u2019attivit\u00e0  finanziaria  prevedono,  a  determinate  date,  flussi  finanziar i rappresentati  unicamente  da  pagamenti  del  capitale  e  dell\u2019interesse  sull\u2019importo  del  capitale  d a restituire (cd. \u201cSPPI test\u201d superato).  Pi\u00f9 in particolare, formano oggetto di rilevazione in questa voce:  gli impieghi  con  banche  nelle  diverse  forme  tecniche  che  presentano  i  requisiti  di  cui  al  paragraf o precedente;  gli impieghi con clientela nelle diverse forme tecniche che presentano i requisiti di cui al paragrafo  precedente;  i titoli di debito che presentano i requisiti di cui al paragrafo precedente.  Sono inoltre inclusi in tale categoria i crediti di funzionamento connessi con la prestazione di attivit\u00e0 e di servizi finanziari come definiti dal T.U.B. e dal T.U.F. (ad esempio per distribuzione di prodotti finanziari ed attivit\u00e0 diservicing). Riclassifiche Secondo le regole generali previste dall\u2019IFRS 9 in materia di riclassificazione delle attivit\u00e0 finanziarie, non sono ammesse riclassifiche verso altre categorie di attivit\u00e0 finanziarie salvo il caso in cui l\u2019entit\u00e0 modifichi il proprio modello di business per la gestione delle attivit\u00e0 finanziarie a seguito di cambiamenti esterni o interni i quali siano rilevanti per le operazioni dell'entit\u00e0 e dimostrabili alle parti esterne. In tali casi, che ci si attende siano altamente infrequenti, le attivit\u00e0 finanziarie potranno essere riclassificate dalla categoria valutata al costo ammortizzato in una delle altre due categorie previste dall\u2019IFRS 9 (Attivit\u00e0 finanziarie valutate al fair value con impatto sulla redditivit\u00e0 complessiva o Attivit\u00e0 finanziarie valutate al fair value con impatto a conto economico). Il valore di trasferimento \u00e8 rappresentato dal fair value al momento della riclassificazione e gli effetti della riclassificazione operano in maniera prospettica a partire dalla data di riclassificazione. Gli utili o le perdite risultanti dalla differenza tra il costo ammortizzato dell'attivit\u00e0 finanziaria e il relativo fair value sono rilevati a conto economico nel caso di riclassifica tra le Attivit\u00e0 finanziarie valutate al fair value con impatto a conto economico e  a Patrimonio netto, nell\u2019apposita  riserva di valutazione, nel caso di riclassifica tra le Attivit\u00e0 finanziarie valutate al fair value con impatto sulla redditivit\u00e0 complessiva.  Criteri di valutazione Successivamente  alla  rilevazione  iniziale,  le  attivit\u00e0  finanziarie  in  esame  sono  valutate  al  costo ammortizzato, utilizzando il metodo del tasso di interesse effettivo. In questi termini, l\u2019attivit\u00e0 \u00e8 riconosciuta in bilancio per un ammontare pari al valore di prima iscrizione diminuito dei rimborsi di capitale, pi\u00f9 o meno l\u2019ammortamento cumulato (calcolato col richiamato metodo del tasso di interesse effettivo) della differenza tra  tale  importo  iniziale  e  l\u2019importo  alla  scadenza  (riconducibile  tipicamente  ai  costi/proventi  imputati direttamente alla singola attivit\u00e0) e rettificato dell\u2019eventuale fondo a copertura delle perdite attese. Il tasso di  interesse  effettivo  \u00e8  individuato  calcolando  il  tasso  che  eguaglia  il  valore  attuale  dei  flussi  futuri dell\u2019attivit\u00e0,  per  capitale  ed  interesse,  all\u2019ammontare  erogato  inclusivo  dei  costi/proventi  ricondotti all\u2019attivit\u00e0  finanziaria  medesima.  Tale  modalit\u00e0  di  contabilizzazione,  utilizzando  una  logica  finanziaria, consente  di  distribuire  l\u2019effetto  economico  dei  costi/proventi  direttamente  attribuibili  ad  un\u2019attivit\u00e0 finanziaria lungo la sua vita residua attesa.  Il metodo del costo ammortizzato non viene utilizzato per le attivit\u00e0 \u2013 valorizzate al costo storico \u2013 la cui breve durata fa ritenere trascurabile l\u2019effetto dell\u2019applicazione della logica dell\u2019attualizzazione, per quelle senza una scadenza definita e per i crediti a revoca.  I  criteri  di  valutazione  relativi  agli  accantonamenti  per  le  perdite  attese  sono  strettamente  connessi all\u2019inclusione degli strumenti in esame in uno dei tre stages (stadi di rischio creditizio) previsti dall\u2019IFRS 9, l\u2019ultimo dei quali (Stage 3) comprende le attivit\u00e0 finanziarie deteriorate e i restanti (Stage 1 e 2) le attivit\u00e0 finanziarie in bonis.  Con riferimento alla rappresentazione contabile dei suddetti effetti valutativi, le rettifiche di valore riferite a questa tipologia di attivit\u00e0 sono rilevate nel Conto Economico:  all\u2019atto dell\u2019iscrizione iniziale, per un ammontare pari alla perdita attesa a dodici mesi; all\u2019atto  della  valutazione  successiva  dell\u2019attivit\u00e0,  ove  il  rischio  creditizio  non  sia  risultato significativamente  incrementato  rispetto  all\u2019iscrizione  iniziale,  in  relazione  alle  variazioni dell\u2019ammontare delle rettifiche di valore per perdite attese nei dodici mesi successivi;  all\u2019atto della valutazione successiva dell\u2019attivit\u00e0, ove il rischio creditizio sia risultato significativamente  incrementato rispetto all\u2019iscrizione iniziale, in relazione alla rilevazione di rettifiche di valore per perdite attese riferibili all\u2019intera vita residua prevista contrattualmente per l\u2019attivit\u00e0;  all\u2019atto  della  valutazione  successiva  dell\u2019attivit\u00e0,  ove  \u2013  dopo  che  si  \u00e8  verificato  un  incremento  significativo del rischio di credito rispetto all\u2019iscrizione iniziale \u2013 la \u201csignificativit\u00e0\u201d di tale incremento sia poi venuta meno, in relazione all\u2019adeguamento delle rettifiche di valore cumulate per tener conto del passaggio da una perdita attesa lungo l\u2019intera vita residua dello strumento (\u201clifetime\u201d) ad una a dodici mesi. Le attivit\u00e0 finanziarie in esame, ove risultino in bonis, sono sottoposte ad una valutazione, volta a definire le rettifiche di valore  da  rilevare in bilancio,  a livello di singolo rapporto creditizio  (o  \u201ctranche\u201d di titolo), in funzione dei parametri di rischio rappresentati da probability of default (PD), loss given default (LGD) ed exposure  at  default  (EAD),  derivati  dai  modelli  AIRB  e  opportunamente  corretti  per  tener  conto  delle previsioni del principio contabile IFRS 9.  Se, oltre ad un incremento significativo del rischio di credito, si riscontrano anche oggettive evidenze di una perdita di valore, l\u2019importo della perdita viene misurato come differenza tra il valore contabile dell\u2019attivit\u00e0 \u2013 classificata come \u201cdeteriorata\u201d, al pari di tutti gli altri rapporti intercorrenti con la medesima controparte \u2013 e il valore attuale dei futuri flussi finanziari stimati, scontati al tasso di interesse effettivo originario. In tale contesto,  \u00e8  stata  sviluppata  una  specifica  metodologia  per  il  trattamento  contabile da applicare  ad  un  portafoglio di posizioni a sofferenza che, avendo maturato un vintage significativo, vengono valutate anche in  un\u2019ottica  di  cessione.  Tale  metodologia  considera  diversi  scenari  e  stima  il  valore  recuperabile  delle esposizioni in base alla combinazione e alle probabilit\u00e0 di accadimento di tali scenari, oltre che ai relativi flussi di cassa stimati. Rientrano nell\u2019ambito delle attivit\u00e0 deteriorate gli strumenti finanziari ai quali \u00e8 stato attribuito lo status di sofferenza, inadempienza probabile o di scaduto/sconfinante da oltre novanta giorni secondo le regole di Banca d\u2019Italia, coerenti con la normativa IAS/IFRS e di Vigilanza europea.  I flussi di cassa previsti tengono conto dei tempi di recupero attesi e del presumibile valore di realizzo delle eventuali garanzie.  Il tasso  effettivo originario di ciascuna attivit\u00e0 rimane invariato nel  tempo  ancorch\u00e9 sia intervenuta una ristrutturazione del rapporto che abbia comportato la variazione del tasso contrattuale ed anche qualora il rapporto divenga, nella pratica, infruttifero di interessi contrattuali.  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.  La  ripresa  di  valore  non  pu\u00f2  eccedere  il  costo  ammortizzato  che  lo  strumento  finanziario avrebbe avuto in assenza di precedenti rettifiche. I ripristini di valore connessi con il trascorrere del tempo sono appostati nel margine di interesse.  In alcuni casi, durante la vita delle attivit\u00e0 finanziarie in esame  e, in  particolare, dei crediti, le condizioni contrattuali originarie sono oggetto di successiva modifica per volont\u00e0 delle parti del contratto. Quando, nel corso della vita di uno strumento, le clausole contrattuali sono oggetto di modifica occorre verificare se l\u2019attivit\u00e0 originaria deve continuare ad essere rilevata in bilancio o se, al contrario, lo strumento originario deve  essere  oggetto  di  cancellazione  dal  bilancio  (derecognition)  e  debba  essere  rilevato  un  nuovo strumento finanziario.  In generale, le modifiche di un\u2019attivit\u00e0 finanziaria conducono alla cancellazione della stessa ed all\u2019iscrizione di una nuova attivit\u00e0 quando sono \u201csostanziali\u201d. La valutazione circa la \u201csostanzialit\u00e0\u201d della modifica deve essere effettuata considerando sia elementi qualitativi sia elementi quantitativi. In alcuni casi, infatti, potr\u00e0 risultare  chiaro,  senza  il  ricorso  a  complesse  analisi,  che  i  cambiamenti  introdotti  modificano sostanzialmente le caratteristiche e/o i flussi contrattuali di una determinata attivit\u00e0 mentre, in altri casi, dovranno essere svolte ulteriori analisi (anche di tipo quantitativo) per apprezzare gli effetti delle stesse e verificare la necessit\u00e0 di procedere o meno alla cancellazione dell\u2019attivit\u00e0 ed alla iscrizione di  un nuovo strumento finanziario.  Le analisi (quali-quantitative) volte a definire  la  \u201csostanzialit\u00e0\u201d  delle  modifiche contrattuali apportate ad un\u2019attivit\u00e0 finanziaria, dovranno pertanto considerare:  le finalit\u00e0 per cui le modifiche sono state effettuate: ad esempio, rinegoziazioni per motivi commerciali  e concessioni per difficolt\u00e0 finanziarie della controparte:  le prime, volte a \u201ctrattenere\u201d il cliente, vedono coinvolto un debitore che non versa in una situazione di difficolt\u00e0 finanziaria. In questa casistica sono incluse tutte le operazioni di rinegoziazione che sono volte ad adeguare l\u2019onerosit\u00e0 del debito alle condizioni di mercato. Tali operazioni comportano una variazione delle  condizioni  originarie  del  contratto,  solitamente  richieste  dal  debitore,  che  attiene  ad  aspetti connessi alla onerosit\u00e0 del debito, con un conseguente beneficio economico per il debitore stesso. In linea  generale  si  ritiene  che,  ogniqualvolta  la  banca  effettui  una  rinegoziazione  al  fine  di  evitare  di perdere il proprio cliente, tale rinegoziazione debba essere considerata come sostanziale in quanto, ove non fosse effettuata, il cliente potrebbe finanziarsi presso un altro intermediario e la banca subirebbe un decremento dei ricavi futuri previsti;  le seconde, effettuate per \u201cragioni di rischio creditizio\u201d (misure di forbearance), sono riconducibili al tentativo della banca di massimizzare il recovery dei cash flow del credito originario. I rischi e i benefici sottostanti,  successivamente  alle  modifiche,  di  norma,  non  sono  sostanzialmente  trasferiti  e, conseguentemente, la rappresentazione contabile che offre informazioni pi\u00f9 rilevanti per il lettore del bilancio (salvo quanto  si dir\u00e0 in seguito in tema di  elementi oggettivi), \u00e8 quella  effettuata  tramite il \u201cmodification accounting\u201d - che implica la rilevazione a conto economico della differenza tra valore contabile e valore attuale dei flussi di cassa modificati scontati al tasso di interesse originario - e non tramite la derecognition;  la presenza di specifici elementi oggettivi (\u201ctrigger\u201d) che incidono sulle caratteristiche e/o sui flussi contrattuali dello strumento finanziario (quali, a solo titolo di esempio, il cambiamento di divisa o la modifica della tipologia di rischio a cui si \u00e8 esposti, ove la si correli a parametri di equity e commodity), che si ritiene comportino la derecognition in considerazione del loro impatto (atteso come significativo) sui flussi contrattuali originari. Criteri di cancellazione Le attivit\u00e0 finanziarie vengono cancellate dal bilancio solamente se la cessione ha comportato il sostanzial e trasferimento di tutti i rischi e benefici connessi alle attivit\u00e0 stesse. Per contro, qualora sia stata mantenut a una quota parte rilevante dei rischi e benefici relativi alle attivit\u00e0 finanziarie cedute, queste continuano a d essere iscritte in bilancio, ancorch\u00e9 giuridicamente la titolarit\u00e0 delle attivit\u00e0 stesse sia stata effettivament e trasferita.  Nel  caso  in  cui  non  sia  possibile  accertare  il  sostanziale  trasferimento  dei  rischi  e  benefici,  le  attivit \u00e0 finanziarie vengono cancellate  dal bilancio qualora  non sia stato  mantenuto alcun tipo di controllo sull e stesse. In caso contrario, la conservazione, anche in parte, di tale controllo comporta il mantenimento i n  bilancio delle attivit\u00e0 in misura pari al coinvolgimento residuo, misurato dall\u2019esposizione ai cambiamenti d i valore delle attivit\u00e0 cedute ed alle variazioni dei flussi finanziari delle stesse.  Infine, le attivit\u00e0 finanziarie cedute vengono cancellate dal bilancio nel caso in cui vi sia la conservazione d e i diritti contrattuali a  ricevere i relativi flussi di cassa, con la contestuale assunzione di un\u2019obbligazione a  pagare detti flussi, e solo essi, senza un ritardo rilevante ad altri soggetti terzi. Criteri di rilevazione delle componenti reddituali L\u2019allocazione delle componenti reddituali nelle pertinenti voci di conto economico avviene sulla base di quanto riportato di seguito:  Gli interessi attivi dei crediti e dei titoli vengono allocati nella voce \u201cInteressi attivi e proventi assimilati\u201d  per competenza sulla base del tasso di interesse effettivo;  Gli utili e perdite da cessione dei crediti e dei titoli vengono allocati nella voce \u201cUtili (perdite) da cession e o riacquisto di attivit\u00e0 finanziarie valutate al costo ammortizzato\u201d;  Le rettifiche da impairment, le perdite per cancellazioni e le riprese di valore dei crediti e dei  titoli  vengono allocate nella voce \u201cRettifiche/riprese di valore nette per rischio di credito relativo ad attivit \u00e0 finanziarie valutate al costo ammortizzato\u201d.  Gli interessi dovuti al trascorrere del tempo sono contabilizzati nella voce \u201cInteressi attivi e proventi  assimilati\u201d.  4- Operazioni di copertura Il  Gruppo  si  avvale  della  facolt\u00e0,  prevista  in  sede  di  introduzione  dell\u2019IFRS  9,  di  continuare  ad  applicar e integralmente  le  previsioni  del  principio  contabile  IAS  39  in  tema  di  \u201chedge accounting\u201d  (nella  versione carved out  omologata  dalla  Commissione  Europea) per ogni  tipologia di copertura  (sia  per  le copertur e specifiche che per le macro coperture).  Criteri di iscrizione Gli strumenti derivati di copertura, al pari di tutti i derivati, sono inizialmente iscritti e successivamente misurati al fair value.  Criteri di classificazione: tipologia di coperture Le  operazioni  di  copertura  dei  rischi  sono  finalizzate  a  neutralizzare potenziali  variazioni  di  fair  value  o  variazioni di flussi di cassa, attribuibili ad un determinato rischio e rilevabili su un determinato elemento o gruppo di elementi, nel caso in cui quel particolare rischio dovesse effettivamente manifestarsi.  Le tipologie di coperture utilizzate sono le seguenti:  copertura di fair value: ha l\u2019obiettivo di coprire l\u2019esposizione alla variazione del fair value (attribuibile all e diverse  tipologie  di  rischio)  di  attivit\u00e0  e  passivit\u00e0  iscritte  in  bilancio o  porzioni  di  esse,  di  gruppi  d i  attivit\u00e0/passivit\u00e0, di impegni irrevocabili e di portafogli di attivit\u00e0 e passivit\u00e0 finanziarie, inclusi i cor e deposits, come consentito dallo IAS 39 omologato dalla Commissione Europea. Le coperture generich e di fair value (\u201cmacro hedge\u201d) hanno l\u2019obiettivo di ridurre le oscillazioni di fair value, imputabili al rischi o di tasso di interesse,  di un importo monetario, riveniente da un portafoglio di  attivit\u00e0 o di passivit \u00e0 finanziarie. Non possono essere oggetto di copertura generica importi netti derivanti dallo sbilancio d i attivit\u00e0 e passivit\u00e0;  copertura di flussi finanziari: ha l\u2019obiettivo di coprire l\u2019esposizione a variazioni dei flussi di cassa futuri  attribuibili  a  particolari  rischi  associati  a  poste  del  bilancio.  Tale  tipologia  di  copertura  \u00e8  utilizzat a essenzialmente per stabilizzare il flusso di interessi della raccolta a tasso variabile nella misura in cu i quest\u2019ultima finanzia impieghi a tasso fisso. In talune circostanze, analoghe operazioni sono poste i n essere relativamente ad alcune tipologie di impieghi a tasso variabile. Solo  gli  strumenti  che  coinvolgono  una  controparte  esterna  al  Gruppo  possono  essere  designati  come strumenti  di  copertura.  Data  la  scelta  esercitata  dal  Gruppo  di  avvalersi  della  facolt\u00e0  di  continuare  ad applicare integralmente le regole dello IAS 39 per le relazioni di copertura, non \u00e8 possibile designare i titoli di capitale classificati tra le Attivit\u00e0 finanziarie valutate al fair value con impatto sulla redditivit\u00e0 complessiva (FVOCI) come oggetti coperti per il rischio di prezzo o di cambio, dato che tali strumenti non impattano il conto economico, nemmeno in caso di vendita (se non per i dividendi che sono rilevati a conto economico). Criteri di valutazione I derivati di copertura sono valutati al fair value. In particolare: nel caso di copertura di fair value, si compensa la variazione del fair value dell\u2019elemento coperto con la variazione del fair value dello strumento di copertura. Tale compensazione \u00e8 riconosciuta attraverso la rilevazione a Conto Economico delle variazioni di valore, riferite sia all\u2019elemento coperto (per quanto riguarda  le  variazioni  prodotte  dal  fattore  di  rischio  sottostante),  sia  allo  strumento  di  copertura. L\u2019eventuale  differenza,  che  rappresenta  la  parziale  inefficacia  della  copertura,  ne  costituisce  di conseguenza l\u2019effetto economico netto. Nel caso di operazioni di copertura generica di fair value di un portafoglio (\u201cmacro hedge\u201d) le variazioni di fair value con riferimento al rischio coperto delle attivit\u00e0 e delle passivit\u00e0 oggetto di copertura sono imputate nello stato patrimoniale, rispettivamente, nella voce 60.  \u201cAdeguamento  di  valore  delle  attivit\u00e0  finanziarie  oggetto  di  copertura  generica\u201d  oppure  50. \u201cAdeguamento di valore delle passivit\u00e0 finanziarie oggetto di copertura generica\u201d; nel caso di copertura di flussi finanziari, le variazioni di fair value del derivato sono imputate nella redditivit\u00e0 complessiva, per la quota efficace della copertura, e sono rilevate a Conto Economico solo quando, con riferimento alla posta coperta, si manifesta la variazione dei flussi di cassa da compensare o se la copertura risulta inefficace; le coperture di un investimento netto in valuta sono contabilizzate allo stesso modo delle coperture di flussi finanziari. Lo strumento derivato \u00e8 designato di copertura se esiste una documentazione formalizzata della relazione tra lo strumento coperto e lo strumento di copertura e se \u00e8 efficace nel momento in cui la copertura ha inizio e, prospetticamente, durante tutta la vita della stessa. L'efficacia della copertura dipende dalla misura in cui le variazioni di fair value dello strumento coperto o dei relativi  flussi  finanziari  attesi  risultano  compensati  da  quelle  dello  strumento  di  copertura.  Pertanto, l'efficacia  \u00e8  apprezzata  dal  confronto  delle  suddette  variazioni,  tenuto  conto  dell'intento  perseguito dall'impresa nel momento in cui la copertura \u00e8 stata posta in essere. Si ha efficacia quando le variazioni di fair value (o dei flussi di cassa) dello strumento finanziario di copertura neutralizzano quasi integralmente, cio\u00e8  nei  limiti  stabiliti  dall\u2019intervallo  80-125%,  le  variazioni  di  fair  value  dello  strumento  coperto,  per l\u2019elemento di rischio oggetto di copertura. La valutazione dell'efficacia \u00e8 effettuata ad ogni chiusura di bilancio o di situazione infrannuale utilizzando: test  prospettici,  che  giustificano  l'applicazione  della  contabilizzazione  di  copertura,  in  quanto dimostrano la sua efficacia attesa; test retrospettivi, che evidenziano il  grado di efficacia della copertura raggiunto nel periodo cui si riferiscono, ovvero, misurano quanto i risultati effettivi si siano discostati dalla copertura perfetta. Solo gli strumenti che coinvolgono una controparte esterna possono essere designati come strumenti di copertura. Pertanto, ogni risultato riconducibile a transazioni interne effettuate tra diverse entit\u00e0 della banca \u00e8 eliminato dal bilancio consolidato. Cessazione prospettica della contabilizzazione di copertura Se  le  verifiche  non  confermano  l\u2019efficacia  della  copertura,  da  quel  momento  la  contabilizzazione  delle operazioni di copertura, secondo quanto sopra esposto, viene interrotta e il contratto derivato di copertura viene riclassificato tra gli strumenti di negoziazione. Inoltre, le operazioni di copertura cessano nel momento in cui lo strumento di copertura giunge a scadenza, \u00e8 venduto, cessato o esercitato, oppure la banca revoca la designazione. Per le relazioni di copertura di fair value, lo strumento finanziario coperto non \u00e8 pi\u00f9 rettificato per le variazioni di fair value nel caso e qualsiasi rettifica al valore contabile di uno strumento finanziario coperto per il quale \u00e8 utilizzato il criterio dell'interesse effettivo deve essere ammortizzata nel conto economico. Nel caso di interruzione di una relazione di copertura generica di fair value, le rivalutazioni/svalutazioni cumulate iscritte nella voce 60. \u201cAdeguamento di valore delle attivit\u00e0 finanziarie oggetto di copertura generica\u201d oppure 50. \u201cAdeguamento di valore delle passivit\u00e0 finanziarie oggetto  di  copertura  generica\u201d sono  rilevate  a  conto economico tra gli interessi attivi o passivi lungo la durata residua delle originarie relazioni di copertura, ferma restando la verifica che ne sussistano i presupposti. Per le relazioni di copertura dei flussi finanziari, l'utile o la perdita complessiva dello strumento di copertura che \u00e8 stato rilevato nelle altre componenti di conto economico complessivo a partire dall'esercizio in cui la copertura  era  efficace,  deve  restare  separatamente  nel  patrimonio  netto  sino  a  quando  l'operazione programmata si verifica. Qualora l'operazione programmata ci si attende non debba pi\u00f9 accadere, nel qual caso qualsiasi correlato utile o perdita complessivo sullo strumento di copertura che \u00e8 stato rilevato nel prospetto  delle  altre  componenti  di  conto  economico  complessivo  dall'esercizio  in  cui  la  copertura  era efficace  deve  essere  riclassificato  dal  patrimonio  netto  all\u2019utile  (perdita)  d\u2019esercizio  come  rettifica  da riclassificazione. Tuttavia, un\u2019operazione programmata che non \u00e8 pi\u00f9 altamente probabile, ci si pu\u00f2 ancora attendere che si verifichi. Criteri di rilevazione delle componenti reddituali L\u2019allocazione delle componenti reddituali nelle pertinenti voci di conto economico avviene sulla base di quanto riportato di seguito: i differenziali maturati sugli strumenti derivati di copertura del rischio di tasso di interesse (oltre agli interessi delle posizioni oggetto di copertura) vengono allocati nella voce \u201cInteressi attivi e proventi assimilati\u201d o \u201cInteressi passivi e oneri assimilati\u201d; le plusvalenze e minusvalenze derivanti dalla valutazione degli strumenti derivati di copertura e delle posizioni  oggetto  di  copertura  di  fair  value  hedge  vengono  allocate  nella  voce  \u201cRisultato  netto dell\u2019attivit\u00e0 di copertura\u201d; le plusvalenze e le minusvalenze derivanti dalla valutazione degli strumenti derivati di copertura di cash flow hedge (per la parte efficace) vengono allocate in una specifica riserva di valutazione di patrimonio netto \u201cCopertura dei flussi finanziari\u201d, al netto dell\u2019effetto fiscale differito. Per la parte inefficace tali plus e  minus  vengono  contabilizzate  a  conto  economico  nella  voce  \u201cRisultato  netto  dell\u2019attivit\u00e0  di copertura\u201d.  Se  lo  strumento  coperto  \u00e8  cancellato,  scade  o  si  estingue  allora  la  riserva  \u00e8  riversata immediatamente a conto economico contestualmente alla cancellazione dell\u2019elemento coperto. nel caso di copertura di flussi finanziari, le variazioni di fair value del derivato sono imputate nella redditivit\u00e0 complessiva, per la quota efficace della copertura, e sono rilevate a Conto Economico solo quando, con riferimento alla posta coperta, si manifesta la variazione dei flussi di cassa da compensare o se la copertura risulta inefficace. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-894": {
   "value": "Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inanziarie<span class=\"ff1\"> </span>veng<span class=\"_ _0\"></span>ono<span class=\"ff1\"> </span>cancell<span class=\"_ _0\"></span>ate<span class=\"ff1\"> </span>dal<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> </span>solamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">se<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>cessione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">comportato<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sostanzial<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>trasferimento<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>utti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>be<span class=\"_ _0\"></span>nefici<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">connessi<span class=\"ff1\"> </span>alle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> </span>stesse.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Per<span class=\"ff1\"> </span>contro,<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>ualora<span class=\"ff1\"> </span>sia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stat<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ma<span class=\"_ _2\"></span>ntenuta<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>una<span class=\"ff1\"> </span>quota<span class=\"ff1\"> <span class=\"_ _2\"></span></span>part<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>rilevante<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>b<span class=\"_ _2\"></span>enefici<span class=\"ff1\"> </span>relativi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cedute,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>queste<span class=\"ff1\"> <span class=\"_ _2\"></span></span>continuano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ad<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>iscritte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>b<span class=\"_ _0\"></span>ilancio,<span class=\"ff1\"> </span>ancorch\u00e9<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">giuridicamente<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">titolarit\u00e0<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stesse<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span>stata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">effettivamente<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>tras<span class=\"_ _0\"></span>fer<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span> Nel<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>caso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pos<span class=\"_ _2\"></span>sibile<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>accert<span class=\"_ _2\"></span>are<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sostanziale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>trasferimento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>b<span class=\"_ _0\"></span>enefici,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> <span class=\"_ _21\"></span></span>vengono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cancellate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _21\"></span></span>bilancio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>qualora<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>tato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>mantenuto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alcun<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tipo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>controllo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sulle<span class=\"ff1\"> </span>stesse.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>In<span class=\"ff1\"> <span class=\"_ _2\"></span></span>caso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contrario,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conservazione,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>anche<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>parte,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>ale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>controllo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>comporta<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mantenimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"_ _2\"></span><span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>misura<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>coinvolgimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>residuo,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>misurato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall\u2019esposizione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ai</span> <span class=\"ff3\">cam<span class=\"_ _2\"></span>biamenti</span> <span class=\"ff3\">di</span> </span>valore<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>cedute<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>variazioni<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> </span>finanziari<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>stesse.<span class=\"_ _3bd\"> </span> Infine,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziar<span class=\"_ _2\"></span>ie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ce<span class=\"_ _2\"></span>dute<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vengono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cancellate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dal<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> </span>nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">caso<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cui<span class=\"ff1\"> </span>vi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sia</span> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onservazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>diritti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contrattuali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ricevere<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>relativi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cas<span class=\"_ _2\"></span>sa,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contestuale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>as<span class=\"_ _2\"></span>sunzione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un\u2019obb<span class=\"_ _2\"></span>ligazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"_ _2\"></span><span class=\"ff1\"> </span>pagare<span class=\"ff1\"> </span>detti<span class=\"ff1\"> </span>flussi,<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>solo<span class=\"ff1\"> </span>essi,<span class=\"ff1\"> </span>senza<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>ritardo<span class=\"ff1\"> </span>rilevante<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>altri<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>ggetti<span class=\"ff1\"> </span>terzi.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inanziarie<span class=\"ff1\"> </span>veng<span class=\"_ _0\"></span>ono<span class=\"ff1\"> </span>cancell<span class=\"_ _0\"></span>ate<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>al<span class=\"ff1\"> </span>bilanc<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>solamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">se<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>cessione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">comportat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>sostanziale<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>trasferimento<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>utti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>be<span class=\"_ _0\"></span>nefici<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">connessi<span class=\"ff1\"> </span>alle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> </span>stesse.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Per<span class=\"ff1\"> </span>contro,<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>ualora<span class=\"ff1\"> </span>sia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stat<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ma<span class=\"_ _2\"></span>ntenuta<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>una<span class=\"ff1\"> </span>quota<span class=\"ff1\"> <span class=\"_ _2\"></span></span>part<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>rilevante<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>b<span class=\"_ _2\"></span>enefici<span class=\"ff1\"> </span>relativi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cedute,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>queste<span class=\"ff1\"> <span class=\"_ _2\"></span></span>continuano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ad<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>iscritte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>b<span class=\"_ _0\"></span>ilancio,<span class=\"ff1\"> </span>ancorch\u00e9<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">giuridicamente<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">titolarit\u00e0<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stesse<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span>stata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">effettivamente<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>tras<span class=\"_ _0\"></span>fer<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span> Nel<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>caso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pos<span class=\"_ _2\"></span>sibile<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>accert<span class=\"_ _2\"></span>are<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sostanziale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>trasferimento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>b<span class=\"_ _0\"></span>enefici,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> <span class=\"_ _21\"></span></span>vengono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cancellate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _21\"></span></span>bilancio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>qualora<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>tato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>mantenuto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alcun<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tipo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>controllo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sulle<span class=\"ff1\"> </span>stesse.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>In<span class=\"ff1\"> <span class=\"_ _2\"></span></span>caso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contrario,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conservazione,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>anche<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>parte,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>ale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>controllo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>comporta<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mantenimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"_ _2\"></span><span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>misura<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>coinvolgimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>residuo,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>misurato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall\u2019esposizione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ai</span> <span class=\"ff3\">cam<span class=\"_ _2\"></span>biamenti</span> <span class=\"ff3\">di</span> </span>valore<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>cedute<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>variazioni<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> </span>finanziari<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>stesse.<span class=\"_ _3bd\"> </span> Infine,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziar<span class=\"_ _2\"></span>ie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ce<span class=\"_ _2\"></span>dute<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vengono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cancellate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dal<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> </span>nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">caso<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cui<span class=\"ff1\"> </span>vi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sia</span> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onservazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>diritti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contrattuali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ricevere<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>relativi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cas<span class=\"_ _2\"></span>sa,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contestuale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>as<span class=\"_ _2\"></span>sunzione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un\u2019obb<span class=\"_ _2\"></span>ligazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"_ _2\"></span><span class=\"ff1\"> </span>pagare<span class=\"ff1\"> </span>detti<span class=\"ff1\"> </span>flussi,<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>solo<span class=\"ff1\"> </span>essi,<span class=\"ff1\"> </span>senza<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>ritardo<span class=\"ff1\"> </span>rilevante<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>altri<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>ggetti<span class=\"ff1\"> </span>terzi.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inanziarie<span class=\"ff1\"> </span>veng<span class=\"_ _0\"></span>ono<span class=\"ff1\"> </span>cancell<span class=\"_ _0\"></span>ate<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>al<span class=\"ff1\"> </span>bilanc<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>solamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">se<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>cessione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">comportat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>sostanzial<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">e<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>trasferimento<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>utti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>be<span class=\"_ _0\"></span>nefici<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">connessi<span class=\"ff1\"> </span>alle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> </span>stesse.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Per<span class=\"ff1\"> </span>contro,<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>ualora<span class=\"ff1\"> </span>sia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stat<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ma<span class=\"_ _2\"></span>ntenut<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>una<span class=\"ff1\"> </span>quota<span class=\"ff1\"> <span class=\"_ _2\"></span></span>part<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>rilevante<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>b<span class=\"_ _2\"></span>enefici<span class=\"ff1\"> </span>relativi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cedute,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>queste<span class=\"ff1\"> <span class=\"_ _2\"></span></span>continuano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"_ _3bd\"> </span>d<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>iscritte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>b<span class=\"_ _0\"></span>ilancio,<span class=\"ff1\"> </span>ancorch\u00e9<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">giuridicamente<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">titolarit\u00e0<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stesse<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span>stata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">effettivament<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>tras<span class=\"_ _0\"></span>fer<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span> Nel<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>caso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pos<span class=\"_ _2\"></span>sibile<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>accert<span class=\"_ _2\"></span>are<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sostanziale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>trasferimento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>b<span class=\"_ _0\"></span>enefici,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>at<span class=\"_ _2\"></span>tivit<span class=\"_ _3bd\"> </span>\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> <span class=\"_ _21\"></span></span>vengono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cancellate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _21\"></span></span>bilancio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>qualora<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>tato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>mantenuto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alcun<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tipo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>controllo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sull<span class=\"_ _3bd\"> </span>e<span class=\"ff1\"> </span>stesse.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>In<span class=\"ff1\"> <span class=\"_ _2\"></span></span>caso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contrario,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conservazione,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>anche<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>parte,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>ale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>controllo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>comporta<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mantenimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"_ _3bd\"> </span>n<span class=\"_ _3bd\"> </span><span class=\"_ _2\"></span><span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>misura<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>coinvolgimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>residuo,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>misurato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall\u2019esposizione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ai</span> <span class=\"ff3\">cam<span class=\"_ _2\"></span>biamenti</span> </span><span class=\"ff1\"><span class=\"ff3\">d<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\">i</span> </span>valore<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>cedute<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>variazioni<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> </span>finanziari<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>stesse.<span class=\"_ _3bd\"> </span> Infine,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziar<span class=\"_ _2\"></span>ie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ce<span class=\"_ _2\"></span>dute<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vengono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cancellate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dal<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> </span>nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">caso<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cui<span class=\"ff1\"> </span>vi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sia</span> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onservazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">d<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">e<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>diritti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contrattuali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ricevere<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>relativi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cas<span class=\"_ _2\"></span>sa,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contestuale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>as<span class=\"_ _2\"></span>sunzione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un\u2019obb<span class=\"_ _2\"></span>ligazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"_ _3bd\"> </span><span class=\"_ _2\"></span><span class=\"ff1\"> </span>pagare<span class=\"ff1\"> </span>detti<span class=\"ff1\"> </span>flussi,<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>solo<span class=\"ff1\"> </span>essi,<span class=\"ff1\"> </span>senza<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>ritardo<span class=\"ff1\"> </span>rilevante<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>altri<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>ggetti<span class=\"ff1\"> </span>terzi.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pass<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cancellate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dal<span class=\"ff1\"> <span class=\"_ _20\"></span></span>bilancio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>q<span class=\"_ _2\"></span>uando<span class=\"ff1\"> <span class=\"_ _20\"></span></span>risultano<span class=\"ff1\"> <span class=\"_ _20\"></span></span>scadute<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>est<span class=\"_ _2\"></span>inte.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>La<span class=\"ff1\"> <span class=\"_ _21\"></span></span>cance<span class=\"_ _0\"></span>llazione<span class=\"_ _3bd\"> </span><span class=\"_ _2\"></span><span class=\"ff1\"> </span>avviene<span class=\"ff1\"> <span class=\"_ _2\"></span></span>anche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>presenza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riacquisto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>itoli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>obbligazionari<span class=\"ff1\"> </span>precedentemente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>emessi.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>La<span class=\"ff1\"> <span class=\"_ _2\"></span></span>differenza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tr<span class=\"_ _3bd\"> </span>a<span class=\"ff1\"> </span>valore<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>contabile<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>passivit\u00e0<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>l\u2019ammontare<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>corrisposto<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>acquis<span class=\"_ _2\"></span>tarla<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>viene<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>regist<span class=\"_ _2\"></span>rata<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>Cont<span class=\"_ _3bd\"> </span>o<span class=\"ff1\"> </span>Ec<span class=\"_ _0\"></span>onom<span class=\"_ _0\"></span>ico.<span class=\"_ _0\"></span> Il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>icollocamento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sul<span class=\"ff1\"> <span class=\"_ _20\"></span></span>mercato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>titoli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>propri<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>successivamente<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>loro<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span></span>riacqu<span class=\"_ _0\"></span>isto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"></span></span>considerato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>come<span class=\"ff1\"> <span class=\"_ _21\"></span></span>una<span class=\"ff1\"> </span>nuova<span class=\"ff1\"> </span>emissione<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>iscrizione<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>nuovo<span class=\"ff1\"> </span>prezzo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>collocamento.<span class=\"_ _3bd\"> </span> Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> </span>Passivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>detenute<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>negoziazione<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> </span>cancellate<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quando<span class=\"ff1\"> </span>scadono<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>diritt<span class=\"_ _3bd\"> </span>i<span class=\"ff1\"> </span>contrattuali<span class=\"ff1\">  </span>sui<span class=\"ff1\">  </span>relativi<span class=\"ff1\">  </span>flussi<span class=\"ff1\">  </span>finanziari<span class=\"ff1\">  </span>o<span class=\"_ _2\"></span><span class=\"ff1\">  </span>quando<span class=\"ff1\">  </span>la<span class=\"ff1\">  </span>passivit\u00e0<span class=\"ff1\">  </span>finanziaria<span class=\"ff1\">  </span>\u00e8<span class=\"ff1\">  </span>ceduta<span class=\"ff1\">  </span>co<span class=\"_ _2\"></span>n<span class=\"ff1\">  </span>trasferiment<span class=\"_ _3bd\"> </span>o<span class=\"ff1\"> </span>sostanziale<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tutti<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>benefici<span class=\"ff1\"> </span>derivanti<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>propriet\u00e0<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>stessa.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>passivit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>valutate<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fair<span class=\"ff1\">  </span>value<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>vengono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>cancellate<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>bilancio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>quando<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>scadono<span class=\"ff1\">  </span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"_ _0\"></span>ritt<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>contrattuali<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sui<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>relativi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>fl<span class=\"_ _2\"></span>ussi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>finanziari<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quando<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>questa<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>viene<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>estinta,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ovv<span class=\"_ _0\"></span>erosia<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>quando<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>l'obbligazione<span class=\"ff1\"> </span>specificata<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>contratto<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>adempiuta<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>cancellata<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>scaduta.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inanziarie<span class=\"ff1\"> </span>veng<span class=\"_ _0\"></span>ono<span class=\"ff1\"> </span>cancell<span class=\"_ _0\"></span>ate<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>al<span class=\"ff1\"> </span>bilanc<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>solamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">se<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>cessione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">comportat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>sostanziale<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>trasferimento<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>utti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>be<span class=\"_ _0\"></span>nefici<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">connessi<span class=\"ff1\"> </span>alle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> </span>stesse.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Per<span class=\"ff1\"> </span>contro,<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>ualora<span class=\"ff1\"> </span>sia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stat<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ma<span class=\"_ _2\"></span>ntenuta<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>una<span class=\"ff1\"> </span>quota<span class=\"ff1\"> <span class=\"_ _2\"></span></span>part<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>rilevante<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>b<span class=\"_ _2\"></span>enefici<span class=\"ff1\"> </span>relativi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cedute,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>queste<span class=\"ff1\"> <span class=\"_ _2\"></span></span>continuano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ad<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>iscritte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>b<span class=\"_ _0\"></span>ilancio,<span class=\"ff1\"> </span>ancorch\u00e9<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">giuridicamente<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">titolarit\u00e0<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stesse<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span>stata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">effettivamente<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>tras<span class=\"_ _0\"></span>fer<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span> Nel<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>caso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pos<span class=\"_ _2\"></span>sibile<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>accert<span class=\"_ _2\"></span>are<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sostanziale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>trasferimento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>b<span class=\"_ _0\"></span>enefici,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> <span class=\"_ _21\"></span></span>vengono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cancellate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _21\"></span></span>bilancio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>qualora<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>tato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>mantenuto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alcun<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tipo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>controllo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sulle<span class=\"ff1\"> </span>stesse.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>In<span class=\"ff1\"> <span class=\"_ _2\"></span></span>caso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contrario,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conservazione,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>anche<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>parte,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>ale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>controllo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>comporta<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mantenimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"_ _2\"></span><span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>misura<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>coinvolgimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>residuo,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>misurato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall\u2019esposizione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ai</span> <span class=\"ff3\">cam<span class=\"_ _2\"></span>biamenti</span> <span class=\"ff3\">di</span> </span>valore<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>cedute<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>variazioni<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> </span>finanziari<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>stesse.<span class=\"_ _3bd\"> </span> Infine,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziar<span class=\"_ _2\"></span>ie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ce<span class=\"_ _2\"></span>dute<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vengono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cancellate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dal<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> </span>nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">caso<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cui<span class=\"ff1\"> </span>vi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sia</span> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onservazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>diritti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contrattuali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ricevere<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>relativi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cas<span class=\"_ _2\"></span>sa,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contestuale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>as<span class=\"_ _2\"></span>sunzione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un\u2019obb<span class=\"_ _2\"></span>ligazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"_ _2\"></span><span class=\"ff1\"> </span>pagare<span class=\"ff1\"> </span>detti<span class=\"ff1\"> </span>flussi,<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>solo<span class=\"ff1\"> </span>essi,<span class=\"ff1\"> </span>senza<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>ritardo<span class=\"ff1\"> </span>rilevante<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>altri<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>ggetti<span class=\"ff1\"> </span>terzi.<span class=\"_ _3bd\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-896": {
   "value": "<div class=\"t mb h5 ff3 fs0 fc4 sc2 ls0 ws0 gs375\">2.1</div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs376\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs377\">At<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs378\">fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs379\">va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>tat<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs37a\">al<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs37b\">fa<span class=\"_ _0\"></span>ir<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs37c\">va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs37d\">co<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs37e\">im<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>tto<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs37f\">su<span class=\"_ _0\"></span>lla<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs380\">red<span class=\"_ _1\"></span>diti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs381\">co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>va<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs382\">(FV<span class=\"_ _1\"></span>OCI<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs383\">co<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs384\">ri<span class=\"_ _0\"></span>cic<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>)<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs385\">Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs386\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs387\">isc<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs388\">L\u2019iscrizione<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>niziale<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> </span>avviene<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>lla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">regolamento</span> <span class=\"ff3\">per</span> <span class=\"ff3\">i</span> <span class=\"_ _0\"></span><span class=\"ff3\">titoli<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ebito<span class=\"ff1\"> </span>ed<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs389\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">erogazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">f<span class=\"_ _2\"></span>inanziamenti.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">All\u2019atto<span class=\"ff1\"> </span>della<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rilevazione<span class=\"ff1\"> </span>iniziale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>contabili<span class=\"_ _0\"></span>zzat<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">value,<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs38a\">comprensivo<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>costi<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>proventi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>transazione<span class=\"ff1\"> </span>direttamente<span class=\"ff1\"> </span>attribuibili<span class=\"ff1\"> </span>allo<span class=\"ff1\"> </span>str<span class=\"_ _2\"></span>umentostesso. </div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs38b\">Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs38c\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs38d\">cl<span class=\"_ _0\"></span>ass<span class=\"_ _1\"></span>ific<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs38e\">Son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>se<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>pr<span class=\"_ _0\"></span>esen<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cat<span class=\"_ _0\"></span>egor<span class=\"_ _0\"></span>ia<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ttiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fin<span class=\"_ _0\"></span>anzi<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>ch<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>oddi<span class=\"_ _0\"></span>sfa<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>ambe<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">seg<span class=\"_ _0\"></span>uen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span>ni: </span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs38f\">l\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>finanz<span class=\"_ _0\"></span>iaria<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>poss<span class=\"_ _2\"></span>edut<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>secondo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>model<span class=\"_ _0\"></span>lo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>business<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>obiettivo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>conseguito<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sia<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs390\">mediante<span class=\"ff1\"> <span class=\"_ _21\"></span></span>l\u2019incasso<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>finanziari<span class=\"ff1\"> <span class=\"_ _20\"></span></span>previst<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>co<span class=\"_ _2\"></span>ntrattualmente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _21\"></span></span>mediante<span class=\"ff1\"> <span class=\"_ _21\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>vendita<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(Business<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs391\">model<span class=\"ff1\"> </span>\u201cHold<span class=\"ff1\"> </span>to<span class=\"ff1\"> </span>Collect<span class=\"ff1\"> </span>and<span class=\"ff1\"> </span>Sell<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> </span>\u201cHTCS\u201d\u201d),<span class=\"ff1\"> </span>e </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs392\">i<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>termini<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>contrattuali<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>dell\u2019atti<span class=\"_ _2\"></span>vit\u00e0<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>finanziaria<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>prevedono,<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>a<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _29\"> </span></span>determinate<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>date,<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>flussi<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>finan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>ri </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs393\">rappresentati<span class=\"ff1\">  </span>u<span class=\"_ _0\"></span>nicamente<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>a<span class=\"ff1\">  </span>pagamenti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\">  </span>capi<span class=\"_ _0\"></span>tale<span class=\"ff1\">  </span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dell\u2019i<span class=\"_ _2\"></span>nteresse<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sull\u2019import<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\">  </span>c<span class=\"_ _0\"></span>apitale<span class=\"ff1\">  </span>da<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs394\">restituire<span class=\"ff1\"> </span>(cd.<span class=\"ff1\"> </span>\u201cSPPI<span class=\"ff1\"> </span>test\u201d<span class=\"ff1\"> </span>superato). </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs395\">In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pa<span class=\"_ _0\"></span>rtic<span class=\"_ _0\"></span>ola<span class=\"_ _0\"></span>re,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ven<span class=\"_ _0\"></span>gono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">inc<span class=\"_ _0\"></span>lus<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>esta<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">vo<span class=\"_ _0\"></span>ce: </span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs396\">i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>titoli<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>deb<span class=\"_ _0\"></span>ito<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>riconducibili<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _21\"></span></span>un<span class=\"ff1\"> <span class=\"_ _21\"></span></span>business<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>model<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Hold<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>to<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Collect<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>and<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Sell<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>c<span class=\"_ _2\"></span>he<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>hanno<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs397\">superato<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>test<span class=\"ff1\"> </span>SPPI; </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs398\">i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>finanziamenti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>riconducibili<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>business<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>mo<span class=\"_ _2\"></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Hold<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff3\">to</span> <span class=\"_ _21\"> </span><span class=\"ff3\">Collect</span> <span class=\"_ _21\"> </span><span class=\"ff3\">and</span> <span class=\"_ _21\"> </span><span class=\"ff3\">Sell</span> <span class=\"_ _21\"></span><span class=\"ff3\">e</span> <span class=\"_ _21\"></span><span class=\"ff3\">che</span> <span class=\"_ _20\"></span><span class=\"ff3\">hann<span class=\"_ _0\"></span>o </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs399\">superato<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">test<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">SPPI.<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs39a\">Ri<span class=\"_ _0\"></span>cla<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>ich<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs39b\">Secondo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>regole<span class=\"ff1\"> <span class=\"_ _20\"></span></span>generali<span class=\"ff1\"> <span class=\"_ _21\"></span></span>previste<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dall\u2019I<span class=\"_ _0\"></span>FRS<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>9<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>materia<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riclassificazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>elle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"_ _2\"></span>ttivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fin<span class=\"_ _0\"></span>anziarie<span class=\"ff1\"> <span class=\"_ _21\"></span></span>(ad<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs39c\">eccezione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>capitale,<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>ammessa<span class=\"ff1\"> </span>alcuna<span class=\"ff1\"> </span>riclassifica),<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>ammesse<span class=\"ff1\"> </span>riclassifiche<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs39d\">verso<span class=\"ff1\"> </span>altre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">categorie<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> </span>salv<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>aso<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>\u2019entit\u00e0<span class=\"ff1\"> </span>modifichi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">proprio<span class=\"ff1\"> </span>modello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>bu<span class=\"_ _0\"></span>siness<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs39e\">per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gestione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">seguito<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cambiamenti<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>sterni<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">interni</span> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>ali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">siano<span class=\"ff1\"> </span>rilevanti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs39f\">operazioni<span class=\"ff1\"> </span>dell'entit\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>dimostrabili<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>parti<span class=\"ff1\"> </span>esterne. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a0\">In<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">casi,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ci<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attende<span class=\"ff1\"> </span>siano<span class=\"ff1\"> </span>altamente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">infrequenti,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit<span class=\"_ _2\"></span>\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">potranno<span class=\"ff1\"> </span>essere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>iclassificate<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a1\">dalla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">categoria<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">impatt<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ulla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">redditivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">complessiva<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">due<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">categorie<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a2\">previste<span class=\"ff1\"> </span>dall\u2019IFRS<span class=\"ff1\"> <span class=\"_ _2\"></span></span>9<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziarie<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>costo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ammortizzato<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziarie<span class=\"ff1\"> </span>valut<span class=\"_ _2\"></span>ate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a3\">value<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>mpatto<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico).<span class=\"ff1\"> </span>Il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>trasferimento<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>rappresentato<span class=\"ff1\"> </span>dal<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>momento<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a4\">della<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riclassificazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">effetti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riclassificazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">operano<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">maniera<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prospettica<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">partire<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dalla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">data<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a5\">riclassificazione.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Nel<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cas<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riclassifica<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dalla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>categoria<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>oggetto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quella<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>costo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ammortizzato,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l\u2019utile<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a6\">(perdita)<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>cumulato<span class=\"ff1\">  </span>rilevato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nella<span class=\"ff1\">  </span>riserva<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>da<span class=\"ff1\">  </span>v<span class=\"_ _0\"></span>alutazione<span class=\"ff1\">  </span>\u00e8<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>portat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>r<span class=\"_ _2\"></span>ettifica<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fa<span class=\"_ _2\"></span>ir<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>value<span class=\"ff1\">  </span>dell\u2019attivit\u00e0<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a7\">finanziaria<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>data<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riclassificazione.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>N<span class=\"_ _2\"></span>el<span class=\"ff1\"> <span class=\"_ _2\"></span></span>caso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>invece<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>iclassifica<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nella<span class=\"ff1\"> <span class=\"_ _20\"></span></span>categoria<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _20\"></span></span>value<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a8\">impatto<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conto<span class=\"ff1\"> </span>economico,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l'utile<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(perdita)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cumulato<span class=\"ff1\"> </span>rilev<span class=\"_ _0\"></span>ato<span class=\"ff1\"> </span>precedentemente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nella<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riserva<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> </span>val<span class=\"_ _0\"></span>utazione<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a9\">\u00e8<span class=\"ff1\"> </span>riclassificato<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>patrimonio<span class=\"ff1\"> </span>netto<span class=\"ff1\"> </span>all'utile<span class=\"ff1\"> </span>(perdita)<span class=\"ff1\"> </span>d'esercizio. </div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3aa\">Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3ab\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3ac\">va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3ad\">Successivamente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rilevazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>iniziale,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>classificate<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _21\"></span></span>value<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _21\"></span></span>impatto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sulla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>redditivit\u00e0<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3ae\">complessiva<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>valutate<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>f<span class=\"_ _2\"></span>air<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>value,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rilevazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\">  </span>Conto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Economico<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>degli<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>impatti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>derivanti<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3af\">dall\u2019applicazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>costo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ammortizzato,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>degli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>effett<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dell\u2019im<span class=\"_ _2\"></span>pairment<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">dell\u2019eventuale</span> <span class=\"_ _27\"> </span><span class=\"ff3\">e<span class=\"_ _2\"></span>ffetto</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">cambio,</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3b0\">mentre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">altri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">utili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>perdi<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>erivanti<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">una<span class=\"ff1\"> </span>variazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">veng<span class=\"_ _0\"></span>ono<span class=\"ff1\"> </span>rilevati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>una<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">specif<span class=\"_ _2\"></span>ica<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riserva<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3b1\">di<span class=\"ff1\"> </span>patrimonio<span class=\"ff1\"> </span>netto<span class=\"ff1\"> </span>finc<span class=\"_ _0\"></span>h\u00e9<span class=\"ff1\"> </span>l\u2019attivit\u00e0<span class=\"ff1\"> </span>finanziaria<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">viene<span class=\"ff1\"> </span>cancellata.<span class=\"ff1\"> </span>Al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">momento<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>dismissione,<span class=\"ff1\"> </span>totale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3b2\">parziale,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019utile<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">perdita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cumulati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nella<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riserva<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vengono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>iversati,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tutto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">parte,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Conto<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3b3\">Ec<span class=\"_ _0\"></span>onom<span class=\"_ _0\"></span>ico.<span class=\"_ _0\"></span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3b4\">Il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">v<span class=\"_ _2\"></span>iene<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">determinato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sulla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">base<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">crit<span class=\"_ _2\"></span>eri<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gi\u00e0<span class=\"ff1\"> </span>illu<span class=\"_ _0\"></span>str<span class=\"_ _2\"></span>ati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">p<span class=\"_ _2\"></span>er<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">val<span class=\"_ _2\"></span>utate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3b5\">con<span class=\"ff1\"> </span>impatto<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3b6\">Le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>mpatto<span class=\"ff1\"> </span>sull<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">redditivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">complessiva<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u2013<span class=\"ff1\"> </span>sia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sotto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">forma<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">titoli<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3b7\">di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>debito<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">di</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">crediti</span> <span class=\"_ _27\"> </span><span class=\"ff3\">\u2013</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">sono</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">soggette</span> <span class=\"_ _27\"> </span><span class=\"ff3\">alla</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">verifica</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">dell\u2019incremento</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">signifi<span class=\"_ _0\"></span>cativo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>creditizio<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3b8\">(impairment)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pre<span class=\"_ _2\"></span>vista<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dall\u2019IFRS<span class=\"ff1\"> </span>9,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pari<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>osto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ammortizzato,<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conseguente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rilevazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3b9\">conto<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>conomico<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rettifica<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">copertura<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>erdit<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">att<span class=\"_ _2\"></span>ese.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Pi\u00f9<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">particolare,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sugli<span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3ba\">classificati<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>stage<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">1<span class=\"ff1\"> </span>(ossia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sulle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>momento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dell\u2019origination,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ove<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">deteriorate,<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sugli<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3bb\">strumenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _20\"></span></span>non<span class=\"ff1\"> <span class=\"_ _20\"></span></span>si<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>verificato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>ignificativo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>incremento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cr<span class=\"_ _2\"></span>editizio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rispett<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>data<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3bc\">ril<span class=\"_ _0\"></span>eva<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>ale)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">vie<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onta<span class=\"_ _0\"></span>bili<span class=\"_ _0\"></span>zza<span class=\"_ _0\"></span>ta,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">all<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>data<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rile<span class=\"_ _0\"></span>vazi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">inizi<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">ad<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ogn<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ata<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rep<span class=\"_ _0\"></span>orti<span class=\"_ _0\"></span>ng<span class=\"ff1\"> </span>su<span class=\"_ _1\"></span>ccessi<span class=\"_ _0\"></span>va,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3bd\">una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perdita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attesa<span class=\"ff1\"> </span>ad<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un<span class=\"ff1\"> </span>an<span class=\"_ _0\"></span>no.<span class=\"ff1\"> </span>Inve<span class=\"_ _0\"></span>ce,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>gli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>trumenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">classificati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stage<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(bonis<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">quali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">verificato<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3be\">un<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>incremento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>significativo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>creditizio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rispetto<span class=\"ff1\">  </span>al<span class=\"_ _0\"></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>data<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rilevazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>iniziale)<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>stage<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>3<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3bf\">(esposizioni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>teriorat<span class=\"_ _2\"></span>e)<span class=\"ff1\"> <span class=\"_ _20\"></span></span>viene<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>contabilizzata<span class=\"ff1\"> <span class=\"_ _21\"></span></span>una<span class=\"ff1\"> <span class=\"_ _20\"></span></span>perdita<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>attesa<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"></span></span>l\u2019in<span class=\"_ _0\"></span>tera<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>vita<span class=\"ff1\"> <span class=\"_ _21\"></span></span>residua<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dello<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>strumento<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3c0\">fi<span class=\"_ _0\"></span>nanz<span class=\"_ _0\"></span>iari<span class=\"_ _0\"></span>o.<span class=\"_ _3bd\"> </span></div>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inanziarie<span class=\"ff1\"> </span>veng<span class=\"_ _0\"></span>ono<span class=\"ff1\"> </span>cancell<span class=\"_ _0\"></span>ate<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>al<span class=\"ff1\"> </span>bilanc<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>solamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">se<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>cessione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">comportat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>sostanziale<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>trasferimento<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>utti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>be<span class=\"_ _0\"></span>nefici<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">connessi<span class=\"ff1\"> </span>alle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> </span>stesse.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Per<span class=\"ff1\"> </span>contro,<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>ualora<span class=\"ff1\"> </span>sia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stat<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ma<span class=\"_ _2\"></span>ntenuta<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>una<span class=\"ff1\"> </span>quota<span class=\"ff1\"> <span class=\"_ _2\"></span></span>part<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>rilevante<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>b<span class=\"_ _2\"></span>enefici<span class=\"ff1\"> </span>relativi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cedute,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>queste<span class=\"ff1\"> <span class=\"_ _2\"></span></span>continuano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ad<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>iscritte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>b<span class=\"_ _0\"></span>ilancio,<span class=\"ff1\"> </span>ancorch\u00e9<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">giuridicamente<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">titolarit\u00e0<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stesse<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span>stata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">effettivamente<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>tras<span class=\"_ _0\"></span>fer<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span>Nel<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>caso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pos<span class=\"_ _2\"></span>sibile<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>accert<span class=\"_ _2\"></span>are<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sostanziale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>trasferimento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>b<span class=\"_ _0\"></span>enefici,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> <span class=\"_ _21\"></span></span>vengono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cancellate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _21\"></span></span>bilancio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>qualora<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>tato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>mantenuto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alcun<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tipo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>controllo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sulle<span class=\"ff1\"> </span>stesse.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>In<span class=\"ff1\"> <span class=\"_ _2\"></span></span>caso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contrario,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conservazione,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>anche<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>parte,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>ale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>controllo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>comporta<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mantenimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"_ _2\"></span><span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>misura<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>coinvolgimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>residuo,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>misurato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall\u2019esposizione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ai</span> <span class=\"ff3\">cam<span class=\"_ _2\"></span>biamenti</span> <span class=\"ff3\">di</span> </span>valore<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>cedute<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>variazioni<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> </span>finanziari<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>stesse.<span class=\"_ _3bd\"> </span>Infine,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziar<span class=\"_ _2\"></span>ie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ce<span class=\"_ _2\"></span>dute<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vengono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cancellate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dal<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> </span>nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">caso<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cui<span class=\"ff1\"> </span>vi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sia</span> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onservazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>diritti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contrattuali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ricevere<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>relativi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cas<span class=\"_ _2\"></span>sa,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contestuale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>as<span class=\"_ _2\"></span>sunzione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un\u2019obb<span class=\"_ _2\"></span>ligazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"_ _2\"></span><span class=\"ff1\"> </span>pagare<span class=\"ff1\"> </span>detti<span class=\"ff1\"> </span>flussi,<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>solo<span class=\"ff1\"> </span>essi,<span class=\"ff1\"> </span>senza<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>ritardo<span class=\"ff1\"> </span>rilevante<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>altri<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>ggetti<span class=\"ff1\"> </span>terzi.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ril<span class=\"_ _0\"></span>ev<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>del<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ual<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>Gli<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>nteressi<span class=\"_ _2\"></span><span class=\"ff1\"> </span>attivi,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">calcolati<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>b<span class=\"_ _0\"></span>as<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span>metodologia<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>T.I.R.,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vengono<span class=\"ff1\"> </span>contabilizzati<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>competenza<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> </span></span></span></span></span></span></span>vo<span class=\"_ _0\"></span>ci<span class=\"ff1\"> </span>\u201cI<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>ressi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">atti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">prov<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>assi<span class=\"_ _0\"></span>mil<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>\u201d,<span class=\"ff1\"> </span>me<span class=\"_ _0\"></span>ntre<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">utili<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o</span> <span class=\"ff3\">le</span> <span class=\"ff3\">p<span class=\"_ _0\"></span>erdi<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>riv<span class=\"_ _0\"></span>anti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">da</span> <span class=\"ff3\">un<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>var<span class=\"_ _0\"></span>iazi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>fa<span class=\"_ _0\"></span>ir<span class=\"_ _3bd\"> </span>val<span class=\"_ _0\"></span>ue<span class=\"_ _3bd\"> </span>vengono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rilev<span class=\"_ _0\"></span>ati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>spe<span class=\"_ _0\"></span>cifica<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>riser<span class=\"_ _2\"></span>va<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>patrimonio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>netto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sino<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>l\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>finanziaria<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>viene<span class=\"ff1\"> </span>ca<span class=\"_ _0\"></span>ncel<span class=\"_ _0\"></span>lata<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o</span> <span class=\"ff3\">n<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vien<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rile<span class=\"_ _0\"></span>vata<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">una<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>rdita<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">va<span class=\"_ _0\"></span>lore<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>Pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tit<span class=\"_ _0\"></span>oli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>bit<span class=\"_ _0\"></span>o,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">momen<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ism<span class=\"_ _0\"></span>issi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o</span> <span class=\"ff3\">de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>rilevazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>perdita<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valore,<span class=\"ff1\"> </span>l\u2019utile<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>perdita<span class=\"ff1\"> </span>cumulati<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> </span>riversati<span class=\"ff1\"> </span>a<span class=\"_ _2\"></span><span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>econo<span class=\"_ _0\"></span>mico.<span class=\"_ _3bd\"> </span>Qualora<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">motivi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>ella<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perdita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">v<span class=\"_ _2\"></span>alore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>iano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rimossi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">seguito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">evento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">verificatosi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">successivamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>rilevazione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>riduzione<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>valore,<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>vengono<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>effettuat<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>riprese<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>imputazion<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>conto<span class=\"ff1\"> </span>ec<span class=\"_ _0\"></span>ono<span class=\"_ _0\"></span>mico<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cas<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>d<span class=\"_ _1\"></span>ei<span class=\"ff1\"> </span>ti<span class=\"_ _0\"></span>tol<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>d<span class=\"_ _1\"></span>ebito<span class=\"_ _0\"></span>.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">L\u2019am<span class=\"_ _0\"></span>mon<span class=\"_ _0\"></span>tare<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>ip<span class=\"_ _0\"></span>resa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pu<span class=\"_ _0\"></span>\u00f2<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ogn<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cas<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>uper<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>feren<span class=\"_ _0\"></span>za<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>tra<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contabile<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ed<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>costo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ammortizzato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>lo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>strumento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>avrebb<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>avuto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ass<span class=\"_ _2\"></span>enza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>precedenti<span class=\"ff1\"> </span>ret<span class=\"_ _0\"></span>tif<span class=\"_ _0\"></span>iche<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span>2.2At<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>fa<span class=\"_ _0\"></span>ir<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lue<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span>im<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>tto<span class=\"_ _3bd\"> </span>su<span class=\"_ _0\"></span>lla<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>va<span class=\"_ _3bd\"> </span>(FV<span class=\"_ _1\"></span>OCI<span class=\"_ _3bd\"> </span>se<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>cic<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>)<span class=\"fc0 sc1\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>isc<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>L\u2019iscrizione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>iniziale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d<span class=\"_ _2\"></span>elle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>av<span class=\"_ _2\"></span>viene<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>data<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>regolamento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>itoli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ca<span class=\"_ _2\"></span>pitale.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>All\u2019atto<span class=\"_ _2\"></span><span class=\"ff1\"> </span>della<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rilevazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>iniziale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>l<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>contabilizzate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fair<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>value,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>comprensivo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cost<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>proventi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> </span>transazione<span class=\"ff1\"> </span>direttamente<span class=\"ff1\"> </span>attribuibili<span class=\"ff1\"> </span>allo<span class=\"ff1\"> </span>strumentostesso.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cla<span class=\"_ _1\"></span>ssi<span class=\"_ _0\"></span>fica<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Sono<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>inclusi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>nella<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>voce<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>gli<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>trumenti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>capitale<span class=\"_ _2\"></span>,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>detenuti<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>finalit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>negoziazione,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>qua<span class=\"_ _2\"></span>li<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> </span>momento<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>rilevazione<span class=\"ff1\"> </span>iniziale<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>stata<span class=\"ff1\"> </span>esercitat<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>l\u2019opzione<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>designazione<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>impatto<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>redditivit\u00e0<span class=\"ff1\"> </span>complessiva.<span class=\"_ _3bd\"> </span>In<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>particolare,<span class=\"ff1\">  </span>vengono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>inclusi<span class=\"ff1\">  </span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>questa<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>voce<span class=\"ff1\">  </span>le<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">interessenze</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">azionarie,</span>  <span class=\"ff3\">non</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">qualificabili</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">di</span>  <span class=\"ff3\">controllo,</span> </span>collegamento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>controllo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>congi<span class=\"_ _0\"></span>unto,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>detenute<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>finalit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>negoziazione,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>cu<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u00e8<span class=\"ff1\"> </span>esercitata<span class=\"ff1\"> </span>l\u2019opzione<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>designazione<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>impatto<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ulla<span class=\"ff1\"> </span>redditiv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span>compless<span class=\"_ _2\"></span>iva.<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>cla<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>ich<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Secondo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>egole<span class=\"ff1\"> <span class=\"_ _2\"></span></span>generali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prev<span class=\"_ _2\"></span>iste<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall\u2019IFRS<span class=\"ff1\"> <span class=\"_ _2\"></span></span>9<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>materia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riclassificazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"_ _2\"></span><span class=\"ff1\"> </span>titoli<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>capitale<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>ammessa<span class=\"ff1\"> </span>alcuna<span class=\"ff1\"> </span>riclassifica.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Successivamente<span class=\"ff1\"> </span>alla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rilevazione<span class=\"ff1\"> </span>iniziale,<span class=\"ff1\"> </span>gli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>str<span class=\"_ _2\"></span>umenti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>capitale<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cui<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>stata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>effettuata<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>celta<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> </span>classificazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nella<span class=\"ff1\"> <span class=\"_ _20\"></span></span>presente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>categoria<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valutati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fair<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>value<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>g<span class=\"_ _2\"></span>li<span class=\"ff1\"> <span class=\"_ _2\"></span></span>import<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rilevati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contr<span class=\"_ _2\"></span>opartita<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> </span>patrimonio<span class=\"ff1\"> </span>netto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(Prospetto<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>redditivit\u00e0<span class=\"ff1\"> </span>complessiva)<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>devono<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>uccessivamente<span class=\"ff1\"> </span>trasferiti<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>conto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">economico,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">neanche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">caso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cessione.<span class=\"ff1\"> </span>L<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sola<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">componente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riferibile<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ai<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">titoli<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">capitale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>questione<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>che<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>oggetto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rilevazione<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>ra<span class=\"_ _2\"></span>ppresentata<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ai<span class=\"ff1\"> </span>relativi<span class=\"ff1\"> </span>dividendi.<span class=\"_ _3bd\"> </span>Il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">v<span class=\"_ _2\"></span>iene<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">determinato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sulla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">base<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">crit<span class=\"_ _2\"></span>eri<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gi\u00e0<span class=\"ff1\"> </span>illu<span class=\"_ _0\"></span>str<span class=\"_ _2\"></span>ati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">p<span class=\"_ _2\"></span>er<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">val<span class=\"_ _2\"></span>utate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>con<span class=\"ff1\"> </span>impatto<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico.<span class=\"_ _3bd\"> </span>Per<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>titoli<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cap<span class=\"_ _2\"></span>itale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"_ _2\"></span>clusi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>questa<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>categoria,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>non<span class=\"ff1\"> <span class=\"_ _20\"></span></span>q<span class=\"_ _2\"></span>uotati<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un<span class=\"ff1\"> <span class=\"_ _21\"></span></span>mercato<span class=\"ff1\"> <span class=\"_ _21\"></span></span>attivo,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>criterio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>costo<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> </span>utilizzato<span class=\"ff1\"> </span>quale<span class=\"ff1\"> </span>stima<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>soltanto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>via<span class=\"ff1\"> </span>residuale<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">limitat<span class=\"_ _2\"></span>amente</span> <span class=\"ff3\">a</span> <span class=\"ff3\">poche</span> <span class=\"ff3\">circostanze,</span> <span class=\"ff3\">ossia</span> <span class=\"ff3\">in<span class=\"_ _3bd\"> </span></span></span>caso<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>non<span class=\"ff1\"> </span>applicabilit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>tutti<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>metodi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> </span>precedent<span class=\"_ _2\"></span>emente<span class=\"ff1\"> </span>richiamati,<span class=\"ff1\"> </span>ovvero<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>presenza<span class=\"ff1\"> </span>di<span class=\"_ _2\"></span><span class=\"ff1\"> </span>un\u2019ampia<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>gamma<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>possibili<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>valutazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fair<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>value,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ambito<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>costo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>appresenta<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>tima<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pi\u00f9<span class=\"ff1\"> </span>sig<span class=\"_ _0\"></span>nif<span class=\"_ _0\"></span>icat<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span> Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inanziarie<span class=\"ff1\"> </span>veng<span class=\"_ _0\"></span>ono<span class=\"ff1\"> </span>cancell<span class=\"_ _0\"></span>ate<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>al<span class=\"ff1\"> </span>bilanc<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>solamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">se<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>cessione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">comportat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>sostanziale<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>trasferimento<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>utti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>be<span class=\"_ _0\"></span>nefici<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">connessi<span class=\"ff1\"> </span>alle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> </span>stesse.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Per<span class=\"ff1\"> </span>contro,<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>ualora<span class=\"ff1\"> </span>sia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stat<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ma<span class=\"_ _2\"></span>ntenuta<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>una<span class=\"ff1\"> </span>quota<span class=\"ff1\"> <span class=\"_ _2\"></span></span>part<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>rilevante<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>b<span class=\"_ _2\"></span>enefici<span class=\"ff1\"> </span>relativi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cedute,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>queste<span class=\"ff1\"> <span class=\"_ _2\"></span></span>continuano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ad<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>iscritte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>b<span class=\"_ _0\"></span>ilancio,<span class=\"ff1\"> </span>ancorch\u00e9<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">giuridicamente<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">titolarit\u00e0<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stesse<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span>stata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">effettivamente<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>tras<span class=\"_ _0\"></span>fer<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span> Nel<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>caso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pos<span class=\"_ _2\"></span>sibile<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>accert<span class=\"_ _2\"></span>are<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sostanziale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>trasferimento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>b<span class=\"_ _0\"></span>enefici,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> <span class=\"_ _21\"></span></span>vengono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cancellate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _21\"></span></span>bilancio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>qualora<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>tato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>mantenuto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alcun<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tipo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>controllo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sulle<span class=\"ff1\"> </span>stesse.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>In<span class=\"ff1\"> <span class=\"_ _2\"></span></span>caso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contrario,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conservazione,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>anche<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>parte,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>ale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>controllo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>comporta<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mantenimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"_ _2\"></span><span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>misura<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>coinvolgimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>residuo,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>misurato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall\u2019esposizione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ai</span> <span class=\"ff3\">cam<span class=\"_ _2\"></span>biamenti</span> <span class=\"ff3\">di</span> </span>valore<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>cedute<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>variazioni<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> </span>finanziari<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>stesse.<span class=\"_ _3bd\"> </span> Infine,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziar<span class=\"_ _2\"></span>ie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ce<span class=\"_ _2\"></span>dute<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vengono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cancellate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dal<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> </span>nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">caso<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cui<span class=\"ff1\"> </span>vi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sia</span> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onservazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>diritti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contrattuali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ricevere<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>relativi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cas<span class=\"_ _2\"></span>sa,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contestuale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>as<span class=\"_ _2\"></span>sunzione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un\u2019obb<span class=\"_ _2\"></span>ligazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"_ _2\"></span><span class=\"ff1\"> </span>pagare<span class=\"ff1\"> </span>detti<span class=\"ff1\"> </span>flussi,<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>solo<span class=\"ff1\"> </span>essi,<span class=\"ff1\"> </span>senza<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>ritardo<span class=\"ff1\"> </span>rilevante<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>altri<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>ggetti<span class=\"ff1\"> </span>terzi.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ril<span class=\"_ _0\"></span>ev<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>del<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ual<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>I<span class=\"ff1\"> </span>dividendi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">vengono</span> <span class=\"ff3\">contabilizzat<span class=\"_ _2\"></span>i</span> <span class=\"ff3\">alla</span> <span class=\"_ _0\"></span><span class=\"ff3\">voce<span class=\"ff1\"> </span>\u201cDividendi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rov<span class=\"_ _2\"></span>enti<span class=\"ff1\"> </span>simili\u201d<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>momento<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cui</span> <span class=\"ff3\">sorge</span> <span class=\"ff3\">il</span> <span class=\"ff3\">diritto</span> <span class=\"ff3\">a</span> </span></span></span>ric<span class=\"_ _0\"></span>eve<span class=\"_ _0\"></span>rne<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pa<span class=\"_ _0\"></span>game<span class=\"_ _0\"></span>nto<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ment<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>g<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ut<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o</span> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>erd<span class=\"_ _0\"></span>ite<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>riv<span class=\"_ _0\"></span>anti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">da<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">una<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">va<span class=\"_ _0\"></span>riaz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>fai<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>val<span class=\"_ _0\"></span>ue <span class=\"_ _0\"></span><span class=\"ff3 fs5\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ti<span class=\"_ _0\"></span>toli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">capi<span class=\"_ _0\"></span>tale<span class=\"ff1\"> </span></span></span></span></span></span></span></span>vengono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rilevati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">specifica<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riserva<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">patrimonio<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>etto<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">viene<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riversato<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">economico<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nel<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>caso<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cessione<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>cancellazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>titolo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>capitale.<span class=\"_ _3bd\"> </span> 3-<span class=\"_ _3bd\"> </span>At<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>sto<span class=\"_ _3bd\"> </span>am<span class=\"_ _1\"></span>mor<span class=\"_ _0\"></span>tizz<span class=\"_ _1\"></span>ato<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>isc<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>L\u2019iscrizione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">iniziale<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziaria<span class=\"ff1\"> </span>av<span class=\"_ _0\"></span>viene<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">data<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>egolamento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>itoli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ebito<span class=\"ff1\"> </span>ed<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">data<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>erogazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _2\"></span></span>caso<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>crediti.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>All\u2019att<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>ilevazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>iniziale<span class=\"ff1\"> <span class=\"_ _21\"></span></span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span><span class=\"ff3\">att<span class=\"_ _2\"></span>ivit\u00e0</span> <span class=\"_ _2\"></span><span class=\"ff3\">sono</span> <span class=\"_ _20\"></span><span class=\"ff3\">contabilizzate</span> <span class=\"_ _20\"></span><span class=\"ff3\">al</span> <span class=\"_ _20\"></span><span class=\"ff3\">fair</span> <span class=\"_ _21\"></span><span class=\"ff3\">val<span class=\"_ _0\"></span>ue,<span class=\"ff1\"> </span></span></span>comprensivo<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>costi<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>proventi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>transazione<span class=\"ff1\"> </span>direttamente<span class=\"ff1\"> </span>attribuibili<span class=\"ff1\"> </span>allo<span class=\"ff1\"> </span>str<span class=\"_ _2\"></span>umento<span class=\"ff1\"> </span>stesso.<span class=\"_ _3bd\"> </span> In<span class=\"ff1\"> <span class=\"_ _20\"></span></span>par<span class=\"_ _2\"></span>ticolare,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>quel<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>attiene<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _20\"></span></span>crediti,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>data<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>erogazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>normalmente<span class=\"ff1\"> <span class=\"_ _21\"></span></span>coincide<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _21\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>data<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _3bd\"> </span>i<span class=\"ff1\"> </span>sott<span class=\"_ _0\"></span>oscr<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>ntra<span class=\"_ _0\"></span>tto.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Qual<span class=\"_ _0\"></span>ora<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tal<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>oinci<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>nza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>m<span class=\"_ _0\"></span>anife<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sed<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">so<span class=\"_ _0\"></span>ttosc<span class=\"_ _0\"></span>riz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>ntra<span class=\"_ _0\"></span>tt<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pro<span class=\"_ _0\"></span>vved<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>ad<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">iscri<span class=\"_ _0\"></span>vere<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">impe<span class=\"_ _0\"></span>gno<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ad</span> <span class=\"ff3\">e<span class=\"_ _0\"></span>rog<span class=\"_ _0\"></span>are<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fon<span class=\"_ _0\"></span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">chiud<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ata<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">e<span class=\"_ _0\"></span>rog<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fina<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>nto<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">.<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>L\u2019iscrizione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cre<span class=\"_ _2\"></span>dito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">avviene<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ulla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">base<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stes<span class=\"_ _2\"></span>so,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pari<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">all\u2019ammo<span class=\"_ _2\"></span>ntare<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ero<span class=\"_ _2\"></span>gato,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prezzo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">d<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>sottoscrizione,<span class=\"ff1\"> </span>comprensivo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>costi/proventi<span class=\"ff1\"> </span>diretta<span class=\"_ _2\"></span>mente<span class=\"ff1\"> </span>riconducibili<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>singolo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>credito<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>determinabil<span class=\"_ _3bd\"> </span>i<span class=\"ff1\"> </span>sin<span class=\"ff1\"> </span>dall\u2019origine<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>ell\u2019operazione,<span class=\"ff1\"> </span>ancor<span class=\"_ _2\"></span>ch\u00e9<span class=\"ff1\"> </span>liquidati<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> </span>mom<span class=\"_ _2\"></span>ento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>successivo.<span class=\"ff1\"> </span>Sono<span class=\"ff1\"> </span>esclusi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> </span>co<span class=\"_ _2\"></span>sti<span class=\"ff1\"> </span>che,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pu<span class=\"_ _3bd\"> </span>r<span class=\"ff1\"> </span>avendo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>carat<span class=\"_ _2\"></span>teristiche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>suddett<span class=\"_ _2\"></span>e,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>oggetto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rimborso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>da<span class=\"ff1\"> <span class=\"_ _20\"></span></span>parte<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contr<span class=\"_ _2\"></span>oparte<span class=\"ff1\"> <span class=\"_ _20\"></span></span>debitrice<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"ff1\"> </span>inquadrabili<span class=\"ff1\"> </span>tra<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>normali<span class=\"ff1\"> </span>costi<span class=\"ff1\"> </span>interni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>caratter<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">amministrativo.<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cl<span class=\"_ _0\"></span>ass<span class=\"_ _1\"></span>ific<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Sono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">incluse<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nella<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">presente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">categoria<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">particolare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziamenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tito<span class=\"_ _2\"></span>li<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">debito)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ch<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>soddisfano<span class=\"ff1\"> </span>entrambe<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>seguenti<span class=\"ff1\"> </span>condizioni:<span class=\"_ _3bd\"> </span> l\u2019<span class=\"_ _0\"></span>atti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ziari<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">po<span class=\"_ _0\"></span>ssedu<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>eco<span class=\"_ _0\"></span>ndo<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>mo<span class=\"_ _0\"></span>dell<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">bus<span class=\"_ _0\"></span>ine<span class=\"_ _0\"></span>ss<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cui<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">obi<span class=\"_ _0\"></span>etti<span class=\"_ _0\"></span>vo<span class=\"ff1\"> </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>onse<span class=\"_ _0\"></span>gui<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>med<span class=\"_ _0\"></span>ian<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span>l\u2019<span class=\"_ _0\"></span>inc<span class=\"_ _0\"></span>asso<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">flu<span class=\"_ _0\"></span>ssi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fin<span class=\"_ _0\"></span>anzi<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pre<span class=\"_ _0\"></span>vist<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ontr<span class=\"_ _0\"></span>attu<span class=\"_ _0\"></span>alm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>(B<span class=\"_ _0\"></span>usin<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>s<span class=\"ff1\"> </span>model<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u201cH<span class=\"_ _0\"></span>old<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">to</span> <span class=\"_ _1\"></span><span class=\"ff3\">Colle<span class=\"_ _0\"></span>ct\u201d<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u2013</span> <span class=\"ff3\">\u201cHT<span class=\"_ _0\"></span>C\u201d)<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>e<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span></span></span>i<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>t<span class=\"_ _2\"></span>ermini<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>contra<span class=\"_ _2\"></span>ttuali<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>dell\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>finanziaria<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>prevedono,<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>determinate<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>date,<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>flussi<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>fin<span class=\"_ _2\"></span>anziar<span class=\"_ _3bd\"> </span>i<span class=\"ff1\"> </span>rappresentati<span class=\"ff1\">  </span>unicame<span class=\"_ _0\"></span>nte<span class=\"ff1\">  </span>da<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>pagamenti<span class=\"ff1\">  </span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>capitale<span class=\"ff1\">  </span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dell\u2019interesse<span class=\"ff1\">  </span>sull\u2019importo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\">  </span>capitale<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _3bd\"> </span>a<span class=\"ff1\"> </span>restituire<span class=\"ff1\"> </span>(cd.<span class=\"ff1\"> </span>\u201cSPPI<span class=\"ff1\"> </span>test\u201d<span class=\"ff1\"> </span>superato).<span class=\"_ _3bd\"> </span> Pi\u00f9<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>arti<span class=\"_ _0\"></span>col<span class=\"_ _0\"></span>are,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fo<span class=\"_ _0\"></span>rman<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>og<span class=\"_ _0\"></span>getto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>ile<span class=\"_ _0\"></span>vazi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">que<span class=\"_ _1\"></span>sta<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>oce:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span>gli<span class=\"ff1\"> <span class=\"_ _21\"></span></span>impieghi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>banche<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>n<span class=\"_ _2\"></span>elle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>diverse<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>forme<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tecniche<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>pr<span class=\"_ _2\"></span>esentano<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>requisiti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>pa<span class=\"_ _2\"></span>ragraf<span class=\"_ _3bd\"> </span>o<span class=\"ff1\"> </span>pre<span class=\"_ _0\"></span>ced<span class=\"_ _0\"></span>ente<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span> gli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>impieghi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>clientela<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nelle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>diverse<span class=\"ff1\"> <span class=\"_ _2\"></span></span>for<span class=\"_ _2\"></span>me<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tecniche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ch<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>presentano<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>requisiti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>par<span class=\"_ _0\"></span>agraf<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span> pre<span class=\"_ _0\"></span>ced<span class=\"_ _0\"></span>ente<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span> i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tit<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>bito<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ch<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">re<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>siti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cu<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">par<span class=\"_ _0\"></span>agraf<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rece<span class=\"_ _0\"></span>den<span class=\"_ _0\"></span>te.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>inoltr<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>inclusi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>categoria<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>crediti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>funzionamento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>connessi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prestazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>servizi<span class=\"ff1\"> </span>finanziari<span class=\"ff1\"> <span class=\"_ _2\"></span></span>come<span class=\"ff1\"> </span>definiti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dal<span class=\"ff1\"> </span>T.U.B.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>dal<span class=\"ff1\"> <span class=\"_ _2\"></span></span>T.U.F.<span class=\"ff1\"> </span>(ad<span class=\"ff1\"> <span class=\"_ _2\"></span></span>esempio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> </span>distribuzione<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prodotti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziari<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">diservicing).<span class=\"_ _3bd\"> </span></span></span>Ri<span class=\"_ _0\"></span>cla<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>ich<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Secondo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>regole<span class=\"ff1\"> <span class=\"_ _2\"></span></span>g<span class=\"_ _2\"></span>enerali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>previs<span class=\"_ _2\"></span>te<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall\u2019IFRS<span class=\"ff1\"> <span class=\"_ _20\"></span></span>9<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>materia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riclassificazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziarie,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>non<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>ammesse<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riclassifiche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">verso<span class=\"ff1\"> </span>altre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">categorie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>alvo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>caso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>cu<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>l\u2019entit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mo<span class=\"_ _2\"></span>difichi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>pro<span class=\"_ _0\"></span>pri<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>mod<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">bus<span class=\"_ _0\"></span>ine<span class=\"_ _0\"></span>ss<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gesti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">atti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>nanz<span class=\"_ _0\"></span>iarie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"_ _0\"></span><span class=\"ff3\">segu<span class=\"_ _0\"></span>ito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ambi<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">este<span class=\"_ _0\"></span>rni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">quali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">siano<span class=\"ff1\"> </span>rile<span class=\"_ _0\"></span>vanti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">operazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dell'entit\u00e0<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dimostr<span class=\"_ _2\"></span>abili<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">par<span class=\"_ _2\"></span>ti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">est<span class=\"_ _2\"></span>erne.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">In<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cas<span class=\"_ _2\"></span>i,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ci<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">at<span class=\"_ _2\"></span>tende<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>siano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>altamente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>infrequenti,<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"_ _2\"></span>ttivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziarie<span class=\"ff1\"> </span>potranno<span class=\"ff1\"> <span class=\"_ _2\"></span></span>essere<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riclassificate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dalla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>categoria<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valutata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> </span>costo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ammortizzato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>una<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> </span>altre<span class=\"ff1\"> <span class=\"_ _2\"></span></span>due<span class=\"ff1\"> </span>categorie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>previste<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall\u2019<span class=\"_ _0\"></span>IFRS<span class=\"ff1\"> <span class=\"_ _2\"></span></span>9<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(Attivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valutate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fair<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>lue<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>mpatt<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>su<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>redd<span class=\"_ _0\"></span>itiv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ompl<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o</span> <span class=\"ff3\">Attiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">finan<span class=\"_ _0\"></span>ziari<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>tate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al</span> <span class=\"ff3\">f<span class=\"_ _0\"></span>air<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">value<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>impatt<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>economico).<span class=\"ff1\"> </span>Il<span class=\"ff1\"> </span>valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>trasferimento<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>rappresentato<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">momento<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>riclassificazione<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span></span></span></span></span>effetti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riclassificazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">operano<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">maniera<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pros<span class=\"_ _2\"></span>pettica<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">part<span class=\"_ _2\"></span>ire<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dalla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">data<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ric<span class=\"_ _2\"></span>lassificazione.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Gli<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">utili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>rdi<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ris<span class=\"_ _0\"></span>ulta<span class=\"_ _0\"></span>nti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dal<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>ffer<span class=\"_ _0\"></span>enz<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>ra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>osto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">amm<span class=\"_ _0\"></span>orti<span class=\"_ _0\"></span>zz<span class=\"_ _0\"></span>ato<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>'atti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nzia<span class=\"_ _0\"></span>ria<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>lati<span class=\"_ _0\"></span>vo<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>air<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alue<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>ono<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>rilevati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">conto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">economico<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">caso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riclassifica<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valutat<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">impatto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>conto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>economico<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Patrimonio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nett<span class=\"_ _2\"></span>o,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nel<span class=\"_ _0\"></span>l\u2019apposita<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>riserva<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valutazione,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _21\"></span></span>caso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>riclassifica<span class=\"ff1\"> <span class=\"_ _20\"></span></span>t<span class=\"_ _2\"></span>ra<span class=\"ff1\"> <span class=\"_ _21\"></span></span>le<span class=\"ff1\"> </span>Attivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>impatto<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>redditivit\u00e0<span class=\"ff1\"> </span>complessiva.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Successivamente<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>al<span class=\"_ _2\"></span>la<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>rilevazione<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>iniziale,<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>esame<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>valutate<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>costo<span class=\"ff1\"> </span>amm<span class=\"_ _0\"></span>orti<span class=\"_ _0\"></span>zza<span class=\"_ _0\"></span>to,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">utiliz<span class=\"_ _0\"></span>zand<span class=\"_ _1\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>metod<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tasso</span> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">int<span class=\"_ _0\"></span>eres<span class=\"_ _0\"></span>se<span class=\"ff1\"> </span>effe<span class=\"_ _0\"></span>ttiv<span class=\"_ _0\"></span>o.<span class=\"ff1\"> </span>In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">que<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">te<span class=\"_ _0\"></span>rmini<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>l\u2019at<span class=\"_ _0\"></span>tivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>ricon<span class=\"_ _0\"></span>osc<span class=\"_ _0\"></span>iuta<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">am<span class=\"_ _2\"></span>montare<span class=\"ff1\"> </span>pari<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alore<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prima<span class=\"ff1\"> </span>iscrizione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _2\"></span>minuito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span>rimborsi<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>capitale,<span class=\"ff1\"> </span>pi\u00f9<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o</span> <span class=\"_ _0\"></span><span class=\"ff3\">meno<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>l\u2019<span class=\"_ _0\"></span>amm<span class=\"_ _0\"></span>ortam<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>cumul<span class=\"_ _0\"></span>ato<span class=\"ff1\"> </span>(ca<span class=\"_ _0\"></span>lcola<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>col<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>amat<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>me<span class=\"_ _0\"></span>tod<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tasso</span> <span class=\"ff3\">di</span> <span class=\"ff3\">int<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">effe<span class=\"_ _0\"></span>ttiv<span class=\"_ _1\"></span>o<span class=\"_ _2\"></span>)<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>dif<span class=\"_ _0\"></span>feren<span class=\"_ _0\"></span>za<span class=\"ff1\"> </span></span></span></span></span>tra<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tale<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>importo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>iniziale<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">l\u2019import<span class=\"_ _2\"></span>o</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">alla</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">scaden<span class=\"_ _0\"></span>za<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(riconducibile<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tipicamente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ai<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>costi/proventi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>imputati<span class=\"ff1\"> </span></span></span>direttamente<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>singola<span class=\"ff1\"> </span>attivit\u00e0)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>rettificato<span class=\"ff1\"> </span>dell\u2019eventuale<span class=\"ff1\"> </span>fondo<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>copertura<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"ff1\"> </span>perdite<span class=\"ff1\"> </span>attese.<span class=\"ff1\"> </span>I<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> </span></span></span>di<span class=\"ff1\">  </span>interesse<span class=\"ff1\">  </span>ef<span class=\"_ _0\"></span>fett<span class=\"_ _2\"></span>ivo<span class=\"ff1\">  </span>\u00e8<span class=\"ff1\">  </span>i<span class=\"_ _0\"></span>ndividuato<span class=\"_ _2\"></span><span class=\"ff1\">  </span>calcolando<span class=\"ff1\">  </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\">  </span>tasso<span class=\"ff1\">  </span>che<span class=\"ff1\">  </span>eguaglia<span class=\"ff1\">  </span>il<span class=\"ff1\">  </span>valore<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>at<span class=\"_ _2\"></span>tuale<span class=\"ff1\">  </span>dei<span class=\"ff1\">  </span>flussi<span class=\"ff1\">  </span>fu<span class=\"_ _0\"></span>turi<span class=\"_ _2\"></span><span class=\"ff1\"> </span>dell\u2019attivit\u00e0,<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>capi<span class=\"_ _0\"></span>tale<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>ed<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _23\"> </span><span class=\"ff3\">i<span class=\"_ _0\"></span>nteresse,<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>all\u2019<span class=\"_ _0\"></span>ammontar<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>erogato<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>inclusivo<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>costi/proventi<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>ricondotti<span class=\"ff1\"> </span></span></span>all\u2019attivit\u00e0<span class=\"ff1\">  </span>finan<span class=\"_ _0\"></span>ziaria<span class=\"ff1\">  </span>medesima.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Tale<span class=\"ff1\">  </span>modalit\u00e0<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\">  </span>contabilizzaz<span class=\"_ _0\"></span>ione,<span class=\"ff1\">  </span>utili<span class=\"_ _0\"></span>zzando<span class=\"ff1\">  </span>una<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>logica<span class=\"ff1\">  </span>finanziaria,<span class=\"ff1\"> </span>consente<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>d<span class=\"_ _0\"></span>istribuire<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>l\u2019<span class=\"_ _0\"></span>effetto<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>economico<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>cost<span class=\"_ _2\"></span>i/proventi<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>direttamente<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>attribuibili<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>ad<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>un\u2019attivit\u00e0<span class=\"ff1\"> </span>finanziaria<span class=\"ff1\"> </span>lungo<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>sua<span class=\"ff1\"> </span>vita<span class=\"ff1\"> </span>residua<span class=\"ff1\"> </span>attesa.<span class=\"_ _3bd\"> </span>Il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>metodo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>costo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ammortizzato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>non<span class=\"ff1\"> <span class=\"_ _2\"></span></span>viene<span class=\"ff1\"> <span class=\"_ _2\"></span></span>utilizzato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u2013<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valorizzat<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>costo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>storico<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u2013<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cui<span class=\"_ _2\"></span><span class=\"ff1\"> </span>breve<span class=\"ff1\"> <span class=\"_ _20\"></span></span>durata<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fa<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>itenere<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tr<span class=\"_ _2\"></span>ascurabile<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l\u2019effetto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dell\u2019applicazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>logica<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dell\u2019attualizzazione,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _21\"></span></span>quel<span class=\"_ _0\"></span>l<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>senza<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>scadenza<span class=\"ff1\"> </span>definita<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>crediti<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>revoca.<span class=\"_ _3bd\"> </span>I<span class=\"ff1\">  </span>criteri<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\">  </span>valu<span class=\"_ _0\"></span>tazione<span class=\"ff1\">  </span>relativi<span class=\"ff1\">  </span>agli<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>accantonamenti<span class=\"ff1\">  </span>per<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\">  </span>perdite<span class=\"ff1\">  </span>attese<span class=\"ff1\">  </span>sono<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">strettamente</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">connessi</span> </span>all\u2019inclusione<span class=\"ff1\"> </span>degli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>str<span class=\"_ _2\"></span>umenti<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>esame<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>uno<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>ei<span class=\"ff1\"> </span>tr<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>st<span class=\"_ _2\"></span>ages<span class=\"ff1\"> </span>(stadi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>creditizio)<span class=\"ff1\"> </span>prev<span class=\"_ _2\"></span>isti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall\u2019IFRS<span class=\"ff1\"> </span>9,<span class=\"ff1\"> </span>l\u2019ultimo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(Stage<span class=\"ff1\"> <span class=\"_ _2\"></span></span>3)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>com<span class=\"_ _2\"></span>prende<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>deter<span class=\"_ _2\"></span>iorate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>estanti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(Stage<span class=\"ff1\"> <span class=\"_ _2\"></span></span>1<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>2)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>bonis.<span class=\"_ _3bd\"> </span>Con<span class=\"ff1\"> </span>riferimento<span class=\"ff1\"> </span>alla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>appresentazione<span class=\"ff1\"> </span>contabil<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>suddetti<span class=\"ff1\"> </span>ef<span class=\"_ _0\"></span>fetti<span class=\"ff1\"> </span>valutativi,<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rettifiche</span> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> </span>riferite<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span>questa<span class=\"ff1\"> </span>tipologia<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>rilevate<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>Conto<span class=\"ff1\"> </span>Economico:<span class=\"_ _3bd\"> </span>al<span class=\"_ _0\"></span>l\u2019at<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>ll\u2019<span class=\"_ _0\"></span>isc<span class=\"_ _0\"></span>rizi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">iniz<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span>e,<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>mmon<span class=\"_ _0\"></span>tare<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>ari<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">perd<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">at<span class=\"_ _0\"></span>tesa<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"ff3\">d<span class=\"_ _1\"></span>odici<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">me<span class=\"_ _1\"></span>si;<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span>all\u2019atto<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>valutazione<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>successiva<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>dell\u2019att<span class=\"_ _2\"></span>ivit\u00e0,<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>ove<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>creditizio<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>sia<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>risultato<span class=\"ff1\"> </span>significativamente<span class=\"ff1\"> <span class=\"_ _28\"> </span></span>incrementato<span class=\"ff1\"> <span class=\"_ _28\"> </span></span>rispetto<span class=\"ff1\"> <span class=\"_ _2b\"> </span></span>all\u2019<span class=\"_ _0\"></span>iscrizione<span class=\"ff1\"> <span class=\"_ _28\"> </span></span>iniziale,<span class=\"ff1\"> <span class=\"_ _28\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _28\"> </span></span>relazione<span class=\"ff1\"> <span class=\"_ _28\"> </span></span>alle<span class=\"ff1\"> <span class=\"_ _28\"> </span></span>vari<span class=\"_ _2\"></span>azioni<span class=\"ff1\"> </span>dell\u2019ammontare<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>rettifiche<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>perdite<span class=\"ff1\"> </span>attese<span class=\"ff1\"> </span>nei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dodici<span class=\"ff1\"> </span>mesi<span class=\"ff1\"> </span>successivi;<span class=\"_ _3bd\"> </span>al<span class=\"_ _0\"></span>l\u2019at<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>valu<span class=\"_ _0\"></span>tazi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">succes<span class=\"_ _0\"></span>siv<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>dell\u2019<span class=\"_ _0\"></span>atti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0,<span class=\"ff1\"> </span>ove<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">risch<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>cred<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>zio<span class=\"ff1\"> </span>si<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ris<span class=\"_ _0\"></span>ulta<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>sig<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>fica<span class=\"_ _0\"></span>tiva<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>incrementato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rispetto<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>l\u2019iscrizione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"_ _2\"></span>niziale,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>relazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span>rilevazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rettifiche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>perdite<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>attese<span class=\"ff1\"> </span>riferibili<span class=\"ff1\"> </span>all\u2019intera<span class=\"ff1\"> </span>vita<span class=\"ff1\"> </span>residua<span class=\"ff1\"> </span>prevista<span class=\"ff1\"> </span>contr<span class=\"_ _2\"></span>attualmente<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>l\u2019attivit\u00e0;<span class=\"_ _3bd\"> </span>all\u2019atto<span class=\"ff1\">  </span>della<span class=\"ff1\">  </span>valutazione<span class=\"ff1\">  </span>succe<span class=\"_ _0\"></span>ssiva<span class=\"ff1\">  </span>dell\u2019attivit\u00e0,<span class=\"ff1\">  </span>ove<span class=\"ff1\">  </span>\u2013<span class=\"ff1\">  </span>dopo<span class=\"ff1\">  </span>che<span class=\"ff1\">  </span>si<span class=\"ff1\">  </span>\u00e8<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>verificato<span class=\"ff1\">  </span>un<span class=\"ff1\">  </span>inc<span class=\"_ _0\"></span>reme<span class=\"_ _0\"></span>nto<span class=\"_ _3bd\"> </span>sig<span class=\"_ _0\"></span>nif<span class=\"_ _0\"></span>icat<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">risc<span class=\"_ _0\"></span>hio<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">cre<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>rispe<span class=\"_ _0\"></span>tto<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>l\u2019i<span class=\"_ _0\"></span>scri<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>iniz<span class=\"_ _0\"></span>iale<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">\u2013</span> <span class=\"ff3\">la</span> <span class=\"ff3\">\u201csig<span class=\"_ _0\"></span>nifi<span class=\"_ _0\"></span>cat<span class=\"_ _0\"></span>ivit\u00e0<span class=\"_ _0\"></span>\u201d<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tal<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>incr<span class=\"_ _0\"></span>eme<span class=\"_ _0\"></span>nto<span class=\"ff1\"> </span>sia<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span>poi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>venuta<span class=\"ff1\"> <span class=\"_ _2\"></span></span>meno,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>relazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>all\u2019adeguamento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rettifiche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valor<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cumulate<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tener<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"_ _2\"></span>to<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>passaggio<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>perdita<span class=\"ff1\"> </span>attesa<span class=\"ff1\"> </span>lungo<span class=\"ff1\"> </span>l\u2019intera<span class=\"ff1\"> </span>vita<span class=\"ff1\"> </span>residua<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>strumento<span class=\"ff1\"> </span>(\u201clifetime\u201d)<span class=\"ff1\"> </span>ad<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>dodici<span class=\"ff1\"> </span></span></span>me<span class=\"_ _1\"></span>si.<span class=\"_ _0\"></span> Le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> </span>fin<span class=\"_ _0\"></span>anziarie<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esame,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ove<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risultino<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">bonis,</span> <span class=\"_ _1\"></span><span class=\"ff3\">sono<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sottoposte<span class=\"ff1\"> </span>ad<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">una<span class=\"ff1\"> </span>valutazione,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">volta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>defi<span class=\"_ _0\"></span>nire<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>rettifiche<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>val<span class=\"_ _0\"></span>ore<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rilevare<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"></span></span>bil<span class=\"_ _0\"></span>ancio,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>livello<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>ingolo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rapp<span class=\"_ _0\"></span>ort<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>creditizi<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>(o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u201ctranche\u201d<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>titolo),<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"_ _0\"></span><span class=\"ff1\"> </span>funzione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>parametri<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>appresentati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>da<span class=\"ff1\"> <span class=\"_ _21\"></span></span>probabili<span class=\"_ _0\"></span>ty<span class=\"ff1\"> <span class=\"_ _21\"></span></span>of<span class=\"ff1\"> <span class=\"_ _20\"></span></span>default<span class=\"ff1\"> <span class=\"_ _21\"></span></span>(P<span class=\"_ _0\"></span>D),<span class=\"ff1\"> <span class=\"_ _21\"></span></span>loss<span class=\"ff1\"> <span class=\"_ _20\"></span></span>given<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>efault<span class=\"ff1\"> <span class=\"_ _21\"></span></span>(LGD)<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ed<span class=\"ff1\"> </span>exposure<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>at<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>default<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(EAD),<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>derivati<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>ai<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>modelli<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>AIRB<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>op<span class=\"_ _2\"></span>portunamente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>corretti<span class=\"ff1\">  </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tener<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>conto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>delle<span class=\"ff1\"> </span>previsioni<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>principio<span class=\"ff1\"> </span>contabile<span class=\"ff1\"> </span>IFRS<span class=\"ff1\"> </span>9.<span class=\"_ _3bd\"> </span>Se,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">olt<span class=\"_ _2\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ad<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">incremento<span class=\"ff1\"> </span>significativo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">credito,<span class=\"ff1\"> </span>si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riscont<span class=\"_ _2\"></span>rano<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>nche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">oggettive<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">evidenze<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>perdita<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valore,<span class=\"ff1\"> </span>l\u2019importo<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>perdi<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>viene<span class=\"ff1\"> </span>misurat<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ifferenza<span class=\"ff1\"> </span>tra<span class=\"_ _2\"></span><span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> </span>contabile<span class=\"ff1\"> </span>dell\u2019attivit\u00e0<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> </span></span></span>classificata<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">com<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u201cdeteriorat<span class=\"_ _2\"></span>a\u201d,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pari<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tutti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alt<span class=\"_ _2\"></span>ri<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>apporti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">intercorrenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">medesima<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contr<span class=\"_ _2\"></span>oparte<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u2013<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>attuale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>futuri<span class=\"ff1\"> <span class=\"_ _20\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziari<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>timati,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>scontati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tasso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>interesse<span class=\"ff1\"> <span class=\"_ _2\"></span></span>effettivo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>originario.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>In<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>ale<span class=\"ff1\"> </span>contesto,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>stata<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sviluppata<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>specifica<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>metodologia<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>trattamento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cont<span class=\"_ _2\"></span>abile<span class=\"ff1\"> <span class=\"_ _21\"></span></span>da<span class=\"ff1\"> <span class=\"_ _21\"></span></span>applicare<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ad<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>un<span class=\"_ _3bd\"> </span>portafoglio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">posizioni<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sofferenza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che,<span class=\"ff1\"> </span>avend<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>maturato<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vintage<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">significativo,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vengono<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anche<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>un\u2019ot<span class=\"_ _2\"></span>tica<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cessione.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Tale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>metodologia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>considera<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>diversi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>scenari<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>stima<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>recuperabile<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"_ _2\"></span><span class=\"ff1\"> </span>esposizioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>base<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>combinazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>all<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>probabilit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"_ _2\"></span>ccadimento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ta<span class=\"_ _2\"></span>li<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>cenari,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>oltre<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>elativi<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cas<span class=\"_ _2\"></span>sa<span class=\"ff1\"> </span>stimati.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Rientrano<span class=\"ff1\"> </span>nell\u2019ambito<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> </span>deteriorate<span class=\"ff1\"> </span>g<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziari<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>quali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span>stato<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>attribuito<span class=\"ff1\"> </span>lo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>status<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sofferenza,<span class=\"ff1\"> </span>inadempienza<span class=\"ff1\"> </span>probabile<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>caduto/sconfinante<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>oltre<span class=\"ff1\"> </span>nov<span class=\"_ _2\"></span>anta<span class=\"ff1\"> </span>giorni<span class=\"_ _2\"></span><span class=\"ff1\"> </span>secondo<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>regole<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Banca<span class=\"ff1\"> </span>d\u2019Italia,<span class=\"ff1\"> </span>coerenti<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>normativa<span class=\"ff1\"> </span>IAS/IFRS<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Vigilanza<span class=\"ff1\"> </span>europea.<span class=\"_ _3bd\"> </span>I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">flussi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cassa<span class=\"ff1\"> </span>prev<span class=\"_ _0\"></span>isti<span class=\"ff1\"> </span>tengono<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>tempi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>recupero<span class=\"ff1\"> </span>attesi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>presumibile<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">realizzo<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>eventuali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">garanzie.<span class=\"_ _3bd\"> </span></span></span>Il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>tasso<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>effettivo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>originario<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ci<span class=\"_ _2\"></span>ascuna<span class=\"ff1\"> <span class=\"_ _21\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rimane<span class=\"ff1\"> <span class=\"_ _21\"></span></span>invariato<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff3\">tempo</span> <span class=\"_ _21\"> </span><span class=\"ff3\">ancorch\u00e9</span> <span class=\"_ _21\"></span><span class=\"ff3\">sia</span> <span class=\"_ _21\"></span><span class=\"ff3\">intervenuta</span> <span class=\"_ _21\"></span><span class=\"ff3\">una</span> </span>ristrutturazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>rapporto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> </span>abb<span class=\"_ _0\"></span>ia<span class=\"ff1\"> </span>com<span class=\"_ _2\"></span>portato<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>variazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contrattuale<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>anche<span class=\"ff1\"> </span>qualora<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>rapporto<span class=\"ff1\"> </span>divenga,<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>pratica,<span class=\"ff1\"> </span>infruttifero<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>interessi<span class=\"ff1\"> </span>cont<span class=\"_ _2\"></span>rattuali.<span class=\"_ _3bd\"> </span>Qualora<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">motivi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>ella<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perdita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">v<span class=\"_ _2\"></span>alore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>iano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rimossi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">seguito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">evento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">verificatosi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">successivamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>rilevazione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>riduzione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>valore,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>vengono<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>effettuate<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>riprese<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>imputazione<span class=\"ff1\">  </span>a<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>Conto<span class=\"ff1\"> </span>Economico.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>La<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ripresa<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>pu\u00f2<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>eccede<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">costo</span> <span class=\"_ _27\"> </span><span class=\"ff3\">ammortizzato</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">l<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>strumento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>finanziario<span class=\"ff1\"> </span></span></span></span></span>avrebbe<span class=\"ff1\"> </span>avuto<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>assenza<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>precedenti<span class=\"ff1\"> </span>rett<span class=\"_ _2\"></span>ifiche.<span class=\"ff1\"> </span>I<span class=\"ff1\"> </span>ripristini<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>connessi<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>trascorrere<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>tempo<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>appostati<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>margine<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>interesse.<span class=\"_ _3bd\"> </span>In<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alcuni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>casi,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>urante<span class=\"ff1\"> <span class=\"_ _21\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>vita<span class=\"ff1\"> <span class=\"_ _21\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>esame<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>particolare,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>crediti,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>condizioni<span class=\"ff1\"> </span>contrattuali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"_ _2\"></span>riginarie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">oggett<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">successiva<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">modifica<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">volont\u00e0<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">parti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contratto<span class=\"_ _2\"></span>.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Quando,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>corso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>vita<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>uno<span class=\"ff1\"> <span class=\"_ _20\"></span></span>st<span class=\"_ _2\"></span>rumento,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>clausole<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">contrattuali</span> <span class=\"_ _20\"></span><span class=\"ff3\">sono</span> <span class=\"_ _20\"></span><span class=\"ff3\">oggetto<span class=\"_ _2\"></span></span> <span class=\"_ _20\"></span><span class=\"ff3\">di</span> <span class=\"_ _20\"></span><span class=\"ff3\">m<span class=\"_ _2\"></span>odifica</span> <span class=\"_ _20\"></span><span class=\"ff3\">occorre</span> <span class=\"_ _21\"></span><span class=\"ff3\">verifi<span class=\"_ _0\"></span>care<span class=\"ff1\"> <span class=\"_ _21\"></span></span>se<span class=\"ff1\"> </span></span></span>l\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>originaria<span class=\"ff1\"> <span class=\"_ _2\"></span></span>deve<span class=\"ff1\"> <span class=\"_ _2\"></span></span>continuare<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _2\"></span></span>essere<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rilevata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>bilancio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>se,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contr<span class=\"_ _2\"></span>ario,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>lo<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>trumento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>originario<span class=\"ff1\"> </span>deve<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>esser<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>oggetto<span class=\"_ _2\"></span><span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\">  </span>cancellazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dal<span class=\"ff1\">  </span>bilancio<span class=\"ff1\">  </span>(derecognition)<span class=\"ff1\">  </span>e<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">debba</span>  <span class=\"ff3\">e<span class=\"_ _0\"></span>ssere<span class=\"ff1\">  </span>rilevato<span class=\"ff1\">  </span>un<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nuovo<span class=\"ff1\"> </span></span></span>strumento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziario.<span class=\"_ _3bd\"> </span></span></span>In<span class=\"ff1\"> </span>gen<span class=\"_ _0\"></span>erale,<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>modifiche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>un\u2019attivit\u00e0<span class=\"ff1\"> </span>finanziaria<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">conducono<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>cancell<span class=\"_ _0\"></span>azione<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>stessa<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>d<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>l\u2019iscrizione<span class=\"ff1\"> </span></span></span></span></span>di<span class=\"ff1\"> </span>una<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nuova<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quando<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>no<span class=\"ff1\"> </span>\u201c<span class=\"_ _2\"></span>sostanziali\u201d.<span class=\"ff1\"> </span>La<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valutazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>circa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> </span>\u201c<span class=\"_ _2\"></span>sostanzialit\u00e0\u201d<span class=\"ff1\"> </span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>modifica<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>eve<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>effettuata<span class=\"ff1\"> </span>conside<span class=\"_ _0\"></span>rando<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span>elementi<span class=\"ff1\"> </span>qualitativi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sia<span class=\"ff1\"> </span>elementi<span class=\"ff1\"> </span>quantitativi.<span class=\"ff1\"> </span>In<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alcuni<span class=\"ff1\"> </span>casi,<span class=\"ff1\"> </span>infatti,<span class=\"ff1\"> </span>potr\u00e0<span class=\"ff1\"> </span></span></span></span></span>risultare<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>chiaro,<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>senza<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>ricorso<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>complesse<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>analisi,<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>cambiamenti<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>intro<span class=\"_ _2\"></span>dotti<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>modificano<span class=\"ff1\"> </span>sostanzialmente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>caratterist<span class=\"_ _2\"></span>iche<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span><span class=\"ff3\">e/o</span> <span class=\"_ _2\"></span><span class=\"ff3\">i</span> <span class=\"_ _20\"></span><span class=\"ff3\">flussi</span> <span class=\"_ _20\"></span><span class=\"ff3\">contrattuali</span> <span class=\"_ _20\"></span><span class=\"ff3\">di</span> <span class=\"_ _2\"></span><span class=\"ff3\">una</span> <span class=\"_ _20\"></span><span class=\"ff3\">determinata</span> <span class=\"_ _20\"></span><span class=\"ff3\">attivit\u00e0</span> <span class=\"_ _20\"></span><span class=\"ff3\">mentre,</span> <span class=\"_ _2\"></span><span class=\"ff3\">in</span> <span class=\"_ _20\"></span><span class=\"ff3\">altri</span> <span class=\"_ _20\"></span><span class=\"ff3\">casi,</span> </span>dovranno<span class=\"ff1\"> <span class=\"_ _2\"></span></span>essere<span class=\"ff1\"> </span>svolte<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ulteriori<span class=\"ff1\"> <span class=\"_ _2\"></span></span>analisi<span class=\"ff1\"> </span>(anche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>tipo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quantitativo)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>apprezzare<span class=\"ff1\"> </span>gli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>effetti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>stesse<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>verificare<span class=\"ff1\"> <span class=\"_ _21\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>necessit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>procedere<span class=\"ff1\"> <span class=\"_ _21\"></span></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>meno<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>cancellazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dell\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ed<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"_ _2\"></span>lla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>iscrizione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nuovo<span class=\"ff1\"> </span>strumento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziario.<span class=\"_ _3bd\"> </span></span></span>Le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>analisi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(q<span class=\"_ _2\"></span>uali-quantitative)<span class=\"ff1\"> <span class=\"_ _21\"></span></span>volte<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>defini<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u201csostanzialit\u00e0\u201d<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>modifiche<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contrattuali<span class=\"ff1\"> <span class=\"_ _21\"></span></span>apportate<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ad<span class=\"ff1\"> </span>un\u2019attivit\u00e0<span class=\"ff1\"> </span>finanziaria,<span class=\"ff1\"> </span>dovranno<span class=\"ff1\"> </span>pertanto<span class=\"ff1\"> </span>considerare:<span class=\"_ _3bd\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fin<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>pe<span class=\"_ _1\"></span>r<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mod<span class=\"_ _0\"></span>ific<span class=\"_ _0\"></span>he<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">state<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span>ffe<span class=\"_ _0\"></span>ttua<span class=\"_ _0\"></span>te:<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>d<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>semp<span class=\"_ _0\"></span>io,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rin<span class=\"_ _0\"></span>egoz<span class=\"_ _0\"></span>iaz<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>motiv<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ommerc<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>cess<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>dif<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>olt<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>nanz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>ntro<span class=\"_ _0\"></span>par<span class=\"_ _0\"></span>te:<span class=\"_ _3bd\"> </span></span></span></span></span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prime,<span class=\"ff1\"> </span>volte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>\u201ctrattenere\u201d<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>cliente,<span class=\"ff1\"> </span>vedono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">coinvolto<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>debitore<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>he<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">versa<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">situazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"_ _0\"></span>ffi<span class=\"_ _0\"></span>colt\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fina<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>a.<span class=\"ff1\"> </span>In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">que<span class=\"_ _0\"></span>sta<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>asist<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>inc<span class=\"_ _0\"></span>luse<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tut<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>le<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">operaz<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rine<span class=\"_ _0\"></span>gozi<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>olte<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ad<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">adeg<span class=\"_ _0\"></span>uare<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">l\u2019o<span class=\"_ _0\"></span>nero<span class=\"_ _0\"></span>sit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">debi<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>alle<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">co<span class=\"_ _0\"></span>ndiz<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">me<span class=\"_ _0\"></span>rca<span class=\"_ _0\"></span>to.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Tali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">oper<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ompo<span class=\"_ _0\"></span>rtan<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>una<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">variaz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>delle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>condizioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>originarie<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>contratto,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>olitamente<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>richieste<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>debitore,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">attiene</span> <span class=\"_ _27\"> </span><span class=\"ff3\">ad</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">aspetti</span> </span>connessi<span class=\"ff1\"> </span>alla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>onerosit\u00e0<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>debito<span class=\"_ _2\"></span>,<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>conseguente<span class=\"ff1\"> </span>beneficio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>economico<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>debitore<span class=\"ff1\"> </span>stesso.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>In<span class=\"ff1\"> </span>linea<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>generale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>itiene<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>che,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>o<span class=\"_ _2\"></span>gniqualvolta<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>banca<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>effettui<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>u<span class=\"_ _2\"></span>na<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rinegoziazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fine<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"_ _2\"></span>vitare<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>rde<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">prop<span class=\"_ _0\"></span>rio<span class=\"ff1\"> </span>cl<span class=\"_ _0\"></span>ien<span class=\"_ _0\"></span>te,<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>ale<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>neg<span class=\"_ _0\"></span>ozi<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>bba<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">essere<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span>side<span class=\"_ _1\"></span>rata<span class=\"ff1\"> </span>com<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>sos<span class=\"_ _0\"></span>tanz<span class=\"_ _0\"></span>iale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">quanto<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>ov<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>non<span class=\"ff1\"> </span>fosse<span class=\"ff1\"> </span>effettuata,<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>cliente<span class=\"ff1\"> </span>potrebbe<span class=\"ff1\"> </span>finanziarsi<span class=\"ff1\"> </span>presso<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>altro<span class=\"ff1\"> </span>intermediario<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>banca<span class=\"ff1\"> </span>subirebbe<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>decremento<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>ricavi<span class=\"ff1\"> </span>futuri<span class=\"ff1\"> </span>previsti;<span class=\"_ _3bd\"> </span>le<span class=\"ff1\"> </span>seconde,<span class=\"ff1\"> </span>effettuate<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u201cragioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>creditizio\u201d<span class=\"ff1\"> </span>(misure<span class=\"_ _2\"></span><span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>forbearance),<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riconducibili<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span> tentativo<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>banca<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>massimizzare<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>recovery<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>cash<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">flow<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span>cred<span class=\"_ _0\"></span>ito<span class=\"ff1\"> </span>originario.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischi<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i</span> <span class=\"_ _1\"></span><span class=\"ff3\">benefici<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>sottostanti,<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>successivamente<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>alle<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>modifiche,<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>norma,<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>sostanzialmente<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>t<span class=\"_ _2\"></span>rasferiti<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>e,<span class=\"ff1\"> </span>conseguentemente,<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rappresentazione<span class=\"ff1\"> </span>contabile<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>offre<span class=\"ff1\"> </span>informazioni<span class=\"ff1\"> </span>pi\u00f9<span class=\"ff1\"> </span>rilevanti<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>lettor<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>(salvo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quanto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dir\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>eguito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span></span>tema<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>elementi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>oggettivi),<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quella<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>effettuata<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tramite<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> </span>\u201cmodification<span class=\"ff1\"> <span class=\"_ _20\"></span></span>accounting\u201d<span class=\"ff1\"> <span class=\"_ _21\"></span></span>-<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>implica<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rilevazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>conto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>economico<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>differenza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tr<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valore<span class=\"ff1\"> </span>contabile<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>valore<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attuale<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>flu<span class=\"_ _2\"></span>ssi<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cassa<span class=\"ff1\"> </span>modificati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>scontati<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>interesse<span class=\"ff1\"> </span>or<span class=\"_ _2\"></span>iginario<span class=\"ff1\"> </span>-<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>tramite<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>derecognition;<span class=\"_ _3bd\"> </span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>presenza<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>specifici<span class=\"ff1\"> <span class=\"_ _20\"></span></span>el<span class=\"_ _2\"></span>ementi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>oggettivi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>(\u201ctrigger\u201d)<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"_ _2\"></span>ncidono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sulle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">caratteristiche</span> <span class=\"_ _20\"></span><span class=\"ff3\">e/o</span> <span class=\"_ _21\"></span><span class=\"ff3\">sui</span> <span class=\"_ _20\"></span><span class=\"ff3\">flussi</span> </span>contrattuali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dello<span class=\"ff1\"> <span class=\"_ _20\"></span></span>str<span class=\"_ _2\"></span>umento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziario<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(quali,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>solo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>titolo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>es<span class=\"_ _2\"></span>empio,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cambiamento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>divisa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"_ _2\"></span><span class=\"ff1\"> </span>modifica<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> </span>tipologia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>esposti,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ove<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span>correli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>parametri<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">equity<span class=\"_ _2\"></span><span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">commodity),</span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ch<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>riti<span class=\"_ _0\"></span>ene<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">compo<span class=\"_ _0\"></span>rtin<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>derec<span class=\"_ _0\"></span>ogn<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>side<span class=\"_ _0\"></span>raz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">loro</span> <span class=\"ff3\">im<span class=\"_ _0\"></span>patt<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>(att<span class=\"_ _0\"></span>eso<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>me<span class=\"ff1\"> </span>si<span class=\"_ _0\"></span>gnif<span class=\"_ _0\"></span>icat<span class=\"_ _0\"></span>ivo)<span class=\"ff1\"> </span></span></span></span></span></span></span>sui<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> </span>contrattuali<span class=\"ff1\"> </span>originari.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inanziarie<span class=\"ff1\"> </span>veng<span class=\"_ _0\"></span>ono<span class=\"ff1\"> </span>cancell<span class=\"_ _0\"></span>ate<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>al<span class=\"ff1\"> </span>bilanc<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>solamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">se<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>cessione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">comportat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>sostanzial<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>trasferimento<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>utti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>be<span class=\"_ _0\"></span>nefici<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">connessi<span class=\"ff1\"> </span>alle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> </span>stesse.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Per<span class=\"ff1\"> </span>contro,<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>ualora<span class=\"ff1\"> </span>sia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stat<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ma<span class=\"_ _2\"></span>ntenut<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>una<span class=\"ff1\"> </span>quota<span class=\"ff1\"> <span class=\"_ _2\"></span></span>part<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>rilevante<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>b<span class=\"_ _2\"></span>enefici<span class=\"ff1\"> </span>relativi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cedute,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>queste<span class=\"ff1\"> <span class=\"_ _2\"></span></span>continuano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"_ _3bd\"> </span>essere<span class=\"ff1\"> </span>iscritte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>b<span class=\"_ _0\"></span>ilancio,<span class=\"ff1\"> </span>ancorch\u00e9<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">giuridicamente<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">titolarit\u00e0<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stesse<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span>stata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">effettivament<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>tras<span class=\"_ _0\"></span>fer<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span>Nel<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>caso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pos<span class=\"_ _2\"></span>sibile<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>accert<span class=\"_ _2\"></span>are<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sostanziale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>trasferimento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>b<span class=\"_ _0\"></span>enefici,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>at<span class=\"_ _2\"></span>tivit<span class=\"_ _3bd\"> </span>finanziarie<span class=\"ff1\"> <span class=\"_ _21\"></span></span>vengono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cancellate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _21\"></span></span>bilancio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>qualora<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>tato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>mantenuto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alcun<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tipo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>controllo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sull<span class=\"_ _3bd\"> </span>stesse.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>In<span class=\"ff1\"> <span class=\"_ _2\"></span></span>caso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contrario,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conservazione,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>anche<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>parte,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>ale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>controllo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>comporta<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mantenimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"_ _3bd\"> </span>bilancio<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>misura<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>coinvolgimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>residuo,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>misurato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall\u2019esposizione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ai</span> <span class=\"ff3\">cam<span class=\"_ _2\"></span>biamenti</span> </span>valore<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>cedute<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>variazioni<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> </span>finanziari<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>stesse.<span class=\"_ _3bd\"> </span>Infine,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziar<span class=\"_ _2\"></span>ie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ce<span class=\"_ _2\"></span>dute<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vengono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cancellate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dal<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> </span>nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">caso<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cui<span class=\"ff1\"> </span>vi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sia</span> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onservazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">d<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>diritti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contrattuali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ricevere<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>relativi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cas<span class=\"_ _2\"></span>sa,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contestuale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>as<span class=\"_ _2\"></span>sunzione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un\u2019obb<span class=\"_ _2\"></span>ligazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"_ _3bd\"> </span>pagare<span class=\"ff1\"> </span>detti<span class=\"ff1\"> </span>flussi,<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>solo<span class=\"ff1\"> </span>essi,<span class=\"ff1\"> </span>senza<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>ritardo<span class=\"ff1\"> </span>rilevante<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>altri<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>ggetti<span class=\"ff1\"> </span>terzi.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ril<span class=\"_ _0\"></span>ev<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>del<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ual<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>L\u2019allocazione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>componenti<span class=\"ff1\"> </span>reddituali<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> </span>pertinenti<span class=\"ff1\"> </span>voci<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>conto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>economico<span class=\"ff1\"> </span>avviene<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>quanto<span class=\"ff1\"> </span>riportato<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>seguito:<span class=\"_ _3bd\"> </span>Gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>ress<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ttivi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>red<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> </span>ti<span class=\"_ _0\"></span>tol<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>eng<span class=\"_ _0\"></span>ono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">all<span class=\"_ _0\"></span>ocati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ne<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">voce<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u201cI<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">atti<span class=\"_ _0\"></span>vi<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>rove<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ass<span class=\"_ _0\"></span>imil<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>\u201d<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ompe<span class=\"_ _0\"></span>tenz<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ulla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">b<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">t<span class=\"_ _0\"></span>asso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>resse<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span>ffe<span class=\"_ _0\"></span>ttiv<span class=\"_ _0\"></span>o;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>Gli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">utili<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">perdite<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cessione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">crediti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">titoli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vengono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">allocat<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nella<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">voce<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u201cUtili<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(perdite)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cess<span class=\"_ _2\"></span>ion<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>o<span class=\"ff1\"> </span>riacquisto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>costo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ammortizzato\u201d;<span class=\"_ _3bd\"> </span>Le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rettifiche<span class=\"ff1\"> <span class=\"_ _21\"></span></span>da<span class=\"ff1\"> <span class=\"_ _20\"></span></span>impairment,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>perdite<span class=\"ff1\"> <span class=\"_ _21\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cancellazioni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>riprese<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>credi<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tito<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span>vengono<span class=\"ff1\"> </span>allocate<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span>voce<span class=\"ff1\"> </span>\u201cRettifiche/riprese<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> </span>nette<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">credito<span class=\"ff1\"> </span>relativo<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ttivit<span class=\"_ _3bd\"> </span></span></span></span></span>finanziarie<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>costo<span class=\"ff1\"> </span>ammort<span class=\"_ _2\"></span>izzato\u201d.<span class=\"_ _3bd\"> </span>Gli<span class=\"ff1\"> </span>interessi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dovuti<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>trascorrere<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tempo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contabilizzati<span class=\"ff1\"> </span>nella<span class=\"ff1\"> <span class=\"_ _2\"></span></span>voce<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u201cInteressi<span class=\"ff1\"> </span>att<span class=\"_ _2\"></span>ivi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>prove<span class=\"_ _0\"></span>nti<span class=\"_ _3bd\"> </span>ass<span class=\"_ _0\"></span>imi<span class=\"_ _0\"></span>lat<span class=\"_ _0\"></span>i\u201d.<span class=\"_ _3bd\"> </span>5-<span class=\"_ _3bd\"> </span>Pa<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>eci<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>zio<span class=\"_ _1\"></span>ni<span class=\"fc0 sc1\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>isc<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>partecipazioni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>iscritte<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>data<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>regolamento.<span class=\"ff1\"> <span class=\"_ _21\"></span></span>All\u2019atto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>della<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rile<span class=\"_ _0\"></span>vazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>iniziale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>interessenze<span class=\"ff1\"> </span>partecipative<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span></span>contabili<span class=\"_ _0\"></span>zzate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"></span></span>costo,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>comprensivo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">costi</span> <span class=\"_ _20\"></span><span class=\"ff3\">o</span> <span class=\"_ _21\"> </span><span class=\"ff3\">proventi</span> <span class=\"_ _20\"></span><span class=\"ff3\">dirett<span class=\"_ _2\"></span>amente</span> <span class=\"_ _20\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>ttribui<span class=\"_ _0\"></span>bili<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alla<span class=\"ff1\"> </span></span></span>tran<span class=\"_ _0\"></span>saz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cla<span class=\"_ _1\"></span>ssi<span class=\"_ _0\"></span>fica<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>La<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">vo<span class=\"_ _0\"></span>ce<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>ncl<span class=\"_ _0\"></span>ude<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"_ _0\"></span>teres<span class=\"_ _0\"></span>senz<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dete<span class=\"_ _0\"></span>nut<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>so<span class=\"_ _0\"></span>cie<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>roll<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span>giu<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">colleg<span class=\"_ _0\"></span>ate.<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span>Sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">considerate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">controllate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">congiuntamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">imprese<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nelle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">diritti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>oto<span class=\"ff1\"> </span>ed<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">controllo<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>l\u2019att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>economica<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">della<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>artecipat<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">condivisi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>modo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">paritetico<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Credem,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">direttam<span class=\"_ _2\"></span>ente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>indirettamente,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>da<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>altro<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>so<span class=\"_ _2\"></span>ggetto.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Inoltre<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>vie<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>qu<span class=\"_ _0\"></span>alificato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>come<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sotto<span class=\"_ _2\"></span>posto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>controllo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>congiunto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>investimento<span class=\"ff1\"> </span>partecipativo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>q<span class=\"_ _2\"></span>uale,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pur<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>assenza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>qu<span class=\"_ _0\"></span>ota<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>paritetica<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>diritt<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>vot<span class=\"_ _2\"></span>o,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>c<span class=\"_ _0\"></span>ontro<span class=\"_ _2\"></span>llo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sull\u2019attivit\u00e0<span class=\"ff1\"> </span>economica<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sugli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"_ _2\"></span>dirizzi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>st<span class=\"_ _2\"></span>rategici<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>part<span class=\"_ _2\"></span>ecipata<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>condiviso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>altri<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>oggetti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>virt\u00f9<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>accor<span class=\"_ _2\"></span>di<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>trat<span class=\"_ _0\"></span>tua<span class=\"_ _0\"></span>li.<span class=\"_ _3bd\"> </span>Sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>considerate<span class=\"ff1\"> <span class=\"_ _21\"></span></span>collegate,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cio<span class=\"_ _2\"></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sot<span class=\"_ _2\"></span>toposte<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _21\"></span></span>influ<span class=\"_ _0\"></span>enza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>note<span class=\"_ _2\"></span>vole,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>imp<span class=\"_ _0\"></span>rese<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nelle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>q<span class=\"_ _2\"></span>uali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>c<span class=\"_ _2\"></span>apogruppo,<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>rett<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>indi<span class=\"_ _0\"></span>ret<span class=\"_ _0\"></span>tamen<span class=\"_ _0\"></span>te,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">poss<span class=\"_ _0\"></span>ied<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">almen<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>2<span class=\"_ _0\"></span>0%<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">diritt<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vot<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>ivi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inc<span class=\"_ _0\"></span>lusi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>rit<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>oto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u201cp<span class=\"_ _0\"></span>ote<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ali\u201d<span class=\"_ _0\"></span>)<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>o<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quali<span class=\"ff1\"> </span>\u2013<span class=\"_ _2\"></span><span class=\"ff1\"> </span>pur<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>una<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quota<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>diritti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>voto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>inferiore<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> </span>ha<span class=\"_ _2\"></span><span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>potere<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>partecipare<span class=\"ff1\"> </span>alla<span class=\"_ _2\"></span><span class=\"ff1\"> </span>determinazione<span class=\"ff1\"> </span>delle<span class=\"ff1\">  </span>politiche<span class=\"ff1\">  </span>finanziarie<span class=\"ff1\">  </span>e<span class=\"ff1\">  </span>gestionali<span class=\"ff1\">  </span>della<span class=\"ff1\">  </span>partecipata<span class=\"ff1\">  </span>in<span class=\"ff1\">  </span>virt\u00f9<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>particolari<span class=\"ff1\">  </span>legami<span class=\"ff1\">  </span>giuridici<span class=\"ff1\">  </span>quali<span class=\"ff1\">  </span>la<span class=\"ff1\"> </span>partecipazione<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>patti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>sindacato.<span class=\"_ _3bd\"> </span>Non<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>considerate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>ottoposte<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _2\"></span></span>influenza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>notevole<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alcune<span class=\"ff1\"> <span class=\"_ _20\"></span></span>interessenze<span class=\"ff1\"> <span class=\"_ _20\"></span></span>superiori<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>20<span class=\"_ _2\"></span>%,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nelle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quali,<span class=\"_ _2\"></span><span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>rett<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">indi<span class=\"_ _0\"></span>retta<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te,<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>Gru<span class=\"_ _0\"></span>ppo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">deti<span class=\"_ _0\"></span>ene<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>sclu<span class=\"_ _0\"></span>siva<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>dir<span class=\"_ _0\"></span>itti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pat<span class=\"_ _0\"></span>rimo<span class=\"_ _0\"></span>nial<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>su<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">una</span> <span class=\"ff3\">po<span class=\"_ _0\"></span>rzi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>rutti<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>degli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">investimenti,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">acces<span class=\"_ _2\"></span>so<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">politiche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gestio<span class=\"_ _2\"></span>ne<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pu\u00f2<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esercitare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">diritti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">governance<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">limitati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>tutela<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>interessi<span class=\"ff1\"> </span>patrimoniali.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>part<span class=\"_ _2\"></span>ecipazioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\">  </span>societ\u00e0<span class=\"ff1\">  </span>colle<span class=\"_ _0\"></span>gate<span class=\"ff1\">  </span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>cont<span class=\"_ _2\"></span>rollate<span class=\"ff1\">  </span>congi<span class=\"_ _0\"></span>untamente<span class=\"ff1\">  </span>sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>valutate<span class=\"ff1\">  </span>con<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>meto<span class=\"_ _2\"></span>do<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>patrimonio<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>etto.<span class=\"_ _3bd\"> </span>Se<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esis<span class=\"_ _0\"></span>tono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ev<span class=\"_ _0\"></span>ide<span class=\"_ _0\"></span>nze<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>lore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">part<span class=\"_ _0\"></span>ecip<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>ossa<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">av<span class=\"_ _0\"></span>er<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sub<span class=\"_ _0\"></span>ito<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ridu<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">si<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>roc<span class=\"_ _0\"></span>ede<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">all<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>tim<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _21\"></span></span>recuperabile<span class=\"ff1\"> <span class=\"_ _21\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>part<span class=\"_ _2\"></span>ecipazione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">stessa,</span> <span class=\"_ _21\"></span><span class=\"ff3\">tenendo</span> <span class=\"_ _20\"></span><span class=\"ff3\">co<span class=\"_ _2\"></span>nto</span> <span class=\"_ _21\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">valore</span> <span class=\"_ _20\"></span><span class=\"ff3\">at<span class=\"_ _2\"></span>tuale</span> <span class=\"_ _20\"></span><span class=\"ff3\">dei</span> <span class=\"_ _21\"></span><span class=\"ff3\">flussi</span> <span class=\"_ _21\"></span><span class=\"ff3\">finanziar<span class=\"_ _3bd\"> </span></span></span></span></span>futuri<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>partecipazione<span class=\"ff1\"> </span>potr\u00e0<span class=\"ff1\"> </span>generare,<span class=\"ff1\"> </span>incluso<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>dismiss<span class=\"_ _2\"></span>ione<span class=\"ff1\"> </span>finale<span class=\"ff1\"> </span>dell\u2019investimento.<span class=\"_ _3bd\"> </span>Qualora<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>ecupero<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>risulti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>inferiore<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>contabile,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>elativa<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>differenza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rilevata<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cont<span class=\"_ _3bd\"> </span>ec<span class=\"_ _0\"></span>ono<span class=\"_ _0\"></span>mico<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span>Qualora<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">motivi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>ella<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perdita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">v<span class=\"_ _2\"></span>alore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>iano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rimossi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">seguito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">evento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">verificatosi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">successivamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">all<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ril<span class=\"_ _0\"></span>eva<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">riduz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">val<span class=\"_ _0\"></span>ore,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ven<span class=\"_ _0\"></span>gon<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>ef<span class=\"_ _0\"></span>fettu<span class=\"_ _0\"></span>ate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rip<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">va<span class=\"_ _0\"></span>lore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">imp<span class=\"_ _0\"></span>uta<span class=\"_ _0\"></span>zione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"ff3\">c<span class=\"_ _0\"></span>onto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">econ<span class=\"_ _0\"></span>omic<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>che<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>possono<span class=\"ff1\"> </span>eccedere<span class=\"ff1\"> </span>l\u2019ammontar<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>delle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">perdite</span> <span class=\"ff3\">da</span> <span class=\"ff3\">impairm<span class=\"_ _2\"></span>ent</span> <span class=\"ff3\">in</span> <span class=\"ff3\">precedenza</span> <span class=\"ff3\">registrate.<span class=\"_ _3bd\"> </span></span></span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> </span>partecipazioni<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cancellate<span class=\"ff1\"> </span>quando<span class=\"ff1\"> <span class=\"_ _2\"></span></span>scadono<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>diritti<span class=\"ff1\"> </span>contrattuali<span class=\"ff1\"> </span>sui<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziari<span class=\"ff1\"> </span>derivati<span class=\"ff1\"> </span>dalle<span class=\"_ _3bd\"> </span>atti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>ste<span class=\"_ _1\"></span>sse<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>l\u2019att<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>nanz<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>ria<span class=\"ff1\"> </span>vie<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>ced<span class=\"_ _0\"></span>uta<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">trasf<span class=\"_ _0\"></span>eren<span class=\"_ _0\"></span>do<span class=\"ff1\"> </span>sos<span class=\"_ _0\"></span>tan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>lme<span class=\"_ _0\"></span>nte<span class=\"ff1\"> </span>tut<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>be<span class=\"_ _0\"></span>nef<span class=\"_ _0\"></span>ic<span class=\"_ _3bd\"> </span></span></span>ad<span class=\"ff1\"> </span>essa<span class=\"ff1\"> </span>connessi.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ril<span class=\"_ _0\"></span>ev<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>del<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ual<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>differenze<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>negative<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>prima<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>is<span class=\"_ _2\"></span>crizione,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>gli<span class=\"ff1\"> <span class=\"_ _21\"></span></span>utili<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>perdite<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>partecipate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>realizzate,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>perdite<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>d<span class=\"_ _3bd\"> </span>impairment<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ri<span class=\"_ _2\"></span>prese<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valor<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>vengono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>allocate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>nella<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>voce<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>conto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>economico<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u201c<span class=\"_ _2\"></span>Utili<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>(Perdite)<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dell<span class=\"_ _2\"></span>e<span class=\"_ _3bd\"> </span>partecipazioni\u201d,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>mentre<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dividendi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>incassat<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>vengono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>allocati<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nell<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>voce<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u201cDividendi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>proventi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>simili\u201d<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ne<span class=\"_ _3bd\"> </span>momento<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>sorge<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>diritto<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>riceverne<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>pagamento.<span class=\"_ _3bd\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-862": {
   "value": "2.1-<span class=\"_ _3bd\"> </span>At<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>tat<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>fa<span class=\"_ _0\"></span>ir<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span>im<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>tto<span class=\"_ _3bd\"> </span>su<span class=\"_ _0\"></span>lla<span class=\"_ _3bd\"> </span>red<span class=\"_ _1\"></span>diti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>va<span class=\"_ _3bd\"> </span>(FV<span class=\"_ _1\"></span>OCI<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>cic<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>)<span class=\"fc0 sc1\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>isc<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>L\u2019iscrizione<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>niziale<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> </span>avviene<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>lla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">regolamento</span> <span class=\"ff3\">per</span> <span class=\"ff3\">i</span> <span class=\"_ _0\"></span><span class=\"ff3\">titoli<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ebito<span class=\"ff1\"> </span>ed<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">erogazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">f<span class=\"_ _2\"></span>inanziamenti.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">All\u2019atto<span class=\"ff1\"> </span>della<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rilevazione<span class=\"ff1\"> </span>iniziale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>contabili<span class=\"_ _0\"></span>zzat<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">value,<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>comprensivo<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>costi<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>proventi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>transazione<span class=\"ff1\"> </span>direttamente<span class=\"ff1\"> </span>attribuibili<span class=\"ff1\"> </span>allo<span class=\"ff1\"> </span>str<span class=\"_ _2\"></span>umentostesso. Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cl<span class=\"_ _0\"></span>ass<span class=\"_ _1\"></span>ific<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>se<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>pr<span class=\"_ _0\"></span>esen<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cat<span class=\"_ _0\"></span>egor<span class=\"_ _0\"></span>ia<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ttiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fin<span class=\"_ _0\"></span>anzi<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>ch<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>oddi<span class=\"_ _0\"></span>sfa<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>ambe<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">seg<span class=\"_ _0\"></span>uen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span>ni: </span></span></span></span></span></span></span></span>l\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>finanz<span class=\"_ _0\"></span>iaria<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>poss<span class=\"_ _2\"></span>edut<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>secondo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>model<span class=\"_ _0\"></span>lo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>business<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>obiettivo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>conseguito<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sia<span class=\"ff1\"> </span>mediante<span class=\"ff1\"> <span class=\"_ _21\"></span></span>l\u2019incasso<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>finanziari<span class=\"ff1\"> <span class=\"_ _20\"></span></span>previst<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>co<span class=\"_ _2\"></span>ntrattualmente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _21\"></span></span>mediante<span class=\"ff1\"> <span class=\"_ _21\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>vendita<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(Business<span class=\"ff1\"> </span>model<span class=\"ff1\"> </span>\u201cHold<span class=\"ff1\"> </span>to<span class=\"ff1\"> </span>Collect<span class=\"ff1\"> </span>and<span class=\"ff1\"> </span>Sell<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> </span>\u201cHTCS\u201d\u201d),<span class=\"ff1\"> </span>e i<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>termini<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>contrattuali<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>dell\u2019atti<span class=\"_ _2\"></span>vit\u00e0<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>finanziaria<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>prevedono,<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>a<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _29\"> </span></span>determinate<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>date,<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>flussi<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>finan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>ri rappresentati<span class=\"ff1\">  </span>u<span class=\"_ _0\"></span>nicamente<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>a<span class=\"ff1\">  </span>pagamenti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\">  </span>capi<span class=\"_ _0\"></span>tale<span class=\"ff1\">  </span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dell\u2019i<span class=\"_ _2\"></span>nteresse<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sull\u2019import<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\">  </span>c<span class=\"_ _0\"></span>apitale<span class=\"ff1\">  </span>da<span class=\"ff1\"> </span>restituire<span class=\"ff1\"> </span>(cd.<span class=\"ff1\"> </span>\u201cSPPI<span class=\"ff1\"> </span>test\u201d<span class=\"ff1\"> </span>superato). In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pa<span class=\"_ _0\"></span>rtic<span class=\"_ _0\"></span>ola<span class=\"_ _0\"></span>re,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ven<span class=\"_ _0\"></span>gono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">inc<span class=\"_ _0\"></span>lus<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>esta<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">vo<span class=\"_ _0\"></span>ce: </span></span></span></span></span></span></span></span></span></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>titoli<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>deb<span class=\"_ _0\"></span>ito<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>riconducibili<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _21\"></span></span>un<span class=\"ff1\"> <span class=\"_ _21\"></span></span>business<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>model<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Hold<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>to<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Collect<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>and<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Sell<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>c<span class=\"_ _2\"></span>he<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>hanno<span class=\"ff1\"> </span>superato<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>test<span class=\"ff1\"> </span>SPPI; i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>finanziamenti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>riconducibili<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>business<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>mo<span class=\"_ _2\"></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Hold<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff3\">to</span> <span class=\"_ _21\"> </span><span class=\"ff3\">Collect</span> <span class=\"_ _21\"> </span><span class=\"ff3\">and</span> <span class=\"_ _21\"> </span><span class=\"ff3\">Sell</span> <span class=\"_ _21\"></span><span class=\"ff3\">e</span> <span class=\"_ _21\"></span><span class=\"ff3\">che</span> <span class=\"_ _20\"></span><span class=\"ff3\">hann<span class=\"_ _0\"></span>o </span></span>superato<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">test<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">SPPI.<span class=\"ff1\"> </span></span></span></span></span></span></span>Ri<span class=\"_ _0\"></span>cla<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>ich<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Secondo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>regole<span class=\"ff1\"> <span class=\"_ _20\"></span></span>generali<span class=\"ff1\"> <span class=\"_ _21\"></span></span>previste<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dall\u2019I<span class=\"_ _0\"></span>FRS<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>9<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>materia<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riclassificazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>elle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"_ _2\"></span>ttivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fin<span class=\"_ _0\"></span>anziarie<span class=\"ff1\"> <span class=\"_ _21\"></span></span>(ad<span class=\"ff1\"> </span>eccezione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>capitale,<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>ammessa<span class=\"ff1\"> </span>alcuna<span class=\"ff1\"> </span>riclassifica),<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>ammesse<span class=\"ff1\"> </span>riclassifiche<span class=\"ff1\"> </span></span></span>verso<span class=\"ff1\"> </span>altre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">categorie<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> </span>salv<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>aso<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>\u2019entit\u00e0<span class=\"ff1\"> </span>modifichi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">proprio<span class=\"ff1\"> </span>modello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>bu<span class=\"_ _0\"></span>siness<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gestione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">seguito<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cambiamenti<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>sterni<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">interni</span> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>ali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">siano<span class=\"ff1\"> </span>rilevanti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>operazioni<span class=\"ff1\"> </span>dell'entit\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>dimostrabili<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>parti<span class=\"ff1\"> </span>esterne. In<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">casi,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ci<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attende<span class=\"ff1\"> </span>siano<span class=\"ff1\"> </span>altamente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">infrequenti,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit<span class=\"_ _2\"></span>\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">potranno<span class=\"ff1\"> </span>essere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>iclassificate<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>dalla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">categoria<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">impatt<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ulla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">redditivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">complessiva<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">due<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">categorie<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>previste<span class=\"ff1\"> </span>dall\u2019IFRS<span class=\"ff1\"> <span class=\"_ _2\"></span></span>9<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziarie<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>costo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ammortizzato<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziarie<span class=\"ff1\"> </span>valut<span class=\"_ _2\"></span>ate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>mpatto<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico).<span class=\"ff1\"> </span>Il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>trasferimento<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>rappresentato<span class=\"ff1\"> </span>dal<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>momento<span class=\"ff1\"> </span></span></span></span></span>della<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riclassificazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">effetti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riclassificazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">operano<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">maniera<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prospettica<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">partire<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dalla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">data<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>riclassificazione.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Nel<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cas<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riclassifica<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dalla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>categoria<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>oggetto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quella<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>costo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ammortizzato,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l\u2019utile<span class=\"ff1\"> </span>(perdita)<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>cumulato<span class=\"ff1\">  </span>rilevato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nella<span class=\"ff1\">  </span>riserva<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>da<span class=\"ff1\">  </span>v<span class=\"_ _0\"></span>alutazione<span class=\"ff1\">  </span>\u00e8<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>portat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>r<span class=\"_ _2\"></span>ettifica<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fa<span class=\"_ _2\"></span>ir<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>value<span class=\"ff1\">  </span>dell\u2019attivit\u00e0<span class=\"ff1\"> </span>finanziaria<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>data<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riclassificazione.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>N<span class=\"_ _2\"></span>el<span class=\"ff1\"> <span class=\"_ _2\"></span></span>caso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>invece<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>iclassifica<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nella<span class=\"ff1\"> <span class=\"_ _20\"></span></span>categoria<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _20\"></span></span>value<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> </span>impatto<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conto<span class=\"ff1\"> </span>economico,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l'utile<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(perdita)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cumulato<span class=\"ff1\"> </span>rilev<span class=\"_ _0\"></span>ato<span class=\"ff1\"> </span>precedentemente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nella<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riserva<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> </span>val<span class=\"_ _0\"></span>utazione<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>\u00e8<span class=\"ff1\"> </span>riclassificato<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>patrimonio<span class=\"ff1\"> </span>netto<span class=\"ff1\"> </span>all'utile<span class=\"ff1\"> </span>(perdita)<span class=\"ff1\"> </span>d'esercizio. Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Successivamente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rilevazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>iniziale,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>classificate<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _21\"></span></span>value<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _21\"></span></span>impatto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sulla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>redditivit\u00e0<span class=\"ff1\"> </span>complessiva<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>valutate<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>f<span class=\"_ _2\"></span>air<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>value,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rilevazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\">  </span>Conto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Economico<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>degli<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>impatti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>derivanti<span class=\"_ _2\"></span><span class=\"ff1\"> </span>dall\u2019applicazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>costo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ammortizzato,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>degli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>effett<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dell\u2019im<span class=\"_ _2\"></span>pairment<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">dell\u2019eventuale</span> <span class=\"_ _27\"> </span><span class=\"ff3\">e<span class=\"_ _2\"></span>ffetto</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">cambio,</span> </span>mentre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">altri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">utili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>perdi<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>erivanti<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">una<span class=\"ff1\"> </span>variazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">veng<span class=\"_ _0\"></span>ono<span class=\"ff1\"> </span>rilevati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>una<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">specif<span class=\"_ _2\"></span>ica<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riserva<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> </span>patrimonio<span class=\"ff1\"> </span>netto<span class=\"ff1\"> </span>finc<span class=\"_ _0\"></span>h\u00e9<span class=\"ff1\"> </span>l\u2019attivit\u00e0<span class=\"ff1\"> </span>finanziaria<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">viene<span class=\"ff1\"> </span>cancellata.<span class=\"ff1\"> </span>Al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">momento<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>dismissione,<span class=\"ff1\"> </span>totale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span></span></span></span></span></span></span>parziale,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019utile<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">perdita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cumulati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nella<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riserva<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vengono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>iversati,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tutto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">parte,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Conto<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Ec<span class=\"_ _0\"></span>onom<span class=\"_ _0\"></span>ico.<span class=\"_ _0\"></span> Il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">v<span class=\"_ _2\"></span>iene<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">determinato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sulla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">base<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">crit<span class=\"_ _2\"></span>eri<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gi\u00e0<span class=\"ff1\"> </span>illu<span class=\"_ _0\"></span>str<span class=\"_ _2\"></span>ati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">p<span class=\"_ _2\"></span>er<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">val<span class=\"_ _2\"></span>utate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>con<span class=\"ff1\"> </span>impatto<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico. Le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>mpatto<span class=\"ff1\"> </span>sull<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">redditivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">complessiva<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u2013<span class=\"ff1\"> </span>sia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sotto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">forma<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">titoli<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>debito<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">di</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">crediti</span> <span class=\"_ _27\"> </span><span class=\"ff3\">\u2013</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">sono</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">soggette</span> <span class=\"_ _27\"> </span><span class=\"ff3\">alla</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">verifica</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">dell\u2019incremento</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">signifi<span class=\"_ _0\"></span>cativo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>creditizio<span class=\"ff1\"> </span></span></span>(impairment)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pre<span class=\"_ _2\"></span>vista<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dall\u2019IFRS<span class=\"ff1\"> </span>9,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pari<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>osto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ammortizzato,<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conseguente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rilevazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>conto<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>conomico<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rettifica<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">copertura<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>erdit<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">att<span class=\"_ _2\"></span>ese.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Pi\u00f9<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">particolare,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sugli<span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>classificati<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>stage<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">1<span class=\"ff1\"> </span>(ossia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sulle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>momento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dell\u2019origination,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ove<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">deteriorate,<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sugli<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>strumenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _20\"></span></span>non<span class=\"ff1\"> <span class=\"_ _20\"></span></span>si<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>verificato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>ignificativo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>incremento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cr<span class=\"_ _2\"></span>editizio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rispett<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>data<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> </span>ril<span class=\"_ _0\"></span>eva<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>ale)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">vie<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onta<span class=\"_ _0\"></span>bili<span class=\"_ _0\"></span>zza<span class=\"_ _0\"></span>ta,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">all<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>data<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rile<span class=\"_ _0\"></span>vazi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">inizi<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">ad<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ogn<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ata<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rep<span class=\"_ _0\"></span>orti<span class=\"_ _0\"></span>ng<span class=\"ff1\"> </span>su<span class=\"_ _1\"></span>ccessi<span class=\"_ _0\"></span>va,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perdita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attesa<span class=\"ff1\"> </span>ad<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un<span class=\"ff1\"> </span>an<span class=\"_ _0\"></span>no.<span class=\"ff1\"> </span>Inve<span class=\"_ _0\"></span>ce,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>gli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>trumenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">classificati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stage<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(bonis<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">quali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">verificato<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>un<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>incremento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>significativo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>creditizio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rispetto<span class=\"ff1\">  </span>al<span class=\"_ _0\"></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>data<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rilevazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>iniziale)<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>stage<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>3<span class=\"ff1\"> </span>(esposizioni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>teriorat<span class=\"_ _2\"></span>e)<span class=\"ff1\"> <span class=\"_ _20\"></span></span>viene<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>contabilizzata<span class=\"ff1\"> <span class=\"_ _21\"></span></span>una<span class=\"ff1\"> <span class=\"_ _20\"></span></span>perdita<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>attesa<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"></span></span>l\u2019in<span class=\"_ _0\"></span>tera<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>vita<span class=\"ff1\"> <span class=\"_ _21\"></span></span>residua<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dello<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>strumento<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>nanz<span class=\"_ _0\"></span>iari<span class=\"_ _0\"></span>o.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inanziarie<span class=\"ff1\"> </span>veng<span class=\"_ _0\"></span>ono<span class=\"ff1\"> </span>cancell<span class=\"_ _0\"></span>ate<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>al<span class=\"ff1\"> </span>bilanc<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>solamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">se<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>cessione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">comportat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>sostanziale<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>trasferimento<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>utti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>be<span class=\"_ _0\"></span>nefici<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">connessi<span class=\"ff1\"> </span>alle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> </span>stesse.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Per<span class=\"ff1\"> </span>contro,<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>ualora<span class=\"ff1\"> </span>sia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stat<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ma<span class=\"_ _2\"></span>ntenuta<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>una<span class=\"ff1\"> </span>quota<span class=\"ff1\"> <span class=\"_ _2\"></span></span>part<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>rilevante<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>b<span class=\"_ _2\"></span>enefici<span class=\"ff1\"> </span>relativi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cedute,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>queste<span class=\"ff1\"> <span class=\"_ _2\"></span></span>continuano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ad<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>iscritte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>b<span class=\"_ _0\"></span>ilancio,<span class=\"ff1\"> </span>ancorch\u00e9<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">giuridicamente<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">titolarit\u00e0<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stesse<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span>stata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">effettivamente<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>tras<span class=\"_ _0\"></span>fer<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span>Nel<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>caso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pos<span class=\"_ _2\"></span>sibile<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>accert<span class=\"_ _2\"></span>are<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sostanziale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>trasferimento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>b<span class=\"_ _0\"></span>enefici,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> <span class=\"_ _21\"></span></span>vengono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cancellate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _21\"></span></span>bilancio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>qualora<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>tato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>mantenuto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alcun<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tipo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>controllo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sulle<span class=\"ff1\"> </span>stesse.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>In<span class=\"ff1\"> <span class=\"_ _2\"></span></span>caso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contrario,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conservazione,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>anche<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>parte,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>ale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>controllo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>comporta<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mantenimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"_ _2\"></span><span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>misura<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>coinvolgimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>residuo,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>misurato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall\u2019esposizione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ai</span> <span class=\"ff3\">cam<span class=\"_ _2\"></span>biamenti</span> <span class=\"ff3\">di</span> </span>valore<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>cedute<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>variazioni<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> </span>finanziari<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>stesse.<span class=\"_ _3bd\"> </span>Infine,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziar<span class=\"_ _2\"></span>ie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ce<span class=\"_ _2\"></span>dute<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vengono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cancellate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dal<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> </span>nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">caso<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cui<span class=\"ff1\"> </span>vi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sia</span> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onservazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>diritti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contrattuali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ricevere<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>relativi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cas<span class=\"_ _2\"></span>sa,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contestuale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>as<span class=\"_ _2\"></span>sunzione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un\u2019obb<span class=\"_ _2\"></span>ligazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"_ _2\"></span><span class=\"ff1\"> </span>pagare<span class=\"ff1\"> </span>detti<span class=\"ff1\"> </span>flussi,<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>solo<span class=\"ff1\"> </span>essi,<span class=\"ff1\"> </span>senza<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>ritardo<span class=\"ff1\"> </span>rilevante<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>altri<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>ggetti<span class=\"ff1\"> </span>terzi.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ril<span class=\"_ _0\"></span>ev<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>del<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ual<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>Gli<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>nteressi<span class=\"_ _2\"></span><span class=\"ff1\"> </span>attivi,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">calcolati<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>b<span class=\"_ _0\"></span>as<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span>metodologia<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>T.I.R.,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vengono<span class=\"ff1\"> </span>contabilizzati<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>competenza<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> </span></span></span></span></span></span></span>vo<span class=\"_ _0\"></span>ci<span class=\"ff1\"> </span>\u201cI<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>ressi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">atti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">prov<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>assi<span class=\"_ _0\"></span>mil<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>\u201d,<span class=\"ff1\"> </span>me<span class=\"_ _0\"></span>ntre<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">utili<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o</span> <span class=\"ff3\">le</span> <span class=\"ff3\">p<span class=\"_ _0\"></span>erdi<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>riv<span class=\"_ _0\"></span>anti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">da</span> <span class=\"ff3\">un<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>var<span class=\"_ _0\"></span>iazi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>fa<span class=\"_ _0\"></span>ir<span class=\"_ _3bd\"> </span>val<span class=\"_ _0\"></span>ue<span class=\"_ _3bd\"> </span>vengono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rilev<span class=\"_ _0\"></span>ati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>spe<span class=\"_ _0\"></span>cifica<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>riser<span class=\"_ _2\"></span>va<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>patrimonio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>netto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sino<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>l\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>finanziaria<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>viene<span class=\"ff1\"> </span>ca<span class=\"_ _0\"></span>ncel<span class=\"_ _0\"></span>lata<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o</span> <span class=\"ff3\">n<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vien<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rile<span class=\"_ _0\"></span>vata<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">una<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>rdita<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">va<span class=\"_ _0\"></span>lore<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>Pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tit<span class=\"_ _0\"></span>oli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>bit<span class=\"_ _0\"></span>o,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">momen<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ism<span class=\"_ _0\"></span>issi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o</span> <span class=\"ff3\">de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>rilevazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>perdita<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valore,<span class=\"ff1\"> </span>l\u2019utile<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>perdita<span class=\"ff1\"> </span>cumulati<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> </span>riversati<span class=\"ff1\"> </span>a<span class=\"_ _2\"></span><span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>econo<span class=\"_ _0\"></span>mico.<span class=\"_ _3bd\"> </span>Qualora<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">motivi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>ella<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perdita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">v<span class=\"_ _2\"></span>alore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>iano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rimossi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">seguito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">evento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">verificatosi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">successivamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>rilevazione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>riduzione<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>valore,<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>vengono<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>effettuat<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>riprese<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>imputazion<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>conto<span class=\"ff1\"> </span>ec<span class=\"_ _0\"></span>ono<span class=\"_ _0\"></span>mico<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cas<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>d<span class=\"_ _1\"></span>ei<span class=\"ff1\"> </span>ti<span class=\"_ _0\"></span>tol<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>d<span class=\"_ _1\"></span>ebito<span class=\"_ _0\"></span>.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">L\u2019am<span class=\"_ _0\"></span>mon<span class=\"_ _0\"></span>tare<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>ip<span class=\"_ _0\"></span>resa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pu<span class=\"_ _0\"></span>\u00f2<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ogn<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cas<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>uper<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>feren<span class=\"_ _0\"></span>za<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>tra<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contabile<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ed<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>costo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ammortizzato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>lo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>strumento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>avrebb<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>avuto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ass<span class=\"_ _2\"></span>enza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>precedenti<span class=\"ff1\"> </span>ret<span class=\"_ _0\"></span>tif<span class=\"_ _0\"></span>iche<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span>2.2At<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>fa<span class=\"_ _0\"></span>ir<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lue<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span>im<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>tto<span class=\"_ _3bd\"> </span>su<span class=\"_ _0\"></span>lla<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>va<span class=\"_ _3bd\"> </span>(FV<span class=\"_ _1\"></span>OCI<span class=\"_ _3bd\"> </span>se<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>cic<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>)<span class=\"fc0 sc1\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>isc<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>L\u2019iscrizione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>iniziale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d<span class=\"_ _2\"></span>elle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>av<span class=\"_ _2\"></span>viene<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>data<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>regolamento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>itoli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ca<span class=\"_ _2\"></span>pitale.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>All\u2019atto<span class=\"_ _2\"></span><span class=\"ff1\"> </span>della<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rilevazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>iniziale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>l<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>contabilizzate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fair<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>value,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>comprensivo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cost<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>proventi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> </span>transazione<span class=\"ff1\"> </span>direttamente<span class=\"ff1\"> </span>attribuibili<span class=\"ff1\"> </span>allo<span class=\"ff1\"> </span>strumentostesso.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cla<span class=\"_ _1\"></span>ssi<span class=\"_ _0\"></span>fica<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Sono<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>inclusi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>nella<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>voce<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>gli<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>trumenti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>capitale<span class=\"_ _2\"></span>,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>detenuti<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>finalit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>negoziazione,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>qua<span class=\"_ _2\"></span>li<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> </span>momento<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>rilevazione<span class=\"ff1\"> </span>iniziale<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>stata<span class=\"ff1\"> </span>esercitat<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>l\u2019opzione<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>designazione<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>impatto<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>redditivit\u00e0<span class=\"ff1\"> </span>complessiva.<span class=\"_ _3bd\"> </span>In<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>particolare,<span class=\"ff1\">  </span>vengono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>inclusi<span class=\"ff1\">  </span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>questa<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>voce<span class=\"ff1\">  </span>le<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">interessenze</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">azionarie,</span>  <span class=\"ff3\">non</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">qualificabili</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">di</span>  <span class=\"ff3\">controllo,</span> </span>collegamento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>controllo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>congi<span class=\"_ _0\"></span>unto,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>detenute<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>finalit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>negoziazione,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>cu<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u00e8<span class=\"ff1\"> </span>esercitata<span class=\"ff1\"> </span>l\u2019opzione<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>designazione<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>impatto<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ulla<span class=\"ff1\"> </span>redditiv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span>compless<span class=\"_ _2\"></span>iva.<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>cla<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>ich<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Secondo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>egole<span class=\"ff1\"> <span class=\"_ _2\"></span></span>generali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prev<span class=\"_ _2\"></span>iste<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall\u2019IFRS<span class=\"ff1\"> <span class=\"_ _2\"></span></span>9<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>materia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riclassificazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"_ _2\"></span><span class=\"ff1\"> </span>titoli<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>capitale<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>ammessa<span class=\"ff1\"> </span>alcuna<span class=\"ff1\"> </span>riclassifica.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Successivamente<span class=\"ff1\"> </span>alla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rilevazione<span class=\"ff1\"> </span>iniziale,<span class=\"ff1\"> </span>gli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>str<span class=\"_ _2\"></span>umenti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>capitale<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cui<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>stata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>effettuata<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>celta<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> </span>classificazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nella<span class=\"ff1\"> <span class=\"_ _20\"></span></span>presente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>categoria<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valutati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fair<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>value<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>g<span class=\"_ _2\"></span>li<span class=\"ff1\"> <span class=\"_ _2\"></span></span>import<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rilevati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contr<span class=\"_ _2\"></span>opartita<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> </span>patrimonio<span class=\"ff1\"> </span>netto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(Prospetto<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>redditivit\u00e0<span class=\"ff1\"> </span>complessiva)<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>devono<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>uccessivamente<span class=\"ff1\"> </span>trasferiti<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>conto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">economico,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">neanche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">caso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cessione.<span class=\"ff1\"> </span>L<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sola<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">componente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riferibile<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ai<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">titoli<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">capitale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>questione<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>che<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>oggetto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rilevazione<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>ra<span class=\"_ _2\"></span>ppresentata<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ai<span class=\"ff1\"> </span>relativi<span class=\"ff1\"> </span>dividendi.<span class=\"_ _3bd\"> </span>Il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">v<span class=\"_ _2\"></span>iene<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">determinato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sulla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">base<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">crit<span class=\"_ _2\"></span>eri<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gi\u00e0<span class=\"ff1\"> </span>illu<span class=\"_ _0\"></span>str<span class=\"_ _2\"></span>ati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">p<span class=\"_ _2\"></span>er<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">val<span class=\"_ _2\"></span>utate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>con<span class=\"ff1\"> </span>impatto<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico.<span class=\"_ _3bd\"> </span>Per<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>titoli<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cap<span class=\"_ _2\"></span>itale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"_ _2\"></span>clusi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>questa<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>categoria,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>non<span class=\"ff1\"> <span class=\"_ _20\"></span></span>q<span class=\"_ _2\"></span>uotati<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un<span class=\"ff1\"> <span class=\"_ _21\"></span></span>mercato<span class=\"ff1\"> <span class=\"_ _21\"></span></span>attivo,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>criterio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>costo<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> </span>utilizzato<span class=\"ff1\"> </span>quale<span class=\"ff1\"> </span>stima<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>soltanto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>via<span class=\"ff1\"> </span>residuale<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">limitat<span class=\"_ _2\"></span>amente</span> <span class=\"ff3\">a</span> <span class=\"ff3\">poche</span> <span class=\"ff3\">circostanze,</span> <span class=\"ff3\">ossia</span> <span class=\"ff3\">in<span class=\"_ _3bd\"> </span></span></span>caso<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>non<span class=\"ff1\"> </span>applicabilit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>tutti<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>metodi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> </span>precedent<span class=\"_ _2\"></span>emente<span class=\"ff1\"> </span>richiamati,<span class=\"ff1\"> </span>ovvero<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>presenza<span class=\"ff1\"> </span>di<span class=\"_ _2\"></span><span class=\"ff1\"> </span>un\u2019ampia<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>gamma<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>possibili<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>valutazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fair<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>value,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ambito<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>costo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>appresenta<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>tima<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pi\u00f9<span class=\"ff1\"> </span>sig<span class=\"_ _0\"></span>nif<span class=\"_ _0\"></span>icat<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span> Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inanziarie<span class=\"ff1\"> </span>veng<span class=\"_ _0\"></span>ono<span class=\"ff1\"> </span>cancell<span class=\"_ _0\"></span>ate<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>al<span class=\"ff1\"> </span>bilanc<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>solamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">se<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>cessione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">comportat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>sostanziale<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>trasferimento<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>utti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>be<span class=\"_ _0\"></span>nefici<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">connessi<span class=\"ff1\"> </span>alle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> </span>stesse.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Per<span class=\"ff1\"> </span>contro,<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>ualora<span class=\"ff1\"> </span>sia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stat<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ma<span class=\"_ _2\"></span>ntenuta<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>una<span class=\"ff1\"> </span>quota<span class=\"ff1\"> <span class=\"_ _2\"></span></span>part<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>rilevante<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>b<span class=\"_ _2\"></span>enefici<span class=\"ff1\"> </span>relativi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cedute,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>queste<span class=\"ff1\"> <span class=\"_ _2\"></span></span>continuano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ad<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>iscritte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>b<span class=\"_ _0\"></span>ilancio,<span class=\"ff1\"> </span>ancorch\u00e9<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">giuridicamente<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">titolarit\u00e0<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stesse<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span>stata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">effettivamente<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>tras<span class=\"_ _0\"></span>fer<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span> Nel<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>caso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pos<span class=\"_ _2\"></span>sibile<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>accert<span class=\"_ _2\"></span>are<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sostanziale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>trasferimento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>b<span class=\"_ _0\"></span>enefici,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> <span class=\"_ _21\"></span></span>vengono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cancellate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _21\"></span></span>bilancio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>qualora<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>tato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>mantenuto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alcun<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tipo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>controllo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sulle<span class=\"ff1\"> </span>stesse.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>In<span class=\"ff1\"> <span class=\"_ _2\"></span></span>caso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contrario,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conservazione,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>anche<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>parte,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>ale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>controllo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>comporta<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mantenimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"_ _2\"></span><span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>misura<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>coinvolgimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>residuo,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>misurato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall\u2019esposizione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ai</span> <span class=\"ff3\">cam<span class=\"_ _2\"></span>biamenti</span> <span class=\"ff3\">di</span> </span>valore<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>cedute<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>variazioni<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> </span>finanziari<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>stesse.<span class=\"_ _3bd\"> </span> Infine,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziar<span class=\"_ _2\"></span>ie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ce<span class=\"_ _2\"></span>dute<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vengono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cancellate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dal<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> </span>nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">caso<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cui<span class=\"ff1\"> </span>vi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sia</span> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onservazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>diritti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contrattuali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ricevere<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>relativi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cas<span class=\"_ _2\"></span>sa,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contestuale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>as<span class=\"_ _2\"></span>sunzione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un\u2019obb<span class=\"_ _2\"></span>ligazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"_ _2\"></span><span class=\"ff1\"> </span>pagare<span class=\"ff1\"> </span>detti<span class=\"ff1\"> </span>flussi,<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>solo<span class=\"ff1\"> </span>essi,<span class=\"ff1\"> </span>senza<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>ritardo<span class=\"ff1\"> </span>rilevante<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>altri<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>ggetti<span class=\"ff1\"> </span>terzi.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ril<span class=\"_ _0\"></span>ev<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>del<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ual<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>I<span class=\"ff1\"> </span>dividendi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">vengono</span> <span class=\"ff3\">contabilizzat<span class=\"_ _2\"></span>i</span> <span class=\"ff3\">alla</span> <span class=\"_ _0\"></span><span class=\"ff3\">voce<span class=\"ff1\"> </span>\u201cDividendi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rov<span class=\"_ _2\"></span>enti<span class=\"ff1\"> </span>simili\u201d<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>momento<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cui</span> <span class=\"ff3\">sorge</span> <span class=\"ff3\">il</span> <span class=\"ff3\">diritto</span> <span class=\"ff3\">a</span> </span></span></span>ric<span class=\"_ _0\"></span>eve<span class=\"_ _0\"></span>rne<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pa<span class=\"_ _0\"></span>game<span class=\"_ _0\"></span>nto<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ment<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>g<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ut<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o</span> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>erd<span class=\"_ _0\"></span>ite<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>riv<span class=\"_ _0\"></span>anti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">da<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">una<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">va<span class=\"_ _0\"></span>riaz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>fai<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>val<span class=\"_ _0\"></span>ue <span class=\"_ _0\"></span><span class=\"ff3 fs5\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ti<span class=\"_ _0\"></span>toli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">capi<span class=\"_ _0\"></span>tale<span class=\"ff1\"> </span></span></span></span></span></span></span></span>vengono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rilevati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">specifica<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riserva<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">patrimonio<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>etto<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">viene<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riversato<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">economico<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nel<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>caso<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cessione<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>cancellazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>titolo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>capitale.<span class=\"_ _3bd\"> </span> 3-<span class=\"_ _3bd\"> </span>At<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>sto<span class=\"_ _3bd\"> </span>am<span class=\"_ _1\"></span>mor<span class=\"_ _0\"></span>tizz<span class=\"_ _1\"></span>ato<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>isc<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>L\u2019iscrizione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">iniziale<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziaria<span class=\"ff1\"> </span>av<span class=\"_ _0\"></span>viene<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">data<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>egolamento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>itoli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ebito<span class=\"ff1\"> </span>ed<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">data<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>erogazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _2\"></span></span>caso<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>crediti.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>All\u2019att<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>ilevazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>iniziale<span class=\"ff1\"> <span class=\"_ _21\"></span></span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span><span class=\"ff3\">att<span class=\"_ _2\"></span>ivit\u00e0</span> <span class=\"_ _2\"></span><span class=\"ff3\">sono</span> <span class=\"_ _20\"></span><span class=\"ff3\">contabilizzate</span> <span class=\"_ _20\"></span><span class=\"ff3\">al</span> <span class=\"_ _20\"></span><span class=\"ff3\">fair</span> <span class=\"_ _21\"></span><span class=\"ff3\">val<span class=\"_ _0\"></span>ue,<span class=\"ff1\"> </span></span></span>comprensivo<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>costi<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>proventi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>transazione<span class=\"ff1\"> </span>direttamente<span class=\"ff1\"> </span>attribuibili<span class=\"ff1\"> </span>allo<span class=\"ff1\"> </span>str<span class=\"_ _2\"></span>umento<span class=\"ff1\"> </span>stesso.<span class=\"_ _3bd\"> </span> In<span class=\"ff1\"> <span class=\"_ _20\"></span></span>par<span class=\"_ _2\"></span>ticolare,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>quel<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>attiene<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _20\"></span></span>crediti,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>data<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>erogazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>normalmente<span class=\"ff1\"> <span class=\"_ _21\"></span></span>coincide<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _21\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>data<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _3bd\"> </span>i<span class=\"ff1\"> </span>sott<span class=\"_ _0\"></span>oscr<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>ntra<span class=\"_ _0\"></span>tto.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Qual<span class=\"_ _0\"></span>ora<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tal<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>oinci<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>nza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>m<span class=\"_ _0\"></span>anife<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sed<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">so<span class=\"_ _0\"></span>ttosc<span class=\"_ _0\"></span>riz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>ntra<span class=\"_ _0\"></span>tt<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pro<span class=\"_ _0\"></span>vved<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>ad<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">iscri<span class=\"_ _0\"></span>vere<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">impe<span class=\"_ _0\"></span>gno<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ad</span> <span class=\"ff3\">e<span class=\"_ _0\"></span>rog<span class=\"_ _0\"></span>are<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fon<span class=\"_ _0\"></span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">chiud<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ata<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">e<span class=\"_ _0\"></span>rog<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fina<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>nto<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">.<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>L\u2019iscrizione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cre<span class=\"_ _2\"></span>dito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">avviene<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ulla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">base<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stes<span class=\"_ _2\"></span>so,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pari<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">all\u2019ammo<span class=\"_ _2\"></span>ntare<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ero<span class=\"_ _2\"></span>gato,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prezzo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">d<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>sottoscrizione,<span class=\"ff1\"> </span>comprensivo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>costi/proventi<span class=\"ff1\"> </span>diretta<span class=\"_ _2\"></span>mente<span class=\"ff1\"> </span>riconducibili<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>singolo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>credito<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>determinabil<span class=\"_ _3bd\"> </span>i<span class=\"ff1\"> </span>sin<span class=\"ff1\"> </span>dall\u2019origine<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>ell\u2019operazione,<span class=\"ff1\"> </span>ancor<span class=\"_ _2\"></span>ch\u00e9<span class=\"ff1\"> </span>liquidati<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> </span>mom<span class=\"_ _2\"></span>ento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>successivo.<span class=\"ff1\"> </span>Sono<span class=\"ff1\"> </span>esclusi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> </span>co<span class=\"_ _2\"></span>sti<span class=\"ff1\"> </span>che,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pu<span class=\"_ _3bd\"> </span>r<span class=\"ff1\"> </span>avendo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>carat<span class=\"_ _2\"></span>teristiche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>suddett<span class=\"_ _2\"></span>e,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>oggetto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rimborso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>da<span class=\"ff1\"> <span class=\"_ _20\"></span></span>parte<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contr<span class=\"_ _2\"></span>oparte<span class=\"ff1\"> <span class=\"_ _20\"></span></span>debitrice<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"ff1\"> </span>inquadrabili<span class=\"ff1\"> </span>tra<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>normali<span class=\"ff1\"> </span>costi<span class=\"ff1\"> </span>interni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>caratter<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">amministrativo.<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cl<span class=\"_ _0\"></span>ass<span class=\"_ _1\"></span>ific<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Sono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">incluse<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nella<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">presente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">categoria<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">particolare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziamenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tito<span class=\"_ _2\"></span>li<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">debito)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ch<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>soddisfano<span class=\"ff1\"> </span>entrambe<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>seguenti<span class=\"ff1\"> </span>condizioni:<span class=\"_ _3bd\"> </span> l\u2019<span class=\"_ _0\"></span>atti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ziari<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">po<span class=\"_ _0\"></span>ssedu<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>eco<span class=\"_ _0\"></span>ndo<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>mo<span class=\"_ _0\"></span>dell<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">bus<span class=\"_ _0\"></span>ine<span class=\"_ _0\"></span>ss<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cui<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">obi<span class=\"_ _0\"></span>etti<span class=\"_ _0\"></span>vo<span class=\"ff1\"> </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>onse<span class=\"_ _0\"></span>gui<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>med<span class=\"_ _0\"></span>ian<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span>l\u2019<span class=\"_ _0\"></span>inc<span class=\"_ _0\"></span>asso<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">flu<span class=\"_ _0\"></span>ssi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fin<span class=\"_ _0\"></span>anzi<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pre<span class=\"_ _0\"></span>vist<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ontr<span class=\"_ _0\"></span>attu<span class=\"_ _0\"></span>alm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>(B<span class=\"_ _0\"></span>usin<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>s<span class=\"ff1\"> </span>model<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u201cH<span class=\"_ _0\"></span>old<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">to</span> <span class=\"_ _1\"></span><span class=\"ff3\">Colle<span class=\"_ _0\"></span>ct\u201d<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u2013</span> <span class=\"ff3\">\u201cHT<span class=\"_ _0\"></span>C\u201d)<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>e<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span></span></span>i<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>t<span class=\"_ _2\"></span>ermini<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>contra<span class=\"_ _2\"></span>ttuali<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>dell\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>finanziaria<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>prevedono,<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>determinate<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>date,<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>flussi<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>fin<span class=\"_ _2\"></span>anziar<span class=\"_ _3bd\"> </span>i<span class=\"ff1\"> </span>rappresentati<span class=\"ff1\">  </span>unicame<span class=\"_ _0\"></span>nte<span class=\"ff1\">  </span>da<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>pagamenti<span class=\"ff1\">  </span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>capitale<span class=\"ff1\">  </span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dell\u2019interesse<span class=\"ff1\">  </span>sull\u2019importo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\">  </span>capitale<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _3bd\"> </span>a<span class=\"ff1\"> </span>restituire<span class=\"ff1\"> </span>(cd.<span class=\"ff1\"> </span>\u201cSPPI<span class=\"ff1\"> </span>test\u201d<span class=\"ff1\"> </span>superato).<span class=\"_ _3bd\"> </span> Pi\u00f9<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>arti<span class=\"_ _0\"></span>col<span class=\"_ _0\"></span>are,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fo<span class=\"_ _0\"></span>rman<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>og<span class=\"_ _0\"></span>getto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>ile<span class=\"_ _0\"></span>vazi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">que<span class=\"_ _1\"></span>sta<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>oce:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span>gli<span class=\"ff1\"> <span class=\"_ _21\"></span></span>impieghi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>banche<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>n<span class=\"_ _2\"></span>elle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>diverse<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>forme<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tecniche<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>pr<span class=\"_ _2\"></span>esentano<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>requisiti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>pa<span class=\"_ _2\"></span>ragraf<span class=\"_ _3bd\"> </span>o<span class=\"ff1\"> </span>pre<span class=\"_ _0\"></span>ced<span class=\"_ _0\"></span>ente<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span> gli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>impieghi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>clientela<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nelle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>diverse<span class=\"ff1\"> <span class=\"_ _2\"></span></span>for<span class=\"_ _2\"></span>me<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tecniche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ch<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>presentano<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>requisiti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>par<span class=\"_ _0\"></span>agraf<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span> pre<span class=\"_ _0\"></span>ced<span class=\"_ _0\"></span>ente<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span> i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tit<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>bito<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ch<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">re<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>siti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cu<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">par<span class=\"_ _0\"></span>agraf<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rece<span class=\"_ _0\"></span>den<span class=\"_ _0\"></span>te.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>inoltr<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>inclusi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>categoria<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>crediti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>funzionamento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>connessi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prestazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>servizi<span class=\"ff1\"> </span>finanziari<span class=\"ff1\"> <span class=\"_ _2\"></span></span>come<span class=\"ff1\"> </span>definiti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dal<span class=\"ff1\"> </span>T.U.B.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>dal<span class=\"ff1\"> <span class=\"_ _2\"></span></span>T.U.F.<span class=\"ff1\"> </span>(ad<span class=\"ff1\"> <span class=\"_ _2\"></span></span>esempio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> </span>distribuzione<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prodotti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziari<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">diservicing).<span class=\"_ _3bd\"> </span></span></span>Ri<span class=\"_ _0\"></span>cla<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>ich<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Secondo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>regole<span class=\"ff1\"> <span class=\"_ _2\"></span></span>g<span class=\"_ _2\"></span>enerali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>previs<span class=\"_ _2\"></span>te<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall\u2019IFRS<span class=\"ff1\"> <span class=\"_ _20\"></span></span>9<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>materia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riclassificazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziarie,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>non<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>ammesse<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riclassifiche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">verso<span class=\"ff1\"> </span>altre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">categorie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>alvo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>caso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>cu<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>l\u2019entit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mo<span class=\"_ _2\"></span>difichi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>pro<span class=\"_ _0\"></span>pri<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>mod<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">bus<span class=\"_ _0\"></span>ine<span class=\"_ _0\"></span>ss<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gesti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">atti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>nanz<span class=\"_ _0\"></span>iarie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"_ _0\"></span><span class=\"ff3\">segu<span class=\"_ _0\"></span>ito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ambi<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">este<span class=\"_ _0\"></span>rni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">quali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">siano<span class=\"ff1\"> </span>rile<span class=\"_ _0\"></span>vanti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">operazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dell'entit\u00e0<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dimostr<span class=\"_ _2\"></span>abili<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">par<span class=\"_ _2\"></span>ti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">est<span class=\"_ _2\"></span>erne.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">In<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cas<span class=\"_ _2\"></span>i,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ci<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">at<span class=\"_ _2\"></span>tende<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>siano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>altamente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>infrequenti,<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"_ _2\"></span>ttivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziarie<span class=\"ff1\"> </span>potranno<span class=\"ff1\"> <span class=\"_ _2\"></span></span>essere<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riclassificate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dalla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>categoria<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valutata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> </span>costo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ammortizzato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>una<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> </span>altre<span class=\"ff1\"> <span class=\"_ _2\"></span></span>due<span class=\"ff1\"> </span>categorie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>previste<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall\u2019<span class=\"_ _0\"></span>IFRS<span class=\"ff1\"> <span class=\"_ _2\"></span></span>9<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(Attivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valutate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fair<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>lue<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>mpatt<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>su<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>redd<span class=\"_ _0\"></span>itiv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ompl<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o</span> <span class=\"ff3\">Attiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">finan<span class=\"_ _0\"></span>ziari<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>tate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al</span> <span class=\"ff3\">f<span class=\"_ _0\"></span>air<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">value<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>impatt<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>economico).<span class=\"ff1\"> </span>Il<span class=\"ff1\"> </span>valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>trasferimento<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>rappresentato<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">momento<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>riclassificazione<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span></span></span></span></span>effetti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riclassificazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">operano<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">maniera<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pros<span class=\"_ _2\"></span>pettica<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">part<span class=\"_ _2\"></span>ire<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dalla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">data<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ric<span class=\"_ _2\"></span>lassificazione.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Gli<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">utili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>rdi<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ris<span class=\"_ _0\"></span>ulta<span class=\"_ _0\"></span>nti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dal<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>ffer<span class=\"_ _0\"></span>enz<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>ra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>osto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">amm<span class=\"_ _0\"></span>orti<span class=\"_ _0\"></span>zz<span class=\"_ _0\"></span>ato<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>'atti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nzia<span class=\"_ _0\"></span>ria<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>lati<span class=\"_ _0\"></span>vo<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>air<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alue<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>ono<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>rilevati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">conto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">economico<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">caso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riclassifica<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valutat<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">impatto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>conto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>economico<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Patrimonio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nett<span class=\"_ _2\"></span>o,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nel<span class=\"_ _0\"></span>l\u2019apposita<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>riserva<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valutazione,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _21\"></span></span>caso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>riclassifica<span class=\"ff1\"> <span class=\"_ _20\"></span></span>t<span class=\"_ _2\"></span>ra<span class=\"ff1\"> <span class=\"_ _21\"></span></span>le<span class=\"ff1\"> </span>Attivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>impatto<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>redditivit\u00e0<span class=\"ff1\"> </span>complessiva.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Successivamente<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>al<span class=\"_ _2\"></span>la<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>rilevazione<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>iniziale,<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>esame<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>valutate<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>costo<span class=\"ff1\"> </span>amm<span class=\"_ _0\"></span>orti<span class=\"_ _0\"></span>zza<span class=\"_ _0\"></span>to,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">utiliz<span class=\"_ _0\"></span>zand<span class=\"_ _1\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>metod<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tasso</span> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">int<span class=\"_ _0\"></span>eres<span class=\"_ _0\"></span>se<span class=\"ff1\"> </span>effe<span class=\"_ _0\"></span>ttiv<span class=\"_ _0\"></span>o.<span class=\"ff1\"> </span>In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">que<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">te<span class=\"_ _0\"></span>rmini<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>l\u2019at<span class=\"_ _0\"></span>tivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>ricon<span class=\"_ _0\"></span>osc<span class=\"_ _0\"></span>iuta<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">am<span class=\"_ _2\"></span>montare<span class=\"ff1\"> </span>pari<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alore<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prima<span class=\"ff1\"> </span>iscrizione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _2\"></span>minuito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span>rimborsi<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>capitale,<span class=\"ff1\"> </span>pi\u00f9<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o</span> <span class=\"_ _0\"></span><span class=\"ff3\">meno<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>l\u2019<span class=\"_ _0\"></span>amm<span class=\"_ _0\"></span>ortam<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>cumul<span class=\"_ _0\"></span>ato<span class=\"ff1\"> </span>(ca<span class=\"_ _0\"></span>lcola<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>col<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>amat<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>me<span class=\"_ _0\"></span>tod<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tasso</span> <span class=\"ff3\">di</span> <span class=\"ff3\">int<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">effe<span class=\"_ _0\"></span>ttiv<span class=\"_ _1\"></span>o<span class=\"_ _2\"></span>)<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>dif<span class=\"_ _0\"></span>feren<span class=\"_ _0\"></span>za<span class=\"ff1\"> </span></span></span></span></span>tra<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tale<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>importo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>iniziale<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">l\u2019import<span class=\"_ _2\"></span>o</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">alla</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">scaden<span class=\"_ _0\"></span>za<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(riconducibile<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tipicamente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ai<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>costi/proventi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>imputati<span class=\"ff1\"> </span></span></span>direttamente<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>singola<span class=\"ff1\"> </span>attivit\u00e0)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>rettificato<span class=\"ff1\"> </span>dell\u2019eventuale<span class=\"ff1\"> </span>fondo<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>copertura<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"ff1\"> </span>perdite<span class=\"ff1\"> </span>attese.<span class=\"ff1\"> </span>I<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> </span></span></span>di<span class=\"ff1\">  </span>interesse<span class=\"ff1\">  </span>ef<span class=\"_ _0\"></span>fett<span class=\"_ _2\"></span>ivo<span class=\"ff1\">  </span>\u00e8<span class=\"ff1\">  </span>i<span class=\"_ _0\"></span>ndividuato<span class=\"_ _2\"></span><span class=\"ff1\">  </span>calcolando<span class=\"ff1\">  </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\">  </span>tasso<span class=\"ff1\">  </span>che<span class=\"ff1\">  </span>eguaglia<span class=\"ff1\">  </span>il<span class=\"ff1\">  </span>valore<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>at<span class=\"_ _2\"></span>tuale<span class=\"ff1\">  </span>dei<span class=\"ff1\">  </span>flussi<span class=\"ff1\">  </span>fu<span class=\"_ _0\"></span>turi<span class=\"_ _2\"></span><span class=\"ff1\"> </span>dell\u2019attivit\u00e0,<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>capi<span class=\"_ _0\"></span>tale<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>ed<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _23\"> </span><span class=\"ff3\">i<span class=\"_ _0\"></span>nteresse,<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>all\u2019<span class=\"_ _0\"></span>ammontar<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>erogato<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>inclusivo<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>costi/proventi<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>ricondotti<span class=\"ff1\"> </span></span></span>all\u2019attivit\u00e0<span class=\"ff1\">  </span>finan<span class=\"_ _0\"></span>ziaria<span class=\"ff1\">  </span>medesima.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Tale<span class=\"ff1\">  </span>modalit\u00e0<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\">  </span>contabilizzaz<span class=\"_ _0\"></span>ione,<span class=\"ff1\">  </span>utili<span class=\"_ _0\"></span>zzando<span class=\"ff1\">  </span>una<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>logica<span class=\"ff1\">  </span>finanziaria,<span class=\"ff1\"> </span>consente<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>d<span class=\"_ _0\"></span>istribuire<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>l\u2019<span class=\"_ _0\"></span>effetto<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>economico<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>cost<span class=\"_ _2\"></span>i/proventi<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>direttamente<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>attribuibili<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>ad<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>un\u2019attivit\u00e0<span class=\"ff1\"> </span>finanziaria<span class=\"ff1\"> </span>lungo<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>sua<span class=\"ff1\"> </span>vita<span class=\"ff1\"> </span>residua<span class=\"ff1\"> </span>attesa.<span class=\"_ _3bd\"> </span>Il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>metodo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>costo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ammortizzato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>non<span class=\"ff1\"> <span class=\"_ _2\"></span></span>viene<span class=\"ff1\"> <span class=\"_ _2\"></span></span>utilizzato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u2013<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valorizzat<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>costo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>storico<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u2013<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cui<span class=\"_ _2\"></span><span class=\"ff1\"> </span>breve<span class=\"ff1\"> <span class=\"_ _20\"></span></span>durata<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fa<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>itenere<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tr<span class=\"_ _2\"></span>ascurabile<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l\u2019effetto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dell\u2019applicazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>logica<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dell\u2019attualizzazione,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _21\"></span></span>quel<span class=\"_ _0\"></span>l<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>senza<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>scadenza<span class=\"ff1\"> </span>definita<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>crediti<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>revoca.<span class=\"_ _3bd\"> </span>I<span class=\"ff1\">  </span>criteri<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\">  </span>valu<span class=\"_ _0\"></span>tazione<span class=\"ff1\">  </span>relativi<span class=\"ff1\">  </span>agli<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>accantonamenti<span class=\"ff1\">  </span>per<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\">  </span>perdite<span class=\"ff1\">  </span>attese<span class=\"ff1\">  </span>sono<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">strettamente</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">connessi</span> </span>all\u2019inclusione<span class=\"ff1\"> </span>degli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>str<span class=\"_ _2\"></span>umenti<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>esame<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>uno<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>ei<span class=\"ff1\"> </span>tr<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>st<span class=\"_ _2\"></span>ages<span class=\"ff1\"> </span>(stadi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>creditizio)<span class=\"ff1\"> </span>prev<span class=\"_ _2\"></span>isti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall\u2019IFRS<span class=\"ff1\"> </span>9,<span class=\"ff1\"> </span>l\u2019ultimo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(Stage<span class=\"ff1\"> <span class=\"_ _2\"></span></span>3)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>com<span class=\"_ _2\"></span>prende<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>deter<span class=\"_ _2\"></span>iorate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>estanti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(Stage<span class=\"ff1\"> <span class=\"_ _2\"></span></span>1<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>2)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>bonis.<span class=\"_ _3bd\"> </span>Con<span class=\"ff1\"> </span>riferimento<span class=\"ff1\"> </span>alla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>appresentazione<span class=\"ff1\"> </span>contabil<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>suddetti<span class=\"ff1\"> </span>ef<span class=\"_ _0\"></span>fetti<span class=\"ff1\"> </span>valutativi,<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rettifiche</span> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> </span>riferite<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span>questa<span class=\"ff1\"> </span>tipologia<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>rilevate<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>Conto<span class=\"ff1\"> </span>Economico:<span class=\"_ _3bd\"> </span>al<span class=\"_ _0\"></span>l\u2019at<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>ll\u2019<span class=\"_ _0\"></span>isc<span class=\"_ _0\"></span>rizi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">iniz<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span>e,<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>mmon<span class=\"_ _0\"></span>tare<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>ari<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">perd<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">at<span class=\"_ _0\"></span>tesa<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"ff3\">d<span class=\"_ _1\"></span>odici<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">me<span class=\"_ _1\"></span>si;<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span>all\u2019atto<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>valutazione<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>successiva<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>dell\u2019att<span class=\"_ _2\"></span>ivit\u00e0,<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>ove<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>creditizio<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>sia<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>risultato<span class=\"ff1\"> </span>significativamente<span class=\"ff1\"> <span class=\"_ _28\"> </span></span>incrementato<span class=\"ff1\"> <span class=\"_ _28\"> </span></span>rispetto<span class=\"ff1\"> <span class=\"_ _2b\"> </span></span>all\u2019<span class=\"_ _0\"></span>iscrizione<span class=\"ff1\"> <span class=\"_ _28\"> </span></span>iniziale,<span class=\"ff1\"> <span class=\"_ _28\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _28\"> </span></span>relazione<span class=\"ff1\"> <span class=\"_ _28\"> </span></span>alle<span class=\"ff1\"> <span class=\"_ _28\"> </span></span>vari<span class=\"_ _2\"></span>azioni<span class=\"ff1\"> </span>dell\u2019ammontare<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>rettifiche<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>perdite<span class=\"ff1\"> </span>attese<span class=\"ff1\"> </span>nei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dodici<span class=\"ff1\"> </span>mesi<span class=\"ff1\"> </span>successivi;<span class=\"_ _3bd\"> </span>al<span class=\"_ _0\"></span>l\u2019at<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>valu<span class=\"_ _0\"></span>tazi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">succes<span class=\"_ _0\"></span>siv<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>dell\u2019<span class=\"_ _0\"></span>atti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0,<span class=\"ff1\"> </span>ove<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">risch<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>cred<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>zio<span class=\"ff1\"> </span>si<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ris<span class=\"_ _0\"></span>ulta<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>sig<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>fica<span class=\"_ _0\"></span>tiva<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>incrementato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rispetto<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>l\u2019iscrizione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"_ _2\"></span>niziale,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>relazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span>rilevazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rettifiche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>perdite<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>attese<span class=\"ff1\"> </span>riferibili<span class=\"ff1\"> </span>all\u2019intera<span class=\"ff1\"> </span>vita<span class=\"ff1\"> </span>residua<span class=\"ff1\"> </span>prevista<span class=\"ff1\"> </span>contr<span class=\"_ _2\"></span>attualmente<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>l\u2019attivit\u00e0;<span class=\"_ _3bd\"> </span>all\u2019atto<span class=\"ff1\">  </span>della<span class=\"ff1\">  </span>valutazione<span class=\"ff1\">  </span>succe<span class=\"_ _0\"></span>ssiva<span class=\"ff1\">  </span>dell\u2019attivit\u00e0,<span class=\"ff1\">  </span>ove<span class=\"ff1\">  </span>\u2013<span class=\"ff1\">  </span>dopo<span class=\"ff1\">  </span>che<span class=\"ff1\">  </span>si<span class=\"ff1\">  </span>\u00e8<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>verificato<span class=\"ff1\">  </span>un<span class=\"ff1\">  </span>inc<span class=\"_ _0\"></span>reme<span class=\"_ _0\"></span>nto<span class=\"_ _3bd\"> </span>sig<span class=\"_ _0\"></span>nif<span class=\"_ _0\"></span>icat<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">risc<span class=\"_ _0\"></span>hio<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">cre<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>rispe<span class=\"_ _0\"></span>tto<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>l\u2019i<span class=\"_ _0\"></span>scri<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>iniz<span class=\"_ _0\"></span>iale<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">\u2013</span> <span class=\"ff3\">la</span> <span class=\"ff3\">\u201csig<span class=\"_ _0\"></span>nifi<span class=\"_ _0\"></span>cat<span class=\"_ _0\"></span>ivit\u00e0<span class=\"_ _0\"></span>\u201d<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tal<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>incr<span class=\"_ _0\"></span>eme<span class=\"_ _0\"></span>nto<span class=\"ff1\"> </span>sia<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span>poi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>venuta<span class=\"ff1\"> <span class=\"_ _2\"></span></span>meno,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>relazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>all\u2019adeguamento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rettifiche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valor<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cumulate<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tener<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"_ _2\"></span>to<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>passaggio<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>perdita<span class=\"ff1\"> </span>attesa<span class=\"ff1\"> </span>lungo<span class=\"ff1\"> </span>l\u2019intera<span class=\"ff1\"> </span>vita<span class=\"ff1\"> </span>residua<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>strumento<span class=\"ff1\"> </span>(\u201clifetime\u201d)<span class=\"ff1\"> </span>ad<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>dodici<span class=\"ff1\"> </span></span></span>me<span class=\"_ _1\"></span>si.<span class=\"_ _0\"></span> Le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> </span>fin<span class=\"_ _0\"></span>anziarie<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esame,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ove<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risultino<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">bonis,</span> <span class=\"_ _1\"></span><span class=\"ff3\">sono<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sottoposte<span class=\"ff1\"> </span>ad<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">una<span class=\"ff1\"> </span>valutazione,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">volta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>defi<span class=\"_ _0\"></span>nire<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>rettifiche<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>val<span class=\"_ _0\"></span>ore<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rilevare<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"></span></span>bil<span class=\"_ _0\"></span>ancio,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>livello<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>ingolo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rapp<span class=\"_ _0\"></span>ort<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>creditizi<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>(o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u201ctranche\u201d<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>titolo),<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"_ _0\"></span><span class=\"ff1\"> </span>funzione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>parametri<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>appresentati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>da<span class=\"ff1\"> <span class=\"_ _21\"></span></span>probabili<span class=\"_ _0\"></span>ty<span class=\"ff1\"> <span class=\"_ _21\"></span></span>of<span class=\"ff1\"> <span class=\"_ _20\"></span></span>default<span class=\"ff1\"> <span class=\"_ _21\"></span></span>(P<span class=\"_ _0\"></span>D),<span class=\"ff1\"> <span class=\"_ _21\"></span></span>loss<span class=\"ff1\"> <span class=\"_ _20\"></span></span>given<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>efault<span class=\"ff1\"> <span class=\"_ _21\"></span></span>(LGD)<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ed<span class=\"ff1\"> </span>exposure<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>at<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>default<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(EAD),<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>derivati<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>ai<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>modelli<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>AIRB<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>op<span class=\"_ _2\"></span>portunamente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>corretti<span class=\"ff1\">  </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tener<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>conto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>delle<span class=\"ff1\"> </span>previsioni<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>principio<span class=\"ff1\"> </span>contabile<span class=\"ff1\"> </span>IFRS<span class=\"ff1\"> </span>9.<span class=\"_ _3bd\"> </span>Se,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">olt<span class=\"_ _2\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ad<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">incremento<span class=\"ff1\"> </span>significativo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">credito,<span class=\"ff1\"> </span>si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riscont<span class=\"_ _2\"></span>rano<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>nche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">oggettive<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">evidenze<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>perdita<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valore,<span class=\"ff1\"> </span>l\u2019importo<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>perdi<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>viene<span class=\"ff1\"> </span>misurat<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ifferenza<span class=\"ff1\"> </span>tra<span class=\"_ _2\"></span><span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> </span>contabile<span class=\"ff1\"> </span>dell\u2019attivit\u00e0<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> </span></span></span>classificata<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">com<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u201cdeteriorat<span class=\"_ _2\"></span>a\u201d,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pari<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tutti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alt<span class=\"_ _2\"></span>ri<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>apporti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">intercorrenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">medesima<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contr<span class=\"_ _2\"></span>oparte<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u2013<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>attuale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>futuri<span class=\"ff1\"> <span class=\"_ _20\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziari<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>timati,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>scontati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tasso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>interesse<span class=\"ff1\"> <span class=\"_ _2\"></span></span>effettivo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>originario.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>In<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>ale<span class=\"ff1\"> </span>contesto,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>stata<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sviluppata<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>specifica<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>metodologia<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>trattamento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cont<span class=\"_ _2\"></span>abile<span class=\"ff1\"> <span class=\"_ _21\"></span></span>da<span class=\"ff1\"> <span class=\"_ _21\"></span></span>applicare<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ad<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>un<span class=\"_ _3bd\"> </span>portafoglio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">posizioni<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sofferenza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che,<span class=\"ff1\"> </span>avend<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>maturato<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vintage<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">significativo,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vengono<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anche<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>un\u2019ot<span class=\"_ _2\"></span>tica<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cessione.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Tale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>metodologia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>considera<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>diversi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>scenari<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>stima<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>recuperabile<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"_ _2\"></span><span class=\"ff1\"> </span>esposizioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>base<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>combinazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>all<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>probabilit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"_ _2\"></span>ccadimento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ta<span class=\"_ _2\"></span>li<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>cenari,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>oltre<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>elativi<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cas<span class=\"_ _2\"></span>sa<span class=\"ff1\"> </span>stimati.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Rientrano<span class=\"ff1\"> </span>nell\u2019ambito<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> </span>deteriorate<span class=\"ff1\"> </span>g<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziari<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>quali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span>stato<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>attribuito<span class=\"ff1\"> </span>lo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>status<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sofferenza,<span class=\"ff1\"> </span>inadempienza<span class=\"ff1\"> </span>probabile<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>caduto/sconfinante<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>oltre<span class=\"ff1\"> </span>nov<span class=\"_ _2\"></span>anta<span class=\"ff1\"> </span>giorni<span class=\"_ _2\"></span><span class=\"ff1\"> </span>secondo<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>regole<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Banca<span class=\"ff1\"> </span>d\u2019Italia,<span class=\"ff1\"> </span>coerenti<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>normativa<span class=\"ff1\"> </span>IAS/IFRS<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Vigilanza<span class=\"ff1\"> </span>europea.<span class=\"_ _3bd\"> </span>I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">flussi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cassa<span class=\"ff1\"> </span>prev<span class=\"_ _0\"></span>isti<span class=\"ff1\"> </span>tengono<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>tempi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>recupero<span class=\"ff1\"> </span>attesi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>presumibile<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">realizzo<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>eventuali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">garanzie.<span class=\"_ _3bd\"> </span></span></span>Il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>tasso<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>effettivo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>originario<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ci<span class=\"_ _2\"></span>ascuna<span class=\"ff1\"> <span class=\"_ _21\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rimane<span class=\"ff1\"> <span class=\"_ _21\"></span></span>invariato<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff3\">tempo</span> <span class=\"_ _21\"> </span><span class=\"ff3\">ancorch\u00e9</span> <span class=\"_ _21\"></span><span class=\"ff3\">sia</span> <span class=\"_ _21\"></span><span class=\"ff3\">intervenuta</span> <span class=\"_ _21\"></span><span class=\"ff3\">una</span> </span>ristrutturazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>rapporto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> </span>abb<span class=\"_ _0\"></span>ia<span class=\"ff1\"> </span>com<span class=\"_ _2\"></span>portato<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>variazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contrattuale<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>anche<span class=\"ff1\"> </span>qualora<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>rapporto<span class=\"ff1\"> </span>divenga,<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>pratica,<span class=\"ff1\"> </span>infruttifero<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>interessi<span class=\"ff1\"> </span>cont<span class=\"_ _2\"></span>rattuali.<span class=\"_ _3bd\"> </span>Qualora<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">motivi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>ella<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perdita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">v<span class=\"_ _2\"></span>alore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>iano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rimossi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">seguito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">evento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">verificatosi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">successivamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>rilevazione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>riduzione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>valore,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>vengono<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>effettuate<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>riprese<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>imputazione<span class=\"ff1\">  </span>a<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>Conto<span class=\"ff1\"> </span>Economico.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>La<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ripresa<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>pu\u00f2<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>eccede<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">costo</span> <span class=\"_ _27\"> </span><span class=\"ff3\">ammortizzato</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">l<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>strumento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>finanziario<span class=\"ff1\"> </span></span></span></span></span>avrebbe<span class=\"ff1\"> </span>avuto<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>assenza<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>precedenti<span class=\"ff1\"> </span>rett<span class=\"_ _2\"></span>ifiche.<span class=\"ff1\"> </span>I<span class=\"ff1\"> </span>ripristini<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>connessi<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>trascorrere<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>tempo<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>appostati<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>margine<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>interesse.<span class=\"_ _3bd\"> </span>In<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alcuni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>casi,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>urante<span class=\"ff1\"> <span class=\"_ _21\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>vita<span class=\"ff1\"> <span class=\"_ _21\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>esame<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>particolare,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>crediti,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>condizioni<span class=\"ff1\"> </span>contrattuali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"_ _2\"></span>riginarie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">oggett<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">successiva<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">modifica<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">volont\u00e0<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">parti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contratto<span class=\"_ _2\"></span>.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Quando,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>corso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>vita<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>uno<span class=\"ff1\"> <span class=\"_ _20\"></span></span>st<span class=\"_ _2\"></span>rumento,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>clausole<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">contrattuali</span> <span class=\"_ _20\"></span><span class=\"ff3\">sono</span> <span class=\"_ _20\"></span><span class=\"ff3\">oggetto<span class=\"_ _2\"></span></span> <span class=\"_ _20\"></span><span class=\"ff3\">di</span> <span class=\"_ _20\"></span><span class=\"ff3\">m<span class=\"_ _2\"></span>odifica</span> <span class=\"_ _20\"></span><span class=\"ff3\">occorre</span> <span class=\"_ _21\"></span><span class=\"ff3\">verifi<span class=\"_ _0\"></span>care<span class=\"ff1\"> <span class=\"_ _21\"></span></span>se<span class=\"ff1\"> </span></span></span>l\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>originaria<span class=\"ff1\"> <span class=\"_ _2\"></span></span>deve<span class=\"ff1\"> <span class=\"_ _2\"></span></span>continuare<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _2\"></span></span>essere<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rilevata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>bilancio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>se,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contr<span class=\"_ _2\"></span>ario,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>lo<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>trumento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>originario<span class=\"ff1\"> </span>deve<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>esser<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>oggetto<span class=\"_ _2\"></span><span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\">  </span>cancellazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dal<span class=\"ff1\">  </span>bilancio<span class=\"ff1\">  </span>(derecognition)<span class=\"ff1\">  </span>e<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">debba</span>  <span class=\"ff3\">e<span class=\"_ _0\"></span>ssere<span class=\"ff1\">  </span>rilevato<span class=\"ff1\">  </span>un<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nuovo<span class=\"ff1\"> </span></span></span>strumento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziario.<span class=\"_ _3bd\"> </span></span></span>In<span class=\"ff1\"> </span>gen<span class=\"_ _0\"></span>erale,<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>modifiche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>un\u2019attivit\u00e0<span class=\"ff1\"> </span>finanziaria<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">conducono<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>cancell<span class=\"_ _0\"></span>azione<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>stessa<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>d<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>l\u2019iscrizione<span class=\"ff1\"> </span></span></span></span></span>di<span class=\"ff1\"> </span>una<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nuova<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quando<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>no<span class=\"ff1\"> </span>\u201c<span class=\"_ _2\"></span>sostanziali\u201d.<span class=\"ff1\"> </span>La<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valutazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>circa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> </span>\u201c<span class=\"_ _2\"></span>sostanzialit\u00e0\u201d<span class=\"ff1\"> </span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>modifica<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>eve<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>effettuata<span class=\"ff1\"> </span>conside<span class=\"_ _0\"></span>rando<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span>elementi<span class=\"ff1\"> </span>qualitativi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sia<span class=\"ff1\"> </span>elementi<span class=\"ff1\"> </span>quantitativi.<span class=\"ff1\"> </span>In<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alcuni<span class=\"ff1\"> </span>casi,<span class=\"ff1\"> </span>infatti,<span class=\"ff1\"> </span>potr\u00e0<span class=\"ff1\"> </span></span></span></span></span>risultare<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>chiaro,<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>senza<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>ricorso<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>complesse<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>analisi,<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>cambiamenti<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>intro<span class=\"_ _2\"></span>dotti<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>modificano<span class=\"ff1\"> </span>sostanzialmente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>caratterist<span class=\"_ _2\"></span>iche<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span><span class=\"ff3\">e/o</span> <span class=\"_ _2\"></span><span class=\"ff3\">i</span> <span class=\"_ _20\"></span><span class=\"ff3\">flussi</span> <span class=\"_ _20\"></span><span class=\"ff3\">contrattuali</span> <span class=\"_ _20\"></span><span class=\"ff3\">di</span> <span class=\"_ _2\"></span><span class=\"ff3\">una</span> <span class=\"_ _20\"></span><span class=\"ff3\">determinata</span> <span class=\"_ _20\"></span><span class=\"ff3\">attivit\u00e0</span> <span class=\"_ _20\"></span><span class=\"ff3\">mentre,</span> <span class=\"_ _2\"></span><span class=\"ff3\">in</span> <span class=\"_ _20\"></span><span class=\"ff3\">altri</span> <span class=\"_ _20\"></span><span class=\"ff3\">casi,</span> </span>dovranno<span class=\"ff1\"> <span class=\"_ _2\"></span></span>essere<span class=\"ff1\"> </span>svolte<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ulteriori<span class=\"ff1\"> <span class=\"_ _2\"></span></span>analisi<span class=\"ff1\"> </span>(anche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>tipo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quantitativo)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>apprezzare<span class=\"ff1\"> </span>gli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>effetti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>stesse<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>verificare<span class=\"ff1\"> <span class=\"_ _21\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>necessit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>procedere<span class=\"ff1\"> <span class=\"_ _21\"></span></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>meno<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>cancellazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dell\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ed<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"_ _2\"></span>lla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>iscrizione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nuovo<span class=\"ff1\"> </span>strumento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziario.<span class=\"_ _3bd\"> </span></span></span>Le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>analisi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(q<span class=\"_ _2\"></span>uali-quantitative)<span class=\"ff1\"> <span class=\"_ _21\"></span></span>volte<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>defini<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u201csostanzialit\u00e0\u201d<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>modifiche<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contrattuali<span class=\"ff1\"> <span class=\"_ _21\"></span></span>apportate<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ad<span class=\"ff1\"> </span>un\u2019attivit\u00e0<span class=\"ff1\"> </span>finanziaria,<span class=\"ff1\"> </span>dovranno<span class=\"ff1\"> </span>pertanto<span class=\"ff1\"> </span>considerare:<span class=\"_ _3bd\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fin<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>pe<span class=\"_ _1\"></span>r<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mod<span class=\"_ _0\"></span>ific<span class=\"_ _0\"></span>he<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">state<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span>ffe<span class=\"_ _0\"></span>ttua<span class=\"_ _0\"></span>te:<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>d<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>semp<span class=\"_ _0\"></span>io,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rin<span class=\"_ _0\"></span>egoz<span class=\"_ _0\"></span>iaz<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>motiv<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ommerc<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>cess<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>dif<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>olt<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>nanz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>ntro<span class=\"_ _0\"></span>par<span class=\"_ _0\"></span>te:<span class=\"_ _3bd\"> </span></span></span></span></span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prime,<span class=\"ff1\"> </span>volte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>\u201ctrattenere\u201d<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>cliente,<span class=\"ff1\"> </span>vedono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">coinvolto<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>debitore<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>he<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">versa<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">situazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"_ _0\"></span>ffi<span class=\"_ _0\"></span>colt\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fina<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>a.<span class=\"ff1\"> </span>In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">que<span class=\"_ _0\"></span>sta<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>asist<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>inc<span class=\"_ _0\"></span>luse<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tut<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>le<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">operaz<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rine<span class=\"_ _0\"></span>gozi<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>olte<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ad<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">adeg<span class=\"_ _0\"></span>uare<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">l\u2019o<span class=\"_ _0\"></span>nero<span class=\"_ _0\"></span>sit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">debi<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>alle<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">co<span class=\"_ _0\"></span>ndiz<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">me<span class=\"_ _0\"></span>rca<span class=\"_ _0\"></span>to.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Tali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">oper<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ompo<span class=\"_ _0\"></span>rtan<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>una<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">variaz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>delle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>condizioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>originarie<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>contratto,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>olitamente<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>richieste<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>debitore,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">attiene</span> <span class=\"_ _27\"> </span><span class=\"ff3\">ad</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">aspetti</span> </span>connessi<span class=\"ff1\"> </span>alla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>onerosit\u00e0<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>debito<span class=\"_ _2\"></span>,<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>conseguente<span class=\"ff1\"> </span>beneficio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>economico<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>debitore<span class=\"ff1\"> </span>stesso.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>In<span class=\"ff1\"> </span>linea<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>generale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>itiene<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>che,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>o<span class=\"_ _2\"></span>gniqualvolta<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>banca<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>effettui<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>u<span class=\"_ _2\"></span>na<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rinegoziazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fine<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"_ _2\"></span>vitare<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>rde<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">prop<span class=\"_ _0\"></span>rio<span class=\"ff1\"> </span>cl<span class=\"_ _0\"></span>ien<span class=\"_ _0\"></span>te,<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>ale<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>neg<span class=\"_ _0\"></span>ozi<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>bba<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">essere<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span>side<span class=\"_ _1\"></span>rata<span class=\"ff1\"> </span>com<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>sos<span class=\"_ _0\"></span>tanz<span class=\"_ _0\"></span>iale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">quanto<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>ov<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>non<span class=\"ff1\"> </span>fosse<span class=\"ff1\"> </span>effettuata,<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>cliente<span class=\"ff1\"> </span>potrebbe<span class=\"ff1\"> </span>finanziarsi<span class=\"ff1\"> </span>presso<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>altro<span class=\"ff1\"> </span>intermediario<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>banca<span class=\"ff1\"> </span>subirebbe<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>decremento<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>ricavi<span class=\"ff1\"> </span>futuri<span class=\"ff1\"> </span>previsti;<span class=\"_ _3bd\"> </span>le<span class=\"ff1\"> </span>seconde,<span class=\"ff1\"> </span>effettuate<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u201cragioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>creditizio\u201d<span class=\"ff1\"> </span>(misure<span class=\"_ _2\"></span><span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>forbearance),<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riconducibili<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span> tentativo<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>banca<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>massimizzare<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>recovery<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>cash<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">flow<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span>cred<span class=\"_ _0\"></span>ito<span class=\"ff1\"> </span>originario.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischi<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i</span> <span class=\"_ _1\"></span><span class=\"ff3\">benefici<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>sottostanti,<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>successivamente<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>alle<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>modifiche,<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>norma,<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>sostanzialmente<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>t<span class=\"_ _2\"></span>rasferiti<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>e,<span class=\"ff1\"> </span>conseguentemente,<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rappresentazione<span class=\"ff1\"> </span>contabile<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>offre<span class=\"ff1\"> </span>informazioni<span class=\"ff1\"> </span>pi\u00f9<span class=\"ff1\"> </span>rilevanti<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>lettor<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>(salvo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quanto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dir\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>eguito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span></span>tema<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>elementi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>oggettivi),<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quella<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>effettuata<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tramite<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> </span>\u201cmodification<span class=\"ff1\"> <span class=\"_ _20\"></span></span>accounting\u201d<span class=\"ff1\"> <span class=\"_ _21\"></span></span>-<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>implica<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rilevazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>conto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>economico<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>differenza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tr<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valore<span class=\"ff1\"> </span>contabile<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>valore<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attuale<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>flu<span class=\"_ _2\"></span>ssi<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cassa<span class=\"ff1\"> </span>modificati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>scontati<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>interesse<span class=\"ff1\"> </span>or<span class=\"_ _2\"></span>iginario<span class=\"ff1\"> </span>-<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>tramite<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>derecognition;<span class=\"_ _3bd\"> </span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>presenza<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>specifici<span class=\"ff1\"> <span class=\"_ _20\"></span></span>el<span class=\"_ _2\"></span>ementi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>oggettivi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>(\u201ctrigger\u201d)<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"_ _2\"></span>ncidono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sulle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">caratteristiche</span> <span class=\"_ _20\"></span><span class=\"ff3\">e/o</span> <span class=\"_ _21\"></span><span class=\"ff3\">sui</span> <span class=\"_ _20\"></span><span class=\"ff3\">flussi</span> </span>contrattuali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dello<span class=\"ff1\"> <span class=\"_ _20\"></span></span>str<span class=\"_ _2\"></span>umento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziario<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(quali,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>solo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>titolo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>es<span class=\"_ _2\"></span>empio,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cambiamento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>divisa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"_ _2\"></span><span class=\"ff1\"> </span>modifica<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> </span>tipologia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>esposti,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ove<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span>correli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>parametri<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">equity<span class=\"_ _2\"></span><span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">commodity),</span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ch<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>riti<span class=\"_ _0\"></span>ene<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">compo<span class=\"_ _0\"></span>rtin<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>derec<span class=\"_ _0\"></span>ogn<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>side<span class=\"_ _0\"></span>raz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">loro</span> <span class=\"ff3\">im<span class=\"_ _0\"></span>patt<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>(att<span class=\"_ _0\"></span>eso<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>me<span class=\"ff1\"> </span>si<span class=\"_ _0\"></span>gnif<span class=\"_ _0\"></span>icat<span class=\"_ _0\"></span>ivo)<span class=\"ff1\"> </span></span></span></span></span></span></span>sui<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> </span>contrattuali<span class=\"ff1\"> </span>originari.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inanziarie<span class=\"ff1\"> </span>veng<span class=\"_ _0\"></span>ono<span class=\"ff1\"> </span>cancell<span class=\"_ _0\"></span>ate<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>al<span class=\"ff1\"> </span>bilanc<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>solamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">se<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>cessione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">comportat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>sostanzial<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>trasferimento<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>utti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>be<span class=\"_ _0\"></span>nefici<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">connessi<span class=\"ff1\"> </span>alle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> </span>stesse.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Per<span class=\"ff1\"> </span>contro,<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>ualora<span class=\"ff1\"> </span>sia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stat<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ma<span class=\"_ _2\"></span>ntenut<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>una<span class=\"ff1\"> </span>quota<span class=\"ff1\"> <span class=\"_ _2\"></span></span>part<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>rilevante<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>b<span class=\"_ _2\"></span>enefici<span class=\"ff1\"> </span>relativi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cedute,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>queste<span class=\"ff1\"> <span class=\"_ _2\"></span></span>continuano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"_ _3bd\"> </span>essere<span class=\"ff1\"> </span>iscritte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>b<span class=\"_ _0\"></span>ilancio,<span class=\"ff1\"> </span>ancorch\u00e9<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">giuridicamente<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">titolarit\u00e0<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stesse<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span>stata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">effettivament<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>tras<span class=\"_ _0\"></span>fer<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span>Nel<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>caso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pos<span class=\"_ _2\"></span>sibile<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>accert<span class=\"_ _2\"></span>are<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sostanziale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>trasferimento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>b<span class=\"_ _0\"></span>enefici,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>at<span class=\"_ _2\"></span>tivit<span class=\"_ _3bd\"> </span>finanziarie<span class=\"ff1\"> <span class=\"_ _21\"></span></span>vengono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cancellate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _21\"></span></span>bilancio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>qualora<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>tato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>mantenuto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alcun<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tipo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>controllo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sull<span class=\"_ _3bd\"> </span>stesse.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>In<span class=\"ff1\"> <span class=\"_ _2\"></span></span>caso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contrario,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conservazione,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>anche<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>parte,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>ale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>controllo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>comporta<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mantenimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"_ _3bd\"> </span>bilancio<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>misura<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>coinvolgimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>residuo,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>misurato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall\u2019esposizione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ai</span> <span class=\"ff3\">cam<span class=\"_ _2\"></span>biamenti</span> </span>valore<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>cedute<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>variazioni<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> </span>finanziari<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>stesse.<span class=\"_ _3bd\"> </span>Infine,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziar<span class=\"_ _2\"></span>ie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ce<span class=\"_ _2\"></span>dute<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vengono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cancellate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dal<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> </span>nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">caso<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cui<span class=\"ff1\"> </span>vi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sia</span> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onservazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">d<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>diritti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contrattuali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ricevere<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>relativi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cas<span class=\"_ _2\"></span>sa,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contestuale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>as<span class=\"_ _2\"></span>sunzione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un\u2019obb<span class=\"_ _2\"></span>ligazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"_ _3bd\"> </span>pagare<span class=\"ff1\"> </span>detti<span class=\"ff1\"> </span>flussi,<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>solo<span class=\"ff1\"> </span>essi,<span class=\"ff1\"> </span>senza<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>ritardo<span class=\"ff1\"> </span>rilevante<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>altri<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>ggetti<span class=\"ff1\"> </span>terzi.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ril<span class=\"_ _0\"></span>ev<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>del<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ual<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>L\u2019allocazione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>componenti<span class=\"ff1\"> </span>reddituali<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> </span>pertinenti<span class=\"ff1\"> </span>voci<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>conto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>economico<span class=\"ff1\"> </span>avviene<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>quanto<span class=\"ff1\"> </span>riportato<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>seguito:<span class=\"_ _3bd\"> </span>Gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>ress<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ttivi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>red<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> </span>ti<span class=\"_ _0\"></span>tol<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>eng<span class=\"_ _0\"></span>ono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">all<span class=\"_ _0\"></span>ocati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ne<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">voce<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u201cI<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">atti<span class=\"_ _0\"></span>vi<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>rove<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ass<span class=\"_ _0\"></span>imil<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>\u201d<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ompe<span class=\"_ _0\"></span>tenz<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ulla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">b<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">t<span class=\"_ _0\"></span>asso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>resse<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span>ffe<span class=\"_ _0\"></span>ttiv<span class=\"_ _0\"></span>o;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>Gli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">utili<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">perdite<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cessione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">crediti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">titoli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vengono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">allocat<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nella<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">voce<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u201cUtili<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(perdite)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cess<span class=\"_ _2\"></span>ion<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>o<span class=\"ff1\"> </span>riacquisto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>costo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ammortizzato\u201d;<span class=\"_ _3bd\"> </span>Le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rettifiche<span class=\"ff1\"> <span class=\"_ _21\"></span></span>da<span class=\"ff1\"> <span class=\"_ _20\"></span></span>impairment,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>perdite<span class=\"ff1\"> <span class=\"_ _21\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cancellazioni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>riprese<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>credi<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tito<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span>vengono<span class=\"ff1\"> </span>allocate<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span>voce<span class=\"ff1\"> </span>\u201cRettifiche/riprese<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> </span>nette<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">credito<span class=\"ff1\"> </span>relativo<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ttivit<span class=\"_ _3bd\"> </span></span></span></span></span>finanziarie<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>costo<span class=\"ff1\"> </span>ammort<span class=\"_ _2\"></span>izzato\u201d.<span class=\"_ _3bd\"> </span>Gli<span class=\"ff1\"> </span>interessi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dovuti<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>trascorrere<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tempo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contabilizzati<span class=\"ff1\"> </span>nella<span class=\"ff1\"> <span class=\"_ _2\"></span></span>voce<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u201cInteressi<span class=\"ff1\"> </span>att<span class=\"_ _2\"></span>ivi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>prove<span class=\"_ _0\"></span>nti<span class=\"_ _3bd\"> </span>ass<span class=\"_ _0\"></span>imi<span class=\"_ _0\"></span>lat<span class=\"_ _0\"></span>i\u201d.<span class=\"_ _3bd\"> </span>5-<span class=\"_ _3bd\"> </span>Pa<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>eci<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>zio<span class=\"_ _1\"></span>ni<span class=\"fc0 sc1\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>isc<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>partecipazioni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>iscritte<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>data<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>regolamento.<span class=\"ff1\"> <span class=\"_ _21\"></span></span>All\u2019atto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>della<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rile<span class=\"_ _0\"></span>vazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>iniziale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>interessenze<span class=\"ff1\"> </span>partecipative<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span></span>contabili<span class=\"_ _0\"></span>zzate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"></span></span>costo,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>comprensivo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">costi</span> <span class=\"_ _20\"></span><span class=\"ff3\">o</span> <span class=\"_ _21\"> </span><span class=\"ff3\">proventi</span> <span class=\"_ _20\"></span><span class=\"ff3\">dirett<span class=\"_ _2\"></span>amente</span> <span class=\"_ _20\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>ttribui<span class=\"_ _0\"></span>bili<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alla<span class=\"ff1\"> </span></span></span>tran<span class=\"_ _0\"></span>saz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cla<span class=\"_ _1\"></span>ssi<span class=\"_ _0\"></span>fica<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>La<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">vo<span class=\"_ _0\"></span>ce<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>ncl<span class=\"_ _0\"></span>ude<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"_ _0\"></span>teres<span class=\"_ _0\"></span>senz<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dete<span class=\"_ _0\"></span>nut<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>so<span class=\"_ _0\"></span>cie<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>roll<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span>giu<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">colleg<span class=\"_ _0\"></span>ate.<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span>Sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">considerate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">controllate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">congiuntamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">imprese<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nelle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">diritti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>oto<span class=\"ff1\"> </span>ed<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">controllo<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>l\u2019att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>economica<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">della<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>artecipat<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">condivisi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>modo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">paritetico<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Credem,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">direttam<span class=\"_ _2\"></span>ente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>indirettamente,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>da<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>altro<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>so<span class=\"_ _2\"></span>ggetto.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Inoltre<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>vie<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>qu<span class=\"_ _0\"></span>alificato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>come<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sotto<span class=\"_ _2\"></span>posto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>controllo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>congiunto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>investimento<span class=\"ff1\"> </span>partecipativo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>q<span class=\"_ _2\"></span>uale,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pur<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>assenza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>qu<span class=\"_ _0\"></span>ota<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>paritetica<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>diritt<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>vot<span class=\"_ _2\"></span>o,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>c<span class=\"_ _0\"></span>ontro<span class=\"_ _2\"></span>llo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sull\u2019attivit\u00e0<span class=\"ff1\"> </span>economica<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sugli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"_ _2\"></span>dirizzi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>st<span class=\"_ _2\"></span>rategici<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>part<span class=\"_ _2\"></span>ecipata<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>condiviso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>altri<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>oggetti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>virt\u00f9<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>accor<span class=\"_ _2\"></span>di<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>trat<span class=\"_ _0\"></span>tua<span class=\"_ _0\"></span>li.<span class=\"_ _3bd\"> </span>Sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>considerate<span class=\"ff1\"> <span class=\"_ _21\"></span></span>collegate,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cio<span class=\"_ _2\"></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sot<span class=\"_ _2\"></span>toposte<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _21\"></span></span>influ<span class=\"_ _0\"></span>enza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>note<span class=\"_ _2\"></span>vole,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>imp<span class=\"_ _0\"></span>rese<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nelle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>q<span class=\"_ _2\"></span>uali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>c<span class=\"_ _2\"></span>apogruppo,<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>rett<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>indi<span class=\"_ _0\"></span>ret<span class=\"_ _0\"></span>tamen<span class=\"_ _0\"></span>te,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">poss<span class=\"_ _0\"></span>ied<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">almen<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>2<span class=\"_ _0\"></span>0%<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">diritt<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vot<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>ivi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inc<span class=\"_ _0\"></span>lusi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>rit<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>oto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u201cp<span class=\"_ _0\"></span>ote<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ali\u201d<span class=\"_ _0\"></span>)<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>o<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quali<span class=\"ff1\"> </span>\u2013<span class=\"_ _2\"></span><span class=\"ff1\"> </span>pur<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>una<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quota<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>diritti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>voto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>inferiore<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> </span>ha<span class=\"_ _2\"></span><span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>potere<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>partecipare<span class=\"ff1\"> </span>alla<span class=\"_ _2\"></span><span class=\"ff1\"> </span>determinazione<span class=\"ff1\"> </span>delle<span class=\"ff1\">  </span>politiche<span class=\"ff1\">  </span>finanziarie<span class=\"ff1\">  </span>e<span class=\"ff1\">  </span>gestionali<span class=\"ff1\">  </span>della<span class=\"ff1\">  </span>partecipata<span class=\"ff1\">  </span>in<span class=\"ff1\">  </span>virt\u00f9<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>particolari<span class=\"ff1\">  </span>legami<span class=\"ff1\">  </span>giuridici<span class=\"ff1\">  </span>quali<span class=\"ff1\">  </span>la<span class=\"ff1\"> </span>partecipazione<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>patti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>sindacato.<span class=\"_ _3bd\"> </span>Non<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>considerate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>ottoposte<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _2\"></span></span>influenza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>notevole<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alcune<span class=\"ff1\"> <span class=\"_ _20\"></span></span>interessenze<span class=\"ff1\"> <span class=\"_ _20\"></span></span>superiori<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>20<span class=\"_ _2\"></span>%,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nelle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quali,<span class=\"_ _2\"></span><span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>rett<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">indi<span class=\"_ _0\"></span>retta<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te,<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>Gru<span class=\"_ _0\"></span>ppo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">deti<span class=\"_ _0\"></span>ene<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>sclu<span class=\"_ _0\"></span>siva<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>dir<span class=\"_ _0\"></span>itti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pat<span class=\"_ _0\"></span>rimo<span class=\"_ _0\"></span>nial<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>su<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">una</span> <span class=\"ff3\">po<span class=\"_ _0\"></span>rzi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>rutti<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>degli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">investimenti,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">acces<span class=\"_ _2\"></span>so<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">politiche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gestio<span class=\"_ _2\"></span>ne<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pu\u00f2<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esercitare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">diritti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">governance<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">limitati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>tutela<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>interessi<span class=\"ff1\"> </span>patrimoniali.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>part<span class=\"_ _2\"></span>ecipazioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\">  </span>societ\u00e0<span class=\"ff1\">  </span>colle<span class=\"_ _0\"></span>gate<span class=\"ff1\">  </span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>cont<span class=\"_ _2\"></span>rollate<span class=\"ff1\">  </span>congi<span class=\"_ _0\"></span>untamente<span class=\"ff1\">  </span>sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>valutate<span class=\"ff1\">  </span>con<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>meto<span class=\"_ _2\"></span>do<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>l<span class=\"ff1\"> </span>patrimonio<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>etto.<span class=\"_ _3bd\"> </span>Se<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esis<span class=\"_ _0\"></span>tono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ev<span class=\"_ _0\"></span>ide<span class=\"_ _0\"></span>nze<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>lore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">part<span class=\"_ _0\"></span>ecip<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>ossa<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">av<span class=\"_ _0\"></span>er<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sub<span class=\"_ _0\"></span>ito<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ridu<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">si<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>roc<span class=\"_ _0\"></span>ede<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">all<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>tim<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _21\"></span></span>recuperabile<span class=\"ff1\"> <span class=\"_ _21\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>part<span class=\"_ _2\"></span>ecipazione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">stessa,</span> <span class=\"_ _21\"></span><span class=\"ff3\">tenendo</span> <span class=\"_ _20\"></span><span class=\"ff3\">co<span class=\"_ _2\"></span>nto</span> <span class=\"_ _21\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">valore</span> <span class=\"_ _20\"></span><span class=\"ff3\">at<span class=\"_ _2\"></span>tuale</span> <span class=\"_ _20\"></span><span class=\"ff3\">dei</span> <span class=\"_ _21\"></span><span class=\"ff3\">flussi</span> <span class=\"_ _21\"></span><span class=\"ff3\">finanziar<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">i</span> </span></span></span>futuri<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>partecipazione<span class=\"ff1\"> </span>potr\u00e0<span class=\"ff1\"> </span>generare,<span class=\"ff1\"> </span>incluso<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>dismiss<span class=\"_ _2\"></span>ione<span class=\"ff1\"> </span>finale<span class=\"ff1\"> </span>dell\u2019investimento.<span class=\"_ _3bd\"> </span>Qualora<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>ecupero<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>risulti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>inferiore<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>contabile,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>elativa<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>differenza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rilevata<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cont<span class=\"_ _3bd\"> </span>o<span class=\"ff1\"> </span>ec<span class=\"_ _0\"></span>ono<span class=\"_ _0\"></span>mico<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span>Qualora<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">motivi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>ella<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perdita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">v<span class=\"_ _2\"></span>alore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>iano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rimossi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">seguito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">evento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">verificatosi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">successivamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">all<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ril<span class=\"_ _0\"></span>eva<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">riduz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">val<span class=\"_ _0\"></span>ore,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ven<span class=\"_ _0\"></span>gon<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>ef<span class=\"_ _0\"></span>fettu<span class=\"_ _0\"></span>ate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rip<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">va<span class=\"_ _0\"></span>lore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">imp<span class=\"_ _0\"></span>uta<span class=\"_ _0\"></span>zione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"ff3\">c<span class=\"_ _0\"></span>onto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">econ<span class=\"_ _0\"></span>omic<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>che<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>possono<span class=\"ff1\"> </span>eccedere<span class=\"ff1\"> </span>l\u2019ammontar<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>delle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">perdite</span> <span class=\"ff3\">da</span> <span class=\"ff3\">impairm<span class=\"_ _2\"></span>ent</span> <span class=\"ff3\">in</span> <span class=\"ff3\">precedenza</span> <span class=\"ff3\">registrate.<span class=\"_ _3bd\"> </span></span></span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> </span>partecipazioni<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cancellate<span class=\"ff1\"> </span>quando<span class=\"ff1\"> <span class=\"_ _2\"></span></span>scadono<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>diritti<span class=\"ff1\"> </span>contrattuali<span class=\"ff1\"> </span>sui<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziari<span class=\"ff1\"> </span>derivati<span class=\"ff1\"> </span>dalle<span class=\"_ _3bd\"> </span><span class=\"_ _2\"></span><span class=\"ff1\"> </span>atti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>ste<span class=\"_ _1\"></span>sse<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>l\u2019att<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>nanz<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>ria<span class=\"ff1\"> </span>vie<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>ced<span class=\"_ _0\"></span>uta<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">trasf<span class=\"_ _0\"></span>eren<span class=\"_ _0\"></span>do<span class=\"ff1\"> </span>sos<span class=\"_ _0\"></span>tan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>lme<span class=\"_ _0\"></span>nte<span class=\"ff1\"> </span>tut<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>be<span class=\"_ _0\"></span>nef<span class=\"_ _0\"></span>ic<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\">i<span class=\"ff1\"> </span></span></span>ad<span class=\"ff1\"> </span>essa<span class=\"ff1\"> </span>connessi.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ril<span class=\"_ _0\"></span>ev<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>del<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ual<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>differenze<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>negative<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>prima<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>is<span class=\"_ _2\"></span>crizione,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>gli<span class=\"ff1\"> <span class=\"_ _21\"></span></span>utili<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>perdite<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>partecipate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>realizzate,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>perdite<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>d<span class=\"_ _3bd\"> </span>a<span class=\"_ _2\"></span><span class=\"ff1\"> </span>impairment<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ri<span class=\"_ _2\"></span>prese<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valor<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>vengono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>allocate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>nella<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>voce<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>conto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>economico<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u201c<span class=\"_ _2\"></span>Utili<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>(Perdite)<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dell<span class=\"_ _2\"></span>e<span class=\"_ _3bd\"> </span><span class=\"ff1\"> </span>partecipazioni\u201d,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>mentre<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dividendi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>incassat<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>vengono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>allocati<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nell<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>voce<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u201cDividendi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>proventi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>simili\u201d<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ne<span class=\"_ _3bd\"> </span>l<span class=\"ff1\"> </span>momento<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>sorge<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>diritto<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>riceverne<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>pagamento.<span class=\"_ _3bd\"> </span>6-<span class=\"_ _3bd\"> </span>Attivit\u00e0<span class=\"_ _3bd\"> </span>ma<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>li<span class=\"fc0 sc1\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>isc<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>materiali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>inizialmente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>iscritt<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>costo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>comprende,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>oltr<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prezzo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>acquisto,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tutti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gli<span class=\"ff1\"> </span>eventuali<span class=\"ff1\"> </span>oneri<span class=\"ff1\"> </span>accessori<span class=\"ff1\"> </span>direttamente<span class=\"ff1\"> </span>imputabili<span class=\"ff1\"> </span>all\u2019acquisto<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>mess<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>funzione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>bene.<span class=\"_ _3bd\"> </span>Le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>spese<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>manutenzione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>stra<span class=\"_ _2\"></span>ordinaria<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>c<span class=\"_ _0\"></span>omport<span class=\"_ _2\"></span>ano<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"_ _0\"></span>ncremento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>benefici<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>economici<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fu<span class=\"_ _0\"></span>turi<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">imputate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ad<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">incremento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span>cesp<span class=\"_ _0\"></span>iti,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mentre<span class=\"ff1\"> </span>gli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">costi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">man<span class=\"_ _2\"></span>utenzione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ordinaria<span class=\"ff1\"> </span>son<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>rilevati<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>Conto<span class=\"ff1\"> </span>Economico.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _0\"></span>cl<span class=\"_ _0\"></span>ass<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>ica<span class=\"_ _1\"></span>zion<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">attivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>ma<span class=\"_ _0\"></span>teri<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">comp<span class=\"_ _0\"></span>rendo<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>ter<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>i,<span class=\"ff1\"> </span>gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">immob<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">stru<span class=\"_ _1\"></span>mental<span class=\"_ _0\"></span>i,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">inve<span class=\"_ _0\"></span>stime<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">immobi<span class=\"_ _0\"></span>lia<span class=\"_ _0\"></span>ri,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">il</span> <span class=\"ff3\">pa<span class=\"_ _0\"></span>trim<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>arti<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>co<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>pre<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>o,<span class=\"ff1\"> </span>gli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">imp<span class=\"_ _0\"></span>ianti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tec<span class=\"_ _0\"></span>nic<span class=\"_ _0\"></span>i,<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mobi<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">arre<span class=\"_ _0\"></span>di<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>onc<span class=\"_ _0\"></span>h\u00e9<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">attr<span class=\"_ _0\"></span>ezz<span class=\"_ _0\"></span>atu<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">qua<span class=\"_ _0\"></span>lsi<span class=\"_ _0\"></span>asi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tipo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">che</span> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>tien<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ut<span class=\"_ _2\"></span>ilizzare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pi\u00f9<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un<span class=\"ff1\"> </span>periodo.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">materiali<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>etenute<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">essere<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">utilizzate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nella<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">produzione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>nell<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>fornitura<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">beni<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>servizi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>classificate<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>\u201cattivit\u00e0<span class=\"ff1\"> </span>ad<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">uso<span class=\"_ _2\"></span><span class=\"ff1\"> </span>funzi<span class=\"_ _0\"></span>onale\u201d<span class=\"ff1\"> </span>secondo<span class=\"ff1\"> </span>lo<span class=\"ff1\"> </span>IAS<span class=\"ff1\"> </span>16.<span class=\"ff1\"> </span>Gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">immobili</span> </span></span></span></span></span></span></span>po<span class=\"_ _0\"></span>ssed<span class=\"_ _0\"></span>uti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">fin<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span>vest<span class=\"_ _0\"></span>imen<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>(pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>segu<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">can<span class=\"_ _0\"></span>oni<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">loca<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>l\u2019a<span class=\"_ _0\"></span>ppre<span class=\"_ _0\"></span>zza<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>api<span class=\"_ _0\"></span>tale<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>investito)<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>classificati<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>\u201cattivit\u00e0<span class=\"ff1\"> </span>detenute<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>scopo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>investimento\u201d<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>allo<span class=\"ff1\"> </span>IAS<span class=\"ff1\"> </span>40.<span class=\"_ _3bd\"> </span>La<span class=\"ff1\"> </span>voce<span class=\"ff1\"> </span>accoglie<span class=\"ff1\"> </span>anche<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>materiali<span class=\"ff1\"> </span>cl<span class=\"_ _0\"></span>assificate<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>allo<span class=\"ff1\"> </span>IAS<span class=\"ff1\"> </span>2<span class=\"ff1\"> </span>-<span class=\"ff1\"> </span>Riman<span class=\"_ _2\"></span>enze,<span class=\"ff1\"> </span>che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span>rifer<span class=\"_ _2\"></span>iscono<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span></span></span>beni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>derivanti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dall\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>esc<span class=\"_ _2\"></span>ussione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>garanzie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dal<span class=\"_ _2\"></span>l\u2019acquisto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>asta<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span><span class=\"ff3\">l\u2019impresa</span> <span class=\"_ _20\"></span><span class=\"ff3\">ha</span> <span class=\"_ _20\"></span><span class=\"ff3\">i<span class=\"_ _2\"></span>ntenzione</span> <span class=\"_ _20\"></span><span class=\"ff3\">di</span> </span>vendere<span class=\"ff1\">  </span>nel<span class=\"ff1\">  </span>prossimo<span class=\"ff1\">  </span>futuro,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>s<span class=\"_ _2\"></span>enza<span class=\"ff1\">  </span>ef<span class=\"_ _0\"></span>fett<span class=\"_ _2\"></span>uare<span class=\"ff1\">  </span>rilevanti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>oper<span class=\"_ _2\"></span>e<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>ristrutturazione,<span class=\"ff1\">  </span>e<span class=\"ff1\">  </span>c<span class=\"_ _0\"></span>he<span class=\"ff1\">  </span>non<span class=\"ff1\">  </span>hanno<span class=\"ff1\">  </span>i<span class=\"_ _3bd\"> </span><span class=\"ff1\"> </span>presupposti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>essere<span class=\"ff1\"> <span class=\"_ _20\"></span></span>classificati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nelle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>categorie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>precedenti,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>portafoglio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>immobiliare<span class=\"ff1\"> <span class=\"_ _20\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Societ\u00e0<span class=\"ff1\"> </span>immobiliari<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>Gruppo,<span class=\"ff1\"> </span>comprensivo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">aree<span class=\"ff1\"> </span>edificabili,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">immobili<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>costruzione,<span class=\"ff1\"> </span>immobili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ultimati<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>ve<span class=\"_ _0\"></span>ndita<span class=\"ff1\"> </span></span></span></span></span></span></span>e<span class=\"ff1\"> </span>iniziative<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>sviluppo<span class=\"ff1\"> </span>immobiliare,<span class=\"ff1\"> </span>detenuto<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>un\u2019ottica<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>dismissione.<span class=\"_ _3bd\"> </span>Sono,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>infine,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>iscritt<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nelle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>mater<span class=\"_ _2\"></span>iali<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>b<span class=\"_ _2\"></span>eni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>utilizzati<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nell\u2019am<span class=\"_ _2\"></span>bito<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>contratt<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>leasing<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span></span>finanziario,<span class=\"ff1\"> </span>ancorch\u00e9<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>titolarit\u00e0<span class=\"ff1\"> </span>giuridica<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>stessi<span class=\"ff1\"> </span>rimanga<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>societ\u00e0<span class=\"ff1\"> </span>locatr<span class=\"_ _2\"></span>ice.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>ttivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>m<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span>riali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">so<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>tate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cos<span class=\"_ _0\"></span>to,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ded<span class=\"_ _0\"></span>otti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span>ven<span class=\"_ _0\"></span>tual<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>mmorta<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>erd<span class=\"_ _0\"></span>ite<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">val<span class=\"_ _0\"></span>ore.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>materiali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span></span>sistematicamen<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ammortizzate,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>adottando<span class=\"ff1\"> <span class=\"_ _21\"></span></span>come<span class=\"ff1\"> <span class=\"_ _20\"></span></span>criterio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ammortamento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"_ _3bd\"> </span>l<span class=\"ff1\"> </span>metodo<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uote<span class=\"ff1\"> </span>costanti,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">lungo<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>loro<span class=\"ff1\"> </span>vi<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>utile.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Il<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alore<span class=\"ff1\"> </span>ammortizzabile<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rappresentato<span class=\"_ _2\"></span><span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>al<span class=\"ff1\"> </span>costo<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> </span>ben<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">i<span class=\"ff1\"> </span></span></span></span></span></span></span>al<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>etto<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">residuo<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>termine<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span>processo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ammortamento,<span class=\"ff1\"> </span>se<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">significativo.<span class=\"ff1\"> </span>Gli<span class=\"ff1\"> </span>immobili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vengono<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>ammortizzati<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quota<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rit<span class=\"_ _2\"></span>enuta<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>congrua<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>appresentare<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>d<span class=\"_ _2\"></span>eperimento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>c<span class=\"_ _2\"></span>espiti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tempo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> </span>seguito<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>loro<span class=\"ff1\"> <span class=\"_ _2\"></span></span>utilizzo,<span class=\"ff1\"> </span>tenuto<span class=\"ff1\"> </span>conto<span class=\"_ _2\"></span><span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>spese<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>manutenzione<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>carattere<span class=\"ff1\"> </span>str<span class=\"_ _2\"></span>aordinario,<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> </span>portate<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>incremento<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>cespiti<span class=\"_ _3bd\"> </span>Non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ven<span class=\"_ _0\"></span>gono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">inv<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>mmor<span class=\"_ _0\"></span>tiz<span class=\"_ _0\"></span>zati:<span class=\"_ _0\"></span> </span></span></span></span></span></span>i<span class=\"ff1\"> </span>terreni,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">siano</span> <span class=\"_ _0\"></span><span class=\"ff3\">essi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stati<span class=\"ff1\"> </span>acquisiti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">singolarmente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>incorporati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> </span>valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span>fabbricati,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>quanto<span class=\"ff1\"> </span>han<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">n<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>vita<span class=\"ff1\"> </span>utile<span class=\"ff1\"> </span>indefinita;<span class=\"_ _3bd\"> </span>il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">patrimonio<span class=\"ff1\"> </span>artistico<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>regio,<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>tri<span class=\"ff1\"> </span>beni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">st<span class=\"_ _2\"></span>orico<span class=\"ff1\"> </span>artistici<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">decorativi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>quanto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>loro<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vita<span class=\"ff1\"> </span>utile<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">n<span class=\"_ _1\"></span>on<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>pu<span class=\"_ _0\"></span>\u00f2<span class=\"ff1\"> </span>es<span class=\"_ _0\"></span>sere<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>tim<span class=\"_ _0\"></span>ata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ed<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l<span class=\"_ _0\"></span>oro<span class=\"ff1\"> </span>v<span class=\"_ _1\"></span>alore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nor<span class=\"_ _0\"></span>malme<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>stin<span class=\"_ _0\"></span>ato<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ad<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">aumen<span class=\"_ _0\"></span>tare<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">n<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>em<span class=\"_ _0\"></span>po.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Se<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esiste<span class=\"ff1\"> </span>qualche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"_ _2\"></span>dicazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> </span>dimostri<span class=\"ff1\"> </span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un\u2019<span class=\"_ _0\"></span>attivit\u00e0<span class=\"ff1\"> </span>materiale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutata<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">costo<span class=\"ff1\"> </span>possa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">aver<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">subito<span class=\"ff1\"> </span>u<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">na<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>perdita<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valore,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>si<span class=\"ff1\"> <span class=\"_ _20\"></span></span>procede<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>confr<span class=\"_ _2\"></span>onto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tr<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>carico<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cespit<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ed<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>suo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>recupero.<span class=\"ff1\"> </span><span class=\"ff1\"><span class=\"_ _20\"></span></span>Le<span class=\"ff1\"> </span>eventuali<span class=\"ff1\"> </span>rettifiche<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> </span>rilevate<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>Conto<span class=\"ff1\"> </span>Economico.<span class=\"_ _3bd\"> </span>Qualora<span class=\"ff1\"> </span>ven<span class=\"_ _0\"></span>gano<span class=\"ff1\"> </span>meno<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mot<span class=\"_ _2\"></span>ivi<span class=\"ff1\"> </span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">hanno<span class=\"ff1\"> </span>portato<span class=\"ff1\"> </span>alla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rilevazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perdita,<span class=\"ff1\"> </span>si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">d\u00e0<span class=\"ff1\"> </span>luogo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>d<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">una<span class=\"ff1\"> </span>ripresa<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>valore,<span class=\"ff1\"> </span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">non</span> <span class=\"ff3\">pu\u00f2</span> <span class=\"ff3\">superare</span> <span class=\"ff3\">il</span> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>l\u2019attivit\u00e0<span class=\"ff1\"> </span>avrebbe<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">avuto,<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>netto<span class=\"ff1\"> </span>degli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ammortamenti</span> <span class=\"ff3\">calcolati,</span> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">in</span> </span></span></span></span></span>assenza<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>precedenti<span class=\"ff1\"> </span>perdite<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valore.<span class=\"_ _3bd\"> </span>Per<span class=\"ff1\"> </span>quel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> </span>attiene<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>materiali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rilevate<span class=\"ff1\"> </span>ai<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ensi<span class=\"ff1\"> </span>dello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">IAS<span class=\"ff1\"> </span>2,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>stesse<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutate<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">m<span class=\"_ _2\"></span>inore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tra<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">il<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>cos<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ed<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">val<span class=\"_ _0\"></span>ore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">netto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>izzo,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fer<span class=\"_ _0\"></span>mo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">res<span class=\"_ _0\"></span>tand<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pro<span class=\"_ _0\"></span>cede<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>munq<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">conf<span class=\"_ _0\"></span>ron<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tra<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">va<span class=\"_ _0\"></span>lore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>ari<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">c<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>del<span class=\"ff1\"> </span>cespite<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ed<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>suo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valore<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>recupero<span class=\"ff1\"> </span>ove<span class=\"ff1\"> </span>esist<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>qualche<span class=\"ff1\"> </span>in<span class=\"_ _2\"></span>dicazione<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>dimos<span class=\"_ _2\"></span>tri<span class=\"ff1\"> </span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>bene<span class=\"ff1\"> <span class=\"_ _2\"></span></span>possa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>av<span class=\"_ _3bd\"> </span>er<span class=\"ff1\"> </span>subito<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>perdita<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valore.<span class=\"ff1\"> </span>Le<span class=\"ff1\"> </span>eventuali<span class=\"ff1\"> </span>rettifiche<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> </span>rilevate<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>conto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>economico.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"fc0 sc1\"> </span>Un'attivit\u00e0<span class=\"ff1\"> </span>m<span class=\"_ _2\"></span>ateriale<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>eliminata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dallo<span class=\"ff1\"> </span>Stato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Patrimoniale<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>momento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> </span>dismiss<span class=\"_ _2\"></span>ione<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quando<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>bene<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>permanentemente<span class=\"ff1\"> </span>ritirato<span class=\"ff1\"> </span>dall\u2019uso<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>sua<span class=\"ff1\"> </span>dismissione<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>attesi<span class=\"ff1\"> </span>benefici<span class=\"ff1\"> </span>economici<span class=\"ff1\"> </span>futuri.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ril<span class=\"_ _0\"></span>ev<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>del<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ual<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>L\u2019allocazione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>componenti<span class=\"ff1\"> </span>reddituali<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> </span>pertinenti<span class=\"ff1\"> </span>voci<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>conto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>economico<span class=\"ff1\"> </span>avviene<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>quanto<span class=\"ff1\"> </span>riportato<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>seguito:<span class=\"_ _3bd\"> </span>gl<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ammo<span class=\"_ _0\"></span>rtame<span class=\"_ _1\"></span>nti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">peri<span class=\"_ _0\"></span>odi<span class=\"_ _0\"></span>ci,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">perdi<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dura<span class=\"_ _0\"></span>tur<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">valore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ri<span class=\"_ _0\"></span>prese<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">val<span class=\"_ _0\"></span>ore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ve<span class=\"_ _0\"></span>ngo<span class=\"_ _0\"></span>no<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alloc<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nell<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">v<span class=\"_ _0\"></span>oce<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>\u201cRe<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span>fich<span class=\"_ _0\"></span>e/ri<span class=\"_ _0\"></span>pre<span class=\"_ _0\"></span>se<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>lore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ne<span class=\"_ _0\"></span>tte<span class=\"ff1\"> </span>su<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">at<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mate<span class=\"_ _0\"></span>rial<span class=\"_ _0\"></span>i\u201d;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">profitti<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perdite<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">derivanti<span class=\"ff1\"> </span>dalle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">op<span class=\"_ _2\"></span>erazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cessione<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>engono<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">allocati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nella<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">voce<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u201cUtili<span class=\"ff1\"> </span>(Perdite)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>cessione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>investimenti\u201d.<span class=\"_ _3bd\"> </span>7-<span class=\"_ _3bd\"> </span>Attivit\u00e0<span class=\"_ _3bd\"> </span>im<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>li<span class=\"fc0 sc1\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>isc<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>immateriali<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>iscritte<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>come<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tali<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>se<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>identificabili<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>trovano<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>origine<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>diritti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>legal<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>o<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>trat<span class=\"_ _0\"></span>tua<span class=\"_ _0\"></span>li.<span class=\"_ _3bd\"> </span>Le<span class=\"ff1\"> </span>pre<span class=\"_ _2\"></span>dette<span class=\"ff1\"> </span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>iscritte<span class=\"ff1\"> </span>ai<span class=\"ff1\"> <span class=\"_ _2\"></span></span>costi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>acquisto,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>comprensivi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>degli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>oneri<span class=\"ff1\"> </span>accesso<span class=\"_ _2\"></span>ri<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ed<span class=\"ff1\"> </span>aumentat<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>spese<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>uccessive<span class=\"ff1\"> </span>sos<span class=\"_ _2\"></span>tenute<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>accrescerne<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>valor<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>capacit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>produttiva<span class=\"ff1\"> <span class=\"_ _2\"></span></span>iniziale.<span class=\"ff1\"> </span>Gli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>avviamenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>ri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">all<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>diff<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span>nza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">posi<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>tra<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">one<span class=\"_ _0\"></span>ri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">soste<span class=\"_ _1\"></span>nuti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">acqui<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">comple<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">az<span class=\"_ _0\"></span>iend<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">so<span class=\"_ _0\"></span>ttosta<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>rti<span class=\"_ _0\"></span>nen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>quote<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>assivit\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">delle<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>assivit\u00e0<span class=\"ff1\"> </span>potenzial<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">acquisite.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Qualor<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">differen<span class=\"_ _2\"></span>za<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ris<span class=\"_ _0\"></span>ult<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>neg<span class=\"_ _0\"></span>ativ<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>(bad<span class=\"_ _0\"></span>will<span class=\"_ _0\"></span>)<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>ll\u2019i<span class=\"_ _0\"></span>pote<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cui<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">il</span> <span class=\"ff3\">good<span class=\"_ _0\"></span>wil<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tro<span class=\"_ _0\"></span>vi<span class=\"ff1\"> </span>gi<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>tifi<span class=\"_ _0\"></span>cazi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">nel<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>ca<span class=\"_ _0\"></span>pac<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>ddit<span class=\"_ _0\"></span>uali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">futu<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>della<span class=\"ff1\"> </span>partecipata,<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>differenza<span class=\"ff1\"> </span>stessa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>viene<span class=\"ff1\"> </span>iscritta<span class=\"ff1\"> </span>direttamente<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cla<span class=\"_ _1\"></span>ssi<span class=\"_ _0\"></span>fica<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Il<span class=\"ff1\">  </span>portafoglio<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>delle<span class=\"ff1\">  </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>immateriali<span class=\"ff1\">  </span>include<span class=\"ff1\">  </span>i<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>fattor<span class=\"_ _2\"></span>i<span class=\"ff1\">  </span>intangibili<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>produzione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>ad<span class=\"ff1\">  </span>utilit\u00e0<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>pluriennale<span class=\"ff1\"> </span>rappresentati<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>particolare<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>software,<span class=\"ff1\"> </span>benefici<span class=\"ff1\"> </span>legati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> </span>relazione<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> </span>clientela<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(client<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>elationship)<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>av<span class=\"_ _0\"></span>viame<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>immateriali<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>durata<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>limitata<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>vengono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valutate<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>secondo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _0\"></span>rincipio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>co<span class=\"_ _2\"></span>sto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>netto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>deg<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>ammortamenti<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perdite<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>riduzioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">durevoli<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valor<span class=\"_ _2\"></span>e.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Gli<span class=\"ff1\"> </span>ammortamenti<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>du<span class=\"_ _0\"></span>rata<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>alla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vita<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>uti<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ben<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>d<span class=\"_ _1\"></span>a<span class=\"ff1\"> </span>am<span class=\"_ _0\"></span>morti<span class=\"_ _0\"></span>zza<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">son<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bas<span class=\"_ _0\"></span>ati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sul<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">meto<span class=\"_ _0\"></span>do<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>ote<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cos<span class=\"_ _0\"></span>tant<span class=\"_ _0\"></span>i.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Se<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rico<span class=\"_ _0\"></span>rron<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>vid<span class=\"_ _0\"></span>enze<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sinto<span class=\"_ _0\"></span>mati<span class=\"_ _0\"></span>che<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>dell\u2019esistenza<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>perdite<span class=\"ff1\"> </span>durevoli,<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> </span>immateriali<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>sottoposte<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>impairment<span class=\"ff1\"> </span>test,<span class=\"ff1\"> </span>registrando<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> </span>eventuali<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>rdite<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valore;<span class=\"ff1\"> </span>successive<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riprese<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">possono<span class=\"ff1\"> </span>eccedere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019ammontare<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"ff1\"> </span>perdite<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>impairment<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>precedenza<span class=\"ff1\"> </span>registr<span class=\"_ _2\"></span>ate.<span class=\"_ _3bd\"> </span>Gli<span class=\"ff1\">  </span>avviamen<span class=\"_ _0\"></span>ti<span class=\"ff1\">  </span>non<span class=\"ff1\">  </span>sono<span class=\"ff1\">  </span>assoggettati<span class=\"ff1\">  </span>ad<span class=\"ff1\">  </span>ammortamento,<span class=\"ff1\">  </span>m<span class=\"_ _0\"></span>a<span class=\"ff1\">  </span>vengono<span class=\"ff1\">  </span>pe<span class=\"_ _0\"></span>riodicamente<span class=\"ff1\">  </span>sott<span class=\"_ _2\"></span>oposti<span class=\"ff1\">  </span>ad<span class=\"ff1\"> </span>impairment<span class=\"ff1\"> <span class=\"_ _2\"></span></span>test.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>L\u2019eventuale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>differenza<span class=\"ff1\"> </span>n<span class=\"_ _2\"></span>egativa<span class=\"ff1\"> </span>t<span class=\"_ _2\"></span>ra<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _2\"></span></span>recuperabile<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ciascuna<span class=\"ff1\"> <span class=\"_ _2\"></span></span>unit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>generatrice<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziari<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(CGU)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _21\"></span></span>quale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>ppartiene</span> <span class=\"_ _2\"></span><span class=\"ff3\">un</span> <span class=\"_ _20\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>eterminato</span> <span class=\"_ _20\"></span><span class=\"ff3\">avviamento</span> <span class=\"_ _20\"></span><span class=\"ff3\">e</span> <span class=\"_ _20\"></span><span class=\"ff3\">il</span> <span class=\"_ _20\"></span><span class=\"ff3\">valore</span> <span class=\"_ _20\"></span><span class=\"ff3\">contabile</span> <span class=\"_ _20\"></span><span class=\"ff3\">del</span> <span class=\"_ _20\"></span><span class=\"ff3\">patrimonio</span> </span>netto<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>ella<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>medesima<span class=\"ff1\">  </span>costituisce<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>perdita<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>da<span class=\"ff1\">  </span>i<span class=\"_ _0\"></span>mpairment.<span class=\"ff1\">  </span>I<span class=\"_ _0\"></span>l<span class=\"ff1\">  </span>valore<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>recuperabile<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\">  </span>un<span class=\"_ _0\"></span>a<span class=\"ff1\">  </span>CGU<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u2013<span class=\"ff1\">  </span>che<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ne<span class=\"ff1\"> </span>rappresenta<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stima<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">economico<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u2013<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span>raggu<span class=\"_ _0\"></span>aglia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">maggior<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tra<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d\u2019uso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attuale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>flussi<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>cassa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attesi)<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>cambio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(presumibile<span class=\"ff1\"> </span>valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>ce<span class=\"_ _0\"></span>ssione<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">netto<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cos<span class=\"_ _2\"></span>ti<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>transazione).<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Eventuali<span class=\"ff1\"> </span>successive<span class=\"ff1\"> </span>riprese<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>possono<span class=\"ff1\"> </span>ess<span class=\"_ _2\"></span>ere<span class=\"ff1\"> </span>registrate.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\">  </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>immateriali<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>vengono<span class=\"ff1\">  </span>cancellate<span class=\"ff1\">  </span>dal<span class=\"ff1\">  </span>bilancio<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>quando<span class=\"ff1\">  </span>hanno<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>esaurito<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>integralmente<span class=\"ff1\">  </span>le<span class=\"ff1\">  </span>lo<span class=\"_ _3bd\"> </span>ro<span class=\"ff1\"> </span>funzionalit\u00e0<span class=\"ff1\">  </span>economiche,<span class=\"ff1\">  </span>ov<span class=\"_ _2\"></span>vero<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>nel<span class=\"ff1\">  </span>momento<span class=\"ff1\">  </span>della<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dismissione<span class=\"ff1\">  </span>o<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>qualora<span class=\"ff1\">  </span>non<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>sono<span class=\"ff1\">  </span>att<span class=\"_ _2\"></span>esi<span class=\"ff1\">  </span>benef<span class=\"_ _3bd\"> </span>ici<span class=\"ff1\"> </span>economici<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">futuri<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ril<span class=\"_ _0\"></span>ev<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>del<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ual<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>L\u2019allocazione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>componenti<span class=\"ff1\"> </span>reddituali<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> </span>pertinenti<span class=\"ff1\"> </span>voci<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>conto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>economico<span class=\"ff1\"> </span>avviene<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>quanto<span class=\"ff1\"> </span>riportato<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>seguito:<span class=\"_ _3bd\"> </span> gl<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ammo<span class=\"_ _0\"></span>rtame<span class=\"_ _1\"></span>nti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">peri<span class=\"_ _0\"></span>odi<span class=\"_ _0\"></span>ci,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">perdi<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dura<span class=\"_ _0\"></span>tur<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">valore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ri<span class=\"_ _0\"></span>prese<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">val<span class=\"_ _0\"></span>ore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ve<span class=\"_ _0\"></span>ngo<span class=\"_ _0\"></span>no<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alloc<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nell<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">v<span class=\"_ _0\"></span>oc<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">e<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>\u201cRe<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span>fich<span class=\"_ _0\"></span>e/ri<span class=\"_ _0\"></span>pre<span class=\"_ _0\"></span>se<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>lore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ne<span class=\"_ _0\"></span>tte<span class=\"ff1\"> </span>su<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">at<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">imma<span class=\"_ _0\"></span>teri<span class=\"_ _0\"></span>ali\u201d<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span>le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>perdite<span class=\"ff1\">  </span>durature<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>valore<span class=\"ff1\">  </span>de<span class=\"_ _0\"></span>ll\u2019avviamento<span class=\"ff1\">  </span>vengono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>allocate<span class=\"ff1\">  </span>nella<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>voce<span class=\"ff1\">  </span>\u201cRettifiche<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\">  </span>valore<span class=\"ff1\"> </span>dell\u2019avviamento\u201d.<span class=\"ff1\"> </span>Non<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>ammessa<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>cont<span class=\"_ _2\"></span>abilizzazione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">event<span class=\"_ _2\"></span>uali</span> <span class=\"ff3\">successive</span> <span class=\"ff3\">riprese</span> <span class=\"ff3\">di</span> <span class=\"ff3\">valore.</span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-770": {
   "value": "2.1-<span class=\"_ _3bd\"> </span>At<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>tat<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>fa<span class=\"_ _0\"></span>ir<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span>im<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>tto<span class=\"_ _3bd\"> </span>su<span class=\"_ _0\"></span>lla<span class=\"_ _3bd\"> </span>red<span class=\"_ _1\"></span>diti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>va<span class=\"_ _3bd\"> </span>(FV<span class=\"_ _1\"></span>OCI<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>cic<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>)<span class=\"fc0 sc1\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>isc<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>L\u2019iscrizione<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>niziale<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> </span>avviene<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>lla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">regolamento</span> <span class=\"ff3\">per</span> <span class=\"ff3\">i</span> <span class=\"_ _0\"></span><span class=\"ff3\">titoli<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ebito<span class=\"ff1\"> </span>ed<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">erogazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">f<span class=\"_ _2\"></span>inanziamenti.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">All\u2019atto<span class=\"ff1\"> </span>della<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rilevazione<span class=\"ff1\"> </span>iniziale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>contabili<span class=\"_ _0\"></span>zzat<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">value,<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>comprensivo<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>costi<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>proventi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>transazione<span class=\"ff1\"> </span>direttamente<span class=\"ff1\"> </span>attribuibili<span class=\"ff1\"> </span>allo<span class=\"ff1\"> </span>str<span class=\"_ _2\"></span>umentostesso. Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cl<span class=\"_ _0\"></span>ass<span class=\"_ _1\"></span>ific<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>se<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>pr<span class=\"_ _0\"></span>esen<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cat<span class=\"_ _0\"></span>egor<span class=\"_ _0\"></span>ia<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ttiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fin<span class=\"_ _0\"></span>anzi<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>ch<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>oddi<span class=\"_ _0\"></span>sfa<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>ambe<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">seg<span class=\"_ _0\"></span>uen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span>ni: </span></span></span></span></span></span></span></span>l\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>finanz<span class=\"_ _0\"></span>iaria<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>poss<span class=\"_ _2\"></span>edut<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>secondo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>model<span class=\"_ _0\"></span>lo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>business<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>obiettivo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>conseguito<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sia<span class=\"ff1\"> </span>mediante<span class=\"ff1\"> <span class=\"_ _21\"></span></span>l\u2019incasso<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>finanziari<span class=\"ff1\"> <span class=\"_ _20\"></span></span>previst<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>co<span class=\"_ _2\"></span>ntrattualmente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _21\"></span></span>mediante<span class=\"ff1\"> <span class=\"_ _21\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>vendita<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(Business<span class=\"ff1\"> </span>model<span class=\"ff1\"> </span>\u201cHold<span class=\"ff1\"> </span>to<span class=\"ff1\"> </span>Collect<span class=\"ff1\"> </span>and<span class=\"ff1\"> </span>Sell<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> </span>\u201cHTCS\u201d\u201d),<span class=\"ff1\"> </span>e i<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>termini<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>contrattuali<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>dell\u2019atti<span class=\"_ _2\"></span>vit\u00e0<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>finanziaria<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>prevedono,<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>a<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _29\"> </span></span>determinate<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>date,<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>flussi<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>finan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>ri rappresentati<span class=\"ff1\">  </span>u<span class=\"_ _0\"></span>nicamente<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>a<span class=\"ff1\">  </span>pagamenti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\">  </span>capi<span class=\"_ _0\"></span>tale<span class=\"ff1\">  </span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dell\u2019i<span class=\"_ _2\"></span>nteresse<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sull\u2019import<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\">  </span>c<span class=\"_ _0\"></span>apitale<span class=\"ff1\">  </span>da<span class=\"ff1\"> </span>restituire<span class=\"ff1\"> </span>(cd.<span class=\"ff1\"> </span>\u201cSPPI<span class=\"ff1\"> </span>test\u201d<span class=\"ff1\"> </span>superato). In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pa<span class=\"_ _0\"></span>rtic<span class=\"_ _0\"></span>ola<span class=\"_ _0\"></span>re,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ven<span class=\"_ _0\"></span>gono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">inc<span class=\"_ _0\"></span>lus<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>esta<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">vo<span class=\"_ _0\"></span>ce: </span></span></span></span></span></span></span></span></span></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>titoli<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>deb<span class=\"_ _0\"></span>ito<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>riconducibili<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _21\"></span></span>un<span class=\"ff1\"> <span class=\"_ _21\"></span></span>business<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>model<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Hold<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>to<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Collect<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>and<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Sell<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>c<span class=\"_ _2\"></span>he<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>hanno<span class=\"ff1\"> </span>superato<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>test<span class=\"ff1\"> </span>SPPI; i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>finanziamenti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>riconducibili<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>business<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>mo<span class=\"_ _2\"></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Hold<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff3\">to</span> <span class=\"_ _21\"> </span><span class=\"ff3\">Collect</span> <span class=\"_ _21\"> </span><span class=\"ff3\">and</span> <span class=\"_ _21\"> </span><span class=\"ff3\">Sell</span> <span class=\"_ _21\"></span><span class=\"ff3\">e</span> <span class=\"_ _21\"></span><span class=\"ff3\">che</span> <span class=\"_ _20\"></span><span class=\"ff3\">hann<span class=\"_ _0\"></span>o </span></span>superato<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">test<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">SPPI.<span class=\"ff1\"> </span></span></span></span></span></span></span>Ri<span class=\"_ _0\"></span>cla<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>ich<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Secondo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>regole<span class=\"ff1\"> <span class=\"_ _20\"></span></span>generali<span class=\"ff1\"> <span class=\"_ _21\"></span></span>previste<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dall\u2019I<span class=\"_ _0\"></span>FRS<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>9<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>materia<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riclassificazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>elle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"_ _2\"></span>ttivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fin<span class=\"_ _0\"></span>anziarie<span class=\"ff1\"> <span class=\"_ _21\"></span></span>(ad<span class=\"ff1\"> </span>eccezione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>capitale,<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>ammessa<span class=\"ff1\"> </span>alcuna<span class=\"ff1\"> </span>riclassifica),<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>ammesse<span class=\"ff1\"> </span>riclassifiche<span class=\"ff1\"> </span></span></span>verso<span class=\"ff1\"> </span>altre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">categorie<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> </span>salv<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>aso<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>\u2019entit\u00e0<span class=\"ff1\"> </span>modifichi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">proprio<span class=\"ff1\"> </span>modello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>bu<span class=\"_ _0\"></span>siness<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gestione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">seguito<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cambiamenti<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>sterni<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">interni</span> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>ali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">siano<span class=\"ff1\"> </span>rilevanti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>operazioni<span class=\"ff1\"> </span>dell'entit\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>dimostrabili<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>parti<span class=\"ff1\"> </span>esterne. In<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">casi,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ci<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attende<span class=\"ff1\"> </span>siano<span class=\"ff1\"> </span>altamente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">infrequenti,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit<span class=\"_ _2\"></span>\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">potranno<span class=\"ff1\"> </span>essere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>iclassificate<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>dalla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">categoria<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">impatt<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ulla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">redditivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">complessiva<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">due<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">categorie<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>previste<span class=\"ff1\"> </span>dall\u2019IFRS<span class=\"ff1\"> <span class=\"_ _2\"></span></span>9<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziarie<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>costo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ammortizzato<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziarie<span class=\"ff1\"> </span>valut<span class=\"_ _2\"></span>ate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>mpatto<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico).<span class=\"ff1\"> </span>Il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>trasferimento<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>rappresentato<span class=\"ff1\"> </span>dal<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>momento<span class=\"ff1\"> </span></span></span></span></span>della<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riclassificazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">effetti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riclassificazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">operano<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">maniera<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prospettica<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">partire<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dalla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">data<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>riclassificazione.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Nel<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cas<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riclassifica<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dalla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>categoria<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>oggetto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quella<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>costo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ammortizzato,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l\u2019utile<span class=\"ff1\"> </span>(perdita)<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>cumulato<span class=\"ff1\">  </span>rilevato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nella<span class=\"ff1\">  </span>riserva<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>da<span class=\"ff1\">  </span>v<span class=\"_ _0\"></span>alutazione<span class=\"ff1\">  </span>\u00e8<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>portat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>r<span class=\"_ _2\"></span>ettifica<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fa<span class=\"_ _2\"></span>ir<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>value<span class=\"ff1\">  </span>dell\u2019attivit\u00e0<span class=\"ff1\"> </span>finanziaria<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>data<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riclassificazione.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>N<span class=\"_ _2\"></span>el<span class=\"ff1\"> <span class=\"_ _2\"></span></span>caso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>invece<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>iclassifica<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nella<span class=\"ff1\"> <span class=\"_ _20\"></span></span>categoria<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _20\"></span></span>value<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> </span>impatto<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conto<span class=\"ff1\"> </span>economico,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l'utile<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(perdita)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cumulato<span class=\"ff1\"> </span>rilev<span class=\"_ _0\"></span>ato<span class=\"ff1\"> </span>precedentemente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nella<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riserva<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> </span>val<span class=\"_ _0\"></span>utazione<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>\u00e8<span class=\"ff1\"> </span>riclassificato<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>patrimonio<span class=\"ff1\"> </span>netto<span class=\"ff1\"> </span>all'utile<span class=\"ff1\"> </span>(perdita)<span class=\"ff1\"> </span>d'esercizio. Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Successivamente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rilevazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>iniziale,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>classificate<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _21\"></span></span>value<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _21\"></span></span>impatto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sulla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>redditivit\u00e0<span class=\"ff1\"> </span>complessiva<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>valutate<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>f<span class=\"_ _2\"></span>air<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>value,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rilevazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\">  </span>Conto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Economico<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>degli<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>impatti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>derivanti<span class=\"_ _2\"></span><span class=\"ff1\"> </span>dall\u2019applicazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>costo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ammortizzato,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>degli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>effett<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dell\u2019im<span class=\"_ _2\"></span>pairment<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">dell\u2019eventuale</span> <span class=\"_ _27\"> </span><span class=\"ff3\">e<span class=\"_ _2\"></span>ffetto</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">cambio,</span> </span>mentre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">altri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">utili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>perdi<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>erivanti<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">una<span class=\"ff1\"> </span>variazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">veng<span class=\"_ _0\"></span>ono<span class=\"ff1\"> </span>rilevati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>una<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">specif<span class=\"_ _2\"></span>ica<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riserva<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> </span>patrimonio<span class=\"ff1\"> </span>netto<span class=\"ff1\"> </span>finc<span class=\"_ _0\"></span>h\u00e9<span class=\"ff1\"> </span>l\u2019attivit\u00e0<span class=\"ff1\"> </span>finanziaria<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">viene<span class=\"ff1\"> </span>cancellata.<span class=\"ff1\"> </span>Al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">momento<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>dismissione,<span class=\"ff1\"> </span>totale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span></span></span></span></span></span></span>parziale,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019utile<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">perdita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cumulati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nella<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riserva<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vengono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>iversati,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tutto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">parte,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Conto<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Ec<span class=\"_ _0\"></span>onom<span class=\"_ _0\"></span>ico.<span class=\"_ _0\"></span> Il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">v<span class=\"_ _2\"></span>iene<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">determinato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sulla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">base<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">crit<span class=\"_ _2\"></span>eri<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gi\u00e0<span class=\"ff1\"> </span>illu<span class=\"_ _0\"></span>str<span class=\"_ _2\"></span>ati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">p<span class=\"_ _2\"></span>er<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">val<span class=\"_ _2\"></span>utate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>con<span class=\"ff1\"> </span>impatto<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico. Le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>mpatto<span class=\"ff1\"> </span>sull<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">redditivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">complessiva<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u2013<span class=\"ff1\"> </span>sia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sotto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">forma<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">titoli<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>debito<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">di</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">crediti</span> <span class=\"_ _27\"> </span><span class=\"ff3\">\u2013</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">sono</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">soggette</span> <span class=\"_ _27\"> </span><span class=\"ff3\">alla</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">verifica</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">dell\u2019incremento</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">signifi<span class=\"_ _0\"></span>cativo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>creditizio<span class=\"ff1\"> </span></span></span>(impairment)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pre<span class=\"_ _2\"></span>vista<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dall\u2019IFRS<span class=\"ff1\"> </span>9,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pari<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>osto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ammortizzato,<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conseguente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rilevazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>conto<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>conomico<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rettifica<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">copertura<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>erdit<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">att<span class=\"_ _2\"></span>ese.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Pi\u00f9<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">particolare,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sugli<span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>classificati<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>stage<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">1<span class=\"ff1\"> </span>(ossia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sulle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>momento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dell\u2019origination,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ove<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">deteriorate,<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sugli<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>strumenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _20\"></span></span>non<span class=\"ff1\"> <span class=\"_ _20\"></span></span>si<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>verificato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>ignificativo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>incremento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cr<span class=\"_ _2\"></span>editizio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rispett<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>data<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> </span>ril<span class=\"_ _0\"></span>eva<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>ale)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">vie<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onta<span class=\"_ _0\"></span>bili<span class=\"_ _0\"></span>zza<span class=\"_ _0\"></span>ta,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">all<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>data<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rile<span class=\"_ _0\"></span>vazi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">inizi<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">ad<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ogn<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ata<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rep<span class=\"_ _0\"></span>orti<span class=\"_ _0\"></span>ng<span class=\"ff1\"> </span>su<span class=\"_ _1\"></span>ccessi<span class=\"_ _0\"></span>va,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perdita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attesa<span class=\"ff1\"> </span>ad<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un<span class=\"ff1\"> </span>an<span class=\"_ _0\"></span>no.<span class=\"ff1\"> </span>Inve<span class=\"_ _0\"></span>ce,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>gli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>trumenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">classificati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stage<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(bonis<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">quali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">verificato<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>un<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>incremento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>significativo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>creditizio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rispetto<span class=\"ff1\">  </span>al<span class=\"_ _0\"></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>data<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rilevazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>iniziale)<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>stage<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>3<span class=\"ff1\"> </span>(esposizioni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>teriorat<span class=\"_ _2\"></span>e)<span class=\"ff1\"> <span class=\"_ _20\"></span></span>viene<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>contabilizzata<span class=\"ff1\"> <span class=\"_ _21\"></span></span>una<span class=\"ff1\"> <span class=\"_ _20\"></span></span>perdita<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>attesa<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"></span></span>l\u2019in<span class=\"_ _0\"></span>tera<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>vita<span class=\"ff1\"> <span class=\"_ _21\"></span></span>residua<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dello<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>strumento<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>nanz<span class=\"_ _0\"></span>iari<span class=\"_ _0\"></span>o.<span class=\"_ _3bd\"> </span><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3c2\">Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3c3\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3c4\">ca<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3c5\">Le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inanziarie<span class=\"ff1\"> </span>veng<span class=\"_ _0\"></span>ono<span class=\"ff1\"> </span>cancell<span class=\"_ _0\"></span>ate<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>al<span class=\"ff1\"> </span>bilanc<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>solamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">se<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>cessione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">comportat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>sostanziale<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3c6\">trasferimento<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>utti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>be<span class=\"_ _0\"></span>nefici<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">connessi<span class=\"ff1\"> </span>alle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> </span>stesse.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Per<span class=\"ff1\"> </span>contro,<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>ualora<span class=\"ff1\"> </span>sia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stat<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ma<span class=\"_ _2\"></span>ntenuta<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3c7\">una<span class=\"ff1\"> </span>quota<span class=\"ff1\"> <span class=\"_ _2\"></span></span>part<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>rilevante<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>b<span class=\"_ _2\"></span>enefici<span class=\"ff1\"> </span>relativi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cedute,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>queste<span class=\"ff1\"> <span class=\"_ _2\"></span></span>continuano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ad<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3c8\">essere<span class=\"ff1\"> </span>iscritte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>b<span class=\"_ _0\"></span>ilancio,<span class=\"ff1\"> </span>ancorch\u00e9<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">giuridicamente<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">titolarit\u00e0<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stesse<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span>stata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">effettivamente<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3c9\">tras<span class=\"_ _0\"></span>fer<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3ca\">Nel<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>caso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pos<span class=\"_ _2\"></span>sibile<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>accert<span class=\"_ _2\"></span>are<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sostanziale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>trasferimento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>b<span class=\"_ _0\"></span>enefici,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3cb\">finanziarie<span class=\"ff1\"> <span class=\"_ _21\"></span></span>vengono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cancellate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _21\"></span></span>bilancio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>qualora<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>tato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>mantenuto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alcun<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tipo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>controllo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sulle<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3cc\">stesse.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>In<span class=\"ff1\"> <span class=\"_ _2\"></span></span>caso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contrario,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conservazione,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>anche<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>parte,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>ale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>controllo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>comporta<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mantenimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3cd\">bilancio<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>misura<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>coinvolgimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>residuo,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>misurato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall\u2019esposizione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ai</span> <span class=\"ff3\">cam<span class=\"_ _2\"></span>biamenti</span> <span class=\"ff3\">di</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3ce\">valore<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>cedute<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>variazioni<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> </span>finanziari<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>stesse.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3cf\">Infine,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziar<span class=\"_ _2\"></span>ie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ce<span class=\"_ _2\"></span>dute<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vengono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cancellate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dal<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> </span>nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">caso<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cui<span class=\"ff1\"> </span>vi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sia</span> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onservazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d0\">diritti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contrattuali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ricevere<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>relativi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cas<span class=\"_ _2\"></span>sa,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contestuale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>as<span class=\"_ _2\"></span>sunzione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un\u2019obb<span class=\"_ _2\"></span>ligazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d1\">pagare<span class=\"ff1\"> </span>detti<span class=\"ff1\"> </span>flussi,<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>solo<span class=\"ff1\"> </span>essi,<span class=\"ff1\"> </span>senza<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>ritardo<span class=\"ff1\"> </span>rilevante<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>altri<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>ggetti<span class=\"ff1\"> </span>terzi.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3d2\">Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3d3\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3d4\">ril<span class=\"_ _0\"></span>ev<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3d5\">del<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3d6\">co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3d7\">re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ual<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d8\">Gli<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>nteressi<span class=\"_ _2\"></span><span class=\"ff1\"> </span>attivi,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">calcolati<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>b<span class=\"_ _0\"></span>as<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span>metodologia<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>T.I.R.,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vengono<span class=\"ff1\"> </span>contabilizzati<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>competenza<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d9\">vo<span class=\"_ _0\"></span>ci<span class=\"ff1\"> </span>\u201cI<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>ressi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">atti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">prov<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>assi<span class=\"_ _0\"></span>mil<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>\u201d,<span class=\"ff1\"> </span>me<span class=\"_ _0\"></span>ntre<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">utili<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o</span> <span class=\"ff3\">le</span> <span class=\"ff3\">p<span class=\"_ _0\"></span>erdi<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>riv<span class=\"_ _0\"></span>anti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">da</span> <span class=\"ff3\">un<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>var<span class=\"_ _0\"></span>iazi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs3da\">fa<span class=\"_ _0\"></span>ir<span class=\"_ _3bd\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs3db\">val<span class=\"_ _0\"></span>ue<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3dc\">vengono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rilev<span class=\"_ _0\"></span>ati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>spe<span class=\"_ _0\"></span>cifica<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>riser<span class=\"_ _2\"></span>va<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>patrimonio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>netto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sino<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>l\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>finanziaria<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>viene<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3dd\">ca<span class=\"_ _0\"></span>ncel<span class=\"_ _0\"></span>lata<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o</span> <span class=\"ff3\">n<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vien<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rile<span class=\"_ _0\"></span>vata<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">una<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>rdita<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">va<span class=\"_ _0\"></span>lore<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>Pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tit<span class=\"_ _0\"></span>oli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>bit<span class=\"_ _0\"></span>o,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">momen<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ism<span class=\"_ _0\"></span>issi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o</span> <span class=\"ff3\">de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3de\">rilevazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>perdita<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valore,<span class=\"ff1\"> </span>l\u2019utile<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>perdita<span class=\"ff1\"> </span>cumulati<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> </span>riversati<span class=\"ff1\"> </span>a<span class=\"_ _2\"></span><span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>econo<span class=\"_ _0\"></span>mico.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3df\">Qualora<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">motivi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>ella<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perdita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">v<span class=\"_ _2\"></span>alore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>iano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rimossi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">seguito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">evento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">verificatosi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">successivamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3e0\">rilevazione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>riduzione<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>valore,<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>vengono<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>effettuat<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>riprese<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>imputazion<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>conto<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3e1\">ec<span class=\"_ _0\"></span>ono<span class=\"_ _0\"></span>mico<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cas<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>d<span class=\"_ _1\"></span>ei<span class=\"ff1\"> </span>ti<span class=\"_ _0\"></span>tol<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>d<span class=\"_ _1\"></span>ebito<span class=\"_ _0\"></span>.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">L\u2019am<span class=\"_ _0\"></span>mon<span class=\"_ _0\"></span>tare<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>ip<span class=\"_ _0\"></span>resa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pu<span class=\"_ _0\"></span>\u00f2<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ogn<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cas<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>uper<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>feren<span class=\"_ _0\"></span>za<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3e2\">tra<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contabile<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ed<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>costo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ammortizzato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>lo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>strumento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>avrebb<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>avuto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ass<span class=\"_ _2\"></span>enza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>precedenti<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3e3\">ret<span class=\"_ _0\"></span>tif<span class=\"_ _0\"></span>iche<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span> </div><div class=\"t mb h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3e4\">2.2</div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3e5\">At<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3e6\">fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3e7\">va<span class=\"_ _0\"></span>lut<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3e8\">al<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3e9\">fa<span class=\"_ _0\"></span>ir<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3ea\">va<span class=\"_ _0\"></span>lue<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3eb\">co<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3ec\">im<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>tto<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3ed\">su<span class=\"_ _0\"></span>lla<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3ee\">re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3ef\">co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>va<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3f0\">(FV<span class=\"_ _1\"></span>OCI<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3f1\">se<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3f2\">ri<span class=\"_ _0\"></span>cic<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>)<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3f3\">Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3f4\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3f5\">isc<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3f6\">L\u2019iscrizione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>iniziale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d<span class=\"_ _2\"></span>elle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>av<span class=\"_ _2\"></span>viene<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>data<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>regolamento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>itoli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ca<span class=\"_ _2\"></span>pitale.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>All\u2019atto<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3f7\">della<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rilevazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>iniziale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>l<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>contabilizzate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fair<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>value,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>comprensivo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cost<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>proventi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3f8\">transazione<span class=\"ff1\"> </span>direttamente<span class=\"ff1\"> </span>attribuibili<span class=\"ff1\"> </span>allo<span class=\"ff1\"> </span>strumentostesso.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3f9\">Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3fa\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3fb\">cla<span class=\"_ _1\"></span>ssi<span class=\"_ _0\"></span>fica<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3fc\">Sono<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>inclusi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>nella<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>voce<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>gli<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>trumenti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>capitale<span class=\"_ _2\"></span>,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>detenuti<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>finalit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>negoziazione,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>qua<span class=\"_ _2\"></span>li<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3fd\">momento<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>rilevazione<span class=\"ff1\"> </span>iniziale<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>stata<span class=\"ff1\"> </span>esercitat<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>l\u2019opzione<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>designazione<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>impatto<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3fe\">sulla<span class=\"ff1\"> </span>redditivit\u00e0<span class=\"ff1\"> </span>complessiva.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3ff\">In<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>particolare,<span class=\"ff1\">  </span>vengono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>inclusi<span class=\"ff1\">  </span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>questa<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>voce<span class=\"ff1\">  </span>le<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">interessenze</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">azionarie,</span>  <span class=\"ff3\">non</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">qualificabili</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">di</span>  <span class=\"ff3\">controllo,</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs400\">collegamento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>controllo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>congi<span class=\"_ _0\"></span>unto,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>detenute<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>finalit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>negoziazione,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>cu<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u00e8<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs401\">esercitata<span class=\"ff1\"> </span>l\u2019opzione<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>designazione<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>impatto<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ulla<span class=\"ff1\"> </span>redditiv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span>compless<span class=\"_ _2\"></span>iva.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs402\">Ri<span class=\"_ _0\"></span>cla<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>ich<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs403\">Secondo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>egole<span class=\"ff1\"> <span class=\"_ _2\"></span></span>generali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prev<span class=\"_ _2\"></span>iste<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall\u2019IFRS<span class=\"ff1\"> <span class=\"_ _2\"></span></span>9<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>materia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riclassificazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs404\">titoli<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>capitale<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>ammessa<span class=\"ff1\"> </span>alcuna<span class=\"ff1\"> </span>riclassifica.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs405\">Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs406\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs407\">va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs408\">Successivamente<span class=\"ff1\"> </span>alla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rilevazione<span class=\"ff1\"> </span>iniziale,<span class=\"ff1\"> </span>gli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>str<span class=\"_ _2\"></span>umenti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>capitale<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cui<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>stata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>effettuata<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>celta<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs409\">classificazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nella<span class=\"ff1\"> <span class=\"_ _20\"></span></span>presente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>categoria<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valutati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fair<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>value<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>g<span class=\"_ _2\"></span>li<span class=\"ff1\"> <span class=\"_ _2\"></span></span>import<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rilevati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contr<span class=\"_ _2\"></span>opartita<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs40a\">patrimonio<span class=\"ff1\"> </span>netto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(Prospetto<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>redditivit\u00e0<span class=\"ff1\"> </span>complessiva)<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>devono<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>uccessivamente<span class=\"ff1\"> </span>trasferiti<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs40b\">conto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">economico,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">neanche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">caso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cessione.<span class=\"ff1\"> </span>L<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sola<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">componente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riferibile<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ai<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">titoli<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">capitale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>questione<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs40c\">che<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>oggetto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rilevazione<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>ra<span class=\"_ _2\"></span>ppresentata<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ai<span class=\"ff1\"> </span>relativi<span class=\"ff1\"> </span>dividendi.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs40d\">Il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">v<span class=\"_ _2\"></span>iene<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">determinato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sulla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">base<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">crit<span class=\"_ _2\"></span>eri<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gi\u00e0<span class=\"ff1\"> </span>illu<span class=\"_ _0\"></span>str<span class=\"_ _2\"></span>ati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">p<span class=\"_ _2\"></span>er<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">val<span class=\"_ _2\"></span>utate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs40e\">con<span class=\"ff1\"> </span>impatto<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs40f\">Per<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>titoli<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cap<span class=\"_ _2\"></span>itale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"_ _2\"></span>clusi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>questa<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>categoria,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>non<span class=\"ff1\"> <span class=\"_ _20\"></span></span>q<span class=\"_ _2\"></span>uotati<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un<span class=\"ff1\"> <span class=\"_ _21\"></span></span>mercato<span class=\"ff1\"> <span class=\"_ _21\"></span></span>attivo,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>criterio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>costo<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs410\">utilizzato<span class=\"ff1\"> </span>quale<span class=\"ff1\"> </span>stima<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>soltanto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>via<span class=\"ff1\"> </span>residuale<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">limitat<span class=\"_ _2\"></span>amente</span> <span class=\"ff3\">a</span> <span class=\"ff3\">poche</span> <span class=\"ff3\">circostanze,</span> <span class=\"ff3\">ossia</span> <span class=\"ff3\">in<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs412\">caso<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>non<span class=\"ff1\"> </span>applicabilit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>tutti<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>metodi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> </span>precedent<span class=\"_ _2\"></span>emente<span class=\"ff1\"> </span>richiamati,<span class=\"ff1\"> </span>ovvero<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>presenza<span class=\"ff1\"> </span>di<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs413\">un\u2019ampia<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>gamma<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>possibili<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>valutazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fair<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>value,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ambito<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>costo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>appresenta<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>tima<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pi\u00f9<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs414\">sig<span class=\"_ _0\"></span>nif<span class=\"_ _0\"></span>icat<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs415\">Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs416\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs417\">ca<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs418\">Le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inanziarie<span class=\"ff1\"> </span>veng<span class=\"_ _0\"></span>ono<span class=\"ff1\"> </span>cancell<span class=\"_ _0\"></span>ate<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>al<span class=\"ff1\"> </span>bilanc<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>solamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">se<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>cessione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">comportat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>sostanziale<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs419\">trasferimento<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>utti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>be<span class=\"_ _0\"></span>nefici<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">connessi<span class=\"ff1\"> </span>alle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> </span>stesse.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Per<span class=\"ff1\"> </span>contro,<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>ualora<span class=\"ff1\"> </span>sia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stat<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ma<span class=\"_ _2\"></span>ntenuta<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs41a\">una<span class=\"ff1\"> </span>quota<span class=\"ff1\"> <span class=\"_ _2\"></span></span>part<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>rilevante<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>b<span class=\"_ _2\"></span>enefici<span class=\"ff1\"> </span>relativi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cedute,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>queste<span class=\"ff1\"> <span class=\"_ _2\"></span></span>continuano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ad<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs41b\">essere<span class=\"ff1\"> </span>iscritte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>b<span class=\"_ _0\"></span>ilancio,<span class=\"ff1\"> </span>ancorch\u00e9<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">giuridicamente<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">titolarit\u00e0<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stesse<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span>stata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">effettivamente<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs41c\">tras<span class=\"_ _0\"></span>fer<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs41d\">Nel<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>caso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pos<span class=\"_ _2\"></span>sibile<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>accert<span class=\"_ _2\"></span>are<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sostanziale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>trasferimento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>b<span class=\"_ _0\"></span>enefici,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs41e\">finanziarie<span class=\"ff1\"> <span class=\"_ _21\"></span></span>vengono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cancellate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _21\"></span></span>bilancio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>qualora<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>tato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>mantenuto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alcun<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tipo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>controllo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sulle<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs41f\">stesse.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>In<span class=\"ff1\"> <span class=\"_ _2\"></span></span>caso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contrario,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conservazione,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>anche<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>parte,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>ale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>controllo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>comporta<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mantenimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs420\">bilancio<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>misura<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>coinvolgimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>residuo,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>misurato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall\u2019esposizione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ai</span> <span class=\"ff3\">cam<span class=\"_ _2\"></span>biamenti</span> <span class=\"ff3\">di</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs421\">valore<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>cedute<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>variazioni<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> </span>finanziari<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>stesse.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs422\">Infine,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziar<span class=\"_ _2\"></span>ie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ce<span class=\"_ _2\"></span>dute<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vengono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cancellate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dal<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> </span>nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">caso<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cui<span class=\"ff1\"> </span>vi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sia</span> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onservazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs423\">diritti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contrattuali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ricevere<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>relativi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cas<span class=\"_ _2\"></span>sa,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contestuale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>as<span class=\"_ _2\"></span>sunzione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un\u2019obb<span class=\"_ _2\"></span>ligazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs424\">pagare<span class=\"ff1\"> </span>detti<span class=\"ff1\"> </span>flussi,<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>solo<span class=\"ff1\"> </span>essi,<span class=\"ff1\"> </span>senza<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>ritardo<span class=\"ff1\"> </span>rilevante<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>altri<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>ggetti<span class=\"ff1\"> </span>terzi.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs425\">Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs426\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs427\">ril<span class=\"_ _0\"></span>ev<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs428\">del<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs429\">co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs42a\">re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ual<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs42b\">I<span class=\"ff1\"> </span>dividendi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">vengono</span> <span class=\"ff3\">contabilizzat<span class=\"_ _2\"></span>i</span> <span class=\"ff3\">alla</span> <span class=\"_ _0\"></span><span class=\"ff3\">voce<span class=\"ff1\"> </span>\u201cDividendi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rov<span class=\"_ _2\"></span>enti<span class=\"ff1\"> </span>simili\u201d<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>momento<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cui</span> <span class=\"ff3\">sorge</span> <span class=\"ff3\">il</span> <span class=\"ff3\">diritto</span> <span class=\"ff3\">a</span> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs42c\">ric<span class=\"_ _0\"></span>eve<span class=\"_ _0\"></span>rne<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pa<span class=\"_ _0\"></span>game<span class=\"_ _0\"></span>nto<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ment<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>g<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ut<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o</span> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>erd<span class=\"_ _0\"></span>ite<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>riv<span class=\"_ _0\"></span>anti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">da<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">una<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">va<span class=\"_ _0\"></span>riaz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs42d\">fai<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs42e\">val<span class=\"_ _0\"></span>ue</div><div class=\"t m0 h9 ff1 fs4 fc0 sc0 ls0 ws0 gs42f\"> <span class=\"_ _0\"></span><span class=\"ff3 fs5\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ti<span class=\"_ _0\"></span>toli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">capi<span class=\"_ _0\"></span>tale<span class=\"ff1\"> </span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs430\">vengono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rilevati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">specifica<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riserva<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">patrimonio<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>etto<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">viene<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riversato<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">economico<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nel<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs431\">caso<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cessione<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>cancellazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>titolo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>capitale.<span class=\"_ _3bd\"> </span> </div>At<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>di<span class=\"_ _0\"></span>spo<span class=\"_ _1\"></span>nib<span class=\"_ _0\"></span>ili<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>la<span class=\"_ _3bd\"> </span>ve<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>isc<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>L\u2019iscrizione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">iniziale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dell\u2019attivit\u00e0<span class=\"ff1\"> </span>finanziaria<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">avviene<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">regolamento<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>debito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">capital<span class=\"_ _2\"></span>e.<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Fatte<span class=\"ff1\"> </span>salve<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>eccezioni<span class=\"ff1\"> </span>previste<span class=\"ff1\"> </span>dallo<span class=\"ff1\"> </span>IAS<span class=\"ff1\"> </span>39,<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>portafoglio<span class=\"ff1\"> </span>disponibile<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>vendita<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>poss<span class=\"_ _2\"></span>ono<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>trasferiti<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>altri<span class=\"ff1\"> </span>portafogli<span class=\"ff1\"> </span>n\u00e9<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>altri<span class=\"ff1\"> </span>portafogli<span class=\"ff1\"> </span>possono<span class=\"ff1\"> </span>for<span class=\"_ _2\"></span>mare<span class=\"ff1\"> </span>oggetto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>trasferimento<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>portafoglio<span class=\"ff1\"> </span>disponibile<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>vendita.<span class=\"_ _3bd\"> </span>Al<span class=\"_ _0\"></span>l\u2019at<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rilev<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>ione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ini<span class=\"_ _0\"></span>ziale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le</span> <span class=\"_ _0\"></span><span class=\"ff3\">atti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">so<span class=\"_ _0\"></span>no<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>tabi<span class=\"_ _0\"></span>liz<span class=\"_ _0\"></span>zate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al</span> <span class=\"ff3\">c<span class=\"_ _0\"></span>osto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"_ _0\"></span>tes<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ome<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>air<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">valu<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>llo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">strume<span class=\"_ _1\"></span>nto,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>comprensivo<span class=\"ff1\"> </span>dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">costi</span> <span class=\"ff3\">o</span> <span class=\"_ _0\"></span><span class=\"ff3\">proventi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>transazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">direttam<span class=\"_ _2\"></span>ente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">at<span class=\"_ _2\"></span>tribuibili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">allo<span class=\"ff1\"> </span>strumento<span class=\"ff1\"> </span>stesso.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Qualora,<span class=\"ff1\"> </span>nei<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>casi<span class=\"ff1\"> </span>consentiti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dai</span> <span class=\"_ _1\"></span><span class=\"ff3\">principi<span class=\"ff1\"> </span>contab<span class=\"_ _0\"></span>ili,<span class=\"ff1\"> </span>l\u2019iscrizione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">avvenisse</span> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>segu<span class=\"_ _0\"></span>ito<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riclassificazione,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">is<span class=\"_ _2\"></span>crizione<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>sarebbe<span class=\"ff1\"> </span>rappresentato<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>momento<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>trasferimento.<span class=\"_ _3bd\"> </span>I<span class=\"ff1\"> <span class=\"_ _20\"></span></span>titoli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>disponibili<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>vendita<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span><span class=\"ff3\">form<span class=\"_ _2\"></span>ano</span> <span class=\"_ _20\"></span><span class=\"ff3\">oggetto</span> <span class=\"_ _20\"></span><span class=\"ff3\">di</span> <span class=\"_ _20\"></span><span class=\"ff3\">operazioni</span> <span class=\"_ _20\"></span><span class=\"ff3\">di</span> <span class=\"_ _20\"></span><span class=\"ff3\">compravendita</span> <span class=\"_ _20\"></span><span class=\"ff3\">a</span> <span class=\"_ _21\"></span><span class=\"ff3\">pronti</span> <span class=\"_ _2\"></span><span class=\"ff3\">no<span class=\"_ _2\"></span>n</span> <span class=\"_ _20\"></span><span class=\"ff3\">ancora</span> </span>regolate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(regular<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">way)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vengono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"_ _2\"></span>scritti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(se<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">acquistati)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">oppure<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">can<span class=\"_ _2\"></span>cellati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(se<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">venduti)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">secondo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">principio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>ella<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>\u201cdata<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>regolamento\u201d.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cla<span class=\"_ _1\"></span>ssi<span class=\"_ _0\"></span>fica<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>inc<span class=\"_ _0\"></span>luse<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span>pre<span class=\"_ _0\"></span>sent<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>categ<span class=\"_ _0\"></span>ori<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>attiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">finan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>rie<span class=\"ff1\"> </span>non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">der<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>div<span class=\"_ _0\"></span>ersa<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>cla<span class=\"_ _0\"></span>ssifi<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span></span></span></span></span>\u201cCrediti\u201d,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u201cAttivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>detenute<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>negoziazione\u201d,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u201cA<span class=\"_ _0\"></span>ttivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _21\"></span></span>valutate<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> <span class=\"_ _21\"></span></span>f<span class=\"_ _0\"></span>air<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>value\u201d<span class=\"ff1\"> <span class=\"_ _21\"></span></span>o<span class=\"ff1\"> </span>\u201cAttivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>detenute<span class=\"ff1\"> </span>sino<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>scadenza\u201d.<span class=\"_ _3bd\"> </span>In<span class=\"ff1\">  </span>par<span class=\"_ _2\"></span>ticolare,<span class=\"ff1\">  </span>vengono<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>incluse<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>questa<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>voce<span class=\"ff1\">  </span>le<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>interessenze<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>azionarie<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>gestite<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>finalit\u00e0<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> </span>negoziazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _2\"></span></span>qualificab<span class=\"_ _2\"></span>ili<span class=\"ff1\"> <span class=\"_ _2\"></span></span>come<span class=\"ff1\"> </span>part<span class=\"_ _2\"></span>ecipazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contr<span class=\"_ _2\"></span>ollo,<span class=\"ff1\"> </span>collegamento<span class=\"_ _2\"></span><span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contr<span class=\"_ _2\"></span>ollo<span class=\"ff1\"> </span>congiunto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gli<span class=\"_ _2\"></span><span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>part<span class=\"_ _2\"></span>ecipativi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>capitale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>relativi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"_ _2\"></span>lle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>contribuzioni<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ve<span class=\"_ _2\"></span>rsate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>allo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Schema<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>volontario<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>d<span class=\"_ _2\"></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>FITD<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> </span>interventi<span class=\"ff1\"> </span>relativi<span class=\"ff1\"> </span>all\u2019assunzione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>partecipazioni.<span class=\"_ _3bd\"> </span>Nei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>casi<span class=\"ff1\"> <span class=\"_ _27\"></span></span><span class=\"ff1\"><span class=\"_ _27\"> </span></span>consentiti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dai<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>principi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>contabili,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ammesse<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>riclassifiche<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>esclusivamente<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>verso<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>categoria<span class=\"ff1\"> </span>Att<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>rie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dete<span class=\"_ _0\"></span>nute<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">sino</span> <span class=\"ff3\">a<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">scad<span class=\"_ _0\"></span>enz<span class=\"_ _0\"></span>a.<span class=\"ff1\"> </span>E<span class=\"_ _0\"></span>\u2019<span class=\"ff1\"> </span>po<span class=\"_ _0\"></span>ssib<span class=\"_ _0\"></span>ile<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span>oltre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ric<span class=\"_ _0\"></span>las<span class=\"_ _0\"></span>sifi<span class=\"_ _0\"></span>care<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i</span> <span class=\"_ _0\"></span><span class=\"ff3\">ti<span class=\"_ _0\"></span>toli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">deb<span class=\"_ _0\"></span>ito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">oltre<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ne<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>categoria<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> </span>Att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> </span>finanziar<span class=\"_ _2\"></span>ie<span class=\"ff1\"> </span>detenute<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sino<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>scadenza,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>anche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Crediti,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>presenza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>intento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>detenzione<span class=\"ff1\">  </span>per<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>il<span class=\"ff1\">  </span>prevedibile<span class=\"ff1\">  </span>f<span class=\"_ _2\"></span>uturo<span class=\"ff1\">  </span>e<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>qualora<span class=\"ff1\">  </span>ne<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>ricorrano<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>le<span class=\"ff1\">  </span>condizioni<span class=\"ff1\">  </span>per<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>l\u2019iscrizione.<span class=\"ff1\">  </span>Il<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>valore<span class=\"ff1\">  </span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>trasferimento<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>rappresentato<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>momento<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>riclassificazione.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Successivamente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rilevazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>iniziale,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u201cAt<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>disponibili<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>vendita\u201d<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valutate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rilevazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>conto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">economico<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">corrispondente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cost<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">am<span class=\"_ _2\"></span>mortizzato,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mentre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gli<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>utili<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perdite<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">derivanti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">variazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fa<span class=\"_ _2\"></span>ir<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vengono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ilevati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>pecifica<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riserva<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">patrimo<span class=\"_ _2\"></span>nio<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>netto<span class=\"ff1\"> </span>sino<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>l\u2019attivit\u00e0<span class=\"ff1\"> </span>finanziaria<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>viene<span class=\"ff1\"> </span>cancellata<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>viene<span class=\"ff1\"> </span>rilev<span class=\"_ _0\"></span>ata<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>perdita<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>valore.<span class=\"_ _3bd\"> </span>Le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>meto<span class=\"_ _2\"></span>dologie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>utilizzate<span class=\"ff1\"> <span class=\"_ _21\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>determinazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _20\"></span></span>value<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>principal<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>criteri<span class=\"ff1\"> <span class=\"_ _21\"></span></span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> <span class=\"_ _21\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rilevazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">un</span> </span>impairment<span class=\"ff1\">  </span>delle<span class=\"ff1\">  </span>\u201cAttivit\u00e0<span class=\"ff1\">  </span>fina<span class=\"_ _0\"></span>nziarie<span class=\"ff1\">  </span>disponibili<span class=\"ff1\">  </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\">  </span>la<span class=\"ff1\">  </span>vendita\u201d<span class=\"ff1\">  </span>sono<span class=\"ff1\">  </span>ripor<span class=\"_ _0\"></span>tati<span class=\"ff1\">  </span>nella<span class=\"ff1\">  </span>sezione<span class=\"ff1\">  </span>18<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u201cAltr<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>informazioni\u201d<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>presente<span class=\"ff1\"> </span>nota<span class=\"ff1\"> </span>integrativa.<span class=\"_ _3bd\"> </span><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs9eb\">I<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tito<span class=\"_ _2\"></span>li<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cap<span class=\"_ _2\"></span>itale,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">quali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> </span>sia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">possibile<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">determinare<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs9ec\">fair<span class=\"_ _3bd\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs9ed\">value</div><div class=\"t m0 h9 ff1 fs4 fc0 sc0 ls0 ws0 gs9ee\"> <span class=\"_ _1\"></span><span class=\"ff3 fs5\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">maniera<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attendibile<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">secondo<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">linee<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs9ef\">guida<span class=\"ff1\"> </span>sopra<span class=\"ff1\"> </span>indicate,<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>mantenuti<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>costo.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs9f0\">La<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ve<span class=\"_ _0\"></span>rifica<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dell\u2019esistenza<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>obiett<span class=\"_ _2\"></span>ive<span class=\"ff1\"> <span class=\"_ _20\"></span></span>evidenze<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>iduzione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>viene<span class=\"ff1\"> <span class=\"_ _21\"></span></span>effettuata<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ogni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>chiusura<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs9f1\">bilancio<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>situazione<span class=\"ff1\"> </span>infrannuale.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs9f2\">Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs9f3\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs9f4\">ca<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs9f5\">Le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>vengono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cancellate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quando<span class=\"ff1\"> <span class=\"_ _20\"></span></span>scadono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>diritti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contratt<span class=\"_ _2\"></span>uali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sui<span class=\"ff1\"> <span class=\"_ _20\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziari<span class=\"ff1\"> <span class=\"_ _20\"></span></span>derivati<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs9f6\">dalle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>st<span class=\"_ _2\"></span>esse<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quando<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziaria<span class=\"ff1\"> </span>viene<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ceduta<span class=\"ff1\"> <span class=\"_ _2\"></span></span>trasferendo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sostanzialmente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tutti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs9f7\">benefici<span class=\"ff1\"> <span class=\"_ _21\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>propr<span class=\"_ _2\"></span>iet\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dell\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>finanziaria.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>contro<span class=\"_ _2\"></span>,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>qualora<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>stata<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>mantenuta<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _21\"></span></span>quota<span class=\"ff1\"> <span class=\"_ _21\"></span></span>parte<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs9f8\">rilevante<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>e<span class=\"_ _2\"></span><span class=\"ff1\"> </span>benefici<span class=\"ff1\"> </span>relat<span class=\"_ _2\"></span>ivi<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cedute,<span class=\"ff1\"> </span>queste<span class=\"ff1\"> </span>continuano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ad<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>iscrit<span class=\"_ _2\"></span>te<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs9f9\">bilancio,<span class=\"ff1\"> </span>ancorch\u00e9<span class=\"ff1\"> </span>giuridicamente<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>tito<span class=\"_ _2\"></span>larit\u00e0<span class=\"ff1\"> </span>delle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">att<span class=\"_ _2\"></span>ivit\u00e0</span> <span class=\"ff3\">stesse</span> <span class=\"ff3\">sia</span> <span class=\"ff3\">stata</span> <span class=\"ff3\">effettivamente</span> <span class=\"ff3\">trasferita.<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs9fa\">Nel<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>caso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pos<span class=\"_ _2\"></span>sibile<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>accert<span class=\"_ _2\"></span>are<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sostanziale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>trasferimento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>b<span class=\"_ _0\"></span>enefici,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs9fb\">finanziarie<span class=\"ff1\"> <span class=\"_ _21\"></span></span>vengono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cancellate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _21\"></span></span>bilancio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>qualora<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>tato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>mantenuto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alcun<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tipo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>controllo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sulle<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs9fc\">stesse.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>In<span class=\"ff1\"> <span class=\"_ _2\"></span></span>caso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contrario,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conservazione,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>anche<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>parte,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>ale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>controllo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>comporta<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mantenimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs9fd\">bilancio<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>misura<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>coinvolgimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>residuo,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>misurato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall\u2019esposizione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ai</span> <span class=\"ff3\">cam<span class=\"_ _2\"></span>biamenti</span> <span class=\"ff3\">di</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs9fe\">valore<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>cedute<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>variazioni<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> </span>finanziari<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>stesse.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs9ff\">Nel<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>caso<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>cui<span class=\"ff1\">  </span>la<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>banca<span class=\"ff1\">  </span>v<span class=\"_ _2\"></span>enda<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>un\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>finanziaria<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>classificata<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>suddetto<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>portafoglio,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>procede<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsa00\">all'eliminazione<span class=\"ff1\"> </span>dell\u2019attivit\u00e0<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>suo<span class=\"ff1\"> </span>trasferimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(data<span class=\"ff1\"> </span>regolamento).<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsa01\">I<span class=\"ff1\"> <span class=\"_ _21\"></span></span>titoli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ricevuti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un\u2019operazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contr<span class=\"_ _2\"></span>attualmente<span class=\"ff1\"> <span class=\"_ _21\"></span></span>prevede<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">la</span> <span class=\"_ _20\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>uccessiva</span> <span class=\"_ _21\"></span><span class=\"ff3\">vendita</span> <span class=\"_ _20\"></span><span class=\"ff3\">e</span> <span class=\"_ _21\"> </span><span class=\"ff3\">i</span> <span class=\"_ _21\"></span><span class=\"ff3\">titoli</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsa02\">consegnati<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>ell\u2019ambito<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un\u2019operazione<span class=\"ff1\"> </span>che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contrattualmente<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>revede<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">riacquisto,</span> <span class=\"ff3\">non</span> <span class=\"_ _1\"></span><span class=\"ff3\">vengono<span class=\"ff1\"> </span>registrati<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsa03\">o<span class=\"ff1\"> </span>stornati<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>bilancio.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsa04\">Infine,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziar<span class=\"_ _2\"></span>ie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ce<span class=\"_ _2\"></span>dute<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vengono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cancellate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dal<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> </span>nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">caso<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cui<span class=\"ff1\"> </span>vi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sia</span> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onservazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsa05\">diritti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contrattuali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ricevere<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>relativi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cas<span class=\"_ _2\"></span>sa,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contestuale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>as<span class=\"_ _2\"></span>sunzione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un\u2019obb<span class=\"_ _2\"></span>ligazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsa06\">pagare<span class=\"ff1\"> </span>detti<span class=\"ff1\"> </span>flussi,<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>solo<span class=\"ff1\"> </span>essi<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>altri<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>ggetti<span class=\"ff1\"> </span>terzi<span class=\"ff1\"> </span>(Cfr.<span class=\"ff1\"> </span>par.19<span class=\"ff1\"> </span>IAS39).<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsa07\">Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsa08\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsa09\">ril<span class=\"_ _0\"></span>ev<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsa0a\">del<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsa0b\">co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsa0c\">re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ual<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsa0d\">Gli<span class=\"ff1\"> </span>interessi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivi,<span class=\"ff1\"> </span>calcolati<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">base<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>metodologia<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">T.I.R.,<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> </span>contabilizzati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>competenza<span class=\"ff1\"> </span>nelle<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsa0e\">voci<span class=\"ff1\"> </span>\u201cInteressi<span class=\"ff1\"> </span>attivi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>proventi<span class=\"ff1\"> </span>assimilati\u201d,<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>dividendi<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>voce<span class=\"ff1\"> </span>\u201cDividendi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>proventi<span class=\"ff1\"> </span>simili<span class=\"_ _0\"></span>\u201d<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nel<span class=\"ff1\"> </span>momento<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsa0f\">cu<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sorge<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dir<span class=\"_ _0\"></span>itto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rice<span class=\"_ _0\"></span>ver<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pag<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>to,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">me<span class=\"_ _0\"></span>ntre<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">g<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">uti<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">per<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">deri<span class=\"_ _0\"></span>van<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">va<span class=\"_ _0\"></span>riaz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gsa10\">fa<span class=\"_ _0\"></span>ir<span class=\"_ _3bd\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gsa11\">va<span class=\"_ _0\"></span>lue<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsa12\">vengono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rilevati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>specifica<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>riserva<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _0\"></span>atrimonio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>netto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sino<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>l\u2019att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>finanzi<span class=\"_ _0\"></span>aria<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>vie<span class=\"_ _0\"></span>ne<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsa13\">cancellata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">viene<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rilevata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>erdita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>valore.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Al<span class=\"ff1\"> </span>momento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dismissione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>dell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>rilevazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsa14\">perdita<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valore,<span class=\"ff1\"> </span>l\u2019utile<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>perdita<span class=\"ff1\"> </span>cumulati<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> </span>riversati<span class=\"ff1\"> </span>a<span class=\"_ _2\"></span><span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsa15\">Qualora<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">motivi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>ella<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perdita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">v<span class=\"_ _2\"></span>alore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>iano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rimossi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">seguito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">evento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">verificatosi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">successivamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsa16\">rilevazione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>riduzione<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>valore,<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>vengono<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>effettuat<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>riprese<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>imputazion<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>conto<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsa17\">economico,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> </span>caso<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>debito,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ed<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">patrimonio<span class=\"ff1\"> </span>netto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> </span>caso<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>apitale.<span class=\"ff1\"> </span>L\u2019ammontare<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsa18\">ripresa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>non<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pu\u00f2<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ogni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>caso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>superare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>differenza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tr<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contabile<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ed<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>costo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>am<span class=\"_ _2\"></span>mortizzato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>lo<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsa19\">strumento<span class=\"ff1\"> </span>avrebbe<span class=\"ff1\"> </span>avuto<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>assenza<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>precedenti<span class=\"ff1\"> </span>rettifiche.<span class=\"_ _3bd\"> </span> </div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForAvailableforsaleFinancialAssetsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-771": {
   "value": "3-<span class=\"_ _3bd\"> </span>At<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>sto<span class=\"_ _3bd\"> </span>am<span class=\"_ _1\"></span>mor<span class=\"_ _0\"></span>tizz<span class=\"_ _1\"></span>ato<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>isc<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>L\u2019iscrizione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">iniziale<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziaria<span class=\"ff1\"> </span>av<span class=\"_ _0\"></span>viene<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">data<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>egolamento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>itoli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ebito<span class=\"ff1\"> </span>ed<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">data<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>erogazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _2\"></span></span>caso<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>crediti.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>All\u2019att<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>ilevazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>iniziale<span class=\"ff1\"> <span class=\"_ _21\"></span></span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span><span class=\"ff3\">att<span class=\"_ _2\"></span>ivit\u00e0</span> <span class=\"_ _2\"></span><span class=\"ff3\">sono</span> <span class=\"_ _20\"></span><span class=\"ff3\">contabilizzate</span> <span class=\"_ _20\"></span><span class=\"ff3\">al</span> <span class=\"_ _20\"></span><span class=\"ff3\">fair</span> <span class=\"_ _21\"></span><span class=\"ff3\">val<span class=\"_ _0\"></span>ue,<span class=\"ff1\"> </span></span></span>comprensivo<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>costi<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>proventi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>transazione<span class=\"ff1\"> </span>direttamente<span class=\"ff1\"> </span>attribuibili<span class=\"ff1\"> </span>allo<span class=\"ff1\"> </span>str<span class=\"_ _2\"></span>umento<span class=\"ff1\"> </span>stesso.<span class=\"_ _3bd\"> </span>In<span class=\"ff1\"> <span class=\"_ _20\"></span></span>par<span class=\"_ _2\"></span>ticolare,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>quel<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>attiene<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _20\"></span></span>crediti,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>data<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>erogazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>normalmente<span class=\"ff1\"> <span class=\"_ _21\"></span></span>coincide<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _21\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>data<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _3bd\"> </span>sott<span class=\"_ _0\"></span>oscr<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>ntra<span class=\"_ _0\"></span>tto.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Qual<span class=\"_ _0\"></span>ora<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tal<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>oinci<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>nza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>m<span class=\"_ _0\"></span>anife<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sed<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">so<span class=\"_ _0\"></span>ttosc<span class=\"_ _0\"></span>riz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>ntra<span class=\"_ _0\"></span>tt<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pro<span class=\"_ _0\"></span>vved<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>ad<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">iscri<span class=\"_ _0\"></span>vere<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">impe<span class=\"_ _0\"></span>gno<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ad</span> <span class=\"ff3\">e<span class=\"_ _0\"></span>rog<span class=\"_ _0\"></span>are<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fon<span class=\"_ _0\"></span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">chiud<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ata<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">e<span class=\"_ _0\"></span>rog<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fina<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>nto<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>L\u2019iscrizione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cre<span class=\"_ _2\"></span>dito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">avviene<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ulla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">base<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stes<span class=\"_ _2\"></span>so,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pari<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">all\u2019ammo<span class=\"_ _2\"></span>ntare<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ero<span class=\"_ _2\"></span>gato,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prezzo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">d<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>sottoscrizione,<span class=\"ff1\"> </span>comprensivo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>costi/proventi<span class=\"ff1\"> </span>diretta<span class=\"_ _2\"></span>mente<span class=\"ff1\"> </span>riconducibili<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>singolo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>credito<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>determinabil<span class=\"_ _3bd\"> </span>sin<span class=\"ff1\"> </span>dall\u2019origine<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>ell\u2019operazione,<span class=\"ff1\"> </span>ancor<span class=\"_ _2\"></span>ch\u00e9<span class=\"ff1\"> </span>liquidati<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> </span>mom<span class=\"_ _2\"></span>ento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>successivo.<span class=\"ff1\"> </span>Sono<span class=\"ff1\"> </span>esclusi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> </span>co<span class=\"_ _2\"></span>sti<span class=\"ff1\"> </span>che,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pu<span class=\"_ _3bd\"> </span>avendo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>carat<span class=\"_ _2\"></span>teristiche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>suddett<span class=\"_ _2\"></span>e,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>oggetto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rimborso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>da<span class=\"ff1\"> <span class=\"_ _20\"></span></span>parte<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contr<span class=\"_ _2\"></span>oparte<span class=\"ff1\"> <span class=\"_ _20\"></span></span>debitrice<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"ff1\"> </span>inquadrabili<span class=\"ff1\"> </span>tra<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>normali<span class=\"ff1\"> </span>costi<span class=\"ff1\"> </span>interni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>caratter<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">amministrativo.<span class=\"_ _3bd\"> </span></span></span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cl<span class=\"_ _0\"></span>ass<span class=\"_ _1\"></span>ific<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Sono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">incluse<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nella<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">presente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">categoria<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">particolare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziamenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tito<span class=\"_ _2\"></span>li<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">debito)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ch<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>soddisfano<span class=\"ff1\"> </span>entrambe<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>seguenti<span class=\"ff1\"> </span>condizioni:<span class=\"_ _3bd\"> </span>l\u2019<span class=\"_ _0\"></span>atti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ziari<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">po<span class=\"_ _0\"></span>ssedu<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>eco<span class=\"_ _0\"></span>ndo<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>mo<span class=\"_ _0\"></span>dell<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">bus<span class=\"_ _0\"></span>ine<span class=\"_ _0\"></span>ss<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cui<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">obi<span class=\"_ _0\"></span>etti<span class=\"_ _0\"></span>vo<span class=\"ff1\"> </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>onse<span class=\"_ _0\"></span>gui<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>med<span class=\"_ _0\"></span>ian<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>l\u2019<span class=\"_ _0\"></span>inc<span class=\"_ _0\"></span>asso<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">flu<span class=\"_ _0\"></span>ssi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fin<span class=\"_ _0\"></span>anzi<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pre<span class=\"_ _0\"></span>vist<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ontr<span class=\"_ _0\"></span>attu<span class=\"_ _0\"></span>alm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>(B<span class=\"_ _0\"></span>usin<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>s<span class=\"ff1\"> </span>model<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u201cH<span class=\"_ _0\"></span>old<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">to</span> <span class=\"_ _1\"></span><span class=\"ff3\">Colle<span class=\"_ _0\"></span>ct\u201d<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u2013</span> <span class=\"ff3\">\u201cHT<span class=\"_ _0\"></span>C\u201d)<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>e<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span></span></span>i<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>t<span class=\"_ _2\"></span>ermini<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>contra<span class=\"_ _2\"></span>ttuali<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>dell\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>finanziaria<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>prevedono,<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>determinate<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>date,<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>flussi<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>fin<span class=\"_ _2\"></span>anziar<span class=\"_ _3bd\"> </span>rappresentati<span class=\"ff1\">  </span>unicame<span class=\"_ _0\"></span>nte<span class=\"ff1\">  </span>da<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>pagamenti<span class=\"ff1\">  </span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>capitale<span class=\"ff1\">  </span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dell\u2019interesse<span class=\"ff1\">  </span>sull\u2019importo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\">  </span>capitale<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _3bd\"> </span>restituire<span class=\"ff1\"> </span>(cd.<span class=\"ff1\"> </span>\u201cSPPI<span class=\"ff1\"> </span>test\u201d<span class=\"ff1\"> </span>superato).<span class=\"_ _3bd\"> </span>Pi\u00f9<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>arti<span class=\"_ _0\"></span>col<span class=\"_ _0\"></span>are,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fo<span class=\"_ _0\"></span>rman<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>og<span class=\"_ _0\"></span>getto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>ile<span class=\"_ _0\"></span>vazi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">que<span class=\"_ _1\"></span>sta<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>oce:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>gli<span class=\"ff1\"> <span class=\"_ _21\"></span></span>impieghi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>banche<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>n<span class=\"_ _2\"></span>elle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>diverse<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>forme<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tecniche<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>pr<span class=\"_ _2\"></span>esentano<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>requisiti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>pa<span class=\"_ _2\"></span>ragraf<span class=\"_ _3bd\"> </span>pre<span class=\"_ _0\"></span>ced<span class=\"_ _0\"></span>ente<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span>gli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>impieghi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>clientela<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nelle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>diverse<span class=\"ff1\"> <span class=\"_ _2\"></span></span>for<span class=\"_ _2\"></span>me<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tecniche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ch<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>presentano<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>requisiti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>par<span class=\"_ _0\"></span>agraf<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>pre<span class=\"_ _0\"></span>ced<span class=\"_ _0\"></span>ente<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tit<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>bito<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ch<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">re<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>siti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cu<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">par<span class=\"_ _0\"></span>agraf<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rece<span class=\"_ _0\"></span>den<span class=\"_ _0\"></span>te.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>inoltr<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>inclusi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>categoria<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>crediti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>funzionamento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>connessi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prestazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>servizi<span class=\"ff1\"> </span>finanziari<span class=\"ff1\"> <span class=\"_ _2\"></span></span>come<span class=\"ff1\"> </span>definiti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dal<span class=\"ff1\"> </span>T.U.B.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>dal<span class=\"ff1\"> <span class=\"_ _2\"></span></span>T.U.F.<span class=\"ff1\"> </span>(ad<span class=\"ff1\"> <span class=\"_ _2\"></span></span>esempio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> </span>distribuzione<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prodotti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziari<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">diservicing).<span class=\"_ _3bd\"> </span></span></span>Ri<span class=\"_ _0\"></span>cla<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>ich<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Secondo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>regole<span class=\"ff1\"> <span class=\"_ _2\"></span></span>g<span class=\"_ _2\"></span>enerali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>previs<span class=\"_ _2\"></span>te<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall\u2019IFRS<span class=\"ff1\"> <span class=\"_ _20\"></span></span>9<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>materia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riclassificazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziarie,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>non<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>ammesse<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riclassifiche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">verso<span class=\"ff1\"> </span>altre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">categorie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>alvo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>caso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>cu<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>l\u2019entit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mo<span class=\"_ _2\"></span>difichi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>pro<span class=\"_ _0\"></span>pri<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>mod<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">bus<span class=\"_ _0\"></span>ine<span class=\"_ _0\"></span>ss<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gesti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">atti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>nanz<span class=\"_ _0\"></span>iarie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"_ _0\"></span><span class=\"ff3\">segu<span class=\"_ _0\"></span>ito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ambi<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">este<span class=\"_ _0\"></span>rni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">quali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">siano<span class=\"ff1\"> </span>rile<span class=\"_ _0\"></span>vanti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">operazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dell'entit\u00e0<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dimostr<span class=\"_ _2\"></span>abili<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">par<span class=\"_ _2\"></span>ti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">est<span class=\"_ _2\"></span>erne.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">In<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cas<span class=\"_ _2\"></span>i,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ci<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">at<span class=\"_ _2\"></span>tende<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>siano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>altamente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>infrequenti,<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"_ _2\"></span>ttivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziarie<span class=\"ff1\"> </span>potranno<span class=\"ff1\"> <span class=\"_ _2\"></span></span>essere<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riclassificate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dalla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>categoria<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valutata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> </span>costo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ammortizzato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>una<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> </span>altre<span class=\"ff1\"> <span class=\"_ _2\"></span></span>due<span class=\"ff1\"> </span>categorie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>previste<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall\u2019<span class=\"_ _0\"></span>IFRS<span class=\"ff1\"> <span class=\"_ _2\"></span></span>9<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(Attivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valutate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fair<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>lue<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>mpatt<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>su<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>redd<span class=\"_ _0\"></span>itiv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ompl<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o</span> <span class=\"ff3\">Attiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">finan<span class=\"_ _0\"></span>ziari<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>tate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al</span> <span class=\"ff3\">f<span class=\"_ _0\"></span>air<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">value<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>impatt<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>economico).<span class=\"ff1\"> </span>Il<span class=\"ff1\"> </span>valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>trasferimento<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>rappresentato<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">momento<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>riclassificazione<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span></span></span></span></span>effetti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riclassificazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">operano<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">maniera<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pros<span class=\"_ _2\"></span>pettica<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">part<span class=\"_ _2\"></span>ire<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dalla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">data<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ric<span class=\"_ _2\"></span>lassificazione.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Gli<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">utili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>rdi<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ris<span class=\"_ _0\"></span>ulta<span class=\"_ _0\"></span>nti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dal<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>ffer<span class=\"_ _0\"></span>enz<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>ra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>osto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">amm<span class=\"_ _0\"></span>orti<span class=\"_ _0\"></span>zz<span class=\"_ _0\"></span>ato<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>'atti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nzia<span class=\"_ _0\"></span>ria<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>lati<span class=\"_ _0\"></span>vo<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>air<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alue<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>ono<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>rilevati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">conto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">economico<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">caso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riclassifica<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valutat<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">impatto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>conto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>economico<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Patrimonio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nett<span class=\"_ _2\"></span>o,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nel<span class=\"_ _0\"></span>l\u2019apposita<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>riserva<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valutazione,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _21\"></span></span>caso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>riclassifica<span class=\"ff1\"> <span class=\"_ _20\"></span></span>t<span class=\"_ _2\"></span>ra<span class=\"ff1\"> <span class=\"_ _21\"></span></span>le<span class=\"ff1\"> </span>Attivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>impatto<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>redditivit\u00e0<span class=\"ff1\"> </span>complessiva.<span class=\"_ _3bd\"> </span> Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Successivamente<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>al<span class=\"_ _2\"></span>la<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>rilevazione<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>iniziale,<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>esame<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>valutate<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>costo<span class=\"ff1\"> </span>amm<span class=\"_ _0\"></span>orti<span class=\"_ _0\"></span>zza<span class=\"_ _0\"></span>to,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">utiliz<span class=\"_ _0\"></span>zand<span class=\"_ _1\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>metod<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tasso</span> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">int<span class=\"_ _0\"></span>eres<span class=\"_ _0\"></span>se<span class=\"ff1\"> </span>effe<span class=\"_ _0\"></span>ttiv<span class=\"_ _0\"></span>o.<span class=\"ff1\"> </span>In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">que<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">te<span class=\"_ _0\"></span>rmini<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>l\u2019at<span class=\"_ _0\"></span>tivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>ricon<span class=\"_ _0\"></span>osc<span class=\"_ _0\"></span>iuta<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">am<span class=\"_ _2\"></span>montare<span class=\"ff1\"> </span>pari<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alore<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prima<span class=\"ff1\"> </span>iscrizione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _2\"></span>minuito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span>rimborsi<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>capitale,<span class=\"ff1\"> </span>pi\u00f9<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o</span> <span class=\"_ _0\"></span><span class=\"ff3\">meno<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>l\u2019<span class=\"_ _0\"></span>amm<span class=\"_ _0\"></span>ortam<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>cumul<span class=\"_ _0\"></span>ato<span class=\"ff1\"> </span>(ca<span class=\"_ _0\"></span>lcola<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>col<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>amat<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>me<span class=\"_ _0\"></span>tod<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tasso</span> <span class=\"ff3\">di</span> <span class=\"ff3\">int<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">effe<span class=\"_ _0\"></span>ttiv<span class=\"_ _1\"></span>o<span class=\"_ _2\"></span>)<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>dif<span class=\"_ _0\"></span>feren<span class=\"_ _0\"></span>za<span class=\"ff1\"> </span></span></span></span></span>tra<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tale<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>importo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>iniziale<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">l\u2019import<span class=\"_ _2\"></span>o</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">alla</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">scaden<span class=\"_ _0\"></span>za<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(riconducibile<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tipicamente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ai<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>costi/proventi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>imputati<span class=\"ff1\"> </span></span></span>direttamente<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>singola<span class=\"ff1\"> </span>attivit\u00e0)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>rettificato<span class=\"ff1\"> </span>dell\u2019eventuale<span class=\"ff1\"> </span>fondo<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>copertura<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"ff1\"> </span>perdite<span class=\"ff1\"> </span>attese.<span class=\"ff1\"> </span>I<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> </span></span></span>di<span class=\"ff1\">  </span>interesse<span class=\"ff1\">  </span>ef<span class=\"_ _0\"></span>fett<span class=\"_ _2\"></span>ivo<span class=\"ff1\">  </span>\u00e8<span class=\"ff1\">  </span>i<span class=\"_ _0\"></span>ndividuato<span class=\"_ _2\"></span><span class=\"ff1\">  </span>calcolando<span class=\"ff1\">  </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\">  </span>tasso<span class=\"ff1\">  </span>che<span class=\"ff1\">  </span>eguaglia<span class=\"ff1\">  </span>il<span class=\"ff1\">  </span>valore<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>at<span class=\"_ _2\"></span>tuale<span class=\"ff1\">  </span>dei<span class=\"ff1\">  </span>flussi<span class=\"ff1\">  </span>fu<span class=\"_ _0\"></span>turi<span class=\"_ _2\"></span><span class=\"ff1\"> </span>dell\u2019attivit\u00e0,<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>capi<span class=\"_ _0\"></span>tale<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>ed<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _23\"> </span><span class=\"ff3\">i<span class=\"_ _0\"></span>nteresse,<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>all\u2019<span class=\"_ _0\"></span>ammontar<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>erogato<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>inclusivo<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>costi/proventi<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>ricondotti<span class=\"ff1\"> </span></span></span>all\u2019attivit\u00e0<span class=\"ff1\">  </span>finan<span class=\"_ _0\"></span>ziaria<span class=\"ff1\">  </span>medesima.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Tale<span class=\"ff1\">  </span>modalit\u00e0<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\">  </span>contabilizzaz<span class=\"_ _0\"></span>ione,<span class=\"ff1\">  </span>utili<span class=\"_ _0\"></span>zzando<span class=\"ff1\">  </span>una<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>logica<span class=\"ff1\">  </span>finanziaria,<span class=\"ff1\"> </span>consente<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>d<span class=\"_ _0\"></span>istribuire<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>l\u2019<span class=\"_ _0\"></span>effetto<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>economico<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>cost<span class=\"_ _2\"></span>i/proventi<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>direttamente<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>attribuibili<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>ad<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>un\u2019attivit\u00e0<span class=\"ff1\"> </span>finanziaria<span class=\"ff1\"> </span>lungo<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>sua<span class=\"ff1\"> </span>vita<span class=\"ff1\"> </span>residua<span class=\"ff1\"> </span>attesa.<span class=\"_ _3bd\"> </span> Il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>metodo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>costo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ammortizzato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>non<span class=\"ff1\"> <span class=\"_ _2\"></span></span>viene<span class=\"ff1\"> <span class=\"_ _2\"></span></span>utilizzato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u2013<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valorizzat<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>costo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>storico<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u2013<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cui<span class=\"_ _2\"></span><span class=\"ff1\"> </span>breve<span class=\"ff1\"> <span class=\"_ _20\"></span></span>durata<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fa<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>itenere<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tr<span class=\"_ _2\"></span>ascurabile<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l\u2019effetto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dell\u2019applicazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>logica<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dell\u2019attualizzazione,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _21\"></span></span>quel<span class=\"_ _0\"></span>l<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>senza<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>scadenza<span class=\"ff1\"> </span>definita<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>crediti<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>revoca.<span class=\"_ _3bd\"> </span> I<span class=\"ff1\">  </span>criteri<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\">  </span>valu<span class=\"_ _0\"></span>tazione<span class=\"ff1\">  </span>relativi<span class=\"ff1\">  </span>agli<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>accantonamenti<span class=\"ff1\">  </span>per<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\">  </span>perdite<span class=\"ff1\">  </span>attese<span class=\"ff1\">  </span>sono<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">strettamente</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">connessi</span> </span>all\u2019inclusione<span class=\"ff1\"> </span>degli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>str<span class=\"_ _2\"></span>umenti<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>esame<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>uno<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>ei<span class=\"ff1\"> </span>tr<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>st<span class=\"_ _2\"></span>ages<span class=\"ff1\"> </span>(stadi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>creditizio)<span class=\"ff1\"> </span>prev<span class=\"_ _2\"></span>isti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall\u2019IFRS<span class=\"ff1\"> </span>9,<span class=\"ff1\"> </span>l\u2019ultimo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(Stage<span class=\"ff1\"> <span class=\"_ _2\"></span></span>3)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>com<span class=\"_ _2\"></span>prende<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>deter<span class=\"_ _2\"></span>iorate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>estanti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(Stage<span class=\"ff1\"> <span class=\"_ _2\"></span></span>1<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>2)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>bonis.<span class=\"_ _3bd\"> </span> Con<span class=\"ff1\"> </span>riferimento<span class=\"ff1\"> </span>alla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>appresentazione<span class=\"ff1\"> </span>contabil<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>suddetti<span class=\"ff1\"> </span>ef<span class=\"_ _0\"></span>fetti<span class=\"ff1\"> </span>valutativi,<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rettifiche</span> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> </span>riferite<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span>questa<span class=\"ff1\"> </span>tipologia<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>rilevate<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>Conto<span class=\"ff1\"> </span>Economico:<span class=\"_ _3bd\"> </span> al<span class=\"_ _0\"></span>l\u2019at<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>ll\u2019<span class=\"_ _0\"></span>isc<span class=\"_ _0\"></span>rizi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">iniz<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span>e,<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>mmon<span class=\"_ _0\"></span>tare<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>ari<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">perd<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">at<span class=\"_ _0\"></span>tesa<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"ff3\">d<span class=\"_ _1\"></span>odici<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">me<span class=\"_ _1\"></span>si;<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span>all\u2019atto<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>valutazione<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>successiva<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>dell\u2019att<span class=\"_ _2\"></span>ivit\u00e0,<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>ove<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>creditizio<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>sia<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>risultato<span class=\"ff1\"> </span>significativamente<span class=\"ff1\"> <span class=\"_ _28\"> </span></span>incrementato<span class=\"ff1\"> <span class=\"_ _28\"> </span></span>rispetto<span class=\"ff1\"> <span class=\"_ _2b\"> </span></span>all\u2019<span class=\"_ _0\"></span>iscrizione<span class=\"ff1\"> <span class=\"_ _28\"> </span></span>iniziale,<span class=\"ff1\"> <span class=\"_ _28\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _28\"> </span></span>relazione<span class=\"ff1\"> <span class=\"_ _28\"> </span></span>alle<span class=\"ff1\"> <span class=\"_ _28\"> </span></span>vari<span class=\"_ _2\"></span>azioni<span class=\"ff1\"> </span>dell\u2019ammontare<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>rettifiche<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>perdite<span class=\"ff1\"> </span>attese<span class=\"ff1\"> </span>nei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dodici<span class=\"ff1\"> </span>mesi<span class=\"ff1\"> </span>successivi;<span class=\"_ _3bd\"> </span> al<span class=\"_ _0\"></span>l\u2019at<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>valu<span class=\"_ _0\"></span>tazi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">succes<span class=\"_ _0\"></span>siv<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>dell\u2019<span class=\"_ _0\"></span>atti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0,<span class=\"ff1\"> </span>ove<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">risch<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>cred<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>zio<span class=\"ff1\"> </span>si<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ris<span class=\"_ _0\"></span>ulta<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>sig<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>fica<span class=\"_ _0\"></span>tiva<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span>incrementato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rispetto<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>l\u2019iscrizione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"_ _2\"></span>niziale,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>relazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span>rilevazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rettifiche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>perdite<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>attese<span class=\"ff1\"> </span>riferibili<span class=\"ff1\"> </span>all\u2019intera<span class=\"ff1\"> </span>vita<span class=\"ff1\"> </span>residua<span class=\"ff1\"> </span>prevista<span class=\"ff1\"> </span>contr<span class=\"_ _2\"></span>attualmente<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>l\u2019attivit\u00e0;<span class=\"_ _3bd\"> </span> all\u2019atto<span class=\"ff1\">  </span>della<span class=\"ff1\">  </span>valutazione<span class=\"ff1\">  </span>succe<span class=\"_ _0\"></span>ssiva<span class=\"ff1\">  </span>dell\u2019attivit\u00e0,<span class=\"ff1\">  </span>ove<span class=\"ff1\">  </span>\u2013<span class=\"ff1\">  </span>dopo<span class=\"ff1\">  </span>che<span class=\"ff1\">  </span>si<span class=\"ff1\">  </span>\u00e8<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>verificato<span class=\"ff1\">  </span>un<span class=\"ff1\">  </span>inc<span class=\"_ _0\"></span>reme<span class=\"_ _0\"></span>nto<span class=\"_ _3bd\"> </span> sig<span class=\"_ _0\"></span>nif<span class=\"_ _0\"></span>icat<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">risc<span class=\"_ _0\"></span>hio<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">cre<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>rispe<span class=\"_ _0\"></span>tto<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>l\u2019i<span class=\"_ _0\"></span>scri<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>iniz<span class=\"_ _0\"></span>iale<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">\u2013</span> <span class=\"ff3\">la</span> <span class=\"ff3\">\u201csig<span class=\"_ _0\"></span>nifi<span class=\"_ _0\"></span>cat<span class=\"_ _0\"></span>ivit\u00e0<span class=\"_ _0\"></span>\u201d<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tal<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>incr<span class=\"_ _0\"></span>eme<span class=\"_ _0\"></span>nto<span class=\"ff1\"> </span>sia<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span>poi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>venuta<span class=\"ff1\"> <span class=\"_ _2\"></span></span>meno,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>relazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>all\u2019adeguamento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rettifiche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valor<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cumulate<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tener<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"_ _2\"></span>to<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>passaggio<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>perdita<span class=\"ff1\"> </span>attesa<span class=\"ff1\"> </span>lungo<span class=\"ff1\"> </span>l\u2019intera<span class=\"ff1\"> </span>vita<span class=\"ff1\"> </span>residua<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>strumento<span class=\"ff1\"> </span>(\u201clifetime\u201d)<span class=\"ff1\"> </span>ad<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>dodici<span class=\"ff1\"> </span></span></span>me<span class=\"_ _1\"></span>si.<span class=\"_ _0\"></span> Le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> </span>fin<span class=\"_ _0\"></span>anziarie<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esame,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ove<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risultino<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">bonis,</span> <span class=\"_ _1\"></span><span class=\"ff3\">sono<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sottoposte<span class=\"ff1\"> </span>ad<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">una<span class=\"ff1\"> </span>valutazione,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">volta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>defi<span class=\"_ _0\"></span>nire<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>rettifiche<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>val<span class=\"_ _0\"></span>ore<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rilevare<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"></span></span>bil<span class=\"_ _0\"></span>ancio,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>livello<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>ingolo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rapp<span class=\"_ _0\"></span>ort<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>creditizi<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>(o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u201ctranche\u201d<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>titolo),<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"_ _0\"></span><span class=\"ff1\"> </span>funzione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>parametri<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>appresentati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>da<span class=\"ff1\"> <span class=\"_ _21\"></span></span>probabili<span class=\"_ _0\"></span>ty<span class=\"ff1\"> <span class=\"_ _21\"></span></span>of<span class=\"ff1\"> <span class=\"_ _20\"></span></span>default<span class=\"ff1\"> <span class=\"_ _21\"></span></span>(P<span class=\"_ _0\"></span>D),<span class=\"ff1\"> <span class=\"_ _21\"></span></span>loss<span class=\"ff1\"> <span class=\"_ _20\"></span></span>given<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>efault<span class=\"ff1\"> <span class=\"_ _21\"></span></span>(LGD)<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ed<span class=\"ff1\"> </span>exposure<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>at<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>default<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(EAD),<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>derivati<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>ai<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>modelli<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>AIRB<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>op<span class=\"_ _2\"></span>portunamente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>corretti<span class=\"ff1\">  </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tener<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>conto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>delle<span class=\"ff1\"> </span>previsioni<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>principio<span class=\"ff1\"> </span>contabile<span class=\"ff1\"> </span>IFRS<span class=\"ff1\"> </span>9.<span class=\"_ _3bd\"> </span> Se,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">olt<span class=\"_ _2\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ad<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">incremento<span class=\"ff1\"> </span>significativo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">credito,<span class=\"ff1\"> </span>si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riscont<span class=\"_ _2\"></span>rano<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>nche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">oggettive<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">evidenze<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>perdita<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valore,<span class=\"ff1\"> </span>l\u2019importo<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>perdi<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>viene<span class=\"ff1\"> </span>misurat<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ifferenza<span class=\"ff1\"> </span>tra<span class=\"_ _2\"></span><span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> </span>contabile<span class=\"ff1\"> </span>dell\u2019attivit\u00e0<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> </span></span></span>classificata<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">com<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u201cdeteriorat<span class=\"_ _2\"></span>a\u201d,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pari<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tutti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alt<span class=\"_ _2\"></span>ri<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>apporti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">intercorrenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">medesima<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contr<span class=\"_ _2\"></span>oparte<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u2013<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>attuale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>futuri<span class=\"ff1\"> <span class=\"_ _20\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziari<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>timati,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>scontati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tasso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>interesse<span class=\"ff1\"> <span class=\"_ _2\"></span></span>effettivo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>originario.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>In<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>ale<span class=\"ff1\"> </span>contesto,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>stata<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sviluppata<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>specifica<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>metodologia<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>trattamento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cont<span class=\"_ _2\"></span>abile<span class=\"ff1\"> <span class=\"_ _21\"></span></span>da<span class=\"ff1\"> <span class=\"_ _21\"></span></span>applicare<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ad<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>un<span class=\"_ _3bd\"> </span> portafoglio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">posizioni<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sofferenza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che,<span class=\"ff1\"> </span>avend<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>maturato<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vintage<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">significativo,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vengono<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anche<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>un\u2019ot<span class=\"_ _2\"></span>tica<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cessione.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Tale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>metodologia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>considera<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>diversi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>scenari<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>stima<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>recuperabile<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"_ _2\"></span><span class=\"ff1\"> </span>esposizioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>base<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>combinazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>all<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>probabilit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"_ _2\"></span>ccadimento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ta<span class=\"_ _2\"></span>li<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>cenari,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>oltre<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>elativi<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cas<span class=\"_ _2\"></span>sa<span class=\"ff1\"> </span>stimati.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Rientrano<span class=\"ff1\"> </span>nell\u2019ambito<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> </span>deteriorate<span class=\"ff1\"> </span>g<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziari<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>quali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span>stato<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>attribuito<span class=\"ff1\"> </span>lo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>status<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sofferenza,<span class=\"ff1\"> </span>inadempienza<span class=\"ff1\"> </span>probabile<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>caduto/sconfinante<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>oltre<span class=\"ff1\"> </span>nov<span class=\"_ _2\"></span>anta<span class=\"ff1\"> </span>giorni<span class=\"_ _2\"></span><span class=\"ff1\"> </span>secondo<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>regole<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Banca<span class=\"ff1\"> </span>d\u2019Italia,<span class=\"ff1\"> </span>coerenti<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>normativa<span class=\"ff1\"> </span>IAS/IFRS<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Vigilanza<span class=\"ff1\"> </span>europea.<span class=\"_ _3bd\"> </span> I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">flussi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cassa<span class=\"ff1\"> </span>prev<span class=\"_ _0\"></span>isti<span class=\"ff1\"> </span>tengono<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>tempi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>recupero<span class=\"ff1\"> </span>attesi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>presumibile<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">realizzo<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>eventuali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">garanzie.<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>Il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>tasso<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>effettivo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>originario<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ci<span class=\"_ _2\"></span>ascuna<span class=\"ff1\"> <span class=\"_ _21\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rimane<span class=\"ff1\"> <span class=\"_ _21\"></span></span>invariato<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff3\">tempo</span> <span class=\"_ _21\"> </span><span class=\"ff3\">ancorch\u00e9</span> <span class=\"_ _21\"></span><span class=\"ff3\">sia</span> <span class=\"_ _21\"></span><span class=\"ff3\">intervenuta</span> <span class=\"_ _21\"></span><span class=\"ff3\">una</span> </span>ristrutturazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>rapporto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> </span>abb<span class=\"_ _0\"></span>ia<span class=\"ff1\"> </span>com<span class=\"_ _2\"></span>portato<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>variazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contrattuale<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>anche<span class=\"ff1\"> </span>qualora<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>rapporto<span class=\"ff1\"> </span>divenga,<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>pratica,<span class=\"ff1\"> </span>infruttifero<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>interessi<span class=\"ff1\"> </span>cont<span class=\"_ _2\"></span>rattuali.<span class=\"_ _3bd\"> </span> Qualora<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">motivi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>ella<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perdita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">v<span class=\"_ _2\"></span>alore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>iano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rimossi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">seguito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">evento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">verificatosi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">successivamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>rilevazione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>riduzione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>valore,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>vengono<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>effettuate<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>riprese<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>imputazione<span class=\"ff1\">  </span>a<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>Conto<span class=\"ff1\"> </span>Economico.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>La<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ripresa<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>pu\u00f2<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>eccede<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">costo</span> <span class=\"_ _27\"> </span><span class=\"ff3\">ammortizzato</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">l<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>strumento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>finanziario<span class=\"ff1\"> </span></span></span></span></span>avrebbe<span class=\"ff1\"> </span>avuto<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>assenza<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>precedenti<span class=\"ff1\"> </span>rett<span class=\"_ _2\"></span>ifiche.<span class=\"ff1\"> </span>I<span class=\"ff1\"> </span>ripristini<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>connessi<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>trascorrere<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>tempo<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>appostati<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>margine<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>interesse.<span class=\"_ _3bd\"> </span> In<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alcuni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>casi,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>urante<span class=\"ff1\"> <span class=\"_ _21\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>vita<span class=\"ff1\"> <span class=\"_ _21\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>esame<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>particolare,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>crediti,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>condizioni<span class=\"ff1\"> </span>contrattuali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"_ _2\"></span>riginarie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">oggett<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">successiva<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">modifica<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">volont\u00e0<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">parti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contratto<span class=\"_ _2\"></span>.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Quando,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>corso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>vita<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>uno<span class=\"ff1\"> <span class=\"_ _20\"></span></span>st<span class=\"_ _2\"></span>rumento,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>clausole<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">contrattuali</span> <span class=\"_ _20\"></span><span class=\"ff3\">sono</span> <span class=\"_ _20\"></span><span class=\"ff3\">oggetto<span class=\"_ _2\"></span></span> <span class=\"_ _20\"></span><span class=\"ff3\">di</span> <span class=\"_ _20\"></span><span class=\"ff3\">m<span class=\"_ _2\"></span>odifica</span> <span class=\"_ _20\"></span><span class=\"ff3\">occorre</span> <span class=\"_ _21\"></span><span class=\"ff3\">verifi<span class=\"_ _0\"></span>care<span class=\"ff1\"> <span class=\"_ _21\"></span></span>se<span class=\"ff1\"> </span></span></span>l\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>originaria<span class=\"ff1\"> <span class=\"_ _2\"></span></span>deve<span class=\"ff1\"> <span class=\"_ _2\"></span></span>continuare<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _2\"></span></span>essere<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rilevata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>bilancio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>se,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contr<span class=\"_ _2\"></span>ario,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>lo<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>trumento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>originario<span class=\"ff1\"> </span>deve<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>esser<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>oggetto<span class=\"_ _2\"></span><span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\">  </span>cancellazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dal<span class=\"ff1\">  </span>bilancio<span class=\"ff1\">  </span>(derecognition)<span class=\"ff1\">  </span>e<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">debba</span>  <span class=\"ff3\">e<span class=\"_ _0\"></span>ssere<span class=\"ff1\">  </span>rilevato<span class=\"ff1\">  </span>un<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nuovo<span class=\"ff1\"> </span></span></span>strumento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziario.<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>In<span class=\"ff1\"> </span>gen<span class=\"_ _0\"></span>erale,<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>modifiche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>un\u2019attivit\u00e0<span class=\"ff1\"> </span>finanziaria<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">conducono<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>cancell<span class=\"_ _0\"></span>azione<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>stessa<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>d<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>l\u2019iscrizione<span class=\"ff1\"> </span></span></span></span></span>di<span class=\"ff1\"> </span>una<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nuova<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quando<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>no<span class=\"ff1\"> </span>\u201c<span class=\"_ _2\"></span>sostanziali\u201d.<span class=\"ff1\"> </span>La<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valutazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>circa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> </span>\u201c<span class=\"_ _2\"></span>sostanzialit\u00e0\u201d<span class=\"ff1\"> </span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>modifica<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>eve<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>effettuata<span class=\"ff1\"> </span>conside<span class=\"_ _0\"></span>rando<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span>elementi<span class=\"ff1\"> </span>qualitativi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sia<span class=\"ff1\"> </span>elementi<span class=\"ff1\"> </span>quantitativi.<span class=\"ff1\"> </span>In<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alcuni<span class=\"ff1\"> </span>casi,<span class=\"ff1\"> </span>infatti,<span class=\"ff1\"> </span>potr\u00e0<span class=\"ff1\"> </span></span></span></span></span>risultare<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>chiaro,<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>senza<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>ricorso<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>complesse<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>analisi,<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>cambiamenti<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>intro<span class=\"_ _2\"></span>dotti<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>modificano<span class=\"ff1\"> </span>sostanzialmente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>caratterist<span class=\"_ _2\"></span>iche<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span><span class=\"ff3\">e/o</span> <span class=\"_ _2\"></span><span class=\"ff3\">i</span> <span class=\"_ _20\"></span><span class=\"ff3\">flussi</span> <span class=\"_ _20\"></span><span class=\"ff3\">contrattuali</span> <span class=\"_ _20\"></span><span class=\"ff3\">di</span> <span class=\"_ _2\"></span><span class=\"ff3\">una</span> <span class=\"_ _20\"></span><span class=\"ff3\">determinata</span> <span class=\"_ _20\"></span><span class=\"ff3\">attivit\u00e0</span> <span class=\"_ _20\"></span><span class=\"ff3\">mentre,</span> <span class=\"_ _2\"></span><span class=\"ff3\">in</span> <span class=\"_ _20\"></span><span class=\"ff3\">altri</span> <span class=\"_ _20\"></span><span class=\"ff3\">casi,</span> </span>dovranno<span class=\"ff1\"> <span class=\"_ _2\"></span></span>essere<span class=\"ff1\"> </span>svolte<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ulteriori<span class=\"ff1\"> <span class=\"_ _2\"></span></span>analisi<span class=\"ff1\"> </span>(anche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>tipo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quantitativo)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>apprezzare<span class=\"ff1\"> </span>gli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>effetti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>stesse<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>verificare<span class=\"ff1\"> <span class=\"_ _21\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>necessit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>procedere<span class=\"ff1\"> <span class=\"_ _21\"></span></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>meno<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>cancellazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dell\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ed<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"_ _2\"></span>lla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>iscrizione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nuovo<span class=\"ff1\"> </span>strumento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziario.<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>Le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>analisi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(q<span class=\"_ _2\"></span>uali-quantitative)<span class=\"ff1\"> <span class=\"_ _21\"></span></span>volte<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>defini<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u201csostanzialit\u00e0\u201d<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>modifiche<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contrattuali<span class=\"ff1\"> <span class=\"_ _21\"></span></span>apportate<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ad<span class=\"ff1\"> </span>un\u2019attivit\u00e0<span class=\"ff1\"> </span>finanziaria,<span class=\"ff1\"> </span>dovranno<span class=\"ff1\"> </span>pertanto<span class=\"ff1\"> </span>considerare:<span class=\"_ _3bd\"> </span> le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fin<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>pe<span class=\"_ _1\"></span>r<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mod<span class=\"_ _0\"></span>ific<span class=\"_ _0\"></span>he<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">state<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span>ffe<span class=\"_ _0\"></span>ttua<span class=\"_ _0\"></span>te:<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>d<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>semp<span class=\"_ _0\"></span>io,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rin<span class=\"_ _0\"></span>egoz<span class=\"_ _0\"></span>iaz<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>motiv<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ommerc<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>cess<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>dif<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>olt<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>nanz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>ntro<span class=\"_ _0\"></span>par<span class=\"_ _0\"></span>te:<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prime,<span class=\"ff1\"> </span>volte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>\u201ctrattenere\u201d<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>cliente,<span class=\"ff1\"> </span>vedono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">coinvolto<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>debitore<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>he<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">versa<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">situazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"_ _0\"></span>ffi<span class=\"_ _0\"></span>colt\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fina<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>a.<span class=\"ff1\"> </span>In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">que<span class=\"_ _0\"></span>sta<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>asist<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>inc<span class=\"_ _0\"></span>luse<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tut<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>le<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">operaz<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rine<span class=\"_ _0\"></span>gozi<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>olte<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ad<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">adeg<span class=\"_ _0\"></span>uare<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">l\u2019o<span class=\"_ _0\"></span>nero<span class=\"_ _0\"></span>sit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">debi<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>alle<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">co<span class=\"_ _0\"></span>ndiz<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">me<span class=\"_ _0\"></span>rca<span class=\"_ _0\"></span>to.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Tali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">oper<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ompo<span class=\"_ _0\"></span>rtan<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>una<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">variaz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>delle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>condizioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>originarie<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>contratto,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>olitamente<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>richieste<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>debitore,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">attiene</span> <span class=\"_ _27\"> </span><span class=\"ff3\">ad</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">aspetti</span> </span>connessi<span class=\"ff1\"> </span>alla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>onerosit\u00e0<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>debito<span class=\"_ _2\"></span>,<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>conseguente<span class=\"ff1\"> </span>beneficio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>economico<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>debitore<span class=\"ff1\"> </span>stesso.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>In<span class=\"ff1\"> </span>linea<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>generale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>itiene<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>che,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>o<span class=\"_ _2\"></span>gniqualvolta<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>banca<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>effettui<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>u<span class=\"_ _2\"></span>na<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rinegoziazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fine<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"_ _2\"></span>vitare<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>rde<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">prop<span class=\"_ _0\"></span>rio<span class=\"ff1\"> </span>cl<span class=\"_ _0\"></span>ien<span class=\"_ _0\"></span>te,<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>ale<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>neg<span class=\"_ _0\"></span>ozi<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>bba<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">essere<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span>side<span class=\"_ _1\"></span>rata<span class=\"ff1\"> </span>com<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>sos<span class=\"_ _0\"></span>tanz<span class=\"_ _0\"></span>iale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">quanto<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>ov<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>non<span class=\"ff1\"> </span>fosse<span class=\"ff1\"> </span>effettuata,<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>cliente<span class=\"ff1\"> </span>potrebbe<span class=\"ff1\"> </span>finanziarsi<span class=\"ff1\"> </span>presso<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>altro<span class=\"ff1\"> </span>intermediario<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>banca<span class=\"ff1\"> </span>subirebbe<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>decremento<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>ricavi<span class=\"ff1\"> </span>futuri<span class=\"ff1\"> </span>previsti;<span class=\"_ _3bd\"> </span> le<span class=\"ff1\"> </span>seconde,<span class=\"ff1\"> </span>effettuate<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u201cragioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>creditizio\u201d<span class=\"ff1\"> </span>(misure<span class=\"_ _2\"></span><span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>forbearance),<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riconducibili<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span> tentativo<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>banca<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>massimizzare<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>recovery<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>cash<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">flow<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span>cred<span class=\"_ _0\"></span>ito<span class=\"ff1\"> </span>originario.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischi<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i</span> <span class=\"_ _1\"></span><span class=\"ff3\">benefici<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>sottostanti,<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>successivamente<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>alle<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>modifiche,<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>norma,<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>sostanzialmente<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>t<span class=\"_ _2\"></span>rasferiti<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>e,<span class=\"ff1\"> </span>conseguentemente,<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rappresentazione<span class=\"ff1\"> </span>contabile<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>offre<span class=\"ff1\"> </span>informazioni<span class=\"ff1\"> </span>pi\u00f9<span class=\"ff1\"> </span>rilevanti<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>lettor<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>(salvo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quanto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dir\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>eguito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span></span>tema<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>elementi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>oggettivi),<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quella<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>effettuata<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tramite<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> </span>\u201cmodification<span class=\"ff1\"> <span class=\"_ _20\"></span></span>accounting\u201d<span class=\"ff1\"> <span class=\"_ _21\"></span></span>-<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>implica<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rilevazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>conto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>economico<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>differenza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tr<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valore<span class=\"ff1\"> </span>contabile<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>valore<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attuale<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>flu<span class=\"_ _2\"></span>ssi<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cassa<span class=\"ff1\"> </span>modificati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>scontati<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>interesse<span class=\"ff1\"> </span>or<span class=\"_ _2\"></span>iginario<span class=\"ff1\"> </span>-<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>tramite<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>derecognition;<span class=\"_ _3bd\"> </span> la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>presenza<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>specifici<span class=\"ff1\"> <span class=\"_ _20\"></span></span>el<span class=\"_ _2\"></span>ementi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>oggettivi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>(\u201ctrigger\u201d)<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"_ _2\"></span>ncidono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sulle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">caratteristiche</span> <span class=\"_ _20\"></span><span class=\"ff3\">e/o</span> <span class=\"_ _21\"></span><span class=\"ff3\">sui</span> <span class=\"_ _20\"></span><span class=\"ff3\">flussi</span> </span>contrattuali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dello<span class=\"ff1\"> <span class=\"_ _20\"></span></span>str<span class=\"_ _2\"></span>umento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziario<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(quali,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>solo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>titolo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>es<span class=\"_ _2\"></span>empio,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cambiamento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>divisa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"_ _2\"></span><span class=\"ff1\"> </span>modifica<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> </span>tipologia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>esposti,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ove<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span>correli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>parametri<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">equity<span class=\"_ _2\"></span><span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">commodity),</span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ch<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>riti<span class=\"_ _0\"></span>ene<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">compo<span class=\"_ _0\"></span>rtin<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>derec<span class=\"_ _0\"></span>ogn<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>side<span class=\"_ _0\"></span>raz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">loro</span> <span class=\"ff3\">im<span class=\"_ _0\"></span>patt<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>(att<span class=\"_ _0\"></span>eso<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>me<span class=\"ff1\"> </span>si<span class=\"_ _0\"></span>gnif<span class=\"_ _0\"></span>icat<span class=\"_ _0\"></span>ivo)<span class=\"ff1\"> </span></span></span></span></span></span></span>sui<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> </span>contrattuali<span class=\"ff1\"> </span>originari.<span class=\"_ _3bd\"> </span><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4ae\">Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4af\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4b0\">ca<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b1\">Le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inanziarie<span class=\"ff1\"> </span>veng<span class=\"_ _0\"></span>ono<span class=\"ff1\"> </span>cancell<span class=\"_ _0\"></span>ate<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>al<span class=\"ff1\"> </span>bilanc<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>solamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">se<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>cessione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">comportat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>sostanzial<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">e<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b2\">trasferimento<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>utti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>be<span class=\"_ _0\"></span>nefici<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">connessi<span class=\"ff1\"> </span>alle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> </span>stesse.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Per<span class=\"ff1\"> </span>contro,<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>ualora<span class=\"ff1\"> </span>sia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stat<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ma<span class=\"_ _2\"></span>ntenut<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b3\">una<span class=\"ff1\"> </span>quota<span class=\"ff1\"> <span class=\"_ _2\"></span></span>part<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>rilevante<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>b<span class=\"_ _2\"></span>enefici<span class=\"ff1\"> </span>relativi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cedute,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>queste<span class=\"ff1\"> <span class=\"_ _2\"></span></span>continuano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"_ _3bd\"> </span>d<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b4\">essere<span class=\"ff1\"> </span>iscritte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>b<span class=\"_ _0\"></span>ilancio,<span class=\"ff1\"> </span>ancorch\u00e9<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">giuridicamente<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">titolarit\u00e0<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stesse<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span>stata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">effettivament<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b5\">tras<span class=\"_ _0\"></span>fer<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b6\">Nel<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>caso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pos<span class=\"_ _2\"></span>sibile<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>accert<span class=\"_ _2\"></span>are<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sostanziale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>trasferimento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>b<span class=\"_ _0\"></span>enefici,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>at<span class=\"_ _2\"></span>tivit<span class=\"_ _3bd\"> </span>\u00e0<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b7\">finanziarie<span class=\"ff1\"> <span class=\"_ _21\"></span></span>vengono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cancellate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _21\"></span></span>bilancio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>qualora<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>tato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>mantenuto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alcun<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tipo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>controllo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sull<span class=\"_ _3bd\"> </span>e<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b8\">stesse.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>In<span class=\"ff1\"> <span class=\"_ _2\"></span></span>caso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contrario,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conservazione,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>anche<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>parte,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>ale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>controllo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>comporta<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mantenimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"_ _3bd\"> </span>n<span class=\"_ _3bd\"> </span><span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b9\">bilancio<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>misura<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>coinvolgimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>residuo,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>misurato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall\u2019esposizione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ai</span> <span class=\"ff3\">cam<span class=\"_ _2\"></span>biamenti</span> </span><span class=\"ff1\"><span class=\"ff3\">d<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\">i</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ba\">valore<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>cedute<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>variazioni<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> </span>finanziari<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>stesse.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4bb\">Infine,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziar<span class=\"_ _2\"></span>ie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ce<span class=\"_ _2\"></span>dute<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vengono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cancellate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dal<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> </span>nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">caso<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cui<span class=\"ff1\"> </span>vi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sia</span> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onservazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">d<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">e<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4bc\">diritti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contrattuali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ricevere<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>relativi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cas<span class=\"_ _2\"></span>sa,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contestuale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>as<span class=\"_ _2\"></span>sunzione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un\u2019obb<span class=\"_ _2\"></span>ligazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"_ _3bd\"> </span><span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4bd\">pagare<span class=\"ff1\"> </span>detti<span class=\"ff1\"> </span>flussi,<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>solo<span class=\"ff1\"> </span>essi,<span class=\"ff1\"> </span>senza<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>ritardo<span class=\"ff1\"> </span>rilevante<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>altri<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>ggetti<span class=\"ff1\"> </span>terzi.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4be\">Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4bf\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4c0\">ril<span class=\"_ _0\"></span>ev<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4c1\">del<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4c2\">co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4c3\">re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ual<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c4\">L\u2019allocazione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>componenti<span class=\"ff1\"> </span>reddituali<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> </span>pertinenti<span class=\"ff1\"> </span>voci<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>conto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>economico<span class=\"ff1\"> </span>avviene<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c5\">quanto<span class=\"ff1\"> </span>riportato<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>seguito:<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c6\">Gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>ress<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ttivi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>red<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> </span>ti<span class=\"_ _0\"></span>tol<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>eng<span class=\"_ _0\"></span>ono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">all<span class=\"_ _0\"></span>ocati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ne<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">voce<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u201cI<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">atti<span class=\"_ _0\"></span>vi<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>rove<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ass<span class=\"_ _0\"></span>imil<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>\u201d<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c7\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ompe<span class=\"_ _0\"></span>tenz<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ulla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">b<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">t<span class=\"_ _0\"></span>asso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>resse<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span>ffe<span class=\"_ _0\"></span>ttiv<span class=\"_ _0\"></span>o;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c8\">Gli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">utili<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">perdite<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cessione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">crediti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">titoli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vengono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">allocat<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nella<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">voce<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u201cUtili<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(perdite)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cess<span class=\"_ _2\"></span>ion<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c9\">o<span class=\"ff1\"> </span>riacquisto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>costo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ammortizzato\u201d;<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ca\">Le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rettifiche<span class=\"ff1\"> <span class=\"_ _21\"></span></span>da<span class=\"ff1\"> <span class=\"_ _20\"></span></span>impairment,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>perdite<span class=\"ff1\"> <span class=\"_ _21\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cancellazioni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>riprese<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>credi<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tito<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4cb\">vengono<span class=\"ff1\"> </span>allocate<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span>voce<span class=\"ff1\"> </span>\u201cRettifiche/riprese<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> </span>nette<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">credito<span class=\"ff1\"> </span>relativo<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ttivit<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">\u00e0<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4cc\">finanziarie<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>costo<span class=\"ff1\"> </span>ammort<span class=\"_ _2\"></span>izzato\u201d.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4cd\">Gli<span class=\"ff1\"> </span>interessi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dovuti<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>trascorrere<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tempo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contabilizzati<span class=\"ff1\"> </span>nella<span class=\"ff1\"> <span class=\"_ _2\"></span></span>voce<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u201cInteressi<span class=\"ff1\"> </span>att<span class=\"_ _2\"></span>ivi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>prove<span class=\"_ _0\"></span>nti<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ce\">ass<span class=\"_ _0\"></span>imi<span class=\"_ _0\"></span>lat<span class=\"_ _0\"></span>i\u201d.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gsa1b\">At<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gsa1c\">fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gsa1d\">de<span class=\"_ _0\"></span>ten<span class=\"_ _1\"></span>ute<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gsa1e\">si<span class=\"_ _0\"></span>no<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gsa1f\">al<span class=\"_ _0\"></span>la<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gsa20\">sc<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>enz<span class=\"_ _0\"></span>a<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsa21\">Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsa22\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsa23\">isc<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsa24\">L\u2019<span class=\"_ _0\"></span>iscr<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">iniz<span class=\"_ _0\"></span>iale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span>l\u2019at<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">finan<span class=\"_ _0\"></span>ziar<span class=\"_ _0\"></span>ia<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>vvie<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ata<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>gola<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>o.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsa25\">Al<span class=\"_ _0\"></span>l\u2019at<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>dell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>rilev<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>ini<span class=\"_ _0\"></span>ziale<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">le</span> <span class=\"_ _2\"></span><span class=\"ff3\">atti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>fina<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>arie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">cla<span class=\"_ _0\"></span>ssif<span class=\"_ _0\"></span>icat<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ne<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">pres<span class=\"_ _0\"></span>ente<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ca<span class=\"_ _0\"></span>teg<span class=\"_ _0\"></span>oria<span class=\"ff1\"> </span>son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>rilev<span class=\"_ _1\"></span>ate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">fai<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsa26\">value,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>co<span class=\"_ _2\"></span>mprensivo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>de<span class=\"_ _2\"></span>gli<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"_ _2\"></span>ventuali<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>co<span class=\"_ _2\"></span>sti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>proventi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>direttamente<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>at<span class=\"_ _2\"></span>tribuib<span class=\"_ _0\"></span>ili.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Se<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rilevazion<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>questa<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsa27\">categoria<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">avviene<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riclassificazione<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cat<span class=\"_ _2\"></span>egorie,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dell\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">data<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>riclassificazione<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsa28\">viene<span class=\"ff1\"> </span>assunto<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>nuovo<span class=\"ff1\"> </span>costo<span class=\"ff1\"> </span>ammortizzato<span class=\"_ _2\"></span><span class=\"ff1\"> </span>dell\u2019attivit\u00e0<span class=\"ff1\"> </span>stessa.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsa29\">Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsa2a\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsa2b\">cla<span class=\"_ _1\"></span>ssi<span class=\"_ _0\"></span>fica<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsa2c\">Sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>classificate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nella<span class=\"ff1\"> <span class=\"_ _2\"></span></span>presente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>categoria<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>titoli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>debito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pagamenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fissi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>determinabili<span class=\"ff1\"> </span>e<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>scadenza<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsa2d\">fissa,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>si<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ha<span class=\"ff1\"> <span class=\"_ _20\"></span></span>intenzione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>capacit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>detenere<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>ino<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>scadenza.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Se<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>seguito<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ad<span class=\"ff1\"> <span class=\"_ _21\"></span></span>un<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">cambiame<span class=\"_ _0\"></span>nto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsa2e\">vo<span class=\"_ _0\"></span>lon<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">cap<span class=\"_ _0\"></span>aci<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ris<span class=\"_ _0\"></span>ulta<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>i\u00f9<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">appr<span class=\"_ _0\"></span>opri<span class=\"_ _0\"></span>ato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">man<span class=\"_ _0\"></span>tene<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inve<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>me<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>nuto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sin<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>sc<span class=\"_ _0\"></span>ade<span class=\"_ _0\"></span>nza,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsa2f\">son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>am<span class=\"_ _0\"></span>mes<span class=\"_ _0\"></span>se<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ric<span class=\"_ _0\"></span>lassi<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>he<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>scl<span class=\"_ _0\"></span>usi<span class=\"_ _0\"></span>vame<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ver<span class=\"_ _0\"></span>so<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ateg<span class=\"_ _0\"></span>ori<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>\u201c<span class=\"_ _0\"></span>Attiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ziari<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ispo<span class=\"_ _0\"></span>nib<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">la</span> <span class=\"_ _0\"></span><span class=\"ff3\">ven<span class=\"_ _0\"></span>dita<span class=\"_ _0\"></span>\u201d.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsa30\">Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsa31\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsa32\">va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsa33\">Successivamente<span class=\"ff1\"> </span>alla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rilevazione<span class=\"ff1\"> </span>iniziale,<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u201cAttivit\u00e0</span> <span class=\"ff3\">finanziarie</span> <span class=\"ff3\">detenute</span> <span class=\"ff3\">sino</span> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span>scadenza\u201d<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsa34\">al<span class=\"ff1\"> </span>costo<span class=\"ff1\"> </span>ammortizzato,<span class=\"ff1\"> </span>utilizzando<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>metodo<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>interesse<span class=\"ff1\"> </span>effettivo.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsa35\">La<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ve<span class=\"_ _0\"></span>rifica<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dell\u2019esistenza<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>obiett<span class=\"_ _2\"></span>ive<span class=\"ff1\"> <span class=\"_ _20\"></span></span>evidenze<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>iduzione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>viene<span class=\"ff1\"> <span class=\"_ _21\"></span></span>effettuata<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ogni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>chiusura<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsa36\">bilancio<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>situazione<span class=\"ff1\"> </span>infrannuale. </div>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>vengono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cancellate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quando<span class=\"ff1\"> <span class=\"_ _20\"></span></span>scadono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>diritti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contratt<span class=\"_ _2\"></span>uali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sui<span class=\"ff1\"> <span class=\"_ _20\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziari<span class=\"ff1\"> <span class=\"_ _20\"></span></span>derivati<span class=\"ff1\"> </span>dalle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>st<span class=\"_ _2\"></span>esse<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quando<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziaria<span class=\"ff1\"> </span>viene<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ceduta<span class=\"ff1\"> <span class=\"_ _2\"></span></span>trasferendo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sostanzialmente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tutti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>benefici<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _20\"></span></span>essa<span class=\"ff1\"> <span class=\"_ _21\"></span></span>connessi.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contr<span class=\"_ _2\"></span>o,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>qualora<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>st<span class=\"_ _2\"></span>ata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mantenuta<span class=\"ff1\"> <span class=\"_ _20\"></span></span>una<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quota<span class=\"ff1\"> <span class=\"_ _20\"></span></span>parte<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rilevante<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> </span>benefici<span class=\"ff1\"> <span class=\"_ _2\"></span></span>re<span class=\"_ _2\"></span>lativi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"_ _2\"></span>lle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cedute<span class=\"_ _2\"></span>,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>queste<span class=\"ff1\"> <span class=\"_ _20\"></span></span>continuano<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ess<span class=\"_ _2\"></span>ere<span class=\"ff1\"> <span class=\"_ _20\"></span></span>iscritte<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>bilancio,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ancorch\u00e9<span class=\"ff1\"> </span>giuridicamente<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>titolarit\u00e0<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>stesse<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ia<span class=\"ff1\"> </span>stata<span class=\"ff1\"> </span>effettivamente<span class=\"ff1\"> </span>trasferita. Nel<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>caso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pos<span class=\"_ _2\"></span>sibile<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>accert<span class=\"_ _2\"></span>are<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sostanziale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>trasferimento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>b<span class=\"_ _0\"></span>enefici,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> <span class=\"_ _21\"></span></span>vengono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cancellate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _21\"></span></span>bilancio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>qualora<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>tato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>mantenuto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alcun<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tipo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>controllo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sulle<span class=\"ff1\"> </span>stesse.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>In<span class=\"ff1\"> <span class=\"_ _2\"></span></span>caso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contrario,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conservazione,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>anche<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>parte,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>ale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>controllo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>comporta<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mantenimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"_ _2\"></span><span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>misura<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>coinvolgimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>residuo,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>misurato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall\u2019esposizione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ai</span> <span class=\"ff3\">cam<span class=\"_ _2\"></span>biamenti</span> <span class=\"ff3\">di</span> </span>valore<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>cedute<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>variazioni<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> </span>finanziari<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>stesse. Infine,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziar<span class=\"_ _2\"></span>ie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ce<span class=\"_ _2\"></span>dute<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vengono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cancellate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dal<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> </span>nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">caso<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cui<span class=\"ff1\"> </span>vi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sia</span> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onservazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>diritti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contrattuali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ricevere<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>relativi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cas<span class=\"_ _2\"></span>sa,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contestuale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>as<span class=\"_ _2\"></span>sunzione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un\u2019obb<span class=\"_ _2\"></span>ligazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"_ _2\"></span><span class=\"ff1\"> </span>pagare<span class=\"ff1\"> </span>detti<span class=\"ff1\"> </span>flussi,<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>solo<span class=\"ff1\"> </span>essi<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>altri<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>ggetti<span class=\"ff1\"> </span>terzi<span class=\"ff1\"> </span>(Cfr.<span class=\"ff1\"> </span>par.19<span class=\"ff1\"> </span>IAS39). Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ril<span class=\"_ _0\"></span>ev<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>del<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ual<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>Gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>ress<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tito<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>scri<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>er<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">comp<span class=\"_ _0\"></span>eten<span class=\"_ _0\"></span>za<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>elle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">v<span class=\"_ _0\"></span>oci<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _1\"></span><span class=\"ff3\">conto<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>con<span class=\"_ _0\"></span>omi<span class=\"_ _0\"></span>co<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rela<span class=\"_ _0\"></span>tivi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ag<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inte<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>ssi. </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Gli<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>utili<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>o<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>perdite<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>riferiti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>alle<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u201cAttivit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>finanziarie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">detenute</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">sino</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">a</span> <span class=\"_ _27\"> </span><span class=\"ff3\">scadenza\u201d,</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">sono</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">rilevati</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">nel</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">c<span class=\"_ _0\"></span>onto<span class=\"ff1\"> </span></span></span>economico<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _20\"></span></span>momento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cancellate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>hanno<span class=\"ff1\"> <span class=\"_ _2\"></span></span>subito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>una<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riduzione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valo<span class=\"_ _2\"></span>re,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nonch\u00e9<span class=\"ff1\"> </span>tramite<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>processo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>ammortamento. In<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>ede<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>chiusura<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>bilancio<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"></span></span>situazioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>infrannuali,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>viene<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"_ _2\"></span>ffettuata<span class=\"ff1\"> <span class=\"_ _21\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>verifica<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dell\u2019esistenza<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> </span>obiettive<span class=\"ff1\"> </span>evidenze<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>riduzione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valore. Se<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sussist<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>t<span class=\"_ _2\"></span>ali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>evidenze<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l\u2019impor<span class=\"_ _2\"></span>to<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>p<span class=\"_ _2\"></span>erdita<span class=\"ff1\"> <span class=\"_ _20\"></span></span>viene<span class=\"ff1\"> <span class=\"_ _21\"></span></span>misurato<span class=\"ff1\"> <span class=\"_ _21\"></span></span>come<span class=\"ff1\"> <span class=\"_ _20\"></span></span>differenza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tra<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>co<span class=\"_ _2\"></span>ntabile<span class=\"ff1\"> </span>dell\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>attuale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>futuri<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>flussi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fi<span class=\"_ _0\"></span>nanziari<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>stimati,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>scontat<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tasso<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>interes<span class=\"_ _2\"></span>se<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>effett<span class=\"_ _2\"></span>ivo<span class=\"ff1\"> </span>originario.<span class=\"ff1\"> </span>L\u2019importo<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>perdita<span class=\"ff1\"> </span>viene<span class=\"ff1\"> </span>rilevato<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico. Qualora<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">motivi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>ella<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perdita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">v<span class=\"_ _2\"></span>alore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>iano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rimossi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">seguito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">evento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">verificatosi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">successivamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>rilevazione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>riduzione<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>valore,<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>vengono<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>effettuat<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>riprese<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>imputazion<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>conto<span class=\"ff1\"> </span>ec<span class=\"_ _0\"></span>ono<span class=\"_ _0\"></span>mico<span class=\"_ _0\"></span>. Il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ripristino<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>no<span class=\"_ _2\"></span>n<span class=\"ff1\"> <span class=\"_ _21\"></span></span>deve<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff3\">determinare</span> <span class=\"_ _21\"></span><span class=\"ff3\">un</span> <span class=\"_ _21\"></span><span class=\"ff3\">valore</span> <span class=\"_ _20\"></span><span class=\"ff3\">co<span class=\"_ _2\"></span>ntabile</span> <span class=\"_ _21\"></span><span class=\"ff3\">che</span> <span class=\"_ _21\"></span><span class=\"ff3\">supe<span class=\"_ _0\"></span>ra<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>costo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ammortizzato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _21\"></span></span>si<span class=\"ff1\"> </span></span></span>sarebbe<span class=\"ff1\"> </span>avuto<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>caso<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>perdita<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>riduzione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>fos<span class=\"_ _2\"></span>se<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stata<span class=\"ff1\"> </span>rilevata.</span></span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForHeldtomaturityInvestmentsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-772": {
   "value": "<div class=\"t mb h5 ff3 fs0 fc4 sc2 ls0 ws0 gs4d0\">4</div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs4d1\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs4d2\">Op<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs4d3\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs4d4\">co<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rtu<span class=\"_ _1\"></span>ra<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4d5\">Il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Gruppo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>avvale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>facolt\u00e0,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>previs<span class=\"_ _2\"></span>ta<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sede<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>introduzione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>d<span class=\"_ _2\"></span>ell\u2019IFRS<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>9,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>continuare<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ad<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>applicar<span class=\"_ _3bd\"> </span>e<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4d6\">integralmente<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>previsioni<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>principio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>contabile<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>IAS<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>39<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tema<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u201c<span class=\"_ _2\"></span>hedge<span class=\"ff1\"> <span class=\"_ _21\"></span></span>accounting\u201d<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>(nella<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>versione<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4d7\">carved<span class=\"ff1\"> <span class=\"_ _21\"></span></span>out<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>omologata<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dalla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Commissione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Europea)<span class=\"ff1\"> <span class=\"_ _21\"></span></span>per<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ogni<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tipologia<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>copertura<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>(sia<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>copertur<span class=\"_ _3bd\"> </span>e<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4d8\">specifiche<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>macro<span class=\"ff1\"> </span>coperture).<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4d9\">Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4da\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4db\">isc<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4dc\">Gli<span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> </span>derivati<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>copertura,<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tutt<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>derivati,<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>inizialmente<span class=\"ff1\"> </span>iscritti<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>successivamente<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4dd\">misurati<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4de\">Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4df\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4e0\">cla<span class=\"_ _1\"></span>ssi<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e:<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4e1\">ti<span class=\"_ _0\"></span>pol<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>ia<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4e2\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4e3\">co<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rtu<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4e4\">Le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>operazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>copert<span class=\"_ _2\"></span>ura<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>finalizzate<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>neutralizzare<span class=\"ff1\"> <span class=\"_ _21\"></span></span>potenziali<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>variazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>f<span class=\"_ _2\"></span>air<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>value<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>o<span class=\"_ _3bd\"> </span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4e5\">variazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>cass<span class=\"_ _2\"></span>a,<span class=\"ff1\"> </span>at<span class=\"_ _2\"></span>tribuibil<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> </span>determ<span class=\"_ _2\"></span>inato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rilevabili<span class=\"ff1\"> </span>su<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>determinato<span class=\"ff1\"> </span>elemento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4e6\">gruppo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>elementi,<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>caso<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>quel<span class=\"ff1\"> </span>particolare<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>dovesse<span class=\"ff1\"> </span>effettivamente<span class=\"ff1\"> </span>manifestar<span class=\"_ _2\"></span>si.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4e7\">Le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ti<span class=\"_ _0\"></span>polo<span class=\"_ _0\"></span>gie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">cope<span class=\"_ _0\"></span>rtu<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">util<span class=\"_ _0\"></span>izz<span class=\"_ _0\"></span>ate<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ono<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">segue<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4e8\">copertura<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fa<span class=\"_ _2\"></span>ir<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019obiett<span class=\"_ _2\"></span>ivo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">coprire<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019esposizione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alla<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">variazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valu<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(attr<span class=\"_ _2\"></span>ibuibile<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>ll<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4e9\">diverse<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tipologie<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>ischio)<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>passivit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>iscritte<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>bi<span class=\"_ _2\"></span>lancio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>porzioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>esse,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>gruppi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>d<span class=\"_ _3bd\"> </span>i<span class=\"_ _3bd\"> </span><span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ea\">attivit\u00e0/passivit\u00e0,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>impegni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>irrevocabili<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>portafogli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pass<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziarie,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>incl<span class=\"_ _2\"></span>usi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cor<span class=\"_ _3bd\"> </span>e<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4eb\">dep<span class=\"_ _0\"></span>osi<span class=\"_ _0\"></span>ts,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">com<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>conse<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>dall<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>IAS<span class=\"ff1\"> </span>39<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">omol<span class=\"_ _0\"></span>oga<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>dall<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>Commi<span class=\"_ _0\"></span>ssio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>Euro<span class=\"_ _0\"></span>pea<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>Le<span class=\"ff1\"> </span>cope<span class=\"_ _0\"></span>rture<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">gener<span class=\"_ _0\"></span>ich<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">e<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ec\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>(\u201cmacro<span class=\"ff1\"> </span>hedge\u201d)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">hanno<span class=\"ff1\"> </span>l\u2019obiettivo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ridurre<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">oscill<span class=\"_ _2\"></span>azioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value,<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>mputabili<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>rischi<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ed\">di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>t<span class=\"_ _2\"></span>asso<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>interesse,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>un<span class=\"ff1\"> <span class=\"_ _20\"></span></span>imp<span class=\"_ _2\"></span>orto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>monetario,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>riveni<span class=\"_ _0\"></span>ente<span class=\"ff1\"> <span class=\"_ _21\"></span></span>da<span class=\"ff1\"> <span class=\"_ _21\"></span></span>un<span class=\"ff1\"> <span class=\"_ _20\"></span></span>port<span class=\"_ _2\"></span>afoglio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>passivit<span class=\"_ _3bd\"> </span>\u00e0<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ee\">finanziarie.<span class=\"ff1\"> </span>Non<span class=\"ff1\"> </span>possono<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>ogg<span class=\"_ _0\"></span>etto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>copertura<span class=\"ff1\"> </span>generica<span class=\"ff1\"> </span>importi<span class=\"ff1\"> </span>netti<span class=\"ff1\"> </span>derivanti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dallo<span class=\"ff1\"> </span>sbilancio<span class=\"ff1\"> </span>d<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\">i<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ef\">attivit\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>passivit\u00e0;<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4f0\">copertura<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">flussi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziari:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"ff1\"> </span>l\u2019obiettivo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">coprire<span class=\"ff1\"> </span>l\u2019e<span class=\"_ _0\"></span>sposizione<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">variazioni<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">flussi<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cassa<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>utu<span class=\"_ _0\"></span>ri<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4f1\">attribuibili<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>particolari<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>asso<span class=\"_ _2\"></span>ciati<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>poste<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>bilancio.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Tale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tipologia<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>copertur<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>utilizzat<span class=\"_ _3bd\"> </span>a<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4f2\">essenzialmente<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>tabilizzare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>flusso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>inter<span class=\"_ _2\"></span>essi<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>accolta<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> </span>tas<span class=\"_ _2\"></span>so<span class=\"ff1\"> </span>variabile<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>m<span class=\"_ _2\"></span>isura<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cu<span class=\"_ _3bd\"> </span>i<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4f3\">quest\u2019ultima<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanzia<span class=\"ff1\"> </span>impieghi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tasso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fisso.<span class=\"ff1\"> </span>In<span class=\"ff1\"> <span class=\"_ _2\"></span></span>talune<span class=\"ff1\"> </span>circost<span class=\"_ _2\"></span>anze,<span class=\"ff1\"> </span>analoghe<span class=\"ff1\"> <span class=\"_ _2\"></span></span>operazioni<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>poste<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"_ _3bd\"> </span>n<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4f4\">essere<span class=\"ff1\"> </span>relativamente<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>alcune<span class=\"ff1\"> </span>tipologie<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>impieghi<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>variabil<span class=\"_ _0\"></span>e.<span class=\"_ _3bd\"> </span> </div>Solo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>gli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>strumenti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>coin<span class=\"_ _2\"></span>volgono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>contr<span class=\"_ _2\"></span>oparte<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>esterna<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Gruppo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>pos<span class=\"_ _2\"></span>sono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>essere<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>designat<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>come<span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>c<span class=\"_ _0\"></span>opertura.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Data<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>scelta<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"_ _0\"></span>sercitata<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Gruppo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>avvalersi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dell<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>facolt\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>co<span class=\"_ _2\"></span>ntinuare<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ad<span class=\"ff1\"> </span>applicare<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">integralmente<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>egole<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">IAS<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">39<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">relazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">copert<span class=\"_ _2\"></span>ura,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">poss<span class=\"_ _2\"></span>ibile<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">designar<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>capitale<span class=\"ff1\"> </span>classificati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tra<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> </span>Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziarie<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _2\"></span></span>value<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>impatto<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>redditivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>complessiva<span class=\"ff1\"> </span>(FVOCI)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>come<span class=\"ff1\"> <span class=\"_ _2\"></span></span>oggetti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>coperti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prezzo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cam<span class=\"_ _2\"></span>bio,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>str<span class=\"_ _2\"></span>umenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>non<span class=\"ff1\"> <span class=\"_ _2\"></span></span>impattano<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>conomico,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nemmeno<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>caso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vendita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(se<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dividendi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ch<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>rilevati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">conto<span class=\"ff1\"> </span>economico).<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>riv<span class=\"_ _0\"></span>ati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cop<span class=\"_ _0\"></span>ertu<span class=\"_ _0\"></span>ra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">va<span class=\"_ _0\"></span>lutati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fai<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>val<span class=\"_ _0\"></span>ue.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">I<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>arti<span class=\"_ _0\"></span>cola<span class=\"_ _0\"></span>re:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">caso<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">copertura<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">si</span> <span class=\"_ _0\"></span><span class=\"ff3\">compensa<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">var<span class=\"_ _2\"></span>iazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dell\u2019elemento<span class=\"ff1\"> </span>coperto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>variazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dello<span class=\"ff1\"> </span>strumento<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">copertura<span class=\"_ _2\"></span>.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Tale<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ompensazione<span class=\"ff1\"> </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">riconosciuta</span> <span class=\"_ _0\"></span><span class=\"ff3\">attraverso<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>rilevazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Conto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Economico<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>variazioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valore,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riferite<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>all\u2019elemento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>coperto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>(per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quanto<span class=\"ff1\"> </span>riguarda<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>variazioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>prodotte<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fatto<span class=\"_ _2\"></span>re<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">rischio</span> <span class=\"_ _27\"> </span><span class=\"ff3\">s<span class=\"_ _2\"></span>ottostante),</span> <span class=\"_ _27\"> </span><span class=\"ff3\">s<span class=\"_ _2\"></span>ia</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">allo</span> <span class=\"_ _27\"> </span><span class=\"ff3\">st<span class=\"_ _2\"></span>rumento</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">di</span> <span class=\"_ _27\"> </span><span class=\"ff3\">copertura.</span> </span>L\u2019eventuale<span class=\"ff1\">  </span>differenza,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>che<span class=\"ff1\">  </span>rappresenta<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>la<span class=\"ff1\">  </span>parziale<span class=\"ff1\">  </span>in<span class=\"_ _2\"></span>efficacia<span class=\"ff1\">  </span>della<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>copertura,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>ne<span class=\"ff1\">  </span>costit<span class=\"_ _2\"></span>uisce<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1e\"> </span><span class=\"ff3\">di</span> </span>conseguenza<span class=\"ff1\"> </span>l\u2019effetto<span class=\"ff1\"> </span>economico<span class=\"ff1\"> </span>netto.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Nel<span class=\"ff1\"> </span>caso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">operazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">copert<span class=\"_ _2\"></span>ura<span class=\"ff1\"> </span>gene<span class=\"_ _0\"></span>rica<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alue<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>portafoglio<span class=\"ff1\"> </span>(\u201cma<span class=\"_ _2\"></span>cro<span class=\"ff1\"> </span>hedge\u201d)<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>v<span class=\"_ _2\"></span>ariazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>fair<span class=\"ff1\"> <span class=\"_ _2\"></span></span>value<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>riferim<span class=\"_ _2\"></span>ento<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>coperto<span class=\"_ _2\"></span><span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">passivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">oggetto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">copertura<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">so<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">imputate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nello<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">patrimoniale,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rispettivamente,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nell<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">voce<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>60.<span class=\"ff1\">  </span>\u201cAdeguamento<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>valore<span class=\"ff1\">  </span>delle<span class=\"ff1\">  </span>attivit\u00e0<span class=\"ff1\">  </span>fin<span class=\"_ _0\"></span>anziarie<span class=\"ff1\">  </span>oggetto<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>copertura<span class=\"ff1\">  </span>generica\u201d<span class=\"ff1\">  </span>oppure<span class=\"ff1\">  </span>50.<span class=\"ff1\"> </span>\u201cAdeguamento<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>passivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>oggetto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>c<span class=\"_ _2\"></span>opertura<span class=\"ff1\"> </span>generica\u201d;<span class=\"_ _3bd\"> </span>nel<span class=\"ff1\"> <span class=\"_ _20\"></span></span>caso<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>copertura<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>f<span class=\"_ _2\"></span>inanziari,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>variazioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _20\"></span></span>value<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>derivato<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>imputate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nel<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>redditivit\u00e0<span class=\"ff1\"> </span>complessiva,<span class=\"ff1\"> </span>p<span class=\"_ _2\"></span>er<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quota<span class=\"ff1\"> </span>efficace<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>ella<span class=\"ff1\"> </span>copertura,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>rilevate<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>Conto<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Economico<span class=\"ff1\"> <span class=\"_ _2\"></span></span>solo<span class=\"ff1\"> </span>quando,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rif<span class=\"_ _2\"></span>erimento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pos<span class=\"_ _2\"></span>ta<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">coperta<span class=\"_ _2\"></span>,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">manifesta<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">variazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">flussi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cassa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">compensa<span class=\"_ _2\"></span>re<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>o<span class=\"ff1\"> </span>se<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>copertura<span class=\"ff1\"> </span>risulta<span class=\"ff1\"> </span>inefficace;<span class=\"_ _3bd\"> </span>le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">coperture<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">investimento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">netto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valuta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contabilizzate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">allo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stesso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">modo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">coperture<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>fl<span class=\"_ _0\"></span>ussi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">f<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>ziar<span class=\"_ _0\"></span>i.<span class=\"_ _3bd\"> </span></span></span>Lo<span class=\"ff1\"> </span>strumento<span class=\"ff1\"> </span>derivato<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>signato<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>copertura<span class=\"ff1\"> </span>se<span class=\"ff1\"> </span>esiste<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> </span>documentazione<span class=\"ff1\"> </span>formalizzata<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>relazione<span class=\"ff1\"> </span></span></span>tra<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">lo<span class=\"ff1\"> </span>str<span class=\"_ _0\"></span>ume<span class=\"_ _0\"></span>nto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>per<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">lo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">stru<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>cop<span class=\"_ _0\"></span>ertu<span class=\"_ _0\"></span>ra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">se<span class=\"ff1\"> </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ef<span class=\"_ _0\"></span>ficac<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span>m<span class=\"_ _0\"></span>omen<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>cu<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">coper<span class=\"_ _0\"></span>tura<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ha</span> <span class=\"_ _0\"></span><span class=\"ff3\">iniz<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>e,<span class=\"ff1\"> </span>prospetticamente,<span class=\"ff1\"> </span>durante<span class=\"ff1\"> </span>tutta<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>vita<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>stessa.<span class=\"_ _3bd\"> </span>L'efficacia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">copertura<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>pende<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dalla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">misura<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">variazioni<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>ello<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">st<span class=\"_ _2\"></span>rumento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">coperto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>relativi<span class=\"ff1\">  </span>flussi<span class=\"ff1\">  </span>fi<span class=\"_ _0\"></span>nanziari<span class=\"ff1\">  </span>attesi<span class=\"ff1\">  </span>risultano<span class=\"ff1\">  </span>compensati<span class=\"ff1\">  </span>da<span class=\"ff1\">  </span>quelle<span class=\"ff1\">  </span>de<span class=\"_ _0\"></span>llo<span class=\"ff1\">  </span>strumento<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>copertura.<span class=\"ff1\">  </span>Pertanto,<span class=\"ff1\"> </span>l'efficacia<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>\u00e8<span class=\"ff1\">  </span>apprezzat<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dal<span class=\"ff1\">  </span>confr<span class=\"_ _2\"></span>onto<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>delle<span class=\"ff1\">  </span>suddette<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>variazi<span class=\"_ _2\"></span>oni,<span class=\"ff1\">  </span>t<span class=\"_ _2\"></span>enuto<span class=\"ff1\">  </span>cont<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dell'intento<span class=\"ff1\">  </span>perseguito<span class=\"_ _2\"></span><span class=\"ff1\"> </span>dall'impresa<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>momento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>copertura<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> </span>stata<span class=\"ff1\"> </span>posta<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>essere.<span class=\"ff1\"> </span>Si<span class=\"ff1\"> </span>ha<span class=\"ff1\"> </span>efficacia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quando<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>var<span class=\"_ _2\"></span>iazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>(o<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cassa)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dello<span class=\"ff1\"> </span>strumento<span class=\"ff1\"> </span>finanziario<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>copertura<span class=\"ff1\"> </span>neutralizzano<span class=\"ff1\"> </span>quasi<span class=\"ff1\"> </span>integralmente,<span class=\"_ _2\"></span><span class=\"ff1\"> </span>cio\u00e8<span class=\"ff1\">  </span>nei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>limiti<span class=\"ff1\">  </span>stabiliti<span class=\"ff1\">  </span>dall\u2019intervallo<span class=\"ff1\">  </span>80-125%,<span class=\"ff1\">  </span>le<span class=\"ff1\">  </span>variazioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\">  </span>fair<span class=\"ff1\">  </span>value<span class=\"ff1\">  </span>de<span class=\"_ _0\"></span>llo<span class=\"ff1\">  </span>strumento<span class=\"ff1\">  </span>coperto,<span class=\"ff1\">  </span>per<span class=\"ff1\"> </span>l\u2019elemento<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>oggetto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>copertura.<span class=\"_ _3bd\"> </span>La<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">va<span class=\"_ _0\"></span>luta<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>'effi<span class=\"_ _0\"></span>cac<span class=\"_ _0\"></span>ia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span>ef<span class=\"_ _0\"></span>fett<span class=\"_ _0\"></span>uat<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>ad<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">og<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">chiu<span class=\"_ _0\"></span>su<span class=\"_ _0\"></span>ra<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">b<span class=\"_ _0\"></span>ilanc<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _1\"></span><span class=\"ff3\">situa<span class=\"_ _0\"></span>zione<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">inf<span class=\"_ _0\"></span>rannu<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">u<span class=\"_ _0\"></span>tilizz<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>o:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>test<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>prospettici,<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>giustificano<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>l'appl<span class=\"_ _0\"></span>icazione<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>contabilizzazione<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>copertura,<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>quanto<span class=\"ff1\"> </span>dimostrano<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>sua<span class=\"ff1\"> </span>efficacia<span class=\"ff1\"> </span>attesa;<span class=\"_ _3bd\"> </span>test<span class=\"ff1\"> <span class=\"_ _21\"></span></span>retrospettivi,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _21\"></span></span>evidenziano<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>grado<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>efficacia<span class=\"ff1\"> <span class=\"_ _21\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>co<span class=\"_ _2\"></span>pertura<span class=\"ff1\"> <span class=\"_ _21\"></span></span>raggiunto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _21\"></span></span>periodo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _20\"></span></span>si<span class=\"_ _0\"></span> rif<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>scon<span class=\"_ _0\"></span>o,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ovve<span class=\"_ _1\"></span>ro,<span class=\"ff1\"> </span>mi<span class=\"_ _0\"></span>sura<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>anto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i</span> <span class=\"_ _0\"></span><span class=\"ff3\">risu<span class=\"_ _0\"></span>lta<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">effe<span class=\"_ _0\"></span>ttiv<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ian<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>disc<span class=\"_ _0\"></span>osta<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>oper<span class=\"_ _0\"></span>tura<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>rfett<span class=\"_ _0\"></span>a.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>Solo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>strumenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>coinvolgono<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>una<span class=\"ff1\"> <span class=\"_ _20\"></span></span>controparte<span class=\"ff1\"> <span class=\"_ _20\"></span></span>esterna<span class=\"ff1\"> <span class=\"_ _20\"></span></span>possono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>essere<span class=\"ff1\"> <span class=\"_ _20\"></span></span>designati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>come<span class=\"ff1\"> <span class=\"_ _20\"></span></span>str<span class=\"_ _2\"></span>umenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>cop<span class=\"_ _0\"></span>ertu<span class=\"_ _0\"></span>ra.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Pert<span class=\"_ _0\"></span>anto<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>ogni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">risu<span class=\"_ _0\"></span>lta<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>ric<span class=\"_ _0\"></span>ondu<span class=\"_ _0\"></span>cib<span class=\"_ _0\"></span>ile<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>tran<span class=\"_ _0\"></span>saz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>terne<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">effe<span class=\"_ _1\"></span>ttuate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tra</span> <span class=\"ff3\">di<span class=\"_ _0\"></span>vers<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>enti<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ban<span class=\"_ _0\"></span>ca<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>\u00e8<span class=\"ff1\"> </span>eliminato<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> </span>consolidato.<span class=\"_ _3bd\"> </span>Ce<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>pro<span class=\"_ _1\"></span>spe<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span>ca<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nta<span class=\"_ _1\"></span>bili<span class=\"_ _0\"></span>zz<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>per<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Se<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>v<span class=\"_ _2\"></span>erifiche<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>confermano<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>l\u2019efficacia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>copertura,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>qu<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>momento<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>contabili<span class=\"_ _0\"></span>zza<span class=\"_ _2\"></span>zione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"ff1\"> </span>operazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">copertura,<span class=\"ff1\"> </span>secondo<span class=\"ff1\"> </span>quanto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sopra<span class=\"ff1\"> </span>esposto,<span class=\"ff1\"> </span>viene<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">interrott<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">il</span> <span class=\"_ _0\"></span><span class=\"ff3\">contratto<span class=\"ff1\"> </span>derivato<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">copertura</span> </span></span></span></span></span></span></span></span></span>vie<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>cla<span class=\"_ _0\"></span>ssif<span class=\"_ _0\"></span>icato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tra</span> <span class=\"ff3\">gl<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>stru<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">negozi<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Inol<span class=\"_ _0\"></span>tre,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">opera<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>pertu<span class=\"_ _1\"></span>ra<span class=\"ff1\"> </span>cessa<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">momen<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">lo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">strumento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">copertura<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">giunge<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>scadenza,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">venduto,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cessat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>sercitato,<span class=\"ff1\"> </span>opp<span class=\"_ _0\"></span>ure<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>banca<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>evoca<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">designazione.<span class=\"_ _3bd\"> </span></span></span>Pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rel<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>oni<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ope<span class=\"_ _0\"></span>rtura<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">f<span class=\"_ _0\"></span>air<span class=\"ff1\"> </span>val<span class=\"_ _0\"></span>ue,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">lo</span> <span class=\"ff3\">s<span class=\"_ _0\"></span>trum<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finan<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>ario<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cope<span class=\"_ _0\"></span>rto<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pi\u00f9<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">re<span class=\"_ _0\"></span>ttifi<span class=\"_ _0\"></span>cat<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">va<span class=\"_ _0\"></span>riaz<span class=\"_ _0\"></span>ioni<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> </span>caso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">qualsiasi<span class=\"ff1\"> </span>rettifica<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alore<span class=\"ff1\"> </span>contabil<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">uno</span> <span class=\"ff3\">strumento</span> <span class=\"ff3\">finanz<span class=\"_ _0\"></span>iario<span class=\"ff1\"> </span>coperto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uale<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>utilizzato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>criterio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dell'interesse<span class=\"ff1\"> <span class=\"_ _20\"></span></span>effettivo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>deve<span class=\"ff1\"> <span class=\"_ _20\"></span></span>essere<span class=\"ff1\"> <span class=\"_ _20\"></span></span>amm<span class=\"_ _2\"></span>ortizzata<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ne<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _20\"></span></span>conto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>economico.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>N<span class=\"_ _2\"></span>el<span class=\"ff1\"> <span class=\"_ _2\"></span></span>caso<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> </span>interruzione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">relazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">copertura<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">generica<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fa<span class=\"_ _2\"></span>ir<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rivalutazioni/svalutazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cum<span class=\"_ _2\"></span>ulate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">iscritt<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>nella<span class=\"ff1\"> <span class=\"_ _2\"></span></span>voce<span class=\"ff1\"> <span class=\"_ _2\"></span></span>60.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u201cAdeguamento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>oggetto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>copertura<span class=\"ff1\"> <span class=\"_ _2\"></span></span>generica\u201d<span class=\"ff1\"> <span class=\"_ _2\"></span></span>oppure<span class=\"ff1\"> <span class=\"_ _2\"></span></span>50.<span class=\"ff1\"> </span>\u201cAdeguamento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _21\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"></span></span>passivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>og<span class=\"_ _2\"></span>getto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>copertura<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>generica\u201d<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rilevate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>conto<span class=\"ff1\"> </span>ec<span class=\"_ _0\"></span>ono<span class=\"_ _0\"></span>mico<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tra</span> <span class=\"ff3\">gl<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>ntere<span class=\"_ _1\"></span>ssi<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ttivi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o</span> <span class=\"ff3\">p<span class=\"_ _0\"></span>assiv<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span>lung<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>du<span class=\"_ _0\"></span>rata<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">res<span class=\"_ _0\"></span>idu<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span>rigi<span class=\"_ _0\"></span>nari<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>rel<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>oni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>pert<span class=\"_ _0\"></span>ura,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fe<span class=\"_ _0\"></span>rma<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>restando<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>verifica<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>ne<span class=\"ff1\"> </span>sussistano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> </span>presupposti.<span class=\"_ _3bd\"> </span><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs53b\">Per<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">relazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">copertura<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">flussi<span class=\"ff1\"> </span>finanziari,<span class=\"ff1\"> </span>l'utile<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">p<span class=\"_ _2\"></span>erdita<span class=\"ff1\"> </span>complessiva<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>lo<span class=\"ff1\"> </span>strumento<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">copertur<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs53c\">che<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>stato<span class=\"ff1\"> </span>rile<span class=\"_ _0\"></span>vato<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> </span>altre<span class=\"ff1\"> </span>componenti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico<span class=\"ff1\"> </span>complessivo<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>partire<span class=\"ff1\"> </span>dall'esercizio<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>la<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs53d\">copertura<span class=\"ff1\">  </span>era<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>efficace,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>deve<span class=\"ff1\">  </span>restare<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>separatam<span class=\"_ _2\"></span>ente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nel<span class=\"ff1\">  </span>patrimonio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>netto<span class=\"ff1\">  </span>sino<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\">  </span>quand<span class=\"_ _0\"></span>o<span class=\"ff1\">  </span>l'operazione<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs53e\">programmata<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>verifica.<span class=\"ff1\"> </span>Qualora<span class=\"ff1\"> </span>l'operazione<span class=\"ff1\"> </span>programmata<span class=\"ff1\"> </span>ci<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>attende<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>debba<span class=\"ff1\"> </span>pi\u00f9<span class=\"ff1\"> </span>accad<span class=\"_ _2\"></span>ere,<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>qual<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs53f\">caso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>qualsiasi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>correlato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>utile<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>perdita<span class=\"ff1\"> <span class=\"_ _21\"></span></span>comple<span class=\"_ _0\"></span>ssivo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sullo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>strumento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>copertura<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>stat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rilevato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nel<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs540\">prospetto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>altre<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>componenti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cont<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>economico<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>complessivo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dall'esercizio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>co<span class=\"_ _2\"></span>pertura<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>era<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs541\">efficace<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>deve<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>essere<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>riclassificato<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>al<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>patrimonio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>netto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>all\u2019utile<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(perdita)<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d\u2019esercizio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>come<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rettifica<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>da<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs542\">riclassificazione.<span class=\"ff1\"> </span>Tuttavia,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un\u2019operazione<span class=\"ff1\"> </span>programmat<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>he<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span>pi\u00f9<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">altamente<span class=\"ff1\"> </span>probabile,<span class=\"ff1\"> </span>ci<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>pu\u00f2<span class=\"ff1\"> </span>ancora<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs543\">attendere<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>verifichi.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs544\">Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs545\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs546\">ril<span class=\"_ _0\"></span>ev<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs547\">del<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs548\">co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs549\">re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ual<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs54a\">L\u2019allocazione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>componenti<span class=\"ff1\"> </span>reddituali<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> </span>pertinenti<span class=\"ff1\"> </span>voci<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>conto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>economico<span class=\"ff1\"> </span>avviene<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs54b\">quanto<span class=\"ff1\"> </span>riportato<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>seguito:<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs54c\">i<span class=\"ff1\"> </span>differenziali<span class=\"ff1\"> </span>maturat<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>sugli<span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> </span>derivati<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>co<span class=\"_ _2\"></span>pertura<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>ris<span class=\"_ _2\"></span>chio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>interesse<span class=\"ff1\"> </span>(oltre<span class=\"ff1\"> </span>ag<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs54d\">interessi<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>posizioni<span class=\"ff1\"> </span>oggetto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>copertura)<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> </span>allocati<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>voce<span class=\"ff1\"> </span>\u201cInteressi<span class=\"ff1\"> </span>att<span class=\"_ _2\"></span>ivi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>proventi<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs54e\">assimilati\u201d<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>\u201cInteressi<span class=\"ff1\"> </span>passivi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>oneri<span class=\"ff1\"> </span>ass<span class=\"_ _2\"></span>imilati\u201d;<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs54f\">le<span class=\"ff1\"> </span>plusvalenze<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">minusvalenze</span> <span class=\"ff3\">derivanti</span> <span class=\"ff3\">dalla</span> <span class=\"ff3\">valutazione</span> <span class=\"ff3\">degli</span> <span class=\"ff3\">strumenti</span> <span class=\"ff3\">derivati</span> <span class=\"ff3\">di</span> <span class=\"ff3\">copertura</span> <span class=\"ff3\">e</span> <span class=\"ff3\">d<span class=\"_ _0\"></span>elle<span class=\"_ _0\"></span> </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs550\">posizioni<span class=\"ff1\">  </span>ogg<span class=\"_ _0\"></span>etto<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>c<span class=\"_ _0\"></span>opertura<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fair<span class=\"ff1\">  </span>value<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">hedge</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">vengono</span>  <span class=\"ff3\">allocate</span>  <span class=\"ff3\">n<span class=\"_ _0\"></span>ella<span class=\"ff1\">  </span>voce<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">\u201cRisultato</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">netto<span class=\"_ _2\"></span></span> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs551\">dell\u2019attivit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>copertura\u201d;<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs552\">le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>lus<span class=\"_ _0\"></span>vale<span class=\"_ _0\"></span>nze<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">minusv<span class=\"_ _0\"></span>alen<span class=\"_ _0\"></span>ze<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>eriv<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>all<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>tazi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">deg<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">strume<span class=\"_ _1\"></span>nti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">deri<span class=\"_ _0\"></span>vati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cope<span class=\"_ _0\"></span>rtu<span class=\"_ _0\"></span>ra<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>c<span class=\"_ _1\"></span>as<span class=\"_ _0\"></span>h<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs553\">flow<span class=\"ff1\"> </span>h<span class=\"_ _0\"></span>edge<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(per<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">parte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">efficace)<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">allocate<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">una</span> <span class=\"_ _0\"></span><span class=\"ff3\">specifica<span class=\"ff1\"> </span>riserva<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alutazione<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>patrimonio<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs554\">ne<span class=\"_ _0\"></span>tto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u201cCo<span class=\"_ _0\"></span>pert<span class=\"_ _0\"></span>ura<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dei</span> <span class=\"_ _0\"></span><span class=\"ff3\">flu<span class=\"_ _0\"></span>ssi<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nzia<span class=\"_ _0\"></span>ri\u201d,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ne<span class=\"_ _0\"></span>tto<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>l\u2019ef<span class=\"_ _0\"></span>fetto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fi<span class=\"_ _0\"></span>scale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span>ffe<span class=\"_ _0\"></span>rito<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>Per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">la</span> <span class=\"ff3\">p<span class=\"_ _0\"></span>arte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ine<span class=\"_ _0\"></span>ffic<span class=\"_ _0\"></span>ace<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tal<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>plu<span class=\"_ _0\"></span>s<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs555\">e<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>minus<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>vengono<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>contabilizzate<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>a<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>conto<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>economico<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>nella<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>voce<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>\u201cRisultato<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>nett<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>dell\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs556\">copertura\u201d.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Se<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>lo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>strumento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>cope<span class=\"_ _0\"></span>rto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff3\">cancellato,</span> <span class=\"_ _27\"> </span><span class=\"ff3\">scade</span> <span class=\"_ _27\"> </span><span class=\"ff3\">o</span> <span class=\"_ _27\"> </span><span class=\"ff3\">s<span class=\"_ _2\"></span>i</span> <span class=\"_ _27\"> </span><span class=\"ff3\">estingue</span> <span class=\"_ _21\"> </span><span class=\"ff3\">allora</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">la</span> <span class=\"_ _21\"> </span><span class=\"ff3\">riserva</span> <span class=\"_ _27\"> </span><span class=\"ff3\">\u00e8</span> <span class=\"_ _27\"> </span><span class=\"ff3\">r<span class=\"_ _2\"></span>iversata</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs557\">immediatamente<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico<span class=\"ff1\"> </span>contestualmente<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>cancellazione<span class=\"ff1\"> </span>dell\u2019elemento<span class=\"ff1\"> </span>coperto<span class=\"_ _2\"></span>.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs558\">nel<span class=\"ff1\"> <span class=\"_ _20\"></span></span>caso<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>copertura<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>f<span class=\"_ _2\"></span>inanziari,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>variazioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _20\"></span></span>value<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>derivato<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>imputate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nel<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs559\">redditivit\u00e0<span class=\"ff1\"> </span>complessiva,<span class=\"ff1\"> </span>p<span class=\"_ _2\"></span>er<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quota<span class=\"ff1\"> </span>efficace<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>ella<span class=\"ff1\"> </span>copertura,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>rilevate<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>Conto<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Economico<span class=\"ff1\"> <span class=\"_ _2\"></span></span>solo<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs55a\">quando,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rif<span class=\"_ _2\"></span>erimento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pos<span class=\"_ _2\"></span>ta<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">coperta<span class=\"_ _2\"></span>,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">manifesta<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">variazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">flussi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cassa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">compensa<span class=\"_ _2\"></span>re<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs55b\">o<span class=\"ff1\"> </span>se<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>copertura<span class=\"ff1\"> </span>risulta<span class=\"ff1\"> </span>inefficace.<span class=\"_ _3bd\"> </span> </div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-773": {
   "value": "<div class=\"t mb h5 ff3 fs0 fc4 sc2 ls0 ws0 gs55d\">5</div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs55e\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs55f\">Pa<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>eci<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>zio<span class=\"_ _1\"></span>ni<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs560\">Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs561\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs562\">isc<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs563\">Le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>partecipazioni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>iscritte<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>data<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>regolamento.<span class=\"ff1\"> <span class=\"_ _21\"></span></span>All\u2019atto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>della<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rile<span class=\"_ _0\"></span>vazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>iniziale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>interessenze<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs564\">partecipative<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span></span>contabili<span class=\"_ _0\"></span>zzate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"></span></span>costo,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>comprensivo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">costi</span> <span class=\"_ _20\"></span><span class=\"ff3\">o</span> <span class=\"_ _21\"> </span><span class=\"ff3\">proventi</span> <span class=\"_ _20\"></span><span class=\"ff3\">dirett<span class=\"_ _2\"></span>amente</span> <span class=\"_ _20\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>ttribui<span class=\"_ _0\"></span>bili<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alla<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs565\">tran<span class=\"_ _0\"></span>saz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs566\">Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs567\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs568\">cla<span class=\"_ _1\"></span>ssi<span class=\"_ _0\"></span>fica<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs569\">La<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">vo<span class=\"_ _0\"></span>ce<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>ncl<span class=\"_ _0\"></span>ude<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"_ _0\"></span>teres<span class=\"_ _0\"></span>senz<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dete<span class=\"_ _0\"></span>nut<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>so<span class=\"_ _0\"></span>cie<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>roll<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span>giu<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">colleg<span class=\"_ _0\"></span>ate.<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs56a\">Sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">considerate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">controllate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">congiuntamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">imprese<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nelle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">diritti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>oto<span class=\"ff1\"> </span>ed<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">controllo<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>l\u2019att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs56b\">economica<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">della<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>artecipat<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">condivisi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>modo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">paritetico<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Credem,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">direttam<span class=\"_ _2\"></span>ente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>indirettamente,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs56c\">da<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>altro<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>so<span class=\"_ _2\"></span>ggetto.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Inoltre<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>vie<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>qu<span class=\"_ _0\"></span>alificato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>come<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sotto<span class=\"_ _2\"></span>posto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>controllo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>congiunto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>investimento<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs56d\">partecipativo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>q<span class=\"_ _2\"></span>uale,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pur<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>assenza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>qu<span class=\"_ _0\"></span>ota<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>paritetica<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>diritt<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>vot<span class=\"_ _2\"></span>o,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>c<span class=\"_ _0\"></span>ontro<span class=\"_ _2\"></span>llo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sull\u2019attivit\u00e0<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs56e\">economica<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sugli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"_ _2\"></span>dirizzi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>st<span class=\"_ _2\"></span>rategici<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>part<span class=\"_ _2\"></span>ecipata<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>condiviso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>altri<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>oggetti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>virt\u00f9<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>accor<span class=\"_ _2\"></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs56f\">con<span class=\"_ _0\"></span>trat<span class=\"_ _0\"></span>tua<span class=\"_ _0\"></span>li.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs570\">Sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>considerate<span class=\"ff1\"> <span class=\"_ _21\"></span></span>collegate,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cio<span class=\"_ _2\"></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sot<span class=\"_ _2\"></span>toposte<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _21\"></span></span>influ<span class=\"_ _0\"></span>enza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>note<span class=\"_ _2\"></span>vole,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>imp<span class=\"_ _0\"></span>rese<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nelle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>q<span class=\"_ _2\"></span>uali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>c<span class=\"_ _2\"></span>apogruppo,<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs571\">di<span class=\"_ _0\"></span>rett<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>indi<span class=\"_ _0\"></span>ret<span class=\"_ _0\"></span>tamen<span class=\"_ _0\"></span>te,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">poss<span class=\"_ _0\"></span>ied<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">almen<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>2<span class=\"_ _0\"></span>0%<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">diritt<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vot<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>ivi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inc<span class=\"_ _0\"></span>lusi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>rit<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>oto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u201cp<span class=\"_ _0\"></span>ote<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ali\u201d<span class=\"_ _0\"></span>)<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs572\">o<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quali<span class=\"ff1\"> </span>\u2013<span class=\"_ _2\"></span><span class=\"ff1\"> </span>pur<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>una<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quota<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>diritti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>voto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>inferiore<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> </span>ha<span class=\"_ _2\"></span><span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>potere<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>partecipare<span class=\"ff1\"> </span>alla<span class=\"_ _2\"></span><span class=\"ff1\"> </span>determinazione<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs573\">delle<span class=\"ff1\">  </span>politiche<span class=\"ff1\">  </span>finanziarie<span class=\"ff1\">  </span>e<span class=\"ff1\">  </span>gestionali<span class=\"ff1\">  </span>della<span class=\"ff1\">  </span>partecipata<span class=\"ff1\">  </span>in<span class=\"ff1\">  </span>virt\u00f9<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>particolari<span class=\"ff1\">  </span>legami<span class=\"ff1\">  </span>giuridici<span class=\"ff1\">  </span>quali<span class=\"ff1\">  </span>la<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs574\">partecipazione<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>patti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>sindacato.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs575\">Non<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>considerate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>ottoposte<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _2\"></span></span>influenza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>notevole<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alcune<span class=\"ff1\"> <span class=\"_ _20\"></span></span>interessenze<span class=\"ff1\"> <span class=\"_ _20\"></span></span>superiori<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>20<span class=\"_ _2\"></span>%,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nelle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quali,<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs576\">di<span class=\"_ _0\"></span>rett<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">indi<span class=\"_ _0\"></span>retta<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te,<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>Gru<span class=\"_ _0\"></span>ppo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">deti<span class=\"_ _0\"></span>ene<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>sclu<span class=\"_ _0\"></span>siva<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>dir<span class=\"_ _0\"></span>itti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pat<span class=\"_ _0\"></span>rimo<span class=\"_ _0\"></span>nial<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>su<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">una</span> <span class=\"ff3\">po<span class=\"_ _0\"></span>rzi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>rutti<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs577\">degli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">investimenti,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">acces<span class=\"_ _2\"></span>so<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">politiche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gestio<span class=\"_ _2\"></span>ne<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pu\u00f2<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esercitare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">diritti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">governance<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">limitati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs578\">tutela<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>interessi<span class=\"ff1\"> </span>patrimoniali.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs57a\">Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs57b\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs57c\">va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs57d\">Le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>part<span class=\"_ _2\"></span>ecipazioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\">  </span>societ\u00e0<span class=\"ff1\">  </span>colle<span class=\"_ _0\"></span>gate<span class=\"ff1\">  </span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>cont<span class=\"_ _2\"></span>rollate<span class=\"ff1\">  </span>congi<span class=\"_ _0\"></span>untamente<span class=\"ff1\">  </span>sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>valutate<span class=\"ff1\">  </span>con<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>meto<span class=\"_ _2\"></span>do<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>l<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs57e\">patrimonio<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>etto.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs57f\">Se<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esis<span class=\"_ _0\"></span>tono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ev<span class=\"_ _0\"></span>ide<span class=\"_ _0\"></span>nze<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>lore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">part<span class=\"_ _0\"></span>ecip<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>ossa<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">av<span class=\"_ _0\"></span>er<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sub<span class=\"_ _0\"></span>ito<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ridu<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">si<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>roc<span class=\"_ _0\"></span>ede<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">all<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>tim<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs580\">del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _21\"></span></span>recuperabile<span class=\"ff1\"> <span class=\"_ _21\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>part<span class=\"_ _2\"></span>ecipazione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">stessa,</span> <span class=\"_ _21\"></span><span class=\"ff3\">tenendo</span> <span class=\"_ _20\"></span><span class=\"ff3\">co<span class=\"_ _2\"></span>nto</span> <span class=\"_ _21\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">valore</span> <span class=\"_ _20\"></span><span class=\"ff3\">at<span class=\"_ _2\"></span>tuale</span> <span class=\"_ _20\"></span><span class=\"ff3\">dei</span> <span class=\"_ _21\"></span><span class=\"ff3\">flussi</span> <span class=\"_ _21\"></span><span class=\"ff3\">finanziar<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">i</span> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs581\">futuri<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>partecipazione<span class=\"ff1\"> </span>potr\u00e0<span class=\"ff1\"> </span>generare,<span class=\"ff1\"> </span>incluso<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>dismiss<span class=\"_ _2\"></span>ione<span class=\"ff1\"> </span>finale<span class=\"ff1\"> </span>dell\u2019investimento.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs582\">Qualora<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>ecupero<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>risulti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>inferiore<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>contabile,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>elativa<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>differenza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rilevata<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cont<span class=\"_ _3bd\"> </span>o<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs583\">ec<span class=\"_ _0\"></span>ono<span class=\"_ _0\"></span>mico<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs584\">Qualora<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">motivi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>ella<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perdita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">v<span class=\"_ _2\"></span>alore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>iano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rimossi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">seguito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">evento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">verificatosi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">successivamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">all<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs585\">ril<span class=\"_ _0\"></span>eva<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">riduz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">val<span class=\"_ _0\"></span>ore,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ven<span class=\"_ _0\"></span>gon<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>ef<span class=\"_ _0\"></span>fettu<span class=\"_ _0\"></span>ate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rip<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">va<span class=\"_ _0\"></span>lore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">imp<span class=\"_ _0\"></span>uta<span class=\"_ _0\"></span>zione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"ff3\">c<span class=\"_ _0\"></span>onto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">econ<span class=\"_ _0\"></span>omic<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs586\">che<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>possono<span class=\"ff1\"> </span>eccedere<span class=\"ff1\"> </span>l\u2019ammontar<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>delle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">perdite</span> <span class=\"ff3\">da</span> <span class=\"ff3\">impairm<span class=\"_ _2\"></span>ent</span> <span class=\"ff3\">in</span> <span class=\"ff3\">precedenza</span> <span class=\"ff3\">registrate.<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs587\">Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs588\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs589\">ca<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs58a\">Le<span class=\"ff1\"> </span>partecipazioni<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cancellate<span class=\"ff1\"> </span>quando<span class=\"ff1\"> <span class=\"_ _2\"></span></span>scadono<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>diritti<span class=\"ff1\"> </span>contrattuali<span class=\"ff1\"> </span>sui<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziari<span class=\"ff1\"> </span>derivati<span class=\"ff1\"> </span>dalle<span class=\"_ _3bd\"> </span><span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs58b\">atti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>ste<span class=\"_ _1\"></span>sse<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>l\u2019att<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>nanz<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>ria<span class=\"ff1\"> </span>vie<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>ced<span class=\"_ _0\"></span>uta<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">trasf<span class=\"_ _0\"></span>eren<span class=\"_ _0\"></span>do<span class=\"ff1\"> </span>sos<span class=\"_ _0\"></span>tan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>lme<span class=\"_ _0\"></span>nte<span class=\"ff1\"> </span>tut<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>be<span class=\"_ _0\"></span>nef<span class=\"_ _0\"></span>ic<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\">i<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs58c\">ad<span class=\"ff1\"> </span>essa<span class=\"ff1\"> </span>connessi.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs58d\">Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs58e\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs58f\">ril<span class=\"_ _0\"></span>ev<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs590\">del<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs591\">co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs592\">re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ual<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs593\">Le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>differenze<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>negative<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>prima<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>is<span class=\"_ _2\"></span>crizione,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>gli<span class=\"ff1\"> <span class=\"_ _21\"></span></span>utili<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>perdite<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>partecipate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>realizzate,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>perdite<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>d<span class=\"_ _3bd\"> </span>a<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs594\">impairment<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ri<span class=\"_ _2\"></span>prese<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valor<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>vengono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>allocate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>nella<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>voce<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>conto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>economico<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u201c<span class=\"_ _2\"></span>Utili<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>(Perdite)<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dell<span class=\"_ _2\"></span>e<span class=\"_ _3bd\"> </span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs595\">partecipazioni\u201d,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>mentre<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dividendi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>incassat<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>vengono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>allocati<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nell<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>voce<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u201cDividendi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>proventi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>simili\u201d<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ne<span class=\"_ _3bd\"> </span>l<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs596\">momento<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>sorge<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>diritto<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>riceverne<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>pagamento.<span class=\"_ _3bd\"> </span> </div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-806": {
   "value": "5-<span class=\"_ _3bd\"> </span>Pa<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>eci<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>zio<span class=\"_ _1\"></span>ni<span class=\"fc0 sc1\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>isc<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>partecipazioni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>iscritte<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>data<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>regolamento.<span class=\"ff1\"> <span class=\"_ _21\"></span></span>All\u2019atto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>della<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rile<span class=\"_ _0\"></span>vazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>iniziale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>interessenze<span class=\"ff1\"> </span>partecipative<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span></span>contabili<span class=\"_ _0\"></span>zzate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"></span></span>costo,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>comprensivo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">costi</span> <span class=\"_ _20\"></span><span class=\"ff3\">o</span> <span class=\"_ _21\"> </span><span class=\"ff3\">proventi</span> <span class=\"_ _20\"></span><span class=\"ff3\">dirett<span class=\"_ _2\"></span>amente</span> <span class=\"_ _20\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>ttribui<span class=\"_ _0\"></span>bili<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alla<span class=\"ff1\"> </span></span></span>tran<span class=\"_ _0\"></span>saz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cla<span class=\"_ _1\"></span>ssi<span class=\"_ _0\"></span>fica<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>La<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">vo<span class=\"_ _0\"></span>ce<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>ncl<span class=\"_ _0\"></span>ude<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"_ _0\"></span>teres<span class=\"_ _0\"></span>senz<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dete<span class=\"_ _0\"></span>nut<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>so<span class=\"_ _0\"></span>cie<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>roll<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span>giu<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">colleg<span class=\"_ _0\"></span>ate.<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span>Sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">considerate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">controllate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">congiuntamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">imprese<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nelle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">diritti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>oto<span class=\"ff1\"> </span>ed<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">controllo<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>l\u2019att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>economica<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">della<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>artecipat<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">condivisi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>modo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">paritetico<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Credem,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">direttam<span class=\"_ _2\"></span>ente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>indirettamente,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>da<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>altro<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>so<span class=\"_ _2\"></span>ggetto.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Inoltre<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>vie<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>qu<span class=\"_ _0\"></span>alificato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>come<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sotto<span class=\"_ _2\"></span>posto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>controllo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>congiunto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>investimento<span class=\"ff1\"> </span>partecipativo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>q<span class=\"_ _2\"></span>uale,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pur<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>assenza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>qu<span class=\"_ _0\"></span>ota<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>paritetica<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>diritt<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>vot<span class=\"_ _2\"></span>o,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>c<span class=\"_ _0\"></span>ontro<span class=\"_ _2\"></span>llo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sull\u2019attivit\u00e0<span class=\"ff1\"> </span>economica<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sugli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"_ _2\"></span>dirizzi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>st<span class=\"_ _2\"></span>rategici<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>part<span class=\"_ _2\"></span>ecipata<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>condiviso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>altri<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>oggetti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>virt\u00f9<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>accor<span class=\"_ _2\"></span>di<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>trat<span class=\"_ _0\"></span>tua<span class=\"_ _0\"></span>li.<span class=\"_ _3bd\"> </span>Sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>considerate<span class=\"ff1\"> <span class=\"_ _21\"></span></span>collegate,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cio<span class=\"_ _2\"></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sot<span class=\"_ _2\"></span>toposte<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _21\"></span></span>influ<span class=\"_ _0\"></span>enza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>note<span class=\"_ _2\"></span>vole,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>imp<span class=\"_ _0\"></span>rese<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nelle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>q<span class=\"_ _2\"></span>uali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>c<span class=\"_ _2\"></span>apogruppo,<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>rett<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>indi<span class=\"_ _0\"></span>ret<span class=\"_ _0\"></span>tamen<span class=\"_ _0\"></span>te,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">poss<span class=\"_ _0\"></span>ied<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">almen<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>2<span class=\"_ _0\"></span>0%<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">diritt<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vot<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>ivi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inc<span class=\"_ _0\"></span>lusi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>rit<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>oto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u201cp<span class=\"_ _0\"></span>ote<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ali\u201d<span class=\"_ _0\"></span>)<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>o<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quali<span class=\"ff1\"> </span>\u2013<span class=\"_ _2\"></span><span class=\"ff1\"> </span>pur<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>una<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quota<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>diritti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>voto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>inferiore<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> </span>ha<span class=\"_ _2\"></span><span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>potere<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>partecipare<span class=\"ff1\"> </span>alla<span class=\"_ _2\"></span><span class=\"ff1\"> </span>determinazione<span class=\"ff1\"> </span>delle<span class=\"ff1\">  </span>politiche<span class=\"ff1\">  </span>finanziarie<span class=\"ff1\">  </span>e<span class=\"ff1\">  </span>gestionali<span class=\"ff1\">  </span>della<span class=\"ff1\">  </span>partecipata<span class=\"ff1\">  </span>in<span class=\"ff1\">  </span>virt\u00f9<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>particolari<span class=\"ff1\">  </span>legami<span class=\"ff1\">  </span>giuridici<span class=\"ff1\">  </span>quali<span class=\"ff1\">  </span>la<span class=\"ff1\"> </span>partecipazione<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>patti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>sindacato.<span class=\"_ _3bd\"> </span>Non<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>considerate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>ottoposte<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _2\"></span></span>influenza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>notevole<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alcune<span class=\"ff1\"> <span class=\"_ _20\"></span></span>interessenze<span class=\"ff1\"> <span class=\"_ _20\"></span></span>superiori<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>20<span class=\"_ _2\"></span>%,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nelle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quali,<span class=\"_ _2\"></span><span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>rett<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">indi<span class=\"_ _0\"></span>retta<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te,<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>Gru<span class=\"_ _0\"></span>ppo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">deti<span class=\"_ _0\"></span>ene<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>sclu<span class=\"_ _0\"></span>siva<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>dir<span class=\"_ _0\"></span>itti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pat<span class=\"_ _0\"></span>rimo<span class=\"_ _0\"></span>nial<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>su<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">una</span> <span class=\"ff3\">po<span class=\"_ _0\"></span>rzi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>rutti<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>degli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">investimenti,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">acces<span class=\"_ _2\"></span>so<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">politiche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gestio<span class=\"_ _2\"></span>ne<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pu\u00f2<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esercitare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">diritti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">governance<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">limitati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>tutela<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>interessi<span class=\"ff1\"> </span>patrimoniali.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>part<span class=\"_ _2\"></span>ecipazioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\">  </span>societ\u00e0<span class=\"ff1\">  </span>colle<span class=\"_ _0\"></span>gate<span class=\"ff1\">  </span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>cont<span class=\"_ _2\"></span>rollate<span class=\"ff1\">  </span>congi<span class=\"_ _0\"></span>untamente<span class=\"ff1\">  </span>sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>valutate<span class=\"ff1\">  </span>con<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>meto<span class=\"_ _2\"></span>do<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>patrimonio<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>etto.<span class=\"_ _3bd\"> </span>Se<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esis<span class=\"_ _0\"></span>tono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ev<span class=\"_ _0\"></span>ide<span class=\"_ _0\"></span>nze<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>lore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">part<span class=\"_ _0\"></span>ecip<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>ossa<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">av<span class=\"_ _0\"></span>er<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sub<span class=\"_ _0\"></span>ito<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ridu<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">si<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>roc<span class=\"_ _0\"></span>ede<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">all<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>tim<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _21\"></span></span>recuperabile<span class=\"ff1\"> <span class=\"_ _21\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>part<span class=\"_ _2\"></span>ecipazione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">stessa,</span> <span class=\"_ _21\"></span><span class=\"ff3\">tenendo</span> <span class=\"_ _20\"></span><span class=\"ff3\">co<span class=\"_ _2\"></span>nto</span> <span class=\"_ _21\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">valore</span> <span class=\"_ _20\"></span><span class=\"ff3\">at<span class=\"_ _2\"></span>tuale</span> <span class=\"_ _20\"></span><span class=\"ff3\">dei</span> <span class=\"_ _21\"></span><span class=\"ff3\">flussi</span> <span class=\"_ _21\"></span><span class=\"ff3\">finanziar<span class=\"_ _3bd\"> </span></span></span></span></span>futuri<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>partecipazione<span class=\"ff1\"> </span>potr\u00e0<span class=\"ff1\"> </span>generare,<span class=\"ff1\"> </span>incluso<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>dismiss<span class=\"_ _2\"></span>ione<span class=\"ff1\"> </span>finale<span class=\"ff1\"> </span>dell\u2019investimento.<span class=\"_ _3bd\"> </span>Qualora<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>ecupero<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>risulti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>inferiore<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>contabile,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>elativa<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>differenza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rilevata<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cont<span class=\"_ _3bd\"> </span>ec<span class=\"_ _0\"></span>ono<span class=\"_ _0\"></span>mico<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span>Qualora<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">motivi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>ella<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perdita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">v<span class=\"_ _2\"></span>alore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>iano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rimossi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">seguito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">evento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">verificatosi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">successivamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">all<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ril<span class=\"_ _0\"></span>eva<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">riduz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">val<span class=\"_ _0\"></span>ore,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ven<span class=\"_ _0\"></span>gon<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>ef<span class=\"_ _0\"></span>fettu<span class=\"_ _0\"></span>ate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rip<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">va<span class=\"_ _0\"></span>lore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">imp<span class=\"_ _0\"></span>uta<span class=\"_ _0\"></span>zione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"ff3\">c<span class=\"_ _0\"></span>onto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">econ<span class=\"_ _0\"></span>omic<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>che<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>possono<span class=\"ff1\"> </span>eccedere<span class=\"ff1\"> </span>l\u2019ammontar<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>delle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">perdite</span> <span class=\"ff3\">da</span> <span class=\"ff3\">impairm<span class=\"_ _2\"></span>ent</span> <span class=\"ff3\">in</span> <span class=\"ff3\">precedenza</span> <span class=\"ff3\">registrate.<span class=\"_ _3bd\"> </span></span></span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> </span>partecipazioni<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cancellate<span class=\"ff1\"> </span>quando<span class=\"ff1\"> <span class=\"_ _2\"></span></span>scadono<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>diritti<span class=\"ff1\"> </span>contrattuali<span class=\"ff1\"> </span>sui<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziari<span class=\"ff1\"> </span>derivati<span class=\"ff1\"> </span>dalle<span class=\"_ _3bd\"> </span>atti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>ste<span class=\"_ _1\"></span>sse<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>l\u2019att<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>nanz<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>ria<span class=\"ff1\"> </span>vie<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>ced<span class=\"_ _0\"></span>uta<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">trasf<span class=\"_ _0\"></span>eren<span class=\"_ _0\"></span>do<span class=\"ff1\"> </span>sos<span class=\"_ _0\"></span>tan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>lme<span class=\"_ _0\"></span>nte<span class=\"ff1\"> </span>tut<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>be<span class=\"_ _0\"></span>nef<span class=\"_ _0\"></span>ic<span class=\"_ _3bd\"> </span></span></span>ad<span class=\"ff1\"> </span>essa<span class=\"ff1\"> </span>connessi.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ril<span class=\"_ _0\"></span>ev<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>del<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ual<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>differenze<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>negative<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>prima<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>is<span class=\"_ _2\"></span>crizione,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>gli<span class=\"ff1\"> <span class=\"_ _21\"></span></span>utili<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>perdite<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>partecipate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>realizzate,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>perdite<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>d<span class=\"_ _3bd\"> </span>impairment<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ri<span class=\"_ _2\"></span>prese<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valor<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>vengono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>allocate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>nella<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>voce<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>conto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>economico<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u201c<span class=\"_ _2\"></span>Utili<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>(Perdite)<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dell<span class=\"_ _2\"></span>e<span class=\"_ _3bd\"> </span>partecipazioni\u201d,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>mentre<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dividendi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>incassat<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>vengono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>allocati<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nell<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>voce<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u201cDividendi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>proventi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>simili\u201d<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ne<span class=\"_ _3bd\"> </span>momento<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>sorge<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>diritto<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>riceverne<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>pagamento.<span class=\"_ _3bd\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-834": {
   "value": "5-<span class=\"_ _3bd\"> </span>Pa<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>eci<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>zio<span class=\"_ _1\"></span>ni<span class=\"fc0 sc1\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>isc<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>partecipazioni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>iscritte<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>data<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>regolamento.<span class=\"ff1\"> <span class=\"_ _21\"></span></span>All\u2019atto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>della<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rile<span class=\"_ _0\"></span>vazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>iniziale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>interessenze<span class=\"ff1\"> </span>partecipative<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span></span>contabili<span class=\"_ _0\"></span>zzate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"></span></span>costo,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>comprensivo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">costi</span> <span class=\"_ _20\"></span><span class=\"ff3\">o</span> <span class=\"_ _21\"> </span><span class=\"ff3\">proventi</span> <span class=\"_ _20\"></span><span class=\"ff3\">dirett<span class=\"_ _2\"></span>amente</span> <span class=\"_ _20\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>ttribui<span class=\"_ _0\"></span>bili<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alla<span class=\"ff1\"> </span></span></span>tran<span class=\"_ _0\"></span>saz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cla<span class=\"_ _1\"></span>ssi<span class=\"_ _0\"></span>fica<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>La<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">vo<span class=\"_ _0\"></span>ce<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>ncl<span class=\"_ _0\"></span>ude<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"_ _0\"></span>teres<span class=\"_ _0\"></span>senz<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dete<span class=\"_ _0\"></span>nut<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>so<span class=\"_ _0\"></span>cie<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>roll<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span>giu<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">colleg<span class=\"_ _0\"></span>ate.<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span>Sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">considerate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">controllate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">congiuntamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">imprese<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nelle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">diritti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>oto<span class=\"ff1\"> </span>ed<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">controllo<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>l\u2019att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>economica<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">della<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>artecipat<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">condivisi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>modo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">paritetico<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Credem,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">direttam<span class=\"_ _2\"></span>ente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>indirettamente,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>da<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>altro<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>so<span class=\"_ _2\"></span>ggetto.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Inoltre<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>vie<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>qu<span class=\"_ _0\"></span>alificato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>come<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sotto<span class=\"_ _2\"></span>posto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>controllo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>congiunto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>investimento<span class=\"ff1\"> </span>partecipativo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>q<span class=\"_ _2\"></span>uale,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pur<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>assenza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>qu<span class=\"_ _0\"></span>ota<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>paritetica<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>diritt<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>vot<span class=\"_ _2\"></span>o,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>c<span class=\"_ _0\"></span>ontro<span class=\"_ _2\"></span>llo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sull\u2019attivit\u00e0<span class=\"ff1\"> </span>economica<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sugli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"_ _2\"></span>dirizzi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>st<span class=\"_ _2\"></span>rategici<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>part<span class=\"_ _2\"></span>ecipata<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>condiviso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>altri<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>oggetti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>virt\u00f9<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>accor<span class=\"_ _2\"></span>di<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>trat<span class=\"_ _0\"></span>tua<span class=\"_ _0\"></span>li.<span class=\"_ _3bd\"> </span>Sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>considerate<span class=\"ff1\"> <span class=\"_ _21\"></span></span>collegate,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cio<span class=\"_ _2\"></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sot<span class=\"_ _2\"></span>toposte<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _21\"></span></span>influ<span class=\"_ _0\"></span>enza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>note<span class=\"_ _2\"></span>vole,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>imp<span class=\"_ _0\"></span>rese<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nelle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>q<span class=\"_ _2\"></span>uali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>c<span class=\"_ _2\"></span>apogruppo,<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>rett<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>indi<span class=\"_ _0\"></span>ret<span class=\"_ _0\"></span>tamen<span class=\"_ _0\"></span>te,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">poss<span class=\"_ _0\"></span>ied<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">almen<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>2<span class=\"_ _0\"></span>0%<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">diritt<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vot<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>ivi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inc<span class=\"_ _0\"></span>lusi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>rit<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>oto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u201cp<span class=\"_ _0\"></span>ote<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ali\u201d<span class=\"_ _0\"></span>)<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>o<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quali<span class=\"ff1\"> </span>\u2013<span class=\"_ _2\"></span><span class=\"ff1\"> </span>pur<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>una<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quota<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>diritti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>voto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>inferiore<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> </span>ha<span class=\"_ _2\"></span><span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>potere<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>partecipare<span class=\"ff1\"> </span>alla<span class=\"_ _2\"></span><span class=\"ff1\"> </span>determinazione<span class=\"ff1\"> </span>delle<span class=\"ff1\">  </span>politiche<span class=\"ff1\">  </span>finanziarie<span class=\"ff1\">  </span>e<span class=\"ff1\">  </span>gestionali<span class=\"ff1\">  </span>della<span class=\"ff1\">  </span>partecipata<span class=\"ff1\">  </span>in<span class=\"ff1\">  </span>virt\u00f9<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>particolari<span class=\"ff1\">  </span>legami<span class=\"ff1\">  </span>giuridici<span class=\"ff1\">  </span>quali<span class=\"ff1\">  </span>la<span class=\"ff1\"> </span>partecipazione<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>patti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>sindacato.<span class=\"_ _3bd\"> </span>Non<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>considerate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>ottoposte<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _2\"></span></span>influenza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>notevole<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alcune<span class=\"ff1\"> <span class=\"_ _20\"></span></span>interessenze<span class=\"ff1\"> <span class=\"_ _20\"></span></span>superiori<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>20<span class=\"_ _2\"></span>%,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nelle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quali,<span class=\"_ _2\"></span><span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>rett<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">indi<span class=\"_ _0\"></span>retta<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te,<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>Gru<span class=\"_ _0\"></span>ppo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">deti<span class=\"_ _0\"></span>ene<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>sclu<span class=\"_ _0\"></span>siva<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>dir<span class=\"_ _0\"></span>itti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pat<span class=\"_ _0\"></span>rimo<span class=\"_ _0\"></span>nial<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>su<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">una</span> <span class=\"ff3\">po<span class=\"_ _0\"></span>rzi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>rutti<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>degli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">investimenti,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">acces<span class=\"_ _2\"></span>so<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">politiche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gestio<span class=\"_ _2\"></span>ne<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pu\u00f2<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esercitare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">diritti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">governance<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">limitati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>tutela<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>interessi<span class=\"ff1\"> </span>patrimoniali.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>part<span class=\"_ _2\"></span>ecipazioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\">  </span>societ\u00e0<span class=\"ff1\">  </span>colle<span class=\"_ _0\"></span>gate<span class=\"ff1\">  </span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>cont<span class=\"_ _2\"></span>rollate<span class=\"ff1\">  </span>congi<span class=\"_ _0\"></span>untamente<span class=\"ff1\">  </span>sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>valutate<span class=\"ff1\">  </span>con<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>meto<span class=\"_ _2\"></span>do<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>patrimonio<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>etto.<span class=\"_ _3bd\"> </span>Se<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esis<span class=\"_ _0\"></span>tono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ev<span class=\"_ _0\"></span>ide<span class=\"_ _0\"></span>nze<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>lore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">part<span class=\"_ _0\"></span>ecip<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>ossa<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">av<span class=\"_ _0\"></span>er<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sub<span class=\"_ _0\"></span>ito<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ridu<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">si<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>roc<span class=\"_ _0\"></span>ede<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">all<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>tim<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _21\"></span></span>recuperabile<span class=\"ff1\"> <span class=\"_ _21\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>part<span class=\"_ _2\"></span>ecipazione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">stessa,</span> <span class=\"_ _21\"></span><span class=\"ff3\">tenendo</span> <span class=\"_ _20\"></span><span class=\"ff3\">co<span class=\"_ _2\"></span>nto</span> <span class=\"_ _21\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">valore</span> <span class=\"_ _20\"></span><span class=\"ff3\">at<span class=\"_ _2\"></span>tuale</span> <span class=\"_ _20\"></span><span class=\"ff3\">dei</span> <span class=\"_ _21\"></span><span class=\"ff3\">flussi</span> <span class=\"_ _21\"></span><span class=\"ff3\">finanziar<span class=\"_ _3bd\"> </span></span></span></span></span>futuri<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>partecipazione<span class=\"ff1\"> </span>potr\u00e0<span class=\"ff1\"> </span>generare,<span class=\"ff1\"> </span>incluso<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>dismiss<span class=\"_ _2\"></span>ione<span class=\"ff1\"> </span>finale<span class=\"ff1\"> </span>dell\u2019investimento.<span class=\"_ _3bd\"> </span>Qualora<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>ecupero<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>risulti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>inferiore<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>contabile,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>elativa<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>differenza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rilevata<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cont<span class=\"_ _3bd\"> </span>ec<span class=\"_ _0\"></span>ono<span class=\"_ _0\"></span>mico<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span>Qualora<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">motivi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>ella<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perdita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">v<span class=\"_ _2\"></span>alore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>iano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rimossi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">seguito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">evento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">verificatosi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">successivamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">all<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ril<span class=\"_ _0\"></span>eva<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">riduz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">val<span class=\"_ _0\"></span>ore,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ven<span class=\"_ _0\"></span>gon<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>ef<span class=\"_ _0\"></span>fettu<span class=\"_ _0\"></span>ate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rip<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">va<span class=\"_ _0\"></span>lore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">imp<span class=\"_ _0\"></span>uta<span class=\"_ _0\"></span>zione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"ff3\">c<span class=\"_ _0\"></span>onto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">econ<span class=\"_ _0\"></span>omic<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>che<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>possono<span class=\"ff1\"> </span>eccedere<span class=\"ff1\"> </span>l\u2019ammontar<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>delle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">perdite</span> <span class=\"ff3\">da</span> <span class=\"ff3\">impairm<span class=\"_ _2\"></span>ent</span> <span class=\"ff3\">in</span> <span class=\"ff3\">precedenza</span> <span class=\"ff3\">registrate.<span class=\"_ _3bd\"> </span></span></span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> </span>partecipazioni<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cancellate<span class=\"ff1\"> </span>quando<span class=\"ff1\"> <span class=\"_ _2\"></span></span>scadono<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>diritti<span class=\"ff1\"> </span>contrattuali<span class=\"ff1\"> </span>sui<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziari<span class=\"ff1\"> </span>derivati<span class=\"ff1\"> </span>dalle<span class=\"_ _3bd\"> </span>atti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>ste<span class=\"_ _1\"></span>sse<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>l\u2019att<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>nanz<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>ria<span class=\"ff1\"> </span>vie<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>ced<span class=\"_ _0\"></span>uta<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">trasf<span class=\"_ _0\"></span>eren<span class=\"_ _0\"></span>do<span class=\"ff1\"> </span>sos<span class=\"_ _0\"></span>tan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>lme<span class=\"_ _0\"></span>nte<span class=\"ff1\"> </span>tut<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>be<span class=\"_ _0\"></span>nef<span class=\"_ _0\"></span>ic<span class=\"_ _3bd\"> </span></span></span>ad<span class=\"ff1\"> </span>essa<span class=\"ff1\"> </span>connessi.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ril<span class=\"_ _0\"></span>ev<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>del<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ual<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>differenze<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>negative<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>prima<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>is<span class=\"_ _2\"></span>crizione,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>gli<span class=\"ff1\"> <span class=\"_ _21\"></span></span>utili<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>perdite<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>partecipate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>realizzate,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>perdite<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>d<span class=\"_ _3bd\"> </span>impairment<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ri<span class=\"_ _2\"></span>prese<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valor<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>vengono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>allocate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>nella<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>voce<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>conto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>economico<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u201c<span class=\"_ _2\"></span>Utili<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>(Perdite)<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dell<span class=\"_ _2\"></span>e<span class=\"_ _3bd\"> </span>partecipazioni\u201d,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>mentre<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dividendi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>incassat<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>vengono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>allocati<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nell<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>voce<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u201cDividendi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>proventi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>simili\u201d<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ne<span class=\"_ _3bd\"> </span>momento<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>sorge<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>diritto<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>riceverne<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>pagamento.<span class=\"_ _3bd\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-774": {
   "value": "<div class=\"t mb h5 ff3 fs0 fc4 sc2 ls0 ws0 gs598\">6</div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs599\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs59a\">Attivit\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs59b\">ma<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>li<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs59c\">Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs59d\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs59e\">isc<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs59f\">Le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>materiali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>inizialmente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>iscritt<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>costo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>comprende,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>oltr<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prezzo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>acquisto,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tutti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gli<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5a0\">eventuali<span class=\"ff1\"> </span>oneri<span class=\"ff1\"> </span>accessori<span class=\"ff1\"> </span>direttamente<span class=\"ff1\"> </span>imputabili<span class=\"ff1\"> </span>all\u2019acquisto<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>mess<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>funzione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>bene.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5a1\">Le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>spese<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>manutenzione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>stra<span class=\"_ _2\"></span>ordinaria<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>c<span class=\"_ _0\"></span>omport<span class=\"_ _2\"></span>ano<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"_ _0\"></span>ncremento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>benefici<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>economici<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fu<span class=\"_ _0\"></span>turi<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5a2\">vengono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">imputate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ad<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">incremento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span>cesp<span class=\"_ _0\"></span>iti,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mentre<span class=\"ff1\"> </span>gli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">costi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">man<span class=\"_ _2\"></span>utenzione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ordinaria<span class=\"ff1\"> </span>son<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5a3\">rilevati<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>Conto<span class=\"ff1\"> </span>Economico.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs5a4\">Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs5a5\">di<span class=\"_ _0\"></span>cl<span class=\"_ _0\"></span>ass<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>ica<span class=\"_ _1\"></span>zion<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5a6\">Le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">attivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>ma<span class=\"_ _0\"></span>teri<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">comp<span class=\"_ _0\"></span>rendo<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>ter<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>i,<span class=\"ff1\"> </span>gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">immob<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">stru<span class=\"_ _1\"></span>mental<span class=\"_ _0\"></span>i,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">inve<span class=\"_ _0\"></span>stime<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">immobi<span class=\"_ _0\"></span>lia<span class=\"_ _0\"></span>ri,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">il</span> <span class=\"ff3\">pa<span class=\"_ _0\"></span>trim<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5a7\">arti<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>co<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>pre<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>o,<span class=\"ff1\"> </span>gli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">imp<span class=\"_ _0\"></span>ianti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tec<span class=\"_ _0\"></span>nic<span class=\"_ _0\"></span>i,<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mobi<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">arre<span class=\"_ _0\"></span>di<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>onc<span class=\"_ _0\"></span>h\u00e9<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">attr<span class=\"_ _0\"></span>ezz<span class=\"_ _0\"></span>atu<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">qua<span class=\"_ _0\"></span>lsi<span class=\"_ _0\"></span>asi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tipo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">che</span> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>tien<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5a8\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ut<span class=\"_ _2\"></span>ilizzare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pi\u00f9<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un<span class=\"ff1\"> </span>periodo.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">materiali<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>etenute<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">essere<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">utilizzate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nella<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">produzione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>nell<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5a9\">fornitura<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">beni<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>servizi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>classificate<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>\u201cattivit\u00e0<span class=\"ff1\"> </span>ad<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">uso<span class=\"_ _2\"></span><span class=\"ff1\"> </span>funzi<span class=\"_ _0\"></span>onale\u201d<span class=\"ff1\"> </span>secondo<span class=\"ff1\"> </span>lo<span class=\"ff1\"> </span>IAS<span class=\"ff1\"> </span>16.<span class=\"ff1\"> </span>Gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">immobili</span> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5aa\">po<span class=\"_ _0\"></span>ssed<span class=\"_ _0\"></span>uti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">fin<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span>vest<span class=\"_ _0\"></span>imen<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>(pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>segu<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">can<span class=\"_ _0\"></span>oni<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">loca<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>l\u2019a<span class=\"_ _0\"></span>ppre<span class=\"_ _0\"></span>zza<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>api<span class=\"_ _0\"></span>tale<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5ab\">investito)<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>classificati<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>\u201cattivit\u00e0<span class=\"ff1\"> </span>detenute<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>scopo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>investimento\u201d<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>allo<span class=\"ff1\"> </span>IAS<span class=\"ff1\"> </span>40.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5ac\">La<span class=\"ff1\"> </span>voce<span class=\"ff1\"> </span>accoglie<span class=\"ff1\"> </span>anche<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>materiali<span class=\"ff1\"> </span>cl<span class=\"_ _0\"></span>assificate<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>allo<span class=\"ff1\"> </span>IAS<span class=\"ff1\"> </span>2<span class=\"ff1\"> </span>-<span class=\"ff1\"> </span>Riman<span class=\"_ _2\"></span>enze,<span class=\"ff1\"> </span>che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span>rifer<span class=\"_ _2\"></span>iscono<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5ad\">beni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>derivanti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dall\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>esc<span class=\"_ _2\"></span>ussione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>garanzie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dal<span class=\"_ _2\"></span>l\u2019acquisto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>asta<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span><span class=\"ff3\">l\u2019impresa</span> <span class=\"_ _20\"></span><span class=\"ff3\">ha</span> <span class=\"_ _20\"></span><span class=\"ff3\">i<span class=\"_ _2\"></span>ntenzione</span> <span class=\"_ _20\"></span><span class=\"ff3\">di</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5ae\">vendere<span class=\"ff1\">  </span>nel<span class=\"ff1\">  </span>prossimo<span class=\"ff1\">  </span>futuro,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>s<span class=\"_ _2\"></span>enza<span class=\"ff1\">  </span>ef<span class=\"_ _0\"></span>fett<span class=\"_ _2\"></span>uare<span class=\"ff1\">  </span>rilevanti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>oper<span class=\"_ _2\"></span>e<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>ristrutturazione,<span class=\"ff1\">  </span>e<span class=\"ff1\">  </span>c<span class=\"_ _0\"></span>he<span class=\"ff1\">  </span>non<span class=\"ff1\">  </span>hanno<span class=\"ff1\">  </span>i<span class=\"_ _3bd\"> </span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5af\">presupposti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>essere<span class=\"ff1\"> <span class=\"_ _20\"></span></span>classificati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nelle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>categorie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>precedenti,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>portafoglio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>immobiliare<span class=\"ff1\"> <span class=\"_ _20\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Societ\u00e0<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5b0\">immobiliari<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>Gruppo,<span class=\"ff1\"> </span>comprensivo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">aree<span class=\"ff1\"> </span>edificabili,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">immobili<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>costruzione,<span class=\"ff1\"> </span>immobili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ultimati<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>ve<span class=\"_ _0\"></span>ndita<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5b1\">e<span class=\"ff1\"> </span>iniziative<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>sviluppo<span class=\"ff1\"> </span>immobiliare,<span class=\"ff1\"> </span>detenuto<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>un\u2019ottica<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>dismissione.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5b2\">Sono,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>infine,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>iscritt<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nelle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>mater<span class=\"_ _2\"></span>iali<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>b<span class=\"_ _2\"></span>eni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>utilizzati<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nell\u2019am<span class=\"_ _2\"></span>bito<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>contratt<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>leasing<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span></span>finanziario,<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5b3\">ancorch\u00e9<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>titolarit\u00e0<span class=\"ff1\"> </span>giuridica<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>stessi<span class=\"ff1\"> </span>rimanga<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>societ\u00e0<span class=\"ff1\"> </span>locatr<span class=\"_ _2\"></span>ice.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs5b4\">Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs5b5\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs5b6\">va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5b7\">Le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>ttivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>m<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span>riali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">so<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>tate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cos<span class=\"_ _0\"></span>to,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ded<span class=\"_ _0\"></span>otti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span>ven<span class=\"_ _0\"></span>tual<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>mmorta<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>erd<span class=\"_ _0\"></span>ite<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">val<span class=\"_ _0\"></span>ore.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5b8\">Le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>materiali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span></span>sistematicamen<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ammortizzate,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>adottando<span class=\"ff1\"> <span class=\"_ _21\"></span></span>come<span class=\"ff1\"> <span class=\"_ _20\"></span></span>criterio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ammortamento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"_ _3bd\"> </span>l<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5b9\">metodo<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uote<span class=\"ff1\"> </span>costanti,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">lungo<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>loro<span class=\"ff1\"> </span>vi<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>utile.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Il<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alore<span class=\"ff1\"> </span>ammortizzabile<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rappresentato<span class=\"_ _2\"></span><span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>al<span class=\"ff1\"> </span>costo<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> </span>ben<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">i<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5ba\">al<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>etto<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">residuo<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>termine<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span>processo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ammortamento,<span class=\"ff1\"> </span>se<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">significativo.<span class=\"ff1\"> </span>Gli<span class=\"ff1\"> </span>immobili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vengono<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5bb\">ammortizzati<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quota<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rit<span class=\"_ _2\"></span>enuta<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>congrua<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>appresentare<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>d<span class=\"_ _2\"></span>eperimento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>c<span class=\"_ _2\"></span>espiti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tempo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5bc\">seguito<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>loro<span class=\"ff1\"> <span class=\"_ _2\"></span></span>utilizzo,<span class=\"ff1\"> </span>tenuto<span class=\"ff1\"> </span>conto<span class=\"_ _2\"></span><span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>spese<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>manutenzione<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>carattere<span class=\"ff1\"> </span>str<span class=\"_ _2\"></span>aordinario,<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5bd\">portate<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>incremento<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>cespiti<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5be\">Non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ven<span class=\"_ _0\"></span>gono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">inv<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>mmor<span class=\"_ _0\"></span>tiz<span class=\"_ _0\"></span>zati:<span class=\"_ _0\"></span> </span></span></span></span></span></span></div>i<span class=\"ff1\"> </span>terreni,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">siano</span> <span class=\"_ _0\"></span><span class=\"ff3\">essi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stati<span class=\"ff1\"> </span>acquisiti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">singolarmente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>incorporati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> </span>valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span>fabbricati,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>quanto<span class=\"ff1\"> </span>han<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">n<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>vita<span class=\"ff1\"> </span>utile<span class=\"ff1\"> </span>indefinita;<span class=\"_ _3bd\"> </span>il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">patrimonio<span class=\"ff1\"> </span>artistico<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>regio,<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>tri<span class=\"ff1\"> </span>beni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">st<span class=\"_ _2\"></span>orico<span class=\"ff1\"> </span>artistici<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">decorativi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>quanto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>loro<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vita<span class=\"ff1\"> </span>utile<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">n<span class=\"_ _1\"></span>on<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>pu<span class=\"_ _0\"></span>\u00f2<span class=\"ff1\"> </span>es<span class=\"_ _0\"></span>sere<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>tim<span class=\"_ _0\"></span>ata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ed<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l<span class=\"_ _0\"></span>oro<span class=\"ff1\"> </span>v<span class=\"_ _1\"></span>alore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nor<span class=\"_ _0\"></span>malme<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>stin<span class=\"_ _0\"></span>ato<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ad<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">aumen<span class=\"_ _0\"></span>tare<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">n<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>em<span class=\"_ _0\"></span>po.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Se<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esiste<span class=\"ff1\"> </span>qualche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"_ _2\"></span>dicazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> </span>dimostri<span class=\"ff1\"> </span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un\u2019<span class=\"_ _0\"></span>attivit\u00e0<span class=\"ff1\"> </span>materiale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutata<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">costo<span class=\"ff1\"> </span>possa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">aver<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">subito<span class=\"ff1\"> </span>u<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">na<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>perdita<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valore,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>si<span class=\"ff1\"> <span class=\"_ _20\"></span></span>procede<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>confr<span class=\"_ _2\"></span>onto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tr<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>carico<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cespit<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ed<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>suo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>recupero.<span class=\"ff1\"> </span><span class=\"ff1\"><span class=\"_ _20\"></span></span>Le<span class=\"ff1\"> </span>eventuali<span class=\"ff1\"> </span>rettifiche<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> </span>rilevate<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>Conto<span class=\"ff1\"> </span>Economico.<span class=\"_ _3bd\"> </span>Qualora<span class=\"ff1\"> </span>ven<span class=\"_ _0\"></span>gano<span class=\"ff1\"> </span>meno<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mot<span class=\"_ _2\"></span>ivi<span class=\"ff1\"> </span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">hanno<span class=\"ff1\"> </span>portato<span class=\"ff1\"> </span>alla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rilevazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perdita,<span class=\"ff1\"> </span>si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">d\u00e0<span class=\"ff1\"> </span>luogo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>d<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">una<span class=\"ff1\"> </span>ripresa<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>valore,<span class=\"ff1\"> </span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">non</span> <span class=\"ff3\">pu\u00f2</span> <span class=\"ff3\">superare</span> <span class=\"ff3\">il</span> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>l\u2019attivit\u00e0<span class=\"ff1\"> </span>avrebbe<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">avuto,<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>netto<span class=\"ff1\"> </span>degli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ammortamenti</span> <span class=\"ff3\">calcolati,</span> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">in</span> </span></span></span></span></span>assenza<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>precedenti<span class=\"ff1\"> </span>perdite<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valore.<span class=\"_ _3bd\"> </span>Per<span class=\"ff1\"> </span>quel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> </span>attiene<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>materiali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rilevate<span class=\"ff1\"> </span>ai<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ensi<span class=\"ff1\"> </span>dello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">IAS<span class=\"ff1\"> </span>2,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>stesse<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutate<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">m<span class=\"_ _2\"></span>inore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tra<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">il<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>cos<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ed<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">val<span class=\"_ _0\"></span>ore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">netto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>izzo,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fer<span class=\"_ _0\"></span>mo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">res<span class=\"_ _0\"></span>tand<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pro<span class=\"_ _0\"></span>cede<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>munq<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">conf<span class=\"_ _0\"></span>ron<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tra<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">va<span class=\"_ _0\"></span>lore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>ari<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">c<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>del<span class=\"ff1\"> </span>cespite<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ed<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>suo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valore<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>recupero<span class=\"ff1\"> </span>ove<span class=\"ff1\"> </span>esist<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>qualche<span class=\"ff1\"> </span>in<span class=\"_ _2\"></span>dicazione<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>dimos<span class=\"_ _2\"></span>tri<span class=\"ff1\"> </span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>bene<span class=\"ff1\"> <span class=\"_ _2\"></span></span>possa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>av<span class=\"_ _3bd\"> </span>er<span class=\"ff1\"> </span>subito<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>perdita<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valore.<span class=\"ff1\"> </span>Le<span class=\"ff1\"> </span>eventuali<span class=\"ff1\"> </span>rettifiche<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> </span>rilevate<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>conto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>economico.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"fc0 sc1\"> </span>Un'attivit\u00e0<span class=\"ff1\"> </span>m<span class=\"_ _2\"></span>ateriale<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>eliminata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dallo<span class=\"ff1\"> </span>Stato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Patrimoniale<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>momento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> </span>dismiss<span class=\"_ _2\"></span>ione<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quando<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>bene<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>permanentemente<span class=\"ff1\"> </span>ritirato<span class=\"ff1\"> </span>dall\u2019uso<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>sua<span class=\"ff1\"> </span>dismissione<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>attesi<span class=\"ff1\"> </span>benefici<span class=\"ff1\"> </span>economici<span class=\"ff1\"> </span>futuri.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ril<span class=\"_ _0\"></span>ev<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>del<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ual<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>L\u2019allocazione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>componenti<span class=\"ff1\"> </span>reddituali<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> </span>pertinenti<span class=\"ff1\"> </span>voci<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>conto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>economico<span class=\"ff1\"> </span>avviene<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>quanto<span class=\"ff1\"> </span>riportato<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>seguito:<span class=\"_ _3bd\"> </span>gl<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ammo<span class=\"_ _0\"></span>rtame<span class=\"_ _1\"></span>nti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">peri<span class=\"_ _0\"></span>odi<span class=\"_ _0\"></span>ci,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">perdi<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dura<span class=\"_ _0\"></span>tur<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">valore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ri<span class=\"_ _0\"></span>prese<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">val<span class=\"_ _0\"></span>ore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ve<span class=\"_ _0\"></span>ngo<span class=\"_ _0\"></span>no<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alloc<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nell<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">v<span class=\"_ _0\"></span>oce<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>\u201cRe<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span>fich<span class=\"_ _0\"></span>e/ri<span class=\"_ _0\"></span>pre<span class=\"_ _0\"></span>se<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>lore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ne<span class=\"_ _0\"></span>tte<span class=\"ff1\"> </span>su<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">at<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mate<span class=\"_ _0\"></span>rial<span class=\"_ _0\"></span>i\u201d;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">profitti<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perdite<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">derivanti<span class=\"ff1\"> </span>dalle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">op<span class=\"_ _2\"></span>erazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cessione<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>engono<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">allocati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nella<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">voce<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u201cUtili<span class=\"ff1\"> </span>(Perdite)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>cessione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>investimenti\u201d.<span class=\"_ _3bd\"> </span>7-<span class=\"_ _3bd\"> </span>Attivit\u00e0<span class=\"_ _3bd\"> </span>im<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>li<span class=\"fc0 sc1\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>isc<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>immateriali<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>iscritte<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>come<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tali<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>se<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>identificabili<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>trovano<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>origine<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>diritti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>legal<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>o<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>trat<span class=\"_ _0\"></span>tua<span class=\"_ _0\"></span>li.<span class=\"_ _3bd\"> </span>Le<span class=\"ff1\"> </span>pre<span class=\"_ _2\"></span>dette<span class=\"ff1\"> </span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>iscritte<span class=\"ff1\"> </span>ai<span class=\"ff1\"> <span class=\"_ _2\"></span></span>costi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>acquisto,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>comprensivi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>degli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>oneri<span class=\"ff1\"> </span>accesso<span class=\"_ _2\"></span>ri<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ed<span class=\"ff1\"> </span>aumentat<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>spese<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>uccessive<span class=\"ff1\"> </span>sos<span class=\"_ _2\"></span>tenute<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>accrescerne<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>valor<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>capacit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>produttiva<span class=\"ff1\"> <span class=\"_ _2\"></span></span>iniziale.<span class=\"ff1\"> </span>Gli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>avviamenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>ri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">all<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>diff<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span>nza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">posi<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>tra<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">one<span class=\"_ _0\"></span>ri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">soste<span class=\"_ _1\"></span>nuti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">acqui<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">comple<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">az<span class=\"_ _0\"></span>iend<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">so<span class=\"_ _0\"></span>ttosta<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>rti<span class=\"_ _0\"></span>nen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>quote<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>assivit\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">delle<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>assivit\u00e0<span class=\"ff1\"> </span>potenzial<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">acquisite.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Qualor<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">differen<span class=\"_ _2\"></span>za<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ris<span class=\"_ _0\"></span>ult<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>neg<span class=\"_ _0\"></span>ativ<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>(bad<span class=\"_ _0\"></span>will<span class=\"_ _0\"></span>)<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>ll\u2019i<span class=\"_ _0\"></span>pote<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cui<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">il</span> <span class=\"ff3\">good<span class=\"_ _0\"></span>wil<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tro<span class=\"_ _0\"></span>vi<span class=\"ff1\"> </span>gi<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>tifi<span class=\"_ _0\"></span>cazi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">nel<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>ca<span class=\"_ _0\"></span>pac<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>ddit<span class=\"_ _0\"></span>uali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">futu<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>della<span class=\"ff1\"> </span>partecipata,<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>differenza<span class=\"ff1\"> </span>stessa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>viene<span class=\"ff1\"> </span>iscritta<span class=\"ff1\"> </span>direttamente<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cla<span class=\"_ _1\"></span>ssi<span class=\"_ _0\"></span>fica<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Il<span class=\"ff1\">  </span>portafoglio<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>delle<span class=\"ff1\">  </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>immateriali<span class=\"ff1\">  </span>include<span class=\"ff1\">  </span>i<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>fattor<span class=\"_ _2\"></span>i<span class=\"ff1\">  </span>intangibili<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>produzione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>ad<span class=\"ff1\">  </span>utilit\u00e0<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>pluriennale<span class=\"ff1\"> </span>rappresentati<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>particolare<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>software,<span class=\"ff1\"> </span>benefici<span class=\"ff1\"> </span>legati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> </span>relazione<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> </span>clientela<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(client<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>elationship)<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>av<span class=\"_ _0\"></span>viame<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>immateriali<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>durata<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>limitata<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>vengono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valutate<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>secondo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _0\"></span>rincipio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>co<span class=\"_ _2\"></span>sto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>netto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>deg<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>ammortamenti<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perdite<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>riduzioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">durevoli<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valor<span class=\"_ _2\"></span>e.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Gli<span class=\"ff1\"> </span>ammortamenti<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>du<span class=\"_ _0\"></span>rata<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>alla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vita<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>uti<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ben<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>d<span class=\"_ _1\"></span>a<span class=\"ff1\"> </span>am<span class=\"_ _0\"></span>morti<span class=\"_ _0\"></span>zza<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">son<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bas<span class=\"_ _0\"></span>ati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sul<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">meto<span class=\"_ _0\"></span>do<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>ote<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cos<span class=\"_ _0\"></span>tant<span class=\"_ _0\"></span>i.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Se<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rico<span class=\"_ _0\"></span>rron<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>vid<span class=\"_ _0\"></span>enze<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sinto<span class=\"_ _0\"></span>mati<span class=\"_ _0\"></span>che<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>dell\u2019esistenza<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>perdite<span class=\"ff1\"> </span>durevoli,<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> </span>immateriali<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>sottoposte<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>impairment<span class=\"ff1\"> </span>test,<span class=\"ff1\"> </span>registrando<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> </span>eventuali<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>rdite<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valore;<span class=\"ff1\"> </span>successive<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riprese<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">possono<span class=\"ff1\"> </span>eccedere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019ammontare<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"ff1\"> </span>perdite<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>impairment<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>precedenza<span class=\"ff1\"> </span>registr<span class=\"_ _2\"></span>ate.<span class=\"_ _3bd\"> </span>Gli<span class=\"ff1\">  </span>avviamen<span class=\"_ _0\"></span>ti<span class=\"ff1\">  </span>non<span class=\"ff1\">  </span>sono<span class=\"ff1\">  </span>assoggettati<span class=\"ff1\">  </span>ad<span class=\"ff1\">  </span>ammortamento,<span class=\"ff1\">  </span>m<span class=\"_ _0\"></span>a<span class=\"ff1\">  </span>vengono<span class=\"ff1\">  </span>pe<span class=\"_ _0\"></span>riodicamente<span class=\"ff1\">  </span>sott<span class=\"_ _2\"></span>oposti<span class=\"ff1\">  </span>ad<span class=\"ff1\"> </span>impairment<span class=\"ff1\"> <span class=\"_ _2\"></span></span>test.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>L\u2019eventuale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>differenza<span class=\"ff1\"> </span>n<span class=\"_ _2\"></span>egativa<span class=\"ff1\"> </span>t<span class=\"_ _2\"></span>ra<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _2\"></span></span>recuperabile<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ciascuna<span class=\"ff1\"> <span class=\"_ _2\"></span></span>unit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>generatrice<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziari<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(CGU)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _21\"></span></span>quale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>ppartiene</span> <span class=\"_ _2\"></span><span class=\"ff3\">un</span> <span class=\"_ _20\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>eterminato</span> <span class=\"_ _20\"></span><span class=\"ff3\">avviamento</span> <span class=\"_ _20\"></span><span class=\"ff3\">e</span> <span class=\"_ _20\"></span><span class=\"ff3\">il</span> <span class=\"_ _20\"></span><span class=\"ff3\">valore</span> <span class=\"_ _20\"></span><span class=\"ff3\">contabile</span> <span class=\"_ _20\"></span><span class=\"ff3\">del</span> <span class=\"_ _20\"></span><span class=\"ff3\">patrimonio</span> </span>netto<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>ella<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>medesima<span class=\"ff1\">  </span>costituisce<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>perdita<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>da<span class=\"ff1\">  </span>i<span class=\"_ _0\"></span>mpairment.<span class=\"ff1\">  </span>I<span class=\"_ _0\"></span>l<span class=\"ff1\">  </span>valore<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>recuperabile<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\">  </span>un<span class=\"_ _0\"></span>a<span class=\"ff1\">  </span>CGU<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u2013<span class=\"ff1\">  </span>che<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ne<span class=\"ff1\"> </span>rappresenta<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stima<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">economico<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u2013<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span>raggu<span class=\"_ _0\"></span>aglia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">maggior<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tra<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d\u2019uso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attuale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>flussi<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>cassa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attesi)<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>cambio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(presumibile<span class=\"ff1\"> </span>valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>ce<span class=\"_ _0\"></span>ssione<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">netto<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cos<span class=\"_ _2\"></span>ti<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>transazione).<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Eventuali<span class=\"ff1\"> </span>successive<span class=\"ff1\"> </span>riprese<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>possono<span class=\"ff1\"> </span>ess<span class=\"_ _2\"></span>ere<span class=\"ff1\"> </span>registrate.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\">  </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>immateriali<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>vengono<span class=\"ff1\">  </span>cancellate<span class=\"ff1\">  </span>dal<span class=\"ff1\">  </span>bilancio<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>quando<span class=\"ff1\">  </span>hanno<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>esaurito<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>integralmente<span class=\"ff1\">  </span>le<span class=\"ff1\">  </span>lo<span class=\"_ _3bd\"> </span>funzionalit\u00e0<span class=\"ff1\">  </span>economiche,<span class=\"ff1\">  </span>ov<span class=\"_ _2\"></span>vero<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>nel<span class=\"ff1\">  </span>momento<span class=\"ff1\">  </span>della<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dismissione<span class=\"ff1\">  </span>o<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>qualora<span class=\"ff1\">  </span>non<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>sono<span class=\"ff1\">  </span>att<span class=\"_ _2\"></span>esi<span class=\"ff1\">  </span>benef<span class=\"_ _3bd\"> </span>economici<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">futuri<span class=\"_ _3bd\"> </span></span></span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ril<span class=\"_ _0\"></span>ev<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>del<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ual<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>L\u2019allocazione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>componenti<span class=\"ff1\"> </span>reddituali<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> </span>pertinenti<span class=\"ff1\"> </span>voci<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>conto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>economico<span class=\"ff1\"> </span>avviene<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>quanto<span class=\"ff1\"> </span>riportato<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>seguito:<span class=\"_ _3bd\"> </span>gl<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ammo<span class=\"_ _0\"></span>rtame<span class=\"_ _1\"></span>nti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">peri<span class=\"_ _0\"></span>odi<span class=\"_ _0\"></span>ci,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">perdi<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dura<span class=\"_ _0\"></span>tur<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">valore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ri<span class=\"_ _0\"></span>prese<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">val<span class=\"_ _0\"></span>ore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ve<span class=\"_ _0\"></span>ngo<span class=\"_ _0\"></span>no<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alloc<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nell<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">v<span class=\"_ _0\"></span>oc<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>\u201cRe<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span>fich<span class=\"_ _0\"></span>e/ri<span class=\"_ _0\"></span>pre<span class=\"_ _0\"></span>se<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>lore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ne<span class=\"_ _0\"></span>tte<span class=\"ff1\"> </span>su<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">at<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">imma<span class=\"_ _0\"></span>teri<span class=\"_ _0\"></span>ali\u201d<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>perdite<span class=\"ff1\">  </span>durature<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>valore<span class=\"ff1\">  </span>de<span class=\"_ _0\"></span>ll\u2019avviamento<span class=\"ff1\">  </span>vengono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>allocate<span class=\"ff1\">  </span>nella<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>voce<span class=\"ff1\">  </span>\u201cRettifiche<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\">  </span>valore<span class=\"ff1\"> </span>dell\u2019avviamento\u201d.<span class=\"ff1\"> </span>Non<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>ammessa<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>cont<span class=\"_ _2\"></span>abilizzazione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">event<span class=\"_ _2\"></span>uali</span> <span class=\"ff3\">successive</span> <span class=\"ff3\">riprese</span> <span class=\"ff3\">di</span> <span class=\"ff3\">valore.</span></span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-897": {
   "value": "6-<span class=\"_ _3bd\"> </span>Attivit\u00e0<span class=\"_ _3bd\"> </span>ma<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>li<span class=\"fc0 sc1\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>isc<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>materiali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>inizialmente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>iscritt<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>costo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>comprende,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>oltr<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prezzo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>acquisto,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tutti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gli<span class=\"ff1\"> </span>eventuali<span class=\"ff1\"> </span>oneri<span class=\"ff1\"> </span>accessori<span class=\"ff1\"> </span>direttamente<span class=\"ff1\"> </span>imputabili<span class=\"ff1\"> </span>all\u2019acquisto<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>mess<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>funzione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>bene.<span class=\"_ _3bd\"> </span>Le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>spese<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>manutenzione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>stra<span class=\"_ _2\"></span>ordinaria<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>c<span class=\"_ _0\"></span>omport<span class=\"_ _2\"></span>ano<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"_ _0\"></span>ncremento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>benefici<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>economici<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fu<span class=\"_ _0\"></span>turi<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">imputate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ad<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">incremento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span>cesp<span class=\"_ _0\"></span>iti,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mentre<span class=\"ff1\"> </span>gli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">costi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">man<span class=\"_ _2\"></span>utenzione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ordinaria<span class=\"ff1\"> </span>son<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>rilevati<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>Conto<span class=\"ff1\"> </span>Economico.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _0\"></span>cl<span class=\"_ _0\"></span>ass<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>ica<span class=\"_ _1\"></span>zion<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">attivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>ma<span class=\"_ _0\"></span>teri<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">comp<span class=\"_ _0\"></span>rendo<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>ter<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>i,<span class=\"ff1\"> </span>gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">immob<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">stru<span class=\"_ _1\"></span>mental<span class=\"_ _0\"></span>i,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">inve<span class=\"_ _0\"></span>stime<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">immobi<span class=\"_ _0\"></span>lia<span class=\"_ _0\"></span>ri,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">il</span> <span class=\"ff3\">pa<span class=\"_ _0\"></span>trim<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>arti<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>co<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>pre<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>o,<span class=\"ff1\"> </span>gli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">imp<span class=\"_ _0\"></span>ianti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tec<span class=\"_ _0\"></span>nic<span class=\"_ _0\"></span>i,<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mobi<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">arre<span class=\"_ _0\"></span>di<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>onc<span class=\"_ _0\"></span>h\u00e9<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">attr<span class=\"_ _0\"></span>ezz<span class=\"_ _0\"></span>atu<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">qua<span class=\"_ _0\"></span>lsi<span class=\"_ _0\"></span>asi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tipo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">che</span> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>tien<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ut<span class=\"_ _2\"></span>ilizzare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pi\u00f9<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un<span class=\"ff1\"> </span>periodo.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">materiali<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>etenute<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">essere<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">utilizzate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nella<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">produzione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>nell<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>fornitura<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">beni<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>servizi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>classificate<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>\u201cattivit\u00e0<span class=\"ff1\"> </span>ad<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">uso<span class=\"_ _2\"></span><span class=\"ff1\"> </span>funzi<span class=\"_ _0\"></span>onale\u201d<span class=\"ff1\"> </span>secondo<span class=\"ff1\"> </span>lo<span class=\"ff1\"> </span>IAS<span class=\"ff1\"> </span>16.<span class=\"ff1\"> </span>Gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">immobili</span> </span></span></span></span></span></span></span>po<span class=\"_ _0\"></span>ssed<span class=\"_ _0\"></span>uti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">fin<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span>vest<span class=\"_ _0\"></span>imen<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>(pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>segu<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">can<span class=\"_ _0\"></span>oni<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">loca<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>l\u2019a<span class=\"_ _0\"></span>ppre<span class=\"_ _0\"></span>zza<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>api<span class=\"_ _0\"></span>tale<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>investito)<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>classificati<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>\u201cattivit\u00e0<span class=\"ff1\"> </span>detenute<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>scopo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>investimento\u201d<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>allo<span class=\"ff1\"> </span>IAS<span class=\"ff1\"> </span>40.<span class=\"_ _3bd\"> </span>La<span class=\"ff1\"> </span>voce<span class=\"ff1\"> </span>accoglie<span class=\"ff1\"> </span>anche<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>materiali<span class=\"ff1\"> </span>cl<span class=\"_ _0\"></span>assificate<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>allo<span class=\"ff1\"> </span>IAS<span class=\"ff1\"> </span>2<span class=\"ff1\"> </span>-<span class=\"ff1\"> </span>Riman<span class=\"_ _2\"></span>enze,<span class=\"ff1\"> </span>che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span>rifer<span class=\"_ _2\"></span>iscono<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span></span></span>beni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>derivanti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dall\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>esc<span class=\"_ _2\"></span>ussione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>garanzie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dal<span class=\"_ _2\"></span>l\u2019acquisto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>asta<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span><span class=\"ff3\">l\u2019impresa</span> <span class=\"_ _20\"></span><span class=\"ff3\">ha</span> <span class=\"_ _20\"></span><span class=\"ff3\">i<span class=\"_ _2\"></span>ntenzione</span> <span class=\"_ _20\"></span><span class=\"ff3\">di</span> </span>vendere<span class=\"ff1\">  </span>nel<span class=\"ff1\">  </span>prossimo<span class=\"ff1\">  </span>futuro,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>s<span class=\"_ _2\"></span>enza<span class=\"ff1\">  </span>ef<span class=\"_ _0\"></span>fett<span class=\"_ _2\"></span>uare<span class=\"ff1\">  </span>rilevanti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>oper<span class=\"_ _2\"></span>e<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>ristrutturazione,<span class=\"ff1\">  </span>e<span class=\"ff1\">  </span>c<span class=\"_ _0\"></span>he<span class=\"ff1\">  </span>non<span class=\"ff1\">  </span>hanno<span class=\"ff1\">  </span>i<span class=\"_ _3bd\"> </span>presupposti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>essere<span class=\"ff1\"> <span class=\"_ _20\"></span></span>classificati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nelle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>categorie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>precedenti,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>portafoglio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>immobiliare<span class=\"ff1\"> <span class=\"_ _20\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Societ\u00e0<span class=\"ff1\"> </span>immobiliari<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>Gruppo,<span class=\"ff1\"> </span>comprensivo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">aree<span class=\"ff1\"> </span>edificabili,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">immobili<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>costruzione,<span class=\"ff1\"> </span>immobili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ultimati<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>ve<span class=\"_ _0\"></span>ndita<span class=\"ff1\"> </span></span></span></span></span></span></span>e<span class=\"ff1\"> </span>iniziative<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>sviluppo<span class=\"ff1\"> </span>immobiliare,<span class=\"ff1\"> </span>detenuto<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>un\u2019ottica<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>dismissione.<span class=\"_ _3bd\"> </span>Sono,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>infine,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>iscritt<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nelle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>mater<span class=\"_ _2\"></span>iali<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>b<span class=\"_ _2\"></span>eni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>utilizzati<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nell\u2019am<span class=\"_ _2\"></span>bito<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>contratt<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>leasing<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span></span>finanziario,<span class=\"ff1\"> </span>ancorch\u00e9<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>titolarit\u00e0<span class=\"ff1\"> </span>giuridica<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>stessi<span class=\"ff1\"> </span>rimanga<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>societ\u00e0<span class=\"ff1\"> </span>locatr<span class=\"_ _2\"></span>ice.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>ttivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>m<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span>riali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">so<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>tate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cos<span class=\"_ _0\"></span>to,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ded<span class=\"_ _0\"></span>otti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span>ven<span class=\"_ _0\"></span>tual<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>mmorta<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>erd<span class=\"_ _0\"></span>ite<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">val<span class=\"_ _0\"></span>ore.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>materiali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span></span>sistematicamen<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ammortizzate,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>adottando<span class=\"ff1\"> <span class=\"_ _21\"></span></span>come<span class=\"ff1\"> <span class=\"_ _20\"></span></span>criterio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ammortamento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"_ _3bd\"> </span>metodo<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uote<span class=\"ff1\"> </span>costanti,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">lungo<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>loro<span class=\"ff1\"> </span>vi<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>utile.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Il<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alore<span class=\"ff1\"> </span>ammortizzabile<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rappresentato<span class=\"_ _2\"></span><span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>al<span class=\"ff1\"> </span>costo<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> </span>ben<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>al<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>etto<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">residuo<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>termine<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span>processo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ammortamento,<span class=\"ff1\"> </span>se<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">significativo.<span class=\"ff1\"> </span>Gli<span class=\"ff1\"> </span>immobili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vengono<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>ammortizzati<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quota<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rit<span class=\"_ _2\"></span>enuta<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>congrua<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>appresentare<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>d<span class=\"_ _2\"></span>eperimento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>c<span class=\"_ _2\"></span>espiti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tempo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> </span>seguito<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>loro<span class=\"ff1\"> <span class=\"_ _2\"></span></span>utilizzo,<span class=\"ff1\"> </span>tenuto<span class=\"ff1\"> </span>conto<span class=\"_ _2\"></span><span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>spese<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>manutenzione<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>carattere<span class=\"ff1\"> </span>str<span class=\"_ _2\"></span>aordinario,<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> </span>portate<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>incremento<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>cespiti<span class=\"_ _3bd\"> </span>Non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ven<span class=\"_ _0\"></span>gono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">inv<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>mmor<span class=\"_ _0\"></span>tiz<span class=\"_ _0\"></span>zati:<span class=\"_ _0\"></span> </span></span></span></span></span></span>i<span class=\"ff1\"> </span>terreni,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">siano</span> <span class=\"_ _0\"></span><span class=\"ff3\">essi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stati<span class=\"ff1\"> </span>acquisiti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">singolarmente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>incorporati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> </span>valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span>fabbricati,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>quanto<span class=\"ff1\"> </span>han<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">n<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>vita<span class=\"ff1\"> </span>utile<span class=\"ff1\"> </span>indefinita;<span class=\"_ _3bd\"> </span> il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">patrimonio<span class=\"ff1\"> </span>artistico<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>regio,<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>tri<span class=\"ff1\"> </span>beni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">st<span class=\"_ _2\"></span>orico<span class=\"ff1\"> </span>artistici<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">decorativi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>quanto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>loro<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vita<span class=\"ff1\"> </span>utile<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">n<span class=\"_ _1\"></span>on<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>pu<span class=\"_ _0\"></span>\u00f2<span class=\"ff1\"> </span>es<span class=\"_ _0\"></span>sere<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>tim<span class=\"_ _0\"></span>ata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ed<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l<span class=\"_ _0\"></span>oro<span class=\"ff1\"> </span>v<span class=\"_ _1\"></span>alore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nor<span class=\"_ _0\"></span>malme<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>stin<span class=\"_ _0\"></span>ato<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ad<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">aumen<span class=\"_ _0\"></span>tare<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">n<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>em<span class=\"_ _0\"></span>po.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Se<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esiste<span class=\"ff1\"> </span>qualche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"_ _2\"></span>dicazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> </span>dimostri<span class=\"ff1\"> </span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un\u2019<span class=\"_ _0\"></span>attivit\u00e0<span class=\"ff1\"> </span>materiale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutata<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">costo<span class=\"ff1\"> </span>possa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">aver<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">subito<span class=\"ff1\"> </span>u<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">na<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>perdita<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valore,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>si<span class=\"ff1\"> <span class=\"_ _20\"></span></span>procede<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>confr<span class=\"_ _2\"></span>onto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tr<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>carico<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cespit<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ed<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>suo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>recupero.<span class=\"ff1\"> </span><span class=\"ff1\"><span class=\"_ _20\"></span></span>Le<span class=\"ff1\"> </span>eventuali<span class=\"ff1\"> </span>rettifiche<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> </span>rilevate<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>Conto<span class=\"ff1\"> </span>Economico.<span class=\"_ _3bd\"> </span> Qualora<span class=\"ff1\"> </span>ven<span class=\"_ _0\"></span>gano<span class=\"ff1\"> </span>meno<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mot<span class=\"_ _2\"></span>ivi<span class=\"ff1\"> </span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">hanno<span class=\"ff1\"> </span>portato<span class=\"ff1\"> </span>alla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rilevazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perdita,<span class=\"ff1\"> </span>si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">d\u00e0<span class=\"ff1\"> </span>luogo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>d<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">una<span class=\"ff1\"> </span>ripresa<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>valore,<span class=\"ff1\"> </span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">non</span> <span class=\"ff3\">pu\u00f2</span> <span class=\"ff3\">superare</span> <span class=\"ff3\">il</span> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>l\u2019attivit\u00e0<span class=\"ff1\"> </span>avrebbe<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">avuto,<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>netto<span class=\"ff1\"> </span>degli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ammortamenti</span> <span class=\"ff3\">calcolati,</span> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">in</span> </span></span></span></span></span>assenza<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>precedenti<span class=\"ff1\"> </span>perdite<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valore.<span class=\"_ _3bd\"> </span> Per<span class=\"ff1\"> </span>quel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> </span>attiene<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>materiali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rilevate<span class=\"ff1\"> </span>ai<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ensi<span class=\"ff1\"> </span>dello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">IAS<span class=\"ff1\"> </span>2,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>stesse<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutate<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">m<span class=\"_ _2\"></span>inore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tra<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">il<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>cos<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ed<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">val<span class=\"_ _0\"></span>ore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">netto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>izzo,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fer<span class=\"_ _0\"></span>mo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">res<span class=\"_ _0\"></span>tand<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pro<span class=\"_ _0\"></span>cede<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>munq<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">conf<span class=\"_ _0\"></span>ron<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tra<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">va<span class=\"_ _0\"></span>lore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>ari<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">c<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>del<span class=\"ff1\"> </span>cespite<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ed<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>suo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valore<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>recupero<span class=\"ff1\"> </span>ove<span class=\"ff1\"> </span>esist<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>qualche<span class=\"ff1\"> </span>in<span class=\"_ _2\"></span>dicazione<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>dimos<span class=\"_ _2\"></span>tri<span class=\"ff1\"> </span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>bene<span class=\"ff1\"> <span class=\"_ _2\"></span></span>possa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>av<span class=\"_ _3bd\"> </span>er<span class=\"ff1\"> </span>subito<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>perdita<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valore.<span class=\"ff1\"> </span>Le<span class=\"ff1\"> </span>eventuali<span class=\"ff1\"> </span>rettifiche<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> </span>rilevate<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>conto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>economico.<span class=\"_ _3bd\"> </span> Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"fc0 sc1\"> </span>Un'attivit\u00e0<span class=\"ff1\"> </span>m<span class=\"_ _2\"></span>ateriale<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>eliminata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dallo<span class=\"ff1\"> </span>Stato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Patrimoniale<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>momento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> </span>dismiss<span class=\"_ _2\"></span>ione<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quando<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>bene<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>permanentemente<span class=\"ff1\"> </span>ritirato<span class=\"ff1\"> </span>dall\u2019uso<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>sua<span class=\"ff1\"> </span>dismissione<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>attesi<span class=\"ff1\"> </span>benefici<span class=\"ff1\"> </span>economici<span class=\"ff1\"> </span>futuri.<span class=\"_ _3bd\"> </span> Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ril<span class=\"_ _0\"></span>ev<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>del<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ual<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>L\u2019allocazione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>componenti<span class=\"ff1\"> </span>reddituali<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> </span>pertinenti<span class=\"ff1\"> </span>voci<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>conto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>economico<span class=\"ff1\"> </span>avviene<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>quanto<span class=\"ff1\"> </span>riportato<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>seguito:<span class=\"_ _3bd\"> </span> gl<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ammo<span class=\"_ _0\"></span>rtame<span class=\"_ _1\"></span>nti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">peri<span class=\"_ _0\"></span>odi<span class=\"_ _0\"></span>ci,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">perdi<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dura<span class=\"_ _0\"></span>tur<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">valore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ri<span class=\"_ _0\"></span>prese<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">val<span class=\"_ _0\"></span>ore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ve<span class=\"_ _0\"></span>ngo<span class=\"_ _0\"></span>no<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alloc<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nell<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">v<span class=\"_ _0\"></span>oce<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>\u201cRe<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span>fich<span class=\"_ _0\"></span>e/ri<span class=\"_ _0\"></span>pre<span class=\"_ _0\"></span>se<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>lore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ne<span class=\"_ _0\"></span>tte<span class=\"ff1\"> </span>su<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">at<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mate<span class=\"_ _0\"></span>rial<span class=\"_ _0\"></span>i\u201d;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">profitti<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perdite<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">derivanti<span class=\"ff1\"> </span>dalle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">op<span class=\"_ _2\"></span>erazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cessione<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>engono<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">allocati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nella<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">voce<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u201cUtili<span class=\"ff1\"> </span>(Perdite)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>cessione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>investimenti\u201d",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-807": {
   "value": "6-<span class=\"_ _3bd\"> </span>Attivit\u00e0<span class=\"_ _3bd\"> </span>ma<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>li<span class=\"fc0 sc1\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>isc<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>materiali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>inizialmente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>iscritt<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>costo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>comprende,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>oltr<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prezzo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>acquisto,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tutti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gli<span class=\"ff1\"> </span>eventuali<span class=\"ff1\"> </span>oneri<span class=\"ff1\"> </span>accessori<span class=\"ff1\"> </span>direttamente<span class=\"ff1\"> </span>imputabili<span class=\"ff1\"> </span>all\u2019acquisto<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>mess<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>funzione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>bene.<span class=\"_ _3bd\"> </span>Le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>spese<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>manutenzione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>stra<span class=\"_ _2\"></span>ordinaria<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>c<span class=\"_ _0\"></span>omport<span class=\"_ _2\"></span>ano<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"_ _0\"></span>ncremento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>benefici<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>economici<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fu<span class=\"_ _0\"></span>turi<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">imputate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ad<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">incremento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span>cesp<span class=\"_ _0\"></span>iti,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mentre<span class=\"ff1\"> </span>gli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">costi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">man<span class=\"_ _2\"></span>utenzione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ordinaria<span class=\"ff1\"> </span>son<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>rilevati<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>Conto<span class=\"ff1\"> </span>Economico.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _0\"></span>cl<span class=\"_ _0\"></span>ass<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>ica<span class=\"_ _1\"></span>zion<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">attivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>ma<span class=\"_ _0\"></span>teri<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">comp<span class=\"_ _0\"></span>rendo<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>ter<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>i,<span class=\"ff1\"> </span>gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">immob<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">stru<span class=\"_ _1\"></span>mental<span class=\"_ _0\"></span>i,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">inve<span class=\"_ _0\"></span>stime<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">immobi<span class=\"_ _0\"></span>lia<span class=\"_ _0\"></span>ri,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">il</span> <span class=\"ff3\">pa<span class=\"_ _0\"></span>trim<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>arti<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>co<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>pre<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>o,<span class=\"ff1\"> </span>gli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">imp<span class=\"_ _0\"></span>ianti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tec<span class=\"_ _0\"></span>nic<span class=\"_ _0\"></span>i,<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mobi<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">arre<span class=\"_ _0\"></span>di<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>onc<span class=\"_ _0\"></span>h\u00e9<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">attr<span class=\"_ _0\"></span>ezz<span class=\"_ _0\"></span>atu<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">qua<span class=\"_ _0\"></span>lsi<span class=\"_ _0\"></span>asi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tipo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">che</span> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>tien<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ut<span class=\"_ _2\"></span>ilizzare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pi\u00f9<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un<span class=\"ff1\"> </span>periodo.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">materiali<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>etenute<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">essere<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">utilizzate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nella<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">produzione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>nell<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>fornitura<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">beni<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>servizi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>classificate<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>\u201cattivit\u00e0<span class=\"ff1\"> </span>ad<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">uso<span class=\"_ _2\"></span><span class=\"ff1\"> </span>funzi<span class=\"_ _0\"></span>onale\u201d<span class=\"ff1\"> </span>secondo<span class=\"ff1\"> </span>lo<span class=\"ff1\"> </span>IAS<span class=\"ff1\"> </span>16.<span class=\"ff1\"> </span>Gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">immobili</span> </span></span></span></span></span></span></span>po<span class=\"_ _0\"></span>ssed<span class=\"_ _0\"></span>uti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">fin<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span>vest<span class=\"_ _0\"></span>imen<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>(pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>segu<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">can<span class=\"_ _0\"></span>oni<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">loca<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>l\u2019a<span class=\"_ _0\"></span>ppre<span class=\"_ _0\"></span>zza<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>api<span class=\"_ _0\"></span>tale<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>investito)<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>classificati<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>\u201cattivit\u00e0<span class=\"ff1\"> </span>detenute<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>scopo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>investimento\u201d<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>allo<span class=\"ff1\"> </span>IAS<span class=\"ff1\"> </span>40.<span class=\"_ _3bd\"> </span>La<span class=\"ff1\"> </span>voce<span class=\"ff1\"> </span>accoglie<span class=\"ff1\"> </span>anche<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>materiali<span class=\"ff1\"> </span>cl<span class=\"_ _0\"></span>assificate<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>allo<span class=\"ff1\"> </span>IAS<span class=\"ff1\"> </span>2<span class=\"ff1\"> </span>-<span class=\"ff1\"> </span>Riman<span class=\"_ _2\"></span>enze,<span class=\"ff1\"> </span>che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span>rifer<span class=\"_ _2\"></span>iscono<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span></span></span>beni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>derivanti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dall\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>esc<span class=\"_ _2\"></span>ussione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>garanzie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dal<span class=\"_ _2\"></span>l\u2019acquisto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>asta<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span><span class=\"ff3\">l\u2019impresa</span> <span class=\"_ _20\"></span><span class=\"ff3\">ha</span> <span class=\"_ _20\"></span><span class=\"ff3\">i<span class=\"_ _2\"></span>ntenzione</span> <span class=\"_ _20\"></span><span class=\"ff3\">di</span> </span>vendere<span class=\"ff1\">  </span>nel<span class=\"ff1\">  </span>prossimo<span class=\"ff1\">  </span>futuro,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>s<span class=\"_ _2\"></span>enza<span class=\"ff1\">  </span>ef<span class=\"_ _0\"></span>fett<span class=\"_ _2\"></span>uare<span class=\"ff1\">  </span>rilevanti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>oper<span class=\"_ _2\"></span>e<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>ristrutturazione,<span class=\"ff1\">  </span>e<span class=\"ff1\">  </span>c<span class=\"_ _0\"></span>he<span class=\"ff1\">  </span>non<span class=\"ff1\">  </span>hanno<span class=\"ff1\">  </span>i<span class=\"_ _3bd\"> </span>presupposti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>essere<span class=\"ff1\"> <span class=\"_ _20\"></span></span>classificati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nelle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>categorie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>precedenti,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>portafoglio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>immobiliare<span class=\"ff1\"> <span class=\"_ _20\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Societ\u00e0<span class=\"ff1\"> </span>immobiliari<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>Gruppo,<span class=\"ff1\"> </span>comprensivo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">aree<span class=\"ff1\"> </span>edificabili,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">immobili<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>costruzione,<span class=\"ff1\"> </span>immobili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ultimati<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>ve<span class=\"_ _0\"></span>ndita<span class=\"ff1\"> </span></span></span></span></span></span></span>e<span class=\"ff1\"> </span>iniziative<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>sviluppo<span class=\"ff1\"> </span>immobiliare,<span class=\"ff1\"> </span>detenuto<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>un\u2019ottica<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>dismissione.<span class=\"_ _3bd\"> </span>Sono,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>infine,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>iscritt<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nelle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>mater<span class=\"_ _2\"></span>iali<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>b<span class=\"_ _2\"></span>eni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>utilizzati<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nell\u2019am<span class=\"_ _2\"></span>bito<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>contratt<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>leasing<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span></span>finanziario,<span class=\"ff1\"> </span>ancorch\u00e9<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>titolarit\u00e0<span class=\"ff1\"> </span>giuridica<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>stessi<span class=\"ff1\"> </span>rimanga<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>societ\u00e0<span class=\"ff1\"> </span>locatr<span class=\"_ _2\"></span>ice.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>ttivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>m<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span>riali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">so<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>tate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cos<span class=\"_ _0\"></span>to,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ded<span class=\"_ _0\"></span>otti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span>ven<span class=\"_ _0\"></span>tual<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>mmorta<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>erd<span class=\"_ _0\"></span>ite<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">val<span class=\"_ _0\"></span>ore.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>materiali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span></span>sistematicamen<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ammortizzate,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>adottando<span class=\"ff1\"> <span class=\"_ _21\"></span></span>come<span class=\"ff1\"> <span class=\"_ _20\"></span></span>criterio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ammortamento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"_ _3bd\"> </span>metodo<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uote<span class=\"ff1\"> </span>costanti,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">lungo<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>loro<span class=\"ff1\"> </span>vi<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>utile.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Il<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alore<span class=\"ff1\"> </span>ammortizzabile<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rappresentato<span class=\"_ _2\"></span><span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>al<span class=\"ff1\"> </span>costo<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> </span>ben<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>al<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>etto<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">residuo<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>termine<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span>processo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ammortamento,<span class=\"ff1\"> </span>se<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">significativo.<span class=\"ff1\"> </span>Gli<span class=\"ff1\"> </span>immobili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vengono<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>ammortizzati<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quota<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rit<span class=\"_ _2\"></span>enuta<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>congrua<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>appresentare<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>d<span class=\"_ _2\"></span>eperimento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>c<span class=\"_ _2\"></span>espiti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tempo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> </span>seguito<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>loro<span class=\"ff1\"> <span class=\"_ _2\"></span></span>utilizzo,<span class=\"ff1\"> </span>tenuto<span class=\"ff1\"> </span>conto<span class=\"_ _2\"></span><span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>spese<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>manutenzione<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>carattere<span class=\"ff1\"> </span>str<span class=\"_ _2\"></span>aordinario,<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> </span>portate<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>incremento<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>cespiti<span class=\"_ _3bd\"> </span>Non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ven<span class=\"_ _0\"></span>gono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">inv<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>mmor<span class=\"_ _0\"></span>tiz<span class=\"_ _0\"></span>zati:<span class=\"_ _0\"></span> </span></span></span></span></span></span>i<span class=\"ff1\"> </span>terreni,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">siano</span> <span class=\"_ _0\"></span><span class=\"ff3\">essi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stati<span class=\"ff1\"> </span>acquisiti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">singolarmente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>incorporati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> </span>valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span>fabbricati,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>quanto<span class=\"ff1\"> </span>han<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>vita<span class=\"ff1\"> </span>utile<span class=\"ff1\"> </span>indefinita;<span class=\"_ _3bd\"> </span>il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">patrimonio<span class=\"ff1\"> </span>artistico<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>regio,<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>tri<span class=\"ff1\"> </span>beni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">st<span class=\"_ _2\"></span>orico<span class=\"ff1\"> </span>artistici<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">decorativi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>quanto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>loro<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vita<span class=\"ff1\"> </span>utile<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">n<span class=\"_ _1\"></span>on<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>pu<span class=\"_ _0\"></span>\u00f2<span class=\"ff1\"> </span>es<span class=\"_ _0\"></span>sere<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>tim<span class=\"_ _0\"></span>ata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ed<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l<span class=\"_ _0\"></span>oro<span class=\"ff1\"> </span>v<span class=\"_ _1\"></span>alore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nor<span class=\"_ _0\"></span>malme<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>stin<span class=\"_ _0\"></span>ato<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ad<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">aumen<span class=\"_ _0\"></span>tare<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">n<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>em<span class=\"_ _0\"></span>po.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Se<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esiste<span class=\"ff1\"> </span>qualche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"_ _2\"></span>dicazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> </span>dimostri<span class=\"ff1\"> </span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un\u2019<span class=\"_ _0\"></span>attivit\u00e0<span class=\"ff1\"> </span>materiale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutata<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">costo<span class=\"ff1\"> </span>possa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">aver<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">subito<span class=\"ff1\"> </span>u<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>perdita<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valore,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>si<span class=\"ff1\"> <span class=\"_ _20\"></span></span>procede<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>confr<span class=\"_ _2\"></span>onto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tr<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>carico<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cespit<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ed<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>suo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>recupero.<span class=\"ff1\"> </span>eventuali<span class=\"ff1\"> </span>rettifiche<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> </span>rilevate<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>Conto<span class=\"ff1\"> </span>Economico.<span class=\"_ _3bd\"> </span>Qualora<span class=\"ff1\"> </span>ven<span class=\"_ _0\"></span>gano<span class=\"ff1\"> </span>meno<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mot<span class=\"_ _2\"></span>ivi<span class=\"ff1\"> </span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">hanno<span class=\"ff1\"> </span>portato<span class=\"ff1\"> </span>alla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rilevazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perdita,<span class=\"ff1\"> </span>si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">d\u00e0<span class=\"ff1\"> </span>luogo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>d<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">una<span class=\"ff1\"> </span>ripresa<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>valore,<span class=\"ff1\"> </span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">non</span> <span class=\"ff3\">pu\u00f2</span> <span class=\"ff3\">superare</span> <span class=\"ff3\">il</span> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>l\u2019attivit\u00e0<span class=\"ff1\"> </span>avrebbe<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">avuto,<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>netto<span class=\"ff1\"> </span>degli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ammortamenti</span> <span class=\"ff3\">calcolati,</span> </span></span></span></span></span>assenza<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>precedenti<span class=\"ff1\"> </span>perdite<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valore.<span class=\"_ _3bd\"> </span>Per<span class=\"ff1\"> </span>quel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> </span>attiene<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>materiali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rilevate<span class=\"ff1\"> </span>ai<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ensi<span class=\"ff1\"> </span>dello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">IAS<span class=\"ff1\"> </span>2,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>stesse<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutate<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">m<span class=\"_ _2\"></span>inore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tra<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>cos<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ed<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">val<span class=\"_ _0\"></span>ore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">netto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>izzo,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fer<span class=\"_ _0\"></span>mo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">res<span class=\"_ _0\"></span>tand<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pro<span class=\"_ _0\"></span>cede<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>munq<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">conf<span class=\"_ _0\"></span>ron<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tra<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">va<span class=\"_ _0\"></span>lore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>ari<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>del<span class=\"ff1\"> </span>cespite<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ed<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>suo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valore<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>recupero<span class=\"ff1\"> </span>ove<span class=\"ff1\"> </span>esist<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>qualche<span class=\"ff1\"> </span>in<span class=\"_ _2\"></span>dicazione<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>dimos<span class=\"_ _2\"></span>tri<span class=\"ff1\"> </span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>bene<span class=\"ff1\"> <span class=\"_ _2\"></span></span>possa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>av<span class=\"_ _3bd\"> </span>subito<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>perdita<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valore.<span class=\"ff1\"> </span>Le<span class=\"ff1\"> </span>eventuali<span class=\"ff1\"> </span>rettifiche<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> </span>rilevate<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>conto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>economico.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"fc0 sc1\"> </span>Un'attivit\u00e0<span class=\"ff1\"> </span>m<span class=\"_ _2\"></span>ateriale<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>eliminata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dallo<span class=\"ff1\"> </span>Stato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Patrimoniale<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>momento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> </span>dismiss<span class=\"_ _2\"></span>ione<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quando<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>bene<span class=\"ff1\"> </span>permanentemente<span class=\"ff1\"> </span>ritirato<span class=\"ff1\"> </span>dall\u2019uso<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>sua<span class=\"ff1\"> </span>dismissione<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>attesi<span class=\"ff1\"> </span>benefici<span class=\"ff1\"> </span>economici<span class=\"ff1\"> </span>futuri.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ril<span class=\"_ _0\"></span>ev<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>del<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ual<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>L\u2019allocazione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>componenti<span class=\"ff1\"> </span>reddituali<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> </span>pertinenti<span class=\"ff1\"> </span>voci<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>conto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>economico<span class=\"ff1\"> </span>avviene<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>quanto<span class=\"ff1\"> </span>riportato<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>seguito:<span class=\"_ _3bd\"> </span>gl<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ammo<span class=\"_ _0\"></span>rtame<span class=\"_ _1\"></span>nti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">peri<span class=\"_ _0\"></span>odi<span class=\"_ _0\"></span>ci,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">perdi<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dura<span class=\"_ _0\"></span>tur<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">valore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ri<span class=\"_ _0\"></span>prese<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">val<span class=\"_ _0\"></span>ore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ve<span class=\"_ _0\"></span>ngo<span class=\"_ _0\"></span>no<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alloc<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nell<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">v<span class=\"_ _0\"></span>oce<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>\u201cRe<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span>fich<span class=\"_ _0\"></span>e/ri<span class=\"_ _0\"></span>pre<span class=\"_ _0\"></span>se<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>lore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ne<span class=\"_ _0\"></span>tte<span class=\"ff1\"> </span>su<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">at<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mate<span class=\"_ _0\"></span>rial<span class=\"_ _0\"></span>i\u201d;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">profitti<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perdite<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">derivanti<span class=\"ff1\"> </span>dalle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">op<span class=\"_ _2\"></span>erazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cessione<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>engono<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">allocati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nella<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">voce<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u201cUtili<span class=\"ff1\"> </span>(Perdite)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>cessione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>investimenti\u201d.<span class=\"_ _3bd\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-835": {
   "value": "6-<span class=\"_ _3bd\"> </span>Attivit\u00e0<span class=\"_ _3bd\"> </span>ma<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>li<span class=\"fc0 sc1\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>isc<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>materiali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>inizialmente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>iscritt<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>costo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>comprende,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>oltr<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prezzo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>acquisto,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tutti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gli<span class=\"ff1\"> </span>eventuali<span class=\"ff1\"> </span>oneri<span class=\"ff1\"> </span>accessori<span class=\"ff1\"> </span>direttamente<span class=\"ff1\"> </span>imputabili<span class=\"ff1\"> </span>all\u2019acquisto<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>mess<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>funzione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>bene.<span class=\"_ _3bd\"> </span>Le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>spese<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>manutenzione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>stra<span class=\"_ _2\"></span>ordinaria<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>c<span class=\"_ _0\"></span>omport<span class=\"_ _2\"></span>ano<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"_ _0\"></span>ncremento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>benefici<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>economici<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fu<span class=\"_ _0\"></span>turi<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">imputate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ad<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">incremento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span>cesp<span class=\"_ _0\"></span>iti,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mentre<span class=\"ff1\"> </span>gli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">costi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">man<span class=\"_ _2\"></span>utenzione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ordinaria<span class=\"ff1\"> </span>son<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>rilevati<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>Conto<span class=\"ff1\"> </span>Economico.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _0\"></span>cl<span class=\"_ _0\"></span>ass<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>ica<span class=\"_ _1\"></span>zion<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">attivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>ma<span class=\"_ _0\"></span>teri<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">comp<span class=\"_ _0\"></span>rendo<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>ter<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>i,<span class=\"ff1\"> </span>gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">immob<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">stru<span class=\"_ _1\"></span>mental<span class=\"_ _0\"></span>i,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">inve<span class=\"_ _0\"></span>stime<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">immobi<span class=\"_ _0\"></span>lia<span class=\"_ _0\"></span>ri,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">il</span> <span class=\"ff3\">pa<span class=\"_ _0\"></span>trim<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>arti<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>co<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>pre<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>o,<span class=\"ff1\"> </span>gli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">imp<span class=\"_ _0\"></span>ianti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tec<span class=\"_ _0\"></span>nic<span class=\"_ _0\"></span>i,<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mobi<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">arre<span class=\"_ _0\"></span>di<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>onc<span class=\"_ _0\"></span>h\u00e9<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">attr<span class=\"_ _0\"></span>ezz<span class=\"_ _0\"></span>atu<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">qua<span class=\"_ _0\"></span>lsi<span class=\"_ _0\"></span>asi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tipo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">che</span> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>tien<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ut<span class=\"_ _2\"></span>ilizzare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pi\u00f9<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un<span class=\"ff1\"> </span>periodo.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">materiali<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>etenute<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">essere<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">utilizzate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nella<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">produzione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>nell<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>fornitura<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">beni<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>servizi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>classificate<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>\u201cattivit\u00e0<span class=\"ff1\"> </span>ad<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">uso<span class=\"_ _2\"></span><span class=\"ff1\"> </span>funzi<span class=\"_ _0\"></span>onale\u201d<span class=\"ff1\"> </span>secondo<span class=\"ff1\"> </span>lo<span class=\"ff1\"> </span>IAS<span class=\"ff1\"> </span>16.<span class=\"ff1\"> </span>Gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">immobili</span> </span></span></span></span></span></span></span>po<span class=\"_ _0\"></span>ssed<span class=\"_ _0\"></span>uti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">fin<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span>vest<span class=\"_ _0\"></span>imen<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>(pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>segu<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">can<span class=\"_ _0\"></span>oni<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">loca<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>l\u2019a<span class=\"_ _0\"></span>ppre<span class=\"_ _0\"></span>zza<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>api<span class=\"_ _0\"></span>tale<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>investito)<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>classificati<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>\u201cattivit\u00e0<span class=\"ff1\"> </span>detenute<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>scopo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>investimento\u201d<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>allo<span class=\"ff1\"> </span>IAS<span class=\"ff1\"> </span>40.<span class=\"_ _3bd\"> </span>La<span class=\"ff1\"> </span>voce<span class=\"ff1\"> </span>accoglie<span class=\"ff1\"> </span>anche<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>materiali<span class=\"ff1\"> </span>cl<span class=\"_ _0\"></span>assificate<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>allo<span class=\"ff1\"> </span>IAS<span class=\"ff1\"> </span>2<span class=\"ff1\"> </span>-<span class=\"ff1\"> </span>Riman<span class=\"_ _2\"></span>enze,<span class=\"ff1\"> </span>che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span>rifer<span class=\"_ _2\"></span>iscono<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span></span></span>beni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>derivanti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dall\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>esc<span class=\"_ _2\"></span>ussione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>garanzie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dal<span class=\"_ _2\"></span>l\u2019acquisto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>asta<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span><span class=\"ff3\">l\u2019impresa</span> <span class=\"_ _20\"></span><span class=\"ff3\">ha</span> <span class=\"_ _20\"></span><span class=\"ff3\">i<span class=\"_ _2\"></span>ntenzione</span> <span class=\"_ _20\"></span><span class=\"ff3\">di</span> </span>vendere<span class=\"ff1\">  </span>nel<span class=\"ff1\">  </span>prossimo<span class=\"ff1\">  </span>futuro,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>s<span class=\"_ _2\"></span>enza<span class=\"ff1\">  </span>ef<span class=\"_ _0\"></span>fett<span class=\"_ _2\"></span>uare<span class=\"ff1\">  </span>rilevanti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>oper<span class=\"_ _2\"></span>e<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>ristrutturazione,<span class=\"ff1\">  </span>e<span class=\"ff1\">  </span>c<span class=\"_ _0\"></span>he<span class=\"ff1\">  </span>non<span class=\"ff1\">  </span>hanno<span class=\"ff1\">  </span>i<span class=\"_ _3bd\"> </span>presupposti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>essere<span class=\"ff1\"> <span class=\"_ _20\"></span></span>classificati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nelle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>categorie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>precedenti,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>portafoglio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>immobiliare<span class=\"ff1\"> <span class=\"_ _20\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Societ\u00e0<span class=\"ff1\"> </span>immobiliari<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>Gruppo,<span class=\"ff1\"> </span>comprensivo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">aree<span class=\"ff1\"> </span>edificabili,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">immobili<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>costruzione,<span class=\"ff1\"> </span>immobili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ultimati<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>ve<span class=\"_ _0\"></span>ndita<span class=\"ff1\"> </span></span></span></span></span></span></span>e<span class=\"ff1\"> </span>iniziative<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>sviluppo<span class=\"ff1\"> </span>immobiliare,<span class=\"ff1\"> </span>detenuto<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>un\u2019ottica<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>dismissione.<span class=\"_ _3bd\"> </span>Sono,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>infine,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>iscritt<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nelle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>mater<span class=\"_ _2\"></span>iali<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>b<span class=\"_ _2\"></span>eni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>utilizzati<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nell\u2019am<span class=\"_ _2\"></span>bito<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>contratt<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>leasing<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span></span>finanziario,<span class=\"ff1\"> </span>ancorch\u00e9<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>titolarit\u00e0<span class=\"ff1\"> </span>giuridica<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>stessi<span class=\"ff1\"> </span>rimanga<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>societ\u00e0<span class=\"ff1\"> </span>locatr<span class=\"_ _2\"></span>ice.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>ttivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>m<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span>riali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">so<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>tate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cos<span class=\"_ _0\"></span>to,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ded<span class=\"_ _0\"></span>otti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span>ven<span class=\"_ _0\"></span>tual<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>mmorta<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>erd<span class=\"_ _0\"></span>ite<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">val<span class=\"_ _0\"></span>ore.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>materiali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span></span>sistematicamen<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ammortizzate,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>adottando<span class=\"ff1\"> <span class=\"_ _21\"></span></span>come<span class=\"ff1\"> <span class=\"_ _20\"></span></span>criterio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ammortamento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"_ _3bd\"> </span>metodo<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uote<span class=\"ff1\"> </span>costanti,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">lungo<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>loro<span class=\"ff1\"> </span>vi<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>utile.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Il<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alore<span class=\"ff1\"> </span>ammortizzabile<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rappresentato<span class=\"_ _2\"></span><span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>al<span class=\"ff1\"> </span>costo<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> </span>ben<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>al<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>etto<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">residuo<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>termine<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span>processo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ammortamento,<span class=\"ff1\"> </span>se<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">significativo.<span class=\"ff1\"> </span>Gli<span class=\"ff1\"> </span>immobili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vengono<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>ammortizzati<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quota<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rit<span class=\"_ _2\"></span>enuta<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>congrua<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>appresentare<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>d<span class=\"_ _2\"></span>eperimento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>c<span class=\"_ _2\"></span>espiti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tempo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> </span>seguito<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>loro<span class=\"ff1\"> <span class=\"_ _2\"></span></span>utilizzo,<span class=\"ff1\"> </span>tenuto<span class=\"ff1\"> </span>conto<span class=\"_ _2\"></span><span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>spese<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>manutenzione<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>carattere<span class=\"ff1\"> </span>str<span class=\"_ _2\"></span>aordinario,<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> </span>portate<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>incremento<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>cespiti<span class=\"_ _3bd\"> </span>Non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ven<span class=\"_ _0\"></span>gono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">inv<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>mmor<span class=\"_ _0\"></span>tiz<span class=\"_ _0\"></span>zati:<span class=\"_ _0\"></span> </span></span></span></span></span></span>i<span class=\"ff1\"> </span>terreni,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">siano</span> <span class=\"_ _0\"></span><span class=\"ff3\">essi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stati<span class=\"ff1\"> </span>acquisiti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">singolarmente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>incorporati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> </span>valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span>fabbricati,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>quanto<span class=\"ff1\"> </span>han<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">n<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>vita<span class=\"ff1\"> </span>utile<span class=\"ff1\"> </span>indefinita;<span class=\"_ _3bd\"> </span> il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">patrimonio<span class=\"ff1\"> </span>artistico<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>regio,<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>tri<span class=\"ff1\"> </span>beni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">st<span class=\"_ _2\"></span>orico<span class=\"ff1\"> </span>artistici<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">decorativi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>quanto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>loro<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vita<span class=\"ff1\"> </span>utile<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">n<span class=\"_ _1\"></span>on<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>pu<span class=\"_ _0\"></span>\u00f2<span class=\"ff1\"> </span>es<span class=\"_ _0\"></span>sere<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>tim<span class=\"_ _0\"></span>ata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ed<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l<span class=\"_ _0\"></span>oro<span class=\"ff1\"> </span>v<span class=\"_ _1\"></span>alore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nor<span class=\"_ _0\"></span>malme<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>stin<span class=\"_ _0\"></span>ato<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ad<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">aumen<span class=\"_ _0\"></span>tare<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">n<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>em<span class=\"_ _0\"></span>po.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Se<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esiste<span class=\"ff1\"> </span>qualche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"_ _2\"></span>dicazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> </span>dimostri<span class=\"ff1\"> </span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un\u2019<span class=\"_ _0\"></span>attivit\u00e0<span class=\"ff1\"> </span>materiale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutata<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">costo<span class=\"ff1\"> </span>possa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">aver<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">subito<span class=\"ff1\"> </span>u<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">na<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>perdita<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valore,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>si<span class=\"ff1\"> <span class=\"_ _20\"></span></span>procede<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>confr<span class=\"_ _2\"></span>onto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tr<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>carico<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cespit<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ed<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>suo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>recupero.<span class=\"ff1\"> </span><span class=\"ff1\"><span class=\"_ _20\"></span></span>Le<span class=\"ff1\"> </span>eventuali<span class=\"ff1\"> </span>rettifiche<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> </span>rilevate<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>Conto<span class=\"ff1\"> </span>Economico.<span class=\"_ _3bd\"> </span> Qualora<span class=\"ff1\"> </span>ven<span class=\"_ _0\"></span>gano<span class=\"ff1\"> </span>meno<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mot<span class=\"_ _2\"></span>ivi<span class=\"ff1\"> </span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">hanno<span class=\"ff1\"> </span>portato<span class=\"ff1\"> </span>alla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rilevazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perdita,<span class=\"ff1\"> </span>si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">d\u00e0<span class=\"ff1\"> </span>luogo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>d<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">una<span class=\"ff1\"> </span>ripresa<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>valore,<span class=\"ff1\"> </span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">non</span> <span class=\"ff3\">pu\u00f2</span> <span class=\"ff3\">superare</span> <span class=\"ff3\">il</span> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>l\u2019attivit\u00e0<span class=\"ff1\"> </span>avrebbe<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">avuto,<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>netto<span class=\"ff1\"> </span>degli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ammortamenti</span> <span class=\"ff3\">calcolati,</span> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">in</span> </span></span></span></span></span>assenza<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>precedenti<span class=\"ff1\"> </span>perdite<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valore.<span class=\"_ _3bd\"> </span> Per<span class=\"ff1\"> </span>quel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> </span>attiene<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>materiali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rilevate<span class=\"ff1\"> </span>ai<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ensi<span class=\"ff1\"> </span>dello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">IAS<span class=\"ff1\"> </span>2,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>stesse<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutate<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">m<span class=\"_ _2\"></span>inore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tra<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">il<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>cos<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ed<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">val<span class=\"_ _0\"></span>ore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">netto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>izzo,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fer<span class=\"_ _0\"></span>mo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">res<span class=\"_ _0\"></span>tand<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pro<span class=\"_ _0\"></span>cede<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>munq<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">conf<span class=\"_ _0\"></span>ron<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tra<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">va<span class=\"_ _0\"></span>lore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>ari<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">c<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>del<span class=\"ff1\"> </span>cespite<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ed<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>suo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valore<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>recupero<span class=\"ff1\"> </span>ove<span class=\"ff1\"> </span>esist<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>qualche<span class=\"ff1\"> </span>in<span class=\"_ _2\"></span>dicazione<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>dimos<span class=\"_ _2\"></span>tri<span class=\"ff1\"> </span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>bene<span class=\"ff1\"> <span class=\"_ _2\"></span></span>possa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>av<span class=\"_ _3bd\"> </span>er<span class=\"ff1\"> </span>subito<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>perdita<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valore.<span class=\"ff1\"> </span>Le<span class=\"ff1\"> </span>eventuali<span class=\"ff1\"> </span>rettifiche<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> </span>rilevate<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>conto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>economico.<span class=\"_ _3bd\"> </span> Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"fc0 sc1\"> </span>Un'attivit\u00e0<span class=\"ff1\"> </span>m<span class=\"_ _2\"></span>ateriale<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>eliminata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dallo<span class=\"ff1\"> </span>Stato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Patrimoniale<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>momento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> </span>dismiss<span class=\"_ _2\"></span>ione<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quando<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>bene<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>permanentemente<span class=\"ff1\"> </span>ritirato<span class=\"ff1\"> </span>dall\u2019uso<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>sua<span class=\"ff1\"> </span>dismissione<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>attesi<span class=\"ff1\"> </span>benefici<span class=\"ff1\"> </span>economici<span class=\"ff1\"> </span>futuri.<span class=\"_ _3bd\"> </span> Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ril<span class=\"_ _0\"></span>ev<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>del<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ual<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>L\u2019allocazione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>componenti<span class=\"ff1\"> </span>reddituali<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> </span>pertinenti<span class=\"ff1\"> </span>voci<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>conto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>economico<span class=\"ff1\"> </span>avviene<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>quanto<span class=\"ff1\"> </span>riportato<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>seguito:<span class=\"_ _3bd\"> </span> gl<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ammo<span class=\"_ _0\"></span>rtame<span class=\"_ _1\"></span>nti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">peri<span class=\"_ _0\"></span>odi<span class=\"_ _0\"></span>ci,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">perdi<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dura<span class=\"_ _0\"></span>tur<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">valore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ri<span class=\"_ _0\"></span>prese<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">val<span class=\"_ _0\"></span>ore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ve<span class=\"_ _0\"></span>ngo<span class=\"_ _0\"></span>no<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alloc<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nell<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">v<span class=\"_ _0\"></span>oce<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>\u201cRe<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span>fich<span class=\"_ _0\"></span>e/ri<span class=\"_ _0\"></span>pre<span class=\"_ _0\"></span>se<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>lore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ne<span class=\"_ _0\"></span>tte<span class=\"ff1\"> </span>su<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">at<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mate<span class=\"_ _0\"></span>rial<span class=\"_ _0\"></span>i\u201d;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">profitti<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perdite<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">derivanti<span class=\"ff1\"> </span>dalle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">op<span class=\"_ _2\"></span>erazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cessione<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>engono<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">allocati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nella<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">voce<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u201cUtili<span class=\"ff1\"> </span>(Perdite)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>cessione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>investimenti\u201d.<span class=\"_ _3bd\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-850": {
   "value": "6-<span class=\"_ _3bd\"> </span>Attivit\u00e0<span class=\"_ _3bd\"> </span>ma<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>li<span class=\"fc0 sc1\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>isc<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>materiali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>inizialmente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>iscritt<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>costo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>comprende,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>oltr<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prezzo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>acquisto,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tutti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gli<span class=\"ff1\"> </span>eventuali<span class=\"ff1\"> </span>oneri<span class=\"ff1\"> </span>accessori<span class=\"ff1\"> </span>direttamente<span class=\"ff1\"> </span>imputabili<span class=\"ff1\"> </span>all\u2019acquisto<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>mess<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>funzione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>bene.<span class=\"_ _3bd\"> </span>Le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>spese<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>manutenzione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>stra<span class=\"_ _2\"></span>ordinaria<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>c<span class=\"_ _0\"></span>omport<span class=\"_ _2\"></span>ano<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"_ _0\"></span>ncremento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>benefici<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>economici<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fu<span class=\"_ _0\"></span>turi<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">imputate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ad<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">incremento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span>cesp<span class=\"_ _0\"></span>iti,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mentre<span class=\"ff1\"> </span>gli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">costi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">man<span class=\"_ _2\"></span>utenzione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ordinaria<span class=\"ff1\"> </span>son<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>rilevati<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>Conto<span class=\"ff1\"> </span>Economico.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _0\"></span>cl<span class=\"_ _0\"></span>ass<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>ica<span class=\"_ _1\"></span>zion<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">attivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>ma<span class=\"_ _0\"></span>teri<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">comp<span class=\"_ _0\"></span>rendo<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>ter<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>i,<span class=\"ff1\"> </span>gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">immob<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">stru<span class=\"_ _1\"></span>mental<span class=\"_ _0\"></span>i,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">inve<span class=\"_ _0\"></span>stime<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">immobi<span class=\"_ _0\"></span>lia<span class=\"_ _0\"></span>ri,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">il</span> <span class=\"ff3\">pa<span class=\"_ _0\"></span>trim<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>arti<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>co<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>pre<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>o,<span class=\"ff1\"> </span>gli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">imp<span class=\"_ _0\"></span>ianti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tec<span class=\"_ _0\"></span>nic<span class=\"_ _0\"></span>i,<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mobi<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">arre<span class=\"_ _0\"></span>di<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>onc<span class=\"_ _0\"></span>h\u00e9<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">attr<span class=\"_ _0\"></span>ezz<span class=\"_ _0\"></span>atu<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">qua<span class=\"_ _0\"></span>lsi<span class=\"_ _0\"></span>asi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tipo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">che</span> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>tien<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ut<span class=\"_ _2\"></span>ilizzare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pi\u00f9<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un<span class=\"ff1\"> </span>periodo.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">materiali<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>etenute<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">essere<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">utilizzate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nella<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">produzione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>nell<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>fornitura<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">beni<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>servizi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>classificate<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>\u201cattivit\u00e0<span class=\"ff1\"> </span>ad<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">uso<span class=\"_ _2\"></span><span class=\"ff1\"> </span>funzi<span class=\"_ _0\"></span>onale\u201d<span class=\"ff1\"> </span>secondo<span class=\"ff1\"> </span>lo<span class=\"ff1\"> </span>IAS<span class=\"ff1\"> </span>16.<span class=\"ff1\"> </span>Gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">immobili</span> </span></span></span></span></span></span></span>po<span class=\"_ _0\"></span>ssed<span class=\"_ _0\"></span>uti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">fin<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span>vest<span class=\"_ _0\"></span>imen<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>(pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>segu<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">can<span class=\"_ _0\"></span>oni<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">loca<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>l\u2019a<span class=\"_ _0\"></span>ppre<span class=\"_ _0\"></span>zza<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>api<span class=\"_ _0\"></span>tale<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>investito)<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>classificati<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>\u201cattivit\u00e0<span class=\"ff1\"> </span>detenute<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>scopo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>investimento\u201d<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>allo<span class=\"ff1\"> </span>IAS<span class=\"ff1\"> </span>40.<span class=\"_ _3bd\"> </span>La<span class=\"ff1\"> </span>voce<span class=\"ff1\"> </span>accoglie<span class=\"ff1\"> </span>anche<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>materiali<span class=\"ff1\"> </span>cl<span class=\"_ _0\"></span>assificate<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>allo<span class=\"ff1\"> </span>IAS<span class=\"ff1\"> </span>2<span class=\"ff1\"> </span>-<span class=\"ff1\"> </span>Riman<span class=\"_ _2\"></span>enze,<span class=\"ff1\"> </span>che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span>rifer<span class=\"_ _2\"></span>iscono<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span></span></span>beni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>derivanti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dall\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>esc<span class=\"_ _2\"></span>ussione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>garanzie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dal<span class=\"_ _2\"></span>l\u2019acquisto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>asta<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span><span class=\"ff3\">l\u2019impresa</span> <span class=\"_ _20\"></span><span class=\"ff3\">ha</span> <span class=\"_ _20\"></span><span class=\"ff3\">i<span class=\"_ _2\"></span>ntenzione</span> <span class=\"_ _20\"></span><span class=\"ff3\">di</span> </span>vendere<span class=\"ff1\">  </span>nel<span class=\"ff1\">  </span>prossimo<span class=\"ff1\">  </span>futuro,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>s<span class=\"_ _2\"></span>enza<span class=\"ff1\">  </span>ef<span class=\"_ _0\"></span>fett<span class=\"_ _2\"></span>uare<span class=\"ff1\">  </span>rilevanti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>oper<span class=\"_ _2\"></span>e<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>ristrutturazione,<span class=\"ff1\">  </span>e<span class=\"ff1\">  </span>c<span class=\"_ _0\"></span>he<span class=\"ff1\">  </span>non<span class=\"ff1\">  </span>hanno<span class=\"ff1\">  </span>i<span class=\"_ _3bd\"> </span>presupposti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>essere<span class=\"ff1\"> <span class=\"_ _20\"></span></span>classificati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nelle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>categorie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>precedenti,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>portafoglio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>immobiliare<span class=\"ff1\"> <span class=\"_ _20\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Societ\u00e0<span class=\"ff1\"> </span>immobiliari<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>Gruppo,<span class=\"ff1\"> </span>comprensivo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">aree<span class=\"ff1\"> </span>edificabili,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">immobili<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>costruzione,<span class=\"ff1\"> </span>immobili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ultimati<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>ve<span class=\"_ _0\"></span>ndita<span class=\"ff1\"> </span></span></span></span></span></span></span>e<span class=\"ff1\"> </span>iniziative<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>sviluppo<span class=\"ff1\"> </span>immobiliare,<span class=\"ff1\"> </span>detenuto<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>un\u2019ottica<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>dismissione.<span class=\"_ _3bd\"> </span>Sono,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>infine,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>iscritt<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nelle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>mater<span class=\"_ _2\"></span>iali<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>b<span class=\"_ _2\"></span>eni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>utilizzati<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nell\u2019am<span class=\"_ _2\"></span>bito<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>contratt<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>leasing<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span></span>finanziario,<span class=\"ff1\"> </span>ancorch\u00e9<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>titolarit\u00e0<span class=\"ff1\"> </span>giuridica<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>stessi<span class=\"ff1\"> </span>rimanga<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>societ\u00e0<span class=\"ff1\"> </span>locatr<span class=\"_ _2\"></span>ice.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>ttivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>m<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span>riali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">so<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>tate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cos<span class=\"_ _0\"></span>to,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ded<span class=\"_ _0\"></span>otti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span>ven<span class=\"_ _0\"></span>tual<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>mmorta<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>erd<span class=\"_ _0\"></span>ite<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">val<span class=\"_ _0\"></span>ore.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>materiali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span></span>sistematicamen<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ammortizzate,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>adottando<span class=\"ff1\"> <span class=\"_ _21\"></span></span>come<span class=\"ff1\"> <span class=\"_ _20\"></span></span>criterio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ammortamento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"_ _3bd\"> </span>metodo<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uote<span class=\"ff1\"> </span>costanti,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">lungo<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>loro<span class=\"ff1\"> </span>vi<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>utile.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Il<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alore<span class=\"ff1\"> </span>ammortizzabile<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rappresentato<span class=\"_ _2\"></span><span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>al<span class=\"ff1\"> </span>costo<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> </span>ben<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>al<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>etto<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">residuo<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>termine<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span>processo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ammortamento,<span class=\"ff1\"> </span>se<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">significativo.<span class=\"ff1\"> </span>Gli<span class=\"ff1\"> </span>immobili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vengono<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>ammortizzati<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quota<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rit<span class=\"_ _2\"></span>enuta<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>congrua<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>appresentare<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>d<span class=\"_ _2\"></span>eperimento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>c<span class=\"_ _2\"></span>espiti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tempo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> </span>seguito<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>loro<span class=\"ff1\"> <span class=\"_ _2\"></span></span>utilizzo,<span class=\"ff1\"> </span>tenuto<span class=\"ff1\"> </span>conto<span class=\"_ _2\"></span><span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>spese<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>manutenzione<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>carattere<span class=\"ff1\"> </span>str<span class=\"_ _2\"></span>aordinario,<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> </span>portate<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>incremento<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>cespiti<span class=\"_ _3bd\"> </span>Non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ven<span class=\"_ _0\"></span>gono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">inv<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>mmor<span class=\"_ _0\"></span>tiz<span class=\"_ _0\"></span>zati:<span class=\"_ _0\"></span> </span></span></span></span></span></span>i<span class=\"ff1\"> </span>terreni,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">siano</span> <span class=\"_ _0\"></span><span class=\"ff3\">essi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stati<span class=\"ff1\"> </span>acquisiti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">singolarmente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>incorporati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> </span>valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span>fabbricati,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>quanto<span class=\"ff1\"> </span>han<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>vita<span class=\"ff1\"> </span>utile<span class=\"ff1\"> </span>indefinita;<span class=\"_ _3bd\"> </span>il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">patrimonio<span class=\"ff1\"> </span>artistico<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>regio,<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>tri<span class=\"ff1\"> </span>beni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">st<span class=\"_ _2\"></span>orico<span class=\"ff1\"> </span>artistici<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">decorativi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>quanto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>loro<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vita<span class=\"ff1\"> </span>utile<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">n<span class=\"_ _1\"></span>on<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>pu<span class=\"_ _0\"></span>\u00f2<span class=\"ff1\"> </span>es<span class=\"_ _0\"></span>sere<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>tim<span class=\"_ _0\"></span>ata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ed<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l<span class=\"_ _0\"></span>oro<span class=\"ff1\"> </span>v<span class=\"_ _1\"></span>alore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nor<span class=\"_ _0\"></span>malme<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>stin<span class=\"_ _0\"></span>ato<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ad<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">aumen<span class=\"_ _0\"></span>tare<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">n<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>em<span class=\"_ _0\"></span>po.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Se<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esiste<span class=\"ff1\"> </span>qualche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"_ _2\"></span>dicazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> </span>dimostri<span class=\"ff1\"> </span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un\u2019<span class=\"_ _0\"></span>attivit\u00e0<span class=\"ff1\"> </span>materiale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutata<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">costo<span class=\"ff1\"> </span>possa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">aver<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">subito<span class=\"ff1\"> </span>u<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>perdita<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valore,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>si<span class=\"ff1\"> <span class=\"_ _20\"></span></span>procede<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>confr<span class=\"_ _2\"></span>onto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tr<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>carico<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cespit<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ed<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>suo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>recupero.<span class=\"ff1\"> </span>eventuali<span class=\"ff1\"> </span>rettifiche<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> </span>rilevate<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>Conto<span class=\"ff1\"> </span>Economico.<span class=\"_ _3bd\"> </span>Qualora<span class=\"ff1\"> </span>ven<span class=\"_ _0\"></span>gano<span class=\"ff1\"> </span>meno<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mot<span class=\"_ _2\"></span>ivi<span class=\"ff1\"> </span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">hanno<span class=\"ff1\"> </span>portato<span class=\"ff1\"> </span>alla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rilevazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perdita,<span class=\"ff1\"> </span>si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">d\u00e0<span class=\"ff1\"> </span>luogo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>d<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">una<span class=\"ff1\"> </span>ripresa<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>valore,<span class=\"ff1\"> </span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">non</span> <span class=\"ff3\">pu\u00f2</span> <span class=\"ff3\">superare</span> <span class=\"ff3\">il</span> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>l\u2019attivit\u00e0<span class=\"ff1\"> </span>avrebbe<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">avuto,<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>netto<span class=\"ff1\"> </span>degli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ammortamenti</span> <span class=\"ff3\">calcolati,</span> </span></span></span></span></span>assenza<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>precedenti<span class=\"ff1\"> </span>perdite<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valore.<span class=\"_ _3bd\"> </span>Per<span class=\"ff1\"> </span>quel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> </span>attiene<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>materiali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rilevate<span class=\"ff1\"> </span>ai<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ensi<span class=\"ff1\"> </span>dello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">IAS<span class=\"ff1\"> </span>2,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>stesse<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutate<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">m<span class=\"_ _2\"></span>inore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tra<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>cos<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ed<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">val<span class=\"_ _0\"></span>ore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">netto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>izzo,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fer<span class=\"_ _0\"></span>mo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">res<span class=\"_ _0\"></span>tand<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pro<span class=\"_ _0\"></span>cede<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>munq<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">conf<span class=\"_ _0\"></span>ron<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tra<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">va<span class=\"_ _0\"></span>lore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>ari<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>del<span class=\"ff1\"> </span>cespite<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ed<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>suo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valore<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>recupero<span class=\"ff1\"> </span>ove<span class=\"ff1\"> </span>esist<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>qualche<span class=\"ff1\"> </span>in<span class=\"_ _2\"></span>dicazione<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>dimos<span class=\"_ _2\"></span>tri<span class=\"ff1\"> </span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>bene<span class=\"ff1\"> <span class=\"_ _2\"></span></span>possa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>av<span class=\"_ _3bd\"> </span>subito<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>perdita<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valore.<span class=\"ff1\"> </span>Le<span class=\"ff1\"> </span>eventuali<span class=\"ff1\"> </span>rettifiche<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> </span>rilevate<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>conto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>economico.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"fc0 sc1\"> </span>Un'attivit\u00e0<span class=\"ff1\"> </span>m<span class=\"_ _2\"></span>ateriale<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>eliminata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dallo<span class=\"ff1\"> </span>Stato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Patrimoniale<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>momento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> </span>dismiss<span class=\"_ _2\"></span>ione<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quando<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>bene<span class=\"ff1\"> </span>permanentemente<span class=\"ff1\"> </span>ritirato<span class=\"ff1\"> </span>dall\u2019uso<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>sua<span class=\"ff1\"> </span>dismissione<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>attesi<span class=\"ff1\"> </span>benefici<span class=\"ff1\"> </span>economici<span class=\"ff1\"> </span>futuri.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ril<span class=\"_ _0\"></span>ev<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>del<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ual<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>L\u2019allocazione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>componenti<span class=\"ff1\"> </span>reddituali<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> </span>pertinenti<span class=\"ff1\"> </span>voci<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>conto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>economico<span class=\"ff1\"> </span>avviene<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>quanto<span class=\"ff1\"> </span>riportato<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>seguito:<span class=\"_ _3bd\"> </span>gl<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ammo<span class=\"_ _0\"></span>rtame<span class=\"_ _1\"></span>nti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">peri<span class=\"_ _0\"></span>odi<span class=\"_ _0\"></span>ci,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">perdi<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dura<span class=\"_ _0\"></span>tur<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">valore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ri<span class=\"_ _0\"></span>prese<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">val<span class=\"_ _0\"></span>ore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ve<span class=\"_ _0\"></span>ngo<span class=\"_ _0\"></span>no<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alloc<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nell<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">v<span class=\"_ _0\"></span>oce<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>\u201cRe<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span>fich<span class=\"_ _0\"></span>e/ri<span class=\"_ _0\"></span>pre<span class=\"_ _0\"></span>se<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>lore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ne<span class=\"_ _0\"></span>tte<span class=\"ff1\"> </span>su<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">at<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mate<span class=\"_ _0\"></span>rial<span class=\"_ _0\"></span>i\u201d;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">profitti<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perdite<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">derivanti<span class=\"ff1\"> </span>dalle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">op<span class=\"_ _2\"></span>erazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cessione<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>engono<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">allocati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nella<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">voce<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u201cUtili<span class=\"ff1\"> </span>(Perdite)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>cessione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>investimenti\u201d.<span class=\"_ _3bd\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-874": {
   "value": "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 son o rilevati a Conto Economico.  ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-808": {
   "value": "<div class=\"t mb h5 ff3 fs0 fc4 sc2 ls0 ws0 gs5c0\">7</div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs5c1\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs5c2\">Attivit\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs5c3\">im<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>li<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs5c4\">Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs5c5\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs5c6\">isc<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5c7\">Le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>immateriali<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>iscritte<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>come<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tali<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>se<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>identificabili<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>trovano<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>origine<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>diritti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>legal<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>o<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5c8\">con<span class=\"_ _0\"></span>trat<span class=\"_ _0\"></span>tua<span class=\"_ _0\"></span>li.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5c9\">Le<span class=\"ff1\"> </span>pre<span class=\"_ _2\"></span>dette<span class=\"ff1\"> </span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>iscritte<span class=\"ff1\"> </span>ai<span class=\"ff1\"> <span class=\"_ _2\"></span></span>costi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>acquisto,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>comprensivi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>degli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>oneri<span class=\"ff1\"> </span>accesso<span class=\"_ _2\"></span>ri<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ed<span class=\"ff1\"> </span>aumentat<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5ca\">spese<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>uccessive<span class=\"ff1\"> </span>sos<span class=\"_ _2\"></span>tenute<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>accrescerne<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>valor<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>capacit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>produttiva<span class=\"ff1\"> <span class=\"_ _2\"></span></span>iniziale.<span class=\"ff1\"> </span>Gli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>avviamenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5cb\">pa<span class=\"_ _0\"></span>ri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">all<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>diff<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span>nza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">posi<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>tra<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">one<span class=\"_ _0\"></span>ri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">soste<span class=\"_ _1\"></span>nuti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">acqui<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">comple<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">az<span class=\"_ _0\"></span>iend<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">so<span class=\"_ _0\"></span>ttosta<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>rti<span class=\"_ _0\"></span>nen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5cc\">quote<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>assivit\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">delle<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>assivit\u00e0<span class=\"ff1\"> </span>potenzial<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">acquisite.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Qualor<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">differen<span class=\"_ _2\"></span>za<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5cd\">ris<span class=\"_ _0\"></span>ult<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>neg<span class=\"_ _0\"></span>ativ<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>(bad<span class=\"_ _0\"></span>will<span class=\"_ _0\"></span>)<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>ll\u2019i<span class=\"_ _0\"></span>pote<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cui<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">il</span> <span class=\"ff3\">good<span class=\"_ _0\"></span>wil<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tro<span class=\"_ _0\"></span>vi<span class=\"ff1\"> </span>gi<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>tifi<span class=\"_ _0\"></span>cazi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">nel<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>ca<span class=\"_ _0\"></span>pac<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>ddit<span class=\"_ _0\"></span>uali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">futu<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5ce\">della<span class=\"ff1\"> </span>partecipata,<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>differenza<span class=\"ff1\"> </span>stessa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>viene<span class=\"ff1\"> </span>iscritta<span class=\"ff1\"> </span>direttamente<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs5cf\">Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs5d0\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs5d1\">cla<span class=\"_ _1\"></span>ssi<span class=\"_ _0\"></span>fica<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5d2\">Il<span class=\"ff1\">  </span>portafoglio<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>delle<span class=\"ff1\">  </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>immateriali<span class=\"ff1\">  </span>include<span class=\"ff1\">  </span>i<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>fattor<span class=\"_ _2\"></span>i<span class=\"ff1\">  </span>intangibili<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>produzione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>ad<span class=\"ff1\">  </span>utilit\u00e0<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>pluriennale<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5d3\">rappresentati<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>particolare<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>software,<span class=\"ff1\"> </span>benefici<span class=\"ff1\"> </span>legati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> </span>relazione<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> </span>clientela<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(client<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>elationship)<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5d4\">av<span class=\"_ _0\"></span>viame<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs5d5\">Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs5d6\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs5d7\">va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5d8\">Le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>immateriali<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>durata<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>limitata<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>vengono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valutate<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>secondo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _0\"></span>rincipio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>co<span class=\"_ _2\"></span>sto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>netto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>deg<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5d9\">ammortamenti<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perdite<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>riduzioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">durevoli<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valor<span class=\"_ _2\"></span>e.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Gli<span class=\"ff1\"> </span>ammortamenti<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>du<span class=\"_ _0\"></span>rata<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>alla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vita<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5da\">uti<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ben<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>d<span class=\"_ _1\"></span>a<span class=\"ff1\"> </span>am<span class=\"_ _0\"></span>morti<span class=\"_ _0\"></span>zza<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">son<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bas<span class=\"_ _0\"></span>ati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sul<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">meto<span class=\"_ _0\"></span>do<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>ote<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cos<span class=\"_ _0\"></span>tant<span class=\"_ _0\"></span>i.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Se<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rico<span class=\"_ _0\"></span>rron<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>vid<span class=\"_ _0\"></span>enze<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sinto<span class=\"_ _0\"></span>mati<span class=\"_ _0\"></span>che<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5db\">dell\u2019esistenza<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>perdite<span class=\"ff1\"> </span>durevoli,<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> </span>immateriali<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>sottoposte<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>impairment<span class=\"ff1\"> </span>test,<span class=\"ff1\"> </span>registrando<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5dc\">eventuali<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>rdite<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valore;<span class=\"ff1\"> </span>successive<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riprese<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">possono<span class=\"ff1\"> </span>eccedere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019ammontare<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"ff1\"> </span>perdite<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5dd\">impairment<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>precedenza<span class=\"ff1\"> </span>registr<span class=\"_ _2\"></span>ate.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5de\">Gli<span class=\"ff1\">  </span>avviamen<span class=\"_ _0\"></span>ti<span class=\"ff1\">  </span>non<span class=\"ff1\">  </span>sono<span class=\"ff1\">  </span>assoggettati<span class=\"ff1\">  </span>ad<span class=\"ff1\">  </span>ammortamento,<span class=\"ff1\">  </span>m<span class=\"_ _0\"></span>a<span class=\"ff1\">  </span>vengono<span class=\"ff1\">  </span>pe<span class=\"_ _0\"></span>riodicamente<span class=\"ff1\">  </span>sott<span class=\"_ _2\"></span>oposti<span class=\"ff1\">  </span>ad<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5df\">impairment<span class=\"ff1\"> <span class=\"_ _2\"></span></span>test.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>L\u2019eventuale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>differenza<span class=\"ff1\"> </span>n<span class=\"_ _2\"></span>egativa<span class=\"ff1\"> </span>t<span class=\"_ _2\"></span>ra<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _2\"></span></span>recuperabile<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ciascuna<span class=\"ff1\"> <span class=\"_ _2\"></span></span>unit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>generatrice<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5e0\">flussi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziari<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(CGU)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _21\"></span></span>quale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>ppartiene</span> <span class=\"_ _2\"></span><span class=\"ff3\">un</span> <span class=\"_ _20\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>eterminato</span> <span class=\"_ _20\"></span><span class=\"ff3\">avviamento</span> <span class=\"_ _20\"></span><span class=\"ff3\">e</span> <span class=\"_ _20\"></span><span class=\"ff3\">il</span> <span class=\"_ _20\"></span><span class=\"ff3\">valore</span> <span class=\"_ _20\"></span><span class=\"ff3\">contabile</span> <span class=\"_ _20\"></span><span class=\"ff3\">del</span> <span class=\"_ _20\"></span><span class=\"ff3\">patrimonio</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5e1\">netto<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>ella<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>medesima<span class=\"ff1\">  </span>costituisce<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>perdita<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>da<span class=\"ff1\">  </span>i<span class=\"_ _0\"></span>mpairment.<span class=\"ff1\">  </span>I<span class=\"_ _0\"></span>l<span class=\"ff1\">  </span>valore<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>recuperabile<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\">  </span>un<span class=\"_ _0\"></span>a<span class=\"ff1\">  </span>CGU<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u2013<span class=\"ff1\">  </span>che<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ne<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5e2\">rappresenta<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stima<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">economico<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u2013<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span>raggu<span class=\"_ _0\"></span>aglia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">maggior<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tra<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d\u2019uso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attuale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5e3\">flussi<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>cassa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attesi)<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>cambio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(presumibile<span class=\"ff1\"> </span>valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>ce<span class=\"_ _0\"></span>ssione<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">netto<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cos<span class=\"_ _2\"></span>ti<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>transazione).<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5e4\">Eventuali<span class=\"ff1\"> </span>successive<span class=\"ff1\"> </span>riprese<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>possono<span class=\"ff1\"> </span>ess<span class=\"_ _2\"></span>ere<span class=\"ff1\"> </span>registrate.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs5e6\">Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs5e7\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs5e8\">ca<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5e9\">Le<span class=\"ff1\">  </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>immateriali<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>vengono<span class=\"ff1\">  </span>cancellate<span class=\"ff1\">  </span>dal<span class=\"ff1\">  </span>bilancio<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>quando<span class=\"ff1\">  </span>hanno<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>esaurito<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>integralmente<span class=\"ff1\">  </span>le<span class=\"ff1\">  </span>lo<span class=\"_ _3bd\"> </span>ro<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5ea\">funzionalit\u00e0<span class=\"ff1\">  </span>economiche,<span class=\"ff1\">  </span>ov<span class=\"_ _2\"></span>vero<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>nel<span class=\"ff1\">  </span>momento<span class=\"ff1\">  </span>della<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dismissione<span class=\"ff1\">  </span>o<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>qualora<span class=\"ff1\">  </span>non<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>sono<span class=\"ff1\">  </span>att<span class=\"_ _2\"></span>esi<span class=\"ff1\">  </span>benef<span class=\"_ _3bd\"> </span>ici<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5eb\">economici<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">futuri<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs5ec\">Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs5ed\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs5ee\">ril<span class=\"_ _0\"></span>ev<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs5ef\">del<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs5f0\">co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs5f1\">re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ual<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5f2\">L\u2019allocazione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>componenti<span class=\"ff1\"> </span>reddituali<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> </span>pertinenti<span class=\"ff1\"> </span>voci<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>conto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>economico<span class=\"ff1\"> </span>avviene<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5f3\">quanto<span class=\"ff1\"> </span>riportato<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>seguito:<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5f4\">gl<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ammo<span class=\"_ _0\"></span>rtame<span class=\"_ _1\"></span>nti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">peri<span class=\"_ _0\"></span>odi<span class=\"_ _0\"></span>ci,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">perdi<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dura<span class=\"_ _0\"></span>tur<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">valore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ri<span class=\"_ _0\"></span>prese<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">val<span class=\"_ _0\"></span>ore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ve<span class=\"_ _0\"></span>ngo<span class=\"_ _0\"></span>no<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alloc<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nell<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">v<span class=\"_ _0\"></span>oc<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">e<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5f5\">\u201cRe<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span>fich<span class=\"_ _0\"></span>e/ri<span class=\"_ _0\"></span>pre<span class=\"_ _0\"></span>se<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>lore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ne<span class=\"_ _0\"></span>tte<span class=\"ff1\"> </span>su<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">at<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">imma<span class=\"_ _0\"></span>teri<span class=\"_ _0\"></span>ali\u201d<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5f6\">le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>perdite<span class=\"ff1\">  </span>durature<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>valore<span class=\"ff1\">  </span>de<span class=\"_ _0\"></span>ll\u2019avviamento<span class=\"ff1\">  </span>vengono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>allocate<span class=\"ff1\">  </span>nella<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>voce<span class=\"ff1\">  </span>\u201cRettifiche<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\">  </span>valore<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5f7\">dell\u2019avviamento\u201d.<span class=\"ff1\"> </span>Non<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>ammessa<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>cont<span class=\"_ _2\"></span>abilizzazione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">event<span class=\"_ _2\"></span>uali</span> <span class=\"ff3\">successive</span> <span class=\"ff3\">riprese</span> <span class=\"ff3\">di</span> <span class=\"ff3\">valore.</span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-898": {
   "value": "7-<span class=\"_ _3bd\"> </span>Attivit\u00e0<span class=\"_ _3bd\"> </span>im<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>li<span class=\"fc0 sc1\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>isc<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>immateriali<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>iscritte<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>come<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tali<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>se<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>identificabili<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>trovano<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>origine<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>diritti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>legal<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>o<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>trat<span class=\"_ _0\"></span>tua<span class=\"_ _0\"></span>li.<span class=\"_ _3bd\"> </span>Le<span class=\"ff1\"> </span>pre<span class=\"_ _2\"></span>dette<span class=\"ff1\"> </span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>iscritte<span class=\"ff1\"> </span>ai<span class=\"ff1\"> <span class=\"_ _2\"></span></span>costi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>acquisto,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>comprensivi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>degli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>oneri<span class=\"ff1\"> </span>accesso<span class=\"_ _2\"></span>ri<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ed<span class=\"ff1\"> </span>aumentat<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>spese<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>uccessive<span class=\"ff1\"> </span>sos<span class=\"_ _2\"></span>tenute<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>accrescerne<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>valor<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>capacit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>produttiva<span class=\"ff1\"> <span class=\"_ _2\"></span></span>iniziale.<span class=\"ff1\"> </span>Gli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>avviamenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>ri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">all<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>diff<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span>nza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">posi<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>tra<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">one<span class=\"_ _0\"></span>ri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">soste<span class=\"_ _1\"></span>nuti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">acqui<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">comple<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">az<span class=\"_ _0\"></span>iend<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">so<span class=\"_ _0\"></span>ttosta<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>rti<span class=\"_ _0\"></span>nen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>quote<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>assivit\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">delle<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>assivit\u00e0<span class=\"ff1\"> </span>potenzial<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">acquisite.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Qualor<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">differen<span class=\"_ _2\"></span>za<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ris<span class=\"_ _0\"></span>ult<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>neg<span class=\"_ _0\"></span>ativ<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>(bad<span class=\"_ _0\"></span>will<span class=\"_ _0\"></span>)<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>ll\u2019i<span class=\"_ _0\"></span>pote<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cui<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">il</span> <span class=\"ff3\">good<span class=\"_ _0\"></span>wil<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tro<span class=\"_ _0\"></span>vi<span class=\"ff1\"> </span>gi<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>tifi<span class=\"_ _0\"></span>cazi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">nel<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>ca<span class=\"_ _0\"></span>pac<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>ddit<span class=\"_ _0\"></span>uali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">futu<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>della<span class=\"ff1\"> </span>partecipata,<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>differenza<span class=\"ff1\"> </span>stessa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>viene<span class=\"ff1\"> </span>iscritta<span class=\"ff1\"> </span>direttamente<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cla<span class=\"_ _1\"></span>ssi<span class=\"_ _0\"></span>fica<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Il<span class=\"ff1\">  </span>portafoglio<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>delle<span class=\"ff1\">  </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>immateriali<span class=\"ff1\">  </span>include<span class=\"ff1\">  </span>i<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>fattor<span class=\"_ _2\"></span>i<span class=\"ff1\">  </span>intangibili<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>produzione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>ad<span class=\"ff1\">  </span>utilit\u00e0<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>pluriennale<span class=\"ff1\"> </span>rappresentati<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>particolare<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>software,<span class=\"ff1\"> </span>benefici<span class=\"ff1\"> </span>legati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> </span>relazione<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> </span>clientela<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(client<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>elationship)<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>av<span class=\"_ _0\"></span>viame<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>immateriali<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>durata<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>limitata<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>vengono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valutate<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>secondo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _0\"></span>rincipio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>co<span class=\"_ _2\"></span>sto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>netto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>deg<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>ammortamenti<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perdite<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>riduzioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">durevoli<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valor<span class=\"_ _2\"></span>e.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Gli<span class=\"ff1\"> </span>ammortamenti<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>du<span class=\"_ _0\"></span>rata<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>alla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vita<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>uti<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ben<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>d<span class=\"_ _1\"></span>a<span class=\"ff1\"> </span>am<span class=\"_ _0\"></span>morti<span class=\"_ _0\"></span>zza<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">son<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bas<span class=\"_ _0\"></span>ati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sul<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">meto<span class=\"_ _0\"></span>do<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>ote<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cos<span class=\"_ _0\"></span>tant<span class=\"_ _0\"></span>i.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Se<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rico<span class=\"_ _0\"></span>rron<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>vid<span class=\"_ _0\"></span>enze<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sinto<span class=\"_ _0\"></span>mati<span class=\"_ _0\"></span>che<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>dell\u2019esistenza<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>perdite<span class=\"ff1\"> </span>durevoli,<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> </span>immateriali<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>sottoposte<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>impairment<span class=\"ff1\"> </span>test,<span class=\"ff1\"> </span>registrando<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> </span>eventuali<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>rdite<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valore;<span class=\"ff1\"> </span>successive<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riprese<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">possono<span class=\"ff1\"> </span>eccedere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019ammontare<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"ff1\"> </span>perdite<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>impairment<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>precedenza<span class=\"ff1\"> </span>registr<span class=\"_ _2\"></span>ate.<span class=\"_ _3bd\"> </span>Gli<span class=\"ff1\">  </span>avviamen<span class=\"_ _0\"></span>ti<span class=\"ff1\">  </span>non<span class=\"ff1\">  </span>sono<span class=\"ff1\">  </span>assoggettati<span class=\"ff1\">  </span>ad<span class=\"ff1\">  </span>ammortamento,<span class=\"ff1\">  </span>m<span class=\"_ _0\"></span>a<span class=\"ff1\">  </span>vengono<span class=\"ff1\">  </span>pe<span class=\"_ _0\"></span>riodicamente<span class=\"ff1\">  </span>sott<span class=\"_ _2\"></span>oposti<span class=\"ff1\">  </span>ad<span class=\"ff1\"> </span>impairment<span class=\"ff1\"> <span class=\"_ _2\"></span></span>test.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>L\u2019eventuale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>differenza<span class=\"ff1\"> </span>n<span class=\"_ _2\"></span>egativa<span class=\"ff1\"> </span>t<span class=\"_ _2\"></span>ra<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _2\"></span></span>recuperabile<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ciascuna<span class=\"ff1\"> <span class=\"_ _2\"></span></span>unit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>generatrice<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziari<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(CGU)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _21\"></span></span>quale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>ppartiene</span> <span class=\"_ _2\"></span><span class=\"ff3\">un</span> <span class=\"_ _20\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>eterminato</span> <span class=\"_ _20\"></span><span class=\"ff3\">avviamento</span> <span class=\"_ _20\"></span><span class=\"ff3\">e</span> <span class=\"_ _20\"></span><span class=\"ff3\">il</span> <span class=\"_ _20\"></span><span class=\"ff3\">valore</span> <span class=\"_ _20\"></span><span class=\"ff3\">contabile</span> <span class=\"_ _20\"></span><span class=\"ff3\">del</span> <span class=\"_ _20\"></span><span class=\"ff3\">patrimonio</span> </span>netto<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>ella<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>medesima<span class=\"ff1\">  </span>costituisce<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>perdita<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>da<span class=\"ff1\">  </span>i<span class=\"_ _0\"></span>mpairment.<span class=\"ff1\">  </span>I<span class=\"_ _0\"></span>l<span class=\"ff1\">  </span>valore<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>recuperabile<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\">  </span>un<span class=\"_ _0\"></span>a<span class=\"ff1\">  </span>CGU<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u2013<span class=\"ff1\">  </span>che<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ne<span class=\"ff1\"> </span>rappresenta<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stima<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">economico<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u2013<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span>raggu<span class=\"_ _0\"></span>aglia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">maggior<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tra<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d\u2019uso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attuale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>flussi<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>cassa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attesi)<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>cambio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(presumibile<span class=\"ff1\"> </span>valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>ce<span class=\"_ _0\"></span>ssione<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">netto<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cos<span class=\"_ _2\"></span>ti<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>transazione).<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Eventuali<span class=\"ff1\"> </span>successive<span class=\"ff1\"> </span>riprese<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>possono<span class=\"ff1\"> </span>ess<span class=\"_ _2\"></span>ere<span class=\"ff1\"> </span>registrate.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\">  </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>immateriali<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>vengono<span class=\"ff1\">  </span>cancellate<span class=\"ff1\">  </span>dal<span class=\"ff1\">  </span>bilancio<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>quando<span class=\"ff1\">  </span>hanno<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>esaurito<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>integralmente<span class=\"ff1\">  </span>le<span class=\"ff1\">  </span>lo<span class=\"_ _3bd\"> </span>funzionalit\u00e0<span class=\"ff1\">  </span>economiche,<span class=\"ff1\">  </span>ov<span class=\"_ _2\"></span>vero<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>nel<span class=\"ff1\">  </span>momento<span class=\"ff1\">  </span>della<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dismissione<span class=\"ff1\">  </span>o<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>qualora<span class=\"ff1\">  </span>non<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>sono<span class=\"ff1\">  </span>att<span class=\"_ _2\"></span>esi<span class=\"ff1\">  </span>benef<span class=\"_ _3bd\"> </span>economici<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">futuri<span class=\"_ _3bd\"> </span></span></span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ril<span class=\"_ _0\"></span>ev<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>del<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ual<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>L\u2019allocazione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>componenti<span class=\"ff1\"> </span>reddituali<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> </span>pertinenti<span class=\"ff1\"> </span>voci<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>conto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>economico<span class=\"ff1\"> </span>avviene<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>quanto<span class=\"ff1\"> </span>riportato<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>seguito:<span class=\"_ _3bd\"> </span>gl<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ammo<span class=\"_ _0\"></span>rtame<span class=\"_ _1\"></span>nti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">peri<span class=\"_ _0\"></span>odi<span class=\"_ _0\"></span>ci,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">perdi<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dura<span class=\"_ _0\"></span>tur<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">valore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ri<span class=\"_ _0\"></span>prese<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">val<span class=\"_ _0\"></span>ore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ve<span class=\"_ _0\"></span>ngo<span class=\"_ _0\"></span>no<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alloc<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nell<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">v<span class=\"_ _0\"></span>oc<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>\u201cRe<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span>fich<span class=\"_ _0\"></span>e/ri<span class=\"_ _0\"></span>pre<span class=\"_ _0\"></span>se<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>lore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ne<span class=\"_ _0\"></span>tte<span class=\"ff1\"> </span>su<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">at<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">imma<span class=\"_ _0\"></span>teri<span class=\"_ _0\"></span>ali\u201d<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>perdite<span class=\"ff1\">  </span>durature<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>valore<span class=\"ff1\">  </span>de<span class=\"_ _0\"></span>ll\u2019avviamento<span class=\"ff1\">  </span>vengono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>allocate<span class=\"ff1\">  </span>nella<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>voce<span class=\"ff1\">  </span>\u201cRettifiche<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\">  </span>valore<span class=\"ff1\"> </span>dell\u2019avviamento\u201d.<span class=\"ff1\"> </span>Non<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>ammessa<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>cont<span class=\"_ _2\"></span>abilizzazione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">event<span class=\"_ _2\"></span>uali</span> <span class=\"ff3\">successive</span> <span class=\"ff3\">riprese</span> <span class=\"ff3\">di</span> <span class=\"ff3\">valore.</span></span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-836": {
   "value": "7-<span class=\"_ _3bd\"> </span>Attivit\u00e0<span class=\"_ _3bd\"> </span>im<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>li<span class=\"fc0 sc1\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>isc<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>immateriali<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>iscritte<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>come<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tali<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>se<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>identificabili<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>trovano<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>origine<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>diritti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>legal<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>o<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>trat<span class=\"_ _0\"></span>tua<span class=\"_ _0\"></span>li.<span class=\"_ _3bd\"> </span>Le<span class=\"ff1\"> </span>pre<span class=\"_ _2\"></span>dette<span class=\"ff1\"> </span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>iscritte<span class=\"ff1\"> </span>ai<span class=\"ff1\"> <span class=\"_ _2\"></span></span>costi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>acquisto,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>comprensivi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>degli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>oneri<span class=\"ff1\"> </span>accesso<span class=\"_ _2\"></span>ri<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ed<span class=\"ff1\"> </span>aumentat<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>spese<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>uccessive<span class=\"ff1\"> </span>sos<span class=\"_ _2\"></span>tenute<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>accrescerne<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>valor<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>capacit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>produttiva<span class=\"ff1\"> <span class=\"_ _2\"></span></span>iniziale.<span class=\"ff1\"> </span>Gli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>avviamenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>ri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">all<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>diff<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span>nza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">posi<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>tra<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">one<span class=\"_ _0\"></span>ri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">soste<span class=\"_ _1\"></span>nuti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">acqui<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">comple<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">az<span class=\"_ _0\"></span>iend<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">so<span class=\"_ _0\"></span>ttosta<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>rti<span class=\"_ _0\"></span>nen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>quote<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>assivit\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">delle<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>assivit\u00e0<span class=\"ff1\"> </span>potenzial<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">acquisite.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Qualor<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">differen<span class=\"_ _2\"></span>za<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ris<span class=\"_ _0\"></span>ult<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>neg<span class=\"_ _0\"></span>ativ<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>(bad<span class=\"_ _0\"></span>will<span class=\"_ _0\"></span>)<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>ll\u2019i<span class=\"_ _0\"></span>pote<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cui<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">il</span> <span class=\"ff3\">good<span class=\"_ _0\"></span>wil<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tro<span class=\"_ _0\"></span>vi<span class=\"ff1\"> </span>gi<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>tifi<span class=\"_ _0\"></span>cazi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">nel<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>ca<span class=\"_ _0\"></span>pac<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>ddit<span class=\"_ _0\"></span>uali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">futu<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>della<span class=\"ff1\"> </span>partecipata,<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>differenza<span class=\"ff1\"> </span>stessa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>viene<span class=\"ff1\"> </span>iscritta<span class=\"ff1\"> </span>direttamente<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cla<span class=\"_ _1\"></span>ssi<span class=\"_ _0\"></span>fica<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Il<span class=\"ff1\">  </span>portafoglio<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>delle<span class=\"ff1\">  </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>immateriali<span class=\"ff1\">  </span>include<span class=\"ff1\">  </span>i<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>fattor<span class=\"_ _2\"></span>i<span class=\"ff1\">  </span>intangibili<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>produzione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>ad<span class=\"ff1\">  </span>utilit\u00e0<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>pluriennale<span class=\"ff1\"> </span>rappresentati<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>particolare<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>software,<span class=\"ff1\"> </span>benefici<span class=\"ff1\"> </span>legati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> </span>relazione<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> </span>clientela<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(client<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>elationship)<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>av<span class=\"_ _0\"></span>viame<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>immateriali<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>durata<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>limitata<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>vengono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valutate<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>secondo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _0\"></span>rincipio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>co<span class=\"_ _2\"></span>sto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>netto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>deg<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>ammortamenti<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perdite<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>riduzioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">durevoli<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valor<span class=\"_ _2\"></span>e.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Gli<span class=\"ff1\"> </span>ammortamenti<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>du<span class=\"_ _0\"></span>rata<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>alla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vita<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>uti<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ben<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>d<span class=\"_ _1\"></span>a<span class=\"ff1\"> </span>am<span class=\"_ _0\"></span>morti<span class=\"_ _0\"></span>zza<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">son<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bas<span class=\"_ _0\"></span>ati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sul<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">meto<span class=\"_ _0\"></span>do<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>ote<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cos<span class=\"_ _0\"></span>tant<span class=\"_ _0\"></span>i.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Se<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rico<span class=\"_ _0\"></span>rron<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>vid<span class=\"_ _0\"></span>enze<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sinto<span class=\"_ _0\"></span>mati<span class=\"_ _0\"></span>che<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>dell\u2019esistenza<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>perdite<span class=\"ff1\"> </span>durevoli,<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> </span>immateriali<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>sottoposte<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>impairment<span class=\"ff1\"> </span>test,<span class=\"ff1\"> </span>registrando<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> </span>eventuali<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>rdite<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valore;<span class=\"ff1\"> </span>successive<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riprese<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">possono<span class=\"ff1\"> </span>eccedere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019ammontare<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"ff1\"> </span>perdite<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>impairment<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>precedenza<span class=\"ff1\"> </span>registr<span class=\"_ _2\"></span>ate.<span class=\"_ _3bd\"> </span>Gli<span class=\"ff1\">  </span>avviamen<span class=\"_ _0\"></span>ti<span class=\"ff1\">  </span>non<span class=\"ff1\">  </span>sono<span class=\"ff1\">  </span>assoggettati<span class=\"ff1\">  </span>ad<span class=\"ff1\">  </span>ammortamento,<span class=\"ff1\">  </span>m<span class=\"_ _0\"></span>a<span class=\"ff1\">  </span>vengono<span class=\"ff1\">  </span>pe<span class=\"_ _0\"></span>riodicamente<span class=\"ff1\">  </span>sott<span class=\"_ _2\"></span>oposti<span class=\"ff1\">  </span>ad<span class=\"ff1\"> </span>impairment<span class=\"ff1\"> <span class=\"_ _2\"></span></span>test.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>L\u2019eventuale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>differenza<span class=\"ff1\"> </span>n<span class=\"_ _2\"></span>egativa<span class=\"ff1\"> </span>t<span class=\"_ _2\"></span>ra<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _2\"></span></span>recuperabile<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ciascuna<span class=\"ff1\"> <span class=\"_ _2\"></span></span>unit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>generatrice<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziari<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(CGU)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _21\"></span></span>quale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>ppartiene</span> <span class=\"_ _2\"></span><span class=\"ff3\">un</span> <span class=\"_ _20\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>eterminato</span> <span class=\"_ _20\"></span><span class=\"ff3\">avviamento</span> <span class=\"_ _20\"></span><span class=\"ff3\">e</span> <span class=\"_ _20\"></span><span class=\"ff3\">il</span> <span class=\"_ _20\"></span><span class=\"ff3\">valore</span> <span class=\"_ _20\"></span><span class=\"ff3\">contabile</span> <span class=\"_ _20\"></span><span class=\"ff3\">del</span> <span class=\"_ _20\"></span><span class=\"ff3\">patrimonio</span> </span>netto<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>ella<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>medesima<span class=\"ff1\">  </span>costituisce<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>perdita<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>da<span class=\"ff1\">  </span>i<span class=\"_ _0\"></span>mpairment.<span class=\"ff1\">  </span>I<span class=\"_ _0\"></span>l<span class=\"ff1\">  </span>valore<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>recuperabile<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\">  </span>un<span class=\"_ _0\"></span>a<span class=\"ff1\">  </span>CGU<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u2013<span class=\"ff1\">  </span>che<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ne<span class=\"ff1\"> </span>rappresenta<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stima<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">economico<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u2013<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span>raggu<span class=\"_ _0\"></span>aglia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">maggior<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tra<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d\u2019uso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attuale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>flussi<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>cassa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attesi)<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>cambio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(presumibile<span class=\"ff1\"> </span>valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>ce<span class=\"_ _0\"></span>ssione<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">netto<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cos<span class=\"_ _2\"></span>ti<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>transazione).<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Eventuali<span class=\"ff1\"> </span>successive<span class=\"ff1\"> </span>riprese<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>possono<span class=\"ff1\"> </span>ess<span class=\"_ _2\"></span>ere<span class=\"ff1\"> </span>registrate.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\">  </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>immateriali<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>vengono<span class=\"ff1\">  </span>cancellate<span class=\"ff1\">  </span>dal<span class=\"ff1\">  </span>bilancio<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>quando<span class=\"ff1\">  </span>hanno<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>esaurito<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>integralmente<span class=\"ff1\">  </span>le<span class=\"ff1\">  </span>lo<span class=\"_ _3bd\"> </span>ro<span class=\"ff1\"> </span>funzionalit\u00e0<span class=\"ff1\">  </span>economiche,<span class=\"ff1\">  </span>ov<span class=\"_ _2\"></span>vero<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>nel<span class=\"ff1\">  </span>momento<span class=\"ff1\">  </span>della<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dismissione<span class=\"ff1\">  </span>o<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>qualora<span class=\"ff1\">  </span>non<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>sono<span class=\"ff1\">  </span>att<span class=\"_ _2\"></span>esi<span class=\"ff1\">  </span>benef<span class=\"_ _3bd\"> </span>ici<span class=\"ff1\"> </span>economici<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">futuri<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ril<span class=\"_ _0\"></span>ev<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>del<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ual<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>L\u2019allocazione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>componenti<span class=\"ff1\"> </span>reddituali<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> </span>pertinenti<span class=\"ff1\"> </span>voci<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>conto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>economico<span class=\"ff1\"> </span>avviene<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>quanto<span class=\"ff1\"> </span>riportato<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>seguito:<span class=\"_ _3bd\"> </span> gl<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ammo<span class=\"_ _0\"></span>rtame<span class=\"_ _1\"></span>nti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">peri<span class=\"_ _0\"></span>odi<span class=\"_ _0\"></span>ci,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">perdi<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dura<span class=\"_ _0\"></span>tur<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">valore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ri<span class=\"_ _0\"></span>prese<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">val<span class=\"_ _0\"></span>ore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ve<span class=\"_ _0\"></span>ngo<span class=\"_ _0\"></span>no<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alloc<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nell<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">v<span class=\"_ _0\"></span>oc<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">e<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>\u201cRe<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span>fich<span class=\"_ _0\"></span>e/ri<span class=\"_ _0\"></span>pre<span class=\"_ _0\"></span>se<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>lore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ne<span class=\"_ _0\"></span>tte<span class=\"ff1\"> </span>su<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">at<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">imma<span class=\"_ _0\"></span>teri<span class=\"_ _0\"></span>ali\u201d<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span>le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>perdite<span class=\"ff1\">  </span>durature<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>valore<span class=\"ff1\">  </span>de<span class=\"_ _0\"></span>ll\u2019avviamento<span class=\"ff1\">  </span>vengono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>allocate<span class=\"ff1\">  </span>nella<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>voce<span class=\"ff1\">  </span>\u201cRettifiche<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\">  </span>valore<span class=\"ff1\"> </span>dell\u2019avviamento\u201d.<span class=\"ff1\"> </span>Non<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>ammessa<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>cont<span class=\"_ _2\"></span>abilizzazione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">event<span class=\"_ _2\"></span>uali</span> <span class=\"ff3\">successive</span> <span class=\"ff3\">riprese</span> <span class=\"ff3\">di</span> <span class=\"ff3\">valore.</span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-851": {
   "value": "7-<span class=\"_ _3bd\"> </span>Attivit\u00e0<span class=\"_ _3bd\"> </span>im<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>li<span class=\"fc0 sc1\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>isc<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>immateriali<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>iscritte<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>come<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tali<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>se<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>identificabili<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>trovano<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>origine<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>diritti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>legal<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>o<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>trat<span class=\"_ _0\"></span>tua<span class=\"_ _0\"></span>li.<span class=\"_ _3bd\"> </span>Le<span class=\"ff1\"> </span>pre<span class=\"_ _2\"></span>dette<span class=\"ff1\"> </span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>iscritte<span class=\"ff1\"> </span>ai<span class=\"ff1\"> <span class=\"_ _2\"></span></span>costi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>acquisto,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>comprensivi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>degli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>oneri<span class=\"ff1\"> </span>accesso<span class=\"_ _2\"></span>ri<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ed<span class=\"ff1\"> </span>aumentat<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>spese<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>uccessive<span class=\"ff1\"> </span>sos<span class=\"_ _2\"></span>tenute<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>accrescerne<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>valor<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>capacit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>produttiva<span class=\"ff1\"> <span class=\"_ _2\"></span></span>iniziale.<span class=\"ff1\"> </span>Gli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>avviamenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>ri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">all<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>diff<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span>nza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">posi<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>tra<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">one<span class=\"_ _0\"></span>ri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">soste<span class=\"_ _1\"></span>nuti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">acqui<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">comple<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">az<span class=\"_ _0\"></span>iend<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">so<span class=\"_ _0\"></span>ttosta<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>rti<span class=\"_ _0\"></span>nen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>quote<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>assivit\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">delle<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>assivit\u00e0<span class=\"ff1\"> </span>potenzial<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">acquisite.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Qualor<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">differen<span class=\"_ _2\"></span>za<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ris<span class=\"_ _0\"></span>ult<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>neg<span class=\"_ _0\"></span>ativ<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>(bad<span class=\"_ _0\"></span>will<span class=\"_ _0\"></span>)<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>ll\u2019i<span class=\"_ _0\"></span>pote<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cui<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">il</span> <span class=\"ff3\">good<span class=\"_ _0\"></span>wil<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tro<span class=\"_ _0\"></span>vi<span class=\"ff1\"> </span>gi<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>tifi<span class=\"_ _0\"></span>cazi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">nel<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>ca<span class=\"_ _0\"></span>pac<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>ddit<span class=\"_ _0\"></span>uali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">futu<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>della<span class=\"ff1\"> </span>partecipata,<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>differenza<span class=\"ff1\"> </span>stessa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>viene<span class=\"ff1\"> </span>iscritta<span class=\"ff1\"> </span>direttamente<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cla<span class=\"_ _1\"></span>ssi<span class=\"_ _0\"></span>fica<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Il<span class=\"ff1\">  </span>portafoglio<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>delle<span class=\"ff1\">  </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>immateriali<span class=\"ff1\">  </span>include<span class=\"ff1\">  </span>i<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>fattor<span class=\"_ _2\"></span>i<span class=\"ff1\">  </span>intangibili<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>produzione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>ad<span class=\"ff1\">  </span>utilit\u00e0<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>pluriennale<span class=\"ff1\"> </span>rappresentati<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>particolare<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>software,<span class=\"ff1\"> </span>benefici<span class=\"ff1\"> </span>legati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> </span>relazione<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> </span>clientela<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(client<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>elationship)<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>av<span class=\"_ _0\"></span>viame<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>immateriali<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>durata<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>limitata<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>vengono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valutate<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>secondo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _0\"></span>rincipio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>co<span class=\"_ _2\"></span>sto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>netto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>deg<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>ammortamenti<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perdite<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>riduzioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">durevoli<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valor<span class=\"_ _2\"></span>e.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Gli<span class=\"ff1\"> </span>ammortamenti<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>du<span class=\"_ _0\"></span>rata<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>alla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vita<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>uti<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ben<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>d<span class=\"_ _1\"></span>a<span class=\"ff1\"> </span>am<span class=\"_ _0\"></span>morti<span class=\"_ _0\"></span>zza<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">son<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bas<span class=\"_ _0\"></span>ati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sul<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">meto<span class=\"_ _0\"></span>do<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>ote<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cos<span class=\"_ _0\"></span>tant<span class=\"_ _0\"></span>i.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Se<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rico<span class=\"_ _0\"></span>rron<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>vid<span class=\"_ _0\"></span>enze<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sinto<span class=\"_ _0\"></span>mati<span class=\"_ _0\"></span>che<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>dell\u2019esistenza<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>perdite<span class=\"ff1\"> </span>durevoli,<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> </span>immateriali<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>sottoposte<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>impairment<span class=\"ff1\"> </span>test,<span class=\"ff1\"> </span>registrando<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> </span>eventuali<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>rdite<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valore;<span class=\"ff1\"> </span>successive<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riprese<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">possono<span class=\"ff1\"> </span>eccedere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019ammontare<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"ff1\"> </span>perdite<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>impairment<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>precedenza<span class=\"ff1\"> </span>registr<span class=\"_ _2\"></span>ate.<span class=\"_ _3bd\"> </span>Gli<span class=\"ff1\">  </span>avviamen<span class=\"_ _0\"></span>ti<span class=\"ff1\">  </span>non<span class=\"ff1\">  </span>sono<span class=\"ff1\">  </span>assoggettati<span class=\"ff1\">  </span>ad<span class=\"ff1\">  </span>ammortamento,<span class=\"ff1\">  </span>m<span class=\"_ _0\"></span>a<span class=\"ff1\">  </span>vengono<span class=\"ff1\">  </span>pe<span class=\"_ _0\"></span>riodicamente<span class=\"ff1\">  </span>sott<span class=\"_ _2\"></span>oposti<span class=\"ff1\">  </span>ad<span class=\"ff1\"> </span>impairment<span class=\"ff1\"> <span class=\"_ _2\"></span></span>test.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>L\u2019eventuale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>differenza<span class=\"ff1\"> </span>n<span class=\"_ _2\"></span>egativa<span class=\"ff1\"> </span>t<span class=\"_ _2\"></span>ra<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _2\"></span></span>recuperabile<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ciascuna<span class=\"ff1\"> <span class=\"_ _2\"></span></span>unit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>generatrice<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziari<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(CGU)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _21\"></span></span>quale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>ppartiene</span> <span class=\"_ _2\"></span><span class=\"ff3\">un</span> <span class=\"_ _20\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>eterminato</span> <span class=\"_ _20\"></span><span class=\"ff3\">avviamento</span> <span class=\"_ _20\"></span><span class=\"ff3\">e</span> <span class=\"_ _20\"></span><span class=\"ff3\">il</span> <span class=\"_ _20\"></span><span class=\"ff3\">valore</span> <span class=\"_ _20\"></span><span class=\"ff3\">contabile</span> <span class=\"_ _20\"></span><span class=\"ff3\">del</span> <span class=\"_ _20\"></span><span class=\"ff3\">patrimonio</span> </span>netto<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>ella<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>medesima<span class=\"ff1\">  </span>costituisce<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>perdita<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>da<span class=\"ff1\">  </span>i<span class=\"_ _0\"></span>mpairment.<span class=\"ff1\">  </span>I<span class=\"_ _0\"></span>l<span class=\"ff1\">  </span>valore<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>recuperabile<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\">  </span>un<span class=\"_ _0\"></span>a<span class=\"ff1\">  </span>CGU<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u2013<span class=\"ff1\">  </span>che<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ne<span class=\"ff1\"> </span>rappresenta<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stima<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">economico<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u2013<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span>raggu<span class=\"_ _0\"></span>aglia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">maggior<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tra<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d\u2019uso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attuale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>flussi<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>cassa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attesi)<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>cambio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(presumibile<span class=\"ff1\"> </span>valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>ce<span class=\"_ _0\"></span>ssione<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">netto<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cos<span class=\"_ _2\"></span>ti<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>transazione).<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Eventuali<span class=\"ff1\"> </span>successive<span class=\"ff1\"> </span>riprese<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>possono<span class=\"ff1\"> </span>ess<span class=\"_ _2\"></span>ere<span class=\"ff1\"> </span>registrate.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\">  </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>immateriali<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>vengono<span class=\"ff1\">  </span>cancellate<span class=\"ff1\">  </span>dal<span class=\"ff1\">  </span>bilancio<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>quando<span class=\"ff1\">  </span>hanno<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>esaurito<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>integralmente<span class=\"ff1\">  </span>le<span class=\"ff1\">  </span>lo<span class=\"_ _3bd\"> </span>ro<span class=\"ff1\"> </span>funzionalit\u00e0<span class=\"ff1\">  </span>economiche,<span class=\"ff1\">  </span>ov<span class=\"_ _2\"></span>vero<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>nel<span class=\"ff1\">  </span>momento<span class=\"ff1\">  </span>della<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dismissione<span class=\"ff1\">  </span>o<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>qualora<span class=\"ff1\">  </span>non<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>sono<span class=\"ff1\">  </span>att<span class=\"_ _2\"></span>esi<span class=\"ff1\">  </span>benef<span class=\"_ _3bd\"> </span>ici<span class=\"ff1\"> </span>economici<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">futuri<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ril<span class=\"_ _0\"></span>ev<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>del<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ual<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>L\u2019allocazione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>componenti<span class=\"ff1\"> </span>reddituali<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> </span>pertinenti<span class=\"ff1\"> </span>voci<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>conto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>economico<span class=\"ff1\"> </span>avviene<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>quanto<span class=\"ff1\"> </span>riportato<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>seguito:<span class=\"_ _3bd\"> </span> gl<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ammo<span class=\"_ _0\"></span>rtame<span class=\"_ _1\"></span>nti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">peri<span class=\"_ _0\"></span>odi<span class=\"_ _0\"></span>ci,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">perdi<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dura<span class=\"_ _0\"></span>tur<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">valore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ri<span class=\"_ _0\"></span>prese<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">val<span class=\"_ _0\"></span>ore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ve<span class=\"_ _0\"></span>ngo<span class=\"_ _0\"></span>no<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alloc<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nell<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">v<span class=\"_ _0\"></span>oc<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">e<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>\u201cRe<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span>fich<span class=\"_ _0\"></span>e/ri<span class=\"_ _0\"></span>pre<span class=\"_ _0\"></span>se<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>lore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ne<span class=\"_ _0\"></span>tte<span class=\"ff1\"> </span>su<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">at<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">imma<span class=\"_ _0\"></span>teri<span class=\"_ _0\"></span>ali\u201d<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span>le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>perdite<span class=\"ff1\">  </span>durature<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>valore<span class=\"ff1\">  </span>de<span class=\"_ _0\"></span>ll\u2019avviamento<span class=\"ff1\">  </span>vengono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>allocate<span class=\"ff1\">  </span>nella<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>voce<span class=\"ff1\">  </span>\u201cRettifiche<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\">  </span>valore<span class=\"ff1\"> </span>dell\u2019avviamento\u201d.<span class=\"ff1\"> </span>Non<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>ammessa<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>cont<span class=\"_ _2\"></span>abilizzazione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">event<span class=\"_ _2\"></span>uali</span> <span class=\"ff3\">successive</span> <span class=\"ff3\">riprese</span> <span class=\"ff3\">di</span> <span class=\"ff3\">valore.</span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-882": {
   "value": "Criteri di valutazione Le  attivit\u00e0  immateriali  di  durata  limitata  vengono  valutate  secondo  il  principio  del  costo  al  netto  degli ammortamenti e delle perdite per riduzioni durevoli di valore. Gli ammortamenti sono di durata pari alla vita utile dei beni da ammortizzare e sono basati sul metodo a quote costanti. Se ricorrono evidenze sintomatiche dell\u2019esistenza di perdite durevoli, le attivit\u00e0 immateriali sono sottoposte ad impairment test, registrando le eventuali perdite di valore; successive riprese di valore non possono eccedere l\u2019ammontare delle perdite da impairment in precedenza registrate.  Gli  avviamenti  non  sono  assoggettati  ad  ammortamento,  ma  vengono  periodicamente  sottoposti  ad impairment test. L\u2019eventuale differenza negativa tra il valore recuperabile di ciascuna unit\u00e0 generatrice di flussi finanziari (CGU) al quale appartiene un determinato avviamento e il valore contabile del patrimonio netto  della  medesima  costituisce  perdita  da  impairment.  Il  valore  recuperabile  di  una  CGU  \u2013  che  ne rappresenta una stima del valore economico \u2013 si ragguaglia al maggiore tra il valore d\u2019uso (valore attuale dei flussi di cassa attesi) e il valore di scambio (presumibile valore di cessione al netto dei costi di transazione). Eventuali successive riprese di valore non possono essere registrate.  ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-875": {
   "value": "Criteri di valutazione Le  attivit\u00e0  immateriali  di  durata  limitata  vengono  valutate  secondo  il  principio  del  costo  al  netto  degli ammortamenti e delle perdite per riduzioni durevoli di valore. Gli ammortamenti sono di durata pari alla vita utile dei beni da ammortizzare e sono basati sul metodo a quote costanti. Se ricorrono evidenze sintomatiche dell\u2019esistenza di perdite durevoli, le attivit\u00e0 immateriali sono sottoposte ad impairment test, registrando le eventuali perdite di valore; successive riprese di valore non possono eccedere l\u2019ammontare delle perdite da impairment in precedenza registrate.  Gli  avviamenti  non  sono  assoggettati  ad  ammortamento,  ma  vengono  periodicamente  sottoposti  ad impairment test. L\u2019eventuale differenza negativa tra il valore recuperabile di ciascuna unit\u00e0 generatrice di flussi finanziari (CGU) al quale appartiene un determinato avviamento e il valore contabile del patrimonio netto  della  medesima  costituisce  perdita  da  impairment.  Il  valore  recuperabile  di  una  CGU  \u2013  che  ne rappresenta una stima del valore economico \u2013 si ragguaglia al maggiore tra il valore d\u2019uso (valore attuale dei flussi di cassa attesi) e il valore di scambio (presumibile valore di cessione al netto dei costi di transazione). Eventuali successive riprese di valore non possono essere registrate.  ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-809": {
   "value": "<div class=\"t mb h5 ff3 fs0 fc4 sc2 ls0 ws0 gs5f9\">8</div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs5fa\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs5fb\">Attivit\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs5fc\">non<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs5fd\">corren<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs5fe\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs5ff\">gruppi<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs600\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs601\">attivit\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs602\">in<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs603\">via<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs604\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs605\">dis<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs606\">Vengono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">c<span class=\"_ _2\"></span>lassificate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nella<span class=\"ff1\"> </span>voce<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dell\u2019attivo</span> <span class=\"ff3\">\u201cAttivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">corr<span class=\"_ _2\"></span>enti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gruppi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">via<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>dismissione\u201d<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs607\">quella<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>passivo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u201cPassivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>associate<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _21\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"></span></span>via<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dis<span class=\"_ _2\"></span>missione\u201d<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>correnti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>gruppi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs608\">attivit\u00e0/passivit\u00e0<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>quali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stat<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>av<span class=\"_ _0\"></span>viato<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>processo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dismissione<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>loro<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>endita<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rit<span class=\"_ _2\"></span>enuta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">altamente<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs609\">probabile.<span class=\"ff1\"> </span>Tali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0/passivit\u00e0<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>no<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">minore</span> <span class=\"ff3\">tra</span> <span class=\"ff3\">il</span> <span class=\"ff3\">valore</span> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">carico</span> <span class=\"ff3\">ed</span> <span class=\"ff3\">il</span> <span class=\"ff3\">loro</span> <span class=\"ff3\">fair</span> <span class=\"ff3\">value<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _2\"></span>l</span> <span class=\"ff3\">netto</span> <span class=\"ff3\">de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs60a\">costi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cessione,<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>eccezione<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alcune<span class=\"ff1\"> </span>tipologie<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>(es.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>rientranti<span class=\"ff1\"> </span>nell\u2019ambito<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs60b\">applicazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dell\u2019IFRS<span class=\"ff1\"> <span class=\"_ _20\"></span></span>9)<span class=\"ff1\"> <span class=\"_ _21\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l\u2019IFRS<span class=\"ff1\"> <span class=\"_ _20\"></span></span>5<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span></span>prevede<span class=\"ff1\"> <span class=\"_ _20\"></span></span>specificatamente<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>bbano<span class=\"ff1\"> <span class=\"_ _21\"></span></span>essere<span class=\"ff1\"> <span class=\"_ _20\"></span></span>applicati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>criteri<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs60c\">valutativi<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>principio<span class=\"ff1\"> </span>contabile<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>pertinenza.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs60d\">I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prov<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ed<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">one<span class=\"_ _0\"></span>ri<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>al<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>tto<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell\u2019<span class=\"_ _0\"></span>eff<span class=\"_ _0\"></span>etto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fis<span class=\"_ _0\"></span>cale<span class=\"_ _0\"></span>),<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>nduc<span class=\"_ _0\"></span>ibil<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ad<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">att<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span>op<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>tive<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ce<span class=\"_ _0\"></span>ssate<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">vi<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>dis<span class=\"_ _0\"></span>mis<span class=\"_ _0\"></span>sione<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs60e\">o<span class=\"ff1\"> </span>rilevati<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>tali<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>corso<span class=\"ff1\"> </span>dell\u2019esercizio,<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>esposti<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>voce<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">separata.</span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-863": {
   "value": "8- Attivit\u00e0 non correnti e gruppi di attivit\u00e0 in via di dismissione Vengono classificate nella voce dell\u2019attivo \u201cAttivit\u00e0 non correnti e gruppi di attivit\u00e0 in via di dismissione\u201d e in quella del passivo \u201cPassivit\u00e0 associate ad attivit\u00e0 in via di  dismissione\u201d  attivit\u00e0  non  correnti o gruppi di attivit\u00e0/passivit\u00e0 per i quali \u00e8 stato avviato un processo di dismissione e la loro vendita \u00e8 ritenuta altamente probabile. Tali attivit\u00e0/passivit\u00e0 sono valutate al minore tra il valore di carico ed il loro fair value al netto dei costi di cessione, ad eccezione di alcune tipologie di attivit\u00e0 (es. attivit\u00e0 finanziarie rientranti nell\u2019ambito di applicazione dell\u2019IFRS 9) per cui l\u2019IFRS 5 prevede specificatamente che debbano essere applicati i criteri valutativi del principio contabile di pertinenza.  I proventi ed oneri (al netto dell\u2019effetto fiscale), riconducibili ad attivit\u00e0 operative cessate in via di dismissione o rilevati come tali nel corso dell\u2019esercizio, sono esposti nel conto economico in voce separata. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-775": {
   "value": "8-<span class=\"_ _3bd\"> </span>Attivit\u00e0<span class=\"_ _3bd\"> </span>non<span class=\"_ _3bd\"> </span>corren<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>gruppi<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>attivit\u00e0<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>via<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>dis<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Vengono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">c<span class=\"_ _2\"></span>lassificate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nella<span class=\"ff1\"> </span>voce<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dell\u2019attivo</span> <span class=\"ff3\">\u201cAttivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">corr<span class=\"_ _2\"></span>enti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gruppi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">via<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>dismissione\u201d<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>quella<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>passivo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u201cPassivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>associate<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _21\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"></span></span>via<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dis<span class=\"_ _2\"></span>missione\u201d<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>correnti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>gruppi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> </span>attivit\u00e0/passivit\u00e0<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>quali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stat<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>av<span class=\"_ _0\"></span>viato<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>processo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dismissione<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>loro<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>endita<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rit<span class=\"_ _2\"></span>enuta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">altamente<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>probabile.<span class=\"ff1\"> </span>Tali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0/passivit\u00e0<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>no<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">minore</span> <span class=\"ff3\">tra</span> <span class=\"ff3\">il</span> <span class=\"ff3\">valore</span> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">carico</span> <span class=\"ff3\">ed</span> <span class=\"ff3\">il</span> <span class=\"ff3\">loro</span> <span class=\"ff3\">fair</span> <span class=\"ff3\">value<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _2\"></span>l</span> <span class=\"ff3\">netto</span> <span class=\"ff3\">de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>costi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cessione,<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>eccezione<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alcune<span class=\"ff1\"> </span>tipologie<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>(es.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>rientranti<span class=\"ff1\"> </span>nell\u2019ambito<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></span></span>applicazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dell\u2019IFRS<span class=\"ff1\"> <span class=\"_ _20\"></span></span>9)<span class=\"ff1\"> <span class=\"_ _21\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l\u2019IFRS<span class=\"ff1\"> <span class=\"_ _20\"></span></span>5<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span></span>prevede<span class=\"ff1\"> <span class=\"_ _20\"></span></span>specificatamente<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>bbano<span class=\"ff1\"> <span class=\"_ _21\"></span></span>essere<span class=\"ff1\"> <span class=\"_ _20\"></span></span>applicati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>criteri<span class=\"ff1\"> </span></span></span>valutativi<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>principio<span class=\"ff1\"> </span>contabile<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>pertinenza.<span class=\"_ _3bd\"> </span>I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prov<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ed<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">one<span class=\"_ _0\"></span>ri<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>al<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>tto<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell\u2019<span class=\"_ _0\"></span>eff<span class=\"_ _0\"></span>etto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fis<span class=\"_ _0\"></span>cale<span class=\"_ _0\"></span>),<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>nduc<span class=\"_ _0\"></span>ibil<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ad<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">att<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span>op<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>tive<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ce<span class=\"_ _0\"></span>ssate<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">vi<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>dis<span class=\"_ _0\"></span>mis<span class=\"_ _0\"></span>sione<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>o<span class=\"ff1\"> </span>rilevati<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>tali<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>corso<span class=\"ff1\"> </span>dell\u2019esercizio,<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>esposti<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>voce<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">separata.</span></span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-864": {
   "value": "9- Fiscalit\u00e0 corrente e differita Criteri di iscrizione, di valutazione e di cancellazione Le imposte sul reddito, calcolate nel rispetto delle legislazioni fiscali nazionali, sono contabilizzate come costo  in  base  al  criterio  della  competenza  economica,  coerentemente  con  le  modalit\u00e0  di  rilevazione  in bilancio dei costi e ricavi che le hanno generate. Esse rappresentano pertanto il saldo della fiscalit\u00e0 corrente e differita relativa al reddito dell\u2019esercizio. In particolare, tali poste accolgono il saldo netto tra le passivit\u00e0 fiscali correnti dell\u2019esercizio, calcolate in base ad una prudenziale previsione dell\u2019onere tributario dovuto per l\u2019esercizio, determinato in base alle norme tributarie in vigore, e le attivit\u00e0 fiscali correnti rappresentate dagli acconti  e  dagli  altri  crediti  d\u2019imposta  per  ritenute d\u2019acconto  subite  od  altri  crediti  d\u2019imposta  di  esercizi precedenti  per  i  quali  le  societ\u00e0  del  Gruppo  hanno  richiesto  la  compensazione  con  imposte  di  esercizi successivi.  Le Attivit\u00e0 fiscali correnti accolgono altres\u00ec i crediti d\u2019imposta per i quali le societ\u00e0 del Gruppo hanno richiesto il rimborso alle autorit\u00e0 fiscali competenti, nonch\u00e9 le somme versate a titolo provvisorio nel corso di un procedimento contenzioso con l\u2019Amministrazione finanziaria. Il rischio insito nei suddetti procedimenti, allo stesso modo dei rischi insiti in procedimenti che non hanno richiesto versamenti a titolo provvisorio, viene valutato secondo le logiche dello IAS 37 in relazione alle probabilit\u00e0 di impiego di risorse economiche per il loro adempimento.  La fiscalit\u00e0 differita viene determinata in base al criterio del cosiddetto \u201cbalance sheet liability method\u201d, tenuto conto dell\u2019effetto fiscale connesso alle differenze temporanee tra il valore contabile delle attivit\u00e0 e passivit\u00e0 ed il loro valore fiscale che determineranno importi imponibili o deducibili nei futuri periodi. A tali fini, si intendono \u201cdifferenze temporanee tassabili\u201d quelle che nei periodi futuri determineranno  importi imponibili  e  \u201cdifferenze  temporanee  deducibili\u201d  quelle  che  negli  esercizi  futuri  determineranno  importi deducibili.  Le imposte anticipate sono rilevate a fronte di tutte le differenze temporanee deducibili, dei crediti e delle perdite fiscali non utilizzate e riportabili a nuovo, nella misura in cui sia probabile che saranno disponibili sufficienti imponibili fiscali futuri, che possano consentire l\u2019utilizzo delle differenze temporanee deducibili e dei crediti e delle perdite fiscali riportati a nuovo, eccetto i casi in cui:  l\u2019imposta differita attiva collegata alle differenze temporanee deducibili deriva dalla rilevazione iniziale  di un\u2019attivit\u00e0 o passivit\u00e0 in una transazione che non rappresenta un\u2019aggregazione aziendale e, al tempo della transazione stessa, non influisce n\u00e9 sul risultato di bilancio, n\u00e9 sul risultato fiscale;  nel caso di differenze temporanee deducibili associate a partecipazioni in societ\u00e0 controllate, collegate  e joint venture, le imposte differite attive sono rilevate solo nella misura in cui sia probabile che esse si  riverseranno  nel  futuro  prevedibile  e  che  vi  saranno  sufficienti  imponibili  fiscali  che  consentano  il recupero di tali differenze temporanee. Le  imposte  differite  passive  sono  rilevate  su  tutte  le  differenze  temporanee  tassabili,  con  le  seguenti eccezioni: le imposte differite passive derivano dalla rilevazione iniziale dell\u2019avviamento o di un\u2019attivit\u00e0 o passivit\u00e0 in  una  transazione  che  non  rappresenta  un\u2019aggregazione  aziendale  e,  al  tempo  della  transazione stessa, non influenza n\u00e9 il risultato di bilancio n\u00e9 il risultato fiscale; il riversamento delle differenze temporanee imponibili, associate a partecipazioni in societ\u00e0 controllate, collegate e joint venture, pu\u00f2 essere controllato, ed \u00e8 probabile che esso non si verifichi nel prevedibile futuro. La fiscalit\u00e0 differita viene calcolata applicando le aliquote di imposizione stabilite dalle disposizioni di legg e in vigore alle differenze temporanee tassabili per cui esiste la probabilit\u00e0 di un effettivo sostenimento d i imposte  ed  alle  differenze  temporanee  deducibili  per  cui  esiste  una  ragionevole  certezza  che  vi  sian o ammontari imponibili futuri al momento in cui si manifester\u00e0 la relativa deducibilit\u00e0 fiscale (c.d. probabilit y test). Qualora  le Attivit\u00e0 e Passivit\u00e0  fiscali differite si riferiscano a componenti che hanno interessato  il cont economico, la contropartita \u00e8 rappresentata dalle imposte sul reddito. Nei casi in cui le imposte anticipate e differite riguardino transazioni che hanno interessato direttamente i patrimonio  netto  senza  influenzare  il  conto  economico  (quali  le  rettifiche  di  prima  applicazione  degl i IAS/IFRS, le valutazioni degli strumenti finanziari rilevali al fair value con impatto sulla redditivit\u00e0 complessiv o  dei  contratti  derivati  di  copertura  di  flussi  finanziari),  le  stesse  vengono  iscritte  in  contropartita  a patrimonio netto, interessando le specifiche riserve quando previsto (es. riserve da valutazione). La fiscalit\u00e0 latente sulle poste patrimoniali in sospensione d\u2019imposta \u201ctassabili in ogni caso di utilizzo\u201d \u00e8  iscritta  in bilancio in  riduzione  del patrimonio netto. La fiscalit\u00e0 latente  riferita  alle poste patrimoniali  i n sospensione d\u2019imposta \u201ctassabili soltanto in ipotesi di distribuzione\u201d non viene iscritta in bilancio, in quant o la consistenza delle riserve disponibili gi\u00e0 assoggettate a tassazione consente di ritenere che non sarann effettuate operazioni che ne comportino la tassazione. Criteri di rilevazione delle componenti reddituali Attivit\u00e0  e  passivit\u00e0  fiscali  sono  imputate  al  conto  economico  (voce  \u201cImposte  sul  reddito  dell\u2019esercizi o dell\u2019operativit\u00e0 corrente\u201d), salvo quando esse derivino da operazioni i cui effetti vanno attribuiti direttament e al  patrimonio  netto  (nel  qual  caso  vengono  imputate  al  patrimonio)  o  da  operazioni  di  aggregazion e societaria (nel qual caso entrano nel computo del valore di avviamento). ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-776": {
   "value": "9-<span class=\"_ _3bd\"> </span>Fi<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>di<span class=\"_ _0\"></span>ff<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>ta<span class=\"fc0 sc1\"> </span>Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>is<span class=\"_ _0\"></span>cri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _1\"></span>,<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>impos<span class=\"_ _2\"></span>te<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sul<span class=\"ff1\"> <span class=\"_ _20\"></span></span>reddito,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>calcolat<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>ispetto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>legislazioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>f<span class=\"_ _2\"></span>iscali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nazional<span class=\"_ _2\"></span>i,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contabilizzate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>come<span class=\"_ _2\"></span><span class=\"ff1\"> </span>costo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>base<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cr<span class=\"_ _2\"></span>iterio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>competenza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>economica,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>coerentemente<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>modalit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>ilevazione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff3\">in</span> </span>bilancio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cost<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ricavi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">h<span class=\"_ _2\"></span>anno<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">generate.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Esse<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>appresentano<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pert<span class=\"_ _2\"></span>anto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">saldo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fiscalit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">corrente<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>e<span class=\"ff1\"> </span>differita<span class=\"ff1\"> <span class=\"_ _2\"></span></span>relativa<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>reddito<span class=\"ff1\"> </span>dell<span class=\"_ _2\"></span>\u2019esercizio.<span class=\"ff1\"> </span>In<span class=\"ff1\"> <span class=\"_ _2\"></span></span>particolare,<span class=\"ff1\"> </span>tali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>poste<span class=\"ff1\"> <span class=\"_ _2\"></span></span>accolgono<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>aldo<span class=\"ff1\"> </span>netto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tra<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>passivit\u00e0<span class=\"ff1\"> </span>fiscali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">corr<span class=\"_ _2\"></span>enti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dell\u2019esercizio,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">calcolat<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">base<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ad<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">prudenzial<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">previsione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dell\u2019onere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tributario<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ovuto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>l\u2019e<span class=\"_ _0\"></span>ser<span class=\"_ _0\"></span>ciz<span class=\"_ _0\"></span>io,<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>term<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>bas<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>alle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">norme<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">trib<span class=\"_ _0\"></span>uta<span class=\"_ _0\"></span>rie<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">vig<span class=\"_ _0\"></span>ore<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>atti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>fis<span class=\"_ _0\"></span>cali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">corre<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rappr<span class=\"_ _0\"></span>esen<span class=\"_ _0\"></span>tate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dagli</span> </span></span></span></span></span></span></span></span></span></span></span>acconti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dagli<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>alt<span class=\"_ _2\"></span>ri<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>crediti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>d\u2019<span class=\"_ _2\"></span>imposta<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>itenute<span class=\"ff1\"> <span class=\"_ _21\"></span></span>d\u2019acconto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>subite<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>od<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>altri<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>crediti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>d\u2019impost<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>eserciz<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>precedenti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quali<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>societ\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Gruppo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>hanno<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>richiesto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>compensazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>im<span class=\"_ _2\"></span>poste<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>esercizi<span class=\"ff1\"> </span>suc<span class=\"_ _0\"></span>ces<span class=\"_ _0\"></span>sivi<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span>Le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Attivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fisc<span class=\"_ _0\"></span>ali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">corren<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">acc<span class=\"_ _0\"></span>olgon<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>tre<span class=\"_ _0\"></span>s\u00ec<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>redi<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">d\u2019i<span class=\"_ _0\"></span>mpost<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">qual<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>ociet<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>G<span class=\"_ _0\"></span>rupp<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>h<span class=\"_ _0\"></span>anno<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ric<span class=\"_ _0\"></span>hie<span class=\"_ _0\"></span>sto<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rimbors<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"_ _2\"></span>utorit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fiscali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">competenti,</span> <span class=\"_ _20\"></span><span class=\"ff3\">nonch\u00e9</span> <span class=\"_ _20\"></span><span class=\"ff3\">l<span class=\"_ _2\"></span>e</span> <span class=\"_ _20\"></span><span class=\"ff3\">som<span class=\"_ _2\"></span>me</span> <span class=\"_ _20\"></span><span class=\"ff3\">versat<span class=\"_ _2\"></span>e</span> <span class=\"_ _20\"></span><span class=\"ff3\">a</span> <span class=\"_ _21\"></span><span class=\"ff3\">titolo</span> <span class=\"_ _20\"></span><span class=\"ff3\">provvisorio</span> <span class=\"_ _21\"></span><span class=\"ff3\">nel</span> <span class=\"_ _20\"></span><span class=\"ff3\">corso</span> <span class=\"_ _21\"></span><span class=\"ff3\">di</span> <span class=\"_ _20\"></span><span class=\"ff3\">un</span> </span>procedimento<span class=\"ff1\"> </span>contenzioso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>\u2019Amministrazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziaria.<span class=\"ff1\"> </span>I<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>insito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>uddetti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">procedimenti,<span class=\"ff1\"> </span>allo<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>stesso<span class=\"ff1\"> </span>modo<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>insiti<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>procedimenti<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>hanno<span class=\"ff1\"> </span>richiesto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>versamenti<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>titolo<span class=\"ff1\"> </span>provvisorio,<span class=\"ff1\"> </span>viene<span class=\"ff1\"> </span>valutato<span class=\"ff1\"> </span>secondo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> </span>logiche<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>IAS<span class=\"ff1\"> </span>37<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>relazione<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>probabilit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>impiego<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>risor<span class=\"_ _2\"></span>se<span class=\"ff1\"> </span>economiche<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>loro<span class=\"ff1\"> </span>ad<span class=\"_ _0\"></span>empimento.<span class=\"_ _3bd\"> </span>La<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fiscalit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>diffe<span class=\"_ _0\"></span>rita<span class=\"ff1\"> <span class=\"_ _21\"></span></span>viene<span class=\"ff1\"> <span class=\"_ _20\"></span></span>determinata<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>base<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _21\"></span></span>criterio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>cosidde<span class=\"_ _0\"></span>tto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u201cbalance<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sheet<span class=\"ff1\"> <span class=\"_ _20\"></span></span>liability<span class=\"ff1\"> <span class=\"_ _21\"></span></span>method\u201d,<span class=\"ff1\"> </span>tenuto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conto<span class=\"ff1\"> </span>dell\u2019effetto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fiscale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>connesso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>differenze<span class=\"ff1\"> </span>tempo<span class=\"_ _2\"></span>ranee<span class=\"ff1\"> </span>tr<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contabile<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>passivit\u00e0<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>loro<span class=\"ff1\"> </span>valor<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>fiscale<span class=\"ff1\"> </span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>determineranno<span class=\"ff1\"> </span>import<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>imponibili<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>deducibili<span class=\"ff1\"> </span>n<span class=\"_ _2\"></span>ei<span class=\"ff1\"> </span>futuri<span class=\"ff1\"> </span>pe<span class=\"_ _2\"></span>riodi.<span class=\"ff1\"> </span>A<span class=\"ff1\"> </span>t<span class=\"_ _2\"></span>ali<span class=\"ff1\"> </span>fini,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>si<span class=\"ff1\"> <span class=\"_ _21\"></span></span>intendono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u201cdifferenze<span class=\"ff1\"> <span class=\"_ _21\"></span></span>temporanee<span class=\"ff1\"> <span class=\"_ _20\"></span></span>t<span class=\"_ _2\"></span>assabili\u201d<span class=\"ff1\"> <span class=\"_ _21\"></span></span>quelle<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>p<span class=\"_ _2\"></span>eriodi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>futuri<span class=\"ff1\"> <span class=\"_ _21\"></span></span>determineranno<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>importi<span class=\"ff1\"> </span>imponibili<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u201cdifferenze<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tempor<span class=\"_ _2\"></span>anee<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>deducibili\u201d<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>quelle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>negli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>esercizi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>futuri<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>determiner<span class=\"_ _2\"></span>anno<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>impor<span class=\"_ _2\"></span>ti<span class=\"ff1\"> </span>ded<span class=\"_ _0\"></span>uci<span class=\"_ _0\"></span>bili<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span>Le<span class=\"ff1\"> </span>imposte<span class=\"ff1\"> </span>ant<span class=\"_ _2\"></span>icipate<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rilevate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> </span>fronte<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>tutte<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> </span>differenz<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>temporanee<span class=\"ff1\"> <span class=\"_ _2\"></span></span>deducibili,<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>crediti<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>elle<span class=\"ff1\"> </span>perdite<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fiscali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>non<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ut<span class=\"_ _2\"></span>ilizzate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ripor<span class=\"_ _2\"></span>tabili<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nuov<span class=\"_ _0\"></span>o,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nella<span class=\"ff1\"> <span class=\"_ _20\"></span></span>misura<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>probabile<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>saranno<span class=\"ff1\"> <span class=\"_ _20\"></span></span>disponibili<span class=\"ff1\"> </span>sufficienti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">imponibili<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>sca<span class=\"_ _2\"></span>li<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">futuri,<span class=\"ff1\"> </span>che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pos<span class=\"_ _2\"></span>sano<span class=\"ff1\"> </span>consentire<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l\u2019util<span class=\"_ _0\"></span>izzo<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">differenze<span class=\"ff1\"> </span>temporanee<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">deducibili<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>dei<span class=\"ff1\"> </span>crediti<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>perdite<span class=\"ff1\"> </span>fiscali<span class=\"ff1\"> </span>riport<span class=\"_ _2\"></span>ati<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>nuovo,<span class=\"ff1\"> </span>ecce<span class=\"_ _0\"></span>tto<span class=\"_ _2\"></span><span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>casi<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>cui:<span class=\"_ _3bd\"> </span>l\u2019<span class=\"_ _0\"></span>impo<span class=\"_ _0\"></span>sta<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>ffer<span class=\"_ _0\"></span>ita<span class=\"ff1\"> </span>atti<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">coll<span class=\"_ _0\"></span>ega<span class=\"_ _0\"></span>ta<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">dif<span class=\"_ _0\"></span>fere<span class=\"_ _0\"></span>nze<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tempor<span class=\"_ _0\"></span>anee<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">deduc<span class=\"_ _0\"></span>ibi<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>deriv<span class=\"_ _1\"></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>rile<span class=\"_ _0\"></span>vazi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ini<span class=\"_ _0\"></span>zial<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">passivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tr<span class=\"_ _2\"></span>ansazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rappresenta<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un\u2019aggregazion<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">aziendale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>tempo<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>della<span class=\"ff1\"> </span>transazione<span class=\"ff1\"> </span>stessa,<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>influisce<span class=\"ff1\"> </span>n\u00e9<span class=\"ff1\"> </span>sul<span class=\"ff1\"> </span>risultato<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>bilancio,<span class=\"ff1\"> </span>n\u00e9<span class=\"ff1\"> </span>sul<span class=\"ff1\"> </span>risultato<span class=\"_ _2\"></span><span class=\"ff1\"> </span>fiscale;<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cas<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>iff<span class=\"_ _0\"></span>eren<span class=\"_ _0\"></span>ze<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">temp<span class=\"_ _0\"></span>ora<span class=\"_ _0\"></span>nee<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>duci<span class=\"_ _0\"></span>bil<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ssoc<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>arte<span class=\"_ _0\"></span>cipaz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">soci<span class=\"_ _0\"></span>et\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span>trol<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>te,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">col<span class=\"_ _0\"></span>leg<span class=\"_ _0\"></span>ate<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">joint<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">venture,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">imposte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">differite<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attive<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rilevate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">solo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nella<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">misura<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">probabile<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">es<span class=\"_ _2\"></span>se<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">si<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs63d\">riverseranno<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>futuro<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>prev<span class=\"_ _0\"></span>edibile<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>vi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>saranno<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>suff<span class=\"_ _0\"></span>icienti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>imponibili<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>fiscali<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>co<span class=\"_ _2\"></span>nsentano<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs63e\">recupero<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tali<span class=\"ff1\"> </span>differenze<span class=\"ff1\"> </span>temporanee.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs63f\">Le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>impos<span class=\"_ _2\"></span>te<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>differite<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>pass<span class=\"_ _2\"></span>ive<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rilev<span class=\"_ _0\"></span>ate<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>su<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tutte<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>differenze<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>temporanee<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tas<span class=\"_ _2\"></span>sabili,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>l<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>seguenti<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs640\">ec<span class=\"_ _0\"></span>cezi<span class=\"_ _0\"></span>oni:<span class=\"_ _0\"></span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs641\">le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">imp<span class=\"_ _0\"></span>oste<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span>ffe<span class=\"_ _0\"></span>rite<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pas<span class=\"_ _0\"></span>sive<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">deri<span class=\"_ _0\"></span>van<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>dal<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>leva<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>niz<span class=\"_ _0\"></span>iale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span>l\u2019av<span class=\"_ _0\"></span>via<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un\u2019<span class=\"_ _0\"></span>atti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o</span> <span class=\"ff3\">pa<span class=\"_ _0\"></span>ssiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs642\">in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>transazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rappresenta<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un<span class=\"_ _2\"></span>\u2019aggregazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>aziendale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tempo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"_ _0\"></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tr<span class=\"_ _2\"></span>ansazione<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs643\">stessa,<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>influenza<span class=\"ff1\"> </span>n\u00e9<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>risultato<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> </span>n\u00e9<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>risultato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fiscale<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs644\">il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riv<span class=\"_ _0\"></span>ersa<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dif<span class=\"_ _0\"></span>fere<span class=\"_ _0\"></span>nze<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">temp<span class=\"_ _0\"></span>oran<span class=\"_ _0\"></span>ee<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">impo<span class=\"_ _0\"></span>nib<span class=\"_ _0\"></span>ili,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ass<span class=\"_ _0\"></span>oci<span class=\"_ _0\"></span>ate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">part<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ipazi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">soci<span class=\"_ _0\"></span>et\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>troll<span class=\"_ _0\"></span>ate,<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs645\">collegate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">joint<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">venture,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pu\u00f2<span class=\"ff1\"> </span>essere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">controllato,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ed<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">probabile<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">esso<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">verifichi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pre<span class=\"_ _2\"></span>vedibile<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs646\">fu<span class=\"_ _0\"></span>turo<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs647\">La<span class=\"ff1\"> </span>fiscalit\u00e0<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ifferita<span class=\"ff1\"> </span>viene<span class=\"ff1\"> </span>calc<span class=\"_ _0\"></span>olat<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>applic<span class=\"_ _0\"></span>ando<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>aliquote<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>imposizione<span class=\"ff1\"> </span>stabilite<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dalle<span class=\"ff1\"> </span>disposizioni<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>legg<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">e<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs648\">in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>vigore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>differenze<span class=\"ff1\"> <span class=\"_ _20\"></span></span>t<span class=\"_ _2\"></span>emporanee<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>assabili<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _20\"></span></span>esist<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>probabilit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un<span class=\"ff1\"> <span class=\"_ _21\"></span></span>effettivo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sostenimento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _3bd\"> </span>i<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs649\">imposte<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ed<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>all<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"_ _2\"></span>fferenze<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>temporanee<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>de<span class=\"_ _2\"></span>ducibili<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cu<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>esiste<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>agionevole<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>c<span class=\"_ _2\"></span>ertezza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>v<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sian<span class=\"_ _3bd\"> </span>o<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs64a\">ammontari<span class=\"ff1\"> </span>imponibili<span class=\"ff1\"> </span>futuri<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>momento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>manifester\u00e0<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>elativa<span class=\"ff1\"> </span>deducibilit\u00e0<span class=\"ff1\"> </span>fiscale<span class=\"ff1\"> </span>(c.d.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>probabilit<span class=\"_ _3bd\"> </span>y<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs64b\">tes<span class=\"_ _0\"></span>t).<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs64c\">Qualora<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Passivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>fiscali<span class=\"ff1\"> <span class=\"_ _21\"></span></span>differite<span class=\"ff1\"> <span class=\"_ _21\"></span></span>si<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>iferiscano<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>c<span class=\"_ _0\"></span>omponenti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"ff1\"> <span class=\"_ _21\"></span></span>hanno<span class=\"ff1\"> <span class=\"_ _21\"></span></span>interess<span class=\"_ _0\"></span>ato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>cont<span class=\"_ _3bd\"> </span>o<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs64d\">economico,<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>contropartita<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>rappresentata<span class=\"ff1\"> </span>dalle<span class=\"ff1\"> </span>imposte<span class=\"ff1\"> </span>sul<span class=\"ff1\"> </span>reddito.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs64e\">Nei<span class=\"ff1\"> </span>casi<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>imposte<span class=\"ff1\"> </span>anticipate<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>differite<span class=\"ff1\"> </span>riguardino<span class=\"ff1\"> </span>transazioni<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>hanno<span class=\"ff1\"> </span>interessato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>direttamente<span class=\"ff1\"> </span>i<span class=\"_ _3bd\"> </span>l<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs64f\">patrimonio<span class=\"ff1\">  </span>ne<span class=\"_ _0\"></span>tto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>senza<span class=\"ff1\">  </span>infl<span class=\"_ _0\"></span>uenzare<span class=\"ff1\">  </span>il<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">conto<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">ec<span class=\"_ _0\"></span>onomico<span class=\"ff1\">  </span>(q<span class=\"_ _0\"></span>uali<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\">  </span>ret<span class=\"_ _0\"></span>tifiche<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\">  </span>p<span class=\"_ _0\"></span>rima<span class=\"ff1\">  </span>appl<span class=\"_ _0\"></span>icazione<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>egl<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">i<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs650\">IA<span class=\"_ _0\"></span>S/IF<span class=\"_ _0\"></span>RS,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le</span> <span class=\"ff3\">valu<span class=\"_ _0\"></span>tazi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">degli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">strum<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>fina<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rileva<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">fa<span class=\"_ _0\"></span>ir<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>lue<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con</span> <span class=\"ff3\">imp<span class=\"_ _0\"></span>atto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sul<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>red<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>comp<span class=\"_ _0\"></span>less<span class=\"_ _0\"></span>iv<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs651\">o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dei<span class=\"ff1\">  </span>contratti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>derivati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\">  </span>c<span class=\"_ _0\"></span>opertura<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>flussi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>finanziari),<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>s<span class=\"_ _2\"></span>tesse<span class=\"ff1\">  </span>v<span class=\"_ _0\"></span>engono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>iscr<span class=\"_ _2\"></span>itte<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\">  </span>contropartita<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"_ _3bd\"> </span>l<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs652\">patrimonio<span class=\"ff1\"> </span>netto,<span class=\"ff1\"> </span>interessando<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>specifiche<span class=\"ff1\"> </span>riserve<span class=\"ff1\"> </span>quando<span class=\"ff1\"> </span>previsto<span class=\"_ _2\"></span><span class=\"ff1\"> </span>(es.<span class=\"ff1\"> </span>riserve<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>valutazione).<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs653\">La<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fiscalit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>latente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sulle<span class=\"ff1\"> <span class=\"_ _21\"></span></span>poste<span class=\"ff1\"> <span class=\"_ _2\"></span></span>patr<span class=\"_ _2\"></span>imoniali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>ospensione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d\u2019imposta<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u201ctassabil<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ogni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cas<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>utilizzo\u201d<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"_ _3bd\"> </span><span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs654\">iscritta<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"></span></span>bilancio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>riduzione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>patrimonio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>netto.<span class=\"ff1\"> <span class=\"_ _21\"></span></span>La<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fiscalit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>latente<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>riferita<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>alle<span class=\"ff1\"> <span class=\"_ _21\"></span></span>poste<span class=\"ff1\"> <span class=\"_ _21\"></span></span>patri<span class=\"_ _0\"></span>moniali<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>i<span class=\"_ _3bd\"> </span>n<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs655\">sospensione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">d\u2019imposta<span class=\"ff1\"> </span>\u201ctassabi<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">soltanto<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ipotesi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>istribuzione\u201d<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">viene<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>scritt<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bilancio,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>quant<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs656\">la<span class=\"ff1\"> </span>consistenza<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>riserve<span class=\"ff1\"> </span>disponibili<span class=\"ff1\"> </span>gi\u00e0<span class=\"ff1\"> </span>assoggettate<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>tassazione<span class=\"ff1\"> </span>consente<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>ritenere<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>sarann<span class=\"_ _3bd\"> </span>o<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs657\">effettuate<span class=\"ff1\"> </span>operazioni<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>ne<span class=\"ff1\"> </span>comportino<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>tass<span class=\"_ _2\"></span>azione.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs658\">Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs659\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs65a\">ril<span class=\"_ _0\"></span>ev<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs65b\">del<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs65c\">co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs65d\">re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ual<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs65e\">Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>passivit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fiscali<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>so<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>imp<span class=\"_ _0\"></span>utate<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cont<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ec<span class=\"_ _0\"></span>onomico<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(voce<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u201cImposte<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sul<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>reddito<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dell\u2019esercizi<span class=\"_ _3bd\"> </span>o<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs65f\">del<span class=\"_ _0\"></span>l\u2019o<span class=\"_ _0\"></span>pera<span class=\"_ _0\"></span>tivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>rren<span class=\"_ _0\"></span>te\u201d<span class=\"_ _0\"></span>),<span class=\"ff1\"> </span>sal<span class=\"_ _0\"></span>vo<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>esse<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>riv<span class=\"_ _0\"></span>ino<span class=\"ff1\"> </span>da<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">opera<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>cu<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>effe<span class=\"_ _0\"></span>tti<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>nno<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">attri<span class=\"_ _0\"></span>bui<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>dire<span class=\"_ _0\"></span>tta<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>t<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">e<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs660\">al<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>patrimo<span class=\"_ _2\"></span>nio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>netto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(nel<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>qual<span class=\"ff1\">  </span>caso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>vengono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>imputate<span class=\"ff1\">  </span>al<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>patrimonio)<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>o<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>operazioni<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\">  </span>agg<span class=\"_ _0\"></span>regazion<span class=\"_ _3bd\"> </span>e<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs661\">societaria<span class=\"ff1\"> </span>(nel<span class=\"ff1\"> </span>qual<span class=\"ff1\"> </span>caso<span class=\"ff1\"> </span>entrano<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>computo<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>avviamento).<span class=\"_ _3bd\"> </span> </div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-777": {
   "value": "10- Fondi per rischi ed oneri Criteri di iscrizione, classificazione e di cancellazione I fondi per rischi ed oneri sono passivit\u00e0 d\u2019ammontare o scadenza incerti rilevati in bilancio quando ricorron o le seguenti contestuali condizioni:  esiste un\u2019obbligazione attuale alla data di riferimento del bilancio, che deriva da un evento passato;  l\u2019obbligazione deve essere di tipo legale (trova origine da un contratto, normativa o altra disposizione d i legge) o implicita (nasce nel momento in cui l\u2019impresa genera nei confronti di terzi l\u2019aspettativa ch e assolver\u00e0 i propri impegni anche se non rientranti nella casistica delle obbligazioni legali);  \u00e8  probabile  che  si  verifichi  un\u2019uscita  finanziaria  per  produrre  benefici  economici  per  adempiere  l\u2019obbligazione;  \u00e8 possibile effettuare una stima attendibile dell\u2019ammontare dell\u2019obbligazione.  Nella voce \u201cFondi per rischi ed oneri\u201d sono inclusi i fondi relativi a prestazioni di lungo termine, a prestazion i successive alla cessazione del rapporto di lavoro trattati dallo IAS 19 e i fondi per rischi ed oneri trattati dall o IAS 37.  Criteri di valutazione Gli accantonamenti vengono attualizzati, laddove l\u2019elemento temporale sia significativo, utilizzando i tassi correnti di mercato \u201cfree risk\u201d. L\u2019accantonamento \u00e8 rilevato a conto economico.  Criteri di rilevazione delle componenti reddituali Gli accantonamenti/recuperi a fronte dei fondi per rischi e oneri nonch\u00e9 l\u2019effetto derivante dal passaggio del tempo vengono allocati nella voce \u201cAccantonamenti netti ai fondi per rischi e oneri\u201d. Fondi di quiescenza e per obblighi simili I Fondi di quiescenza sono costituiti in attuazione di accordi aziendali e si qualificano come piani a benefici definiti. La passivit\u00e0 relativa a tali piani ed il relativo costo previdenziale delle prestazioni di lavoro corrente sono determinati sulla base di ipotesi attuariali applicando il metodo della \u201cProiezione Unitaria del Credito\u201d, che  prevede  la  proiezione  degli  esborsi  futuri  sulla  base  di  analisi  storiche  statistiche  e  della  curva demografica  e  l\u2019attualizzazione  finanziaria  di  tali flussi  sulla  base  di  un  tasso  di  interesse  di  mercato.  I contributi  versati  in  ciascun  esercizio  sono  considerati  come  unit\u00e0  separate,  rilevate  e  valutate singolarmente ai fini della determinazione dell'obbligazione finale. Il tasso utilizzato per l\u2019attualizzazione \u00e8 determinato  in  base  ai  rendimenti  di  mercato  rilevati  alle  date  di  valutazione  di  obbligazioni  di  aziende primarie tenendo conto della durata media residua della passivit\u00e0. Il valore attuale dell'obbligazione alla data di riferimento del bilancio \u00e8 inoltre rettificato del fair value delle eventuali attivit\u00e0 a servizio del piano.  Gli utili e le perdite attuariali (ovvero le variazioni nel valore attuale dell\u2019obbligazione derivanti dalle modifiche alle ipotesi attuariali e dalle rettifiche basate sull\u2019esperienza passata) sono riconosciuti nel prospetto della redditivit\u00e0 complessiva.  Fondi per rischi ed oneri a fronte di impegni e garanzie rilasciate La sottovoce dei fondi per rischi ed oneri in esame accoglie i fondi per rischio di credito rilevati a fronte degli impegni ad erogare fondi ed alle garanzie rilasciate che rientrano nel perimetro di applicazione delle regole sull\u2019impairment ai sensi dell\u2019IFRS 9. Per  tali  fattispecie  sono  adottate, in linea  di principio, le medesime modalit\u00e0 di allocazione tra i tre stage (stadi di rischio creditizio) e di calcolo della perdita attesa esposte con riferimento alle attivit\u00e0 finanziarie valutate al costo ammortizzato o al fair value con impatto sulla redditivit\u00e0 complessiva.  L\u2019aggregato accoglie, peraltro, anche i fondi per rischi ed oneri costituti a fronte di altre tipologie di impegni e  di  garanzie  rilasciate  che,  in  virt\u00f9  delle  proprie  peculiarit\u00e0,  non  rientrano  nel  richiamato  perimetro  di applicazione dell\u2019impairment ai sensi dell\u2019IFRS 9.  Altri fondi Gli altri fondi per rischi ed oneri accolgono gli accantonamenti relativi ad obbligazioni legali o connessi a rapporti di lavoro oppure a contenziosi, anche fiscali, originati da un evento passato per i quali sia probabile l\u2019esborso  di risorse economiche per  l\u2019adempimento  delle obbligazioni stesse, sempre che  possa  essere effettuata una stima attendibile del relativo ammontare.  Conseguentemente, la rilevazione di un accantonamento avviene se e solo se:  vi \u00e8 un\u2019obbligazione in corso (legale o implicita) quale risultato di un evento passato; \u00e8 probabile che per adempiere all\u2019obbligazione si render\u00e0 necessario l\u2019impiego di risorse atte a produrre benefici economici; e  pu\u00f2 essere effettuata una stima attendibile dell\u2019importo derivante dall\u2019adempimento dell\u2019obbligazione.  L\u2019importo rilevato come accantonamento rappresenta la migliore stima della spesa richiesta per adempiere all\u2019obbligazione  esistente  alla  data  di  riferimento  del  bilancio  e  riflette  rischi  ed  incertezze  che inevitabilmente caratterizzano una pluralit\u00e0 di fatti e circostanze. Per tener conto dell\u2019elemento temporale gli  accantonamenti  vengono  attualizzati  utilizzando  i  tassi  correnti  di  mercato.  L\u2019accantonamento  e  gli incrementi dovuti al fattore temporale sono rilevati a Conto Economico.  L\u2019accantonamento viene stornato quando diviene improbabile l\u2019impiego di risorse atte a produrre benefici economici per adempiere l\u2019obbligazione oppure quando si estingue l\u2019obbligazione.  Nella voce sono inclusi anche i benefici a lungo termine ai dipendenti, i cui oneri vengono determinati con i medesimi criteri attuariali descritti per i fondi di quiescenza. Gli utili e le perdite attuariali vengono rilevati tutti immediatamente nel conto economico. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-810": {
   "value": "10- Fondi per rischi ed oneri Criteri di iscrizione, classificazione e di cancellazione I fondi per rischi ed oneri sono passivit\u00e0 d\u2019ammontare o scadenza incerti rilevati in bilancio quando ricorron o le seguenti contestuali condizioni: esiste un\u2019obbligazione attuale alla data di riferimento del bilancio, che deriva da un evento passato; l\u2019obbligazione deve essere di tipo legale (trova origine da un contratto, normativa o altra disposizione d i legge) o implicita (nasce nel momento in cui l\u2019impresa genera nei confronti di terzi l\u2019aspettativa ch e assolver\u00e0 i propri impegni anche se non rientranti nella casistica delle obbligazioni legali); \u00e8  probabile  che  si  verifichi  un\u2019uscita  finanziaria  per  produrre  benefici  economici  per  adempiere l\u2019obbligazione; \u00e8 possibile effettuare una stima attendibile dell\u2019ammontare dell\u2019obbligazione. Nella voce \u201cFondi per rischi ed oneri\u201d sono inclusi i fondi relativi a prestazioni di lungo termine, a prestazion i successive alla cessazione del rapporto di lavoro trattati dallo IAS 19 e i fondi per rischi ed oneri trattati dall o IAS 37. Criteri di valutazione Gli accantonamenti vengono attualizzati, laddove l\u2019elemento temporale sia significativo, utilizzando i tassi correnti di mercato \u201cfree risk\u201d. L\u2019accantonamento \u00e8 rilevato a conto economico. Criteri di rilevazione delle componenti reddituali Gli accantonamenti/recuperi a fronte dei fondi per rischi e oneri nonch\u00e9 l\u2019effetto derivante dal passaggio del tempo vengono allocati nella voce \u201cAccantonamenti netti ai fondi per rischi e oneri\u201d. Fondi di quiescenza e per obblighi simili I Fondi di quiescenza sono costituiti in attuazione di accordi aziendali e si qualificano come piani a benefici definiti. La passivit\u00e0 relativa a tali piani ed il relativo costo previdenziale delle prestazioni di lavoro corrente sono determinati sulla base di ipotesi attuariali applicando il metodo della \u201cProiezione Unitaria del Credito\u201d, che  prevede  la  proiezione  degli  esborsi  futuri  sulla  base  di  analisi  storiche  statistiche  e  della  curva demografica  e  l\u2019attualizzazione  finanziaria  di  tali flussi  sulla  base  di  un  tasso  di  interesse  di  mercato.  I contributi  versati  in  ciascun  esercizio  sono  considerati  come  unit\u00e0  separate,  rilevate  e  valutate singolarmente ai fini della determinazione dell'obbligazione finale. Il tasso utilizzato per l\u2019attualizzazione \u00e8 determinato  in  base  ai  rendimenti  di  mercato  rilevati  alle  date  di  valutazione  di  obbligazioni  di  aziende primarie tenendo conto della durata media residua della passivit\u00e0. Il valore attuale dell'obbligazione alla data di riferimento del bilancio \u00e8 inoltre rettificato del fair value delle eventuali attivit\u00e0 a servizio del piano. Gli utili e le perdite attuariali (ovvero le variazioni nel valore attuale dell\u2019obbligazione derivanti dalle modifiche alle ipotesi attuariali e dalle rettifiche basate sull\u2019esperienza passata) sono riconosciuti nel prospetto della redditivit\u00e0 complessiva. Fondi per rischi ed oneri a fronte di impegni e garanzie rilasciate La sottovoce dei fondi per rischi ed oneri in esame accoglie i fondi per rischio di credito rilevati a fronte degli impegni ad erogare fondi ed alle garanzie rilasciate che rientrano nel perimetro di applicazione delle regole sull\u2019impairment ai sensi dell\u2019IFRS 9. Per  tali  fattispecie  sono  adottate, in linea  di principio, le medesime modalit\u00e0 di allocazione tra i tre stage (stadi di rischio creditizio) e di calcolo della perdita attesa esposte con riferimento alle attivit\u00e0 finanziarie valutate al costo ammortizzato o al fair value con impatto sulla redditivit\u00e0 complessiva. L\u2019aggregato accoglie, peraltro, anche i fondi per rischi ed oneri costituti a fronte di altre tipologie di impegni e  di  garanzie  rilasciate  che,  in  virt\u00f9  delle  proprie  peculiarit\u00e0,  non  rientrano  nel  richiamato  perimetro  di applicazione dell\u2019impairment ai sensi dell\u2019IFRS 9. Altri fondi Gli altri fondi per rischi ed oneri accolgono gli accantonamenti relativi ad obbligazioni legali o connessi a rapporti di lavoro oppure a contenziosi, anche fiscali, originati da un evento passato per i quali sia probabile l\u2019esborso  di risorse economiche per  l\u2019adempimento  delle obbligazioni stesse, sempre che  possa  essere effettuata una stima attendibile del relativo ammontare. Conseguentemente, la rilevazione di un accantonamento avviene se e solo se: vi \u00e8 un\u2019obbligazione in corso (legale o implicita) quale risultato di un evento passato; \u00e8 probabile che per adempiere all\u2019obbligazione si render\u00e0 necessario l\u2019impiego di risorse atte a produrre benefici economici; e pu\u00f2 essere effettuata una stima attendibile dell\u2019importo derivante dall\u2019adempimento dell\u2019obbligazione. L\u2019importo rilevato come accantonamento rappresenta la migliore stima della spesa richiesta per adempiere all\u2019obbligazione  esistente  alla  data  di  riferimento  del  bilancio  e  riflette  rischi  ed  incertezze  che inevitabilmente caratterizzano una pluralit\u00e0 di fatti e circostanze. Per tener conto dell\u2019elemento temporale gli  accantonamenti  vengono  attualizzati  utilizzando  i  tassi  correnti  di  mercato.  L\u2019accantonamento  e  gli incrementi dovuti al fattore temporale sono rilevati a Conto Economico. L\u2019accantonamento viene stornato quando diviene improbabile l\u2019impiego di risorse atte a produrre benefici economici per adempiere l\u2019obbligazione oppure quando si estingue l\u2019obbligazione. Nella voce sono inclusi anche i benefici a lungo termine ai dipendenti, i cui oneri vengono determinati con i medesimi criteri attuariali descritti per i fondi di quiescenza. Gli utili e le perdite attuariali vengono rilevati tutti immediatamente nel conto economico. ",
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   }
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  "fact-837": {
   "value": "10- Fondi per rischi ed oneri Criteri di iscrizione, classificazione e di cancellazione I fondi per rischi ed oneri sono passivit\u00e0 d\u2019ammontare o scadenza incerti rilevati in bilancio quando ricorron o le seguenti contestuali condizioni: esiste un\u2019obbligazione attuale alla data di riferimento del bilancio, che deriva da un evento passato; l\u2019obbligazione deve essere di tipo legale (trova origine da un contratto, normativa o altra disposizione d i legge) o implicita (nasce nel momento in cui l\u2019impresa genera nei confronti di terzi l\u2019aspettativa ch e assolver\u00e0 i propri impegni anche se non rientranti nella casistica delle obbligazioni legali); \u00e8  probabile  che  si  verifichi  un\u2019uscita  finanziaria  per  produrre  benefici  economici  per  adempiere l\u2019obbligazione; \u00e8 possibile effettuare una stima attendibile dell\u2019ammontare dell\u2019obbligazione. Nella voce \u201cFondi per rischi ed oneri\u201d sono inclusi i fondi relativi a prestazioni di lungo termine, a prestazion i successive alla cessazione del rapporto di lavoro trattati dallo IAS 19 e i fondi per rischi ed oneri trattati dall o IAS 37. Criteri di valutazione Gli accantonamenti vengono attualizzati, laddove l\u2019elemento temporale sia significativo, utilizzando i tassi correnti di mercato \u201cfree risk\u201d. L\u2019accantonamento \u00e8 rilevato a conto economico. Criteri di rilevazione delle componenti reddituali Gli accantonamenti/recuperi a fronte dei fondi per rischi e oneri nonch\u00e9 l\u2019effetto derivante dal passaggio del tempo vengono allocati nella voce \u201cAccantonamenti netti ai fondi per rischi e oneri\u201d. Fondi di quiescenza e per obblighi simili I Fondi di quiescenza sono costituiti in attuazione di accordi aziendali e si qualificano come piani a benefici definiti. La passivit\u00e0 relativa a tali piani ed il relativo costo previdenziale delle prestazioni di lavoro corrente sono determinati sulla base di ipotesi attuariali applicando il metodo della \u201cProiezione Unitaria del Credito\u201d, che  prevede  la  proiezione  degli  esborsi  futuri  sulla  base  di  analisi  storiche  statistiche  e  della  curva demografica  e  l\u2019attualizzazione  finanziaria  di  tali flussi  sulla  base  di  un  tasso  di  interesse  di  mercato.  I contributi  versati  in  ciascun  esercizio  sono  considerati  come  unit\u00e0  separate,  rilevate  e  valutate singolarmente ai fini della determinazione dell'obbligazione finale. Il tasso utilizzato per l\u2019attualizzazione \u00e8 determinato  in  base  ai  rendimenti  di  mercato  rilevati  alle  date  di  valutazione  di  obbligazioni  di  aziende primarie tenendo conto della durata media residua della passivit\u00e0. Il valore attuale dell'obbligazione alla data di riferimento del bilancio \u00e8 inoltre rettificato del fair value delle eventuali attivit\u00e0 a servizio del piano.  Gli utili e le perdite attuariali (ovvero le variazioni nel valore attuale dell\u2019obbligazione derivanti dalle modifiche alle ipotesi attuariali e dalle rettifiche basate sull\u2019esperienza passata) sono riconosciuti nel prospetto della redditivit\u00e0 complessiva.  Fondi per rischi ed oneri a fronte di impegni e garanzie rilasciate La sottovoce dei fondi per rischi ed oneri in esame accoglie i fondi per rischio di credito rilevati a fronte degli impegni ad erogare fondi ed alle garanzie rilasciate che rientrano nel perimetro di applicazione delle regole sull\u2019impairment ai sensi dell\u2019IFRS 9. Per  tali  fattispecie  sono  adottate, in linea  di principio, le medesime modalit\u00e0 di allocazione tra i tre stage (stadi di rischio creditizio) e di calcolo della perdita attesa esposte con riferimento alle attivit\u00e0 finanziarie valutate al costo ammortizzato o al fair value con impatto sulla redditivit\u00e0 complessiva.  L\u2019aggregato accoglie, peraltro, anche i fondi per rischi ed oneri costituti a fronte di altre tipologie di impegni e  di  garanzie  rilasciate  che,  in  virt\u00f9  delle  proprie  peculiarit\u00e0,  non  rientrano  nel  richiamato  perimetro  di applicazione dell\u2019impairment ai sensi dell\u2019IFRS 9.  Altri fondi Gli altri fondi per rischi ed oneri accolgono gli accantonamenti relativi ad obbligazioni legali o connessi a rapporti di lavoro oppure a contenziosi, anche fiscali, originati da un evento passato per i quali sia probabile l\u2019esborso  di risorse economiche per  l\u2019adempimento  delle obbligazioni stesse, sempre che  possa  essere effettuata una stima attendibile del relativo ammontare.  Conseguentemente, la rilevazione di un accantonamento avviene se e solo se:  vi \u00e8 un\u2019obbligazione in corso (legale o implicita) quale risultato di un evento passato; \u00e8 probabile che per adempiere all\u2019obbligazione si render\u00e0 necessario l\u2019impiego di risorse atte a produrre benefici economici; e  pu\u00f2 essere effettuata una stima attendibile dell\u2019importo derivante dall\u2019adempimento dell\u2019obbligazione.  L\u2019importo rilevato come accantonamento rappresenta la migliore stima della spesa richiesta per adempiere all\u2019obbligazione  esistente  alla  data  di  riferimento  del  bilancio  e  riflette  rischi  ed  incertezze  che inevitabilmente caratterizzano una pluralit\u00e0 di fatti e circostanze. Per tener conto dell\u2019elemento temporale gli  accantonamenti  vengono  attualizzati  utilizzando  i  tassi  correnti  di  mercato.  L\u2019accantonamento  e  gli incrementi dovuti al fattore temporale sono rilevati a Conto Economico.  L\u2019accantonamento viene stornato quando diviene improbabile l\u2019impiego di risorse atte a produrre benefici economici per adempiere l\u2019obbligazione oppure quando si estingue l\u2019obbligazione.  Nella voce sono inclusi anche i benefici a lungo termine ai dipendenti, i cui oneri vengono determinati con i medesimi criteri attuariali descritti per i fondi di quiescenza. Gli utili e le perdite attuariali vengono rilevati tutti immediatamente nel conto economico. 1.1Rischio di credito Informazioni di natura qualitativa 1. Aspetti generali Secondo l e disposizioni del principio contabile IFRS 9 le perdite attese sui crediti devono essere determinate  valutando  una  gamma  di  possibili  scenari  adeguatamente  ponderati  in  modo  da riflettere un importo obiettivo in relazione alle loro differenti probabilit\u00e0 di realizzo. A  tal  fine  il  modello  di  Impairment  considera  tre  scenari  macroeconomici  futuri:  uno  centrale coerente con i processi di pianificazione, ICAAP e RAF e due ulteriori scenari a corollario, volti a rappresentare un range di variabilit\u00e0 tra gli ipotetici scenari plausibili: \u201cScenario Good\u201d \u2013 scenario con bassa probabilit\u00e0 che si verifichino scenari migliori; \u201cScenario Baseline\u201d \u2013 scenario centrale coerente con i processi di pianificazione, ICAAP e RAF; \u201cScenario Bad\u201d \u2013 scenario con bassa probabilit\u00e0 che si verifichino scenari peggiori. Tali  scenari  sono  selezionati  tra  quelli  forniti  periodicamente  da  un  fornitore  esterno  e  sono approvati  dal  Consiglio  di  Amministrazione.  Ciascuno  \u00e8  corredato  dalla  relativa  probabilit\u00e0  di accadimento,  e  fornisce  le  proiezioni  future  dei  principali  indicatori  macroeconomici  su  un orizzonte di tre anni, con frequenza di osservazione trimestrale. Si riporta di seguito l\u2019indicazione degli scenari macroeconomici adottati per il calcolo delle perdite attese ponderate, corredati dai pesi definiti in coerenza con la relativa probabilit\u00e0 di accadimento: Scenario IFRS 9  Descrizione dello scenario  Peso \u201cGood\u201d StrongerNear-TermRecoveryScenario(\u201cS1\u201d): scenario con probabilit\u00e0 del 10% che si realizzi uno scenario migliore e del 90% che se ne realizzi uno peggiore 10% \u201cBaseline\u201d BaselineScenario: scenario con probabilit\u00e0 del 50% che si realizzi uno scenario migliore e del 50% che se ne realizzi uno peggiore 80% \u201cBad\u201d DeepRecessionScenario(\u201cS3\u201d): scenario con probabilit\u00e0 del 90% che si realizzi uno scenario migliore e del 10% che se ne realizzi uno peggiore 10% Ai  fini  della  definizione  degli  scenari,  il  PIL  \u00e8  la  variabile  \u201canchor  point\u201d,  il  cui  andamento  \u00e8 considerato  come  indicatore  rappresentativo  del  quadro  economico  generale.  Sulla  base dell\u2019andamento del PIL \u00e8 definito l\u2019andamento delle altre variabili macroeconomiche di rilievo. A ciascuno scenario \u00e8 quindi associata una probabilit\u00e0 di accadimento sulla base del loro percentile di riferimento nella distribuzione delle variazioni del PIL sugli scenari generati. L\u2019effetto degli Scenari viene poi tradotto nel modello di Impairment tramite l\u2019utilizzo di appositi modelli Satellite che individuano le variabili pi\u00f9 significative per rappresentare la pi\u00f9 significativa correlazione  tra  il  ciclo  economico  e  i  dati  interni  anche  in  termini di scostamento  temporale (prendendo  in  considerazione  i  distinti  driver  anche  a  vari  lag  temporali  rispetto  al  dato consuntivo). Questi ultimi sono utilizzati per il calcolo della componente Forward Looking di tutti i parametri che intervengono nel calcolo dell\u2019ECL: PD, LGD e EAD/PrePayment . Con  riferimento  alle  rettifiche  di  valore  si  conferma  come  lo  Scenario  Baseline  presenti  un andamento maggiormente comparabile allo Scenario favorevole che a quello avverso. In questo senso  l\u2019inclusione  dello  Scenario  Bad  ha  un  effetto  fortemente  peggiorativo  sulla  stima complessiva delle Rettifiche (avendo anche una ponderazione maggiorata rispetto allo Standard) a confronto con l\u2019effetto migliorativo dello Scenario favorevole che viene annullato attribuendogli una ponderazione dello 0%. Considerazioni ulteriori possono essere effettuate per le esposizioni classificate nello \u201cStage 3\u201d. Per quel che attiene pi\u00f9 specificatamente ai crediti deteriorati, si segnala che, pur in presenza di una sostanziale equiparazione della definizione di credito deteriorato (credit-impaired financial asset) presente nell\u2019IFRS 9 rispetto al principio contabile che \u00e8 andato a sostituire (lo IAS39), le modalit\u00e0 di calcolo dell\u2019ECL lifetime hanno comportato riflessi metodologici anche  ai  fini delle valutazioni da svolgere in tale comparto, principalmente in relazione: All\u2019inclusione di informazioni di tipo forward looking, quali quelle relative agli scenari macroeconomici, alle stime e alle tempistiche di recupero, alla probabilit\u00e0 di migrazione in classi peggiori, nonch\u00e9 quelle che possono avere influenza sul valore del collaterale o sulla durata attesa del relativo recupero; Alla considerazione di scenari alternativi di recupero, quali quelli di vendita degli asset creditizi, in  connessione con possibili cessioni di quote del portafoglio deteriorato,  in relazione agli obiettivi aziendali di riduzione degli asset non performing, ai quali deve essere  attribuita  una  probabilit\u00e0  di  realizzazione,  da  considerare  nell\u2019ambito  della valutazione complessiva. Tenendo in  considerazione quanto sopra e  in coerenza con gli indirizzi  e gli obiettivi relativi al portafoglio NPL, le svalutazioni sui crediti deteriorati vengono applicate attraverso due diverse metodologie: Analitiche sulle singole esposizioni, in relazione alle rettifiche applicate a tali esposizioni, nel corso dell\u2019esercizio corrente le perdite attese sui crediti deteriorati sono determinate analiticamente  in  base  alle  previsioni  di  recupero  formulate  dal  gestore  o  risultanti dall\u2019applicazione del regolamento  interno  \u201clinee guida e criteri di svalutazione crediti gruppo Credem\u201d, attualizzate in funzione dei tassi di interesse effettivi originari e della relativa  tempistica  di  recupero  prevista.  Considerato  che  le  previsioni  di  recupero assumono  come  riferimento  la  specifica  situazione  del  debitore,  si  ritiene  non  trovi coerenza di applicazione un\u2019analisi di sensitivity delle perdite attese su tali esposizioni.; Non \u00e8 tuttavia possibile escludere che, un deterioramento della situazione creditizia del debitore,  anche  in  conseguenza  dei  possibili  effetti  negativi  sull\u2019economia  correlati all\u2019esaurimento delle misure di sostegno messe in atto per fronteggiare la diffusione internazionale  del  Coronavirus  unitamente  agli  effetti  derivanti  dal  conflitto  Russo- Ucraino, possa comportare la rilevazione di ulteriori perdite rispetto a quelle considerate a dicembre 2022. Da evidenziare, in relazione all\u2019emergenza Russo-Ucraina, come siano state  effettuate  attivit\u00e0  straordinarie  in  relazione  al  presidio  del  rischio  come  alla strategia creditizia. Su quest\u2019ultima sono state svolte, e sono in regolare aggiornamento, analisi in ottica forward-looking sui principali settori energivori impattati dalla situazione emergenziale, anche in relazione all'innalzamento  dei costi operativi ed intervenendo quindi sull\u2019azione creditizia e commerciale. Rispetto invece alle attivit\u00e0 di presidio, azioni specifiche  hanno  riguardato  tutto  il  portafoglio  creditizio,  individuando  i  clienti potenzialmente  maggiormente  impattati  da  costo  energia,  costo  materie  prime  e shortage materie prime, sulla base dei settori identificati come pi\u00f9 vulnerabili (fra i primi l\u2019industria cartaria, della produzione di piastrelle in ceramica, il settore della Metallurgia, Automotive ed infine Legno/Agroalimentare); Svalutazioni determinate secondo uno specifico modello, che possono essere applicate ad un portafoglio di posizioni a Sofferenza valutate in un\u2019ottica di dismissione (di seguito definito \u201cPortafoglio sotto-modello Stage 3\u201d o \u201cPortafoglio\u201d). Al 31/12/2022 non vi sono posizioni classificate all\u2019interno del portafoglio sotto-modello Stage 3. Il Gruppo Credem considera storicamente l\u2019elevata qualit\u00e0 del credito come un elemento fondante della propria stabilit\u00e0 patrimoniale ed un fattore strategico nel processo di creazione del valore. I principi fondamentali su cui si basa l\u2019erogazione del credito sono i seguenti: - la  coerenza  con  la  connotazione  di  banca  commerciale  domestica  nella  valutazione dell\u2019attivit\u00e0 del cliente, della sua dimensione e della sua ubicazione geografica rispetto alla rete Credem; - la  tecnica  nell\u2019analisi  di  rischio,  che  assicura  alle  concessioni  creditizie  un  presupposto oggettivo e coerente con le finalit\u00e0 e le esigenze finanziarie del cliente, con le sue dimensioni patrimoniali e finanziarie e con le relative capacit\u00e0 di rimborso storiche e prospettiche; - la qualit\u00e0 e l\u2019adeguatezza delle informazioni, coerentemente ai criteri di Data Governance definiti dal gruppo Credem, come presupposto essenziale per la valutazione oggettiva del profilo di rischio che trova nel rating interno la sua prima espressione di sintesi; - il frazionamento del rischio di credito perseguito diversificando il portafoglio clienti con un approccio selettivo e coerente con gli obiettivi di capitale e di rischio/rendimento; 2.4 Tecniche di mitigazione del rischio di credito I collateral e le garanzie rivestono particolare rilevanza nelle strategie creditizie del Gruppo Credem in quanto consentono la mitigazione nel complessivo ciclo di vita del credito, pur mantenendo un carattere  accessorio  nel  processo  di  valutazione  e  concessionestesse, comporta un\u2019approfondita attivit\u00e0 valutativa sia in fase di acquisizione sia di monitoraggio e gestione. Per i collateral immobiliari sono definiti, conformemente ad i requisiti normativi, i principi generali che consentono un sano e prudente processo di valutazione degli immobili oggetto dei collateral: - Indipendenza della valutazione tramite l\u2019utilizzo di periti esterni indipendenti dal processo di erogazione del credito. - Conformit\u00e0 e congruit\u00e0 della valutazione, adeguata alla complessit\u00e0 dell\u2019operazione, alla sua dimensione, alla tipologia dell\u2019immobile per l\u2019individuazione del valore di mercato su cui viene calcolato l\u2019indicatore di loan to value. - Un robusto sistema di controlli, conforme ad i requisiti normativi, a presidio del processo di valutazione. Vista l\u2019importanza del comparto mutui nel portafoglio complessivo e in ottica di adeguamento alle Disposizioni di Vigilanza \u00e8 stato messo a punto un processo di monitoraggio periodico del valore degli immobili oggetto di ipoteca al fine di una corretta valutazione del grado  di copertura dei collateral. All\u2019interno del \u201cRegolamento per l\u2019assunzione dei rischi di credito verso la clientela\u201d \u00e8 codificata la ponderazione da applicare alle diverse operazioni ipotecarie in base alla natura dell\u2019immobile. Il Comitato di Credit Strategy, inoltre, propone periodicamente le linee guida di indirizzo in termini di Loan To Value media del portafoglio e delle nuove erogazioni. In particolare, proprio per la natura di intervento a medio termine, i mutui ipotecari prevedono percentuali di iscrizione della garanzia diversificate a seconda della tipologia del finanziamento. Per quanto riguarda le garanzie reali su valori mobiliari sono previsti scarti cauzionali da applicare a seconda della tipologia del prodotto acquisito in garanzia e dell\u2019eventuale rating dell\u2019emittente. E\u2019 inoltre previsto il monitoraggio costante dei valori mobiliari a garanzia e la valorizzazione ai fini di Credit Risk Mitigation. In  riferimento  alle  garanzie  fidejussorie,  osserviamo  che  la  loro  valorizzazione  viene  sempre effettuata sulla base di una valutazione prudenziale del patrimonio responsabile dei garanti. Relativamente  alle  garanzie  pubbliche,  il  Gruppo  Credem  adotta  specifiche  procedure  volte  a rispettare le modalit\u00e0 operative richieste dai dettami normativi emanati dallo Stato o dagli enti emittenti tali garanzie. ",
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  "fact-852": {
   "value": "10- Fondi per rischi ed oneri Criteri di iscrizione, classificazione e di cancellazione I fondi per rischi ed oneri sono passivit\u00e0 d\u2019ammontare o scadenza incerti rilevati in bilancio quando ricorron o le seguenti contestuali condizioni: esiste un\u2019obbligazione attuale alla data di riferimento del bilancio, che deriva da un evento passato; l\u2019obbligazione deve essere di tipo legale (trova origine da un contratto, normativa o altra disposizione d i legge) o implicita (nasce nel momento in cui l\u2019impresa genera nei confronti di terzi l\u2019aspettativa ch e assolver\u00e0 i propri impegni anche se non rientranti nella casistica delle obbligazioni legali); \u00e8  probabile  che  si  verifichi  un\u2019uscita  finanziaria  per  produrre  benefici  economici  per  adempiere l\u2019obbligazione; \u00e8 possibile effettuare una stima attendibile dell\u2019ammontare dell\u2019obbligazione. Nella voce \u201cFondi per rischi ed oneri\u201d sono inclusi i fondi relativi a prestazioni di lungo termine, a prestazion i successive alla cessazione del rapporto di lavoro trattati dallo IAS 19 e i fondi per rischi ed oneri trattati dall o IAS 37. Criteri di valutazione Gli accantonamenti vengono attualizzati, laddove l\u2019elemento temporale sia significativo, utilizzando i tassi correnti di mercato \u201cfree risk\u201d. L\u2019accantonamento \u00e8 rilevato a conto economico. Criteri di rilevazione delle componenti reddituali Gli accantonamenti/recuperi a fronte dei fondi per rischi e oneri nonch\u00e9 l\u2019effetto derivante dal passaggio del tempo vengono allocati nella voce \u201cAccantonamenti netti ai fondi per rischi e oneri\u201d. Fondi di quiescenza e per obblighi simili I Fondi di quiescenza sono costituiti in attuazione di accordi aziendali e si qualificano come piani a benefici definiti. La passivit\u00e0 relativa a tali piani ed il relativo costo previdenziale delle prestazioni di lavoro corrente sono determinati sulla base di ipotesi attuariali applicando il metodo della \u201cProiezione Unitaria del Credito\u201d, che  prevede  la  proiezione  degli  esborsi  futuri  sulla  base  di  analisi  storiche  statistiche  e  della  curva demografica  e  l\u2019attualizzazione  finanziaria  di  tali flussi  sulla  base  di  un  tasso  di  interesse  di  mercato.  I contributi  versati  in  ciascun  esercizio  sono  considerati  come  unit\u00e0  separate,  rilevate  e  valutate singolarmente ai fini della determinazione dell'obbligazione finale. Il tasso utilizzato per l\u2019attualizzazione \u00e8 determinato  in  base  ai  rendimenti  di  mercato  rilevati  alle  date  di  valutazione  di  obbligazioni  di  aziende primarie tenendo conto della durata media residua della passivit\u00e0. Il valore attuale dell'obbligazione alla data di riferimento del bilancio \u00e8 inoltre rettificato del fair value delle eventuali attivit\u00e0 a servizio del piano. Gli utili e le perdite attuariali (ovvero le variazioni nel valore attuale dell\u2019obbligazione derivanti dalle modifiche alle ipotesi attuariali e dalle rettifiche basate sull\u2019esperienza passata) sono riconosciuti nel prospetto della redditivit\u00e0 complessiva. Fondi per rischi ed oneri a fronte di impegni e garanzie rilasciate La sottovoce dei fondi per rischi ed oneri in esame accoglie i fondi per rischio di credito rilevati a fronte degli impegni ad erogare fondi ed alle garanzie rilasciate che rientrano nel perimetro di applicazione delle regole sull\u2019impairment ai sensi dell\u2019IFRS 9. Per  tali  fattispecie  sono  adottate, in linea  di principio, le medesime modalit\u00e0 di allocazione tra i tre stage (stadi di rischio creditizio) e di calcolo della perdita attesa esposte con riferimento alle attivit\u00e0 finanziarie valutate al costo ammortizzato o al fair value con impatto sulla redditivit\u00e0 complessiva. L\u2019aggregato accoglie, peraltro, anche i fondi per rischi ed oneri costituti a fronte di altre tipologie di impegni e  di  garanzie  rilasciate  che,  in  virt\u00f9  delle  proprie  peculiarit\u00e0,  non  rientrano  nel  richiamato  perimetro  di applicazione dell\u2019impairment ai sensi dell\u2019IFRS 9. Altri fondi Gli altri fondi per rischi ed oneri accolgono gli accantonamenti relativi ad obbligazioni legali o connessi a rapporti di lavoro oppure a contenziosi, anche fiscali, originati da un evento passato per i quali sia probabile l\u2019esborso  di risorse economiche per  l\u2019adempimento  delle obbligazioni stesse, sempre che  possa  essere effettuata una stima attendibile del relativo ammontare. Conseguentemente, la rilevazione di un accantonamento avviene se e solo se: vi \u00e8 un\u2019obbligazione in corso (legale o implicita) quale risultato di un evento passato; \u00e8 probabile che per adempiere all\u2019obbligazione si render\u00e0 necessario l\u2019impiego di risorse atte a produrre benefici economici; e pu\u00f2 essere effettuata una stima attendibile dell\u2019importo derivante dall\u2019adempimento dell\u2019obbligazione. L\u2019importo rilevato come accantonamento rappresenta la migliore stima della spesa richiesta per adempiere all\u2019obbligazione  esistente  alla  data  di  riferimento  del  bilancio  e  riflette  rischi  ed  incertezze  che inevitabilmente caratterizzano una pluralit\u00e0 di fatti e circostanze. Per tener conto dell\u2019elemento temporale gli  accantonamenti  vengono  attualizzati  utilizzando  i  tassi  correnti  di  mercato.  L\u2019accantonamento  e  gli incrementi dovuti al fattore temporale sono rilevati a Conto Economico. L\u2019accantonamento viene stornato quando diviene improbabile l\u2019impiego di risorse atte a produrre benefici economici per adempiere l\u2019obbligazione oppure quando si estingue l\u2019obbligazione. Nella voce sono inclusi anche i benefici a lungo termine ai dipendenti, i cui oneri vengono determinati con i medesimi criteri attuariali descritti per i fondi di quiescenza. Gli utili e le perdite attuariali vengono rilevati tutti immediatamente nel conto economico. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-865": {
   "value": "10- Fondi per rischi ed oneri Criteri di iscrizione, classificazione e di cancellazione I fondi per rischi ed oneri sono passivit\u00e0 d\u2019ammontare o scadenza incerti rilevati in bilancio quando ricorron o le seguenti contestuali condizioni: esiste un\u2019obbligazione attuale alla data di riferimento del bilancio, che deriva da un evento passato; l\u2019obbligazione deve essere di tipo legale (trova origine da un contratto, normativa o altra disposizione d i legge) o implicita (nasce nel momento in cui l\u2019impresa genera nei confronti di terzi l\u2019aspettativa ch e assolver\u00e0 i propri impegni anche se non rientranti nella casistica delle obbligazioni legali); \u00e8  probabile  che  si  verifichi  un\u2019uscita  finanziaria  per  produrre  benefici  economici  per  adempiere l\u2019obbligazione; \u00e8 possibile effettuare una stima attendibile dell\u2019ammontare dell\u2019obbligazione. Nella voce \u201cFondi per rischi ed oneri\u201d sono inclusi i fondi relativi a prestazioni di lungo termine, a prestazion i successive alla cessazione del rapporto di lavoro trattati dallo IAS 19 e i fondi per rischi ed oneri trattati dall o IAS 37. Criteri di valutazione Gli accantonamenti vengono attualizzati, laddove l\u2019elemento temporale sia significativo, utilizzando i tassi correnti di mercato \u201cfree risk\u201d. L\u2019accantonamento \u00e8 rilevato a conto economico. Criteri di rilevazione delle componenti reddituali Gli accantonamenti/recuperi a fronte dei fondi per rischi e oneri nonch\u00e9 l\u2019effetto derivante dal passaggio del tempo vengono allocati nella voce \u201cAccantonamenti netti ai fondi per rischi e oneri\u201d. Fondi di quiescenza e per obblighi simili I Fondi di quiescenza sono costituiti in attuazione di accordi aziendali e si qualificano come piani a benefici definiti. La passivit\u00e0 relativa a tali piani ed il relativo costo previdenziale delle prestazioni di lavoro corrente sono determinati sulla base di ipotesi attuariali applicando il metodo della \u201cProiezione Unitaria del Credito\u201d, che  prevede  la  proiezione  degli  esborsi  futuri  sulla  base  di  analisi  storiche  statistiche  e  della  curva demografica  e  l\u2019attualizzazione  finanziaria  di  tali flussi  sulla  base  di  un  tasso  di  interesse  di  mercato.  I contributi  versati  in  ciascun  esercizio  sono  considerati  come  unit\u00e0  separate,  rilevate  e  valutate singolarmente ai fini della determinazione dell'obbligazione finale. Il tasso utilizzato per l\u2019attualizzazione \u00e8 determinato  in  base  ai  rendimenti  di  mercato  rilevati  alle  date  di  valutazione  di  obbligazioni  di  aziende primarie tenendo conto della durata media residua della passivit\u00e0. Il valore attuale dell'obbligazione alla data di riferimento del bilancio \u00e8 inoltre rettificato del fair value delle eventuali attivit\u00e0 a servizio del piano. Gli utili e le perdite attuariali (ovvero le variazioni nel valore attuale dell\u2019obbligazione derivanti dalle modifiche alle ipotesi attuariali e dalle rettifiche basate sull\u2019esperienza passata) sono riconosciuti nel prospetto della redditivit\u00e0 complessiva. Fondi per rischi ed oneri a fronte di impegni e garanzie rilasciate La sottovoce dei fondi per rischi ed oneri in esame accoglie i fondi per rischio di credito rilevati a fronte degli impegni ad erogare fondi ed alle garanzie rilasciate che rientrano nel perimetro di applicazione delle regole sull\u2019impairment ai sensi dell\u2019IFRS 9. Per  tali  fattispecie  sono  adottate, in linea  di principio, le medesime modalit\u00e0 di allocazione tra i tre stage (stadi di rischio creditizio) e di calcolo della perdita attesa esposte con riferimento alle attivit\u00e0 finanziarie valutate al costo ammortizzato o al fair value con impatto sulla redditivit\u00e0 complessiva. L\u2019aggregato accoglie, peraltro, anche i fondi per rischi ed oneri costituti a fronte di altre tipologie di impegni e  di  garanzie  rilasciate  che,  in  virt\u00f9  delle  proprie  peculiarit\u00e0,  non  rientrano  nel  richiamato  perimetro  di applicazione dell\u2019impairment ai sensi dell\u2019IFRS 9. Altri fondi Gli altri fondi per rischi ed oneri accolgono gli accantonamenti relativi ad obbligazioni legali o connessi a rapporti di lavoro oppure a contenziosi, anche fiscali, originati da un evento passato per i quali sia probabile l\u2019esborso  di risorse economiche per  l\u2019adempimento  delle obbligazioni stesse, sempre che  possa  essere effettuata una stima attendibile del relativo ammontare. Conseguentemente, la rilevazione di un accantonamento avviene se e solo se: vi \u00e8 un\u2019obbligazione in corso (legale o implicita) quale risultato di un evento passato; \u00e8 probabile che per adempiere all\u2019obbligazione si render\u00e0 necessario l\u2019impiego di risorse atte a produrre benefici economici; e pu\u00f2 essere effettuata una stima attendibile dell\u2019importo derivante dall\u2019adempimento dell\u2019obbligazione. L\u2019importo rilevato come accantonamento rappresenta la migliore stima della spesa richiesta per adempiere all\u2019obbligazione  esistente  alla  data  di  riferimento  del  bilancio  e  riflette  rischi  ed  incertezze  che inevitabilmente caratterizzano una pluralit\u00e0 di fatti e circostanze. Per tener conto dell\u2019elemento temporale gli  accantonamenti  vengono  attualizzati  utilizzando  i  tassi  correnti  di  mercato.  L\u2019accantonamento  e  gli incrementi dovuti al fattore temporale sono rilevati a Conto Economico. L\u2019accantonamento viene stornato quando diviene improbabile l\u2019impiego di risorse atte a produrre benefici economici per adempiere l\u2019obbligazione oppure quando si estingue l\u2019obbligazione. Nella voce sono inclusi anche i benefici a lungo termine ai dipendenti, i cui oneri vengono determinati con i medesimi criteri attuariali descritti per i fondi di quiescenza. Gli utili e le perdite attuariali vengono rilevati tutti immediatamente nel conto economico. Sezione 10 \u2013 Fondi per rischi e oneri - Voce 100 10.1 Fondi per rischi e oneri: composizione Voci/Componenti Totale 31/12/2022 Totale 31/12/2021 1. Fondi per rischio di credito relativo a impegni e garanzie finanziarie rilasciate 7.056 8.044 2. Fondi su altri impegni e altre garanzie rilasciate  - - 3. Fondi di quiescenza aziendali  1.254 1.485 4. Altri fondi per rischi ed oneri  174.652 164.882 4.1 controversie legali e fiscali  16.859 21.274 4.2 oneri per il personale  96.499 94.874 4.3 altri  61.294 48.734 Totale 182.962 174.411 10.2 Fondi per rischi e oneri: variazioni annue   Fondi su altri impegni e altre garanzie rilasciate Fondi di quiescenza Altri fondi per rischi ed oneri Totale A. Esistenze iniziali  8.044  1.485  164.882  174.411 B. Aumenti  956  26  84.638  85.620 B.1 Accantonamento dell'esercizio  956  26  84.459  85.441 B.2 Variazioni dovute al passare del tempo  -  -  2  2 B.3 Variazioni dovute a modifiche del tasso di sconto  -  -  12  12 B.4 Altre variazioni  -  -  165  165 - di cui operazioni di aggregazione aziendale  -  -  -  - C. Diminuzioni  1.944  257  74.868  77.069 C.1 Utilizzo nell'esercizio  1.937  74  73.061  75.072 C.2 Variazioni dovute a modifiche del tasso di sconto  -  -  595  595 C.3 Altre variazioni  7  183  1.212  1.402 - di cui operazioni di aggregazione aziendale  -  -  -  - D. Rimanenze finali  7.056  1.254  174.652  182.962 1.5 Rischi operativi Informazioni di natura qualitativa A. Aspetti generali, processi di gestione e metodi di misurazione del rischio operativo Il  Gruppo  ha  sviluppato  un  sistema  integrato  di  gestione  dei  rischi  operativi  assunti  che,  i attuazione degli indirizzi strategici, consente di rafforzare la capacit\u00e0 delle Unit\u00e0 Organizzative d gestirli consapevolmente, introducendo strumenti di rilevazione, misurazione e controllo tali d garantire un\u2019assunzione dei rischi consapevole e compatibile con le strategie di Governance e co le condizioni economiche e patrimoniali, nel rispetto delle indicazioni provenienti dalle Autorit\u00e0 d Vigilanza\u201d. Il Consiglio di Amministrazione della Capogruppo ha approvato il regolamento \u201cGestione dei risch operativi\u201d (Regolamento ORM)  con cui definisce  le politiche di gestione del rischio operativo  a livello di Gruppo e Banca e determina un sistema comune e coordinato caratterizzato da regol condivise per l\u2019allocazione di compiti e responsabilit\u00e0. Il regolamento definisce come rischio operativo \u201cil rischio di perdite derivanti dall\u2019inadeguatezza o dalla  disfunzione  di  processi,  risorse  umane  e  sistemi  interni,  oppure  da  eventi  esogeni,  iv compreso il rischio giuridico; non sono inclusi quelli strategici e di reputazione\u201d. Inoltre, il Consiglio di Amministrazione della Capogruppo ha approvato, ai fini della determinazion del requisito patrimoniale, l\u2019utilizzo del metodo TSA per tutte le societ\u00e0 appartenenti al Grupp Bancario. Non  sono  intervenute  variazioni  significative  rispetto  all\u2019esercizio  precedente  in  relazione  al modello  di  gestione  dei  rischi  operativi  che  di  seguito  viene  rappresentato  sinteticamente: l\u2019Organo  con  funzioni  di  supervisione  strategica  di  Gruppo  \u00e8  identificato  nel  Consiglio  di Amministrazione di Credito Emiliano SpA, Capogruppo del Gruppo Bancario Credito Emiliano \u2013 CREDEM.  L\u2019azione  viene  esercitata  con  il  supporto  del  Comitato  Consiliare  Rischi  di  Gruppo (Comitato di Governance, privo di deleghe, istituito con la finalit\u00e0 di svolgere un ruolo istruttorio). A  livello  di Gruppo  sono stati individuati  pi\u00f9  organi con funzioni  di gestione, coincidenti con  i Consigli di Amministrazione delle singole controllate, che hanno adottato il Regolamento ORM traducendo il relativo \u201cschema\u201d nella specifica realt\u00e0 aziendale ed individuando concretamente le funzioni \u201clocali\u201d richieste per il buon esito del processo. Dal punto di vista operativo gli organi con funzione di supervisione strategica e quelli con funzion di gestione sono supportati dall\u2019attivit\u00e0 dell\u2019ufficio Rischi Operativi e di Credito (ROC). Nell\u2019ambit del processo coordinato centralmente da ROC (c.d. \u201cORM Centrale\u201d), l\u2019attivit\u00e0 viene svolta con i supporto di alcune funzioni \u201cORM Periferico\u201d appartenenti a diversi servizi della banca. L\u2019Organo  con  funzioni  di  controllo  \u00e8  identificato  nel  Collegio  Sindacale,  coerentemente  con  l disciplina  vigente  relativa  agli  enti  che  adottano  un  modello  \u201ctradizionale\u201d  di  governanc societaria. Pi\u00f9 in particolare, il Collegio della Capogruppo \u00e8 responsabile di vigilare sull\u2019osservanz delle norme di legge, regolamentari e statutarie, sulla corretta amministrazione, sull\u2019adeguatezz degli assetti organizzativi e contabili del Gruppo anche tramite il coordinamento con gli omologh organi collegiali presenti nelle controllate. Nell\u2019espletamento delle proprie attivit\u00e0 tale organo viene supportato dal Servizio Audit di Gruppo Il Regolamento ORM istituisce, inoltre, specifici flussi informativi verso l\u2019organo di controllo dell societ\u00e0  interessate  dal  modello  TSA  (a  livello  individuale  e  consolidato,  secondo  le  rispettiv competenze). Il Sistema di Gestione dei Rischi Operativi \u00e8 periodicamente sottoposto a revisione indipendente da parte del Servizio Audit della Capogruppo. Il sistema di gestione dei rischi operativi \u00e8 definito come l\u2019insieme strutturato dei processi funzion e risorse per l\u2019identificazione, la valutazione e il controllo dei rischi operativi ed \u00e8 articolato ne seguenti sottoprocessi: - Identificazione; - Misurazione; - Monitoraggio e Controllo; - Mitigazione. Le  societ\u00e0  incluse  nei  processi  di  misurazione,  monitoraggio  e  mitigazione,  sono  quelle  che risultano annualmente rilevanti ai fini del rischio operativo ed informatico dall\u2019analisi di rilevanza effettuata  nell\u2019ambito  dell\u2019approvazione  del  Risk  Appetite  Framework  (RAF)  e  del  processo  di determinazione dell\u2019adeguatezza patrimoniale (ICAAP) svolto dalla Capogruppo. Il processo di \u201cIdentificazione\u201d \u00e8 composto dalle seguenti procedure: - Loss  Data  Collection:  consiste  nella  raccolta  dei  dati  di  perdita  operativa  interna  con  il coinvolgimento  diretto  di  tutte  le  unit\u00e0  di  business.  In  tale  ambito,  gli  eventi  di  perdita operativa (inclusi quelli di natura informatica) sono classificati per Business Line (corporate finance, trading and sales, retail banking, commercial banking, payment and settlement,, agency services, asset management, retail Brokerage) ed Event Type (frodi interne, frodi esterne, rapporto di impiego e sicurezza sul lavoro, clientela - prodotti e prassi professionali, danni da eventi  esterni, interruzioni dell\u2019operativit\u00e0 e  disfunzioni dei sistemi, esecuzione, consegna e gestione dei processi); - Risk Self Assessment: consiste nella raccolta, attraverso questionario, di stime soggettive espresse dai risk owner con riferimento agli eventi di natura operativa (inclusi quelli di natura informatica) potenzialmente rilevanti per le proprie unit\u00e0 di business e tenuto conto delle linee guida di sviluppo emerse dal processo di pianificazione preliminare di gruppo; - Data Pooling/Comunicazione verso enti esterni: consiste nella partecipazione ad iniziative consortili esterne e nella gestione delle relative interrelazioni (ad es. consorzio DIPO) ed alla comunicazione dei dati di perdita operativa raccolti agli Organi di Vigilanza (Banca d\u2019Italia e Banca Centrale Europea). Il processo di \u201cMisurazione\u201d \u00e8  rappresentato dalla  quantificazione del Capitale a  Rischio  (CaR) mediante stime soggettive. Le metodologie di misurazione delle perdite attese e inattese sono finalizzate ad un\u2019attivit\u00e0 di controllo ed individuazione di situazioni potenzialmente critiche e si basano  sulla  esecuzione  di  questionari  (RSA),  con  frequenza  almeno  annuale,  che  per  ogni tipologia  di  evento  richiedono  ai  responsabili  delle  unit\u00e0  organizzative  (UO)  che  possono generare/gestire i rischi operativi, una stima soggettiva di alcuni fattori di rischio: - \u201cfrequenza tipica\u201d, il numero medio atteso di eventi nell\u2019arco temporale di riferimento; - \u201cimpatto tipico\u201d, la perdita media attesa per tipologia di evento; - \u201cimpatto peggiore\u201d, l\u2019impatto del singolo evento qualora esso si manifesti nel peggior modo (ragionevolmente) concepibile. L\u2019analisi \u00e8 svolta su pi\u00f9 livelli: unit\u00e0 organizzativa, business units, societ\u00e0 e gruppo consolidato e per ogni livello sono prodotti: un valore di perdita attesa ed un valore di perdita inattesa. I risultati della  valutazione  sono  utilizzati  a  fini  gestionali  per  la  prevenzione  e  la  mitigazione  dei  rischi operativi  e  nel  processo  di  pianificazione  operativa,  coerentemente  a  quanto  definito  dal \u201cRegolamento pianificazione, programmazione e controllo di Gruppo\u201d. Il processo di \u201cMonitoraggio e controllo\u201d mira a identificare tempestivamente eventuali disfunzioni nei processi aziendali o nelle procedure di gestione del rischio al fine di consentire di valutare le necessarie azioni di mitigazione. I  Rischi  Operativi  sono  inoltre  monitorati  all\u2019interno  del  pi\u00f9  ampio  processo  di  Risk  Appetite Framework (RAF) di Gruppo (monitoraggio trimestrale). Al fine di assicurare un presidio nel continuo, \u00e8 prevista una rendicontazione per singolo evento di perdita operativa la cui autonomia di delibera (definita all\u2019interno dei regolamenti gi\u00e0 vigenti o, in mancanza, oltre la soglia di 100.000\u20ac) spetta al Comitato Esecutivo/Consiglio di Amministrazione, dei  controlli  che  non  sono  andati  a  buon  fine  e  delle  azioni  correttive  di  eventuali  carenze organizzative  e/o  di  processo/prodotto.  Qualora  disponibili,  l\u2019ORM  periferico  di  volta  in  volta competente, inserisce le informazioni oggetto di rendicontazione in seno alle proposte e le invia alle  Funzioni  preposte  a  seconda  delle  casistiche  (a  titolo  esemplificativo,  Servizio  Audit  e Compliance). In ogni caso, le delibere assunte dal CE/CA sono inviate, per opportuna conoscenza, al Risk Officer della Capogruppo e a ROC. ROC verifica semestralmente che le Funzioni preposte siano state attivate dagli ORM Periferici e laddove questo non sia accaduto, attiva direttamente le Funzioni preposte eventualmente coordinandosi con gli ORM Periferici. Inoltre, ROC controlla semestralmente, per BU/Servizio di Credembanca e per le societ\u00e0 rilevanti, che le rispettive perdite contabilizzate nel semestre/anno di riferimento non superino il relativo valore di Perdita Attesa stimato in ambito Risk Self Assessment e, nel caso in cui ci\u00f2 accada, rendiconta nel CE di Credembanca le motivazioni dello scostamento fornite dai Responsabili delle BU/Capi Servizio di Credembanca. Per le singole societ\u00e0 rilevanti, nel caso in cui le perdite risultino superiori alla Perdita Attesa, l\u2019ORM periferico della societ\u00e0 rendiconta nel proprio CA le motivazioni dello scostamento e ne d\u00e0 comunicazione al Risk Officer della Capogruppo. Il sistema di reporting fornisce agli organi aziendali ed ai responsabili delle funzioni interessate informazioni sul livello di esposizione ai rischi operativi e rappresenta uno strumento di supporto per la loro gestione attiva e rappresenta la sintesi dei processi di misurazione, monitoraggio e controllo. Il processo di \u201cMitigazione\u201d definisce le azioni da intraprendere per la prevenzione e l\u2019attenuazione dei rischi operativi ed \u00e8 composto dalle seguenti procedure: - Analisi gestionale: consiste nell\u2019analisi delle criticit\u00e0 emerse e delle diverse possibili soluzioni a  disposizione  nell\u2019ambito  delle  tradizionali  modalit\u00e0  alternative  di  gestione  del  rischio (ritenzione, trasferimento, mitigazione), in ottica costi-benefici; - Gestione dell\u2019attivit\u00e0 di mitigazione: consiste nella scelta, pianificazione, avvio delle attivit\u00e0, implementazione e completamento degli interventi di mitigazione messi in atto e successivo controllo dell\u2019avanzamento e dell\u2019efficacia degli interventi di mitigazione del rischio attuati; - Gestione delle forme di trasferimento: consiste nella individuazione, valutazione, scelta e gestione delle diverse forme di trasferimento del rischio. Le  azioni  di  mitigazione  definite  nel  reporting  vengono  inoltre  incluse  nel  processo  di pianificazione operativa. La classificazione delle attivit\u00e0 nelle linee di business regolamentari \u00e8 declinata nelle fasi di: - mappatura dati; - determinazione requisito patrimoniale individuale. La mappatura dei dati si  delinea a  livello individuale attraverso il collocamento di ciascuno dei centri gestionali nella business line regolamentare di pertinenza seguendo i principi sanciti dal Regolamento  UE n. 575/2013;  segue  quindi l\u2019individuazione  delle  fonti  dati  che  riportano i dati reddituali di tali centri e gli eventuali criteri di ripartizione. In applicazione della mappatura definita, ciascuna societ\u00e0 procede alla determinazione dei valori per  centro,  alla  collocazione  sulle  business  line  previste  e  alla  determinazione  del  requisito individuale. Le  attivit\u00e0  definite  per  la  determinazione  del  requisito  patrimoniale  consolidato  prevedono l\u2019identificazione dell\u2019\u201dIndicatore Rilevante\u201d individuale e la componente riconducibile a ciascuna societ\u00e0 del Gruppo per business line regolamentare (da determinarsi in coerenza con i  criteri sanciti nella mappatura utilizzata a fini individuali). Il requisito patrimoniale a fronte dei rischi operativi, calcolato sull\u2019 Indicatore Rilevante del triennio 2020- 2022, \u00e8 pari a 161,7 milioni di euro. RISCHI LEGALI Il Gruppo, nel normale svolgimento della propria attivit\u00e0 d\u2019impresa, \u00e8 parte di diversi procedimenti giudiziari dai quali potrebbero anche derivare obblighi di natura risarcitoria e/o restitutoria, con conseguente possibile esborso di risorse economiche (c.d. rischio legale). Tutte le controversie in essere sono  state  debitamente analizzate dalla Banca  e,  alla  luce di tale analisi, nonch\u00e9  delle indicazioni  anche  provenienti  dai  Legali  Fiduciari  esterni,  sono  stati  effettuati,  ove  ritenuto necessario, accantonamenti a bilancio nella misura idonea ed appropriata alle singole circostanze. Pi\u00f9 in particolare \u00e8 costituito un fondo rischi ed oneri diversi a presidio delle potenziali passivit\u00e0 che potrebbero scaturire dalle cause pendenti. La  maggior  parte  di  tali  controversie  sono  riconducibili  alle  principali  attivit\u00e0  del  Gruppo  e riguardano, in particolare, le aree dei servizi di investimento, dell\u2019anatocismo della \u201ccessione del quinto\u201d (per queste ultime, in ragione della numerosit\u00e0 e della ricorrenza del fenomeno, \u00e8 stato predisposto un apposito accantonamento volto a gestire contenziosi e reclami) e fiscali. Di  rilevanza  minore  sono  le  controversie  relative  all\u2019ambito  immobiliare,  amministrativo  e all\u2019operativit\u00e0 di sportello. Si fornisce di seguito una descrizione delle principali classi di passivit\u00e0 potenziali che, nel caso in cui la relativa passivit\u00e0 sia stata giudicata probabile, hanno dato luogo ad accantonamenti agli altri fondi per rischi ed oneri. Contenzioso lavoristico I rischi connessi al contenzioso lavoristico vengono valutati trimestralmente in base all\u2019andamento delle cause e conseguentemente vengono aggiornati gli accantonamenti. Revocatorie Fallimentari Si  tratta  di  controversie  nelle  quali  il  Gruppo  pu\u00f2  essere  coinvolta  in  ragione  del  normale svolgimento della propria attivit\u00e0 d\u2019impresa quando clienti assoggettabili al Fallimento dispongono pagamenti in favore delle societ\u00e0 del Gruppo, effettuano rimesse su un conto corrente bancario in  un arco temporale prossimo alla dichiarazione di Fallimento. L'azione revocatoria \u00e8 uno strumento utilizzabile dal curatore fallimentare allo scopo di ricostituire il patrimonio del fallito destinato alla soddisfazione dei suoi creditori, facendovi rientrare quanto ne era uscito nel periodo antecedente al fallimento (il cosiddetto periodo sospetto). Il gruppo procede a una valutazione delle singole posizioni  caso  per  caso,  in  fatto  e  in  diritto,  prestando  particolare  attenzione  al  dato documentale/fattuale. Per effetto di detta analisi, ove opportuno, vengono pertanto di volta in volta disposti (e tempo per tempo modificati, ove necessario) gli accantonamenti ritenuti congrui in relazione alle specifiche circostanze della fattispecie in esame. Tutte le cause in materia sono oggetto di costante monitoraggio e i rischi che ne derivano, ove opportuno, sono fronteggiati da appositi accantonamenti al Fondo rischi ed oneri diversi, in applicazione di quanto previsto dallo IAS 37. Malversazioni Si  tratta  di  controversie  nelle  quali  il  Gruppo  pu\u00f2  essere  coinvolto  in  ragione  del  normale svolgimento della  propria attivit\u00e0 d\u2019impresa, vi sono  alcuni reclami e alcune vertenze giudiziali derivanti da  comportamenti anomali posti  in essere da dipendenti  o consulenti finanziari nello svolgimento delle mansioni loro affidate o dell\u2019attivit\u00e0 espletata, con conseguenti contestazioni da parte  della  clientela  nei  confronti  della  Banca  stessa,  che  pu\u00f2  eventualmente  essere  ritenuta responsabile di tali comportamenti. Il gruppo procede a una valutazione delle singole posizioni caso  per  caso, in fatto e in  diritto, prestando particolare attenzione al dato documentale/fattuale. Per effetto di detta analisi, ove opportuno, vengono pertanto di volta in volta disposti (e tempo per tempo modificati, ove necessario) gli accantonamenti ritenuti congrui in relazione alle specifiche circostanze della fattispecie in esame. Contenzioso in materia di anatocismo Il numero complessivo delle cause pendenti si mantiene consistente, alla luce, soprattutto, delle problematicit\u00e0  derivanti  da  alcuni  orientamenti  della  giurisprudenza  (oltre  che  dalle  evoluzioni della normativa di settore).  Tutte le cause in materia - a volte comprendenti anche contestazioni relative al superamento del Tasso Soglia Usura \u2013 sono oggetto di costante monitoraggio e i rischi che ne derivano, ove opportuno, sono fronteggiati da appositi accantonamenti al Fondo rischi ed oneri diversi, in applicazione di quanto previsto dallo IAS 37. Contenzioso in materia di servizi di investimento Quanto  alle  controversie  giudiziali  aventi  ad  oggetto  servizi  di  investimento  \u2013  bond  in  default, derivati, ecc. \u2013 la policy adottata dalla Banca in materia \u00e8 quella di procedere ad una valutazione delle singole posizioni caso per caso, prestando particolare attenzione al dato documentale e al profilo  dell\u2019adeguatezza  degli  investimenti  contestati  rispetto  alla  posizione  della  singola controparte. Per effetto di detta analisi, ove ritenuto opportuno, vengono pertanto di volta in volta disposti gli accantonamenti ritenuti congrui in relazione alle specifiche circostanze. Reclami formulati dalla clientela Con  riferimento  alle  contestazioni  avanzate  dalla  clientela  vengono  effettuati  gli opportuni accantonamenti; in particolare, nel caso in cui il danno lamentato sia superiore a una predeterminata  soglia  di  rilevanza  (ad  oggi  fissata  in  25ek),  la  previsione  di  perdita  \u00e8  fatta analiticamente. Qualora il danno lamentato sia, invece, inferiore a detta soglia, l\u2019accantonamento \u00e8 determinato applicando una percentuale forfettaria/statistica stabilita in base alla media delle perdite effettivamente subite sul totale dei reclami analoghi ricevuti negli anni precedenti. Contenzioso fiscale I rischi derivanti dal contenzioso fiscale del Gruppo sono presidiati da adeguati accantonamenti a fondi per rischi e oneri. Con riguardo alla capogruppo, sono in essere 23 procedimenti contenziosi, afferenti a imposte dirette e tributi locali. Relativamente a tali contenziosi non sono emersi rischi effettivi o quanto meno  il  rischio  stimato  \u00e8  apparso  remoto.  Per  cui  non  sono  stati  effettuati  accantonamenti specifici . Per Credemleasing sono in essere 34 procedimenti contenziosi, prevalentemente relativi a tribut i locali.  Per Credem Euromobiliare Private Banking S.p.A., ad esito della conclusione favorevole dell\u2019unico  contenzioso pendente in materia di imposta di registro su cessione di ramo di azienda, non vi son o contenziosi pendenti.  Per Credemtel S.p.A., a far data dal 2022 pende un unico contenzioso avente ad oggetto sanzion i IVA. Sono infine presenti controversie di minore rilevanza relative all\u2019operativit\u00e0 posta in essere da i promotori finanziari, al contenzioso lavoristico, nonch\u00e9 all\u2019ambito immobiliare, amministrativo.  Il totale dei fondi rischi ed oneri per i rischi legali ammonta a 174,7 milioni di euro. Impatti derivanti dalla pandemia Covid-19 Nel  corso  del  2022  non  si  registrano  costi  classificati  come  perdite  riconducibili  agli  \"Impatti derivanti dalla pandemia Covid\" in quanto convenzionalmente, in linea con quanto definito dall e linee  guida  EBA 10 i  costi  sostenuti  successivamente  a  Giugno  2020  legati  alla  gestione  dell a pandemia  sono  da  considerarsi  rientranti  nella  cd.  gestione  \u201cNEW  NORMAL\u201d.  Inoltre  non  s i registrano ulteriori perdite operative collegate al Covid in altri ambiti.  Informazioni di natura quantitativa Si riporta di seguito la composizione percentuale delle perdite operative del Gruppo Credem per tipologie di evento:  ET 01 - Frode Interna  ET 02 - Frode esterna  ET 03 - Relazioni con il personale e sicurezza dell'ambiente di lavoro  ET 04 - Rapporti con clienti, prestazioni di servizi e prodotti  ET 05 - Disastri ed altri eventi ET 06 - Sistemi  ET 07- Esecuzione, gestione, consegna di servizi e prodotti  Nel corso del 2022, la principale fonte di rischio operativo, per importo di perdita, \u00e8 risultata essere  la tipologia di evento \u201cFrode esterna\u201d (ET 02). La seconda fonte di rischio operativo si riferisce all e perdite dovute a \u201cRapporti con Clienti, prestazioni di servizi o prodotti\u201d (ET 04) e di seguito, i n ordine di incidenza, ci sono: le perdite dovute a \u201cEsecuzione, gestione e consegna di prodotti o  servizi\u201d (ET 07), \u201cFrodi Interne\u201d (ET 01), \u201cRelazioni con il personale e sicurezza dell'ambiente d i lavoro\u201d (ET 03)\u201d.  L\u2019incidenza  delle  perdite  legate  a  malfunzionamento  dei  sistemi  tecnologici  (ET  06)  risult a pressoch\u00e9 nulla. Infine, per quanto riguarda la categoria \u201cDisastri ed altri eventi\u201d (ET 05) si registr a complessivamente una ripresa di valore.  L\u2019importo delle perdite riconducibili al rischio informatico risulta molto contenuto (solo lo 0,1% de l totale e ricade sull\u2019Event Type 06). La quasi totalit\u00e0 delle perdite riconducibili al \u201cConduct Risk\u201d s i riferisce agli Event Type 01 e 04.",
   "dimensions": {
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  },
  "fact-866": {
   "value": "11- Passivit\u00e0 finanziarie valutate al costo ammortizzato Criteri di iscrizione La  prima  iscrizione  di  tali  passivit\u00e0  finanziarie  avviene  alla  data  di  sottoscrizione  del  contratto,  ch e normalmente coincide con il momento della ricezione delle somme raccolte o della emissione dei titoli di debito.  La prima iscrizione \u00e8 effettuata sulla base del fair value delle passivit\u00e0, normalmente pari all\u2019ammontar e incassato  o  al  prezzo  di  emissione,  aumentato  degli  eventuali  costi/proventi  aggiuntivi  direttament e attribuibili  alla  singola  operazione  di  provvista  o  di  emissione.  Sono  esclusi  i  costi  interni  di  carattere amministrativo. Criteri di classificazione I Debiti verso banche, i Debiti verso clientela e i Titoli in circolazione ricomprendono le varie forme di provvista  interbancaria e con clientela, le operazioni di pronti contro termine con obbligo di riacquisto a termine e la raccolta  effettuata  attraverso  certificati di deposito,  titoli  obbligazionari  ed  altri  strumenti  di  raccolta  in circolazione, al netto degli eventuali ammontari riacquistati.  Sono inoltre inclusi i debiti iscritti dall\u2019impresa in qualit\u00e0 di locatario nell\u2019ambito di operazioni di leasing.  Criteri di valutazione Dopo la rilevazione iniziale, le passivit\u00e0 finanziarie vengono valutate al costo ammortizzato col metodo de l tasso di interesse effettivo.  Fanno  eccezione  le  passivit\u00e0  a  breve  termine,  per  le  quali  il  fattore  temporale  risulta  trascurabile,  che rimangono iscritte per il valore incassato.  Criteri di cancellazione Le passivit\u00e0 finanziarie sono cancellate dal bilancio quando risultano scadute o estinte. La cancellazione  avviene anche in presenza di riacquisto di titoli obbligazionari precedentemente emessi. La differenza tr a valore  contabile  della  passivit\u00e0  e  l\u2019ammontare  corrisposto  per  acquistarla  viene  registrata  a  Cont o Economico. Il ricollocamento sul mercato  di titoli propri  successivamente al loro riacquisto  \u00e8 considerato come una nuova emissione con iscrizione al nuovo prezzo di collocamento.  12- Passivit\u00e0 finanziarie di negoziazione Criteri di iscrizione Gli strumenti finanziari in oggetto sono iscritti alla data di sottoscrizione o alla data di emissione ad un valor e pari al fair value dello strumento, senza considerare eventuali costi o proventi di transazione direttament e attribuibili agli strumenti stessi.  In tale categoria di passivit\u00e0 sono, in particolare, inclusi i contratti derivati di trading con fair value negativo , nonch\u00e9 i derivati impliciti con fair value negativo presenti in contratti complessi - in cui il contratto primari o \u00e8 una passivit\u00e0 finanziaria - ma non strettamente correlati agli stessi. Inoltre, sono incluse le passivit\u00e0 che s i originano da scoperti tecnici generati dall\u2019attivit\u00e0 di negoziazione di titoli.  Criteri di valutazione Tutte le passivit\u00e0 di negoziazione sono valutate al fair value con imputazione del risultato della valutazione nel Conto Economico.  Criteri di cancellazione Le Passivit\u00e0 finanziarie detenute per negoziazione vengono cancellate dal bilancio quando scadono i diritt i contrattuali  sui  relativi  flussi  finanziari  o  quando  la  passivit\u00e0  finanziaria  \u00e8  ceduta  con  trasferiment o sostanziale di tutti i rischi ed i benefici derivanti dalla propriet\u00e0 della stessa. 13- Passivit\u00e0 finanziarie designate al fair value Criteri di iscrizione L\u2019iscrizione di tali passivit\u00e0 avviene alla data di emissione in misura pari al loro fair value, incluso il valor e dell\u2019eventuale derivato embedded e al netto delle commissioni di collocamento pagate.  Criteri di classificazione Formano  oggetto  di  rilevazione  nella  presente  voce  le  passivit\u00e0  finanziarie  designate  al  fair  value  con  contropartita in Conto Economico, sulla base della facolt\u00e0 riconosciuta alle imprese (c.d. \u201cfair value option\u201d ) dall\u2019IFRS 9 e nel rispetto delle casistiche previste dalla normativa di riferimento.  Criteri di valutazione Tali passivit\u00e0 sono valutate al fair value con imputazione del risultato secondo le seguenti regole previste dall\u2019IFRS 9:  le variazioni di fair value che sono attribuibili alla variazione del proprio merito creditizio devono essere  rilevate nel Prospetto della redditivit\u00e0 complessiva (Patrimonio netto); le restanti variazioni di fair value devono essere rilevate nel Conto Economico. Gli  importi  rilevati  nel  Prospetto  della  redditivit\u00e0  complessiva  non  rigirano  successivamente  a  conto economico. Tale modalit\u00e0 di contabilizzazione non deve essere applicata qualora la rilevazione degli effetti del proprio  merito  di  credito  a  Patrimonio  netto  determini  o  accentui  un  accounting  mismatch a  conto economico. In questo caso gli utili o le perdite legate alla passivit\u00e0, incluse quelle che si determinano come effetto della variazione del proprio merito creditizio, devono essere rilevate a conto economico.  Criteri di cancellazione Le  passivit\u00e0  finanziarie  valutate  al  fair  value  vengono  cancellate  dal  bilancio  quando  scadono  i  diritti contrattuali  sui  relativi  flussi  finanziari  o  quando  questa  viene  estinta,  ovverosia  quando  l'obbligazione specificata nel contratto \u00e8 adempiuta o cancellata o scaduta. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
    "language": "it",
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    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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  "fact-893": {
   "value": "11- Passivit\u00e0 finanziarie valutate al costo ammortizzato Criteri di iscrizione La  prima  iscrizione  di  tali  passivit\u00e0  finanziarie  avviene  alla  data  di  sottoscrizione  del  contratto,  ch e normalmente coincide con il momento della ricezione delle somme raccolte o della emissione dei titoli di debito.  La prima iscrizione \u00e8 effettuata sulla base del fair value delle passivit\u00e0, normalmente pari all\u2019ammontar e incassato  o  al  prezzo  di  emissione,  aumentato  degli  eventuali  costi/proventi  aggiuntivi  direttament e attribuibili  alla  singola  operazione  di  provvista  o  di  emissione.  Sono  esclusi  i  costi  interni  di  carattere amministrativo. Criteri di classificazione I Debiti verso banche, i Debiti verso clientela e i Titoli in circolazione ricomprendono le varie forme di provvista  interbancaria e con clientela, le operazioni di pronti contro termine con obbligo di riacquisto a termine e la raccolta  effettuata  attraverso  certificati di deposito,  titoli  obbligazionari  ed  altri  strumenti  di  raccolta  in circolazione, al netto degli eventuali ammontari riacquistati.  Sono inoltre inclusi i debiti iscritti dall\u2019impresa in qualit\u00e0 di locatario nell\u2019ambito di operazioni di leasing.  Criteri di valutazione Dopo la rilevazione iniziale, le passivit\u00e0 finanziarie vengono valutate al costo ammortizzato col metodo de l tasso di interesse effettivo.  Fanno  eccezione  le  passivit\u00e0  a  breve  termine,  per  le  quali  il  fattore  temporale  risulta  trascurabile,  che rimangono iscritte per il valore incassato.  Criteri di cancellazione Le passivit\u00e0 finanziarie sono cancellate dal bilancio quando risultano scadute o estinte. La cancellazione  avviene anche in presenza di riacquisto di titoli obbligazionari precedentemente emessi. La differenza tr a valore  contabile  della  passivit\u00e0  e  l\u2019ammontare  corrisposto  per  acquistarla  viene  registrata  a  Cont o Economico. Il ricollocamento sul mercato  di titoli propri  successivamente al loro riacquisto  \u00e8 considerato come una nuova emissione con iscrizione al nuovo prezzo di collocamento.  12- Passivit\u00e0 finanziarie di negoziazione Criteri di iscrizione Gli strumenti finanziari in oggetto sono iscritti alla data di sottoscrizione o alla data di emissione ad un valor e pari al fair value dello strumento, senza considerare eventuali costi o proventi di transazione direttament e attribuibili agli strumenti stessi.  In tale categoria di passivit\u00e0 sono, in particolare, inclusi i contratti derivati di trading con fair value negativo , nonch\u00e9 i derivati impliciti con fair value negativo presenti in contratti complessi - in cui il contratto primari o \u00e8 una passivit\u00e0 finanziaria - ma non strettamente correlati agli stessi. Inoltre, sono incluse le passivit\u00e0 che s i originano da scoperti tecnici generati dall\u2019attivit\u00e0 di negoziazione di titoli.  Criteri di valutazione Tutte le passivit\u00e0 di negoziazione sono valutate al fair value con imputazione del risultato della valutazione nel Conto Economico.  Criteri di cancellazione Le Passivit\u00e0 finanziarie detenute per negoziazione vengono cancellate dal bilancio quando scadono i diritt i contrattuali  sui  relativi  flussi  finanziari  o  quando  la  passivit\u00e0  finanziaria  \u00e8  ceduta  con  trasferiment o sostanziale di tutti i rischi ed i benefici derivanti dalla propriet\u00e0 della stessa. 13- Passivit\u00e0 finanziarie designate al fair value Criteri di iscrizione L\u2019iscrizione di tali passivit\u00e0 avviene alla data di emissione in misura pari al loro fair value, incluso il valor e dell\u2019eventuale derivato embedded e al netto delle commissioni di collocamento pagate.  Criteri di classificazione Formano  oggetto  di  rilevazione  nella  presente  voce  le  passivit\u00e0  finanziarie  designate  al  fair  value  con  contropartita in Conto Economico, sulla base della facolt\u00e0 riconosciuta alle imprese (c.d. \u201cfair value option\u201d ) dall\u2019IFRS 9 e nel rispetto delle casistiche previste dalla normativa di riferimento.  Criteri di valutazione Tali passivit\u00e0 sono valutate al fair value con imputazione del risultato secondo le seguenti regole previste dall\u2019IFRS 9:  le variazioni di fair value che sono attribuibili alla variazione del proprio merito creditizio devono essere  rilevate nel Prospetto della redditivit\u00e0 complessiva (Patrimonio netto);  le restanti variazioni di fair value devono essere rilevate nel Conto Economico. Gli  importi  rilevati  nel  Prospetto  della  redditivit\u00e0  complessiva  non  rigirano  successivamente  a  conto economico. Tale modalit\u00e0 di contabilizzazione non deve essere applicata qualora la rilevazione degli effetti del proprio  merito  di  credito  a  Patrimonio  netto  determini  o  accentui  un  accounting  mismatch a  conto economico. In questo caso gli utili o le perdite legate alla passivit\u00e0, incluse quelle che si determinano come effetto della variazione del proprio merito creditizio, devono essere rilevate a conto economico.  Criteri di cancellazione Le  passivit\u00e0  finanziarie  valutate  al  fair  value  vengono  cancellate  dal  bilancio  quando  scadono  i  diritti contrattuali  sui  relativi  flussi  finanziari  o  quando  questa  viene  estinta,  ovverosia  quando  l'obbligazione specificata nel contratto \u00e8 adempiuta o cancellata o scaduta. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-811": {
   "value": "<div class=\"t mb h5 ff3 fs0 fc4 sc2 ls0 ws0 gs738\">14</div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs739\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs73a\">Opera<span class=\"_ _0\"></span>zioni<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs73b\">in<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs73c\">va<span class=\"_ _0\"></span>lut<span class=\"_ _0\"></span>a<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs73d\">Criter<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs73e\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs73f\">isc<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs740\">Le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>o<span class=\"_ _2\"></span>perazioni<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>i<span class=\"_ _2\"></span>n<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valuta<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>estera<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sono<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span></span>registrate,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>momento<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rilevazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>iniziale,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>divisa<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff3\">conto,</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs741\">applicando<span class=\"ff1\"> </span>all\u2019importo<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>valuta<span class=\"ff1\"> </span>estera<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>cambio<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>vigore<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>dell<span class=\"_ _0\"></span>\u2019operazione.<span class=\"_ _2\"></span> </div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs742\">Criter<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs743\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs744\">cla<span class=\"_ _1\"></span>ssi<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs745\">Le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">oper<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valu<span class=\"_ _0\"></span>ta<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">costi<span class=\"_ _0\"></span>tui<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>utte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pa<span class=\"_ _0\"></span>ssiv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">denom<span class=\"_ _0\"></span>inat<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valu<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">div<span class=\"_ _0\"></span>erse<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>l\u2019eu<span class=\"_ _0\"></span>ro. </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs746\">Criter<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs747\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs748\">ca<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs749\">Si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">applicano<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">criteri<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">indicati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">voci<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">corrispondenti.<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs74a\">Il<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cambio<span class=\"ff1\"> </span>utilizzato<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>quello<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>estinzione. </div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs74b\">Criter<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs74c\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs74d\">va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs74e\">Ad<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>o<span class=\"_ _2\"></span>gni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>chiusura<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>bilancio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>situazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>infrannuale,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>poste<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>bilancio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valuta<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>estera<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs74f\">vengono<span class=\"ff1\"> </span>valorizzate<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>segue: </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs750\">le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>oste<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">m<span class=\"_ _0\"></span>onet<span class=\"_ _0\"></span>arie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">so<span class=\"_ _0\"></span>no<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">co<span class=\"_ _0\"></span>nvert<span class=\"_ _0\"></span>ite<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">t<span class=\"_ _0\"></span>asso<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ca<span class=\"_ _0\"></span>mbio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">all<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ata<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _1\"></span><span class=\"ff3\">chius<span class=\"_ _0\"></span>ura<span class=\"_ _0\"></span>; </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs751\">le<span class=\"ff1\"> </span>poste<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">monetarie<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>costo<span class=\"ff1\"> </span>storico<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>convertite<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>cambio<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>essere<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs752\">del<span class=\"_ _0\"></span>l\u2019o<span class=\"_ _0\"></span>pera<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e; </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs753\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">poste<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">monetarie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>convertite<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">utilizzando<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>assi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cambio<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">essere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">all<span class=\"_ _1\"></span>a </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs754\">data<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">chius<span class=\"_ _0\"></span>ura. </span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs755\">Le<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>fferenze<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cambio<span class=\"ff1\"> </span>che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>erivano<span class=\"ff1\"> </span>dal<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">regolamento<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>elementi<span class=\"ff1\"> </span>monetari<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">conversione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>ele<span class=\"_ _0\"></span>menti<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs756\">mon<span class=\"_ _0\"></span>eta<span class=\"_ _0\"></span>ri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tass<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ive<span class=\"_ _0\"></span>rsi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">da<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">que<span class=\"_ _0\"></span>lli<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>vers<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>nizi<span class=\"_ _0\"></span>ali,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o</span> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onvers<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">bi<span class=\"_ _0\"></span>lanc<span class=\"_ _0\"></span>io<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prec<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span>nte,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">son<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rile<span class=\"_ _0\"></span>vate<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs757\">nel<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>periodo<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>sorgono. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs758\">Quando<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ut<span class=\"_ _2\"></span>ile<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>una<span class=\"ff1\"> <span class=\"_ _21\"></span></span>perdita<span class=\"ff1\"> <span class=\"_ _20\"></span></span>relativi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _2\"></span></span>u<span class=\"_ _2\"></span>n<span class=\"ff1\"> <span class=\"_ _20\"></span></span>elemento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>non<span class=\"ff1\"> <span class=\"_ _20\"></span></span>monetario<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rilevati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>patrimonio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>netto,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>la<span class=\"_ _0\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs759\">differenza<span class=\"ff1\"> </span>cambio<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>elativa<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>tale<span class=\"ff1\"> </span>elemento<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>rilevata<span class=\"ff1\"> </span>anch\u2019essa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> </span>patrimonio.<span class=\"ff1\"> </span>Per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contro,<span class=\"ff1\"> </span>quando<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>utile<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs75a\">una<span class=\"ff1\"> <span class=\"_ _21\"></span></span>perdita<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rilevati<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>conto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>economico,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rilevata<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"></span></span>conto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>economico<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>anche<span class=\"ff1\"> <span class=\"_ _21\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>relativa<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>differenza<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs75b\">ca<span class=\"_ _0\"></span>mbio<span class=\"_ _0\"></span>. </div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs75c\">Cr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>eri<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs75d\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs75e\">ril<span class=\"_ _0\"></span>ev<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs75f\">del<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs760\">co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs761\">re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ual<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs762\">Le<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>fferenze<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cambio<span class=\"ff1\"> </span>che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">derivano<span class=\"ff1\"> </span>dal<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">regolamento<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>elementi<span class=\"ff1\"> </span>monetari<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">conversione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>ele<span class=\"_ _0\"></span>menti<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs763\">mon<span class=\"_ _0\"></span>eta<span class=\"_ _0\"></span>ri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tass<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ive<span class=\"_ _0\"></span>rsi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">da<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">que<span class=\"_ _0\"></span>lli<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>vers<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>nizi<span class=\"_ _0\"></span>ali,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o</span> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onvers<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">bi<span class=\"_ _0\"></span>lanc<span class=\"_ _0\"></span>io<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prec<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span>nte,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">son<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rile<span class=\"_ _0\"></span>vate<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs764\">nel<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>periodo<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>sorgono<span class=\"ff1\"> </span>nell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>voce<span class=\"ff1\"> </span>\u201cRisultato<span class=\"ff1\"> </span>nett<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>dell\u2019<span class=\"_ _0\"></span>attivit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>negoziazione\u201d. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs765\">Quando<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ut<span class=\"_ _2\"></span>ile<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>una<span class=\"ff1\"> <span class=\"_ _21\"></span></span>perdita<span class=\"ff1\"> <span class=\"_ _20\"></span></span>relativi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _2\"></span></span>u<span class=\"_ _2\"></span>n<span class=\"ff1\"> <span class=\"_ _20\"></span></span>elemento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>non<span class=\"ff1\"> <span class=\"_ _20\"></span></span>monetario<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rilevati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>patrimonio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>netto,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>la<span class=\"_ _0\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs766\">differenza<span class=\"ff1\"> </span>cambio<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>elativa<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>tale<span class=\"ff1\"> </span>elemento<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>rilevata<span class=\"ff1\"> </span>anch\u2019essa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> </span>patrimonio.<span class=\"ff1\"> </span>Per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contro,<span class=\"ff1\"> </span>quando<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>utile<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs767\">una<span class=\"ff1\"> <span class=\"_ _21\"></span></span>perdita<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rilevati<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>conto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>economico,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rilevata<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"></span></span>conto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>economico<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>anche<span class=\"ff1\"> <span class=\"_ _21\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>relativa<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>differenza<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs768\">ca<span class=\"_ _0\"></span>mbio<span class=\"_ _0\"></span>. </div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-853": {
   "value": "<div class=\"t mb h5 ff3 fs0 fc4 sc2 ls0 ws0 gs76a\">15</div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs76b\">\u2013<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs76c\">Attivit\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs76d\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs76e\">passivit\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs76f\">as<span class=\"_ _1\"></span>sicu<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs770\">Pro<span class=\"_ _1\"></span>dot<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs771\">a<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs772\">co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>uto<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs773\">as<span class=\"_ _1\"></span>sic<span class=\"_ _0\"></span>ura<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vo<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs774\">I<span class=\"ff1\"> </span>prodotti<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>quali<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>assicurativo<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>valutato<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ignificativo<span class=\"ff1\"> </span>comprendono:<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>polizze<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>ramo<span class=\"ff1\"> </span>primo<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs775\">temporanee<span class=\"ff1\"> </span>caso<span class=\"ff1\"> </span>morte,<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>polizze<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rendita<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>miste<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>coefficienti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>conversione<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>rendita<span class=\"ff1\"> </span>gar<span class=\"_ _2\"></span>antiti<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span></div>mom<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dell<span class=\"_ _0\"></span>'e<span class=\"_ _0\"></span>missi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alcu<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tipol<span class=\"_ _0\"></span>ogie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span>zze<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">uni<span class=\"_ _0\"></span>t<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">link<span class=\"_ _0\"></span>ed<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pol<span class=\"_ _0\"></span>izze<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">danni<span class=\"_ _0\"></span>.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>ta<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>rodo<span class=\"_ _0\"></span>tti,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">disc<span class=\"_ _0\"></span>ipli<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">a<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>IAS/IFRS<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">conferma<span class=\"ff1\"> </span>sostanzialmente<span class=\"ff1\"> </span>quanto<span class=\"ff1\"> </span>prev<span class=\"_ _0\"></span>isto<span class=\"ff1\"> </span>dai<span class=\"ff1\"> </span>principi<span class=\"ff1\"> </span>contabili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nazionali<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">materia</span> <span class=\"ff3\">assicurativa<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">.</span> </span></span></span></span></span>L\u2019IFRS<span class=\"ff1\"> </span>4,<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>sintesi<span class=\"ff1\"> </span>prevede:<span class=\"_ _3bd\"> </span><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs77b\">l\u2019iscrizione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">premi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">lordi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Cont<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Economico<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fra<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">proventi;<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">essi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">comprendono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>utti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">importi<span class=\"ff1\"> </span>maturati<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs77c\">durante<span class=\"ff1\"> <span class=\"_ _21\"></span></span>l\u2019esercizio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>seguito<span class=\"ff1\"> <span class=\"_ _21\"></span></span>della<span class=\"ff1\"> <span class=\"_ _21\"></span></span>stipula<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contratti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>assicurazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> <span class=\"_ _21\"></span></span>netto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>degli<span class=\"ff1\"> <span class=\"_ _21\"></span></span>annullamenti;<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs77d\">analogamente,<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>premi<span class=\"ff1\"> </span>ceduti<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>riassicuratori<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>no<span class=\"ff1\"> </span>iscritti<span class=\"ff1\"> </span>quali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cost<span class=\"_ _2\"></span>i</span> <span class=\"ff3\">dell\u2019e<span class=\"_ _0\"></span>sercizio;<span class=\"_ _2\"></span> </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs77e\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fronte<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">prove<span class=\"_ _2\"></span>nti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">premi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">lor<span class=\"_ _2\"></span>di,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">accantonato<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riserve<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>ecniche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019importo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">degli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">imp<span class=\"_ _2\"></span>egni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ve<span class=\"_ _0\"></span>rso<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs77f\">gli<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>assicurati,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>calcolati<span class=\"ff1\">  </span>an<span class=\"_ _0\"></span>aliticamente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _2\"></span>er<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ciascun<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>contrat<span class=\"_ _2\"></span>to<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>secondo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>quanto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>definito<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dai<span class=\"ff1\">  </span>principi<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs780\">contabili<span class=\"ff1\"> <span class=\"_ _2\"></span></span>locali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>materia.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>In<span class=\"ff1\"> <span class=\"_ _2\"></span></span>co<span class=\"_ _2\"></span>nformit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"_ _2\"></span>lle<span class=\"ff1\"> </span>previsioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019IFRS<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>4<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Gruppo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>verifica<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019adeguatez<span class=\"_ _2\"></span>za<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs781\">valore<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>passivit\u00e0<span class=\"ff1\"> </span>iscritte<span class=\"ff1\"> </span>attraverso<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>cos<span class=\"_ _2\"></span>iddetto<span class=\"ff1\"> </span>Liability<span class=\"ff1\"> </span>Adeq<span class=\"_ _0\"></span>uacy<span class=\"ff1\"> </span>Test<span class=\"_ _2\"></span><span class=\"ff1\"> </span>(LAT);<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs782\">i<span class=\"ff1\"> </span>pro<span class=\"_ _0\"></span>dot<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>nuto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">assi<span class=\"_ _0\"></span>cu<span class=\"_ _0\"></span>rativ<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>inse<span class=\"_ _0\"></span>rit<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>all<span class=\"_ _0\"></span>\u2019in<span class=\"_ _0\"></span>tern<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>delle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">gesti<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">sep<span class=\"_ _0\"></span>ara<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>so<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alut<span class=\"_ _0\"></span>ati<span class=\"ff1\"> </span>ap<span class=\"_ _0\"></span>plic<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span> </span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs783\">cosiddetto<span class=\"ff1\"> </span>shadow<span class=\"ff1\"> </span>accounting,<span class=\"ff1\"> </span>ossia<span class=\"ff1\"> </span>allocando<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>differenze<span class=\"ff1\"> </span>tra<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>carico<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>quello<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>mercato,<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs784\">relativamente<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ai<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>titoli<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>class<span class=\"_ _2\"></span>ificati<span class=\"ff1\"> <span class=\"_ _21\"></span></span>disponibi<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>vendita,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>co<span class=\"_ _2\"></span>mponente<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>competenza<span class=\"ff1\"> <span class=\"_ _21\"></span></span>degli<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs785\">assicurati<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>alle<span class=\"ff1\"> <span class=\"_ _21\"></span></span>riserve<span class=\"ff1\"> <span class=\"_ _21\"></span></span>tecniche,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>per<span class=\"ff1\"> <span class=\"_ _21\"></span></span>quella<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>competenza<span class=\"ff1\"> <span class=\"_ _21\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"></span></span>societ\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>assicurative<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> <span class=\"_ _21\"></span></span>patrimonio<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs786\">netto.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">caso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">invece,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">siano<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alutat<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>fai<span class=\"_ _0\"></span>r<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">value,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ril<span class=\"_ _2\"></span>evato<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Conto<span class=\"ff1\"> </span>E<span class=\"_ _0\"></span>conomico,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">diffe<span class=\"_ _2\"></span>renza<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs787\">tra<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>carico<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ed<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>valore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">di</span> <span class=\"_ _20\"></span><span class=\"ff3\">mercat<span class=\"_ _2\"></span>o</span> <span class=\"_ _20\"></span><span class=\"ff3\">viene</span> <span class=\"_ _21\"></span><span class=\"ff3\">regi<span class=\"_ _0\"></span>str<span class=\"_ _2\"></span>ata<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Conto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Econom<span class=\"_ _2\"></span>ico<span class=\"ff1\"> <span class=\"_ _20\"></span></span>determinando<span class=\"ff1\"> <span class=\"_ _21\"></span></span>una<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs788\">variazione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>riserve<span class=\"ff1\"> </span>tecniche<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>quota<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>competenza<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>assicurati;<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs789\">nella<span class=\"ff1\"> </span>determinazione<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>shadow<span class=\"ff1\"> </span>accounting<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>Gruppo<span class=\"ff1\"> </span>utilizza,<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>ogni<span class=\"ff1\"> </span>gestione,<span class=\"ff1\"> </span>l\u2019aliquota<span class=\"ff1\"> </span>media<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs78a\">retrocessione<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tass<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">minimo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">garantito<span class=\"ff1\"> </span>def<span class=\"_ _0\"></span>initi<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">base<span class=\"ff1\"> </span>alle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">condizioni<span class=\"ff1\"> </span>contrattuali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">divers<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prodotti<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs78b\">collegati<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>gestione;<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs78c\">le<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>passivit\u00e0<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>r<span class=\"_ _2\"></span>elative<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>ai<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>pro<span class=\"_ _2\"></span>dotti<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>co<span class=\"_ _2\"></span>n<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>part<span class=\"_ _2\"></span>ecipazione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _23\"> </span><span class=\"ff3\">d<span class=\"_ _0\"></span>iscrezi<span class=\"_ _2\"></span>onale<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>agli<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>utili<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>rap<span class=\"_ _0\"></span>pre<span class=\"_ _0\"></span>senta<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs78d\">com<span class=\"_ _0\"></span>ple<span class=\"_ _0\"></span>ssiv<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>en<span class=\"_ _0\"></span>za<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dis<span class=\"_ _0\"></span>tinzi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tra<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">com<span class=\"_ _0\"></span>pone<span class=\"_ _1\"></span>nte<span class=\"ff1\"> </span>g<span class=\"_ _0\"></span>aran<span class=\"_ _0\"></span>tita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uel<span class=\"_ _0\"></span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">disc<span class=\"_ _0\"></span>rezi<span class=\"_ _0\"></span>onal<span class=\"_ _0\"></span>e.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs78e\">Pro<span class=\"_ _1\"></span>dot<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs78f\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs790\">na<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>ra<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs791\">fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ia<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs792\">in<span class=\"_ _0\"></span>clu<span class=\"_ _1\"></span>si<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs793\">in<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs794\">ge<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs795\">se<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>rat<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs796\">I<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>prodot<span class=\"_ _2\"></span>ti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>natura<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>finanziaria<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>che,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pur<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"_ _2\"></span>vendo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>assicurativo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>significativo,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>so<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>inclusi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs797\">gestioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>separate,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quindi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prevedono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>elementi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>partecipazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>discrezionale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>agli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>utili,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>comp<span class=\"_ _2\"></span>rendono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs798\">maggioranza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>polizze<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>ulla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>durata<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>vita<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>polizze<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mist<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ramo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>primo,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nonch\u00e9<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>polizze<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs799\">capitalizzazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ramo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>qui<span class=\"_ _0\"></span>nt<span class=\"_ _2\"></span>o.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Essi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>contabilizzati<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>econdo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>principi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>d<span class=\"_ _2\"></span>ettati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dall'IFRS<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>4,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ovvero,<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs79a\">sin<span class=\"_ _0\"></span>tet<span class=\"_ _0\"></span>icam<span class=\"_ _0\"></span>ente<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs79b\">i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>prodotti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>esposti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"></span></span>bilancio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>modo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sostanzialmente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>analogo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>quanto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>previsto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dai<span class=\"ff1\"> <span class=\"_ _21\"></span></span>pr<span class=\"_ _0\"></span>inci<span class=\"_ _0\"></span>pi<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs79c\">contabili<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">locali<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">m<span class=\"_ _2\"></span>ateria,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>videnza<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Conto<span class=\"ff1\"> </span>Economico<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">premi,<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>agamenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>della<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">varia<span class=\"_ _2\"></span>zione<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs79d\">delle<span class=\"ff1\"> </span>riserve<span class=\"ff1\"> </span>tecniche;<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs79e\">ai<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prodotti<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">contenuto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">assicurativo<span class=\"ff1\"> </span>inseriti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">all\u2019interno<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>elle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gestioni<span class=\"ff1\"> </span>separate,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">quindi<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>reved<span class=\"_ _1\"></span>ono<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs79f\">elementi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">partecipazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">discrezionale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">agli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">utili,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">applica<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cosiddetto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">shadow<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">accounting,<span class=\"ff1\"> </span>come<span class=\"ff1\"> <span class=\"_ _21\"></span></span>gi\u00e0<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs7a0\">rappresentato<span class=\"ff1\">  </span>nel<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>paragrafo<span class=\"ff1\"> </span>precedente;<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs7a1\">nella<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">determinazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>ello<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">shado<span class=\"_ _2\"></span>w<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">accounting<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Gruppo<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>tilizza,<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ogni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gestione,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019aliquota<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">media<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs7a2\">retrocessione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tasso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">minimo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gara<span class=\"_ _2\"></span>ntito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">definiti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">base<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">condizioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contratt<span class=\"_ _2\"></span>uali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>iversi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prodotti<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs7a3\">collegati<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>gestione;<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs7a4\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">passivit\u00e0<span class=\"ff1\"> </span>relative<span class=\"ff1\"> </span>ai<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prodotti<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>partecipazione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">discrezionale</span> <span class=\"ff3\">agli</span> <span class=\"ff3\">utili<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sono</span> <span class=\"ff3\">rappresentate</span> <span class=\"ff3\">in</span> <span class=\"_ _1\"></span><span class=\"ff3\">mod<span class=\"_ _1\"></span>o<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs7a5\">com<span class=\"_ _0\"></span>ple<span class=\"_ _0\"></span>ssiv<span class=\"_ _0\"></span>o,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>en<span class=\"_ _0\"></span>za<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ist<span class=\"_ _0\"></span>inzi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tra<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">la</span> <span class=\"_ _0\"></span><span class=\"ff3\">com<span class=\"_ _0\"></span>pone<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">g<span class=\"_ _0\"></span>aran<span class=\"_ _0\"></span>tita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>lla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dis<span class=\"_ _0\"></span>crez<span class=\"_ _0\"></span>iona<span class=\"_ _0\"></span>le.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs7a6\">Pro<span class=\"_ _1\"></span>dot<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs7a7\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs7a8\">na<span class=\"_ _0\"></span>tur<span class=\"_ _1\"></span>a<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs7a9\">fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>zia<span class=\"_ _1\"></span>ria<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs7aa\">no<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs7ab\">in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>si<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs7ac\">in<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs7ad\">ge<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs7ae\">se<span class=\"_ _0\"></span>pa<span class=\"_ _1\"></span>rate<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs7af\">I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prodott<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>natura<span class=\"ff1\"> </span>finanziaria<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>presentano<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>assicurativo<span class=\"ff1\"> </span>significativo<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>inclusi<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs7b0\">gestioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">separate,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quindi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> </span>prevedono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">elementi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">partecipazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">discrezionale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">agli<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>tili,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>esposti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs7b1\">bilancio<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>passivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>valutati<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value,<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>prevista<span class=\"ff1\"> </span>opzione<span class=\"ff1\"> </span>(Fair<span class=\"ff1\"> </span>Value<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs7b2\">Option),<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>costo<span class=\"ff1\"> </span>ammort<span class=\"_ _2\"></span>izzato.<span class=\"ff1\"> </span>Questi<span class=\"ff1\"> </span>prodotti<span class=\"ff1\"> </span>finan<span class=\"_ _0\"></span>ziari<span class=\"ff1\"> </span>comprendono<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ostanzialmente<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>polizze<span class=\"ff1\"> </span>index<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs7b3\">linked<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>part<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>unit<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>linked,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nonc<span class=\"_ _0\"></span>h\u00e9<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>polizze<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _0\"></span>rovvista<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>pecifica<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>at<span class=\"_ _2\"></span>tivi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>incluse<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>gestioni<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs7b4\">sep<span class=\"_ _1\"></span>arate.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">T<span class=\"_ _0\"></span>ali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">prod<span class=\"_ _0\"></span>otti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>ono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>onta<span class=\"_ _0\"></span>bil<span class=\"_ _0\"></span>izza<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">se<span class=\"_ _0\"></span>cond<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>rinci<span class=\"_ _0\"></span>pi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dettat<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dal<span class=\"_ _0\"></span>lo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">IAS<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">39,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>ome<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">segui<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sinte<span class=\"_ _0\"></span>tiz<span class=\"_ _0\"></span>zato:<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs7b5\">le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>polizze<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>index<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>unit<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>linked<span class=\"ff1\"> <span class=\"_ _20\"></span></span>c<span class=\"_ _2\"></span>onsiderate<span class=\"ff1\"> <span class=\"_ _21\"></span></span>inve<span class=\"_ _0\"></span>stment<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>contracts<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>valu<span class=\"_ _0\"></span>tate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _20\"></span></span>value,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>m<span class=\"_ _2\"></span>entre<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs7b6\">prodotti<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>a<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _23\"> </span><span class=\"ff3\">spe<span class=\"_ _0\"></span>cifica<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>provvista<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>attivi<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>inclusi<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>gestioni<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>separate<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>valutat<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>costo<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs7b7\">amm<span class=\"_ _0\"></span>orti<span class=\"_ _0\"></span>zza<span class=\"_ _0\"></span>to;<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs7b8\">il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Co<span class=\"_ _2\"></span>nto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Economico<span class=\"ff1\"> <span class=\"_ _21\"></span></span>non<span class=\"ff1\"> <span class=\"_ _21\"></span></span>riflette<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>premi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>relativi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>que<span class=\"_ _0\"></span>sti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>prodotti,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ma<span class=\"ff1\"> <span class=\"_ _21\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sole<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>componenti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ri<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>vo,<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs7b9\">rappresentate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dai<span class=\"ff1\"> </span>caricamenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dalle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>commissioni,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>cos<span class=\"_ _2\"></span>to,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>costituite<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dalle<span class=\"ff1\"> </span>prov<span class=\"_ _2\"></span>vigioni<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"_ _2\"></span>gli<span class=\"ff1\"> </span>altr<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs7bb\">oneri;<span class=\"ff1\"> </span>ess<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riflette,<span class=\"ff1\"> </span>inoltr<span class=\"_ _2\"></span>e,<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cos<span class=\"_ _2\"></span>ti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ed<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ricavi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rappresentati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dalle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>variazioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _2\"></span></span>value<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>passivit\u00e0<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs7bc\">accese<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>fronte<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tali<span class=\"ff1\"> </span>contratti.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Pi\u00f9<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>ettaglio,<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">principi</span> <span class=\"_ _0\"></span><span class=\"ff3\">contabili<span class=\"ff1\"> </span>internazionali,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contenuti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nello<span class=\"ff1\"> </span>IAS<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">39<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs7bd\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nell\u2019IFRS<span class=\"ff1\"> </span>15,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">prevedono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">passivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valutate<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>val<span class=\"_ _0\"></span>ue,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>ricavi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ed</span> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">costi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">relativi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ai<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prodotti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs7be\">oggetto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>siano<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ide<span class=\"_ _0\"></span>ntificati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>separati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nell<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>due<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>com<span class=\"_ _2\"></span>ponenti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(i)<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>or<span class=\"_ _2\"></span>igination,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>imputare<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Conto<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs7bf\">Economico<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>momento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dell\u2019emissione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>prodotto,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(i<span class=\"_ _0\"></span>i)<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>investment<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>management<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>service,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>da<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div>ripartire<span class=\"ff1\"> <span class=\"_ _21\"></span></span>lungo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>vita<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _21\"></span></span>prodotto,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>funzione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>come<span class=\"ff1\"> <span class=\"_ _20\"></span></span>viene<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fornito<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>servizio.<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Inoltre,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _21\"></span></span>caso<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dei<span class=\"ff1\"> </span>prodotti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>specifica<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>provvista<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>attivi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>inclusi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>gestioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>separate,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ricavi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cost<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>incrementali<span class=\"ff1\"> </span>confluiscono<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>determinazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>costo<span class=\"ff1\"> </span>ammortizzato;<span class=\"_ _3bd\"> </span>l'e<span class=\"_ _0\"></span>ven<span class=\"_ _0\"></span>tua<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">comp<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span>nte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ass<span class=\"_ _0\"></span>icur<span class=\"_ _0\"></span>ativ<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prod<span class=\"_ _0\"></span>otti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>nde<span class=\"_ _0\"></span>x<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>nit<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">li<span class=\"_ _0\"></span>nked<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>ualo<span class=\"_ _0\"></span>ra<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>epa<span class=\"_ _0\"></span>rabi<span class=\"_ _0\"></span>le,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ogge<span class=\"_ _0\"></span>tto<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> </span>autonoma<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>rappresentazione<span class=\"ff1\"> </span>contabile.<span class=\"_ _3bd\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForReinsuranceExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-838": {
   "value": "15\u2013<span class=\"_ _3bd\"> </span>Attivit\u00e0<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>passivit\u00e0<span class=\"_ _3bd\"> </span>as<span class=\"_ _1\"></span>sicu<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>Pro<span class=\"_ _1\"></span>dot<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>uto<span class=\"_ _3bd\"> </span>as<span class=\"_ _1\"></span>sic<span class=\"_ _0\"></span>ura<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vo<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>I<span class=\"ff1\"> </span>prodotti<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>quali<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>assicurativo<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>valutato<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ignificativo<span class=\"ff1\"> </span>comprendono:<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>polizze<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>ramo<span class=\"ff1\"> </span>primo<span class=\"ff1\"> </span>temporanee<span class=\"ff1\"> </span>caso<span class=\"ff1\"> </span>morte,<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>polizze<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rendita<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>miste<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>coefficienti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>conversione<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>rendita<span class=\"ff1\"> </span>gar<span class=\"_ _2\"></span>antiti<span class=\"ff1\"> </span>mom<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dell<span class=\"_ _0\"></span>'e<span class=\"_ _0\"></span>missi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alcu<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tipol<span class=\"_ _0\"></span>ogie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span>zze<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">uni<span class=\"_ _0\"></span>t<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">link<span class=\"_ _0\"></span>ed<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pol<span class=\"_ _0\"></span>izze<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">danni<span class=\"_ _0\"></span>.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>ta<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>rodo<span class=\"_ _0\"></span>tti,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">disc<span class=\"_ _0\"></span>ipli<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">a<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>IAS/IFRS<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">conferma<span class=\"ff1\"> </span>sostanzialmente<span class=\"ff1\"> </span>quanto<span class=\"ff1\"> </span>prev<span class=\"_ _0\"></span>isto<span class=\"ff1\"> </span>dai<span class=\"ff1\"> </span>principi<span class=\"ff1\"> </span>contabili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nazionali<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">materia</span> <span class=\"ff3\">assicurativa<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>L\u2019IFRS<span class=\"ff1\"> </span>4,<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>sintesi<span class=\"ff1\"> </span>prevede:<span class=\"_ _3bd\"> </span>l\u2019iscrizione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">premi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">lordi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Cont<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Economico<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fra<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">proventi;<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">essi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">comprendono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>utti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">importi<span class=\"ff1\"> </span>maturati<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>durante<span class=\"ff1\"> <span class=\"_ _21\"></span></span>l\u2019esercizio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>seguito<span class=\"ff1\"> <span class=\"_ _21\"></span></span>della<span class=\"ff1\"> <span class=\"_ _21\"></span></span>stipula<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contratti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>assicurazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> <span class=\"_ _21\"></span></span>netto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>degli<span class=\"ff1\"> <span class=\"_ _21\"></span></span>annullamenti;<span class=\"ff1\"> </span>analogamente,<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>premi<span class=\"ff1\"> </span>ceduti<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>riassicuratori<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>no<span class=\"ff1\"> </span>iscritti<span class=\"ff1\"> </span>quali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cost<span class=\"_ _2\"></span>i</span> <span class=\"ff3\">dell\u2019e<span class=\"_ _0\"></span>sercizio;<span class=\"_ _2\"></span> </span></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fronte<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">prove<span class=\"_ _2\"></span>nti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">premi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">lor<span class=\"_ _2\"></span>di,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">accantonato<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riserve<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>ecniche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019importo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">degli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">imp<span class=\"_ _2\"></span>egni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ve<span class=\"_ _0\"></span>rso<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>gli<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>assicurati,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>calcolati<span class=\"ff1\">  </span>an<span class=\"_ _0\"></span>aliticamente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _2\"></span>er<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ciascun<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>contrat<span class=\"_ _2\"></span>to<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>secondo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>quanto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>definito<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dai<span class=\"ff1\">  </span>principi<span class=\"ff1\"> </span>contabili<span class=\"ff1\"> <span class=\"_ _2\"></span></span>locali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>materia.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>In<span class=\"ff1\"> <span class=\"_ _2\"></span></span>co<span class=\"_ _2\"></span>nformit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"_ _2\"></span>lle<span class=\"ff1\"> </span>previsioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019IFRS<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>4<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Gruppo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>verifica<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019adeguatez<span class=\"_ _2\"></span>za<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>passivit\u00e0<span class=\"ff1\"> </span>iscritte<span class=\"ff1\"> </span>attraverso<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>cos<span class=\"_ _2\"></span>iddetto<span class=\"ff1\"> </span>Liability<span class=\"ff1\"> </span>Adeq<span class=\"_ _0\"></span>uacy<span class=\"ff1\"> </span>Test<span class=\"_ _2\"></span><span class=\"ff1\"> </span>(LAT);<span class=\"_ _3bd\"> </span>i<span class=\"ff1\"> </span>pro<span class=\"_ _0\"></span>dot<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>nuto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">assi<span class=\"_ _0\"></span>cu<span class=\"_ _0\"></span>rativ<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>inse<span class=\"_ _0\"></span>rit<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>all<span class=\"_ _0\"></span>\u2019in<span class=\"_ _0\"></span>tern<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>delle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">gesti<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">sep<span class=\"_ _0\"></span>ara<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>so<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alut<span class=\"_ _0\"></span>ati<span class=\"ff1\"> </span>ap<span class=\"_ _0\"></span>plic<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span> </span></span></span></span></span></span>cosiddetto<span class=\"ff1\"> </span>shadow<span class=\"ff1\"> </span>accounting,<span class=\"ff1\"> </span>ossia<span class=\"ff1\"> </span>allocando<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>differenze<span class=\"ff1\"> </span>tra<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>carico<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>quello<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>mercato,<span class=\"ff1\"> </span></span></span>relativamente<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ai<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>titoli<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>class<span class=\"_ _2\"></span>ificati<span class=\"ff1\"> <span class=\"_ _21\"></span></span>disponibi<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>vendita,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>co<span class=\"_ _2\"></span>mponente<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>competenza<span class=\"ff1\"> <span class=\"_ _21\"></span></span>degli<span class=\"ff1\"> </span>assicurati<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>alle<span class=\"ff1\"> <span class=\"_ _21\"></span></span>riserve<span class=\"ff1\"> <span class=\"_ _21\"></span></span>tecniche,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>per<span class=\"ff1\"> <span class=\"_ _21\"></span></span>quella<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>competenza<span class=\"ff1\"> <span class=\"_ _21\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"></span></span>societ\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>assicurative<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> <span class=\"_ _21\"></span></span>patrimonio<span class=\"ff1\"> </span>netto.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">caso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">invece,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">siano<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alutat<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>fai<span class=\"_ _0\"></span>r<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">value,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ril<span class=\"_ _2\"></span>evato<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Conto<span class=\"ff1\"> </span>E<span class=\"_ _0\"></span>conomico,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">diffe<span class=\"_ _2\"></span>renza<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>tra<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>carico<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ed<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>valore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">di</span> <span class=\"_ _20\"></span><span class=\"ff3\">mercat<span class=\"_ _2\"></span>o</span> <span class=\"_ _20\"></span><span class=\"ff3\">viene</span> <span class=\"_ _21\"></span><span class=\"ff3\">regi<span class=\"_ _0\"></span>str<span class=\"_ _2\"></span>ata<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Conto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Econom<span class=\"_ _2\"></span>ico<span class=\"ff1\"> <span class=\"_ _20\"></span></span>determinando<span class=\"ff1\"> <span class=\"_ _21\"></span></span>una<span class=\"ff1\"> </span></span></span>variazione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>riserve<span class=\"ff1\"> </span>tecniche<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>quota<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>competenza<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>assicurati;<span class=\"_ _3bd\"> </span>nella<span class=\"ff1\"> </span>determinazione<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>shadow<span class=\"ff1\"> </span>accounting<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>Gruppo<span class=\"ff1\"> </span>utilizza,<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>ogni<span class=\"ff1\"> </span>gestione,<span class=\"ff1\"> </span>l\u2019aliquota<span class=\"ff1\"> </span>media<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>retrocessione<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tass<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">minimo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">garantito<span class=\"ff1\"> </span>def<span class=\"_ _0\"></span>initi<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">base<span class=\"ff1\"> </span>alle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">condizioni<span class=\"ff1\"> </span>contrattuali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">divers<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prodotti<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>collegati<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>gestione;<span class=\"_ _3bd\"> </span>le<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>passivit\u00e0<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>r<span class=\"_ _2\"></span>elative<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>ai<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>pro<span class=\"_ _2\"></span>dotti<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>co<span class=\"_ _2\"></span>n<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>part<span class=\"_ _2\"></span>ecipazione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _23\"> </span><span class=\"ff3\">d<span class=\"_ _0\"></span>iscrezi<span class=\"_ _2\"></span>onale<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>agli<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>utili<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>rap<span class=\"_ _0\"></span>pre<span class=\"_ _0\"></span>senta<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span></span></span>com<span class=\"_ _0\"></span>ple<span class=\"_ _0\"></span>ssiv<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>en<span class=\"_ _0\"></span>za<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dis<span class=\"_ _0\"></span>tinzi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tra<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">com<span class=\"_ _0\"></span>pone<span class=\"_ _1\"></span>nte<span class=\"ff1\"> </span>g<span class=\"_ _0\"></span>aran<span class=\"_ _0\"></span>tita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uel<span class=\"_ _0\"></span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">disc<span class=\"_ _0\"></span>rezi<span class=\"_ _0\"></span>onal<span class=\"_ _0\"></span>e.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Pro<span class=\"_ _1\"></span>dot<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>na<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>ra<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ia<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>clu<span class=\"_ _1\"></span>si<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>ge<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>se<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>rat<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>I<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>prodot<span class=\"_ _2\"></span>ti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>natura<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>finanziaria<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>che,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pur<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"_ _2\"></span>vendo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>assicurativo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>significativo,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>so<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>inclusi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> </span>gestioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>separate,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quindi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prevedono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>elementi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>partecipazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>discrezionale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>agli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>utili,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>comp<span class=\"_ _2\"></span>rendono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> </span>maggioranza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>polizze<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>ulla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>durata<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>vita<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>polizze<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mist<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ramo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>primo,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nonch\u00e9<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>polizze<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"_ _2\"></span><span class=\"ff1\"> </span>capitalizzazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ramo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>qui<span class=\"_ _0\"></span>nt<span class=\"_ _2\"></span>o.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Essi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>contabilizzati<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>econdo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>principi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>d<span class=\"_ _2\"></span>ettati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dall'IFRS<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>4,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ovvero,<span class=\"ff1\"> </span>sin<span class=\"_ _0\"></span>tet<span class=\"_ _0\"></span>icam<span class=\"_ _0\"></span>ente<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>prodotti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>esposti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"></span></span>bilancio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>modo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sostanzialmente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>analogo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>quanto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>previsto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dai<span class=\"ff1\"> <span class=\"_ _21\"></span></span>pr<span class=\"_ _0\"></span>inci<span class=\"_ _0\"></span>pi<span class=\"_ _3bd\"> </span>contabili<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">locali<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">m<span class=\"_ _2\"></span>ateria,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>videnza<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Conto<span class=\"ff1\"> </span>Economico<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">premi,<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>agamenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>della<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">varia<span class=\"_ _2\"></span>zione<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>delle<span class=\"ff1\"> </span>riserve<span class=\"ff1\"> </span>tecniche;<span class=\"_ _3bd\"> </span>ai<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prodotti<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">contenuto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">assicurativo<span class=\"ff1\"> </span>inseriti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">all\u2019interno<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>elle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gestioni<span class=\"ff1\"> </span>separate,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">quindi<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>reved<span class=\"_ _1\"></span>ono<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>elementi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">partecipazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">discrezionale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">agli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">utili,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">applica<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cosiddetto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">shadow<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">accounting,<span class=\"ff1\"> </span>come<span class=\"ff1\"> <span class=\"_ _21\"></span></span>gi\u00e0<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>rappresentato<span class=\"ff1\">  </span>nel<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>paragrafo<span class=\"ff1\"> </span>precedente;<span class=\"_ _3bd\"> </span>nella<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">determinazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>ello<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">shado<span class=\"_ _2\"></span>w<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">accounting<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Gruppo<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>tilizza,<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ogni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gestione,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019aliquota<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">media<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>retrocessione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tasso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">minimo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gara<span class=\"_ _2\"></span>ntito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">definiti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">base<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">condizioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contratt<span class=\"_ _2\"></span>uali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>iversi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prodotti<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>collegati<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>gestione;<span class=\"_ _3bd\"> </span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">passivit\u00e0<span class=\"ff1\"> </span>relative<span class=\"ff1\"> </span>ai<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prodotti<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>partecipazione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">discrezionale</span> <span class=\"ff3\">agli</span> <span class=\"ff3\">utili<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sono</span> <span class=\"ff3\">rappresentate</span> <span class=\"ff3\">in</span> <span class=\"_ _1\"></span><span class=\"ff3\">mod<span class=\"_ _1\"></span>o<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>com<span class=\"_ _0\"></span>ple<span class=\"_ _0\"></span>ssiv<span class=\"_ _0\"></span>o,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>en<span class=\"_ _0\"></span>za<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ist<span class=\"_ _0\"></span>inzi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tra<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">la</span> <span class=\"_ _0\"></span><span class=\"ff3\">com<span class=\"_ _0\"></span>pone<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">g<span class=\"_ _0\"></span>aran<span class=\"_ _0\"></span>tita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>lla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dis<span class=\"_ _0\"></span>crez<span class=\"_ _0\"></span>iona<span class=\"_ _0\"></span>le.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>Pro<span class=\"_ _1\"></span>dot<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>na<span class=\"_ _0\"></span>tur<span class=\"_ _1\"></span>a<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>zia<span class=\"_ _1\"></span>ria<span class=\"_ _3bd\"> </span>no<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>si<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>ge<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>se<span class=\"_ _0\"></span>pa<span class=\"_ _1\"></span>rate<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prodott<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>natura<span class=\"ff1\"> </span>finanziaria<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>presentano<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>assicurativo<span class=\"ff1\"> </span>significativo<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>inclusi<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>gestioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">separate,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quindi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> </span>prevedono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">elementi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">partecipazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">discrezionale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">agli<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>tili,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>esposti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>bilancio<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>passivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>valutati<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value,<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>prevista<span class=\"ff1\"> </span>opzione<span class=\"ff1\"> </span>(Fair<span class=\"ff1\"> </span>Value<span class=\"ff1\"> </span>Option),<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>costo<span class=\"ff1\"> </span>ammort<span class=\"_ _2\"></span>izzato.<span class=\"ff1\"> </span>Questi<span class=\"ff1\"> </span>prodotti<span class=\"ff1\"> </span>finan<span class=\"_ _0\"></span>ziari<span class=\"ff1\"> </span>comprendono<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ostanzialmente<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>polizze<span class=\"ff1\"> </span>index<span class=\"ff1\"> </span>linked<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>part<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>unit<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>linked,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nonc<span class=\"_ _0\"></span>h\u00e9<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>polizze<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _0\"></span>rovvista<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>pecifica<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>at<span class=\"_ _2\"></span>tivi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>incluse<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>gestioni<span class=\"ff1\"> </span>sep<span class=\"_ _1\"></span>arate.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">T<span class=\"_ _0\"></span>ali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">prod<span class=\"_ _0\"></span>otti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>ono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>onta<span class=\"_ _0\"></span>bil<span class=\"_ _0\"></span>izza<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">se<span class=\"_ _0\"></span>cond<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>rinci<span class=\"_ _0\"></span>pi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dettat<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dal<span class=\"_ _0\"></span>lo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">IAS<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">39,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>ome<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">segui<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sinte<span class=\"_ _0\"></span>tiz<span class=\"_ _0\"></span>zato:<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>polizze<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>index<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>unit<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>linked<span class=\"ff1\"> <span class=\"_ _20\"></span></span>c<span class=\"_ _2\"></span>onsiderate<span class=\"ff1\"> <span class=\"_ _21\"></span></span>inve<span class=\"_ _0\"></span>stment<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>contracts<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>valu<span class=\"_ _0\"></span>tate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _20\"></span></span>value,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>m<span class=\"_ _2\"></span>entre<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> </span>prodotti<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>a<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _23\"> </span><span class=\"ff3\">spe<span class=\"_ _0\"></span>cifica<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>provvista<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>attivi<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>inclusi<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>gestioni<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>separate<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>valutat<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>costo<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span>amm<span class=\"_ _0\"></span>orti<span class=\"_ _0\"></span>zza<span class=\"_ _0\"></span>to;<span class=\"_ _3bd\"> </span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Co<span class=\"_ _2\"></span>nto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Economico<span class=\"ff1\"> <span class=\"_ _21\"></span></span>non<span class=\"ff1\"> <span class=\"_ _21\"></span></span>riflette<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>premi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>relativi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>que<span class=\"_ _0\"></span>sti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>prodotti,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ma<span class=\"ff1\"> <span class=\"_ _21\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sole<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>componenti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ri<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>vo,<span class=\"_ _3bd\"> </span>rappresentate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dai<span class=\"ff1\"> </span>caricamenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dalle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>commissioni,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>cos<span class=\"_ _2\"></span>to,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>costituite<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dalle<span class=\"ff1\"> </span>prov<span class=\"_ _2\"></span>vigioni<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"_ _2\"></span>gli<span class=\"ff1\"> </span>altr<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>oneri;<span class=\"ff1\"> </span>ess<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riflette,<span class=\"ff1\"> </span>inoltr<span class=\"_ _2\"></span>e,<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cos<span class=\"_ _2\"></span>ti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ed<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ricavi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rappresentati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dalle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>variazioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _2\"></span></span>value<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>passivit\u00e0<span class=\"ff1\"> </span>accese<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>fronte<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tali<span class=\"ff1\"> </span>contratti.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Pi\u00f9<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>ettaglio,<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">principi</span> <span class=\"_ _0\"></span><span class=\"ff3\">contabili<span class=\"ff1\"> </span>internazionali,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contenuti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nello<span class=\"ff1\"> </span>IAS<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">39<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nell\u2019IFRS<span class=\"ff1\"> </span>15,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">prevedono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">passivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valutate<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>val<span class=\"_ _0\"></span>ue,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>ricavi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ed</span> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">costi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">relativi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ai<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prodotti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>oggetto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>siano<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ide<span class=\"_ _0\"></span>ntificati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>separati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nell<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>due<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>com<span class=\"_ _2\"></span>ponenti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(i)<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>or<span class=\"_ _2\"></span>igination,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>imputare<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Conto<span class=\"ff1\"> </span>Economico<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>momento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dell\u2019emissione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>prodotto,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(i<span class=\"_ _0\"></span>i)<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>investment<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>management<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>service,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>da<span class=\"_ _2\"></span><span class=\"ff1\"> </span>ripartire<span class=\"ff1\"> <span class=\"_ _21\"></span></span>lungo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>vita<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _21\"></span></span>prodotto,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>funzione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>come<span class=\"ff1\"> <span class=\"_ _20\"></span></span>viene<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fornito<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>servizio.<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Inoltre,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _21\"></span></span>caso<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dei<span class=\"ff1\"> </span>prodotti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>specifica<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>provvista<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>attivi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>inclusi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>gestioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>separate,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ricavi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cost<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>incrementali<span class=\"ff1\"> </span>confluiscono<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>determinazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>costo<span class=\"ff1\"> </span>ammortizzato;<span class=\"_ _3bd\"> </span>l'e<span class=\"_ _0\"></span>ven<span class=\"_ _0\"></span>tua<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">comp<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span>nte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ass<span class=\"_ _0\"></span>icur<span class=\"_ _0\"></span>ativ<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prod<span class=\"_ _0\"></span>otti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>nde<span class=\"_ _0\"></span>x<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>nit<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">li<span class=\"_ _0\"></span>nked<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>ualo<span class=\"_ _0\"></span>ra<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>epa<span class=\"_ _0\"></span>rabi<span class=\"_ _0\"></span>le,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ogge<span class=\"_ _0\"></span>tto<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> </span>autonoma<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>rappresentazione<span class=\"ff1\"> </span>contabile.<span class=\"_ _3bd\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInsuranceContracts",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-745": {
   "value": "15\u2013 Attivit\u00e0 e passivit\u00e0 assicurative Prodotti a contenuto assicurativo I prodotti per i quali il rischio assicurativo \u00e8 valutato significativo comprendono: le polizze di ramo primo temporanee caso morte, le polizze di rendita e miste con coefficienti di conversione in rendita garantiti al momento dell'emissione, alcune tipologie di polizze unit linked e le polizze danni. Per tali prodotti, la disciplin IAS/IFRS conferma sostanzialmente quanto previsto dai principi contabili nazionali in materia assicurativa L\u2019IFRS 4, in sintesi prevede:  l\u2019iscrizione dei premi lordi a Conto Economico fra i proventi; essi comprendono tutti gli importi maturati durante l\u2019esercizio a seguito della stipula dei contratti  di assicurazione al netto  degli annullamenti; analogamente, i premi ceduti ai riassicuratori sono iscritti quali costi dell\u2019esercizio; a fronte dei proventi per i premi lordi, \u00e8 accantonato alle riserve tecniche l\u2019importo degli impegni verso gli  assicurati,  calcolati  analiticamente  per  ciascun  contratto  secondo  quanto  definito  dai  principi contabili locali in materia. In conformit\u00e0 alle previsioni dell\u2019IFRS 4 il Gruppo verifica l\u2019adeguatezza del valore delle passivit\u00e0 iscritte attraverso il cosiddetto Liability Adequacy Test (LAT); i prodotti a contenuto assicurativo inseriti all\u2019interno delle gestioni separate sono valutati applicando il cosiddetto shadow accounting, ossia allocando le differenze tra il valore di carico e quello di mercato, relativamente  ai  titoli  classificati disponibili  per  la  vendita,  per  la  componente di competenza degli assicurati  alle riserve tecniche,  e per quella di competenza delle societ\u00e0 assicurative al patrimonio netto. Nel caso in cui, invece, i titoli siano valutati al fair value, rilevato a Conto Economico, la differenza tra il valore di carico ed il valore di mercato viene registrata a Conto Economico determinando una variazione delle riserve tecniche per la quota di competenza degli assicurati; nella determinazione dello shadow accounting il Gruppo utilizza, per ogni gestione, l\u2019aliquota media di retrocessione e il tasso minimo garantito definiti in base alle condizioni contrattuali dei diversi prodotti collegati alla gestione; le  passivit\u00e0  relative  ai  prodotti  con  partecipazione  discrezionale  agli  utili  sono  rappresentate complessivamente senza distinzione tra la componente garantita e quella discrezionale. Prodotti di natura finanziaria inclusi in gestioni separate I  prodotti  di  natura  finanziaria  che,  pur  non  avendo  un  rischio  assicurativo  significativo,  sono  inclusi  in gestioni separate, e quindi prevedono elementi di partecipazione discrezionale agli utili, comprendono la maggioranza delle polizze sulla durata della vita e delle polizze miste di ramo primo, nonch\u00e9 le polizze di capitalizzazione  di  ramo  quinto.  Essi  sono  contabilizzati  secondo  i  principi  dettati  dall'IFRS  4,  ovvero, sinteticamente: i prodotti sono esposti in bilancio in modo sostanzialmente analogo  a  quanto previsto dai principi contabili locali in materia, con evidenza a Conto Economico dei premi, dei pagamenti e della variazione delle riserve tecniche; ai prodotti a contenuto assicurativo inseriti all\u2019interno delle gestioni separate, e che quindi prevedono elementi di partecipazione discrezionale agli utili, si applica il cosiddetto shadow accounting, come gi\u00e0 rappresentato  nel  paragrafo precedente; nella determinazione dello shadow accounting il Gruppo utilizza, per ogni gestione, l\u2019aliquota media di retrocessione e il tasso minimo garantito definiti in base alle condizioni contrattuali dei diversi prodotti collegati alla gestione; le passivit\u00e0 relative ai prodotti con partecipazione discrezionale agli utili sono rappresentate in modo complessivo, senza distinzione tra la componente garantita e quella discrezionale. Prodotti di natura finanziaria non inclusi in gestioni separate I prodotti di natura finanziaria che non presentano un rischio assicurativo significativo e non sono inclusi in gestioni separate, e quindi non prevedono elementi di partecipazione discrezionale agli utili, sono esposti in bilancio come passivit\u00e0 finanziarie e sono valutati al fair value, sulla base della prevista opzione (Fair Value Option), o al costo ammortizzato. Questi prodotti finanziari comprendono sostanzialmente le polizze index linked  e  parte  delle  unit  linked,  nonch\u00e9  le  polizze  a  provvista  specifica  di  attivi  non  incluse  in  gestioni separate. Tali prodotti sono contabilizzati secondo i principi dettati dallo IAS 39, come di seguito sintetizzato: le polizze  index e unit  linked considerate investment  contracts  sono valutate  al fair value, mentre i prodotti  a  specifica  provvista  di  attivi  non  inclusi  in  gestioni  separate  sono  valutati  al  costo ammortizzato; il Conto Economico non riflette i  premi  relativi a questi  prodotti, ma le sole  componenti  di ricavo, rappresentate dai caricamenti e dalle commissioni, e di costo, costituite dalle provvigioni e dagli altri oneri; esso riflette, inoltre, i costi ed i ricavi rappresentati dalle variazioni del fair value delle passivit\u00e0 accese a fronte di tali contratti. Pi\u00f9 in dettaglio, i principi contabili internazionali, contenuti nello IAS 39 e nell\u2019IFRS 15, prevedono che, per le passivit\u00e0 valutate al fair value, i ricavi ed i costi relativi ai prodotti in oggetto  siano  identificati  e  separati  nelle  due  componenti  di  (i)  origination,  da  imputare  a  Conto Economico  al  momento  dell\u2019emissione  del  prodotto,  e  di  (ii)  investment  management  service,  da ripartire lungo la vita del prodotto, in  funzione di come viene fornito il servizio. Inoltre, nel caso dei prodotti  a  specifica  provvista  di  attivi  non  inclusi  in  gestioni  separate,  i  ricavi  e  costi  incrementali confluiscono nella determinazione del costo ammortizzato;  l'eventuale componente assicurativa insita nei prodotti index e unit linked, qualora separabile, \u00e8 oggetto di autonoma valutazione e rappresentazione contabile. Crediti Criteri di iscrizione La prima iscrizione di un credito avviene alla data di sottoscrizione del contratto, che normalmente coincide con la data di erogazione o, nel caso di un titolo di debito, a quella di regolamento, sulla base del fair value dello  strumento  finanziario,  pari  all\u2019ammontare  erogato,  o  prezzo  di  sottoscrizione,  comprensivo  dei costi/proventi direttamente riconducibili al singolo credito e determinabili sin dall\u2019origine dell\u2019operazione, ancorch\u00e9  liquidati  in  un  momento  successivo.  Sono  esclusi  i  costi  che,  pur  avendo  le  caratteristiche suddette, sono oggetto di rimborso da parte della controparte debitrice o sono inquadrabili tra i normali costi interni di carattere amministrativo. I crediti per operazioni di locazione finanziaria vengono iscritti per un valore pari all\u2019investimento netto nel leasing, comprensivo dei costi diretti iniziali. I crediti e i titoli sono allocati nel portafoglio all\u2019atto dell\u2019erogazione o dell\u2019acquisto e non possono formare oggetto di successivi trasferimenti in altri portafogli. I contratti di riporto e le operazioni di pronti contro termine con obbligo di riacquisto o di rivendita a termine sono iscritti in bilancio come operazioni di raccolta o impiego. In particolare, le operazioni di vendita a pronti e di riacquisto a termine sono rilevate in bilancio come debiti per l\u2019importo percepito a pronti, mentre le operazioni di acquisto a pronti e di rivendita a termine sono rilevate come crediti per l\u2019importo corrisposto a pronti. Per le operazioni creditizie eventualmente concluse a condizioni inferiori a quelle di mercato, la rilevazione iniziale \u00e8 effettuata per un importo pari ai futuri flussi di cassa scontati ad un tasso di mercato. L\u2019eventuale differenza  tra  la  rilevazione  iniziale  e  l\u2019ammontare  erogato  \u00e8  rilevata  nel  conto  economico  al  momento dell\u2019iscrizione iniziale.Criteri di classificazione I crediti includono gli impieghi con clientela e con banche, sia erogati direttamente sia acquistati da terzi, che prevedono pagamenti fissi o comunque determinabili, che non sono quotati in un mercato attivo e che non sono stati classificati all\u2019origine tra le attivit\u00e0 finanziarie disponibili per la vendita. Nella voce crediti rientrano inoltre i crediti commerciali, le operazioni pronti contro termine, i crediti originati da  operazioni  di leasing  finanziario  ed  i  titoli  acquistati  in  sottoscrizione  o  collocamento  privato,  con pagamenti determinati o determinabili, non quotati in mercati attivi.  Sono compresi nella voce crediti anche i finanziamenti originati nell\u2019ambito dell\u2019attivit\u00e0 di factoring a fronte di  anticipazioni  su  portafoglio  ricevuto  pro-solvendo  che  rimane  iscritto  nel  bilancio  della  controparte cedente. Per quanto riguarda i crediti acquistati pro-soluto, gli stessi sono inclusi nella voce crediti, previo accertamento della inesistenza di clausole contrattuali che alterino in modo significativo l\u2019esposizione al rischio della societ\u00e0 cessionaria.  Non sono ammesse riclassifiche in altre categorie di attivit\u00e0 finanziarie previste dallo IAS 39.  Criteri di valutazione Dopo la rilevazione iniziale, i crediti sono valutati al costo ammortizzato, pari al valore di prima iscrizione diminuito/aumentato  dei  rimborsi  di  capitale,  delle  rettifiche/riprese  di  valore  e  dell\u2019ammortamento  \u2013 calcolato col metodo del tasso di interesse effettivo \u2013 della differenza tra l\u2019ammontare erogato e quello rimborsabile a scadenza, riconducibile tipicamente ai costi/proventi imputati direttamente al singolo credito. Il tasso di interesse effettivo \u00e8 individuato calcolando il tasso che eguaglia il valore attuale dei flussi futuri del credito, per capitale ed interesse, all\u2019ammontare erogato inclusivo dei costi/proventi ricondotti al credito. Tale  modalit\u00e0  di  contabilizzazione,  utilizzando  una  logica  finanziaria,  consente  di  distribuire  l\u2019effetto economico dei costi/proventi lungo la vita residua attesa del credito.  Il metodo del costo ammortizzato non viene utilizzato per i crediti la  cui breve durata (entro 12 mesi) fa ritenere trascurabile l\u2019effetto dell\u2019applicazione della logica di attualizzazione. Detti crediti vengono valorizzati al costo storico. Analogo criterio di valorizzazione viene adottato per i crediti senza una scadenza definita o a revoca, in relazione ai quali i costi o proventi sono imputati direttamente a conto economico.  I crediti sono sottoposti ad una ricognizione volta ad individuare quelli che, a seguito del verificarsi di eventi occorsi dopo la loro iscrizione, mostrino oggettive evidenze di una possibile perdita di valore. Rientrano in tale  ambito  i  crediti  ai  quali  \u00e8  stato  attribuito  lo  status  di  sofferenza,  inadempienza  probabile  o  di scaduto/sconfinante  secondo  le  attuali  regole  di  Banca  d\u2019Italia,  coerenti con  la  normativa  IAS/IFRS  e  di vigilanza europea.  Con riferimento al generale concetto di ristrutturazione di esposizioni creditizie sono identificate tre diverse fattispecie:  - le rinegoziazioni per motivi/prassi \u201ccommerciali\u201d, diverse quindi dalle difficolt\u00e0 economico-finanziarie del debitore e concesse ad un tasso di interesse di mercato alla data di negoziazione;  - le  esposizioni  oggetto  di  \u201cconcessione\u201d  (come  definite  dalla  circolare  272  di  Banca  d\u2019Italia,  che corrispondono alle definizioni contemplate dagli ITS \u2013 Implementing Technical Standards dell\u2019EBA - \u201cforborne\u201d) ovvero quei contratti per i quali sono state applicate misure di tolleranza (forbearence) quali concessioni, modifica dei termini del contratto e/o rifinanziamento di un debito esistente per il debitore che \u00e8 in difficolt\u00e0 finanziaria. Le esposizioni \u201cforborne\u201d possono trovarsi sia tra le categorie di crediti deteriorati (non performing exposures with forberance measures) che tra i bonis (forborne perfoming exposures). Le espposizioni  forborne sono quelle  per cui sussitono oggettive evidenze di perdite di valore;  - l\u2019estinzione del debito mediante sostituzione del debitore o swap di debito con strumenti di patrimonio. Tali eventi comportano una modifica sostanziale nei termini contrattuali e dal punto di vista contabile determinano l\u2019estinzione del rapporto preesistente e la conseguente iscrizione al fair value del nuovo rapporto, riconoscendo a conto economico un utile o una perdita pari alla differenza fra il valore di libro del vecchio credito e il fair value degli asset ricevuti.  I crediti deteriorati sono oggetto di un processo di valutazione analitica e l\u2019ammontare della rettifica di valore di ciascun credito \u00e8 pari alla differenza tra il valore di bilancio dello stesso al momento della valutazione (costo ammortizzato) ed il valore attuale dei previsti flussi di cassa futuri, calcolato applicando il tasso di interesse effettivo  originario. Gli scaduti deteriorati sono oggetto  di un processo  di valutazione analitica applicando ad ogni singola posizione una percentuale forfettaria determinata su basi storico/statistiche.  I flussi di cassa previsti tengono conto dei tempi di recupero attesi, del presumibile valore di realizzo delle eventuali  garanzie  nonch\u00e9  dei  costi  che  si  ritiene  verranno  sostenuti  per  il  recupero  dell\u2019esposizione creditizia. I flussi di cassa relativi a crediti il cui recupero \u00e8 previsto entro breve durata (entro 12 mesi) non vengono attualizzati.  Il  tasso  effettivo  originario  di  ciascun  credito  rimane  invariato  nel  tempo  ancorch\u00e9  sia  intervenuta  una ristrutturazione del rapporto che abbia comportato la variazione del tasso contrattuale ed anche qualora il rapporto divenga, nella pratica, infruttifero di interessi contrattuali.  La rettifica di valore \u00e8 iscritta a conto economico.  Il valore originario dei crediti viene ripristinato negli esercizi successivi nella misura in cui vengano meno i motivi che ne hanno determinato la rettifica, purch\u00e9 tale valutazione sia oggettivamente collegabile ad un evento verificatosi successivamente alla rettifica stessa. La ripresa di valore \u00e8 iscritta nel conto economico e non pu\u00f2 in ogni caso superare il costo ammortizzato che il credito avrebbe avuto in assenza di precedenti rettifiche.  I crediti non deteriorati sono sottoposti alla valutazione di una perdita di valore collettiva. Tale valutazione avviene per categorie di crediti omogenee in termini di rischio di credito e le relative percentuali di perdita sono stimate tenendo conto di serie storiche, fondate su elementi osservabili alla data della valutazione, che consentano di stimare il valore della perdita latente in ciascuna categoria di crediti. Nella valutazione si tiene conto anche della rischiosit\u00e0 connessa con il paese di residenza della controparte.  La determinazione della svalutazione collettiva prevede l\u2019utilizzo dei parametri di rischio desunti dai modelli interni validati per la Funzione regolamentare \u201cCorporate\u201d e replicati anche per la Funzione regolamentare \u201cRetail\u201d,  per  la  quale  sono  in  corso  le  attivit\u00e0  funzionali alla  richiesta  di  validazione.  Per  tutti  i  clienti in portafoglio, al fine di considerare un concetto di incurred loss, cio\u00e8 di perdite insite nel portafoglio crediti ma non ancora emerse, tra i vari parametri utilizzati, \u00e8 stato inoltre considerato un \u201cintervallo di conferma della perdita\u201d  (Loss Confirmation Period);  tale  parametro  esprime  il  ritardo  medio  che  intercorre  tra  il deterioramento  delle  condizioni  finanziarie  di  un  debitore  e  la  sua  classificazione  tra  le  esposizioni deteriorate.  Per la Funzione regolamentare \u201cCorporate\u201d si \u00e8 adottato un intervallo di conferma della perdita di 180 giorni, mentre per la Funzione regolamentare \u201cRetail\u201d si \u00e8 adottato un intervallo di conferma della perdita di 12 mesi. L\u2019identificazione delle specifiche misure dei suddetti parametri in termini degli intervalli di conferma della perdita per le tipologie di controparti (sia retail che corporate) \u00e9 supportato prevalentemente dalle evidenze ottenibili  anche  attraverso  i  presidi  organizzativi  definiti  nell\u2019ambito  del  processo  del  credito  come  ad esempio la frequenza di revisione degli affidamenti e l\u2019attivit\u00e0 di controllo crediti.  In  particolare,  tali  segmenti  sono  caratterizzati  anche  dalla  disponibilit\u00e0  di  diverse  informazioni economico/finanziarie.  Nello  specifico  per  la  Funzione  regolamentare  \u201cRetail\u201d  \u00e8  osservabile  la  ridotta dimensione  patrimoniale  e  reddituale  e  una  tipologia  di  indebitamento,  pi\u00f9  sbilanciata  sul  medio/lungo termine. L\u2019osservazione dei suddetti elementi attribuibili in particolare al comparto retail ha permesso di affinare  la  stima  del  parametro  relativo  alla  LCP  per  tale  comparto,  aggiornandolo  a  12  mesi,  pur  nella conferma della continuit\u00e0 dei presidi organizzativi e creditizi adottati.  L\u2019orizzonte  temporale  utilizzato  per  la  valorizzazione  della  probabilit\u00e0  di  default  si  ritiene  possa approssimare la nozione di incurred loss, cio\u00e8 di perdita fondata su eventi attuali ma non ancora acquisiti dall\u2019impresa  nella  revisione  del  grado  di  rischio  dello  specifico  cliente,  prevista  dai  principi  contabili internazionali.  Le rettifiche di valore determinate collettivamente sono imputate nel conto economico. Criteri di cancellazione I  crediti  ceduti  vengono  cancellati  dalle  attivit\u00e0  in  bilancio  solamente  se  la  cessione  ha  comportato  il sostanziale trasferimento di tutti i rischi e benefici connessi ai crediti stessi. Per contro, qualora siano stati mantenuti i rischi e benefici relativi ai crediti ceduti, questi continuano ad essere iscritti tra le attivit\u00e0 del bilancio, ancorch\u00e9 giuridicamente la titolarit\u00e0 del credito sia stata effettivamente trasferita.  Nel caso in cui non sia possibile accertare il sostanziale trasferimento dei rischi e benefici, i crediti vengono cancellati dal bilancio qualora non sia stato mantenuto alcun tipo di controllo sugli stessi. In caso contrario, la conservazione, anche in parte, di tale controllo comporta il mantenimento in bilancio dei crediti in misura pari al coinvolgimento residuo, misurato dall\u2019esposizione ai cambiamenti di valore dei crediti ceduti ed alle variazioni dei flussi finanziari degli stessi.  Infine,  i  crediti  ceduti  vengono  cancellati  dal  bilancio  nel  caso  in  cui  vi  sia  la  conservazione  dei  diritti contrattuali a ricevere i relativi flussi di cassa, con la contestuale assunzione di un\u2019obbligazione a pagare detti flussi, e solo essi ad altri soggetti terzi.  Inoltre l\u2019eliminazione integrale dei crediti avviene quando gli stessi sono considerati irrecuperabili o sono stralciati  nella  loro  interezza.  Le  cancellazioni,  per  la  quota  eccedente  il  relativo  fondo,  sono  imputate direttamente  alla  voce  130  a)  \u201cRettifiche/riprese  di  valore  nette  per  deterioramento  crediti\u201d  di  conto economico e sono rilevate in riduzione della quota capitale dei crediti. Recuperi di parte o di interi importi precedentemente cancellati sono iscritti alla medesima voce. Criteri di rilevazione delle componenti reddituali L\u2019allocazione delle componenti reddituali nelle pertinenti voci di conto economico avviene sulla base di quanto riportato di seguito: - Gli interessi attivi dei crediti e dei titoli vengono allocati nella voce \u201cInteressi attivi e proventi assimilati\u201d per competenza sulla base del tasso di interesse effettivo; - Gli utili e perdite da cessione dei crediti e dei titoli vengono allocati nella voce \u201cUtili (perdite) da cessione o riacquisto di crediti\u201d; - Le rettifiche da impairment,  le perdite per cancellazioni e le  riprese  di valore dei  crediti e dei titoli vengono allocate nella voce \u201cRettifiche/riprese di valore nette per deterioramento di crediti\u201d. I ripristini di valore connessi con il trascorrere del tempo sono appostati tra le riprese di valore.",
   "dimensions": {
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    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-748": {
   "value": "<div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs822\">Le<span class=\"ff1\"> </span>eventuali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">azioni<span class=\"ff1\"> </span>proprie<span class=\"ff1\"> </span>detenute<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>portate<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>riduzi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>patrimonio<span class=\"ff1\"> </span>netto.<span class=\"ff1\"> </span>Analogamente,<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">costo<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs823\">originario<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>stesse<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>gli<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>utili<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>perdite<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>d<span class=\"_ _2\"></span>erivanti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dalla<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>loro<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>successiva<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ve<span class=\"_ _0\"></span>ndita<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rilevati<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>com<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs824\">movimenti<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>patrimonio<span class=\"ff1\"> </span>netto.<span class=\"_ _3bd\"> </span> </div>",
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    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
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    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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  },
  "fact-747": {
   "value": "Pa<span class=\"_ _1\"></span>game<span class=\"_ _1\"></span>nti<span class=\"_ _3bd\"> </span>ba<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>su<span class=\"_ _3bd\"> </span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>I<span class=\"ff1\"> <span class=\"_ _2\"></span></span>piani<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>remunerazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d<span class=\"_ _2\"></span>el<span class=\"ff1\"> <span class=\"_ _2\"></span></span>personale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>basati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>su<span class=\"ff1\"> <span class=\"_ _2\"></span></span>azioni,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>regolate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>azioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>non<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cassa<span class=\"_ _3bd\"> </span>vengono<span class=\"ff1\"> </span>rilevati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>economico,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> </span>corr<span class=\"_ _2\"></span>ispondente<span class=\"ff1\"> </span>incremento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>patr<span class=\"_ _2\"></span>imonio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>netto,<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>bas<span class=\"_ _3bd\"> </span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _21\"></span></span>value<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>egli<span class=\"ff1\"> <span class=\"_ _21\"></span></span>strumenti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>finanziari<span class=\"ff1\"> <span class=\"_ _21\"></span></span>attribuiti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>data<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff3\">assegnazione,</span> <span class=\"_ _21\"></span><span class=\"ff3\">suddividendo</span> <span class=\"_ _21\"> </span><span class=\"ff3\">l\u2019onere</span> <span class=\"_ _21\"> </span><span class=\"ff3\">lungo</span> <span class=\"_ _21\"></span><span class=\"ff3\">i<span class=\"_ _3bd\"> </span></span></span>periodo<span class=\"ff1\"> </span>previsto<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>piano.<span class=\"_ _3bd\"> </span>In<span class=\"ff1\"> <span class=\"_ _2\"></span></span>presenza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>opzioni,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _20\"></span></span>value<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>stesse<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>calcolato<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>utilizzando<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> <span class=\"_ _20\"></span></span>modello<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>consider<span class=\"_ _2\"></span>a,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>oltre<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"_ _3bd\"> </span>informazioni<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uali<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prezzo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>ercizio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vita<span class=\"ff1\"> </span>dell\u2019opzione,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>ezzo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">corrente<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">azioni<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">loro<span class=\"ff1\"> </span>volatilit<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>attesa,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>divide<span class=\"_ _0\"></span>ndi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>attesi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>tasso<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff3\">interesse</span> <span class=\"_ _21\"> </span><span class=\"ff3\">risk-free,</span> <span class=\"_ _21\"></span><span class=\"ff3\">anche</span> <span class=\"_ _20\"></span><span class=\"ff3\">le</span> <span class=\"_ _21\"> </span><span class=\"ff3\">caratt<span class=\"_ _2\"></span>eristiche</span> <span class=\"_ _20\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>pecifiche</span> <span class=\"_ _21\"></span><span class=\"ff3\">del</span> <span class=\"_ _20\"></span><span class=\"ff3\">piano</span> <span class=\"_ _21\"> </span><span class=\"ff3\">in<span class=\"_ _3bd\"> </span></span></span>ess<span class=\"_ _0\"></span>ere.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mode<span class=\"_ _0\"></span>llo<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">val<span class=\"_ _0\"></span>oriz<span class=\"_ _0\"></span>zazio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>val<span class=\"_ _0\"></span>uta<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">mod<span class=\"_ _1\"></span>o<span class=\"ff1\"> </span>dist<span class=\"_ _0\"></span>into<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>\u2019op<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">prob<span class=\"_ _0\"></span>abi<span class=\"_ _0\"></span>lit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">re<span class=\"_ _0\"></span>aliz<span class=\"_ _0\"></span>zaz<span class=\"_ _0\"></span>ion<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>delle<span class=\"ff1\"> </span>condizioni<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>quali<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>opzioni<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>state<span class=\"ff1\"> </span>assegnate.<span class=\"_ _3bd\"> </span>La<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">com<span class=\"_ _0\"></span>bin<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">due<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">v<span class=\"_ _0\"></span>alo<span class=\"_ _0\"></span>ri<span class=\"ff1\"> </span>fo<span class=\"_ _0\"></span>rni<span class=\"_ _0\"></span>sce<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fa<span class=\"_ _0\"></span>ir<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alue<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>llo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">stru<span class=\"_ _0\"></span>mento<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">asse<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ato.<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>L\u2019eventuale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riduzione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>numero<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>strumenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziari<span class=\"ff1\"> <span class=\"_ _2\"></span></span>assegn<span class=\"_ _2\"></span>ati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contabilizzata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>come<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cancellazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d<span class=\"_ _2\"></span>i<span class=\"_ _3bd\"> </span>una<span class=\"ff1\"> </span>parte<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>stessi.<span class=\"_ _3bd\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-778": {
   "value": "<div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs826\">Be<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs827\">ai<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs828\">di<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>nde<span class=\"_ _1\"></span>nti<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs829\">Si<span class=\"ff1\"> </span>definiscono<span class=\"ff1\"> </span>benefici<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>dipendenti<span class=\"ff1\"> </span>tutti<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>tipi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>remun<span class=\"_ _0\"></span>erazione<span class=\"ff1\"> </span>erogati<span class=\"ff1\"> </span>dall\u2019azienda<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>cambio<span class=\"ff1\"> </span>dell\u2019attivit<span class=\"_ _3bd\"> </span>\u00e0<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs82a\">lavorativa<span class=\"ff1\"> </span>svolta<span class=\"ff1\"> </span>dai<span class=\"ff1\"> </span>dipendenti.<span class=\"ff1\"> </span>I<span class=\"ff1\"> </span>benefici<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>dipendenti<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>suddividono<span class=\"ff1\"> </span>tra:<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs82b\">ben<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>ci<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">br<span class=\"_ _0\"></span>eve<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ter<span class=\"_ _0\"></span>mine<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(dive<span class=\"_ _1\"></span>rsi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">bene<span class=\"_ _0\"></span>fici<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dovu<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ai<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dip<span class=\"_ _0\"></span>ende<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ces<span class=\"_ _0\"></span>sazi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rapp<span class=\"_ _1\"></span>orto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">lav<span class=\"_ _0\"></span>oro<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs82c\">e<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">dai<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">be<span class=\"_ _0\"></span>nefi<span class=\"_ _0\"></span>ci<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">re<span class=\"_ _0\"></span>tribu<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sott<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">form<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">parte<span class=\"_ _0\"></span>cip<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">capi<span class=\"_ _0\"></span>tale<span class=\"_ _0\"></span>)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">prev<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">liq<span class=\"_ _0\"></span>uid<span class=\"_ _0\"></span>are<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">inte<span class=\"_ _0\"></span>rame<span class=\"_ _0\"></span>nte<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs82e\">entro<span class=\"ff1\"> </span>dodici<span class=\"ff1\"> </span>mesi<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>termine<span class=\"ff1\"> </span>dell\u2019esercizio<span class=\"ff1\"> </span>ne<span class=\"_ _2\"></span>l<span class=\"ff1\"> </span>quale<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>dipendenti<span class=\"ff1\"> </span>hanno<span class=\"ff1\"> </span>prestato<span class=\"ff1\"> </span>l\u2019attivit\u00e0<span class=\"ff1\"> </span>lavorat<span class=\"_ _2\"></span>iva<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs82f\">rilevati<span class=\"ff1\"> </span>interamente<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>economico<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>momento<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>maturazione<span class=\"ff1\"> </span>(rientrano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>tale<span class=\"ff1\"> </span>categoria,<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs830\">esempio,<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>salari,<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>stipendi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>prestazioni<span class=\"ff1\"> </span>\u201cstrao<span class=\"_ _2\"></span>rdinarie\u201d);<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs831\">ben<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>ci<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">succe<span class=\"_ _0\"></span>ssiv<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rap<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>rto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">la<span class=\"_ _0\"></span>voro<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>ovu<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dop<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>oncl<span class=\"_ _0\"></span>usi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rapp<span class=\"_ _0\"></span>orto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">lav<span class=\"_ _0\"></span>oro<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">obbl<span class=\"_ _0\"></span>igan<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs832\">l\u2019impresa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un\u2019erogazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>futu<span class=\"_ _2\"></span>ra<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>confronti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dipendenti.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Tra<span class=\"ff1\"> <span class=\"_ _20\"></span></span>questi,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>ientrano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>trattamento<span class=\"ff1\"> </span><span class=\"ff1\"><span class=\"_ _20\"></span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs833\">fine<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rapporto<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fon<span class=\"_ _2\"></span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pension<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">loro<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">volta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>uddividono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">piani<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>contribuzione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">definita<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">piani<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs834\">benefici<span class=\"ff1\"> </span>definiti<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>fondi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>quiescenza<span class=\"ff1\"> </span>aziendale;<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs835\">benefici<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>lungo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>termine,<span class=\"ff1\"> </span>diversi<span class=\"_ _2\"></span><span class=\"ff1\"> </span>dai<span class=\"ff1\"> </span>precedenti,<span class=\"ff1\"> </span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>non<span class=\"ff1\"> </span>si<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prevede<span class=\"ff1\"> </span>siano<span class=\"ff1\"> </span>estinti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>interamente<span class=\"ff1\"> </span>entro<span class=\"ff1\"> </span>i<span class=\"_ _1\"></span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs836\">dodici<span class=\"ff1\"> <span class=\"_ _2\"></span></span>m<span class=\"_ _2\"></span>esi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>successivi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>temine<span class=\"ff1\"> <span class=\"_ _20\"></span></span>de<span class=\"_ _2\"></span>ll\u2019esercizio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"_ _2\"></span>n<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dipend<span class=\"_ _2\"></span>enti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>hanno<span class=\"ff1\"> <span class=\"_ _20\"></span></span>svolto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>proprie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pres<span class=\"_ _2\"></span>tazio<span class=\"_ _3bd\"> </span>ni<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs837\">lavorative.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Il<span class=\"ff1\"> </span>costo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">allocato<span class=\"ff1\"> </span>sul<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">periodo<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">servizio</span> <span class=\"ff3\">l<span class=\"_ _0\"></span>avorativo<span class=\"ff1\"> </span>prestato<span class=\"ff1\"> </span>dal<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">beneficiario<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>base<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>valo<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">re<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs838\">attuariale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>determinato<span class=\"ff1\"> <span class=\"_ _21\"></span></span>utilizzando<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>metodo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u201cProiezione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">Unitaria</span> <span class=\"_ _20\"></span><span class=\"ff3\">del</span> <span class=\"_ _20\"></span><span class=\"ff3\">Credito\u201d.</span> <span class=\"_ _21\"></span><span class=\"ff3\">Gli</span> <span class=\"_ _20\"></span><span class=\"ff3\">utili</span> <span class=\"_ _20\"></span><span class=\"ff3\">e</span> <span class=\"_ _2\"></span><span class=\"ff3\">perdi<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\">t<span class=\"_ _2\"></span>e</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs839\">attuariali<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>rilevate<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico.<span class=\"_ _3bd\"> </span> </div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-746": {
   "value": "Be<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>ai<span class=\"_ _3bd\"> </span>di<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>nde<span class=\"_ _1\"></span>nti<span class=\"fc0 sc1\"> </span>Si<span class=\"ff1\"> </span>definiscono<span class=\"ff1\"> </span>benefici<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>dipendenti<span class=\"ff1\"> </span>tutti<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>tipi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>remun<span class=\"_ _0\"></span>erazione<span class=\"ff1\"> </span>erogati<span class=\"ff1\"> </span>dall\u2019azienda<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>cambio<span class=\"ff1\"> </span>dell\u2019attivit<span class=\"_ _3bd\"> </span>lavorativa<span class=\"ff1\"> </span>svolta<span class=\"ff1\"> </span>dai<span class=\"ff1\"> </span>dipendenti.<span class=\"ff1\"> </span>I<span class=\"ff1\"> </span>benefici<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>dipendenti<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>suddividono<span class=\"ff1\"> </span>tra:<span class=\"_ _3bd\"> </span>ben<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>ci<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">br<span class=\"_ _0\"></span>eve<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ter<span class=\"_ _0\"></span>mine<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(dive<span class=\"_ _1\"></span>rsi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">bene<span class=\"_ _0\"></span>fici<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dovu<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ai<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dip<span class=\"_ _0\"></span>ende<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ces<span class=\"_ _0\"></span>sazi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rapp<span class=\"_ _1\"></span>orto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">lav<span class=\"_ _0\"></span>oro<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>e<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">dai<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">be<span class=\"_ _0\"></span>nefi<span class=\"_ _0\"></span>ci<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">re<span class=\"_ _0\"></span>tribu<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sott<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">form<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">parte<span class=\"_ _0\"></span>cip<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">capi<span class=\"_ _0\"></span>tale<span class=\"_ _0\"></span>)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">prev<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">liq<span class=\"_ _0\"></span>uid<span class=\"_ _0\"></span>are<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">inte<span class=\"_ _0\"></span>rame<span class=\"_ _0\"></span>nte<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>entro<span class=\"ff1\"> </span>dodici<span class=\"ff1\"> </span>mesi<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>termine<span class=\"ff1\"> </span>dell\u2019esercizio<span class=\"ff1\"> </span>ne<span class=\"_ _2\"></span>l<span class=\"ff1\"> </span>quale<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>dipendenti<span class=\"ff1\"> </span>hanno<span class=\"ff1\"> </span>prestato<span class=\"ff1\"> </span>l\u2019attivit\u00e0<span class=\"ff1\"> </span>lavorat<span class=\"_ _2\"></span>iva<span class=\"ff1\"> </span>rilevati<span class=\"ff1\"> </span>interamente<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>economico<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>momento<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>maturazione<span class=\"ff1\"> </span>(rientrano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>tale<span class=\"ff1\"> </span>categoria,<span class=\"ff1\"> </span>esempio,<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>salari,<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>stipendi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>prestazioni<span class=\"ff1\"> </span>\u201cstrao<span class=\"_ _2\"></span>rdinarie\u201d);<span class=\"_ _3bd\"> </span>ben<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>ci<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">succe<span class=\"_ _0\"></span>ssiv<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rap<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>rto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">la<span class=\"_ _0\"></span>voro<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>ovu<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dop<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>oncl<span class=\"_ _0\"></span>usi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rapp<span class=\"_ _0\"></span>orto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">lav<span class=\"_ _0\"></span>oro<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">obbl<span class=\"_ _0\"></span>igan<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>l\u2019impresa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un\u2019erogazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>futu<span class=\"_ _2\"></span>ra<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>confronti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dipendenti.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Tra<span class=\"ff1\"> <span class=\"_ _20\"></span></span>questi,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>ientrano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>trattamento<span class=\"ff1\"> </span>fine<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rapporto<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fon<span class=\"_ _2\"></span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pension<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">loro<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">volta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>uddividono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">piani<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>contribuzione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">definita<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">piani<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>benefici<span class=\"ff1\"> </span>definiti<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>fondi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>quiescenza<span class=\"ff1\"> </span>aziendale;<span class=\"_ _3bd\"> </span>benefici<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>lungo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>termine,<span class=\"ff1\"> </span>diversi<span class=\"_ _2\"></span><span class=\"ff1\"> </span>dai<span class=\"ff1\"> </span>precedenti,<span class=\"ff1\"> </span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>non<span class=\"ff1\"> </span>si<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prevede<span class=\"ff1\"> </span>siano<span class=\"ff1\"> </span>estinti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>interamente<span class=\"ff1\"> </span>entro<span class=\"ff1\"> </span>i<span class=\"_ _1\"></span> dodici<span class=\"ff1\"> <span class=\"_ _2\"></span></span>m<span class=\"_ _2\"></span>esi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>successivi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>temine<span class=\"ff1\"> <span class=\"_ _20\"></span></span>de<span class=\"_ _2\"></span>ll\u2019esercizio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"_ _2\"></span>n<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dipend<span class=\"_ _2\"></span>enti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>hanno<span class=\"ff1\"> <span class=\"_ _20\"></span></span>svolto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>proprie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pres<span class=\"_ _2\"></span>tazio<span class=\"_ _3bd\"> </span>lavorative.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Il<span class=\"ff1\"> </span>costo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">allocato<span class=\"ff1\"> </span>sul<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">periodo<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">servizio</span> <span class=\"ff3\">l<span class=\"_ _0\"></span>avorativo<span class=\"ff1\"> </span>prestato<span class=\"ff1\"> </span>dal<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">beneficiario<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>base<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>valo<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>attuariale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>determinato<span class=\"ff1\"> <span class=\"_ _21\"></span></span>utilizzando<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>metodo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u201cProiezione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">Unitaria</span> <span class=\"_ _20\"></span><span class=\"ff3\">del</span> <span class=\"_ _20\"></span><span class=\"ff3\">Credito\u201d.</span> <span class=\"_ _21\"></span><span class=\"ff3\">Gli</span> <span class=\"_ _20\"></span><span class=\"ff3\">utili</span> <span class=\"_ _20\"></span><span class=\"ff3\">e</span> <span class=\"_ _2\"></span><span class=\"ff3\">perdi<span class=\"_ _3bd\"> </span></span></span>attuariali<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>rilevate<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico.<span class=\"_ _3bd\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-876": {
   "value": "Riconoscimento dei ricavi e dei costi La banca rileva i ricavi per un importo che riflette il corrispettivo a cui l\u2019entit\u00e0 ritiene di avere diritto in cambio del trasferimento di merci o servizi al cliente.  L\u2019IFRS 15 -Ricavi da contratti con clienti, ha sostituito lo IAS 18 \u2013 Ricavi, lo IAS 11 \u2013 Lavori su ordinazione, nonch\u00e9 le interpretazioni Sic 31, IFRIC 13 e IFRIC 15.  Il principio stabilisce un modello di riconoscimento dei ricavi, si applica a tutti i contratti con clienti, eccezion fatta per i contratti che rientrano nell\u2019ambito di applicazione di IFRS 4, IFRS 9, IFRS 16, quindi per i contratti assicurativi e per gli strumenti finanziari e i contratti di leasing. Il principio introduce un modello in cinque fasi che si applica nella fase di contabilizzazione dei ricavi derivanti da contratti con i clienti: l\u2019identificazione del contratto con il cliente; l\u2019identificazione delle performance obligation del contratto; la determinazione del prezzo; l\u2019allocazione del prezzo alle performance obligation del contratto; i criteri di iscrizione del ricavo quando l\u2019entit\u00e0 soddisfa ciascuna performance obligation.  Il principio comporta l\u2019esercizio di un giudizio da parte delle entit\u00e0, che prenda in considerazione tutti i fatti e le circostanze rilevanti nell\u2019applicazione di ogni fase del modello ai contratti con i propri clienti. Il principio specifica inoltre la contabilizzazione dei costi incrementali legati all\u2019ottenimento di un contratto e dei costi direttamente  legati  al  completamento  di  un  contratto.  La  banca  esercita  un  giudizio  che  prende  in considerazione tutti i fatti e le circostanze rilevanti nell\u2019applicazione ai contratti con i propri clienti di ogni fase del modello a cinque fasi introdotto dall\u2019IFRS 15.  I ricavi possono essere riconosciuti: in un momento preciso, quando l\u2019entit\u00e0 adempie l\u2019obbligazione di fare trasferendo al cliente il bene o servizio promesso, o nel corso del tempo, mano a mano che l\u2019entit\u00e0 adempie l\u2019obbligazione di fare trasferendo al cliente il bene o servizio promesso.  Il bene \u00e8 trasferito quando, o nel corso del periodo in cui, il cliente ne acquisisce il controllo. In particolare: per gli strumenti finanziari classificati HTC e HTCS, gli interessi corrispettivi sono riconosciuti pro rata temporis sulla base del tasso di interesse contrattuale o di quello effettivo nel caso di applicazione del costo ammortizzato. La voce interessi attivi (ovvero interessi passivi) comprende anche i differenziali o i margini, positivi (o negativi), maturati sino alla data di riferimento del bilancio, relativi a contratti derivati finanziari:  o di copertura di attivit\u00e0 e passivit\u00e0 che generano interessi;  o classificati nello Stato Patrimoniale nel portafoglio di negoziazione, ma gestionalmente collegati ad attivit\u00e0 e/o passivit\u00e0 finanziarie valutate al fair value (fair value option);  o connessi gestionalmente con attivit\u00e0 e passivit\u00e0 classificate nel portafoglio di negoziazione e che prevedono la liquidazione di differenziali o di margini a pi\u00f9 scadenze;  gli interessi di mora, eventualmente previsti in via contrattuale, sono contabilizzati a Conto Economico solo al momento del loro effettivo incasso; i  dividendi  sono  rilevati  a  Conto  Economico  nel  corso  dell\u2019esercizio  in  cui  ne  viene  deliberata  la distribuzione; le commissioni per ricavi da servizi sono iscritte, sulla base dell\u2019esistenza di accordi contrattuali, nel periodo in cui i servizi stessi sono stati prestati. Le commissioni considerate nel costo ammortizzato ai fini della determinazione del tasso di interesse effettivo, sono rilevate tra gli interessi; i ricavi derivanti dalla vendita di strumenti finanziari, determinati dalla differenza tra corrispettivo pagato o incassato della transazione ed il fair value dello strumento, vengono riconosciuti al Conto Economico in sede di rilevazione dell\u2019operazione se il fair value \u00e8 determinabile con riferimento a prezzi ufficiali disponibili su mercati attivi, ovvero per attivit\u00e0 e passivit\u00e0 misurate sulla base di tecniche di valutazione che prendono a riferimento parametri osservabili sul mercato diversi dalle quotazioni dello strumento finanziario (livello 1 e livello 2 della gerarchia del fair value). Qualora i parametri di riferimento utilizzati per la valutazione non siano osservabili sul mercato  (livello 3) o gli strumenti  stessi presentino una ridotta liquidit\u00e0, lo strumento finanziario viene iscritto per un importo pari al prezzo della transazione; la differenza rispetto al fair value affluisce al Conto Economico lungo la durata dell\u2019operazione; gli  utili  e  perdite  derivanti  dalla  negoziazione  di  strumenti  finanziari  sono  riconosciuti  al  Conto Economico al momento del perfezionamento della vendita, sulla base della differenza tra il corrispettivo pagato o incassato ed il valore di iscrizione degli strumenti stessi; i ricavi derivanti dalla vendita di attivit\u00e0 non finanziarie sono rilevati al momento del perfezionamento della vendita, ovvero quando \u00e8 adempiuta l\u2019obbligazione di fare nei confronti del cliente. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-854": {
   "value": "Costi sostenuti per l\u2019ottenimento del contratto I costi sostenuti per l'ottenimento del contratto sono i costi che l'entit\u00e0 sostiene per ottenere il contratto con il cliente e che non avrebbe sostenuto se non avesse ottenuto il contratto. Il Gruppo rileva come attivit\u00e0 i costi sostenuti per l'adempimento del contratto soltanto se questi soddisfano tutte le condizioni seguenti: sono incrementali \u2013 La banca li sostiene per ottenere il contratto con il cliente e non li avrebbe sostenuti se non avesse ottenuto il contratto; si prevede di recuperarli. I costi sono rilevati a Conto Economico secondo il principio della competenza; i costi relativi all\u2019ottenimento e l\u2019adempimento dei contratti con la clientela sono rilevati a Conto Economico nei periodi nei quali sono contabilizzati i relativi ricavi. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForCustomerAcquisitionCostsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-749": {
   "value": "<div class=\"t m0 h10 ff3 fs9 fc4 sc0 ls0 ws0 gsb46\">A<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span><span class=\"ff5\"> <span class=\"_ _0\"></span><span class=\"ff3\">IN<span class=\"_ _1\"></span>FOR<span class=\"_ _1\"></span>MA<span class=\"_ _0\"></span>TI<span class=\"_ _0\"></span>VA<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">SUI<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">TR<span class=\"_ _0\"></span>AS<span class=\"_ _0\"></span>FE<span class=\"_ _0\"></span>RI<span class=\"_ _1\"></span>MEN<span class=\"_ _1\"></span>TI<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">TR<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">POR<span class=\"_ _1\"></span>TAF<span class=\"_ _0\"></span>OG<span class=\"_ _1\"></span>LI<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">DI<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">A<span class=\"_ _0\"></span>TT<span class=\"_ _0\"></span>IV<span class=\"_ _0\"></span>IT<span class=\"_ _1\"></span>A\u2019<span class=\"ff1\"> </span>F<span class=\"_ _0\"></span>IN<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>NZ<span class=\"_ _0\"></span>IA<span class=\"_ _1\"></span>RIE<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb47\">Successivamente<span class=\"ff1\"> <span class=\"_ _21\"></span></span>all\u2019adozione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dell\u2019IFRS<span class=\"ff1\"> <span class=\"_ _20\"></span></span>9,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Gruppo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Credem<span class=\"ff1\"> <span class=\"_ _21\"></span></span>non<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ha<span class=\"ff1\"> <span class=\"_ _21\"></span></span>effettuato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cambiamenti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>business<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb48\">mod<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">gest<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ropri<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>at<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">finan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>rie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">e,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">quin<span class=\"_ _0\"></span>di,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">non</span> <span class=\"_ _0\"></span><span class=\"ff3\">son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>avv<span class=\"_ _0\"></span>enu<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>tra<span class=\"_ _0\"></span>sfe<span class=\"_ _0\"></span>rime<span class=\"_ _0\"></span>nti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">po<span class=\"_ _0\"></span>rtaf<span class=\"_ _0\"></span>ogli<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb49\">di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>finanziarie.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>regole<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span></span>generali<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>pre<span class=\"_ _2\"></span>viste<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dall\u2019IFRS<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>9<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>i<span class=\"_ _2\"></span>n<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>materia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>riclassificazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb4a\">finanziarie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(ad<span class=\"ff1\"> <span class=\"_ _20\"></span></span>eccezione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>titoli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>capitale,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> <span class=\"_ _21\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _2\"></span></span>non<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ammessa<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alcuna<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riclassifica)<span class=\"ff1\"> <span class=\"_ _20\"></span></span>non<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prevedono<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb4b\">riclassifiche<span class=\"ff1\"> <span class=\"_ _21\"></span></span>verso<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>altre<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>categorie<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _21\"></span></span>salvo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>caso<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>societ\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>modifichi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>proprio<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb4c\">modello<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>business<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>gestio<span class=\"_ _2\"></span>ne<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>tali<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>nanziarie.<span class=\"ff1\"> </span>E\u2019<span class=\"ff1\"> </span>previsto<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>tali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">modifiche<span class=\"ff1\"> </span>siano<span class=\"ff1\"> </span>altamente<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb4d\">infrequenti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>devono<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ess<span class=\"_ _2\"></span>ere<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>de<span class=\"_ _2\"></span>terminate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>management<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>eguito<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>ilevanti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cambiam<span class=\"_ _2\"></span>enti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>est<span class=\"_ _2\"></span>erni<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>o<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb4e\">interni,<span class=\"ff1\"> </span>dimostrabili<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>soggetti<span class=\"ff1\"> </span>esterni. </div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForReclassificationOfFinancialInstrumentsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-779": {
   "value": "A<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span><span class=\"ff5\"> <span class=\"_ _0\"></span><span class=\"ff3\">IN<span class=\"_ _1\"></span>FOR<span class=\"_ _1\"></span>MA<span class=\"_ _0\"></span>TI<span class=\"_ _0\"></span>VA<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">SUI<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">TR<span class=\"_ _0\"></span>AS<span class=\"_ _0\"></span>FE<span class=\"_ _0\"></span>RI<span class=\"_ _1\"></span>MEN<span class=\"_ _1\"></span>TI<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">TR<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">POR<span class=\"_ _1\"></span>TAF<span class=\"_ _0\"></span>OG<span class=\"_ _1\"></span>LI<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">DI<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">A<span class=\"_ _0\"></span>TT<span class=\"_ _0\"></span>IV<span class=\"_ _0\"></span>IT<span class=\"_ _1\"></span>A\u2019<span class=\"ff1\"> </span>F<span class=\"_ _0\"></span>IN<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>NZ<span class=\"_ _0\"></span>IA<span class=\"_ _1\"></span>RIE<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span>Successivamente<span class=\"ff1\"> <span class=\"_ _21\"></span></span>all\u2019adozione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dell\u2019IFRS<span class=\"ff1\"> <span class=\"_ _20\"></span></span>9,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Gruppo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Credem<span class=\"ff1\"> <span class=\"_ _21\"></span></span>non<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ha<span class=\"ff1\"> <span class=\"_ _21\"></span></span>effettuato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cambiamenti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>business<span class=\"ff1\"> </span>mod<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">gest<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ropri<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>at<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">finan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>rie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">e,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">quin<span class=\"_ _0\"></span>di,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">non</span> <span class=\"_ _0\"></span><span class=\"ff3\">son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>avv<span class=\"_ _0\"></span>enu<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>tra<span class=\"_ _0\"></span>sfe<span class=\"_ _0\"></span>rime<span class=\"_ _0\"></span>nti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">po<span class=\"_ _0\"></span>rtaf<span class=\"_ _0\"></span>ogli<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>finanziarie.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>regole<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span></span>generali<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>pre<span class=\"_ _2\"></span>viste<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dall\u2019IFRS<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>9<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>i<span class=\"_ _2\"></span>n<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>materia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>riclassificazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(ad<span class=\"ff1\"> <span class=\"_ _20\"></span></span>eccezione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>titoli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>capitale,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> <span class=\"_ _21\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _2\"></span></span>non<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ammessa<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alcuna<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riclassifica)<span class=\"ff1\"> <span class=\"_ _20\"></span></span>non<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prevedono<span class=\"ff1\"> </span>riclassifiche<span class=\"ff1\"> <span class=\"_ _21\"></span></span>verso<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>altre<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>categorie<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _21\"></span></span>salvo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>caso<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>societ\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>modifichi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>proprio<span class=\"ff1\"> </span>modello<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>business<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>gestio<span class=\"_ _2\"></span>ne<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>tali<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>nanziarie.<span class=\"ff1\"> </span>E\u2019<span class=\"ff1\"> </span>previsto<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>tali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">modifiche<span class=\"ff1\"> </span>siano<span class=\"ff1\"> </span>altamente<span class=\"ff1\"> </span></span></span></span></span>infrequenti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>devono<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ess<span class=\"_ _2\"></span>ere<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>de<span class=\"_ _2\"></span>terminate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>management<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>eguito<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>ilevanti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cambiam<span class=\"_ _2\"></span>enti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>est<span class=\"_ _2\"></span>erni<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>o<span class=\"ff1\"> </span>interni,<span class=\"ff1\"> </span>dimostrabili<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>soggetti<span class=\"ff1\"> </span>esterni. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfReclassificationOfFinancialInstrumentsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-780": {
   "value": "<div class=\"t m0 h10 ff3 fs9 fc4 sc0 ls0 ws0 gsb50\">A<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span><span class=\"ff5\"> <span class=\"ff3\">I<span class=\"_ _1\"></span>NF<span class=\"_ _0\"></span>OR<span class=\"_ _1\"></span>MA<span class=\"_ _0\"></span>TI<span class=\"_ _0\"></span>VA<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">SU<span class=\"_ _0\"></span>L<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">FA<span class=\"_ _0\"></span>I<span class=\"_ _0\"></span>R<span class=\"ff1\"> </span>V<span class=\"_ _1\"></span>ALU<span class=\"_ _0\"></span>E<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff5\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gsb51\">Inf<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>va<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gsb52\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gsb53\">na<span class=\"_ _1\"></span>tura<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gsb54\">qu<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>lita<span class=\"_ _1\"></span>tiva<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t mb h5 ff3 fs0 fc4 sc2 ls0 ws0 gsb55\">A.<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>1</div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gsb56\">\u2013<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gsb57\">Livello<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gsb58\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gsb59\">fair<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gsb5a\">value<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gsb5b\">2<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gsb5c\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gsb5d\">3:<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gsb5e\">tecniche<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gsb5f\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gsb60\">valutaz<span class=\"_ _0\"></span>ione<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gsb61\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gsb62\">input<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gsb63\">ut<span class=\"_ _0\"></span>iliz<span class=\"_ _1\"></span>zat<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb64\">Le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">te<span class=\"_ _0\"></span>cnic<span class=\"_ _0\"></span>he<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">va<span class=\"_ _0\"></span>luta<span class=\"_ _0\"></span>zione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">u<span class=\"_ _0\"></span>tili<span class=\"_ _0\"></span>zzat<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>g<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">st<span class=\"_ _0\"></span>rume<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fi<span class=\"_ _0\"></span>nanzi<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">app<span class=\"_ _0\"></span>arte<span class=\"_ _1\"></span>nenti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">li<span class=\"_ _0\"></span>vell<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>3<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">si</span> <span class=\"_ _0\"></span><span class=\"ff3\">dist<span class=\"_ _0\"></span>ingu<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>o:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m4 h2c ff4 fs5 fc0 sc0 ls0 ws0 gsb65\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb66\">Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziarie:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valutazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>egli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">strumenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">strutturati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">utilizzando<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">componente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">obbligazionari<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb67\">il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>modello<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>discounted<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cas<span class=\"_ _2\"></span>h<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>flow<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tasso<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span></span>corretto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>opport<span class=\"_ _2\"></span>uno<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>credito,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>l<span class=\"_ _3bd\"> </span>a<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb68\">componente<span class=\"ff1\"> </span>azionaria<span class=\"ff1\"> </span>utilizzando<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>modello<span class=\"ff1\"> </span>Black&amp;Scholes;<span class=\"_ _3bd\"> </span> </div><div class=\"t m4 h2c ff4 fs5 fc0 sc0 ls0 ws0 gsb69\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb6a\">Passivit\u00e0<span class=\"ff1\">  </span>finanziarie:<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>valutazione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>degli<span class=\"ff1\">  </span>s<span class=\"_ _2\"></span>trumenti<span class=\"ff1\">  </span>plain<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>vanilla<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>secondo<span class=\"ff1\">  </span>le<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>tecniche<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\">  </span>va<span class=\"_ _2\"></span>lutazion<span class=\"_ _3bd\"> </span>e<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb6b\">discounted<span class=\"ff1\"> </span>cash<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">flow<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cassa<span class=\"ff1\"> </span>considerando<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tasso<span class=\"_ _2\"></span><span class=\"ff1\"> </span>corretto<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cred<span class=\"_ _0\"></span>ito<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Credito<span class=\"ff1\"> </span>Emilian<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">o<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb6c\">sulla<span class=\"ff1\"> </span>scadenza<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>strumento.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb6d\">Si<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rip<span class=\"_ _1\"></span>orta<span class=\"ff1\"> </span>b<span class=\"_ _0\"></span>reve<span class=\"_ _1\"></span>m<span class=\"_ _2\"></span>en<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>nizi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> </span>m<span class=\"_ _0\"></span>odel<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">utiliz<span class=\"_ _0\"></span>zat<span class=\"_ _0\"></span>i:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></div><div class=\"t ma h1c ff3 fsc fc4 sc2 ls0 ws0 gsb6e\">1.</div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsb6f\">Di<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>ed<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsb70\">Ca<span class=\"_ _0\"></span>sh<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsb71\">F<span class=\"_ _0\"></span>lo<span class=\"_ _1\"></span>w<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb72\">Il<span class=\"ff1\"> </span>modello<span class=\"ff1\"> </span>discounted<span class=\"ff1\"> </span>cash<span class=\"ff1\"> </span>flow,<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>assa<span class=\"ff1\"> </span>att<span class=\"_ _2\"></span>ualizzati,<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> </span>metodo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>investimento,<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb73\">ba<span class=\"_ _0\"></span>sato<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sul<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">proc<span class=\"_ _0\"></span>esso<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">f<span class=\"_ _0\"></span>inanz<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>rio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attu<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>zzaz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>onse<span class=\"_ _0\"></span>nte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ogg<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">val<span class=\"_ _0\"></span>ore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attua<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>un<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ca<span class=\"_ _0\"></span>pita<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb74\">ch<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>h<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ome<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">na<span class=\"_ _0\"></span>tural<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">scad<span class=\"_ _0\"></span>enza<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>da<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>utu<span class=\"_ _0\"></span>ra<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>rami<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l'a<span class=\"_ _0\"></span>ppli<span class=\"_ _0\"></span>cazi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">u<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>asso<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sc<span class=\"_ _0\"></span>onto<span class=\"_ _0\"></span>.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tass<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">scon<span class=\"_ _0\"></span>t<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb75\">viene<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cor<span class=\"_ _2\"></span>retto<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">credito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">flussi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">futuri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attesi<span class=\"ff1\"> </span>dall'a<span class=\"_ _0\"></span>ttivit\u00e0<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">questione.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">La<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">somma<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>gebrica<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb76\">flussi<span class=\"ff1\"> </span>attualizzati<span class=\"ff1\"> </span>rappresenta<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>netto<span class=\"ff1\"> </span>attuale<span class=\"ff1\"> </span>(Net<span class=\"ff1\"> </span>present<span class=\"ff1\"> <span class=\"_ _2\"></span></span>value)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dello</span> <span class=\"ff3\">st<span class=\"_ _2\"></span>rumento.<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb77\">I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pa<span class=\"_ _0\"></span>rame<span class=\"_ _0\"></span>tri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">uti<span class=\"_ _0\"></span>lizz<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nel<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">te<span class=\"_ _0\"></span>cnica<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">va<span class=\"_ _0\"></span>luta<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">son<span class=\"_ _0\"></span>o:<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">curv<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>ta<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"_ _0\"></span><span class=\"ff3\">cre<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">spre<span class=\"_ _0\"></span>ad<span class=\"ff1\"> </span>d<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span>ogn<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sin<span class=\"_ _0\"></span>gola<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">emi<span class=\"_ _0\"></span>ssio<span class=\"_ _0\"></span>ne.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t ma h1c ff3 fsc fc4 sc2 ls0 ws0 gsb78\">2.</div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsb79\">Mo<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsb7a\">Bla<span class=\"_ _1\"></span>ck&amp;<span class=\"_ _0\"></span>Sch<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb7b\">Il<span class=\"ff1\"> </span>modello<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Black&amp;s<span class=\"_ _2\"></span>choles<span class=\"ff1\"> </span>univariat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(BS)<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>modello<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>pric<span class=\"_ _2\"></span>ing<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> </span>opzioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pi\u00f9<span class=\"ff1\"> <span class=\"_ _2\"></span></span>famoso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riconosciuto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"_ _3bd\"> </span>l<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb7c\">me<span class=\"_ _0\"></span>rcat<span class=\"_ _0\"></span>o.<span class=\"ff1\"> </span>I<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>m<span class=\"_ _0\"></span>odell<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bas<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>sul<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ossi<span class=\"_ _0\"></span>bil<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">cr<span class=\"_ _0\"></span>eare<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un</span> <span class=\"ff3\">p<span class=\"_ _0\"></span>orta<span class=\"_ _0\"></span>fog<span class=\"_ _0\"></span>lio<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>quiv<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span>nte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">all\u2019<span class=\"_ _0\"></span>opz<span class=\"_ _0\"></span>ione,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cos<span class=\"_ _0\"></span>titui<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>rt<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">e<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb7d\">da<span class=\"ff1\"> </span>unit\u00e0<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>sottos<span class=\"_ _2\"></span>tante<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>parte<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>obbligazioni<span class=\"ff1\"> </span>prive<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>entrambi<span class=\"ff1\"> </span>influenzati<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>stessa<span class=\"ff1\"> </span>font<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>d<span class=\"_ _3bd\"> </span>i<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb7e\">incertezza<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>data<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dalle<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>variazioni<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>prezzo<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dell\u2019azione.<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>L<span class=\"_ _2\"></span>e<span class=\"ff1\">  </span>i<span class=\"_ _2\"></span>potesi<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>sottostanti<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>modello<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>BS<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>sono<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb7f\">rappresentate<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dall'andamento<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>prezzi<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dell'attivit\u00e0<span class=\"ff1\">  </span>sottostante<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>(approssimato<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>processo<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>log-<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb80\">normale),<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>presenza<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>mercato<span class=\"ff1\"> </span>perfettamente<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>fficiente;<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>interesse<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>dal<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>volatilit\u00e0<span class=\"ff1\"> </span>de<span class=\"_ _3bd\"> </span>l<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb81\">sottostante<span class=\"ff1\"> </span>costante<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>tutta<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>durata<span class=\"ff1\"> </span>dell'opzione.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb82\">I<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>parametri<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>utilizzati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nella<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tecnica<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>valu<span class=\"_ _0\"></span>tazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sono<span class=\"ff1\">  </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">tasso</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">di</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">interesse,</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">il</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">valore</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">e</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">la</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">volatilit\u00e0</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">de<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\">l</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb83\">sott<span class=\"_ _0\"></span>ost<span class=\"_ _0\"></span>ante<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb84\">Alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>31/12/2022<span class=\"ff1\"> </span>tutti<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>parametri<span class=\"ff1\"> </span>utilizzati<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> </span>tecniche<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>risultat<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>osservabili,<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb85\">evidenziando<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> </span>valutati<span class=\"ff1\"> </span>tramite<span class=\"ff1\"> </span>mark<span class=\"ff1\"> </span>to<span class=\"ff1\"> </span>model<span class=\"ff1\"> </span>livelli<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>2.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb86\">In<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pa<span class=\"_ _0\"></span>rtico<span class=\"_ _0\"></span>lare<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m4 h2c ff4 fs5 fc0 sc0 ls0 ws0 gsb87\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb88\">i<span class=\"ff1\"> </span>tassi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>interesse<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>estrapolati<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>curva<span class=\"ff1\"> </span>zero<span class=\"ff1\"> </span>ottenuta<span class=\"ff1\"> </span>dalle<span class=\"ff1\"> </span>quotazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>mercato<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>st<span class=\"_ _2\"></span>rumenti<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb89\">omo<span class=\"_ _0\"></span>gen<span class=\"_ _0\"></span>ei;<span class=\"_ _3bd\"> </span> </div><div class=\"t m4 h2c ff4 fs5 fc0 sc0 ls0 ws0 gsb8a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb8b\">i<span class=\"ff1\"> </span>credit<span class=\"ff1\"> </span>spread<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>componete<span class=\"ff1\"> </span>Credito<span class=\"ff1\"> </span>Emiliano<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>ot<span class=\"_ _2\"></span>tenuti<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>quotazioni<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mercato<span class=\"_ _2\"></span></span> <span class=\"ff3\">di</span> <span class=\"ff3\">emissioni</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb8c\">com<span class=\"_ _0\"></span>par<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>es;<span class=\"_ _3bd\"> </span> </div><div class=\"t m4 h2c ff4 fs5 fc0 sc0 ls0 ws0 gsb8d\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb8e\">va<span class=\"_ _0\"></span>lore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">so<span class=\"_ _0\"></span>ttos<span class=\"_ _0\"></span>tant<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">otte<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dall<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uota<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>me<span class=\"_ _1\"></span>rcato;<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></div><div class=\"t m4 h2c ff4 fs5 fc0 sc0 ls0 ws0 gsb8f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb90\">volatilit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sottos<span class=\"_ _2\"></span>tante<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ottenute<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quotazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>mercat<span class=\"_ _2\"></span>o,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>alla<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>luce<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>scad<span class=\"_ _2\"></span>enza<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>b<span class=\"_ _0\"></span>rev<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb91\">componente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">azionaria.<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb92\">I<span class=\"ff1\"> <span class=\"_ _20\"></span></span>modelli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>param<span class=\"_ _2\"></span>etri<span class=\"ff1\"> <span class=\"_ _20\"></span></span>utilizzati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nelle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tecniche<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">valu<span class=\"_ _0\"></span>tazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dettagliati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>disciplinati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ne<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>documenti<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb93\">Allegato<span class=\"ff1\"> </span>Tecnico<span class=\"ff1\"> </span>a<span class=\"_ _2\"></span>l<span class=\"ff1\"> </span>documento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Fair<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Value<span class=\"ff1\"> </span>Policy<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Gruppo:<span class=\"ff1\"> </span>\u201cRegole<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>applicazione<span class=\"ff1\"> </span>Credem<span class=\"ff1\"> </span>a<span class=\"_ _2\"></span>lla<span class=\"ff1\"> </span>F<span class=\"_ _2\"></span>air<span class=\"ff1\"> </span>Value<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb94\">Policy<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Gruppo\u201d<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>\u201cManuale<span class=\"ff1\"> </span>Modelli<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>pricing\u201d.<span class=\"_ _3bd\"> </span> </div><div class=\"t mb h5 ff3 fs0 fc4 sc2 ls0 ws0 gsb96\">A.<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>2</div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gsb97\">Pro<span class=\"_ _1\"></span>ces<span class=\"_ _0\"></span>si<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gsb98\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gsb99\">se<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>ibi<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gsb9a\">de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gsb9b\">va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>taz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb9c\">Gli<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>strumenti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>scambiati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>su<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>mercati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>attivi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>valutati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>mark<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>to<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>model<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>utilizzando<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tecnica<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb9d\">valutazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>m<span class=\"_ _2\"></span>assimizza<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>l\u2019<span class=\"_ _0\"></span>utilizzo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>ati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>osservabili<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sul<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>mer<span class=\"_ _2\"></span>cato.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Qualora<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">parametri</span> <span class=\"_ _27\"> </span><span class=\"ff3\">risultino</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">non</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb9e\">disponibili<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>direttamente<span class=\"ff1\"> </span>osservabili<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>livello<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>attribuito<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>3<span class=\"_ _2\"></span>. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsb9f\">Alla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>data<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>31/12/20<span class=\"_ _2\"></span>212<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nessun<span class=\"ff1\"> <span class=\"_ _2\"></span></span>strumento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziario<span class=\"ff1\"> <span class=\"_ _2\"></span></span>derivato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>st<span class=\"_ _2\"></span>ato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valutato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gsba0\">mark<span class=\"_ _3bd\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gsba1\">to<span class=\"_ _3bd\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gsba2\">model</div><div class=\"t m0 h9 ff1 fs4 fc0 sc0 ls0 ws0 gsba3\"> <span class=\"_ _2\"></span><span class=\"ff3 fs5\">tramite<span class=\"ff1\"> </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsba4\">parametri<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>mercato<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>direttamente<span class=\"ff1\"> </span>osservabili. </div><div class=\"t mb h5 ff3 fs0 fc4 sc2 ls0 ws0 gsba5\">A.<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>3</div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gsba6\">Ge<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>rch<span class=\"_ _0\"></span>ia<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gsba7\">de<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gsba8\">fa<span class=\"_ _0\"></span>ir<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gsba9\">va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsbaa\">Tr<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>fer<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsbab\">tra<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsbac\">i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsbad\">liv<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsbae\">de<span class=\"_ _0\"></span>lla<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsbaf\">ge<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>rch<span class=\"_ _0\"></span>ia<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsbb0\">de<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsbb1\">fai<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsbb2\">va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsbb3\">La<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">gerar<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fai<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>valu<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ttrib<span class=\"_ _1\"></span>uisce<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>m<span class=\"_ _0\"></span>assi<span class=\"_ _0\"></span>ma<span class=\"ff1\"> </span>pr<span class=\"_ _0\"></span>iori<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>ai<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pre<span class=\"_ _0\"></span>zzi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quo<span class=\"_ _0\"></span>tati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">(no<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>ttifi<span class=\"_ _0\"></span>cat<span class=\"_ _0\"></span>i)<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">me<span class=\"_ _0\"></span>rcati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">atti<span class=\"_ _0\"></span>vi<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsbb4\">attivit\u00e0<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>passivit\u00e0<span class=\"ff1\"> </span>ide<span class=\"_ _0\"></span>ntiche<span class=\"ff1\"> </span>(dati<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">livello<span class=\"ff1\"> </span>1)<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>priorit\u00e0<span class=\"ff1\"> </span>minima<span class=\"ff1\"> </span>agli<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>nput<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>osservabili<span class=\"ff1\"> </span>(dati<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">livello</span> <span class=\"ff3\">3). </span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsbb5\">I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Liv<span class=\"_ _0\"></span>elli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">uti<span class=\"_ _0\"></span>liz<span class=\"_ _0\"></span>zati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cl<span class=\"_ _0\"></span>assi<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>azion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>ipo<span class=\"_ _0\"></span>rtate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">n<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>egu<span class=\"_ _0\"></span>ito<span class=\"ff1\"> </span>de<span class=\"_ _1\"></span>lla<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Not<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>nteg<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>va<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">seguen<span class=\"_ _0\"></span>ti:<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m4 h2c ff4 fs5 fc0 sc0 ls0 ws0 gsbb6\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsbb7\">\u201clivello<span class=\"ff1\"> </span>1\u201d:<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> </span>fin<span class=\"_ _0\"></span>anziari<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>determinato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>prezzi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>otazione<span class=\"ff1\"> </span>oss<span class=\"_ _2\"></span>ervabili<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsbb8\">su<span class=\"ff1\"> </span>mercati<span class=\"ff1\"> </span>attivi<span class=\"ff1\"> </span>(non<span class=\"ff1\"> </span>rettificati)<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>quali<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>pu\u00f2<span class=\"ff1\"> </span>accedere<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valutazione; </div><div class=\"t m4 h2c ff4 fs5 fc0 sc0 ls0 ws0 gsbb9\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsbba\">\u201clivello<span class=\"ff1\"> </span>2\u201d:<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>fair<span class=\"ff1\"> <span class=\"_ _2\"></span></span>value<span class=\"ff1\"> </span>degli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>strumenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziari<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>eterminato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>input<span class=\"ff1\"> </span>diversi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dai<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prezzi<span class=\"ff1\"> </span>quotat<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsbbb\">inclusi<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>Livello<span class=\"ff1\"> </span>1<span class=\"_ _2\"></span><span class=\"ff1\"> </span>osservabili<span class=\"ff1\"> </span>dirett<span class=\"_ _2\"></span>amente<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>indirettamente<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>l\u2019attivit\u00e0<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>passivit\u00e0<span class=\"_ _2\"></span>,<span class=\"ff1\"> </span>utilizzando<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsbbc\">anche<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tecniche<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valutazione; </div><div class=\"t m4 h2c ff4 fs5 fc0 sc0 ls0 ws0 gsbbd\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsbbe\">\u201cli<span class=\"_ _0\"></span>vel<span class=\"_ _0\"></span>lo<span class=\"ff1\"> </span>3\u201d<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">:</span> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fai<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>val<span class=\"_ _0\"></span>ue<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">degl<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>st<span class=\"_ _0\"></span>rume<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fin<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>iari<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u00e8</span> <span class=\"ff3\">d<span class=\"_ _0\"></span>ete<span class=\"_ _0\"></span>rmin<span class=\"_ _0\"></span>ato<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>ba<span class=\"_ _0\"></span>se<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>inp<span class=\"_ _0\"></span>ut<span class=\"ff1\"> </span>no<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">osse<span class=\"_ _0\"></span>rva<span class=\"_ _0\"></span>bil<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>l\u2019<span class=\"_ _0\"></span>atti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsbbf\">o<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>passivit\u00e0,<span class=\"ff1\"> </span>utilizzando<span class=\"ff1\"> </span>anche<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tecniche<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valutazione. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsbc0\">L\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attr<span class=\"_ _2\"></span>ibuzione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>liv<span class=\"_ _2\"></span>elli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rappresentata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dalla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>verif<span class=\"_ _2\"></span>ica<span class=\"ff1\"> <span class=\"_ _2\"></span></span>puntuale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ogni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>str<span class=\"_ _2\"></span>umento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>detenuto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nei<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsbc1\">portafogli<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ropriet\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>possibile<span class=\"ff1\"> </span>potenziale<span class=\"ff1\"> </span>mercato<span class=\"ff1\"> </span>attivo<span class=\"ff1\"> </span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rispetti</span> <span class=\"ff3\">alcune</span> <span class=\"ff3\">regole</span> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>val<span class=\"_ _2\"></span>orizzazione.<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsbc2\">In<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">particolare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">viene<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">anal<span class=\"_ _2\"></span>izzato<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">contr<span class=\"_ _2\"></span>ibuzioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">risultino<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">continuative,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contenute<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">n<span class=\"_ _2\"></span>ei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">delta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">spread<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">bi<span class=\"_ _2\"></span>d<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ask<span class=\"_ _2\"></span>,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsbc3\">indicative<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>possibili<span class=\"ff1\"> </span>transazioni<span class=\"ff1\"> </span>recenti<span class=\"ff1\"> </span>quindi<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>trascinate,<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>l\u2019emittente<span class=\"ff1\"> </span>risulti<span class=\"ff1\"> </span>solido<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>attivo. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsbc4\">Il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">m<span class=\"_ _2\"></span>ancato<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>spetto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">regole<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">por<span class=\"_ _2\"></span>ta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">aggravio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">livello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">associato<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valorizzazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>i\u00f9<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">coerente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsbc5\">rappresentativa<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>str<span class=\"_ _2\"></span>umento. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsbc6\">Analogamente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019analisi<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>iene<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">effettuata<span class=\"ff1\"> </span>anc<span class=\"_ _0\"></span>he<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ne<span class=\"_ _2\"></span>lla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">verifica<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">potenziale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ipristino<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mercat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">at<span class=\"_ _2\"></span>tivo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sugli<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsbc7\">strumenti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quali<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>corso<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tempo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>v<span class=\"_ _2\"></span>erifica<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>riatt<span class=\"_ _2\"></span>ivazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valorizzazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cont<span class=\"_ _2\"></span>inuative<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sul<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsbc8\">mercato<span class=\"ff1\"> </span>regolamentato<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>non. </div><div class=\"t mb h5 ff3 fs0 fc4 sc2 ls0 ws0 gsbc9\">A.<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>4</div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gsbca\">Alt<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gsbcb\">inf<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>zio<span class=\"_ _1\"></span>ni<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsbcc\">La<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gerarchia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">at<span class=\"_ _2\"></span>tribuisce<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">massima<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">priorit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ai<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">prezzi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">quotati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rettificati)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mercati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsbcd\">attivit\u00e0<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>passivit\u00e0<span class=\"ff1\"> </span>ide<span class=\"_ _0\"></span>ntiche<span class=\"ff1\"> </span>(dati<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">livello<span class=\"ff1\"> </span>1)<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>priorit\u00e0<span class=\"ff1\"> </span>minima<span class=\"ff1\"> </span>agli<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>nput<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>osservabili<span class=\"ff1\"> </span>(dati<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">livello</span> <span class=\"ff3\">3).</span> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsbce\">L\u2019attivit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>attribuzione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>livelli<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>avviene<span class=\"ff1\"> </span>trimestr<span class=\"_ _2\"></span>almente<span class=\"ff1\"> </span>all<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>date<span class=\"ff1\"> </span>contabili<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>riferimento<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsbcf\">basandosi<span class=\"ff1\"> </span>sull<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>verifica<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> </span>presenza<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">u<span class=\"_ _2\"></span>n<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mercato<span class=\"ff1\"> </span>principale<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>pi\u00f9<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vantaggioso<span class=\"ff1\"> </span>nell\u2019intervallo<span class=\"ff1\"> </span>temporale<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsbd0\">antecedente<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>contabile<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>riferimento.<span class=\"ff1\"> </span>L\u2019attivit\u00e0<span class=\"ff1\"> </span>prevede<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>verifica<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>alcuni<span class=\"ff1\"> </span>principi<span class=\"ff1\"> </span>nece<span class=\"_ _2\"></span>ssari<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsbd1\">definizione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>presenza<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mercato<span class=\"ff1\"> </span>attivo<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>ogni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">strumento</span> <span class=\"ff3\">finanzi<span class=\"_ _0\"></span>ario<span class=\"ff1\"> </span>identificati<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>isponibilit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsbd2\">valorizzazioni<span class=\"ff1\"> </span>eseguibili,<span class=\"ff1\"> </span>continue<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>scarto<span class=\"ff1\"> </span>denaro-lettera<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(b<span class=\"_ _0\"></span>id-ask<span class=\"ff1\"> </span>spread)<span class=\"ff1\"> </span>contenuti. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsbd3\">Il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rispetto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>ali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>condizioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>determina<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>livello<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _21\"></span></span>valu<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>de<span class=\"_ _2\"></span>llo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>trumento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>analizzato.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Qualora<span class=\"ff1\"> <span class=\"_ _20\"></span></span>non<span class=\"ff1\"> <span class=\"_ _21\"></span></span>siano<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsbd4\">presenti<span class=\"ff1\"> </span>quotazioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> </span>mercat<span class=\"_ _2\"></span>o,<span class=\"ff1\"> </span>l\u2019utilizzo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tecniche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valutazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>viene<span class=\"ff1\"> <span class=\"_ _2\"></span></span>effettuata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ogni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>data<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contabile<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsbd5\">massimizzando<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019utilizzo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">input<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">oss<span class=\"_ _2\"></span>ervabili<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rilevanti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riducendo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">minimo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019utilizzo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">input<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">os<span class=\"_ _2\"></span>servabili.<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsbd6\">La<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>verifica<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tali<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>parametri<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>input<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>funzione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>disponibilit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>determina<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>liv<span class=\"_ _2\"></span>ello<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fair<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>value<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dello<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsbd7\">stru<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nto. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsbd8\">Alle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">date<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contabili<span class=\"ff1\"> </span>viene<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">inoltr<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"_ _2\"></span>ffettuata<span class=\"ff1\"> </span>una<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>nalisi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">comparativa<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">livelli<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ispetto<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">trimestre<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsbd9\">precedente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>l\u2019inizio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dell\u2019esercizio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riferimento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fine<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>individuare<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>rasferimenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>livelli<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _21\"></span></span>value<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsbda\">avvenuti<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>corso<span class=\"ff1\"> </span>dell\u2019esercizio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>riferimento<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>circostanze<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>hanno<span class=\"ff1\"> </span>determinato<span class=\"ff1\"> </span>tale<span class=\"ff1\"> </span>tras<span class=\"_ _2\"></span>ferimento.<span class=\"_ _3bd\"> </span> </div>In<span class=\"_ _0\"></span>for<span class=\"_ _0\"></span>mati<span class=\"_ _0\"></span>va<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nat<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">quan<span class=\"_ _0\"></span>tit<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>iva<span class=\"fc0\"> </span></span></span></span></span></span></span>A.<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>5Ge<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>rch<span class=\"_ _0\"></span>ia<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span>fa<span class=\"_ _1\"></span>ir<span class=\"_ _3bd\"> </span>val<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>A.<span class=\"_ _0\"></span>4.5<span class=\"_ _0\"></span>.1<span class=\"_ _3bd\"> </span>At<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>pa<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>ate<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>fa<span class=\"_ _0\"></span>ir<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lue<span class=\"_ _3bd\"> </span>su<span class=\"_ _3bd\"> </span>ba<span class=\"_ _0\"></span>se<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>cor<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>e:<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>rti<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>per<span class=\"_ _3bd\"> </span>liv<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>fa<span class=\"_ _0\"></span>ir<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lue<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Att<span class=\"_ _1\"></span>ivi<span class=\"_ _0\"></span>t\u00e0/<span class=\"_ _0\"></span>Pa<span class=\"_ _0\"></span>ss<span class=\"_ _1\"></span>ivit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>mi<span class=\"_ _0\"></span>su<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>fa<span class=\"_ _0\"></span>ir<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _19f\"> </span><span class=\"fc4 sc2\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></span></span>L<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _11b\"> </span><span class=\"fc4 sc2\">L2<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _b7\"> </span><span class=\"fc4 sc2\">L3<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _194\"> </span><span class=\"fc4 sc2\">L<span class=\"_ _1\"></span>1<span class=\"fc0 sc1\"> <span class=\"_ _11b\"> </span></span>L<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _b7\"> </span><span class=\"fc4 sc2\">L3<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></span></span></span></span></span></span></span></span>1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">f<span class=\"_ _2\"></span>inanziar<span class=\"_ _0\"></span>ie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">impatto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">conto<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ec<span class=\"_ _0\"></span>onom<span class=\"_ _0\"></span>ico<span class=\"_ _0\"></span> 19.<span class=\"_ _0\"></span>61<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>37.<span class=\"_ _0\"></span>086<span class=\"_ _3bd\"> </span>52.<span class=\"_ _0\"></span>547<span class=\"_ _3bd\"> </span>16.<span class=\"_ _0\"></span>72<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>41<span class=\"_ _0\"></span>.17<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>24<span class=\"_ _0\"></span>.46<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>a)<span class=\"ff1\"> </span>at<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>rie<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>ten<span class=\"_ _0\"></span>ute<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">per</span> <span class=\"ff3\">l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>goz<span class=\"_ _0\"></span>iaz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span> <span class=\"_ _106\"> </span>1<span class=\"_ _0\"></span>9.0<span class=\"_ _0\"></span>52<span class=\"_ _3bd\"> </span></span></span></span></span>35.<span class=\"_ _0\"></span>885<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>16.<span class=\"_ _0\"></span>21<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>41<span class=\"_ _0\"></span>.17<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>583<span class=\"_ _3bd\"> </span>b)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">att<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>zia<span class=\"_ _1\"></span>rie<span class=\"ff1\"> </span>des<span class=\"_ _0\"></span>igna<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fair<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">valu<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span> <span class=\"_ _57\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>c)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"_ _2\"></span>bbligator<span class=\"_ _0\"></span>iamente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valutate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>val<span class=\"_ _0\"></span>ue<span class=\"_ _3bd\"> </span> 56<span class=\"_ _1\"></span>3<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>201<span class=\"_ _3bd\"> </span>52.<span class=\"_ _0\"></span>524<span class=\"_ _3bd\"> </span>51<span class=\"_ _1\"></span>3<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>21<span class=\"_ _0\"></span>.88<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>2.Attivit\u00e0finanziarievalutatealfairvalueconimpattosulla<span class=\"_ _3bd\"> </span>redditivit\u00e0<span class=\"_ _3bd\"> </span>complessiva<span class=\"_ _0\"></span> 6.<span class=\"_ _0\"></span>162<span class=\"_ _0\"></span>.87<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>4<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>31.<span class=\"_ _0\"></span>578<span class=\"_ _3bd\"> </span>6.<span class=\"_ _0\"></span>553.8<span class=\"_ _0\"></span>24<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>859<span class=\"_ _3bd\"> </span>36.<span class=\"_ _0\"></span>500<span class=\"_ _3bd\"> </span>3.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Derivati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cope<span class=\"_ _0\"></span>rtu<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span> <span class=\"_ _2d\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>1.<span class=\"_ _0\"></span>090<span class=\"_ _0\"></span>.23<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>21<span class=\"_ _0\"></span>1.1<span class=\"_ _0\"></span>01<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>4.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mat<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span> <span class=\"_ _1a0\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>5.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">imma<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span>i <span class=\"_ _86\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>6.<span class=\"_ _0\"></span>18<span class=\"_ _0\"></span>2.4<span class=\"_ _0\"></span>90<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>13<span class=\"_ _0\"></span>2.0<span class=\"_ _0\"></span>22<span class=\"_ _3bd\"> </span>84<span class=\"_ _0\"></span>.12<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>6.<span class=\"_ _0\"></span>57<span class=\"_ _0\"></span>0.5<span class=\"_ _0\"></span>51<span class=\"_ _3bd\"> </span>25<span class=\"_ _0\"></span>5.<span class=\"_ _0\"></span>13<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>60<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>63<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Pas<span class=\"_ _0\"></span>sivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fina<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ie<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>nut<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>goz<span class=\"_ _0\"></span>iaz<span class=\"_ _0\"></span>ione<span class=\"_ _1\"></span> <span class=\"_ _112\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>36.<span class=\"_ _0\"></span>257<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>33.<span class=\"_ _0\"></span>148<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Pass<span class=\"_ _0\"></span>ivit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>fin<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>rie<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>esi<span class=\"_ _0\"></span>gna<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fai<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>lue<span class=\"_ _0\"></span> <span class=\"_ _1a1\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>3.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Derivati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cope<span class=\"_ _0\"></span>rtu<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span> <span class=\"_ _2d\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>874<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>58<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>40<span class=\"_ _0\"></span>8.0<span class=\"_ _0\"></span>84<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>-91<span class=\"_ _0\"></span>0.<span class=\"_ _0\"></span>315<span class=\"_ _3bd\"> </span>--44<span class=\"_ _0\"></span>1.2<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>-In<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riferimento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">va<span class=\"_ _2\"></span>lutate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>u<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">base<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ricorrente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">data<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">31<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dicembre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">2022<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">g<span class=\"_ _2\"></span>li<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">st<span class=\"_ _2\"></span>rumenti<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>valorizzati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>secondo<span class=\"ff1\">  </span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>mercato<span class=\"ff1\">  </span>p<span class=\"_ _0\"></span>i\u00f9<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>vantaggios<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(livello<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fair<span class=\"_ _2\"></span><span class=\"ff1\">  </span>v<span class=\"_ _0\"></span>alue<span class=\"ff1\">  </span>p<span class=\"_ _0\"></span>ari<span class=\"ff1\">  </span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>1)<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e/o<span class=\"ff1\">  </span>secondo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tecniche<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> </span>basate<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>parametri<span class=\"ff1\"> <span class=\"_ _2\"></span></span>osservabili<span class=\"ff1\"> </span>(livello<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>fair<span class=\"ff1\"> <span class=\"_ _2\"></span></span>value<span class=\"ff1\"> </span>p<span class=\"_ _2\"></span>ari<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>2)<span class=\"ff1\"> </span>rappresentano<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>99,79%<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>tot<span class=\"_ _2\"></span>ale<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>(valore<span class=\"ff1\"> </span>stabile<span class=\"ff1\"> </span>rispetto<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>corr<span class=\"_ _2\"></span>isponden<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>2021<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>99,44<span class=\"_ _2\"></span>%).<span class=\"_ _3bd\"> </span> Gli<span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> </span>valutati<span class=\"ff1\"> </span>tramite<span class=\"ff1\"> </span>tecniche<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> </span>basate<span class=\"ff1\"> </span>prevalentemente<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>parametri<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>osservabili<span class=\"ff1\"> </span>hanno<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riguardato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>una<span class=\"ff1\"> <span class=\"_ _20\"></span></span>part<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>esiduale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d<span class=\"_ _2\"></span>el<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>otale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valutate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _2\"></span></span>value<span class=\"ff1\"> <span class=\"_ _21\"></span></span>(0,21%)<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>costante<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rispetto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>2021<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>0,56%.<span class=\"_ _3bd\"> </span> A.<span class=\"_ _0\"></span>4.5<span class=\"_ _0\"></span>.2<span class=\"_ _3bd\"> </span>Va<span class=\"_ _0\"></span>ria<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>an<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>at<span class=\"_ _1\"></span>tivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>fai<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lue<span class=\"_ _3bd\"> </span>su<span class=\"_ _3bd\"> </span>ba<span class=\"_ _0\"></span>se<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span>(l<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>3<span class=\"_ _0\"></span>)<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Att<span class=\"_ _1\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>tat<span class=\"_ _1\"></span>e<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>fa<span class=\"_ _1\"></span>ir<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span>im<span class=\"_ _1\"></span>pat<span class=\"_ _0\"></span>to<span class=\"_ _3bd\"> </span>a<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Att<span class=\"_ _1\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>nan<span class=\"_ _1\"></span>zia<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>val<span class=\"_ _0\"></span>utate<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>fair<span class=\"_ _3bd\"> </span>val<span class=\"_ _0\"></span>ue<span class=\"_ _3bd\"> </span>con<span class=\"_ _3bd\"> </span>impa<span class=\"_ _0\"></span>tto<span class=\"_ _3bd\"> </span>su<span class=\"_ _0\"></span>lla<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>cont<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>ec<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>om<span class=\"_ _1\"></span>ico<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>di<span class=\"_ _3bd\"> </span>cui:<span class=\"_ _3bd\"> </span>a)<span class=\"_ _3bd\"> </span>at<span class=\"_ _0\"></span>tiv<span class=\"_ _1\"></span>it\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>nan<span class=\"_ _1\"></span>zia<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cui:<span class=\"_ _3bd\"> </span>b)<span class=\"_ _3bd\"> </span>at<span class=\"_ _0\"></span>tiv<span class=\"_ _1\"></span>it\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>nan<span class=\"_ _1\"></span>zia<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cui:<span class=\"_ _3bd\"> </span>c)<span class=\"_ _3bd\"> </span>altre<span class=\"_ _3bd\"> </span>attiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span>fina<span class=\"_ _0\"></span>nziar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>ob<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>ori<span class=\"_ _0\"></span>am<span class=\"_ _1\"></span>ent<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>val<span class=\"_ _0\"></span>utate<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>fair<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>De<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>vat<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span>d<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>Att<span class=\"_ _1\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span>m<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ali<span class=\"_ _3bd\"> </span>Att<span class=\"_ _1\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span>im<span class=\"_ _0\"></span>ma<span class=\"_ _1\"></span>teri<span class=\"_ _1\"></span>ali<span class=\"_ _3bd\"> </span>l<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>fa<span class=\"_ _1\"></span>ir<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>g<span class=\"_ _0\"></span>ozi<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>ion<span class=\"_ _1\"></span>e<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>1.<span class=\"_ _3bd\"> </span>Esist<span class=\"_ _0\"></span>enze<span class=\"_ _3bd\"> </span>in<span class=\"_ _1\"></span>izia<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span> <span class=\"_ _192\"> </span>24.4<span class=\"_ _0\"></span>63<span class=\"_ _1\"></span> 2<span class=\"_ _0\"></span>.5<span class=\"_ _1\"></span>83<span class=\"_ _1\"></span> - <span class=\"_ _2f\"> </span>21<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>80<span class=\"_ _1\"></span> <span class=\"_ _1a2\"> </span>36<span class=\"_ _1\"></span>.500<span class=\"_ _1\"></span> <span class=\"_ _b7\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>2.<span class=\"_ _3bd\"> </span>Au<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _1\"></span>i <span class=\"_ _1a3\"> </span>36<span class=\"_ _1\"></span>.545<span class=\"_ _1\"></span> 6<span class=\"_ _1\"></span>4 - <span class=\"_ _2f\"> </span>36<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>81<span class=\"_ _0\"></span> <span class=\"_ _7f\"> </span>9<span class=\"_ _0\"></span>25<span class=\"_ _1\"></span> <span class=\"_ _7f\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>1.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Ac<span class=\"_ _0\"></span>quis<span class=\"_ _0\"></span>ti <span class=\"_ _1a4\"> </span>36.<span class=\"_ _0\"></span>107<span class=\"_ _0\"></span> </span></span>58<span class=\"_ _1\"></span> - <span class=\"_ _4a\"> </span>36.<span class=\"_ _0\"></span>04<span class=\"_ _0\"></span>9 <span class=\"_ _4a\"> </span>- <span class=\"_ _7f\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _6c\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _83\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span>2.<span class=\"_ _0\"></span>2.<span class=\"ff1\"> </span>P<span class=\"_ _0\"></span>rofit<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">imp<span class=\"_ _0\"></span>uta<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a:<span class=\"_ _0\"></span> <span class=\"_ _17b\"> </span>43<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span> </span></span></span></span>2 - <span class=\"_ _c4\"> </span>43<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span> <span class=\"_ _70\"> </span>92<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span> <span class=\"_ _7f\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _6c\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _83\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span>2.2.1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Conto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Econ<span class=\"_ _0\"></span>omic<span class=\"_ _0\"></span>o <span class=\"_ _1a5\"> </span>4<span class=\"_ _0\"></span>34<span class=\"_ _1\"></span> </span></span></span></span>2 - <span class=\"_ _c4\"> </span>43<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span> <span class=\"_ _4a\"> </span>- <span class=\"_ _7f\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _6c\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _83\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">plu<span class=\"_ _0\"></span>sv<span class=\"_ _0\"></span>alen<span class=\"_ _0\"></span>ze<span class=\"_ _0\"></span> <span class=\"_ _1a6\"> </span>33<span class=\"_ _1\"></span>6 </span></span></span></span></span></span>- - <span class=\"_ _c4\"> </span>33<span class=\"_ _1\"></span>6 <span class=\"_ _4b\"> </span>- <span class=\"_ _7f\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _6c\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _83\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span>2.<span class=\"_ _0\"></span>2.2<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>Patri<span class=\"_ _0\"></span>mon<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>ne<span class=\"_ _1\"></span>tto<span class=\"_ _0\"></span> <span class=\"_ _1a7\"> </span>- <span class=\"_ _177\"> </span>X<span class=\"_ _3bd\"> </span>X <span class=\"_ _6a\"> </span>X<span class=\"_ _3bd\"> </span>92<span class=\"_ _1\"></span>5 <span class=\"_ _7f\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _6c\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _83\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span>2.<span class=\"_ _0\"></span>3.<span class=\"ff1\"> </span>Tr<span class=\"_ _0\"></span>asfe<span class=\"_ _0\"></span>rim<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>tri<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">live<span class=\"_ _0\"></span>lli<span class=\"_ _0\"></span> <span class=\"_ _32\"> </span>- </span></span>- - <span class=\"_ _45\"> </span>- <span class=\"_ _4a\"> </span>- <span class=\"_ _7f\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _6c\"> </span><span class=\"ff3\">-<span class=\"_ _1c\"></span><span class=\"ff1\"> <span class=\"_ _31\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span>2.4.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">variazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"_ _2\"></span>n<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">aum<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>o <span class=\"_ _41\"> </span>4 </span></span></span></span></span></span></span></span>4 - <span class=\"_ _45\"> </span>- <span class=\"_ _4a\"> </span>- <span class=\"_ _7f\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _6c\"> </span><span class=\"ff3\">-<span class=\"_ _1c\"></span><span class=\"ff1\"> <span class=\"_ _31\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span>3.<span class=\"_ _3bd\"> </span>Di<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i 8.<span class=\"_ _0\"></span>461 2.<span class=\"_ _0\"></span>624 - <span class=\"_ _ca\"> </span>5.<span class=\"_ _1\"></span>837<span class=\"_ _1\"></span> <span class=\"_ _1a8\"> </span>5.8<span class=\"_ _0\"></span>47 <span class=\"_ _7f\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _6c\"> </span><span class=\"ff3\">-<span class=\"_ _1c\"></span><span class=\"ff1\"> <span class=\"_ _31\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span>3.1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Vend<span class=\"_ _0\"></span>ite<span class=\"_ _0\"></span> <span class=\"_ _1a9\"> </span>34<span class=\"_ _1\"></span>9 </span></span>2<span class=\"_ _0\"></span>35<span class=\"_ _0\"></span> - <span class=\"_ _11e\"> </span>1<span class=\"_ _1\"></span>14<span class=\"_ _0\"></span> <span class=\"_ _4a\"> </span>- <span class=\"_ _7f\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _6c\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _83\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span>3.2.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Rimb<span class=\"_ _0\"></span>orsi<span class=\"_ _1\"></span> <span class=\"_ _1aa\"> </span>4.<span class=\"_ _0\"></span>490 </span></span>2<span class=\"_ _0\"></span>.0<span class=\"_ _1\"></span>79 - <span class=\"_ _6f\"> </span>2.4<span class=\"_ _0\"></span>11 <span class=\"_ _4a\"> </span>- <span class=\"_ _7f\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _6c\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _83\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span>3.3<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>Per<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>impu<span class=\"_ _0\"></span>tat<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>:<span class=\"_ _0\"></span> <span class=\"_ _aa\"> </span>1<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>86 4<span class=\"_ _0\"></span>7 - <span class=\"_ _35\"> </span>1.<span class=\"_ _0\"></span>839<span class=\"_ _0\"></span> <span class=\"_ _1a8\"> </span>2.4<span class=\"_ _0\"></span>37 <span class=\"_ _7f\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _6c\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _83\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span>3.3<span class=\"_ _0\"></span>.1.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Con<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>Ec<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>omic<span class=\"_ _0\"></span>o <span class=\"_ _b5\"> </span>1.8<span class=\"_ _0\"></span>86 </span></span>4<span class=\"_ _0\"></span>7 - <span class=\"_ _35\"> </span>1.<span class=\"_ _0\"></span>839<span class=\"_ _0\"></span> <span class=\"_ _4a\"> </span>- <span class=\"_ _7f\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _6c\"> </span><span class=\"ff3\">-<span class=\"_ _1c\"></span><span class=\"ff1\"> <span class=\"_ _31\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mi<span class=\"_ _0\"></span>nus<span class=\"_ _0\"></span>vale<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>e <span class=\"_ _ed\"> </span>42<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span> </span></span></span></span></span></span>4<span class=\"_ _0\"></span>7 - <span class=\"_ _ab\"> </span>3<span class=\"_ _1\"></span>76<span class=\"_ _0\"></span> <span class=\"_ _4a\"> </span>- <span class=\"_ _7f\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _6c\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _83\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span>3.3<span class=\"_ _0\"></span>.2.<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">Patri<span class=\"_ _0\"></span>mon<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>ne<span class=\"_ _1\"></span>tto<span class=\"_ _1\"></span> <span class=\"_ _1a7\"> </span>- <span class=\"_ _177\"> </span>X<span class=\"_ _3bd\"> </span></span></span>X <span class=\"_ _6a\"> </span>X<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>437 <span class=\"_ _7f\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _6c\"> </span><span class=\"ff3\">-<span class=\"_ _1c\"></span><span class=\"ff1\"> <span class=\"_ _31\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span>3.4<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>Tr<span class=\"_ _0\"></span>asfe<span class=\"_ _1\"></span>rimen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ltr<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>liv<span class=\"_ _0\"></span>elli<span class=\"_ _0\"></span> <span class=\"_ _6e\"> </span>1.<span class=\"_ _1\"></span>473 - - <span class=\"_ _37\"> </span>1.47<span class=\"_ _0\"></span>3 <span class=\"_ _1a8\"> </span>3<span class=\"_ _0\"></span>.3<span class=\"_ _1\"></span>20 <span class=\"_ _7f\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _6c\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _83\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span>3.5<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span>Alt<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>var<span class=\"_ _0\"></span>iaz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>dim<span class=\"_ _0\"></span>inu<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e 2<span class=\"_ _0\"></span>63<span class=\"_ _1\"></span> <span class=\"_ _194\"> </span>2<span class=\"_ _0\"></span>63<span class=\"_ _1\"></span> <span class=\"_ _72\"> </span>- <span class=\"_ _45\"> </span>- <span class=\"_ _34\"> </span>90<span class=\"_ _1\"></span> <span class=\"_ _b7\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _6c\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _31\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span>4.<span class=\"_ _3bd\"> </span>Rim<span class=\"_ _1\"></span>an<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ze<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>li <span class=\"_ _f9\"> </span>52.<span class=\"_ _1\"></span>547<span class=\"_ _1\"></span> <span class=\"_ _1ab\"> </span>2<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span> - <span class=\"_ _3b\"> </span>52<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>24<span class=\"_ _0\"></span> <span class=\"_ _1ac\"> </span>31<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>78<span class=\"_ _0\"></span> <span class=\"_ _7f\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>L\u2019attribuzione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l<span class=\"_ _2\"></span>ivello<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _20\"></span></span>value<span class=\"ff1\"> <span class=\"_ _21\"></span></span>pari<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>3<span class=\"ff1\"> <span class=\"_ _21\"></span></span>riguarda<span class=\"ff1\"> <span class=\"_ _20\"></span></span>strumenti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>defin<span class=\"_ _0\"></span>iti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u201cilliquidi\u201d<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"_ _2\"></span>videnziano<span class=\"ff1\"> <span class=\"_ _20\"></span></span>poche<span class=\"ff1\"> </span>valorizzazioni<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>corso<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tempo<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>quali<span class=\"ff1\"> </span>lo<span class=\"ff1\"> </span>stat<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>strumento<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>pi\u00f9<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>generale<span class=\"ff1\"> </span>dell\u2019emittente<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span></span></span>da<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">valu<span class=\"_ _0\"></span>taz<span class=\"_ _0\"></span>ione,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">n<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>rend<span class=\"_ _1\"></span>e<span class=\"ff1\"> </span>possi<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>\u2019ipo<span class=\"_ _0\"></span>tesi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">u<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>eve<span class=\"_ _0\"></span>ntu<span class=\"_ _0\"></span>ale<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>ipr<span class=\"_ _0\"></span>isti<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>me<span class=\"_ _0\"></span>rcato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ve<span class=\"_ _0\"></span>rso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">uno<span class=\"ff1\"> </span>sta<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ttiv<span class=\"_ _0\"></span>o.<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>Nella<span class=\"ff1\"> </span>voce<span class=\"ff1\"> </span>2.1<span class=\"ff1\"> </span>\u201cAcquisti\u201d<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>riportat<span class=\"_ _2\"></span>i: -<span class=\"_ _3bd\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valutate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">FV<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">impatto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Conto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Economico:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>re<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">obbligazioni<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Nella<span class=\"ff1\"> </span>voce<span class=\"ff1\"> </span>3.1<span class=\"ff1\"> </span>\u201cVendite\u201d<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>riportati: -<span class=\"_ _3bd\"> </span>atti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nzia<span class=\"_ _0\"></span>rie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">valu<span class=\"_ _0\"></span>tate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ob<span class=\"_ _0\"></span>blig<span class=\"_ _0\"></span>atori<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>nte<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">al</span> <span class=\"ff3\">FV<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>mpat<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>Co<span class=\"_ _0\"></span>nto<span class=\"ff1\"> </span>E<span class=\"_ _0\"></span>con<span class=\"_ _0\"></span>omic<span class=\"_ _0\"></span>o:<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>ond<span class=\"_ _0\"></span>o; </span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>atti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>anzia<span class=\"_ _0\"></span>rie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">v<span class=\"_ _0\"></span>alut<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al</span> <span class=\"_ _0\"></span><span class=\"ff3\">FV<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">impatt<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">CE:<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>ue<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">obb<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>azion<span class=\"_ _0\"></span>i. </span></span></span></span></span></span></span></span></span></span></span></span>Le<span class=\"ff1\"> </span>variazioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">annue</span> <span class=\"ff3\">da</span> <span class=\"ff3\">e</span> <span class=\"ff3\">verso</span> <span class=\"ff3\">Livello</span> <span class=\"ff3\">3</span> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>31/12/2022<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>evi<span class=\"_ _0\"></span>denziano<span class=\"ff1\"> </span>tras<span class=\"_ _2\"></span>ferimenti<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>verso<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">livello<span class=\"ff1\"> </span>3<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span></span></span></span></span></span></span>per<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>quanto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>riguarda<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sezione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>diminuzioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>quanto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>concerne<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sezione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>aumenti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tutte<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> </span>cl<span class=\"_ _0\"></span>assi<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>cont<span class=\"_ _0\"></span>abil<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>(atti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>finan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>valu<span class=\"_ _0\"></span>tate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o<span class=\"_ _2\"></span>bb<span class=\"_ _0\"></span>liga<span class=\"_ _0\"></span>tori<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>FV<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>imp<span class=\"_ _0\"></span>atto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"ff3\">Conto</span> <span class=\"ff3\">Eco<span class=\"_ _0\"></span>nomic<span class=\"_ _0\"></span>o,<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valutate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>F<span class=\"_ _2\"></span>V<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>impatto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Conto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Econom<span class=\"_ _2\"></span>ico<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>va<span class=\"_ _2\"></span>lutate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>FV<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> </span>impatto<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>redditivit\u00e0<span class=\"ff1\"> </span>complessiva).<span class=\"_ _3bd\"> </span>A.<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>5.4<span class=\"_ _3bd\"> </span>At<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>pa<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span>no<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>fai<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lue<span class=\"_ _3bd\"> </span>o<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>ate<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>fai<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>su<span class=\"_ _3bd\"> </span>ba<span class=\"_ _0\"></span>se<span class=\"_ _3bd\"> </span>no<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>cor<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>e:<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>par<span class=\"_ _1\"></span>tizi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>li<span class=\"_ _0\"></span>vel<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>fai<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>v<span class=\"_ _0\"></span>al<span class=\"_ _1\"></span>ue<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span><table class=\"s w389 h21c\" id=\"_66019b29-35fc-4b20-88ef-3ccbdb6b1e07\"><tr><td class=\"t m0 x53d h2f y4c45 ff3 fs16 fc7 sc4 ls0 ws0\">Attivit\u00e0/Pas<span class=\"_ _0\"></span>sivit\u00e0<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x53e h2f y4c45 ff3 fs16 fc7 sc4 ls0 ws0\">non<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x53f h2f y4c45 ff3 fs16 fc7 sc4 ls0 ws0\" colspan=\"2\">misurate</td><td class=\"t m0 x540 h2f y4c45 ff3 fs16 fc7 sc4 ls0 ws0\">al<span class=\"_ _3bd\"> </span></td><td class=\"c x542 y4c46 w38a h20d\"><div class=\"t m0 x2c1 h2f y4a51 ff3 fs16 fc7 sc4 ls0 ws0\">fair<span class=\"_ _3bd\"> </span></div><div class=\"t m0 x541 h2f y4a51 ff3 fs16 fc7 sc4 ls0 ws0\">value</div></td><td class=\"t m0 x543 h2f y4c45 ff3 fs16 fc7 sc4 ls0 ws0\">o<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x544 h2f y4c45 ff3 fs16 fc7 sc4 ls0 ws0\">misurate<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x545 h2f y4c45 ff3 fs16 fc7 sc4 ls0 ws0\">al<span class=\"_ _3bd\"> </span></td><td></td><td class=\"c n x546 y4c47 w38b h20d\" colspan=\"2\"><div class=\"t m0 x2c1 h2f y4a51 ff3 fs16 fc7 sc4 ls0 ws0\">31/<span class=\"_ _0\"></span>12/<span class=\"_ _0\"></span>202<span class=\"_ _1\"></span>2<span class=\"_ _3bd\"> </span></div></td><td></td><td></td><td class=\"c n x547 y4c47 w308 h20d\" colspan=\"2\"><div class=\"t m0 x2c1 h2f y4a51 ff3 fs16 fc4 sc4 ls0 ws0 sc2 sc1\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _0\"></span>021<span class=\"_ _3bd\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c x549 y4c48 w38c h20d\"><div class=\"t m0 x2c1 h2f y4a51 ff3 fs16 fc7 sc4 ls0 ws0\">fair<span class=\"_ _3bd\"> </span></div><div class=\"t m0 x548 h2f y4a51 ff3 fs16 fc7 sc4 ls0 ws0\">value</div></td><td class=\"t m0 x53f h2f y4c49 ff3 fs16 fc7 sc4 ls0 ws0\">su<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x54a h2f y4c49 ff3 fs16 fc7 sc4 ls0 ws0\">base<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x54b h2f y4c49 ff3 fs16 fc7 sc4 ls0 ws0\">non<span class=\"_ _3bd\"> </span></td><td></td><td class=\"t m0 x54c h2f y4c49 ff3 fs16 fc7 sc4 ls0 ws0\">ricorrente<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c n x54d y4c4a w38d h20d\"><div class=\"t m0 x2c1 h2f y4a51 ff3 fs16 fc4 sc2 ls0 ws0\">V<span class=\"_ _0\"></span>B<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x54e y4c4a w38e h20d\"><div class=\"t m0 x2c1 h2f y4a51 ff3 fs16 fc4 sc2 ls0 ws0 sc1\">L<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x54f y4c4a w38f h20d\"><div class=\"t m0 x2c1 h2f y4a51 ff3 fs16 fc4 sc2 ls0 ws0 sc1\">L2<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x550 y4c4a w390 h20d\"><div class=\"t m0 x2c1 h2f y4a51 ff3 fs16 fc4 sc2 ls0 ws0 sc1\">L3<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x551 y4c4a w391 h20d\"><div class=\"t m0 x2c1 h2f y4a51 ff3 fs16 fc4 sc2 ls0 ws0 sc1\">VB<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x552 y4c4a w392 h20d\"><div class=\"t m0 x2c1 h2f y4a51 ff3 fs16 fc4 sc2 ls0 ws0 sc1\">L<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x553 y4c4a w38f h20d\"><div class=\"t m0 x2c1 h2f y4a51 ff3 fs16 fc4 sc2 ls0 ws0 sc1\">L2<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x554 y4c4a w393 h20d\"><div class=\"t m0 x2c1 h2f y4a51 ff3 fs16 fc4 sc2 ls0 ws0 sc1\">L<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span></div></td></tr><tr><td class=\"c n x2c2 y4c4b w394 h20d\"><div class=\"t m0 x2c1 h2f y4a51 ff3 fs16 fc0 sc0 ls0 ws0\">1.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Attiv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span>fin<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>iarie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">val<span class=\"_ _0\"></span>uta<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>costo<span class=\"ff1\"> </span>ammo<span class=\"_ _0\"></span>rtiz<span class=\"_ _0\"></span>zato<span class=\"_ _3bd\"> </span></span></span></span></span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c n x555 y4c4b w395 h20d\"><div class=\"t m0 x2c1 h2f y4a51 ff3 fs16 fc0 sc0 ls0 ws0\">4<span class=\"_ _0\"></span>3.8<span class=\"_ _0\"></span>31.2<span class=\"_ _0\"></span>10</div></td><td class=\"t m0 x556 h2f y4c4c ff3 fs16 fc0 sc0 ls0 ws0\">7.1<span class=\"_ _0\"></span>53.<span class=\"_ _0\"></span>286<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x557 h2f y4c4c ff3 fs16 fc0 sc0 ls0 ws0\">575<span class=\"_ _0\"></span>.500<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x558 h2f y4c4c ff3 fs16 fc0 sc0 ls0 ws0\">34<span class=\"_ _0\"></span>.547.<span class=\"_ _0\"></span>315<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x559 h2f y4c4c ff3 fs16 fc0 sc0 ls0 ws0\">49<span class=\"_ _0\"></span>.137.<span class=\"_ _0\"></span>481<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x55a h2f y4c4c ff3 fs16 fc0 sc0 ls0 ws0\">6.<span class=\"_ _0\"></span>503.<span class=\"_ _0\"></span>782<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x55b h2f y4c4c ff3 fs16 fc0 sc0 ls0 ws0\">61<span class=\"_ _0\"></span>8.020<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x55c h2f y4c4c ff3 fs16 fc0 sc0 ls0 ws0\">42.8<span class=\"_ _0\"></span>61.<span class=\"_ _0\"></span>918<span class=\"_ _3bd\"> </span></td></tr><tr><td class=\"c n x2c2 y4c4d w396 h20d\"><div class=\"t m0 x2c1 h2f y4a51 ff3 fs16 fc0 sc0 ls0 ws0\">2.<span class=\"ff1\"> </span>A<span class=\"_ _0\"></span>ttivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>ma<span class=\"_ _0\"></span>teri<span class=\"_ _0\"></span>ali<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>tenu<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>scop<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>inve<span class=\"_ _0\"></span>stim<span class=\"_ _0\"></span>ento<span class=\"_ _3bd\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c n x55d y4c4d w397 h20d\"><div class=\"t m0 x2c1 h2f y4a51 ff3 fs16 fc0 sc0 ls0 ws0\">5.1<span class=\"_ _0\"></span>54<span class=\"_ _3bd\"> </span></div></td><td class=\"t m1e x55e h2f y4c4e ff3 fs16 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></td><td class=\"t m1e x55f h2f y4c4e ff3 fs16 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x560 h2f y4c4e ff3 fs16 fc0 sc0 ls0 ws0\">9.<span class=\"_ _0\"></span>118<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x561 h2f y4c4e ff3 fs16 fc0 sc0 ls0 ws0\">5.1<span class=\"_ _0\"></span>28<span class=\"_ _3bd\"> </span></td><td class=\"t m1e x562 h2f y4c4e ff3 fs16 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></td><td class=\"t m1e x563 h2f y4c4e ff3 fs16 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x564 h2f y4c4e ff3 fs16 fc0 sc0 ls0 ws0\">10<span class=\"_ _0\"></span>.058<span class=\"_ _3bd\"> </span></td></tr><tr><td class=\"t m0 x565 h2f y4c4f ff3 fs16 fc0 sc0 ls0 ws0\">3.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">At<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">corrent<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gru<span class=\"_ _2\"></span>ppi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">via<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di</span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m1e x566 h2f y4c50 ff3 fs16 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></td><td class=\"t m1e x55e h2f y4c50 ff3 fs16 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></td><td class=\"t m1e x55f h2f y4c50 ff3 fs16 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></td><td class=\"t m1e x567 h2f y4c50 ff3 fs16 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x568 h2f y4c50 ff3 fs16 fc0 sc0 ls0 ws0\">5.8<span class=\"_ _0\"></span>07<span class=\"_ _3bd\"> </span></td><td class=\"t m1e x562 h2f y4c50 ff3 fs16 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></td><td class=\"t m1e x563 h2f y4c50 ff3 fs16 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x569 h2f y4c50 ff3 fs16 fc0 sc0 ls0 ws0\">5.8<span class=\"_ _0\"></span>07<span class=\"_ _3bd\"> </span></td></tr><tr><td class=\"t m0 x565 h2f y4c51 ff3 fs16 fc0 sc0 ls0 ws0\">dis<span class=\"_ _0\"></span>missi<span class=\"_ _0\"></span>one </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x56a h2f y4c52 ff3 fs16 fc0 sc1 ls0 ws0\">Tot<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x56b h2f y4c52 ff3 fs16 fc0 sc1 ls0 ws0\">43<span class=\"_ _0\"></span>.83<span class=\"_ _0\"></span>6.3<span class=\"_ _0\"></span>64<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x556 h2f y4c52 ff3 fs16 fc0 sc1 ls0 ws0\">7.1<span class=\"_ _0\"></span>53<span class=\"_ _0\"></span>.28<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x56c h2f y4c52 ff3 fs16 fc0 sc1 ls0 ws0\">575<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>00<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x558 h2f y4c52 ff3 fs16 fc0 sc1 ls0 ws0\">34<span class=\"_ _0\"></span>.55<span class=\"_ _0\"></span>6.4<span class=\"_ _0\"></span>33<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x559 h2f y4c52 ff3 fs16 fc0 sc1 ls0 ws0\">49<span class=\"_ _0\"></span>.14<span class=\"_ _0\"></span>8.4<span class=\"_ _0\"></span>16<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x56d h2f y4c52 ff3 fs16 fc0 sc1 ls0 ws0\">6.5<span class=\"_ _0\"></span>03<span class=\"_ _0\"></span>.78<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x56e h2f y4c52 ff3 fs16 fc0 sc1 ls0 ws0\">61<span class=\"_ _0\"></span>8.0<span class=\"_ _0\"></span>20<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x56f h2f y4c52 ff3 fs16 fc0 sc1 ls0 ws0\">42.<span class=\"_ _0\"></span>877<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>83<span class=\"_ _3bd\"> </span></td></tr><tr><td class=\"c n x2c2 y4c53 w398 h20d\"><div class=\"t m0 x2c1 h2f y4a5a ff3 fs16 fc0 sc0 ls0 ws0\">1.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Passiv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inanz<span class=\"_ _0\"></span>iari<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>valuta<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>costo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ammorti<span class=\"_ _0\"></span>zzat<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></span></span></span></span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c n x570 y4c53 w399 h20d\"><div class=\"t m0 x2c1 h2f y4a5a ff3 fs16 fc0 sc0 ls0 ws0\">50.<span class=\"_ _0\"></span>883.<span class=\"_ _0\"></span>109</div></td><td class=\"t m0 x571 h2f y4c54 ff3 fs16 fc0 sc0 ls0 ws0\">3.1<span class=\"_ _0\"></span>20.8<span class=\"_ _0\"></span>26<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x572 h2f y4c54 ff3 fs16 fc0 sc0 ls0 ws0\">2.5<span class=\"_ _0\"></span>39.<span class=\"_ _0\"></span>277<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x558 h2f y4c54 ff3 fs16 fc0 sc0 ls0 ws0\">45<span class=\"_ _0\"></span>.149.0<span class=\"_ _0\"></span>65<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x573 h2f y4c54 ff3 fs16 fc0 sc0 ls0 ws0\">52.<span class=\"_ _0\"></span>726.<span class=\"_ _0\"></span>659<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x55a h2f y4c54 ff3 fs16 fc0 sc0 ls0 ws0\">2.4<span class=\"_ _0\"></span>70.5<span class=\"_ _0\"></span>65<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x574 h2f y4c54 ff3 fs16 fc0 sc0 ls0 ws0\">7.2<span class=\"_ _0\"></span>51.8<span class=\"_ _0\"></span>82<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x56f h2f y4c54 ff3 fs16 fc0 sc0 ls0 ws0\">43<span class=\"_ _0\"></span>.050.<span class=\"_ _0\"></span>761<span class=\"_ _3bd\"> </span></td></tr><tr><td class=\"t m0 x565 h2f y4c55 ff3 fs16 fc0 sc0 ls0 ws0\">2.<span class=\"ff1\"> </span>P<span class=\"_ _0\"></span>assi<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">assoc<span class=\"_ _0\"></span>iate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ad<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">atti<span class=\"_ _0\"></span>vit\u00e0<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">via</span> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>dismi<span class=\"_ _0\"></span>ssion<span class=\"_ _0\"></span>e</span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m1e x566 h2f y4c55 ff3 fs16 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></td><td class=\"t m1e x55e h2f y4c55 ff3 fs16 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></td><td class=\"t m1e x55f h2f y4c55 ff3 fs16 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></td><td class=\"t m1e x567 h2f y4c55 ff3 fs16 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x568 h2f y4c55 ff3 fs16 fc0 sc0 ls0 ws0\">7.8<span class=\"_ _0\"></span>90<span class=\"_ _3bd\"> </span></td><td class=\"t m1e x562 h2f y4c55 ff3 fs16 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></td><td class=\"t m1e x563 h2f y4c55 ff3 fs16 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x569 h2f y4c55 ff3 fs16 fc0 sc0 ls0 ws0\">7.8<span class=\"_ _0\"></span>90<span class=\"_ _3bd\"> </span></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x56a h2f y4c56 ff3 fs16 fc0 sc1 ls0 ws0\">Tot<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x575 h2f y4c56 ff3 fs16 fc0 sc1 ls0 ws0\">50.<span class=\"_ _0\"></span>88<span class=\"_ _0\"></span>3.1<span class=\"_ _0\"></span>09<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x556 h2f y4c56 ff3 fs16 fc0 sc1 ls0 ws0\">3.1<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>.82<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x572 h2f y4c56 ff3 fs16 fc0 sc1 ls0 ws0\">2.5<span class=\"_ _0\"></span>39<span class=\"_ _0\"></span>.27<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x576 h2f y4c56 ff3 fs16 fc0 sc1 ls0 ws0\">45<span class=\"_ _0\"></span>.14<span class=\"_ _0\"></span>9.0<span class=\"_ _0\"></span>65<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x577 h2f y4c56 ff3 fs16 fc0 sc1 ls0 ws0\">52<span class=\"_ _0\"></span>.73<span class=\"_ _0\"></span>4.5<span class=\"_ _0\"></span>49<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x56d h2f y4c56 ff3 fs16 fc0 sc1 ls0 ws0\">2.4<span class=\"_ _0\"></span>70<span class=\"_ _0\"></span>.56<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x578 h2f y4c56 ff3 fs16 fc0 sc1 ls0 ws0\">7.2<span class=\"_ _0\"></span>51<span class=\"_ _0\"></span>.88<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x55c h2f y4c56 ff3 fs16 fc0 sc1 ls0 ws0\">43<span class=\"_ _0\"></span>.05<span class=\"_ _0\"></span>8.6<span class=\"_ _0\"></span>51<span class=\"_ _3bd\"> </span></td></tr></table>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-750": {
   "value": "A<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span><span class=\"ff5\"> <span class=\"ff3\">I<span class=\"_ _1\"></span>NF<span class=\"_ _0\"></span>OR<span class=\"_ _1\"></span>MA<span class=\"_ _0\"></span>TI<span class=\"_ _0\"></span>VA<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">SU<span class=\"_ _0\"></span>L<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">FA<span class=\"_ _0\"></span>I<span class=\"_ _0\"></span>R<span class=\"ff1\"> </span>V<span class=\"_ _1\"></span>ALU<span class=\"_ _0\"></span>E<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff5\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span>Inf<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>va<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>na<span class=\"_ _1\"></span>tura<span class=\"_ _3bd\"> </span>qu<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>lita<span class=\"_ _1\"></span>tiva<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>A.<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>1\u2013<span class=\"_ _3bd\"> </span>Livello<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>fair<span class=\"_ _3bd\"> </span>value<span class=\"_ _3bd\"> </span>2<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>3:<span class=\"_ _3bd\"> </span>tecniche<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>valutaz<span class=\"_ _0\"></span>ione<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>input<span class=\"_ _3bd\"> </span>ut<span class=\"_ _0\"></span>iliz<span class=\"_ _1\"></span>zat<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>Le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">te<span class=\"_ _0\"></span>cnic<span class=\"_ _0\"></span>he<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">va<span class=\"_ _0\"></span>luta<span class=\"_ _0\"></span>zione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">u<span class=\"_ _0\"></span>tili<span class=\"_ _0\"></span>zzat<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>g<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">st<span class=\"_ _0\"></span>rume<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fi<span class=\"_ _0\"></span>nanzi<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">app<span class=\"_ _0\"></span>arte<span class=\"_ _1\"></span>nenti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">li<span class=\"_ _0\"></span>vell<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>3<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">si</span> <span class=\"_ _0\"></span><span class=\"ff3\">dist<span class=\"_ _0\"></span>ingu<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>o:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziarie:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valutazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>egli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">strumenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">strutturati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">utilizzando<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">componente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">obbligazionari<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>modello<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>discounted<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cas<span class=\"_ _2\"></span>h<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>flow<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tasso<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span></span>corretto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>opport<span class=\"_ _2\"></span>uno<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>credito,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>l<span class=\"_ _3bd\"> </span>a<span class=\"ff1\"> </span>componente<span class=\"ff1\"> </span>azionaria<span class=\"ff1\"> </span>utilizzando<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>modello<span class=\"ff1\"> </span>Black&amp;Scholes;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>Passivit\u00e0<span class=\"ff1\">  </span>finanziarie:<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>valutazione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>degli<span class=\"ff1\">  </span>s<span class=\"_ _2\"></span>trumenti<span class=\"ff1\">  </span>plain<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>vanilla<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>secondo<span class=\"ff1\">  </span>le<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>tecniche<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\">  </span>va<span class=\"_ _2\"></span>lutazion<span class=\"_ _3bd\"> </span>e<span class=\"ff1\"> </span>discounted<span class=\"ff1\"> </span>cash<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">flow<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cassa<span class=\"ff1\"> </span>considerando<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tasso<span class=\"_ _2\"></span><span class=\"ff1\"> </span>corretto<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cred<span class=\"_ _0\"></span>ito<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Credito<span class=\"ff1\"> </span>Emilian<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">o<span class=\"ff1\"> </span></span></span></span></span>sulla<span class=\"ff1\"> </span>scadenza<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>strumento.<span class=\"_ _3bd\"> </span> Si<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rip<span class=\"_ _1\"></span>orta<span class=\"ff1\"> </span>b<span class=\"_ _0\"></span>reve<span class=\"_ _1\"></span>m<span class=\"_ _2\"></span>en<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>nizi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> </span>m<span class=\"_ _0\"></span>odel<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">utiliz<span class=\"_ _0\"></span>zat<span class=\"_ _0\"></span>i:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span>1.Di<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>ed<span class=\"_ _3bd\"> </span>Ca<span class=\"_ _0\"></span>sh<span class=\"_ _3bd\"> </span>F<span class=\"_ _0\"></span>lo<span class=\"_ _1\"></span>w<span class=\"fc0 sc1\"> </span>Il<span class=\"ff1\"> </span>modello<span class=\"ff1\"> </span>discounted<span class=\"ff1\"> </span>cash<span class=\"ff1\"> </span>flow,<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>assa<span class=\"ff1\"> </span>att<span class=\"_ _2\"></span>ualizzati,<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> </span>metodo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>investimento,<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span>ba<span class=\"_ _0\"></span>sato<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sul<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">proc<span class=\"_ _0\"></span>esso<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">f<span class=\"_ _0\"></span>inanz<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>rio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attu<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>zzaz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>onse<span class=\"_ _0\"></span>nte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ogg<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">val<span class=\"_ _0\"></span>ore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attua<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>un<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ca<span class=\"_ _0\"></span>pita<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ch<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>h<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ome<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">na<span class=\"_ _0\"></span>tural<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">scad<span class=\"_ _0\"></span>enza<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>da<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>utu<span class=\"_ _0\"></span>ra<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>rami<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l'a<span class=\"_ _0\"></span>ppli<span class=\"_ _0\"></span>cazi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">u<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>asso<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sc<span class=\"_ _0\"></span>onto<span class=\"_ _0\"></span>.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tass<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">scon<span class=\"_ _0\"></span>t<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>viene<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cor<span class=\"_ _2\"></span>retto<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">credito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">flussi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">futuri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attesi<span class=\"ff1\"> </span>dall'a<span class=\"_ _0\"></span>ttivit\u00e0<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">questione.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">La<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">somma<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>gebrica<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>flussi<span class=\"ff1\"> </span>attualizzati<span class=\"ff1\"> </span>rappresenta<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>netto<span class=\"ff1\"> </span>attuale<span class=\"ff1\"> </span>(Net<span class=\"ff1\"> </span>present<span class=\"ff1\"> <span class=\"_ _2\"></span></span>value)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dello</span> <span class=\"ff3\">st<span class=\"_ _2\"></span>rumento.<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pa<span class=\"_ _0\"></span>rame<span class=\"_ _0\"></span>tri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">uti<span class=\"_ _0\"></span>lizz<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nel<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">te<span class=\"_ _0\"></span>cnica<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">va<span class=\"_ _0\"></span>luta<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">son<span class=\"_ _0\"></span>o:<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">curv<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>ta<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"_ _0\"></span><span class=\"ff3\">cre<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">spre<span class=\"_ _0\"></span>ad<span class=\"ff1\"> </span>d<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span>ogn<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sin<span class=\"_ _0\"></span>gola<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">emi<span class=\"_ _0\"></span>ssio<span class=\"_ _0\"></span>ne.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>2.Mo<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>Bla<span class=\"_ _1\"></span>ck&amp;<span class=\"_ _0\"></span>Sch<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Il<span class=\"ff1\"> </span>modello<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Black&amp;s<span class=\"_ _2\"></span>choles<span class=\"ff1\"> </span>univariat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(BS)<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>modello<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>pric<span class=\"_ _2\"></span>ing<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> </span>opzioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pi\u00f9<span class=\"ff1\"> <span class=\"_ _2\"></span></span>famoso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riconosciuto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"_ _3bd\"> </span>l<span class=\"ff1\"> </span>me<span class=\"_ _0\"></span>rcat<span class=\"_ _0\"></span>o.<span class=\"ff1\"> </span>I<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>m<span class=\"_ _0\"></span>odell<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bas<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>sul<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ossi<span class=\"_ _0\"></span>bil<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">cr<span class=\"_ _0\"></span>eare<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un</span> <span class=\"ff3\">p<span class=\"_ _0\"></span>orta<span class=\"_ _0\"></span>fog<span class=\"_ _0\"></span>lio<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>quiv<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span>nte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">all\u2019<span class=\"_ _0\"></span>opz<span class=\"_ _0\"></span>ione,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cos<span class=\"_ _0\"></span>titui<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>rt<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">e<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>da<span class=\"ff1\"> </span>unit\u00e0<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>sottos<span class=\"_ _2\"></span>tante<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>parte<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>obbligazioni<span class=\"ff1\"> </span>prive<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>entrambi<span class=\"ff1\"> </span>influenzati<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>stessa<span class=\"ff1\"> </span>font<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>d<span class=\"_ _3bd\"> </span>i<span class=\"ff1\"> </span>incertezza<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>data<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dalle<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>variazioni<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>prezzo<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dell\u2019azione.<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>L<span class=\"_ _2\"></span>e<span class=\"ff1\">  </span>i<span class=\"_ _2\"></span>potesi<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>sottostanti<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>modello<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>BS<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>sono<span class=\"ff1\"> </span>rappresentate<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dall'andamento<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>prezzi<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dell'attivit\u00e0<span class=\"ff1\">  </span>sottostante<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>(approssimato<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>processo<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>log-<span class=\"ff1\"> </span>normale),<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>presenza<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>mercato<span class=\"ff1\"> </span>perfettamente<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>fficiente;<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>interesse<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>dal<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>volatilit\u00e0<span class=\"ff1\"> </span>de<span class=\"_ _3bd\"> </span>l<span class=\"ff1\"> </span>sottostante<span class=\"ff1\"> </span>costante<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>tutta<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>durata<span class=\"ff1\"> </span>dell'opzione.<span class=\"_ _3bd\"> </span> I<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>parametri<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>utilizzati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nella<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tecnica<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>valu<span class=\"_ _0\"></span>tazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sono<span class=\"ff1\">  </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">tasso</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">di</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">interesse,</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">il</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">valore</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">e</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">la</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">volatilit\u00e0</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">de<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\">l</span> </span>sott<span class=\"_ _0\"></span>ost<span class=\"_ _0\"></span>ante<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span> Alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>31/12/2022<span class=\"ff1\"> </span>tutti<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>parametri<span class=\"ff1\"> </span>utilizzati<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> </span>tecniche<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>risultat<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>osservabili,<span class=\"ff1\"> </span>evidenziando<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> </span>valutati<span class=\"ff1\"> </span>tramite<span class=\"ff1\"> </span>mark<span class=\"ff1\"> </span>to<span class=\"ff1\"> </span>model<span class=\"ff1\"> </span>livelli<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>2.<span class=\"_ _3bd\"> </span> In<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pa<span class=\"_ _0\"></span>rtico<span class=\"_ _0\"></span>lare<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>-<span class=\"_ _3bd\"> </span>i<span class=\"ff1\"> </span>tassi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>interesse<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>estrapolati<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>curva<span class=\"ff1\"> </span>zero<span class=\"ff1\"> </span>ottenuta<span class=\"ff1\"> </span>dalle<span class=\"ff1\"> </span>quotazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>mercato<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>st<span class=\"_ _2\"></span>rumenti<span class=\"ff1\"> </span>omo<span class=\"_ _0\"></span>gen<span class=\"_ _0\"></span>ei;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>i<span class=\"ff1\"> </span>credit<span class=\"ff1\"> </span>spread<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>componete<span class=\"ff1\"> </span>Credito<span class=\"ff1\"> </span>Emiliano<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>ot<span class=\"_ _2\"></span>tenuti<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>quotazioni<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mercato<span class=\"_ _2\"></span></span> <span class=\"ff3\">di</span> <span class=\"ff3\">emissioni</span> </span>com<span class=\"_ _0\"></span>par<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>es;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">so<span class=\"_ _0\"></span>ttos<span class=\"_ _0\"></span>tant<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">otte<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dall<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uota<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>me<span class=\"_ _1\"></span>rcato;<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>volatilit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sottos<span class=\"_ _2\"></span>tante<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ottenute<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quotazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>mercat<span class=\"_ _2\"></span>o,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>alla<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>luce<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>scad<span class=\"_ _2\"></span>enza<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>b<span class=\"_ _0\"></span>rev<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> </span>componente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">azionaria.<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>I<span class=\"ff1\"> <span class=\"_ _20\"></span></span>modelli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>param<span class=\"_ _2\"></span>etri<span class=\"ff1\"> <span class=\"_ _20\"></span></span>utilizzati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nelle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tecniche<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">valu<span class=\"_ _0\"></span>tazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dettagliati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>disciplinati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ne<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>documenti<span class=\"ff1\"> </span></span></span>Allegato<span class=\"ff1\"> </span>Tecnico<span class=\"ff1\"> </span>a<span class=\"_ _2\"></span>l<span class=\"ff1\"> </span>documento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Fair<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Value<span class=\"ff1\"> </span>Policy<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Gruppo:<span class=\"ff1\"> </span>\u201cRegole<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>applicazione<span class=\"ff1\"> </span>Credem<span class=\"ff1\"> </span>a<span class=\"_ _2\"></span>lla<span class=\"ff1\"> </span>F<span class=\"_ _2\"></span>air<span class=\"ff1\"> </span>Value<span class=\"ff1\"> </span>Policy<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Gruppo\u201d<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>\u201cManuale<span class=\"ff1\"> </span>Modelli<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>pricing\u201d.<span class=\"_ _3bd\"> </span>A.<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>2Pro<span class=\"_ _1\"></span>ces<span class=\"_ _0\"></span>si<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>se<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>ibi<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>taz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Gli<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>strumenti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>scambiati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>su<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>mercati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>attivi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>valutati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>mark<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>to<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>model<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>utilizzando<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tecnica<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>m<span class=\"_ _2\"></span>assimizza<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>l\u2019<span class=\"_ _0\"></span>utilizzo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>ati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>osservabili<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sul<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>mer<span class=\"_ _2\"></span>cato.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Qualora<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">parametri</span> <span class=\"_ _27\"> </span><span class=\"ff3\">risultino</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">non</span> </span>disponibili<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>direttamente<span class=\"ff1\"> </span>osservabili<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>livello<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>attribuito<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>3<span class=\"_ _2\"></span>. Alla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>data<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>31/12/20<span class=\"_ _2\"></span>212<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nessun<span class=\"ff1\"> <span class=\"_ _2\"></span></span>strumento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziario<span class=\"ff1\"> <span class=\"_ _2\"></span></span>derivato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>st<span class=\"_ _2\"></span>ato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valutato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> </span>mark<span class=\"_ _3bd\"> </span>to<span class=\"_ _3bd\"> </span>model <span class=\"_ _2\"></span><span class=\"ff3 fs5\">tramite<span class=\"ff1\"> </span></span>parametri<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>mercato<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>direttamente<span class=\"ff1\"> </span>osservabili. A.<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>3Ge<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>rch<span class=\"_ _0\"></span>ia<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span>fa<span class=\"_ _0\"></span>ir<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>Tr<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>fer<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>tra<span class=\"_ _3bd\"> </span>i<span class=\"_ _3bd\"> </span>liv<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>lla<span class=\"_ _3bd\"> </span>ge<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>rch<span class=\"_ _0\"></span>ia<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span>fai<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>La<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">gerar<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fai<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>valu<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ttrib<span class=\"_ _1\"></span>uisce<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>m<span class=\"_ _0\"></span>assi<span class=\"_ _0\"></span>ma<span class=\"ff1\"> </span>pr<span class=\"_ _0\"></span>iori<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>ai<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pre<span class=\"_ _0\"></span>zzi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quo<span class=\"_ _0\"></span>tati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">(no<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>ttifi<span class=\"_ _0\"></span>cat<span class=\"_ _0\"></span>i)<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">me<span class=\"_ _0\"></span>rcati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">atti<span class=\"_ _0\"></span>vi<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>attivit\u00e0<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>passivit\u00e0<span class=\"ff1\"> </span>ide<span class=\"_ _0\"></span>ntiche<span class=\"ff1\"> </span>(dati<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">livello<span class=\"ff1\"> </span>1)<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>priorit\u00e0<span class=\"ff1\"> </span>minima<span class=\"ff1\"> </span>agli<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>nput<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>osservabili<span class=\"ff1\"> </span>(dati<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">livello</span> <span class=\"ff3\">3). </span></span></span></span></span></span>I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Liv<span class=\"_ _0\"></span>elli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">uti<span class=\"_ _0\"></span>liz<span class=\"_ _0\"></span>zati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cl<span class=\"_ _0\"></span>assi<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>azion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>ipo<span class=\"_ _0\"></span>rtate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">n<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>egu<span class=\"_ _0\"></span>ito<span class=\"ff1\"> </span>de<span class=\"_ _1\"></span>lla<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Not<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>nteg<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>va<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">seguen<span class=\"_ _0\"></span>ti:<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>\u201clivello<span class=\"ff1\"> </span>1\u201d:<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> </span>fin<span class=\"_ _0\"></span>anziari<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>determinato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>prezzi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>otazione<span class=\"ff1\"> </span>oss<span class=\"_ _2\"></span>ervabili<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>mercati<span class=\"ff1\"> </span>attivi<span class=\"ff1\"> </span>(non<span class=\"ff1\"> </span>rettificati)<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>quali<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>pu\u00f2<span class=\"ff1\"> </span>accedere<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valutazione; -<span class=\"_ _3bd\"> </span>\u201clivello<span class=\"ff1\"> </span>2\u201d:<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>fair<span class=\"ff1\"> <span class=\"_ _2\"></span></span>value<span class=\"ff1\"> </span>degli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>strumenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziari<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>eterminato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>input<span class=\"ff1\"> </span>diversi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dai<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prezzi<span class=\"ff1\"> </span>quotat<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>inclusi<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>Livello<span class=\"ff1\"> </span>1<span class=\"_ _2\"></span><span class=\"ff1\"> </span>osservabili<span class=\"ff1\"> </span>dirett<span class=\"_ _2\"></span>amente<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>indirettamente<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>l\u2019attivit\u00e0<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>passivit\u00e0<span class=\"_ _2\"></span>,<span class=\"ff1\"> </span>utilizzando<span class=\"ff1\"> </span>anche<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tecniche<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valutazione; -<span class=\"_ _3bd\"> </span>\u201cli<span class=\"_ _0\"></span>vel<span class=\"_ _0\"></span>lo<span class=\"ff1\"> </span>3\u201d<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">:</span> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fai<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>val<span class=\"_ _0\"></span>ue<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">degl<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>st<span class=\"_ _0\"></span>rume<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fin<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>iari<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u00e8</span> <span class=\"ff3\">d<span class=\"_ _0\"></span>ete<span class=\"_ _0\"></span>rmin<span class=\"_ _0\"></span>ato<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>ba<span class=\"_ _0\"></span>se<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>inp<span class=\"_ _0\"></span>ut<span class=\"ff1\"> </span>no<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">osse<span class=\"_ _0\"></span>rva<span class=\"_ _0\"></span>bil<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>l\u2019<span class=\"_ _0\"></span>atti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>o<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>passivit\u00e0,<span class=\"ff1\"> </span>utilizzando<span class=\"ff1\"> </span>anche<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tecniche<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valutazione. L\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attr<span class=\"_ _2\"></span>ibuzione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>liv<span class=\"_ _2\"></span>elli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rappresentata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dalla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>verif<span class=\"_ _2\"></span>ica<span class=\"ff1\"> <span class=\"_ _2\"></span></span>puntuale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ogni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>str<span class=\"_ _2\"></span>umento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>detenuto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nei<span class=\"ff1\"> </span>portafogli<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ropriet\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>possibile<span class=\"ff1\"> </span>potenziale<span class=\"ff1\"> </span>mercato<span class=\"ff1\"> </span>attivo<span class=\"ff1\"> </span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rispetti</span> <span class=\"ff3\">alcune</span> <span class=\"ff3\">regole</span> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>val<span class=\"_ _2\"></span>orizzazione.<span class=\"ff1\"> </span></span></span>In<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">particolare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">viene<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">anal<span class=\"_ _2\"></span>izzato<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">contr<span class=\"_ _2\"></span>ibuzioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">risultino<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">continuative,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contenute<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">n<span class=\"_ _2\"></span>ei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">delta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">spread<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">bi<span class=\"_ _2\"></span>d<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ask<span class=\"_ _2\"></span>,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>indicative<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>possibili<span class=\"ff1\"> </span>transazioni<span class=\"ff1\"> </span>recenti<span class=\"ff1\"> </span>quindi<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>trascinate,<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>l\u2019emittente<span class=\"ff1\"> </span>risulti<span class=\"ff1\"> </span>solido<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>attivo. Il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">m<span class=\"_ _2\"></span>ancato<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>spetto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">regole<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">por<span class=\"_ _2\"></span>ta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">aggravio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">livello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">associato<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valorizzazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>i\u00f9<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">coerente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>rappresentativa<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>str<span class=\"_ _2\"></span>umento. Analogamente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019analisi<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>iene<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">effettuata<span class=\"ff1\"> </span>anc<span class=\"_ _0\"></span>he<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ne<span class=\"_ _2\"></span>lla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">verifica<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">potenziale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ipristino<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mercat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">at<span class=\"_ _2\"></span>tivo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sugli<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>strumenti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quali<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>corso<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tempo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>v<span class=\"_ _2\"></span>erifica<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>riatt<span class=\"_ _2\"></span>ivazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valorizzazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cont<span class=\"_ _2\"></span>inuative<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sul<span class=\"_ _2\"></span><span class=\"ff1\"> </span>mercato<span class=\"ff1\"> </span>regolamentato<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>non. A.<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>4Alt<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>inf<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>zio<span class=\"_ _1\"></span>ni<span class=\"fc0 sc1\"> </span>La<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gerarchia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">at<span class=\"_ _2\"></span>tribuisce<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">massima<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">priorit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ai<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">prezzi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">quotati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rettificati)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mercati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>attivit\u00e0<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>passivit\u00e0<span class=\"ff1\"> </span>ide<span class=\"_ _0\"></span>ntiche<span class=\"ff1\"> </span>(dati<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">livello<span class=\"ff1\"> </span>1)<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>priorit\u00e0<span class=\"ff1\"> </span>minima<span class=\"ff1\"> </span>agli<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>nput<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>osservabili<span class=\"ff1\"> </span>(dati<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">livello</span> <span class=\"ff3\">3).</span> </span></span></span></span></span>L\u2019attivit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>attribuzione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>livelli<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>avviene<span class=\"ff1\"> </span>trimestr<span class=\"_ _2\"></span>almente<span class=\"ff1\"> </span>all<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>date<span class=\"ff1\"> </span>contabili<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>riferimento<span class=\"ff1\"> </span>basandosi<span class=\"ff1\"> </span>sull<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>verifica<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> </span>presenza<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">u<span class=\"_ _2\"></span>n<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mercato<span class=\"ff1\"> </span>principale<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>pi\u00f9<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vantaggioso<span class=\"ff1\"> </span>nell\u2019intervallo<span class=\"ff1\"> </span>temporale<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>antecedente<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>contabile<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>riferimento.<span class=\"ff1\"> </span>L\u2019attivit\u00e0<span class=\"ff1\"> </span>prevede<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>verifica<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>alcuni<span class=\"ff1\"> </span>principi<span class=\"ff1\"> </span>nece<span class=\"_ _2\"></span>ssari<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>definizione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>presenza<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mercato<span class=\"ff1\"> </span>attivo<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>ogni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">strumento</span> <span class=\"ff3\">finanzi<span class=\"_ _0\"></span>ario<span class=\"ff1\"> </span>identificati<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>isponibilit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></span></span></span></span></span></span>valorizzazioni<span class=\"ff1\"> </span>eseguibili,<span class=\"ff1\"> </span>continue<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>scarto<span class=\"ff1\"> </span>denaro-lettera<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(b<span class=\"_ _0\"></span>id-ask<span class=\"ff1\"> </span>spread)<span class=\"ff1\"> </span>contenuti. Il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rispetto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>ali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>condizioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>determina<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>livello<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _21\"></span></span>valu<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>de<span class=\"_ _2\"></span>llo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>trumento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>analizzato.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Qualora<span class=\"ff1\"> <span class=\"_ _20\"></span></span>non<span class=\"ff1\"> <span class=\"_ _21\"></span></span>siano<span class=\"ff1\"> </span>presenti<span class=\"ff1\"> </span>quotazioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> </span>mercat<span class=\"_ _2\"></span>o,<span class=\"ff1\"> </span>l\u2019utilizzo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tecniche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valutazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>viene<span class=\"ff1\"> <span class=\"_ _2\"></span></span>effettuata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ogni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>data<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contabile<span class=\"ff1\"> </span>massimizzando<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019utilizzo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">input<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">oss<span class=\"_ _2\"></span>ervabili<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rilevanti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riducendo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">minimo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019utilizzo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">input<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">os<span class=\"_ _2\"></span>servabili.<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>La<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>verifica<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tali<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>parametri<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>input<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>funzione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>disponibilit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>determina<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>liv<span class=\"_ _2\"></span>ello<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fair<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>value<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dello<span class=\"ff1\"> </span>stru<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nto. Alle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">date<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contabili<span class=\"ff1\"> </span>viene<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">inoltr<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"_ _2\"></span>ffettuata<span class=\"ff1\"> </span>una<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>nalisi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">comparativa<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">livelli<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ispetto<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">trimestre<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>precedente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>l\u2019inizio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dell\u2019esercizio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riferimento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fine<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>individuare<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>rasferimenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>livelli<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _21\"></span></span>value<span class=\"ff1\"> </span>avvenuti<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>corso<span class=\"ff1\"> </span>dell\u2019esercizio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>riferimento<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>circostanze<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>hanno<span class=\"ff1\"> </span>determinato<span class=\"ff1\"> </span>tale<span class=\"ff1\"> </span>tras<span class=\"_ _2\"></span>ferimento<div class=\"t m0 h10 ff3 fs9 fc4 sc0 ls0 ws0 gsbdc\">In<span class=\"_ _0\"></span>for<span class=\"_ _0\"></span>mati<span class=\"_ _0\"></span>va<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nat<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">quan<span class=\"_ _0\"></span>tit<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>iva<span class=\"fc0\"> </span></span></span></span></span></span></span></div><div class=\"t mb h5 ff3 fs0 fc4 sc2 ls0 ws0 gsbdd\">A.<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>5</div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gsbde\">Ge<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>rch<span class=\"_ _0\"></span>ia<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gsbdf\">de<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gsbe0\">fa<span class=\"_ _1\"></span>ir<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gsbe1\">val<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m26 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsbe2\">A.<span class=\"_ _0\"></span>4.5<span class=\"_ _0\"></span>.1<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsbe3\">At<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsbe4\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsbe5\">pa<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsbe6\">va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>ate<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsbe7\">al<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsbe8\">fa<span class=\"_ _0\"></span>ir<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsbe9\">va<span class=\"_ _0\"></span>lue<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsbea\">su<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsbeb\">ba<span class=\"_ _0\"></span>se<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsbec\">ri<span class=\"_ _0\"></span>cor<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>e:<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsbed\">ri<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>rti<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsbee\">per<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsbef\">liv<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsbf0\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsbf1\">fa<span class=\"_ _0\"></span>ir<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsbf2\">va<span class=\"_ _0\"></span>lue<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc7 sc4 ls0 ws0 gsbf3\">Att<span class=\"_ _1\"></span>ivi<span class=\"_ _0\"></span>t\u00e0/<span class=\"_ _0\"></span>Pa<span class=\"_ _0\"></span>ss<span class=\"_ _1\"></span>ivit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc7 sc4 ls0 ws0 gsbf4\">mi<span class=\"_ _0\"></span>su<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc7 sc4 ls0 ws0 gsbf5\">al<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc7 sc4 ls0 ws0 gsbf6\">fa<span class=\"_ _0\"></span>ir<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc7 sc4 ls0 ws0 gsbf7\">va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gsbf8\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _19f\"> </span><span class=\"fc4 sc2\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gsbf9\">L<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _11b\"> </span><span class=\"fc4 sc2\">L2<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _b7\"> </span><span class=\"fc4 sc2\">L3<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _194\"> </span><span class=\"fc4 sc2\">L<span class=\"_ _1\"></span>1<span class=\"fc0 sc1\"> <span class=\"_ _11b\"> </span></span>L<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _b7\"> </span><span class=\"fc4 sc2\">L3<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsbfa\">1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">f<span class=\"_ _2\"></span>inanziar<span class=\"_ _0\"></span>ie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">impatto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">conto<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsbfb\">ec<span class=\"_ _0\"></span>onom<span class=\"_ _0\"></span>ico<span class=\"_ _0\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsbfc\">19.<span class=\"_ _0\"></span>61<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsbfd\">37.<span class=\"_ _0\"></span>086<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsbfe\">52.<span class=\"_ _0\"></span>547<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsbff\">16.<span class=\"_ _0\"></span>72<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsc00\">41<span class=\"_ _0\"></span>.17<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsc01\">24<span class=\"_ _0\"></span>.46<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsc02\">a)<span class=\"ff1\"> </span>at<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>rie<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>ten<span class=\"_ _0\"></span>ute<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">per</span> <span class=\"ff3\">l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>goz<span class=\"_ _0\"></span>iaz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span> <span class=\"_ _106\"> </span>1<span class=\"_ _0\"></span>9.0<span class=\"_ _0\"></span>52<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsc03\">35.<span class=\"_ _0\"></span>885<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsc04\">2<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsc05\">16.<span class=\"_ _0\"></span>21<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsc06\">41<span class=\"_ _0\"></span>.17<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsc07\">2.<span class=\"_ _0\"></span>583<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsc08\">b)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">att<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>zia<span class=\"_ _1\"></span>rie<span class=\"ff1\"> </span>des<span class=\"_ _0\"></span>igna<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fair<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">valu<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span> <span class=\"_ _57\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsc09\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsc0a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsc0b\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsc0c\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsc0d\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsc0e\">c)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"_ _2\"></span>bbligator<span class=\"_ _0\"></span>iamente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valutate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsc0f\">val<span class=\"_ _0\"></span>ue<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsc10\">56<span class=\"_ _1\"></span>3<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsc11\">1.<span class=\"_ _0\"></span>201<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsc12\">52.<span class=\"_ _0\"></span>524<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsc13\">51<span class=\"_ _1\"></span>3<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsc14\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsc15\">21<span class=\"_ _0\"></span>.88<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span></div><div class=\"c wa3 h25 gsc16\"><div class=\"t m0 x1f9 h1c y11a ff3 fsc fc0 sc0 ls0 ws0\">2.</div></div><div class=\"c wa4 h25 gsc17\"><div class=\"t m0 x1f9 h1c y11a ff3 fsc fc0 sc0 ls0 ws0\">Attivit\u00e0</div></div><div class=\"c wa5 h25 gsc18\"><div class=\"t m0 x1f9 h1c y11a ff3 fsc fc0 sc0 ls0 ws0\">finanziarie</div></div><div class=\"c w6 h25 gsc19\"><div class=\"t m0 x1f9 h1c y11a ff3 fsc fc0 sc0 ls0 ws0\">valutate</div></div><div class=\"c w7 h25 gsc1a\"><div class=\"t m0 x1f9 h1c y11a ff3 fsc fc0 sc0 ls0 ws0\">al</div></div><div class=\"c wa6 h25 gsc1b\"><div class=\"t m0 x1f9 h1c y11a ff3 fsc fc0 sc0 ls0 ws0\">fair</div></div><div class=\"c w8d h25 gsc1c\"><div class=\"t m0 x1f9 h1c y11a ff3 fsc fc0 sc0 ls0 ws0\">value</div></div><div class=\"c wa7 h25 gsc1d\"><div class=\"t m0 x1f9 h1c y11a ff3 fsc fc0 sc0 ls0 ws0\">con</div></div><div class=\"c wa8 h25 gsc1e\"><div class=\"t m0 x1f9 h1c y11a ff3 fsc fc0 sc0 ls0 ws0\">impatto</div></div><div class=\"c w77 h25 gsc1f\"><div class=\"t m0 x1f9 h1c y11a ff3 fsc fc0 sc0 ls0 ws0\">sulla<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsc20\">redditivit\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsc21\">complessiva<span class=\"_ _0\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsc22\">6.<span class=\"_ _0\"></span>162<span class=\"_ _0\"></span>.87<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsc23\">4<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsc24\">31.<span class=\"_ _0\"></span>578<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsc25\">6.<span class=\"_ _0\"></span>553.8<span class=\"_ _0\"></span>24<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsc26\">2.<span class=\"_ _0\"></span>859<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsc27\">36.<span class=\"_ _0\"></span>500<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsc28\">3.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Derivati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cope<span class=\"_ _0\"></span>rtu<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span> <span class=\"_ _2d\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsc29\">1.<span class=\"_ _0\"></span>090<span class=\"_ _0\"></span>.23<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsc2a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsc2b\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsc2c\">21<span class=\"_ _0\"></span>1.1<span class=\"_ _0\"></span>01<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsc2d\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsc2e\">4.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mat<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span> <span class=\"_ _1a0\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsc2f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsc30\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsc31\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsc32\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsc33\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsc34\">5.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">imma<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span>i <span class=\"_ _86\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsc35\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsc36\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsc37\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsc38\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsc39\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gsc3a\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gsc3b\">6.<span class=\"_ _0\"></span>18<span class=\"_ _0\"></span>2.4<span class=\"_ _0\"></span>90<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gsc3c\">1.<span class=\"_ _0\"></span>13<span class=\"_ _0\"></span>2.0<span class=\"_ _0\"></span>22<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gsc3d\">84<span class=\"_ _0\"></span>.12<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gsc3e\">6.<span class=\"_ _0\"></span>57<span class=\"_ _0\"></span>0.5<span class=\"_ _0\"></span>51<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gsc3f\">25<span class=\"_ _0\"></span>5.<span class=\"_ _0\"></span>13<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gsc40\">60<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>63<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsc41\">1.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Pas<span class=\"_ _0\"></span>sivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fina<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ie<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>nut<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>goz<span class=\"_ _0\"></span>iaz<span class=\"_ _0\"></span>ione<span class=\"_ _1\"></span> <span class=\"_ _112\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsc42\">36.<span class=\"_ _0\"></span>257<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsc43\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsc44\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsc45\">33.<span class=\"_ _0\"></span>148<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsc46\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsc47\">2.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Pass<span class=\"_ _0\"></span>ivit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>fin<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>rie<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>esi<span class=\"_ _0\"></span>gna<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fai<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>lue<span class=\"_ _0\"></span> <span class=\"_ _1a1\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsc48\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsc49\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsc4a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsc4b\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsc4c\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsc4d\">3.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Derivati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cope<span class=\"_ _0\"></span>rtu<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span> <span class=\"_ _2d\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsc4e\">874<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>58<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsc4f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsc50\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsc51\">40<span class=\"_ _0\"></span>8.0<span class=\"_ _0\"></span>84<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsc52\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gsc53\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gsc54\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gsc55\">91<span class=\"_ _0\"></span>0.<span class=\"_ _0\"></span>315<span class=\"_ _3bd\"> </span></div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gsc56\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gsc57\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gsc58\">44<span class=\"_ _0\"></span>1.2<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gsc59\">-</div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsc5a\">In<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riferimento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">va<span class=\"_ _2\"></span>lutate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>u<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">base<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ricorrente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">data<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">31<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dicembre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">2022<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">g<span class=\"_ _2\"></span>li<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">st<span class=\"_ _2\"></span>rumenti<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsc5b\">valorizzati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>secondo<span class=\"ff1\">  </span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>mercato<span class=\"ff1\">  </span>p<span class=\"_ _0\"></span>i\u00f9<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>vantaggios<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(livello<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fair<span class=\"_ _2\"></span><span class=\"ff1\">  </span>v<span class=\"_ _0\"></span>alue<span class=\"ff1\">  </span>p<span class=\"_ _0\"></span>ari<span class=\"ff1\">  </span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>1)<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e/o<span class=\"ff1\">  </span>secondo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tecniche<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsc5c\">valutazione<span class=\"ff1\"> </span>basate<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>parametri<span class=\"ff1\"> <span class=\"_ _2\"></span></span>osservabili<span class=\"ff1\"> </span>(livello<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>fair<span class=\"ff1\"> <span class=\"_ _2\"></span></span>value<span class=\"ff1\"> </span>p<span class=\"_ _2\"></span>ari<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>2)<span class=\"ff1\"> </span>rappresentano<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>99,79%<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>tot<span class=\"_ _2\"></span>ale<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsc5d\">delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>(valore<span class=\"ff1\"> </span>stabile<span class=\"ff1\"> </span>rispetto<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>corr<span class=\"_ _2\"></span>isponden<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>2021<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>99,44<span class=\"_ _2\"></span>%).<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsc5e\">Gli<span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> </span>valutati<span class=\"ff1\"> </span>tramite<span class=\"ff1\"> </span>tecniche<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> </span>basate<span class=\"ff1\"> </span>prevalentemente<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>parametri<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>osservabili<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsc5f\">hanno<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riguardato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>una<span class=\"ff1\"> <span class=\"_ _20\"></span></span>part<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>esiduale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d<span class=\"_ _2\"></span>el<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>otale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valutate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _2\"></span></span>value<span class=\"ff1\"> <span class=\"_ _21\"></span></span>(0,21%)<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>costante<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rispetto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsc60\">valore<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>2021<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>0,56%.<span class=\"_ _3bd\"> </span> </div>A.<span class=\"_ _0\"></span>4.5<span class=\"_ _0\"></span>.2<span class=\"_ _3bd\"> </span>Va<span class=\"_ _0\"></span>ria<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>an<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>at<span class=\"_ _1\"></span>tivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>fai<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lue<span class=\"_ _3bd\"> </span>su<span class=\"_ _3bd\"> </span>ba<span class=\"_ _0\"></span>se<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span>(l<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>3<span class=\"_ _0\"></span>)<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Att<span class=\"_ _1\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>tat<span class=\"_ _1\"></span>e<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>fa<span class=\"_ _1\"></span>ir<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span>im<span class=\"_ _1\"></span>pat<span class=\"_ _0\"></span>to<span class=\"_ _3bd\"> </span>a<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Att<span class=\"_ _1\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>nan<span class=\"_ _1\"></span>zia<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>val<span class=\"_ _0\"></span>utate<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>fair<span class=\"_ _3bd\"> </span>val<span class=\"_ _0\"></span>ue<span class=\"_ _3bd\"> </span>con<span class=\"_ _3bd\"> </span>impa<span class=\"_ _0\"></span>tto<span class=\"_ _3bd\"> </span>su<span class=\"_ _0\"></span>lla<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>cont<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>ec<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>om<span class=\"_ _1\"></span>ico<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>di<span class=\"_ _3bd\"> </span>cui:<span class=\"_ _3bd\"> </span>a)<span class=\"_ _3bd\"> </span>at<span class=\"_ _0\"></span>tiv<span class=\"_ _1\"></span>it\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>nan<span class=\"_ _1\"></span>zia<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cui:<span class=\"_ _3bd\"> </span>b)<span class=\"_ _3bd\"> </span>at<span class=\"_ _0\"></span>tiv<span class=\"_ _1\"></span>it\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>nan<span class=\"_ _1\"></span>zia<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cui:<span class=\"_ _3bd\"> </span>c)<span class=\"_ _3bd\"> </span>altre<span class=\"_ _3bd\"> </span>attiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span>fina<span class=\"_ _0\"></span>nziar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>ob<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>ori<span class=\"_ _0\"></span>am<span class=\"_ _1\"></span>ent<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>val<span class=\"_ _0\"></span>utate<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>fair<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>De<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>vat<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span>d<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>Att<span class=\"_ _1\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span>m<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ali<span class=\"_ _3bd\"> </span>Att<span class=\"_ _1\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span>im<span class=\"_ _0\"></span>ma<span class=\"_ _1\"></span>teri<span class=\"_ _1\"></span>ali<span class=\"_ _3bd\"> </span>l<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>fa<span class=\"_ _1\"></span>ir<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>g<span class=\"_ _0\"></span>ozi<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>ion<span class=\"_ _1\"></span>e<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>1.<span class=\"_ _3bd\"> </span>Esist<span class=\"_ _0\"></span>enze<span class=\"_ _3bd\"> </span>in<span class=\"_ _1\"></span>izia<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span> <span class=\"_ _192\"> </span>24.4<span class=\"_ _0\"></span>63<span class=\"_ _1\"></span> 2<span class=\"_ _0\"></span>.5<span class=\"_ _1\"></span>83<span class=\"_ _1\"></span> - <span class=\"_ _2f\"> </span>21<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>80<span class=\"_ _1\"></span> <span class=\"_ _1a2\"> </span>36<span class=\"_ _1\"></span>.500<span class=\"_ _1\"></span> <span class=\"_ _b7\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>2.<span class=\"_ _3bd\"> </span>Au<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _1\"></span>i <span class=\"_ _1a3\"> </span>36<span class=\"_ _1\"></span>.545<span class=\"_ _1\"></span> 6<span class=\"_ _1\"></span>4 - <span class=\"_ _2f\"> </span>36<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>81<span class=\"_ _0\"></span> <span class=\"_ _7f\"> </span>9<span class=\"_ _0\"></span>25<span class=\"_ _1\"></span> <span class=\"_ _7f\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>1.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Ac<span class=\"_ _0\"></span>quis<span class=\"_ _0\"></span>ti <span class=\"_ _1a4\"> </span>36.<span class=\"_ _0\"></span>107<span class=\"_ _0\"></span> </span></span>58<span class=\"_ _1\"></span> - <span class=\"_ _4a\"> </span>36.<span class=\"_ _0\"></span>04<span class=\"_ _0\"></span>9 <span class=\"_ _4a\"> </span>- <span class=\"_ _7f\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _6c\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _83\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span>2.<span class=\"_ _0\"></span>2.<span class=\"ff1\"> </span>P<span class=\"_ _0\"></span>rofit<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">imp<span class=\"_ _0\"></span>uta<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a:<span class=\"_ _0\"></span> <span class=\"_ _17b\"> </span>43<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span> </span></span></span></span>2 - <span class=\"_ _c4\"> </span>43<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span> <span class=\"_ _70\"> </span>92<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span> <span class=\"_ _7f\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _6c\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _83\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span>2.2.1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Conto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Econ<span class=\"_ _0\"></span>omic<span class=\"_ _0\"></span>o <span class=\"_ _1a5\"> </span>4<span class=\"_ _0\"></span>34<span class=\"_ _1\"></span> </span></span></span></span>2 - <span class=\"_ _c4\"> </span>43<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span> <span class=\"_ _4a\"> </span>- <span class=\"_ _7f\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _6c\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _83\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">plu<span class=\"_ _0\"></span>sv<span class=\"_ _0\"></span>alen<span class=\"_ _0\"></span>ze<span class=\"_ _0\"></span> <span class=\"_ _1a6\"> </span>33<span class=\"_ _1\"></span>6 </span></span></span></span></span></span>- - <span class=\"_ _c4\"> </span>33<span class=\"_ _1\"></span>6 <span class=\"_ _4b\"> </span>- <span class=\"_ _7f\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _6c\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _83\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span>2.<span class=\"_ _0\"></span>2.2<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>Patri<span class=\"_ _0\"></span>mon<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>ne<span class=\"_ _1\"></span>tto<span class=\"_ _0\"></span> <span class=\"_ _1a7\"> </span>- <span class=\"_ _177\"> </span>X<span class=\"_ _3bd\"> </span>X <span class=\"_ _6a\"> </span>X<span class=\"_ _3bd\"> </span>92<span class=\"_ _1\"></span>5 <span class=\"_ _7f\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _6c\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _83\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span>2.<span class=\"_ _0\"></span>3.<span class=\"ff1\"> </span>Tr<span class=\"_ _0\"></span>asfe<span class=\"_ _0\"></span>rim<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>tri<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">live<span class=\"_ _0\"></span>lli<span class=\"_ _0\"></span> <span class=\"_ _32\"> </span>- </span></span>- - <span class=\"_ _45\"> </span>- <span class=\"_ _4a\"> </span>- <span class=\"_ _7f\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _6c\"> </span><span class=\"ff3\">-<span class=\"_ _1c\"></span><span class=\"ff1\"> <span class=\"_ _31\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span>2.4.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">variazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"_ _2\"></span>n<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">aum<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>o <span class=\"_ _41\"> </span>4 </span></span></span></span></span></span></span></span>4 - <span class=\"_ _45\"> </span>- <span class=\"_ _4a\"> </span>- <span class=\"_ _7f\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _6c\"> </span><span class=\"ff3\">-<span class=\"_ _1c\"></span><span class=\"ff1\"> <span class=\"_ _31\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span>3.<span class=\"_ _3bd\"> </span>Di<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i 8.<span class=\"_ _0\"></span>461 2.<span class=\"_ _0\"></span>624 - <span class=\"_ _ca\"> </span>5.<span class=\"_ _1\"></span>837<span class=\"_ _1\"></span> <span class=\"_ _1a8\"> </span>5.8<span class=\"_ _0\"></span>47 <span class=\"_ _7f\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _6c\"> </span><span class=\"ff3\">-<span class=\"_ _1c\"></span><span class=\"ff1\"> <span class=\"_ _31\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span>3.1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Vend<span class=\"_ _0\"></span>ite<span class=\"_ _0\"></span> <span class=\"_ _1a9\"> </span>34<span class=\"_ _1\"></span>9 </span></span>2<span class=\"_ _0\"></span>35<span class=\"_ _0\"></span> - <span class=\"_ _11e\"> </span>1<span class=\"_ _1\"></span>14<span class=\"_ _0\"></span> <span class=\"_ _4a\"> </span>- <span class=\"_ _7f\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _6c\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _83\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span>3.2.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Rimb<span class=\"_ _0\"></span>orsi<span class=\"_ _1\"></span> <span class=\"_ _1aa\"> </span>4.<span class=\"_ _0\"></span>490 </span></span>2<span class=\"_ _0\"></span>.0<span class=\"_ _1\"></span>79 - <span class=\"_ _6f\"> </span>2.4<span class=\"_ _0\"></span>11 <span class=\"_ _4a\"> </span>- <span class=\"_ _7f\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _6c\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _83\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span>3.3<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>Per<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>impu<span class=\"_ _0\"></span>tat<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>:<span class=\"_ _0\"></span> <span class=\"_ _aa\"> </span>1<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>86 4<span class=\"_ _0\"></span>7 - <span class=\"_ _35\"> </span>1.<span class=\"_ _0\"></span>839<span class=\"_ _0\"></span> <span class=\"_ _1a8\"> </span>2.4<span class=\"_ _0\"></span>37 <span class=\"_ _7f\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _6c\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _83\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span>3.3<span class=\"_ _0\"></span>.1.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Con<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>Ec<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>omic<span class=\"_ _0\"></span>o <span class=\"_ _b5\"> </span>1.8<span class=\"_ _0\"></span>86 </span></span>4<span class=\"_ _0\"></span>7 - <span class=\"_ _35\"> </span>1.<span class=\"_ _0\"></span>839<span class=\"_ _0\"></span> <span class=\"_ _4a\"> </span>- <span class=\"_ _7f\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _6c\"> </span><span class=\"ff3\">-<span class=\"_ _1c\"></span><span class=\"ff1\"> <span class=\"_ _31\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mi<span class=\"_ _0\"></span>nus<span class=\"_ _0\"></span>vale<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>e <span class=\"_ _ed\"> </span>42<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span> </span></span></span></span></span></span>4<span class=\"_ _0\"></span>7 - <span class=\"_ _ab\"> </span>3<span class=\"_ _1\"></span>76<span class=\"_ _0\"></span> <span class=\"_ _4a\"> </span>- <span class=\"_ _7f\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _6c\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _83\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span>3.3<span class=\"_ _0\"></span>.2.<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">Patri<span class=\"_ _0\"></span>mon<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>ne<span class=\"_ _1\"></span>tto<span class=\"_ _1\"></span> <span class=\"_ _1a7\"> </span>- <span class=\"_ _177\"> </span>X<span class=\"_ _3bd\"> </span></span></span>X <span class=\"_ _6a\"> </span>X<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>437 <span class=\"_ _7f\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _6c\"> </span><span class=\"ff3\">-<span class=\"_ _1c\"></span><span class=\"ff1\"> <span class=\"_ _31\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span>3.4<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>Tr<span class=\"_ _0\"></span>asfe<span class=\"_ _1\"></span>rimen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ltr<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>liv<span class=\"_ _0\"></span>elli<span class=\"_ _0\"></span> <span class=\"_ _6e\"> </span>1.<span class=\"_ _1\"></span>473 - - <span class=\"_ _37\"> </span>1.47<span class=\"_ _0\"></span>3 <span class=\"_ _1a8\"> </span>3<span class=\"_ _0\"></span>.3<span class=\"_ _1\"></span>20 <span class=\"_ _7f\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _6c\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _83\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span>3.5<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span>Alt<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>var<span class=\"_ _0\"></span>iaz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>dim<span class=\"_ _0\"></span>inu<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e 2<span class=\"_ _0\"></span>63<span class=\"_ _1\"></span> <span class=\"_ _194\"> </span>2<span class=\"_ _0\"></span>63<span class=\"_ _1\"></span> <span class=\"_ _72\"> </span>- <span class=\"_ _45\"> </span>- <span class=\"_ _34\"> </span>90<span class=\"_ _1\"></span> <span class=\"_ _b7\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _6c\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _31\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span>4.<span class=\"_ _3bd\"> </span>Rim<span class=\"_ _1\"></span>an<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ze<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>li <span class=\"_ _f9\"> </span>52.<span class=\"_ _1\"></span>547<span class=\"_ _1\"></span> <span class=\"_ _1ab\"> </span>2<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span> - <span class=\"_ _3b\"> </span>52<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>24<span class=\"_ _0\"></span> <span class=\"_ _1ac\"> </span>31<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>78<span class=\"_ _0\"></span> <span class=\"_ _7f\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>L\u2019attribuzione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l<span class=\"_ _2\"></span>ivello<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _20\"></span></span>value<span class=\"ff1\"> <span class=\"_ _21\"></span></span>pari<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>3<span class=\"ff1\"> <span class=\"_ _21\"></span></span>riguarda<span class=\"ff1\"> <span class=\"_ _20\"></span></span>strumenti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>defin<span class=\"_ _0\"></span>iti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u201cilliquidi\u201d<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"_ _2\"></span>videnziano<span class=\"ff1\"> <span class=\"_ _20\"></span></span>poche<span class=\"ff1\"> </span>valorizzazioni<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>corso<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tempo<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>quali<span class=\"ff1\"> </span>lo<span class=\"ff1\"> </span>stat<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>strumento<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>pi\u00f9<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>generale<span class=\"ff1\"> </span>dell\u2019emittente<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span></span></span>da<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">valu<span class=\"_ _0\"></span>taz<span class=\"_ _0\"></span>ione,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">n<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>rend<span class=\"_ _1\"></span>e<span class=\"ff1\"> </span>possi<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>\u2019ipo<span class=\"_ _0\"></span>tesi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">u<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>eve<span class=\"_ _0\"></span>ntu<span class=\"_ _0\"></span>ale<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>ipr<span class=\"_ _0\"></span>isti<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>me<span class=\"_ _0\"></span>rcato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ve<span class=\"_ _0\"></span>rso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">uno<span class=\"ff1\"> </span>sta<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ttiv<span class=\"_ _0\"></span>o.<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>Nella<span class=\"ff1\"> </span>voce<span class=\"ff1\"> </span>2.1<span class=\"ff1\"> </span>\u201cAcquisti\u201d<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>riportat<span class=\"_ _2\"></span>i: -<span class=\"_ _3bd\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valutate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">FV<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">impatto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Conto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Economico:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>re<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">obbligazioni<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Nella<span class=\"ff1\"> </span>voce<span class=\"ff1\"> </span>3.1<span class=\"ff1\"> </span>\u201cVendite\u201d<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>riportati: -<span class=\"_ _3bd\"> </span>atti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nzia<span class=\"_ _0\"></span>rie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">valu<span class=\"_ _0\"></span>tate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ob<span class=\"_ _0\"></span>blig<span class=\"_ _0\"></span>atori<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>nte<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">al</span> <span class=\"ff3\">FV<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>mpat<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>Co<span class=\"_ _0\"></span>nto<span class=\"ff1\"> </span>E<span class=\"_ _0\"></span>con<span class=\"_ _0\"></span>omic<span class=\"_ _0\"></span>o:<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>ond<span class=\"_ _0\"></span>o; </span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>atti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>anzia<span class=\"_ _0\"></span>rie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">v<span class=\"_ _0\"></span>alut<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al</span> <span class=\"_ _0\"></span><span class=\"ff3\">FV<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">impatt<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">CE:<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>ue<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">obb<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>azion<span class=\"_ _0\"></span>i. </span></span></span></span></span></span></span></span></span></span></span></span>Le<span class=\"ff1\"> </span>variazioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">annue</span> <span class=\"ff3\">da</span> <span class=\"ff3\">e</span> <span class=\"ff3\">verso</span> <span class=\"ff3\">Livello</span> <span class=\"ff3\">3</span> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>31/12/2022<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>evi<span class=\"_ _0\"></span>denziano<span class=\"ff1\"> </span>tras<span class=\"_ _2\"></span>ferimenti<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>verso<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">livello<span class=\"ff1\"> </span>3<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span></span></span></span></span></span></span>per<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>quanto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>riguarda<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sezione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>diminuzioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>quanto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>concerne<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sezione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>aumenti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tutte<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> </span>cl<span class=\"_ _0\"></span>assi<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>cont<span class=\"_ _0\"></span>abil<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>(atti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>finan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>valu<span class=\"_ _0\"></span>tate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o<span class=\"_ _2\"></span>bb<span class=\"_ _0\"></span>liga<span class=\"_ _0\"></span>tori<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>FV<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>imp<span class=\"_ _0\"></span>atto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"ff3\">Conto</span> <span class=\"ff3\">Eco<span class=\"_ _0\"></span>nomic<span class=\"_ _0\"></span>o,<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valutate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>F<span class=\"_ _2\"></span>V<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>impatto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Conto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Econom<span class=\"_ _2\"></span>ico<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>va<span class=\"_ _2\"></span>lutate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>FV<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> </span>impatto<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>redditivit\u00e0<span class=\"ff1\"> </span>complessiva).<span class=\"_ _3bd\"> </span>A.<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>5.4<span class=\"_ _3bd\"> </span>At<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>pa<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span>no<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>fai<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lue<span class=\"_ _3bd\"> </span>o<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>ate<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>fai<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>su<span class=\"_ _3bd\"> </span>ba<span class=\"_ _0\"></span>se<span class=\"_ _3bd\"> </span>no<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>cor<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>e:<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>par<span class=\"_ _1\"></span>tizi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>li<span class=\"_ _0\"></span>vel<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>fai<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>v<span class=\"_ _0\"></span>al<span class=\"_ _1\"></span>ue<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span><table class=\"s w389 h21c\" id=\"_66019b29-35fc-4b20-88ef-3ccbdb6b1e07\"><tr><td class=\"t m0 x53d h2f y4c45 ff3 fs16 fc7 sc4 ls0 ws0\">Attivit\u00e0/Pas<span class=\"_ _0\"></span>sivit\u00e0<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x53e h2f y4c45 ff3 fs16 fc7 sc4 ls0 ws0\">non<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x53f h2f y4c45 ff3 fs16 fc7 sc4 ls0 ws0\" colspan=\"2\">misurate</td><td class=\"t m0 x540 h2f y4c45 ff3 fs16 fc7 sc4 ls0 ws0\">al<span class=\"_ _3bd\"> </span></td><td class=\"c x542 y4c46 w38a h20d\"><div class=\"t m0 x2c1 h2f y4a51 ff3 fs16 fc7 sc4 ls0 ws0\">fair<span class=\"_ _3bd\"> </span></div><div class=\"t m0 x541 h2f y4a51 ff3 fs16 fc7 sc4 ls0 ws0\">value</div></td><td class=\"t m0 x543 h2f y4c45 ff3 fs16 fc7 sc4 ls0 ws0\">o<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x544 h2f y4c45 ff3 fs16 fc7 sc4 ls0 ws0\">misurate<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x545 h2f y4c45 ff3 fs16 fc7 sc4 ls0 ws0\">al<span class=\"_ _3bd\"> </span></td><td></td><td class=\"c n x546 y4c47 w38b h20d\" colspan=\"2\"><div class=\"t m0 x2c1 h2f y4a51 ff3 fs16 fc7 sc4 ls0 ws0\">31/<span class=\"_ _0\"></span>12/<span class=\"_ _0\"></span>202<span class=\"_ _1\"></span>2<span class=\"_ _3bd\"> </span></div></td><td></td><td></td><td class=\"c n x547 y4c47 w308 h20d\" colspan=\"2\"><div class=\"t m0 x2c1 h2f y4a51 ff3 fs16 fc4 sc4 ls0 ws0 sc2 sc1\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _0\"></span>021<span class=\"_ _3bd\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c x549 y4c48 w38c h20d\"><div class=\"t m0 x2c1 h2f y4a51 ff3 fs16 fc7 sc4 ls0 ws0\">fair<span class=\"_ _3bd\"> </span></div><div class=\"t m0 x548 h2f y4a51 ff3 fs16 fc7 sc4 ls0 ws0\">value</div></td><td class=\"t m0 x53f h2f y4c49 ff3 fs16 fc7 sc4 ls0 ws0\">su<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x54a h2f y4c49 ff3 fs16 fc7 sc4 ls0 ws0\">base<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x54b h2f y4c49 ff3 fs16 fc7 sc4 ls0 ws0\">non<span class=\"_ _3bd\"> </span></td><td></td><td class=\"t m0 x54c h2f y4c49 ff3 fs16 fc7 sc4 ls0 ws0\">ricorrente<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c n x54d y4c4a w38d h20d\"><div class=\"t m0 x2c1 h2f y4a51 ff3 fs16 fc4 sc2 ls0 ws0\">V<span class=\"_ _0\"></span>B<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x54e y4c4a w38e h20d\"><div class=\"t m0 x2c1 h2f y4a51 ff3 fs16 fc4 sc2 ls0 ws0 sc1\">L<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x54f y4c4a w38f h20d\"><div class=\"t m0 x2c1 h2f y4a51 ff3 fs16 fc4 sc2 ls0 ws0 sc1\">L2<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x550 y4c4a w390 h20d\"><div class=\"t m0 x2c1 h2f y4a51 ff3 fs16 fc4 sc2 ls0 ws0 sc1\">L3<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x551 y4c4a w391 h20d\"><div class=\"t m0 x2c1 h2f y4a51 ff3 fs16 fc4 sc2 ls0 ws0 sc1\">VB<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x552 y4c4a w392 h20d\"><div class=\"t m0 x2c1 h2f y4a51 ff3 fs16 fc4 sc2 ls0 ws0 sc1\">L<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x553 y4c4a w38f h20d\"><div class=\"t m0 x2c1 h2f y4a51 ff3 fs16 fc4 sc2 ls0 ws0 sc1\">L2<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x554 y4c4a w393 h20d\"><div class=\"t m0 x2c1 h2f y4a51 ff3 fs16 fc4 sc2 ls0 ws0 sc1\">L<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span></div></td></tr><tr><td class=\"c n x2c2 y4c4b w394 h20d\"><div class=\"t m0 x2c1 h2f y4a51 ff3 fs16 fc0 sc0 ls0 ws0\">1.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Attiv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span>fin<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>iarie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">val<span class=\"_ _0\"></span>uta<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>costo<span class=\"ff1\"> </span>ammo<span class=\"_ _0\"></span>rtiz<span class=\"_ _0\"></span>zato<span class=\"_ _3bd\"> </span></span></span></span></span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c n x555 y4c4b w395 h20d\"><div class=\"t m0 x2c1 h2f y4a51 ff3 fs16 fc0 sc0 ls0 ws0\">4<span class=\"_ _0\"></span>3.8<span class=\"_ _0\"></span>31.2<span class=\"_ _0\"></span>10</div></td><td class=\"t m0 x556 h2f y4c4c ff3 fs16 fc0 sc0 ls0 ws0\">7.1<span class=\"_ _0\"></span>53.<span class=\"_ _0\"></span>286<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x557 h2f y4c4c ff3 fs16 fc0 sc0 ls0 ws0\">575<span class=\"_ _0\"></span>.500<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x558 h2f y4c4c ff3 fs16 fc0 sc0 ls0 ws0\">34<span class=\"_ _0\"></span>.547.<span class=\"_ _0\"></span>315<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x559 h2f y4c4c ff3 fs16 fc0 sc0 ls0 ws0\">49<span class=\"_ _0\"></span>.137.<span class=\"_ _0\"></span>481<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x55a h2f y4c4c ff3 fs16 fc0 sc0 ls0 ws0\">6.<span class=\"_ _0\"></span>503.<span class=\"_ _0\"></span>782<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x55b h2f y4c4c ff3 fs16 fc0 sc0 ls0 ws0\">61<span class=\"_ _0\"></span>8.020<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x55c h2f y4c4c ff3 fs16 fc0 sc0 ls0 ws0\">42.8<span class=\"_ _0\"></span>61.<span class=\"_ _0\"></span>918<span class=\"_ _3bd\"> </span></td></tr><tr><td class=\"c n x2c2 y4c4d w396 h20d\"><div class=\"t m0 x2c1 h2f y4a51 ff3 fs16 fc0 sc0 ls0 ws0\">2.<span class=\"ff1\"> </span>A<span class=\"_ _0\"></span>ttivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>ma<span class=\"_ _0\"></span>teri<span class=\"_ _0\"></span>ali<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>tenu<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>scop<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>inve<span class=\"_ _0\"></span>stim<span class=\"_ _0\"></span>ento<span class=\"_ _3bd\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c n x55d y4c4d w397 h20d\"><div class=\"t m0 x2c1 h2f y4a51 ff3 fs16 fc0 sc0 ls0 ws0\">5.1<span class=\"_ _0\"></span>54<span class=\"_ _3bd\"> </span></div></td><td class=\"t m1e x55e h2f y4c4e ff3 fs16 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></td><td class=\"t m1e x55f h2f y4c4e ff3 fs16 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x560 h2f y4c4e ff3 fs16 fc0 sc0 ls0 ws0\">9.<span class=\"_ _0\"></span>118<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x561 h2f y4c4e ff3 fs16 fc0 sc0 ls0 ws0\">5.1<span class=\"_ _0\"></span>28<span class=\"_ _3bd\"> </span></td><td class=\"t m1e x562 h2f y4c4e ff3 fs16 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></td><td class=\"t m1e x563 h2f y4c4e ff3 fs16 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x564 h2f y4c4e ff3 fs16 fc0 sc0 ls0 ws0\">10<span class=\"_ _0\"></span>.058<span class=\"_ _3bd\"> </span></td></tr><tr><td class=\"t m0 x565 h2f y4c4f ff3 fs16 fc0 sc0 ls0 ws0\">3.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">At<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">corrent<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gru<span class=\"_ _2\"></span>ppi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">via<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di</span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m1e x566 h2f y4c50 ff3 fs16 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></td><td class=\"t m1e x55e h2f y4c50 ff3 fs16 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></td><td class=\"t m1e x55f h2f y4c50 ff3 fs16 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></td><td class=\"t m1e x567 h2f y4c50 ff3 fs16 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x568 h2f y4c50 ff3 fs16 fc0 sc0 ls0 ws0\">5.8<span class=\"_ _0\"></span>07<span class=\"_ _3bd\"> </span></td><td class=\"t m1e x562 h2f y4c50 ff3 fs16 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></td><td class=\"t m1e x563 h2f y4c50 ff3 fs16 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x569 h2f y4c50 ff3 fs16 fc0 sc0 ls0 ws0\">5.8<span class=\"_ _0\"></span>07<span class=\"_ _3bd\"> </span></td></tr><tr><td class=\"t m0 x565 h2f y4c51 ff3 fs16 fc0 sc0 ls0 ws0\">dis<span class=\"_ _0\"></span>missi<span class=\"_ _0\"></span>one </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x56a h2f y4c52 ff3 fs16 fc0 sc1 ls0 ws0\">Tot<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x56b h2f y4c52 ff3 fs16 fc0 sc1 ls0 ws0\">43<span class=\"_ _0\"></span>.83<span class=\"_ _0\"></span>6.3<span class=\"_ _0\"></span>64<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x556 h2f y4c52 ff3 fs16 fc0 sc1 ls0 ws0\">7.1<span class=\"_ _0\"></span>53<span class=\"_ _0\"></span>.28<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x56c h2f y4c52 ff3 fs16 fc0 sc1 ls0 ws0\">575<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>00<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x558 h2f y4c52 ff3 fs16 fc0 sc1 ls0 ws0\">34<span class=\"_ _0\"></span>.55<span class=\"_ _0\"></span>6.4<span class=\"_ _0\"></span>33<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x559 h2f y4c52 ff3 fs16 fc0 sc1 ls0 ws0\">49<span class=\"_ _0\"></span>.14<span class=\"_ _0\"></span>8.4<span class=\"_ _0\"></span>16<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x56d h2f y4c52 ff3 fs16 fc0 sc1 ls0 ws0\">6.5<span class=\"_ _0\"></span>03<span class=\"_ _0\"></span>.78<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x56e h2f y4c52 ff3 fs16 fc0 sc1 ls0 ws0\">61<span class=\"_ _0\"></span>8.0<span class=\"_ _0\"></span>20<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x56f h2f y4c52 ff3 fs16 fc0 sc1 ls0 ws0\">42.<span class=\"_ _0\"></span>877<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>83<span class=\"_ _3bd\"> </span></td></tr><tr><td class=\"c n x2c2 y4c53 w398 h20d\"><div class=\"t m0 x2c1 h2f y4a5a ff3 fs16 fc0 sc0 ls0 ws0\">1.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Passiv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inanz<span class=\"_ _0\"></span>iari<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>valuta<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>costo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ammorti<span class=\"_ _0\"></span>zzat<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></span></span></span></span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c n x570 y4c53 w399 h20d\"><div class=\"t m0 x2c1 h2f y4a5a ff3 fs16 fc0 sc0 ls0 ws0\">50.<span class=\"_ _0\"></span>883.<span class=\"_ _0\"></span>109</div></td><td class=\"t m0 x571 h2f y4c54 ff3 fs16 fc0 sc0 ls0 ws0\">3.1<span class=\"_ _0\"></span>20.8<span class=\"_ _0\"></span>26<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x572 h2f y4c54 ff3 fs16 fc0 sc0 ls0 ws0\">2.5<span class=\"_ _0\"></span>39.<span class=\"_ _0\"></span>277<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x558 h2f y4c54 ff3 fs16 fc0 sc0 ls0 ws0\">45<span class=\"_ _0\"></span>.149.0<span class=\"_ _0\"></span>65<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x573 h2f y4c54 ff3 fs16 fc0 sc0 ls0 ws0\">52.<span class=\"_ _0\"></span>726.<span class=\"_ _0\"></span>659<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x55a h2f y4c54 ff3 fs16 fc0 sc0 ls0 ws0\">2.4<span class=\"_ _0\"></span>70.5<span class=\"_ _0\"></span>65<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x574 h2f y4c54 ff3 fs16 fc0 sc0 ls0 ws0\">7.2<span class=\"_ _0\"></span>51.8<span class=\"_ _0\"></span>82<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x56f h2f y4c54 ff3 fs16 fc0 sc0 ls0 ws0\">43<span class=\"_ _0\"></span>.050.<span class=\"_ _0\"></span>761<span class=\"_ _3bd\"> </span></td></tr><tr><td class=\"t m0 x565 h2f y4c55 ff3 fs16 fc0 sc0 ls0 ws0\">2.<span class=\"ff1\"> </span>P<span class=\"_ _0\"></span>assi<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">assoc<span class=\"_ _0\"></span>iate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ad<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">atti<span class=\"_ _0\"></span>vit\u00e0<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">via</span> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>dismi<span class=\"_ _0\"></span>ssion<span class=\"_ _0\"></span>e</span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m1e x566 h2f y4c55 ff3 fs16 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></td><td class=\"t m1e x55e h2f y4c55 ff3 fs16 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></td><td class=\"t m1e x55f h2f y4c55 ff3 fs16 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></td><td class=\"t m1e x567 h2f y4c55 ff3 fs16 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x568 h2f y4c55 ff3 fs16 fc0 sc0 ls0 ws0\">7.8<span class=\"_ _0\"></span>90<span class=\"_ _3bd\"> </span></td><td class=\"t m1e x562 h2f y4c55 ff3 fs16 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></td><td class=\"t m1e x563 h2f y4c55 ff3 fs16 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x569 h2f y4c55 ff3 fs16 fc0 sc0 ls0 ws0\">7.8<span class=\"_ _0\"></span>90<span class=\"_ _3bd\"> </span></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x56a h2f y4c56 ff3 fs16 fc0 sc1 ls0 ws0\">Tot<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x575 h2f y4c56 ff3 fs16 fc0 sc1 ls0 ws0\">50.<span class=\"_ _0\"></span>88<span class=\"_ _0\"></span>3.1<span class=\"_ _0\"></span>09<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x556 h2f y4c56 ff3 fs16 fc0 sc1 ls0 ws0\">3.1<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>.82<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x572 h2f y4c56 ff3 fs16 fc0 sc1 ls0 ws0\">2.5<span class=\"_ _0\"></span>39<span class=\"_ _0\"></span>.27<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x576 h2f y4c56 ff3 fs16 fc0 sc1 ls0 ws0\">45<span class=\"_ _0\"></span>.14<span class=\"_ _0\"></span>9.0<span class=\"_ _0\"></span>65<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x577 h2f y4c56 ff3 fs16 fc0 sc1 ls0 ws0\">52<span class=\"_ _0\"></span>.73<span class=\"_ _0\"></span>4.5<span class=\"_ _0\"></span>49<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x56d h2f y4c56 ff3 fs16 fc0 sc1 ls0 ws0\">2.4<span class=\"_ _0\"></span>70<span class=\"_ _0\"></span>.56<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x578 h2f y4c56 ff3 fs16 fc0 sc1 ls0 ws0\">7.2<span class=\"_ _0\"></span>51<span class=\"_ _0\"></span>.88<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x55c h2f y4c56 ff3 fs16 fc0 sc1 ls0 ws0\">43<span class=\"_ _0\"></span>.05<span class=\"_ _0\"></span>8.6<span class=\"_ _0\"></span>51<span class=\"_ _3bd\"> </span></td></tr></table>A<span class=\"_ _3bd\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-839": {
   "value": "A<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span><span class=\"ff5\"> <span class=\"ff3\">I<span class=\"_ _1\"></span>NF<span class=\"_ _0\"></span>OR<span class=\"_ _1\"></span>MA<span class=\"_ _0\"></span>TI<span class=\"_ _0\"></span>VA<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">SU<span class=\"_ _0\"></span>L<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">FA<span class=\"_ _0\"></span>I<span class=\"_ _0\"></span>R<span class=\"ff1\"> </span>V<span class=\"_ _1\"></span>ALU<span class=\"_ _0\"></span>E<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>Inf<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>va<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>na<span class=\"_ _1\"></span>tura<span class=\"_ _3bd\"> </span>qu<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>lita<span class=\"_ _1\"></span>tiva<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>A.<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>1\u2013<span class=\"_ _3bd\"> </span>Livello<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>fair<span class=\"_ _3bd\"> </span>value<span class=\"_ _3bd\"> </span>2<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>3:<span class=\"_ _3bd\"> </span>tecniche<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>valutaz<span class=\"_ _0\"></span>ione<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>input<span class=\"_ _3bd\"> </span>ut<span class=\"_ _0\"></span>iliz<span class=\"_ _1\"></span>zat<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>Le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">te<span class=\"_ _0\"></span>cnic<span class=\"_ _0\"></span>he<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">va<span class=\"_ _0\"></span>luta<span class=\"_ _0\"></span>zione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">u<span class=\"_ _0\"></span>tili<span class=\"_ _0\"></span>zzat<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>g<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">st<span class=\"_ _0\"></span>rume<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fi<span class=\"_ _0\"></span>nanzi<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">app<span class=\"_ _0\"></span>arte<span class=\"_ _1\"></span>nenti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">li<span class=\"_ _0\"></span>vell<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>3<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">si</span> <span class=\"_ _0\"></span><span class=\"ff3\">dist<span class=\"_ _0\"></span>ingu<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>o:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziarie:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valutazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>egli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">strumenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">strutturati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">utilizzando<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">componente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">obbligazionari<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>modello<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>discounted<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cas<span class=\"_ _2\"></span>h<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>flow<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tasso<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span></span>corretto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>opport<span class=\"_ _2\"></span>uno<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>credito,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>l<span class=\"_ _3bd\"> </span>componente<span class=\"ff1\"> </span>azionaria<span class=\"ff1\"> </span>utilizzando<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>modello<span class=\"ff1\"> </span>Black&amp;Scholes;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Passivit\u00e0<span class=\"ff1\">  </span>finanziarie:<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>valutazione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>degli<span class=\"ff1\">  </span>s<span class=\"_ _2\"></span>trumenti<span class=\"ff1\">  </span>plain<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>vanilla<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>secondo<span class=\"ff1\">  </span>le<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>tecniche<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\">  </span>va<span class=\"_ _2\"></span>lutazion<span class=\"_ _3bd\"> </span>discounted<span class=\"ff1\"> </span>cash<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">flow<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cassa<span class=\"ff1\"> </span>considerando<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tasso<span class=\"_ _2\"></span><span class=\"ff1\"> </span>corretto<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cred<span class=\"_ _0\"></span>ito<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Credito<span class=\"ff1\"> </span>Emilian<span class=\"_ _3bd\"> </span></span></span></span></span>sulla<span class=\"ff1\"> </span>scadenza<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>strumento.<span class=\"_ _3bd\"> </span>Si<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rip<span class=\"_ _1\"></span>orta<span class=\"ff1\"> </span>b<span class=\"_ _0\"></span>reve<span class=\"_ _1\"></span>m<span class=\"_ _2\"></span>en<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>nizi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> </span>m<span class=\"_ _0\"></span>odel<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">utiliz<span class=\"_ _0\"></span>zat<span class=\"_ _0\"></span>i:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>1.Di<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>ed<span class=\"_ _3bd\"> </span>Ca<span class=\"_ _0\"></span>sh<span class=\"_ _3bd\"> </span>F<span class=\"_ _0\"></span>lo<span class=\"_ _1\"></span>w<span class=\"fc0 sc1\"> </span>Il<span class=\"ff1\"> </span>modello<span class=\"ff1\"> </span>discounted<span class=\"ff1\"> </span>cash<span class=\"ff1\"> </span>flow,<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>assa<span class=\"ff1\"> </span>att<span class=\"_ _2\"></span>ualizzati,<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> </span>metodo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>investimento,<span class=\"_ _3bd\"> </span></span></span>ba<span class=\"_ _0\"></span>sato<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sul<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">proc<span class=\"_ _0\"></span>esso<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">f<span class=\"_ _0\"></span>inanz<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>rio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attu<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>zzaz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>onse<span class=\"_ _0\"></span>nte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ogg<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">val<span class=\"_ _0\"></span>ore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attua<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>un<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ca<span class=\"_ _0\"></span>pita<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ch<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>h<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ome<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">na<span class=\"_ _0\"></span>tural<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">scad<span class=\"_ _0\"></span>enza<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>da<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>utu<span class=\"_ _0\"></span>ra<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>rami<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l'a<span class=\"_ _0\"></span>ppli<span class=\"_ _0\"></span>cazi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">u<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>asso<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sc<span class=\"_ _0\"></span>onto<span class=\"_ _0\"></span>.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tass<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">scon<span class=\"_ _0\"></span>t<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>viene<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cor<span class=\"_ _2\"></span>retto<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">credito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">flussi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">futuri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attesi<span class=\"ff1\"> </span>dall'a<span class=\"_ _0\"></span>ttivit\u00e0<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">questione.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">La<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">somma<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>gebrica<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>flussi<span class=\"ff1\"> </span>attualizzati<span class=\"ff1\"> </span>rappresenta<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>netto<span class=\"ff1\"> </span>attuale<span class=\"ff1\"> </span>(Net<span class=\"ff1\"> </span>present<span class=\"ff1\"> <span class=\"_ _2\"></span></span>value)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dello</span> <span class=\"ff3\">st<span class=\"_ _2\"></span>rumento.<span class=\"_ _3bd\"> </span></span></span>I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pa<span class=\"_ _0\"></span>rame<span class=\"_ _0\"></span>tri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">uti<span class=\"_ _0\"></span>lizz<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nel<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">te<span class=\"_ _0\"></span>cnica<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">va<span class=\"_ _0\"></span>luta<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">son<span class=\"_ _0\"></span>o:<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">curv<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>ta<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"_ _0\"></span><span class=\"ff3\">cre<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">spre<span class=\"_ _0\"></span>ad<span class=\"ff1\"> </span>d<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span>ogn<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sin<span class=\"_ _0\"></span>gola<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">emi<span class=\"_ _0\"></span>ssio<span class=\"_ _0\"></span>ne.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>2.Mo<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>Bla<span class=\"_ _1\"></span>ck&amp;<span class=\"_ _0\"></span>Sch<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Il<span class=\"ff1\"> </span>modello<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Black&amp;s<span class=\"_ _2\"></span>choles<span class=\"ff1\"> </span>univariat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(BS)<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>modello<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>pric<span class=\"_ _2\"></span>ing<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> </span>opzioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pi\u00f9<span class=\"ff1\"> <span class=\"_ _2\"></span></span>famoso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riconosciuto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"_ _3bd\"> </span>me<span class=\"_ _0\"></span>rcat<span class=\"_ _0\"></span>o.<span class=\"ff1\"> </span>I<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>m<span class=\"_ _0\"></span>odell<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bas<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>sul<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ossi<span class=\"_ _0\"></span>bil<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">cr<span class=\"_ _0\"></span>eare<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un</span> <span class=\"ff3\">p<span class=\"_ _0\"></span>orta<span class=\"_ _0\"></span>fog<span class=\"_ _0\"></span>lio<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>quiv<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span>nte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">all\u2019<span class=\"_ _0\"></span>opz<span class=\"_ _0\"></span>ione,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cos<span class=\"_ _0\"></span>titui<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>rt<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>da<span class=\"ff1\"> </span>unit\u00e0<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>sottos<span class=\"_ _2\"></span>tante<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>parte<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>obbligazioni<span class=\"ff1\"> </span>prive<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>entrambi<span class=\"ff1\"> </span>influenzati<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>stessa<span class=\"ff1\"> </span>font<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>d<span class=\"_ _3bd\"> </span>incertezza<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>data<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dalle<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>variazioni<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>prezzo<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dell\u2019azione.<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>L<span class=\"_ _2\"></span>e<span class=\"ff1\">  </span>i<span class=\"_ _2\"></span>potesi<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>sottostanti<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>modello<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>BS<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>sono<span class=\"ff1\"> </span>rappresentate<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dall'andamento<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>prezzi<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dell'attivit\u00e0<span class=\"ff1\">  </span>sottostante<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>(approssimato<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>processo<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>log-<span class=\"ff1\"> </span>normale),<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>presenza<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>mercato<span class=\"ff1\"> </span>perfettamente<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>fficiente;<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>interesse<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>dal<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>volatilit\u00e0<span class=\"ff1\"> </span>de<span class=\"_ _3bd\"> </span>sottostante<span class=\"ff1\"> </span>costante<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>tutta<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>durata<span class=\"ff1\"> </span>dell'opzione.<span class=\"_ _3bd\"> </span>I<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>parametri<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>utilizzati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nella<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tecnica<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>valu<span class=\"_ _0\"></span>tazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sono<span class=\"ff1\">  </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">tasso</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">di</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">interesse,</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">il</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">valore</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">e</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">la</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">volatilit\u00e0</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">de<span class=\"_ _3bd\"> </span></span></span>sott<span class=\"_ _0\"></span>ost<span class=\"_ _0\"></span>ante<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span>Alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>31/12/2022<span class=\"ff1\"> </span>tutti<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>parametri<span class=\"ff1\"> </span>utilizzati<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> </span>tecniche<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>risultat<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>osservabili,<span class=\"ff1\"> </span>evidenziando<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> </span>valutati<span class=\"ff1\"> </span>tramite<span class=\"ff1\"> </span>mark<span class=\"ff1\"> </span>to<span class=\"ff1\"> </span>model<span class=\"ff1\"> </span>livelli<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>2.<span class=\"_ _3bd\"> </span>In<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pa<span class=\"_ _0\"></span>rtico<span class=\"_ _0\"></span>lare<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>i<span class=\"ff1\"> </span>tassi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>interesse<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>estrapolati<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>curva<span class=\"ff1\"> </span>zero<span class=\"ff1\"> </span>ottenuta<span class=\"ff1\"> </span>dalle<span class=\"ff1\"> </span>quotazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>mercato<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>st<span class=\"_ _2\"></span>rumenti<span class=\"ff1\"> </span>omo<span class=\"_ _0\"></span>gen<span class=\"_ _0\"></span>ei;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>i<span class=\"ff1\"> </span>credit<span class=\"ff1\"> </span>spread<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>componete<span class=\"ff1\"> </span>Credito<span class=\"ff1\"> </span>Emiliano<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>ot<span class=\"_ _2\"></span>tenuti<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>quotazioni<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mercato<span class=\"_ _2\"></span></span> <span class=\"ff3\">di</span> <span class=\"ff3\">emissioni</span> </span>com<span class=\"_ _0\"></span>par<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>es;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">so<span class=\"_ _0\"></span>ttos<span class=\"_ _0\"></span>tant<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">otte<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dall<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uota<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>me<span class=\"_ _1\"></span>rcato;<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>volatilit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sottos<span class=\"_ _2\"></span>tante<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ottenute<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quotazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>mercat<span class=\"_ _2\"></span>o,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>alla<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>luce<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>scad<span class=\"_ _2\"></span>enza<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>b<span class=\"_ _0\"></span>rev<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> </span>componente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">azionaria.<span class=\"_ _3bd\"> </span></span></span>I<span class=\"ff1\"> <span class=\"_ _20\"></span></span>modelli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>param<span class=\"_ _2\"></span>etri<span class=\"ff1\"> <span class=\"_ _20\"></span></span>utilizzati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nelle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tecniche<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">valu<span class=\"_ _0\"></span>tazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dettagliati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>disciplinati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ne<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>documenti<span class=\"ff1\"> </span></span></span>Allegato<span class=\"ff1\"> </span>Tecnico<span class=\"ff1\"> </span>a<span class=\"_ _2\"></span>l<span class=\"ff1\"> </span>documento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Fair<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Value<span class=\"ff1\"> </span>Policy<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Gruppo:<span class=\"ff1\"> </span>\u201cRegole<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>applicazione<span class=\"ff1\"> </span>Credem<span class=\"ff1\"> </span>a<span class=\"_ _2\"></span>lla<span class=\"ff1\"> </span>F<span class=\"_ _2\"></span>air<span class=\"ff1\"> </span>Value<span class=\"ff1\"> </span>Policy<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Gruppo\u201d<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>\u201cManuale<span class=\"ff1\"> </span>Modelli<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>pricing\u201d.<span class=\"_ _3bd\"> </span>A.<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>2Pro<span class=\"_ _1\"></span>ces<span class=\"_ _0\"></span>si<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>se<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>ibi<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>taz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Gli<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>strumenti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>scambiati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>su<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>mercati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>attivi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>valutati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>mark<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>to<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>model<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>utilizzando<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tecnica<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>m<span class=\"_ _2\"></span>assimizza<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>l\u2019<span class=\"_ _0\"></span>utilizzo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>ati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>osservabili<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sul<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>mer<span class=\"_ _2\"></span>cato.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Qualora<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">parametri</span> <span class=\"_ _27\"> </span><span class=\"ff3\">risultino</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">non</span> </span>disponibili<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>direttamente<span class=\"ff1\"> </span>osservabili<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>livello<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>attribuito<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>3<span class=\"_ _2\"></span>. Alla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>data<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>31/12/20<span class=\"_ _2\"></span>212<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nessun<span class=\"ff1\"> <span class=\"_ _2\"></span></span>strumento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziario<span class=\"ff1\"> <span class=\"_ _2\"></span></span>derivato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>st<span class=\"_ _2\"></span>ato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valutato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> </span>mark<span class=\"_ _3bd\"> </span>to<span class=\"_ _3bd\"> </span>model <span class=\"_ _2\"></span><span class=\"ff3 fs5\">tramite<span class=\"ff1\"> </span></span>parametri<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>mercato<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>direttamente<span class=\"ff1\"> </span>osservabili. A.<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>3Ge<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>rch<span class=\"_ _0\"></span>ia<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span>fa<span class=\"_ _0\"></span>ir<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>Tr<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>fer<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>tra<span class=\"_ _3bd\"> </span>i<span class=\"_ _3bd\"> </span>liv<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>lla<span class=\"_ _3bd\"> </span>ge<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>rch<span class=\"_ _0\"></span>ia<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span>fai<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>La<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">gerar<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fai<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>valu<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ttrib<span class=\"_ _1\"></span>uisce<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>m<span class=\"_ _0\"></span>assi<span class=\"_ _0\"></span>ma<span class=\"ff1\"> </span>pr<span class=\"_ _0\"></span>iori<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>ai<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pre<span class=\"_ _0\"></span>zzi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quo<span class=\"_ _0\"></span>tati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">(no<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>ttifi<span class=\"_ _0\"></span>cat<span class=\"_ _0\"></span>i)<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">me<span class=\"_ _0\"></span>rcati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">atti<span class=\"_ _0\"></span>vi<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>attivit\u00e0<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>passivit\u00e0<span class=\"ff1\"> </span>ide<span class=\"_ _0\"></span>ntiche<span class=\"ff1\"> </span>(dati<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">livello<span class=\"ff1\"> </span>1)<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>priorit\u00e0<span class=\"ff1\"> </span>minima<span class=\"ff1\"> </span>agli<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>nput<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>osservabili<span class=\"ff1\"> </span>(dati<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">livello</span> <span class=\"ff3\">3). </span></span></span></span></span></span>I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Liv<span class=\"_ _0\"></span>elli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">uti<span class=\"_ _0\"></span>liz<span class=\"_ _0\"></span>zati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cl<span class=\"_ _0\"></span>assi<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>azion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>ipo<span class=\"_ _0\"></span>rtate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">n<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>egu<span class=\"_ _0\"></span>ito<span class=\"ff1\"> </span>de<span class=\"_ _1\"></span>lla<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Not<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>nteg<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>va<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">seguen<span class=\"_ _0\"></span>ti:<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>\u201clivello<span class=\"ff1\"> </span>1\u201d:<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> </span>fin<span class=\"_ _0\"></span>anziari<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>determinato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>prezzi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>otazione<span class=\"ff1\"> </span>oss<span class=\"_ _2\"></span>ervabili<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>mercati<span class=\"ff1\"> </span>attivi<span class=\"ff1\"> </span>(non<span class=\"ff1\"> </span>rettificati)<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>quali<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>pu\u00f2<span class=\"ff1\"> </span>accedere<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valutazione; -<span class=\"_ _3bd\"> </span>\u201clivello<span class=\"ff1\"> </span>2\u201d:<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>fair<span class=\"ff1\"> <span class=\"_ _2\"></span></span>value<span class=\"ff1\"> </span>degli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>strumenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziari<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>eterminato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>input<span class=\"ff1\"> </span>diversi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dai<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prezzi<span class=\"ff1\"> </span>quotat<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>inclusi<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>Livello<span class=\"ff1\"> </span>1<span class=\"_ _2\"></span><span class=\"ff1\"> </span>osservabili<span class=\"ff1\"> </span>dirett<span class=\"_ _2\"></span>amente<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>indirettamente<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>l\u2019attivit\u00e0<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>passivit\u00e0<span class=\"_ _2\"></span>,<span class=\"ff1\"> </span>utilizzando<span class=\"ff1\"> </span>anche<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tecniche<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valutazione; -<span class=\"_ _3bd\"> </span>\u201cli<span class=\"_ _0\"></span>vel<span class=\"_ _0\"></span>lo<span class=\"ff1\"> </span>3\u201d<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">:</span> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fai<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>val<span class=\"_ _0\"></span>ue<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">degl<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>st<span class=\"_ _0\"></span>rume<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fin<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>iari<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u00e8</span> <span class=\"ff3\">d<span class=\"_ _0\"></span>ete<span class=\"_ _0\"></span>rmin<span class=\"_ _0\"></span>ato<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>ba<span class=\"_ _0\"></span>se<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>inp<span class=\"_ _0\"></span>ut<span class=\"ff1\"> </span>no<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">osse<span class=\"_ _0\"></span>rva<span class=\"_ _0\"></span>bil<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>l\u2019<span class=\"_ _0\"></span>atti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>o<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>passivit\u00e0,<span class=\"ff1\"> </span>utilizzando<span class=\"ff1\"> </span>anche<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tecniche<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valutazione. L\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attr<span class=\"_ _2\"></span>ibuzione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>liv<span class=\"_ _2\"></span>elli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rappresentata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dalla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>verif<span class=\"_ _2\"></span>ica<span class=\"ff1\"> <span class=\"_ _2\"></span></span>puntuale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ogni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>str<span class=\"_ _2\"></span>umento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>detenuto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nei<span class=\"ff1\"> </span>portafogli<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ropriet\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>possibile<span class=\"ff1\"> </span>potenziale<span class=\"ff1\"> </span>mercato<span class=\"ff1\"> </span>attivo<span class=\"ff1\"> </span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rispetti</span> <span class=\"ff3\">alcune</span> <span class=\"ff3\">regole</span> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>val<span class=\"_ _2\"></span>orizzazione.<span class=\"ff1\"> </span></span></span>In<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">particolare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">viene<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">anal<span class=\"_ _2\"></span>izzato<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">contr<span class=\"_ _2\"></span>ibuzioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">risultino<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">continuative,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contenute<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">n<span class=\"_ _2\"></span>ei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">delta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">spread<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">bi<span class=\"_ _2\"></span>d<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ask<span class=\"_ _2\"></span>,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>indicative<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>possibili<span class=\"ff1\"> </span>transazioni<span class=\"ff1\"> </span>recenti<span class=\"ff1\"> </span>quindi<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>trascinate,<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>l\u2019emittente<span class=\"ff1\"> </span>risulti<span class=\"ff1\"> </span>solido<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>attivo. Il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">m<span class=\"_ _2\"></span>ancato<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>spetto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">regole<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">por<span class=\"_ _2\"></span>ta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">aggravio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">livello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">associato<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valorizzazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>i\u00f9<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">coerente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>rappresentativa<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>str<span class=\"_ _2\"></span>umento. Analogamente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019analisi<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>iene<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">effettuata<span class=\"ff1\"> </span>anc<span class=\"_ _0\"></span>he<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ne<span class=\"_ _2\"></span>lla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">verifica<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">potenziale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ipristino<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mercat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">at<span class=\"_ _2\"></span>tivo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sugli<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>strumenti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quali<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>corso<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tempo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>v<span class=\"_ _2\"></span>erifica<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>riatt<span class=\"_ _2\"></span>ivazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valorizzazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cont<span class=\"_ _2\"></span>inuative<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sul<span class=\"_ _2\"></span><span class=\"ff1\"> </span>mercato<span class=\"ff1\"> </span>regolamentato<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>non. A.<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>4Alt<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>inf<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>zio<span class=\"_ _1\"></span>ni<span class=\"fc0 sc1\"> </span>La<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gerarchia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">at<span class=\"_ _2\"></span>tribuisce<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">massima<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">priorit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ai<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">prezzi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">quotati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rettificati)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mercati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>attivit\u00e0<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>passivit\u00e0<span class=\"ff1\"> </span>ide<span class=\"_ _0\"></span>ntiche<span class=\"ff1\"> </span>(dati<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">livello<span class=\"ff1\"> </span>1)<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>priorit\u00e0<span class=\"ff1\"> </span>minima<span class=\"ff1\"> </span>agli<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>nput<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>osservabili<span class=\"ff1\"> </span>(dati<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">livello</span> <span class=\"ff3\">3).</span> </span></span></span></span></span>L\u2019attivit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>attribuzione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>livelli<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>avviene<span class=\"ff1\"> </span>trimestr<span class=\"_ _2\"></span>almente<span class=\"ff1\"> </span>all<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>date<span class=\"ff1\"> </span>contabili<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>riferimento<span class=\"ff1\"> </span>basandosi<span class=\"ff1\"> </span>sull<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>verifica<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> </span>presenza<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">u<span class=\"_ _2\"></span>n<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mercato<span class=\"ff1\"> </span>principale<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>pi\u00f9<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vantaggioso<span class=\"ff1\"> </span>nell\u2019intervallo<span class=\"ff1\"> </span>temporale<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>antecedente<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>contabile<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>riferimento.<span class=\"ff1\"> </span>L\u2019attivit\u00e0<span class=\"ff1\"> </span>prevede<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>verifica<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>alcuni<span class=\"ff1\"> </span>principi<span class=\"ff1\"> </span>nece<span class=\"_ _2\"></span>ssari<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>definizione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>presenza<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mercato<span class=\"ff1\"> </span>attivo<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>ogni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">strumento</span> <span class=\"ff3\">finanzi<span class=\"_ _0\"></span>ario<span class=\"ff1\"> </span>identificati<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>isponibilit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></span></span></span></span></span></span>valorizzazioni<span class=\"ff1\"> </span>eseguibili,<span class=\"ff1\"> </span>continue<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>scarto<span class=\"ff1\"> </span>denaro-lettera<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(b<span class=\"_ _0\"></span>id-ask<span class=\"ff1\"> </span>spread)<span class=\"ff1\"> </span>contenuti. Il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rispetto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>ali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>condizioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>determina<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>livello<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _21\"></span></span>valu<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>de<span class=\"_ _2\"></span>llo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>trumento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>analizzato.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Qualora<span class=\"ff1\"> <span class=\"_ _20\"></span></span>non<span class=\"ff1\"> <span class=\"_ _21\"></span></span>siano<span class=\"ff1\"> </span>presenti<span class=\"ff1\"> </span>quotazioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> </span>mercat<span class=\"_ _2\"></span>o,<span class=\"ff1\"> </span>l\u2019utilizzo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tecniche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valutazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>viene<span class=\"ff1\"> <span class=\"_ _2\"></span></span>effettuata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ogni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>data<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contabile<span class=\"ff1\"> </span>massimizzando<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019utilizzo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">input<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">oss<span class=\"_ _2\"></span>ervabili<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rilevanti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riducendo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">minimo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019utilizzo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">input<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">os<span class=\"_ _2\"></span>servabili.<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>La<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>verifica<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tali<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>parametri<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>input<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>funzione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>disponibilit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>determina<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>liv<span class=\"_ _2\"></span>ello<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fair<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>value<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dello<span class=\"ff1\"> </span>stru<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nto. Alle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">date<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contabili<span class=\"ff1\"> </span>viene<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">inoltr<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"_ _2\"></span>ffettuata<span class=\"ff1\"> </span>una<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>nalisi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">comparativa<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">livelli<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ispetto<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">trimestre<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>precedente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>l\u2019inizio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dell\u2019esercizio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riferimento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fine<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>individuare<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>rasferimenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>livelli<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _21\"></span></span>value<span class=\"ff1\"> </span>avvenuti<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>corso<span class=\"ff1\"> </span>dell\u2019esercizio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>riferimento<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>circostanze<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>hanno<span class=\"ff1\"> </span>determinato<span class=\"ff1\"> </span>tale<span class=\"ff1\"> </span>tras<span class=\"_ _2\"></span>ferimento.<span class=\"_ _3bd\"> </span>In<span class=\"_ _0\"></span>for<span class=\"_ _0\"></span>mati<span class=\"_ _0\"></span>va<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nat<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">quan<span class=\"_ _0\"></span>tit<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>iva<span class=\"fc0\"> </span></span></span></span></span></span></span>A.<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>5Ge<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>rch<span class=\"_ _0\"></span>ia<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span>fa<span class=\"_ _1\"></span>ir<span class=\"_ _3bd\"> </span>val<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>A.<span class=\"_ _0\"></span>4.5<span class=\"_ _0\"></span>.1<span class=\"_ _3bd\"> </span>At<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>pa<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>ate<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>fa<span class=\"_ _0\"></span>ir<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lue<span class=\"_ _3bd\"> </span>su<span class=\"_ _3bd\"> </span>ba<span class=\"_ _0\"></span>se<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>cor<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>e:<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>rti<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>per<span class=\"_ _3bd\"> </span>liv<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>fa<span class=\"_ _0\"></span>ir<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lue<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Att<span class=\"_ _1\"></span>ivi<span class=\"_ _0\"></span>t\u00e0/<span class=\"_ _0\"></span>Pa<span class=\"_ _0\"></span>ss<span class=\"_ _1\"></span>ivit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>mi<span class=\"_ _0\"></span>su<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>fa<span class=\"_ _0\"></span>ir<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _19f\"> </span><span class=\"fc4 sc2\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></span></span>L<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _11b\"> </span><span class=\"fc4 sc2\">L2<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _b7\"> </span><span class=\"fc4 sc2\">L3<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _194\"> </span><span class=\"fc4 sc2\">L<span class=\"_ _1\"></span>1<span class=\"fc0 sc1\"> <span class=\"_ _11b\"> </span></span>L<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _b7\"> </span><span class=\"fc4 sc2\">L3<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></span></span></span></span></span></span></span></span>1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">f<span class=\"_ _2\"></span>inanziar<span class=\"_ _0\"></span>ie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">impatto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">conto<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ec<span class=\"_ _0\"></span>onom<span class=\"_ _0\"></span>ico<span class=\"_ _0\"></span> 19.<span class=\"_ _0\"></span>61<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>37.<span class=\"_ _0\"></span>086<span class=\"_ _3bd\"> </span>52.<span class=\"_ _0\"></span>547<span class=\"_ _3bd\"> </span>16.<span class=\"_ _0\"></span>72<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>41<span class=\"_ _0\"></span>.17<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>24<span class=\"_ _0\"></span>.46<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>a)<span class=\"ff1\"> </span>at<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>rie<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>ten<span class=\"_ _0\"></span>ute<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">per</span> <span class=\"ff3\">l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>goz<span class=\"_ _0\"></span>iaz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span> <span class=\"_ _106\"> </span>1<span class=\"_ _0\"></span>9.0<span class=\"_ _0\"></span>52<span class=\"_ _3bd\"> </span></span></span></span></span>35.<span class=\"_ _0\"></span>885<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>16.<span class=\"_ _0\"></span>21<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>41<span class=\"_ _0\"></span>.17<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>583<span class=\"_ _3bd\"> </span>b)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">att<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>zia<span class=\"_ _1\"></span>rie<span class=\"ff1\"> </span>des<span class=\"_ _0\"></span>igna<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fair<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">valu<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span> <span class=\"_ _57\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>c)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"_ _2\"></span>bbligator<span class=\"_ _0\"></span>iamente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valutate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>val<span class=\"_ _0\"></span>ue<span class=\"_ _3bd\"> </span>56<span class=\"_ _1\"></span>3<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>201<span class=\"_ _3bd\"> </span>52.<span class=\"_ _0\"></span>524<span class=\"_ _3bd\"> </span>51<span class=\"_ _1\"></span>3<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>21<span class=\"_ _0\"></span>.88<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>2.Attivit\u00e0finanziarievalutatealfairvalueconimpattosulla<span class=\"_ _3bd\"> </span>redditivit\u00e0<span class=\"_ _3bd\"> </span>complessiva<span class=\"_ _0\"></span> 6.<span class=\"_ _0\"></span>162<span class=\"_ _0\"></span>.87<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>4<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>31.<span class=\"_ _0\"></span>578<span class=\"_ _3bd\"> </span>6.<span class=\"_ _0\"></span>553.8<span class=\"_ _0\"></span>24<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>859<span class=\"_ _3bd\"> </span>36.<span class=\"_ _0\"></span>500<span class=\"_ _3bd\"> </span>3.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Derivati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cope<span class=\"_ _0\"></span>rtu<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span> <span class=\"_ _2d\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>1.<span class=\"_ _0\"></span>090<span class=\"_ _0\"></span>.23<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>21<span class=\"_ _0\"></span>1.1<span class=\"_ _0\"></span>01<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>4.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mat<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span> <span class=\"_ _1a0\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>5.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">imma<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span>i <span class=\"_ _86\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>6.<span class=\"_ _0\"></span>18<span class=\"_ _0\"></span>2.4<span class=\"_ _0\"></span>90<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>13<span class=\"_ _0\"></span>2.0<span class=\"_ _0\"></span>22<span class=\"_ _3bd\"> </span>84<span class=\"_ _0\"></span>.12<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>6.<span class=\"_ _0\"></span>57<span class=\"_ _0\"></span>0.5<span class=\"_ _0\"></span>51<span class=\"_ _3bd\"> </span>25<span class=\"_ _0\"></span>5.<span class=\"_ _0\"></span>13<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>60<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>63<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Pas<span class=\"_ _0\"></span>sivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fina<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ie<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>nut<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>goz<span class=\"_ _0\"></span>iaz<span class=\"_ _0\"></span>ione<span class=\"_ _1\"></span> <span class=\"_ _112\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>36.<span class=\"_ _0\"></span>257<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>33.<span class=\"_ _0\"></span>148<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Pass<span class=\"_ _0\"></span>ivit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>fin<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>rie<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>esi<span class=\"_ _0\"></span>gna<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fai<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>lue<span class=\"_ _0\"></span> <span class=\"_ _1a1\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>3.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Derivati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cope<span class=\"_ _0\"></span>rtu<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span> <span class=\"_ _2d\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>874<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>58<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>40<span class=\"_ _0\"></span>8.0<span class=\"_ _0\"></span>84<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>-91<span class=\"_ _0\"></span>0.<span class=\"_ _0\"></span>315<span class=\"_ _3bd\"> </span>--44<span class=\"_ _0\"></span>1.2<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>-In<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riferimento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">va<span class=\"_ _2\"></span>lutate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>u<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">base<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ricorrente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">data<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">31<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dicembre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">2022<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">g<span class=\"_ _2\"></span>li<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">st<span class=\"_ _2\"></span>rumenti<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>valorizzati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>secondo<span class=\"ff1\">  </span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>mercato<span class=\"ff1\">  </span>p<span class=\"_ _0\"></span>i\u00f9<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>vantaggios<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(livello<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fair<span class=\"_ _2\"></span><span class=\"ff1\">  </span>v<span class=\"_ _0\"></span>alue<span class=\"ff1\">  </span>p<span class=\"_ _0\"></span>ari<span class=\"ff1\">  </span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>1)<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e/o<span class=\"ff1\">  </span>secondo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tecniche<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> </span>basate<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>parametri<span class=\"ff1\"> <span class=\"_ _2\"></span></span>osservabili<span class=\"ff1\"> </span>(livello<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>fair<span class=\"ff1\"> <span class=\"_ _2\"></span></span>value<span class=\"ff1\"> </span>p<span class=\"_ _2\"></span>ari<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>2)<span class=\"ff1\"> </span>rappresentano<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>99,79%<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>tot<span class=\"_ _2\"></span>ale<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>(valore<span class=\"ff1\"> </span>stabile<span class=\"ff1\"> </span>rispetto<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>corr<span class=\"_ _2\"></span>isponden<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>2021<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>99,44<span class=\"_ _2\"></span>%).<span class=\"_ _3bd\"> </span>Gli<span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> </span>valutati<span class=\"ff1\"> </span>tramite<span class=\"ff1\"> </span>tecniche<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> </span>basate<span class=\"ff1\"> </span>prevalentemente<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>parametri<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>osservabili<span class=\"ff1\"> </span>hanno<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riguardato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>una<span class=\"ff1\"> <span class=\"_ _20\"></span></span>part<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>esiduale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d<span class=\"_ _2\"></span>el<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>otale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valutate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _2\"></span></span>value<span class=\"ff1\"> <span class=\"_ _21\"></span></span>(0,21%)<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>costante<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rispetto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>2021<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>0,56%.<span class=\"_ _3bd\"> </span>A.<span class=\"_ _0\"></span>4.5<span class=\"_ _0\"></span>.2<span class=\"_ _3bd\"> </span>Va<span class=\"_ _0\"></span>ria<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>an<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>at<span class=\"_ _1\"></span>tivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>fai<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lue<span class=\"_ _3bd\"> </span>su<span class=\"_ _3bd\"> </span>ba<span class=\"_ _0\"></span>se<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span>(l<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>3<span class=\"_ _0\"></span>)<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Att<span class=\"_ _1\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>tat<span class=\"_ _1\"></span>e<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>fa<span class=\"_ _1\"></span>ir<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span>im<span class=\"_ _1\"></span>pat<span class=\"_ _0\"></span>to<span class=\"_ _3bd\"> </span>a<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Att<span class=\"_ _1\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>nan<span class=\"_ _1\"></span>zia<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>val<span class=\"_ _0\"></span>utate<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>fair<span class=\"_ _3bd\"> </span>val<span class=\"_ _0\"></span>ue<span class=\"_ _3bd\"> </span>con<span class=\"_ _3bd\"> </span>impa<span class=\"_ _0\"></span>tto<span class=\"_ _3bd\"> </span>su<span class=\"_ _0\"></span>lla<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>cont<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>ec<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>om<span class=\"_ _1\"></span>ico<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>di<span class=\"_ _3bd\"> </span>cui:<span class=\"_ _3bd\"> </span>a)<span class=\"_ _3bd\"> </span>at<span class=\"_ _0\"></span>tiv<span class=\"_ _1\"></span>it\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>nan<span class=\"_ _1\"></span>zia<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cui:<span class=\"_ _3bd\"> </span>b)<span class=\"_ _3bd\"> </span>at<span class=\"_ _0\"></span>tiv<span class=\"_ _1\"></span>it\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>nan<span class=\"_ _1\"></span>zia<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cui:<span class=\"_ _3bd\"> </span>c)<span class=\"_ _3bd\"> </span>altre<span class=\"_ _3bd\"> </span>attiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span>fina<span class=\"_ _0\"></span>nziar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>ob<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>ori<span class=\"_ _0\"></span>am<span class=\"_ _1\"></span>ent<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>val<span class=\"_ _0\"></span>utate<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>fair<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>De<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>vat<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span>d<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>Att<span class=\"_ _1\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span>m<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ali<span class=\"_ _3bd\"> </span>Att<span class=\"_ _1\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span>im<span class=\"_ _0\"></span>ma<span class=\"_ _1\"></span>teri<span class=\"_ _1\"></span>ali<span class=\"_ _3bd\"> </span>l<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>fa<span class=\"_ _1\"></span>ir<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>g<span class=\"_ _0\"></span>ozi<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>ion<span class=\"_ _1\"></span>e<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>1.<span class=\"_ _3bd\"> </span>Esist<span class=\"_ _0\"></span>enze<span class=\"_ _3bd\"> </span>in<span class=\"_ _1\"></span>izia<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span> <span class=\"_ _192\"> </span>24.4<span class=\"_ _0\"></span>63<span class=\"_ _1\"></span> 2<span class=\"_ _0\"></span>.5<span class=\"_ _1\"></span>83<span class=\"_ _1\"></span> - <span class=\"_ _2f\"> </span>21<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>80<span class=\"_ _1\"></span> <span class=\"_ _1a2\"> </span>36<span class=\"_ _1\"></span>.500<span class=\"_ _1\"></span> <span class=\"_ _b7\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>2.<span class=\"_ _3bd\"> </span>Au<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _1\"></span>i <span class=\"_ _1a3\"> </span>36<span class=\"_ _1\"></span>.545<span class=\"_ _1\"></span> 6<span class=\"_ _1\"></span>4 - <span class=\"_ _2f\"> </span>36<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>81<span class=\"_ _0\"></span> <span class=\"_ _7f\"> </span>9<span class=\"_ _0\"></span>25<span class=\"_ _1\"></span> <span class=\"_ _7f\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>1.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Ac<span class=\"_ _0\"></span>quis<span class=\"_ _0\"></span>ti <span class=\"_ _1a4\"> </span>36.<span class=\"_ _0\"></span>107<span class=\"_ _0\"></span> </span></span>58<span class=\"_ _1\"></span> - <span class=\"_ _4a\"> </span>36.<span class=\"_ _0\"></span>04<span class=\"_ _0\"></span>9 <span class=\"_ _4a\"> </span>- <span class=\"_ _7f\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _6c\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _83\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span>2.<span class=\"_ _0\"></span>2.<span class=\"ff1\"> </span>P<span class=\"_ _0\"></span>rofit<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">imp<span class=\"_ _0\"></span>uta<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a:<span class=\"_ _0\"></span> <span class=\"_ _17b\"> </span>43<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span> </span></span></span></span>2 - <span class=\"_ _c4\"> </span>43<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span> <span class=\"_ _70\"> </span>92<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span> <span class=\"_ _7f\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _6c\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _83\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span>2.2.1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Conto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Econ<span class=\"_ _0\"></span>omic<span class=\"_ _0\"></span>o <span class=\"_ _1a5\"> </span>4<span class=\"_ _0\"></span>34<span class=\"_ _1\"></span> </span></span></span></span>2 - <span class=\"_ _c4\"> </span>43<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span> <span class=\"_ _4a\"> </span>- <span class=\"_ _7f\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _6c\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _83\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">plu<span class=\"_ _0\"></span>sv<span class=\"_ _0\"></span>alen<span class=\"_ _0\"></span>ze<span class=\"_ _0\"></span> <span class=\"_ _1a6\"> </span>33<span class=\"_ _1\"></span>6 </span></span></span></span></span></span>- - <span class=\"_ _c4\"> </span>33<span class=\"_ _1\"></span>6 <span class=\"_ _4b\"> </span>- <span class=\"_ _7f\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _6c\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _83\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span>2.<span class=\"_ _0\"></span>2.2<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>Patri<span class=\"_ _0\"></span>mon<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>ne<span class=\"_ _1\"></span>tto<span class=\"_ _0\"></span> <span class=\"_ _1a7\"> </span>- <span class=\"_ _177\"> </span>X<span class=\"_ _3bd\"> </span>X <span class=\"_ _6a\"> </span>X<span class=\"_ _3bd\"> </span>92<span class=\"_ _1\"></span>5 <span class=\"_ _7f\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _6c\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _83\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span>2.<span class=\"_ _0\"></span>3.<span class=\"ff1\"> </span>Tr<span class=\"_ _0\"></span>asfe<span class=\"_ _0\"></span>rim<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>tri<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">live<span class=\"_ _0\"></span>lli<span class=\"_ _0\"></span> <span class=\"_ _32\"> </span>- </span></span>- - <span class=\"_ _45\"> </span>- <span class=\"_ _4a\"> </span>- <span class=\"_ _7f\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _6c\"> </span><span class=\"ff3\">-<span class=\"_ _1c\"></span><span class=\"ff1\"> <span class=\"_ _31\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span>2.4.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">variazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"_ _2\"></span>n<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">aum<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>o <span class=\"_ _41\"> </span>4 </span></span></span></span></span></span></span></span>4 - <span class=\"_ _45\"> </span>- <span class=\"_ _4a\"> </span>- <span class=\"_ _7f\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _6c\"> </span><span class=\"ff3\">-<span class=\"_ _1c\"></span><span class=\"ff1\"> <span class=\"_ _31\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span>3.<span class=\"_ _3bd\"> </span>Di<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i 8.<span class=\"_ _0\"></span>461 2.<span class=\"_ _0\"></span>624 - <span class=\"_ _ca\"> </span>5.<span class=\"_ _1\"></span>837<span class=\"_ _1\"></span> <span class=\"_ _1a8\"> </span>5.8<span class=\"_ _0\"></span>47 <span class=\"_ _7f\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _6c\"> </span><span class=\"ff3\">-<span class=\"_ _1c\"></span><span class=\"ff1\"> <span class=\"_ _31\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span>3.1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Vend<span class=\"_ _0\"></span>ite<span class=\"_ _0\"></span> <span class=\"_ _1a9\"> </span>34<span class=\"_ _1\"></span>9 </span></span>2<span class=\"_ _0\"></span>35<span class=\"_ _0\"></span> - <span class=\"_ _11e\"> </span>1<span class=\"_ _1\"></span>14<span class=\"_ _0\"></span> <span class=\"_ _4a\"> </span>- <span class=\"_ _7f\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _6c\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _83\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span>3.2.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Rimb<span class=\"_ _0\"></span>orsi<span class=\"_ _1\"></span> <span class=\"_ _1aa\"> </span>4.<span class=\"_ _0\"></span>490 </span></span>2<span class=\"_ _0\"></span>.0<span class=\"_ _1\"></span>79 - <span class=\"_ _6f\"> </span>2.4<span class=\"_ _0\"></span>11 <span class=\"_ _4a\"> </span>- <span class=\"_ _7f\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _6c\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _83\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span>3.3<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>Per<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>impu<span class=\"_ _0\"></span>tat<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>:<span class=\"_ _0\"></span> <span class=\"_ _aa\"> </span>1<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>86 4<span class=\"_ _0\"></span>7 - <span class=\"_ _35\"> </span>1.<span class=\"_ _0\"></span>839<span class=\"_ _0\"></span> <span class=\"_ _1a8\"> </span>2.4<span class=\"_ _0\"></span>37 <span class=\"_ _7f\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _6c\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _83\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span>3.3<span class=\"_ _0\"></span>.1.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Con<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>Ec<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>omic<span class=\"_ _0\"></span>o <span class=\"_ _b5\"> </span>1.8<span class=\"_ _0\"></span>86 </span></span>4<span class=\"_ _0\"></span>7 - <span class=\"_ _35\"> </span>1.<span class=\"_ _0\"></span>839<span class=\"_ _0\"></span> <span class=\"_ _4a\"> </span>- <span class=\"_ _7f\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _6c\"> </span><span class=\"ff3\">-<span class=\"_ _1c\"></span><span class=\"ff1\"> <span class=\"_ _31\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mi<span class=\"_ _0\"></span>nus<span class=\"_ _0\"></span>vale<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>e <span class=\"_ _ed\"> </span>42<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span> </span></span></span></span></span></span>4<span class=\"_ _0\"></span>7 - <span class=\"_ _ab\"> </span>3<span class=\"_ _1\"></span>76<span class=\"_ _0\"></span> <span class=\"_ _4a\"> </span>- <span class=\"_ _7f\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _6c\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _83\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span>3.3<span class=\"_ _0\"></span>.2.<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">Patri<span class=\"_ _0\"></span>mon<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>ne<span class=\"_ _1\"></span>tto<span class=\"_ _1\"></span> <span class=\"_ _1a7\"> </span>- <span class=\"_ _177\"> </span>X<span class=\"_ _3bd\"> </span></span></span>X <span class=\"_ _6a\"> </span>X<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>437 <span class=\"_ _7f\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _6c\"> </span><span class=\"ff3\">-<span class=\"_ _1c\"></span><span class=\"ff1\"> <span class=\"_ _31\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span>3.4<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>Tr<span class=\"_ _0\"></span>asfe<span class=\"_ _1\"></span>rimen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ltr<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>liv<span class=\"_ _0\"></span>elli<span class=\"_ _0\"></span> <span class=\"_ _6e\"> </span>1.<span class=\"_ _1\"></span>473 - - <span class=\"_ _37\"> </span>1.47<span class=\"_ _0\"></span>3 <span class=\"_ _1a8\"> </span>3<span class=\"_ _0\"></span>.3<span class=\"_ _1\"></span>20 <span class=\"_ _7f\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _6c\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _83\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span>3.5<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span>Alt<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>var<span class=\"_ _0\"></span>iaz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>dim<span class=\"_ _0\"></span>inu<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e 2<span class=\"_ _0\"></span>63<span class=\"_ _1\"></span> <span class=\"_ _194\"> </span>2<span class=\"_ _0\"></span>63<span class=\"_ _1\"></span> <span class=\"_ _72\"> </span>- <span class=\"_ _45\"> </span>- <span class=\"_ _34\"> </span>90<span class=\"_ _1\"></span> <span class=\"_ _b7\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _6c\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _31\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span>4.<span class=\"_ _3bd\"> </span>Rim<span class=\"_ _1\"></span>an<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ze<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>li <span class=\"_ _f9\"> </span>52.<span class=\"_ _1\"></span>547<span class=\"_ _1\"></span> <span class=\"_ _1ab\"> </span>2<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span> - <span class=\"_ _3b\"> </span>52<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>24<span class=\"_ _0\"></span> <span class=\"_ _1ac\"> </span>31<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>78<span class=\"_ _0\"></span> <span class=\"_ _7f\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>L\u2019attribuzione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l<span class=\"_ _2\"></span>ivello<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _20\"></span></span>value<span class=\"ff1\"> <span class=\"_ _21\"></span></span>pari<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>3<span class=\"ff1\"> <span class=\"_ _21\"></span></span>riguarda<span class=\"ff1\"> <span class=\"_ _20\"></span></span>strumenti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>defin<span class=\"_ _0\"></span>iti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u201cilliquidi\u201d<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"_ _2\"></span>videnziano<span class=\"ff1\"> <span class=\"_ _20\"></span></span>poche<span class=\"ff1\"> </span>valorizzazioni<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>corso<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tempo<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>quali<span class=\"ff1\"> </span>lo<span class=\"ff1\"> </span>stat<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>strumento<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>pi\u00f9<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>generale<span class=\"ff1\"> </span>dell\u2019emittente<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span></span></span>da<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">valu<span class=\"_ _0\"></span>taz<span class=\"_ _0\"></span>ione,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">n<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>rend<span class=\"_ _1\"></span>e<span class=\"ff1\"> </span>possi<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>\u2019ipo<span class=\"_ _0\"></span>tesi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">u<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>eve<span class=\"_ _0\"></span>ntu<span class=\"_ _0\"></span>ale<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>ipr<span class=\"_ _0\"></span>isti<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>me<span class=\"_ _0\"></span>rcato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ve<span class=\"_ _0\"></span>rso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">uno<span class=\"ff1\"> </span>sta<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ttiv<span class=\"_ _0\"></span>o.<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>Nella<span class=\"ff1\"> </span>voce<span class=\"ff1\"> </span>2.1<span class=\"ff1\"> </span>\u201cAcquisti\u201d<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>riportat<span class=\"_ _2\"></span>i: -<span class=\"_ _3bd\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valutate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">FV<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">impatto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Conto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Economico:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>re<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">obbligazioni<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Nella<span class=\"ff1\"> </span>voce<span class=\"ff1\"> </span>3.1<span class=\"ff1\"> </span>\u201cVendite\u201d<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>riportati: -<span class=\"_ _3bd\"> </span>atti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nzia<span class=\"_ _0\"></span>rie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">valu<span class=\"_ _0\"></span>tate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ob<span class=\"_ _0\"></span>blig<span class=\"_ _0\"></span>atori<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>nte<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">al</span> <span class=\"ff3\">FV<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>mpat<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>Co<span class=\"_ _0\"></span>nto<span class=\"ff1\"> </span>E<span class=\"_ _0\"></span>con<span class=\"_ _0\"></span>omic<span class=\"_ _0\"></span>o:<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>ond<span class=\"_ _0\"></span>o; </span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>atti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>anzia<span class=\"_ _0\"></span>rie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">v<span class=\"_ _0\"></span>alut<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al</span> <span class=\"_ _0\"></span><span class=\"ff3\">FV<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">impatt<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">CE:<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>ue<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">obb<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>azion<span class=\"_ _0\"></span>i. </span></span></span></span></span></span></span></span></span></span></span></span>Le<span class=\"ff1\"> </span>variazioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">annue</span> <span class=\"ff3\">da</span> <span class=\"ff3\">e</span> <span class=\"ff3\">verso</span> <span class=\"ff3\">Livello</span> <span class=\"ff3\">3</span> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>31/12/2022<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>evi<span class=\"_ _0\"></span>denziano<span class=\"ff1\"> </span>tras<span class=\"_ _2\"></span>ferimenti<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>verso<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">livello<span class=\"ff1\"> </span>3<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span></span></span></span></span></span></span>per<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>quanto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>riguarda<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sezione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>diminuzioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>quanto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>concerne<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sezione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>aumenti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tutte<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> </span>cl<span class=\"_ _0\"></span>assi<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>cont<span class=\"_ _0\"></span>abil<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>(atti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>finan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>valu<span class=\"_ _0\"></span>tate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o<span class=\"_ _2\"></span>bb<span class=\"_ _0\"></span>liga<span class=\"_ _0\"></span>tori<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>FV<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>imp<span class=\"_ _0\"></span>atto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"ff3\">Conto</span> <span class=\"ff3\">Eco<span class=\"_ _0\"></span>nomic<span class=\"_ _0\"></span>o,<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valutate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>F<span class=\"_ _2\"></span>V<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>impatto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Conto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Econom<span class=\"_ _2\"></span>ico<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>va<span class=\"_ _2\"></span>lutate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>FV<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> </span>impatto<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>redditivit\u00e0<span class=\"ff1\"> </span>complessiva).<span class=\"_ _3bd\"> </span>A.<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>5.4<span class=\"_ _3bd\"> </span>At<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>pa<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span>no<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>fai<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lue<span class=\"_ _3bd\"> </span>o<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>ate<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>fai<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>su<span class=\"_ _3bd\"> </span>ba<span class=\"_ _0\"></span>se<span class=\"_ _3bd\"> </span>no<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>cor<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>e:<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>par<span class=\"_ _1\"></span>tizi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>li<span class=\"_ _0\"></span>vel<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>fai<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>v<span class=\"_ _0\"></span>al<span class=\"_ _1\"></span>ue<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span><table class=\"s w389 h21c\" id=\"_66019b29-35fc-4b20-88ef-3ccbdb6b1e07\"><tr><td class=\"t m0 x53d h2f y4c45 ff3 fs16 fc7 sc4 ls0 ws0\">Attivit\u00e0/Pas<span class=\"_ _0\"></span>sivit\u00e0<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x53e h2f y4c45 ff3 fs16 fc7 sc4 ls0 ws0\">non<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x53f h2f y4c45 ff3 fs16 fc7 sc4 ls0 ws0\" colspan=\"2\">misurate</td><td class=\"t m0 x540 h2f y4c45 ff3 fs16 fc7 sc4 ls0 ws0\">al<span class=\"_ _3bd\"> </span></td><td class=\"c x542 y4c46 w38a h20d\"><div class=\"t m0 x2c1 h2f y4a51 ff3 fs16 fc7 sc4 ls0 ws0\">fair<span class=\"_ _3bd\"> </span></div><div class=\"t m0 x541 h2f y4a51 ff3 fs16 fc7 sc4 ls0 ws0\">value</div></td><td class=\"t m0 x543 h2f y4c45 ff3 fs16 fc7 sc4 ls0 ws0\">o<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x544 h2f y4c45 ff3 fs16 fc7 sc4 ls0 ws0\">misurate<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x545 h2f y4c45 ff3 fs16 fc7 sc4 ls0 ws0\">al<span class=\"_ _3bd\"> </span></td><td></td><td class=\"c n x546 y4c47 w38b h20d\" colspan=\"2\"><div class=\"t m0 x2c1 h2f y4a51 ff3 fs16 fc7 sc4 ls0 ws0\">31/<span class=\"_ _0\"></span>12/<span class=\"_ _0\"></span>202<span class=\"_ _1\"></span>2<span class=\"_ _3bd\"> </span></div></td><td></td><td></td><td class=\"c n x547 y4c47 w308 h20d\" colspan=\"2\"><div class=\"t m0 x2c1 h2f y4a51 ff3 fs16 fc4 sc4 ls0 ws0 sc2 sc1\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _0\"></span>021<span class=\"_ _3bd\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c x549 y4c48 w38c h20d\"><div class=\"t m0 x2c1 h2f y4a51 ff3 fs16 fc7 sc4 ls0 ws0\">fair<span class=\"_ _3bd\"> </span></div><div class=\"t m0 x548 h2f y4a51 ff3 fs16 fc7 sc4 ls0 ws0\">value</div></td><td class=\"t m0 x53f h2f y4c49 ff3 fs16 fc7 sc4 ls0 ws0\">su<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x54a h2f y4c49 ff3 fs16 fc7 sc4 ls0 ws0\">base<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x54b h2f y4c49 ff3 fs16 fc7 sc4 ls0 ws0\">non<span class=\"_ _3bd\"> </span></td><td></td><td class=\"t m0 x54c h2f y4c49 ff3 fs16 fc7 sc4 ls0 ws0\">ricorrente<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c n x54d y4c4a w38d h20d\"><div class=\"t m0 x2c1 h2f y4a51 ff3 fs16 fc4 sc2 ls0 ws0\">V<span class=\"_ _0\"></span>B<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x54e y4c4a w38e h20d\"><div class=\"t m0 x2c1 h2f y4a51 ff3 fs16 fc4 sc2 ls0 ws0 sc1\">L<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x54f y4c4a w38f h20d\"><div class=\"t m0 x2c1 h2f y4a51 ff3 fs16 fc4 sc2 ls0 ws0 sc1\">L2<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x550 y4c4a w390 h20d\"><div class=\"t m0 x2c1 h2f y4a51 ff3 fs16 fc4 sc2 ls0 ws0 sc1\">L3<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x551 y4c4a w391 h20d\"><div class=\"t m0 x2c1 h2f y4a51 ff3 fs16 fc4 sc2 ls0 ws0 sc1\">VB<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x552 y4c4a w392 h20d\"><div class=\"t m0 x2c1 h2f y4a51 ff3 fs16 fc4 sc2 ls0 ws0 sc1\">L<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x553 y4c4a w38f h20d\"><div class=\"t m0 x2c1 h2f y4a51 ff3 fs16 fc4 sc2 ls0 ws0 sc1\">L2<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x554 y4c4a w393 h20d\"><div class=\"t m0 x2c1 h2f y4a51 ff3 fs16 fc4 sc2 ls0 ws0 sc1\">L<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span></div></td></tr><tr><td class=\"c n x2c2 y4c4b w394 h20d\"><div class=\"t m0 x2c1 h2f y4a51 ff3 fs16 fc0 sc0 ls0 ws0\">1.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Attiv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span>fin<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>iarie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">val<span class=\"_ _0\"></span>uta<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>costo<span class=\"ff1\"> </span>ammo<span class=\"_ _0\"></span>rtiz<span class=\"_ _0\"></span>zato<span class=\"_ _3bd\"> </span></span></span></span></span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c n x555 y4c4b w395 h20d\"><div class=\"t m0 x2c1 h2f y4a51 ff3 fs16 fc0 sc0 ls0 ws0\">4<span class=\"_ _0\"></span>3.8<span class=\"_ _0\"></span>31.2<span class=\"_ _0\"></span>10</div></td><td class=\"t m0 x556 h2f y4c4c ff3 fs16 fc0 sc0 ls0 ws0\">7.1<span class=\"_ _0\"></span>53.<span class=\"_ _0\"></span>286<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x557 h2f y4c4c ff3 fs16 fc0 sc0 ls0 ws0\">575<span class=\"_ _0\"></span>.500<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x558 h2f y4c4c ff3 fs16 fc0 sc0 ls0 ws0\">34<span class=\"_ _0\"></span>.547.<span class=\"_ _0\"></span>315<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x559 h2f y4c4c ff3 fs16 fc0 sc0 ls0 ws0\">49<span class=\"_ _0\"></span>.137.<span class=\"_ _0\"></span>481<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x55a h2f y4c4c ff3 fs16 fc0 sc0 ls0 ws0\">6.<span class=\"_ _0\"></span>503.<span class=\"_ _0\"></span>782<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x55b h2f y4c4c ff3 fs16 fc0 sc0 ls0 ws0\">61<span class=\"_ _0\"></span>8.020<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x55c h2f y4c4c ff3 fs16 fc0 sc0 ls0 ws0\">42.8<span class=\"_ _0\"></span>61.<span class=\"_ _0\"></span>918<span class=\"_ _3bd\"> </span></td></tr><tr><td class=\"c n x2c2 y4c4d w396 h20d\"><div class=\"t m0 x2c1 h2f y4a51 ff3 fs16 fc0 sc0 ls0 ws0\">2.<span class=\"ff1\"> </span>A<span class=\"_ _0\"></span>ttivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>ma<span class=\"_ _0\"></span>teri<span class=\"_ _0\"></span>ali<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>tenu<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>scop<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>inve<span class=\"_ _0\"></span>stim<span class=\"_ _0\"></span>ento<span class=\"_ _3bd\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c n x55d y4c4d w397 h20d\"><div class=\"t m0 x2c1 h2f y4a51 ff3 fs16 fc0 sc0 ls0 ws0\">5.1<span class=\"_ _0\"></span>54<span class=\"_ _3bd\"> </span></div></td><td class=\"t m1e x55e h2f y4c4e ff3 fs16 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></td><td class=\"t m1e x55f h2f y4c4e ff3 fs16 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x560 h2f y4c4e ff3 fs16 fc0 sc0 ls0 ws0\">9.<span class=\"_ _0\"></span>118<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x561 h2f y4c4e ff3 fs16 fc0 sc0 ls0 ws0\">5.1<span class=\"_ _0\"></span>28<span class=\"_ _3bd\"> </span></td><td class=\"t m1e x562 h2f y4c4e ff3 fs16 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></td><td class=\"t m1e x563 h2f y4c4e ff3 fs16 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x564 h2f y4c4e ff3 fs16 fc0 sc0 ls0 ws0\">10<span class=\"_ _0\"></span>.058<span class=\"_ _3bd\"> </span></td></tr><tr><td class=\"t m0 x565 h2f y4c4f ff3 fs16 fc0 sc0 ls0 ws0\">3.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">At<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">corrent<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gru<span class=\"_ _2\"></span>ppi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">via<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di</span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m1e x566 h2f y4c50 ff3 fs16 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></td><td class=\"t m1e x55e h2f y4c50 ff3 fs16 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></td><td class=\"t m1e x55f h2f y4c50 ff3 fs16 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></td><td class=\"t m1e x567 h2f y4c50 ff3 fs16 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x568 h2f y4c50 ff3 fs16 fc0 sc0 ls0 ws0\">5.8<span class=\"_ _0\"></span>07<span class=\"_ _3bd\"> </span></td><td class=\"t m1e x562 h2f y4c50 ff3 fs16 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></td><td class=\"t m1e x563 h2f y4c50 ff3 fs16 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x569 h2f y4c50 ff3 fs16 fc0 sc0 ls0 ws0\">5.8<span class=\"_ _0\"></span>07<span class=\"_ _3bd\"> </span></td></tr><tr><td class=\"t m0 x565 h2f y4c51 ff3 fs16 fc0 sc0 ls0 ws0\">dis<span class=\"_ _0\"></span>missi<span class=\"_ _0\"></span>one </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x56a h2f y4c52 ff3 fs16 fc0 sc1 ls0 ws0\">Tot<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x56b h2f y4c52 ff3 fs16 fc0 sc1 ls0 ws0\">43<span class=\"_ _0\"></span>.83<span class=\"_ _0\"></span>6.3<span class=\"_ _0\"></span>64<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x556 h2f y4c52 ff3 fs16 fc0 sc1 ls0 ws0\">7.1<span class=\"_ _0\"></span>53<span class=\"_ _0\"></span>.28<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x56c h2f y4c52 ff3 fs16 fc0 sc1 ls0 ws0\">575<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>00<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x558 h2f y4c52 ff3 fs16 fc0 sc1 ls0 ws0\">34<span class=\"_ _0\"></span>.55<span class=\"_ _0\"></span>6.4<span class=\"_ _0\"></span>33<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x559 h2f y4c52 ff3 fs16 fc0 sc1 ls0 ws0\">49<span class=\"_ _0\"></span>.14<span class=\"_ _0\"></span>8.4<span class=\"_ _0\"></span>16<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x56d h2f y4c52 ff3 fs16 fc0 sc1 ls0 ws0\">6.5<span class=\"_ _0\"></span>03<span class=\"_ _0\"></span>.78<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x56e h2f y4c52 ff3 fs16 fc0 sc1 ls0 ws0\">61<span class=\"_ _0\"></span>8.0<span class=\"_ _0\"></span>20<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x56f h2f y4c52 ff3 fs16 fc0 sc1 ls0 ws0\">42.<span class=\"_ _0\"></span>877<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>83<span class=\"_ _3bd\"> </span></td></tr><tr><td class=\"c n x2c2 y4c53 w398 h20d\"><div class=\"t m0 x2c1 h2f y4a5a ff3 fs16 fc0 sc0 ls0 ws0\">1.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Passiv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inanz<span class=\"_ _0\"></span>iari<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>valuta<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>costo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ammorti<span class=\"_ _0\"></span>zzat<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></span></span></span></span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c n x570 y4c53 w399 h20d\"><div class=\"t m0 x2c1 h2f y4a5a ff3 fs16 fc0 sc0 ls0 ws0\">50.<span class=\"_ _0\"></span>883.<span class=\"_ _0\"></span>109</div></td><td class=\"t m0 x571 h2f y4c54 ff3 fs16 fc0 sc0 ls0 ws0\">3.1<span class=\"_ _0\"></span>20.8<span class=\"_ _0\"></span>26<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x572 h2f y4c54 ff3 fs16 fc0 sc0 ls0 ws0\">2.5<span class=\"_ _0\"></span>39.<span class=\"_ _0\"></span>277<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x558 h2f y4c54 ff3 fs16 fc0 sc0 ls0 ws0\">45<span class=\"_ _0\"></span>.149.0<span class=\"_ _0\"></span>65<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x573 h2f y4c54 ff3 fs16 fc0 sc0 ls0 ws0\">52.<span class=\"_ _0\"></span>726.<span class=\"_ _0\"></span>659<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x55a h2f y4c54 ff3 fs16 fc0 sc0 ls0 ws0\">2.4<span class=\"_ _0\"></span>70.5<span class=\"_ _0\"></span>65<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x574 h2f y4c54 ff3 fs16 fc0 sc0 ls0 ws0\">7.2<span class=\"_ _0\"></span>51.8<span class=\"_ _0\"></span>82<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x56f h2f y4c54 ff3 fs16 fc0 sc0 ls0 ws0\">43<span class=\"_ _0\"></span>.050.<span class=\"_ _0\"></span>761<span class=\"_ _3bd\"> </span></td></tr><tr><td class=\"t m0 x565 h2f y4c55 ff3 fs16 fc0 sc0 ls0 ws0\">2.<span class=\"ff1\"> </span>P<span class=\"_ _0\"></span>assi<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">assoc<span class=\"_ _0\"></span>iate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ad<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">atti<span class=\"_ _0\"></span>vit\u00e0<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">via</span> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>dismi<span class=\"_ _0\"></span>ssion<span class=\"_ _0\"></span>e</span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m1e x566 h2f y4c55 ff3 fs16 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></td><td class=\"t m1e x55e h2f y4c55 ff3 fs16 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></td><td class=\"t m1e x55f h2f y4c55 ff3 fs16 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></td><td class=\"t m1e x567 h2f y4c55 ff3 fs16 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x568 h2f y4c55 ff3 fs16 fc0 sc0 ls0 ws0\">7.8<span class=\"_ _0\"></span>90<span class=\"_ _3bd\"> </span></td><td class=\"t m1e x562 h2f y4c55 ff3 fs16 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></td><td class=\"t m1e x563 h2f y4c55 ff3 fs16 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x569 h2f y4c55 ff3 fs16 fc0 sc0 ls0 ws0\">7.8<span class=\"_ _0\"></span>90<span class=\"_ _3bd\"> </span></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x56a h2f y4c56 ff3 fs16 fc0 sc1 ls0 ws0\">Tot<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x575 h2f y4c56 ff3 fs16 fc0 sc1 ls0 ws0\">50.<span class=\"_ _0\"></span>88<span class=\"_ _0\"></span>3.1<span class=\"_ _0\"></span>09<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x556 h2f y4c56 ff3 fs16 fc0 sc1 ls0 ws0\">3.1<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>.82<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x572 h2f y4c56 ff3 fs16 fc0 sc1 ls0 ws0\">2.5<span class=\"_ _0\"></span>39<span class=\"_ _0\"></span>.27<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x576 h2f y4c56 ff3 fs16 fc0 sc1 ls0 ws0\">45<span class=\"_ _0\"></span>.14<span class=\"_ _0\"></span>9.0<span class=\"_ _0\"></span>65<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x577 h2f y4c56 ff3 fs16 fc0 sc1 ls0 ws0\">52<span class=\"_ _0\"></span>.73<span class=\"_ _0\"></span>4.5<span class=\"_ _0\"></span>49<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x56d h2f y4c56 ff3 fs16 fc0 sc1 ls0 ws0\">2.4<span class=\"_ _0\"></span>70<span class=\"_ _0\"></span>.56<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x578 h2f y4c56 ff3 fs16 fc0 sc1 ls0 ws0\">7.2<span class=\"_ _0\"></span>51<span class=\"_ _0\"></span>.88<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x55c h2f y4c56 ff3 fs16 fc0 sc1 ls0 ws0\">43<span class=\"_ _0\"></span>.05<span class=\"_ _0\"></span>8.6<span class=\"_ _0\"></span>51<span class=\"_ _3bd\"> </span></td></tr></table>A<span class=\"_ _3bd\"> </span>.<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>\u2013<span class=\"_ _3bd\"> </span>Info<span class=\"_ _0\"></span>rmativa<span class=\"_ _3bd\"> </span>sul<span class=\"_ _3bd\"> </span>c.d.<span class=\"_ _3bd\"> </span>\u201cday<span class=\"_ _3bd\"> </span>one<span class=\"_ _3bd\"> </span>pr<span class=\"_ _0\"></span>of<span class=\"_ _0\"></span>it/<span class=\"_ _0\"></span>los<span class=\"_ _0\"></span>s\u201d<span class=\"_ _0\"></span> I<span class=\"ff1\"> <span class=\"_ _20\"></span></span>proventi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>conne<span class=\"_ _0\"></span>ssi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>all\u2019emissione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prestit<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>obbligazionari,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>deter<span class=\"_ _2\"></span>minati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dalla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"_ _0\"></span>fferenza<span class=\"ff1\"> <span class=\"_ _21\"></span></span>tra<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>co<span class=\"_ _0\"></span>rrispettivo<span class=\"ff1\"> </span>incassato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ed<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">str<span class=\"_ _2\"></span>umento,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>riconosciuti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">conto<span class=\"ff1\"> </span>economico<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">data<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">emissione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>tutti<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>casi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fair<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>value<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>ia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>determinato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>attraverso<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tecniche<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valutazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">p<span class=\"_ _0\"></span>rendono<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span></span>paramet<span class=\"_ _2\"></span>ri<span class=\"ff1\"> </span></span></span>osservabili<span class=\"ff1\"> </span>sul<span class=\"ff1\"> </span>mercato.<span class=\"_ _3bd\"> </span> Il<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>principio<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>IFRS9<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>p<span class=\"_ _0\"></span>revede<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>l\u2019iscrizione<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>iniziale<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>degli<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>strumenti<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>finanziari<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>avvenga<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>fair<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>value.<span class=\"ff1\"> </span>Normalmente<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _21\"></span></span>valu<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>uno<span class=\"ff1\"> <span class=\"_ _20\"></span></span>strumento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>finanziario<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>data<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rilevazi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"_ _2\"></span>iziale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"></span></span>bil<span class=\"_ _0\"></span>anc<span class=\"_ _2\"></span>io<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"></span></span>pari<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> </span>\u201cprezzo<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">transazione\u201d;</span> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">parole,<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">costo</span> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>all<span class=\"_ _0\"></span>\u2019importo<span class=\"ff1\"> </span>erog<span class=\"_ _0\"></span>ato<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"_ _2\"></span><span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">somma<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>incassata<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>passivit\u00e0<span class=\"ff1\"> </span>finanziarie.<span class=\"_ _3bd\"> </span> L\u2019affermazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"_ _2\"></span>l\u2019atto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dell\u2019iscrizione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"_ _2\"></span>iziale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">uno<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">str<span class=\"_ _2\"></span>umento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziario<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">coincide<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>con<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>prezzo<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>transazione<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>intuitivamente<span class=\"ff1\"> </span>sempre<span class=\"ff1\"> </span>riscontrabile<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>caso<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>trans<span class=\"_ _2\"></span>azioni<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>cosidde<span class=\"_ _0\"></span>tto<span class=\"ff1\"> </span>\u201cLivello<span class=\"ff1\"> </span>1\u201d<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>gerarchia<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value.<span class=\"_ _3bd\"> </span> Anche<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>caso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u201c<span class=\"_ _2\"></span>Livello<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>2\u201d,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>basa<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>u<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>prezzi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>derivati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ind<span class=\"_ _0\"></span>irettamente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>mercato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(c<span class=\"_ _0\"></span>omparable<span class=\"ff1\"> </span>approach),<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>l\u2019is<span class=\"_ _2\"></span>crizione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>inizial<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>vede,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>moltiss<span class=\"_ _2\"></span>imi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>c<span class=\"_ _0\"></span>asi,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sostanzialme<span class=\"_ _0\"></span>nte<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>coincidere<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fair<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>v<span class=\"_ _0\"></span>alue<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>prezzo.<span class=\"ff1\"> </span>Eventuali<span class=\"ff1\"> </span>differenze<span class=\"ff1\"> </span>tra<span class=\"ff1\"> </span>prezzo<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>nor<span class=\"_ _2\"></span>ma<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>attribuire<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>cosiddetti<span class=\"ff1\"> </span>margini<span class=\"ff1\"> </span>commerciali.<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>Nel<span class=\"ff1\"> <span class=\"_ _2\"></span></span>caso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u201cLivello<span class=\"ff1\"> <span class=\"_ _2\"></span></span>3\u201d,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"_ _2\"></span>vece,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sussiste<span class=\"ff1\"> <span class=\"_ _20\"></span></span>una<span class=\"ff1\"> <span class=\"_ _2\"></span></span>discrezionalit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pa<span class=\"_ _2\"></span>rziale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019operatore<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nella<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valutazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dello<span class=\"ff1\"> </span>strumento<span class=\"ff1\">  </span>e,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>pertanto,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>proprio<span class=\"ff1\">  </span>per<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\">  </span>maggior<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>soggettivit\u00e0<span class=\"ff1\">  </span>nella<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>determinazione<span class=\"ff1\">  </span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fair<span class=\"ff1\">  </span>v<span class=\"_ _0\"></span>alue<span class=\"ff1\">  </span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u00e8<span class=\"ff1\"> </span>disponibile<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>inequivocabile<span class=\"ff1\"> <span class=\"_ _2\"></span></span>termine<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>riferimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"ff1\"> <span class=\"_ _2\"></span></span>raffront<span class=\"_ _2\"></span>are<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prezzo<span class=\"ff1\"> </span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>transazione.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tale<span class=\"ff1\"> </span>rag<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l\u2019I<span class=\"_ _0\"></span>FRS<span class=\"_ _0\"></span>9<span class=\"ff1\"> </span>escl<span class=\"_ _0\"></span>ude<span class=\"ff1\"> </span>ch<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>l'e<span class=\"_ _0\"></span>ven<span class=\"_ _0\"></span>tua<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>izia<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>dif<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>renza<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tra</span> <span class=\"ff3\">il</span> <span class=\"ff3\">pr<span class=\"_ _0\"></span>ez<span class=\"_ _0\"></span>zo<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span>tra<span class=\"_ _0\"></span>nsaz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>sti<span class=\"_ _0\"></span>ma<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>na<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span>fair<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>valu<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>possa<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ess<span class=\"_ _2\"></span>ere<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>ubito<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>imputat<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Conto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Economico<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">in</span> <span class=\"_ _27\"> </span><span class=\"ff3\">un'unica</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">soluzione.</span> <span class=\"_ _27\"> </span><span class=\"ff3\">In</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">tal</span> <span class=\"_ _27\"> </span><span class=\"ff3\">c<span class=\"_ _2\"></span>aso,</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">qui<span class=\"_ _0\"></span>ndi,<span class=\"ff1\"> </span></span></span>l\u2019<span class=\"_ _0\"></span>iscri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">inizi<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dev<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>se<span class=\"_ _0\"></span>mpre<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">avve<span class=\"_ _0\"></span>nire<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pre<span class=\"_ _0\"></span>zzo.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">La</span> <span class=\"ff3\">su<span class=\"_ _0\"></span>cces<span class=\"_ _0\"></span>siva<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">val<span class=\"_ _0\"></span>utaz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>no<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>pu<span class=\"_ _0\"></span>\u00f2<span class=\"ff1\"> </span>inc<span class=\"_ _0\"></span>lude<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dif<span class=\"_ _0\"></span>fere<span class=\"_ _0\"></span>nza<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>tra<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">prezzo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ris<span class=\"_ _2\"></span>contrata<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">all\u2019att<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prima<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valutazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ossia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Day-One-Profit<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(DOP)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">D<span class=\"_ _2\"></span>ay-One-<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Loss<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>(DOL)<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>implicito<span class=\"ff1\">  </span>-,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>deve<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>invece<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>essere<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>riconosciuta<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Conto<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Economico<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>solo<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>se<span class=\"ff1\">  </span>deriva<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>da<span class=\"ff1\"> </span>cambiamenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span>fattori<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>artecipanti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mercato<span class=\"ff1\"> </span>b<span class=\"_ _0\"></span>asano<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">loro<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ne<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fissare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prezzi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(incluso<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>l\u2019effetto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tempo).<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Ove<span class=\"ff1\"> <span class=\"_ _2\"></span></span>lo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>strumento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>abbia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>una<span class=\"ff1\"> <span class=\"_ _2\"></span></span>scadenza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>de<span class=\"_ _2\"></span>finita<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>non<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>immediatamente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>disponibile<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"_ _2\"></span><span class=\"ff1\"> </span>modello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> </span>monitori<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>cambi<span class=\"_ _0\"></span>amenti<span class=\"ff1\"> </span>dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fattori</span> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ui<span class=\"ff1\"> </span>gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">operatori</span> <span class=\"ff3\">b<span class=\"_ _0\"></span>asano<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prezzi,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span>ammesso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">transito<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>DOP/DOL<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>Conto<span class=\"ff1\"> </span>Economico<span class=\"ff1\"> </span>linearmente<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>vita<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>strumento<span class=\"ff1\"> </span>finanziario<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>tesso.<span class=\"_ _3bd\"> </span> Pe<span class=\"_ _0\"></span>rtan<span class=\"_ _0\"></span>to,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">poli<span class=\"_ _0\"></span>tic<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>ntab<span class=\"_ _0\"></span>ile<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">seg<span class=\"_ _0\"></span>uita<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pre<span class=\"_ _0\"></span>vede<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ch<span class=\"_ _1\"></span>e:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>l'eventuale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>DOP/DOL<span class=\"ff1\"> <span class=\"_ _2\"></span></span>implicito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>negli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>strumenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\"Livello<span class=\"ff1\"> <span class=\"_ _2\"></span></span>2\"<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ve<span class=\"_ _2\"></span>nga<span class=\"ff1\"> <span class=\"_ _2\"></span></span>subito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>imputato<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>intero<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Conto<span class=\"ff1\"> </span>Ec<span class=\"_ _0\"></span>onom<span class=\"_ _0\"></span>ico;<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>vece,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l'e<span class=\"_ _0\"></span>ven<span class=\"_ _0\"></span>tuale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">DOP<span class=\"_ _0\"></span>/DOL<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">imp<span class=\"_ _0\"></span>lic<span class=\"_ _0\"></span>ito<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>gli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stru<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\"L<span class=\"_ _0\"></span>ivell<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>3\"<span class=\"ff1\"> </span>ve<span class=\"_ _0\"></span>nga<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ste<span class=\"_ _0\"></span>riliz<span class=\"_ _0\"></span>zat<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>mputa<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Cont<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Economico<span class=\"ff1\"> </span>\"pro<span class=\"ff1\"> </span>rata<span class=\"ff1\"> </span>temporis\"<span class=\"ff1\"> </span>(linearmente)<span class=\"ff1\"> </span>lungo<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>vita<span class=\"ff1\"> </span>residua<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tali<span class=\"ff1\"> </span>st<span class=\"_ _2\"></span>rumenti;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>aso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>str<span class=\"_ _0\"></span>umen<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>lassi<span class=\"_ _0\"></span>fi<span class=\"_ _0\"></span>cato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u201cL<span class=\"_ _0\"></span>ivel<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">3\u201d</span> <span class=\"ff3\">d<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>ge<span class=\"_ _0\"></span>rarch<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del</span> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alue<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ven<span class=\"_ _0\"></span>ga<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>icl<span class=\"_ _0\"></span>assi<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>ato<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>nel<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u201cLivello<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>2\u201d,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>residui<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>DOP/DOL<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sospesi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>patrimonialmente<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>v<span class=\"_ _2\"></span>engono<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>iscritt<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Conto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Economico<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> </span>un\u2019unica<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">soluzione.<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>Al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">31<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dicembre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2022<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">er<span class=\"_ _2\"></span>ano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">presenti<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>mporti<span class=\"ff1\"> </span>che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">debbano<span class=\"ff1\"> </span>essere<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ancora<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rilevati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">conto<span class=\"ff1\"> </span>economico<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\"pro<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>rata<span class=\"ff1\"> </span>temporis\",<span class=\"ff1\"> </span>ovvero<span class=\"ff1\"> </span>lungo<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>vita<span class=\"ff1\"> </span>residua<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>contratto<span class=\"_ _2\"></span>. Se<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>2<span class=\"_ _3bd\"> </span>\u2013<span class=\"_ _3bd\"> </span>At<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>val<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>ate<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>fa<span class=\"_ _1\"></span>ir<span class=\"_ _3bd\"> </span>val<span class=\"_ _0\"></span>ue<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span>im<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>tto<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nto<span class=\"_ _3bd\"> </span>eco<span class=\"_ _1\"></span>nom<span class=\"_ _0\"></span>ico<span class=\"_ _3bd\"> </span>\u2013<span class=\"_ _3bd\"> </span>Vo<span class=\"_ _1\"></span>ce<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>2.1<span class=\"_ _3bd\"> </span>At<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span>per<span class=\"_ _3bd\"> </span>la<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>go<span class=\"_ _0\"></span>zia<span class=\"_ _1\"></span>zion<span class=\"_ _0\"></span>e:<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>me<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>eo<span class=\"_ _0\"></span>log<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>a<span class=\"fc0 sc1\"> </span>Vo<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>/Va<span class=\"_ _1\"></span>lor<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>L<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _3f\"> </span><span class=\"fc4 sc2\">L2<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _3a\"> </span><span class=\"fc4 sc2\">L3<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _3f\"> </span><span class=\"fc4 sc2\">L<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _3f\"> </span><span class=\"fc4 sc2\">L<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _3a\"> </span><span class=\"fc4 sc2\">L<span class=\"_ _0\"></span>3<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></span></span></span></span></span></span></span></span></span></span>A.<span class=\"_ _3bd\"> </span>Atti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _3bd\"> </span>per<span class=\"_ _3bd\"> </span>c<span class=\"_ _0\"></span>as<span class=\"_ _1\"></span>sa<span class=\"_ _0\"></span> 1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">debi<span class=\"_ _0\"></span>to <span class=\"_ _1b7\"> </span>16.<span class=\"_ _0\"></span>377<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _fd\"> </span><span class=\"ff3\">1<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>16.<span class=\"_ _0\"></span>21<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>356<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>1.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">str<span class=\"_ _0\"></span>utt<span class=\"_ _0\"></span>ura<span class=\"_ _0\"></span>ti <span class=\"_ _1b8\"> </span>9.<span class=\"_ _0\"></span>489<span class=\"ff1\"> <span class=\"_ _1b9\"> </span></span>1<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>7.<span class=\"_ _0\"></span>534<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>356<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>1.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altri<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>itoli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>eb<span class=\"_ _0\"></span>ito<span class=\"_ _0\"></span> <span class=\"_ _60\"> </span>6.8<span class=\"_ _0\"></span>88<span class=\"ff1\"> <span class=\"_ _138\"> </span></span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>8.<span class=\"_ _0\"></span>680<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>2.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">capit<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span> <span class=\"_ _a0\"> </span>2.<span class=\"_ _0\"></span>139<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1b9\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>39<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>3.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Quote<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">O.I.<span class=\"_ _0\"></span>C.<span class=\"_ _0\"></span>R. <span class=\"_ _4e\"> </span>53<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1b9\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>2<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>320<span class=\"_ _3bd\"> </span>4.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Fina<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span> <span class=\"_ _1ba\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1b9\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>4.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Pronti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contro<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">term<span class=\"_ _1\"></span>ine <span class=\"_ _15c\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1b9\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>4.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altr<span class=\"_ _0\"></span>i <span class=\"_ _1bb\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1b9\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>(A<span class=\"_ _1\"></span>)<span class=\"_ _3bd\"> </span>19<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>52<span class=\"_ _3bd\"> </span>1<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>16<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>14<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>49<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>32<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>B.<span class=\"_ _3bd\"> </span>St<span class=\"_ _0\"></span>ru<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span> -<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1b9\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Derivati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fin<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>i <span class=\"_ _76\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _176\"> </span><span class=\"ff3\">3<span class=\"_ _0\"></span>5.8<span class=\"_ _0\"></span>84<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>38.<span class=\"_ _0\"></span>678<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>3<span class=\"_ _3bd\"> </span>1.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>ne<span class=\"_ _1\"></span>gozia<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e <span class=\"_ _3e\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _7e\"> </span><span class=\"ff3\">35.88<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>38.<span class=\"_ _0\"></span>678<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>3<span class=\"_ _3bd\"> </span>1.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">connessi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alue<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">opti<span class=\"_ _0\"></span>on <span class=\"_ _ff\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1bc\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>1.3<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"_ _0\"></span>tr<span class=\"_ _1\"></span>i <span class=\"_ _c6\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1bc\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>2.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Derivati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cre<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span> <span class=\"_ _1bd\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1bc\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>2.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>egoz<span class=\"_ _0\"></span>iaz<span class=\"_ _0\"></span>ione<span class=\"_ _1\"></span> <span class=\"_ _46\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1bc\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>2.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">connessi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alue<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">opti<span class=\"_ _0\"></span>on <span class=\"_ _8c\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1bc\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>2.3<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"_ _0\"></span>tri<span class=\"_ _0\"></span> <span class=\"_ _16f\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1bc\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>(B<span class=\"_ _1\"></span>)<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>35<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>84<span class=\"_ _3bd\"> </span>--38<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>78<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>3<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>(A<span class=\"_ _1\"></span>+B<span class=\"_ _1\"></span>)<span class=\"_ _3bd\"> </span>19<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>52<span class=\"_ _3bd\"> </span>35<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>85<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>16<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>14<span class=\"_ _3bd\"> </span>41<span class=\"_ _0\"></span>.17<span class=\"_ _1\"></span>3<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>.5<span class=\"_ _1\"></span>8<span class=\"_ _3bd\"> </span>3<span class=\"_ _3bd\"> </span>Le<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>nda<span class=\"_ _1\"></span>:<span class=\"fc0 sc1\"> </span>L1=<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Livello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">1<span class=\"_ _1\"></span> </span></span></span></span>L2=<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Livello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2<span class=\"_ _1\"></span> </span></span></span></span>L3=<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Livello<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">3<span class=\"_ _0\"></span> </span></span></span></span>Si<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">se<span class=\"_ _0\"></span>gna<span class=\"_ _0\"></span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">com<span class=\"_ _0\"></span>posi<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>voce<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">3</span> <span class=\"_ _0\"></span><span class=\"ff3\">\u201cQuo<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">O.I<span class=\"_ _0\"></span>.C.R<span class=\"_ _0\"></span>\u201d:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Hedge<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Fu<span class=\"_ _0\"></span>nd<span class=\"_ _1\"></span> <span class=\"_ _1bf\"> </span>-<span class=\"_ _3bd\"> </span></span></span>2.<span class=\"_ _0\"></span>255<span class=\"_ _3bd\"> </span>Az<span class=\"_ _0\"></span>iona<span class=\"_ _0\"></span>ri <span class=\"_ _1c0\"> </span>55<span class=\"_ _1\"></span>9<span class=\"_ _3bd\"> </span>65<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>5<span class=\"_ _0\"></span>59<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>32<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>2.2<span class=\"_ _3bd\"> </span>At<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span>per<span class=\"_ _3bd\"> </span>la<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>go<span class=\"_ _0\"></span>zia<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>ri/<span class=\"_ _0\"></span>em<span class=\"_ _1\"></span>itte<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>i/<span class=\"_ _0\"></span>con<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>op<span class=\"_ _0\"></span>art<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>Vo<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>/Va<span class=\"_ _1\"></span>lor<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>A.<span class=\"_ _3bd\"> </span>Atti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _3bd\"> </span>per<span class=\"_ _3bd\"> </span>c<span class=\"_ _0\"></span>as<span class=\"_ _1\"></span>sa<span class=\"_ _0\"></span> 1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">debi<span class=\"_ _0\"></span>to <span class=\"_ _1b4\"> </span>16.<span class=\"_ _0\"></span>379<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>18<span class=\"_ _0\"></span>.571<span class=\"_ _3bd\"> </span>a)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">B<span class=\"_ _2\"></span>anche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Ce<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>ali <span class=\"_ _1c2\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>b)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Amm<span class=\"_ _0\"></span>inis<span class=\"_ _0\"></span>traz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>pubb<span class=\"_ _0\"></span>lich<span class=\"_ _0\"></span>e <span class=\"_ _110\"> </span>5.51<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span></span></span>9.<span class=\"_ _0\"></span>204<span class=\"_ _3bd\"> </span>c)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Ban<span class=\"_ _0\"></span>che<span class=\"_ _1\"></span> <span class=\"_ _1c3\"> </span>2.<span class=\"_ _0\"></span>270<span class=\"_ _3bd\"> </span></span></span>1.<span class=\"_ _0\"></span>751<span class=\"_ _3bd\"> </span>d)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">societ\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fin<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie <span class=\"_ _1c4\"> </span>8<span class=\"_ _0\"></span>68<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>52<span class=\"_ _1\"></span>6<span class=\"_ _3bd\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">imprese<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">as<span class=\"_ _0\"></span>sicu<span class=\"_ _0\"></span>raz<span class=\"_ _0\"></span>ione<span class=\"_ _1\"></span> <span class=\"_ _110\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>e)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Societ\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">n<span class=\"_ _2\"></span>on<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fina<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie <span class=\"_ _15a\"> </span>7.7<span class=\"_ _0\"></span>22<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>7.<span class=\"_ _0\"></span>090<span class=\"_ _3bd\"> </span>2.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">capit<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span> <span class=\"_ _1c5\"> </span>2.<span class=\"_ _0\"></span>140<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>1<span class=\"_ _0\"></span>39<span class=\"_ _3bd\"> </span>a)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Banch<span class=\"_ _0\"></span>e <span class=\"_ _1b2\"> </span>321<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>b)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">societ\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fin<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie <span class=\"_ _1c6\"> </span>69<span class=\"_ _1\"></span>4<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui:<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"_ _2\"></span>mprese<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ass<span class=\"_ _0\"></span>icu<span class=\"_ _0\"></span>raz<span class=\"_ _0\"></span>ione<span class=\"_ _1\"></span> <span class=\"_ _161\"> </span>42<span class=\"_ _1\"></span>7<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>c)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">So<span class=\"_ _2\"></span>ciet\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">n<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fina<span class=\"_ _0\"></span>nzia<span class=\"_ _0\"></span>rie<span class=\"_ _1\"></span> <span class=\"_ _148\"> </span>1<span class=\"_ _0\"></span>.12<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>1<span class=\"_ _0\"></span>39<span class=\"_ _3bd\"> </span>d)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altri<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>mitt<span class=\"_ _0\"></span>ent<span class=\"_ _1\"></span>i <span class=\"_ _1c7\"> </span>-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>3.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Q<span class=\"_ _2\"></span>uote<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">OI<span class=\"_ _1\"></span>CR<span class=\"_ _0\"></span> <span class=\"_ _1c8\"> </span>55<span class=\"_ _1\"></span>9<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>2.<span class=\"_ _0\"></span>320<span class=\"_ _3bd\"> </span>4.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Fina<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span> <span class=\"_ _1c9\"> </span>-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>a)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">B<span class=\"_ _2\"></span>anche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Ce<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>ali <span class=\"_ _1c2\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>b)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Amm<span class=\"_ _0\"></span>inis<span class=\"_ _0\"></span>traz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>pubb<span class=\"_ _0\"></span>lich<span class=\"_ _0\"></span>e <span class=\"_ _1ca\"> </span>-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>c)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Ban<span class=\"_ _0\"></span>che<span class=\"_ _1\"></span> <span class=\"_ _1cb\"> </span>-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>d)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">societ\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fin<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie <span class=\"_ _53\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">imprese<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">as<span class=\"_ _0\"></span>sicu<span class=\"_ _0\"></span>raz<span class=\"_ _0\"></span>ione<span class=\"_ _1\"></span> <span class=\"_ _110\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>e)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Societ\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">n<span class=\"_ _2\"></span>on<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fina<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie <span class=\"_ _4f\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>f)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Fami<span class=\"_ _0\"></span>gli<span class=\"_ _0\"></span>e <span class=\"_ _1cc\"> </span>-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>(A<span class=\"_ _1\"></span>)<span class=\"_ _3bd\"> </span>19<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>78<span class=\"_ _3bd\"> </span>21<span class=\"_ _0\"></span>.03<span class=\"_ _1\"></span>0<span class=\"_ _3bd\"> </span>B.<span class=\"_ _3bd\"> </span>St<span class=\"_ _0\"></span>ru<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span>ti a)<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>ropa<span class=\"_ _0\"></span>rti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">Ce<span class=\"_ _0\"></span>ntra<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span> <span class=\"_ _1cd\"> </span>-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>b)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Alt<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span> <span class=\"_ _1ce\"> </span>35.<span class=\"_ _0\"></span>884<span class=\"_ _3bd\"> </span></span></span>38.<span class=\"_ _0\"></span>94<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>(B<span class=\"_ _1\"></span>)<span class=\"_ _3bd\"> </span>35<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>84<span class=\"_ _3bd\"> </span>38<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>41<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>(A<span class=\"_ _1\"></span>+B<span class=\"_ _1\"></span>)<span class=\"_ _3bd\"> </span>54<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>62<span class=\"_ _3bd\"> </span>59<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>71<span class=\"_ _3bd\"> </span>In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>nfo<span class=\"_ _0\"></span>rmit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">qu<span class=\"_ _0\"></span>anto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span>spos<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>pr<span class=\"_ _0\"></span>inc<span class=\"_ _0\"></span>ipio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>ntab<span class=\"_ _0\"></span>ile<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">IFR<span class=\"_ _0\"></span>S<span class=\"ff1\"> </span>7<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">t<span class=\"_ _0\"></span>enu<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span>dic<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onte<span class=\"_ _0\"></span>nute<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ne<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Com<span class=\"_ _0\"></span>uni<span class=\"_ _0\"></span>cazi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">CONS<span class=\"_ _0\"></span>OB<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">n.<span class=\"ff1\"> </span>D<span class=\"_ _0\"></span>EM/1<span class=\"_ _0\"></span>10700<span class=\"_ _0\"></span>07<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">5</span> <span class=\"ff3\">ago<span class=\"_ _0\"></span>sto<span class=\"ff1\"> </span>20<span class=\"_ _0\"></span>11<span class=\"ff1\"> </span>(c<span class=\"_ _0\"></span>he<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>pre<span class=\"_ _0\"></span>nde<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ocu<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>ESMA<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">N.</span> <span class=\"ff3\">2<span class=\"_ _0\"></span>011/2<span class=\"_ _0\"></span>66<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del</span> </span></span></span></span></span></span></span></span></span></span></span>28<span class=\"ff1\"> </span>luglio<span class=\"ff1\"> </span>2011)<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>materia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>informazioni<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>rendere<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nelle<span class=\"ff1\"> </span>relazioni<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">merito<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>\u201cdebito<span class=\"ff1\"> </span>Sovrano\u201d,<span class=\"ff1\"> </span></span></span></span></span></span></span>si<span class=\"ff1\"> </span>precisa<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>31<span class=\"ff1\"> </span>dicembre<span class=\"ff1\"> </span>2022<span class=\"ff1\"> </span>sono<span class=\"_ _2\"></span><span class=\"ff1\"> </span>presenti<span class=\"ff1\"> </span>esposizioni<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> </span>governativi<span class=\"ff1\"> </span>verso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>lo<span class=\"ff1\"> </span>Stato<span class=\"ff1\"> </span>Italia<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>5<span class=\"_ _2\"></span>,1<span class=\"ff1\"> </span>milioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>euro,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>circa<span class=\"ff1\"> <span class=\"_ _21\"></span></span>0,4<span class=\"ff1\"> <span class=\"_ _2\"></span></span>milioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>euro<span class=\"ff1\"> <span class=\"_ _20\"></span></span>verso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>altri<span class=\"ff1\"> <span class=\"_ _21\"></span></span>pae<span class=\"_ _0\"></span>si.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>posizioni<span class=\"_ _2\"></span>,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>clas<span class=\"_ _2\"></span>sificate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>co<span class=\"_ _2\"></span>ntabilmente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> </span>trading,<span class=\"ff1\"> </span>hanno<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>oggetto<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>negoziazione<span class=\"ff1\"> </span>verso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> </span>clientela<span class=\"ff1\"> </span>istituzionale. Si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rimanda<span class=\"ff1\"> </span>alla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sezione<span class=\"ff1\"> </span>3<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> </span>presente<span class=\"ff1\"> </span>nota<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">titoli<span class=\"ff1\"> </span>detenu<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">portafoglio<span class=\"ff1\"> </span>\u201cAttivit\u00e0<span class=\"ff1\"> </span>finanz<span class=\"_ _0\"></span>iar<span class=\"_ _2\"></span>ie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutate<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>impatto<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>redditivit\u00e0<span class=\"ff1\"> </span>complessiva\u201d.<span class=\"_ _3bd\"> </span> <div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gse35\">2.<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gse36\">Al<span class=\"_ _0\"></span>tre<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gse37\">at<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gse38\">fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gse39\">ob<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>ato<span class=\"_ _1\"></span>riam<span class=\"_ _1\"></span>ent<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gse3a\">va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>ate<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gse3b\">al<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gse3c\">fai<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gse3d\">va<span class=\"_ _0\"></span>lue<span class=\"_ _1\"></span>:<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gse3e\">co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>os<span class=\"_ _1\"></span>izio<span class=\"_ _1\"></span>ne<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gse3f\">me<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>eo<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>ca<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gse40\">Vo<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>/Va<span class=\"_ _1\"></span>lor<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gse41\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gse42\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gse43\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gse44\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gse45\">L<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _3f\"> </span><span class=\"fc4 sc2\">L2<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _3a\"> </span><span class=\"fc4 sc2\">L<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _3f\"> </span><span class=\"fc4 sc2\">L1<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _3f\"> </span><span class=\"fc4 sc2\">L2<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _1cf\"> </span><span class=\"fc4 sc2\">L<span class=\"_ _0\"></span>3<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gse46\">1.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gse47\">Titol<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gse48\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gse49\">de<span class=\"_ _1\"></span>bit<span class=\"_ _0\"></span>o </div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gse4a\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gse4b\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gse4c\">9</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gse4d\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gse4e\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gse4f\">9</div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gse50\">1.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">str<span class=\"_ _0\"></span>utt<span class=\"_ _0\"></span>ura<span class=\"_ _0\"></span>ti <span class=\"_ _3e\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gse51\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gse52\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gse53\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gse54\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gse55\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gse56\">1.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altri<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>itoli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>eb<span class=\"_ _0\"></span>ito<span class=\"_ _0\"></span> <span class=\"_ _1d0\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gse57\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gse58\">9<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gse59\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gse5a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gse5b\">9<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gse5c\">2.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gse5d\">Titol<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gse5e\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gse5f\">ca<span class=\"_ _0\"></span>pit<span class=\"_ _1\"></span>ale<span class=\"_ _0\"></span> </div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gse60\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gse61\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gse62\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gse63\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gse64\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gse65\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gse66\">3.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gse67\">Quote<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gse68\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gse69\">O.<span class=\"_ _0\"></span>I.<span class=\"_ _0\"></span>C.<span class=\"_ _0\"></span>R. <span class=\"_ _46\"> </span>37<span class=\"_ _1\"></span>5<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gse6a\">1<span class=\"_ _0\"></span>.2<span class=\"_ _1\"></span>01<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gse6b\">8.<span class=\"_ _0\"></span>75<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gse6c\">3<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span></div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gse6d\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gse6e\">7.<span class=\"_ _0\"></span>43<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gse6f\">4.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gse70\">Fin<span class=\"_ _1\"></span>an<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>i <span class=\"_ _1bd\"> </span>1<span class=\"_ _1\"></span>88<span class=\"_ _3bd\"> </span></div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gse71\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gse72\">43<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>63<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gse73\">1<span class=\"_ _0\"></span>77<span class=\"_ _3bd\"> </span></div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gse74\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gse75\">14<span class=\"_ _0\"></span>.44<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gse76\">4.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Pronti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contro<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">term<span class=\"_ _1\"></span>ine <span class=\"_ _1a1\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gse77\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gse78\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gse79\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gse7a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gse7b\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gse7c\">4.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altr<span class=\"_ _0\"></span>i <span class=\"_ _18e\"> </span>1<span class=\"_ _0\"></span>88<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gse7d\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gse7e\">43.<span class=\"_ _0\"></span>763<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gse7f\">1<span class=\"_ _0\"></span>77<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gse80\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gse81\">14<span class=\"_ _0\"></span>.44<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gse82\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gse83\">5<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gse84\">1<span class=\"_ _0\"></span>.2<span class=\"_ _1\"></span>01<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gse85\">52<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>24<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gse86\">5<span class=\"_ _0\"></span>13<span class=\"_ _3bd\"> </span></div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gse87\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gse88\">21<span class=\"_ _0\"></span>.88<span class=\"_ _1\"></span>0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gse89\">Le<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>nda<span class=\"_ _1\"></span>:<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gse8a\">L1=<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Livello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">1<span class=\"_ _1\"></span> </span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gse8b\">L2=<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Livello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2<span class=\"_ _1\"></span> </span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gse8c\">L3=<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Livello<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">3<span class=\"_ _0\"></span> </span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gse8d\">Si<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">se<span class=\"_ _0\"></span>gna<span class=\"_ _0\"></span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">com<span class=\"_ _0\"></span>posi<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>voce<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">3</span> <span class=\"_ _0\"></span><span class=\"ff3\">\u201cQuo<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">O.I<span class=\"_ _0\"></span>.C.R<span class=\"_ _0\"></span>\u201d: </span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gse8e\">Tot<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gse8f\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gse90\">Tot<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gse91\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gse92\">Fondi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ch<span class=\"_ _0\"></span>iusi<span class=\"_ _1\"></span> <span class=\"_ _1d1\"> </span>8<span class=\"_ _0\"></span>.4<span class=\"_ _1\"></span>54<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gse93\">5.5<span class=\"_ _0\"></span>47<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gse94\">Az<span class=\"_ _0\"></span>iona<span class=\"_ _0\"></span>ri </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gse95\">2<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gse96\">2<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gse97\">Imm<span class=\"_ _0\"></span>obil<span class=\"_ _1\"></span>iari <span class=\"_ _1cd\"> </span>1.2<span class=\"_ _0\"></span>01<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gse98\">1.<span class=\"_ _0\"></span>473<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gse99\">Ob<span class=\"_ _0\"></span>blig<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>onar<span class=\"_ _0\"></span>i <span class=\"_ _1d2\"> </span>1<span class=\"_ _0\"></span>51<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gse9a\">8<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gse9b\">Bila<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>ati<span class=\"_ _1\"></span> <span class=\"_ _1d3\"> </span>1<span class=\"_ _0\"></span>26<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gse9c\">72<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gse9d\">Fle<span class=\"_ _0\"></span>ssib<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span> <span class=\"_ _1d4\"> </span>73<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gse9e\">1<span class=\"_ _0\"></span>51<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gse9f\">Alt<span class=\"_ _0\"></span>ri <span class=\"_ _1d5\"> </span>2<span class=\"_ _0\"></span>99<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsea0\">4<span class=\"_ _0\"></span>10<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gsea1\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gsea2\">10<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>28<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gsea3\">7.<span class=\"_ _0\"></span>76<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span></div>2.<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>Al<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>at<span class=\"_ _1\"></span>tivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span>fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>zia<span class=\"_ _1\"></span>rie<span class=\"_ _3bd\"> </span>ob<span class=\"_ _0\"></span>bli<span class=\"_ _0\"></span>ga<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>ate<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>fai<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e:<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>os<span class=\"_ _1\"></span>izio<span class=\"_ _1\"></span>ne<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>tor<span class=\"_ _0\"></span>i/<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ten<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>1.<span class=\"_ _3bd\"> </span>Titol<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>pi<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span> --di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">banch<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span> <span class=\"_ _1d8\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cui:<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">societ\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fina<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ie <span class=\"_ _1d9\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cui:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">societ\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fina<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ie <span class=\"_ _1c4\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>2.<span class=\"_ _3bd\"> </span>Titol<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>bit<span class=\"_ _1\"></span>o 99a)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">B<span class=\"_ _2\"></span>anche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ce<span class=\"_ _0\"></span>ntra<span class=\"_ _0\"></span>li <span class=\"_ _1da\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>b)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Amm<span class=\"_ _0\"></span>inis<span class=\"_ _0\"></span>traz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>pubb<span class=\"_ _0\"></span>lich<span class=\"_ _0\"></span>e <span class=\"_ _1ca\"> </span>-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>c)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Ban<span class=\"_ _0\"></span>che<span class=\"_ _1\"></span> <span class=\"_ _1cb\"> </span>-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>d)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">societ\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fin<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie <span class=\"_ _1db\"> </span>9<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>9<span class=\"_ _3bd\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">imprese<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">as<span class=\"_ _0\"></span>sicu<span class=\"_ _0\"></span>raz<span class=\"_ _0\"></span>ione<span class=\"_ _1\"></span> <span class=\"_ _110\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>e)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Societ\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">n<span class=\"_ _2\"></span>on<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fina<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie <span class=\"_ _4f\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>3.<span class=\"_ _3bd\"> </span>Quote<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>O.<span class=\"_ _0\"></span>I.<span class=\"_ _0\"></span>C.<span class=\"_ _0\"></span>R. <span class=\"_ _1dc\"> </span>10<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>28<span class=\"_ _3bd\"> </span>7.<span class=\"_ _0\"></span>76<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>4.<span class=\"_ _3bd\"> </span>Fin<span class=\"_ _1\"></span>an<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>i <span class=\"_ _1dd\"> </span>43<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>51<span class=\"_ _3bd\"> </span>14<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>17<span class=\"_ _3bd\"> </span>a)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">B<span class=\"_ _2\"></span>anche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ce<span class=\"_ _0\"></span>ntra<span class=\"_ _0\"></span>li <span class=\"_ _1da\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>b)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Amm<span class=\"_ _0\"></span>inis<span class=\"_ _0\"></span>traz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>pubb<span class=\"_ _0\"></span>lich<span class=\"_ _0\"></span>e <span class=\"_ _1ca\"> </span>-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>c)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Ban<span class=\"_ _0\"></span>che<span class=\"_ _1\"></span> <span class=\"_ _1cb\"> </span>-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>d)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">societ\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fin<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie <span class=\"_ _12a\"> </span>1<span class=\"_ _0\"></span>2.<span class=\"_ _0\"></span>609<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>13.<span class=\"_ _0\"></span>139<span class=\"_ _3bd\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">imprese<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">as<span class=\"_ _0\"></span>sicu<span class=\"_ _0\"></span>raz<span class=\"_ _0\"></span>ione<span class=\"_ _1\"></span> <span class=\"_ _114\"> </span>12.<span class=\"_ _0\"></span>609<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>13.<span class=\"_ _0\"></span>139<span class=\"_ _3bd\"> </span>e)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Societ\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">n<span class=\"_ _2\"></span>on<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fina<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie <span class=\"_ _1de\"> </span>30.<span class=\"_ _0\"></span>529<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>1<span class=\"_ _0\"></span>77<span class=\"_ _3bd\"> </span>f)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Fami<span class=\"_ _0\"></span>gli<span class=\"_ _0\"></span>e <span class=\"_ _1df\"> </span>8<span class=\"_ _0\"></span>13<span class=\"_ _3bd\"> </span></span></span>1.<span class=\"_ _0\"></span>301<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>54<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>88<span class=\"_ _3bd\"> </span>22<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>92<span class=\"_ _3bd\"> </span>A<span class=\"ff1\"> </span>seguito<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>fallimento<span class=\"ff1\"> </span>dell\u2019SPPI<span class=\"ff1\"> </span>test<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>presente<span class=\"ff1\"> </span>categoria<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>tate<span class=\"ff1\"> </span>riclassificate<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>quote<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>fondi<span class=\"ff1\"> </span>comuni<span class=\"ff1\"> </span>(OICR)<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>alcuni<span class=\"ff1\"> </span>finanziamenti<span class=\"ff1\"> </span>verso<span class=\"ff1\"> </span>clientela.<span class=\"_ _3bd\"> </span>Se<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>3<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>At<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _0\"></span>ate<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>fa<span class=\"_ _0\"></span>ir<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lue<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span>im<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>tto<span class=\"_ _3bd\"> </span>su<span class=\"_ _0\"></span>lla<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>va<span class=\"_ _3bd\"> </span>\u2013<span class=\"_ _3bd\"> </span>Vo<span class=\"_ _1\"></span>ce<span class=\"_ _3bd\"> </span>3<span class=\"_ _0\"></span>0<span class=\"fc0 sc1\"> </span>3.<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>At<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>fai<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lue<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span>im<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>su<span class=\"_ _0\"></span>lla<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span>com<span class=\"_ _1\"></span>ple<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>os<span class=\"_ _1\"></span>izio<span class=\"_ _1\"></span>ne<span class=\"_ _3bd\"> </span>me<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>eo<span class=\"_ _0\"></span>log<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>a<span class=\"fc0 sc1\"> </span>Vo<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>/Va<span class=\"_ _1\"></span>lor<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>L<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _3f\"> </span><span class=\"fc4 sc2\">L2<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _3a\"> </span><span class=\"fc4 sc2\">L3<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _3f\"> </span><span class=\"fc4 sc2\">L<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _3f\"> </span><span class=\"fc4 sc2\">L<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _3a\"> </span><span class=\"fc4 sc2\">L<span class=\"_ _0\"></span>3<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></span></span></span></span></span></span></span></span></span></span>1.<span class=\"_ _3bd\"> </span>Titol<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>de<span class=\"_ _1\"></span>bit<span class=\"_ _0\"></span>o 6.<span class=\"_ _0\"></span>156.<span class=\"_ _0\"></span>575<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>897<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>6.<span class=\"_ _0\"></span>553.2<span class=\"_ _0\"></span>63<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>3.<span class=\"_ _1\"></span>32<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>1.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">str<span class=\"_ _0\"></span>utt<span class=\"_ _0\"></span>ura<span class=\"_ _0\"></span>ti <span class=\"_ _191\"> </span>814<span class=\"_ _0\"></span>.92<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span></span></span></span></span>2.<span class=\"_ _0\"></span>897<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>722<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>19<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>3.<span class=\"_ _1\"></span>32<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>1.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altri<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>itoli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>eb<span class=\"_ _0\"></span>ito<span class=\"_ _0\"></span> <span class=\"_ _1e0\"> </span>5.3<span class=\"_ _0\"></span>41.<span class=\"_ _0\"></span>652<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>5.8<span class=\"_ _0\"></span>30.<span class=\"_ _0\"></span>344<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>2.<span class=\"_ _3bd\"> </span>Titol<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>pit<span class=\"_ _1\"></span>ale<span class=\"_ _0\"></span> 6.<span class=\"_ _1\"></span>30<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>800<span class=\"_ _3bd\"> </span>31.<span class=\"_ _0\"></span>578<span class=\"_ _3bd\"> </span>56<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>859<span class=\"_ _3bd\"> </span>33.<span class=\"_ _0\"></span>180<span class=\"_ _3bd\"> </span>3.<span class=\"_ _3bd\"> </span>Fin<span class=\"_ _1\"></span>an<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>i -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>6.<span class=\"_ _0\"></span>16<span class=\"_ _0\"></span>2.<span class=\"_ _0\"></span>87<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>4.<span class=\"_ _0\"></span>69<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>78<span class=\"_ _3bd\"> </span>6.<span class=\"_ _0\"></span>55<span class=\"_ _0\"></span>3.<span class=\"_ _0\"></span>82<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>85<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span>36<span class=\"_ _1\"></span>.500<span class=\"_ _3bd\"> </span>Le<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>nda<span class=\"_ _1\"></span>:<span class=\"fc0 sc1\"> </span>L1=<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Livello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">1<span class=\"_ _1\"></span> </span></span></span></span>L2=<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Livello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2<span class=\"_ _1\"></span> </span></span></span></span>L3=<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Livello<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">3<span class=\"_ _0\"></span> </span></span></span></span>Nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>orso<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">20<span class=\"_ _0\"></span>21<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>rede<span class=\"_ _0\"></span>mte<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ha<span class=\"ff1\"> </span>ad<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ll\u2019<span class=\"_ _0\"></span>aumen<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">capit<span class=\"_ _0\"></span>ale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">della<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">so<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>et\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">S-Inve<span class=\"_ _0\"></span>st<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>rl,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">u<span class=\"_ _0\"></span>na<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">socie<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span>ritt<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>italiano<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>user\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>provvista<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>raccolta<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sottos<span class=\"_ _2\"></span>crivere<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>pr<span class=\"_ _2\"></span>estito<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>convertibile<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>societ<span class=\"_ _2\"></span>\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>svizzera<span class=\"ff1\"> </span>denominata<span class=\"ff1\"> </span>Sonect<span class=\"ff1\"> </span>AG. L\u2019attivit\u00e0<span class=\"ff1\"> </span>finanziaria<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>parola<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>poss<span class=\"_ _2\"></span>eduta<span class=\"ff1\"> </span>secondo<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>m<span class=\"_ _2\"></span>odello<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>business<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>o<span class=\"_ _2\"></span>biettivo<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>conseguito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sia<span class=\"ff1\"> </span>mediante<span class=\"ff1\"> </span>l\u2019incasso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>flussi<span class=\"ff1\"> </span>finanziari<span class=\"ff1\"> </span>pr<span class=\"_ _2\"></span>evisti<span class=\"ff1\"> </span>contrattualmente<span class=\"ff1\"> </span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mediante<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>vendita<span class=\"ff1\"> </span>(Business<span class=\"ff1\"> <span class=\"_ _2\"></span></span>model<span class=\"ff1\"> </span>\u201cHold<span class=\"ff1\"> </span>to<span class=\"ff1\"> </span>Collect<span class=\"ff1\"> </span>and<span class=\"ff1\"> </span>Sell<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> </span>\u201cHTCS\u201d\u201d). Ai<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fi<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>pro<span class=\"_ _0\"></span>ces<span class=\"_ _0\"></span>so<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>mpai<span class=\"_ _0\"></span>rment<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>est<span class=\"ff1\"> </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>tato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">uti<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>zzato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l\u2019u<span class=\"_ _0\"></span>lti<span class=\"_ _0\"></span>mo<span class=\"ff1\"> </span>bi<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>cio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">disp<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span>bile<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che<span class=\"ff1\"> </span>ev<span class=\"_ _1\"></span>idenzi<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>una<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>rdita<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>consistente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>patrimonio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>netto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>negativo.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Essendo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Sonect<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>AG<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>start-up<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>essendo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>possibil<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>formulare<span class=\"ff1\"> </span>previsioni<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ritor<span class=\"_ _2\"></span>no<span class=\"ff1\"> </span>all\u2019utile<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>breve<span class=\"ff1\"> </span>periodo<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stat<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>possibile<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ritenere<span class=\"ff1\"> </span>sufficientemente<span class=\"ff1\"> </span></span></span></span></span></span></span>consistente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Patrimo<span class=\"_ _2\"></span>nio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">netto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rettificato<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">S-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Invest<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conse<span class=\"_ _2\"></span>guente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">svalutazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">impairment,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">200<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>mila<span class=\"ff1\"> </span>euro,<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>partecipazione<span class=\"ff1\"> </span>detenuta<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>Credemtel. 3.<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>At<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>ate<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>fai<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lue<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span>im<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>su<span class=\"_ _0\"></span>lla<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>va<span class=\"_ _1\"></span>:<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>per<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>bit<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>i/<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>itt<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"fc0 sc1\"> </span>Vo<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>/Va<span class=\"_ _1\"></span>lor<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>1.<span class=\"_ _3bd\"> </span>Titol<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>de<span class=\"_ _1\"></span>bit<span class=\"_ _0\"></span>o <span class=\"_ _1e1\"> </span>6.<span class=\"_ _0\"></span>15<span class=\"_ _0\"></span>9.4<span class=\"_ _0\"></span>72<span class=\"_ _3bd\"> </span>6.<span class=\"_ _0\"></span>55<span class=\"_ _0\"></span>6.<span class=\"_ _0\"></span>583<span class=\"_ _3bd\"> </span>a)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">B<span class=\"_ _2\"></span>anche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ce<span class=\"_ _0\"></span>ntra<span class=\"_ _0\"></span>li <span class=\"_ _1da\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>b)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Amm<span class=\"_ _0\"></span>inis<span class=\"_ _0\"></span>traz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>pubb<span class=\"_ _0\"></span>lich<span class=\"_ _0\"></span>e <span class=\"_ _11d\"> </span>4.2<span class=\"_ _0\"></span>05.<span class=\"_ _0\"></span>11<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span></span></span>4.<span class=\"_ _0\"></span>664<span class=\"_ _0\"></span>.99<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>c)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Ban<span class=\"_ _0\"></span>che<span class=\"_ _1\"></span> <span class=\"_ _1e2\"> </span>1.<span class=\"_ _0\"></span>058<span class=\"_ _0\"></span>.61<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span></span></span>966<span class=\"_ _0\"></span>.39<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>d)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">societ\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fin<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie <span class=\"_ _1e3\"> </span>254<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>34<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>328<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>75<span class=\"_ _3bd\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">imprese<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">as<span class=\"_ _0\"></span>sicu<span class=\"_ _0\"></span>raz<span class=\"_ _0\"></span>ione<span class=\"_ _1\"></span> <span class=\"_ _110\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>e)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Societ\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">n<span class=\"_ _2\"></span>on<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fina<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie <span class=\"_ _132\"> </span>6<span class=\"_ _0\"></span>41<span class=\"_ _0\"></span>.71<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>596<span class=\"_ _0\"></span>.513<span class=\"_ _3bd\"> </span>2.<span class=\"_ _3bd\"> </span>Titol<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>pit<span class=\"_ _1\"></span>ale<span class=\"_ _0\"></span> <span class=\"_ _1e4\"> </span>39<span class=\"_ _1\"></span>.678<span class=\"_ _3bd\"> </span>36<span class=\"_ _1\"></span>.600<span class=\"_ _3bd\"> </span>a)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Banch<span class=\"_ _0\"></span>e <span class=\"_ _12e\"> </span>2<span class=\"_ _0\"></span>3.4<span class=\"_ _0\"></span>68<span class=\"_ _3bd\"> </span></span></span>24<span class=\"_ _0\"></span>.77<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>b)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altri<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>mitt<span class=\"_ _0\"></span>ent<span class=\"_ _1\"></span>i: <span class=\"_ _1e5\"> </span>16.<span class=\"_ _0\"></span>21<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span></span></span>11<span class=\"_ _0\"></span>.82<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ociet\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fina<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ie <span class=\"_ _111\"> </span>1<span class=\"_ _0\"></span>3.3<span class=\"_ _0\"></span>06<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>8<span class=\"_ _0\"></span>.9<span class=\"_ _1\"></span>23<span class=\"_ _3bd\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">imprese<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">as<span class=\"_ _0\"></span>sicu<span class=\"_ _0\"></span>raz<span class=\"_ _0\"></span>ione<span class=\"_ _1\"></span> <span class=\"_ _14c\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">so<span class=\"_ _2\"></span>ciet\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>rie<span class=\"_ _0\"></span> <span class=\"_ _1e6\"> </span>2.<span class=\"_ _0\"></span>902<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>15.<span class=\"_ _0\"></span>747<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altri<span class=\"_ _0\"></span> <span class=\"_ _1e7\"> </span>-<span class=\"_ _3bd\"> </span></span></span>2<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>3.<span class=\"_ _3bd\"> </span>Fin<span class=\"_ _1\"></span>an<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>i --a)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">B<span class=\"_ _2\"></span>anche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ce<span class=\"_ _0\"></span>ntra<span class=\"_ _0\"></span>li <span class=\"_ _1da\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>b)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Amm<span class=\"_ _0\"></span>inis<span class=\"_ _0\"></span>traz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>pubb<span class=\"_ _0\"></span>lich<span class=\"_ _0\"></span>e <span class=\"_ _1ca\"> </span>-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>c)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Ban<span class=\"_ _0\"></span>che<span class=\"_ _1\"></span> <span class=\"_ _1cb\"> </span>-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>d)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">societ\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fin<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie <span class=\"_ _53\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">imprese<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">as<span class=\"_ _0\"></span>sicu<span class=\"_ _0\"></span>raz<span class=\"_ _0\"></span>ione<span class=\"_ _1\"></span> <span class=\"_ _110\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>e)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Societ\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">n<span class=\"_ _2\"></span>on<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fina<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie <span class=\"_ _4f\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>f)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Fami<span class=\"_ _0\"></span>gli<span class=\"_ _0\"></span>e <span class=\"_ _1cc\"> </span>-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>6.<span class=\"_ _0\"></span>199<span class=\"_ _1\"></span>.15<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>6.<span class=\"_ _0\"></span>59<span class=\"_ _0\"></span>3.<span class=\"_ _0\"></span>183<span class=\"_ _3bd\"> </span>In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>nfo<span class=\"_ _0\"></span>rmit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">qu<span class=\"_ _0\"></span>anto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dispo<span class=\"_ _0\"></span>sto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dal<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">prin<span class=\"_ _0\"></span>cipi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onta<span class=\"_ _0\"></span>bil<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>I<span class=\"_ _0\"></span>FRS<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">7<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tenu<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ind<span class=\"_ _0\"></span>icazi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onte<span class=\"_ _0\"></span>nute<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nel<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Comunicazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Consob<span class=\"ff1\"> </span>n.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">DEM/110<span class=\"_ _2\"></span>70007<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">5<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">agosto<span class=\"ff1\"> </span>2011<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riprende<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">documento<span class=\"ff1\"> </span>ESMA<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">N.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2011<span class=\"_ _2\"></span>/266<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>28<span class=\"ff1\"> </span>luglio<span class=\"ff1\"> </span>2011)<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>materia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>informazioni<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>rendere<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nelle<span class=\"ff1\"> </span>relazioni<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">merito<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>\u201cdebito<span class=\"ff1\"> </span>Sovrano\u201d,<span class=\"ff1\"> </span></span></span></span></span></span></span>si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">precisa: </span></span>Nel<span class=\"ff1\"> <span class=\"_ _21\"></span></span>portafoglio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u201cAttivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>finan<span class=\"_ _0\"></span>ziarie<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>valutate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>fair<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>value<span class=\"ff1\"> <span class=\"_ _20\"></span></span>co<span class=\"_ _2\"></span>n<span class=\"ff1\"> <span class=\"_ _21\"></span></span>imp<span class=\"_ _0\"></span>atto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sulla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>redditivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>complessiva\u201d<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sono<span class=\"ff1\"> </span>presenti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>titoli<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>governativi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>est<span class=\"_ _2\"></span>eri<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>(Spagna)<span class=\"ff1\"> <span class=\"_ _21\"></span></span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>907,9<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>milioni<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>euro,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>(Portogallo)<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>69,9<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>milioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>euro,<span class=\"ff1\"> </span>(Belgio)<span class=\"ff1\"> </span>p<span class=\"_ _2\"></span>er<span class=\"ff1\"> <span class=\"_ _2\"></span></span>384,5<span class=\"ff1\"> <span class=\"_ _2\"></span></span>milioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>euro,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(Francia)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>419,8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>milioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>euro<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(U.S.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Treasury<span class=\"_ _2\"></span>)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>1.825,2<span class=\"ff1\"> <span class=\"_ _2\"></span></span>milioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>euro.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>presenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>inoltre<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"_ _2\"></span>bbligazi<span class=\"_ _0\"></span>oni,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>circa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>31<span class=\"_ _2\"></span>1,7<span class=\"ff1\"> <span class=\"_ _2\"></span></span>milioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>euro,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>emessi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dall\u2019Unione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Euro<span class=\"_ _2\"></span>pea,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>12,9<span class=\"ff1\"> </span>milioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>euro<span class=\"ff1\"> </span>emessi<span class=\"ff1\"> </span>dall\u2019Euro<span class=\"_ _2\"></span>pean<span class=\"ff1\"> </span>Financial<span class=\"ff1\"> </span>Stability<span class=\"ff1\"> </span>Facilities<span class=\"_ _2\"></span><span class=\"ff5 fc9\">.<span class=\"ff1\"> <span class=\"_ _21\"></span></span></span>Rel<span class=\"_ _0\"></span>ativamente<span class=\"ff1\"> </span>a<span class=\"_ _3bd\"> </span>i<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> </span>governativi<span class=\"ff1\"> </span>emessi<span class=\"ff1\"> </span>dallo<span class=\"ff1\"> </span>Stato<span class=\"ff1\"> </span>Itali<span class=\"_ _0\"></span>ano<span class=\"ff1\"> </span>si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">evidenzia<span class=\"ff1\"> </span>un\u2019esposizione<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ari<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">circa<span class=\"ff1\"> </span>247,0<span class=\"ff1\"> </span>mil<span class=\"_ _0\"></span>ioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">BTP<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">26,1<span class=\"ff1\"> </span>milioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>eu<span class=\"_ _0\"></span>ro<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>CCT. </span></span></span></span></span></span></span></span></span></span>Sono<span class=\"ff1\"> </span>presen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>cope<span class=\"_ _0\"></span>rture<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fai<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>valu<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">hedge<span class=\"ff1\"> </span>sia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">su<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Stato,<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>taliani,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>sso<span class=\"ff1\"> </span>(BTP<span class=\"_ _0\"></span>),<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ed<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esteri,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>titoli<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>obbligazionari<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>(senior<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>unsecure<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>co<span class=\"_ _2\"></span>vered<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>bond)<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tasso<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>fiss<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>emessi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>primar<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>istituti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cr<span class=\"_ _2\"></span>edito<span class=\"ff1\"> </span>europei.<span class=\"ff1\"> </span>La<span class=\"ff1\"> <span class=\"_ _2\"></span></span>copert<span class=\"_ _2\"></span>ura<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tipo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _2\"></span></span>value<span class=\"ff1\"> <span class=\"_ _2\"></span></span>hedge<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attuata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attr<span class=\"_ _2\"></span>averso<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>designazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>appositi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>strumenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>copertura<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(Interest<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Rate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Swap)<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>copertur<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>specifica<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d<span class=\"_ _2\"></span>el<span class=\"ff1\"> <span class=\"_ _2\"></span></span>c.<span class=\"_ _2\"></span>d.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u201crischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tasso\u201d<span class=\"ff1\"> <span class=\"_ _21\"></span></span>su<span class=\"ff1\"> <span class=\"_ _2\"></span></span>detti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>titoli;<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>elazione<span class=\"ff1\"> </span>venuta<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cos<span class=\"_ _2\"></span>\u00ec<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>crearsi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fra<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Hedged<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Item<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Hedging<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Instrument<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ha<span class=\"ff1\"> <span class=\"_ _20\"></span></span>comportato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>edazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>una<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>pecifica<span class=\"ff1\"> </span>documentazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>formalizza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>relazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cop<span class=\"_ _2\"></span>ertura<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ed<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ha<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>altr<span class=\"_ _2\"></span>es\u00ec<span class=\"ff1\"> <span class=\"_ _2\"></span></span>usufruito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>particolar<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>regole<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>tab<span class=\"_ _0\"></span>iliz<span class=\"_ _0\"></span>zazi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span>l\u2019He<span class=\"_ _0\"></span>dge<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Accou<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>ng.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Si<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>egn<span class=\"_ _0\"></span>ala<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>he<span class=\"ff1\"> </span>son<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">eff<span class=\"_ _0\"></span>ettu<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tes<span class=\"_ _0\"></span>t<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">effi<span class=\"_ _0\"></span>cac<span class=\"_ _0\"></span>ia<span class=\"ff1\"> </span>(s<span class=\"_ _0\"></span>ia<span class=\"ff1\"> </span>pro<span class=\"_ _0\"></span>spe<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span>ci<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>che<span class=\"ff1\"> </span>retrospettivi)<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>esito<span class=\"ff1\"> </span>positivo.<span class=\"_ _3bd\"> </span>3.<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>At<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>zia<span class=\"_ _1\"></span>rie<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>ate<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>fa<span class=\"_ _0\"></span>ir<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lue<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span>im<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>su<span class=\"_ _0\"></span>lla<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>va<span class=\"_ _1\"></span>:<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lor<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>lo<span class=\"_ _0\"></span>rd<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span>fi<span class=\"_ _0\"></span>che<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>Va<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>lor<span class=\"_ _1\"></span>do<span class=\"fc0 sc1\"> <span class=\"_ _1e9\"> </span></span>Re<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ch<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>Wr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>e-<span class=\"_ _0\"></span>off<span class=\"_ _3bd\"> </span>pa<span class=\"_ _0\"></span>rz<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>Se<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>st<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Te<span class=\"_ _0\"></span>rz<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>st<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Im<span class=\"_ _1\"></span>pair<span class=\"_ _1\"></span>ed<span class=\"_ _3bd\"> </span>ac<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>ite<span class=\"_ _3bd\"> </span>o<span class=\"_ _3bd\"> </span>or<span class=\"_ _0\"></span>igi<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ate<span class=\"_ _3bd\"> </span>Pr<span class=\"_ _0\"></span>im<span class=\"_ _1\"></span>o<span class=\"_ _3bd\"> </span>st<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Se<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>st<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>T<span class=\"_ _0\"></span>er<span class=\"_ _1\"></span>zo<span class=\"_ _3bd\"> </span>st<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Im<span class=\"_ _1\"></span>pair<span class=\"_ _1\"></span>ed<span class=\"_ _3bd\"> </span>ac<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>ite<span class=\"_ _3bd\"> </span>o<span class=\"_ _3bd\"> </span>or<span class=\"_ _0\"></span>igi<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ate<span class=\"_ _3bd\"> </span>Pr<span class=\"_ _0\"></span>im<span class=\"_ _1\"></span>o<span class=\"_ _3bd\"> </span>st<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>di<span class=\"_ _3bd\"> </span>cui:<span class=\"_ _3bd\"> </span>St<span class=\"_ _0\"></span>ru<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>c<span class=\"_ _0\"></span>on<span class=\"_ _3bd\"> </span>ba<span class=\"_ _0\"></span>ss<span class=\"_ _1\"></span>o<span class=\"_ _3bd\"> </span>risch<span class=\"_ _0\"></span>io<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>o<span class=\"fc0 sc1\"> </span>Titoli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ebi<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span> <span class=\"_ _125\"> </span>6.<span class=\"_ _0\"></span>161<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>49<span class=\"_ _3bd\"> </span></span></span>41<span class=\"_ _0\"></span>.26<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>577<span class=\"ff1\"> <span class=\"_ _1ae\"> </span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Fina<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span> <span class=\"_ _c\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _6c\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Tot<span class=\"_ _0\"></span>ale<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span> <span class=\"_ _1af\"> </span>6.<span class=\"_ _0\"></span>16<span class=\"_ _0\"></span>1.<span class=\"_ _0\"></span>049<span class=\"_ _3bd\"> </span>41<span class=\"_ _0\"></span>.26<span class=\"_ _1\"></span>9<span class=\"_ _3bd\"> </span>---1.<span class=\"_ _0\"></span>577<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>---Tot<span class=\"_ _0\"></span>ale<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span> <span class=\"_ _64\"> </span>6<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>58<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>31<span class=\"_ _3bd\"> </span>62<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>99<span class=\"_ _3bd\"> </span>---1.<span class=\"_ _0\"></span>74<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>---Il<span class=\"ff1\"> </span>valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">lordo<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rettifiche<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alor<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>comple<span class=\"_ _0\"></span>ssive<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">impaired</span> <span class=\"ff3\">sono</span> <span class=\"ff3\">comprensivi</span> <span class=\"ff3\">degli</span> </span></span></span></span></span>interessi<span class=\"ff1\"> </span>contrattuali<span class=\"ff1\"> </span>maturati. Se<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>4<span class=\"_ _3bd\"> </span>\u2013<span class=\"_ _3bd\"> </span>At<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _0\"></span>ate<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>sto<span class=\"_ _3bd\"> </span>am<span class=\"_ _1\"></span>mor<span class=\"_ _0\"></span>tizz<span class=\"_ _1\"></span>ato<span class=\"_ _3bd\"> </span>\u2013<span class=\"_ _3bd\"> </span>Vo<span class=\"_ _0\"></span>ce<span class=\"_ _3bd\"> </span>4<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>4.<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>At<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>sto<span class=\"_ _3bd\"> </span>am<span class=\"_ _1\"></span>mor<span class=\"_ _0\"></span>tiz<span class=\"_ _0\"></span>za<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>me<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>eo<span class=\"_ _0\"></span>log<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>iti<span class=\"_ _3bd\"> </span>ve<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>ba<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Ti<span class=\"_ _0\"></span>polo<span class=\"_ _1\"></span>gia<span class=\"_ _3bd\"> </span>ope<span class=\"_ _1\"></span>razi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i/V<span class=\"_ _0\"></span>alor<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>tal<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/20<span class=\"_ _0\"></span>22<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>tal<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/20<span class=\"_ _0\"></span>21<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Va<span class=\"_ _0\"></span>lor<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>bil<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>o<span class=\"fc0 sc1\"> <span class=\"_ _17b\"> </span></span>Fa<span class=\"_ _0\"></span>ir<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> <span class=\"_ _f9\"> </span></span>Val<span class=\"_ _0\"></span>ore<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>bil<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>o<span class=\"fc0 sc1\"> <span class=\"_ _1ea\"> </span></span>Fair<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>Primo<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>sec<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>do<span class=\"_ _3bd\"> </span>sta<span class=\"_ _0\"></span>dio<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Te<span class=\"_ _1\"></span>rzo<span class=\"_ _3bd\"> </span>sta<span class=\"_ _0\"></span>dio<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Im<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>ired<span class=\"_ _3bd\"> </span>acq<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>sit<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>o<span class=\"_ _3bd\"> </span>ori<span class=\"_ _0\"></span>gin<span class=\"_ _0\"></span>ate<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>L1<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>L2<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>L3<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Primo<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>sec<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>do<span class=\"_ _3bd\"> </span>sta<span class=\"_ _0\"></span>dio<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Te<span class=\"_ _1\"></span>rzo<span class=\"_ _3bd\"> </span>sta<span class=\"_ _0\"></span>dio<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Im<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>ired<span class=\"_ _3bd\"> </span>acq<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>sit<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>o<span class=\"_ _3bd\"> </span>ori<span class=\"_ _0\"></span>gin<span class=\"_ _0\"></span>ate<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>L1<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>L2<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>L3<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>A.<span class=\"_ _3bd\"> </span>Crediti<span class=\"_ _3bd\"> </span>verso<span class=\"_ _3bd\"> </span>Ban<span class=\"_ _0\"></span>ch<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>Ce<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>ral<span class=\"_ _0\"></span>i 280<span class=\"_ _1\"></span>.694<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>- <span class=\"_ _1eb\"> </span>280<span class=\"_ _1\"></span>.694<span class=\"_ _0\"></span> <span class=\"_ _1ec\"> </span>7.7<span class=\"_ _1\"></span>20.8<span class=\"_ _0\"></span>49 -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>- <span class=\"_ _1ed\"> </span>7.7<span class=\"_ _1\"></span>20.8<span class=\"_ _0\"></span>49 1.<span class=\"_ _3bd\"> </span>Dep<span class=\"_ _0\"></span>osit<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>sca<span class=\"_ _0\"></span>denz<span class=\"_ _0\"></span>a -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>2.<span class=\"_ _3bd\"> </span>Ris<span class=\"_ _0\"></span>erva<span class=\"_ _3bd\"> </span>obb<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>ator<span class=\"_ _0\"></span>ia 280<span class=\"_ _0\"></span>.69<span class=\"_ _0\"></span>4 -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X <span class=\"_ _1ee\"> </span>7.7<span class=\"_ _0\"></span>20.8<span class=\"_ _0\"></span>49 -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>3.<span class=\"_ _3bd\"> </span>Pr<span class=\"_ _0\"></span>onti<span class=\"_ _3bd\"> </span>con<span class=\"_ _0\"></span>tro<span class=\"_ _3bd\"> </span>ter<span class=\"_ _0\"></span>min<span class=\"_ _0\"></span>e -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>4.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">A<span class=\"_ _0\"></span>ltri </span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>B.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>edi<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>ve<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>ban<span class=\"_ _0\"></span>ch<span class=\"_ _0\"></span>e 1.2<span class=\"_ _0\"></span>06<span class=\"_ _0\"></span>.70<span class=\"_ _0\"></span>0 -<span class=\"_ _3bd\"> </span>- <span class=\"_ _1ef\"> </span>48<span class=\"_ _0\"></span>6.95<span class=\"_ _1\"></span>2 <span class=\"_ _1eb\"> </span>11.76<span class=\"_ _0\"></span>6 <span class=\"_ _1eb\"> </span>693.5<span class=\"_ _1\"></span>79 <span class=\"_ _1ed\"> </span>1.22<span class=\"_ _0\"></span>8.0<span class=\"_ _0\"></span>38<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>- <span class=\"_ _1ef\"> </span>537<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>33 <span class=\"_ _1eb\"> </span>1<span class=\"_ _0\"></span>6.3<span class=\"_ _0\"></span>32<span class=\"_ _0\"></span> <span class=\"_ _1f0\"> </span>683<span class=\"_ _1\"></span>.789<span class=\"_ _0\"></span> 1.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Fina<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iame<span class=\"_ _0\"></span>nti <span class=\"_ _63\"> </span>6<span class=\"_ _0\"></span>93.<span class=\"_ _0\"></span>294 </span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>- <span class=\"_ _1eb\"> </span>693.<span class=\"_ _0\"></span>579 <span class=\"_ _1f1\"> </span>683<span class=\"_ _0\"></span>.78<span class=\"_ _0\"></span>8 -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>- <span class=\"_ _1f2\"> </span>683<span class=\"_ _0\"></span>.78<span class=\"_ _0\"></span>9 1.1<span class=\"_ _3bd\"> </span>Con<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>cor<span class=\"_ _0\"></span>rent<span class=\"_ _0\"></span>i -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>1.2<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span>Dep<span class=\"_ _0\"></span>osit<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>sca<span class=\"_ _0\"></span>denz<span class=\"_ _0\"></span>a -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>1.3<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span>Al<span class=\"_ _0\"></span>tr<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>nanz<span class=\"_ _0\"></span>iame<span class=\"_ _0\"></span>nti: 693<span class=\"_ _0\"></span>.294<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X <span class=\"_ _1a2\"> </span>683<span class=\"_ _0\"></span>.78<span class=\"_ _0\"></span>8 -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Pr<span class=\"_ _0\"></span>onti<span class=\"_ _3bd\"> </span>con<span class=\"_ _0\"></span>tro<span class=\"_ _0\"></span><span class=\"ff1\"> </span>ter<span class=\"_ _0\"></span>min<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">att<span class=\"_ _0\"></span>ivi </span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Fin<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>iamen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l<span class=\"_ _2\"></span>easing </span></span>20<span class=\"_ _1\"></span>6 -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>24<span class=\"_ _1\"></span>3 -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Alt<span class=\"_ _0\"></span>ri <span class=\"_ _11b\"> </span>693.<span class=\"_ _0\"></span>088 </span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X <span class=\"_ _1a2\"> </span>683.<span class=\"_ _0\"></span>545 -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>2.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Tito<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">deb<span class=\"_ _0\"></span>ito<span class=\"_ _0\"></span> <span class=\"_ _1f3\"> </span>513<span class=\"_ _0\"></span>.40<span class=\"_ _0\"></span>6 </span></span></span></span>-<span class=\"_ _3bd\"> </span>- <span class=\"_ _1eb\"> </span>4<span class=\"_ _0\"></span>86.<span class=\"_ _0\"></span>952 <span class=\"_ _1eb\"> </span>1<span class=\"_ _0\"></span>1.76<span class=\"_ _0\"></span>6 - <span class=\"_ _1f2\"> </span>5<span class=\"_ _0\"></span>44.<span class=\"_ _0\"></span>250 -<span class=\"_ _3bd\"> </span>- <span class=\"_ _1eb\"> </span>537<span class=\"_ _0\"></span>.43<span class=\"_ _0\"></span>3 <span class=\"_ _1eb\"> </span>1<span class=\"_ _0\"></span>6.3<span class=\"_ _0\"></span>32 -<span class=\"_ _3bd\"> </span>2.1<span class=\"_ _3bd\"> </span>Titoli<span class=\"_ _3bd\"> </span>str<span class=\"_ _0\"></span>uttu<span class=\"_ _0\"></span>rat<span class=\"_ _0\"></span>i 148<span class=\"_ _0\"></span>.998 -<span class=\"_ _3bd\"> </span>- <span class=\"_ _1f4\"> </span>137<span class=\"_ _0\"></span>.217<span class=\"_ _0\"></span> <span class=\"_ _1f5\"> </span>11.<span class=\"_ _0\"></span>766 - <span class=\"_ _1f0\"> </span>136.8<span class=\"_ _0\"></span>04 -<span class=\"_ _3bd\"> </span>- <span class=\"_ _1ed\"> </span>139<span class=\"_ _0\"></span>.253<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>2.2<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">A<span class=\"_ _0\"></span>ltr<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tit<span class=\"_ _0\"></span>oli<span class=\"ff1\"> </span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">debito </span></span>364<span class=\"_ _0\"></span>.408 -<span class=\"_ _3bd\"> </span>- <span class=\"_ _1ef\"> </span>349<span class=\"_ _0\"></span>.73<span class=\"_ _0\"></span>5 -<span class=\"_ _3bd\"> </span>- <span class=\"_ _1f1\"> </span>407.<span class=\"_ _0\"></span>446 -<span class=\"_ _3bd\"> </span>- <span class=\"_ _1ef\"> </span>398.<span class=\"_ _0\"></span>180 <span class=\"_ _22\"> </span>16.<span class=\"_ _0\"></span>332 -<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>tal<span class=\"_ _0\"></span>e <span class=\"_ _22\"> </span>1.487<span class=\"_ _1\"></span>.394<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>- <span class=\"_ _1ef\"> </span>48<span class=\"_ _0\"></span>6.95<span class=\"_ _1\"></span>2 <span class=\"_ _1eb\"> </span>11.76<span class=\"_ _0\"></span>6 <span class=\"_ _1ec\"> </span>97<span class=\"_ _1\"></span>4.27<span class=\"_ _0\"></span>3 <span class=\"_ _1f5\"> </span>8.94<span class=\"_ _0\"></span>8.8<span class=\"_ _0\"></span>87<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>- <span class=\"_ _1ef\"> </span>537<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>33 <span class=\"_ _1f5\"> </span>16.<span class=\"_ _0\"></span>332<span class=\"_ _0\"></span> <span class=\"_ _1eb\"> </span>8.40<span class=\"_ _1\"></span>4.638<span class=\"_ _1\"></span> Le<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>nda<span class=\"_ _1\"></span>:<span class=\"fc0 sc1\"> </span>L1=<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Livello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">1<span class=\"_ _1\"></span> </span></span></span></span>L2=<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Livello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2<span class=\"_ _1\"></span> </span></span></span></span>L3=<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Livello<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">3<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"_ _0\"></span> </span></span></span></span>Son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>nclu<span class=\"_ _0\"></span>si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>cre<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>unz<span class=\"_ _0\"></span>ionam<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onne<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pr<span class=\"_ _0\"></span>esta<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ser<span class=\"_ _0\"></span>viz<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>ri. </span></span></span></span></span></span></span></span></span></span></span></span>I<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">crediti,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ad<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"_ _2\"></span>ccezione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">titoli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">debito,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">iscritti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">lor<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nominale,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">corris<span class=\"_ _2\"></span>pondente<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">al<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">lor<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>e<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>livello<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>attribuito<span class=\"ff1\"> </span>risulta<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>3. Le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">metodologie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">utilizzate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">p<span class=\"_ _2\"></span>er<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">determinazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>el<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riportat<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nella<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Parte<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">A1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u2013<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Parte<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">generale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u2013<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Sezione<span class=\"ff1\"> </span>18<span class=\"ff1\"> </span>\u201cAltre<span class=\"ff1\"> </span>informazioni\u201d.<span class=\"_ _3bd\"> </span>4.2<span class=\"_ _3bd\"> </span>At<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>ate<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>cos<span class=\"_ _1\"></span>to<span class=\"_ _3bd\"> </span>am<span class=\"_ _1\"></span>mor<span class=\"_ _0\"></span>tiz<span class=\"_ _0\"></span>za<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>me<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>eo<span class=\"_ _0\"></span>log<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>ve<span class=\"_ _0\"></span>rso<span class=\"_ _3bd\"> </span>cl<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Tot<span class=\"_ _0\"></span>ale<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _1f7\"> </span><span class=\"fc4 sc2\">Tot<span class=\"_ _0\"></span>ale<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></span></span>31/<span class=\"_ _0\"></span>12/<span class=\"_ _1\"></span>2022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _86\"> </span><span class=\"fc4 sc2\">31/1<span class=\"_ _1\"></span>2/20<span class=\"_ _0\"></span>21<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></span></span>Tip<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>ogi<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>op<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>oni/<span class=\"_ _0\"></span>Va<span class=\"_ _0\"></span>lor<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Valore<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>bil<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>o<span class=\"fc0 sc1\"> <span class=\"_ _1a7\"> </span></span>F<span class=\"_ _2\"></span>air<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lue<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _1f8\"> </span><span class=\"fc4 sc2\">Valore<span class=\"_ _3bd\"> </span></span></span>di<span class=\"_ _3bd\"> </span>bil<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>o<span class=\"fc0 sc1\"> <span class=\"_ _1f9\"> </span></span>Fair<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lue<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Primo<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>se<span class=\"_ _0\"></span>con<span class=\"_ _0\"></span>do<span class=\"_ _3bd\"> </span>sta<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>o<span class=\"fc0 sc1\"> </span>Te<span class=\"_ _0\"></span>rzo<span class=\"_ _3bd\"> </span>sta<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>o<span class=\"fc0 sc1\"> </span>Imp<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>d<span class=\"_ _3bd\"> </span>acq<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>sit<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>o<span class=\"_ _3bd\"> </span>ori<span class=\"_ _0\"></span>gin<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>L1<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>L<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>L<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Primo<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>se<span class=\"_ _0\"></span>con<span class=\"_ _0\"></span>do<span class=\"_ _3bd\"> </span>sta<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>o<span class=\"fc0 sc1\"> </span>Te<span class=\"_ _0\"></span>rzo<span class=\"_ _3bd\"> </span>sta<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>o<span class=\"fc0 sc1\"> </span>Imp<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>d<span class=\"_ _3bd\"> </span>acq<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>sit<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>o<span class=\"_ _3bd\"> </span>ori<span class=\"_ _0\"></span>gin<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>L1<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>L<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>L<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>1.<span class=\"_ _3bd\"> </span>Fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nti<span class=\"_ _1\"></span> <span class=\"_ _11b\"> </span>34.<span class=\"_ _0\"></span>15<span class=\"_ _0\"></span>6.<span class=\"_ _0\"></span>005<span class=\"_ _1\"></span> <span class=\"_ _1eb\"> </span>304.<span class=\"_ _0\"></span>765<span class=\"_ _1\"></span> <span class=\"_ _1f0\"> </span>22.<span class=\"_ _0\"></span>43<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>- <span class=\"_ _1ec\"> </span>33<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>57.<span class=\"_ _0\"></span>79<span class=\"_ _0\"></span>8 <span class=\"_ _1fa\"> </span>32.<span class=\"_ _0\"></span>77<span class=\"_ _0\"></span>5.0<span class=\"_ _0\"></span>51<span class=\"_ _0\"></span> <span class=\"_ _1ef\"> </span>34<span class=\"_ _0\"></span>9.<span class=\"_ _0\"></span>567<span class=\"_ _0\"></span> <span class=\"_ _1f2\"> </span>30.9<span class=\"_ _0\"></span>54<span class=\"_ _1\"></span> -<span class=\"_ _3bd\"> </span>- <span class=\"_ _1ef\"> </span>34.4<span class=\"_ _0\"></span>57.<span class=\"_ _1\"></span>280<span class=\"_ _3bd\"> </span>1.1<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>Con<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>rren<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span> <span class=\"_ _f2\"> </span>1.9<span class=\"_ _0\"></span>55.4<span class=\"_ _0\"></span>12 <span class=\"_ _1fa\"> </span>26.32<span class=\"_ _0\"></span>8 <span class=\"_ _1f3\"> </span>1.<span class=\"_ _0\"></span>354<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X <span class=\"_ _122\"> </span>1.69<span class=\"_ _0\"></span>3.9<span class=\"_ _0\"></span>49 <span class=\"_ _1f4\"> </span>36.<span class=\"_ _0\"></span>514 <span class=\"_ _1fb\"> </span>2.4<span class=\"_ _0\"></span>68<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>1.2<span class=\"_ _0\"></span>.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Pron<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">contr<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span></span></span></span></span>termine<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivi<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>1.3<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>M<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span> <span class=\"_ _31\"> </span>19.<span class=\"_ _0\"></span>858.<span class=\"_ _0\"></span>860<span class=\"_ _0\"></span> <span class=\"_ _1ec\"> </span>207<span class=\"_ _0\"></span>.016<span class=\"_ _1\"></span> <span class=\"_ _1af\"> </span>12.<span class=\"_ _0\"></span>869<span class=\"_ _0\"></span> X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X <span class=\"_ _f2\"> </span>1<span class=\"_ _0\"></span>9.47<span class=\"_ _0\"></span>7.9<span class=\"_ _0\"></span>19 <span class=\"_ _1ec\"> </span>2<span class=\"_ _0\"></span>33.19<span class=\"_ _0\"></span>4 <span class=\"_ _1fc\"> </span>21.<span class=\"_ _0\"></span>988<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>1.4.<span class=\"ff1\"> </span>Carte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span>cre<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>o,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pres<span class=\"_ _0\"></span>titi<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span>personali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"_ _3bd\"> </span></span></span>ces<span class=\"_ _0\"></span>sioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span>qu<span class=\"_ _0\"></span>into<span class=\"_ _0\"></span> 2.7<span class=\"_ _0\"></span>78.<span class=\"_ _0\"></span>147<span class=\"_ _3bd\"> </span>25.<span class=\"_ _0\"></span>349<span class=\"_ _3bd\"> </span>7.8<span class=\"_ _0\"></span>59<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>2.2<span class=\"_ _0\"></span>12.78<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>27.<span class=\"_ _0\"></span>229<span class=\"_ _0\"></span> 5.2<span class=\"_ _0\"></span>26<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>1.5<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">F<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>nti<span class=\"ff1\"> </span></span></span>per<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>easing<span class=\"_ _3bd\"> </span>2.9<span class=\"_ _0\"></span>19.7<span class=\"_ _0\"></span>87 <span class=\"_ _55\"> </span>34.89<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X <span class=\"_ _121\"> </span>2.756<span class=\"_ _0\"></span>.79<span class=\"_ _0\"></span>6 <span class=\"_ _1f4\"> </span>39.1<span class=\"_ _0\"></span>26<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>1.6<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>Fac<span class=\"_ _0\"></span>tor<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span> <span class=\"_ _70\"> </span>1.<span class=\"_ _0\"></span>531.<span class=\"_ _0\"></span>598 <span class=\"_ _1f2\"> </span>6.3<span class=\"_ _0\"></span>28<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X <span class=\"_ _1fd\"> </span>1.2<span class=\"_ _0\"></span>81.5<span class=\"_ _0\"></span>05 <span class=\"_ _1af\"> </span>9.1<span class=\"_ _0\"></span>53<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>1.7.<span class=\"_ _3bd\"> </span>Altri<span class=\"_ _3bd\"> </span>fin<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>iam<span class=\"_ _0\"></span>enti<span class=\"_ _3bd\"> </span>5.1<span class=\"_ _0\"></span>12.20<span class=\"_ _0\"></span>1 <span class=\"_ _1f2\"> </span>4<span class=\"_ _0\"></span>.84<span class=\"_ _0\"></span>9 <span class=\"_ _a2\"> </span>35<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X <span class=\"_ _f2\"> </span>5.<span class=\"_ _0\"></span>352.<span class=\"_ _0\"></span>098 <span class=\"_ _1af\"> </span>4.3<span class=\"_ _0\"></span>51 <span class=\"_ _1ee\"> </span>1.27<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>2.<span class=\"_ _3bd\"> </span>Titoli<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>bit<span class=\"_ _0\"></span>o <span class=\"_ _1fe\"> </span>7.8<span class=\"_ _0\"></span>60<span class=\"_ _0\"></span>.60<span class=\"_ _1\"></span>5<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>- <span class=\"_ _1ed\"> </span>7.<span class=\"_ _0\"></span>153.<span class=\"_ _1\"></span>286<span class=\"_ _0\"></span> <span class=\"_ _1f5\"> </span>575.<span class=\"_ _0\"></span>50<span class=\"_ _0\"></span>0 <span class=\"_ _1ff\"> </span>15.<span class=\"_ _1\"></span>244 <span class=\"_ _1f4\"> </span>7.<span class=\"_ _0\"></span>033<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>22<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>- <span class=\"_ _1eb\"> </span>6.50<span class=\"_ _0\"></span>3.<span class=\"_ _0\"></span>782<span class=\"_ _0\"></span> <span class=\"_ _1ed\"> </span>6<span class=\"_ _0\"></span>18.<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>2.1<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span>Tit<span class=\"_ _0\"></span>oli<span class=\"_ _3bd\"> </span>str<span class=\"_ _0\"></span>uttu<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>612.<span class=\"_ _0\"></span>075<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>- <span class=\"_ _1af\"> </span>1<span class=\"_ _0\"></span>69.<span class=\"_ _0\"></span>163 <span class=\"_ _1ef\"> </span>417.35<span class=\"_ _0\"></span>6 <span class=\"_ _200\"> </span>15.<span class=\"_ _0\"></span>244 <span class=\"_ _1fb\"> </span>63<span class=\"_ _0\"></span>3.27<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>- <span class=\"_ _64\"> </span>187<span class=\"_ _0\"></span>.81<span class=\"_ _0\"></span>7 <span class=\"_ _1f5\"> </span>445<span class=\"_ _0\"></span>.062<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>2.2.<span class=\"ff1\"> </span>Altr<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>tit<span class=\"_ _0\"></span>oli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span>deb<span class=\"_ _0\"></span>ito<span class=\"_ _3bd\"> </span>7.2<span class=\"_ _0\"></span>48.<span class=\"_ _0\"></span>530<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>- <span class=\"_ _1ef\"> </span>6.98<span class=\"_ _0\"></span>4.1<span class=\"_ _0\"></span>23 <span class=\"_ _1ed\"> </span>158.1<span class=\"_ _0\"></span>44<span class=\"_ _3bd\"> </span>- <span class=\"_ _1f4\"> </span>6.<span class=\"_ _0\"></span>399<span class=\"_ _0\"></span>.750<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>- <span class=\"_ _1ec\"> </span>6.3<span class=\"_ _0\"></span>15.9<span class=\"_ _0\"></span>65 <span class=\"_ _1ed\"> </span>172.95<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Tot<span class=\"_ _0\"></span>ale<span class=\"_ _1\"></span> <span class=\"_ _64\"> </span>42.<span class=\"_ _0\"></span>016<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>10 <span class=\"_ _1f5\"> </span>304<span class=\"_ _0\"></span>.76<span class=\"_ _1\"></span>5 <span class=\"_ _1f0\"> </span>2<span class=\"_ _0\"></span>2.4<span class=\"_ _0\"></span>39<span class=\"_ _0\"></span> <span class=\"_ _1ed\"> </span>7.1<span class=\"_ _0\"></span>53.<span class=\"_ _1\"></span>286<span class=\"_ _0\"></span> <span class=\"_ _1f5\"> </span>575.<span class=\"_ _0\"></span>500<span class=\"_ _1\"></span> <span class=\"_ _1ef\"> </span>33.<span class=\"_ _0\"></span>57<span class=\"_ _0\"></span>3.0<span class=\"_ _0\"></span>42<span class=\"_ _0\"></span> <span class=\"_ _1ef\"> </span>39.<span class=\"_ _1\"></span>808.<span class=\"_ _0\"></span>07<span class=\"_ _0\"></span>3 <span class=\"_ _1eb\"> </span>349<span class=\"_ _0\"></span>.56<span class=\"_ _0\"></span>7 <span class=\"_ _1f2\"> </span>30.<span class=\"_ _0\"></span>95<span class=\"_ _0\"></span>4 <span class=\"_ _1f5\"> </span>6.5<span class=\"_ _0\"></span>03.<span class=\"_ _0\"></span>78<span class=\"_ _0\"></span>2 <span class=\"_ _1ed\"> </span>6<span class=\"_ _0\"></span>18.<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>0 <span class=\"_ _1ef\"> </span>34.<span class=\"_ _0\"></span>45<span class=\"_ _0\"></span>7.<span class=\"_ _0\"></span>280<span class=\"_ _0\"></span> I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cre<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>ers<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cl<span class=\"_ _0\"></span>ient<span class=\"_ _0\"></span>ela<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fi<span class=\"_ _0\"></span>nanz<span class=\"_ _0\"></span>iame<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>ono<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">34.<span class=\"_ _0\"></span>483,<span class=\"_ _0\"></span>2<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mi<span class=\"_ _0\"></span>lion<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>e<span class=\"_ _1\"></span>uro.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Nel<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>portafoglio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u201cAttivit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>valutate<span class=\"ff1\">  </span>al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">cost<span class=\"_ _2\"></span>o</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">ammortizzato\u201d</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">sono</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">presenti</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">esposizioni</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">in</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">tit<span class=\"_ _2\"></span>oli</span> </span>governativi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>circa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>6.450,4<span class=\"ff1\"> <span class=\"_ _2\"></span></span>m<span class=\"_ _2\"></span>ili<span class=\"_ _0\"></span>oni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>euro<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(5.771,3<span class=\"ff1\"> <span class=\"_ _2\"></span></span>milioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>euro<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Italia,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>BTP<span class=\"ff1\"> <span class=\"_ _2\"></span></span>5.603,7<span class=\"ff1\"> <span class=\"_ _2\"></span></span>milioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>euro<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>CCt<span class=\"ff1\"> </span>167,6<span class=\"ff1\"> <span class=\"_ _20\"></span></span>milioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>euro,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>630,9<span class=\"ff1\"> <span class=\"_ _20\"></span></span>milioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>euro<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alt<span class=\"_ _0\"></span>ri<span class=\"ff1\"> <span class=\"_ _20\"></span></span>paesi,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>346,7<span class=\"ff1\"> <span class=\"_ _20\"></span></span>milioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>euro<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Spag<span class=\"_ _0\"></span>na<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>284,2<span class=\"ff1\"> <span class=\"_ _20\"></span></span>m<span class=\"_ _2\"></span>ilioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>euro<span class=\"ff1\"> </span>Portogallo,<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>obbligazioni,<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>circa<span class=\"ff1\"> </span>5<span class=\"_ _2\"></span>58,8<span class=\"ff1\"> </span>milioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>eu<span class=\"_ _0\"></span>ro,<span class=\"ff1\"> </span>emess<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>dall\u2019Unione<span class=\"ff1\"> </span>Europea).<span class=\"_ _3bd\"> </span>Sono<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>presenti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>coperture<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>fair<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span></span>value<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>hedge<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>su<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>t<span class=\"_ _2\"></span>itoli<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Stato,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>italiani,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tas<span class=\"_ _2\"></span>so<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>fisso<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>(BTP),<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"_ _2\"></span>d<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>esteri.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>La<span class=\"ff1\"> </span>copertura<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tipo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _21\"></span></span>val<span class=\"_ _0\"></span>ue<span class=\"ff1\"> <span class=\"_ _20\"></span></span>h<span class=\"_ _2\"></span>edge<span class=\"ff1\"> <span class=\"_ _2\"></span></span>at<span class=\"_ _2\"></span>tuata<span class=\"ff1\"> <span class=\"_ _20\"></span></span>attraverso<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>designazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>app<span class=\"_ _0\"></span>ositi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>trumenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>copertura<span class=\"ff1\"> </span>(Interest<span class=\"ff1\"> </span>Rate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Swap)<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">copertura<span class=\"ff1\"> </span>specifi<span class=\"_ _0\"></span>ca<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">c.d.<span class=\"ff1\"> </span>\u201crischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tasso\u201d<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">detti<span class=\"ff1\"> </span>titoli;<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>rel<span class=\"_ _0\"></span>azione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">venuta<span class=\"ff1\"> </span>cos\u00ec<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>crearsi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fra<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Hedged<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Item<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Hedgi<span class=\"_ _2\"></span>ng<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Instrument<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ha<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">comportato<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">redazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>un<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">specifica<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">documentazione<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>formalizza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>relazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>c<span class=\"_ _2\"></span>opertura<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ed<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ha<span class=\"ff1\"> <span class=\"_ _2\"></span></span>altr<span class=\"_ _2\"></span>es\u00ec<span class=\"ff1\"> <span class=\"_ _2\"></span></span>usufruito<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>part<span class=\"_ _2\"></span>icolari<span class=\"ff1\"> <span class=\"_ _2\"></span></span>regole<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contabilizzazione<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>l\u2019He<span class=\"_ _0\"></span>dge<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Acc<span class=\"_ _0\"></span>ount<span class=\"_ _0\"></span>ing.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Si</span> <span class=\"_ _0\"></span><span class=\"ff3\">segn<span class=\"_ _0\"></span>ala<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>he<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">stati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ef<span class=\"_ _0\"></span>fet<span class=\"_ _0\"></span>tuati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i</span> <span class=\"ff3\">te<span class=\"_ _1\"></span>st<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">eff<span class=\"_ _0\"></span>icac<span class=\"_ _0\"></span>ia<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>sia<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">pr<span class=\"_ _0\"></span>ospe<span class=\"_ _1\"></span>ttici<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>he<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>tros<span class=\"_ _0\"></span>pet<span class=\"_ _0\"></span>tivi<span class=\"_ _0\"></span>)<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>con<span class=\"ff1\"> </span>esito<span class=\"ff1\"> </span>positivo.<span class=\"_ _3bd\"> </span>Sono<span class=\"ff1\"> </span>presenti<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span>categoria<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ontabile<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u201cAttivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutate<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">costo<span class=\"ff1\"> </span>ammortizzato\u201d,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al</span> <span class=\"_ _0\"></span><span class=\"ff3\">31<span class=\"ff1\"> </span>dicembre<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>2022,<span class=\"ff1\">  </span>608<span class=\"ff1\">  </span>milioni<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Euro<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>ABS<span class=\"ff1\">  </span>emessi<span class=\"ff1\">  </span>da<span class=\"ff1\">  </span>veicoli<span class=\"ff1\">  </span>terzi,<span class=\"ff1\">  </span>collegati<span class=\"ff1\">  </span>a<span class=\"ff1\">  </span>crediti<span class=\"ff1\">  </span>originati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\">  </span>Europa,<span class=\"ff1\">  </span>con<span class=\"ff1\"> </span>preponderanza<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ella<span class=\"ff1\"> </span>componente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">origination<span class=\"ff1\"> </span>francese<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(195.2<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">milioni<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>Euro).<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Il<span class=\"ff1\"> </span>portafoglio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cos<span class=\"_ _2\"></span>tituito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>differenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tipologie<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ABS<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">u<span class=\"_ _2\"></span>na<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prevalenza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">car<span class=\"_ _2\"></span>tolarizzazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>mu<span class=\"_ _0\"></span>tui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">residenziali,<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>he<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">incidono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>43,<span class=\"_ _0\"></span>4%<span class=\"_ _3bd\"> </span>.<span class=\"_ _3bd\"> </span>L\u2019<span class=\"_ _0\"></span>attu<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">es<span class=\"_ _0\"></span>posi<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>uddi<span class=\"_ _0\"></span>vis<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>ese<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cos\u00ec<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>mpo<span class=\"_ _0\"></span>sta:<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span>Pa<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>Co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>(m<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>lia<span class=\"_ _1\"></span>ia<span class=\"_ _3bd\"> </span>Eu<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>)<span class=\"fc0 sc1\"> </span>%<span class=\"_ _3bd\"> </span>Es<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>FRA<span class=\"_ _0\"></span>NCIA<span class=\"_ _1\"></span> <span class=\"_ _201\"> </span>195<span class=\"_ _0\"></span>.17<span class=\"_ _0\"></span>3 <span class=\"_ _12\"> </span>32<span class=\"_ _0\"></span>,1<span class=\"_ _0\"></span> GER<span class=\"_ _0\"></span>MAN<span class=\"_ _0\"></span>IA <span class=\"_ _32\"> </span>167.<span class=\"_ _0\"></span>18<span class=\"_ _0\"></span>8 <span class=\"_ _202\"> </span>2<span class=\"_ _0\"></span>7,<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span> PAESI<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">BASS<span class=\"_ _1\"></span>I <span class=\"_ _41\"> </span>10<span class=\"_ _0\"></span>4.8<span class=\"_ _0\"></span>13 <span class=\"_ _12\"> </span>1<span class=\"_ _0\"></span>7,<span class=\"_ _1\"></span>2<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>SPA<span class=\"_ _0\"></span>GNA<span class=\"_ _0\"></span> <span class=\"_ _1bc\"> </span>74.<span class=\"_ _0\"></span>729<span class=\"_ _0\"></span> <span class=\"_ _119\"> </span>12<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span> ITA<span class=\"_ _0\"></span>LIA<span class=\"_ _0\"></span> <span class=\"_ _203\"> </span>42<span class=\"_ _0\"></span>.15<span class=\"_ _0\"></span>9 <span class=\"_ _15\"> </span>7,<span class=\"_ _1\"></span>0<span class=\"_ _3bd\"> </span> IRL<span class=\"_ _0\"></span>ANDA<span class=\"_ _1\"></span> <span class=\"_ _a3\"> </span>22.<span class=\"_ _0\"></span>650 <span class=\"_ _87\"> </span>3,<span class=\"_ _1\"></span>7<span class=\"_ _3bd\"> </span> REGNO<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">UNIT<span class=\"_ _0\"></span>O <span class=\"_ _3f\"> </span>7<span class=\"_ _0\"></span>97<span class=\"_ _1\"></span> <span class=\"_ _204\"> </span>0<span class=\"_ _0\"></span>,1<span class=\"_ _1\"></span> </span></span>PO<span class=\"_ _0\"></span>RTOG<span class=\"_ _0\"></span>AL<span class=\"_ _0\"></span>LO <span class=\"_ _3f\"> </span>63<span class=\"_ _1\"></span>4 <span class=\"_ _1aa\"> </span>0,<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span> TO<span class=\"_ _0\"></span>TA<span class=\"_ _0\"></span>LE<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _a3\"> </span><span class=\"fc4 sc2\">60<span class=\"_ _0\"></span>8.1<span class=\"_ _0\"></span>43<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _f5\"> </span><span class=\"fc4 sc2\">1<span class=\"_ _0\"></span>00,<span class=\"_ _1\"></span>0<span class=\"fc0 sc1\"> </span></span></span></span></span>Il<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>portafoglio<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>dell<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>cartolarizzazioni<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>d<span class=\"_ _0\"></span>iversificato<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>su<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>28<span class=\"ff1\">  </span>e<span class=\"_ _0\"></span>mittenti<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>38<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>e<span class=\"_ _0\"></span>missioni,<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>massima<span class=\"ff1\"> </span>concentrazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pari<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">45,9<span class=\"ff1\"> </span>mil<span class=\"_ _0\"></span>ioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>Euro<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>singola<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">emissio<span class=\"_ _2\"></span>ne<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>72,1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">milioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Euro<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>singolo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">emittente<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">. </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">adottata<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">anche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">metodologia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contabile<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Macro<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Fair<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Value<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">He<span class=\"_ _2\"></span>dge<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">copertura<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tass<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>associato<span class=\"ff1\"> </span>all\u2019erogazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>mutui<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> </span>fisso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> </span>variabile<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>opzioni<span class=\"ff1\"> </span>\u201cCap\u201d.<span class=\"_ _3bd\"> </span> Son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span>nti,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>nol<span class=\"_ _0\"></span>tre,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>pert<span class=\"_ _0\"></span>ure<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Ca<span class=\"_ _0\"></span>sh<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Flow<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Hed<span class=\"_ _0\"></span>ge<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ero<span class=\"_ _0\"></span>gazi<span class=\"_ _0\"></span>oni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mu<span class=\"_ _0\"></span>tui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>asso<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">v<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>abil<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>4.3<span class=\"_ _3bd\"> </span>At<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>zia<span class=\"_ _1\"></span>rie<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>sto<span class=\"_ _3bd\"> </span>am<span class=\"_ _1\"></span>mor<span class=\"_ _0\"></span>tiz<span class=\"_ _0\"></span>za<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>ri/<span class=\"_ _0\"></span>em<span class=\"_ _1\"></span>itte<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>cre<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>ve<span class=\"_ _0\"></span>rso<span class=\"_ _3bd\"> </span>cl<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Ti<span class=\"_ _0\"></span>pol<span class=\"_ _1\"></span>ogia<span class=\"_ _3bd\"> </span>op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>/V<span class=\"_ _0\"></span>alo<span class=\"_ _0\"></span>ri<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Prim<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>secon<span class=\"_ _1\"></span>do<span class=\"_ _3bd\"> </span>sta<span class=\"_ _0\"></span>dio<span class=\"fc0 sc1\"> </span>Terz<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>st<span class=\"_ _1\"></span>adi<span class=\"_ _0\"></span>o<span class=\"fc0 sc1\"> </span>Att<span class=\"_ _1\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span>im<span class=\"_ _1\"></span>pair<span class=\"_ _1\"></span>ed<span class=\"_ _3bd\"> </span>acq<span class=\"_ _0\"></span>uisite<span class=\"_ _3bd\"> </span>o<span class=\"_ _3bd\"> </span>or<span class=\"_ _0\"></span>igi<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Prim<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>secon<span class=\"_ _1\"></span>do<span class=\"_ _3bd\"> </span>sta<span class=\"_ _0\"></span>dio<span class=\"fc0 sc1\"> </span>Terz<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>st<span class=\"_ _1\"></span>adi<span class=\"_ _0\"></span>o<span class=\"fc0 sc1\"> </span>Att<span class=\"_ _1\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span>im<span class=\"_ _1\"></span>pair<span class=\"_ _1\"></span>ed<span class=\"_ _3bd\"> </span>acq<span class=\"_ _0\"></span>uisite<span class=\"_ _3bd\"> </span>o<span class=\"_ _3bd\"> </span>or<span class=\"_ _0\"></span>igi<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>1.<span class=\"_ _3bd\"> </span>Titol<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>de<span class=\"_ _1\"></span>bit<span class=\"_ _0\"></span>o <span class=\"_ _f9\"> </span>7.<span class=\"_ _0\"></span>86<span class=\"_ _0\"></span>0.6<span class=\"_ _1\"></span>04 -- <span class=\"_ _81\"> </span>7.<span class=\"_ _0\"></span>03<span class=\"_ _0\"></span>3.<span class=\"_ _0\"></span>022<span class=\"_ _3bd\"> </span>-<span class=\"_ _1\"></span> -a)Am<span class=\"_ _0\"></span>mini<span class=\"_ _0\"></span>str<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>oni<span class=\"_ _3bd\"> </span>pu<span class=\"_ _0\"></span>bbli<span class=\"_ _0\"></span>che<span class=\"_ _0\"></span> 6.<span class=\"_ _0\"></span>960.<span class=\"_ _0\"></span>977<span class=\"_ _0\"></span> <span class=\"_ _138\"> </span>- <span class=\"_ _206\"> </span>- <span class=\"_ _207\"> </span>6.<span class=\"_ _0\"></span>084<span class=\"_ _0\"></span>.32<span class=\"_ _0\"></span>3<span class=\"ff1\"> <span class=\"_ _138\"> </span></span>-<span class=\"_ _1\"></span> <span class=\"_ _208\"> </span>- b)Altresociet\u00e0<span class=\"_ _3bd\"> </span>fina<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie 851<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>06 <span class=\"_ _138\"> </span>- <span class=\"_ _206\"> </span>- <span class=\"_ _73\"> </span>939.<span class=\"_ _0\"></span>859<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _138\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> <span class=\"_ _208\"> </span>- </span></span>dicui:impresed<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>ass<span class=\"_ _0\"></span>icu<span class=\"_ _0\"></span>raz<span class=\"_ _0\"></span>ione<span class=\"_ _1\"></span> - <span class=\"_ _1bc\"> </span>- <span class=\"_ _192\"> </span>- <span class=\"_ _cb\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _6f\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> <span class=\"_ _208\"> </span>- </span></span>c)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">So<span class=\"_ _2\"></span>ciet\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> </span></span></span></span></span>fina<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie 47.<span class=\"_ _0\"></span>82<span class=\"_ _0\"></span>1 <span class=\"_ _1bc\"> </span>- <span class=\"_ _192\"> </span>- <span class=\"_ _90\"> </span>8.8<span class=\"_ _0\"></span>40<span class=\"ff1\"> <span class=\"_ _6f\"> </span></span>-<span class=\"_ _1\"></span> <span class=\"_ _208\"> </span>- 2.<span class=\"_ _3bd\"> </span>Fin<span class=\"_ _1\"></span>an<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>ve<span class=\"_ _0\"></span>rs<span class=\"_ _1\"></span>o: <span class=\"_ _67\"> </span>3<span class=\"_ _0\"></span>4.1<span class=\"_ _0\"></span>56<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>06<span class=\"_ _0\"></span> <span class=\"_ _1fd\"> </span>304<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>64<span class=\"_ _1\"></span> <span class=\"_ _201\"> </span>22<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>39<span class=\"_ _1\"></span> <span class=\"_ _209\"> </span>32<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>75<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>54<span class=\"_ _3bd\"> </span>34<span class=\"_ _0\"></span>9.<span class=\"_ _0\"></span>56<span class=\"_ _0\"></span>8 <span class=\"_ _6f\"> </span>30<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>54<span class=\"_ _0\"></span> a)Am<span class=\"_ _0\"></span>mini<span class=\"_ _0\"></span>str<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>oni<span class=\"_ _3bd\"> </span>pu<span class=\"_ _0\"></span>bbli<span class=\"_ _0\"></span>che<span class=\"_ _0\"></span> 700<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>07 <span class=\"_ _11b\"> </span>3.06<span class=\"_ _0\"></span>9 <span class=\"_ _192\"> </span>- <span class=\"_ _11b\"> </span>643<span class=\"_ _0\"></span>.1<span class=\"_ _0\"></span>99<span class=\"ff1\"> <span class=\"_ _7f\"> </span></span>4<span class=\"_ _0\"></span>.6<span class=\"_ _1\"></span>30 <span class=\"_ _208\"> </span>- b)Altresociet\u00e0<span class=\"_ _3bd\"> </span>fina<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie 469<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>00 <span class=\"_ _1cf\"> </span>59<span class=\"_ _0\"></span> <span class=\"_ _b5\"> </span>1.<span class=\"_ _0\"></span>76<span class=\"_ _1\"></span>9 <span class=\"_ _70\"> </span>728<span class=\"_ _0\"></span>.68<span class=\"_ _0\"></span>6<span class=\"ff1\"> <span class=\"_ _2f\"> </span></span>94<span class=\"_ _0\"></span> <span class=\"_ _ab\"> </span>2<span class=\"_ _0\"></span>.69<span class=\"_ _0\"></span>0 dicui:impresedi<span class=\"_ _3bd\"> </span>ass<span class=\"_ _0\"></span>icu<span class=\"_ _0\"></span>raz<span class=\"_ _0\"></span>ione<span class=\"_ _1\"></span> 24<span class=\"_ _0\"></span>.79<span class=\"_ _0\"></span>8 <span class=\"_ _1bc\"> </span>- <span class=\"_ _192\"> </span>- <span class=\"_ _41\"> </span>7.4<span class=\"_ _0\"></span>67<span class=\"ff1\"> <span class=\"_ _6f\"> </span></span>-<span class=\"_ _1\"></span> <span class=\"_ _208\"> </span>- c)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">So<span class=\"_ _2\"></span>ciet\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> </span></span></span></span></span>fina<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie 17.<span class=\"_ _0\"></span>312<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>65 <span class=\"_ _129\"> </span>114<span class=\"_ _0\"></span>.30<span class=\"_ _0\"></span>8 <span class=\"_ _6b\"> </span>8<span class=\"_ _1\"></span>.84<span class=\"_ _1\"></span>3 <span class=\"_ _209\"> </span>16<span class=\"_ _0\"></span>.59<span class=\"_ _0\"></span>3.33<span class=\"_ _0\"></span>8<span class=\"ff1\"> <span class=\"_ _1ae\"> </span></span>117.<span class=\"_ _0\"></span>510<span class=\"_ _0\"></span> <span class=\"_ _6d\"> </span>15.<span class=\"_ _0\"></span>28<span class=\"_ _0\"></span>2 d)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Fam<span class=\"_ _0\"></span>igl<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span> <span class=\"_ _20a\"> </span>15.<span class=\"_ _0\"></span>672<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>34 <span class=\"_ _20b\"> </span>18<span class=\"_ _0\"></span>7.32<span class=\"_ _0\"></span>8 <span class=\"_ _6d\"> </span>11.<span class=\"_ _0\"></span>827 <span class=\"_ _1ac\"> </span>14.<span class=\"_ _0\"></span>80<span class=\"_ _0\"></span>9.83<span class=\"_ _0\"></span>1<span class=\"ff1\"> <span class=\"_ _207\"> </span></span>22<span class=\"_ _0\"></span>7.3<span class=\"_ _0\"></span>34 <span class=\"_ _fd\"> </span>12.<span class=\"_ _0\"></span>982 </span></span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span> <span class=\"_ _a1\"> </span>42<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>16<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>10<span class=\"_ _1\"></span> <span class=\"_ _81\"> </span>3<span class=\"_ _0\"></span>04<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>64<span class=\"_ _1\"></span> <span class=\"_ _201\"> </span>22<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>39<span class=\"_ _1\"></span> <span class=\"_ _1a2\"> </span>39<span class=\"_ _1\"></span>.808<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>76<span class=\"_ _3bd\"> </span>34<span class=\"_ _0\"></span>9.<span class=\"_ _0\"></span>56<span class=\"_ _0\"></span>8 <span class=\"_ _6f\"> </span>30<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>54<span class=\"_ _0\"></span> 4.<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>At<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>ate<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>sto<span class=\"_ _3bd\"> </span>am<span class=\"_ _1\"></span>mor<span class=\"_ _0\"></span>tiz<span class=\"_ _0\"></span>za<span class=\"_ _0\"></span>to<span class=\"_ _1\"></span>:<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>lor<span class=\"_ _1\"></span>do<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span>fi<span class=\"_ _0\"></span>che<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lor<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Va<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>lor<span class=\"_ _1\"></span>do<span class=\"fc0 sc1\"> <span class=\"_ _20d\"> </span></span>Re<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ch<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>Wr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>e-<span class=\"_ _0\"></span>off<span class=\"_ _3bd\"> </span>pa<span class=\"_ _0\"></span>rz<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>Se<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>st<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Te<span class=\"_ _0\"></span>rz<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>st<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Im<span class=\"_ _1\"></span>pair<span class=\"_ _1\"></span>ed<span class=\"_ _3bd\"> </span>ac<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>ite<span class=\"_ _3bd\"> </span>o<span class=\"_ _3bd\"> </span>or<span class=\"_ _0\"></span>igi<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ate<span class=\"_ _3bd\"> </span>Pr<span class=\"_ _0\"></span>im<span class=\"_ _1\"></span>o<span class=\"_ _3bd\"> </span>st<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Se<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>st<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>T<span class=\"_ _0\"></span>er<span class=\"_ _1\"></span>zo<span class=\"_ _3bd\"> </span>st<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Im<span class=\"_ _1\"></span>pair<span class=\"_ _1\"></span>ed<span class=\"_ _3bd\"> </span>ac<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>ite<span class=\"_ _3bd\"> </span>o<span class=\"_ _3bd\"> </span>or<span class=\"_ _0\"></span>igi<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ate<span class=\"_ _3bd\"> </span>Pr<span class=\"_ _0\"></span>im<span class=\"_ _1\"></span>o<span class=\"_ _3bd\"> </span>st<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>di<span class=\"_ _3bd\"> </span>cui:<span class=\"_ _3bd\"> </span>St<span class=\"_ _0\"></span>ru<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>c<span class=\"_ _0\"></span>on<span class=\"_ _3bd\"> </span>ba<span class=\"_ _0\"></span>ss<span class=\"_ _1\"></span>o<span class=\"_ _3bd\"> </span>risch<span class=\"_ _0\"></span>io<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>o<span class=\"fc0 sc1\"> </span>Titoli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ebi<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span> <span class=\"_ _cb\"> </span>8.37<span class=\"_ _0\"></span>8.<span class=\"_ _0\"></span>465<span class=\"_ _3bd\"> </span></span></span>36.<span class=\"_ _0\"></span>072<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>4<span class=\"_ _0\"></span>.4<span class=\"_ _1\"></span>53<span class=\"ff1\"> <span class=\"_ _176\"> </span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Fina<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span> <span class=\"_ _aa\"> </span>32.92<span class=\"_ _0\"></span>1.<span class=\"_ _0\"></span>869<span class=\"_ _3bd\"> </span>261<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>80<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>295.<span class=\"_ _0\"></span>037<span class=\"_ _3bd\"> </span>713<span class=\"_ _0\"></span>.60<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>25.<span class=\"_ _0\"></span>24<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>43.<span class=\"_ _0\"></span>78<span class=\"_ _0\"></span>7<span class=\"ff1\"> <span class=\"_ _20e\"> </span></span>43.<span class=\"_ _0\"></span>12<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>40<span class=\"_ _0\"></span>8.8<span class=\"_ _0\"></span>37<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>808<span class=\"_ _3bd\"> </span>13.<span class=\"_ _0\"></span>996<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span> <span class=\"_ _20f\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _3bd\"> </span>41<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>00<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>34<span class=\"_ _3bd\"> </span>29<span class=\"_ _0\"></span>7.<span class=\"_ _0\"></span>85<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>29<span class=\"_ _0\"></span>5.<span class=\"_ _0\"></span>037<span class=\"_ _3bd\"> </span>71<span class=\"_ _0\"></span>3.6<span class=\"_ _1\"></span>01<span class=\"_ _3bd\"> </span>25<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>48<span class=\"_ _3bd\"> </span>48<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>40<span class=\"_ _3bd\"> </span>43<span class=\"_ _0\"></span>.1<span class=\"_ _0\"></span>26<span class=\"_ _3bd\"> </span>40<span class=\"_ _0\"></span>8.<span class=\"_ _0\"></span>83<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>.8<span class=\"_ _1\"></span>08<span class=\"_ _3bd\"> </span>13<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>96<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span> <span class=\"_ _1f0\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _0\"></span>02<span class=\"_ _1\"></span>1<span class=\"_ _3bd\"> </span>46<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>32<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>51<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>07<span class=\"_ _0\"></span>6.<span class=\"_ _0\"></span>444<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>91<span class=\"_ _0\"></span>2.4<span class=\"_ _0\"></span>79<span class=\"_ _3bd\"> </span>78<span class=\"_ _0\"></span>8.<span class=\"_ _0\"></span>418<span class=\"_ _3bd\"> </span>32<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>12<span class=\"_ _3bd\"> </span>46<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>33<span class=\"_ _3bd\"> </span>40<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>39<span class=\"_ _3bd\"> </span>43<span class=\"_ _0\"></span>8.<span class=\"_ _0\"></span>85<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>35<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>7.<span class=\"_ _0\"></span>82<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>Il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>principio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>IFRS9<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prevede<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>classificazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"_ _2\"></span>ttivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valutate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>costo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ammor<span class=\"_ _0\"></span>tizzato<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tre<span class=\"ff1\"> </span>stages,<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ordine<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">crescente<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">deterioramento</span> <span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">merito</span> <span class=\"_ _0\"></span><span class=\"ff3\">creditizio;<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">categorie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span>associano<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">misurazioni<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>progressivamente<span class=\"ff1\"> </span>pi\u00f9<span class=\"ff1\"> </span>severe<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>riduzioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valore. Il<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>lordo<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>rettifiche<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>complessive<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>impaired<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>com<span class=\"_ _2\"></span>prensivi<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>interessi<span class=\"ff1\"> </span>contrattuali<span class=\"ff1\"> </span>maturati<span class=\"_ _3bd\"> </span>4.4a<span class=\"_ _3bd\"> </span>Fina<span class=\"_ _0\"></span>nziame<span class=\"_ _0\"></span>nti<span class=\"_ _3bd\"> </span>valut<span class=\"_ _0\"></span>ati<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>cos<span class=\"_ _0\"></span>to<span class=\"_ _3bd\"> </span>amm<span class=\"_ _0\"></span>ortizza<span class=\"_ _0\"></span>to<span class=\"_ _3bd\"> </span>ogget<span class=\"_ _0\"></span>to<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>misu<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>sosteg<span class=\"_ _0\"></span>no<span class=\"_ _3bd\"> </span>Covid-<span class=\"_ _0\"></span>19:<span class=\"_ _3bd\"> </span>valo<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>lordo<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>retti<span class=\"_ _0\"></span>fiche<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>valo<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Va<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>lor<span class=\"_ _1\"></span>do<span class=\"fc0 sc1\"> <span class=\"_ _20d\"> </span></span>Re<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ch<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>Wr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>e-<span class=\"_ _0\"></span>off<span class=\"_ _3bd\"> </span>pa<span class=\"_ _0\"></span>rz<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>i*<span class=\"_ _3bd\"> </span>Se<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>st<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>T<span class=\"_ _0\"></span>er<span class=\"_ _1\"></span>zo<span class=\"_ _3bd\"> </span>st<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Im<span class=\"_ _1\"></span>pair<span class=\"_ _1\"></span>ed<span class=\"_ _3bd\"> </span>ac<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>ite<span class=\"_ _3bd\"> </span>o<span class=\"_ _3bd\"> </span>or<span class=\"_ _0\"></span>igi<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ate<span class=\"_ _3bd\"> </span>Pr<span class=\"_ _0\"></span>im<span class=\"_ _1\"></span>o<span class=\"_ _3bd\"> </span>st<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Se<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>st<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Te<span class=\"_ _0\"></span>rz<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>st<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Im<span class=\"_ _1\"></span>pair<span class=\"_ _1\"></span>ed<span class=\"_ _3bd\"> </span>ac<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>ite<span class=\"_ _3bd\"> </span>o<span class=\"_ _3bd\"> </span>or<span class=\"_ _0\"></span>igi<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ate<span class=\"_ _3bd\"> </span>Pr<span class=\"_ _0\"></span>im<span class=\"_ _1\"></span>o<span class=\"_ _3bd\"> </span>st<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>di<span class=\"_ _3bd\"> </span>cui:<span class=\"_ _3bd\"> </span>St<span class=\"_ _0\"></span>ru<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>c<span class=\"_ _0\"></span>on<span class=\"_ _3bd\"> </span>ba<span class=\"_ _0\"></span>ss<span class=\"_ _1\"></span>o<span class=\"_ _3bd\"> </span>risch<span class=\"_ _0\"></span>io<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>o<span class=\"fc0 sc1\"> </span>1.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Finanz<span class=\"_ _0\"></span>iam<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ogg<span class=\"_ _0\"></span>ett<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span> </span></span>concessione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conformi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> </span></span></span></span></span>le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">GL </span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>2.<span class=\"ff1\"> </span>Finanziamenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">oggetto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></span></span>misure<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>morator<span class=\"_ _0\"></span>ia<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>essere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pi\u00f9<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">conform<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alle<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>GL<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>non<span class=\"_ _3bd\"> </span>valutate<span class=\"_ _3bd\"> </span>come<span class=\"_ _0\"></span> 98<span class=\"_ _1\"></span>5<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>38<span class=\"_ _1\"></span>5<span class=\"_ _3bd\"> </span>4<span class=\"_ _0\"></span>16<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>2<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>60<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>3.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Finanziamenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">oggetto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span>altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">misure<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conc<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>ione<span class=\"_ _1\"></span> </span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>7.<span class=\"_ _0\"></span>956<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>4<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>92<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>058<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>4.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Nuovi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fin<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>iame<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>i <span class=\"_ _207\"> </span>2.7<span class=\"_ _0\"></span>97.<span class=\"_ _0\"></span>808<span class=\"_ _3bd\"> </span></span></span></span></span>44<span class=\"_ _0\"></span>.573<span class=\"_ _3bd\"> </span>230<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>42<span class=\"_ _3bd\"> </span>47.<span class=\"_ _0\"></span>28<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>39<span class=\"_ _1\"></span>3<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>184<span class=\"_ _3bd\"> </span>62<span class=\"_ _1\"></span>9<span class=\"_ _3bd\"> </span>16.<span class=\"_ _0\"></span>44<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>36<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Tot<span class=\"_ _0\"></span>ale<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span> <span class=\"_ _1af\"> </span>2<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>98<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>93<span class=\"_ _3bd\"> </span>44<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>73<span class=\"_ _3bd\"> </span>23<span class=\"_ _0\"></span>8.<span class=\"_ _0\"></span>583<span class=\"_ _3bd\"> </span>50<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>94<span class=\"_ _3bd\"> </span>4<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>186<span class=\"_ _3bd\"> </span>9<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>17<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>62<span class=\"_ _3bd\"> </span>3<span class=\"_ _1\"></span>6<span class=\"_ _3bd\"> </span>-Tot<span class=\"_ _0\"></span>ale<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span> <span class=\"_ _210\"> </span>3.7<span class=\"_ _1\"></span>15.<span class=\"_ _0\"></span>146<span class=\"_ _3bd\"> </span>19<span class=\"_ _0\"></span>2.<span class=\"_ _0\"></span>825<span class=\"_ _3bd\"> </span>44<span class=\"_ _0\"></span>7.<span class=\"_ _0\"></span>29<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>37<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>96<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>.8<span class=\"_ _1\"></span>32<span class=\"_ _3bd\"> </span>4.<span class=\"_ _0\"></span>125<span class=\"_ _3bd\"> </span>5.<span class=\"_ _0\"></span>66<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>8.<span class=\"_ _0\"></span>70<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span>3<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>-Nella<span class=\"ff1\"> </span>presente<span class=\"ff1\"> </span>tabella<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> </span>indicato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>dettaglio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>lor<span class=\"_ _2\"></span>do<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>rett<span class=\"_ _2\"></span>ifiche<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>comp<span class=\"_ _2\"></span>lessive<span class=\"ff1\"> </span>ripartiti<span class=\"ff1\"> </span>per<span class=\"ff1\">  </span>stadi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\">  </span>rischio<span class=\"ff1\">  </span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>per<span class=\"ff1\">  </span>\u201cimpaired<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ac<span class=\"_ _2\"></span>quisite<span class=\"ff1\">  </span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>or<span class=\"_ _2\"></span>iginate\u201d,<span class=\"ff1\">  </span>nonch\u00e9<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">l\u2019informativa</span>  <span class=\"ff3\">sui</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">write-off</span>  <span class=\"ff3\">parziali</span> </span>complessivi<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> </span>finanziamenti,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>oggetto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>\u201cmorat<span class=\"_ _2\"></span>orie\u201d<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>altre<span class=\"ff1\"> </span>misure<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>concessione<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>essere<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>riferimento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>bil<span class=\"_ _0\"></span>ancio,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _21\"></span></span>costituiscono<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>nuova<span class=\"ff1\"> <span class=\"_ _21\"></span></span>liquidi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>co<span class=\"_ _2\"></span>ncessa<span class=\"ff1\"> <span class=\"_ _21\"></span></span>mediante<span class=\"ff1\"> <span class=\"_ _20\"></span></span>m<span class=\"_ _2\"></span>eccanismi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>garanzia<span class=\"ff1\"> </span>pub<span class=\"_ _0\"></span>bli<span class=\"_ _0\"></span>ca. Nella<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riga<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u201cFinanziamenti<span class=\"ff1\"> </span>ogg<span class=\"_ _0\"></span>etto<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">concessione<span class=\"ff1\"> </span>conformi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">GL\u201d<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riportate<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">informazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">relative<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>alle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ogg<span class=\"_ _2\"></span>etto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>moratoria<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>ientrano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>applicazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d<span class=\"_ _2\"></span>elle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u201cG<span class=\"_ _2\"></span>uidelines<span class=\"ff1\"> <span class=\"_ _2\"></span></span>on<span class=\"_ _2\"></span><span class=\"ff1\"> </span>legislative<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>and<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>legislative<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>mor<span class=\"_ _2\"></span>atoria<span class=\"ff1\"> <span class=\"_ _21\"></span></span>on<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>loan<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>repayments<span class=\"ff1\"> <span class=\"_ _21\"></span></span>applied<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"></span></span>the<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>light<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>of<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>the<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>COVID<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>19<span class=\"ff1\"> <span class=\"_ _21\"></span></span>crisis\u201d<span class=\"ff1\"> </span>pubblicate<span class=\"ff1\"> </span>dall\u2019EBA<span class=\"ff1\"> </span>(EBA/GL/2020/02)<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>successive<span class=\"ff1\"> </span>modificazioni<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>integrazioni.<span class=\"_ _2\"></span> Nella<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>iga<span class=\"ff1\"> </span>\u201cF<span class=\"_ _2\"></span>inanziamenti<span class=\"ff1\"> </span>oggetto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>misure<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>moratoria<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>essere<span class=\"ff1\"> <span class=\"_ _2\"></span></span>non<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pi\u00f9<span class=\"ff1\"> </span>conformi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>GL<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>non<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> </span>come<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">oggetto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">concessione\u201d<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riportati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esclusivamente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziamenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">oggetto<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">moratoria<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">essere,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>valutati<span class=\"ff1\"> </span>co<span class=\"_ _2\"></span>me<span class=\"ff1\"> </span>confor<span class=\"_ _2\"></span>mi<span class=\"ff1\"> </span>all<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>EBA<span class=\"_ _2\"></span>/GL/2020/02<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>data<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>conc<span class=\"_ _2\"></span>essione<span class=\"ff1\"> </span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>misura<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>non<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pi\u00f9<span class=\"ff1\"> <span class=\"_ _2\"></span></span>co<span class=\"_ _2\"></span>nformi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>riferimento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>bilancio,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _21\"></span></span>non<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>stati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>class<span class=\"_ _2\"></span>ificati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dalla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>banca<span class=\"ff1\"> <span class=\"_ _2\"></span></span>com<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u201c<span class=\"_ _2\"></span>esposizioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>oggetto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> </span>concessione\u201d<span class=\"ff1\"> </span>(come<span class=\"ff1\"> </span>definite<span class=\"ff1\"> </span>dalle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vigenti<span class=\"ff1\"> </span>segnalazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>igilanza)<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>seguito<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>valu<span class=\"_ _0\"></span>tazione<span class=\"ff1\"> </span>effettuata<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span></span></span>verificarsi<span class=\"ff1\"> </span>dell\u2019evento<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>ha<span class=\"ff1\"> </span>generato<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>conformit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alle<span class=\"ff1\"> </span>EBA/GL/2020/02. Nella<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>iga<span class=\"ff1\"> </span>\u201cF<span class=\"_ _2\"></span>inanziamenti<span class=\"ff1\"> </span>oggett<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>altr<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>misure<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>concessione\u201d<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riportate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> </span>infor<span class=\"_ _2\"></span>mazioni<span class=\"ff1\"> </span>relative<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ai<span class=\"ff1\"> </span>finanziamenti<span class=\"ff1\"> </span>ogg<span class=\"_ _0\"></span>etto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>misure<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sost<span class=\"_ _2\"></span>egno<span class=\"ff1\"> </span>COV<span class=\"_ _0\"></span>ID-19<span class=\"ff1\"> </span>che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">soddisfano<span class=\"_ _2\"></span><span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">condizioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u201c<span class=\"_ _2\"></span>esposizione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">oggetto<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> </span>concessione\u201d<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>definite<span class=\"ff1\"> </span>dalle<span class=\"ff1\"> </span>vigenti<span class=\"ff1\"> </span>segnalazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>igilanza<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>inclu<span class=\"_ _0\"></span>se<span class=\"ff1\"> </span>nella<span class=\"ff1\"> <span class=\"_ _2\"></span></span>categoria<span class=\"ff1\"> </span>\u201cFi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>menti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ogg<span class=\"_ _0\"></span>etto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">c<span class=\"_ _0\"></span>oncess<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>nfo<span class=\"_ _0\"></span>rmi<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">GL\u201d<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>dat<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">conc<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>mis<span class=\"_ _0\"></span>ura<span class=\"ff1\"> </span>op<span class=\"_ _0\"></span>pure<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">all<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>data<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>pi\u00f9<span class=\"ff1\"> </span>conformi<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>EBA/GL/2020/02. Nella<span class=\"ff1\"> </span>riga<span class=\"ff1\"> </span>\u201cNuovi<span class=\"ff1\"> </span>finanziamenti\u201d<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>incluse,<span class=\"ff1\"> </span>tra<span class=\"ff1\"> </span>l\u2019altro,<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rilevate<span class=\"_ _2\"></span><span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>seguito<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>misure<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></span></span>concessione<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>hanno<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>comport<span class=\"_ _2\"></span>ato<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>rifinanziamento<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>derecognition<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>dell\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>originaria<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>e<span class=\"ff1\"> </span>l\u2019iscrizione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>nuovo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziamento,<span class=\"ff1\"> </span>oppure<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>ristrutturazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>pi\u00f9<span class=\"ff1\"> </span>debiti<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>l\u2019iscrizione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>nuovo<span class=\"_ _2\"></span><span class=\"ff1\"> </span>finanziamento<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>bilancio<div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs12f2\">Sezion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs12f3\">5<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs12f4\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs12f5\">Deriva<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs12f6\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs12f7\">cope<span class=\"_ _0\"></span>rtura<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs12f8\">\u2013<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs12f9\">Voce<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs12fa\">5<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m26 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs12fb\">5.<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs12fc\">De<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>vat<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs12fd\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs12fe\">co<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>ura<span class=\"_ _1\"></span>:<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs12ff\">co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1300\">pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1301\">ti<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>gia<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1302\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1303\">co<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>ura<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1304\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1305\">pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1306\">liv<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs1307\">F<span class=\"_ _0\"></span>V<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs1308\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs1309\">V<span class=\"_ _0\"></span>N<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs130a\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs130b\">F<span class=\"_ _0\"></span>V<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs130c\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs130d\">V<span class=\"_ _0\"></span>N<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs130e\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs130f\">L<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _75\"> </span><span class=\"fc4 sc2\">L<span class=\"_ _1\"></span>2<span class=\"fc0 sc1\"> <span class=\"_ _77\"> </span></span>L<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _89\"> </span><span class=\"fc4 sc2\">L<span class=\"_ _1\"></span>1<span class=\"fc0 sc1\"> <span class=\"_ _129\"> </span></span>L2<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _77\"> </span><span class=\"fc4 sc2\">L<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1310\">A.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1311\">Deri<span class=\"_ _0\"></span>vati<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1312\">fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1313\">1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Fair<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valu<span class=\"_ _0\"></span>e <span class=\"_ _215\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1314\">1.<span class=\"_ _0\"></span>090<span class=\"_ _0\"></span>.23<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1315\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1316\">16.<span class=\"_ _0\"></span>552<span class=\"_ _0\"></span>.17<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1317\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1318\">176<span class=\"_ _0\"></span>.32<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1319\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs131a\">12<span class=\"_ _0\"></span>.49<span class=\"_ _0\"></span>6.1<span class=\"_ _0\"></span>50<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs131b\">2.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Flussi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fin<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>i <span class=\"_ _a4\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs131c\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs131d\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs131e\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs131f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1320\">34.<span class=\"_ _0\"></span>778<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1321\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1322\">1.<span class=\"_ _0\"></span>392.<span class=\"_ _0\"></span>039<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1323\">3.<span class=\"ff1\"> </span>I<span class=\"_ _0\"></span>nve<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>este<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span> <span class=\"_ _a0\"> </span>-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1324\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1325\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1326\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1327\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1328\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1329\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs132a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs132b\">B.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs132c\">Der<span class=\"_ _1\"></span>iva<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs132d\">cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs132e\">1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Fair<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valu<span class=\"_ _0\"></span>e <span class=\"_ _215\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs132f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1330\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1331\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1332\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1333\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1334\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1335\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1336\">2.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Flussi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fin<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>i <span class=\"_ _a4\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1337\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1338\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1339\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs133a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs133b\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs133c\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs133d\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs133e\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs133f\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1340\">1.<span class=\"_ _0\"></span>09<span class=\"_ _0\"></span>0.2<span class=\"_ _0\"></span>39<span class=\"_ _3bd\"> </span></div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs1341\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1342\">16<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>52<span class=\"_ _0\"></span>.17<span class=\"_ _1\"></span>9<span class=\"_ _3bd\"> </span></div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs1343\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1344\">21<span class=\"_ _0\"></span>1.1<span class=\"_ _0\"></span>01<span class=\"_ _3bd\"> </span></div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs1345\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1346\">13<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>88.<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>89<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1347\">Le<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>nda<span class=\"_ _1\"></span>:<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1348\">VN<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">=<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nozionale<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1349\">L1=<span class=\"ff1\"> </span>Livello<span class=\"ff1\"> </span>1 </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs134a\">L2=<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Livello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2<span class=\"_ _1\"></span> </span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs134b\">L3=<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Livello<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">3<span class=\"_ _0\"></span> </span></span></span></span></div><div class=\"t m26 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs134c\">5.2<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs134d\">De<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>vat<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs134e\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs134f\">co<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>ura<span class=\"_ _1\"></span>:<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1350\">co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>os<span class=\"_ _1\"></span>izio<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1351\">pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1352\">po<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>afo<span class=\"_ _0\"></span>gl<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1353\">co<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1354\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1355\">pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1356\">ti<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>log<span class=\"_ _0\"></span>ia<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1357\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1358\">co<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>ura<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs1359\">Op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>/T<span class=\"_ _0\"></span>ipo<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs135a\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs135b\">co<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>a<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs135c\">Fa<span class=\"_ _0\"></span>ir<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs135d\">Va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> <span class=\"_ _117\"> </span></span>F<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs135e\">fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>ri<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs135f\">In<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>sti<span class=\"_ _1\"></span>m.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs1360\">es<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs1361\">Sp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>a<span class=\"fc0 sc1\"> </span></div><div class=\"c wc5 ha0 gs1362\"><div class=\"t m2c x221 h1c y1a4e ff3 fsc fc4 sc2 ls0 ws0\">Ge<span class=\"_ _0\"></span>neric<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></div></div><div class=\"c wc5 ha1 gs1363\"><div class=\"t m2c x221 h1c y1a4e ff3 fsc fc4 sc2 ls0 ws0\">Spe<span class=\"_ _0\"></span>cifi<span class=\"_ _0\"></span>ca<span class=\"_ _3bd\"> </span></div></div><div class=\"c wc5 ha0 gs1364\"><div class=\"t m2c x221 h1c y1a4e ff3 fsc fc4 sc2 ls0 ws0\">Ge<span class=\"_ _0\"></span>neric<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs1365\">titol<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs1366\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs1367\">debit<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs1368\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs1369\">tass<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs136a\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs136b\">in<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>se<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs136c\">titol<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs136d\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs136e\">ca<span class=\"_ _0\"></span>pi<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs136f\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs1370\">indic<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs1371\">az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>nar<span class=\"_ _1\"></span>i<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs1372\">va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs1373\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs1374\">or<span class=\"_ _1\"></span>o<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs1375\">cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>o<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs1376\">m<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ci<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs1377\">al<span class=\"_ _0\"></span>tri<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1378\">1.<span class=\"ff5\"> <span class=\"_ _1\"></span><span class=\"ff3\">Att<span class=\"_ _0\"></span>ivit\u00e0<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">fina<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>arie<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span><span class=\"ff3\">val<span class=\"_ _0\"></span>utat<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span> </span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1379\">costo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ammor<span class=\"_ _0\"></span>tiz<span class=\"_ _0\"></span>za<span class=\"_ _0\"></span>to </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs137a\">2.<span class=\"ff5\"> <span class=\"_ _1\"></span><span class=\"ff3\">Port<span class=\"_ _0\"></span>af<span class=\"_ _0\"></span>ogl<span class=\"_ _0\"></span>io<span class=\"ff1\"> <span class=\"_ _216\"> </span> <span class=\"_ _20a\"> </span></span>X<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _f6\"> </span> <span class=\"_ _1ee\"> </span><span class=\"ff3\">X<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _217\"> </span> <span class=\"_ _1ee\"> </span><span class=\"ff3\">X<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _217\"> </span> <span class=\"_ _1ee\"> </span><span class=\"ff3\">X<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _217\"> </span> <span class=\"_ _1ee\"> </span><span class=\"ff3\">X<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _217\"> </span> <span class=\"_ _1ee\"> </span><span class=\"ff3\">X<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _217\"> </span> <span class=\"_ _218\"> </span><span class=\"ff3\">2.<span class=\"_ _0\"></span>357<span class=\"ff1\"> <span class=\"_ _219\"> </span></span>X<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _217\"> </span> <span class=\"_ _73\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1fb\"> </span><span class=\"ff3\">X<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs137b\">Tot<span class=\"_ _0\"></span>ale<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs137c\">pass<span class=\"_ _0\"></span>ivit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs137d\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs137e\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs137f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1380\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1381\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1382\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1383\">2.357<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1384\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1385\">-<span class=\"_ _1\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1386\">1.<span class=\"ff5\"> <span class=\"_ _1\"></span><span class=\"ff3\">Tran<span class=\"_ _0\"></span>saz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>att<span class=\"_ _0\"></span>ese<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _193\"> </span><span class=\"ff3\">X<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _75\"> </span><span class=\"ff3\">X<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _129\"> </span><span class=\"ff3\">X<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _77\"> </span><span class=\"ff3\">X<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _129\"> </span><span class=\"ff3\">X<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _77\"> </span><span class=\"ff3\">X<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _129\"> </span><span class=\"ff3\">X<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _65\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _219\"> </span><span class=\"ff3\">X<span class=\"_ _0\"></span><span class=\"ff8\"> <span class=\"_ _75\"> </span><span class=\"ff3\">X<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1387\">2.<span class=\"ff5\"> <span class=\"_ _1\"></span><span class=\"ff3\">Portafoglio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">passivit\u00e0<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1388\">fina<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1389\">X<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _7e\"> </span><span class=\"ff3\">X<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _129\"> </span><span class=\"ff3\">X<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _129\"> </span><span class=\"ff3\">X<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _129\"> </span><span class=\"ff3\">X<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _77\"> </span><span class=\"ff3\">X<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _65\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1fb\"> </span><span class=\"ff3\">X<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _41\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _6e\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs138a\">Si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span>adottata<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">metodologia<span class=\"ff1\"> </span>contabile<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span>Macro<span class=\"ff1\"> </span>Fair<span class=\"ff1\"> </span>Valu<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>Hedge<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>copertura<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rischio</span> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tasso</span> <span class=\"ff3\">dell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs138b\">raccolta<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>vista<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>clientela. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs138c\">La<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">raccolt<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vista<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dalla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">clientela<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rappresenta<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un\u2019important<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fonte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">funding<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">banca.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quota<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>arte<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs138d\">questa<span class=\"ff1\"> <span class=\"_ _20\"></span></span>raccolta,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>seppur<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contrattualmente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>vista,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>presenta<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per\u00f2<span class=\"ff1\"> <span class=\"_ _20\"></span></span>una<span class=\"ff1\"> <span class=\"_ _20\"></span></span>forte<span class=\"ff1\"> <span class=\"_ _20\"></span></span>persistenza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tempo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ed<span class=\"ff1\"> <span class=\"_ _20\"></span></span>una<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs138e\">elasticit\u00e0<span class=\"ff1\"> </span>imperfetta<span class=\"ff1\"> </span>alla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">variazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>tassi<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mercato,<span class=\"ff1\"> </span>rapp<span class=\"_ _0\"></span>resentata<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>cosiddetto<span class=\"ff1\"> </span>\u201ceffetto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vischiosit\u00e0\u201d.<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs138f\">Questo<span class=\"ff1\"> </span>effetto<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>stato<span class=\"ff1\"> </span>stimato<span class=\"ff1\"> </span>me<span class=\"_ _0\"></span>diante<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>modello<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>analisi<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>consist<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>due<span class=\"ff1\"> </span>componenti: </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1390\">la<span class=\"ff1\"> </span>stima<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> </span>relazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>tassi<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>poste<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>vista<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>t<span class=\"_ _2\"></span>assi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>mercato<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>base<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>mode<span class=\"_ _0\"></span>llo<span class=\"_ _0\"></span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1391\">ec<span class=\"_ _0\"></span>ono<span class=\"_ _0\"></span>metri<span class=\"_ _0\"></span>co; </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1392\">la<span class=\"ff1\"> </span>stima<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>persistenza<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>volumi,<span class=\"ff1\"> </span>attraverso<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>quale<span class=\"ff1\"> </span>l\u2019ammontare<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>poste<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>vista<span class=\"ff1\"> </span>viene<span class=\"_ _3bd\"> </span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1394\">tradotto<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>portafoglio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>poste<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fisso<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>scadenza. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1395\">I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>riv<span class=\"_ _0\"></span>ati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cop<span class=\"_ _0\"></span>ertu<span class=\"_ _0\"></span>ra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">que<span class=\"_ _0\"></span>sta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tipo<span class=\"_ _0\"></span>logi<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">val<span class=\"_ _0\"></span>ue<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>osi<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">2.<span class=\"_ _0\"></span>357<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mila<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">eu<span class=\"_ _0\"></span>ro. </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1396\">fair<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">va<span class=\"_ _0\"></span>lue<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>im<span class=\"_ _0\"></span>pat<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sul<span class=\"_ _0\"></span>la<span class=\"ff8\"> <span class=\"_ _3d\"> </span></span>611<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>21<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1398\">Sono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">presenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">coperture<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">micr<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">hedge<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>u<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tasso<span class=\"ff1\"> </span>fisso<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">detenuti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">portafoglio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">HTCS.<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1399\">I<span class=\"ff1\"> </span>derivati<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>questa<span class=\"ff1\"> </span>tipologia<span class=\"ff1\"> </span>presentano<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>positivo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>611.921<span class=\"ff1\"> </span>mila<span class=\"ff1\"> </span>euro.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs139a\">Sono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">presenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">coperture<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">micr<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">hedge<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>u<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tasso<span class=\"ff1\"> </span>fisso<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">detenuti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">portafoglio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">HTC.<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs139b\">I<span class=\"ff1\"> </span>derivati<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>questa<span class=\"ff1\"> </span>tipologia<span class=\"ff1\"> </span>presentano<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>positivo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>267.880<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mila<span class=\"ff1\"> </span>euro.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs139c\">Si<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>adottata<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>m<span class=\"_ _2\"></span>etodologia<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>contabile<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>macro<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fair<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>value<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>hedge<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>copertura<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>t<span class=\"_ _2\"></span>asso<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs139d\">associato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>all\u2019erogazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>m<span class=\"_ _2\"></span>utui<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>asso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fisso<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tasso<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>variabile<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"_ _2\"></span>pzione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u201cCap\u201d.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>L\u2019applicazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs139e\">metodologia<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>he<span class=\"_ _0\"></span>dge<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>accounting<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>consente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>r<span class=\"_ _2\"></span>appresentare<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>contabilmen<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>gli<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>effetti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>economici<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs139f\">strategie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">copertura<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attuate.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">I<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">derivati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">copertura<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">relativi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>tale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">strategia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">presentano<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">positivo<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs13a0\">di<span class=\"ff1\"> </span>208.081<span class=\"ff1\"> </span>mila<span class=\"ff1\"> </span>euro.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs13a1\">Si<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>mand<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Sez<span class=\"_ _0\"></span>ione<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">dell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>P<span class=\"_ _0\"></span>arte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">E<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">no<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>nteg<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>va<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">des<span class=\"_ _0\"></span>cri<span class=\"_ _0\"></span>zione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>m<span class=\"_ _0\"></span>odal<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cop<span class=\"_ _0\"></span>ertu<span class=\"_ _0\"></span>ra.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div>Se<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>1<span class=\"_ _3bd\"> </span>\u2013<span class=\"_ _3bd\"> </span>Pa<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>val<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>ate<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>sto<span class=\"_ _3bd\"> </span>am<span class=\"_ _1\"></span>mort<span class=\"_ _0\"></span>izz<span class=\"_ _1\"></span>ato<span class=\"_ _3bd\"> </span>\u2013<span class=\"_ _3bd\"> </span>Vo<span class=\"_ _1\"></span>ce<span class=\"_ _3bd\"> </span>10<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>1.<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>Pa<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span>fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>zia<span class=\"_ _1\"></span>rie<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>ate<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>sto<span class=\"_ _3bd\"> </span>am<span class=\"_ _1\"></span>mor<span class=\"_ _0\"></span>tiz<span class=\"_ _0\"></span>za<span class=\"_ _0\"></span>to<span class=\"_ _1\"></span>:<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>me<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>eol<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>ve<span class=\"_ _0\"></span>rso<span class=\"_ _3bd\"> </span>ba<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span><table class=\"s w3a1 h21e\" id=\"_48576cad-9578-4604-b836-01c1c3e4d758\"><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x585 h43 y4c5f ff3 fs1b fc4 sc2 ls0 ws0\" colspan=\"2\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></td><td></td><td></td><td></td><td class=\"t m0 x586 h43 y4c5f ff3 fs1b fc4 sc2 ls0 ws0\" colspan=\"2\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x587 h43 y4c60 ff3 fs1b fc4 sc2 ls0 ws0\">Ti<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>gia<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x588 h43 y4c60 ff3 fs1b fc4 sc2 ls0 ws0\" colspan=\"2\">op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>/V<span class=\"_ _0\"></span>alo<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></td><td></td><td class=\"t m0 x589 h43 y4c61 ff3 fs1b fc4 sc2 ls0 ws0\">V<span class=\"_ _0\"></span>B<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></td><td></td><td class=\"t m0 x58a h43 y4c62 ff3 fs1b fc4 sc2 ls0 ws0\">31<span class=\"_ _0\"></span>/1<span class=\"_ _0\"></span>2/2<span class=\"_ _0\"></span>02<span class=\"_ _1\"></span>2<span class=\"fc0 sc1\"> </span></td><td class=\"c x58c y4c63 w3a2 h21f\" colspan=\"2\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc4 sc2 ls0 ws0\">Fair<span class=\"_ _3bd\"> </span></div><div class=\"t m0 x58b h43 y4b58 ff3 fs1b fc4 sc2 ls0 ws0\">Va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div></td><td class=\"t m0 x58d h43 y4c61 ff3 fs1b fc4 sc2 ls0 ws0\">V<span class=\"_ _0\"></span>B<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></td><td></td><td class=\"t m0 x58e h43 y4c62 ff3 fs1b fc4 sc2 ls0 ws0\">31<span class=\"_ _0\"></span>/1<span class=\"_ _0\"></span>2/2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></td><td class=\"c x590 y4c63 w3a3 h21f\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc4 sc2 ls0 ws0\">Fair<span class=\"_ _3bd\"> </span></div><div class=\"t m0 x58f h43 y4b58 ff3 fs1b fc4 sc2 ls0 ws0\">Va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c n x591 y4c64 w3a4 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc4 sc2 ls0 ws0\">L<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x592 y4c64 w3a5 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc4 sc2 ls0 ws0 sc1\">L2<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x593 y4c64 w3a6 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc4 sc2 ls0 ws0 sc1\">L3<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x594 y4c64 w3a7 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc4 sc2 ls0 ws0 sc1\">L1<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x595 y4c64 w3a8 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc4 sc2 ls0 ws0 sc1\">L2<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x596 y4c64 w3a6 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc4 sc2 ls0 ws0 sc1\">L3<span class=\"_ _3bd\"> </span></div></td></tr><tr><td class=\"t m0 x2d2 h43 y4c65 ff3 fs1b fc0 sc1 ls0 ws0\">1.<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x50b h43 y4c65 ff3 fs1b fc0 sc1 ls0 ws0\">De<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x597 h43 y4c65 ff3 fs1b fc0 sc1 ls0 ws0\">ve<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x39d h43 y4c65 ff3 fs1b fc0 sc1 ls0 ws0\">ba<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>he<span class=\"_ _3bd\"> </span></td><td class=\"c n x598 y4c66 w3a9 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc1 ls0 ws0\">ce<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x599 y4c66 w3aa h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc1 ls0 ws0\">5.<span class=\"_ _0\"></span>58<span class=\"_ _1\"></span>4.25<span class=\"_ _0\"></span>6</div></td><td class=\"t m0 x59a h43 y4c67 ff1 fs1b fc0 sc0 ls0 ws0\"> <span class=\"_ _1f4\"> </span><span class=\"ff3\">X<span class=\"_ _3bd\"> </span></span></td><td class=\"c n x59b y4c68 w3ab h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59c y4c68 w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"t m0 x59d h43 y4c65 ff3 fs1b fc0 sc1 ls0 ws0\">8.<span class=\"_ _0\"></span>16<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>75<span class=\"_ _0\"></span>2</td><td class=\"t m0 x59e h43 y4c67 ff1 fs1b fc0 sc0 ls0 ws0\"> <span class=\"_ _1ec\"> </span><span class=\"ff3\">X<span class=\"_ _3bd\"> </span></span></td><td class=\"c n x590 y4c68 w3ad h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59f y4c68 w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td></tr><tr><td class=\"t m0 x2d2 h43 y4c69 ff3 fs1b fc0 sc1 ls0 ws0\">2.<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x4e3 h43 y4c69 ff3 fs1b fc0 sc1 ls0 ws0\">Debi<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x5a0 h43 y4c69 ff3 fs1b fc0 sc1 ls0 ws0\">vers<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></td><td class=\"c n x5a1 y4c6a w3ae h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc1 ls0 ws0\">ba<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>he<span class=\"_ _3bd\"> </span></div></td><td></td><td></td><td class=\"c n x5a2 y4c6a w3af h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc1 ls0 ws0\">3.<span class=\"_ _0\"></span>15<span class=\"_ _0\"></span>2.<span class=\"_ _0\"></span>03<span class=\"_ _0\"></span>7</div></td><td class=\"t m0 x59a h43 y4c6b ff1 fs1b fc0 sc0 ls0 ws0\"> <span class=\"_ _1f4\"> </span><span class=\"ff3\">X<span class=\"_ _3bd\"> </span></span></td><td class=\"c n x59b y4c6c w3ab h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59c y4c6c w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"t m0 x5a3 h43 y4c69 ff3 fs1b fc0 sc1 ls0 ws0\">4.<span class=\"_ _0\"></span>42<span class=\"_ _0\"></span>0.<span class=\"_ _0\"></span>82<span class=\"_ _0\"></span>4</td><td class=\"t m0 x59e h43 y4c6b ff1 fs1b fc0 sc0 ls0 ws0\"> <span class=\"_ _1ec\"> </span><span class=\"ff3\">X<span class=\"_ _3bd\"> </span></span></td><td class=\"c n x590 y4c6c w3ad h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59f y4c6c w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"c n x4e0 y4c6d w3b0 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">2.<span class=\"_ _0\"></span>1<span class=\"ff1\"> </span>Co<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cor<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">d<span class=\"_ _0\"></span>epo<span class=\"_ _0\"></span>sit<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>v<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>a<span class=\"_ _3bd\"> </span></span></span></span></span></div></td><td></td><td></td><td class=\"c n x5a4 y4c6d w3b1 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">7<span class=\"_ _0\"></span>05.<span class=\"_ _0\"></span>85<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5a5 y4c6d w3ad h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x59b y4c6d w3ab h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59c y4c6d w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5a6 y4c6d w283 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">149<span class=\"_ _0\"></span>.42<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5a7 y4c6d w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x590 y4c6d w3ad h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59f y4c6d w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"c n x4e0 y4c6e w3b2 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">2.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Depositi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sca<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>nza<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></div></td><td></td><td></td><td class=\"c n x5a8 y4c6e w3b3 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">5.<span class=\"_ _0\"></span>701<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5a9 y4c6e w3ab h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x59b y4c6e w3ab h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59c y4c6e w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5aa y4c6e w3b4 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">4<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5ab y4c6e w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x590 y4c6e w3ad h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59f y4c6e w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c n x4e0 y4c6f w3b5 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">2.3<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nti<span class=\"_ _3bd\"> </span></span></span></div></td><td></td><td></td><td></td><td class=\"c n x5ac y4c6f w3b6 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">2.43<span class=\"_ _0\"></span>9.9<span class=\"_ _0\"></span>44<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5ad y4c6f w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x59b y4c6f w3ab h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59c y4c6f w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5ae y4c6f w3b7 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">4.<span class=\"_ _0\"></span>265<span class=\"_ _0\"></span>.96<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5af y4c6f w3ad h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x590 y4c6f w3ad h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59f y4c6f w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td></tr><tr><td></td><td class=\"c n x5b0 y4c70 w3b8 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">2.<span class=\"_ _0\"></span>3.1<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">Pr<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>ermi<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>ivi<span class=\"_ _3bd\"> </span></span></span></div></td><td></td><td></td><td></td><td></td><td class=\"c n x5b1 y4c70 w3b9 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">2.<span class=\"_ _0\"></span>42<span class=\"_ _0\"></span>0.9<span class=\"_ _0\"></span>97<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5b2 y4c70 w3ab h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x59b y4c70 w3ab h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59c y4c70 w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5ae y4c70 w3ba h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">4.<span class=\"_ _0\"></span>242<span class=\"_ _0\"></span>.80<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5b3 y4c70 w3ad h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x590 y4c70 w3ad h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59f y4c70 w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c n x5b0 y4c71 w3bb h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">2.3.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Alt<span class=\"_ _0\"></span>ri<span class=\"_ _3bd\"> </span></span></span></div></td><td></td><td></td><td></td><td class=\"c n x5b4 y4c71 w3bc h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">18.<span class=\"_ _0\"></span>947<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5b5 y4c71 w3ab h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x59b y4c71 w3ab h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59c y4c71 w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5b6 y4c71 w3bd h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">23<span class=\"_ _0\"></span>.15<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5b7 y4c71 w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x590 y4c71 w3ad h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59f y4c71 w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m0 x50b h43 y4c72 ff3 fs1b fc0 sc0 ls0 ws0\">2.4<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Debiti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"_ _2\"></span>mpegni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riacquisto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">propri</span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></td><td></td><td></td><td></td><td class=\"c n x5b8 y4c73 w3be h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5b9 y4c73 w3ab h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x59b y4c73 w3ab h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59c y4c73 w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5ba y4c73 w3bf h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5b3 y4c73 w3ad h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x590 y4c73 w3ad h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59f y4c73 w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m0 x50b h43 y4c74 ff3 fs1b fc0 sc0 ls0 ws0\">strumenti<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x5bb h43 y4c74 ff3 fs1b fc0 sc0 ls0 ws0\">patrimon<span class=\"_ _0\"></span>iali </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c n x4e0 y4c75 w3c0 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">2.5<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Debiti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">lea<span class=\"_ _0\"></span>sin<span class=\"_ _0\"></span>g<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></div></td><td></td><td></td><td class=\"c n x5bc y4c75 w3c1 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5bd y4c75 w3ab h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x59b y4c75 w3ab h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59c y4c75 w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5ba y4c75 w3bf h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5b3 y4c75 w3ad h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x590 y4c75 w3ad h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59f y4c75 w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c n x4e0 y4c76 w3c2 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">2.6<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">deb<span class=\"_ _0\"></span>iti<span class=\"_ _3bd\"> </span></span></span></span></span></div></td><td></td><td></td><td></td><td class=\"c n x5be y4c76 w3c3 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">5<span class=\"_ _0\"></span>33<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5bf y4c76 w3ad h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x59b y4c76 w3ab h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59c y4c76 w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5c0 y4c76 w3c4 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">1.<span class=\"_ _0\"></span>42<span class=\"_ _1\"></span>7<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5c1 y4c76 w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x590 y4c76 w3ad h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59f y4c76 w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x38a h43 y4c77 ff3 fs1b fc0 sc1 ls0 ws0\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x5c2 h43 y4c77 ff3 fs1b fc0 sc1 ls0 ws0\">8.<span class=\"_ _0\"></span>73<span class=\"_ _0\"></span>6.<span class=\"_ _0\"></span>29<span class=\"_ _0\"></span>3 </td><td></td><td class=\"t m24 x5c3 h43 y4c77 ff3 fs1b fc0 sc1 ls0 ws0\">-<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x5c4 h43 y4c77 ff3 fs1b fc0 sc1 ls0 ws0\">2.<span class=\"_ _0\"></span>42<span class=\"_ _0\"></span>0.<span class=\"_ _0\"></span>99<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x5c5 h43 y4c77 ff3 fs1b fc0 sc1 ls0 ws0\">6.<span class=\"_ _0\"></span>31<span class=\"_ _0\"></span>5.2<span class=\"_ _0\"></span>96<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x5c6 h43 y4c77 ff3 fs1b fc0 sc1 ls0 ws0\">12<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>85<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>76<span class=\"_ _1\"></span> </td><td></td><td class=\"t m24 x5c7 h43 y4c77 ff3 fs1b fc0 sc1 ls0 ws0\">-<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x5c8 h43 y4c77 ff3 fs1b fc0 sc1 ls0 ws0\">4.<span class=\"_ _0\"></span>24<span class=\"_ _0\"></span>2.8<span class=\"_ _1\"></span>02<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x339 h43 y4c77 ff3 fs1b fc0 sc1 ls0 ws0\">8.<span class=\"_ _1\"></span>342.<span class=\"_ _0\"></span>77<span class=\"_ _1\"></span>4<span class=\"_ _3bd\"> </span></td></tr></table>Le<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>nda<span class=\"_ _1\"></span>:<span class=\"fc0 sc1\"> </span>VB=<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> </span></span></span></span></span></span></span>L1=<span class=\"ff1\"> </span>Livello<span class=\"ff1\"> </span>1<span class=\"_ _3bd\"> </span> L2=<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Livello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2<span class=\"_ _1\"></span> </span></span></span></span>L3=<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Livello<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">3<span class=\"_ _0\"></span> </span></span></span></span>I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">deb<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>isc<span class=\"_ _0\"></span>rit<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">lor<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ore<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>omi<span class=\"_ _0\"></span>nale<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>orri<span class=\"_ _0\"></span>spo<span class=\"_ _0\"></span>nden<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>oro<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fai<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>val<span class=\"_ _0\"></span>ue.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span>I<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">debiti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">verso<span class=\"ff1\"> </span>ban<span class=\"_ _0\"></span>che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>appresentati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">principalmente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ebiti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>ista<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tas<span class=\"_ _2\"></span>so<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">variabile,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>stata<span class=\"ff1\"> </span>posta<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>alcun<span class=\"ff1\"> </span>tipo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>copertura.<span class=\"_ _3bd\"> </span> La<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">voce<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u201c1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Deb<span class=\"_ _2\"></span>iti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">verso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">banche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">c<span class=\"_ _2\"></span>entrali\u201d<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">accoglie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">op<span class=\"_ _2\"></span>erazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rifinanziamento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">effettuate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Banca<span class=\"ff1\"> </span>Centrale<span class=\"ff1\"> </span>Europea.<span class=\"_ _3bd\"> </span> L\u2019utilizzo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>canale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>ifinanziamento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tramite<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>BCE,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fine<span class=\"ff1\"> <span class=\"_ _2\"></span></span>2022,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>interamente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rappresentato<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>partecipazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>alle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>o<span class=\"_ _2\"></span>perazioni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>TLTRO<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>III<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>complessivi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>5,6<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>m<span class=\"_ _2\"></span>iliardi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>euro.<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>N<span class=\"_ _2\"></span>el<span class=\"ff1\"> <span class=\"_ _21\"></span></span>corso<span class=\"_ _2\"></span><span class=\"ff1\"> </span>dell\u2019anno<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">state<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">effettuate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nuove<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">operazioni.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mese<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dicembre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Banca<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>ffettuat<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>un<span class=\"ff1\"> </span>rimborso<span class=\"ff1\"> </span>volontar<span class=\"_ _2\"></span>io<span class=\"ff1\"> </span>anticipato<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>1,2<span class=\"ff1\"> </span>miliardi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>euro<span class=\"_ _2\"></span><span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>tranche<span class=\"ff1\"> </span>TLTRO<span class=\"ff1\"> </span>III.3<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>scad<span class=\"_ _2\"></span>enza<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>me<span class=\"_ _0\"></span>se<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">marz<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>202<span class=\"_ _0\"></span>3.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">me<span class=\"_ _0\"></span>se<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span>cemb<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">202<span class=\"_ _0\"></span>2<span class=\"ff1\"> </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sta<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>nch<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>imbo<span class=\"_ _0\"></span>rsata<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>tr<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>he<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">TLTR<span class=\"_ _0\"></span>O<span class=\"ff1\"> </span>I<span class=\"_ _0\"></span>II.2<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">da</span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>1,4<span class=\"ff1\"> </span>miliardi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>euro,<span class=\"ff1\"> </span>giunta<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>sua<span class=\"ff1\"> </span>naturale<span class=\"ff1\"> </span>scadenza.<span class=\"_ _3bd\"> </span>1.2<span class=\"_ _3bd\"> </span>Pa<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span>fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>zia<span class=\"_ _1\"></span>rie<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>ate<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>sto<span class=\"_ _3bd\"> </span>am<span class=\"_ _1\"></span>mor<span class=\"_ _0\"></span>tiz<span class=\"_ _0\"></span>za<span class=\"_ _0\"></span>to<span class=\"_ _1\"></span>:<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>os<span class=\"_ _1\"></span>izio<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>me<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>eol<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>ve<span class=\"_ _0\"></span>rso<span class=\"_ _3bd\"> </span>cl<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Ti<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>gia<span class=\"_ _3bd\"> </span>op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>/V<span class=\"_ _0\"></span>alo<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/1<span class=\"_ _0\"></span>2/2<span class=\"_ _0\"></span>02<span class=\"_ _1\"></span>2<span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/1<span class=\"_ _0\"></span>2/2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>V<span class=\"_ _0\"></span>B<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Fair<span class=\"_ _3bd\"> </span>Va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>V<span class=\"_ _0\"></span>B<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>F<span class=\"_ _3bd\"> </span>air<span class=\"_ _3bd\"> </span>Va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>L<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _62\"> </span><span class=\"fc4 sc2\">L<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _72\"> </span><span class=\"fc4 sc2\">L<span class=\"_ _0\"></span>3<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _ff\"> </span><span class=\"fc4 sc2\">L1<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _63\"> </span><span class=\"fc4 sc2\">L<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _7c\"> </span></span></span></span></span></span></span></span></span></span><span class=\"fc0 sc1\"><span class=\"fc4 sc2\"><span class=\"fc0 sc1\"><span class=\"fc4 sc2\"><span class=\"fc0 sc1\"><span class=\"fc4 sc2\"><span class=\"fc0 sc1\"><span class=\"fc4 sc2\"><span class=\"fc0 sc1\"><span class=\"fc4 sc2\">L3<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></span></span></span></span></span></span></span></span></span></span>1.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Co<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cor<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">de<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>sit<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>v<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>a <span class=\"_ _1f8\"> </span>34.097.698<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1e\"> </span> <span class=\"_ _1e\"> </span><span class=\"ff3\">X<span class=\"_ _1\"></span> <span class=\"_ _178\"> </span>X <span class=\"_ _1ab\"> </span>X <span class=\"_ _7e\"> </span>33<span class=\"_ _2\"></span>.184.22<span class=\"_ _0\"></span>9<span class=\"ff1\"> <span class=\"_ _1e\"> </span> <span class=\"_ _1e\"> </span></span>X<span class=\"_ _1\"></span> <span class=\"_ _66\"> </span>X <span class=\"_ _83\"> </span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">X<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>2.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Depositi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sc<span class=\"_ _0\"></span>ade<span class=\"_ _0\"></span>nza<span class=\"_ _1\"></span> <span class=\"_ _29f\"> </span>1.283.116<span class=\"ff1\"> <span class=\"_ _1e\"> </span> <span class=\"_ _1e\"> </span></span>X<span class=\"_ _1c\"></span> <span class=\"_ _11c\"> </span>X <span class=\"_ _2e\"> </span>X <span class=\"_ _2a0\"> </span>460.685<span class=\"ff1\"> <span class=\"_ _1e\"> </span> <span class=\"_ _1e\"> </span></span>X<span class=\"_ _1\"></span> <span class=\"_ _a2\"> </span>X <span class=\"_ _83\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">X<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>3.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Finan<span class=\"_ _1\"></span>ziame<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>i <span class=\"_ _b8\"> </span>2.934.676<span class=\"ff1\"> <span class=\"_ _1e\"> </span> <span class=\"_ _1a\"> </span></span>X<span class=\"_ _1\"></span> <span class=\"_ _11c\"> </span>X <span class=\"_ _2e\"> </span>X <span class=\"_ _7f\"> </span>3<span class=\"_ _2\"></span>.599.164<span class=\"ff1\"> <span class=\"_ _1a\"> </span> <span class=\"_ _1d\"> </span></span>X<span class=\"_ _1\"></span> <span class=\"_ _66\"> </span>X <span class=\"_ _2a0\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\">X<span class=\"_ _3bd\"> </span></span></span>3.1<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Pron<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>ro<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>mine<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pa<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span> <span class=\"_ _89\"> </span>2.355.113<span class=\"ff1\"> <span class=\"_ _1e\"> </span> <span class=\"_ _1e\"> </span></span>X<span class=\"_ _1\"></span> <span class=\"_ _178\"> </span>X <span class=\"_ _2e\"> </span>X <span class=\"_ _a5\"> </span>3.009.080<span class=\"ff1\"> <span class=\"_ _1e\"> </span> <span class=\"_ _1e\"> </span></span>X<span class=\"_ _1c\"></span> <span class=\"_ _66\"> </span>X <span class=\"_ _83\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">X<span class=\"_ _3bd\"> </span></span></span></span></span>3.2<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Alt<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span> <span class=\"_ _f3\"> </span>579.5<span class=\"_ _0\"></span>63<span class=\"ff1\"> <span class=\"_ _1e\"> </span> <span class=\"_ _1e\"> </span></span>X<span class=\"_ _1\"></span> <span class=\"_ _177\"> </span>X <span class=\"_ _1ab\"> </span>X <span class=\"_ _68\"> </span>590<span class=\"_ _2\"></span>.084<span class=\"ff1\"> <span class=\"_ _1e\"> </span> <span class=\"_ _1e\"> </span></span>X<span class=\"_ _1\"></span> <span class=\"_ _66\"> </span>X <span class=\"_ _2a0\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\">X<span class=\"_ _3bd\"> </span></span></span>4.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Debiti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"_ _2\"></span>mpegni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riacquisto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">propri<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>strumenti<span class=\"_ _3bd\"> </span>patrimon<span class=\"_ _0\"></span>iali<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _1d\"> </span> <span class=\"_ _1e\"> </span></span>X<span class=\"_ _1\"></span> <span class=\"_ _177\"> </span>X <span class=\"_ _2e\"> </span>X <span class=\"_ _c2\"> </span>-<span class=\"ff1\"> <span class=\"_ _1d\"> </span> <span class=\"_ _1d\"> </span></span>X<span class=\"_ _1\"></span> <span class=\"_ _a2\"> </span>X <span class=\"_ _83\"> </span>X<span class=\"_ _3bd\"> </span>5.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Debiti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">lea<span class=\"_ _0\"></span>sin<span class=\"_ _0\"></span>g <span class=\"_ _14\"> </span>13<span class=\"_ _2\"></span>1.035<span class=\"ff1\"> <span class=\"_ _1e\"> </span> <span class=\"_ _1a\"> </span></span>X<span class=\"_ _0\"></span> <span class=\"_ _178\"> </span>X <span class=\"_ _2e\"> </span>X <span class=\"_ _39\"> </span>133.341<span class=\"ff1\"> <span class=\"_ _1e\"> </span> <span class=\"_ _1e\"> </span></span>X<span class=\"_ _1\"></span> <span class=\"_ _66\"> </span>X <span class=\"_ _2a0\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">X<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>5.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>biti<span class=\"_ _1\"></span> <span class=\"_ _2a1\"> </span>331.495<span class=\"ff1\"> <span class=\"_ _1e\"> </span> <span class=\"_ _1e\"> </span></span>X<span class=\"_ _1\"></span> <span class=\"_ _177\"> </span>X <span class=\"_ _1ab\"> </span>X <span class=\"_ _2a0\"> </span>339.503<span class=\"ff1\"> <span class=\"_ _1e\"> </span> <span class=\"_ _1e\"> </span></span>X<span class=\"_ _1\"></span> <span class=\"_ _66\"> </span>X <span class=\"_ _2a0\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">X<span class=\"_ _3bd\"> </span></span></span></span></span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>38<span class=\"_ _1\"></span>.77<span class=\"_ _0\"></span>8.0<span class=\"_ _1\"></span>20<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>35<span class=\"_ _0\"></span>5.<span class=\"_ _0\"></span>11<span class=\"_ _0\"></span>3 <span class=\"_ _29d\"> </span>36<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>22<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>07<span class=\"_ _3bd\"> </span>37<span class=\"_ _1\"></span>.716<span class=\"_ _1\"></span>.92<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>3.<span class=\"_ _0\"></span>00<span class=\"_ _1\"></span>9.<span class=\"_ _3bd\"> </span>0<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>80<span class=\"_ _3bd\"> </span>34<span class=\"_ _1\"></span>.70<span class=\"_ _0\"></span>7.8<span class=\"_ _1\"></span>42<span class=\"_ _3bd\"> </span>Le<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>nda<span class=\"_ _1\"></span>:<span class=\"fc0 sc1\"> </span>VB=<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> </span></span></span></span></span></span></span>L1=<span class=\"ff1\"> </span>Livello<span class=\"ff1\"> </span>1<span class=\"_ _3bd\"> </span>L2=<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Livello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2<span class=\"_ _1\"></span> </span></span></span></span>L3=<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Livello<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">3<span class=\"_ _0\"></span> </span></span></span></span>I<span class=\"ff1\"> </span>debiti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>iscritt<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">loro<span class=\"ff1\"> </span>valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nominale,<span class=\"ff1\"> </span>corrispondente<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>loro<span class=\"ff1\"> </span>fai<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">livello</span> <span class=\"ff3\">di</span> <span class=\"ff3\">fair</span> <span class=\"ff3\">value</span> </span></span></span></span></span></span></span>attribuito<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>isulta<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">essere<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pari<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">3,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ad<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">eccezione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">livello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fa<span class=\"_ _2\"></span>ir<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pr<span class=\"_ _2\"></span>onti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">contr<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>ermine<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>\u00e8<span class=\"ff1\"> </span>attributo<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>2.<span class=\"_ _3bd\"> </span>Nel<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">voce</span> <span class=\"_ _0\"></span><span class=\"ff3\">Deb<span class=\"_ _0\"></span>iti<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>lea<span class=\"_ _0\"></span>sing<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u00e8</span> <span class=\"ff3\">ri<span class=\"_ _0\"></span>comp<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>o,<span class=\"ff1\"> </span>ai<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">se<span class=\"_ _0\"></span>nsi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rinci<span class=\"_ _0\"></span>pio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">IFRS<span class=\"_ _0\"></span>16,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>D<span class=\"_ _0\"></span>ebi<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>lea<span class=\"_ _0\"></span>sing<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">(Lea<span class=\"_ _0\"></span>se<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Liability),<span class=\"ff1\"> </span>pari<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>attuale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span>canoni<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>revist<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>ancora<span class=\"ff1\"> </span>pagati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span>beni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">oggetti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>contratti<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> </span>leasing<span class=\"ff1\"> </span>operativo.<span class=\"_ _3bd\"> </span>La<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>principale<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>novit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"_ _0\"></span>tro<span class=\"_ _2\"></span>dotta<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>prin<span class=\"_ _2\"></span>cipio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rappresentata<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dalla<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>modifica<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>m<span class=\"_ _2\"></span>odalit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> </span>contabilizzazione<span class=\"ff1\">  </span>delle<span class=\"ff1\">  </span>operazi<span class=\"_ _2\"></span>oni<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>leasing<span class=\"ff1\">  </span>operativo<span class=\"ff1\">  </span>ne<span class=\"_ _2\"></span>l<span class=\"ff1\">  </span>bilancio<span class=\"ff1\">  </span>del<span class=\"ff1\">  </span>locatario/<span class=\"_ _2\"></span>utilizzatore,<span class=\"ff1\"> </span>attraverso<span class=\"ff1\"> </span>l\u2019introduzione<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>unico<span class=\"ff1\"> </span>modello<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>contabilizzazi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>contratti<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">leasing<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>parte<span class=\"ff1\"> </span></span></span>del<span class=\"ff1\"> </span>locatario<span class=\"ff1\"> </span>siano<span class=\"ff1\"> </span>essi<span class=\"ff1\"> </span>classificati<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>leasing<span class=\"ff1\"> </span>operativi<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>finanziari.<span class=\"_ _2\"></span> I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">debiti<span class=\"ff1\"> </span>verso<span class=\"ff1\"> </span>clientela<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rappresentati<span class=\"ff1\"> </span>principalmente<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">debiti<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>vista<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> </span>variabi<span class=\"_ _0\"></span>le,<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>stata<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>posta<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>essere<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"_ _2\"></span>lcun<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tipo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>copert<span class=\"_ _2\"></span>ura<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>specifica,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>m<span class=\"_ _2\"></span>entre<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>so<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>st<span class=\"_ _2\"></span>ate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>post<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>essere<span class=\"ff1\"> </span>cop<span class=\"_ _0\"></span>ertu<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>M<span class=\"_ _0\"></span>acro<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Fair<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">V<span class=\"_ _0\"></span>alue<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Hed<span class=\"_ _1\"></span>ge<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>oste<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">vis<span class=\"_ _0\"></span>ta,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cos\u00ec<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">come<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>scr<span class=\"_ _0\"></span>itto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">n<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>arte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">E<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sezi<span class=\"_ _0\"></span>one<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>2.<span class=\"_ _0\"></span>2<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span>nte<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nota.<span class=\"_ _3bd\"> </span></span></span>Si<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>egnala<span class=\"ff1\"> </span>che,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>seguito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>modifiche<span class=\"ff1\"> </span>apport<span class=\"_ _2\"></span>ate<span class=\"ff1\"> </span>a<span class=\"_ _2\"></span>l<span class=\"ff1\"> </span>funzionamento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>mercat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>interbancario<span class=\"ff1\"> </span>collateralizzato,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> </span>conseguente<span class=\"ff1\"> </span>t<span class=\"_ _2\"></span>rasferimento<span class=\"ff1\"> </span>alla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Cassa<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Compensazione<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>Gar<span class=\"_ _2\"></span>anzia<span class=\"ff1\"> </span>ed<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> </span>Monte<span class=\"ff1\"> </span>Tit<span class=\"_ _2\"></span>oli<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>funzioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finora<span class=\"_ _2\"></span><span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>volte<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Banca<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d\u2019Italia,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nella<span class=\"ff1\"> <span class=\"_ _2\"></span></span>voce<span class=\"ff1\"> <span class=\"_ _2\"></span></span>3.1<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u201cPronti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contro<span class=\"ff1\"> <span class=\"_ _2\"></span></span>termine<span class=\"ff1\"> </span>passivi\u201d<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>presenti<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>finanziamenti,<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>2.355,1<span class=\"ff1\"> </span>milioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>euro,<span class=\"ff1\"> </span>ricevuti<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>suddetto<span class=\"ff1\"> </span>mercat<span class=\"_ _2\"></span>o.<span class=\"_ _3bd\"> </span>Secondo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"ff1\">  </span>dati<span class=\"ff1\">  </span>AB<span class=\"_ _0\"></span>I,<span class=\"ff1\">  </span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Italia,<span class=\"ff1\">  </span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dicembre<span class=\"ff1\">  </span>2<span class=\"_ _0\"></span>022,<span class=\"ff1\">  </span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dinamica<span class=\"ff1\">  </span>della<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>raccolta<span class=\"ff1\">  </span>diretta<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>risulta<span class=\"ff1\">  </span>in<span class=\"ff1\"> </span>contrazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>-1,2%<span class=\"ff1\"> <span class=\"_ _21\"></span></span>su<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>annua,<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>variazione<span class=\"ff1\"> </span>pi\u00f9<span class=\"ff1\"> </span>mar<span class=\"_ _2\"></span>cata<span class=\"ff1\"> </span>sui<span class=\"ff1\"> </span>depositi,<span class=\"ff1\"> </span>mentre<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>rac<span class=\"_ _0\"></span>col<span class=\"_ _0\"></span>ta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tram<span class=\"_ _0\"></span>ite<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">obb<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>oni<span class=\"ff1\"> </span>\u00e8<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">rimast<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>nv<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>ata.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">La<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>ntra<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rev<span class=\"_ _0\"></span>alen<span class=\"_ _0\"></span>teme<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">imp<span class=\"_ _0\"></span>utab<span class=\"_ _0\"></span>ile<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">all<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>raccolta<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">imprese<span class=\"_ _2\"></span>,<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>he<span class=\"ff1\"> </span>nell\u2019anno<span class=\"ff1\"> </span>precedente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>vevano<span class=\"ff1\"> </span>incrementato<span class=\"ff1\"> </span>notevolmente<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">saldi</span> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span></span></span></span></span></span></span>depositi,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">data<span class=\"ff1\"> </span>l\u2019abbondanza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>liquidit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">presente<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">la</span> <span class=\"_ _0\"></span><span class=\"ff3\">cautela<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>procedere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> </span>nuovi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">investimenti.<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>Per<span class=\"ff1\">  </span>q<span class=\"_ _0\"></span>uanto<span class=\"ff1\">  </span>riguarda<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\">  </span>Gruppo<span class=\"ff1\">  </span>Cred<span class=\"_ _0\"></span>em,<span class=\"ff1\">  </span>comple<span class=\"_ _0\"></span>ssivamente,<span class=\"ff1\">  </span>la<span class=\"ff1\">  </span>raccolta<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>diretta<span class=\"ff1\">  </span>ban<span class=\"_ _0\"></span>caria<span class=\"ff1\">  </span>ha<span class=\"ff1\"> </span>manifestato<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">trend<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">oppost<span class=\"_ _2\"></span>o,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cresciuta<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">7,2%<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rispetto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dicembre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">2021,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">raggiungendo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">39,8<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>miliardi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>euro,<span class=\"ff1\"> </span>effetto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>uno<span class=\"ff1\"> </span>sviluppo<span class=\"ff1\"> </span>commerciale<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>proseguito<span class=\"ff1\"> </span>organicamente<span class=\"ff1\"> </span>anche<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>difficile<span class=\"ff1\"> </span>contesto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>riferimento.<span class=\"_ _3bd\"> </span>Si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riscontra<span class=\"ff1\"> </span>una<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tendenza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">linea<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sistema<span class=\"ff1\"> </span>esclusiv<span class=\"_ _0\"></span>amente<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>quanto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riguarda<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">segmento<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>corporate,<span class=\"ff1\"> </span>sul<span class=\"ff1\"> </span>quale<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>state<span class=\"ff1\"> </span>avviate<span class=\"ff1\"> </span>politiche<span class=\"ff1\"> </span>volte<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>ottimizzare<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>livelli<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>liquidit\u00e0.<span class=\"_ _3bd\"> </span>I<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>depositi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>registrano<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>+5,0%<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rispetto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>2021,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>hanno<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>accompagnato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>crescita<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>base<span class=\"ff1\"> </span>cl<span class=\"_ _0\"></span>ien<span class=\"_ _0\"></span>tela,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">pre<span class=\"_ _0\"></span>vale<span class=\"_ _0\"></span>nte<span class=\"_ _1\"></span>m<span class=\"_ _2\"></span>en<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>conce<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">sul<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>comp<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span>nte<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>vist<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>(86<span class=\"_ _0\"></span>,6%<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">totale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">dep<span class=\"_ _0\"></span>osi<span class=\"_ _0\"></span>ti)<span class=\"ff1\"> </span>anch<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>se<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>inamica<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>tassi<span class=\"ff1\"> </span>sta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">favorendo<span class=\"ff1\"> </span>anche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>crescita<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">depositi<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>scadenza<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>3,1%<span class=\"ff1\"> </span>verso<span class=\"ff1\"> </span>1,1%)<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span>1.3<span class=\"_ _3bd\"> </span>Pa<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>ate<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>c<span class=\"_ _0\"></span>ost<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>am<span class=\"_ _1\"></span>mor<span class=\"_ _0\"></span>tiz<span class=\"_ _0\"></span>za<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>os<span class=\"_ _1\"></span>izio<span class=\"_ _1\"></span>ne<span class=\"_ _3bd\"> </span>me<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>eo<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>ca<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>tit<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>cir<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>Ti<span class=\"_ _0\"></span>pol<span class=\"_ _1\"></span>ogia<span class=\"_ _3bd\"> </span>ti<span class=\"_ _0\"></span>tol<span class=\"_ _0\"></span>i/<span class=\"_ _0\"></span>Va<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>ri<span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _2a3\"> </span><span class=\"fc4 sc2\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></span></span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _2a4\"> </span><span class=\"fc4 sc2\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></span></span>V<span class=\"_ _0\"></span>B<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Fa<span class=\"_ _0\"></span>ir<span class=\"_ _3bd\"> </span>Va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>V<span class=\"_ _0\"></span>B<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Fa<span class=\"_ _0\"></span>ir<span class=\"_ _3bd\"> </span>Va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>L<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _1ae\"> </span><span class=\"fc4 sc2\">L2<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _77\"> </span><span class=\"fc4 sc2\">L3<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _c1\"> </span><span class=\"fc4 sc2\">L<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _1ae\"> </span><span class=\"fc4 sc2\">L2<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _21a\"> </span><span class=\"fc4 sc2\">L<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></span></span></span></span></span></span></span></span></span></span>A.<span class=\"_ _3bd\"> </span>Ti<span class=\"_ _0\"></span>tol<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span> 1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">obbli<span class=\"_ _0\"></span>gaz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i <span class=\"_ _c1\"> </span>3.<span class=\"_ _0\"></span>368.<span class=\"_ _0\"></span>658<span class=\"_ _3bd\"> </span></span></span>3.1<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>.752<span class=\"_ _3bd\"> </span>18<span class=\"_ _0\"></span>4.1<span class=\"_ _0\"></span>64<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>424.<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>470<span class=\"_ _0\"></span>.56<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>1.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">str<span class=\"_ _0\"></span>uttu<span class=\"_ _0\"></span>rat<span class=\"_ _0\"></span>e <span class=\"_ _16c\"> </span>501.<span class=\"_ _0\"></span>354<span class=\"_ _3bd\"> </span></span></span>470<span class=\"_ _0\"></span>.1<span class=\"_ _0\"></span>82<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>501<span class=\"_ _0\"></span>.35<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>512<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>72<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>1.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altr<span class=\"_ _0\"></span>e <span class=\"_ _19d\"> </span>2<span class=\"_ _0\"></span>.86<span class=\"_ _0\"></span>7.3<span class=\"_ _0\"></span>04<span class=\"_ _3bd\"> </span></span></span>2.<span class=\"_ _0\"></span>650.<span class=\"_ _0\"></span>570<span class=\"_ _3bd\"> </span>18<span class=\"_ _0\"></span>4.1<span class=\"_ _0\"></span>64<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>922<span class=\"_ _0\"></span>.66<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>958.<span class=\"_ _0\"></span>09<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>2.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altri<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>ito<span class=\"_ _0\"></span>li <span class=\"_ _1e8\"> </span>139<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>39<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>45<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>45<span class=\"_ _3bd\"> </span>2.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">str<span class=\"_ _0\"></span>uttu<span class=\"_ _0\"></span>rat<span class=\"_ _0\"></span>e <span class=\"_ _ac\"> </span>-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>2.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altre<span class=\"_ _0\"></span> <span class=\"_ _f8\"> </span>13<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>39<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>45<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>45<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>3.<span class=\"_ _0\"></span>36<span class=\"_ _1\"></span>8.79<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>3.<span class=\"_ _0\"></span>12<span class=\"_ _0\"></span>0.7<span class=\"_ _1\"></span>52<span class=\"_ _3bd\"> </span>18<span class=\"_ _0\"></span>4.1<span class=\"_ _0\"></span>64<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>39<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>42<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>16<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>47<span class=\"_ _0\"></span>0.5<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>-1<span class=\"_ _0\"></span>45<span class=\"_ _3bd\"> </span>Le<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>nda<span class=\"_ _1\"></span>:<span class=\"fc0 sc1\"> </span>VB=<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> </span></span></span></span></span></span></span>L1=<span class=\"ff1\"> </span>Livello<span class=\"ff1\"> </span>1<span class=\"_ _3bd\"> </span> L2=<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Livello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2<span class=\"_ _1\"></span> </span></span></span></span>L3=<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Livello<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">3<span class=\"_ _0\"></span> </span></span></span></span>Nel<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">voce<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u201ca<span class=\"_ _0\"></span>ltri<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ti<span class=\"_ _0\"></span>tol<span class=\"_ _0\"></span>i\u201d<span class=\"ff1\"> </span>so<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>las<span class=\"_ _0\"></span>sif<span class=\"_ _0\"></span>icati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ce<span class=\"_ _0\"></span>rtifi<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>sito<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span>Le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>obbligazioni,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>subordinati<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>senior,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fine<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dicembre<span class=\"ff1\"> <span class=\"_ _21\"></span></span>2022<span class=\"ff1\"> <span class=\"_ _21\"></span></span>si<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>attest<span class=\"_ _2\"></span>ano<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>3,4<span class=\"ff1\"> <span class=\"_ _21\"></span></span>miliardi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>euro<span class=\"_ _2\"></span>,<span class=\"ff1\"> </span>ris<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>tto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ai<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">2,4<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mil<span class=\"_ _0\"></span>iard<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">2<span class=\"_ _0\"></span>021,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>rec<span class=\"_ _0\"></span>epi<span class=\"_ _0\"></span>scon<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>\u2019em<span class=\"_ _0\"></span>iss<span class=\"_ _0\"></span>ione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">200<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mi<span class=\"_ _0\"></span>lion<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">euro<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>T<span class=\"_ _0\"></span>2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ub<span class=\"_ _0\"></span>ordi<span class=\"_ _0\"></span>nato,<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ef<span class=\"_ _0\"></span>fett<span class=\"_ _0\"></span>uata<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nel</span> <span class=\"ff3\">me<span class=\"_ _0\"></span>se<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>lu<span class=\"_ _0\"></span>gli<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(o<span class=\"_ _0\"></span>pera<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>pre<span class=\"_ _0\"></span>cedu<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>dal<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">richi<span class=\"_ _0\"></span>amo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">una</span> <span class=\"ff3\">prec<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">emi<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>non<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>pi\u00f9<span class=\"ff1\"> </span>efficace<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>punto<span class=\"_ _2\"></span><span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>vis<span class=\"_ _2\"></span>ta<span class=\"ff1\"> </span>patr<span class=\"_ _2\"></span>imoniale<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>100<span class=\"_ _2\"></span><span class=\"ff1\"> </span>milioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>euro),<span class=\"ff1\"> </span>o<span class=\"_ _2\"></span>ltre<span class=\"ff1\"> </span>all\u2019emissione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>Green<span class=\"_ _3bd\"> </span>Senior<span class=\"_ _3bd\"> </span>Preferred,<span class=\"ff1\"> </span>destinato<span class=\"ff1\"> </span>ad<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">investitori<span class=\"ff1\"> </span>istituzionali,<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>nominali<span class=\"ff1\"> </span>600<span class=\"ff1\"> </span>milioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">euro,</span> <span class=\"ff3\">come</span> <span class=\"_ _0\"></span><span class=\"ff3\">gi\u00e0<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span>anticipato<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _20\"></span></span>paragrafo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Relazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sulla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Gestione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dedicat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _20\"></span></span>principali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"_ _2\"></span>venti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">Gruppo</span> </span>Cre<span class=\"_ _0\"></span>dem<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span> 1.<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>De<span class=\"_ _0\"></span>tta<span class=\"_ _1\"></span>gli<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>ti/<span class=\"_ _0\"></span>tit<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>su<span class=\"_ _0\"></span>bo<span class=\"_ _0\"></span>rd<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Pri<span class=\"_ _0\"></span>ncip<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cara<span class=\"_ _0\"></span>tte<span class=\"_ _0\"></span>rist<span class=\"_ _0\"></span>iche<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cont<span class=\"_ _0\"></span>rattu<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">delle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pa<span class=\"_ _0\"></span>ssiv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span>sub<span class=\"_ _0\"></span>ord<span class=\"_ _0\"></span>inat<span class=\"_ _0\"></span>e:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span>\u201cCR<span class=\"_ _0\"></span>EDIT<span class=\"_ _0\"></span>O<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">EMILI<span class=\"_ _1\"></span>ANO<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">20/3<span class=\"_ _0\"></span>0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">SU<span class=\"_ _0\"></span>BOR<span class=\"_ _0\"></span>DINA<span class=\"_ _0\"></span>TO<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">3,5%<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">SUB<span class=\"_ _0\"></span>\u201d<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(IS<span class=\"_ _0\"></span>IN<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">IT<span class=\"_ _0\"></span>00054<span class=\"_ _0\"></span>2153<span class=\"_ _0\"></span>9)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">200.<span class=\"_ _0\"></span>000.<span class=\"_ _0\"></span>000,<span class=\"_ _0\"></span>00<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>\u20ac<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>osti<span class=\"_ _0\"></span>tui<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>2<span class=\"_ _0\"></span>.000<span class=\"_ _0\"></span>.000,<span class=\"_ _0\"></span>00<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ob<span class=\"_ _0\"></span>bli<span class=\"_ _0\"></span>gaz<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alo<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nom<span class=\"_ _0\"></span>inale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">100<span class=\"ff1\"> </span>\u20ac<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">cad<span class=\"_ _0\"></span>aun<span class=\"_ _0\"></span>a.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span>Le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>obbligazioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>corrisponderanno<span class=\"ff1\">  </span>ce<span class=\"_ _0\"></span>dole<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fisse<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>annuali<span class=\"ff1\">  </span>pari<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>3,5%<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>annuo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>lordo<span class=\"ff1\">  </span>fino<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"ff1\"> </span>16/12/2025<span class=\"ff1\"> </span>poi<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> </span>IRS<span class=\"ff1\">  </span>5Y<span class=\"ff1\"> </span>+<span class=\"ff1\"> </span>3,897%<span class=\"ff1\"> </span>annuo<span class=\"ff1\"> </span>lordo.<span class=\"_ _3bd\"> </span> Il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>prest<span class=\"_ _2\"></span>ito<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>s<span class=\"_ _2\"></span>cade<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\">  </span>16/12/2030<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>se<span class=\"ff1\">  </span>non<span class=\"ff1\">  </span>v<span class=\"_ _0\"></span>err\u00e0<span class=\"ff1\">  </span>esercitata<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>l\u2019opzione<span class=\"ff1\">  </span>cal<span class=\"_ _0\"></span>l<span class=\"ff1\">  </span>al<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>16/12/<span class=\"_ _2\"></span>2025<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"ff1\"> </span>significher\u00e0<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>rimborso<span class=\"ff1\"> </span>anticipato.<span class=\"_ _3bd\"> </span> Al<span class=\"ff1\"> </span>31/12/2022<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>quantit\u00e0<span class=\"ff1\"> </span>residua<span class=\"ff1\"> </span>risulta<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>200.000.000,00<span class=\"ff1\"> </span>\u20ac<span class=\"ff1\"> </span>costituita<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>n.<span class=\"ff1\"> </span>2.000.000<span class=\"ff1\"> </span>obbligazioni<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>nominale<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>100<span class=\"ff1\"> </span>\u20ac<span class=\"ff1\"> </span>cadauna.<span class=\"_ _3bd\"> </span> L\u2019<span class=\"_ _0\"></span>obbl<span class=\"_ _0\"></span>igaz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stata<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span>tera<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ottos<span class=\"_ _0\"></span>crit<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>Cr<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span>mho<span class=\"_ _0\"></span>lding<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span>\u201cCR<span class=\"_ _0\"></span>EDIT<span class=\"_ _0\"></span>O<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">EMI<span class=\"_ _0\"></span>LIA<span class=\"_ _0\"></span>NO<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">22/32<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">SU<span class=\"_ _0\"></span>BORDI<span class=\"_ _0\"></span>NATO<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">7<span class=\"_ _0\"></span>,62<span class=\"_ _0\"></span>5<span class=\"ff1\"> </span>S<span class=\"_ _0\"></span>UB\u201d<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>ISI<span class=\"_ _0\"></span>N<span class=\"ff1\"> </span>I<span class=\"_ _0\"></span>T000<span class=\"_ _0\"></span>5497<span class=\"_ _0\"></span>117)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>20<span class=\"_ _0\"></span>0.00<span class=\"_ _0\"></span>0.000<span class=\"_ _0\"></span>,00<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span>\u20ac<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>osti<span class=\"_ _0\"></span>tui<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>2<span class=\"_ _0\"></span>.000<span class=\"_ _0\"></span>.000,<span class=\"_ _0\"></span>00<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ob<span class=\"_ _0\"></span>bli<span class=\"_ _0\"></span>gaz<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alo<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nom<span class=\"_ _0\"></span>inale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">100<span class=\"ff1\"> </span>\u20ac<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">cad<span class=\"_ _0\"></span>aun<span class=\"_ _0\"></span>a.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span>Le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>obbligazioni<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cor<span class=\"_ _2\"></span>risponderanno<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cedole<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>fiss<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>annuali<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>pari<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>7<span class=\"_ _2\"></span>,625%<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>annuo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>lordo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fino<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> </span>05/10/2027<span class=\"ff1\"> </span>poi<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> </span>MS<span class=\"ff1\">  </span>5Y<span class=\"ff1\"> </span>+<span class=\"ff1\"> </span>5,514%<span class=\"ff1\"> </span>annuo<span class=\"ff1\"> </span>lordo.<span class=\"_ _3bd\"> </span> Il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>prestito<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>scade<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>05/10/2032<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>se<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ve<span class=\"_ _0\"></span>rr\u00e0<span class=\"ff1\">  </span>esercitata<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>l\u2019opz<span class=\"_ _0\"></span>ione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>call<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>05/07/2027<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"ff1\"> </span>significher\u00e0<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>rimborso<span class=\"ff1\"> </span>anticipato<span class=\"_ _3bd\"> </span>Al<span class=\"ff1\"> </span>31/12/2022<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>quantit\u00e0<span class=\"ff1\"> </span>residua<span class=\"ff1\"> </span>risulta<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>200.000.000,00<span class=\"ff1\"> </span>\u20ac<span class=\"ff1\"> </span>costituita<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>n.<span class=\"ff1\"> </span>2.000.000<span class=\"ff1\"> </span>obbligazioni<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>nominale<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>100<span class=\"ff1\"> </span>\u20ac<span class=\"ff1\"> </span>cadauna<span class=\"_ _3bd\"> </span>L\u2019<span class=\"_ _0\"></span>obbl<span class=\"_ _0\"></span>igaz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stata<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span>tera<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ottos<span class=\"_ _0\"></span>crit<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>Cr<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span>mho<span class=\"_ _0\"></span>lding<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span></span></span></span></span>In<span class=\"ff1\"> </span>caso<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>liquidazione<span class=\"ff1\"> </span>tutte<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>obbligazioni<span class=\"ff1\"> </span>subordinate<span class=\"ff1\"> </span>saranno<span class=\"ff1\"> </span>rimborsate<span class=\"ff1\"> </span>solo<span class=\"ff1\"> </span>dopo<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>sian<span class=\"_ _3bd\"> </span>stati<span class=\"ff1\"> </span>soddisfatti<span class=\"ff1\"> </span>tutti<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>altri<span class=\"ff1\"> </span>creditori<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>ugualmente<span class=\"ff1\"> </span>subordinat<span class=\"_ _2\"></span>i.<span class=\"_ _3bd\"> </span>Le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ob<span class=\"_ _0\"></span>blig<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>ono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cope<span class=\"_ _0\"></span>rte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dal<span class=\"_ _0\"></span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gara<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Fond<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>In<span class=\"_ _0\"></span>terb<span class=\"_ _0\"></span>anca<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _1\"></span><span class=\"ff3\">Tutela<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Depo<span class=\"_ _0\"></span>siti<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>1.<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>De<span class=\"_ _0\"></span>tta<span class=\"_ _1\"></span>gli<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>st<span class=\"_ _0\"></span>rut<span class=\"_ _1\"></span>tura<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esistono,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">data<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bilancio,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">n\u00e9<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">31<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>icembre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2021,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">debiti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">strutturati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">verso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">banche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vers<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>cl<span class=\"_ _0\"></span>ien<span class=\"_ _0\"></span>tela.<span class=\"_ _3bd\"> </span>1.6<span class=\"_ _3bd\"> </span>De<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>per<span class=\"_ _3bd\"> </span>le<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>ing<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>31<span class=\"ff1\"> </span>dicembre<span class=\"ff1\"> </span>2022<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>presenti<span class=\"ff1\"> </span>debiti<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>leasing<span class=\"ff1\"> </span>IFRS16<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>131<span class=\"ff1\"> </span>milioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>euro.<span class=\"ff1\"> </span>Si<span class=\"ff1\"> </span>allegano<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> </span>finanziari<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>leasing<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>l'analisi<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>scadenze:<span class=\"_ _3bd\"> </span>Fino<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">1<span class=\"ff1\"> </span>m<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>se<span class=\"_ _1\"></span> <span class=\"_ _58\"> </span>5.<span class=\"_ _1\"></span>84<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span></span></span></span></span>Oltre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">1<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mese<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fino<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">3<span class=\"ff1\"> </span>m<span class=\"_ _1\"></span>es<span class=\"_ _0\"></span>i <span class=\"_ _2a5\"> </span>32<span class=\"_ _1\"></span>5<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>Oltre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">3<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mesi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fino<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">an<span class=\"_ _0\"></span>no<span class=\"_ _1\"></span> <span class=\"_ _2a6\"> </span>15.<span class=\"_ _0\"></span>531<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>Oltre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">anno<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fino<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">5<span class=\"ff1\"> </span>a<span class=\"_ _1\"></span>nni<span class=\"_ _1\"></span> <span class=\"_ _f8\"> </span>63<span class=\"_ _0\"></span>.54<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>Oltre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">5<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">an<span class=\"_ _0\"></span>ni<span class=\"_ _1\"></span> <span class=\"_ _249\"> </span>45.79<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span></span></span></span></span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span> <span class=\"_ _4c\"> </span>13<span class=\"_ _0\"></span>1.<span class=\"_ _0\"></span>03<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>Ti<span class=\"_ _0\"></span>tol<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>ci<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>ola<span class=\"_ _1\"></span>zion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>og<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>tto<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rtu<span class=\"_ _0\"></span>ra<span class=\"_ _3bd\"> </span>sp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ca<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Si<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>adottata<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>metodologia<span class=\"ff1\"> </span>contabile<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Micro<span class=\"ff1\"> </span>Fair<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Value<span class=\"ff1\"> </span>Hedge<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>copertura<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>associato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>all\u2019emissione<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prestiti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>obbligazionari<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tasso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fisso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ammontare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>circ<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>050<span class=\"ff1\"> </span>m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span>uro<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">.<span class=\"_ _0\"></span> </span></span></span></span>Se<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>2<span class=\"_ _3bd\"> </span>\u2013<span class=\"_ _3bd\"> </span>Pa<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>go<span class=\"_ _0\"></span>zia<span class=\"_ _1\"></span>zion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>\u2013<span class=\"_ _3bd\"> </span>Vo<span class=\"_ _0\"></span>ce<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>2.1<span class=\"_ _3bd\"> </span>Pa<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>zia<span class=\"_ _1\"></span>rie<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>go<span class=\"_ _0\"></span>zia<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>me<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>eo<span class=\"_ _0\"></span>log<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>a<span class=\"fc0 sc1\"> </span>Ti<span class=\"_ _0\"></span>pol<span class=\"_ _1\"></span>ogia<span class=\"_ _3bd\"> </span>op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>/V<span class=\"_ _0\"></span>alo<span class=\"_ _0\"></span>ri<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>V<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Fa<span class=\"_ _0\"></span>ir<span class=\"_ _3bd\"> </span>Va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>Fa<span class=\"_ _1\"></span>ir<span class=\"_ _3bd\"> </span>Va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>*<span class=\"fc0 sc1\"> </span>V<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Fa<span class=\"_ _0\"></span>ir<span class=\"_ _3bd\"> </span>Va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>Fa<span class=\"_ _1\"></span>ir<span class=\"_ _3bd\"> </span>Va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>*<span class=\"fc0 sc1\"> </span>L<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>L<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>L<span class=\"_ _0\"></span>3<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>L<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>L<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>L<span class=\"_ _0\"></span>3<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>A.<span class=\"_ _3bd\"> </span>Pass<span class=\"_ _0\"></span>ivit\u00e0<span class=\"_ _3bd\"> </span>per<span class=\"_ _3bd\"> </span>c<span class=\"_ _0\"></span>as<span class=\"_ _1\"></span>sa<span class=\"_ _0\"></span> 1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Debiti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">v<span class=\"_ _2\"></span>erso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">banc<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span> </span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>2.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Debiti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">v<span class=\"_ _2\"></span>erso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">clie<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>la<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>3.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>bito<span class=\"_ _0\"></span> </span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>3.1<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Ob<span class=\"_ _0\"></span>blig<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span> </span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>3.1.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Stru<span class=\"_ _0\"></span>ttu<span class=\"_ _0\"></span>rate<span class=\"_ _1\"></span> </span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>3.1.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> </span></span></span>obb<span class=\"_ _0\"></span>liga<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>3.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altri<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>ito<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>3.2.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Stru<span class=\"_ _0\"></span>ttu<span class=\"_ _0\"></span>rat<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>3.2.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Al<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>(A<span class=\"_ _1\"></span>)<span class=\"_ _3bd\"> </span>----------B.<span class=\"_ _3bd\"> </span>St<span class=\"_ _0\"></span>ru<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Derivati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fin<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>i <span class=\"_ _90\"> </span>X<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>36.<span class=\"_ _0\"></span>257<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>33.<span class=\"_ _0\"></span>148<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>1.1<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ne<span class=\"_ _0\"></span>goz<span class=\"_ _0\"></span>iazi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span> <span class=\"_ _50\"> </span>X<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>36.<span class=\"_ _0\"></span>257<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>33.<span class=\"_ _0\"></span>148<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>1.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Connessi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>value<span class=\"_ _3bd\"> </span>option<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>1.3<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">A<span class=\"_ _0\"></span>lt<span class=\"_ _0\"></span>ri<span class=\"_ _1\"></span> <span class=\"_ _16c\"> </span>X<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>2.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Derivati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cre<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span> <span class=\"_ _eb\"> </span>X<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>2.1<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ne<span class=\"_ _0\"></span>goz<span class=\"_ _0\"></span>iaz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span> <span class=\"_ _194\"> </span>X<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>2.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Connessi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">f<span class=\"_ _2\"></span>air<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>value<span class=\"_ _3bd\"> </span>option<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>2.3<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Alt<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span> <span class=\"_ _22f\"> </span>X<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>Tot<span class=\"_ _0\"></span>ale<span class=\"_ _3bd\"> </span>B<span class=\"_ _3bd\"> </span>X-36<span class=\"_ _1\"></span>.257<span class=\"_ _3bd\"> </span>-XX-33<span class=\"_ _0\"></span>.1<span class=\"_ _0\"></span>48<span class=\"_ _3bd\"> </span>-XTo<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>(A<span class=\"_ _1\"></span>+B<span class=\"_ _1\"></span>)<span class=\"_ _3bd\"> </span>X-36<span class=\"_ _1\"></span>.257<span class=\"_ _3bd\"> </span>-XX-33<span class=\"_ _0\"></span>.1<span class=\"_ _0\"></span>48<span class=\"_ _3bd\"> </span>-XLe<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>nda<span class=\"_ _1\"></span>:<span class=\"fc0 sc1\"> </span>VN<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">=<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nominale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nozionale<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>L1<span class=\"ff1\"> </span>=<span class=\"ff1\"> </span>Livello<span class=\"ff1\"> </span>1<span class=\"_ _3bd\"> </span>L2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">=<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Livello<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">2<span class=\"ff1\"> </span></span></span></span></span></span></span>L3<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">=<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Livello<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">3<span class=\"_ _1\"></span> </span></span></span></span></span></span>Fair<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">v<span class=\"_ _2\"></span>alue*=Fair<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">calcolato<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">escludendo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>ariazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dovute<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cambiament<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">merito<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>reditizio<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>dell'emittente<span class=\"ff1\"> </span>rispett<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>emissi<span class=\"_ _0\"></span>one.<span class=\"_ _3bd\"> </span>La<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">vo<span class=\"_ _0\"></span>ce<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u201cA.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Pa<span class=\"_ _0\"></span>ssiv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cas<span class=\"_ _0\"></span>sa\u201d,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pre<span class=\"_ _0\"></span>sente<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>rend<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>g<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sco<span class=\"_ _0\"></span>pert<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tecn<span class=\"_ _0\"></span>ici<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>2.2<span class=\"_ _3bd\"> </span>De<span class=\"_ _0\"></span>tta<span class=\"_ _1\"></span>gli<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>\u201cP<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nzia<span class=\"_ _1\"></span>rie<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>go<span class=\"_ _0\"></span>zia<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>\u201d:<span class=\"_ _3bd\"> </span>pa<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span>su<span class=\"_ _0\"></span>bo<span class=\"_ _0\"></span>rdi<span class=\"_ _0\"></span>na<span class=\"_ _1\"></span>te<span class=\"fc0 sc1\"> </span>2.3<span class=\"_ _3bd\"> </span>De<span class=\"_ _0\"></span>tta<span class=\"_ _1\"></span>gli<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>\u201cPa<span class=\"_ _1\"></span>ssi<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>go<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e\u201d<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>bit<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>st<span class=\"_ _0\"></span>rut<span class=\"_ _1\"></span>tura<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>esistono,<span class=\"ff1\">  </span>al<span class=\"_ _0\"></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>data<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>bilancio,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>n\u00e9<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>31<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>icembre<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>2021,<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>passivit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>subordinate<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>debiti<span class=\"ff1\"> </span>stru<span class=\"_ _0\"></span>ttu<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2196\">Sezion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2197\">4<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2198\">\u2013<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2199\">Deriva<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs219a\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs219b\">copertu<span class=\"_ _0\"></span>ra<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs219c\">\u2013<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs219d\">Voce<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs219e\">40<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m26 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs219f\">4.<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs21a0\">De<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>vat<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs21a1\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs21a2\">co<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>ura<span class=\"_ _1\"></span>:<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs21a3\">co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>os<span class=\"_ _1\"></span>izio<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs21a4\">pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs21a5\">ti<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>gia<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs21a6\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs21a7\">co<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>ura<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs21a8\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs21a9\">pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs21aa\">liv<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs21ab\">Fa<span class=\"_ _0\"></span>ir<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs21ac\">v<span class=\"_ _0\"></span>al<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _77\"> </span><span class=\"fc4 sc2\">31/<span class=\"_ _0\"></span>12/<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>22<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs21ad\">V<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs21ae\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs21af\">Fa<span class=\"_ _0\"></span>ir<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs21b0\">v<span class=\"_ _0\"></span>al<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _7e\"> </span><span class=\"fc4 sc2\">31/<span class=\"_ _0\"></span>12<span class=\"_ _0\"></span>/2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"fc0 sc1\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs21b1\">V<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs21b2\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _2aa\"></span><span class=\"fc4 sc2\">L<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _6e\"> </span><span class=\"fc4 sc2\">L2<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _70\"> </span><span class=\"fc4 sc2\">L<span class=\"_ _1\"></span>3<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _22e\"> </span><span class=\"fc4 sc2\">L<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _6e\"> </span><span class=\"fc4 sc2\">L2<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _70\"> </span><span class=\"fc4 sc2\">L<span class=\"_ _1\"></span>3<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs21b3\">A.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs21b4\">Deri<span class=\"_ _0\"></span>vati<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs21b5\">fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span> </div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs21b6\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs21b7\">87<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>05<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span> </div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs21b8\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs21b9\">7.<span class=\"_ _0\"></span>66<span class=\"_ _0\"></span>8.<span class=\"_ _0\"></span>36<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span></div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs21ba\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs21bb\">40<span class=\"_ _0\"></span>8.<span class=\"_ _0\"></span>08<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span> </div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs21bc\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs21bd\">6.<span class=\"_ _0\"></span>93<span class=\"_ _0\"></span>1.1<span class=\"_ _0\"></span>97<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs21be\">1)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Fair<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">va<span class=\"_ _1\"></span>lue<span class=\"_ _1\"></span> <span class=\"_ _199\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs21bf\">765<span class=\"_ _0\"></span>.513<span class=\"_ _1\"></span> <span class=\"_ _67\"> </span>-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs21c0\">6.<span class=\"_ _0\"></span>446<span class=\"_ _0\"></span>.12<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs21c1\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs21c2\">40<span class=\"_ _0\"></span>8.0<span class=\"_ _0\"></span>84 <span class=\"_ _212\"> </span>-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs21c3\">6.<span class=\"_ _0\"></span>931.<span class=\"_ _0\"></span>197<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs21c4\">2)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Fl<span class=\"_ _2\"></span>ussi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fina<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ari<span class=\"_ _1\"></span> <span class=\"_ _1a6\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs21c5\">10<span class=\"_ _0\"></span>8.5<span class=\"_ _0\"></span>45 <span class=\"_ _212\"> </span>-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs21c6\">1.<span class=\"_ _0\"></span>222.<span class=\"_ _0\"></span>237<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs21c7\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs21c8\">- <span class=\"_ _1ab\"> </span>-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs21c9\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs21ca\">3)<span class=\"ff1\"> </span>Inv<span class=\"_ _0\"></span>est<span class=\"_ _1\"></span>iment<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>es<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>i <span class=\"_ _c7\"> </span>-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs21cb\">- <span class=\"_ _3d\"> </span>-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs21cc\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs21cd\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs21ce\">- <span class=\"_ _1ab\"> </span>-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs21cf\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs21d0\">B.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs21d1\">Der<span class=\"_ _1\"></span>iva<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs21d2\">cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span> </div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs21d3\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs21d4\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs21d5\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs21d6\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs21d7\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs21d8\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs21d9\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs21da\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs21db\">1)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Fair<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">va<span class=\"_ _1\"></span>lue<span class=\"_ _1\"></span> <span class=\"_ _199\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs21dc\">- <span class=\"_ _3d\"> </span>-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs21dd\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs21de\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs21df\">- <span class=\"_ _1ab\"> </span>-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs21e0\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs21e1\">2)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Fl<span class=\"_ _2\"></span>ussi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fina<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ari<span class=\"_ _1\"></span> <span class=\"_ _1a6\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs21e2\">- <span class=\"_ _3d\"> </span>-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs21e3\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs21e4\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs21e5\">- <span class=\"_ _1ab\"> </span>-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs21e6\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs21e7\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs21e8\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs21e9\">87<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>05<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span> </div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs21ea\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs21eb\">7.<span class=\"_ _0\"></span>66<span class=\"_ _0\"></span>8.<span class=\"_ _0\"></span>36<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span></div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs21ec\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs21ed\">40<span class=\"_ _0\"></span>8.<span class=\"_ _0\"></span>08<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span> </div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs21ee\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs21ef\">6.<span class=\"_ _0\"></span>93<span class=\"_ _0\"></span>1.1<span class=\"_ _0\"></span>97<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs21f0\">Le<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>nda<span class=\"_ _1\"></span>:<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs21f1\">VN=<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nominale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nozionale<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs21f2\">L1=<span class=\"ff1\"> </span>Livello<span class=\"ff1\"> </span>1<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs21f3\">L2<span class=\"_ _0\"></span>=<span class=\"ff1\"> </span>L<span class=\"_ _0\"></span>ivel<span class=\"_ _0\"></span>lo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2<span class=\"_ _1\"></span> </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs21f4\">L3<span class=\"_ _0\"></span>=<span class=\"ff1\"> </span>Li<span class=\"_ _0\"></span>vel<span class=\"_ _0\"></span>lo<span class=\"ff1\"> </span>3<span class=\"_ _1\"></span> </div><div class=\"t m26 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs21f5\">4.2<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs21f6\">De<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>vat<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs21f7\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs21f8\">co<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>ura<span class=\"_ _1\"></span>:<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs21f9\">co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>os<span class=\"_ _1\"></span>izio<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs21fa\">pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs21fb\">po<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>afo<span class=\"_ _0\"></span>gl<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs21fc\">co<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs21fd\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs21fe\">pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs21ff\">ti<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>log<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2200\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2201\">co<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>ura<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2202\">Op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>/T<span class=\"_ _0\"></span>ipo<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2203\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2204\">co<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>a<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2205\">titol<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2206\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2207\">debit<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2208\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2209\">tass<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs220a\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs220b\">in<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>se<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs220c\">titol<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs220d\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs220e\">ca<span class=\"_ _0\"></span>pi<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs220f\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2210\">indici<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2211\">az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>nar<span class=\"_ _1\"></span>i<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2212\">Sp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>a<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2213\">va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2214\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2215\">or<span class=\"_ _1\"></span>o<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2216\">Fa<span class=\"_ _0\"></span>ir<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2217\">Va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2218\">cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>o<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2219\">m<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ci<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs221a\">al<span class=\"_ _0\"></span>tri<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs221b\">Fl<span class=\"_ _0\"></span>uss<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs221c\">fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>ri<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs221d\">In<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>sti<span class=\"_ _1\"></span>m.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs221e\">es<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs221f\">imp<span class=\"_ _0\"></span>att<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>sul<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>itiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2220\">e<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>assi<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>rie<span class=\"_ _0\"></span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2221\">Si<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>adottata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> </span>metodologia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contabile<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Macro<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Fair<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Value<span class=\"ff1\"> </span>Hedge<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>copertura<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2222\">tasso<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>raccolta<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>vista<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>clientela.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2223\">La<span class=\"ff1\"> <span class=\"_ _21\"></span></span>raccolta<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>vista<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dalla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>clientela<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ra<span class=\"_ _2\"></span>ppresenta<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un\u2019importante<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>fonte<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>funding<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _21\"></span></span>banca.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Un<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2224\">quota<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>parte<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>questa<span class=\"ff1\">  </span>r<span class=\"_ _2\"></span>accolta,<span class=\"ff1\">  </span>seppur<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>contrattualmente<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>vista,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>presenta<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>per\u00f2<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>forte<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2225\">persistenza<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>tempo<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>ed<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>elasticit\u00e0<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>imperfetta<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>alla<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>variazione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _23\"> </span><span class=\"ff3\">dei</span> <span class=\"_ _23\"> </span><span class=\"ff3\">tassi</span> <span class=\"_ _23\"> </span><span class=\"ff3\">di</span> <span class=\"_ _23\"> </span><span class=\"ff3\">mercato,</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2226\">rappresentata<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>cosiddetto<span class=\"ff1\"> </span>\u201ceffetto<span class=\"ff1\"> </span>vischiosit\u00e0\u201d.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2227\">Qu<span class=\"_ _0\"></span>esto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ef<span class=\"_ _0\"></span>fett<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>tato<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stim<span class=\"_ _0\"></span>ato<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">medi<span class=\"_ _0\"></span>ant<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mode<span class=\"_ _0\"></span>llo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _1\"></span><span class=\"ff3\">anali<span class=\"_ _0\"></span>si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span>sis<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">due<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>onent<span class=\"_ _0\"></span>i:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2228\">la<span class=\"ff1\"> </span>stima<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> </span>relazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>tassi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> </span>poste<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>vista<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>tassi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>mercato<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>base<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2229\">modello<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">econometr<span class=\"_ _2\"></span>ico;<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs222a\">la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sti<span class=\"_ _0\"></span>ma<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ersi<span class=\"_ _0\"></span>ste<span class=\"_ _0\"></span>nza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vo<span class=\"_ _0\"></span>lumi<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ttrav<span class=\"_ _0\"></span>ers<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>ual<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>\u2019am<span class=\"_ _0\"></span>monta<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pos<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>vi<span class=\"_ _1\"></span>sta<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs222b\">vie<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tradot<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">po<span class=\"_ _0\"></span>rtaf<span class=\"_ _0\"></span>ogli<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pos<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>ta<span class=\"_ _0\"></span>sso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fis<span class=\"_ _0\"></span>so<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>cade<span class=\"_ _1\"></span>nza.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs222c\">I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>riv<span class=\"_ _0\"></span>ati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cop<span class=\"_ _0\"></span>ertu<span class=\"_ _0\"></span>ra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">que<span class=\"_ _0\"></span>sta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tip<span class=\"_ _0\"></span>olo<span class=\"_ _0\"></span>gia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pre<span class=\"_ _0\"></span>sen<span class=\"_ _0\"></span>tano<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un</span> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alue<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ne<span class=\"_ _0\"></span>gati<span class=\"_ _0\"></span>vo<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>2<span class=\"_ _0\"></span>16.2<span class=\"_ _0\"></span>87<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mil<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>eu<span class=\"_ _0\"></span>ro.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m2c h1c ff3 fsc fc7 sc4 ls0 ws0 gs222d\">Ge<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>neric<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h1c ff3 fsc fc7 sc4 ls0 ws0 gs222e\">Spe<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>cifi<span class=\"_ _0\"></span>ca<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h1c ff3 fsc fc7 sc4 ls0 ws0 gs222f\">Ge<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>neric<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></div><div class=\"c w2e h28 gs2230\"><div class=\"t m0 x1f9 h1c y139 ff3 fsc fc0 sc0 ls0 ws0\">1.<span class=\"_ _3bd\"> </span></div></div><div class=\"c wa4 h28 gs2231\"><div class=\"t m0 x1f9 h1c y139 ff3 fsc fc0 sc0 ls0 ws0\">Attivit\u00e0<span class=\"_ _3bd\"> </span></div></div><div class=\"c we9 h28 gs2232\"><div class=\"t m0 x1f9 h1c y139 ff3 fsc fc0 sc0 ls0 ws0\">fi<span class=\"_ _0\"></span>nanz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span></div></div><div class=\"c w11f h3e gs2233\"><div class=\"t m0 x1f9 h1c y139 ff3 fsc fc0 sc0 ls0 ws0\">valutate<span class=\"_ _3bd\"> </span></div></div><div class=\"c wad h3e gs2234\"><div class=\"t m0 x1f9 h1c y139 ff3 fsc fc0 sc0 ls0 ws0\">al<span class=\"_ _3bd\"> </span></div></div><div class=\"c wea h3e gs2235\"><div class=\"t m0 x1f9 h1c y139 ff3 fsc fc0 sc0 ls0 ws0\">fair<span class=\"_ _3bd\"> </span></div></div><div class=\"c w8d h3e gs2236\"><div class=\"t m0 x1f9 h1c y139 ff3 fsc fc0 sc0 ls0 ws0\">value<span class=\"_ _3bd\"> </span></div></div><div class=\"c wf9 h3e gs2237\"><div class=\"t m0 x1f9 h1c y139 ff3 fsc fc0 sc0 ls0 ws0\">c<span class=\"_ _0\"></span>on<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2238\">1<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2239\">com<span class=\"_ _0\"></span>ple<span class=\"_ _0\"></span>ssiv<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs223a\">- <span class=\"_ _75\"> </span>- <span class=\"_ _75\"> </span>-<span class=\"_ _0\"></span><span class=\"ff8\"> <span class=\"_ _219\"> </span><span class=\"ff3\">X<span class=\"_ _1\"></span> <span class=\"_ _129\"> </span>X <span class=\"_ _20b\"> </span>X<span class=\"_ _3bd\"> </span></span></span><span class=\"ff8\"><span class=\"ff3\"> </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs223b\">-<span class=\"_ _1\"></span><span class=\"ff8\"> <span class=\"_ _219\"> </span><span class=\"ff3\">X<span class=\"_ _1\"></span> <span class=\"_ _7e\"> </span>X<span class=\"_ _3bd\"> </span></span></span><span class=\"ff8\"><span class=\"ff3\"> </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs223c\">2.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fin<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs223d\">valutate<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>costo<span class=\"ff1\"> <span class=\"_ _73\"> </span></span>287<span class=\"_ _0\"></span>.54<span class=\"_ _0\"></span>5<span class=\"ff8\"> <span class=\"_ _1fb\"> </span></span>X<span class=\"_ _1\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs223e\">amm<span class=\"_ _0\"></span>ort<span class=\"_ _0\"></span>izz<span class=\"_ _0\"></span>ato<span class=\"_ _0\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs223f\">-<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2240\">-<span class=\"_ _1\"></span><span class=\"ff8\"> <span class=\"_ _219\"> </span><span class=\"ff3\">X<span class=\"_ _0\"></span> </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2241\">X<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2242\">X<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2243\">-<span class=\"_ _1\"></span><span class=\"ff8\"> <span class=\"_ _219\"> </span><span class=\"ff3\">X<span class=\"_ _1\"></span> </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2244\">X<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2245\">3.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Po<span class=\"_ _0\"></span>rtaf<span class=\"_ _0\"></span>ogl<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _aa\"> </span><span class=\"ff3\">X<span class=\"_ _1\"></span><span class=\"ff8\"> <span class=\"_ _75\"> </span><span class=\"ff3\">X<span class=\"_ _1\"></span> <span class=\"_ _129\"> </span>X <span class=\"_ _20b\"> </span>X <span class=\"_ _21a\"> </span>X <span class=\"_ _20b\"> </span>X <span class=\"_ _1a2\"> </span>10<span class=\"_ _0\"></span>.05<span class=\"_ _0\"></span>8 <span class=\"_ _1fb\"> </span>X <span class=\"_ _210\"> </span>1<span class=\"_ _0\"></span>08.<span class=\"_ _0\"></span>545 <span class=\"_ _296\"> </span>X<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff8\"><span class=\"ff3\"> </span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2246\">4.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ope<span class=\"_ _0\"></span>raz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _c4\"> </span></span>-<span class=\"_ _0\"></span> <span class=\"_ _176\"> </span>- <span class=\"_ _75\"> </span>- <span class=\"_ _75\"> </span>- <span class=\"_ _7e\"> </span>- <span class=\"_ _75\"> </span>-<span class=\"_ _1\"></span><span class=\"ff8\"> <span class=\"_ _219\"> </span><span class=\"ff3\">X<span class=\"_ _0\"></span> </span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2247\">-<span class=\"_ _1\"></span><span class=\"ff8\"> <span class=\"_ _219\"> </span><span class=\"ff3\">X<span class=\"_ _1\"></span> </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2248\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2249\">Tot<span class=\"_ _0\"></span>ale<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs224a\">at<span class=\"_ _0\"></span>tiv<span class=\"_ _1\"></span>it\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs224b\">28<span class=\"_ _0\"></span>7.<span class=\"_ _0\"></span>55<span class=\"_ _0\"></span>7 </div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs224c\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs224d\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs224e\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs224f\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2250\"> <span class=\"_ _75\"> </span>-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2251\">10<span class=\"_ _0\"></span>.05<span class=\"_ _1\"></span>8<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2252\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2253\">10<span class=\"_ _0\"></span>8.5<span class=\"_ _1\"></span>45<span class=\"_ _0\"></span> </div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs2254\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2255\">1.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Pass<span class=\"_ _0\"></span>ivit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>rie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _a2\"> </span><span class=\"ff3\">251<span class=\"_ _0\"></span>.61<span class=\"_ _0\"></span>1<span class=\"ff8\"> <span class=\"_ _219\"> </span></span>X<span class=\"_ _0\"></span> </span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2256\">- <span class=\"_ _75\"> </span>- <span class=\"_ _7e\"> </span>- <span class=\"_ _75\"> </span>-<span class=\"_ _1\"></span><span class=\"ff8\"> <span class=\"_ _219\"> </span><span class=\"ff3\">X<span class=\"_ _0\"></span> </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2257\">-<span class=\"_ _1\"></span><span class=\"ff8\"> <span class=\"_ _219\"> </span><span class=\"ff3\">X<span class=\"_ _1\"></span> <span class=\"_ _7e\"> </span>X<span class=\"_ _3bd\"> </span></span></span><span class=\"ff8\"><span class=\"ff3\"> </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2258\">2.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Porta<span class=\"_ _0\"></span>fog<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _aa\"> </span><span class=\"ff3\">X<span class=\"_ _1\"></span><span class=\"ff8\"> <span class=\"_ _75\"> </span><span class=\"ff3\">X<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2259\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs225a\">pa<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs225b\">25<span class=\"_ _0\"></span>1.6<span class=\"_ _1\"></span>11<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs225c\">X<span class=\"_ _3bd\"> </span></div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs225d\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs225e\">X<span class=\"_ _3bd\"> </span></div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs225f\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2260\">X<span class=\"_ _3bd\"> </span></div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs2261\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2262\">X<span class=\"_ _3bd\"> </span></div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs2263\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2264\">21<span class=\"_ _0\"></span>6.2<span class=\"_ _0\"></span>87<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2265\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2266\">21<span class=\"_ _0\"></span>6.<span class=\"_ _0\"></span>287<span class=\"_ _1\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2267\">X <span class=\"_ _4a\"> </span>-<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2268\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2269\">-<span class=\"_ _1\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs226a\">X<span class=\"_ _3bd\"> </span> </div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs226b\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs226c\">1.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Trans<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>oni<span class=\"ff1\"> </span>at<span class=\"_ _0\"></span>tes<span class=\"_ _0\"></span>e<span class=\"ff8\"> <span class=\"_ _1ae\"> </span></span>X<span class=\"_ _1\"></span> <span class=\"_ _176\"> </span>X <span class=\"_ _20b\"> </span>X <span class=\"_ _20b\"> </span>X <span class=\"_ _20b\"> </span>X <span class=\"_ _21a\"> </span>X <span class=\"_ _20b\"> </span>X<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs226d\">-<span class=\"_ _1\"></span><span class=\"ff8\"> <span class=\"_ _219\"> </span><span class=\"ff3\">X<span class=\"_ _1\"></span> <span class=\"_ _7e\"> </span>X<span class=\"_ _3bd\"> </span></span></span><span class=\"ff8\"><span class=\"ff3\"> </span></span></div><div class=\"c wa3 h28 gs226e\"><div class=\"t m0 x1f9 h1c y461 ff3 fsc fc0 sc0 ls0 ws0\">2.<span class=\"_ _3bd\"> </span></div></div><div class=\"c w121 h28 gs226f\"><div class=\"t m0 x1f9 h1c y461 ff3 fsc fc0 sc0 ls0 ws0\">Portafoglio<span class=\"_ _3bd\"> </span></div></div><div class=\"c w110 h28 gs2270\"><div class=\"t m0 x1f9 h1c y461 ff3 fsc fc0 sc0 ls0 ws0\">di<span class=\"_ _3bd\"> </span></div></div><div class=\"c wff h28 gs2271\"><div class=\"t m0 x1f9 h1c y461 ff3 fsc fc0 sc0 ls0 ws0\">att<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2272\">X<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2273\">X <span class=\"_ _20b\"> </span>X <span class=\"_ _20b\"> </span>X <span class=\"_ _21a\"> </span>X <span class=\"_ _20b\"> </span>X <span class=\"_ _129\"> </span>- <span class=\"_ _129\"> </span>X <span class=\"_ _129\"> </span>- <span class=\"_ _176\"> </span>-<span class=\"_ _3bd\"> </span> </div>Sono<span class=\"ff1\"> </span>presenti<span class=\"ff1\"> </span>coperture<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>micro<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>hedge<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> </span>fiss<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>detenu<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>por<span class=\"_ _2\"></span>tafoglio<span class=\"ff1\"> </span>HT<span class=\"_ _0\"></span>CS. I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>riv<span class=\"_ _0\"></span>ati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">que<span class=\"_ _0\"></span>sta<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tip<span class=\"_ _0\"></span>olog<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pre<span class=\"_ _0\"></span>sen<span class=\"_ _0\"></span>tano<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fai<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alue<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ne<span class=\"_ _0\"></span>ga<span class=\"_ _0\"></span>tivo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _1\"></span><span class=\"ff3\">1<span class=\"_ _2\"></span>2<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mi<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>uro<span class=\"_ _0\"></span>. </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Sono<span class=\"ff1\"> </span>presenti<span class=\"ff1\"> </span>coperture<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>micro<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>hedge<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> </span>fiss<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>detenu<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>por<span class=\"_ _2\"></span>tafoglio<span class=\"ff1\"> </span>H<span class=\"_ _0\"></span>TC<span class=\"_ _0\"></span>. I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">der<span class=\"_ _0\"></span>ivat<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>sta<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>ipo<span class=\"_ _0\"></span>logi<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>senta<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fai<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>valu<span class=\"_ _1\"></span>e<span class=\"ff1\"> </span>neg<span class=\"_ _0\"></span>ativ<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">2<span class=\"_ _0\"></span>87.5<span class=\"_ _0\"></span>45<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mil<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>uro<span class=\"_ _0\"></span>. </span></span></span></span></span></span></span></span></span></span>Si<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>adottat<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>metodologia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contabile<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>el<span class=\"ff1\"> <span class=\"_ _2\"></span></span>macro<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _20\"></span></span>value<span class=\"ff1\"> <span class=\"_ _2\"></span></span>hedge<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>copertura<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>associato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"_ _0\"></span>l\u2019erogazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>mutui<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tasso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fisso<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tasso<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>v<span class=\"_ _0\"></span>ariabile<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>c<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>opzione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u201cCap\u201d<span class=\"_ _2\"></span>.<span class=\"ff1\"> </span>L\u2019applicazione<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>ella<span class=\"ff1\"> </span>metodologia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>hedge<span class=\"ff1\"> <span class=\"_ _2\"></span></span>accounting<span class=\"ff1\"> <span class=\"_ _2\"></span></span>consente<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rappresentare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contabilmente<span class=\"ff1\"> </span>gli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>effetti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>economici<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>strate<span class=\"_ _0\"></span>gie<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">cop<span class=\"_ _0\"></span>ertura<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>attuate.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>I<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>derivati<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>copertura<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>relativi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tale<span class=\"ff1\"> </span></span></span>strategia<span class=\"ff1\"> </span>presentano<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>negativo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>10.058<span class=\"ff1\"> </span>mila<span class=\"ff1\"> </span>euro. Sono<span class=\"ff1\"> </span>presenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>coperture<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>micro<span class=\"_ _2\"></span><span class=\"ff1\"> </span>fair<span class=\"ff1\"> <span class=\"_ _2\"></span></span>value<span class=\"ff1\"> </span>hedge<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> </span>emes<span class=\"_ _2\"></span>si<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tasso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fisso<span class=\"ff1\"> </span>contabilizzati<span class=\"ff1\"> </span>nei<span class=\"ff1\"> </span>\u201ctitoli<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>circolazione\u201d. I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>riv<span class=\"_ _0\"></span>ati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">que<span class=\"_ _0\"></span>sta<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tip<span class=\"_ _0\"></span>olog<span class=\"_ _0\"></span>ia<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>senta<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fai<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>val<span class=\"_ _0\"></span>ue<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">negati<span class=\"_ _0\"></span>vo<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>2<span class=\"_ _0\"></span>51.6<span class=\"_ _0\"></span>11<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mil<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>eu<span class=\"_ _0\"></span>ro. </span></span></span></span></span></span></span></span></span></span></span></span></span></span>Sono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>presenti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>coperture<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ma<span class=\"_ _2\"></span>cro<span class=\"ff1\"> <span class=\"_ _21\"></span></span>cash<span class=\"ff1\"> <span class=\"_ _21\"></span></span>flow<span class=\"ff1\"> <span class=\"_ _21\"></span></span>hedge<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff3\">su</span> <span class=\"_ _21\"> </span><span class=\"ff3\">erogazione</span> <span class=\"_ _21\"></span><span class=\"ff3\">di</span> <span class=\"_ _21\"></span><span class=\"ff3\">mutui</span> <span class=\"_ _20\"></span><span class=\"ff3\">a</span> <span class=\"_ _21\"> </span><span class=\"ff3\">tas<span class=\"_ _2\"></span>so</span> <span class=\"_ _21\"> </span><span class=\"ff3\">variabile.</span> <span class=\"_ _21\"></span><span class=\"ff3\">I</span> </span>derivati<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>copertura<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>questa<span class=\"ff1\"> </span>tipologia<span class=\"ff1\"> </span>presentano<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>negativo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>108.54<span class=\"_ _2\"></span>5<span class=\"ff1\"> </span>mila<span class=\"ff1\"> </span>euro. Si<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>imanda<span class=\"ff1\"> </span>alla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Sezione<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>Pa<span class=\"_ _2\"></span>rte<span class=\"ff1\"> </span>E<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> </span>note<span class=\"ff1\"> </span>illustrative<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>descrizione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>modalit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> </span>cop<span class=\"_ _0\"></span>ertu<span class=\"_ _0\"></span>ra.<span class=\"_ _3bd\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-812": {
   "value": "A<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span><span class=\"ff5\"> <span class=\"ff3\">I<span class=\"_ _1\"></span>NF<span class=\"_ _0\"></span>OR<span class=\"_ _1\"></span>MA<span class=\"_ _0\"></span>TI<span class=\"_ _0\"></span>VA<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">SU<span class=\"_ _0\"></span>L<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">FA<span class=\"_ _0\"></span>I<span class=\"_ _0\"></span>R<span class=\"ff1\"> </span>V<span class=\"_ _1\"></span>ALU<span class=\"_ _0\"></span>E<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>Inf<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>va<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>na<span class=\"_ _1\"></span>tura<span class=\"_ _3bd\"> </span>qu<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>lita<span class=\"_ _1\"></span>tiva<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>A.<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>1\u2013<span class=\"_ _3bd\"> </span>Livello<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>fair<span class=\"_ _3bd\"> </span>value<span class=\"_ _3bd\"> </span>2<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>3:<span class=\"_ _3bd\"> </span>tecniche<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>valutaz<span class=\"_ _0\"></span>ione<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>input<span class=\"_ _3bd\"> </span>ut<span class=\"_ _0\"></span>iliz<span class=\"_ _1\"></span>zat<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>Le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">te<span class=\"_ _0\"></span>cnic<span class=\"_ _0\"></span>he<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">va<span class=\"_ _0\"></span>luta<span class=\"_ _0\"></span>zione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">u<span class=\"_ _0\"></span>tili<span class=\"_ _0\"></span>zzat<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>g<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">st<span class=\"_ _0\"></span>rume<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fi<span class=\"_ _0\"></span>nanzi<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">app<span class=\"_ _0\"></span>arte<span class=\"_ _1\"></span>nenti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">li<span class=\"_ _0\"></span>vell<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>3<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">si</span> <span class=\"_ _0\"></span><span class=\"ff3\">dist<span class=\"_ _0\"></span>ingu<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>o:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziarie:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valutazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>egli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">strumenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">strutturati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">utilizzando<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">componente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">obbligazionari<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>modello<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>discounted<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cas<span class=\"_ _2\"></span>h<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>flow<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tasso<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span></span>corretto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>opport<span class=\"_ _2\"></span>uno<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>credito,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>l<span class=\"_ _3bd\"> </span>componente<span class=\"ff1\"> </span>azionaria<span class=\"ff1\"> </span>utilizzando<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>modello<span class=\"ff1\"> </span>Black&amp;Scholes;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Passivit\u00e0<span class=\"ff1\">  </span>finanziarie:<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>valutazione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>degli<span class=\"ff1\">  </span>s<span class=\"_ _2\"></span>trumenti<span class=\"ff1\">  </span>plain<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>vanilla<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>secondo<span class=\"ff1\">  </span>le<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>tecniche<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\">  </span>va<span class=\"_ _2\"></span>lutazion<span class=\"_ _3bd\"> </span>discounted<span class=\"ff1\"> </span>cash<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">flow<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cassa<span class=\"ff1\"> </span>considerando<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tasso<span class=\"_ _2\"></span><span class=\"ff1\"> </span>corretto<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cred<span class=\"_ _0\"></span>ito<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Credito<span class=\"ff1\"> </span>Emilian<span class=\"_ _3bd\"> </span></span></span></span></span>sulla<span class=\"ff1\"> </span>scadenza<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>strumento.<span class=\"_ _3bd\"> </span>Si<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rip<span class=\"_ _1\"></span>orta<span class=\"ff1\"> </span>b<span class=\"_ _0\"></span>reve<span class=\"_ _1\"></span>m<span class=\"_ _2\"></span>en<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>nizi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> </span>m<span class=\"_ _0\"></span>odel<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">utiliz<span class=\"_ _0\"></span>zat<span class=\"_ _0\"></span>i:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>1.Di<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>ed<span class=\"_ _3bd\"> </span>Ca<span class=\"_ _0\"></span>sh<span class=\"_ _3bd\"> </span>F<span class=\"_ _0\"></span>lo<span class=\"_ _1\"></span>w<span class=\"fc0 sc1\"> </span>Il<span class=\"ff1\"> </span>modello<span class=\"ff1\"> </span>discounted<span class=\"ff1\"> </span>cash<span class=\"ff1\"> </span>flow,<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>assa<span class=\"ff1\"> </span>att<span class=\"_ _2\"></span>ualizzati,<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> </span>metodo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>investimento,<span class=\"_ _3bd\"> </span></span></span>ba<span class=\"_ _0\"></span>sato<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sul<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">proc<span class=\"_ _0\"></span>esso<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">f<span class=\"_ _0\"></span>inanz<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>rio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attu<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>zzaz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>onse<span class=\"_ _0\"></span>nte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ogg<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">val<span class=\"_ _0\"></span>ore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attua<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>un<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ca<span class=\"_ _0\"></span>pita<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ch<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>h<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ome<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">na<span class=\"_ _0\"></span>tural<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">scad<span class=\"_ _0\"></span>enza<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>da<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>utu<span class=\"_ _0\"></span>ra<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>rami<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l'a<span class=\"_ _0\"></span>ppli<span class=\"_ _0\"></span>cazi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">u<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>asso<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sc<span class=\"_ _0\"></span>onto<span class=\"_ _0\"></span>.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tass<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">scon<span class=\"_ _0\"></span>t<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>viene<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cor<span class=\"_ _2\"></span>retto<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">credito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">flussi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">futuri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attesi<span class=\"ff1\"> </span>dall'a<span class=\"_ _0\"></span>ttivit\u00e0<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">questione.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">La<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">somma<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>gebrica<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>flussi<span class=\"ff1\"> </span>attualizzati<span class=\"ff1\"> </span>rappresenta<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>netto<span class=\"ff1\"> </span>attuale<span class=\"ff1\"> </span>(Net<span class=\"ff1\"> </span>present<span class=\"ff1\"> <span class=\"_ _2\"></span></span>value)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dello</span> <span class=\"ff3\">st<span class=\"_ _2\"></span>rumento.<span class=\"_ _3bd\"> </span></span></span>I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pa<span class=\"_ _0\"></span>rame<span class=\"_ _0\"></span>tri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">uti<span class=\"_ _0\"></span>lizz<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nel<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">te<span class=\"_ _0\"></span>cnica<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">va<span class=\"_ _0\"></span>luta<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">son<span class=\"_ _0\"></span>o:<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">curv<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>ta<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"_ _0\"></span><span class=\"ff3\">cre<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">spre<span class=\"_ _0\"></span>ad<span class=\"ff1\"> </span>d<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span>ogn<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sin<span class=\"_ _0\"></span>gola<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">emi<span class=\"_ _0\"></span>ssio<span class=\"_ _0\"></span>ne.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>2.Mo<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>Bla<span class=\"_ _1\"></span>ck&amp;<span class=\"_ _0\"></span>Sch<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Il<span class=\"ff1\"> </span>modello<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Black&amp;s<span class=\"_ _2\"></span>choles<span class=\"ff1\"> </span>univariat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(BS)<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>modello<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>pric<span class=\"_ _2\"></span>ing<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> </span>opzioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pi\u00f9<span class=\"ff1\"> <span class=\"_ _2\"></span></span>famoso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riconosciuto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"_ _3bd\"> </span>me<span class=\"_ _0\"></span>rcat<span class=\"_ _0\"></span>o.<span class=\"ff1\"> </span>I<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>m<span class=\"_ _0\"></span>odell<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bas<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>sul<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ossi<span class=\"_ _0\"></span>bil<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">cr<span class=\"_ _0\"></span>eare<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un</span> <span class=\"ff3\">p<span class=\"_ _0\"></span>orta<span class=\"_ _0\"></span>fog<span class=\"_ _0\"></span>lio<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>quiv<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span>nte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">all\u2019<span class=\"_ _0\"></span>opz<span class=\"_ _0\"></span>ione,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cos<span class=\"_ _0\"></span>titui<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>rt<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>da<span class=\"ff1\"> </span>unit\u00e0<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>sottos<span class=\"_ _2\"></span>tante<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>parte<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>obbligazioni<span class=\"ff1\"> </span>prive<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>entrambi<span class=\"ff1\"> </span>influenzati<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>stessa<span class=\"ff1\"> </span>font<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>d<span class=\"_ _3bd\"> </span>incertezza<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>data<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dalle<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>variazioni<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>prezzo<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dell\u2019azione.<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>L<span class=\"_ _2\"></span>e<span class=\"ff1\">  </span>i<span class=\"_ _2\"></span>potesi<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>sottostanti<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>modello<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>BS<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>sono<span class=\"ff1\"> </span>rappresentate<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dall'andamento<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>prezzi<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dell'attivit\u00e0<span class=\"ff1\">  </span>sottostante<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>(approssimato<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>processo<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>log-<span class=\"ff1\"> </span>normale),<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>presenza<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>mercato<span class=\"ff1\"> </span>perfettamente<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>fficiente;<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>interesse<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>dal<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>volatilit\u00e0<span class=\"ff1\"> </span>de<span class=\"_ _3bd\"> </span>sottostante<span class=\"ff1\"> </span>costante<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>tutta<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>durata<span class=\"ff1\"> </span>dell'opzione.<span class=\"_ _3bd\"> </span>I<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>parametri<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>utilizzati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nella<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tecnica<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>valu<span class=\"_ _0\"></span>tazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sono<span class=\"ff1\">  </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">tasso</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">di</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">interesse,</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">il</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">valore</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">e</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">la</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">volatilit\u00e0</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">de<span class=\"_ _3bd\"> </span></span></span>sott<span class=\"_ _0\"></span>ost<span class=\"_ _0\"></span>ante<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span>Alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>31/12/2022<span class=\"ff1\"> </span>tutti<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>parametri<span class=\"ff1\"> </span>utilizzati<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> </span>tecniche<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>risultat<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>osservabili,<span class=\"ff1\"> </span>evidenziando<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> </span>valutati<span class=\"ff1\"> </span>tramite<span class=\"ff1\"> </span>mark<span class=\"ff1\"> </span>to<span class=\"ff1\"> </span>model<span class=\"ff1\"> </span>livelli<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>2.<span class=\"_ _3bd\"> </span>In<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pa<span class=\"_ _0\"></span>rtico<span class=\"_ _0\"></span>lare<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>i<span class=\"ff1\"> </span>tassi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>interesse<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>estrapolati<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>curva<span class=\"ff1\"> </span>zero<span class=\"ff1\"> </span>ottenuta<span class=\"ff1\"> </span>dalle<span class=\"ff1\"> </span>quotazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>mercato<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>st<span class=\"_ _2\"></span>rumenti<span class=\"ff1\"> </span>omo<span class=\"_ _0\"></span>gen<span class=\"_ _0\"></span>ei;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>i<span class=\"ff1\"> </span>credit<span class=\"ff1\"> </span>spread<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>componete<span class=\"ff1\"> </span>Credito<span class=\"ff1\"> </span>Emiliano<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>ot<span class=\"_ _2\"></span>tenuti<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>quotazioni<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mercato<span class=\"_ _2\"></span></span> <span class=\"ff3\">di</span> <span class=\"ff3\">emissioni</span> </span>com<span class=\"_ _0\"></span>par<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>es;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">so<span class=\"_ _0\"></span>ttos<span class=\"_ _0\"></span>tant<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">otte<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dall<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uota<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>me<span class=\"_ _1\"></span>rcato;<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>volatilit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sottos<span class=\"_ _2\"></span>tante<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ottenute<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quotazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>mercat<span class=\"_ _2\"></span>o,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>alla<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>luce<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>scad<span class=\"_ _2\"></span>enza<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>b<span class=\"_ _0\"></span>rev<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> </span>componente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">azionaria.<span class=\"_ _3bd\"> </span></span></span>I<span class=\"ff1\"> <span class=\"_ _20\"></span></span>modelli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>param<span class=\"_ _2\"></span>etri<span class=\"ff1\"> <span class=\"_ _20\"></span></span>utilizzati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nelle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tecniche<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">valu<span class=\"_ _0\"></span>tazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dettagliati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>disciplinati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ne<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>documenti<span class=\"ff1\"> </span></span></span>Allegato<span class=\"ff1\"> </span>Tecnico<span class=\"ff1\"> </span>a<span class=\"_ _2\"></span>l<span class=\"ff1\"> </span>documento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Fair<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Value<span class=\"ff1\"> </span>Policy<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Gruppo:<span class=\"ff1\"> </span>\u201cRegole<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>applicazione<span class=\"ff1\"> </span>Credem<span class=\"ff1\"> </span>a<span class=\"_ _2\"></span>lla<span class=\"ff1\"> </span>F<span class=\"_ _2\"></span>air<span class=\"ff1\"> </span>Value<span class=\"ff1\"> </span>Policy<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Gruppo\u201d<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>\u201cManuale<span class=\"ff1\"> </span>Modelli<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>pricing\u201d.<span class=\"_ _3bd\"> </span>In<span class=\"_ _0\"></span>for<span class=\"_ _0\"></span>mati<span class=\"_ _0\"></span>va<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nat<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">quan<span class=\"_ _0\"></span>tit<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>iva<span class=\"fc0\"> </span></span></span></span></span></span></span>A.<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>5Ge<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>rch<span class=\"_ _0\"></span>ia<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span>fa<span class=\"_ _1\"></span>ir<span class=\"_ _3bd\"> </span>val<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>A.<span class=\"_ _0\"></span>4.5<span class=\"_ _0\"></span>.1<span class=\"_ _3bd\"> </span>At<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>pa<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>ate<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>fa<span class=\"_ _0\"></span>ir<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lue<span class=\"_ _3bd\"> </span>su<span class=\"_ _3bd\"> </span>ba<span class=\"_ _0\"></span>se<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>cor<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>e:<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>rti<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>per<span class=\"_ _3bd\"> </span>liv<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>fa<span class=\"_ _0\"></span>ir<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lue<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Att<span class=\"_ _1\"></span>ivi<span class=\"_ _0\"></span>t\u00e0/<span class=\"_ _0\"></span>Pa<span class=\"_ _0\"></span>ss<span class=\"_ _1\"></span>ivit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>mi<span class=\"_ _0\"></span>su<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>fa<span class=\"_ _0\"></span>ir<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _19f\"> </span><span class=\"fc4 sc2\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></span></span>L<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _11b\"> </span><span class=\"fc4 sc2\">L2<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _b7\"> </span><span class=\"fc4 sc2\">L3<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _194\"> </span><span class=\"fc4 sc2\">L<span class=\"_ _1\"></span>1<span class=\"fc0 sc1\"> <span class=\"_ _11b\"> </span></span>L<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _b7\"> </span><span class=\"fc4 sc2\">L3<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></span></span></span></span></span></span></span></span>1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">f<span class=\"_ _2\"></span>inanziar<span class=\"_ _0\"></span>ie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">impatto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">conto<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ec<span class=\"_ _0\"></span>onom<span class=\"_ _0\"></span>ico<span class=\"_ _0\"></span> 19.<span class=\"_ _0\"></span>61<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>37.<span class=\"_ _0\"></span>086<span class=\"_ _3bd\"> </span>52.<span class=\"_ _0\"></span>547<span class=\"_ _3bd\"> </span>16.<span class=\"_ _0\"></span>72<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>41<span class=\"_ _0\"></span>.17<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>24<span class=\"_ _0\"></span>.46<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>a)<span class=\"ff1\"> </span>at<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>rie<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>ten<span class=\"_ _0\"></span>ute<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">per</span> <span class=\"ff3\">l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>goz<span class=\"_ _0\"></span>iaz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span> <span class=\"_ _106\"> </span>1<span class=\"_ _0\"></span>9.0<span class=\"_ _0\"></span>52<span class=\"_ _3bd\"> </span></span></span></span></span>35.<span class=\"_ _0\"></span>885<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>16.<span class=\"_ _0\"></span>21<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>41<span class=\"_ _0\"></span>.17<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>583<span class=\"_ _3bd\"> </span>b)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">att<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>zia<span class=\"_ _1\"></span>rie<span class=\"ff1\"> </span>des<span class=\"_ _0\"></span>igna<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fair<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">valu<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span> <span class=\"_ _57\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>c)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"_ _2\"></span>bbligator<span class=\"_ _0\"></span>iamente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valutate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>val<span class=\"_ _0\"></span>ue<span class=\"_ _3bd\"> </span>56<span class=\"_ _1\"></span>3<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>201<span class=\"_ _3bd\"> </span>52.<span class=\"_ _0\"></span>524<span class=\"_ _3bd\"> </span>51<span class=\"_ _1\"></span>3<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>21<span class=\"_ _0\"></span>.88<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>2.Attivit\u00e0finanziarievalutatealfairvalueconimpattosulla<span class=\"_ _3bd\"> </span>redditivit\u00e0<span class=\"_ _3bd\"> </span>complessiva<span class=\"_ _0\"></span> 6.<span class=\"_ _0\"></span>162<span class=\"_ _0\"></span>.87<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>4<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>31.<span class=\"_ _0\"></span>578<span class=\"_ _3bd\"> </span>6.<span class=\"_ _0\"></span>553.8<span class=\"_ _0\"></span>24<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>859<span class=\"_ _3bd\"> </span>36.<span class=\"_ _0\"></span>500<span class=\"_ _3bd\"> </span>3.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Derivati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cope<span class=\"_ _0\"></span>rtu<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span> <span class=\"_ _2d\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>1.<span class=\"_ _0\"></span>090<span class=\"_ _0\"></span>.23<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>21<span class=\"_ _0\"></span>1.1<span class=\"_ _0\"></span>01<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>4.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mat<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span> <span class=\"_ _1a0\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>5.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">imma<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span>i <span class=\"_ _86\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>6.<span class=\"_ _0\"></span>18<span class=\"_ _0\"></span>2.4<span class=\"_ _0\"></span>90<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>13<span class=\"_ _0\"></span>2.0<span class=\"_ _0\"></span>22<span class=\"_ _3bd\"> </span>84<span class=\"_ _0\"></span>.12<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>6.<span class=\"_ _0\"></span>57<span class=\"_ _0\"></span>0.5<span class=\"_ _0\"></span>51<span class=\"_ _3bd\"> </span>25<span class=\"_ _0\"></span>5.<span class=\"_ _0\"></span>13<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>60<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>63<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Pas<span class=\"_ _0\"></span>sivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fina<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ie<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>nut<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>goz<span class=\"_ _0\"></span>iaz<span class=\"_ _0\"></span>ione<span class=\"_ _1\"></span> <span class=\"_ _112\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>36.<span class=\"_ _0\"></span>257<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>33.<span class=\"_ _0\"></span>148<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Pass<span class=\"_ _0\"></span>ivit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>fin<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>rie<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>esi<span class=\"_ _0\"></span>gna<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fai<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>lue<span class=\"_ _0\"></span> <span class=\"_ _1a1\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>3.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Derivati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cope<span class=\"_ _0\"></span>rtu<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span> <span class=\"_ _2d\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>874<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>58<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>40<span class=\"_ _0\"></span>8.0<span class=\"_ _0\"></span>84<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>-91<span class=\"_ _0\"></span>0.<span class=\"_ _0\"></span>315<span class=\"_ _3bd\"> </span>--44<span class=\"_ _0\"></span>1.2<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>-In<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riferimento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">va<span class=\"_ _2\"></span>lutate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>u<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">base<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ricorrente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">data<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">31<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dicembre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">2022<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">g<span class=\"_ _2\"></span>li<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">st<span class=\"_ _2\"></span>rumenti<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>valorizzati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>secondo<span class=\"ff1\">  </span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>mercato<span class=\"ff1\">  </span>p<span class=\"_ _0\"></span>i\u00f9<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>vantaggios<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(livello<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fair<span class=\"_ _2\"></span><span class=\"ff1\">  </span>v<span class=\"_ _0\"></span>alue<span class=\"ff1\">  </span>p<span class=\"_ _0\"></span>ari<span class=\"ff1\">  </span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>1)<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e/o<span class=\"ff1\">  </span>secondo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tecniche<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> </span>basate<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>parametri<span class=\"ff1\"> <span class=\"_ _2\"></span></span>osservabili<span class=\"ff1\"> </span>(livello<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>fair<span class=\"ff1\"> <span class=\"_ _2\"></span></span>value<span class=\"ff1\"> </span>p<span class=\"_ _2\"></span>ari<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>2)<span class=\"ff1\"> </span>rappresentano<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>99,79%<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>tot<span class=\"_ _2\"></span>ale<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>(valore<span class=\"ff1\"> </span>stabile<span class=\"ff1\"> </span>rispetto<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>corr<span class=\"_ _2\"></span>isponden<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>2021<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>99,44<span class=\"_ _2\"></span>%).<span class=\"_ _3bd\"> </span>Gli<span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> </span>valutati<span class=\"ff1\"> </span>tramite<span class=\"ff1\"> </span>tecniche<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> </span>basate<span class=\"ff1\"> </span>prevalentemente<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>parametri<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>osservabili<span class=\"ff1\"> </span>hanno<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riguardato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>una<span class=\"ff1\"> <span class=\"_ _20\"></span></span>part<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>esiduale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d<span class=\"_ _2\"></span>el<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>otale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valutate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _2\"></span></span>value<span class=\"ff1\"> <span class=\"_ _21\"></span></span>(0,21%)<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>costante<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rispetto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>2021<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>0,56%.<span class=\"_ _3bd\"> </span><div class=\"t m26 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsc62\">A.<span class=\"_ _0\"></span>4.5<span class=\"_ _0\"></span>.2<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsc63\">Va<span class=\"_ _0\"></span>ria<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsc64\">an<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsc65\">de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsc66\">at<span class=\"_ _1\"></span>tivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsc67\">va<span class=\"_ _0\"></span>lut<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsc68\">al<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsc69\">fai<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsc6a\">va<span class=\"_ _0\"></span>lue<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsc6b\">su<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsc6c\">ba<span class=\"_ _0\"></span>se<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsc6d\">ri<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsc6e\">(l<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsc6f\">3<span class=\"_ _0\"></span>)<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gsc70\">Att<span class=\"_ _1\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gsc71\">fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gsc72\">va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>tat<span class=\"_ _1\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gsc73\">al<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gsc74\">fa<span class=\"_ _1\"></span>ir<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gsc75\">va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gsc76\">co<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gsc77\">im<span class=\"_ _1\"></span>pat<span class=\"_ _0\"></span>to<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gsc78\">a<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gsc79\">Att<span class=\"_ _1\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gsc7a\">fi<span class=\"_ _0\"></span>nan<span class=\"_ _1\"></span>zia<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gsc7b\">val<span class=\"_ _0\"></span>utate<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gsc7c\">al<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gsc7d\">fair<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gsc7e\">val<span class=\"_ _0\"></span>ue<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gsc7f\">con<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gsc80\">impa<span class=\"_ _0\"></span>tto<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gsc81\">su<span class=\"_ _0\"></span>lla<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gsc82\">re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gsc83\">co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></div><div class=\"c wab h89 gsc84\"><div class=\"t m0 x1f9 h1c y511 ff3 fsc fc4 sc2 ls0 ws0\">cont<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div></div><div class=\"c wac h89 gsc85\"><div class=\"t m0 x1f9 h1c y511 ff3 fsc fc4 sc2 ls0 ws0\">ec<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>om<span class=\"_ _1\"></span>ico<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gsc86\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gsc87\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gsc88\">cui:<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gsc89\">a)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gsc8a\">at<span class=\"_ _0\"></span>tiv<span class=\"_ _1\"></span>it\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gsc8b\">fi<span class=\"_ _0\"></span>nan<span class=\"_ _1\"></span>zia<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gsc8c\">de<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gsc8d\">pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gsc8e\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gsc8f\">cui:<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gsc90\">b)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gsc91\">at<span class=\"_ _0\"></span>tiv<span class=\"_ _1\"></span>it\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gsc92\">fi<span class=\"_ _0\"></span>nan<span class=\"_ _1\"></span>zia<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gsc93\">de<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gsc94\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gsc95\">cui:<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gsc96\">c)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gsc97\">altre<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gsc98\">attiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gsc99\">fina<span class=\"_ _0\"></span>nziar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gsc9a\">ob<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>ori<span class=\"_ _0\"></span>am<span class=\"_ _1\"></span>ent<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gsc9b\">val<span class=\"_ _0\"></span>utate<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gsc9c\">al<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gsc9d\">fair<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gsc9e\">va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gsc9f\">De<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>vat<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gsca0\">d<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gsca1\">co<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gsca2\">Att<span class=\"_ _1\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gsca3\">m<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ali<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gsca4\">Att<span class=\"_ _1\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gsca5\">im<span class=\"_ _0\"></span>ma<span class=\"_ _1\"></span>teri<span class=\"_ _1\"></span>ali<span class=\"_ _3bd\"> </span></div><div class=\"c w5d h8b gsca6\"><div class=\"t m0 x1f9 h1c y51b ff3 fsc fc4 sc2 ls0 ws0\">l<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></div></div><div class=\"c wad h8b gsca7\"><div class=\"t m0 x1f9 h1c y51b ff3 fsc fc4 sc2 ls0 ws0\">al<span class=\"_ _3bd\"> </span></div></div><div class=\"c wae h8b gsca8\"><div class=\"t m0 x1f9 h1c y51b ff3 fsc fc4 sc2 ls0 ws0\">fa<span class=\"_ _1\"></span>ir<span class=\"_ _3bd\"> </span></div></div><div class=\"c waf h89 gsca9\"><div class=\"t m0 x1f9 h1c y51b ff3 fsc fc4 sc2 ls0 ws0\">ne<span class=\"_ _0\"></span>g<span class=\"_ _0\"></span>ozi<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>ion<span class=\"_ _1\"></span>e<span class=\"_ _3bd\"> </span></div></div><div class=\"c w6f h89 gscaa\"><div class=\"t m0 x1f9 h1c y51b ff3 fsc fc4 sc2 ls0 ws0\">va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gscab\">1.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gscac\">Esist<span class=\"_ _0\"></span>enze<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gscad\">in<span class=\"_ _1\"></span>izia<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span> <span class=\"_ _192\"> </span>24.4<span class=\"_ _0\"></span>63<span class=\"_ _1\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gscae\">2<span class=\"_ _0\"></span>.5<span class=\"_ _1\"></span>83<span class=\"_ _1\"></span> </div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gscaf\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gscb0\"> <span class=\"_ _2f\"> </span>21<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>80<span class=\"_ _1\"></span> <span class=\"_ _1a2\"> </span>36<span class=\"_ _1\"></span>.500<span class=\"_ _1\"></span> <span class=\"_ _b7\"> </span>-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gscb1\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gscb2\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gscb3\">2.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gscb4\">Au<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _1\"></span>i <span class=\"_ _1a3\"> </span>36<span class=\"_ _1\"></span>.545<span class=\"_ _1\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gscb5\">6<span class=\"_ _1\"></span>4 </div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gscb6\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gscb7\"> <span class=\"_ _2f\"> </span>36<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>81<span class=\"_ _0\"></span> <span class=\"_ _7f\"> </span>9<span class=\"_ _0\"></span>25<span class=\"_ _1\"></span> <span class=\"_ _7f\"> </span>-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gscb8\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gscb9\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gscba\">2.<span class=\"_ _0\"></span>1.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Ac<span class=\"_ _0\"></span>quis<span class=\"_ _0\"></span>ti <span class=\"_ _1a4\"> </span>36.<span class=\"_ _0\"></span>107<span class=\"_ _0\"></span> </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gscbb\">58<span class=\"_ _1\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gscbc\">- <span class=\"_ _4a\"> </span>36.<span class=\"_ _0\"></span>04<span class=\"_ _0\"></span>9 <span class=\"_ _4a\"> </span>- <span class=\"_ _7f\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _6c\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _83\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gscbd\">2.<span class=\"_ _0\"></span>2.<span class=\"ff1\"> </span>P<span class=\"_ _0\"></span>rofit<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">imp<span class=\"_ _0\"></span>uta<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a:<span class=\"_ _0\"></span> <span class=\"_ _17b\"> </span>43<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span> </span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gscbe\">2 </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gscbf\">- <span class=\"_ _c4\"> </span>43<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span> <span class=\"_ _70\"> </span>92<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span> <span class=\"_ _7f\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _6c\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _83\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gscc0\">2.2.1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Conto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Econ<span class=\"_ _0\"></span>omic<span class=\"_ _0\"></span>o <span class=\"_ _1a5\"> </span>4<span class=\"_ _0\"></span>34<span class=\"_ _1\"></span> </span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gscc1\">2 </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gscc2\">- <span class=\"_ _c4\"> </span>43<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span> <span class=\"_ _4a\"> </span>- <span class=\"_ _7f\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _6c\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _83\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gscc3\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">plu<span class=\"_ _0\"></span>sv<span class=\"_ _0\"></span>alen<span class=\"_ _0\"></span>ze<span class=\"_ _0\"></span> <span class=\"_ _1a6\"> </span>33<span class=\"_ _1\"></span>6 </span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gscc4\">- </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gscc5\">- <span class=\"_ _c4\"> </span>33<span class=\"_ _1\"></span>6 <span class=\"_ _4b\"> </span>- <span class=\"_ _7f\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _6c\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _83\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gscc6\">2.<span class=\"_ _0\"></span>2.2<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>Patri<span class=\"_ _0\"></span>mon<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>ne<span class=\"_ _1\"></span>tto<span class=\"_ _0\"></span> <span class=\"_ _1a7\"> </span>- <span class=\"_ _177\"> </span>X<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gscc7\">X <span class=\"_ _6a\"> </span>X<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gscc8\">92<span class=\"_ _1\"></span>5 <span class=\"_ _7f\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _6c\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _83\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gscc9\">2.<span class=\"_ _0\"></span>3.<span class=\"ff1\"> </span>Tr<span class=\"_ _0\"></span>asfe<span class=\"_ _0\"></span>rim<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>tri<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">live<span class=\"_ _0\"></span>lli<span class=\"_ _0\"></span> <span class=\"_ _32\"> </span>- </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gscca\">- </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsccb\">- <span class=\"_ _45\"> </span>- <span class=\"_ _4a\"> </span>- <span class=\"_ _7f\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _6c\"> </span><span class=\"ff3\">-<span class=\"_ _1c\"></span><span class=\"ff1\"> <span class=\"_ _31\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsccc\">2.4.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">variazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"_ _2\"></span>n<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">aum<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>o <span class=\"_ _41\"> </span>4 </span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsccd\">4 </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gscce\">- <span class=\"_ _45\"> </span>- <span class=\"_ _4a\"> </span>- <span class=\"_ _7f\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _6c\"> </span><span class=\"ff3\">-<span class=\"_ _1c\"></span><span class=\"ff1\"> <span class=\"_ _31\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gsccf\">3.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gscd0\">Di<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gscd1\">8.<span class=\"_ _0\"></span>461 </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gscd2\">2.<span class=\"_ _0\"></span>624 </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gscd3\">- <span class=\"_ _ca\"> </span>5.<span class=\"_ _1\"></span>837<span class=\"_ _1\"></span> <span class=\"_ _1a8\"> </span>5.8<span class=\"_ _0\"></span>47 <span class=\"_ _7f\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _6c\"> </span><span class=\"ff3\">-<span class=\"_ _1c\"></span><span class=\"ff1\"> <span class=\"_ _31\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gscd4\">3.1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Vend<span class=\"_ _0\"></span>ite<span class=\"_ _0\"></span> <span class=\"_ _1a9\"> </span>34<span class=\"_ _1\"></span>9 </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gscd5\">2<span class=\"_ _0\"></span>35<span class=\"_ _0\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gscd6\">- <span class=\"_ _11e\"> </span>1<span class=\"_ _1\"></span>14<span class=\"_ _0\"></span> <span class=\"_ _4a\"> </span>- <span class=\"_ _7f\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _6c\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _83\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gscd7\">3.2.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Rimb<span class=\"_ _0\"></span>orsi<span class=\"_ _1\"></span> <span class=\"_ _1aa\"> </span>4.<span class=\"_ _0\"></span>490 </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gscd8\">2<span class=\"_ _0\"></span>.0<span class=\"_ _1\"></span>79 </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gscd9\">- <span class=\"_ _6f\"> </span>2.4<span class=\"_ _0\"></span>11 <span class=\"_ _4a\"> </span>- <span class=\"_ _7f\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _6c\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _83\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gscda\">3.3<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>Per<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>impu<span class=\"_ _0\"></span>tat<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>:<span class=\"_ _0\"></span> <span class=\"_ _aa\"> </span>1<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>86 </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gscdb\">4<span class=\"_ _0\"></span>7 </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gscdc\">- <span class=\"_ _35\"> </span>1.<span class=\"_ _0\"></span>839<span class=\"_ _0\"></span> <span class=\"_ _1a8\"> </span>2.4<span class=\"_ _0\"></span>37 <span class=\"_ _7f\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _6c\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _83\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gscdd\">3.3<span class=\"_ _0\"></span>.1.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Con<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>Ec<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>omic<span class=\"_ _0\"></span>o <span class=\"_ _b5\"> </span>1.8<span class=\"_ _0\"></span>86 </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gscde\">4<span class=\"_ _0\"></span>7 </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gscdf\">- <span class=\"_ _35\"> </span>1.<span class=\"_ _0\"></span>839<span class=\"_ _0\"></span> <span class=\"_ _4a\"> </span>- <span class=\"_ _7f\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _6c\"> </span><span class=\"ff3\">-<span class=\"_ _1c\"></span><span class=\"ff1\"> <span class=\"_ _31\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsce0\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mi<span class=\"_ _0\"></span>nus<span class=\"_ _0\"></span>vale<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>e <span class=\"_ _ed\"> </span>42<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span> </span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsce1\">4<span class=\"_ _0\"></span>7 </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsce2\">- <span class=\"_ _ab\"> </span>3<span class=\"_ _1\"></span>76<span class=\"_ _0\"></span> <span class=\"_ _4a\"> </span>- <span class=\"_ _7f\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _6c\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _83\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsce3\">3.3<span class=\"_ _0\"></span>.2.<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">Patri<span class=\"_ _0\"></span>mon<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>ne<span class=\"_ _1\"></span>tto<span class=\"_ _1\"></span> <span class=\"_ _1a7\"> </span>- <span class=\"_ _177\"> </span>X<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsce4\">X <span class=\"_ _6a\"> </span>X<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsce5\">2.<span class=\"_ _0\"></span>437 <span class=\"_ _7f\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _6c\"> </span><span class=\"ff3\">-<span class=\"_ _1c\"></span><span class=\"ff1\"> <span class=\"_ _31\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsce6\">3.4<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>Tr<span class=\"_ _0\"></span>asfe<span class=\"_ _1\"></span>rimen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ltr<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>liv<span class=\"_ _0\"></span>elli<span class=\"_ _0\"></span> <span class=\"_ _6e\"> </span>1.<span class=\"_ _1\"></span>473 </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsce7\">- </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsce8\">- <span class=\"_ _37\"> </span>1.47<span class=\"_ _0\"></span>3 <span class=\"_ _1a8\"> </span>3<span class=\"_ _0\"></span>.3<span class=\"_ _1\"></span>20 <span class=\"_ _7f\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _6c\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _83\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"c wb0 h8d gsce9\"><div class=\"t m0 x1f9 h1c y12f ff3 fsc fc0 sc0 ls0 ws0\">3.5<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span></div></div><div class=\"c w77 h8d gscea\"><div class=\"t m0 x1f9 h1c y12f ff3 fsc fc0 sc0 ls0 ws0\">Alt<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span></div></div><div class=\"c w58 h8d gsceb\"><div class=\"t m0 x1f9 h1c y12f ff3 fsc fc0 sc0 ls0 ws0\">var<span class=\"_ _0\"></span>iaz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div></div><div class=\"c w7a h8d gscec\"><div class=\"t m0 x1f9 h1c y12f ff3 fsc fc0 sc0 ls0 ws0\">in<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsced\">dim<span class=\"_ _0\"></span>inu<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gscee\">2<span class=\"_ _0\"></span>63<span class=\"_ _1\"></span> <span class=\"_ _194\"> </span>2<span class=\"_ _0\"></span>63<span class=\"_ _1\"></span> <span class=\"_ _72\"> </span>- <span class=\"_ _45\"> </span>- <span class=\"_ _34\"> </span>90<span class=\"_ _1\"></span> <span class=\"_ _b7\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _6c\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _31\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gscef\">4.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gscf0\">Rim<span class=\"_ _1\"></span>an<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ze<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gscf1\">fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>li <span class=\"_ _f9\"> </span>52.<span class=\"_ _1\"></span>547<span class=\"_ _1\"></span> <span class=\"_ _1ab\"> </span>2<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span> </div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gscf2\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gscf3\"> <span class=\"_ _3b\"> </span>52<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>24<span class=\"_ _0\"></span> <span class=\"_ _1ac\"> </span>31<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>78<span class=\"_ _0\"></span> <span class=\"_ _7f\"> </span>-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gscf4\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gscf5\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gscf6\">L\u2019attribuzione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l<span class=\"_ _2\"></span>ivello<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _20\"></span></span>value<span class=\"ff1\"> <span class=\"_ _21\"></span></span>pari<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>3<span class=\"ff1\"> <span class=\"_ _21\"></span></span>riguarda<span class=\"ff1\"> <span class=\"_ _20\"></span></span>strumenti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>defin<span class=\"_ _0\"></span>iti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u201cilliquidi\u201d<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"_ _2\"></span>videnziano<span class=\"ff1\"> <span class=\"_ _20\"></span></span>poche<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gscf7\">valorizzazioni<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>corso<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tempo<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>quali<span class=\"ff1\"> </span>lo<span class=\"ff1\"> </span>stat<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>strumento<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>pi\u00f9<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>generale<span class=\"ff1\"> </span>dell\u2019emittente<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gscf8\">da<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">valu<span class=\"_ _0\"></span>taz<span class=\"_ _0\"></span>ione,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">n<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>rend<span class=\"_ _1\"></span>e<span class=\"ff1\"> </span>possi<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>\u2019ipo<span class=\"_ _0\"></span>tesi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">u<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>eve<span class=\"_ _0\"></span>ntu<span class=\"_ _0\"></span>ale<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>ipr<span class=\"_ _0\"></span>isti<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>me<span class=\"_ _0\"></span>rcato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ve<span class=\"_ _0\"></span>rso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">uno<span class=\"ff1\"> </span>sta<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ttiv<span class=\"_ _0\"></span>o.<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gscf9\">Nella<span class=\"ff1\"> </span>voce<span class=\"ff1\"> </span>2.1<span class=\"ff1\"> </span>\u201cAcquisti\u201d<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>riportat<span class=\"_ _2\"></span>i: </div><div class=\"t m4 h2c ff4 fs5 fc0 sc0 ls0 ws0 gscfa\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gscfb\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valutate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">FV<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">impatto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Conto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Economico:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>re<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">obbligazioni<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gscfc\">Nella<span class=\"ff1\"> </span>voce<span class=\"ff1\"> </span>3.1<span class=\"ff1\"> </span>\u201cVendite\u201d<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>riportati: </div><div class=\"t m4 h2c ff4 fs5 fc0 sc0 ls0 ws0 gscfd\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gscfe\">atti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nzia<span class=\"_ _0\"></span>rie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">valu<span class=\"_ _0\"></span>tate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ob<span class=\"_ _0\"></span>blig<span class=\"_ _0\"></span>atori<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>nte<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">al</span> <span class=\"ff3\">FV<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>mpat<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>Co<span class=\"_ _0\"></span>nto<span class=\"ff1\"> </span>E<span class=\"_ _0\"></span>con<span class=\"_ _0\"></span>omic<span class=\"_ _0\"></span>o:<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>ond<span class=\"_ _0\"></span>o; </span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m4 h2c ff4 fs5 fc0 sc0 ls0 ws0 gscff\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsd00\">atti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>anzia<span class=\"_ _0\"></span>rie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">v<span class=\"_ _0\"></span>alut<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al</span> <span class=\"_ _0\"></span><span class=\"ff3\">FV<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">impatt<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">CE:<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>ue<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">obb<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>azion<span class=\"_ _0\"></span>i. </span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsd01\">Le<span class=\"ff1\"> </span>variazioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">annue</span> <span class=\"ff3\">da</span> <span class=\"ff3\">e</span> <span class=\"ff3\">verso</span> <span class=\"ff3\">Livello</span> <span class=\"ff3\">3</span> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>31/12/2022<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>evi<span class=\"_ _0\"></span>denziano<span class=\"ff1\"> </span>tras<span class=\"_ _2\"></span>ferimenti<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>verso<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">livello<span class=\"ff1\"> </span>3<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsd02\">per<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>quanto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>riguarda<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sezione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>diminuzioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>quanto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>concerne<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sezione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>aumenti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tutte<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsd03\">cl<span class=\"_ _0\"></span>assi<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>cont<span class=\"_ _0\"></span>abil<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>(atti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>finan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>valu<span class=\"_ _0\"></span>tate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o<span class=\"_ _2\"></span>bb<span class=\"_ _0\"></span>liga<span class=\"_ _0\"></span>tori<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>FV<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>imp<span class=\"_ _0\"></span>atto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"ff3\">Conto</span> <span class=\"ff3\">Eco<span class=\"_ _0\"></span>nomic<span class=\"_ _0\"></span>o,<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsd04\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valutate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>F<span class=\"_ _2\"></span>V<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>impatto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Conto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Econom<span class=\"_ _2\"></span>ico<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>va<span class=\"_ _2\"></span>lutate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>FV<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsd05\">impatto<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>redditivit\u00e0<span class=\"ff1\"> </span>complessiva).<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsd07\">A.<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>5.4<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsd08\">At<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsd09\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsd0a\">pa<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsd0b\">no<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsd0c\">va<span class=\"_ _0\"></span>lut<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsd0d\">al<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsd0e\">fai<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsd0f\">va<span class=\"_ _0\"></span>lue<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsd10\">o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsd11\">va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>ate<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsd12\">al<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsd13\">fai<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsd14\">va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsd15\">su<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsd16\">ba<span class=\"_ _0\"></span>se<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsd17\">no<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsd18\">ri<span class=\"_ _0\"></span>cor<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>e:<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsd19\">ri<span class=\"_ _0\"></span>par<span class=\"_ _1\"></span>tizi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsd1a\">pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsd1b\">li<span class=\"_ _0\"></span>vel<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsd1c\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsd1d\">fai<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsd1e\">v<span class=\"_ _0\"></span>al<span class=\"_ _1\"></span>ue<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"gsd1f\"><table class=\"s w389 h21c\" id=\"_66019b29-35fc-4b20-88ef-3ccbdb6b1e07\"><tr><td class=\"t m0 x53d h2f y4c45 ff3 fs16 fc7 sc4 ls0 ws0\">Attivit\u00e0/Pas<span class=\"_ _0\"></span>sivit\u00e0<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x53e h2f y4c45 ff3 fs16 fc7 sc4 ls0 ws0\">non<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x53f h2f y4c45 ff3 fs16 fc7 sc4 ls0 ws0\" colspan=\"2\">misurate</td><td class=\"t m0 x540 h2f y4c45 ff3 fs16 fc7 sc4 ls0 ws0\">al<span class=\"_ _3bd\"> </span></td><td class=\"c x542 y4c46 w38a h20d\"><div class=\"t m0 x2c1 h2f y4a51 ff3 fs16 fc7 sc4 ls0 ws0\">fair<span class=\"_ _3bd\"> </span></div><div class=\"t m0 x541 h2f y4a51 ff3 fs16 fc7 sc4 ls0 ws0\">value</div></td><td class=\"t m0 x543 h2f y4c45 ff3 fs16 fc7 sc4 ls0 ws0\">o<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x544 h2f y4c45 ff3 fs16 fc7 sc4 ls0 ws0\">misurate<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x545 h2f y4c45 ff3 fs16 fc7 sc4 ls0 ws0\">al<span class=\"_ _3bd\"> </span></td><td></td><td class=\"c n x546 y4c47 w38b h20d\" colspan=\"2\"><div class=\"t m0 x2c1 h2f y4a51 ff3 fs16 fc7 sc4 ls0 ws0\">31/<span class=\"_ _0\"></span>12/<span class=\"_ _0\"></span>202<span class=\"_ _1\"></span>2<span class=\"_ _3bd\"> </span></div></td><td></td><td></td><td class=\"c n x547 y4c47 w308 h20d\" colspan=\"2\"><div class=\"t m0 x2c1 h2f y4a51 ff3 fs16 fc4 sc4 ls0 ws0 sc2 sc1\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _0\"></span>021<span class=\"_ _3bd\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c x549 y4c48 w38c h20d\"><div class=\"t m0 x2c1 h2f y4a51 ff3 fs16 fc7 sc4 ls0 ws0\">fair<span class=\"_ _3bd\"> </span></div><div class=\"t m0 x548 h2f y4a51 ff3 fs16 fc7 sc4 ls0 ws0\">value</div></td><td class=\"t m0 x53f h2f y4c49 ff3 fs16 fc7 sc4 ls0 ws0\">su<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x54a h2f y4c49 ff3 fs16 fc7 sc4 ls0 ws0\">base<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x54b h2f y4c49 ff3 fs16 fc7 sc4 ls0 ws0\">non<span class=\"_ _3bd\"> </span></td><td></td><td class=\"t m0 x54c h2f y4c49 ff3 fs16 fc7 sc4 ls0 ws0\">ricorrente<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c n x54d y4c4a w38d h20d\"><div class=\"t m0 x2c1 h2f y4a51 ff3 fs16 fc4 sc2 ls0 ws0\">V<span class=\"_ _0\"></span>B<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x54e y4c4a w38e h20d\"><div class=\"t m0 x2c1 h2f y4a51 ff3 fs16 fc4 sc2 ls0 ws0 sc1\">L<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x54f y4c4a w38f h20d\"><div class=\"t m0 x2c1 h2f y4a51 ff3 fs16 fc4 sc2 ls0 ws0 sc1\">L2<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x550 y4c4a w390 h20d\"><div class=\"t m0 x2c1 h2f y4a51 ff3 fs16 fc4 sc2 ls0 ws0 sc1\">L3<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x551 y4c4a w391 h20d\"><div class=\"t m0 x2c1 h2f y4a51 ff3 fs16 fc4 sc2 ls0 ws0 sc1\">VB<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x552 y4c4a w392 h20d\"><div class=\"t m0 x2c1 h2f y4a51 ff3 fs16 fc4 sc2 ls0 ws0 sc1\">L<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x553 y4c4a w38f h20d\"><div class=\"t m0 x2c1 h2f y4a51 ff3 fs16 fc4 sc2 ls0 ws0 sc1\">L2<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x554 y4c4a w393 h20d\"><div class=\"t m0 x2c1 h2f y4a51 ff3 fs16 fc4 sc2 ls0 ws0 sc1\">L<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span></div></td></tr><tr><td class=\"c n x2c2 y4c4b w394 h20d\"><div class=\"t m0 x2c1 h2f y4a51 ff3 fs16 fc0 sc0 ls0 ws0\">1.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Attiv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span>fin<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>iarie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">val<span class=\"_ _0\"></span>uta<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>costo<span class=\"ff1\"> </span>ammo<span class=\"_ _0\"></span>rtiz<span class=\"_ _0\"></span>zato<span class=\"_ _3bd\"> </span></span></span></span></span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c n x555 y4c4b w395 h20d\"><div class=\"t m0 x2c1 h2f y4a51 ff3 fs16 fc0 sc0 ls0 ws0\">4<span class=\"_ _0\"></span>3.8<span class=\"_ _0\"></span>31.2<span class=\"_ _0\"></span>10</div></td><td class=\"t m0 x556 h2f y4c4c ff3 fs16 fc0 sc0 ls0 ws0\">7.1<span class=\"_ _0\"></span>53.<span class=\"_ _0\"></span>286<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x557 h2f y4c4c ff3 fs16 fc0 sc0 ls0 ws0\">575<span class=\"_ _0\"></span>.500<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x558 h2f y4c4c ff3 fs16 fc0 sc0 ls0 ws0\">34<span class=\"_ _0\"></span>.547.<span class=\"_ _0\"></span>315<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x559 h2f y4c4c ff3 fs16 fc0 sc0 ls0 ws0\">49<span class=\"_ _0\"></span>.137.<span class=\"_ _0\"></span>481<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x55a h2f y4c4c ff3 fs16 fc0 sc0 ls0 ws0\">6.<span class=\"_ _0\"></span>503.<span class=\"_ _0\"></span>782<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x55b h2f y4c4c ff3 fs16 fc0 sc0 ls0 ws0\">61<span class=\"_ _0\"></span>8.020<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x55c h2f y4c4c ff3 fs16 fc0 sc0 ls0 ws0\">42.8<span class=\"_ _0\"></span>61.<span class=\"_ _0\"></span>918<span class=\"_ _3bd\"> </span></td></tr><tr><td class=\"c n x2c2 y4c4d w396 h20d\"><div class=\"t m0 x2c1 h2f y4a51 ff3 fs16 fc0 sc0 ls0 ws0\">2.<span class=\"ff1\"> </span>A<span class=\"_ _0\"></span>ttivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>ma<span class=\"_ _0\"></span>teri<span class=\"_ _0\"></span>ali<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>tenu<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>scop<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>inve<span class=\"_ _0\"></span>stim<span class=\"_ _0\"></span>ento<span class=\"_ _3bd\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c n x55d y4c4d w397 h20d\"><div class=\"t m0 x2c1 h2f y4a51 ff3 fs16 fc0 sc0 ls0 ws0\">5.1<span class=\"_ _0\"></span>54<span class=\"_ _3bd\"> </span></div></td><td class=\"t m1e x55e h2f y4c4e ff3 fs16 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></td><td class=\"t m1e x55f h2f y4c4e ff3 fs16 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x560 h2f y4c4e ff3 fs16 fc0 sc0 ls0 ws0\">9.<span class=\"_ _0\"></span>118<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x561 h2f y4c4e ff3 fs16 fc0 sc0 ls0 ws0\">5.1<span class=\"_ _0\"></span>28<span class=\"_ _3bd\"> </span></td><td class=\"t m1e x562 h2f y4c4e ff3 fs16 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></td><td class=\"t m1e x563 h2f y4c4e ff3 fs16 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x564 h2f y4c4e ff3 fs16 fc0 sc0 ls0 ws0\">10<span class=\"_ _0\"></span>.058<span class=\"_ _3bd\"> </span></td></tr><tr><td class=\"t m0 x565 h2f y4c4f ff3 fs16 fc0 sc0 ls0 ws0\">3.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">At<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">corrent<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gru<span class=\"_ _2\"></span>ppi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">via<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di</span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m1e x566 h2f y4c50 ff3 fs16 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></td><td class=\"t m1e x55e h2f y4c50 ff3 fs16 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></td><td class=\"t m1e x55f h2f y4c50 ff3 fs16 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></td><td class=\"t m1e x567 h2f y4c50 ff3 fs16 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x568 h2f y4c50 ff3 fs16 fc0 sc0 ls0 ws0\">5.8<span class=\"_ _0\"></span>07<span class=\"_ _3bd\"> </span></td><td class=\"t m1e x562 h2f y4c50 ff3 fs16 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></td><td class=\"t m1e x563 h2f y4c50 ff3 fs16 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x569 h2f y4c50 ff3 fs16 fc0 sc0 ls0 ws0\">5.8<span class=\"_ _0\"></span>07<span class=\"_ _3bd\"> </span></td></tr><tr><td class=\"t m0 x565 h2f y4c51 ff3 fs16 fc0 sc0 ls0 ws0\">dis<span class=\"_ _0\"></span>missi<span class=\"_ _0\"></span>one </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x56a h2f y4c52 ff3 fs16 fc0 sc1 ls0 ws0\">Tot<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x56b h2f y4c52 ff3 fs16 fc0 sc1 ls0 ws0\">43<span class=\"_ _0\"></span>.83<span class=\"_ _0\"></span>6.3<span class=\"_ _0\"></span>64<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x556 h2f y4c52 ff3 fs16 fc0 sc1 ls0 ws0\">7.1<span class=\"_ _0\"></span>53<span class=\"_ _0\"></span>.28<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x56c h2f y4c52 ff3 fs16 fc0 sc1 ls0 ws0\">575<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>00<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x558 h2f y4c52 ff3 fs16 fc0 sc1 ls0 ws0\">34<span class=\"_ _0\"></span>.55<span class=\"_ _0\"></span>6.4<span class=\"_ _0\"></span>33<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x559 h2f y4c52 ff3 fs16 fc0 sc1 ls0 ws0\">49<span class=\"_ _0\"></span>.14<span class=\"_ _0\"></span>8.4<span class=\"_ _0\"></span>16<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x56d h2f y4c52 ff3 fs16 fc0 sc1 ls0 ws0\">6.5<span class=\"_ _0\"></span>03<span class=\"_ _0\"></span>.78<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x56e h2f y4c52 ff3 fs16 fc0 sc1 ls0 ws0\">61<span class=\"_ _0\"></span>8.0<span class=\"_ _0\"></span>20<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x56f h2f y4c52 ff3 fs16 fc0 sc1 ls0 ws0\">42.<span class=\"_ _0\"></span>877<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>83<span class=\"_ _3bd\"> </span></td></tr><tr><td class=\"c n x2c2 y4c53 w398 h20d\"><div class=\"t m0 x2c1 h2f y4a5a ff3 fs16 fc0 sc0 ls0 ws0\">1.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Passiv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inanz<span class=\"_ _0\"></span>iari<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>valuta<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>costo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ammorti<span class=\"_ _0\"></span>zzat<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></span></span></span></span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c n x570 y4c53 w399 h20d\"><div class=\"t m0 x2c1 h2f y4a5a ff3 fs16 fc0 sc0 ls0 ws0\">50.<span class=\"_ _0\"></span>883.<span class=\"_ _0\"></span>109</div></td><td class=\"t m0 x571 h2f y4c54 ff3 fs16 fc0 sc0 ls0 ws0\">3.1<span class=\"_ _0\"></span>20.8<span class=\"_ _0\"></span>26<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x572 h2f y4c54 ff3 fs16 fc0 sc0 ls0 ws0\">2.5<span class=\"_ _0\"></span>39.<span class=\"_ _0\"></span>277<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x558 h2f y4c54 ff3 fs16 fc0 sc0 ls0 ws0\">45<span class=\"_ _0\"></span>.149.0<span class=\"_ _0\"></span>65<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x573 h2f y4c54 ff3 fs16 fc0 sc0 ls0 ws0\">52.<span class=\"_ _0\"></span>726.<span class=\"_ _0\"></span>659<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x55a h2f y4c54 ff3 fs16 fc0 sc0 ls0 ws0\">2.4<span class=\"_ _0\"></span>70.5<span class=\"_ _0\"></span>65<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x574 h2f y4c54 ff3 fs16 fc0 sc0 ls0 ws0\">7.2<span class=\"_ _0\"></span>51.8<span class=\"_ _0\"></span>82<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x56f h2f y4c54 ff3 fs16 fc0 sc0 ls0 ws0\">43<span class=\"_ _0\"></span>.050.<span class=\"_ _0\"></span>761<span class=\"_ _3bd\"> </span></td></tr><tr><td class=\"t m0 x565 h2f y4c55 ff3 fs16 fc0 sc0 ls0 ws0\">2.<span class=\"ff1\"> </span>P<span class=\"_ _0\"></span>assi<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">assoc<span class=\"_ _0\"></span>iate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ad<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">atti<span class=\"_ _0\"></span>vit\u00e0<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">via</span> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>dismi<span class=\"_ _0\"></span>ssion<span class=\"_ _0\"></span>e</span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m1e x566 h2f y4c55 ff3 fs16 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></td><td class=\"t m1e x55e h2f y4c55 ff3 fs16 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></td><td class=\"t m1e x55f h2f y4c55 ff3 fs16 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></td><td class=\"t m1e x567 h2f y4c55 ff3 fs16 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x568 h2f y4c55 ff3 fs16 fc0 sc0 ls0 ws0\">7.8<span class=\"_ _0\"></span>90<span class=\"_ _3bd\"> </span></td><td class=\"t m1e x562 h2f y4c55 ff3 fs16 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></td><td class=\"t m1e x563 h2f y4c55 ff3 fs16 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x569 h2f y4c55 ff3 fs16 fc0 sc0 ls0 ws0\">7.8<span class=\"_ _0\"></span>90<span class=\"_ _3bd\"> </span></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x56a h2f y4c56 ff3 fs16 fc0 sc1 ls0 ws0\">Tot<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x575 h2f y4c56 ff3 fs16 fc0 sc1 ls0 ws0\">50.<span class=\"_ _0\"></span>88<span class=\"_ _0\"></span>3.1<span class=\"_ _0\"></span>09<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x556 h2f y4c56 ff3 fs16 fc0 sc1 ls0 ws0\">3.1<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>.82<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x572 h2f y4c56 ff3 fs16 fc0 sc1 ls0 ws0\">2.5<span class=\"_ _0\"></span>39<span class=\"_ _0\"></span>.27<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x576 h2f y4c56 ff3 fs16 fc0 sc1 ls0 ws0\">45<span class=\"_ _0\"></span>.14<span class=\"_ _0\"></span>9.0<span class=\"_ _0\"></span>65<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x577 h2f y4c56 ff3 fs16 fc0 sc1 ls0 ws0\">52<span class=\"_ _0\"></span>.73<span class=\"_ _0\"></span>4.5<span class=\"_ _0\"></span>49<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x56d h2f y4c56 ff3 fs16 fc0 sc1 ls0 ws0\">2.4<span class=\"_ _0\"></span>70<span class=\"_ _0\"></span>.56<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x578 h2f y4c56 ff3 fs16 fc0 sc1 ls0 ws0\">7.2<span class=\"_ _0\"></span>51<span class=\"_ _0\"></span>.88<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x55c h2f y4c56 ff3 fs16 fc0 sc1 ls0 ws0\">43<span class=\"_ _0\"></span>.05<span class=\"_ _0\"></span>8.6<span class=\"_ _0\"></span>51<span class=\"_ _3bd\"> </span></td></tr></table></div>A.<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>2Pro<span class=\"_ _1\"></span>ces<span class=\"_ _0\"></span>si<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>se<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>ibi<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>taz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Gli<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>strumenti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>scambiati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>su<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>mercati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>attivi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>valutati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>mark<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>to<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>model<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>utilizzando<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tecnica<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>m<span class=\"_ _2\"></span>assimizza<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>l\u2019<span class=\"_ _0\"></span>utilizzo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>ati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>osservabili<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sul<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>mer<span class=\"_ _2\"></span>cato.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Qualora<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">parametri</span> <span class=\"_ _27\"> </span><span class=\"ff3\">risultino</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">non</span> </span>disponibili<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>direttamente<span class=\"ff1\"> </span>osservabili<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>livello<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>attribuito<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>3<span class=\"_ _2\"></span>. Alla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>data<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>31/12/20<span class=\"_ _2\"></span>212<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nessun<span class=\"ff1\"> <span class=\"_ _2\"></span></span>strumento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziario<span class=\"ff1\"> <span class=\"_ _2\"></span></span>derivato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>st<span class=\"_ _2\"></span>ato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valutato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> </span>mark<span class=\"_ _3bd\"> </span>to<span class=\"_ _3bd\"> </span>model <span class=\"_ _2\"></span><span class=\"ff3 fs5\">tramite<span class=\"ff1\"> </span></span>parametri<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>mercato<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>direttamente<span class=\"ff1\"> </span>osservabili. A.<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>3Ge<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>rch<span class=\"_ _0\"></span>ia<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span>fa<span class=\"_ _0\"></span>ir<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>Tr<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>fer<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>tra<span class=\"_ _3bd\"> </span>i<span class=\"_ _3bd\"> </span>liv<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>lla<span class=\"_ _3bd\"> </span>ge<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>rch<span class=\"_ _0\"></span>ia<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span>fai<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>La<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">gerar<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fai<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>valu<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ttrib<span class=\"_ _1\"></span>uisce<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>m<span class=\"_ _0\"></span>assi<span class=\"_ _0\"></span>ma<span class=\"ff1\"> </span>pr<span class=\"_ _0\"></span>iori<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>ai<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pre<span class=\"_ _0\"></span>zzi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quo<span class=\"_ _0\"></span>tati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">(no<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>ttifi<span class=\"_ _0\"></span>cat<span class=\"_ _0\"></span>i)<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">me<span class=\"_ _0\"></span>rcati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">atti<span class=\"_ _0\"></span>vi<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>attivit\u00e0<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>passivit\u00e0<span class=\"ff1\"> </span>ide<span class=\"_ _0\"></span>ntiche<span class=\"ff1\"> </span>(dati<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">livello<span class=\"ff1\"> </span>1)<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>priorit\u00e0<span class=\"ff1\"> </span>minima<span class=\"ff1\"> </span>agli<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>nput<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>osservabili<span class=\"ff1\"> </span>(dati<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">livello</span> <span class=\"ff3\">3). </span></span></span></span></span></span>I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Liv<span class=\"_ _0\"></span>elli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">uti<span class=\"_ _0\"></span>liz<span class=\"_ _0\"></span>zati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cl<span class=\"_ _0\"></span>assi<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>azion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>ipo<span class=\"_ _0\"></span>rtate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">n<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>egu<span class=\"_ _0\"></span>ito<span class=\"ff1\"> </span>de<span class=\"_ _1\"></span>lla<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Not<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>nteg<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>va<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">seguen<span class=\"_ _0\"></span>ti:<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>\u201clivello<span class=\"ff1\"> </span>1\u201d:<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> </span>fin<span class=\"_ _0\"></span>anziari<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>determinato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>prezzi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>otazione<span class=\"ff1\"> </span>oss<span class=\"_ _2\"></span>ervabili<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>mercati<span class=\"ff1\"> </span>attivi<span class=\"ff1\"> </span>(non<span class=\"ff1\"> </span>rettificati)<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>quali<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>pu\u00f2<span class=\"ff1\"> </span>accedere<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valutazione; -<span class=\"_ _3bd\"> </span>\u201clivello<span class=\"ff1\"> </span>2\u201d:<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>fair<span class=\"ff1\"> <span class=\"_ _2\"></span></span>value<span class=\"ff1\"> </span>degli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>strumenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziari<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>eterminato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>input<span class=\"ff1\"> </span>diversi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dai<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prezzi<span class=\"ff1\"> </span>quotat<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>inclusi<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>Livello<span class=\"ff1\"> </span>1<span class=\"_ _2\"></span><span class=\"ff1\"> </span>osservabili<span class=\"ff1\"> </span>dirett<span class=\"_ _2\"></span>amente<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>indirettamente<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>l\u2019attivit\u00e0<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>passivit\u00e0<span class=\"_ _2\"></span>,<span class=\"ff1\"> </span>utilizzando<span class=\"ff1\"> </span>anche<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tecniche<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valutazione; -<span class=\"_ _3bd\"> </span>\u201cli<span class=\"_ _0\"></span>vel<span class=\"_ _0\"></span>lo<span class=\"ff1\"> </span>3\u201d<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">:</span> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fai<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>val<span class=\"_ _0\"></span>ue<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">degl<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>st<span class=\"_ _0\"></span>rume<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fin<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>iari<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u00e8</span> <span class=\"ff3\">d<span class=\"_ _0\"></span>ete<span class=\"_ _0\"></span>rmin<span class=\"_ _0\"></span>ato<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>ba<span class=\"_ _0\"></span>se<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>inp<span class=\"_ _0\"></span>ut<span class=\"ff1\"> </span>no<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">osse<span class=\"_ _0\"></span>rva<span class=\"_ _0\"></span>bil<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>l\u2019<span class=\"_ _0\"></span>atti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>o<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>passivit\u00e0,<span class=\"ff1\"> </span>utilizzando<span class=\"ff1\"> </span>anche<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tecniche<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valutazione. L\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attr<span class=\"_ _2\"></span>ibuzione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>liv<span class=\"_ _2\"></span>elli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rappresentata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dalla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>verif<span class=\"_ _2\"></span>ica<span class=\"ff1\"> <span class=\"_ _2\"></span></span>puntuale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ogni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>str<span class=\"_ _2\"></span>umento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>detenuto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nei<span class=\"ff1\"> </span>portafogli<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ropriet\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>possibile<span class=\"ff1\"> </span>potenziale<span class=\"ff1\"> </span>mercato<span class=\"ff1\"> </span>attivo<span class=\"ff1\"> </span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rispetti</span> <span class=\"ff3\">alcune</span> <span class=\"ff3\">regole</span> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>val<span class=\"_ _2\"></span>orizzazione.<span class=\"ff1\"> </span></span></span>In<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">particolare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">viene<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">anal<span class=\"_ _2\"></span>izzato<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">contr<span class=\"_ _2\"></span>ibuzioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">risultino<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">continuative,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contenute<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">n<span class=\"_ _2\"></span>ei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">delta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">spread<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">bi<span class=\"_ _2\"></span>d<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ask<span class=\"_ _2\"></span>,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>indicative<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>possibili<span class=\"ff1\"> </span>transazioni<span class=\"ff1\"> </span>recenti<span class=\"ff1\"> </span>quindi<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>trascinate,<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>l\u2019emittente<span class=\"ff1\"> </span>risulti<span class=\"ff1\"> </span>solido<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>attivo. Il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">m<span class=\"_ _2\"></span>ancato<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>spetto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">regole<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">por<span class=\"_ _2\"></span>ta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">aggravio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">livello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">associato<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valorizzazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>i\u00f9<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">coerente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>rappresentativa<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>str<span class=\"_ _2\"></span>umento. Analogamente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019analisi<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>iene<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">effettuata<span class=\"ff1\"> </span>anc<span class=\"_ _0\"></span>he<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ne<span class=\"_ _2\"></span>lla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">verifica<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">potenziale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ipristino<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mercat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">at<span class=\"_ _2\"></span>tivo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sugli<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>strumenti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quali<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>corso<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tempo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>v<span class=\"_ _2\"></span>erifica<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>riatt<span class=\"_ _2\"></span>ivazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valorizzazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cont<span class=\"_ _2\"></span>inuative<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sul<span class=\"_ _2\"></span><span class=\"ff1\"> </span>mercato<span class=\"ff1\"> </span>regolamentato<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>non. A.<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>4Alt<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>inf<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>zio<span class=\"_ _1\"></span>ni<span class=\"fc0 sc1\"> </span>La<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gerarchia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">at<span class=\"_ _2\"></span>tribuisce<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">massima<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">priorit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ai<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">prezzi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">quotati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rettificati)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mercati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>attivit\u00e0<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>passivit\u00e0<span class=\"ff1\"> </span>ide<span class=\"_ _0\"></span>ntiche<span class=\"ff1\"> </span>(dati<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">livello<span class=\"ff1\"> </span>1)<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>priorit\u00e0<span class=\"ff1\"> </span>minima<span class=\"ff1\"> </span>agli<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>nput<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>osservabili<span class=\"ff1\"> </span>(dati<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">livello</span> <span class=\"ff3\">3).</span> </span></span></span></span></span>L\u2019attivit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>attribuzione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>livelli<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>avviene<span class=\"ff1\"> </span>trimestr<span class=\"_ _2\"></span>almente<span class=\"ff1\"> </span>all<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>date<span class=\"ff1\"> </span>contabili<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>riferimento<span class=\"ff1\"> </span>basandosi<span class=\"ff1\"> </span>sull<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>verifica<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> </span>presenza<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">u<span class=\"_ _2\"></span>n<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mercato<span class=\"ff1\"> </span>principale<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>pi\u00f9<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vantaggioso<span class=\"ff1\"> </span>nell\u2019intervallo<span class=\"ff1\"> </span>temporale<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>antecedente<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>contabile<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>riferimento.<span class=\"ff1\"> </span>L\u2019attivit\u00e0<span class=\"ff1\"> </span>prevede<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>verifica<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>alcuni<span class=\"ff1\"> </span>principi<span class=\"ff1\"> </span>nece<span class=\"_ _2\"></span>ssari<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>definizione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>presenza<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mercato<span class=\"ff1\"> </span>attivo<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>ogni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">strumento</span> <span class=\"ff3\">finanzi<span class=\"_ _0\"></span>ario<span class=\"ff1\"> </span>identificati<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>isponibilit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></span></span></span></span></span></span>valorizzazioni<span class=\"ff1\"> </span>eseguibili,<span class=\"ff1\"> </span>continue<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>scarto<span class=\"ff1\"> </span>denaro-lettera<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(b<span class=\"_ _0\"></span>id-ask<span class=\"ff1\"> </span>spread)<span class=\"ff1\"> </span>contenuti. Il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rispetto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>ali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>condizioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>determina<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>livello<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _21\"></span></span>valu<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>de<span class=\"_ _2\"></span>llo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>trumento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>analizzato.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Qualora<span class=\"ff1\"> <span class=\"_ _20\"></span></span>non<span class=\"ff1\"> <span class=\"_ _21\"></span></span>siano<span class=\"ff1\"> </span>presenti<span class=\"ff1\"> </span>quotazioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> </span>mercat<span class=\"_ _2\"></span>o,<span class=\"ff1\"> </span>l\u2019utilizzo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tecniche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valutazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>viene<span class=\"ff1\"> <span class=\"_ _2\"></span></span>effettuata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ogni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>data<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contabile<span class=\"ff1\"> </span>massimizzando<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019utilizzo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">input<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">oss<span class=\"_ _2\"></span>ervabili<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rilevanti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riducendo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">minimo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019utilizzo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">input<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">os<span class=\"_ _2\"></span>servabili.<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>La<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>verifica<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tali<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>parametri<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>input<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>funzione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>disponibilit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>determina<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>liv<span class=\"_ _2\"></span>ello<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fair<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>value<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dello<span class=\"ff1\"> </span>stru<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nto. Alle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">date<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contabili<span class=\"ff1\"> </span>viene<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">inoltr<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"_ _2\"></span>ffettuata<span class=\"ff1\"> </span>una<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>nalisi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">comparativa<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">livelli<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ispetto<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">trimestre<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>precedente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>l\u2019inizio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dell\u2019esercizio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riferimento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fine<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>individuare<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>rasferimenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>livelli<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _21\"></span></span>value<span class=\"ff1\"> </span>avvenuti<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>corso<span class=\"ff1\"> </span>dell\u2019esercizio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>riferimento<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>circostanze<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>hanno<span class=\"ff1\"> </span>determinato<span class=\"ff1\"> </span>tale<span class=\"ff1\"> </span>tras<span class=\"_ _2\"></span>ferimento.<span class=\"_ _3bd\"> </span> ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-813": {
   "value": "A<span class=\"_ _3bd\"> </span>.<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>\u2013<span class=\"_ _3bd\"> </span>Info<span class=\"_ _0\"></span>rmativa<span class=\"_ _3bd\"> </span>sul<span class=\"_ _3bd\"> </span>c.d.<span class=\"_ _3bd\"> </span>\u201cday<span class=\"_ _3bd\"> </span>one<span class=\"_ _3bd\"> </span>pr<span class=\"_ _0\"></span>of<span class=\"_ _0\"></span>it/<span class=\"_ _0\"></span>los<span class=\"_ _0\"></span>s\u201d<span class=\"_ _0\"></span> I<span class=\"ff1\"> <span class=\"_ _20\"></span></span>proventi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>conne<span class=\"_ _0\"></span>ssi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>all\u2019emissione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prestit<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>obbligazionari,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>deter<span class=\"_ _2\"></span>minati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dalla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"_ _0\"></span>fferenza<span class=\"ff1\"> <span class=\"_ _21\"></span></span>tra<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>co<span class=\"_ _0\"></span>rrispettivo<span class=\"ff1\"> </span>incassato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ed<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">str<span class=\"_ _2\"></span>umento,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>riconosciuti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">conto<span class=\"ff1\"> </span>economico<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">data<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">emissione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>tutti<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>casi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fair<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>value<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>ia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>determinato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>attraverso<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tecniche<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valutazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">p<span class=\"_ _0\"></span>rendono<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span></span>paramet<span class=\"_ _2\"></span>ri<span class=\"ff1\"> </span></span></span>osservabili<span class=\"ff1\"> </span>sul<span class=\"ff1\"> </span>mercato.<span class=\"_ _3bd\"> </span>Il<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>principio<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>IFRS9<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>p<span class=\"_ _0\"></span>revede<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>l\u2019iscrizione<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>iniziale<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>degli<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>strumenti<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>finanziari<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>avvenga<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>fair<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>value.<span class=\"ff1\"> </span>Normalmente<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _21\"></span></span>valu<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>uno<span class=\"ff1\"> <span class=\"_ _20\"></span></span>strumento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>finanziario<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>data<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rilevazi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"_ _2\"></span>iziale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"></span></span>bil<span class=\"_ _0\"></span>anc<span class=\"_ _2\"></span>io<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"></span></span>pari<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> </span>\u201cprezzo<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">transazione\u201d;</span> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">parole,<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">costo</span> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>all<span class=\"_ _0\"></span>\u2019importo<span class=\"ff1\"> </span>erog<span class=\"_ _0\"></span>ato<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"_ _2\"></span><span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">somma<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>incassata<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>passivit\u00e0<span class=\"ff1\"> </span>finanziarie.<span class=\"_ _3bd\"> </span>L\u2019affermazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"_ _2\"></span>l\u2019atto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dell\u2019iscrizione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"_ _2\"></span>iziale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">uno<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">str<span class=\"_ _2\"></span>umento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziario<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">coincide<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>con<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>prezzo<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>transazione<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>intuitivamente<span class=\"ff1\"> </span>sempre<span class=\"ff1\"> </span>riscontrabile<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>caso<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>trans<span class=\"_ _2\"></span>azioni<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>cosidde<span class=\"_ _0\"></span>tto<span class=\"ff1\"> </span>\u201cLivello<span class=\"ff1\"> </span>1\u201d<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>gerarchia<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value.<span class=\"_ _3bd\"> </span>Anche<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>caso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u201c<span class=\"_ _2\"></span>Livello<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>2\u201d,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>basa<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>u<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>prezzi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>derivati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ind<span class=\"_ _0\"></span>irettamente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>mercato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(c<span class=\"_ _0\"></span>omparable<span class=\"ff1\"> </span>approach),<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>l\u2019is<span class=\"_ _2\"></span>crizione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>inizial<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>vede,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>moltiss<span class=\"_ _2\"></span>imi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>c<span class=\"_ _0\"></span>asi,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sostanzialme<span class=\"_ _0\"></span>nte<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>coincidere<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fair<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>v<span class=\"_ _0\"></span>alue<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>prezzo.<span class=\"ff1\"> </span>Eventuali<span class=\"ff1\"> </span>differenze<span class=\"ff1\"> </span>tra<span class=\"ff1\"> </span>prezzo<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>nor<span class=\"_ _2\"></span>ma<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>attribuire<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>cosiddetti<span class=\"ff1\"> </span>margini<span class=\"ff1\"> </span>commerciali.<span class=\"_ _3bd\"> </span></span></span>Nel<span class=\"ff1\"> <span class=\"_ _2\"></span></span>caso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u201cLivello<span class=\"ff1\"> <span class=\"_ _2\"></span></span>3\u201d,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"_ _2\"></span>vece,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sussiste<span class=\"ff1\"> <span class=\"_ _20\"></span></span>una<span class=\"ff1\"> <span class=\"_ _2\"></span></span>discrezionalit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pa<span class=\"_ _2\"></span>rziale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019operatore<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nella<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valutazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dello<span class=\"ff1\"> </span>strumento<span class=\"ff1\">  </span>e,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>pertanto,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>proprio<span class=\"ff1\">  </span>per<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\">  </span>maggior<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>soggettivit\u00e0<span class=\"ff1\">  </span>nella<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>determinazione<span class=\"ff1\">  </span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fair<span class=\"ff1\">  </span>v<span class=\"_ _0\"></span>alue<span class=\"ff1\">  </span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u00e8<span class=\"ff1\"> </span>disponibile<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>inequivocabile<span class=\"ff1\"> <span class=\"_ _2\"></span></span>termine<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>riferimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"ff1\"> <span class=\"_ _2\"></span></span>raffront<span class=\"_ _2\"></span>are<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prezzo<span class=\"ff1\"> </span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>transazione.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tale<span class=\"ff1\"> </span>rag<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l\u2019I<span class=\"_ _0\"></span>FRS<span class=\"_ _0\"></span>9<span class=\"ff1\"> </span>escl<span class=\"_ _0\"></span>ude<span class=\"ff1\"> </span>ch<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>l'e<span class=\"_ _0\"></span>ven<span class=\"_ _0\"></span>tua<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>izia<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>dif<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>renza<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tra</span> <span class=\"ff3\">il</span> <span class=\"ff3\">pr<span class=\"_ _0\"></span>ez<span class=\"_ _0\"></span>zo<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span>tra<span class=\"_ _0\"></span>nsaz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>sti<span class=\"_ _0\"></span>ma<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>na<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span>fair<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>valu<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>possa<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ess<span class=\"_ _2\"></span>ere<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>ubito<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>imputat<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Conto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Economico<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">in</span> <span class=\"_ _27\"> </span><span class=\"ff3\">un'unica</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">soluzione.</span> <span class=\"_ _27\"> </span><span class=\"ff3\">In</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">tal</span> <span class=\"_ _27\"> </span><span class=\"ff3\">c<span class=\"_ _2\"></span>aso,</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">qui<span class=\"_ _0\"></span>ndi,<span class=\"ff1\"> </span></span></span>l\u2019<span class=\"_ _0\"></span>iscri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">inizi<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dev<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>se<span class=\"_ _0\"></span>mpre<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">avve<span class=\"_ _0\"></span>nire<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pre<span class=\"_ _0\"></span>zzo.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">La</span> <span class=\"ff3\">su<span class=\"_ _0\"></span>cces<span class=\"_ _0\"></span>siva<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">val<span class=\"_ _0\"></span>utaz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>no<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>pu<span class=\"_ _0\"></span>\u00f2<span class=\"ff1\"> </span>inc<span class=\"_ _0\"></span>lude<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dif<span class=\"_ _0\"></span>fere<span class=\"_ _0\"></span>nza<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>tra<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">prezzo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ris<span class=\"_ _2\"></span>contrata<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">all\u2019att<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prima<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valutazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ossia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Day-One-Profit<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(DOP)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">D<span class=\"_ _2\"></span>ay-One-<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Loss<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>(DOL)<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>implicito<span class=\"ff1\">  </span>-,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>deve<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>invece<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>essere<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>riconosciuta<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Conto<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Economico<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>solo<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>se<span class=\"ff1\">  </span>deriva<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>da<span class=\"ff1\"> </span>cambiamenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span>fattori<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>artecipanti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mercato<span class=\"ff1\"> </span>b<span class=\"_ _0\"></span>asano<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">loro<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ne<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fissare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prezzi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(incluso<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>l\u2019effetto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tempo).<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Ove<span class=\"ff1\"> <span class=\"_ _2\"></span></span>lo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>strumento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>abbia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>una<span class=\"ff1\"> <span class=\"_ _2\"></span></span>scadenza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>de<span class=\"_ _2\"></span>finita<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>non<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>immediatamente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>disponibile<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"_ _2\"></span><span class=\"ff1\"> </span>modello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> </span>monitori<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>cambi<span class=\"_ _0\"></span>amenti<span class=\"ff1\"> </span>dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fattori</span> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ui<span class=\"ff1\"> </span>gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">operatori</span> <span class=\"ff3\">b<span class=\"_ _0\"></span>asano<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prezzi,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span>ammesso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">transito<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>DOP/DOL<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>Conto<span class=\"ff1\"> </span>Economico<span class=\"ff1\"> </span>linearmente<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>vita<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>strumento<span class=\"ff1\"> </span>finanziario<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>tesso.<span class=\"_ _3bd\"> </span>Pe<span class=\"_ _0\"></span>rtan<span class=\"_ _0\"></span>to,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">poli<span class=\"_ _0\"></span>tic<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>ntab<span class=\"_ _0\"></span>ile<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">seg<span class=\"_ _0\"></span>uita<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pre<span class=\"_ _0\"></span>vede<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ch<span class=\"_ _1\"></span>e:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>l'eventuale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>DOP/DOL<span class=\"ff1\"> <span class=\"_ _2\"></span></span>implicito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>negli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>strumenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\"Livello<span class=\"ff1\"> <span class=\"_ _2\"></span></span>2\"<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ve<span class=\"_ _2\"></span>nga<span class=\"ff1\"> <span class=\"_ _2\"></span></span>subito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>imputato<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>intero<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Conto<span class=\"ff1\"> </span>Ec<span class=\"_ _0\"></span>onom<span class=\"_ _0\"></span>ico;<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>vece,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l'e<span class=\"_ _0\"></span>ven<span class=\"_ _0\"></span>tuale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">DOP<span class=\"_ _0\"></span>/DOL<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">imp<span class=\"_ _0\"></span>lic<span class=\"_ _0\"></span>ito<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>gli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stru<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\"L<span class=\"_ _0\"></span>ivell<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>3\"<span class=\"ff1\"> </span>ve<span class=\"_ _0\"></span>nga<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ste<span class=\"_ _0\"></span>riliz<span class=\"_ _0\"></span>zat<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>mputa<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Cont<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Economico<span class=\"ff1\"> </span>\"pro<span class=\"ff1\"> </span>rata<span class=\"ff1\"> </span>temporis\"<span class=\"ff1\"> </span>(linearmente)<span class=\"ff1\"> </span>lungo<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>vita<span class=\"ff1\"> </span>residua<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tali<span class=\"ff1\"> </span>st<span class=\"_ _2\"></span>rumenti;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>aso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>str<span class=\"_ _0\"></span>umen<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>lassi<span class=\"_ _0\"></span>fi<span class=\"_ _0\"></span>cato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u201cL<span class=\"_ _0\"></span>ivel<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">3\u201d</span> <span class=\"ff3\">d<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>ge<span class=\"_ _0\"></span>rarch<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del</span> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alue<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ven<span class=\"_ _0\"></span>ga<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>icl<span class=\"_ _0\"></span>assi<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>ato<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>nel<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u201cLivello<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>2\u201d,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>residui<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>DOP/DOL<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sospesi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>patrimonialmente<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>v<span class=\"_ _2\"></span>engono<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>iscritt<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Conto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Economico<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> </span>un\u2019unica<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">soluzione.<span class=\"_ _3bd\"> </span></span></span>Al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">31<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dicembre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2022<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">er<span class=\"_ _2\"></span>ano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">presenti<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>mporti<span class=\"ff1\"> </span>che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">debbano<span class=\"ff1\"> </span>essere<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ancora<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rilevati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">conto<span class=\"ff1\"> </span>economico<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\"pro<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>rata<span class=\"ff1\"> </span>temporis\",<span class=\"ff1\"> </span>ovvero<span class=\"ff1\"> </span>lungo<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>vita<span class=\"ff1\"> </span>residua<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>contratto<span class=\"_ _2\"></span>.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognisingDifferenceBetweenFairValueAtInitialRecognitionAndAmountDeterminedUsingValuationTechniqueExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-751": {
   "value": "Sezione 1 \u2013 Cassa e disponibilit\u00e0 liquide \u2013 Voce 10 1.1 Cassa e disponibilit\u00e0 liquide: composizione Totale Totale 31/12/2022 31/12/2021 a) Cassa 174.505 151.920 b) Conti correnti e depositi a vista presso Banche Centrali 3.100.000 c) Conti correnti e depositi a vista presso banche 83.206 79.035 Totale 3.357.711 230.955 - Il Gruppo ha in deposito presso la Banca Centrale liquidit\u00e0 per 3,1 miliardi di euro. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-781": {
   "value": "Sezione 1 \u2013 Cassa e disponibilit\u00e0 liquide \u2013 Voce 10 1.1 Cassa e disponibilit\u00e0 liquide: composizione Totale Totale 31/12/2022 31/12/2021 a) Cassa 174.505 151.920 b) Conti correnti e depositi a vista presso Banche Centrali 3.100.000 c) Conti correnti e depositi a vista presso banche 83.206 79.035 Totale 3.357.711 230.955 - Il Gruppo ha in deposito presso la Banca Centrale liquidit\u00e0 per 3,1 miliardi di euro. 4.1 Attivit\u00e0 finanziarie valutate al costo ammortizzato: composizione merceologica dei crediti verso banche Tipologia operazioni/Valori Totale 31/12/2022 Totale 31/12/2021 Valore di bilancio  Fair value  Valore di bilancio  Fair value Primo e secondo stadio Terzo stadio Impaired acquisite o originate L1 L2 L3 Primo e secondo stadio Terzo stadio Impaired acquisite o originate L1 L2 L3 A. Crediti verso Banche Centrali 280.694 - - - -  280.694  7.720.849 - - - -  7.720.849 1. Depositi a scadenza - - - X X X - - - X X X 2. Riserva obbligatoria 280.694 - - X X X  7.720.849 - - X X X 3. Pronti contro termine - - - X X X - - - X X X 4. Altri - - - X X X - - - X X X B. Crediti verso banche 1.206.700 - -  486.952  11.766  693.579  1.228.038 - -  537.433  16.332  683.789 1. Finanziamenti  693.294 - - - -  693.579  683.788 - - - -  683.789 1.1 Conti correnti - - - X X X - - - X X X 1.2. Depositi a scadenza - - - X X X - - - X X X 1.3. Altri finanziamenti: 693.294 - - X X X  683.788 - - X X X - Pronti contro termine attivi - - - X X X - - - X X X - Finanziamenti per leasing 206 - - X X X 243 - - X X X - Altri  693.088 - - X X X  683.545 - - X X X 2. Titoli di debito  513.406 - -  486.952  11.766 -  544.250 - -  537.433  16.332 - 2.1 Titoli strutturati 148.998 - -  137.217  11.766 -  136.804 - -  139.253 - - 2.2 Altri titoli di debito 364.408 - -  349.735 - -  407.446 - -  398.180  16.332 - Totale  1.487.394 - -  486.952  11.766  974.273  8.948.887 - -  537.433  16.332  8.404.638 Legenda: L1= Livello 1 L2= Livello 2 L3= Livello 3 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-814": {
   "value": "<div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gsd35\">Se<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gsd36\">2<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gsd37\">\u2013<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gsd38\">At<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gsd39\">fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gsd3a\">val<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>ate<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gsd3b\">al<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gsd3c\">fa<span class=\"_ _1\"></span>ir<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gsd3d\">val<span class=\"_ _0\"></span>ue<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gsd3e\">co<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gsd3f\">im<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>tto<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gsd40\">a<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gsd41\">co<span class=\"_ _0\"></span>nto<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gsd42\">eco<span class=\"_ _1\"></span>nom<span class=\"_ _0\"></span>ico<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gsd43\">\u2013<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gsd44\">Vo<span class=\"_ _1\"></span>ce<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gsd45\">2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m26 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsd46\">2.1<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsd47\">At<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsd48\">fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsd49\">de<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsd4a\">per<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsd4b\">la<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsd4c\">ne<span class=\"_ _0\"></span>go<span class=\"_ _0\"></span>zia<span class=\"_ _1\"></span>zion<span class=\"_ _0\"></span>e:<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsd4d\">co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsd4e\">me<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>eo<span class=\"_ _0\"></span>log<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>a<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gsd4f\">Vo<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>/Va<span class=\"_ _1\"></span>lor<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gsd50\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gsd51\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gsd52\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gsd53\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gsd54\">L<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _3f\"> </span><span class=\"fc4 sc2\">L2<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _3a\"> </span><span class=\"fc4 sc2\">L3<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _3f\"> </span><span class=\"fc4 sc2\">L<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _3f\"> </span><span class=\"fc4 sc2\">L<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _3a\"> </span><span class=\"fc4 sc2\">L<span class=\"_ _0\"></span>3<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gsd55\">A.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gsd56\">Atti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gsd57\">per<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gsd58\">c<span class=\"_ _0\"></span>as<span class=\"_ _1\"></span>sa<span class=\"_ _0\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsd59\">1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">debi<span class=\"_ _0\"></span>to <span class=\"_ _1b7\"> </span>16.<span class=\"_ _0\"></span>377<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _fd\"> </span><span class=\"ff3\">1<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsd5a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsd5b\">16.<span class=\"_ _0\"></span>21<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsd5c\">2.<span class=\"_ _0\"></span>356<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsd5d\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsd5e\">1.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">str<span class=\"_ _0\"></span>utt<span class=\"_ _0\"></span>ura<span class=\"_ _0\"></span>ti <span class=\"_ _1b8\"> </span>9.<span class=\"_ _0\"></span>489<span class=\"ff1\"> <span class=\"_ _1b9\"> </span></span>1<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsd5f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsd60\">7.<span class=\"_ _0\"></span>534<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsd61\">2.<span class=\"_ _0\"></span>356<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsd62\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsd63\">1.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altri<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>itoli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>eb<span class=\"_ _0\"></span>ito<span class=\"_ _0\"></span> <span class=\"_ _60\"> </span>6.8<span class=\"_ _0\"></span>88<span class=\"ff1\"> <span class=\"_ _138\"> </span></span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsd64\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsd65\">8.<span class=\"_ _0\"></span>680<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsd66\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsd67\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsd68\">2.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">capit<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span> <span class=\"_ _a0\"> </span>2.<span class=\"_ _0\"></span>139<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1b9\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsd69\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsd6a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsd6b\">1<span class=\"_ _0\"></span>39<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsd6c\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsd6d\">3.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Quote<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">O.I.<span class=\"_ _0\"></span>C.<span class=\"_ _0\"></span>R. <span class=\"_ _4e\"> </span>53<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1b9\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsd6e\">2<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsd6f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsd70\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsd71\">2.<span class=\"_ _0\"></span>320<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsd72\">4.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Fina<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span> <span class=\"_ _1ba\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1b9\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsd73\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsd74\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsd75\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsd76\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsd77\">4.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Pronti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contro<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">term<span class=\"_ _1\"></span>ine <span class=\"_ _15c\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1b9\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsd78\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsd79\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsd7a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsd7b\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsd7c\">4.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altr<span class=\"_ _0\"></span>i <span class=\"_ _1bb\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1b9\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsd7d\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsd7e\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsd7f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsd80\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gsd81\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gsd82\">(A<span class=\"_ _1\"></span>)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gsd83\">19<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>52<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gsd84\">1<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gsd85\">2<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gsd86\">16<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>14<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gsd87\">2.<span class=\"_ _0\"></span>49<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gsd88\">2.<span class=\"_ _0\"></span>32<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gsd89\">B.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gsd8a\">St<span class=\"_ _0\"></span>ru<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gsd8b\">de<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsd8c\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1b9\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsd8d\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsd8e\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsd8f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsd90\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsd91\">1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Derivati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fin<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>i <span class=\"_ _76\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _176\"> </span><span class=\"ff3\">3<span class=\"_ _0\"></span>5.8<span class=\"_ _0\"></span>84<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsd92\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsd93\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsd94\">38.<span class=\"_ _0\"></span>678<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsd95\">2<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>3<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsd96\">1.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>ne<span class=\"_ _1\"></span>gozia<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e <span class=\"_ _3e\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _7e\"> </span><span class=\"ff3\">35.88<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsd97\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsd98\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsd99\">38.<span class=\"_ _0\"></span>678<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsd9a\">2<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>3<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsd9b\">1.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">connessi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alue<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">opti<span class=\"_ _0\"></span>on <span class=\"_ _ff\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1bc\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsd9c\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsd9d\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsd9e\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsd9f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsda0\">1.3<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"_ _0\"></span>tr<span class=\"_ _1\"></span>i <span class=\"_ _c6\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1bc\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsda1\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsda2\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsda3\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsda4\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsda5\">2.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Derivati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cre<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span> <span class=\"_ _1bd\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1bc\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsda6\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsda7\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsda8\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsda9\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsdaa\">2.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>egoz<span class=\"_ _0\"></span>iaz<span class=\"_ _0\"></span>ione<span class=\"_ _1\"></span> <span class=\"_ _46\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1bc\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsdab\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsdac\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsdad\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsdae\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsdaf\">2.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">connessi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alue<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">opti<span class=\"_ _0\"></span>on <span class=\"_ _8c\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1bc\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsdb0\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsdb1\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsdb2\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsdb3\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsdb4\">2.3<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"_ _0\"></span>tri<span class=\"_ _0\"></span> <span class=\"_ _16f\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1bc\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsdb5\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsdb6\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsdb7\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsdb8\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gsdb9\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gsdba\">(B<span class=\"_ _1\"></span>)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gsdbb\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gsdbc\">35<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>84<span class=\"_ _3bd\"> </span></div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gsdbd\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gsdbe\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gsdbf\">38<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>78<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gsdc0\">2<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>3<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gsdc1\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gsdc2\">(A<span class=\"_ _1\"></span>+B<span class=\"_ _1\"></span>)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gsdc3\">19<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>52<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gsdc4\">35<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>85<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gsdc5\">2<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gsdc6\">16<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>14<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gsdc7\">41<span class=\"_ _0\"></span>.17<span class=\"_ _1\"></span>3<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gsdc8\">2<span class=\"_ _0\"></span>.5<span class=\"_ _1\"></span>8<span class=\"_ _3bd\"> </span>3<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gsdc9\">Le<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>nda<span class=\"_ _1\"></span>:<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsdca\">L1=<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Livello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">1<span class=\"_ _1\"></span> </span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsdcb\">L2=<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Livello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2<span class=\"_ _1\"></span> </span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsdcc\">L3=<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Livello<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">3<span class=\"_ _0\"></span> </span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gsdcd\">Si<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">se<span class=\"_ _0\"></span>gna<span class=\"_ _0\"></span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">com<span class=\"_ _0\"></span>posi<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>voce<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">3</span> <span class=\"_ _0\"></span><span class=\"ff3\">\u201cQuo<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">O.I<span class=\"_ _0\"></span>.C.R<span class=\"_ _0\"></span>\u201d:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gsdce\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gsdcf\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gsdd0\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gsdd1\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsdd2\">Hedge<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Fu<span class=\"_ _0\"></span>nd<span class=\"_ _1\"></span> <span class=\"_ _1bf\"> </span>-<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsdd3\">2.<span class=\"_ _0\"></span>255<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsdd4\">Az<span class=\"_ _0\"></span>iona<span class=\"_ _0\"></span>ri <span class=\"_ _1c0\"> </span>55<span class=\"_ _1\"></span>9<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gsdd5\">65<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gsdd6\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gsdd7\">5<span class=\"_ _0\"></span>59<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gsdd8\">2.<span class=\"_ _0\"></span>32<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span></div>2.2<span class=\"_ _3bd\"> </span>At<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span>per<span class=\"_ _3bd\"> </span>la<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>go<span class=\"_ _0\"></span>zia<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>ri/<span class=\"_ _0\"></span>em<span class=\"_ _1\"></span>itte<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>i/<span class=\"_ _0\"></span>con<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>op<span class=\"_ _0\"></span>art<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>Vo<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>/Va<span class=\"_ _1\"></span>lor<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>A.<span class=\"_ _3bd\"> </span>Atti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _3bd\"> </span>per<span class=\"_ _3bd\"> </span>c<span class=\"_ _0\"></span>as<span class=\"_ _1\"></span>sa<span class=\"_ _0\"></span> 1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">debi<span class=\"_ _0\"></span>to <span class=\"_ _1b4\"> </span>16.<span class=\"_ _0\"></span>379<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>18<span class=\"_ _0\"></span>.571<span class=\"_ _3bd\"> </span>a)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">B<span class=\"_ _2\"></span>anche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Ce<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>ali <span class=\"_ _1c2\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>b)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Amm<span class=\"_ _0\"></span>inis<span class=\"_ _0\"></span>traz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>pubb<span class=\"_ _0\"></span>lich<span class=\"_ _0\"></span>e <span class=\"_ _110\"> </span>5.51<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span></span></span>9.<span class=\"_ _0\"></span>204<span class=\"_ _3bd\"> </span>c)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Ban<span class=\"_ _0\"></span>che<span class=\"_ _1\"></span> <span class=\"_ _1c3\"> </span>2.<span class=\"_ _0\"></span>270<span class=\"_ _3bd\"> </span></span></span>1.<span class=\"_ _0\"></span>751<span class=\"_ _3bd\"> </span>d)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">societ\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fin<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie <span class=\"_ _1c4\"> </span>8<span class=\"_ _0\"></span>68<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>52<span class=\"_ _1\"></span>6<span class=\"_ _3bd\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">imprese<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">as<span class=\"_ _0\"></span>sicu<span class=\"_ _0\"></span>raz<span class=\"_ _0\"></span>ione<span class=\"_ _1\"></span> <span class=\"_ _110\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>e)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Societ\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">n<span class=\"_ _2\"></span>on<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fina<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie <span class=\"_ _15a\"> </span>7.7<span class=\"_ _0\"></span>22<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>7.<span class=\"_ _0\"></span>090<span class=\"_ _3bd\"> </span>2.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">capit<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span> <span class=\"_ _1c5\"> </span>2.<span class=\"_ _0\"></span>140<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>1<span class=\"_ _0\"></span>39<span class=\"_ _3bd\"> </span>a)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Banch<span class=\"_ _0\"></span>e <span class=\"_ _1b2\"> </span>321<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>b)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">societ\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fin<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie <span class=\"_ _1c6\"> </span>69<span class=\"_ _1\"></span>4<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui:<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"_ _2\"></span>mprese<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ass<span class=\"_ _0\"></span>icu<span class=\"_ _0\"></span>raz<span class=\"_ _0\"></span>ione<span class=\"_ _1\"></span> <span class=\"_ _161\"> </span>42<span class=\"_ _1\"></span>7<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>c)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">So<span class=\"_ _2\"></span>ciet\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">n<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fina<span class=\"_ _0\"></span>nzia<span class=\"_ _0\"></span>rie<span class=\"_ _1\"></span> <span class=\"_ _148\"> </span>1<span class=\"_ _0\"></span>.12<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>1<span class=\"_ _0\"></span>39<span class=\"_ _3bd\"> </span>d)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altri<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>mitt<span class=\"_ _0\"></span>ent<span class=\"_ _1\"></span>i <span class=\"_ _1c7\"> </span>-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>3.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Q<span class=\"_ _2\"></span>uote<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">OI<span class=\"_ _1\"></span>CR<span class=\"_ _0\"></span> <span class=\"_ _1c8\"> </span>55<span class=\"_ _1\"></span>9<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>2.<span class=\"_ _0\"></span>320<span class=\"_ _3bd\"> </span>4.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Fina<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span> <span class=\"_ _1c9\"> </span>-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>a)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">B<span class=\"_ _2\"></span>anche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Ce<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>ali <span class=\"_ _1c2\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>b)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Amm<span class=\"_ _0\"></span>inis<span class=\"_ _0\"></span>traz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>pubb<span class=\"_ _0\"></span>lich<span class=\"_ _0\"></span>e <span class=\"_ _1ca\"> </span>-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>c)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Ban<span class=\"_ _0\"></span>che<span class=\"_ _1\"></span> <span class=\"_ _1cb\"> </span>-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>d)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">societ\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fin<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie <span class=\"_ _53\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">imprese<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">as<span class=\"_ _0\"></span>sicu<span class=\"_ _0\"></span>raz<span class=\"_ _0\"></span>ione<span class=\"_ _1\"></span> <span class=\"_ _110\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>e)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Societ\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">n<span class=\"_ _2\"></span>on<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fina<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie <span class=\"_ _4f\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>f)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Fami<span class=\"_ _0\"></span>gli<span class=\"_ _0\"></span>e <span class=\"_ _1cc\"> </span>-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>(A<span class=\"_ _1\"></span>)<span class=\"_ _3bd\"> </span>19<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>78<span class=\"_ _3bd\"> </span>21<span class=\"_ _0\"></span>.03<span class=\"_ _1\"></span>0<span class=\"_ _3bd\"> </span>B.<span class=\"_ _3bd\"> </span>St<span class=\"_ _0\"></span>ru<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span>ti a)<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>ropa<span class=\"_ _0\"></span>rti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">Ce<span class=\"_ _0\"></span>ntra<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span> <span class=\"_ _1cd\"> </span>-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>b)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Alt<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span> <span class=\"_ _1ce\"> </span>35.<span class=\"_ _0\"></span>884<span class=\"_ _3bd\"> </span></span></span>38.<span class=\"_ _0\"></span>94<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>(B<span class=\"_ _1\"></span>)<span class=\"_ _3bd\"> </span>35<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>84<span class=\"_ _3bd\"> </span>38<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>41<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>(A<span class=\"_ _1\"></span>+B<span class=\"_ _1\"></span>)<span class=\"_ _3bd\"> </span>54<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>62<span class=\"_ _3bd\"> </span>59<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>71<span class=\"_ _3bd\"> </span>In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>nfo<span class=\"_ _0\"></span>rmit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">qu<span class=\"_ _0\"></span>anto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span>spos<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>pr<span class=\"_ _0\"></span>inc<span class=\"_ _0\"></span>ipio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>ntab<span class=\"_ _0\"></span>ile<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">IFR<span class=\"_ _0\"></span>S<span class=\"ff1\"> </span>7<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">t<span class=\"_ _0\"></span>enu<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span>dic<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onte<span class=\"_ _0\"></span>nute<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ne<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Com<span class=\"_ _0\"></span>uni<span class=\"_ _0\"></span>cazi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">CONS<span class=\"_ _0\"></span>OB<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">n.<span class=\"ff1\"> </span>D<span class=\"_ _0\"></span>EM/1<span class=\"_ _0\"></span>10700<span class=\"_ _0\"></span>07<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">5</span> <span class=\"ff3\">ago<span class=\"_ _0\"></span>sto<span class=\"ff1\"> </span>20<span class=\"_ _0\"></span>11<span class=\"ff1\"> </span>(c<span class=\"_ _0\"></span>he<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>pre<span class=\"_ _0\"></span>nde<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ocu<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>ESMA<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">N.</span> <span class=\"ff3\">2<span class=\"_ _0\"></span>011/2<span class=\"_ _0\"></span>66<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del</span> </span></span></span></span></span></span></span></span></span></span></span>28<span class=\"ff1\"> </span>luglio<span class=\"ff1\"> </span>2011)<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>materia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>informazioni<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>rendere<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nelle<span class=\"ff1\"> </span>relazioni<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">merito<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>\u201cdebito<span class=\"ff1\"> </span>Sovrano\u201d,<span class=\"ff1\"> </span></span></span></span></span></span></span>si<span class=\"ff1\"> </span>precisa<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>31<span class=\"ff1\"> </span>dicembre<span class=\"ff1\"> </span>2022<span class=\"ff1\"> </span>sono<span class=\"_ _2\"></span><span class=\"ff1\"> </span>presenti<span class=\"ff1\"> </span>esposizioni<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> </span>governativi<span class=\"ff1\"> </span>verso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>lo<span class=\"ff1\"> </span>Stato<span class=\"ff1\"> </span>Italia<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>5<span class=\"_ _2\"></span>,1<span class=\"ff1\"> </span>milioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>euro,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>circa<span class=\"ff1\"> <span class=\"_ _21\"></span></span>0,4<span class=\"ff1\"> <span class=\"_ _2\"></span></span>milioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>euro<span class=\"ff1\"> <span class=\"_ _20\"></span></span>verso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>altri<span class=\"ff1\"> <span class=\"_ _21\"></span></span>pae<span class=\"_ _0\"></span>si.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>posizioni<span class=\"_ _2\"></span>,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>clas<span class=\"_ _2\"></span>sificate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>co<span class=\"_ _2\"></span>ntabilmente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> </span>trading,<span class=\"ff1\"> </span>hanno<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>oggetto<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>negoziazione<span class=\"ff1\"> </span>verso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> </span>clientela<span class=\"ff1\"> </span>istituzionale. Si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rimanda<span class=\"ff1\"> </span>alla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sezione<span class=\"ff1\"> </span>3<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> </span>presente<span class=\"ff1\"> </span>nota<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">titoli<span class=\"ff1\"> </span>detenu<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">portafoglio<span class=\"ff1\"> </span>\u201cAttivit\u00e0<span class=\"ff1\"> </span>finanz<span class=\"_ _0\"></span>iar<span class=\"_ _2\"></span>ie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutate<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>impatto<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>redditivit\u00e0<span class=\"ff1\"> </span>complessiva\u201d.<span class=\"_ _3bd\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialAssetsHeldForTradingExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-883": {
   "value": "Sezione 2 \u2013 Attivit\u00e0 finanziarie valutate al fair value con impatto a conto economico \u2013 Voce 20 2.1 Attivit\u00e0 finanziarie detenute per la negoziazione: composizione merceologica Voci/Valori Totale 31/12/2022 Totale 31/12/2021 L1  L2  L3  L1  L2  L3 A. Attivit\u00e0 per cassa 1. Titoli di debito  16.377  1 - 16.214 2.356 - 1.1 Titoli strutturati  9.489  1 - 7.534 2.356 - 1.2 Altri titoli di debito  6.888  - - 8.680 - - 2. Titoli di capitale  2.139  - - - 139 - 3. Quote di O.I.C.R.  536  - 23 - - 2.320 4. Finanziamenti  -  - - - - - 4.1 Pronti contro termine  -  - - - - - 4.2 Altri  -  - - - - - Totale (A) 19.052 1 23 16.214 2.495 2.320 B. Strumenti derivati  -  - - - - - 1. Derivati finanziari  -  35.884 - - 38.678 26 3 1.1 di negoziazione  -  35.884 - - 38.678 26 3 1.2 connessi con la fair value option  -  - - - - - 1.3 altri  -  - - - - - 2. Derivati creditizi  -  - - - - - 2.1 di negoziazione  -  - - - - - 2.2 connessi con la fair value option  -  - - - - - 2.3 altri  -  - - - - - Totale (B) - 35.884 --38.678 26 3 Totale (A+B) 19.052 35.885 23 16.214 41.173 2.58 3 Legenda: L1= Livello 1 L2= Livello 2 L3= Livello 3 Si segnala la composizione della voce 3 \u201cQuote O.I.C.R\u201d:  Totale 31/12/2022 Totale 31/12/2021 Hedge Fund  - 2.255 Azionari  559 65 Totale 559 2.320 2.2 Attivit\u00e0 finanziarie detenute per la negoziazione: composizione per debitori/emittenti/controparti Voci/Valori Totale 31/12/2022 Totale 31/12/2021 A. Attivit\u00e0 per cassa 1. Titoli di debito  16.379 18.571 a) Banche Centrali  - - b) Amministrazioni pubbliche  5.519 9.204 c) Banche  2.270 1.751 d) Altre societ\u00e0 finanziarie  868 526 di cui: imprese di assicurazione  - - e) Societ\u00e0 non finanziarie  7.722 7.090 2. Titoli di capitale  2.140 139 a) Banche  321 - b) Altre societ\u00e0 finanziarie  694 - di cui: imprese di assicurazione  427 - c) Societ\u00e0 non finanziarie  1.125 139 d) Altri emittenti  - - 3. Quote di OICR  559 2.320 4. Finanziamenti  - - a) Banche Centrali  - - b) Amministrazioni pubbliche  - - c) Banche  - - d) Altre societ\u00e0 finanziarie  - - di cui: imprese di assicurazione  - - e) Societ\u00e0 non finanziarie  - - f) Famiglie  - - Totale (A) 19.078 21.030 B. Strumenti derivati a) Controparti Centrali  - - b) Altre  35.884 38.941 Totale (B) 35.884 38.941 Totale (A+B) 54.962 59.971 In conformit\u00e0 a quanto disposto dal principio contabile IFRS 7 e tenuto conto delle indicazioni contenute nella Comunicazione CONSOB n. DEM/11070007 del 5 agosto 2011 (che riprende il documento ESMA N. 2011/266 del 28 luglio 2011) in materia di informazioni da rendere nelle relazioni finanziarie in merito al \u201cdebito Sovrano\u201d, si precisa che al 31 dicembre 2022 sono presenti esposizioni in titoli governativi verso lo Stato Italia per 5,1 milioni di euro, e per circa 0,4 milioni di euro verso altri paesi. Le posizioni, classificate contabilmente di trading, hanno come oggetto la negoziazione verso la clientela istituzionale. Si rimanda alla sezione 3 della presente nota per i titoli detenuti nel portafoglio \u201cAttivit\u00e0 finanziarie valutate al fair value con impatto sulla redditivit\u00e0 complessiva\u201d.  2.5 Altre attivit\u00e0 finanziarie obbligatoriamente valutate al fair value: composizione merceologica Voci/Valori Totale 31/12/2022 Totale 31/12/2021 L1  L2  L3  L1  L2  L3 1. Titoli di debito --9--91.1 Titoli strutturati  - - - - - - 1.2 Altri titoli di debito  - - 9 - - 9 2. Titoli di capitale ------3. Quote di O.I.C.R.  375 1.201 8.752 336 -7.430 4. Finanziamenti  188 -43.763 177 -14.441 4.1 Pronti contro termine  - - - - - - 4.2 Altri  188 - 43.763 177 - 14.441 Totale 563 1.201 52.524 513 -21.880 Legenda: L1= Livello 1 L2= Livello 2 L3= Livello 3 Si segnala la composizione della voce 3 \u201cQuote O.I.C.R\u201d: Totale 31/12/2022 Totale 31/12/2021 Fondi chiusi  8.454 5.547 Azionari 24 29 Immobiliari  1.201 1.473 Obbligazionari  151 84 Bilanciati  126 72 Flessibili  73 151 Altri  299 410 Totale 10.328 7.766 4.1 Attivit\u00e0 finanziarie valutate al costo ammortizzato: composizione merceologica dei crediti verso banche Tipologia operazioni/Valori Totale 31/12/2022 Totale 31/12/2021 Valore di bilancio  Fair value  Valore di bilancio  Fair value Primo e secondo stadio Terzo stadio Impaired acquisite o originate L1 L2 L3 Primo e secondo stadio Terzo stadio Impaired acquisite o originate L1 L2 L3 A. Crediti verso Banche Centrali 280.694 - - - -  280.694  7.720.849 - - - -  7.720.849 1. Depositi a scadenza - - - X X X - - - X X X 2. Riserva obbligatoria 280.694 - - X X X  7.720.849 - - X X X 3. Pronti contro termine - - - X X X - - - X X X 4. Altri - - - X X X - - - X X X B. Crediti verso banche 1.206.700 - -  486.952  11.766  693.579  1.228.038 - -  537.433  16.332  683.789 1. Finanziamenti  693.294 - - - -  693.579  683.788 - - - -  683.789 1.1 Conti correnti - - - X X X - - - X X X 1.2. Depositi a scadenza - - - X X X - - - X X X 1.3. Altri finanziamenti: 693.294 - - X X X  683.788 - - X X X - Pronti contro termine attivi - - - X X X - - - X X X - Finanziamenti per leasing 206 - - X X X 243 - - X X X - Altri  693.088 - - X X X  683.545 - - X X X 2. Titoli di debito  513.406 - -  486.952  11.766 -  544.250 - -  537.433  16.332 - 2.1 Titoli strutturati 148.998 - -  137.217  11.766 -  136.804 - -  139.253 - - 2.2 Altri titoli di debito 364.408 - -  349.735 - -  407.446 - -  398.180  16.332 - Totale  1.487.394 - -  486.952  11.766  974.273  8.948.887 - -  537.433  16.332  8.404.638 Legenda: L1= Livello 1 L2= Livello 2 L3= Livello 3  Sono inclusi i crediti di funzionamento connessi con la prestazione di servizi finanziari. I crediti, ad eccezione dei titoli di debito, sono iscritti al loro valore nominale, corrispondente al loro fair value e il livello di fair value attribuito risulta essere pari a 3. Le metodologie utilizzate per la determinazione del fair value sono riportate nella Parte A1 \u2013 Parte generale \u2013 Sezione 18 \u201cAltre informazioni\u201d. 4.2 Attivit\u00e0 finanziarie valutate al costo ammortizzato: composizione merceologica dei crediti verso clientela Totale  Totale 31/12/2022  31/12/2021 Tipologia operazioni/Valori Valore di bilancio  Fair value  Valore di bilancio  Fair value Primo e secondo stadio Terzo stadio Impaired acquisite o originate L1 L2 L3 Primo e secondo stadio Terzo stadio Impaired acquisite o originate L1 L2 L3 1. Finanziamenti  34.156.005  304.765  22.439  - -  33.557.798  32.775.051  349.567  30.954 - -  34.457.280  1.1. Conti correnti  1.955.412  26.328  1.354  X X X  1.693.949  36.514  2.468  X X X 1.2. Pronti contro termine attivi  - - - X X X - - - X X X 1.3. Mutui  19.858.860  207.016  12.869 X X X  19.477.919  233.194  21.988  X X X 1.4. Carte di credito, prestiti personali e  cessioni del quinto 2.778.147  25.349  7.859  X X X 2.212.784  27.229 5.226  X X X 1.5 Finanziamenti per leasing  2.919.787  34.895  - X X X  2.756.796  39.126  - X X X 1.6. Factoring  1.531.598  6.328  - X X X  1.281.505  9.153  - X X X 1.7. Altri finanziamenti  5.112.201  4.849  357  X X X  5.352.098  4.351  1.272  X X X 2. Titoli di debito  7.860.605  - -  7.153.286  575.500  15.244  7.033.022 - -  6.503.782  618.020  - 2.1. Titoli strutturati  612.075 - -  169.163  417.356  15.244  633.272  - -  187.817  445.062 - 2.2. Altri titoli di debito  7.248.530  - -  6.984.123  158.144  -  6.399.750 - -  6.315.965  172.958  - Totale  42.016.610  304.765  22.439  7.153.286  575.500  33.573.042  39.808.073  349.567  30.954  6.503.782  618.020  34.457.280 I crediti verso la clientela per finanziamenti sono pari a 34.483,2 milioni di euro.  Nel  portafoglio  \u201cAttivit\u00e0  finanziarie  valutate  al  costo  ammortizzato\u201d  sono  presenti  esposizioni  in  titoli governativi per circa 6.450,4 milioni di euro (5.771,3 milioni di euro Italia, BTP 5.603,7 milioni di euro e CCt 167,6 milioni di euro, 630,9 milioni di euro altri paesi, 346,7 milioni di euro Spagna e 284,2 milioni di euro Portogallo, e obbligazioni, per circa 558,8 milioni di euro, emessi dall\u2019Unione Europea).  Sono  presenti  coperture  di  fair  value  hedge  su  titoli  di  Stato,  italiani,  a  tasso  fisso  (BTP),  ed  esteri.  La copertura \u00e8 di tipo fair value hedge attuata attraverso la designazione di appositi strumenti di copertura (Interest Rate Swap) con copertura specifica del c.d. \u201crischio tasso\u201d su detti titoli; la relazione venuta cos\u00ec a crearsi fra Hedged Item e Hedging Instrument ha comportato la redazione di una specifica documentazione che formalizza la relazione di copertura ed ha altres\u00ec usufruito delle particolari regole di contabilizzazione dell\u2019Hedge Accounting. Si segnala che sono stati effettuati i test di efficacia (sia prospettici che retrospettivi) con esito positivo.  Sono presenti nella categoria contabile \u201cAttivit\u00e0 finanziarie valutate al costo ammortizzato\u201d, al 31 dicembre 2022,  608  milioni  di  Euro  di  ABS  emessi  da  veicoli  terzi,  collegati  a  crediti  originati  in  Europa,  con preponderanza della componente di origination francese (195.2 milioni di Euro). Il portafoglio \u00e8 costituito da differenti tipologie di ABS con una prevalenza delle cartolarizzazioni di mutui residenziali, che incidono per il 43,4% .  L\u2019attuale esposizione suddivisa per rischio paese \u00e8 cos\u00ec composta: Paese Controvalore (migliaia Euro) % Esposizione FRANCIA  195.173  32,1 GERMANIA  167.188  27,5 PAESI BASSI  104.813  17,2 SPAGNA  74.729  12.3 ITALIA  42.159  7,0 IRLANDA  22.650  3,7 REGNO UNITO  797  0,1 PORTOGALLO  634  0,1 TOTALE  608.143  100,0 Il  portafoglio  delle  cartolarizzazioni  \u00e8  diversificato  su  28  emittenti  e  38  emissioni,  con  massima concentrazione pari a 45,9 milioni di Euro per singola emissione e 72,1 milioni di Euro per singolo emittente Si \u00e8 adottata anche la metodologia contabile del Macro Fair Value Hedge per la copertura del rischio di tass associato all\u2019erogazione di mutui a tasso fisso e a tasso variabile con opzioni \u201cCap\u201d. Sono presenti, inoltre, coperture di Cash Flow Hedge su erogazioni di mutui a tasso variabile . 1.1 Passivit\u00e0 finanziarie valutate al costo ammortizzato: composizione merceologica dei debiti verso banche Totale Totale Tipologia operazioni/Valori VB 31/12/2022 Fair Value VB 31/12/2021 Fair Value L1 L2 L3 L1 L2 L3 1. Debiti verso banche centrali 5.584.256  X X X 8.164.752  X X X 2. Debiti verso banche 3.152.037  X X X 4.420.824  X X X 2.1 Conti correnti e depositi a vista 705.859 X X X 149.425 X X X 2.2 Depositi a scadenza 5.701 X X X 4.010 X X X 2.3 Finanziamenti 2.439.944 X X X 4.265.960 X X X 2.3.1 Pronti contro termine passivi 2.420.997 X X X 4.242.802 X X X 2.3.2 Altri 18.947 X X X 23.158 X X X 2.4 Debiti per impegni di riacquisto di propri - X X X - X X X strumenti patrimoniali 2.5 Debiti per leasing - X X X - X X X 2.6 Altri debiti 533 X X X 1.427 X X X Totale 8.736.293 - 2.420.997 6.315.296 12.585.576 - 4.242.802 8.342.774 Legenda: VB= Valore di bilancio L1= Livello 1 L2= Livello 2 L3= Livello 3 I debiti sono iscritti al loro valore nominale, corrispondente al loro fair value. I debiti verso banche sono rappresentati principalmente da debiti a vista a tasso variabile, e non \u00e8 stata posta in essere alcun tipo di copertura. La voce \u201c1. Debiti verso banche centrali\u201d accoglie le operazioni di rifinanziamento effettuate con la Banca Centrale Europea. L\u2019utilizzo del canale di rifinanziamento tramite la BCE, a fine 2022, \u00e8 interamente rappresentato dalla partecipazione  alle  operazioni di  TLTRO  III  per  complessivi  5,6  miliardi  di  euro.  Nel corso dell\u2019anno non sono state effettuate nuove operazioni. Nel mese di dicembre la Banca ha effettuato un rimborso volontario anticipato per 1,2 miliardi di euro della tranche TLTRO III.3 in scadenza nel mese di marzo 2023. Nel mese di dicembre 2022 \u00e8 stata anche rimborsata la tranche TLTRO III.2 da 1,4 miliardi di euro, giunta alla sua naturale scadenza. 1.2 Passivit\u00e0 finanziarie valutate al costo ammortizzato: composizione merceologica dei debiti verso clientela Tipologia operazioni/Valori Totale 31/12/2022 Totale 31/12/2021  VB Fair Value VB F air Value L1  L2  L3  L1  L2  L3 1. Conti correnti e depositi a vista  34.097.698    X  X  X  33.184.229    X  X  X 2. Depositi a scadenza  1.283.116    X  X  X  460.685    X  X  X 3. Finanziamenti  2.934.676    X  X  X  3.599.164    X  X  X 3.1 Pronti contro termine passivi  2.355.113    X  X  X  3.009.080    X  X  X 3.2 Altri  579.563    X  X  X  590.084    X  X  X 4. Debiti per impegni di riacquisto di propri strumenti patrimoniali -    X  X  X  -    X  X  X 5. Debiti per leasing  131.035    X  X  X  133.341    X  X  X 5. Altri debiti  331.495    X  X  X  339.503    X  X  X Totale 38.778.020 - 2.355.113  36.422.907 37.716.922 - 3.009. 0 80 34.707.842 Legenda: VB= Valore di bilancio L1= Livello 1 L2= Livello 2 L3= Livello 3 I debiti sono iscritti al loro valore nominale, corrispondente al loro fair value e il livello di fair value attribuito risulta essere pari a 3, ad eccezione del livello di fair value dei pronti contro termine a cui \u00e8 attributo il valore 2. Nella voce Debiti per leasing \u00e8 ricompreso, ai sensi del principio IFRS16, il Debito per leasing (Lease Liability), pari al valore attuale dei canoni previsti e non ancora pagati dei beni oggetti di contratti di leasing operativo. La  principale  novit\u00e0  introdotta  dal  principio  \u00e8  rappresentata  dalla  modifica  delle  modalit\u00e0  di contabilizzazione  delle  operazioni  di  leasing  operativo  nel  bilancio  del  locatario/utilizzatore, attraverso l\u2019introduzione di un unico modello di contabilizzazione dei contratti di leasing da parte del locatario siano essi classificati come leasing operativi o finanziari. I debiti verso clientela sono rappresentati principalmente da debiti a vista a tasso variabile, e non \u00e8  stata  posta  in  essere  alcun  tipo  di  copertura  specifica,  mentre  sono  state  poste  in  essere coperture di Macro Fair Value Hedge delle poste a vista, cos\u00ec come descritto nella parte E, sezione 2.2 della presente nota. Si segnala che, a seguito delle modifiche apportate al funzionamento del mercato interbancario collateralizzato, con conseguente trasferimento alla Cassa di Compensazione e Garanzia ed alla Monte Titoli delle funzioni finora svolte dalla Banca d\u2019Italia, nella voce 3.1 \u201cPronti contro termine passivi\u201d sono presenti i finanziamenti, per 2.355,1 milioni di euro, ricevuti dal suddetto mercato. Secondo  i  dati  ABI,  in  Italia,  a  dicembre  2022,  la  dinamica  della  raccolta  diretta  risulta  in contrazione del -1,2% su base annua, con  una  variazione pi\u00f9 marcata sui depositi, mentre la raccolta tramite obbligazioni \u00e8 rimasta invariata. La contrazione \u00e8 prevalentemente imputabile alla raccolta delle imprese, che nell\u2019anno precedente avevano incrementato notevolmente i saldi dei depositi, data l\u2019abbondanza di liquidit\u00e0 presente e la cautela a procedere con nuovi investimenti. Per  quanto  riguarda  il  Gruppo  Credem,  complessivamente,  la  raccolta  diretta  bancaria  ha manifestato un trend opposto, \u00e8 cresciuta del 7,2% rispetto al dicembre 2021, raggiungendo i 39,8 miliardi di euro, effetto di uno sviluppo commerciale che \u00e8 proseguito organicamente anche nel difficile contesto di riferimento. Si riscontra una tendenza in linea con il sistema esclusivamente per quanto riguarda il segmento corporate, sul quale sono state avviate politiche volte ad ottimizzare i livelli di liquidit\u00e0.  I  depositi  registrano  un  +5,0% rispetto  al  2021,  e  hanno  accompagnato  la  crescita  della  base clientela, prevalentemente concentrati sulla componente a vista (86,6% del totale depositi) anche se la dinamica dei tassi sta favorendo anche la crescita di depositi a scadenza (3,1% verso 1,1%) 3. Attivit\u00e0 costituite a garanzia di proprie passivit\u00e0 e impegni Portafogli Importo 31/12/2022 Importo 31/12/2021 1. Attivit\u00e0 finanziarie valutate al fair value con impatto a conto economico  22.459 - 2. Attivit\u00e0 finanziarie valutate al fair value con impatto sulla redditivit\u00e0 complessiva  3.343.916 5.479.909 3. Attivit\u00e0 finanziarie valutate al costo ammortizzato  11.452.899 13.937.953 4. Attivit\u00e0 materiali  - - di cui: attivit\u00e0 materiali che costituiscono rimanenze  - - Nella  voce  1.  \u201cAttivit\u00e0  finanziarie  valutate  al  fair  value  con  impatto  a  conto  economico\u201d  sono ricompresi i crediti a cauzione per anticipazione su finanziamenti con la Banca Centrale Europea. Nella voce 2. \u201cAttivit\u00e0 finanziarie valutate al fair value con impatto sulla redditivit\u00e0 complessiva\u201d sono ricompresi: - 862,0 milioni di euro a cauzione per anticipazione su finanziamenti con la Banca Centrale Europea; - 2.464,6 milioni di euro a garanzia operazioni di pronti contro termine passivi; - 17,3 milioni di euro a garanzia operazioni di altre operazioni. Nella voce 3. \u201cAttivit\u00e0 finanziarie valutate al costo ammortizzato\u201d sono ricompresi: - 2.287,7  milioni  di  euro  sono  i  crediti  ceduti  a  societ\u00e0  veicolo  nell\u2019ambito  di  operazioni  di covered bond; - 5.386,1 milioni di euro a cauzione per anticipazione su finanziamenti con la Banca Centrale Europea; - 716,5 milioni di euro come margini iniziali e di variazione con clearing broker; - 120,9 milioni di euro a garanzia della cassa di compensazione e garanzia; - 66,5 milioni di euro a cauzione presso la Banca d\u2019Italia per emissione assegni circolari; - 2.356,1 milioni di euro a garanzia operazioni di pronti contro termine passivi; - 538,0 milioni di euro a garanzia altri tipi di raccolta collateralizzata. 5. Gestione e intermediazione per conto terzi Tipologia servizi Importo 1. Esecuzione di ordini per conto della clientela  12.405.751 a) acquisti  6.874.305 1. regolati  6.859.576 2. non regolati  14.729 b) vendite  5.531.446 1. regolate  5.521.426 2. non regolate  10.020 2. Gestioni di portafogli  30.975.820 a) individuali  5.744.781 b) collettive  25.231.039 3. Custodia e amministrazione di titoli  59.168.029 a) titoli di terzi in deposito: connessi con lo svolgimento di banca depositaria (escluse le gestioni di portafogli) - 1. titoli emessi dalle societ\u00e0 incluse nel consolidamento  - 2. altri titoli  - b) titoli di terzi in deposito (escluse gestioni di portafogli): altri  39.407.208 1. titoli emessi dalle societ\u00e0 incluse nel consolidamento  718.401 2. altri titoli  38.688.807 c) titoli di terzi depositati presso terzi  38.809.230 d) titoli di propriet\u00e0 depositati presso terzi  19.760.821 4. Altre operazioni  14.506.322 La  voce  4.  \u201dAltre  operazioni\u201d  comprende  prevalentemente  i  servizi  resi  a  terzi  relativamente all\u2019attivit\u00e0 di ricezione e trasmissione degli ordini. Il principio IFRS 7 richiede di fornire una specifica informativa degli strumenti finanziari: - che sono stati compensati nello stato patrimoniale ai sensi dello IAS 32; - che sono potenzialmente compensabili, al ricorrere di determinate condizioni, ma esposti nello stato patrimoniale a saldi aperti in quanto regolati da \u201caccordi quadro di compensazione o  accordi  simili\u201d  che  tuttavia  non  rispettano  i  criteri  stabiliti  dallo  IAS  32  per  operare  la compensazione di bilancio. Per la disclosure di tali accordi il principio richiede di considerare gli effetti delle garanzie reali finanziarie ricevute e prestate. Al riguardo si segnala che,  sulla base dell\u2019analisi  effettuata,  non  risultano  in  essere  accordi di netting per i quali si debba procedere alla compensazione dei saldi nello stato patrimoniale, ai sensi di  quanto  richiesto  dallo  IAS  32.  Pertanto  nelle  seguenti  tabelle  6.e  7.le  colonne  relative all\u2019\u201dAmmontare  delle  attivit\u00e0/passivit\u00e0  finanziarie  compensato  in  bilancio\u201d  non  risulteranno avvalorate.7. Attivit\u00e0 finanziarie oggetto di compensazione in bilancio, oppure soggette ad accordi-quadro di compensazione o ad accordi similari Forme tecniche Ammontare lordo delle attivit\u00e0 finanziarie (a) Ammontare delle passivit\u00e0 finanziarie compensate in bilancio (b) Ammontare netto delle attivit\u00e0 finanziarie riportato in bilancio (c=a-b) Ammontari correlati non oggetto di compensazione in Bilancio Ammontare netto (f=c-d- e) 31/12/2022 Ammontare netto 31/12/2021 Strumenti finanziari (d) Depositi di contante ricevuti in garanzia (e) 1. Derivati  635.194 - 635.194 - 609.121 26.073 10.411 2. Pronti contro termine  - - - - - - - 3. Prestito titoli  - - - - - - - 4. Altre  - - - - - - - Totale 31/12/2022 635.194 -635.194 -609.121 26.073 XTotale 31/12/2021 247.526 -247.526 162.925 74.190X  10.411",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfRepurchaseAndReverseRepurchaseAgreementsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-855": {
   "value": "Sezione 2 \u2013 Attivit\u00e0 finanziarie valutate al fair value con impatto a conto economico \u2013 Voce 20 2.1 Attivit\u00e0 finanziarie detenute per la negoziazione: composizione merceologica Voci/Valori Totale 31/12/2022 Totale 31/12/2021 L1  L2  L3  L1  L2  L3 A. Attivit\u00e0 per cassa 1. Titoli di debito  16.377  1 - 16.214 2.356 - 1.1 Titoli strutturati  9.489  1 - 7.534 2.356 - 1.2 Altri titoli di debito  6.888  - - 8.680 - - 2. Titoli di capitale  2.139  - - - 139 - 3. Quote di O.I.C.R.  536  - 23 - - 2.320 4. Finanziamenti  -  - - - - - 4.1 Pronti contro termine  -  - - - - - 4.2 Altri  -  - - - - - Totale (A) 19.052 1 23 16.214 2.495 2.320 B. Strumenti derivati  -  - - - - - 1. Derivati finanziari  -  35.884 - - 38.678 26 3 1.1 di negoziazione  -  35.884 - - 38.678 26 3 1.2 connessi con la fair value option  -  - - - - - 1.3 altri  -  - - - - - 2. Derivati creditizi  -  - - - - - 2.1 di negoziazione  -  - - - - - 2.2 connessi con la fair value option  -  - - - - - 2.3 altri  -  - - - - - Totale (B) - 35.884 --38.678 26 3 Totale (A+B) 19.052 35.885 23 16.214 41.173 2.58 3 Legenda: L1= Livello 1 L2= Livello 2 L3= Livello 3 Si segnala la composizione della voce 3 \u201cQuote O.I.C.R\u201d:  Totale 31/12/2022 Totale 31/12/2021 Hedge Fund  - 2.255 Azionari  559 65 Totale 559 2.320 2.2 Attivit\u00e0 finanziarie detenute per la negoziazione: composizione per debitori/emittenti/controparti Voci/Valori Totale 31/12/2022 Totale 31/12/2021 A. Attivit\u00e0 per cassa 1. Titoli di debito  16.379 18.571 a) Banche Centrali  - - b) Amministrazioni pubbliche  5.519 9.204 c) Banche  2.270 1.751 d) Altre societ\u00e0 finanziarie  868 526 di cui: imprese di assicurazione  - - e) Societ\u00e0 non finanziarie  7.722 7.090 2. Titoli di capitale  2.140 139 a) Banche  321 - b) Altre societ\u00e0 finanziarie  694 - di cui: imprese di assicurazione  427 - c) Societ\u00e0 non finanziarie  1.125 139 d) Altri emittenti  - - 3. Quote di OICR  559 2.320 4. Finanziamenti  - - a) Banche Centrali  - - b) Amministrazioni pubbliche  - - c) Banche  - - d) Altre societ\u00e0 finanziarie  - - di cui: imprese di assicurazione  - - e) Societ\u00e0 non finanziarie  - - f) Famiglie  - - Totale (A) 19.078 21.030 B. Strumenti derivati a) Controparti Centrali  - - b) Altre  35.884 38.941 Totale (B) 35.884 38.941 Totale (A+B) 54.962 59.971 In conformit\u00e0 a quanto disposto dal principio contabile IFRS 7 e tenuto conto delle indicazioni contenute nella Comunicazione CONSOB n. DEM/11070007 del 5 agosto 2011 (che riprende il documento ESMA N. 2011/266 del 28 luglio 2011) in materia di informazioni da rendere nelle relazioni finanziarie in merito al \u201cdebito Sovrano\u201d, si precisa che al 31 dicembre 2022 sono presenti esposizioni in titoli governativi verso lo Stato Italia per 5,1 milioni di euro, e per circa 0,4 milioni di euro verso altri paesi. Le posizioni, classificate contabilmente di trading, hanno come oggetto la negoziazione verso la clientela istituzionale. Si rimanda alla sezione 3 della presente nota per i titoli detenuti nel portafoglio \u201cAttivit\u00e0 finanziarie valutate al fair value con impatto sulla redditivit\u00e0 complessiva\u201d. 2.5 Altre attivit\u00e0 finanziarie obbligatoriamente valutate al fair value: composizione merceologica Voci/Valori Totale 31/12/2022 Totale 31/12/2021 L1  L2  L3  L1  L2  L3 1. Titoli di debito --9--91.1 Titoli strutturati  - - - - - - 1.2 Altri titoli di debito  - - 9 - - 9 2. Titoli di capitale ------3. Quote di O.I.C.R.  375 1.201 8.752 336 -7.430 4. Finanziamenti  188 -43.763 177 -14.441 4.1 Pronti contro termine  - - - - - - 4.2 Altri  188 - 43.763 177 - 14.441 Totale 563 1.201 52.524 513 -21.880 Legenda: L1= Livello 1 L2= Livello 2 L3= Livello 3 Si segnala la composizione della voce 3 \u201cQuote O.I.C.R\u201d: Totale 31/12/2022 Totale 31/12/2021 Fondi chiusi  8.454 5.547 Azionari 24 29 Immobiliari  1.201 1.473 Obbligazionari  151 84 Bilanciati  126 72 Flessibili  73 151 Altri  299 410 Totale 10.328 7.766 2.6 Altre attivit\u00e0 finanziarie obbligatoriamente valutate al fair value: composizione per debitori/emittenti Totale 31/12/2022 Totale 31/12/2021 1. Titoli di capitale --di cui: banche  - - di cui: altre societ\u00e0 finanziarie  - - di cui: societ\u00e0 non finanziarie  - - 2. Titoli di debito 99a) Banche centrali  - - b) Amministrazioni pubbliche  - - c) Banche  - - d) Altre societ\u00e0 finanziarie  9 9 di cui: imprese di assicurazione  - - e) Societ\u00e0 non finanziarie  - - 3. Quote di O.I.C.R.  10.328 7.766 4. Finanziamenti  43.951 14.617 a) Banche centrali  - - b) Amministrazioni pubbliche  - - c) Banche  - - d) Altre societ\u00e0 finanziarie  12.609 13.139 di cui: imprese di assicurazione  12.609 13.139 e) Societ\u00e0 non finanziarie  30.529 177 f) Famiglie  813 1.301 Totale 54.288 22.392 A seguito del fallimento dell\u2019SPPI test nella presente categoria sono state riclassificate le quote di fondi comuni (OICR) e alcuni finanziamenti verso clientela. Sezione 3 - Attivit\u00e0 finanziarie valutate al fair value con impatto sulla redditivit\u00e0 complessiva \u2013 Voce 30 3.1 Attivit\u00e0 finanziarie valutate al fair value con impatto sulla redditivit\u00e0 complessiva: composizione merceologica Voci/Valori Totale 31/12/2022 Totale 31/12/2021 L1  L2  L3  L1  L2  L3 1. Titoli di debito 6.156.575 2.897 - 6.553.263 - 3.320 1.1 Titoli strutturati  814.923 2.897 - 722.919 - 3.320 1.2 Altri titoli di debito  5.341.652 - - 5.830.344 - - 2. Titoli di capitale 6.300 1.800 31.578 561 2.859 33.180 3. Finanziamenti - - - - - - Totale 6.162.875 4.697 31.578 6.553.824 2.859 36.500 Legenda: L1= Livello 1 L2= Livello 2 L3= Livello 3 Nel corso del 2021 Credemtel ha aderito all\u2019aumento di capitale della societ\u00e0 S-Invest srl, una societ\u00e0 di diritto italiano  che  user\u00e0  la  provvista  raccolta  per  sottoscrivere  il  prestito  convertibile  di  una  societ\u00e0  svizzera denominata Sonect AG. L\u2019attivit\u00e0 finanziaria in parola \u00e8 posseduta secondo un modello di business il cui obiettivo \u00e8 conseguito sia mediante l\u2019incasso dei flussi finanziari previsti contrattualmente che mediante la vendita (Business model \u201cHold to Collect and Sell \u2013 \u201cHTCS\u201d\u201d). Ai fini del processo di impairment test \u00e8 stato utilizzato l\u2019ultimo bilancio disponibile che evidenzia una perdita consistente  e  un  patrimonio  netto  negativo.  Essendo  Sonect  AG  in  start-up  e  non  essendo  possibile formulare previsioni su un ritorno all\u2019utile nel breve periodo non \u00e8 stato possibile ritenere sufficientemente consistente il Patrimonio netto rettificato di S- Invest con conseguente svalutazione da impairment, per 200 mila euro, della partecipazione detenuta da Credemtel. 3.2 Attivit\u00e0 finanziarie valutate al fair value con impatto sulla redditivit\u00e0 complessiva: composizione per debitori/emittenti Voci/Valori Totale 31/12/2022 Totale 31/12/2021 1. Titoli di debito  6.159.472 6.556.583 a) Banche centrali  - - b) Amministrazioni pubbliche  4.205.116 4.664.998 c) Banche  1.058.610 966.397 d) Altre societ\u00e0 finanziarie  254.034 328.675 di cui: imprese di assicurazione  - - e) Societ\u00e0 non finanziarie  641.712 596.513 2. Titoli di capitale  39.678 36.600 a) Banche  23.468 24.775 b) Altri emittenti:  16.210 11.825 - altre societ\u00e0 finanziarie  13.306 8.923 di cui: imprese di assicurazione  - - - societ\u00e0 non finanziarie  2.902 15.747 - altri  - 26 3. Finanziamenti --a) Banche centrali  - - b) Amministrazioni pubbliche  - - c) Banche  - - d) Altre societ\u00e0 finanziarie  - - di cui: imprese di assicurazione  - - e) Societ\u00e0 non finanziarie  - - f) Famiglie  - - Totale 6.199.150 6.593.183 In conformit\u00e0 a quanto disposto dal principio contabile IFRS 7 e tenuto conto delle indicazioni contenute nella Comunicazione Consob n. DEM/11070007 del 5 agosto 2011 (che riprende il documento ESMA N. 2011/266 del 28 luglio 2011) in materia di informazioni da rendere nelle relazioni finanziarie in merito al \u201cdebito Sovrano\u201d, si precisa: Nel portafoglio \u201cAttivit\u00e0 finanziarie  valutate  al  fair  value con impatto  sulla  redditivit\u00e0 complessiva\u201d sono presenti  titoli  governativi  esteri  (Spagna) per  907,9  milioni  di  euro,  (Portogallo)  per  69,9  milioni  di  euro, (Belgio) per 384,5 milioni di euro, (Francia) per 419,8 milioni di euro e (U.S. Treasury) per 1.825,2 milioni di euro. Sono presenti inoltre obbligazioni, per circa 311,7 milioni di euro, emessi dall\u2019Unione Europea, e 12,9 milioni di euro emessi dall\u2019European Financial Stability Facilities. Relativamente a i titoli governativi emessi dallo Stato Italiano si evidenzia un\u2019esposizione pari a circa 247,0 milioni di BTP e 26,1 milioni di euro di CCT. Sono presenti coperture di fair value hedge sia su titoli di Stato, italiani, a tasso fisso (BTP), ed esteri, che su titoli  obbligazionari  (senior  unsecure  e  covered  bond)  a  tasso  fisso  emessi  da  primari  istituti  di  credito europei. La copertura \u00e8 di tipo fair value hedge attuata attraverso la designazione di appositi strumenti di copertura (Interest Rate Swap) con copertura specifica del c.d. \u201crischio tasso\u201d su detti titoli; la relazione venuta cos\u00ec a crearsi fra Hedged Item e Hedging Instrument ha comportato la redazione di una specifica documentazione che formalizza la relazione di copertura ed ha altres\u00ec usufruito delle particolari regole di contabilizzazione dell\u2019Hedge Accounting. Si segnala che sono stati effettuati i test di efficacia (sia prospettici che retrospettivi) con esito positivo.  3.3 Attivit\u00e0 finanziarie valutate al fair value con impatto sulla redditivit\u00e0 complessiva: valore lordo e rettifiche di valore complessive Valore lordo  Rettifiche di valore complessive Write-off parziali complessivi Secondo stadio Terzo stadio Impaired acquisite o originate Primo stadio Secondo stadio Terzo stadio Impaired acquisite o originate Primo stadio di cui: Strumenti con basso rischio di credito Titoli di debito  6.161.049 41.269 - - - 1.577  - - - - Finanziamenti  - - - - - -  - - - - Totale 31/12/2022  6.161.049 41.269 ---1.577 - ---Totale 31/12/2021  6.558.331 62.799 ---1.746 - ---Il valore lordo e le rettifiche di valore complessive delle attivit\u00e0 finanziarie impaired sono comprensivi degli interessi contrattuali maturati. Sezione 4 \u2013 Attivit\u00e0 finanziarie valutate al costo ammortizzato \u2013 Voce 40 4.1 Attivit\u00e0 finanziarie valutate al costo ammortizzato: composizione merceologica dei crediti verso banche Tipologia operazioni/Valori Totale 31/12/2022 Totale 31/12/2021 Valore di bilancio  Fair value  Valore di bilancio  Fair value Primo e secondo stadio Terzo stadio Impaired acquisite o originate L1 L2 L3 Primo e secondo stadio Terzo stadio Impaired acquisite o originate L1 L2 L3 A. Crediti verso Banche Centrali 280.694 - - - -  280.694  7.720.849 - - - -  7.720.849 1. Depositi a scadenza - - - X X X - - - X X X 2. Riserva obbligatoria 280.694 - - X X X  7.720.849 - - X X X 3. Pronti contro termine - - - X X X - - - X X X 4. Altri - - - X X X - - - X X X B. Crediti verso banche 1.206.700 - -  486.952  11.766  693.579  1.228.038 - -  537.433  16.332  683.789 1. Finanziamenti  693.294 - - - -  693.579  683.788 - - - -  683.789 1.1 Conti correnti - - - X X X - - - X X X 1.2. Depositi a scadenza - - - X X X - - - X X X 1.3. Altri finanziamenti: 693.294 - - X X X  683.788 - - X X X - Pronti contro termine attivi - - - X X X - - - X X X - Finanziamenti per leasing 206 - - X X X 243 - - X X X - Altri  693.088 - - X X X  683.545 - - X X X 2. Titoli di debito  513.406 - -  486.952  11.766 -  544.250 - -  537.433  16.332 - 2.1 Titoli strutturati 148.998 - -  137.217  11.766 -  136.804 - -  139.253 - - 2.2 Altri titoli di debito 364.408 - -  349.735 - -  407.446 - -  398.180  16.332 - Totale  1.487.394 - -  486.952  11.766  974.273  8.948.887 - -  537.433  16.332  8.404.638 Legenda: L1= Livello 1 L2= Livello 2 L3= Livello 3 Sono inclusi i crediti di funzionamento connessi con la prestazione di servizi finanziari. I crediti, ad eccezione dei titoli di debito, sono iscritti al loro valore nominale, corrispondente al loro fair value e il livello di fair value attribuito risulta essere pari a 3. Le metodologie utilizzate per la determinazione del fair value sono riportate nella Parte A1 \u2013 Parte generale \u2013 Sezione 18 \u201cAltre informazioni\u201d. 4.2 Attivit\u00e0 finanziarie valutate al costo ammortizzato: composizione merceologica dei crediti verso clientela Totale  Totale 31/12/2022  31/12/2021 Tipologia operazioni/Valori Valore di bilancio  Fair value  Valore di bilancio  Fair value Primo e secondo stadio Terzo stadio Impaired acquisite o originate L1 L2 L3 Primo e secondo stadio Terzo stadio Impaired acquisite o originate L1 L2 L3 1. Finanziamenti  34.156.005  304.765  22.439  - -  33.557.798  32.775.051  349.567  30.954 - -  34.457.280  1.1. Conti correnti  1.955.412  26.328  1.354  X X X  1.693.949  36.514  2.468  X X X 1.2. Pronti contro termine attivi  - - - X X X - - - X X X 1.3. Mutui  19.858.860  207.016  12.869 X X X  19.477.919  233.194  21.988  X X X 1.4. Carte di credito, prestiti personali e  cessioni del quinto 2.778.147  25.349  7.859  X X X 2.212.784  27.229 5.226  X X X 1.5 Finanziamenti per leasing  2.919.787  34.895  - X X X  2.756.796  39.126  - X X X 1.6. Factoring  1.531.598  6.328  - X X X  1.281.505  9.153  - X X X 1.7. Altri finanziamenti  5.112.201  4.849  357  X X X  5.352.098  4.351  1.272  X X X 2. Titoli di debito  7.860.605  - -  7.153.286  575.500  15.244  7.033.022 - -  6.503.782  618.020  - 2.1. Titoli strutturati  612.075 - -  169.163  417.356  15.244  633.272  - -  187.817  445.062 - 2.2. Altri titoli di debito  7.248.530  - -  6.984.123  158.144  -  6.399.750 - -  6.315.965  172.958  - Totale  42.016.610  304.765  22.439  7.153.286  575.500  33.573.042  39.808.073  349.567  30.954  6.503.782  618.020  34.457.280 I crediti verso la clientela per finanziamenti sono pari a 34.483,2 milioni di euro.  Nel  portafoglio  \u201cAttivit\u00e0  finanziarie  valutate  al  costo  ammortizzato\u201d  sono  presenti  esposizioni  in  titoli governativi per circa 6.450,4 milioni di euro (5.771,3 milioni di euro Italia, BTP 5.603,7 milioni di euro e CCt 167,6 milioni di euro, 630,9 milioni di euro altri paesi, 346,7 milioni di euro Spagna e 284,2 milioni di euro Portogallo, e obbligazioni, per circa 558,8 milioni di euro, emessi dall\u2019Unione Europea).  Sono  presenti  coperture  di  fair  value  hedge  su  titoli  di  Stato,  italiani,  a  tasso  fisso  (BTP),  ed  esteri.  La copertura \u00e8 di tipo fair value hedge attuata attraverso la designazione di appositi strumenti di copertura (Interest Rate Swap) con copertura specifica del c.d. \u201crischio tasso\u201d su detti titoli; la relazione venuta cos\u00ec a crearsi fra Hedged Item e Hedging Instrument ha comportato la redazione di una specifica documentazione che formalizza la relazione di copertura ed ha altres\u00ec usufruito delle particolari regole di contabilizzazione dell\u2019Hedge Accounting. Si segnala che sono stati effettuati i test di efficacia (sia prospettici che retrospettivi) con esito positivo.  Sono presenti nella categoria contabile \u201cAttivit\u00e0 finanziarie valutate al costo ammortizzato\u201d, al 31 dicembre 2022,  608  milioni  di  Euro  di  ABS  emessi  da  veicoli  terzi,  collegati  a  crediti  originati  in  Europa,  con preponderanza della componente di origination francese (195.2 milioni di Euro). Il portafoglio \u00e8 costituito da differenti tipologie di ABS con una prevalenza delle cartolarizzazioni di mutui residenziali, che incidono per il 43,4% L\u2019attuale esposizione suddivisa per rischio paese \u00e8 cos\u00ec composta: Paese Controvalore (migliaia Euro) % Esposizione FRANCIA  195.173  32,1 GERMANIA  167.188  27,5  PAESI BASSI  104.813  17,2  SPAGNA  74.729  12.3 ITALIA  42.159  7,0  IRLANDA  22.650  3,7  REGNO UNITO  797  0,1 PORTOGALLO  634  0,1  TOTALE  608.143  100,0 Il  portafoglio  delle  cartolarizzazioni  \u00e8  diversificato  su  28  emittenti  e  38  emissioni,  con  massima concentrazione pari a 45,9 milioni di Euro per singola emissione e 72,1 milioni di Euro per singolo emittente . Si \u00e8 adottata anche la metodologia contabile del Macro Fair Value Hedge per la copertura del rischio di tass o associato all\u2019erogazione di mutui a tasso fisso e a tasso variabile con opzioni \u201cCap\u201d.  Sono presenti, inoltre, coperture di Cash Flow Hedge su erogazioni di mutui a tasso variabile . 4.3 Attivit\u00e0 finanziarie valutate al costo ammortizzato: composizione per debitori/emittenti dei crediti verso clientela Tipologia operazioni/Valori Totale 31/12/2022 Totale 31/12/2021 Primo e secondo stadio Terzo stadio Attivit\u00e0 impaired acquisite o originate Primo e secondo stadio Terzo stadio Attivit\u00e0 impaired acquisite o originate 1. Titoli di debito  7.860.604 --  7.033.022 - -a)Amministrazioni pubbliche 6.960.977  -  -  6.084.323  -  - b)Altresociet\u00e0 finanziarie 851.806  -  -  939.859  -  - dicui:impresedi assicurazione -  -  -  -  -  - c) Societ\u00e0 non finanziarie 47.821  -  -  8.840  -  - 2. Finanziamenti verso:  34.156.006  304.764  22.439  32.775.054 349.568  30.954 a)Amministrazioni pubbliche 700.907  3.069  -  643.199  4.630  - b)Altresociet\u00e0 finanziarie 469.800  59  1.769  728.686  94  2.690 dicui:impresedi assicurazione 24.798  -  -  7.467  -  - c) Societ\u00e0 non finanziarie 17.312.865  114.308  8.843  16.593.338  117.510  15.282 d) Famiglie  15.672.434  187.328  11.827  14.809.831  227.334  12.982 Totale  42.016.610  304.764  22.439  39.808.076 349.568  30.954 4.4 Attivit\u00e0 finanziarie valutate al costo ammortizzato: valore lordo e rettifiche di valore complessive Valore lordo  Rettifiche di valore complessive Write-off parziali complessivi Secondo stadio Terzo stadio Impaired acquisite o originate Primo stadio Secondo stadio Terzo stadio Impaired acquisite o originate Primo stadio di cui: Strumenti con basso rischio di credito Titoli di debito  8.378.465 36.072 - - - 4.453  - - - - Finanziamenti  32.921.869 261.780 2.295.037 713.601 25.248 43.787  43.126 408.837 2.808 13.996 Totale  31/12/2022 41.300.334 297.852 2.295.037 713.601 25.248 48.240 43.126 408.837 2.808 13.996 Totale  31/12/2021 46.932.051 1.076.444 1.912.479 788.418 32.312 46.833 40.739 438.850 1.357 7.824 Il principio IFRS9 prevede la classificazione delle attivit\u00e0 finanziarie valutate al costo ammortizzato in tre stages, in ordine crescente di deterioramento del merito creditizio; a tali categorie si associano misurazioni progressivamente pi\u00f9 severe delle riduzioni di valore. Il valore lordo e le rettifiche di valore complessive delle attivit\u00e0 finanziarie impaired sono comprensivi degli interessi contrattuali maturati .4.4a Finanziamenti valutati al costo ammortizzato oggetto di misure di sostegno Covid-19: valore lordo e rettifiche di valore complessive Valore lordo  Rettifiche di valore complessive Write-off parziali complessivi* Secondo stadio Terzo stadio Impaired acquisite o originate Primo stadio Secondo stadio Terzo stadio Impaired acquisite o originate Primo stadio di cui: Strumenti con basso rischio di credito 1. Finanziamenti oggetto di concessione conformi con le GL - - - - - - - - - - 2. Finanziamenti oggetto di misure di moratoria in essere non pi\u00f9 conformi alle GL e non valutate come 985 - 385 416 - 2 17 60 - - 3. Finanziamenti oggetto di altre misure di concessione - - 7.956 2.994 49 - 292 1.058 - - 4. Nuovi finanziamenti  2.797.808 44.573 230.242 47.284 393 2.184 629 16.444 36 - Totale 31/12/2022  2.798.793 44.573 238.583 50.694 442 2.186 938 17.562 36 -Totale 31/12/2021  3.715.146 192.825 447.290 37.596 1.832 4.125 5.665 8.709 34 -Nella presente tabella \u00e8 indicato il dettaglio del valore lordo e delle rettifiche di valore complessive ripartiti per  stadi  di  rischio  e  per  \u201cimpaired  acquisite  o  originate\u201d,  nonch\u00e9  l\u2019informativa  sui  write-off  parziali complessivi per i finanziamenti, oggetto di \u201cmoratorie\u201d o altre misure di concessione in essere alla data di riferimento  del bilancio,  o  che costituiscono  nuova liquidit\u00e0  concessa mediante meccanismi di garanzia pubblica. Nella riga \u201cFinanziamenti oggetto di concessione conformi con le GL\u201d sono riportate le informazioni relative alle attivit\u00e0 finanziarie oggetto di moratoria che rientrano nell\u2019ambito di applicazione delle \u201cGuidelines on legislative  and  non  legislative  moratoria on  loan  repayments applied in the  light  of  the  COVID  19 crisis\u201d pubblicate dall\u2019EBA (EBA/GL/2020/02) e successive modificazioni e integrazioni. Nella riga \u201cFinanziamenti oggetto di misure di moratoria in essere non pi\u00f9 conformi alle GL e non valutate come oggetto di concessione\u201d sono riportati esclusivamente i finanziamenti oggetto di moratoria in essere, valutati come conformi alle EBA/GL/2020/02 alla data di concessione della misura e non pi\u00f9 conformi alla data di riferimento del bilancio, che non sono stati classificati dalla banca come \u201cesposizioni oggetto di concessione\u201d (come definite dalle vigenti segnalazioni di vigilanza) a seguito della valutazione effettuata al verificarsi dell\u2019evento che ha generato la non conformit\u00e0 alle EBA/GL/2020/02. Nella riga \u201cFinanziamenti oggetto di altre misure di concessione\u201d sono riportate le informazioni relative ai finanziamenti oggetto di misure di sostegno COVID-19 che soddisfano le condizioni di \u201cesposizione oggetto di concessione\u201d come definite dalle vigenti segnalazioni di vigilanza e che non sono incluse nella categoria \u201cFinanziamenti oggetto di concessione conformi con le GL\u201d alla data di concessione della misura oppure alla data in cui non sono pi\u00f9 conformi alle EBA/GL/2020/02. Nella riga \u201cNuovi finanziamenti\u201d sono incluse, tra l\u2019altro, le attivit\u00e0 finanziarie rilevate a seguito di misure di concessione  che  hanno  comportato  un  rifinanziamento  con  derecognition  dell\u2019attivit\u00e0  originaria  e l\u2019iscrizione di un nuovo finanziamento, oppure una ristrutturazione di pi\u00f9 debiti con l\u2019iscrizione di un nuovo finanziamento in bilancio. Sezione 1 \u2013 Passivit\u00e0 finanziarie valutate al costo ammortizzato \u2013 Voce 10 1.1 Passivit\u00e0 finanziarie valutate al costo ammortizzato: composizione merceologica dei debiti verso banche Totale Totale Tipologia operazioni/Valori VB 31/12/2022 Fair Value VB 31/12/2021 Fair Value L1 L2 L3 L1 L2 L3 1. Debiti verso banche centrali 5.584.256  X X X 8.164.752  X X X 2. Debiti verso banche 3.152.037  X X X 4.420.824  X X X 2.1 Conti correnti e depositi a vista 705.859 X X X 149.425 X X X 2.2 Depositi a scadenza 5.701 X X X 4.010 X X X 2.3 Finanziamenti 2.439.944 X X X 4.265.960 X X X 2.3.1 Pronti contro termine passivi 2.420.997 X X X 4.242.802 X X X 2.3.2 Altri 18.947 X X X 23.158 X X X 2.4 Debiti per impegni di riacquisto di propri - X X X - X X X strumenti patrimoniali 2.5 Debiti per leasing - X X X - X X X 2.6 Altri debiti 533 X X X 1.427 X X X Totale 8.736.293 - 2.420.997 6.315.296 12.585.576 - 4.242.802 8.342.774 Legenda: VB= Valore di bilancio L1= Livello 1  L2= Livello 2 L3= Livello 3 I debiti sono iscritti al loro valore nominale, corrispondente al loro fair value.  I debiti verso banche sono rappresentati principalmente da debiti a vista a tasso variabile, e non \u00e8 stata posta in essere alcun tipo di copertura.  La voce \u201c1. Debiti verso banche centrali\u201d accoglie le operazioni di rifinanziamento effettuate con la Banca Centrale Europea.  L\u2019utilizzo del canale di rifinanziamento tramite la BCE, a fine 2022, \u00e8 interamente rappresentato dalla partecipazione  alle  operazioni di  TLTRO  III  per  complessivi  5,6  miliardi  di  euro.  Nel corso dell\u2019anno non sono state effettuate nuove operazioni. Nel mese di dicembre la Banca ha effettuato un rimborso volontario anticipato per 1,2 miliardi di euro della tranche TLTRO III.3 in scadenza nel mese di marzo 2023. Nel mese di dicembre 2022 \u00e8 stata anche rimborsata la tranche TLTRO III.2 da 1,4 miliardi di euro, giunta alla sua naturale scadenza. 1.2 Passivit\u00e0 finanziarie valutate al costo ammortizzato: composizione merceologica dei debiti verso clientela Tipologia operazioni/Valori Totale 31/12/2022 Totale 31/12/2021  VB Fair Value VB F air Value L1  L2  L3  L1  L2  L3 1. Conti correnti e depositi a vista  34.097.698    X  X  X  33.184.229    X  X  X 2. Depositi a scadenza  1.283.116    X  X  X  460.685    X  X  X 3. Finanziamenti  2.934.676    X  X  X  3.599.164    X  X  X 3.1 Pronti contro termine passivi  2.355.113    X  X  X  3.009.080    X  X  X 3.2 Altri  579.563    X  X  X  590.084    X  X  X 4. Debiti per impegni di riacquisto di propri strumenti patrimoniali -    X  X  X  -    X  X  X 5. Debiti per leasing  131.035    X  X  X  133.341    X  X  X 5. Altri debiti  331.495    X  X  X  339.503    X  X  X Totale 38.778.020 - 2.355.113  36.422.907 37.716.922 - 3.009. 0 80 34.707.842 Legenda: VB= Valore di bilancio L1= Livello 1 L2= Livello 2 L3= Livello 3 I debiti sono iscritti al loro valore nominale, corrispondente al loro fair value e il livello di fair value attribuito risulta essere pari a 3, ad eccezione del livello di fair value dei pronti contro termine a cui \u00e8 attributo il valore 2. Nella voce Debiti per leasing \u00e8 ricompreso, ai sensi del principio IFRS16, il Debito per leasing (Lease Liability), pari al valore attuale dei canoni previsti e non ancora pagati dei beni oggetti di contratti di leasing operativo. La  principale  novit\u00e0  introdotta  dal  principio  \u00e8  rappresentata  dalla  modifica  delle  modalit\u00e0  di contabilizzazione  delle  operazioni  di  leasing  operativo  nel  bilancio  del  locatario/utilizzatore, attraverso l\u2019introduzione di un unico modello di contabilizzazione dei contratti di leasing da parte del locatario siano essi classificati come leasing operativi o finanziari. I debiti verso clientela sono rappresentati principalmente da debiti a vista a tasso variabile, e non \u00e8  stata  posta  in  essere  alcun  tipo  di  copertura  specifica,  mentre  sono  state  poste  in  essere coperture di Macro Fair Value Hedge delle poste a vista, cos\u00ec come descritto nella parte E, sezione 2.2 della presente nota. Si segnala che, a seguito delle modifiche apportate al funzionamento del mercato interbancario collateralizzato, con conseguente trasferimento alla Cassa di Compensazione e Garanzia ed alla Monte Titoli delle funzioni finora svolte dalla Banca d\u2019Italia, nella voce 3.1 \u201cPronti contro termine passivi\u201d sono presenti i finanziamenti, per 2.355,1 milioni di euro, ricevuti dal suddetto mercato. Secondo  i  dati  ABI,  in  Italia,  a  dicembre  2022,  la  dinamica  della  raccolta  diretta  risulta  in contrazione del -1,2% su base annua, con  una  variazione pi\u00f9 marcata sui depositi, mentre la raccolta tramite obbligazioni \u00e8 rimasta invariata. La contrazione \u00e8 prevalentemente imputabile alla raccolta delle imprese, che nell\u2019anno precedente avevano incrementato notevolmente i saldi dei depositi, data l\u2019abbondanza di liquidit\u00e0 presente e la cautela a procedere con nuovi investimenti. Per  quanto  riguarda  il  Gruppo  Credem,  complessivamente,  la  raccolta  diretta  bancaria  ha manifestato un trend opposto, \u00e8 cresciuta del 7,2% rispetto al dicembre 2021, raggiungendo i 39,8 miliardi di euro, effetto di uno sviluppo commerciale che \u00e8 proseguito organicamente anche nel difficile contesto di riferimento. Si riscontra una tendenza in linea con il sistema esclusivamente per quanto riguarda il segmento corporate, sul quale sono state avviate politiche volte ad ottimizzare i livelli di liquidit\u00e0. I  depositi  registrano  un  +5,0% rispetto  al  2021,  e  hanno  accompagnato  la  crescita  della  base clientela, prevalentemente concentrati sulla componente a vista (86,6% del totale depositi) anche se la dinamica dei tassi sta favorendo anche la crescita di depositi a scadenza (3,1% verso 1,1%) .  1.3 Passivit\u00e0 finanziarie valutate al costo ammortizzato: composizione merceologica dei titoli in circolazione Tipologia titoli/Valori Totale  Totale 31/12/2022  31/12/2021 VB Fair Value VB Fair Value L1  L2  L3  L1  L2  L3 A. Titoli  1. obbligazioni  3.368.658 3.120.752 184.164 - 2.424.021 2.470.565 - - 1.1 strutturate  501.354 470.182 - - 501.357 512.472 - - 1.2 altre  2.867.304 2.650.570 184.164 - 1.922.664 1.958.093 - - 2. altri titoli  139 - - 139 145 - - 145 2.1 strutturate  - - - - - - - - 2.2 altre  139 - - 139 145 - - 145 Totale 3.368.797 3.120.752 184.164 139 2.424.166 2.470.565 -145 Legenda: VB= Valore di bilancio L1= Livello 1  L2= Livello 2 L3= Livello 3 Nella voce \u201caltri titoli\u201d sono classificati i certificati di deposito.  Le obbligazioni, subordinati  e senior, a fine dicembre 2022 si  attestano a 3,4 miliardi di  euro, rispetto ai 2,4 miliardi del 2021, e recepiscono l\u2019emissione da 200 milioni di euro del T2 subordinato, effettuata nel mese di luglio (operazione precedute dal richiamo di una precedente emissione non pi\u00f9 efficace del punto di vista patrimoniale per 100 milioni di euro), oltre all\u2019emissione del Green Senior Preferred, destinato ad investitori istituzionali, per nominali 600 milioni di euro, come gi\u00e0 anticipato nel paragrafo  della Relazione  sulla Gestione dedicato ai principali eventi del Gruppo Credem.  1.4 Dettaglio dei debiti/titoli subordinati Principali caratteristiche contrattuali delle passivit\u00e0 subordinate:  \u201cCREDITO EMILIANO 20/30 SUBORDINATO 3,5% SUB\u201d (ISIN IT0005421539) per 200.000.000,00  \u20ac costituito da n. 2.000.000,00 obbligazioni del valore nominale di 100 \u20ac cadauna.  Le  obbligazioni  corrisponderanno  cedole  fisse  annuali  pari  al  3,5%  annuo  lordo  fino  al 16/12/2025 poi tasso IRS  5Y + 3,897% annuo lordo.  Il  prestito  scade  il  16/12/2030  se  non  verr\u00e0  esercitata  l\u2019opzione  call  al  16/12/2025  che significher\u00e0 il rimborso anticipato.  Al 31/12/2022 la quantit\u00e0 residua risulta pari a 200.000.000,00 \u20ac costituita da n. 2.000.000 obbligazioni del valore nominale di 100 \u20ac cadauna.  L\u2019obbligazione \u00e8 stata interamente sottoscritta da Credemholding.  \u201cCREDITO EMILIANO 22/32 SUBORDINATO 7,625 SUB\u201d (ISIN IT0005497117) per 200.000.000,00  \u20ac costituito da n. 2.000.000,00 obbligazioni del valore nominale di 100 \u20ac cadauna.  Le obbligazioni  corrisponderanno  cedole  fisse  annuali  pari  al  7,625%  annuo  lordo  fino  al 05/10/2027 poi tasso MS  5Y + 5,514% annuo lordo.  Il  prestito  scade  il  05/10/2032  se  non  verr\u00e0  esercitata  l\u2019opzione  call  al  05/07/2027  che significher\u00e0 il rimborso anticipato . Al 31/12/2022 la quantit\u00e0 residua risulta pari a 200.000.000,00 \u20ac costituita da n. 2.000.000 obbligazioni del valore nominale di 100 \u20ac cadauna  L\u2019obbligazione \u00e8 stata interamente sottoscritta da Credemholding.  In caso di liquidazione tutte le obbligazioni subordinate saranno rimborsate solo dopo che sian o stati soddisfatti tutti gli altri creditori non ugualmente subordinati.  Le obbligazioni non sono coperte dalla garanzia del Fondo Interbancario di Tutela dei Depositi.  1.5 Dettaglio dei debiti strutturati Non esistono, alla data del bilancio, n\u00e9 al 31 dicembre 2021, debiti strutturati verso banche e vers o clientela.  1.6 Debiti per leasing Alla data del 31 dicembre 2022 sono presenti debiti per leasing IFRS16 per 131 milioni di euro. Si allegano i flussi finanziari per i leasing con l'analisi delle scadenze:  Fino a 1 mese  5.840 Oltre 1 mese e fino a 3 mesi  325 Oltre 3 mesi fino a 1 anno  15.531 Oltre 1 anno fino a 5 anni  63.546 Oltre 5 anni  45.793 Totale  131.035 Titoli in circolazione oggetto di copertura specifica Si \u00e8 adottata la metodologia contabile del Micro Fair Value Hedge per la copertura del rischio di tasso associato all\u2019emissione di prestiti obbligazionari a tasso fisso per un ammontare di circa  2.050 milioni di euro Sezione 2 \u2013 Passivit\u00e0 finanziarie di negoziazione \u2013 Voce 20 2.1 Passivit\u00e0 finanziarie di negoziazione: composizione merceologica Tipologia operazioni/Valori Totale 31/12/2022 Totale 31/12/2021 VN Fair Value Fair Value * VN Fair Value Fair Value * L1 L2 L3 L1 L2 L3 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 - - - - X 3.1.2 Altre obbligazioni - - - - X - - - - X 3.2 Altri titoli - - - - X - - - - X 3.2.1 Strutturati - - - - X - - - - X 3.2.2 Altri - - - - X - - - - X Totale (A) ----------B. Strumenti derivati 1. Derivati finanziari  X - 36.257 - X X - 33.148 - X 1.1 Di negoziazione  X - 36.257 - X X - 33.148 - X 1.2 Connessi con la fair value option X - - - X X - - - 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-36.257 -XX-33.148 -XTotale (A+B) X-36.257 -XX-33.148 -XLegenda: VN = valore nominale o nozionale L1 = Livello 1 L2 = Livello 2 L3 = Livello 3 Fair value*=Fair value calcolato escludendo le variazioni di valore dovute al cambiamento del merito creditizio dell'emittente rispetto alla data di emissione. La voce \u201cA. Passivit\u00e0 per cassa\u201d, se presente, comprende gli scoperti tecnici. ",
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  "fact-782": {
   "value": "Sezione 2 \u2013 Attivit\u00e0 finanziarie valutate al fair value con impatto a conto economico \u2013 Voce 20 2.1 Attivit\u00e0 finanziarie detenute per la negoziazione: composizione merceologica Voci/Valori Totale 31/12/2022 Totale 31/12/2021 L1  L2  L3  L1  L2  L3 A. Attivit\u00e0 per cassa 1. Titoli di debito  16.377  1 - 16.214 2.356 - 1.1 Titoli strutturati  9.489  1 - 7.534 2.356 - 1.2 Altri titoli di debito  6.888  - - 8.680 - - 2. Titoli di capitale  2.139  - - - 139 - 3. Quote di O.I.C.R.  536  - 23 - - 2.320 4. Finanziamenti  -  - - - - - 4.1 Pronti contro termine  -  - - - - - 4.2 Altri  -  - - - - - Totale (A) 19.052 1 23 16.214 2.495 2.320 B. Strumenti derivati  -  - - - - - 1. Derivati finanziari  -  35.884 - - 38.678 26 3 1.1 di negoziazione  -  35.884 - - 38.678 26 3 1.2 connessi con la fair value option  -  - - - - - 1.3 altri  -  - - - - - 2. Derivati creditizi  -  - - - - - 2.1 di negoziazione  -  - - - - - 2.2 connessi con la fair value option  -  - - - - - 2.3 altri  -  - - - - - Totale (B) - 35.884 --38.678 26 3 Totale (A+B) 19.052 35.885 23 16.214 41.173 2.58 3 Legenda: L1= Livello 1 L2= Livello 2 L3= Livello 3 Si segnala la composizione della voce 3 \u201cQuote O.I.C.R\u201d:  Totale 31/12/2022 Totale 31/12/2021 Hedge Fund  - 2.255 Azionari  559 65 Totale 559 2.320 2.2 Attivit\u00e0 finanziarie detenute per la negoziazione: composizione per debitori/emittenti/controparti Voci/Valori Totale 31/12/2022 Totale 31/12/2021 A. Attivit\u00e0 per cassa 1. Titoli di debito  16.379 18.571 a) Banche Centrali  - - b) Amministrazioni pubbliche  5.519 9.204 c) Banche  2.270 1.751 d) Altre societ\u00e0 finanziarie  868 526 di cui: imprese di assicurazione  - - e) Societ\u00e0 non finanziarie  7.722 7.090 2. Titoli di capitale  2.140 139 a) Banche  321 - b) Altre societ\u00e0 finanziarie  694 - di cui: imprese di assicurazione  427 - c) Societ\u00e0 non finanziarie  1.125 139 d) Altri emittenti  - - 3. Quote di OICR  559 2.320 4. Finanziamenti  - - a) Banche Centrali  - - b) Amministrazioni pubbliche  - - c) Banche  - - d) Altre societ\u00e0 finanziarie  - - di cui: imprese di assicurazione  - - e) Societ\u00e0 non finanziarie  - - f) Famiglie  - - Totale (A) 19.078 21.030 B. Strumenti derivati a) Controparti Centrali  - - b) Altre  35.884 38.941 Totale (B) 35.884 38.941 Totale (A+B) 54.962 59.971 In conformit\u00e0 a quanto disposto dal principio contabile IFRS 7 e tenuto conto delle indicazioni contenute nella Comunicazione CONSOB n. DEM/11070007 del 5 agosto 2011 (che riprende il documento ESMA N. 2011/266 del 28 luglio 2011) in materia di informazioni da rendere nelle relazioni finanziarie in merito al \u201cdebito Sovrano\u201d, si precisa che al 31 dicembre 2022 sono presenti esposizioni in titoli governativi verso lo Stato Italia per 5,1 milioni di euro, e per circa 0,4 milioni di euro verso altri paesi. Le posizioni, classificate contabilmente di trading, hanno come oggetto la negoziazione verso la clientela istituzionale. Si rimanda alla sezione 3 della presente nota per i titoli detenuti nel portafoglio \u201cAttivit\u00e0 finanziarie valutate al fair value con impatto sulla redditivit\u00e0 complessiva\u201d.  2.5 Altre attivit\u00e0 finanziarie obbligatoriamente valutate al fair value: composizione merceologica Voci/Valori Totale 31/12/2022 Totale 31/12/2021 L1  L2  L3  L1  L2  L3 1. Titoli di debito --9--91.1 Titoli strutturati  - - - - - - 1.2 Altri titoli di debito  - - 9 - - 9 2. Titoli di capitale ------3. Quote di O.I.C.R.  375 1.201 8.752 336 -7.430 4. Finanziamenti  188 -43.763 177 -14.441 4.1 Pronti contro termine  - - - - - - 4.2 Altri  188 - 43.763 177 - 14.441 Totale 563 1.201 52.524 513 -21.880 Legenda: L1= Livello 1 L2= Livello 2 L3= Livello 3 Si segnala la composizione della voce 3 \u201cQuote O.I.C.R\u201d: Totale 31/12/2022 Totale 31/12/2021 Fondi chiusi  8.454 5.547 Azionari 24 29 Immobiliari  1.201 1.473 Obbligazionari  151 84 Bilanciati  126 72 Flessibili  73 151 Altri  299 410 Totale 10.328 7.766 2.6 Altre attivit\u00e0 finanziarie obbligatoriamente valutate al fair value: composizione per debitori/emittenti Totale 31/12/2022 Totale 31/12/2021 1. Titoli di capitale --di cui: banche  - - di cui: altre societ\u00e0 finanziarie  - - di cui: societ\u00e0 non finanziarie  - - 2. Titoli di debito 99a) Banche centrali  - - b) Amministrazioni pubbliche  - - c) Banche  - - d) Altre societ\u00e0 finanziarie  9 9 di cui: imprese di assicurazione  - - e) Societ\u00e0 non finanziarie  - - 3. Quote di O.I.C.R.  10.328 7.766 4. Finanziamenti  43.951 14.617 a) Banche centrali  - - b) Amministrazioni pubbliche  - - c) Banche  - - d) Altre societ\u00e0 finanziarie  12.609 13.139 di cui: imprese di assicurazione  12.609 13.139 e) Societ\u00e0 non finanziarie  30.529 177 f) Famiglie  813 1.301 Totale 54.288 22.392 A seguito del fallimento dell\u2019SPPI test nella presente categoria sono state riclassificate le quote di fondi comuni (OICR) e alcuni finanziamenti verso clientela.  Sezione 5 - Derivati di copertura \u2013 Voce 50 5.1 Derivati di copertura: composizione per tipologia di copertura e per livelli FV 31/12/2022 VN 31/12/2022 FV 31/12/2021 VN 31/12/2021 L1  L2  L3  L1  L2  L3 A. Derivati finanziari 1. Fair value  - 1.090.239 - 16.552.179 - 176.323 - 12.496.150 2. Flussi finanziari  - - - - - 34.778 - 1.392.039 3. Investimenti esteri  - - - - - - - - B. Derivati creditizi 1. Fair value  - - - - - - - - 2. Flussi finanziari  - - - - - - - - Totale -1.090.239 -16.552.179 -211.101 -13.888.189 Legenda: VN = valore nozionale L1= Livello 1 L2= Livello 2 L3= Livello 3 5.2 Derivati di copertura: composizione per portafogli coperti e per tipologia di copertura Operazioni/Tipo di copertura Fair Value  Flussi finanziari Investim. esteri Specifica Generica Specifica Generica titoli di debito e tassi di interesse titoli di capitale e indici azionari valute e oro credito merci altri 1. Attivit\u00e0 finanziarie valutate al costo ammortizzato 2. Portafoglio    X    X    X    X    X    X    2.357  X    -  X Totale passivit\u00e0 - - - - - - 2.357 - - 1. Transazioni attese  X  X  X  X  X  X  X  -  X  X 2. Portafoglio di attivit\u00e0 e passivit\u00e0 finanziarie X  X  X  X  X  X  -  X  -  - Si \u00e8 adottata la metodologia contabile del Macro Fair Value Hedge per la copertura del rischio di tasso della raccolta a vista della clientela. La raccolta a vista dalla clientela rappresenta un\u2019importante fonte di funding della banca. Una quota parte di questa raccolta, seppur contrattualmente a vista, presenta per\u00f2 una forte persistenza nel tempo ed una elasticit\u00e0 imperfetta alla variazione dei tassi di mercato, rappresentata dal cosiddetto \u201ceffetto vischiosit\u00e0\u201d. Questo effetto \u00e8 stato stimato mediante un modello di analisi che consiste in due componenti:  la stima della relazione dei tassi delle poste a vista con i tassi di mercato in base ad un modello econometrico;  la stima della persistenza dei volumi, attraverso la quale l\u2019ammontare delle poste a vista viene tradotto in un portafoglio di poste a tasso fisso a scadenza. I derivati di copertura di questa tipologia presentano un fair value positivo di 2.357 mila euro. fair value con impatto sulla  611.921 redditivit\u00e0 complessiva -  -  -  X  X  X -  X  X 2. Sono presenti coperture di micro fair value hedge su titoli a tasso fisso detenuti nel portafoglio HTCS. I derivati di questa tipologia presentano un fair value positivo di 611.921 mila euro. Sono presenti coperture di micro fair value hedge su titoli a tasso fisso detenuti nel portafoglio HTC. I derivati di questa tipologia presentano un fair value positivo di 267.880 mila euro. Si  \u00e8  adottata  la  metodologia  contabile  del  macro  fair  value  hedge  per  la  copertura  del  rischio  di  tasso associato all\u2019erogazione di mutui a tasso fisso e a tasso variabile con opzione \u201cCap\u201d. L\u2019applicazione della metodologia  di  hedge  accounting  consente  di  rappresentare  contabilmente  gli  effetti  economici  delle strategie di copertura attuate. I derivati di copertura relativi a tale strategia presentano un fair value positivo di 208.081 mila euro. Si rimanda alla Sezione della Parte E della nota integrativa per la descrizione delle modalit\u00e0 della copertura. Sezione 2 \u2013 Passivit\u00e0 finanziarie di negoziazione \u2013 Voce 20 2.1 Passivit\u00e0 finanziarie di negoziazione: composizione merceologica Tipologia operazioni/Valori Totale 31/12/2022 Totale 31/12/2021 VN Fair Value Fair Value * VN Fair Value Fair Value * L1 L2 L3 L1 L2 L3 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 - - - - X 3.1.2 Altre obbligazioni - - - - X - - - - X 3.2 Altri titoli  - - - - X - - - - X 3.2.1 Strutturati  - - - - X - - - - X 3.2.2 Altri  - - - - X - - - - X Totale (A) ----------B. Strumenti derivati  1. Derivati finanziari  X - 36.257 - X X - 33.148 - X 1.1 Di negoziazione  X - 36.257 - X X - 33.148 - X 1.2 Connessi con la fair value option  X - - - X X - - - 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-36.257 -XX-33.148 -XTotale (A+B) X-36.257 -XX-33.148 -XLegenda: VN = valore nominale o nozionale L1 = Livello 1  L2 = Livello 2 L3 = Livello 3 Fair value*=Fair value calcolato escludendo le variazioni di valore dovute al cambiamento del merito creditizio dell'emittente rispetto alla data di emissione.  La voce \u201cA. Passivit\u00e0 per cassa\u201d, se presente, comprende gli scoperti tecnici.  2.2 Dettaglio delle \u201cPassivit\u00e0 finanziarie di negoziazione\u201d: passivit\u00e0 subordinate 2.3 Dettaglio delle \u201cPassivit\u00e0 finanziarie di negoziazione\u201d: debiti strutturati Non  esistono,  alla  data  del  bilancio,  n\u00e9  al  31  dicembre  2021,  passivit\u00e0  subordinate  e  debiti strutturati. Sezione 4 \u2013 Derivati di copertura \u2013 Voce 40 4.1 Derivati di copertura: composizione per tipologia di copertura e per livelli Fair value  31/12/2022 VN 31/12/2022 Fair value  31/12/2021 VN L1  L2  L3  L1  L2  L3 A. Derivati finanziari -874.058 -7.668.363 -408.084 -6.931.197 1) Fair value  - 765.513  - 6.446.126 - 408.084  - 6.931.197 2) Flussi finanziari  - 108.545  - 1.222.237 - -  - - 3) Investimenti esteri  - -  - - - -  - - B. Derivati creditizi --------1) Fair value  - -  - - - -  - - 2) Flussi finanziari  - -  - - - -  - - Totale -874.058 -7.668.363 -408.084 -6.931.197 Legenda: VN= Valore nominale o nozionale L1= Livello 1 L2= Livello 2 L3= Livello 3 4.2 Derivati di copertura: composizione per portafogli coperti e per tipologie di copertura Operazioni/Tipo di copertura titoli di debito e tassi di interesse titoli di capitale e indici azionari Specifica valute e oro Fair Value credito merci altri Flussi finanziari Investim. esteri impatto sulla redditivit\u00e0 e passivit\u00e0 finanziarie Si \u00e8 adottata la metodologia contabile del Macro Fair Value Hedge per la copertura del rischio di tasso della raccolta a vista della clientela. La raccolta a vista dalla clientela rappresenta un\u2019importante  fonte di funding della banca. Una quota  parte  di  questa  raccolta,  seppur  contrattualmente  a  vista,  presenta  per\u00f2  una  forte persistenza  nel  tempo  ed  una  elasticit\u00e0  imperfetta  alla  variazione  dei  tassi  di  mercato, rappresentata dal cosiddetto \u201ceffetto vischiosit\u00e0\u201d. Questo effetto \u00e8 stato stimato mediante un modello di analisi che consiste in due componenti:  la stima della relazione dei tassi delle poste a vista con i tassi di mercato in base ad un modello econometrico;  la stima della persistenza dei volumi, attraverso la quale l\u2019ammontare delle poste a vista viene tradotto in un portafoglio di poste a tasso fisso a scadenza. I derivati di copertura di questa tipologia presentano un fair value negativo di 216.287 mila euro. Ge Spe Ge 1. Attivit\u00e0 finanziarie valutate al fair value con 12 complessiva -  -  -  X  X  X -  X  X 2. Attivit\u00e0 finanziarie valutate al costo  287.545  X ammortizzato - -  X X X -  X X 3. Portafoglio  X  X  X  X  X  X  10.058  X  108.545  X 4. Altre operazioni  -  -  -  -  -  -  X -  X - Totale attivit\u00e0 287.557----  - 10.058 - 108.545 -1. Passivit\u00e0 finanziarie  251.611  X -  -  -  -  X -  X  X 2. Portafoglio  X  X Totale passivit\u00e0 251.611 X -X -X -X -216.287 - 216.287 X  - - - X -1. Transazioni attese  X  X  X  X  X  X  X -  X  X 2. Portafoglio di attivit\u00e0 X X  X  X  X  X  -  X  -  - Sono presenti coperture di micro fair value hedge su titoli a tasso fisso detenuti nel portafoglio HTCS. I derivati di questa tipologia presentano un fair value negativo di 12 mila euro. Sono presenti coperture di micro fair value hedge su titoli a tasso fisso detenuti nel portafoglio HTC. I derivati di questa tipologia presentano un fair value negativo di 287.545 mila euro. Si \u00e8 adottata la metodologia contabile del macro fair value hedge per la copertura del rischio di tasso  associato  all\u2019erogazione  di  mutui  a  tasso  fisso  e  a  tasso  variabile  con  opzione  \u201cCap\u201d. L\u2019applicazione della metodologia di hedge accounting consente di rappresentare contabilmente gli  effetti  economici  delle  strategie  di  copertura  attuate.  I  derivati  di  copertura  relativi  a  tale strategia presentano un fair value negativo di 10.058 mila euro. Sono presenti coperture di micro fair value hedge su titoli emessi a tasso fisso contabilizzati nei \u201ctitoli in circolazione\u201d. I derivati di questa tipologia presentano un fair value negativo di 251.611 mila euro. Sono presenti coperture di macro cash flow hedge  su  erogazione di mutui a  tasso  variabile. I derivati di copertura di questa tipologia presentano un fair value negativo di 108.545 mila euro. Si rimanda alla Sezione della Parte E delle note illustrative per la descrizione delle modalit\u00e0 della copertura.  ",
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    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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  },
  "fact-867": {
   "value": "2.1 Attivit\u00e0 finanziarie detenute per la negoziazione: composizione merceologica Voci/Valori Totale 31/12/2022 Totale 31/12/2021 L1  L2  L3  L1  L2  L3 A. Attivit\u00e0 per cassa 1. Titoli di debito  16.377  1 - 16.214 2.356 - 1.1 Titoli strutturati  9.489  1 - 7.534 2.356 - 1.2 Altri titoli di debito  6.888  - - 8.680 - - 2. Titoli di capitale  2.139  - - - 139 - 3. Quote di O.I.C.R.  536  - 23 - - 2.320 4. Finanziamenti  -  - - - - - 4.1 Pronti contro termine  -  - - - - - 4.2 Altri  -  - - - - - Totale (A) 19.052 1 23 16.214 2.495 2.320 B. Strumenti derivati -  - - - - - 1. Derivati finanziari  -  35.884 - - 38.678 26 1.1 di negoziazione  -  35.884 - - 38.678 26 1.2 connessi con la fair value option  -  - - - - - 1.3 altri  -  - - - - - 2. Derivati creditizi  -  - - - - - 2.1 di negoziazione  -  - - - - - 2.2 connessi con la fair value option  -  - - - - - 2.3 altri  -  - - - - - Totale (B) - 35.884 --38.678 26 Totale (A+B) 19.052 35.885 23 16.214 41.173 2.58 Legenda: L1= Livello 1 L2= Livello 2 L3= Livello 3 Si segnala la composizione della voce 3 \u201cQuote O.I.C.R\u201d: Totale 31/12/2022 Totale 31/12/2021 Hedge Fund  - 2.255 Azionari  559 65 Totale 559 2.320 2.2 Attivit\u00e0 finanziarie detenute per la negoziazione: composizione per debitori/emittenti/controparti Voci/Valori Totale 31/12/2022 Totale 31/12/2021 A. Attivit\u00e0 per cassa 1. Titoli di debito  16.379 18.571 a) Banche Centrali  - - b) Amministrazioni pubbliche  5.519 9.204 c) Banche  2.270 1.751 d) Altre societ\u00e0 finanziarie  868 526 di cui: imprese di assicurazione  - - e) Societ\u00e0 non finanziarie  7.722 7.090 2. Titoli di capitale  2.140 139 a) Banche  321 - b) Altre societ\u00e0 finanziarie  694 - di cui: imprese di assicurazione  427 - c) Societ\u00e0 non finanziarie  1.125 139 d) Altri emittenti  - - 3. Quote di OICR  559 2.320 4. Finanziamenti  - - a) Banche Centrali  - - b) Amministrazioni pubbliche  - - c) Banche  - - d) Altre societ\u00e0 finanziarie  - - di cui: imprese di assicurazione  - - e) Societ\u00e0 non finanziarie  - - f) Famiglie  - - Totale (A) 19.078 21.030 B. Strumenti derivati a) Controparti Centrali  - - b) Altre  35.884 38.941 Totale (B) 35.884 38.941 Totale (A+B) 54.962 59.971 In conformit\u00e0 a quanto disposto dal principio contabile IFRS 7 e tenuto conto delle indicazioni contenute nella Comunicazione CONSOB n. DEM/11070007 del 5 agosto 2011 (che riprende il documento ESMA N. 2011/266 del 28 luglio 2011) in materia di informazioni da rendere nelle relazioni finanziarie in merito al \u201cdebito Sovrano\u201d, si precisa che al 31 dicembre 2022 sono presenti esposizioni in titoli governativi verso lo Stato Italia per 5,1 milioni di euro, e per circa 0,4 milioni di euro verso altri paesi. Le posizioni, classificate contabilmente di trading, hanno come oggetto la negoziazione verso la clientela istituzionale. Si rimanda alla sezione 3 della presente nota per i titoli detenuti nel portafoglio \u201cAttivit\u00e0 finanziarie valutate al fair value con impatto sulla redditivit\u00e0 complessiva\u201d. Sezione 2 \u2013 Passivit\u00e0 finanziarie di negoziazione \u2013 Voce 20 2.1 Passivit\u00e0 finanziarie di negoziazione: composizione merceologica Tipologia operazioni/Valori Totale 31/12/2022 Totale 31/12/2021 VN Fair Value Fair Value * VN Fair Value Fair Value * L1 L2 L3 L1 L2 L3 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 - - - - X 3.1.2 Altre obbligazioni - - - - X - - - - X 3.2 Altri titoli - - - - X - - - - X 3.2.1 Strutturati - - - - X - - - - X 3.2.2 Altri - - - - X - - - - X Totale (A) ----------B. Strumenti derivati 1. Derivati finanziari  X - 36.257 - X X - 33.148 - X 1.1 Di negoziazione  X - 36.257 - X X - 33.148 - X 1.2 Connessi con la fair value option X - - - X X - - - 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-36.257 -XX-33.148 -XTotale (A+B) X-36.257 -XX-33.148 -XLegenda: VN = valore nominale o nozionale L1 = Livello 1 L2 = Livello 2 L3 = Livello 3 Fair value*=Fair value calcolato escludendo le variazioni di valore dovute al cambiamento del merito creditizio dell'emittente rispetto alla data di emissione. La voce \u201cA. Passivit\u00e0 per cassa\u201d, se presente, comprende gli scoperti tecnici. 2.2 Dettaglio delle \u201cPassivit\u00e0 finanziarie di negoziazione\u201d: passivit\u00e0 subordinate 2.3 Dettaglio delle \u201cPassivit\u00e0 finanziarie di negoziazione\u201d: debiti strutturati Non  esistono,  alla  data  del  bilancio,  n\u00e9  al  31  dicembre  2021,  passivit\u00e0  subordinate  e  debiti strutturati. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialInstrumentsHeldForTradingExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-899": {
   "value": "2.1 Attivit\u00e0 finanziarie detenute per la negoziazione: composizione merceologica Voci/Valori Totale 31/12/2022 Totale 31/12/2021 L1  L2  L3  L1  L2  L3 A. Attivit\u00e0 per cassa 1. Titoli di debito  16.377  1 - 16.214 2.356 - 1.1 Titoli strutturati  9.489  1 - 7.534 2.356 - 1.2 Altri titoli di debito  6.888  - - 8.680 - - 2. Titoli di capitale  2.139  - - - 139 - 3. Quote di O.I.C.R.  536  - 23 - - 2.320 4. Finanziamenti  -  - - - - - 4.1 Pronti contro termine  -  - - - - - 4.2 Altri  -  - - - - - Totale (A) 19.052 1 23 16.214 2.495 2.320 B. Strumenti derivati -  - - - - - 1. Derivati finanziari  -  35.884 - - 38.678 26 1.1 di negoziazione  -  35.884 - - 38.678 26 1.2 connessi con la fair value option  -  - - - - - 1.3 altri  -  - - - - - 2. Derivati creditizi  -  - - - - - 2.1 di negoziazione  -  - - - - - 2.2 connessi con la fair value option  -  - - - - - 2.3 altri  -  - - - - - Totale (B) - 35.884 --38.678 26 Totale (A+B) 19.052 35.885 23 16.214 41.173 2.58 Legenda: L1= Livello 1 L2= Livello 2 L3= Livello 3 Si segnala la composizione della voce 3 \u201cQuote O.I.C.R\u201d: Totale 31/12/2022 Totale 31/12/2021 Hedge Fund  - 2.255 Azionari  559 65 Totale 559 2.320 2.2 Attivit\u00e0 finanziarie detenute per la negoziazione: composizione per debitori/emittenti/controparti Voci/Valori Totale 31/12/2022 Totale 31/12/2021 A. Attivit\u00e0 per cassa 1. Titoli di debito  16.379 18.571 a) Banche Centrali  - - b) Amministrazioni pubbliche  5.519 9.204 c) Banche  2.270 1.751 d) Altre societ\u00e0 finanziarie  868 526 di cui: imprese di assicurazione  - - e) Societ\u00e0 non finanziarie  7.722 7.090 2. Titoli di capitale  2.140 139 a) Banche  321 - b) Altre societ\u00e0 finanziarie  694 - di cui: imprese di assicurazione  427 - c) Societ\u00e0 non finanziarie  1.125 139 d) Altri emittenti  - - 3. Quote di OICR  559 2.320 4. Finanziamenti  - - a) Banche Centrali  - - b) Amministrazioni pubbliche  - - c) Banche  - - d) Altre societ\u00e0 finanziarie  - - di cui: imprese di assicurazione  - - e) Societ\u00e0 non finanziarie  - - f) Famiglie  - - Totale (A) 19.078 21.030 B. Strumenti derivati a) Controparti Centrali  - - b) Altre  35.884 38.941 Totale (B) 35.884 38.941 Totale (A+B) 54.962 59.971 In conformit\u00e0 a quanto disposto dal principio contabile IFRS 7 e tenuto conto delle indicazioni contenute nella Comunicazione CONSOB n. DEM/11070007 del 5 agosto 2011 (che riprende il documento ESMA N. 2011/266 del 28 luglio 2011) in materia di informazioni da rendere nelle relazioni finanziarie in merito al \u201cdebito Sovrano\u201d, si precisa che al 31 dicembre 2022 sono presenti esposizioni in titoli governativi verso lo Stato Italia per 5,1 milioni di euro, e per circa 0,4 milioni di euro verso altri paesi. Le posizioni, classificate contabilmente di trading, hanno come oggetto la negoziazione verso la clientela istituzionale. Si rimanda alla sezione 3 della presente nota per i titoli detenuti nel portafoglio \u201cAttivit\u00e0 finanziarie valutate al fair value con impatto sulla redditivit\u00e0 complessiva\u201d. Sezione 5 - Derivati di copertura \u2013 Voce 50 5.1 Derivati di copertura: composizione per tipologia di copertura e per livelli FV 31/12/2022 VN 31/12/2022 FV 31/12/2021 VN 31/12/2021 L1  L2  L3  L1  L2  L3 A. Derivati finanziari 1. Fair value  - 1.090.239 - 16.552.179 - 176.323 - 12.496.150 2. Flussi finanziari  - - - - - 34.778 - 1.392.039 3. Investimenti esteri  - - - - - - - - B. Derivati creditizi 1. Fair value  - - - - - - - - 2. Flussi finanziari  - - - - - - - - Totale -1.090.239 -16.552.179 -211.101 -13.888.189 Legenda: VN = valore nozionale L1= Livello 1 L2= Livello 2 L3= Livello 3 5.2 Derivati di copertura: composizione per portafogli coperti e per tipologia di copertura Operazioni/Tipo di copertura Fair Value  Flussi finanziari Investim. esteri Specifica Generica Specifica Generica titoli di debito e tassi di interesse titoli di capitale e indici azionari valute e oro credito merci altri 1. Attivit\u00e0 finanziarie valutate al costo ammortizzato 2. Portafoglio    X    X    X    X    X    X    2.357  X    -  X Totale passivit\u00e0 - - - - - - 2.357 - - 1. Transazioni attese  X  X  X  X  X  X  X  -  X  X 2. Portafoglio di attivit\u00e0 e passivit\u00e0 finanziarie X  X  X  X  X  X  -  X  -  - Si \u00e8 adottata la metodologia contabile del Macro Fair Value Hedge per la copertura del rischio di tasso della raccolta a vista della clientela. La raccolta a vista dalla clientela rappresenta un\u2019importante fonte di funding della banca. Una quota parte di questa raccolta, seppur contrattualmente a vista, presenta per\u00f2 una forte persistenza nel tempo ed una elasticit\u00e0 imperfetta alla variazione dei tassi di mercato, rappresentata dal cosiddetto \u201ceffetto vischiosit\u00e0\u201d. Questo effetto \u00e8 stato stimato mediante un modello di analisi che consiste in due componenti: la stima della relazione dei tassi delle poste a vista con i tassi di mercato in base ad un modello econometrico; la stima della persistenza dei volumi, attraverso la quale l\u2019ammontare delle poste a vista viene tradotto in un portafoglio di poste a tasso fisso a scadenza. I derivati di copertura di questa tipologia presentano un fair value positivo di 2.357 mila euro. fair value con impatto sulla  611.921 Sono presenti coperture di micro fair value hedge su titoli a tasso fisso detenuti nel portafoglio HTCS. I derivati di questa tipologia presentano un fair value positivo di 611.921 mila euro. Sono presenti coperture di micro fair value hedge su titoli a tasso fisso detenuti nel portafoglio HTC. I derivati di questa tipologia presentano un fair value positivo di 267.880 mila euro. Si  \u00e8  adottata  la  metodologia  contabile  del  macro  fair  value  hedge  per  la  copertura  del  rischio  di  tasso associato all\u2019erogazione di mutui a tasso fisso e a tasso variabile con opzione \u201cCap\u201d. L\u2019applicazione della metodologia  di  hedge  accounting  consente  di  rappresentare  contabilmente  gli  effetti  economici  delle strategie di copertura attuate. I derivati di copertura relativi a tale strategia presentano un fair value positivo di 208.081 mila euro. Si rimanda alla Sezione della Parte E della nota integrativa per la descrizione delle modalit\u00e0 della copertura. 2.1 Passivit\u00e0 finanziarie di negoziazione: composizione merceologica Tipologia operazioni/Valori Totale 31/12/2022 Totale 31/12/2021 VN Fair Value Fair Value * VN Fair Value Fair Value * L1 L2 L3 L1 L2 L3 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 - - - - X 3.1.2 Altre obbligazioni - - - - X - - - - X 3.2 Altri titoli  - - - - X - - - - X 3.2.1 Strutturati  - - - - X - - - - X 3.2.2 Altri  - - - - X - - - - X Totale (A) ----------B. Strumenti derivati  1. Derivati finanziari  X - 36.257 - X X - 33.148 - X 1.1 Di negoziazione  X - 36.257 - X X - 33.148 - X 1.2 Connessi con la fair value option  X - - - X X - - - 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-36.257 -XX-33.148 -XTotale (A+B) X-36.257 -XX-33.148 -XLegenda: VN = valore nominale o nozionale L1 = Livello 1  L2 = Livello 2 L3 = Livello 3 Fair value*=Fair value calcolato escludendo le variazioni di valore dovute al cambiamento del merito creditizio dell'emittente rispetto alla data di emissione.  La voce \u201cA. Passivit\u00e0 per cassa\u201d, se presente, comprende gli scoperti tecnici.  Sezione 4 \u2013 Derivati di copertura \u2013 Voce 40 4.1 Derivati di copertura: composizione per tipologia di copertura e per livelli Fair value  31/12/2022 VN 31/12/2022 Fair value  31/12/2021 VN L1  L2  L3  L1  L2  L3 A. Derivati finanziari -874.058 -7.668.363 -408.084 -6.931.197 1) Fair value  - 765.513  - 6.446.126 - 408.084  - 6.931.197 2) Flussi finanziari  - 108.545  - 1.222.237 - -  - - 3) Investimenti esteri  - -  - - - -  - - B. Derivati creditizi --------1) Fair value  - -  - - - -  - - 2) Flussi finanziari  - -  - - - -  - - Totale -874.058 -7.668.363 -408.084 -6.931.197 Legenda: VN= Valore nominale o nozionale L1= Livello 1 L2= Livello 2 L3= Livello 3 4.2 Derivati di copertura: composizione per portafogli coperti e per tipologie di copertura Operazioni/Tipo di copertura titoli di debito e tassi di interesse titoli di capitale e indici azionari Specifica valute e oro Fair Value credito merci altri Flussi finanziari Investim. esteri impatto sulla redditivit\u00e0 e passivit\u00e0 finanziarie Si \u00e8 adottata la metodologia contabile del Macro Fair Value Hedge per la copertura del rischio di tasso della raccolta a vista della clientela. La raccolta a vista dalla clientela rappresenta un\u2019importante  fonte di funding della banca. Una quota  parte  di  questa  raccolta,  seppur  contrattualmente  a  vista,  presenta  per\u00f2  una  forte persistenza  nel  tempo  ed  una  elasticit\u00e0  imperfetta  alla  variazione  dei  tassi  di  mercato, rappresentata dal cosiddetto \u201ceffetto vischiosit\u00e0\u201d. Questo effetto \u00e8 stato stimato mediante un modello di analisi che consiste in due componenti: la stima della relazione dei tassi delle poste a vista con i tassi di mercato in base ad un modello econometrico; la stima della persistenza dei volumi, attraverso la quale l\u2019ammontare delle poste a vista viene tradotto in un portafoglio di poste a tasso fisso a scadenza. I derivati di copertura di questa tipologia presentano un fair value negativo di 216.287 mila euro. Ge Spe Ge 1. Attivit\u00e0 finanziarie valutate al fair value con 12 complessiva -  -  -  X  X  X -  X  X 2. Attivit\u00e0 finanziarie valutate al costo  287.545  X ammortizzato - -  X X X -  X X 3. Portafoglio  X  X  X  X  X  X  10.058  X  108.545  X 4. Altre operazioni  -  -  -  -  -  -  X -  X - Totale attivit\u00e0 287.557----  - 10.058 - 108.545 -1. Passivit\u00e0 finanziarie  251.611  X -  -  -  -  X -  X  X 2. Portafoglio  X  X Totale passivit\u00e0 251.611 X -X -X -X -216.287 - 216.287 X  - - - X -1. Transazioni attese  X  X  X  X  X  X  X -  X  X 2. Portafoglio di attivit\u00e0 X X  X  X  X  X  -  X  -  - Sono presenti coperture di micro fair value hedge su titoli a tasso fisso detenuti nel portafoglio HTCS. I derivati di questa tipologia presentano un fair value negativo di 12 mila euro. Sono presenti coperture di micro fair value hedge su titoli a tasso fisso detenuti nel portafoglio HTC. I derivati di questa tipologia presentano un fair value negativo di 287.545 mila euro. Si \u00e8 adottata la metodologia contabile del macro fair value hedge per la copertura del rischio di tasso  associato  all\u2019erogazione  di  mutui  a  tasso  fisso  e  a  tasso  variabile  con  opzione  \u201cCap\u201d. L\u2019applicazione della metodologia di hedge accounting consente di rappresentare contabilmente gli  effetti  economici  delle  strategie  di  copertura  attuate.  I  derivati  di  copertura  relativi  a  tale strategia presentano un fair value negativo di 10.058 mila euro. Sono presenti coperture di micro fair value hedge su titoli emessi a tasso fisso contabilizzati nei \u201ctitoli in circolazione\u201d. I derivati di questa tipologia presentano un fair value negativo di 251.611 mila euro. Sono presenti coperture di macro cash flow hedge  su  erogazione di mutui a  tasso  variabile. I derivati di copertura di questa tipologia presentano un fair value negativo di 108.545 mila euro. Si rimanda alla Sezione della Parte E delle note illustrative per la descrizione delle modalit\u00e0 della copertura. 1.3Gli strumenti derivati e le politiche di copertura L\u2019operativit\u00e0 in strumenti finanziari derivati \u00e8 gestita dal Gruppo tramite un apposito applicativo dedicato atto alle valorizzazioni giornaliere a Marktomodel. Il documento di riferimento \u201cAllegato tecnico alla Fair value Policy di Gruppo: Manuale modelli di pricing\u201d disciplina i principali modelli di pricing  comunemente  utilizzati  dal  Gruppo  per  i  propri  derivati  valutati  al  Mark  to  Model.  In particolare una sezione dedicata descrive nel dettaglio tali modelli. L\u2019insieme dei modelli descritti individua le metodologie ad oggi utilizzate e validate per le valutazioni degli strumenti detenuti in propriet\u00e0. Classificazione strumenti derivati e parametri di mercato Il Gruppo Credem si \u00e8 dotato di una Fair Value Policy e relativi allegati tecnici che disciplinano anche le regole contabili per la valorizzazione degli strumenti a mark to model, i relativi parametri e i processi inerenti la valorizzazione degli strumenti. In particolare il manuale si articola nelle seguenti sezioni: - classificazione degli strumenti derivati, storicizzati all\u2019interno dell\u2019applicativo; - mappatura e dettaglio dei parametri di mercato alimentati all\u2019interno dell\u2019applicativo al fine di valutare tutti gli strumenti; - descrizione procedure automatizzate per la storicizzazione dei prezzi. Parametri di mercato I parametri di mercato utilizzati per  le valutazioni e gestiti all\u2019interno  dell\u2019applicativo  possono essere: - dati acquisiti automaticamente, informazioni scaricate periodicamente da Info Providers, (ad es: market parameter giornalieri); - dati  di  mercato  stimati  dall\u2019applicativo,  prevalentemente  attraverso  dati  acquisiti automaticamente. Generalmente,  i  parametri  alimentati  manualmente  sono  quelli  che  non  necessitano  di  un aggiornamento costante e giornaliero. Processo di validazione modelli e parametri I documenti di riferimento riportano come indicato tutti i modelli di pricing e i parametri di mercato validati e utilizzati dal Gruppo per la valutazione degli strumenti derivati. Qualora  sia  necessario  introdurre  nuovi  parametri  e/o  modelli,  il  processo  prevede  il coinvolgimento della funzione di validazione che disciplina un apposito parere inerente la nuova operativit\u00e0 e provvede alla validazione dei modelli come disciplinato nell\u2019 apposito regolamento Nuovi prodotti del Gruppo. E\u2019 cura della funzione di validazione aggiornare periodicamente i documenti di riferimento con i nuovi modelli e/o parametri utilizzati ed effettuare analisi sulla validit\u00e0 dei modelli in uso. Procedure automatiche e appositi controlli consentono il presidio giornaliero delle valorizzazioni dei derivati e dei parametri utilizzati. Si  riporta  per  ogni  tipologia  di  strumento  derivato  il  tipo  di  valutazione (tramite  quotazione  di mercato - Marktomarket o tramite valutazione a modello- Marktomodel). Nel caso lo strumento sia valutato tramite MarktoModel si indicano: il modello di pricing utilizzato per la valorizzazione e i parametri di mercato utilizzati per la valutazione. F amily  Group Transactio n Type Description Mark to MarketMark to Modello di pricing CURR  FXD  FXD  Spot Forward Mark to Market, Mark to Model Modello: Costo of Carry CURR  FXD  XSW  Forex-Swap  Mark to Model Modello: C ost of Carry CURR  OPT FX Option  Mark to Model Modello: Black Exotic (solo back to back)         Mark to Market Mark to Model Modello: CN Credit All  (Solo Sensitivity) EQD  EQUIT Equities  Mark to Market Modello IRD  ASWP Asset Swap  Mark to Model Modello: Discounted cash flow IRD  BOND Vanilla Bonds Mark to Market Mark to Model Modello: Discounted cash flow IRD  C/F Cap/Floor  Mark to Model Modello: Black Normal Yield, Fischer Black Modello: Discounted cash flow       Forward  Rate Agreement Modelli: Discounted cash flow IRD  IRS Interest Rate Swap Mark to Model Modello: Discounted cash flow Modelli: Discounted cash flow IRD  LFUT,SFUT Long /Short Future Mark to Market Modello: URD  LN_LR Loans/Deposit  Mark to Model Modello Discounted cash flow IRD OPT OTC Bond Option Mark to Model Modello: Black Normal Yield, Fischer Black IRD  REPO  REPO  Bond Repo  Mark to Model Modello: Discounted cash flow SCF  SCF  SCF  Simple Cash Flow Modello:1.3.1Gli strumenti derivati di negoziazione A.Derivati finanziari A.1 Derivati finanziari di negoziazione: valori nozionali di fine periodo Attivit\u00e0 sottostanti/Tipologie derivati Totale 31/12/2022  Totale 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 -  955.838  572.888 - -  1.322.441  499.453 - a) Opzioni -  23.522  377.487 - -  38.688  236.201 - b) Swap -  932.316  192.901 - -  1.283.753  261.252 - c) Forward - - - - - - - - d) Futures - -  2.500 - - -  2.000 - e) Altri - - - - - - - - 2. Titoli di capitale e indici azionari - -  5.728 - - -  6.748 - a) Opzioni - -  5.728 - - -  6.748 - b) Swap - - - - - - - - c) Forward - - - - - - - - d) Futures - - - - - - - - e) Altri - - - - - - - - 3. Valute e oro -  82.252  538.832 - -  622.764  401.460 - a) Opzioni - - - - -  1.942  1.942 - b) Swap - - - - - - - - c) Forward -  82.252  538.832 - -  620.822  399.518 - d) Futures - - - - - - - - e) Altri - - - - - - - - 4. Merci - - - - - - - - 5. Altri - - - - - - - - Totale -  1.038.090  1.117.448 - -  1.945.205  907.661 - A.2 Derivati finanziari di negoziazione: fair value lordo positivo e negativo - ripartizione per prodotti Tipologie derivati Totale 31/12/2022 Totale 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. Fair value positivo a) Opzioni - 1.084 107 - - 104 908 - b) Interest rate swap - 26.029 221 - - 25.568 3.797 - c) Cross currency swap - - - - - - - - d) Equity swap - - - - - - - - e) Forward - 955 7.487 - - 5.252 3.311 - f) Futures - - - - - - - - g) Altri - - - - - - - - Totale - 28.068 7.815 - - 30.924 8.016 - 2. Fair value negativo a) Opzioni - 48 16.621 - - 136 458 - b) Interest rate swap - 55.444 10.285 - - 26.230 63 - c) Cross currency swap - - - - - - - - d) Equity swap - - - - - - - - e) Forward - 1.882 5.557 - - 3.629 2.633 - f) Futures - - - - - - - - g) Altri - - - - - - - - Totale - 57.374 32.463 - - 29.995 3.154 - A.3 Derivati finanziari di negoziazione OTC \u2013 valori nozionali, fair value lordo positivo e negativo per controparti Attivit\u00e0 sottostanti Con cen Ban Altre societ\u00e0 fina Altri sog Contratti non rientranti in accordi di compensazione 1) Titoli di debito e tassi d'interesse - valore nozionale  X  2.500  59.873  510.515 - fair value positivo  X  -  -  327 - fair value negativo  X  -  3.878  23.029 2) Titoli di capitale e indici azionari - valore nozionale  X  -  10  5.718 - fair value positivo  X  -  1  - - fair value negativo  X  -  -  - 3) Valute e oro - valore nozionale  X  -  2.255  536.577 - fair value positivo  X  -  -  7.487 - fair value negativo  X  -  72  5.485 4) Merci - valore nozionale  X -  -  - - fair value positivo  X -  -  - - fair value negativo  X -  -  - 5) Altri - valore nozionale  X -  -  - - fair value positivo  X -  -  - - fair value negativo  X -  -  - Contratti rientranti in accordi di compensazione 1) Titoli di debito e tassi d'interesse - valore nozionale  -  955.838  -  - - fair value positivo  -  80.694  -  - - fair value negativo  -  55.492  -  - 2) Titoli di capitale e indici azionari - valore nozionale  -  -  -  - - fair value positivo  -  -  -  - - fair value negativo  -  -  -  - 3) Valute e oro - valore nozionale  -  53.745  28.507  - - fair value positivo  -  955  -  - - fair value negativo  -  999  883  - 4) Merci - valore nozionale  -  -  -  - - fair value positivo  -  -  -  - - fair value negativo  -  -  -  - 5) Altri - valore nozionale  -  -  -  - - fair value positivo  -  -  -  - - fair value negativo  -  -  -  - A.4 Vita residua dei derivati finanziari OTC: valori nozionali Sottostanti/Vita residua  Fino ad 1 anno Oltre 1 anno e fino a 5 anni Oltre 5 anni  Totale A.1 Derivati finanziari su titoli di debito e tassi di interesse  418.132 1.009.671 100.923 1.528.726 A.2 Derivati finanziari su titoli di capitale ed indici azionari  5.718 - 10 5.728 A.3 Derivati finanziari su valute e oro  593.127 27.957 - 621.084 A.4 Derivati finanziari su merci  - - - - A.5 Altri derivati finanziari  - - - - Totale 31/12/2022  1.016.977 1.037.628 100.933 2.155.538 Totale 31/12/2021 1.243.983 1.304.311 304.575 2.852.869 periodicit\u00e0  di  revisione  del  tasso  e  liquidazione  degli  interessi  (divisi  nei  seguenti  3 bucket: dal 1\u00b0 al 10\u00b0 giorno del mese, dal 11\u00b0 al 20\u00b0 e dal 21\u00b0 a fine mese).  L'omogeneit\u00e0 di tali caratteristiche del portafoglio mutui e dei relativi derivati garantisce l'efficacia della copertura e quindi permette di non effettuare il test al punto 2 del seguente paragrafo (test invece indispensabile per il Cash Flow Hedge su diverse forme di raccolta. Metodo di valutazione di efficacia: Per la raccolta a tasso variabile coperta in Cash Flow Hedge vengono effettuati i seguenti test: - Verifica della capienza minima di nominale per ogni periodo futuro a partire del bucket in corso; - effettuazione  del  test  prospettico  e  retrospettivo  tramite  la  metodologia  del  derivato ipotetico, ovvero confronto fra il Fair Value del derivato di copertura rispetto al Fair Value del derivato ipotetico avente come gamba fissa gli stessi flussi dei derivati di copertura e come gamba  variabile  i  flussi  variabili  dello  strumento  coperto  pesato  per  le  percentuali  di copertura. Per i mutui coperti in Cash Flow Hedge viene verificato che lo swap di copertura sia stato concluso a condizioni di mercato, controllando il valore di Mark To Market con la curva real time al momento della chiusura dell\u2019operazione. Osservazioni sulla metodologia presentata Relativamente al Cash Flow Hedge delle diverse forme di raccolta (analogo discorso vale per il Cash Flow Hedge mutui cambiando i segni dei flussi e passivit\u00e0 in attivit\u00e0) gli strumenti derivati per i quali si applica la metodologia in oggetto sono considerati come facenti parte di un unico gruppo di  operazioni  che  presentano  complessivamente  un\u2019esposizione  di  tipo  \u201cincasso  tasso variabile/pagamento tasso fisso\u201d. Tale gruppo di operazioni \u00e8 considerato, lungo tutta la loro vita, a  copertura  parziale  dei  flussi  che  si  generano  su  un  gruppo  di  passivit\u00e0  a  tasso  variabile (pagamento  tasso  variabile);  tali  passivit\u00e0  sono rappresentate  sia  da  posizioni  debitorie  gi\u00e0  in essere,  sia  da  operazioni future con  le  medesime  caratteristiche (qualora  rispettino  i requisiti richiesti dal principio per essere designate come poste coperte 4 ). All\u2019interno di ciascun bucket, essendo  coperto  l\u2019insieme  omogeneo  dei  flussi  generati  dalle  passivit\u00e0  interessate  dalla copertura, l\u2019identificazione dei flussi coperti prescinde dalla correlazione dei medesimi rispetto ai nominali  che  li  hanno  generati  (singole  passivit\u00e0  a  tasso  variabile),  tuttavia  i  flussi  oggetto  di copertura vengono identificati come \u201ci primi\u201d complessivamente generati all\u2019interno del bucket medesimo. L\u2019obiettivo della copertura \u00e8 l\u2019eliminazione di una  porzione del  rischio di variabilit\u00e0 dei flussi di cassa  derivanti  dalla  ridefinizione  delle  \u201ccedole\u201d  delle  poste  coperte.  La  designazione  della relazione di copertura \u00e8 riferita a precisi periodi di tempo futuro (bucket trimestrali per il Cash Flow Hedge titoli, bucket mensili per il Cash Flow Hedge mutui) e, in termini di porzione coperta, pu\u00f2 essere differente da bucket a bucket in relazione alla posizione complessiva del gruppo dei derivati di copertura e delle operazioni coperte in essere alla fine di ogni bucket definito. La riduzione del rischio di variabilit\u00e0 dei flussi di cassa \u00e8 ottenuta tramite la composizione di gruppi di elementi coperti e di poste di copertura che presentano caratteristiche di indicizzazione allo stesso tasso variabile e con date di definizione dei tassi \u201cragionevolmente\u201d vicine (trimestre nel caso di Cash Flow Hedge su diverse forme di raccolta, 10 giorni nel caso del Cash Flow Hedge mutui). In sostanza,  i flussi di cassa  che verranno incassati in ognuno dei  periodi definiti dalle cedole variabili del gruppo degli strumenti di copertura annulleranno una porzione (pari a quella generata sul capitale coperto) dei flussi di cassa complessivamente pagati sul gruppo di poste coperte (i flussi generati dai primi nominali in riprezzamento di ogni bucket fino a concorrenza del nominale delle operazioni di copertura per ogni periodo) trasformando l\u2019esposizione complessiva nel bucket da variabile a fissa. Affinch\u00e9 tale situazione si verifichi con un elevato livello di probabilit\u00e0 \u00e8 necessario che i flussi di cassa  (variabili) generati  dai  due  gruppi  siano  allineati  in  termini  di  parametro  e  frequenza  di indicizzazione e che le date di definizione dei tassi variabili dei singoli elementi presenti nei due gruppi siano sufficientemente ravvicinate fra di loro. 4 Ai  fini  della  designazione  della  relazione  di  copertura  delle  diverse  forme  di  raccolta  a  tasso variabile, una forecast transaction deve essere5 : altamente probabile; capace di incidere, in ultima istanza, sul conto economico, essendo variabili i flussi di cassa ad essa riconducibili. Per  \u201caltamente  probabile\u201d  si  intende  una  situazione  tale  per  cui  \u00e8  molto  pi\u00f9  facile  che  la transazione avvenga piuttosto che non avvenga6 . A tal fine, non \u00e8 possibile dare una qualifica di \u201calta probabilit\u00e0\u201d a  delle transazioni future solo sulla base delle intenzioni del management:  \u00e8 necessario supportare l\u2019analisi con fatti e circostanze verificabili in modo oggettivo. Il principio fornisce un elenco degli elementi che \u00e8 necessario prendere in considerazione ai fini della definizione del requisito di alta probabilit\u00e07. Questi sono: - la frequenza di transazioni simili nel passato; - le capacit\u00e0 finanziarie ed operative dell\u2019entit\u00e0 nel portare a termine la transazione; - i  piani  strategici  industriali  (la  transazione  attesa  deve  essere  in  linea  con  le  dimensioni dell\u2019entit\u00e0 e con le sue prospettive di sviluppo); - l\u2019attinenza della transazione con l\u2019attivit\u00e0 tipica dell\u2019entit\u00e0; - la probabilit\u00e0 che diverse operazioni con caratteristiche differenti tra loro possano essere intraprese per raggiungere lo stesso obiettivo; - l\u2019attuale presenza di una sostanziale destinazione di risorse allo scopo in esame. Tre elementi condizionano l\u2019entit\u00e0 e la forza delle \u201cprove\u201d necessarie al fine della dimostrazione dell\u2019\u201calta probabilit\u00e0\u201d di una transazione futura: l\u2019orizzonte temporale della transazione futura. A parit\u00e0 di altre condizioni, pi\u00f9 lontana nel tempo  si  prevede  essere  la  transazione  futura,  meno  certa  \u00e8  l\u2019evenienza  che  questa  si verificher\u00e0  effettivamente  e  quindi  pi\u00f9  difficilmente  dimostrabile  \u00e8  il  requisito  di  \u201calta probabilit\u00e0\u201d. In questi casi saranno necessarie prove dell\u2019\u201calta probabilit\u00e0\u201d che siano molto pi\u00f9 consistenti (saranno, quindi, necessarie, ad esempio, forme contrattuali a supporto della transazione futura; il principio 8 evidenzia come i flussi di interessi a venti anni derivanti da uno strumento di debito con questa scadenza sono \u201caltamente probabili\u201d in quanto supportati da un contratto che obbliga alla corresponsione di detti flussi); la quantit\u00e0/il valore delle transazioni future rispetto alle transazioni effettive della stessa natura. A parit\u00e0 di altre condizioni, maggiore \u00e8 il valore delle transazioni future rispetto alle attuali, minore \u00e8 la probabilit\u00e0 che queste si realizzeranno. Saranno, quindi, necessarie prove maggiormente consistenti a supporto della dimostrazione di \u201calta probabilit\u00e0\u201d; la storia delle designazioni passate. Se storicamente si \u00e8 verificato il fatto che le designazioni di coperture di transazioni future non si sono realizzate col venir meno della transazione stessa, questo \u00e8 un segnale della scarsa capacit\u00e0 della societ\u00e0 di valutare in modo attendibile come \u201caltamente probabile\u201d le transazioni future. Come evidenziato nell\u2019Implementationguidance9 dello IAS 39, non \u00e8 necessario che la societ\u00e0 sia in grado di predire con esattezza la data in cui si verificher\u00e0 la transazione futura. \u00c8, per\u00f2, richiesto che sia ben identificato e, quindi, anche documentato il periodo in cui la transazione \u00e8 attesa. Nel rispetto di quanto sopra riportato, il Comitato ALM ha inoltre fissato un limite al valore massimo delle forecast transaction. L\u2019importo  delle  forecast  transaction  non  potr\u00e0  superare  il  valore  complessivo  ipotizzato  delle future emissioni obbligazionarie a tasso variabile (definito come differenza fra i volumi previsti come giacenze per ogni anno e l\u2019ammontare delle obbligazioni gi\u00e0 emesse). Per  una  corretta  individuazione  dei  flussi  in  scadenza,  oltre  all\u2019inerziale  delle  operazioni  gi\u00e0 effettuate,  vengono  anche  valorizzati  gli  importi  delle  operazioni  effettuate  negli  anni  di previsione/proiezione; per convenzione la durata di queste emissioni viene ipotizzata a 2 e 3 anni. E\u2019 inoltre stabilita una percentuale,  decrescente  con  il trascorrere del tempo, del rapporto  fra totale delle forecast transaction ipotizzate e le emissioni previste, al fine di esprimere un minore livello di probabilit\u00e0 delle forecast tanto pi\u00f9 sono lontane nel tempo. Informazioni di natura quantitativa A.Derivati finanziari di copertura A.1 Derivati finanziari di copertura: valori nozionali di fine periodo Attivit\u00e0 sottostanti/Tipologie derivati Totale 31/12/2022  Totale 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 -  24.765.365  54.461  -  -  20.745.453  73.934  a) Opzioni  -  -  -  -  -  -  -  b) Swap  -  24.765.365  54.461  -  -  20.745.453  73.934  c) Forward  -  -  -  -  -  -  -  d) Futures  -  -  -  -  -  -  -  e) Altri  -  -  -  -  -  -  -  2. Titoli di capitale e indici azionari - - - - - - - a) Opzioni  -  -  -  -  -  -  -  b) Swap  -  -  -  -  -  -  -  c) Forward  -  -  -  -  -  -  -  d) Futures  -  -  -  -  -  -  -  e) Altri  -  -  -  -  -  -  -  3. Valute e oro -  -  -  -  -  -  -  a) Opzioni  -  -  -  -  -  -  -  b) Swap  -  -  -  -  -  -  -  c) Forward  -  -  -  -  -  -  -  d) Futures  -  -  -  -  -  -  -  e) Altri  -  -  -  -  -  -  -  4. Merci -  -  -  -  -  -  -  5. Altri -  -  -  -  -  -  -  Totale -  24.765.365  54.461--  20.745.453  73.934 -A.2 Derivati finanziari di copertura: fair value lordo positivo e negativo - ripartizione per prodotti Tipologie derivati Fair value positivo e negativo Variazione del valore usato per calcolare l'efficacia della copertura Totale  31/12/2022 Totale  31/12/2021 Totale 31/12/2022 Totale 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 Fair value positivo a) Opzioni - - - - - - - - - - b)Interestrate swap -  1.086.613 3.626 - -  211.101 - - - - c) Cross currency swap - - - - - - - - - - d) Equity swap - - - - - - - - - - e) Forward - - - - - - - - - - f) Futures - - - - - - - - - - g) Altri - - - - - - - - - - Totale -  1.086.613 3.626 - -  211.101 - - - - Fair value negativo a) Opzioni - - - - - - - - - - b) Interest rate swap -  874.058 - - -  406.366 1.718 - - - c) Cross currency swap - - - - - - - - - - d) Equity swap - - - - - - - - - - e) Forward - - - - - - - - - - f) Futures - - - - - - - - - - g) Altri - - - - - - - - - - Totale -  874.058 - - -  406.366 1.718 - - - A.3 Derivati finanziari di copertura OTC \u2013 valori nozionali, fair value lordo positivo e negativo per controparti Attivit\u00e0 sottostanti Controparti centrali Banche Altre societ\u00e0 finanziarie Altri soggetti Contratti non rientranti in accordi di compensazione 1) Titoli di debito e tassi d'interesse - valore nozionale X  54.461  -  - - fair value positivo X  3.626  -  - - fair value negativo X -  -  - 2) Titoli di capitale e indici azionari - valore nozionale X  -  -  - - fair value positivo X  -  -  - - fair value negativo X  -  -  - 3) Valute e oro - valore nozionale X  -  -  - - fair value positivo X  -  -  - - fair value negativo X  -  -  - 4) Merci - valore nozionale X  -  -  - - fair value positivo X  -  -  - - fair value negativo X  -  -  - 5) Altri - valore nozionale X  -  -  - - fair value positivo X  -  -  - - fair value negativo X  -  -  - Contratti rientranti in accordi di compensazione 1) Titoli di debito e tassi d'interesse - valore nozionale  -  24.720.365  45.000 - - fair value positivo  -  1.083.177  3.437 - - fair value negativo  -  874.058 - - 2) Titoli di capitale e indici azionari - valore nozionale  -  - - - - fair value positivo  -  - - - - fair value negativo  -  - - - 3) Valute e oro - valore nozionale  -  - - - - fair value positivo  -  - - - - fair value negativo  -  - - - 4) Merci - valore nozionale  -  - - - - fair value positivo  -  - - - - fair value negativo  -  - - - 5) Altri -  - - - - valore nozionale  -  - - - - fair value positivo  -  - - - - fair value negativo A.4 Vita residua dei derivati finanziari di copertura OTC: valori nozionali Sottostanti/Vita residua Fino ad 1 anno Oltre 1 anno e fino a 5 anni Oltre 5 anni Totale A.1 Derivati finanziari su titoli di debito e tassi di interesse  3.641.430  9.922.022  11.256.374 24.819.826 A.2 Derivati finanziari su titoli di capitale ed indici azionari - - - A.3 Derivati finanziari su valute ed oro - - - A.4 Derivati finanziari su merci - - - - A.5 Altri derivati finanziari - - - - Totale 31/12/2022  3.641.430  9.922.022  11.256.374  24.819.826 Totale 31/12/2021 1.639.315 9.358.689 9.821.384 20.819.388 D. Strumenti coperti In tema di Hedge accounting, il Gruppo, come previsto dall\u2019IFRS9, continua ad applicare quanto definito dal principio contabile IAS 39 (nella versione carved out omologata dalla Commissione Europea) in relazione a tutte le coperture poste in essere. D.1 Coperture del fair value Coperture Coperture specifiche specifiche- 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 Copertureposizioninette: Coperture specifiche:valoredibilancio generiche: valoredidelleattivit\u00e0o Valoredi bilanciopassivit\u00e0(prima bilancio della  compensazione)   ammortizzato -copertura di: ammortizzato - copertura di: A. Attivit\u00e0   1. Attivit\u00e0 finanziarie valutate al fair value con impatto sulla redditivt\u00e0 complessiva - 5.873.253 - 603.209 - - - coperturadi: 1.1 Titoli di debito e tassi d'interesse  5.873.253 -  603.209  -  -  X 1.2 Titoli di capitale e indici azionari - - -  -  -  X 1.3 Valute e oro - - -  -  -  X 1.4 Crediti - - -  -  -  X 1.5 Altri - - -  -  -  X 2. Attivit\u00e0 finanziarie valutate al costo 5.862.229 -  156.686  - -  8.662.151 1.1 Titoli di debito e tassi d'interesse  5.862.229  -  156.686  -  -  X 1.2 Titoli di capitale e indici azionari -  -  -  -  -  X 1.3 Valute e oro -  -  -  -  -  X 1.4 Crediti -  -  -  -  -  X 1.5 Altri -  -  -  -  -  X Totale 31/12/2022  11.735.482  - 759.895  - - 8.662.151 Totale 31/12/2021  12.200.230  - 70.590  - - (4.053) B. Passivit\u00e0 1. Passivit\u00e0 finanziarie valutate al costo 1.905.291 - 254.923 - - 3.428.589 1.1 Titoli di debito e tassi d'interesse  1.905.291  -  254.923  -  -  X 1.2 Valute e oro -  -  -  -  -  X 1.3 Altri -  -  -  -  -  X Totale 31/12/2022  1.905.291  - 254.923  - - 3.428.589 Totale 31/12/2021  958.435  - 8.180  - - 72.610 D.2 Copertura dei flussi finanziari e degli investimenti esteri Variazione del valore usato per rilevare l'inefficacia della copertura Riserve da copertura Cessazione della copertura: valore residuo delle riserve di copertura A. Copertura di flussi Finanziari 1. Attivit\u00e0  -  - - 1.1 Titoli di debito e tassi d'interesse -  - - 1.2 Titoli di capitale e indici azionari -  - - 1.3 Valute e oro  -  - - 1.4 Crediti  -  - - 1.5 Altri  -  - - 2. Passivit\u00e0  -  (72.379)  - 1.1 Titoli di debito e tassi d'interesse -  (72.379)  - 1.2 Valute e oro -  - - 1.3 Altri -  - - Totale (A)  31/12/2022 - (72.379) - Totale (A)  31/12/2021 - 22.997  - B. Copertura degli investimenti esteri  X - - Totale (A+B)  31/12/2022  - (72.379) - Totale (A+B)  31/12/2021  - 22.997  - E. Effetti delle operazioni di copertura a patrimonio netto E.1. Riconciliazione delle componenti di patrimonio netto Riserva da copertura dei flussi finanziari Riserva da copertura di investimenti esteri Strumenti di copertura (elementi non designati) Valore temporale opzione Valore elemento forward e differenziale da valuta estera Titoli di debito e tassi d'i nteresse Titoli di capitale e Valute e or o Cred iti Altr i Titoli di debito e tassi  Titoli di capitale e Valute e or o Cred iti Altr i Coperture relative a operazioni Coperture relative a un periodo Coperture relative a operazioni Coperture relative a un periodo Esistenze iniziali  22.996  - - - - - - - - - - - - - Variazioni di fair value (quota efficace)  (95.376)  - - - - - - - - - - - - - Rigiri a conto economico  - - - - - - - - - - - - - - di cui: transazioni future non pi\u00f9 attese  - - - - - X X X X X X X X X Altre variazioni - - - - - - - - - - - - - - di cui: trasferimenti al valore contabile iniziale degli strumenti coperti - - - - - X X X X X X X X X Rimanenze finali (72.379) 1.3.3. Altre informazioni sugli strumenti derivati di negoziazione e copertura A.1 Derivati finanziari e creditizi A.1 Derivati finanziari e creditizi OTC: fair value netti per controparti Controparti centrali Banche Altre societ\u00e0 finanziarie Altri soggetti A.Derivati finanziari 1)Titoli di debito e tassi d'interesse - valore nozionale  -  25.733.165  104.873  510.515 - fair value netto positivo  -  1.167.497  3.437  327 - fair value netto negativo  -  929.550  3.878  23.029 2)Titoli di capitale e indici azionari - valore nozionale  -  -  10  5.718 - fair value netto positivo  -  -  1  - - fair value netto negativo  -  -  -  - 3) Valute e oro - valore nozionale  -  53.745  30.762  536.577 - fair value netto positivo  -  955  -  7.487 - fair value netto negativo  -  999  955  5.485 4)Merci - v alore nozionale  -  -  -  - - fair value netto positivo  -  -  -  - - fair value netto negativo  -  -  -  - 5)Altri - valore nozionale  -  -  -  - - fair value netto positivo  -  -  -  - - fair value netto negativo  -  -  -  - B.Derivati creditizi 1) Acquisto protezione - valore nozionale  -  -  -  - - fair value netto positivo  -  -  -  - - fair value netto negativo  -  -  -  - 2) Vendita protezione - valore nozionale  -  -  -  - - fair value netto positivo  -  -  -  - - fair value netto negativo  -  -  - ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-752": {
   "value": "4.1 Attivit\u00e0 finanziarie valutate al costo ammortizzato: composizione merceologica dei crediti verso banche Tipologia operazioni/Valori Totale 31/12/2022 Totale 31/12/2021 Valore di bilancio  Fair value  Valore di bilancio  Fair value Primo e secondo stadio Terzo stadio Impaired acquisite o originate L1 L2 L3 Primo e secondo stadio Terzo stadio Impaired acquisite o originate L1 L2 L3 A. Crediti verso Banche Centrali 280.694 - - - -  280.694  7.720.849 - - - -  7.720.849 1. Depositi a scadenza - - - X X X - - - X X X 2. Riserva obbligatoria 280.694 - - X X X  7.720.849 - - X X X 3. Pronti contro termine - - - X X X - - - X X X 4. Altri - - - X X X - - - X X X B. Crediti verso banche 1.206.700 - -  486.952  11.766  693.579  1.228.038 - -  537.433  16.332  683.789 1. Finanziamenti  693.294 - - - -  693.579  683.788 - - - -  683.789 1.1 Conti correnti - - - X X X - - - X X X 1.2. Depositi a scadenza - - - X X X - - - X X X 1.3. Altri finanziamenti: 693.294 - - X X X  683.788 - - X X X - Pronti contro termine attivi - - - X X X - - - X X X - Finanziamenti per leasing 206 - - X X X 243 - - X X X - Altri  693.088 - - X X X  683.545 - - X X X 2. Titoli di debito  513.406 - -  486.952  11.766 -  544.250 - -  537.433  16.332 - 2.1 Titoli strutturati 148.998 - -  137.217  11.766 -  136.804 - -  139.253 - - 2.2 Altri titoli di debito 364.408 - -  349.735 - -  407.446 - -  398.180  16.332 - Totale  1.487.394 - -  486.952  11.766  974.273  8.948.887 - -  537.433  16.332  8.404.638 Legenda: L1= Livello 1 L2= Livello 2 L3= Livello 3 Sono inclusi i crediti di funzionamento connessi con la prestazione di servizi finanziari. I crediti, ad eccezione dei titoli di debito, sono iscritti al loro valore nominale, corrispondente al loro fair value e il livello di fair value attribuito risulta essere pari a 3. Le metodologie utilizzate per la determinazione del fair value sono riportate nella Parte A1 \u2013 Parte generale \u2013 Sezione 18 \u201cAltre informazioni\u201d. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToBanksExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-753": {
   "value": "4.2 Attivit\u00e0 finanziarie valutate al costo ammortizzato: composizione merceologica dei crediti verso clientela Totale  Totale 31/12/2022  31/12/2021 Tipologia operazioni/Valori Valore di bilancio  Fair value  Valore di bilancio  Fair value Primo e secondo stadio Terzo stadio Impaired acquisite o originate L1 L2 L3 Primo e secondo stadio Terzo stadio Impaired acquisite o originate L1 L2 L3 1. Finanziamenti  34.156.005  304.765  22.439  - -  33.557.798  32.775.051  349.567  30.954 - -  34.457.280  1.1. Conti correnti  1.955.412  26.328  1.354  X X X  1.693.949  36.514  2.468  X X X 1.2. Pronti contro termine attivi  - - - X X X - - - X X X 1.3. Mutui  19.858.860  207.016  12.869 X X X  19.477.919  233.194  21.988  X X X 1.4. Carte di credito, prestiti personali e  cessioni del quinto 2.778.147  25.349  7.859  X X X 2.212.784  27.229 5.226  X X X 1.5 Finanziamenti per leasing  2.919.787  34.895  - X X X  2.756.796  39.126  - X X X 1.6. Factoring  1.531.598  6.328  - X X X  1.281.505  9.153  - X X X 1.7. Altri finanziamenti  5.112.201  4.849  357  X X X  5.352.098  4.351  1.272  X X X 2. Titoli di debito  7.860.605  - -  7.153.286  575.500  15.244  7.033.022 - -  6.503.782  618.020  - 2.1. Titoli strutturati  612.075 - -  169.163  417.356  15.244  633.272  - -  187.817  445.062 - 2.2. Altri titoli di debito  7.248.530  - -  6.984.123  158.144  -  6.399.750 - -  6.315.965  172.958  - Totale  42.016.610  304.765  22.439  7.153.286  575.500  33.573.042  39.808.073  349.567  30.954  6.503.782  618.020  34.457.280 I crediti verso la clientela per finanziamenti sono pari a 34.483,2 milioni di euro.  Nel  portafoglio  \u201cAttivit\u00e0  finanziarie  valutate  al  costo  ammortizzato\u201d  sono  presenti  esposizioni  in  titoli governativi per circa 6.450,4 milioni di euro (5.771,3 milioni di euro Italia, BTP 5.603,7 milioni di euro e CCt 167,6 milioni di euro, 630,9 milioni di euro altri paesi, 346,7 milioni di euro Spagna e 284,2 milioni di euro Portogallo, e obbligazioni, per circa 558,8 milioni di euro, emessi dall\u2019Unione Europea).  Sono  presenti  coperture  di  fair  value  hedge  su  titoli  di  Stato,  italiani,  a  tasso  fisso  (BTP),  ed  esteri.  La copertura \u00e8 di tipo fair value hedge attuata attraverso la designazione di appositi strumenti di copertura (Interest Rate Swap) con copertura specifica del c.d. \u201crischio tasso\u201d su detti titoli; la relazione venuta cos\u00ec a crearsi fra Hedged Item e Hedging Instrument ha comportato la redazione di una specifica documentazione che formalizza la relazione di copertura ed ha altres\u00ec usufruito delle particolari regole di contabilizzazione dell\u2019Hedge Accounting. Si segnala che sono stati effettuati i test di efficacia (sia prospettici che retrospettivi) con esito positivo.  Sono presenti nella categoria contabile \u201cAttivit\u00e0 finanziarie valutate al costo ammortizzato\u201d, al 31 dicembre 2022,  608  milioni  di  Euro  di  ABS  emessi  da  veicoli  terzi,  collegati  a  crediti  originati  in  Europa,  con preponderanza della componente di origination francese (195.2 milioni di Euro). Il portafoglio \u00e8 costituito da differenti tipologie di ABS con una prevalenza delle cartolarizzazioni di mutui residenziali, che incidono per il 43,4% .  L\u2019attuale esposizione suddivisa per rischio paese \u00e8 cos\u00ec composta: Paese Controvalore (migliaia Euro) % Esposizione FRANCIA  195.173  32,1 GERMANIA  167.188  27,5  PAESI BASSI  104.813  17,2  SPAGNA  74.729  12.3 ITALIA  42.159  7,0  IRLANDA  22.650  3,7  REGNO UNITO  797  0,1 PORTOGALLO  634  0,1  TOTALE  608.143  100,0 Il  portafoglio  delle  cartolarizzazioni  \u00e8  diversificato  su  28  emittenti  e  38  emissioni,  con  massima concentrazione pari a 45,9 milioni di Euro per singola emissione e 72,1 milioni di Euro per singolo emittente . Si \u00e8 adottata anche la metodologia contabile del Macro Fair Value Hedge per la copertura del rischio di tass o associato all\u2019erogazione di mutui a tasso fisso e a tasso variabile con opzioni \u201cCap\u201d.  Sono presenti, inoltre, coperture di Cash Flow Hedge su erogazioni di mutui a tasso variabile 4.3 Attivit\u00e0 finanziarie valutate al costo ammortizzato: composizione per debitori/emittenti dei crediti verso clientela Tipologia operazioni/Valori Totale 31/12/2022 Totale 31/12/2021 Primo e secondo stadio Terzo stadio Attivit\u00e0 impaired acquisite o originate Primo e secondo stadio Terzo stadio Attivit\u00e0 impaired acquisite o originate 1. Titoli di debito  7.860.604 --  7.033.022 - -a)Amministrazioni pubbliche 6.960.977  -  -  6.084.323  -  - b)Altresociet\u00e0 finanziarie 851.806  -  -  939.859  -  - dicui:impresedi assicurazione -  -  -  -  -  - c) Societ\u00e0 non finanziarie 47.821  -  -  8.840  -  - 2. Finanziamenti verso:  34.156.006  304.764  22.439  32.775.054 349.568  30.954 a)Amministrazioni pubbliche 700.907  3.069  -  643.199  4.630  - b)Altresociet\u00e0 finanziarie 469.800  59  1.769  728.686  94  2.690 dicui:impresedi assicurazione 24.798  -  -  7.467  -  - c) Societ\u00e0 non finanziarie 17.312.865  114.308  8.843  16.593.338  117.510  15.282 d) Famiglie  15.672.434  187.328  11.827  14.809.831  227.334  12.982 Totale  42.016.610  304.764  22.439  39.808.076 349.568  30.954 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-877": {
   "value": "Ra<span class=\"_ _3bd\"> </span>De<span class=\"_ _0\"></span>no<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>ina<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>Sede<span class=\"_ _3bd\"> </span>le<span class=\"_ _0\"></span>ga<span class=\"_ _1\"></span>le<span class=\"_ _3bd\"> </span>Tipo<span class=\"_ _3bd\"> </span>d<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>rap<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>Im<span class=\"_ _1\"></span>pre<span class=\"_ _3bd\"> </span>A.<span class=\"_ _3bd\"> </span>Impr<span class=\"_ _0\"></span>ese<span class=\"_ _3bd\"> </span>cont<span class=\"_ _0\"></span>rollat<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>mo<span class=\"_ _0\"></span>do<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>ng<span class=\"_ _1\"></span>iun<span class=\"_ _0\"></span>to<span class=\"_ _3bd\"> </span>1.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span>mas<span class=\"_ _0\"></span>sic<span class=\"_ _0\"></span>ura<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>sp<span class=\"_ _1\"></span>a<span class=\"_ _3bd\"> </span>Reggio<span class=\"_ _3bd\"> </span>Emi<span class=\"_ _0\"></span>lia<span class=\"_ _3bd\"> </span>7<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>B.<span class=\"_ _3bd\"> </span>Impr<span class=\"_ _0\"></span>ese<span class=\"_ _3bd\"> </span>sott<span class=\"_ _0\"></span>opos<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>infl<span class=\"_ _0\"></span>uenza<span class=\"_ _3bd\"> </span>no<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>vo<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span> Sezion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>7<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Le<span class=\"_ _3bd\"> </span>part<span class=\"_ _0\"></span>ecipazio<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Voce<span class=\"_ _3bd\"> </span>7<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">va<span class=\"_ _0\"></span>lor<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">b<span class=\"_ _0\"></span>ilan<span class=\"_ _0\"></span>cio<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>oce<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u201cP<span class=\"_ _0\"></span>artec<span class=\"_ _0\"></span>ip<span class=\"_ _0\"></span>azion<span class=\"_ _0\"></span>i\u201d<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ammo<span class=\"_ _0\"></span>nta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">47,4<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mil<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>ur<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>7.<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>Pa<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>eci<span class=\"_ _0\"></span>pa<span class=\"_ _1\"></span>zion<span class=\"_ _0\"></span>i:<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>sui<span class=\"_ _3bd\"> </span>ra<span class=\"_ _1\"></span>ppor<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>pa<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>eci<span class=\"_ _0\"></span>pa<span class=\"_ _1\"></span>tivi<span class=\"_ _0\"></span> 1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Andxor<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sr<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span> <span class=\"_ _21f\"> </span>Cin<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>llo<span class=\"ff1\"> </span>Ba<span class=\"_ _1\"></span>lsamo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">(M<span class=\"_ _1\"></span>I) <span class=\"_ _fd\"> </span>8 <span class=\"_ _90\"> </span></span></span></span></span></span></span>2.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">SBC<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">F<span class=\"_ _2\"></span>intech<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">2224<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Mila<span class=\"_ _0\"></span>n <span class=\"_ _a3\"> </span>Milan<span class=\"_ _0\"></span>o <span class=\"_ _220\"> </span>8 <span class=\"_ _90\"> </span></span></span></span></span></span></span></span></span>2.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Grup<span class=\"_ _0\"></span>po<span class=\"ff1\"> </span>S<span class=\"_ _0\"></span>anta<span class=\"_ _0\"></span>mar<span class=\"_ _0\"></span>ia<span class=\"ff1\"> </span>s<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span> <span class=\"_ _6f\"> </span>Cat<span class=\"_ _0\"></span>ania<span class=\"_ _0\"></span> <span class=\"_ _221\"> </span>8 <span class=\"_ _6a\"> </span></span></span>Le<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>nda<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Tipo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rapp<span class=\"_ _1\"></span>orto:<span class=\"_ _0\"></span> </span></span></span></span>1<span class=\"ff5\"> <span class=\"_ _1\"></span><span class=\"ff3\">-<span class=\"ff1\"> </span>ma<span class=\"_ _0\"></span>ggio<span class=\"_ _0\"></span>ranz<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>dir<span class=\"_ _0\"></span>itt<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vot<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>nel<span class=\"_ _0\"></span>l'<span class=\"_ _0\"></span>asse<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>lea<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span>rdi<span class=\"_ _0\"></span>nar<span class=\"_ _0\"></span>ia<span class=\"_ _3bd\"> </span></span></span></span></span>2<span class=\"ff5\"> <span class=\"_ _1\"></span><span class=\"ff3\">-<span class=\"ff1\"> </span>influ<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>za<span class=\"ff1\"> </span>dom<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nell<span class=\"_ _0\"></span>'as<span class=\"_ _0\"></span>sem<span class=\"_ _0\"></span>ble<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>ordina<span class=\"_ _1\"></span>ria<span class=\"_ _3bd\"> </span></span></span></span></span>3<span class=\"ff5\"> <span class=\"_ _1\"></span><span class=\"ff3\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">accordi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">so<span class=\"_ _0\"></span>ci<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span>4<span class=\"ff5\"> <span class=\"_ _1\"></span><span class=\"ff3\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">forme<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">co<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>oll<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>5<span class=\"ff5\"> <span class=\"_ _1\"></span><span class=\"ff3\">-<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>rez<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">uni<span class=\"_ _0\"></span>tar<span class=\"_ _0\"></span>ia<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>x<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>rt.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">26,<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">comm<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>1,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>\"de<span class=\"_ _0\"></span>cre<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span>gisla<span class=\"_ _1\"></span>tivo<span class=\"ff1\"> </span>87<span class=\"_ _0\"></span>/92<span class=\"_ _0\"></span>\"<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span>6<span class=\"ff5\"> <span class=\"_ _1\"></span><span class=\"ff3\">-<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>rez<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">u<span class=\"_ _0\"></span>nita<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ex</span> <span class=\"ff3\">a<span class=\"_ _0\"></span>rt.<span class=\"ff1\"> </span>2<span class=\"_ _0\"></span>6,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">com<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">2,</span> <span class=\"ff3\">d<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span>\"<span class=\"_ _0\"></span>dec<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>leg<span class=\"_ _0\"></span>isla<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>87/<span class=\"_ _0\"></span>92<span class=\"_ _0\"></span>\"<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>7<span class=\"ff5\"> <span class=\"_ _1\"></span><span class=\"ff3\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">controllo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cong<span class=\"_ _1\"></span>iunto<span class=\"_ _0\"></span> </span></span></span></span></span></span>8<span class=\"ff5\"> <span class=\"_ _1\"></span><span class=\"ff3\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">impresa<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">asso<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>ta<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff5\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"_ _0\"></span> </span></span></span></span></span></span><div class=\"t m26 h9 ff3 fs5 fc7 sc4 ls0 ws0 gs13c0\">7.2<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc7 sc4 ls0 ws0 gs13c1\">Pa<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>eci<span class=\"_ _0\"></span>pa<span class=\"_ _1\"></span>zion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc7 sc4 ls0 ws0 gs13c2\">si<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>e:<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc7 sc4 ls0 ws0 gs13c3\">va<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc7 sc4 ls0 ws0 gs13c4\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc7 sc4 ls0 ws0 gs13c5\">bi<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>o,<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc7 sc4 ls0 ws0 gs13c6\">fai<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc7 sc4 ls0 ws0 gs13c7\">va<span class=\"_ _0\"></span>lue<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc7 sc4 ls0 ws0 gs13c8\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc7 sc4 ls0 ws0 gs13c9\">di<span class=\"_ _0\"></span>vid<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc7 sc4 ls0 ws0 gs13ca\">pe<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>ep<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span> </div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs13cb\">De<span class=\"_ _0\"></span>no<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>ina<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs13cc\">Va<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs13cd\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs13ce\">bi<span class=\"_ _0\"></span>lan<span class=\"_ _1\"></span>cio<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs13cf\">Fa<span class=\"_ _0\"></span>ir<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs13d0\">v<span class=\"_ _0\"></span>al<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs13d1\">Di<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>den<span class=\"_ _1\"></span>di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs13d2\">pe<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>epi<span class=\"_ _1\"></span>ti<span class=\"fc0 sc1\"> </span></div><div class=\"c w1a h9f gs13d3\"><div class=\"t m0 x1f9 h1c y51b ff3 fsc fc0 sc1 ls0 ws0\">A.<span class=\"_ _3bd\"> </span></div></div><div class=\"c wce h9f gs13d4\"><div class=\"t m0 x1f9 h1c y51b ff3 fsc fc0 sc1 ls0 ws0\">Im<span class=\"_ _1\"></span>pre<span class=\"_ _0\"></span>se<span class=\"_ _3bd\"> </span></div></div><div class=\"c wcf h9f gs13d5\"><div class=\"t m0 x1f9 h1c y51b ff3 fsc fc0 sc1 ls0 ws0\">co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>lla<span class=\"_ _1\"></span>te<span class=\"_ _3bd\"> </span></div></div><div class=\"c w7 h9f gs13d6\"><div class=\"t m0 x1f9 h1c y51b ff3 fsc fc0 sc1 ls0 ws0\">in<span class=\"_ _3bd\"> </span></div></div><div class=\"c w5b h9f gs13d7\"><div class=\"t m0 x1f9 h1c y51b ff3 fsc fc0 sc1 ls0 ws0\">m<span class=\"_ _0\"></span>odo<span class=\"_ _3bd\"> </span></div></div><div class=\"c wd0 h9f gs13d8\"><div class=\"t m0 x1f9 h1c y51b ff3 fsc fc0 sc1 ls0 ws0\">co<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>iu<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs13d9\">1<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs13da\">Cr<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span>mas<span class=\"_ _0\"></span>sic<span class=\"_ _0\"></span>ura<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>s<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs13db\">45.<span class=\"_ _0\"></span>41<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs13dc\">2.<span class=\"_ _0\"></span>951<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs13dd\">B.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs13de\">Im<span class=\"_ _1\"></span>pre<span class=\"_ _0\"></span>se<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs13df\">so<span class=\"_ _0\"></span>tt<span class=\"_ _1\"></span>opo<span class=\"_ _0\"></span>ste<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs13e0\">ad<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs13e1\">in<span class=\"_ _1\"></span>flue<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs13e2\">no<span class=\"_ _1\"></span>tev<span class=\"_ _0\"></span>ole<span class=\"_ _0\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs13e3\">1<span class=\"_ _0\"></span>.<span class=\"ff1\"> <span class=\"_ _1ed\"> </span></span>Andxor<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">s<span class=\"_ _0\"></span>rl<span class=\"_ _1\"></span> </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs13e4\">1.<span class=\"_ _0\"></span>378<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs13e5\">1<span class=\"_ _0\"></span>20<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs13e6\">2<span class=\"_ _0\"></span>.<span class=\"ff1\"> <span class=\"_ _1eb\"> </span></span>SBC<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Fintech<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2224<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Milan<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sr<span class=\"_ _1\"></span>l<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs13e7\">-<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs13e8\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs13e9\">3.<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1eb\"> </span><span class=\"ff3\">Grup<span class=\"_ _0\"></span>po<span class=\"ff1\"> </span>S<span class=\"_ _0\"></span>anta<span class=\"_ _0\"></span>mar<span class=\"_ _0\"></span>ia<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>pa<span class=\"_ _1\"></span> </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs13ea\">56<span class=\"_ _1\"></span>7<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs13eb\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs13ec\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span> <span class=\"_ _cb\"> </span>47<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>62<span class=\"_ _0\"></span> <span class=\"_ _1e9\"> </span>-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs13ed\">3.<span class=\"_ _0\"></span>07<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs13ee\">La<span class=\"ff1\">  </span>colonna<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fair<span class=\"ff1\">  </span>value<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">non</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">\u00e8</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">avvalorata<span class=\"_ _2\"></span></span>  <span class=\"ff3\">p<span class=\"_ _0\"></span>erch\u00e9<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>non<span class=\"ff1\">  </span>sono<span class=\"ff1\">  </span>p<span class=\"_ _0\"></span>resenti<span class=\"ff1\">  </span>societ\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>quotate<span class=\"ff1\">  </span>classificate<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tra<span class=\"ff1\">  </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs13ef\">partecipazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">significative.<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div>7.3Pa<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ipaz<span class=\"_ _1\"></span>ion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>si<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>e:<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>zio<span class=\"_ _1\"></span>ni<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span> De<span class=\"_ _0\"></span>no<span class=\"_ _1\"></span>min<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Cas<span class=\"_ _0\"></span>sa<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>di<span class=\"_ _0\"></span>sp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>ib<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span>li<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>de<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>At<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>nan<span class=\"_ _1\"></span>zia<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>At<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>no<span class=\"_ _1\"></span>n<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>nan<span class=\"_ _1\"></span>zia<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>Pa<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>nan<span class=\"_ _1\"></span>zia<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>Pa<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>no<span class=\"_ _1\"></span>n<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>nan<span class=\"_ _1\"></span>zia<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>vi<span class=\"_ _3bd\"> </span>to<span class=\"_ _0\"></span>tal<span class=\"_ _1\"></span>i<span class=\"fc0 sc1\"> </span>Ma<span class=\"_ _1\"></span>rgin<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>d<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>ter<span class=\"_ _1\"></span>ess<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>Re<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ch<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>ripres<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>val<span class=\"_ _0\"></span>ore<span class=\"_ _3bd\"> </span>su<span class=\"_ _3bd\"> </span>at<span class=\"_ _0\"></span>tiv<span class=\"_ _1\"></span>it\u00e0<span class=\"_ _3bd\"> </span>ma<span class=\"_ _0\"></span>teriali<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>im<span class=\"_ _0\"></span>ma<span class=\"_ _1\"></span>ter<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>U<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>(P<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>dit<span class=\"_ _1\"></span>a)<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>lordo<span class=\"_ _3bd\"> </span>delle<span class=\"_ _3bd\"> </span>im<span class=\"_ _1\"></span>post<span class=\"_ _1\"></span>e<span class=\"fc0 sc1\"> </span>U<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>(P<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>dit<span class=\"_ _1\"></span>a)<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>net<span class=\"_ _0\"></span>to<span class=\"_ _3bd\"> </span>delle<span class=\"_ _3bd\"> </span>im<span class=\"_ _1\"></span>post<span class=\"_ _1\"></span>e<span class=\"fc0 sc1\"> </span>U<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>(P<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>dit<span class=\"_ _1\"></span>a)<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>grup<span class=\"_ _0\"></span>pi<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>attiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>via<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>di<span class=\"_ _0\"></span>sm<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>net<span class=\"_ _0\"></span>to<span class=\"_ _3bd\"> </span>d<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>im<span class=\"_ _1\"></span>post<span class=\"_ _1\"></span>e<span class=\"fc0 sc1\"> </span>U<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>(P<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>dit<span class=\"_ _1\"></span>a)<span class=\"_ _3bd\"> </span>d'<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>zio<span class=\"_ _3bd\"> </span>(1<span class=\"_ _1\"></span>)<span class=\"fc0 sc1\"> </span>Alt<span class=\"_ _1\"></span>re<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>on<span class=\"_ _1\"></span>ent<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>reddit<span class=\"_ _0\"></span>uali<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>net<span class=\"_ _0\"></span>to<span class=\"_ _3bd\"> </span>delle<span class=\"_ _3bd\"> </span>impo<span class=\"_ _0\"></span>ste<span class=\"_ _3bd\"> </span>(2)<span class=\"_ _3bd\"> </span>Re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>ss<span class=\"_ _1\"></span>iva<span class=\"_ _3bd\"> </span>(3)<span class=\"_ _3bd\"> </span>=<span class=\"_ _3bd\"> </span>(1)<span class=\"_ _3bd\"> </span>+<span class=\"_ _3bd\"> </span>(<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>)<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span>Impr<span class=\"_ _0\"></span>ese<span class=\"_ _3bd\"> </span>cont<span class=\"_ _0\"></span>rolla<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>modo<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>iu<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span> Cr<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>ssic<span class=\"_ _0\"></span>ura<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span> Gru<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>S<span class=\"_ _3bd\"> </span>ant<span class=\"_ _0\"></span>ama<span class=\"_ _0\"></span>ria<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _221\"> </span><span class=\"ff3\">3.38<span class=\"_ _0\"></span>1<span class=\"ff1\"> <span class=\"_ _207\"> </span></span>2<span class=\"_ _1\"></span>19<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _209\"> </span><span class=\"ff3\">26<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _11c\"> </span><span class=\"ff3\">66<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20b\"> </span><span class=\"ff3\">39<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1ee\"> </span><span class=\"ff3\">2<span class=\"_ _0\"></span>.22<span class=\"_ _0\"></span>7<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> </span>(2<span class=\"_ _1\"></span>2)<span class=\"ff1\"> <span class=\"_ _f2\"> </span></span>80<span class=\"_ _1\"></span>3<span class=\"ff1\"> <span class=\"_ _f2\"> </span></span>598<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _68\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _177\"> </span><span class=\"ff3\">59<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _47\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff8\"> <span class=\"_ _1ae\"> </span><span class=\"ff3\">598<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span>Nella<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t</span></span>abella<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>rip<span class=\"_ _0\"></span>ortati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pro<span class=\"_ _2\"></span>getti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">31<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>icembre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2022<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">approvati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dal<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Consiglio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Amministrazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fornito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dalle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">societ\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">qualora<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dispo<span class=\"_ _2\"></span>nibili,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dalle<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>pi\u00f9<span class=\"ff1\"> </span>recenti<span class=\"ff1\"> </span>situazioni<span class=\"ff1\"> </span>patrimoniali<span class=\"ff1\"> </span>riferite<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>totale<span class=\"ff1\"> </span>delle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">part<span class=\"_ _2\"></span>ecipate</span> <span class=\"ff3\">e</span> <span class=\"ff3\">non</span> <span class=\"ff3\">alla</span> <span class=\"ff3\">percen<span class=\"_ _0\"></span>tuale<span class=\"ff1\"> </span>dete<span class=\"_ _2\"></span>nuta<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>Gruppo<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\">.<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>Ric<span class=\"_ _0\"></span>on<span class=\"_ _1\"></span>cili<span class=\"_ _0\"></span>azio<span class=\"_ _1\"></span>ne<span class=\"_ _3bd\"> </span>tra<span class=\"_ _3bd\"> </span>le<span class=\"_ _3bd\"> </span>inf<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>zio<span class=\"_ _1\"></span>ni<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>na<span class=\"_ _1\"></span>tura<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>ed<span class=\"_ _3bd\"> </span>il<span class=\"_ _3bd\"> </span>val<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nta<span class=\"_ _1\"></span>bile<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"_ _3bd\"> </span>pa<span class=\"_ _0\"></span>rte<span class=\"_ _1\"></span>cipa<span class=\"_ _0\"></span>zio<span class=\"_ _1\"></span>ni<span class=\"fc0 sc1\"> </span>De<span class=\"_ _0\"></span>no<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>ina<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Pa<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>io<span class=\"_ _3bd\"> </span>nett<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>(*)<span class=\"fc0 sc1\"> </span>Pe<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>sen<span class=\"_ _0\"></span>za<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Pa<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>io<span class=\"_ _3bd\"> </span>nett<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>rti<span class=\"_ _1\"></span>nen<span class=\"_ _0\"></span>za<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Av<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>am<span class=\"_ _0\"></span>en<span class=\"_ _1\"></span>to<span class=\"fc0 sc1\"> </span>Alt<span class=\"_ _1\"></span>re<span class=\"_ _3bd\"> </span>po<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>Va<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>bi<span class=\"_ _0\"></span>lan<span class=\"_ _1\"></span>cio<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>A.<span class=\"_ _3bd\"> </span>Im<span class=\"_ _1\"></span>pre<span class=\"_ _0\"></span>se<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>lla<span class=\"_ _1\"></span>te<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>m<span class=\"_ _0\"></span>odo<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>iu<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>o Cr<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span>mas<span class=\"_ _0\"></span>sic<span class=\"_ _0\"></span>ura<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i 70.<span class=\"_ _0\"></span>18<span class=\"_ _0\"></span>8 <span class=\"_ _20b\"> </span>50,<span class=\"_ _0\"></span>00%<span class=\"_ _0\"></span> <span class=\"_ _1ae\"> </span>35.0<span class=\"_ _0\"></span>94 <span class=\"_ _a1\"> </span>10<span class=\"_ _0\"></span>.32<span class=\"_ _0\"></span>4 <span class=\"_ _72\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _a1\"> </span><span class=\"ff3\">45<span class=\"_ _0\"></span>.41<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span></span></span>An<span class=\"_ _0\"></span>dxor<span class=\"_ _0\"></span> 78<span class=\"_ _1\"></span>9 <span class=\"_ _81\"> </span>4<span class=\"_ _0\"></span>0,0<span class=\"_ _0\"></span>0% <span class=\"_ _3b\"> </span>3<span class=\"_ _1\"></span>16<span class=\"_ _0\"></span> <span class=\"_ _176\"> </span>1.<span class=\"_ _0\"></span>06<span class=\"_ _0\"></span>2 <span class=\"_ _34\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _75\"> </span><span class=\"ff3\">1.<span class=\"_ _0\"></span>37<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span></span></span>SBC<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Fintech<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2224<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Mi<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span> </span></span></span></span></span></span>- <span class=\"_ _7e\"> </span>19,6<span class=\"_ _0\"></span>8% <span class=\"_ _138\"> </span>- <span class=\"_ _19c\"> </span>- <span class=\"_ _50\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2f\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span>Gru<span class=\"_ _0\"></span>ppo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Sant<span class=\"_ _0\"></span>ama<span class=\"_ _0\"></span>ria<span class=\"_ _1\"></span> </span></span>3.1<span class=\"_ _0\"></span>66 <span class=\"_ _129\"> </span>10,<span class=\"_ _0\"></span>00% <span class=\"_ _3b\"> </span>31<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span> <span class=\"_ _68\"> </span>25<span class=\"_ _0\"></span>1<span class=\"_ _1\"></span> <span class=\"_ _f5\"> </span>56<span class=\"_ _1\"></span>7<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span> <span class=\"_ _1fd\"> </span>74<span class=\"_ _0\"></span>.14<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span> - <span class=\"_ _52\"> </span>35.<span class=\"_ _0\"></span>72<span class=\"_ _0\"></span>7 <span class=\"_ _21a\"> </span>11.<span class=\"_ _0\"></span>63<span class=\"_ _1\"></span>7 <span class=\"_ _72\"> </span>-<span class=\"_ _3bd\"> </span>47<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>62<span class=\"_ _3bd\"> </span>(*)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">patrimonio<span class=\"ff1\"> </span>netto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">somm<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">delle<span class=\"ff1\"> </span>\u201cattivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">f<span class=\"_ _2\"></span>inanziarie\u201d,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"_ _2\"></span>le<span class=\"ff1\"> </span>\u201c<span class=\"_ _0\"></span>Attiv<span class=\"_ _2\"></span>it\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">no<span class=\"_ _2\"></span>n<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fi<span class=\"_ _2\"></span>nanziarie\u201d<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>netto<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>elle<span class=\"ff1\"> </span>\u201cPassivit\u00e0<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>finanziarie\u201d<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>del<span class=\"_ _2\"></span>le<span class=\"ff1\"> </span>\u201cPassiv<span class=\"_ _2\"></span>it\u00e0<span class=\"ff1\"> </span>finanziarie\u201d<span class=\"ff1\"> </span>ri<span class=\"_ _2\"></span>portate<span class=\"ff1\"> </span>nell<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>tabella<span class=\"ff1\"> </span>7.3. La<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">so<span class=\"_ _0\"></span>cie<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Fin<span class=\"_ _0\"></span>tech<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">h<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>atri<span class=\"_ _0\"></span>mon<span class=\"_ _0\"></span>io<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">neg<span class=\"_ _0\"></span>ativ<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">24<span class=\"ff1\"> </span>m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>eu<span class=\"_ _0\"></span>ro. </span></span></span></span></span></span></span></span></span></span>7.<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>Pa<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>eci<span class=\"_ _0\"></span>pa<span class=\"_ _1\"></span>zion<span class=\"_ _0\"></span>i:<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>a<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>nu<span class=\"_ _1\"></span>e<span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>A.<span class=\"_ _3bd\"> </span>Esist<span class=\"_ _0\"></span>enze<span class=\"_ _3bd\"> </span>in<span class=\"_ _1\"></span>zial<span class=\"_ _0\"></span>i 48<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>92<span class=\"_ _3bd\"> </span>45<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>90<span class=\"_ _3bd\"> </span>B.<span class=\"_ _3bd\"> </span>Au<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>i 6.<span class=\"_ _0\"></span>89<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>7.<span class=\"_ _0\"></span>45<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>B.1<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Ac<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span> </span></span>2<span class=\"_ _0\"></span>50<span class=\"_ _3bd\"> </span>8<span class=\"_ _0\"></span>21<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>cu<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>op<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>zion<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>agg<span class=\"_ _1\"></span>rega<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>az<span class=\"_ _1\"></span>iend<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>B.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Riprese<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alo<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span> </span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>B.3<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Rival<span class=\"_ _0\"></span>utaz<span class=\"_ _1\"></span>ioni<span class=\"_ _0\"></span> </span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>B.4<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">var<span class=\"_ _0\"></span>iaz<span class=\"_ _0\"></span>ioni<span class=\"_ _1\"></span> </span></span></span></span>6.<span class=\"_ _0\"></span>643<span class=\"_ _3bd\"> </span>6.<span class=\"_ _0\"></span>632<span class=\"_ _3bd\"> </span>C.<span class=\"_ _3bd\"> </span>Di<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i 8.<span class=\"_ _0\"></span>123<span class=\"_ _3bd\"> </span>4.<span class=\"_ _0\"></span>55<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>C.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Ven<span class=\"_ _0\"></span>dite<span class=\"_ _0\"></span> </span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>cu<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>op<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>zion<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>agg<span class=\"_ _1\"></span>rega<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>az<span class=\"_ _1\"></span>iend<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>C.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Rettifiche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">val<span class=\"_ _0\"></span>ore<span class=\"_ _0\"></span> </span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>63<span class=\"_ _1\"></span>6<span class=\"_ _3bd\"> </span>C.3<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Svalu<span class=\"_ _0\"></span>taz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i </span></span>2<span class=\"_ _0\"></span>50<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>C.4<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vari<span class=\"_ _0\"></span>azi<span class=\"_ _1\"></span>oni </span></span></span></span>7.<span class=\"_ _1\"></span>87<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>3.9<span class=\"_ _0\"></span>15<span class=\"_ _3bd\"> </span>D.<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ze<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>li 47<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>62<span class=\"_ _3bd\"> </span>48<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>92<span class=\"_ _3bd\"> </span>E.<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>taz<span class=\"_ _1\"></span>ioni<span class=\"_ _3bd\"> </span>to<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span> --F.<span class=\"_ _3bd\"> </span>Re<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ch<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>to<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>li --Le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">variazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">relative<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">com<span class=\"_ _2\"></span>parto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">partecipazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">recepiscono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">utili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perdite<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">delle<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">societ<span class=\"_ _2\"></span>\u00e0<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>consolidate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>atrimonio<span class=\"ff1\"> </span>netto,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>dividendi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">distribuiti,</span> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019acquisto<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">250<span class=\"ff1\"> </span>mila<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">euro<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span>riferisce<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>SBC<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Fintech<span class=\"ff1\"> </span>2224<span class=\"ff1\"> </span>Milan,<span class=\"ff1\"> </span>partecipazione<span class=\"ff1\"> </span>interamente<span class=\"ff1\"> </span>svalutata. Nel<span class=\"ff1\"> </span>me<span class=\"_ _0\"></span>se<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gennaio<span class=\"ff1\"> </span>2022<span class=\"ff1\"> </span>si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span>perfezionato<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">investimento<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>redemtel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Spa<span class=\"ff1\"> </span>(\u201cCredemtel\u201d)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nella<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>societ\u00e0<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>SBC<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Fintech<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>Milan<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>2<span class=\"_ _2\"></span>224<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>s.r.l.<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>(\u201cSBC\u201d)<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>l\u2019importo<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>complessivo<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>250.00<span class=\"_ _2\"></span>0<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>euro.<span class=\"_ _0\"></span><span class=\"ff1\"> </span>L\u2019investimento<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>avvenuto<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>nella<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>form<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>aumento<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>capitale<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>riservato<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Credemtel<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>la<span class=\"ff1\"> </span>partecipazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Credemtel<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>societ\u00e0<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>pari,<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>31.12.2022,<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>19,68%<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>capitale<span class=\"ff1\"> </span>sociale. SBC<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>una<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Holding<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">che</span> <span class=\"_ _20\"></span><span class=\"ff3\">detiene,</span> <span class=\"_ _20\"></span><span class=\"ff3\">al</span> <span class=\"_ _21\"></span><span class=\"ff3\">31.12.2022,</span> <span class=\"_ _20\"></span><span class=\"ff3\">il</span> <span class=\"_ _20\"></span><span class=\"ff3\">16,695%</span> <span class=\"_ _21\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _21\"></span></span>capi<span class=\"_ _0\"></span>tale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>ociale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u201cF<span class=\"_ _2\"></span>intech<span class=\"ff1\"> <span class=\"_ _20\"></span></span>&amp;amp;<span class=\"ff1\"> </span></span></span>Insurtech<span class=\"ff1\">  </span>Accelerator<span class=\"_ _2\"></span><span class=\"ff1\">  </span>s.r.l.\u201d,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>con<span class=\"ff1\">  </span>s<span class=\"_ _2\"></span>ede<span class=\"ff1\">  </span>in<span class=\"ff1\">  </span>Rom<span class=\"_ _2\"></span>a<span class=\"ff1\">  </span>(RM),<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Via<span class=\"ff1\">  </span>A<span class=\"_ _2\"></span>rduino<span class=\"ff1\">  </span>n.<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>22,<span class=\"ff1\">  </span>n<span class=\"_ _2\"></span>ell\u2019ambito<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>un<span class=\"_ _2\"></span><span class=\"ff1\"> </span>programma<span class=\"ff1\"> </span>verticale<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">investimento<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>innovazione<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>ell\u2019ambito<span class=\"ff1\"> </span>FinTech<span class=\"ff1\"> </span>&amp;amp;<span class=\"ff1\"> </span>InsurTech<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">basato<span class=\"ff1\"> </span></span></span></span></span>a<span class=\"ff1\"> </span>Milano<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>promosso<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>CDP<span class=\"ff1\"> </span>Venture<span class=\"ff1\"> </span>Capital<span class=\"ff1\"> </span>SGR<span class=\"ff1\"> </span>S.p.A.<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span>durata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>almeno<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>triennio. Ai<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fini<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">processo<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">impairment<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>est<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stat<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">utilizzata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valutazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">effett<span class=\"_ _2\"></span>uata<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">primar<span class=\"_ _2\"></span>ia<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>soc<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>espe<span class=\"_ _0\"></span>rta<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nella<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">valu<span class=\"_ _0\"></span>tazi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Start-<span class=\"_ _0\"></span>up<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">che</span> <span class=\"ff3\">ha</span> <span class=\"ff3\">fo<span class=\"_ _0\"></span>rni<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>una<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">valu<span class=\"_ _0\"></span>tazi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>Pat<span class=\"_ _0\"></span>rimo<span class=\"_ _0\"></span>nio<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>tto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>\u201cFintech<span class=\"ff1\"> </span>&amp;amp;<span class=\"ff1\"> </span>Insurtech<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Accelerator<span class=\"ff1\"> </span>s.r.l.\u201d<span class=\"ff1\"> </span>rettificato<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fair-value<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>societ\u00e0<span class=\"ff1\"> </span>Star<span class=\"_ _2\"></span>t-up<span class=\"ff1\"> </span>detenute.<span class=\"ff1\">  </span>La<span class=\"ff1\">  </span>v<span class=\"_ _0\"></span>alutazione<span class=\"ff1\">  </span>in<span class=\"ff1\">  </span>parola<span class=\"ff1\">  </span>non<span class=\"ff1\">  </span>ha<span class=\"ff1\">  </span>consen<span class=\"_ _0\"></span>tito<span class=\"ff1\">  </span>pertanto<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>ritenere<span class=\"ff1\">  </span>suf<span class=\"_ _0\"></span>ficientemente<span class=\"ff1\"> </span>consistente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Patrimonio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nett<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>ettificato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>SBC<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>conseguente<span class=\"ff1\"> <span class=\"_ _21\"></span></span>svalu<span class=\"_ _0\"></span>tazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>da<span class=\"ff1\"> <span class=\"_ _21\"></span></span>impai<span class=\"_ _0\"></span>rment<span class=\"_ _3bd\"> </span>della<span class=\"ff1\"> </span>partecipazione<span class=\"ff1\"> </span>detenuta<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>Credemtel.<span class=\"_ _3bd\"> </span> 7.6<span class=\"_ _3bd\"> </span>Valut<span class=\"_ _0\"></span>azioni<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>ass<span class=\"_ _0\"></span>unzioni<span class=\"_ _3bd\"> </span>signi<span class=\"_ _0\"></span>ficat<span class=\"_ _0\"></span>ive<span class=\"_ _3bd\"> </span>per<span class=\"_ _3bd\"> </span>stabili<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>l\u2019esis<span class=\"_ _0\"></span>tenza<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>contro<span class=\"_ _0\"></span>llo<span class=\"_ _3bd\"> </span>congi<span class=\"_ _0\"></span>unto<span class=\"_ _3bd\"> </span>o<span class=\"_ _3bd\"> </span>influe<span class=\"_ _0\"></span>nza<span class=\"_ _3bd\"> </span>notev<span class=\"_ _0\"></span>ole<span class=\"_ _3bd\"> </span>Credito<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Emiliano<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>S.p.A.<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>detiene<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>50%<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Cr<span class=\"_ _2\"></span>edemassicurazioni<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>S.p.A.,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>restante<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quota<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>capitale<span class=\"ff1\"> </span>sociale<span class=\"ff1\"> </span>(50%)<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>invece<span class=\"ff1\"> </span>detenuta<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>Reale<span class=\"ff1\"> </span>Mutua<span class=\"ff1\"> </span>Assicurazioni. In<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conte<span class=\"_ _0\"></span>sto<span class=\"_ _0\"></span>: </span></span></span></span> Credito<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Emilian<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>non<span class=\"ff1\"> <span class=\"_ _21\"></span></span>detiene<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span></span>maggioranza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>diritti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>voto,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>non<span class=\"ff1\"> <span class=\"_ _21\"></span></span>potend<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>da<span class=\"ff1\"> <span class=\"_ _21\"></span></span>solo<span class=\"ff1\"> </span>determinare<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>scelte<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>societarie,<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>avendo<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>capacit\u00e0<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>pratica<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>condurre<span class=\"_ _2\"></span><span class=\"ff1\"> </span>unilateralmente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rilevanti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>partecipata,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sempre<span class=\"ff1\"> <span class=\"_ _2\"></span></span>necess<span class=\"_ _2\"></span>ario<span class=\"ff1\"> </span>anche<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>consenso<span class=\"ff1\"> </span>dell\u2019altro<span class=\"ff1\"> </span>socio;  Credito<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Emiliano<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ha<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>pot<span class=\"_ _2\"></span>ere<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>veto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sulle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>scelt<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dell\u2019altro<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>so<span class=\"_ _0\"></span>cio,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>senso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"_ _0\"></span> mancanza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>voto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>favor<span class=\"_ _2\"></span>evole<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Credito<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Emi<span class=\"_ _0\"></span>liano<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>anche<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>l\u2019al<span class=\"_ _0\"></span>tro<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span></span>socio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>detentore<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"_ _2\"></span><span class=\"ff1\"> </span>restante<span class=\"ff1\"> </span>50%<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>capitale<span class=\"ff1\"> </span>sociale<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>grado<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>incidere<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>ciet\u00e0. In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">re<span class=\"_ _0\"></span>lazi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"ff3\">C<span class=\"_ _0\"></span>rede<span class=\"_ _1\"></span>massic<span class=\"_ _0\"></span>ura<span class=\"_ _0\"></span>zioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>po<span class=\"_ _0\"></span>sizi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Cre<span class=\"_ _0\"></span>dito<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Emi<span class=\"_ _0\"></span>lia<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pe<span class=\"_ _0\"></span>rtan<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>a: </span></span></span></span></span></span></span></span></span></span></span></span></span></span> di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un</span> <span class=\"_ _0\"></span><span class=\"ff3\">sogge<span class=\"_ _0\"></span>tto<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u00e8</span> <span class=\"ff3\">e<span class=\"_ _0\"></span>spost<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>re<span class=\"_ _1\"></span>ndime<span class=\"_ _0\"></span>nti<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>abil<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>ch<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>tie<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>com<span class=\"_ _0\"></span>unqu<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>iri<span class=\"_ _0\"></span>tti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tali<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>possibili<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rendimenti; </span></span> che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>na<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">propria<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">capacit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">incidere<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>ali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rendimenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">solo<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>sercitando<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">potere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ve<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>su<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sce<span class=\"_ _0\"></span>lte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span>l\u2019a<span class=\"_ _0\"></span>ltro<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">soci<span class=\"_ _0\"></span>o. </span></span></span></span></span></span>Gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>ccor<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in</span> <span class=\"ff3\">e<span class=\"_ _1\"></span>ssere<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tra<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">soc<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ete<span class=\"_ _0\"></span>ntor<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ris<span class=\"_ _0\"></span>pett<span class=\"_ _0\"></span>ivam<span class=\"_ _0\"></span>ente<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>50<span class=\"_ _0\"></span>%<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">capi<span class=\"_ _0\"></span>tal<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">soci<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span>templ<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>o: </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span> diritto<span class=\"ff1\"> </span>contemplato<span class=\"ff1\"> </span>nell\u2019atto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>compravendita<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>azioni,<span class=\"ff1\"> </span>circoscritto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>entro<span class=\"ff1\"> </span>precisi<span class=\"ff1\"> </span>limiti<span class=\"ff1\"> </span>temporali<span class=\"ff1\"> </span>(ogni<span class=\"ff1\"> </span>5<span class=\"ff1\"> </span>anni),<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>esercitare<span class=\"ff1\"> </span>opzioni<span class=\"ff1\"> </span>call<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>put<span class=\"ff1\"> </span>sulle<span class=\"ff1\"> </span>rispettive<span class=\"ff1\"> </span>azioni;  diritto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contemplato<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>apposito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>patto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>para<span class=\"_ _0\"></span>sociale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ottenere<span class=\"ff1\"> <span class=\"_ _20\"></span></span>esponenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>aziendali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(l<span class=\"_ _0\"></span>a met\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>de<span class=\"_ _0\"></span>gli<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>amministratori<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>r<span class=\"_ _2\"></span>innovi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>alternati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Consiglio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Amministr<span class=\"_ _2\"></span>azione,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> </span>Presidente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span>Consigli<span class=\"_ _0\"></span>o<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Amm<span class=\"_ _2\"></span>inistrazione,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>Sindaci<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rinnovi<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>ternati,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Presidente<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>del<span class=\"ff1\"> </span>Collegi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>Sindacale).<span class=\"ff1\"> </span>Siccome<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>vi<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>ll\u2019ambito<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>redemass<span class=\"_ _2\"></span>icurazioni<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>oti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>consiglieri<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ch<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prevalgano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quelli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">altri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Consiglieri<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>ad<span class=\"ff1\"> </span>esempio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cont<span class=\"_ _2\"></span>emplata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>prevalenza<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>oto<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Presidente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Cons<span class=\"_ _2\"></span>iglio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>Ammini<span class=\"_ _0\"></span>str<span class=\"_ _2\"></span>azione),<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">designazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>esponenti<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>aziendali<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>attribuisce<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>nessun<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>so<span class=\"_ _2\"></span>cio<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>u<span class=\"_ _0\"></span>na<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>prev<span class=\"_ _0\"></span>alenza<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>sulle<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>scelte<span class=\"ff1\"> </span>soc<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>tarie<span class=\"_ _0\"></span>;  ob<span class=\"_ _0\"></span>blig<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">no<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">trasf<span class=\"_ _0\"></span>erir<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">azi<span class=\"_ _0\"></span>oni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ter<span class=\"_ _0\"></span>zi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">du<span class=\"_ _0\"></span>rata<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pat<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>araso<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>le. </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>In<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>t<span class=\"_ _2\"></span>ale<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>contest<span class=\"_ _2\"></span>o,<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>diritti<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>Cr<span class=\"_ _2\"></span>edito<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>Emiliano<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>sono<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>cir<span class=\"_ _2\"></span>coscritti<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>alle<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>nette<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>di<span class=\"ff1\"> </span>Cre<span class=\"_ _0\"></span>dem<span class=\"_ _0\"></span>assi<span class=\"_ _0\"></span>cur<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ni. Credito<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Emiliano<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>S.p.A.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>detiene<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>100%<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Credemtel<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>S.p.A.,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>ua<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>volta<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>deti<span class=\"_ _2\"></span>ene<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>40%<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> </span>ANDXOR<span class=\"ff1\"> </span>SOLUZIONI<span class=\"ff1\"> </span>INFORMATICHE<span class=\"ff1\"> </span>S.R.L.<span class=\"ff1\"> </span>\u201cANDXOR\u201d. In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ta<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>test<span class=\"_ _0\"></span>o,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ANDXO<span class=\"_ _0\"></span>R:<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span> Credemtel<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>detiene<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>maggioranza<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>diritti<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>voto,<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>potendo<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>solo<span class=\"ff1\"> </span>determinare<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>scelte<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>societarie,<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>avendo<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>capacit\u00e0<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>pratica<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>condurre<span class=\"_ _2\"></span><span class=\"ff1\"> </span>unilateralmente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rilevanti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>partecipata,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sempre<span class=\"ff1\"> <span class=\"_ _2\"></span></span>necess<span class=\"_ _2\"></span>ario<span class=\"ff1\"> </span>anche<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>consenso<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>altri<span class=\"ff1\"> </span>soci;  Credemtel<span class=\"ff1\"> </span>ha<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>potere<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>veto,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>su<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>pecifici<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">argomenti,</span> <span class=\"_ _2\"></span><span class=\"ff3\">sulle</span> <span class=\"_ _2\"></span><span class=\"ff3\">scelte</span> <span class=\"_ _2\"></span><span class=\"ff3\">degli</span> <span class=\"_ _2\"></span><span class=\"ff3\">altri</span> <span class=\"_ _2\"></span><span class=\"ff3\">soci,</span> <span class=\"_ _2\"></span><span class=\"ff3\">ne<span class=\"_ _1\"></span>l </span></span>sen<span class=\"_ _0\"></span>so<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>he<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>ma<span class=\"_ _0\"></span>ncan<span class=\"_ _0\"></span>za<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>oto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fa<span class=\"_ _0\"></span>vor<span class=\"_ _0\"></span>evo<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">C<span class=\"_ _0\"></span>redem<span class=\"_ _0\"></span>tel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">anch<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>g<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ltri<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>oci<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>tento<span class=\"_ _0\"></span>ri<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>restante<span class=\"ff1\"> </span>60%<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>capitale<span class=\"ff1\"> </span>sociale<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>grado<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>incide<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ulla<span class=\"ff1\"> </span>societ\u00e0. In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">re<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">AN<span class=\"_ _0\"></span>DXOR<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>osiz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Crede<span class=\"_ _0\"></span>mte<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>rtan<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>lla: </span></span></span></span></span></span></span></span></span></span></span></span></span></span> di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un</span> <span class=\"_ _0\"></span><span class=\"ff3\">sogge<span class=\"_ _0\"></span>tto<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u00e8</span> <span class=\"ff3\">e<span class=\"_ _0\"></span>spost<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>re<span class=\"_ _1\"></span>ndime<span class=\"_ _0\"></span>nti<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>abil<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>ch<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>tie<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>com<span class=\"_ _0\"></span>unqu<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>iri<span class=\"_ _0\"></span>tti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tali<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>possibili<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rendimenti; </span></span> che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>na<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">propria<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">capacit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">incidere<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>ali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rendimenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">solo<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>sercitando<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">potere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ve<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ulle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>celt<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>de<span class=\"_ _1\"></span>gli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">altri<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">soc<span class=\"_ _0\"></span>i. </span></span></span></span></span></span>Gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>cc<span class=\"_ _0\"></span>ordi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ess<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">t<span class=\"_ _0\"></span>ra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">soci<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>A<span class=\"_ _0\"></span>NDXO<span class=\"_ _0\"></span>R<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>temp<span class=\"_ _0\"></span>lano<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>avore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Cre<span class=\"_ _0\"></span>demt<span class=\"_ _0\"></span>el: </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span> diritto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contemplato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>apposito<span class=\"ff1\"> <span class=\"_ _21\"></span></span>patto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>parasociale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ottenere<span class=\"ff1\"> <span class=\"_ _21\"></span></span>esponenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>aziendali<span class=\"ff1\"> <span class=\"_ _21\"></span></span>(un<span class=\"ff1\"> </span>consigliere<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>amministrazione<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>sindaco<span class=\"ff1\"> </span>unico).<span class=\"ff1\"> </span>Si<span class=\"_ _0\"></span>ccome<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>vi<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>no<span class=\"ff1\"> </span>nell<span class=\"_ _0\"></span>\u2019ambito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>ANDXOR<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">voti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">consiglieri<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ch<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prevalgano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quelli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">altri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Consiglieri,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">designazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>esponenti<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>azie<span class=\"_ _2\"></span>ndali<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>attribuisce<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>nessun<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>socio<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>u<span class=\"_ _0\"></span>na<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>prev<span class=\"_ _0\"></span>alenza<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>sulle<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>s<span class=\"_ _2\"></span>celte<span class=\"ff1\"> </span>soc<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>tarie<span class=\"_ _0\"></span>;  diritto<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">co-vendita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>fav<span class=\"_ _0\"></span>ore<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>Credemtel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">qualora<span class=\"ff1\"> </span>ve<span class=\"_ _0\"></span>nga<span class=\"ff1\"> </span>trasferita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">atto<span class=\"ff1\"> </span>tra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vivi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un<span class=\"_ _1\"></span>a </span></span></span></span></span></span></span></span></span></span></span></span></span></span>quota<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>almeno<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>50%<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>capitale<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sociale<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ANDXOR<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"></span></span>tutta<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>durata<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>patto<span class=\"ff1\"> </span>parasociale<span class=\"ff1\"> </span>attualmente<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>essere. Credito<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Emiliano<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">S.p.A.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">detiene<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">100%<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Credemtel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">S.p.A.,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ch<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sua<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">volta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">detiene<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">1<span class=\"_ _2\"></span>9,68%<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">SBC<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Fintech<span class=\"ff1\"> </span>Milan<span class=\"ff1\"> </span>2224<span class=\"ff1\"> </span>srl<span class=\"ff1\"> </span>(SBC). In<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conte<span class=\"_ _0\"></span>sto<span class=\"_ _0\"></span>: </span></span></span></span>-<span class=\"_ _3bd\"> </span>Cre<span class=\"_ _0\"></span>dem<span class=\"_ _0\"></span>tel<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>etie<span class=\"_ _1\"></span>ne<span class=\"ff1\"> </span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">magg<span class=\"_ _0\"></span>ioran<span class=\"_ _0\"></span>za<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">diri<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">vo<span class=\"_ _0\"></span>to,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">n<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>otend<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>da<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">solo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dete<span class=\"_ _0\"></span>rmin<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1488\">scelte<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>societarie,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>avendo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>capacit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>prat<span class=\"_ _2\"></span>ica<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>condurre<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>unilateralmente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>attivit\u00e0<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1489\">rilevanti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">partecipata,<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>ali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>empre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">necess<span class=\"_ _2\"></span>ario<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">consenso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">degli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>ltri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">soci; </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m4 h2c ff4 fs5 fc0 sc0 ls0 ws0 gs148a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs148b\">Cre<span class=\"_ _0\"></span>dem<span class=\"_ _0\"></span>tel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per\u00f2<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ha<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">po<span class=\"_ _0\"></span>tere<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>eto<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">spec<span class=\"_ _0\"></span>ifici<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>rgo<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>i,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sull<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sce<span class=\"_ _0\"></span>lte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>gli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altri<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">soci<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sen<span class=\"_ _0\"></span>so<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs148c\">che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>mancanza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>voto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>favorevole<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Credemtel<span class=\"ff1\"> <span class=\"_ _20\"></span></span>anche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>altri<span class=\"ff1\"> <span class=\"_ _20\"></span></span>soci<span class=\"ff1\"> <span class=\"_ _20\"></span></span>non<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>grado<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs148d\">incidere<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>societ\u00e0. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs148e\">In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">re<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">SB<span class=\"_ _0\"></span>C<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>p<span class=\"_ _1\"></span>osizio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>rede<span class=\"_ _1\"></span>mtel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"_ _0\"></span>tant<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uell<span class=\"_ _0\"></span>a: </span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m4 h2c ff4 fs5 fc0 sc0 ls0 ws0 gs148f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1490\">di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un<span class=\"ff1\"> <span class=\"_ _21\"></span></span>soggetto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"></span></span>esposto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">rendimenti</span> <span class=\"_ _20\"></span><span class=\"ff3\">variabili</span> <span class=\"_ _21\"></span><span class=\"ff3\">e</span> <span class=\"_ _20\"></span><span class=\"ff3\">che</span> <span class=\"_ _21\"></span><span class=\"ff3\">detiene</span> <span class=\"_ _20\"></span><span class=\"ff3\">comunque</span> <span class=\"_ _21\"></span><span class=\"ff3\">diritti</span> <span class=\"_ _21\"></span><span class=\"ff3\">su</span> <span class=\"_ _20\"></span><span class=\"ff3\">tali</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1491\">possibili<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rendimenti; </span></span></div><div class=\"t m4 h2c ff4 fs5 fc0 sc0 ls0 ws0 gs1492\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1493\">che<span class=\"ff1\"> </span>ha<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>propria<span class=\"ff1\"> </span>capacit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>incidere<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>tali<span class=\"ff1\"> </span>rendimenti<span class=\"ff1\"> </span>solo<span class=\"ff1\"> </span>esercitando<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>potere<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>veto<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1494\">sulle<span class=\"ff1\"> </span>scelte<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>altri<span class=\"ff1\"> </span>soci. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1495\">Gli<span class=\"ff1\"> </span>accordi<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>tra<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>soci<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>SB<span class=\"_ _0\"></span>C<span class=\"ff1\"> </span>contemplano,<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>favore<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Credemtel<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>diritto<span class=\"ff1\"> </span>contemplato<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1496\">apposito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pat<span class=\"_ _2\"></span>to<span class=\"ff1\"> <span class=\"_ _20\"></span></span>parasociale<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">ottenere</span> <span class=\"_ _20\"></span><span class=\"ff3\">esponenti</span> <span class=\"_ _20\"></span><span class=\"ff3\">aziendali</span> <span class=\"_ _21\"></span><span class=\"ff3\">(un</span> <span class=\"_ _20\"></span><span class=\"ff3\">consigliere</span> <span class=\"_ _20\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>i</span> <span class=\"_ _20\"></span><span class=\"ff3\">amministr<span class=\"_ _2\"></span>azione).</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1497\">Si<span class=\"_ _0\"></span>ccom<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">vi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>ono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nell\u2019<span class=\"_ _0\"></span>ambi<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>d<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span>SB<span class=\"_ _0\"></span>C<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vot<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>sigli<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>he<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prev<span class=\"_ _0\"></span>alg<span class=\"_ _0\"></span>ano<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">su<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uel<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span>tri<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>onsig<span class=\"_ _0\"></span>lie<span class=\"_ _0\"></span>ri,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1498\">la<span class=\"ff1\"> </span>designazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>sponenti<span class=\"ff1\"> </span>aziendali<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>attribuisce<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>nessun<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>cio<span class=\"ff1\"> </span>una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prevalenza<span class=\"ff1\"> </span>sulle<span class=\"ff1\"> </span>scelte<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1499\">soc<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>tarie<span class=\"_ _0\"></span>. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs149a\">Credito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Emiliano<span class=\"ff1\"> </span>S.p.A.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>detiene<span class=\"ff1\"> </span>i<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _2\"></span></span>100%<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>Avvera<span class=\"ff1\"> <span class=\"_ _2\"></span></span>S.p.A.,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sua<span class=\"ff1\"> <span class=\"_ _2\"></span></span>volta<span class=\"ff1\"> <span class=\"_ _2\"></span></span>detiene<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>10<span class=\"_ _2\"></span>%<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Gruppo<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs149b\">Santamaria<span class=\"ff1\"> <span class=\"_ _2\"></span></span>S.p.A.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u201cGSM\u201d.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cap<span class=\"_ _2\"></span>itale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sociale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>GSM<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>detenuto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>da<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Avvera<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tr<span class=\"_ _2\"></span>amite<span class=\"ff1\"> <span class=\"_ _2\"></span></span>azioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>speciali<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs149c\">\u201cAzioni<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>B\u201d<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>attribuiti,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>o<span class=\"_ _2\"></span>ltre<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ai<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>diritti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>at<span class=\"_ _2\"></span>tribuiti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dalla<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Legge<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>alle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"_ _2\"></span>zioni<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ordinar<span class=\"_ _2\"></span>ie,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>anche<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>i<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs149d\">seguenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">diritti: </span></span></div><div class=\"t m6 h13 ff6 fs5 fc0 sc0 ls0 ws0 gs149e\"> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs149f\">diritto<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs14a0\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs14a1\">designare,<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs14a2\">ai<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs14a3\">fini<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs14a4\">della<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs14a5\">nomina,<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs14a6\">un<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs14a7\">componente<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs14a8\">del<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs14a9\">Consiglio<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs14aa\">d<span class=\"_ _0\"></span>i </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs14ab\">Amm<span class=\"_ _0\"></span>ini<span class=\"_ _0\"></span>straz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e; </div><div class=\"t m6 h13 ff6 fs5 fc0 sc0 ls0 ws0 gs14ac\"> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs14ad\">diritto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>designare,<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>fini<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>nomina,<span class=\"ff1\"> </span>quale<span class=\"ff1\"> </span>componente<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Collegio<span class=\"ff1\"> </span>Sindacale,<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs14ae\">Sindaco<span class=\"ff1\"> </span>Effettivo,<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>rivestir\u00e0<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>carica<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Presidente,<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>Sindaco<span class=\"ff1\"> </span>Supplente; </div><div class=\"t m6 h13 ff6 fs5 fc0 sc0 ls0 ws0 gs14af\"> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs14b0\">presentazione<span class=\"ff1\"> </span>all\u2019Assemblea<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>soci<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>proposta<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>revoca<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span>soggetto<span class=\"ff1\"> </span>inc<span class=\"_ _0\"></span>aric<span class=\"_ _0\"></span>ato </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs14b1\">del<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rev<span class=\"_ _0\"></span>isi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">leg<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>onti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">GS<span class=\"_ _1\"></span>M, </span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m6 h13 ff6 fs5 fc0 sc0 ls0 ws0 gs14b2\"> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs14b3\">diritto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>ubordinare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>proprio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>voto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>favorevole<span class=\"ff1\"> <span class=\"_ _2\"></span></span>una<span class=\"ff1\"> <span class=\"_ _2\"></span></span>serie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>deliberazioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>assembleari<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs14b4\">quali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>modi<span class=\"_ _0\"></span>fica<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>Statuto,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019aumento<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>iminuzione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">capitale<span class=\"ff1\"> </span>sociale,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fusioni<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs14b5\">scissioni,<span class=\"ff1\">  </span>la<span class=\"ff1\">  </span>determinazione<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">e</span>  <span class=\"ff3\">modifica</span>  <span class=\"ff3\">dei</span>  <span class=\"ff3\">compensi</span>  <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">amministr<span class=\"_ _2\"></span>atori</span>  <span class=\"ff3\">e</span>  <span class=\"ff3\">sindaci<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs14b6\">l\u2019approvazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>piani<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>incentivazione<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>amministrat<span class=\"_ _2\"></span>ori,<span class=\"ff1\"> </span>dirigenti<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>dipendenti. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs14b7\">Siccome<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>non<span class=\"ff1\">  </span>v<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nell\u2019ambit<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\">  </span>GSM<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">voti</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">di</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">consiglieri</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">c<span class=\"_ _2\"></span>he</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">prevalgano</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">s<span class=\"_ _2\"></span>u</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">quelli</span>  <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\">  </span>al<span class=\"_ _0\"></span>tri<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs14b8\">Consiglieri,<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>designazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>esponenti<span class=\"ff1\"> </span>aziendali<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>attribuisce<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>nessun<span class=\"ff1\"> </span>socio<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>prevalenza<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs14b9\">sulle<span class=\"ff1\"> </span>scelte<span class=\"ff1\"> </span>societarie. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs14ba\">In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ta<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>test<span class=\"_ _0\"></span>o,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">GS<span class=\"_ _0\"></span>M:<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></div><div class=\"t m6 h13 ff6 fs5 fc0 sc0 ls0 ws0 gs14bb\"> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs14bc\">Avvera<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">detiene<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>maggioranza<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">diritti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>oto,<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>potendo<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>solo<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>terminare<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs14bd\">le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sc<span class=\"_ _0\"></span>elte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">soc<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>tarie<span class=\"_ _1\"></span>,<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ave<span class=\"_ _0\"></span>ndo<span class=\"ff1\"> </span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ca<span class=\"_ _0\"></span>pac<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pra<span class=\"_ _0\"></span>tica<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">cond<span class=\"_ _0\"></span>urr<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>uni<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>teral<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">atti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs14be\">rilevanti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>ella<span class=\"ff1\"> </span>partecip<span class=\"_ _0\"></span>ata,<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sempre<span class=\"ff1\"> </span>necessario<span class=\"ff1\"> </span>anc<span class=\"_ _0\"></span>he<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">consenso<span class=\"ff1\"> </span>deg<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>altri<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs14bf\">soc<span class=\"_ _0\"></span>i; </div><div class=\"t m6 h13 ff6 fs5 fc0 sc0 ls0 ws0 gs14c0\"> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs14c1\">Avvera<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">potere<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">veto,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">specifici<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">argomenti,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ulle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">scelte<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">de<span class=\"_ _2\"></span>gli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altri<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>oci,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">se<span class=\"_ _0\"></span>ns<span class=\"_ _1\"></span>o </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs14c2\">che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>mancanza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">voto<span class=\"ff1\"> </span>favorevole<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _1\"></span><span class=\"ff3\">Avvera<span class=\"ff1\"> </span>anche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alt<span class=\"_ _2\"></span>ri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">soci<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>tentori<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">restante</span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs14c3\">90%<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>capitale<span class=\"ff1\"> </span>sociale<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>grado<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>incidere<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>societ\u00e0. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs14c4\">In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">re<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">GS<span class=\"_ _0\"></span>M<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pos<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Avv<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">per<span class=\"_ _0\"></span>tant<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uel<span class=\"_ _0\"></span>la: </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m6 h13 ff6 fs5 fc0 sc0 ls0 ws0 gs14c5\"> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs14c6\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">soggetto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">espos<span class=\"_ _2\"></span>to<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rendimenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">variabili<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">detiene<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">comunque<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">diritti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tali<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs14c7\">possibili<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rendimenti; </span></span></div><div class=\"t m6 h13 ff6 fs5 fc0 sc0 ls0 ws0 gs14c8\"> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs14c9\">che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>na<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">propria<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">capacit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">incidere<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>ali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rendimenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">solo<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>sercitando<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">potere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs14ca\">ve<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ulle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>celt<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>de<span class=\"_ _1\"></span>gli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">altri<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">soc<span class=\"_ _0\"></span>i. </span></span></span></span></span></span></div><div class=\"t m26 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs14cb\">7.<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs14cc\">Im<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs14cd\">ri<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>rit<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs14ce\">a<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs14cf\">pa<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>eci<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>zio<span class=\"_ _1\"></span>ni<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs14d0\">in<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs14d1\">so<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>et\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs14d2\">co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>rol<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs14d3\">in<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs14d4\">mo<span class=\"_ _1\"></span>do<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs14d5\">co<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>iun<span class=\"_ _0\"></span>to<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs14d6\">Credito<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Emiliano<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ha<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>ottoscritto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Re<span class=\"_ _0\"></span>ale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Mutua<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>As<span class=\"_ _2\"></span>sicurazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>accordi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>contrattuali<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>volt<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs14d7\">disciplinare<span class=\"ff1\"> </span>pi\u00f9<span class=\"ff1\"> </span>compiutamente<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>partnership<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>Credemassicurazioni. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs14d8\">In<span class=\"ff1\"> </span>tale<span class=\"ff1\"> </span>contesto<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>clausole<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>contratto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>compravend<span class=\"_ _0\"></span>ita<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>azioni<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>suo<span class=\"ff1\"> </span>tempo<span class=\"ff1\"> </span>perfezionato<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs14d9\">tra<span class=\"ff1\"> </span>Credito<span class=\"ff1\"> </span>Emili<span class=\"_ _0\"></span>ano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>Reale<span class=\"ff1\"> </span>Mu<span class=\"_ _0\"></span>tua<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Assicurazioni<span class=\"ff1\"> </span>hanno<span class=\"ff1\"> </span>espressamente<span class=\"ff1\"> </span>convenuto<span class=\"ff1\"> </span>un\u2019opzione<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs14da\">put<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"></span></span>capo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span></span>Reale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Mutua<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Assicurazioni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>un\u2019<span class=\"_ _0\"></span>opzione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>call<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>capo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Credi<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Emiliano<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>S.p.A.<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs14db\">rig<span class=\"_ _0\"></span>ua<span class=\"_ _0\"></span>rdan<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>50%<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>rte<span class=\"_ _0\"></span>cipaz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Re<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">Mu<span class=\"_ _0\"></span>tua<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>capi<span class=\"_ _0\"></span>tale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">soci<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">Crede<span class=\"_ _1\"></span>massi<span class=\"_ _0\"></span>cura<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i.<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs14dc\">Entrambe<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>opzioni<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>esercitabili<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>allo<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>scadere<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>ogni<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>quinquennio<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>dall\u2019acquisto<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>della<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs14dd\">partecipazione<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>Credemassicurazioni<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>parte<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Reale<span class=\"ff1\"> </span>Mutua. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs14de\">A<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">distanza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">10<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dalla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sottoscrizione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">primo<span class=\"ff1\"> </span>accordo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">co<span class=\"_ _2\"></span>llaborazione,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Cr<span class=\"_ _2\"></span>edito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Emiliano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs14df\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Societ\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Reale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">M<span class=\"_ _2\"></span>utua<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Assicurazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">hanno<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>innovato<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">loro<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">partnership<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">paritetica<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nella<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">societ\u00e0<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs14e0\">in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ra<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>gna.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">r<span class=\"_ _0\"></span>inn<span class=\"_ _0\"></span>ovo<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>ll\u2019<span class=\"_ _0\"></span>acco<span class=\"_ _0\"></span>rdo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pe<span class=\"_ _0\"></span>rmett<span class=\"_ _0\"></span>er\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>g<span class=\"_ _0\"></span>rupp<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">svi<span class=\"_ _0\"></span>luppa<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019offe<span class=\"_ _0\"></span>rta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>rodo<span class=\"_ _0\"></span>tti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">r<span class=\"_ _0\"></span>am<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div>danni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>accrescere<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _21\"></span></span>livello<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>servizio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"_ _2\"></span>fferto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>propria<span class=\"ff1\"> <span class=\"_ _20\"></span></span>clientela,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>grazie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>upporto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>u<span class=\"_ _3bd\"> </span>n<span class=\"_ _2\"></span><span class=\"ff1\"> </span>primario<span class=\"ff1\"> </span>player<span class=\"ff1\"> </span>specializzato<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>settore<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>protection.<span class=\"_ _3bd\"> </span> Le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pa<span class=\"_ _0\"></span>rti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">hanno<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">poi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>rfe<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>ato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pa<span class=\"_ _0\"></span>tto<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ara<span class=\"_ _0\"></span>soci<span class=\"_ _0\"></span>ale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>cu<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>lau<span class=\"_ _0\"></span>sole<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>onte<span class=\"_ _0\"></span>mpla<span class=\"_ _0\"></span>no:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>div<span class=\"_ _0\"></span>ieto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>trasferimento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>azioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>diritti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>opzione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>terzi,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>div<span class=\"_ _0\"></span>ersi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>societ<span class=\"_ _3bd\"> </span>\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> </span>controllate,<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>tutta<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>durata<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>patto<span class=\"ff1\"> </span>paraso<span class=\"_ _2\"></span>ciale<span class=\"ff1\"> </span>attualmen<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>essere;<span class=\"_ _3bd\"> </span> Il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">diritto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ciascuna<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">parte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ottenere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nomina<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ot<span class=\"_ _2\"></span>tenere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nomin<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">esponent<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">aziendali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>propria<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>designazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>(la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>met\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>egli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>amministr<span class=\"_ _2\"></span>atori<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rinnovi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>alternati<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Consiglio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>Amministrazione,<span class=\"ff1\">  </span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Presidente<span class=\"ff1\">  </span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Consi<span class=\"_ _2\"></span>glio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Amminist<span class=\"_ _2\"></span>razione,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"ff1\">  </span>Sindaci<span class=\"ff1\">  </span>e,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\">  </span>rinno<span class=\"_ _3bd\"> </span>vi<span class=\"ff1\"> </span>alternati,<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>Presidente<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Collegio<span class=\"ff1\"> </span>Sindacale);<span class=\"_ _3bd\"> </span> La<span class=\"ff1\"> </span>necessit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quorum<span class=\"ff1\"> <span class=\"_ _2\"></span></span>qualificato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> </span>deliberazioni<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>componenti<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Co<span class=\"_ _2\"></span>nsiglio<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span> Amministrazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>iguardanti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">particolari<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tematiche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(come,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altre,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>omina<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Dirett<span class=\"_ _2\"></span>or<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Generale,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Responsabile<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Si<span class=\"_ _2\"></span>nistri,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Dir<span class=\"_ _2\"></span>ettore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Commerciale,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>funzione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>auditin<span class=\"_ _3bd\"> </span>g,<span class=\"ff1\"> </span>l\u2019approvazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>operazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>finanzia<span class=\"ff1\"> </span>str<span class=\"_ _2\"></span>aordinaria,<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>accordi<span class=\"ff1\"> </span>distributivi,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ecc).<span class=\"_ _2\"></span> </span></span>7.8<span class=\"_ _3bd\"> </span>Im<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>rif<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>iti<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>pa<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>eci<span class=\"_ _0\"></span>pa<span class=\"_ _1\"></span>zion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>so<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>so<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>op<span class=\"_ _0\"></span>ost<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>ad<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>flu<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>za<span class=\"_ _3bd\"> </span>no<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>vol<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>Credemtel<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>h<span class=\"_ _3bd\"> </span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>so<span class=\"_ _2\"></span>ttoscritto<span class=\"ff1\">  </span>con<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">i</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">soci</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">di</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">ANDXOR</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">accordi</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">contrattuali</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">volti</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">a</span>  <span class=\"ff3\">di<span class=\"_ _0\"></span>sciplinare<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>pi<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\">\u00f9<span class=\"ff1\"> </span></span></span>compiutamente<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>partnership<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>SATA.<span class=\"fc0\"> </span>Le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pa<span class=\"_ _0\"></span>rti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">hanno<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">poi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>rfe<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>ato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pa<span class=\"_ _0\"></span>tto<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ara<span class=\"_ _0\"></span>soci<span class=\"_ _0\"></span>ale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>cu<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>lau<span class=\"_ _0\"></span>sole<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>onte<span class=\"_ _0\"></span>mpla<span class=\"_ _0\"></span>no:<span class=\"fc0\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span>rit<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Cred<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>tel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">otten<span class=\"_ _0\"></span>ere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>omin<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esp<span class=\"_ _0\"></span>onen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">azien<span class=\"_ _0\"></span>dali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>rop<span class=\"_ _0\"></span>ria<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">desi<span class=\"_ _0\"></span>gnaz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">(u<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>consigliere<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>amministrazione<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>sindaco<span class=\"ff1\"> </span>unico);<span class=\"_ _3bd\"> </span> il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">diri<span class=\"_ _0\"></span>tto<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">co<span class=\"_ _0\"></span>-vend<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fav<span class=\"_ _0\"></span>ore<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Cre<span class=\"_ _0\"></span>dem<span class=\"_ _0\"></span>tel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">qu<span class=\"_ _1\"></span>alora<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">v<span class=\"_ _0\"></span>enga<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">trasf<span class=\"_ _0\"></span>erit<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">atto<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">tra<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">viv<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">qu<span class=\"_ _1\"></span>ota<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>almeno<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>5<span class=\"_ _2\"></span>0%<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>ca<span class=\"_ _2\"></span>pitale<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>so<span class=\"_ _2\"></span>ciale<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>ANDX<span class=\"_ _2\"></span>OR<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>tutta<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>durata<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>patt<span class=\"_ _3bd\"> </span>o<span class=\"ff1\"> </span>parasociale<span class=\"ff1\"> </span>attualmente<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>essere;<span class=\"_ _3bd\"> </span> la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>necessit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quorum<span class=\"ff1\"> <span class=\"_ _20\"></span></span>qualificato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>deliberazioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>componenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>de<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Consiglio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"_ _0\"></span> Amministrazione<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>riguardanti<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>particolari<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>t<span class=\"_ _2\"></span>ematiche<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>(come<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>mo<span class=\"_ _2\"></span>dificazioni<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>dell\u2019atto<span class=\"ff1\"> </span>costitutivo,<span class=\"ff1\">  </span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>modificazione<span class=\"ff1\">  </span>dell\u2019<span class=\"_ _0\"></span>oggett<span class=\"_ _2\"></span>o<span class=\"ff1\">  </span>sociale,<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">l\u2019assunzione</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">di</span>  <span class=\"ff3\">finanziamenti</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">olt<span class=\"_ _2\"></span>re</span>  <span class=\"ff3\">i<span class=\"_ _1c\"></span> </span></span>150.000<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>euro,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>compravendi<span class=\"_ _0\"></span>ta<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>diritti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>reali<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>immobil<span class=\"_ _0\"></span>iari,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>emissione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>titoli<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>debito<span class=\"_ _3bd\"> </span>,<span class=\"ff1\"> </span>distribuzione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>riserve).<span class=\"_ _3bd\"> </span> Avvera<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sottoscritto<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">soci<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Gruppo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Santamaria<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">accordi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">contr<span class=\"_ _2\"></span>attuali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">volti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">disciplinare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pi<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">\u00f9<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>compiutamente<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>partnership<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>GSM.<span class=\"_ _3bd\"> </span> In<span class=\"ff1\"> </span>tale<span class=\"ff1\"> </span>contesto<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>contratto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>investimento<span class=\"ff1\"> </span>sot<span class=\"_ _2\"></span>toscritto<span class=\"ff1\"> </span>dalle<span class=\"ff1\"> </span>parti<span class=\"ff1\"> </span>ha<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">espressamente<span class=\"ff1\"> </span>convenut<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\">o<span class=\"ff1\"> </span></span></span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>apo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ad<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">A<span class=\"_ _0\"></span>vvera<span class=\"_ _0\"></span>:<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(i)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">u<span class=\"_ _0\"></span>na<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pri<span class=\"_ _0\"></span>ma<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">opzion<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cal<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fino<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">20%<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">capi<span class=\"_ _0\"></span>tale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>oci<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">GSM;<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">(i<span class=\"_ _0\"></span>i)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>se<span class=\"_ _0\"></span>con<span class=\"_ _0\"></span>d<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>opzione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>call<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>ulla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>intera<span class=\"ff1\"> <span class=\"_ _20\"></span></span>partecipazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>residua<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d<span class=\"_ _2\"></span>el<span class=\"ff1\"> <span class=\"_ _2\"></span></span>capitale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>ociale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>G<span class=\"_ _2\"></span>SM;<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(iii)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>una<span class=\"ff1\"> <span class=\"_ _20\"></span></span>opzione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>p<span class=\"_ _3bd\"> </span>ut<span class=\"ff1\"> </span>sull\u2019intera<span class=\"ff1\"> </span>partecipazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nel<span class=\"ff1\"> </span>ca<span class=\"_ _2\"></span>pitale<span class=\"ff1\"> </span>sociale<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>GSM<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>titolarit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>Avvera.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>La<span class=\"ff1\"> </span>prima<span class=\"ff1\"> <span class=\"_ _2\"></span></span>opzione<span class=\"ff1\"> </span>ca<span class=\"_ _3bd\"> </span>ll<span class=\"ff1\"> </span>era<span class=\"ff1\"> </span>esercitabile<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dalla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>ap<span class=\"_ _0\"></span>provazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span>bi<span class=\"_ _0\"></span>lancio<span class=\"ff1\"> </span>relativo<span class=\"ff1\"> </span>all\u2019esercizio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2020<span class=\"ff1\"> </span>fino<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ata<span class=\"ff1\"> </span>d<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">e<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span></span></span></span></span></span></span>31<span class=\"ff1\"> </span>dicembre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2021,<span class=\"ff1\"> </span>tale<span class=\"ff1\"> </span>opzione<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span>stata<span class=\"ff1\"> </span>esercitata,<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">seconda<span class=\"ff1\"> </span>opzione<span class=\"ff1\"> </span>call<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esercitabile<span class=\"ff1\"> </span>dall<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>data<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>approvazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _21\"></span></span>bilancio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>relativo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>all\u2019esercizio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>2021<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fino<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>data<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">del</span> <span class=\"_ _20\"></span><span class=\"ff3\">31</span> <span class=\"_ _21\"></span><span class=\"ff3\">dicembre</span> <span class=\"_ _20\"></span><span class=\"ff3\">202<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\">2</span> </span>nonch\u00e9<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>periodo<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>decorre<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>approvazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>elativo<span class=\"ff1\"> </span>all\u2019esercizio<span class=\"ff1\"> </span>202<span class=\"_ _3bd\"> </span>2<span class=\"ff1\"> </span>fino<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>data<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>31<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dicembre<span class=\"ff1\"> <span class=\"_ _20\"></span></span>20<span class=\"_ _2\"></span>23;<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l\u2019opzione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>put<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>esercitabile<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dalla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>data<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>approvazion<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _3bd\"> </span>el<span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> </span>relativo<span class=\"ff1\"> </span>all<span class=\"_ _0\"></span>\u2019esercizio<span class=\"ff1\"> </span>2022<span class=\"ff1\"> </span>fino<span class=\"ff1\"> </span>all<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">31<span class=\"ff1\"> </span>dicembre<span class=\"ff1\"> </span>2023<span class=\"ff1\"> </span>e,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in</span> <span class=\"ff3\">c<span class=\"_ _0\"></span>aso<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>ce<span class=\"_ _0\"></span>ssazione<span class=\"ff1\"> </span>p<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">er<span class=\"ff1\"> </span></span></span></span></span>qualsiasi<span class=\"ff1\"> </span>causa<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>contratto<span class=\"_ _2\"></span><span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>genzia<span class=\"ff1\"> </span>tra<span class=\"ff1\"> </span>Avve<span class=\"_ _0\"></span>ra<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>GSM,<span class=\"ff1\"> </span>entro<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">6<span class=\"ff1\"> </span>mesi<span class=\"ff1\"> </span>successivi<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rima<span class=\"ff1\"> </span>tr<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span></span></span>le<span class=\"ff1\"> </span>seguenti<span class=\"ff1\"> </span>date:<span class=\"ff1\"> </span>(i)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>data<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>esercizio<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>recesso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>contratto<span class=\"_ _2\"></span><span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>agenzia;<span class=\"ff1\"> </span>(ii)<span class=\"ff1\"> </span>data<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>riceviment<span class=\"_ _3bd\"> </span>o<span class=\"ff1\"> </span>della<span class=\"ff1\"> <span class=\"_ _21\"></span></span>comunicazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _21\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Avvera<span class=\"ff1\"> <span class=\"_ _21\"></span></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>GSM<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"_ _0\"></span>chiarino<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>avv<span class=\"_ _0\"></span>alers<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dell<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>clausola<span class=\"ff1\"> <span class=\"_ _21\"></span></span>risolutiv<span class=\"_ _3bd\"> </span>a<span class=\"ff1\"> </span>espressa<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>contratto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>agenzia<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>sensi<span class=\"ff1\"> </span>dell\u2019art.<span class=\"ff1\"> </span>1465<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Cod.<span class=\"ff1\"> </span>Civ;<span class=\"ff1\"> </span>(iii)<span class=\"ff1\"> </span>decorso<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>termin<span class=\"_ _3bd\"> </span>e<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">adempiere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">contratt<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">agenzia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">intimat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Av<span class=\"_ _2\"></span>vera<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">GSM<span class=\"ff1\"> </span>ai<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">sensi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dell\u2019art.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">14<span class=\"_ _2\"></span>54<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Cod.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Civ<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">.;<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Il<span class=\"ff1\"> </span>contratto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>investimento<span class=\"ff1\"> </span>prevede<span class=\"ff1\"> </span>inoltre:<span class=\"_ _3bd\"> </span> un<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>riodo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">5</span> <span class=\"_ _0\"></span><span class=\"ff3\">anni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Loc<span class=\"_ _0\"></span>k-Up<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dura<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">qu<span class=\"_ _0\"></span>ale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">soci<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">GSM<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">no<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>potr<span class=\"_ _0\"></span>ann<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>tra<span class=\"_ _0\"></span>sfe<span class=\"_ _0\"></span>rir<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>d<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alcu<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>titolo<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>proprie<span class=\"ff1\"> </span>partecipazioni<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>GSM<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>soggetti<span class=\"ff1\"> </span>diversi<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>Avvera;<span class=\"_ _3bd\"> </span> la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>necessit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quorum<span class=\"ff1\"> <span class=\"_ _20\"></span></span>qualificato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>deliberazioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>componenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>de<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Consiglio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"_ _0\"></span> Amministrazione<span class=\"ff1\">  </span>riguardanti<span class=\"ff1\">  </span>particolari<span class=\"ff1\">  </span>tematiche<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(come<span class=\"ff1\">  </span>la<span class=\"ff1\">  </span>stipulazione<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>c<span class=\"_ _0\"></span>ontratti<span class=\"ff1\">  </span>di<span class=\"ff1\"> </span>locazione,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>l\u2019approvazione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>m<span class=\"_ _2\"></span>odifica<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>b<span class=\"_ _2\"></span>usiness<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>plan<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>e/o<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Budget,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>l\u2019effettuazione<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"ff1\"> </span>investimenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019assunzione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>debiti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziari<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>concessione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziamenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ecceden<span class=\"_ _3bd\"> </span>ti<span class=\"ff1\"> </span>determinate<span class=\"ff1\"> </span>soglie<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>importo).<span class=\"_ _3bd\"> </span> 7.1<span class=\"_ _1\"></span>0<span class=\"_ _3bd\"> </span>Al<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>for<span class=\"_ _0\"></span>ma<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"fc0 sc1\"> </span>Credemassicurazioni,<span class=\"ff1\"> </span>Andxor<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Gruppo<span class=\"ff1\"> </span>Santamaria,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">partecipazioni<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>quali<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>bil<span class=\"_ _0\"></span>anci<span class=\"_ _2\"></span>o<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"> </span></span></span></span></span></span></span>risulta<span class=\"ff1\"> <span class=\"_ _20\"></span></span>essere<span class=\"ff1\"> <span class=\"_ _2\"></span></span>superiore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quot<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pertinenza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>patrimonio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>netto<span class=\"_ _2\"></span>,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>state<span class=\"ff1\"> <span class=\"_ _20\"></span></span>assoggettate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"_ _3bd\"> </span><span class=\"ff1\"> </span>test<span class=\"ff1\"> <span class=\"_ _21\"></span></span>d\u2019i<span class=\"_ _0\"></span>mpairment<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dal<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quale<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>emers<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>un<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">valore</span> <span class=\"_ _20\"></span><span class=\"ff3\">recuperabile</span> <span class=\"_ _21\"></span><span class=\"ff3\">supe<span class=\"_ _0\"></span>riore<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>carico.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Si<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1522\">quindi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>r<span class=\"_ _2\"></span>itenuto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>differenz<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ne<span class=\"_ _0\"></span>gativa<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fra<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>car<span class=\"_ _2\"></span>ico<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">la</span> <span class=\"_ _27\"> </span><span class=\"ff3\">quota</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">di</span> <span class=\"_ _27\"> </span><span class=\"ff3\">pertinenza</span> <span class=\"_ _27\"> </span><span class=\"ff3\">de<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\">l<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"_ _2\"></span> </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1524\">patrimonio<span class=\"ff1\"> </span>nett<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>partecipate<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>ascr<span class=\"_ _2\"></span>ivibile<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>perdita<span class=\"ff1\"> </span>dur<span class=\"_ _2\"></span>evole<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valore<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e,<span class=\"ff1\"> </span>pertanto,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>non<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1525\">sono<span class=\"ff1\"> </span>stati<span class=\"ff1\"> </span>rettificati<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>valori<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>iscrizione.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1526\">Per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Credemassicurazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>differenza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>negativa<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ascrivibile<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"_ _2\"></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>quota<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>avviamento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>10,3<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1527\">milioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>euro,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>m<span class=\"_ _2\"></span>entre<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Andxor<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Gruppo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Santa<span class=\"_ _2\"></span>maria<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"_ _0\"></span>fferenza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>negativa<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ascrivibile<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alla<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1528\">quota<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>avviamento<span class=\"ff1\"> </span>rispettivamente<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>1.062<span class=\"ff1\"> </span>mila<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>euro<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>251<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mila<span class=\"ff1\"> </span>euro. </div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-884": {
   "value": "Ra<span class=\"_ _3bd\"> </span>De<span class=\"_ _0\"></span>no<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>ina<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>Sede<span class=\"_ _3bd\"> </span>le<span class=\"_ _0\"></span>ga<span class=\"_ _1\"></span>le<span class=\"_ _3bd\"> </span>Tipo<span class=\"_ _3bd\"> </span>d<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>rap<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>Im<span class=\"_ _1\"></span>pre<span class=\"_ _3bd\"> </span>A.<span class=\"_ _3bd\"> </span>Impr<span class=\"_ _0\"></span>ese<span class=\"_ _3bd\"> </span>cont<span class=\"_ _0\"></span>rollat<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>mo<span class=\"_ _0\"></span>do<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>ng<span class=\"_ _1\"></span>iun<span class=\"_ _0\"></span>to<span class=\"_ _3bd\"> </span>1.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span>mas<span class=\"_ _0\"></span>sic<span class=\"_ _0\"></span>ura<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>sp<span class=\"_ _1\"></span>a<span class=\"_ _3bd\"> </span>Reggio<span class=\"_ _3bd\"> </span>Emi<span class=\"_ _0\"></span>lia<span class=\"_ _3bd\"> </span>7<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>B.<span class=\"_ _3bd\"> </span>Impr<span class=\"_ _0\"></span>ese<span class=\"_ _3bd\"> </span>sott<span class=\"_ _0\"></span>opos<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>infl<span class=\"_ _0\"></span>uenza<span class=\"_ _3bd\"> </span>no<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>vo<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span> Sezion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>7<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Le<span class=\"_ _3bd\"> </span>part<span class=\"_ _0\"></span>ecipazio<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Voce<span class=\"_ _3bd\"> </span>7<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">va<span class=\"_ _0\"></span>lor<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">b<span class=\"_ _0\"></span>ilan<span class=\"_ _0\"></span>cio<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>oce<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u201cP<span class=\"_ _0\"></span>artec<span class=\"_ _0\"></span>ip<span class=\"_ _0\"></span>azion<span class=\"_ _0\"></span>i\u201d<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ammo<span class=\"_ _0\"></span>nta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">47,4<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mil<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>ur<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>7.<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>Pa<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>eci<span class=\"_ _0\"></span>pa<span class=\"_ _1\"></span>zion<span class=\"_ _0\"></span>i:<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>sui<span class=\"_ _3bd\"> </span>ra<span class=\"_ _1\"></span>ppor<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>pa<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>eci<span class=\"_ _0\"></span>pa<span class=\"_ _1\"></span>tivi<span class=\"_ _0\"></span> 1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Andxor<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sr<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span> <span class=\"_ _21f\"> </span>Cin<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>llo<span class=\"ff1\"> </span>Ba<span class=\"_ _1\"></span>lsamo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">(M<span class=\"_ _1\"></span>I) <span class=\"_ _fd\"> </span>8 <span class=\"_ _90\"> </span></span></span></span></span></span></span>2.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">SBC<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">F<span class=\"_ _2\"></span>intech<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">2224<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Mila<span class=\"_ _0\"></span>n <span class=\"_ _a3\"> </span>Milan<span class=\"_ _0\"></span>o <span class=\"_ _220\"> </span>8 <span class=\"_ _90\"> </span></span></span></span></span></span></span></span></span>2.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Grup<span class=\"_ _0\"></span>po<span class=\"ff1\"> </span>S<span class=\"_ _0\"></span>anta<span class=\"_ _0\"></span>mar<span class=\"_ _0\"></span>ia<span class=\"ff1\"> </span>s<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span> <span class=\"_ _6f\"> </span>Cat<span class=\"_ _0\"></span>ania<span class=\"_ _0\"></span> <span class=\"_ _221\"> </span>8 <span class=\"_ _6a\"> </span></span></span>Le<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>nda<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Tipo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rapp<span class=\"_ _1\"></span>orto:<span class=\"_ _0\"></span> </span></span></span></span>1<span class=\"ff5\"> <span class=\"_ _1\"></span><span class=\"ff3\">-<span class=\"ff1\"> </span>ma<span class=\"_ _0\"></span>ggio<span class=\"_ _0\"></span>ranz<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>dir<span class=\"_ _0\"></span>itt<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vot<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>nel<span class=\"_ _0\"></span>l'<span class=\"_ _0\"></span>asse<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>lea<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span>rdi<span class=\"_ _0\"></span>nar<span class=\"_ _0\"></span>ia<span class=\"_ _3bd\"> </span></span></span></span></span>2<span class=\"ff5\"> <span class=\"_ _1\"></span><span class=\"ff3\">-<span class=\"ff1\"> </span>influ<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>za<span class=\"ff1\"> </span>dom<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nell<span class=\"_ _0\"></span>'as<span class=\"_ _0\"></span>sem<span class=\"_ _0\"></span>ble<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>ordina<span class=\"_ _1\"></span>ria<span class=\"_ _3bd\"> </span></span></span></span></span>3<span class=\"ff5\"> <span class=\"_ _1\"></span><span class=\"ff3\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">accordi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">so<span class=\"_ _0\"></span>ci<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span>4<span class=\"ff5\"> <span class=\"_ _1\"></span><span class=\"ff3\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">forme<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">co<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>oll<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>5<span class=\"ff5\"> <span class=\"_ _1\"></span><span class=\"ff3\">-<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>rez<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">uni<span class=\"_ _0\"></span>tar<span class=\"_ _0\"></span>ia<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>x<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>rt.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">26,<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">comm<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>1,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>\"de<span class=\"_ _0\"></span>cre<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span>gisla<span class=\"_ _1\"></span>tivo<span class=\"ff1\"> </span>87<span class=\"_ _0\"></span>/92<span class=\"_ _0\"></span>\"<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span>6<span class=\"ff5\"> <span class=\"_ _1\"></span><span class=\"ff3\">-<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>rez<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">u<span class=\"_ _0\"></span>nita<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ex</span> <span class=\"ff3\">a<span class=\"_ _0\"></span>rt.<span class=\"ff1\"> </span>2<span class=\"_ _0\"></span>6,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">com<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">2,</span> <span class=\"ff3\">d<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span>\"<span class=\"_ _0\"></span>dec<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>leg<span class=\"_ _0\"></span>isla<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>87/<span class=\"_ _0\"></span>92<span class=\"_ _0\"></span>\"<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>7<span class=\"ff5\"> <span class=\"_ _1\"></span><span class=\"ff3\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">controllo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cong<span class=\"_ _1\"></span>iunto<span class=\"_ _0\"></span> </span></span></span></span></span></span>8<span class=\"ff5\"> <span class=\"_ _1\"></span><span class=\"ff3\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">impresa<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">asso<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>ta<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff5\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"_ _0\"></span> </span></span></span></span></span></span>7.2<span class=\"_ _3bd\"> </span>Pa<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>eci<span class=\"_ _0\"></span>pa<span class=\"_ _1\"></span>zion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>si<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>e:<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>bi<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>o,<span class=\"_ _3bd\"> </span>fai<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lue<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>di<span class=\"_ _0\"></span>vid<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>di<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>ep<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span> De<span class=\"_ _0\"></span>no<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>ina<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Va<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>bi<span class=\"_ _0\"></span>lan<span class=\"_ _1\"></span>cio<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Fa<span class=\"_ _0\"></span>ir<span class=\"_ _3bd\"> </span>v<span class=\"_ _0\"></span>al<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Di<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>den<span class=\"_ _1\"></span>di<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>epi<span class=\"_ _1\"></span>ti<span class=\"fc0 sc1\"> </span>A.<span class=\"_ _3bd\"> </span>Im<span class=\"_ _1\"></span>pre<span class=\"_ _0\"></span>se<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>lla<span class=\"_ _1\"></span>te<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>m<span class=\"_ _0\"></span>odo<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>iu<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span> Cr<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span>mas<span class=\"_ _0\"></span>sic<span class=\"_ _0\"></span>ura<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>s<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span> 45.<span class=\"_ _0\"></span>41<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span> 2.<span class=\"_ _0\"></span>951<span class=\"_ _3bd\"> </span>B.<span class=\"_ _3bd\"> </span>Im<span class=\"_ _1\"></span>pre<span class=\"_ _0\"></span>se<span class=\"_ _3bd\"> </span>so<span class=\"_ _0\"></span>tt<span class=\"_ _1\"></span>opo<span class=\"_ _0\"></span>ste<span class=\"_ _3bd\"> </span>ad<span class=\"_ _3bd\"> </span>in<span class=\"_ _1\"></span>flue<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>no<span class=\"_ _1\"></span>tev<span class=\"_ _0\"></span>ole<span class=\"_ _0\"></span> 1<span class=\"_ _0\"></span>.<span class=\"ff1\"> <span class=\"_ _1ed\"> </span></span>Andxor<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">s<span class=\"_ _0\"></span>rl<span class=\"_ _1\"></span> </span></span>1.<span class=\"_ _0\"></span>378<span class=\"_ _3bd\"> </span> 1<span class=\"_ _0\"></span>20<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>.<span class=\"ff1\"> <span class=\"_ _1eb\"> </span></span>SBC<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Fintech<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2224<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Milan<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sr<span class=\"_ _1\"></span>l<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>3.<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1eb\"> </span><span class=\"ff3\">Grup<span class=\"_ _0\"></span>po<span class=\"ff1\"> </span>S<span class=\"_ _0\"></span>anta<span class=\"_ _0\"></span>mar<span class=\"_ _0\"></span>ia<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>pa<span class=\"_ _1\"></span> </span></span>56<span class=\"_ _1\"></span>7<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span> <span class=\"_ _cb\"> </span>47<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>62<span class=\"_ _0\"></span> <span class=\"_ _1e9\"> </span>-<span class=\"_ _3bd\"> </span>3.<span class=\"_ _0\"></span>07<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>La<span class=\"ff1\">  </span>colonna<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fair<span class=\"ff1\">  </span>value<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">non</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">\u00e8</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">avvalorata<span class=\"_ _2\"></span></span>  <span class=\"ff3\">p<span class=\"_ _0\"></span>erch\u00e9<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>non<span class=\"ff1\">  </span>sono<span class=\"ff1\">  </span>p<span class=\"_ _0\"></span>resenti<span class=\"ff1\">  </span>societ\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>quotate<span class=\"ff1\">  </span>classificate<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tra<span class=\"ff1\">  </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span>partecipazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">significative.<span class=\"_ _3bd\"> </span></span></span>7.3Pa<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ipaz<span class=\"_ _1\"></span>ion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>si<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>e:<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>zio<span class=\"_ _1\"></span>ni<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span> De<span class=\"_ _0\"></span>no<span class=\"_ _1\"></span>min<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Cas<span class=\"_ _0\"></span>sa<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>di<span class=\"_ _0\"></span>sp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>ib<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span>li<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>de<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>At<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>nan<span class=\"_ _1\"></span>zia<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>At<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>no<span class=\"_ _1\"></span>n<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>nan<span class=\"_ _1\"></span>zia<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>Pa<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>nan<span class=\"_ _1\"></span>zia<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>Pa<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>no<span class=\"_ _1\"></span>n<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>nan<span class=\"_ _1\"></span>zia<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>vi<span class=\"_ _3bd\"> </span>to<span class=\"_ _0\"></span>tal<span class=\"_ _1\"></span>i<span class=\"fc0 sc1\"> </span>Ma<span class=\"_ _1\"></span>rgin<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>d<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>ter<span class=\"_ _1\"></span>ess<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>Re<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ch<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>ripres<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>val<span class=\"_ _0\"></span>ore<span class=\"_ _3bd\"> </span>su<span class=\"_ _3bd\"> </span>at<span class=\"_ _0\"></span>tiv<span class=\"_ _1\"></span>it\u00e0<span class=\"_ _3bd\"> </span>ma<span class=\"_ _0\"></span>teriali<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>im<span class=\"_ _0\"></span>ma<span class=\"_ _1\"></span>ter<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>U<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>(P<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>dit<span class=\"_ _1\"></span>a)<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>lordo<span class=\"_ _3bd\"> </span>delle<span class=\"_ _3bd\"> </span>im<span class=\"_ _1\"></span>post<span class=\"_ _1\"></span>e<span class=\"fc0 sc1\"> </span>U<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>(P<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>dit<span class=\"_ _1\"></span>a)<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>net<span class=\"_ _0\"></span>to<span class=\"_ _3bd\"> </span>delle<span class=\"_ _3bd\"> </span>im<span class=\"_ _1\"></span>post<span class=\"_ _1\"></span>e<span class=\"fc0 sc1\"> </span>U<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>(P<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>dit<span class=\"_ _1\"></span>a)<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>grup<span class=\"_ _0\"></span>pi<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>attiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>via<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>di<span class=\"_ _0\"></span>sm<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>net<span class=\"_ _0\"></span>to<span class=\"_ _3bd\"> </span>d<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>im<span class=\"_ _1\"></span>post<span class=\"_ _1\"></span>e<span class=\"fc0 sc1\"> </span>U<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>(P<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>dit<span class=\"_ _1\"></span>a)<span class=\"_ _3bd\"> </span>d'<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>zio<span class=\"_ _3bd\"> </span>(1<span class=\"_ _1\"></span>)<span class=\"fc0 sc1\"> </span>Alt<span class=\"_ _1\"></span>re<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>on<span class=\"_ _1\"></span>ent<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>reddit<span class=\"_ _0\"></span>uali<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>net<span class=\"_ _0\"></span>to<span class=\"_ _3bd\"> </span>delle<span class=\"_ _3bd\"> </span>impo<span class=\"_ _0\"></span>ste<span class=\"_ _3bd\"> </span>(2)<span class=\"_ _3bd\"> </span>Re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>ss<span class=\"_ _1\"></span>iva<span class=\"_ _3bd\"> </span>(3)<span class=\"_ _3bd\"> </span>=<span class=\"_ _3bd\"> </span>(1)<span class=\"_ _3bd\"> </span>+<span class=\"_ _3bd\"> </span>(<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>)<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span>Impr<span class=\"_ _0\"></span>ese<span class=\"_ _3bd\"> </span>cont<span class=\"_ _0\"></span>rolla<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>modo<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>iu<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span> Cr<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>ssic<span class=\"_ _0\"></span>ura<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span> Gru<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>S<span class=\"_ _3bd\"> </span>ant<span class=\"_ _0\"></span>ama<span class=\"_ _0\"></span>ria<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _221\"> </span><span class=\"ff3\">3.38<span class=\"_ _0\"></span>1<span class=\"ff1\"> <span class=\"_ _207\"> </span></span>2<span class=\"_ _1\"></span>19<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _209\"> </span><span class=\"ff3\">26<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _11c\"> </span><span class=\"ff3\">66<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20b\"> </span><span class=\"ff3\">39<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1ee\"> </span><span class=\"ff3\">2<span class=\"_ _0\"></span>.22<span class=\"_ _0\"></span>7<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> </span>(2<span class=\"_ _1\"></span>2)<span class=\"ff1\"> <span class=\"_ _f2\"> </span></span>80<span class=\"_ _1\"></span>3<span class=\"ff1\"> <span class=\"_ _f2\"> </span></span>598<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _68\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _177\"> </span><span class=\"ff3\">59<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _47\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff8\"> <span class=\"_ _1ae\"> </span><span class=\"ff3\">598<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span>Nella<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t</span></span>abella<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>rip<span class=\"_ _0\"></span>ortati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pro<span class=\"_ _2\"></span>getti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">31<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>icembre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2022<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">approvati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dal<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Consiglio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Amministrazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fornito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dalle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">societ\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">qualora<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dispo<span class=\"_ _2\"></span>nibili,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dalle<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>pi\u00f9<span class=\"ff1\"> </span>recenti<span class=\"ff1\"> </span>situazioni<span class=\"ff1\"> </span>patrimoniali<span class=\"ff1\"> </span>riferite<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>totale<span class=\"ff1\"> </span>delle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">part<span class=\"_ _2\"></span>ecipate</span> <span class=\"ff3\">e</span> <span class=\"ff3\">non</span> <span class=\"ff3\">alla</span> <span class=\"ff3\">percen<span class=\"_ _0\"></span>tuale<span class=\"ff1\"> </span>dete<span class=\"_ _2\"></span>nuta<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>Gruppo<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\">.<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>Ric<span class=\"_ _0\"></span>on<span class=\"_ _1\"></span>cili<span class=\"_ _0\"></span>azio<span class=\"_ _1\"></span>ne<span class=\"_ _3bd\"> </span>tra<span class=\"_ _3bd\"> </span>le<span class=\"_ _3bd\"> </span>inf<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>zio<span class=\"_ _1\"></span>ni<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>na<span class=\"_ _1\"></span>tura<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>ed<span class=\"_ _3bd\"> </span>il<span class=\"_ _3bd\"> </span>val<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nta<span class=\"_ _1\"></span>bile<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"_ _3bd\"> </span>pa<span class=\"_ _0\"></span>rte<span class=\"_ _1\"></span>cipa<span class=\"_ _0\"></span>zio<span class=\"_ _1\"></span>ni<span class=\"fc0 sc1\"> </span>De<span class=\"_ _0\"></span>no<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>ina<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Pa<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>io<span class=\"_ _3bd\"> </span>nett<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>(*)<span class=\"fc0 sc1\"> </span>Pe<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>sen<span class=\"_ _0\"></span>za<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Pa<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>io<span class=\"_ _3bd\"> </span>nett<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>rti<span class=\"_ _1\"></span>nen<span class=\"_ _0\"></span>za<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Av<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>am<span class=\"_ _0\"></span>en<span class=\"_ _1\"></span>to<span class=\"fc0 sc1\"> </span>Alt<span class=\"_ _1\"></span>re<span class=\"_ _3bd\"> </span>po<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>Va<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>bi<span class=\"_ _0\"></span>lan<span class=\"_ _1\"></span>cio<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>A.<span class=\"_ _3bd\"> </span>Im<span class=\"_ _1\"></span>pre<span class=\"_ _0\"></span>se<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>lla<span class=\"_ _1\"></span>te<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>m<span class=\"_ _0\"></span>odo<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>iu<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>o Cr<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span>mas<span class=\"_ _0\"></span>sic<span class=\"_ _0\"></span>ura<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i 70.<span class=\"_ _0\"></span>18<span class=\"_ _0\"></span>8 <span class=\"_ _20b\"> </span>50,<span class=\"_ _0\"></span>00%<span class=\"_ _0\"></span> <span class=\"_ _1ae\"> </span>35.0<span class=\"_ _0\"></span>94 <span class=\"_ _a1\"> </span>10<span class=\"_ _0\"></span>.32<span class=\"_ _0\"></span>4 <span class=\"_ _72\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _a1\"> </span><span class=\"ff3\">45<span class=\"_ _0\"></span>.41<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span></span></span>An<span class=\"_ _0\"></span>dxor<span class=\"_ _0\"></span> 78<span class=\"_ _1\"></span>9 <span class=\"_ _81\"> </span>4<span class=\"_ _0\"></span>0,0<span class=\"_ _0\"></span>0% <span class=\"_ _3b\"> </span>3<span class=\"_ _1\"></span>16<span class=\"_ _0\"></span> <span class=\"_ _176\"> </span>1.<span class=\"_ _0\"></span>06<span class=\"_ _0\"></span>2 <span class=\"_ _34\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _75\"> </span><span class=\"ff3\">1.<span class=\"_ _0\"></span>37<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span></span></span>SBC<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Fintech<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2224<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Mi<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span> </span></span></span></span></span></span>- <span class=\"_ _7e\"> </span>19,6<span class=\"_ _0\"></span>8% <span class=\"_ _138\"> </span>- <span class=\"_ _19c\"> </span>- <span class=\"_ _50\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2f\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span>Gru<span class=\"_ _0\"></span>ppo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Sant<span class=\"_ _0\"></span>ama<span class=\"_ _0\"></span>ria<span class=\"_ _1\"></span> </span></span>3.1<span class=\"_ _0\"></span>66 <span class=\"_ _129\"> </span>10,<span class=\"_ _0\"></span>00% <span class=\"_ _3b\"> </span>31<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span> <span class=\"_ _68\"> </span>25<span class=\"_ _0\"></span>1<span class=\"_ _1\"></span> <span class=\"_ _f5\"> </span>56<span class=\"_ _1\"></span>7<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span> <span class=\"_ _1fd\"> </span>74<span class=\"_ _0\"></span>.14<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span> - <span class=\"_ _52\"> </span>35.<span class=\"_ _0\"></span>72<span class=\"_ _0\"></span>7 <span class=\"_ _21a\"> </span>11.<span class=\"_ _0\"></span>63<span class=\"_ _1\"></span>7 <span class=\"_ _72\"> </span>-<span class=\"_ _3bd\"> </span>47<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>62<span class=\"_ _3bd\"> </span>(*)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">patrimonio<span class=\"ff1\"> </span>netto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">somm<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">delle<span class=\"ff1\"> </span>\u201cattivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">f<span class=\"_ _2\"></span>inanziarie\u201d,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"_ _2\"></span>le<span class=\"ff1\"> </span>\u201c<span class=\"_ _0\"></span>Attiv<span class=\"_ _2\"></span>it\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">no<span class=\"_ _2\"></span>n<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fi<span class=\"_ _2\"></span>nanziarie\u201d<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>netto<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>elle<span class=\"ff1\"> </span>\u201cPassivit\u00e0<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>finanziarie\u201d<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>del<span class=\"_ _2\"></span>le<span class=\"ff1\"> </span>\u201cPassiv<span class=\"_ _2\"></span>it\u00e0<span class=\"ff1\"> </span>finanziarie\u201d<span class=\"ff1\"> </span>ri<span class=\"_ _2\"></span>portate<span class=\"ff1\"> </span>nell<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>tabella<span class=\"ff1\"> </span>7.3. La<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">so<span class=\"_ _0\"></span>cie<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Fin<span class=\"_ _0\"></span>tech<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">h<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>atri<span class=\"_ _0\"></span>mon<span class=\"_ _0\"></span>io<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">neg<span class=\"_ _0\"></span>ativ<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">24<span class=\"ff1\"> </span>m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>eu<span class=\"_ _0\"></span>ro. </span></span></span></span></span></span></span></span></span></span>7.<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>Pa<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>eci<span class=\"_ _0\"></span>pa<span class=\"_ _1\"></span>zion<span class=\"_ _0\"></span>i:<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>a<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>nu<span class=\"_ _1\"></span>e<span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>A.<span class=\"_ _3bd\"> </span>Esist<span class=\"_ _0\"></span>enze<span class=\"_ _3bd\"> </span>in<span class=\"_ _1\"></span>zial<span class=\"_ _0\"></span>i 48<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>92<span class=\"_ _3bd\"> </span>45<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>90<span class=\"_ _3bd\"> </span>B.<span class=\"_ _3bd\"> </span>Au<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>i 6.<span class=\"_ _0\"></span>89<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>7.<span class=\"_ _0\"></span>45<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>B.1<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Ac<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span> </span></span>2<span class=\"_ _0\"></span>50<span class=\"_ _3bd\"> </span>8<span class=\"_ _0\"></span>21<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>cu<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>op<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>zion<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>agg<span class=\"_ _1\"></span>rega<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>az<span class=\"_ _1\"></span>iend<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>B.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Riprese<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alo<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span> </span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>B.3<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Rival<span class=\"_ _0\"></span>utaz<span class=\"_ _1\"></span>ioni<span class=\"_ _0\"></span> </span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>B.4<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">var<span class=\"_ _0\"></span>iaz<span class=\"_ _0\"></span>ioni<span class=\"_ _1\"></span> </span></span></span></span>6.<span class=\"_ _0\"></span>643<span class=\"_ _3bd\"> </span>6.<span class=\"_ _0\"></span>632<span class=\"_ _3bd\"> </span>C.<span class=\"_ _3bd\"> </span>Di<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i 8.<span class=\"_ _0\"></span>123<span class=\"_ _3bd\"> </span>4.<span class=\"_ _0\"></span>55<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>C.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Ven<span class=\"_ _0\"></span>dite<span class=\"_ _0\"></span> </span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>cu<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>op<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>zion<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>agg<span class=\"_ _1\"></span>rega<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>az<span class=\"_ _1\"></span>iend<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>C.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Rettifiche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">val<span class=\"_ _0\"></span>ore<span class=\"_ _0\"></span> </span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>63<span class=\"_ _1\"></span>6<span class=\"_ _3bd\"> </span>C.3<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Svalu<span class=\"_ _0\"></span>taz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i </span></span>2<span class=\"_ _0\"></span>50<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>C.4<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vari<span class=\"_ _0\"></span>azi<span class=\"_ _1\"></span>oni </span></span></span></span>7.<span class=\"_ _1\"></span>87<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>3.9<span class=\"_ _0\"></span>15<span class=\"_ _3bd\"> </span>D.<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ze<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>li 47<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>62<span class=\"_ _3bd\"> </span>48<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>92<span class=\"_ _3bd\"> </span>E.<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>taz<span class=\"_ _1\"></span>ioni<span class=\"_ _3bd\"> </span>to<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span> --F.<span class=\"_ _3bd\"> </span>Re<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ch<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>to<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>li --Le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">variazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">relative<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">com<span class=\"_ _2\"></span>parto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">partecipazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">recepiscono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">utili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perdite<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">delle<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">societ<span class=\"_ _2\"></span>\u00e0<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>consolidate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>atrimonio<span class=\"ff1\"> </span>netto,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>dividendi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">distribuiti,</span> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019acquisto<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">250<span class=\"ff1\"> </span>mila<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">euro<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span>riferisce<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>SBC<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Fintech<span class=\"ff1\"> </span>2224<span class=\"ff1\"> </span>Milan,<span class=\"ff1\"> </span>partecipazione<span class=\"ff1\"> </span>interamente<span class=\"ff1\"> </span>svalutata. Nel<span class=\"ff1\"> </span>me<span class=\"_ _0\"></span>se<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gennaio<span class=\"ff1\"> </span>2022<span class=\"ff1\"> </span>si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span>perfezionato<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">investimento<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>redemtel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Spa<span class=\"ff1\"> </span>(\u201cCredemtel\u201d)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nella<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>societ\u00e0<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>SBC<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Fintech<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>Milan<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>2<span class=\"_ _2\"></span>224<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>s.r.l.<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>(\u201cSBC\u201d)<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>l\u2019importo<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>complessivo<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>250.00<span class=\"_ _2\"></span>0<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>euro.<span class=\"_ _0\"></span><span class=\"ff1\"> </span>L\u2019investimento<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>avvenuto<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>nella<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>form<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>aumento<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>capitale<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>riservato<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Credemtel<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>la<span class=\"ff1\"> </span>partecipazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Credemtel<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>societ\u00e0<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>pari,<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>31.12.2022,<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>19,68%<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>capitale<span class=\"ff1\"> </span>sociale. SBC<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>una<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Holding<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">che</span> <span class=\"_ _20\"></span><span class=\"ff3\">detiene,</span> <span class=\"_ _20\"></span><span class=\"ff3\">al</span> <span class=\"_ _21\"></span><span class=\"ff3\">31.12.2022,</span> <span class=\"_ _20\"></span><span class=\"ff3\">il</span> <span class=\"_ _20\"></span><span class=\"ff3\">16,695%</span> <span class=\"_ _21\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _21\"></span></span>capi<span class=\"_ _0\"></span>tale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>ociale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u201cF<span class=\"_ _2\"></span>intech<span class=\"ff1\"> <span class=\"_ _20\"></span></span>&amp;amp;<span class=\"ff1\"> </span></span></span>Insurtech<span class=\"ff1\">  </span>Accelerator<span class=\"_ _2\"></span><span class=\"ff1\">  </span>s.r.l.\u201d,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>con<span class=\"ff1\">  </span>s<span class=\"_ _2\"></span>ede<span class=\"ff1\">  </span>in<span class=\"ff1\">  </span>Rom<span class=\"_ _2\"></span>a<span class=\"ff1\">  </span>(RM),<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Via<span class=\"ff1\">  </span>A<span class=\"_ _2\"></span>rduino<span class=\"ff1\">  </span>n.<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>22,<span class=\"ff1\">  </span>n<span class=\"_ _2\"></span>ell\u2019ambito<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>un<span class=\"_ _2\"></span><span class=\"ff1\"> </span>programma<span class=\"ff1\"> </span>verticale<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">investimento<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>innovazione<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>ell\u2019ambito<span class=\"ff1\"> </span>FinTech<span class=\"ff1\"> </span>&amp;amp;<span class=\"ff1\"> </span>InsurTech<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">basato<span class=\"ff1\"> </span></span></span></span></span>a<span class=\"ff1\"> </span>Milano<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>promosso<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>CDP<span class=\"ff1\"> </span>Venture<span class=\"ff1\"> </span>Capital<span class=\"ff1\"> </span>SGR<span class=\"ff1\"> </span>S.p.A.<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span>durata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>almeno<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>triennio. Ai<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fini<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">processo<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">impairment<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>est<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stat<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">utilizzata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valutazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">effett<span class=\"_ _2\"></span>uata<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">primar<span class=\"_ _2\"></span>ia<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>soc<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>espe<span class=\"_ _0\"></span>rta<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nella<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">valu<span class=\"_ _0\"></span>tazi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Start-<span class=\"_ _0\"></span>up<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">che</span> <span class=\"ff3\">ha</span> <span class=\"ff3\">fo<span class=\"_ _0\"></span>rni<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>una<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">valu<span class=\"_ _0\"></span>tazi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>Pat<span class=\"_ _0\"></span>rimo<span class=\"_ _0\"></span>nio<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>tto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>\u201cFintech<span class=\"ff1\"> </span>&amp;amp;<span class=\"ff1\"> </span>Insurtech<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Accelerator<span class=\"ff1\"> </span>s.r.l.\u201d<span class=\"ff1\"> </span>rettificato<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fair-value<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>societ\u00e0<span class=\"ff1\"> </span>Star<span class=\"_ _2\"></span>t-up<span class=\"ff1\"> </span>detenute.<span class=\"ff1\">  </span>La<span class=\"ff1\">  </span>v<span class=\"_ _0\"></span>alutazione<span class=\"ff1\">  </span>in<span class=\"ff1\">  </span>parola<span class=\"ff1\">  </span>non<span class=\"ff1\">  </span>ha<span class=\"ff1\">  </span>consen<span class=\"_ _0\"></span>tito<span class=\"ff1\">  </span>pertanto<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>ritenere<span class=\"ff1\">  </span>suf<span class=\"_ _0\"></span>ficientemente<span class=\"ff1\"> </span>consistente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Patrimonio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nett<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>ettificato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>SBC<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>conseguente<span class=\"ff1\"> <span class=\"_ _21\"></span></span>svalu<span class=\"_ _0\"></span>tazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>da<span class=\"ff1\"> <span class=\"_ _21\"></span></span>impai<span class=\"_ _0\"></span>rment<span class=\"_ _3bd\"> </span>della<span class=\"ff1\"> </span>partecipazione<span class=\"ff1\"> </span>detenuta<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>Credemtel.<span class=\"_ _3bd\"> </span>7.6<span class=\"_ _3bd\"> </span>Valut<span class=\"_ _0\"></span>azioni<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>ass<span class=\"_ _0\"></span>unzioni<span class=\"_ _3bd\"> </span>signi<span class=\"_ _0\"></span>ficat<span class=\"_ _0\"></span>ive<span class=\"_ _3bd\"> </span>per<span class=\"_ _3bd\"> </span>stabili<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>l\u2019esis<span class=\"_ _0\"></span>tenza<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>contro<span class=\"_ _0\"></span>llo<span class=\"_ _3bd\"> </span>congi<span class=\"_ _0\"></span>unto<span class=\"_ _3bd\"> </span>o<span class=\"_ _3bd\"> </span>influe<span class=\"_ _0\"></span>nza<span class=\"_ _3bd\"> </span>notev<span class=\"_ _0\"></span>ole<span class=\"_ _3bd\"> </span>Credito<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Emiliano<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>S.p.A.<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>detiene<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>50%<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Cr<span class=\"_ _2\"></span>edemassicurazioni<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>S.p.A.,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>restante<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quota<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>capitale<span class=\"ff1\"> </span>sociale<span class=\"ff1\"> </span>(50%)<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>invece<span class=\"ff1\"> </span>detenuta<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>Reale<span class=\"ff1\"> </span>Mutua<span class=\"ff1\"> </span>Assicurazioni. In<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conte<span class=\"_ _0\"></span>sto<span class=\"_ _0\"></span>: </span></span></span></span>Credito<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Emilian<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>non<span class=\"ff1\"> <span class=\"_ _21\"></span></span>detiene<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span></span>maggioranza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>diritti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>voto,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>non<span class=\"ff1\"> <span class=\"_ _21\"></span></span>potend<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>da<span class=\"ff1\"> <span class=\"_ _21\"></span></span>solo<span class=\"ff1\"> </span>determinare<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>scelte<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>societarie,<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>avendo<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>capacit\u00e0<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>pratica<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>condurre<span class=\"_ _2\"></span><span class=\"ff1\"> </span>unilateralmente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rilevanti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>partecipata,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sempre<span class=\"ff1\"> <span class=\"_ _2\"></span></span>necess<span class=\"_ _2\"></span>ario<span class=\"ff1\"> </span>anche<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>consenso<span class=\"ff1\"> </span>dell\u2019altro<span class=\"ff1\"> </span>socio; Credito<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Emiliano<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ha<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>pot<span class=\"_ _2\"></span>ere<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>veto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sulle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>scelt<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dell\u2019altro<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>so<span class=\"_ _0\"></span>cio,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>senso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"_ _0\"></span> mancanza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>voto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>favor<span class=\"_ _2\"></span>evole<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Credito<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Emi<span class=\"_ _0\"></span>liano<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>anche<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>l\u2019al<span class=\"_ _0\"></span>tro<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span></span>socio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>detentore<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"_ _2\"></span><span class=\"ff1\"> </span>restante<span class=\"ff1\"> </span>50%<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>capitale<span class=\"ff1\"> </span>sociale<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>grado<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>incidere<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>ciet\u00e0. In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">re<span class=\"_ _0\"></span>lazi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"ff3\">C<span class=\"_ _0\"></span>rede<span class=\"_ _1\"></span>massic<span class=\"_ _0\"></span>ura<span class=\"_ _0\"></span>zioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>po<span class=\"_ _0\"></span>sizi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Cre<span class=\"_ _0\"></span>dito<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Emi<span class=\"_ _0\"></span>lia<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pe<span class=\"_ _0\"></span>rtan<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>a: </span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un</span> <span class=\"_ _0\"></span><span class=\"ff3\">sogge<span class=\"_ _0\"></span>tto<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u00e8</span> <span class=\"ff3\">e<span class=\"_ _0\"></span>spost<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>re<span class=\"_ _1\"></span>ndime<span class=\"_ _0\"></span>nti<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>abil<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>ch<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>tie<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>com<span class=\"_ _0\"></span>unqu<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>iri<span class=\"_ _0\"></span>tti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tali<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>possibili<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rendimenti; </span></span>che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>na<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">propria<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">capacit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">incidere<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>ali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rendimenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">solo<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>sercitando<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">potere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ve<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>su<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sce<span class=\"_ _0\"></span>lte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span>l\u2019a<span class=\"_ _0\"></span>ltro<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">soci<span class=\"_ _0\"></span>o. </span></span></span></span></span></span>Gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>ccor<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in</span> <span class=\"ff3\">e<span class=\"_ _1\"></span>ssere<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tra<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">soc<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ete<span class=\"_ _0\"></span>ntor<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ris<span class=\"_ _0\"></span>pett<span class=\"_ _0\"></span>ivam<span class=\"_ _0\"></span>ente<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>50<span class=\"_ _0\"></span>%<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">capi<span class=\"_ _0\"></span>tal<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">soci<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span>templ<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>o: </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>diritto<span class=\"ff1\"> </span>contemplato<span class=\"ff1\"> </span>nell\u2019atto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>compravendita<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>azioni,<span class=\"ff1\"> </span>circoscritto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>entro<span class=\"ff1\"> </span>precisi<span class=\"ff1\"> </span>limiti<span class=\"ff1\"> </span>temporali<span class=\"ff1\"> </span>(ogni<span class=\"ff1\"> </span>5<span class=\"ff1\"> </span>anni),<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>esercitare<span class=\"ff1\"> </span>opzioni<span class=\"ff1\"> </span>call<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>put<span class=\"ff1\"> </span>sulle<span class=\"ff1\"> </span>rispettive<span class=\"ff1\"> </span>azioni; diritto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contemplato<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>apposito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>patto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>para<span class=\"_ _0\"></span>sociale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ottenere<span class=\"ff1\"> <span class=\"_ _20\"></span></span>esponenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>aziendali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(l<span class=\"_ _0\"></span>a met\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>de<span class=\"_ _0\"></span>gli<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>amministratori<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>r<span class=\"_ _2\"></span>innovi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>alternati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Consiglio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Amministr<span class=\"_ _2\"></span>azione,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> </span>Presidente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span>Consigli<span class=\"_ _0\"></span>o<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Amm<span class=\"_ _2\"></span>inistrazione,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>Sindaci<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rinnovi<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>ternati,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Presidente<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>del<span class=\"ff1\"> </span>Collegi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>Sindacale).<span class=\"ff1\"> </span>Siccome<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>vi<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>ll\u2019ambito<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>redemass<span class=\"_ _2\"></span>icurazioni<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>oti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>consiglieri<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ch<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prevalgano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quelli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">altri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Consiglieri<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>ad<span class=\"ff1\"> </span>esempio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cont<span class=\"_ _2\"></span>emplata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>prevalenza<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>oto<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Presidente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Cons<span class=\"_ _2\"></span>iglio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>Ammini<span class=\"_ _0\"></span>str<span class=\"_ _2\"></span>azione),<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">designazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>esponenti<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>aziendali<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>attribuisce<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>nessun<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>so<span class=\"_ _2\"></span>cio<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>u<span class=\"_ _0\"></span>na<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>prev<span class=\"_ _0\"></span>alenza<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>sulle<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>scelte<span class=\"ff1\"> </span>soc<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>tarie<span class=\"_ _0\"></span>; ob<span class=\"_ _0\"></span>blig<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">no<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">trasf<span class=\"_ _0\"></span>erir<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">azi<span class=\"_ _0\"></span>oni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ter<span class=\"_ _0\"></span>zi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">du<span class=\"_ _0\"></span>rata<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pat<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>araso<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>le. </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>In<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>t<span class=\"_ _2\"></span>ale<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>contest<span class=\"_ _2\"></span>o,<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>diritti<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>Cr<span class=\"_ _2\"></span>edito<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>Emiliano<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>sono<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>cir<span class=\"_ _2\"></span>coscritti<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>alle<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>nette<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>di<span class=\"ff1\"> </span>Cre<span class=\"_ _0\"></span>dem<span class=\"_ _0\"></span>assi<span class=\"_ _0\"></span>cur<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ni. Credito<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Emiliano<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>S.p.A.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>detiene<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>100%<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Credemtel<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>S.p.A.,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>ua<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>volta<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>deti<span class=\"_ _2\"></span>ene<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>40%<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> </span>ANDXOR<span class=\"ff1\"> </span>SOLUZIONI<span class=\"ff1\"> </span>INFORMATICHE<span class=\"ff1\"> </span>S.R.L.<span class=\"ff1\"> </span>\u201cANDXOR\u201d. In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ta<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>test<span class=\"_ _0\"></span>o,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ANDXO<span class=\"_ _0\"></span>R:<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span>Credemtel<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>detiene<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>maggioranza<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>diritti<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>voto,<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>potendo<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>solo<span class=\"ff1\"> </span>determinare<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>scelte<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>societarie,<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>avendo<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>capacit\u00e0<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>pratica<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>condurre<span class=\"_ _2\"></span><span class=\"ff1\"> </span>unilateralmente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rilevanti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>partecipata,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sempre<span class=\"ff1\"> <span class=\"_ _2\"></span></span>necess<span class=\"_ _2\"></span>ario<span class=\"ff1\"> </span>anche<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>consenso<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>altri<span class=\"ff1\"> </span>soci; Credemtel<span class=\"ff1\"> </span>ha<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>potere<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>veto,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>su<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>pecifici<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">argomenti,</span> <span class=\"_ _2\"></span><span class=\"ff3\">sulle</span> <span class=\"_ _2\"></span><span class=\"ff3\">scelte</span> <span class=\"_ _2\"></span><span class=\"ff3\">degli</span> <span class=\"_ _2\"></span><span class=\"ff3\">altri</span> <span class=\"_ _2\"></span><span class=\"ff3\">soci,</span> <span class=\"_ _2\"></span><span class=\"ff3\">ne<span class=\"_ _1\"></span>l </span></span>sen<span class=\"_ _0\"></span>so<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>he<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>ma<span class=\"_ _0\"></span>ncan<span class=\"_ _0\"></span>za<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>oto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fa<span class=\"_ _0\"></span>vor<span class=\"_ _0\"></span>evo<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">C<span class=\"_ _0\"></span>redem<span class=\"_ _0\"></span>tel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">anch<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>g<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ltri<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>oci<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>tento<span class=\"_ _0\"></span>ri<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>restante<span class=\"ff1\"> </span>60%<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>capitale<span class=\"ff1\"> </span>sociale<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>grado<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>incide<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ulla<span class=\"ff1\"> </span>societ\u00e0. In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">re<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">AN<span class=\"_ _0\"></span>DXOR<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>osiz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Crede<span class=\"_ _0\"></span>mte<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>rtan<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>lla: </span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un</span> <span class=\"_ _0\"></span><span class=\"ff3\">sogge<span class=\"_ _0\"></span>tto<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u00e8</span> <span class=\"ff3\">e<span class=\"_ _0\"></span>spost<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>re<span class=\"_ _1\"></span>ndime<span class=\"_ _0\"></span>nti<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>abil<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>ch<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>tie<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>com<span class=\"_ _0\"></span>unqu<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>iri<span class=\"_ _0\"></span>tti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tali<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>possibili<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rendimenti; </span></span>che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>na<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">propria<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">capacit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">incidere<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>ali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rendimenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">solo<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>sercitando<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">potere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ve<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ulle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>celt<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>de<span class=\"_ _1\"></span>gli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">altri<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">soc<span class=\"_ _0\"></span>i. </span></span></span></span></span></span>Gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>cc<span class=\"_ _0\"></span>ordi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ess<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">t<span class=\"_ _0\"></span>ra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">soci<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>A<span class=\"_ _0\"></span>NDXO<span class=\"_ _0\"></span>R<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>temp<span class=\"_ _0\"></span>lano<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>avore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Cre<span class=\"_ _0\"></span>demt<span class=\"_ _0\"></span>el: </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>diritto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contemplato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>apposito<span class=\"ff1\"> <span class=\"_ _21\"></span></span>patto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>parasociale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ottenere<span class=\"ff1\"> <span class=\"_ _21\"></span></span>esponenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>aziendali<span class=\"ff1\"> <span class=\"_ _21\"></span></span>(un<span class=\"ff1\"> </span>consigliere<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>amministrazione<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>sindaco<span class=\"ff1\"> </span>unico).<span class=\"ff1\"> </span>Si<span class=\"_ _0\"></span>ccome<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>vi<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>no<span class=\"ff1\"> </span>nell<span class=\"_ _0\"></span>\u2019ambito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>ANDXOR<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">voti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">consiglieri<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ch<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prevalgano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quelli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">altri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Consiglieri,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">designazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>esponenti<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>azie<span class=\"_ _2\"></span>ndali<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>attribuisce<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>nessun<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>socio<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>u<span class=\"_ _0\"></span>na<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>prev<span class=\"_ _0\"></span>alenza<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>sulle<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>s<span class=\"_ _2\"></span>celte<span class=\"ff1\"> </span>soc<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>tarie<span class=\"_ _0\"></span>; diritto<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">co-vendita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>fav<span class=\"_ _0\"></span>ore<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>Credemtel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">qualora<span class=\"ff1\"> </span>ve<span class=\"_ _0\"></span>nga<span class=\"ff1\"> </span>trasferita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">atto<span class=\"ff1\"> </span>tra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vivi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un<span class=\"_ _1\"></span>a </span></span></span></span></span></span></span></span></span></span></span></span></span></span>quota<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>almeno<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>50%<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>capitale<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sociale<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ANDXOR<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"></span></span>tutta<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>durata<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>patto<span class=\"ff1\"> </span>parasociale<span class=\"ff1\"> </span>attualmente<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>essere. Credito<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Emiliano<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">S.p.A.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">detiene<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">100%<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Credemtel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">S.p.A.,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ch<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sua<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">volta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">detiene<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">1<span class=\"_ _2\"></span>9,68%<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">SBC<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Fintech<span class=\"ff1\"> </span>Milan<span class=\"ff1\"> </span>2224<span class=\"ff1\"> </span>srl<span class=\"ff1\"> </span>(SBC). In<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conte<span class=\"_ _0\"></span>sto<span class=\"_ _0\"></span>: </span></span></span></span>-<span class=\"_ _3bd\"> </span>Cre<span class=\"_ _0\"></span>dem<span class=\"_ _0\"></span>tel<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>etie<span class=\"_ _1\"></span>ne<span class=\"ff1\"> </span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">magg<span class=\"_ _0\"></span>ioran<span class=\"_ _0\"></span>za<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">diri<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">vo<span class=\"_ _0\"></span>to,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">n<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>otend<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>da<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">solo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dete<span class=\"_ _0\"></span>rmin<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>scelte<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>societarie,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>avendo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>capacit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>prat<span class=\"_ _2\"></span>ica<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>condurre<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>unilateralmente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>attivit\u00e0<span class=\"ff1\"> </span>rilevanti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">partecipata,<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>ali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>empre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">necess<span class=\"_ _2\"></span>ario<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">consenso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">degli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>ltri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">soci; </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Cre<span class=\"_ _0\"></span>dem<span class=\"_ _0\"></span>tel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per\u00f2<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ha<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">po<span class=\"_ _0\"></span>tere<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>eto<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">spec<span class=\"_ _0\"></span>ifici<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>rgo<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>i,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sull<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sce<span class=\"_ _0\"></span>lte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>gli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altri<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">soci<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sen<span class=\"_ _0\"></span>so<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>mancanza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>voto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>favorevole<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Credemtel<span class=\"ff1\"> <span class=\"_ _20\"></span></span>anche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>altri<span class=\"ff1\"> <span class=\"_ _20\"></span></span>soci<span class=\"ff1\"> <span class=\"_ _20\"></span></span>non<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>grado<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>incidere<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>societ\u00e0. In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">re<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">SB<span class=\"_ _0\"></span>C<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>p<span class=\"_ _1\"></span>osizio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>rede<span class=\"_ _1\"></span>mtel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"_ _0\"></span>tant<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uell<span class=\"_ _0\"></span>a: </span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un<span class=\"ff1\"> <span class=\"_ _21\"></span></span>soggetto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"></span></span>esposto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">rendimenti</span> <span class=\"_ _20\"></span><span class=\"ff3\">variabili</span> <span class=\"_ _21\"></span><span class=\"ff3\">e</span> <span class=\"_ _20\"></span><span class=\"ff3\">che</span> <span class=\"_ _21\"></span><span class=\"ff3\">detiene</span> <span class=\"_ _20\"></span><span class=\"ff3\">comunque</span> <span class=\"_ _21\"></span><span class=\"ff3\">diritti</span> <span class=\"_ _21\"></span><span class=\"ff3\">su</span> <span class=\"_ _20\"></span><span class=\"ff3\">tali</span> </span>possibili<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rendimenti; </span></span>-<span class=\"_ _3bd\"> </span>che<span class=\"ff1\"> </span>ha<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>propria<span class=\"ff1\"> </span>capacit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>incidere<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>tali<span class=\"ff1\"> </span>rendimenti<span class=\"ff1\"> </span>solo<span class=\"ff1\"> </span>esercitando<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>potere<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>veto<span class=\"ff1\"> </span>sulle<span class=\"ff1\"> </span>scelte<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>altri<span class=\"ff1\"> </span>soci. Gli<span class=\"ff1\"> </span>accordi<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>tra<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>soci<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>SB<span class=\"_ _0\"></span>C<span class=\"ff1\"> </span>contemplano,<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>favore<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Credemtel<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>diritto<span class=\"ff1\"> </span>contemplato<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span></span></span>apposito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pat<span class=\"_ _2\"></span>to<span class=\"ff1\"> <span class=\"_ _20\"></span></span>parasociale<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">ottenere</span> <span class=\"_ _20\"></span><span class=\"ff3\">esponenti</span> <span class=\"_ _20\"></span><span class=\"ff3\">aziendali</span> <span class=\"_ _21\"></span><span class=\"ff3\">(un</span> <span class=\"_ _20\"></span><span class=\"ff3\">consigliere</span> <span class=\"_ _20\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>i</span> <span class=\"_ _20\"></span><span class=\"ff3\">amministr<span class=\"_ _2\"></span>azione).</span> </span>Si<span class=\"_ _0\"></span>ccom<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">vi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>ono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nell\u2019<span class=\"_ _0\"></span>ambi<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>d<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span>SB<span class=\"_ _0\"></span>C<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vot<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>sigli<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>he<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prev<span class=\"_ _0\"></span>alg<span class=\"_ _0\"></span>ano<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">su<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uel<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span>tri<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>onsig<span class=\"_ _0\"></span>lie<span class=\"_ _0\"></span>ri,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>la<span class=\"ff1\"> </span>designazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>sponenti<span class=\"ff1\"> </span>aziendali<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>attribuisce<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>nessun<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>cio<span class=\"ff1\"> </span>una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prevalenza<span class=\"ff1\"> </span>sulle<span class=\"ff1\"> </span>scelte<span class=\"ff1\"> </span></span></span></span></span>soc<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>tarie<span class=\"_ _0\"></span>. Credito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Emiliano<span class=\"ff1\"> </span>S.p.A.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>detiene<span class=\"ff1\"> </span>i<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _2\"></span></span>100%<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>Avvera<span class=\"ff1\"> <span class=\"_ _2\"></span></span>S.p.A.,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sua<span class=\"ff1\"> <span class=\"_ _2\"></span></span>volta<span class=\"ff1\"> <span class=\"_ _2\"></span></span>detiene<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>10<span class=\"_ _2\"></span>%<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Gruppo<span class=\"ff1\"> </span>Santamaria<span class=\"ff1\"> <span class=\"_ _2\"></span></span>S.p.A.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u201cGSM\u201d.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cap<span class=\"_ _2\"></span>itale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sociale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>GSM<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>detenuto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>da<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Avvera<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tr<span class=\"_ _2\"></span>amite<span class=\"ff1\"> <span class=\"_ _2\"></span></span>azioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>speciali<span class=\"ff1\"> </span>\u201cAzioni<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>B\u201d<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>attribuiti,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>o<span class=\"_ _2\"></span>ltre<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ai<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>diritti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>at<span class=\"_ _2\"></span>tribuiti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dalla<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Legge<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>alle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"_ _2\"></span>zioni<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ordinar<span class=\"_ _2\"></span>ie,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>anche<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>i<span class=\"ff1\"> </span>seguenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">diritti: </span></span>diritto<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>designare,<span class=\"_ _3bd\"> </span>ai<span class=\"_ _3bd\"> </span>fini<span class=\"_ _3bd\"> </span>della<span class=\"_ _3bd\"> </span>nomina,<span class=\"_ _3bd\"> </span>un<span class=\"_ _3bd\"> </span>componente<span class=\"_ _3bd\"> </span>del<span class=\"_ _3bd\"> </span>Consiglio<span class=\"_ _3bd\"> </span>d<span class=\"_ _0\"></span>i Amm<span class=\"_ _0\"></span>ini<span class=\"_ _0\"></span>straz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e; diritto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>designare,<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>fini<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>nomina,<span class=\"ff1\"> </span>quale<span class=\"ff1\"> </span>componente<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Collegio<span class=\"ff1\"> </span>Sindacale,<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>Sindaco<span class=\"ff1\"> </span>Effettivo,<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>rivestir\u00e0<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>carica<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Presidente,<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>Sindaco<span class=\"ff1\"> </span>Supplente; presentazione<span class=\"ff1\"> </span>all\u2019Assemblea<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>soci<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>proposta<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>revoca<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span>soggetto<span class=\"ff1\"> </span>inc<span class=\"_ _0\"></span>aric<span class=\"_ _0\"></span>ato del<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rev<span class=\"_ _0\"></span>isi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">leg<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>onti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">GS<span class=\"_ _1\"></span>M, </span></span></span></span></span></span></span></span></span></span></span></span>diritto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>ubordinare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>proprio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>voto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>favorevole<span class=\"ff1\"> <span class=\"_ _2\"></span></span>una<span class=\"ff1\"> <span class=\"_ _2\"></span></span>serie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>deliberazioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>assembleari<span class=\"ff1\"> </span>quali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>modi<span class=\"_ _0\"></span>fica<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>Statuto,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019aumento<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>iminuzione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">capitale<span class=\"ff1\"> </span>sociale,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fusioni<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>scissioni,<span class=\"ff1\">  </span>la<span class=\"ff1\">  </span>determinazione<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">e</span>  <span class=\"ff3\">modifica</span>  <span class=\"ff3\">dei</span>  <span class=\"ff3\">compensi</span>  <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">amministr<span class=\"_ _2\"></span>atori</span>  <span class=\"ff3\">e</span>  <span class=\"ff3\">sindaci<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span></span></span></span></span>l\u2019approvazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>piani<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>incentivazione<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>amministrat<span class=\"_ _2\"></span>ori,<span class=\"ff1\"> </span>dirigenti<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>dipendenti. Siccome<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>non<span class=\"ff1\">  </span>v<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nell\u2019ambit<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\">  </span>GSM<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">voti</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">di</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">consiglieri</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">c<span class=\"_ _2\"></span>he</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">prevalgano</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">s<span class=\"_ _2\"></span>u</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">quelli</span>  <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\">  </span>al<span class=\"_ _0\"></span>tri<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span>Consiglieri,<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>designazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>esponenti<span class=\"ff1\"> </span>aziendali<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>attribuisce<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>nessun<span class=\"ff1\"> </span>socio<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>prevalenza<span class=\"_ _2\"></span><span class=\"ff1\"> </span>sulle<span class=\"ff1\"> </span>scelte<span class=\"ff1\"> </span>societarie. In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ta<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>test<span class=\"_ _0\"></span>o,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">GS<span class=\"_ _0\"></span>M:<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span>Avvera<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">detiene<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>maggioranza<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">diritti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>oto,<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>potendo<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>solo<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>terminare<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sc<span class=\"_ _0\"></span>elte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">soc<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>tarie<span class=\"_ _1\"></span>,<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ave<span class=\"_ _0\"></span>ndo<span class=\"ff1\"> </span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ca<span class=\"_ _0\"></span>pac<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pra<span class=\"_ _0\"></span>tica<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">cond<span class=\"_ _0\"></span>urr<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>uni<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>teral<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">atti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>rilevanti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>ella<span class=\"ff1\"> </span>partecip<span class=\"_ _0\"></span>ata,<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sempre<span class=\"ff1\"> </span>necessario<span class=\"ff1\"> </span>anc<span class=\"_ _0\"></span>he<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">consenso<span class=\"ff1\"> </span>deg<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>altri<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>soc<span class=\"_ _0\"></span>i; Avvera<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">potere<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">veto,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">specifici<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">argomenti,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ulle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">scelte<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">de<span class=\"_ _2\"></span>gli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altri<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>oci,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">se<span class=\"_ _0\"></span>ns<span class=\"_ _1\"></span>o </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>mancanza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">voto<span class=\"ff1\"> </span>favorevole<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _1\"></span><span class=\"ff3\">Avvera<span class=\"ff1\"> </span>anche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alt<span class=\"_ _2\"></span>ri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">soci<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>tentori<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">restante</span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>90%<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>capitale<span class=\"ff1\"> </span>sociale<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>grado<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>incidere<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>societ\u00e0. In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">re<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">GS<span class=\"_ _0\"></span>M<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pos<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Avv<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">per<span class=\"_ _0\"></span>tant<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uel<span class=\"_ _0\"></span>la: </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">soggetto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">espos<span class=\"_ _2\"></span>to<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rendimenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">variabili<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">detiene<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">comunque<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">diritti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tali<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>possibili<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rendimenti; </span></span>che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>na<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">propria<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">capacit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">incidere<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>ali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rendimenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">solo<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>sercitando<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">potere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ve<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ulle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>celt<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>de<span class=\"_ _1\"></span>gli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">altri<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">soc<span class=\"_ _0\"></span>i. </span></span></span></span></span></span>7.<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>Im<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>rit<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>pa<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>eci<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>zio<span class=\"_ _1\"></span>ni<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>so<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>et\u00e0<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>rol<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>mo<span class=\"_ _1\"></span>do<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>iun<span class=\"_ _0\"></span>to<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Credito<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Emiliano<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ha<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>ottoscritto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Re<span class=\"_ _0\"></span>ale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Mutua<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>As<span class=\"_ _2\"></span>sicurazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>accordi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>contrattuali<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>volt<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> </span>disciplinare<span class=\"ff1\"> </span>pi\u00f9<span class=\"ff1\"> </span>compiutamente<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>partnership<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>Credemassicurazioni. In<span class=\"ff1\"> </span>tale<span class=\"ff1\"> </span>contesto<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>clausole<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>contratto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>compravend<span class=\"_ _0\"></span>ita<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>azioni<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>suo<span class=\"ff1\"> </span>tempo<span class=\"ff1\"> </span>perfezionato<span class=\"ff1\"> </span>tra<span class=\"ff1\"> </span>Credito<span class=\"ff1\"> </span>Emili<span class=\"_ _0\"></span>ano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>Reale<span class=\"ff1\"> </span>Mu<span class=\"_ _0\"></span>tua<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Assicurazioni<span class=\"ff1\"> </span>hanno<span class=\"ff1\"> </span>espressamente<span class=\"ff1\"> </span>convenuto<span class=\"ff1\"> </span>un\u2019opzione<span class=\"ff1\"> </span>put<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"></span></span>capo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span></span>Reale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Mutua<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Assicurazioni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>un\u2019<span class=\"_ _0\"></span>opzione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>call<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>capo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Credi<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Emiliano<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>S.p.A.<span class=\"ff1\"> </span>rig<span class=\"_ _0\"></span>ua<span class=\"_ _0\"></span>rdan<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>50%<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>rte<span class=\"_ _0\"></span>cipaz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Re<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">Mu<span class=\"_ _0\"></span>tua<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>capi<span class=\"_ _0\"></span>tale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">soci<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">Crede<span class=\"_ _1\"></span>massi<span class=\"_ _0\"></span>cura<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i.<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>Entrambe<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>opzioni<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>esercitabili<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>allo<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>scadere<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>ogni<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>quinquennio<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>dall\u2019acquisto<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>della<span class=\"ff1\"> </span>partecipazione<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>Credemassicurazioni<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>parte<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Reale<span class=\"ff1\"> </span>Mutua. A<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">distanza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">10<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dalla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sottoscrizione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">primo<span class=\"ff1\"> </span>accordo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">co<span class=\"_ _2\"></span>llaborazione,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Cr<span class=\"_ _2\"></span>edito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Emiliano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Societ\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Reale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">M<span class=\"_ _2\"></span>utua<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Assicurazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">hanno<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>innovato<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">loro<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">partnership<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">paritetica<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nella<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">societ\u00e0<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ra<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>gna.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">r<span class=\"_ _0\"></span>inn<span class=\"_ _0\"></span>ovo<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>ll\u2019<span class=\"_ _0\"></span>acco<span class=\"_ _0\"></span>rdo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pe<span class=\"_ _0\"></span>rmett<span class=\"_ _0\"></span>er\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>g<span class=\"_ _0\"></span>rupp<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">svi<span class=\"_ _0\"></span>luppa<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019offe<span class=\"_ _0\"></span>rta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>rodo<span class=\"_ _0\"></span>tti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">r<span class=\"_ _0\"></span>am<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>danni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>accrescere<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _21\"></span></span>livello<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>servizio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"_ _2\"></span>fferto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>propria<span class=\"ff1\"> <span class=\"_ _20\"></span></span>clientela,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>grazie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>upporto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>u<span class=\"_ _3bd\"> </span>primario<span class=\"ff1\"> </span>player<span class=\"ff1\"> </span>specializzato<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>settore<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>protection.<span class=\"_ _3bd\"> </span>Le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pa<span class=\"_ _0\"></span>rti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">hanno<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">poi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>rfe<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>ato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pa<span class=\"_ _0\"></span>tto<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ara<span class=\"_ _0\"></span>soci<span class=\"_ _0\"></span>ale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>cu<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>lau<span class=\"_ _0\"></span>sole<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>onte<span class=\"_ _0\"></span>mpla<span class=\"_ _0\"></span>no:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>div<span class=\"_ _0\"></span>ieto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>trasferimento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>azioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>diritti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>opzione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>terzi,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>div<span class=\"_ _0\"></span>ersi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>societ<span class=\"_ _3bd\"> </span>controllate,<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>tutta<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>durata<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>patto<span class=\"ff1\"> </span>paraso<span class=\"_ _2\"></span>ciale<span class=\"ff1\"> </span>attualmen<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>essere;<span class=\"_ _3bd\"> </span>Il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">diritto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ciascuna<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">parte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ottenere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nomina<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ot<span class=\"_ _2\"></span>tenere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nomin<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">esponent<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">aziendali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>propria<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>designazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>(la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>met\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>egli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>amministr<span class=\"_ _2\"></span>atori<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rinnovi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>alternati<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Consiglio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _3bd\"> </span>Amministrazione,<span class=\"ff1\">  </span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Presidente<span class=\"ff1\">  </span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Consi<span class=\"_ _2\"></span>glio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Amminist<span class=\"_ _2\"></span>razione,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"ff1\">  </span>Sindaci<span class=\"ff1\">  </span>e,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\">  </span>rinno<span class=\"_ _3bd\"> </span>alternati,<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>Presidente<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Collegio<span class=\"ff1\"> </span>Sindacale);<span class=\"_ _3bd\"> </span>La<span class=\"ff1\"> </span>necessit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quorum<span class=\"ff1\"> <span class=\"_ _2\"></span></span>qualificato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> </span>deliberazioni<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>componenti<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Co<span class=\"_ _2\"></span>nsiglio<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span> Amministrazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>iguardanti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">particolari<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tematiche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(come,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altre,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>omina<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Dirett<span class=\"_ _2\"></span>or<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Generale,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Responsabile<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Si<span class=\"_ _2\"></span>nistri,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Dir<span class=\"_ _2\"></span>ettore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Commerciale,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>funzione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>auditin<span class=\"_ _3bd\"> </span>l\u2019approvazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>operazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>finanzia<span class=\"ff1\"> </span>str<span class=\"_ _2\"></span>aordinaria,<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>accordi<span class=\"ff1\"> </span>distributivi,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ecc).<span class=\"_ _2\"></span> </span></span>7.8<span class=\"_ _3bd\"> </span>Im<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>rif<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>iti<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>pa<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>eci<span class=\"_ _0\"></span>pa<span class=\"_ _1\"></span>zion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>so<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>so<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>op<span class=\"_ _0\"></span>ost<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>ad<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>flu<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>za<span class=\"_ _3bd\"> </span>no<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>vol<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>Credemtel<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>h<span class=\"_ _3bd\"> </span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>so<span class=\"_ _2\"></span>ttoscritto<span class=\"ff1\">  </span>con<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">i</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">soci</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">di</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">ANDXOR</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">accordi</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">contrattuali</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">volti</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">a</span>  <span class=\"ff3\">di<span class=\"_ _0\"></span>sciplinare<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>pi<span class=\"_ _3bd\"> </span></span></span>compiutamente<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>partnership<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>SATA.<span class=\"fc0\"> </span>Le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pa<span class=\"_ _0\"></span>rti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">hanno<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">poi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>rfe<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>ato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pa<span class=\"_ _0\"></span>tto<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ara<span class=\"_ _0\"></span>soci<span class=\"_ _0\"></span>ale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>cu<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>lau<span class=\"_ _0\"></span>sole<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>onte<span class=\"_ _0\"></span>mpla<span class=\"_ _0\"></span>no:<span class=\"fc0\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span>rit<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Cred<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>tel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">otten<span class=\"_ _0\"></span>ere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>omin<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esp<span class=\"_ _0\"></span>onen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">azien<span class=\"_ _0\"></span>dali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>rop<span class=\"_ _0\"></span>ria<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">desi<span class=\"_ _0\"></span>gnaz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">(u<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>consigliere<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>amministrazione<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>sindaco<span class=\"ff1\"> </span>unico);<span class=\"_ _3bd\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">diri<span class=\"_ _0\"></span>tto<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">co<span class=\"_ _0\"></span>-vend<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fav<span class=\"_ _0\"></span>ore<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Cre<span class=\"_ _0\"></span>dem<span class=\"_ _0\"></span>tel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">qu<span class=\"_ _1\"></span>alora<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">v<span class=\"_ _0\"></span>enga<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">trasf<span class=\"_ _0\"></span>erit<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">atto<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">tra<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">viv<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">qu<span class=\"_ _1\"></span>ota<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>almeno<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>5<span class=\"_ _2\"></span>0%<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>ca<span class=\"_ _2\"></span>pitale<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>so<span class=\"_ _2\"></span>ciale<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>ANDX<span class=\"_ _2\"></span>OR<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>tutta<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>durata<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>patt<span class=\"_ _3bd\"> </span>o<span class=\"ff1\"> </span>parasociale<span class=\"ff1\"> </span>attualmente<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>essere;<span class=\"_ _3bd\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>necessit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quorum<span class=\"ff1\"> <span class=\"_ _20\"></span></span>qualificato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>deliberazioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>componenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>de<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Consiglio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"_ _0\"></span> Amministrazione<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>riguardanti<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>particolari<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>t<span class=\"_ _2\"></span>ematiche<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>(come<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>mo<span class=\"_ _2\"></span>dificazioni<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>dell\u2019atto<span class=\"ff1\"> </span>costitutivo,<span class=\"ff1\">  </span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>modificazione<span class=\"ff1\">  </span>dell\u2019<span class=\"_ _0\"></span>oggett<span class=\"_ _2\"></span>o<span class=\"ff1\">  </span>sociale,<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">l\u2019assunzione</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">di</span>  <span class=\"ff3\">finanziamenti</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">olt<span class=\"_ _2\"></span>re</span>  <span class=\"ff3\">i<span class=\"_ _1c\"></span> </span></span>150.000<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>euro,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>compravendi<span class=\"_ _0\"></span>ta<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>diritti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>reali<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>immobil<span class=\"_ _0\"></span>iari,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>emissione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>titoli<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>debito<span class=\"_ _3bd\"> </span>distribuzione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>riserve).<span class=\"_ _3bd\"> </span>Avvera<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sottoscritto<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">soci<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Gruppo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Santamaria<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">accordi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">contr<span class=\"_ _2\"></span>attuali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">volti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">disciplinare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pi<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>compiutamente<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>partnership<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>GSM.<span class=\"_ _3bd\"> </span>In<span class=\"ff1\"> </span>tale<span class=\"ff1\"> </span>contesto<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>contratto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>investimento<span class=\"ff1\"> </span>sot<span class=\"_ _2\"></span>toscritto<span class=\"ff1\"> </span>dalle<span class=\"ff1\"> </span>parti<span class=\"ff1\"> </span>ha<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">espressamente<span class=\"ff1\"> </span>convenut<span class=\"_ _3bd\"> </span></span></span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>apo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ad<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">A<span class=\"_ _0\"></span>vvera<span class=\"_ _0\"></span>:<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(i)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">u<span class=\"_ _0\"></span>na<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pri<span class=\"_ _0\"></span>ma<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">opzion<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cal<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fino<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">20%<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">capi<span class=\"_ _0\"></span>tale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>oci<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">GSM;<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">(i<span class=\"_ _0\"></span>i)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>se<span class=\"_ _0\"></span>con<span class=\"_ _0\"></span>d<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>opzione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>call<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>ulla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>intera<span class=\"ff1\"> <span class=\"_ _20\"></span></span>partecipazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>residua<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d<span class=\"_ _2\"></span>el<span class=\"ff1\"> <span class=\"_ _2\"></span></span>capitale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>ociale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>G<span class=\"_ _2\"></span>SM;<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(iii)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>una<span class=\"ff1\"> <span class=\"_ _20\"></span></span>opzione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>p<span class=\"_ _3bd\"> </span>sull\u2019intera<span class=\"ff1\"> </span>partecipazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nel<span class=\"ff1\"> </span>ca<span class=\"_ _2\"></span>pitale<span class=\"ff1\"> </span>sociale<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>GSM<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>titolarit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>Avvera.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>La<span class=\"ff1\"> </span>prima<span class=\"ff1\"> <span class=\"_ _2\"></span></span>opzione<span class=\"ff1\"> </span>ca<span class=\"_ _3bd\"> </span>era<span class=\"ff1\"> </span>esercitabile<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dalla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>ap<span class=\"_ _0\"></span>provazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span>bi<span class=\"_ _0\"></span>lancio<span class=\"ff1\"> </span>relativo<span class=\"ff1\"> </span>all\u2019esercizio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2020<span class=\"ff1\"> </span>fino<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ata<span class=\"ff1\"> </span>d<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>31<span class=\"ff1\"> </span>dicembre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2021,<span class=\"ff1\"> </span>tale<span class=\"ff1\"> </span>opzione<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span>stata<span class=\"ff1\"> </span>esercitata,<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">seconda<span class=\"ff1\"> </span>opzione<span class=\"ff1\"> </span>call<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esercitabile<span class=\"ff1\"> </span>dall<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>data<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>approvazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _21\"></span></span>bilancio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>relativo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>all\u2019esercizio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>2021<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fino<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>data<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">del</span> <span class=\"_ _20\"></span><span class=\"ff3\">31</span> <span class=\"_ _21\"></span><span class=\"ff3\">dicembre</span> <span class=\"_ _20\"></span><span class=\"ff3\">202<span class=\"_ _3bd\"> </span></span></span>nonch\u00e9<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>periodo<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>decorre<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>approvazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>elativo<span class=\"ff1\"> </span>all\u2019esercizio<span class=\"ff1\"> </span>202<span class=\"_ _3bd\"> </span>fino<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>data<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>31<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dicembre<span class=\"ff1\"> <span class=\"_ _20\"></span></span>20<span class=\"_ _2\"></span>23;<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l\u2019opzione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>put<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>esercitabile<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dalla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>data<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>approvazion<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _3bd\"> </span>bilancio<span class=\"ff1\"> </span>relativo<span class=\"ff1\"> </span>all<span class=\"_ _0\"></span>\u2019esercizio<span class=\"ff1\"> </span>2022<span class=\"ff1\"> </span>fino<span class=\"ff1\"> </span>all<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">31<span class=\"ff1\"> </span>dicembre<span class=\"ff1\"> </span>2023<span class=\"ff1\"> </span>e,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in</span> <span class=\"ff3\">c<span class=\"_ _0\"></span>aso<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>ce<span class=\"_ _0\"></span>ssazione<span class=\"ff1\"> </span>p<span class=\"_ _3bd\"> </span></span></span></span></span>qualsiasi<span class=\"ff1\"> </span>causa<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>contratto<span class=\"_ _2\"></span><span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>genzia<span class=\"ff1\"> </span>tra<span class=\"ff1\"> </span>Avve<span class=\"_ _0\"></span>ra<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>GSM,<span class=\"ff1\"> </span>entro<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">6<span class=\"ff1\"> </span>mesi<span class=\"ff1\"> </span>successivi<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rima<span class=\"ff1\"> </span>tr<span class=\"_ _3bd\"> </span></span></span></span></span>le<span class=\"ff1\"> </span>seguenti<span class=\"ff1\"> </span>date:<span class=\"ff1\"> </span>(i)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>data<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>esercizio<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>recesso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>contratto<span class=\"_ _2\"></span><span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>agenzia;<span class=\"ff1\"> </span>(ii)<span class=\"ff1\"> </span>data<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>riceviment<span class=\"_ _3bd\"> </span>della<span class=\"ff1\"> <span class=\"_ _21\"></span></span>comunicazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _21\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Avvera<span class=\"ff1\"> <span class=\"_ _21\"></span></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>GSM<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"_ _0\"></span>chiarino<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>avv<span class=\"_ _0\"></span>alers<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dell<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>clausola<span class=\"ff1\"> <span class=\"_ _21\"></span></span>risolutiv<span class=\"_ _3bd\"> </span>espressa<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>contratto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>agenzia<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>sensi<span class=\"ff1\"> </span>dell\u2019art.<span class=\"ff1\"> </span>1465<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Cod.<span class=\"ff1\"> </span>Civ;<span class=\"ff1\"> </span>(iii)<span class=\"ff1\"> </span>decorso<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>termin<span class=\"_ _3bd\"> </span>per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">adempiere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">contratt<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">agenzia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">intimat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Av<span class=\"_ _2\"></span>vera<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">GSM<span class=\"ff1\"> </span>ai<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">sensi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dell\u2019art.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">14<span class=\"_ _2\"></span>54<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Cod.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Civ<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Il<span class=\"ff1\"> </span>contratto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>investimento<span class=\"ff1\"> </span>prevede<span class=\"ff1\"> </span>inoltre:<span class=\"_ _3bd\"> </span>un<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>riodo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">5</span> <span class=\"_ _0\"></span><span class=\"ff3\">anni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Loc<span class=\"_ _0\"></span>k-Up<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dura<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">qu<span class=\"_ _0\"></span>ale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">soci<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">GSM<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">no<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>potr<span class=\"_ _0\"></span>ann<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>tra<span class=\"_ _0\"></span>sfe<span class=\"_ _0\"></span>rir<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>d<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alcu<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>titolo<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>proprie<span class=\"ff1\"> </span>partecipazioni<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>GSM<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>soggetti<span class=\"ff1\"> </span>diversi<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>Avvera;<span class=\"_ _3bd\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>necessit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quorum<span class=\"ff1\"> <span class=\"_ _20\"></span></span>qualificato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>deliberazioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>componenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>de<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Consiglio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"_ _0\"></span> Amministrazione<span class=\"ff1\">  </span>riguardanti<span class=\"ff1\">  </span>particolari<span class=\"ff1\">  </span>tematiche<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(come<span class=\"ff1\">  </span>la<span class=\"ff1\">  </span>stipulazione<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>c<span class=\"_ _0\"></span>ontratti<span class=\"ff1\">  </span>locazione,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>l\u2019approvazione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>m<span class=\"_ _2\"></span>odifica<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>b<span class=\"_ _2\"></span>usiness<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>plan<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>e/o<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Budget,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>l\u2019effettuazione<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>investimenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019assunzione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>debiti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziari<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>concessione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziamenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ecceden<span class=\"_ _3bd\"> </span>determinate<span class=\"ff1\"> </span>soglie<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>importo).<span class=\"_ _3bd\"> </span>7.1<span class=\"_ _1\"></span>0<span class=\"_ _3bd\"> </span>Al<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>for<span class=\"_ _0\"></span>ma<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"fc0 sc1\"> </span>Credemassicurazioni,<span class=\"ff1\"> </span>Andxor<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Gruppo<span class=\"ff1\"> </span>Santamaria,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">partecipazioni<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>quali<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>bil<span class=\"_ _0\"></span>anci<span class=\"_ _2\"></span>o<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>risulta<span class=\"ff1\"> <span class=\"_ _20\"></span></span>essere<span class=\"ff1\"> <span class=\"_ _2\"></span></span>superiore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quot<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pertinenza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>patrimonio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>netto<span class=\"_ _2\"></span>,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>state<span class=\"ff1\"> <span class=\"_ _20\"></span></span>assoggettate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"_ _3bd\"> </span>test<span class=\"ff1\"> <span class=\"_ _21\"></span></span>d\u2019i<span class=\"_ _0\"></span>mpairment<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dal<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quale<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>emers<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>un<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">valore</span> <span class=\"_ _20\"></span><span class=\"ff3\">recuperabile</span> <span class=\"_ _21\"></span><span class=\"ff3\">supe<span class=\"_ _0\"></span>riore<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>carico.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Si<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"_ _3bd\"> </span></span></span>quindi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>r<span class=\"_ _2\"></span>itenuto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>differenz<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ne<span class=\"_ _0\"></span>gativa<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fra<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>car<span class=\"_ _2\"></span>ico<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">la</span> <span class=\"_ _27\"> </span><span class=\"ff3\">quota</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">di</span> <span class=\"_ _27\"> </span><span class=\"ff3\">pertinenza</span> <span class=\"_ _27\"> </span><span class=\"ff3\">de<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\">l<span class=\"_ _3bd\"> </span></span></span>patrimonio<span class=\"ff1\"> </span>nett<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>partecipate<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>ascr<span class=\"_ _2\"></span>ivibile<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>perdita<span class=\"ff1\"> </span>dur<span class=\"_ _2\"></span>evole<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valore<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e,<span class=\"ff1\"> </span>pertanto,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>non<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>stati<span class=\"ff1\"> </span>rettificati<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>valori<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>iscrizione.<span class=\"_ _3bd\"> </span>Per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Credemassicurazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>differenza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>negativa<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ascrivibile<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"_ _2\"></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>quota<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>avviamento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>10,3<span class=\"ff1\"> </span>milioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>euro,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>m<span class=\"_ _2\"></span>entre<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Andxor<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Gruppo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Santa<span class=\"_ _2\"></span>maria<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"_ _0\"></span>fferenza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>negativa<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ascrivibile<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alla<span class=\"ff1\"> </span>quota<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>avviamento<span class=\"ff1\"> </span>rispettivamente<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>1.062<span class=\"ff1\"> </span>mila<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>euro<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>251<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mila<span class=\"ff1\"> </span>euro.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-868": {
   "value": "De<span class=\"_ _0\"></span>no<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>ina<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>Sede<span class=\"_ _3bd\"> </span>le<span class=\"_ _0\"></span>ga<span class=\"_ _1\"></span>le<span class=\"_ _3bd\"> </span>Tipo<span class=\"_ _3bd\"> </span>d<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>rap<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>Im<span class=\"_ _1\"></span>pre<span class=\"_ _3bd\"> </span>s<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>pa<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>eci<span class=\"_ _1\"></span>pan<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span>Quota<span class=\"_ _3bd\"> </span>%<span class=\"_ _3bd\"> </span>Di<span class=\"_ _0\"></span>spo<span class=\"_ _1\"></span>nib<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span>v<span class=\"_ _0\"></span>ot<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>%A.<span class=\"_ _3bd\"> </span>Impr<span class=\"_ _0\"></span>ese<span class=\"_ _3bd\"> </span>cont<span class=\"_ _0\"></span>rollat<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>mo<span class=\"_ _0\"></span>do<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>ng<span class=\"_ _1\"></span>iun<span class=\"_ _0\"></span>to<span class=\"_ _3bd\"> </span>1.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span>mas<span class=\"_ _0\"></span>sic<span class=\"_ _0\"></span>ura<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>sp<span class=\"_ _1\"></span>a<span class=\"_ _3bd\"> </span>Reggio<span class=\"_ _3bd\"> </span>Emi<span class=\"_ _0\"></span>lia<span class=\"_ _3bd\"> </span>7<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>di<span class=\"_ _0\"></span>to<span class=\"_ _3bd\"> </span>Emi<span class=\"_ _0\"></span>lia<span class=\"_ _0\"></span>no<span class=\"_ _3bd\"> </span>50,<span class=\"_ _0\"></span>00<span class=\"_ _0\"></span>%<span class=\"_ _3bd\"> </span>B.<span class=\"_ _3bd\"> </span>Impr<span class=\"_ _0\"></span>ese<span class=\"_ _3bd\"> </span>sott<span class=\"_ _0\"></span>opos<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>infl<span class=\"_ _0\"></span>uenza<span class=\"_ _3bd\"> </span>no<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>vo<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span> Sezion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>7<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Le<span class=\"_ _3bd\"> </span>part<span class=\"_ _0\"></span>ecipazio<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Voce<span class=\"_ _3bd\"> </span>7<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">va<span class=\"_ _0\"></span>lor<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">b<span class=\"_ _0\"></span>ilan<span class=\"_ _0\"></span>cio<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>oce<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u201cP<span class=\"_ _0\"></span>artec<span class=\"_ _0\"></span>ip<span class=\"_ _0\"></span>azion<span class=\"_ _0\"></span>i\u201d<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ammo<span class=\"_ _0\"></span>nta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">47,4<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mil<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>ur<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">o.<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span>7.<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>Pa<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>eci<span class=\"_ _0\"></span>pa<span class=\"_ _1\"></span>zion<span class=\"_ _0\"></span>i:<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>sui<span class=\"_ _3bd\"> </span>ra<span class=\"_ _1\"></span>ppor<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>pa<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>eci<span class=\"_ _0\"></span>pa<span class=\"_ _1\"></span>tivi<span class=\"_ _0\"></span> 1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Andxor<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sr<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span> <span class=\"_ _21f\"> </span>Cin<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>llo<span class=\"ff1\"> </span>Ba<span class=\"_ _1\"></span>lsamo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">(M<span class=\"_ _1\"></span>I) <span class=\"_ _fd\"> </span>8 <span class=\"_ _90\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">Cre<span class=\"_ _0\"></span>dem<span class=\"_ _0\"></span>tel <span class=\"_ _20b\"> </span>40,<span class=\"_ _0\"></span>00<span class=\"_ _0\"></span>% </span></span></span></span></span></span>2.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">SBC<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">F<span class=\"_ _2\"></span>intech<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">2224<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Mila<span class=\"_ _0\"></span>n <span class=\"_ _a3\"> </span>Milan<span class=\"_ _0\"></span>o <span class=\"_ _220\"> </span>8 <span class=\"_ _90\"> </span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">Cre<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>mte<span class=\"_ _0\"></span>l <span class=\"_ _75\"> </span>19,<span class=\"_ _0\"></span>68<span class=\"_ _0\"></span>% </span></span></span></span></span></span></span></span>2.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Grup<span class=\"_ _0\"></span>po<span class=\"ff1\"> </span>S<span class=\"_ _0\"></span>anta<span class=\"_ _0\"></span>mar<span class=\"_ _0\"></span>ia<span class=\"ff1\"> </span>s<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span> <span class=\"_ _6f\"> </span>Cat<span class=\"_ _0\"></span>ania<span class=\"_ _0\"></span> <span class=\"_ _221\"> </span>8 <span class=\"_ _6a\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\">Avv<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span> <span class=\"_ _194\"> </span>10,<span class=\"_ _0\"></span>00% </span></span>Le<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>nda<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Tipo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rapp<span class=\"_ _1\"></span>orto:<span class=\"_ _0\"></span> </span></span></span></span>1<span class=\"ff5\"> <span class=\"_ _1\"></span><span class=\"ff3\">-<span class=\"ff1\"> </span>ma<span class=\"_ _0\"></span>ggio<span class=\"_ _0\"></span>ranz<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>dir<span class=\"_ _0\"></span>itt<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vot<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>nel<span class=\"_ _0\"></span>l'<span class=\"_ _0\"></span>asse<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>lea<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span>rdi<span class=\"_ _0\"></span>nar<span class=\"_ _0\"></span>ia<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff5\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span>2<span class=\"ff5\"> <span class=\"_ _1\"></span><span class=\"ff3\">-<span class=\"ff1\"> </span>influ<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>za<span class=\"ff1\"> </span>dom<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nell<span class=\"_ _0\"></span>'as<span class=\"_ _0\"></span>sem<span class=\"_ _0\"></span>ble<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>ordina<span class=\"_ _1\"></span>ria<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff5\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span>3<span class=\"ff5\"> <span class=\"_ _1\"></span><span class=\"ff3\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">accordi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">so<span class=\"_ _0\"></span>ci<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span>4<span class=\"ff5\"> <span class=\"_ _1\"></span><span class=\"ff3\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">forme<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">co<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>oll<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span><span class=\"ff5\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span>5<span class=\"ff5\"> <span class=\"_ _1\"></span><span class=\"ff3\">-<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>rez<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">uni<span class=\"_ _0\"></span>tar<span class=\"_ _0\"></span>ia<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>x<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>rt.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">26,<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">comm<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>1,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>\"de<span class=\"_ _0\"></span>cre<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span>gisla<span class=\"_ _1\"></span>tivo<span class=\"ff1\"> </span>87<span class=\"_ _0\"></span>/92<span class=\"_ _0\"></span>\"<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span>6<span class=\"ff5\"> <span class=\"_ _1\"></span><span class=\"ff3\">-<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>rez<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">u<span class=\"_ _0\"></span>nita<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ex</span> <span class=\"ff3\">a<span class=\"_ _0\"></span>rt.<span class=\"ff1\"> </span>2<span class=\"_ _0\"></span>6,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">com<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">2,</span> <span class=\"ff3\">d<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span>\"<span class=\"_ _0\"></span>dec<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>leg<span class=\"_ _0\"></span>isla<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>87/<span class=\"_ _0\"></span>92<span class=\"_ _0\"></span>\"<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span><span class=\"ff5\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span>7<span class=\"ff5\"> <span class=\"_ _1\"></span><span class=\"ff3\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">controllo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cong<span class=\"_ _1\"></span>iunto<span class=\"_ _0\"></span> </span></span></span></span></span></span>8<span class=\"ff5\"> <span class=\"_ _1\"></span><span class=\"ff3\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">impresa<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">asso<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>ta<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>7.2<span class=\"_ _3bd\"> </span>Pa<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>eci<span class=\"_ _0\"></span>pa<span class=\"_ _1\"></span>zion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>si<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>e:<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>bi<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>o,<span class=\"_ _3bd\"> </span>fai<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lue<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>di<span class=\"_ _0\"></span>vid<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>di<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>ep<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span> De<span class=\"_ _0\"></span>no<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>ina<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Va<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>bi<span class=\"_ _0\"></span>lan<span class=\"_ _1\"></span>cio<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Fa<span class=\"_ _0\"></span>ir<span class=\"_ _3bd\"> </span>v<span class=\"_ _0\"></span>al<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Di<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>den<span class=\"_ _1\"></span>di<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>epi<span class=\"_ _1\"></span>ti<span class=\"fc0 sc1\"> </span>A.<span class=\"_ _3bd\"> </span>Im<span class=\"_ _1\"></span>pre<span class=\"_ _0\"></span>se<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>lla<span class=\"_ _1\"></span>te<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>m<span class=\"_ _0\"></span>odo<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>iu<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span>mas<span class=\"_ _0\"></span>sic<span class=\"_ _0\"></span>ura<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>s<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>45.<span class=\"_ _0\"></span>41<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>951<span class=\"_ _3bd\"> </span>B.<span class=\"_ _3bd\"> </span>Im<span class=\"_ _1\"></span>pre<span class=\"_ _0\"></span>se<span class=\"_ _3bd\"> </span>so<span class=\"_ _0\"></span>tt<span class=\"_ _1\"></span>opo<span class=\"_ _0\"></span>ste<span class=\"_ _3bd\"> </span>ad<span class=\"_ _3bd\"> </span>in<span class=\"_ _1\"></span>flue<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>no<span class=\"_ _1\"></span>tev<span class=\"_ _0\"></span>ole<span class=\"_ _0\"></span> 1<span class=\"_ _0\"></span>.<span class=\"ff1\"> <span class=\"_ _1ed\"> </span></span>Andxor<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">s<span class=\"_ _0\"></span>rl<span class=\"_ _1\"></span> </span></span>1.<span class=\"_ _0\"></span>378<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>20<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>.<span class=\"ff1\"> <span class=\"_ _1eb\"> </span></span>SBC<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Fintech<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2224<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Milan<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sr<span class=\"_ _1\"></span>l<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>3.<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1eb\"> </span><span class=\"ff3\">Grup<span class=\"_ _0\"></span>po<span class=\"ff1\"> </span>S<span class=\"_ _0\"></span>anta<span class=\"_ _0\"></span>mar<span class=\"_ _0\"></span>ia<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>pa<span class=\"_ _1\"></span> </span></span>56<span class=\"_ _1\"></span>7<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span> <span class=\"_ _cb\"> </span>47<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>62<span class=\"_ _0\"></span> <span class=\"_ _1e9\"> </span>-<span class=\"_ _3bd\"> </span>3.<span class=\"_ _0\"></span>07<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>La<span class=\"ff1\">  </span>colonna<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fair<span class=\"ff1\">  </span>value<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">non</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">\u00e8</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">avvalorata<span class=\"_ _2\"></span></span>  <span class=\"ff3\">p<span class=\"_ _0\"></span>erch\u00e9<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>non<span class=\"ff1\">  </span>sono<span class=\"ff1\">  </span>p<span class=\"_ _0\"></span>resenti<span class=\"ff1\">  </span>societ\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>quotate<span class=\"ff1\">  </span>classificate<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tra<span class=\"ff1\">  </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span>partecipazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">significative.<span class=\"_ _3bd\"> </span></span></span>7.3Pa<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ipaz<span class=\"_ _1\"></span>ion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>si<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>e:<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>zio<span class=\"_ _1\"></span>ni<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span>De<span class=\"_ _0\"></span>no<span class=\"_ _1\"></span>min<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Cas<span class=\"_ _0\"></span>sa<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>di<span class=\"_ _0\"></span>sp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>ib<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span>li<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>de<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>At<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>nan<span class=\"_ _1\"></span>zia<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>At<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>no<span class=\"_ _1\"></span>n<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>nan<span class=\"_ _1\"></span>zia<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>Pa<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>nan<span class=\"_ _1\"></span>zia<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>Pa<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>no<span class=\"_ _1\"></span>n<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>nan<span class=\"_ _1\"></span>zia<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>vi<span class=\"_ _3bd\"> </span>to<span class=\"_ _0\"></span>tal<span class=\"_ _1\"></span>i<span class=\"fc0 sc1\"> </span>Ma<span class=\"_ _1\"></span>rgin<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>d<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>ter<span class=\"_ _1\"></span>ess<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>Re<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ch<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>ripres<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>val<span class=\"_ _0\"></span>ore<span class=\"_ _3bd\"> </span>su<span class=\"_ _3bd\"> </span>at<span class=\"_ _0\"></span>tiv<span class=\"_ _1\"></span>it\u00e0<span class=\"_ _3bd\"> </span>ma<span class=\"_ _0\"></span>teriali<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>im<span class=\"_ _0\"></span>ma<span class=\"_ _1\"></span>ter<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>U<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>(P<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>dit<span class=\"_ _1\"></span>a)<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>lordo<span class=\"_ _3bd\"> </span>delle<span class=\"_ _3bd\"> </span>im<span class=\"_ _1\"></span>post<span class=\"_ _1\"></span>e<span class=\"fc0 sc1\"> </span>U<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>(P<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>dit<span class=\"_ _1\"></span>a)<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>net<span class=\"_ _0\"></span>to<span class=\"_ _3bd\"> </span>delle<span class=\"_ _3bd\"> </span>im<span class=\"_ _1\"></span>post<span class=\"_ _1\"></span>e<span class=\"fc0 sc1\"> </span>U<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>(P<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>dit<span class=\"_ _1\"></span>a)<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>grup<span class=\"_ _0\"></span>pi<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>attiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>via<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>di<span class=\"_ _0\"></span>sm<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>net<span class=\"_ _0\"></span>to<span class=\"_ _3bd\"> </span>d<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>im<span class=\"_ _1\"></span>post<span class=\"_ _1\"></span>e<span class=\"fc0 sc1\"> </span>U<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>(P<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>dit<span class=\"_ _1\"></span>a)<span class=\"_ _3bd\"> </span>d'<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>zio<span class=\"_ _3bd\"> </span>(1<span class=\"_ _1\"></span>)<span class=\"fc0 sc1\"> </span>Alt<span class=\"_ _1\"></span>re<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>on<span class=\"_ _1\"></span>ent<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>reddit<span class=\"_ _0\"></span>uali<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>net<span class=\"_ _0\"></span>to<span class=\"_ _3bd\"> </span>delle<span class=\"_ _3bd\"> </span>impo<span class=\"_ _0\"></span>ste<span class=\"_ _3bd\"> </span>(2)<span class=\"_ _3bd\"> </span>Re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>ss<span class=\"_ _1\"></span>iva<span class=\"_ _3bd\"> </span>(3)<span class=\"_ _3bd\"> </span>=<span class=\"_ _3bd\"> </span>(1)<span class=\"_ _3bd\"> </span>+<span class=\"_ _3bd\"> </span>(<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>)<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span>Impr<span class=\"_ _0\"></span>ese<span class=\"_ _3bd\"> </span>cont<span class=\"_ _0\"></span>rolla<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>modo<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>iu<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>ssic<span class=\"_ _0\"></span>ura<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>Gru<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>S<span class=\"_ _3bd\"> </span>ant<span class=\"_ _0\"></span>ama<span class=\"_ _0\"></span>ria<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _221\"> </span><span class=\"ff3\">3.38<span class=\"_ _0\"></span>1<span class=\"ff1\"> <span class=\"_ _207\"> </span></span>2<span class=\"_ _1\"></span>19<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _209\"> </span><span class=\"ff3\">26<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _11c\"> </span><span class=\"ff3\">66<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20b\"> </span><span class=\"ff3\">39<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1ee\"> </span><span class=\"ff3\">2<span class=\"_ _0\"></span>.22<span class=\"_ _0\"></span>7<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> </span>(2<span class=\"_ _1\"></span>2)<span class=\"ff1\"> <span class=\"_ _f2\"> </span></span>80<span class=\"_ _1\"></span>3<span class=\"ff1\"> <span class=\"_ _f2\"> </span></span>598<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _68\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _177\"> </span><span class=\"ff3\">59<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _47\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff8\"> <span class=\"_ _1ae\"> </span><span class=\"ff3\">598<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span>Nella<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t</span></span>abella<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>rip<span class=\"_ _0\"></span>ortati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pro<span class=\"_ _2\"></span>getti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">31<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>icembre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2022<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">approvati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dal<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Consiglio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Amministrazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fornito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dalle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">societ\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">qualora<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dispo<span class=\"_ _2\"></span>nibili,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dalle<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>pi\u00f9<span class=\"ff1\"> </span>recenti<span class=\"ff1\"> </span>situazioni<span class=\"ff1\"> </span>patrimoniali<span class=\"ff1\"> </span>riferite<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>totale<span class=\"ff1\"> </span>delle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">part<span class=\"_ _2\"></span>ecipate</span> <span class=\"ff3\">e</span> <span class=\"ff3\">non</span> <span class=\"ff3\">alla</span> <span class=\"ff3\">percen<span class=\"_ _0\"></span>tuale<span class=\"ff1\"> </span>dete<span class=\"_ _2\"></span>nuta<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>Gruppo<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\">.<span class=\"_ _3bd\"> </span></span></span>6.<span class=\"_ _0\"></span>397<span class=\"_ _3bd\"> </span>137<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>00<span class=\"_ _3bd\"> </span>19.<span class=\"_ _0\"></span>571<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>93.<span class=\"_ _0\"></span>18<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>47.<span class=\"_ _1\"></span>685<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>283<span class=\"_ _3bd\"> </span>(1<span class=\"_ _0\"></span>.16<span class=\"_ _0\"></span>2)<span class=\"_ _3bd\"> </span>19.<span class=\"_ _0\"></span>00<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>12<span class=\"_ _0\"></span>.78<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>12<span class=\"_ _0\"></span>.78<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>(9.<span class=\"_ _0\"></span>60<span class=\"_ _0\"></span>8)<span class=\"_ _3bd\"> </span>3.1<span class=\"_ _0\"></span>75<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span>Impr<span class=\"_ _0\"></span>ese<span class=\"_ _3bd\"> </span>sot<span class=\"_ _0\"></span>topost<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>ad<span class=\"_ _3bd\"> </span>influe<span class=\"_ _0\"></span>nza<span class=\"_ _3bd\"> </span>no<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>vo<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span> An<span class=\"_ _0\"></span>dxor<span class=\"_ _0\"></span><span class=\"ff8\"> <span class=\"_ _180\"> </span><span class=\"ff3\">87<span class=\"_ _0\"></span>2<span class=\"_ _1\"></span> <span class=\"_ _a1\"> </span>2<span class=\"_ _0\"></span>92<span class=\"_ _1\"></span> <span class=\"_ _21a\"> </span>26<span class=\"_ _1\"></span> <span class=\"_ _122\"> </span>2<span class=\"_ _0\"></span>72<span class=\"_ _1\"></span> <span class=\"_ _207\"> </span>1<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span> <span class=\"_ _63\"> </span>1.<span class=\"_ _0\"></span>563 <span class=\"_ _66\"> </span>(3<span class=\"_ _1\"></span>) <span class=\"_ _6c\"> </span>(9<span class=\"_ _0\"></span>)<span class=\"_ _0\"></span> <span class=\"_ _a1\"> </span>6<span class=\"_ _1\"></span>76<span class=\"_ _0\"></span> <span class=\"_ _f2\"> </span>48<span class=\"_ _0\"></span>0 <span class=\"_ _34\"> </span>- <span class=\"_ _177\"> </span>48<span class=\"_ _0\"></span>0 <span class=\"_ _68\"> </span>- <span class=\"_ _176\"> </span>4<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span></span></span>SBC<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">F<span class=\"_ _0\"></span>inte<span class=\"_ _0\"></span>ch<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">222<span class=\"_ _0\"></span>4<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Mil<span class=\"_ _0\"></span>an<span class=\"ff8\"> <span class=\"_ _223\"> </span></span>7<span class=\"_ _0\"></span>9<span class=\"_ _1\"></span> <span class=\"_ _1a8\"> </span>17<span class=\"_ _0\"></span>6 <span class=\"_ _6e\"> </span>8 <span class=\"_ _1ac\"> </span>28<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span> <span class=\"_ _7f\"> </span>- <span class=\"_ _6e\"> </span>6 <span class=\"_ _20b\"> </span>- <span class=\"_ _50\"> </span>- <span class=\"_ _224\"> </span>(2<span class=\"_ _1\"></span>79<span class=\"_ _0\"></span>) <span class=\"_ _69\"> </span>(2<span class=\"_ _0\"></span>79<span class=\"_ _0\"></span>) <span class=\"_ _34\"> </span>- <span class=\"_ _200\"> </span>(2<span class=\"_ _1\"></span>79)<span class=\"_ _0\"></span> <span class=\"_ _68\"> </span>- <span class=\"_ _1fd\"> </span>(<span class=\"_ _0\"></span>27<span class=\"_ _1\"></span>9)<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs13f1\">Ric<span class=\"_ _0\"></span>on<span class=\"_ _1\"></span>cili<span class=\"_ _0\"></span>azio<span class=\"_ _1\"></span>ne<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs13f2\">tra<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs13f3\">le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs13f4\">inf<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>zio<span class=\"_ _1\"></span>ni<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs13f5\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs13f6\">na<span class=\"_ _1\"></span>tura<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs13f7\">co<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs13f8\">ed<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs13f9\">il<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs13fa\">val<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs13fb\">co<span class=\"_ _0\"></span>nta<span class=\"_ _1\"></span>bile<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs13fc\">de<span class=\"_ _0\"></span>lle<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs13fd\">pa<span class=\"_ _0\"></span>rte<span class=\"_ _1\"></span>cipa<span class=\"_ _0\"></span>zio<span class=\"_ _1\"></span>ni<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs13fe\">De<span class=\"_ _0\"></span>no<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>ina<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs13ff\">Pa<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>io<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs1400\">nett<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs1401\">(*)<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs1402\">Pe<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs1403\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs1404\">in<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>sen<span class=\"_ _0\"></span>za<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs1405\">Pa<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>io<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs1406\">nett<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs1407\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs1408\">pe<span class=\"_ _0\"></span>rti<span class=\"_ _1\"></span>nen<span class=\"_ _0\"></span>za<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs1409\">Av<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>am<span class=\"_ _0\"></span>en<span class=\"_ _1\"></span>to<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs140a\">Alt<span class=\"_ _1\"></span>re<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs140b\">po<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs140c\">Va<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs140d\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs140e\">bi<span class=\"_ _0\"></span>lan<span class=\"_ _1\"></span>cio<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs140f\">A.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1410\">Im<span class=\"_ _1\"></span>pre<span class=\"_ _0\"></span>se<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1411\">co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>lla<span class=\"_ _1\"></span>te<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1412\">in<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1413\">m<span class=\"_ _0\"></span>odo<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1414\">co<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>iu<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>o </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1415\">Cr<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span>mas<span class=\"_ _0\"></span>sic<span class=\"_ _0\"></span>ura<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1416\">70.<span class=\"_ _0\"></span>18<span class=\"_ _0\"></span>8 <span class=\"_ _20b\"> </span>50,<span class=\"_ _0\"></span>00%<span class=\"_ _0\"></span> <span class=\"_ _1ae\"> </span>35.0<span class=\"_ _0\"></span>94 <span class=\"_ _a1\"> </span>10<span class=\"_ _0\"></span>.32<span class=\"_ _0\"></span>4 <span class=\"_ _72\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _a1\"> </span><span class=\"ff3\">45<span class=\"_ _0\"></span>.41<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1417\">An<span class=\"_ _0\"></span>dxor<span class=\"_ _0\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1418\">78<span class=\"_ _1\"></span>9 <span class=\"_ _81\"> </span>4<span class=\"_ _0\"></span>0,0<span class=\"_ _0\"></span>0% <span class=\"_ _3b\"> </span>3<span class=\"_ _1\"></span>16<span class=\"_ _0\"></span> <span class=\"_ _176\"> </span>1.<span class=\"_ _0\"></span>06<span class=\"_ _0\"></span>2 <span class=\"_ _34\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _75\"> </span><span class=\"ff3\">1.<span class=\"_ _0\"></span>37<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1419\">SBC<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Fintech<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2224<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Mi<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span> </span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs141a\">- <span class=\"_ _7e\"> </span>19,6<span class=\"_ _0\"></span>8% <span class=\"_ _138\"> </span>- <span class=\"_ _19c\"> </span>- <span class=\"_ _50\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2f\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs141b\">Gru<span class=\"_ _0\"></span>ppo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Sant<span class=\"_ _0\"></span>ama<span class=\"_ _0\"></span>ria<span class=\"_ _1\"></span> </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs141c\">3.1<span class=\"_ _0\"></span>66 <span class=\"_ _129\"> </span>10,<span class=\"_ _0\"></span>00% <span class=\"_ _3b\"> </span>31<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span> <span class=\"_ _68\"> </span>25<span class=\"_ _0\"></span>1<span class=\"_ _1\"></span> <span class=\"_ _f5\"> </span>56<span class=\"_ _1\"></span>7<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs141d\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span> <span class=\"_ _1fd\"> </span>74<span class=\"_ _0\"></span>.14<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span> </div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs141e\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs141f\"> <span class=\"_ _52\"> </span>35.<span class=\"_ _0\"></span>72<span class=\"_ _0\"></span>7 <span class=\"_ _21a\"> </span>11.<span class=\"_ _0\"></span>63<span class=\"_ _1\"></span>7 <span class=\"_ _72\"> </span>-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1420\">47<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>62<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs1421\">(*)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">patrimonio<span class=\"ff1\"> </span>netto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">somm<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">delle<span class=\"ff1\"> </span>\u201cattivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">f<span class=\"_ _2\"></span>inanziarie\u201d,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"_ _2\"></span>le<span class=\"ff1\"> </span>\u201c<span class=\"_ _0\"></span>Attiv<span class=\"_ _2\"></span>it\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">no<span class=\"_ _2\"></span>n<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fi<span class=\"_ _2\"></span>nanziarie\u201d<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>netto<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>elle<span class=\"ff1\"> </span>\u201cPassivit\u00e0<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs1422\">finanziarie\u201d<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>del<span class=\"_ _2\"></span>le<span class=\"ff1\"> </span>\u201cPassiv<span class=\"_ _2\"></span>it\u00e0<span class=\"ff1\"> </span>finanziarie\u201d<span class=\"ff1\"> </span>ri<span class=\"_ _2\"></span>portate<span class=\"ff1\"> </span>nell<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>tabella<span class=\"ff1\"> </span>7.3. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1423\">La<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">so<span class=\"_ _0\"></span>cie<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Fin<span class=\"_ _0\"></span>tech<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">h<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>atri<span class=\"_ _0\"></span>mon<span class=\"_ _0\"></span>io<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">neg<span class=\"_ _0\"></span>ativ<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">24<span class=\"ff1\"> </span>m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>eu<span class=\"_ _0\"></span>ro. </span></span></span></span></span></span></span></span></span></span></div><div class=\"t m26 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1424\">7.<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1425\">Pa<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>eci<span class=\"_ _0\"></span>pa<span class=\"_ _1\"></span>zion<span class=\"_ _0\"></span>i:<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1426\">va<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1427\">a<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>nu<span class=\"_ _1\"></span>e<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs1428\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs1429\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs142a\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs142b\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs142c\">A.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs142d\">Esist<span class=\"_ _0\"></span>enze<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs142e\">in<span class=\"_ _1\"></span>zial<span class=\"_ _0\"></span>i </div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs142f\">48<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>92<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1430\">45<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>90<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1431\">B.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1432\">Au<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>i </div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1433\">6.<span class=\"_ _0\"></span>89<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1434\">7.<span class=\"_ _0\"></span>45<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1435\">B.1<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Ac<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span> </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1436\">2<span class=\"_ _0\"></span>50<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1437\">8<span class=\"_ _0\"></span>21<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1438\">-<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>cu<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>op<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>zion<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>agg<span class=\"_ _1\"></span>rega<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>az<span class=\"_ _1\"></span>iend<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1439\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs143a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs143b\">B.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Riprese<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alo<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span> </span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs143c\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs143d\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs143e\">B.3<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Rival<span class=\"_ _0\"></span>utaz<span class=\"_ _1\"></span>ioni<span class=\"_ _0\"></span> </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs143f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1440\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1441\">B.4<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">var<span class=\"_ _0\"></span>iaz<span class=\"_ _0\"></span>ioni<span class=\"_ _1\"></span> </span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1442\">6.<span class=\"_ _0\"></span>643<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1443\">6.<span class=\"_ _0\"></span>632<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1444\">C.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1445\">Di<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i </div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1446\">8.<span class=\"_ _0\"></span>123<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1447\">4.<span class=\"_ _0\"></span>55<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1448\">C.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Ven<span class=\"_ _0\"></span>dite<span class=\"_ _0\"></span> </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1449\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs144a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs144b\">-<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>cu<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>op<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>zion<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>agg<span class=\"_ _1\"></span>rega<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>az<span class=\"_ _1\"></span>iend<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs144c\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs144d\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs144e\">C.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Rettifiche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">val<span class=\"_ _0\"></span>ore<span class=\"_ _0\"></span> </span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs144f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1450\">63<span class=\"_ _1\"></span>6<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1451\">C.3<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Svalu<span class=\"_ _0\"></span>taz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1452\">2<span class=\"_ _0\"></span>50<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1453\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1454\">C.4<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vari<span class=\"_ _0\"></span>azi<span class=\"_ _1\"></span>oni </span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1455\">7.<span class=\"_ _1\"></span>87<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1456\">3.9<span class=\"_ _0\"></span>15<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1457\">D.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1458\">Ri<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ze<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1459\">fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>li </div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs145a\">47<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>62<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs145b\">48<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>92<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs145c\">E.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs145d\">Ri<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>taz<span class=\"_ _1\"></span>ioni<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs145e\">to<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span> </div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs145f\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs1460\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1461\">F.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1462\">Re<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ch<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1463\">to<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>li </div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs1464\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs1465\">-</div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1466\">Le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">variazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">relative<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">com<span class=\"_ _2\"></span>parto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">partecipazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">recepiscono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">utili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perdite<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">delle<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">societ<span class=\"_ _2\"></span>\u00e0<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1467\">consolidate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>atrimonio<span class=\"ff1\"> </span>netto,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>dividendi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">distribuiti,</span> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019acquisto<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">250<span class=\"ff1\"> </span>mila<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">euro<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span>riferisce<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>SBC<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1468\">Fintech<span class=\"ff1\"> </span>2224<span class=\"ff1\"> </span>Milan,<span class=\"ff1\"> </span>partecipazione<span class=\"ff1\"> </span>interamente<span class=\"ff1\"> </span>svalutata. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1469\">Nel<span class=\"ff1\"> </span>me<span class=\"_ _0\"></span>se<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gennaio<span class=\"ff1\"> </span>2022<span class=\"ff1\"> </span>si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span>perfezionato<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">investimento<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>redemtel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Spa<span class=\"ff1\"> </span>(\u201cCredemtel\u201d)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nella<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs146a\">societ\u00e0<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>SBC<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Fintech<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>Milan<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>2<span class=\"_ _2\"></span>224<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>s.r.l.<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>(\u201cSBC\u201d)<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>l\u2019importo<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>complessivo<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>250.00<span class=\"_ _2\"></span>0<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>euro.<span class=\"_ _0\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs146b\">L\u2019investimento<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>avvenuto<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>nella<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>form<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>aumento<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>capitale<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>riservato<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Credemtel<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>la<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs146c\">partecipazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Credemtel<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>societ\u00e0<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>pari,<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>31.12.2022,<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>19,68%<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>capitale<span class=\"ff1\"> </span>sociale. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs146d\">SBC<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>una<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Holding<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">che</span> <span class=\"_ _20\"></span><span class=\"ff3\">detiene,</span> <span class=\"_ _20\"></span><span class=\"ff3\">al</span> <span class=\"_ _21\"></span><span class=\"ff3\">31.12.2022,</span> <span class=\"_ _20\"></span><span class=\"ff3\">il</span> <span class=\"_ _20\"></span><span class=\"ff3\">16,695%</span> <span class=\"_ _21\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _21\"></span></span>capi<span class=\"_ _0\"></span>tale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>ociale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u201cF<span class=\"_ _2\"></span>intech<span class=\"ff1\"> <span class=\"_ _20\"></span></span>&amp;amp;<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs146e\">Insurtech<span class=\"ff1\">  </span>Accelerator<span class=\"_ _2\"></span><span class=\"ff1\">  </span>s.r.l.\u201d,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>con<span class=\"ff1\">  </span>s<span class=\"_ _2\"></span>ede<span class=\"ff1\">  </span>in<span class=\"ff1\">  </span>Rom<span class=\"_ _2\"></span>a<span class=\"ff1\">  </span>(RM),<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Via<span class=\"ff1\">  </span>A<span class=\"_ _2\"></span>rduino<span class=\"ff1\">  </span>n.<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>22,<span class=\"ff1\">  </span>n<span class=\"_ _2\"></span>ell\u2019ambito<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>un<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs146f\">programma<span class=\"ff1\"> </span>verticale<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">investimento<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>innovazione<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>ell\u2019ambito<span class=\"ff1\"> </span>FinTech<span class=\"ff1\"> </span>&amp;amp;<span class=\"ff1\"> </span>InsurTech<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">basato<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1470\">a<span class=\"ff1\"> </span>Milano<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>promosso<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>CDP<span class=\"ff1\"> </span>Venture<span class=\"ff1\"> </span>Capital<span class=\"ff1\"> </span>SGR<span class=\"ff1\"> </span>S.p.A.<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span>durata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>almeno<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>triennio. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1471\">Ai<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fini<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">processo<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">impairment<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>est<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stat<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">utilizzata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valutazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">effett<span class=\"_ _2\"></span>uata<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">primar<span class=\"_ _2\"></span>ia<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1472\">soc<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>espe<span class=\"_ _0\"></span>rta<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nella<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">valu<span class=\"_ _0\"></span>tazi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Start-<span class=\"_ _0\"></span>up<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">che</span> <span class=\"ff3\">ha</span> <span class=\"ff3\">fo<span class=\"_ _0\"></span>rni<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>una<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">valu<span class=\"_ _0\"></span>tazi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>Pat<span class=\"_ _0\"></span>rimo<span class=\"_ _0\"></span>nio<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>tto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1473\">\u201cFintech<span class=\"ff1\"> </span>&amp;amp;<span class=\"ff1\"> </span>Insurtech<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Accelerator<span class=\"ff1\"> </span>s.r.l.\u201d<span class=\"ff1\"> </span>rettificato<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fair-value<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>societ\u00e0<span class=\"ff1\"> </span>Star<span class=\"_ _2\"></span>t-up<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1474\">detenute.<span class=\"ff1\">  </span>La<span class=\"ff1\">  </span>v<span class=\"_ _0\"></span>alutazione<span class=\"ff1\">  </span>in<span class=\"ff1\">  </span>parola<span class=\"ff1\">  </span>non<span class=\"ff1\">  </span>ha<span class=\"ff1\">  </span>consen<span class=\"_ _0\"></span>tito<span class=\"ff1\">  </span>pertanto<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>ritenere<span class=\"ff1\">  </span>suf<span class=\"_ _0\"></span>ficientemente<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1475\">consistente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Patrimonio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nett<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>ettificato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>SBC<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>conseguente<span class=\"ff1\"> <span class=\"_ _21\"></span></span>svalu<span class=\"_ _0\"></span>tazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>da<span class=\"ff1\"> <span class=\"_ _21\"></span></span>impai<span class=\"_ _0\"></span>rment<span class=\"_ _3bd\"> </span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1477\">della<span class=\"ff1\"> </span>partecipazione<span class=\"ff1\"> </span>detenuta<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>Credemtel.<span class=\"_ _3bd\"> </span> </div><div class=\"t m26 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1479\">7.6<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs147a\">Valut<span class=\"_ _0\"></span>azioni<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs147b\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs147c\">ass<span class=\"_ _0\"></span>unzioni<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs147d\">signi<span class=\"_ _0\"></span>ficat<span class=\"_ _0\"></span>ive<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs147e\">per<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs147f\">stabili<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1480\">l\u2019esis<span class=\"_ _0\"></span>tenza<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1481\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1482\">contro<span class=\"_ _0\"></span>llo<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1483\">congi<span class=\"_ _0\"></span>unto<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1484\">o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1485\">influe<span class=\"_ _0\"></span>nza<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1486\">notev<span class=\"_ _0\"></span>ole<span class=\"_ _3bd\"> </span></div>danni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>accrescere<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _21\"></span></span>livello<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>servizio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"_ _2\"></span>fferto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>propria<span class=\"ff1\"> <span class=\"_ _20\"></span></span>clientela,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>grazie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>upporto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>u<span class=\"_ _3bd\"> </span>primario<span class=\"ff1\"> </span>player<span class=\"ff1\"> </span>specializzato<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>settore<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>protection.<span class=\"_ _3bd\"> </span>Le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pa<span class=\"_ _0\"></span>rti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">hanno<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">poi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>rfe<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>ato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pa<span class=\"_ _0\"></span>tto<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ara<span class=\"_ _0\"></span>soci<span class=\"_ _0\"></span>ale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>cu<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>lau<span class=\"_ _0\"></span>sole<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>onte<span class=\"_ _0\"></span>mpla<span class=\"_ _0\"></span>no:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span> Il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>div<span class=\"_ _0\"></span>ieto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>trasferimento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>azioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>diritti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>opzione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>terzi,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>div<span class=\"_ _0\"></span>ersi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>societ<span class=\"_ _3bd\"> </span>controllate,<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>tutta<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>durata<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>patto<span class=\"ff1\"> </span>paraso<span class=\"_ _2\"></span>ciale<span class=\"ff1\"> </span>attualmen<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>essere;<span class=\"_ _3bd\"> </span> Il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">diritto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ciascuna<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">parte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ottenere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nomina<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ot<span class=\"_ _2\"></span>tenere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nomin<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">esponent<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">aziendali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>propria<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>designazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>(la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>met\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>egli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>amministr<span class=\"_ _2\"></span>atori<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rinnovi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>alternati<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Consiglio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _3bd\"> </span>Amministrazione,<span class=\"ff1\">  </span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Presidente<span class=\"ff1\">  </span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Consi<span class=\"_ _2\"></span>glio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Amminist<span class=\"_ _2\"></span>razione,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"ff1\">  </span>Sindaci<span class=\"ff1\">  </span>e,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\">  </span>rinno<span class=\"_ _3bd\"> </span>alternati,<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>Presidente<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Collegio<span class=\"ff1\"> </span>Sindacale);<span class=\"_ _3bd\"> </span> La<span class=\"ff1\"> </span>necessit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quorum<span class=\"ff1\"> <span class=\"_ _2\"></span></span>qualificato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> </span>deliberazioni<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>componenti<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Co<span class=\"_ _2\"></span>nsiglio<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span> Amministrazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>iguardanti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">particolari<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tematiche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(come,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altre,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>omina<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Dirett<span class=\"_ _2\"></span>or<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Generale,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Responsabile<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Si<span class=\"_ _2\"></span>nistri,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Dir<span class=\"_ _2\"></span>ettore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Commerciale,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>funzione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>auditin<span class=\"_ _3bd\"> </span>l\u2019approvazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>operazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>finanzia<span class=\"ff1\"> </span>str<span class=\"_ _2\"></span>aordinaria,<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>accordi<span class=\"ff1\"> </span>distributivi,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ecc).<span class=\"_ _2\"></span> </span></span>7.8<span class=\"_ _3bd\"> </span>Im<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>rif<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>iti<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>pa<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>eci<span class=\"_ _0\"></span>pa<span class=\"_ _1\"></span>zion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>so<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>so<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>op<span class=\"_ _0\"></span>ost<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>ad<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>flu<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>za<span class=\"_ _3bd\"> </span>no<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>vol<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>Credemtel<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>h<span class=\"_ _3bd\"> </span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>so<span class=\"_ _2\"></span>ttoscritto<span class=\"ff1\">  </span>con<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">i</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">soci</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">di</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">ANDXOR</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">accordi</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">contrattuali</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">volti</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">a</span>  <span class=\"ff3\">di<span class=\"_ _0\"></span>sciplinare<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>pi<span class=\"_ _3bd\"> </span></span></span>compiutamente<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>partnership<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>SATA.<span class=\"fc0\"> </span>Le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pa<span class=\"_ _0\"></span>rti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">hanno<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">poi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>rfe<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>ato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pa<span class=\"_ _0\"></span>tto<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ara<span class=\"_ _0\"></span>soci<span class=\"_ _0\"></span>ale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>cu<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>lau<span class=\"_ _0\"></span>sole<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>onte<span class=\"_ _0\"></span>mpla<span class=\"_ _0\"></span>no:<span class=\"fc0\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span> il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span>rit<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Cred<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>tel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">otten<span class=\"_ _0\"></span>ere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>omin<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esp<span class=\"_ _0\"></span>onen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">azien<span class=\"_ _0\"></span>dali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>rop<span class=\"_ _0\"></span>ria<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">desi<span class=\"_ _0\"></span>gnaz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">(u<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>consigliere<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>amministrazione<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>sindaco<span class=\"ff1\"> </span>unico);<span class=\"_ _3bd\"> </span> il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">diri<span class=\"_ _0\"></span>tto<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">co<span class=\"_ _0\"></span>-vend<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fav<span class=\"_ _0\"></span>ore<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Cre<span class=\"_ _0\"></span>dem<span class=\"_ _0\"></span>tel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">qu<span class=\"_ _1\"></span>alora<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">v<span class=\"_ _0\"></span>enga<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">trasf<span class=\"_ _0\"></span>erit<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">atto<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">tra<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">viv<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">qu<span class=\"_ _1\"></span>ota<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>almeno<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>5<span class=\"_ _2\"></span>0%<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>ca<span class=\"_ _2\"></span>pitale<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>so<span class=\"_ _2\"></span>ciale<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>ANDX<span class=\"_ _2\"></span>OR<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>tutta<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>durata<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>patt<span class=\"_ _3bd\"> </span>parasociale<span class=\"ff1\"> </span>attualmente<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>essere;<span class=\"_ _3bd\"> </span> la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>necessit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quorum<span class=\"ff1\"> <span class=\"_ _20\"></span></span>qualificato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>deliberazioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>componenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>de<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Consiglio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"_ _0\"></span> Amministrazione<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>riguardanti<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>particolari<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>t<span class=\"_ _2\"></span>ematiche<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>(come<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>mo<span class=\"_ _2\"></span>dificazioni<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>dell\u2019atto<span class=\"ff1\"> </span>costitutivo,<span class=\"ff1\">  </span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>modificazione<span class=\"ff1\">  </span>dell\u2019<span class=\"_ _0\"></span>oggett<span class=\"_ _2\"></span>o<span class=\"ff1\">  </span>sociale,<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">l\u2019assunzione</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">di</span>  <span class=\"ff3\">finanziamenti</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">olt<span class=\"_ _2\"></span>re</span>  <span class=\"ff3\">i<span class=\"_ _1c\"></span> </span></span>150.000<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>euro,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>compravendi<span class=\"_ _0\"></span>ta<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>diritti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>reali<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>immobil<span class=\"_ _0\"></span>iari,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>emissione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>titoli<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>debito<span class=\"_ _3bd\"> </span>distribuzione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>riserve).<span class=\"_ _3bd\"> </span>Avvera<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sottoscritto<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">soci<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Gruppo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Santamaria<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">accordi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">contr<span class=\"_ _2\"></span>attuali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">volti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">disciplinare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pi<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>compiutamente<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>partnership<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>GSM.<span class=\"_ _3bd\"> </span>In<span class=\"ff1\"> </span>tale<span class=\"ff1\"> </span>contesto<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>contratto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>investimento<span class=\"ff1\"> </span>sot<span class=\"_ _2\"></span>toscritto<span class=\"ff1\"> </span>dalle<span class=\"ff1\"> </span>parti<span class=\"ff1\"> </span>ha<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">espressamente<span class=\"ff1\"> </span>convenut<span class=\"_ _3bd\"> </span></span></span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>apo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ad<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">A<span class=\"_ _0\"></span>vvera<span class=\"_ _0\"></span>:<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(i)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">u<span class=\"_ _0\"></span>na<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pri<span class=\"_ _0\"></span>ma<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">opzion<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cal<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fino<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">20%<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">capi<span class=\"_ _0\"></span>tale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>oci<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">GSM;<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">(i<span class=\"_ _0\"></span>i)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>se<span class=\"_ _0\"></span>con<span class=\"_ _0\"></span>d<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>opzione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>call<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>ulla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>intera<span class=\"ff1\"> <span class=\"_ _20\"></span></span>partecipazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>residua<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d<span class=\"_ _2\"></span>el<span class=\"ff1\"> <span class=\"_ _2\"></span></span>capitale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>ociale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>G<span class=\"_ _2\"></span>SM;<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(iii)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>una<span class=\"ff1\"> <span class=\"_ _20\"></span></span>opzione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>p<span class=\"_ _3bd\"> </span>sull\u2019intera<span class=\"ff1\"> </span>partecipazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nel<span class=\"ff1\"> </span>ca<span class=\"_ _2\"></span>pitale<span class=\"ff1\"> </span>sociale<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>GSM<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>titolarit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>Avvera.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>La<span class=\"ff1\"> </span>prima<span class=\"ff1\"> <span class=\"_ _2\"></span></span>opzione<span class=\"ff1\"> </span>ca<span class=\"_ _3bd\"> </span>era<span class=\"ff1\"> </span>esercitabile<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dalla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>ap<span class=\"_ _0\"></span>provazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span>bi<span class=\"_ _0\"></span>lancio<span class=\"ff1\"> </span>relativo<span class=\"ff1\"> </span>all\u2019esercizio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2020<span class=\"ff1\"> </span>fino<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ata<span class=\"ff1\"> </span>d<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>31<span class=\"ff1\"> </span>dicembre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2021,<span class=\"ff1\"> </span>tale<span class=\"ff1\"> </span>opzione<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span>stata<span class=\"ff1\"> </span>esercitata,<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">seconda<span class=\"ff1\"> </span>opzione<span class=\"ff1\"> </span>call<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esercitabile<span class=\"ff1\"> </span>dall<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>data<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>approvazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _21\"></span></span>bilancio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>relativo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>all\u2019esercizio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>2021<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fino<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>data<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">del</span> <span class=\"_ _20\"></span><span class=\"ff3\">31</span> <span class=\"_ _21\"></span><span class=\"ff3\">dicembre</span> <span class=\"_ _20\"></span><span class=\"ff3\">202<span class=\"_ _3bd\"> </span></span></span>nonch\u00e9<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>periodo<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>decorre<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>approvazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>elativo<span class=\"ff1\"> </span>all\u2019esercizio<span class=\"ff1\"> </span>202<span class=\"_ _3bd\"> </span>fino<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>data<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>31<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dicembre<span class=\"ff1\"> <span class=\"_ _20\"></span></span>20<span class=\"_ _2\"></span>23;<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l\u2019opzione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>put<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>esercitabile<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dalla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>data<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>approvazion<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _3bd\"> </span>bilancio<span class=\"ff1\"> </span>relativo<span class=\"ff1\"> </span>all<span class=\"_ _0\"></span>\u2019esercizio<span class=\"ff1\"> </span>2022<span class=\"ff1\"> </span>fino<span class=\"ff1\"> </span>all<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">31<span class=\"ff1\"> </span>dicembre<span class=\"ff1\"> </span>2023<span class=\"ff1\"> </span>e,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in</span> <span class=\"ff3\">c<span class=\"_ _0\"></span>aso<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>ce<span class=\"_ _0\"></span>ssazione<span class=\"ff1\"> </span>p<span class=\"_ _3bd\"> </span></span></span></span></span>qualsiasi<span class=\"ff1\"> </span>causa<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>contratto<span class=\"_ _2\"></span><span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>genzia<span class=\"ff1\"> </span>tra<span class=\"ff1\"> </span>Avve<span class=\"_ _0\"></span>ra<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>GSM,<span class=\"ff1\"> </span>entro<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">6<span class=\"ff1\"> </span>mesi<span class=\"ff1\"> </span>successivi<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rima<span class=\"ff1\"> </span>tr<span class=\"_ _3bd\"> </span></span></span></span></span>le<span class=\"ff1\"> </span>seguenti<span class=\"ff1\"> </span>date:<span class=\"ff1\"> </span>(i)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>data<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>esercizio<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>recesso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>contratto<span class=\"_ _2\"></span><span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>agenzia;<span class=\"ff1\"> </span>(ii)<span class=\"ff1\"> </span>data<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>riceviment<span class=\"_ _3bd\"> </span>della<span class=\"ff1\"> <span class=\"_ _21\"></span></span>comunicazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _21\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Avvera<span class=\"ff1\"> <span class=\"_ _21\"></span></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>GSM<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"_ _0\"></span>chiarino<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>avv<span class=\"_ _0\"></span>alers<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dell<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>clausola<span class=\"ff1\"> <span class=\"_ _21\"></span></span>risolutiv<span class=\"_ _3bd\"> </span>espressa<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>contratto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>agenzia<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>sensi<span class=\"ff1\"> </span>dell\u2019art.<span class=\"ff1\"> </span>1465<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Cod.<span class=\"ff1\"> </span>Civ;<span class=\"ff1\"> </span>(iii)<span class=\"ff1\"> </span>decorso<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>termin<span class=\"_ _3bd\"> </span>per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">adempiere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">contratt<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">agenzia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">intimat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Av<span class=\"_ _2\"></span>vera<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">GSM<span class=\"ff1\"> </span>ai<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">sensi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dell\u2019art.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">14<span class=\"_ _2\"></span>54<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Cod.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Civ<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Il<span class=\"ff1\"> </span>contratto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>investimento<span class=\"ff1\"> </span>prevede<span class=\"ff1\"> </span>inoltre:<span class=\"_ _3bd\"> </span> un<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>riodo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">5</span> <span class=\"_ _0\"></span><span class=\"ff3\">anni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Loc<span class=\"_ _0\"></span>k-Up<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dura<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">qu<span class=\"_ _0\"></span>ale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">soci<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">GSM<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">no<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>potr<span class=\"_ _0\"></span>ann<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>tra<span class=\"_ _0\"></span>sfe<span class=\"_ _0\"></span>rir<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>d<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alcu<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>titolo<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>proprie<span class=\"ff1\"> </span>partecipazioni<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>GSM<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>soggetti<span class=\"ff1\"> </span>diversi<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>Avvera;<span class=\"_ _3bd\"> </span> la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>necessit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quorum<span class=\"ff1\"> <span class=\"_ _20\"></span></span>qualificato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>deliberazioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>componenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>de<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Consiglio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"_ _0\"></span> Amministrazione<span class=\"ff1\">  </span>riguardanti<span class=\"ff1\">  </span>particolari<span class=\"ff1\">  </span>tematiche<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(come<span class=\"ff1\">  </span>la<span class=\"ff1\">  </span>stipulazione<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>c<span class=\"_ _0\"></span>ontratti<span class=\"ff1\">  </span>locazione,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>l\u2019approvazione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>m<span class=\"_ _2\"></span>odifica<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>b<span class=\"_ _2\"></span>usiness<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>plan<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>e/o<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Budget,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>l\u2019effettuazione<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>investimenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019assunzione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>debiti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziari<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>concessione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziamenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ecceden<span class=\"_ _3bd\"> </span>determinate<span class=\"ff1\"> </span>soglie<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>importo).<span class=\"_ _3bd\"> </span>7.1<span class=\"_ _1\"></span>0<span class=\"_ _3bd\"> </span>Al<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>for<span class=\"_ _0\"></span>ma<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"fc0 sc1\"> </span>Credemassicurazioni,<span class=\"ff1\"> </span>Andxor<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Gruppo<span class=\"ff1\"> </span>Santamaria,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">partecipazioni<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>quali<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>bil<span class=\"_ _0\"></span>anci<span class=\"_ _2\"></span>o<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>risulta<span class=\"ff1\"> <span class=\"_ _20\"></span></span>essere<span class=\"ff1\"> <span class=\"_ _2\"></span></span>superiore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quot<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pertinenza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>patrimonio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>netto<span class=\"_ _2\"></span>,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>state<span class=\"ff1\"> <span class=\"_ _20\"></span></span>assoggettate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"_ _3bd\"> </span>test<span class=\"ff1\"> <span class=\"_ _21\"></span></span>d\u2019i<span class=\"_ _0\"></span>mpairment<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dal<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quale<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>emers<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>un<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">valore</span> <span class=\"_ _20\"></span><span class=\"ff3\">recuperabile</span> <span class=\"_ _21\"></span><span class=\"ff3\">supe<span class=\"_ _0\"></span>riore<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>carico.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Si<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"_ _3bd\"> </span></span></span>quindi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>r<span class=\"_ _2\"></span>itenuto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>differenz<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ne<span class=\"_ _0\"></span>gativa<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fra<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>car<span class=\"_ _2\"></span>ico<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">la</span> <span class=\"_ _27\"> </span><span class=\"ff3\">quota</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">di</span> <span class=\"_ _27\"> </span><span class=\"ff3\">pertinenza</span> <span class=\"_ _27\"> </span><span class=\"ff3\">de<span class=\"_ _3bd\"> </span></span></span>patrimonio<span class=\"ff1\"> </span>nett<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>partecipate<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>ascr<span class=\"_ _2\"></span>ivibile<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>perdita<span class=\"ff1\"> </span>dur<span class=\"_ _2\"></span>evole<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valore<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e,<span class=\"ff1\"> </span>pertanto,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>non<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>stati<span class=\"ff1\"> </span>rettificati<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>valori<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>iscrizione.<span class=\"_ _3bd\"> </span>Per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Credemassicurazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>differenza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>negativa<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ascrivibile<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"_ _2\"></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>quota<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>avviamento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>10,3<span class=\"ff1\"> </span>milioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>euro,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>m<span class=\"_ _2\"></span>entre<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Andxor<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Gruppo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Santa<span class=\"_ _2\"></span>maria<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"_ _0\"></span>fferenza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>negativa<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ascrivibile<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alla<span class=\"ff1\"> </span>quota<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>avviamento<span class=\"ff1\"> </span>rispettivamente<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>1.062<span class=\"ff1\"> </span>mila<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>euro<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>251<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mila<span class=\"ff1\"> </span>euro.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-887": {
   "value": "<div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs152a\">Sezion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs152b\">8<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs152c\">\u2013<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs152d\">Riser<span class=\"_ _0\"></span>ve<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs152e\">tecniche<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs152f\">a<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs1530\">carico<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs1531\">dei<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs1532\">riassic<span class=\"_ _0\"></span>urator<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs1533\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs1534\">Voce<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs1535\">8<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1536\">8.1<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1537\">Ri<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>rv<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1538\">te<span class=\"_ _0\"></span>cn<span class=\"_ _0\"></span>ich<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1539\">a<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs153a\">ca<span class=\"_ _0\"></span>ric<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs153b\">de<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs153c\">ria<span class=\"_ _1\"></span>ssi<span class=\"_ _0\"></span>cu<span class=\"_ _0\"></span>rat<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>i:<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs153d\">co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>os<span class=\"_ _1\"></span>izio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs153e\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs153f\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs1540\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs1541\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1542\">A.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1543\">Ram<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1544\">da<span class=\"_ _0\"></span>nn<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span> </div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs1545\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs1546\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1547\">A1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riserve<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pr<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span> <span class=\"_ _226\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1548\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1549\">A2.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riserve<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"_ _0\"></span>nist<span class=\"_ _1\"></span>ri <span class=\"_ _174\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs154a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs154b\">A3.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rise<span class=\"_ _0\"></span>rve<span class=\"_ _1\"></span> <span class=\"_ _227\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs154c\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs154d\">B.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs154e\">Ram<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs154f\">vi<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span> <span class=\"_ _228\"> </span>18<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>47<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1550\">17<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>9<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1551\">B1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riserve<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mate<span class=\"_ _0\"></span>mati<span class=\"_ _0\"></span>che<span class=\"_ _1\"></span> <span class=\"_ _107\"> </span>1<span class=\"_ _0\"></span>7.3<span class=\"_ _0\"></span>59<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1552\">16.<span class=\"_ _0\"></span>78<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1553\">B2.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riserve<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">somme<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">paga<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span> <span class=\"_ _229\"> </span>98<span class=\"_ _1\"></span>8<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1554\">70<span class=\"_ _1\"></span>1<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1555\">B3.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ri<span class=\"_ _0\"></span>ser<span class=\"_ _0\"></span>ve <span class=\"_ _227\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1556\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1557\">C.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1558\">Ris<span class=\"_ _1\"></span>erv<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1559\">te<span class=\"_ _0\"></span>cn<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>he<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs155a\">al<span class=\"_ _0\"></span>lor<span class=\"_ _0\"></span>ch<span class=\"_ _0\"></span>\u00e8<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs155b\">il<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs155c\">ri<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs155d\">de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>'in<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>im<span class=\"_ _1\"></span>ento<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs155e\">\u00e8<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs155f\">so<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>por<span class=\"_ _1\"></span>tat<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1560\">da<span class=\"_ _0\"></span>gl<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1561\">as<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>cu<span class=\"_ _0\"></span>rat<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span> </div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs1562\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs1563\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1564\">C1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riserve<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">relative<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">contratti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prestazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">connesse<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fondi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1565\">investimento<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>indic<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>mercato<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1566\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1567\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1568\">C2<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>ris<span class=\"_ _0\"></span>erv<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>riv<span class=\"_ _0\"></span>ant<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>dal<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>ge<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>fond<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>pen<span class=\"_ _0\"></span>sio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span> <span class=\"_ _9f\"> </span>-<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1569\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs156a\">D.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs156b\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs156c\">ri<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>erv<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs156d\">te<span class=\"_ _0\"></span>cn<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>he<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs156e\">a<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs156f\">ca<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>co<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1570\">de<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1571\">ri<span class=\"_ _0\"></span>ass<span class=\"_ _1\"></span>icu<span class=\"_ _0\"></span>rat<span class=\"_ _1\"></span>ori<span class=\"_ _0\"></span> <span class=\"_ _c3\"> </span>18<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>47<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1572\">17<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>9<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2438\">Sezion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2439\">11<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs243a\">\u2013<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs243b\">Riser<span class=\"_ _0\"></span>ve<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs243c\">tecniche<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2 ff1 fs0 fc4 sc0 ls0 ws0 gs243d\"> <span class=\"_ _1\"></span><span class=\"ff6\"> <span class=\"ff1\"> </span></span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs243e\">Voce<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs243f\">1<span class=\"_ _0\"></span>10<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2440\">11<span class=\"_ _0\"></span>.1<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2441\">Ri<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>rv<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2442\">te<span class=\"_ _0\"></span>cn<span class=\"_ _0\"></span>ich<span class=\"_ _0\"></span>e:<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2443\">co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>os<span class=\"_ _1\"></span>izio<span class=\"_ _1\"></span>ne<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2444\">La<span class=\"_ _0\"></span>vo<span class=\"_ _0\"></span>ro<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2445\">di<span class=\"_ _0\"></span>ret<span class=\"_ _1\"></span>to<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2446\">La<span class=\"_ _0\"></span>vo<span class=\"_ _0\"></span>ro<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2447\">in<span class=\"_ _0\"></span>dir<span class=\"_ _1\"></span>ett<span class=\"_ _0\"></span>o<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2448\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2449\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs244a\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs244b\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs244c\">A.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs244d\">Ram<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs244e\">da<span class=\"_ _0\"></span>nn<span class=\"_ _0\"></span>i </div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs244f\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs2450\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs2451\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs2452\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2453\">A1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Riserve<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pr<span class=\"_ _1\"></span>em<span class=\"_ _0\"></span>i <span class=\"_ _189\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2454\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2455\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2456\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2457\">A2.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Riserve<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"_ _0\"></span>nist<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span> <span class=\"_ _2be\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2458\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2459\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs245a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs245b\">A3.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ris<span class=\"_ _0\"></span>erve<span class=\"_ _1\"></span> <span class=\"_ _2bf\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs245c\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs245d\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs245e\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs245f\">B.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2460\">Ram<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2461\">vi<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span> <span class=\"_ _2be\"> </span>4.3<span class=\"_ _1\"></span>56.<span class=\"_ _0\"></span>38<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs2462\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2463\">4.<span class=\"_ _0\"></span>35<span class=\"_ _0\"></span>6.<span class=\"_ _0\"></span>38<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2464\">4.<span class=\"_ _0\"></span>25<span class=\"_ _0\"></span>7.<span class=\"_ _0\"></span>810<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2465\">B1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Riserve<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ma<span class=\"_ _0\"></span>tem<span class=\"_ _0\"></span>atic<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span> <span class=\"_ _cc\"> </span>4.<span class=\"_ _0\"></span>290<span class=\"_ _0\"></span>.96<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2466\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2467\">4.<span class=\"_ _0\"></span>290<span class=\"_ _0\"></span>.96<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2468\">4.<span class=\"_ _0\"></span>199<span class=\"_ _0\"></span>.22<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2469\">B2.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Riserve<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">somme<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pagar<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span> <span class=\"_ _a7\"> </span>55.<span class=\"_ _0\"></span>000<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs246a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs246b\">55.<span class=\"_ _0\"></span>000<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs246c\">48<span class=\"_ _0\"></span>.752<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs246d\">B3.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rise<span class=\"_ _0\"></span>rve<span class=\"_ _0\"></span> <span class=\"_ _bb\"> </span>10<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>22<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs246e\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs246f\">10<span class=\"_ _0\"></span>.42<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2470\">9.<span class=\"_ _1\"></span>83<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span></div><div class=\"c w26 h28 gs2471\"><div class=\"t m0 x1f9 h1c y356 ff3 fsc fc0 sc1 ls0 ws0\">C.</div></div><div class=\"c wc2 h28 gs2472\"><div class=\"t m0 x1f9 h1c y356 ff3 fsc fc0 sc1 ls0 ws0\">Rise<span class=\"_ _0\"></span>rve</div></div><div class=\"c w10c h28 gs2473\"><div class=\"t m0 x1f9 h1c y356 ff3 fsc fc0 sc1 ls0 ws0\">tecn<span class=\"_ _0\"></span>iche</div></div><div class=\"c wa8 h28 gs2474\"><div class=\"t m0 x1f9 h1c y356 ff3 fsc fc0 sc1 ls0 ws0\">allor<span class=\"_ _0\"></span>ch\u00e9</div></div><div class=\"c w38 h28 gs2475\"><div class=\"t m0 x1f9 h1c y356 ff3 fsc fc0 sc1 ls0 ws0\">il</div></div><div class=\"c w117 h28 gs2476\"><div class=\"t m0 x1f9 h1c y356 ff3 fsc fc0 sc1 ls0 ws0\">ris<span class=\"_ _0\"></span>chio</div></div><div class=\"c w129 h28 gs2477\"><div class=\"t m0 x1f9 h1c y356 ff3 fsc fc0 sc1 ls0 ws0\">dell'i<span class=\"_ _0\"></span>nves<span class=\"_ _0\"></span>timen<span class=\"_ _0\"></span>to</div></div><div class=\"c w5 h28 gs2478\"><div class=\"t m0 x1f9 h1c y356 ff3 fsc fc0 sc1 ls0 ws0\">\u00e8</div></div><div class=\"c w12a h28 gs2479\"><div class=\"t m0 x1f9 h1c y356 ff3 fsc fc0 sc1 ls0 ws0\">sop<span class=\"_ _0\"></span>porta<span class=\"_ _0\"></span>to<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs247a\">dagl<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs247b\">ass<span class=\"_ _0\"></span>icura<span class=\"_ _0\"></span>ti </div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs247c\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs247d\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs247e\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs247f\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2480\">C1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Riserve<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">relative<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">contratti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">prestazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">connesse<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2481\">con<span class=\"ff1\"> </span>fondi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>invest<span class=\"_ _0\"></span>imento<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>indici<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>mercato </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2482\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2483\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2484\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2485\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2486\">C2<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>Ris<span class=\"_ _0\"></span>erv<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>riv<span class=\"_ _0\"></span>ant<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>dal<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>g<span class=\"_ _0\"></span>est<span class=\"_ _0\"></span>ione<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> </span>fond<span class=\"_ _1\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pe<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>one<span class=\"_ _1\"></span> <span class=\"_ _26f\"> </span>-<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2487\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2488\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2489\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs248a\">D.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs248b\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs248c\">ri<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>erv<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs248d\">te<span class=\"_ _0\"></span>cn<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span> <span class=\"_ _17c\"> </span>4.3<span class=\"_ _0\"></span>56<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>82<span class=\"_ _3bd\"> </span></div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs248e\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs248f\">4.<span class=\"_ _0\"></span>35<span class=\"_ _0\"></span>6.<span class=\"_ _0\"></span>38<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2490\">4.<span class=\"_ _0\"></span>25<span class=\"_ _0\"></span>7.<span class=\"_ _0\"></span>810<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2491\">I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valo<span class=\"_ _0\"></span>ri<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>scri<span class=\"_ _0\"></span>tti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>risc<span class=\"_ _0\"></span>ono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">all<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>trol<span class=\"_ _0\"></span>lat<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>Cr<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span>mvi<span class=\"_ _0\"></span>ta.</span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></div>Sezi<span class=\"_ _0\"></span>one<span class=\"_ _3bd\"> </span>3<span class=\"_ _3bd\"> </span>\u2013<span class=\"_ _3bd\"> </span>Risc<span class=\"_ _0\"></span>hi<span class=\"_ _3bd\"> </span>dell<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>impr<span class=\"_ _0\"></span>ese<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>assi<span class=\"_ _0\"></span>cura<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"fc0\"> </span>3.1<span class=\"_ _3bd\"> </span>Rischi<span class=\"_ _3bd\"> </span>as<span class=\"_ _0\"></span>sic<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>CR<span class=\"_ _0\"></span>ED<span class=\"_ _0\"></span>EM<span class=\"_ _0\"></span>VIT<span class=\"_ _0\"></span>A<span class=\"_ _3bd\"> </span>S.<span class=\"_ _0\"></span>P.A<span class=\"_ _1\"></span>.<span class=\"fc0 sc1\"> </span>Ap<span class=\"_ _0\"></span>pro<span class=\"_ _1\"></span>ccio<span class=\"_ _3bd\"> </span>al<span class=\"_ _0\"></span>la<span class=\"_ _3bd\"> </span>ge<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>io<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>Cre<span class=\"_ _1\"></span>dem<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>St<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>teg<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>ge<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span>ris<span class=\"_ _0\"></span>ch<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Credemvita<span class=\"ff1\"> </span>S.p<span class=\"_ _0\"></span>.A<span class=\"ff1\"> </span>opera<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sulla<span class=\"ff1\"> </span>scorta<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">strategia<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>ssunzione<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">gestione</span> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">basat<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>cri<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ana<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">pr<span class=\"_ _0\"></span>uden<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>ge<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>oere<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con</span> <span class=\"ff3\">il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">live<span class=\"_ _0\"></span>llo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">patri<span class=\"_ _0\"></span>mon<span class=\"_ _0\"></span>iale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span>l\u2019im<span class=\"_ _0\"></span>pre<span class=\"_ _0\"></span>sa.<span class=\"ff1\"> </span>Ta<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>st<span class=\"_ _0\"></span>rate<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>si<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>fonda<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>su<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>principi<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>valutazione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>d<span class=\"_ _2\"></span>ei<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>ris<span class=\"_ _2\"></span>chi<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>considerano<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>gli<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>aspetti<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>relativi<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>alla<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>lor<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>ril<span class=\"_ _0\"></span>eva<span class=\"_ _0\"></span>nza/<span class=\"_ _0\"></span>sign<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>cat<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t\u00e0. L\u2019approccio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>se<span class=\"_ _2\"></span>guito<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nella<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>gestione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fondato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sul<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>criterio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>propor<span class=\"_ _2\"></span>zionalit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">viene</span> </span>del<span class=\"_ _0\"></span>ine<span class=\"_ _0\"></span>ato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">apposi<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>po<span class=\"_ _0\"></span>liti<span class=\"_ _0\"></span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">intern<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>se<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del</span> <span class=\"ff3\">Reg<span class=\"_ _0\"></span>ola<span class=\"_ _0\"></span>mento<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">IVASS<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">n.38<span class=\"_ _0\"></span>/2018<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>ognun<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>degli<span class=\"_ _1\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>ambiti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischiosit\u00e0<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>insistono<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>Compagnia. Gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">el<span class=\"_ _0\"></span>eme<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">chia<span class=\"_ _0\"></span>ve<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attra<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>rso<span class=\"ff1\"> </span>cu<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>iene<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>fini<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>trate<span class=\"_ _0\"></span>gia<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mod<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ge<span class=\"_ _1\"></span>stione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Compagnia<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>seguenti: -<span class=\"_ _3bd\"> </span>ide<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>e<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">cla<span class=\"_ _0\"></span>ssifi<span class=\"_ _0\"></span>caz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u2013<span class=\"ff1\"> </span>map<span class=\"_ _0\"></span>pa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>; </span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>luta<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ris<span class=\"_ _0\"></span>chi; </span></span>-<span class=\"_ _3bd\"> </span>stru<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">m<span class=\"_ _0\"></span>eto<span class=\"_ _0\"></span>dol<span class=\"_ _0\"></span>ogie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mi<span class=\"_ _0\"></span>sura<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne; </span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>ge<span class=\"_ _0\"></span>stio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">r<span class=\"_ _0\"></span>isch<span class=\"_ _0\"></span>i; </span></span></span></span>-<span class=\"_ _3bd\"> </span>mon<span class=\"_ _0\"></span>ito<span class=\"_ _0\"></span>ragg<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rep<span class=\"_ _0\"></span>orti<span class=\"_ _0\"></span>ng. </span></span>I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pri<span class=\"_ _0\"></span>ncip<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gen<span class=\"_ _0\"></span>eral<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ado<span class=\"_ _0\"></span>ttati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>er<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">def<span class=\"_ _0\"></span>ini<span class=\"_ _0\"></span>zione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>iste<span class=\"_ _0\"></span>ma<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ge<span class=\"_ _0\"></span>stion<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">r<span class=\"_ _0\"></span>isc<span class=\"_ _0\"></span>hio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">co<span class=\"_ _0\"></span>nside<span class=\"_ _0\"></span>ran<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uind<span class=\"_ _0\"></span>i: </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>la<span class=\"ff1\"> </span>verifica<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>coerenza<span class=\"ff1\"> </span>tra<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>livello<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>assunto<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>livello<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>patrimonio<span class=\"ff1\"> </span>disponibile<span class=\"ff1\"> </span>atteso<span class=\"ff1\"> </span>(Risk<span class=\"ff1\"> </span>Appetite); -<span class=\"_ _3bd\"> </span>la<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>misurabilit\u00e0<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>/<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>valutazione<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>r<span class=\"_ _2\"></span>ischi<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>(per<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>quelli<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>quantificabili)<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>permettere<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>al<span class=\"ff1\"> </span>management<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valutare<span class=\"ff1\"> </span>l\u2019impatto<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>stessi<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ull\u2019and<span class=\"_ _0\"></span>amento<span class=\"ff1\"> </span>aziendale;<span class=\"_ _2\"></span> -<span class=\"_ _3bd\"> </span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>termi<span class=\"_ _0\"></span>naz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>roce<span class=\"_ _1\"></span>ssi<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pre<span class=\"_ _0\"></span>sidi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">op<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uell<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">qu<span class=\"_ _0\"></span>anti<span class=\"_ _0\"></span>fica<span class=\"_ _0\"></span>bili<span class=\"_ _0\"></span>; </span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>presenza<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sistema<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>monitoraggio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>continuativo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>profilo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>attuale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> </span>prospettico<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>relativi<span class=\"ff1\"> </span>indicatori<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>e/o<span class=\"ff1\"> </span>rendimento<span class=\"ff1\"> </span>ident<span class=\"_ _2\"></span>ificati. Credemvita<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>ll\u2019ambito<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">proprio<span class=\"ff1\"> </span>sistema<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gestione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischi,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ha<span class=\"ff1\"> </span>strutturato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ed<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">implementato<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>un<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>autonomo<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>processo<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _23\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>valutazione<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>pro<span class=\"_ _2\"></span>pria<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>adeguat<span class=\"_ _2\"></span>ezza<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>patrimoniale,<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>at<span class=\"_ _2\"></span>tuale<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>e<span class=\"ff1\"> </span>prospettica,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>relazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rilevanti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>v<span class=\"_ _2\"></span>erso<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quali<span class=\"ff1\"> <span class=\"_ _21\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Compagnia<span class=\"ff1\"> <span class=\"_ _21\"></span></span>risulta<span class=\"ff1\"> <span class=\"_ _21\"></span></span>esposta<span class=\"ff1\"> <span class=\"_ _21\"></span></span>(p<span class=\"_ _0\"></span>rocesso<span class=\"ff1\"> </span>ORSA<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> </span>Own<span class=\"ff1\"> </span>Risk<span class=\"ff1\"> </span>and<span class=\"ff1\"> </span>Solvency<span class=\"ff1\"> </span>Assessment).<span class=\"ff1\"> </span>Tale<span class=\"ff1\"> </span>processo<span class=\"ff1\"> </span>ha<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>seguenti<span class=\"ff1\"> </span>fasi: -<span class=\"_ _3bd\"> </span>Va<span class=\"_ _0\"></span>luta<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rosp<span class=\"_ _0\"></span>etti<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del</span> <span class=\"_ _0\"></span><span class=\"ff3\">Solv<span class=\"_ _0\"></span>enc<span class=\"_ _0\"></span>y<span class=\"ff1\"> </span>II<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Ra<span class=\"_ _0\"></span>tio; </span></span></span></span>-<span class=\"_ _3bd\"> </span>Str<span class=\"_ _0\"></span>ess<span class=\"ff1\"> </span>T<span class=\"_ _0\"></span>est<span class=\"_ _0\"></span>; -<span class=\"_ _3bd\"> </span>Pi<span class=\"_ _0\"></span>ano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Liq<span class=\"_ _0\"></span>uidi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pros<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ttic<span class=\"_ _0\"></span>o; </span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Ade<span class=\"_ _0\"></span>gua<span class=\"_ _0\"></span>tezz<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">For<span class=\"_ _0\"></span>mul<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>S<span class=\"_ _0\"></span>tand<span class=\"_ _0\"></span>ard<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>spe<span class=\"_ _0\"></span>tto<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">profi<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">risc<span class=\"_ _0\"></span>hio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">della<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Co<span class=\"_ _0\"></span>mpag<span class=\"_ _0\"></span>nia;<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Ba<span class=\"_ _0\"></span>ck<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Testi<span class=\"_ _0\"></span>ng; </span></span>-<span class=\"_ _3bd\"> </span>Pre<span class=\"_ _0\"></span>dis<span class=\"_ _0\"></span>posi<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ORSA<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Re<span class=\"_ _0\"></span>port<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"_ _0\"></span><span class=\"ff3\">inv<span class=\"_ _0\"></span>io. </span></span></span></span></span></span>Pa<span class=\"_ _0\"></span>rte<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">integ<span class=\"_ _0\"></span>ran<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">proce<span class=\"_ _0\"></span>sso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ORSA<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>ono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anch<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">segue<span class=\"_ _1\"></span>nti<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>roc<span class=\"_ _0\"></span>essi<span class=\"_ _0\"></span>: </span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Def<span class=\"_ _0\"></span>ini<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pia<span class=\"_ _0\"></span>no<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">preli<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>nare<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">bu<span class=\"_ _0\"></span>dge<span class=\"_ _0\"></span>t<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>zien<span class=\"_ _0\"></span>dale<span class=\"_ _0\"></span>; </span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Def<span class=\"_ _0\"></span>ini<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Ris<span class=\"_ _0\"></span>k<span class=\"ff1\"> </span>Ap<span class=\"_ _0\"></span>pet<span class=\"_ _0\"></span>ite; </span></span></span></span>-<span class=\"_ _3bd\"> </span>Ind<span class=\"_ _0\"></span>ivid<span class=\"_ _0\"></span>uaz<span class=\"_ _0\"></span>ione<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">v<span class=\"_ _0\"></span>alut<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risc<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">C<span class=\"_ _0\"></span>onti<span class=\"_ _0\"></span>nuou<span class=\"_ _0\"></span>s<span class=\"ff1\"> </span>Mo<span class=\"_ _0\"></span>nit<span class=\"_ _0\"></span>oring<span class=\"_ _0\"></span>. </span></span></span></span></span></span>Nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>ell\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>indirizzo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>st<span class=\"_ _2\"></span>rategico<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Compagnia,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Consiglio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Ammin<span class=\"_ _2\"></span>istrazione<span class=\"ff1\"> </span>individua<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>approva<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>i<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>corrett<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dimensionamento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dot<span class=\"_ _2\"></span>azione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>complessiva<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cap<span class=\"_ _2\"></span>itale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>gli<span class=\"ff1\"> </span>obiettivi<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">redditivit\u00e0</span> <span class=\"ff3\">cor<span class=\"_ _2\"></span>retta</span> <span class=\"ff3\">per</span> <span class=\"ff3\">il</span> <span class=\"_ _0\"></span><span class=\"ff3\">rischio.<span class=\"ff1\"> </span>La<span class=\"ff1\"> </span>formulazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>preliminari<span class=\"ff1\"> </span>linee<span class=\"ff1\"> </span>guida<span class=\"ff1\"> </span>strategiche<span class=\"ff1\"> </span></span></span>da<span class=\"ff1\"> <span class=\"_ _21\"></span></span>parte<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Consiglio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Amminist<span class=\"_ _2\"></span>razione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ind<span class=\"_ _0\"></span>irizza<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>calibrazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>de<span class=\"_ _2\"></span>gli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ob<span class=\"_ _2\"></span>iettivi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>lo<span class=\"ff1\"> </span>sviluppo<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>piano<span class=\"ff1\"> </span>strategico. Tali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>significativamente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>connesse<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>vengono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>entra<span class=\"_ _2\"></span>mbe<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sviluppate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>considerando<span class=\"ff1\"> <span class=\"_ _21\"></span></span>la<span class=\"ff1\"> </span>situazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>partenza<span class=\"ff1\"> <span class=\"_ _21\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Co<span class=\"_ _2\"></span>mpagnia,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>visione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>prospettica<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">contesto</span> <span class=\"_ _21\"></span><span class=\"ff3\">esterno,</span> <span class=\"_ _21\"></span><span class=\"ff3\">i</span> <span class=\"_ _20\"></span><span class=\"ff3\">profili</span> <span class=\"_ _21\"></span><span class=\"ff3\">di</span> </span>rischio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>gli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>orientamenti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>termini<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rischio/rendimento<span class=\"_ _2\"></span>.<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>G<span class=\"_ _2\"></span>li<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>indirizzi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>strategici<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff3\">approvati</span> <span class=\"_ _27\"> </span><span class=\"ff3\">dal</span> </span>Consiglio<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Amministrazione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>riflettono<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>sull\u2019assetto<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>produttivo<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>e<span class=\"ff1\">  </span>or<span class=\"_ _2\"></span>ganizzativo<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>fine<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> </span>determinare<span class=\"ff1\"> <span class=\"_ _bf\"> </span></span>l\u2019impatto<span class=\"ff1\"> <span class=\"_ _32d\"> </span></span>desiderato<span class=\"ff1\"> <span class=\"_ _bf\"> </span></span>\u2013<span class=\"ff1\"> <span class=\"_ _bf\"> </span></span>nell\u2019orizzonte<span class=\"ff1\"> <span class=\"_ _bf\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _bf\"> </span></span>pianificazione<span class=\"ff1\"> <span class=\"_ _bf\"> </span></span>\u2013<span class=\"ff1\"> <span class=\"_ _32d\"> </span></span>sul<span class=\"ff1\"> <span class=\"_ _bf\"> </span></span>binomio<span class=\"ff1\"> </span>ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>o/re<span class=\"_ _0\"></span>ndi<span class=\"_ _0\"></span>mento<span class=\"_ _0\"></span>. Nel<span class=\"ff1\"> </span>continuo,<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Funzione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Risk<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Management<span class=\"ff1\"> <span class=\"_ _2\"></span></span>supporta<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>organi<span class=\"ff1\"> </span>aziendali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nelle<span class=\"ff1\"> </span>scelte<span class=\"ff1\"> </span>derivan<span class=\"_ _3bd\"> </span>ti<span class=\"ff1\"> </span>dall\u2019attuazione<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>piano<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>ag<span class=\"_ _2\"></span>evolando<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>comprensione<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>consapevolezza<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>r<span class=\"_ _2\"></span>isc<span class=\"_ _3bd\"> </span>hi<span class=\"ff1\"> </span>assunti/assumibili<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>presidio<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>stessi.<span class=\"_ _3bd\"> </span> Id<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>fica<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>cl<span class=\"_ _0\"></span>ass<span class=\"_ _1\"></span>ific<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>hi<span class=\"_ _3bd\"> </span>\u2013<span class=\"_ _3bd\"> </span>ma<span class=\"_ _1\"></span>ppa<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>hi<span class=\"fc0 sc1\"> </span>L<span class=\"_ _3bd\"> </span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>regolamentazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>settore,<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>ecante<span class=\"ff1\"> </span>disposizioni<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>materia<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sistema<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>gest<span class=\"_ _2\"></span>ione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>ris<span class=\"_ _2\"></span>ch<span class=\"_ _3bd\"> </span>i,<span class=\"_ _0\"></span><span class=\"ff1\"> </span>richiede<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>alle<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>imprese<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>effettuare<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>cat<span class=\"_ _2\"></span>alogazione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>de<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>ris<span class=\"_ _2\"></span>chi<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>ess<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>sono<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>espost<span class=\"_ _2\"></span>e<span class=\"_ _3bd\"> </span><span class=\"ff1\"> </span>indipendentemente<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>alla<span class=\"ff1\">  </span>circostanza<span class=\"ff1\">  </span>ch<span class=\"_ _0\"></span>e<span class=\"ff1\">  </span>siano<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>quantificabili,<span class=\"ff1\">  </span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>funzione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>della<span class=\"ff1\">  </span>natura,<span class=\"ff1\">  </span>de<span class=\"_ _0\"></span>ll<span class=\"_ _3bd\"> </span>a<span class=\"ff1\"> </span>portata<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>complessit\u00e0<span class=\"ff1\"> </span>inerenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>all\u2019attivit\u00e0<span class=\"ff1\"> </span>svolta,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>ottica<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attuale<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prospettica,<span class=\"ff1\"> </span>nonch\u00e9<span class=\"ff1\"> </span>gl<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>effet<span class=\"_ _3bd\"> </span>ti<span class=\"ff1\"> </span>indiretti<span class=\"ff1\"> </span>connessi<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>significativi.<span class=\"_ _3bd\"> </span> Ta<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>cat<span class=\"_ _0\"></span>alo<span class=\"_ _0\"></span>gazi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>stit<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>sce<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">il</span> <span class=\"ff3\">lin<span class=\"_ _0\"></span>gua<span class=\"_ _0\"></span>ggi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>comun<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>lo<span class=\"ff1\"> </span>sv<span class=\"_ _0\"></span>olg<span class=\"_ _0\"></span>imen<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tu<span class=\"_ _0\"></span>tte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>atti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>ness<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">e<span class=\"_ _1\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span>con<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>sistema<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>gestione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>aziendali.<span class=\"_ _3bd\"> </span> I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ris<span class=\"_ _0\"></span>chi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Comp<span class=\"_ _0\"></span>agni<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>so<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>lassi<span class=\"_ _0\"></span>fi<span class=\"_ _0\"></span>cati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ne<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">seg<span class=\"_ _0\"></span>uen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rin<span class=\"_ _0\"></span>cipa<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>cl<span class=\"_ _0\"></span>assi<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sot<span class=\"_ _0\"></span>tosc<span class=\"_ _0\"></span>riz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>tec<span class=\"_ _0\"></span>nici<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ass<span class=\"_ _0\"></span>icu<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>vi)<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span>-<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mer<span class=\"_ _0\"></span>cato:<span class=\"_ _0\"></span> </span></span></span></span>o<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Me<span class=\"_ _0\"></span>rca<span class=\"_ _0\"></span>to;<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>o<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>A<span class=\"_ _0\"></span>LM<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span> o<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>L<span class=\"_ _0\"></span>iqui<span class=\"_ _0\"></span>dit\u00e0<span class=\"_ _0\"></span>.;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>red<span class=\"_ _0\"></span>ito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">coun<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>rparty<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o<span class=\"_ _0\"></span>pera<span class=\"_ _0\"></span>tivi<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>o<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">O<span class=\"_ _0\"></span>pera<span class=\"_ _0\"></span>tivi<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>o<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>In<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>co<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">C<span class=\"_ _0\"></span>yber<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Ris<span class=\"_ _0\"></span>k;<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span>-<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">n<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">conf<span class=\"_ _0\"></span>ormi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">n<span class=\"_ _0\"></span>orme<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">second<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>ivel<span class=\"_ _0\"></span>lo;<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span>o<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>leg<span class=\"_ _0\"></span>ato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">all<span class=\"_ _0\"></span>\u2019app<span class=\"_ _0\"></span>arte<span class=\"_ _0\"></span>nen<span class=\"_ _0\"></span>za<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gru<span class=\"_ _0\"></span>ppo;<span class=\"_ _0\"></span> </span></span></span></span>o<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>put<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>onale<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span> o<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cond<span class=\"_ _0\"></span>otta<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span>o<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">E<span class=\"_ _1\"></span>SG<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>-<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">st<span class=\"_ _0\"></span>rate<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>ci<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>-<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span>merge<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span> </span></span>Il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>processo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>identificazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _21\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Compagnia<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"></span></span>esposta<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>costituisce<span class=\"ff1\"> <span class=\"_ _21\"></span></span>un<span class=\"ff1\"> <span class=\"_ _21\"></span></span>element<span class=\"_ _3bd\"> </span>o<span class=\"ff1\"> </span>fondamentale<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>corretta<span class=\"ff1\"> </span>implementazione<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pi\u00f9<span class=\"ff1\"> </span>ampio<span class=\"ff1\"> </span>pro<span class=\"_ _2\"></span>cesso<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gestion<span class=\"_ _3bd\"> </span>e<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischi.<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>Cr<span class=\"_ _2\"></span>edemvita,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"></span></span>linea<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Normativ<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Regolamentare,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ha<span class=\"ff1\"> <span class=\"_ _21\"></span></span>previsto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>una<span class=\"ff1\"> <span class=\"_ _20\"></span></span>procedura<span class=\"ff1\"> </span><span class=\"ff1\"><span class=\"_ _21\"></span></span>di<span class=\"ff1\"> </span>censimento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischi,<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">intendersi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">come<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>trumento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">metodologico<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>supporto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">svolgiment<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>delle<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>individuazione<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>valutazione<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>c<span class=\"_ _2\"></span>he<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>permetta<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>r<span class=\"_ _2\"></span>accogliere<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>vi<span class=\"_ _2\"></span>a<span class=\"_ _3bd\"> </span><span class=\"ff1\"> </span>continuativa<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">informazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sui<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ischi,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">interni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ed<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">esterni,<span class=\"ff1\"> </span>esistenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prospettici<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">esposta<span class=\"_ _2\"></span>,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ch<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>possono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>interessare<span class=\"ff1\"> </span>tutti<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>processi<span class=\"ff1\"> </span>operativi<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> </span>aree<span class=\"ff1\"> <span class=\"_ _2\"></span></span>aziendali.<span class=\"ff1\"> </span>Per<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ua<span class=\"ff1\"> </span>natura<span class=\"ff1\"> </span>tale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>procedura<span class=\"ff1\"> </span>\u00e8<span class=\"_ _3bd\"> </span><span class=\"_ _2\"></span><span class=\"ff1\"> </span>continua<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"></span></span>evoluzione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"></span></span>base<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> <span class=\"_ _21\"></span></span>progressivo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>affinamento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sistema<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>gestione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>ischi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"_ _3bd\"> </span><span class=\"ff1\"> </span>all\u2019evoluzione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>quadro<span class=\"ff1\"> </span>normativo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>riferimento.<span class=\"_ _3bd\"> </span> La<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pro<span class=\"_ _0\"></span>cedu<span class=\"_ _0\"></span>ra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">censim<span class=\"_ _0\"></span>ento<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Crede<span class=\"_ _0\"></span>mvi<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">arti<span class=\"_ _0\"></span>col<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>ua<span class=\"_ _0\"></span>ttro<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fas<span class=\"_ _0\"></span>i:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>an<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span>p<span class=\"_ _1\"></span>iano<span class=\"ff1\"> </span>str<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span>gic<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>azi<span class=\"_ _0\"></span>enda<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>divi<span class=\"_ _0\"></span>dua<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fatt<span class=\"_ _0\"></span>ori<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risc<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>eme<span class=\"_ _0\"></span>rgen<span class=\"_ _0\"></span>ti;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>divi<span class=\"_ _0\"></span>duaz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>atto<span class=\"_ _0\"></span>ri<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>ster<span class=\"_ _0\"></span>ni;<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>-<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>divi<span class=\"_ _0\"></span>duaz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _1\"></span>ei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fatto<span class=\"_ _0\"></span>ri<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>isc<span class=\"_ _0\"></span>hio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">op<span class=\"_ _0\"></span>erat<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">(<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>ncl<span class=\"_ _0\"></span>usi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">que<span class=\"_ _1\"></span>lli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inf<span class=\"_ _0\"></span>ormat<span class=\"_ _0\"></span>ici<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>yber<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>sk),<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>conformit\u00e0<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>norme<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>secondo<span class=\"ff1\"> </span>livello;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>divi<span class=\"_ _0\"></span>duaz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>atto<span class=\"_ _0\"></span>ri<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>str<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span>gic<span class=\"_ _0\"></span>o.<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>Le<span class=\"ff1\"> </span>modalit\u00e0<span class=\"ff1\"> </span>adottate<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>l\u2019identificazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>basano<span class=\"ff1\"> </span>sost<span class=\"_ _2\"></span>anzialmente<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>uno<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>pi\u00f9<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>seguenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">approcci:<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>-<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>sk<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Ass<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">spe<span class=\"_ _0\"></span>cifi<span class=\"_ _0\"></span>ci<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>fam<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>lie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>o);<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Va<span class=\"_ _0\"></span>luta<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>de<span class=\"_ _1\"></span>lle<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>iffe<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>ze<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>ra<span class=\"ff1\"> </span>og<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ass<span class=\"_ _0\"></span>unz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>isu<span class=\"_ _0\"></span>ltato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>ttua<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Eve<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>erdi<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">erro<span class=\"_ _0\"></span>ri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">acc<span class=\"_ _0\"></span>adu<span class=\"_ _0\"></span>ti;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Rev<span class=\"_ _0\"></span>isi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>roce<span class=\"_ _0\"></span>ssi,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">matri<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">r<span class=\"_ _0\"></span>isch<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>orma<span class=\"_ _0\"></span>tiva<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o</span> <span class=\"_ _0\"></span><span class=\"ff3\">ris<span class=\"_ _0\"></span>k<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ssess<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>t<span class=\"ff1\"> </span>nor<span class=\"_ _0\"></span>mati<span class=\"_ _0\"></span>vi;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Bra<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>storm<span class=\"_ _0\"></span>ing<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">manage<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>sk<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">owner;<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Va<span class=\"_ _0\"></span>luta<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Intern<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>/Exte<span class=\"_ _0\"></span>rna<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>Audi<span class=\"_ _0\"></span>t<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>-<span class=\"_ _3bd\"> </span>Com<span class=\"_ _0\"></span>uni<span class=\"_ _0\"></span>cazi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>fro<span class=\"_ _0\"></span>nti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">re<span class=\"_ _0\"></span>gul<span class=\"_ _0\"></span>ator<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Al<span class=\"_ _0\"></span>tri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ev<span class=\"_ _0\"></span>enti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">es<span class=\"_ _0\"></span>terni<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span>-<span class=\"_ _3bd\"> </span>Rep<span class=\"_ _0\"></span>orti<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tras<span class=\"_ _0\"></span>mes<span class=\"_ _0\"></span>so<span class=\"ff1\"> </span>da<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">arr<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>ompag<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>a.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span>Una<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>volta<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>so<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>stati<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>identificati<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>essi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>vanno<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cos<span class=\"_ _2\"></span>tituire<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ma<span class=\"_ _2\"></span>ppa<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>d<span class=\"_ _2\"></span>ei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>ischi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>de<span class=\"_ _2\"></span>ll<span class=\"_ _3bd\"> </span>a<span class=\"ff1\"> </span>Com<span class=\"_ _0\"></span>pag<span class=\"_ _0\"></span>nia.<span class=\"_ _3bd\"> </span>Va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>azi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>hi<span class=\"fc0 sc1\"> </span>Il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">processo<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">realizzato<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">logiche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">att<span class=\"_ _2\"></span>uali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">logiche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prospettiche<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ed<span class=\"ff1\"> </span>integra<span class=\"ff1\"> </span>metodologie<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>approcci<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>carattere<span class=\"ff1\"> </span>quantitativo<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>qualitativo. La<span class=\"ff1\"> <span class=\"_ _21\"></span></span>val<span class=\"_ _0\"></span>utazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>effett<span class=\"_ _2\"></span>uata<span class=\"ff1\"> <span class=\"_ _21\"></span></span>su<span class=\"ff1\"> <span class=\"_ _20\"></span></span>base<span class=\"ff1\"> <span class=\"_ _21\"></span></span>individuale,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>livello<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>singo<span class=\"_ _2\"></span>lo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rischio,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>su<span class=\"ff1\"> <span class=\"_ _21\"></span></span>base<span class=\"ff1\"> </span>aggregata,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tener<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">conto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">interrelazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fonti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischio<span class=\"_ _2\"></span>.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Vengono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inoltre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">considerati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gl<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>effetti<span class=\"ff1\"> </span>indiretti<span class=\"ff1\"> </span>connessi<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>pi\u00f9<span class=\"ff1\"> </span>significativi. La<span class=\"ff1\"> </span>frequenza<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>ella<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>ipende<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>tipologia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> </span>rischi,<span class=\"ff1\"> </span>dagli<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>trumenti<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>dalle<span class=\"ff1\"> </span>metodologie<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alutazione<span class=\"ff1\"> </span>utilizzate<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>stabili<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>coerenza<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>freq<span class=\"_ _0\"></span>uenza<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>esigenze<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>processi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>strategici<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>decisionali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> </span>Compagnia.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>La<span class=\"ff1\"> <span class=\"_ _2\"></span></span>frequenza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valutazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>o<span class=\"_ _2\"></span>ttica<span class=\"ff1\"> </span>prospettica<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>coerente<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>processo<span class=\"ff1\"> </span>annuale<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>pianificazione<span class=\"ff1\"> </span>str<span class=\"_ _2\"></span>ategica. Accanto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>gestione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ordinaria<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>processo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>valutazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rischi,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"></span></span>prevista<span class=\"ff1\"> <span class=\"_ _21\"></span></span>una<span class=\"ff1\"> <span class=\"_ _21\"></span></span>gestione<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>l\u2019oc<span class=\"_ _0\"></span>corr<span class=\"_ _0\"></span>enz<span class=\"_ _0\"></span>a,<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ragi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">event<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ch<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>pos<span class=\"_ _0\"></span>san<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>dete<span class=\"_ _0\"></span>rmin<span class=\"_ _0\"></span>are<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>na<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>riaz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sig<span class=\"_ _0\"></span>nifi<span class=\"_ _0\"></span>cati<span class=\"_ _0\"></span>va<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>prof<span class=\"_ _0\"></span>ilo<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> </span>rischio.<span class=\"ff1\"> </span>In<span class=\"ff1\"> </span>particolare,<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>stati<span class=\"ff1\"> </span>identificati<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>seguenti<span class=\"ff1\"> </span>principali<span class=\"ff1\"> </span>eventi: -<span class=\"_ _3bd\"> </span>l\u2019<span class=\"_ _0\"></span>aggi<span class=\"_ _0\"></span>orn<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ian<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>stra<span class=\"_ _0\"></span>teg<span class=\"_ _0\"></span>ico;<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>un\u2019acquisizione<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>disinvestimento<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>modifichi<span class=\"ff1\"> </span>sensibilmente<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>business,<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>profilo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>posizione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>solvibilit\u00e0; -<span class=\"_ _3bd\"> </span>una<span class=\"ff1\"> </span>variazione<span class=\"ff1\"> </span>significativa<span class=\"ff1\"> </span>nei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>mercati<span class=\"ff1\"> </span>finanziari<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>determini<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> </span>notevole<span class=\"ff1\"> </span>impatto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sul<span class=\"ff1\"> </span>portafoglio<span class=\"ff1\"> </span>attivi<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>compagnia; -<span class=\"_ _3bd\"> </span>un<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>zione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">si<span class=\"_ _0\"></span>gni<span class=\"_ _0\"></span>fica<span class=\"_ _0\"></span>tiva<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nel<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>assi<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>agni<span class=\"_ _0\"></span>a; </span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>un<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>duzi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">po<span class=\"_ _0\"></span>sizi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">solv<span class=\"_ _0\"></span>ibi<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>sot<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ori<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">critic<span class=\"_ _0\"></span>i; </span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>un<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ca<span class=\"_ _0\"></span>mbia<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>sig<span class=\"_ _0\"></span>nif<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span>tivo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del</span> <span class=\"_ _0\"></span><span class=\"ff3\">qu<span class=\"_ _0\"></span>adro<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>ego<span class=\"_ _0\"></span>lame<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>re; </span></span></span></span>-<span class=\"_ _3bd\"> </span>un<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ca<span class=\"_ _0\"></span>mbia<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>si<span class=\"_ _0\"></span>gni<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>ativ<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>rof<span class=\"_ _0\"></span>ilo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>isc<span class=\"_ _0\"></span>hio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019in<span class=\"_ _0\"></span>sorg<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nu<span class=\"_ _0\"></span>ovi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischi<span class=\"_ _0\"></span>; </span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>un<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ca<span class=\"_ _0\"></span>mbia<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>sig<span class=\"_ _0\"></span>nif<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span>tivo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dei</span> <span class=\"_ _0\"></span><span class=\"ff3\">pro<span class=\"_ _0\"></span>ces<span class=\"_ _0\"></span>si,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sist<span class=\"_ _0\"></span>emi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"_ _0\"></span><span class=\"ff3\">pro<span class=\"_ _0\"></span>cedu<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">aziend<span class=\"_ _0\"></span>ali.<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span>St<span class=\"_ _0\"></span>ru<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>Me<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>do<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>gie<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>Mi<span class=\"_ _0\"></span>sur<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>La<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Compagnia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ha<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>efinito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sensi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> <span class=\"_ _21\"></span></span>normativa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>egolamentare<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un<span class=\"ff1\"> <span class=\"_ _20\"></span></span>processo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valutazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"_ _0\"></span><span class=\"ff1\"> </span>analisi<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>basato<span class=\"ff1\"> </span>sostanzialmente<span class=\"ff1\"> </span>sugli<span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>metodologie<span class=\"ff1\"> </span>legate<span class=\"ff1\"> </span>a: -<span class=\"_ _3bd\"> </span>Metodologie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sviluppate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pro<span class=\"_ _2\"></span>cedura<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>profilazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischi:<span class=\"ff1\"> <span class=\"_ _2\"></span></span>indicato<span class=\"_ _2\"></span>ri<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"_ _1\"></span> ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">qu<span class=\"_ _0\"></span>ali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pos<span class=\"_ _0\"></span>sono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">es<span class=\"_ _0\"></span>sere<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cos<span class=\"_ _0\"></span>trui<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ai<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">segu<span class=\"_ _0\"></span>enti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ap<span class=\"_ _0\"></span>proc<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">me<span class=\"_ _0\"></span>todol<span class=\"_ _0\"></span>ogi<span class=\"_ _0\"></span>ci: </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>o<span class=\"_ _3bd\"> </span>regolamentari<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ovvero<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fondati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sui<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>principi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"_ _2\"></span>lla<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>base<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>gran<span class=\"_ _2\"></span>dezze<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>regolamentari<span class=\"ff1\"> </span>Solvency<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">II; </span></span>o<span class=\"_ _3bd\"> </span>gestionali<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>ovvero<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _29\"> </span></span>basat<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>su<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>concetti<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>generali<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>come<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>ad<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>e<span class=\"_ _2\"></span>sempio<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>esposizione,<span class=\"_ _2\"></span><span class=\"ff1\"> </span>concentrazione,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>volatil<span class=\"_ _2\"></span>it\u00e0,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>perdita<span class=\"ff1\"> <span class=\"_ _20\"></span></span>attesa<span class=\"ff1\"> <span class=\"_ _21\"></span></span>o<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span><span class=\"ff3\">potenziale,</span> <span class=\"_ _20\"></span><span class=\"ff3\">e/o</span> <span class=\"_ _20\"></span><span class=\"ff3\">volti</span> <span class=\"_ _21\"></span><span class=\"ff3\">a</span> <span class=\"_ _2\"></span><span class=\"ff3\">valutare</span> <span class=\"_ _20\"></span><span class=\"ff3\">quei</span> <span class=\"_ _20\"></span><span class=\"ff3\">rischi</span> </span>non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rico<span class=\"_ _0\"></span>mpre<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span>nel<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">formul<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>stan<span class=\"_ _0\"></span>dar<span class=\"_ _0\"></span>d<span class=\"ff1\"> </span>e/o<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ad</span> <span class=\"ff3\">inte<span class=\"_ _0\"></span>gra<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>luta<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>deg<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>ste<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">risch<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>reg<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>tari; o<span class=\"_ _3bd\"> </span>qu<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>tativ<span class=\"_ _0\"></span>e. Oltre<span class=\"ff1\">  </span>alle<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">metodologie</span>  <span class=\"ff3\">all<span class=\"_ _0\"></span>a<span class=\"ff1\">  </span>base<span class=\"ff1\">  </span>di<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">tali</span>  <span class=\"ff3\">i<span class=\"_ _0\"></span>ndicatori<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>rischio,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\">  </span>misurazione<span class=\"ff1\">  </span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischio<span class=\"ff1\">  </span>della<span class=\"ff1\"> </span></span></span></span></span>Compagnia,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sia<span class=\"ff1\"> </span>attuale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">c<span class=\"_ _2\"></span>he<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prospettica,<span class=\"ff1\"> </span>si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">basa<span class=\"ff1\"> </span>sulle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">metodologi<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">regolamentari<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">calcolo<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Requisito<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Capitale<span class=\"ff1\"> </span>(cfr.<span class=\"ff1\"> </span>SCR):<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>metodologia<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>riferimento<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>quella<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>Fo<span class=\"_ _2\"></span>rmula<span class=\"ff1\"> </span>Standard. Tutte<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>ueste<span class=\"ff1\"> </span>grandez<span class=\"_ _0\"></span>ze,<span class=\"ff1\"> </span>oltre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cos<span class=\"_ _2\"></span>tituire<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>\u2019impianto<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">monitoraggio<span class=\"ff1\"> </span>nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">continuo<span class=\"ff1\"> </span>all<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>b<span class=\"_ _0\"></span>ase<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>modello<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>o<span class=\"_ _2\"></span>rganizzativo<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>gest<span class=\"_ _2\"></span>ione<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>d<span class=\"_ _2\"></span>el<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>r<span class=\"_ _2\"></span>ischio,<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>r<span class=\"_ _2\"></span>appresentano<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>gli<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>elementi<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>alla<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>base<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>della<span class=\"ff1\"> </span>metodologia<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>profilazion<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Compagnia.<span class=\"ff1\">  </span>Tale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">att<span class=\"_ _2\"></span>ivit\u00e0</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">ha</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">come</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">obiettivo</span> </span>l\u2019individuazione<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alutazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>fattori<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>l\u2019attribuzione<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>ognu<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>essi<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> </span>livello<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></span></span></span></span>sig<span class=\"_ _0\"></span>nif<span class=\"_ _0\"></span>icat<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t\u00e0. -<span class=\"_ _3bd\"> </span>Applicazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Volatility<span class=\"ff1\">  </span>Adjustments:<span class=\"ff1\">  </span>le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>valutazioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>attuali<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>prospettiche<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _2\"></span>ei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>risc<span class=\"_ _0\"></span>hi regolamentari<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Compagnia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>prevedono<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>l\u2019utilizzo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Volatilit<span class=\"_ _2\"></span>y<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Adjustment<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>come<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Long<span class=\"ff1\"> </span>Term<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Guar<span class=\"_ _2\"></span>antee<span class=\"ff1\"> <span class=\"_ _2\"></span></span>measure.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Volatility<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Adjustment<span class=\"ff1\"> <span class=\"_ _2\"></span></span>viene<span class=\"ff1\"> <span class=\"_ _2\"></span></span>applicato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sul<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>otale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>passivit\u00e0<span class=\"ff1\"> </span>detenute<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dalla<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Com<span class=\"_ _2\"></span>pagnia<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>vendute<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>interam<span class=\"_ _2\"></span>ente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Italia<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nella<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>valuta<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Eu<span class=\"_ _0\"></span>ro.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>viene<span class=\"ff1\"> </span>applicato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dalla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Compagnia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Matching<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Adjustment.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>f<span class=\"_ _2\"></span>ine<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>maggiore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>comprensione<span class=\"ff1\"> </span>degli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>effetti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>derivanti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall\u2019applicazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Volatility<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Adjustment<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>ulle<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>iserve<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tecniche<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>ui<span class=\"ff1\"> </span>fon<span class=\"_ _0\"></span>di<span class=\"ff1\"> </span>pr<span class=\"_ _0\"></span>opri<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>Comp<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>nia<span class=\"ff1\"> </span>eff<span class=\"_ _0\"></span>ettu<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>oltre<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">anali<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">se<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>tivit<span class=\"_ _0\"></span>y<span class=\"ff1\"> </span>ogni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">qualv<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>lo<span class=\"ff1\"> </span>sco<span class=\"_ _0\"></span>stam<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span>tra<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>curva<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>risk<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>free<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>EIOPA<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>cu<span class=\"_ _0\"></span>rva<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>risk<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>free<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>EIOPA<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>volatility<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Adjustement<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>risulti<span class=\"ff1\"> </span>sig<span class=\"_ _0\"></span>nif<span class=\"_ _0\"></span>icat<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>o. -<span class=\"_ _3bd\"> </span>Sensitivity,<span class=\"ff1\"> </span>stress<span class=\"ff1\"> </span>test<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">scenario<span class=\"ff1\"> <span class=\"_ _2\"></span></span>test:<span class=\"ff1\"> </span>ai<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sensi<span class=\"ff1\"> </span>dell\u2019Art.<span class=\"ff1\"> </span>19,<span class=\"ff1\"> </span>comma<span class=\"ff1\"> </span>4<span class=\"_ _2\"></span><span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Re<span class=\"_ _0\"></span>g.<span class=\"ff1\"> </span>IVASS<span class=\"ff1\"> </span>n.38,<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span></span></span></span></span>Funzione<span class=\"ff1\"> </span>Risk<span class=\"ff1\"> </span>Management,<span class=\"ff1\"> </span>allo<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>copo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valutare<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>ottica<span class=\"ff1\"> </span>attuale<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>prospettica<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gli<span class=\"ff1\"> </span>impatti<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>situazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>economica<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>patrimoniale<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>derivanti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>andamenti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>avversi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pr<span class=\"_ _2\"></span>incipali<span class=\"ff1\"> </span>fat<span class=\"_ _0\"></span>tori<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">risc<span class=\"_ _0\"></span>hio<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>effe<span class=\"_ _0\"></span>ttua,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>ciascu<span class=\"_ _0\"></span>na<span class=\"ff1\"> </span>dell<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>fon<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>risc<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ide<span class=\"_ _0\"></span>ntif<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>come<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">maggio<span class=\"_ _0\"></span>rme<span class=\"_ _0\"></span>nte<span class=\"ff1\"> </span></span></span></span></span></span></span>significative,<span class=\"ff1\"> </span>analisi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>stress<span class=\"ff1\"> </span>test<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ensitivity.<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>sk<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Sel<span class=\"_ _0\"></span>f<span class=\"ff1\"> </span>A<span class=\"_ _0\"></span>sses<span class=\"_ _0\"></span>smen<span class=\"_ _0\"></span>t<span class=\"ff1\"> </span>su<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risc<span class=\"_ _0\"></span>hi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ope<span class=\"_ _0\"></span>rativ<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span>(iv<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inclu<span class=\"_ _1\"></span>si<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>nfo<span class=\"_ _0\"></span>rmati<span class=\"_ _0\"></span>co<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ybe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>sk)<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span>Ge<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>hi<span class=\"fc0 sc1\"> </span>L\u2019obiettivo<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>sistema<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>gestione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>consiste<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>mantenere<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>Compagnia<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>esposta<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>livello<span class=\"ff1\">  </span>definito<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>a<span class=\"_ _2\"></span>ccettabile,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>attraverso<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>l\u2019indicazione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>propensione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>della<span class=\"ff1\"> </span>tolleranza<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stabilite<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">coerenza<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019obiettivo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">salvaguardia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">patr<span class=\"_ _2\"></span>imonio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stesse<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>garanzia<span class=\"ff1\"> </span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>continuit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>aziendale.<span class=\"ff1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>linee<span class=\"ff1\"> <span class=\"_ _2\"></span></span>guida<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tema<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gestione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>ischi<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riportate<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>lle<span class=\"ff1\"> </span>sin<span class=\"_ _0\"></span>gole<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">pol<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">red<span class=\"_ _0\"></span>atte<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>rivis<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>appro<span class=\"_ _0\"></span>vat<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>annu<span class=\"_ _0\"></span>almen<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>dal<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">Con<span class=\"_ _0\"></span>sigl<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Ammi<span class=\"_ _0\"></span>nis<span class=\"_ _0\"></span>traz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span></span></span></span></span></span></span>previo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>passaggio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>parte<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Comitato<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Consiliare<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Controllo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Interno<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Rischi.<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>E<span class=\"_ _0\"></span>lementi<span class=\"ff1\"> </span>costitutivi<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>gestione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>sono:<span class=\"_ _3bd\"> </span> Ri<span class=\"_ _0\"></span>sk<span class=\"_ _3bd\"> </span>Ap<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span>Fr<span class=\"_ _0\"></span>am<span class=\"_ _0\"></span>ew<span class=\"_ _1\"></span>ork<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>La<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Compagnia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dotata<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Risk<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Appet<span class=\"_ _2\"></span>ite<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Fram<span class=\"_ _2\"></span>ework<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(cfr.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">RAF)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">definisce<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ropensione<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>rischio,<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>soglie<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tolle<span class=\"_ _0\"></span>ranza,<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>limiti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio,<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>politiche<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>g<span class=\"_ _0\"></span>overno<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>onch\u00e9<span class=\"_ _2\"></span><span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>processi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>riferimento<span class=\"ff1\"> </span>nece<span class=\"_ _0\"></span>ssar<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>efinirli<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attuarli.<span class=\"ff1\"> </span>Nell\u2019ambito<span class=\"ff1\"> </span>dell\u2019attivit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>indirizzo<span class=\"ff1\"> </span>strategico<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span></span></span>Compagnia,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Cons<span class=\"_ _2\"></span>iglio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Amministr<span class=\"_ _2\"></span>azione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">individua<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">approva<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">propria<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pro<span class=\"_ _2\"></span>pensione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ischio.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Il<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>processo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>finizione/revisione<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Risk</span> <span class=\"_ _0\"></span><span class=\"ff3\">Appetite<span class=\"ff1\"> </span>Framework<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>affianca<span class=\"ff1\"> </span>pertanto<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">processo<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span>Pianificazione<span class=\"ff1\"> </span>St<span class=\"_ _2\"></span>rategica/Operativa<span class=\"ff1\"> </span>(<span class=\"_ _2\"></span>Budget)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>tiene<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valutazione<span class=\"ff1\"> </span>int<span class=\"_ _2\"></span>erna<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>el<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>della<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">solv<span class=\"_ _2\"></span>ibilit\u00e0.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Tali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">el<span class=\"_ _2\"></span>ementi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">no<span class=\"_ _2\"></span>n<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">infatti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">disgiunti,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ma<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">influenzano<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vicenda<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019obiettivo<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">otte<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>mas<span class=\"_ _0\"></span>simiz<span class=\"_ _0\"></span>zaz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pro<span class=\"_ _0\"></span>filo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">risc<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> </span>rend<span class=\"_ _0\"></span>imen<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>Comp<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>nia.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">La</span> <span class=\"ff3\">d<span class=\"_ _0\"></span>efin<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del</span> </span></span></span></span></span></span></span></span></span></span></span>RAF<span class=\"ff1\"> </span>tiene<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>seguenti<span class=\"ff1\"> </span>aspetti:<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">st<span class=\"_ _2\"></span>rategia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Compagnia,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ivi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inclusi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">obiett<span class=\"_ _2\"></span>ivi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">organizzativi,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">piano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">str<span class=\"_ _2\"></span>ategico,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vinc<span class=\"_ _0\"></span>oli<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>fi<span class=\"_ _0\"></span>nanz<span class=\"_ _0\"></span>iari<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>onch<span class=\"_ _0\"></span>\u00e9<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>orma<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">asp<span class=\"_ _0\"></span>etta<span class=\"_ _0\"></span>tive<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sta<span class=\"_ _0\"></span>keh<span class=\"_ _0\"></span>older<span class=\"_ _0\"></span>s;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>gl<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">aspe<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ch<span class=\"_ _0\"></span>iave<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span>b<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>ine<span class=\"_ _0\"></span>ss<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Com<span class=\"_ _0\"></span>pag<span class=\"_ _0\"></span>nia;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">v<span class=\"_ _0\"></span>olon<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">capa<span class=\"_ _0\"></span>cit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>ssu<span class=\"_ _0\"></span>mere<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>com<span class=\"_ _2\"></span>petenze,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>risorse<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tecnologia<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>disposizione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Compagnia<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>gestire<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> </span>monitorare<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>esposizioni<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>rischio.<span class=\"_ _3bd\"> </span> La<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">prope<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Compag<span class=\"_ _0\"></span>nia<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">congi<span class=\"_ _0\"></span>unta<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nte<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">valu<span class=\"_ _0\"></span>tazio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span>si<span class=\"_ _0\"></span>ste<span class=\"_ _0\"></span>ma<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">gov<span class=\"_ _0\"></span>erno<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>societario<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">adottato<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nonch\u00e9<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mappatura<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">identificazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>ei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fattori<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ad<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">g<span class=\"_ _2\"></span>enerale<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>applicazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>principio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>persona<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prudente,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rappresentano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>principali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>elementi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cos<span class=\"_ _2\"></span>titutivi<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>base<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> </span>determinazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">modello<span class=\"ff1\"> </span>organizzativo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gestione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(specifico<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>ogni<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>classe<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio).<span class=\"_ _3bd\"> </span> Nella<span class=\"ff1\"> </span>definizione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>proprie<span class=\"ff1\"> </span>strategie<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>business,<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>Com<span class=\"_ _2\"></span>pagnia<span class=\"ff1\"> </span>valuta,<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>continuativa,<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>rispetto,<span class=\"ff1\"> </span>nei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>diversi<span class=\"ff1\"> </span>anni<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sviluppo<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>piano,<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>livelli<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>target<span class=\"ff1\"> <span class=\"_ _2\"></span></span>definiti<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>Risk<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Appetite<span class=\"ff1\"> </span>Framework<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(c.d.<span class=\"ff1\"> </span>RAF),<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fine<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>garantir<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>coerenza<span class=\"ff1\"> </span>tr<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>obi<span class=\"_ _2\"></span>ettivi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>medio-lungo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>periodo<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>l<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>capacit\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>volont\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>assumere<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>Compagnia<span class=\"ff1\"> </span>stessa.<span class=\"_ _3bd\"> </span> Si<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dec<span class=\"_ _0\"></span>lin<span class=\"_ _0\"></span>ano,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>se<span class=\"_ _0\"></span>gui<span class=\"_ _0\"></span>to,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i</span> <span class=\"_ _1\"></span><span class=\"ff3\">concet<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>ilev<span class=\"_ _1\"></span>anti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ai<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fin<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>fini<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">RA<span class=\"_ _0\"></span>F:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Risk<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Profile<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff3\">rappresenta</span> <span class=\"_ _21\"> </span><span class=\"ff3\">il</span> <span class=\"_ _21\"></span><span class=\"ff3\">rischio</span> <span class=\"_ _21\"></span><span class=\"ff3\">effettivo</span> <span class=\"_ _21\"></span><span class=\"ff3\">della</span> <span class=\"_ _21\"></span><span class=\"ff3\">Compagni<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>valutato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>determinato<span class=\"ff1\"> </span></span></span>istante<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">temporale;<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>-<span class=\"_ _3bd\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Ri<span class=\"_ _0\"></span>sk<span class=\"ff1\"> </span>A<span class=\"_ _0\"></span>ppe<span class=\"_ _0\"></span>tite<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rap<span class=\"_ _0\"></span>pre<span class=\"_ _0\"></span>sen<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">vera<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pro<span class=\"_ _0\"></span>pri<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ropen<span class=\"_ _0\"></span>sio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risc<span class=\"_ _0\"></span>hio<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>arte<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">della<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Comp<span class=\"_ _0\"></span>agni<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>e<span class=\"ff1\"> </span>costituisce,<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uindi,<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>livello<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">essa</span> <span class=\"ff3\">intende</span> <span class=\"ff3\">assumere</span> <span class=\"ff3\">per</span> <span class=\"ff3\">il</span> <span class=\"_ _0\"></span><span class=\"ff3\">perseguimento<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span></span></span>suoi<span class=\"ff1\"> </span>obiettivi<span class=\"ff1\"> </span>strategici;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Risk<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Tole<span class=\"_ _0\"></span>rance<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>individua<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>soglia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>mas<span class=\"_ _2\"></span>sima<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tolleranza<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ris<span class=\"_ _2\"></span>chio,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fissata<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">fi<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> </span></span></span>assicurare<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>Compagnia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>margini<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sufficienti</span> <span class=\"ff3\">per</span> <span class=\"_ _2\"></span><span class=\"ff3\">operare</span> <span class=\"ff3\">sia</span> <span class=\"ff3\">in</span> <span class=\"ff3\">fase</span> <span class=\"ff3\">di</span> <span class=\"ff3\">normale</span> <span class=\"ff3\">corso</span> <span class=\"_ _2\"></span><span class=\"ff3\">degli</span> </span>affari<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>condizioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>mercato<span class=\"ff1\"> </span>particolar<span class=\"_ _2\"></span>mente<span class=\"ff1\"> </span>stressate;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Ri<span class=\"_ _0\"></span>sk<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Capacity,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>invece,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rappresenta<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">massimo</span> <span class=\"_ _27\"> </span><span class=\"ff3\">r<span class=\"_ _2\"></span>ischio</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">as<span class=\"_ _0\"></span>sumibile<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dal<span class=\"_ _2\"></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Com<span class=\"_ _2\"></span>pagnia;<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"ff1\"> </span></span></span>costituito<span class=\"ff1\"> <span class=\"_ _21\"></span></span>quin<span class=\"_ _0\"></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dal<span class=\"ff1\"> <span class=\"_ _21\"></span></span>livello<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>essa<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>gr<span class=\"_ _2\"></span>ado<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>as<span class=\"_ _2\"></span>sumere<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>suo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>carico<span class=\"ff1\"> <span class=\"_ _21\"></span></span>senza<span class=\"_ _0\"></span><span class=\"ff1\"> </span>violare<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>requisiti<span class=\"ff1\"> </span>regolamentari<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>altri<span class=\"ff1\"> </span>vincoli<span class=\"ff1\"> </span>imposti<span class=\"ff1\"> </span>dall\u2019autor<span class=\"_ _2\"></span>it\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>vigilanza.<span class=\"_ _3bd\"> </span> Nella<span class=\"ff1\"> </span>definizione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>proprie<span class=\"ff1\"> </span>strategie<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>business,<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>Com<span class=\"_ _2\"></span>pagnia<span class=\"ff1\"> </span>valuta,<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>continuativa,<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>rispetto,<span class=\"ff1\"> </span>nei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>diversi<span class=\"ff1\"> </span>anni<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sviluppo<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>piano,<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>livelli<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>target<span class=\"ff1\"> <span class=\"_ _2\"></span></span>definiti<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>Risk<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Appetite<span class=\"ff1\"> </span>Framework,<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>ine<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>garantire<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>coerenza<span class=\"ff1\"> </span>tr<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>gli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">obiettivi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>medio-lungo<span class=\"ff1\"> </span>periodo<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>capacit\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span></span></span>la<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>olont\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">assumere<span class=\"ff1\"> </span>rischi.<span class=\"ff1\"> </span>In<span class=\"ff1\"> </span>particolare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">piano<span class=\"ff1\"> </span>strategico,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">part<span class=\"_ _2\"></span>endo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dal<span class=\"ff1\"> </span>profilo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Compagnia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">momento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">redazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pia<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>tesso,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tiene<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ass<span class=\"_ _2\"></span>umibile<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">senz<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>violare<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">requisiti<span class=\"ff1\"> </span>regolamentari<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>altri<span class=\"ff1\"> </span>vincoli<span class=\"ff1\"> </span>imp<span class=\"_ _0\"></span>osti<span class=\"ff1\"> </span>dall\u2019Autorit\u00e0<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>Vigilanza,<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>\u2019appetito<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span></span></span></span></span>(ovvero<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>livello<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ch<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>essa<span class=\"ff1\"> <span class=\"_ _20\"></span></span>intende<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>assumere<span class=\"ff1\"> <span class=\"_ _21\"></span></span>per<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>perseguimento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>suoi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>obi<span class=\"_ _2\"></span>ettivi<span class=\"ff1\"> </span>strategici)<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>tolleranza<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rischio</span> <span class=\"ff3\">(ov<span class=\"_ _0\"></span>vero<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>soglia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">massima<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">scostamento<span class=\"ff1\"> </span>rispetto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">all\u2019appetito<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>al<span class=\"ff1\"> </span>rischio)<span class=\"ff1\"> </span>fissate<span class=\"ff1\">  </span>dal<span class=\"ff1\"> </span>Consiglio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Ammini<span class=\"_ _0\"></span>str<span class=\"_ _2\"></span>azione.<span class=\"_ _3bd\"> </span>La<span class=\"ff1\"> </span>Co<span class=\"_ _2\"></span>mpagnia<span class=\"ff1\"> </span>ha<span class=\"ff1\"> <span class=\"_ _2\"></span></span>inoltr<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>definito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>una<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Politica<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Gestione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>C<span class=\"_ _2\"></span>apitale<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Piano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Gestione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>Capitale<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>scopo<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>quello<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>adottar<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>proced<span class=\"_ _0\"></span>ure<span class=\"ff1\"> </span>atte<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>accertar<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>salvaguardia<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>requisiti<span class=\"ff1\"> </span>regolamentari<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>livelli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>obiettivo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Risk<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Ap<span class=\"_ _2\"></span>petite<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>nonch<span class=\"_ _2\"></span>\u00e9<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>garantire<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sia<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff3\">momento</span> </span>del<span class=\"_ _0\"></span>l\u2019e<span class=\"_ _0\"></span>miss<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">succ<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>ivame<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ele<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Fon<span class=\"_ _0\"></span>di<span class=\"ff1\"> </span>P<span class=\"_ _0\"></span>ropri<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"ff3\">cui<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l\u2019i<span class=\"_ _0\"></span>mpre<span class=\"_ _0\"></span>sa<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>tende<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">atti<span class=\"_ _0\"></span>nger<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fi<span class=\"_ _2\"></span>ne<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>realizzare<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">obiettivi<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">business<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stabiliti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sede<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pianificazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">strategica,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">soddisfino<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>requisiti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>regolamentari<span class=\"ff1\"> <span class=\"_ _21\"></span></span>defi<span class=\"_ _0\"></span>niti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _21\"></span></span>EIOPA<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>siano<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>corrett<span class=\"_ _2\"></span>amente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>class<span class=\"_ _2\"></span>ificati.<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>Tale<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Piano<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>tato<span class=\"ff1\"> </span>redatto<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>coerentemen<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>risultanze<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>dell<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>valutazione<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>prospettica<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>secon<span class=\"_ _2\"></span>do<span class=\"ff1\"> </span>l\u2019approccio<span class=\"ff1\"> </span>Solvency<span class=\"ff1\"> </span>II<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">(ORSA),</span> <span class=\"ff3\">con</span> <span class=\"ff3\">gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">obiettivi</span> <span class=\"ff3\">e</span> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>metodologie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stabilite<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>P<span class=\"_ _0\"></span>olitica<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Gestione<span class=\"ff1\"> </span></span></span></span></span></span></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Capitale<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>requisiti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>solvibilit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>stabiliti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dal<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Regolatore,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>fine<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>garantire<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>solidit\u00e0<span class=\"ff1\"> </span>patrimoniale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Com<span class=\"_ _2\"></span>pagnia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nell\u2019esercizio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pr<span class=\"_ _2\"></span>opria<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">suoi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">possibili<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sviluppi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">f<span class=\"_ _2\"></span>uturi.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>In<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>cat<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>hio<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>In<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">coerenza<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">quanto<span class=\"ff1\"> </span>disciplinato<span class=\"ff1\"> </span>nella<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Policy<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Risk<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Appetite<span class=\"ff1\"> </span>Framework,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gestione<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ottica<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"_ _2\"></span>ttuale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>pros<span class=\"_ _2\"></span>pettica<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Compagnia<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>basa<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sulla<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>definizione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>indicatori<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ogni<span class=\"ff1\"> </span>categoria<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio.<span class=\"_ _3bd\"> </span> La<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Com<span class=\"_ _0\"></span>pag<span class=\"_ _0\"></span>nia<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dis<span class=\"_ _0\"></span>ting<span class=\"_ _0\"></span>ue<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risc<span class=\"_ _0\"></span>hi<span class=\"ff1\"> </span>t<span class=\"_ _1\"></span>ra:<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>rischi<span class=\"ff1\">  </span>quantificabili<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>avent<span class=\"_ _2\"></span>i<span class=\"ff1\">  </span>impatto<span class=\"ff1\">  </span>p<span class=\"_ _0\"></span>atrimoniale,<span class=\"ff1\">  </span>per<span class=\"ff1\">  </span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>quali<span class=\"ff1\">  </span>la<span class=\"ff1\">  </span>Compagnia<span class=\"ff1\">  </span>determina<span class=\"ff1\">  </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> </span>requisito<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>capitale;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>rischi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>quan<span class=\"_ _0\"></span>tificabili<span class=\"ff1\"> <span class=\"_ _21\"></span></span>per<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Compagnia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>non<span class=\"ff1\"> <span class=\"_ _21\"></span></span>determina<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>requisito<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>capitale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(a<span class=\"_ _2\"></span>d<span class=\"ff1\"> <span class=\"_ _21\"></span></span>es.<span class=\"ff1\"> </span>liquidit\u00e0,<span class=\"ff1\"> </span>cash<span class=\"ff1\"> </span>flow<span class=\"ff1\"> </span>matching)<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>ve<span class=\"_ _0\"></span>ngono<span class=\"ff1\"> </span>misurati<span class=\"ff1\"> </span>co<span class=\"_ _2\"></span>n<span class=\"ff1\"> </span>metriche<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>limi<span class=\"_ _0\"></span>tazione<span class=\"ff1\"> </span>specifiche;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>rischi<span class=\"ff1\">  </span>difficilmente<span class=\"ff1\">  </span>quan<span class=\"_ _0\"></span>tificabili,<span class=\"ff1\">  </span>valutati<span class=\"ff1\">  </span>in<span class=\"ff1\">  </span>maniera<span class=\"ff1\">  </span>qualitativa,<span class=\"ff1\">  </span>che<span class=\"ff1\">  </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\">  </span>loro<span class=\"ff1\">  </span>natura<span class=\"ff1\">  </span>e<span class=\"ff1\"> </span>ca<span class=\"_ _0\"></span>ratte<span class=\"_ _0\"></span>ris<span class=\"_ _0\"></span>tic<span class=\"_ _0\"></span>he,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ri<span class=\"_ _0\"></span>sul<span class=\"_ _0\"></span>tano<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">dif<span class=\"_ _0\"></span>ficil<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>anti<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sono</span> <span class=\"ff3\">co<span class=\"_ _1\"></span>perti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dai<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">requi<span class=\"_ _0\"></span>siti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">cap<span class=\"_ _1\"></span>itale<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>ric<span class=\"_ _0\"></span>hie<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">da<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">Nor<span class=\"_ _0\"></span>mati<span class=\"_ _0\"></span>va,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">anche<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">se<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">il</span> <span class=\"ff3\">ve<span class=\"_ _0\"></span>rific<span class=\"_ _0\"></span>arsi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dell\u2019<span class=\"_ _0\"></span>eve<span class=\"_ _0\"></span>nto<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>que<span class=\"_ _0\"></span>sti<span class=\"ff1\"> </span>as<span class=\"_ _0\"></span>soci<span class=\"_ _0\"></span>ato<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>mpo<span class=\"_ _0\"></span>rter<span class=\"_ _0\"></span>ebb<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>delle<span class=\"ff1\"> </span>conseguenze<span class=\"ff1\"> </span>rilevanti<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>l\u2019attivit\u00e0<span class=\"ff1\"> </span>svolta<span class=\"_ _2\"></span><span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>Compagnia.<span class=\"_ _3bd\"> </span> Gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span>dic<span class=\"_ _0\"></span>atori<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">so<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>lteri<span class=\"_ _0\"></span>orm<span class=\"_ _0\"></span>ente<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sudd<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>indicatori<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>I\u00b0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>livello:<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>indicatori<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>finalizzati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>principalmente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"ff1\">  </span>rispe<span class=\"_ _0\"></span>tto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>vincoli<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> </span>solvibilit\u00e0.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>indicatori<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>p<span class=\"_ _2\"></span>ossibili<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>impatti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>negativi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">forniscono</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">avvertimenti</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">atti</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">ad</span> </span>identificare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>potenziali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>eventi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dannosi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>m<span class=\"_ _2\"></span>inacciano<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>aggiungimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>degli<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>obiettivi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> </span>continuit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Business.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Tali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>indicator<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>integrati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>all\u2019interno<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Policy<span class=\"ff1\"> <span class=\"_ _20\"></span></span>RAF<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ess<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>vie<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">asso<span class=\"_ _0\"></span>ciat<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>un<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Risk</span> <span class=\"_ _0\"></span><span class=\"ff3\">App<span class=\"_ _0\"></span>eti<span class=\"_ _0\"></span>te,<span class=\"ff1\"> </span>una<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Risk</span> <span class=\"ff3\">T<span class=\"_ _0\"></span>ole<span class=\"_ _0\"></span>ranc<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>un<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>Ri<span class=\"_ _0\"></span>sk<span class=\"ff1\"> </span>Ca<span class=\"_ _0\"></span>paci<span class=\"_ _0\"></span>ty<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>tivo<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>iste<span class=\"_ _0\"></span>ma<span class=\"ff1\"> </span></span></span></span></span></span></span>di<span class=\"ff1\"> </span>Risk<span class=\"ff1\"> </span>Appetite<span class=\"ff1\"> </span>Statement;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>indicatori<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>early<span class=\"ff1\"> <span class=\"_ _20\"></span></span>warning:<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fine<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>effettuare<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un<span class=\"ff1\"> <span class=\"_ _20\"></span></span>monito<span class=\"_ _2\"></span>raggio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>preventivo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _20\"></span></span>continuo<span class=\"ff1\"> </span>sugli<span class=\"ff1\"> </span>indicator<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>solvibilit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>stati<span class=\"ff1\"> </span>inoltr<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>definiti<span class=\"ff1\"> </span>degli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>indicato<span class=\"_ _2\"></span>ri<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>early<span class=\"ff1\"> <span class=\"_ _2\"></span></span>warnig<span class=\"ff1\"> </span>volti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ad<span class=\"ff1\"> </span>intercettare<span class=\"ff1\"> </span>fenomeni<span class=\"ff1\"> </span>e/o<span class=\"ff1\"> </span>eventi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>potenziale<span class=\"ff1\"> </span>elevata<span class=\"ff1\"> </span>criticit\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>attenzione;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>indicatori<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>II\u00b0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>livello:<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>indicatori<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>t<span class=\"_ _2\"></span>ipo<span class=\"ff1\"> </span>operativo/gest<span class=\"_ _2\"></span>ionali<span class=\"ff1\"> </span>funzionali<span class=\"ff1\"> </span>a<span class=\"_ _2\"></span>d<span class=\"ff1\"> </span>irr<span class=\"_ _2\"></span>obustire<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>monitoraggio<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>r<span class=\"_ _2\"></span>ischi<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>ed<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>eventualmente<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>fornire<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>segnali<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>pr<span class=\"_ _2\"></span>eventivi<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>ad<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>un<span class=\"ff1\"> </span>potenziale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">deterioramento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">metriche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">I\u00b0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Livello.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Tali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">indicatori<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">so<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">integrati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">all\u2019interno<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>della<span class=\"ff1\"> </span>Policy<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>Gestione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Rischi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Politica<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Gestione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>Rischi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>Fondo<span class=\"ff1\"> </span>Pensione<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Ape<span class=\"_ _0\"></span>rto.<span class=\"_ _0\"></span> Nel<span class=\"_ _0\"></span>l\u2019a<span class=\"_ _0\"></span>mbi<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>ge<span class=\"_ _0\"></span>nera<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sist<span class=\"_ _0\"></span>ema<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>ge<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>ompa<span class=\"_ _0\"></span>gnia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">defin<span class=\"_ _0\"></span>isce<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">inol<span class=\"_ _0\"></span>tre<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sp<span class=\"_ _0\"></span>eci<span class=\"_ _0\"></span>fici<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">li<span class=\"_ _0\"></span>miti<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>op<span class=\"_ _0\"></span>erat<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">che</span> <span class=\"ff3\">de<span class=\"_ _1\"></span>clinan<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">obie<span class=\"_ _0\"></span>ttiv<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">risc<span class=\"_ _0\"></span>hio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">(ad</span> <span class=\"ff3\">e<span class=\"_ _0\"></span>s.<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>term<span class=\"_ _0\"></span>ini<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>esp<span class=\"_ _0\"></span>osi<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e,<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>once<span class=\"_ _0\"></span>ntra<span class=\"_ _0\"></span>zione<span class=\"_ _1\"></span>,<span class=\"ff1\"> </span>etc.<span class=\"_ _0\"></span>)<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>coerenti<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>l\u2019appetito<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>Compagnia.<span class=\"_ _3bd\"> </span> Il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>principale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"_ _2\"></span>dicatore<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>I\u00b0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Livello<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Compagnia<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Solvency<span class=\"ff1\"> <span class=\"_ _21\"></span></span>II<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Ratio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ovve<span class=\"_ _0\"></span>ro<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rapporto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>tra<span class=\"ff1\"> </span>Eligible<span class=\"ff1\"> </span>Capital<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Solvency<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Capital<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Requirement.<span class=\"ff1\"> </span>La<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Compa<span class=\"_ _2\"></span>gnia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>si<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prefigge<span class=\"ff1\"> </span>l\u2019obiettivo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>avere<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> </span>livello<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Capitale<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Economico<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"_ _2\"></span>deguato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>linea<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>gli<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>obiettivi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>strategici<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>superiore<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ad<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">un</span> </span>prefissato<span class=\"ff1\"> </span>livello<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Solvency<span class=\"ff1\"> </span>Ratio<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>seguito<span class=\"ff1\"> </span>riporta<span class=\"_ _2\"></span>to:<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>sk<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">App<span class=\"_ _0\"></span>etite<span class=\"_ _0\"></span>:<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">139<span class=\"_ _1\"></span>%;<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span>-<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>sk<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Tole<span class=\"_ _0\"></span>ranc<span class=\"_ _0\"></span>e:<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">122<span class=\"_ _0\"></span>%;<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span>-<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>sk<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Capa<span class=\"_ _0\"></span>city<span class=\"_ _0\"></span>:<span class=\"ff1\"> </span>10<span class=\"_ _0\"></span>5%.<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>Nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>definizione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>RAF<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>risulta<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>necessario<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fissare<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>livello<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>se<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> </span>rispettato<span class=\"ff1\"> </span>dal<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Risk<span class=\"ff1\"> </span>Profile<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">della<span class=\"ff1\"> </span>Compagnia,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">necessita<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">interventi<span class=\"ff1\"> </span>correttivi.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Le</span> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>oglie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">individuano<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>dunque<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"ff1\">  </span>binari<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>all\u2019interno<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\">  </span>quali<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\">  </span>Compagnia<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>pu\u00f2<span class=\"ff1\">  </span>c<span class=\"_ _0\"></span>ondurr<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>s<span class=\"_ _2\"></span>ua<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>azione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>finalizzata<span class=\"ff1\">  </span>al<span class=\"ff1\"> </span>raggiungimento<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>o<span class=\"_ _2\"></span>biettivi<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>business.<span class=\"ff1\"> </span>La<span class=\"ff1\"> <span class=\"_ _2\"></span></span>violazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>queste<span class=\"ff1\"> </span>soglie<span class=\"ff1\"> </span>richieda<span class=\"ff1\"> </span>u<span class=\"_ _2\"></span>n<span class=\"ff1\"> </span>processo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>escalation<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>parte<span class=\"ff1\"> </span>della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Compagnia<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>definizione<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">specifici<span class=\"ff1\"> </span>piani<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>intervento<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>are<span class=\"ff1\"> </span>fronte<span class=\"ff1\"> </span></span></span></span></span>alla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">situazione.<span class=\"_ _3bd\"> </span></span></span>Mo<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>tor<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>ggi<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>Re<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>rti<span class=\"_ _0\"></span>ng<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">modello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">organizzativo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gest<span class=\"_ _2\"></span>ione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Cre<span class=\"_ _2\"></span>demvita<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">coinvolge<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tutte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>trutture<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">aziendali,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>dalle<span class=\"ff1\"> </span>funzioni<span class=\"ff1\"> </span>operative<span class=\"ff1\"> </span>(coinvolte<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>gestione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischi<span class=\"ff1\"> </span>sui<span class=\"ff1\"> </span>processi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>propria<span class=\"ff1\"> </span>competenza)<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span></span></span>Comitati<span class=\"ff1\"> </span>fino<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>CdA,<span class=\"ff1\"> </span>ivi<span class=\"ff1\"> </span>incluse<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>funzioni<span class=\"ff1\"> </span>fondamentali.<span class=\"_ _3bd\"> </span> In<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tale<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contesto,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fun<span class=\"_ _0\"></span>zione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Risk<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Management<span class=\"ff1\"> <span class=\"_ _21\"></span></span>funge<span class=\"ff1\"> <span class=\"_ _20\"></span></span>inoltre<span class=\"ff1\"> <span class=\"_ _21\"></span></span>da<span class=\"ff1\"> <span class=\"_ _20\"></span></span>coordinatore<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dell<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>monitoraggio<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>rischi.<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>Pi\u00f9<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>particolare,<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>concorre<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>alla<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>defi<span class=\"_ _0\"></span>nizione<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>m<span class=\"_ _2\"></span>etodologie<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> </span>misurazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>ischi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>limiti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>operativi,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>definendo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>appropriate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>procedure<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>verifica,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ed<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ha<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> </span>compito<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>validare<span class=\"ff1\">  </span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fluss<span class=\"_ _2\"></span>i<span class=\"ff1\">  </span>i<span class=\"_ _0\"></span>nfor<span class=\"_ _2\"></span>mativi<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>ell\u2019attivit\u00e0<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>monitoraggio<span class=\"ff1\">  </span>dei<span class=\"ff1\">  </span>rischi,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>predisporre<span class=\"ff1\">  </span>la<span class=\"ff1\"> </span>reportistica<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vertici<span class=\"_ _2\"></span><span class=\"ff1\"> </span>aziend<span class=\"_ _0\"></span>ali<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>verificare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>coerenza<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">modelli<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>misurazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ischi<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>l\u2019operativit\u00e0<span class=\"ff1\"> </span>svolta<span class=\"ff1\"> </span>dall\u2019impresa.<span class=\"_ _3bd\"> </span> I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischi<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">monitorati<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">maniera<span class=\"ff1\"> </span>continuativa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dalla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">funzione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>Risk<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Manageme<span class=\"_ _2\"></span>nt<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dalle</span> <span class=\"_ _1\"></span><span class=\"ff3\">singol<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>funzioni<span class=\"ff1\"> </span>competenti;<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>tal<span class=\"ff1\"> </span>fin<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>st<span class=\"_ _2\"></span>ato<span class=\"ff1\"> </span>sviluppato<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>aff<span class=\"_ _0\"></span>inato<span class=\"ff1\"> </span>progressivamente<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">report<span class=\"_ _2\"></span>ing<span class=\"ff1\"> </span>relativo<span class=\"ff1\"> </span></span></span>all\u2019evoluzione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">n<span class=\"_ _2\"></span>ei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">confr<span class=\"_ _2\"></span>onti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Consiglio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Amminist<span class=\"_ _2\"></span>razione,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Comit<span class=\"_ _2\"></span>ato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Consiliare<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>i<span class=\"ff1\"> </span>Co<span class=\"_ _2\"></span>ntrolli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Interni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Ris<span class=\"_ _2\"></span>chi,<span class=\"ff1\"> </span>de<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Comitato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Investimenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>A<span class=\"_ _2\"></span>LM,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019Alta<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Direzione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>strutture<span class=\"ff1\"> </span>operative<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">competenti<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fine<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">migliorare<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">comunicazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span>risultati<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">co<span class=\"_ _2\"></span>nsentire<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> </span>maggior<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>comprensione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>tematiche<span class=\"ff1\"> </span>connesse<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>rischi.<span class=\"_ _3bd\"> </span> Il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">m<span class=\"_ _0\"></span>odell<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ge<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ad<span class=\"_ _0\"></span>ottat<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>Cr<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span>mvi<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ca<span class=\"_ _0\"></span>ratte<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>iz<span class=\"_ _0\"></span>zato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">da<span class=\"_ _1\"></span>:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fase<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>aggiornamento<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>egli<span class=\"ff1\"> </span>indicatori<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e/o<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>limiti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">operativi<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">governo<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>se<span class=\"_ _0\"></span>con<span class=\"_ _0\"></span>da<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>elle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span>sigen<span class=\"_ _0\"></span>ze<span class=\"ff1\"> </span>org<span class=\"_ _0\"></span>ani<span class=\"_ _0\"></span>zza<span class=\"_ _0\"></span>tive<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e/o<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"ff3\">seg<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onte<span class=\"_ _1\"></span>sto<span class=\"ff1\"> </span>int<span class=\"_ _0\"></span>ern<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span>o<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>esterno,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>qu<span class=\"_ _0\"></span>alora<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>siano<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pi\u00f9<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>linea<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>profilo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ri<span class=\"_ _2\"></span>schio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>richiesto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dall\u2019Organo<span class=\"ff1\"> </span>Amm<span class=\"_ _0\"></span>ini<span class=\"_ _0\"></span>strat<span class=\"_ _0\"></span>ivo<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>un<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>segue<span class=\"_ _1\"></span>nte<span class=\"ff1\"> </span>atti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>m<span class=\"_ _0\"></span>onito<span class=\"_ _0\"></span>rag<span class=\"_ _0\"></span>gio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">degli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ind<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span>tori<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>li<span class=\"_ _0\"></span>miti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ope<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>vi<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">gove<span class=\"_ _0\"></span>rno<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del</span> </span></span></span></span></span></span></span></span></span></span></span></span></span>rischio.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">L<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">v<span class=\"_ _2\"></span>erifica<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span>rispetto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">livelli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">toll<span class=\"_ _2\"></span>eranza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">definiti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dal<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Consiglio<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> </span>Amministrazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span>sostanziano<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>specifici<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">presidi<span class=\"ff1\"> </span>organizzativi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">atti<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>g<span class=\"_ _0\"></span>arantire<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rispetto<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>dei<span class=\"ff1\">  </span>limiti<span class=\"ff1\">  </span>stessi,<span class=\"ff1\">  </span>ad<span class=\"ff1\">  </span>att<span class=\"_ _2\"></span>ivare<span class=\"ff1\">  </span>tempestivi<span class=\"ff1\">  </span>processi<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>segnalazione<span class=\"ff1\">  </span>a<span class=\"ff1\">  </span>fronte<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>eventuali<span class=\"ff1\"> </span>rilevazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>superamento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>def<span class=\"_ _0\"></span>inire<span class=\"ff1\"> <span class=\"_ _2\"></span></span>specifici<span class=\"ff1\"> <span class=\"_ _2\"></span></span>piani<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rientro<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>seguito<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>segnalazioni<span class=\"ff1\"> </span>ste<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span> Nell\u2019ambito<span class=\"ff1\">  </span>de<span class=\"_ _2\"></span>l<span class=\"ff1\">  </span>s<span class=\"_ _2\"></span>istema<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>gestione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dei<span class=\"ff1\">  </span>r<span class=\"_ _2\"></span>ischi<span class=\"ff1\">  </span>e<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>coerentem<span class=\"_ _2\"></span>ente<span class=\"ff1\">  </span>con<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>quanto<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>previst<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dalla<span class=\"ff1\"> </span>Normativa,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Consiglio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Amministrazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ha<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>formalizzato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>un<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span></span>set<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>politiche<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff3\">al<span class=\"_ _2\"></span>legati,</span> <span class=\"_ _27\"> </span><span class=\"ff3\">che,</span> </span>relativamente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ognuno<span class=\"ff1\"> <span class=\"_ _2\"></span></span>degli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ambiti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>ischiosit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>insistono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>su<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Cr<span class=\"_ _2\"></span>edemvita,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dettagliano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gli<span class=\"ff1\"> </span>obiettivi,<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">compiti,<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">responsabilit\u00e0,<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rocesso<span class=\"_ _2\"></span><span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">definiscono<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">procedure,<span class=\"ff1\"> </span>anche<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>eporting,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>necessarie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _20\"></span></span>individuare<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>conseguentemente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>g<span class=\"_ _2\"></span>estire<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ogni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ambito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>ischio.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Tali<span class=\"ff1\"> </span>documenti,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>inoltre,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>hanno<span class=\"ff1\"> <span class=\"_ _21\"></span></span>l\u2019ob<span class=\"_ _0\"></span>ie<span class=\"_ _2\"></span>ttivo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>pi\u00f9<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">generale</span> <span class=\"_ _20\"></span><span class=\"ff3\">di</span> <span class=\"_ _21\"></span><span class=\"ff3\">contribuire</span> <span class=\"_ _20\"></span><span class=\"ff3\">alla</span> <span class=\"_ _21\"> </span><span class=\"ff3\">diffusione</span> <span class=\"_ _20\"></span><span class=\"ff3\">della</span> <span class=\"_ _21\"></span><span class=\"ff3\">cultura</span> <span class=\"_ _20\"></span><span class=\"ff3\">del</span> </span>controllo<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>gestione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>all\u2019interno<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>societ\u00e0.<span class=\"_ _3bd\"> </span> Il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rispetto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l\u2019applicazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>documenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gara<span class=\"_ _2\"></span>ntiti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dalla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>presenza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>S<span class=\"_ _2\"></span>istema<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Contro<span class=\"_ _2\"></span>lli<span class=\"_ _0\"></span><span class=\"ff1\"> </span>Interni<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>costituito<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>insieme<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>regole,<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>procedu<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>tecniche<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>contr<span class=\"_ _2\"></span>ollo<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>strutture<span class=\"ff1\"> </span>organizzative<span class=\"ff1\"> </span>volto<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>assicurare<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>corretto<span class=\"ff1\"> </span>funzionamento<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>buon<span class=\"ff1\"> </span>andamento<span class=\"ff1\"> </span>dell\u2019impresa.<span class=\"_ _3bd\"> </span> An<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>isi<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>ris<span class=\"_ _0\"></span>ch<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>La<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Compagnia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ha<span class=\"ff1\"> <span class=\"_ _20\"></span></span>definito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sensi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Regolamentazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>setto<span class=\"_ _2\"></span>re,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>processo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>analisi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\">  </span>che<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>include<span class=\"ff1\">  </span>sia<span class=\"ff1\">  </span>una<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>valutazione<span class=\"ff1\">  </span>qualitativa<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>sia,<span class=\"ff1\">  </span>per<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>que<span class=\"_ _0\"></span>lli<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>quantificabili,<span class=\"ff1\">  </span>l\u2019adozione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> </span>metodologie<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>m<span class=\"_ _2\"></span>isurazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>d<span class=\"_ _2\"></span>ell\u2019esposizione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rischio,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>incluso,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>istema<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>determinazione<span class=\"ff1\"> </span>dell\u2019ammontare<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>massima<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>erdita<span class=\"ff1\"> </span>potenziale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sia<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>ot<span class=\"_ _0\"></span>tica<span class=\"ff1\"> </span>attuale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rospettica.<span class=\"ff1\"> </span>Tali<span class=\"ff1\"> </span>analisi<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span>con<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>nto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>ffe<span class=\"_ _0\"></span>ttu<span class=\"_ _0\"></span>are<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mani<span class=\"_ _0\"></span>era<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>inu<span class=\"_ _0\"></span>ativ<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>una<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">profi<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dei</span> <span class=\"_ _0\"></span><span class=\"ff3\">risc<span class=\"_ _0\"></span>hi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>\u2019im<span class=\"_ _0\"></span>pres<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>spost<span class=\"_ _0\"></span>a.<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>Si<span class=\"ff1\"> </span>specifica<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>Compagnia<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>valutazioni<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>requ<span class=\"_ _0\"></span>isito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>patrimoniale<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>solvibilit\u00e0<span class=\"ff1\"> </span>secondo<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>regime<span class=\"ff1\"> <span class=\"_ _2\"></span></span>normativo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Solvency<span class=\"ff1\"> <span class=\"_ _2\"></span></span>II<span class=\"ff1\"> <span class=\"_ _2\"></span></span>utilizza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Formula<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Standard<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conformemente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quanto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>definito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nel<span class=\"ff1\"> </span>Regolamento<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>delegato<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>(UE)<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>2019/981<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>Commissione.<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>Pertanto,<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>valutazioni<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>attuali<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>e<span class=\"ff1\"> </span>prospettiche<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>ischi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tengono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>conto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tutti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rischi,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>compresi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>fr<span class=\"_ _2\"></span>amework<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> </span>Formul<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>Standard,<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>l\u2019impresa<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>esposta.<span class=\"_ _3bd\"> </span> Al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fine<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cont<span class=\"_ _2\"></span>inuo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">propria<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">situazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>solvi<span class=\"_ _0\"></span>bilit\u00e0,<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Compagnia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">provvede<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inoltre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>base<span class=\"ff1\"> <span class=\"_ _2\"></span></span>trimestrale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>calcolo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>proprio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Requisito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Capitale,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>determinazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fondi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>propr<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>ammissibili<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>relativa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>qualit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>composizione,<span class=\"ff1\"> </span>verificando<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contempo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>ris<span class=\"_ _2\"></span>petto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> </span>limiti<span class=\"ff1\"> </span>operativi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>propensione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischio.<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Spe<span class=\"_ _0\"></span>cifiche<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valutazioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>stress<span class=\"ff1\"> <span class=\"_ _20\"></span></span>test<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>ensitivity<span class=\"ff1\"> <span class=\"_ _20\"></span></span>vengo<span class=\"ff1\"> </span>effettuate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>stessa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">frequenza<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ulle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">grandezze<span class=\"ff1\"> </span>patrimoniali.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Adeguata<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ocumentazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">viene<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>rendicontata<span class=\"ff1\">  </span>al<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Consiglio<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Amministrazione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>e<span class=\"ff1\">  </span>tr<span class=\"_ _2\"></span>asmessa<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>all\u2019O<span class=\"_ _0\"></span>rgano<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Vigilanza<span class=\"ff1\">  </span>t<span class=\"_ _2\"></span>ramite<span class=\"ff1\">  </span>i<span class=\"ff1\"> </span>Quantitative<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Reporting<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Template<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(QRT).<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>stessa<span class=\"ff1\"> <span class=\"_ _20\"></span></span>frequenza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>viene<span class=\"ff1\"> </span>v<span class=\"_ _2\"></span>erificato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rispetto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>degli<span class=\"ff1\"> </span>indicatori<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>I\u00b0Livello<span class=\"ff1\"> </span>declinati<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>Risk<span class=\"ff1\"> </span>Appetite<span class=\"ff1\"> </span>Framework.<span class=\"_ _3bd\"> </span> Qualora<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>diverse<span class=\"ff1\"> <span class=\"_ _20\"></span></span>att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>monitoraggio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>effettuate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dalla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Compagnia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dovessero<span class=\"ff1\"> </span>emergere<span class=\"ff1\"> <span class=\"_ _21\"></span></span>scostamenti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>continuativi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e/o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>significativi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>profilo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rispetto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>all\u2019Appetito<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> </span>Ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"_ _0\"></span>l\u2019i<span class=\"_ _0\"></span>mpre<span class=\"_ _0\"></span>sa,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sco<span class=\"_ _0\"></span>stam<span class=\"_ _0\"></span>enti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">signi<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>ativ<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ris<span class=\"_ _0\"></span>pett<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pri<span class=\"_ _0\"></span>ncip<span class=\"_ _0\"></span>ali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ipo<span class=\"_ _0\"></span>tesi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span><span class=\"ff3\">tecn<span class=\"_ _0\"></span>iche<span class=\"_ _0\"></span>/fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>ziar<span class=\"_ _0\"></span>ie/di<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span>mercato/di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>prodotto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>definite<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nell\u2019ambi<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Piano<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Strategico<span class=\"ff1\"> <span class=\"_ _21\"></span></span>(e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quindi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nelle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valutazioni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ORSA),<span class=\"ff1\"> </span>vie<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">eff<span class=\"_ _0\"></span>ettu<span class=\"_ _0\"></span>ata<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un\u2019a<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">Non-<span class=\"_ _0\"></span>Regu<span class=\"_ _1\"></span>lar<span class=\"ff1\"> </span>ORSA<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fi<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>tare<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">im<span class=\"_ _0\"></span>pat<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ta<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vari<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>oni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anch<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>in<span class=\"ff1\"> </span>ottica<span class=\"ff1\"> </span>prospettica.<span class=\"_ _3bd\"> </span> La<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Com<span class=\"_ _0\"></span>pag<span class=\"_ _0\"></span>nia<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>orso<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>ll\u2019E<span class=\"_ _0\"></span>serci<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>202<span class=\"_ _0\"></span>2<span class=\"ff1\"> </span>h<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>dem<span class=\"_ _0\"></span>piu<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">seg<span class=\"_ _0\"></span>uen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">scade<span class=\"_ _1\"></span>nze<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>orma<span class=\"_ _0\"></span>tive<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Predisposizione<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>ed<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>invio<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>all\u2019Autorit\u00e0<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>Vigilanza,<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>entro<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>termini<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>regolamentari,<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>delle<span class=\"ff1\"> </span>reportistiche<span class=\"ff1\"> </span>trimestrali<span class=\"ff1\"> </span>(QRT)<span class=\"ff1\"> </span>richieste<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>Pillar<span class=\"ff1\"> </span>III;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>Predisposizione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Regular<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Supervisory<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Report<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>-<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>RSR<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>(Relazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>periodica<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>all\u2019Autorit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> </span>Vigilanza)<span class=\"ff1\">  </span>con<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>riferimento<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>alla<span class=\"ff1\">  </span>dat<span class=\"_ _2\"></span>a<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>eserci<span class=\"_ _2\"></span>zio<span class=\"ff1\">  </span>31.12.2021,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>deliberata<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dal<span class=\"ff1\">  </span>Consig<span class=\"_ _2\"></span>lio<span class=\"ff1\">  </span>di<span class=\"ff1\"> </span>Amministrazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Marzo<span class=\"ff1\"> </span>2022<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>inviati<span class=\"ff1\"> </span>entro<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>termine<span class=\"ff1\"> </span>regolamentare<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>IVASS;<span class=\"_ _2\"></span> -<span class=\"_ _3bd\"> </span>Predisposizione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>S<span class=\"_ _0\"></span>olvency<span class=\"ff1\"> </span>Financial<span class=\"ff1\"> </span>Condition<span class=\"ff1\"> </span>Report<span class=\"ff1\"> </span>-<span class=\"ff1\"> </span>SFCR<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">(Relazione</span> <span class=\"ff3\">sul<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>solvibilit\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span></span></span>sulla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>condizione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziaria)<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riferimento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>data<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>esercizio<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>31.12.2021,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>deliberata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dal<span class=\"ff1\"> </span>Consiglio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Amministrazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Marzo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>2022<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ed<span class=\"ff1\"> <span class=\"_ _21\"></span></span>inviati<span class=\"ff1\"> <span class=\"_ _21\"></span></span>entro<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>termine<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>regolamentare<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ad<span class=\"ff1\"> </span>IV<span class=\"_ _0\"></span>ASS;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>Realizzazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> </span>el<span class=\"_ _0\"></span>aborazioni<span class=\"ff1\"> </span>ORSA<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ne<span class=\"_ _2\"></span>cessarie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alutazione<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">profilo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">so<span class=\"_ _2\"></span>lvibilit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>piano<span class=\"ff1\"> </span>strategico<span class=\"ff1\"> </span>2022-<span class=\"_ _0\"></span>2024<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>redisposizione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Re<span class=\"_ _0\"></span>port<span class=\"ff1\"> </span>ORSA<span class=\"ff1\"> </span>deli<span class=\"_ _0\"></span>bero<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>Consiglio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Amministrazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Aprile<span class=\"ff1\"> </span>2022<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>inviato,<span class=\"ff1\"> </span>entro<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>scadenza<span class=\"ff1\"> </span>regolamentare,<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>IVASS.<span class=\"_ _3bd\"> </span> Si<span class=\"ff1\"> <span class=\"_ _2\"></span></span>specifica<span class=\"ff1\"> <span class=\"_ _20\"></span></span>infine<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contin<span class=\"_ _2\"></span>uit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quanto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>avvenuto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _20\"></span></span>corso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>2021,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _20\"></span></span>2022,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>tante<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> </span>situazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>derivante<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dall\u2019emergenza<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Covid-19<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dalle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>recenti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tensioni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>legate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>guerra<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Russo-<span class=\"ff1\"> </span>Ucraina,<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Compa<span class=\"_ _2\"></span>gnia<span class=\"ff1\"> </span>contin<span class=\"_ _2\"></span>ua<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>partecipare<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>u<span class=\"ff1\"> <span class=\"_ _2\"></span></span>richiesta<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019Autorit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>vigilanza<span class=\"ff1\"> </span>al<span class=\"_ _2\"></span>le<span class=\"ff1\"> </span>se<span class=\"_ _2\"></span>guenti<span class=\"ff1\"> </span>atti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>t\u00e0:<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>mon<span class=\"_ _0\"></span>ito<span class=\"_ _0\"></span>ragg<span class=\"_ _0\"></span>io<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mensile<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">della<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>osizi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">solv<span class=\"_ _0\"></span>ibi<span class=\"_ _0\"></span>lit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">(att<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">avvi<span class=\"_ _0\"></span>ata<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">part<span class=\"_ _0\"></span>ire<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dal<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mese<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>m<span class=\"_ _0\"></span>arzo<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>202<span class=\"_ _0\"></span>0);<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>monitoraggio<span class=\"ff1\"> </span>trimestrale<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>liquidit\u00e0<span class=\"ff1\"> </span>(attivit\u00e0<span class=\"ff1\"> </span>avviata<span class=\"ff1\"> </span>nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mese<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>giugno<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>partire<span class=\"ff1\"> </span></span></span></span></span>dalla<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>dati<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>31.03.2020).<span class=\"_ _3bd\"> </span> Ri<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>hi<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>so<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>cr<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>(o<span class=\"_ _3bd\"> </span>te<span class=\"_ _0\"></span>cn<span class=\"_ _0\"></span>ici<span class=\"_ _3bd\"> </span>as<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>cur<span class=\"_ _1\"></span>ativ<span class=\"_ _0\"></span>i)<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Si<span class=\"ff1\"> <span class=\"_ _2\"></span></span>definisce<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Rischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Sottoscrizione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>-<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>perdit<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>variazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sfavorevole<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valore<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pass<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>as<span class=\"_ _2\"></span>sicurative<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dov<span class=\"_ _2\"></span>uto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ipotesi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>inadegu<span class=\"_ _0\"></span>ate<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>m<span class=\"_ _2\"></span>ateria<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fissazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prezzi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> </span>costituzione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>riserve<span class=\"ff1\"> </span>tecniche<span class=\"ff1\"> </span>(cfr.<span class=\"ff1\"> </span>articolo<span class=\"ff1\"> </span>1,<span class=\"ff1\"> </span>com<span class=\"_ _2\"></span>ma<span class=\"ff1\"> </span>1,<span class=\"ff1\"> </span>lettera<span class=\"ff1\"> </span>vv-b<span class=\"_ _0\"></span>is<span class=\"ff1\"> </span>4<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>CAP).<span class=\"_ _2\"></span> Nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>d<span class=\"_ _2\"></span>el<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>F<span class=\"_ _2\"></span>ramework<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Compagnia,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ris<span class=\"_ _2\"></span>chio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pu\u00f2<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>essere<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ulteriormente<span class=\"ff1\"> </span>distinto<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> </span>seguenti<span class=\"ff1\"> </span>categorie:<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>Rischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>assunzione:<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rappresenta<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>derivante<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dalla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sottoscrizione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contratti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"_ _1\"></span> ass<span class=\"_ _0\"></span>icu<span class=\"_ _0\"></span>razi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>colleg<span class=\"_ _0\"></span>ato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">agli</span> <span class=\"ff3\">even<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>as<span class=\"_ _0\"></span>sicu<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>proc<span class=\"_ _0\"></span>essi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">segui<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>tar<span class=\"_ _0\"></span>iffa<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>sele<span class=\"_ _0\"></span>zione<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischi,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>all\u2019andamento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>favorevole<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>ella</span> <span class=\"_ _2\"></span><span class=\"ff3\">sinistrosit\u00e0</span> <span class=\"_ _20\"></span><span class=\"ff3\">effettiva</span> <span class=\"ff3\">r<span class=\"_ _2\"></span>ispetto</span> <span class=\"_ _2\"></span><span class=\"ff3\">a</span> <span class=\"_ _2\"></span><span class=\"ff3\">quella</span> <span class=\"_ _2\"></span><span class=\"ff3\">stimata</span> <span class=\"_ _2\"></span><span class=\"ff3\">(t<span class=\"_ _2\"></span>ali<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span>rischi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>si<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sostanziano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>part<span class=\"_ _2\"></span>icolar<span class=\"ff1\"> </span>m<span class=\"_ _2\"></span>odo<span class=\"ff1\"> </span>nel<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>risultante<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>default<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>el<span class=\"ff1\"> </span>prezzo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>legato<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>ipotesi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>prezzo<span class=\"ff1\"> </span>iniziale<span class=\"ff1\"> </span>inadatta<span class=\"ff1\"> </span>all\u2019evoluzione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>ris<span class=\"_ _2\"></span>chio);<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>Rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>riservazione:<span class=\"ff1\"> </span>ovvero<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>conness<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>quantificazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>riserve<span class=\"ff1\"> </span>tecniche<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>sufficienti<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>coprire<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>impegni<span class=\"ff1\"> </span>assunti<span class=\"ff1\"> </span>nei<span class=\"ff1\"> </span>confronti<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>assicurat<span class=\"_ _2\"></span>i.<span class=\"_ _3bd\"> </span> Ta<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cla<span class=\"_ _0\"></span>sse<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>u\u00f2<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ist<span class=\"_ _0\"></span>int<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">segu<span class=\"_ _0\"></span>enti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">f<span class=\"_ _0\"></span>atto<span class=\"_ _0\"></span>ri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">risc<span class=\"_ _0\"></span>hio:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>mortalit\u00e0:<span class=\"ff1\"> </span>ossia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">deriva<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">aumento<span class=\"ff1\"> </span>inatteso<span class=\"ff1\"> </span>dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tassi</span> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>mortalit\u00e0,<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">as<span class=\"_ _2\"></span>sociato<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>alle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>polizze<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>(come<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ad<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>esemp<span class=\"_ _2\"></span>io<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"_ _2\"></span>ssicurazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>caso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>morte<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">poli<span class=\"_ _0\"></span>zze<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>mist<span class=\"_ _2\"></span>e)<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nelle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quali<span class=\"ff1\"> </span></span></span>l\u2019impresa<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>garantisce<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>s<span class=\"_ _2\"></span>erie<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>pagamenti<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>singoli<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>ricorr<span class=\"_ _2\"></span>enti<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>caso<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>decesso<span class=\"ff1\"> </span>dell\u2019assicurato<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>corso<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>durata<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>polizza;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>sopravvivenza:<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">longevit\u00e0,</span> <span class=\"_ _27\"> </span><span class=\"ff3\">ch<span class=\"_ _2\"></span>e</span> <span class=\"_ _27\"> </span><span class=\"ff3\">deriva</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">da</span> <span class=\"_ _27\"> </span><span class=\"ff3\">una</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">diminuzione</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">inattesa</span> <span class=\"_ _27\"> </span><span class=\"ff3\">dei</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">tassi</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span></span></span>mortalit\u00e0,<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>associato<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>alle<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>polizze<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>(ad<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>esempio,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>r<span class=\"_ _2\"></span>endite)<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>ch<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>prevedono<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>l\u2019<span class=\"_ _2\"></span>impresa<span class=\"ff1\"> </span>garantisca<span class=\"ff1\"> <span class=\"_ _20\"></span></span>una<span class=\"ff1\"> <span class=\"_ _20\"></span></span>serie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pagamenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fino<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>morte<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dell\u2019assicurato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>polizze<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(ad<span class=\"ff1\"> <span class=\"_ _20\"></span></span>esempio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> </span>polizze<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mist<span class=\"_ _2\"></span>e)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che<span class=\"ff1\"> </span>prevedono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>g<span class=\"_ _0\"></span>aranzia<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>arte<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>ll\u2019impresa<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>nico<span class=\"ff1\"> </span>pag<span class=\"_ _0\"></span>amento<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">caso<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> </span>sopravvivenza<span class=\"ff1\"> </span>dell\u2019assicurato<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>tutta<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>durata<span class=\"ff1\"> </span>prevista<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>polizza;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>invalidit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u2013<span class=\"ff1\"> </span>mo<span class=\"_ _0\"></span>rbilit\u00e0:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">invalidit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u2013<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">morbilit\u00e0,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">deriva<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">variazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">inat<span class=\"_ _2\"></span>tesa<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>livello,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>el<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tr<span class=\"_ _2\"></span>end<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _21\"></span></span>volatilit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>tassi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>disabilit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>m<span class=\"_ _2\"></span>orbilit\u00e0,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>applicabile<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _21\"></span></span>polizze<span class=\"ff1\"> </span>associate<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>disabilit\u00e0;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>mutualit\u00e0:<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fattore<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u201cMutualit\u00e0\u201d<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>intende<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>fatt<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"ff1\"> <span class=\"_ _21\"></span></span>una<span class=\"ff1\"> <span class=\"_ _21\"></span></span>diminuzione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>della<span class=\"ff1\"> </span>numerosit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>polizze<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>port<span class=\"_ _2\"></span>afoglio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>potr<span class=\"_ _2\"></span>ebbe<span class=\"ff1\"> <span class=\"_ _21\"></span></span>avere<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>effetti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>negativi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>i<span class=\"_ _2\"></span>nattesi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>ui<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>benefici<span class=\"ff1\"> </span>pro<span class=\"_ _0\"></span>ven<span class=\"_ _0\"></span>ien<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>dall<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>mutua<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>t\u00e0.<span class=\"ff1\"> </span>Un\u2019e<span class=\"_ _0\"></span>lev<span class=\"_ _0\"></span>ata<span class=\"ff1\"> </span>nu<span class=\"_ _0\"></span>meros<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">di</span> <span class=\"ff3\">pol<span class=\"_ _0\"></span>izze<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">perme<span class=\"_ _0\"></span>tte<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u201cattut<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>\u201d<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>verifi<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>rsi<span class=\"ff1\"> </span></span></span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"_ _2\"></span>venti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sinist<span class=\"_ _2\"></span>rosi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sull\u2019intera<span class=\"ff1\"> <span class=\"_ _20\"></span></span>popolazione;<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _21\"></span></span>business<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Vita<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>diminuzione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>de<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _20\"></span></span>numero<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dei<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>trat<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>orta<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _1\"></span>r<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ese<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>d<span class=\"ff1\"> </span>un<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span>cre<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">flut<span class=\"_ _0\"></span>tua<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>cas<span class=\"_ _0\"></span>uali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">morta<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>\u00e0.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Il<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>atto<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>mutualit\u00e0,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quindi,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>strettamente<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>correlato<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ai<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fattori<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u201cComportamento<span class=\"ff1\"> </span>dell\u2019assicurato\u201d<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>\u201cControparte\u201d;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>estinzione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anticipata<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> </span>comportamento<span class=\"ff1\"> </span>degli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">assicurati:</span> <span class=\"ff3\">il</span> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>estinzione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">anticipata,</span> <span class=\"ff3\">ch<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span></span></span></span></span></span></span>deriva<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>na<span class=\"ff1\"> </span>variazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"_ _2\"></span>nattesa<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tassi<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">esercizio<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">opzio<span class=\"_ _2\"></span>ni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> </span>parte<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">degli<span class=\"ff1\"> </span>assicurati,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>applicabile<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tutte<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>opzioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>p<span class=\"_ _2\"></span>reviste<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>gli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>assicurati,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>legali<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>contr<span class=\"_ _2\"></span>attuali,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>posso<span class=\"_ _2\"></span>no<span class=\"ff1\"> </span>modificare<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>s<span class=\"_ _2\"></span>ensibilmente<span class=\"ff1\">  </span>il<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">valore</span>  <span class=\"ff3\">dei</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">flussi</span>  <span class=\"ff3\">di</span>  <span class=\"ff3\">c<span class=\"_ _0\"></span>assa<span class=\"ff1\">  </span>futuri,<span class=\"ff1\">  </span>le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>opzioni<span class=\"ff1\">  </span>per<span class=\"ff1\">  </span>interrompere<span class=\"ff1\"> </span></span></span>completamente<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>parzialmente,<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>ridurre,<span class=\"ff1\"> </span>limitar<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ospendere<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>copertura<span class=\"ff1\"> <span class=\"_ _2\"></span></span>assicurativa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cos\u00ec<span class=\"ff1\"> </span>come<span class=\"ff1\">  </span>le<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">opzioni</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">che</span>  <span class=\"ff3\">consentono</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">la</span>  <span class=\"ff3\">modifica</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">completa</span>  <span class=\"ff3\">o</span>  <span class=\"ff3\">pa<span class=\"_ _0\"></span>rziale,<span class=\"ff1\">  </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\">  </span>rinnovo,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>l\u2019aumento,<span class=\"ff1\"> </span></span></span>l'estensione<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>ripresa<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>copertura<span class=\"ff1\"> </span>assicurativa;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>garanzia/copertura:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>rischiosit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">prodot<span class=\"_ _2\"></span>ti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Vita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dipende<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dall<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u201c<span class=\"_ _2\"></span>garanzie/coperture\u201d<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">previste<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>dai<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contrat<span class=\"_ _2\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stessi<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>base<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">all<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quali<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">societ\u00e0<span class=\"ff1\"> </span>si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">impegna<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>pagare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prestazioni<span class=\"ff1\"> </span>assicurate<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ai<span class=\"ff1\"> </span>beneficiari.<span class=\"ff1\"> </span>S<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>verificarsi<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>fatto<span class=\"ff1\"> </span>dannoso<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>quale<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>prestata<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>g<span class=\"_ _0\"></span>aranzia<span class=\"ff1\"> </span>assicurativa<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>corr<span class=\"_ _2\"></span>ettamente<span class=\"ff1\"> <span class=\"_ _21\"></span></span>monitorato<span class=\"ff1\"> <span class=\"_ _21\"></span></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>non<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>corrisponde<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>alle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>stime<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>fatt<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fase<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tariffazione,<span class=\"ff1\"> </span>questo<span class=\"ff1\"> </span>costituisce<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>elemento<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischiosit\u00e0<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>prodott<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>stesso;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>inflazione/spese:<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>fat<span class=\"_ _2\"></span>tore<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rischio,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>deriva<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>u<span class=\"_ _2\"></span>na<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>variazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>inattese<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>spese,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>riferisce<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>costi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>gestione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>contratti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>assicurazione;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>catastrofale:<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fattore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cat<span class=\"_ _2\"></span>astrofale,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>deriva<span class=\"ff1\"> <span class=\"_ _21\"></span></span>da<span class=\"ff1\"> <span class=\"_ _20\"></span></span>eventi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>estremi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>irregolari,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>cui<span class=\"ff1\"> </span>effetti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>ufficientemente<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>catturat<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>negli<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>altr<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sottoscrizione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>(ad<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>esemp<span class=\"_ _2\"></span>io<span class=\"ff1\"> </span>evento<span class=\"ff1\">  </span>pandemico<span class=\"ff1\">  </span>o<span class=\"ff1\">  </span>esplosione<span class=\"ff1\">  </span>nucleare<span class=\"_ _2\"></span>),<span class=\"ff1\">  </span>si<span class=\"ff1\">  </span>riferisce<span class=\"ff1\">  </span>alle<span class=\"ff1\">  </span>polizz<span class=\"_ _2\"></span>e<span class=\"ff1\">  </span>che<span class=\"ff1\">  </span>sono<span class=\"ff1\">  </span>legate<span class=\"ff1\">  </span>alla<span class=\"ff1\"> </span>mort<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>t\u00e0;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>Revisione:<span class=\"ff1\">  </span>Il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fatt<span class=\"_ _2\"></span>ore<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>rischio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>revisione<span class=\"ff1\">  </span>ha<span class=\"ff1\">  </span>lo<span class=\"ff1\">  </span>scopo<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>catt<span class=\"_ _2\"></span>urare<span class=\"ff1\">  </span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>variazione<span class=\"ff1\"> </span>sfavorevole<span class=\"ff1\"> </span>dell'import<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>una<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rendita,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>seguito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>una<span class=\"ff1\"> <span class=\"_ _2\"></span></span>revisione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>imprevista<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>processo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>richiesta<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>risarcimento.<span class=\"_ _3bd\"> </span> Per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prodotti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tipo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pro<span class=\"_ _2\"></span>tection<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(puro<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>ischio)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>si<span class=\"ff1\"> <span class=\"_ _20\"></span></span>possono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>identificare<span class=\"ff1\"> <span class=\"_ _20\"></span></span>inoltre<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>seguenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fattor<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>o:<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>Risk<span class=\"_ _3bd\"> </span>Volatility:<span class=\"_ _3bd\"> </span>tale<span class=\"_ _3bd\"> </span>fattore<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>rischio<span class=\"_ _3bd\"> </span>nell\u2019ambito<span class=\"_ _3bd\"> </span>del<span class=\"_ _3bd\"> </span>processo<span class=\"_ _3bd\"> </span>assuntivo<span class=\"_ _3bd\"> </span>dip<span class=\"_ _0\"></span>end<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span> sostanzialmente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dalla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>presenza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>basi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tecniche<span class=\"ff1\"> <span class=\"_ _20\"></span></span>non<span class=\"ff1\"> <span class=\"_ _20\"></span></span>aggiornate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>correttamente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>momento<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">det<span class=\"_ _0\"></span>ermi<span class=\"_ _0\"></span>nazi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pre<span class=\"_ _0\"></span>zzo<span class=\"_ _0\"></span>;<span class=\"ff1\"> </span>da<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">u<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">m<span class=\"_ _2\"></span>arg<span class=\"_ _0\"></span>ine<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tecni<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mo<span class=\"_ _0\"></span>lto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bass<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>/o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">basi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tecn<span class=\"_ _0\"></span>iche<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mol<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>strette;<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dalla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>presenza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nu<span class=\"_ _0\"></span>ovi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>non<span class=\"ff1\"> <span class=\"_ _21\"></span></span>conside<span class=\"_ _0\"></span>rati<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mome<span class=\"_ _2\"></span>nto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>determinazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> </span>prezzo;<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contro<span class=\"_ _2\"></span>parte<span class=\"ff1\"> <span class=\"_ _2\"></span></span>elevat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(da<span class=\"ff1\"> <span class=\"_ _20\"></span></span>parte<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>partner/distributore,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>soprattutt<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>caso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> </span>commissioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">upfront<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">/<span class=\"ff1\"> </span>goodwi<span class=\"_ _0\"></span>ll).<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">processo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riser<span class=\"_ _2\"></span>vazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fatto<span class=\"_ _2\"></span>re<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>dipende<span class=\"ff1\"> </span>dal<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>pagamento<span class=\"ff1\"> </span>eccessivo<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>quota<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>profitto<span class=\"ff1\"> </span>se<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>parametri<span class=\"ff1\"> </span>delle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">riserve</span> </span></span></span></span></span>sono<span class=\"ff1\"> </span>fissati<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>modo<span class=\"ff1\"> </span>improprio;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>Population:<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nell\u2019ambit<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>processo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tariffazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fattore<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sostanzialmente<span class=\"ff1\"> </span>correlato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ad<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tariffazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">unica<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>na<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vasta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">popolazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fasce<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>\u2019et\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(specia<span class=\"_ _2\"></span>lmente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">risc<span class=\"_ _0\"></span>hio<span class=\"ff1\"> </span>m<span class=\"_ _0\"></span>orte<span class=\"_ _0\"></span>)<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fasci<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">du<span class=\"_ _0\"></span>rata<span class=\"ff1\"> </span>/<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fa<span class=\"_ _0\"></span>scia<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tasso<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">i<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>ress<span class=\"_ _0\"></span>e;<span class=\"ff1\"> </span>alt<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>sel<span class=\"_ _0\"></span>ezi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">avve<span class=\"_ _0\"></span>rsa<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ne<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>trut<span class=\"_ _0\"></span>tura<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rodot<span class=\"_ _0\"></span>to.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Nel<span class=\"ff1\"> </span>ca<span class=\"_ _0\"></span>so<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">proce<span class=\"_ _1\"></span>sso<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ris<span class=\"_ _0\"></span>erv<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>ta<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fa<span class=\"_ _0\"></span>ttore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>dip<span class=\"_ _0\"></span>end<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>sostanzialmente<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>da:<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>adeguatezza<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>riserve<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>fortemente<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>legata<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>alla<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>st<span class=\"_ _2\"></span>ruttura<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>della<span class=\"ff1\"> </span>popolazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(soprat<span class=\"_ _2\"></span>tutto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>iserve<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mat<span class=\"_ _2\"></span>ematiche<span class=\"ff1\"> <span class=\"_ _20\"></span></span>/<span class=\"ff1\"> <span class=\"_ _21\"></span></span>passivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l<span class=\"_ _2\"></span>ungo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>t<span class=\"_ _2\"></span>ermine);<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riserve<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>non<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>ono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">il</span> <span class=\"ff3\">co<span class=\"_ _0\"></span>sto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">real<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">opzi<span class=\"_ _0\"></span>oni<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>pop<span class=\"_ _0\"></span>olaz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">come<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l\u2019e<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>nzio<span class=\"_ _0\"></span>ne,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>sca<span class=\"_ _0\"></span>tto;<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">r<span class=\"_ _0\"></span>iserv<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>che<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>non<span class=\"ff1\"> </span>includono<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>giusto<span class=\"ff1\"> </span>livello<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>spese<span class=\"ff1\"> </span>generali<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>specifica<span class=\"ff1\"> </span>popolazione/prodotto.<span class=\"_ _3bd\"> </span> Da<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>pu<span class=\"_ _0\"></span>nto<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">vis<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>stri<span class=\"_ _0\"></span>buz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dei</span> <span class=\"ff3\">r<span class=\"_ _0\"></span>isch<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sott<span class=\"_ _0\"></span>oscr<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">C<span class=\"_ _0\"></span>rede<span class=\"_ _0\"></span>mvit<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>sec<span class=\"_ _0\"></span>ond<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>det<span class=\"_ _0\"></span>tami<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>normativi<span class=\"ff1\"> </span>Solvency<span class=\"ff1\"> <span class=\"_ _2\"></span></span>II<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>riporta<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>t<span class=\"_ _2\"></span>abella<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>seguito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> </span>m<span class=\"_ _2\"></span>iglior<span class=\"ff1\"> </span>stima<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>rappresentazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">data<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valutazione<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">precisa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">p<span class=\"_ _2\"></span>eso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">complessivo<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ischi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">lif<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">underwr<span class=\"_ _2\"></span>iting<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ar<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">55,2%).<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>Life<span class=\"_ _3bd\"> </span>risk<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>risk/sum<span class=\"_ _3bd\"> </span>of<span class=\"_ _3bd\"> </span>risk<span class=\"_ _3bd\"> </span>component<span class=\"_ _0\"></span>s<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>relat<span class=\"_ _0\"></span>ivo<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>vo<span class=\"_ _3bd\"> </span>Re<span class=\"_ _0\"></span>lat<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>o<span class=\"fc0 sc1\"> <span class=\"_ _52\"> </span></span>Com<span class=\"_ _1\"></span>ple<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>ivo<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Mor<span class=\"_ _0\"></span>tal<span class=\"_ _0\"></span>ity<span class=\"ff1\"> </span>ri<span class=\"_ _1\"></span>sk <span class=\"_ _34d\"> </span>8,<span class=\"_ _1\"></span>5% <span class=\"_ _ad\"> </span>4,<span class=\"_ _0\"></span>7%<span class=\"_ _3bd\"> </span>Lon<span class=\"_ _0\"></span>gev<span class=\"_ _0\"></span>ity<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>sk<span class=\"_ _0\"></span> <span class=\"_ _162\"> </span>0,<span class=\"_ _1\"></span>3% <span class=\"_ _235\"> </span>0,<span class=\"_ _1\"></span>2%<span class=\"_ _3bd\"> </span>Dis<span class=\"_ _0\"></span>abil<span class=\"_ _0\"></span>ity<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">morbi<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>y<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>sk<span class=\"_ _0\"></span> <span class=\"_ _34e\"> </span>0,<span class=\"_ _1\"></span>0% <span class=\"_ _af\"> </span>0<span class=\"_ _0\"></span>,0<span class=\"_ _0\"></span>%<span class=\"_ _3bd\"> </span></span></span>Li<span class=\"_ _0\"></span>fe<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Lap<span class=\"_ _0\"></span>se<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ri<span class=\"_ _0\"></span>sk <span class=\"_ _274\"> </span>84,1%<span class=\"_ _0\"></span> <span class=\"_ _a9\"> </span>46,<span class=\"_ _0\"></span>4%<span class=\"_ _3bd\"> </span></span></span></span></span>Exp<span class=\"_ _0\"></span>ens<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ri<span class=\"_ _0\"></span>sk<span class=\"_ _0\"></span> <span class=\"_ _2cf\"> </span>4<span class=\"_ _0\"></span>,9<span class=\"_ _0\"></span>% <span class=\"_ _cb\"> </span>2,<span class=\"_ _1\"></span>7%<span class=\"_ _3bd\"> </span></span></span>Rev<span class=\"_ _0\"></span>isi<span class=\"_ _0\"></span>onar<span class=\"_ _0\"></span>y<span class=\"ff1\"> </span>ri<span class=\"_ _1\"></span>sk <span class=\"_ _2c1\"> </span>0,0<span class=\"_ _1\"></span>% <span class=\"_ _af\"> </span>0,<span class=\"_ _0\"></span>0%<span class=\"_ _3bd\"> </span>CA<span class=\"_ _0\"></span>T<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ri<span class=\"_ _1\"></span>sk <span class=\"_ _103\"> </span>2<span class=\"_ _0\"></span>,3<span class=\"_ _0\"></span>% <span class=\"_ _a6\"> </span>1,<span class=\"_ _0\"></span>3%<span class=\"_ _3bd\"> </span></span></span>La<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Com<span class=\"_ _0\"></span>pag<span class=\"_ _0\"></span>nia<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ado<span class=\"_ _0\"></span>tta,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>onf<span class=\"_ _0\"></span>ronti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>ine<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>gu<span class=\"_ _0\"></span>ida<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>definiscono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>modello<span class=\"ff1\"> <span class=\"_ _2\"></span></span>or<span class=\"_ _2\"></span>ganizzativo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>governance,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nonch\u00e9<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ruoli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>responsabilit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>delle<span class=\"ff1\"> </span>strutture<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>aziendali<span class=\"ff1\"> <span class=\"_ _21\"></span></span>coinvolte<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nell\u2019assunzione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff3\">monitoraggi<span class=\"_ _2\"></span>o</span> <span class=\"_ _21\"></span><span class=\"ff3\">del</span> <span class=\"_ _20\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ischio</span> <span class=\"_ _21\"></span><span class=\"ff3\">assunto</span> <span class=\"_ _21\"> </span><span class=\"ff3\">e</span> <span class=\"_ _21\"></span><span class=\"ff3\">nelle<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span>attivit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>riservazione;<span class=\"_ _3bd\"> </span> <div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs49ab\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49ac\">descrivono<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>procedure<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rep<span class=\"_ _2\"></span>orting<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>applicate<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ed<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>flussi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>c<span class=\"_ _2\"></span>omunicazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tr<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>funzioni<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49ad\">coinvolte<span class=\"ff1\"> </span>nei<span class=\"ff1\"> </span>processi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>sottoscrizione<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>riservazione;<span class=\"_ _3bd\"> </span> </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs49ae\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49af\">illustrano<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>modalit\u00e0<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>c<span class=\"_ _2\"></span>ui<span class=\"ff1\"> </span>l\u2019impresa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tiene<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>riass<span class=\"_ _2\"></span>icurazione<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>altre<span class=\"ff1\"> </span>tecniche<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49b0\">mitigazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nel<span class=\"ff1\"> </span>processo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>progettazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>nuovo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prodotto<span class=\"ff1\"> </span>assicurativo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49b1\">calcolo<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>relativo<span class=\"ff1\"> </span>premio.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49b2\">La<span class=\"ff1\"> </span>Compagnia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">misura<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>monitora<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>propria<span class=\"ff1\"> </span>esposizione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al</span> <span class=\"ff3\">rischio</span> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sottoscrizione</span> <span class=\"ff3\">considerando</span> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49b3\">il<span class=\"ff1\"> </span>portafoglio<span class=\"ff1\"> </span>complessivo,<span class=\"ff1\"> </span>oltre<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>verificare<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>conformit\u00e0<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>limiti<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>politiche<span class=\"ff1\"> </span>definite.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49b4\">La<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>tecnici<span class=\"ff1\"> </span>viene<span class=\"ff1\"> </span>realizzata<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>logiche<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">caratt<span class=\"_ _2\"></span>ere<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ALM<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> </span>Asset-Liability<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49b5\">Management<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u2013<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fine<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>cogliere<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>interrelazioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>esistenti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fra<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dinamiche<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>passivi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49b6\">dinamiche<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>degli<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>at<span class=\"_ _2\"></span>tivi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\">  </span>copertura,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sia<span class=\"ff1\">  </span>segu<span class=\"_ _0\"></span>endo<span class=\"ff1\">  </span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>principi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\">  </span>Solvi<span class=\"_ _0\"></span>bilit\u00e0<span class=\"ff1\">  </span>\u2013<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"ff1\">  </span>f<span class=\"_ _0\"></span>ine<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\">  </span>cogliere<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49b7\">l\u2019eventuale<span class=\"ff1\"> </span>requisito<span class=\"ff1\"> </span>capitale<span class=\"ff1\"> </span>assorbito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"ff1\"> </span>ogni<span class=\"ff1\"> </span>singolo<span class=\"ff1\"> </span>fattore<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49b8\">L\u2019identificazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>viene<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>effettuata<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _21\"></span></span>riferimento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nuovi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>prodotti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"></span></span>portafoglio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49b9\">ess<span class=\"_ _0\"></span>ere:<span class=\"_ _0\"></span> </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs49ba\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49bb\">Nuo<span class=\"_ _0\"></span>vi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">p<span class=\"_ _0\"></span>rodo<span class=\"_ _0\"></span>tti:<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">coer<span class=\"_ _0\"></span>ente<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Pi<span class=\"_ _0\"></span>ano<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Stra<span class=\"_ _0\"></span>teg<span class=\"_ _0\"></span>ico,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rile<span class=\"_ _0\"></span>vaz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>isc<span class=\"_ _0\"></span>hi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>nes<span class=\"_ _0\"></span>si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ai<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nu<span class=\"_ _0\"></span>ov<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49bc\">pro<span class=\"_ _0\"></span>dot<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>viene<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">effe<span class=\"_ _0\"></span>ttua<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>sull<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>loro<span class=\"ff1\"> </span>car<span class=\"_ _0\"></span>atte<span class=\"_ _0\"></span>rist<span class=\"_ _0\"></span>ich<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>tecn<span class=\"_ _0\"></span>ich<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>nell\u2019<span class=\"_ _0\"></span>ambi<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">pro<span class=\"_ _0\"></span>cesso<span class=\"_ _1\"></span><span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49bd\">di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ORSA.<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>Inoltre,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>coere<span class=\"_ _2\"></span>nza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>process<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>finalizzato<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>alla<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>creazione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff3\">lancio</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">dei</span> <span class=\"_ _21\"> </span><span class=\"ff3\">nuovi</span> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49be\">prodotti<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>definito<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>pi\u00f9<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>generale<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>pr<span class=\"_ _2\"></span>ocesso<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>POG<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>(Product<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>Oversight<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>and<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49bf\">Governance),<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>funzione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>R<span class=\"_ _2\"></span>isk<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Management<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>chiamata<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>redigere<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>specifica<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>analisi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49c0\">rischiosit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(c.d.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>scheda<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischi<span class=\"_ _2\"></span>)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d<span class=\"_ _2\"></span>el<span class=\"ff1\"> <span class=\"_ _20\"></span></span>singolo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prodot<span class=\"_ _2\"></span>to<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _20\"></span></span>esiti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>trasmessi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Comitato<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49c1\">Direzione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Product<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Governance.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Inoltre,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>parte<span class=\"ff1\"> <span class=\"_ _20\"></span></span>integrante<span class=\"ff1\"> <span class=\"_ _20\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valutazioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>redditivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49c2\">rischio<span class=\"ff1\"> </span>connessi<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>nuovi<span class=\"ff1\"> </span>prodotti,<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>profit<span class=\"ff1\"> </span>test<span class=\"_ _2\"></span><span class=\"ff1\"> </span>effettuato<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>Compagnia.<span class=\"_ _3bd\"> </span> </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs49c3\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49c4\">Portafoglio<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>essere:<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riferimento<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>portafoglio<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>essere,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019identificazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">viene<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49c5\">effettuata<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>b<span class=\"_ _0\"></span>ase<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>dati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tecnici<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>portafoglio<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dell<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">misur<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>assorbimento<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">capitale<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49c6\">determinate<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>attr<span class=\"_ _2\"></span>averso<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>lo<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>strumento<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>utilizzato<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dalla<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Compa<span class=\"_ _2\"></span>gnia<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>calcolo<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>SCR<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49c7\">(Standard<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Formula).<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">informazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">relative<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">all\u2019andamento<span class=\"ff1\"> </span>tecnico<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">complessivo<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ramo<span class=\"ff1\"> </span>vita<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49c8\">rispecchiano<span class=\"ff1\"> </span>sinteticamente<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>isultati<span class=\"ff1\"> </span>tecnici<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span>singoli<span class=\"ff1\"> </span>Rami<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quindi<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prodott<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">presenti<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49c9\">portafoglio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">in</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">generale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">posso<span class=\"_ _2\"></span>no</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">comprend<span class=\"_ _0\"></span>ere<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>pi\u00f9<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">Rami).</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">Sempre</span> <span class=\"_ _27\"> </span><span class=\"ff3\">con</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">riferimento</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">al</span> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49ca\">portafoglio<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>essere,<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> </span>effettuate<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>Compagnia<span class=\"ff1\"> </span>valutazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>back<span class=\"ff1\"> </span>testing.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49cb\">Si<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rip<span class=\"_ _1\"></span>ortano<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">si<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>tica<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>seg<span class=\"_ _0\"></span>uito<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pri<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>pal<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>mi<span class=\"_ _0\"></span>sure<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ris<span class=\"_ _0\"></span>chio<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>til<span class=\"_ _0\"></span>izz<span class=\"_ _0\"></span>ate:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs49cc\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49cd\">SCR<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Life<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>termini<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ratio:<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fornisce<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un\u2019indicazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019assorbimento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>capitale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>unit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49ce\">Best<span class=\"ff1\"> </span>Estimate<span class=\"ff1\"> </span>Life<span class=\"ff1\"> </span>Lorde;<span class=\"_ _3bd\"> </span> </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs49cf\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49d0\">SCR<span class=\"ff1\"> </span>Lapse<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>termini<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ratio:<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fornisce<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un\u2019indicazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019assorbimento<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>capitale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>derivante<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49d1\">dal<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>Lapse<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>unit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Best<span class=\"ff1\"> </span>Estimate<span class=\"ff1\"> </span>Life<span class=\"ff1\"> </span>Lorde;<span class=\"_ _3bd\"> </span> </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs49d2\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49d3\">PVFP<span class=\"ff1\">  </span>portafoglio<span class=\"ff1\">  </span>in<span class=\"ff1\">  </span>force:<span class=\"ff1\">  </span>P<span class=\"_ _0\"></span>resent<span class=\"ff1\">  </span>Value<span class=\"ff1\">  </span>Future<span class=\"ff1\">  </span>Profit<span class=\"ff1\">  </span>\u00e8<span class=\"ff1\">  </span>un<span class=\"ff1\">  </span>indicatore<span class=\"ff1\">  </span>che<span class=\"ff1\">  </span>consente<span class=\"ff1\">  </span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49d4\">monitorare,<span class=\"ff1\">  </span>per<span class=\"ff1\">  </span>ciascuna<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Lob<span class=\"ff1\">  </span>Solvency<span class=\"ff1\">  </span>II<span class=\"ff1\">  </span>del<span class=\"ff1\">  </span>portafoglio<span class=\"ff1\">  </span>in-force<span class=\"ff1\">  </span>il<span class=\"ff1\">  </span>contributo<span class=\"ff1\">  </span>dato<span class=\"ff1\">  </span>all<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49d5\">creazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>economico<span class=\"ff1\"> </span>aziendale;<span class=\"_ _3bd\"> </span> </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs49d6\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49d7\">SC<span class=\"_ _0\"></span>R<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">LoB<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(Li<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">of<span class=\"ff1\"> </span>B<span class=\"_ _0\"></span>usi<span class=\"_ _0\"></span>ness<span class=\"_ _0\"></span>).<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs49d8\">Rischi<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs49d9\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs49da\">me<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>o<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49db\">Si<span class=\"ff1\"> <span class=\"_ _20\"></span></span>definisce<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>mercato,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>perdita<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>variazione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">sfavorevole</span> <span class=\"_ _20\"></span><span class=\"ff3\">della</span> <span class=\"_ _21\"></span><span class=\"ff3\">situazione</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49dc\">finanziaria<span class=\"ff1\"> </span>derivante,<span class=\"ff1\"> </span>direttamente<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>indirettamente,<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>oscillazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span>livello<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>volatilit\u00e0<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49dd\">prezzi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mercato<span class=\"ff1\"> </span>dell<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0,<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">passivit\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">degli<span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziari<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>cfr.<span class=\"ff1\"> </span>articolo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">1,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">comma<span class=\"ff1\"> </span>1,<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49de\">lettera<span class=\"ff1\"> </span>vv-bis<span class=\"ff1\"> </span>3<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>CAP).<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49df\">I<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>r<span class=\"_ _2\"></span>ischi<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>mercato<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>r<span class=\"_ _2\"></span>isentono<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dell\u2019andamento<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>congiunturale<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>ciclo<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>economico,<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>pu\u00f2<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49e0\">amplificarne<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>eventualmente<span class=\"ff1\"> </span>diminuirne<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>significativit\u00e0,<span class=\"ff1\"> </span>sopratt<span class=\"_ _2\"></span>utto<span class=\"ff1\"> </span>se<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>portafoglio<span class=\"ff1\"> </span>t<span class=\"_ _2\"></span>itoli<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49e1\">Compagnia<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>part<span class=\"_ _2\"></span>icolarmente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>concentrato<span class=\"ff1\">  </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">determinati</span>  <span class=\"ff3\">settori,</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">valute</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">o</span>  <span class=\"ff3\">aree<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">g<span class=\"_ _0\"></span>eografiche.<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49e2\">Conseguentemente,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>imprese<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>esposte<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>conseguire<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rendimenti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>diversi,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ed<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49e3\">eventualmente<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>anch<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>inferiori,<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _23\"> </span></span>rispetto<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>rendi<span class=\"_ _0\"></span>mento<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>atteso<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>momento<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>dell\u2019<span class=\"_ _0\"></span>assunzione<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49e4\">dell\u2019impegno,<span class=\"ff1\"> </span>oppure<span class=\"ff1\"> </span>rispetto<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>rendimento<span class=\"ff1\"> </span>minimo<span class=\"ff1\"> </span>definito<span class=\"ff1\"> </span>cont<span class=\"_ _2\"></span>rattualmente.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49e5\">Ta<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risc<span class=\"_ _0\"></span>hio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pu\u00f2<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">esse<span class=\"_ _1\"></span>re<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>stin<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">se<span class=\"_ _0\"></span>guen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fatt<span class=\"_ _0\"></span>ori<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risch<span class=\"_ _0\"></span>io:<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs49e6\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49e7\">Rischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tasso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>interesse:<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valor<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>degli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>att<span class=\"_ _2\"></span>ivi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>una<span class=\"ff1\"> <span class=\"_ _20\"></span></span>impresa<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>assicurazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sensibile<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49e8\">variazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tassi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>interess<span class=\"_ _2\"></span>e.<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Inoltr<span class=\"_ _2\"></span>e,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fl<span class=\"_ _0\"></span>ussi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>finanziari<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>g<span class=\"_ _0\"></span>enerati<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dalle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quelli<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49e9\">generati<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>dalle<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>passivit\u00e0<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>un\u2019impresa<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>perfettamente<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>allineati<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>scaden<span class=\"_ _0\"></span>za,<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49ea\">periodicit\u00e0<span class=\"ff1\">  </span>de<span class=\"_ _0\"></span>gli<span class=\"ff1\">  </span>eventuali<span class=\"ff1\">  </span>pagamenti<span class=\"ff1\">  </span>e<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">per</span>  <span class=\"ff3\">natura</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">dei</span>  <span class=\"ff3\">tassi</span>  <span class=\"ff3\">degli</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">investimenti</span>  <span class=\"ff3\">(maturity</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49eb\">mismatching,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>interest<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rat<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>mismatching,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>reset<span class=\"ff1\"> <span class=\"_ _21\"></span></span>date<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mismat<span class=\"_ _2\"></span>ching,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>basic<span class=\"ff1\"> <span class=\"_ _21\"></span></span>mismatching),<span class=\"ff1\"> <span class=\"_ _2\"></span></span>uno<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49ec\">shock<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>positivo<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">negativo)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span>tassi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">interesse<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>u\u00f2<span class=\"ff1\"> </span>produrre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">variazioni<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>sincronizzate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nel<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49ed\">va<span class=\"_ _0\"></span>lore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">delle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">attiv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>elle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">passiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>Sost<span class=\"_ _0\"></span>anzi<span class=\"_ _0\"></span>alme<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l'esp<span class=\"_ _0\"></span>osiz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al</span> <span class=\"ff3\">risc<span class=\"_ _0\"></span>hio<span class=\"ff1\"> </span>ta<span class=\"_ _0\"></span>sso<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">inte<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>se<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49ee\">si<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>riferisce<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tutte<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>passivit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u201csensibile\u201d<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ai<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cambiamenti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nella<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49ef\">struttura<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>termine<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>tassi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>interesse<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>volatilit\u00e0<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>tassi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>interesse; </div>-<span class=\"_ _3bd\"> </span>Rischio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>azionario:<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>valor<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>mer<span class=\"_ _2\"></span>cato<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>posizioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>assunte<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dall\u2019impresa<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>possono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>essere<span class=\"ff1\"> </span>sen<span class=\"_ _0\"></span>sib<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">all\u2019<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>me<span class=\"_ _0\"></span>rcati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">azi<span class=\"_ _0\"></span>ona<span class=\"_ _0\"></span>ri<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">es<span class=\"_ _0\"></span>empi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>ca<span class=\"_ _0\"></span>so<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cont<span class=\"_ _0\"></span>ratti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cui<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pre<span class=\"_ _0\"></span>sta<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>sono<span class=\"ff1\"> </span>collegate<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>titolo<span class=\"ff1\"> </span>azionario);<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Rischio<span class=\"ff1\"> </span>t<span class=\"_ _2\"></span>asso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cambio:<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mercato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>posizioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>assunte<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall\u2019impresa<span class=\"ff1\"> </span>p<span class=\"_ _2\"></span>u\u00f2<span class=\"ff1\"> <span class=\"_ _2\"></span></span>essere<span class=\"ff1\"> </span>sen<span class=\"_ _0\"></span>sib<span class=\"_ _0\"></span>ile<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>riazi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dei</span> <span class=\"ff3\">t<span class=\"_ _0\"></span>assi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ambi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>(pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>esem<span class=\"_ _0\"></span>pio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nel</span> <span class=\"ff3\">c<span class=\"_ _0\"></span>aso<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>tito<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">azio<span class=\"_ _0\"></span>nari<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o</span> <span class=\"ff3\">obbl<span class=\"_ _0\"></span>iga<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>den<span class=\"_ _0\"></span>omi<span class=\"_ _0\"></span>nati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in</span> <span class=\"ff3\">valu<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>este<span class=\"_ _0\"></span>ra).<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Quest<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>fatto<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">risch<span class=\"_ _0\"></span>io,<span class=\"ff1\"> </span>qui<span class=\"_ _0\"></span>ndi<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>assum<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>parti<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>lare<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rileva<span class=\"_ _0\"></span>nza<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>le<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>imprese<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>a<span class=\"_ _2\"></span>ssicurazione<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>presenza<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>copertura<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>de<span class=\"_ _0\"></span>lle<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>ris<span class=\"_ _2\"></span>erve<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>tecniche<span class=\"ff1\"> </span>denominate<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>valuta<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>diversa<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>quella<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>corr<span class=\"_ _2\"></span>ispondenti<span class=\"ff1\">  </span>imp<span class=\"_ _2\"></span>egni<span class=\"ff1\">  </span>t<span class=\"_ _2\"></span>ecnici<span class=\"ff1\">  </span>as<span class=\"_ _2\"></span>sunti<span class=\"ff1\"> </span>contrattualmente.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Infatti,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>poich\u00e9<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>conversione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valute<span class=\"ff1\"> <span class=\"_ _2\"></span></span>avvie<span class=\"_ _2\"></span>ne<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>chiusura<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d\u2019esercizio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> </span>cambio<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>orrente,<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">corrispondenza<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">detta</span> <span class=\"_ _0\"></span><span class=\"ff3\">data<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ossono<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">realizzarsi<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>elle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">plus/minusvalenze<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>a<span class=\"ff1\"> </span>causa<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>variazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>tassi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cambio;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Rischio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">immobiliare:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">q<span class=\"_ _2\"></span>ualora<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gli<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un\u2019impresa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">as<span class=\"_ _2\"></span>sicurazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>iano<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">investit<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">immobili,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>i<span class=\"ff1\"> </span>valori<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tali<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>sensibili<span class=\"ff1\"> </span>all\u2019andamento<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>prezzi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>mercat<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>stessi;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Rischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>credito:<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ogni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>volta<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ch<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un\u2019impresa<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>as<span class=\"_ _2\"></span>sicurazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sott<span class=\"_ _2\"></span>oscrive<span class=\"ff1\"> <span class=\"_ _20\"></span></span>strumenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziari,<span class=\"ff1\"> </span>pu<span class=\"_ _0\"></span>\u00f2<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>nco<span class=\"_ _0\"></span>rrere<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"_ _0\"></span>solve<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pro<span class=\"_ _0\"></span>pri<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ebi<span class=\"_ _0\"></span>tore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">qua<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>otre<span class=\"_ _0\"></span>bbe<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">n<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">es<span class=\"_ _0\"></span>sere<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">grad<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>sia<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>demp<span class=\"_ _0\"></span>ier<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>rop<span class=\"_ _0\"></span>rie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">obbli<span class=\"_ _0\"></span>gazi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">si<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>nco<span class=\"_ _0\"></span>rrere<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pegg<span class=\"_ _0\"></span>ior<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">meri<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>creditizio,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>conseguente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rid<span class=\"_ _2\"></span>uzione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valor<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>titolo.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>L\u2019esposizione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>credito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>si<span class=\"ff1\"> </span>riferisce<span class=\"ff1\">  </span>ad<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">attivit\u00e0,</span>  <span class=\"ff3\">pas<span class=\"_ _0\"></span>sivit\u00e0<span class=\"ff1\">  </span>e<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">strumenti</span>  <span class=\"ff3\">fin<span class=\"_ _0\"></span>anziari<span class=\"ff1\">  </span>sensibili<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>alla<span class=\"ff1\">  </span>variazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>degli<span class=\"ff1\">  </span>spread<span class=\"ff1\"> </span></span></span></span></span>cre<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>izi;<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>Rischio<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>conc<span class=\"_ _0\"></span>entr<span class=\"_ _2\"></span>azione:<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>l\u2019espo<span class=\"_ _2\"></span>sizione<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>conce<span class=\"_ _0\"></span>ntrazione,<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>d<span class=\"_ _2\"></span>eriva<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>d<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>una<span class=\"ff1\"> </span>variazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>i<span class=\"_ _2\"></span>nattesa<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>prezzi,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>d<span class=\"_ _2\"></span>elle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>esposizioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>verso<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span></span>emittenti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>su<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ha<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>un<span class=\"ff1\"> </span>accumulo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esposizione<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>stessa<span class=\"ff1\"> </span>controparte,<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>rife<span class=\"_ _0\"></span>risce<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>soggette<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span></span></span></span></span>azionario,<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>interesse<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">spread<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>immobiliare<span class=\"ff1\"> </span>inclusi<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>mercato,<span class=\"ff1\"> </span></span></span></span></span>ed<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">escl<span class=\"_ _0\"></span>ude<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le</span> <span class=\"ff3\">att<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span>sog<span class=\"_ _0\"></span>get<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">risc<span class=\"_ _0\"></span>hio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">in<span class=\"_ _0\"></span>ademp<span class=\"_ _0\"></span>ime<span class=\"_ _0\"></span>nto<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>trop<span class=\"_ _0\"></span>arte<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>Al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mom<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>liv<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>regolamentare<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>esclusi<span class=\"ff1\"> </span>anche<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>stato<span class=\"_ _2\"></span>;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Altre<span class=\"ff1\"> <span class=\"_ _2\"></span></span>esposizioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ass<span class=\"_ _2\"></span>ets:<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Tale<span class=\"ff1\"> </span>fat<span class=\"_ _2\"></span>tore<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>si<span class=\"ff1\"> <span class=\"_ _2\"></span></span>concretizza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>m<span class=\"_ _2\"></span>ercato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>legato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> </span>private<span class=\"ff1\"> </span>equity,<span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> </span>alternativi,<span class=\"ff1\"> </span>infrastruttur<span class=\"_ _2\"></span>e,<span class=\"ff1\"> </span>prodotti<span class=\"ff1\"> </span>legati<span class=\"ff1\"> </span>all\u2019in<span class=\"_ _0\"></span>flazion<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>ibridi.<span class=\"_ _3bd\"> </span>Oltre<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>fatt<span class=\"_ _2\"></span>ori<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>connessi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alle<span class=\"ff1\"> </span>tipologie<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>posizioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>presenti<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>portafoglio<span class=\"ff1\"> </span>o<span class=\"_ _2\"></span><span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>str<span class=\"_ _2\"></span>uttura<span class=\"ff1\"> </span>degli<span class=\"ff1\">  </span>attiviti<span class=\"ff1\">  </span>rispetto<span class=\"ff1\">  </span>ai<span class=\"ff1\">  </span>pass<span class=\"_ _2\"></span>ivi<span class=\"ff1\">  </span>sottostanti,<span class=\"ff1\">  </span>esistono<span class=\"ff1\">  </span>altri<span class=\"ff1\">  </span>fattori<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>rischio<span class=\"ff1\">  </span>appart<span class=\"_ _2\"></span>enenti<span class=\"ff1\">  </span>alla<span class=\"_ _0\"></span><span class=\"ff1\"> </span>categoria<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>mercato<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>str<span class=\"_ _2\"></span>ettamente<span class=\"ff1\"> </span>connessi<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>operativi:<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Ma<span class=\"_ _0\"></span>rket<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">risk<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">limit<span class=\"_ _0\"></span>s:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Fa<span class=\"_ _0\"></span>ttore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ris<span class=\"_ _0\"></span>chio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">deriv<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dall<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">car<span class=\"_ _0\"></span>enz<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nell<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">defin<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e/o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rin<span class=\"_ _0\"></span>nov<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>d<span class=\"_ _1\"></span>ei<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>li<span class=\"_ _0\"></span>miti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">m<span class=\"_ _0\"></span>erc<span class=\"_ _0\"></span>ato<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">vi<span class=\"_ _0\"></span>olaz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">limi<span class=\"_ _0\"></span>ti;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Modelling<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>risk:<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Scarsa<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>inadeguata<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>qualit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>modelli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sotto<span class=\"_ _2\"></span>stanti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>valutazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>ischi<span class=\"ff1\"> </span>valutari,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>asso<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">interesse,<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">liquidit\u00e0,<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tr<span class=\"_ _2\"></span>asformazione,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">azio<span class=\"_ _2\"></span>nari<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">altri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischi<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mercato<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>(alla<span class=\"ff1\"> </span>base<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>equisito<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>capitale,<span class=\"ff1\"> </span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>durata,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> </span>sensibilit\u00e0,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> </span>correlazioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tra<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> </span>rischi,<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _21\"></span></span>metriche<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>VaR<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>VEV,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff3\">di</span> <span class=\"_ _21\"> </span><span class=\"ff3\">s<span class=\"_ _2\"></span>tress</span> <span class=\"_ _21\"></span><span class=\"ff3\">test,</span> <span class=\"_ _21\"></span><span class=\"ff3\">ecc).<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff3\">Tale</span> <span class=\"_ _21\"> </span><span class=\"ff3\">fattor<span class=\"_ _2\"></span>e</span> <span class=\"_ _21\"></span><span class=\"ff3\">di</span> <span class=\"_ _20\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ischio</span> <span class=\"_ _21\"></span><span class=\"ff3\">\u00e8</span> <span class=\"_ _21\"></span><span class=\"ff3\">sostanzialmente</span> </span></span></span>classificabile<span class=\"ff1\"> </span>anche<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>categoria<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>operativi;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Monitoring<span class=\"ff1\">  </span>of<span class=\"ff1\">  </span>market<span class=\"ff1\">  </span>p<span class=\"_ _0\"></span>ositions:<span class=\"ff1\">  </span>Valutazione<span class=\"ff1\">  </span>inadegu<span class=\"_ _0\"></span>ata<span class=\"ff1\">  </span>o<span class=\"ff1\">  </span>impropria<span class=\"ff1\">  </span>delle<span class=\"ff1\">  </span>p<span class=\"_ _0\"></span>osizioni,<span class=\"ff1\">  </span>con<span class=\"ff1\"> </span>conseguente<span class=\"ff1\"> </span>scarsa<span class=\"ff1\"> </span>qualit\u00e0<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>mercato.<span class=\"_ _3bd\"> </span>I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fattori<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>mercato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vengono<span class=\"ff1\"> </span>princip<span class=\"_ _0\"></span>almente<span class=\"ff1\"> </span>individuati<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">classi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>b<span class=\"_ _0\"></span>ilancio<span class=\"ff1\"> </span>specifiche<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>delle<span class=\"ff1\"> </span>Gestioni<span class=\"ff1\"> </span>Separate<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Portafoglio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Propriet\u00e0.<span class=\"_ _3bd\"> </span>La<span class=\"ff1\"> </span>tabella<span class=\"ff1\"> </span>riportata<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>seguito<span class=\"ff1\"> </span>rappresenta<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>distr<span class=\"_ _2\"></span>ibuzione<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>str<span class=\"_ _2\"></span>umenti<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>portafogli<span class=\"ff1\"> </span>suddetti<span class=\"ff1\"> </span>alla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>data<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>valutazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>p<span class=\"_ _2\"></span>er<span class=\"ff1\"> <span class=\"_ _21\"></span></span>tipologia,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>espressi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>p<span class=\"_ _2\"></span>ercentuale<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rispetto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"></span></span>controvalore<span class=\"ff1\"> <span class=\"_ _21\"></span></span>totale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> </span>me<span class=\"_ _0\"></span>rcat<span class=\"_ _0\"></span>o.<span class=\"_ _3bd\"> </span>Tipo<span class=\"_ _3bd\"> </span>Ti<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>lo<span class=\"fc0 sc1\"> <span class=\"_ _320\"> </span></span>Tipo<span class=\"_ _3bd\"> </span>Ce<span class=\"_ _0\"></span>do<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>li<span class=\"fc0 sc1\"> </span>Emi<span class=\"_ _0\"></span>tte<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Gove<span class=\"_ _0\"></span>rna<span class=\"_ _0\"></span>tivi<span class=\"_ _3bd\"> </span></span></span>Fi<span class=\"_ _1\"></span>xed<span class=\"_ _0\"></span> 72,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">89<span class=\"_ _0\"></span>%<span class=\"_ _3bd\"> </span></span></span>Flo<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ng <span class=\"_ _154\"> </span>0,1<span class=\"_ _0\"></span>0%<span class=\"_ _3bd\"> </span>Tot<span class=\"_ _0\"></span>ale<span class=\"_ _3bd\"> </span>73,<span class=\"_ _0\"></span>00%<span class=\"_ _3bd\"> </span>Emi<span class=\"_ _0\"></span>tte<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Obbl<span class=\"_ _0\"></span>igaz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>ari<span class=\"_ _3bd\"> </span></span></span>Fi<span class=\"_ _1\"></span>xed<span class=\"_ _0\"></span> 6,<span class=\"_ _0\"></span>07%<span class=\"_ _3bd\"> </span>Flo<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ng <span class=\"_ _22b\"> </span>2,<span class=\"_ _0\"></span>99<span class=\"_ _0\"></span>%<span class=\"_ _3bd\"> </span>Tot<span class=\"_ _0\"></span>ale<span class=\"_ _3bd\"> </span>9<span class=\"_ _0\"></span>,0<span class=\"_ _0\"></span>6%<span class=\"_ _3bd\"> </span>O<span class=\"_ _0\"></span>IC<span class=\"_ _0\"></span>R<span class=\"_ _3bd\"> </span>Tot<span class=\"_ _0\"></span>ale<span class=\"_ _3bd\"> </span>17,<span class=\"_ _0\"></span>95%<span class=\"_ _3bd\"> </span>Di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ripa<span class=\"_ _0\"></span>rtizi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>O<span class=\"_ _0\"></span>ICR<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>sul<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>s\u00ec<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">comp<span class=\"_ _0\"></span>osta<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span>Tipo<span class=\"_ _3bd\"> </span>O<span class=\"_ _0\"></span>IC<span class=\"_ _1\"></span>R<span class=\"fc0 sc1\"> </span>%<span class=\"_ _3bd\"> </span>OI<span class=\"_ _0\"></span>CR<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Azion<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>o <span class=\"_ _208\"> </span>16<span class=\"_ _0\"></span>,13<span class=\"_ _0\"></span>%<span class=\"_ _3bd\"> </span></span></span>OI<span class=\"_ _0\"></span>CR<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Govern<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>vo <span class=\"_ _332\"> </span>24,<span class=\"_ _0\"></span>11%<span class=\"_ _3bd\"> </span></span></span>OI<span class=\"_ _0\"></span>CR<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Immob<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>are <span class=\"_ _ad\"> </span>10,9<span class=\"_ _0\"></span>8%<span class=\"_ _3bd\"> </span></span></span>OI<span class=\"_ _0\"></span>CR<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Loa<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>s <span class=\"_ _281\"> </span>25,2<span class=\"_ _0\"></span>7%<span class=\"_ _3bd\"> </span></span></span>OI<span class=\"_ _0\"></span>CR<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Corpo<span class=\"_ _0\"></span>rate <span class=\"_ _f9\"> </span>15,16<span class=\"_ _0\"></span>%<span class=\"_ _3bd\"> </span></span></span>OI<span class=\"_ _0\"></span>CR<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Infra<span class=\"_ _0\"></span>stru<span class=\"_ _0\"></span>ttur<span class=\"_ _0\"></span>ali <span class=\"_ _a9\"> </span>4,<span class=\"_ _0\"></span>78<span class=\"_ _0\"></span>%<span class=\"_ _3bd\"> </span></span></span>OI<span class=\"_ _0\"></span>CR<span class=\"_ _3bd\"> </span>Pri<span class=\"_ _0\"></span>vate<span class=\"_ _3bd\"> </span>Equi<span class=\"_ _0\"></span>ty<span class=\"_ _3bd\"> </span>3,<span class=\"_ _1\"></span>56%<span class=\"_ _3bd\"> </span>La<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>rcen<span class=\"_ _0\"></span>tual<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">espo<span class=\"_ _0\"></span>sta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valut<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>su<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">total<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">por<span class=\"_ _0\"></span>tafo<span class=\"_ _0\"></span>gli<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>as<span class=\"_ _0\"></span>sets<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u00e8</span> <span class=\"_ _0\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">1,6<span class=\"_ _0\"></span>8%.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Da<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _21\"></span></span>punto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>vista<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _21\"></span></span>distribuzi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>mercato<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff3\">Credemvita</span> <span class=\"_ _21\"></span><span class=\"ff3\">secondo</span> <span class=\"_ _21\"></span><span class=\"ff3\">i</span> <span class=\"_ _21\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>ttami<span class=\"ff1\"> </span></span></span>normativi<span class=\"ff1\"> </span>Solvency<span class=\"ff1\"> </span>II<span class=\"ff1\"> </span>si<span class=\"_ _2\"></span><span class=\"ff1\"> </span>riporta<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>tabella<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>seguito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> </span>miglior<span class=\"ff1\"> </span>st<span class=\"_ _2\"></span>ima<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>rappresentazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>lla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">data<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">v<span class=\"_ _0\"></span>alut<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">(<span class=\"_ _0\"></span>si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pre<span class=\"_ _0\"></span>cis<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>ch<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pes<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ompl<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>ivo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ris<span class=\"_ _0\"></span>chi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">marke<span class=\"_ _1\"></span>t<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pari<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">35,5%<span class=\"_ _0\"></span>).<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Market<span class=\"_ _3bd\"> </span>risk<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>risk/sum<span class=\"_ _3bd\"> </span>of<span class=\"_ _3bd\"> </span>risk<span class=\"_ _3bd\"> </span>component<span class=\"_ _0\"></span>s<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>relativo<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>vo<span class=\"_ _3bd\"> </span>Re<span class=\"_ _0\"></span>lat<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>o<span class=\"fc0 sc1\"> <span class=\"_ _1ab\"> </span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>ivo<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>In<span class=\"_ _0\"></span>tere<span class=\"_ _0\"></span>st<span class=\"ff1\"> </span>rat<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>is<span class=\"_ _1\"></span>k <span class=\"_ _128\"> </span>5,<span class=\"_ _1\"></span>2%<span class=\"_ _3bd\"> </span>1,<span class=\"_ _3bd\"> </span><span class=\"_ _1\"></span>9%<span class=\"_ _3bd\"> </span>Equ<span class=\"_ _0\"></span>ity<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _1\"></span>sk <span class=\"_ _2ed\"> </span>37,<span class=\"_ _0\"></span>9%<span class=\"_ _3bd\"> </span></span></span>13,<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>4%<span class=\"_ _3bd\"> </span>Pro<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rty<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>sk <span class=\"_ _2cf\"> </span>7,<span class=\"_ _1\"></span>5%<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>,<span class=\"_ _3bd\"> </span>7<span class=\"_ _0\"></span>%<span class=\"_ _3bd\"> </span>Sp<span class=\"_ _0\"></span>read<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">r<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>sk <span class=\"_ _23e\"> </span>34,<span class=\"_ _0\"></span>8%<span class=\"_ _3bd\"> </span></span></span>12,<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>%<span class=\"_ _3bd\"> </span>Cu<span class=\"_ _0\"></span>rren<span class=\"_ _0\"></span>cy<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>sk <span class=\"_ _34f\"> </span>14,<span class=\"_ _0\"></span>6%<span class=\"_ _3bd\"> </span>5,<span class=\"_ _3bd\"> </span><span class=\"_ _1\"></span>2%<span class=\"_ _3bd\"> </span>Con<span class=\"_ _0\"></span>cen<span class=\"_ _0\"></span>trat<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ris<span class=\"_ _0\"></span>k <span class=\"_ _2bd\"> </span>0,<span class=\"_ _1\"></span>0%<span class=\"_ _3bd\"> </span></span></span>0,<span class=\"_ _3bd\"> </span><span class=\"_ _1\"></span>0%<span class=\"_ _3bd\"> </span>La<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Compagnia<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>adott<span class=\"_ _2\"></span>a,<span class=\"ff1\">  </span>nei<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>confronti<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>fattor<span class=\"_ _2\"></span>i<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>sopra<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>enunciati,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>linee<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>guida<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>che<span class=\"ff1\"> </span>definiscono<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>principi<span class=\"ff1\"> </span>generali<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>l\u2019att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> </span>dell\u2019Area<span class=\"ff1\"> </span>Finanza,<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>periodicit\u00e0<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>controlli<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>azioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ripristino<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>caso<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>superamento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>limiti.<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Nella<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>composizione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>complessiva<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>portafoglio<span class=\"ff1\"> </span>d\u2019investimento<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tiene<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cont<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dell\u2019esposizione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rischio,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>vincoli<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>l<span class=\"_ _0\"></span>egati<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"_ _2\"></span>lla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cop<span class=\"_ _2\"></span>ertura<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"ff1\"> </span>riserve<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>ecniche<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span><span class=\"ff3\">e</span> <span class=\"_ _20\"></span><span class=\"ff3\">degli</span> <span class=\"_ _2\"></span><span class=\"ff3\">effett<span class=\"_ _2\"></span>i</span> <span class=\"_ _2\"></span><span class=\"ff3\">sul</span> <span class=\"_ _2\"></span><span class=\"ff3\">Solvency</span> <span class=\"_ _20\"></span><span class=\"ff3\">Ratio.</span> <span class=\"_ _20\"></span><span class=\"ff3\">I</span> <span class=\"_ _2\"></span><span class=\"ff3\">limiti</span> <span class=\"_ _20\"></span><span class=\"ff3\">e</span> <span class=\"_ _20\"></span><span class=\"ff3\">gli</span> <span class=\"_ _2\"></span><span class=\"ff3\">indicator<span class=\"_ _2\"></span>i</span> <span class=\"_ _2\"></span><span class=\"ff3\">relativi</span> <span class=\"_ _20\"></span><span class=\"ff3\">agli</span> <span class=\"_ _2\"></span><span class=\"ff3\">investimenti</span> </span>sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">oggetto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">verifica<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">controllo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">su<span class=\"ff1\"> </span>base<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">continuativa<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">parte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">f<span class=\"_ _2\"></span>unzioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">az<span class=\"_ _2\"></span>iendali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">preposte<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>e,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _21\"></span></span>frequenza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>periodica,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>risultati<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cont<span class=\"_ _2\"></span>rolli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>portati<span class=\"ff1\"> <span class=\"_ _21\"></span></span>all\u2019attenzione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">del</span> <span class=\"_ _20\"></span><span class=\"ff3\">Consiglio</span> <span class=\"_ _21\"> </span><span class=\"ff3\">di</span> </span>Amministrazione.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>processo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prevede<span class=\"ff1\"> <span class=\"_ _21\"></span></span>inoltre<span class=\"ff1\"> <span class=\"_ _20\"></span></span>una<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fase<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>evisione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>suddetti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>limiti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>realizzata<span class=\"ff1\"> </span>mediante<span class=\"ff1\"> </span>analisi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>sensitivit\u00e0<span class=\"ff1\"> </span>condotte<span class=\"ff1\"> </span>sui<span class=\"ff1\"> </span>port<span class=\"_ _2\"></span>afogli<span class=\"ff1\"> </span>attivi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>passivi.<span class=\"_ _3bd\"> </span> La<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valutazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d<span class=\"_ _2\"></span>ei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>ischi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>m<span class=\"_ _2\"></span>ercato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>viene<span class=\"ff1\"> <span class=\"_ _2\"></span></span>eff<span class=\"_ _2\"></span>ettuata<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riferimento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>portafoglio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>investimenti<span class=\"ff1\"> </span>mobiliare<span class=\"ff1\"> </span>gi\u00e0<span class=\"ff1\"> </span>ac<span class=\"_ _2\"></span>quisito<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>agl<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>scenari<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>inv<span class=\"_ _2\"></span>estimento<span class=\"ff1\"> </span>futuro.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Tale<span class=\"ff1\"> </span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> </span>viene<span class=\"ff1\"> </span>realizzata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sia<span class=\"ff1\"> </span>co<span class=\"_ _2\"></span>n<span class=\"ff1\"> </span>logiche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Asset-Liability<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Management,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fine<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cogliere<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">interr<span class=\"_ _2\"></span>elazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">esist<span class=\"_ _2\"></span>enti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dinamiche<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pass<span class=\"_ _2\"></span>ivi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dinamiche<span class=\"ff1\"> <span class=\"_ _20\"></span></span>degli<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span></span>attivi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>copertura<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>lle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riserve<span class=\"ff1\"> <span class=\"_ _20\"></span></span>t<span class=\"_ _2\"></span>ecniche,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>eguendo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>princ<span class=\"_ _2\"></span>ipi<span class=\"ff1\"> </span>Solvency<span class=\"ff1\"> <span class=\"_ _2\"></span></span>II<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fine<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>cogli<span class=\"_ _2\"></span>ere<span class=\"ff1\"> </span>l\u2019<span class=\"_ _2\"></span>eventuale<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>equisito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>capitale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>assorbito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ogni<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ingolo<span class=\"ff1\"> </span>mo<span class=\"_ _2\"></span>dulo<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>sottomodulo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio.<span class=\"_ _3bd\"> </span> L\u2019identificazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>mercat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>vita<span class=\"ff1\"> <span class=\"_ _20\"></span></span>viene<span class=\"ff1\"> <span class=\"_ _20\"></span></span>effettuata<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riferimento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nuovi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"_ _2\"></span>nvestimenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> </span>asset<span class=\"ff1\"> </span>allocation<span class=\"ff1\"> </span>target,<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>portafoglio<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>essere:<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>Nuovi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>investimenti:<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>riferimento<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ai<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>nuovi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>investimenti,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>processo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>OR<span class=\"_ _0\"></span>SA<span class=\"_ _0\"></span> vengono<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>effe<span class=\"_ _0\"></span>ttuate<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>analisi<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>r<span class=\"_ _2\"></span>elative<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>scenari<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>investimento<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>futuro<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>l\u2019obiettivo<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>identificare<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>connessi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tali<span class=\"ff1\"> </span>scelte<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>investimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valutarne<span class=\"ff1\"> </span>l\u2019impatto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sul<span class=\"ff1\"> <span class=\"_ _2\"></span></span>profilo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>term<span class=\"_ _2\"></span>ini<span class=\"ff1\"> </span>quantitativi.<span class=\"ff1\"> </span>Inoltre,<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>investimenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>\u201cnatura<span class=\"ff1\"> </span>occasionale\u201d<span class=\"ff1\"> </span>(secondo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> </span>definizione<span class=\"ff1\">  </span>data<span class=\"ff1\">  </span>nella<span class=\"ff1\">  </span>Policy<span class=\"ff1\">  </span>Investimenti)<span class=\"ff1\">  </span>sulla<span class=\"ff1\">  </span>base<span class=\"ff1\">  </span>delle<span class=\"ff1\">  </span>informazioni<span class=\"ff1\">  </span>fornite<span class=\"ff1\">  </span>dal<span class=\"_ _0\"></span>l\u2019Area<span class=\"ff1\"> </span>Finanza<span class=\"ff1\"> <span class=\"_ _21\"></span></span>(a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>titolo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>esemplificativo:<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"_ _2\"></span>biettivo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dell\u2019investimento,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>portafoglio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riferimento,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>size<span class=\"ff1\"> </span>dell\u2019operazione)<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>v<span class=\"_ _2\"></span>iene<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>eff<span class=\"_ _2\"></span>ettuata<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>dalla<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>funzione<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>Risk<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>Ma<span class=\"_ _2\"></span>nagement<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>valutazione<span class=\"ff1\"> </span>quali/quantitativa<span class=\"ff1\">  </span>ex-ante<span class=\"ff1\">  </span>basata<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>s<span class=\"_ _2\"></span>ia<span class=\"ff1\">  </span>su<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>logiche<span class=\"ff1\">  </span>gestionali<span class=\"ff1\">  </span>che<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>regolamentari.<span class=\"ff1\">  </span>Un<span class=\"ff1\">  </span>iter<span class=\"ff1\">  </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ex-ante<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>iene<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">effettuata<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Funzione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>Risk<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Management<span class=\"ff1\"> </span>anche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>tutti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gli<span class=\"ff1\"> </span>OICR<span class=\"ff1\"> <span class=\"_ _2\"></span></span>non<span class=\"ff1\"> <span class=\"_ _2\"></span></span>UCITs<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sulla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>base<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Due<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Diligence<span class=\"ff1\"> <span class=\"_ _2\"></span></span>predispost<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Area<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Finanza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>secondo<span class=\"ff1\"> </span>quanto<span class=\"ff1\"> </span>disciplinato<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>Policy<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>OICR/ETF.<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>Portafoglio<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">essere:<span class=\"ff1\"> </span>Con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riferimento<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">portafoglio<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>ssere,<span class=\"ff1\"> </span>l\u2019identificazione<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>vie<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span></span></span></span></span></span></span>ef<span class=\"_ _0\"></span>fett<span class=\"_ _0\"></span>uata<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sull<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>b<span class=\"_ _0\"></span>ase<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tecn<span class=\"_ _0\"></span>ici<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>po<span class=\"_ _0\"></span>rtaf<span class=\"_ _0\"></span>ogli<span class=\"_ _0\"></span>o,<span class=\"ff1\"> </span>de<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span>dati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">merc<span class=\"_ _0\"></span>ato<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>mi<span class=\"_ _0\"></span>sur<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ris<span class=\"_ _0\"></span>chio<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>determinate<span class=\"ff1\"> </span>attraverso<span class=\"ff1\"> </span>lo<span class=\"ff1\"> </span>strumento<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>calcolo<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>SCR<span class=\"ff1\"> </span>adottato.<span class=\"_ _3bd\"> </span> <div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a3a\">Si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riport<span class=\"_ _2\"></span>ano<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">seguito<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">macro-indicatori<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">analizzati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">monitoraggio<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a3b\">me<span class=\"_ _0\"></span>rcat<span class=\"_ _0\"></span>o:<span class=\"_ _3bd\"> </span> </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4a3c\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a3d\">SC<span class=\"_ _0\"></span>R<span class=\"ff1\"> </span>Make<span class=\"_ _1\"></span>t<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Ri<span class=\"_ _0\"></span>sk-<span class=\"ff1\"> </span>Ba<span class=\"_ _0\"></span>sed:<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">indi<span class=\"_ _0\"></span>catori<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ba<span class=\"_ _0\"></span>sati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sulle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">gra<span class=\"_ _0\"></span>ndez<span class=\"_ _0\"></span>ze<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>gol<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>tari<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rela<span class=\"_ _0\"></span>tive<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">requi<span class=\"_ _0\"></span>sito<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a3e\">ca<span class=\"_ _0\"></span>pita<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">affe<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cla<span class=\"_ _0\"></span>sse<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risch<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>m<span class=\"_ _0\"></span>erc<span class=\"_ _0\"></span>ato;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4a3f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a40\">Percentuale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Esposizione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Asset<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Clas<span class=\"_ _2\"></span>s:<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>indicatore<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>volto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quantificar<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>m<span class=\"_ _2\"></span>onitorare<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a41\">esposizioni<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> </span>principali<span class=\"ff1\"> </span>asset<span class=\"ff1\"> </span>class<span class=\"ff1\"> </span>declinate<span class=\"ff1\"> </span>all\u2019interno<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>Policy<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>Investimenti;<span class=\"_ _3bd\"> </span> </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4a42\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a43\">Percentuale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>Conc<span class=\"_ _0\"></span>entrazione<span class=\"ff1\"> </span>Emittenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Financial<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Corporat<span class=\"_ _2\"></span>e:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">indicatore<span class=\"ff1\"> </span>volto<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">quantificare<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a44\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">monitor<span class=\"_ _2\"></span>are<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>concentrazione<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>emittenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Corporat<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">specifiche<span class=\"ff1\"> </span>fasce<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>merito<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a45\">cre<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span> </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4a46\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a47\">Li<span class=\"_ _0\"></span>mite<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span>spos<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">OIC<span class=\"_ _0\"></span>R<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l<span class=\"_ _0\"></span>imite<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">esp<span class=\"_ _0\"></span>osizi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>st<span class=\"_ _0\"></span>rate<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>O<span class=\"_ _0\"></span>ICR;<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4a48\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a49\">Sensitivities<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Spread<span class=\"ff1\"> </span>Goverantivo<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>Italia<span class=\"ff1\"> </span>(al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fine<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>cat<span class=\"_ _2\"></span>turare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>fat<span class=\"_ _2\"></span>tore<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>spread<span class=\"ff1\"> </span>sui<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tito<span class=\"_ _2\"></span>li<span class=\"_ _0\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a4a\">governativi<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>incluso<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>formula<span class=\"ff1\"> </span>standard);<span class=\"_ _3bd\"> </span> </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4a4b\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a4c\">Se<span class=\"_ _0\"></span>nsit<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>ty<span class=\"ff1\"> </span>su<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>atto<span class=\"_ _0\"></span>ri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risc<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>merc<span class=\"_ _0\"></span>ato<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tasso<span class=\"_ _0\"></span>).<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4a4d\">Ri<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>hi<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4a4e\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4a4f\">me<span class=\"_ _0\"></span>rca<span class=\"_ _1\"></span>to<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4a50\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4a51\">A<span class=\"_ _0\"></span>L<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a52\">Il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ALM<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">u<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>strettamente<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>correlato<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ai<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>disalline<span class=\"_ _0\"></span>amenti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tra<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>pas<span class=\"_ _0\"></span>sivit\u00e0.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>I<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a53\">processo<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>ALM<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _23\"> </span><span class=\"ff3\">in<span class=\"_ _0\"></span>clude<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>suo<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>inter<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>dinamiche<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>con<span class=\"_ _2\"></span>nesse<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>a<span class=\"_ _2\"></span>lla<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>gestione<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>de<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>alla<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a54\">pianificazione<span class=\"ff1\">  </span>strategica.<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">Si</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">focalizza</span>  <span class=\"ff3\">sul</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">medio</span>  <span class=\"ff3\">-</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">lungo</span>  <span class=\"ff3\">termine</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">anzich\u00e9</span>  <span class=\"ff3\">offrire</span>  <span class=\"ff3\">soluzi<span class=\"_ _0\"></span>oni<span class=\"ff1\">  </span>di<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a55\">mit<span class=\"_ _0\"></span>iga<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>cop<span class=\"_ _0\"></span>ertu<span class=\"_ _0\"></span>ra<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>risc<span class=\"_ _0\"></span>hio.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">L\u2019o<span class=\"_ _0\"></span>biett<span class=\"_ _0\"></span>ivo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">tale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">gest<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del</span> <span class=\"ff3\">risc<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>que<span class=\"_ _0\"></span>llo<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">massi<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>zzare<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a56\">le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>soddisfare<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>passivit\u00e0<span class=\"ff1\"> </span>complesse<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>possono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>aumentare<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>redditivit\u00e0.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a57\">Al<span class=\"_ _0\"></span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sotto<span class=\"_ _0\"></span>cate<span class=\"_ _0\"></span>go<span class=\"_ _0\"></span>ria<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ALM<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ap<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>rteng<span class=\"_ _0\"></span>ono<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">se<span class=\"_ _0\"></span>gue<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fa<span class=\"_ _0\"></span>ttori<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>o:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4a58\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a59\">Asset<span class=\"ff1\"> <span class=\"_ _1f0\"> </span></span>Allocation<span class=\"ff1\"> <span class=\"_ _1f2\"> </span></span>Strategica<span class=\"ff1\"> <span class=\"_ _1f0\"> </span></span>(AAT):<span class=\"ff1\"> <span class=\"_ _1f2\"> </span></span>consist<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1f2\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _1f0\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _1f2\"> </span></span>r<span class=\"_ _2\"></span>isultante<span class=\"_ _0\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a5a\">dall\u2019inadeguatezza/incoerenza<span class=\"ff1\"> </span>dell\u2019asset<span class=\"ff1\"> </span>allocation<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>fare<span class=\"ff1\"> </span>fronte<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>passivit\u00e0.<span class=\"_ _3bd\"> </span> </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4a5b\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a5c\">Ass<span class=\"_ _0\"></span>et<span class=\"ff1\"> </span>&amp;<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Liab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>ty<span class=\"ff1\"> </span>mis<span class=\"_ _0\"></span>matc<span class=\"_ _0\"></span>h:<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">corr<span class=\"_ _0\"></span>ispo<span class=\"_ _0\"></span>nde<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al</span> <span class=\"ff3\">r<span class=\"_ _0\"></span>isch<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>isa<span class=\"_ _0\"></span>llin<span class=\"_ _0\"></span>eame<span class=\"_ _0\"></span>nto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">atti<span class=\"_ _0\"></span>vi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>ssivi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pu<span class=\"_ _0\"></span>\u00f2<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a5d\">comportare<span class=\"ff1\"> <span class=\"_ _2c\"> </span></span>un\u2019esposizione<span class=\"ff1\"> <span class=\"_ _2c\"> </span></span>dell\u2019impresa<span class=\"ff1\"> <span class=\"_ _2c\"> </span></span>o<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2c\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _2c\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _2c\"> </span></span>disinvestimento<span class=\"ff1\"> <span class=\"_ _2c\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _bf\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _2c\"> </span></span>rischio<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a5e\">rei<span class=\"_ _0\"></span>nve<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>o.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a5f\">La<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Compagnia<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>adott<span class=\"_ _2\"></span>a,<span class=\"ff1\">  </span>nei<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>confronti<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>fattor<span class=\"_ _2\"></span>i<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>sopra<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>enunciati,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>linee<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>guida<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>che<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a60\">definiscono<span class=\"ff1\">  </span>i<span class=\"ff1\">  </span>princi<span class=\"_ _0\"></span>pi<span class=\"ff1\">  </span>generali,<span class=\"ff1\">  </span>la<span class=\"ff1\">  </span>periodic<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\">  </span>dei<span class=\"ff1\">  </span>controlli<span class=\"ff1\">  </span>e<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">le</span>  <span class=\"ff3\">azioni</span>  <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\">  </span>ripristino<span class=\"ff1\">  </span>in<span class=\"ff1\">  </span>caso<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a61\">superamento<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>limiti.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a62\">Valutazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>AL<span class=\"_ _2\"></span>M<span class=\"ff1\"> <span class=\"_ _2\"></span></span>viene<span class=\"ff1\"> <span class=\"_ _2\"></span></span>effett<span class=\"_ _2\"></span>uata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riferimento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>portafoglio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>investimenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>m<span class=\"_ _2\"></span>obiliare<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a63\">gi\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>acquisito<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>agli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>cenari<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>investimento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>futuro.<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Tale<span class=\"ff1\"> <span class=\"_ _21\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>viene<span class=\"ff1\"> <span class=\"_ _21\"></span></span>realizzata<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>logiche<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a64\">Ass<span class=\"_ _0\"></span>et-<span class=\"_ _0\"></span>Liab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>ty<span class=\"ff1\"> </span>Ma<span class=\"_ _0\"></span>nagem<span class=\"_ _0\"></span>ent,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fine</span> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ogli<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le</span> <span class=\"ff3\">i<span class=\"_ _0\"></span>nter<span class=\"_ _0\"></span>rel<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>esis<span class=\"_ _0\"></span>ten<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>ra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>inam<span class=\"_ _0\"></span>iche<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pass<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a65\">e<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>dinamiche<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>attivi<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>copertura<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>riserve<span class=\"ff1\"> </span>tecniche.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a66\">Pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>qua<span class=\"_ _0\"></span>nto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rigu<span class=\"_ _1\"></span>arda<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">m<span class=\"_ _0\"></span>acro-<span class=\"_ _0\"></span>ind<span class=\"_ _0\"></span>icat<span class=\"_ _0\"></span>ori<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ana<span class=\"_ _0\"></span>liz<span class=\"_ _0\"></span>zati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">va<span class=\"_ _0\"></span>luta<span class=\"_ _0\"></span>zione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mo<span class=\"_ _0\"></span>nito<span class=\"_ _0\"></span>ragg<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risc<span class=\"_ _0\"></span>hi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">AL<span class=\"_ _0\"></span>M:<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4a67\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a68\">SCR<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Interest<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Rate<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Based:<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>indicatori<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>hanno<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>lo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>copo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>individuare<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>l\u2019assor<span class=\"_ _2\"></span>bimento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a69\">capitale,<span class=\"ff1\"> </span>sec<span class=\"_ _0\"></span>ondo<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>metriche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Solvency<span class=\"ff1\"> </span>II,<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">interesse</span> <span class=\"_ _0\"></span><span class=\"ff3\">secondo<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">approccio<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a6a\">sia<span class=\"ff1\"> </span>regolamentare<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>gestionale;<span class=\"_ _3bd\"> </span> </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4a6b\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a6c\">Disallineamento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rendi<span class=\"_ _0\"></span>menti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>gest<span class=\"_ _2\"></span>ioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>eparate:<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l\u2019indicatore<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>misura<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>disallinemento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>tra<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a6d\">rendimenti<span class=\"ff1\"> </span>dalle<span class=\"ff1\"> </span>gestioni<span class=\"ff1\"> </span>separate<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>rendimenti<span class=\"ff1\"> </span>minimi<span class=\"ff1\"> </span>garantiti<span class=\"ff1\"> </span>agli<span class=\"ff1\"> </span>assicurat<span class=\"_ _2\"></span>i;<span class=\"_ _3bd\"> </span> </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4a6e\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a6f\">Cash<span class=\"ff1\"> </span>Flow<span class=\"ff1\"> </span>Matching:<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l\u2019indicatore</span> <span class=\"ff3\">descrive</span> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>disallineamento,<span class=\"ff1\"> </span>tempo<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>tempo,<span class=\"ff1\"> </span>tra<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>Cashflow<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a70\">degli<span class=\"ff1\"> </span>attivi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>Cashflow<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>passivo;<span class=\"_ _3bd\"> </span> </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4a71\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a72\">Duration<span class=\"ff1\">  </span>Matching:<span class=\"ff1\">  </span>disallineamento<span class=\"ff1\">  </span>tra<span class=\"ff1\">  </span>la<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>uration<span class=\"ff1\">  </span>dei<span class=\"ff1\">  </span>Cashflow<span class=\"ff1\">  </span>Attivi<span class=\"ff1\">  </span>e<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">la</span>  <span class=\"ff3\">duration</span>  <span class=\"ff3\">dei</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a73\">Cashflow<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Pass<span class=\"_ _2\"></span>ivi;<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4a74\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a75\">KPI<span class=\"ff1\">  </span>su<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Adj<span class=\"ff1\">  </span>T<span class=\"_ _0\"></span>echnical<span class=\"ff1\">  </span>Provision:<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>indicatore<span class=\"ff1\">  </span>che<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ha<span class=\"ff1\">  </span>lo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>scopo<span class=\"ff1\">  </span>di<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">monitorare</span>  <span class=\"ff3\">la</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">capacit\u00e0</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">di</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a76\">assorbimento<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>perdite<span class=\"ff1\"> </span>Solvency<span class=\"ff1\"> </span>II<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>parte<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>Technical<span class=\"ff1\"> </span>Provisions;<span class=\"_ _3bd\"> </span> </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4a77\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a78\">Se<span class=\"_ _0\"></span>nsit<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>ties<span class=\"ff1\"> </span>Sp<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>ad<span class=\"ff1\"> </span>Gov<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>ntiv<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>Ita<span class=\"_ _0\"></span>lia;<span class=\"_ _0\"></span> </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4a79\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a7a\">Se<span class=\"_ _0\"></span>nsit<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>ty<span class=\"ff1\"> </span>su<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fatto<span class=\"_ _0\"></span>ri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>me<span class=\"_ _0\"></span>rca<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">te<span class=\"_ _0\"></span>cni<span class=\"_ _0\"></span>ci<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(es<span class=\"_ _0\"></span>.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tasso<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>scat<span class=\"_ _0\"></span>ti)<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4a7b\">Rischio<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4a7c\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4a7d\">li<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>idi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a7e\">Le<span class=\"ff1\"> </span>Compagnie<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>no<span class=\"ff1\"> </span>soggette<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> </span>possibili<span class=\"ff1\"> </span>tensioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>liq<span class=\"_ _2\"></span>uidit\u00e0<span class=\"ff1\"> </span>derivanti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"ff1\"> </span>scadenze<span class=\"ff1\"> <span class=\"_ _2\"></span></span>diverse<span class=\"ff1\"> </span>tr<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a7f\">atti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rela<span class=\"_ _0\"></span>tivi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>assiv<span class=\"_ _0\"></span>i.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>risc<span class=\"_ _0\"></span>hio<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">liqu<span class=\"_ _0\"></span>idi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>ntend<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ris<span class=\"_ _0\"></span>chio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">che</span> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Comp<span class=\"_ _0\"></span>agni<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">grado<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a80\">di<span class=\"ff1\"> </span>liquidare<span class=\"ff1\"> </span>investimenti<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>altre<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>egolare<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>propri<span class=\"ff1\"> </span>impeg<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>finanziar<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>momento<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a81\">relativa<span class=\"ff1\"> </span>scadenza<span class=\"ff1\"> </span>(cfr.<span class=\"ff1\"> </span>articolo<span class=\"ff1\"> </span>1,<span class=\"ff1\"> </span>comma<span class=\"ff1\"> </span>1,<span class=\"ff1\"> </span>lettera<span class=\"ff1\"> </span>vv-bis<span class=\"ff1\"> </span>2<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>CAP).<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a82\">La<span class=\"ff1\"> </span>possibilit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>procedere<span class=\"ff1\"> </span>allo<span class=\"ff1\"> </span>smobilizzo<span class=\"ff1\"> </span>tempestivo<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>portafoglio<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>fortemente<span class=\"ff1\"> </span>condizionata<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a83\">dalla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">liquidabilit<span class=\"_ _2\"></span>\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>itoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">lo<span class=\"ff1\"> </span>stesso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">investito.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">La<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">scarsa<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">liquidabilit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">portafoglio,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a84\">infatti,<span class=\"ff1\"> </span>pu\u00f2<span class=\"ff1\"> </span>esporre<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>Compagnia<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>conseguire<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> </span>perdite<span class=\"ff1\"> </span>conne<span class=\"_ _0\"></span>sse<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>difficolt\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a85\">trovare<span class=\"ff1\"> </span>sul<span class=\"ff1\"> </span>mercato<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>controparte<span class=\"ff1\"> </span>interessata<span class=\"ff1\"> </span>all\u2019acquisto<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>intende<span class=\"ff1\"> </span>smobilizzare.<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a86\">La<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Com<span class=\"_ _0\"></span>pag<span class=\"_ _0\"></span>nia<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">qu<span class=\"_ _0\"></span>antif<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">su<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>pos<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>olvib<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le</span> <span class=\"_ _1\"></span><span class=\"ff3\">metric<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Formu<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Sta<span class=\"_ _0\"></span>nda<span class=\"_ _0\"></span>rd,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">che<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a87\">non<span class=\"ff1\"> </span>prevede<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>quantificazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>liquidit\u00e0<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>termini<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>assorbimento<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>capitale. </div>L\u2019identificazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>el<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">liquidit\u00e0<span class=\"ff1\"> </span>viene<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">effett<span class=\"_ _2\"></span>uata<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riferimento<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">portafoglio<span class=\"ff1\"> </span>investimenti<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>sottostanti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prodotti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>garanzia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>capitale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e/o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>endimento.<span class=\"ff1\"> <span class=\"_ _21\"></span></span>L\u2019<span class=\"_ _0\"></span>identificazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>viene<span class=\"ff1\"> </span>effettuata<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>s<span class=\"_ _2\"></span>ulla<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>base<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>dati<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>tecnici<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>portafogli<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>metriche<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>definite<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>funzione<span class=\"ff1\"> </span>dell\u2019orizzonte<span class=\"ff1\"> </span>temporale<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>viene<span class=\"ff1\"> </span>analizzato<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>studiato<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>st<span class=\"_ _2\"></span>esso.<span class=\"_ _3bd\"> </span>Si<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>riport<span class=\"_ _2\"></span>ano<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>seg<span class=\"_ _0\"></span>uito<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>gli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>indicator<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>utilizzati<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dalla<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Compagnia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">monitoraggio</span> <span class=\"_ _27\"> </span><span class=\"ff3\">del</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">rischio</span> </span>li<span class=\"_ _0\"></span>quidi<span class=\"_ _0\"></span>t\u00e0:<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>importo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cont<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">correnti:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Compagnia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"ff1\"> </span>scel<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">monitorare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019importo<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>tenuto<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Co<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Correnti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>fine<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>fissar<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>limite<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>inferiore<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rappresenta<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Riserva<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Liquidit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>(come<span class=\"ff1\"> </span>prescritta<span class=\"ff1\"> </span>dal<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Reg.<span class=\"ff1\"> </span>38<span class=\"ff1\"> </span>IVAS<span class=\"_ _0\"></span>S)<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>imite<span class=\"ff1\"> </span>superiore<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>termini<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>importo<span class=\"ff1\"> </span>massimo<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>etenere<span class=\"ff1\"> </span></span></span></span></span>nei<span class=\"ff1\"> </span>Conti<span class=\"ff1\"> </span>Correnti<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fine<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rendere<span class=\"ff1\"> </span>efficace<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>gestione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>portafoglio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>limitare<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>eventuali<span class=\"ff1\"> </span>effetti<span class=\"ff1\"> </span>sull\u2019SCR<span class=\"ff1\"> </span>Default.<span class=\"ff1\"> </span>Nella<span class=\"ff1\"> </span>quantificazione<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>Riserva<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Liquidit\u00e0<span class=\"ff1\"> </span>concorrono<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>solo<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>esposizioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>Conto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Corrente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ma<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tito<span class=\"_ _2\"></span>li<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Go<span class=\"_ _2\"></span>vernativi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>ell'Area<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Euro<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">qualit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">credito<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>superiore<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>2<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>scadenza<span class=\"ff1\"> </span>inferiore<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>3<span class=\"ff1\"> </span>mesi.<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Liquidity<span class=\"ff1\">  </span>Buffer:<span class=\"ff1\">  </span>il<span class=\"ff1\">  </span>numero<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>pe<span class=\"_ _0\"></span>riodi,<span class=\"ff1\">  </span>mensili,<span class=\"ff1\">  </span>consecutivi<span class=\"ff1\">  </span>con<span class=\"ff1\">  </span>Liquidity<span class=\"ff1\">  </span>Buffer<span class=\"ff1\">  </span>negativo,<span class=\"ff1\"> </span>nell\u2019orizzonte<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>tempor<span class=\"_ _2\"></span>ale<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>annuale<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>cons<span class=\"_ _2\"></span>iderato<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>for<span class=\"_ _2\"></span>nisce<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>un\u2019indicazione<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>sintetica<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>della<span class=\"ff1\"> </span>situazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>liquidit\u00e0<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>Compagnia;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Piano<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">liquidit\u00e0:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019indicat<span class=\"_ _2\"></span>ore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">volto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dimostr<span class=\"_ _2\"></span>are<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Compagnia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ha<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risors<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">su<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>base<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">continuativa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gestione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">liquidit\u00e0.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Tale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">condizione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risulta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inoltre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">essere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>base<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>l\u2019applicazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Volatility<span class=\"ff1\"> </span>Adjustment<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>livello<span class=\"ff1\"> </span>Regolamentare;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Con<span class=\"_ _0\"></span>ting<span class=\"_ _0\"></span>enc<span class=\"_ _0\"></span>y<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">liq<span class=\"_ _0\"></span>uidi<span class=\"_ _0\"></span>t\u00e0:<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ovve<span class=\"_ _1\"></span>ro<span class=\"ff1\"> </span>titol<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">faci<span class=\"_ _0\"></span>lme<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">liqu<span class=\"_ _0\"></span>idab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>SCR<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>efault<span class=\"ff1\"> <span class=\"_ _21\"></span></span>conti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cor<span class=\"_ _2\"></span>rente:<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>fine<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>limitare<span class=\"ff1\"> <span class=\"_ _20\"></span></span>gli<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>eventuali<span class=\"ff1\"> <span class=\"_ _21\"></span></span>effetti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sull\u2019SCR<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>fault<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>derivante<span class=\"ff1\"> </span>dall\u2019aumento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>volumi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cont<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>corrente,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Compagnia<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ha<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>fissat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>limite<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>superiore<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> </span>termini<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>SCR<span class=\"ff1\"> </span>Default.<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>hio<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cr<span class=\"_ _0\"></span>edi<span class=\"_ _0\"></span>to<span class=\"_ _3bd\"> </span>(d<span class=\"_ _0\"></span>ef<span class=\"_ _0\"></span>aul<span class=\"_ _0\"></span>t)<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Si<span class=\"ff1\"> </span>definisce<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>credito<span class=\"ff1\"> </span>(rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>default)<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>perdita<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>variazione<span class=\"ff1\"> </span>sfavorevole<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>sit<span class=\"_ _0\"></span>uaz<span class=\"_ _0\"></span>ione<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">finan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>ria<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>riva<span class=\"_ _0\"></span>nte<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>osc<span class=\"_ _0\"></span>ill<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>oni<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">merit<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cred<span class=\"_ _0\"></span>ito<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">emitte<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">tito<span class=\"_ _0\"></span>li,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>trop<span class=\"_ _0\"></span>arti<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">debitori<span class=\"ff1\"> </span>nei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">confronti</span> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span>quali<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>\u2019impresa<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">as<span class=\"_ _2\"></span>sicurazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>riassicurazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>sposta<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">forma<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>inadempimento<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>controparte,<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>spread<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>concentrazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> </span>mercato<span class=\"ff1\"> </span>(cfr.<span class=\"ff1\"> </span>articolo<span class=\"ff1\"> </span>1,<span class=\"ff1\"> </span>comma<span class=\"ff1\"> </span>1,<span class=\"ff1\"> </span>lettera<span class=\"ff1\"> </span>vv-bis<span class=\"ff1\"> </span>1<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>CAP).<span class=\"_ _3bd\"> </span>La<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">perdita<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">posizione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cr<span class=\"_ _2\"></span>editoria<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">collegata<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">principalmente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>alit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dell\u2019emittente<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>o<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>co<span class=\"_ _2\"></span>ntroparte<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(i<span class=\"_ _0\"></span>nclusi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>riassicuratori,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>coassicuratori,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>assic<span class=\"_ _0\"></span>urati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ed<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">in<span class=\"_ _0\"></span>termediari)<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>m<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pu\u00f2<span class=\"ff1\"> </span></span></span>anche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>derivare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> <span class=\"_ _20\"></span></span>deterioramento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>condizioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>economi<span class=\"_ _2\"></span>co-finanziarie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>debitore<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cui<span class=\"ff1\"> </span>dip<span class=\"_ _0\"></span>end<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">capac<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">fa<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>fr<span class=\"_ _0\"></span>onte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ag<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>mpegn<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>ziar<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ass<span class=\"_ _0\"></span>unti<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>non<span class=\"_ _0\"></span>ch\u00e9<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">da</span> <span class=\"ff3\">c<span class=\"_ _0\"></span>ause<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">indi<span class=\"_ _0\"></span>pend<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>dal<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>situazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>economica<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fi<span class=\"_ _2\"></span>nanziaria<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contropart<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>debitrice,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _20\"></span></span>esempio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cause<span class=\"ff1\"> <span class=\"_ _2\"></span></span>politic<span class=\"_ _2\"></span>o-<span class=\"ff1\"> </span>mil<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>re.<span class=\"_ _3bd\"> </span>Da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">punto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">vis<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rapp<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>tivo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ide<span class=\"_ _0\"></span>ntif<span class=\"_ _0\"></span>ich<span class=\"_ _0\"></span>iam<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>tre<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mac<span class=\"_ _0\"></span>ro<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ree<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>hio<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>red<span class=\"_ _0\"></span>ito:<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>assi<span class=\"_ _0\"></span>cura<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>In<span class=\"_ _0\"></span>terme<span class=\"_ _0\"></span>dia<span class=\"_ _0\"></span>rie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">al<span class=\"_ _0\"></span>tre<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>ntrop<span class=\"_ _1\"></span>arti;<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Inv<span class=\"_ _0\"></span>est<span class=\"_ _0\"></span>imen<span class=\"_ _0\"></span>ti.<span class=\"_ _3bd\"> </span>I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fa<span class=\"_ _0\"></span>ttori<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>sott<span class=\"_ _0\"></span>ost<span class=\"_ _0\"></span>anti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">si<span class=\"_ _0\"></span>ngo<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ottoc<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span>gor<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del</span> <span class=\"_ _1\"></span><span class=\"ff3\">rischi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>cre<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">seg<span class=\"_ _0\"></span>uen<span class=\"_ _0\"></span>ti:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>anto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rig<span class=\"_ _0\"></span>ua<span class=\"_ _0\"></span>rda<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sotto<span class=\"_ _0\"></span>cl<span class=\"_ _0\"></span>asse<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">R<span class=\"_ _0\"></span>assi<span class=\"_ _0\"></span>cur<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>o<span class=\"ff1\"> <span class=\"_ _bf\"> </span><span class=\"ff3\">Rischio</span> <span class=\"_ _4d\"> </span><span class=\"ff3\">di</span> <span class=\"_ _29\"> </span><span class=\"ff3\">credito</span> <span class=\"_ _29\"> </span><span class=\"ff3\">verso<span class=\"_ _2\"></span></span> <span class=\"_ _29\"> </span><span class=\"ff3\">riassicuratori:</span> <span class=\"_ _4d\"> </span><span class=\"ff3\">rappresenta</span> <span class=\"_ _29\"> </span><span class=\"ff3\">il</span> <span class=\"_ _29\"> </span><span class=\"ff3\">rischio</span> <span class=\"_ _4d\"> </span><span class=\"ff3\">di</span> <span class=\"_ _29\"> </span><span class=\"ff3\">perdite</span> <span class=\"_ _29\"> </span><span class=\"ff3\">derivanti</span> </span>dall\u2019insolvenza<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>uno<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>pi\u00f9<span class=\"ff1\"> </span>riassicuratori;<span class=\"_ _3bd\"> </span>o<span class=\"_ _3bd\"> </span>Rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>base:<span class=\"ff1\"> <span class=\"_ _2\"></span></span>derivante<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dalle<span class=\"ff1\"> </span>eventuali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>discrepanze<span class=\"ff1\"> </span>tr<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>esigenze<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riassicurazione<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>l\u2019effettiva<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">copertura<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>revista<span class=\"ff1\"> </span>dal<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tr<span class=\"_ _2\"></span>attato<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">comportando<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Compagnia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un\u2019assunzione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>rischio<span class=\"ff1\"> </span>maggiore<span class=\"ff1\"> </span>rispetto<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>quella<span class=\"ff1\"> </span>preventivata.<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>anto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rig<span class=\"_ _0\"></span>ua<span class=\"_ _0\"></span>rda<span class=\"ff1\"> </span>g<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">int<span class=\"_ _0\"></span>erme<span class=\"_ _0\"></span>diari<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">altre<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>ontr<span class=\"_ _0\"></span>opa<span class=\"_ _0\"></span>rti:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>o<span class=\"_ _3bd\"> </span>Rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">credito<span class=\"ff1\"> </span>verso<span class=\"ff1\"> </span>intermediari<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">altre<span class=\"ff1\"> </span>controparti:<span class=\"ff1\"> </span>rapprese<span class=\"_ _0\"></span>nta<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perdite<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span></span></span></span></span></span></span>con<span class=\"_ _0\"></span>seg<span class=\"_ _0\"></span>uenz<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>all\u2019i<span class=\"_ _0\"></span>nad<span class=\"_ _0\"></span>emp<span class=\"_ _0\"></span>imen<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>trattu<span class=\"_ _1\"></span>ale<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>sog<span class=\"_ _0\"></span>get<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>ter<span class=\"_ _0\"></span>zi<span class=\"ff1\"> </span>(e<span class=\"_ _0\"></span>s.<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>cre<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>vers<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>assi<span class=\"_ _0\"></span>cur<span class=\"_ _0\"></span>ati,<span class=\"_ _0\"></span><span class=\"ff1\"> </span>verso<span class=\"ff1\"> </span>intermediari<span class=\"ff1\"> </span>assicurativi,<span class=\"ff1\"> </span>conti<span class=\"ff1\"> </span>correnti<span class=\"ff1\"> </span>verso<span class=\"ff1\"> </span>banche).<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Per<span class=\"ff1\"> </span>quanto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riguarda<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> </span>sottoclasse<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cr<span class=\"_ _2\"></span>edito<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>investimenti<span class=\"ff1\"> </span>(corr<span class=\"_ _2\"></span>elato<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>processo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>asset<span class=\"ff1\"> </span>management)<span class=\"ff1\"> </span>essa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rappresenta<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>perdite<span class=\"ff1\"> </span>derivanti<span class=\"ff1\"> </span>dall\u2019insolvenza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>pi\u00f9<span class=\"ff1\"> </span>obbligazioni<span class=\"ff1\"> </span>pertanto<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>identificano<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>seguenti<span class=\"ff1\"> </span>fattori<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio:<span class=\"_ _2\"></span> o<span class=\"_ _3bd\"> </span>Bond<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">default:<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l<span class=\"_ _2\"></span>egato<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">all\u2019inadempienza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dell\u2019emittente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pr<span class=\"_ _2\"></span>ima<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">realizzazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>sua<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">obbligazione;<span class=\"_ _3bd\"> </span></span></span>o<span class=\"_ _3bd\"> </span>Al<span class=\"_ _0\"></span>tre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inv<span class=\"_ _0\"></span>estm<span class=\"_ _0\"></span>ent<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>ts:<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risc<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>cr<span class=\"_ _0\"></span>edi<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>ve<span class=\"_ _0\"></span>rso<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ltri<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">as<span class=\"_ _0\"></span>sets<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>o<span class=\"_ _3bd\"> </span>Credit<span class=\"ff1\"> </span>limits:<span class=\"ff1\"> </span>carenze<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nella<span class=\"ff1\"> </span>definizione,<span class=\"ff1\"> </span>nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rinnovo<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>monitoraggio<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> </span>limiti<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">credito,<span class=\"ff1\"> </span></span></span></span></span></span></span>violazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>limiti,<span class=\"ff1\"> </span>assegnazione<span class=\"ff1\"> </span>errata<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>mancato<span class=\"ff1\"> </span>rinnovo<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>linee<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>credito;<span class=\"_ _3bd\"> </span>o<span class=\"_ _3bd\"> </span>Modellazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>scoring:<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>carsa<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>valutazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>insolvenza<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> </span>controparti<span class=\"ff1\"> </span>e/o<span class=\"ff1\"> </span>paesi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> </span>inadeguati,<span class=\"ff1\"> </span>incompleti<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>mal<span class=\"ff1\"> </span>utilizzati;<span class=\"_ _3bd\"> </span>o<span class=\"_ _3bd\"> </span>Monitoraggio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"></span></span>posizioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>credito:<span class=\"ff1\"> <span class=\"_ _21\"></span></span>valutazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>incompleta,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>inad<span class=\"_ _0\"></span>eguate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>impropria<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>impegni<span class=\"ff1\"> </span>effettivi<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>conseguente<span class=\"ff1\"> </span>scarsa<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>credito. Da<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>punto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>ista<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>distr<span class=\"_ _2\"></span>ibuzione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>counterparty<span class=\"ff1\"> </span>default<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Credemvita<span class=\"ff1\"> </span>secondo<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span></span></span>dettami<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>normat<span class=\"_ _2\"></span>ivi<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>Solvency<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>II<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>s<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>riporta<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>nella<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>tabella<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>seguito<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>miglior<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>st<span class=\"_ _2\"></span>ima<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>della<span class=\"ff1\"> </span>rappresentazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(si<span class=\"ff1\"> </span>precisa<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>peso<span class=\"ff1\"> </span>complessivo<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischi<span class=\"ff1\"> </span></span></span></span></span></span></span>counterpary<span class=\"ff1\"> </span>default<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>2,9%). Credit<span class=\"_ _3bd\"> </span>risk<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>risk/sum<span class=\"_ _3bd\"> </span>of<span class=\"_ _3bd\"> </span>risk<span class=\"_ _3bd\"> </span>component<span class=\"_ _0\"></span>s<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>relativo<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>vo<span class=\"_ _3bd\"> </span>Re<span class=\"_ _0\"></span>lat<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>o<span class=\"fc0 sc1\"> <span class=\"_ _52\"> </span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>ivo<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Type<span class=\"_ _3bd\"> </span>1<span class=\"_ _3bd\"> </span>cou<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>rpa<span class=\"_ _0\"></span>rties<span class=\"_ _3bd\"> </span>100,<span class=\"_ _0\"></span>0%<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>,9<span class=\"_ _0\"></span>%<span class=\"_ _3bd\"> </span>Typ<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">2<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>oun<span class=\"_ _0\"></span>terp<span class=\"_ _0\"></span>arti<span class=\"_ _0\"></span>es <span class=\"_ _305\"> </span>0,<span class=\"_ _1\"></span>0% <span class=\"_ _11e\"> </span>0,<span class=\"_ _0\"></span>0%<span class=\"_ _3bd\"> </span></span></span>Le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>politiche<span class=\"ff1\"> <span class=\"_ _20\"></span></span>relative<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>gestione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cr<span class=\"_ _2\"></span>edito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>verso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>gli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>emitt<span class=\"_ _2\"></span>enti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>strumenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziari<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riconducibili<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quanto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sopra<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>iportato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>proposito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mercato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riferimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ai<span class=\"ff1\"> </span>principi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">generali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>elativi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">controllo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">degli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">invest<span class=\"_ _2\"></span>imenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nat<span class=\"_ _2\"></span>ura<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziaria.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quanto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">concerne<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>controparti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>riassicurative,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Credemvita<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ha<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>finito<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>politiche<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>gestione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cont<span class=\"_ _2\"></span>rollo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>tale<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>termini<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>linee<span class=\"ff1\"> </span>guida<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>limiti<span class=\"ff1\"> </span>relativi<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>contropart<span class=\"_ _2\"></span>i. L\u2019identificazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Counterpar<span class=\"_ _2\"></span>ty<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Default<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Risk<span class=\"ff1\"> <span class=\"_ _2\"></span></span>viene<span class=\"ff1\"> <span class=\"_ _20\"></span></span>effett<span class=\"_ _2\"></span>uata<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _21\"></span></span>riferimento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>controparti<span class=\"ff1\"> </span>verso<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>quali<span class=\"ff1\"> </span>sussistono<span class=\"ff1\"> </span>posizioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>credito. Si<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rip<span class=\"_ _1\"></span>ortano<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">si<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>tica<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>d<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span>seg<span class=\"_ _0\"></span>uito<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le</span> <span class=\"_ _0\"></span><span class=\"ff3\">mis<span class=\"_ _0\"></span>ure<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>uti<span class=\"_ _0\"></span>liz<span class=\"_ _0\"></span>zate<span class=\"_ _0\"></span>: </span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Importo<span class=\"ff1\"> </span>Massimo<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>onti<span class=\"ff1\"> </span>Correnti:<span class=\"ff1\"> </span>rappresenta<span class=\"ff1\"> </span>l\u2019ammontare<span class=\"ff1\"> </span>massimo<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">C/C<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>detenere<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span></span></span>singolo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">portafoglio; </span></span>-<span class=\"_ _3bd\"> </span>SCR<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>efault<span class=\"ff1\"> <span class=\"_ _21\"></span></span>conti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cor<span class=\"_ _2\"></span>rente:<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>fine<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>limitare<span class=\"ff1\"> <span class=\"_ _20\"></span></span>gli<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>eventuali<span class=\"ff1\"> <span class=\"_ _21\"></span></span>effetti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sull\u2019SCR<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>fault<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>derivante<span class=\"ff1\"> </span>dall\u2019aumento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>volumi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cont<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>corrente,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Compagnia<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ha<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>fissat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>limite<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>superiore<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> </span>termini<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>SCR<span class=\"ff1\"> </span>Default; -<span class=\"_ _3bd\"> </span>SCR<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>Counterparty<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>Default<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>Risk<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>Ri<span class=\"_ _0\"></span>assicurativo/Recoverables<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>SII:<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>l\u2019indicatore<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>costruito<span class=\"ff1\"> </span>rapportando<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>l\u2019SCR<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Counterparty<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Default<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Risk<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>verso<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Riassicuratori<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(pre-d<span class=\"_ _0\"></span>iversificazione),<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ai<span class=\"ff1\"> </span>Recoverables<span class=\"ff1\"> </span>(somma<span class=\"ff1\"> </span>tra<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>riserve<span class=\"ff1\"> </span>cedute<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>crediti<span class=\"ff1\"> </span>netti<span class=\"ff1\"> </span>verso<span class=\"ff1\"> </span>riass<span class=\"_ _2\"></span>icuratori); -<span class=\"_ _3bd\"> </span>Esposizione<span class=\"ff1\"> <span class=\"_ _28\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _2b\"> </span></span>Riassicuratore:<span class=\"ff1\"> <span class=\"_ _28\"> </span></span>l\u2019indicatore<span class=\"ff1\"> <span class=\"_ _28\"> </span></span>individua<span class=\"ff1\"> <span class=\"_ _2b\"> </span></span>l\u2019esposizione<span class=\"ff1\"> <span class=\"_ _28\"> </span></span>verso<span class=\"ff1\"> <span class=\"_ _2b\"> </span></span>ciascun<span class=\"ff1\"> </span>Riassicuratore<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>termini<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>somme<span class=\"ff1\"> </span>assicurate; -<span class=\"_ _3bd\"> </span>Rating<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>Solvency<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>Ratio<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>Riassicurat<span class=\"_ _2\"></span>ore:<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>l\u2019indicatore<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>\u00e8<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _23\"> </span></span>pari<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>Rating<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>s<span class=\"_ _2\"></span>ingolo<span class=\"ff1\"> </span>Riassicuratore<span class=\"ff1\"> </span>o,<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>caso<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>contropart<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>retata,<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>Solvenc<span class=\"_ _0\"></span>y<span class=\"ff1\"> </span>Ratio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dello<span class=\"ff1\"> </span>stesso; -<span class=\"_ _3bd\"> </span>Anzianit\u00e0<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>crediti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>netti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Riassicuratore:<span class=\"ff1\"> </span>l\u2019indicator<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>individua<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019anzianit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> </span>cr<span class=\"_ _2\"></span>editi<span class=\"ff1\"> </span>netti<span class=\"ff1\"> </span>verso<span class=\"ff1\"> </span>ciascuna<span class=\"ff1\"> </span>controparte<span class=\"ff1\"> </span>riassicurativa; -<span class=\"_ _3bd\"> </span>Ammontare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> </span>cr<span class=\"_ _2\"></span>editi<span class=\"ff1\"> </span>netti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> </span>Riass<span class=\"_ _2\"></span>icuratore:<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019indic<span class=\"_ _0\"></span>ator<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>individua<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019ammontare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>crediti<span class=\"ff1\"> </span>netti<span class=\"ff1\"> </span>verso<span class=\"ff1\"> </span>ciascuna<span class=\"ff1\"> </span>controparte<span class=\"ff1\"> </span>riassicurativa. Ri<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>hi<span class=\"_ _3bd\"> </span>op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>i,<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>no<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nf<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>mit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>al<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>nor<span class=\"_ _1\"></span>me,<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>pu<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>ona<span class=\"_ _1\"></span>li,<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nd<span class=\"_ _1\"></span>otta<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ap<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>enz<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>Gr<span class=\"_ _0\"></span>up<span class=\"_ _0\"></span>po<span class=\"_ _3bd\"> </span>Il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">r</span></span>isch<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">opera<span class=\"_ _0\"></span>tivo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u00e8</span> <span class=\"ff3\">defi<span class=\"_ _0\"></span>nibi<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ome<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">risc<span class=\"_ _0\"></span>hio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">sub<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">perd<span class=\"_ _0\"></span>ite<span class=\"ff1\"> </span>de<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>iv<span class=\"_ _0\"></span>anti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dall<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>inad<span class=\"_ _0\"></span>egu<span class=\"_ _0\"></span>atez<span class=\"_ _0\"></span>za<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>da<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>disfunzione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>(carenze<span class=\"ff1\"> <span class=\"_ _21\"></span></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>errori)<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>procedure<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>interne,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>risor<span class=\"_ _2\"></span>se<span class=\"ff1\"> <span class=\"_ _21\"></span></span>umane<span class=\"ff1\"> <span class=\"_ _21\"></span></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sistemi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>oppure<span class=\"ff1\"> <span class=\"_ _21\"></span></span>da<span class=\"ff1\"> <span class=\"_ _21\"></span></span>eventi<span class=\"ff1\"> </span>esogeni<span class=\"ff1\"> </span>(cfr.<span class=\"ff1\"> </span>articolo<span class=\"ff1\"> </span>1,<span class=\"ff1\"> </span>comma<span class=\"ff1\"> </span>1,<span class=\"ff1\"> </span>lettera<span class=\"ff1\"> </span>vv-bis<span class=\"ff1\"> </span>5<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>CAP). Per<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Compagnia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tale<span class=\"ff1\"> </span>definizione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>icomprende<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anche<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rischio</span> <span class=\"_ _0\"></span><span class=\"ff3\">legale<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>ompliance.<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>I<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">operativi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">possono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">essere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">loro<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">volta<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">frazionat<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nelle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">seguenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sottocategorie: </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>O<span class=\"_ _0\"></span>pera<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>o; -<span class=\"_ _3bd\"> </span>IT<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Risk<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">&amp;<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>yber<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Ri<span class=\"_ _0\"></span>sk; </span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Reg<span class=\"_ _0\"></span>ula<span class=\"_ _0\"></span>tory<span class=\"ff1\"> </span>Op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ation<span class=\"_ _0\"></span>al<span class=\"ff1\"> </span>Ris<span class=\"_ _0\"></span>k. I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pri<span class=\"_ _0\"></span>ncip<span class=\"_ _0\"></span>ali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fatt<span class=\"_ _0\"></span>ori<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ca<span class=\"_ _0\"></span>ratte<span class=\"_ _0\"></span>riz<span class=\"_ _0\"></span>zan<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ris<span class=\"_ _0\"></span>chio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">oper<span class=\"_ _0\"></span>ativ<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ono:<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>People<span class=\"ff1\"> <span class=\"_ _2\"></span></span>R<span class=\"_ _2\"></span>isk:<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>risor<span class=\"_ _2\"></span>se<span class=\"ff1\"> <span class=\"_ _20\"></span></span>umane<span class=\"ff1\"> <span class=\"_ _20\"></span></span>possono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>essere<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fonte<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l\u2019impresa,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>se<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>truttura<span class=\"ff1\"> </span>org<span class=\"_ _0\"></span>ani<span class=\"_ _0\"></span>zzat<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">no<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>effic<span class=\"_ _0\"></span>ien<span class=\"_ _0\"></span>te,<span class=\"ff1\"> </span>oppu<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">si</span> <span class=\"_ _2\"></span><span class=\"ff3\">ver<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>can<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ca<span class=\"_ _0\"></span>renz<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>nell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>prof<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>iona<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>dipe<span class=\"_ _0\"></span>nden<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span></span></span></span></span>o,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>ese<span class=\"_ _0\"></span>mpi<span class=\"_ _0\"></span>o,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">se<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>trut<span class=\"_ _0\"></span>tura<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">retr<span class=\"_ _0\"></span>ibu<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perc<span class=\"_ _0\"></span>orso<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">car<span class=\"_ _0\"></span>rie<span class=\"_ _0\"></span>ra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">so<span class=\"_ _0\"></span>no<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ade<span class=\"_ _0\"></span>gua<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">se<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">clim<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>aziendale<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span>idoneo.<span class=\"ff1\"> </span>Gli<span class=\"ff1\"> </span>esempi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>perdite<span class=\"ff1\"> </span>dovute<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>risorse<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>ncompetenti<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>negligenti<span class=\"ff1\"> </span>sono<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span>numerosi,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fra<span class=\"ff1\"> <span class=\"_ _21\"></span></span>questi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>emergono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cas<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>inserimento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>erroneo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dati<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>istemi,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>errori<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nella<span class=\"ff1\"> </span>trasposizione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>dati<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>violazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>regolamenti. -<span class=\"_ _3bd\"> </span>Process<span class=\"ff1\"> </span>Risk:<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> </span>process<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>aziendali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> </span>font<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>operativo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nel<span class=\"ff1\"> </span>caso<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cui<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>verifichino<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _21\"></span></span>inefficienze<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff3\">disegno,</span> <span class=\"_ _21\"> </span><span class=\"ff3\">nella</span> <span class=\"_ _21\"></span><span class=\"ff3\">formalizzazione</span> <span class=\"_ _21\"></span><span class=\"ff3\">e</span> <span class=\"_ _21\"></span><span class=\"ff3\">nella</span> <span class=\"_ _20\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>efinizione</span> <span class=\"_ _21\"></span><span class=\"ff3\">della</span> <span class=\"_ _21\"></span><span class=\"ff3\">struttura</span> <span class=\"_ _21\"></span><span class=\"ff3\">degli<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span>stessi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>quindi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nella<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>de<span class=\"_ _0\"></span>finizione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>de<span class=\"_ _0\"></span>gli<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>attori<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>vi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _0\"></span>rendono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _0\"></span>arte<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>relativo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>livello<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> </span>res<span class=\"_ _0\"></span>pon<span class=\"_ _0\"></span>sabi<span class=\"_ _0\"></span>lit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"_ _2\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">autori<span class=\"_ _0\"></span>zz<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">Pos<span class=\"_ _0\"></span>sono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">risu<span class=\"_ _0\"></span>ltar<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>inad<span class=\"_ _0\"></span>egua<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>quin<span class=\"_ _0\"></span>di<span class=\"ff1\"> </span>ess<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fonte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rischi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>op<span class=\"_ _0\"></span>erat<span class=\"_ _0\"></span>ivo<span class=\"ff1\"> </span>tu<span class=\"_ _0\"></span>tti<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">proc<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span>az<span class=\"_ _0\"></span>iend<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>mpre<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">model<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>tati<span class=\"_ _0\"></span>vi<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">calc<span class=\"_ _0\"></span>olo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">e</span> <span class=\"ff3\">gl<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>st<span class=\"_ _0\"></span>essi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pro<span class=\"_ _0\"></span>cess<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> </span>gestione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>rischio.<span class=\"ff1\"> </span>Sono<span class=\"ff1\"> </span>fonte<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>operativo<span class=\"_ _3bd\"> </span>o<span class=\"_ _3bd\"> </span>le<span class=\"ff1\">  </span>esternalizzazioni<span class=\"ff1\">  </span>di<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">attivit\u00e0</span>  <span class=\"ff3\">aziendali</span>  <span class=\"ff3\">ne<span class=\"_ _0\"></span>l<span class=\"ff1\">  </span>caso<span class=\"ff1\">  </span>in<span class=\"ff1\">  </span>cui<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>si<span class=\"ff1\">  </span>verifichino<span class=\"ff1\">  </span>delle<span class=\"ff1\">  </span>carenz<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\">e<span class=\"ff1\">  </span>/<span class=\"ff1\"> </span></span></span>in<span class=\"_ _0\"></span>adeg<span class=\"_ _0\"></span>uate<span class=\"_ _0\"></span>zze<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">proce<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">ge<span class=\"_ _0\"></span>stio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rapp<span class=\"_ _0\"></span>orto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">gli</span> <span class=\"_ _0\"></span><span class=\"ff3\">outs<span class=\"_ _0\"></span>ourc<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>tal<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>cau<span class=\"_ _0\"></span>sare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">d<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">elle<span class=\"_ _1\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>perdite<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">all\u2019impresa;<span class=\"_ _3bd\"> </span></span></span>o<span class=\"_ _3bd\"> </span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mancato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>aggiornamento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019inadeguata<span class=\"ff1\"> <span class=\"_ _20\"></span></span>archiviazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pr<span class=\"_ _2\"></span>ocedure<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nor<span class=\"_ _2\"></span>mative<span class=\"ff1\"> <span class=\"_ _2\"></span></span>c<span class=\"_ _3bd\"> </span>he<span class=\"ff1\"> </span>formalizzano<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>processi<span class=\"ff1\"> </span>interni;<span class=\"_ _3bd\"> </span>o<span class=\"_ _3bd\"> </span>man<span class=\"_ _0\"></span>cat<span class=\"_ _0\"></span>a/i<span class=\"_ _0\"></span>nade<span class=\"_ _0\"></span>guat<span class=\"_ _0\"></span>a/i<span class=\"_ _0\"></span>ntem<span class=\"_ _0\"></span>pest<span class=\"_ _0\"></span>iva<span class=\"ff1\"> <span class=\"_ _2\"></span></span>em<span class=\"_ _0\"></span>anaz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">di</span> <span class=\"_ _2\"></span><span class=\"ff3\">norme<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">attua<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>inte<span class=\"_ _0\"></span>rne<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span><span class=\"ff3\">in</span> <span class=\"_ _2\"></span><span class=\"ff3\">rel<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">l<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span></span></span></span></span></span></span>normativa<span class=\"ff1\"> </span>esterna<span class=\"ff1\"> </span>vigente.<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>IT<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Secur<span class=\"_ _2\"></span>ity<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Risk<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>IT<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Ris<span class=\"_ _2\"></span>k:<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sistemi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>informativi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>poss<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>causare<span class=\"ff1\"> <span class=\"_ _20\"></span></span>perdite<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"_ _2\"></span>ll\u2019impresa<span class=\"ff1\"> <span class=\"_ _21\"></span></span>se<span class=\"ff1\"> <span class=\"_ _20\"></span></span>n<span class=\"_ _3bd\"> </span>o<span class=\"_ _2\"></span>n<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> </span>adottate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">adeguate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">misure<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">IT<span class=\"ff1\"> </span>Secu<span class=\"_ _0\"></span>rity<span class=\"ff1\"> </span>oppure<span class=\"ff1\"> </span>nel<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>gestione<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"ff1\"> </span>apparecchiatu<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">re<span class=\"ff1\"> </span></span></span></span></span></span></span>hardware<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>softwar<span class=\"_ _2\"></span>e.<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>La<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>crescente<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"_ _2\"></span>pendenza<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>dai<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>sistemi<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>informat<span class=\"_ _2\"></span>ivi<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>d<span class=\"_ _0\"></span>alle<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>risor<span class=\"_ _3bd\"> </span>s<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>tecnologiche<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>genere<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ha<span class=\"ff1\"> <span class=\"_ _20\"></span></span>reso<span class=\"ff1\"> <span class=\"_ _21\"></span></span>qu<span class=\"_ _0\"></span>esto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fat<span class=\"_ _2\"></span>tore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sempre<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pi\u00f9<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rilevante.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Gli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>esempi<span class=\"ff1\"> </span><span class=\"ff1\"><span class=\"_ _20\"></span></span>di<span class=\"ff1\"> </span>perdita<span class=\"ff1\"> </span>legati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>questo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fattor<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>numerosi,<span class=\"ff1\"> </span>com<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>l\u2019assunzione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>ischi<span class=\"ff1\"> </span>eccessivi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dovut<span class=\"_ _3bd\"> </span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> </span>err<span class=\"_ _0\"></span>ori<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">prog<span class=\"_ _0\"></span>ram<span class=\"_ _0\"></span>mi<span class=\"ff1\"> </span>inf<span class=\"_ _0\"></span>orma<span class=\"_ _0\"></span>tici<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>man<span class=\"_ _0\"></span>cat<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>risp<span class=\"_ _0\"></span>etto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">ade<span class=\"_ _0\"></span>mpi<span class=\"_ _0\"></span>menti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span>trattu<span class=\"_ _1\"></span>ali<span class=\"ff1\"> </span>dovu<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>err<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"_ _0\"></span>ori<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span>dei<span class=\"ff1\"> </span>sistemi<span class=\"ff1\"> </span>informativi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>ancora<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>perdita<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>dati<span class=\"ff1\"> </span>rilevanti<span class=\"ff1\"> </span>conness<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>fallimenti<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>sistemi.<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Eventi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Est<span class=\"_ _2\"></span>erni:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gli<span class=\"ff1\"> </span>eventi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"_ _2\"></span>gati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>fattori<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">esterni<span class=\"ff1\"> </span>possono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">causare<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">perdite<span class=\"ff1\"> </span>all\u2019impresa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fronte<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>calamit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nat<span class=\"_ _2\"></span>urali,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prevenzione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sicurezza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>verso<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span></span>eventi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>natura<span class=\"ff1\"> <span class=\"_ _20\"></span></span>accidentale,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fronte<span class=\"ff1\"> </span><span class=\"ff1\"><span class=\"_ _20\"></span></span>di<span class=\"ff1\"> </span>obsolescenza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> </span>infrastrutture,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prevenzione<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>sicurezza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">verso<span class=\"ff1\"> </span>atti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>natura<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>rimino<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">sa,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>nei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>passaggi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>autorizzativi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>l'esecuzione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>operative,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff3\">nelle</span> <span class=\"_ _21\"> </span><span class=\"ff3\">misure</span> <span class=\"_ _21\"> </span><span class=\"ff3\">di</span> <span class=\"_ _21\"></span><span class=\"ff3\">contro<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\">llo</span> </span>verso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>ttivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">autorizzate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">frodi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">parte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dipendenti,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mis<span class=\"_ _2\"></span>ure<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">preventive<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">verso<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">frodi<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>parte<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">esterni,</span> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>ronte<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">inadeguato<span class=\"ff1\"> </span>e/o<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tempestivo<span class=\"ff1\"> </span>ag<span class=\"_ _0\"></span>giornamento<span class=\"ff1\"> </span>della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">normati<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">va<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>interna<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>relazione<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>mutamenti<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>normativa<span class=\"ff1\"> </span>esterna<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>deriva.<span class=\"_ _3bd\"> </span>L\u2019approccio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">identificazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>operativo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">segue<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">logica<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>tip<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>\u2018bottom<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">up\u2019,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">basa<span class=\"_ _2\"></span>ta<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>un<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">metod<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>ogia<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Ri<span class=\"_ _0\"></span>sk<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Sel<span class=\"_ _0\"></span>f<span class=\"ff1\"> </span>A<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>ssme<span class=\"_ _0\"></span>nt<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019obi<span class=\"_ _0\"></span>etti<span class=\"_ _0\"></span>vo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">valu<span class=\"_ _0\"></span>tar<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">live<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>osi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>qu<span class=\"_ _1\"></span>al<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">it\u00e0<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>ontro<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>osti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">es<span class=\"_ _0\"></span>sere<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mit<span class=\"_ _0\"></span>iga<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ris<span class=\"_ _0\"></span>chio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">af<span class=\"_ _0\"></span>feren<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attiv<span class=\"_ _1\"></span>it\u00e0<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span>pera<span class=\"_ _0\"></span>tive<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ad<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ogn<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>p<span class=\"_ _1\"></span>roces<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">so<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>az<span class=\"_ _0\"></span>iend<span class=\"_ _0\"></span>ale.<span class=\"_ _0\"></span> L\u2019obiettivo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tal<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>pproccio,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">basato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sull\u2019analisi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>Area<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">F<span class=\"_ _2\"></span>unzionale,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019individuazione<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>egli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">eve<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">nt<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>perdita<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>potrebbero<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>manifestarsi,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>valutazione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>possibile<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>impatto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>e<span class=\"ff1\">  </span>della<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>poss<span class=\"_ _2\"></span>ib<span class=\"_ _3bd\"> </span>ile<span class=\"ff1\"> </span>frequenza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>realizzazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>eventi,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>val<span class=\"_ _2\"></span>utazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019efficacia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cont<span class=\"_ _2\"></span>rolli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>presi<span class=\"_ _2\"></span>dio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span><span class=\"ff1\"><span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> </span>possibili<span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> </span>organizzativi<span class=\"ff1\"> </span>attivabili<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>mitigazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>rischio.<span class=\"_ _3bd\"> </span>La<span class=\"ff1\">  </span>Compagnia<span class=\"ff1\">  </span>ha<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>strutt<span class=\"_ _2\"></span>urato,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>inoltre,<span class=\"ff1\">  </span>con<span class=\"ff1\">  </span>periodicit\u00e0<span class=\"ff1\">  </span>annu<span class=\"_ _0\"></span>ale<span class=\"ff1\">  </span>una<span class=\"ff1\">  </span>valutazione<span class=\"ff1\">  </span>delle<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>perd<span class=\"_ _3bd\"> </span>it<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>effettive<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">subite<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>erivanti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ischi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"_ _2\"></span>perativi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(c.d.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">LDC<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u2013<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Los<span class=\"_ _2\"></span>s<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">D<span class=\"_ _2\"></span>ata<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Collection).<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Tale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>nalisi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cons<span class=\"_ _2\"></span>e<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">nte<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>inoltre<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>effettuare<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>back-test<span class=\"ff1\"> </span>circa<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> </span>ex-ante<span class=\"ff1\"> </span>mediante<span class=\"ff1\"> </span>Risk<span class=\"ff1\"> </span>Self-Assessment.<span class=\"_ _3bd\"> </span>La<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Compagnia<span class=\"ff1\">  </span>h<span class=\"_ _0\"></span>a<span class=\"ff1\">  </span>inoltre<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>prosegu<span class=\"_ _0\"></span>ito<span class=\"ff1\">  </span>nei<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">lav<span class=\"_ _0\"></span>ori<span class=\"ff1\">  </span>per<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>completamento<span class=\"ff1\">  </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>piano<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>continu<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\">it\u00e0<span class=\"ff1\"> </span></span></span>operativa<span class=\"ff1\"> </span>(Business<span class=\"ff1\"> </span>Continuity<span class=\"ff1\"> </span>Plan).<span class=\"_ _3bd\"> </span>Per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">quanto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riguarda<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alutazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">requisito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cap<span class=\"_ _2\"></span>itale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(SCR),<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">operativi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vengono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valut<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">ati<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>me<span class=\"_ _0\"></span>dian<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>l\u2019<span class=\"_ _0\"></span>appli<span class=\"_ _0\"></span>cazi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">della<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Stand<span class=\"_ _0\"></span>ard<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">For<span class=\"_ _0\"></span>mula<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>Da<span class=\"ff1\"> </span>un<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">pun<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">vist<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>dis<span class=\"_ _0\"></span>tribu<span class=\"_ _1\"></span>zione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del</span> <span class=\"ff3\">ri<span class=\"_ _0\"></span>sc<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">hi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>op<span class=\"_ _0\"></span>erat<span class=\"_ _0\"></span>ivo<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Cred<span class=\"_ _0\"></span>emv<span class=\"_ _0\"></span>ita<span class=\"ff1\"> </span>se<span class=\"_ _0\"></span>condo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i</span> <span class=\"ff3\">de<span class=\"_ _1\"></span>ttami<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">norm<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>vi<span class=\"ff1\"> </span>S<span class=\"_ _0\"></span>olven<span class=\"_ _0\"></span>cy<span class=\"ff1\"> </span>II<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>ipo<span class=\"_ _0\"></span>rta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>tabe<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">segu<span class=\"_ _0\"></span>ito<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"_ _2\"></span><span class=\"ff3\">la<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>miglior<span class=\"ff1\"> <span class=\"_ _21\"></span></span>stima<span class=\"ff1\"> <span class=\"_ _21\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ra<span class=\"_ _2\"></span>ppresentazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>de<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>data<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff3\">valutazione</span> <span class=\"_ _20\"></span><span class=\"ff3\">(si</span> <span class=\"_ _21\"> </span><span class=\"ff3\">precisa</span> <span class=\"_ _21\"> </span><span class=\"ff3\">che</span> <span class=\"_ _21\"></span><span class=\"ff3\">il</span> <span class=\"_ _21\"></span><span class=\"ff3\">pe<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\">so</span> </span>complessivo<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>operativo<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>6,3%).<span class=\"_ _3bd\"> </span>Operational<span class=\"_ _3bd\"> </span>risk<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>risk/sum<span class=\"_ _3bd\"> </span>of<span class=\"_ _3bd\"> </span>risk<span class=\"_ _3bd\"> </span>components<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>relativo<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>vo<span class=\"_ _3bd\"> </span>Re<span class=\"_ _0\"></span>lat<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>o<span class=\"fc0 sc1\"> <span class=\"_ _f2\"> </span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>ivo<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Ope<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>ona<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>ri<span class=\"_ _1\"></span>sk <span class=\"_ _350\"> </span>6<span class=\"_ _0\"></span>,3<span class=\"_ _0\"></span>%<span class=\"ff1\"> <span class=\"_ _90\"> </span></span>6<span class=\"_ _0\"></span>,3<span class=\"_ _0\"></span>%<span class=\"_ _3bd\"> </span>Il<span class=\"ff1\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>normat<span class=\"_ _2\"></span>ivo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>compliance<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>(ovvero<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>conformit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>alle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>norme)<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>iguarda<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> </span><span class=\"ff1\"><span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> </span>incorrere<span class=\"ff1\">  </span>in<span class=\"ff1\">  </span>sanzioni<span class=\"ff1\">  </span>giudiziarie<span class=\"ff1\">  </span>o<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>amministrative,<span class=\"ff1\">  </span>e<span class=\"ff1\">  </span>subire<span class=\"ff1\">  </span>perdite<span class=\"ff1\">  </span>o<span class=\"ff1\">  </span>dann<span class=\"_ _2\"></span>i<span class=\"ff1\">  </span>reputazionali<span class=\"ff1\"> </span><span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>conseguenza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>mancata<span class=\"ff1\"> <span class=\"_ _21\"></span></span>osservanza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>leggi,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>egolamenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>provvedimenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Autorit\u00e0<span class=\"ff1\"> </span><span class=\"ff1\"><span class=\"_ _21\"></span></span>di<span class=\"ff1\"> </span>Vigilanza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ovvero<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">norme</span> <span class=\"_ _20\"></span><span class=\"ff3\">di</span> <span class=\"_ _20\"></span><span class=\"ff3\">autor<span class=\"_ _2\"></span>egolamentazione,</span> <span class=\"_ _2\"></span><span class=\"ff3\">quali</span> <span class=\"_ _21\"></span><span class=\"ff3\">statuti,</span> <span class=\"_ _20\"></span><span class=\"ff3\">codici</span> <span class=\"_ _20\"></span><span class=\"ff3\">di</span> <span class=\"_ _21\"></span><span class=\"ff3\">condotta</span> <span class=\"_ _20\"></span><span class=\"ff3\">o</span> <span class=\"_ _20\"></span><span class=\"ff3\">codici</span> </span><span class=\"ff1\"><span class=\"_ _21\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span>autodisciplina;<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>d<span class=\"_ _2\"></span>erivante<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>modifiche<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>s<span class=\"_ _2\"></span>favorevoli<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>quadro<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>normat<span class=\"_ _2\"></span>ivo<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>de<span class=\"_ _3bd\"> </span>gli<span class=\"ff1\"> </span>orientamenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">giurisprudenziali.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Il<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">normativo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riciclaggio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziamento<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>erroris<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">mo:<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>rischio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">man<span class=\"_ _2\"></span>cata<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">prevenzione,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">parte<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>ella<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Compagnia,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">realizzazione<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">scopo<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>riciclaggio<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>proventi<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> </span>cr<span class=\"_ _2\"></span>iminose<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>finanzi<span class=\"_ _0\"></span>am<span class=\"_ _2\"></span>ento<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>terrorismo;<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">incorr<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">ere<span class=\"ff1\"> </span></span></span></span></span></span></span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sanzioni<span class=\"ff1\"> </span>giudiziarie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>amministrative,<span class=\"ff1\"> </span>subire<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perdite<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">danni<span class=\"ff1\"> </span>reputazionali<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>conseguenza<span class=\"ff1\"> </span>d<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">ella<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>mancata<span class=\"ff1\"> <span class=\"_ _20\"></span></span>osservanza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>leggi,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>regolamenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>provvedimenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Autorit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Vigilanza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>mate<span class=\"_ _3bd\"> </span>ria<span class=\"ff1\"> </span>antiriciclaggio<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>antiterrorismo.<span class=\"_ _3bd\"> </span>I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fa<span class=\"_ _0\"></span>ttori<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">r<span class=\"_ _0\"></span>isc<span class=\"_ _0\"></span>hio<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>egal<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">n<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onf<span class=\"_ _0\"></span>ormi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alle<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">norme<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>ico<span class=\"_ _0\"></span>nduc<span class=\"_ _0\"></span>ibi<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a:<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Legal<span class=\"ff1\"> </span>enviroment:<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>schio<span class=\"ff1\"> </span>legato<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">generale</span> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>mancato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rispetto<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"ff1\"> </span>leggi,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sia<span class=\"ff1\"> </span>esso<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">natu<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">ra<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>fiscale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"_ _2\"></span><span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>rattamento<span class=\"ff1\"> </span>dati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">personali.<span class=\"ff1\"> </span>R<span class=\"_ _0\"></span>ischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">controversia<span class=\"ff1\"> </span>causato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vuoto<span class=\"ff1\"> </span>giuridic<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">o<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">inquadram<span class=\"_ _2\"></span>ento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">incompleto<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">inadeguato<span class=\"ff1\"> </span>degl<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">obblighi<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">delle</span> <span class=\"_ _1\"></span><span class=\"ff3\">responsabilit\u00e0<span class=\"ff1\"> </span>assegn<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">ate<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>alle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>parti.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Assenza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>contratti,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>condizioni<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>carenti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>conserva<span class=\"_ _2\"></span>zione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>documentazio<span class=\"_ _3bd\"> </span>ne<span class=\"_ _3bd\"> </span>legale.<span class=\"ff1\"> </span>Rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>legato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>non<span class=\"ff1\"> </span>rispetto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> </span>leggi<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ulle<span class=\"ff1\"> </span>impost<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>legate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> </span>Compagnia.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Rischio<span class=\"ff1\"> </span>legato<span class=\"ff1\"> <span class=\"_ _21\"></span></span>all\u2019<span class=\"_ _0\"></span>antiriciclaggio.<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Rischio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>legato<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sicurezza<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sul<span class=\"ff1\"> <span class=\"_ _20\"></span></span>lavor<span class=\"_ _2\"></span>o.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Rischio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>legato<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>mancato<span class=\"_ _2\"></span><span class=\"ff1\"> </span>rispetto<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>normativa<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>privacy;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>Compliance<span class=\"ff1\"> </span>with<span class=\"ff1\"> </span>regulations<span class=\"_ _2\"></span>:<span class=\"ff1\"> </span>inoss<span class=\"_ _2\"></span>ervanza<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>regolamenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>provvedimenti<span class=\"ff1\"> </span>applicabili<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(leggi<span class=\"ff1\"> </span>assicurative,<span class=\"ff1\"> </span>aziendali<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>lavoro).<span class=\"ff1\"> </span>Mancanza<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>follow-up<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>questioni<span class=\"ff1\"> </span>normat<span class=\"_ _2\"></span>ive;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>In<span class=\"ff1\">  </span>particolare<span class=\"ff1\">  </span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fattor<span class=\"_ _2\"></span>e<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischio<span class=\"ff1\">  </span>Compliance<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>with<span class=\"ff1\">  </span>regulations<span class=\"_ _2\"></span><span class=\"ff1\">  </span>(di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>seguito<span class=\"ff1\">  </span>anche<span class=\"ff1\">  </span>rischio<span class=\"ff1\"> </span>\u201cNormativa\u201d)<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>pu\u00f2<span class=\"ff1\"> <span class=\"_ _21\"></span></span>esporre<span class=\"ff1\"> <span class=\"_ _21\"></span></span>l\u2019impresa<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>specifi<span class=\"_ _0\"></span>ci<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>eventi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>perdita,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>legati<span class=\"ff1\"> <span class=\"_ _21\"></span></span>appunto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>all\u2019evoluzione<span class=\"ff1\"> </span>della<span class=\"ff1\"> <span class=\"_ _32d\"> </span></span>stessa.<span class=\"ff1\"> <span class=\"_ _32d\"> </span></span>Mutamenti<span class=\"ff1\"> <span class=\"_ _28\"> </span></span>sfavorevoli<span class=\"ff1\"> <span class=\"_ _32d\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _32d\"> </span></span>q<span class=\"_ _2\"></span>uadro<span class=\"ff1\"> <span class=\"_ _32d\"> </span></span>normativo<span class=\"ff1\"> <span class=\"_ _32d\"> </span></span>o<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _32d\"> </span></span>degli<span class=\"ff1\"> <span class=\"_ _32d\"> </span></span>orientamenti<span class=\"ff1\"> </span>giurisprudenziali,<span class=\"ff1\"> </span>possono,<span class=\"ff1\"> </span>infatti,<span class=\"ff1\"> </span>riguardare:<span class=\"_ _3bd\"> </span> o<span class=\"_ _3bd\"> </span>rap<span class=\"_ _0\"></span>por<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019A<span class=\"_ _0\"></span>utor<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">Vig<span class=\"_ _0\"></span>ilanza<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span>o<span class=\"_ _3bd\"> </span>rapporti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cl<span class=\"_ _0\"></span>ien<span class=\"_ _0\"></span>ti;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span>o<span class=\"_ _3bd\"> </span>rapporti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span>pende<span class=\"_ _1\"></span>nti;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span>o<span class=\"_ _3bd\"> </span>sic<span class=\"_ _0\"></span>ure<span class=\"_ _0\"></span>zza<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">su<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">luog<span class=\"_ _0\"></span>hi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">la<span class=\"_ _0\"></span>vor<span class=\"_ _0\"></span>o;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span>o<span class=\"_ _3bd\"> </span>rap<span class=\"_ _0\"></span>por<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">altri<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Or<span class=\"_ _0\"></span>gani<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span>In<span class=\"ff1\"> </span>particolare,<span class=\"ff1\"> </span>tale<span class=\"ff1\"> </span>fattore<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>riguarda<span class=\"ff1\"> </span>l\u2019incorrere<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>sanzioni<span class=\"ff1\"> </span>giudiziarie<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>amministrat<span class=\"_ _2\"></span>ive,<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>subire<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>perdite<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>danni<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>reputazionali<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>cons<span class=\"_ _2\"></span>eguenza<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>mancat<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>osservanza<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>leggi,<span class=\"ff1\"> </span>regolamenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rovvedimenti<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Autor<span class=\"_ _2\"></span>it\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Vigilanza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ovvero<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">no<span class=\"_ _2\"></span>rme<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">autor<span class=\"_ _2\"></span>egolamentazione,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>con<span class=\"ff1\">  </span>particolare<span class=\"ff1\"> </span>attenzione<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>norm<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>relative<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>tras<span class=\"_ _2\"></span>parenza<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>correttezza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> </span>comportamenti<span class=\"ff1\"> </span>nei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>confronti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>degli<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>assicurat<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>danneggiati,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>all\u2019informativa<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>precontrattuale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>contrattuale,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>alla<span class=\"ff1\"> </span>corretta<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>esecuzione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>contratti,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>particolare<span class=\"ff1\"> <span class=\"_ _21\"></span></span>riferimento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>all<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>gestione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sinistri<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pi\u00f9<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> </span>generale,<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>tutela<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>consumator<span class=\"_ _2\"></span>e.<span class=\"_ _0\"></span> Secondo<span class=\"ff1\">  </span>il<span class=\"ff1\">  </span>modello<span class=\"ff1\">  </span>adottato<span class=\"ff1\">  </span>da<span class=\"ff1\">  </span>Credemvita,<span class=\"ff1\">  </span>inoltre,<span class=\"ff1\">  </span>esistono<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>altri<span class=\"ff1\">  </span>rischi/eventi<span class=\"ff1\">  </span>perdita<span class=\"ff1\">  </span>non<span class=\"ff1\"> </span>stre<span class=\"_ _0\"></span>ttam<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rico<span class=\"_ _0\"></span>nduc<span class=\"_ _0\"></span>ibil<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>fa<span class=\"_ _0\"></span>ttori<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>spe<span class=\"_ _0\"></span>cifi<span class=\"_ _0\"></span>ci,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ma</span> <span class=\"ff3\">che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">posson<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>riv<span class=\"_ _0\"></span>are<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>fat<span class=\"_ _0\"></span>tori<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>riconducibili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">classi<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">precedentemente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">illustrate.<span class=\"ff1\"> </span>Si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tratta<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">particolare<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span>classe<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>rischio<span class=\"ff1\"> </span>legata<span class=\"ff1\"> </span>all\u2019<span class=\"_ _0\"></span>appartenenza<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>gruppo,<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span>classe<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">reputazionale,<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">condotta</span> <span class=\"ff3\">e</span> <span class=\"ff3\">E<span class=\"_ _0\"></span>SG,<span class=\"ff1\"> </span></span></span></span></span>cos\u00ec<span class=\"ff1\"> </span>identificati<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>normativa<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>settor<span class=\"_ _2\"></span>e.<span class=\"_ _3bd\"> </span> Il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>legato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>all\u2019appartenenza<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>gruppo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>(rischio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u2018contagio\u2019)<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>inteso<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>come<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>che,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"ff1\"> </span>seguito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rapporti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>intercorrenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tra<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019impresa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>altre<span class=\"ff1\"> <span class=\"_ _2\"></span></span>entit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gruppo,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>situazioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>difficolt\u00e0<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>insorgono<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>societ\u00e0<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>medesimo<span class=\"ff1\"> </span>gru<span class=\"_ _2\"></span>ppo<span class=\"ff1\"> </span>possano<span class=\"ff1\"> </span>pro<span class=\"_ _2\"></span>pagarsi<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>effetti<span class=\"ff1\"> </span>negativi<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>solvibilit\u00e0<span class=\"ff1\"> </span>dell\u2019impresa<span class=\"ff1\"> </span>stessa.<span class=\"_ _3bd\"> </span> In<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>coerenza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>propria<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>strategia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>politiche<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>m<span class=\"_ _2\"></span>ateria<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>degli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>investimenti,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>adott<span class=\"_ _2\"></span>ata<span class=\"ff1\"> </span>dall\u2019Organo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Ammin<span class=\"_ _2\"></span>istrativo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ha<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>definito<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>propr<span class=\"_ _2\"></span>ia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>politica<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>operazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>infragruppo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ha<span class=\"ff1\"> </span>determinato<span class=\"ff1\"> </span>appropriati<span class=\"ff1\"> </span>limiti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>operativit\u00e0.<span class=\"_ _3bd\"> </span> L\u2019identificazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>l\u2019analisi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>effe<span class=\"_ _0\"></span>ttuat<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>pertanto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>coerenza<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>alle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cat<span class=\"_ _2\"></span>egorie<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>all<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>trop<span class=\"_ _0\"></span>arti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dell<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>opera<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ste<span class=\"_ _0\"></span>sse,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con</span> <span class=\"ff3\">parti<span class=\"_ _0\"></span>col<span class=\"_ _0\"></span>are<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rigu<span class=\"_ _0\"></span>ardo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">alle</span> <span class=\"ff3\">gara<span class=\"_ _0\"></span>nzie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">eventu<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>mente<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rilas<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Gruppo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ed<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">coerenza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">caratteristiche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>eguen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tipologie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">operazioni:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Operazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>significative<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(<span class=\"_ _0\"></span>comprese<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tra<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>1%<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>5%<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">Solv<span class=\"_ _0\"></span>ency<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Capital<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Requirement<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>pe<span class=\"_ _0\"></span>riod<span class=\"_ _0\"></span>o);<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>Ope<span class=\"_ _0\"></span>raz<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Mo<span class=\"_ _0\"></span>lto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sig<span class=\"_ _0\"></span>nific<span class=\"_ _0\"></span>ativ<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>&gt;5%<span class=\"ff1\"> </span>d<span class=\"_ _1\"></span>el<span class=\"ff1\"> </span>So<span class=\"_ _0\"></span>lven<span class=\"_ _0\"></span>cy<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>apit<span class=\"_ _0\"></span>al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Requ<span class=\"_ _0\"></span>ireme<span class=\"_ _0\"></span>nt<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>odo).<span class=\"_ _0\"></span> </span></span></span></span></span></span>Il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>repu<span class=\"_ _0\"></span>tazionale<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>inteso<span class=\"ff1\"> <span class=\"_ _21\"></span></span>come<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>deterioramento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dell\u2019immagine<span class=\"ff1\"> <span class=\"_ _21\"></span></span>aziendale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">e</span> <span class=\"_ _20\"></span><span class=\"ff3\">di</span> </span>aumento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>conflittualit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>ia<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>gli<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>assicurati<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>(dovuto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>anche<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>alla<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>scarsa<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>qualit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>servizi<span class=\"ff1\"> </span>offerti,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>collocamento<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>polizze<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>adeg<span class=\"_ _2\"></span>uate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>comportamento<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fase<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>vendita,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>post<span class=\"ff1\"> </span>vendita<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>liquidazione)<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>Autorit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Vigilanza<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>shareholders.<span class=\"_ _3bd\"> </span> Il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>rep<span class=\"_ _0\"></span>utaz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>ale<span class=\"ff1\"> </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ge<span class=\"_ _0\"></span>nera<span class=\"_ _0\"></span>lmen<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">class<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>cato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _1\"></span>:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>reputazionale<span class=\"ff1\"> </span>diretto:<span class=\"ff1\"> <span class=\"_ _2\"></span></span>incentrato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>su<span class=\"ff1\"> </span>business<span class=\"ff1\"> </span>sensibili,<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ulla<span class=\"ff1\"> </span>base<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>ESG<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(Ambientale,<span class=\"ff1\"> </span>Sociale<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>Governance);<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>reputazionale<span class=\"ff1\"> </span>indirett<span class=\"_ _2\"></span>o:<span class=\"ff1\"> </span>basat<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gestione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019impatto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>reputazionale<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>altri<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tipi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>(eg:<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>operativo,<span class=\"ff1\"> </span>cyber<span class=\"ff1\"> </span>risk,<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>legale,<span class=\"ff1\"> </span>etc).<span class=\"_ _3bd\"> </span> Si<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">speci<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">la</span> <span class=\"ff3\">val<span class=\"_ _0\"></span>uta<span class=\"_ _0\"></span>zione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del</span> <span class=\"ff3\">ri<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>hio<span class=\"ff1\"> </span>rep<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>nale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">avvie<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>ll\u2019<span class=\"_ _0\"></span>amb<span class=\"_ _0\"></span>ito<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ampa<span class=\"_ _0\"></span>gna<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>Risk<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>Self<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Assessment<span class=\"ff1\">  </span>afferente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>alla<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>gestione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\">  </span>rischio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>operativo.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>L\u2019identificazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\">  </span>rischio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u00e8<span class=\"ff1\"> </span>effettuata<span class=\"ff1\"> </span>gestionalmente<span class=\"ff1\"> </span>mediante<span class=\"ff1\"> </span>l\u2019analisi:<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>del<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pro<span class=\"_ _0\"></span>cedu<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>col<span class=\"_ _0\"></span>loca<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>ch<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>ntem<span class=\"_ _0\"></span>pla<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>un<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>pre<span class=\"_ _0\"></span>ven<span class=\"_ _0\"></span>tiva<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>tazi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">a<span class=\"_ _0\"></span>degu<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span>zza<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span>del<span class=\"ff1\"> </span>contratto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finalizzata<span class=\"ff1\"> </span>ad<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">individuare<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">via<span class=\"ff1\"> </span>prelimin<span class=\"_ _0\"></span>are<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esigenze<span class=\"ff1\"> </span>assicurative<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>bisogni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>protezione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>cliente,<span class=\"ff1\"> </span>nonch\u00e9<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>fornire<span class=\"ff1\"> </span>l\u2019adeguata<span class=\"ff1\"> </span>informativa<span class=\"ff1\"> </span>sul<span class=\"ff1\"> </span>prodotto;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>ervi<span class=\"_ _0\"></span>zi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">assis<span class=\"_ _0\"></span>tenz<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>arte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>ete<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span>strib<span class=\"_ _0\"></span>uti<span class=\"_ _0\"></span>va;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>roc<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gesti<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rec<span class=\"_ _0\"></span>lami<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>roce<span class=\"_ _0\"></span>sso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">liqu<span class=\"_ _1\"></span>idazio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sin<span class=\"_ _0\"></span>ist<span class=\"_ _0\"></span>ri.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span>Essendo<span class=\"ff1\"> </span>inoltre<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>reputazionale<span class=\"ff1\"> </span>strettam<span class=\"_ _2\"></span>ente<span class=\"ff1\"> </span>connesso<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>operativi,<span class=\"ff1\"> </span>informatici<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>cyber<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>condotta,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gli<span class=\"ff1\"> </span>specifici<span class=\"ff1\"> </span>presidi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>operativi<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>organizzativi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>posti<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>essere<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> </span>la<span class=\"_ _3bd\"> </span>gestione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tali<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>ischi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rappresento<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ulteriore<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>elemento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>support<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>gestione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>ischio<span class=\"_ _0\"></span><span class=\"ff1\"> </span>rep<span class=\"_ _0\"></span>uta<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>nale<span class=\"_ _0\"></span>. Il<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>condotta<span class=\"ff1\"> <span class=\"_ _2\"></span></span>-<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quale<span class=\"ff1\"> </span>sottocategor<span class=\"_ _2\"></span>ia<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>operativo,<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>compliance<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>reputazionale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u2013<span class=\"ff1\"> </span>pu\u00f2<span class=\"ff1\"> <span class=\"_ _20\"></span></span>essere<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>finito<span class=\"ff1\"> <span class=\"_ _21\"></span></span>come<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>att<span class=\"_ _2\"></span>uale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pro<span class=\"_ _2\"></span>spettico<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>perdite<span class=\"ff1\"> <span class=\"_ _20\"></span></span>co<span class=\"_ _2\"></span>nseguenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>casistiche<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> </span>offerta<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>inappropriata<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>prodotti<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>e/o<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>servizi,<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>incluse<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>fattispecie<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>condot<span class=\"_ _2\"></span>ta<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>inadegu<span class=\"_ _0\"></span>at<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>(dolo/negligenza)<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>parte<span class=\"ff1\"> </span>dell\u2019impresa. La<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gestione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>condotta<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>strettamente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>connessa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>definite<span class=\"ff1\"> </span>nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>pro<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>sso<span class=\"ff1\"> </span>P<span class=\"_ _0\"></span>OG<span class=\"ff1\"> </span>(di<span class=\"_ _0\"></span>scip<span class=\"_ _1\"></span>linat<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>nell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>risp<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>tiva<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Poli<span class=\"_ _0\"></span>cy<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>P<span class=\"_ _0\"></span>OG)<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>La<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Comp<span class=\"_ _0\"></span>agni<span class=\"_ _0\"></span>a,<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>\u2019amb<span class=\"_ _0\"></span>ito<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>gest<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span>del<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Condotta,<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>prefigge<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>seguenti<span class=\"ff1\"> </span>obiettivi: -<span class=\"_ _3bd\"> </span>rendere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"_ _2\"></span>iziative<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">business<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">orientate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">focalizzate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sulla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">figura<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cli<span class=\"_ _2\"></span>ente.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">In<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ambito<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>focus<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>incentrato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sul<span class=\"ff1\"> <span class=\"_ _2\"></span></span>disegno<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prodotti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>definizione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>servizi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>linea<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>esigenze<span class=\"ff1\"> </span>della<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">clientela; </span></span>-<span class=\"_ _3bd\"> </span>stabilire<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>codice/sistema<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>condott<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>completamente<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>radicato<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>all\u2019interno<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>str<span class=\"_ _2\"></span>uttura<span class=\"ff1\"> </span>aziendale.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>In<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>am<span class=\"_ _2\"></span>bito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>focus<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>incentrato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sulla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>vendita<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pr<span class=\"_ _2\"></span>odotti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>/<span class=\"ff1\"> <span class=\"_ _20\"></span></span>erogazone<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>servizi<span class=\"ff1\"> </span>assicurando<span class=\"ff1\"> </span>trasparenza<span class=\"ff1\"> </span>informativa<span class=\"ff1\"> </span>verso<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>clientela, -<span class=\"_ _3bd\"> </span>garantire<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>business<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _2\"></span></span>continuo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>focalizzato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sul<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conseguimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>migl<span class=\"_ _2\"></span>ior<span class=\"ff1\"> <span class=\"_ _2\"></span></span>risultato<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>cliente<span class=\"ff1\"> </span>(cfr.<span class=\"ff1\"> </span>Monitoraggio<span class=\"ff1\"> </span>KPI<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>KRI),<span class=\"ff1\"> </span>tutelando<span class=\"ff1\"> </span>l\u2019integrit\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>condott<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>Compagnia<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>relazione<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>clientela. Il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ESG<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(Enviromental,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Social<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">and<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Governance)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pone<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019obiettivo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">evento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">una<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>condizione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tipo<span class=\"ff1\"> </span>ambientale,<span class=\"ff1\"> </span>sociale<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>governance<span class=\"ff1\"> </span>che,<span class=\"ff1\"> </span>verificandosi,<span class=\"ff1\"> </span>potr<span class=\"_ _2\"></span>ebbe<span class=\"ff1\"> </span>provocare<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>impatto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>neg<span class=\"_ _0\"></span>ativo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>effe<span class=\"_ _0\"></span>ttivo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pot<span class=\"_ _2\"></span>enziale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>ul<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dell\u2019investimento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sul<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _21\"></span></span>passivit\u00e0.<span class=\"ff1\"> </span>Questa<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tipologia<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rientra<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tra<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>econdo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>livello<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>indiretti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>quanto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pu\u00f2<span class=\"ff1\"> </span>man<span class=\"_ _0\"></span>ife<span class=\"_ _0\"></span>star<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span>pro<span class=\"_ _0\"></span>voc<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>impa<span class=\"_ _0\"></span>tto<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>gat<span class=\"_ _0\"></span>ivo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _2\"></span>u</span> <span class=\"ff3\">att<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>assivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>flue<span class=\"_ _0\"></span>nza<span class=\"_ _0\"></span>ndo<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>fa<span class=\"_ _0\"></span>ttori<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">ris<span class=\"_ _0\"></span>chio<span class=\"_ _1\"></span><span class=\"ff1\"> </span></span></span></span></span>gi\u00e0<span class=\"ff1\"> </span>contemplati<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> </span>altre<span class=\"ff1\"> </span>risk<span class=\"ff1\"> </span>category<span class=\"ff1\"> </span>(ad<span class=\"ff1\"> </span>esempio<span class=\"ff1\"> </span>Rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Mercato<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Sott<span class=\"_ _2\"></span>oscrizione). All\u2019interno<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>categoria<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ris<span class=\"_ _2\"></span>chi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ESG,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>particolare<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rilevanza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"></span></span>assegnata<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>climatici<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> </span>quanto<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>otrebbero<span class=\"ff1\"> </span>generare<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">elevate<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>erdite<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Compagnie<span class=\"ff1\"> </span>Assicurative<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">correttamente<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>identificati<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>gestiti. Con<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>specifico<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>riferimento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ai<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ris<span class=\"_ _2\"></span>chi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>climatici,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>coerenza<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>indicazioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\">  </span>R<span class=\"_ _0\"></span>egolamento<span class=\"ff1\"> </span>Delegato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(UE)<span class=\"ff1\"> <span class=\"_ _20\"></span></span>2021/1256<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Com<span class=\"_ _2\"></span>missione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>21<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>Aprile<span class=\"ff1\"> <span class=\"_ _20\"></span></span>2021,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Compagnia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ha<span class=\"ff1\"> <span class=\"_ _20\"></span></span>strutt<span class=\"_ _2\"></span>urato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>una<span class=\"ff1\"> </span>serie<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>analisi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sul<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pro<span class=\"_ _2\"></span>prio<span class=\"ff1\"> </span>por<span class=\"_ _2\"></span>tafoglio<span class=\"ff1\"> </span>(sia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>investimenti,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tecn<span class=\"_ _2\"></span>ico/assicurativo)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> </span>verificar<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>l<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>mat<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>alit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>l\u2019e<span class=\"_ _0\"></span>spos<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>risc<span class=\"_ _0\"></span>hi<span class=\"ff1\"> </span>cl<span class=\"_ _0\"></span>ima<span class=\"_ _0\"></span>tici<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e,</span> <span class=\"ff3\">succ<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>e,<span class=\"ff1\"> </span>cond<span class=\"_ _0\"></span>urr<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>l\u2019<span class=\"_ _0\"></span>anal<span class=\"_ _0\"></span>isi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">scena<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">per<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>quantificare<span class=\"ff1\"> </span>l\u2019impatto<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>essi<span class=\"ff1\"> </span>producono<span class=\"ff1\"> </span>sulle<span class=\"ff1\"> </span>principali<span class=\"ff1\"> </span>grandezze<span class=\"ff1\"> </span>economiche<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>patrimoniali<span class=\"_ _2\"></span>. Il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">F<span class=\"_ _2\"></span>ramework<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sviluppato<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>alla<span class=\"ff1\"> </span>Compagni<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>ge<span class=\"_ _0\"></span>stione<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">risc<span class=\"_ _2\"></span>hio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">climatico<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">identifica<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">segu<span class=\"_ _2\"></span>enti<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>st<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>p:<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>Ide<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>fica<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>attor<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">risc<span class=\"_ _0\"></span>hio<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">peri<span class=\"_ _0\"></span>metro<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">a<span class=\"_ _0\"></span>nali<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">-</span> <span class=\"ff3\">i<span class=\"_ _0\"></span>dent<span class=\"_ _0\"></span>ific<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">cl<span class=\"_ _0\"></span>ass<span class=\"_ _0\"></span>ifica<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one </span></span></span></span></span></span></span></span></span></span></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>principali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fonti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ris<span class=\"_ _2\"></span>chio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>climat<span class=\"_ _2\"></span>ico<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>perimetro<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prodotti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>assets<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pot<span class=\"_ _2\"></span>enzialmente<span class=\"ff1\"> </span>impattati<span class=\"ff1\"> </span>secondo<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>linee<span class=\"ff1\"> </span>guida<span class=\"ff1\"> </span>indicate<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>EIOPA. -<span class=\"_ _3bd\"> </span>Valutazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>materialit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u2013<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valutazione,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>propedeutica<span class=\"ff1\"> <span class=\"_ _2\"></span></span>all<span class=\"_ _2\"></span>\u2019analisi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>ilevanza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(cfr.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>punto<span class=\"ff1\"> </span>successivo),<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>effettuata<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>ogni<span class=\"ff1\"> </span>singolo<span class=\"ff1\"> </span>perimetro<span class=\"ff1\"> </span>(sia<span class=\"ff1\"> </span>lato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Asse<span class=\"_ _0\"></span>t,<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span>Liabilities); -<span class=\"_ _3bd\"> </span>An<span class=\"_ _0\"></span>alis<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Ril<span class=\"_ _0\"></span>eva<span class=\"_ _0\"></span>nza<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> </span>ana<span class=\"_ _0\"></span>lisi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">attiv<span class=\"_ _0\"></span>ata<span class=\"ff1\"> </span>sol<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>risch<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ide<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>fica<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>come<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pote<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>alme<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mater<span class=\"_ _0\"></span>iali<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span>nel<span class=\"ff1\"> </span>punto<span class=\"ff1\"> </span>precedente,<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>ha<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>obiettivo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019identificazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>climatici<span class=\"ff1\"> </span>rilevanti<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>business<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>relativa<span class=\"ff1\"> <span class=\"_ _20\"></span></span>analisi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>tress<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fin<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ORSA.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>L\u2019analisi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>effettuata<span class=\"ff1\"> <span class=\"_ _20\"></span></span>su<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ogni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>singolo<span class=\"ff1\"> </span>perimetro<span class=\"ff1\"> </span>(sia<span class=\"ff1\"> </span>lato<span class=\"ff1\"> </span>Asset,<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span>Liabilities)<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>prevede<span class=\"ff1\"> </span>almeno<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>seguenti<span class=\"ff1\"> </span>macro<span class=\"ff1\"> </span>at<span class=\"_ _2\"></span>tivit\u00e0: o<span class=\"_ _3bd\"> </span>Identificazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>criteri<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>metodologie<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>utilizzare<span class=\"ff1\"> </span>su<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>portafogli<span class=\"ff1\"> </span>esposti<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> </span>(sia<span class=\"ff1\"> </span>asset,<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span>liabilities)<span class=\"ff1\"> </span>analizzate<span class=\"ff1\"> </span>nei<span class=\"ff1\"> </span>paragrafi<span class=\"ff1\"> </span>successivi; o<span class=\"_ _3bd\"> </span>Valutazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>quali/quantitativa<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ogni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>per<span class=\"_ _2\"></span>imetro<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>identificato<span class=\"ff1\">  </span>rispetto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>alle<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>meto<span class=\"_ _2\"></span>dologie<span class=\"ff1\"> </span>individuate<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>specifiche<span class=\"ff1\"> </span>soglie<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>materialit\u00e0. Il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sist<span class=\"_ _2\"></span>ema<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>gestione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>ischi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ESG<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prevede<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>definizione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"_ _2\"></span>dicatori<span class=\"ff1\"> <span class=\"_ _2\"></span></span>utilizzati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>monitorare<span class=\"ff1\"> </span>l\u2019esposizione,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _21\"></span></span>un<span class=\"ff1\"> <span class=\"_ _21\"></span></span>focus<span class=\"ff1\"> <span class=\"_ _21\"></span></span>specifico<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sui<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>climatici<span class=\"ff1\"> <span class=\"_ _21\"></span></span>connessi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ambientali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>insit<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nei<span class=\"ff1\"> </span>portafogli<span class=\"ff1\"> </span>Asset<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>Liabilities<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>Compagnia. Si<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rip<span class=\"_ _1\"></span>ortano<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">si<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>tic<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>d<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span>seg<span class=\"_ _0\"></span>uito<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le</span> <span class=\"_ _1\"></span><span class=\"ff3\">misu<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risch<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>tili<span class=\"_ _0\"></span>zza<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">vo<span class=\"_ _0\"></span>lumi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">an<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>zzat<span class=\"_ _0\"></span>i: </span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>We<span class=\"_ _0\"></span>igh<span class=\"_ _0\"></span>ted<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Ave<span class=\"_ _0\"></span>rage<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Ca<span class=\"_ _0\"></span>rbon<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Foot<span class=\"_ _0\"></span>prin<span class=\"_ _0\"></span>t; </span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Pe<span class=\"_ _0\"></span>rcen<span class=\"_ _0\"></span>tual<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>lima<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Poli<span class=\"_ _0\"></span>cy<span class=\"ff1\"> </span>Re<span class=\"_ _1\"></span>levan<span class=\"_ _0\"></span>t<span class=\"ff1\"> </span>Act<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>tie<span class=\"_ _0\"></span>s; </span></span>-<span class=\"_ _3bd\"> </span>We<span class=\"_ _0\"></span>igh<span class=\"_ _0\"></span>ted<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Avera<span class=\"_ _0\"></span>ge<span class=\"ff1\"> </span>L<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ies<span class=\"ff1\"> </span>Ha<span class=\"_ _0\"></span>zard<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Exp<span class=\"_ _0\"></span>osu<span class=\"_ _0\"></span>re; </span></span></span></span>-<span class=\"_ _3bd\"> </span>Pe<span class=\"_ _0\"></span>rcen<span class=\"_ _0\"></span>tual<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">passi<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>ad<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>cl<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>atico<span class=\"_ _0\"></span>. </span></span></span></span>Ri<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>hi<span class=\"_ _3bd\"> </span>st<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>gic<span class=\"_ _0\"></span>o<span class=\"fc0 sc1\"> </span>Per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>strategico<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>tende<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>attuale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>prospettico<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">flessione<span class=\"ff1\"> </span>degli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">utili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cap<span class=\"_ _2\"></span>itale<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sostenibilit\u00e0<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>modello<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>business,<span class=\"ff1\"> </span>incluso<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>riuscire<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">generare<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>adeguato<span class=\"ff1\"> </span></span></span></span></span>ritorno<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sul<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>capitale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>su<span class=\"_ _2\"></span>lla<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>base<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _0\"></span>ropensione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>definita<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>all\u2019impresa,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>derivante<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>da<span class=\"_ _3bd\"> </span><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b86\">cambiamenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span>contesto<span class=\"ff1\"> </span>ope<span class=\"_ _0\"></span>rativo<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ecisioni<span class=\"ff1\"> </span>az<span class=\"_ _0\"></span>iendali<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>rrat<span class=\"_ _2\"></span>e,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dall\u2019<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attuazione<span class=\"ff1\"> </span>inadeguata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b87\">decisioni,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>impropria<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>gestione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>appartenenza<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>gruppo,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dalla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>scar<span class=\"_ _2\"></span>sa<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>reattivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b88\">variazioni<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>contesto<span class=\"ff1\"> </span>competitivo.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b89\">L\u2019<span class=\"_ _0\"></span>anal<span class=\"_ _0\"></span>isi<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risc<span class=\"_ _0\"></span>hi<span class=\"ff1\"> </span>st<span class=\"_ _0\"></span>rate<span class=\"_ _0\"></span>gic<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>vie<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>ffet<span class=\"_ _0\"></span>tua<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>me<span class=\"_ _0\"></span>dian<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>peci<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>he<span class=\"ff1\"> </span>ana<span class=\"_ _0\"></span>lisi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sens<span class=\"_ _0\"></span>itivi<span class=\"_ _0\"></span>ty<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">se<span class=\"_ _0\"></span>de<span class=\"ff1\"> </span>O<span class=\"_ _0\"></span>RSA<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b8a\">o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ogni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>qualvolta<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>assista<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>variazioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>significative<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>mercato,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dell\u2019mix<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>produzione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dell<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b8b\">ipotesi<span class=\"ff1\"> </span>sottostanti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutazioni<span class=\"ff1\"> </span>(a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">titolo<span class=\"ff1\"> </span>esemplificativo,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tassi<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riscatto<span class=\"ff1\"> </span>best<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">estimate,<span class=\"ff1\"> </span>ipotesi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b8c\">minimo<span class=\"ff1\"> </span>garantito,<span class=\"ff1\"> </span>etc).<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b8d\">In<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ambito<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>viene<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>altres\u00ec<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valutata<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>presenza<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>potenziali<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>emergenti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sulla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>base<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>delle<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b8e\">informazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">derivanti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"_ _2\"></span>l<span class=\"ff1\"> </span>piano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">industriale,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dalle<span class=\"ff1\"> </span>evoluzioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prodotto,<span class=\"ff1\"> </span>dalle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">v<span class=\"_ _0\"></span>ariazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">normative<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b8f\">e<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>qualsiasi<span class=\"ff1\"> </span>altra<span class=\"ff1\"> </span>variazione<span class=\"ff1\"> </span>potenzialmente<span class=\"ff1\"> </span>impattante<span class=\"ff1\"> </span>sul<span class=\"ff1\"> </span>profilo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>dell\u2019impresa.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b90\">In<span class=\"ff1\"> </span>seguito<span class=\"ff1\"> </span>ai<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risultati<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">analis<span class=\"_ _2\"></span>i,<span class=\"ff1\"> </span>ve<span class=\"_ _0\"></span>ngono<span class=\"ff1\"> </span>valutati<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>eventuali<span class=\"ff1\"> </span>cambiamenti<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>apportare<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b91\">mappa<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>aziendali.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b92\">Le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valutazioni<span class=\"ff1\"> </span>effettuate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dalla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Com<span class=\"_ _2\"></span>pagnia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">hanno<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onsentito<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">delineare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b93\">mappa<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> </span>Framework<span class=\"ff1\"> </span>Solvenc<span class=\"_ _0\"></span>y<span class=\"ff1\"> </span>II<span class=\"ff1\"> </span>-<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cui<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>Compagnia<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>esposta<span class=\"ff1\"> </span>(d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>seguito<span class=\"ff1\"> </span>riportata).<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4b94\">Modulo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ris<span class=\"_ _0\"></span>ch<span class=\"_ _0\"></span>io <span class=\"_ _19b\"> </span>Sottom<span class=\"_ _1\"></span>odulo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">ris<span class=\"_ _0\"></span>ch<span class=\"_ _0\"></span>io <span class=\"_ _198\"> </span>Es<span class=\"_ _0\"></span>posi<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4b95\">Un<span class=\"_ _0\"></span>der<span class=\"_ _0\"></span>writ<span class=\"_ _0\"></span>ing<span class=\"ff1\"> </span>Ris<span class=\"_ _1\"></span>k<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4b96\">Mort<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>ty<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ris<span class=\"_ _1\"></span>k <span class=\"_ _31d\"> </span>X<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4b97\">Lon<span class=\"_ _0\"></span>gev<span class=\"_ _0\"></span>ity<span class=\"ff1\"> </span>ris<span class=\"_ _1\"></span>k <span class=\"_ _333\"> </span>X<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4b98\">Disa<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>lity<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">mor<span class=\"_ _0\"></span>bid<span class=\"_ _0\"></span>ity<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ri<span class=\"_ _0\"></span>sk<span class=\"_ _1\"></span> <span class=\"_ _2c0\"> </span>---<span class=\"_ _1\"></span> </span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4b99\">Life<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Lapse<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">r<span class=\"_ _0\"></span>is<span class=\"_ _1\"></span>k <span class=\"_ _2a4\"> </span>X<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4b9a\">Expense<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ris<span class=\"_ _1\"></span>k <span class=\"_ _19e\"> </span>X<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4b9b\">Rev<span class=\"_ _0\"></span>isi<span class=\"_ _0\"></span>onar<span class=\"_ _0\"></span>y<span class=\"ff1\"> </span>ris<span class=\"_ _0\"></span>k<span class=\"_ _0\"></span> <span class=\"_ _243\"> </span>-<span class=\"_ _0\"></span>--<span class=\"_ _1\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4b9c\">CAT<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ri<span class=\"_ _0\"></span>sk<span class=\"_ _1\"></span> <span class=\"_ _58\"> </span>X<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4b9d\">Market<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ri<span class=\"_ _0\"></span>sk<span class=\"_ _1\"></span> </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4b9e\">Interest<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">r<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>k<span class=\"_ _0\"></span> <span class=\"_ _117\"> </span>X<span class=\"_ _0\"></span> </span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4b9f\">Equity<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ris<span class=\"_ _1\"></span>k <span class=\"_ _2a3\"> </span>X<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4ba0\">Property<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ri<span class=\"_ _0\"></span>sk<span class=\"_ _1\"></span> <span class=\"_ _19e\"> </span>X<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4ba1\">Spread<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ri<span class=\"_ _0\"></span>sk<span class=\"_ _1\"></span> <span class=\"_ _17\"> </span>X<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4ba2\">Cu<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>ncy<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ris<span class=\"_ _1\"></span>k <span class=\"_ _e0\"> </span>X<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4ba3\">Con<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>ntra<span class=\"_ _0\"></span>tion<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span><span class=\"ff3\">ri<span class=\"_ _0\"></span>sk<span class=\"_ _1\"></span> <span class=\"_ _279\"> </span>---<span class=\"_ _1\"></span> </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4ba4\">Cou<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>rpa<span class=\"_ _0\"></span>rty<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">def<span class=\"_ _0\"></span>aul<span class=\"_ _0\"></span>t<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ri<span class=\"_ _0\"></span>sk<span class=\"_ _1\"></span> </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4ba5\">Type<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">1<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>oun<span class=\"_ _0\"></span>terp<span class=\"_ _0\"></span>art<span class=\"_ _1\"></span>ies <span class=\"_ _20c\"> </span>X<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4ba6\">Type<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">2<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>oun<span class=\"_ _0\"></span>terp<span class=\"_ _0\"></span>art<span class=\"_ _1\"></span>ies <span class=\"_ _171\"> </span>---<span class=\"_ _1\"></span> </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4ba7\">Op<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>tiona<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>Ris<span class=\"_ _0\"></span>k<span class=\"_ _1\"></span> <span class=\"_ _eb\"> </span>Ope<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>onal<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ris<span class=\"_ _1\"></span>k <span class=\"_ _5e\"> </span>X<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ba8\">Le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valutazioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _0\"></span>rospett<span class=\"_ _2\"></span>iche<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>hanno<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rilev<span class=\"_ _0\"></span>ato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>punto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">vista</span> <span class=\"_ _27\"> </span><span class=\"ff3\">regolamentare</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ba9\">(Solvency<span class=\"ff1\"> </span>II)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rischi</span> <span class=\"_ _0\"></span><span class=\"ff3\">emergenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>ragione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">delle<span class=\"ff1\"> </span>azioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">previste<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dalle<span class=\"ff1\"> </span>nuove<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">strategie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>vestimento<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4baa\">e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>bu<span class=\"_ _0\"></span>siness.<span class=\"ff1\"> </span>Si<span class=\"ff1\"> </span>evidenzia<span class=\"ff1\"> </span>tuttavia<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>loro<span class=\"ff1\"> </span>differente<span class=\"ff1\"> </span>composizione<span class=\"ff1\"> </span>anche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>termini<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rilevanza<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4bab\">rispetto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> <span class=\"_ _21\"></span></span>pas<span class=\"_ _0\"></span>sato.<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>In<span class=\"ff1\"> <span class=\"_ _21\"></span></span>par<span class=\"_ _0\"></span>ticolare,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>si<span class=\"ff1\"> <span class=\"_ _20\"></span></span>evidenza<span class=\"ff1\"> <span class=\"_ _21\"></span></span>un<span class=\"ff1\"> <span class=\"_ _21\"></span></span>increme<span class=\"_ _0\"></span>nto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>ischi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Life<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Underwriting<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ed<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4bac\">particolar<span class=\"ff1\"> <span class=\"_ _2\"></span></span>modo<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Lapse<span class=\"ff1\"> </span>Mass<span class=\"ff1\"> <span class=\"_ _2\"></span></span>come<span class=\"ff1\"> </span>conseguenza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>indiretta<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> </span>dinamiche<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>mercat<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4bad\">nel<span class=\"ff1\"> </span>2022<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>hanno<span class=\"ff1\"> </span>portato<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>significativo<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>repentino<span class=\"ff1\"> </span>aumento<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>tassi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>interessi.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4bae\">Si<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>evidenziano<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>inoltre,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">relazione</span> <span class=\"_ _27\"> </span><span class=\"ff3\">del</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">Re<span class=\"_ _0\"></span>golamento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(UE)<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>2019/<span class=\"_ _2\"></span>2088<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Parlamento<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Europeo<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4baf\">relativo<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>a<span class=\"_ _2\"></span>ll'informativa<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>settore<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>servizi<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>finanziari,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>l'i<span class=\"_ _2\"></span>dentificazione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>seguenti<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>rischi<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4bb0\">emergenti:<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>ESG<span class=\"ff1\"> </span>(Ambientali,<span class=\"ff1\"> </span>Sociali,<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Governo).<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4bb1\">Con<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>riferimento<span class=\"ff1\">  </span>ai<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>pro<span class=\"_ _2\"></span>spettici<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\">  </span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>quelli<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>monitorati<span class=\"ff1\">  </span>alla<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>data<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\">  </span>valutazione,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>l\u2019analisi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ha<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4bb2\">permesso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>individ<span class=\"_ _0\"></span>uare<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>otto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>mo<span class=\"_ _2\"></span>duli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>maggiormente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>significativi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>impattanti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4bb3\">Com<span class=\"_ _0\"></span>pag<span class=\"_ _0\"></span>nia,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">che<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">risu<span class=\"_ _0\"></span>ltan<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>ssere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sotto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mo<span class=\"_ _0\"></span>dul<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">r<span class=\"_ _0\"></span>isch<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>E<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>ty,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Spre<span class=\"_ _0\"></span>ad,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Opera<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>nal<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>L<span class=\"_ _0\"></span>apse<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Mas<span class=\"_ _0\"></span>s.<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4bb4\">Anche<span class=\"ff1\"> </span>se<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>punto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>vi<span class=\"_ _0\"></span>sta<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">requisito<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>capitale<span class=\"ff1\"> </span>generato<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>modulo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>Interest<span class=\"ff1\"> </span>Rate,<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4bb5\">alla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>data<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>val<span class=\"_ _0\"></span>utazione,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rappresenta<span class=\"ff1\"> <span class=\"_ _21\"></span></span>un<span class=\"ff1\"> <span class=\"_ _21\"></span></span>modulo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rischio<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span></span>rilevante,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>t<span class=\"_ _2\"></span>uttavia<span class=\"ff1\"> <span class=\"_ _21\"></span></span>per<span class=\"ff1\"> <span class=\"_ _21\"></span></span>gli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>effetti<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4bb6\">indiretti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>esso<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pu\u00f2<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>generare,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fattore<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>viene<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>considerato<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tra<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>r<span class=\"_ _2\"></span>ischi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>principali<span class=\"_ _0\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4bb7\">d\u2019<span class=\"_ _0\"></span>atten<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>onare<span class=\"_ _1\"></span>.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4bb8\">Inoltre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">evidenzia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019<span class=\"_ _2\"></span>esposizione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Compagnia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Sprea<span class=\"_ _2\"></span>d<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sui<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Governativi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ITA<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(rischio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4bb9\">contemplato<span class=\"ff1\">  </span>nell<span class=\"_ _0\"></span>a<span class=\"ff1\">  </span>Formula<span class=\"ff1\">  </span>St<span class=\"_ _0\"></span>andard).<span class=\"ff1\">  </span>La<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Compagnia<span class=\"ff1\">  </span>nelle<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">proprie</span>  <span class=\"ff3\">valu<span class=\"_ _0\"></span>tazioni<span class=\"ff1\">  </span>prende<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4bba\">considerazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tale<span class=\"ff1\">  </span>fattore<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischio<span class=\"ff1\">  </span>mediante<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>specifiche<span class=\"ff1\">  </span>analisi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\">  </span>sensitivity<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>effettuate<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4bbb\">periodicamente<span class=\"ff1\"> </span>(almeno<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>frequenza<span class=\"ff1\"> </span>trimestrale)<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>all\u2019interno<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Report<span class=\"_ _2\"></span><span class=\"ff1\"> </span>ORSA<span class=\"ff1\"> </span>YE<span class=\"ff1\"> </span>31.12.2022.<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4bbc\">Le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>analisi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quali/quantitativa<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sull\u2019adeguatezza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Profilo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Ris<span class=\"_ _2\"></span>chio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Compagnia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rispett<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>i<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4bbd\">requisiti<span class=\"ff1\"> </span>sottostanti<span class=\"ff1\"> </span>l\u2019applicazione<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>Formula<span class=\"ff1\"> </span>Standard<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>no<span class=\"ff1\"> </span>risultate<span class=\"ff1\"> </span>positive.<span class=\"_ _3bd\"> </span> </div>Le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>isultanze<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>val<span class=\"_ _0\"></span>utazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischi<span class=\"ff1\"> </span>h<span class=\"_ _0\"></span>anno<span class=\"ff1\"> </span>evidenziato<span class=\"ff1\"> </span>una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">volatilit\u00e0<span class=\"ff1\"> </span>nell\u2019evolu<span class=\"_ _0\"></span>zione<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>del<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">sol<span class=\"_ _0\"></span>vibi<span class=\"_ _0\"></span>lit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>Comp<span class=\"_ _0\"></span>agn<span class=\"_ _0\"></span>ia<span class=\"ff1\"> </span>deriv<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">flu<span class=\"_ _0\"></span>ttuaz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>dell<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>spr<span class=\"_ _0\"></span>ead<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">BTP<span class=\"_ _0\"></span>/Bund<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">e</span> <span class=\"_ _2\"></span><span class=\"ff3\">da<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span>cre<span class=\"_ _0\"></span>scit<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>repentina<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tassi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>interesse.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Tutt<span class=\"_ _2\"></span>avia,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>volatilit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019indice<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>solvibilit\u00e0,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>governata<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dalla<span class=\"ff1\"> </span>Compagnia<span class=\"ff1\"> </span>mediante<span class=\"ff1\"> </span>l\u2019attivazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>specifici<span class=\"ff1\"> </span>presidi<span class=\"ff1\"> </span>organizzativi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>monitor<span class=\"_ _2\"></span>aggio.<span class=\"_ _3bd\"> </span> Oltre<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>calcolo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>degli<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>impatti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dovuti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ai<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>natura<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>quantificabile,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Compagnia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>gestisce<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> </span>monitora<span class=\"ff1\"> </span>anche<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rientr<span class=\"_ _2\"></span>anti<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>ell\u2019ambito<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>For<span class=\"_ _2\"></span>mula<span class=\"ff1\"> </span>Standard<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>cosiddetti<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> </span></span></span></span></span>quantificabili<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>punto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>vista<span class=\"ff1\"> </span>regolamentare,<span class=\"ff1\"> </span>quali:<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>sp<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>ea<span class=\"_ _0\"></span>d<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tito<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gov<span class=\"_ _0\"></span>erna<span class=\"_ _0\"></span>tivi<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span>-<span class=\"_ _3bd\"> </span>ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l<span class=\"_ _0\"></span>iqu<span class=\"_ _0\"></span>idit<span class=\"_ _0\"></span>\u00e0;<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>-<span class=\"_ _3bd\"> </span>ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>AL<span class=\"_ _1\"></span>M;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>stra<span class=\"_ _0\"></span>teg<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>o;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">no<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onf<span class=\"_ _0\"></span>ormi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">n<span class=\"_ _0\"></span>orme<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>puta<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>ndot<span class=\"_ _0\"></span>ta<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>E<span class=\"_ _0\"></span>SG<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>ocus<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sp<span class=\"_ _0\"></span>eci<span class=\"_ _0\"></span>fico<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sui<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cl<span class=\"_ _0\"></span>ima<span class=\"_ _0\"></span>tici<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>onne<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ai<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ambie<span class=\"_ _1\"></span>ntali)<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ap<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>rtene<span class=\"_ _0\"></span>nza<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">gr<span class=\"_ _0\"></span>uppo;<span class=\"_ _0\"></span> </span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span>merg<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sost<span class=\"_ _0\"></span>enib<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>t\u00e0.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span>Allo<span class=\"ff1\"> </span>stato<span class=\"ff1\"> </span>attuale<span class=\"ff1\"> </span>tali<span class=\"ff1\"> </span>tipologie<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>hanno<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>livello<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>gest<span class=\"_ _2\"></span>ione<span class=\"ff1\"> </span>coeren<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>rilevanza<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>fattori<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">li<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">caratter<span class=\"_ _2\"></span>izzano,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">periodicamente<span class=\"ff1\"> </span>monitorate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">comport<span class=\"_ _2\"></span>ano<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">add-on<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>termini<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>capitale<span class=\"ff1\"> </span>regolamentare.<span class=\"_ _3bd\"> </span> Al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>momento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>vi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>so<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>risultati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">e<span class=\"_ _0\"></span>videnzino<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>situazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>criticit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>term<span class=\"_ _2\"></span>ini<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>solvibilit<span class=\"_ _2\"></span>\u00e0<span class=\"ff1\"> </span></span></span>derivanti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dai<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>str<span class=\"_ _2\"></span>ategici<span class=\"_ _0\"></span>.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>T<span class=\"_ _2\"></span>uttavia,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>anche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>luce<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contesto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>attuale,<span class=\"ff1\"> </span>verr<span class=\"_ _2\"></span>\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mantenuto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> </span>attento<span class=\"ff1\"> </span>monitoraggio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con</span> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>fine<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>intercettare<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pos<span class=\"_ _2\"></span>sibili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">variazioni<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>contesto<span class=\"ff1\"> </span>mac<span class=\"_ _0\"></span>ro-economico<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">possono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">avere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">impatt<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">significativi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sugli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Own<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">F<span class=\"_ _2\"></span>unds<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Co<span class=\"_ _2\"></span>mpagnia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sul<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Lapse<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Mass.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>CR<span class=\"_ _0\"></span>ED<span class=\"_ _0\"></span>EM<span class=\"_ _0\"></span>ASS<span class=\"_ _1\"></span>ICUR<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>ZIO<span class=\"_ _0\"></span>NI<span class=\"_ _3bd\"> </span>S.<span class=\"_ _0\"></span>P.A<span class=\"_ _1\"></span>.<span class=\"fc0 sc1\"> </span>Ap<span class=\"_ _0\"></span>pro<span class=\"_ _1\"></span>ccio<span class=\"_ _3bd\"> </span>al<span class=\"_ _0\"></span>la<span class=\"_ _3bd\"> </span>ge<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>io<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>Cre<span class=\"_ _1\"></span>dem<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>sic<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>St<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>teg<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>ge<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span>ris<span class=\"_ _0\"></span>ch<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Credemassicurazioni<span class=\"ff1\"> </span>S.p.A<span class=\"ff1\"> </span>opera<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sulla<span class=\"ff1\"> </span>scorta<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>strategia<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>assunzione<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>gestione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>basata<span class=\"ff1\"> <span class=\"_ _20\"></span></span>su<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cr<span class=\"_ _2\"></span>iteri<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sa<span class=\"_ _2\"></span>na<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prudente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gestione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>coerente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>livello<span class=\"ff1\"> <span class=\"_ _20\"></span></span>patrimoniale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019im<span class=\"_ _2\"></span>presa.<span class=\"ff1\"> </span>Tale<span class=\"ff1\"> </span>strategia<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>fonda<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>principi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischi<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>co<span class=\"_ _2\"></span>nsiderano<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>aspetti<span class=\"ff1\"> </span>relativi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> </span>loro<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rilevanza/significativit\u00e0.<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>L\u2019approccio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>se<span class=\"_ _2\"></span>guito<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nella<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>gestione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fondato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sul<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>criterio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>propor<span class=\"_ _2\"></span>zionalit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">viene</span> </span>del<span class=\"_ _0\"></span>ine<span class=\"_ _0\"></span>ato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">apposi<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>po<span class=\"_ _0\"></span>liti<span class=\"_ _0\"></span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">intern<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>se<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del</span> <span class=\"ff3\">Reg<span class=\"_ _0\"></span>ola<span class=\"_ _0\"></span>mento<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">IVASS<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">n.38<span class=\"_ _0\"></span>/2018<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>ognun<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>degli<span class=\"_ _1\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>ambiti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischiosit\u00e0<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>insistono<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>Compagnia.<span class=\"_ _3bd\"> </span> Gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">el<span class=\"_ _0\"></span>eme<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">chia<span class=\"_ _0\"></span>ve<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attra<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>rso<span class=\"ff1\"> </span>cu<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>iene<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>fini<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>trate<span class=\"_ _0\"></span>gia<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mod<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ge<span class=\"_ _1\"></span>stione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Compagnia<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>seguenti:<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>ide<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>e<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">cla<span class=\"_ _0\"></span>ssifi<span class=\"_ _0\"></span>caz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u2013<span class=\"ff1\"> </span>map<span class=\"_ _0\"></span>pa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>luta<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ris<span class=\"_ _0\"></span>chi;<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>-<span class=\"_ _3bd\"> </span>stru<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">m<span class=\"_ _0\"></span>eto<span class=\"_ _0\"></span>dol<span class=\"_ _0\"></span>ogie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mi<span class=\"_ _0\"></span>sura<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>ge<span class=\"_ _0\"></span>stio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">r<span class=\"_ _0\"></span>isch<span class=\"_ _0\"></span>i;<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span>-<span class=\"_ _3bd\"> </span>mon<span class=\"_ _0\"></span>ito<span class=\"_ _0\"></span>ragg<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rep<span class=\"_ _0\"></span>orti<span class=\"_ _0\"></span>ng.<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pri<span class=\"_ _0\"></span>ncip<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gen<span class=\"_ _0\"></span>eral<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ado<span class=\"_ _0\"></span>ttati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>er<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">def<span class=\"_ _0\"></span>ini<span class=\"_ _0\"></span>zione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>iste<span class=\"_ _0\"></span>ma<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ge<span class=\"_ _0\"></span>stion<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">r<span class=\"_ _0\"></span>isc<span class=\"_ _0\"></span>hio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">co<span class=\"_ _0\"></span>nside<span class=\"_ _0\"></span>ran<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uind<span class=\"_ _0\"></span>i:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>la<span class=\"ff1\"> </span>verifica<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>coerenza<span class=\"ff1\"> </span>tra<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>livello<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>assunto<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>livello<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>patrimonio<span class=\"ff1\"> </span>disponibile<span class=\"ff1\"> </span>atteso<span class=\"ff1\"> </span>(Risk<span class=\"ff1\"> </span>Appetite);<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>la<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>misurabilit\u00e0<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>/<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>valutazione<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>r<span class=\"_ _2\"></span>ischi<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>(per<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>quelli<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>quantificabili)<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>permettere<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>al<span class=\"ff1\"> </span>management<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valutare<span class=\"ff1\"> </span>l\u2019impatto<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>stessi<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ull\u2019and<span class=\"_ _0\"></span>amento<span class=\"ff1\"> </span>aziendale;<span class=\"_ _2\"></span> -<span class=\"_ _3bd\"> </span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>termi<span class=\"_ _0\"></span>naz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>roce<span class=\"_ _1\"></span>ssi<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pre<span class=\"_ _0\"></span>sidi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">op<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uell<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">qu<span class=\"_ _0\"></span>anti<span class=\"_ _0\"></span>fica<span class=\"_ _0\"></span>bili<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>presenza<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sistema<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>monitoraggio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>continuativo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>profilo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>attuale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> </span>prospettico<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>relativi<span class=\"ff1\"> </span>indicatori<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>e/o<span class=\"ff1\"> </span>rendimento<span class=\"ff1\"> </span>ident<span class=\"_ _2\"></span>ificati.<span class=\"_ _3bd\"> </span> Credemassicurazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ne<span class=\"_ _2\"></span>ll\u2019ambito<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>proprio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sistema<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>gestione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rischi,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ha<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>strutt<span class=\"_ _2\"></span>urato<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ed<span class=\"ff1\"> </span>implementato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>autonomo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>processo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valutazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>propria<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>adeguatezza<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>patrimoniale,<span class=\"ff1\"> </span>attuale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>prospettica,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>relazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ai<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rilevanti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>v<span class=\"_ _2\"></span>erso<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>quali<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Compagnia<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>isulta<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>esposta<span class=\"ff1\"> </span>(processo<span class=\"ff1\"> </span>ORSA<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> </span>Own<span class=\"ff1\"> </span>Risk<span class=\"ff1\"> </span>and<span class=\"ff1\"> </span>Solvency<span class=\"ff1\"> </span>Assessment).<span class=\"ff1\"> </span>Tale<span class=\"ff1\"> </span>processo<span class=\"ff1\"> </span>ha<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>seguenti<span class=\"ff1\"> </span>fasi:<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>Va<span class=\"_ _0\"></span>luta<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rosp<span class=\"_ _0\"></span>etti<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del</span> <span class=\"_ _0\"></span><span class=\"ff3\">Solv<span class=\"_ _0\"></span>enc<span class=\"_ _0\"></span>y<span class=\"ff1\"> </span>II<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Ra<span class=\"_ _0\"></span>tio;<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span>-<span class=\"_ _3bd\"> </span>Str<span class=\"_ _0\"></span>ess<span class=\"ff1\"> </span>T<span class=\"_ _0\"></span>est<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span> <div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4bbf\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4bc0\">Pi<span class=\"_ _0\"></span>ano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Liq<span class=\"_ _0\"></span>uidi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pros<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ttic<span class=\"_ _0\"></span>o; </span></span></span></span></span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4bc1\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4bc2\">Ade<span class=\"_ _0\"></span>gua<span class=\"_ _0\"></span>tezz<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">For<span class=\"_ _0\"></span>mul<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>S<span class=\"_ _0\"></span>tand<span class=\"_ _0\"></span>ard<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>spe<span class=\"_ _0\"></span>tto<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">profi<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">risc<span class=\"_ _0\"></span>hio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">della<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Co<span class=\"_ _0\"></span>mpag<span class=\"_ _0\"></span>nia;<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4bc3\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4bc4\">Ba<span class=\"_ _0\"></span>ck<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Testi<span class=\"_ _0\"></span>ng; </span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4bc5\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4bc6\">Pre<span class=\"_ _0\"></span>dis<span class=\"_ _0\"></span>posi<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ORSA<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Re<span class=\"_ _0\"></span>port<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"_ _0\"></span><span class=\"ff3\">inv<span class=\"_ _0\"></span>io. </span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4bc7\">Pa<span class=\"_ _0\"></span>rte<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">integ<span class=\"_ _0\"></span>ran<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">proce<span class=\"_ _0\"></span>sso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ORSA<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>ono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anch<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">segue<span class=\"_ _1\"></span>nti<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>roc<span class=\"_ _0\"></span>essi<span class=\"_ _0\"></span>: </span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4bc8\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4bc9\">Def<span class=\"_ _0\"></span>ini<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pia<span class=\"_ _0\"></span>no<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">preli<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>nare<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">bu<span class=\"_ _0\"></span>dge<span class=\"_ _0\"></span>t<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>zien<span class=\"_ _0\"></span>dale<span class=\"_ _0\"></span>; </span></span></span></span></span></span></span></span></span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4bca\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4bcb\">Def<span class=\"_ _0\"></span>ini<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Ris<span class=\"_ _0\"></span>k<span class=\"ff1\"> </span>Ap<span class=\"_ _0\"></span>pet<span class=\"_ _0\"></span>ite; </span></span></span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4bcc\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4bcd\">Ind<span class=\"_ _0\"></span>ivid<span class=\"_ _0\"></span>uaz<span class=\"_ _0\"></span>ione<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">v<span class=\"_ _0\"></span>alut<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risc<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">C<span class=\"_ _0\"></span>onti<span class=\"_ _0\"></span>nuou<span class=\"_ _0\"></span>s<span class=\"ff1\"> </span>Mo<span class=\"_ _0\"></span>nit<span class=\"_ _0\"></span>oring<span class=\"_ _0\"></span>. </span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4bce\">Nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>ell\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>indirizzo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>strategico<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Compagnia,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">Consiglio</span> <span class=\"_ _21\"></span><span class=\"ff3\">di</span> <span class=\"_ _20\"></span><span class=\"ff3\">Amminist<span class=\"_ _2\"></span>razione</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4bcf\">individua<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>approva<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>i<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>corrett<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dimensionamento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dot<span class=\"_ _2\"></span>azione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>complessiva<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cap<span class=\"_ _2\"></span>itale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>gli<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4bd0\">obiettivi<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">redditivit\u00e0</span> <span class=\"ff3\">cor<span class=\"_ _2\"></span>retta</span> <span class=\"ff3\">per</span> <span class=\"ff3\">il</span> <span class=\"_ _0\"></span><span class=\"ff3\">rischio.<span class=\"ff1\"> </span>La<span class=\"ff1\"> </span>formulazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>preliminari<span class=\"ff1\"> </span>linee<span class=\"ff1\"> </span>guida<span class=\"ff1\"> </span>strategiche<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4bd1\">da<span class=\"ff1\"> <span class=\"_ _21\"></span></span>parte<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Consiglio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Amminist<span class=\"_ _2\"></span>razione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ind<span class=\"_ _0\"></span>irizza<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>calibrazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>de<span class=\"_ _2\"></span>gli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ob<span class=\"_ _2\"></span>iettivi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>lo<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4bd2\">sviluppo<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>piano<span class=\"ff1\"> </span>strategico. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4bd3\">Tali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>significativamente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>connesse<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>vengono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>entra<span class=\"_ _2\"></span>mbe<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sviluppate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>considerando<span class=\"ff1\"> <span class=\"_ _21\"></span></span>la<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4bd4\">situazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>partenza<span class=\"ff1\"> <span class=\"_ _21\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Co<span class=\"_ _2\"></span>mpagnia,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>visione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>prospettica<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">contesto</span> <span class=\"_ _21\"></span><span class=\"ff3\">esterno,</span> <span class=\"_ _21\"></span><span class=\"ff3\">i</span> <span class=\"_ _20\"></span><span class=\"ff3\">profili</span> <span class=\"_ _21\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4bd5\">rischio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>gli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>orientamenti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>t<span class=\"_ _2\"></span>ermini<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sviluppo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>innovazion<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>prodot<span class=\"_ _2\"></span>ti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>(in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>coerenza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4bd6\">processo<span class=\"ff1\"> </span>POG)<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4bd7\">Gli<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>in<span class=\"_ _0\"></span>dirizzi<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>strategici<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>approvati<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>Consiglio<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>Amministrazione<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>riflett<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>sull\u2019assetto<span class=\"_ _0\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4bd8\">produttivo<span class=\"ff1\">  </span>e<span class=\"ff1\">  </span>organizzativo<span class=\"ff1\">  </span>al<span class=\"ff1\">  </span>fine<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>determinare<span class=\"ff1\">  </span>l\u2019impatto<span class=\"ff1\">  </span>desiderato<span class=\"ff1\">  </span>\u2013<span class=\"ff1\">  </span>nell\u2019orizzonte<span class=\"ff1\">  </span>della<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4bd9\">pianificazione<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> </span>sul<span class=\"ff1\"> </span>binomio<span class=\"ff1\"> </span>rischio/rendimento. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4bda\">Nel<span class=\"ff1\"> </span>continuo,<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Funzione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Risk<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Management<span class=\"ff1\"> <span class=\"_ _2\"></span></span>supporta<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>organi<span class=\"ff1\"> </span>aziendali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nelle<span class=\"ff1\"> </span>scelte<span class=\"ff1\"> </span>derivanti<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4bdb\">dall\u2019attuazione<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>piano<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>ag<span class=\"_ _2\"></span>evolando<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>comprensione<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>consapevolezza<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>r<span class=\"_ _2\"></span>ischi<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4bdc\">assunti/assumibili<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>presidio<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>stessi. </div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4bdd\">Id<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>fica<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4bde\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4bdf\">cl<span class=\"_ _0\"></span>ass<span class=\"_ _1\"></span>ific<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4be0\">de<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4be1\">ri<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>hi<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4be2\">\u2013<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4be3\">ma<span class=\"_ _1\"></span>ppa<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4be4\">de<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4be5\">ri<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>hi<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4be6\">La<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>egolamentazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>settore,<span class=\"ff1\"> </span>recante<span class=\"ff1\"> <span class=\"_ _2\"></span></span>disposizioni<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>materia<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sistema<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>gestione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> </span>rischi,<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4be7\">richiede<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>alle<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>imprese<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>effettuare<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>cat<span class=\"_ _2\"></span>alogazione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>de<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>ris<span class=\"_ _2\"></span>chi<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>ess<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>sono<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>espost<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4be8\">indipendentemente<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>alla<span class=\"ff1\">  </span>circostanza<span class=\"ff1\">  </span>ch<span class=\"_ _0\"></span>e<span class=\"ff1\">  </span>siano<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>quantificabili,<span class=\"ff1\">  </span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>funzione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>della<span class=\"ff1\">  </span>natura,<span class=\"ff1\">  </span>de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4be9\">portata<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>complessit\u00e0<span class=\"ff1\"> </span>inerenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>all\u2019attivit\u00e0<span class=\"ff1\"> </span>svolta,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>ottica<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attuale<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prospettica,<span class=\"ff1\"> </span>nonch\u00e9<span class=\"ff1\"> </span>gl<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>effetti<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4bea\">indiretti<span class=\"ff1\"> </span>connessi<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>significativi. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4beb\">Ta<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>cat<span class=\"_ _0\"></span>alo<span class=\"_ _0\"></span>gazi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>stit<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>sce<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">il</span> <span class=\"ff3\">lin<span class=\"_ _0\"></span>gua<span class=\"_ _0\"></span>ggi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>comun<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>lo<span class=\"ff1\"> </span>sv<span class=\"_ _0\"></span>olg<span class=\"_ _0\"></span>imen<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tu<span class=\"_ _0\"></span>tte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>atti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>nesse<span class=\"_ _1\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4bec\">con<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>sistema<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>gestione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>aziendali. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4bed\">I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ris<span class=\"_ _0\"></span>chi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Comp<span class=\"_ _0\"></span>agni<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>so<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>lassi<span class=\"_ _0\"></span>fi<span class=\"_ _0\"></span>cati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ne<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">seg<span class=\"_ _0\"></span>uen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rin<span class=\"_ _0\"></span>cipa<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>cl<span class=\"_ _0\"></span>assi<span class=\"_ _0\"></span>: </span></span></span></span></span></span></span></span></span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4bee\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4bef\">Ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sot<span class=\"_ _0\"></span>tosc<span class=\"_ _0\"></span>riz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>tec<span class=\"_ _0\"></span>nici<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ass<span class=\"_ _0\"></span>icu<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>vi)<span class=\"_ _0\"></span>; </span></span></span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4bf0\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4bf1\">Ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mer<span class=\"_ _0\"></span>cato:<span class=\"_ _0\"></span> </span></span></span></span></div><div class=\"t m6 h33 ff7 fs5 fc0 sc0 ls0 ws0 gs4bf2\">o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4bf3\">Ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Me<span class=\"_ _0\"></span>rca<span class=\"_ _0\"></span>to; </span></span></div><div class=\"t m6 h33 ff7 fs5 fc0 sc0 ls0 ws0 gs4bf4\">o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4bf5\">Ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>A<span class=\"_ _0\"></span>LM<span class=\"_ _0\"></span>; </div><div class=\"t m6 h33 ff7 fs5 fc0 sc0 ls0 ws0 gs4bf6\">o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4bf7\">Ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>L<span class=\"_ _0\"></span>iqui<span class=\"_ _0\"></span>dit\u00e0<span class=\"_ _0\"></span>.; </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4bf8\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4bf9\">Ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>red<span class=\"_ _0\"></span>ito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">coun<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>rparty<span class=\"_ _0\"></span>; </span></span></span></span></span></span></span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4bfa\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4bfb\">Ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o<span class=\"_ _0\"></span>pera<span class=\"_ _0\"></span>tivi<span class=\"_ _0\"></span>: </span></span></div><div class=\"t m6 h33 ff7 fs5 fc0 sc0 ls0 ws0 gs4bfc\">o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4bfd\">Ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">O<span class=\"_ _0\"></span>pera<span class=\"_ _0\"></span>tivi<span class=\"_ _0\"></span>; </span></span></div><div class=\"t m6 h33 ff7 fs5 fc0 sc0 ls0 ws0 gs4bfe\">o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4bff\">Ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>In<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>co<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">C<span class=\"_ _0\"></span>yber<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Ris<span class=\"_ _0\"></span>k; </span></span></span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4c00\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c01\">Ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">n<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">conf<span class=\"_ _0\"></span>ormi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">n<span class=\"_ _0\"></span>orme<span class=\"_ _0\"></span>; </span></span></span></span></span></span></span></span></span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4c02\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c03\">Ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>ndi<span class=\"_ _0\"></span>retti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">se<span class=\"_ _0\"></span>cond<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>li<span class=\"_ _0\"></span>vell<span class=\"_ _0\"></span>o; </span></span></span></span></span></span></span></span></div><div class=\"t m6 h33 ff7 fs5 fc0 sc0 ls0 ws0 gs4c04\">o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c05\">Ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>leg<span class=\"_ _0\"></span>ato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">all<span class=\"_ _0\"></span>\u2019app<span class=\"_ _0\"></span>arte<span class=\"_ _0\"></span>nen<span class=\"_ _0\"></span>za<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gru<span class=\"_ _0\"></span>ppo;<span class=\"_ _0\"></span> </span></span></span></span></div><div class=\"t m6 h33 ff7 fs5 fc0 sc0 ls0 ws0 gs4c06\">o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c07\">Ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>put<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>onale<span class=\"_ _0\"></span>; </div><div class=\"t m6 h33 ff7 fs5 fc0 sc0 ls0 ws0 gs4c08\">o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c09\">Ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cond<span class=\"_ _0\"></span>otta<span class=\"_ _0\"></span>; </span></span></span></span></div><div class=\"t m6 h33 ff7 fs5 fc0 sc0 ls0 ws0 gs4c0a\">o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c0b\">Ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">E<span class=\"_ _0\"></span>SG<span class=\"_ _1\"></span>; </span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4c0c\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c0d\">Ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">st<span class=\"_ _0\"></span>rate<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>ci; </span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4c0e\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c0f\">Ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span>merge<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>. </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c10\">Il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>processo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>identificazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Compagnia<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>espost<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>costituisce<span class=\"ff1\"> <span class=\"_ _21\"></span></span>un<span class=\"ff1\"> <span class=\"_ _21\"></span></span>elemento<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c11\">fondamentale<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>corretta<span class=\"ff1\"> </span>implementazione<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pi\u00f9<span class=\"ff1\"> </span>ampio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>processo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>gestione<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c12\">dei<span class=\"ff1\">  </span>rischi.<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>Credemassicurazioni,<span class=\"ff1\">  </span>in<span class=\"ff1\">  </span>linea<span class=\"ff1\">  </span>con<span class=\"ff1\">  </span>la<span class=\"ff1\">  </span>Nor<span class=\"_ _2\"></span>mativa<span class=\"ff1\">  </span>Regolamentare,<span class=\"ff1\">  </span>ha<span class=\"ff1\">  </span>previsto<span class=\"ff1\">  </span>una<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c13\">procedura<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">censime<span class=\"_ _2\"></span>nto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischi,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"_ _2\"></span>ntendersi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">co<span class=\"_ _2\"></span>me<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">str<span class=\"_ _2\"></span>umento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">metodologico<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">support<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nello<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c14\">svolgimento<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>individuazione<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>permetta<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>raccogliere<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c15\">via<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">continuativa<span class=\"ff1\"> </span>informazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sui<span class=\"ff1\"> </span>rischi,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">int<span class=\"_ _2\"></span>erni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ed<span class=\"ff1\"> </span>esterni,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esistenti<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">prospettici<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span>esposta,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c16\">che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">possono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">interess<span class=\"_ _2\"></span>are<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tutti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">processi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">operativi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ar<span class=\"_ _2\"></span>ee<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">aziendali.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sua<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nat<span class=\"_ _2\"></span>ura<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">procedura<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div>\u00e8<span class=\"ff1\"> </span>continua<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>evoluzione<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>progressivo<span class=\"ff1\"> </span>affinamento<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>sistema<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>gestione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>all\u2019evoluzione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>quadro<span class=\"ff1\"> </span>normativo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>riferimento.<span class=\"_ _3bd\"> </span> La<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pro<span class=\"_ _0\"></span>cedu<span class=\"_ _0\"></span>ra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cen<span class=\"_ _0\"></span>sime<span class=\"_ _0\"></span>nto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">C<span class=\"_ _0\"></span>rede<span class=\"_ _0\"></span>mass<span class=\"_ _0\"></span>icu<span class=\"_ _0\"></span>razi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">si<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">arti<span class=\"_ _0\"></span>col<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>ua<span class=\"_ _0\"></span>ttro<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>asi<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>an<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span>p<span class=\"_ _1\"></span>iano<span class=\"ff1\"> </span>str<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span>gic<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>azi<span class=\"_ _0\"></span>enda<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>divi<span class=\"_ _0\"></span>dua<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fatt<span class=\"_ _0\"></span>ori<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risc<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>eme<span class=\"_ _0\"></span>rgen<span class=\"_ _0\"></span>ti;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>divi<span class=\"_ _0\"></span>duaz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>atto<span class=\"_ _0\"></span>ri<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>ster<span class=\"_ _0\"></span>ni;<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>-<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>divi<span class=\"_ _0\"></span>duaz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _1\"></span>ei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fatto<span class=\"_ _0\"></span>ri<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>isc<span class=\"_ _0\"></span>hio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">op<span class=\"_ _0\"></span>erat<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">(<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>ncl<span class=\"_ _0\"></span>usi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">que<span class=\"_ _1\"></span>lli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inf<span class=\"_ _0\"></span>ormat<span class=\"_ _0\"></span>ici<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>yber<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>sk),<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>conformit\u00e0<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>norme<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>secondo<span class=\"ff1\"> </span>livello;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>divi<span class=\"_ _0\"></span>duaz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>atto<span class=\"_ _0\"></span>ri<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>str<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span>gic<span class=\"_ _0\"></span>o.<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>Le<span class=\"ff1\"> </span>modalit\u00e0<span class=\"ff1\"> </span>adottate<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>l\u2019identificazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>basano<span class=\"ff1\"> </span>sost<span class=\"_ _2\"></span>anzialmente<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>uno<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>pi\u00f9<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>seguenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">approcci:<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>-<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>sk<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Ass<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">spe<span class=\"_ _0\"></span>cifi<span class=\"_ _0\"></span>ci<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>fam<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>lie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>o);<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Va<span class=\"_ _0\"></span>luta<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>de<span class=\"_ _1\"></span>lle<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>iffe<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>ze<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>ra<span class=\"ff1\"> </span>og<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ass<span class=\"_ _0\"></span>unz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>isu<span class=\"_ _0\"></span>ltato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>ttua<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Eve<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>erdi<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">erro<span class=\"_ _0\"></span>ri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">acc<span class=\"_ _0\"></span>adu<span class=\"_ _0\"></span>ti;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Rev<span class=\"_ _0\"></span>isi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>roce<span class=\"_ _0\"></span>ssi,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">matri<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">r<span class=\"_ _0\"></span>isch<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>orma<span class=\"_ _0\"></span>tiva<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o</span> <span class=\"_ _0\"></span><span class=\"ff3\">ris<span class=\"_ _0\"></span>k<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ssess<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>t<span class=\"ff1\"> </span>nor<span class=\"_ _0\"></span>mati<span class=\"_ _0\"></span>vi;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Bra<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>storm<span class=\"_ _0\"></span>ing<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">manage<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>sk<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">owner;<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Va<span class=\"_ _0\"></span>luta<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Intern<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>/Exte<span class=\"_ _0\"></span>rna<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>Audi<span class=\"_ _0\"></span>t<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>-<span class=\"_ _3bd\"> </span>Com<span class=\"_ _0\"></span>uni<span class=\"_ _0\"></span>cazi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>fro<span class=\"_ _0\"></span>nti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">re<span class=\"_ _0\"></span>gul<span class=\"_ _0\"></span>ator<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Al<span class=\"_ _0\"></span>tri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ev<span class=\"_ _0\"></span>enti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">es<span class=\"_ _0\"></span>terni<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span>-<span class=\"_ _3bd\"> </span>Rep<span class=\"_ _0\"></span>orti<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tras<span class=\"_ _0\"></span>mes<span class=\"_ _0\"></span>so<span class=\"ff1\"> </span>da<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">arr<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>ompag<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>a.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span>Una<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>volta<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>so<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>stati<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>identificati<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>essi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>vanno<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cos<span class=\"_ _2\"></span>tituire<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ma<span class=\"_ _2\"></span>ppa<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>d<span class=\"_ _2\"></span>ei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>ischi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>de<span class=\"_ _2\"></span>lla<span class=\"ff1\"> </span>Com<span class=\"_ _0\"></span>pag<span class=\"_ _0\"></span>nia.<span class=\"_ _3bd\"> </span> Va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>azi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>hi<span class=\"fc0 sc1\"> </span>Il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">processo<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">realizzato<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">logiche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">att<span class=\"_ _2\"></span>uali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">logiche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prospettich<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ed<span class=\"ff1\"> </span>integra<span class=\"ff1\"> </span>metodologie<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>approcci<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>carattere<span class=\"ff1\"> </span>quantitativo<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>qualitativo.<span class=\"_ _3bd\"> </span> La<span class=\"ff1\"> <span class=\"_ _21\"></span></span>val<span class=\"_ _0\"></span>utazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>effett<span class=\"_ _2\"></span>uata<span class=\"ff1\"> <span class=\"_ _21\"></span></span>su<span class=\"ff1\"> <span class=\"_ _20\"></span></span>base<span class=\"ff1\"> <span class=\"_ _21\"></span></span>individuale,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>livello<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>singo<span class=\"_ _2\"></span>lo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rischio,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>su<span class=\"ff1\"> <span class=\"_ _21\"></span></span>bas<span class=\"_ _3bd\"> </span>e<span class=\"ff1\"> </span>aggregata,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tener<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">conto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">interrelazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fonti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischio<span class=\"_ _2\"></span>.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Vengono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inoltre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">considerati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gl<span class=\"_ _2\"></span>i<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>effetti<span class=\"ff1\"> </span>indiretti<span class=\"ff1\"> </span>connessi<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>pi\u00f9<span class=\"ff1\"> </span>significativi.<span class=\"_ _3bd\"> </span> La<span class=\"ff1\"> </span>frequenza<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>ella<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>ipende<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>tipologia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> </span>rischi,<span class=\"ff1\"> </span>dagli<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>trumenti<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>dall<span class=\"_ _3bd\"> </span>e<span class=\"ff1\"> </span>metodologie<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alutazione<span class=\"ff1\"> </span>utilizzate<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>stabili<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>coerenza<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>freq<span class=\"_ _0\"></span>uenza<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>esigenze<span class=\"ff1\"> </span>de<span class=\"_ _3bd\"> </span>i<span class=\"ff1\"> </span>processi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>strategici<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>decisionali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> </span>Compagnia.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>La<span class=\"ff1\"> <span class=\"_ _2\"></span></span>frequenza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valutazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>o<span class=\"_ _2\"></span>ttic<span class=\"_ _3bd\"> </span>a<span class=\"ff1\"> </span>prospettica<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>coerente<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>processo<span class=\"ff1\"> </span>annuale<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>pianificazione<span class=\"ff1\"> </span>str<span class=\"_ _2\"></span>ategica.<span class=\"_ _3bd\"> </span> Accanto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>gestione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ordinaria<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>processo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>valutazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rischi,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"></span></span>prevista<span class=\"ff1\"> <span class=\"_ _21\"></span></span>una<span class=\"ff1\"> <span class=\"_ _21\"></span></span>gestion<span class=\"_ _3bd\"> </span>e<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>l\u2019oc<span class=\"_ _0\"></span>corr<span class=\"_ _0\"></span>enz<span class=\"_ _0\"></span>a,<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ragi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">event<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ch<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>pos<span class=\"_ _0\"></span>san<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>dete<span class=\"_ _0\"></span>rmin<span class=\"_ _0\"></span>are<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>na<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>riaz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sig<span class=\"_ _0\"></span>nifi<span class=\"_ _0\"></span>cati<span class=\"_ _0\"></span>va<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>prof<span class=\"_ _0\"></span>il<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">o<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> </span>rischio.<span class=\"ff1\"> </span>In<span class=\"ff1\"> </span>particolare,<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>stati<span class=\"ff1\"> </span>identificati<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>seguenti<span class=\"ff1\"> </span>principali<span class=\"ff1\"> </span>eventi:<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>l\u2019<span class=\"_ _0\"></span>aggi<span class=\"_ _0\"></span>orn<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ian<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>stra<span class=\"_ _0\"></span>teg<span class=\"_ _0\"></span>ico;<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>un\u2019acquisizione<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>disinvestimento<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>modifichi<span class=\"ff1\"> </span>sensibilmente<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>business,<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>profilo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>posizione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>solvibilit\u00e0;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>una<span class=\"ff1\"> </span>variazione<span class=\"ff1\"> </span>significativa<span class=\"ff1\"> </span>nei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>mercati<span class=\"ff1\"> </span>finanziari<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>determini<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> </span>notevole<span class=\"ff1\"> </span>impatto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sul<span class=\"ff1\"> </span>portafoglio<span class=\"ff1\"> </span>attivi<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>compagnia;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>un<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>zione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">si<span class=\"_ _0\"></span>gni<span class=\"_ _0\"></span>fica<span class=\"_ _0\"></span>tiva<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nel<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>assi<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>agni<span class=\"_ _0\"></span>a;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>un<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>duzi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">po<span class=\"_ _0\"></span>sizi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">solv<span class=\"_ _0\"></span>ibi<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>sot<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ori<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">critic<span class=\"_ _0\"></span>i;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>un<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ca<span class=\"_ _0\"></span>mbia<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>sig<span class=\"_ _0\"></span>nif<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span>tivo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del</span> <span class=\"_ _0\"></span><span class=\"ff3\">qu<span class=\"_ _0\"></span>adro<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>ego<span class=\"_ _0\"></span>lame<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>re;<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span>-<span class=\"_ _3bd\"> </span>un<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ca<span class=\"_ _0\"></span>mbia<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>si<span class=\"_ _0\"></span>gni<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>ativ<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>rof<span class=\"_ _0\"></span>ilo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>isc<span class=\"_ _0\"></span>hio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019in<span class=\"_ _0\"></span>sorg<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nu<span class=\"_ _0\"></span>ovi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischi<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>un<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ca<span class=\"_ _0\"></span>mbia<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>sig<span class=\"_ _0\"></span>nif<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span>tivo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dei</span> <span class=\"_ _0\"></span><span class=\"ff3\">pro<span class=\"_ _0\"></span>ces<span class=\"_ _0\"></span>si,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sist<span class=\"_ _0\"></span>emi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"_ _0\"></span><span class=\"ff3\">pro<span class=\"_ _0\"></span>cedu<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">aziend<span class=\"_ _0\"></span>ali.<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span>St<span class=\"_ _0\"></span>ru<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>Me<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>do<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>gie<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>Mi<span class=\"_ _0\"></span>sur<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>La<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Compagnia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ha<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>efinito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sensi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> <span class=\"_ _21\"></span></span>normativa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>egolamentare<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un<span class=\"ff1\"> <span class=\"_ _20\"></span></span>processo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valutazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span><span class=\"ff1\"> </span>analisi<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>basato<span class=\"ff1\"> </span>sostanzialmente<span class=\"ff1\"> </span>sugli<span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>metodologie<span class=\"ff1\"> </span>legate<span class=\"ff1\"> </span>a:<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>Metodologie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sviluppate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pro<span class=\"_ _2\"></span>cedura<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>profilazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischi:<span class=\"ff1\"> <span class=\"_ _2\"></span></span>indicato<span class=\"_ _2\"></span>ri<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"_ _1\"></span> ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">qu<span class=\"_ _0\"></span>ali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pos<span class=\"_ _0\"></span>sono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">es<span class=\"_ _0\"></span>sere<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cos<span class=\"_ _0\"></span>trui<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ai<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">segu<span class=\"_ _0\"></span>enti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ap<span class=\"_ _0\"></span>proc<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">me<span class=\"_ _0\"></span>todol<span class=\"_ _0\"></span>ogi<span class=\"_ _0\"></span>ci:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>o<span class=\"_ _3bd\"> </span>regolamentari<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>ovvero<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>fondati<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>sui<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>principi<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>alla<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>base<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>grandezze<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>r<span class=\"_ _2\"></span>egolamentar<span class=\"_ _3bd\"> </span>i<span class=\"ff1\"> </span>Solvency<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">II;<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>o<span class=\"_ _3bd\"> </span>gestionali<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>ovvero<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>basati<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>su<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>co<span class=\"_ _2\"></span>ncetti<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>generali<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>come<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>ad<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>esempio<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>esposizione,<span class=\"ff1\"> </span>concentrazione,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">volatilit\u00e0,<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>rdita<span class=\"ff1\"> </span>attesa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>potenziale<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>e/o<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>olti<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valutare<span class=\"ff1\"> </span>quei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischi<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">n<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>ricompresi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nel<span class=\"_ _0\"></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>formula<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>tandard<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e/o<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ad<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>integrare<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>valutazione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">degli</span> <span class=\"_ _27\"> </span><span class=\"ff3\">stess<span class=\"_ _2\"></span>i</span> <span class=\"_ _27\"> </span><span class=\"ff3\">r<span class=\"_ _2\"></span>isch<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\">i</span> </span>reg<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>tari;<span class=\"_ _3bd\"> </span> o<span class=\"_ _3bd\"> </span>qu<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>tativ<span class=\"_ _0\"></span>e.<span class=\"_ _3bd\"> </span> <div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c18\">Oltre<span class=\"ff1\">  </span>alle<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">metodologie</span>  <span class=\"ff3\">all<span class=\"_ _0\"></span>a<span class=\"ff1\">  </span>base<span class=\"ff1\">  </span>di<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">tali</span>  <span class=\"ff3\">i<span class=\"_ _0\"></span>ndicatori<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>rischio,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\">  </span>misurazione<span class=\"ff1\">  </span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischio<span class=\"ff1\">  </span>della<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c19\">Compagnia,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sia<span class=\"ff1\"> </span>attuale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prospettica,<span class=\"ff1\"> </span>si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">basa<span class=\"ff1\"> </span>sulle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">meto<span class=\"_ _2\"></span>dologie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">regolamentari<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>calcolo<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c1a\">Requisito<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Capitale<span class=\"ff1\"> </span>(cfr.<span class=\"ff1\"> </span>SCR):<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>metodologia<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>riferimento<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>quella<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>Fo<span class=\"_ _2\"></span>rmula<span class=\"ff1\"> </span>Standard. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c1b\">Tutte<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>ueste<span class=\"ff1\"> </span>grandez<span class=\"_ _0\"></span>ze,<span class=\"ff1\"> </span>oltre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cos<span class=\"_ _2\"></span>tituire<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>\u2019impianto<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">monitoraggio<span class=\"ff1\"> </span>nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">continuo<span class=\"ff1\"> </span>alla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">base<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c1c\">modello<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>o<span class=\"_ _2\"></span>rganizzativo<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>gest<span class=\"_ _2\"></span>ione<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>d<span class=\"_ _2\"></span>el<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>r<span class=\"_ _2\"></span>ischio,<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>r<span class=\"_ _2\"></span>appresentano<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>gli<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>elementi<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>alla<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>base<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>dell<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c1d\">metodologia<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>profilazion<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Compagnia.<span class=\"ff1\">  </span>Tale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">att<span class=\"_ _2\"></span>ivit\u00e0</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">ha</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">come</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">obiettivo</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c1e\">l\u2019individuazione<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alutazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>fattori<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>l\u2019attribuzione<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>ognu<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>essi<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> </span>livello<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c1f\">sig<span class=\"_ _0\"></span>nif<span class=\"_ _0\"></span>icat<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t\u00e0. </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4c20\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c21\">Applicazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Volatility<span class=\"ff1\">  </span>Adjustments:<span class=\"ff1\">  </span>le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>valutazioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>attuali<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>prospettiche<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _2\"></span>ei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>risc<span class=\"_ _0\"></span>hi </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c22\">regolamentari<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Compagnia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>prevedono<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>l\u2019utilizzo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Volatilit<span class=\"_ _2\"></span>y<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Adjustment<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>come<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Long<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c23\">Term<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Guar<span class=\"_ _2\"></span>antee<span class=\"ff1\"> <span class=\"_ _2\"></span></span>measure.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Volatility<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Adjustment<span class=\"ff1\"> <span class=\"_ _2\"></span></span>viene<span class=\"ff1\"> <span class=\"_ _2\"></span></span>applicato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sul<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>otale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>passivit\u00e0<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c24\">detenute<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dalla<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Com<span class=\"_ _2\"></span>pagnia<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>vendute<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>interam<span class=\"_ _2\"></span>ente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Italia<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nella<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>valuta<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Eu<span class=\"_ _0\"></span>ro.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>viene<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c25\">applicato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dalla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Compagnia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Matching<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Adjustment.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>f<span class=\"_ _2\"></span>ine<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>maggiore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>comprensione<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c26\">degli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>effetti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>derivanti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall\u2019applicazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Volatility<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Adjustment<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>ulle<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>iserve<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tecniche<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>ui<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c27\">fon<span class=\"_ _0\"></span>di<span class=\"ff1\"> </span>pr<span class=\"_ _0\"></span>opri<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>Comp<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>nia<span class=\"ff1\"> </span>eff<span class=\"_ _0\"></span>ettu<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>oltre<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">anali<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">se<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>tivit<span class=\"_ _0\"></span>y<span class=\"ff1\"> </span>ogni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">qualv<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>lo<span class=\"ff1\"> </span>sco<span class=\"_ _0\"></span>stam<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c28\">tra<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>curva<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>risk<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>free<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>EIOPA<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>cu<span class=\"_ _0\"></span>rva<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>risk<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>free<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>EIOPA<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>volatility<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Adjustement<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>risulti<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c29\">sig<span class=\"_ _0\"></span>nif<span class=\"_ _0\"></span>icat<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>o. </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4c2a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c2b\">Sensitivity,<span class=\"ff1\"> </span>stress<span class=\"ff1\"> </span>test<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">scenario<span class=\"ff1\"> <span class=\"_ _2\"></span></span>test:<span class=\"ff1\"> </span>ai<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sensi<span class=\"ff1\"> </span>dell\u2019Art.<span class=\"ff1\"> </span>19,<span class=\"ff1\"> </span>comma<span class=\"ff1\"> </span>4<span class=\"_ _2\"></span><span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Re<span class=\"_ _0\"></span>g.<span class=\"ff1\"> </span>IVASS<span class=\"ff1\"> </span>n.38,<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c2c\">Funzione<span class=\"ff1\"> </span>Risk<span class=\"ff1\"> </span>Management,<span class=\"ff1\"> </span>allo<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>copo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valutare<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>ottica<span class=\"ff1\"> </span>attuale<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>prospettica<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gli<span class=\"ff1\"> </span>impatti<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c2d\">sulla<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>situazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>economica<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>patrimoniale<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>derivanti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>andamenti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>avversi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pr<span class=\"_ _2\"></span>incipali<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c2e\">fat<span class=\"_ _0\"></span>tori<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">risc<span class=\"_ _0\"></span>hio<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>effe<span class=\"_ _0\"></span>ttua,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>ciascu<span class=\"_ _0\"></span>na<span class=\"ff1\"> </span>dell<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>fon<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>risc<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ide<span class=\"_ _0\"></span>ntif<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>come<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">maggio<span class=\"_ _0\"></span>rme<span class=\"_ _0\"></span>nte<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c2f\">significative,<span class=\"ff1\"> </span>analisi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>stress<span class=\"ff1\"> </span>test<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ensitivity. </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4c30\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c31\">Ri<span class=\"_ _0\"></span>sk<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Sel<span class=\"_ _0\"></span>f<span class=\"ff1\"> </span>A<span class=\"_ _0\"></span>sses<span class=\"_ _0\"></span>smen<span class=\"_ _0\"></span>t<span class=\"ff1\"> </span>su<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risc<span class=\"_ _0\"></span>hi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ope<span class=\"_ _0\"></span>rativ<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span>(iv<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inclu<span class=\"_ _1\"></span>si<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>nfo<span class=\"_ _0\"></span>rmati<span class=\"_ _0\"></span>co<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ybe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>sk)<span class=\"_ _0\"></span>. </span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4c32\">Ge<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4c33\">de<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4c34\">Ri<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>hi<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c35\">L\u2019obiettivo<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>sistema<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>gestione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>consiste<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>mantenere<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>Compagnia<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c36\">esposta<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>livello<span class=\"ff1\">  </span>definito<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>a<span class=\"_ _2\"></span>ccettabile,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>attraverso<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>l\u2019indicazione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>propensione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>della<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c37\">tolleranza<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stabilite<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">coerenza<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019obiettivo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">salvaguardia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">patr<span class=\"_ _2\"></span>imonio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stesse<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c38\">a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>garanzia<span class=\"ff1\"> </span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>continuit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>aziendale.<span class=\"ff1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>linee<span class=\"ff1\"> <span class=\"_ _2\"></span></span>guida<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tema<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gestione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>ischi<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riportate<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c39\">ne<span class=\"_ _0\"></span>lle<span class=\"ff1\"> </span>sin<span class=\"_ _0\"></span>gole<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">po<span class=\"_ _0\"></span>liti<span class=\"_ _0\"></span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">red<span class=\"_ _0\"></span>atte<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>rivis<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>appro<span class=\"_ _0\"></span>vat<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>annu<span class=\"_ _0\"></span>almen<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>dal<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">Con<span class=\"_ _0\"></span>sigl<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Ammi<span class=\"_ _0\"></span>nis<span class=\"_ _0\"></span>traz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c3a\">previo<span class=\"ff1\"> </span>passaggio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Consigliere<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Incaricato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> </span>cont<span class=\"_ _2\"></span>rollo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>interno<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ai<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>ischi.<span class=\"ff1\">  </span>Elementi<span class=\"ff1\"> </span>costitutiv<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c3b\">della<span class=\"ff1\"> </span>gestione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>sono: </div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4c3c\">Ri<span class=\"_ _0\"></span>sk<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4c3d\">Ap<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4c3e\">Fr<span class=\"_ _0\"></span>am<span class=\"_ _0\"></span>ew<span class=\"_ _1\"></span>ork<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c3f\">La<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Compagnia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dotata<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Risk<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Appet<span class=\"_ _2\"></span>ite<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Fram<span class=\"_ _2\"></span>ework<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(cfr.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">RAF)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">definisce<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ropensione<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c40\">rischio,<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>soglie<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tolle<span class=\"_ _0\"></span>ranza,<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>limiti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio,<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>politiche<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>g<span class=\"_ _0\"></span>overno<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>onch\u00e9<span class=\"_ _2\"></span><span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>processi<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c41\">di<span class=\"ff1\"> </span>riferimento<span class=\"ff1\"> </span>nece<span class=\"_ _0\"></span>ssar<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>efinirli<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attuarli.<span class=\"ff1\"> </span>Nell\u2019ambito<span class=\"ff1\"> </span>dell\u2019attivit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>indirizzo<span class=\"ff1\"> </span>strategico<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c42\">Compagnia,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Cons<span class=\"_ _2\"></span>iglio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Amministr<span class=\"_ _2\"></span>azione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">individua<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">approva<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">propria<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pro<span class=\"_ _2\"></span>pensione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ischio.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Il<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c43\">processo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>finizione/revisione<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Risk</span> <span class=\"_ _0\"></span><span class=\"ff3\">Appetite<span class=\"ff1\"> </span>Framework<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>affianca<span class=\"ff1\"> </span>pertanto<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">processo<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c44\">Pianificazione<span class=\"ff1\"> </span>St<span class=\"_ _2\"></span>rategica/Operativa<span class=\"ff1\"> </span>(<span class=\"_ _2\"></span>Budget)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>tiene<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valutazione<span class=\"ff1\"> </span>int<span class=\"_ _2\"></span>erna<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>el<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c45\">della<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">solv<span class=\"_ _2\"></span>ibilit\u00e0.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Tali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">el<span class=\"_ _2\"></span>ementi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">no<span class=\"_ _2\"></span>n<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">infatti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">disgiunti,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ma<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">influenzano<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vicenda<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019obiettivo<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c46\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">otte<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>mas<span class=\"_ _0\"></span>simiz<span class=\"_ _0\"></span>zaz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pro<span class=\"_ _0\"></span>filo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">risc<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> </span>rend<span class=\"_ _0\"></span>imen<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>Comp<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>nia.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">La</span> <span class=\"ff3\">d<span class=\"_ _0\"></span>efin<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del</span> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c47\">RAF<span class=\"ff1\"> </span>tiene<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>seguenti<span class=\"ff1\"> </span>aspetti: </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4c48\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c49\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">st<span class=\"_ _2\"></span>rategia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Compagnia,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ivi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inclusi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">obiett<span class=\"_ _2\"></span>ivi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">organizzativi,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">piano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">str<span class=\"_ _2\"></span>ategico,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vinc<span class=\"_ _0\"></span>oli </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c4a\">fi<span class=\"_ _0\"></span>nanz<span class=\"_ _0\"></span>iari<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>onch<span class=\"_ _0\"></span>\u00e9<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>orma<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">asp<span class=\"_ _0\"></span>etta<span class=\"_ _0\"></span>tive<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sta<span class=\"_ _0\"></span>keh<span class=\"_ _0\"></span>older<span class=\"_ _0\"></span>s; </span></span></span></span></span></span></span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4c4b\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c4c\">gl<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">aspe<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ch<span class=\"_ _0\"></span>iave<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span>b<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>ine<span class=\"_ _0\"></span>ss<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Com<span class=\"_ _0\"></span>pag<span class=\"_ _0\"></span>nia; </span></span></span></span></span></span></span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4c4d\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c4e\">la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">v<span class=\"_ _0\"></span>olon<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">capa<span class=\"_ _0\"></span>cit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>ssu<span class=\"_ _0\"></span>mere<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>; </span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4c4f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c50\">le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>com<span class=\"_ _2\"></span>petenze,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>risorse<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tecnologia<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>disposizione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Compagnia<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>gestire<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c51\">monitorare<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>esposizioni<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>rischio. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c52\">La<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">prope<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Compag<span class=\"_ _0\"></span>nia<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">congi<span class=\"_ _0\"></span>unta<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nte<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">valu<span class=\"_ _0\"></span>tazio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span>si<span class=\"_ _0\"></span>ste<span class=\"_ _0\"></span>ma<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">gov<span class=\"_ _0\"></span>erno<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c53\">societario<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">adottato<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nonch\u00e9<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mappatura<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">identificazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>ei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fattori<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ad<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">g<span class=\"_ _2\"></span>enerale<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c54\">applicazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>principio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>persona<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prudente,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rappresentano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>principali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>elementi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cos<span class=\"_ _2\"></span>titutivi<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c55\">alla<span class=\"ff1\"> </span>base<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> </span>determinazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">modello<span class=\"ff1\"> </span>organizzativo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gestione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(specifico<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>ogni<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c56\">classe<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio). </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c57\">Nella<span class=\"ff1\"> </span>definizione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>proprie<span class=\"ff1\"> </span>strategie<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>business,<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>Com<span class=\"_ _2\"></span>pagnia<span class=\"ff1\"> </span>valuta,<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>continuativa,<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c58\">rispetto,<span class=\"ff1\"> </span>nei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>diversi<span class=\"ff1\"> </span>anni<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sviluppo<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>piano,<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>livelli<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>target<span class=\"ff1\"> <span class=\"_ _2\"></span></span>definiti<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>Risk<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Appetite<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c59\">Framework<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(c.d.<span class=\"ff1\"> </span>RAF),<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fine<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>garantir<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>coerenza<span class=\"ff1\"> </span>tr<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>obi<span class=\"_ _2\"></span>ettivi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>medio-lungo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>periodo<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>l<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c5a\">capacit\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>volont\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>assumere<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>Compagnia<span class=\"ff1\"> </span>stessa.<span class=\"_ _3bd\"> </span> </div>Si<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dec<span class=\"_ _0\"></span>lin<span class=\"_ _0\"></span>ano,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>se<span class=\"_ _0\"></span>gui<span class=\"_ _0\"></span>to,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i</span> <span class=\"_ _1\"></span><span class=\"ff3\">concet<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>ilev<span class=\"_ _1\"></span>anti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ai<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fin<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>fini<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">RA<span class=\"_ _0\"></span>F:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Risk<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Profile<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff3\">rappresenta</span> <span class=\"_ _21\"> </span><span class=\"ff3\">il</span> <span class=\"_ _21\"></span><span class=\"ff3\">rischio</span> <span class=\"_ _21\"></span><span class=\"ff3\">effettivo</span> <span class=\"_ _21\"></span><span class=\"ff3\">della</span> <span class=\"_ _21\"></span><span class=\"ff3\">Compagni<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>valutato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>determinato<span class=\"ff1\"> </span></span></span>istante<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">temporale;<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>-<span class=\"_ _3bd\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Ri<span class=\"_ _0\"></span>sk<span class=\"ff1\"> </span>A<span class=\"_ _0\"></span>ppe<span class=\"_ _0\"></span>tite<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rap<span class=\"_ _0\"></span>pre<span class=\"_ _0\"></span>sen<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">vera<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pro<span class=\"_ _0\"></span>pri<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ropen<span class=\"_ _0\"></span>sio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risc<span class=\"_ _0\"></span>hio<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>arte<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">della<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Comp<span class=\"_ _0\"></span>agni<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>e<span class=\"ff1\"> </span>costituisce,<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uindi,<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>livello<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">essa</span> <span class=\"ff3\">intende</span> <span class=\"ff3\">assumere</span> <span class=\"ff3\">per</span> <span class=\"ff3\">il</span> <span class=\"_ _0\"></span><span class=\"ff3\">perseguimento<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span></span></span>suoi<span class=\"ff1\"> </span>obiettivi<span class=\"ff1\"> </span>strategici;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Risk<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Tole<span class=\"_ _0\"></span>rance<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>individua<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>soglia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>mas<span class=\"_ _2\"></span>sima<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tolleranza<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ris<span class=\"_ _2\"></span>chio,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fissata<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">fi<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> </span></span></span>assicurare<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>Compagnia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>margini<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sufficienti</span> <span class=\"ff3\">per</span> <span class=\"_ _2\"></span><span class=\"ff3\">operare</span> <span class=\"ff3\">sia</span> <span class=\"ff3\">in</span> <span class=\"ff3\">fase</span> <span class=\"ff3\">di</span> <span class=\"ff3\">normale</span> <span class=\"ff3\">corso</span> <span class=\"_ _2\"></span><span class=\"ff3\">degli</span> </span>affari<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>condizioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>mercato<span class=\"ff1\"> </span>particolar<span class=\"_ _2\"></span>mente<span class=\"ff1\"> </span>stressate;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Ri<span class=\"_ _0\"></span>sk<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Capacity,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>invece,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rappresenta<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">massimo</span> <span class=\"_ _27\"> </span><span class=\"ff3\">r<span class=\"_ _2\"></span>ischio</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">as<span class=\"_ _0\"></span>sumibile<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dal<span class=\"_ _2\"></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Com<span class=\"_ _2\"></span>pagnia;<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"ff1\"> </span></span></span>costituito<span class=\"ff1\"> <span class=\"_ _21\"></span></span>quin<span class=\"_ _0\"></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dal<span class=\"ff1\"> <span class=\"_ _21\"></span></span>livello<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>essa<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>gr<span class=\"_ _2\"></span>ado<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>as<span class=\"_ _2\"></span>sumere<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>suo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>carico<span class=\"ff1\"> <span class=\"_ _21\"></span></span>senza<span class=\"_ _0\"></span><span class=\"ff1\"> </span>violare<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>requisiti<span class=\"ff1\"> </span>regolamentari<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>altri<span class=\"ff1\"> </span>vincoli<span class=\"ff1\"> </span>imposti<span class=\"ff1\"> </span>dall\u2019autor<span class=\"_ _2\"></span>it\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>vigilanza.<span class=\"_ _3bd\"> </span> Nella<span class=\"ff1\"> </span>definizione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>proprie<span class=\"ff1\"> </span>strategie<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>business,<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>Com<span class=\"_ _2\"></span>pagnia<span class=\"ff1\"> </span>valuta,<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>continuativa,<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>rispetto,<span class=\"ff1\"> </span>nei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>diversi<span class=\"ff1\"> </span>anni<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sviluppo<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>piano,<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>livelli<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>target<span class=\"ff1\"> <span class=\"_ _2\"></span></span>definiti<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>Risk<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Appetite<span class=\"ff1\"> </span>Framework,<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>ine<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>garantire<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>coerenza<span class=\"ff1\"> </span>tr<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>gli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">obiettivi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>medio-lungo<span class=\"ff1\"> </span>periodo<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>capacit\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span></span></span>la<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>olont\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">assumere<span class=\"ff1\"> </span>rischi.<span class=\"ff1\"> </span>In<span class=\"ff1\"> </span>particolare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">piano<span class=\"ff1\"> </span>strategico,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">part<span class=\"_ _2\"></span>endo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dal<span class=\"ff1\"> </span>profilo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Compagnia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">momento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">redazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pia<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>tesso,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tiene<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ass<span class=\"_ _2\"></span>umibile<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">senz<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>violare<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">requisiti<span class=\"ff1\"> </span>regolamentari<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>altri<span class=\"ff1\"> </span>vincoli<span class=\"ff1\"> </span>imp<span class=\"_ _0\"></span>osti<span class=\"ff1\"> </span>dall\u2019Autorit\u00e0<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>Vigilanza,<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>\u2019appetito<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span></span></span></span></span>(ovvero<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>livello<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ch<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>essa<span class=\"ff1\"> <span class=\"_ _20\"></span></span>intende<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>assumere<span class=\"ff1\"> <span class=\"_ _21\"></span></span>per<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>perseguimento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>suoi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>obi<span class=\"_ _2\"></span>ettivi<span class=\"ff1\"> </span>strategici)<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>tolleranza<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rischio</span> <span class=\"ff3\">(ov<span class=\"_ _0\"></span>vero<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>soglia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">massima<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">scostamento<span class=\"ff1\"> </span>rispetto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">all\u2019appetito<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>al<span class=\"ff1\"> </span>rischio)<span class=\"ff1\"> </span>fissate<span class=\"ff1\">  </span>dal<span class=\"ff1\"> </span>Consiglio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Ammini<span class=\"_ _0\"></span>str<span class=\"_ _2\"></span>azione.<span class=\"_ _3bd\"> </span> La<span class=\"ff1\"> </span>Co<span class=\"_ _2\"></span>mpagnia<span class=\"ff1\"> </span>ha<span class=\"ff1\"> <span class=\"_ _2\"></span></span>inoltr<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>definito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>una<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Politica<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Gestione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>C<span class=\"_ _2\"></span>apitale<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Piano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Gestione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>Capitale<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>scopo<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>quello<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>adottar<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>proced<span class=\"_ _0\"></span>ure<span class=\"ff1\"> </span>atte<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>accertar<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>salvaguardia<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>requisiti<span class=\"ff1\"> </span>regolamentari<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>livelli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>obiettivo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Risk<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Ap<span class=\"_ _2\"></span>petite<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>nonch<span class=\"_ _2\"></span>\u00e9<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>garantire<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sia<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff3\">momento</span> </span>del<span class=\"_ _0\"></span>l\u2019e<span class=\"_ _0\"></span>miss<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">succ<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>ivame<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ele<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Fon<span class=\"_ _0\"></span>di<span class=\"ff1\"> </span>P<span class=\"_ _0\"></span>ropri<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"ff3\">cui<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l\u2019i<span class=\"_ _0\"></span>mpre<span class=\"_ _0\"></span>sa<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>tende<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">atti<span class=\"_ _0\"></span>nger<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fi<span class=\"_ _2\"></span>ne<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>realizzare<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">obiettivi<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">business<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stabiliti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sede<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pianificazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">strategica,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">soddisfino<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>requisiti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>regolamentari<span class=\"ff1\"> <span class=\"_ _21\"></span></span>defi<span class=\"_ _0\"></span>niti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _21\"></span></span>EIOPA<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>siano<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>corrett<span class=\"_ _2\"></span>amente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>class<span class=\"_ _2\"></span>ificati.<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>Tale<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Piano<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>tato<span class=\"ff1\"> </span>redatto<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>coerentemen<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>risultanze<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>dell<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>valutazione<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>prospettica<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>secon<span class=\"_ _2\"></span>do<span class=\"ff1\"> </span>l\u2019approccio<span class=\"ff1\"> </span>Solvency<span class=\"ff1\"> </span>II<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">(ORSA),</span> <span class=\"ff3\">con</span> <span class=\"ff3\">gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">obiettivi</span> <span class=\"ff3\">e</span> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>metodologie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stabilite<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>P<span class=\"_ _0\"></span>olitica<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Gestione<span class=\"ff1\"> </span></span></span></span></span></span></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Capitale<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>requisiti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>solvibilit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>stabiliti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dal<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Regolatore,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>fine<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>garantire<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>solidit\u00e0<span class=\"ff1\"> </span>patrimoniale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Com<span class=\"_ _2\"></span>pagnia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nell\u2019esercizio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pr<span class=\"_ _2\"></span>opria<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">suoi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">possibili<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sviluppi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">f<span class=\"_ _2\"></span>uturi.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>In<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>cat<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>hio<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>In<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">coerenza<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">quanto<span class=\"ff1\"> </span>disciplinato<span class=\"ff1\"> </span>nella<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Policy<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Ri<span class=\"_ _0\"></span>sk<span class=\"ff1\"> </span>Appe<span class=\"_ _0\"></span>tite<span class=\"ff1\"> </span>Framework,<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gestione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischi<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ottica<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>attuale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>prospettica<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Compagnia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>basa<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>ulla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>definizione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>indicator<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ogni<span class=\"ff1\"> </span>categoria<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio.<span class=\"_ _3bd\"> </span> La<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Com<span class=\"_ _0\"></span>pag<span class=\"_ _0\"></span>nia<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dis<span class=\"_ _0\"></span>ting<span class=\"_ _0\"></span>ue<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risc<span class=\"_ _0\"></span>hi<span class=\"ff1\"> </span>t<span class=\"_ _1\"></span>ra:<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>rischi<span class=\"ff1\">  </span>quantificabili<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>avent<span class=\"_ _2\"></span>i<span class=\"ff1\">  </span>impatto<span class=\"ff1\">  </span>p<span class=\"_ _0\"></span>atrimoniale,<span class=\"ff1\">  </span>per<span class=\"ff1\">  </span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>quali<span class=\"ff1\">  </span>la<span class=\"ff1\">  </span>Compagnia<span class=\"ff1\">  </span>determina<span class=\"ff1\">  </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> </span>requisito<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>capitale;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>rischi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>quan<span class=\"_ _0\"></span>tificabili<span class=\"ff1\"> <span class=\"_ _21\"></span></span>per<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Compagnia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>non<span class=\"ff1\"> <span class=\"_ _21\"></span></span>determina<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>requisito<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>capitale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(a<span class=\"_ _2\"></span>d<span class=\"ff1\"> <span class=\"_ _21\"></span></span>es.<span class=\"ff1\"> </span>liquidit\u00e0,<span class=\"ff1\"> </span>cash<span class=\"ff1\"> </span>flow<span class=\"ff1\"> </span>matching)<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>ve<span class=\"_ _0\"></span>ngono<span class=\"ff1\"> </span>misurati<span class=\"ff1\"> </span>co<span class=\"_ _2\"></span>n<span class=\"ff1\"> </span>metriche<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>limi<span class=\"_ _0\"></span>tazione<span class=\"ff1\"> </span>specifiche;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>rischi<span class=\"ff1\">  </span>difficilmente<span class=\"ff1\">  </span>quan<span class=\"_ _0\"></span>tificabili,<span class=\"ff1\">  </span>valutati<span class=\"ff1\">  </span>in<span class=\"ff1\">  </span>maniera<span class=\"ff1\">  </span>qualitativa,<span class=\"ff1\">  </span>che<span class=\"ff1\">  </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\">  </span>loro<span class=\"ff1\">  </span>natura<span class=\"ff1\">  </span>e<span class=\"ff1\"> </span>ca<span class=\"_ _0\"></span>ratte<span class=\"_ _0\"></span>ris<span class=\"_ _0\"></span>tic<span class=\"_ _0\"></span>he,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ri<span class=\"_ _0\"></span>sul<span class=\"_ _0\"></span>tano<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">dif<span class=\"_ _0\"></span>ficil<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>anti<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sono</span> <span class=\"ff3\">co<span class=\"_ _1\"></span>perti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dai<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">requi<span class=\"_ _0\"></span>siti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">cap<span class=\"_ _1\"></span>itale<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>ric<span class=\"_ _0\"></span>hie<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">da<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">Nor<span class=\"_ _0\"></span>mati<span class=\"_ _0\"></span>va,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">anche<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">se<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">il</span> <span class=\"ff3\">ve<span class=\"_ _0\"></span>rific<span class=\"_ _0\"></span>arsi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dell\u2019<span class=\"_ _0\"></span>eve<span class=\"_ _0\"></span>nto<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>que<span class=\"_ _0\"></span>sti<span class=\"ff1\"> </span>as<span class=\"_ _0\"></span>soci<span class=\"_ _0\"></span>ato<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>mpo<span class=\"_ _0\"></span>rter<span class=\"_ _0\"></span>ebb<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>delle<span class=\"ff1\"> </span>conseguenze<span class=\"ff1\"> </span>rilevanti<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>l\u2019attivit\u00e0<span class=\"ff1\"> </span>svolta<span class=\"_ _2\"></span><span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>Compagnia.<span class=\"_ _3bd\"> </span> Gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span>dic<span class=\"_ _0\"></span>atori<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">so<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>lteri<span class=\"_ _0\"></span>orm<span class=\"_ _0\"></span>ente<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sudd<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>indicatori<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>I\u00b0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>livello:<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>indicatori<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>finalizzati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>principalmente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"ff1\">  </span>rispe<span class=\"_ _0\"></span>tto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>vincoli<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> </span>solvibilit\u00e0.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>indicatori<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>p<span class=\"_ _2\"></span>ossibili<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>impatti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>negativi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">forniscono</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">avvertimenti</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">atti</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">ad</span> </span>identificare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>potenziali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>eventi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dannosi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>m<span class=\"_ _2\"></span>inacciano<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>aggiungimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>degli<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>obiettivi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> </span>continuit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Business.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Tali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>indicator<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>integrati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>all\u2019interno<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Policy<span class=\"ff1\"> <span class=\"_ _20\"></span></span>RAF<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ess<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>vie<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">asso<span class=\"_ _0\"></span>ciat<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>un<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Risk</span> <span class=\"_ _0\"></span><span class=\"ff3\">App<span class=\"_ _0\"></span>eti<span class=\"_ _0\"></span>te,<span class=\"ff1\"> </span>una<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Risk</span> <span class=\"ff3\">T<span class=\"_ _0\"></span>ole<span class=\"_ _0\"></span>ranc<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>un<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>Ri<span class=\"_ _0\"></span>sk<span class=\"ff1\"> </span>Ca<span class=\"_ _0\"></span>paci<span class=\"_ _0\"></span>ty<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>tivo<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>iste<span class=\"_ _0\"></span>ma<span class=\"ff1\"> </span></span></span></span></span></span></span>di<span class=\"ff1\"> </span>Risk<span class=\"ff1\"> </span>Appetite<span class=\"ff1\"> </span>Statement;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>indicatori<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>early<span class=\"ff1\"> <span class=\"_ _20\"></span></span>warning:<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fine<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>effettuare<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un<span class=\"ff1\"> <span class=\"_ _20\"></span></span>monito<span class=\"_ _2\"></span>raggio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>preventivo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _20\"></span></span>continuo<span class=\"ff1\"> </span>sugli<span class=\"ff1\"> </span>indicator<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>solvibilit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>stati<span class=\"ff1\"> </span>inoltr<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>definiti<span class=\"ff1\"> </span>degli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>indicato<span class=\"_ _2\"></span>ri<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>early<span class=\"ff1\"> <span class=\"_ _2\"></span></span>warnig<span class=\"ff1\"> </span>volti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ad<span class=\"ff1\"> </span>intercettare<span class=\"ff1\"> </span>fenomeni<span class=\"ff1\"> </span>e/o<span class=\"ff1\"> </span>eventi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>potenziale<span class=\"ff1\"> </span>elevata<span class=\"ff1\"> </span>criticit\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>attenzione;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>indicatori<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>II\u00b0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>livello:<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>indicatori<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>t<span class=\"_ _2\"></span>ipo<span class=\"ff1\"> </span>operativo/gest<span class=\"_ _2\"></span>ionali<span class=\"ff1\"> </span>funzionali<span class=\"ff1\"> </span>a<span class=\"_ _2\"></span>d<span class=\"ff1\"> </span>irr<span class=\"_ _2\"></span>obustire<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>monitoraggio<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>r<span class=\"_ _2\"></span>ischi<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>ed<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>eventualmente<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>fornire<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>segnali<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>pr<span class=\"_ _2\"></span>eventivi<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>ad<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>un<span class=\"ff1\"> </span>potenziale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">deterioramento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">metriche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">I\u00b0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Livello.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Tali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">indicatori<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">so<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">integrati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">all\u2019interno<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>della<span class=\"ff1\"> </span>Policy<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>Gestione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Rischi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Politica<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Gestione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>Rischi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>Fondo<span class=\"ff1\"> </span>Pensione<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Ape<span class=\"_ _0\"></span>rto.<span class=\"_ _3bd\"> </span>Nel<span class=\"_ _0\"></span>l\u2019a<span class=\"_ _0\"></span>mbi<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>ge<span class=\"_ _0\"></span>nera<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sist<span class=\"_ _0\"></span>ema<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>ge<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>ompa<span class=\"_ _0\"></span>gnia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">defin<span class=\"_ _0\"></span>isce<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">inol<span class=\"_ _0\"></span>tre<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sp<span class=\"_ _0\"></span>eci<span class=\"_ _0\"></span>fici<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">li<span class=\"_ _0\"></span>miti<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>op<span class=\"_ _0\"></span>erat<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">che</span> <span class=\"ff3\">de<span class=\"_ _1\"></span>clinan<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">obie<span class=\"_ _0\"></span>ttiv<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">risc<span class=\"_ _0\"></span>hio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">(ad</span> <span class=\"ff3\">e<span class=\"_ _0\"></span>s.<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>term<span class=\"_ _0\"></span>ini<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>esp<span class=\"_ _0\"></span>osi<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e,<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>once<span class=\"_ _0\"></span>ntra<span class=\"_ _0\"></span>zione<span class=\"_ _1\"></span>,<span class=\"ff1\"> </span>etc.<span class=\"_ _0\"></span>)<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>coerenti<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>l\u2019appetito<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>Compagnia.<span class=\"_ _3bd\"> </span> Il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>principale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"_ _2\"></span>dicatore<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>I\u00b0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Livello<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Compagnia<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Solvency<span class=\"ff1\"> <span class=\"_ _21\"></span></span>II<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Ratio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ovve<span class=\"_ _0\"></span>ro<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rapporto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>tra<span class=\"ff1\"> </span>Eligible<span class=\"ff1\"> </span>Capital<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Solvency<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Capital<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Requirement.<span class=\"ff1\"> </span>La<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Compa<span class=\"_ _2\"></span>gnia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>si<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prefigge<span class=\"ff1\"> </span>l\u2019obiettivo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>avere<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> </span>livello<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Capitale<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Economico<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"_ _2\"></span>deguato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>linea<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>gli<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>obiettivi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>strategici<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>superiore<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ad<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">un</span> </span>prefissato<span class=\"ff1\"> </span>livello<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Solvency<span class=\"ff1\"> </span>Ratio<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>seguito<span class=\"ff1\"> </span>riporta<span class=\"_ _2\"></span>to:<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>sk<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">App<span class=\"_ _0\"></span>etite<span class=\"_ _0\"></span>:<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">15<span class=\"_ _0\"></span>9%;<span class=\"_ _0\"></span> </span></span></span></span>-<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>sk<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Tole<span class=\"_ _0\"></span>ranc<span class=\"_ _0\"></span>e:<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">122<span class=\"_ _0\"></span>%;<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span>-<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>sk<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Capa<span class=\"_ _0\"></span>city<span class=\"_ _0\"></span>:<span class=\"ff1\"> </span>10<span class=\"_ _0\"></span>5%.<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>Nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>definizione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>RAF<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>risulta<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>necessario<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fissare<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>livello<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>se<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> </span>rispettato<span class=\"ff1\"> </span>dal<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Risk<span class=\"ff1\"> </span>Profile<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">della<span class=\"ff1\"> </span>Compagnia,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">necessita<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">interventi<span class=\"ff1\"> </span>correttivi.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Le</span> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>oglie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">individuano<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>dunque<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"ff1\">  </span>binari<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>all\u2019interno<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\">  </span>quali<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\">  </span>Compagnia<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>pu\u00f2<span class=\"ff1\">  </span>c<span class=\"_ _0\"></span>ondurr<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>s<span class=\"_ _2\"></span>ua<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>azione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>finalizzata<span class=\"ff1\">  </span>al<span class=\"ff1\"> </span>raggiungimento<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>o<span class=\"_ _2\"></span>biettivi<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>business.<span class=\"ff1\"> </span>La<span class=\"ff1\"> <span class=\"_ _2\"></span></span>violazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>queste<span class=\"ff1\"> </span>soglie<span class=\"ff1\"> </span>richieda<span class=\"ff1\"> </span>u<span class=\"_ _2\"></span>n<span class=\"ff1\"> </span>processo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>escalation<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>parte<span class=\"ff1\"> </span>della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Compagnia<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>definizione<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">specifici<span class=\"ff1\"> </span>piani<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>intervento<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>are<span class=\"ff1\"> </span>fronte<span class=\"ff1\"> </span></span></span></span></span>alla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">situazione.<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>Mo<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>tor<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>ggi<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>Re<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>rti<span class=\"_ _0\"></span>ng<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">m<span class=\"_ _2\"></span>odello<span class=\"ff1\"> </span>organizzativo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>ge<span class=\"_ _0\"></span>sti<span class=\"_ _2\"></span>one<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Credemassicurazioni<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>oinvolge<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tutte<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">str<span class=\"_ _2\"></span>utture<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>aziendali,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dalle<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>f<span class=\"_ _2\"></span>unzioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>operative<span class=\"ff1\">  </span>(<span class=\"_ _0\"></span>coinvolte<span class=\"ff1\">  </span>nella<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>gestione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dei<span class=\"ff1\">  </span>rischi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sui<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>processi<span class=\"ff1\">  </span>di<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">propria<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span>competenza)<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ivi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>inc<span class=\"_ _2\"></span>luse<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Funzioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>F<span class=\"_ _2\"></span>ondamentali,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Consigl<span class=\"_ _0\"></span>iere<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>In<span class=\"_ _2\"></span>caricato<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Consiglio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> </span>Amm<span class=\"_ _0\"></span>ini<span class=\"_ _0\"></span>straz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e.<span class=\"_ _3bd\"> </span> In<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tale<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contesto,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fun<span class=\"_ _0\"></span>zione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Risk<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Management<span class=\"ff1\"> <span class=\"_ _21\"></span></span>funge<span class=\"ff1\"> <span class=\"_ _20\"></span></span>inoltre<span class=\"ff1\"> <span class=\"_ _21\"></span></span>da<span class=\"ff1\"> <span class=\"_ _20\"></span></span>coordinatore<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dell<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>monitoraggio<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>rischi.<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>Pi\u00f9<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>particolare,<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>concorre<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>alla<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>defi<span class=\"_ _0\"></span>nizione<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>m<span class=\"_ _2\"></span>etodologie<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> </span>misurazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>ischi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>limiti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>operativi,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>definendo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>appropriate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>procedure<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>verifica,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ed<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ha<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> </span>compito<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>validare<span class=\"ff1\">  </span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fluss<span class=\"_ _2\"></span>i<span class=\"ff1\">  </span>i<span class=\"_ _0\"></span>nfor<span class=\"_ _2\"></span>mativi<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>ell\u2019attivit\u00e0<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>monitoraggio<span class=\"ff1\">  </span>dei<span class=\"ff1\">  </span>rischi,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>predisporre<span class=\"ff1\">  </span>la<span class=\"ff1\"> </span>reportistica<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vertici<span class=\"_ _2\"></span><span class=\"ff1\"> </span>aziend<span class=\"_ _0\"></span>ali<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>verificare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>coerenza<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">modelli<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>misurazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ischi<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>l\u2019operativit\u00e0<span class=\"ff1\"> </span>svolta<span class=\"ff1\"> </span>dall\u2019impresa.<span class=\"_ _3bd\"> </span> I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischi<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">monitorati<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">maniera<span class=\"ff1\"> </span>continuativa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dalla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">funzione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>Risk<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Manageme<span class=\"_ _2\"></span>nt<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>alle<span class=\"ff1\"> </span>singole<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>funzioni<span class=\"ff1\"> </span>competenti;<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>tal<span class=\"ff1\"> </span>fin<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>st<span class=\"_ _2\"></span>ato<span class=\"ff1\"> </span>sviluppato<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>aff<span class=\"_ _0\"></span>inato<span class=\"ff1\"> </span>progressivamente<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">report<span class=\"_ _2\"></span>ing<span class=\"ff1\"> </span>relativo<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span>all\u2019evoluzione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>nei<span class=\"ff1\"> </span>confronti<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Consigl<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Amministrazione,<span class=\"ff1\">  </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Consigliere<span class=\"ff1\"> </span>Incaricat<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span></span></span>per<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>Controlli<span class=\"ff1\"> </span>Interni<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Rischi,<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>CRO,<span class=\"ff1\"> </span>dell\u2019Alta<span class=\"ff1\"> </span>Direzione<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>strutture<span class=\"ff1\"> </span>operative<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">competenti<span class=\"ff1\"> </span></span></span></span></span>al<span class=\"ff1\"> </span>fin<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>migl<span class=\"_ _2\"></span>iorare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>comunicazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>risultati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>consentire<span class=\"ff1\"> <span class=\"_ _2\"></span></span>una<span class=\"ff1\"> <span class=\"_ _2\"></span></span>maggior<span class=\"ff1\"> <span class=\"_ _2\"></span></span>comprensione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> </span>tematiche<span class=\"ff1\"> </span>connesse<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>rischi.<span class=\"_ _3bd\"> </span> Il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mod<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ge<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">risc<span class=\"_ _0\"></span>hi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">adot<span class=\"_ _0\"></span>tato<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>Cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>ema<span class=\"_ _0\"></span>ssicu<span class=\"_ _1\"></span>razion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">car<span class=\"_ _0\"></span>atte<span class=\"_ _0\"></span>riz<span class=\"_ _0\"></span>zat<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>a:<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fase<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>aggiornamento<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>egli<span class=\"ff1\"> </span>indicatori<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e/o<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>limiti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">operativi<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">governo<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>se<span class=\"_ _0\"></span>con<span class=\"_ _0\"></span>da<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>elle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span>sigen<span class=\"_ _0\"></span>ze<span class=\"ff1\"> </span>org<span class=\"_ _0\"></span>ani<span class=\"_ _0\"></span>zza<span class=\"_ _0\"></span>tive<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e/o<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"ff3\">seg<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onte<span class=\"_ _1\"></span>sto<span class=\"ff1\"> </span>int<span class=\"_ _0\"></span>ern<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span>o<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>esterno,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>qu<span class=\"_ _0\"></span>alora<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>siano<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pi\u00f9<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>linea<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>profilo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ri<span class=\"_ _2\"></span>schio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>richiesto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dall\u2019Organo<span class=\"ff1\"> </span>Amm<span class=\"_ _0\"></span>ini<span class=\"_ _0\"></span>strat<span class=\"_ _0\"></span>ivo<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>un<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>segue<span class=\"_ _1\"></span>nte<span class=\"ff1\"> </span>atti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>m<span class=\"_ _0\"></span>onito<span class=\"_ _0\"></span>rag<span class=\"_ _0\"></span>gio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">degli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ind<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span>tori<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>li<span class=\"_ _0\"></span>miti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ope<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>vi<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">gove<span class=\"_ _0\"></span>rno<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del</span> </span></span></span></span></span></span></span></span></span></span></span></span></span>rischio.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">L<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">v<span class=\"_ _2\"></span>erifica<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span>rispetto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">livelli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">toll<span class=\"_ _2\"></span>eranza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">definiti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dal<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Consiglio<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> </span>Amministrazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span>sostanziano<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>specifici<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">presidi<span class=\"ff1\"> </span>organizzativi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">atti<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>g<span class=\"_ _0\"></span>arantire<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rispetto<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>dei<span class=\"ff1\">  </span>limiti<span class=\"ff1\">  </span>stessi,<span class=\"ff1\">  </span>ad<span class=\"ff1\">  </span>att<span class=\"_ _2\"></span>ivare<span class=\"ff1\">  </span>tempestivi<span class=\"ff1\">  </span>processi<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>segnalazione<span class=\"ff1\">  </span>a<span class=\"ff1\">  </span>fronte<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>eventuali<span class=\"ff1\"> </span>rilevazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>superamento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>def<span class=\"_ _0\"></span>inire<span class=\"ff1\"> <span class=\"_ _2\"></span></span>specifici<span class=\"ff1\"> <span class=\"_ _2\"></span></span>piani<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rientro<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>seguito<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>segnalazioni<span class=\"ff1\"> </span>ste<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span> Nell\u2019ambito<span class=\"ff1\">  </span>de<span class=\"_ _2\"></span>l<span class=\"ff1\">  </span>s<span class=\"_ _2\"></span>istema<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>gestione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dei<span class=\"ff1\">  </span>r<span class=\"_ _2\"></span>ischi<span class=\"ff1\">  </span>e<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>coerentem<span class=\"_ _2\"></span>ente<span class=\"ff1\">  </span>con<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>quanto<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>previst<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dalla<span class=\"ff1\"> </span>Normativa,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Consiglio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Amministrazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ha<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>formalizzato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>un<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span></span>set<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>politiche<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff3\">al<span class=\"_ _2\"></span>legati,</span> <span class=\"_ _27\"> </span><span class=\"ff3\">che,</span> </span>relativamente<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>ad<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>ognuno<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>degli<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>ambiti<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>rischiosit\u00e0<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>insistono<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>su<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Credemassicurazioni,<span class=\"ff1\"> </span>dettagliano<span class=\"ff1\"> <span class=\"_ _20\"></span></span>gli<span class=\"ff1\"> <span class=\"_ _21\"></span></span>obiettivi,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>compiti,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>esponsabilit\u00e0,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span></span>processo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>definiscono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>gli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>strumenti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> </span>pro<span class=\"_ _0\"></span>ced<span class=\"_ _0\"></span>ure,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">anche<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">rep<span class=\"_ _0\"></span>orti<span class=\"_ _0\"></span>ng,<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>cess<span class=\"_ _0\"></span>arie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ad</span> <span class=\"ff3\">indi<span class=\"_ _0\"></span>vid<span class=\"_ _0\"></span>uar<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>cons<span class=\"_ _0\"></span>egue<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>ges<span class=\"_ _0\"></span>tire<span class=\"ff1\"> </span>og<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">amb<span class=\"_ _0\"></span>ito<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio.<span class=\"ff1\"> </span>Tali<span class=\"ff1\"> </span>docu<span class=\"_ _0\"></span>menti,<span class=\"ff1\"> </span>inoltre,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">hanno<span class=\"ff1\"> </span>l\u2019obiettivo<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>i\u00f9<span class=\"ff1\"> </span>generale<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>contribuire<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span>diffusione<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ella<span class=\"ff1\"> </span></span></span></span></span></span></span>cultura<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>controllo<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>gestione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>all\u2019interno<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>societ\u00e0.<span class=\"_ _3bd\"> </span> Il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rispetto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l\u2019applicazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>documenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gara<span class=\"_ _2\"></span>ntiti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dalla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>presenza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>S<span class=\"_ _2\"></span>istema<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Contro<span class=\"_ _2\"></span>lli<span class=\"_ _0\"></span><span class=\"ff1\"> </span>Interni<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>costituito<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>insieme<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>regole,<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>procedu<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>tecniche<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>contr<span class=\"_ _2\"></span>ollo<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>strutture<span class=\"ff1\"> </span>organizzative<span class=\"ff1\"> </span>volto<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>assicurare<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>corretto<span class=\"ff1\"> </span>funzionamento<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>buon<span class=\"ff1\"> </span>andamento<span class=\"ff1\"> </span>dell\u2019impresa.<span class=\"_ _3bd\"> </span> An<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>isi<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>ris<span class=\"_ _0\"></span>ch<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>La<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Compagnia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ha<span class=\"ff1\"> <span class=\"_ _20\"></span></span>definito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sensi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Regolamentazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>setto<span class=\"_ _2\"></span>re,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>processo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>analisi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\">  </span>che<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>include<span class=\"ff1\">  </span>sia<span class=\"ff1\">  </span>una<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>valutazione<span class=\"ff1\">  </span>qualitativa<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>sia,<span class=\"ff1\">  </span>per<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>que<span class=\"_ _0\"></span>lli<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>quantificabili,<span class=\"ff1\">  </span>l\u2019adozione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> </span>metodologie<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>m<span class=\"_ _2\"></span>isurazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>d<span class=\"_ _2\"></span>ell\u2019esposizione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rischio,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>incluso,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>istema<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>determinazione<span class=\"ff1\"> </span>dell\u2019ammontare<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>massima<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>erdita<span class=\"ff1\"> </span>potenziale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sia<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>ot<span class=\"_ _0\"></span>tica<span class=\"ff1\"> </span>attuale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rospettica.<span class=\"ff1\"> </span>Tali<span class=\"ff1\"> </span>analisi<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span>con<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>nto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>ffe<span class=\"_ _0\"></span>ttu<span class=\"_ _0\"></span>are<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mani<span class=\"_ _0\"></span>era<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>inu<span class=\"_ _0\"></span>ativ<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>una<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">profi<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dei</span> <span class=\"_ _0\"></span><span class=\"ff3\">risc<span class=\"_ _0\"></span>hi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>\u2019im<span class=\"_ _0\"></span>pres<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>spost<span class=\"_ _0\"></span>a.<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>Si<span class=\"ff1\"> </span>specifica<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>Compagnia<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>valutazioni<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>requ<span class=\"_ _0\"></span>isito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>patrimoniale<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>solvibilit\u00e0<span class=\"ff1\"> </span>secondo<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>regime<span class=\"ff1\"> <span class=\"_ _2\"></span></span>normativo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Solvency<span class=\"ff1\"> <span class=\"_ _2\"></span></span>II<span class=\"ff1\"> <span class=\"_ _2\"></span></span>utilizza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Formula<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Standard<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conformemente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quanto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>definito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nel<span class=\"ff1\"> </span>Regolamento<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>delegato<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>(UE)<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>2019/981<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>Commissione.<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>Pertanto,<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>valutazioni<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>attuali<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>e<span class=\"ff1\"> </span>prospettiche<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>r<span class=\"_ _2\"></span>ischi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tengono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>conto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tutti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rischi,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>compr<span class=\"_ _0\"></span>esi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>framework<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Formula<span class=\"ff1\"> </span>Standard,<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>l\u2019impresa<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>esposta.<span class=\"_ _3bd\"> </span> Al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fine<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cont<span class=\"_ _2\"></span>inuo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">propria<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">situazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>solvi<span class=\"_ _0\"></span>bilit\u00e0,<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Compagnia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">provvede<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inoltre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>base<span class=\"ff1\"> <span class=\"_ _20\"></span></span>trimestrale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>calcolo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pr<span class=\"_ _2\"></span>oprio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>equisito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>capitale,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>terminazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fondi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>propri<span class=\"ff1\"> </span>ammissibili<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>relativa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>qualit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>composizione,<span class=\"ff1\"> </span>verificando<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contempo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>ris<span class=\"_ _2\"></span>petto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> </span>limiti<span class=\"ff1\"> </span>operativi<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> </span>propensione<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>rischio.<span class=\"ff1\"> </span>Specifiche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>str<span class=\"_ _2\"></span>ess<span class=\"ff1\"> </span>test<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sensit<span class=\"_ _2\"></span>ivity<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> </span></span></span></span></span></span></span>effettuate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>stessa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">frequenza<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ulle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">grandezze<span class=\"ff1\"> </span>patrimoniali.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Adeguata<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ocumentazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">viene<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>rendicontata<span class=\"ff1\">  </span>al<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Consiglio<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Amministrazione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>e<span class=\"ff1\">  </span>tr<span class=\"_ _2\"></span>asmessa<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>all\u2019O<span class=\"_ _0\"></span>rgano<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Vigilanza<span class=\"ff1\">  </span>t<span class=\"_ _2\"></span>ramite<span class=\"ff1\">  </span>i<span class=\"ff1\"> </span>Quantitative<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Reporting<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Template<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(QRT).<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>stessa<span class=\"ff1\"> <span class=\"_ _20\"></span></span>frequenza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>viene<span class=\"ff1\"> </span>v<span class=\"_ _2\"></span>erificato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rispetto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>degli<span class=\"ff1\"> </span>indicatori<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>I\u00b0<span class=\"ff1\"> </span>Livello<span class=\"ff1\"> </span>declinati<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>Risk<span class=\"ff1\"> </span>Appetite<span class=\"ff1\"> </span>Framework.<span class=\"_ _3bd\"> </span> Qualora<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>diverse<span class=\"ff1\"> <span class=\"_ _20\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>monitoraggio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>effettuate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dalla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Compagnia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dovessero<span class=\"ff1\"> </span>emergere<span class=\"ff1\"> <span class=\"_ _21\"></span></span>scostamenti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>continuativi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e/o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>significativi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>profilo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rispetto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>all\u2019Appetito<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> </span>Ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"_ _0\"></span>l\u2019i<span class=\"_ _0\"></span>mpre<span class=\"_ _0\"></span>sa,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sco<span class=\"_ _0\"></span>stam<span class=\"_ _0\"></span>enti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">signi<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>ativ<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ris<span class=\"_ _0\"></span>pett<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pri<span class=\"_ _0\"></span>ncip<span class=\"_ _0\"></span>ali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ipo<span class=\"_ _0\"></span>tesi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span><span class=\"ff3\">tecn<span class=\"_ _0\"></span>iche<span class=\"_ _0\"></span>/fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>ziar<span class=\"_ _0\"></span>ie/di<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span>mercato/di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>prodotto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>definite<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nell\u2019ambi<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Piano<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Strategico<span class=\"ff1\"> <span class=\"_ _21\"></span></span>(e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quindi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nel<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>valutazioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ORSA)<span class=\"_ _2\"></span>,<span class=\"ff1\"> </span>vie<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">eff<span class=\"_ _0\"></span>ettu<span class=\"_ _0\"></span>ata<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un\u2019a<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">Non-<span class=\"_ _0\"></span>Regu<span class=\"_ _1\"></span>lar<span class=\"ff1\"> </span>ORS<span class=\"_ _0\"></span>A<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fi<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>tare<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">im<span class=\"_ _0\"></span>pat<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">va<span class=\"_ _0\"></span>riazi<span class=\"_ _0\"></span>oni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anch<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>in<span class=\"ff1\"> </span>ottica<span class=\"ff1\"> </span>prospettica.<span class=\"_ _3bd\"> </span> La<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">C<span class=\"_ _0\"></span>ompag<span class=\"_ _0\"></span>nia<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>orso<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Ese<span class=\"_ _0\"></span>rcizi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>2<span class=\"_ _0\"></span>022<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ha<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ad<span class=\"_ _0\"></span>empi<span class=\"_ _0\"></span>uto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">all<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">segu<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">scad<span class=\"_ _0\"></span>enze<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">n<span class=\"_ _0\"></span>orma<span class=\"_ _0\"></span>tive<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Predisposizione<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>ed<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>invio<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>all\u2019Autorit\u00e0<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>Vigilanza,<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>entro<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>termini<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>regolamentari,<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>delle<span class=\"ff1\"> </span>reportistiche<span class=\"ff1\"> </span>trimestrali<span class=\"ff1\"> </span>(QRT)<span class=\"ff1\"> </span>richieste<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>Pillar<span class=\"ff1\"> </span>III;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>Predisposizione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Regular<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Supervisory<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Report<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>-<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>RSR<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>(Relazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>periodica<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>all\u2019Autorit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> </span>Vigilanza)<span class=\"ff1\">  </span>con<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>riferimento<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>alla<span class=\"ff1\">  </span>dat<span class=\"_ _2\"></span>a<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>eserci<span class=\"_ _2\"></span>zio<span class=\"ff1\">  </span>31.12.2021,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>deliberata<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dal<span class=\"ff1\">  </span>Consig<span class=\"_ _2\"></span>lio<span class=\"ff1\">  </span>di<span class=\"ff1\"> </span>Amministrazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Marzo<span class=\"ff1\"> </span>2022<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>inviati<span class=\"ff1\"> </span>entro<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>termine<span class=\"ff1\"> </span>regolamentare<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>IVASS;<span class=\"_ _2\"></span> -<span class=\"_ _3bd\"> </span>Predisposizione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>S<span class=\"_ _0\"></span>olvency<span class=\"ff1\"> </span>Financial<span class=\"ff1\"> </span>Condition<span class=\"ff1\"> </span>Report<span class=\"ff1\"> </span>-<span class=\"ff1\"> </span>SFCR<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">(Relazione</span> <span class=\"ff3\">sul<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>solvibilit\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span></span></span>sulla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>condizione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziaria)<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riferimento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>data<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>esercizio<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>31.12.2021,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>deliberata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dal<span class=\"ff1\"> </span>Consiglio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Amministrazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Marzo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>2022<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ed<span class=\"ff1\"> <span class=\"_ _21\"></span></span>inviati<span class=\"ff1\"> <span class=\"_ _21\"></span></span>entro<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>termine<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>regolamentare<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ad<span class=\"ff1\"> </span>IV<span class=\"_ _0\"></span>ASS;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>Realizzazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> </span>el<span class=\"_ _0\"></span>aborazioni<span class=\"ff1\"> </span>ORSA<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ne<span class=\"_ _2\"></span>cessarie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alutazione<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">profilo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">so<span class=\"_ _2\"></span>lvibilit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>piano<span class=\"ff1\"> </span>strategico<span class=\"ff1\"> </span>2022-<span class=\"_ _0\"></span>2024<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>redisposizione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Re<span class=\"_ _0\"></span>port<span class=\"ff1\"> </span>ORSA<span class=\"ff1\"> </span>deli<span class=\"_ _0\"></span>bero<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>Consiglio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Amministrazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Aprile<span class=\"ff1\"> </span>2022<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>inviato,<span class=\"ff1\"> </span>entro<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>scadenza<span class=\"ff1\"> </span>regolamentare,<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>IVASS.<span class=\"_ _3bd\"> </span> Si<span class=\"ff1\"> <span class=\"_ _2\"></span></span>specifica<span class=\"ff1\"> <span class=\"_ _20\"></span></span>infine<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contin<span class=\"_ _2\"></span>uit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quanto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>avvenuto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _20\"></span></span>corso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>2021,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _20\"></span></span>2022,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>tante<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> </span>situazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>derivante<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dall\u2019emergenza<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Covid-19<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dalle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>recenti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>tensioni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>legate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>guerra<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Russo-<span class=\"ff1\"> </span>Ucraina,<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Compa<span class=\"_ _2\"></span>gnia<span class=\"ff1\"> </span>contin<span class=\"_ _2\"></span>ua<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>partecipare<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>u<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>ichiesta<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019Autorit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>vigilanza<span class=\"ff1\"> </span>al<span class=\"_ _2\"></span>le<span class=\"ff1\"> </span>se<span class=\"_ _2\"></span>guenti<span class=\"ff1\"> </span>atti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>t\u00e0:<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>mon<span class=\"_ _0\"></span>ito<span class=\"_ _0\"></span>ragg<span class=\"_ _0\"></span>io<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">mensil<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dell<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">posi<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">solv<span class=\"_ _1\"></span>ibili<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(atti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">avvia<span class=\"_ _0\"></span>ta<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">part<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mese<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ma<span class=\"_ _0\"></span>rz<span class=\"_ _1\"></span>o<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>202<span class=\"_ _0\"></span>0).<span class=\"_ _0\"></span> Ri<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>hi<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>so<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>cr<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>(o<span class=\"_ _3bd\"> </span>te<span class=\"_ _0\"></span>cn<span class=\"_ _0\"></span>ici<span class=\"_ _3bd\"> </span>as<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>cur<span class=\"_ _1\"></span>ativ<span class=\"_ _0\"></span>i)<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Si<span class=\"ff1\"> <span class=\"_ _2\"></span></span>definisce<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Rischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Sot<span class=\"_ _2\"></span>toscrizione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>-<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>perdita<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>var<span class=\"_ _2\"></span>iazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sfavorevole<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valor<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pass<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>as<span class=\"_ _2\"></span>sicurative<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dov<span class=\"_ _2\"></span>uto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ipotesi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>inadegu<span class=\"_ _0\"></span>ate<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>m<span class=\"_ _2\"></span>ateria<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fissazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prezzi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> </span>costituzione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>riserve<span class=\"ff1\"> </span>tecniche<span class=\"ff1\"> </span>(cfr.<span class=\"ff1\"> </span>articolo<span class=\"ff1\"> </span>1,<span class=\"ff1\"> </span>com<span class=\"_ _2\"></span>ma<span class=\"ff1\"> </span>1,<span class=\"ff1\"> </span>lettera<span class=\"ff1\"> </span>vv-b<span class=\"_ _0\"></span>is<span class=\"ff1\"> </span>4<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>CAP).<span class=\"_ _2\"></span> Nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>d<span class=\"_ _2\"></span>el<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>F<span class=\"_ _2\"></span>ramework<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Compagnia,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ris<span class=\"_ _2\"></span>chio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pu\u00f2<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>essere<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ulteriormente<span class=\"ff1\"> </span>distinto<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> </span>seguenti<span class=\"ff1\"> </span>categorie:<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>Rischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>assunzione:<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rappresenta<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>derivante<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dalla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sottoscrizione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contratti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"_ _1\"></span> ass<span class=\"_ _0\"></span>icu<span class=\"_ _0\"></span>razi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>colleg<span class=\"_ _0\"></span>ato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">agli</span> <span class=\"ff3\">even<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>as<span class=\"_ _0\"></span>sicu<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>proc<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>segui<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>tar<span class=\"_ _0\"></span>iff<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>sele<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span></span></span>dei<span class=\"ff1\"> </span>rischi,<span class=\"ff1\"> </span>all\u2019andamento<span class=\"ff1\"> </span>sfavorevole<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>sinistralit\u00e0<span class=\"ff1\"> </span>effettiva<span class=\"ff1\"> </span>rispetto<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>quella<span class=\"ff1\"> </span>stimata.<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>Rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>riservazione,<span class=\"ff1\"> </span>ovvero<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>conness<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>quantificazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>riserve<span class=\"ff1\"> </span>tecniche<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>sufficienti<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>coprire<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>impegni<span class=\"ff1\"> </span>assunti<span class=\"ff1\"> </span>nei<span class=\"ff1\"> </span>confronti<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>assicurat<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>danneggiati.<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>Rischio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>catastrofale,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ovvero<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>perdita<span class=\"ff1\"> <span class=\"_ _21\"></span></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>variazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sfavor<span class=\"_ _2\"></span>evole<span class=\"ff1\"> <span class=\"_ _20\"></span></span>de<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _21\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _21\"></span></span>delle<span class=\"ff1\"> </span>passivit\u00e0<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>a<span class=\"_ _2\"></span>ssicurative,<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>derivante<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>dall\u2019incertezza<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>significativa<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>ipotesi<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>relative<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>alla<span class=\"ff1\"> </span>determinazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>premi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>costituzi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _20\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"></span></span>riserve<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rapport<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _21\"></span></span>verificarsi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>eventi<span class=\"ff1\"> </span>estremi<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>eccezionali<span class=\"ff1\"> </span>legati<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>eventi<span class=\"ff1\"> </span>naturali<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>causat<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>dall\u2019uomo.<span class=\"_ _3bd\"> </span> <div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4c5c\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c5d\">Rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">lapse,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rappresenta<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>rivante<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dall\u2019esercizio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">opzioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> </span>parte<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">degli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">assicurati<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c5e\">eventualmente<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contenute<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>c<span class=\"_ _2\"></span>ontratti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>non-life,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>qu<span class=\"_ _0\"></span>ali<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ad<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>esempio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>l\u2019opzione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rescindere<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c5f\">con<span class=\"_ _0\"></span>trat<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rim<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">scade<span class=\"_ _0\"></span>nza<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>ttu<span class=\"_ _0\"></span>ita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>l\u2019o<span class=\"_ _0\"></span>pzi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">ri<span class=\"_ _0\"></span>nno<span class=\"_ _0\"></span>vo<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>ntra<span class=\"_ _0\"></span>tto<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>eco<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>cond<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>oni<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c60\">precedentemente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stabilite.<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c61\">Da<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>pun<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">vi<span class=\"_ _0\"></span>sta<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>distri<span class=\"_ _0\"></span>bu<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">risch<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sotto<span class=\"_ _0\"></span>scri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Cre<span class=\"_ _0\"></span>dema<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>cura<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>sec<span class=\"_ _0\"></span>ondo<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c62\">i<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>dettami<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>normat<span class=\"_ _2\"></span>ivi<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>Solvency<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>II<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>r<span class=\"_ _2\"></span>iporta<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>nella<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>tabella<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>seguito<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>m<span class=\"_ _2\"></span>iglior<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>stima<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>della<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c63\">rappresentazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(si<span class=\"ff1\"> </span>precisa<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>peso<span class=\"ff1\"> </span>complessivo<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischi<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c64\">life<span class=\"ff1\"> </span>underwriting<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>82,5%).<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4c65\">Non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Life<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">risk<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">risk/sum<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">of<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ri<span class=\"_ _2\"></span>sk<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">components<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">relativo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4c66\">com<span class=\"_ _0\"></span>ple<span class=\"_ _0\"></span>ssiv<span class=\"_ _1\"></span>o<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4c67\">31/<span class=\"_ _0\"></span>12<span class=\"_ _0\"></span>/20<span class=\"_ _0\"></span>22<span class=\"_ _3bd\"> </span> </div><div class=\"t md h3c ff3 fs19 fc0 sc0 ls0 ws0 gs4c68\">%</div><div class=\"t md h3c ff3 fs19 fc0 sc0 ls0 ws0 gs4c69\">Re<span class=\"_ _0\"></span>lat<span class=\"_ _0\"></span>ivo<span class=\"_ _0\"></span> <span class=\"_ _2e\"> </span>%</div><div class=\"t md h3c ff3 fs19 fc0 sc0 ls0 ws0 gs4c6a\">Co<span class=\"_ _0\"></span>mpl<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>ivo<span class=\"_ _0\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4c6b\">Non-<span class=\"_ _0\"></span>Lif<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rem<span class=\"_ _0\"></span>ium<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">and<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rese<span class=\"_ _0\"></span>rve<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>sk<span class=\"_ _1\"></span> </span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4c6c\">55<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>5%<span class=\"_ _1\"></span> <span class=\"_ _c2\"> </span>29,<span class=\"_ _0\"></span>8%<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4c6d\">Non-<span class=\"_ _0\"></span>Lif<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>la<span class=\"_ _0\"></span>pse<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ris<span class=\"_ _0\"></span>k<span class=\"_ _0\"></span> </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4c6e\">32,<span class=\"_ _0\"></span>0% <span class=\"_ _c2\"> </span>17,<span class=\"_ _0\"></span>2%<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4c6f\">Non-life<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">CAT<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ri<span class=\"_ _0\"></span>sk<span class=\"_ _1\"></span> </span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4c70\">12<span class=\"_ _0\"></span>,5% <span class=\"_ _2b7\"> </span>6,<span class=\"_ _1\"></span>7%<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4c71\">Health<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">risk<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>isk/sum<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">of<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">risk<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">comp<span class=\"_ _0\"></span>onents<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">relativo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4c72\">com<span class=\"_ _0\"></span>ple<span class=\"_ _0\"></span>ssiv<span class=\"_ _1\"></span>o<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4c73\">31/<span class=\"_ _0\"></span>12<span class=\"_ _0\"></span>/20<span class=\"_ _0\"></span>22<span class=\"_ _3bd\"> </span> </div><div class=\"t md h3c ff3 fs19 fc0 sc0 ls0 ws0 gs4c74\">%</div><div class=\"t md h3c ff3 fs19 fc0 sc0 ls0 ws0 gs4c75\">Re<span class=\"_ _0\"></span>lat<span class=\"_ _0\"></span>ivo<span class=\"_ _0\"></span> <span class=\"_ _2e\"> </span>%</div><div class=\"t md h3c ff3 fs19 fc0 sc0 ls0 ws0 gs4c76\">Co<span class=\"_ _0\"></span>mpl<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>ivo<span class=\"_ _0\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4c77\">He<span class=\"_ _0\"></span>alth<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pre<span class=\"_ _0\"></span>miu<span class=\"_ _0\"></span>m<span class=\"ff1\"> </span>and<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">rese<span class=\"_ _0\"></span>rve<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>sk<span class=\"_ _1\"></span> </span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4c78\">72,<span class=\"_ _0\"></span>6% <span class=\"_ _26b\"> </span>20,<span class=\"_ _0\"></span>9%<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4c79\">Health<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Lapse<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ri<span class=\"_ _0\"></span>sk<span class=\"_ _1\"></span> </span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4c7a\">24<span class=\"_ _0\"></span>,0% <span class=\"_ _2f0\"> </span>6,<span class=\"_ _0\"></span>9%<span class=\"_ _0\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4c7b\">Health<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">C<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>T<span class=\"_ _0\"></span> </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4c7c\">3,<span class=\"_ _1\"></span>4% <span class=\"_ _106\"> </span>1,<span class=\"_ _0\"></span>0%<span class=\"_ _0\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4c7d\">He<span class=\"_ _0\"></span>alth<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">SLT<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Mort<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>ty<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>sk<span class=\"_ _1\"></span> </span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4c7e\">0<span class=\"_ _0\"></span>,0<span class=\"_ _1\"></span>% <span class=\"_ _12d\"> </span>0<span class=\"_ _0\"></span>,0<span class=\"_ _1\"></span>%<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4c7f\">Health<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">SLT<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Longevity<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ris<span class=\"_ _1\"></span>k<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4c80\">0<span class=\"_ _0\"></span>,0<span class=\"_ _1\"></span>% <span class=\"_ _12d\"> </span>0<span class=\"_ _0\"></span>,0<span class=\"_ _1\"></span>%<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4c81\">He<span class=\"_ _0\"></span>alth<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">SLT<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Disab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>ty<span class=\"ff1\"> </span>mo<span class=\"_ _0\"></span>rbid<span class=\"_ _0\"></span>ity<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">r<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>k<span class=\"_ _0\"></span> </span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4c82\">0<span class=\"_ _0\"></span>,0<span class=\"_ _1\"></span>% <span class=\"_ _12d\"> </span>0<span class=\"_ _0\"></span>,0<span class=\"_ _1\"></span>%<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4c83\">Health<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">SLT<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Lapse<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ri<span class=\"_ _0\"></span>sk<span class=\"_ _1\"></span> </span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4c84\">0<span class=\"_ _0\"></span>,0<span class=\"_ _1\"></span>% <span class=\"_ _12d\"> </span>0<span class=\"_ _0\"></span>,0<span class=\"_ _1\"></span>%<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4c85\">Health<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">SLT<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">E<span class=\"_ _2\"></span>xpense<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ri<span class=\"_ _0\"></span>sk<span class=\"_ _1\"></span> </span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4c86\">0<span class=\"_ _0\"></span>,0<span class=\"_ _1\"></span>% <span class=\"_ _12d\"> </span>0<span class=\"_ _0\"></span>,0<span class=\"_ _1\"></span>%<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4c87\">Health<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">SLT<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Revision<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ris<span class=\"_ _0\"></span>k<span class=\"_ _0\"></span> </span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4c88\">0<span class=\"_ _0\"></span>,0<span class=\"_ _1\"></span>% <span class=\"_ _12d\"> </span>0<span class=\"_ _0\"></span>,0<span class=\"_ _1\"></span>%<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c89\">La<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Com<span class=\"_ _0\"></span>pag<span class=\"_ _0\"></span>nia<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ado<span class=\"_ _0\"></span>tta,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>onf<span class=\"_ _0\"></span>ronti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>ine<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>gu<span class=\"_ _0\"></span>ida<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4c8a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c8b\">il<span class=\"_ _0\"></span>lust<span class=\"_ _0\"></span>rano<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i</span> <span class=\"_ _0\"></span><span class=\"ff3\">tip<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">r<span class=\"_ _0\"></span>isch<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ssic<span class=\"_ _0\"></span>urat<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span>ten<span class=\"_ _0\"></span>de<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ssu<span class=\"_ _0\"></span>mere<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4c8c\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c8d\">evidenziano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>carat<span class=\"_ _2\"></span>teristiche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>assicurazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(prodotti,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>canali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dist<span class=\"_ _2\"></span>ributivi,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischi<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c8e\">esc<span class=\"_ _0\"></span>lus<span class=\"_ _0\"></span>i);<span class=\"_ _3bd\"> </span> </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4c8f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c90\">descrivono<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>modalit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>volte<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>g<span class=\"_ _2\"></span>arantire<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>raccolta<span class=\"ff1\"> </span>premi<span class=\"ff1\"> </span>sia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>adeguata<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>co<span class=\"_ _2\"></span>prire<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>sinistri<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c91\">previsti<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>relative<span class=\"ff1\"> </span>spese;<span class=\"_ _3bd\"> </span> </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4c92\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c93\">illustrano<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>modalit\u00e0<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>c<span class=\"_ _2\"></span>ui<span class=\"ff1\"> </span>l\u2019impresa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tiene<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>riass<span class=\"_ _2\"></span>icurazione<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>altre<span class=\"ff1\"> </span>tecniche<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c94\">mitigazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nel<span class=\"ff1\"> </span>processo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>progettazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>nuovo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prodotto<span class=\"ff1\"> </span>assicurativo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c95\">calcolo<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>relativo<span class=\"ff1\"> </span>premio;<span class=\"_ _3bd\"> </span> </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4c96\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c97\">illustrano<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>modalit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>l<span class=\"_ _2\"></span>\u2019impresa<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tiene<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>conto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>lim<span class=\"_ _2\"></span>itazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>degli<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>i<span class=\"_ _2\"></span>nvestimenti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nel<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c98\">processo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">progettazione<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">u<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nuovo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prodotto<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ssicurativo<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">calcolo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">relativo<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>remio.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c99\">La<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Compagnia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">misura<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">monitora<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pro<span class=\"_ _2\"></span>pria<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esposizione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sot<span class=\"_ _2\"></span>toscrizione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cons<span class=\"_ _2\"></span>iderando<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c9a\">il<span class=\"ff1\"> </span>portafoglio<span class=\"ff1\"> </span>complessivo,<span class=\"ff1\"> </span>oltre<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>verificare<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>conformit\u00e0<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>limiti<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>politiche<span class=\"ff1\"> </span>definite.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c9b\">L\u2019identificazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>viene<span class=\"ff1\"> </span>effettuata<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>iferimento<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>nuovi<span class=\"ff1\"> </span>prodotti<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>portafoglio<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c9c\">ess<span class=\"_ _0\"></span>ere:<span class=\"_ _0\"></span> </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4c9d\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c9e\">Nuo<span class=\"_ _0\"></span>vi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">p<span class=\"_ _0\"></span>rodo<span class=\"_ _0\"></span>tti:<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">coer<span class=\"_ _0\"></span>ente<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Pi<span class=\"_ _0\"></span>ano<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Stra<span class=\"_ _0\"></span>teg<span class=\"_ _0\"></span>ico,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rile<span class=\"_ _0\"></span>vaz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>isc<span class=\"_ _0\"></span>hi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>nes<span class=\"_ _0\"></span>si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ai<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nu<span class=\"_ _0\"></span>ov<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4c9f\">pro<span class=\"_ _0\"></span>dot<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>viene<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">effe<span class=\"_ _0\"></span>ttua<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>sull<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>loro<span class=\"ff1\"> </span>car<span class=\"_ _0\"></span>atte<span class=\"_ _0\"></span>rist<span class=\"_ _0\"></span>ich<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>tecn<span class=\"_ _0\"></span>ich<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>nell\u2019<span class=\"_ _0\"></span>ambi<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">pro<span class=\"_ _0\"></span>cesso<span class=\"_ _1\"></span><span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ca0\">di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ORSA.<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>Inoltre,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>coere<span class=\"_ _2\"></span>nza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>process<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>finalizzato<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>alla<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>creazione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff3\">lancio</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">dei</span> <span class=\"_ _21\"> </span><span class=\"ff3\">nuovi</span> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ca1\">prodotti<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>definito<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>pi\u00f9<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>generale<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>pr<span class=\"_ _2\"></span>ocesso<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>POG<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>(Product<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>Oversight<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>and<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ca2\">Governance),<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>funzione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>R<span class=\"_ _2\"></span>isk<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Management<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>chiamata<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>redigere<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>specifica<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>analisi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ca3\">rischiosit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(c.d.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>scheda<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischi<span class=\"_ _2\"></span>)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d<span class=\"_ _2\"></span>el<span class=\"ff1\"> <span class=\"_ _20\"></span></span>singolo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prodot<span class=\"_ _2\"></span>to<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _20\"></span></span>esiti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>trasmessi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Comitato<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ca4\">Direzione<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>Product<span class=\"ff1\"> </span>Governance.<span class=\"_ _3bd\"> </span> </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4ca5\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ca6\">Portafoglio<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>essere:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">co<span class=\"_ _2\"></span>n<span class=\"ff1\"> </span>riferimento<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">portafoglio<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>essere,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019<span class=\"_ _2\"></span>identificazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischi<span class=\"ff1\"> </span>viene<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ca7\">effettuata<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>b<span class=\"_ _0\"></span>ase<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ati<span class=\"ff1\"> </span>tecnici<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>portafoglio<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">misure<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>assorbimento<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>capitale<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ca8\">determinate<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>attr<span class=\"_ _2\"></span>averso<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>lo<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>strumento<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>utilizzato<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>dalla<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Compagnia<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>calcolo<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>SCR<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ca9\">(Standard<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Formula).<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Le<span class=\"ff1\"> </span>informazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">relative<span class=\"ff1\"> </span>all\u2019<span class=\"_ _0\"></span>andamento<span class=\"ff1\"> </span>tecnico<span class=\"ff1\"> </span>complessivo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rispecchiano<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4caa\">sinteticamente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>risultati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tecnici<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>singoli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Rami<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quindi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d<span class=\"_ _2\"></span>ei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prodott<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>presenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>portafo<span class=\"_ _2\"></span>glio<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4cab\">(che<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>generale<span class=\"ff1\"> </span>possono<span class=\"ff1\"> </span>comprendere<span class=\"ff1\"> </span>pi\u00f9<span class=\"ff1\"> </span>Rami).<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4cac\">Si<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rip<span class=\"_ _1\"></span>ortano<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">si<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>tica<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>seg<span class=\"_ _0\"></span>uito<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pri<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>pal<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>mi<span class=\"_ _0\"></span>sure<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ris<span class=\"_ _0\"></span>chio<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>til<span class=\"_ _0\"></span>izz<span class=\"_ _0\"></span>ate<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></div>-<span class=\"_ _3bd\"> </span>SC<span class=\"_ _0\"></span>R<span class=\"ff1\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Non<span class=\"_ _0\"></span>-li<span class=\"_ _0\"></span>fe<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">unde<span class=\"_ _0\"></span>rwr<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>ng<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>sk<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">re<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>tivi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">so<span class=\"_ _0\"></span>ttom<span class=\"_ _0\"></span>odul<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(val<span class=\"_ _0\"></span>uta<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sia<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">lordo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">netto<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>della<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Riassicurazione);<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>-<span class=\"_ _3bd\"> </span>SCR<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Health<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">underwrit<span class=\"_ _2\"></span>ing<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">risk<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">relativi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sottomoduli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>valutato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">lordo<span class=\"ff1\"> </span>sia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">netto<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>della<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Riassicurazione);<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>-<span class=\"_ _3bd\"> </span>Distribuzione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>Best<span class=\"ff1\"> </span>Estimate<span class=\"ff1\"> </span>(Non<span class=\"ff1\"> </span>Life<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>Health<span class=\"ff1\"> </span>NSLT)<span class=\"ff1\"> </span>valut<span class=\"_ _2\"></span>ate<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>lordo<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>netto<span class=\"ff1\"> </span>della<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Riassicurazione;<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>-<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>sk<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Marg<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">(N<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Life<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span>d<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Heal<span class=\"_ _0\"></span>th<span class=\"ff1\"> </span>N<span class=\"_ _0\"></span>SLT)<span class=\"_ _1\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Com<span class=\"_ _0\"></span>bin<span class=\"_ _0\"></span>ed<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Rati<span class=\"_ _0\"></span>o;<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>-<span class=\"_ _3bd\"> </span>Loss<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Rati<span class=\"_ _0\"></span>o;<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>-<span class=\"_ _3bd\"> </span>Exp<span class=\"_ _0\"></span>ens<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Rati<span class=\"_ _0\"></span>o.<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>Rischi<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>me<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>o<span class=\"fc0 sc1\"> </span>Si<span class=\"ff1\"> <span class=\"_ _21\"></span></span>definisce<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>mercato,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>perdita<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>variazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sfavorevole<span class=\"ff1\"> <span class=\"_ _21\"></span></span>della<span class=\"ff1\"> <span class=\"_ _21\"></span></span>situazione<span class=\"ff1\"> </span>finanziaria<span class=\"ff1\"> </span>derivante,<span class=\"ff1\"> </span>direttamente<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>indirettamente,<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>oscillazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span>livello<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>volatilit\u00e0<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span></span></span>prezzi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mercato<span class=\"ff1\"> </span>dell<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0,<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">passivit\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">degli<span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziari<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>cfr.<span class=\"ff1\"> </span>articolo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">1,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">comma<span class=\"ff1\"> </span>1,<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>lettera<span class=\"ff1\"> </span>vv-bis<span class=\"ff1\"> </span>3<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>CAP).<span class=\"_ _3bd\"> </span> I<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>r<span class=\"_ _2\"></span>ischi<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>mercato<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>r<span class=\"_ _2\"></span>isentono<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dell\u2019andamento<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>congiunturale<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>ciclo<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>economico,<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>pu\u00f2<span class=\"ff1\"> </span>amplificarne<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>eventualmente<span class=\"ff1\"> </span>diminuirne<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>significativit\u00e0,<span class=\"ff1\"> </span>sopratt<span class=\"_ _2\"></span>utto<span class=\"ff1\"> </span>se<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>portafoglio<span class=\"ff1\"> </span>t<span class=\"_ _2\"></span>itoli<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>Compagnia<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>particolarmente<span class=\"ff1\"> </span>concentrato<span class=\"_ _2\"></span><span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>determinati<span class=\"ff1\"> </span>settori,<span class=\"ff1\"> </span>valute<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>aree<span class=\"ff1\"> </span>geografiche.<span class=\"_ _3bd\"> </span> Ta<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risc<span class=\"_ _0\"></span>hio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pu\u00f2<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">esse<span class=\"_ _1\"></span>re<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>stin<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">se<span class=\"_ _0\"></span>guen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fatt<span class=\"_ _0\"></span>ori<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risch<span class=\"_ _0\"></span>io:<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Rischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tasso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>interesse:<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valor<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>degli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>att<span class=\"_ _2\"></span>ivi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>una<span class=\"ff1\"> <span class=\"_ _20\"></span></span>impresa<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>assicurazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sensibile<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> </span>variazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tassi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>interess<span class=\"_ _2\"></span>e.<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Inoltr<span class=\"_ _2\"></span>e,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fl<span class=\"_ _0\"></span>ussi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>finanziari<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>g<span class=\"_ _0\"></span>enerati<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dalle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quelli<span class=\"ff1\"> </span>generati<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>dalle<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>passivit\u00e0<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>un\u2019impresa<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>perfettamente<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>allineati<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>scaden<span class=\"_ _0\"></span>za,<span class=\"ff1\"> </span>periodicit\u00e0<span class=\"ff1\">  </span>de<span class=\"_ _0\"></span>gli<span class=\"ff1\">  </span>eventuali<span class=\"ff1\">  </span>pagamenti<span class=\"ff1\">  </span>e<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">per</span>  <span class=\"ff3\">natura</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">dei</span>  <span class=\"ff3\">tassi</span>  <span class=\"ff3\">degli</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">investimenti</span>  <span class=\"ff3\">(maturity</span> </span>mismatching,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>interest<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rat<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>mismatching,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>reset<span class=\"ff1\"> <span class=\"_ _21\"></span></span>date<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mismat<span class=\"_ _2\"></span>ching,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>basic<span class=\"ff1\"> <span class=\"_ _21\"></span></span>mismatching),<span class=\"ff1\"> <span class=\"_ _2\"></span></span>uno<span class=\"_ _2\"></span><span class=\"ff1\"> </span>shock<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>positivo<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">negativo)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span>tassi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">interesse<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>u\u00f2<span class=\"ff1\"> </span>produrre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">variazioni<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>sincronizzate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nel<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>va<span class=\"_ _0\"></span>lore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">delle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">attiv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>elle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">passiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>Sost<span class=\"_ _0\"></span>anzi<span class=\"_ _0\"></span>alme<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l'esp<span class=\"_ _0\"></span>osiz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al</span> <span class=\"ff3\">risc<span class=\"_ _0\"></span>hio<span class=\"ff1\"> </span>ta<span class=\"_ _0\"></span>sso<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">inte<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>se<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>si<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>riferisce<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tutte<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>passivit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u201csensibile\u201d<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ai<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cambiamenti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nella<span class=\"_ _2\"></span><span class=\"ff1\"> </span>struttura<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>termine<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>tassi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>interesse<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>volatilit\u00e0<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>tassi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>interesse;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>Rischio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>azionario:<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>valor<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>mer<span class=\"_ _2\"></span>cato<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>posizioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>assunte<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dall\u2019impresa<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>possono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>essere<span class=\"ff1\"> </span>sen<span class=\"_ _0\"></span>sib<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">all\u2019<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>me<span class=\"_ _0\"></span>rcati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">azi<span class=\"_ _0\"></span>ona<span class=\"_ _0\"></span>ri<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">es<span class=\"_ _0\"></span>empi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>ca<span class=\"_ _0\"></span>so<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cont<span class=\"_ _0\"></span>ratti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cui<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pre<span class=\"_ _0\"></span>sta<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>sono<span class=\"ff1\"> </span>collegate<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>titolo<span class=\"ff1\"> </span>azionario);<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>Rischio<span class=\"ff1\"> </span>t<span class=\"_ _2\"></span>asso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cambio:<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mercato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>posizioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>assunte<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall\u2019impresa<span class=\"ff1\"> </span>p<span class=\"_ _2\"></span>u\u00f2<span class=\"ff1\"> <span class=\"_ _2\"></span></span>essere<span class=\"ff1\"> </span>sen<span class=\"_ _0\"></span>sib<span class=\"_ _0\"></span>ile<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>riazi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dei</span> <span class=\"ff3\">t<span class=\"_ _0\"></span>assi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ambi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>(pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>esem<span class=\"_ _0\"></span>pio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nel</span> <span class=\"ff3\">c<span class=\"_ _0\"></span>aso<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>tito<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">azio<span class=\"_ _0\"></span>nari<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o</span> <span class=\"ff3\">obbl<span class=\"_ _0\"></span>iga<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>den<span class=\"_ _0\"></span>omi<span class=\"_ _0\"></span>nati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in</span> <span class=\"ff3\">valu<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>este<span class=\"_ _0\"></span>ra).<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Quest<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>fatto<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">risch<span class=\"_ _0\"></span>io,<span class=\"ff1\"> </span>qui<span class=\"_ _0\"></span>ndi<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>assum<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>parti<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>lare<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rileva<span class=\"_ _0\"></span>nza<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>le<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>imprese<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>a<span class=\"_ _2\"></span>ssicurazione<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>presenza<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>copertura<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>de<span class=\"_ _0\"></span>lle<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>ris<span class=\"_ _2\"></span>erve<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>tecniche<span class=\"ff1\"> </span>denominate<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>valuta<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>diversa<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>quella<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>corr<span class=\"_ _2\"></span>ispondenti<span class=\"ff1\">  </span>imp<span class=\"_ _2\"></span>egni<span class=\"ff1\">  </span>t<span class=\"_ _2\"></span>ecnici<span class=\"ff1\">  </span>as<span class=\"_ _2\"></span>sunti<span class=\"ff1\"> </span>contrattualmente.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Infatti,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>poich\u00e9<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>conversione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valute<span class=\"ff1\"> <span class=\"_ _2\"></span></span>avvie<span class=\"_ _2\"></span>ne<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>chiusura<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d\u2019esercizio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> </span>cambio<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>orrente,<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">corrispondenza<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">detta</span> <span class=\"_ _0\"></span><span class=\"ff3\">data<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ossono<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">realizzarsi<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>elle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">plus/minusvalenze<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>a<span class=\"ff1\"> </span>causa<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>variazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>tassi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cambio;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>Rischio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">immobiliare:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">q<span class=\"_ _2\"></span>ualora<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gli<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un\u2019impresa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">as<span class=\"_ _2\"></span>sicurazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>iano<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">investit<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">immobili,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>i<span class=\"ff1\"> </span>valori<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tali<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>sensibili<span class=\"ff1\"> </span>all\u2019andamento<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>prezzi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>mercat<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>stessi;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>Rischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>credito:<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ogni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>volta<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ch<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un\u2019impresa<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>as<span class=\"_ _2\"></span>sicurazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sott<span class=\"_ _2\"></span>oscrive<span class=\"ff1\"> <span class=\"_ _20\"></span></span>strumenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziari,<span class=\"ff1\"> </span>pu<span class=\"_ _0\"></span>\u00f2<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>nco<span class=\"_ _0\"></span>rrere<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"_ _0\"></span>solve<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pro<span class=\"_ _0\"></span>pri<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ebi<span class=\"_ _0\"></span>tore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">qua<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>otre<span class=\"_ _0\"></span>bbe<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">n<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">es<span class=\"_ _0\"></span>sere<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">grad<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>sia<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>demp<span class=\"_ _0\"></span>ier<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>rop<span class=\"_ _0\"></span>rie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">obbli<span class=\"_ _0\"></span>gazi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">si<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>nco<span class=\"_ _0\"></span>rrere<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pegg<span class=\"_ _0\"></span>ior<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">meri<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>creditizio,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>conseguente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rid<span class=\"_ _2\"></span>uzione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valor<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>titolo.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>L\u2019esposizione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>credito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>si<span class=\"ff1\"> </span>riferisce<span class=\"ff1\">  </span>ad<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">attivit\u00e0,</span>  <span class=\"ff3\">pas<span class=\"_ _0\"></span>sivit\u00e0<span class=\"ff1\">  </span>e<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">strumenti</span>  <span class=\"ff3\">fin<span class=\"_ _0\"></span>anziari<span class=\"ff1\">  </span>sensibili<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>alla<span class=\"ff1\">  </span>variazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>degli<span class=\"ff1\">  </span>spread<span class=\"ff1\"> </span></span></span></span></span>cre<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>izi;<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>Rischio<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>conc<span class=\"_ _0\"></span>entr<span class=\"_ _2\"></span>azione:<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>l\u2019espo<span class=\"_ _2\"></span>sizione<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>conce<span class=\"_ _0\"></span>ntrazione,<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>d<span class=\"_ _2\"></span>eriva<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>d<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>una<span class=\"ff1\"> </span>variazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>i<span class=\"_ _2\"></span>nattesa<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>prezzi,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>d<span class=\"_ _2\"></span>elle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>esposizioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>verso<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span></span>emittenti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>su<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ha<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>un<span class=\"ff1\"> </span>accumulo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esposizione<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>stessa<span class=\"ff1\"> </span>controparte,<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>rife<span class=\"_ _0\"></span>risce<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>soggette<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span></span></span></span></span>azionario,<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>interesse<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">spread<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>immobiliare<span class=\"ff1\"> </span>inclusi<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>mercato,<span class=\"ff1\"> </span></span></span></span></span>ed<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">escl<span class=\"_ _0\"></span>ude<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le</span> <span class=\"ff3\">att<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span>sog<span class=\"_ _0\"></span>get<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">risc<span class=\"_ _0\"></span>hio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">in<span class=\"_ _0\"></span>ademp<span class=\"_ _0\"></span>ime<span class=\"_ _0\"></span>nto<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>trop<span class=\"_ _0\"></span>arte<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>Al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mom<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>liv<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>regolamentare<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>esclusi<span class=\"ff1\"> </span>anche<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>stato<span class=\"_ _2\"></span>;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>Altre<span class=\"ff1\"> <span class=\"_ _2\"></span></span>esposizioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ass<span class=\"_ _2\"></span>ets:<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Tale<span class=\"ff1\"> </span>fat<span class=\"_ _2\"></span>tore<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>si<span class=\"ff1\"> <span class=\"_ _2\"></span></span>concretizza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>m<span class=\"_ _2\"></span>ercato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>legato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> </span>private<span class=\"ff1\"> </span>equity,<span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> </span>alternativi,<span class=\"ff1\"> </span>infrastruttur<span class=\"_ _2\"></span>e,<span class=\"ff1\"> </span>prodotti<span class=\"ff1\"> </span>legati<span class=\"ff1\"> </span>all\u2019in<span class=\"_ _0\"></span>flazion<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>ibridi.<span class=\"_ _3bd\"> </span> I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fattori<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>mercato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vengono<span class=\"ff1\"> </span>princip<span class=\"_ _0\"></span>almente<span class=\"ff1\"> </span>individuati<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">classi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>b<span class=\"_ _0\"></span>ilancio<span class=\"ff1\"> </span>specifiche<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>del<span class=\"ff1\"> </span>Portafoglio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Propriet\u00e0.<span class=\"_ _3bd\"> </span> Da<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un<span class=\"ff1\"> <span class=\"_ _21\"></span></span>punto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>vista<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>distr<span class=\"_ _2\"></span>ibuzione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mercat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Crede<span class=\"_ _0\"></span>massicurazioni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>secondo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> </span>dettami<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>normativi<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>Solvency<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>II<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _24\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>r<span class=\"_ _2\"></span>iporta<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>nella<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>tabella<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>seguito<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>mi<span class=\"_ _2\"></span>glior<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>st<span class=\"_ _2\"></span>ima<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>de<span class=\"_ _1\"></span>lla<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span> rappresentazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(si<span class=\"ff1\"> </span>precisa<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>peso<span class=\"ff1\"> </span>complessivo<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischi<span class=\"ff1\"> </span></span></span></span></span></span></span>market<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>10,1%). Market<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">risk<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">risk/sum<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"_ _2\"></span>f<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">risk<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">components<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>elativo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>com<span class=\"_ _0\"></span>ple<span class=\"_ _0\"></span>ssiv<span class=\"_ _1\"></span>o 31/<span class=\"_ _0\"></span>12<span class=\"_ _0\"></span>/20<span class=\"_ _0\"></span>22<span class=\"_ _3bd\"> </span> %Re<span class=\"_ _0\"></span>lat<span class=\"_ _0\"></span>ivo<span class=\"_ _0\"></span> <span class=\"_ _67\"> </span>%Co<span class=\"_ _0\"></span>mpl<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>ivo<span class=\"_ _0\"></span> Interest<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">r<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>k<span class=\"_ _0\"></span> </span></span></span></span>63<span class=\"_ _1\"></span>,5%<span class=\"_ _1\"></span> <span class=\"_ _12d\"> </span>6<span class=\"_ _0\"></span>,4<span class=\"_ _1\"></span>%<span class=\"_ _3bd\"> </span> Equity<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ris<span class=\"_ _1\"></span>k </span></span>12<span class=\"_ _0\"></span>,3% <span class=\"_ _193\"> </span>1,<span class=\"_ _1\"></span>2%<span class=\"_ _3bd\"> </span> Property<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ri<span class=\"_ _0\"></span>sk<span class=\"_ _1\"></span> </span></span>0<span class=\"_ _0\"></span>,0<span class=\"_ _1\"></span>% <span class=\"_ _33c\"> </span>0<span class=\"_ _0\"></span>,0<span class=\"_ _1\"></span>%<span class=\"_ _3bd\"> </span> Spread<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ri<span class=\"_ _0\"></span>sk<span class=\"_ _1\"></span> </span></span>15,<span class=\"_ _0\"></span>9% <span class=\"_ _193\"> </span>1,<span class=\"_ _1\"></span>6%<span class=\"_ _3bd\"> </span> Cu<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>ncy<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ris<span class=\"_ _1\"></span>k </span></span>8<span class=\"_ _0\"></span>,4<span class=\"_ _1\"></span>% <span class=\"_ _33c\"> </span>0<span class=\"_ _0\"></span>,8<span class=\"_ _1\"></span>%<span class=\"_ _3bd\"> </span> Con<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>ntra<span class=\"_ _0\"></span>tion<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span><span class=\"ff3\">ri<span class=\"_ _0\"></span>sk<span class=\"_ _1\"></span> </span></span>0<span class=\"_ _0\"></span>,0<span class=\"_ _1\"></span>% <span class=\"_ _33c\"> </span>0<span class=\"_ _0\"></span>,0<span class=\"_ _1\"></span>%<span class=\"_ _3bd\"> </span> La<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Compagnia<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>adott<span class=\"_ _2\"></span>a,<span class=\"ff1\">  </span>nei<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>confronti<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>fattor<span class=\"_ _2\"></span>i<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>sopra<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>enunciati,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>linee<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>guida<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>che<span class=\"ff1\"> </span>definiscono<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>principi<span class=\"ff1\"> </span>generali<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>l\u2019att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> </span>dell\u2019Area<span class=\"ff1\"> </span>Finanza,<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>periodicit\u00e0<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>controlli<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>azioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ripristino<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>caso<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>superamento<span class=\"ff1\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>limiti.<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Nella<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>composizione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>complessiva<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>portafoglio<span class=\"ff1\"> </span>d\u2019investimento<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tiene<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cont<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dell\u2019esposizione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rischio,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>vincoli<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>l<span class=\"_ _0\"></span>egati<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"_ _2\"></span>lla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cop<span class=\"_ _2\"></span>ertura<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"ff1\"> </span>riserve<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>ecniche<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span><span class=\"ff3\">e</span> <span class=\"_ _20\"></span><span class=\"ff3\">degli</span> <span class=\"_ _2\"></span><span class=\"ff3\">effett<span class=\"_ _2\"></span>i</span> <span class=\"_ _2\"></span><span class=\"ff3\">sul</span> <span class=\"_ _2\"></span><span class=\"ff3\">S</span><span class=\"ff3\">olvency</span> <span class=\"_ _20\"></span><span class=\"ff3\">Ratio.</span> <span class=\"_ _20\"></span><span class=\"ff3\">I</span> <span class=\"_ _2\"></span><span class=\"ff3\">limiti</span> <span class=\"_ _20\"></span><span class=\"ff3\">e</span> <span class=\"_ _20\"></span><span class=\"ff3\">gli</span> <span class=\"_ _2\"></span><span class=\"ff3\">indicator<span class=\"_ _2\"></span>i</span> <span class=\"_ _2\"></span><span class=\"ff3\">relativi</span> <span class=\"_ _20\"></span><span class=\"ff3\">agli</span> <span class=\"_ _2\"></span><span class=\"ff3\">investimenti</span> </span>sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">oggetto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">verifica<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">controllo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">su<span class=\"ff1\"> </span>base<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">continuativa<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">parte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">f<span class=\"_ _2\"></span>unzioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">az<span class=\"_ _2\"></span>iendali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">preposte<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>e,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _21\"></span></span>frequenza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>periodica,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>risultati<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cont<span class=\"_ _2\"></span>rolli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>portati<span class=\"ff1\"> <span class=\"_ _21\"></span></span>all\u2019attenzione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">del</span> <span class=\"_ _20\"></span><span class=\"ff3\">Consiglio</span> <span class=\"_ _21\"> </span><span class=\"ff3\">di</span> </span>Amministrazione.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>processo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prevede<span class=\"ff1\"> <span class=\"_ _21\"></span></span>inoltre<span class=\"ff1\"> <span class=\"_ _20\"></span></span>una<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fase<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>evisione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>suddetti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>limiti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>realizzata<span class=\"ff1\"> </span>mediante<span class=\"ff1\"> </span>analisi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>sensitivit\u00e0<span class=\"ff1\"> </span>condotte<span class=\"ff1\"> </span>sui<span class=\"ff1\"> </span>port<span class=\"_ _2\"></span>afogli<span class=\"ff1\"> </span>attivi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>passivi.<span class=\"_ _3bd\"> </span> La<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valutazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d<span class=\"_ _2\"></span>ei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>ischi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>m<span class=\"_ _2\"></span>ercato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>viene<span class=\"ff1\"> <span class=\"_ _2\"></span></span>eff<span class=\"_ _2\"></span>ettuata<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riferimento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>portafoglio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>investimenti<span class=\"ff1\"> </span>mobiliare<span class=\"ff1\"> </span>gi\u00e0<span class=\"ff1\"> </span>ac<span class=\"_ _2\"></span>quisito<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>agli<span class=\"ff1\"> </span>scenari<span class=\"ff1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>inv<span class=\"_ _2\"></span>estimento<span class=\"ff1\"> </span>futuro.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Tale<span class=\"ff1\"> </span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> </span>viene<span class=\"ff1\"> </span>realizzata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sia<span class=\"ff1\"> </span>co<span class=\"_ _2\"></span>n<span class=\"ff1\"> </span>logiche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Asset-Liability<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Management,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fine<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cogliere<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">interr<span class=\"_ _2\"></span>elazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">esist<span class=\"_ _2\"></span>enti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dinamiche<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pass<span class=\"_ _2\"></span>ivi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dinamiche<span class=\"ff1\"> <span class=\"_ _20\"></span></span>degli<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span></span>attivi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>copertura<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>lle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riserve<span class=\"ff1\"> <span class=\"_ _20\"></span></span>t<span class=\"_ _2\"></span>ecniche,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>eguendo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>princ<span class=\"_ _2\"></span>ipi<span class=\"ff1\"> </span>Solvency<span class=\"ff1\"> <span class=\"_ _2\"></span></span>II<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fine<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>cogl<span class=\"_ _2\"></span>iere<span class=\"ff1\"> </span>l\u2019<span class=\"_ _2\"></span>eventuale<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>equisito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>capitale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>assorbito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ogni<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ingolo<span class=\"ff1\"> </span>mo<span class=\"_ _2\"></span>dulo<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>sottomodulo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio. L\u2019identificazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>mercat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>vita<span class=\"ff1\"> <span class=\"_ _20\"></span></span>viene<span class=\"ff1\"> <span class=\"_ _20\"></span></span>effettuata<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riferimento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nuovi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"_ _2\"></span>nvestimenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> </span>asset<span class=\"ff1\"> </span>allocation<span class=\"ff1\"> </span>target,<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>portafoglio<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>essere:<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>Nuovi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>investimenti:<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>riferimento<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ai<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>nuovi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>investimenti,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>processo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>OR<span class=\"_ _0\"></span>SA<span class=\"_ _0\"></span> vengono<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>effe<span class=\"_ _0\"></span>ttuate<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>analisi<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>r<span class=\"_ _2\"></span>elative<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>scenari<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>investimento<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>futuro<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>l\u2019obiettivo<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>identificare<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>connessi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tali<span class=\"ff1\"> </span>scelte<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>investimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valutarne<span class=\"ff1\"> </span>l\u2019impatto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sul<span class=\"ff1\"> <span class=\"_ _2\"></span></span>profilo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>term<span class=\"_ _2\"></span>ini<span class=\"ff1\"> </span>quantitativi.<span class=\"ff1\"> </span>Inoltre,<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>investimenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>\u201cnatura<span class=\"ff1\"> </span>occasionale\u201d<span class=\"ff1\"> </span>(secondo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> </span>definizione<span class=\"ff1\">  </span>data<span class=\"ff1\">  </span>nella<span class=\"ff1\">  </span>Policy<span class=\"ff1\">  </span>Investimenti)<span class=\"ff1\">  </span>sulla<span class=\"ff1\">  </span>base<span class=\"ff1\">  </span>delle<span class=\"ff1\">  </span>informazioni<span class=\"ff1\">  </span>fornite<span class=\"ff1\">  </span>dal<span class=\"_ _0\"></span>l\u2019Area<span class=\"ff1\"> </span>Finanza<span class=\"ff1\"> <span class=\"_ _21\"></span></span>(a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>titolo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>esemplificativo:<span class=\"ff1\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"_ _2\"></span>biettivo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dell\u2019investimento,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>portafoglio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riferimento,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>size<span class=\"ff1\"> </span>dell\u2019operazione)<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>v<span class=\"_ _2\"></span>iene<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>eff<span class=\"_ _2\"></span>ettuata<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>dalla<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>funzione<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>Risk<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>Ma<span class=\"_ _2\"></span>nagement<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>valutazione<span class=\"ff1\"> </span>quali/quantitativa<span class=\"ff1\">  </span>ex-ante<span class=\"ff1\">  </span>basata<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>s<span class=\"_ _2\"></span>ia<span class=\"ff1\">  </span>su<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>logiche<span class=\"ff1\">  </span>gestionali<span class=\"ff1\">  </span>che<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>regolamentari.<span class=\"ff1\">  </span>Un<span class=\"ff1\">  </span>iter<span class=\"ff1\">  </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ex-ante<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>iene<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">effettuata<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Funzione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>Risk<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Management<span class=\"ff1\"> </span>anche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>tutti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gli<span class=\"ff1\"> </span>OICR<span class=\"ff1\"> <span class=\"_ _2\"></span></span>non<span class=\"ff1\"> <span class=\"_ _2\"></span></span>UCITs<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sulla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>base<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Due<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Diligence<span class=\"ff1\"> <span class=\"_ _2\"></span></span>predispost<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Area<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Finanza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>secondo<span class=\"ff1\"> </span>quanto<span class=\"ff1\"> </span>disciplinato<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>Policy<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>OICR/ETF.<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>Portafoglio<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">essere:<span class=\"ff1\"> </span>Con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riferimento<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">portafoglio<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>ssere,<span class=\"ff1\"> </span>l\u2019identificazione<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>vie<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span></span></span></span></span></span></span>ef<span class=\"_ _0\"></span>fett<span class=\"_ _0\"></span>uata<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sull<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>b<span class=\"_ _0\"></span>ase<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tecn<span class=\"_ _0\"></span>ici<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>po<span class=\"_ _0\"></span>rtaf<span class=\"_ _0\"></span>ogli<span class=\"_ _0\"></span>o,<span class=\"ff1\"> </span>de<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span>dati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">merc<span class=\"_ _0\"></span>ato<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>mi<span class=\"_ _0\"></span>sur<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ris<span class=\"_ _0\"></span>chio<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>determinate<span class=\"ff1\"> </span>attraverso<span class=\"ff1\"> </span>lo<span class=\"ff1\"> </span>strumento<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>calcolo<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>SCR<span class=\"ff1\"> </span>adottato.<span class=\"_ _3bd\"> </span> Si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riport<span class=\"_ _2\"></span>ano<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">seguito<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">macro-indicatori<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">analizzati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">monitoraggio<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>me<span class=\"_ _0\"></span>rcat<span class=\"_ _0\"></span>o: -<span class=\"_ _3bd\"> </span>SCR<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Interest<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span></span>Rate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u2013<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Based:<span class=\"ff1\"> <span class=\"_ _20\"></span></span>indicatori<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>hanno<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>lo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>scopo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>individuare<span class=\"ff1\"> <span class=\"_ _21\"></span></span>l\u2019<span class=\"_ _0\"></span>assor<span class=\"_ _2\"></span>bimento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>d<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span> capitale,<span class=\"ff1\"> </span>sec<span class=\"_ _0\"></span>ondo<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>metriche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Solvency<span class=\"ff1\"> </span>II,<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">interesse</span> <span class=\"_ _0\"></span><span class=\"ff3\">secondo<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">approccio<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>sia<span class=\"ff1\"> </span>regolamentare<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>gestionale;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>Con<span class=\"_ _0\"></span>cen<span class=\"_ _0\"></span>traz<span class=\"_ _0\"></span>ione<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">relat<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">su</span> <span class=\"_ _0\"></span><span class=\"ff3\">sing<span class=\"_ _0\"></span>ola<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ontr<span class=\"_ _0\"></span>opa<span class=\"_ _0\"></span>rte;<span class=\"_ _0\"></span> </span></span></span></span>-<span class=\"_ _3bd\"> </span>Ra<span class=\"_ _0\"></span>ting<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">su<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>ola<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>trop<span class=\"_ _0\"></span>arte<span class=\"_ _0\"></span>; </span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Esp<span class=\"_ _0\"></span>osi<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ssol<span class=\"_ _0\"></span>uta<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Equ<span class=\"_ _0\"></span>ity; </span></span></span></span>-<span class=\"_ _3bd\"> </span>Esp<span class=\"_ _0\"></span>osi<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>lati<span class=\"_ _0\"></span>va<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>Obb<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>orp<span class=\"_ _0\"></span>orate<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>Esp<span class=\"_ _0\"></span>osi<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ssol<span class=\"_ _0\"></span>uta<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">valu<span class=\"_ _0\"></span>ta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">este<span class=\"_ _0\"></span>ra;<span class=\"_ _3bd\"> </span> </span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Dur<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n; -<span class=\"_ _3bd\"> </span>Sensitivities<span class=\"ff1\"> </span>Spread<span class=\"ff1\"> </span>Goverantivo<span class=\"ff1\"> </span>Italia<span class=\"ff1\"> </span>(al<span class=\"ff1\"> </span>fine<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>catturar<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>fattore<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>spread<span class=\"ff1\"> </span>sui<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> </span>governativi<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>incluso<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>formula<span class=\"ff1\"> </span>standard);<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>Se<span class=\"_ _0\"></span>nsit<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>ty<span class=\"ff1\"> </span>su<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>atto<span class=\"_ _0\"></span>ri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risc<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>merc<span class=\"_ _0\"></span>ato<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tasso<span class=\"_ _0\"></span>).<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span>Ri<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>hi<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>me<span class=\"_ _0\"></span>rca<span class=\"_ _1\"></span>to<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>A<span class=\"_ _0\"></span>L<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ALM<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">u<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>strettamente<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>correlato<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ai<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>disalline<span class=\"_ _0\"></span>amenti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tra<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>pas<span class=\"_ _0\"></span>sivit\u00e0.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>I<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span></span></span></span></span>processo<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>ALM<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _23\"> </span><span class=\"ff3\">in<span class=\"_ _0\"></span>clude<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>suo<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>inter<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>dinamiche<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>con<span class=\"_ _2\"></span>nesse<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>a<span class=\"_ _2\"></span>lla<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>gestione<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>de<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>alla<span class=\"ff1\"> </span></span></span>pianificazione<span class=\"ff1\">  </span>strategica.<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">Si</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">focalizza</span>  <span class=\"ff3\">sul</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">medio</span>  <span class=\"ff3\">-</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">lungo</span>  <span class=\"ff3\">termine</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">anzich\u00e9</span>  <span class=\"ff3\">offrire</span>  <span class=\"ff3\">soluzi<span class=\"_ _0\"></span>oni<span class=\"ff1\">  </span>di<span class=\"ff1\"> </span></span></span>mit<span class=\"_ _0\"></span>iga<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>cop<span class=\"_ _0\"></span>ertu<span class=\"_ _0\"></span>ra<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>risc<span class=\"_ _0\"></span>hio.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">L\u2019o<span class=\"_ _0\"></span>biett<span class=\"_ _0\"></span>ivo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">tale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">gest<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del</span> <span class=\"ff3\">risc<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>que<span class=\"_ _0\"></span>llo<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">massi<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>zzare<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>soddisfare<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>passivit\u00e0<span class=\"ff1\"> </span>complesse<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>possono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>aumentare<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>redditivit\u00e0.<span class=\"_ _3bd\"> </span> Al<span class=\"_ _0\"></span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sotto<span class=\"_ _0\"></span>cate<span class=\"_ _0\"></span>go<span class=\"_ _0\"></span>ria<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ALM<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ap<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>rteng<span class=\"_ _0\"></span>ono<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">se<span class=\"_ _0\"></span>gue<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fa<span class=\"_ _0\"></span>ttori<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>o:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Asset<span class=\"ff1\"> <span class=\"_ _1f0\"> </span></span>Allocation<span class=\"ff1\"> <span class=\"_ _1f2\"> </span></span>Strategica<span class=\"ff1\"> <span class=\"_ _1f0\"> </span></span>(AAT):<span class=\"ff1\"> <span class=\"_ _1f2\"> </span></span>consist<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1f2\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _1f0\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _1f2\"> </span></span>r<span class=\"_ _2\"></span>isultante<span class=\"_ _0\"></span><span class=\"ff1\"> </span>dall\u2019inadeguatezza/incoerenza<span class=\"ff1\"> </span>dell\u2019asset<span class=\"ff1\"> </span>allocation<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>fare<span class=\"ff1\"> </span>fronte<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>passivit\u00e0.<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>Ass<span class=\"_ _0\"></span>et<span class=\"ff1\"> </span>&amp;<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Liab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>ty<span class=\"ff1\"> </span>mis<span class=\"_ _0\"></span>matc<span class=\"_ _0\"></span>h:<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">corr<span class=\"_ _0\"></span>ispo<span class=\"_ _0\"></span>nde<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al</span> <span class=\"ff3\">r<span class=\"_ _0\"></span>isch<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>isa<span class=\"_ _0\"></span>llin<span class=\"_ _0\"></span>eame<span class=\"_ _0\"></span>nto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">atti<span class=\"_ _0\"></span>vi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>ssivi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pu<span class=\"_ _0\"></span>\u00f2<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>comportare<span class=\"ff1\"> <span class=\"_ _2c\"> </span></span>un\u2019esposizione<span class=\"ff1\"> <span class=\"_ _2c\"> </span></span>dell\u2019impresa<span class=\"ff1\"> <span class=\"_ _2c\"> </span></span>o<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2c\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _2c\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _2c\"> </span></span>disinvestimento<span class=\"ff1\"> <span class=\"_ _2c\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _bf\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _2c\"> </span></span>rischio<span class=\"ff1\"> </span>rei<span class=\"_ _0\"></span>nve<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>o.<span class=\"_ _3bd\"> </span> La<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Compagnia<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>adott<span class=\"_ _2\"></span>a,<span class=\"ff1\">  </span>nei<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>confronti<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>fattor<span class=\"_ _2\"></span>i<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>sopra<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>enunciati,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>linee<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>guida<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>che<span class=\"ff1\"> </span>definiscono<span class=\"ff1\">  </span>i<span class=\"ff1\">  </span>princi<span class=\"_ _0\"></span>pi<span class=\"ff1\">  </span>generali,<span class=\"ff1\">  </span>la<span class=\"ff1\">  </span>periodic<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\">  </span>dei<span class=\"ff1\">  </span>controlli<span class=\"ff1\">  </span>e<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">le</span>  <span class=\"ff3\">azioni</span>  <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\">  </span>ripristino<span class=\"ff1\">  </span>in<span class=\"ff1\">  </span>caso<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span>superamento<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>limiti.<span class=\"_ _3bd\"> </span> Valutazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>AL<span class=\"_ _2\"></span>M<span class=\"ff1\"> <span class=\"_ _2\"></span></span>viene<span class=\"ff1\"> <span class=\"_ _2\"></span></span>effett<span class=\"_ _2\"></span>uata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riferimento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>portafoglio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>investimenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>m<span class=\"_ _2\"></span>obiliare<span class=\"ff1\"> </span>gi\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>acquisito<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>agli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>cenari<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>investimento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>futuro.<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Tale<span class=\"ff1\"> <span class=\"_ _21\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>viene<span class=\"ff1\"> <span class=\"_ _21\"></span></span>realizzata<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>logiche<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> </span>Ass<span class=\"_ _0\"></span>et-<span class=\"_ _0\"></span>Liab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>ty<span class=\"ff1\"> </span>Ma<span class=\"_ _0\"></span>nagem<span class=\"_ _0\"></span>ent,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fine</span> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ogli<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le</span> <span class=\"ff3\">i<span class=\"_ _0\"></span>nter<span class=\"_ _0\"></span>rel<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>esis<span class=\"_ _0\"></span>ten<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>ra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>inam<span class=\"_ _0\"></span>iche<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pass<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>e<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>dinamiche<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>attivi<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>copertura<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>riserve<span class=\"ff1\"> </span>tecniche.<span class=\"_ _3bd\"> </span> Pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>qua<span class=\"_ _0\"></span>nto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rigu<span class=\"_ _1\"></span>arda<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">m<span class=\"_ _0\"></span>acro-<span class=\"_ _0\"></span>ind<span class=\"_ _0\"></span>icat<span class=\"_ _0\"></span>ori<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ana<span class=\"_ _0\"></span>liz<span class=\"_ _0\"></span>zati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">va<span class=\"_ _0\"></span>luta<span class=\"_ _0\"></span>zione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mo<span class=\"_ _0\"></span>nito<span class=\"_ _0\"></span>ragg<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risc<span class=\"_ _0\"></span>hi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">AL<span class=\"_ _0\"></span>M:<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>SCR<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Interest<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Rate<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Based:<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>indicatori<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>hanno<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>lo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>copo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>individuare<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>l\u2019assor<span class=\"_ _2\"></span>bimento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> </span>capitale,<span class=\"ff1\"> </span>sec<span class=\"_ _0\"></span>ondo<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>metriche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Solvency<span class=\"ff1\"> </span>II,<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">interesse</span> <span class=\"_ _0\"></span><span class=\"ff3\">secondo<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">approccio<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>sia<span class=\"ff1\"> </span>regolamentare<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>gestionale;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>Cash<span class=\"ff1\"> </span>Flow<span class=\"ff1\"> </span>Matching:<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l\u2019indicatore</span> <span class=\"ff3\">descrive</span> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>disallineamento,<span class=\"ff1\"> </span>tempo<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>tempo,<span class=\"ff1\"> </span>tra<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>Cashflow<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span>degli<span class=\"ff1\"> </span>attivi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>Cashflow<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>passivo;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>Duration<span class=\"ff1\">  </span>Matching:<span class=\"ff1\">  </span>disallineamento<span class=\"ff1\">  </span>tra<span class=\"ff1\">  </span>la<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>uration<span class=\"ff1\">  </span>dei<span class=\"ff1\">  </span>Cashflow<span class=\"ff1\">  </span>Attivi<span class=\"ff1\">  </span>e<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">la</span>  <span class=\"ff3\">duration</span>  <span class=\"ff3\">dei</span> </span>Cashflow<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Pass<span class=\"_ _2\"></span>ivi<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\">.<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>Rischio<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>li<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>idi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>L<span class=\"_ _3bd\"> </span>e<span class=\"ff1\"> </span>Compagnie<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> </span>soggett<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>possibili<span class=\"ff1\"> </span>tensioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>l<span class=\"_ _2\"></span>iquidit\u00e0<span class=\"ff1\"> </span>derivanti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"ff1\"> </span>scad<span class=\"_ _2\"></span>enze<span class=\"ff1\"> </span>diverse<span class=\"ff1\"> </span>t<span class=\"_ _2\"></span>ra<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>atti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rela<span class=\"_ _0\"></span>tivi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>assiv<span class=\"_ _0\"></span>i.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>risc<span class=\"_ _0\"></span>hio<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">liqu<span class=\"_ _0\"></span>idi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>ntend<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ris<span class=\"_ _0\"></span>chio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">che</span> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Comp<span class=\"_ _0\"></span>agni<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">grado<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> </span>liquidare<span class=\"ff1\"> </span>investimenti<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>altre<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>egolare<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>propri<span class=\"ff1\"> </span>impeg<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>finanziar<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>momento<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>relativa<span class=\"ff1\"> </span>scadenza<span class=\"ff1\"> </span>(cfr.<span class=\"ff1\"> </span>articolo<span class=\"ff1\"> </span>1,<span class=\"ff1\"> </span>comma<span class=\"ff1\"> </span>1,<span class=\"ff1\"> </span>lettera<span class=\"ff1\"> </span>vv-bis<span class=\"ff1\"> </span>2<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>CAP).<span class=\"_ _3bd\"> </span> La<span class=\"ff1\"> </span>possibilit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>procedere<span class=\"ff1\"> </span>allo<span class=\"ff1\"> </span>smobilizzo<span class=\"ff1\"> </span>tempestivo<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>portafoglio<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>fortemente<span class=\"ff1\"> </span>condizionata<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">liquidabilit<span class=\"_ _2\"></span>\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>itoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">lo<span class=\"ff1\"> </span>stesso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">investito.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">La<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">scarsa<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">liquidabilit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">portafoglio,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>infatti,<span class=\"ff1\"> </span>pu\u00f2<span class=\"ff1\"> </span>esporre<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>Compagnia<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>conseguire<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> </span>perdite<span class=\"ff1\"> </span>conne<span class=\"_ _0\"></span>sse<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>difficolt\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></span></span>trovare<span class=\"ff1\"> </span>sul<span class=\"ff1\"> </span>mercato<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>controparte<span class=\"ff1\"> </span>interessata<span class=\"ff1\"> </span>all\u2019acquisto<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>intende<span class=\"ff1\"> </span>smobilizzare.<span class=\"ff1\"> </span>La<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Com<span class=\"_ _0\"></span>pag<span class=\"_ _0\"></span>nia<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">qu<span class=\"_ _0\"></span>antif<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">su<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>pos<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>olvib<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le</span> <span class=\"_ _1\"></span><span class=\"ff3\">metric<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Formu<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Sta<span class=\"_ _0\"></span>nda<span class=\"_ _0\"></span>rd,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">che<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>non<span class=\"ff1\"> </span>prevede<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>quantificazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>liquidit\u00e0<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>termini<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>assorbimento<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>capitale.<span class=\"_ _3bd\"> </span> L\u2019identificazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>el<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">liquidit\u00e0<span class=\"ff1\"> </span>viene<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">effett<span class=\"_ _2\"></span>uata<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riferimento<span class=\"ff1\"> </span>ai<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">portafoglio<span class=\"ff1\"> </span>investimenti<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>sottostanti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prodotti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>garanzia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>capitale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e/o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>endimento.<span class=\"ff1\"> <span class=\"_ _21\"></span></span>L\u2019<span class=\"_ _0\"></span>identificazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>viene<span class=\"ff1\"> </span>effettuata<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>s<span class=\"_ _2\"></span>ulla<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>base<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>dati<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>tecnici<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>portafogli<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>metriche<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>definite<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>funzione<span class=\"ff1\"> </span>dell\u2019orizzonte<span class=\"ff1\"> </span>temporale<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>viene<span class=\"ff1\"> </span>analizzato<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>studiato<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>st<span class=\"_ _2\"></span>esso.<span class=\"_ _3bd\"> </span> Si<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>riport<span class=\"_ _2\"></span>ano<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>seg<span class=\"_ _0\"></span>uito<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>gli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>indicator<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>utilizzati<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dalla<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Compagnia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">monitoraggio</span> <span class=\"_ _27\"> </span><span class=\"ff3\">del</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">rischio</span> </span>li<span class=\"_ _0\"></span>quidi<span class=\"_ _0\"></span>t\u00e0:<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>importo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cont<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">correnti:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Compagnia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"ff1\"> </span>scel<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">monitorare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019importo<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>tenuto<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Co<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Correnti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>fine<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>fissar<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>limite<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>inferiore<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rappresenta<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Riserva<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Liquidit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>(come<span class=\"ff1\"> </span>prescritta<span class=\"ff1\"> </span>dal<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Reg.<span class=\"ff1\"> </span>38<span class=\"ff1\"> </span>IVAS<span class=\"_ _0\"></span>S)<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>imite<span class=\"ff1\"> </span>superiore<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>termini<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>importo<span class=\"ff1\"> </span>massimo<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>etenere<span class=\"ff1\"> </span></span></span></span></span>nei<span class=\"ff1\"> </span>Conti<span class=\"ff1\"> </span>Correnti<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fine<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rendere<span class=\"ff1\"> </span>efficace<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>gestione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>portafoglio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>limitare<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>eventuali<span class=\"ff1\"> </span>effetti<span class=\"ff1\"> </span>sull\u2019SCR<span class=\"ff1\"> </span>Default.<span class=\"ff1\"> </span>Nella<span class=\"ff1\"> </span>quantificazione<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>Riserva<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Liquidit\u00e0<span class=\"ff1\"> </span>concorrono<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>solo<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>esposizioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>Conto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Corrente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ma<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tito<span class=\"_ _2\"></span>li<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Go<span class=\"_ _2\"></span>vernativi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>ell'Area<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Euro<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">qualit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">credito<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>superiore<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>2<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>scadenza<span class=\"ff1\"> </span>inferiore<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>3<span class=\"ff1\"> </span>mesi.<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>Liquidity<span class=\"ff1\">  </span>Buffer:<span class=\"ff1\">  </span>il<span class=\"ff1\">  </span>numero<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>pe<span class=\"_ _0\"></span>riodi,<span class=\"ff1\">  </span>mensili,<span class=\"ff1\">  </span>consecutivi<span class=\"ff1\">  </span>con<span class=\"ff1\">  </span>Liquidity<span class=\"ff1\">  </span>Buffer<span class=\"ff1\">  </span>negativo,<span class=\"ff1\"> </span>nell\u2019orizzonte<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>tempor<span class=\"_ _2\"></span>ale<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>annuale<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>cons<span class=\"_ _2\"></span>iderato<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>for<span class=\"_ _2\"></span>nisce<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>un\u2019indicazione<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>sintetica<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>della<span class=\"ff1\"> </span>situazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>liquidit\u00e0<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>Compagnia;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>Piano<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">liquidit\u00e0:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019indicat<span class=\"_ _2\"></span>ore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">volto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dimostr<span class=\"_ _2\"></span>are<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Compagnia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ha<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risors<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">su<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>base<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">continuativa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gestione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">liquidit\u00e0.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Tale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">condizione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risulta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inoltre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">essere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>base<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>l\u2019applicazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Volatility<span class=\"ff1\"> </span>Adjustment<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>livello<span class=\"ff1\"> </span>Regolamentare;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>Con<span class=\"_ _0\"></span>ting<span class=\"_ _0\"></span>enc<span class=\"_ _0\"></span>y<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">liq<span class=\"_ _0\"></span>uidi<span class=\"_ _0\"></span>t\u00e0:<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ovve<span class=\"_ _1\"></span>ro<span class=\"ff1\"> </span>titol<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">faci<span class=\"_ _0\"></span>lme<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">liqu<span class=\"_ _0\"></span>idab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>SCR<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>efault<span class=\"ff1\"> <span class=\"_ _21\"></span></span>conti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cor<span class=\"_ _2\"></span>rente:<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>fine<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>limitare<span class=\"ff1\"> <span class=\"_ _20\"></span></span>gli<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>eventuali<span class=\"ff1\"> <span class=\"_ _21\"></span></span>effetti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sull\u2019SCR<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>fault<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>derivante<span class=\"ff1\"> </span>dall\u2019aumento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>volumi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cont<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>corrente,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Compagnia<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ha<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>fissat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>limite<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>superiore<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> </span>termini<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>SCR<span class=\"ff1\"> </span>Default.<span class=\"_ _3bd\"> </span> Ri<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>hio<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cr<span class=\"_ _0\"></span>edi<span class=\"_ _0\"></span>to<span class=\"_ _3bd\"> </span>(d<span class=\"_ _0\"></span>ef<span class=\"_ _0\"></span>aul<span class=\"_ _0\"></span>t)<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Si<span class=\"ff1\"> </span>definisce<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>credito<span class=\"ff1\"> </span>(rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>default)<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>perdita<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>variazione<span class=\"ff1\"> </span>sfavorevole<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>sit<span class=\"_ _0\"></span>uaz<span class=\"_ _0\"></span>ione<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">finan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>ria<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>riva<span class=\"_ _0\"></span>nte<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>osc<span class=\"_ _0\"></span>ill<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>oni<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">merit<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cred<span class=\"_ _0\"></span>ito<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">emitte<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">tito<span class=\"_ _0\"></span>li,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>trop<span class=\"_ _0\"></span>arti<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">debitori<span class=\"ff1\"> </span>nei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">confronti</span> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span>quali<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>\u2019impresa<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">as<span class=\"_ _2\"></span>sicurazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>riassicurazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>sposta<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">forma<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>inadempimento<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>controparte,<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>spread<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>concentrazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> </span>mercato<span class=\"ff1\"> </span>(cfr.<span class=\"ff1\"> </span>articolo<span class=\"ff1\"> </span>1,<span class=\"ff1\"> </span>comma<span class=\"ff1\"> </span>1,<span class=\"ff1\"> </span>lettera<span class=\"ff1\"> </span>vv-bis<span class=\"ff1\"> </span>1<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>CAP).<span class=\"_ _3bd\"> </span> La<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">perdita<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">posizione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cr<span class=\"_ _2\"></span>editoria<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">collegata<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">principalmente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>alit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dell\u2019emittente<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>o<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>co<span class=\"_ _2\"></span>ntroparte<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(i<span class=\"_ _0\"></span>nclusi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>riassicuratori,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>coassicuratori,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>assic<span class=\"_ _0\"></span>urati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ed<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">in<span class=\"_ _0\"></span>termediari)<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>m<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pu\u00f2<span class=\"ff1\"> </span></span></span>anche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>derivare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> <span class=\"_ _20\"></span></span>deterioramento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>condizioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>economi<span class=\"_ _2\"></span>co-finanziarie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>debitore<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cui<span class=\"ff1\"> </span>dip<span class=\"_ _0\"></span>end<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">capac<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">fa<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>fr<span class=\"_ _0\"></span>onte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ag<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>mpegn<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>ziar<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ass<span class=\"_ _0\"></span>unti<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>non<span class=\"_ _0\"></span>ch\u00e9<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">da</span> <span class=\"ff3\">c<span class=\"_ _0\"></span>ause<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">indi<span class=\"_ _0\"></span>pend<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>dal<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>situazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>economica<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fi<span class=\"_ _2\"></span>nanziaria<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contropart<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>debitrice,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _20\"></span></span>esempio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cause<span class=\"ff1\"> <span class=\"_ _2\"></span></span>politic<span class=\"_ _2\"></span>o-<span class=\"ff1\"> </span>mil<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>re.<span class=\"_ _3bd\"> </span> Da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">punto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">vis<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rapp<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>tivo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ide<span class=\"_ _0\"></span>ntif<span class=\"_ _0\"></span>ich<span class=\"_ _0\"></span>iam<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>tre<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mac<span class=\"_ _0\"></span>ro<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ree<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>hio<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>red<span class=\"_ _0\"></span>ito:<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>assi<span class=\"_ _0\"></span>cura<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>In<span class=\"_ _0\"></span>terme<span class=\"_ _0\"></span>dia<span class=\"_ _0\"></span>rie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">al<span class=\"_ _0\"></span>tre<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>ntrop<span class=\"_ _1\"></span>arti;<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span>-<span class=\"_ _3bd\"> </span>Inv<span class=\"_ _0\"></span>est<span class=\"_ _0\"></span>imen<span class=\"_ _0\"></span>ti.<span class=\"_ _3bd\"> </span> I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fa<span class=\"_ _0\"></span>ttori<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>sott<span class=\"_ _0\"></span>ost<span class=\"_ _0\"></span>anti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">si<span class=\"_ _0\"></span>ngo<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ottoc<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span>gor<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del</span> <span class=\"_ _1\"></span><span class=\"ff3\">rischi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>cre<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">seg<span class=\"_ _0\"></span>uen<span class=\"_ _0\"></span>ti:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>anto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rig<span class=\"_ _0\"></span>ua<span class=\"_ _0\"></span>rda<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sotto<span class=\"_ _0\"></span>cl<span class=\"_ _0\"></span>asse<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">R<span class=\"_ _0\"></span>assi<span class=\"_ _0\"></span>cur<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span>o<span class=\"ff1\"> <span class=\"_ _bf\"> </span><span class=\"ff3\">Rischio</span> <span class=\"_ _4d\"> </span><span class=\"ff3\">di</span> <span class=\"_ _29\"> </span><span class=\"ff3\">credito</span> <span class=\"_ _29\"> </span><span class=\"ff3\">verso<span class=\"_ _2\"></span></span> <span class=\"_ _29\"> </span><span class=\"ff3\">riassicuratori:</span> <span class=\"_ _4d\"> </span><span class=\"ff3\">rappresenta</span> <span class=\"_ _29\"> </span><span class=\"ff3\">il</span> <span class=\"_ _29\"> </span><span class=\"ff3\">rischio</span> <span class=\"_ _4d\"> </span><span class=\"ff3\">di</span> <span class=\"_ _29\"> </span><span class=\"ff3\">perdite</span> <span class=\"_ _29\"> </span><span class=\"ff3\">derivanti</span> </span>dall\u2019insolvenza<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>uno<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>pi\u00f9<span class=\"ff1\"> </span>riassicuratori;<span class=\"_ _3bd\"> </span> o<span class=\"_ _3bd\"> </span>Rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>base:<span class=\"ff1\"> <span class=\"_ _2\"></span></span>derivante<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dalle<span class=\"ff1\"> </span>eventuali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>discrepanze<span class=\"ff1\"> </span>tr<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>esigenze<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riassicurazione<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>l\u2019effettiva<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">copertura<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>revista<span class=\"ff1\"> </span>dal<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tr<span class=\"_ _2\"></span>attato<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">comportando<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Compagnia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un\u2019assunzione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>rischio<span class=\"ff1\"> </span>maggiore<span class=\"ff1\"> </span>rispetto<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>quella<span class=\"ff1\"> </span>preventivata.<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>Pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>anto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rig<span class=\"_ _0\"></span>ua<span class=\"_ _0\"></span>rda<span class=\"ff1\"> </span>g<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">int<span class=\"_ _0\"></span>erme<span class=\"_ _0\"></span>diari<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">altre<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>ontr<span class=\"_ _0\"></span>opa<span class=\"_ _0\"></span>rti:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span>o<span class=\"_ _3bd\"> </span>Rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">credito<span class=\"ff1\"> </span>verso<span class=\"ff1\"> </span>intermediari<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">altre<span class=\"ff1\"> </span>controparti:<span class=\"ff1\"> </span>rapprese<span class=\"_ _0\"></span>nta<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perdite<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span></span></span></span></span></span></span>con<span class=\"_ _0\"></span>seg<span class=\"_ _0\"></span>uenz<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>all\u2019i<span class=\"_ _0\"></span>nad<span class=\"_ _0\"></span>emp<span class=\"_ _0\"></span>imen<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>trattu<span class=\"_ _1\"></span>ale<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>sog<span class=\"_ _0\"></span>get<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>ter<span class=\"_ _0\"></span>zi<span class=\"ff1\"> </span>(e<span class=\"_ _0\"></span>s.<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>cre<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>vers<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>assi<span class=\"_ _0\"></span>cur<span class=\"_ _0\"></span>ati,<span class=\"_ _0\"></span><span class=\"ff1\"> </span>verso<span class=\"ff1\"> </span>intermediari<span class=\"ff1\"> </span>assicurativi,<span class=\"ff1\"> </span>conti<span class=\"ff1\"> </span>correnti<span class=\"ff1\"> </span>verso<span class=\"ff1\"> </span>banche).<span class=\"_ _3bd\"> </span> Da<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>punto<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>vista<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> </span>distribuzione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>cou<span class=\"_ _2\"></span>nterparty<span class=\"ff1\"> <span class=\"_ _2\"></span></span>default<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Credemassicurazioni<span class=\"ff1\"> </span>secondo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dettami<span class=\"ff1\"> <span class=\"_ _21\"></span></span>normativi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Solve<span class=\"_ _0\"></span>ncy<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>II<span class=\"ff1\"> <span class=\"_ _21\"></span></span>si<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riport<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nel<span class=\"_ _0\"></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>tabella<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">seguito</span> <span class=\"_ _21\"></span><span class=\"ff3\">la</span> <span class=\"_ _20\"></span><span class=\"ff3\">miglior</span> <span class=\"_ _21\"> </span><span class=\"ff3\">stima</span> <span class=\"_ _21\"></span><span class=\"ff3\">della</span> </span>rappresentazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> </span>(si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">precisa<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>peso<span class=\"ff1\"> </span>complessivo<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischi<span class=\"ff1\"> </span></span></span></span></span></span></span>counterpary<span class=\"ff1\"> </span>default<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>2,5%).<span class=\"_ _3bd\"> </span> Credit<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">risk<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risk/sum<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">of<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">risk<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">components<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>elativ<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>com<span class=\"_ _0\"></span>ple<span class=\"_ _0\"></span>ssiv<span class=\"_ _1\"></span>o<span class=\"_ _3bd\"> </span> 31/<span class=\"_ _0\"></span>12<span class=\"_ _0\"></span>/20<span class=\"_ _0\"></span>22<span class=\"_ _3bd\"> </span> %Re<span class=\"_ _0\"></span>lat<span class=\"_ _0\"></span>ivo<span class=\"_ _0\"></span> <span class=\"_ _67\"> </span>%Co<span class=\"_ _0\"></span>mpl<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>ivo<span class=\"_ _0\"></span> Type<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">1<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>oun<span class=\"_ _0\"></span>terp<span class=\"_ _0\"></span>art<span class=\"_ _1\"></span>ies<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>91,<span class=\"_ _0\"></span>8%<span class=\"_ _0\"></span> <span class=\"_ _106\"> </span>2<span class=\"_ _1\"></span>,3%<span class=\"_ _0\"></span> Type<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">2<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>oun<span class=\"_ _0\"></span>terp<span class=\"_ _0\"></span>art<span class=\"_ _1\"></span>ies<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>8<span class=\"_ _0\"></span>,2<span class=\"_ _1\"></span>% <span class=\"_ _1f6\"> </span>0,<span class=\"_ _1\"></span>2%<span class=\"_ _3bd\"> </span> Le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>politiche<span class=\"ff1\"> <span class=\"_ _20\"></span></span>relative<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>gestione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cr<span class=\"_ _2\"></span>edito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>verso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>gli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>emitt<span class=\"_ _2\"></span>enti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>strumenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziari<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riconducibili<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quanto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sopra<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>iportato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>proposito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mercato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riferimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ai<span class=\"ff1\"> </span>principi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">generali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>elativi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">controllo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">degli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">invest<span class=\"_ _2\"></span>imenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nat<span class=\"_ _2\"></span>ura<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziaria.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quanto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">concerne<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>con<span class=\"_ _0\"></span>trop<span class=\"_ _0\"></span>arti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rias<span class=\"_ _0\"></span>sicu<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>ve,<span class=\"ff1\"> </span>Cr<span class=\"_ _0\"></span>edema<span class=\"_ _0\"></span>ssic<span class=\"_ _0\"></span>ura<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ha<span class=\"ff1\"> </span>def<span class=\"_ _0\"></span>init<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>po<span class=\"_ _0\"></span>liti<span class=\"_ _0\"></span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ge<span class=\"_ _0\"></span>stio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>contr<span class=\"_ _0\"></span>oll<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></span></span></span></span></span></span>tale<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>termini<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>linee<span class=\"ff1\"> </span>guida<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>limiti<span class=\"ff1\"> </span>relativi<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>controparti.<span class=\"_ _3bd\"> </span> L\u2019identificazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Counterpar<span class=\"_ _2\"></span>ty<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Default<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Risk<span class=\"ff1\"> <span class=\"_ _2\"></span></span>viene<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"_ _2\"></span>ffettuata<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _21\"></span></span>riferimento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>controparti<span class=\"ff1\"> </span>verso<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>quali<span class=\"ff1\"> </span>sussistono<span class=\"ff1\"> </span>posizioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>credito.<span class=\"_ _3bd\"> </span> Si<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rip<span class=\"_ _1\"></span>ortano<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">si<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>tica<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>d<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span>seg<span class=\"_ _0\"></span>uito<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le</span> <span class=\"_ _0\"></span><span class=\"ff3\">mis<span class=\"_ _0\"></span>ure<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>uti<span class=\"_ _0\"></span>liz<span class=\"_ _0\"></span>zate<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>SC<span class=\"_ _0\"></span>R<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>ount<span class=\"_ _0\"></span>erp<span class=\"_ _0\"></span>arty<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Defa<span class=\"_ _0\"></span>ult<span class=\"ff1\"> </span>R<span class=\"_ _0\"></span>isk<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>-<span class=\"_ _3bd\"> </span>Importo<span class=\"ff1\"> </span>M<span class=\"_ _0\"></span>assimo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Conti<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>orr<span class=\"_ _2\"></span>enti:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rappresenta<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019ammonta<span class=\"_ _2\"></span>re<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">massimo<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">C/C<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">detenere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sul<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>po<span class=\"_ _0\"></span>rtaf<span class=\"_ _0\"></span>ogli<span class=\"_ _0\"></span>o;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>Esposizione<span class=\"_ _3bd\"> </span>per<span class=\"_ _3bd\"> </span>Riassicuratore:<span class=\"_ _3bd\"> </span>l\u2019indicatore<span class=\"_ _3bd\"> </span>individua<span class=\"_ _3bd\"> </span>l\u2019esposizione<span class=\"_ _3bd\"> </span>verso<span class=\"_ _3bd\"> </span>ciascun<span class=\"ff1\"> </span>Riassicuratore<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>termini<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>somme<span class=\"ff1\"> </span>assicurate;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>Rating<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>Solvency<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>Ratio<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>Riass<span class=\"_ _2\"></span>icuratore:<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>l\u2019i<span class=\"_ _0\"></span>ndicator<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>pari<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>Rat<span class=\"_ _2\"></span>ing<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>singolo<span class=\"ff1\"> </span>Riassicuratore<span class=\"ff1\"> </span>o,<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>caso<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>contropart<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>retata,<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>Solvenc<span class=\"_ _0\"></span>y<span class=\"ff1\"> </span>Ratio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dello<span class=\"ff1\"> </span>stesso.<span class=\"_ _3bd\"> </span> Ri<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>hi<span class=\"_ _3bd\"> </span>op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>i,<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>no<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nf<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>mit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>al<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>nor<span class=\"_ _1\"></span>me,<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>pu<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>ona<span class=\"_ _1\"></span>li,<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nd<span class=\"_ _1\"></span>otta<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ap<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>enz<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>Gr<span class=\"_ _0\"></span>up<span class=\"_ _0\"></span>po<span class=\"_ _3bd\"> </span>Il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">risch<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>op<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>tivo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u00e8</span> <span class=\"ff3\">defi<span class=\"_ _0\"></span>nibi<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ome<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">risc<span class=\"_ _0\"></span>hio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">sub<span class=\"_ _0\"></span>ire<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>erd<span class=\"_ _0\"></span>ite<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>riv<span class=\"_ _0\"></span>anti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dall<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>inad<span class=\"_ _0\"></span>egu<span class=\"_ _0\"></span>atez<span class=\"_ _0\"></span>za<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>dal<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>disfunzione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>(carenze<span class=\"ff1\"> <span class=\"_ _21\"></span></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>errori)<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>procedure<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>interne,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>risor<span class=\"_ _2\"></span>se<span class=\"ff1\"> <span class=\"_ _21\"></span></span>umane<span class=\"ff1\"> <span class=\"_ _21\"></span></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sistemi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>oppure<span class=\"ff1\"> <span class=\"_ _21\"></span></span>da<span class=\"ff1\"> <span class=\"_ _21\"></span></span>eventi<span class=\"ff1\"> </span>esogeni<span class=\"ff1\"> </span>(cfr.<span class=\"ff1\"> </span>articolo<span class=\"ff1\"> </span>1,<span class=\"ff1\"> </span>comma<span class=\"ff1\"> </span>1,<span class=\"ff1\"> </span>lettera<span class=\"ff1\"> </span>vv-bis<span class=\"ff1\"> </span>5<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>CAP).<span class=\"_ _3bd\"> </span> I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ris<span class=\"_ _0\"></span>chi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">opera<span class=\"_ _0\"></span>tivi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">po<span class=\"_ _0\"></span>sson<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>es<span class=\"_ _0\"></span>sere<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"_ _0\"></span><span class=\"ff3\">lor<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>vol<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>raz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ne<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">seg<span class=\"_ _0\"></span>uent<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sotto<span class=\"_ _0\"></span>cate<span class=\"_ _1\"></span>gorie<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>O<span class=\"_ _0\"></span>pera<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>o;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>IT<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Risk<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">&amp;<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>yber<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Ri<span class=\"_ _0\"></span>sk;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Reg<span class=\"_ _0\"></span>ula<span class=\"_ _0\"></span>tory<span class=\"ff1\"> </span>Op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ation<span class=\"_ _0\"></span>al<span class=\"ff1\"> </span>Ris<span class=\"_ _0\"></span>k.<span class=\"_ _3bd\"> </span> I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pri<span class=\"_ _0\"></span>ncip<span class=\"_ _0\"></span>ali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fatt<span class=\"_ _0\"></span>ori<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ca<span class=\"_ _0\"></span>ratte<span class=\"_ _0\"></span>riz<span class=\"_ _0\"></span>zan<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ris<span class=\"_ _0\"></span>chio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">oper<span class=\"_ _0\"></span>ativ<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ono:<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>People<span class=\"ff1\"> <span class=\"_ _2\"></span></span>R<span class=\"_ _2\"></span>isk:<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>risor<span class=\"_ _2\"></span>se<span class=\"ff1\"> <span class=\"_ _20\"></span></span>umane<span class=\"ff1\"> <span class=\"_ _20\"></span></span>possono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>essere<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fonte<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l\u2019impresa,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>se<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>truttura<span class=\"ff1\"> </span>org<span class=\"_ _0\"></span>ani<span class=\"_ _0\"></span>zzat<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">no<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>effic<span class=\"_ _0\"></span>ien<span class=\"_ _0\"></span>te,<span class=\"ff1\"> </span>oppu<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">si</span> <span class=\"_ _2\"></span><span class=\"ff3\">ver<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>can<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ca<span class=\"_ _0\"></span>renz<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>nell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>prof<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>iona<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>dipe<span class=\"_ _0\"></span>nden<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span></span></span></span></span>o,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>ese<span class=\"_ _0\"></span>mpi<span class=\"_ _0\"></span>o,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">se<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>trut<span class=\"_ _0\"></span>tura<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">retr<span class=\"_ _0\"></span>ibu<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perc<span class=\"_ _0\"></span>orso<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">car<span class=\"_ _0\"></span>rie<span class=\"_ _0\"></span>ra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">so<span class=\"_ _0\"></span>no<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ade<span class=\"_ _0\"></span>gua<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">se<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">clim<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>aziendale<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span>idoneo.<span class=\"ff1\"> </span>Gli<span class=\"ff1\"> </span>esempi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>perdite<span class=\"ff1\"> </span>dovute<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>risorse<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>ncompetenti<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>negligenti<span class=\"ff1\"> </span>sono<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span>numerosi,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fra<span class=\"ff1\"> <span class=\"_ _21\"></span></span>questi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>emergono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cas<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>inserimento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>erroneo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dati<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>istemi,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>errori<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nella<span class=\"ff1\"> </span>trasposizione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>dati<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>violazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>regolamenti.<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>Process<span class=\"ff1\"> </span>Risk:<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> </span>process<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>aziendali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> </span>font<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>operativo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nel<span class=\"ff1\"> </span>caso<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cui<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>verifichino<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _21\"></span></span>inefficienze<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff3\">disegno,</span> <span class=\"_ _21\"> </span><span class=\"ff3\">nella</span> <span class=\"_ _21\"></span><span class=\"ff3\">formalizzazione</span> <span class=\"_ _21\"></span><span class=\"ff3\">e</span> <span class=\"_ _21\"></span><span class=\"ff3\">nella</span> <span class=\"_ _20\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>efinizione</span> <span class=\"_ _21\"></span><span class=\"ff3\">della</span> <span class=\"_ _21\"></span><span class=\"ff3\">struttura</span> <span class=\"_ _21\"></span><span class=\"ff3\">degli<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span>stessi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>quindi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nella<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>de<span class=\"_ _0\"></span>finizione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>de<span class=\"_ _0\"></span>gli<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>attori<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>vi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _0\"></span>rendono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _0\"></span>arte<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>relativo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>livello<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> </span>res<span class=\"_ _0\"></span>pon<span class=\"_ _0\"></span>sabi<span class=\"_ _0\"></span>lit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"_ _2\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">autori<span class=\"_ _0\"></span>zz<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">Pos<span class=\"_ _0\"></span>sono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">risu<span class=\"_ _0\"></span>ltar<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>inad<span class=\"_ _0\"></span>egua<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>quin<span class=\"_ _0\"></span>di<span class=\"ff1\"> </span>ess<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fonte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rischi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>op<span class=\"_ _0\"></span>erat<span class=\"_ _0\"></span>ivo<span class=\"ff1\"> </span>tu<span class=\"_ _0\"></span>tti<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">proc<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span>az<span class=\"_ _0\"></span>iend<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>mpre<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">model<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>tati<span class=\"_ _0\"></span>vi<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">calc<span class=\"_ _0\"></span>olo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">e</span> <span class=\"ff3\">gl<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>st<span class=\"_ _0\"></span>essi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pro<span class=\"_ _0\"></span>cess<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> </span>gestione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>rischio.<span class=\"ff1\"> </span>Sono<span class=\"ff1\"> </span>fonte<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>operativo:<span class=\"_ _3bd\"> </span> o<span class=\"_ _3bd\"> </span>le<span class=\"ff1\">  </span>esternalizzazioni<span class=\"ff1\">  </span>di<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">attivit\u00e0</span>  <span class=\"ff3\">aziendali</span>  <span class=\"ff3\">ne<span class=\"_ _0\"></span>l<span class=\"ff1\">  </span>caso<span class=\"ff1\">  </span>in<span class=\"ff1\">  </span>cui<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>si<span class=\"ff1\">  </span>verifichino<span class=\"ff1\">  </span>delle<span class=\"ff1\">  </span>carenze<span class=\"ff1\">  </span>/<span class=\"ff1\"> </span></span></span>in<span class=\"_ _0\"></span>adeg<span class=\"_ _0\"></span>uate<span class=\"_ _0\"></span>zze<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">proce<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">ge<span class=\"_ _0\"></span>stio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rapp<span class=\"_ _0\"></span>orto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">gli</span> <span class=\"_ _0\"></span><span class=\"ff3\">outs<span class=\"_ _0\"></span>ourc<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>tal<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>cau<span class=\"_ _0\"></span>sare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"_ _1\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>perdite<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">all\u2019impresa;<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>o<span class=\"_ _3bd\"> </span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mancato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>aggiornamento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019inadeguata<span class=\"ff1\"> <span class=\"_ _20\"></span></span>archiviazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pr<span class=\"_ _2\"></span>ocedure<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nor<span class=\"_ _2\"></span>mative<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> </span>formalizzano<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>processi<span class=\"ff1\"> </span>interni;<span class=\"_ _3bd\"> </span> o<span class=\"_ _3bd\"> </span>man<span class=\"_ _0\"></span>cat<span class=\"_ _0\"></span>a/i<span class=\"_ _0\"></span>nade<span class=\"_ _0\"></span>guat<span class=\"_ _0\"></span>a/i<span class=\"_ _0\"></span>ntem<span class=\"_ _0\"></span>pest<span class=\"_ _0\"></span>iva<span class=\"ff1\"> <span class=\"_ _2\"></span></span>em<span class=\"_ _0\"></span>anaz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">di</span> <span class=\"_ _2\"></span><span class=\"ff3\">norme<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">attua<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>inte<span class=\"_ _0\"></span>rne<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span><span class=\"ff3\">in</span> <span class=\"_ _2\"></span><span class=\"ff3\">rel<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span></span></span></span></span></span></span>normativa<span class=\"ff1\"> </span>esterna<span class=\"ff1\"> </span>vigente.<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>IT<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Secur<span class=\"_ _2\"></span>ity<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Risk<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>IT<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Ris<span class=\"_ _2\"></span>k:<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sistemi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>informativi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>poss<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>causare<span class=\"ff1\"> <span class=\"_ _20\"></span></span>perdite<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"_ _2\"></span>ll\u2019impresa<span class=\"ff1\"> <span class=\"_ _21\"></span></span>se<span class=\"ff1\"> <span class=\"_ _20\"></span></span>no<span class=\"_ _2\"></span>n<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> </span>adottate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">adeguate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">misure<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">IT<span class=\"ff1\"> </span>Secu<span class=\"_ _0\"></span>rity<span class=\"ff1\"> </span>oppure<span class=\"ff1\"> </span>nel<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>gestione<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"ff1\"> </span>apparecchiature<span class=\"ff1\"> </span></span></span></span></span></span></span>hardware<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>softwar<span class=\"_ _2\"></span>e.<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>La<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>crescente<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"_ _2\"></span>pendenza<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>dai<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>sistemi<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>informat<span class=\"_ _2\"></span>ivi<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>d<span class=\"_ _0\"></span>alle<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>risors<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>tecnologiche<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>genere<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ha<span class=\"ff1\"> <span class=\"_ _20\"></span></span>reso<span class=\"ff1\"> <span class=\"_ _21\"></span></span>qu<span class=\"_ _0\"></span>esto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fat<span class=\"_ _2\"></span>tore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sempre<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pi\u00f9<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rilevante.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Gli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>esempi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> </span>perdita<span class=\"ff1\"> </span>legati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>questo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fattor<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>numerosi,<span class=\"ff1\"> </span>com<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>l\u2019assunzione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>ischi<span class=\"ff1\"> </span>eccessivi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dovuti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> </span>err<span class=\"_ _0\"></span>ori<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">prog<span class=\"_ _0\"></span>ram<span class=\"_ _0\"></span>mi<span class=\"ff1\"> </span>inf<span class=\"_ _0\"></span>orma<span class=\"_ _0\"></span>tici<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>man<span class=\"_ _0\"></span>cat<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>risp<span class=\"_ _0\"></span>etto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">ade<span class=\"_ _0\"></span>mpi<span class=\"_ _0\"></span>menti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span>trattu<span class=\"_ _1\"></span>ali<span class=\"ff1\"> </span>dovu<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>err<span class=\"_ _0\"></span>ori<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span>dei<span class=\"ff1\"> </span>sistemi<span class=\"ff1\"> </span>informativi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>ancora<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>perdita<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>dati<span class=\"ff1\"> </span>rilevanti<span class=\"ff1\"> </span>conness<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>fallimenti<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>sistemi.<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>Eventi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Est<span class=\"_ _2\"></span>erni:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gli<span class=\"ff1\"> </span>eventi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"_ _2\"></span>gati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>fattori<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">esterni<span class=\"ff1\"> </span>possono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">causare<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">perdite<span class=\"ff1\"> </span>all\u2019impresa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fronte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>calamit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nat<span class=\"_ _2\"></span>urali,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prevenzione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sicurezza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>verso<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span></span>eventi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>natura<span class=\"ff1\"> <span class=\"_ _20\"></span></span>accidentale,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fronte<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> </span>obsolescenza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> </span>infrastrutture,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prevenzione<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>sicurezza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">verso<span class=\"ff1\"> </span>atti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>natura<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>riminosa,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>nei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>passaggi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>autorizzativi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>l'esecuzione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>operative,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff3\">nelle</span> <span class=\"_ _21\"> </span><span class=\"ff3\">misure</span> <span class=\"_ _21\"> </span><span class=\"ff3\">di</span> <span class=\"_ _21\"></span><span class=\"ff3\">controllo</span> </span>verso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>ttivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">autorizzate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">frodi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">parte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dipendenti,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mis<span class=\"_ _2\"></span>ure<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">preventive<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">verso<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">frodi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>parte<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">esterni,</span> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>ronte<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">inadeguato<span class=\"ff1\"> </span>e/o<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tempestivo<span class=\"ff1\"> </span>ag<span class=\"_ _0\"></span>giornamento<span class=\"ff1\"> </span>della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">normativa<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>interna<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>relazione<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>mutamenti<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>normativa<span class=\"ff1\"> </span>esterna<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>deriva.<span class=\"_ _3bd\"> </span> L\u2019approccio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">identificazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>operativo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">segue<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">logica<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>tip<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>\u2018bottom<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">up\u2019,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">basa<span class=\"_ _2\"></span>ta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>un<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">metod<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>ogia<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Ri<span class=\"_ _0\"></span>sk<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Sel<span class=\"_ _0\"></span>f<span class=\"ff1\"> </span>A<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>ssme<span class=\"_ _0\"></span>nt<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019obi<span class=\"_ _0\"></span>etti<span class=\"_ _0\"></span>vo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">valu<span class=\"_ _0\"></span>tar<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">live<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>osi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>qu<span class=\"_ _1\"></span>alit\u00e0<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>ontro<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>osti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">es<span class=\"_ _0\"></span>sere<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mit<span class=\"_ _0\"></span>iga<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ris<span class=\"_ _0\"></span>chio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">af<span class=\"_ _0\"></span>feren<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attiv<span class=\"_ _1\"></span>it\u00e0<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span>pera<span class=\"_ _0\"></span>tive<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ad<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ogn<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>p<span class=\"_ _1\"></span>rocesso<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>az<span class=\"_ _0\"></span>iend<span class=\"_ _0\"></span>ale.<span class=\"_ _0\"></span> L\u2019obiettivo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tal<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>pproccio,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">basato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sull\u2019analisi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>Area<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">F<span class=\"_ _2\"></span>unzionale,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019individuazione<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>egli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">event<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>perdita<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>potrebbero<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>manifestarsi,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>valutazione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>possibile<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>impatto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>e<span class=\"ff1\">  </span>della<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>poss<span class=\"_ _2\"></span>ibile<span class=\"ff1\"> </span>frequenza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>realizzazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>eventi,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>val<span class=\"_ _2\"></span>utazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019efficacia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cont<span class=\"_ _2\"></span>rolli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>presi<span class=\"_ _2\"></span>dio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> </span>possibili<span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> </span>organizzativi<span class=\"ff1\"> </span>attivabili<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>mitigazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>rischio.<span class=\"_ _3bd\"> </span> La<span class=\"ff1\">  </span>Compagnia<span class=\"ff1\">  </span>ha<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>strutt<span class=\"_ _2\"></span>urato,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>inoltre,<span class=\"ff1\">  </span>con<span class=\"ff1\">  </span>periodicit\u00e0<span class=\"ff1\">  </span>annu<span class=\"_ _0\"></span>ale<span class=\"ff1\">  </span>una<span class=\"ff1\">  </span>valutazione<span class=\"ff1\">  </span>delle<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>perdit<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>effettive<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">subite<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>erivanti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ischi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"_ _2\"></span>perativi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(c.d.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">LDC<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u2013<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Los<span class=\"_ _2\"></span>s<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">D<span class=\"_ _2\"></span>ata<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Collection).<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Tale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>nalisi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cons<span class=\"_ _2\"></span>ente<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>inoltre<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>effettuare<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>back-test<span class=\"ff1\"> </span>circa<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> </span>ex-ante<span class=\"ff1\"> </span>mediante<span class=\"ff1\"> </span>Risk<span class=\"ff1\"> </span>Self-Assessment.<span class=\"_ _3bd\"> </span> La<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Compagnia<span class=\"ff1\">  </span>h<span class=\"_ _0\"></span>a<span class=\"ff1\">  </span>inoltre<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>prosegu<span class=\"_ _0\"></span>ito<span class=\"ff1\">  </span>nei<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">lav<span class=\"_ _0\"></span>ori<span class=\"ff1\">  </span>per<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>completamento<span class=\"ff1\">  </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>piano<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>continuit\u00e0<span class=\"ff1\"> </span></span></span>operativa<span class=\"ff1\"> </span>(Business<span class=\"ff1\"> </span>Continuity<span class=\"ff1\"> </span>Plan).<span class=\"_ _3bd\"> </span> Per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">quanto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riguarda<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alutazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">requisito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cap<span class=\"_ _2\"></span>itale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(SCR),<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">operativi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vengono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valuta<span class=\"_ _2\"></span>ti<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>mediante<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019applicazione<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ella<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Standard<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Formula.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">peso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">comp<span class=\"_ _2\"></span>lessivo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">de<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">operative,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">secondo<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>i<span class=\"ff1\"> </span>dett<span class=\"_ _2\"></span>ami<span class=\"ff1\"> </span>nor<span class=\"_ _2\"></span>mativi<span class=\"ff1\"> </span>Solvency<span class=\"ff1\"> <span class=\"_ _2\"></span></span>II<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pari<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>4,9%<span class=\"ff1\"> </span>(tale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valore<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>appresenta<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>miglior<span class=\"ff1\"> <span class=\"_ _2\"></span></span>stima<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>ischio<span class=\"_ _0\"></span><span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valutazione).<span class=\"_ _3bd\"> </span> Il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>normat<span class=\"_ _2\"></span>ivo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>compliance<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>(ovvero<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>conformit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>alle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>norm<span class=\"_ _2\"></span>e)<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>riguarda<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> </span>incorrere<span class=\"ff1\">  </span>in<span class=\"ff1\">  </span>sanzioni<span class=\"ff1\">  </span>giudiziarie<span class=\"ff1\">  </span>o<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>amministrative,<span class=\"ff1\">  </span>e<span class=\"ff1\">  </span>subire<span class=\"ff1\">  </span>perdite<span class=\"ff1\">  </span>o<span class=\"ff1\">  </span>dann<span class=\"_ _2\"></span>i<span class=\"ff1\">  </span>reputazionali<span class=\"ff1\">  </span>in<span class=\"ff1\"> </span>conseguenza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>mancata<span class=\"ff1\"> <span class=\"_ _21\"></span></span>osservanza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>legg<span class=\"_ _0\"></span>i,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>regolamenti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>provvedimenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>elle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Auto<span class=\"_ _2\"></span>rit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> </span>Vigilanza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ovvero<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">norme</span> <span class=\"_ _20\"></span><span class=\"ff3\">di</span> <span class=\"_ _20\"></span><span class=\"ff3\">autor<span class=\"_ _2\"></span>egolamentazione,</span> <span class=\"_ _2\"></span><span class=\"ff3\">quali</span> <span class=\"_ _21\"></span><span class=\"ff3\">statuti,</span> <span class=\"_ _20\"></span><span class=\"ff3\">codici</span> <span class=\"_ _20\"></span><span class=\"ff3\">di</span> <span class=\"_ _21\"></span><span class=\"ff3\">condotta</span> <span class=\"_ _20\"></span><span class=\"ff3\">o</span> <span class=\"_ _20\"></span><span class=\"ff3\">codici</span> <span class=\"_ _21\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span>autodisciplina;<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>d<span class=\"_ _2\"></span>erivante<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>modifiche<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>s<span class=\"_ _2\"></span>favorevoli<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>quadro<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>normat<span class=\"_ _2\"></span>ivo<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>degli<span class=\"ff1\"> </span>orientamenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">giurisprudenziali.<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>Nella<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gestione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">conformit\u00e0<span class=\"ff1\"> </span>normativa,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019azienda<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">identifica<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fattor<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">prioritar<span class=\"_ _2\"></span>io<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">suc<span class=\"_ _0\"></span>cess<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span>segu<span class=\"_ _0\"></span>ime<span class=\"_ _0\"></span>nto<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">conf<span class=\"_ _0\"></span>ormi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mate<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tra<span class=\"_ _0\"></span>spa<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>za<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cor<span class=\"_ _0\"></span>rette<span class=\"_ _1\"></span>zza<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>appo<span class=\"_ _0\"></span>rto<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>col<span class=\"ff1\"> </span>cliente<span class=\"ff1\"> </span>assicurato<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>danneggiato,<span class=\"ff1\"> </span>nell\u2019informativa<span class=\"ff1\"> </span>precontrattuale<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>contrattuale<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>prodotti,<span class=\"ff1\"> </span>nella<span class=\"ff1\"> <span class=\"_ _2\"></span></span>corretta<span class=\"ff1\"> <span class=\"_ _2\"></span></span>esecuzione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contratti,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>particolare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riguardo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>liquidazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sinistr<span class=\"_ _2\"></span>i,<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>generale<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>tutela<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>consumatore.<span class=\"_ _3bd\"> </span> In<span class=\"ff1\"> </span>sintesi,<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>processo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>analisi<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conformit\u00e0<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>norme<span class=\"ff1\"> </span>mira,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attraverso<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>formalizzazione<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>matrice<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>compliance,<span class=\"ff1\"> </span>a:<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>migliorare<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>grado<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>sen<span class=\"_ _0\"></span>sibilit\u00e0<span class=\"ff1\"> </span>nei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">confront<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dis<span class=\"_ _2\"></span>posto<span class=\"ff1\"> </span>norma<span class=\"_ _0\"></span>tivo<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>arte<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">controlli<span class=\"ff1\"> </span>d<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span>pri<span class=\"_ _0\"></span>mo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">live<span class=\"_ _0\"></span>llo;<span class=\"_ _0\"></span> </span></span>-<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>luta<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>p<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>es<span class=\"_ _0\"></span>idi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>trol<span class=\"_ _0\"></span>lo<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>siste<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">su<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>roce<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>sti<span class=\"_ _0\"></span>mol<span class=\"_ _0\"></span>are<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rif<span class=\"_ _0\"></span>less<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sui<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>otenz<span class=\"_ _0\"></span>iali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">esi<span class=\"_ _0\"></span>ste<span class=\"_ _0\"></span>nti;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>luta<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ap<span class=\"_ _0\"></span>acit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rico<span class=\"_ _0\"></span>nosce<span class=\"_ _1\"></span>re<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">prev<span class=\"_ _0\"></span>eni<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risch<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>m<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span>simi<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>individuare<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>interventi<span class=\"ff1\"> </span>organizzativi<span class=\"ff1\"> </span>utili<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>colmare<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>gap<span class=\"ff1\"> </span>eventualmente<span class=\"ff1\"> </span>riscontr<span class=\"_ _2\"></span>ati.<span class=\"ff1\"> </span>Nell\u2019esercizio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>propri<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>compiti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>funzione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Com<span class=\"_ _2\"></span>pliance<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>op<span class=\"_ _2\"></span>era<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sull<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>base<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>approccio<span class=\"ff1\"> </span>metodologico<span class=\"ff1\"> </span>fondato<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>tecniche<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>identificazione,<span class=\"ff1\"> </span>valutazione,<span class=\"ff1\"> </span>gestione<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>monitoraggio<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> </span>conformit\u00e0<span class=\"ff1\"> </span>ispirate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alle<span class=\"ff1\"> </span>migliori<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rassi<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>mercato<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">coerenti</span> <span class=\"ff3\">con</span> <span class=\"ff3\">qu<span class=\"_ _0\"></span>elli<span class=\"ff1\"> </span>utilizzati<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span></span></span></span></span></span></span>processi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Risk<span class=\"ff1\"> </span>Management<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Revisione<span class=\"ff1\"> </span>Interna.<span class=\"_ _3bd\"> </span> Secondo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>mo<span class=\"_ _2\"></span>dello<span class=\"ff1\"> <span class=\"_ _2\"></span></span>adott<span class=\"_ _2\"></span>ato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>da<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Credemassicurazioni,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>inoltre,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>esisto<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _2\"></span></span>altri<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischi/eventi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>perdita<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>st<span class=\"_ _2\"></span>rettamente<span class=\"ff1\"> </span>riconducibili<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>fat<span class=\"_ _2\"></span>tori<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>pecifi<span class=\"_ _0\"></span>ci,<span class=\"ff1\"> </span>ma<span class=\"ff1\"> <span class=\"_ _2\"></span></span>c<span class=\"_ _2\"></span>he<span class=\"ff1\"> </span>possono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>derivare<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>fatt<span class=\"_ _2\"></span>ori<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riconducibili<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>classi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>precedentemente<span class=\"ff1\"> </span>il<span class=\"_ _2\"></span>lustrate.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Si<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tr<span class=\"_ _2\"></span>atta<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>particolare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> </span>classe<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>rischio<span class=\"ff1\">  </span>l<span class=\"_ _0\"></span>egata<span class=\"ff1\">  </span>all\u2019appartenenza<span class=\"ff1\">  </span>al<span class=\"ff1\">  </span>grupp<span class=\"_ _0\"></span>o,<span class=\"ff1\">  </span>della<span class=\"ff1\">  </span>classe<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>rischio<span class=\"ff1\">  </span>repu<span class=\"_ _0\"></span>tazionale,<span class=\"ff1\">  </span>di<span class=\"ff1\"> </span>condotta<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>ESG,<span class=\"ff1\"> </span>cos\u00ec<span class=\"ff1\"> </span>identificati<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>normativa<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>sett<span class=\"_ _2\"></span>ore.<span class=\"_ _3bd\"> </span> Il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>legato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>all\u2019appartenenza<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>gruppo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>(rischio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u2018contagio\u2019)<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>inteso<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>come<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>che,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"ff1\"> </span>seguito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rapporti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>intercorrenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tra<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019impresa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>altre<span class=\"ff1\"> <span class=\"_ _2\"></span></span>entit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gruppo,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>situazioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>difficol<span class=\"_ _2\"></span>t\u00e0<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>insorgono<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>societ\u00e0<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>medesimo<span class=\"ff1\"> </span>gru<span class=\"_ _2\"></span>ppo<span class=\"ff1\"> </span>possano<span class=\"ff1\"> </span>pro<span class=\"_ _2\"></span>pagarsi<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>effetti<span class=\"ff1\"> </span>negativi<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>solvibilit\u00e0<span class=\"ff1\"> </span>dell\u2019impresa<span class=\"ff1\"> </span>stessa.<span class=\"_ _3bd\"> </span> In<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>coerenza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>propria<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>strategia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>politiche<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>m<span class=\"_ _2\"></span>ateria<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>degli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>investimenti,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>adott<span class=\"_ _2\"></span>ata<span class=\"ff1\"> </span>dall\u2019Organo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Ammin<span class=\"_ _2\"></span>istrativo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ha<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>definito<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>propr<span class=\"_ _2\"></span>ia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>politica<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>operazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>infragru<span class=\"_ _2\"></span>ppo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ha<span class=\"ff1\"> </span>determinato<span class=\"ff1\"> </span>appropriati<span class=\"ff1\"> </span>limiti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>operativit\u00e0.<span class=\"_ _3bd\"> </span> L\u2019identificazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>l\u2019analisi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>effe<span class=\"_ _0\"></span>ttuat<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>pertanto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>coerenza<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>all<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>categorie<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>trop<span class=\"_ _0\"></span>arti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dell<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>opera<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ste<span class=\"_ _0\"></span>sse,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con</span> <span class=\"ff3\">parti<span class=\"_ _0\"></span>col<span class=\"_ _0\"></span>are<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>gua<span class=\"_ _0\"></span>rdo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _2\"></span>lle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">garan<span class=\"_ _0\"></span>zie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">eve<span class=\"_ _0\"></span>ntu<span class=\"_ _0\"></span>alme<span class=\"_ _0\"></span>nte<span class=\"ff1\"> </span>ril<span class=\"_ _0\"></span>asc<span class=\"_ _0\"></span>iate<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Gruppo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ed<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">coerenza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">caratteristiche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>eguen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tipologie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">operazioni:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Operazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>significative<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(<span class=\"_ _0\"></span>comprese<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tra<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>1%<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>5%<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">Solv<span class=\"_ _0\"></span>ency<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Capital<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Requirement<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>pe<span class=\"_ _0\"></span>riod<span class=\"_ _0\"></span>o);<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>Ope<span class=\"_ _0\"></span>raz<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Mo<span class=\"_ _0\"></span>lto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sig<span class=\"_ _0\"></span>nific<span class=\"_ _0\"></span>ativ<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>&gt;5%<span class=\"ff1\"> </span>d<span class=\"_ _1\"></span>el<span class=\"ff1\"> </span>So<span class=\"_ _0\"></span>lven<span class=\"_ _0\"></span>cy<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>apit<span class=\"_ _0\"></span>al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Requ<span class=\"_ _0\"></span>ireme<span class=\"_ _0\"></span>nt<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>odo).<span class=\"_ _0\"></span> </span></span></span></span></span></span>Il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>repu<span class=\"_ _0\"></span>tazionale<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>inteso<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>come<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">deterioramento</span> <span class=\"_ _20\"></span><span class=\"ff3\">dell\u2019immagine</span> <span class=\"_ _21\"></span><span class=\"ff3\">aziendale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">e</span> <span class=\"_ _20\"></span><span class=\"ff3\">di</span> </span></span></span>aumento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>conflittualit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>ia<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>gli<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ass<span class=\"_ _2\"></span>icurati<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>(dovuto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>anche<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>alla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>carsa<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>qualit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>servizi<span class=\"ff1\"> </span>offerti,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>collocamento<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>polizze<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>adeguate<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>comport<span class=\"_ _2\"></span>amento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fase<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>vendita,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>post<span class=\"ff1\"> </span>vendita<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>liquidazione)<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>Autorit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Vigilanza<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>shareholders.<span class=\"_ _3bd\"> </span> Il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">risch<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>rep<span class=\"_ _0\"></span>utaz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>ale<span class=\"ff1\"> </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">qu<span class=\"_ _0\"></span>indi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">stretta<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">legat<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>all<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>vendi<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">prod<span class=\"_ _0\"></span>otto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">e</span> <span class=\"ff3\">a<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">pre<span class=\"_ _1\"></span>stazi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>dei<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>servizi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _20\"></span></span>esso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>collegati.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>A<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tutela<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Cliente/Ass<span class=\"_ _2\"></span>icurato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>conseguenza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>presidio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d<span class=\"_ _2\"></span>el<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"_ _2\"></span><span class=\"ff1\"> </span>reputazionale<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>attivate<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>serie<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>misure:<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>roce<span class=\"_ _0\"></span>dure<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>ollo<span class=\"_ _0\"></span>camen<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">conte<span class=\"_ _0\"></span>mpl<span class=\"_ _0\"></span>ano<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">una<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pr<span class=\"_ _0\"></span>even<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>tazi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ade<span class=\"_ _0\"></span>guat<span class=\"_ _0\"></span>ezz<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>contratto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>finaliz<span class=\"_ _0\"></span>zata<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ad<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ind<span class=\"_ _0\"></span>ividuare<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>via<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>preliminare<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>esigenze<span class=\"ff1\"> <span class=\"_ _21\"></span></span>assicurative<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>bisogni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> </span>protezione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>cliente,<span class=\"ff1\"> </span>nonch\u00e9<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>fornire<span class=\"ff1\"> </span>l\u2019adeguata<span class=\"ff1\"> </span>informativa<span class=\"ff1\"> </span>sul<span class=\"ff1\"> </span>prodotto;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>l\u2019<span class=\"_ _0\"></span>assi<span class=\"_ _0\"></span>sten<span class=\"_ _0\"></span>za<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">se<span class=\"_ _0\"></span>rviz<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>g<span class=\"_ _0\"></span>ene<span class=\"_ _0\"></span>rali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>ete<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span>stri<span class=\"_ _0\"></span>but<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>a;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>roce<span class=\"_ _0\"></span>sso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gesti<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">r<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>lami;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">se<span class=\"_ _0\"></span>rvi<span class=\"_ _0\"></span>zio<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">li<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>dazi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sin<span class=\"_ _0\"></span>istri<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span>Essendo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>inoltre<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>reputazionale<span class=\"ff1\"> <span class=\"_ _21\"></span></span>strettamente<span class=\"ff1\"> <span class=\"_ _21\"></span></span>connesso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>operativi,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>informatici<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"_ _0\"></span><span class=\"ff1\"> </span>cyber<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>condot<span class=\"_ _2\"></span>ta,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>specifici<span class=\"ff1\"> <span class=\"_ _20\"></span></span>presidi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>operat<span class=\"_ _2\"></span>ivi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>organizzativi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>posti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>essere<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>gestione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>ischi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rappresentano<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ulteriore<span class=\"ff1\"> <span class=\"_ _2\"></span></span>elemento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>supporto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gest<span class=\"_ _2\"></span>ione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ris<span class=\"_ _2\"></span>chio<span class=\"ff1\"> </span>rep<span class=\"_ _0\"></span>uta<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>nale<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span>Il<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>condotta<span class=\"ff1\"> <span class=\"_ _2\"></span></span>-<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quale<span class=\"ff1\"> </span>sottocategor<span class=\"_ _2\"></span>ia<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>operativo,<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>compliance<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>reputazionale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u2013<span class=\"ff1\"> </span>pu\u00f2<span class=\"ff1\"> <span class=\"_ _20\"></span></span>essere<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>finito<span class=\"ff1\"> <span class=\"_ _21\"></span></span>come<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>att<span class=\"_ _2\"></span>uale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pro<span class=\"_ _2\"></span>spettico<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>perdite<span class=\"ff1\"> <span class=\"_ _20\"></span></span>co<span class=\"_ _2\"></span>nseguenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>casistiche<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> </span>offerta<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>inappropriata<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>prodotti<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>e/o<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>servizi,<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>incluse<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>fattispecie<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>condot<span class=\"_ _2\"></span>ta<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>inadegu<span class=\"_ _0\"></span>at<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>(dolo/negligenza)<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>parte<span class=\"ff1\"> </span>dell\u2019impresa.<span class=\"_ _3bd\"> </span> La<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gestione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>condotta<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>strettamente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>connessa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>definite<span class=\"ff1\"> </span>nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>pro<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>sso<span class=\"ff1\"> </span>P<span class=\"_ _0\"></span>OG<span class=\"ff1\"> </span>(di<span class=\"_ _0\"></span>scip<span class=\"_ _1\"></span>linat<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>nell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>risp<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>tiva<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Poli<span class=\"_ _0\"></span>cy<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>P<span class=\"_ _0\"></span>OG)<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>La<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Comp<span class=\"_ _0\"></span>agni<span class=\"_ _0\"></span>a,<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>\u2019amb<span class=\"_ _0\"></span>ito<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ella<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">gest<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span>del<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Condotta,<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>prefigge<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>seguenti<span class=\"ff1\"> </span>obiettivi:<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>rendere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"_ _2\"></span>iziative<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">business<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">orientate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">focalizzate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sulla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">figura<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cli<span class=\"_ _2\"></span>ente.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">In<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ambito<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>focus<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>incentrato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sul<span class=\"ff1\"> <span class=\"_ _2\"></span></span>disegno<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prodotti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>definizione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>servizi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>linea<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>esigenze<span class=\"ff1\"> </span>della<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">clientela;<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>-<span class=\"_ _3bd\"> </span>stabilire<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>codice/sistema<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>condott<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>completamente<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>radicato<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>all\u2019interno<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>str<span class=\"_ _2\"></span>uttura<span class=\"ff1\"> </span>aziendale.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>In<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>am<span class=\"_ _2\"></span>bito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>focus<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>incentrato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sulla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>vendita<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pr<span class=\"_ _2\"></span>odotti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>/<span class=\"ff1\"> <span class=\"_ _20\"></span></span>erogazone<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>servizi<span class=\"ff1\"> </span>assicurando<span class=\"ff1\"> </span>trasparenza<span class=\"ff1\"> </span>informativa<span class=\"ff1\"> </span>verso<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>clientela,<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>garantire<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>business<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _2\"></span></span>continuo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>focalizzato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sul<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conseguimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>migl<span class=\"_ _2\"></span>ior<span class=\"ff1\"> <span class=\"_ _2\"></span></span>risultato<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>cliente<span class=\"ff1\"> </span>(cfr.<span class=\"ff1\"> </span>Monitoraggio<span class=\"ff1\"> </span>KPI<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>KRI),<span class=\"ff1\"> </span>tutelando<span class=\"ff1\"> </span>l\u2019integrit\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>condott<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>Compagnia<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>relazione<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>clientela.<span class=\"_ _3bd\"> </span> Il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ESG<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(Enviromental,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Social<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">and<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Governance)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pone<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019obiettivo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">evento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">una<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>condizione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tipo<span class=\"ff1\"> </span>ambientale,<span class=\"ff1\"> </span>sociale<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>governance<span class=\"ff1\"> </span>che,<span class=\"ff1\"> </span>verificandosi,<span class=\"ff1\"> </span>potr<span class=\"_ _2\"></span>ebbe<span class=\"ff1\"> </span>provocare<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>impatto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>neg<span class=\"_ _0\"></span>ativo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>effe<span class=\"_ _0\"></span>ttivo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pot<span class=\"_ _2\"></span>enziale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>ul<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dell\u2019investimento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sul<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _21\"></span></span>passivit\u00e0.<span class=\"ff1\"> </span>Questa<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tipologia<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rientra<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tra<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>econdo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>livello<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>indiretti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>quanto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pu\u00f2<span class=\"ff1\"> </span>man<span class=\"_ _0\"></span>ife<span class=\"_ _0\"></span>star<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span>pro<span class=\"_ _0\"></span>voc<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>impa<span class=\"_ _0\"></span>tto<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>gat<span class=\"_ _0\"></span>ivo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _2\"></span>u</span> <span class=\"ff3\">att<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>assivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>flue<span class=\"_ _0\"></span>nza<span class=\"_ _0\"></span>ndo<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>fa<span class=\"_ _0\"></span>ttori<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">ris<span class=\"_ _0\"></span>chio<span class=\"_ _1\"></span><span class=\"ff1\"> </span></span></span></span></span>gi\u00e0<span class=\"ff1\"> </span>contemplati<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> </span>altre<span class=\"ff1\"> </span>risk<span class=\"ff1\"> </span>category<span class=\"ff1\"> </span>(ad<span class=\"ff1\"> </span>esempio<span class=\"ff1\"> </span>Rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Mercato<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Sott<span class=\"_ _2\"></span>oscrizione).<span class=\"_ _3bd\"> </span> All\u2019interno<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>categoria<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ris<span class=\"_ _2\"></span>chi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ESG,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>particolare<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rilevanza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"></span></span>assegnata<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>climatici<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> </span>quanto<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>otrebbero<span class=\"ff1\"> </span>generare<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">elevate<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>erdite<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Compagnie<span class=\"ff1\"> </span>Assicurative<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">correttamente<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>identificati<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>gestiti.<span class=\"_ _3bd\"> </span> Con<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>specifico<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>riferimento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ai<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ris<span class=\"_ _2\"></span>chi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>climatici,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>coerenza<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>indicazioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\">  </span>R<span class=\"_ _0\"></span>egolamento<span class=\"ff1\"> </span>Delegato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(UE)<span class=\"ff1\"> <span class=\"_ _20\"></span></span>2021/1256<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Com<span class=\"_ _2\"></span>missione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>21<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>Aprile<span class=\"ff1\"> <span class=\"_ _20\"></span></span>2021,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Compagnia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ha<span class=\"ff1\"> <span class=\"_ _20\"></span></span>strutt<span class=\"_ _2\"></span>urato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>una<span class=\"ff1\"> </span>serie<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>analisi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sul<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pro<span class=\"_ _2\"></span>prio<span class=\"ff1\"> </span>por<span class=\"_ _2\"></span>tafoglio<span class=\"ff1\"> </span>(sia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>investimenti,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tecn<span class=\"_ _2\"></span>ico/assicurativo)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> </span>verificar<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>l<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>mat<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>alit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>l\u2019e<span class=\"_ _0\"></span>spos<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>risc<span class=\"_ _0\"></span>hi<span class=\"ff1\"> </span>cl<span class=\"_ _0\"></span>ima<span class=\"_ _0\"></span>tici<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e,</span> <span class=\"ff3\">succ<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>e,<span class=\"ff1\"> </span>cond<span class=\"_ _0\"></span>urr<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>l\u2019<span class=\"_ _0\"></span>anal<span class=\"_ _0\"></span>isi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">scena<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">per<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>quantificare<span class=\"ff1\"> </span>l\u2019impatto<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>essi<span class=\"ff1\"> </span>producono<span class=\"ff1\"> </span>sulle<span class=\"ff1\"> </span>principali<span class=\"ff1\"> </span>grandezze<span class=\"ff1\"> </span>economiche<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>patrimoniali<span class=\"_ _2\"></span>.<span class=\"_ _3bd\"> </span> Il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">F<span class=\"_ _2\"></span>ramework<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sviluppato<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>alla<span class=\"ff1\"> </span>Compagni<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>ge<span class=\"_ _0\"></span>stione<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">risc<span class=\"_ _2\"></span>hio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">climatico<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">identifica<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">segu<span class=\"_ _2\"></span>enti<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>st<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>p:<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>Ide<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>fica<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>attor<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">risc<span class=\"_ _0\"></span>hio<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">peri<span class=\"_ _0\"></span>metro<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">a<span class=\"_ _0\"></span>nali<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">-</span> <span class=\"ff3\">i<span class=\"_ _0\"></span>dent<span class=\"_ _0\"></span>ific<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">cl<span class=\"_ _0\"></span>ass<span class=\"_ _0\"></span>ifica<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>principali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fonti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ris<span class=\"_ _2\"></span>chio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>climat<span class=\"_ _2\"></span>ico<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>perimetro<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prodotti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>assets<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pot<span class=\"_ _2\"></span>enzialmente<span class=\"ff1\"> </span>impattati<span class=\"ff1\"> </span>secondo<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>linee<span class=\"ff1\"> </span>guida<span class=\"ff1\"> </span>indicate<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>EIOPA.<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>Valutazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>materialit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u2013<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valutazione,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>propedeutica<span class=\"ff1\"> <span class=\"_ _2\"></span></span>all<span class=\"_ _2\"></span>\u2019analisi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>ilevanza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(cfr.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>punto<span class=\"ff1\"> </span>successivo),<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>effettuata<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>ogni<span class=\"ff1\"> </span>singolo<span class=\"ff1\"> </span>perimetro<span class=\"ff1\"> </span>(sia<span class=\"ff1\"> </span>lato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Asse<span class=\"_ _0\"></span>t,<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span>Liabilities);<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>An<span class=\"_ _0\"></span>alis<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Ril<span class=\"_ _0\"></span>eva<span class=\"_ _0\"></span>nza<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> </span>ana<span class=\"_ _0\"></span>lisi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">attiv<span class=\"_ _0\"></span>ata<span class=\"ff1\"> </span>sol<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>risch<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ide<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>fica<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>come<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pote<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>alme<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mater<span class=\"_ _0\"></span>iali<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span>nel<span class=\"ff1\"> </span>punto<span class=\"ff1\"> </span>precedente,<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>ha<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>obiettivo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019identificazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>climatici<span class=\"ff1\"> </span>rilevanti<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>business<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>relativa<span class=\"ff1\"> <span class=\"_ _20\"></span></span>analisi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>tress<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fin<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ORSA.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>L\u2019analisi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>effettuata<span class=\"ff1\"> <span class=\"_ _20\"></span></span>su<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ogni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>singolo<span class=\"ff1\"> </span>perimetro<span class=\"ff1\"> </span>(sia<span class=\"ff1\"> </span>lato<span class=\"ff1\"> </span>Asset,<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span>Liabilities)<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>prevede<span class=\"ff1\"> </span>almeno<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>seguenti<span class=\"ff1\"> </span>macro<span class=\"ff1\"> </span>at<span class=\"_ _2\"></span>tivit\u00e0:<span class=\"_ _3bd\"> </span> o<span class=\"_ _3bd\"> </span>Identificazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>criteri<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>metodologie<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>utilizzare<span class=\"ff1\"> </span>su<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>portafogli<span class=\"ff1\"> </span>esposti<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> </span>(sia<span class=\"ff1\"> </span>asset,<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span>liabilities)<span class=\"ff1\"> </span>analizzate<span class=\"ff1\"> </span>nei<span class=\"ff1\"> </span>paragrafi<span class=\"ff1\"> </span>successivi;<span class=\"_ _3bd\"> </span> o<span class=\"_ _3bd\"> </span>Valutazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>quali/quantitativa<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ogni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>per<span class=\"_ _2\"></span>imetro<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>identificato<span class=\"ff1\">  </span>rispetto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>alle<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>meto<span class=\"_ _2\"></span>dologie<span class=\"ff1\"> </span>individuate<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>specifiche<span class=\"ff1\"> </span>soglie<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>materialit\u00e0.<span class=\"_ _3bd\"> </span> Il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sist<span class=\"_ _2\"></span>ema<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>gestione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>ischi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ESG<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prevede<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>definizione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"_ _2\"></span>dicatori<span class=\"ff1\"> <span class=\"_ _2\"></span></span>utilizzati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>monitorare<span class=\"ff1\"> </span>l\u2019esposizione,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _21\"></span></span>un<span class=\"ff1\"> <span class=\"_ _21\"></span></span>focus<span class=\"ff1\"> <span class=\"_ _21\"></span></span>specifico<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sui<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>climatici<span class=\"ff1\"> <span class=\"_ _21\"></span></span>connessi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ambientali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>insit<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nei<span class=\"ff1\"> </span>portafogli<span class=\"ff1\"> </span>Asset<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>Liabilities<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>Compagnia.<span class=\"_ _3bd\"> </span> Si<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rip<span class=\"_ _1\"></span>ortano<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">si<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>tic<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>d<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span>seg<span class=\"_ _0\"></span>uito<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le</span> <span class=\"_ _1\"></span><span class=\"ff3\">misu<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risch<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>tili<span class=\"_ _0\"></span>zza<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">vo<span class=\"_ _0\"></span>lumi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">an<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>zzat<span class=\"_ _0\"></span>i:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>We<span class=\"_ _0\"></span>igh<span class=\"_ _0\"></span>ted<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Ave<span class=\"_ _0\"></span>rage<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Ca<span class=\"_ _0\"></span>rbon<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Foot<span class=\"_ _0\"></span>prin<span class=\"_ _0\"></span>t;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Pe<span class=\"_ _0\"></span>rcen<span class=\"_ _0\"></span>tual<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>lima<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Poli<span class=\"_ _0\"></span>cy<span class=\"ff1\"> </span>Re<span class=\"_ _1\"></span>levan<span class=\"_ _0\"></span>t<span class=\"ff1\"> </span>Act<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>tie<span class=\"_ _0\"></span>s;<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>-<span class=\"_ _3bd\"> </span>We<span class=\"_ _0\"></span>igh<span class=\"_ _0\"></span>ted<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Avera<span class=\"_ _0\"></span>ge<span class=\"ff1\"> </span>L<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ies<span class=\"ff1\"> </span>Ha<span class=\"_ _0\"></span>zard<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Exp<span class=\"_ _0\"></span>osu<span class=\"_ _0\"></span>re;<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span>-<span class=\"_ _3bd\"> </span>Pe<span class=\"_ _0\"></span>rcen<span class=\"_ _0\"></span>tual<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">passi<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>ad<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>cl<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>atico<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span>Ri<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>hi<span class=\"_ _3bd\"> </span>st<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>gic<span class=\"_ _0\"></span>o<span class=\"fc0 sc1\"> </span>Per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>strategico<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>tende<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>attuale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>prospettico<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">flessione<span class=\"ff1\"> </span>degli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">utili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cap<span class=\"_ _2\"></span>itale<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sostenibilit\u00e0<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>modello<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>business,<span class=\"ff1\"> </span>incluso<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>riuscire<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">generare<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>adeguato<span class=\"ff1\"> </span></span></span></span></span>ritorno<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sul<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">cap<span class=\"_ _0\"></span>itale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>ulla<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>base<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>propension<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>d<span class=\"_ _2\"></span>efinita<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dall<span class=\"_ _2\"></span>\u2019impresa,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>derivante<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>da<span class=\"ff1\"> </span></span></span>ca<span class=\"_ _0\"></span>mbia<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>test<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>ope<span class=\"_ _1\"></span>rativo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o</span> <span class=\"_ _2\"></span><span class=\"ff3\">da<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dec<span class=\"_ _0\"></span>isi<span class=\"_ _0\"></span>oni<span class=\"ff1\"> </span>az<span class=\"_ _0\"></span>iend<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>li<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">err<span class=\"_ _0\"></span>ate,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dall\u2019<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">attu<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>ade<span class=\"_ _0\"></span>gua<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>decisioni,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>impropria<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>gestione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>appartenenza<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>gruppo,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dalla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>scar<span class=\"_ _2\"></span>sa<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>reattivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"ff1\"> </span>variazioni<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>contesto<span class=\"ff1\"> </span>competitivo.<span class=\"_ _3bd\"> </span> L\u2019<span class=\"_ _0\"></span>anal<span class=\"_ _0\"></span>isi<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risc<span class=\"_ _0\"></span>hi<span class=\"ff1\"> </span>st<span class=\"_ _0\"></span>rate<span class=\"_ _0\"></span>gic<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>vie<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>ffet<span class=\"_ _0\"></span>tua<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>me<span class=\"_ _0\"></span>dian<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>peci<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>he<span class=\"ff1\"> </span>ana<span class=\"_ _0\"></span>lisi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sens<span class=\"_ _0\"></span>itivi<span class=\"_ _0\"></span>ty<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">se<span class=\"_ _0\"></span>de<span class=\"ff1\"> </span>O<span class=\"_ _0\"></span>RSA<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ogni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>qualvolta<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>assista<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>variazioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>significative<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>mercato,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dell\u2019mix<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>produzione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dell<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>ipotesi<span class=\"ff1\"> </span>sottostanti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutazioni<span class=\"ff1\"> </span>(a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">titolo<span class=\"ff1\"> </span>esemplificativo,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tassi<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riscatto<span class=\"ff1\"> </span>best<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">estimate,<span class=\"ff1\"> </span>ipotesi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>minimo<span class=\"ff1\"> </span>garantito,<span class=\"ff1\"> </span>etc).<span class=\"_ _3bd\"> </span> In<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ambito<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>viene<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>altres\u00ec<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valutata<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>presenza<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>potenziali<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>emergenti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sulla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>base<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>delle<span class=\"ff1\"> </span>informazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">derivanti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"_ _2\"></span>l<span class=\"ff1\"> </span>piano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">industriale,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dalle<span class=\"ff1\"> </span>evoluzioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prodotto,<span class=\"ff1\"> </span>dalle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">v<span class=\"_ _0\"></span>ariazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">normative<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>e<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>qualsiasi<span class=\"ff1\"> </span>altra<span class=\"ff1\"> </span>variazione<span class=\"ff1\"> </span>potenzialmente<span class=\"ff1\"> </span>impattante<span class=\"ff1\"> </span>sul<span class=\"ff1\"> </span>profilo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>dell\u2019impresa.<span class=\"_ _3bd\"> </span> In<span class=\"ff1\"> </span>seguito<span class=\"ff1\"> </span>ai<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risultati<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">analis<span class=\"_ _2\"></span>i,<span class=\"ff1\"> </span>ve<span class=\"_ _0\"></span>ngono<span class=\"ff1\"> </span>valutati<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>eventuali<span class=\"ff1\"> </span>cambiamenti<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>apportare<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span></span></span></span></span>mappa<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>aziendali.<span class=\"_ _3bd\"> </span> Le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valutazioni<span class=\"ff1\"> </span>effettuate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dalla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Com<span class=\"_ _2\"></span>pagnia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">hanno<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onsentito<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">delineare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>mappa<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> </span>Framework<span class=\"ff1\"> </span>Solvenc<span class=\"_ _0\"></span>y<span class=\"ff1\"> </span>II<span class=\"ff1\"> </span>-<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cui<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>Compagnia<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>esposta<span class=\"ff1\"> </span>(d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>seguito<span class=\"ff1\"> </span>riportata).<span class=\"_ _3bd\"> </span> Modulo<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ris<span class=\"_ _0\"></span>ch<span class=\"_ _0\"></span>io<span class=\"_ _3bd\"> </span>Sot<span class=\"_ _0\"></span>tom<span class=\"_ _0\"></span>odu<span class=\"_ _0\"></span>lo<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ris<span class=\"_ _0\"></span>ch<span class=\"_ _0\"></span>io<span class=\"_ _3bd\"> </span>Esp<span class=\"_ _0\"></span>osiz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>Non-Lif<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>un<span class=\"_ _0\"></span>der<span class=\"_ _0\"></span>writ<span class=\"_ _0\"></span>ing<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>k<span class=\"_ _3bd\"> </span>Non-<span class=\"_ _0\"></span>Lif<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rem<span class=\"_ _0\"></span>ium<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">and<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rese<span class=\"_ _0\"></span>rve<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>sk<span class=\"_ _1\"></span> <span class=\"_ _39\"> </span>X<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span>Non-<span class=\"_ _0\"></span>Lif<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>la<span class=\"_ _0\"></span>pse<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ris<span class=\"_ _0\"></span>k<span class=\"_ _0\"></span> <span class=\"_ _140\"> </span>X<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>Non-life<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">CAT<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ri<span class=\"_ _0\"></span>sk<span class=\"_ _1\"></span> <span class=\"_ _19\"> </span>X<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span>He<span class=\"_ _0\"></span>alth<span class=\"_ _3bd\"> </span>un<span class=\"_ _0\"></span>der<span class=\"_ _0\"></span>writ<span class=\"_ _0\"></span>ing<span class=\"_ _3bd\"> </span>r<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>k<span class=\"_ _3bd\"> </span>He<span class=\"_ _0\"></span>alth<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pre<span class=\"_ _0\"></span>miu<span class=\"_ _0\"></span>m<span class=\"ff1\"> </span>and<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">rese<span class=\"_ _0\"></span>rve<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>sk<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>X<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span>Health<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Lapse<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ri<span class=\"_ _0\"></span>sk<span class=\"_ _1\"></span> <span class=\"_ _205\"> </span>X<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span>Health<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">C<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>T<span class=\"_ _0\"></span> <span class=\"_ _f4\"> </span>X<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>He<span class=\"_ _0\"></span>alth<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">SLT<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Mort<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>ty<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>sk<span class=\"_ _1\"></span> <span class=\"_ _232\"> </span>---<span class=\"_ _1\"></span> </span></span></span></span>Health<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">SLT<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Longevity<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ris<span class=\"_ _1\"></span>k <span class=\"_ _351\"> </span>--<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span> </span></span></span></span></span></span>He<span class=\"_ _0\"></span>alth<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">SLT<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Disab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>ty<span class=\"ff1\"> </span>mo<span class=\"_ _0\"></span>rbid<span class=\"_ _0\"></span>ity<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">r<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>k<span class=\"_ _0\"></span> <span class=\"_ _2e\"> </span>---<span class=\"_ _1\"></span> </span></span></span></span></span></span>Health<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">SLT<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Lapse<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ri<span class=\"_ _0\"></span>sk<span class=\"_ _1\"></span> <span class=\"_ _345\"> </span>---<span class=\"_ _1\"></span> </span></span></span></span></span></span>Health<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">SLT<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">E<span class=\"_ _2\"></span>xpense<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ri<span class=\"_ _0\"></span>sk<span class=\"_ _1\"></span> <span class=\"_ _16c\"> </span>-<span class=\"_ _0\"></span>--<span class=\"_ _1\"></span> </span></span></span></span></span></span>Health<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">SLT<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Revision<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ris<span class=\"_ _0\"></span>k<span class=\"_ _0\"></span> <span class=\"_ _16c\"> </span>---<span class=\"_ _1\"></span> </span></span></span></span></span></span>Market<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>k<span class=\"_ _3bd\"> </span>Interest<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">r<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>k<span class=\"_ _0\"></span> <span class=\"_ _2ca\"> </span>X<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span>Equity<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ris<span class=\"_ _1\"></span>k <span class=\"_ _14\"> </span>X<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>Property<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ri<span class=\"_ _0\"></span>sk<span class=\"_ _1\"></span> <span class=\"_ _5f\"> </span>X<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>Spread<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ri<span class=\"_ _0\"></span>sk<span class=\"_ _1\"></span> <span class=\"_ _f4\"> </span>X<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>Cu<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>ncy<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ris<span class=\"_ _1\"></span>k <span class=\"_ _247\"> </span>X<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>Con<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>ntra<span class=\"_ _0\"></span>tion<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span><span class=\"ff3\">ri<span class=\"_ _0\"></span>sk<span class=\"_ _1\"></span> <span class=\"_ _10\"> </span>--<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span> </span></span>Cou<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>rpa<span class=\"_ _0\"></span>rty<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>fau<span class=\"_ _0\"></span>lt<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>k<span class=\"_ _3bd\"> </span>Type<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">1<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>oun<span class=\"_ _0\"></span>terp<span class=\"_ _0\"></span>art<span class=\"_ _1\"></span>ies <span class=\"_ _c\"> </span>X<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>Type<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">2<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>oun<span class=\"_ _0\"></span>terp<span class=\"_ _0\"></span>art<span class=\"_ _1\"></span>ies <span class=\"_ _15\"> </span>X<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>Op<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>tiona<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>sk<span class=\"_ _3bd\"> </span>Op<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>tiona<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ri<span class=\"_ _0\"></span>sk<span class=\"_ _1\"></span> <span class=\"_ _1e8\"> </span>X<span class=\"_ _3bd\"> </span> Le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valutazioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _0\"></span>rospett<span class=\"_ _2\"></span>iche<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>hanno<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rilev<span class=\"_ _0\"></span>ato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>punto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">vista</span> <span class=\"_ _27\"> </span><span class=\"ff3\">regolamentare</span> </span>(Solvency<span class=\"ff1\"> </span>II)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rischi</span> <span class=\"_ _0\"></span><span class=\"ff3\">emergenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>ragione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">delle<span class=\"ff1\"> </span>azioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">previste<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dalle<span class=\"ff1\"> </span>nuove<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">strategie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>vestimento<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>business.<span class=\"_ _3bd\"> </span> Si<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>evidenziano<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>inoltre,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">relazione</span> <span class=\"_ _27\"> </span><span class=\"ff3\">del</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">Re<span class=\"_ _0\"></span>golamento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(UE)<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>2019/<span class=\"_ _2\"></span>2088<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Parlamento<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Europeo<span class=\"ff1\"> </span></span></span>relativo<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>a<span class=\"_ _2\"></span>ll'informativa<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>settore<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>servizi<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>finanziari,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>l'i<span class=\"_ _2\"></span>dentificazione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>seguenti<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>rischi<span class=\"ff1\"> </span>emergenti:<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>ESG<span class=\"ff1\"> </span>(Ambientali,<span class=\"ff1\"> </span>Sociali,<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Governo).<span class=\"_ _3bd\"> </span> Con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>iferimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prospettici<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>monitorati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>data<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valutazione,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l\u2019analisi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ha<span class=\"ff1\"> <span class=\"_ _20\"></span></span>permesso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> </span>individuare<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sotto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">moduli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">maggiormente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">si<span class=\"_ _2\"></span>gnificativi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">impat<span class=\"_ _2\"></span>tanti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Compagnia,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>risultano<span class=\"ff1\"> </span>essere<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>sotto<span class=\"ff1\"> </span>m<span class=\"_ _0\"></span>oduli<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>Non-Life<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>remium<span class=\"ff1\"> </span>and<span class=\"ff1\"> </span>reserve<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risk,<span class=\"ff1\"> </span>Health<span class=\"ff1\"> </span>premium<span class=\"ff1\"> </span>and<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span>reserve<span class=\"ff1\"> </span>risk,<span class=\"ff1\"> </span>seguiti<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>sotto<span class=\"ff1\"> </span>modulo<span class=\"ff1\"> </span>Non<span class=\"ff1\"> </span>Life<span class=\"ff1\"> </span>lapse<span class=\"ff1\"> </span>Risk.<span class=\"_ _3bd\"> </span> Inoltre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">evidenzia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019esposizione<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ella<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Compagnia<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Sprea<span class=\"_ _2\"></span>d<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Governativi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ITA<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(rischio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>contemplato<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>nella<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>Formula<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>Standard).<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>La<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>Compag<span class=\"_ _2\"></span>nia<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>nelle<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _23\"> </span></span>proprie<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>valutazioni<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>prende<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>i<span class=\"_ _2\"></span>n<span class=\"ff1\"> </span>considerazione<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>tale<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>f<span class=\"_ _0\"></span>attore<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>medi<span class=\"_ _0\"></span>ante<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>specifiche<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>analisi<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>sensitivity<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>effettuate<span class=\"ff1\"> </span>periodicamente<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>all\u2019interno<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Report<span class=\"ff1\"> </span>ORSA<span class=\"ff1\"> </span>YE<span class=\"ff1\"> </span>31.12.2022.<span class=\"_ _3bd\"> </span> Le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>analisi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quali/quantitat<span class=\"_ _2\"></span>iva<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sull\u2019adeguatezza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>d<span class=\"_ _2\"></span>el<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Profilo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Rischio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"_ _0\"></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>C<span class=\"_ _0\"></span>ompagnia<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rispetto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>i<span class=\"ff1\"> </span>requisiti<span class=\"ff1\"> </span>sottostanti<span class=\"ff1\"> </span>l\u2019applicazione<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>Formula<span class=\"ff1\"> </span>Standard<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>no<span class=\"ff1\"> </span>risultate<span class=\"ff1\"> </span>positive.<span class=\"_ _3bd\"> </span> Oltre<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>calcolo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>degli<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>impatti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dovuti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ai<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>natura<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>quantificabile,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Compagnia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>gestisce<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> </span>monitora<span class=\"ff1\"> </span>anche<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rientr<span class=\"_ _2\"></span>anti<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>ell\u2019ambito<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>For<span class=\"_ _2\"></span>mula<span class=\"ff1\"> </span>Standard<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>cosiddetti<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> </span></span></span></span></span>quantificabili<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>punto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>vista<span class=\"ff1\"> </span>regolamentare,<span class=\"ff1\"> </span>quali:<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>sp<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>ea<span class=\"_ _0\"></span>d<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tito<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gov<span class=\"_ _0\"></span>erna<span class=\"_ _0\"></span>tivi<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4cae\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4caf\">ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l<span class=\"_ _0\"></span>iqu<span class=\"_ _0\"></span>idit<span class=\"_ _0\"></span>\u00e0;<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4cb0\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4cb1\">ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>AL<span class=\"_ _1\"></span>M;<span class=\"_ _3bd\"> </span> </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4cb2\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4cb3\">ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>stra<span class=\"_ _0\"></span>teg<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>o;<span class=\"_ _3bd\"> </span> </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4cb4\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4cb5\">ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">no<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onf<span class=\"_ _0\"></span>ormi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">n<span class=\"_ _0\"></span>orme<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4cb6\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4cb7\">ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>puta<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span> </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4cb8\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4cb9\">ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>ndot<span class=\"_ _0\"></span>ta<span class=\"_ _3bd\"> </span> </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4cba\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4cbb\">ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>E<span class=\"_ _0\"></span>SG<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>ocus<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sp<span class=\"_ _0\"></span>eci<span class=\"_ _0\"></span>fico<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sui<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cl<span class=\"_ _0\"></span>ima<span class=\"_ _0\"></span>tici<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>onne<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ai<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ambie<span class=\"_ _1\"></span>ntali)<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4cbc\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4cbd\">ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ap<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>rtene<span class=\"_ _0\"></span>nza<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">gr<span class=\"_ _0\"></span>uppo;<span class=\"_ _0\"></span> </span></span></span></span></span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4cbe\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4cbf\">ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span>merg<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sost<span class=\"_ _0\"></span>enib<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>t\u00e0.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4cc0\">Allo<span class=\"ff1\"> </span>stato<span class=\"ff1\"> </span>attuale<span class=\"ff1\"> </span>tali<span class=\"ff1\"> </span>tipologie<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>hanno<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>livello<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>gest<span class=\"_ _2\"></span>ione<span class=\"ff1\"> </span>coeren<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>rilevanza<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4cc1\">fattori<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">li<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">caratter<span class=\"_ _2\"></span>izzano,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">periodicamente<span class=\"ff1\"> </span>monitorate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">comport<span class=\"_ _2\"></span>ano<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">add-on<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">n<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4cc2\">termini<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>capitale<span class=\"ff1\"> </span>regolamentare.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4cc3\">Al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>momento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>vi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>so<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>risultati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">e<span class=\"_ _0\"></span>videnzino<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>situazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>criticit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>term<span class=\"_ _2\"></span>ini<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>solvibilit<span class=\"_ _2\"></span>\u00e0<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d1a\">derivanti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dai<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>st<span class=\"_ _2\"></span>rategici.<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Tutt<span class=\"_ _2\"></span>avia,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>continuare<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tenere<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>considerazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>l\u2019effetto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>d<span class=\"_ _3bd\"> </span>i<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4cc4\">possibili<span class=\"ff1\"> <span class=\"_ _20\"></span></span>variazioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>el<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contesto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>macro-economico<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pos<span class=\"_ _2\"></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>avere<span class=\"ff1\"> <span class=\"_ _20\"></span></span>impatt<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>significativi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sugli<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4cc5\">Own<span class=\"ff1\"> </span>Funds<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>Compagnia. </div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInsuranceContractsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-891": {
   "value": "Sezion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>8<span class=\"_ _3bd\"> </span>\u2013<span class=\"_ _3bd\"> </span>Riser<span class=\"_ _0\"></span>ve<span class=\"_ _3bd\"> </span>tecniche<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>carico<span class=\"_ _3bd\"> </span>dei<span class=\"_ _3bd\"> </span>riassic<span class=\"_ _0\"></span>urator<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Voce<span class=\"_ _3bd\"> </span>8<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>8.1<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>rv<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>te<span class=\"_ _0\"></span>cn<span class=\"_ _0\"></span>ich<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>ric<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>ria<span class=\"_ _1\"></span>ssi<span class=\"_ _0\"></span>cu<span class=\"_ _0\"></span>rat<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>i:<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>os<span class=\"_ _1\"></span>izio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>A.<span class=\"_ _3bd\"> </span>Ram<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>da<span class=\"_ _0\"></span>nn<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>--A1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riserve<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pr<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span> <span class=\"_ _226\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>A2.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riserve<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"_ _0\"></span>nist<span class=\"_ _1\"></span>ri <span class=\"_ _174\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>A3.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rise<span class=\"_ _0\"></span>rve<span class=\"_ _1\"></span> <span class=\"_ _227\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>B.<span class=\"_ _3bd\"> </span>Ram<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>vi<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span> <span class=\"_ _228\"> </span>18<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>47<span class=\"_ _3bd\"> </span>17<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>B1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riserve<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mate<span class=\"_ _0\"></span>mati<span class=\"_ _0\"></span>che<span class=\"_ _1\"></span> <span class=\"_ _107\"> </span>1<span class=\"_ _0\"></span>7.3<span class=\"_ _0\"></span>59<span class=\"_ _3bd\"> </span></span></span></span></span>16.<span class=\"_ _0\"></span>78<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>B2.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riserve<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">somme<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">paga<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span> <span class=\"_ _229\"> </span>98<span class=\"_ _1\"></span>8<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>70<span class=\"_ _1\"></span>1<span class=\"_ _3bd\"> </span>B3.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ri<span class=\"_ _0\"></span>ser<span class=\"_ _0\"></span>ve <span class=\"_ _227\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>C.<span class=\"_ _3bd\"> </span>Ris<span class=\"_ _1\"></span>erv<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>te<span class=\"_ _0\"></span>cn<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>he<span class=\"_ _3bd\"> </span>al<span class=\"_ _0\"></span>lor<span class=\"_ _0\"></span>ch<span class=\"_ _0\"></span>\u00e8<span class=\"_ _3bd\"> </span>il<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>'in<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>im<span class=\"_ _1\"></span>ento<span class=\"_ _3bd\"> </span>\u00e8<span class=\"_ _3bd\"> </span>so<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>por<span class=\"_ _1\"></span>tat<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>da<span class=\"_ _0\"></span>gl<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>as<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>cu<span class=\"_ _0\"></span>rat<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span>--C1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riserve<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">relative<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">contratti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prestazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">connesse<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fondi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>investimento<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>indic<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>mercato<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>C2<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>ris<span class=\"_ _0\"></span>erv<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>riv<span class=\"_ _0\"></span>ant<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>dal<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>ge<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>fond<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>pen<span class=\"_ _0\"></span>sio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span> <span class=\"_ _9f\"> </span>-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>D.<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>erv<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>te<span class=\"_ _0\"></span>cn<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>he<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>co<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>ass<span class=\"_ _1\"></span>icu<span class=\"_ _0\"></span>rat<span class=\"_ _1\"></span>ori<span class=\"_ _0\"></span> <span class=\"_ _c3\"> </span>18<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>47<span class=\"_ _3bd\"> </span>17<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>Sezion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>11<span class=\"_ _3bd\"> </span>\u2013<span class=\"_ _3bd\"> </span>Riser<span class=\"_ _0\"></span>ve<span class=\"_ _3bd\"> </span>tecniche<span class=\"_ _3bd\"> </span>Voce<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>10<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>11<span class=\"_ _0\"></span>.1<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>rv<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>te<span class=\"_ _0\"></span>cn<span class=\"_ _0\"></span>ich<span class=\"_ _0\"></span>e:<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>os<span class=\"_ _1\"></span>izio<span class=\"_ _1\"></span>ne<span class=\"fc0 sc1\"> </span>La<span class=\"_ _0\"></span>vo<span class=\"_ _0\"></span>ro<span class=\"_ _3bd\"> </span>di<span class=\"_ _0\"></span>ret<span class=\"_ _1\"></span>to<span class=\"fc0 sc1\"> </span>La<span class=\"_ _0\"></span>vo<span class=\"_ _0\"></span>ro<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>dir<span class=\"_ _1\"></span>ett<span class=\"_ _0\"></span>o<span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>A.<span class=\"_ _3bd\"> </span>Ram<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>da<span class=\"_ _0\"></span>nn<span class=\"_ _0\"></span>i ----A1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Riserve<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pr<span class=\"_ _1\"></span>em<span class=\"_ _0\"></span>i <span class=\"_ _189\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>A2.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Riserve<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"_ _0\"></span>nist<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span> <span class=\"_ _2be\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>A3.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ris<span class=\"_ _0\"></span>erve<span class=\"_ _1\"></span> <span class=\"_ _2bf\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>B.<span class=\"_ _3bd\"> </span>Ram<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>vi<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span> <span class=\"_ _2be\"> </span>4.3<span class=\"_ _1\"></span>56.<span class=\"_ _0\"></span>38<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>-4.<span class=\"_ _0\"></span>35<span class=\"_ _0\"></span>6.<span class=\"_ _0\"></span>38<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>4.<span class=\"_ _0\"></span>25<span class=\"_ _0\"></span>7.<span class=\"_ _0\"></span>810<span class=\"_ _3bd\"> </span>B1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Riserve<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ma<span class=\"_ _0\"></span>tem<span class=\"_ _0\"></span>atic<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span> <span class=\"_ _cc\"> </span>4.<span class=\"_ _0\"></span>290<span class=\"_ _0\"></span>.96<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>4.<span class=\"_ _0\"></span>290<span class=\"_ _0\"></span>.96<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>4.<span class=\"_ _0\"></span>199<span class=\"_ _0\"></span>.22<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>B2.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Riserve<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">somme<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pagar<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span> <span class=\"_ _a7\"> </span>55.<span class=\"_ _0\"></span>000<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>55.<span class=\"_ _0\"></span>000<span class=\"_ _3bd\"> </span>48<span class=\"_ _0\"></span>.752<span class=\"_ _3bd\"> </span>B3.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rise<span class=\"_ _0\"></span>rve<span class=\"_ _0\"></span> <span class=\"_ _bb\"> </span>10<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>22<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>10<span class=\"_ _0\"></span>.42<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>9.<span class=\"_ _1\"></span>83<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>C.Rise<span class=\"_ _0\"></span>rvetecn<span class=\"_ _0\"></span>icheallor<span class=\"_ _0\"></span>ch\u00e9ilris<span class=\"_ _0\"></span>chiodell'i<span class=\"_ _0\"></span>nves<span class=\"_ _0\"></span>timen<span class=\"_ _0\"></span>to\u00e8sop<span class=\"_ _0\"></span>porta<span class=\"_ _0\"></span>to<span class=\"_ _3bd\"> </span>dagl<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>ass<span class=\"_ _0\"></span>icura<span class=\"_ _0\"></span>ti ----C1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Riserve<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">relative<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">contratti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">prestazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">connesse<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>con<span class=\"ff1\"> </span>fondi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>invest<span class=\"_ _0\"></span>imento<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>indici<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>mercato -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>C2<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>Ris<span class=\"_ _0\"></span>erv<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>riv<span class=\"_ _0\"></span>ant<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>dal<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>g<span class=\"_ _0\"></span>est<span class=\"_ _0\"></span>ione<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> </span>fond<span class=\"_ _1\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pe<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>one<span class=\"_ _1\"></span> <span class=\"_ _26f\"> </span>-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>D.<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>erv<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>te<span class=\"_ _0\"></span>cn<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span> <span class=\"_ _17c\"> </span>4.3<span class=\"_ _0\"></span>56<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>82<span class=\"_ _3bd\"> </span>-4.<span class=\"_ _0\"></span>35<span class=\"_ _0\"></span>6.<span class=\"_ _0\"></span>38<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>4.<span class=\"_ _0\"></span>25<span class=\"_ _0\"></span>7.<span class=\"_ _0\"></span>810<span class=\"_ _3bd\"> </span>I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valo<span class=\"_ _0\"></span>ri<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>scri<span class=\"_ _0\"></span>tti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>risc<span class=\"_ _0\"></span>ono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">all<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>trol<span class=\"_ _0\"></span>lat<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>Cr<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span>mvi<span class=\"_ _0\"></span>ta.</span></span></span></span></span></span><div class=\"t m45 h10 ff3 fs9 fc4 sc0 ls0 ws0 gs4902\">Sezi<span class=\"_ _0\"></span>one<span class=\"_ _3bd\"> </span></div><div class=\"t m45 h10 ff3 fs9 fc4 sc0 ls0 ws0 gs4903\">3<span class=\"_ _3bd\"> </span></div><div class=\"t m45 h10 ff3 fs9 fc4 sc0 ls0 ws0 gs4904\">\u2013<span class=\"_ _3bd\"> </span></div><div class=\"t m45 h10 ff3 fs9 fc4 sc0 ls0 ws0 gs4905\">Risc<span class=\"_ _0\"></span>hi<span class=\"_ _3bd\"> </span></div><div class=\"t m45 h10 ff3 fs9 fc4 sc0 ls0 ws0 gs4906\">dell<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m45 h10 ff3 fs9 fc4 sc0 ls0 ws0 gs4907\">impr<span class=\"_ _0\"></span>ese<span class=\"_ _3bd\"> </span></div><div class=\"t m45 h10 ff3 fs9 fc4 sc0 ls0 ws0 gs4908\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m45 h10 ff3 fs9 fc4 sc0 ls0 ws0 gs4909\">assi<span class=\"_ _0\"></span>cura<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"fc0\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs490a\">3.1<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs490b\">Rischi<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs490c\">as<span class=\"_ _0\"></span>sic<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs490d\">CR<span class=\"_ _0\"></span>ED<span class=\"_ _0\"></span>EM<span class=\"_ _0\"></span>VIT<span class=\"_ _0\"></span>A<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs490e\">S.<span class=\"_ _0\"></span>P.A<span class=\"_ _1\"></span>.<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs490f\">Ap<span class=\"_ _0\"></span>pro<span class=\"_ _1\"></span>ccio<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs4910\">al<span class=\"_ _0\"></span>la<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs4911\">ge<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs4912\">de<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs4913\">ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>io<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs4914\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs4915\">Cre<span class=\"_ _1\"></span>dem<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4916\">St<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>teg<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4917\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4918\">ge<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4919\">de<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs491a\">ris<span class=\"_ _0\"></span>ch<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs491b\">Credemvita<span class=\"ff1\"> </span>S.p<span class=\"_ _0\"></span>.A<span class=\"ff1\"> </span>opera<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sulla<span class=\"ff1\"> </span>scorta<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">strategia<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>ssunzione<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">gestione</span> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">basat<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs491c\">cri<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ana<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">pr<span class=\"_ _0\"></span>uden<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>ge<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>oere<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con</span> <span class=\"ff3\">il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">live<span class=\"_ _0\"></span>llo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">patri<span class=\"_ _0\"></span>mon<span class=\"_ _0\"></span>iale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span>l\u2019im<span class=\"_ _0\"></span>pre<span class=\"_ _0\"></span>sa.<span class=\"ff1\"> </span>Ta<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>st<span class=\"_ _0\"></span>rate<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs491d\">si<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>fonda<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>su<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>principi<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>valutazione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>d<span class=\"_ _2\"></span>ei<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>ris<span class=\"_ _2\"></span>chi<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>considerano<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>gli<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>aspetti<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>relativi<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>alla<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>lor<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs491e\">ril<span class=\"_ _0\"></span>eva<span class=\"_ _0\"></span>nza/<span class=\"_ _0\"></span>sign<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>cat<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t\u00e0. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs491f\">L\u2019approccio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>se<span class=\"_ _2\"></span>guito<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nella<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>gestione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fondato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sul<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>criterio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>propor<span class=\"_ _2\"></span>zionalit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">viene</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4920\">del<span class=\"_ _0\"></span>ine<span class=\"_ _0\"></span>ato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">apposi<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>po<span class=\"_ _0\"></span>liti<span class=\"_ _0\"></span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">intern<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>se<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del</span> <span class=\"ff3\">Reg<span class=\"_ _0\"></span>ola<span class=\"_ _0\"></span>mento<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">IVASS<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">n.38<span class=\"_ _0\"></span>/2018<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>ognun<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>degli<span class=\"_ _1\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4921\">ambiti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischiosit\u00e0<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>insistono<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>Compagnia. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4922\">Gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">el<span class=\"_ _0\"></span>eme<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">chia<span class=\"_ _0\"></span>ve<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attra<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>rso<span class=\"ff1\"> </span>cu<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>iene<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>fini<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>trate<span class=\"_ _0\"></span>gia<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mod<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ge<span class=\"_ _1\"></span>stione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4923\">Compagnia<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>seguenti: </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4924\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4925\">ide<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>e<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">cla<span class=\"_ _0\"></span>ssifi<span class=\"_ _0\"></span>caz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u2013<span class=\"ff1\"> </span>map<span class=\"_ _0\"></span>pa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>; </span></span></span></span></span></span></span></span></span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4926\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4927\">va<span class=\"_ _0\"></span>luta<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ris<span class=\"_ _0\"></span>chi; </span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4928\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4929\">stru<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">m<span class=\"_ _0\"></span>eto<span class=\"_ _0\"></span>dol<span class=\"_ _0\"></span>ogie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mi<span class=\"_ _0\"></span>sura<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne; </span></span></span></span></span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs492a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs492b\">ge<span class=\"_ _0\"></span>stio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">r<span class=\"_ _0\"></span>isch<span class=\"_ _0\"></span>i; </span></span></span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs492c\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs492d\">mon<span class=\"_ _0\"></span>ito<span class=\"_ _0\"></span>ragg<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rep<span class=\"_ _0\"></span>orti<span class=\"_ _0\"></span>ng. </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs492e\">I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pri<span class=\"_ _0\"></span>ncip<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gen<span class=\"_ _0\"></span>eral<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ado<span class=\"_ _0\"></span>ttati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>er<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">def<span class=\"_ _0\"></span>ini<span class=\"_ _0\"></span>zione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>iste<span class=\"_ _0\"></span>ma<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ge<span class=\"_ _0\"></span>stion<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">r<span class=\"_ _0\"></span>isc<span class=\"_ _0\"></span>hio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">co<span class=\"_ _0\"></span>nside<span class=\"_ _0\"></span>ran<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uind<span class=\"_ _0\"></span>i: </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs492f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4930\">la<span class=\"ff1\"> </span>verifica<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>coerenza<span class=\"ff1\"> </span>tra<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>livello<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>assunto<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>livello<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>patrimonio<span class=\"ff1\"> </span>disponibile<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4931\">atteso<span class=\"ff1\"> </span>(Risk<span class=\"ff1\"> </span>Appetite); </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4932\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4933\">la<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>misurabilit\u00e0<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>/<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>valutazione<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>r<span class=\"_ _2\"></span>ischi<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>(per<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>quelli<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>quantificabili)<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>permettere<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>al<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4934\">management<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valutare<span class=\"ff1\"> </span>l\u2019impatto<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>stessi<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ull\u2019and<span class=\"_ _0\"></span>amento<span class=\"ff1\"> </span>aziendale;<span class=\"_ _2\"></span> </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4935\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4936\">la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>termi<span class=\"_ _0\"></span>naz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>roce<span class=\"_ _1\"></span>ssi<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pre<span class=\"_ _0\"></span>sidi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">op<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uell<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">qu<span class=\"_ _0\"></span>anti<span class=\"_ _0\"></span>fica<span class=\"_ _0\"></span>bili<span class=\"_ _0\"></span>; </span></span></span></span></span></span></span></span></span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4937\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4938\">la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>presenza<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sistema<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>monitoraggio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>continuativo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>profilo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>attuale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4939\">prospettico<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>relativi<span class=\"ff1\"> </span>indicatori<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>e/o<span class=\"ff1\"> </span>rendimento<span class=\"ff1\"> </span>ident<span class=\"_ _2\"></span>ificati. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs493a\">Credemvita<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>ll\u2019ambito<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">proprio<span class=\"ff1\"> </span>sistema<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gestione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischi,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ha<span class=\"ff1\"> </span>strutturato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ed<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">implementato<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs493b\">un<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>autonomo<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>processo<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _23\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>valutazione<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>pro<span class=\"_ _2\"></span>pria<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>adeguat<span class=\"_ _2\"></span>ezza<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>patrimoniale,<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>at<span class=\"_ _2\"></span>tuale<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>e<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs493c\">prospettica,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>relazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rilevanti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>v<span class=\"_ _2\"></span>erso<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quali<span class=\"ff1\"> <span class=\"_ _21\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Compagnia<span class=\"ff1\"> <span class=\"_ _21\"></span></span>risulta<span class=\"ff1\"> <span class=\"_ _21\"></span></span>esposta<span class=\"ff1\"> <span class=\"_ _21\"></span></span>(p<span class=\"_ _0\"></span>rocesso<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs493d\">ORSA<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> </span>Own<span class=\"ff1\"> </span>Risk<span class=\"ff1\"> </span>and<span class=\"ff1\"> </span>Solvency<span class=\"ff1\"> </span>Assessment).<span class=\"ff1\"> </span>Tale<span class=\"ff1\"> </span>processo<span class=\"ff1\"> </span>ha<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>seguenti<span class=\"ff1\"> </span>fasi: </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs493e\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs493f\">Va<span class=\"_ _0\"></span>luta<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rosp<span class=\"_ _0\"></span>etti<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del</span> <span class=\"_ _0\"></span><span class=\"ff3\">Solv<span class=\"_ _0\"></span>enc<span class=\"_ _0\"></span>y<span class=\"ff1\"> </span>II<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Ra<span class=\"_ _0\"></span>tio; </span></span></span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4940\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4941\">Str<span class=\"_ _0\"></span>ess<span class=\"ff1\"> </span>T<span class=\"_ _0\"></span>est<span class=\"_ _0\"></span>; </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4942\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4943\">Pi<span class=\"_ _0\"></span>ano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Liq<span class=\"_ _0\"></span>uidi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pros<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ttic<span class=\"_ _0\"></span>o; </span></span></span></span></span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4944\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4945\">Ade<span class=\"_ _0\"></span>gua<span class=\"_ _0\"></span>tezz<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">For<span class=\"_ _0\"></span>mul<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>S<span class=\"_ _0\"></span>tand<span class=\"_ _0\"></span>ard<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>spe<span class=\"_ _0\"></span>tto<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">profi<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">risc<span class=\"_ _0\"></span>hio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">della<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Co<span class=\"_ _0\"></span>mpag<span class=\"_ _0\"></span>nia;<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4946\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4947\">Ba<span class=\"_ _0\"></span>ck<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Testi<span class=\"_ _0\"></span>ng; </span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4948\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4949\">Pre<span class=\"_ _0\"></span>dis<span class=\"_ _0\"></span>posi<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ORSA<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Re<span class=\"_ _0\"></span>port<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"_ _0\"></span><span class=\"ff3\">inv<span class=\"_ _0\"></span>io. </span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs494a\">Pa<span class=\"_ _0\"></span>rte<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">integ<span class=\"_ _0\"></span>ran<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">proce<span class=\"_ _0\"></span>sso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ORSA<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>ono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anch<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">segue<span class=\"_ _1\"></span>nti<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>roc<span class=\"_ _0\"></span>essi<span class=\"_ _0\"></span>: </span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs494b\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs494c\">Def<span class=\"_ _0\"></span>ini<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pia<span class=\"_ _0\"></span>no<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">preli<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>nare<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">bu<span class=\"_ _0\"></span>dge<span class=\"_ _0\"></span>t<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>zien<span class=\"_ _0\"></span>dale<span class=\"_ _0\"></span>; </span></span></span></span></span></span></span></span></span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs494d\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs494e\">Def<span class=\"_ _0\"></span>ini<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Ris<span class=\"_ _0\"></span>k<span class=\"ff1\"> </span>Ap<span class=\"_ _0\"></span>pet<span class=\"_ _0\"></span>ite; </span></span></span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs494f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4950\">Ind<span class=\"_ _0\"></span>ivid<span class=\"_ _0\"></span>uaz<span class=\"_ _0\"></span>ione<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">v<span class=\"_ _0\"></span>alut<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risc<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">C<span class=\"_ _0\"></span>onti<span class=\"_ _0\"></span>nuou<span class=\"_ _0\"></span>s<span class=\"ff1\"> </span>Mo<span class=\"_ _0\"></span>nit<span class=\"_ _0\"></span>oring<span class=\"_ _0\"></span>. </span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4951\">Nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>ell\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>indirizzo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>st<span class=\"_ _2\"></span>rategico<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Compagnia,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Consiglio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Ammin<span class=\"_ _2\"></span>istrazione<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4952\">individua<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>approva<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>i<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>corrett<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dimensionamento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dot<span class=\"_ _2\"></span>azione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>complessiva<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cap<span class=\"_ _2\"></span>itale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>gli<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4953\">obiettivi<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">redditivit\u00e0</span> <span class=\"ff3\">cor<span class=\"_ _2\"></span>retta</span> <span class=\"ff3\">per</span> <span class=\"ff3\">il</span> <span class=\"_ _0\"></span><span class=\"ff3\">rischio.<span class=\"ff1\"> </span>La<span class=\"ff1\"> </span>formulazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>preliminari<span class=\"ff1\"> </span>linee<span class=\"ff1\"> </span>guida<span class=\"ff1\"> </span>strategiche<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4954\">da<span class=\"ff1\"> <span class=\"_ _21\"></span></span>parte<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Consiglio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Amminist<span class=\"_ _2\"></span>razione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ind<span class=\"_ _0\"></span>irizza<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>calibrazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>de<span class=\"_ _2\"></span>gli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ob<span class=\"_ _2\"></span>iettivi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>lo<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4955\">sviluppo<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>piano<span class=\"ff1\"> </span>strategico. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4956\">Tali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>significativamente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>connesse<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>vengono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>entra<span class=\"_ _2\"></span>mbe<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sviluppate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>considerando<span class=\"ff1\"> <span class=\"_ _21\"></span></span>la<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4957\">situazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>partenza<span class=\"ff1\"> <span class=\"_ _21\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Co<span class=\"_ _2\"></span>mpagnia,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>visione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>prospettica<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">contesto</span> <span class=\"_ _21\"></span><span class=\"ff3\">esterno,</span> <span class=\"_ _21\"></span><span class=\"ff3\">i</span> <span class=\"_ _20\"></span><span class=\"ff3\">profili</span> <span class=\"_ _21\"></span><span class=\"ff3\">di</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4958\">rischio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>gli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>orientamenti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>termini<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rischio/rendimento<span class=\"_ _2\"></span>.<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>G<span class=\"_ _2\"></span>li<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>indirizzi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>strategici<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff3\">approvati</span> <span class=\"_ _27\"> </span><span class=\"ff3\">dal</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4959\">Consiglio<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Amministrazione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>riflettono<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>sull\u2019assetto<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>produttivo<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>e<span class=\"ff1\">  </span>or<span class=\"_ _2\"></span>ganizzativo<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>fine<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs495a\">determinare<span class=\"ff1\"> <span class=\"_ _bf\"> </span></span>l\u2019impatto<span class=\"ff1\"> <span class=\"_ _32d\"> </span></span>desiderato<span class=\"ff1\"> <span class=\"_ _bf\"> </span></span>\u2013<span class=\"ff1\"> <span class=\"_ _bf\"> </span></span>nell\u2019orizzonte<span class=\"ff1\"> <span class=\"_ _bf\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _bf\"> </span></span>pianificazione<span class=\"ff1\"> <span class=\"_ _bf\"> </span></span>\u2013<span class=\"ff1\"> <span class=\"_ _32d\"> </span></span>sul<span class=\"ff1\"> <span class=\"_ _bf\"> </span></span>binomio<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs495b\">ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>o/re<span class=\"_ _0\"></span>ndi<span class=\"_ _0\"></span>mento<span class=\"_ _0\"></span>. </div>Nel<span class=\"ff1\"> </span>continuo,<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Funzione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Risk<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Management<span class=\"ff1\"> <span class=\"_ _2\"></span></span>supporta<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>organi<span class=\"ff1\"> </span>aziendali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nelle<span class=\"ff1\"> </span>scelte<span class=\"ff1\"> </span>derivan<span class=\"_ _3bd\"> </span>dall\u2019attuazione<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>piano<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>ag<span class=\"_ _2\"></span>evolando<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>comprensione<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>consapevolezza<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>r<span class=\"_ _2\"></span>isc<span class=\"_ _3bd\"> </span>assunti/assumibili<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>presidio<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>stessi.<span class=\"_ _3bd\"> </span>Id<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>fica<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>cl<span class=\"_ _0\"></span>ass<span class=\"_ _1\"></span>ific<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>hi<span class=\"_ _3bd\"> </span>\u2013<span class=\"_ _3bd\"> </span>ma<span class=\"_ _1\"></span>ppa<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>hi<span class=\"fc0 sc1\"> </span>L<span class=\"_ _3bd\"> </span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>regolamentazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>settore,<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>ecante<span class=\"ff1\"> </span>disposizioni<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>materia<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sistema<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>gest<span class=\"_ _2\"></span>ione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>ris<span class=\"_ _2\"></span>ch<span class=\"_ _3bd\"> </span>richiede<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>alle<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>imprese<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>effettuare<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>cat<span class=\"_ _2\"></span>alogazione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>de<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>ris<span class=\"_ _2\"></span>chi<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>ess<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>sono<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>espost<span class=\"_ _2\"></span>e<span class=\"_ _3bd\"> </span>indipendentemente<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>alla<span class=\"ff1\">  </span>circostanza<span class=\"ff1\">  </span>ch<span class=\"_ _0\"></span>e<span class=\"ff1\">  </span>siano<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>quantificabili,<span class=\"ff1\">  </span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>funzione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>della<span class=\"ff1\">  </span>natura,<span class=\"ff1\">  </span>de<span class=\"_ _0\"></span>ll<span class=\"_ _3bd\"> </span>portata<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>complessit\u00e0<span class=\"ff1\"> </span>inerenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>all\u2019attivit\u00e0<span class=\"ff1\"> </span>svolta,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>ottica<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attuale<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prospettica,<span class=\"ff1\"> </span>nonch\u00e9<span class=\"ff1\"> </span>gl<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>effet<span class=\"_ _3bd\"> </span>indiretti<span class=\"ff1\"> </span>connessi<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>significativi.<span class=\"_ _3bd\"> </span>Ta<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>cat<span class=\"_ _0\"></span>alo<span class=\"_ _0\"></span>gazi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>stit<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>sce<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">il</span> <span class=\"ff3\">lin<span class=\"_ _0\"></span>gua<span class=\"_ _0\"></span>ggi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>comun<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>lo<span class=\"ff1\"> </span>sv<span class=\"_ _0\"></span>olg<span class=\"_ _0\"></span>imen<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tu<span class=\"_ _0\"></span>tte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>atti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>ness<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>con<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>sistema<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>gestione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>aziendali.<span class=\"_ _3bd\"> </span>I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ris<span class=\"_ _0\"></span>chi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Comp<span class=\"_ _0\"></span>agni<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>so<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>lassi<span class=\"_ _0\"></span>fi<span class=\"_ _0\"></span>cati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ne<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">seg<span class=\"_ _0\"></span>uen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rin<span class=\"_ _0\"></span>cipa<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>cl<span class=\"_ _0\"></span>assi<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sot<span class=\"_ _0\"></span>tosc<span class=\"_ _0\"></span>riz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>tec<span class=\"_ _0\"></span>nici<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ass<span class=\"_ _0\"></span>icu<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>vi)<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mer<span class=\"_ _0\"></span>cato:<span class=\"_ _0\"></span> </span></span></span></span>o<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Me<span class=\"_ _0\"></span>rca<span class=\"_ _0\"></span>to;<span class=\"_ _3bd\"> </span></span></span>o<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>A<span class=\"_ _0\"></span>LM<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span>o<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>L<span class=\"_ _0\"></span>iqui<span class=\"_ _0\"></span>dit\u00e0<span class=\"_ _0\"></span>.;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>red<span class=\"_ _0\"></span>ito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">coun<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>rparty<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o<span class=\"_ _0\"></span>pera<span class=\"_ _0\"></span>tivi<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span></span></span>o<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">O<span class=\"_ _0\"></span>pera<span class=\"_ _0\"></span>tivi<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span>o<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>In<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>co<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">C<span class=\"_ _0\"></span>yber<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Ris<span class=\"_ _0\"></span>k;<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">n<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">conf<span class=\"_ _0\"></span>ormi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">n<span class=\"_ _0\"></span>orme<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">second<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>ivel<span class=\"_ _0\"></span>lo;<span class=\"_ _3bd\"> </span></span></span></span></span>o<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>leg<span class=\"_ _0\"></span>ato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">all<span class=\"_ _0\"></span>\u2019app<span class=\"_ _0\"></span>arte<span class=\"_ _0\"></span>nen<span class=\"_ _0\"></span>za<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gru<span class=\"_ _0\"></span>ppo;<span class=\"_ _0\"></span> </span></span></span></span>o<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>put<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>onale<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span>o<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cond<span class=\"_ _0\"></span>otta<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span>o<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">E<span class=\"_ _1\"></span>SG<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">st<span class=\"_ _0\"></span>rate<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>ci<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span>merge<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span> </span></span>Il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>processo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>identificazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _21\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Compagnia<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"></span></span>esposta<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>costituisce<span class=\"ff1\"> <span class=\"_ _21\"></span></span>un<span class=\"ff1\"> <span class=\"_ _21\"></span></span>element<span class=\"_ _3bd\"> </span>fondamentale<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>corretta<span class=\"ff1\"> </span>implementazione<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pi\u00f9<span class=\"ff1\"> </span>ampio<span class=\"ff1\"> </span>pro<span class=\"_ _2\"></span>cesso<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gestion<span class=\"_ _3bd\"> </span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischi.<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>Cr<span class=\"_ _2\"></span>edemvita,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"></span></span>linea<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Normativ<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Regolamentare,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ha<span class=\"ff1\"> <span class=\"_ _21\"></span></span>previsto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>una<span class=\"ff1\"> <span class=\"_ _20\"></span></span>procedura<span class=\"ff1\"> </span>censimento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischi,<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">intendersi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">come<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>trumento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">metodologico<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>supporto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">svolgiment<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>delle<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>individuazione<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>valutazione<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>c<span class=\"_ _2\"></span>he<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>permetta<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>r<span class=\"_ _2\"></span>accogliere<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>vi<span class=\"_ _2\"></span>a<span class=\"_ _3bd\"> </span>continuativa<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">informazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sui<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ischi,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">interni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ed<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">esterni,<span class=\"ff1\"> </span>esistenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prospettici<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">esposta<span class=\"_ _2\"></span>,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ch<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>possono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>interessare<span class=\"ff1\"> </span>tutti<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>processi<span class=\"ff1\"> </span>operativi<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> </span>aree<span class=\"ff1\"> <span class=\"_ _2\"></span></span>aziendali.<span class=\"ff1\"> </span>Per<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ua<span class=\"ff1\"> </span>natura<span class=\"ff1\"> </span>tale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>procedura<span class=\"ff1\"> </span>\u00e8<span class=\"_ _3bd\"> </span>continua<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"></span></span>evoluzione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"></span></span>base<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> <span class=\"_ _21\"></span></span>progressivo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>affinamento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sistema<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>gestione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>ischi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"_ _3bd\"> </span>all\u2019evoluzione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>quadro<span class=\"ff1\"> </span>normativo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>riferimento.<span class=\"_ _3bd\"> </span>La<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pro<span class=\"_ _0\"></span>cedu<span class=\"_ _0\"></span>ra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">censim<span class=\"_ _0\"></span>ento<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Crede<span class=\"_ _0\"></span>mvi<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">arti<span class=\"_ _0\"></span>col<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>ua<span class=\"_ _0\"></span>ttro<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fas<span class=\"_ _0\"></span>i:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>an<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span>p<span class=\"_ _1\"></span>iano<span class=\"ff1\"> </span>str<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span>gic<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>azi<span class=\"_ _0\"></span>enda<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>divi<span class=\"_ _0\"></span>dua<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fatt<span class=\"_ _0\"></span>ori<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risc<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>eme<span class=\"_ _0\"></span>rgen<span class=\"_ _0\"></span>ti;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>divi<span class=\"_ _0\"></span>duaz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>atto<span class=\"_ _0\"></span>ri<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>ster<span class=\"_ _0\"></span>ni;<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>divi<span class=\"_ _0\"></span>duaz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _1\"></span>ei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fatto<span class=\"_ _0\"></span>ri<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>isc<span class=\"_ _0\"></span>hio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">op<span class=\"_ _0\"></span>erat<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">(<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>ncl<span class=\"_ _0\"></span>usi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">que<span class=\"_ _1\"></span>lli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inf<span class=\"_ _0\"></span>ormat<span class=\"_ _0\"></span>ici<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>yber<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>sk),<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>conformit\u00e0<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>norme<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>secondo<span class=\"ff1\"> </span>livello;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>divi<span class=\"_ _0\"></span>duaz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>atto<span class=\"_ _0\"></span>ri<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>str<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span>gic<span class=\"_ _0\"></span>o.<span class=\"_ _3bd\"> </span></span></span>Le<span class=\"ff1\"> </span>modalit\u00e0<span class=\"ff1\"> </span>adottate<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>l\u2019identificazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>basano<span class=\"ff1\"> </span>sost<span class=\"_ _2\"></span>anzialmente<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>uno<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>pi\u00f9<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>seguenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">approcci:<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>sk<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Ass<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">spe<span class=\"_ _0\"></span>cifi<span class=\"_ _0\"></span>ci<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>fam<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>lie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>o);<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Va<span class=\"_ _0\"></span>luta<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>de<span class=\"_ _1\"></span>lle<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>iffe<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>ze<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>ra<span class=\"ff1\"> </span>og<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ass<span class=\"_ _0\"></span>unz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>isu<span class=\"_ _0\"></span>ltato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>ttua<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Eve<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>erdi<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">erro<span class=\"_ _0\"></span>ri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">acc<span class=\"_ _0\"></span>adu<span class=\"_ _0\"></span>ti;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Rev<span class=\"_ _0\"></span>isi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>roce<span class=\"_ _0\"></span>ssi,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">matri<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">r<span class=\"_ _0\"></span>isch<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>orma<span class=\"_ _0\"></span>tiva<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o</span> <span class=\"_ _0\"></span><span class=\"ff3\">ris<span class=\"_ _0\"></span>k<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ssess<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>t<span class=\"ff1\"> </span>nor<span class=\"_ _0\"></span>mati<span class=\"_ _0\"></span>vi;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Bra<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>storm<span class=\"_ _0\"></span>ing<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">manage<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>sk<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">owner;<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Va<span class=\"_ _0\"></span>luta<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Intern<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>/Exte<span class=\"_ _0\"></span>rna<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>Audi<span class=\"_ _0\"></span>t<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>Com<span class=\"_ _0\"></span>uni<span class=\"_ _0\"></span>cazi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>fro<span class=\"_ _0\"></span>nti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">re<span class=\"_ _0\"></span>gul<span class=\"_ _0\"></span>ator<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Al<span class=\"_ _0\"></span>tri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ev<span class=\"_ _0\"></span>enti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">es<span class=\"_ _0\"></span>terni<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Rep<span class=\"_ _0\"></span>orti<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tras<span class=\"_ _0\"></span>mes<span class=\"_ _0\"></span>so<span class=\"ff1\"> </span>da<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">arr<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>ompag<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>a.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>Una<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>volta<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>so<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>stati<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>identificati<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>essi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>vanno<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cos<span class=\"_ _2\"></span>tituire<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ma<span class=\"_ _2\"></span>ppa<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>d<span class=\"_ _2\"></span>ei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>ischi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>de<span class=\"_ _2\"></span>ll<span class=\"_ _3bd\"> </span>Com<span class=\"_ _0\"></span>pag<span class=\"_ _0\"></span>nia.<span class=\"_ _3bd\"> </span><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs495d\">Va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>azi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs495e\">de<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs495f\">Ri<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>hi<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4960\">Il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">processo<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">realizzato<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">logiche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">att<span class=\"_ _2\"></span>uali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">logiche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prospettiche<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4961\">ed<span class=\"ff1\"> </span>integra<span class=\"ff1\"> </span>metodologie<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>approcci<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>carattere<span class=\"ff1\"> </span>quantitativo<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>qualitativo. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4962\">La<span class=\"ff1\"> <span class=\"_ _21\"></span></span>val<span class=\"_ _0\"></span>utazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>effett<span class=\"_ _2\"></span>uata<span class=\"ff1\"> <span class=\"_ _21\"></span></span>su<span class=\"ff1\"> <span class=\"_ _20\"></span></span>base<span class=\"ff1\"> <span class=\"_ _21\"></span></span>individuale,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>livello<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>singo<span class=\"_ _2\"></span>lo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rischio,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>su<span class=\"ff1\"> <span class=\"_ _21\"></span></span>base<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4963\">aggregata,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tener<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">conto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">interrelazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fonti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischio<span class=\"_ _2\"></span>.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Vengono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inoltre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">considerati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gl<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4964\">effetti<span class=\"ff1\"> </span>indiretti<span class=\"ff1\"> </span>connessi<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>pi\u00f9<span class=\"ff1\"> </span>significativi. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4965\">La<span class=\"ff1\"> </span>frequenza<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>ella<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>ipende<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>tipologia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> </span>rischi,<span class=\"ff1\"> </span>dagli<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>trumenti<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>dalle<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4966\">metodologie<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alutazione<span class=\"ff1\"> </span>utilizzate<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>stabili<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>coerenza<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>freq<span class=\"_ _0\"></span>uenza<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>esigenze<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4967\">processi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>strategici<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>decisionali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> </span>Compagnia.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>La<span class=\"ff1\"> <span class=\"_ _2\"></span></span>frequenza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valutazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>o<span class=\"_ _2\"></span>ttica<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4968\">prospettica<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>coerente<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>processo<span class=\"ff1\"> </span>annuale<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>pianificazione<span class=\"ff1\"> </span>str<span class=\"_ _2\"></span>ategica. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4969\">Accanto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>gestione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ordinaria<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>processo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>valutazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rischi,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"></span></span>prevista<span class=\"ff1\"> <span class=\"_ _21\"></span></span>una<span class=\"ff1\"> <span class=\"_ _21\"></span></span>gestione<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs496a\">al<span class=\"_ _0\"></span>l\u2019oc<span class=\"_ _0\"></span>corr<span class=\"_ _0\"></span>enz<span class=\"_ _0\"></span>a,<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ragi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">event<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ch<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>pos<span class=\"_ _0\"></span>san<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>dete<span class=\"_ _0\"></span>rmin<span class=\"_ _0\"></span>are<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>na<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>riaz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sig<span class=\"_ _0\"></span>nifi<span class=\"_ _0\"></span>cati<span class=\"_ _0\"></span>va<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>prof<span class=\"_ _0\"></span>ilo<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs496b\">di<span class=\"ff1\"> </span>rischio.<span class=\"ff1\"> </span>In<span class=\"ff1\"> </span>particolare,<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>stati<span class=\"ff1\"> </span>identificati<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>seguenti<span class=\"ff1\"> </span>principali<span class=\"ff1\"> </span>eventi: </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs496c\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs496d\">l\u2019<span class=\"_ _0\"></span>aggi<span class=\"_ _0\"></span>orn<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ian<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>stra<span class=\"_ _0\"></span>teg<span class=\"_ _0\"></span>ico;<span class=\"_ _0\"></span> </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs496e\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs496f\">un\u2019acquisizione<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>disinvestimento<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>modifichi<span class=\"ff1\"> </span>sensibilmente<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>business,<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>profilo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4970\">rischio<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>posizione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>solvibilit\u00e0; </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4971\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4972\">una<span class=\"ff1\"> </span>variazione<span class=\"ff1\"> </span>significativa<span class=\"ff1\"> </span>nei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>mercati<span class=\"ff1\"> </span>finanziari<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>determini<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> </span>notevole<span class=\"ff1\"> </span>impatto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sul<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4973\">portafoglio<span class=\"ff1\"> </span>attivi<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>compagnia; </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4974\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4975\">un<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>zione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">si<span class=\"_ _0\"></span>gni<span class=\"_ _0\"></span>fica<span class=\"_ _0\"></span>tiva<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nel<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>assi<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>agni<span class=\"_ _0\"></span>a; </span></span></span></span></span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4976\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4977\">un<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>duzi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">po<span class=\"_ _0\"></span>sizi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">solv<span class=\"_ _0\"></span>ibi<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>sot<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ori<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">critic<span class=\"_ _0\"></span>i; </span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4978\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4979\">un<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ca<span class=\"_ _0\"></span>mbia<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>sig<span class=\"_ _0\"></span>nif<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span>tivo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del</span> <span class=\"_ _0\"></span><span class=\"ff3\">qu<span class=\"_ _0\"></span>adro<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>ego<span class=\"_ _0\"></span>lame<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>re; </span></span></span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs497a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs497b\">un<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ca<span class=\"_ _0\"></span>mbia<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>si<span class=\"_ _0\"></span>gni<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>ativ<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>rof<span class=\"_ _0\"></span>ilo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>isc<span class=\"_ _0\"></span>hio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019in<span class=\"_ _0\"></span>sorg<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nu<span class=\"_ _0\"></span>ovi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischi<span class=\"_ _0\"></span>; </span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs497c\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs497d\">un<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ca<span class=\"_ _0\"></span>mbia<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>sig<span class=\"_ _0\"></span>nif<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span>tivo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dei</span> <span class=\"_ _0\"></span><span class=\"ff3\">pro<span class=\"_ _0\"></span>ces<span class=\"_ _0\"></span>si,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sist<span class=\"_ _0\"></span>emi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"_ _0\"></span><span class=\"ff3\">pro<span class=\"_ _0\"></span>cedu<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">aziend<span class=\"_ _0\"></span>ali.<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs497e\">St<span class=\"_ _0\"></span>ru<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs497f\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4980\">Me<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>do<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>gie<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4981\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4982\">Mi<span class=\"_ _0\"></span>sur<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4983\">La<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Compagnia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ha<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>efinito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sensi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> <span class=\"_ _21\"></span></span>normativa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>egolamentare<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un<span class=\"ff1\"> <span class=\"_ _20\"></span></span>processo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valutazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"_ _0\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4984\">analisi<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>basato<span class=\"ff1\"> </span>sostanzialmente<span class=\"ff1\"> </span>sugli<span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>metodologie<span class=\"ff1\"> </span>legate<span class=\"ff1\"> </span>a: </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4985\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4986\">Metodologie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sviluppate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pro<span class=\"_ _2\"></span>cedura<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>profilazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischi:<span class=\"ff1\"> <span class=\"_ _2\"></span></span>indicato<span class=\"_ _2\"></span>ri<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"_ _1\"></span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4987\">ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">qu<span class=\"_ _0\"></span>ali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pos<span class=\"_ _0\"></span>sono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">es<span class=\"_ _0\"></span>sere<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cos<span class=\"_ _0\"></span>trui<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ai<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">segu<span class=\"_ _0\"></span>enti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ap<span class=\"_ _0\"></span>proc<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">me<span class=\"_ _0\"></span>todol<span class=\"_ _0\"></span>ogi<span class=\"_ _0\"></span>ci: </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m6 h33 ff7 fs5 fc0 sc0 ls0 ws0 gs4988\">o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4989\">regolamentari<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ovvero<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fondati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sui<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>principi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"_ _2\"></span>lla<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>base<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>gran<span class=\"_ _2\"></span>dezze<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>regolamentari<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs498a\">Solvency<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">II; </span></span></div><div class=\"t m6 h33 ff7 fs5 fc0 sc0 ls0 ws0 gs498b\">o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs498c\">gestionali<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>ovvero<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _29\"> </span></span>basat<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>su<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>concetti<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>generali<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>come<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>ad<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>e<span class=\"_ _2\"></span>sempio<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>esposizione,<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs498d\">concentrazione,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>volatil<span class=\"_ _2\"></span>it\u00e0,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>perdita<span class=\"ff1\"> <span class=\"_ _20\"></span></span>attesa<span class=\"ff1\"> <span class=\"_ _21\"></span></span>o<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span><span class=\"ff3\">potenziale,</span> <span class=\"_ _20\"></span><span class=\"ff3\">e/o</span> <span class=\"_ _20\"></span><span class=\"ff3\">volti</span> <span class=\"_ _21\"></span><span class=\"ff3\">a</span> <span class=\"_ _2\"></span><span class=\"ff3\">valutare</span> <span class=\"_ _20\"></span><span class=\"ff3\">quei</span> <span class=\"_ _20\"></span><span class=\"ff3\">rischi</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs498e\">non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rico<span class=\"_ _0\"></span>mpre<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span>nel<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">formul<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>stan<span class=\"_ _0\"></span>dar<span class=\"_ _0\"></span>d<span class=\"ff1\"> </span>e/o<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ad</span> <span class=\"ff3\">inte<span class=\"_ _0\"></span>gra<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>luta<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>deg<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>ste<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">risch<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs498f\">reg<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>tari; </div><div class=\"t m6 h33 ff7 fs5 fc0 sc0 ls0 ws0 gs4990\">o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4991\">qu<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>tativ<span class=\"_ _0\"></span>e. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4992\">Oltre<span class=\"ff1\">  </span>alle<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">metodologie</span>  <span class=\"ff3\">all<span class=\"_ _0\"></span>a<span class=\"ff1\">  </span>base<span class=\"ff1\">  </span>di<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">tali</span>  <span class=\"ff3\">i<span class=\"_ _0\"></span>ndicatori<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>rischio,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\">  </span>misurazione<span class=\"ff1\">  </span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischio<span class=\"ff1\">  </span>della<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4993\">Compagnia,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sia<span class=\"ff1\"> </span>attuale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">c<span class=\"_ _2\"></span>he<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prospettica,<span class=\"ff1\"> </span>si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">basa<span class=\"ff1\"> </span>sulle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">metodologi<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">regolamentari<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">calcolo<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4994\">Requisito<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Capitale<span class=\"ff1\"> </span>(cfr.<span class=\"ff1\"> </span>SCR):<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>metodologia<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>riferimento<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>quella<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>Fo<span class=\"_ _2\"></span>rmula<span class=\"ff1\"> </span>Standard. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4995\">Tutte<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>ueste<span class=\"ff1\"> </span>grandez<span class=\"_ _0\"></span>ze,<span class=\"ff1\"> </span>oltre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cos<span class=\"_ _2\"></span>tituire<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>\u2019impianto<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">monitoraggio<span class=\"ff1\"> </span>nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">continuo<span class=\"ff1\"> </span>all<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>b<span class=\"_ _0\"></span>ase<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4996\">modello<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>o<span class=\"_ _2\"></span>rganizzativo<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>gest<span class=\"_ _2\"></span>ione<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>d<span class=\"_ _2\"></span>el<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>r<span class=\"_ _2\"></span>ischio,<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>r<span class=\"_ _2\"></span>appresentano<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>gli<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>elementi<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>alla<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>base<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>della<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4997\">metodologia<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>profilazion<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Compagnia.<span class=\"ff1\">  </span>Tale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">att<span class=\"_ _2\"></span>ivit\u00e0</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">ha</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">come</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">obiettivo</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4998\">l\u2019individuazione<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alutazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>fattori<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>l\u2019attribuzione<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>ognu<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>essi<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> </span>livello<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4999\">sig<span class=\"_ _0\"></span>nif<span class=\"_ _0\"></span>icat<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t\u00e0. </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs499a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs499b\">Applicazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Volatility<span class=\"ff1\">  </span>Adjustments:<span class=\"ff1\">  </span>le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>valutazioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>attuali<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>prospettiche<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _2\"></span>ei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>risc<span class=\"_ _0\"></span>hi </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs499c\">regolamentari<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Compagnia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>prevedono<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>l\u2019utilizzo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Volatilit<span class=\"_ _2\"></span>y<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Adjustment<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>come<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Long<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs499d\">Term<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Guar<span class=\"_ _2\"></span>antee<span class=\"ff1\"> <span class=\"_ _2\"></span></span>measure.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Volatility<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Adjustment<span class=\"ff1\"> <span class=\"_ _2\"></span></span>viene<span class=\"ff1\"> <span class=\"_ _2\"></span></span>applicato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sul<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>otale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>passivit\u00e0<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs499e\">detenute<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dalla<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Com<span class=\"_ _2\"></span>pagnia<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>vendute<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>interam<span class=\"_ _2\"></span>ente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Italia<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nella<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>valuta<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Eu<span class=\"_ _0\"></span>ro.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>viene<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs499f\">applicato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dalla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Compagnia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Matching<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Adjustment.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>f<span class=\"_ _2\"></span>ine<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>maggiore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>comprensione<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49a0\">degli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>effetti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>derivanti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall\u2019applicazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Volatility<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Adjustment<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>ulle<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>iserve<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tecniche<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>ui<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49a1\">fon<span class=\"_ _0\"></span>di<span class=\"ff1\"> </span>pr<span class=\"_ _0\"></span>opri<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>Comp<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>nia<span class=\"ff1\"> </span>eff<span class=\"_ _0\"></span>ettu<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>oltre<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">anali<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">se<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>tivit<span class=\"_ _0\"></span>y<span class=\"ff1\"> </span>ogni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">qualv<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>lo<span class=\"ff1\"> </span>sco<span class=\"_ _0\"></span>stam<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49a2\">tra<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>curva<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>risk<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>free<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>EIOPA<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>cu<span class=\"_ _0\"></span>rva<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>risk<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>free<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>EIOPA<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>volatility<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Adjustement<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>risulti<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49a3\">sig<span class=\"_ _0\"></span>nif<span class=\"_ _0\"></span>icat<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>o. </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs49a4\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49a5\">Sensitivity,<span class=\"ff1\"> </span>stress<span class=\"ff1\"> </span>test<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">scenario<span class=\"ff1\"> <span class=\"_ _2\"></span></span>test:<span class=\"ff1\"> </span>ai<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sensi<span class=\"ff1\"> </span>dell\u2019Art.<span class=\"ff1\"> </span>19,<span class=\"ff1\"> </span>comma<span class=\"ff1\"> </span>4<span class=\"_ _2\"></span><span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Re<span class=\"_ _0\"></span>g.<span class=\"ff1\"> </span>IVASS<span class=\"ff1\"> </span>n.38,<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49a6\">Funzione<span class=\"ff1\"> </span>Risk<span class=\"ff1\"> </span>Management,<span class=\"ff1\"> </span>allo<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>copo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valutare<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>ottica<span class=\"ff1\"> </span>attuale<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>prospettica<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gli<span class=\"ff1\"> </span>impatti<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49a7\">sulla<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>situazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>economica<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>patrimoniale<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>derivanti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>andamenti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>avversi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pr<span class=\"_ _2\"></span>incipali<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49a8\">fat<span class=\"_ _0\"></span>tori<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">risc<span class=\"_ _0\"></span>hio<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>effe<span class=\"_ _0\"></span>ttua,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>ciascu<span class=\"_ _0\"></span>na<span class=\"ff1\"> </span>dell<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>fon<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>risc<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ide<span class=\"_ _0\"></span>ntif<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>come<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">maggio<span class=\"_ _0\"></span>rme<span class=\"_ _0\"></span>nte<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49a9\">significative,<span class=\"ff1\"> </span>analisi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>stress<span class=\"ff1\"> </span>test<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ensitivity.<span class=\"_ _3bd\"> </span> </div>-<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>sk<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Sel<span class=\"_ _0\"></span>f<span class=\"ff1\"> </span>A<span class=\"_ _0\"></span>sses<span class=\"_ _0\"></span>smen<span class=\"_ _0\"></span>t<span class=\"ff1\"> </span>su<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risc<span class=\"_ _0\"></span>hi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ope<span class=\"_ _0\"></span>rativ<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span>(iv<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inclu<span class=\"_ _1\"></span>si<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>nfo<span class=\"_ _0\"></span>rmati<span class=\"_ _0\"></span>co<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ybe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>sk)<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>Ge<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>hi<span class=\"fc0 sc1\"> </span>L\u2019obiettivo<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>sistema<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>gestione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>consiste<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>mantenere<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>Compagnia<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>esposta<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>livello<span class=\"ff1\">  </span>definito<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>a<span class=\"_ _2\"></span>ccettabile,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>attraverso<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>l\u2019indicazione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>propensione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>della<span class=\"ff1\"> </span>tolleranza<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stabilite<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">coerenza<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019obiettivo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">salvaguardia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">patr<span class=\"_ _2\"></span>imonio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stesse<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>garanzia<span class=\"ff1\"> </span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>continuit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>aziendale.<span class=\"ff1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>linee<span class=\"ff1\"> <span class=\"_ _2\"></span></span>guida<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tema<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gestione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>ischi<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riportate<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>lle<span class=\"ff1\"> </span>sin<span class=\"_ _0\"></span>gole<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">pol<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">red<span class=\"_ _0\"></span>atte<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>rivis<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>appro<span class=\"_ _0\"></span>vat<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>annu<span class=\"_ _0\"></span>almen<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>dal<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">Con<span class=\"_ _0\"></span>sigl<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Ammi<span class=\"_ _0\"></span>nis<span class=\"_ _0\"></span>traz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span></span></span></span></span></span></span>previo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>passaggio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>parte<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Comitato<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Consiliare<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Controllo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Interno<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Rischi.<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>E<span class=\"_ _0\"></span>lementi<span class=\"ff1\"> </span>costitutivi<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>gestione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>sono:<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>sk<span class=\"_ _3bd\"> </span>Ap<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span>Fr<span class=\"_ _0\"></span>am<span class=\"_ _0\"></span>ew<span class=\"_ _1\"></span>ork<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>La<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Compagnia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dotata<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Risk<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Appet<span class=\"_ _2\"></span>ite<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Fram<span class=\"_ _2\"></span>ework<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(cfr.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">RAF)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">definisce<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ropensione<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>rischio,<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>soglie<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tolle<span class=\"_ _0\"></span>ranza,<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>limiti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio,<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>politiche<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>g<span class=\"_ _0\"></span>overno<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>onch\u00e9<span class=\"_ _2\"></span><span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>processi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>riferimento<span class=\"ff1\"> </span>nece<span class=\"_ _0\"></span>ssar<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>efinirli<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attuarli.<span class=\"ff1\"> </span>Nell\u2019ambito<span class=\"ff1\"> </span>dell\u2019attivit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>indirizzo<span class=\"ff1\"> </span>strategico<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span></span></span>Compagnia,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Cons<span class=\"_ _2\"></span>iglio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Amministr<span class=\"_ _2\"></span>azione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">individua<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">approva<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">propria<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pro<span class=\"_ _2\"></span>pensione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ischio.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Il<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>processo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>finizione/revisione<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Risk</span> <span class=\"_ _0\"></span><span class=\"ff3\">Appetite<span class=\"ff1\"> </span>Framework<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>affianca<span class=\"ff1\"> </span>pertanto<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">processo<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span>Pianificazione<span class=\"ff1\"> </span>St<span class=\"_ _2\"></span>rategica/Operativa<span class=\"ff1\"> </span>(<span class=\"_ _2\"></span>Budget)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>tiene<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valutazione<span class=\"ff1\"> </span>int<span class=\"_ _2\"></span>erna<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>el<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>della<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">solv<span class=\"_ _2\"></span>ibilit\u00e0.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Tali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">el<span class=\"_ _2\"></span>ementi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">no<span class=\"_ _2\"></span>n<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">infatti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">disgiunti,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ma<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">influenzano<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vicenda<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019obiettivo<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">otte<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>mas<span class=\"_ _0\"></span>simiz<span class=\"_ _0\"></span>zaz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pro<span class=\"_ _0\"></span>filo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">risc<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> </span>rend<span class=\"_ _0\"></span>imen<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>Comp<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>nia.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">La</span> <span class=\"ff3\">d<span class=\"_ _0\"></span>efin<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del</span> </span></span></span></span></span></span></span></span></span></span></span>RAF<span class=\"ff1\"> </span>tiene<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>seguenti<span class=\"ff1\"> </span>aspetti:<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">st<span class=\"_ _2\"></span>rategia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Compagnia,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ivi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inclusi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">obiett<span class=\"_ _2\"></span>ivi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">organizzativi,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">piano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">str<span class=\"_ _2\"></span>ategico,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vinc<span class=\"_ _0\"></span>oli<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>fi<span class=\"_ _0\"></span>nanz<span class=\"_ _0\"></span>iari<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>onch<span class=\"_ _0\"></span>\u00e9<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>orma<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">asp<span class=\"_ _0\"></span>etta<span class=\"_ _0\"></span>tive<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sta<span class=\"_ _0\"></span>keh<span class=\"_ _0\"></span>older<span class=\"_ _0\"></span>s;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>gl<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">aspe<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ch<span class=\"_ _0\"></span>iave<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span>b<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>ine<span class=\"_ _0\"></span>ss<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Com<span class=\"_ _0\"></span>pag<span class=\"_ _0\"></span>nia;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">v<span class=\"_ _0\"></span>olon<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">capa<span class=\"_ _0\"></span>cit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>ssu<span class=\"_ _0\"></span>mere<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>com<span class=\"_ _2\"></span>petenze,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>risorse<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tecnologia<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>disposizione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Compagnia<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>gestire<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> </span>monitorare<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>esposizioni<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>rischio.<span class=\"_ _3bd\"> </span>La<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">prope<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Compag<span class=\"_ _0\"></span>nia<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">congi<span class=\"_ _0\"></span>unta<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nte<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">valu<span class=\"_ _0\"></span>tazio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span>si<span class=\"_ _0\"></span>ste<span class=\"_ _0\"></span>ma<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">gov<span class=\"_ _0\"></span>erno<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>societario<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">adottato<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nonch\u00e9<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mappatura<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">identificazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>ei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fattori<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ad<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">g<span class=\"_ _2\"></span>enerale<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>applicazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>principio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>persona<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prudente,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rappresentano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>principali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>elementi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cos<span class=\"_ _2\"></span>titutivi<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>base<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> </span>determinazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">modello<span class=\"ff1\"> </span>organizzativo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gestione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(specifico<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>ogni<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>classe<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio).<span class=\"_ _3bd\"> </span>Nella<span class=\"ff1\"> </span>definizione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>proprie<span class=\"ff1\"> </span>strategie<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>business,<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>Com<span class=\"_ _2\"></span>pagnia<span class=\"ff1\"> </span>valuta,<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>continuativa,<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>rispetto,<span class=\"ff1\"> </span>nei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>diversi<span class=\"ff1\"> </span>anni<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sviluppo<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>piano,<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>livelli<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>target<span class=\"ff1\"> <span class=\"_ _2\"></span></span>definiti<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>Risk<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Appetite<span class=\"ff1\"> </span>Framework<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(c.d.<span class=\"ff1\"> </span>RAF),<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fine<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>garantir<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>coerenza<span class=\"ff1\"> </span>tr<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>obi<span class=\"_ _2\"></span>ettivi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>medio-lungo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>periodo<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>l<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>capacit\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>volont\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>assumere<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>Compagnia<span class=\"ff1\"> </span>stessa.<span class=\"_ _3bd\"> </span>Si<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dec<span class=\"_ _0\"></span>lin<span class=\"_ _0\"></span>ano,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>se<span class=\"_ _0\"></span>gui<span class=\"_ _0\"></span>to,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i</span> <span class=\"_ _1\"></span><span class=\"ff3\">concet<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>ilev<span class=\"_ _1\"></span>anti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ai<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fin<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>fini<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">RA<span class=\"_ _0\"></span>F:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Risk<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Profile<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff3\">rappresenta</span> <span class=\"_ _21\"> </span><span class=\"ff3\">il</span> <span class=\"_ _21\"></span><span class=\"ff3\">rischio</span> <span class=\"_ _21\"></span><span class=\"ff3\">effettivo</span> <span class=\"_ _21\"></span><span class=\"ff3\">della</span> <span class=\"_ _21\"></span><span class=\"ff3\">Compagni<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>valutato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>determinato<span class=\"ff1\"> </span></span></span>istante<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">temporale;<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Ri<span class=\"_ _0\"></span>sk<span class=\"ff1\"> </span>A<span class=\"_ _0\"></span>ppe<span class=\"_ _0\"></span>tite<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rap<span class=\"_ _0\"></span>pre<span class=\"_ _0\"></span>sen<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">vera<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pro<span class=\"_ _0\"></span>pri<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ropen<span class=\"_ _0\"></span>sio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risc<span class=\"_ _0\"></span>hio<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>arte<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">della<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Comp<span class=\"_ _0\"></span>agni<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>e<span class=\"ff1\"> </span>costituisce,<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uindi,<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>livello<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">essa</span> <span class=\"ff3\">intende</span> <span class=\"ff3\">assumere</span> <span class=\"ff3\">per</span> <span class=\"ff3\">il</span> <span class=\"_ _0\"></span><span class=\"ff3\">perseguimento<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span></span></span>suoi<span class=\"ff1\"> </span>obiettivi<span class=\"ff1\"> </span>strategici;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Risk<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Tole<span class=\"_ _0\"></span>rance<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>individua<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>soglia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>mas<span class=\"_ _2\"></span>sima<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tolleranza<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ris<span class=\"_ _2\"></span>chio,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fissata<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">fi<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> </span></span></span>assicurare<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>Compagnia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>margini<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sufficienti</span> <span class=\"ff3\">per</span> <span class=\"_ _2\"></span><span class=\"ff3\">operare</span> <span class=\"ff3\">sia</span> <span class=\"ff3\">in</span> <span class=\"ff3\">fase</span> <span class=\"ff3\">di</span> <span class=\"ff3\">normale</span> <span class=\"ff3\">corso</span> <span class=\"_ _2\"></span><span class=\"ff3\">degli</span> </span>affari<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>condizioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>mercato<span class=\"ff1\"> </span>particolar<span class=\"_ _2\"></span>mente<span class=\"ff1\"> </span>stressate;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Ri<span class=\"_ _0\"></span>sk<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Capacity,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>invece,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rappresenta<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">massimo</span> <span class=\"_ _27\"> </span><span class=\"ff3\">r<span class=\"_ _2\"></span>ischio</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">as<span class=\"_ _0\"></span>sumibile<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dal<span class=\"_ _2\"></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Com<span class=\"_ _2\"></span>pagnia;<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"ff1\"> </span></span></span>costituito<span class=\"ff1\"> <span class=\"_ _21\"></span></span>quin<span class=\"_ _0\"></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dal<span class=\"ff1\"> <span class=\"_ _21\"></span></span>livello<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>essa<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>gr<span class=\"_ _2\"></span>ado<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>as<span class=\"_ _2\"></span>sumere<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>suo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>carico<span class=\"ff1\"> <span class=\"_ _21\"></span></span>senza<span class=\"_ _0\"></span><span class=\"ff1\"> </span>violare<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>requisiti<span class=\"ff1\"> </span>regolamentari<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>altri<span class=\"ff1\"> </span>vincoli<span class=\"ff1\"> </span>imposti<span class=\"ff1\"> </span>dall\u2019autor<span class=\"_ _2\"></span>it\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>vigilanza.<span class=\"_ _3bd\"> </span>Nella<span class=\"ff1\"> </span>definizione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>proprie<span class=\"ff1\"> </span>strategie<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>business,<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>Com<span class=\"_ _2\"></span>pagnia<span class=\"ff1\"> </span>valuta,<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>continuativa,<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>rispetto,<span class=\"ff1\"> </span>nei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>diversi<span class=\"ff1\"> </span>anni<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sviluppo<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>piano,<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>livelli<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>target<span class=\"ff1\"> <span class=\"_ _2\"></span></span>definiti<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>Risk<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Appetite<span class=\"ff1\"> </span>Framework,<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>ine<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>garantire<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>coerenza<span class=\"ff1\"> </span>tr<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>gli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">obiettivi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>medio-lungo<span class=\"ff1\"> </span>periodo<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>capacit\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span></span></span>la<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>olont\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">assumere<span class=\"ff1\"> </span>rischi.<span class=\"ff1\"> </span>In<span class=\"ff1\"> </span>particolare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">piano<span class=\"ff1\"> </span>strategico,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">part<span class=\"_ _2\"></span>endo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dal<span class=\"ff1\"> </span>profilo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Compagnia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">momento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">redazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pia<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>tesso,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tiene<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ass<span class=\"_ _2\"></span>umibile<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">senz<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>violare<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">requisiti<span class=\"ff1\"> </span>regolamentari<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>altri<span class=\"ff1\"> </span>vincoli<span class=\"ff1\"> </span>imp<span class=\"_ _0\"></span>osti<span class=\"ff1\"> </span>dall\u2019Autorit\u00e0<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>Vigilanza,<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>\u2019appetito<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span></span></span></span></span>(ovvero<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>livello<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ch<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>essa<span class=\"ff1\"> <span class=\"_ _20\"></span></span>intende<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>assumere<span class=\"ff1\"> <span class=\"_ _21\"></span></span>per<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>perseguimento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>suoi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>obi<span class=\"_ _2\"></span>ettivi<span class=\"ff1\"> </span>strategici)<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>tolleranza<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rischio</span> <span class=\"ff3\">(ov<span class=\"_ _0\"></span>vero<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>soglia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">massima<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">scostamento<span class=\"ff1\"> </span>rispetto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">all\u2019appetito<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>al<span class=\"ff1\"> </span>rischio)<span class=\"ff1\"> </span>fissate<span class=\"ff1\">  </span>dal<span class=\"ff1\"> </span>Consiglio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Ammini<span class=\"_ _0\"></span>str<span class=\"_ _2\"></span>azione.<span class=\"_ _3bd\"> </span>La<span class=\"ff1\"> </span>Co<span class=\"_ _2\"></span>mpagnia<span class=\"ff1\"> </span>ha<span class=\"ff1\"> <span class=\"_ _2\"></span></span>inoltr<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>definito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>una<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Politica<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Gestione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>C<span class=\"_ _2\"></span>apitale<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Piano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Gestione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>Capitale<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>scopo<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>quello<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>adottar<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>proced<span class=\"_ _0\"></span>ure<span class=\"ff1\"> </span>atte<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>accertar<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>salvaguardia<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>requisiti<span class=\"ff1\"> </span>regolamentari<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>livelli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>obiettivo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Risk<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Ap<span class=\"_ _2\"></span>petite<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>nonch<span class=\"_ _2\"></span>\u00e9<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>garantire<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sia<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff3\">momento</span> </span>del<span class=\"_ _0\"></span>l\u2019e<span class=\"_ _0\"></span>miss<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">succ<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>ivame<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ele<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Fon<span class=\"_ _0\"></span>di<span class=\"ff1\"> </span>P<span class=\"_ _0\"></span>ropri<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"ff3\">cui<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l\u2019i<span class=\"_ _0\"></span>mpre<span class=\"_ _0\"></span>sa<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>tende<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">atti<span class=\"_ _0\"></span>nger<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fi<span class=\"_ _2\"></span>ne<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>realizzare<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">obiettivi<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">business<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stabiliti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sede<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pianificazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">strategica,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">soddisfino<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>requisiti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>regolamentari<span class=\"ff1\"> <span class=\"_ _21\"></span></span>defi<span class=\"_ _0\"></span>niti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _21\"></span></span>EIOPA<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>siano<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>corrett<span class=\"_ _2\"></span>amente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>class<span class=\"_ _2\"></span>ificati.<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>Tale<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Piano<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>tato<span class=\"ff1\"> </span>redatto<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>coerentemen<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>risultanze<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>dell<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>valutazione<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>prospettica<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>secon<span class=\"_ _2\"></span>do<span class=\"ff1\"> </span>l\u2019approccio<span class=\"ff1\"> </span>Solvency<span class=\"ff1\"> </span>II<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">(ORSA),</span> <span class=\"ff3\">con</span> <span class=\"ff3\">gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">obiettivi</span> <span class=\"ff3\">e</span> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>metodologie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stabilite<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>P<span class=\"_ _0\"></span>olitica<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Gestione<span class=\"ff1\"> </span></span></span></span></span></span></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Capitale<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>requisiti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>solvibilit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>stabiliti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dal<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Regolatore,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>fine<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>garantire<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>solidit\u00e0<span class=\"ff1\"> </span>patrimoniale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Com<span class=\"_ _2\"></span>pagnia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nell\u2019esercizio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pr<span class=\"_ _2\"></span>opria<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">suoi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">possibili<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sviluppi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">f<span class=\"_ _2\"></span>uturi.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>In<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>cat<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>hio<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>In<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">coerenza<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">quanto<span class=\"ff1\"> </span>disciplinato<span class=\"ff1\"> </span>nella<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Policy<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Risk<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Appetite<span class=\"ff1\"> </span>Framework,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gestione<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ottica<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"_ _2\"></span>ttuale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>pros<span class=\"_ _2\"></span>pettica<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Compagnia<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>basa<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sulla<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>definizione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>indicatori<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ogni<span class=\"ff1\"> </span>categoria<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio.<span class=\"_ _3bd\"> </span>La<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Com<span class=\"_ _0\"></span>pag<span class=\"_ _0\"></span>nia<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dis<span class=\"_ _0\"></span>ting<span class=\"_ _0\"></span>ue<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risc<span class=\"_ _0\"></span>hi<span class=\"ff1\"> </span>t<span class=\"_ _1\"></span>ra:<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>rischi<span class=\"ff1\">  </span>quantificabili<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>avent<span class=\"_ _2\"></span>i<span class=\"ff1\">  </span>impatto<span class=\"ff1\">  </span>p<span class=\"_ _0\"></span>atrimoniale,<span class=\"ff1\">  </span>per<span class=\"ff1\">  </span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>quali<span class=\"ff1\">  </span>la<span class=\"ff1\">  </span>Compagnia<span class=\"ff1\">  </span>determina<span class=\"ff1\">  </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> </span>requisito<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>capitale;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>rischi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>quan<span class=\"_ _0\"></span>tificabili<span class=\"ff1\"> <span class=\"_ _21\"></span></span>per<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Compagnia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>non<span class=\"ff1\"> <span class=\"_ _21\"></span></span>determina<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>requisito<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>capitale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(a<span class=\"_ _2\"></span>d<span class=\"ff1\"> <span class=\"_ _21\"></span></span>es.<span class=\"ff1\"> </span>liquidit\u00e0,<span class=\"ff1\"> </span>cash<span class=\"ff1\"> </span>flow<span class=\"ff1\"> </span>matching)<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>ve<span class=\"_ _0\"></span>ngono<span class=\"ff1\"> </span>misurati<span class=\"ff1\"> </span>co<span class=\"_ _2\"></span>n<span class=\"ff1\"> </span>metriche<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>limi<span class=\"_ _0\"></span>tazione<span class=\"ff1\"> </span>specifiche;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>rischi<span class=\"ff1\">  </span>difficilmente<span class=\"ff1\">  </span>quan<span class=\"_ _0\"></span>tificabili,<span class=\"ff1\">  </span>valutati<span class=\"ff1\">  </span>in<span class=\"ff1\">  </span>maniera<span class=\"ff1\">  </span>qualitativa,<span class=\"ff1\">  </span>che<span class=\"ff1\">  </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\">  </span>loro<span class=\"ff1\">  </span>natura<span class=\"ff1\">  </span>e<span class=\"ff1\"> </span>ca<span class=\"_ _0\"></span>ratte<span class=\"_ _0\"></span>ris<span class=\"_ _0\"></span>tic<span class=\"_ _0\"></span>he,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ri<span class=\"_ _0\"></span>sul<span class=\"_ _0\"></span>tano<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">dif<span class=\"_ _0\"></span>ficil<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>anti<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sono</span> <span class=\"ff3\">co<span class=\"_ _1\"></span>perti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dai<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">requi<span class=\"_ _0\"></span>siti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">cap<span class=\"_ _1\"></span>itale<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>ric<span class=\"_ _0\"></span>hie<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">da<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">Nor<span class=\"_ _0\"></span>mati<span class=\"_ _0\"></span>va,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">anche<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">se<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">il</span> <span class=\"ff3\">ve<span class=\"_ _0\"></span>rific<span class=\"_ _0\"></span>arsi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dell\u2019<span class=\"_ _0\"></span>eve<span class=\"_ _0\"></span>nto<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>que<span class=\"_ _0\"></span>sti<span class=\"ff1\"> </span>as<span class=\"_ _0\"></span>soci<span class=\"_ _0\"></span>ato<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>mpo<span class=\"_ _0\"></span>rter<span class=\"_ _0\"></span>ebb<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>delle<span class=\"ff1\"> </span>conseguenze<span class=\"ff1\"> </span>rilevanti<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>l\u2019attivit\u00e0<span class=\"ff1\"> </span>svolta<span class=\"_ _2\"></span><span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>Compagnia.<span class=\"_ _3bd\"> </span>Gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span>dic<span class=\"_ _0\"></span>atori<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">so<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>lteri<span class=\"_ _0\"></span>orm<span class=\"_ _0\"></span>ente<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sudd<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>indicatori<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>I\u00b0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>livello:<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>indicatori<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>finalizzati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>principalmente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"ff1\">  </span>rispe<span class=\"_ _0\"></span>tto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>vincoli<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> </span>solvibilit\u00e0.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>indicatori<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>p<span class=\"_ _2\"></span>ossibili<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>impatti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>negativi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">forniscono</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">avvertimenti</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">atti</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">ad</span> </span>identificare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>potenziali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>eventi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dannosi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>m<span class=\"_ _2\"></span>inacciano<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>aggiungimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>degli<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>obiettivi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> </span>continuit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Business.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Tali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>indicator<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>integrati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>all\u2019interno<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Policy<span class=\"ff1\"> <span class=\"_ _20\"></span></span>RAF<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ess<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>vie<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">asso<span class=\"_ _0\"></span>ciat<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>un<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Risk</span> <span class=\"_ _0\"></span><span class=\"ff3\">App<span class=\"_ _0\"></span>eti<span class=\"_ _0\"></span>te,<span class=\"ff1\"> </span>una<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Risk</span> <span class=\"ff3\">T<span class=\"_ _0\"></span>ole<span class=\"_ _0\"></span>ranc<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>un<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>Ri<span class=\"_ _0\"></span>sk<span class=\"ff1\"> </span>Ca<span class=\"_ _0\"></span>paci<span class=\"_ _0\"></span>ty<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>tivo<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>iste<span class=\"_ _0\"></span>ma<span class=\"ff1\"> </span></span></span></span></span></span></span>di<span class=\"ff1\"> </span>Risk<span class=\"ff1\"> </span>Appetite<span class=\"ff1\"> </span>Statement;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>indicatori<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>early<span class=\"ff1\"> <span class=\"_ _20\"></span></span>warning:<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fine<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>effettuare<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un<span class=\"ff1\"> <span class=\"_ _20\"></span></span>monito<span class=\"_ _2\"></span>raggio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>preventivo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _20\"></span></span>continuo<span class=\"ff1\"> </span>sugli<span class=\"ff1\"> </span>indicator<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>solvibilit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>stati<span class=\"ff1\"> </span>inoltr<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>definiti<span class=\"ff1\"> </span>degli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>indicato<span class=\"_ _2\"></span>ri<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>early<span class=\"ff1\"> <span class=\"_ _2\"></span></span>warnig<span class=\"ff1\"> </span>volti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ad<span class=\"ff1\"> </span>intercettare<span class=\"ff1\"> </span>fenomeni<span class=\"ff1\"> </span>e/o<span class=\"ff1\"> </span>eventi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>potenziale<span class=\"ff1\"> </span>elevata<span class=\"ff1\"> </span>criticit\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>attenzione;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>indicatori<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>II\u00b0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>livello:<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>indicatori<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>t<span class=\"_ _2\"></span>ipo<span class=\"ff1\"> </span>operativo/gest<span class=\"_ _2\"></span>ionali<span class=\"ff1\"> </span>funzionali<span class=\"ff1\"> </span>a<span class=\"_ _2\"></span>d<span class=\"ff1\"> </span>irr<span class=\"_ _2\"></span>obustire<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>monitoraggio<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>r<span class=\"_ _2\"></span>ischi<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>ed<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>eventualmente<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>fornire<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>segnali<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>pr<span class=\"_ _2\"></span>eventivi<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>ad<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>un<span class=\"ff1\"> </span>potenziale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">deterioramento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">metriche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">I\u00b0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Livello.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Tali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">indicatori<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">so<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">integrati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">all\u2019interno<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>della<span class=\"ff1\"> </span>Policy<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>Gestione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Rischi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Politica<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Gestione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>Rischi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>Fondo<span class=\"ff1\"> </span>Pensione<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Ape<span class=\"_ _0\"></span>rto.<span class=\"_ _0\"></span> Nel<span class=\"_ _0\"></span>l\u2019a<span class=\"_ _0\"></span>mbi<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>ge<span class=\"_ _0\"></span>nera<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sist<span class=\"_ _0\"></span>ema<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>ge<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>ompa<span class=\"_ _0\"></span>gnia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">defin<span class=\"_ _0\"></span>isce<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">inol<span class=\"_ _0\"></span>tre<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sp<span class=\"_ _0\"></span>eci<span class=\"_ _0\"></span>fici<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">li<span class=\"_ _0\"></span>miti<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>op<span class=\"_ _0\"></span>erat<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">che</span> <span class=\"ff3\">de<span class=\"_ _1\"></span>clinan<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">obie<span class=\"_ _0\"></span>ttiv<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">risc<span class=\"_ _0\"></span>hio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">(ad</span> <span class=\"ff3\">e<span class=\"_ _0\"></span>s.<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>term<span class=\"_ _0\"></span>ini<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>esp<span class=\"_ _0\"></span>osi<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e,<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>once<span class=\"_ _0\"></span>ntra<span class=\"_ _0\"></span>zione<span class=\"_ _1\"></span>,<span class=\"ff1\"> </span>etc.<span class=\"_ _0\"></span>)<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>coerenti<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>l\u2019appetito<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>Compagnia.<span class=\"_ _3bd\"> </span>Il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>principale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"_ _2\"></span>dicatore<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>I\u00b0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Livello<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Compagnia<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Solvency<span class=\"ff1\"> <span class=\"_ _21\"></span></span>II<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Ratio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ovve<span class=\"_ _0\"></span>ro<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rapporto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>tra<span class=\"ff1\"> </span>Eligible<span class=\"ff1\"> </span>Capital<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Solvency<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Capital<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Requirement.<span class=\"ff1\"> </span>La<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Compa<span class=\"_ _2\"></span>gnia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>si<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prefigge<span class=\"ff1\"> </span>l\u2019obiettivo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>avere<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> </span>livello<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Capitale<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Economico<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"_ _2\"></span>deguato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>linea<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>gli<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>obiettivi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>strategici<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>superiore<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ad<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">un</span> </span>prefissato<span class=\"ff1\"> </span>livello<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Solvency<span class=\"ff1\"> </span>Ratio<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>seguito<span class=\"ff1\"> </span>riporta<span class=\"_ _2\"></span>to:<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>sk<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">App<span class=\"_ _0\"></span>etite<span class=\"_ _0\"></span>:<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">139<span class=\"_ _1\"></span>%;<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>sk<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Tole<span class=\"_ _0\"></span>ranc<span class=\"_ _0\"></span>e:<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">122<span class=\"_ _0\"></span>%;<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>sk<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Capa<span class=\"_ _0\"></span>city<span class=\"_ _0\"></span>:<span class=\"ff1\"> </span>10<span class=\"_ _0\"></span>5%.<span class=\"_ _3bd\"> </span></span></span>Nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>definizione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>RAF<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>risulta<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>necessario<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fissare<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>livello<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>se<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> </span>rispettato<span class=\"ff1\"> </span>dal<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Risk<span class=\"ff1\"> </span>Profile<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">della<span class=\"ff1\"> </span>Compagnia,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">necessita<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">interventi<span class=\"ff1\"> </span>correttivi.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Le</span> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>oglie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">individuano<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>dunque<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"ff1\">  </span>binari<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>all\u2019interno<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\">  </span>quali<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\">  </span>Compagnia<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>pu\u00f2<span class=\"ff1\">  </span>c<span class=\"_ _0\"></span>ondurr<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>s<span class=\"_ _2\"></span>ua<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>azione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>finalizzata<span class=\"ff1\">  </span>al<span class=\"ff1\"> </span>raggiungimento<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>o<span class=\"_ _2\"></span>biettivi<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>business.<span class=\"ff1\"> </span>La<span class=\"ff1\"> <span class=\"_ _2\"></span></span>violazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>queste<span class=\"ff1\"> </span>soglie<span class=\"ff1\"> </span>richieda<span class=\"ff1\"> </span>u<span class=\"_ _2\"></span>n<span class=\"ff1\"> </span>processo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>escalation<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>parte<span class=\"ff1\"> </span>della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Compagnia<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>definizione<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">specifici<span class=\"ff1\"> </span>piani<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>intervento<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>are<span class=\"ff1\"> </span>fronte<span class=\"ff1\"> </span></span></span></span></span>alla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">situazione.<span class=\"_ _3bd\"> </span></span></span>Mo<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>tor<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>ggi<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>Re<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>rti<span class=\"_ _0\"></span>ng<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">modello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">organizzativo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gest<span class=\"_ _2\"></span>ione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Cre<span class=\"_ _2\"></span>demvita<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">coinvolge<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tutte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>trutture<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">aziendali,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>dalle<span class=\"ff1\"> </span>funzioni<span class=\"ff1\"> </span>operative<span class=\"ff1\"> </span>(coinvolte<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>gestione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischi<span class=\"ff1\"> </span>sui<span class=\"ff1\"> </span>processi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>propria<span class=\"ff1\"> </span>competenza)<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span></span></span>Comitati<span class=\"ff1\"> </span>fino<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>CdA,<span class=\"ff1\"> </span>ivi<span class=\"ff1\"> </span>incluse<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>funzioni<span class=\"ff1\"> </span>fondamentali.<span class=\"_ _3bd\"> </span>In<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tale<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contesto,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fun<span class=\"_ _0\"></span>zione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Risk<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Management<span class=\"ff1\"> <span class=\"_ _21\"></span></span>funge<span class=\"ff1\"> <span class=\"_ _20\"></span></span>inoltre<span class=\"ff1\"> <span class=\"_ _21\"></span></span>da<span class=\"ff1\"> <span class=\"_ _20\"></span></span>coordinatore<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dell<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>monitoraggio<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>rischi.<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>Pi\u00f9<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>particolare,<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>concorre<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>alla<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>defi<span class=\"_ _0\"></span>nizione<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>m<span class=\"_ _2\"></span>etodologie<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> </span>misurazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>ischi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>limiti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>operativi,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>definendo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>appropriate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>procedure<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>verifica,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ed<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ha<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> </span>compito<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>validare<span class=\"ff1\">  </span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fluss<span class=\"_ _2\"></span>i<span class=\"ff1\">  </span>i<span class=\"_ _0\"></span>nfor<span class=\"_ _2\"></span>mativi<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>ell\u2019attivit\u00e0<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>monitoraggio<span class=\"ff1\">  </span>dei<span class=\"ff1\">  </span>rischi,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>predisporre<span class=\"ff1\">  </span>la<span class=\"ff1\"> </span>reportistica<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vertici<span class=\"_ _2\"></span><span class=\"ff1\"> </span>aziend<span class=\"_ _0\"></span>ali<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>verificare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>coerenza<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">modelli<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>misurazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ischi<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>l\u2019operativit\u00e0<span class=\"ff1\"> </span>svolta<span class=\"ff1\"> </span>dall\u2019impresa.<span class=\"_ _3bd\"> </span>I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischi<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">monitorati<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">maniera<span class=\"ff1\"> </span>continuativa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dalla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">funzione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>Risk<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Manageme<span class=\"_ _2\"></span>nt<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dalle</span> <span class=\"_ _1\"></span><span class=\"ff3\">singol<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>funzioni<span class=\"ff1\"> </span>competenti;<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>tal<span class=\"ff1\"> </span>fin<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>st<span class=\"_ _2\"></span>ato<span class=\"ff1\"> </span>sviluppato<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>aff<span class=\"_ _0\"></span>inato<span class=\"ff1\"> </span>progressivamente<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">report<span class=\"_ _2\"></span>ing<span class=\"ff1\"> </span>relativo<span class=\"ff1\"> </span></span></span>all\u2019evoluzione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">n<span class=\"_ _2\"></span>ei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">confr<span class=\"_ _2\"></span>onti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Consiglio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Amminist<span class=\"_ _2\"></span>razione,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Comit<span class=\"_ _2\"></span>ato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Consiliare<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>i<span class=\"ff1\"> </span>Co<span class=\"_ _2\"></span>ntrolli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Interni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Ris<span class=\"_ _2\"></span>chi,<span class=\"ff1\"> </span>de<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Comitato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Investimenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>A<span class=\"_ _2\"></span>LM,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019Alta<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Direzione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>strutture<span class=\"ff1\"> </span>operative<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">competenti<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fine<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">migliorare<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">comunicazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span>risultati<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">co<span class=\"_ _2\"></span>nsentire<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> </span>maggior<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>comprensione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>tematiche<span class=\"ff1\"> </span>connesse<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>rischi.<span class=\"_ _3bd\"> </span>Il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">m<span class=\"_ _0\"></span>odell<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ge<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ad<span class=\"_ _0\"></span>ottat<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>Cr<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span>mvi<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ca<span class=\"_ _0\"></span>ratte<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>iz<span class=\"_ _0\"></span>zato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">da<span class=\"_ _1\"></span>:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fase<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>aggiornamento<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>egli<span class=\"ff1\"> </span>indicatori<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e/o<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>limiti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">operativi<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">governo<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>se<span class=\"_ _0\"></span>con<span class=\"_ _0\"></span>da<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>elle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span>sigen<span class=\"_ _0\"></span>ze<span class=\"ff1\"> </span>org<span class=\"_ _0\"></span>ani<span class=\"_ _0\"></span>zza<span class=\"_ _0\"></span>tive<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e/o<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"ff3\">seg<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onte<span class=\"_ _1\"></span>sto<span class=\"ff1\"> </span>int<span class=\"_ _0\"></span>ern<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span>o<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>esterno,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>qu<span class=\"_ _0\"></span>alora<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>siano<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pi\u00f9<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>linea<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>profilo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ri<span class=\"_ _2\"></span>schio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>richiesto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dall\u2019Organo<span class=\"ff1\"> </span>Amm<span class=\"_ _0\"></span>ini<span class=\"_ _0\"></span>strat<span class=\"_ _0\"></span>ivo<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>un<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>segue<span class=\"_ _1\"></span>nte<span class=\"ff1\"> </span>atti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>m<span class=\"_ _0\"></span>onito<span class=\"_ _0\"></span>rag<span class=\"_ _0\"></span>gio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">degli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ind<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span>tori<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>li<span class=\"_ _0\"></span>miti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ope<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>vi<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">gove<span class=\"_ _0\"></span>rno<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del</span> </span></span></span></span></span></span></span></span></span></span></span></span></span>rischio.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">L<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">v<span class=\"_ _2\"></span>erifica<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span>rispetto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">livelli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">toll<span class=\"_ _2\"></span>eranza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">definiti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dal<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Consiglio<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> </span>Amministrazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span>sostanziano<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>specifici<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">presidi<span class=\"ff1\"> </span>organizzativi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">atti<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>g<span class=\"_ _0\"></span>arantire<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rispetto<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>dei<span class=\"ff1\">  </span>limiti<span class=\"ff1\">  </span>stessi,<span class=\"ff1\">  </span>ad<span class=\"ff1\">  </span>att<span class=\"_ _2\"></span>ivare<span class=\"ff1\">  </span>tempestivi<span class=\"ff1\">  </span>processi<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>segnalazione<span class=\"ff1\">  </span>a<span class=\"ff1\">  </span>fronte<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>eventuali<span class=\"ff1\"> </span>rilevazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>superamento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>def<span class=\"_ _0\"></span>inire<span class=\"ff1\"> <span class=\"_ _2\"></span></span>specifici<span class=\"ff1\"> <span class=\"_ _2\"></span></span>piani<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rientro<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>seguito<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>segnalazioni<span class=\"ff1\"> </span>ste<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span>Nell\u2019ambito<span class=\"ff1\">  </span>de<span class=\"_ _2\"></span>l<span class=\"ff1\">  </span>s<span class=\"_ _2\"></span>istema<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>gestione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dei<span class=\"ff1\">  </span>r<span class=\"_ _2\"></span>ischi<span class=\"ff1\">  </span>e<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>coerentem<span class=\"_ _2\"></span>ente<span class=\"ff1\">  </span>con<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>quanto<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>previst<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dalla<span class=\"ff1\"> </span>Normativa,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Consiglio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Amministrazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ha<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>formalizzato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>un<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span></span>set<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>politiche<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff3\">al<span class=\"_ _2\"></span>legati,</span> <span class=\"_ _27\"> </span><span class=\"ff3\">che,</span> </span>relativamente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ognuno<span class=\"ff1\"> <span class=\"_ _2\"></span></span>degli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ambiti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>ischiosit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>insistono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>su<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Cr<span class=\"_ _2\"></span>edemvita,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dettagliano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gli<span class=\"ff1\"> </span>obiettivi,<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">compiti,<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">responsabilit\u00e0,<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rocesso<span class=\"_ _2\"></span><span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">definiscono<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">procedure,<span class=\"ff1\"> </span>anche<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>eporting,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>necessarie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _20\"></span></span>individuare<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>conseguentemente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>g<span class=\"_ _2\"></span>estire<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ogni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ambito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>ischio.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Tali<span class=\"ff1\"> </span>documenti,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>inoltre,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>hanno<span class=\"ff1\"> <span class=\"_ _21\"></span></span>l\u2019ob<span class=\"_ _0\"></span>ie<span class=\"_ _2\"></span>ttivo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>pi\u00f9<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">generale</span> <span class=\"_ _20\"></span><span class=\"ff3\">di</span> <span class=\"_ _21\"></span><span class=\"ff3\">contribuire</span> <span class=\"_ _20\"></span><span class=\"ff3\">alla</span> <span class=\"_ _21\"> </span><span class=\"ff3\">diffusione</span> <span class=\"_ _20\"></span><span class=\"ff3\">della</span> <span class=\"_ _21\"></span><span class=\"ff3\">cultura</span> <span class=\"_ _20\"></span><span class=\"ff3\">del</span> </span>controllo<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>gestione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>all\u2019interno<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>societ\u00e0.<span class=\"_ _3bd\"> </span>Il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rispetto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l\u2019applicazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>documenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gara<span class=\"_ _2\"></span>ntiti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dalla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>presenza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>S<span class=\"_ _2\"></span>istema<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Contro<span class=\"_ _2\"></span>lli<span class=\"_ _0\"></span><span class=\"ff1\"> </span>Interni<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>costituito<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>insieme<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>regole,<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>procedu<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>tecniche<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>contr<span class=\"_ _2\"></span>ollo<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>strutture<span class=\"ff1\"> </span>organizzative<span class=\"ff1\"> </span>volto<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>assicurare<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>corretto<span class=\"ff1\"> </span>funzionamento<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>buon<span class=\"ff1\"> </span>andamento<span class=\"ff1\"> </span>dell\u2019impresa.<span class=\"_ _3bd\"> </span>An<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>isi<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>ris<span class=\"_ _0\"></span>ch<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>La<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Compagnia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ha<span class=\"ff1\"> <span class=\"_ _20\"></span></span>definito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sensi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Regolamentazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>setto<span class=\"_ _2\"></span>re,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>processo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>analisi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\">  </span>che<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>include<span class=\"ff1\">  </span>sia<span class=\"ff1\">  </span>una<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>valutazione<span class=\"ff1\">  </span>qualitativa<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>sia,<span class=\"ff1\">  </span>per<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>que<span class=\"_ _0\"></span>lli<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>quantificabili,<span class=\"ff1\">  </span>l\u2019adozione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> </span>metodologie<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>m<span class=\"_ _2\"></span>isurazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>d<span class=\"_ _2\"></span>ell\u2019esposizione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rischio,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>incluso,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>istema<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>determinazione<span class=\"ff1\"> </span>dell\u2019ammontare<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>massima<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>erdita<span class=\"ff1\"> </span>potenziale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sia<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>ot<span class=\"_ _0\"></span>tica<span class=\"ff1\"> </span>attuale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rospettica.<span class=\"ff1\"> </span>Tali<span class=\"ff1\"> </span>analisi<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span>con<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>nto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>ffe<span class=\"_ _0\"></span>ttu<span class=\"_ _0\"></span>are<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mani<span class=\"_ _0\"></span>era<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>inu<span class=\"_ _0\"></span>ativ<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>una<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">profi<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dei</span> <span class=\"_ _0\"></span><span class=\"ff3\">risc<span class=\"_ _0\"></span>hi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>\u2019im<span class=\"_ _0\"></span>pres<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>spost<span class=\"_ _0\"></span>a.<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>Si<span class=\"ff1\"> </span>specifica<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>Compagnia<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>valutazioni<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>requ<span class=\"_ _0\"></span>isito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>patrimoniale<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>solvibilit\u00e0<span class=\"ff1\"> </span>secondo<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>regime<span class=\"ff1\"> <span class=\"_ _2\"></span></span>normativo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Solvency<span class=\"ff1\"> <span class=\"_ _2\"></span></span>II<span class=\"ff1\"> <span class=\"_ _2\"></span></span>utilizza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Formula<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Standard<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conformemente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quanto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>definito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nel<span class=\"ff1\"> </span>Regolamento<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>delegato<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>(UE)<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>2019/981<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>Commissione.<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>Pertanto,<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>valutazioni<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>attuali<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>e<span class=\"ff1\"> </span>prospettiche<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>ischi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tengono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>conto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tutti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rischi,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>compresi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>fr<span class=\"_ _2\"></span>amework<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> </span>Formul<span class=\"_ _3bd\"> </span>Standard,<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>l\u2019impresa<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>esposta.<span class=\"_ _3bd\"> </span>Al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fine<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cont<span class=\"_ _2\"></span>inuo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">propria<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">situazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>solvi<span class=\"_ _0\"></span>bilit\u00e0,<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Compagnia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">provvede<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inoltre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>base<span class=\"ff1\"> <span class=\"_ _2\"></span></span>trimestrale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>calcolo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>proprio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Requisito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Capitale,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>determinazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fondi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>propr<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>ammissibili<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>relativa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>qualit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>composizione,<span class=\"ff1\"> </span>verificando<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contempo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>ris<span class=\"_ _2\"></span>petto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> </span>limiti<span class=\"ff1\"> </span>operativi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>propensione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischio.<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Spe<span class=\"_ _0\"></span>cifiche<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valutazioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>stress<span class=\"ff1\"> <span class=\"_ _20\"></span></span>test<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>ensitivity<span class=\"ff1\"> <span class=\"_ _20\"></span></span>vengo<span class=\"ff1\"> </span>effettuate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>stessa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">frequenza<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ulle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">grandezze<span class=\"ff1\"> </span>patrimoniali.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Adeguata<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ocumentazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">viene<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>rendicontata<span class=\"ff1\">  </span>al<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Consiglio<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Amministrazione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>e<span class=\"ff1\">  </span>tr<span class=\"_ _2\"></span>asmessa<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>all\u2019O<span class=\"_ _0\"></span>rgano<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Vigilanza<span class=\"ff1\">  </span>t<span class=\"_ _2\"></span>ramite<span class=\"ff1\">  </span>i<span class=\"ff1\"> </span>Quantitative<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Reporting<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Template<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(QRT).<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>stessa<span class=\"ff1\"> <span class=\"_ _20\"></span></span>frequenza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>viene<span class=\"ff1\"> </span>v<span class=\"_ _2\"></span>erificato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rispetto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>degli<span class=\"ff1\"> </span>indicatori<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>I\u00b0Livello<span class=\"ff1\"> </span>declinati<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>Risk<span class=\"ff1\"> </span>Appetite<span class=\"ff1\"> </span>Framework.<span class=\"_ _3bd\"> </span>Qualora<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>diverse<span class=\"ff1\"> <span class=\"_ _20\"></span></span>att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>monitoraggio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>effettuate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dalla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Compagnia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dovessero<span class=\"ff1\"> </span>emergere<span class=\"ff1\"> <span class=\"_ _21\"></span></span>scostamenti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>continuativi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e/o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>significativi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>profilo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rispetto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>all\u2019Appetito<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> </span>Ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"_ _0\"></span>l\u2019i<span class=\"_ _0\"></span>mpre<span class=\"_ _0\"></span>sa,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sco<span class=\"_ _0\"></span>stam<span class=\"_ _0\"></span>enti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">signi<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>ativ<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ris<span class=\"_ _0\"></span>pett<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pri<span class=\"_ _0\"></span>ncip<span class=\"_ _0\"></span>ali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ipo<span class=\"_ _0\"></span>tesi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span><span class=\"ff3\">tecn<span class=\"_ _0\"></span>iche<span class=\"_ _0\"></span>/fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>ziar<span class=\"_ _0\"></span>ie/di<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span>mercato/di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>prodotto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>definite<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nell\u2019ambi<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Piano<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Strategico<span class=\"ff1\"> <span class=\"_ _21\"></span></span>(e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quindi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nelle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valutazioni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ORSA),<span class=\"ff1\"> </span>vie<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">eff<span class=\"_ _0\"></span>ettu<span class=\"_ _0\"></span>ata<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un\u2019a<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">Non-<span class=\"_ _0\"></span>Regu<span class=\"_ _1\"></span>lar<span class=\"ff1\"> </span>ORSA<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fi<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>tare<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">im<span class=\"_ _0\"></span>pat<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ta<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vari<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>oni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anch<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>in<span class=\"ff1\"> </span>ottica<span class=\"ff1\"> </span>prospettica.<span class=\"_ _3bd\"> </span>La<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Com<span class=\"_ _0\"></span>pag<span class=\"_ _0\"></span>nia<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>orso<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>ll\u2019E<span class=\"_ _0\"></span>serci<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>202<span class=\"_ _0\"></span>2<span class=\"ff1\"> </span>h<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>dem<span class=\"_ _0\"></span>piu<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">seg<span class=\"_ _0\"></span>uen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">scade<span class=\"_ _1\"></span>nze<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>orma<span class=\"_ _0\"></span>tive<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Predisposizione<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>ed<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>invio<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>all\u2019Autorit\u00e0<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>Vigilanza,<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>entro<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>termini<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>regolamentari,<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>delle<span class=\"ff1\"> </span>reportistiche<span class=\"ff1\"> </span>trimestrali<span class=\"ff1\"> </span>(QRT)<span class=\"ff1\"> </span>richieste<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>Pillar<span class=\"ff1\"> </span>III;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Predisposizione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Regular<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Supervisory<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Report<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>-<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>RSR<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>(Relazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>periodica<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>all\u2019Autorit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> </span>Vigilanza)<span class=\"ff1\">  </span>con<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>riferimento<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>alla<span class=\"ff1\">  </span>dat<span class=\"_ _2\"></span>a<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>eserci<span class=\"_ _2\"></span>zio<span class=\"ff1\">  </span>31.12.2021,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>deliberata<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dal<span class=\"ff1\">  </span>Consig<span class=\"_ _2\"></span>lio<span class=\"ff1\">  </span>di<span class=\"ff1\"> </span>Amministrazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Marzo<span class=\"ff1\"> </span>2022<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>inviati<span class=\"ff1\"> </span>entro<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>termine<span class=\"ff1\"> </span>regolamentare<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>IVASS;<span class=\"_ _2\"></span> -<span class=\"_ _3bd\"> </span>Predisposizione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>S<span class=\"_ _0\"></span>olvency<span class=\"ff1\"> </span>Financial<span class=\"ff1\"> </span>Condition<span class=\"ff1\"> </span>Report<span class=\"ff1\"> </span>-<span class=\"ff1\"> </span>SFCR<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">(Relazione</span> <span class=\"ff3\">sul<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>solvibilit\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span></span></span>sulla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>condizione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziaria)<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riferimento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>data<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>esercizio<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>31.12.2021,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>deliberata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dal<span class=\"ff1\"> </span>Consiglio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Amministrazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Marzo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>2022<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ed<span class=\"ff1\"> <span class=\"_ _21\"></span></span>inviati<span class=\"ff1\"> <span class=\"_ _21\"></span></span>entro<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>termine<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>regolamentare<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ad<span class=\"ff1\"> </span>IV<span class=\"_ _0\"></span>ASS;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Realizzazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> </span>el<span class=\"_ _0\"></span>aborazioni<span class=\"ff1\"> </span>ORSA<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ne<span class=\"_ _2\"></span>cessarie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alutazione<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">profilo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">so<span class=\"_ _2\"></span>lvibilit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>piano<span class=\"ff1\"> </span>strategico<span class=\"ff1\"> </span>2022-<span class=\"_ _0\"></span>2024<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>redisposizione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Re<span class=\"_ _0\"></span>port<span class=\"ff1\"> </span>ORSA<span class=\"ff1\"> </span>deli<span class=\"_ _0\"></span>bero<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>Consiglio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Amministrazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Aprile<span class=\"ff1\"> </span>2022<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>inviato,<span class=\"ff1\"> </span>entro<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>scadenza<span class=\"ff1\"> </span>regolamentare,<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>IVASS.<span class=\"_ _3bd\"> </span>Si<span class=\"ff1\"> <span class=\"_ _2\"></span></span>specifica<span class=\"ff1\"> <span class=\"_ _20\"></span></span>infine<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contin<span class=\"_ _2\"></span>uit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quanto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>avvenuto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _20\"></span></span>corso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>2021,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _20\"></span></span>2022,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>tante<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> </span>situazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>derivante<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dall\u2019emergenza<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Covid-19<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dalle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>recenti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tensioni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>legate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>guerra<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Russo-<span class=\"ff1\"> </span>Ucraina,<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Compa<span class=\"_ _2\"></span>gnia<span class=\"ff1\"> </span>contin<span class=\"_ _2\"></span>ua<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>partecipare<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>u<span class=\"ff1\"> <span class=\"_ _2\"></span></span>richiesta<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019Autorit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>vigilanza<span class=\"ff1\"> </span>al<span class=\"_ _2\"></span>le<span class=\"ff1\"> </span>se<span class=\"_ _2\"></span>guenti<span class=\"ff1\"> </span>atti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>t\u00e0:<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>mon<span class=\"_ _0\"></span>ito<span class=\"_ _0\"></span>ragg<span class=\"_ _0\"></span>io<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mensile<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">della<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>osizi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">solv<span class=\"_ _0\"></span>ibi<span class=\"_ _0\"></span>lit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">(att<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">avvi<span class=\"_ _0\"></span>ata<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">part<span class=\"_ _0\"></span>ire<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dal<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mese<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>m<span class=\"_ _0\"></span>arzo<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>202<span class=\"_ _0\"></span>0);<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>monitoraggio<span class=\"ff1\"> </span>trimestrale<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>liquidit\u00e0<span class=\"ff1\"> </span>(attivit\u00e0<span class=\"ff1\"> </span>avviata<span class=\"ff1\"> </span>nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mese<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>giugno<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>partire<span class=\"ff1\"> </span></span></span></span></span>dalla<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>dati<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>31.03.2020).<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>hi<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>so<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>cr<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>(o<span class=\"_ _3bd\"> </span>te<span class=\"_ _0\"></span>cn<span class=\"_ _0\"></span>ici<span class=\"_ _3bd\"> </span>as<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>cur<span class=\"_ _1\"></span>ativ<span class=\"_ _0\"></span>i)<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Si<span class=\"ff1\"> <span class=\"_ _2\"></span></span>definisce<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Rischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Sottoscrizione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>-<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>perdit<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>variazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sfavorevole<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valore<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pass<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>as<span class=\"_ _2\"></span>sicurative<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dov<span class=\"_ _2\"></span>uto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ipotesi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>inadegu<span class=\"_ _0\"></span>ate<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>m<span class=\"_ _2\"></span>ateria<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fissazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prezzi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> </span>costituzione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>riserve<span class=\"ff1\"> </span>tecniche<span class=\"ff1\"> </span>(cfr.<span class=\"ff1\"> </span>articolo<span class=\"ff1\"> </span>1,<span class=\"ff1\"> </span>com<span class=\"_ _2\"></span>ma<span class=\"ff1\"> </span>1,<span class=\"ff1\"> </span>lettera<span class=\"ff1\"> </span>vv-b<span class=\"_ _0\"></span>is<span class=\"ff1\"> </span>4<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>CAP).<span class=\"_ _2\"></span> Nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>d<span class=\"_ _2\"></span>el<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>F<span class=\"_ _2\"></span>ramework<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Compagnia,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ris<span class=\"_ _2\"></span>chio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pu\u00f2<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>essere<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ulteriormente<span class=\"ff1\"> </span>distinto<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> </span>seguenti<span class=\"ff1\"> </span>categorie:<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Rischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>assunzione:<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rappresenta<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>derivante<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dalla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sottoscrizione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contratti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"_ _1\"></span> ass<span class=\"_ _0\"></span>icu<span class=\"_ _0\"></span>razi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>colleg<span class=\"_ _0\"></span>ato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">agli</span> <span class=\"ff3\">even<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>as<span class=\"_ _0\"></span>sicu<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>proc<span class=\"_ _0\"></span>essi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">segui<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>tar<span class=\"_ _0\"></span>iffa<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>sele<span class=\"_ _0\"></span>zione<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischi,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>all\u2019andamento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>favorevole<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>ella</span> <span class=\"_ _2\"></span><span class=\"ff3\">sinistrosit\u00e0</span> <span class=\"_ _20\"></span><span class=\"ff3\">effettiva</span> <span class=\"ff3\">r<span class=\"_ _2\"></span>ispetto</span> <span class=\"_ _2\"></span><span class=\"ff3\">a</span> <span class=\"_ _2\"></span><span class=\"ff3\">quella</span> <span class=\"_ _2\"></span><span class=\"ff3\">stimata</span> <span class=\"_ _2\"></span><span class=\"ff3\">(t<span class=\"_ _2\"></span>ali<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span>rischi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>si<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sostanziano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>part<span class=\"_ _2\"></span>icolar<span class=\"ff1\"> </span>m<span class=\"_ _2\"></span>odo<span class=\"ff1\"> </span>nel<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>risultante<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>default<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>el<span class=\"ff1\"> </span>prezzo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>legato<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>ipotesi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>prezzo<span class=\"ff1\"> </span>iniziale<span class=\"ff1\"> </span>inadatta<span class=\"ff1\"> </span>all\u2019evoluzione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>ris<span class=\"_ _2\"></span>chio);<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>riservazione:<span class=\"ff1\"> </span>ovvero<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>conness<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>quantificazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>riserve<span class=\"ff1\"> </span>tecniche<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>sufficienti<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>coprire<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>impegni<span class=\"ff1\"> </span>assunti<span class=\"ff1\"> </span>nei<span class=\"ff1\"> </span>confronti<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>assicurat<span class=\"_ _2\"></span>i.<span class=\"_ _3bd\"> </span>Ta<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cla<span class=\"_ _0\"></span>sse<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>u\u00f2<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ist<span class=\"_ _0\"></span>int<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">segu<span class=\"_ _0\"></span>enti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">f<span class=\"_ _0\"></span>atto<span class=\"_ _0\"></span>ri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">risc<span class=\"_ _0\"></span>hio:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>mortalit\u00e0:<span class=\"ff1\"> </span>ossia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">deriva<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">aumento<span class=\"ff1\"> </span>inatteso<span class=\"ff1\"> </span>dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tassi</span> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>mortalit\u00e0,<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">as<span class=\"_ _2\"></span>sociato<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>alle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>polizze<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>(come<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ad<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>esemp<span class=\"_ _2\"></span>io<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"_ _2\"></span>ssicurazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>caso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>morte<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">poli<span class=\"_ _0\"></span>zze<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>mist<span class=\"_ _2\"></span>e)<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nelle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quali<span class=\"ff1\"> </span></span></span>l\u2019impresa<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>garantisce<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>s<span class=\"_ _2\"></span>erie<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>pagamenti<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>singoli<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>ricorr<span class=\"_ _2\"></span>enti<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>caso<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>decesso<span class=\"ff1\"> </span>dell\u2019assicurato<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>corso<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>durata<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>polizza;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>sopravvivenza:<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">longevit\u00e0,</span> <span class=\"_ _27\"> </span><span class=\"ff3\">ch<span class=\"_ _2\"></span>e</span> <span class=\"_ _27\"> </span><span class=\"ff3\">deriva</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">da</span> <span class=\"_ _27\"> </span><span class=\"ff3\">una</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">diminuzione</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">inattesa</span> <span class=\"_ _27\"> </span><span class=\"ff3\">dei</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">tassi</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span></span></span>mortalit\u00e0,<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>associato<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>alle<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>polizze<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>(ad<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>esempio,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>r<span class=\"_ _2\"></span>endite)<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>ch<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>prevedono<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>l\u2019<span class=\"_ _2\"></span>impresa<span class=\"ff1\"> </span>garantisca<span class=\"ff1\"> <span class=\"_ _20\"></span></span>una<span class=\"ff1\"> <span class=\"_ _20\"></span></span>serie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pagamenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fino<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>morte<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dell\u2019assicurato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>polizze<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(ad<span class=\"ff1\"> <span class=\"_ _20\"></span></span>esempio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> </span>polizze<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mist<span class=\"_ _2\"></span>e)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che<span class=\"ff1\"> </span>prevedono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>g<span class=\"_ _0\"></span>aranzia<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>arte<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>ll\u2019impresa<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>nico<span class=\"ff1\"> </span>pag<span class=\"_ _0\"></span>amento<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">caso<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> </span>sopravvivenza<span class=\"ff1\"> </span>dell\u2019assicurato<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>tutta<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>durata<span class=\"ff1\"> </span>prevista<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>polizza;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>invalidit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u2013<span class=\"ff1\"> </span>mo<span class=\"_ _0\"></span>rbilit\u00e0:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">invalidit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u2013<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">morbilit\u00e0,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">deriva<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">variazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">inat<span class=\"_ _2\"></span>tesa<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>livello,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>el<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tr<span class=\"_ _2\"></span>end<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _21\"></span></span>volatilit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>tassi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>disabilit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>m<span class=\"_ _2\"></span>orbilit\u00e0,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>applicabile<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _21\"></span></span>polizze<span class=\"ff1\"> </span>associate<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>disabilit\u00e0;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>mutualit\u00e0:<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fattore<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u201cMutualit\u00e0\u201d<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>intende<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>fatt<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"ff1\"> <span class=\"_ _21\"></span></span>una<span class=\"ff1\"> <span class=\"_ _21\"></span></span>diminuzione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>della<span class=\"ff1\"> </span>numerosit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>polizze<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>port<span class=\"_ _2\"></span>afoglio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>potr<span class=\"_ _2\"></span>ebbe<span class=\"ff1\"> <span class=\"_ _21\"></span></span>avere<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>effetti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>negativi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>i<span class=\"_ _2\"></span>nattesi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>ui<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>benefici<span class=\"ff1\"> </span>pro<span class=\"_ _0\"></span>ven<span class=\"_ _0\"></span>ien<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>dall<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>mutua<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>t\u00e0.<span class=\"ff1\"> </span>Un\u2019e<span class=\"_ _0\"></span>lev<span class=\"_ _0\"></span>ata<span class=\"ff1\"> </span>nu<span class=\"_ _0\"></span>meros<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">di</span> <span class=\"ff3\">pol<span class=\"_ _0\"></span>izze<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">perme<span class=\"_ _0\"></span>tte<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u201cattut<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>\u201d<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>verifi<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>rsi<span class=\"ff1\"> </span></span></span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"_ _2\"></span>venti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sinist<span class=\"_ _2\"></span>rosi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sull\u2019intera<span class=\"ff1\"> <span class=\"_ _20\"></span></span>popolazione;<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _21\"></span></span>business<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Vita<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>diminuzione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>de<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _20\"></span></span>numero<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dei<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>trat<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>orta<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _1\"></span>r<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ese<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>d<span class=\"ff1\"> </span>un<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span>cre<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">flut<span class=\"_ _0\"></span>tua<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>cas<span class=\"_ _0\"></span>uali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">morta<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>\u00e0.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Il<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>atto<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>mutualit\u00e0,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quindi,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>strettamente<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>correlato<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ai<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fattori<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u201cComportamento<span class=\"ff1\"> </span>dell\u2019assicurato\u201d<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>\u201cControparte\u201d;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>estinzione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anticipata<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> </span>comportamento<span class=\"ff1\"> </span>degli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">assicurati:</span> <span class=\"ff3\">il</span> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>estinzione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">anticipata,</span> <span class=\"ff3\">ch<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span></span></span></span></span></span></span>deriva<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>na<span class=\"ff1\"> </span>variazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"_ _2\"></span>nattesa<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tassi<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">esercizio<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">opzio<span class=\"_ _2\"></span>ni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> </span>parte<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">degli<span class=\"ff1\"> </span>assicurati,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>applicabile<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tutte<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>opzioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>p<span class=\"_ _2\"></span>reviste<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>gli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>assicurati,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>legali<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>contr<span class=\"_ _2\"></span>attuali,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>posso<span class=\"_ _2\"></span>no<span class=\"ff1\"> </span>modificare<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>s<span class=\"_ _2\"></span>ensibilmente<span class=\"ff1\">  </span>il<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">valore</span>  <span class=\"ff3\">dei</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">flussi</span>  <span class=\"ff3\">di</span>  <span class=\"ff3\">c<span class=\"_ _0\"></span>assa<span class=\"ff1\">  </span>futuri,<span class=\"ff1\">  </span>le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>opzioni<span class=\"ff1\">  </span>per<span class=\"ff1\">  </span>interrompere<span class=\"ff1\"> </span></span></span>completamente<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>parzialmente,<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>ridurre,<span class=\"ff1\"> </span>limitar<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ospendere<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>copertura<span class=\"ff1\"> <span class=\"_ _2\"></span></span>assicurativa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cos\u00ec<span class=\"ff1\"> </span>come<span class=\"ff1\">  </span>le<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">opzioni</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">che</span>  <span class=\"ff3\">consentono</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">la</span>  <span class=\"ff3\">modifica</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">completa</span>  <span class=\"ff3\">o</span>  <span class=\"ff3\">pa<span class=\"_ _0\"></span>rziale,<span class=\"ff1\">  </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\">  </span>rinnovo,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>l\u2019aumento,<span class=\"ff1\"> </span></span></span>l'estensione<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>ripresa<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>copertura<span class=\"ff1\"> </span>assicurativa;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>garanzia/copertura:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>rischiosit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">prodot<span class=\"_ _2\"></span>ti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Vita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dipende<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dall<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u201c<span class=\"_ _2\"></span>garanzie/coperture\u201d<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">previste<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>dai<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contrat<span class=\"_ _2\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stessi<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>base<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">all<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quali<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">societ\u00e0<span class=\"ff1\"> </span>si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">impegna<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>pagare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prestazioni<span class=\"ff1\"> </span>assicurate<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ai<span class=\"ff1\"> </span>beneficiari.<span class=\"ff1\"> </span>S<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>verificarsi<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>fatto<span class=\"ff1\"> </span>dannoso<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>quale<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>prestata<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>g<span class=\"_ _0\"></span>aranzia<span class=\"ff1\"> </span>assicurativa<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>corr<span class=\"_ _2\"></span>ettamente<span class=\"ff1\"> <span class=\"_ _21\"></span></span>monitorato<span class=\"ff1\"> <span class=\"_ _21\"></span></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>non<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>corrisponde<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>alle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>stime<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>fatt<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fase<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tariffazione,<span class=\"ff1\"> </span>questo<span class=\"ff1\"> </span>costituisce<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>elemento<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischiosit\u00e0<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>prodott<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>stesso;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>inflazione/spese:<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>fat<span class=\"_ _2\"></span>tore<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rischio,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>deriva<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>u<span class=\"_ _2\"></span>na<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>variazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>inattese<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>spese,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>riferisce<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>costi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>gestione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>contratti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>assicurazione;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>catastrofale:<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fattore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cat<span class=\"_ _2\"></span>astrofale,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>deriva<span class=\"ff1\"> <span class=\"_ _21\"></span></span>da<span class=\"ff1\"> <span class=\"_ _20\"></span></span>eventi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>estremi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>irregolari,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>cui<span class=\"ff1\"> </span>effetti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>ufficientemente<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>catturat<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>negli<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>altr<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sottoscrizione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>(ad<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>esemp<span class=\"_ _2\"></span>io<span class=\"ff1\"> </span>evento<span class=\"ff1\">  </span>pandemico<span class=\"ff1\">  </span>o<span class=\"ff1\">  </span>esplosione<span class=\"ff1\">  </span>nucleare<span class=\"_ _2\"></span>),<span class=\"ff1\">  </span>si<span class=\"ff1\">  </span>riferisce<span class=\"ff1\">  </span>alle<span class=\"ff1\">  </span>polizz<span class=\"_ _2\"></span>e<span class=\"ff1\">  </span>che<span class=\"ff1\">  </span>sono<span class=\"ff1\">  </span>legate<span class=\"ff1\">  </span>alla<span class=\"ff1\"> </span>mort<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>t\u00e0;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Revisione:<span class=\"ff1\">  </span>Il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fatt<span class=\"_ _2\"></span>ore<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>rischio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>revisione<span class=\"ff1\">  </span>ha<span class=\"ff1\">  </span>lo<span class=\"ff1\">  </span>scopo<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>catt<span class=\"_ _2\"></span>urare<span class=\"ff1\">  </span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>variazione<span class=\"ff1\"> </span>sfavorevole<span class=\"ff1\"> </span>dell'import<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>una<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rendita,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>seguito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>una<span class=\"ff1\"> <span class=\"_ _2\"></span></span>revisione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>imprevista<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>processo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>richiesta<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>risarcimento.<span class=\"_ _3bd\"> </span>Per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prodotti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tipo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pro<span class=\"_ _2\"></span>tection<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(puro<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>ischio)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>si<span class=\"ff1\"> <span class=\"_ _20\"></span></span>possono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>identificare<span class=\"ff1\"> <span class=\"_ _20\"></span></span>inoltre<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>seguenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fattor<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>o:<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Risk<span class=\"_ _3bd\"> </span>Volatility:<span class=\"_ _3bd\"> </span>tale<span class=\"_ _3bd\"> </span>fattore<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>rischio<span class=\"_ _3bd\"> </span>nell\u2019ambito<span class=\"_ _3bd\"> </span>del<span class=\"_ _3bd\"> </span>processo<span class=\"_ _3bd\"> </span>assuntivo<span class=\"_ _3bd\"> </span>dip<span class=\"_ _0\"></span>end<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>sostanzialmente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dalla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>presenza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>basi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tecniche<span class=\"ff1\"> <span class=\"_ _20\"></span></span>non<span class=\"ff1\"> <span class=\"_ _20\"></span></span>aggiornate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>correttamente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>momento<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">det<span class=\"_ _0\"></span>ermi<span class=\"_ _0\"></span>nazi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pre<span class=\"_ _0\"></span>zzo<span class=\"_ _0\"></span>;<span class=\"ff1\"> </span>da<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">u<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">m<span class=\"_ _2\"></span>arg<span class=\"_ _0\"></span>ine<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tecni<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mo<span class=\"_ _0\"></span>lto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bass<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>/o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">basi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tecn<span class=\"_ _0\"></span>iche<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mol<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>strette;<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dalla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>presenza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nu<span class=\"_ _0\"></span>ovi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>non<span class=\"ff1\"> <span class=\"_ _21\"></span></span>conside<span class=\"_ _0\"></span>rati<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mome<span class=\"_ _2\"></span>nto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>determinazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> </span>prezzo;<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contro<span class=\"_ _2\"></span>parte<span class=\"ff1\"> <span class=\"_ _2\"></span></span>elevat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(da<span class=\"ff1\"> <span class=\"_ _20\"></span></span>parte<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>partner/distributore,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>soprattutt<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>caso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> </span>commissioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">upfront<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">/<span class=\"ff1\"> </span>goodwi<span class=\"_ _0\"></span>ll).<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">processo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riser<span class=\"_ _2\"></span>vazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fatto<span class=\"_ _2\"></span>re<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>dipende<span class=\"ff1\"> </span>dal<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>pagamento<span class=\"ff1\"> </span>eccessivo<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>quota<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>profitto<span class=\"ff1\"> </span>se<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>parametri<span class=\"ff1\"> </span>delle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">riserve</span> </span></span></span></span></span>sono<span class=\"ff1\"> </span>fissati<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>modo<span class=\"ff1\"> </span>improprio;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Population:<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nell\u2019ambit<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>processo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tariffazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fattore<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sostanzialmente<span class=\"ff1\"> </span>correlato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ad<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tariffazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">unica<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>na<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vasta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">popolazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fasce<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>\u2019et\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(specia<span class=\"_ _2\"></span>lmente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">risc<span class=\"_ _0\"></span>hio<span class=\"ff1\"> </span>m<span class=\"_ _0\"></span>orte<span class=\"_ _0\"></span>)<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fasci<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">du<span class=\"_ _0\"></span>rata<span class=\"ff1\"> </span>/<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fa<span class=\"_ _0\"></span>scia<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tasso<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">i<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>ress<span class=\"_ _0\"></span>e;<span class=\"ff1\"> </span>alt<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>sel<span class=\"_ _0\"></span>ezi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">avve<span class=\"_ _0\"></span>rsa<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ne<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>trut<span class=\"_ _0\"></span>tura<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rodot<span class=\"_ _0\"></span>to.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Nel<span class=\"ff1\"> </span>ca<span class=\"_ _0\"></span>so<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">proce<span class=\"_ _1\"></span>sso<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ris<span class=\"_ _0\"></span>erv<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>ta<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fa<span class=\"_ _0\"></span>ttore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>dip<span class=\"_ _0\"></span>end<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>sostanzialmente<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>da:<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>adeguatezza<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>riserve<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>fortemente<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>legata<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>alla<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>st<span class=\"_ _2\"></span>ruttura<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>della<span class=\"ff1\"> </span>popolazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(soprat<span class=\"_ _2\"></span>tutto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>iserve<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mat<span class=\"_ _2\"></span>ematiche<span class=\"ff1\"> <span class=\"_ _20\"></span></span>/<span class=\"ff1\"> <span class=\"_ _21\"></span></span>passivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l<span class=\"_ _2\"></span>ungo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>t<span class=\"_ _2\"></span>ermine);<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riserve<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>non<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>ono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">il</span> <span class=\"ff3\">co<span class=\"_ _0\"></span>sto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">real<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">opzi<span class=\"_ _0\"></span>oni<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>pop<span class=\"_ _0\"></span>olaz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">come<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l\u2019e<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>nzio<span class=\"_ _0\"></span>ne,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>sca<span class=\"_ _0\"></span>tto;<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">r<span class=\"_ _0\"></span>iserv<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>che<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>non<span class=\"ff1\"> </span>includono<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>giusto<span class=\"ff1\"> </span>livello<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>spese<span class=\"ff1\"> </span>generali<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>specifica<span class=\"ff1\"> </span>popolazione/prodotto.<span class=\"_ _3bd\"> </span>Da<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>pu<span class=\"_ _0\"></span>nto<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">vis<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>stri<span class=\"_ _0\"></span>buz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dei</span> <span class=\"ff3\">r<span class=\"_ _0\"></span>isch<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sott<span class=\"_ _0\"></span>oscr<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">C<span class=\"_ _0\"></span>rede<span class=\"_ _0\"></span>mvit<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>sec<span class=\"_ _0\"></span>ond<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>det<span class=\"_ _0\"></span>tami<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>normativi<span class=\"ff1\"> </span>Solvency<span class=\"ff1\"> <span class=\"_ _2\"></span></span>II<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>riporta<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>t<span class=\"_ _2\"></span>abella<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>seguito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> </span>m<span class=\"_ _2\"></span>iglior<span class=\"ff1\"> </span>stima<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>rappresentazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">data<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valutazione<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">precisa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">p<span class=\"_ _2\"></span>eso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">complessivo<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ischi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">lif<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">underwr<span class=\"_ _2\"></span>iting<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ar<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">55,2%).<span class=\"_ _3bd\"> </span></span></span>Life<span class=\"_ _3bd\"> </span>risk<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>risk/sum<span class=\"_ _3bd\"> </span>of<span class=\"_ _3bd\"> </span>risk<span class=\"_ _3bd\"> </span>component<span class=\"_ _0\"></span>s<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>relat<span class=\"_ _0\"></span>ivo<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>vo<span class=\"_ _3bd\"> </span>Re<span class=\"_ _0\"></span>lat<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>o<span class=\"fc0 sc1\"> <span class=\"_ _52\"> </span></span>Com<span class=\"_ _1\"></span>ple<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>ivo<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Mor<span class=\"_ _0\"></span>tal<span class=\"_ _0\"></span>ity<span class=\"ff1\"> </span>ri<span class=\"_ _1\"></span>sk <span class=\"_ _34d\"> </span>8,<span class=\"_ _1\"></span>5% <span class=\"_ _ad\"> </span>4,<span class=\"_ _0\"></span>7%<span class=\"_ _3bd\"> </span>Lon<span class=\"_ _0\"></span>gev<span class=\"_ _0\"></span>ity<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>sk<span class=\"_ _0\"></span> <span class=\"_ _162\"> </span>0,<span class=\"_ _1\"></span>3% <span class=\"_ _235\"> </span>0,<span class=\"_ _1\"></span>2%<span class=\"_ _3bd\"> </span>Dis<span class=\"_ _0\"></span>abil<span class=\"_ _0\"></span>ity<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">morbi<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>y<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>sk<span class=\"_ _0\"></span> <span class=\"_ _34e\"> </span>0,<span class=\"_ _1\"></span>0% <span class=\"_ _af\"> </span>0<span class=\"_ _0\"></span>,0<span class=\"_ _0\"></span>%<span class=\"_ _3bd\"> </span></span></span>Li<span class=\"_ _0\"></span>fe<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Lap<span class=\"_ _0\"></span>se<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ri<span class=\"_ _0\"></span>sk <span class=\"_ _274\"> </span>84,1%<span class=\"_ _0\"></span> <span class=\"_ _a9\"> </span>46,<span class=\"_ _0\"></span>4%<span class=\"_ _3bd\"> </span></span></span></span></span>Exp<span class=\"_ _0\"></span>ens<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ri<span class=\"_ _0\"></span>sk<span class=\"_ _0\"></span> <span class=\"_ _2cf\"> </span>4<span class=\"_ _0\"></span>,9<span class=\"_ _0\"></span>% <span class=\"_ _cb\"> </span>2,<span class=\"_ _1\"></span>7%<span class=\"_ _3bd\"> </span></span></span>Rev<span class=\"_ _0\"></span>isi<span class=\"_ _0\"></span>onar<span class=\"_ _0\"></span>y<span class=\"ff1\"> </span>ri<span class=\"_ _1\"></span>sk <span class=\"_ _2c1\"> </span>0,0<span class=\"_ _1\"></span>% <span class=\"_ _af\"> </span>0,<span class=\"_ _0\"></span>0%<span class=\"_ _3bd\"> </span>CA<span class=\"_ _0\"></span>T<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ri<span class=\"_ _1\"></span>sk <span class=\"_ _103\"> </span>2<span class=\"_ _0\"></span>,3<span class=\"_ _0\"></span>% <span class=\"_ _a6\"> </span>1,<span class=\"_ _0\"></span>3%<span class=\"_ _3bd\"> </span></span></span>La<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Com<span class=\"_ _0\"></span>pag<span class=\"_ _0\"></span>nia<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ado<span class=\"_ _0\"></span>tta,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>onf<span class=\"_ _0\"></span>ronti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>ine<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>gu<span class=\"_ _0\"></span>ida<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>definiscono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>modello<span class=\"ff1\"> <span class=\"_ _2\"></span></span>or<span class=\"_ _2\"></span>ganizzativo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>governance,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nonch\u00e9<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ruoli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>responsabilit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>delle<span class=\"ff1\"> </span>strutture<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>aziendali<span class=\"ff1\"> <span class=\"_ _21\"></span></span>coinvolte<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nell\u2019assunzione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff3\">monitoraggi<span class=\"_ _2\"></span>o</span> <span class=\"_ _21\"></span><span class=\"ff3\">del</span> <span class=\"_ _20\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ischio</span> <span class=\"_ _21\"></span><span class=\"ff3\">assunto</span> <span class=\"_ _21\"> </span><span class=\"ff3\">e</span> <span class=\"_ _21\"></span><span class=\"ff3\">nelle<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span>attivit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>riservazione;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>descrivono<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>procedure<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rep<span class=\"_ _2\"></span>orting<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>applicate<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ed<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>flussi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>c<span class=\"_ _2\"></span>omunicazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tr<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>funzioni<span class=\"ff1\"> </span>coinvolte<span class=\"ff1\"> </span>nei<span class=\"ff1\"> </span>processi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>sottoscrizione<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>riservazione;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>illustrano<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>modalit\u00e0<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>c<span class=\"_ _2\"></span>ui<span class=\"ff1\"> </span>l\u2019impresa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tiene<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>riass<span class=\"_ _2\"></span>icurazione<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>altre<span class=\"ff1\"> </span>tecniche<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>mitigazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nel<span class=\"ff1\"> </span>processo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>progettazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>nuovo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prodotto<span class=\"ff1\"> </span>assicurativo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>calcolo<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>relativo<span class=\"ff1\"> </span>premio.<span class=\"_ _3bd\"> </span>La<span class=\"ff1\"> </span>Compagnia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">misura<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>monitora<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>propria<span class=\"ff1\"> </span>esposizione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al</span> <span class=\"ff3\">rischio</span> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sottoscrizione</span> <span class=\"ff3\">considerando</span> </span></span></span></span></span>il<span class=\"ff1\"> </span>portafoglio<span class=\"ff1\"> </span>complessivo,<span class=\"ff1\"> </span>oltre<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>verificare<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>conformit\u00e0<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>limiti<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>politiche<span class=\"ff1\"> </span>definite.<span class=\"_ _3bd\"> </span>La<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>tecnici<span class=\"ff1\"> </span>viene<span class=\"ff1\"> </span>realizzata<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>logiche<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">caratt<span class=\"_ _2\"></span>ere<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ALM<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> </span>Asset-Liability<span class=\"ff1\"> </span></span></span></span></span>Management<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u2013<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fine<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>cogliere<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>interrelazioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>esistenti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fra<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dinamiche<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>passivi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> </span>dinamiche<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>degli<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>at<span class=\"_ _2\"></span>tivi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\">  </span>copertura,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sia<span class=\"ff1\">  </span>segu<span class=\"_ _0\"></span>endo<span class=\"ff1\">  </span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>principi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\">  </span>Solvi<span class=\"_ _0\"></span>bilit\u00e0<span class=\"ff1\">  </span>\u2013<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"ff1\">  </span>f<span class=\"_ _0\"></span>ine<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\">  </span>cogliere<span class=\"ff1\"> </span>l\u2019eventuale<span class=\"ff1\"> </span>requisito<span class=\"ff1\"> </span>capitale<span class=\"ff1\"> </span>assorbito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"ff1\"> </span>ogni<span class=\"ff1\"> </span>singolo<span class=\"ff1\"> </span>fattore<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio.<span class=\"_ _3bd\"> </span>L\u2019identificazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>viene<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>effettuata<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _21\"></span></span>riferimento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nuovi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>prodotti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"></span></span>portafoglio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>ess<span class=\"_ _0\"></span>ere:<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>Nuo<span class=\"_ _0\"></span>vi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">p<span class=\"_ _0\"></span>rodo<span class=\"_ _0\"></span>tti:<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">coer<span class=\"_ _0\"></span>ente<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Pi<span class=\"_ _0\"></span>ano<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Stra<span class=\"_ _0\"></span>teg<span class=\"_ _0\"></span>ico,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rile<span class=\"_ _0\"></span>vaz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>isc<span class=\"_ _0\"></span>hi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>nes<span class=\"_ _0\"></span>si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ai<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nu<span class=\"_ _0\"></span>ov<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>pro<span class=\"_ _0\"></span>dot<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>viene<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">effe<span class=\"_ _0\"></span>ttua<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>sull<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>loro<span class=\"ff1\"> </span>car<span class=\"_ _0\"></span>atte<span class=\"_ _0\"></span>rist<span class=\"_ _0\"></span>ich<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>tecn<span class=\"_ _0\"></span>ich<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>nell\u2019<span class=\"_ _0\"></span>ambi<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">pro<span class=\"_ _0\"></span>cesso<span class=\"_ _1\"></span><span class=\"ff1\"> </span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ORSA.<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>Inoltre,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>coere<span class=\"_ _2\"></span>nza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>process<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>finalizzato<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>alla<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>creazione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff3\">lancio</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">dei</span> <span class=\"_ _21\"> </span><span class=\"ff3\">nuovi</span> </span></span></span>prodotti<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>definito<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>pi\u00f9<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>generale<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>pr<span class=\"_ _2\"></span>ocesso<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>POG<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>(Product<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>Oversight<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>and<span class=\"ff1\"> </span>Governance),<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>funzione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>R<span class=\"_ _2\"></span>isk<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Management<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>chiamata<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>redigere<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>specifica<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>analisi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> </span>rischiosit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(c.d.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>scheda<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischi<span class=\"_ _2\"></span>)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d<span class=\"_ _2\"></span>el<span class=\"ff1\"> <span class=\"_ _20\"></span></span>singolo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prodot<span class=\"_ _2\"></span>to<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _20\"></span></span>esiti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>trasmessi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Comitato<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> </span>Direzione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Product<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Governance.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Inoltre,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>parte<span class=\"ff1\"> <span class=\"_ _20\"></span></span>integrante<span class=\"ff1\"> <span class=\"_ _20\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valutazioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>redditivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>connessi<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>nuovi<span class=\"ff1\"> </span>prodotti,<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>profit<span class=\"ff1\"> </span>test<span class=\"_ _2\"></span><span class=\"ff1\"> </span>effettuato<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>Compagnia.<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Portafoglio<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>essere:<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riferimento<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>portafoglio<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>essere,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019identificazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">viene<span class=\"ff1\"> </span></span></span></span></span></span></span>effettuata<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>b<span class=\"_ _0\"></span>ase<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>dati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tecnici<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>portafoglio<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dell<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">misur<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>assorbimento<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">capitale<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>determinate<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>attr<span class=\"_ _2\"></span>averso<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>lo<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>strumento<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>utilizzato<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dalla<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Compa<span class=\"_ _2\"></span>gnia<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>calcolo<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>SCR<span class=\"ff1\"> </span>(Standard<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Formula).<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">informazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">relative<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">all\u2019andamento<span class=\"ff1\"> </span>tecnico<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">complessivo<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ramo<span class=\"ff1\"> </span>vita<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>rispecchiano<span class=\"ff1\"> </span>sinteticamente<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>isultati<span class=\"ff1\"> </span>tecnici<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span>singoli<span class=\"ff1\"> </span>Rami<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quindi<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prodott<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">presenti<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>portafoglio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">in</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">generale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">posso<span class=\"_ _2\"></span>no</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">comprend<span class=\"_ _0\"></span>ere<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>pi\u00f9<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">Rami).</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">Sempre</span> <span class=\"_ _27\"> </span><span class=\"ff3\">con</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">riferimento</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">al</span> </span></span></span></span></span>portafoglio<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>essere,<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> </span>effettuate<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>Compagnia<span class=\"ff1\"> </span>valutazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>back<span class=\"ff1\"> </span>testing.<span class=\"_ _3bd\"> </span>Si<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rip<span class=\"_ _1\"></span>ortano<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">si<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>tica<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>seg<span class=\"_ _0\"></span>uito<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pri<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>pal<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>mi<span class=\"_ _0\"></span>sure<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ris<span class=\"_ _0\"></span>chio<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>til<span class=\"_ _0\"></span>izz<span class=\"_ _0\"></span>ate:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>SCR<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Life<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>termini<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ratio:<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fornisce<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un\u2019indicazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019assorbimento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>capitale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>unit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>Best<span class=\"ff1\"> </span>Estimate<span class=\"ff1\"> </span>Life<span class=\"ff1\"> </span>Lorde;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>SCR<span class=\"ff1\"> </span>Lapse<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>termini<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ratio:<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fornisce<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un\u2019indicazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019assorbimento<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>capitale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>derivante<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>Lapse<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>unit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Best<span class=\"ff1\"> </span>Estimate<span class=\"ff1\"> </span>Life<span class=\"ff1\"> </span>Lorde;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>PVFP<span class=\"ff1\">  </span>portafoglio<span class=\"ff1\">  </span>in<span class=\"ff1\">  </span>force:<span class=\"ff1\">  </span>P<span class=\"_ _0\"></span>resent<span class=\"ff1\">  </span>Value<span class=\"ff1\">  </span>Future<span class=\"ff1\">  </span>Profit<span class=\"ff1\">  </span>\u00e8<span class=\"ff1\">  </span>un<span class=\"ff1\">  </span>indicatore<span class=\"ff1\">  </span>che<span class=\"ff1\">  </span>consente<span class=\"ff1\">  </span>di<span class=\"ff1\"> </span>monitorare,<span class=\"ff1\">  </span>per<span class=\"ff1\">  </span>ciascuna<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Lob<span class=\"ff1\">  </span>Solvency<span class=\"ff1\">  </span>II<span class=\"ff1\">  </span>del<span class=\"ff1\">  </span>portafoglio<span class=\"ff1\">  </span>in-force<span class=\"ff1\">  </span>il<span class=\"ff1\">  </span>contributo<span class=\"ff1\">  </span>dato<span class=\"ff1\">  </span>all<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>creazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>economico<span class=\"ff1\"> </span>aziendale;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>SC<span class=\"_ _0\"></span>R<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">LoB<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(Li<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">of<span class=\"ff1\"> </span>B<span class=\"_ _0\"></span>usi<span class=\"_ _0\"></span>ness<span class=\"_ _0\"></span>).<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>Rischi<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>me<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>o<span class=\"fc0 sc1\"> </span>Si<span class=\"ff1\"> <span class=\"_ _20\"></span></span>definisce<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>mercato,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>perdita<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>variazione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">sfavorevole</span> <span class=\"_ _20\"></span><span class=\"ff3\">della</span> <span class=\"_ _21\"></span><span class=\"ff3\">situazione</span> </span>finanziaria<span class=\"ff1\"> </span>derivante,<span class=\"ff1\"> </span>direttamente<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>indirettamente,<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>oscillazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span>livello<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>volatilit\u00e0<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span></span></span>prezzi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mercato<span class=\"ff1\"> </span>dell<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0,<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">passivit\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">degli<span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziari<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>cfr.<span class=\"ff1\"> </span>articolo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">1,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">comma<span class=\"ff1\"> </span>1,<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>lettera<span class=\"ff1\"> </span>vv-bis<span class=\"ff1\"> </span>3<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>CAP).<span class=\"_ _3bd\"> </span>I<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>r<span class=\"_ _2\"></span>ischi<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>mercato<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>r<span class=\"_ _2\"></span>isentono<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dell\u2019andamento<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>congiunturale<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>ciclo<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>economico,<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>pu\u00f2<span class=\"ff1\"> </span>amplificarne<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>eventualmente<span class=\"ff1\"> </span>diminuirne<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>significativit\u00e0,<span class=\"ff1\"> </span>sopratt<span class=\"_ _2\"></span>utto<span class=\"ff1\"> </span>se<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>portafoglio<span class=\"ff1\"> </span>t<span class=\"_ _2\"></span>itoli<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>Compagnia<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>part<span class=\"_ _2\"></span>icolarmente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>concentrato<span class=\"ff1\">  </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">determinati</span>  <span class=\"ff3\">settori,</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">valute</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">o</span>  <span class=\"ff3\">aree<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">g<span class=\"_ _0\"></span>eografiche.<span class=\"ff1\"> </span></span></span></span></span>Conseguentemente,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>imprese<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>esposte<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>conseguire<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rendimenti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>diversi,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ed<span class=\"ff1\"> </span>eventualmente<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>anch<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>inferiori,<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _23\"> </span></span>rispetto<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>rendi<span class=\"_ _0\"></span>mento<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>atteso<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>momento<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>dell\u2019<span class=\"_ _0\"></span>assunzione<span class=\"ff1\"> </span>dell\u2019impegno,<span class=\"ff1\"> </span>oppure<span class=\"ff1\"> </span>rispetto<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>rendimento<span class=\"ff1\"> </span>minimo<span class=\"ff1\"> </span>definito<span class=\"ff1\"> </span>cont<span class=\"_ _2\"></span>rattualmente.<span class=\"_ _3bd\"> </span>Ta<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risc<span class=\"_ _0\"></span>hio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pu\u00f2<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">esse<span class=\"_ _1\"></span>re<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>stin<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">se<span class=\"_ _0\"></span>guen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fatt<span class=\"_ _0\"></span>ori<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risch<span class=\"_ _0\"></span>io:<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Rischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tasso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>interesse:<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valor<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>degli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>att<span class=\"_ _2\"></span>ivi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>una<span class=\"ff1\"> <span class=\"_ _20\"></span></span>impresa<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>assicurazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sensibile<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> </span>variazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tassi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>interess<span class=\"_ _2\"></span>e.<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Inoltr<span class=\"_ _2\"></span>e,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fl<span class=\"_ _0\"></span>ussi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>finanziari<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>g<span class=\"_ _0\"></span>enerati<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dalle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quelli<span class=\"ff1\"> </span>generati<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>dalle<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>passivit\u00e0<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>un\u2019impresa<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>perfettamente<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>allineati<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>scaden<span class=\"_ _0\"></span>za,<span class=\"ff1\"> </span>periodicit\u00e0<span class=\"ff1\">  </span>de<span class=\"_ _0\"></span>gli<span class=\"ff1\">  </span>eventuali<span class=\"ff1\">  </span>pagamenti<span class=\"ff1\">  </span>e<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">per</span>  <span class=\"ff3\">natura</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">dei</span>  <span class=\"ff3\">tassi</span>  <span class=\"ff3\">degli</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">investimenti</span>  <span class=\"ff3\">(maturity</span> </span>mismatching,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>interest<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rat<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>mismatching,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>reset<span class=\"ff1\"> <span class=\"_ _21\"></span></span>date<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mismat<span class=\"_ _2\"></span>ching,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>basic<span class=\"ff1\"> <span class=\"_ _21\"></span></span>mismatching),<span class=\"ff1\"> <span class=\"_ _2\"></span></span>uno<span class=\"_ _2\"></span><span class=\"ff1\"> </span>shock<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>positivo<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">negativo)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span>tassi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">interesse<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>u\u00f2<span class=\"ff1\"> </span>produrre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">variazioni<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>sincronizzate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nel<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>va<span class=\"_ _0\"></span>lore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">delle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">attiv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>elle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">passiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>Sost<span class=\"_ _0\"></span>anzi<span class=\"_ _0\"></span>alme<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l'esp<span class=\"_ _0\"></span>osiz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al</span> <span class=\"ff3\">risc<span class=\"_ _0\"></span>hio<span class=\"ff1\"> </span>ta<span class=\"_ _0\"></span>sso<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">inte<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>se<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>si<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>riferisce<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tutte<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>passivit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u201csensibile\u201d<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ai<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cambiamenti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nella<span class=\"_ _2\"></span><span class=\"ff1\"> </span>struttura<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>termine<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>tassi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>interesse<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>volatilit\u00e0<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>tassi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>interesse;<div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs49f1\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49f2\">Rischio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>azionario:<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>valor<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>mer<span class=\"_ _2\"></span>cato<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>posizioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>assunte<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dall\u2019impresa<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>possono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>essere<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49f3\">sen<span class=\"_ _0\"></span>sib<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">all\u2019<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>me<span class=\"_ _0\"></span>rcati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">azi<span class=\"_ _0\"></span>ona<span class=\"_ _0\"></span>ri<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">es<span class=\"_ _0\"></span>empi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>ca<span class=\"_ _0\"></span>so<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cont<span class=\"_ _0\"></span>ratti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cui<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pre<span class=\"_ _0\"></span>sta<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49f4\">sono<span class=\"ff1\"> </span>collegate<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>titolo<span class=\"ff1\"> </span>azionario);<span class=\"_ _3bd\"> </span> </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs49f5\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49f6\">Rischio<span class=\"ff1\"> </span>t<span class=\"_ _2\"></span>asso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cambio:<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mercato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>posizioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>assunte<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall\u2019impresa<span class=\"ff1\"> </span>p<span class=\"_ _2\"></span>u\u00f2<span class=\"ff1\"> <span class=\"_ _2\"></span></span>essere<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49f7\">sen<span class=\"_ _0\"></span>sib<span class=\"_ _0\"></span>ile<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>riazi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dei</span> <span class=\"ff3\">t<span class=\"_ _0\"></span>assi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ambi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>(pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>esem<span class=\"_ _0\"></span>pio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nel</span> <span class=\"ff3\">c<span class=\"_ _0\"></span>aso<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>tito<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">azio<span class=\"_ _0\"></span>nari<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o</span> <span class=\"ff3\">obbl<span class=\"_ _0\"></span>iga<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49f8\">den<span class=\"_ _0\"></span>omi<span class=\"_ _0\"></span>nati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in</span> <span class=\"ff3\">valu<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>este<span class=\"_ _0\"></span>ra).<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Quest<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>fatto<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">risch<span class=\"_ _0\"></span>io,<span class=\"ff1\"> </span>qui<span class=\"_ _0\"></span>ndi<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>assum<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>parti<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>lare<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rileva<span class=\"_ _0\"></span>nza<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49f9\">le<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>imprese<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>a<span class=\"_ _2\"></span>ssicurazione<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>presenza<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>copertura<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>de<span class=\"_ _0\"></span>lle<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>ris<span class=\"_ _2\"></span>erve<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>tecniche<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49fa\">denominate<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>valuta<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>diversa<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>quella<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>corr<span class=\"_ _2\"></span>ispondenti<span class=\"ff1\">  </span>imp<span class=\"_ _2\"></span>egni<span class=\"ff1\">  </span>t<span class=\"_ _2\"></span>ecnici<span class=\"ff1\">  </span>as<span class=\"_ _2\"></span>sunti<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49fb\">contrattualmente.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Infatti,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>poich\u00e9<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>conversione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valute<span class=\"ff1\"> <span class=\"_ _2\"></span></span>avvie<span class=\"_ _2\"></span>ne<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>chiusura<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d\u2019esercizio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49fc\">cambio<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>orrente,<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">corrispondenza<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">detta</span> <span class=\"_ _0\"></span><span class=\"ff3\">data<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ossono<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">realizzarsi<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>elle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">plus/minusvalenze<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49fd\">a<span class=\"ff1\"> </span>causa<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>variazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>tassi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cambio;<span class=\"_ _3bd\"> </span> </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs49fe\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs49ff\">Rischio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">immobiliare:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">q<span class=\"_ _2\"></span>ualora<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gli<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un\u2019impresa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">as<span class=\"_ _2\"></span>sicurazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>iano<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">investit<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">immobili,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a00\">i<span class=\"ff1\"> </span>valori<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tali<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>sensibili<span class=\"ff1\"> </span>all\u2019andamento<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>prezzi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>mercat<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>stessi;<span class=\"_ _3bd\"> </span> </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4a01\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a02\">Rischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>credito:<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ogni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>volta<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ch<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un\u2019impresa<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>as<span class=\"_ _2\"></span>sicurazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sott<span class=\"_ _2\"></span>oscrive<span class=\"ff1\"> <span class=\"_ _20\"></span></span>strumenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziari,<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a03\">pu<span class=\"_ _0\"></span>\u00f2<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>nco<span class=\"_ _0\"></span>rrere<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"_ _0\"></span>solve<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pro<span class=\"_ _0\"></span>pri<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ebi<span class=\"_ _0\"></span>tore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">qua<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>otre<span class=\"_ _0\"></span>bbe<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">n<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">es<span class=\"_ _0\"></span>sere<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">grad<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a04\">sia<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>demp<span class=\"_ _0\"></span>ier<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>rop<span class=\"_ _0\"></span>rie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">obbli<span class=\"_ _0\"></span>gazi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">si<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>nco<span class=\"_ _0\"></span>rrere<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pegg<span class=\"_ _0\"></span>ior<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">meri<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a05\">creditizio,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>conseguente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rid<span class=\"_ _2\"></span>uzione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valor<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>titolo.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>L\u2019esposizione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>credito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>si<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a06\">riferisce<span class=\"ff1\">  </span>ad<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">attivit\u00e0,</span>  <span class=\"ff3\">pas<span class=\"_ _0\"></span>sivit\u00e0<span class=\"ff1\">  </span>e<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">strumenti</span>  <span class=\"ff3\">fin<span class=\"_ _0\"></span>anziari<span class=\"ff1\">  </span>sensibili<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>alla<span class=\"ff1\">  </span>variazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>degli<span class=\"ff1\">  </span>spread<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a07\">cre<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>izi;<span class=\"_ _0\"></span> </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4a08\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a09\">Rischio<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>conc<span class=\"_ _0\"></span>entr<span class=\"_ _2\"></span>azione:<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>l\u2019espo<span class=\"_ _2\"></span>sizione<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>conce<span class=\"_ _0\"></span>ntrazione,<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>d<span class=\"_ _2\"></span>eriva<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>d<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>una<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a0a\">variazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>i<span class=\"_ _2\"></span>nattesa<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>prezzi,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>d<span class=\"_ _2\"></span>elle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>esposizioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>verso<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span></span>emittenti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>su<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ha<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>un<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a0b\">accumulo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esposizione<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>stessa<span class=\"ff1\"> </span>controparte,<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>rife<span class=\"_ _0\"></span>risce<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>soggette<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a0c\">azionario,<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>interesse<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">spread<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>immobiliare<span class=\"ff1\"> </span>inclusi<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>mercato,<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a0d\">ed<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">escl<span class=\"_ _0\"></span>ude<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le</span> <span class=\"ff3\">att<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span>sog<span class=\"_ _0\"></span>get<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">risc<span class=\"_ _0\"></span>hio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">in<span class=\"_ _0\"></span>ademp<span class=\"_ _0\"></span>ime<span class=\"_ _0\"></span>nto<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>trop<span class=\"_ _0\"></span>arte<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>Al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mom<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>liv<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a0e\">regolamentare<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>esclusi<span class=\"ff1\"> </span>anche<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>stato<span class=\"_ _2\"></span>;<span class=\"_ _3bd\"> </span> </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4a0f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a10\">Altre<span class=\"ff1\"> <span class=\"_ _2\"></span></span>esposizioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ass<span class=\"_ _2\"></span>ets:<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Tale<span class=\"ff1\"> </span>fat<span class=\"_ _2\"></span>tore<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>si<span class=\"ff1\"> <span class=\"_ _2\"></span></span>concretizza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>m<span class=\"_ _2\"></span>ercato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>legato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a11\">private<span class=\"ff1\"> </span>equity,<span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> </span>alternativi,<span class=\"ff1\"> </span>infrastruttur<span class=\"_ _2\"></span>e,<span class=\"ff1\"> </span>prodotti<span class=\"ff1\"> </span>legati<span class=\"ff1\"> </span>all\u2019in<span class=\"_ _0\"></span>flazion<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>ibridi.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a12\">Oltre<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>fatt<span class=\"_ _2\"></span>ori<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>connessi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alle<span class=\"ff1\"> </span>tipologie<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>posizioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>presenti<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>portafoglio<span class=\"ff1\"> </span>o<span class=\"_ _2\"></span><span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>str<span class=\"_ _2\"></span>uttura<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a13\">degli<span class=\"ff1\">  </span>attiviti<span class=\"ff1\">  </span>rispetto<span class=\"ff1\">  </span>ai<span class=\"ff1\">  </span>pass<span class=\"_ _2\"></span>ivi<span class=\"ff1\">  </span>sottostanti,<span class=\"ff1\">  </span>esistono<span class=\"ff1\">  </span>altri<span class=\"ff1\">  </span>fattori<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>rischio<span class=\"ff1\">  </span>appart<span class=\"_ _2\"></span>enenti<span class=\"ff1\">  </span>alla<span class=\"_ _0\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a14\">categoria<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>mercato<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>str<span class=\"_ _2\"></span>ettamente<span class=\"ff1\"> </span>connessi<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>operativi:<span class=\"_ _3bd\"> </span> </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4a15\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a16\">Ma<span class=\"_ _0\"></span>rket<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">risk<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">limit<span class=\"_ _0\"></span>s:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Fa<span class=\"_ _0\"></span>ttore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ris<span class=\"_ _0\"></span>chio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">deriv<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dall<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">car<span class=\"_ _0\"></span>enz<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nell<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">defin<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e/o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rin<span class=\"_ _0\"></span>nov<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>d<span class=\"_ _1\"></span>ei<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a17\">li<span class=\"_ _0\"></span>miti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">m<span class=\"_ _0\"></span>erc<span class=\"_ _0\"></span>ato<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">vi<span class=\"_ _0\"></span>olaz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">limi<span class=\"_ _0\"></span>ti;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4a18\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a19\">Modelling<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>risk:<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Scarsa<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>inadeguata<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>qualit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>modelli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sotto<span class=\"_ _2\"></span>stanti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>valutazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>ischi<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a1a\">valutari,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>asso<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">interesse,<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">liquidit\u00e0,<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tr<span class=\"_ _2\"></span>asformazione,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">azio<span class=\"_ _2\"></span>nari<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">altri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischi<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mercato<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a1b\">(alla<span class=\"ff1\"> </span>base<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>equisito<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>capitale,<span class=\"ff1\"> </span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>durata,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> </span>sensibilit\u00e0,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> </span>correlazioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tra<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> </span>rischi,<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a1c\">delle<span class=\"ff1\"> <span class=\"_ _21\"></span></span>metriche<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>VaR<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>VEV,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff3\">di</span> <span class=\"_ _21\"> </span><span class=\"ff3\">s<span class=\"_ _2\"></span>tress</span> <span class=\"_ _21\"></span><span class=\"ff3\">test,</span> <span class=\"_ _21\"></span><span class=\"ff3\">ecc).<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff3\">Tale</span> <span class=\"_ _21\"> </span><span class=\"ff3\">fattor<span class=\"_ _2\"></span>e</span> <span class=\"_ _21\"></span><span class=\"ff3\">di</span> <span class=\"_ _20\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ischio</span> <span class=\"_ _21\"></span><span class=\"ff3\">\u00e8</span> <span class=\"_ _21\"></span><span class=\"ff3\">sostanzialmente</span> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a1d\">classificabile<span class=\"ff1\"> </span>anche<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>categoria<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>operativi;<span class=\"_ _3bd\"> </span> </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4a1e\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a1f\">Monitoring<span class=\"ff1\">  </span>of<span class=\"ff1\">  </span>market<span class=\"ff1\">  </span>p<span class=\"_ _0\"></span>ositions:<span class=\"ff1\">  </span>Valutazione<span class=\"ff1\">  </span>inadegu<span class=\"_ _0\"></span>ata<span class=\"ff1\">  </span>o<span class=\"ff1\">  </span>impropria<span class=\"ff1\">  </span>delle<span class=\"ff1\">  </span>p<span class=\"_ _0\"></span>osizioni,<span class=\"ff1\">  </span>con<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a20\">conseguente<span class=\"ff1\"> </span>scarsa<span class=\"ff1\"> </span>qualit\u00e0<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>mercato.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a21\">I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fattori<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>mercato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vengono<span class=\"ff1\"> </span>princip<span class=\"_ _0\"></span>almente<span class=\"ff1\"> </span>individuati<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">classi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>b<span class=\"_ _0\"></span>ilancio<span class=\"ff1\"> </span>specifiche<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a22\">delle<span class=\"ff1\"> </span>Gestioni<span class=\"ff1\"> </span>Separate<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Portafoglio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Propriet\u00e0.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a23\">La<span class=\"ff1\"> </span>tabella<span class=\"ff1\"> </span>riportata<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>seguito<span class=\"ff1\"> </span>rappresenta<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>distr<span class=\"_ _2\"></span>ibuzione<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>str<span class=\"_ _2\"></span>umenti<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>portafogli<span class=\"ff1\"> </span>suddetti<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a24\">alla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>data<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>valutazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>p<span class=\"_ _2\"></span>er<span class=\"ff1\"> <span class=\"_ _21\"></span></span>tipologia,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>espressi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>p<span class=\"_ _2\"></span>ercentuale<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rispetto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"></span></span>controvalore<span class=\"ff1\"> <span class=\"_ _21\"></span></span>totale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a25\">me<span class=\"_ _0\"></span>rcat<span class=\"_ _0\"></span>o.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4a26\">Tipo<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4a27\">Ti<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>lo<span class=\"fc0 sc1\"> <span class=\"_ _320\"> </span></span>Tipo<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4a28\">Ce<span class=\"_ _0\"></span>do<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4a29\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>li<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a2a\">Emi<span class=\"_ _0\"></span>tte<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Gove<span class=\"_ _0\"></span>rna<span class=\"_ _0\"></span>tivi<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a2b\">Fi<span class=\"_ _1\"></span>xed<span class=\"_ _0\"></span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a2c\">72,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">89<span class=\"_ _0\"></span>%<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a2d\">Flo<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ng <span class=\"_ _154\"> </span>0,1<span class=\"_ _0\"></span>0%<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a2e\">Tot<span class=\"_ _0\"></span>ale<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a2f\">73,<span class=\"_ _0\"></span>00%<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a30\">Emi<span class=\"_ _0\"></span>tte<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Obbl<span class=\"_ _0\"></span>igaz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>ari<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a31\">Fi<span class=\"_ _1\"></span>xed<span class=\"_ _0\"></span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a32\">6,<span class=\"_ _0\"></span>07%<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a33\">Flo<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ng <span class=\"_ _22b\"> </span>2,<span class=\"_ _0\"></span>99<span class=\"_ _0\"></span>%<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a34\">Tot<span class=\"_ _0\"></span>ale<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a35\">9<span class=\"_ _0\"></span>,0<span class=\"_ _0\"></span>6%<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a36\">O<span class=\"_ _0\"></span>IC<span class=\"_ _0\"></span>R<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a37\">Tot<span class=\"_ _0\"></span>ale<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a38\">17,<span class=\"_ _0\"></span>95%<span class=\"_ _3bd\"> </span></div>Di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ripa<span class=\"_ _0\"></span>rtizi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>O<span class=\"_ _0\"></span>ICR<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>sul<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>s\u00ec<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">comp<span class=\"_ _0\"></span>osta<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>Tipo<span class=\"_ _3bd\"> </span>O<span class=\"_ _0\"></span>IC<span class=\"_ _1\"></span>R<span class=\"fc0 sc1\"> </span>%<span class=\"_ _3bd\"> </span>OI<span class=\"_ _0\"></span>CR<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Azion<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>o <span class=\"_ _208\"> </span>16<span class=\"_ _0\"></span>,13<span class=\"_ _0\"></span>%<span class=\"_ _3bd\"> </span></span></span>OI<span class=\"_ _0\"></span>CR<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Govern<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>vo <span class=\"_ _332\"> </span>24,<span class=\"_ _0\"></span>11%<span class=\"_ _3bd\"> </span></span></span>OI<span class=\"_ _0\"></span>CR<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Immob<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>are <span class=\"_ _ad\"> </span>10,9<span class=\"_ _0\"></span>8%<span class=\"_ _3bd\"> </span></span></span>OI<span class=\"_ _0\"></span>CR<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Loa<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>s <span class=\"_ _281\"> </span>25,2<span class=\"_ _0\"></span>7%<span class=\"_ _3bd\"> </span></span></span>OI<span class=\"_ _0\"></span>CR<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Corpo<span class=\"_ _0\"></span>rate <span class=\"_ _f9\"> </span>15,16<span class=\"_ _0\"></span>%<span class=\"_ _3bd\"> </span></span></span>OI<span class=\"_ _0\"></span>CR<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Infra<span class=\"_ _0\"></span>stru<span class=\"_ _0\"></span>ttur<span class=\"_ _0\"></span>ali <span class=\"_ _a9\"> </span>4,<span class=\"_ _0\"></span>78<span class=\"_ _0\"></span>%<span class=\"_ _3bd\"> </span></span></span>OI<span class=\"_ _0\"></span>CR<span class=\"_ _3bd\"> </span>Pri<span class=\"_ _0\"></span>vate<span class=\"_ _3bd\"> </span>Equi<span class=\"_ _0\"></span>ty<span class=\"_ _3bd\"> </span>3,<span class=\"_ _1\"></span>56%<span class=\"_ _3bd\"> </span>La<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>rcen<span class=\"_ _0\"></span>tual<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">espo<span class=\"_ _0\"></span>sta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valut<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>su<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">total<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">por<span class=\"_ _0\"></span>tafo<span class=\"_ _0\"></span>gli<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>as<span class=\"_ _0\"></span>sets<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u00e8</span> <span class=\"_ _0\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">1,6<span class=\"_ _0\"></span>8%.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Da<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _21\"></span></span>punto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>vista<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _21\"></span></span>distribuzi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>mercato<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff3\">Credemvita</span> <span class=\"_ _21\"></span><span class=\"ff3\">secondo</span> <span class=\"_ _21\"></span><span class=\"ff3\">i</span> <span class=\"_ _21\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>ttami<span class=\"ff1\"> </span></span></span>normativi<span class=\"ff1\"> </span>Solvency<span class=\"ff1\"> </span>II<span class=\"ff1\"> </span>si<span class=\"_ _2\"></span><span class=\"ff1\"> </span>riporta<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>tabella<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>seguito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> </span>miglior<span class=\"ff1\"> </span>st<span class=\"_ _2\"></span>ima<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>rappresentazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>lla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">data<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">v<span class=\"_ _0\"></span>alut<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">(<span class=\"_ _0\"></span>si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pre<span class=\"_ _0\"></span>cis<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>ch<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pes<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ompl<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>ivo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ris<span class=\"_ _0\"></span>chi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">marke<span class=\"_ _1\"></span>t<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pari<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">35,5%<span class=\"_ _0\"></span>).<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Market<span class=\"_ _3bd\"> </span>risk<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>risk/sum<span class=\"_ _3bd\"> </span>of<span class=\"_ _3bd\"> </span>risk<span class=\"_ _3bd\"> </span>component<span class=\"_ _0\"></span>s<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>relativo<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>vo<span class=\"_ _3bd\"> </span>Re<span class=\"_ _0\"></span>lat<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>o<span class=\"fc0 sc1\"> <span class=\"_ _1ab\"> </span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>ivo<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>In<span class=\"_ _0\"></span>tere<span class=\"_ _0\"></span>st<span class=\"ff1\"> </span>rat<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>is<span class=\"_ _1\"></span>k <span class=\"_ _128\"> </span>5,<span class=\"_ _1\"></span>2%<span class=\"_ _3bd\"> </span>1,<span class=\"_ _3bd\"> </span>Equ<span class=\"_ _0\"></span>ity<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _1\"></span>sk <span class=\"_ _2ed\"> </span>37,<span class=\"_ _0\"></span>9%<span class=\"_ _3bd\"> </span></span></span>13,<span class=\"_ _3bd\"> </span>Pro<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rty<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>sk <span class=\"_ _2cf\"> </span>7,<span class=\"_ _1\"></span>5%<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>,<span class=\"_ _3bd\"> </span>Sp<span class=\"_ _0\"></span>read<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">r<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>sk <span class=\"_ _23e\"> </span>34,<span class=\"_ _0\"></span>8%<span class=\"_ _3bd\"> </span></span></span>12,<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>Cu<span class=\"_ _0\"></span>rren<span class=\"_ _0\"></span>cy<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>sk <span class=\"_ _34f\"> </span>14,<span class=\"_ _0\"></span>6%<span class=\"_ _3bd\"> </span>5,<span class=\"_ _3bd\"> </span>Con<span class=\"_ _0\"></span>cen<span class=\"_ _0\"></span>trat<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ris<span class=\"_ _0\"></span>k <span class=\"_ _2bd\"> </span>0,<span class=\"_ _1\"></span>0%<span class=\"_ _3bd\"> </span></span></span>0,<span class=\"_ _3bd\"> </span>La<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Compagnia<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>adott<span class=\"_ _2\"></span>a,<span class=\"ff1\">  </span>nei<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>confronti<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>fattor<span class=\"_ _2\"></span>i<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>sopra<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>enunciati,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>linee<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>guida<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>che<span class=\"ff1\"> </span>definiscono<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>principi<span class=\"ff1\"> </span>generali<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>l\u2019att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> </span>dell\u2019Area<span class=\"ff1\"> </span>Finanza,<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>periodicit\u00e0<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>controlli<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>azioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ripristino<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>caso<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>superamento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>limiti.<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Nella<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>composizione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>complessiva<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>portafoglio<span class=\"ff1\"> </span>d\u2019investimento<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tiene<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cont<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dell\u2019esposizione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rischio,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>vincoli<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>l<span class=\"_ _0\"></span>egati<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"_ _2\"></span>lla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cop<span class=\"_ _2\"></span>ertura<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"ff1\"> </span>riserve<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>ecniche<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span><span class=\"ff3\">e</span> <span class=\"_ _20\"></span><span class=\"ff3\">degli</span> <span class=\"_ _2\"></span><span class=\"ff3\">effett<span class=\"_ _2\"></span>i</span> <span class=\"_ _2\"></span><span class=\"ff3\">sul</span> <span class=\"_ _2\"></span><span class=\"ff3\">Solvency</span> <span class=\"_ _20\"></span><span class=\"ff3\">Ratio.</span> <span class=\"_ _20\"></span><span class=\"ff3\">I</span> <span class=\"_ _2\"></span><span class=\"ff3\">limiti</span> <span class=\"_ _20\"></span><span class=\"ff3\">e</span> <span class=\"_ _20\"></span><span class=\"ff3\">gli</span> <span class=\"_ _2\"></span><span class=\"ff3\">indicator<span class=\"_ _2\"></span>i</span> <span class=\"_ _2\"></span><span class=\"ff3\">relativi</span> <span class=\"_ _20\"></span><span class=\"ff3\">agli</span> <span class=\"_ _2\"></span><span class=\"ff3\">investimenti</span> </span>sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">oggetto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">verifica<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">controllo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">su<span class=\"ff1\"> </span>base<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">continuativa<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">parte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">f<span class=\"_ _2\"></span>unzioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">az<span class=\"_ _2\"></span>iendali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">preposte<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>e,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _21\"></span></span>frequenza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>periodica,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>risultati<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cont<span class=\"_ _2\"></span>rolli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>portati<span class=\"ff1\"> <span class=\"_ _21\"></span></span>all\u2019attenzione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">del</span> <span class=\"_ _20\"></span><span class=\"ff3\">Consiglio</span> <span class=\"_ _21\"> </span><span class=\"ff3\">di</span> </span>Amministrazione.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>processo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prevede<span class=\"ff1\"> <span class=\"_ _21\"></span></span>inoltre<span class=\"ff1\"> <span class=\"_ _20\"></span></span>una<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fase<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>evisione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>suddetti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>limiti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>realizzata<span class=\"ff1\"> </span>mediante<span class=\"ff1\"> </span>analisi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>sensitivit\u00e0<span class=\"ff1\"> </span>condotte<span class=\"ff1\"> </span>sui<span class=\"ff1\"> </span>port<span class=\"_ _2\"></span>afogli<span class=\"ff1\"> </span>attivi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>passivi.<span class=\"_ _3bd\"> </span>La<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valutazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d<span class=\"_ _2\"></span>ei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>ischi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>m<span class=\"_ _2\"></span>ercato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>viene<span class=\"ff1\"> <span class=\"_ _2\"></span></span>eff<span class=\"_ _2\"></span>ettuata<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riferimento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>portafoglio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>investimenti<span class=\"ff1\"> </span>mobiliare<span class=\"ff1\"> </span>gi\u00e0<span class=\"ff1\"> </span>ac<span class=\"_ _2\"></span>quisito<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>agl<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>scenari<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>inv<span class=\"_ _2\"></span>estimento<span class=\"ff1\"> </span>futuro.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Tale<span class=\"ff1\"> </span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> </span>viene<span class=\"ff1\"> </span>realizzata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sia<span class=\"ff1\"> </span>co<span class=\"_ _2\"></span>n<span class=\"ff1\"> </span>logiche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Asset-Liability<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Management,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fine<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cogliere<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">interr<span class=\"_ _2\"></span>elazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">esist<span class=\"_ _2\"></span>enti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dinamiche<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pass<span class=\"_ _2\"></span>ivi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dinamiche<span class=\"ff1\"> <span class=\"_ _20\"></span></span>degli<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span></span>attivi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>copertura<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>lle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riserve<span class=\"ff1\"> <span class=\"_ _20\"></span></span>t<span class=\"_ _2\"></span>ecniche,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>eguendo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>princ<span class=\"_ _2\"></span>ipi<span class=\"ff1\"> </span>Solvency<span class=\"ff1\"> <span class=\"_ _2\"></span></span>II<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fine<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>cogli<span class=\"_ _2\"></span>ere<span class=\"ff1\"> </span>l\u2019<span class=\"_ _2\"></span>eventuale<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>equisito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>capitale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>assorbito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ogni<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ingolo<span class=\"ff1\"> </span>mo<span class=\"_ _2\"></span>dulo<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>sottomodulo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio.<span class=\"_ _3bd\"> </span>L\u2019identificazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>mercat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>vita<span class=\"ff1\"> <span class=\"_ _20\"></span></span>viene<span class=\"ff1\"> <span class=\"_ _20\"></span></span>effettuata<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riferimento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nuovi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"_ _2\"></span>nvestimenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> </span>asset<span class=\"ff1\"> </span>allocation<span class=\"ff1\"> </span>target,<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>portafoglio<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>essere:<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Nuovi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>investimenti:<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>riferimento<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ai<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>nuovi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>investimenti,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>processo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>OR<span class=\"_ _0\"></span>SA<span class=\"_ _0\"></span> vengono<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>effe<span class=\"_ _0\"></span>ttuate<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>analisi<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>r<span class=\"_ _2\"></span>elative<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>scenari<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>investimento<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>futuro<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>l\u2019obiettivo<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>identificare<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>connessi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tali<span class=\"ff1\"> </span>scelte<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>investimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valutarne<span class=\"ff1\"> </span>l\u2019impatto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sul<span class=\"ff1\"> <span class=\"_ _2\"></span></span>profilo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>term<span class=\"_ _2\"></span>ini<span class=\"ff1\"> </span>quantitativi.<span class=\"ff1\"> </span>Inoltre,<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>investimenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>\u201cnatura<span class=\"ff1\"> </span>occasionale\u201d<span class=\"ff1\"> </span>(secondo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> </span>definizione<span class=\"ff1\">  </span>data<span class=\"ff1\">  </span>nella<span class=\"ff1\">  </span>Policy<span class=\"ff1\">  </span>Investimenti)<span class=\"ff1\">  </span>sulla<span class=\"ff1\">  </span>base<span class=\"ff1\">  </span>delle<span class=\"ff1\">  </span>informazioni<span class=\"ff1\">  </span>fornite<span class=\"ff1\">  </span>dal<span class=\"_ _0\"></span>l\u2019Area<span class=\"ff1\"> </span>Finanza<span class=\"ff1\"> <span class=\"_ _21\"></span></span>(a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>titolo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>esemplificativo:<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"_ _2\"></span>biettivo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dell\u2019investimento,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>portafoglio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riferimento,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>size<span class=\"ff1\"> </span>dell\u2019operazione)<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>v<span class=\"_ _2\"></span>iene<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>eff<span class=\"_ _2\"></span>ettuata<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>dalla<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>funzione<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>Risk<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>Ma<span class=\"_ _2\"></span>nagement<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>valutazione<span class=\"ff1\"> </span>quali/quantitativa<span class=\"ff1\">  </span>ex-ante<span class=\"ff1\">  </span>basata<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>s<span class=\"_ _2\"></span>ia<span class=\"ff1\">  </span>su<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>logiche<span class=\"ff1\">  </span>gestionali<span class=\"ff1\">  </span>che<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>regolamentari.<span class=\"ff1\">  </span>Un<span class=\"ff1\">  </span>iter<span class=\"ff1\">  </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ex-ante<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>iene<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">effettuata<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Funzione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>Risk<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Management<span class=\"ff1\"> </span>anche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>tutti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gli<span class=\"ff1\"> </span>OICR<span class=\"ff1\"> <span class=\"_ _2\"></span></span>non<span class=\"ff1\"> <span class=\"_ _2\"></span></span>UCITs<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sulla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>base<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Due<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Diligence<span class=\"ff1\"> <span class=\"_ _2\"></span></span>predispost<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Area<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Finanza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>secondo<span class=\"ff1\"> </span>quanto<span class=\"ff1\"> </span>disciplinato<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>Policy<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>OICR/ETF.<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Portafoglio<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">essere:<span class=\"ff1\"> </span>Con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riferimento<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">portafoglio<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>ssere,<span class=\"ff1\"> </span>l\u2019identificazione<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>vie<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span></span></span></span></span></span></span>ef<span class=\"_ _0\"></span>fett<span class=\"_ _0\"></span>uata<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sull<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>b<span class=\"_ _0\"></span>ase<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tecn<span class=\"_ _0\"></span>ici<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>po<span class=\"_ _0\"></span>rtaf<span class=\"_ _0\"></span>ogli<span class=\"_ _0\"></span>o,<span class=\"ff1\"> </span>de<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span>dati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">merc<span class=\"_ _0\"></span>ato<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>mi<span class=\"_ _0\"></span>sur<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ris<span class=\"_ _0\"></span>chio<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>determinate<span class=\"ff1\"> </span>attraverso<span class=\"ff1\"> </span>lo<span class=\"ff1\"> </span>strumento<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>calcolo<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>SCR<span class=\"ff1\"> </span>adottato.<span class=\"_ _3bd\"> </span>Si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riport<span class=\"_ _2\"></span>ano<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">seguito<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">macro-indicatori<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">analizzati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">monitoraggio<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>me<span class=\"_ _0\"></span>rcat<span class=\"_ _0\"></span>o:<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>SC<span class=\"_ _0\"></span>R<span class=\"ff1\"> </span>Make<span class=\"_ _1\"></span>t<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Ri<span class=\"_ _0\"></span>sk-<span class=\"ff1\"> </span>Ba<span class=\"_ _0\"></span>sed:<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">indi<span class=\"_ _0\"></span>catori<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ba<span class=\"_ _0\"></span>sati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sulle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">gra<span class=\"_ _0\"></span>ndez<span class=\"_ _0\"></span>ze<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>gol<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>tari<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rela<span class=\"_ _0\"></span>tive<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">requi<span class=\"_ _0\"></span>sito<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span>ca<span class=\"_ _0\"></span>pita<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">affe<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cla<span class=\"_ _0\"></span>sse<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risch<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>m<span class=\"_ _0\"></span>erc<span class=\"_ _0\"></span>ato;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Percentuale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Esposizione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Asset<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Clas<span class=\"_ _2\"></span>s:<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>indicatore<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>volto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quantificar<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>m<span class=\"_ _2\"></span>onitorare<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> </span>esposizioni<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> </span>principali<span class=\"ff1\"> </span>asset<span class=\"ff1\"> </span>class<span class=\"ff1\"> </span>declinate<span class=\"ff1\"> </span>all\u2019interno<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>Policy<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>Investimenti;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Percentuale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>Conc<span class=\"_ _0\"></span>entrazione<span class=\"ff1\"> </span>Emittenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Financial<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Corporat<span class=\"_ _2\"></span>e:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">indicatore<span class=\"ff1\"> </span>volto<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">quantificare<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">monitor<span class=\"_ _2\"></span>are<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>concentrazione<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>emittenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Corporat<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">specifiche<span class=\"ff1\"> </span>fasce<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>merito<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>cre<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Li<span class=\"_ _0\"></span>mite<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span>spos<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">OIC<span class=\"_ _0\"></span>R<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l<span class=\"_ _0\"></span>imite<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">esp<span class=\"_ _0\"></span>osizi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>st<span class=\"_ _0\"></span>rate<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>O<span class=\"_ _0\"></span>ICR;<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Sensitivities<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Spread<span class=\"ff1\"> </span>Goverantivo<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>Italia<span class=\"ff1\"> </span>(al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fine<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>cat<span class=\"_ _2\"></span>turare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>fat<span class=\"_ _2\"></span>tore<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>spread<span class=\"ff1\"> </span>sui<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tito<span class=\"_ _2\"></span>li<span class=\"_ _0\"></span><span class=\"ff1\"> </span>governativi<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>incluso<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>formula<span class=\"ff1\"> </span>standard);<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Se<span class=\"_ _0\"></span>nsit<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>ty<span class=\"ff1\"> </span>su<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>atto<span class=\"_ _0\"></span>ri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risc<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>merc<span class=\"_ _0\"></span>ato<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tasso<span class=\"_ _0\"></span>).<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>Ri<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>hi<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>me<span class=\"_ _0\"></span>rca<span class=\"_ _1\"></span>to<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>A<span class=\"_ _0\"></span>L<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ALM<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">u<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>strettamente<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>correlato<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ai<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>disalline<span class=\"_ _0\"></span>amenti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tra<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>pas<span class=\"_ _0\"></span>sivit\u00e0.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>I<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span></span></span></span></span>processo<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>ALM<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _23\"> </span><span class=\"ff3\">in<span class=\"_ _0\"></span>clude<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>suo<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>inter<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>dinamiche<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>con<span class=\"_ _2\"></span>nesse<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>a<span class=\"_ _2\"></span>lla<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>gestione<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>de<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>alla<span class=\"ff1\"> </span></span></span>pianificazione<span class=\"ff1\">  </span>strategica.<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">Si</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">focalizza</span>  <span class=\"ff3\">sul</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">medio</span>  <span class=\"ff3\">-</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">lungo</span>  <span class=\"ff3\">termine</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">anzich\u00e9</span>  <span class=\"ff3\">offrire</span>  <span class=\"ff3\">soluzi<span class=\"_ _0\"></span>oni<span class=\"ff1\">  </span>di<span class=\"ff1\"> </span></span></span>mit<span class=\"_ _0\"></span>iga<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>cop<span class=\"_ _0\"></span>ertu<span class=\"_ _0\"></span>ra<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>risc<span class=\"_ _0\"></span>hio.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">L\u2019o<span class=\"_ _0\"></span>biett<span class=\"_ _0\"></span>ivo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">tale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">gest<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del</span> <span class=\"ff3\">risc<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>que<span class=\"_ _0\"></span>llo<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">massi<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>zzare<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>soddisfare<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>passivit\u00e0<span class=\"ff1\"> </span>complesse<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>possono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>aumentare<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>redditivit\u00e0.<span class=\"_ _3bd\"> </span>Al<span class=\"_ _0\"></span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sotto<span class=\"_ _0\"></span>cate<span class=\"_ _0\"></span>go<span class=\"_ _0\"></span>ria<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ALM<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ap<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>rteng<span class=\"_ _0\"></span>ono<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">se<span class=\"_ _0\"></span>gue<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fa<span class=\"_ _0\"></span>ttori<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>o:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Asset<span class=\"ff1\"> <span class=\"_ _1f0\"> </span></span>Allocation<span class=\"ff1\"> <span class=\"_ _1f2\"> </span></span>Strategica<span class=\"ff1\"> <span class=\"_ _1f0\"> </span></span>(AAT):<span class=\"ff1\"> <span class=\"_ _1f2\"> </span></span>consist<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1f2\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _1f0\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _1f2\"> </span></span>r<span class=\"_ _2\"></span>isultante<span class=\"_ _0\"></span><span class=\"ff1\"> </span>dall\u2019inadeguatezza/incoerenza<span class=\"ff1\"> </span>dell\u2019asset<span class=\"ff1\"> </span>allocation<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>fare<span class=\"ff1\"> </span>fronte<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>passivit\u00e0.<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Ass<span class=\"_ _0\"></span>et<span class=\"ff1\"> </span>&amp;<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Liab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>ty<span class=\"ff1\"> </span>mis<span class=\"_ _0\"></span>matc<span class=\"_ _0\"></span>h:<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">corr<span class=\"_ _0\"></span>ispo<span class=\"_ _0\"></span>nde<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al</span> <span class=\"ff3\">r<span class=\"_ _0\"></span>isch<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>isa<span class=\"_ _0\"></span>llin<span class=\"_ _0\"></span>eame<span class=\"_ _0\"></span>nto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">atti<span class=\"_ _0\"></span>vi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>ssivi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pu<span class=\"_ _0\"></span>\u00f2<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>comportare<span class=\"ff1\"> <span class=\"_ _2c\"> </span></span>un\u2019esposizione<span class=\"ff1\"> <span class=\"_ _2c\"> </span></span>dell\u2019impresa<span class=\"ff1\"> <span class=\"_ _2c\"> </span></span>o<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2c\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _2c\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _2c\"> </span></span>disinvestimento<span class=\"ff1\"> <span class=\"_ _2c\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _bf\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _2c\"> </span></span>rischio<span class=\"ff1\"> </span>rei<span class=\"_ _0\"></span>nve<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>o.<span class=\"_ _3bd\"> </span>La<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Compagnia<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>adott<span class=\"_ _2\"></span>a,<span class=\"ff1\">  </span>nei<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>confronti<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>fattor<span class=\"_ _2\"></span>i<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>sopra<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>enunciati,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>linee<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>guida<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>che<span class=\"ff1\"> </span>definiscono<span class=\"ff1\">  </span>i<span class=\"ff1\">  </span>princi<span class=\"_ _0\"></span>pi<span class=\"ff1\">  </span>generali,<span class=\"ff1\">  </span>la<span class=\"ff1\">  </span>periodic<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\">  </span>dei<span class=\"ff1\">  </span>controlli<span class=\"ff1\">  </span>e<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">le</span>  <span class=\"ff3\">azioni</span>  <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\">  </span>ripristino<span class=\"ff1\">  </span>in<span class=\"ff1\">  </span>caso<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span>superamento<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>limiti.<span class=\"_ _3bd\"> </span>Valutazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>AL<span class=\"_ _2\"></span>M<span class=\"ff1\"> <span class=\"_ _2\"></span></span>viene<span class=\"ff1\"> <span class=\"_ _2\"></span></span>effett<span class=\"_ _2\"></span>uata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riferimento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>portafoglio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>investimenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>m<span class=\"_ _2\"></span>obiliare<span class=\"ff1\"> </span>gi\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>acquisito<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>agli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>cenari<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>investimento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>futuro.<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Tale<span class=\"ff1\"> <span class=\"_ _21\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>viene<span class=\"ff1\"> <span class=\"_ _21\"></span></span>realizzata<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>logiche<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> </span>Ass<span class=\"_ _0\"></span>et-<span class=\"_ _0\"></span>Liab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>ty<span class=\"ff1\"> </span>Ma<span class=\"_ _0\"></span>nagem<span class=\"_ _0\"></span>ent,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fine</span> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ogli<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le</span> <span class=\"ff3\">i<span class=\"_ _0\"></span>nter<span class=\"_ _0\"></span>rel<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>esis<span class=\"_ _0\"></span>ten<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>ra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>inam<span class=\"_ _0\"></span>iche<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pass<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>e<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>dinamiche<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>attivi<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>copertura<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>riserve<span class=\"ff1\"> </span>tecniche.<span class=\"_ _3bd\"> </span>Pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>qua<span class=\"_ _0\"></span>nto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rigu<span class=\"_ _1\"></span>arda<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">m<span class=\"_ _0\"></span>acro-<span class=\"_ _0\"></span>ind<span class=\"_ _0\"></span>icat<span class=\"_ _0\"></span>ori<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ana<span class=\"_ _0\"></span>liz<span class=\"_ _0\"></span>zati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">va<span class=\"_ _0\"></span>luta<span class=\"_ _0\"></span>zione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mo<span class=\"_ _0\"></span>nito<span class=\"_ _0\"></span>ragg<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risc<span class=\"_ _0\"></span>hi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">AL<span class=\"_ _0\"></span>M:<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>SCR<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Interest<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Rate<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Based:<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>indicatori<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>hanno<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>lo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>copo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>individuare<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>l\u2019assor<span class=\"_ _2\"></span>bimento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> </span>capitale,<span class=\"ff1\"> </span>sec<span class=\"_ _0\"></span>ondo<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>metriche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Solvency<span class=\"ff1\"> </span>II,<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">interesse</span> <span class=\"_ _0\"></span><span class=\"ff3\">secondo<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">approccio<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>sia<span class=\"ff1\"> </span>regolamentare<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>gestionale;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Disallineamento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rendi<span class=\"_ _0\"></span>menti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>gest<span class=\"_ _2\"></span>ioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>eparate:<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l\u2019indicatore<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>misura<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>disallinemento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>tra<span class=\"ff1\"> </span>rendimenti<span class=\"ff1\"> </span>dalle<span class=\"ff1\"> </span>gestioni<span class=\"ff1\"> </span>separate<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>rendimenti<span class=\"ff1\"> </span>minimi<span class=\"ff1\"> </span>garantiti<span class=\"ff1\"> </span>agli<span class=\"ff1\"> </span>assicurat<span class=\"_ _2\"></span>i;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Cash<span class=\"ff1\"> </span>Flow<span class=\"ff1\"> </span>Matching:<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l\u2019indicatore</span> <span class=\"ff3\">descrive</span> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>disallineamento,<span class=\"ff1\"> </span>tempo<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>tempo,<span class=\"ff1\"> </span>tra<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>Cashflow<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span>degli<span class=\"ff1\"> </span>attivi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>Cashflow<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>passivo;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Duration<span class=\"ff1\">  </span>Matching:<span class=\"ff1\">  </span>disallineamento<span class=\"ff1\">  </span>tra<span class=\"ff1\">  </span>la<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>uration<span class=\"ff1\">  </span>dei<span class=\"ff1\">  </span>Cashflow<span class=\"ff1\">  </span>Attivi<span class=\"ff1\">  </span>e<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">la</span>  <span class=\"ff3\">duration</span>  <span class=\"ff3\">dei</span> </span>Cashflow<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Pass<span class=\"_ _2\"></span>ivi;<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>KPI<span class=\"ff1\">  </span>su<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Adj<span class=\"ff1\">  </span>T<span class=\"_ _0\"></span>echnical<span class=\"ff1\">  </span>Provision:<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>indicatore<span class=\"ff1\">  </span>che<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ha<span class=\"ff1\">  </span>lo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>scopo<span class=\"ff1\">  </span>di<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">monitorare</span>  <span class=\"ff3\">la</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">capacit\u00e0</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">di</span> </span>assorbimento<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>perdite<span class=\"ff1\"> </span>Solvency<span class=\"ff1\"> </span>II<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>parte<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>Technical<span class=\"ff1\"> </span>Provisions;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Se<span class=\"_ _0\"></span>nsit<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>ties<span class=\"ff1\"> </span>Sp<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>ad<span class=\"ff1\"> </span>Gov<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>ntiv<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>Ita<span class=\"_ _0\"></span>lia;<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>Se<span class=\"_ _0\"></span>nsit<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>ty<span class=\"ff1\"> </span>su<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fatto<span class=\"_ _0\"></span>ri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>me<span class=\"_ _0\"></span>rca<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">te<span class=\"_ _0\"></span>cni<span class=\"_ _0\"></span>ci<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(es<span class=\"_ _0\"></span>.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tasso<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>scat<span class=\"_ _0\"></span>ti)<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Rischio<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>li<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>idi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> </span>Compagnie<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>no<span class=\"ff1\"> </span>soggette<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> </span>possibili<span class=\"ff1\"> </span>tensioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>liq<span class=\"_ _2\"></span>uidit\u00e0<span class=\"ff1\"> </span>derivanti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"ff1\"> </span>scadenze<span class=\"ff1\"> <span class=\"_ _2\"></span></span>diverse<span class=\"ff1\"> </span>tr<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>atti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rela<span class=\"_ _0\"></span>tivi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>assiv<span class=\"_ _0\"></span>i.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>risc<span class=\"_ _0\"></span>hio<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">liqu<span class=\"_ _0\"></span>idi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>ntend<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ris<span class=\"_ _0\"></span>chio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">che</span> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Comp<span class=\"_ _0\"></span>agni<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">grado<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> </span>liquidare<span class=\"ff1\"> </span>investimenti<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>altre<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>egolare<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>propri<span class=\"ff1\"> </span>impeg<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>finanziar<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>momento<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>relativa<span class=\"ff1\"> </span>scadenza<span class=\"ff1\"> </span>(cfr.<span class=\"ff1\"> </span>articolo<span class=\"ff1\"> </span>1,<span class=\"ff1\"> </span>comma<span class=\"ff1\"> </span>1,<span class=\"ff1\"> </span>lettera<span class=\"ff1\"> </span>vv-bis<span class=\"ff1\"> </span>2<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>CAP).<span class=\"_ _3bd\"> </span>La<span class=\"ff1\"> </span>possibilit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>procedere<span class=\"ff1\"> </span>allo<span class=\"ff1\"> </span>smobilizzo<span class=\"ff1\"> </span>tempestivo<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>portafoglio<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>fortemente<span class=\"ff1\"> </span>condizionata<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">liquidabilit<span class=\"_ _2\"></span>\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>itoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">lo<span class=\"ff1\"> </span>stesso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">investito.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">La<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">scarsa<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">liquidabilit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">portafoglio,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>infatti,<span class=\"ff1\"> </span>pu\u00f2<span class=\"ff1\"> </span>esporre<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>Compagnia<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>conseguire<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> </span>perdite<span class=\"ff1\"> </span>conne<span class=\"_ _0\"></span>sse<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>difficolt\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></span></span>trovare<span class=\"ff1\"> </span>sul<span class=\"ff1\"> </span>mercato<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>controparte<span class=\"ff1\"> </span>interessata<span class=\"ff1\"> </span>all\u2019acquisto<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>intende<span class=\"ff1\"> </span>smobilizzare.<span class=\"ff1\"> </span>La<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Com<span class=\"_ _0\"></span>pag<span class=\"_ _0\"></span>nia<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">qu<span class=\"_ _0\"></span>antif<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">su<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>pos<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>olvib<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le</span> <span class=\"_ _1\"></span><span class=\"ff3\">metric<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Formu<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Sta<span class=\"_ _0\"></span>nda<span class=\"_ _0\"></span>rd,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">che<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>non<span class=\"ff1\"> </span>prevede<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>quantificazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>liquidit\u00e0<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>termini<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>assorbimento<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>capitale.<div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a89\">L\u2019identificazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>el<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">liquidit\u00e0<span class=\"ff1\"> </span>viene<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">effett<span class=\"_ _2\"></span>uata<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riferimento<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">portafoglio<span class=\"ff1\"> </span>investimenti<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a8a\">sottostanti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prodotti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>garanzia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>capitale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e/o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>endimento.<span class=\"ff1\"> <span class=\"_ _21\"></span></span>L\u2019<span class=\"_ _0\"></span>identificazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>viene<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a8b\">effettuata<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>s<span class=\"_ _2\"></span>ulla<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>base<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>dati<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>tecnici<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>portafogli<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>metriche<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>definite<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>funzione<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a8c\">dell\u2019orizzonte<span class=\"ff1\"> </span>temporale<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>viene<span class=\"ff1\"> </span>analizzato<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>studiato<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>st<span class=\"_ _2\"></span>esso.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a8d\">Si<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>riport<span class=\"_ _2\"></span>ano<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>seg<span class=\"_ _0\"></span>uito<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>gli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>indicator<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>utilizzati<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dalla<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Compagnia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">monitoraggio</span> <span class=\"_ _27\"> </span><span class=\"ff3\">del</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">rischio</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a8e\">li<span class=\"_ _0\"></span>quidi<span class=\"_ _0\"></span>t\u00e0:<span class=\"_ _3bd\"> </span> </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4a8f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a90\">importo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cont<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">correnti:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Compagnia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"ff1\"> </span>scel<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">monitorare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019importo<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>tenuto<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Co<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a91\">Correnti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>fine<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>fissar<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>limite<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>inferiore<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rappresenta<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Riserva<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Liquidit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>(come<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a92\">prescritta<span class=\"ff1\"> </span>dal<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Reg.<span class=\"ff1\"> </span>38<span class=\"ff1\"> </span>IVAS<span class=\"_ _0\"></span>S)<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>imite<span class=\"ff1\"> </span>superiore<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>termini<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>importo<span class=\"ff1\"> </span>massimo<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>etenere<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a93\">nei<span class=\"ff1\"> </span>Conti<span class=\"ff1\"> </span>Correnti<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fine<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rendere<span class=\"ff1\"> </span>efficace<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>gestione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>portafoglio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>limitare<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>eventuali<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a94\">effetti<span class=\"ff1\"> </span>sull\u2019SCR<span class=\"ff1\"> </span>Default.<span class=\"ff1\"> </span>Nella<span class=\"ff1\"> </span>quantificazione<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>Riserva<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Liquidit\u00e0<span class=\"ff1\"> </span>concorrono<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>solo<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a95\">esposizioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>Conto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Corrente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ma<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tito<span class=\"_ _2\"></span>li<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Go<span class=\"_ _2\"></span>vernativi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>ell'Area<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Euro<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">qualit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">credito<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a96\">superiore<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>2<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>scadenza<span class=\"ff1\"> </span>inferiore<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>3<span class=\"ff1\"> </span>mesi.<span class=\"_ _3bd\"> </span> </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4a97\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a98\">Liquidity<span class=\"ff1\">  </span>Buffer:<span class=\"ff1\">  </span>il<span class=\"ff1\">  </span>numero<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>pe<span class=\"_ _0\"></span>riodi,<span class=\"ff1\">  </span>mensili,<span class=\"ff1\">  </span>consecutivi<span class=\"ff1\">  </span>con<span class=\"ff1\">  </span>Liquidity<span class=\"ff1\">  </span>Buffer<span class=\"ff1\">  </span>negativo,<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a99\">nell\u2019orizzonte<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>tempor<span class=\"_ _2\"></span>ale<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>annuale<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>cons<span class=\"_ _2\"></span>iderato<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>for<span class=\"_ _2\"></span>nisce<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>un\u2019indicazione<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>sintetica<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>della<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a9a\">situazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>liquidit\u00e0<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>Compagnia;<span class=\"_ _3bd\"> </span> </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4a9b\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a9c\">Piano<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">liquidit\u00e0:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019indicat<span class=\"_ _2\"></span>ore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">volto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dimostr<span class=\"_ _2\"></span>are<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Compagnia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ha<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risors<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">su<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a9d\">base<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">continuativa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gestione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">liquidit\u00e0.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Tale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">condizione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risulta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inoltre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">essere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4a9e\">base<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>l\u2019applicazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Volatility<span class=\"ff1\"> </span>Adjustment<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>livello<span class=\"ff1\"> </span>Regolamentare;<span class=\"_ _3bd\"> </span> </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4a9f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4aa0\">Con<span class=\"_ _0\"></span>ting<span class=\"_ _0\"></span>enc<span class=\"_ _0\"></span>y<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">liq<span class=\"_ _0\"></span>uidi<span class=\"_ _0\"></span>t\u00e0:<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ovve<span class=\"_ _1\"></span>ro<span class=\"ff1\"> </span>titol<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">faci<span class=\"_ _0\"></span>lme<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">liqu<span class=\"_ _0\"></span>idab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4aa1\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4aa2\">SCR<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>efault<span class=\"ff1\"> <span class=\"_ _21\"></span></span>conti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cor<span class=\"_ _2\"></span>rente:<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>fine<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>limitare<span class=\"ff1\"> <span class=\"_ _20\"></span></span>gli<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>eventuali<span class=\"ff1\"> <span class=\"_ _21\"></span></span>effetti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sull\u2019SCR<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>fault<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>derivante<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4aa3\">dall\u2019aumento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>volumi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cont<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>corrente,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Compagnia<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ha<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>fissat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>limite<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>superiore<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4aa4\">termini<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>SCR<span class=\"ff1\"> </span>Default.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4aa5\">Ri<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>hio<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4aa6\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4aa7\">cr<span class=\"_ _0\"></span>edi<span class=\"_ _0\"></span>to<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4aa8\">(d<span class=\"_ _0\"></span>ef<span class=\"_ _0\"></span>aul<span class=\"_ _0\"></span>t)<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4aa9\">S</div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4aaa\">i<span class=\"ff1\"> </span>definisce<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>credito<span class=\"ff1\"> </span>(rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>default)<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>perdita<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>variazione<span class=\"ff1\"> </span>sfavorevole<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4aab\">sit<span class=\"_ _0\"></span>uaz<span class=\"_ _0\"></span>ione<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">finan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>ria<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>riva<span class=\"_ _0\"></span>nte<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>osc<span class=\"_ _0\"></span>ill<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>oni<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">merit<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cred<span class=\"_ _0\"></span>ito<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">emitte<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">tito<span class=\"_ _0\"></span>li,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>trop<span class=\"_ _0\"></span>arti<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4aac\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">debitori<span class=\"ff1\"> </span>nei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">confronti</span> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span>quali<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>\u2019impresa<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">as<span class=\"_ _2\"></span>sicurazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>riassicurazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>sposta<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">forma<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4aad\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>inadempimento<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>controparte,<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>spread<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>concentrazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4aae\">di<span class=\"ff1\"> </span>mercato<span class=\"ff1\"> </span>(cfr.<span class=\"ff1\"> </span>articolo<span class=\"ff1\"> </span>1,<span class=\"ff1\"> </span>comma<span class=\"ff1\"> </span>1,<span class=\"ff1\"> </span>lettera<span class=\"ff1\"> </span>vv-bis<span class=\"ff1\"> </span>1<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>CAP).<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4aaf\">La<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">perdita<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">posizione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cr<span class=\"_ _2\"></span>editoria<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">collegata<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">principalmente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>alit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dell\u2019emittente<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ab0\">o<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>co<span class=\"_ _2\"></span>ntroparte<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(i<span class=\"_ _0\"></span>nclusi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>riassicuratori,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>coassicuratori,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>assic<span class=\"_ _0\"></span>urati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ed<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">in<span class=\"_ _0\"></span>termediari)<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>m<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pu\u00f2<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ab1\">anche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>derivare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> <span class=\"_ _20\"></span></span>deterioramento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>condizioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>economi<span class=\"_ _2\"></span>co-finanziarie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>debitore<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cui<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ab2\">dip<span class=\"_ _0\"></span>end<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">capac<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">fa<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>fr<span class=\"_ _0\"></span>onte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ag<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>mpegn<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>ziar<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ass<span class=\"_ _0\"></span>unti<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>non<span class=\"_ _0\"></span>ch\u00e9<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">da</span> <span class=\"ff3\">c<span class=\"_ _0\"></span>ause<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">indi<span class=\"_ _0\"></span>pend<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>dal<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ab3\">situazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>economica<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fi<span class=\"_ _2\"></span>nanziaria<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contropart<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>debitrice,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _20\"></span></span>esempio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cause<span class=\"ff1\"> <span class=\"_ _2\"></span></span>politic<span class=\"_ _2\"></span>o-<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ab4\">mil<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>re.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ab5\">Da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">punto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">vis<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rapp<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>tivo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ide<span class=\"_ _0\"></span>ntif<span class=\"_ _0\"></span>ich<span class=\"_ _0\"></span>iam<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>tre<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mac<span class=\"_ _0\"></span>ro<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ree<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>hio<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>red<span class=\"_ _0\"></span>ito:<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4ab6\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ab7\">Ri<span class=\"_ _0\"></span>assi<span class=\"_ _0\"></span>cura<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e;<span class=\"_ _3bd\"> </span> </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4ab8\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ab9\">In<span class=\"_ _0\"></span>terme<span class=\"_ _0\"></span>dia<span class=\"_ _0\"></span>rie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">al<span class=\"_ _0\"></span>tre<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>ntrop<span class=\"_ _1\"></span>arti;<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4aba\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4abb\">Inv<span class=\"_ _0\"></span>est<span class=\"_ _0\"></span>imen<span class=\"_ _0\"></span>ti.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4abc\">I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fa<span class=\"_ _0\"></span>ttori<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>sott<span class=\"_ _0\"></span>ost<span class=\"_ _0\"></span>anti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">si<span class=\"_ _0\"></span>ngo<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ottoc<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span>gor<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del</span> <span class=\"_ _1\"></span><span class=\"ff3\">rischi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>cre<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">seg<span class=\"_ _0\"></span>uen<span class=\"_ _0\"></span>ti:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4abd\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4abe\">Pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>anto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rig<span class=\"_ _0\"></span>ua<span class=\"_ _0\"></span>rda<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sotto<span class=\"_ _0\"></span>cl<span class=\"_ _0\"></span>asse<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">R<span class=\"_ _0\"></span>assi<span class=\"_ _0\"></span>cur<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff7 fs5 fc0 sc0 ls0 ws0 gs4abf\">o<span class=\"ff1\"> <span class=\"_ _bf\"> </span><span class=\"ff3\">Rischio</span> <span class=\"_ _4d\"> </span><span class=\"ff3\">di</span> <span class=\"_ _29\"> </span><span class=\"ff3\">credito</span> <span class=\"_ _29\"> </span><span class=\"ff3\">verso<span class=\"_ _2\"></span></span> <span class=\"_ _29\"> </span><span class=\"ff3\">riassicuratori:</span> <span class=\"_ _4d\"> </span><span class=\"ff3\">rappresenta</span> <span class=\"_ _29\"> </span><span class=\"ff3\">il</span> <span class=\"_ _29\"> </span><span class=\"ff3\">rischio</span> <span class=\"_ _4d\"> </span><span class=\"ff3\">di</span> <span class=\"_ _29\"> </span><span class=\"ff3\">perdite</span> <span class=\"_ _29\"> </span><span class=\"ff3\">derivanti</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ac0\">dall\u2019insolvenza<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>uno<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>pi\u00f9<span class=\"ff1\"> </span>riassicuratori;<span class=\"_ _3bd\"> </span> </div><div class=\"t m6 h33 ff7 fs5 fc0 sc0 ls0 ws0 gs4ac1\">o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ac2\">Rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>base:<span class=\"ff1\"> <span class=\"_ _2\"></span></span>derivante<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dalle<span class=\"ff1\"> </span>eventuali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>discrepanze<span class=\"ff1\"> </span>tr<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>esigenze<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riassicurazione<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ac3\">l\u2019effettiva<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">copertura<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>revista<span class=\"ff1\"> </span>dal<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tr<span class=\"_ _2\"></span>attato<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">comportando<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Compagnia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un\u2019assunzione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ac4\">rischio<span class=\"ff1\"> </span>maggiore<span class=\"ff1\"> </span>rispetto<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>quella<span class=\"ff1\"> </span>preventivata.<span class=\"_ _3bd\"> </span> </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4ac5\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ac6\">Pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>anto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rig<span class=\"_ _0\"></span>ua<span class=\"_ _0\"></span>rda<span class=\"ff1\"> </span>g<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">int<span class=\"_ _0\"></span>erme<span class=\"_ _0\"></span>diari<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">altre<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>ontr<span class=\"_ _0\"></span>opa<span class=\"_ _0\"></span>rti:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m6 h33 ff7 fs5 fc0 sc0 ls0 ws0 gs4ac7\">o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ac8\">Rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">credito<span class=\"ff1\"> </span>verso<span class=\"ff1\"> </span>intermediari<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">altre<span class=\"ff1\"> </span>controparti:<span class=\"ff1\"> </span>rapprese<span class=\"_ _0\"></span>nta<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perdite<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ac9\">con<span class=\"_ _0\"></span>seg<span class=\"_ _0\"></span>uenz<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>all\u2019i<span class=\"_ _0\"></span>nad<span class=\"_ _0\"></span>emp<span class=\"_ _0\"></span>imen<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>trattu<span class=\"_ _1\"></span>ale<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>sog<span class=\"_ _0\"></span>get<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>ter<span class=\"_ _0\"></span>zi<span class=\"ff1\"> </span>(e<span class=\"_ _0\"></span>s.<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>cre<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>vers<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>assi<span class=\"_ _0\"></span>cur<span class=\"_ _0\"></span>ati,<span class=\"_ _0\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4aca\">verso<span class=\"ff1\"> </span>intermediari<span class=\"ff1\"> </span>assicurativi,<span class=\"ff1\"> </span>conti<span class=\"ff1\"> </span>correnti<span class=\"ff1\"> </span>verso<span class=\"ff1\"> </span>banche).<span class=\"_ _3bd\"> </span> </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4acb\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4acc\">Per<span class=\"ff1\"> </span>quanto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riguarda<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> </span>sottoclasse<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cr<span class=\"_ _2\"></span>edito<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>investimenti<span class=\"ff1\"> </span>(corr<span class=\"_ _2\"></span>elato<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>processo<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4acd\">di<span class=\"ff1\"> </span>asset<span class=\"ff1\"> </span>management)<span class=\"ff1\"> </span>essa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rappresenta<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>perdite<span class=\"ff1\"> </span>derivanti<span class=\"ff1\"> </span>dall\u2019insolvenza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ace\">pi\u00f9<span class=\"ff1\"> </span>obbligazioni<span class=\"ff1\"> </span>pertanto<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>identificano<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>seguenti<span class=\"ff1\"> </span>fattori<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio:<span class=\"_ _2\"></span> </div><div class=\"t m6 h33 ff7 fs5 fc0 sc0 ls0 ws0 gs4acf\">o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ad0\">Bond<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">default:<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l<span class=\"_ _2\"></span>egato<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">all\u2019inadempienza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dell\u2019emittente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pr<span class=\"_ _2\"></span>ima<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">realizzazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ad1\">sua<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">obbligazione;<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m6 h33 ff7 fs5 fc0 sc0 ls0 ws0 gs4ad2\">o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ad3\">Al<span class=\"_ _0\"></span>tre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inv<span class=\"_ _0\"></span>estm<span class=\"_ _0\"></span>ent<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>ts:<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risc<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>cr<span class=\"_ _0\"></span>edi<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>ve<span class=\"_ _0\"></span>rso<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ltri<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">as<span class=\"_ _0\"></span>sets<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></div><div class=\"t m6 h33 ff7 fs5 fc0 sc0 ls0 ws0 gs4ad4\">o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ad5\">Credit<span class=\"ff1\"> </span>limits:<span class=\"ff1\"> </span>carenze<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nella<span class=\"ff1\"> </span>definizione,<span class=\"ff1\"> </span>nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rinnovo<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>monitoraggio<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> </span>limiti<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">credito,<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ad6\">violazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>limiti,<span class=\"ff1\"> </span>assegnazione<span class=\"ff1\"> </span>errata<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>mancato<span class=\"ff1\"> </span>rinnovo<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>linee<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>credito;<span class=\"_ _3bd\"> </span> </div><div class=\"t m6 h33 ff7 fs5 fc0 sc0 ls0 ws0 gs4ad7\">o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ad8\">Modellazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>scoring:<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>carsa<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>valutazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>insolvenza<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ad9\">controparti<span class=\"ff1\"> </span>e/o<span class=\"ff1\"> </span>paesi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> </span>inadeguati,<span class=\"ff1\"> </span>incompleti<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>mal<span class=\"ff1\"> </span>utilizzati;<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4adb\">Monitoraggio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"></span></span>posizioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>credito:<span class=\"ff1\"> <span class=\"_ _21\"></span></span>valutazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>incompleta,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>inad<span class=\"_ _0\"></span>eguate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>impropria<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4adc\">degli<span class=\"ff1\"> </span>impegni<span class=\"ff1\"> </span>effettivi<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>conseguente<span class=\"ff1\"> </span>scarsa<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>credito. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4add\">Da<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>punto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>ista<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>distr<span class=\"_ _2\"></span>ibuzione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>counterparty<span class=\"ff1\"> </span>default<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Credemvita<span class=\"ff1\"> </span>secondo<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ade\">dettami<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>normat<span class=\"_ _2\"></span>ivi<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>Solvency<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>II<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>s<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>riporta<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>nella<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>tabella<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>seguito<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>miglior<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>st<span class=\"_ _2\"></span>ima<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>della<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4adf\">rappresentazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(si<span class=\"ff1\"> </span>precisa<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>peso<span class=\"ff1\"> </span>complessivo<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischi<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ae0\">counterpary<span class=\"ff1\"> </span>default<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>2,9%). </div><div class=\"t m7 h32 ff3 fs17 fc0 sc0 ls0 ws0 gs4ae1\">Credit<span class=\"_ _3bd\"> </span></div><div class=\"t m7 h32 ff3 fs17 fc0 sc0 ls0 ws0 gs4ae2\">risk<span class=\"_ _3bd\"> </span></div><div class=\"t m7 h32 ff3 fs17 fc0 sc0 ls0 ws0 gs4ae3\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m7 h32 ff3 fs17 fc0 sc0 ls0 ws0 gs4ae4\">risk/sum<span class=\"_ _3bd\"> </span></div><div class=\"t m7 h32 ff3 fs17 fc0 sc0 ls0 ws0 gs4ae5\">of<span class=\"_ _3bd\"> </span></div><div class=\"t m7 h32 ff3 fs17 fc0 sc0 ls0 ws0 gs4ae6\">risk<span class=\"_ _3bd\"> </span></div><div class=\"t m7 h32 ff3 fs17 fc0 sc0 ls0 ws0 gs4ae7\">component<span class=\"_ _0\"></span>s<span class=\"_ _3bd\"> </span></div><div class=\"t m7 h32 ff3 fs17 fc0 sc0 ls0 ws0 gs4ae8\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m7 h32 ff3 fs17 fc0 sc0 ls0 ws0 gs4ae9\">relativo<span class=\"_ _3bd\"> </span></div><div class=\"t m7 h32 ff3 fs17 fc0 sc0 ls0 ws0 gs4aea\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m7 h32 ff3 fs17 fc0 sc0 ls0 ws0 gs4aeb\">co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>vo<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4aec\">Re<span class=\"_ _0\"></span>lat<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>o<span class=\"fc0 sc1\"> <span class=\"_ _52\"> </span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>ivo<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"c w105 h123 gs4aed\"><div class=\"t m0 x1f9 h9 y514 ff3 fs5 fc0 sc0 ls0 ws0\">Type<span class=\"_ _3bd\"> </span></div></div><div class=\"c w3b h123 gs4aee\"><div class=\"t m0 x1f9 h9 y514 ff3 fs5 fc0 sc0 ls0 ws0\">1<span class=\"_ _3bd\"> </span></div></div><div class=\"c w193 h123 gs4aef\"><div class=\"t m0 x1f9 h9 y514 ff3 fs5 fc0 sc0 ls0 ws0\">cou<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>rpa<span class=\"_ _0\"></span>rties<span class=\"_ _3bd\"> </span></div></div><div class=\"c w8e h123 gs4af0\"><div class=\"t m0 x1f9 h9 y514 ff3 fs5 fc0 sc0 ls0 ws0\">100,<span class=\"_ _0\"></span>0%<span class=\"_ _3bd\"> </span></div></div><div class=\"c w22 h123 gs4af1\"><div class=\"t m0 x1f9 h9 y514 ff3 fs5 fc0 sc0 ls0 ws0\">2<span class=\"_ _0\"></span>,9<span class=\"_ _0\"></span>%<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4af2\">Typ<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">2<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>oun<span class=\"_ _0\"></span>terp<span class=\"_ _0\"></span>arti<span class=\"_ _0\"></span>es <span class=\"_ _305\"> </span>0,<span class=\"_ _1\"></span>0% <span class=\"_ _11e\"> </span>0,<span class=\"_ _0\"></span>0%<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4af3\">Le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>politiche<span class=\"ff1\"> <span class=\"_ _20\"></span></span>relative<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>gestione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cr<span class=\"_ _2\"></span>edito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>verso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>gli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>emitt<span class=\"_ _2\"></span>enti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>strumenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziari<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4af4\">sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riconducibili<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quanto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sopra<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>iportato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>proposito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mercato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riferimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ai<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4af5\">principi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">generali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>elativi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">controllo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">degli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">invest<span class=\"_ _2\"></span>imenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nat<span class=\"_ _2\"></span>ura<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziaria.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quanto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">concerne<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4af6\">controparti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>riassicurative,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Credemvita<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ha<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>finito<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>politiche<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>gestione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cont<span class=\"_ _2\"></span>rollo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>tale<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4af7\">rischio<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>termini<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>linee<span class=\"ff1\"> </span>guida<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>limiti<span class=\"ff1\"> </span>relativi<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>contropart<span class=\"_ _2\"></span>i. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4af8\">L\u2019identificazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Counterpar<span class=\"_ _2\"></span>ty<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Default<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Risk<span class=\"ff1\"> <span class=\"_ _2\"></span></span>viene<span class=\"ff1\"> <span class=\"_ _20\"></span></span>effett<span class=\"_ _2\"></span>uata<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _21\"></span></span>riferimento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>controparti<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4af9\">verso<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>quali<span class=\"ff1\"> </span>sussistono<span class=\"ff1\"> </span>posizioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>credito. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4afa\">Si<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rip<span class=\"_ _1\"></span>ortano<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">si<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>tica<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>d<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span>seg<span class=\"_ _0\"></span>uito<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le</span> <span class=\"_ _0\"></span><span class=\"ff3\">mis<span class=\"_ _0\"></span>ure<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>uti<span class=\"_ _0\"></span>liz<span class=\"_ _0\"></span>zate<span class=\"_ _0\"></span>: </span></span></span></span></span></span></span></span></span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4afb\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4afc\">Importo<span class=\"ff1\"> </span>Massimo<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>onti<span class=\"ff1\"> </span>Correnti:<span class=\"ff1\"> </span>rappresenta<span class=\"ff1\"> </span>l\u2019ammontare<span class=\"ff1\"> </span>massimo<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">C/C<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>detenere<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4afd\">singolo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">portafoglio; </span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4afe\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4aff\">SCR<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>efault<span class=\"ff1\"> <span class=\"_ _21\"></span></span>conti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cor<span class=\"_ _2\"></span>rente:<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>fine<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>limitare<span class=\"ff1\"> <span class=\"_ _20\"></span></span>gli<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>eventuali<span class=\"ff1\"> <span class=\"_ _21\"></span></span>effetti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sull\u2019SCR<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>fault<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>derivante<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b00\">dall\u2019aumento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>volumi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cont<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>corrente,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Compagnia<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ha<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>fissat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>limite<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>superiore<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b01\">termini<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>SCR<span class=\"ff1\"> </span>Default; </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4b02\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b03\">SCR<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>Counterparty<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>Default<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>Risk<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>Ri<span class=\"_ _0\"></span>assicurativo/Recoverables<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>SII:<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>l\u2019indicatore<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>costruito<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b04\">rapportando<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>l\u2019SCR<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Counterparty<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Default<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Risk<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>verso<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Riassicuratori<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(pre-d<span class=\"_ _0\"></span>iversificazione),<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ai<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b05\">Recoverables<span class=\"ff1\"> </span>(somma<span class=\"ff1\"> </span>tra<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>riserve<span class=\"ff1\"> </span>cedute<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>crediti<span class=\"ff1\"> </span>netti<span class=\"ff1\"> </span>verso<span class=\"ff1\"> </span>riass<span class=\"_ _2\"></span>icuratori); </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4b06\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b07\">Esposizione<span class=\"ff1\"> <span class=\"_ _28\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _2b\"> </span></span>Riassicuratore:<span class=\"ff1\"> <span class=\"_ _28\"> </span></span>l\u2019indicatore<span class=\"ff1\"> <span class=\"_ _28\"> </span></span>individua<span class=\"ff1\"> <span class=\"_ _2b\"> </span></span>l\u2019esposizione<span class=\"ff1\"> <span class=\"_ _28\"> </span></span>verso<span class=\"ff1\"> <span class=\"_ _2b\"> </span></span>ciascun<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b08\">Riassicuratore<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>termini<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>somme<span class=\"ff1\"> </span>assicurate; </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4b09\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b0a\">Rating<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>Solvency<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>Ratio<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>Riassicurat<span class=\"_ _2\"></span>ore:<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>l\u2019indicatore<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>\u00e8<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _23\"> </span></span>pari<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>Rating<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>s<span class=\"_ _2\"></span>ingolo<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b0b\">Riassicuratore<span class=\"ff1\"> </span>o,<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>caso<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>contropart<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>retata,<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>Solvenc<span class=\"_ _0\"></span>y<span class=\"ff1\"> </span>Ratio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dello<span class=\"ff1\"> </span>stesso; </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4b0c\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b0d\">Anzianit\u00e0<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>crediti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>netti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Riassicuratore:<span class=\"ff1\"> </span>l\u2019indicator<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>individua<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019anzianit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> </span>cr<span class=\"_ _2\"></span>editi<span class=\"ff1\"> </span>netti<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b0e\">verso<span class=\"ff1\"> </span>ciascuna<span class=\"ff1\"> </span>controparte<span class=\"ff1\"> </span>riassicurativa; </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4b0f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b10\">Ammontare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> </span>cr<span class=\"_ _2\"></span>editi<span class=\"ff1\"> </span>netti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> </span>Riass<span class=\"_ _2\"></span>icuratore:<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019indic<span class=\"_ _0\"></span>ator<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>individua<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019ammontare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>crediti<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b11\">netti<span class=\"ff1\"> </span>verso<span class=\"ff1\"> </span>ciascuna<span class=\"ff1\"> </span>controparte<span class=\"ff1\"> </span>riassicurativa. </div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4b12\">Ri<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>hi<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4b13\">op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>i,<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4b14\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4b15\">no<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4b16\">co<span class=\"_ _0\"></span>nf<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>mit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4b17\">al<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4b18\">nor<span class=\"_ _1\"></span>me,<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4b19\">re<span class=\"_ _0\"></span>pu<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>ona<span class=\"_ _1\"></span>li,<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4b1a\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4b1b\">co<span class=\"_ _0\"></span>nd<span class=\"_ _1\"></span>otta<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4b1c\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4b1d\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4b1e\">ap<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>enz<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4b1f\">al<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4b20\">Gr<span class=\"_ _0\"></span>up<span class=\"_ _0\"></span>po<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b21\">Il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">r</span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b22\">isch<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">opera<span class=\"_ _0\"></span>tivo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u00e8</span> <span class=\"ff3\">defi<span class=\"_ _0\"></span>nibi<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ome<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">risc<span class=\"_ _0\"></span>hio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">sub<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">perd<span class=\"_ _0\"></span>ite<span class=\"ff1\"> </span>de<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>iv<span class=\"_ _0\"></span>anti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dall<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>inad<span class=\"_ _0\"></span>egu<span class=\"_ _0\"></span>atez<span class=\"_ _0\"></span>za<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>da<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b23\">disfunzione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>(carenze<span class=\"ff1\"> <span class=\"_ _21\"></span></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>errori)<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>procedure<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>interne,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>risor<span class=\"_ _2\"></span>se<span class=\"ff1\"> <span class=\"_ _21\"></span></span>umane<span class=\"ff1\"> <span class=\"_ _21\"></span></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sistemi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>oppure<span class=\"ff1\"> <span class=\"_ _21\"></span></span>da<span class=\"ff1\"> <span class=\"_ _21\"></span></span>eventi<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b24\">esogeni<span class=\"ff1\"> </span>(cfr.<span class=\"ff1\"> </span>articolo<span class=\"ff1\"> </span>1,<span class=\"ff1\"> </span>comma<span class=\"ff1\"> </span>1,<span class=\"ff1\"> </span>lettera<span class=\"ff1\"> </span>vv-bis<span class=\"ff1\"> </span>5<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>CAP). </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b25\">Per<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Compagnia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tale<span class=\"ff1\"> </span>definizione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>icomprende<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anche<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rischio</span> <span class=\"_ _0\"></span><span class=\"ff3\">legale<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>ompliance.<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b26\">I<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">operativi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">possono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">essere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">loro<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">volta<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">frazionat<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nelle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">seguenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sottocategorie: </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4b27\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b28\">Ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>O<span class=\"_ _0\"></span>pera<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>o; </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4b29\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b2a\">IT<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Risk<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">&amp;<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>yber<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Ri<span class=\"_ _0\"></span>sk; </span></span></span></span></span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4b2b\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b2c\">Reg<span class=\"_ _0\"></span>ula<span class=\"_ _0\"></span>tory<span class=\"ff1\"> </span>Op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ation<span class=\"_ _0\"></span>al<span class=\"ff1\"> </span>Ris<span class=\"_ _0\"></span>k. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b2d\">I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pri<span class=\"_ _0\"></span>ncip<span class=\"_ _0\"></span>ali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fatt<span class=\"_ _0\"></span>ori<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ca<span class=\"_ _0\"></span>ratte<span class=\"_ _0\"></span>riz<span class=\"_ _0\"></span>zan<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ris<span class=\"_ _0\"></span>chio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">oper<span class=\"_ _0\"></span>ativ<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ono:<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4b2e\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b2f\">People<span class=\"ff1\"> <span class=\"_ _2\"></span></span>R<span class=\"_ _2\"></span>isk:<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>risor<span class=\"_ _2\"></span>se<span class=\"ff1\"> <span class=\"_ _20\"></span></span>umane<span class=\"ff1\"> <span class=\"_ _20\"></span></span>possono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>essere<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fonte<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l\u2019impresa,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>se<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>truttura<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b30\">org<span class=\"_ _0\"></span>ani<span class=\"_ _0\"></span>zzat<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">no<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>effic<span class=\"_ _0\"></span>ien<span class=\"_ _0\"></span>te,<span class=\"ff1\"> </span>oppu<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">si</span> <span class=\"_ _2\"></span><span class=\"ff3\">ver<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>can<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ca<span class=\"_ _0\"></span>renz<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>nell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>prof<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>iona<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>dipe<span class=\"_ _0\"></span>nden<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b31\">o,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>ese<span class=\"_ _0\"></span>mpi<span class=\"_ _0\"></span>o,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">se<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>trut<span class=\"_ _0\"></span>tura<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">retr<span class=\"_ _0\"></span>ibu<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perc<span class=\"_ _0\"></span>orso<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">car<span class=\"_ _0\"></span>rie<span class=\"_ _0\"></span>ra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">so<span class=\"_ _0\"></span>no<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ade<span class=\"_ _0\"></span>gua<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">se<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">clim<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b32\">aziendale<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span>idoneo.<span class=\"ff1\"> </span>Gli<span class=\"ff1\"> </span>esempi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>perdite<span class=\"ff1\"> </span>dovute<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>risorse<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>ncompetenti<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>negligenti<span class=\"ff1\"> </span>sono<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b33\">numerosi,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fra<span class=\"ff1\"> <span class=\"_ _21\"></span></span>questi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>emergono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cas<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>inserimento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>erroneo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dati<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>istemi,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>errori<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nella<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b34\">trasposizione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>dati<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>violazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>regolamenti. </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4b35\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b36\">Process<span class=\"ff1\"> </span>Risk:<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> </span>process<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>aziendali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> </span>font<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>operativo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nel<span class=\"ff1\"> </span>caso<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cui<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>verifichino<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b37\">delle<span class=\"ff1\"> <span class=\"_ _21\"></span></span>inefficienze<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff3\">disegno,</span> <span class=\"_ _21\"> </span><span class=\"ff3\">nella</span> <span class=\"_ _21\"></span><span class=\"ff3\">formalizzazione</span> <span class=\"_ _21\"></span><span class=\"ff3\">e</span> <span class=\"_ _21\"></span><span class=\"ff3\">nella</span> <span class=\"_ _20\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>efinizione</span> <span class=\"_ _21\"></span><span class=\"ff3\">della</span> <span class=\"_ _21\"></span><span class=\"ff3\">struttura</span> <span class=\"_ _21\"></span><span class=\"ff3\">degli<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b38\">stessi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>quindi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nella<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>de<span class=\"_ _0\"></span>finizione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>de<span class=\"_ _0\"></span>gli<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>attori<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>vi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _0\"></span>rendono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _0\"></span>arte<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>relativo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>livello<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b39\">res<span class=\"_ _0\"></span>pon<span class=\"_ _0\"></span>sabi<span class=\"_ _0\"></span>lit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"_ _2\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">autori<span class=\"_ _0\"></span>zz<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">Pos<span class=\"_ _0\"></span>sono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">risu<span class=\"_ _0\"></span>ltar<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>inad<span class=\"_ _0\"></span>egua<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>quin<span class=\"_ _0\"></span>di<span class=\"ff1\"> </span>ess<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fonte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rischi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b3a\">op<span class=\"_ _0\"></span>erat<span class=\"_ _0\"></span>ivo<span class=\"ff1\"> </span>tu<span class=\"_ _0\"></span>tti<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">proc<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span>az<span class=\"_ _0\"></span>iend<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>mpre<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">model<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>tati<span class=\"_ _0\"></span>vi<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">calc<span class=\"_ _0\"></span>olo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">e</span> <span class=\"ff3\">gl<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>st<span class=\"_ _0\"></span>essi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pro<span class=\"_ _0\"></span>cess<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b3b\">di<span class=\"ff1\"> </span>gestione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>rischio.<span class=\"ff1\"> </span>Sono<span class=\"ff1\"> </span>fonte<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>operativo<span class=\"_ _3bd\"> </span>: </div>o<span class=\"_ _3bd\"> </span>le<span class=\"ff1\">  </span>esternalizzazioni<span class=\"ff1\">  </span>di<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">attivit\u00e0</span>  <span class=\"ff3\">aziendali</span>  <span class=\"ff3\">ne<span class=\"_ _0\"></span>l<span class=\"ff1\">  </span>caso<span class=\"ff1\">  </span>in<span class=\"ff1\">  </span>cui<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>si<span class=\"ff1\">  </span>verifichino<span class=\"ff1\">  </span>delle<span class=\"ff1\">  </span>carenz<span class=\"_ _3bd\"> </span></span></span>in<span class=\"_ _0\"></span>adeg<span class=\"_ _0\"></span>uate<span class=\"_ _0\"></span>zze<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">proce<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">ge<span class=\"_ _0\"></span>stio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rapp<span class=\"_ _0\"></span>orto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">gli</span> <span class=\"_ _0\"></span><span class=\"ff3\">outs<span class=\"_ _0\"></span>ourc<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>tal<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>cau<span class=\"_ _0\"></span>sare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">d<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>perdite<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">all\u2019impresa;<span class=\"_ _3bd\"> </span></span></span>o<span class=\"_ _3bd\"> </span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mancato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>aggiornamento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019inadeguata<span class=\"ff1\"> <span class=\"_ _20\"></span></span>archiviazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pr<span class=\"_ _2\"></span>ocedure<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nor<span class=\"_ _2\"></span>mative<span class=\"ff1\"> <span class=\"_ _2\"></span></span>c<span class=\"_ _3bd\"> </span>formalizzano<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>processi<span class=\"ff1\"> </span>interni;<span class=\"_ _3bd\"> </span>o<span class=\"_ _3bd\"> </span>man<span class=\"_ _0\"></span>cat<span class=\"_ _0\"></span>a/i<span class=\"_ _0\"></span>nade<span class=\"_ _0\"></span>guat<span class=\"_ _0\"></span>a/i<span class=\"_ _0\"></span>ntem<span class=\"_ _0\"></span>pest<span class=\"_ _0\"></span>iva<span class=\"ff1\"> <span class=\"_ _2\"></span></span>em<span class=\"_ _0\"></span>anaz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">di</span> <span class=\"_ _2\"></span><span class=\"ff3\">norme<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">attua<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>inte<span class=\"_ _0\"></span>rne<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span><span class=\"ff3\">in</span> <span class=\"_ _2\"></span><span class=\"ff3\">rel<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>normativa<span class=\"ff1\"> </span>esterna<span class=\"ff1\"> </span>vigente.<span class=\"_ _3bd\"> </span>IT<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Secur<span class=\"_ _2\"></span>ity<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Risk<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>IT<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Ris<span class=\"_ _2\"></span>k:<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sistemi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>informativi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>poss<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>causare<span class=\"ff1\"> <span class=\"_ _20\"></span></span>perdite<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"_ _2\"></span>ll\u2019impresa<span class=\"ff1\"> <span class=\"_ _21\"></span></span>se<span class=\"ff1\"> <span class=\"_ _20\"></span></span>n<span class=\"_ _3bd\"> </span>vengono<span class=\"ff1\"> </span>adottate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">adeguate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">misure<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">IT<span class=\"ff1\"> </span>Secu<span class=\"_ _0\"></span>rity<span class=\"ff1\"> </span>oppure<span class=\"ff1\"> </span>nel<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>gestione<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"ff1\"> </span>apparecchiatu<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>hardware<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>softwar<span class=\"_ _2\"></span>e.<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>La<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>crescente<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"_ _2\"></span>pendenza<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>dai<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>sistemi<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>informat<span class=\"_ _2\"></span>ivi<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>d<span class=\"_ _0\"></span>alle<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>risor<span class=\"_ _3bd\"> </span>tecnologiche<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>genere<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ha<span class=\"ff1\"> <span class=\"_ _20\"></span></span>reso<span class=\"ff1\"> <span class=\"_ _21\"></span></span>qu<span class=\"_ _0\"></span>esto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fat<span class=\"_ _2\"></span>tore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sempre<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pi\u00f9<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rilevante.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Gli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>esempi<span class=\"ff1\"> </span>perdita<span class=\"ff1\"> </span>legati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>questo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fattor<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>numerosi,<span class=\"ff1\"> </span>com<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>l\u2019assunzione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>ischi<span class=\"ff1\"> </span>eccessivi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dovut<span class=\"_ _3bd\"> </span>err<span class=\"_ _0\"></span>ori<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">prog<span class=\"_ _0\"></span>ram<span class=\"_ _0\"></span>mi<span class=\"ff1\"> </span>inf<span class=\"_ _0\"></span>orma<span class=\"_ _0\"></span>tici<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>man<span class=\"_ _0\"></span>cat<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>risp<span class=\"_ _0\"></span>etto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">ade<span class=\"_ _0\"></span>mpi<span class=\"_ _0\"></span>menti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span>trattu<span class=\"_ _1\"></span>ali<span class=\"ff1\"> </span>dovu<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>err<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>dei<span class=\"ff1\"> </span>sistemi<span class=\"ff1\"> </span>informativi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>ancora<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>perdita<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>dati<span class=\"ff1\"> </span>rilevanti<span class=\"ff1\"> </span>conness<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>fallimenti<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>sistemi.<span class=\"_ _3bd\"> </span>Eventi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Est<span class=\"_ _2\"></span>erni:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gli<span class=\"ff1\"> </span>eventi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"_ _2\"></span>gati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>fattori<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">esterni<span class=\"ff1\"> </span>possono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">causare<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">perdite<span class=\"ff1\"> </span>all\u2019impresa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fronte<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>calamit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nat<span class=\"_ _2\"></span>urali,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prevenzione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sicurezza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>verso<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span></span>eventi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>natura<span class=\"ff1\"> <span class=\"_ _20\"></span></span>accidentale,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fronte<span class=\"ff1\"> </span>obsolescenza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> </span>infrastrutture,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prevenzione<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>sicurezza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">verso<span class=\"ff1\"> </span>atti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>natura<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>rimino<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>nei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>passaggi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>autorizzativi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>l'esecuzione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>operative,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff3\">nelle</span> <span class=\"_ _21\"> </span><span class=\"ff3\">misure</span> <span class=\"_ _21\"> </span><span class=\"ff3\">di</span> <span class=\"_ _21\"></span><span class=\"ff3\">contro<span class=\"_ _3bd\"> </span></span></span>verso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>ttivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">autorizzate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">frodi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">parte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dipendenti,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mis<span class=\"_ _2\"></span>ure<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">preventive<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">verso<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">frodi<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>parte<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">esterni,</span> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>ronte<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">inadeguato<span class=\"ff1\"> </span>e/o<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tempestivo<span class=\"ff1\"> </span>ag<span class=\"_ _0\"></span>giornamento<span class=\"ff1\"> </span>della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">normati<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>interna<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>relazione<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>mutamenti<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>normativa<span class=\"ff1\"> </span>esterna<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>deriva.<span class=\"_ _3bd\"> </span>\u2019approccio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">identificazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>operativo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">segue<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">logica<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>tip<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>\u2018bottom<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">up\u2019,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">basa<span class=\"_ _2\"></span>ta<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>n<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">metod<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>ogia<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Ri<span class=\"_ _0\"></span>sk<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Sel<span class=\"_ _0\"></span>f<span class=\"ff1\"> </span>A<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>ssme<span class=\"_ _0\"></span>nt<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019obi<span class=\"_ _0\"></span>etti<span class=\"_ _0\"></span>vo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">valu<span class=\"_ _0\"></span>tar<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">live<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>osi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>qu<span class=\"_ _1\"></span>al<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>ontro<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>osti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">es<span class=\"_ _0\"></span>sere<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mit<span class=\"_ _0\"></span>iga<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ris<span class=\"_ _0\"></span>chio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">af<span class=\"_ _0\"></span>feren<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attiv<span class=\"_ _1\"></span>it\u00e0<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span>pera<span class=\"_ _0\"></span>tive<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ad<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ogn<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>p<span class=\"_ _1\"></span>roces<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>z<span class=\"_ _0\"></span>iend<span class=\"_ _0\"></span>ale.<span class=\"_ _0\"></span> \u2019obiettivo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tal<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>pproccio,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">basato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sull\u2019analisi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>Area<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">F<span class=\"_ _2\"></span>unzionale,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019individuazione<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>egli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">eve<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>erdita<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>potrebbero<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>manifestarsi,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>valutazione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>possibile<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>impatto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>e<span class=\"ff1\">  </span>della<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>poss<span class=\"_ _2\"></span>ib<span class=\"_ _3bd\"> </span>equenza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>realizzazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>eventi,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>val<span class=\"_ _2\"></span>utazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019efficacia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cont<span class=\"_ _2\"></span>rolli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>presi<span class=\"_ _2\"></span>dio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>ossibili<span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> </span>organizzativi<span class=\"ff1\"> </span>attivabili<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>mitigazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>rischio.<span class=\"_ _3bd\"> </span>a<span class=\"ff1\">  </span>Compagnia<span class=\"ff1\">  </span>ha<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>strutt<span class=\"_ _2\"></span>urato,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>inoltre,<span class=\"ff1\">  </span>con<span class=\"ff1\">  </span>periodicit\u00e0<span class=\"ff1\">  </span>annu<span class=\"_ _0\"></span>ale<span class=\"ff1\">  </span>una<span class=\"ff1\">  </span>valutazione<span class=\"ff1\">  </span>delle<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>perd<span class=\"_ _3bd\"> </span>ffettive<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">subite<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>erivanti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ischi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"_ _2\"></span>perativi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(c.d.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">LDC<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u2013<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Los<span class=\"_ _2\"></span>s<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">D<span class=\"_ _2\"></span>ata<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Collection).<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Tale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>nalisi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cons<span class=\"_ _2\"></span>e<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>noltre<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>effettuare<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>back-test<span class=\"ff1\"> </span>circa<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> </span>ex-ante<span class=\"ff1\"> </span>mediante<span class=\"ff1\"> </span>Risk<span class=\"ff1\"> </span>Self-Assessment.<span class=\"_ _3bd\"> </span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Compagnia<span class=\"ff1\">  </span>h<span class=\"_ _0\"></span>a<span class=\"ff1\">  </span>inoltre<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>prosegu<span class=\"_ _0\"></span>ito<span class=\"ff1\">  </span>nei<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">lav<span class=\"_ _0\"></span>ori<span class=\"ff1\">  </span>per<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>completamento<span class=\"ff1\">  </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>piano<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>continu<span class=\"_ _3bd\"> </span></span></span>perativa<span class=\"ff1\"> </span>(Business<span class=\"ff1\"> </span>Continuity<span class=\"ff1\"> </span>Plan).<span class=\"_ _3bd\"> </span>er<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">quanto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riguarda<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alutazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">requisito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cap<span class=\"_ _2\"></span>itale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(SCR),<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">operativi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vengono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valut<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>me<span class=\"_ _0\"></span>dian<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>l\u2019<span class=\"_ _0\"></span>appli<span class=\"_ _0\"></span>cazi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">della<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Stand<span class=\"_ _0\"></span>ard<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">For<span class=\"_ _0\"></span>mula<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>Da<span class=\"ff1\"> </span>un<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">pun<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">vist<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>dis<span class=\"_ _0\"></span>tribu<span class=\"_ _1\"></span>zione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del</span> <span class=\"ff3\">ri<span class=\"_ _0\"></span>sc<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>p<span class=\"_ _0\"></span>erat<span class=\"_ _0\"></span>ivo<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Cred<span class=\"_ _0\"></span>emv<span class=\"_ _0\"></span>ita<span class=\"ff1\"> </span>se<span class=\"_ _0\"></span>condo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i</span> <span class=\"ff3\">de<span class=\"_ _1\"></span>ttami<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">norm<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>vi<span class=\"ff1\"> </span>S<span class=\"_ _0\"></span>olven<span class=\"_ _0\"></span>cy<span class=\"ff1\"> </span>II<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>ipo<span class=\"_ _0\"></span>rta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>tabe<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">segu<span class=\"_ _0\"></span>ito<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>miglior<span class=\"ff1\"> <span class=\"_ _21\"></span></span>stima<span class=\"ff1\"> <span class=\"_ _21\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ra<span class=\"_ _2\"></span>ppresentazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>de<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>data<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff3\">valutazione</span> <span class=\"_ _20\"></span><span class=\"ff3\">(si</span> <span class=\"_ _21\"> </span><span class=\"ff3\">precisa</span> <span class=\"_ _21\"> </span><span class=\"ff3\">che</span> <span class=\"_ _21\"></span><span class=\"ff3\">il</span> <span class=\"_ _21\"></span><span class=\"ff3\">pe<span class=\"_ _3bd\"> </span></span></span>omplessivo<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>operativo<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>6,3%).<span class=\"_ _3bd\"> </span>Operational<span class=\"_ _3bd\"> </span>risk<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>risk/sum<span class=\"_ _3bd\"> </span>of<span class=\"_ _3bd\"> </span>risk<span class=\"_ _3bd\"> </span>components<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>relativo<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>vo<span class=\"_ _3bd\"> </span>Re<span class=\"_ _0\"></span>lat<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>o<span class=\"fc0 sc1\"> <span class=\"_ _f2\"> </span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>ivo<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Ope<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>ona<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>ri<span class=\"_ _1\"></span>sk <span class=\"_ _350\"> </span>6<span class=\"_ _0\"></span>,3<span class=\"_ _0\"></span>%<span class=\"ff1\"> <span class=\"_ _90\"> </span></span>6<span class=\"_ _0\"></span>,3<span class=\"_ _0\"></span>%<span class=\"_ _3bd\"> </span><span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>normat<span class=\"_ _2\"></span>ivo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>compliance<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>(ovvero<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>conformit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>alle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>norme)<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>iguarda<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> </span>ncorrere<span class=\"ff1\">  </span>in<span class=\"ff1\">  </span>sanzioni<span class=\"ff1\">  </span>giudiziarie<span class=\"ff1\">  </span>o<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>amministrative,<span class=\"ff1\">  </span>e<span class=\"ff1\">  </span>subire<span class=\"ff1\">  </span>perdite<span class=\"ff1\">  </span>o<span class=\"ff1\">  </span>dann<span class=\"_ _2\"></span>i<span class=\"ff1\">  </span>reputazionali<span class=\"ff1\"> </span>onseguenza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>mancata<span class=\"ff1\"> <span class=\"_ _21\"></span></span>osservanza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>leggi,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>egolamenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>provvedimenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Autorit\u00e0<span class=\"ff1\"> </span>igilanza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ovvero<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">norme</span> <span class=\"_ _20\"></span><span class=\"ff3\">di</span> <span class=\"_ _20\"></span><span class=\"ff3\">autor<span class=\"_ _2\"></span>egolamentazione,</span> <span class=\"_ _2\"></span><span class=\"ff3\">quali</span> <span class=\"_ _21\"></span><span class=\"ff3\">statuti,</span> <span class=\"_ _20\"></span><span class=\"ff3\">codici</span> <span class=\"_ _20\"></span><span class=\"ff3\">di</span> <span class=\"_ _21\"></span><span class=\"ff3\">condotta</span> <span class=\"_ _20\"></span><span class=\"ff3\">o</span> <span class=\"_ _20\"></span><span class=\"ff3\">codici</span> </span>utodisciplina;<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>d<span class=\"_ _2\"></span>erivante<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>modifiche<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>s<span class=\"_ _2\"></span>favorevoli<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>quadro<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>normat<span class=\"_ _2\"></span>ivo<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>de<span class=\"_ _3bd\"> </span>rientamenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">giurisprudenziali.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Il<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">normativo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riciclaggio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziamento<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>erroris<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>schio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">man<span class=\"_ _2\"></span>cata<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">prevenzione,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">parte<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>ella<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Compagnia,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">realizzazione<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">scopo<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ciclaggio<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>proventi<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> </span>cr<span class=\"_ _2\"></span>iminose<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>finanzi<span class=\"_ _0\"></span>am<span class=\"_ _2\"></span>ento<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>terrorismo;<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">incorr<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>n<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sanzioni<span class=\"ff1\"> </span>giudiziarie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>amministrative,<span class=\"ff1\"> </span>subire<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perdite<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">danni<span class=\"ff1\"> </span>reputazionali<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>conseguenza<span class=\"ff1\"> </span>d<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>mancata<span class=\"ff1\"> <span class=\"_ _20\"></span></span>osservanza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>leggi,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>regolamenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>provvedimenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Autorit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Vigilanza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>mate<span class=\"_ _3bd\"> </span>ntiriciclaggio<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>antiterrorismo.<span class=\"_ _3bd\"> </span>fa<span class=\"_ _0\"></span>ttori<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">r<span class=\"_ _0\"></span>isc<span class=\"_ _0\"></span>hio<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>egal<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">n<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onf<span class=\"_ _0\"></span>ormi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alle<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">norme<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>ico<span class=\"_ _0\"></span>nduc<span class=\"_ _0\"></span>ibi<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a:<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Legal<span class=\"ff1\"> </span>enviroment:<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>schio<span class=\"ff1\"> </span>legato<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">generale</span> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>mancato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rispetto<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"ff1\"> </span>leggi,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sia<span class=\"ff1\"> </span>esso<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">natu<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>fiscale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"_ _2\"></span><span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>rattamento<span class=\"ff1\"> </span>dati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">personali.<span class=\"ff1\"> </span>R<span class=\"_ _0\"></span>ischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">controversia<span class=\"ff1\"> </span>causato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vuoto<span class=\"ff1\"> </span>giuridic<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">inquadram<span class=\"_ _2\"></span>ento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">incompleto<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">inadeguato<span class=\"ff1\"> </span>degl<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">obblighi<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">delle</span> <span class=\"_ _1\"></span><span class=\"ff3\">responsabilit\u00e0<span class=\"ff1\"> </span>assegn<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>alle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>parti.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Assenza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>contratti,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>condizioni<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>carenti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>conserva<span class=\"_ _2\"></span>zione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>documentazio<span class=\"_ _3bd\"> </span>legale.<span class=\"ff1\"> </span>Rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>legato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>non<span class=\"ff1\"> </span>rispetto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> </span>leggi<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ulle<span class=\"ff1\"> </span>impost<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>legate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> </span>Compagnia.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Rischio<span class=\"ff1\"> </span>legato<span class=\"ff1\"> <span class=\"_ _21\"></span></span>all\u2019<span class=\"_ _0\"></span>antiriciclaggio.<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Rischio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>legato<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sicurezza<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sul<span class=\"ff1\"> <span class=\"_ _20\"></span></span>lavor<span class=\"_ _2\"></span>o.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Rischio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>legato<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>mancato<span class=\"_ _2\"></span><span class=\"ff1\"> </span>rispetto<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>normativa<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>privacy;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Compliance<span class=\"ff1\"> </span>with<span class=\"ff1\"> </span>regulations<span class=\"_ _2\"></span>:<span class=\"ff1\"> </span>inoss<span class=\"_ _2\"></span>ervanza<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>regolamenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>provvedimenti<span class=\"ff1\"> </span>applicabili<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(leggi<span class=\"ff1\"> </span>assicurative,<span class=\"ff1\"> </span>aziendali<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>lavoro).<span class=\"ff1\"> </span>Mancanza<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>follow-up<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>questioni<span class=\"ff1\"> </span>normat<span class=\"_ _2\"></span>ive;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>In<span class=\"ff1\">  </span>particolare<span class=\"ff1\">  </span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fattor<span class=\"_ _2\"></span>e<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischio<span class=\"ff1\">  </span>Compliance<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>with<span class=\"ff1\">  </span>regulations<span class=\"_ _2\"></span><span class=\"ff1\">  </span>(di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>seguito<span class=\"ff1\">  </span>anche<span class=\"ff1\">  </span>rischio<span class=\"ff1\"> </span>\u201cNormativa\u201d)<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>pu\u00f2<span class=\"ff1\"> <span class=\"_ _21\"></span></span>esporre<span class=\"ff1\"> <span class=\"_ _21\"></span></span>l\u2019impresa<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>specifi<span class=\"_ _0\"></span>ci<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>eventi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>perdita,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>legati<span class=\"ff1\"> <span class=\"_ _21\"></span></span>appunto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>all\u2019evoluzione<span class=\"ff1\"> </span>della<span class=\"ff1\"> <span class=\"_ _32d\"> </span></span>stessa.<span class=\"ff1\"> <span class=\"_ _32d\"> </span></span>Mutamenti<span class=\"ff1\"> <span class=\"_ _28\"> </span></span>sfavorevoli<span class=\"ff1\"> <span class=\"_ _32d\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _32d\"> </span></span>q<span class=\"_ _2\"></span>uadro<span class=\"ff1\"> <span class=\"_ _32d\"> </span></span>normativo<span class=\"ff1\"> <span class=\"_ _32d\"> </span></span>o<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _32d\"> </span></span>degli<span class=\"ff1\"> <span class=\"_ _32d\"> </span></span>orientamenti<span class=\"ff1\"> </span>giurisprudenziali,<span class=\"ff1\"> </span>possono,<span class=\"ff1\"> </span>infatti,<span class=\"ff1\"> </span>riguardare:<span class=\"_ _3bd\"> </span>o<span class=\"_ _3bd\"> </span>rap<span class=\"_ _0\"></span>por<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019A<span class=\"_ _0\"></span>utor<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">Vig<span class=\"_ _0\"></span>ilanza<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span>o<span class=\"_ _3bd\"> </span>rapporti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cl<span class=\"_ _0\"></span>ien<span class=\"_ _0\"></span>ti;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>o<span class=\"_ _3bd\"> </span>rapporti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span>pende<span class=\"_ _1\"></span>nti;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>o<span class=\"_ _3bd\"> </span>sic<span class=\"_ _0\"></span>ure<span class=\"_ _0\"></span>zza<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">su<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">luog<span class=\"_ _0\"></span>hi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">la<span class=\"_ _0\"></span>vor<span class=\"_ _0\"></span>o;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>o<span class=\"_ _3bd\"> </span>rap<span class=\"_ _0\"></span>por<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">altri<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Or<span class=\"_ _0\"></span>gani<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span></span></span></span></span>In<span class=\"ff1\"> </span>particolare,<span class=\"ff1\"> </span>tale<span class=\"ff1\"> </span>fattore<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>riguarda<span class=\"ff1\"> </span>l\u2019incorrere<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>sanzioni<span class=\"ff1\"> </span>giudiziarie<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>amministrat<span class=\"_ _2\"></span>ive,<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>subire<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>perdite<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>danni<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>reputazionali<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>cons<span class=\"_ _2\"></span>eguenza<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>mancat<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>osservanza<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>leggi,<span class=\"ff1\"> </span>regolamenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rovvedimenti<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Autor<span class=\"_ _2\"></span>it\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Vigilanza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ovvero<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">no<span class=\"_ _2\"></span>rme<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">autor<span class=\"_ _2\"></span>egolamentazione,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>con<span class=\"ff1\">  </span>particolare<span class=\"ff1\"> </span>attenzione<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>norm<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>relative<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>tras<span class=\"_ _2\"></span>parenza<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>correttezza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> </span>comportamenti<span class=\"ff1\"> </span>nei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>confronti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>degli<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>assicurat<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>danneggiati,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>all\u2019informativa<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>precontrattuale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>contrattuale,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>alla<span class=\"ff1\"> </span>corretta<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>esecuzione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>contratti,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>particolare<span class=\"ff1\"> <span class=\"_ _21\"></span></span>riferimento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>all<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>gestione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sinistri<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pi\u00f9<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> </span>generale,<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>tutela<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>consumator<span class=\"_ _2\"></span>e.<span class=\"_ _0\"></span> Secondo<span class=\"ff1\">  </span>il<span class=\"ff1\">  </span>modello<span class=\"ff1\">  </span>adottato<span class=\"ff1\">  </span>da<span class=\"ff1\">  </span>Credemvita,<span class=\"ff1\">  </span>inoltre,<span class=\"ff1\">  </span>esistono<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>altri<span class=\"ff1\">  </span>rischi/eventi<span class=\"ff1\">  </span>perdita<span class=\"ff1\">  </span>non<span class=\"ff1\"> </span>stre<span class=\"_ _0\"></span>ttam<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rico<span class=\"_ _0\"></span>nduc<span class=\"_ _0\"></span>ibil<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>fa<span class=\"_ _0\"></span>ttori<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>spe<span class=\"_ _0\"></span>cifi<span class=\"_ _0\"></span>ci,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ma</span> <span class=\"ff3\">che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">posson<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>riv<span class=\"_ _0\"></span>are<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>fat<span class=\"_ _0\"></span>tori<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>riconducibili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">classi<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">precedentemente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">illustrate.<span class=\"ff1\"> </span>Si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tratta<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">particolare<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span>classe<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>rischio<span class=\"ff1\"> </span>legata<span class=\"ff1\"> </span>all\u2019<span class=\"_ _0\"></span>appartenenza<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>gruppo,<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span>classe<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">reputazionale,<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">condotta</span> <span class=\"ff3\">e</span> <span class=\"ff3\">E<span class=\"_ _0\"></span>SG,<span class=\"ff1\"> </span></span></span></span></span>cos\u00ec<span class=\"ff1\"> </span>identificati<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>normativa<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>settor<span class=\"_ _2\"></span>e.<span class=\"_ _3bd\"> </span>Il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>legato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>all\u2019appartenenza<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>gruppo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>(rischio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u2018contagio\u2019)<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>inteso<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>come<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>che,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"ff1\"> </span>seguito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rapporti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>intercorrenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tra<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019impresa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>altre<span class=\"ff1\"> <span class=\"_ _2\"></span></span>entit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gruppo,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>situazioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>difficolt\u00e0<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>insorgono<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>societ\u00e0<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>medesimo<span class=\"ff1\"> </span>gru<span class=\"_ _2\"></span>ppo<span class=\"ff1\"> </span>possano<span class=\"ff1\"> </span>pro<span class=\"_ _2\"></span>pagarsi<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>effetti<span class=\"ff1\"> </span>negativi<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>solvibilit\u00e0<span class=\"ff1\"> </span>dell\u2019impresa<span class=\"ff1\"> </span>stessa.<span class=\"_ _3bd\"> </span>In<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>coerenza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>propria<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>strategia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>politiche<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>m<span class=\"_ _2\"></span>ateria<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>degli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>investimenti,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>adott<span class=\"_ _2\"></span>ata<span class=\"ff1\"> </span>dall\u2019Organo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Ammin<span class=\"_ _2\"></span>istrativo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ha<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>definito<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>propr<span class=\"_ _2\"></span>ia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>politica<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>operazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>infragruppo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ha<span class=\"ff1\"> </span>determinato<span class=\"ff1\"> </span>appropriati<span class=\"ff1\"> </span>limiti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>operativit\u00e0.<span class=\"_ _3bd\"> </span>L\u2019identificazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>l\u2019analisi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>effe<span class=\"_ _0\"></span>ttuat<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>pertanto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>coerenza<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>alle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cat<span class=\"_ _2\"></span>egorie<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>all<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>trop<span class=\"_ _0\"></span>arti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dell<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>opera<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ste<span class=\"_ _0\"></span>sse,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con</span> <span class=\"ff3\">parti<span class=\"_ _0\"></span>col<span class=\"_ _0\"></span>are<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rigu<span class=\"_ _0\"></span>ardo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">alle</span> <span class=\"ff3\">gara<span class=\"_ _0\"></span>nzie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">eventu<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>mente<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rilas<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Gruppo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ed<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">coerenza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">caratteristiche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>eguen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tipologie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">operazioni:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Operazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>significative<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(<span class=\"_ _0\"></span>comprese<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tra<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>1%<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>5%<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">Solv<span class=\"_ _0\"></span>ency<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Capital<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Requirement<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span></span></span>pe<span class=\"_ _0\"></span>riod<span class=\"_ _0\"></span>o);<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Ope<span class=\"_ _0\"></span>raz<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Mo<span class=\"_ _0\"></span>lto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sig<span class=\"_ _0\"></span>nific<span class=\"_ _0\"></span>ativ<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>&gt;5%<span class=\"ff1\"> </span>d<span class=\"_ _1\"></span>el<span class=\"ff1\"> </span>So<span class=\"_ _0\"></span>lven<span class=\"_ _0\"></span>cy<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>apit<span class=\"_ _0\"></span>al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Requ<span class=\"_ _0\"></span>ireme<span class=\"_ _0\"></span>nt<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>odo).<span class=\"_ _0\"></span> </span></span></span></span></span></span>Il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>repu<span class=\"_ _0\"></span>tazionale<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>inteso<span class=\"ff1\"> <span class=\"_ _21\"></span></span>come<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>deterioramento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dell\u2019immagine<span class=\"ff1\"> <span class=\"_ _21\"></span></span>aziendale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">e</span> <span class=\"_ _20\"></span><span class=\"ff3\">di</span> </span>aumento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>conflittualit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>ia<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>gli<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>assicurati<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>(dovuto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>anche<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>alla<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>scarsa<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>qualit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>servizi<span class=\"ff1\"> </span>offerti,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>collocamento<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>polizze<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>adeg<span class=\"_ _2\"></span>uate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>comportamento<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fase<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>vendita,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>post<span class=\"ff1\"> </span>vendita<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>liquidazione)<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>Autorit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Vigilanza<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>shareholders.<span class=\"_ _3bd\"> </span>Il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>rep<span class=\"_ _0\"></span>utaz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>ale<span class=\"ff1\"> </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ge<span class=\"_ _0\"></span>nera<span class=\"_ _0\"></span>lmen<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">class<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>cato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _1\"></span>:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>reputazionale<span class=\"ff1\"> </span>diretto:<span class=\"ff1\"> <span class=\"_ _2\"></span></span>incentrato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>su<span class=\"ff1\"> </span>business<span class=\"ff1\"> </span>sensibili,<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ulla<span class=\"ff1\"> </span>base<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>ESG<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(Ambientale,<span class=\"ff1\"> </span>Sociale<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>Governance);<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>reputazionale<span class=\"ff1\"> </span>indirett<span class=\"_ _2\"></span>o:<span class=\"ff1\"> </span>basat<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gestione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019impatto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>reputazionale<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>altri<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tipi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>(eg:<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>operativo,<span class=\"ff1\"> </span>cyber<span class=\"ff1\"> </span>risk,<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>legale,<span class=\"ff1\"> </span>etc).<span class=\"_ _3bd\"> </span>Si<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">speci<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">la</span> <span class=\"ff3\">val<span class=\"_ _0\"></span>uta<span class=\"_ _0\"></span>zione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del</span> <span class=\"ff3\">ri<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>hio<span class=\"ff1\"> </span>rep<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>nale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">avvie<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>ll\u2019<span class=\"_ _0\"></span>amb<span class=\"_ _0\"></span>ito<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ampa<span class=\"_ _0\"></span>gna<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>Risk<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>Self<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Assessment<span class=\"ff1\">  </span>afferente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>alla<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>gestione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\">  </span>rischio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>operativo.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>L\u2019identificazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\">  </span>rischio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u00e8<span class=\"ff1\"> </span>effettuata<span class=\"ff1\"> </span>gestionalmente<span class=\"ff1\"> </span>mediante<span class=\"ff1\"> </span>l\u2019analisi:<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>del<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pro<span class=\"_ _0\"></span>cedu<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>col<span class=\"_ _0\"></span>loca<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>ch<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>ntem<span class=\"_ _0\"></span>pla<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>un<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>pre<span class=\"_ _0\"></span>ven<span class=\"_ _0\"></span>tiva<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>tazi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">a<span class=\"_ _0\"></span>degu<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span>zza<span class=\"_ _3bd\"> </span></span></span></span></span>del<span class=\"ff1\"> </span>contratto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finalizzata<span class=\"ff1\"> </span>ad<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">individuare<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">via<span class=\"ff1\"> </span>prelimin<span class=\"_ _0\"></span>are<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esigenze<span class=\"ff1\"> </span>assicurative<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>bisogni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>protezione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>cliente,<span class=\"ff1\"> </span>nonch\u00e9<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>fornire<span class=\"ff1\"> </span>l\u2019adeguata<span class=\"ff1\"> </span>informativa<span class=\"ff1\"> </span>sul<span class=\"ff1\"> </span>prodotto;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>ervi<span class=\"_ _0\"></span>zi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">assis<span class=\"_ _0\"></span>tenz<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>arte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>ete<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span>strib<span class=\"_ _0\"></span>uti<span class=\"_ _0\"></span>va;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>roc<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gesti<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rec<span class=\"_ _0\"></span>lami<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>roce<span class=\"_ _0\"></span>sso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">liqu<span class=\"_ _1\"></span>idazio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sin<span class=\"_ _0\"></span>ist<span class=\"_ _0\"></span>ri.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>Essendo<span class=\"ff1\"> </span>inoltre<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>reputazionale<span class=\"ff1\"> </span>strettam<span class=\"_ _2\"></span>ente<span class=\"ff1\"> </span>connesso<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>operativi,<span class=\"ff1\"> </span>informatici<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>cyber<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>condotta,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gli<span class=\"ff1\"> </span>specifici<span class=\"ff1\"> </span>presidi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>operativi<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>organizzativi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>posti<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>essere<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> </span>la<span class=\"_ _3bd\"> </span><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b3d\">gestione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tali<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>ischi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rappresento<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ulteriore<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>elemento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>support<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>gestione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>ischio<span class=\"_ _0\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b3e\">rep<span class=\"_ _0\"></span>uta<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>nale<span class=\"_ _0\"></span>. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b3f\">Il<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>condotta<span class=\"ff1\"> <span class=\"_ _2\"></span></span>-<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quale<span class=\"ff1\"> </span>sottocategor<span class=\"_ _2\"></span>ia<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>operativo,<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>compliance<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>reputazionale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u2013<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b40\">pu\u00f2<span class=\"ff1\"> <span class=\"_ _20\"></span></span>essere<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>finito<span class=\"ff1\"> <span class=\"_ _21\"></span></span>come<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>att<span class=\"_ _2\"></span>uale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pro<span class=\"_ _2\"></span>spettico<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>perdite<span class=\"ff1\"> <span class=\"_ _20\"></span></span>co<span class=\"_ _2\"></span>nseguenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>casistiche<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b41\">offerta<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>inappropriata<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>prodotti<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>e/o<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>servizi,<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>incluse<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>fattispecie<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>condot<span class=\"_ _2\"></span>ta<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>inadegu<span class=\"_ _0\"></span>at<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b42\">(dolo/negligenza)<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>parte<span class=\"ff1\"> </span>dell\u2019impresa. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b43\">La<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gestione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>condotta<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>strettamente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>connessa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>definite<span class=\"ff1\"> </span>nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b44\">pro<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>sso<span class=\"ff1\"> </span>P<span class=\"_ _0\"></span>OG<span class=\"ff1\"> </span>(di<span class=\"_ _0\"></span>scip<span class=\"_ _1\"></span>linat<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>nell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>risp<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>tiva<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Poli<span class=\"_ _0\"></span>cy<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>P<span class=\"_ _0\"></span>OG)<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>La<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Comp<span class=\"_ _0\"></span>agni<span class=\"_ _0\"></span>a,<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>\u2019amb<span class=\"_ _0\"></span>ito<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>gest<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b45\">del<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Condotta,<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>prefigge<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>seguenti<span class=\"ff1\"> </span>obiettivi: </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4b46\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b47\">rendere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"_ _2\"></span>iziative<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">business<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">orientate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">focalizzate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sulla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">figura<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cli<span class=\"_ _2\"></span>ente.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">In<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ambito<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b48\">focus<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>incentrato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sul<span class=\"ff1\"> <span class=\"_ _2\"></span></span>disegno<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prodotti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>definizione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>servizi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>linea<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>esigenze<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b49\">della<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">clientela; </span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4b4a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b4b\">stabilire<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>codice/sistema<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>condott<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>completamente<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>radicato<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>all\u2019interno<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>str<span class=\"_ _2\"></span>uttura<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b4c\">aziendale.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>In<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>am<span class=\"_ _2\"></span>bito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>focus<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>incentrato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sulla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>vendita<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pr<span class=\"_ _2\"></span>odotti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>/<span class=\"ff1\"> <span class=\"_ _20\"></span></span>erogazone<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>servizi<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b4d\">assicurando<span class=\"ff1\"> </span>trasparenza<span class=\"ff1\"> </span>informativa<span class=\"ff1\"> </span>verso<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>clientela, </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4b4e\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b4f\">garantire<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>business<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _2\"></span></span>continuo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>focalizzato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sul<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conseguimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>migl<span class=\"_ _2\"></span>ior<span class=\"ff1\"> <span class=\"_ _2\"></span></span>risultato<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b50\">per<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>cliente<span class=\"ff1\"> </span>(cfr.<span class=\"ff1\"> </span>Monitoraggio<span class=\"ff1\"> </span>KPI<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>KRI),<span class=\"ff1\"> </span>tutelando<span class=\"ff1\"> </span>l\u2019integrit\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>condott<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>Compagnia<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b51\">nella<span class=\"ff1\"> </span>relazione<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>clientela. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b52\">Il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ESG<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(Enviromental,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Social<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">and<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Governance)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pone<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019obiettivo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">evento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">una<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b53\">condizione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tipo<span class=\"ff1\"> </span>ambientale,<span class=\"ff1\"> </span>sociale<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>governance<span class=\"ff1\"> </span>che,<span class=\"ff1\"> </span>verificandosi,<span class=\"ff1\"> </span>potr<span class=\"_ _2\"></span>ebbe<span class=\"ff1\"> </span>provocare<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b54\">impatto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>neg<span class=\"_ _0\"></span>ativo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>effe<span class=\"_ _0\"></span>ttivo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pot<span class=\"_ _2\"></span>enziale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>ul<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dell\u2019investimento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sul<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _21\"></span></span>passivit\u00e0.<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b55\">Questa<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tipologia<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rientra<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tra<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>econdo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>livello<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>indiretti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>quanto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pu\u00f2<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b56\">man<span class=\"_ _0\"></span>ife<span class=\"_ _0\"></span>star<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span>pro<span class=\"_ _0\"></span>voc<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>impa<span class=\"_ _0\"></span>tto<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>gat<span class=\"_ _0\"></span>ivo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _2\"></span>u</span> <span class=\"ff3\">att<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>assivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>flue<span class=\"_ _0\"></span>nza<span class=\"_ _0\"></span>ndo<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>fa<span class=\"_ _0\"></span>ttori<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">ris<span class=\"_ _0\"></span>chio<span class=\"_ _1\"></span><span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b57\">gi\u00e0<span class=\"ff1\"> </span>contemplati<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> </span>altre<span class=\"ff1\"> </span>risk<span class=\"ff1\"> </span>category<span class=\"ff1\"> </span>(ad<span class=\"ff1\"> </span>esempio<span class=\"ff1\"> </span>Rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Mercato<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Sott<span class=\"_ _2\"></span>oscrizione). </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b58\">All\u2019interno<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>categoria<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ris<span class=\"_ _2\"></span>chi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ESG,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>particolare<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rilevanza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"></span></span>assegnata<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>climatici<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b59\">quanto<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>otrebbero<span class=\"ff1\"> </span>generare<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">elevate<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>erdite<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Compagnie<span class=\"ff1\"> </span>Assicurative<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">correttamente<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b5a\">identificati<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>gestiti. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b5b\">Con<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>specifico<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>riferimento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ai<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ris<span class=\"_ _2\"></span>chi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>climatici,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>coerenza<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>indicazioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\">  </span>R<span class=\"_ _0\"></span>egolamento<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b5c\">Delegato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(UE)<span class=\"ff1\"> <span class=\"_ _20\"></span></span>2021/1256<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Com<span class=\"_ _2\"></span>missione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>21<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>Aprile<span class=\"ff1\"> <span class=\"_ _20\"></span></span>2021,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Compagnia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ha<span class=\"ff1\"> <span class=\"_ _20\"></span></span>strutt<span class=\"_ _2\"></span>urato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>una<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b5d\">serie<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>analisi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sul<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pro<span class=\"_ _2\"></span>prio<span class=\"ff1\"> </span>por<span class=\"_ _2\"></span>tafoglio<span class=\"ff1\"> </span>(sia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>investimenti,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tecn<span class=\"_ _2\"></span>ico/assicurativo)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> </span>verificar<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>l<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b5e\">mat<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>alit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>l\u2019e<span class=\"_ _0\"></span>spos<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>risc<span class=\"_ _0\"></span>hi<span class=\"ff1\"> </span>cl<span class=\"_ _0\"></span>ima<span class=\"_ _0\"></span>tici<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e,</span> <span class=\"ff3\">succ<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>e,<span class=\"ff1\"> </span>cond<span class=\"_ _0\"></span>urr<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>l\u2019<span class=\"_ _0\"></span>anal<span class=\"_ _0\"></span>isi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">scena<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">per<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b5f\">quantificare<span class=\"ff1\"> </span>l\u2019impatto<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>essi<span class=\"ff1\"> </span>producono<span class=\"ff1\"> </span>sulle<span class=\"ff1\"> </span>principali<span class=\"ff1\"> </span>grandezze<span class=\"ff1\"> </span>economiche<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>patrimoniali<span class=\"_ _2\"></span>. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b60\">Il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">F<span class=\"_ _2\"></span>ramework<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sviluppato<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>alla<span class=\"ff1\"> </span>Compagni<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>ge<span class=\"_ _0\"></span>stione<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">risc<span class=\"_ _2\"></span>hio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">climatico<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">identifica<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">segu<span class=\"_ _2\"></span>enti<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b61\">st<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>p:<span class=\"_ _0\"></span> </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4b62\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b63\">Ide<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>fica<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>attor<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">risc<span class=\"_ _0\"></span>hio<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">peri<span class=\"_ _0\"></span>metro<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">a<span class=\"_ _0\"></span>nali<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">-</span> <span class=\"ff3\">i<span class=\"_ _0\"></span>dent<span class=\"_ _0\"></span>ific<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">cl<span class=\"_ _0\"></span>ass<span class=\"_ _0\"></span>ifica<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one </span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b64\">delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>principali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fonti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ris<span class=\"_ _2\"></span>chio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>climat<span class=\"_ _2\"></span>ico<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>perimetro<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prodotti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>assets<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pot<span class=\"_ _2\"></span>enzialmente<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b65\">impattati<span class=\"ff1\"> </span>secondo<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>linee<span class=\"ff1\"> </span>guida<span class=\"ff1\"> </span>indicate<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>EIOPA. </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4b66\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b67\">Valutazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>materialit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u2013<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valutazione,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>propedeutica<span class=\"ff1\"> <span class=\"_ _2\"></span></span>all<span class=\"_ _2\"></span>\u2019analisi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>ilevanza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(cfr.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>punto<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b68\">successivo),<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>effettuata<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>ogni<span class=\"ff1\"> </span>singolo<span class=\"ff1\"> </span>perimetro<span class=\"ff1\"> </span>(sia<span class=\"ff1\"> </span>lato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Asse<span class=\"_ _0\"></span>t,<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span>Liabilities); </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4b69\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b6a\">An<span class=\"_ _0\"></span>alis<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Ril<span class=\"_ _0\"></span>eva<span class=\"_ _0\"></span>nza<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> </span>ana<span class=\"_ _0\"></span>lisi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">attiv<span class=\"_ _0\"></span>ata<span class=\"ff1\"> </span>sol<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>risch<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ide<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>fica<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>come<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pote<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>alme<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mater<span class=\"_ _0\"></span>iali<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b6b\">nel<span class=\"ff1\"> </span>punto<span class=\"ff1\"> </span>precedente,<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>ha<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>obiettivo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019identificazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>climatici<span class=\"ff1\"> </span>rilevanti<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b6c\">business<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>relativa<span class=\"ff1\"> <span class=\"_ _20\"></span></span>analisi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>tress<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fin<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ORSA.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>L\u2019analisi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>effettuata<span class=\"ff1\"> <span class=\"_ _20\"></span></span>su<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ogni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>singolo<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b6d\">perimetro<span class=\"ff1\"> </span>(sia<span class=\"ff1\"> </span>lato<span class=\"ff1\"> </span>Asset,<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span>Liabilities)<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>prevede<span class=\"ff1\"> </span>almeno<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>seguenti<span class=\"ff1\"> </span>macro<span class=\"ff1\"> </span>at<span class=\"_ _2\"></span>tivit\u00e0: </div><div class=\"t m6 h33 ff7 fs5 fc0 sc0 ls0 ws0 gs4b6e\">o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b6f\">Identificazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>criteri<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>metodologie<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>utilizzare<span class=\"ff1\"> </span>su<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>portafogli<span class=\"ff1\"> </span>esposti<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b70\">(sia<span class=\"ff1\"> </span>asset,<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span>liabilities)<span class=\"ff1\"> </span>analizzate<span class=\"ff1\"> </span>nei<span class=\"ff1\"> </span>paragrafi<span class=\"ff1\"> </span>successivi; </div><div class=\"t m6 h33 ff7 fs5 fc0 sc0 ls0 ws0 gs4b71\">o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b72\">Valutazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>quali/quantitativa<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ogni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>per<span class=\"_ _2\"></span>imetro<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>identificato<span class=\"ff1\">  </span>rispetto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>alle<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>meto<span class=\"_ _2\"></span>dologie<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b73\">individuate<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>specifiche<span class=\"ff1\"> </span>soglie<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>materialit\u00e0. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b74\">Il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sist<span class=\"_ _2\"></span>ema<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>gestione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>ischi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ESG<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prevede<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>definizione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"_ _2\"></span>dicatori<span class=\"ff1\"> <span class=\"_ _2\"></span></span>utilizzati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>monitorare<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b75\">l\u2019esposizione,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _21\"></span></span>un<span class=\"ff1\"> <span class=\"_ _21\"></span></span>focus<span class=\"ff1\"> <span class=\"_ _21\"></span></span>specifico<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sui<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>climatici<span class=\"ff1\"> <span class=\"_ _21\"></span></span>connessi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ambientali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>insit<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nei<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b76\">portafogli<span class=\"ff1\"> </span>Asset<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>Liabilities<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>Compagnia. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b77\">Si<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rip<span class=\"_ _1\"></span>ortano<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">si<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>tic<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>d<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span>seg<span class=\"_ _0\"></span>uito<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le</span> <span class=\"_ _1\"></span><span class=\"ff3\">misu<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risch<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>tili<span class=\"_ _0\"></span>zza<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">vo<span class=\"_ _0\"></span>lumi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">an<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>zzat<span class=\"_ _0\"></span>i: </span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4b78\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b79\">We<span class=\"_ _0\"></span>igh<span class=\"_ _0\"></span>ted<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Ave<span class=\"_ _0\"></span>rage<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Ca<span class=\"_ _0\"></span>rbon<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Foot<span class=\"_ _0\"></span>prin<span class=\"_ _0\"></span>t; </span></span></span></span></span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4b7a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b7b\">Pe<span class=\"_ _0\"></span>rcen<span class=\"_ _0\"></span>tual<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>lima<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Poli<span class=\"_ _0\"></span>cy<span class=\"ff1\"> </span>Re<span class=\"_ _1\"></span>levan<span class=\"_ _0\"></span>t<span class=\"ff1\"> </span>Act<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>tie<span class=\"_ _0\"></span>s; </span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4b7c\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b7d\">We<span class=\"_ _0\"></span>igh<span class=\"_ _0\"></span>ted<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Avera<span class=\"_ _0\"></span>ge<span class=\"ff1\"> </span>L<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ies<span class=\"ff1\"> </span>Ha<span class=\"_ _0\"></span>zard<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Exp<span class=\"_ _0\"></span>osu<span class=\"_ _0\"></span>re; </span></span></span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4b7e\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b7f\">Pe<span class=\"_ _0\"></span>rcen<span class=\"_ _0\"></span>tual<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">passi<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>ad<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>cl<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>atico<span class=\"_ _0\"></span>. </span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4b80\">Ri<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>hi<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4b81\">st<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>gic<span class=\"_ _0\"></span>o<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b82\">Per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>strategico<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>tende<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>attuale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>prospettico<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">flessione<span class=\"ff1\"> </span>degli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">utili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cap<span class=\"_ _2\"></span>itale<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b83\">e<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sostenibilit\u00e0<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>modello<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>business,<span class=\"ff1\"> </span>incluso<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>riuscire<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">generare<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>adeguato<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4b84\">ritorno<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sul<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>capitale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>su<span class=\"_ _2\"></span>lla<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>base<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _0\"></span>ropensione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>definita<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>all\u2019impresa,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>derivante<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>da<span class=\"_ _3bd\"> </span></div>cambiamenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span>contesto<span class=\"ff1\"> </span>ope<span class=\"_ _0\"></span>rativo<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ecisioni<span class=\"ff1\"> </span>az<span class=\"_ _0\"></span>iendali<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>rrat<span class=\"_ _2\"></span>e,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dall\u2019<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attuazione<span class=\"ff1\"> </span>inadeguata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>decisioni,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>impropria<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>gestione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>appartenenza<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>gruppo,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dalla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>scar<span class=\"_ _2\"></span>sa<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>reattivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"ff1\"> </span>variazioni<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>contesto<span class=\"ff1\"> </span>competitivo.<span class=\"_ _3bd\"> </span>L\u2019<span class=\"_ _0\"></span>anal<span class=\"_ _0\"></span>isi<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risc<span class=\"_ _0\"></span>hi<span class=\"ff1\"> </span>st<span class=\"_ _0\"></span>rate<span class=\"_ _0\"></span>gic<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>vie<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>ffet<span class=\"_ _0\"></span>tua<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>me<span class=\"_ _0\"></span>dian<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>peci<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>he<span class=\"ff1\"> </span>ana<span class=\"_ _0\"></span>lisi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sens<span class=\"_ _0\"></span>itivi<span class=\"_ _0\"></span>ty<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">se<span class=\"_ _0\"></span>de<span class=\"ff1\"> </span>O<span class=\"_ _0\"></span>RSA<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ogni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>qualvolta<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>assista<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>variazioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>significative<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>mercato,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dell\u2019mix<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>produzione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dell<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>ipotesi<span class=\"ff1\"> </span>sottostanti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutazioni<span class=\"ff1\"> </span>(a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">titolo<span class=\"ff1\"> </span>esemplificativo,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tassi<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riscatto<span class=\"ff1\"> </span>best<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">estimate,<span class=\"ff1\"> </span>ipotesi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>minimo<span class=\"ff1\"> </span>garantito,<span class=\"ff1\"> </span>etc).<span class=\"_ _3bd\"> </span>In<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ambito<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>viene<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>altres\u00ec<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valutata<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>presenza<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>potenziali<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>emergenti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sulla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>base<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>delle<span class=\"ff1\"> </span>informazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">derivanti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"_ _2\"></span>l<span class=\"ff1\"> </span>piano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">industriale,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dalle<span class=\"ff1\"> </span>evoluzioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prodotto,<span class=\"ff1\"> </span>dalle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">v<span class=\"_ _0\"></span>ariazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">normative<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>e<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>qualsiasi<span class=\"ff1\"> </span>altra<span class=\"ff1\"> </span>variazione<span class=\"ff1\"> </span>potenzialmente<span class=\"ff1\"> </span>impattante<span class=\"ff1\"> </span>sul<span class=\"ff1\"> </span>profilo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>dell\u2019impresa.<span class=\"_ _3bd\"> </span>In<span class=\"ff1\"> </span>seguito<span class=\"ff1\"> </span>ai<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risultati<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">analis<span class=\"_ _2\"></span>i,<span class=\"ff1\"> </span>ve<span class=\"_ _0\"></span>ngono<span class=\"ff1\"> </span>valutati<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>eventuali<span class=\"ff1\"> </span>cambiamenti<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>apportare<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span></span></span></span></span>mappa<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>aziendali.<span class=\"_ _3bd\"> </span>Le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valutazioni<span class=\"ff1\"> </span>effettuate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dalla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Com<span class=\"_ _2\"></span>pagnia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">hanno<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onsentito<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">delineare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>mappa<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> </span>Framework<span class=\"ff1\"> </span>Solvenc<span class=\"_ _0\"></span>y<span class=\"ff1\"> </span>II<span class=\"ff1\"> </span>-<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cui<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>Compagnia<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>esposta<span class=\"ff1\"> </span>(d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>seguito<span class=\"ff1\"> </span>riportata).<span class=\"_ _3bd\"> </span>Modulo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ris<span class=\"_ _0\"></span>ch<span class=\"_ _0\"></span>io <span class=\"_ _19b\"> </span>Sottom<span class=\"_ _1\"></span>odulo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">ris<span class=\"_ _0\"></span>ch<span class=\"_ _0\"></span>io <span class=\"_ _198\"> </span>Es<span class=\"_ _0\"></span>posi<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>Un<span class=\"_ _0\"></span>der<span class=\"_ _0\"></span>writ<span class=\"_ _0\"></span>ing<span class=\"ff1\"> </span>Ris<span class=\"_ _1\"></span>k<span class=\"_ _3bd\"> </span>Mort<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>ty<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ris<span class=\"_ _1\"></span>k <span class=\"_ _31d\"> </span>X<span class=\"_ _3bd\"> </span></span></span>Lon<span class=\"_ _0\"></span>gev<span class=\"_ _0\"></span>ity<span class=\"ff1\"> </span>ris<span class=\"_ _1\"></span>k <span class=\"_ _333\"> </span>X<span class=\"_ _3bd\"> </span>Disa<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>lity<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">mor<span class=\"_ _0\"></span>bid<span class=\"_ _0\"></span>ity<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ri<span class=\"_ _0\"></span>sk<span class=\"_ _1\"></span> <span class=\"_ _2c0\"> </span>---<span class=\"_ _1\"></span> </span></span></span></span>Life<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Lapse<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">r<span class=\"_ _0\"></span>is<span class=\"_ _1\"></span>k <span class=\"_ _2a4\"> </span>X<span class=\"_ _3bd\"> </span></span></span></span></span>Expense<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ris<span class=\"_ _1\"></span>k <span class=\"_ _19e\"> </span>X<span class=\"_ _3bd\"> </span></span></span>Rev<span class=\"_ _0\"></span>isi<span class=\"_ _0\"></span>onar<span class=\"_ _0\"></span>y<span class=\"ff1\"> </span>ris<span class=\"_ _0\"></span>k<span class=\"_ _0\"></span> <span class=\"_ _243\"> </span>-<span class=\"_ _0\"></span>--<span class=\"_ _1\"></span> CAT<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ri<span class=\"_ _0\"></span>sk<span class=\"_ _1\"></span> <span class=\"_ _58\"> </span>X<span class=\"_ _3bd\"> </span></span></span>Market<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ri<span class=\"_ _0\"></span>sk<span class=\"_ _1\"></span> </span></span>Interest<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">r<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>k<span class=\"_ _0\"></span> <span class=\"_ _117\"> </span>X<span class=\"_ _0\"></span> </span></span></span></span>Equity<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ris<span class=\"_ _1\"></span>k <span class=\"_ _2a3\"> </span>X<span class=\"_ _3bd\"> </span></span></span>Property<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ri<span class=\"_ _0\"></span>sk<span class=\"_ _1\"></span> <span class=\"_ _19e\"> </span>X<span class=\"_ _3bd\"> </span></span></span>Spread<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ri<span class=\"_ _0\"></span>sk<span class=\"_ _1\"></span> <span class=\"_ _17\"> </span>X<span class=\"_ _3bd\"> </span></span></span>Cu<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>ncy<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ris<span class=\"_ _1\"></span>k <span class=\"_ _e0\"> </span>X<span class=\"_ _3bd\"> </span></span></span>Con<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>ntra<span class=\"_ _0\"></span>tion<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span><span class=\"ff3\">ri<span class=\"_ _0\"></span>sk<span class=\"_ _1\"></span> <span class=\"_ _279\"> </span>---<span class=\"_ _1\"></span> </span></span>Cou<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>rpa<span class=\"_ _0\"></span>rty<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">def<span class=\"_ _0\"></span>aul<span class=\"_ _0\"></span>t<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ri<span class=\"_ _0\"></span>sk<span class=\"_ _1\"></span> </span></span>Type<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">1<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>oun<span class=\"_ _0\"></span>terp<span class=\"_ _0\"></span>art<span class=\"_ _1\"></span>ies <span class=\"_ _20c\"> </span>X<span class=\"_ _3bd\"> </span></span></span>Type<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">2<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>oun<span class=\"_ _0\"></span>terp<span class=\"_ _0\"></span>art<span class=\"_ _1\"></span>ies <span class=\"_ _171\"> </span>---<span class=\"_ _1\"></span> </span></span>Op<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>tiona<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>Ris<span class=\"_ _0\"></span>k<span class=\"_ _1\"></span> <span class=\"_ _eb\"> </span>Ope<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>onal<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ris<span class=\"_ _1\"></span>k <span class=\"_ _5e\"> </span>X<span class=\"_ _3bd\"> </span></span></span>Le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valutazioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _0\"></span>rospett<span class=\"_ _2\"></span>iche<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>hanno<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rilev<span class=\"_ _0\"></span>ato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>punto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">vista</span> <span class=\"_ _27\"> </span><span class=\"ff3\">regolamentare</span> </span>(Solvency<span class=\"ff1\"> </span>II)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rischi</span> <span class=\"_ _0\"></span><span class=\"ff3\">emergenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>ragione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">delle<span class=\"ff1\"> </span>azioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">previste<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dalle<span class=\"ff1\"> </span>nuove<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">strategie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>vestimento<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>bu<span class=\"_ _0\"></span>siness.<span class=\"ff1\"> </span>Si<span class=\"ff1\"> </span>evidenzia<span class=\"ff1\"> </span>tuttavia<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>loro<span class=\"ff1\"> </span>differente<span class=\"ff1\"> </span>composizione<span class=\"ff1\"> </span>anche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>termini<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rilevanza<span class=\"ff1\"> </span></span></span>rispetto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> <span class=\"_ _21\"></span></span>pas<span class=\"_ _0\"></span>sato.<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>In<span class=\"ff1\"> <span class=\"_ _21\"></span></span>par<span class=\"_ _0\"></span>ticolare,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>si<span class=\"ff1\"> <span class=\"_ _20\"></span></span>evidenza<span class=\"ff1\"> <span class=\"_ _21\"></span></span>un<span class=\"ff1\"> <span class=\"_ _21\"></span></span>increme<span class=\"_ _0\"></span>nto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>ischi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Life<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Underwriting<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ed<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> </span>particolar<span class=\"ff1\"> <span class=\"_ _2\"></span></span>modo<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Lapse<span class=\"ff1\"> </span>Mass<span class=\"ff1\"> <span class=\"_ _2\"></span></span>come<span class=\"ff1\"> </span>conseguenza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>indiretta<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> </span>dinamiche<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>mercat<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>2022<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>hanno<span class=\"ff1\"> </span>portato<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>significativo<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>repentino<span class=\"ff1\"> </span>aumento<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>tassi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>interessi.<span class=\"_ _3bd\"> </span>Si<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>evidenziano<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>inoltre,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">relazione</span> <span class=\"_ _27\"> </span><span class=\"ff3\">del</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">Re<span class=\"_ _0\"></span>golamento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(UE)<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>2019/<span class=\"_ _2\"></span>2088<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Parlamento<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Europeo<span class=\"ff1\"> </span></span></span>relativo<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>a<span class=\"_ _2\"></span>ll'informativa<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>settore<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>servizi<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>finanziari,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>l'i<span class=\"_ _2\"></span>dentificazione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>seguenti<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>rischi<span class=\"ff1\"> </span>emergenti:<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>ESG<span class=\"ff1\"> </span>(Ambientali,<span class=\"ff1\"> </span>Sociali,<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Governo).<span class=\"_ _3bd\"> </span>Con<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>riferimento<span class=\"ff1\">  </span>ai<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>pro<span class=\"_ _2\"></span>spettici<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\">  </span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>quelli<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>monitorati<span class=\"ff1\">  </span>alla<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>data<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\">  </span>valutazione,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>l\u2019analisi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ha<span class=\"ff1\"> </span>permesso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>individ<span class=\"_ _0\"></span>uare<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>otto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>mo<span class=\"_ _2\"></span>duli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>maggiormente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>significativi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>impattanti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> </span>Com<span class=\"_ _0\"></span>pag<span class=\"_ _0\"></span>nia,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">che<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">risu<span class=\"_ _0\"></span>ltan<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>ssere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sotto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mo<span class=\"_ _0\"></span>dul<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">r<span class=\"_ _0\"></span>isch<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>E<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>ty,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Spre<span class=\"_ _0\"></span>ad,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Opera<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>nal<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>L<span class=\"_ _0\"></span>apse<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Mas<span class=\"_ _0\"></span>s.<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Anche<span class=\"ff1\"> </span>se<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>punto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>vi<span class=\"_ _0\"></span>sta<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">requisito<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>capitale<span class=\"ff1\"> </span>generato<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>modulo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>Interest<span class=\"ff1\"> </span>Rate,<span class=\"ff1\"> </span></span></span>alla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>data<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>val<span class=\"_ _0\"></span>utazione,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rappresenta<span class=\"ff1\"> <span class=\"_ _21\"></span></span>un<span class=\"ff1\"> <span class=\"_ _21\"></span></span>modulo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rischio<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span></span>rilevante,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>t<span class=\"_ _2\"></span>uttavia<span class=\"ff1\"> <span class=\"_ _21\"></span></span>per<span class=\"ff1\"> <span class=\"_ _21\"></span></span>gli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>effetti<span class=\"ff1\"> </span>indiretti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>esso<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pu\u00f2<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>generare,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fattore<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>viene<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>considerato<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tra<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>r<span class=\"_ _2\"></span>ischi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>principali<span class=\"_ _0\"></span><span class=\"ff1\"> </span>d\u2019<span class=\"_ _0\"></span>atten<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>onare<span class=\"_ _1\"></span>.<span class=\"_ _3bd\"> </span>Inoltre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">evidenzia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019<span class=\"_ _2\"></span>esposizione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Compagnia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Sprea<span class=\"_ _2\"></span>d<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sui<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Governativi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ITA<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(rischio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>contemplato<span class=\"ff1\">  </span>nell<span class=\"_ _0\"></span>a<span class=\"ff1\">  </span>Formula<span class=\"ff1\">  </span>St<span class=\"_ _0\"></span>andard).<span class=\"ff1\">  </span>La<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Compagnia<span class=\"ff1\">  </span>nelle<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">proprie</span>  <span class=\"ff3\">valu<span class=\"_ _0\"></span>tazioni<span class=\"ff1\">  </span>prende<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> </span></span></span>considerazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tale<span class=\"ff1\">  </span>fattore<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischio<span class=\"ff1\">  </span>mediante<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>specifiche<span class=\"ff1\">  </span>analisi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\">  </span>sensitivity<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>effettuate<span class=\"ff1\"> </span>periodicamente<span class=\"ff1\"> </span>(almeno<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>frequenza<span class=\"ff1\"> </span>trimestrale)<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>all\u2019interno<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Report<span class=\"_ _2\"></span><span class=\"ff1\"> </span>ORSA<span class=\"ff1\"> </span>YE<span class=\"ff1\"> </span>31.12.2022.<span class=\"ff1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>analisi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quali/quantitativa<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sull\u2019adeguatezza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Profilo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Ris<span class=\"_ _2\"></span>chio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Compagnia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rispett<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>i<span class=\"ff1\"> </span>requisiti<span class=\"ff1\"> </span>sottostanti<span class=\"ff1\"> </span>l\u2019applicazione<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>Formula<span class=\"ff1\"> </span>Standard<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>no<span class=\"ff1\"> </span>risultate<span class=\"ff1\"> </span>positive.<span class=\"_ _3bd\"> </span>Le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>isultanze<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>val<span class=\"_ _0\"></span>utazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischi<span class=\"ff1\"> </span>h<span class=\"_ _0\"></span>anno<span class=\"ff1\"> </span>evidenziato<span class=\"ff1\"> </span>una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">volatilit\u00e0<span class=\"ff1\"> </span>nell\u2019evolu<span class=\"_ _0\"></span>zione<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>del<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">sol<span class=\"_ _0\"></span>vibi<span class=\"_ _0\"></span>lit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>Comp<span class=\"_ _0\"></span>agn<span class=\"_ _0\"></span>ia<span class=\"ff1\"> </span>deriv<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">flu<span class=\"_ _0\"></span>ttuaz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>dell<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>spr<span class=\"_ _0\"></span>ead<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">BTP<span class=\"_ _0\"></span>/Bund<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">e</span> <span class=\"_ _2\"></span><span class=\"ff3\">da<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span>cre<span class=\"_ _0\"></span>scit<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>repentina<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tassi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>interesse.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Tutt<span class=\"_ _2\"></span>avia,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>volatilit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019indice<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>solvibilit\u00e0,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>governata<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dalla<span class=\"ff1\"> </span>Compagnia<span class=\"ff1\"> </span>mediante<span class=\"ff1\"> </span>l\u2019attivazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>specifici<span class=\"ff1\"> </span>presidi<span class=\"ff1\"> </span>organizzativi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>monitor<span class=\"_ _2\"></span>aggio.<span class=\"_ _3bd\"> </span>Oltre<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>calcolo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>degli<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>impatti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dovuti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ai<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>natura<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>quantificabile,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Compagnia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>gestisce<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> </span>monitora<span class=\"ff1\"> </span>anche<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rientr<span class=\"_ _2\"></span>anti<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>ell\u2019ambito<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>For<span class=\"_ _2\"></span>mula<span class=\"ff1\"> </span>Standard<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>cosiddetti<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> </span></span></span></span></span>quantificabili<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>punto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>vista<span class=\"ff1\"> </span>regolamentare,<span class=\"ff1\"> </span>quali:<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>sp<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>ea<span class=\"_ _0\"></span>d<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tito<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gov<span class=\"_ _0\"></span>erna<span class=\"_ _0\"></span>tivi<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l<span class=\"_ _0\"></span>iqu<span class=\"_ _0\"></span>idit<span class=\"_ _0\"></span>\u00e0;<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>AL<span class=\"_ _1\"></span>M;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>stra<span class=\"_ _0\"></span>teg<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>o;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">no<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onf<span class=\"_ _0\"></span>ormi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">n<span class=\"_ _0\"></span>orme<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>puta<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>ndot<span class=\"_ _0\"></span>ta<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>E<span class=\"_ _0\"></span>SG<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>ocus<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sp<span class=\"_ _0\"></span>eci<span class=\"_ _0\"></span>fico<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sui<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cl<span class=\"_ _0\"></span>ima<span class=\"_ _0\"></span>tici<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>onne<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ai<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ambie<span class=\"_ _1\"></span>ntali)<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ap<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>rtene<span class=\"_ _0\"></span>nza<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">gr<span class=\"_ _0\"></span>uppo;<span class=\"_ _0\"></span> </span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span>merg<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sost<span class=\"_ _0\"></span>enib<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>t\u00e0.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>Allo<span class=\"ff1\"> </span>stato<span class=\"ff1\"> </span>attuale<span class=\"ff1\"> </span>tali<span class=\"ff1\"> </span>tipologie<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>hanno<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>livello<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>gest<span class=\"_ _2\"></span>ione<span class=\"ff1\"> </span>coeren<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>rilevanza<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>fattori<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">li<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">caratter<span class=\"_ _2\"></span>izzano,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">periodicamente<span class=\"ff1\"> </span>monitorate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">comport<span class=\"_ _2\"></span>ano<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">add-on<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>termini<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>capitale<span class=\"ff1\"> </span>regolamentare.<span class=\"_ _3bd\"> </span>Al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>momento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>vi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>so<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>risultati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">e<span class=\"_ _0\"></span>videnzino<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>situazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>criticit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>term<span class=\"_ _2\"></span>ini<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>solvibilit<span class=\"_ _2\"></span>\u00e0<span class=\"ff1\"> </span></span></span>derivanti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dai<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>str<span class=\"_ _2\"></span>ategici<span class=\"_ _0\"></span>.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>T<span class=\"_ _2\"></span>uttavia,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>anche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>luce<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contesto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>attuale,<span class=\"ff1\"> </span>verr<span class=\"_ _2\"></span>\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mantenuto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> </span>attento<span class=\"ff1\"> </span>monitoraggio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con</span> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>fine<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>intercettare<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pos<span class=\"_ _2\"></span>sibili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">variazioni<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>contesto<span class=\"ff1\"> </span>mac<span class=\"_ _0\"></span>ro-economico<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">possono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">avere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">impatt<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">significativi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sugli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Own<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">F<span class=\"_ _2\"></span>unds<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Co<span class=\"_ _2\"></span>mpagnia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sul<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Lapse<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Mass.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>CR<span class=\"_ _0\"></span>ED<span class=\"_ _0\"></span>EM<span class=\"_ _0\"></span>ASS<span class=\"_ _1\"></span>ICUR<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>ZIO<span class=\"_ _0\"></span>NI<span class=\"_ _3bd\"> </span>S.<span class=\"_ _0\"></span>P.A<span class=\"_ _1\"></span>.<span class=\"fc0 sc1\"> </span>Ap<span class=\"_ _0\"></span>pro<span class=\"_ _1\"></span>ccio<span class=\"_ _3bd\"> </span>al<span class=\"_ _0\"></span>la<span class=\"_ _3bd\"> </span>ge<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>io<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>Cre<span class=\"_ _1\"></span>dem<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>sic<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>St<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>teg<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>ge<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span>ris<span class=\"_ _0\"></span>ch<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Credemassicurazioni<span class=\"ff1\"> </span>S.p.A<span class=\"ff1\"> </span>opera<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sulla<span class=\"ff1\"> </span>scorta<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>strategia<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>assunzione<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>gestione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>basata<span class=\"ff1\"> <span class=\"_ _20\"></span></span>su<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cr<span class=\"_ _2\"></span>iteri<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sa<span class=\"_ _2\"></span>na<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prudente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gestione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>coerente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>livello<span class=\"ff1\"> <span class=\"_ _20\"></span></span>patrimoniale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019im<span class=\"_ _2\"></span>presa.<span class=\"ff1\"> </span>Tale<span class=\"ff1\"> </span>strategia<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>fonda<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>principi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischi<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>co<span class=\"_ _2\"></span>nsiderano<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>aspetti<span class=\"ff1\"> </span>relativi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> </span>loro<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rilevanza/significativit\u00e0.<span class=\"_ _3bd\"> </span></span></span>L\u2019approccio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>se<span class=\"_ _2\"></span>guito<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nella<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>gestione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fondato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sul<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>criterio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>propor<span class=\"_ _2\"></span>zionalit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">viene</span> </span>del<span class=\"_ _0\"></span>ine<span class=\"_ _0\"></span>ato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">apposi<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>po<span class=\"_ _0\"></span>liti<span class=\"_ _0\"></span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">intern<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>se<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del</span> <span class=\"ff3\">Reg<span class=\"_ _0\"></span>ola<span class=\"_ _0\"></span>mento<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">IVASS<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">n.38<span class=\"_ _0\"></span>/2018<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>ognun<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>degli<span class=\"_ _1\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>ambiti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischiosit\u00e0<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>insistono<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>Compagnia.<span class=\"_ _3bd\"> </span>Gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">el<span class=\"_ _0\"></span>eme<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">chia<span class=\"_ _0\"></span>ve<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attra<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>rso<span class=\"ff1\"> </span>cu<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>iene<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>fini<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>trate<span class=\"_ _0\"></span>gia<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mod<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ge<span class=\"_ _1\"></span>stione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Compagnia<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>seguenti:<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>ide<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>e<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">cla<span class=\"_ _0\"></span>ssifi<span class=\"_ _0\"></span>caz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u2013<span class=\"ff1\"> </span>map<span class=\"_ _0\"></span>pa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>luta<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ris<span class=\"_ _0\"></span>chi;<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>stru<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">m<span class=\"_ _0\"></span>eto<span class=\"_ _0\"></span>dol<span class=\"_ _0\"></span>ogie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mi<span class=\"_ _0\"></span>sura<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>ge<span class=\"_ _0\"></span>stio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">r<span class=\"_ _0\"></span>isch<span class=\"_ _0\"></span>i;<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>mon<span class=\"_ _0\"></span>ito<span class=\"_ _0\"></span>ragg<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rep<span class=\"_ _0\"></span>orti<span class=\"_ _0\"></span>ng.<span class=\"_ _3bd\"> </span></span></span>I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pri<span class=\"_ _0\"></span>ncip<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gen<span class=\"_ _0\"></span>eral<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ado<span class=\"_ _0\"></span>ttati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>er<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">def<span class=\"_ _0\"></span>ini<span class=\"_ _0\"></span>zione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>iste<span class=\"_ _0\"></span>ma<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ge<span class=\"_ _0\"></span>stion<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">r<span class=\"_ _0\"></span>isc<span class=\"_ _0\"></span>hio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">co<span class=\"_ _0\"></span>nside<span class=\"_ _0\"></span>ran<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uind<span class=\"_ _0\"></span>i:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>la<span class=\"ff1\"> </span>verifica<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>coerenza<span class=\"ff1\"> </span>tra<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>livello<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>assunto<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>livello<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>patrimonio<span class=\"ff1\"> </span>disponibile<span class=\"ff1\"> </span>atteso<span class=\"ff1\"> </span>(Risk<span class=\"ff1\"> </span>Appetite);<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>la<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>misurabilit\u00e0<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>/<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>valutazione<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>r<span class=\"_ _2\"></span>ischi<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>(per<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>quelli<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>quantificabili)<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>permettere<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>al<span class=\"ff1\"> </span>management<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valutare<span class=\"ff1\"> </span>l\u2019impatto<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>stessi<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ull\u2019and<span class=\"_ _0\"></span>amento<span class=\"ff1\"> </span>aziendale;<span class=\"_ _2\"></span> -<span class=\"_ _3bd\"> </span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>termi<span class=\"_ _0\"></span>naz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>roce<span class=\"_ _1\"></span>ssi<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pre<span class=\"_ _0\"></span>sidi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">op<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uell<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">qu<span class=\"_ _0\"></span>anti<span class=\"_ _0\"></span>fica<span class=\"_ _0\"></span>bili<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>presenza<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sistema<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>monitoraggio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>continuativo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>profilo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>attuale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> </span>prospettico<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>relativi<span class=\"ff1\"> </span>indicatori<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>e/o<span class=\"ff1\"> </span>rendimento<span class=\"ff1\"> </span>ident<span class=\"_ _2\"></span>ificati.<span class=\"_ _3bd\"> </span>Credemassicurazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ne<span class=\"_ _2\"></span>ll\u2019ambito<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>proprio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sistema<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>gestione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rischi,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ha<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>strutt<span class=\"_ _2\"></span>urato<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ed<span class=\"ff1\"> </span>implementato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>autonomo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>processo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valutazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>propria<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>adeguatezza<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>patrimoniale,<span class=\"ff1\"> </span>attuale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>prospettica,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>relazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ai<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rilevanti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>v<span class=\"_ _2\"></span>erso<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>quali<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Compagnia<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>isulta<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>esposta<span class=\"ff1\"> </span>(processo<span class=\"ff1\"> </span>ORSA<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> </span>Own<span class=\"ff1\"> </span>Risk<span class=\"ff1\"> </span>and<span class=\"ff1\"> </span>Solvency<span class=\"ff1\"> </span>Assessment).<span class=\"ff1\"> </span>Tale<span class=\"ff1\"> </span>processo<span class=\"ff1\"> </span>ha<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>seguenti<span class=\"ff1\"> </span>fasi:<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Va<span class=\"_ _0\"></span>luta<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rosp<span class=\"_ _0\"></span>etti<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del</span> <span class=\"_ _0\"></span><span class=\"ff3\">Solv<span class=\"_ _0\"></span>enc<span class=\"_ _0\"></span>y<span class=\"ff1\"> </span>II<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Ra<span class=\"_ _0\"></span>tio;<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Str<span class=\"_ _0\"></span>ess<span class=\"ff1\"> </span>T<span class=\"_ _0\"></span>est<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Pi<span class=\"_ _0\"></span>ano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Liq<span class=\"_ _0\"></span>uidi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pros<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ttic<span class=\"_ _0\"></span>o; </span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Ade<span class=\"_ _0\"></span>gua<span class=\"_ _0\"></span>tezz<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">For<span class=\"_ _0\"></span>mul<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>S<span class=\"_ _0\"></span>tand<span class=\"_ _0\"></span>ard<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>spe<span class=\"_ _0\"></span>tto<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">profi<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">risc<span class=\"_ _0\"></span>hio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">della<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Co<span class=\"_ _0\"></span>mpag<span class=\"_ _0\"></span>nia;<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Ba<span class=\"_ _0\"></span>ck<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Testi<span class=\"_ _0\"></span>ng; </span></span>-<span class=\"_ _3bd\"> </span>Pre<span class=\"_ _0\"></span>dis<span class=\"_ _0\"></span>posi<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ORSA<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Re<span class=\"_ _0\"></span>port<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"_ _0\"></span><span class=\"ff3\">inv<span class=\"_ _0\"></span>io. </span></span></span></span></span></span>Pa<span class=\"_ _0\"></span>rte<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">integ<span class=\"_ _0\"></span>ran<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">proce<span class=\"_ _0\"></span>sso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ORSA<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>ono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anch<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">segue<span class=\"_ _1\"></span>nti<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>roc<span class=\"_ _0\"></span>essi<span class=\"_ _0\"></span>: </span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Def<span class=\"_ _0\"></span>ini<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pia<span class=\"_ _0\"></span>no<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">preli<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>nare<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">bu<span class=\"_ _0\"></span>dge<span class=\"_ _0\"></span>t<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>zien<span class=\"_ _0\"></span>dale<span class=\"_ _0\"></span>; </span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Def<span class=\"_ _0\"></span>ini<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Ris<span class=\"_ _0\"></span>k<span class=\"ff1\"> </span>Ap<span class=\"_ _0\"></span>pet<span class=\"_ _0\"></span>ite; </span></span></span></span>-<span class=\"_ _3bd\"> </span>Ind<span class=\"_ _0\"></span>ivid<span class=\"_ _0\"></span>uaz<span class=\"_ _0\"></span>ione<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">v<span class=\"_ _0\"></span>alut<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risc<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">C<span class=\"_ _0\"></span>onti<span class=\"_ _0\"></span>nuou<span class=\"_ _0\"></span>s<span class=\"ff1\"> </span>Mo<span class=\"_ _0\"></span>nit<span class=\"_ _0\"></span>oring<span class=\"_ _0\"></span>. </span></span></span></span></span></span>Nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>ell\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>indirizzo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>strategico<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Compagnia,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">Consiglio</span> <span class=\"_ _21\"></span><span class=\"ff3\">di</span> <span class=\"_ _20\"></span><span class=\"ff3\">Amminist<span class=\"_ _2\"></span>razione</span> </span>individua<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>approva<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>i<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>corrett<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dimensionamento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dot<span class=\"_ _2\"></span>azione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>complessiva<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cap<span class=\"_ _2\"></span>itale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>gli<span class=\"_ _2\"></span><span class=\"ff1\"> </span>obiettivi<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">redditivit\u00e0</span> <span class=\"ff3\">cor<span class=\"_ _2\"></span>retta</span> <span class=\"ff3\">per</span> <span class=\"ff3\">il</span> <span class=\"_ _0\"></span><span class=\"ff3\">rischio.<span class=\"ff1\"> </span>La<span class=\"ff1\"> </span>formulazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>preliminari<span class=\"ff1\"> </span>linee<span class=\"ff1\"> </span>guida<span class=\"ff1\"> </span>strategiche<span class=\"ff1\"> </span></span></span>da<span class=\"ff1\"> <span class=\"_ _21\"></span></span>parte<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Consiglio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Amminist<span class=\"_ _2\"></span>razione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ind<span class=\"_ _0\"></span>irizza<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>calibrazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>de<span class=\"_ _2\"></span>gli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ob<span class=\"_ _2\"></span>iettivi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>lo<span class=\"ff1\"> </span>sviluppo<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>piano<span class=\"ff1\"> </span>strategico. Tali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>significativamente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>connesse<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>vengono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>entra<span class=\"_ _2\"></span>mbe<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sviluppate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>considerando<span class=\"ff1\"> <span class=\"_ _21\"></span></span>la<span class=\"ff1\"> </span>situazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>partenza<span class=\"ff1\"> <span class=\"_ _21\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Co<span class=\"_ _2\"></span>mpagnia,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>visione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>prospettica<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">contesto</span> <span class=\"_ _21\"></span><span class=\"ff3\">esterno,</span> <span class=\"_ _21\"></span><span class=\"ff3\">i</span> <span class=\"_ _20\"></span><span class=\"ff3\">profili</span> <span class=\"_ _21\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span>rischio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>gli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>orientamenti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>t<span class=\"_ _2\"></span>ermini<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sviluppo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>innovazion<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>prodot<span class=\"_ _2\"></span>ti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>(in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>coerenza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> </span>processo<span class=\"ff1\"> </span>POG)<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio. Gli<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>in<span class=\"_ _0\"></span>dirizzi<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>strategici<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>approvati<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>Consiglio<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>Amministrazione<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>riflett<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>sull\u2019assetto<span class=\"_ _0\"></span><span class=\"ff1\"> </span>produttivo<span class=\"ff1\">  </span>e<span class=\"ff1\">  </span>organizzativo<span class=\"ff1\">  </span>al<span class=\"ff1\">  </span>fine<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>determinare<span class=\"ff1\">  </span>l\u2019impatto<span class=\"ff1\">  </span>desiderato<span class=\"ff1\">  </span>\u2013<span class=\"ff1\">  </span>nell\u2019orizzonte<span class=\"ff1\">  </span>della<span class=\"ff1\"> </span>pianificazione<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> </span>sul<span class=\"ff1\"> </span>binomio<span class=\"ff1\"> </span>rischio/rendimento. Nel<span class=\"ff1\"> </span>continuo,<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Funzione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Risk<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Management<span class=\"ff1\"> <span class=\"_ _2\"></span></span>supporta<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>organi<span class=\"ff1\"> </span>aziendali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nelle<span class=\"ff1\"> </span>scelte<span class=\"ff1\"> </span>derivanti<span class=\"ff1\"> </span>dall\u2019attuazione<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>piano<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>ag<span class=\"_ _2\"></span>evolando<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>comprensione<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>consapevolezza<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>r<span class=\"_ _2\"></span>ischi<span class=\"ff1\"> </span>assunti/assumibili<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>presidio<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>stessi. Id<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>fica<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>cl<span class=\"_ _0\"></span>ass<span class=\"_ _1\"></span>ific<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>hi<span class=\"_ _3bd\"> </span>\u2013<span class=\"_ _3bd\"> </span>ma<span class=\"_ _1\"></span>ppa<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>hi<span class=\"fc0 sc1\"> </span>La<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>egolamentazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>settore,<span class=\"ff1\"> </span>recante<span class=\"ff1\"> <span class=\"_ _2\"></span></span>disposizioni<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>materia<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sistema<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>gestione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> </span>rischi,<span class=\"ff1\"> </span>richiede<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>alle<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>imprese<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>effettuare<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>cat<span class=\"_ _2\"></span>alogazione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>de<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>ris<span class=\"_ _2\"></span>chi<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>ess<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>sono<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>espost<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>indipendentemente<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>alla<span class=\"ff1\">  </span>circostanza<span class=\"ff1\">  </span>ch<span class=\"_ _0\"></span>e<span class=\"ff1\">  </span>siano<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>quantificabili,<span class=\"ff1\">  </span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>funzione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>della<span class=\"ff1\">  </span>natura,<span class=\"ff1\">  </span>de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span>portata<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>complessit\u00e0<span class=\"ff1\"> </span>inerenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>all\u2019attivit\u00e0<span class=\"ff1\"> </span>svolta,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>ottica<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attuale<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prospettica,<span class=\"ff1\"> </span>nonch\u00e9<span class=\"ff1\"> </span>gl<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>effetti<span class=\"ff1\"> </span>indiretti<span class=\"ff1\"> </span>connessi<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>significativi. Ta<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>cat<span class=\"_ _0\"></span>alo<span class=\"_ _0\"></span>gazi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>stit<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>sce<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">il</span> <span class=\"ff3\">lin<span class=\"_ _0\"></span>gua<span class=\"_ _0\"></span>ggi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>comun<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>lo<span class=\"ff1\"> </span>sv<span class=\"_ _0\"></span>olg<span class=\"_ _0\"></span>imen<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tu<span class=\"_ _0\"></span>tte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>atti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>nesse<span class=\"_ _1\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span>con<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>sistema<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>gestione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>aziendali. I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ris<span class=\"_ _0\"></span>chi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Comp<span class=\"_ _0\"></span>agni<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>so<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>lassi<span class=\"_ _0\"></span>fi<span class=\"_ _0\"></span>cati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ne<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">seg<span class=\"_ _0\"></span>uen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rin<span class=\"_ _0\"></span>cipa<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>cl<span class=\"_ _0\"></span>assi<span class=\"_ _0\"></span>: </span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sot<span class=\"_ _0\"></span>tosc<span class=\"_ _0\"></span>riz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>tec<span class=\"_ _0\"></span>nici<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ass<span class=\"_ _0\"></span>icu<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>vi)<span class=\"_ _0\"></span>; </span></span></span></span>-<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mer<span class=\"_ _0\"></span>cato:<span class=\"_ _0\"></span> </span></span></span></span>o<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Me<span class=\"_ _0\"></span>rca<span class=\"_ _0\"></span>to; </span></span>o<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>A<span class=\"_ _0\"></span>LM<span class=\"_ _0\"></span>; o<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>L<span class=\"_ _0\"></span>iqui<span class=\"_ _0\"></span>dit\u00e0<span class=\"_ _0\"></span>.; -<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>red<span class=\"_ _0\"></span>ito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">coun<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>rparty<span class=\"_ _0\"></span>; </span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o<span class=\"_ _0\"></span>pera<span class=\"_ _0\"></span>tivi<span class=\"_ _0\"></span>: </span></span>o<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">O<span class=\"_ _0\"></span>pera<span class=\"_ _0\"></span>tivi<span class=\"_ _0\"></span>; </span></span>o<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>In<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>co<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">C<span class=\"_ _0\"></span>yber<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Ris<span class=\"_ _0\"></span>k; </span></span></span></span>-<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">n<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">conf<span class=\"_ _0\"></span>ormi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">n<span class=\"_ _0\"></span>orme<span class=\"_ _0\"></span>; </span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>ndi<span class=\"_ _0\"></span>retti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">se<span class=\"_ _0\"></span>cond<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>li<span class=\"_ _0\"></span>vell<span class=\"_ _0\"></span>o; </span></span></span></span></span></span></span></span>o<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>leg<span class=\"_ _0\"></span>ato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">all<span class=\"_ _0\"></span>\u2019app<span class=\"_ _0\"></span>arte<span class=\"_ _0\"></span>nen<span class=\"_ _0\"></span>za<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gru<span class=\"_ _0\"></span>ppo;<span class=\"_ _0\"></span> </span></span></span></span>o<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>put<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>onale<span class=\"_ _0\"></span>; o<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cond<span class=\"_ _0\"></span>otta<span class=\"_ _0\"></span>; </span></span></span></span>o<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">E<span class=\"_ _0\"></span>SG<span class=\"_ _1\"></span>; </span></span>-<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">st<span class=\"_ _0\"></span>rate<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>ci; </span></span>-<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span>merge<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>. </span></span>Il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>processo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>identificazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Compagnia<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>espost<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>costituisce<span class=\"ff1\"> <span class=\"_ _21\"></span></span>un<span class=\"ff1\"> <span class=\"_ _21\"></span></span>elemento<span class=\"ff1\"> </span>fondamentale<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>corretta<span class=\"ff1\"> </span>implementazione<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pi\u00f9<span class=\"ff1\"> </span>ampio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>processo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>gestione<span class=\"ff1\"> </span>dei<span class=\"ff1\">  </span>rischi.<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>Credemassicurazioni,<span class=\"ff1\">  </span>in<span class=\"ff1\">  </span>linea<span class=\"ff1\">  </span>con<span class=\"ff1\">  </span>la<span class=\"ff1\">  </span>Nor<span class=\"_ _2\"></span>mativa<span class=\"ff1\">  </span>Regolamentare,<span class=\"ff1\">  </span>ha<span class=\"ff1\">  </span>previsto<span class=\"ff1\">  </span>una<span class=\"ff1\"> </span>procedura<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">censime<span class=\"_ _2\"></span>nto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischi,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"_ _2\"></span>ntendersi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">co<span class=\"_ _2\"></span>me<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">str<span class=\"_ _2\"></span>umento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">metodologico<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">support<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nello<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>svolgimento<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>individuazione<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>permetta<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>raccogliere<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>via<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">continuativa<span class=\"ff1\"> </span>informazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sui<span class=\"ff1\"> </span>rischi,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">int<span class=\"_ _2\"></span>erni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ed<span class=\"ff1\"> </span>esterni,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esistenti<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">prospettici<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span>esposta,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">possono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">interess<span class=\"_ _2\"></span>are<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tutti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">processi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">operativi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ar<span class=\"_ _2\"></span>ee<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">aziendali.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sua<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nat<span class=\"_ _2\"></span>ura<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">procedura<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>\u00e8<span class=\"ff1\"> </span>continua<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>evoluzione<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>progressivo<span class=\"ff1\"> </span>affinamento<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>sistema<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>gestione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>all\u2019evoluzione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>quadro<span class=\"ff1\"> </span>normativo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>riferimento.<span class=\"_ _3bd\"> </span>La<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pro<span class=\"_ _0\"></span>cedu<span class=\"_ _0\"></span>ra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cen<span class=\"_ _0\"></span>sime<span class=\"_ _0\"></span>nto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">C<span class=\"_ _0\"></span>rede<span class=\"_ _0\"></span>mass<span class=\"_ _0\"></span>icu<span class=\"_ _0\"></span>razi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">si<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">arti<span class=\"_ _0\"></span>col<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>ua<span class=\"_ _0\"></span>ttro<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>asi<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>an<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span>p<span class=\"_ _1\"></span>iano<span class=\"ff1\"> </span>str<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span>gic<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>azi<span class=\"_ _0\"></span>enda<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>divi<span class=\"_ _0\"></span>dua<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fatt<span class=\"_ _0\"></span>ori<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risc<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>eme<span class=\"_ _0\"></span>rgen<span class=\"_ _0\"></span>ti;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>divi<span class=\"_ _0\"></span>duaz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>atto<span class=\"_ _0\"></span>ri<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>ster<span class=\"_ _0\"></span>ni;<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>divi<span class=\"_ _0\"></span>duaz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _1\"></span>ei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fatto<span class=\"_ _0\"></span>ri<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>isc<span class=\"_ _0\"></span>hio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">op<span class=\"_ _0\"></span>erat<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">(<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>ncl<span class=\"_ _0\"></span>usi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">que<span class=\"_ _1\"></span>lli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inf<span class=\"_ _0\"></span>ormat<span class=\"_ _0\"></span>ici<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>yber<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>sk),<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>conformit\u00e0<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>norme<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>secondo<span class=\"ff1\"> </span>livello;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>divi<span class=\"_ _0\"></span>duaz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>atto<span class=\"_ _0\"></span>ri<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>str<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span>gic<span class=\"_ _0\"></span>o.<span class=\"_ _3bd\"> </span></span></span>Le<span class=\"ff1\"> </span>modalit\u00e0<span class=\"ff1\"> </span>adottate<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>l\u2019identificazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>basano<span class=\"ff1\"> </span>sost<span class=\"_ _2\"></span>anzialmente<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>uno<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>pi\u00f9<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>seguenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">approcci:<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>sk<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Ass<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">spe<span class=\"_ _0\"></span>cifi<span class=\"_ _0\"></span>ci<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>fam<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>lie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>o);<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Va<span class=\"_ _0\"></span>luta<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>de<span class=\"_ _1\"></span>lle<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>iffe<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>ze<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>ra<span class=\"ff1\"> </span>og<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ass<span class=\"_ _0\"></span>unz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>isu<span class=\"_ _0\"></span>ltato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>ttua<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Eve<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>erdi<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">erro<span class=\"_ _0\"></span>ri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">acc<span class=\"_ _0\"></span>adu<span class=\"_ _0\"></span>ti;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Rev<span class=\"_ _0\"></span>isi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>roce<span class=\"_ _0\"></span>ssi,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">matri<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">r<span class=\"_ _0\"></span>isch<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>orma<span class=\"_ _0\"></span>tiva<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o</span> <span class=\"_ _0\"></span><span class=\"ff3\">ris<span class=\"_ _0\"></span>k<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ssess<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>t<span class=\"ff1\"> </span>nor<span class=\"_ _0\"></span>mati<span class=\"_ _0\"></span>vi;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Bra<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>storm<span class=\"_ _0\"></span>ing<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">manage<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>sk<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">owner;<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Va<span class=\"_ _0\"></span>luta<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Intern<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>/Exte<span class=\"_ _0\"></span>rna<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>Audi<span class=\"_ _0\"></span>t<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>Com<span class=\"_ _0\"></span>uni<span class=\"_ _0\"></span>cazi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>fro<span class=\"_ _0\"></span>nti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">re<span class=\"_ _0\"></span>gul<span class=\"_ _0\"></span>ator<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Al<span class=\"_ _0\"></span>tri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ev<span class=\"_ _0\"></span>enti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">es<span class=\"_ _0\"></span>terni<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Rep<span class=\"_ _0\"></span>orti<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tras<span class=\"_ _0\"></span>mes<span class=\"_ _0\"></span>so<span class=\"ff1\"> </span>da<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">arr<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>ompag<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>a.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>Una<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>volta<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>so<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>stati<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>identificati<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>essi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>vanno<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cos<span class=\"_ _2\"></span>tituire<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ma<span class=\"_ _2\"></span>ppa<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>d<span class=\"_ _2\"></span>ei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>ischi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>de<span class=\"_ _2\"></span>lla<span class=\"ff1\"> </span>Com<span class=\"_ _0\"></span>pag<span class=\"_ _0\"></span>nia.<span class=\"_ _3bd\"> </span>Va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>azi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>hi<span class=\"fc0 sc1\"> </span>Il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">processo<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">realizzato<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">logiche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">att<span class=\"_ _2\"></span>uali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">logiche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prospettich<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ed<span class=\"ff1\"> </span>integra<span class=\"ff1\"> </span>metodologie<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>approcci<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>carattere<span class=\"ff1\"> </span>quantitativo<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>qualitativo.<span class=\"_ _3bd\"> </span>La<span class=\"ff1\"> <span class=\"_ _21\"></span></span>val<span class=\"_ _0\"></span>utazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>effett<span class=\"_ _2\"></span>uata<span class=\"ff1\"> <span class=\"_ _21\"></span></span>su<span class=\"ff1\"> <span class=\"_ _20\"></span></span>base<span class=\"ff1\"> <span class=\"_ _21\"></span></span>individuale,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>livello<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>singo<span class=\"_ _2\"></span>lo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rischio,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>su<span class=\"ff1\"> <span class=\"_ _21\"></span></span>bas<span class=\"_ _3bd\"> </span>aggregata,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tener<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">conto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">interrelazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fonti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischio<span class=\"_ _2\"></span>.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Vengono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inoltre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">considerati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gl<span class=\"_ _2\"></span>i<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>effetti<span class=\"ff1\"> </span>indiretti<span class=\"ff1\"> </span>connessi<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>pi\u00f9<span class=\"ff1\"> </span>significativi.<span class=\"_ _3bd\"> </span>La<span class=\"ff1\"> </span>frequenza<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>ella<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>ipende<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>tipologia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> </span>rischi,<span class=\"ff1\"> </span>dagli<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>trumenti<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>dall<span class=\"_ _3bd\"> </span>metodologie<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alutazione<span class=\"ff1\"> </span>utilizzate<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>stabili<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>coerenza<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>freq<span class=\"_ _0\"></span>uenza<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>esigenze<span class=\"ff1\"> </span>de<span class=\"_ _3bd\"> </span>processi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>strategici<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>decisionali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> </span>Compagnia.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>La<span class=\"ff1\"> <span class=\"_ _2\"></span></span>frequenza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valutazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>o<span class=\"_ _2\"></span>ttic<span class=\"_ _3bd\"> </span>prospettica<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>coerente<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>processo<span class=\"ff1\"> </span>annuale<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>pianificazione<span class=\"ff1\"> </span>str<span class=\"_ _2\"></span>ategica.<span class=\"_ _3bd\"> </span>Accanto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>gestione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ordinaria<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>processo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>valutazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rischi,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"></span></span>prevista<span class=\"ff1\"> <span class=\"_ _21\"></span></span>una<span class=\"ff1\"> <span class=\"_ _21\"></span></span>gestion<span class=\"_ _3bd\"> </span>al<span class=\"_ _0\"></span>l\u2019oc<span class=\"_ _0\"></span>corr<span class=\"_ _0\"></span>enz<span class=\"_ _0\"></span>a,<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ragi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">event<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ch<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>pos<span class=\"_ _0\"></span>san<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>dete<span class=\"_ _0\"></span>rmin<span class=\"_ _0\"></span>are<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>na<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>riaz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sig<span class=\"_ _0\"></span>nifi<span class=\"_ _0\"></span>cati<span class=\"_ _0\"></span>va<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>prof<span class=\"_ _0\"></span>il<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> </span>rischio.<span class=\"ff1\"> </span>In<span class=\"ff1\"> </span>particolare,<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>stati<span class=\"ff1\"> </span>identificati<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>seguenti<span class=\"ff1\"> </span>principali<span class=\"ff1\"> </span>eventi:<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>l\u2019<span class=\"_ _0\"></span>aggi<span class=\"_ _0\"></span>orn<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ian<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>stra<span class=\"_ _0\"></span>teg<span class=\"_ _0\"></span>ico;<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>un\u2019acquisizione<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>disinvestimento<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>modifichi<span class=\"ff1\"> </span>sensibilmente<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>business,<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>profilo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>posizione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>solvibilit\u00e0;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>una<span class=\"ff1\"> </span>variazione<span class=\"ff1\"> </span>significativa<span class=\"ff1\"> </span>nei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>mercati<span class=\"ff1\"> </span>finanziari<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>determini<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> </span>notevole<span class=\"ff1\"> </span>impatto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sul<span class=\"ff1\"> </span>portafoglio<span class=\"ff1\"> </span>attivi<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>compagnia;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>un<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>zione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">si<span class=\"_ _0\"></span>gni<span class=\"_ _0\"></span>fica<span class=\"_ _0\"></span>tiva<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nel<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>assi<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>agni<span class=\"_ _0\"></span>a;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>un<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>duzi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">po<span class=\"_ _0\"></span>sizi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">solv<span class=\"_ _0\"></span>ibi<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>sot<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ori<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">critic<span class=\"_ _0\"></span>i;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>un<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ca<span class=\"_ _0\"></span>mbia<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>sig<span class=\"_ _0\"></span>nif<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span>tivo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del</span> <span class=\"_ _0\"></span><span class=\"ff3\">qu<span class=\"_ _0\"></span>adro<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>ego<span class=\"_ _0\"></span>lame<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>re;<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>un<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ca<span class=\"_ _0\"></span>mbia<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>si<span class=\"_ _0\"></span>gni<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>ativ<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>rof<span class=\"_ _0\"></span>ilo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>isc<span class=\"_ _0\"></span>hio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019in<span class=\"_ _0\"></span>sorg<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nu<span class=\"_ _0\"></span>ovi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischi<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>un<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ca<span class=\"_ _0\"></span>mbia<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>sig<span class=\"_ _0\"></span>nif<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span>tivo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dei</span> <span class=\"_ _0\"></span><span class=\"ff3\">pro<span class=\"_ _0\"></span>ces<span class=\"_ _0\"></span>si,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sist<span class=\"_ _0\"></span>emi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"_ _0\"></span><span class=\"ff3\">pro<span class=\"_ _0\"></span>cedu<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">aziend<span class=\"_ _0\"></span>ali.<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span>St<span class=\"_ _0\"></span>ru<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>Me<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>do<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>gie<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>Mi<span class=\"_ _0\"></span>sur<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>La<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Compagnia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ha<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>efinito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sensi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> <span class=\"_ _21\"></span></span>normativa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>egolamentare<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un<span class=\"ff1\"> <span class=\"_ _20\"></span></span>processo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valutazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"_ _3bd\"> </span>analisi<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>basato<span class=\"ff1\"> </span>sostanzialmente<span class=\"ff1\"> </span>sugli<span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>metodologie<span class=\"ff1\"> </span>legate<span class=\"ff1\"> </span>a:<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Metodologie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sviluppate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pro<span class=\"_ _2\"></span>cedura<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>profilazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischi:<span class=\"ff1\"> <span class=\"_ _2\"></span></span>indicato<span class=\"_ _2\"></span>ri<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"_ _1\"></span> ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">qu<span class=\"_ _0\"></span>ali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pos<span class=\"_ _0\"></span>sono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">es<span class=\"_ _0\"></span>sere<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cos<span class=\"_ _0\"></span>trui<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ai<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">segu<span class=\"_ _0\"></span>enti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ap<span class=\"_ _0\"></span>proc<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">me<span class=\"_ _0\"></span>todol<span class=\"_ _0\"></span>ogi<span class=\"_ _0\"></span>ci:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>o<span class=\"_ _3bd\"> </span>regolamentari<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>ovvero<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>fondati<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>sui<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>principi<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>alla<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>base<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>grandezze<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>r<span class=\"_ _2\"></span>egolamentar<span class=\"_ _3bd\"> </span>Solvency<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">II;<span class=\"_ _3bd\"> </span></span></span>o<span class=\"_ _3bd\"> </span>gestionali<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>ovvero<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>basati<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>su<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>co<span class=\"_ _2\"></span>ncetti<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>generali<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>come<span class=\"ff1\"> <span class=\"_ _26\"> </span></span>ad<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>esempio<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>esposizione,<span class=\"ff1\"> </span>concentrazione,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">volatilit\u00e0,<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>rdita<span class=\"ff1\"> </span>attesa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>potenziale<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>e/o<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>olti<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valutare<span class=\"ff1\"> </span>quei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischi<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>ricompresi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nel<span class=\"_ _0\"></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>formula<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>tandard<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e/o<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ad<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>integrare<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>valutazione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">degli</span> <span class=\"_ _27\"> </span><span class=\"ff3\">stess<span class=\"_ _2\"></span>i</span> <span class=\"_ _27\"> </span><span class=\"ff3\">r<span class=\"_ _2\"></span>isch<span class=\"_ _3bd\"> </span></span></span>reg<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>tari;<span class=\"_ _3bd\"> </span>o<span class=\"_ _3bd\"> </span>qu<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>tativ<span class=\"_ _0\"></span>e.<span class=\"_ _3bd\"> </span>Oltre<span class=\"ff1\">  </span>alle<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">metodologie</span>  <span class=\"ff3\">all<span class=\"_ _0\"></span>a<span class=\"ff1\">  </span>base<span class=\"ff1\">  </span>di<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">tali</span>  <span class=\"ff3\">i<span class=\"_ _0\"></span>ndicatori<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>rischio,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\">  </span>misurazione<span class=\"ff1\">  </span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischio<span class=\"ff1\">  </span>della<span class=\"ff1\"> </span></span></span></span></span>Compagnia,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sia<span class=\"ff1\"> </span>attuale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prospettica,<span class=\"ff1\"> </span>si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">basa<span class=\"ff1\"> </span>sulle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">meto<span class=\"_ _2\"></span>dologie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">regolamentari<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>calcolo<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Requisito<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Capitale<span class=\"ff1\"> </span>(cfr.<span class=\"ff1\"> </span>SCR):<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>metodologia<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>riferimento<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>quella<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>Fo<span class=\"_ _2\"></span>rmula<span class=\"ff1\"> </span>Standard. Tutte<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>ueste<span class=\"ff1\"> </span>grandez<span class=\"_ _0\"></span>ze,<span class=\"ff1\"> </span>oltre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cos<span class=\"_ _2\"></span>tituire<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>\u2019impianto<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">monitoraggio<span class=\"ff1\"> </span>nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">continuo<span class=\"ff1\"> </span>alla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">base<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>modello<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>o<span class=\"_ _2\"></span>rganizzativo<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>gest<span class=\"_ _2\"></span>ione<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>d<span class=\"_ _2\"></span>el<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>r<span class=\"_ _2\"></span>ischio,<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>r<span class=\"_ _2\"></span>appresentano<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>gli<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>elementi<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>alla<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>base<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>dell<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>metodologia<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>profilazion<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Compagnia.<span class=\"ff1\">  </span>Tale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">att<span class=\"_ _2\"></span>ivit\u00e0</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">ha</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">come</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">obiettivo</span> </span>l\u2019individuazione<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alutazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>fattori<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>l\u2019attribuzione<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>ognu<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>essi<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> </span>livello<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></span></span></span></span>sig<span class=\"_ _0\"></span>nif<span class=\"_ _0\"></span>icat<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t\u00e0. -<span class=\"_ _3bd\"> </span>Applicazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Volatility<span class=\"ff1\">  </span>Adjustments:<span class=\"ff1\">  </span>le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>valutazioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>attuali<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>prospettiche<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _2\"></span>ei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>risc<span class=\"_ _0\"></span>hi regolamentari<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Compagnia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>prevedono<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>l\u2019utilizzo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Volatilit<span class=\"_ _2\"></span>y<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Adjustment<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>come<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Long<span class=\"ff1\"> </span>Term<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Guar<span class=\"_ _2\"></span>antee<span class=\"ff1\"> <span class=\"_ _2\"></span></span>measure.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Volatility<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Adjustment<span class=\"ff1\"> <span class=\"_ _2\"></span></span>viene<span class=\"ff1\"> <span class=\"_ _2\"></span></span>applicato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sul<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>otale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>passivit\u00e0<span class=\"ff1\"> </span>detenute<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dalla<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Com<span class=\"_ _2\"></span>pagnia<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>vendute<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>interam<span class=\"_ _2\"></span>ente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Italia<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nella<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>valuta<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Eu<span class=\"_ _0\"></span>ro.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>viene<span class=\"ff1\"> </span>applicato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dalla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Compagnia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Matching<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Adjustment.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>f<span class=\"_ _2\"></span>ine<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>maggiore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>comprensione<span class=\"ff1\"> </span>degli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>effetti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>derivanti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall\u2019applicazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Volatility<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Adjustment<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>ulle<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>iserve<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tecniche<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>ui<span class=\"ff1\"> </span>fon<span class=\"_ _0\"></span>di<span class=\"ff1\"> </span>pr<span class=\"_ _0\"></span>opri<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>Comp<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>nia<span class=\"ff1\"> </span>eff<span class=\"_ _0\"></span>ettu<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>oltre<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">anali<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">se<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>tivit<span class=\"_ _0\"></span>y<span class=\"ff1\"> </span>ogni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">qualv<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>lo<span class=\"ff1\"> </span>sco<span class=\"_ _0\"></span>stam<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span>tra<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>curva<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>risk<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>free<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>EIOPA<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>cu<span class=\"_ _0\"></span>rva<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>risk<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>free<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>EIOPA<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>volatility<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Adjustement<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>risulti<span class=\"ff1\"> </span>sig<span class=\"_ _0\"></span>nif<span class=\"_ _0\"></span>icat<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>o. -<span class=\"_ _3bd\"> </span>Sensitivity,<span class=\"ff1\"> </span>stress<span class=\"ff1\"> </span>test<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">scenario<span class=\"ff1\"> <span class=\"_ _2\"></span></span>test:<span class=\"ff1\"> </span>ai<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sensi<span class=\"ff1\"> </span>dell\u2019Art.<span class=\"ff1\"> </span>19,<span class=\"ff1\"> </span>comma<span class=\"ff1\"> </span>4<span class=\"_ _2\"></span><span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Re<span class=\"_ _0\"></span>g.<span class=\"ff1\"> </span>IVASS<span class=\"ff1\"> </span>n.38,<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span></span></span></span></span>Funzione<span class=\"ff1\"> </span>Risk<span class=\"ff1\"> </span>Management,<span class=\"ff1\"> </span>allo<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>copo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valutare<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>ottica<span class=\"ff1\"> </span>attuale<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>prospettica<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gli<span class=\"ff1\"> </span>impatti<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>situazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>economica<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>patrimoniale<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>derivanti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>andamenti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>avversi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pr<span class=\"_ _2\"></span>incipali<span class=\"ff1\"> </span>fat<span class=\"_ _0\"></span>tori<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">risc<span class=\"_ _0\"></span>hio<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>effe<span class=\"_ _0\"></span>ttua,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>ciascu<span class=\"_ _0\"></span>na<span class=\"ff1\"> </span>dell<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>fon<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>risc<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ide<span class=\"_ _0\"></span>ntif<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>come<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">maggio<span class=\"_ _0\"></span>rme<span class=\"_ _0\"></span>nte<span class=\"ff1\"> </span></span></span></span></span></span></span>significative,<span class=\"ff1\"> </span>analisi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>stress<span class=\"ff1\"> </span>test<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ensitivity. -<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>sk<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Sel<span class=\"_ _0\"></span>f<span class=\"ff1\"> </span>A<span class=\"_ _0\"></span>sses<span class=\"_ _0\"></span>smen<span class=\"_ _0\"></span>t<span class=\"ff1\"> </span>su<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risc<span class=\"_ _0\"></span>hi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ope<span class=\"_ _0\"></span>rativ<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span>(iv<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inclu<span class=\"_ _1\"></span>si<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>nfo<span class=\"_ _0\"></span>rmati<span class=\"_ _0\"></span>co<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ybe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>sk)<span class=\"_ _0\"></span>. </span></span></span></span></span></span></span></span></span></span></span></span>Ge<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>hi<span class=\"fc0 sc1\"> </span>L\u2019obiettivo<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>sistema<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>gestione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>consiste<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>mantenere<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>Compagnia<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>esposta<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>livello<span class=\"ff1\">  </span>definito<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>a<span class=\"_ _2\"></span>ccettabile,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>attraverso<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>l\u2019indicazione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>propensione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>della<span class=\"ff1\"> </span>tolleranza<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stabilite<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">coerenza<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019obiettivo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">salvaguardia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">patr<span class=\"_ _2\"></span>imonio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stesse<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>garanzia<span class=\"ff1\"> </span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>continuit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>aziendale.<span class=\"ff1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>linee<span class=\"ff1\"> <span class=\"_ _2\"></span></span>guida<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tema<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gestione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>ischi<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riportate<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>lle<span class=\"ff1\"> </span>sin<span class=\"_ _0\"></span>gole<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">po<span class=\"_ _0\"></span>liti<span class=\"_ _0\"></span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">red<span class=\"_ _0\"></span>atte<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>rivis<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>appro<span class=\"_ _0\"></span>vat<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>annu<span class=\"_ _0\"></span>almen<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>dal<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">Con<span class=\"_ _0\"></span>sigl<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Ammi<span class=\"_ _0\"></span>nis<span class=\"_ _0\"></span>traz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span></span></span></span></span></span></span>previo<span class=\"ff1\"> </span>passaggio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Consigliere<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Incaricato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> </span>cont<span class=\"_ _2\"></span>rollo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>interno<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ai<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>ischi.<span class=\"ff1\">  </span>Elementi<span class=\"ff1\"> </span>costitutiv<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>gestione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>sono: Ri<span class=\"_ _0\"></span>sk<span class=\"_ _3bd\"> </span>Ap<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span>Fr<span class=\"_ _0\"></span>am<span class=\"_ _0\"></span>ew<span class=\"_ _1\"></span>ork<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>La<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Compagnia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dotata<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Risk<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Appet<span class=\"_ _2\"></span>ite<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Fram<span class=\"_ _2\"></span>ework<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(cfr.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">RAF)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">definisce<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ropensione<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>rischio,<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>soglie<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tolle<span class=\"_ _0\"></span>ranza,<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>limiti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio,<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>politiche<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>g<span class=\"_ _0\"></span>overno<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>onch\u00e9<span class=\"_ _2\"></span><span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>processi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>riferimento<span class=\"ff1\"> </span>nece<span class=\"_ _0\"></span>ssar<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>efinirli<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attuarli.<span class=\"ff1\"> </span>Nell\u2019ambito<span class=\"ff1\"> </span>dell\u2019attivit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>indirizzo<span class=\"ff1\"> </span>strategico<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span></span></span>Compagnia,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Cons<span class=\"_ _2\"></span>iglio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Amministr<span class=\"_ _2\"></span>azione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">individua<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">approva<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">propria<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pro<span class=\"_ _2\"></span>pensione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ischio.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Il<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>processo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>finizione/revisione<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Risk</span> <span class=\"_ _0\"></span><span class=\"ff3\">Appetite<span class=\"ff1\"> </span>Framework<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>affianca<span class=\"ff1\"> </span>pertanto<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">processo<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span>Pianificazione<span class=\"ff1\"> </span>St<span class=\"_ _2\"></span>rategica/Operativa<span class=\"ff1\"> </span>(<span class=\"_ _2\"></span>Budget)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>tiene<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valutazione<span class=\"ff1\"> </span>int<span class=\"_ _2\"></span>erna<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>el<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>della<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">solv<span class=\"_ _2\"></span>ibilit\u00e0.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Tali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">el<span class=\"_ _2\"></span>ementi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">no<span class=\"_ _2\"></span>n<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">infatti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">disgiunti,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ma<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">influenzano<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vicenda<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019obiettivo<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">otte<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>mas<span class=\"_ _0\"></span>simiz<span class=\"_ _0\"></span>zaz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pro<span class=\"_ _0\"></span>filo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">risc<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> </span>rend<span class=\"_ _0\"></span>imen<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>Comp<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>nia.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">La</span> <span class=\"ff3\">d<span class=\"_ _0\"></span>efin<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del</span> </span></span></span></span></span></span></span></span></span></span></span>RAF<span class=\"ff1\"> </span>tiene<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>seguenti<span class=\"ff1\"> </span>aspetti: -<span class=\"_ _3bd\"> </span>la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">st<span class=\"_ _2\"></span>rategia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Compagnia,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ivi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inclusi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">obiett<span class=\"_ _2\"></span>ivi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">organizzativi,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">piano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">str<span class=\"_ _2\"></span>ategico,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vinc<span class=\"_ _0\"></span>oli </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>fi<span class=\"_ _0\"></span>nanz<span class=\"_ _0\"></span>iari<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>onch<span class=\"_ _0\"></span>\u00e9<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>orma<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">asp<span class=\"_ _0\"></span>etta<span class=\"_ _0\"></span>tive<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sta<span class=\"_ _0\"></span>keh<span class=\"_ _0\"></span>older<span class=\"_ _0\"></span>s; </span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>gl<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">aspe<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ch<span class=\"_ _0\"></span>iave<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span>b<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>ine<span class=\"_ _0\"></span>ss<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Com<span class=\"_ _0\"></span>pag<span class=\"_ _0\"></span>nia; </span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">v<span class=\"_ _0\"></span>olon<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">capa<span class=\"_ _0\"></span>cit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>ssu<span class=\"_ _0\"></span>mere<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>; </span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>com<span class=\"_ _2\"></span>petenze,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>risorse<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tecnologia<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>disposizione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Compagnia<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>gestire<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> </span>monitorare<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>esposizioni<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>rischio. La<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">prope<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Compag<span class=\"_ _0\"></span>nia<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">congi<span class=\"_ _0\"></span>unta<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nte<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">valu<span class=\"_ _0\"></span>tazio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span>si<span class=\"_ _0\"></span>ste<span class=\"_ _0\"></span>ma<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">gov<span class=\"_ _0\"></span>erno<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>societario<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">adottato<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nonch\u00e9<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mappatura<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">identificazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>ei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fattori<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ad<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">g<span class=\"_ _2\"></span>enerale<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>applicazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>principio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>persona<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prudente,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rappresentano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>principali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>elementi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cos<span class=\"_ _2\"></span>titutivi<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>base<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> </span>determinazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">modello<span class=\"ff1\"> </span>organizzativo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gestione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(specifico<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>ogni<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>classe<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio). Nella<span class=\"ff1\"> </span>definizione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>proprie<span class=\"ff1\"> </span>strategie<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>business,<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>Com<span class=\"_ _2\"></span>pagnia<span class=\"ff1\"> </span>valuta,<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>continuativa,<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>rispetto,<span class=\"ff1\"> </span>nei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>diversi<span class=\"ff1\"> </span>anni<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sviluppo<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>piano,<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>livelli<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>target<span class=\"ff1\"> <span class=\"_ _2\"></span></span>definiti<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>Risk<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Appetite<span class=\"ff1\"> </span>Framework<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(c.d.<span class=\"ff1\"> </span>RAF),<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fine<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>garantir<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>coerenza<span class=\"ff1\"> </span>tr<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>obi<span class=\"_ _2\"></span>ettivi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>medio-lungo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>periodo<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>l<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>capacit\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>volont\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>assumere<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>Compagnia<span class=\"ff1\"> </span>stessa.<span class=\"_ _3bd\"> </span>Si<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dec<span class=\"_ _0\"></span>lin<span class=\"_ _0\"></span>ano,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>se<span class=\"_ _0\"></span>gui<span class=\"_ _0\"></span>to,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i</span> <span class=\"_ _1\"></span><span class=\"ff3\">concet<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>ilev<span class=\"_ _1\"></span>anti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ai<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fin<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>fini<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">RA<span class=\"_ _0\"></span>F:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Risk<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Profile<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff3\">rappresenta</span> <span class=\"_ _21\"> </span><span class=\"ff3\">il</span> <span class=\"_ _21\"></span><span class=\"ff3\">rischio</span> <span class=\"_ _21\"></span><span class=\"ff3\">effettivo</span> <span class=\"_ _21\"></span><span class=\"ff3\">della</span> <span class=\"_ _21\"></span><span class=\"ff3\">Compagni<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>valutato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>determinato<span class=\"ff1\"> </span></span></span>istante<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">temporale;<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Ri<span class=\"_ _0\"></span>sk<span class=\"ff1\"> </span>A<span class=\"_ _0\"></span>ppe<span class=\"_ _0\"></span>tite<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rap<span class=\"_ _0\"></span>pre<span class=\"_ _0\"></span>sen<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">vera<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pro<span class=\"_ _0\"></span>pri<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ropen<span class=\"_ _0\"></span>sio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risc<span class=\"_ _0\"></span>hio<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>arte<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">della<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Comp<span class=\"_ _0\"></span>agni<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>e<span class=\"ff1\"> </span>costituisce,<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uindi,<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>livello<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">essa</span> <span class=\"ff3\">intende</span> <span class=\"ff3\">assumere</span> <span class=\"ff3\">per</span> <span class=\"ff3\">il</span> <span class=\"_ _0\"></span><span class=\"ff3\">perseguimento<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span></span></span>suoi<span class=\"ff1\"> </span>obiettivi<span class=\"ff1\"> </span>strategici;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Risk<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Tole<span class=\"_ _0\"></span>rance<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>individua<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>soglia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>mas<span class=\"_ _2\"></span>sima<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tolleranza<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ris<span class=\"_ _2\"></span>chio,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fissata<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">fi<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> </span></span></span>assicurare<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>Compagnia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>margini<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sufficienti</span> <span class=\"ff3\">per</span> <span class=\"_ _2\"></span><span class=\"ff3\">operare</span> <span class=\"ff3\">sia</span> <span class=\"ff3\">in</span> <span class=\"ff3\">fase</span> <span class=\"ff3\">di</span> <span class=\"ff3\">normale</span> <span class=\"ff3\">corso</span> <span class=\"_ _2\"></span><span class=\"ff3\">degli</span> </span>affari<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>condizioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>mercato<span class=\"ff1\"> </span>particolar<span class=\"_ _2\"></span>mente<span class=\"ff1\"> </span>stressate;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Ri<span class=\"_ _0\"></span>sk<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Capacity,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>invece,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rappresenta<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">massimo</span> <span class=\"_ _27\"> </span><span class=\"ff3\">r<span class=\"_ _2\"></span>ischio</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">as<span class=\"_ _0\"></span>sumibile<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dal<span class=\"_ _2\"></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Com<span class=\"_ _2\"></span>pagnia;<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"ff1\"> </span></span></span>costituito<span class=\"ff1\"> <span class=\"_ _21\"></span></span>quin<span class=\"_ _0\"></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dal<span class=\"ff1\"> <span class=\"_ _21\"></span></span>livello<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>essa<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>gr<span class=\"_ _2\"></span>ado<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>as<span class=\"_ _2\"></span>sumere<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>suo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>carico<span class=\"ff1\"> <span class=\"_ _21\"></span></span>senza<span class=\"_ _0\"></span><span class=\"ff1\"> </span>violare<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>requisiti<span class=\"ff1\"> </span>regolamentari<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>altri<span class=\"ff1\"> </span>vincoli<span class=\"ff1\"> </span>imposti<span class=\"ff1\"> </span>dall\u2019autor<span class=\"_ _2\"></span>it\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>vigilanza.<span class=\"_ _3bd\"> </span>Nella<span class=\"ff1\"> </span>definizione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>proprie<span class=\"ff1\"> </span>strategie<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>business,<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>Com<span class=\"_ _2\"></span>pagnia<span class=\"ff1\"> </span>valuta,<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>continuativa,<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>rispetto,<span class=\"ff1\"> </span>nei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>diversi<span class=\"ff1\"> </span>anni<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sviluppo<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>piano,<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>livelli<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>target<span class=\"ff1\"> <span class=\"_ _2\"></span></span>definiti<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>Risk<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Appetite<span class=\"ff1\"> </span>Framework,<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>ine<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>garantire<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>coerenza<span class=\"ff1\"> </span>tr<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>gli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">obiettivi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>medio-lungo<span class=\"ff1\"> </span>periodo<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>capacit\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span></span></span>la<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>olont\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">assumere<span class=\"ff1\"> </span>rischi.<span class=\"ff1\"> </span>In<span class=\"ff1\"> </span>particolare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">piano<span class=\"ff1\"> </span>strategico,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">part<span class=\"_ _2\"></span>endo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dal<span class=\"ff1\"> </span>profilo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Compagnia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">momento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">redazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pia<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>tesso,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tiene<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ass<span class=\"_ _2\"></span>umibile<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">senz<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>violare<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">requisiti<span class=\"ff1\"> </span>regolamentari<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>altri<span class=\"ff1\"> </span>vincoli<span class=\"ff1\"> </span>imp<span class=\"_ _0\"></span>osti<span class=\"ff1\"> </span>dall\u2019Autorit\u00e0<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>Vigilanza,<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>\u2019appetito<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span></span></span></span></span>(ovvero<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>livello<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ch<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>essa<span class=\"ff1\"> <span class=\"_ _20\"></span></span>intende<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>assumere<span class=\"ff1\"> <span class=\"_ _21\"></span></span>per<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>perseguimento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>suoi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>obi<span class=\"_ _2\"></span>ettivi<span class=\"ff1\"> </span>strategici)<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>tolleranza<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rischio</span> <span class=\"ff3\">(ov<span class=\"_ _0\"></span>vero<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>soglia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">massima<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">scostamento<span class=\"ff1\"> </span>rispetto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">all\u2019appetito<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>al<span class=\"ff1\"> </span>rischio)<span class=\"ff1\"> </span>fissate<span class=\"ff1\">  </span>dal<span class=\"ff1\"> </span>Consiglio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Ammini<span class=\"_ _0\"></span>str<span class=\"_ _2\"></span>azione.<span class=\"_ _3bd\"> </span>La<span class=\"ff1\"> </span>Co<span class=\"_ _2\"></span>mpagnia<span class=\"ff1\"> </span>ha<span class=\"ff1\"> <span class=\"_ _2\"></span></span>inoltr<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>definito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>una<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Politica<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Gestione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>C<span class=\"_ _2\"></span>apitale<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Piano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Gestione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>Capitale<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>scopo<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>quello<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>adottar<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>proced<span class=\"_ _0\"></span>ure<span class=\"ff1\"> </span>atte<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>accertar<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>salvaguardia<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>requisiti<span class=\"ff1\"> </span>regolamentari<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>livelli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>obiettivo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Risk<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Ap<span class=\"_ _2\"></span>petite<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>nonch<span class=\"_ _2\"></span>\u00e9<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>garantire<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sia<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff3\">momento</span> </span>del<span class=\"_ _0\"></span>l\u2019e<span class=\"_ _0\"></span>miss<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">succ<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>ivame<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ele<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Fon<span class=\"_ _0\"></span>di<span class=\"ff1\"> </span>P<span class=\"_ _0\"></span>ropri<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"ff3\">cui<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l\u2019i<span class=\"_ _0\"></span>mpre<span class=\"_ _0\"></span>sa<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>tende<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">atti<span class=\"_ _0\"></span>nger<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fi<span class=\"_ _2\"></span>ne<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>realizzare<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">obiettivi<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">business<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stabiliti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sede<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pianificazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">strategica,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">soddisfino<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>requisiti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>regolamentari<span class=\"ff1\"> <span class=\"_ _21\"></span></span>defi<span class=\"_ _0\"></span>niti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _21\"></span></span>EIOPA<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>siano<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>corrett<span class=\"_ _2\"></span>amente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>class<span class=\"_ _2\"></span>ificati.<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>Tale<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Piano<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>tato<span class=\"ff1\"> </span>redatto<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>coerentemen<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>risultanze<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>dell<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>valutazione<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>prospettica<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>secon<span class=\"_ _2\"></span>do<span class=\"ff1\"> </span>l\u2019approccio<span class=\"ff1\"> </span>Solvency<span class=\"ff1\"> </span>II<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">(ORSA),</span> <span class=\"ff3\">con</span> <span class=\"ff3\">gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">obiettivi</span> <span class=\"ff3\">e</span> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>metodologie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stabilite<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>P<span class=\"_ _0\"></span>olitica<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Gestione<span class=\"ff1\"> </span></span></span></span></span></span></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Capitale<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>requisiti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>solvibilit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>stabiliti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dal<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Regolatore,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>fine<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>garantire<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>solidit\u00e0<span class=\"ff1\"> </span>patrimoniale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Com<span class=\"_ _2\"></span>pagnia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nell\u2019esercizio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pr<span class=\"_ _2\"></span>opria<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">suoi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">possibili<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sviluppi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">f<span class=\"_ _2\"></span>uturi.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>In<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>cat<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>hio<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>In<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">coerenza<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">quanto<span class=\"ff1\"> </span>disciplinato<span class=\"ff1\"> </span>nella<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Policy<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Ri<span class=\"_ _0\"></span>sk<span class=\"ff1\"> </span>Appe<span class=\"_ _0\"></span>tite<span class=\"ff1\"> </span>Framework,<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gestione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischi<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ottica<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>attuale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>prospettica<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Compagnia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>basa<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>ulla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>definizione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>indicator<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ogni<span class=\"ff1\"> </span>categoria<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio.<span class=\"_ _3bd\"> </span>La<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Com<span class=\"_ _0\"></span>pag<span class=\"_ _0\"></span>nia<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dis<span class=\"_ _0\"></span>ting<span class=\"_ _0\"></span>ue<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risc<span class=\"_ _0\"></span>hi<span class=\"ff1\"> </span>t<span class=\"_ _1\"></span>ra:<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>rischi<span class=\"ff1\">  </span>quantificabili<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>avent<span class=\"_ _2\"></span>i<span class=\"ff1\">  </span>impatto<span class=\"ff1\">  </span>p<span class=\"_ _0\"></span>atrimoniale,<span class=\"ff1\">  </span>per<span class=\"ff1\">  </span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>quali<span class=\"ff1\">  </span>la<span class=\"ff1\">  </span>Compagnia<span class=\"ff1\">  </span>determina<span class=\"ff1\">  </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> </span>requisito<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>capitale;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>rischi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>quan<span class=\"_ _0\"></span>tificabili<span class=\"ff1\"> <span class=\"_ _21\"></span></span>per<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Compagnia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>non<span class=\"ff1\"> <span class=\"_ _21\"></span></span>determina<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>requisito<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>capitale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(a<span class=\"_ _2\"></span>d<span class=\"ff1\"> <span class=\"_ _21\"></span></span>es.<span class=\"ff1\"> </span>liquidit\u00e0,<span class=\"ff1\"> </span>cash<span class=\"ff1\"> </span>flow<span class=\"ff1\"> </span>matching)<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>ve<span class=\"_ _0\"></span>ngono<span class=\"ff1\"> </span>misurati<span class=\"ff1\"> </span>co<span class=\"_ _2\"></span>n<span class=\"ff1\"> </span>metriche<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>limi<span class=\"_ _0\"></span>tazione<span class=\"ff1\"> </span>specifiche;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>rischi<span class=\"ff1\">  </span>difficilmente<span class=\"ff1\">  </span>quan<span class=\"_ _0\"></span>tificabili,<span class=\"ff1\">  </span>valutati<span class=\"ff1\">  </span>in<span class=\"ff1\">  </span>maniera<span class=\"ff1\">  </span>qualitativa,<span class=\"ff1\">  </span>che<span class=\"ff1\">  </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\">  </span>loro<span class=\"ff1\">  </span>natura<span class=\"ff1\">  </span>e<span class=\"ff1\"> </span>ca<span class=\"_ _0\"></span>ratte<span class=\"_ _0\"></span>ris<span class=\"_ _0\"></span>tic<span class=\"_ _0\"></span>he,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ri<span class=\"_ _0\"></span>sul<span class=\"_ _0\"></span>tano<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">dif<span class=\"_ _0\"></span>ficil<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>anti<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sono</span> <span class=\"ff3\">co<span class=\"_ _1\"></span>perti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dai<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">requi<span class=\"_ _0\"></span>siti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">cap<span class=\"_ _1\"></span>itale<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>ric<span class=\"_ _0\"></span>hie<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">da<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">Nor<span class=\"_ _0\"></span>mati<span class=\"_ _0\"></span>va,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">anche<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">se<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">il</span> <span class=\"ff3\">ve<span class=\"_ _0\"></span>rific<span class=\"_ _0\"></span>arsi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dell\u2019<span class=\"_ _0\"></span>eve<span class=\"_ _0\"></span>nto<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>que<span class=\"_ _0\"></span>sti<span class=\"ff1\"> </span>as<span class=\"_ _0\"></span>soci<span class=\"_ _0\"></span>ato<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>mpo<span class=\"_ _0\"></span>rter<span class=\"_ _0\"></span>ebb<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>delle<span class=\"ff1\"> </span>conseguenze<span class=\"ff1\"> </span>rilevanti<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>l\u2019attivit\u00e0<span class=\"ff1\"> </span>svolta<span class=\"_ _2\"></span><span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>Compagnia.<span class=\"_ _3bd\"> </span>Gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span>dic<span class=\"_ _0\"></span>atori<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">so<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>lteri<span class=\"_ _0\"></span>orm<span class=\"_ _0\"></span>ente<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sudd<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>indicatori<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>I\u00b0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>livello:<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>indicatori<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>finalizzati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>principalmente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"ff1\">  </span>rispe<span class=\"_ _0\"></span>tto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>vincoli<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> </span>solvibilit\u00e0.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>indicatori<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>p<span class=\"_ _2\"></span>ossibili<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>impatti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>negativi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">forniscono</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">avvertimenti</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">atti</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">ad</span> </span>identificare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>potenziali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>eventi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dannosi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>m<span class=\"_ _2\"></span>inacciano<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>aggiungimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>degli<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>obiettivi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> </span>continuit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Business.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Tali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>indicator<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>integrati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>all\u2019interno<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Policy<span class=\"ff1\"> <span class=\"_ _20\"></span></span>RAF<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ess<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>vie<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">asso<span class=\"_ _0\"></span>ciat<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>un<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Risk</span> <span class=\"_ _0\"></span><span class=\"ff3\">App<span class=\"_ _0\"></span>eti<span class=\"_ _0\"></span>te,<span class=\"ff1\"> </span>una<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Risk</span> <span class=\"ff3\">T<span class=\"_ _0\"></span>ole<span class=\"_ _0\"></span>ranc<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>un<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>Ri<span class=\"_ _0\"></span>sk<span class=\"ff1\"> </span>Ca<span class=\"_ _0\"></span>paci<span class=\"_ _0\"></span>ty<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>tivo<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>iste<span class=\"_ _0\"></span>ma<span class=\"ff1\"> </span></span></span></span></span></span></span>di<span class=\"ff1\"> </span>Risk<span class=\"ff1\"> </span>Appetite<span class=\"ff1\"> </span>Statement;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>indicatori<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>early<span class=\"ff1\"> <span class=\"_ _20\"></span></span>warning:<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fine<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>effettuare<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un<span class=\"ff1\"> <span class=\"_ _20\"></span></span>monito<span class=\"_ _2\"></span>raggio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>preventivo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _20\"></span></span>continuo<span class=\"ff1\"> </span>sugli<span class=\"ff1\"> </span>indicator<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>solvibilit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>stati<span class=\"ff1\"> </span>inoltr<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>definiti<span class=\"ff1\"> </span>degli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>indicato<span class=\"_ _2\"></span>ri<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>early<span class=\"ff1\"> <span class=\"_ _2\"></span></span>warnig<span class=\"ff1\"> </span>volti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ad<span class=\"ff1\"> </span>intercettare<span class=\"ff1\"> </span>fenomeni<span class=\"ff1\"> </span>e/o<span class=\"ff1\"> </span>eventi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>potenziale<span class=\"ff1\"> </span>elevata<span class=\"ff1\"> </span>criticit\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>attenzione;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>indicatori<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>II\u00b0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>livello:<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>indicatori<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>t<span class=\"_ _2\"></span>ipo<span class=\"ff1\"> </span>operativo/gest<span class=\"_ _2\"></span>ionali<span class=\"ff1\"> </span>funzionali<span class=\"ff1\"> </span>a<span class=\"_ _2\"></span>d<span class=\"ff1\"> </span>irr<span class=\"_ _2\"></span>obustire<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>monitoraggio<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>r<span class=\"_ _2\"></span>ischi<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>ed<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>eventualmente<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>fornire<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>segnali<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>pr<span class=\"_ _2\"></span>eventivi<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>ad<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>un<span class=\"ff1\"> </span>potenziale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">deterioramento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">metriche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">I\u00b0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Livello.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Tali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">indicatori<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">so<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">integrati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">all\u2019interno<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>della<span class=\"ff1\"> </span>Policy<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>Gestione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Rischi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Politica<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Gestione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>Rischi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>Fondo<span class=\"ff1\"> </span>Pensione<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Ape<span class=\"_ _0\"></span>rto.<span class=\"_ _3bd\"> </span>Nel<span class=\"_ _0\"></span>l\u2019a<span class=\"_ _0\"></span>mbi<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>ge<span class=\"_ _0\"></span>nera<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sist<span class=\"_ _0\"></span>ema<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>ge<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>ompa<span class=\"_ _0\"></span>gnia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">defin<span class=\"_ _0\"></span>isce<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">inol<span class=\"_ _0\"></span>tre<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sp<span class=\"_ _0\"></span>eci<span class=\"_ _0\"></span>fici<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">li<span class=\"_ _0\"></span>miti<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>op<span class=\"_ _0\"></span>erat<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">che</span> <span class=\"ff3\">de<span class=\"_ _1\"></span>clinan<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">obie<span class=\"_ _0\"></span>ttiv<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">risc<span class=\"_ _0\"></span>hio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">(ad</span> <span class=\"ff3\">e<span class=\"_ _0\"></span>s.<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>term<span class=\"_ _0\"></span>ini<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>esp<span class=\"_ _0\"></span>osi<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e,<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>once<span class=\"_ _0\"></span>ntra<span class=\"_ _0\"></span>zione<span class=\"_ _1\"></span>,<span class=\"ff1\"> </span>etc.<span class=\"_ _0\"></span>)<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>coerenti<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>l\u2019appetito<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>Compagnia.<span class=\"_ _3bd\"> </span>Il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>principale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"_ _2\"></span>dicatore<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>I\u00b0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Livello<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Compagnia<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Solvency<span class=\"ff1\"> <span class=\"_ _21\"></span></span>II<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Ratio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ovve<span class=\"_ _0\"></span>ro<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rapporto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>tra<span class=\"ff1\"> </span>Eligible<span class=\"ff1\"> </span>Capital<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Solvency<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Capital<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Requirement.<span class=\"ff1\"> </span>La<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Compa<span class=\"_ _2\"></span>gnia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>si<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prefigge<span class=\"ff1\"> </span>l\u2019obiettivo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>avere<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> </span>livello<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Capitale<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Economico<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"_ _2\"></span>deguato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>linea<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>gli<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>obiettivi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>strategici<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>superiore<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ad<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">un</span> </span>prefissato<span class=\"ff1\"> </span>livello<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Solvency<span class=\"ff1\"> </span>Ratio<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>seguito<span class=\"ff1\"> </span>riporta<span class=\"_ _2\"></span>to:<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>sk<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">App<span class=\"_ _0\"></span>etite<span class=\"_ _0\"></span>:<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">15<span class=\"_ _0\"></span>9%;<span class=\"_ _0\"></span> </span></span></span></span>-<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>sk<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Tole<span class=\"_ _0\"></span>ranc<span class=\"_ _0\"></span>e:<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">122<span class=\"_ _0\"></span>%;<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>sk<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Capa<span class=\"_ _0\"></span>city<span class=\"_ _0\"></span>:<span class=\"ff1\"> </span>10<span class=\"_ _0\"></span>5%.<span class=\"_ _3bd\"> </span></span></span>Nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>definizione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>RAF<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>risulta<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>necessario<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fissare<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>livello<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>se<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> </span>rispettato<span class=\"ff1\"> </span>dal<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Risk<span class=\"ff1\"> </span>Profile<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">della<span class=\"ff1\"> </span>Compagnia,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">necessita<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">interventi<span class=\"ff1\"> </span>correttivi.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Le</span> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>oglie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">individuano<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>dunque<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"ff1\">  </span>binari<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>all\u2019interno<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\">  </span>quali<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\">  </span>Compagnia<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>pu\u00f2<span class=\"ff1\">  </span>c<span class=\"_ _0\"></span>ondurr<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>s<span class=\"_ _2\"></span>ua<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>azione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>finalizzata<span class=\"ff1\">  </span>al<span class=\"ff1\"> </span>raggiungimento<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>o<span class=\"_ _2\"></span>biettivi<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>business.<span class=\"ff1\"> </span>La<span class=\"ff1\"> <span class=\"_ _2\"></span></span>violazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>queste<span class=\"ff1\"> </span>soglie<span class=\"ff1\"> </span>richieda<span class=\"ff1\"> </span>u<span class=\"_ _2\"></span>n<span class=\"ff1\"> </span>processo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>escalation<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>parte<span class=\"ff1\"> </span>della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Compagnia<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>definizione<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">specifici<span class=\"ff1\"> </span>piani<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>intervento<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>are<span class=\"ff1\"> </span>fronte<span class=\"ff1\"> </span></span></span></span></span>alla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">situazione.<span class=\"_ _3bd\"> </span></span></span>Mo<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>tor<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>ggi<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>Re<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>rti<span class=\"_ _0\"></span>ng<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">m<span class=\"_ _2\"></span>odello<span class=\"ff1\"> </span>organizzativo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>ge<span class=\"_ _0\"></span>sti<span class=\"_ _2\"></span>one<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Credemassicurazioni<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>oinvolge<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tutte<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">str<span class=\"_ _2\"></span>utture<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>aziendali,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dalle<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>f<span class=\"_ _2\"></span>unzioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>operative<span class=\"ff1\">  </span>(<span class=\"_ _0\"></span>coinvolte<span class=\"ff1\">  </span>nella<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>gestione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dei<span class=\"ff1\">  </span>rischi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sui<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>processi<span class=\"ff1\">  </span>di<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">propria<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span>competenza)<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ivi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>inc<span class=\"_ _2\"></span>luse<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Funzioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>F<span class=\"_ _2\"></span>ondamentali,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Consigl<span class=\"_ _0\"></span>iere<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>In<span class=\"_ _2\"></span>caricato<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Consiglio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> </span>Amm<span class=\"_ _0\"></span>ini<span class=\"_ _0\"></span>straz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e.<span class=\"_ _3bd\"> </span>In<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tale<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contesto,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fun<span class=\"_ _0\"></span>zione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Risk<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Management<span class=\"ff1\"> <span class=\"_ _21\"></span></span>funge<span class=\"ff1\"> <span class=\"_ _20\"></span></span>inoltre<span class=\"ff1\"> <span class=\"_ _21\"></span></span>da<span class=\"ff1\"> <span class=\"_ _20\"></span></span>coordinatore<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dell<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>monitoraggio<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>rischi.<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>Pi\u00f9<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>particolare,<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>concorre<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>alla<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>defi<span class=\"_ _0\"></span>nizione<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>m<span class=\"_ _2\"></span>etodologie<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> </span>misurazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>ischi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>limiti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>operativi,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>definendo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>appropriate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>procedure<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>verifica,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ed<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ha<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> </span>compito<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>validare<span class=\"ff1\">  </span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fluss<span class=\"_ _2\"></span>i<span class=\"ff1\">  </span>i<span class=\"_ _0\"></span>nfor<span class=\"_ _2\"></span>mativi<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>ell\u2019attivit\u00e0<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>monitoraggio<span class=\"ff1\">  </span>dei<span class=\"ff1\">  </span>rischi,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>predisporre<span class=\"ff1\">  </span>la<span class=\"ff1\"> </span>reportistica<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vertici<span class=\"_ _2\"></span><span class=\"ff1\"> </span>aziend<span class=\"_ _0\"></span>ali<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>verificare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>coerenza<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">modelli<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>misurazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ischi<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>l\u2019operativit\u00e0<span class=\"ff1\"> </span>svolta<span class=\"ff1\"> </span>dall\u2019impresa.<span class=\"_ _3bd\"> </span>I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischi<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">monitorati<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">maniera<span class=\"ff1\"> </span>continuativa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dalla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">funzione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>Risk<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Manageme<span class=\"_ _2\"></span>nt<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>alle<span class=\"ff1\"> </span>singole<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>funzioni<span class=\"ff1\"> </span>competenti;<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>tal<span class=\"ff1\"> </span>fin<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>st<span class=\"_ _2\"></span>ato<span class=\"ff1\"> </span>sviluppato<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>aff<span class=\"_ _0\"></span>inato<span class=\"ff1\"> </span>progressivamente<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">report<span class=\"_ _2\"></span>ing<span class=\"ff1\"> </span>relativo<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span>all\u2019evoluzione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>nei<span class=\"ff1\"> </span>confronti<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Consigl<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Amministrazione,<span class=\"ff1\">  </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Consigliere<span class=\"ff1\"> </span>Incaricat<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span></span></span>per<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>Controlli<span class=\"ff1\"> </span>Interni<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Rischi,<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>CRO,<span class=\"ff1\"> </span>dell\u2019Alta<span class=\"ff1\"> </span>Direzione<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>strutture<span class=\"ff1\"> </span>operative<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">competenti<span class=\"ff1\"> </span></span></span></span></span>al<span class=\"ff1\"> </span>fin<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>migl<span class=\"_ _2\"></span>iorare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>comunicazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>risultati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>consentire<span class=\"ff1\"> <span class=\"_ _2\"></span></span>una<span class=\"ff1\"> <span class=\"_ _2\"></span></span>maggior<span class=\"ff1\"> <span class=\"_ _2\"></span></span>comprensione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> </span>tematiche<span class=\"ff1\"> </span>connesse<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>rischi.<span class=\"_ _3bd\"> </span>Il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mod<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ge<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">risc<span class=\"_ _0\"></span>hi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">adot<span class=\"_ _0\"></span>tato<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>Cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>ema<span class=\"_ _0\"></span>ssicu<span class=\"_ _1\"></span>razion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">car<span class=\"_ _0\"></span>atte<span class=\"_ _0\"></span>riz<span class=\"_ _0\"></span>zat<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>a:<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fase<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>aggiornamento<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>egli<span class=\"ff1\"> </span>indicatori<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e/o<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>limiti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">operativi<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">governo<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>se<span class=\"_ _0\"></span>con<span class=\"_ _0\"></span>da<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>elle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span>sigen<span class=\"_ _0\"></span>ze<span class=\"ff1\"> </span>org<span class=\"_ _0\"></span>ani<span class=\"_ _0\"></span>zza<span class=\"_ _0\"></span>tive<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e/o<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"ff3\">seg<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onte<span class=\"_ _1\"></span>sto<span class=\"ff1\"> </span>int<span class=\"_ _0\"></span>ern<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span>o<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>esterno,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>qu<span class=\"_ _0\"></span>alora<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>siano<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pi\u00f9<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>linea<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>profilo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ri<span class=\"_ _2\"></span>schio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>richiesto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dall\u2019Organo<span class=\"ff1\"> </span>Amm<span class=\"_ _0\"></span>ini<span class=\"_ _0\"></span>strat<span class=\"_ _0\"></span>ivo<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>un<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>segue<span class=\"_ _1\"></span>nte<span class=\"ff1\"> </span>atti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>m<span class=\"_ _0\"></span>onito<span class=\"_ _0\"></span>rag<span class=\"_ _0\"></span>gio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">degli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ind<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span>tori<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>li<span class=\"_ _0\"></span>miti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ope<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>vi<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">gove<span class=\"_ _0\"></span>rno<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del</span> </span></span></span></span></span></span></span></span></span></span></span></span></span>rischio.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">L<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">v<span class=\"_ _2\"></span>erifica<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span>rispetto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">livelli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">toll<span class=\"_ _2\"></span>eranza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">definiti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dal<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Consiglio<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> </span>Amministrazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span>sostanziano<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>specifici<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">presidi<span class=\"ff1\"> </span>organizzativi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">atti<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>g<span class=\"_ _0\"></span>arantire<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rispetto<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>dei<span class=\"ff1\">  </span>limiti<span class=\"ff1\">  </span>stessi,<span class=\"ff1\">  </span>ad<span class=\"ff1\">  </span>att<span class=\"_ _2\"></span>ivare<span class=\"ff1\">  </span>tempestivi<span class=\"ff1\">  </span>processi<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>segnalazione<span class=\"ff1\">  </span>a<span class=\"ff1\">  </span>fronte<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>eventuali<span class=\"ff1\"> </span>rilevazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>superamento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>def<span class=\"_ _0\"></span>inire<span class=\"ff1\"> <span class=\"_ _2\"></span></span>specifici<span class=\"ff1\"> <span class=\"_ _2\"></span></span>piani<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rientro<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>seguito<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>segnalazioni<span class=\"ff1\"> </span>ste<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span>Nell\u2019ambito<span class=\"ff1\">  </span>de<span class=\"_ _2\"></span>l<span class=\"ff1\">  </span>s<span class=\"_ _2\"></span>istema<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>gestione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dei<span class=\"ff1\">  </span>r<span class=\"_ _2\"></span>ischi<span class=\"ff1\">  </span>e<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>coerentem<span class=\"_ _2\"></span>ente<span class=\"ff1\">  </span>con<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>quanto<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>previst<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dalla<span class=\"ff1\"> </span>Normativa,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Consiglio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Amministrazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ha<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>formalizzato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>un<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span></span>set<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>politiche<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff3\">al<span class=\"_ _2\"></span>legati,</span> <span class=\"_ _27\"> </span><span class=\"ff3\">che,</span> </span>relativamente<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>ad<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>ognuno<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>degli<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>ambiti<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>rischiosit\u00e0<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>insistono<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>su<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Credemassicurazioni,<span class=\"ff1\"> </span>dettagliano<span class=\"ff1\"> <span class=\"_ _20\"></span></span>gli<span class=\"ff1\"> <span class=\"_ _21\"></span></span>obiettivi,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>compiti,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>esponsabilit\u00e0,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span></span>processo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>definiscono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>gli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>strumenti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> </span>pro<span class=\"_ _0\"></span>ced<span class=\"_ _0\"></span>ure,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">anche<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">rep<span class=\"_ _0\"></span>orti<span class=\"_ _0\"></span>ng,<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>cess<span class=\"_ _0\"></span>arie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ad</span> <span class=\"ff3\">indi<span class=\"_ _0\"></span>vid<span class=\"_ _0\"></span>uar<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>cons<span class=\"_ _0\"></span>egue<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>ges<span class=\"_ _0\"></span>tire<span class=\"ff1\"> </span>og<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">amb<span class=\"_ _0\"></span>ito<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio.<span class=\"ff1\"> </span>Tali<span class=\"ff1\"> </span>docu<span class=\"_ _0\"></span>menti,<span class=\"ff1\"> </span>inoltre,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">hanno<span class=\"ff1\"> </span>l\u2019obiettivo<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>i\u00f9<span class=\"ff1\"> </span>generale<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>contribuire<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span>diffusione<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ella<span class=\"ff1\"> </span></span></span></span></span></span></span>cultura<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>controllo<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>gestione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>all\u2019interno<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>societ\u00e0.<span class=\"_ _3bd\"> </span>Il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rispetto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l\u2019applicazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>documenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gara<span class=\"_ _2\"></span>ntiti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dalla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>presenza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>S<span class=\"_ _2\"></span>istema<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Contro<span class=\"_ _2\"></span>lli<span class=\"_ _0\"></span><span class=\"ff1\"> </span>Interni<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>costituito<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>insieme<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>regole,<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>procedu<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>tecniche<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>contr<span class=\"_ _2\"></span>ollo<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>strutture<span class=\"ff1\"> </span>organizzative<span class=\"ff1\"> </span>volto<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>assicurare<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>corretto<span class=\"ff1\"> </span>funzionamento<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>buon<span class=\"ff1\"> </span>andamento<span class=\"ff1\"> </span>dell\u2019impresa.<span class=\"_ _3bd\"> </span>An<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>isi<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>ris<span class=\"_ _0\"></span>ch<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>La<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Compagnia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ha<span class=\"ff1\"> <span class=\"_ _20\"></span></span>definito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sensi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Regolamentazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>setto<span class=\"_ _2\"></span>re,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>processo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>analisi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\">  </span>che<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>include<span class=\"ff1\">  </span>sia<span class=\"ff1\">  </span>una<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>valutazione<span class=\"ff1\">  </span>qualitativa<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>sia,<span class=\"ff1\">  </span>per<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>que<span class=\"_ _0\"></span>lli<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>quantificabili,<span class=\"ff1\">  </span>l\u2019adozione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> </span>metodologie<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>m<span class=\"_ _2\"></span>isurazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>d<span class=\"_ _2\"></span>ell\u2019esposizione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rischio,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>incluso,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>istema<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>determinazione<span class=\"ff1\"> </span>dell\u2019ammontare<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>massima<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>erdita<span class=\"ff1\"> </span>potenziale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sia<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>ot<span class=\"_ _0\"></span>tica<span class=\"ff1\"> </span>attuale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rospettica.<span class=\"ff1\"> </span>Tali<span class=\"ff1\"> </span>analisi<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span>con<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>nto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>ffe<span class=\"_ _0\"></span>ttu<span class=\"_ _0\"></span>are<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mani<span class=\"_ _0\"></span>era<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>inu<span class=\"_ _0\"></span>ativ<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>una<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">profi<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dei</span> <span class=\"_ _0\"></span><span class=\"ff3\">risc<span class=\"_ _0\"></span>hi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>\u2019im<span class=\"_ _0\"></span>pres<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>spost<span class=\"_ _0\"></span>a.<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>Si<span class=\"ff1\"> </span>specifica<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>Compagnia<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>valutazioni<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>requ<span class=\"_ _0\"></span>isito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>patrimoniale<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>solvibilit\u00e0<span class=\"ff1\"> </span>secondo<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>regime<span class=\"ff1\"> <span class=\"_ _2\"></span></span>normativo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Solvency<span class=\"ff1\"> <span class=\"_ _2\"></span></span>II<span class=\"ff1\"> <span class=\"_ _2\"></span></span>utilizza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Formula<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Standard<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conformemente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quanto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>definito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nel<span class=\"ff1\"> </span>Regolamento<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>delegato<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>(UE)<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>2019/981<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>Commissione.<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>Pertanto,<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>valutazioni<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>attuali<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>e<span class=\"ff1\"> </span>prospettiche<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>r<span class=\"_ _2\"></span>ischi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tengono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>conto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tutti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rischi,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>compr<span class=\"_ _0\"></span>esi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>framework<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Formula<span class=\"ff1\"> </span>Standard,<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>l\u2019impresa<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>esposta.<span class=\"_ _3bd\"> </span>Al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fine<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cont<span class=\"_ _2\"></span>inuo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">propria<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">situazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>solvi<span class=\"_ _0\"></span>bilit\u00e0,<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Compagnia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">provvede<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inoltre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>base<span class=\"ff1\"> <span class=\"_ _20\"></span></span>trimestrale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>calcolo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pr<span class=\"_ _2\"></span>oprio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>equisito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>capitale,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>terminazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fondi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>propri<span class=\"ff1\"> </span>ammissibili<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>relativa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>qualit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>composizione,<span class=\"ff1\"> </span>verificando<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contempo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>ris<span class=\"_ _2\"></span>petto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> </span>limiti<span class=\"ff1\"> </span>operativi<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> </span>propensione<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>rischio.<span class=\"ff1\"> </span>Specifiche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>str<span class=\"_ _2\"></span>ess<span class=\"ff1\"> </span>test<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sensit<span class=\"_ _2\"></span>ivity<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> </span></span></span></span></span></span></span>effettuate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>stessa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">frequenza<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ulle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">grandezze<span class=\"ff1\"> </span>patrimoniali.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Adeguata<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ocumentazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">viene<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>rendicontata<span class=\"ff1\">  </span>al<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Consiglio<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Amministrazione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>e<span class=\"ff1\">  </span>tr<span class=\"_ _2\"></span>asmessa<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>all\u2019O<span class=\"_ _0\"></span>rgano<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Vigilanza<span class=\"ff1\">  </span>t<span class=\"_ _2\"></span>ramite<span class=\"ff1\">  </span>i<span class=\"ff1\"> </span>Quantitative<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Reporting<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Template<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(QRT).<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>stessa<span class=\"ff1\"> <span class=\"_ _20\"></span></span>frequenza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>viene<span class=\"ff1\"> </span>v<span class=\"_ _2\"></span>erificato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rispetto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>degli<span class=\"ff1\"> </span>indicatori<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>I\u00b0<span class=\"ff1\"> </span>Livello<span class=\"ff1\"> </span>declinati<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>Risk<span class=\"ff1\"> </span>Appetite<span class=\"ff1\"> </span>Framework.<span class=\"_ _3bd\"> </span>Qualora<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>diverse<span class=\"ff1\"> <span class=\"_ _20\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>monitoraggio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>effettuate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dalla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Compagnia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dovessero<span class=\"ff1\"> </span>emergere<span class=\"ff1\"> <span class=\"_ _21\"></span></span>scostamenti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>continuativi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e/o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>significativi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>profilo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rispetto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>all\u2019Appetito<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> </span>Ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"_ _0\"></span>l\u2019i<span class=\"_ _0\"></span>mpre<span class=\"_ _0\"></span>sa,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sco<span class=\"_ _0\"></span>stam<span class=\"_ _0\"></span>enti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">signi<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>ativ<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ris<span class=\"_ _0\"></span>pett<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pri<span class=\"_ _0\"></span>ncip<span class=\"_ _0\"></span>ali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ipo<span class=\"_ _0\"></span>tesi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span><span class=\"ff3\">tecn<span class=\"_ _0\"></span>iche<span class=\"_ _0\"></span>/fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>ziar<span class=\"_ _0\"></span>ie/di<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span>mercato/di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>prodotto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>definite<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nell\u2019ambi<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Piano<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Strategico<span class=\"ff1\"> <span class=\"_ _21\"></span></span>(e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quindi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nel<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>valutazioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ORSA)<span class=\"_ _2\"></span>,<span class=\"ff1\"> </span>vie<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">eff<span class=\"_ _0\"></span>ettu<span class=\"_ _0\"></span>ata<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un\u2019a<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">Non-<span class=\"_ _0\"></span>Regu<span class=\"_ _1\"></span>lar<span class=\"ff1\"> </span>ORS<span class=\"_ _0\"></span>A<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fi<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>tare<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">im<span class=\"_ _0\"></span>pat<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">va<span class=\"_ _0\"></span>riazi<span class=\"_ _0\"></span>oni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anch<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>in<span class=\"ff1\"> </span>ottica<span class=\"ff1\"> </span>prospettica.<span class=\"_ _3bd\"> </span>La<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">C<span class=\"_ _0\"></span>ompag<span class=\"_ _0\"></span>nia<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>orso<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Ese<span class=\"_ _0\"></span>rcizi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>2<span class=\"_ _0\"></span>022<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ha<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ad<span class=\"_ _0\"></span>empi<span class=\"_ _0\"></span>uto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">all<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">segu<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">scad<span class=\"_ _0\"></span>enze<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">n<span class=\"_ _0\"></span>orma<span class=\"_ _0\"></span>tive<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Predisposizione<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>ed<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>invio<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>all\u2019Autorit\u00e0<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>Vigilanza,<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>entro<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>termini<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>regolamentari,<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>delle<span class=\"ff1\"> </span>reportistiche<span class=\"ff1\"> </span>trimestrali<span class=\"ff1\"> </span>(QRT)<span class=\"ff1\"> </span>richieste<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>Pillar<span class=\"ff1\"> </span>III;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Predisposizione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Regular<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Supervisory<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Report<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>-<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>RSR<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>(Relazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>periodica<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>all\u2019Autorit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> </span>Vigilanza)<span class=\"ff1\">  </span>con<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>riferimento<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>alla<span class=\"ff1\">  </span>dat<span class=\"_ _2\"></span>a<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>eserci<span class=\"_ _2\"></span>zio<span class=\"ff1\">  </span>31.12.2021,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>deliberata<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dal<span class=\"ff1\">  </span>Consig<span class=\"_ _2\"></span>lio<span class=\"ff1\">  </span>di<span class=\"ff1\"> </span>Amministrazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Marzo<span class=\"ff1\"> </span>2022<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>inviati<span class=\"ff1\"> </span>entro<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>termine<span class=\"ff1\"> </span>regolamentare<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>IVASS;<span class=\"_ _2\"></span> -<span class=\"_ _3bd\"> </span>Predisposizione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>S<span class=\"_ _0\"></span>olvency<span class=\"ff1\"> </span>Financial<span class=\"ff1\"> </span>Condition<span class=\"ff1\"> </span>Report<span class=\"ff1\"> </span>-<span class=\"ff1\"> </span>SFCR<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">(Relazione</span> <span class=\"ff3\">sul<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>solvibilit\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span></span></span>sulla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>condizione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziaria)<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riferimento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>data<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>esercizio<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>31.12.2021,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>deliberata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dal<span class=\"ff1\"> </span>Consiglio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Amministrazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Marzo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>2022<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ed<span class=\"ff1\"> <span class=\"_ _21\"></span></span>inviati<span class=\"ff1\"> <span class=\"_ _21\"></span></span>entro<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>termine<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>regolamentare<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ad<span class=\"ff1\"> </span>IV<span class=\"_ _0\"></span>ASS;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Realizzazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> </span>el<span class=\"_ _0\"></span>aborazioni<span class=\"ff1\"> </span>ORSA<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ne<span class=\"_ _2\"></span>cessarie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alutazione<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">profilo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">so<span class=\"_ _2\"></span>lvibilit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>piano<span class=\"ff1\"> </span>strategico<span class=\"ff1\"> </span>2022-<span class=\"_ _0\"></span>2024<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>redisposizione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Re<span class=\"_ _0\"></span>port<span class=\"ff1\"> </span>ORSA<span class=\"ff1\"> </span>deli<span class=\"_ _0\"></span>bero<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>Consiglio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Amministrazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Aprile<span class=\"ff1\"> </span>2022<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>inviato,<span class=\"ff1\"> </span>entro<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>scadenza<span class=\"ff1\"> </span>regolamentare,<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>IVASS.<span class=\"_ _3bd\"> </span>Si<span class=\"ff1\"> <span class=\"_ _2\"></span></span>specifica<span class=\"ff1\"> <span class=\"_ _20\"></span></span>infine<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contin<span class=\"_ _2\"></span>uit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quanto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>avvenuto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _20\"></span></span>corso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>2021,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _20\"></span></span>2022,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>tante<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> </span>situazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>derivante<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dall\u2019emergenza<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Covid-19<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dalle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>recenti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>tensioni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>legate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>guerra<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Russo-<span class=\"ff1\"> </span>Ucraina,<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Compa<span class=\"_ _2\"></span>gnia<span class=\"ff1\"> </span>contin<span class=\"_ _2\"></span>ua<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>partecipare<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>u<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>ichiesta<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019Autorit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>vigilanza<span class=\"ff1\"> </span>al<span class=\"_ _2\"></span>le<span class=\"ff1\"> </span>se<span class=\"_ _2\"></span>guenti<span class=\"ff1\"> </span>atti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>t\u00e0:<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>mon<span class=\"_ _0\"></span>ito<span class=\"_ _0\"></span>ragg<span class=\"_ _0\"></span>io<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">mensil<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dell<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">posi<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">solv<span class=\"_ _1\"></span>ibili<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(atti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">avvia<span class=\"_ _0\"></span>ta<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">part<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mese<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ma<span class=\"_ _0\"></span>rz<span class=\"_ _1\"></span>o<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>202<span class=\"_ _0\"></span>0).<span class=\"_ _0\"></span> Ri<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>hi<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>so<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>cr<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>(o<span class=\"_ _3bd\"> </span>te<span class=\"_ _0\"></span>cn<span class=\"_ _0\"></span>ici<span class=\"_ _3bd\"> </span>as<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>cur<span class=\"_ _1\"></span>ativ<span class=\"_ _0\"></span>i)<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Si<span class=\"ff1\"> <span class=\"_ _2\"></span></span>definisce<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Rischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Sot<span class=\"_ _2\"></span>toscrizione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>-<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>perdita<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>var<span class=\"_ _2\"></span>iazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sfavorevole<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valor<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pass<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>as<span class=\"_ _2\"></span>sicurative<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dov<span class=\"_ _2\"></span>uto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ipotesi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>inadegu<span class=\"_ _0\"></span>ate<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>m<span class=\"_ _2\"></span>ateria<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fissazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prezzi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> </span>costituzione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>riserve<span class=\"ff1\"> </span>tecniche<span class=\"ff1\"> </span>(cfr.<span class=\"ff1\"> </span>articolo<span class=\"ff1\"> </span>1,<span class=\"ff1\"> </span>com<span class=\"_ _2\"></span>ma<span class=\"ff1\"> </span>1,<span class=\"ff1\"> </span>lettera<span class=\"ff1\"> </span>vv-b<span class=\"_ _0\"></span>is<span class=\"ff1\"> </span>4<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>CAP).<span class=\"_ _2\"></span> Nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>d<span class=\"_ _2\"></span>el<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>F<span class=\"_ _2\"></span>ramework<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Compagnia,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ris<span class=\"_ _2\"></span>chio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pu\u00f2<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>essere<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ulteriormente<span class=\"ff1\"> </span>distinto<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> </span>seguenti<span class=\"ff1\"> </span>categorie:<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Rischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>assunzione:<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rappresenta<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>derivante<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dalla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sottoscrizione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contratti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"_ _1\"></span> ass<span class=\"_ _0\"></span>icu<span class=\"_ _0\"></span>razi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>colleg<span class=\"_ _0\"></span>ato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">agli</span> <span class=\"ff3\">even<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>as<span class=\"_ _0\"></span>sicu<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>proc<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>segui<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>tar<span class=\"_ _0\"></span>iff<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>sele<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span></span></span>dei<span class=\"ff1\"> </span>rischi,<span class=\"ff1\"> </span>all\u2019andamento<span class=\"ff1\"> </span>sfavorevole<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>sinistralit\u00e0<span class=\"ff1\"> </span>effettiva<span class=\"ff1\"> </span>rispetto<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>quella<span class=\"ff1\"> </span>stimata.<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>riservazione,<span class=\"ff1\"> </span>ovvero<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>conness<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>quantificazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>riserve<span class=\"ff1\"> </span>tecniche<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>sufficienti<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>coprire<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>impegni<span class=\"ff1\"> </span>assunti<span class=\"ff1\"> </span>nei<span class=\"ff1\"> </span>confronti<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>assicurat<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>danneggiati.<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Rischio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>catastrofale,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ovvero<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>perdita<span class=\"ff1\"> <span class=\"_ _21\"></span></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>variazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sfavor<span class=\"_ _2\"></span>evole<span class=\"ff1\"> <span class=\"_ _20\"></span></span>de<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _21\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _21\"></span></span>delle<span class=\"ff1\"> </span>passivit\u00e0<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>a<span class=\"_ _2\"></span>ssicurative,<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>derivante<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>dall\u2019incertezza<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>significativa<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>ipotesi<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>relative<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>alla<span class=\"ff1\"> </span>determinazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>premi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>costituzi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _20\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"></span></span>riserve<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rapport<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _21\"></span></span>verificarsi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>eventi<span class=\"ff1\"> </span>estremi<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>eccezionali<span class=\"ff1\"> </span>legati<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>eventi<span class=\"ff1\"> </span>naturali<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>causat<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>dall\u2019uomo.<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">lapse,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rappresenta<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>rivante<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dall\u2019esercizio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">opzioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> </span>parte<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">degli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">assicurati<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>eventualmente<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contenute<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>c<span class=\"_ _2\"></span>ontratti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>non-life,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>qu<span class=\"_ _0\"></span>ali<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ad<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>esempio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>l\u2019opzione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rescindere<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>trat<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rim<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">scade<span class=\"_ _0\"></span>nza<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>ttu<span class=\"_ _0\"></span>ita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>l\u2019o<span class=\"_ _0\"></span>pzi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">ri<span class=\"_ _0\"></span>nno<span class=\"_ _0\"></span>vo<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>ntra<span class=\"_ _0\"></span>tto<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>eco<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>cond<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>oni<span class=\"ff1\"> </span></span></span></span></span></span></span>precedentemente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stabilite.<span class=\"_ _3bd\"> </span></span></span>Da<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>pun<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">vi<span class=\"_ _0\"></span>sta<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>distri<span class=\"_ _0\"></span>bu<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">risch<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sotto<span class=\"_ _0\"></span>scri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Cre<span class=\"_ _0\"></span>dema<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>cura<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>sec<span class=\"_ _0\"></span>ondo<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>i<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>dettami<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>normat<span class=\"_ _2\"></span>ivi<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>Solvency<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>II<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>r<span class=\"_ _2\"></span>iporta<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>nella<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>tabella<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>seguito<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>m<span class=\"_ _2\"></span>iglior<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>stima<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>della<span class=\"ff1\"> </span>rappresentazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(si<span class=\"ff1\"> </span>precisa<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>peso<span class=\"ff1\"> </span>complessivo<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischi<span class=\"ff1\"> </span></span></span></span></span></span></span>life<span class=\"ff1\"> </span>underwriting<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>82,5%).<span class=\"_ _3bd\"> </span>Non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Life<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">risk<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">risk/sum<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">of<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ri<span class=\"_ _2\"></span>sk<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">components<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">relativo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>com<span class=\"_ _0\"></span>ple<span class=\"_ _0\"></span>ssiv<span class=\"_ _1\"></span>o<span class=\"_ _3bd\"> </span>31/<span class=\"_ _0\"></span>12<span class=\"_ _0\"></span>/20<span class=\"_ _0\"></span>22<span class=\"_ _3bd\"> </span>%Re<span class=\"_ _0\"></span>lat<span class=\"_ _0\"></span>ivo<span class=\"_ _0\"></span> <span class=\"_ _2e\"> </span>%Co<span class=\"_ _0\"></span>mpl<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>ivo<span class=\"_ _0\"></span> Non-<span class=\"_ _0\"></span>Lif<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rem<span class=\"_ _0\"></span>ium<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">and<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rese<span class=\"_ _0\"></span>rve<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>sk<span class=\"_ _1\"></span> </span></span></span></span></span></span>55<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>5%<span class=\"_ _1\"></span> <span class=\"_ _c2\"> </span>29,<span class=\"_ _0\"></span>8%<span class=\"_ _3bd\"> </span>Non-<span class=\"_ _0\"></span>Lif<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>la<span class=\"_ _0\"></span>pse<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ris<span class=\"_ _0\"></span>k<span class=\"_ _0\"></span> </span></span>32,<span class=\"_ _0\"></span>0% <span class=\"_ _c2\"> </span>17,<span class=\"_ _0\"></span>2%<span class=\"_ _3bd\"> </span>Non-life<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">CAT<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ri<span class=\"_ _0\"></span>sk<span class=\"_ _1\"></span> </span></span></span></span>12<span class=\"_ _0\"></span>,5% <span class=\"_ _2b7\"> </span>6,<span class=\"_ _1\"></span>7%<span class=\"_ _3bd\"> </span>Health<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">risk<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>isk/sum<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">of<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">risk<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">comp<span class=\"_ _0\"></span>onents<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">relativo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>com<span class=\"_ _0\"></span>ple<span class=\"_ _0\"></span>ssiv<span class=\"_ _1\"></span>o<span class=\"_ _3bd\"> </span>31/<span class=\"_ _0\"></span>12<span class=\"_ _0\"></span>/20<span class=\"_ _0\"></span>22<span class=\"_ _3bd\"> </span>%Re<span class=\"_ _0\"></span>lat<span class=\"_ _0\"></span>ivo<span class=\"_ _0\"></span> <span class=\"_ _2e\"> </span>%Co<span class=\"_ _0\"></span>mpl<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>ivo<span class=\"_ _0\"></span> He<span class=\"_ _0\"></span>alth<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pre<span class=\"_ _0\"></span>miu<span class=\"_ _0\"></span>m<span class=\"ff1\"> </span>and<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">rese<span class=\"_ _0\"></span>rve<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>sk<span class=\"_ _1\"></span> </span></span></span></span></span></span>72,<span class=\"_ _0\"></span>6% <span class=\"_ _26b\"> </span>20,<span class=\"_ _0\"></span>9%<span class=\"_ _3bd\"> </span>Health<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Lapse<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ri<span class=\"_ _0\"></span>sk<span class=\"_ _1\"></span> </span></span></span></span>24<span class=\"_ _0\"></span>,0% <span class=\"_ _2f0\"> </span>6,<span class=\"_ _0\"></span>9%<span class=\"_ _0\"></span> Health<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">C<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>T<span class=\"_ _0\"></span> </span></span>3,<span class=\"_ _1\"></span>4% <span class=\"_ _106\"> </span>1,<span class=\"_ _0\"></span>0%<span class=\"_ _0\"></span> He<span class=\"_ _0\"></span>alth<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">SLT<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Mort<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>ty<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>sk<span class=\"_ _1\"></span> </span></span></span></span>0<span class=\"_ _0\"></span>,0<span class=\"_ _1\"></span>% <span class=\"_ _12d\"> </span>0<span class=\"_ _0\"></span>,0<span class=\"_ _1\"></span>%<span class=\"_ _3bd\"> </span>Health<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">SLT<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Longevity<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ris<span class=\"_ _1\"></span>k<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>0<span class=\"_ _0\"></span>,0<span class=\"_ _1\"></span>% <span class=\"_ _12d\"> </span>0<span class=\"_ _0\"></span>,0<span class=\"_ _1\"></span>%<span class=\"_ _3bd\"> </span>He<span class=\"_ _0\"></span>alth<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">SLT<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Disab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>ty<span class=\"ff1\"> </span>mo<span class=\"_ _0\"></span>rbid<span class=\"_ _0\"></span>ity<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">r<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>k<span class=\"_ _0\"></span> </span></span></span></span></span></span>0<span class=\"_ _0\"></span>,0<span class=\"_ _1\"></span>% <span class=\"_ _12d\"> </span>0<span class=\"_ _0\"></span>,0<span class=\"_ _1\"></span>%<span class=\"_ _3bd\"> </span>Health<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">SLT<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Lapse<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ri<span class=\"_ _0\"></span>sk<span class=\"_ _1\"></span> </span></span></span></span></span></span>0<span class=\"_ _0\"></span>,0<span class=\"_ _1\"></span>% <span class=\"_ _12d\"> </span>0<span class=\"_ _0\"></span>,0<span class=\"_ _1\"></span>%<span class=\"_ _3bd\"> </span>Health<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">SLT<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">E<span class=\"_ _2\"></span>xpense<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ri<span class=\"_ _0\"></span>sk<span class=\"_ _1\"></span> </span></span></span></span></span></span>0<span class=\"_ _0\"></span>,0<span class=\"_ _1\"></span>% <span class=\"_ _12d\"> </span>0<span class=\"_ _0\"></span>,0<span class=\"_ _1\"></span>%<span class=\"_ _3bd\"> </span>Health<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">SLT<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Revision<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ris<span class=\"_ _0\"></span>k<span class=\"_ _0\"></span> </span></span></span></span></span></span>0<span class=\"_ _0\"></span>,0<span class=\"_ _1\"></span>% <span class=\"_ _12d\"> </span>0<span class=\"_ _0\"></span>,0<span class=\"_ _1\"></span>%<span class=\"_ _3bd\"> </span>La<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Com<span class=\"_ _0\"></span>pag<span class=\"_ _0\"></span>nia<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ado<span class=\"_ _0\"></span>tta,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>onf<span class=\"_ _0\"></span>ronti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>ine<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>gu<span class=\"_ _0\"></span>ida<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>il<span class=\"_ _0\"></span>lust<span class=\"_ _0\"></span>rano<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i</span> <span class=\"_ _0\"></span><span class=\"ff3\">tip<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">r<span class=\"_ _0\"></span>isch<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ssic<span class=\"_ _0\"></span>urat<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span>ten<span class=\"_ _0\"></span>de<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ssu<span class=\"_ _0\"></span>mere<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>evidenziano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>carat<span class=\"_ _2\"></span>teristiche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>assicurazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(prodotti,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>canali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dist<span class=\"_ _2\"></span>ributivi,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischi<span class=\"ff1\"> </span>esc<span class=\"_ _0\"></span>lus<span class=\"_ _0\"></span>i);<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>descrivono<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>modalit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>volte<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>g<span class=\"_ _2\"></span>arantire<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>raccolta<span class=\"ff1\"> </span>premi<span class=\"ff1\"> </span>sia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>adeguata<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>co<span class=\"_ _2\"></span>prire<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>sinistri<span class=\"ff1\"> </span>previsti<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>relative<span class=\"ff1\"> </span>spese;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>illustrano<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>modalit\u00e0<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>c<span class=\"_ _2\"></span>ui<span class=\"ff1\"> </span>l\u2019impresa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tiene<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>riass<span class=\"_ _2\"></span>icurazione<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>altre<span class=\"ff1\"> </span>tecniche<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>mitigazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nel<span class=\"ff1\"> </span>processo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>progettazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>nuovo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prodotto<span class=\"ff1\"> </span>assicurativo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>calcolo<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>relativo<span class=\"ff1\"> </span>premio;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>illustrano<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>modalit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>l<span class=\"_ _2\"></span>\u2019impresa<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tiene<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>conto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>lim<span class=\"_ _2\"></span>itazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>degli<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>i<span class=\"_ _2\"></span>nvestimenti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nel<span class=\"ff1\"> </span>processo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">progettazione<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">u<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nuovo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prodotto<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ssicurativo<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">calcolo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">relativo<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>remio.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>La<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Compagnia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">misura<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">monitora<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pro<span class=\"_ _2\"></span>pria<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esposizione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sot<span class=\"_ _2\"></span>toscrizione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cons<span class=\"_ _2\"></span>iderando<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>il<span class=\"ff1\"> </span>portafoglio<span class=\"ff1\"> </span>complessivo,<span class=\"ff1\"> </span>oltre<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>verificare<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>conformit\u00e0<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>limiti<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>politiche<span class=\"ff1\"> </span>definite.<span class=\"_ _3bd\"> </span>L\u2019identificazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>viene<span class=\"ff1\"> </span>effettuata<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>iferimento<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>nuovi<span class=\"ff1\"> </span>prodotti<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>portafoglio<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>ess<span class=\"_ _0\"></span>ere:<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>Nuo<span class=\"_ _0\"></span>vi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">p<span class=\"_ _0\"></span>rodo<span class=\"_ _0\"></span>tti:<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">coer<span class=\"_ _0\"></span>ente<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Pi<span class=\"_ _0\"></span>ano<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Stra<span class=\"_ _0\"></span>teg<span class=\"_ _0\"></span>ico,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rile<span class=\"_ _0\"></span>vaz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>isc<span class=\"_ _0\"></span>hi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>nes<span class=\"_ _0\"></span>si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ai<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nu<span class=\"_ _0\"></span>ov<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>pro<span class=\"_ _0\"></span>dot<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>viene<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">effe<span class=\"_ _0\"></span>ttua<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>sull<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>loro<span class=\"ff1\"> </span>car<span class=\"_ _0\"></span>atte<span class=\"_ _0\"></span>rist<span class=\"_ _0\"></span>ich<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>tecn<span class=\"_ _0\"></span>ich<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>nell\u2019<span class=\"_ _0\"></span>ambi<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">pro<span class=\"_ _0\"></span>cesso<span class=\"_ _1\"></span><span class=\"ff1\"> </span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ORSA.<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>Inoltre,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>coere<span class=\"_ _2\"></span>nza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>process<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>finalizzato<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>alla<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>creazione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff3\">lancio</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">dei</span> <span class=\"_ _21\"> </span><span class=\"ff3\">nuovi</span> </span></span></span>prodotti<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>definito<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>pi\u00f9<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>generale<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>pr<span class=\"_ _2\"></span>ocesso<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>POG<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>(Product<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>Oversight<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>and<span class=\"ff1\"> </span>Governance),<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>funzione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>R<span class=\"_ _2\"></span>isk<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Management<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>chiamata<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>redigere<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>specifica<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>analisi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> </span>rischiosit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(c.d.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>scheda<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischi<span class=\"_ _2\"></span>)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d<span class=\"_ _2\"></span>el<span class=\"ff1\"> <span class=\"_ _20\"></span></span>singolo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prodot<span class=\"_ _2\"></span>to<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _20\"></span></span>esiti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>trasmessi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Comitato<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> </span>Direzione<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>Product<span class=\"ff1\"> </span>Governance.<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Portafoglio<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>essere:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">co<span class=\"_ _2\"></span>n<span class=\"ff1\"> </span>riferimento<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">portafoglio<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>essere,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019<span class=\"_ _2\"></span>identificazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischi<span class=\"ff1\"> </span>viene<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>effettuata<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>b<span class=\"_ _0\"></span>ase<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ati<span class=\"ff1\"> </span>tecnici<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>portafoglio<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">misure<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>assorbimento<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>capitale<span class=\"ff1\"> </span></span></span></span></span>determinate<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>attr<span class=\"_ _2\"></span>averso<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>lo<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>strumento<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>utilizzato<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>dalla<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Compagnia<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>calcolo<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>SCR<span class=\"ff1\"> </span>(Standard<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Formula).<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Le<span class=\"ff1\"> </span>informazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">relative<span class=\"ff1\"> </span>all\u2019<span class=\"_ _0\"></span>andamento<span class=\"ff1\"> </span>tecnico<span class=\"ff1\"> </span>complessivo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rispecchiano<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>sinteticamente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>risultati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tecnici<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>singoli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Rami<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quindi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d<span class=\"_ _2\"></span>ei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prodott<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>presenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>portafo<span class=\"_ _2\"></span>glio<span class=\"ff1\"> </span>(che<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>generale<span class=\"ff1\"> </span>possono<span class=\"ff1\"> </span>comprendere<span class=\"ff1\"> </span>pi\u00f9<span class=\"ff1\"> </span>Rami).<span class=\"_ _3bd\"> </span>Si<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rip<span class=\"_ _1\"></span>ortano<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">si<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>tica<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>seg<span class=\"_ _0\"></span>uito<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pri<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>pal<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>mi<span class=\"_ _0\"></span>sure<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ris<span class=\"_ _0\"></span>chio<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>til<span class=\"_ _0\"></span>izz<span class=\"_ _0\"></span>ate<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>SC<span class=\"_ _0\"></span>R<span class=\"ff1\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Non<span class=\"_ _0\"></span>-li<span class=\"_ _0\"></span>fe<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">unde<span class=\"_ _0\"></span>rwr<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>ng<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>sk<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">re<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>tivi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">so<span class=\"_ _0\"></span>ttom<span class=\"_ _0\"></span>odul<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(val<span class=\"_ _0\"></span>uta<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sia<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">lordo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">netto<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>della<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Riassicurazione);<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>SCR<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Health<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">underwrit<span class=\"_ _2\"></span>ing<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">risk<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">relativi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sottomoduli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>valutato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">lordo<span class=\"ff1\"> </span>sia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">netto<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>della<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Riassicurazione);<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>Distribuzione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>Best<span class=\"ff1\"> </span>Estimate<span class=\"ff1\"> </span>(Non<span class=\"ff1\"> </span>Life<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>Health<span class=\"ff1\"> </span>NSLT)<span class=\"ff1\"> </span>valut<span class=\"_ _2\"></span>ate<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>lordo<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>netto<span class=\"ff1\"> </span>della<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Riassicurazione;<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>sk<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Marg<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">(N<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Life<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span>d<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Heal<span class=\"_ _0\"></span>th<span class=\"ff1\"> </span>N<span class=\"_ _0\"></span>SLT)<span class=\"_ _1\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Com<span class=\"_ _0\"></span>bin<span class=\"_ _0\"></span>ed<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Rati<span class=\"_ _0\"></span>o;<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>Loss<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Rati<span class=\"_ _0\"></span>o;<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>Exp<span class=\"_ _0\"></span>ens<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Rati<span class=\"_ _0\"></span>o.<span class=\"_ _3bd\"> </span></span></span>Rischi<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>me<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>o<span class=\"fc0 sc1\"> </span>Si<span class=\"ff1\"> <span class=\"_ _21\"></span></span>definisce<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>mercato,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>perdita<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>variazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sfavorevole<span class=\"ff1\"> <span class=\"_ _21\"></span></span>della<span class=\"ff1\"> <span class=\"_ _21\"></span></span>situazione<span class=\"ff1\"> </span>finanziaria<span class=\"ff1\"> </span>derivante,<span class=\"ff1\"> </span>direttamente<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>indirettamente,<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>oscillazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span>livello<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>volatilit\u00e0<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span></span></span>prezzi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mercato<span class=\"ff1\"> </span>dell<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0,<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">passivit\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">degli<span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziari<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>cfr.<span class=\"ff1\"> </span>articolo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">1,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">comma<span class=\"ff1\"> </span>1,<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>lettera<span class=\"ff1\"> </span>vv-bis<span class=\"ff1\"> </span>3<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>CAP).<span class=\"_ _3bd\"> </span>I<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>r<span class=\"_ _2\"></span>ischi<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>mercato<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>r<span class=\"_ _2\"></span>isentono<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dell\u2019andamento<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>congiunturale<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>ciclo<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>economico,<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>pu\u00f2<span class=\"ff1\"> </span>amplificarne<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>eventualmente<span class=\"ff1\"> </span>diminuirne<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>significativit\u00e0,<span class=\"ff1\"> </span>sopratt<span class=\"_ _2\"></span>utto<span class=\"ff1\"> </span>se<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>portafoglio<span class=\"ff1\"> </span>t<span class=\"_ _2\"></span>itoli<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>Compagnia<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>particolarmente<span class=\"ff1\"> </span>concentrato<span class=\"_ _2\"></span><span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>determinati<span class=\"ff1\"> </span>settori,<span class=\"ff1\"> </span>valute<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>aree<span class=\"ff1\"> </span>geografiche.<span class=\"_ _3bd\"> </span>Ta<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risc<span class=\"_ _0\"></span>hio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pu\u00f2<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">esse<span class=\"_ _1\"></span>re<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>stin<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">se<span class=\"_ _0\"></span>guen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fatt<span class=\"_ _0\"></span>ori<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risch<span class=\"_ _0\"></span>io:<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Rischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tasso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>interesse:<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valor<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>degli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>att<span class=\"_ _2\"></span>ivi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>una<span class=\"ff1\"> <span class=\"_ _20\"></span></span>impresa<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>assicurazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sensibile<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> </span>variazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tassi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>interess<span class=\"_ _2\"></span>e.<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Inoltr<span class=\"_ _2\"></span>e,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fl<span class=\"_ _0\"></span>ussi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>finanziari<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>g<span class=\"_ _0\"></span>enerati<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dalle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quelli<span class=\"ff1\"> </span>generati<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>dalle<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>passivit\u00e0<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>un\u2019impresa<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>perfettamente<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>allineati<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>scaden<span class=\"_ _0\"></span>za,<span class=\"ff1\"> </span>periodicit\u00e0<span class=\"ff1\">  </span>de<span class=\"_ _0\"></span>gli<span class=\"ff1\">  </span>eventuali<span class=\"ff1\">  </span>pagamenti<span class=\"ff1\">  </span>e<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">per</span>  <span class=\"ff3\">natura</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">dei</span>  <span class=\"ff3\">tassi</span>  <span class=\"ff3\">degli</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">investimenti</span>  <span class=\"ff3\">(maturity</span> </span>mismatching,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>interest<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rat<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>mismatching,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>reset<span class=\"ff1\"> <span class=\"_ _21\"></span></span>date<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mismat<span class=\"_ _2\"></span>ching,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>basic<span class=\"ff1\"> <span class=\"_ _21\"></span></span>mismatching),<span class=\"ff1\"> <span class=\"_ _2\"></span></span>uno<span class=\"_ _2\"></span><span class=\"ff1\"> </span>shock<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>positivo<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">negativo)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span>tassi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">interesse<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>u\u00f2<span class=\"ff1\"> </span>produrre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">variazioni<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>sincronizzate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nel<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>va<span class=\"_ _0\"></span>lore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">delle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">attiv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>elle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">passiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>Sost<span class=\"_ _0\"></span>anzi<span class=\"_ _0\"></span>alme<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l'esp<span class=\"_ _0\"></span>osiz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al</span> <span class=\"ff3\">risc<span class=\"_ _0\"></span>hio<span class=\"ff1\"> </span>ta<span class=\"_ _0\"></span>sso<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">inte<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>se<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>si<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>riferisce<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tutte<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>passivit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u201csensibile\u201d<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ai<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cambiamenti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nella<span class=\"_ _2\"></span><span class=\"ff1\"> </span>struttura<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>termine<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>tassi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>interesse<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>volatilit\u00e0<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>tassi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>interesse;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Rischio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>azionario:<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>valor<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>mer<span class=\"_ _2\"></span>cato<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>posizioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>assunte<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dall\u2019impresa<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>possono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>essere<span class=\"ff1\"> </span>sen<span class=\"_ _0\"></span>sib<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">all\u2019<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>me<span class=\"_ _0\"></span>rcati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">azi<span class=\"_ _0\"></span>ona<span class=\"_ _0\"></span>ri<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">es<span class=\"_ _0\"></span>empi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>ca<span class=\"_ _0\"></span>so<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cont<span class=\"_ _0\"></span>ratti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cui<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pre<span class=\"_ _0\"></span>sta<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>sono<span class=\"ff1\"> </span>collegate<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>titolo<span class=\"ff1\"> </span>azionario);<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Rischio<span class=\"ff1\"> </span>t<span class=\"_ _2\"></span>asso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cambio:<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mercato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>posizioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>assunte<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall\u2019impresa<span class=\"ff1\"> </span>p<span class=\"_ _2\"></span>u\u00f2<span class=\"ff1\"> <span class=\"_ _2\"></span></span>essere<span class=\"ff1\"> </span>sen<span class=\"_ _0\"></span>sib<span class=\"_ _0\"></span>ile<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>riazi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dei</span> <span class=\"ff3\">t<span class=\"_ _0\"></span>assi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ambi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>(pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>esem<span class=\"_ _0\"></span>pio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nel</span> <span class=\"ff3\">c<span class=\"_ _0\"></span>aso<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>tito<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">azio<span class=\"_ _0\"></span>nari<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o</span> <span class=\"ff3\">obbl<span class=\"_ _0\"></span>iga<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>den<span class=\"_ _0\"></span>omi<span class=\"_ _0\"></span>nati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in</span> <span class=\"ff3\">valu<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>este<span class=\"_ _0\"></span>ra).<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Quest<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>fatto<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">risch<span class=\"_ _0\"></span>io,<span class=\"ff1\"> </span>qui<span class=\"_ _0\"></span>ndi<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>assum<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>parti<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>lare<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rileva<span class=\"_ _0\"></span>nza<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>le<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>imprese<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>a<span class=\"_ _2\"></span>ssicurazione<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>presenza<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>copertura<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>de<span class=\"_ _0\"></span>lle<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>ris<span class=\"_ _2\"></span>erve<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>tecniche<span class=\"ff1\"> </span>denominate<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>valuta<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>diversa<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>quella<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>corr<span class=\"_ _2\"></span>ispondenti<span class=\"ff1\">  </span>imp<span class=\"_ _2\"></span>egni<span class=\"ff1\">  </span>t<span class=\"_ _2\"></span>ecnici<span class=\"ff1\">  </span>as<span class=\"_ _2\"></span>sunti<span class=\"ff1\"> </span>contrattualmente.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Infatti,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>poich\u00e9<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>conversione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valute<span class=\"ff1\"> <span class=\"_ _2\"></span></span>avvie<span class=\"_ _2\"></span>ne<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>chiusura<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d\u2019esercizio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> </span>cambio<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>orrente,<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">corrispondenza<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">detta</span> <span class=\"_ _0\"></span><span class=\"ff3\">data<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ossono<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">realizzarsi<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>elle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">plus/minusvalenze<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>a<span class=\"ff1\"> </span>causa<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>variazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>tassi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cambio;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Rischio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">immobiliare:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">q<span class=\"_ _2\"></span>ualora<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gli<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un\u2019impresa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">as<span class=\"_ _2\"></span>sicurazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>iano<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">investit<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">immobili,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>i<span class=\"ff1\"> </span>valori<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tali<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>sensibili<span class=\"ff1\"> </span>all\u2019andamento<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>prezzi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>mercat<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>stessi;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Rischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>credito:<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ogni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>volta<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ch<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un\u2019impresa<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>as<span class=\"_ _2\"></span>sicurazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sott<span class=\"_ _2\"></span>oscrive<span class=\"ff1\"> <span class=\"_ _20\"></span></span>strumenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziari,<span class=\"ff1\"> </span>pu<span class=\"_ _0\"></span>\u00f2<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>nco<span class=\"_ _0\"></span>rrere<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"_ _0\"></span>solve<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pro<span class=\"_ _0\"></span>pri<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ebi<span class=\"_ _0\"></span>tore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">qua<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>otre<span class=\"_ _0\"></span>bbe<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">n<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">es<span class=\"_ _0\"></span>sere<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">grad<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>sia<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>demp<span class=\"_ _0\"></span>ier<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>rop<span class=\"_ _0\"></span>rie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">obbli<span class=\"_ _0\"></span>gazi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">si<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>nco<span class=\"_ _0\"></span>rrere<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pegg<span class=\"_ _0\"></span>ior<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">meri<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>creditizio,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>conseguente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rid<span class=\"_ _2\"></span>uzione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valor<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>titolo.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>L\u2019esposizione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>credito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>si<span class=\"ff1\"> </span>riferisce<span class=\"ff1\">  </span>ad<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">attivit\u00e0,</span>  <span class=\"ff3\">pas<span class=\"_ _0\"></span>sivit\u00e0<span class=\"ff1\">  </span>e<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">strumenti</span>  <span class=\"ff3\">fin<span class=\"_ _0\"></span>anziari<span class=\"ff1\">  </span>sensibili<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>alla<span class=\"ff1\">  </span>variazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>degli<span class=\"ff1\">  </span>spread<span class=\"ff1\"> </span></span></span></span></span>cre<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>izi;<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>Rischio<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>conc<span class=\"_ _0\"></span>entr<span class=\"_ _2\"></span>azione:<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>l\u2019espo<span class=\"_ _2\"></span>sizione<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>conce<span class=\"_ _0\"></span>ntrazione,<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>d<span class=\"_ _2\"></span>eriva<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>d<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>una<span class=\"ff1\"> </span>variazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>i<span class=\"_ _2\"></span>nattesa<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>prezzi,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>d<span class=\"_ _2\"></span>elle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>esposizioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>verso<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span></span>emittenti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>su<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ha<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>un<span class=\"ff1\"> </span>accumulo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esposizione<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>stessa<span class=\"ff1\"> </span>controparte,<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>rife<span class=\"_ _0\"></span>risce<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>soggette<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span></span></span></span></span>azionario,<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>interesse<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">spread<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>immobiliare<span class=\"ff1\"> </span>inclusi<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>mercato,<span class=\"ff1\"> </span></span></span></span></span>ed<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">escl<span class=\"_ _0\"></span>ude<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le</span> <span class=\"ff3\">att<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span>sog<span class=\"_ _0\"></span>get<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">risc<span class=\"_ _0\"></span>hio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">in<span class=\"_ _0\"></span>ademp<span class=\"_ _0\"></span>ime<span class=\"_ _0\"></span>nto<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>trop<span class=\"_ _0\"></span>arte<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>Al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mom<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>liv<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>regolamentare<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>esclusi<span class=\"ff1\"> </span>anche<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>stato<span class=\"_ _2\"></span>;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Altre<span class=\"ff1\"> <span class=\"_ _2\"></span></span>esposizioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ass<span class=\"_ _2\"></span>ets:<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Tale<span class=\"ff1\"> </span>fat<span class=\"_ _2\"></span>tore<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>si<span class=\"ff1\"> <span class=\"_ _2\"></span></span>concretizza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>m<span class=\"_ _2\"></span>ercato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>legato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> </span>private<span class=\"ff1\"> </span>equity,<span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> </span>alternativi,<span class=\"ff1\"> </span>infrastruttur<span class=\"_ _2\"></span>e,<span class=\"ff1\"> </span>prodotti<span class=\"ff1\"> </span>legati<span class=\"ff1\"> </span>all\u2019in<span class=\"_ _0\"></span>flazion<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>ibridi.<span class=\"_ _3bd\"> </span>I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fattori<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>mercato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vengono<span class=\"ff1\"> </span>princip<span class=\"_ _0\"></span>almente<span class=\"ff1\"> </span>individuati<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">classi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>b<span class=\"_ _0\"></span>ilancio<span class=\"ff1\"> </span>specifiche<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>del<span class=\"ff1\"> </span>Portafoglio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Propriet\u00e0.<span class=\"_ _3bd\"> </span>Da<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un<span class=\"ff1\"> <span class=\"_ _21\"></span></span>punto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>vista<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>distr<span class=\"_ _2\"></span>ibuzione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mercat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Crede<span class=\"_ _0\"></span>massicurazioni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>secondo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> </span>dettami<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>normativi<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>Solvency<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>II<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _24\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>r<span class=\"_ _2\"></span>iporta<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>nella<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>tabella<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>seguito<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>mi<span class=\"_ _2\"></span>glior<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>st<span class=\"_ _2\"></span>ima<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>de<span class=\"_ _1\"></span>lla<span class=\"_ _3bd\"> </span>a<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(si<span class=\"ff1\"> </span>precisa<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>peso<span class=\"ff1\"> </span>complessivo<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischi<span class=\"ff1\"> </span></span></span></span></span>nts<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>elativo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span></span></span></span></span></span></span>31/<span class=\"_ _0\"></span>12<span class=\"_ _0\"></span>/20<span class=\"_ _0\"></span>22<span class=\"_ _3bd\"> </span>%Re<span class=\"_ _0\"></span>lat<span class=\"_ _0\"></span>ivo<span class=\"_ _0\"></span> <span class=\"_ _67\"> </span>%Co<span class=\"_ _0\"></span>mpl<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>ivo<span class=\"_ _0\"></span> 63<span class=\"_ _1\"></span>,5%<span class=\"_ _1\"></span> <span class=\"_ _12d\"> </span>6<span class=\"_ _0\"></span>,4<span class=\"_ _1\"></span>%<span class=\"_ _3bd\"> </span>12<span class=\"_ _0\"></span>,3% <span class=\"_ _193\"> </span>1,<span class=\"_ _1\"></span>2%<span class=\"_ _3bd\"> </span>0<span class=\"_ _0\"></span>,0<span class=\"_ _1\"></span>% <span class=\"_ _33c\"> </span>0<span class=\"_ _0\"></span>,0<span class=\"_ _1\"></span>%<span class=\"_ _3bd\"> </span>15,<span class=\"_ _0\"></span>9% <span class=\"_ _193\"> </span>1,<span class=\"_ _1\"></span>6%<span class=\"_ _3bd\"> </span>8<span class=\"_ _0\"></span>,4<span class=\"_ _1\"></span>% <span class=\"_ _33c\"> </span>0<span class=\"_ _0\"></span>,8<span class=\"_ _1\"></span>%<span class=\"_ _3bd\"> </span>0<span class=\"_ _0\"></span>,0<span class=\"_ _1\"></span>% <span class=\"_ _33c\"> </span>0<span class=\"_ _0\"></span>,0<span class=\"_ _1\"></span>%<span class=\"_ _3bd\"> </span>nti<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>fattor<span class=\"_ _2\"></span>i<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>sopra<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>enunciati,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>linee<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>guida<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>che<span class=\"ff1\"> </span>tt<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> </span>dell\u2019Area<span class=\"ff1\"> </span>Finanza,<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>periodicit\u00e0<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>controlli<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>azioni<span class=\"ff1\"> </span><span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>limiti.<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Nella<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>composizione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>complessiva<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>portafoglio<span class=\"ff1\"> </span>sposizione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rischio,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>vincoli<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>l<span class=\"_ _0\"></span>egati<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"_ _2\"></span>lla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cop<span class=\"_ _2\"></span>ertura<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"ff1\"> </span><span class=\"ff3\">olvency</span> <span class=\"_ _20\"></span><span class=\"ff3\">Ratio.</span> <span class=\"_ _20\"></span><span class=\"ff3\">I</span> <span class=\"_ _2\"></span><span class=\"ff3\">limiti</span> <span class=\"_ _20\"></span><span class=\"ff3\">e</span> <span class=\"_ _20\"></span><span class=\"ff3\">gli</span> <span class=\"_ _2\"></span><span class=\"ff3\">indicator<span class=\"_ _2\"></span>i</span> <span class=\"_ _2\"></span><span class=\"ff3\">relativi</span> <span class=\"_ _20\"></span><span class=\"ff3\">agli</span> <span class=\"_ _2\"></span><span class=\"ff3\">investimenti</span> u<span class=\"ff1\"> </span>base<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">continuativa<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">parte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">f<span class=\"_ _2\"></span>unzioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">az<span class=\"_ _2\"></span>iendali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">preposte<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>ti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cont<span class=\"_ _2\"></span>rolli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>portati<span class=\"ff1\"> <span class=\"_ _21\"></span></span>all\u2019attenzione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">del</span> <span class=\"_ _20\"></span><span class=\"ff3\">Consiglio</span> <span class=\"_ _21\"> </span><span class=\"ff3\">di</span> </span>de<span class=\"ff1\"> <span class=\"_ _21\"></span></span>inoltre<span class=\"ff1\"> <span class=\"_ _20\"></span></span>una<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fase<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>evisione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>suddetti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>limiti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>realizzata<span class=\"ff1\"> </span>tte<span class=\"ff1\"> </span>sui<span class=\"ff1\"> </span>port<span class=\"_ _2\"></span>afogli<span class=\"ff1\"> </span>attivi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>passivi.<span class=\"_ _3bd\"> </span>viene<span class=\"ff1\"> <span class=\"_ _2\"></span></span>eff<span class=\"_ _2\"></span>ettuata<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riferimento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>portafoglio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>investimenti<span class=\"ff1\"> </span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>inv<span class=\"_ _2\"></span>estimento<span class=\"ff1\"> </span>futuro.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Tale<span class=\"ff1\"> </span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> </span>viene<span class=\"ff1\"> </span>realizzata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sia<span class=\"ff1\"> </span>co<span class=\"_ _2\"></span>n<span class=\"ff1\"> </span>nt,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fine<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cogliere<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">interr<span class=\"_ _2\"></span>elazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">esist<span class=\"_ _2\"></span>enti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dinamiche<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>vi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>copertura<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>lle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riserve<span class=\"ff1\"> <span class=\"_ _20\"></span></span>t<span class=\"_ _2\"></span>ecniche,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>eguendo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>princ<span class=\"_ _2\"></span>ipi<span class=\"ff1\"> </span>uale<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>equisito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>capitale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>assorbito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ogni<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ingolo<span class=\"ff1\"> </span>mo<span class=\"_ _2\"></span>dulo<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>vita<span class=\"ff1\"> <span class=\"_ _20\"></span></span>viene<span class=\"ff1\"> <span class=\"_ _20\"></span></span>effettuata<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riferimento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nuovi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"_ _2\"></span>nvestimenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> </span>lio<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>essere:<span class=\"_ _3bd\"> </span>nto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ai<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>nuovi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>investimenti,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>processo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>OR<span class=\"_ _0\"></span>SA<span class=\"_ _0\"></span> tive<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>scenari<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>investimento<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>futuro<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>l\u2019obiettivo<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>scelte<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>investimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valutarne<span class=\"ff1\"> </span>l\u2019impatto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sul<span class=\"ff1\"> <span class=\"_ _2\"></span></span>profilo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> </span>ltre,<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>investimenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>\u201cnatura<span class=\"ff1\"> </span>occasionale\u201d<span class=\"ff1\"> </span>(secondo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> </span>vestimenti)<span class=\"ff1\">  </span>sulla<span class=\"ff1\">  </span>base<span class=\"ff1\">  </span>delle<span class=\"ff1\">  </span>informazioni<span class=\"ff1\">  </span>fornite<span class=\"ff1\">  </span>dal<span class=\"_ _0\"></span>l\u2019Area<span class=\"ff1\"> </span><span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"_ _2\"></span>biettivo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dell\u2019investimento,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>portafoglio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riferimento,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>size<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>dalla<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>funzione<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>Risk<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>Ma<span class=\"_ _2\"></span>nagement<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>valutazione<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>s<span class=\"_ _2\"></span>ia<span class=\"ff1\">  </span>su<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>logiche<span class=\"ff1\">  </span>gestionali<span class=\"ff1\">  </span>che<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>regolamentari.<span class=\"ff1\">  </span>Un<span class=\"ff1\">  </span>iter<span class=\"ff1\">  </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> </span>ene<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">effettuata<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Funzione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>Risk<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Management<span class=\"ff1\"> </span>anche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Due<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Diligence<span class=\"ff1\"> <span class=\"_ _2\"></span></span>predispost<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Area<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Finanza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>secondo<span class=\"ff1\"> </span>u<span class=\"ff1\"> </span>OICR/ETF.<span class=\"_ _3bd\"> </span>ento<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">portafoglio<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>ssere,<span class=\"ff1\"> </span>l\u2019identificazione<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>vie<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span></span></span>ici<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>po<span class=\"_ _0\"></span>rtaf<span class=\"_ _0\"></span>ogli<span class=\"_ _0\"></span>o,<span class=\"ff1\"> </span>de<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span>dati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">merc<span class=\"_ _0\"></span>ato<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>mi<span class=\"_ _0\"></span>sur<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ris<span class=\"_ _0\"></span>chio<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>ento<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>calcolo<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>SCR<span class=\"ff1\"> </span>adottato.<span class=\"_ _3bd\"> </span>tori<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">analizzati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">monitoraggio<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>atori<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>hanno<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>lo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>scopo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>individuare<span class=\"ff1\"> <span class=\"_ _21\"></span></span>l\u2019<span class=\"_ _0\"></span>assor<span class=\"_ _2\"></span>bimento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>d<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span>vency<span class=\"ff1\"> </span>II,<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">interesse</span> <span class=\"_ _0\"></span><span class=\"ff3\">secondo<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">approccio<span class=\"ff1\"> </span></span></span></span></span></span></span>e;<span class=\"_ _3bd\"> </span>a<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ontr<span class=\"_ _0\"></span>opa<span class=\"_ _0\"></span>rte;<span class=\"_ _0\"></span> ni<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>orp<span class=\"_ _0\"></span>orate<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span>e<span class=\"_ _0\"></span>ra;<span class=\"_ _3bd\"> </span>Italia<span class=\"ff1\"> </span>(al<span class=\"ff1\"> </span>fine<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>catturar<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>fattore<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>spread<span class=\"ff1\"> </span>sui<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> </span>mula<span class=\"ff1\"> </span>standard);<span class=\"_ _3bd\"> </span>rc<span class=\"_ _0\"></span>ato<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tasso<span class=\"_ _0\"></span>).<span class=\"_ _3bd\"> </span></span></span>Ri<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>hi<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>me<span class=\"_ _0\"></span>rca<span class=\"_ _1\"></span>to<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>A<span class=\"_ _0\"></span>L<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ALM<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">u<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>strettamente<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>correlato<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ai<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>disalline<span class=\"_ _0\"></span>amenti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tra<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>pas<span class=\"_ _0\"></span>sivit\u00e0.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>I<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span></span></span></span></span>processo<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>ALM<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _23\"> </span><span class=\"ff3\">in<span class=\"_ _0\"></span>clude<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>suo<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>inter<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>dinamiche<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>con<span class=\"_ _2\"></span>nesse<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>a<span class=\"_ _2\"></span>lla<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>gestione<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>de<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>alla<span class=\"ff1\"> </span></span></span>pianificazione<span class=\"ff1\">  </span>strategica.<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">Si</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">focalizza</span>  <span class=\"ff3\">sul</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">medio</span>  <span class=\"ff3\">-</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">lungo</span>  <span class=\"ff3\">termine</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">anzich\u00e9</span>  <span class=\"ff3\">offrire</span>  <span class=\"ff3\">soluzi<span class=\"_ _0\"></span>oni<span class=\"ff1\">  </span>di<span class=\"ff1\"> </span></span></span>mit<span class=\"_ _0\"></span>iga<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>cop<span class=\"_ _0\"></span>ertu<span class=\"_ _0\"></span>ra<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>risc<span class=\"_ _0\"></span>hio.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">L\u2019o<span class=\"_ _0\"></span>biett<span class=\"_ _0\"></span>ivo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">tale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">gest<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del</span> <span class=\"ff3\">risc<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>que<span class=\"_ _0\"></span>llo<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">massi<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>zzare<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>soddisfare<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>passivit\u00e0<span class=\"ff1\"> </span>complesse<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>possono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>aumentare<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>redditivit\u00e0.<span class=\"_ _3bd\"> </span>Al<span class=\"_ _0\"></span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sotto<span class=\"_ _0\"></span>cate<span class=\"_ _0\"></span>go<span class=\"_ _0\"></span>ria<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ALM<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ap<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>rteng<span class=\"_ _0\"></span>ono<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">se<span class=\"_ _0\"></span>gue<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fa<span class=\"_ _0\"></span>ttori<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>o:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Asset<span class=\"ff1\"> <span class=\"_ _1f0\"> </span></span>Allocation<span class=\"ff1\"> <span class=\"_ _1f2\"> </span></span>Strategica<span class=\"ff1\"> <span class=\"_ _1f0\"> </span></span>(AAT):<span class=\"ff1\"> <span class=\"_ _1f2\"> </span></span>consist<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1f2\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _1f0\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _1f2\"> </span></span>r<span class=\"_ _2\"></span>isultante<span class=\"_ _0\"></span><span class=\"ff1\"> </span>dall\u2019inadeguatezza/incoerenza<span class=\"ff1\"> </span>dell\u2019asset<span class=\"ff1\"> </span>allocation<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>fare<span class=\"ff1\"> </span>fronte<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>passivit\u00e0.<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Ass<span class=\"_ _0\"></span>et<span class=\"ff1\"> </span>&amp;<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Liab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>ty<span class=\"ff1\"> </span>mis<span class=\"_ _0\"></span>matc<span class=\"_ _0\"></span>h:<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">corr<span class=\"_ _0\"></span>ispo<span class=\"_ _0\"></span>nde<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al</span> <span class=\"ff3\">r<span class=\"_ _0\"></span>isch<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>isa<span class=\"_ _0\"></span>llin<span class=\"_ _0\"></span>eame<span class=\"_ _0\"></span>nto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">atti<span class=\"_ _0\"></span>vi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>ssivi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pu<span class=\"_ _0\"></span>\u00f2<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>comportare<span class=\"ff1\"> <span class=\"_ _2c\"> </span></span>un\u2019esposizione<span class=\"ff1\"> <span class=\"_ _2c\"> </span></span>dell\u2019impresa<span class=\"ff1\"> <span class=\"_ _2c\"> </span></span>o<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2c\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _2c\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _2c\"> </span></span>disinvestimento<span class=\"ff1\"> <span class=\"_ _2c\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _bf\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _2c\"> </span></span>rischio<span class=\"ff1\"> </span>rei<span class=\"_ _0\"></span>nve<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>o.<span class=\"_ _3bd\"> </span>La<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Compagnia<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>adott<span class=\"_ _2\"></span>a,<span class=\"ff1\">  </span>nei<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>confronti<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>fattor<span class=\"_ _2\"></span>i<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>sopra<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>enunciati,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>linee<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>guida<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>che<span class=\"ff1\"> </span>definiscono<span class=\"ff1\">  </span>i<span class=\"ff1\">  </span>princi<span class=\"_ _0\"></span>pi<span class=\"ff1\">  </span>generali,<span class=\"ff1\">  </span>la<span class=\"ff1\">  </span>periodic<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\">  </span>dei<span class=\"ff1\">  </span>controlli<span class=\"ff1\">  </span>e<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">le</span>  <span class=\"ff3\">azioni</span>  <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\">  </span>ripristino<span class=\"ff1\">  </span>in<span class=\"ff1\">  </span>caso<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span>superamento<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>limiti.<span class=\"_ _3bd\"> </span>Valutazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>AL<span class=\"_ _2\"></span>M<span class=\"ff1\"> <span class=\"_ _2\"></span></span>viene<span class=\"ff1\"> <span class=\"_ _2\"></span></span>effett<span class=\"_ _2\"></span>uata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riferimento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>portafoglio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>investimenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>m<span class=\"_ _2\"></span>obiliare<span class=\"ff1\"> </span>gi\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>acquisito<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>agli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>cenari<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>investimento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>futuro.<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Tale<span class=\"ff1\"> <span class=\"_ _21\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>viene<span class=\"ff1\"> <span class=\"_ _21\"></span></span>realizzata<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>logiche<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> </span>Ass<span class=\"_ _0\"></span>et-<span class=\"_ _0\"></span>Liab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>ty<span class=\"ff1\"> </span>Ma<span class=\"_ _0\"></span>nagem<span class=\"_ _0\"></span>ent,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fine</span> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ogli<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le</span> <span class=\"ff3\">i<span class=\"_ _0\"></span>nter<span class=\"_ _0\"></span>rel<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>esis<span class=\"_ _0\"></span>ten<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>ra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>inam<span class=\"_ _0\"></span>iche<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pass<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>e<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>dinamiche<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>attivi<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>copertura<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>riserve<span class=\"ff1\"> </span>tecniche.<span class=\"_ _3bd\"> </span>Pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>qua<span class=\"_ _0\"></span>nto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rigu<span class=\"_ _1\"></span>arda<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">m<span class=\"_ _0\"></span>acro-<span class=\"_ _0\"></span>ind<span class=\"_ _0\"></span>icat<span class=\"_ _0\"></span>ori<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ana<span class=\"_ _0\"></span>liz<span class=\"_ _0\"></span>zati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">va<span class=\"_ _0\"></span>luta<span class=\"_ _0\"></span>zione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mo<span class=\"_ _0\"></span>nito<span class=\"_ _0\"></span>ragg<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risc<span class=\"_ _0\"></span>hi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">AL<span class=\"_ _0\"></span>M:<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>SCR<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Interest<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Rate<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Based:<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>indicatori<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>hanno<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>lo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>copo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>individuare<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>l\u2019assor<span class=\"_ _2\"></span>bimento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> </span>capitale,<span class=\"ff1\"> </span>sec<span class=\"_ _0\"></span>ondo<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>metriche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Solvency<span class=\"ff1\"> </span>II,<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">interesse</span> <span class=\"_ _0\"></span><span class=\"ff3\">secondo<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">approccio<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>sia<span class=\"ff1\"> </span>regolamentare<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>gestionale;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Cash<span class=\"ff1\"> </span>Flow<span class=\"ff1\"> </span>Matching:<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l\u2019indicatore</span> <span class=\"ff3\">descrive</span> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>disallineamento,<span class=\"ff1\"> </span>tempo<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>tempo,<span class=\"ff1\"> </span>tra<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>Cashflow<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span>degli<span class=\"ff1\"> </span>attivi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>Cashflow<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>passivo;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Duration<span class=\"ff1\">  </span>Matching:<span class=\"ff1\">  </span>disallineamento<span class=\"ff1\">  </span>tra<span class=\"ff1\">  </span>la<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>uration<span class=\"ff1\">  </span>dei<span class=\"ff1\">  </span>Cashflow<span class=\"ff1\">  </span>Attivi<span class=\"ff1\">  </span>e<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">la</span>  <span class=\"ff3\">duration</span>  <span class=\"ff3\">dei</span> </span>Cashflow<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Pass<span class=\"_ _2\"></span>ivi<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\">.<span class=\"_ _3bd\"> </span></span></span>Rischio<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>li<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>idi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>L<span class=\"_ _3bd\"> </span>e<span class=\"ff1\"> </span>Compagnie<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> </span>soggett<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>possibili<span class=\"ff1\"> </span>tensioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>l<span class=\"_ _2\"></span>iquidit\u00e0<span class=\"ff1\"> </span>derivanti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"ff1\"> </span>scad<span class=\"_ _2\"></span>enze<span class=\"ff1\"> </span>diverse<span class=\"ff1\"> </span>t<span class=\"_ _2\"></span>ra<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>atti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rela<span class=\"_ _0\"></span>tivi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>assiv<span class=\"_ _0\"></span>i.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>risc<span class=\"_ _0\"></span>hio<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">liqu<span class=\"_ _0\"></span>idi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>ntend<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ris<span class=\"_ _0\"></span>chio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">che</span> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Comp<span class=\"_ _0\"></span>agni<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">grado<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> </span>liquidare<span class=\"ff1\"> </span>investimenti<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>altre<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>egolare<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>propri<span class=\"ff1\"> </span>impeg<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>finanziar<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>momento<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>relativa<span class=\"ff1\"> </span>scadenza<span class=\"ff1\"> </span>(cfr.<span class=\"ff1\"> </span>articolo<span class=\"ff1\"> </span>1,<span class=\"ff1\"> </span>comma<span class=\"ff1\"> </span>1,<span class=\"ff1\"> </span>lettera<span class=\"ff1\"> </span>vv-bis<span class=\"ff1\"> </span>2<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>CAP).<span class=\"_ _3bd\"> </span>La<span class=\"ff1\"> </span>possibilit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>procedere<span class=\"ff1\"> </span>allo<span class=\"ff1\"> </span>smobilizzo<span class=\"ff1\"> </span>tempestivo<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>portafoglio<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>fortemente<span class=\"ff1\"> </span>condizionata<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">liquidabilit<span class=\"_ _2\"></span>\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>itoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">lo<span class=\"ff1\"> </span>stesso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">investito.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">La<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">scarsa<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">liquidabilit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">portafoglio,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>infatti,<span class=\"ff1\"> </span>pu\u00f2<span class=\"ff1\"> </span>esporre<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>Compagnia<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>conseguire<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> </span>perdite<span class=\"ff1\"> </span>conne<span class=\"_ _0\"></span>sse<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>difficolt\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></span></span>trovare<span class=\"ff1\"> </span>sul<span class=\"ff1\"> </span>mercato<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>controparte<span class=\"ff1\"> </span>interessata<span class=\"ff1\"> </span>all\u2019acquisto<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>intende<span class=\"ff1\"> </span>smobilizzare.<span class=\"ff1\"> </span>La<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Com<span class=\"_ _0\"></span>pag<span class=\"_ _0\"></span>nia<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">qu<span class=\"_ _0\"></span>antif<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">su<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>pos<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>olvib<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le</span> <span class=\"_ _1\"></span><span class=\"ff3\">metric<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Formu<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Sta<span class=\"_ _0\"></span>nda<span class=\"_ _0\"></span>rd,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">che<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>non<span class=\"ff1\"> </span>prevede<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>quantificazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>liquidit\u00e0<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>termini<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>assorbimento<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>capitale.<span class=\"_ _3bd\"> </span>L\u2019identificazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>el<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">liquidit\u00e0<span class=\"ff1\"> </span>viene<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">effett<span class=\"_ _2\"></span>uata<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riferimento<span class=\"ff1\"> </span>ai<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">portafoglio<span class=\"ff1\"> </span>investimenti<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>sottostanti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prodotti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>garanzia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>capitale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e/o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>endimento.<span class=\"ff1\"> <span class=\"_ _21\"></span></span>L\u2019<span class=\"_ _0\"></span>identificazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>viene<span class=\"ff1\"> </span>effettuata<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>s<span class=\"_ _2\"></span>ulla<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>base<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>dati<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>tecnici<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>portafogli<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>metriche<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>definite<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>funzione<span class=\"ff1\"> </span>dell\u2019orizzonte<span class=\"ff1\"> </span>temporale<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>viene<span class=\"ff1\"> </span>analizzato<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>studiato<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>st<span class=\"_ _2\"></span>esso.<span class=\"_ _3bd\"> </span>Si<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>riport<span class=\"_ _2\"></span>ano<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>seg<span class=\"_ _0\"></span>uito<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>gli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>indicator<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>utilizzati<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dalla<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Compagnia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">monitoraggio</span> <span class=\"_ _27\"> </span><span class=\"ff3\">del</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">rischio</span> </span>li<span class=\"_ _0\"></span>quidi<span class=\"_ _0\"></span>t\u00e0:<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>importo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cont<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">correnti:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Compagnia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"ff1\"> </span>scel<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">monitorare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019importo<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>tenuto<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Co<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Correnti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>fine<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>fissar<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>limite<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>inferiore<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rappresenta<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Riserva<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Liquidit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>(come<span class=\"ff1\"> </span>prescritta<span class=\"ff1\"> </span>dal<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Reg.<span class=\"ff1\"> </span>38<span class=\"ff1\"> </span>IVAS<span class=\"_ _0\"></span>S)<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>imite<span class=\"ff1\"> </span>superiore<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>termini<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>importo<span class=\"ff1\"> </span>massimo<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>etenere<span class=\"ff1\"> </span></span></span></span></span>nei<span class=\"ff1\"> </span>Conti<span class=\"ff1\"> </span>Correnti<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fine<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rendere<span class=\"ff1\"> </span>efficace<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>gestione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>portafoglio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>limitare<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>eventuali<span class=\"ff1\"> </span>effetti<span class=\"ff1\"> </span>sull\u2019SCR<span class=\"ff1\"> </span>Default.<span class=\"ff1\"> </span>Nella<span class=\"ff1\"> </span>quantificazione<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>Riserva<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Liquidit\u00e0<span class=\"ff1\"> </span>concorrono<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>solo<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>esposizioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>Conto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Corrente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ma<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tito<span class=\"_ _2\"></span>li<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Go<span class=\"_ _2\"></span>vernativi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>ell'Area<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Euro<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">qualit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">credito<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>superiore<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>2<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>scadenza<span class=\"ff1\"> </span>inferiore<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>3<span class=\"ff1\"> </span>mesi.<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Liquidity<span class=\"ff1\">  </span>Buffer:<span class=\"ff1\">  </span>il<span class=\"ff1\">  </span>numero<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>pe<span class=\"_ _0\"></span>riodi,<span class=\"ff1\">  </span>mensili,<span class=\"ff1\">  </span>consecutivi<span class=\"ff1\">  </span>con<span class=\"ff1\">  </span>Liquidity<span class=\"ff1\">  </span>Buffer<span class=\"ff1\">  </span>negativo,<span class=\"ff1\"> </span>nell\u2019orizzonte<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>tempor<span class=\"_ _2\"></span>ale<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>annuale<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>cons<span class=\"_ _2\"></span>iderato<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>for<span class=\"_ _2\"></span>nisce<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>un\u2019indicazione<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>sintetica<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>della<span class=\"ff1\"> </span>situazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>liquidit\u00e0<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>Compagnia;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Piano<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">liquidit\u00e0:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019indicat<span class=\"_ _2\"></span>ore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">volto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dimostr<span class=\"_ _2\"></span>are<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Compagnia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ha<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risors<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">su<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>base<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">continuativa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gestione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">liquidit\u00e0.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Tale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">condizione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risulta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inoltre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">essere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>base<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>l\u2019applicazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Volatility<span class=\"ff1\"> </span>Adjustment<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>livello<span class=\"ff1\"> </span>Regolamentare;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Con<span class=\"_ _0\"></span>ting<span class=\"_ _0\"></span>enc<span class=\"_ _0\"></span>y<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">liq<span class=\"_ _0\"></span>uidi<span class=\"_ _0\"></span>t\u00e0:<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ovve<span class=\"_ _1\"></span>ro<span class=\"ff1\"> </span>titol<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">faci<span class=\"_ _0\"></span>lme<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">liqu<span class=\"_ _0\"></span>idab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>SCR<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>efault<span class=\"ff1\"> <span class=\"_ _21\"></span></span>conti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cor<span class=\"_ _2\"></span>rente:<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>fine<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>limitare<span class=\"ff1\"> <span class=\"_ _20\"></span></span>gli<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>eventuali<span class=\"ff1\"> <span class=\"_ _21\"></span></span>effetti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sull\u2019SCR<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>fault<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>derivante<span class=\"ff1\"> </span>dall\u2019aumento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>volumi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cont<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>corrente,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Compagnia<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ha<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>fissat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>limite<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>superiore<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> </span>termini<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>SCR<span class=\"ff1\"> </span>Default.<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>hio<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cr<span class=\"_ _0\"></span>edi<span class=\"_ _0\"></span>to<span class=\"_ _3bd\"> </span>(d<span class=\"_ _0\"></span>ef<span class=\"_ _0\"></span>aul<span class=\"_ _0\"></span>t)<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Si<span class=\"ff1\"> </span>definisce<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>credito<span class=\"ff1\"> </span>(rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>default)<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>perdita<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>variazione<span class=\"ff1\"> </span>sfavorevole<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>sit<span class=\"_ _0\"></span>uaz<span class=\"_ _0\"></span>ione<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">finan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>ria<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>riva<span class=\"_ _0\"></span>nte<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>osc<span class=\"_ _0\"></span>ill<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>oni<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">merit<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cred<span class=\"_ _0\"></span>ito<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">emitte<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">tito<span class=\"_ _0\"></span>li,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>trop<span class=\"_ _0\"></span>arti<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">debitori<span class=\"ff1\"> </span>nei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">confronti</span> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span>quali<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>\u2019impresa<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">as<span class=\"_ _2\"></span>sicurazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>riassicurazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>sposta<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">forma<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>inadempimento<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>controparte,<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>spread<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>concentrazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> </span>mercato<span class=\"ff1\"> </span>(cfr.<span class=\"ff1\"> </span>articolo<span class=\"ff1\"> </span>1,<span class=\"ff1\"> </span>comma<span class=\"ff1\"> </span>1,<span class=\"ff1\"> </span>lettera<span class=\"ff1\"> </span>vv-bis<span class=\"ff1\"> </span>1<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>CAP).<span class=\"_ _3bd\"> </span>La<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">perdita<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">posizione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cr<span class=\"_ _2\"></span>editoria<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">collegata<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">principalmente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>alit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dell\u2019emittente<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>o<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>co<span class=\"_ _2\"></span>ntroparte<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(i<span class=\"_ _0\"></span>nclusi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>riassicuratori,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>coassicuratori,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>assic<span class=\"_ _0\"></span>urati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ed<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">in<span class=\"_ _0\"></span>termediari)<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>m<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pu\u00f2<span class=\"ff1\"> </span></span></span>anche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>derivare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> <span class=\"_ _20\"></span></span>deterioramento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>condizioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>economi<span class=\"_ _2\"></span>co-finanziarie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>debitore<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cui<span class=\"ff1\"> </span>dip<span class=\"_ _0\"></span>end<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">capac<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">fa<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>fr<span class=\"_ _0\"></span>onte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ag<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>mpegn<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>ziar<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ass<span class=\"_ _0\"></span>unti<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>non<span class=\"_ _0\"></span>ch\u00e9<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">da</span> <span class=\"ff3\">c<span class=\"_ _0\"></span>ause<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">indi<span class=\"_ _0\"></span>pend<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>dal<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>situazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>economica<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fi<span class=\"_ _2\"></span>nanziaria<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contropart<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>debitrice,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _20\"></span></span>esempio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cause<span class=\"ff1\"> <span class=\"_ _2\"></span></span>politic<span class=\"_ _2\"></span>o-<span class=\"ff1\"> </span>mil<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>re.<span class=\"_ _3bd\"> </span>Da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">punto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">vis<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rapp<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>tivo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ide<span class=\"_ _0\"></span>ntif<span class=\"_ _0\"></span>ich<span class=\"_ _0\"></span>iam<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>tre<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mac<span class=\"_ _0\"></span>ro<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ree<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>hio<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>red<span class=\"_ _0\"></span>ito:<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>assi<span class=\"_ _0\"></span>cura<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>In<span class=\"_ _0\"></span>terme<span class=\"_ _0\"></span>dia<span class=\"_ _0\"></span>rie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">al<span class=\"_ _0\"></span>tre<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>ntrop<span class=\"_ _1\"></span>arti;<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Inv<span class=\"_ _0\"></span>est<span class=\"_ _0\"></span>imen<span class=\"_ _0\"></span>ti.<span class=\"_ _3bd\"> </span>I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fa<span class=\"_ _0\"></span>ttori<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>sott<span class=\"_ _0\"></span>ost<span class=\"_ _0\"></span>anti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">si<span class=\"_ _0\"></span>ngo<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ottoc<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span>gor<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del</span> <span class=\"_ _1\"></span><span class=\"ff3\">rischi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>cre<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">seg<span class=\"_ _0\"></span>uen<span class=\"_ _0\"></span>ti:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>anto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rig<span class=\"_ _0\"></span>ua<span class=\"_ _0\"></span>rda<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sotto<span class=\"_ _0\"></span>cl<span class=\"_ _0\"></span>asse<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">R<span class=\"_ _0\"></span>assi<span class=\"_ _0\"></span>cur<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>o<span class=\"ff1\"> <span class=\"_ _bf\"> </span><span class=\"ff3\">Rischio</span> <span class=\"_ _4d\"> </span><span class=\"ff3\">di</span> <span class=\"_ _29\"> </span><span class=\"ff3\">credito</span> <span class=\"_ _29\"> </span><span class=\"ff3\">verso<span class=\"_ _2\"></span></span> <span class=\"_ _29\"> </span><span class=\"ff3\">riassicuratori:</span> <span class=\"_ _4d\"> </span><span class=\"ff3\">rappresenta</span> <span class=\"_ _29\"> </span><span class=\"ff3\">il</span> <span class=\"_ _29\"> </span><span class=\"ff3\">rischio</span> <span class=\"_ _4d\"> </span><span class=\"ff3\">di</span> <span class=\"_ _29\"> </span><span class=\"ff3\">perdite</span> <span class=\"_ _29\"> </span><span class=\"ff3\">derivanti</span> </span>dall\u2019insolvenza<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>uno<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>pi\u00f9<span class=\"ff1\"> </span>riassicuratori;<span class=\"_ _3bd\"> </span>o<span class=\"_ _3bd\"> </span>Rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>base:<span class=\"ff1\"> <span class=\"_ _2\"></span></span>derivante<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dalle<span class=\"ff1\"> </span>eventuali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>discrepanze<span class=\"ff1\"> </span>tr<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>esigenze<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riassicurazione<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>l\u2019effettiva<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">copertura<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>revista<span class=\"ff1\"> </span>dal<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tr<span class=\"_ _2\"></span>attato<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">comportando<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Compagnia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un\u2019assunzione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>rischio<span class=\"ff1\"> </span>maggiore<span class=\"ff1\"> </span>rispetto<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>quella<span class=\"ff1\"> </span>preventivata.<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>anto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rig<span class=\"_ _0\"></span>ua<span class=\"_ _0\"></span>rda<span class=\"ff1\"> </span>g<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">int<span class=\"_ _0\"></span>erme<span class=\"_ _0\"></span>diari<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">altre<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>ontr<span class=\"_ _0\"></span>opa<span class=\"_ _0\"></span>rti:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>o<span class=\"_ _3bd\"> </span>Rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">credito<span class=\"ff1\"> </span>verso<span class=\"ff1\"> </span>intermediari<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">altre<span class=\"ff1\"> </span>controparti:<span class=\"ff1\"> </span>rapprese<span class=\"_ _0\"></span>nta<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perdite<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span></span></span></span></span></span></span>con<span class=\"_ _0\"></span>seg<span class=\"_ _0\"></span>uenz<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>all\u2019i<span class=\"_ _0\"></span>nad<span class=\"_ _0\"></span>emp<span class=\"_ _0\"></span>imen<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>trattu<span class=\"_ _1\"></span>ale<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>sog<span class=\"_ _0\"></span>get<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>ter<span class=\"_ _0\"></span>zi<span class=\"ff1\"> </span>(e<span class=\"_ _0\"></span>s.<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>cre<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>vers<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>assi<span class=\"_ _0\"></span>cur<span class=\"_ _0\"></span>ati,<span class=\"_ _0\"></span><span class=\"ff1\"> </span>verso<span class=\"ff1\"> </span>intermediari<span class=\"ff1\"> </span>assicurativi,<span class=\"ff1\"> </span>conti<span class=\"ff1\"> </span>correnti<span class=\"ff1\"> </span>verso<span class=\"ff1\"> </span>banche).<span class=\"_ _3bd\"> </span>Da<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>punto<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>vista<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> </span>distribuzione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>cou<span class=\"_ _2\"></span>nterparty<span class=\"ff1\"> <span class=\"_ _2\"></span></span>default<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Credemassicurazioni<span class=\"ff1\"> </span>secondo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dettami<span class=\"ff1\"> <span class=\"_ _21\"></span></span>normativi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Solve<span class=\"_ _0\"></span>ncy<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>II<span class=\"ff1\"> <span class=\"_ _21\"></span></span>si<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riport<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nel<span class=\"_ _0\"></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>tabella<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">seguito</span> <span class=\"_ _21\"></span><span class=\"ff3\">la</span> <span class=\"_ _20\"></span><span class=\"ff3\">miglior</span> <span class=\"_ _21\"> </span><span class=\"ff3\">stima</span> <span class=\"_ _21\"></span><span class=\"ff3\">della</span> </span>rappresentazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> </span>(si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">precisa<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>peso<span class=\"ff1\"> </span>complessivo<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischi<span class=\"ff1\"> </span></span></span></span></span></span></span>counterpary<span class=\"ff1\"> </span>default<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>2,5%).<span class=\"_ _3bd\"> </span>Credit<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">risk<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risk/sum<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">of<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">risk<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">components<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>elativ<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>com<span class=\"_ _0\"></span>ple<span class=\"_ _0\"></span>ssiv<span class=\"_ _1\"></span>o<span class=\"_ _3bd\"> </span>31/<span class=\"_ _0\"></span>12<span class=\"_ _0\"></span>/20<span class=\"_ _0\"></span>22<span class=\"_ _3bd\"> </span>%Re<span class=\"_ _0\"></span>lat<span class=\"_ _0\"></span>ivo<span class=\"_ _0\"></span> <span class=\"_ _67\"> </span>%Co<span class=\"_ _0\"></span>mpl<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>ivo<span class=\"_ _0\"></span> Type<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">1<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>oun<span class=\"_ _0\"></span>terp<span class=\"_ _0\"></span>art<span class=\"_ _1\"></span>ies<span class=\"_ _3bd\"> </span></span></span>91,<span class=\"_ _0\"></span>8%<span class=\"_ _0\"></span> <span class=\"_ _106\"> </span>2<span class=\"_ _1\"></span>,3%<span class=\"_ _0\"></span> Type<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">2<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>oun<span class=\"_ _0\"></span>terp<span class=\"_ _0\"></span>art<span class=\"_ _1\"></span>ies<span class=\"_ _3bd\"> </span></span></span>8<span class=\"_ _0\"></span>,2<span class=\"_ _1\"></span>% <span class=\"_ _1f6\"> </span>0,<span class=\"_ _1\"></span>2%<span class=\"_ _3bd\"> </span>Le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>politiche<span class=\"ff1\"> <span class=\"_ _20\"></span></span>relative<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>gestione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cr<span class=\"_ _2\"></span>edito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>verso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>gli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>emitt<span class=\"_ _2\"></span>enti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>strumenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziari<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riconducibili<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quanto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sopra<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>iportato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>proposito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mercato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riferimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ai<span class=\"ff1\"> </span>principi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">generali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>elativi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">controllo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">degli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">invest<span class=\"_ _2\"></span>imenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nat<span class=\"_ _2\"></span>ura<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziaria.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quanto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">concerne<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>con<span class=\"_ _0\"></span>trop<span class=\"_ _0\"></span>arti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rias<span class=\"_ _0\"></span>sicu<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>ve,<span class=\"ff1\"> </span>Cr<span class=\"_ _0\"></span>edema<span class=\"_ _0\"></span>ssic<span class=\"_ _0\"></span>ura<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ha<span class=\"ff1\"> </span>def<span class=\"_ _0\"></span>init<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>po<span class=\"_ _0\"></span>liti<span class=\"_ _0\"></span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ge<span class=\"_ _0\"></span>stio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>contr<span class=\"_ _0\"></span>oll<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></span></span></span></span></span></span>tale<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>termini<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>linee<span class=\"ff1\"> </span>guida<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>limiti<span class=\"ff1\"> </span>relativi<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>controparti.<span class=\"_ _3bd\"> </span>L\u2019identificazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Counterpar<span class=\"_ _2\"></span>ty<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Default<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Risk<span class=\"ff1\"> <span class=\"_ _2\"></span></span>viene<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"_ _2\"></span>ffettuata<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _21\"></span></span>riferimento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>controparti<span class=\"ff1\"> </span>verso<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>quali<span class=\"ff1\"> </span>sussistono<span class=\"ff1\"> </span>posizioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>credito.<span class=\"_ _3bd\"> </span>Si<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rip<span class=\"_ _1\"></span>ortano<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">si<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>tica<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>d<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span>seg<span class=\"_ _0\"></span>uito<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le</span> <span class=\"_ _0\"></span><span class=\"ff3\">mis<span class=\"_ _0\"></span>ure<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>uti<span class=\"_ _0\"></span>liz<span class=\"_ _0\"></span>zate<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>SC<span class=\"_ _0\"></span>R<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>ount<span class=\"_ _0\"></span>erp<span class=\"_ _0\"></span>arty<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Defa<span class=\"_ _0\"></span>ult<span class=\"ff1\"> </span>R<span class=\"_ _0\"></span>isk<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>Importo<span class=\"ff1\"> </span>M<span class=\"_ _0\"></span>assimo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Conti<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>orr<span class=\"_ _2\"></span>enti:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rappresenta<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019ammonta<span class=\"_ _2\"></span>re<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">massimo<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">C/C<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">detenere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sul<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>po<span class=\"_ _0\"></span>rtaf<span class=\"_ _0\"></span>ogli<span class=\"_ _0\"></span>o;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Esposizione<span class=\"_ _3bd\"> </span>per<span class=\"_ _3bd\"> </span>Riassicuratore:<span class=\"_ _3bd\"> </span>l\u2019indicatore<span class=\"_ _3bd\"> </span>individua<span class=\"_ _3bd\"> </span>l\u2019esposizione<span class=\"_ _3bd\"> </span>verso<span class=\"_ _3bd\"> </span>ciascun<span class=\"ff1\"> </span>Riassicuratore<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>termini<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>somme<span class=\"ff1\"> </span>assicurate;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Rating<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>Solvency<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>Ratio<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>Riass<span class=\"_ _2\"></span>icuratore:<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>l\u2019i<span class=\"_ _0\"></span>ndicator<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>pari<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>Rat<span class=\"_ _2\"></span>ing<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>singolo<span class=\"ff1\"> </span>Riassicuratore<span class=\"ff1\"> </span>o,<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>caso<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>contropart<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>retata,<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>Solvenc<span class=\"_ _0\"></span>y<span class=\"ff1\"> </span>Ratio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dello<span class=\"ff1\"> </span>stesso.<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>hi<span class=\"_ _3bd\"> </span>op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>i,<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>no<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nf<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>mit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>al<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>nor<span class=\"_ _1\"></span>me,<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>pu<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>ona<span class=\"_ _1\"></span>li,<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nd<span class=\"_ _1\"></span>otta<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ap<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>enz<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>Gr<span class=\"_ _0\"></span>up<span class=\"_ _0\"></span>po<span class=\"_ _3bd\"> </span>Il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">risch<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>op<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>tivo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u00e8</span> <span class=\"ff3\">defi<span class=\"_ _0\"></span>nibi<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ome<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">risc<span class=\"_ _0\"></span>hio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">sub<span class=\"_ _0\"></span>ire<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>erd<span class=\"_ _0\"></span>ite<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>riv<span class=\"_ _0\"></span>anti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dall<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>inad<span class=\"_ _0\"></span>egu<span class=\"_ _0\"></span>atez<span class=\"_ _0\"></span>za<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>dal<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>disfunzione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>(carenze<span class=\"ff1\"> <span class=\"_ _21\"></span></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>errori)<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>procedure<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>interne,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>risor<span class=\"_ _2\"></span>se<span class=\"ff1\"> <span class=\"_ _21\"></span></span>umane<span class=\"ff1\"> <span class=\"_ _21\"></span></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sistemi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>oppure<span class=\"ff1\"> <span class=\"_ _21\"></span></span>da<span class=\"ff1\"> <span class=\"_ _21\"></span></span>eventi<span class=\"ff1\"> </span>esogeni<span class=\"ff1\"> </span>(cfr.<span class=\"ff1\"> </span>articolo<span class=\"ff1\"> </span>1,<span class=\"ff1\"> </span>comma<span class=\"ff1\"> </span>1,<span class=\"ff1\"> </span>lettera<span class=\"ff1\"> </span>vv-bis<span class=\"ff1\"> </span>5<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>CAP).<span class=\"_ _3bd\"> </span>I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ris<span class=\"_ _0\"></span>chi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">opera<span class=\"_ _0\"></span>tivi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">po<span class=\"_ _0\"></span>sson<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>es<span class=\"_ _0\"></span>sere<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"_ _0\"></span><span class=\"ff3\">lor<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>vol<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>raz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ne<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">seg<span class=\"_ _0\"></span>uent<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sotto<span class=\"_ _0\"></span>cate<span class=\"_ _1\"></span>gorie<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>O<span class=\"_ _0\"></span>pera<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>o;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>IT<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Risk<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">&amp;<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>yber<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Ri<span class=\"_ _0\"></span>sk;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Reg<span class=\"_ _0\"></span>ula<span class=\"_ _0\"></span>tory<span class=\"ff1\"> </span>Op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ation<span class=\"_ _0\"></span>al<span class=\"ff1\"> </span>Ris<span class=\"_ _0\"></span>k.<span class=\"_ _3bd\"> </span>I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pri<span class=\"_ _0\"></span>ncip<span class=\"_ _0\"></span>ali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fatt<span class=\"_ _0\"></span>ori<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ca<span class=\"_ _0\"></span>ratte<span class=\"_ _0\"></span>riz<span class=\"_ _0\"></span>zan<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ris<span class=\"_ _0\"></span>chio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">oper<span class=\"_ _0\"></span>ativ<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ono:<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>People<span class=\"ff1\"> <span class=\"_ _2\"></span></span>R<span class=\"_ _2\"></span>isk:<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>risor<span class=\"_ _2\"></span>se<span class=\"ff1\"> <span class=\"_ _20\"></span></span>umane<span class=\"ff1\"> <span class=\"_ _20\"></span></span>possono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>essere<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fonte<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l\u2019impresa,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>se<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>truttura<span class=\"ff1\"> </span>org<span class=\"_ _0\"></span>ani<span class=\"_ _0\"></span>zzat<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">no<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>effic<span class=\"_ _0\"></span>ien<span class=\"_ _0\"></span>te,<span class=\"ff1\"> </span>oppu<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">si</span> <span class=\"_ _2\"></span><span class=\"ff3\">ver<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>can<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ca<span class=\"_ _0\"></span>renz<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>nell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>prof<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>iona<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>dipe<span class=\"_ _0\"></span>nden<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span></span></span></span></span>o,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>ese<span class=\"_ _0\"></span>mpi<span class=\"_ _0\"></span>o,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">se<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>trut<span class=\"_ _0\"></span>tura<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">retr<span class=\"_ _0\"></span>ibu<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perc<span class=\"_ _0\"></span>orso<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">car<span class=\"_ _0\"></span>rie<span class=\"_ _0\"></span>ra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">so<span class=\"_ _0\"></span>no<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ade<span class=\"_ _0\"></span>gua<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">se<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">clim<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>aziendale<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span>idoneo.<span class=\"ff1\"> </span>Gli<span class=\"ff1\"> </span>esempi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>perdite<span class=\"ff1\"> </span>dovute<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>risorse<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>ncompetenti<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>negligenti<span class=\"ff1\"> </span>sono<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span>numerosi,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fra<span class=\"ff1\"> <span class=\"_ _21\"></span></span>questi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>emergono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cas<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>inserimento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>erroneo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dati<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>istemi,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>errori<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nella<span class=\"ff1\"> </span>trasposizione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>dati<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>violazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>regolamenti.<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Process<span class=\"ff1\"> </span>Risk:<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> </span>process<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>aziendali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> </span>font<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>operativo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nel<span class=\"ff1\"> </span>caso<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cui<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>verifichino<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _21\"></span></span>inefficienze<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff3\">disegno,</span> <span class=\"_ _21\"> </span><span class=\"ff3\">nella</span> <span class=\"_ _21\"></span><span class=\"ff3\">formalizzazione</span> <span class=\"_ _21\"></span><span class=\"ff3\">e</span> <span class=\"_ _21\"></span><span class=\"ff3\">nella</span> <span class=\"_ _20\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>efinizione</span> <span class=\"_ _21\"></span><span class=\"ff3\">della</span> <span class=\"_ _21\"></span><span class=\"ff3\">struttura</span> <span class=\"_ _21\"></span><span class=\"ff3\">degli<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span>stessi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>quindi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nella<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>de<span class=\"_ _0\"></span>finizione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>de<span class=\"_ _0\"></span>gli<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>attori<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>vi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _0\"></span>rendono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _0\"></span>arte<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>relativo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>livello<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> </span>res<span class=\"_ _0\"></span>pon<span class=\"_ _0\"></span>sabi<span class=\"_ _0\"></span>lit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"_ _2\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">autori<span class=\"_ _0\"></span>zz<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">Pos<span class=\"_ _0\"></span>sono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">risu<span class=\"_ _0\"></span>ltar<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>inad<span class=\"_ _0\"></span>egua<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>quin<span class=\"_ _0\"></span>di<span class=\"ff1\"> </span>ess<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fonte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rischi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>op<span class=\"_ _0\"></span>erat<span class=\"_ _0\"></span>ivo<span class=\"ff1\"> </span>tu<span class=\"_ _0\"></span>tti<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">proc<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span>az<span class=\"_ _0\"></span>iend<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>mpre<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">model<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>tati<span class=\"_ _0\"></span>vi<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">calc<span class=\"_ _0\"></span>olo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">e</span> <span class=\"ff3\">gl<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>st<span class=\"_ _0\"></span>essi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pro<span class=\"_ _0\"></span>cess<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> </span>gestione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>rischio.<span class=\"ff1\"> </span>Sono<span class=\"ff1\"> </span>fonte<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>operativo:<span class=\"_ _3bd\"> </span>o<span class=\"_ _3bd\"> </span>le<span class=\"ff1\">  </span>esternalizzazioni<span class=\"ff1\">  </span>di<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">attivit\u00e0</span>  <span class=\"ff3\">aziendali</span>  <span class=\"ff3\">ne<span class=\"_ _0\"></span>l<span class=\"ff1\">  </span>caso<span class=\"ff1\">  </span>in<span class=\"ff1\">  </span>cui<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>si<span class=\"ff1\">  </span>verifichino<span class=\"ff1\">  </span>delle<span class=\"ff1\">  </span>carenze<span class=\"ff1\">  </span>/<span class=\"ff1\"> </span></span></span>in<span class=\"_ _0\"></span>adeg<span class=\"_ _0\"></span>uate<span class=\"_ _0\"></span>zze<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">proce<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">ge<span class=\"_ _0\"></span>stio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rapp<span class=\"_ _0\"></span>orto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">gli</span> <span class=\"_ _0\"></span><span class=\"ff3\">outs<span class=\"_ _0\"></span>ourc<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>tal<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>cau<span class=\"_ _0\"></span>sare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"_ _1\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>perdite<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">all\u2019impresa;<span class=\"_ _3bd\"> </span></span></span>o<span class=\"_ _3bd\"> </span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mancato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>aggiornamento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019inadeguata<span class=\"ff1\"> <span class=\"_ _20\"></span></span>archiviazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pr<span class=\"_ _2\"></span>ocedure<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nor<span class=\"_ _2\"></span>mative<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> </span>formalizzano<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>processi<span class=\"ff1\"> </span>interni;<span class=\"_ _3bd\"> </span>o<span class=\"_ _3bd\"> </span>man<span class=\"_ _0\"></span>cat<span class=\"_ _0\"></span>a/i<span class=\"_ _0\"></span>nade<span class=\"_ _0\"></span>guat<span class=\"_ _0\"></span>a/i<span class=\"_ _0\"></span>ntem<span class=\"_ _0\"></span>pest<span class=\"_ _0\"></span>iva<span class=\"ff1\"> <span class=\"_ _2\"></span></span>em<span class=\"_ _0\"></span>anaz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">di</span> <span class=\"_ _2\"></span><span class=\"ff3\">norme<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">attua<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>inte<span class=\"_ _0\"></span>rne<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span><span class=\"ff3\">in</span> <span class=\"_ _2\"></span><span class=\"ff3\">rel<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span></span></span></span></span></span></span>normativa<span class=\"ff1\"> </span>esterna<span class=\"ff1\"> </span>vigente.<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>IT<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Secur<span class=\"_ _2\"></span>ity<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Risk<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>IT<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Ris<span class=\"_ _2\"></span>k:<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sistemi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>informativi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>poss<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>causare<span class=\"ff1\"> <span class=\"_ _20\"></span></span>perdite<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"_ _2\"></span>ll\u2019impresa<span class=\"ff1\"> <span class=\"_ _21\"></span></span>se<span class=\"ff1\"> <span class=\"_ _20\"></span></span>no<span class=\"_ _2\"></span>n<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> </span>adottate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">adeguate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">misure<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">IT<span class=\"ff1\"> </span>Secu<span class=\"_ _0\"></span>rity<span class=\"ff1\"> </span>oppure<span class=\"ff1\"> </span>nel<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>gestione<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"ff1\"> </span>apparecchiature<span class=\"ff1\"> </span></span></span></span></span></span></span>hardware<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>softwar<span class=\"_ _2\"></span>e.<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>La<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>crescente<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"_ _2\"></span>pendenza<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>dai<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>sistemi<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>informat<span class=\"_ _2\"></span>ivi<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>d<span class=\"_ _0\"></span>alle<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>risors<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>tecnologiche<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>genere<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ha<span class=\"ff1\"> <span class=\"_ _20\"></span></span>reso<span class=\"ff1\"> <span class=\"_ _21\"></span></span>qu<span class=\"_ _0\"></span>esto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fat<span class=\"_ _2\"></span>tore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sempre<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pi\u00f9<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rilevante.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Gli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>esempi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> </span>perdita<span class=\"ff1\"> </span>legati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>questo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fattor<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>numerosi,<span class=\"ff1\"> </span>com<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>l\u2019assunzione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>ischi<span class=\"ff1\"> </span>eccessivi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dovuti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> </span>err<span class=\"_ _0\"></span>ori<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">prog<span class=\"_ _0\"></span>ram<span class=\"_ _0\"></span>mi<span class=\"ff1\"> </span>inf<span class=\"_ _0\"></span>orma<span class=\"_ _0\"></span>tici<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>man<span class=\"_ _0\"></span>cat<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>risp<span class=\"_ _0\"></span>etto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">ade<span class=\"_ _0\"></span>mpi<span class=\"_ _0\"></span>menti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span>trattu<span class=\"_ _1\"></span>ali<span class=\"ff1\"> </span>dovu<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>err<span class=\"_ _0\"></span>ori<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span>dei<span class=\"ff1\"> </span>sistemi<span class=\"ff1\"> </span>informativi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>ancora<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>perdita<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>dati<span class=\"ff1\"> </span>rilevanti<span class=\"ff1\"> </span>conness<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>fallimenti<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>sistemi.<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Eventi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Est<span class=\"_ _2\"></span>erni:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gli<span class=\"ff1\"> </span>eventi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"_ _2\"></span>gati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>fattori<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">esterni<span class=\"ff1\"> </span>possono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">causare<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">perdite<span class=\"ff1\"> </span>all\u2019impresa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fronte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>calamit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nat<span class=\"_ _2\"></span>urali,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prevenzione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sicurezza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>verso<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span></span>eventi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>natura<span class=\"ff1\"> <span class=\"_ _20\"></span></span>accidentale,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fronte<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> </span>obsolescenza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> </span>infrastrutture,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prevenzione<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>sicurezza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">verso<span class=\"ff1\"> </span>atti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>natura<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>riminosa,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>nei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>passaggi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>autorizzativi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>l'esecuzione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>operative,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff3\">nelle</span> <span class=\"_ _21\"> </span><span class=\"ff3\">misure</span> <span class=\"_ _21\"> </span><span class=\"ff3\">di</span> <span class=\"_ _21\"></span><span class=\"ff3\">controllo</span> </span>verso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>ttivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">autorizzate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">frodi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">parte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dipendenti,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mis<span class=\"_ _2\"></span>ure<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">preventive<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">verso<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">frodi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>parte<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">esterni,</span> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>ronte<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">inadeguato<span class=\"ff1\"> </span>e/o<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tempestivo<span class=\"ff1\"> </span>ag<span class=\"_ _0\"></span>giornamento<span class=\"ff1\"> </span>della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">normativa<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>interna<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>relazione<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>mutamenti<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>normativa<span class=\"ff1\"> </span>esterna<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>deriva.<span class=\"_ _3bd\"> </span>L\u2019approccio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">identificazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>operativo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">segue<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">logica<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>tip<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>\u2018bottom<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">up\u2019,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">basa<span class=\"_ _2\"></span>ta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>un<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">metod<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>ogia<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Ri<span class=\"_ _0\"></span>sk<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Sel<span class=\"_ _0\"></span>f<span class=\"ff1\"> </span>A<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>ssme<span class=\"_ _0\"></span>nt<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019obi<span class=\"_ _0\"></span>etti<span class=\"_ _0\"></span>vo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">valu<span class=\"_ _0\"></span>tar<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">live<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>osi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>qu<span class=\"_ _1\"></span>alit\u00e0<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>ontro<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>osti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">es<span class=\"_ _0\"></span>sere<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mit<span class=\"_ _0\"></span>iga<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ris<span class=\"_ _0\"></span>chio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">af<span class=\"_ _0\"></span>feren<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attiv<span class=\"_ _1\"></span>it\u00e0<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span>pera<span class=\"_ _0\"></span>tive<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ad<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ogn<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>p<span class=\"_ _1\"></span>rocesso<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>az<span class=\"_ _0\"></span>iend<span class=\"_ _0\"></span>ale.<span class=\"_ _0\"></span> L\u2019obiettivo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tal<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>pproccio,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">basato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sull\u2019analisi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>Area<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">F<span class=\"_ _2\"></span>unzionale,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019individuazione<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>egli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">event<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>perdita<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>potrebbero<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>manifestarsi,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>valutazione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>possibile<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>impatto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>e<span class=\"ff1\">  </span>della<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>poss<span class=\"_ _2\"></span>ibile<span class=\"ff1\"> </span>frequenza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>realizzazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>eventi,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>val<span class=\"_ _2\"></span>utazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019efficacia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cont<span class=\"_ _2\"></span>rolli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>presi<span class=\"_ _2\"></span>dio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> </span>possibili<span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> </span>organizzativi<span class=\"ff1\"> </span>attivabili<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>mitigazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>rischio.<span class=\"_ _3bd\"> </span>La<span class=\"ff1\">  </span>Compagnia<span class=\"ff1\">  </span>ha<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>strutt<span class=\"_ _2\"></span>urato,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>inoltre,<span class=\"ff1\">  </span>con<span class=\"ff1\">  </span>periodicit\u00e0<span class=\"ff1\">  </span>annu<span class=\"_ _0\"></span>ale<span class=\"ff1\">  </span>una<span class=\"ff1\">  </span>valutazione<span class=\"ff1\">  </span>delle<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>perdit<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>effettive<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">subite<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>erivanti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ischi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"_ _2\"></span>perativi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(c.d.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">LDC<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u2013<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Los<span class=\"_ _2\"></span>s<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">D<span class=\"_ _2\"></span>ata<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Collection).<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Tale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>nalisi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cons<span class=\"_ _2\"></span>ente<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>inoltre<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>effettuare<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>back-test<span class=\"ff1\"> </span>circa<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> </span>ex-ante<span class=\"ff1\"> </span>mediante<span class=\"ff1\"> </span>Risk<span class=\"ff1\"> </span>Self-Assessment.<span class=\"_ _3bd\"> </span>La<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Compagnia<span class=\"ff1\">  </span>h<span class=\"_ _0\"></span>a<span class=\"ff1\">  </span>inoltre<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>prosegu<span class=\"_ _0\"></span>ito<span class=\"ff1\">  </span>nei<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">lav<span class=\"_ _0\"></span>ori<span class=\"ff1\">  </span>per<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>completamento<span class=\"ff1\">  </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>piano<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>continuit\u00e0<span class=\"ff1\"> </span></span></span>operativa<span class=\"ff1\"> </span>(Business<span class=\"ff1\"> </span>Continuity<span class=\"ff1\"> </span>Plan).<span class=\"_ _3bd\"> </span>Per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">quanto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riguarda<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alutazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">requisito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cap<span class=\"_ _2\"></span>itale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(SCR),<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">operativi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vengono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valuta<span class=\"_ _2\"></span>ti<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>mediante<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019applicazione<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ella<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Standard<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Formula.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">peso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">comp<span class=\"_ _2\"></span>lessivo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">de<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">operative,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">secondo<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>i<span class=\"ff1\"> </span>dett<span class=\"_ _2\"></span>ami<span class=\"ff1\"> </span>nor<span class=\"_ _2\"></span>mativi<span class=\"ff1\"> </span>Solvency<span class=\"ff1\"> <span class=\"_ _2\"></span></span>II<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pari<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>4,9%<span class=\"ff1\"> </span>(tale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valore<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>appresenta<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>miglior<span class=\"ff1\"> <span class=\"_ _2\"></span></span>stima<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>ischio<span class=\"_ _0\"></span><span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valutazione).<span class=\"_ _3bd\"> </span>Il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>normat<span class=\"_ _2\"></span>ivo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>compliance<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>(ovvero<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>conformit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>alle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>norm<span class=\"_ _2\"></span>e)<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>riguarda<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> </span>incorrere<span class=\"ff1\">  </span>in<span class=\"ff1\">  </span>sanzioni<span class=\"ff1\">  </span>giudiziarie<span class=\"ff1\">  </span>o<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>amministrative,<span class=\"ff1\">  </span>e<span class=\"ff1\">  </span>subire<span class=\"ff1\">  </span>perdite<span class=\"ff1\">  </span>o<span class=\"ff1\">  </span>dann<span class=\"_ _2\"></span>i<span class=\"ff1\">  </span>reputazionali<span class=\"ff1\">  </span>in<span class=\"ff1\"> </span>conseguenza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>mancata<span class=\"ff1\"> <span class=\"_ _21\"></span></span>osservanza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>legg<span class=\"_ _0\"></span>i,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>regolamenti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>provvedimenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>elle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Auto<span class=\"_ _2\"></span>rit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> </span>Vigilanza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ovvero<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">norme</span> <span class=\"_ _20\"></span><span class=\"ff3\">di</span> <span class=\"_ _20\"></span><span class=\"ff3\">autor<span class=\"_ _2\"></span>egolamentazione,</span> <span class=\"_ _2\"></span><span class=\"ff3\">quali</span> <span class=\"_ _21\"></span><span class=\"ff3\">statuti,</span> <span class=\"_ _20\"></span><span class=\"ff3\">codici</span> <span class=\"_ _20\"></span><span class=\"ff3\">di</span> <span class=\"_ _21\"></span><span class=\"ff3\">condotta</span> <span class=\"_ _20\"></span><span class=\"ff3\">o</span> <span class=\"_ _20\"></span><span class=\"ff3\">codici</span> <span class=\"_ _21\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span>autodisciplina;<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>d<span class=\"_ _2\"></span>erivante<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>modifiche<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>s<span class=\"_ _2\"></span>favorevoli<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>quadro<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>normat<span class=\"_ _2\"></span>ivo<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>degli<span class=\"ff1\"> </span>orientamenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">giurisprudenziali.<span class=\"_ _3bd\"> </span></span></span>Nella<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gestione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">conformit\u00e0<span class=\"ff1\"> </span>normativa,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019azienda<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">identifica<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fattor<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">prioritar<span class=\"_ _2\"></span>io<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">suc<span class=\"_ _0\"></span>cess<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span>segu<span class=\"_ _0\"></span>ime<span class=\"_ _0\"></span>nto<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">conf<span class=\"_ _0\"></span>ormi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mate<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tra<span class=\"_ _0\"></span>spa<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>za<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cor<span class=\"_ _0\"></span>rette<span class=\"_ _1\"></span>zza<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>appo<span class=\"_ _0\"></span>rto<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>col<span class=\"ff1\"> </span>cliente<span class=\"ff1\"> </span>assicurato<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>danneggiato,<span class=\"ff1\"> </span>nell\u2019informativa<span class=\"ff1\"> </span>precontrattuale<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>contrattuale<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>prodotti,<span class=\"ff1\"> </span>nella<span class=\"ff1\"> <span class=\"_ _2\"></span></span>corretta<span class=\"ff1\"> <span class=\"_ _2\"></span></span>esecuzione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contratti,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>particolare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riguardo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>liquidazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sinistr<span class=\"_ _2\"></span>i,<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>generale<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>tutela<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>consumatore.<span class=\"_ _3bd\"> </span>In<span class=\"ff1\"> </span>sintesi,<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>processo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>analisi<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conformit\u00e0<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>norme<span class=\"ff1\"> </span>mira,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attraverso<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>formalizzazione<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>matrice<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>compliance,<span class=\"ff1\"> </span>a:<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>migliorare<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>grado<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>sen<span class=\"_ _0\"></span>sibilit\u00e0<span class=\"ff1\"> </span>nei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">confront<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dis<span class=\"_ _2\"></span>posto<span class=\"ff1\"> </span>norma<span class=\"_ _0\"></span>tivo<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>arte<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">controlli<span class=\"ff1\"> </span>d<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>pri<span class=\"_ _0\"></span>mo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">live<span class=\"_ _0\"></span>llo;<span class=\"_ _0\"></span> </span></span>-<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>luta<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>p<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>es<span class=\"_ _0\"></span>idi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>trol<span class=\"_ _0\"></span>lo<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>siste<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">su<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>roce<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>sti<span class=\"_ _0\"></span>mol<span class=\"_ _0\"></span>are<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rif<span class=\"_ _0\"></span>less<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sui<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>otenz<span class=\"_ _0\"></span>iali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">esi<span class=\"_ _0\"></span>ste<span class=\"_ _0\"></span>nti;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>luta<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ap<span class=\"_ _0\"></span>acit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rico<span class=\"_ _0\"></span>nosce<span class=\"_ _1\"></span>re<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">prev<span class=\"_ _0\"></span>eni<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risch<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>m<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span>simi<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>individuare<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>interventi<span class=\"ff1\"> </span>organizzativi<span class=\"ff1\"> </span>utili<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>colmare<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>gap<span class=\"ff1\"> </span>eventualmente<span class=\"ff1\"> </span>riscontr<span class=\"_ _2\"></span>ati.<span class=\"ff1\"> </span>Nell\u2019esercizio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>propri<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>compiti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>funzione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Com<span class=\"_ _2\"></span>pliance<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>op<span class=\"_ _2\"></span>era<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sull<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>base<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>approccio<span class=\"ff1\"> </span>metodologico<span class=\"ff1\"> </span>fondato<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>tecniche<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>identificazione,<span class=\"ff1\"> </span>valutazione,<span class=\"ff1\"> </span>gestione<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>monitoraggio<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> </span>conformit\u00e0<span class=\"ff1\"> </span>ispirate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alle<span class=\"ff1\"> </span>migliori<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rassi<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>mercato<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">coerenti</span> <span class=\"ff3\">con</span> <span class=\"ff3\">qu<span class=\"_ _0\"></span>elli<span class=\"ff1\"> </span>utilizzati<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span></span></span></span></span></span></span>processi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Risk<span class=\"ff1\"> </span>Management<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Revisione<span class=\"ff1\"> </span>Interna.<span class=\"_ _3bd\"> </span>Secondo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>mo<span class=\"_ _2\"></span>dello<span class=\"ff1\"> <span class=\"_ _2\"></span></span>adott<span class=\"_ _2\"></span>ato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>da<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Credemassicurazioni,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>inoltre,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>esisto<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _2\"></span></span>altri<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischi/eventi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>perdita<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>st<span class=\"_ _2\"></span>rettamente<span class=\"ff1\"> </span>riconducibili<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>fat<span class=\"_ _2\"></span>tori<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>pecifi<span class=\"_ _0\"></span>ci,<span class=\"ff1\"> </span>ma<span class=\"ff1\"> <span class=\"_ _2\"></span></span>c<span class=\"_ _2\"></span>he<span class=\"ff1\"> </span>possono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>derivare<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>fatt<span class=\"_ _2\"></span>ori<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riconducibili<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>classi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>precedentemente<span class=\"ff1\"> </span>il<span class=\"_ _2\"></span>lustrate.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Si<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tr<span class=\"_ _2\"></span>atta<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>particolare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> </span>classe<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>rischio<span class=\"ff1\">  </span>l<span class=\"_ _0\"></span>egata<span class=\"ff1\">  </span>all\u2019appartenenza<span class=\"ff1\">  </span>al<span class=\"ff1\">  </span>grupp<span class=\"_ _0\"></span>o,<span class=\"ff1\">  </span>della<span class=\"ff1\">  </span>classe<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>rischio<span class=\"ff1\">  </span>repu<span class=\"_ _0\"></span>tazionale,<span class=\"ff1\">  </span>di<span class=\"ff1\"> </span>condotta<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>ESG,<span class=\"ff1\"> </span>cos\u00ec<span class=\"ff1\"> </span>identificati<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>normativa<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>sett<span class=\"_ _2\"></span>ore.<span class=\"_ _3bd\"> </span>Il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>legato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>all\u2019appartenenza<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>gruppo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>(rischio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u2018contagio\u2019)<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>inteso<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>come<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>che,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"ff1\"> </span>seguito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rapporti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>intercorrenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tra<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019impresa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>altre<span class=\"ff1\"> <span class=\"_ _2\"></span></span>entit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gruppo,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>situazioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>difficol<span class=\"_ _2\"></span>t\u00e0<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>insorgono<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>societ\u00e0<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>medesimo<span class=\"ff1\"> </span>gru<span class=\"_ _2\"></span>ppo<span class=\"ff1\"> </span>possano<span class=\"ff1\"> </span>pro<span class=\"_ _2\"></span>pagarsi<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>effetti<span class=\"ff1\"> </span>negativi<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>solvibilit\u00e0<span class=\"ff1\"> </span>dell\u2019impresa<span class=\"ff1\"> </span>stessa.<span class=\"_ _3bd\"> </span>In<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>coerenza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>propria<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>strategia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>politiche<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>m<span class=\"_ _2\"></span>ateria<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>degli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>investimenti,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>adott<span class=\"_ _2\"></span>ata<span class=\"ff1\"> </span>dall\u2019Organo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Ammin<span class=\"_ _2\"></span>istrativo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ha<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>definito<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>propr<span class=\"_ _2\"></span>ia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>politica<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>operazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>infragru<span class=\"_ _2\"></span>ppo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ha<span class=\"ff1\"> </span>determinato<span class=\"ff1\"> </span>appropriati<span class=\"ff1\"> </span>limiti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>operativit\u00e0.<span class=\"_ _3bd\"> </span>L\u2019identificazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>l\u2019analisi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>effe<span class=\"_ _0\"></span>ttuat<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>pertanto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>coerenza<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>all<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>categorie<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>trop<span class=\"_ _0\"></span>arti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dell<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>opera<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ste<span class=\"_ _0\"></span>sse,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con</span> <span class=\"ff3\">parti<span class=\"_ _0\"></span>col<span class=\"_ _0\"></span>are<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>gua<span class=\"_ _0\"></span>rdo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _2\"></span>lle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">garan<span class=\"_ _0\"></span>zie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">eve<span class=\"_ _0\"></span>ntu<span class=\"_ _0\"></span>alme<span class=\"_ _0\"></span>nte<span class=\"ff1\"> </span>ril<span class=\"_ _0\"></span>asc<span class=\"_ _0\"></span>iate<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Gruppo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ed<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">coerenza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">caratteristiche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>eguen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tipologie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">operazioni:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Operazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>significative<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(<span class=\"_ _0\"></span>comprese<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tra<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>1%<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>5%<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">Solv<span class=\"_ _0\"></span>ency<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Capital<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Requirement<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span></span></span>pe<span class=\"_ _0\"></span>riod<span class=\"_ _0\"></span>o);<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Ope<span class=\"_ _0\"></span>raz<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Mo<span class=\"_ _0\"></span>lto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sig<span class=\"_ _0\"></span>nific<span class=\"_ _0\"></span>ativ<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>&gt;5%<span class=\"ff1\"> </span>d<span class=\"_ _1\"></span>el<span class=\"ff1\"> </span>So<span class=\"_ _0\"></span>lven<span class=\"_ _0\"></span>cy<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>apit<span class=\"_ _0\"></span>al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Requ<span class=\"_ _0\"></span>ireme<span class=\"_ _0\"></span>nt<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>odo).<span class=\"_ _0\"></span> </span></span></span></span></span></span>Il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>repu<span class=\"_ _0\"></span>tazionale<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>inteso<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>come<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">deterioramento</span> <span class=\"_ _20\"></span><span class=\"ff3\">dell\u2019immagine</span> <span class=\"_ _21\"></span><span class=\"ff3\">aziendale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">e</span> <span class=\"_ _20\"></span><span class=\"ff3\">di</span> </span></span></span>aumento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>conflittualit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>ia<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>gli<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ass<span class=\"_ _2\"></span>icurati<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>(dovuto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>anche<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>alla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>carsa<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>qualit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>servizi<span class=\"ff1\"> </span>offerti,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>collocamento<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>polizze<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>adeguate<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>comport<span class=\"_ _2\"></span>amento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fase<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>vendita,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>post<span class=\"ff1\"> </span>vendita<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>liquidazione)<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>Autorit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Vigilanza<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>shareholders.<span class=\"_ _3bd\"> </span>Il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">risch<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>rep<span class=\"_ _0\"></span>utaz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>ale<span class=\"ff1\"> </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">qu<span class=\"_ _0\"></span>indi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">stretta<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">legat<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>all<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>vendi<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">prod<span class=\"_ _0\"></span>otto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">e</span> <span class=\"ff3\">a<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">pre<span class=\"_ _1\"></span>stazi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>dei<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>servizi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _20\"></span></span>esso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>collegati.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>A<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tutela<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Cliente/Ass<span class=\"_ _2\"></span>icurato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>conseguenza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>presidio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d<span class=\"_ _2\"></span>el<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"_ _2\"></span><span class=\"ff1\"> </span>reputazionale<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>attivate<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>serie<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>misure:<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>roce<span class=\"_ _0\"></span>dure<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>ollo<span class=\"_ _0\"></span>camen<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">conte<span class=\"_ _0\"></span>mpl<span class=\"_ _0\"></span>ano<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">una<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pr<span class=\"_ _0\"></span>even<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>tazi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ade<span class=\"_ _0\"></span>guat<span class=\"_ _0\"></span>ezz<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>contratto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>finaliz<span class=\"_ _0\"></span>zata<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ad<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ind<span class=\"_ _0\"></span>ividuare<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>via<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>preliminare<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>esigenze<span class=\"ff1\"> <span class=\"_ _21\"></span></span>assicurative<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>bisogni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> </span>protezione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>cliente,<span class=\"ff1\"> </span>nonch\u00e9<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>fornire<span class=\"ff1\"> </span>l\u2019adeguata<span class=\"ff1\"> </span>informativa<span class=\"ff1\"> </span>sul<span class=\"ff1\"> </span>prodotto;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>l\u2019<span class=\"_ _0\"></span>assi<span class=\"_ _0\"></span>sten<span class=\"_ _0\"></span>za<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">se<span class=\"_ _0\"></span>rviz<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>g<span class=\"_ _0\"></span>ene<span class=\"_ _0\"></span>rali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>ete<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span>stri<span class=\"_ _0\"></span>but<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>a;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>roce<span class=\"_ _0\"></span>sso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gesti<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">r<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>lami;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">se<span class=\"_ _0\"></span>rvi<span class=\"_ _0\"></span>zio<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">li<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>dazi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sin<span class=\"_ _0\"></span>istri<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>Essendo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>inoltre<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>reputazionale<span class=\"ff1\"> <span class=\"_ _21\"></span></span>strettamente<span class=\"ff1\"> <span class=\"_ _21\"></span></span>connesso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>operativi,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>informatici<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"_ _0\"></span><span class=\"ff1\"> </span>cyber<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>condot<span class=\"_ _2\"></span>ta,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>specifici<span class=\"ff1\"> <span class=\"_ _20\"></span></span>presidi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>operat<span class=\"_ _2\"></span>ivi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>organizzativi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>posti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>essere<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>gestione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>ischi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rappresentano<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ulteriore<span class=\"ff1\"> <span class=\"_ _2\"></span></span>elemento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>supporto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gest<span class=\"_ _2\"></span>ione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ris<span class=\"_ _2\"></span>chio<span class=\"ff1\"> </span>Il<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>condotta<span class=\"ff1\"> <span class=\"_ _2\"></span></span>-<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quale<span class=\"ff1\"> </span>sottocategor<span class=\"_ _2\"></span>ia<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>operativo,<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>compliance<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>reputazionale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u2013<span class=\"ff1\"> </span>pu\u00f2<span class=\"ff1\"> <span class=\"_ _20\"></span></span>essere<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>finito<span class=\"ff1\"> <span class=\"_ _21\"></span></span>come<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>att<span class=\"_ _2\"></span>uale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pro<span class=\"_ _2\"></span>spettico<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>perdite<span class=\"ff1\"> <span class=\"_ _20\"></span></span>co<span class=\"_ _2\"></span>nseguenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>casistiche<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> </span>offerta<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>inappropriata<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>prodotti<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>e/o<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>servizi,<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>incluse<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>fattispecie<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>condot<span class=\"_ _2\"></span>ta<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>inadegu<span class=\"_ _0\"></span>at<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>(dolo/negligenza)<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>parte<span class=\"ff1\"> </span>dell\u2019impresa.<span class=\"_ _3bd\"> </span>La<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gestione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>condotta<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>strettamente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>connessa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>definite<span class=\"ff1\"> </span>nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>pro<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>sso<span class=\"ff1\"> </span>P<span class=\"_ _0\"></span>OG<span class=\"ff1\"> </span>(di<span class=\"_ _0\"></span>scip<span class=\"_ _1\"></span>linat<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>nell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>risp<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>tiva<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Poli<span class=\"_ _0\"></span>cy<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>P<span class=\"_ _0\"></span>OG)<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>La<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Comp<span class=\"_ _0\"></span>agni<span class=\"_ _0\"></span>a,<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>\u2019amb<span class=\"_ _0\"></span>ito<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ella<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">gest<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span>del<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Condotta,<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>prefigge<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>seguenti<span class=\"ff1\"> </span>obiettivi:<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>rendere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"_ _2\"></span>iziative<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">business<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">orientate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">focalizzate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sulla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">figura<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cli<span class=\"_ _2\"></span>ente.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">In<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ambito<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>focus<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>incentrato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sul<span class=\"ff1\"> <span class=\"_ _2\"></span></span>disegno<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prodotti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>definizione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>servizi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>linea<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>esigenze<span class=\"ff1\"> </span>della<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">clientela;<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>stabilire<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>codice/sistema<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>condott<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>completamente<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>radicato<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>all\u2019interno<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>str<span class=\"_ _2\"></span>uttura<span class=\"ff1\"> </span>aziendale.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>In<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>am<span class=\"_ _2\"></span>bito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>focus<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>incentrato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sulla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>vendita<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pr<span class=\"_ _2\"></span>odotti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>/<span class=\"ff1\"> <span class=\"_ _20\"></span></span>erogazone<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>servizi<span class=\"ff1\"> </span>assicurando<span class=\"ff1\"> </span>trasparenza<span class=\"ff1\"> </span>informativa<span class=\"ff1\"> </span>verso<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>clientela,<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>garantire<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>business<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _2\"></span></span>continuo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>focalizzato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sul<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conseguimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>migl<span class=\"_ _2\"></span>ior<span class=\"ff1\"> <span class=\"_ _2\"></span></span>risultato<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>cliente<span class=\"ff1\"> </span>(cfr.<span class=\"ff1\"> </span>Monitoraggio<span class=\"ff1\"> </span>KPI<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>KRI),<span class=\"ff1\"> </span>tutelando<span class=\"ff1\"> </span>l\u2019integrit\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>condott<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>Compagnia<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>relazione<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>clientela.<span class=\"_ _3bd\"> </span>Il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ESG<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(Enviromental,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Social<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">and<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Governance)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pone<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019obiettivo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">evento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">una<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>condizione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tipo<span class=\"ff1\"> </span>ambientale,<span class=\"ff1\"> </span>sociale<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>governance<span class=\"ff1\"> </span>che,<span class=\"ff1\"> </span>verificandosi,<span class=\"ff1\"> </span>potr<span class=\"_ _2\"></span>ebbe<span class=\"ff1\"> </span>provocare<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>impatto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>neg<span class=\"_ _0\"></span>ativo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>effe<span class=\"_ _0\"></span>ttivo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pot<span class=\"_ _2\"></span>enziale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>ul<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dell\u2019investimento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sul<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _21\"></span></span>passivit\u00e0.<span class=\"ff1\"> </span>Questa<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tipologia<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rientra<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tra<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>econdo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>livello<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>indiretti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>quanto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pu\u00f2<span class=\"ff1\"> </span>man<span class=\"_ _0\"></span>ife<span class=\"_ _0\"></span>star<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span>pro<span class=\"_ _0\"></span>voc<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>impa<span class=\"_ _0\"></span>tto<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>gat<span class=\"_ _0\"></span>ivo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _2\"></span>u</span> <span class=\"ff3\">att<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>assivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>flue<span class=\"_ _0\"></span>nza<span class=\"_ _0\"></span>ndo<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>fa<span class=\"_ _0\"></span>ttori<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">ris<span class=\"_ _0\"></span>chio<span class=\"_ _1\"></span><span class=\"ff1\"> </span></span></span></span></span>gi\u00e0<span class=\"ff1\"> </span>contemplati<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> </span>altre<span class=\"ff1\"> </span>risk<span class=\"ff1\"> </span>category<span class=\"ff1\"> </span>(ad<span class=\"ff1\"> </span>esempio<span class=\"ff1\"> </span>Rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Mercato<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Sott<span class=\"_ _2\"></span>oscrizione).<span class=\"_ _3bd\"> </span>All\u2019interno<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>categoria<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ris<span class=\"_ _2\"></span>chi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ESG,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>particolare<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rilevanza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"></span></span>assegnata<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>climatici<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> </span>quanto<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>otrebbero<span class=\"ff1\"> </span>generare<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">elevate<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>erdite<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Compagnie<span class=\"ff1\"> </span>Assicurative<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">correttamente<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>identificati<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>gestiti.<span class=\"_ _3bd\"> </span>Con<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>specifico<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>riferimento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ai<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ris<span class=\"_ _2\"></span>chi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>climatici,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>coerenza<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>indicazioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\">  </span>R<span class=\"_ _0\"></span>egolamento<span class=\"ff1\"> </span>Delegato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(UE)<span class=\"ff1\"> <span class=\"_ _20\"></span></span>2021/1256<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Com<span class=\"_ _2\"></span>missione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>21<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>Aprile<span class=\"ff1\"> <span class=\"_ _20\"></span></span>2021,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Compagnia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ha<span class=\"ff1\"> <span class=\"_ _20\"></span></span>strutt<span class=\"_ _2\"></span>urato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>una<span class=\"ff1\"> </span>serie<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>analisi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sul<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pro<span class=\"_ _2\"></span>prio<span class=\"ff1\"> </span>por<span class=\"_ _2\"></span>tafoglio<span class=\"ff1\"> </span>(sia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>investimenti,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tecn<span class=\"_ _2\"></span>ico/assicurativo)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> </span>verificar<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>l<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>mat<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>alit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>l\u2019e<span class=\"_ _0\"></span>spos<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>risc<span class=\"_ _0\"></span>hi<span class=\"ff1\"> </span>cl<span class=\"_ _0\"></span>ima<span class=\"_ _0\"></span>tici<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e,</span> <span class=\"ff3\">succ<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>e,<span class=\"ff1\"> </span>cond<span class=\"_ _0\"></span>urr<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>l\u2019<span class=\"_ _0\"></span>anal<span class=\"_ _0\"></span>isi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">scena<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">per<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>quantificare<span class=\"ff1\"> </span>l\u2019impatto<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>essi<span class=\"ff1\"> </span>producono<span class=\"ff1\"> </span>sulle<span class=\"ff1\"> </span>principali<span class=\"ff1\"> </span>grandezze<span class=\"ff1\"> </span>economiche<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>patrimoniali<span class=\"_ _2\"></span>.<span class=\"_ _3bd\"> </span>Il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">F<span class=\"_ _2\"></span>ramework<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sviluppato<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>alla<span class=\"ff1\"> </span>Compagni<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>ge<span class=\"_ _0\"></span>stione<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">risc<span class=\"_ _2\"></span>hio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">climatico<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">identifica<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">segu<span class=\"_ _2\"></span>enti<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>st<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>p:<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>Ide<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>fica<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>attor<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">risc<span class=\"_ _0\"></span>hio<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">peri<span class=\"_ _0\"></span>metro<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">a<span class=\"_ _0\"></span>nali<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">-</span> <span class=\"ff3\">i<span class=\"_ _0\"></span>dent<span class=\"_ _0\"></span>ific<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">cl<span class=\"_ _0\"></span>ass<span class=\"_ _0\"></span>ifica<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>principali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fonti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ris<span class=\"_ _2\"></span>chio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>climat<span class=\"_ _2\"></span>ico<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>perimetro<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prodotti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>assets<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pot<span class=\"_ _2\"></span>enzialmente<span class=\"ff1\"> </span>impattati<span class=\"ff1\"> </span>secondo<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>linee<span class=\"ff1\"> </span>guida<span class=\"ff1\"> </span>indicate<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>EIOPA.<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Valutazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>materialit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u2013<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valutazione,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>propedeutica<span class=\"ff1\"> <span class=\"_ _2\"></span></span>all<span class=\"_ _2\"></span>\u2019analisi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>ilevanza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(cfr.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>punto<span class=\"ff1\"> </span>successivo),<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>effettuata<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>ogni<span class=\"ff1\"> </span>singolo<span class=\"ff1\"> </span>perimetro<span class=\"ff1\"> </span>(sia<span class=\"ff1\"> </span>lato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Asse<span class=\"_ _0\"></span>t,<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span>Liabilities);<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>An<span class=\"_ _0\"></span>alis<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Ril<span class=\"_ _0\"></span>eva<span class=\"_ _0\"></span>nza<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> </span>ana<span class=\"_ _0\"></span>lisi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">attiv<span class=\"_ _0\"></span>ata<span class=\"ff1\"> </span>sol<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>risch<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ide<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>fica<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>come<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pote<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>alme<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mater<span class=\"_ _0\"></span>iali<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span>nel<span class=\"ff1\"> </span>punto<span class=\"ff1\"> </span>precedente,<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>ha<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>obiettivo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019identificazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>climatici<span class=\"ff1\"> </span>rilevanti<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>business<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>relativa<span class=\"ff1\"> <span class=\"_ _20\"></span></span>analisi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>tress<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fin<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ORSA.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>L\u2019analisi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>effettuata<span class=\"ff1\"> <span class=\"_ _20\"></span></span>su<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ogni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>singolo<span class=\"ff1\"> </span>perimetro<span class=\"ff1\"> </span>(sia<span class=\"ff1\"> </span>lato<span class=\"ff1\"> </span>Asset,<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span>Liabilities)<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>prevede<span class=\"ff1\"> </span>almeno<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>seguenti<span class=\"ff1\"> </span>macro<span class=\"ff1\"> </span>at<span class=\"_ _2\"></span>tivit\u00e0:<span class=\"_ _3bd\"> </span>o<span class=\"_ _3bd\"> </span>Identificazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>criteri<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>metodologie<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>utilizzare<span class=\"ff1\"> </span>su<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>portafogli<span class=\"ff1\"> </span>esposti<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> </span>(sia<span class=\"ff1\"> </span>asset,<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span>liabilities)<span class=\"ff1\"> </span>analizzate<span class=\"ff1\"> </span>nei<span class=\"ff1\"> </span>paragrafi<span class=\"ff1\"> </span>successivi;<span class=\"_ _3bd\"> </span>o<span class=\"_ _3bd\"> </span>Valutazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>quali/quantitativa<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ogni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>per<span class=\"_ _2\"></span>imetro<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>identificato<span class=\"ff1\">  </span>rispetto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>alle<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>meto<span class=\"_ _2\"></span>dologie<span class=\"ff1\"> </span>individuate<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>specifiche<span class=\"ff1\"> </span>soglie<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>materialit\u00e0.<span class=\"_ _3bd\"> </span>Il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sist<span class=\"_ _2\"></span>ema<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>gestione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>ischi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ESG<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prevede<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>definizione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"_ _2\"></span>dicatori<span class=\"ff1\"> <span class=\"_ _2\"></span></span>utilizzati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>monitorare<span class=\"ff1\"> </span>l\u2019esposizione,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _21\"></span></span>un<span class=\"ff1\"> <span class=\"_ _21\"></span></span>focus<span class=\"ff1\"> <span class=\"_ _21\"></span></span>specifico<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sui<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>climatici<span class=\"ff1\"> <span class=\"_ _21\"></span></span>connessi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ambientali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>insit<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nei<span class=\"ff1\"> </span>portafogli<span class=\"ff1\"> </span>Asset<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>Liabilities<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>Compagnia.<span class=\"_ _3bd\"> </span>Si<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rip<span class=\"_ _1\"></span>ortano<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">si<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>tic<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>d<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span>seg<span class=\"_ _0\"></span>uito<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le</span> <span class=\"_ _1\"></span><span class=\"ff3\">misu<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risch<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>tili<span class=\"_ _0\"></span>zza<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">vo<span class=\"_ _0\"></span>lumi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">an<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>zzat<span class=\"_ _0\"></span>i:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>We<span class=\"_ _0\"></span>igh<span class=\"_ _0\"></span>ted<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Ave<span class=\"_ _0\"></span>rage<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Ca<span class=\"_ _0\"></span>rbon<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Foot<span class=\"_ _0\"></span>prin<span class=\"_ _0\"></span>t;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Pe<span class=\"_ _0\"></span>rcen<span class=\"_ _0\"></span>tual<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>lima<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Poli<span class=\"_ _0\"></span>cy<span class=\"ff1\"> </span>Re<span class=\"_ _1\"></span>levan<span class=\"_ _0\"></span>t<span class=\"ff1\"> </span>Act<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>tie<span class=\"_ _0\"></span>s;<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>We<span class=\"_ _0\"></span>igh<span class=\"_ _0\"></span>ted<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Avera<span class=\"_ _0\"></span>ge<span class=\"ff1\"> </span>L<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ies<span class=\"ff1\"> </span>Ha<span class=\"_ _0\"></span>zard<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Exp<span class=\"_ _0\"></span>osu<span class=\"_ _0\"></span>re;<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Pe<span class=\"_ _0\"></span>rcen<span class=\"_ _0\"></span>tual<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">passi<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>ad<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>cl<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>atico<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span></span></span></span></span>Ri<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>hi<span class=\"_ _3bd\"> </span>st<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>gic<span class=\"_ _0\"></span>o<span class=\"fc0 sc1\"> </span>Per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>strategico<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>tende<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>attuale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>prospettico<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">flessione<span class=\"ff1\"> </span>degli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">utili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cap<span class=\"_ _2\"></span>itale<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sostenibilit\u00e0<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>modello<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>business,<span class=\"ff1\"> </span>incluso<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>riuscire<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">generare<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>adeguato<span class=\"ff1\"> </span></span></span></span></span>ritorno<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sul<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">cap<span class=\"_ _0\"></span>itale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>ulla<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>base<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>propension<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>d<span class=\"_ _2\"></span>efinita<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dall<span class=\"_ _2\"></span>\u2019impresa,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>derivante<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>da<span class=\"ff1\"> </span></span></span>ca<span class=\"_ _0\"></span>mbia<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>test<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>ope<span class=\"_ _1\"></span>rativo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o</span> <span class=\"_ _2\"></span><span class=\"ff3\">da<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dec<span class=\"_ _0\"></span>isi<span class=\"_ _0\"></span>oni<span class=\"ff1\"> </span>az<span class=\"_ _0\"></span>iend<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>li<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">err<span class=\"_ _0\"></span>ate,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dall\u2019<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">attu<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>ade<span class=\"_ _0\"></span>gua<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>decisioni,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>impropria<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>gestione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>appartenenza<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>gruppo,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dalla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>scar<span class=\"_ _2\"></span>sa<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>reattivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"ff1\"> </span>variazioni<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>contesto<span class=\"ff1\"> </span>competitivo.<span class=\"_ _3bd\"> </span>L\u2019<span class=\"_ _0\"></span>anal<span class=\"_ _0\"></span>isi<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risc<span class=\"_ _0\"></span>hi<span class=\"ff1\"> </span>st<span class=\"_ _0\"></span>rate<span class=\"_ _0\"></span>gic<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>vie<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>ffet<span class=\"_ _0\"></span>tua<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>me<span class=\"_ _0\"></span>dian<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>peci<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>he<span class=\"ff1\"> </span>ana<span class=\"_ _0\"></span>lisi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sens<span class=\"_ _0\"></span>itivi<span class=\"_ _0\"></span>ty<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">se<span class=\"_ _0\"></span>de<span class=\"ff1\"> </span>O<span class=\"_ _0\"></span>RSA<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ogni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>qualvolta<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>assista<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>variazioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>significative<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>mercato,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dell\u2019mix<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>produzione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dell<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>ipotesi<span class=\"ff1\"> </span>sottostanti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutazioni<span class=\"ff1\"> </span>(a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">titolo<span class=\"ff1\"> </span>esemplificativo,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tassi<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riscatto<span class=\"ff1\"> </span>best<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">estimate,<span class=\"ff1\"> </span>ipotesi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>minimo<span class=\"ff1\"> </span>garantito,<span class=\"ff1\"> </span>etc).<span class=\"_ _3bd\"> </span>In<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ambito<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>viene<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>altres\u00ec<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valutata<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>presenza<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>potenziali<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>emergenti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sulla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>base<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>delle<span class=\"ff1\"> </span>informazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">derivanti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"_ _2\"></span>l<span class=\"ff1\"> </span>piano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">industriale,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dalle<span class=\"ff1\"> </span>evoluzioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prodotto,<span class=\"ff1\"> </span>dalle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">v<span class=\"_ _0\"></span>ariazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">normative<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>e<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>qualsiasi<span class=\"ff1\"> </span>altra<span class=\"ff1\"> </span>variazione<span class=\"ff1\"> </span>potenzialmente<span class=\"ff1\"> </span>impattante<span class=\"ff1\"> </span>sul<span class=\"ff1\"> </span>profilo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>dell\u2019impresa.<span class=\"_ _3bd\"> </span>In<span class=\"ff1\"> </span>seguito<span class=\"ff1\"> </span>ai<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risultati<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">analis<span class=\"_ _2\"></span>i,<span class=\"ff1\"> </span>ve<span class=\"_ _0\"></span>ngono<span class=\"ff1\"> </span>valutati<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>eventuali<span class=\"ff1\"> </span>cambiamenti<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>apportare<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span></span></span></span></span>mappa<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>aziendali.<span class=\"_ _3bd\"> </span>Le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valutazioni<span class=\"ff1\"> </span>effettuate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dalla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Com<span class=\"_ _2\"></span>pagnia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">hanno<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onsentito<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">delineare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>mappa<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> </span>Framework<span class=\"ff1\"> </span>Solvenc<span class=\"_ _0\"></span>y<span class=\"ff1\"> </span>II<span class=\"ff1\"> </span>-<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cui<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>Compagnia<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>esposta<span class=\"ff1\"> </span>(d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>seguito<span class=\"ff1\"> </span>riportata).<span class=\"_ _3bd\"> </span>Modulo<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ris<span class=\"_ _0\"></span>ch<span class=\"_ _0\"></span>io<span class=\"_ _3bd\"> </span>Sot<span class=\"_ _0\"></span>tom<span class=\"_ _0\"></span>odu<span class=\"_ _0\"></span>lo<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ris<span class=\"_ _0\"></span>ch<span class=\"_ _0\"></span>io<span class=\"_ _3bd\"> </span>Esp<span class=\"_ _0\"></span>osiz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>Non-Lif<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>un<span class=\"_ _0\"></span>der<span class=\"_ _0\"></span>writ<span class=\"_ _0\"></span>ing<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>k<span class=\"_ _3bd\"> </span>Non-<span class=\"_ _0\"></span>Lif<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rem<span class=\"_ _0\"></span>ium<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">and<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rese<span class=\"_ _0\"></span>rve<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>sk<span class=\"_ _1\"></span> <span class=\"_ _39\"> </span>X<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>Non-<span class=\"_ _0\"></span>Lif<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>la<span class=\"_ _0\"></span>pse<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ris<span class=\"_ _0\"></span>k<span class=\"_ _0\"></span> <span class=\"_ _140\"> </span>X<span class=\"_ _3bd\"> </span></span></span>Non-life<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">CAT<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ri<span class=\"_ _0\"></span>sk<span class=\"_ _1\"></span> <span class=\"_ _19\"> </span>X<span class=\"_ _3bd\"> </span></span></span></span></span>He<span class=\"_ _0\"></span>alth<span class=\"_ _3bd\"> </span>un<span class=\"_ _0\"></span>der<span class=\"_ _0\"></span>writ<span class=\"_ _0\"></span>ing<span class=\"_ _3bd\"> </span>r<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>k<span class=\"_ _3bd\"> </span>He<span class=\"_ _0\"></span>alth<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pre<span class=\"_ _0\"></span>miu<span class=\"_ _0\"></span>m<span class=\"ff1\"> </span>and<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">rese<span class=\"_ _0\"></span>rve<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>sk<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>X<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>Health<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Lapse<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ri<span class=\"_ _0\"></span>sk<span class=\"_ _1\"></span> <span class=\"_ _205\"> </span>X<span class=\"_ _3bd\"> </span></span></span></span></span>Health<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">C<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>T<span class=\"_ _0\"></span> <span class=\"_ _f4\"> </span>X<span class=\"_ _3bd\"> </span></span></span>He<span class=\"_ _0\"></span>alth<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">SLT<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Mort<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>ty<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>sk<span class=\"_ _1\"></span> <span class=\"_ _232\"> </span>---<span class=\"_ _1\"></span> </span></span></span></span>Health<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">SLT<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Longevity<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ris<span class=\"_ _1\"></span>k <span class=\"_ _351\"> </span>--<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span> </span></span></span></span></span></span>He<span class=\"_ _0\"></span>alth<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">SLT<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Disab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>ty<span class=\"ff1\"> </span>mo<span class=\"_ _0\"></span>rbid<span class=\"_ _0\"></span>ity<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">r<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>k<span class=\"_ _0\"></span> <span class=\"_ _2e\"> </span>---<span class=\"_ _1\"></span> </span></span></span></span></span></span>Health<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">SLT<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Lapse<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ri<span class=\"_ _0\"></span>sk<span class=\"_ _1\"></span> <span class=\"_ _345\"> </span>---<span class=\"_ _1\"></span> </span></span></span></span></span></span>Health<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">SLT<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">E<span class=\"_ _2\"></span>xpense<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ri<span class=\"_ _0\"></span>sk<span class=\"_ _1\"></span> <span class=\"_ _16c\"> </span>-<span class=\"_ _0\"></span>--<span class=\"_ _1\"></span> </span></span></span></span></span></span>Health<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">SLT<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Revision<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ris<span class=\"_ _0\"></span>k<span class=\"_ _0\"></span> <span class=\"_ _16c\"> </span>---<span class=\"_ _1\"></span> </span></span></span></span></span></span>Market<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>k<span class=\"_ _3bd\"> </span>Interest<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">r<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>k<span class=\"_ _0\"></span> <span class=\"_ _2ca\"> </span>X<span class=\"_ _3bd\"> </span></span></span></span></span>Equity<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ris<span class=\"_ _1\"></span>k <span class=\"_ _14\"> </span>X<span class=\"_ _3bd\"> </span></span></span>Property<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ri<span class=\"_ _0\"></span>sk<span class=\"_ _1\"></span> <span class=\"_ _5f\"> </span>X<span class=\"_ _3bd\"> </span></span></span>Spread<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ri<span class=\"_ _0\"></span>sk<span class=\"_ _1\"></span> <span class=\"_ _f4\"> </span>X<span class=\"_ _3bd\"> </span></span></span>Cu<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>ncy<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ris<span class=\"_ _1\"></span>k <span class=\"_ _247\"> </span>X<span class=\"_ _3bd\"> </span></span></span>Con<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>ntra<span class=\"_ _0\"></span>tion<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span><span class=\"ff3\">ri<span class=\"_ _0\"></span>sk<span class=\"_ _1\"></span> <span class=\"_ _10\"> </span>--<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span> </span></span>Cou<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>rpa<span class=\"_ _0\"></span>rty<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>fau<span class=\"_ _0\"></span>lt<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>k<span class=\"_ _3bd\"> </span>Type<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">1<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>oun<span class=\"_ _0\"></span>terp<span class=\"_ _0\"></span>art<span class=\"_ _1\"></span>ies <span class=\"_ _c\"> </span>X<span class=\"_ _3bd\"> </span></span></span>Type<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">2<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>oun<span class=\"_ _0\"></span>terp<span class=\"_ _0\"></span>art<span class=\"_ _1\"></span>ies <span class=\"_ _15\"> </span>X<span class=\"_ _3bd\"> </span></span></span>Op<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>tiona<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>sk<span class=\"_ _3bd\"> </span>Op<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>tiona<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ri<span class=\"_ _0\"></span>sk<span class=\"_ _1\"></span> <span class=\"_ _1e8\"> </span>X<span class=\"_ _3bd\"> </span>Le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valutazioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _0\"></span>rospett<span class=\"_ _2\"></span>iche<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>hanno<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rilev<span class=\"_ _0\"></span>ato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>punto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">vista</span> <span class=\"_ _27\"> </span><span class=\"ff3\">regolamentare</span> </span>(Solvency<span class=\"ff1\"> </span>II)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rischi</span> <span class=\"_ _0\"></span><span class=\"ff3\">emergenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>ragione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">delle<span class=\"ff1\"> </span>azioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">previste<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dalle<span class=\"ff1\"> </span>nuove<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">strategie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>vestimento<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>business.<span class=\"_ _3bd\"> </span>Si<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>evidenziano<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>inoltre,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">relazione</span> <span class=\"_ _27\"> </span><span class=\"ff3\">del</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">Re<span class=\"_ _0\"></span>golamento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(UE)<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>2019/<span class=\"_ _2\"></span>2088<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Parlamento<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Europeo<span class=\"ff1\"> </span></span></span>relativo<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>a<span class=\"_ _2\"></span>ll'informativa<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>settore<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>servizi<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>finanziari,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>l'i<span class=\"_ _2\"></span>dentificazione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>seguenti<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>rischi<span class=\"ff1\"> </span>emergenti:<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>ESG<span class=\"ff1\"> </span>(Ambientali,<span class=\"ff1\"> </span>Sociali,<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Governo).<span class=\"_ _3bd\"> </span>Con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>iferimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prospettici<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>monitorati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>data<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valutazione,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l\u2019analisi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ha<span class=\"ff1\"> <span class=\"_ _20\"></span></span>permesso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> </span>individuare<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sotto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">moduli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">maggiormente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">si<span class=\"_ _2\"></span>gnificativi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">impat<span class=\"_ _2\"></span>tanti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Compagnia,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>risultano<span class=\"ff1\"> </span>essere<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>sotto<span class=\"ff1\"> </span>m<span class=\"_ _0\"></span>oduli<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>Non-Life<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>remium<span class=\"ff1\"> </span>and<span class=\"ff1\"> </span>reserve<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risk,<span class=\"ff1\"> </span>Health<span class=\"ff1\"> </span>premium<span class=\"ff1\"> </span>and<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span>reserve<span class=\"ff1\"> </span>risk,<span class=\"ff1\"> </span>seguiti<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>sotto<span class=\"ff1\"> </span>modulo<span class=\"ff1\"> </span>Non<span class=\"ff1\"> </span>Life<span class=\"ff1\"> </span>lapse<span class=\"ff1\"> </span>Risk.<span class=\"_ _3bd\"> </span>Inoltre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">evidenzia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019esposizione<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ella<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Compagnia<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Sprea<span class=\"_ _2\"></span>d<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Governativi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ITA<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(rischio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>contemplato<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>nella<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>Formula<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>Standard).<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>La<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>Compag<span class=\"_ _2\"></span>nia<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>nelle<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _23\"> </span></span>proprie<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>valutazioni<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>prende<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>i<span class=\"_ _2\"></span>n<span class=\"ff1\"> </span>considerazione<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>tale<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>f<span class=\"_ _0\"></span>attore<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>medi<span class=\"_ _0\"></span>ante<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>specifiche<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>analisi<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>sensitivity<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>effettuate<span class=\"ff1\"> </span>periodicamente<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>all\u2019interno<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Report<span class=\"ff1\"> </span>ORSA<span class=\"ff1\"> </span>YE<span class=\"ff1\"> </span>31.12.2022.<span class=\"_ _3bd\"> </span>Le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>analisi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quali/quantitat<span class=\"_ _2\"></span>iva<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sull\u2019adeguatezza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>d<span class=\"_ _2\"></span>el<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Profilo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Rischio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"_ _0\"></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>C<span class=\"_ _0\"></span>ompagnia<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rispetto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>i<span class=\"ff1\"> </span>requisiti<span class=\"ff1\"> </span>sottostanti<span class=\"ff1\"> </span>l\u2019applicazione<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>Formula<span class=\"ff1\"> </span>Standard<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>no<span class=\"ff1\"> </span>risultate<span class=\"ff1\"> </span>positive.<span class=\"_ _3bd\"> </span>Oltre<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>calcolo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>degli<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>impatti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dovuti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ai<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>natura<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>quantificabile,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Compagnia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>gestisce<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> </span>monitora<span class=\"ff1\"> </span>anche<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rientr<span class=\"_ _2\"></span>anti<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>ell\u2019ambito<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>For<span class=\"_ _2\"></span>mula<span class=\"ff1\"> </span>Standard<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>cosiddetti<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> </span></span></span></span></span>quantificabili<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>punto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>vista<span class=\"ff1\"> </span>regolamentare,<span class=\"ff1\"> </span>quali:<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>sp<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>ea<span class=\"_ _0\"></span>d<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tito<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gov<span class=\"_ _0\"></span>erna<span class=\"_ _0\"></span>tivi<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l<span class=\"_ _0\"></span>iqu<span class=\"_ _0\"></span>idit<span class=\"_ _0\"></span>\u00e0;<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>AL<span class=\"_ _1\"></span>M;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>stra<span class=\"_ _0\"></span>teg<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>o;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">no<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onf<span class=\"_ _0\"></span>ormi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">n<span class=\"_ _0\"></span>orme<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>puta<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>ndot<span class=\"_ _0\"></span>ta<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>E<span class=\"_ _0\"></span>SG<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>ocus<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sp<span class=\"_ _0\"></span>eci<span class=\"_ _0\"></span>fico<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sui<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cl<span class=\"_ _0\"></span>ima<span class=\"_ _0\"></span>tici<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>onne<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ai<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ambie<span class=\"_ _1\"></span>ntali)<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ap<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>rtene<span class=\"_ _0\"></span>nza<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">gr<span class=\"_ _0\"></span>uppo;<span class=\"_ _0\"></span> </span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span>merg<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sost<span class=\"_ _0\"></span>enib<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>t\u00e0.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>Allo<span class=\"ff1\"> </span>stato<span class=\"ff1\"> </span>attuale<span class=\"ff1\"> </span>tali<span class=\"ff1\"> </span>tipologie<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>hanno<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>livello<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>gest<span class=\"_ _2\"></span>ione<span class=\"ff1\"> </span>coeren<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>rilevanza<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>fattori<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">li<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">caratter<span class=\"_ _2\"></span>izzano,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">periodicamente<span class=\"ff1\"> </span>monitorate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">comport<span class=\"_ _2\"></span>ano<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">add-on<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>termini<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>capitale<span class=\"ff1\"> </span>regolamentare.<span class=\"_ _3bd\"> </span>Al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>momento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>vi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>so<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>risultati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">e<span class=\"_ _0\"></span>videnzino<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>situazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>criticit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>term<span class=\"_ _2\"></span>ini<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>solvibilit<span class=\"_ _2\"></span>\u00e0<span class=\"ff1\"> </span></span></span>derivanti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dai<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>st<span class=\"_ _2\"></span>rategici.<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Tutt<span class=\"_ _2\"></span>avia,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>continuare<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tenere<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>considerazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>l\u2019effetto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>d<span class=\"_ _3bd\"> </span>possibili<span class=\"ff1\"> <span class=\"_ _20\"></span></span>variazioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>el<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contesto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>macro-economico<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pos<span class=\"_ _2\"></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>avere<span class=\"ff1\"> <span class=\"_ _20\"></span></span>impatt<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>significativi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sugli<span class=\"ff1\"> </span>Own<span class=\"ff1\"> </span>Funds<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>Compagnia.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfReinsuranceExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-754": {
   "value": "Sezion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>9<span class=\"_ _3bd\"> </span>\u2013<span class=\"_ _3bd\"> </span>Attivit\u00e0<span class=\"_ _3bd\"> </span>mate<span class=\"_ _0\"></span>riali<span class=\"_ _3bd\"> </span>\u2013<span class=\"_ _3bd\"> </span>Voce<span class=\"_ _3bd\"> </span>9<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>9.<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>At<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>ma<span class=\"_ _1\"></span>teri<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>ad<span class=\"_ _3bd\"> </span>us<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>fu<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e:<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"_ _3bd\"> </span>at<span class=\"_ _1\"></span>tivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>sto<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Att<span class=\"_ _1\"></span>ivi<span class=\"_ _0\"></span>t\u00e0/<span class=\"_ _0\"></span>Va<span class=\"_ _1\"></span>lori<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>1.<span class=\"_ _3bd\"> </span>Attiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>pr<span class=\"_ _0\"></span>op<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>32<span class=\"_ _0\"></span>1.<span class=\"_ _0\"></span>62<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>32<span class=\"_ _3bd\"> </span>a)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ter<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></span></span>136<span class=\"_ _0\"></span>.48<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>13<span class=\"_ _3bd\"> </span>b)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fab<span class=\"_ _0\"></span>br<span class=\"_ _0\"></span>icat<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></span></span>11<span class=\"_ _0\"></span>9.6<span class=\"_ _0\"></span>64<span class=\"_ _3bd\"> </span>12<span class=\"_ _3bd\"> </span>c)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mob<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span> </span></span>11<span class=\"_ _0\"></span>.637<span class=\"_ _3bd\"> </span>1<span class=\"_ _3bd\"> </span>d)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">impianti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">elett<span class=\"_ _0\"></span>ron<span class=\"_ _0\"></span>ici<span class=\"_ _0\"></span> </span></span></span></span>20<span class=\"_ _0\"></span>.30<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>1<span class=\"_ _3bd\"> </span>e)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alt<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span> </span></span>33.<span class=\"_ _0\"></span>542<span class=\"_ _3bd\"> </span>3<span class=\"_ _3bd\"> </span>2.<span class=\"_ _3bd\"> </span>Di<span class=\"_ _0\"></span>rit<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>d'<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>ac<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>iti<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span>il<span class=\"_ _3bd\"> </span>le<span class=\"_ _0\"></span>as<span class=\"_ _1\"></span>ing<span class=\"_ _0\"></span> 12<span class=\"_ _0\"></span>7.<span class=\"_ _0\"></span>13<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>13<span class=\"_ _3bd\"> </span>a)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ter<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>b)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fab<span class=\"_ _0\"></span>br<span class=\"_ _0\"></span>icat<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></span></span>12<span class=\"_ _0\"></span>4.9<span class=\"_ _0\"></span>19<span class=\"_ _3bd\"> </span>12<span class=\"_ _3bd\"> </span>c)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mob<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span> </span></span>-<span class=\"_ _3bd\"> </span>d)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">impianti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">elett<span class=\"_ _0\"></span>ron<span class=\"_ _0\"></span>ici<span class=\"_ _0\"></span> </span></span></span></span>-<span class=\"_ _3bd\"> </span>e)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alt<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span> </span></span>2.<span class=\"_ _0\"></span>215<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>44<span class=\"_ _0\"></span>8.7<span class=\"_ _1\"></span>62<span class=\"_ _3bd\"> </span>4<span class=\"_ _3bd\"> </span>di<span class=\"ff1\"> </span>cui<span class=\"_ _0\"></span>:<span class=\"ff1\"> </span>ott<span class=\"_ _0\"></span>enu<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>tr<span class=\"_ _0\"></span>am<span class=\"_ _0\"></span>ite<span class=\"ff1\"> </span>l\u2019<span class=\"_ _0\"></span>esc<span class=\"_ _0\"></span>uss<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">garan<span class=\"_ _0\"></span>zie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rice<span class=\"_ _1\"></span>vute<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>materiali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>costo,<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>tto<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>ammortamenti<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">qualsiasi</span> <span class=\"ff3\">perdita</span> <span class=\"ff3\">per</span> </span></span></span>riduzione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>accumulate.<span class=\"_ _3bd\"> </span>Nelle<span class=\"ff1\"> </span>att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> </span>mat<span class=\"_ _2\"></span>eriali<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>anche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>icompreso,<span class=\"ff1\"> </span>ai<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sensi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>principio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>IFRS16,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>D<span class=\"_ _2\"></span>iritto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d\u2019Uso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(Right<span class=\"ff1\"> <span class=\"_ _2\"></span></span>of<span class=\"ff1\"> </span>Use)<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>beni<span class=\"ff1\"> </span>oggetti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>contratti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>leasing<span class=\"ff1\"> </span>operativo.<span class=\"_ _3bd\"> </span><div class=\"t m26 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1574\">9.2<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1575\">At<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1576\">ma<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1577\">det<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1578\">a<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1579\">sc<span class=\"_ _0\"></span>op<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs157a\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs157b\">in<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>o:<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs157c\">co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs157d\">de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs157e\">at<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs157f\">va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>ate<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1580\">al<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1581\">cos<span class=\"_ _1\"></span>to<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs1582\">Att<span class=\"_ _1\"></span>ivi<span class=\"_ _0\"></span>t\u00e0/<span class=\"_ _0\"></span>Va<span class=\"_ _1\"></span>lori<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs1583\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs1584\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs1585\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs1586\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs1587\">Va<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs1588\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs1589\">bi<span class=\"_ _0\"></span>lan<span class=\"_ _1\"></span>cio<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs158a\">Fa<span class=\"_ _0\"></span>ir<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs158b\">v<span class=\"_ _0\"></span>al<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs158c\">Va<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs158d\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs158e\">bi<span class=\"_ _0\"></span>lan<span class=\"_ _1\"></span>cio<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs158f\">Fa<span class=\"_ _0\"></span>ir<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs1590\">v<span class=\"_ _0\"></span>al<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs1591\">L<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _218\"> </span><span class=\"fc4 sc2\">L<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _1af\"> </span><span class=\"fc4 sc2\">L<span class=\"_ _1\"></span>3<span class=\"fc0 sc1\"> <span class=\"_ _22b\"> </span></span>L<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _218\"> </span><span class=\"fc4 sc2\">L2<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _1ee\"> </span><span class=\"fc4 sc2\">L<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1592\">1.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1593\">Attiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1594\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1595\">pr<span class=\"_ _0\"></span>op<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>\u00e0 <span class=\"_ _22c\"> </span>5.<span class=\"_ _0\"></span>15<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span></div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs1596\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs1597\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1598\">9.<span class=\"_ _1\"></span>11<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1599\">5<span class=\"_ _0\"></span>.6<span class=\"_ _1\"></span>18<span class=\"_ _3bd\"> </span></div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs159a\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs159b\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs159c\">10<span class=\"_ _0\"></span>.05<span class=\"_ _1\"></span>8<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs159d\">a)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ter<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>i <span class=\"_ _16f\"> </span>2<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>14<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs159e\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs159f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs15a0\">2.<span class=\"_ _0\"></span>393<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs15a1\">2.<span class=\"_ _0\"></span>618<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs15a2\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs15a3\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs15a4\">2<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs15a5\">b)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fab<span class=\"_ _0\"></span>br<span class=\"_ _0\"></span>icat<span class=\"_ _0\"></span>i <span class=\"_ _22d\"> </span>2.<span class=\"_ _0\"></span>740<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs15a6\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs15a7\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs15a8\">6.<span class=\"_ _0\"></span>725<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs15a9\">3.<span class=\"_ _1\"></span>00<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs15aa\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs15ab\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs15ac\">7.<span class=\"_ _0\"></span>093<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs15ad\">2.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs15ae\">Di<span class=\"_ _0\"></span>rit<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs15af\">d'<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs15b0\">ac<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>iti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs15b1\">co<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs15b2\">il<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs15b3\">le<span class=\"_ _0\"></span>as<span class=\"_ _1\"></span>ing<span class=\"_ _0\"></span> </div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs15b4\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs15b5\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs15b6\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs15b7\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs15b8\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs15b9\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs15ba\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs15bb\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs15bc\">a)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ter<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>i </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs15bd\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs15be\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs15bf\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs15c0\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs15c1\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs15c2\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs15c3\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs15c4\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs15c5\">b)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fab<span class=\"_ _0\"></span>br<span class=\"_ _0\"></span>icat<span class=\"_ _0\"></span>i </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs15c6\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs15c7\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs15c8\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs15c9\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs15ca\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs15cb\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs15cc\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs15cd\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs15ce\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs15cf\">5.<span class=\"_ _0\"></span>15<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span></div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs15d0\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs15d1\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs15d2\">9.<span class=\"_ _1\"></span>11<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs15d3\">5<span class=\"_ _0\"></span>.6<span class=\"_ _1\"></span>18<span class=\"_ _3bd\"> </span></div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs15d4\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs15d5\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs15d6\">10<span class=\"_ _0\"></span>.05<span class=\"_ _1\"></span>8<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs15d7\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ottenute<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tramite<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019escussione<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">dell<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs15d8\">garanzie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ricevute </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs15d9\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs15da\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs15db\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs15dc\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs15dd\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs15de\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs15df\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs15e0\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs15e1\">Le<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>nda<span class=\"_ _1\"></span>:<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs15e2\">L1=<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Livello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">1<span class=\"_ _1\"></span> </span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs15e3\">L2=<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Livello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2<span class=\"_ _1\"></span> </span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs15e4\">L3=<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Livello<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">3<span class=\"_ _0\"></span> </span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs15e5\">Le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>materiali<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>valu<span class=\"_ _0\"></span>tate<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>costo<span class=\"_ _2\"></span>.<span class=\"ff1\"> </span>Il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fair</span> <span class=\"ff3\">value</span> <span class=\"ff3\">delle</span> <span class=\"ff3\">attivit\u00e0</span> <span class=\"ff3\">ma<span class=\"_ _2\"></span>teriali</span> <span class=\"ff3\">de<span class=\"_ _0\"></span>tenute<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>scopo<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs15e6\">investimento<span class=\"ff1\"> </span>ammonta<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>9,1<span class=\"ff1\"> </span>milioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>euro. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs15e7\">Il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _20\"></span></span>value<span class=\"ff1\"> <span class=\"_ _2\"></span></span>indica<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l\u2019ammontar<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>stimato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _2\"></span></span>u<span class=\"_ _2\"></span>na<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pro<span class=\"_ _2\"></span>priet\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pas<span class=\"_ _2\"></span>sivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dovrebbe<span class=\"ff1\"> <span class=\"_ _20\"></span></span>essere<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ceduta<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs15e8\">acquistata,<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valutazione,<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>venditore<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>acquirente<span class=\"ff1\"> </span>privi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>legami<span class=\"ff1\"> </span>particolari,<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs15e9\">entrambi<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>interessat<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>alla<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>compravendita,<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>condizioni<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>concorr<span class=\"_ _2\"></span>enziali,<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>dopo<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>un\u2018<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>a<span class=\"_ _2\"></span>deguata<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs15ea\">commercializzazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>parti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>abbi<span class=\"_ _0\"></span>ano<span class=\"ff1\"> <span class=\"_ _21\"></span></span>agito<span class=\"ff1\"> <span class=\"_ _21\"></span></span>entrambe<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">in</span> <span class=\"_ _20\"></span><span class=\"ff3\">modo</span> <span class=\"_ _21\"> </span><span class=\"ff3\">informato,</span> <span class=\"_ _21\"></span><span class=\"ff3\">consapevole</span> <span class=\"_ _20\"></span><span class=\"ff3\">e</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs15eb\">senza<span class=\"ff1\"> </span>coercizioni\u201d.<span class=\"ff1\"> </span>(RICS<span class=\"ff1\"> </span>Red<span class=\"ff1\"> </span>Book<span class=\"ff1\"> </span>VS<span class=\"ff1\"> </span>3.2,<span class=\"ff1\"> </span>ed.<span class=\"ff1\"> </span>italiana,<span class=\"ff1\"> </span>Marzo<span class=\"ff1\"> </span>20<span class=\"_ _2\"></span>12).<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs15ed\">9.<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs15ee\">At<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs15ef\">ma<span class=\"_ _1\"></span>teri<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs15f0\">ad<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs15f1\">us<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs15f2\">fu<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e:<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs15f3\">va<span class=\"_ _0\"></span>ria<span class=\"_ _1\"></span>zion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs15f4\">an<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs15f5\">Te<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>eni<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _69\"> </span><span class=\"fc4 sc2\">Fab<span class=\"_ _0\"></span>br<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>ati<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _11c\"> </span><span class=\"fc4 sc2\">Mo<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs15f6\">Im<span class=\"_ _1\"></span>pian<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs15f7\">el<span class=\"_ _0\"></span>ett<span class=\"_ _1\"></span>ron<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs15f8\">A<span class=\"_ _0\"></span>lt<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> <span class=\"_ _176\"> </span></span>Tot<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs15f9\">A.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs15fa\">Es<span class=\"_ _0\"></span>ist<span class=\"_ _1\"></span>enz<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs15fb\">in<span class=\"_ _0\"></span>iz<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs15fc\">lo<span class=\"_ _0\"></span>rd<span class=\"_ _0\"></span>e <span class=\"_ _22e\"> </span>13<span class=\"_ _0\"></span>6.7<span class=\"_ _1\"></span>37<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs15fd\">32<span class=\"_ _0\"></span>3.<span class=\"_ _0\"></span>010<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs15fe\">82<span class=\"_ _0\"></span>.47<span class=\"_ _1\"></span>7<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs15ff\">60<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>24<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1600\">17<span class=\"_ _0\"></span>8.<span class=\"_ _0\"></span>828<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1601\">78<span class=\"_ _0\"></span>1.<span class=\"_ _0\"></span>676<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1602\">A.<span class=\"_ _0\"></span>1<span class=\"ff1\"> </span>Ri<span class=\"_ _0\"></span>duz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alo<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>ota<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>e <span class=\"_ _45\"> </span>-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1603\">197<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>91<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1604\">71.<span class=\"_ _0\"></span>48<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1605\">43.<span class=\"_ _0\"></span>593<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1606\">14<span class=\"_ _0\"></span>4.5<span class=\"_ _0\"></span>98<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1607\">457<span class=\"_ _0\"></span>.16<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1608\">A.<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1609\">Es<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>ten<span class=\"_ _1\"></span>ze<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs160a\">in<span class=\"_ _1\"></span>izia<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs160b\">ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>e <span class=\"_ _22f\"> </span>13<span class=\"_ _0\"></span>6.7<span class=\"_ _1\"></span>37<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs160c\">12<span class=\"_ _0\"></span>5.5<span class=\"_ _1\"></span>19<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs160d\">10<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>97<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs160e\">17<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>31<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs160f\">34<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>30<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1610\">32<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>514<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1611\">B.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1612\">Au<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>i:<span class=\"_ _0\"></span> </div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs1613\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1614\">3.<span class=\"_ _0\"></span>52<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1615\">46<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>35<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1616\">7.<span class=\"_ _0\"></span>06<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1617\">36<span class=\"_ _1\"></span>.23<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1618\">93<span class=\"_ _1\"></span>.152<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1619\">B.1<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Ac<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span> <span class=\"_ _230\"> </span>-<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs161a\">3.<span class=\"_ _1\"></span>337<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs161b\">2.<span class=\"_ _0\"></span>741<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs161c\">7.<span class=\"_ _0\"></span>064<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs161d\">5.1<span class=\"_ _0\"></span>73<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs161e\">18<span class=\"_ _0\"></span>.31<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs161f\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">operazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">aggregazione<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1620\">az<span class=\"_ _0\"></span>iend<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1621\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1622\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1623\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1624\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1625\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1626\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1627\">B.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Spese<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">migliorie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cap<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>lizz<span class=\"_ _1\"></span>ate <span class=\"_ _6d\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1628\">75<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1629\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs162a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs162b\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs162c\">75<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs162d\">B.3<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Riprese<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">val<span class=\"_ _0\"></span>ore<span class=\"_ _0\"></span> <span class=\"_ _11a\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs162e\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs162f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1630\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1631\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1632\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1633\">B.4<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Variazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">positive<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">value<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1634\">imputate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1635\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1636\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1637\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1638\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1639\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs163a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs163b\">a)<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>trim<span class=\"_ _1\"></span>onio<span class=\"ff1\"> </span>n<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o <span class=\"_ _1a9\"> </span>-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs163c\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs163d\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs163e\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs163f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1640\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1641\">b)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conto<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>con<span class=\"_ _0\"></span>omic<span class=\"_ _0\"></span>o <span class=\"_ _223\"> </span>-<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1642\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1643\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1644\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1645\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1646\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1647\">B.5<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Dif<span class=\"_ _0\"></span>fer<span class=\"_ _0\"></span>enz<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ositi<span class=\"_ _0\"></span>ve<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>cam<span class=\"_ _0\"></span>bio<span class=\"_ _0\"></span> <span class=\"_ _231\"> </span>-<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1648\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1649\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs164a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs164b\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs164c\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs164d\">B.6<span class=\"ff1\"> </span>Trasferimenti<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">immobili<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs164e\">detenuti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">scopo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">investimento </span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs164f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1650\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1651\">X <span class=\"_ _19c\"> </span>X <span class=\"_ _42\"> </span>X <span class=\"_ _f9\"> </span>-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1652\">B.7<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vari<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span> <span class=\"_ _59\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1653\">1<span class=\"_ _0\"></span>11<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1654\">43.<span class=\"_ _0\"></span>594<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1655\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1656\">31.<span class=\"_ _0\"></span>057<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1657\">74.<span class=\"_ _0\"></span>762<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1658\">C.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1659\">Di<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i: <span class=\"_ _5e\"> </span>25<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs165a\">9.<span class=\"_ _1\"></span>37<span class=\"_ _1\"></span>8<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs165b\">45<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>95<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs165c\">3.7<span class=\"_ _1\"></span>91<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs165d\">36<span class=\"_ _1\"></span>.918<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs165e\">96<span class=\"_ _0\"></span>.03<span class=\"_ _1\"></span>8<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs165f\">C.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Ven<span class=\"_ _0\"></span>dite<span class=\"_ _0\"></span> </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1660\">1<span class=\"_ _0\"></span>00<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1661\">36<span class=\"_ _1\"></span>0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1662\">1<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1663\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1664\">1<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1665\">4<span class=\"_ _0\"></span>80<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1666\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">operazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">aggregazione<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1667\">az<span class=\"_ _0\"></span>iend<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1668\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1669\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs166a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs166b\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs166c\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs166d\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs166e\">C.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Amm<span class=\"_ _0\"></span>orta<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span> <span class=\"_ _b3\"> </span>-<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs166f\">8.<span class=\"_ _0\"></span>940<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1670\">2<span class=\"_ _0\"></span>.0<span class=\"_ _1\"></span>79<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1671\">3.<span class=\"_ _1\"></span>74<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1672\">5.7<span class=\"_ _0\"></span>83<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1673\">20<span class=\"_ _0\"></span>.54<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1674\">C.3<span class=\"ff1\"> </span>Rettifiche<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>lore<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1675\">deterioramento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">imputate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a </span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1676\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1677\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1678\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1679\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs167a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs167b\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs167c\">a)<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>trim<span class=\"_ _1\"></span>onio<span class=\"ff1\"> </span>n<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o <span class=\"_ _1a9\"> </span>-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs167d\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs167e\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs167f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1680\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1681\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1682\">b)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conto<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>con<span class=\"_ _0\"></span>omic<span class=\"_ _0\"></span>o <span class=\"_ _223\"> </span>-<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1683\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1684\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1685\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1686\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1687\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1688\">C.4<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Variazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">negative<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">f<span class=\"_ _2\"></span>air<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1689\">imputate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs168a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs168b\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs168c\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs168d\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs168e\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs168f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1690\">a)<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>trim<span class=\"_ _1\"></span>onio<span class=\"ff1\"> </span>n<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o <span class=\"_ _1a9\"> </span>-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1691\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1692\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1693\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1694\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1695\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1696\">b)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conto<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>con<span class=\"_ _0\"></span>omic<span class=\"_ _0\"></span>o <span class=\"_ _223\"> </span>-<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1697\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1698\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1699\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs169a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs169b\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs169c\">C.<span class=\"_ _0\"></span>5<span class=\"ff1\"> </span>Diff<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span>nze<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ne<span class=\"_ _0\"></span>gati<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">cam<span class=\"_ _0\"></span>bio<span class=\"_ _0\"></span> <span class=\"_ _fc\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs169d\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs169e\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs169f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs16a0\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs16a1\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs16a2\">C.<span class=\"_ _0\"></span>6<span class=\"ff1\"> </span>Trasf<span class=\"_ _0\"></span>erim<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>a:<span class=\"_ _1\"></span> <span class=\"_ _1a1\"> </span>-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs16a3\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs16a4\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs16a5\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs16a6\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs16a7\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs16a8\">a)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">materiali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">detenute<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs16a9\">scopo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>investimen<span class=\"_ _0\"></span>to </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs16aa\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs16ab\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs16ac\">X <span class=\"_ _19c\"> </span>X <span class=\"_ _42\"> </span>X <span class=\"_ _f9\"> </span>-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs16ad\">b)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">correnti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gruppi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs16ae\">attivit\u00e0<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>via<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ismissione </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs16af\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs16b0\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs16b1\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs16b2\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs16b3\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs16b4\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs16b5\">C.7<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vari<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span> <span class=\"_ _133\"> </span>156<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs16b6\">78<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs16b7\">43.<span class=\"_ _0\"></span>615<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs16b8\">4<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs16b9\">31.<span class=\"_ _0\"></span>11<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs16ba\">75.<span class=\"_ _0\"></span>009<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs16bb\">D.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs16bc\">Ri<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>ane<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ze<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs16bd\">fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs16be\">ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>e <span class=\"_ _18d\"> </span>13<span class=\"_ _0\"></span>6.<span class=\"_ _0\"></span>481<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs16bf\">11<span class=\"_ _0\"></span>9.<span class=\"_ _0\"></span>664<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs16c0\">11<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>37<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs16c1\">20<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>04<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs16c2\">33<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>42<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs16c3\">32<span class=\"_ _0\"></span>1.<span class=\"_ _0\"></span>62<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs16c4\">D.1<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Ridu<span class=\"_ _0\"></span>zio<span class=\"_ _1\"></span>ni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alo<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tot<span class=\"_ _0\"></span>ali<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>et<span class=\"_ _1\"></span>te<span class=\"_ _0\"></span> <span class=\"_ _231\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs16c5\">20<span class=\"_ _0\"></span>6.1<span class=\"_ _0\"></span>65<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs16c6\">29.<span class=\"_ _0\"></span>94<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs16c7\">42<span class=\"_ _0\"></span>.751<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs16c8\">11<span class=\"_ _0\"></span>6.6<span class=\"_ _0\"></span>41<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs16c9\">395.<span class=\"_ _0\"></span>501<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs16ca\">D.<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs16cb\">Rim<span class=\"_ _1\"></span>an<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ze<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs16cc\">fi<span class=\"_ _0\"></span>nal<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs16cd\">lor<span class=\"_ _1\"></span>de <span class=\"_ _232\"> </span>13<span class=\"_ _0\"></span>6.<span class=\"_ _0\"></span>48<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs16ce\">32<span class=\"_ _0\"></span>5.<span class=\"_ _0\"></span>829<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs16cf\">41<span class=\"_ _0\"></span>.58<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs16d0\">63<span class=\"_ _1\"></span>.055<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs16d1\">15<span class=\"_ _0\"></span>0.1<span class=\"_ _0\"></span>83<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs16d2\">71<span class=\"_ _0\"></span>7.1<span class=\"_ _0\"></span>29<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs16d3\">E.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Valutazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">co<span class=\"_ _1\"></span>sto<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"_ _1\"></span> <span class=\"_ _1e8\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs16d5\">9.<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs16d6\">bis<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs16d7\">At<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs16d8\">ma<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs16d9\">ad<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs16da\">us<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs16db\">fu<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs16dc\">(d<span class=\"_ _0\"></span>iri<span class=\"_ _0\"></span>tti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs16dd\">d'u<span class=\"_ _1\"></span>so<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs16de\">ac<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs16df\">co<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs16e0\">il<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs16e1\">lea<span class=\"_ _1\"></span>sin<span class=\"_ _0\"></span>g):<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs16e2\">va<span class=\"_ _0\"></span>ria<span class=\"_ _1\"></span>zion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs16e3\">an<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs16e4\">Te<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>eni<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _69\"> </span><span class=\"fc4 sc2\">Fab<span class=\"_ _0\"></span>br<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>ati<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _11c\"> </span><span class=\"fc4 sc2\">Mo<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs16e5\">Im<span class=\"_ _1\"></span>pian<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs16e6\">el<span class=\"_ _0\"></span>ett<span class=\"_ _1\"></span>ron<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs16e7\">A<span class=\"_ _0\"></span>lt<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> <span class=\"_ _176\"> </span></span>Tot<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs16e8\">A.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs16e9\">Es<span class=\"_ _0\"></span>ist<span class=\"_ _1\"></span>enz<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs16ea\">in<span class=\"_ _0\"></span>iz<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs16eb\">lo<span class=\"_ _0\"></span>rd<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span> </div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs16ec\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs16ed\">18<span class=\"_ _0\"></span>5.<span class=\"_ _0\"></span>89<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span></div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs16ee\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs16ef\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs16f0\">6.<span class=\"_ _1\"></span>73<span class=\"_ _1\"></span>1<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs16f1\">19<span class=\"_ _0\"></span>2.<span class=\"_ _0\"></span>62<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs16f2\">A.<span class=\"_ _0\"></span>1<span class=\"ff1\"> </span>Ri<span class=\"_ _0\"></span>duz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alo<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>ota<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>e <span class=\"_ _45\"> </span>-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs16f3\">58.<span class=\"_ _0\"></span>86<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs16f4\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs16f5\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs16f6\">3.6<span class=\"_ _0\"></span>63<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs16f7\">62.<span class=\"_ _0\"></span>525<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs16f8\">A.<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs16f9\">Es<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>ten<span class=\"_ _1\"></span>ze<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs16fa\">in<span class=\"_ _1\"></span>izia<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs16fb\">ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span> </div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs16fc\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs16fd\">12<span class=\"_ _0\"></span>7.<span class=\"_ _0\"></span>03<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs16fe\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs16ff\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1700\">3.<span class=\"_ _1\"></span>06<span class=\"_ _1\"></span>8<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1701\">13<span class=\"_ _0\"></span>0.<span class=\"_ _0\"></span>10<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1702\">B.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1703\">Au<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>i:<span class=\"_ _0\"></span> </div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs1704\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1705\">28<span class=\"_ _0\"></span>.86<span class=\"_ _1\"></span>7<span class=\"_ _3bd\"> </span></div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs1706\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs1707\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1708\">1<span class=\"_ _0\"></span>.8<span class=\"_ _1\"></span>50<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1709\">30<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>17<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs170a\">B.1<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Ac<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span> <span class=\"_ _230\"> </span>-<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs170b\">25.<span class=\"_ _0\"></span>720<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs170c\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs170d\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs170e\">78<span class=\"_ _1\"></span>4<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs170f\">26.<span class=\"_ _0\"></span>504<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1710\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">operazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">aggregazione<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1711\">az<span class=\"_ _0\"></span>iend<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1712\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1713\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1714\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1715\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1716\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1717\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1718\">B.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Spese<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">migliorie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cap<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>lizz<span class=\"_ _1\"></span>ate <span class=\"_ _6d\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1719\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs171a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs171b\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs171c\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs171d\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs171e\">B.3<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Riprese<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">val<span class=\"_ _0\"></span>ore<span class=\"_ _0\"></span> <span class=\"_ _11a\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs171f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1720\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1721\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1722\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1723\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1724\">B.4<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Variazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">positive<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">value<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1725\">imputate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1726\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1727\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1728\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1729\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs172a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs172b\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs172c\">a)<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>trim<span class=\"_ _1\"></span>onio<span class=\"ff1\"> </span>n<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o <span class=\"_ _1a9\"> </span>-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs172d\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs172e\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs172f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1730\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1731\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1732\">b)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conto<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>con<span class=\"_ _0\"></span>omic<span class=\"_ _0\"></span>o <span class=\"_ _223\"> </span>-<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1733\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1734\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1735\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1736\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1737\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1738\">B.5<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Dif<span class=\"_ _0\"></span>fer<span class=\"_ _0\"></span>enz<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ositi<span class=\"_ _0\"></span>ve<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>cam<span class=\"_ _0\"></span>bio<span class=\"_ _0\"></span> <span class=\"_ _231\"> </span>-<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1739\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs173a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs173b\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs173c\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs173d\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs173e\">B.6<span class=\"ff1\"> </span>Trasferimenti<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">immobili<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs173f\">detenuti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">scopo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">investimento<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1740\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1741\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1742\">X<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1743\">X<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1744\">X<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1745\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1746\">B.7<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vari<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span> <span class=\"_ _59\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1747\">3.1<span class=\"_ _0\"></span>47<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1748\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1749\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs174a\">1.<span class=\"_ _0\"></span>066<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs174b\">4<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>13<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs174c\">C.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs174d\">Di<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i:<span class=\"_ _3bd\"> </span> </div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs174e\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs174f\">30<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>80<span class=\"_ _3bd\"> </span></div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs1750\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs1751\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1752\">2<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1753\">33<span class=\"_ _0\"></span>.6<span class=\"_ _1\"></span>83<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1754\">C.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Ven<span class=\"_ _0\"></span>dite<span class=\"_ _0\"></span> </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1755\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1756\">94<span class=\"_ _1\"></span>9<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1757\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1758\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1759\">1<span class=\"_ _0\"></span>15<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs175a\">1.<span class=\"_ _0\"></span>064<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs175b\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">operazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">aggregazione<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs175c\">az<span class=\"_ _0\"></span>iend<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs175d\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs175e\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs175f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1760\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1761\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1762\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1763\">C.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Amm<span class=\"_ _0\"></span>orta<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span> <span class=\"_ _b3\"> </span>-<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1764\">22<span class=\"_ _0\"></span>.98<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1765\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1766\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1767\">1.<span class=\"_ _0\"></span>727<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1768\">24<span class=\"_ _0\"></span>.71<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1769\">C.3<span class=\"ff1\"> </span>Rettifiche<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>lore<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs176a\">deterioramento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">imputate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs176b\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs176c\">1<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs176d\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs176e\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs176f\">1<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1770\">2<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1771\">a)<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>trim<span class=\"_ _1\"></span>onio<span class=\"ff1\"> </span>n<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o <span class=\"_ _1a9\"> </span>-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1772\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1773\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1774\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1775\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1776\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1777\">b)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conto<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>con<span class=\"_ _0\"></span>omic<span class=\"_ _0\"></span>o <span class=\"_ _223\"> </span>-<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1778\">1<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1779\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs177a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs177b\">1<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs177c\">2<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs177d\">C.4<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Variazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">negative<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">f<span class=\"_ _2\"></span>air<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs177e\">imputate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs177f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1780\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1781\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1782\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1783\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1784\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1785\">a)<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>trim<span class=\"_ _1\"></span>onio<span class=\"ff1\"> </span>n<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o <span class=\"_ _1a9\"> </span>-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1786\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1787\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1788\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1789\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs178a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs178b\">b)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conto<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>con<span class=\"_ _0\"></span>omic<span class=\"_ _0\"></span>o <span class=\"_ _223\"> </span>-<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs178c\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs178d\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs178e\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs178f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1790\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1791\">C.<span class=\"_ _0\"></span>5<span class=\"ff1\"> </span>Diff<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span>nze<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ne<span class=\"_ _0\"></span>gati<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">cam<span class=\"_ _0\"></span>bio<span class=\"_ _0\"></span> <span class=\"_ _fc\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1792\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1793\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1794\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1795\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1796\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1797\">C.<span class=\"_ _0\"></span>6<span class=\"ff1\"> </span>Trasf<span class=\"_ _0\"></span>erim<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>a:<span class=\"_ _1\"></span> <span class=\"_ _1a1\"> </span>-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1798\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1799\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs179a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs179b\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs179c\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs179d\">a)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">materiali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">detenute<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs179e\">scopo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>investimen<span class=\"_ _0\"></span>to<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs179f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs17a0\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs17a1\">X<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs17a2\">X<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs17a3\">X<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs17a4\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs17a5\">b)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">correnti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gruppi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs17a6\">attivit\u00e0<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>via<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ismissione<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs17a7\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs17a8\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs17a9\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs17aa\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs17ab\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs17ac\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs17ad\">C.7<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vari<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span> <span class=\"_ _59\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs17ae\">7.<span class=\"_ _0\"></span>030<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs17af\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs17b0\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs17b1\">8<span class=\"_ _0\"></span>48<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs17b2\">7.<span class=\"_ _1\"></span>87<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs17b3\">D.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs17b4\">Ri<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>ane<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ze<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs17b5\">fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs17b6\">ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span> </div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs17b7\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs17b8\">12<span class=\"_ _0\"></span>4.9<span class=\"_ _1\"></span>19<span class=\"_ _3bd\"> </span></div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs17b9\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs17ba\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs17bb\">2.<span class=\"_ _0\"></span>215<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs17bc\">12<span class=\"_ _0\"></span>7.<span class=\"_ _0\"></span>13<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs17bd\">D.1<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Ridu<span class=\"_ _0\"></span>zio<span class=\"_ _1\"></span>ni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alo<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tot<span class=\"_ _0\"></span>ali<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>et<span class=\"_ _1\"></span>te<span class=\"_ _0\"></span> <span class=\"_ _231\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs17be\">77.<span class=\"_ _0\"></span>41<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs17bf\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs17c0\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs17c1\">4.<span class=\"_ _0\"></span>279<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs17c2\">81<span class=\"_ _0\"></span>.69<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs17c3\">D.<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs17c4\">Rim<span class=\"_ _1\"></span>an<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ze<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs17c5\">fi<span class=\"_ _0\"></span>nal<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs17c6\">lor<span class=\"_ _1\"></span>de<span class=\"_ _3bd\"> </span> </div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs17c7\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs17c8\">20<span class=\"_ _0\"></span>2.3<span class=\"_ _0\"></span>36<span class=\"_ _3bd\"> </span></div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs17c9\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs17ca\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs17cb\">6.<span class=\"_ _0\"></span>49<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs17cc\">20<span class=\"_ _0\"></span>8.<span class=\"_ _0\"></span>83<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs17cd\">E.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Valutazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">co<span class=\"_ _1\"></span>sto<span class=\"_ _1\"></span> <span class=\"_ _1e8\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs17ce\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs17cf\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs17d0\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs17d1\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs17d2\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs17d3\">Si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fornisce<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">anche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tabella<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mo<span class=\"_ _2\"></span>vimentazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">diritt<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d\u2019uso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">acquisiti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">leasing<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">q<span class=\"_ _2\"></span>uanto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tali<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs17d4\">attivit\u00e0<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>rilevanti.<span class=\"_ _3bd\"> </span></div>9.<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>At<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>ma<span class=\"_ _1\"></span>teri<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>det<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>sc<span class=\"_ _0\"></span>op<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>o:<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>ria<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>an<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Te<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>eni<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _ca\"> </span><span class=\"fc4 sc2\">Fa<span class=\"_ _0\"></span>bbr<span class=\"_ _1\"></span>icat<span class=\"_ _1\"></span>i<span class=\"fc0 sc1\"> </span></span></span>A.<span class=\"_ _3bd\"> </span>Esist<span class=\"_ _0\"></span>enze<span class=\"_ _3bd\"> </span>in<span class=\"_ _1\"></span>izia<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span> <span class=\"_ _234\"> </span>2.<span class=\"_ _0\"></span>61<span class=\"_ _0\"></span>8 <span class=\"_ _235\"> </span>3.<span class=\"_ _1\"></span>00<span class=\"_ _1\"></span>0<span class=\"_ _3bd\"> </span>B.<span class=\"_ _3bd\"> </span>Au<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>i - <span class=\"_ _206\"> </span>52<span class=\"_ _3bd\"> </span>B.1<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Ac<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span> <span class=\"_ _236\"> </span>- <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>cu<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>op<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>zion<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>agg<span class=\"_ _1\"></span>rega<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>az<span class=\"_ _1\"></span>iend<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span> <span class=\"_ _237\"> </span>- <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span>B.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Spese<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">migliorie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cap<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>lizz<span class=\"_ _1\"></span>ate <span class=\"_ _238\"> </span>- <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>B.3<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Vari<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">po<span class=\"_ _0\"></span>sit<span class=\"_ _0\"></span>ive<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">fa<span class=\"_ _1\"></span>ir<span class=\"ff1\"> </span>valu<span class=\"_ _0\"></span>e <span class=\"_ _239\"> </span>- <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>B.4<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Riprese<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alo<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span> <span class=\"_ _1d9\"> </span>- <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>B.5<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Di<span class=\"_ _0\"></span>ffer<span class=\"_ _0\"></span>enz<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>camb<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>p<span class=\"_ _1\"></span>ositi<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span> <span class=\"_ _128\"> </span>-<span class=\"_ _0\"></span> <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span>B.6<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Tr<span class=\"_ _0\"></span>asfe<span class=\"_ _0\"></span>rim<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>da<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">imm<span class=\"_ _0\"></span>obil<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>so<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">funz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span> <span class=\"_ _23a\"> </span>- <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>B.7<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vari<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span> <span class=\"_ _23b\"> </span>- <span class=\"_ _206\"> </span>5<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></span></span></span></span>C.<span class=\"_ _3bd\"> </span>Di<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i <span class=\"_ _15f\"> </span>20<span class=\"_ _1\"></span>4 <span class=\"_ _106\"> </span>3<span class=\"_ _1\"></span>12<span class=\"_ _3bd\"> </span>C.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Ven<span class=\"_ _0\"></span>dite<span class=\"_ _0\"></span> </span></span>1<span class=\"_ _0\"></span>91<span class=\"_ _1\"></span> <span class=\"_ _106\"> </span>1<span class=\"_ _1\"></span>45<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>cu<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>op<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>zion<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>agg<span class=\"_ _1\"></span>rega<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>az<span class=\"_ _1\"></span>iend<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span> <span class=\"_ _237\"> </span>- <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span>C.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Amm<span class=\"_ _0\"></span>orta<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span> <span class=\"_ _97\"> </span>- <span class=\"_ _12d\"> </span>16<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span></span></span>C.<span class=\"_ _0\"></span>3<span class=\"ff1\"> </span>Var<span class=\"_ _0\"></span>iaz<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nega<span class=\"_ _0\"></span>tive<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">fa<span class=\"_ _0\"></span>ir<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>lue<span class=\"_ _0\"></span> <span class=\"_ _23c\"> </span>- <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>C.4<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Rettifiche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>ior<span class=\"_ _0\"></span>am<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>o <span class=\"_ _181\"> </span>- <span class=\"_ _8b\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>C.<span class=\"_ _0\"></span>5<span class=\"ff1\"> </span>Di<span class=\"_ _0\"></span>ffer<span class=\"_ _0\"></span>enz<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>ca<span class=\"_ _0\"></span>mbi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>neg<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>ive<span class=\"_ _0\"></span> </span></span>- <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span>C.<span class=\"_ _0\"></span>6<span class=\"ff1\"> </span>Trasf<span class=\"_ _0\"></span>erim<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>a:<span class=\"_ _1\"></span> <span class=\"_ _1c4\"> </span>- <span class=\"_ _8b\"> </span>-<span class=\"_ _3bd\"> </span>a)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"_ _2\"></span>mmobil<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ad<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">uso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fun<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e <span class=\"_ _14f\"> </span>- <span class=\"_ _8b\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>b)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">correnti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gruppi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">via<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dis<span class=\"_ _0\"></span>mis<span class=\"_ _0\"></span>sio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span> <span class=\"_ _23d\"> </span>- <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>C.7<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vari<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span> <span class=\"_ _1c6\"> </span>13<span class=\"_ _1\"></span> <span class=\"_ _1a7\"> </span>3<span class=\"_ _3bd\"> </span></span></span></span></span>D.<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ze<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>li <span class=\"_ _98\"> </span>2.<span class=\"_ _0\"></span>414<span class=\"_ _1\"></span> <span class=\"_ _c7\"> </span>2<span class=\"_ _0\"></span>.7<span class=\"_ _1\"></span>40<span class=\"_ _3bd\"> </span>E.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Valutazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">f<span class=\"_ _2\"></span>air<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valu<span class=\"_ _0\"></span>e <span class=\"_ _23e\"> </span>2.<span class=\"_ _0\"></span>393 <span class=\"_ _ad\"> </span>6.7<span class=\"_ _0\"></span>25<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-783": {
   "value": "Sezion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>9<span class=\"_ _3bd\"> </span>\u2013<span class=\"_ _3bd\"> </span>Attivit\u00e0<span class=\"_ _3bd\"> </span>mate<span class=\"_ _0\"></span>riali<span class=\"_ _3bd\"> </span>\u2013<span class=\"_ _3bd\"> </span>Voce<span class=\"_ _3bd\"> </span>9<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>9.<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>At<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>ma<span class=\"_ _1\"></span>teri<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>ad<span class=\"_ _3bd\"> </span>us<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>fu<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e:<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"_ _3bd\"> </span>at<span class=\"_ _1\"></span>tivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>sto<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Att<span class=\"_ _1\"></span>ivi<span class=\"_ _0\"></span>t\u00e0/<span class=\"_ _0\"></span>Va<span class=\"_ _1\"></span>lori<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>1.<span class=\"_ _3bd\"> </span>Attiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>pr<span class=\"_ _0\"></span>op<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>32<span class=\"_ _0\"></span>1.<span class=\"_ _0\"></span>62<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>32<span class=\"_ _3bd\"> </span>a)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ter<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></span></span>136<span class=\"_ _0\"></span>.48<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>13<span class=\"_ _3bd\"> </span>b)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fab<span class=\"_ _0\"></span>br<span class=\"_ _0\"></span>icat<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></span></span>11<span class=\"_ _0\"></span>9.6<span class=\"_ _0\"></span>64<span class=\"_ _3bd\"> </span>12<span class=\"_ _3bd\"> </span>c)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mob<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span> </span></span>11<span class=\"_ _0\"></span>.637<span class=\"_ _3bd\"> </span>1<span class=\"_ _3bd\"> </span>d)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">impianti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">elett<span class=\"_ _0\"></span>ron<span class=\"_ _0\"></span>ici<span class=\"_ _0\"></span> </span></span></span></span>20<span class=\"_ _0\"></span>.30<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>1<span class=\"_ _3bd\"> </span>e)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alt<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span> </span></span>33.<span class=\"_ _0\"></span>542<span class=\"_ _3bd\"> </span>3<span class=\"_ _3bd\"> </span>2.<span class=\"_ _3bd\"> </span>Di<span class=\"_ _0\"></span>rit<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>d'<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>ac<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>iti<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span>il<span class=\"_ _3bd\"> </span>le<span class=\"_ _0\"></span>as<span class=\"_ _1\"></span>ing<span class=\"_ _0\"></span> 12<span class=\"_ _0\"></span>7.<span class=\"_ _0\"></span>13<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>13<span class=\"_ _3bd\"> </span>a)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ter<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>b)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fab<span class=\"_ _0\"></span>br<span class=\"_ _0\"></span>icat<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></span></span>12<span class=\"_ _0\"></span>4.9<span class=\"_ _0\"></span>19<span class=\"_ _3bd\"> </span>12<span class=\"_ _3bd\"> </span>c)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mob<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span> </span></span>-<span class=\"_ _3bd\"> </span>d)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">impianti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">elett<span class=\"_ _0\"></span>ron<span class=\"_ _0\"></span>ici<span class=\"_ _0\"></span> </span></span></span></span>-<span class=\"_ _3bd\"> </span>e)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alt<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span> </span></span>2.<span class=\"_ _0\"></span>215<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>44<span class=\"_ _0\"></span>8.7<span class=\"_ _1\"></span>62<span class=\"_ _3bd\"> </span>4<span class=\"_ _3bd\"> </span>di<span class=\"ff1\"> </span>cui<span class=\"_ _0\"></span>:<span class=\"ff1\"> </span>ott<span class=\"_ _0\"></span>enu<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>tr<span class=\"_ _0\"></span>am<span class=\"_ _0\"></span>ite<span class=\"ff1\"> </span>l\u2019<span class=\"_ _0\"></span>esc<span class=\"_ _0\"></span>uss<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">garan<span class=\"_ _0\"></span>zie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rice<span class=\"_ _1\"></span>vute<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>materiali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>costo,<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>tto<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>ammortamenti<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">qualsiasi</span> <span class=\"ff3\">perdita</span> <span class=\"ff3\">per</span> </span></span></span>riduzione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>accumulate.<span class=\"_ _3bd\"> </span>Nelle<span class=\"ff1\"> </span>att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> </span>mat<span class=\"_ _2\"></span>eriali<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>anche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>icompreso,<span class=\"ff1\"> </span>ai<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sensi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>principio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>IFRS16,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>D<span class=\"_ _2\"></span>iritto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d\u2019Uso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(Right<span class=\"ff1\"> <span class=\"_ _2\"></span></span>of<span class=\"ff1\"> </span>Use)<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>beni<span class=\"ff1\"> </span>oggetti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>contratti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>leasing<span class=\"ff1\"> </span>operativo.<span class=\"_ _3bd\"> </span>9.2<span class=\"_ _3bd\"> </span>At<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>ma<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span>det<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>sc<span class=\"_ _0\"></span>op<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>o:<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>at<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>ate<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>cos<span class=\"_ _1\"></span>to<span class=\"fc0 sc1\"> </span>Att<span class=\"_ _1\"></span>ivi<span class=\"_ _0\"></span>t\u00e0/<span class=\"_ _0\"></span>Va<span class=\"_ _1\"></span>lori<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Va<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>bi<span class=\"_ _0\"></span>lan<span class=\"_ _1\"></span>cio<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Fa<span class=\"_ _0\"></span>ir<span class=\"_ _3bd\"> </span>v<span class=\"_ _0\"></span>al<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Va<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>bi<span class=\"_ _0\"></span>lan<span class=\"_ _1\"></span>cio<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Fa<span class=\"_ _0\"></span>ir<span class=\"_ _3bd\"> </span>v<span class=\"_ _0\"></span>al<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>L<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _218\"> </span><span class=\"fc4 sc2\">L<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _1af\"> </span><span class=\"fc4 sc2\">L<span class=\"_ _1\"></span>3<span class=\"fc0 sc1\"> <span class=\"_ _22b\"> </span></span>L<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _218\"> </span><span class=\"fc4 sc2\">L2<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _1ee\"> </span><span class=\"fc4 sc2\">L<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></span></span></span></span></span></span></span></span>1.<span class=\"_ _3bd\"> </span>Attiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>pr<span class=\"_ _0\"></span>op<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>\u00e0 <span class=\"_ _22c\"> </span>5.<span class=\"_ _0\"></span>15<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>--9.<span class=\"_ _1\"></span>11<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>5<span class=\"_ _0\"></span>.6<span class=\"_ _1\"></span>18<span class=\"_ _3bd\"> </span>--10<span class=\"_ _0\"></span>.05<span class=\"_ _1\"></span>8<span class=\"_ _3bd\"> </span>a)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ter<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>i <span class=\"_ _16f\"> </span>2<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>14<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>393<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>618<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>b)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fab<span class=\"_ _0\"></span>br<span class=\"_ _0\"></span>icat<span class=\"_ _0\"></span>i <span class=\"_ _22d\"> </span>2.<span class=\"_ _0\"></span>740<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>6.<span class=\"_ _0\"></span>725<span class=\"_ _3bd\"> </span>3.<span class=\"_ _1\"></span>00<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>7.<span class=\"_ _0\"></span>093<span class=\"_ _3bd\"> </span>2.<span class=\"_ _3bd\"> </span>Di<span class=\"_ _0\"></span>rit<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>d'<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>ac<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>iti<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span>il<span class=\"_ _3bd\"> </span>le<span class=\"_ _0\"></span>as<span class=\"_ _1\"></span>ing<span class=\"_ _0\"></span> --------a)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ter<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>i </span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>b)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fab<span class=\"_ _0\"></span>br<span class=\"_ _0\"></span>icat<span class=\"_ _0\"></span>i </span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>5.<span class=\"_ _0\"></span>15<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>--9.<span class=\"_ _1\"></span>11<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>5<span class=\"_ _0\"></span>.6<span class=\"_ _1\"></span>18<span class=\"_ _3bd\"> </span>--10<span class=\"_ _0\"></span>.05<span class=\"_ _1\"></span>8<span class=\"_ _3bd\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ottenute<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tramite<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019escussione<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">dell<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>garanzie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ricevute </span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Le<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>nda<span class=\"_ _1\"></span>:<span class=\"fc0 sc1\"> </span>L1=<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Livello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">1<span class=\"_ _1\"></span> </span></span></span></span>L2=<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Livello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2<span class=\"_ _1\"></span> </span></span></span></span>L3=<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Livello<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">3<span class=\"_ _0\"></span> </span></span></span></span>Le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>materiali<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>valu<span class=\"_ _0\"></span>tate<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>costo<span class=\"_ _2\"></span>.<span class=\"ff1\"> </span>Il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fair</span> <span class=\"ff3\">value</span> <span class=\"ff3\">delle</span> <span class=\"ff3\">attivit\u00e0</span> <span class=\"ff3\">ma<span class=\"_ _2\"></span>teriali</span> <span class=\"ff3\">de<span class=\"_ _0\"></span>tenute<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>scopo<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span></span></span>investimento<span class=\"ff1\"> </span>ammonta<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>9,1<span class=\"ff1\"> </span>milioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>euro. Il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _20\"></span></span>value<span class=\"ff1\"> <span class=\"_ _2\"></span></span>indica<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l\u2019ammontar<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>stimato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _2\"></span></span>u<span class=\"_ _2\"></span>na<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pro<span class=\"_ _2\"></span>priet\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pas<span class=\"_ _2\"></span>sivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dovrebbe<span class=\"ff1\"> <span class=\"_ _20\"></span></span>essere<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ceduta<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> </span>acquistata,<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valutazione,<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>venditore<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>acquirente<span class=\"ff1\"> </span>privi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>legami<span class=\"ff1\"> </span>particolari,<span class=\"_ _2\"></span><span class=\"ff1\"> </span>entrambi<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>interessat<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>alla<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>compravendita,<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>condizioni<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>concorr<span class=\"_ _2\"></span>enziali,<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>dopo<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>un\u2018<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>a<span class=\"_ _2\"></span>deguata<span class=\"ff1\"> </span>commercializzazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>parti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>abbi<span class=\"_ _0\"></span>ano<span class=\"ff1\"> <span class=\"_ _21\"></span></span>agito<span class=\"ff1\"> <span class=\"_ _21\"></span></span>entrambe<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">in</span> <span class=\"_ _20\"></span><span class=\"ff3\">modo</span> <span class=\"_ _21\"> </span><span class=\"ff3\">informato,</span> <span class=\"_ _21\"></span><span class=\"ff3\">consapevole</span> <span class=\"_ _20\"></span><span class=\"ff3\">e</span> </span>senza<span class=\"ff1\"> </span>coercizioni\u201d.<span class=\"ff1\"> </span>(RICS<span class=\"ff1\"> </span>Red<span class=\"ff1\"> </span>Book<span class=\"ff1\"> </span>VS<span class=\"ff1\"> </span>3.2,<span class=\"ff1\"> </span>ed.<span class=\"ff1\"> </span>italiana,<span class=\"ff1\"> </span>Marzo<span class=\"ff1\"> </span>20<span class=\"_ _2\"></span>12).<span class=\"_ _3bd\"> </span>9.<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>At<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span>ma<span class=\"_ _1\"></span>teri<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>ad<span class=\"_ _3bd\"> </span>us<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>fu<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e:<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>ria<span class=\"_ _1\"></span>zion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>an<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>Te<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>eni<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _69\"> </span><span class=\"fc4 sc2\">Fab<span class=\"_ _0\"></span>br<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>ati<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _11c\"> </span><span class=\"fc4 sc2\">Mo<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></span></span></span></span>Im<span class=\"_ _1\"></span>pian<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>el<span class=\"_ _0\"></span>ett<span class=\"_ _1\"></span>ron<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>A<span class=\"_ _0\"></span>lt<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> <span class=\"_ _176\"> </span></span>Tot<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>A.<span class=\"_ _3bd\"> </span>Es<span class=\"_ _0\"></span>ist<span class=\"_ _1\"></span>enz<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>iz<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>lo<span class=\"_ _0\"></span>rd<span class=\"_ _0\"></span>e <span class=\"_ _22e\"> </span>13<span class=\"_ _0\"></span>6.7<span class=\"_ _1\"></span>37<span class=\"_ _3bd\"> </span>32<span class=\"_ _0\"></span>3.<span class=\"_ _0\"></span>010<span class=\"_ _3bd\"> </span>82<span class=\"_ _0\"></span>.47<span class=\"_ _1\"></span>7<span class=\"_ _3bd\"> </span>60<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>24<span class=\"_ _3bd\"> </span>17<span class=\"_ _0\"></span>8.<span class=\"_ _0\"></span>828<span class=\"_ _3bd\"> </span>78<span class=\"_ _0\"></span>1.<span class=\"_ _0\"></span>676<span class=\"_ _3bd\"> </span>A.<span class=\"_ _0\"></span>1<span class=\"ff1\"> </span>Ri<span class=\"_ _0\"></span>duz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alo<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>ota<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>e <span class=\"_ _45\"> </span>-<span class=\"_ _3bd\"> </span>197<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>91<span class=\"_ _3bd\"> </span>71.<span class=\"_ _0\"></span>48<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>43.<span class=\"_ _0\"></span>593<span class=\"_ _3bd\"> </span>14<span class=\"_ _0\"></span>4.5<span class=\"_ _0\"></span>98<span class=\"_ _3bd\"> </span>457<span class=\"_ _0\"></span>.16<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>A.<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>Es<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>ten<span class=\"_ _1\"></span>ze<span class=\"_ _3bd\"> </span>in<span class=\"_ _1\"></span>izia<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>e <span class=\"_ _22f\"> </span>13<span class=\"_ _0\"></span>6.7<span class=\"_ _1\"></span>37<span class=\"_ _3bd\"> </span>12<span class=\"_ _0\"></span>5.5<span class=\"_ _1\"></span>19<span class=\"_ _3bd\"> </span>10<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>97<span class=\"_ _3bd\"> </span>17<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>31<span class=\"_ _3bd\"> </span>34<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>30<span class=\"_ _3bd\"> </span>32<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>514<span class=\"_ _3bd\"> </span>B.<span class=\"_ _3bd\"> </span>Au<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>i:<span class=\"_ _0\"></span> -3.<span class=\"_ _0\"></span>52<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>46<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>35<span class=\"_ _3bd\"> </span>7.<span class=\"_ _0\"></span>06<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>36<span class=\"_ _1\"></span>.23<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>93<span class=\"_ _1\"></span>.152<span class=\"_ _3bd\"> </span>B.1<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Ac<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span> <span class=\"_ _230\"> </span>-<span class=\"_ _3bd\"> </span></span></span>3.<span class=\"_ _1\"></span>337<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>741<span class=\"_ _3bd\"> </span>7.<span class=\"_ _0\"></span>064<span class=\"_ _3bd\"> </span>5.1<span class=\"_ _0\"></span>73<span class=\"_ _3bd\"> </span>18<span class=\"_ _0\"></span>.31<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">operazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">aggregazione<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>az<span class=\"_ _0\"></span>iend<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>B.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Spese<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">migliorie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cap<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>lizz<span class=\"_ _1\"></span>ate <span class=\"_ _6d\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>75<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>75<span class=\"_ _3bd\"> </span>B.3<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Riprese<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">val<span class=\"_ _0\"></span>ore<span class=\"_ _0\"></span> <span class=\"_ _11a\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>B.4<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Variazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">positive<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">value<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>imputate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a </span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>a)<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>trim<span class=\"_ _1\"></span>onio<span class=\"ff1\"> </span>n<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o <span class=\"_ _1a9\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>b)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conto<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>con<span class=\"_ _0\"></span>omic<span class=\"_ _0\"></span>o <span class=\"_ _223\"> </span>-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>B.5<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Dif<span class=\"_ _0\"></span>fer<span class=\"_ _0\"></span>enz<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ositi<span class=\"_ _0\"></span>ve<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>cam<span class=\"_ _0\"></span>bio<span class=\"_ _0\"></span> <span class=\"_ _231\"> </span>-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>B.6<span class=\"ff1\"> </span>Trasferimenti<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">immobili<span class=\"ff1\"> </span></span></span>detenuti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">scopo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">investimento </span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>X <span class=\"_ _19c\"> </span>X <span class=\"_ _42\"> </span>X <span class=\"_ _f9\"> </span>-<span class=\"_ _3bd\"> </span>B.7<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vari<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span> <span class=\"_ _59\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>1<span class=\"_ _0\"></span>11<span class=\"_ _3bd\"> </span>43.<span class=\"_ _0\"></span>594<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>31.<span class=\"_ _0\"></span>057<span class=\"_ _3bd\"> </span>74.<span class=\"_ _0\"></span>762<span class=\"_ _3bd\"> </span>C.<span class=\"_ _3bd\"> </span>Di<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i: <span class=\"_ _5e\"> </span>25<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>9.<span class=\"_ _1\"></span>37<span class=\"_ _1\"></span>8<span class=\"_ _3bd\"> </span>45<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>95<span class=\"_ _3bd\"> </span>3.7<span class=\"_ _1\"></span>91<span class=\"_ _3bd\"> </span>36<span class=\"_ _1\"></span>.918<span class=\"_ _3bd\"> </span>96<span class=\"_ _0\"></span>.03<span class=\"_ _1\"></span>8<span class=\"_ _3bd\"> </span>C.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Ven<span class=\"_ _0\"></span>dite<span class=\"_ _0\"></span> </span></span>1<span class=\"_ _0\"></span>00<span class=\"_ _3bd\"> </span>36<span class=\"_ _1\"></span>0<span class=\"_ _3bd\"> </span>1<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span>4<span class=\"_ _0\"></span>80<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">operazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">aggregazione<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>az<span class=\"_ _0\"></span>iend<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>C.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Amm<span class=\"_ _0\"></span>orta<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span> <span class=\"_ _b3\"> </span>-<span class=\"_ _3bd\"> </span></span></span>8.<span class=\"_ _0\"></span>940<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>.0<span class=\"_ _1\"></span>79<span class=\"_ _3bd\"> </span>3.<span class=\"_ _1\"></span>74<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>5.7<span class=\"_ _0\"></span>83<span class=\"_ _3bd\"> </span>20<span class=\"_ _0\"></span>.54<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span>C.3<span class=\"ff1\"> </span>Rettifiche<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>lore<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>deterioramento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">imputate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a </span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>a)<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>trim<span class=\"_ _1\"></span>onio<span class=\"ff1\"> </span>n<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o <span class=\"_ _1a9\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>b)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conto<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>con<span class=\"_ _0\"></span>omic<span class=\"_ _0\"></span>o <span class=\"_ _223\"> </span>-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>C.4<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Variazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">negative<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">f<span class=\"_ _2\"></span>air<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>imputate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a </span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>a)<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>trim<span class=\"_ _1\"></span>onio<span class=\"ff1\"> </span>n<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o <span class=\"_ _1a9\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>b)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conto<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>con<span class=\"_ _0\"></span>omic<span class=\"_ _0\"></span>o <span class=\"_ _223\"> </span>-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>C.<span class=\"_ _0\"></span>5<span class=\"ff1\"> </span>Diff<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span>nze<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ne<span class=\"_ _0\"></span>gati<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">cam<span class=\"_ _0\"></span>bio<span class=\"_ _0\"></span> <span class=\"_ _fc\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>C.<span class=\"_ _0\"></span>6<span class=\"ff1\"> </span>Trasf<span class=\"_ _0\"></span>erim<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>a:<span class=\"_ _1\"></span> <span class=\"_ _1a1\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>a)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">materiali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">detenute<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>scopo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>investimen<span class=\"_ _0\"></span>to -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>X <span class=\"_ _19c\"> </span>X <span class=\"_ _42\"> </span>X <span class=\"_ _f9\"> </span>-<span class=\"_ _3bd\"> </span>b)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">correnti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gruppi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>attivit\u00e0<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>via<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ismissione -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>C.7<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vari<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span> <span class=\"_ _133\"> </span>156<span class=\"_ _3bd\"> </span></span></span></span></span>78<span class=\"_ _3bd\"> </span>43.<span class=\"_ _0\"></span>615<span class=\"_ _3bd\"> </span>4<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>31.<span class=\"_ _0\"></span>11<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>75.<span class=\"_ _0\"></span>009<span class=\"_ _3bd\"> </span>D.<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>ane<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ze<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>e <span class=\"_ _18d\"> </span>13<span class=\"_ _0\"></span>6.<span class=\"_ _0\"></span>481<span class=\"_ _3bd\"> </span>11<span class=\"_ _0\"></span>9.<span class=\"_ _0\"></span>664<span class=\"_ _3bd\"> </span>11<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>37<span class=\"_ _3bd\"> </span>20<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>04<span class=\"_ _3bd\"> </span>33<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>42<span class=\"_ _3bd\"> </span>32<span class=\"_ _0\"></span>1.<span class=\"_ _0\"></span>62<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>D.1<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Ridu<span class=\"_ _0\"></span>zio<span class=\"_ _1\"></span>ni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alo<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tot<span class=\"_ _0\"></span>ali<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>et<span class=\"_ _1\"></span>te<span class=\"_ _0\"></span> <span class=\"_ _231\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>20<span class=\"_ _0\"></span>6.1<span class=\"_ _0\"></span>65<span class=\"_ _3bd\"> </span>29.<span class=\"_ _0\"></span>94<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>42<span class=\"_ _0\"></span>.751<span class=\"_ _3bd\"> </span>11<span class=\"_ _0\"></span>6.6<span class=\"_ _0\"></span>41<span class=\"_ _3bd\"> </span>395.<span class=\"_ _0\"></span>501<span class=\"_ _3bd\"> </span>D.<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>Rim<span class=\"_ _1\"></span>an<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ze<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>nal<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span>lor<span class=\"_ _1\"></span>de <span class=\"_ _232\"> </span>13<span class=\"_ _0\"></span>6.<span class=\"_ _0\"></span>48<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>32<span class=\"_ _0\"></span>5.<span class=\"_ _0\"></span>829<span class=\"_ _3bd\"> </span>41<span class=\"_ _0\"></span>.58<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>63<span class=\"_ _1\"></span>.055<span class=\"_ _3bd\"> </span>15<span class=\"_ _0\"></span>0.1<span class=\"_ _0\"></span>83<span class=\"_ _3bd\"> </span>71<span class=\"_ _0\"></span>7.1<span class=\"_ _0\"></span>29<span class=\"_ _3bd\"> </span>E.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Valutazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">co<span class=\"_ _1\"></span>sto<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>9.<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>bis<span class=\"_ _3bd\"> </span>At<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>ma<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span>ad<span class=\"_ _3bd\"> </span>us<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>fu<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>(d<span class=\"_ _0\"></span>iri<span class=\"_ _0\"></span>tti<span class=\"_ _3bd\"> </span>d'u<span class=\"_ _1\"></span>so<span class=\"_ _3bd\"> </span>ac<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span>il<span class=\"_ _3bd\"> </span>lea<span class=\"_ _1\"></span>sin<span class=\"_ _0\"></span>g):<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>ria<span class=\"_ _1\"></span>zion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>an<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>Te<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>eni<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _69\"> </span><span class=\"fc4 sc2\">Fab<span class=\"_ _0\"></span>br<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>ati<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _11c\"> </span><span class=\"fc4 sc2\">Mo<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></span></span></span></span>Im<span class=\"_ _1\"></span>pian<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>el<span class=\"_ _0\"></span>ett<span class=\"_ _1\"></span>ron<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>A<span class=\"_ _0\"></span>lt<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> <span class=\"_ _176\"> </span></span>Tot<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>A.<span class=\"_ _3bd\"> </span>Es<span class=\"_ _0\"></span>ist<span class=\"_ _1\"></span>enz<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>iz<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>lo<span class=\"_ _0\"></span>rd<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span> -18<span class=\"_ _0\"></span>5.<span class=\"_ _0\"></span>89<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>--6.<span class=\"_ _1\"></span>73<span class=\"_ _1\"></span>1<span class=\"_ _3bd\"> </span>19<span class=\"_ _0\"></span>2.<span class=\"_ _0\"></span>62<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>A.<span class=\"_ _0\"></span>1<span class=\"ff1\"> </span>Ri<span class=\"_ _0\"></span>duz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alo<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>ota<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>e <span class=\"_ _45\"> </span>-<span class=\"_ _3bd\"> </span>58.<span class=\"_ _0\"></span>86<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>3.6<span class=\"_ _0\"></span>63<span class=\"_ _3bd\"> </span>62.<span class=\"_ _0\"></span>525<span class=\"_ _3bd\"> </span>A.<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>Es<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>ten<span class=\"_ _1\"></span>ze<span class=\"_ _3bd\"> </span>in<span class=\"_ _1\"></span>izia<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span> -12<span class=\"_ _0\"></span>7.<span class=\"_ _0\"></span>03<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>--3.<span class=\"_ _1\"></span>06<span class=\"_ _1\"></span>8<span class=\"_ _3bd\"> </span>13<span class=\"_ _0\"></span>0.<span class=\"_ _0\"></span>10<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>B.<span class=\"_ _3bd\"> </span>Au<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>i:<span class=\"_ _0\"></span> -28<span class=\"_ _0\"></span>.86<span class=\"_ _1\"></span>7<span class=\"_ _3bd\"> </span>--1<span class=\"_ _0\"></span>.8<span class=\"_ _1\"></span>50<span class=\"_ _3bd\"> </span>30<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>17<span class=\"_ _3bd\"> </span>B.1<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Ac<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span> <span class=\"_ _230\"> </span>-<span class=\"_ _3bd\"> </span></span></span>25.<span class=\"_ _0\"></span>720<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>78<span class=\"_ _1\"></span>4<span class=\"_ _3bd\"> </span>26.<span class=\"_ _0\"></span>504<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">operazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">aggregazione<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>az<span class=\"_ _0\"></span>iend<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>B.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Spese<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">migliorie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cap<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>lizz<span class=\"_ _1\"></span>ate <span class=\"_ _6d\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>B.3<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Riprese<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">val<span class=\"_ _0\"></span>ore<span class=\"_ _0\"></span> <span class=\"_ _11a\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>B.4<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Variazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">positive<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">value<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>imputate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>a)<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>trim<span class=\"_ _1\"></span>onio<span class=\"ff1\"> </span>n<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o <span class=\"_ _1a9\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>b)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conto<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>con<span class=\"_ _0\"></span>omic<span class=\"_ _0\"></span>o <span class=\"_ _223\"> </span>-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>B.5<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Dif<span class=\"_ _0\"></span>fer<span class=\"_ _0\"></span>enz<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ositi<span class=\"_ _0\"></span>ve<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>cam<span class=\"_ _0\"></span>bio<span class=\"_ _0\"></span> <span class=\"_ _231\"> </span>-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>B.6<span class=\"ff1\"> </span>Trasferimenti<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">immobili<span class=\"ff1\"> </span></span></span>detenuti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">scopo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">investimento<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span> X<span class=\"_ _3bd\"> </span> X<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>B.7<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vari<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span> <span class=\"_ _59\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>3.1<span class=\"_ _0\"></span>47<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>066<span class=\"_ _3bd\"> </span>4<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>13<span class=\"_ _3bd\"> </span>C.<span class=\"_ _3bd\"> </span>Di<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i:<span class=\"_ _3bd\"> </span> -30<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>80<span class=\"_ _3bd\"> </span>--2<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>33<span class=\"_ _0\"></span>.6<span class=\"_ _1\"></span>83<span class=\"_ _3bd\"> </span>C.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Ven<span class=\"_ _0\"></span>dite<span class=\"_ _0\"></span> </span></span>-<span class=\"_ _3bd\"> </span>94<span class=\"_ _1\"></span>9<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>15<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>064<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">operazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">aggregazione<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>az<span class=\"_ _0\"></span>iend<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>C.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Amm<span class=\"_ _0\"></span>orta<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span> <span class=\"_ _b3\"> </span>-<span class=\"_ _3bd\"> </span></span></span>22<span class=\"_ _0\"></span>.98<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>727<span class=\"_ _3bd\"> </span>24<span class=\"_ _0\"></span>.71<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>C.3<span class=\"ff1\"> </span>Rettifiche<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>lore<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>deterioramento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">imputate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span>-<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span>a)<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>trim<span class=\"_ _1\"></span>onio<span class=\"ff1\"> </span>n<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o <span class=\"_ _1a9\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>b)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conto<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>con<span class=\"_ _0\"></span>omic<span class=\"_ _0\"></span>o <span class=\"_ _223\"> </span>-<span class=\"_ _3bd\"> </span></span></span>1<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span>C.4<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Variazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">negative<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">f<span class=\"_ _2\"></span>air<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>imputate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>a)<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>trim<span class=\"_ _1\"></span>onio<span class=\"ff1\"> </span>n<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o <span class=\"_ _1a9\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>b)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conto<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>con<span class=\"_ _0\"></span>omic<span class=\"_ _0\"></span>o <span class=\"_ _223\"> </span>-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>C.<span class=\"_ _0\"></span>5<span class=\"ff1\"> </span>Diff<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span>nze<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ne<span class=\"_ _0\"></span>gati<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">cam<span class=\"_ _0\"></span>bio<span class=\"_ _0\"></span> <span class=\"_ _fc\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>C.<span class=\"_ _0\"></span>6<span class=\"ff1\"> </span>Trasf<span class=\"_ _0\"></span>erim<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>a:<span class=\"_ _1\"></span> <span class=\"_ _1a1\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>a)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">materiali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">detenute<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>scopo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>investimen<span class=\"_ _0\"></span>to<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span> X<span class=\"_ _3bd\"> </span> X<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>b)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">correnti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gruppi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>attivit\u00e0<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>via<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ismissione<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>C.7<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vari<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span> <span class=\"_ _59\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>7.<span class=\"_ _0\"></span>030<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>8<span class=\"_ _0\"></span>48<span class=\"_ _3bd\"> </span>7.<span class=\"_ _1\"></span>87<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>D.<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>ane<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ze<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span> -12<span class=\"_ _0\"></span>4.9<span class=\"_ _1\"></span>19<span class=\"_ _3bd\"> </span>--2.<span class=\"_ _0\"></span>215<span class=\"_ _3bd\"> </span>12<span class=\"_ _0\"></span>7.<span class=\"_ _0\"></span>13<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>D.1<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Ridu<span class=\"_ _0\"></span>zio<span class=\"_ _1\"></span>ni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alo<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tot<span class=\"_ _0\"></span>ali<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>et<span class=\"_ _1\"></span>te<span class=\"_ _0\"></span> <span class=\"_ _231\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>77.<span class=\"_ _0\"></span>41<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>4.<span class=\"_ _0\"></span>279<span class=\"_ _3bd\"> </span>81<span class=\"_ _0\"></span>.69<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>D.<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>Rim<span class=\"_ _1\"></span>an<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ze<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>nal<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span>lor<span class=\"_ _1\"></span>de<span class=\"_ _3bd\"> </span> -20<span class=\"_ _0\"></span>2.3<span class=\"_ _0\"></span>36<span class=\"_ _3bd\"> </span>--6.<span class=\"_ _0\"></span>49<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>20<span class=\"_ _0\"></span>8.<span class=\"_ _0\"></span>83<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>E.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Valutazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">co<span class=\"_ _1\"></span>sto<span class=\"_ _1\"></span> <span class=\"_ _1e8\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fornisce<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">anche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tabella<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mo<span class=\"_ _2\"></span>vimentazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">diritt<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d\u2019uso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">acquisiti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">leasing<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">q<span class=\"_ _2\"></span>uanto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tali<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>attivit\u00e0<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>rilevanti.<span class=\"_ _3bd\"> </span>9.<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>At<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>ma<span class=\"_ _1\"></span>teri<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>det<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>sc<span class=\"_ _0\"></span>op<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>o:<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>ria<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>an<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Te<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>eni<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _ca\"> </span><span class=\"fc4 sc2\">Fa<span class=\"_ _0\"></span>bbr<span class=\"_ _1\"></span>icat<span class=\"_ _1\"></span>i<span class=\"fc0 sc1\"> </span></span></span>A.<span class=\"_ _3bd\"> </span>Esist<span class=\"_ _0\"></span>enze<span class=\"_ _3bd\"> </span>in<span class=\"_ _1\"></span>izia<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span> <span class=\"_ _234\"> </span>2.<span class=\"_ _0\"></span>61<span class=\"_ _0\"></span>8 <span class=\"_ _235\"> </span>3.<span class=\"_ _1\"></span>00<span class=\"_ _1\"></span>0<span class=\"_ _3bd\"> </span>B.<span class=\"_ _3bd\"> </span>Au<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>i - <span class=\"_ _206\"> </span>52<span class=\"_ _3bd\"> </span>B.1<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Ac<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span> <span class=\"_ _236\"> </span>- <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>cu<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>op<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>zion<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>agg<span class=\"_ _1\"></span>rega<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>az<span class=\"_ _1\"></span>iend<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span> <span class=\"_ _237\"> </span>- <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span>B.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Spese<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">migliorie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cap<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>lizz<span class=\"_ _1\"></span>ate <span class=\"_ _238\"> </span>- <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>B.3<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Vari<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">po<span class=\"_ _0\"></span>sit<span class=\"_ _0\"></span>ive<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">fa<span class=\"_ _1\"></span>ir<span class=\"ff1\"> </span>valu<span class=\"_ _0\"></span>e <span class=\"_ _239\"> </span>- <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>B.4<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Riprese<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alo<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span> <span class=\"_ _1d9\"> </span>- <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>B.5<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Di<span class=\"_ _0\"></span>ffer<span class=\"_ _0\"></span>enz<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>camb<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>p<span class=\"_ _1\"></span>ositi<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span> <span class=\"_ _128\"> </span>-<span class=\"_ _0\"></span> <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span>B.6<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Tr<span class=\"_ _0\"></span>asfe<span class=\"_ _0\"></span>rim<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>da<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">imm<span class=\"_ _0\"></span>obil<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>so<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">funz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span> <span class=\"_ _23a\"> </span>- <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>B.7<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vari<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span> <span class=\"_ _23b\"> </span>- <span class=\"_ _206\"> </span>5<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></span></span></span></span>C.<span class=\"_ _3bd\"> </span>Di<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i <span class=\"_ _15f\"> </span>20<span class=\"_ _1\"></span>4 <span class=\"_ _106\"> </span>3<span class=\"_ _1\"></span>12<span class=\"_ _3bd\"> </span>C.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Ven<span class=\"_ _0\"></span>dite<span class=\"_ _0\"></span> </span></span>1<span class=\"_ _0\"></span>91<span class=\"_ _1\"></span> <span class=\"_ _106\"> </span>1<span class=\"_ _1\"></span>45<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>cu<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>op<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>zion<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>agg<span class=\"_ _1\"></span>rega<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>az<span class=\"_ _1\"></span>iend<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span> <span class=\"_ _237\"> </span>- <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span>C.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Amm<span class=\"_ _0\"></span>orta<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span> <span class=\"_ _97\"> </span>- <span class=\"_ _12d\"> </span>16<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span></span></span>C.<span class=\"_ _0\"></span>3<span class=\"ff1\"> </span>Var<span class=\"_ _0\"></span>iaz<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nega<span class=\"_ _0\"></span>tive<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">fa<span class=\"_ _0\"></span>ir<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>lue<span class=\"_ _0\"></span> <span class=\"_ _23c\"> </span>- <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>C.4<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Rettifiche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>ior<span class=\"_ _0\"></span>am<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>o <span class=\"_ _181\"> </span>- <span class=\"_ _8b\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>C.<span class=\"_ _0\"></span>5<span class=\"ff1\"> </span>Di<span class=\"_ _0\"></span>ffer<span class=\"_ _0\"></span>enz<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>ca<span class=\"_ _0\"></span>mbi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>neg<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>ive<span class=\"_ _0\"></span> </span></span>- <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span>C.<span class=\"_ _0\"></span>6<span class=\"ff1\"> </span>Trasf<span class=\"_ _0\"></span>erim<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>a:<span class=\"_ _1\"></span> <span class=\"_ _1c4\"> </span>- <span class=\"_ _8b\"> </span>-<span class=\"_ _3bd\"> </span>a)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"_ _2\"></span>mmobil<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ad<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">uso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fun<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e <span class=\"_ _14f\"> </span>- <span class=\"_ _8b\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>b)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">correnti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gruppi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">via<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dis<span class=\"_ _0\"></span>mis<span class=\"_ _0\"></span>sio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span> <span class=\"_ _23d\"> </span>- <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>C.7<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vari<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span> <span class=\"_ _1c6\"> </span>13<span class=\"_ _1\"></span> <span class=\"_ _1a7\"> </span>3<span class=\"_ _3bd\"> </span></span></span></span></span>D.<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ze<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>li <span class=\"_ _98\"> </span>2.<span class=\"_ _0\"></span>414<span class=\"_ _1\"></span> <span class=\"_ _c7\"> </span>2<span class=\"_ _0\"></span>.7<span class=\"_ _1\"></span>40<span class=\"_ _3bd\"> </span>E.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Valutazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">f<span class=\"_ _2\"></span>air<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valu<span class=\"_ _0\"></span>e <span class=\"_ _23e\"> </span>2.<span class=\"_ _0\"></span>393 <span class=\"_ _ad\"> </span>6.7<span class=\"_ _0\"></span>25<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-815": {
   "value": "Sezion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>9<span class=\"_ _3bd\"> </span>\u2013<span class=\"_ _3bd\"> </span>Attivit\u00e0<span class=\"_ _3bd\"> </span>mate<span class=\"_ _0\"></span>riali<span class=\"_ _3bd\"> </span>\u2013<span class=\"_ _3bd\"> </span>Voce<span class=\"_ _3bd\"> </span>9<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>9.<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>At<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>ma<span class=\"_ _1\"></span>teri<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>ad<span class=\"_ _3bd\"> </span>us<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>fu<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e:<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"_ _3bd\"> </span>at<span class=\"_ _1\"></span>tivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>sto<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Att<span class=\"_ _1\"></span>ivi<span class=\"_ _0\"></span>t\u00e0/<span class=\"_ _0\"></span>Va<span class=\"_ _1\"></span>lori<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>1.<span class=\"_ _3bd\"> </span>Attiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>pr<span class=\"_ _0\"></span>op<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>32<span class=\"_ _0\"></span>1.<span class=\"_ _0\"></span>62<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>32<span class=\"_ _3bd\"> </span>a)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ter<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></span></span>136<span class=\"_ _0\"></span>.48<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>13<span class=\"_ _3bd\"> </span>b)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fab<span class=\"_ _0\"></span>br<span class=\"_ _0\"></span>icat<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></span></span>11<span class=\"_ _0\"></span>9.6<span class=\"_ _0\"></span>64<span class=\"_ _3bd\"> </span>12<span class=\"_ _3bd\"> </span>c)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mob<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span> </span></span>11<span class=\"_ _0\"></span>.637<span class=\"_ _3bd\"> </span>1<span class=\"_ _3bd\"> </span>d)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">impianti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">elett<span class=\"_ _0\"></span>ron<span class=\"_ _0\"></span>ici<span class=\"_ _0\"></span> </span></span></span></span>20<span class=\"_ _0\"></span>.30<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>1<span class=\"_ _3bd\"> </span>e)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alt<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span> </span></span>33.<span class=\"_ _0\"></span>542<span class=\"_ _3bd\"> </span>3<span class=\"_ _3bd\"> </span>2.<span class=\"_ _3bd\"> </span>Di<span class=\"_ _0\"></span>rit<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>d'<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>ac<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>iti<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span>il<span class=\"_ _3bd\"> </span>le<span class=\"_ _0\"></span>as<span class=\"_ _1\"></span>ing<span class=\"_ _0\"></span> 12<span class=\"_ _0\"></span>7.<span class=\"_ _0\"></span>13<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>13<span class=\"_ _3bd\"> </span>a)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ter<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>b)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fab<span class=\"_ _0\"></span>br<span class=\"_ _0\"></span>icat<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></span></span>12<span class=\"_ _0\"></span>4.9<span class=\"_ _0\"></span>19<span class=\"_ _3bd\"> </span>12<span class=\"_ _3bd\"> </span>c)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mob<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span> </span></span>-<span class=\"_ _3bd\"> </span>d)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">impianti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">elett<span class=\"_ _0\"></span>ron<span class=\"_ _0\"></span>ici<span class=\"_ _0\"></span> </span></span></span></span>-<span class=\"_ _3bd\"> </span>e)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alt<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span> </span></span>2.<span class=\"_ _0\"></span>215<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>44<span class=\"_ _0\"></span>8.7<span class=\"_ _1\"></span>62<span class=\"_ _3bd\"> </span>4<span class=\"_ _3bd\"> </span>di<span class=\"ff1\"> </span>cui<span class=\"_ _0\"></span>:<span class=\"ff1\"> </span>ott<span class=\"_ _0\"></span>enu<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>tr<span class=\"_ _0\"></span>am<span class=\"_ _0\"></span>ite<span class=\"ff1\"> </span>l\u2019<span class=\"_ _0\"></span>esc<span class=\"_ _0\"></span>uss<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">garan<span class=\"_ _0\"></span>zie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rice<span class=\"_ _1\"></span>vute<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>materiali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>costo,<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>tto<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>ammortamenti<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">qualsiasi</span> <span class=\"ff3\">perdita</span> <span class=\"ff3\">per</span> </span></span></span>riduzione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>accumulate.<span class=\"_ _3bd\"> </span>Nelle<span class=\"ff1\"> </span>att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> </span>mat<span class=\"_ _2\"></span>eriali<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>anche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>icompreso,<span class=\"ff1\"> </span>ai<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sensi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>principio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>IFRS16,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>D<span class=\"_ _2\"></span>iritto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d\u2019Uso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(Right<span class=\"ff1\"> <span class=\"_ _2\"></span></span>of<span class=\"ff1\"> </span>Use)<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>beni<span class=\"ff1\"> </span>oggetti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>contratti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>leasing<span class=\"ff1\"> </span>operativo.<span class=\"_ _3bd\"> </span>9.2<span class=\"_ _3bd\"> </span>At<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>ma<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span>det<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>sc<span class=\"_ _0\"></span>op<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>o:<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>at<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>ate<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>cos<span class=\"_ _1\"></span>to<span class=\"fc0 sc1\"> </span>Att<span class=\"_ _1\"></span>ivi<span class=\"_ _0\"></span>t\u00e0/<span class=\"_ _0\"></span>Va<span class=\"_ _1\"></span>lori<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Va<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>bi<span class=\"_ _0\"></span>lan<span class=\"_ _1\"></span>cio<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Fa<span class=\"_ _0\"></span>ir<span class=\"_ _3bd\"> </span>v<span class=\"_ _0\"></span>al<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Va<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>bi<span class=\"_ _0\"></span>lan<span class=\"_ _1\"></span>cio<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Fa<span class=\"_ _0\"></span>ir<span class=\"_ _3bd\"> </span>v<span class=\"_ _0\"></span>al<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>L<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _218\"> </span><span class=\"fc4 sc2\">L<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _1af\"> </span><span class=\"fc4 sc2\">L<span class=\"_ _1\"></span>3<span class=\"fc0 sc1\"> <span class=\"_ _22b\"> </span></span>L<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _218\"> </span><span class=\"fc4 sc2\">L2<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _1ee\"> </span><span class=\"fc4 sc2\">L<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></span></span></span></span></span></span></span></span>1.<span class=\"_ _3bd\"> </span>Attiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>pr<span class=\"_ _0\"></span>op<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>\u00e0 <span class=\"_ _22c\"> </span>5.<span class=\"_ _0\"></span>15<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>--9.<span class=\"_ _1\"></span>11<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>5<span class=\"_ _0\"></span>.6<span class=\"_ _1\"></span>18<span class=\"_ _3bd\"> </span>--10<span class=\"_ _0\"></span>.05<span class=\"_ _1\"></span>8<span class=\"_ _3bd\"> </span>a)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ter<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>i <span class=\"_ _16f\"> </span>2<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>14<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>393<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>618<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>b)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fab<span class=\"_ _0\"></span>br<span class=\"_ _0\"></span>icat<span class=\"_ _0\"></span>i <span class=\"_ _22d\"> </span>2.<span class=\"_ _0\"></span>740<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>6.<span class=\"_ _0\"></span>725<span class=\"_ _3bd\"> </span>3.<span class=\"_ _1\"></span>00<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>7.<span class=\"_ _0\"></span>093<span class=\"_ _3bd\"> </span>2.<span class=\"_ _3bd\"> </span>Di<span class=\"_ _0\"></span>rit<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>d'<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>ac<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>iti<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span>il<span class=\"_ _3bd\"> </span>le<span class=\"_ _0\"></span>as<span class=\"_ _1\"></span>ing<span class=\"_ _0\"></span> --------a)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ter<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>i </span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>b)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fab<span class=\"_ _0\"></span>br<span class=\"_ _0\"></span>icat<span class=\"_ _0\"></span>i </span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>5.<span class=\"_ _0\"></span>15<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>--9.<span class=\"_ _1\"></span>11<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>5<span class=\"_ _0\"></span>.6<span class=\"_ _1\"></span>18<span class=\"_ _3bd\"> </span>--10<span class=\"_ _0\"></span>.05<span class=\"_ _1\"></span>8<span class=\"_ _3bd\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ottenute<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tramite<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019escussione<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">dell<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>garanzie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ricevute </span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Le<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>nda<span class=\"_ _1\"></span>:<span class=\"fc0 sc1\"> </span>L1=<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Livello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">1<span class=\"_ _1\"></span> </span></span></span></span>L2=<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Livello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2<span class=\"_ _1\"></span> </span></span></span></span>L3=<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Livello<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">3<span class=\"_ _0\"></span> </span></span></span></span>Le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>materiali<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>valu<span class=\"_ _0\"></span>tate<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>costo<span class=\"_ _2\"></span>.<span class=\"ff1\"> </span>Il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fair</span> <span class=\"ff3\">value</span> <span class=\"ff3\">delle</span> <span class=\"ff3\">attivit\u00e0</span> <span class=\"ff3\">ma<span class=\"_ _2\"></span>teriali</span> <span class=\"ff3\">de<span class=\"_ _0\"></span>tenute<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>scopo<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span></span></span>investimento<span class=\"ff1\"> </span>ammonta<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>9,1<span class=\"ff1\"> </span>milioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>euro. Il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _20\"></span></span>value<span class=\"ff1\"> <span class=\"_ _2\"></span></span>indica<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l\u2019ammontar<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>stimato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _2\"></span></span>u<span class=\"_ _2\"></span>na<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pro<span class=\"_ _2\"></span>priet\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pas<span class=\"_ _2\"></span>sivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dovrebbe<span class=\"ff1\"> <span class=\"_ _20\"></span></span>essere<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ceduta<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> </span>acquistata,<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valutazione,<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>venditore<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>acquirente<span class=\"ff1\"> </span>privi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>legami<span class=\"ff1\"> </span>particolari,<span class=\"_ _2\"></span><span class=\"ff1\"> </span>entrambi<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>interessat<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>alla<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>compravendita,<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>condizioni<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>concorr<span class=\"_ _2\"></span>enziali,<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>dopo<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>un\u2018<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>a<span class=\"_ _2\"></span>deguata<span class=\"ff1\"> </span>commercializzazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>parti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>abbi<span class=\"_ _0\"></span>ano<span class=\"ff1\"> <span class=\"_ _21\"></span></span>agito<span class=\"ff1\"> <span class=\"_ _21\"></span></span>entrambe<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">in</span> <span class=\"_ _20\"></span><span class=\"ff3\">modo</span> <span class=\"_ _21\"> </span><span class=\"ff3\">informato,</span> <span class=\"_ _21\"></span><span class=\"ff3\">consapevole</span> <span class=\"_ _20\"></span><span class=\"ff3\">e</span> </span>senza<span class=\"ff1\"> </span>coercizioni\u201d.<span class=\"ff1\"> </span>(RICS<span class=\"ff1\"> </span>Red<span class=\"ff1\"> </span>Book<span class=\"ff1\"> </span>VS<span class=\"ff1\"> </span>3.2,<span class=\"ff1\"> </span>ed.<span class=\"ff1\"> </span>italiana,<span class=\"ff1\"> </span>Marzo<span class=\"ff1\"> </span>20<span class=\"_ _2\"></span>12).<span class=\"_ _3bd\"> </span>9.<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>At<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span>ma<span class=\"_ _1\"></span>teri<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>ad<span class=\"_ _3bd\"> </span>us<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>fu<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e:<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>ria<span class=\"_ _1\"></span>zion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>an<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>Te<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>eni<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _69\"> </span><span class=\"fc4 sc2\">Fab<span class=\"_ _0\"></span>br<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>ati<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _11c\"> </span><span class=\"fc4 sc2\">Mo<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></span></span></span></span>Im<span class=\"_ _1\"></span>pian<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>el<span class=\"_ _0\"></span>ett<span class=\"_ _1\"></span>ron<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>A<span class=\"_ _0\"></span>lt<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> <span class=\"_ _176\"> </span></span>Tot<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>A.<span class=\"_ _3bd\"> </span>Es<span class=\"_ _0\"></span>ist<span class=\"_ _1\"></span>enz<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>iz<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>lo<span class=\"_ _0\"></span>rd<span class=\"_ _0\"></span>e <span class=\"_ _22e\"> </span>13<span class=\"_ _0\"></span>6.7<span class=\"_ _1\"></span>37<span class=\"_ _3bd\"> </span>32<span class=\"_ _0\"></span>3.<span class=\"_ _0\"></span>010<span class=\"_ _3bd\"> </span>82<span class=\"_ _0\"></span>.47<span class=\"_ _1\"></span>7<span class=\"_ _3bd\"> </span>60<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>24<span class=\"_ _3bd\"> </span>17<span class=\"_ _0\"></span>8.<span class=\"_ _0\"></span>828<span class=\"_ _3bd\"> </span>78<span class=\"_ _0\"></span>1.<span class=\"_ _0\"></span>676<span class=\"_ _3bd\"> </span>A.<span class=\"_ _0\"></span>1<span class=\"ff1\"> </span>Ri<span class=\"_ _0\"></span>duz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alo<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>ota<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>e <span class=\"_ _45\"> </span>-<span class=\"_ _3bd\"> </span>197<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>91<span class=\"_ _3bd\"> </span>71.<span class=\"_ _0\"></span>48<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>43.<span class=\"_ _0\"></span>593<span class=\"_ _3bd\"> </span>14<span class=\"_ _0\"></span>4.5<span class=\"_ _0\"></span>98<span class=\"_ _3bd\"> </span>457<span class=\"_ _0\"></span>.16<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>A.<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>Es<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>ten<span class=\"_ _1\"></span>ze<span class=\"_ _3bd\"> </span>in<span class=\"_ _1\"></span>izia<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>e <span class=\"_ _22f\"> </span>13<span class=\"_ _0\"></span>6.7<span class=\"_ _1\"></span>37<span class=\"_ _3bd\"> </span>12<span class=\"_ _0\"></span>5.5<span class=\"_ _1\"></span>19<span class=\"_ _3bd\"> </span>10<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>97<span class=\"_ _3bd\"> </span>17<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>31<span class=\"_ _3bd\"> </span>34<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>30<span class=\"_ _3bd\"> </span>32<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>514<span class=\"_ _3bd\"> </span>B.<span class=\"_ _3bd\"> </span>Au<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>i:<span class=\"_ _0\"></span> -3.<span class=\"_ _0\"></span>52<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>46<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>35<span class=\"_ _3bd\"> </span>7.<span class=\"_ _0\"></span>06<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>36<span class=\"_ _1\"></span>.23<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>93<span class=\"_ _1\"></span>.152<span class=\"_ _3bd\"> </span>B.1<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Ac<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span> <span class=\"_ _230\"> </span>-<span class=\"_ _3bd\"> </span></span></span>3.<span class=\"_ _1\"></span>337<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>741<span class=\"_ _3bd\"> </span>7.<span class=\"_ _0\"></span>064<span class=\"_ _3bd\"> </span>5.1<span class=\"_ _0\"></span>73<span class=\"_ _3bd\"> </span>18<span class=\"_ _0\"></span>.31<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">operazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">aggregazione<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>az<span class=\"_ _0\"></span>iend<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>B.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Spese<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">migliorie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cap<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>lizz<span class=\"_ _1\"></span>ate <span class=\"_ _6d\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>75<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>75<span class=\"_ _3bd\"> </span>B.3<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Riprese<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">val<span class=\"_ _0\"></span>ore<span class=\"_ _0\"></span> <span class=\"_ _11a\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>B.4<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Variazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">positive<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">value<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>imputate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a </span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>a)<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>trim<span class=\"_ _1\"></span>onio<span class=\"ff1\"> </span>n<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o <span class=\"_ _1a9\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>b)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conto<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>con<span class=\"_ _0\"></span>omic<span class=\"_ _0\"></span>o <span class=\"_ _223\"> </span>-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>B.5<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Dif<span class=\"_ _0\"></span>fer<span class=\"_ _0\"></span>enz<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ositi<span class=\"_ _0\"></span>ve<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>cam<span class=\"_ _0\"></span>bio<span class=\"_ _0\"></span> <span class=\"_ _231\"> </span>-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>B.6<span class=\"ff1\"> </span>Trasferimenti<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">immobili<span class=\"ff1\"> </span></span></span>detenuti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">scopo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">investimento </span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>X <span class=\"_ _19c\"> </span>X <span class=\"_ _42\"> </span>X <span class=\"_ _f9\"> </span>-<span class=\"_ _3bd\"> </span>B.7<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vari<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span> <span class=\"_ _59\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>1<span class=\"_ _0\"></span>11<span class=\"_ _3bd\"> </span>43.<span class=\"_ _0\"></span>594<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>31.<span class=\"_ _0\"></span>057<span class=\"_ _3bd\"> </span>74.<span class=\"_ _0\"></span>762<span class=\"_ _3bd\"> </span>C.<span class=\"_ _3bd\"> </span>Di<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i: <span class=\"_ _5e\"> </span>25<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>9.<span class=\"_ _1\"></span>37<span class=\"_ _1\"></span>8<span class=\"_ _3bd\"> </span>45<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>95<span class=\"_ _3bd\"> </span>3.7<span class=\"_ _1\"></span>91<span class=\"_ _3bd\"> </span>36<span class=\"_ _1\"></span>.918<span class=\"_ _3bd\"> </span>96<span class=\"_ _0\"></span>.03<span class=\"_ _1\"></span>8<span class=\"_ _3bd\"> </span>C.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Ven<span class=\"_ _0\"></span>dite<span class=\"_ _0\"></span> </span></span>1<span class=\"_ _0\"></span>00<span class=\"_ _3bd\"> </span>36<span class=\"_ _1\"></span>0<span class=\"_ _3bd\"> </span>1<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span>4<span class=\"_ _0\"></span>80<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">operazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">aggregazione<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>az<span class=\"_ _0\"></span>iend<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>C.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Amm<span class=\"_ _0\"></span>orta<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span> <span class=\"_ _b3\"> </span>-<span class=\"_ _3bd\"> </span></span></span>8.<span class=\"_ _0\"></span>940<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>.0<span class=\"_ _1\"></span>79<span class=\"_ _3bd\"> </span>3.<span class=\"_ _1\"></span>74<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>5.7<span class=\"_ _0\"></span>83<span class=\"_ _3bd\"> </span>20<span class=\"_ _0\"></span>.54<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span>C.3<span class=\"ff1\"> </span>Rettifiche<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>lore<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>deterioramento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">imputate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a </span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>a)<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>trim<span class=\"_ _1\"></span>onio<span class=\"ff1\"> </span>n<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o <span class=\"_ _1a9\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>b)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conto<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>con<span class=\"_ _0\"></span>omic<span class=\"_ _0\"></span>o <span class=\"_ _223\"> </span>-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>C.4<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Variazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">negative<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">f<span class=\"_ _2\"></span>air<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>imputate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a </span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>a)<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>trim<span class=\"_ _1\"></span>onio<span class=\"ff1\"> </span>n<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o <span class=\"_ _1a9\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>b)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conto<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>con<span class=\"_ _0\"></span>omic<span class=\"_ _0\"></span>o <span class=\"_ _223\"> </span>-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>C.<span class=\"_ _0\"></span>5<span class=\"ff1\"> </span>Diff<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span>nze<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ne<span class=\"_ _0\"></span>gati<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">cam<span class=\"_ _0\"></span>bio<span class=\"_ _0\"></span> <span class=\"_ _fc\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>C.<span class=\"_ _0\"></span>6<span class=\"ff1\"> </span>Trasf<span class=\"_ _0\"></span>erim<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>a:<span class=\"_ _1\"></span> <span class=\"_ _1a1\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>a)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">materiali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">detenute<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>scopo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>investimen<span class=\"_ _0\"></span>to -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>X <span class=\"_ _19c\"> </span>X <span class=\"_ _42\"> </span>X <span class=\"_ _f9\"> </span>-<span class=\"_ _3bd\"> </span>b)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">correnti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gruppi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>attivit\u00e0<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>via<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ismissione -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>C.7<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vari<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span> <span class=\"_ _133\"> </span>156<span class=\"_ _3bd\"> </span></span></span></span></span>78<span class=\"_ _3bd\"> </span>43.<span class=\"_ _0\"></span>615<span class=\"_ _3bd\"> </span>4<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>31.<span class=\"_ _0\"></span>11<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>75.<span class=\"_ _0\"></span>009<span class=\"_ _3bd\"> </span>D.<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>ane<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ze<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>e <span class=\"_ _18d\"> </span>13<span class=\"_ _0\"></span>6.<span class=\"_ _0\"></span>481<span class=\"_ _3bd\"> </span>11<span class=\"_ _0\"></span>9.<span class=\"_ _0\"></span>664<span class=\"_ _3bd\"> </span>11<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>37<span class=\"_ _3bd\"> </span>20<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>04<span class=\"_ _3bd\"> </span>33<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>42<span class=\"_ _3bd\"> </span>32<span class=\"_ _0\"></span>1.<span class=\"_ _0\"></span>62<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>D.1<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Ridu<span class=\"_ _0\"></span>zio<span class=\"_ _1\"></span>ni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alo<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tot<span class=\"_ _0\"></span>ali<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>et<span class=\"_ _1\"></span>te<span class=\"_ _0\"></span> <span class=\"_ _231\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>20<span class=\"_ _0\"></span>6.1<span class=\"_ _0\"></span>65<span class=\"_ _3bd\"> </span>29.<span class=\"_ _0\"></span>94<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>42<span class=\"_ _0\"></span>.751<span class=\"_ _3bd\"> </span>11<span class=\"_ _0\"></span>6.6<span class=\"_ _0\"></span>41<span class=\"_ _3bd\"> </span>395.<span class=\"_ _0\"></span>501<span class=\"_ _3bd\"> </span>D.<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>Rim<span class=\"_ _1\"></span>an<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ze<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>nal<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span>lor<span class=\"_ _1\"></span>de <span class=\"_ _232\"> </span>13<span class=\"_ _0\"></span>6.<span class=\"_ _0\"></span>48<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>32<span class=\"_ _0\"></span>5.<span class=\"_ _0\"></span>829<span class=\"_ _3bd\"> </span>41<span class=\"_ _0\"></span>.58<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>63<span class=\"_ _1\"></span>.055<span class=\"_ _3bd\"> </span>15<span class=\"_ _0\"></span>0.1<span class=\"_ _0\"></span>83<span class=\"_ _3bd\"> </span>71<span class=\"_ _0\"></span>7.1<span class=\"_ _0\"></span>29<span class=\"_ _3bd\"> </span>E.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Valutazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">co<span class=\"_ _1\"></span>sto<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>9.<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>bis<span class=\"_ _3bd\"> </span>At<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>ma<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span>ad<span class=\"_ _3bd\"> </span>us<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>fu<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>(d<span class=\"_ _0\"></span>iri<span class=\"_ _0\"></span>tti<span class=\"_ _3bd\"> </span>d'u<span class=\"_ _1\"></span>so<span class=\"_ _3bd\"> </span>ac<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span>il<span class=\"_ _3bd\"> </span>lea<span class=\"_ _1\"></span>sin<span class=\"_ _0\"></span>g):<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>ria<span class=\"_ _1\"></span>zion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>an<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>Te<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>eni<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _69\"> </span><span class=\"fc4 sc2\">Fab<span class=\"_ _0\"></span>br<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>ati<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _11c\"> </span><span class=\"fc4 sc2\">Mo<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></span></span></span></span>Im<span class=\"_ _1\"></span>pian<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>el<span class=\"_ _0\"></span>ett<span class=\"_ _1\"></span>ron<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>A<span class=\"_ _0\"></span>lt<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> <span class=\"_ _176\"> </span></span>Tot<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>A.<span class=\"_ _3bd\"> </span>Es<span class=\"_ _0\"></span>ist<span class=\"_ _1\"></span>enz<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>iz<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>lo<span class=\"_ _0\"></span>rd<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>-18<span class=\"_ _0\"></span>5.<span class=\"_ _0\"></span>89<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>--6.<span class=\"_ _1\"></span>73<span class=\"_ _1\"></span>1<span class=\"_ _3bd\"> </span>19<span class=\"_ _0\"></span>2.<span class=\"_ _0\"></span>62<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>A.<span class=\"_ _0\"></span>1<span class=\"ff1\"> </span>Ri<span class=\"_ _0\"></span>duz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alo<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>ota<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>e <span class=\"_ _45\"> </span>-<span class=\"_ _3bd\"> </span>58.<span class=\"_ _0\"></span>86<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>3.6<span class=\"_ _0\"></span>63<span class=\"_ _3bd\"> </span>62.<span class=\"_ _0\"></span>525<span class=\"_ _3bd\"> </span>A.<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>Es<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>ten<span class=\"_ _1\"></span>ze<span class=\"_ _3bd\"> </span>in<span class=\"_ _1\"></span>izia<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>-12<span class=\"_ _0\"></span>7.<span class=\"_ _0\"></span>03<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>--3.<span class=\"_ _1\"></span>06<span class=\"_ _1\"></span>8<span class=\"_ _3bd\"> </span>13<span class=\"_ _0\"></span>0.<span class=\"_ _0\"></span>10<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>B.<span class=\"_ _3bd\"> </span>Au<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>i:<span class=\"_ _0\"></span> -28<span class=\"_ _0\"></span>.86<span class=\"_ _1\"></span>7<span class=\"_ _3bd\"> </span>--1<span class=\"_ _0\"></span>.8<span class=\"_ _1\"></span>50<span class=\"_ _3bd\"> </span>30<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>17<span class=\"_ _3bd\"> </span>B.1<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Ac<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span> <span class=\"_ _230\"> </span>-<span class=\"_ _3bd\"> </span></span></span>25.<span class=\"_ _0\"></span>720<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>78<span class=\"_ _1\"></span>4<span class=\"_ _3bd\"> </span>26.<span class=\"_ _0\"></span>504<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">operazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">aggregazione<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>az<span class=\"_ _0\"></span>iend<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>B.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Spese<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">migliorie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cap<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>lizz<span class=\"_ _1\"></span>ate <span class=\"_ _6d\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>B.3<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Riprese<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">val<span class=\"_ _0\"></span>ore<span class=\"_ _0\"></span> <span class=\"_ _11a\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>B.4<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Variazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">positive<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">value<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>imputate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>a)<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>trim<span class=\"_ _1\"></span>onio<span class=\"ff1\"> </span>n<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o <span class=\"_ _1a9\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>b)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conto<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>con<span class=\"_ _0\"></span>omic<span class=\"_ _0\"></span>o <span class=\"_ _223\"> </span>-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>B.5<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Dif<span class=\"_ _0\"></span>fer<span class=\"_ _0\"></span>enz<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ositi<span class=\"_ _0\"></span>ve<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>cam<span class=\"_ _0\"></span>bio<span class=\"_ _0\"></span> <span class=\"_ _231\"> </span>-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>B.6<span class=\"ff1\"> </span>Trasferimenti<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">immobili<span class=\"ff1\"> </span></span></span>detenuti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">scopo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">investimento<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>B.7<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vari<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span> <span class=\"_ _59\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>3.1<span class=\"_ _0\"></span>47<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>066<span class=\"_ _3bd\"> </span>4<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>13<span class=\"_ _3bd\"> </span>C.<span class=\"_ _3bd\"> </span>Di<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i:<span class=\"_ _3bd\"> </span>-30<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>80<span class=\"_ _3bd\"> </span>--2<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>33<span class=\"_ _0\"></span>.6<span class=\"_ _1\"></span>83<span class=\"_ _3bd\"> </span>C.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Ven<span class=\"_ _0\"></span>dite<span class=\"_ _0\"></span> </span></span>-<span class=\"_ _3bd\"> </span>94<span class=\"_ _1\"></span>9<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>15<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>064<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">operazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">aggregazione<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>az<span class=\"_ _0\"></span>iend<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>C.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Amm<span class=\"_ _0\"></span>orta<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span> <span class=\"_ _b3\"> </span>-<span class=\"_ _3bd\"> </span></span></span>22<span class=\"_ _0\"></span>.98<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>727<span class=\"_ _3bd\"> </span>24<span class=\"_ _0\"></span>.71<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>C.3<span class=\"ff1\"> </span>Rettifiche<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>lore<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>deterioramento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">imputate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span>a)<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>trim<span class=\"_ _1\"></span>onio<span class=\"ff1\"> </span>n<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o <span class=\"_ _1a9\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>b)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conto<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>con<span class=\"_ _0\"></span>omic<span class=\"_ _0\"></span>o <span class=\"_ _223\"> </span>-<span class=\"_ _3bd\"> </span></span></span>1<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span>C.4<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Variazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">negative<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">f<span class=\"_ _2\"></span>air<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>imputate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>a)<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>trim<span class=\"_ _1\"></span>onio<span class=\"ff1\"> </span>n<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o <span class=\"_ _1a9\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>b)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conto<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>con<span class=\"_ _0\"></span>omic<span class=\"_ _0\"></span>o <span class=\"_ _223\"> </span>-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>C.<span class=\"_ _0\"></span>5<span class=\"ff1\"> </span>Diff<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span>nze<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ne<span class=\"_ _0\"></span>gati<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">cam<span class=\"_ _0\"></span>bio<span class=\"_ _0\"></span> <span class=\"_ _fc\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>C.<span class=\"_ _0\"></span>6<span class=\"ff1\"> </span>Trasf<span class=\"_ _0\"></span>erim<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>a:<span class=\"_ _1\"></span> <span class=\"_ _1a1\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>a)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">materiali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">detenute<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>scopo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>investimen<span class=\"_ _0\"></span>to<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>b)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">correnti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gruppi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>attivit\u00e0<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>via<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ismissione<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>C.7<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vari<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span> <span class=\"_ _59\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>7.<span class=\"_ _0\"></span>030<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>8<span class=\"_ _0\"></span>48<span class=\"_ _3bd\"> </span>7.<span class=\"_ _1\"></span>87<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>D.<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>ane<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ze<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>-12<span class=\"_ _0\"></span>4.9<span class=\"_ _1\"></span>19<span class=\"_ _3bd\"> </span>--2.<span class=\"_ _0\"></span>215<span class=\"_ _3bd\"> </span>12<span class=\"_ _0\"></span>7.<span class=\"_ _0\"></span>13<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>D.1<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Ridu<span class=\"_ _0\"></span>zio<span class=\"_ _1\"></span>ni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alo<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tot<span class=\"_ _0\"></span>ali<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>et<span class=\"_ _1\"></span>te<span class=\"_ _0\"></span> <span class=\"_ _231\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>77.<span class=\"_ _0\"></span>41<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>4.<span class=\"_ _0\"></span>279<span class=\"_ _3bd\"> </span>81<span class=\"_ _0\"></span>.69<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>D.<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>Rim<span class=\"_ _1\"></span>an<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ze<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>nal<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span>lor<span class=\"_ _1\"></span>de<span class=\"_ _3bd\"> </span>-20<span class=\"_ _0\"></span>2.3<span class=\"_ _0\"></span>36<span class=\"_ _3bd\"> </span>--6.<span class=\"_ _0\"></span>49<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>20<span class=\"_ _0\"></span>8.<span class=\"_ _0\"></span>83<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>E.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Valutazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">co<span class=\"_ _1\"></span>sto<span class=\"_ _1\"></span> <span class=\"_ _1e8\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fornisce<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">anche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tabella<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mo<span class=\"_ _2\"></span>vimentazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">diritt<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d\u2019uso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">acquisiti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">leasing<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">q<span class=\"_ _2\"></span>uanto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tali<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>attivit\u00e0<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>rilevanti.<span class=\"_ _3bd\"> </span><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs17d6\">9.<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs17d7\">At<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs17d8\">ma<span class=\"_ _1\"></span>teri<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs17d9\">det<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs17da\">a<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs17db\">sc<span class=\"_ _0\"></span>op<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs17dc\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs17dd\">in<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>o:<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs17de\">va<span class=\"_ _0\"></span>ria<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs17df\">an<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs17e0\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs17e1\">Te<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>eni<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _ca\"> </span><span class=\"fc4 sc2\">Fa<span class=\"_ _0\"></span>bbr<span class=\"_ _1\"></span>icat<span class=\"_ _1\"></span>i<span class=\"fc0 sc1\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs17e2\">A.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs17e3\">Esist<span class=\"_ _0\"></span>enze<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs17e4\">in<span class=\"_ _1\"></span>izia<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span> <span class=\"_ _234\"> </span>2.<span class=\"_ _0\"></span>61<span class=\"_ _0\"></span>8 <span class=\"_ _235\"> </span>3.<span class=\"_ _1\"></span>00<span class=\"_ _1\"></span>0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs17e5\">B.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs17e6\">Au<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>i </div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs17e7\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs17e8\"> <span class=\"_ _206\"> </span>52<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs17e9\">B.1<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Ac<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span> <span class=\"_ _236\"> </span>- <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs17ea\">-<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>cu<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>op<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>zion<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>agg<span class=\"_ _1\"></span>rega<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>az<span class=\"_ _1\"></span>iend<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span> <span class=\"_ _237\"> </span>- <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs17eb\">B.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Spese<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">migliorie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cap<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>lizz<span class=\"_ _1\"></span>ate <span class=\"_ _238\"> </span>- <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs17ec\">B.3<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Vari<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">po<span class=\"_ _0\"></span>sit<span class=\"_ _0\"></span>ive<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">fa<span class=\"_ _1\"></span>ir<span class=\"ff1\"> </span>valu<span class=\"_ _0\"></span>e <span class=\"_ _239\"> </span>- <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs17ed\">B.4<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Riprese<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alo<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span> <span class=\"_ _1d9\"> </span>- <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs17ee\">B.5<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Di<span class=\"_ _0\"></span>ffer<span class=\"_ _0\"></span>enz<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>camb<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>p<span class=\"_ _1\"></span>ositi<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span> <span class=\"_ _128\"> </span>-<span class=\"_ _0\"></span> <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs17ef\">B.6<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Tr<span class=\"_ _0\"></span>asfe<span class=\"_ _0\"></span>rim<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>da<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">imm<span class=\"_ _0\"></span>obil<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>so<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">funz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span> <span class=\"_ _23a\"> </span>- <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs17f0\">B.7<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vari<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span> <span class=\"_ _23b\"> </span>- <span class=\"_ _206\"> </span>5<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs17f1\">C.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs17f2\">Di<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i <span class=\"_ _15f\"> </span>20<span class=\"_ _1\"></span>4 <span class=\"_ _106\"> </span>3<span class=\"_ _1\"></span>12<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs17f3\">C.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Ven<span class=\"_ _0\"></span>dite<span class=\"_ _0\"></span> </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs17f4\">1<span class=\"_ _0\"></span>91<span class=\"_ _1\"></span> <span class=\"_ _106\"> </span>1<span class=\"_ _1\"></span>45<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs17f5\">-<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>cu<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>op<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>zion<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>agg<span class=\"_ _1\"></span>rega<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>az<span class=\"_ _1\"></span>iend<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span> <span class=\"_ _237\"> </span>- <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs17f6\">C.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Amm<span class=\"_ _0\"></span>orta<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span> <span class=\"_ _97\"> </span>- <span class=\"_ _12d\"> </span>16<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs17f7\">C.<span class=\"_ _0\"></span>3<span class=\"ff1\"> </span>Var<span class=\"_ _0\"></span>iaz<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nega<span class=\"_ _0\"></span>tive<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">fa<span class=\"_ _0\"></span>ir<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>lue<span class=\"_ _0\"></span> <span class=\"_ _23c\"> </span>- <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs17f8\">C.4<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Rettifiche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>ior<span class=\"_ _0\"></span>am<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>o <span class=\"_ _181\"> </span>- <span class=\"_ _8b\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs17f9\">C.<span class=\"_ _0\"></span>5<span class=\"ff1\"> </span>Di<span class=\"_ _0\"></span>ffer<span class=\"_ _0\"></span>enz<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>ca<span class=\"_ _0\"></span>mbi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>neg<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>ive<span class=\"_ _0\"></span> </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs17fa\">- <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs17fb\">C.<span class=\"_ _0\"></span>6<span class=\"ff1\"> </span>Trasf<span class=\"_ _0\"></span>erim<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>a:<span class=\"_ _1\"></span> <span class=\"_ _1c4\"> </span>- <span class=\"_ _8b\"> </span>-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs17fc\">a)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"_ _2\"></span>mmobil<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ad<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">uso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fun<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e <span class=\"_ _14f\"> </span>- <span class=\"_ _8b\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs17fd\">b)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">correnti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gruppi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">via<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dis<span class=\"_ _0\"></span>mis<span class=\"_ _0\"></span>sio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span> <span class=\"_ _23d\"> </span>- <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs17fe\">C.7<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vari<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span> <span class=\"_ _1c6\"> </span>13<span class=\"_ _1\"></span> <span class=\"_ _1a7\"> </span>3<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs17ff\">D.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1800\">Ri<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ze<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1801\">fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>li <span class=\"_ _98\"> </span>2.<span class=\"_ _0\"></span>414<span class=\"_ _1\"></span> <span class=\"_ _c7\"> </span>2<span class=\"_ _0\"></span>.7<span class=\"_ _1\"></span>40<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1802\">E.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Valutazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">f<span class=\"_ _2\"></span>air<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valu<span class=\"_ _0\"></span>e <span class=\"_ _23e\"> </span>2.<span class=\"_ _0\"></span>393 <span class=\"_ _ad\"> </span>6.7<span class=\"_ _0\"></span>25<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></div>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _3bd\"> </span>Crediti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d\u2019imposta<span class=\"ff1\"> </span></span></span>Con<span class=\"_ _0\"></span>ten<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>so<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cre<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></span></span>Altri<span class=\"ff1\"> </span>debitori<span class=\"ff1\"> </span>divers<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>Anticipi<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>for<span class=\"_ _0\"></span>nit<span class=\"_ _0\"></span>ori<span class=\"_ _0\"></span> To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>536.<span class=\"_ _0\"></span>037<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>469<span class=\"_ _3bd\"> </span>48<span class=\"_ _0\"></span>.38<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>38.<span class=\"_ _0\"></span>64<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>62<span class=\"_ _0\"></span>5.<span class=\"_ _0\"></span>05<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>24<span class=\"_ _0\"></span>1.2<span class=\"_ _0\"></span>27<span class=\"_ _3bd\"> </span>3.3<span class=\"_ _0\"></span>06<span class=\"_ _3bd\"> </span>56.<span class=\"_ _0\"></span>804<span class=\"_ _3bd\"> </span>33.<span class=\"_ _0\"></span>319<span class=\"_ _3bd\"> </span>33<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>65<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>Sezion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>13<span class=\"_ _3bd\"> </span>\u2013<span class=\"_ _3bd\"> </span>Altre<span class=\"_ _3bd\"> </span>attivit\u00e0<span class=\"_ _3bd\"> </span>\u2013<span class=\"_ _3bd\"> </span>Voce<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>30<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>13<span class=\"_ _1\"></span>.1<span class=\"_ _3bd\"> </span>Al<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>at<span class=\"_ _1\"></span>tivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Assegni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">negoziati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">com<span class=\"_ _0\"></span>pen<span class=\"_ _0\"></span>sar<span class=\"_ _0\"></span>e <span class=\"_ _12b\"> </span>4<span class=\"_ _0\"></span>8.3<span class=\"_ _0\"></span>04<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>73.<span class=\"_ _0\"></span>618<span class=\"_ _3bd\"> </span>Operazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">titoli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">lav<span class=\"_ _0\"></span>ora<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne <span class=\"_ _271\"> </span>1.<span class=\"_ _0\"></span>213<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>99.<span class=\"_ _0\"></span>359<span class=\"_ _3bd\"> </span>Assegni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">corso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">lavo<span class=\"_ _0\"></span>raz<span class=\"_ _0\"></span>ione<span class=\"_ _1\"></span> <span class=\"_ _166\"> </span>79<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>1.<span class=\"_ _0\"></span>959<span class=\"_ _3bd\"> </span>Op<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>lat<span class=\"_ _0\"></span>ive<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">serv<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">p<span class=\"_ _0\"></span>aga<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nto<span class=\"ff1\"> </span>in<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">cors<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>la<span class=\"_ _0\"></span>vor<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span> <span class=\"_ _48\"> </span>69<span class=\"_ _0\"></span>.25<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>20<span class=\"_ _0\"></span>7.2<span class=\"_ _0\"></span>13<span class=\"_ _3bd\"> </span>Op<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>rel<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>ive<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>serv<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">pa<span class=\"_ _0\"></span>gam<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cor<span class=\"_ _0\"></span>so<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">matu<span class=\"_ _0\"></span>raz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e <span class=\"_ _b8\"> </span>30.<span class=\"_ _0\"></span>743<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>254<span class=\"_ _0\"></span>.57<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>Ratei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">atti<span class=\"_ _0\"></span>vi <span class=\"_ _272\"> </span>3.4<span class=\"_ _0\"></span>03<span class=\"_ _3bd\"> </span></span></span>4<span class=\"_ _0\"></span>.4<span class=\"_ _1\"></span>94<span class=\"_ _3bd\"> </span>Risc<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>atti<span class=\"_ _1\"></span>vi <span class=\"_ _273\"> </span>29.<span class=\"_ _0\"></span>68<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>29.<span class=\"_ _0\"></span>18<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>As<span class=\"_ _0\"></span>seg<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>ed<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">effe<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ins<span class=\"_ _0\"></span>olu<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>ad<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al</span> <span class=\"ff3\">pr<span class=\"_ _0\"></span>ote<span class=\"_ _0\"></span>sto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tra<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sull'<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>ien<span class=\"_ _0\"></span>da<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">su</span> <span class=\"_ _0\"></span><span class=\"ff3\">ter<span class=\"_ _0\"></span>zi <span class=\"_ _3c\"> </span>75<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>2.<span class=\"_ _0\"></span>866<span class=\"_ _3bd\"> </span>Migl<span class=\"_ _1\"></span>iorie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">s<span class=\"_ _0\"></span>pes<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>ncr<span class=\"_ _0\"></span>eme<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>tive<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">su<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">be<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>te<span class=\"_ _0\"></span>rz<span class=\"_ _0\"></span>i <span class=\"_ _252\"> </span>20<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>25<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>21<span class=\"_ _0\"></span>.10<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>Depositi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cauz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span> <span class=\"_ _273\"> </span>7<span class=\"_ _1\"></span>1<span class=\"_ _3bd\"> </span></span></span>71<span class=\"_ _3bd\"> </span>Deb<span class=\"_ _0\"></span>itor<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>ver<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span>per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fat<span class=\"_ _0\"></span>tur<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>em<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>e <span class=\"_ _12b\"> </span>30<span class=\"_ _0\"></span>.47<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span></span></span>32.<span class=\"_ _0\"></span>377<span class=\"_ _3bd\"> </span>Debitori<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dive<span class=\"_ _0\"></span>rsi<span class=\"_ _0\"></span> <span class=\"_ _26a\"> </span>624<span class=\"_ _0\"></span>.526<span class=\"_ _3bd\"> </span></span></span>334<span class=\"_ _0\"></span>.656<span class=\"_ _3bd\"> </span>Par<span class=\"_ _0\"></span>tite<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">via<span class=\"_ _0\"></span>ggi<span class=\"_ _1\"></span>anti<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fil<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span>i <span class=\"_ _274\"> </span>17.<span class=\"_ _0\"></span>832<span class=\"_ _3bd\"> </span></span></span></span></span>13.<span class=\"_ _0\"></span>18<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>87<span class=\"_ _0\"></span>7.<span class=\"_ _0\"></span>48<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>07<span class=\"_ _0\"></span>4.6<span class=\"_ _1\"></span>58<span class=\"_ _3bd\"> </span>Le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">operazioni<span class=\"ff1\"> </span>relativ<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">servizi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>pagamento<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">corso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>lav<span class=\"_ _0\"></span>orazione/maturazione<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>elative<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ad<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>addebiti<span class=\"ff1\"> </span>ricevuti<span class=\"ff1\"> </span>ma<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>ancora<span class=\"ff1\"> </span>addebitati<span class=\"ff1\"> </span>sui<span class=\"ff1\"> </span>conti<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>clientela.<span class=\"_ _3bd\"> </span>Non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">presenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">impairment<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">loss<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>IFRS<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">9)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">crediti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">relativi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contr<span class=\"_ _2\"></span>atti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">clientela<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contract<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ass<span class=\"_ _0\"></span>ets.<span class=\"_ _0\"></span> Nella<span class=\"ff1\"> <span class=\"_ _20\"></span></span>voc<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u201cRisconti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>att<span class=\"_ _2\"></span>ivi\u201d<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>presenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>anche<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>costi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sostenuti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l\u2019ottenimento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contratti<span class=\"ff1\"> </span>verso<span class=\"ff1\">  </span>promotori<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>finanziari,<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>competenza<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>esercizi<span class=\"ff1\">  </span>futuri,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>pari<span class=\"ff1\">  </span>a<span class=\"ff1\">  </span>18,9<span class=\"ff1\">  </span>milioni<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>euro.<span class=\"ff1\">  </span>La<span class=\"ff1\"> </span>movimentazione<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>voce<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>seguente:<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>1.<span class=\"_ _3bd\"> </span>Impo<span class=\"_ _0\"></span>rto<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>iz<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span>e <span class=\"_ _273\"> </span>19.<span class=\"_ _0\"></span>811<span class=\"_ _3bd\"> </span>18<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>2<span class=\"_ _3bd\"> </span>2.<span class=\"_ _3bd\"> </span>Au<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span>11<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>86<span class=\"_ _3bd\"> </span>12<span class=\"_ _0\"></span>.54<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>2.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altri<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ume<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span> <span class=\"_ _136\"> </span>11.<span class=\"_ _0\"></span>686<span class=\"_ _3bd\"> </span></span></span>12<span class=\"_ _0\"></span>.54<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>3.<span class=\"_ _3bd\"> </span>Di<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>12<span class=\"_ _0\"></span>.58<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span>11<span class=\"_ _0\"></span>.24<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span>3.1<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">amm<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>tame<span class=\"_ _0\"></span>nti<span class=\"_ _1\"></span> <span class=\"_ _276\"> </span>12<span class=\"_ _0\"></span>.58<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span></span></span>11<span class=\"_ _0\"></span>.24<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span>4.<span class=\"_ _3bd\"> </span>Impo<span class=\"_ _0\"></span>rto<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>nal<span class=\"_ _1\"></span>e <span class=\"_ _277\"> </span>18<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>08<span class=\"_ _3bd\"> </span>19<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>1<span class=\"_ _3bd\"> </span>Di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">seg<span class=\"_ _0\"></span>uito<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">si</span> <span class=\"_ _0\"></span><span class=\"ff3\">rip<span class=\"_ _0\"></span>orta<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>tagli<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>\u201c<span class=\"_ _0\"></span>Debi<span class=\"_ _0\"></span>tori<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">div<span class=\"_ _0\"></span>ersi<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>Nella<span class=\"ff1\"> </span>voce<span class=\"ff1\"> </span>\u201ccrediti<span class=\"ff1\"> </span>d\u2019imposta\u201d<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>presenti<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>fiscali<span class=\"ff1\"> </span>connesse<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>l\u2019attivit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>sos<span class=\"_ _2\"></span>tituto<span class=\"ff1\"> </span>d\u2019<span class=\"_ _0\"></span>imp<span class=\"_ _0\"></span>osta.<span class=\"_ _0\"></span> Sono<span class=\"ff1\"> </span>presen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>cred<span class=\"_ _0\"></span>iti<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">imposta<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ai<span class=\"ff1\"> </span>sensi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span>D.L<span class=\"_ _0\"></span>.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">n.18/<span class=\"_ _2\"></span>2020<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(Cura<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Italia)<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">D<span class=\"_ _2\"></span>.L.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">n.34/2020<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>Rilancio)<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>(eco<span class=\"ff1\"> </span>bonus<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>sisma<span class=\"ff1\"> </span>bonus)<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>controvalore<span class=\"ff1\"> </span>complessivo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>301,3<span class=\"ff1\"> </span>milioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>euro.<span class=\"_ _3bd\"> </span><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1e5d\">A<span class=\"ff1\"> </span>seguito<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ella<span class=\"ff1\"> </span>facolt\u00e0<span class=\"ff1\"> </span>esercita<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>compag<span class=\"_ _0\"></span>nia<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>assicurazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Cr<span class=\"_ _2\"></span>edemvita,<span class=\"ff1\"> </span>face<span class=\"_ _0\"></span>nte<span class=\"ff1\"> </span>parte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1e5e\">Conglomerato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>finanziario<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>pre<span class=\"_ _0\"></span>valenza<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>banc<span class=\"_ _0\"></span>aria,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>post<span class=\"_ _2\"></span>icipare<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>2023<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>prima<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>applicazione<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1e5f\">dell\u2019IFRS9,<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>(Deferral<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>Approach),<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>negli<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>s<span class=\"_ _2\"></span>chemi<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>consolidati<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>previsti<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>dall\u2019aggiornamento<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>della<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1e60\">circolare<span class=\"ff1\"> </span>262<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> </span>Banca<span class=\"ff1\"> </span>d\u2019Italia,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>state<span class=\"ff1\"> </span>create<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>seguenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nuove<span class=\"ff1\"> </span>voci<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Stato<span class=\"ff1\"> </span>Patrimoniale<span class=\"ff1\"> </span>-<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1e61\">Att<span class=\"_ _0\"></span>ivo<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1e62\">Stato<span class=\"ff1\"> </span>Patrimoniale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u2013<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Attivo:<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u201cVoce<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">35.<span class=\"ff1\"> </span>Attivit\u00e0<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inanziarie<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pertinenza<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>imp<span class=\"_ _0\"></span>rese<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1e63\">assicurazione<span class=\"ff1\">  </span>valutate<span class=\"ff1\">  </span>al<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fair<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>value<span class=\"ff1\">  </span>ai<span class=\"ff1\">  </span>sensi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _2\"></span>ello<span class=\"ff1\">  </span>IAS<span class=\"ff1\">  </span>39\u201d,<span class=\"ff1\">  </span>c<span class=\"_ _0\"></span>he<span class=\"ff1\">  </span>accoglie<span class=\"ff1\">  </span>le<span class=\"ff1\">  </span>attivit\u00e0<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1e64\">finanziarie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>detenute<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ne<span class=\"_ _2\"></span>goziazione,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finan<span class=\"_ _2\"></span>ziarie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valutate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _20\"></span></span>val<span class=\"_ _2\"></span>ue,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1e65\">attivit\u00e0<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inanziarie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">disponibili<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">v<span class=\"_ _2\"></span>endita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">eventuali<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>erivati<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pos<span class=\"_ _2\"></span>itivo,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1e66\">cos\u00ec<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>definiti<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>rispetto<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>IAS<span class=\"ff1\"> </span>39;<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1e67\">Stato<span class=\"ff1\"> </span>Patrimoniale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u2013<span class=\"ff1\"> </span>Attivo:<span class=\"ff1\"> </span>\u201cVoce<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">45.</span> <span class=\"_ _0\"></span><span class=\"ff3\">Attivit\u00e0<span class=\"ff1\"> </span>finanzi<span class=\"_ _0\"></span>arie<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>rti<span class=\"_ _2\"></span>nenza<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">imprese<span class=\"ff1\"> </span>d<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1e68\">assicurazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>valuta<span class=\"_ _2\"></span>te<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>costo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ammortizzato<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ai<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sensi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dello<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>IAS<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>39\u201d,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>accoglie<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1e69\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>detenute<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sino<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>alla<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>scadenza,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>crediti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>verso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>b<span class=\"_ _0\"></span>anche<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quelli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>verso<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1e6a\">clientela,<span class=\"ff1\"> </span>cos\u00ec<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>definiti<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>rispetto<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>IAS<span class=\"ff1\"> </span>39.<span class=\"_ _3bd\"> </span> </div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-869": {
   "value": "Sezion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>9<span class=\"_ _3bd\"> </span>\u2013<span class=\"_ _3bd\"> </span>Attivit\u00e0<span class=\"_ _3bd\"> </span>mate<span class=\"_ _0\"></span>riali<span class=\"_ _3bd\"> </span>\u2013<span class=\"_ _3bd\"> </span>Voce<span class=\"_ _3bd\"> </span>9<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>9.<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>At<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>ma<span class=\"_ _1\"></span>teri<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>ad<span class=\"_ _3bd\"> </span>us<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>fu<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e:<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"_ _3bd\"> </span>at<span class=\"_ _1\"></span>tivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>sto<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Att<span class=\"_ _1\"></span>ivi<span class=\"_ _0\"></span>t\u00e0/<span class=\"_ _0\"></span>Va<span class=\"_ _1\"></span>lori<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>1.<span class=\"_ _3bd\"> </span>Attiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>pr<span class=\"_ _0\"></span>op<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>32<span class=\"_ _0\"></span>1.<span class=\"_ _0\"></span>62<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>32<span class=\"_ _3bd\"> </span>a)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ter<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></span></span>136<span class=\"_ _0\"></span>.48<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>13<span class=\"_ _3bd\"> </span>b)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fab<span class=\"_ _0\"></span>br<span class=\"_ _0\"></span>icat<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></span></span>11<span class=\"_ _0\"></span>9.6<span class=\"_ _0\"></span>64<span class=\"_ _3bd\"> </span>12<span class=\"_ _3bd\"> </span>c)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mob<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span> </span></span>11<span class=\"_ _0\"></span>.637<span class=\"_ _3bd\"> </span>1<span class=\"_ _3bd\"> </span>d)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">impianti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">elett<span class=\"_ _0\"></span>ron<span class=\"_ _0\"></span>ici<span class=\"_ _0\"></span> </span></span></span></span>20<span class=\"_ _0\"></span>.30<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>1<span class=\"_ _3bd\"> </span>e)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alt<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span> </span></span>33.<span class=\"_ _0\"></span>542<span class=\"_ _3bd\"> </span>3<span class=\"_ _3bd\"> </span>2.<span class=\"_ _3bd\"> </span>Di<span class=\"_ _0\"></span>rit<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>d'<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>ac<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>iti<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span>il<span class=\"_ _3bd\"> </span>le<span class=\"_ _0\"></span>as<span class=\"_ _1\"></span>ing<span class=\"_ _0\"></span> 12<span class=\"_ _0\"></span>7.<span class=\"_ _0\"></span>13<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>13<span class=\"_ _3bd\"> </span>a)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ter<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>b)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fab<span class=\"_ _0\"></span>br<span class=\"_ _0\"></span>icat<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></span></span>12<span class=\"_ _0\"></span>4.9<span class=\"_ _0\"></span>19<span class=\"_ _3bd\"> </span>12<span class=\"_ _3bd\"> </span>c)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mob<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span> </span></span>-<span class=\"_ _3bd\"> </span>d)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">impianti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">elett<span class=\"_ _0\"></span>ron<span class=\"_ _0\"></span>ici<span class=\"_ _0\"></span> </span></span></span></span>-<span class=\"_ _3bd\"> </span>e)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alt<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span> </span></span>2.<span class=\"_ _0\"></span>215<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>44<span class=\"_ _0\"></span>8.7<span class=\"_ _1\"></span>62<span class=\"_ _3bd\"> </span>4<span class=\"_ _3bd\"> </span>di<span class=\"ff1\"> </span>cui<span class=\"_ _0\"></span>:<span class=\"ff1\"> </span>ott<span class=\"_ _0\"></span>enu<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>tr<span class=\"_ _0\"></span>am<span class=\"_ _0\"></span>ite<span class=\"ff1\"> </span>l\u2019<span class=\"_ _0\"></span>esc<span class=\"_ _0\"></span>uss<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">garan<span class=\"_ _0\"></span>zie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rice<span class=\"_ _1\"></span>vute<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>materiali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>costo,<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>tto<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>ammortamenti<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">qualsiasi</span> <span class=\"ff3\">perdita</span> <span class=\"ff3\">per</span> </span></span></span>riduzione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>accumulate.<span class=\"_ _3bd\"> </span>Nelle<span class=\"ff1\"> </span>att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> </span>mat<span class=\"_ _2\"></span>eriali<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>anche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>icompreso,<span class=\"ff1\"> </span>ai<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sensi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>principio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>IFRS16,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>D<span class=\"_ _2\"></span>iritto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d\u2019Uso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(Right<span class=\"ff1\"> <span class=\"_ _2\"></span></span>of<span class=\"ff1\"> </span>Use)<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>beni<span class=\"ff1\"> </span>oggetti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>contratti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>leasing<span class=\"ff1\"> </span>operativo.<span class=\"_ _3bd\"> </span>9.2<span class=\"_ _3bd\"> </span>At<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>ma<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span>det<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>sc<span class=\"_ _0\"></span>op<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>o:<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>at<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>ate<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>cos<span class=\"_ _1\"></span>to<span class=\"fc0 sc1\"> </span>Att<span class=\"_ _1\"></span>ivi<span class=\"_ _0\"></span>t\u00e0/<span class=\"_ _0\"></span>Va<span class=\"_ _1\"></span>lori<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Va<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>bi<span class=\"_ _0\"></span>lan<span class=\"_ _1\"></span>cio<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Fa<span class=\"_ _0\"></span>ir<span class=\"_ _3bd\"> </span>v<span class=\"_ _0\"></span>al<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Va<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>bi<span class=\"_ _0\"></span>lan<span class=\"_ _1\"></span>cio<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Fa<span class=\"_ _0\"></span>ir<span class=\"_ _3bd\"> </span>v<span class=\"_ _0\"></span>al<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>L<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _218\"> </span><span class=\"fc4 sc2\">L<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _1af\"> </span><span class=\"fc4 sc2\">L<span class=\"_ _1\"></span>3<span class=\"fc0 sc1\"> <span class=\"_ _22b\"> </span></span>L<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _218\"> </span><span class=\"fc4 sc2\">L2<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _1ee\"> </span><span class=\"fc4 sc2\">L<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></span></span></span></span></span></span></span></span>1.<span class=\"_ _3bd\"> </span>Attiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>pr<span class=\"_ _0\"></span>op<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>\u00e0 <span class=\"_ _22c\"> </span>5.<span class=\"_ _0\"></span>15<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>--9.<span class=\"_ _1\"></span>11<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>5<span class=\"_ _0\"></span>.6<span class=\"_ _1\"></span>18<span class=\"_ _3bd\"> </span>--10<span class=\"_ _0\"></span>.05<span class=\"_ _1\"></span>8<span class=\"_ _3bd\"> </span>a)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ter<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>i <span class=\"_ _16f\"> </span>2<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>14<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>393<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>618<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>b)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fab<span class=\"_ _0\"></span>br<span class=\"_ _0\"></span>icat<span class=\"_ _0\"></span>i <span class=\"_ _22d\"> </span>2.<span class=\"_ _0\"></span>740<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>6.<span class=\"_ _0\"></span>725<span class=\"_ _3bd\"> </span>3.<span class=\"_ _1\"></span>00<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>7.<span class=\"_ _0\"></span>093<span class=\"_ _3bd\"> </span>2.<span class=\"_ _3bd\"> </span>Di<span class=\"_ _0\"></span>rit<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>d'<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>ac<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>iti<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span>il<span class=\"_ _3bd\"> </span>le<span class=\"_ _0\"></span>as<span class=\"_ _1\"></span>ing<span class=\"_ _0\"></span> --------a)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ter<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>i </span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>b)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fab<span class=\"_ _0\"></span>br<span class=\"_ _0\"></span>icat<span class=\"_ _0\"></span>i </span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>5.<span class=\"_ _0\"></span>15<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>--9.<span class=\"_ _1\"></span>11<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>5<span class=\"_ _0\"></span>.6<span class=\"_ _1\"></span>18<span class=\"_ _3bd\"> </span>--10<span class=\"_ _0\"></span>.05<span class=\"_ _1\"></span>8<span class=\"_ _3bd\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ottenute<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tramite<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019escussione<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">dell<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>garanzie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ricevute </span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Le<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>nda<span class=\"_ _1\"></span>:<span class=\"fc0 sc1\"> </span>L1=<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Livello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">1<span class=\"_ _1\"></span> </span></span></span></span>L2=<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Livello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2<span class=\"_ _1\"></span> </span></span></span></span>L3=<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Livello<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">3<span class=\"_ _0\"></span> </span></span></span></span>Le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>materiali<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>valu<span class=\"_ _0\"></span>tate<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>costo<span class=\"_ _2\"></span>.<span class=\"ff1\"> </span>Il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fair</span> <span class=\"ff3\">value</span> <span class=\"ff3\">delle</span> <span class=\"ff3\">attivit\u00e0</span> <span class=\"ff3\">ma<span class=\"_ _2\"></span>teriali</span> <span class=\"ff3\">de<span class=\"_ _0\"></span>tenute<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>scopo<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span></span></span>investimento<span class=\"ff1\"> </span>ammonta<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>9,1<span class=\"ff1\"> </span>milioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>euro. Il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _20\"></span></span>value<span class=\"ff1\"> <span class=\"_ _2\"></span></span>indica<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l\u2019ammontar<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>stimato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _2\"></span></span>u<span class=\"_ _2\"></span>na<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pro<span class=\"_ _2\"></span>priet\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pas<span class=\"_ _2\"></span>sivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dovrebbe<span class=\"ff1\"> <span class=\"_ _20\"></span></span>essere<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ceduta<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> </span>acquistata,<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valutazione,<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>venditore<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>acquirente<span class=\"ff1\"> </span>privi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>legami<span class=\"ff1\"> </span>particolari,<span class=\"_ _2\"></span><span class=\"ff1\"> </span>entrambi<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>interessat<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>alla<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>compravendita,<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>condizioni<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>concorr<span class=\"_ _2\"></span>enziali,<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>dopo<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>un\u2018<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>a<span class=\"_ _2\"></span>deguata<span class=\"ff1\"> </span>commercializzazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>parti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>abbi<span class=\"_ _0\"></span>ano<span class=\"ff1\"> <span class=\"_ _21\"></span></span>agito<span class=\"ff1\"> <span class=\"_ _21\"></span></span>entrambe<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">in</span> <span class=\"_ _20\"></span><span class=\"ff3\">modo</span> <span class=\"_ _21\"> </span><span class=\"ff3\">informato,</span> <span class=\"_ _21\"></span><span class=\"ff3\">consapevole</span> <span class=\"_ _20\"></span><span class=\"ff3\">e</span> </span>senza<span class=\"ff1\"> </span>coercizioni\u201d.<span class=\"ff1\"> </span>(RICS<span class=\"ff1\"> </span>Red<span class=\"ff1\"> </span>Book<span class=\"ff1\"> </span>VS<span class=\"ff1\"> </span>3.2,<span class=\"ff1\"> </span>ed.<span class=\"ff1\"> </span>italiana,<span class=\"ff1\"> </span>Marzo<span class=\"ff1\"> </span>20<span class=\"_ _2\"></span>12).<span class=\"_ _3bd\"> </span>9.<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>At<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span>ma<span class=\"_ _1\"></span>teri<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>ad<span class=\"_ _3bd\"> </span>us<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>fu<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e:<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>ria<span class=\"_ _1\"></span>zion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>an<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>Te<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>eni<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _69\"> </span><span class=\"fc4 sc2\">Fab<span class=\"_ _0\"></span>br<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>ati<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _11c\"> </span><span class=\"fc4 sc2\">Mo<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></span></span></span></span>Im<span class=\"_ _1\"></span>pian<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>el<span class=\"_ _0\"></span>ett<span class=\"_ _1\"></span>ron<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>A<span class=\"_ _0\"></span>lt<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> <span class=\"_ _176\"> </span></span>Tot<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>A.<span class=\"_ _3bd\"> </span>Es<span class=\"_ _0\"></span>ist<span class=\"_ _1\"></span>enz<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>iz<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>lo<span class=\"_ _0\"></span>rd<span class=\"_ _0\"></span>e <span class=\"_ _22e\"> </span>13<span class=\"_ _0\"></span>6.7<span class=\"_ _1\"></span>37<span class=\"_ _3bd\"> </span>32<span class=\"_ _0\"></span>3.<span class=\"_ _0\"></span>010<span class=\"_ _3bd\"> </span>82<span class=\"_ _0\"></span>.47<span class=\"_ _1\"></span>7<span class=\"_ _3bd\"> </span>60<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>24<span class=\"_ _3bd\"> </span>17<span class=\"_ _0\"></span>8.<span class=\"_ _0\"></span>828<span class=\"_ _3bd\"> </span>78<span class=\"_ _0\"></span>1.<span class=\"_ _0\"></span>676<span class=\"_ _3bd\"> </span>A.<span class=\"_ _0\"></span>1<span class=\"ff1\"> </span>Ri<span class=\"_ _0\"></span>duz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alo<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>ota<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>e <span class=\"_ _45\"> </span>-<span class=\"_ _3bd\"> </span>197<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>91<span class=\"_ _3bd\"> </span>71.<span class=\"_ _0\"></span>48<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>43.<span class=\"_ _0\"></span>593<span class=\"_ _3bd\"> </span>14<span class=\"_ _0\"></span>4.5<span class=\"_ _0\"></span>98<span class=\"_ _3bd\"> </span>457<span class=\"_ _0\"></span>.16<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>A.<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>Es<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>ten<span class=\"_ _1\"></span>ze<span class=\"_ _3bd\"> </span>in<span class=\"_ _1\"></span>izia<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>e <span class=\"_ _22f\"> </span>13<span class=\"_ _0\"></span>6.7<span class=\"_ _1\"></span>37<span class=\"_ _3bd\"> </span>12<span class=\"_ _0\"></span>5.5<span class=\"_ _1\"></span>19<span class=\"_ _3bd\"> </span>10<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>97<span class=\"_ _3bd\"> </span>17<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>31<span class=\"_ _3bd\"> </span>34<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>30<span class=\"_ _3bd\"> </span>32<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>514<span class=\"_ _3bd\"> </span>B.<span class=\"_ _3bd\"> </span>Au<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>i:<span class=\"_ _0\"></span> -3.<span class=\"_ _0\"></span>52<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>46<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>35<span class=\"_ _3bd\"> </span>7.<span class=\"_ _0\"></span>06<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>36<span class=\"_ _1\"></span>.23<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>93<span class=\"_ _1\"></span>.152<span class=\"_ _3bd\"> </span>B.1<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Ac<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span> <span class=\"_ _230\"> </span>-<span class=\"_ _3bd\"> </span></span></span>3.<span class=\"_ _1\"></span>337<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>741<span class=\"_ _3bd\"> </span>7.<span class=\"_ _0\"></span>064<span class=\"_ _3bd\"> </span>5.1<span class=\"_ _0\"></span>73<span class=\"_ _3bd\"> </span>18<span class=\"_ _0\"></span>.31<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">operazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">aggregazione<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>az<span class=\"_ _0\"></span>iend<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>B.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Spese<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">migliorie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cap<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>lizz<span class=\"_ _1\"></span>ate <span class=\"_ _6d\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>75<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>75<span class=\"_ _3bd\"> </span>B.3<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Riprese<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">val<span class=\"_ _0\"></span>ore<span class=\"_ _0\"></span> <span class=\"_ _11a\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>B.4<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Variazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">positive<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">value<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>imputate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a </span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>a)<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>trim<span class=\"_ _1\"></span>onio<span class=\"ff1\"> </span>n<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o <span class=\"_ _1a9\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>b)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conto<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>con<span class=\"_ _0\"></span>omic<span class=\"_ _0\"></span>o <span class=\"_ _223\"> </span>-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>B.5<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Dif<span class=\"_ _0\"></span>fer<span class=\"_ _0\"></span>enz<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ositi<span class=\"_ _0\"></span>ve<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>cam<span class=\"_ _0\"></span>bio<span class=\"_ _0\"></span> <span class=\"_ _231\"> </span>-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>B.6<span class=\"ff1\"> </span>Trasferimenti<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">immobili<span class=\"ff1\"> </span></span></span>detenuti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">scopo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">investimento </span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>X <span class=\"_ _19c\"> </span>X <span class=\"_ _42\"> </span>X <span class=\"_ _f9\"> </span>-<span class=\"_ _3bd\"> </span>B.7<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vari<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span> <span class=\"_ _59\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>1<span class=\"_ _0\"></span>11<span class=\"_ _3bd\"> </span>43.<span class=\"_ _0\"></span>594<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>31.<span class=\"_ _0\"></span>057<span class=\"_ _3bd\"> </span>74.<span class=\"_ _0\"></span>762<span class=\"_ _3bd\"> </span>C.<span class=\"_ _3bd\"> </span>Di<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i: <span class=\"_ _5e\"> </span>25<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>9.<span class=\"_ _1\"></span>37<span class=\"_ _1\"></span>8<span class=\"_ _3bd\"> </span>45<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>95<span class=\"_ _3bd\"> </span>3.7<span class=\"_ _1\"></span>91<span class=\"_ _3bd\"> </span>36<span class=\"_ _1\"></span>.918<span class=\"_ _3bd\"> </span>96<span class=\"_ _0\"></span>.03<span class=\"_ _1\"></span>8<span class=\"_ _3bd\"> </span>C.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Ven<span class=\"_ _0\"></span>dite<span class=\"_ _0\"></span> </span></span>1<span class=\"_ _0\"></span>00<span class=\"_ _3bd\"> </span>36<span class=\"_ _1\"></span>0<span class=\"_ _3bd\"> </span>1<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span>4<span class=\"_ _0\"></span>80<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">operazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">aggregazione<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>az<span class=\"_ _0\"></span>iend<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>C.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Amm<span class=\"_ _0\"></span>orta<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span> <span class=\"_ _b3\"> </span>-<span class=\"_ _3bd\"> </span></span></span>8.<span class=\"_ _0\"></span>940<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>.0<span class=\"_ _1\"></span>79<span class=\"_ _3bd\"> </span>3.<span class=\"_ _1\"></span>74<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>5.7<span class=\"_ _0\"></span>83<span class=\"_ _3bd\"> </span>20<span class=\"_ _0\"></span>.54<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span>C.3<span class=\"ff1\"> </span>Rettifiche<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>lore<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>deterioramento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">imputate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a </span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>a)<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>trim<span class=\"_ _1\"></span>onio<span class=\"ff1\"> </span>n<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o <span class=\"_ _1a9\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>b)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conto<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>con<span class=\"_ _0\"></span>omic<span class=\"_ _0\"></span>o <span class=\"_ _223\"> </span>-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>C.4<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Variazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">negative<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">f<span class=\"_ _2\"></span>air<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>imputate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a </span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>a)<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>trim<span class=\"_ _1\"></span>onio<span class=\"ff1\"> </span>n<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o <span class=\"_ _1a9\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>b)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conto<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>con<span class=\"_ _0\"></span>omic<span class=\"_ _0\"></span>o <span class=\"_ _223\"> </span>-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>C.<span class=\"_ _0\"></span>5<span class=\"ff1\"> </span>Diff<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span>nze<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ne<span class=\"_ _0\"></span>gati<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">cam<span class=\"_ _0\"></span>bio<span class=\"_ _0\"></span> <span class=\"_ _fc\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>C.<span class=\"_ _0\"></span>6<span class=\"ff1\"> </span>Trasf<span class=\"_ _0\"></span>erim<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>a:<span class=\"_ _1\"></span> <span class=\"_ _1a1\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>a)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">materiali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">detenute<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>scopo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>investimen<span class=\"_ _0\"></span>to -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>X <span class=\"_ _19c\"> </span>X <span class=\"_ _42\"> </span>X <span class=\"_ _f9\"> </span>-<span class=\"_ _3bd\"> </span>b)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">correnti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gruppi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>attivit\u00e0<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>via<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ismissione -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>C.7<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vari<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span> <span class=\"_ _133\"> </span>156<span class=\"_ _3bd\"> </span></span></span></span></span>78<span class=\"_ _3bd\"> </span>43.<span class=\"_ _0\"></span>615<span class=\"_ _3bd\"> </span>4<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>31.<span class=\"_ _0\"></span>11<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>75.<span class=\"_ _0\"></span>009<span class=\"_ _3bd\"> </span>D.<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>ane<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ze<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>e <span class=\"_ _18d\"> </span>13<span class=\"_ _0\"></span>6.<span class=\"_ _0\"></span>481<span class=\"_ _3bd\"> </span>11<span class=\"_ _0\"></span>9.<span class=\"_ _0\"></span>664<span class=\"_ _3bd\"> </span>11<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>37<span class=\"_ _3bd\"> </span>20<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>04<span class=\"_ _3bd\"> </span>33<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>42<span class=\"_ _3bd\"> </span>32<span class=\"_ _0\"></span>1.<span class=\"_ _0\"></span>62<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>D.1<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Ridu<span class=\"_ _0\"></span>zio<span class=\"_ _1\"></span>ni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alo<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tot<span class=\"_ _0\"></span>ali<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>et<span class=\"_ _1\"></span>te<span class=\"_ _0\"></span> <span class=\"_ _231\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>20<span class=\"_ _0\"></span>6.1<span class=\"_ _0\"></span>65<span class=\"_ _3bd\"> </span>29.<span class=\"_ _0\"></span>94<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>42<span class=\"_ _0\"></span>.751<span class=\"_ _3bd\"> </span>11<span class=\"_ _0\"></span>6.6<span class=\"_ _0\"></span>41<span class=\"_ _3bd\"> </span>395.<span class=\"_ _0\"></span>501<span class=\"_ _3bd\"> </span>D.<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>Rim<span class=\"_ _1\"></span>an<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ze<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>nal<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span>lor<span class=\"_ _1\"></span>de <span class=\"_ _232\"> </span>13<span class=\"_ _0\"></span>6.<span class=\"_ _0\"></span>48<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>32<span class=\"_ _0\"></span>5.<span class=\"_ _0\"></span>829<span class=\"_ _3bd\"> </span>41<span class=\"_ _0\"></span>.58<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>63<span class=\"_ _1\"></span>.055<span class=\"_ _3bd\"> </span>15<span class=\"_ _0\"></span>0.1<span class=\"_ _0\"></span>83<span class=\"_ _3bd\"> </span>71<span class=\"_ _0\"></span>7.1<span class=\"_ _0\"></span>29<span class=\"_ _3bd\"> </span>E.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Valutazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">co<span class=\"_ _1\"></span>sto<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>9.<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>bis<span class=\"_ _3bd\"> </span>At<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>ma<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span>ad<span class=\"_ _3bd\"> </span>us<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>fu<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>(d<span class=\"_ _0\"></span>iri<span class=\"_ _0\"></span>tti<span class=\"_ _3bd\"> </span>d'u<span class=\"_ _1\"></span>so<span class=\"_ _3bd\"> </span>ac<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span>il<span class=\"_ _3bd\"> </span>lea<span class=\"_ _1\"></span>sin<span class=\"_ _0\"></span>g):<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>ria<span class=\"_ _1\"></span>zion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>an<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>Te<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>eni<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _69\"> </span><span class=\"fc4 sc2\">Fab<span class=\"_ _0\"></span>br<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>ati<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _11c\"> </span><span class=\"fc4 sc2\">Mo<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></span></span></span></span>Im<span class=\"_ _1\"></span>pian<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>el<span class=\"_ _0\"></span>ett<span class=\"_ _1\"></span>ron<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>A<span class=\"_ _0\"></span>lt<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> <span class=\"_ _176\"> </span></span>Tot<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>A.<span class=\"_ _3bd\"> </span>Es<span class=\"_ _0\"></span>ist<span class=\"_ _1\"></span>enz<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>iz<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>lo<span class=\"_ _0\"></span>rd<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>-18<span class=\"_ _0\"></span>5.<span class=\"_ _0\"></span>89<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>--6.<span class=\"_ _1\"></span>73<span class=\"_ _1\"></span>1<span class=\"_ _3bd\"> </span>19<span class=\"_ _0\"></span>2.<span class=\"_ _0\"></span>62<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>A.<span class=\"_ _0\"></span>1<span class=\"ff1\"> </span>Ri<span class=\"_ _0\"></span>duz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alo<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>ota<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>e <span class=\"_ _45\"> </span>-<span class=\"_ _3bd\"> </span>58.<span class=\"_ _0\"></span>86<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>3.6<span class=\"_ _0\"></span>63<span class=\"_ _3bd\"> </span>62.<span class=\"_ _0\"></span>525<span class=\"_ _3bd\"> </span>A.<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>Es<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>ten<span class=\"_ _1\"></span>ze<span class=\"_ _3bd\"> </span>in<span class=\"_ _1\"></span>izia<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>-12<span class=\"_ _0\"></span>7.<span class=\"_ _0\"></span>03<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>--3.<span class=\"_ _1\"></span>06<span class=\"_ _1\"></span>8<span class=\"_ _3bd\"> </span>13<span class=\"_ _0\"></span>0.<span class=\"_ _0\"></span>10<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>B.<span class=\"_ _3bd\"> </span>Au<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>i:<span class=\"_ _0\"></span> -28<span class=\"_ _0\"></span>.86<span class=\"_ _1\"></span>7<span class=\"_ _3bd\"> </span>--1<span class=\"_ _0\"></span>.8<span class=\"_ _1\"></span>50<span class=\"_ _3bd\"> </span>30<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>17<span class=\"_ _3bd\"> </span>B.1<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Ac<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span> <span class=\"_ _230\"> </span>-<span class=\"_ _3bd\"> </span></span></span>25.<span class=\"_ _0\"></span>720<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>78<span class=\"_ _1\"></span>4<span class=\"_ _3bd\"> </span>26.<span class=\"_ _0\"></span>504<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">operazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">aggregazione<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>az<span class=\"_ _0\"></span>iend<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>B.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Spese<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">migliorie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cap<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>lizz<span class=\"_ _1\"></span>ate <span class=\"_ _6d\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>B.3<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Riprese<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">val<span class=\"_ _0\"></span>ore<span class=\"_ _0\"></span> <span class=\"_ _11a\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>B.4<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Variazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">positive<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">value<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>imputate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>a)<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>trim<span class=\"_ _1\"></span>onio<span class=\"ff1\"> </span>n<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o <span class=\"_ _1a9\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>b)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conto<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>con<span class=\"_ _0\"></span>omic<span class=\"_ _0\"></span>o <span class=\"_ _223\"> </span>-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>B.5<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Dif<span class=\"_ _0\"></span>fer<span class=\"_ _0\"></span>enz<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ositi<span class=\"_ _0\"></span>ve<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>cam<span class=\"_ _0\"></span>bio<span class=\"_ _0\"></span> <span class=\"_ _231\"> </span>-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>B.6<span class=\"ff1\"> </span>Trasferimenti<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">immobili<span class=\"ff1\"> </span></span></span>detenuti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">scopo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">investimento<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>B.7<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vari<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span> <span class=\"_ _59\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>3.1<span class=\"_ _0\"></span>47<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>066<span class=\"_ _3bd\"> </span>4<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>13<span class=\"_ _3bd\"> </span>C.<span class=\"_ _3bd\"> </span>Di<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i:<span class=\"_ _3bd\"> </span>-30<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>80<span class=\"_ _3bd\"> </span>--2<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>33<span class=\"_ _0\"></span>.6<span class=\"_ _1\"></span>83<span class=\"_ _3bd\"> </span>C.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Ven<span class=\"_ _0\"></span>dite<span class=\"_ _0\"></span> </span></span>-<span class=\"_ _3bd\"> </span>94<span class=\"_ _1\"></span>9<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>15<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>064<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">operazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">aggregazione<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>az<span class=\"_ _0\"></span>iend<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>C.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Amm<span class=\"_ _0\"></span>orta<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span> <span class=\"_ _b3\"> </span>-<span class=\"_ _3bd\"> </span></span></span>22<span class=\"_ _0\"></span>.98<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>727<span class=\"_ _3bd\"> </span>24<span class=\"_ _0\"></span>.71<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>C.3<span class=\"ff1\"> </span>Rettifiche<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>lore<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>deterioramento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">imputate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span>a)<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>trim<span class=\"_ _1\"></span>onio<span class=\"ff1\"> </span>n<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o <span class=\"_ _1a9\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>b)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conto<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>con<span class=\"_ _0\"></span>omic<span class=\"_ _0\"></span>o <span class=\"_ _223\"> </span>-<span class=\"_ _3bd\"> </span></span></span>1<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span>C.4<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Variazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">negative<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">f<span class=\"_ _2\"></span>air<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>imputate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>a)<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>trim<span class=\"_ _1\"></span>onio<span class=\"ff1\"> </span>n<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o <span class=\"_ _1a9\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>b)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conto<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>con<span class=\"_ _0\"></span>omic<span class=\"_ _0\"></span>o <span class=\"_ _223\"> </span>-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>C.<span class=\"_ _0\"></span>5<span class=\"ff1\"> </span>Diff<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span>nze<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ne<span class=\"_ _0\"></span>gati<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">cam<span class=\"_ _0\"></span>bio<span class=\"_ _0\"></span> <span class=\"_ _fc\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>C.<span class=\"_ _0\"></span>6<span class=\"ff1\"> </span>Trasf<span class=\"_ _0\"></span>erim<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>a:<span class=\"_ _1\"></span> <span class=\"_ _1a1\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>a)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">materiali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">detenute<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>scopo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>investimen<span class=\"_ _0\"></span>to<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>b)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">correnti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gruppi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>attivit\u00e0<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>via<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ismissione<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>C.7<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vari<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span> <span class=\"_ _59\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>7.<span class=\"_ _0\"></span>030<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>8<span class=\"_ _0\"></span>48<span class=\"_ _3bd\"> </span>7.<span class=\"_ _1\"></span>87<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>D.<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>ane<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ze<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>-12<span class=\"_ _0\"></span>4.9<span class=\"_ _1\"></span>19<span class=\"_ _3bd\"> </span>--2.<span class=\"_ _0\"></span>215<span class=\"_ _3bd\"> </span>12<span class=\"_ _0\"></span>7.<span class=\"_ _0\"></span>13<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>D.1<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Ridu<span class=\"_ _0\"></span>zio<span class=\"_ _1\"></span>ni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alo<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tot<span class=\"_ _0\"></span>ali<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>et<span class=\"_ _1\"></span>te<span class=\"_ _0\"></span> <span class=\"_ _231\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>77.<span class=\"_ _0\"></span>41<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>4.<span class=\"_ _0\"></span>279<span class=\"_ _3bd\"> </span>81<span class=\"_ _0\"></span>.69<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>D.<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>Rim<span class=\"_ _1\"></span>an<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ze<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>nal<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span>lor<span class=\"_ _1\"></span>de<span class=\"_ _3bd\"> </span>-20<span class=\"_ _0\"></span>2.3<span class=\"_ _0\"></span>36<span class=\"_ _3bd\"> </span>--6.<span class=\"_ _0\"></span>49<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>20<span class=\"_ _0\"></span>8.<span class=\"_ _0\"></span>83<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>E.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Valutazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">co<span class=\"_ _1\"></span>sto<span class=\"_ _1\"></span> <span class=\"_ _1e8\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fornisce<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">anche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tabella<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mo<span class=\"_ _2\"></span>vimentazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">diritt<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d\u2019uso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">acquisiti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">leasing<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">q<span class=\"_ _2\"></span>uanto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tali<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>attivit\u00e0<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>rilevanti.<span class=\"_ _3bd\"> </span>9.<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>At<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>ma<span class=\"_ _1\"></span>teri<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>det<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>sc<span class=\"_ _0\"></span>op<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>o:<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>ria<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>an<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Te<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>eni<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _ca\"> </span><span class=\"fc4 sc2\">Fa<span class=\"_ _0\"></span>bbr<span class=\"_ _1\"></span>icat<span class=\"_ _1\"></span>i<span class=\"fc0 sc1\"> </span></span></span>A.<span class=\"_ _3bd\"> </span>Esist<span class=\"_ _0\"></span>enze<span class=\"_ _3bd\"> </span>in<span class=\"_ _1\"></span>izia<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span> <span class=\"_ _234\"> </span>2.<span class=\"_ _0\"></span>61<span class=\"_ _0\"></span>8 <span class=\"_ _235\"> </span>3.<span class=\"_ _1\"></span>00<span class=\"_ _1\"></span>0<span class=\"_ _3bd\"> </span>B.<span class=\"_ _3bd\"> </span>Au<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>i - <span class=\"_ _206\"> </span>52<span class=\"_ _3bd\"> </span>B.1<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Ac<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span> <span class=\"_ _236\"> </span>- <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>cu<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>op<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>zion<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>agg<span class=\"_ _1\"></span>rega<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>az<span class=\"_ _1\"></span>iend<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span> <span class=\"_ _237\"> </span>- <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span>B.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Spese<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">migliorie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cap<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>lizz<span class=\"_ _1\"></span>ate <span class=\"_ _238\"> </span>- <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>B.3<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Vari<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">po<span class=\"_ _0\"></span>sit<span class=\"_ _0\"></span>ive<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">fa<span class=\"_ _1\"></span>ir<span class=\"ff1\"> </span>valu<span class=\"_ _0\"></span>e <span class=\"_ _239\"> </span>- <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>B.4<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Riprese<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alo<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span> <span class=\"_ _1d9\"> </span>- <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>B.5<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Di<span class=\"_ _0\"></span>ffer<span class=\"_ _0\"></span>enz<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>camb<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>p<span class=\"_ _1\"></span>ositi<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span> <span class=\"_ _128\"> </span>-<span class=\"_ _0\"></span> <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span>B.6<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Tr<span class=\"_ _0\"></span>asfe<span class=\"_ _0\"></span>rim<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>da<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">imm<span class=\"_ _0\"></span>obil<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>so<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">funz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span> <span class=\"_ _23a\"> </span>- <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>B.7<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vari<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span> <span class=\"_ _23b\"> </span>- <span class=\"_ _206\"> </span>5<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></span></span></span></span>C.<span class=\"_ _3bd\"> </span>Di<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i <span class=\"_ _15f\"> </span>20<span class=\"_ _1\"></span>4 <span class=\"_ _106\"> </span>3<span class=\"_ _1\"></span>12<span class=\"_ _3bd\"> </span>C.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Ven<span class=\"_ _0\"></span>dite<span class=\"_ _0\"></span> </span></span>1<span class=\"_ _0\"></span>91<span class=\"_ _1\"></span> <span class=\"_ _106\"> </span>1<span class=\"_ _1\"></span>45<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>cu<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>op<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>zion<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>agg<span class=\"_ _1\"></span>rega<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>az<span class=\"_ _1\"></span>iend<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span> <span class=\"_ _237\"> </span>- <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span>C.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Amm<span class=\"_ _0\"></span>orta<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span> <span class=\"_ _97\"> </span>- <span class=\"_ _12d\"> </span>16<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span></span></span>C.<span class=\"_ _0\"></span>3<span class=\"ff1\"> </span>Var<span class=\"_ _0\"></span>iaz<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nega<span class=\"_ _0\"></span>tive<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">fa<span class=\"_ _0\"></span>ir<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>lue<span class=\"_ _0\"></span> <span class=\"_ _23c\"> </span>- <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>C.4<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Rettifiche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>ior<span class=\"_ _0\"></span>am<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>o <span class=\"_ _181\"> </span>- <span class=\"_ _8b\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>C.<span class=\"_ _0\"></span>5<span class=\"ff1\"> </span>Di<span class=\"_ _0\"></span>ffer<span class=\"_ _0\"></span>enz<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>ca<span class=\"_ _0\"></span>mbi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>neg<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>ive<span class=\"_ _0\"></span> </span></span>- <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span>C.<span class=\"_ _0\"></span>6<span class=\"ff1\"> </span>Trasf<span class=\"_ _0\"></span>erim<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>a:<span class=\"_ _1\"></span> <span class=\"_ _1c4\"> </span>- <span class=\"_ _8b\"> </span>-<span class=\"_ _3bd\"> </span>a)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"_ _2\"></span>mmobil<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ad<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">uso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fun<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e <span class=\"_ _14f\"> </span>- <span class=\"_ _8b\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>b)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">correnti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gruppi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">via<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dis<span class=\"_ _0\"></span>mis<span class=\"_ _0\"></span>sio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span> <span class=\"_ _23d\"> </span>- <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>C.7<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vari<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span> <span class=\"_ _1c6\"> </span>13<span class=\"_ _1\"></span> <span class=\"_ _1a7\"> </span>3<span class=\"_ _3bd\"> </span></span></span></span></span>D.<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ze<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>li <span class=\"_ _98\"> </span>2.<span class=\"_ _0\"></span>414<span class=\"_ _1\"></span> <span class=\"_ _c7\"> </span>2<span class=\"_ _0\"></span>.7<span class=\"_ _1\"></span>40<span class=\"_ _3bd\"> </span>E.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Valutazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">f<span class=\"_ _2\"></span>air<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valu<span class=\"_ _0\"></span>e <span class=\"_ _23e\"> </span>2.<span class=\"_ _0\"></span>393 <span class=\"_ _ad\"> </span>6.7<span class=\"_ _0\"></span>25<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span><div class=\"t m26 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2001\">1.<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2002\">Pa<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2003\">fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>zia<span class=\"_ _1\"></span>rie<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2004\">va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>ate<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2005\">al<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2006\">co<span class=\"_ _0\"></span>sto<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2007\">am<span class=\"_ _1\"></span>mor<span class=\"_ _0\"></span>tiz<span class=\"_ _0\"></span>za<span class=\"_ _0\"></span>to<span class=\"_ _1\"></span>:<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2008\">co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2009\">me<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>eol<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs200a\">de<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs200b\">de<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs200c\">ve<span class=\"_ _0\"></span>rso<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs200d\">ba<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"gs200e\"><table class=\"s w3a1 h21e\" id=\"_48576cad-9578-4604-b836-01c1c3e4d758\"><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x585 h43 y4c5f ff3 fs1b fc4 sc2 ls0 ws0\" colspan=\"2\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></td><td></td><td></td><td></td><td class=\"t m0 x586 h43 y4c5f ff3 fs1b fc4 sc2 ls0 ws0\" colspan=\"2\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x587 h43 y4c60 ff3 fs1b fc4 sc2 ls0 ws0\">Ti<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>gia<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x588 h43 y4c60 ff3 fs1b fc4 sc2 ls0 ws0\" colspan=\"2\">op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>/V<span class=\"_ _0\"></span>alo<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></td><td></td><td class=\"t m0 x589 h43 y4c61 ff3 fs1b fc4 sc2 ls0 ws0\">V<span class=\"_ _0\"></span>B<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></td><td></td><td class=\"t m0 x58a h43 y4c62 ff3 fs1b fc4 sc2 ls0 ws0\">31<span class=\"_ _0\"></span>/1<span class=\"_ _0\"></span>2/2<span class=\"_ _0\"></span>02<span class=\"_ _1\"></span>2<span class=\"fc0 sc1\"> </span></td><td class=\"c x58c y4c63 w3a2 h21f\" colspan=\"2\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc4 sc2 ls0 ws0\">Fair<span class=\"_ _3bd\"> </span></div><div class=\"t m0 x58b h43 y4b58 ff3 fs1b fc4 sc2 ls0 ws0\">Va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div></td><td class=\"t m0 x58d h43 y4c61 ff3 fs1b fc4 sc2 ls0 ws0\">V<span class=\"_ _0\"></span>B<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></td><td></td><td class=\"t m0 x58e h43 y4c62 ff3 fs1b fc4 sc2 ls0 ws0\">31<span class=\"_ _0\"></span>/1<span class=\"_ _0\"></span>2/2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></td><td class=\"c x590 y4c63 w3a3 h21f\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc4 sc2 ls0 ws0\">Fair<span class=\"_ _3bd\"> </span></div><div class=\"t m0 x58f h43 y4b58 ff3 fs1b fc4 sc2 ls0 ws0\">Va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c n x591 y4c64 w3a4 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc4 sc2 ls0 ws0\">L<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x592 y4c64 w3a5 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc4 sc2 ls0 ws0 sc1\">L2<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x593 y4c64 w3a6 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc4 sc2 ls0 ws0 sc1\">L3<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x594 y4c64 w3a7 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc4 sc2 ls0 ws0 sc1\">L1<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x595 y4c64 w3a8 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc4 sc2 ls0 ws0 sc1\">L2<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x596 y4c64 w3a6 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc4 sc2 ls0 ws0 sc1\">L3<span class=\"_ _3bd\"> </span></div></td></tr><tr><td class=\"t m0 x2d2 h43 y4c65 ff3 fs1b fc0 sc1 ls0 ws0\">1.<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x50b h43 y4c65 ff3 fs1b fc0 sc1 ls0 ws0\">De<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x597 h43 y4c65 ff3 fs1b fc0 sc1 ls0 ws0\">ve<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x39d h43 y4c65 ff3 fs1b fc0 sc1 ls0 ws0\">ba<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>he<span class=\"_ _3bd\"> </span></td><td class=\"c n x598 y4c66 w3a9 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc1 ls0 ws0\">ce<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x599 y4c66 w3aa h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc1 ls0 ws0\">5.<span class=\"_ _0\"></span>58<span class=\"_ _1\"></span>4.25<span class=\"_ _0\"></span>6</div></td><td class=\"t m0 x59a h43 y4c67 ff1 fs1b fc0 sc0 ls0 ws0\"> <span class=\"_ _1f4\"> </span><span class=\"ff3\">X<span class=\"_ _3bd\"> </span></span></td><td class=\"c n x59b y4c68 w3ab h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59c y4c68 w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"t m0 x59d h43 y4c65 ff3 fs1b fc0 sc1 ls0 ws0\">8.<span class=\"_ _0\"></span>16<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>75<span class=\"_ _0\"></span>2</td><td class=\"t m0 x59e h43 y4c67 ff1 fs1b fc0 sc0 ls0 ws0\"> <span class=\"_ _1ec\"> </span><span class=\"ff3\">X<span class=\"_ _3bd\"> </span></span></td><td class=\"c n x590 y4c68 w3ad h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59f y4c68 w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td></tr><tr><td class=\"t m0 x2d2 h43 y4c69 ff3 fs1b fc0 sc1 ls0 ws0\">2.<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x4e3 h43 y4c69 ff3 fs1b fc0 sc1 ls0 ws0\">Debi<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x5a0 h43 y4c69 ff3 fs1b fc0 sc1 ls0 ws0\">vers<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></td><td class=\"c n x5a1 y4c6a w3ae h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc1 ls0 ws0\">ba<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>he<span class=\"_ _3bd\"> </span></div></td><td></td><td></td><td class=\"c n x5a2 y4c6a w3af h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc1 ls0 ws0\">3.<span class=\"_ _0\"></span>15<span class=\"_ _0\"></span>2.<span class=\"_ _0\"></span>03<span class=\"_ _0\"></span>7</div></td><td class=\"t m0 x59a h43 y4c6b ff1 fs1b fc0 sc0 ls0 ws0\"> <span class=\"_ _1f4\"> </span><span class=\"ff3\">X<span class=\"_ _3bd\"> </span></span></td><td class=\"c n x59b y4c6c w3ab h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59c y4c6c w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"t m0 x5a3 h43 y4c69 ff3 fs1b fc0 sc1 ls0 ws0\">4.<span class=\"_ _0\"></span>42<span class=\"_ _0\"></span>0.<span class=\"_ _0\"></span>82<span class=\"_ _0\"></span>4</td><td class=\"t m0 x59e h43 y4c6b ff1 fs1b fc0 sc0 ls0 ws0\"> <span class=\"_ _1ec\"> </span><span class=\"ff3\">X<span class=\"_ _3bd\"> </span></span></td><td class=\"c n x590 y4c6c w3ad h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59f y4c6c w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"c n x4e0 y4c6d w3b0 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">2.<span class=\"_ _0\"></span>1<span class=\"ff1\"> </span>Co<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cor<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">d<span class=\"_ _0\"></span>epo<span class=\"_ _0\"></span>sit<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>v<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>a<span class=\"_ _3bd\"> </span></span></span></span></span></div></td><td></td><td></td><td class=\"c n x5a4 y4c6d w3b1 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">7<span class=\"_ _0\"></span>05.<span class=\"_ _0\"></span>85<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5a5 y4c6d w3ad h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x59b y4c6d w3ab h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59c y4c6d w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5a6 y4c6d w283 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">149<span class=\"_ _0\"></span>.42<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5a7 y4c6d w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x590 y4c6d w3ad h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59f y4c6d w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"c n x4e0 y4c6e w3b2 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">2.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Depositi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sca<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>nza<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></div></td><td></td><td></td><td class=\"c n x5a8 y4c6e w3b3 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">5.<span class=\"_ _0\"></span>701<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5a9 y4c6e w3ab h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x59b y4c6e w3ab h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59c y4c6e w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5aa y4c6e w3b4 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">4<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5ab y4c6e w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x590 y4c6e w3ad h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59f y4c6e w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c n x4e0 y4c6f w3b5 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">2.3<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nti<span class=\"_ _3bd\"> </span></span></span></div></td><td></td><td></td><td></td><td class=\"c n x5ac y4c6f w3b6 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">2.43<span class=\"_ _0\"></span>9.9<span class=\"_ _0\"></span>44<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5ad y4c6f w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x59b y4c6f w3ab h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59c y4c6f w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5ae y4c6f w3b7 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">4.<span class=\"_ _0\"></span>265<span class=\"_ _0\"></span>.96<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5af y4c6f w3ad h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x590 y4c6f w3ad h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59f y4c6f w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td></tr><tr><td></td><td class=\"c n x5b0 y4c70 w3b8 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">2.<span class=\"_ _0\"></span>3.1<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">Pr<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>ermi<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>ivi<span class=\"_ _3bd\"> </span></span></span></div></td><td></td><td></td><td></td><td></td><td class=\"c n x5b1 y4c70 w3b9 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">2.<span class=\"_ _0\"></span>42<span class=\"_ _0\"></span>0.9<span class=\"_ _0\"></span>97<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5b2 y4c70 w3ab h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x59b y4c70 w3ab h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59c y4c70 w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5ae y4c70 w3ba h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">4.<span class=\"_ _0\"></span>242<span class=\"_ _0\"></span>.80<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5b3 y4c70 w3ad h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x590 y4c70 w3ad h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59f y4c70 w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c n x5b0 y4c71 w3bb h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">2.3.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Alt<span class=\"_ _0\"></span>ri<span class=\"_ _3bd\"> </span></span></span></div></td><td></td><td></td><td></td><td class=\"c n x5b4 y4c71 w3bc h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">18.<span class=\"_ _0\"></span>947<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5b5 y4c71 w3ab h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x59b y4c71 w3ab h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59c y4c71 w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5b6 y4c71 w3bd h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">23<span class=\"_ _0\"></span>.15<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5b7 y4c71 w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x590 y4c71 w3ad h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59f y4c71 w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m0 x50b h43 y4c72 ff3 fs1b fc0 sc0 ls0 ws0\">2.4<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Debiti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"_ _2\"></span>mpegni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riacquisto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">propri</span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></td><td></td><td></td><td></td><td class=\"c n x5b8 y4c73 w3be h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5b9 y4c73 w3ab h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x59b y4c73 w3ab h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59c y4c73 w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5ba y4c73 w3bf h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5b3 y4c73 w3ad h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x590 y4c73 w3ad h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59f y4c73 w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m0 x50b h43 y4c74 ff3 fs1b fc0 sc0 ls0 ws0\">strumenti<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x5bb h43 y4c74 ff3 fs1b fc0 sc0 ls0 ws0\">patrimon<span class=\"_ _0\"></span>iali </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c n x4e0 y4c75 w3c0 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">2.5<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Debiti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">lea<span class=\"_ _0\"></span>sin<span class=\"_ _0\"></span>g<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></div></td><td></td><td></td><td class=\"c n x5bc y4c75 w3c1 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5bd y4c75 w3ab h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x59b y4c75 w3ab h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59c y4c75 w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5ba y4c75 w3bf h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5b3 y4c75 w3ad h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x590 y4c75 w3ad h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59f y4c75 w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c n x4e0 y4c76 w3c2 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">2.6<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">deb<span class=\"_ _0\"></span>iti<span class=\"_ _3bd\"> </span></span></span></span></span></div></td><td></td><td></td><td></td><td class=\"c n x5be y4c76 w3c3 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">5<span class=\"_ _0\"></span>33<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5bf y4c76 w3ad h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x59b y4c76 w3ab h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59c y4c76 w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5c0 y4c76 w3c4 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">1.<span class=\"_ _0\"></span>42<span class=\"_ _1\"></span>7<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5c1 y4c76 w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x590 y4c76 w3ad h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59f y4c76 w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x38a h43 y4c77 ff3 fs1b fc0 sc1 ls0 ws0\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x5c2 h43 y4c77 ff3 fs1b fc0 sc1 ls0 ws0\">8.<span class=\"_ _0\"></span>73<span class=\"_ _0\"></span>6.<span class=\"_ _0\"></span>29<span class=\"_ _0\"></span>3 </td><td></td><td class=\"t m24 x5c3 h43 y4c77 ff3 fs1b fc0 sc1 ls0 ws0\">-<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x5c4 h43 y4c77 ff3 fs1b fc0 sc1 ls0 ws0\">2.<span class=\"_ _0\"></span>42<span class=\"_ _0\"></span>0.<span class=\"_ _0\"></span>99<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x5c5 h43 y4c77 ff3 fs1b fc0 sc1 ls0 ws0\">6.<span class=\"_ _0\"></span>31<span class=\"_ _0\"></span>5.2<span class=\"_ _0\"></span>96<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x5c6 h43 y4c77 ff3 fs1b fc0 sc1 ls0 ws0\">12<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>85<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>76<span class=\"_ _1\"></span> </td><td></td><td class=\"t m24 x5c7 h43 y4c77 ff3 fs1b fc0 sc1 ls0 ws0\">-<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x5c8 h43 y4c77 ff3 fs1b fc0 sc1 ls0 ws0\">4.<span class=\"_ _0\"></span>24<span class=\"_ _0\"></span>2.8<span class=\"_ _1\"></span>02<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x339 h43 y4c77 ff3 fs1b fc0 sc1 ls0 ws0\">8.<span class=\"_ _1\"></span>342.<span class=\"_ _0\"></span>77<span class=\"_ _1\"></span>4<span class=\"_ _3bd\"> </span></td></tr></table></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs200f\">Le<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>nda<span class=\"_ _1\"></span>:<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2010\">VB=<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2011\">L1=<span class=\"ff1\"> </span>Livello<span class=\"ff1\"> </span>1<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2012\">L2=<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Livello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2<span class=\"_ _1\"></span> </span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2013\">L3=<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Livello<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">3<span class=\"_ _0\"></span> </span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2014\">I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">deb<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>isc<span class=\"_ _0\"></span>rit<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">lor<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ore<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>omi<span class=\"_ _0\"></span>nale<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>orri<span class=\"_ _0\"></span>spo<span class=\"_ _0\"></span>nden<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>oro<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fai<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>val<span class=\"_ _0\"></span>ue.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2015\">I<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">debiti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">verso<span class=\"ff1\"> </span>ban<span class=\"_ _0\"></span>che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>appresentati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">principalmente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ebiti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>ista<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tas<span class=\"_ _2\"></span>so<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">variabile,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2016\">stata<span class=\"ff1\"> </span>posta<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>alcun<span class=\"ff1\"> </span>tipo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>copertura.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2017\">La<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">voce<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u201c1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Deb<span class=\"_ _2\"></span>iti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">verso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">banche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">c<span class=\"_ _2\"></span>entrali\u201d<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">accoglie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">op<span class=\"_ _2\"></span>erazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rifinanziamento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">effettuate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2018\">Banca<span class=\"ff1\"> </span>Centrale<span class=\"ff1\"> </span>Europea.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2019\">L\u2019utilizzo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>canale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>ifinanziamento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tramite<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>BCE,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fine<span class=\"ff1\"> <span class=\"_ _2\"></span></span>2022,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>interamente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rappresentato<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs201a\">dalla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>partecipazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>alle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>o<span class=\"_ _2\"></span>perazioni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>TLTRO<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>III<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>complessivi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>5,6<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>m<span class=\"_ _2\"></span>iliardi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>euro.<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>N<span class=\"_ _2\"></span>el<span class=\"ff1\"> <span class=\"_ _21\"></span></span>corso<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs201b\">dell\u2019anno<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">state<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">effettuate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nuove<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">operazioni.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mese<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dicembre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Banca<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>ffettuat<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs201c\">un<span class=\"ff1\"> </span>rimborso<span class=\"ff1\"> </span>volontar<span class=\"_ _2\"></span>io<span class=\"ff1\"> </span>anticipato<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>1,2<span class=\"ff1\"> </span>miliardi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>euro<span class=\"_ _2\"></span><span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>tranche<span class=\"ff1\"> </span>TLTRO<span class=\"ff1\"> </span>III.3<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>scad<span class=\"_ _2\"></span>enza<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs201d\">me<span class=\"_ _0\"></span>se<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">marz<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>202<span class=\"_ _0\"></span>3.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">me<span class=\"_ _0\"></span>se<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span>cemb<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">202<span class=\"_ _0\"></span>2<span class=\"ff1\"> </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sta<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>nch<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>imbo<span class=\"_ _0\"></span>rsata<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>tr<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>he<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">TLTR<span class=\"_ _0\"></span>O<span class=\"ff1\"> </span>I<span class=\"_ _0\"></span>II.2<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">da</span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs201e\">1,4<span class=\"ff1\"> </span>miliardi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>euro,<span class=\"ff1\"> </span>giunta<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>sua<span class=\"ff1\"> </span>naturale<span class=\"ff1\"> </span>scadenza.<span class=\"_ _3bd\"> </span></div>1.2<span class=\"_ _3bd\"> </span>Pa<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span>fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>zia<span class=\"_ _1\"></span>rie<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>ate<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>sto<span class=\"_ _3bd\"> </span>am<span class=\"_ _1\"></span>mor<span class=\"_ _0\"></span>tiz<span class=\"_ _0\"></span>za<span class=\"_ _0\"></span>to<span class=\"_ _1\"></span>:<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>os<span class=\"_ _1\"></span>izio<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>me<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>eol<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>ve<span class=\"_ _0\"></span>rso<span class=\"_ _3bd\"> </span>cl<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Ti<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>gia<span class=\"_ _3bd\"> </span>op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>/V<span class=\"_ _0\"></span>alo<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/1<span class=\"_ _0\"></span>2/2<span class=\"_ _0\"></span>02<span class=\"_ _1\"></span>2<span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/1<span class=\"_ _0\"></span>2/2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>V<span class=\"_ _0\"></span>B<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Fair<span class=\"_ _3bd\"> </span>Va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>V<span class=\"_ _0\"></span>B<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>F<span class=\"_ _3bd\"> </span>air<span class=\"_ _3bd\"> </span>L<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _62\"> </span><span class=\"fc4 sc2\">L<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _72\"> </span><span class=\"fc4 sc2\">L<span class=\"_ _0\"></span>3<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _ff\"> </span><span class=\"fc4 sc2\">L1<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _63\"> </span><span class=\"fc4 sc2\">L<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _7c\"> </span></span></span></span></span></span></span></span></span></span>1.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Co<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cor<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">de<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>sit<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>v<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>a <span class=\"_ _1f8\"> </span>34.097.698<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1e\"> </span> <span class=\"_ _1e\"> </span><span class=\"ff3\">X<span class=\"_ _1\"></span> <span class=\"_ _178\"> </span>X <span class=\"_ _1ab\"> </span>X <span class=\"_ _7e\"> </span>33<span class=\"_ _2\"></span>.184.22<span class=\"_ _0\"></span>9<span class=\"ff1\"> <span class=\"_ _1e\"> </span> <span class=\"_ _1e\"> </span></span>X<span class=\"_ _1\"></span> <span class=\"_ _66\"> </span>X <span class=\"_ _83\"> </span></span></span></span></span></span></span></span></span>2.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Depositi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sc<span class=\"_ _0\"></span>ade<span class=\"_ _0\"></span>nza<span class=\"_ _1\"></span> <span class=\"_ _29f\"> </span>1.283.116<span class=\"ff1\"> <span class=\"_ _1e\"> </span> <span class=\"_ _1e\"> </span></span>X<span class=\"_ _1c\"></span> <span class=\"_ _11c\"> </span>X <span class=\"_ _2e\"> </span>X <span class=\"_ _2a0\"> </span>460.685<span class=\"ff1\"> <span class=\"_ _1e\"> </span> <span class=\"_ _1e\"> </span></span>X<span class=\"_ _1\"></span> <span class=\"_ _a2\"> </span>X <span class=\"_ _83\"> </span></span></span></span></span></span></span>3.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Finan<span class=\"_ _1\"></span>ziame<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>i <span class=\"_ _b8\"> </span>2.934.676<span class=\"ff1\"> <span class=\"_ _1e\"> </span> <span class=\"_ _1a\"> </span></span>X<span class=\"_ _1\"></span> <span class=\"_ _11c\"> </span>X <span class=\"_ _2e\"> </span>X <span class=\"_ _7f\"> </span>3<span class=\"_ _2\"></span>.599.164<span class=\"ff1\"> <span class=\"_ _1a\"> </span> <span class=\"_ _1d\"> </span></span>X<span class=\"_ _1\"></span> <span class=\"_ _66\"> </span>X <span class=\"_ _2a0\"> </span></span></span>3.1<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Pron<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>ro<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>mine<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pa<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span> <span class=\"_ _89\"> </span>2.355.113<span class=\"ff1\"> <span class=\"_ _1e\"> </span> <span class=\"_ _1e\"> </span></span>X<span class=\"_ _1\"></span> <span class=\"_ _178\"> </span>X <span class=\"_ _2e\"> </span>X <span class=\"_ _a5\"> </span>3.009.080<span class=\"ff1\"> <span class=\"_ _1e\"> </span> <span class=\"_ _1e\"> </span></span>X<span class=\"_ _1c\"></span> <span class=\"_ _66\"> </span>X <span class=\"_ _83\"> </span></span></span></span></span>3.2<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Alt<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span> <span class=\"_ _f3\"> </span>579.5<span class=\"_ _0\"></span>63<span class=\"ff1\"> <span class=\"_ _1e\"> </span> <span class=\"_ _1e\"> </span></span>X<span class=\"_ _1\"></span> <span class=\"_ _177\"> </span>X <span class=\"_ _1ab\"> </span>X <span class=\"_ _68\"> </span>590<span class=\"_ _2\"></span>.084<span class=\"ff1\"> <span class=\"_ _1e\"> </span> <span class=\"_ _1e\"> </span></span>X<span class=\"_ _1\"></span> <span class=\"_ _66\"> </span>X <span class=\"_ _2a0\"> </span></span></span>4.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Debiti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"_ _2\"></span>mpegni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riacquisto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">propri<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>strumenti<span class=\"_ _3bd\"> </span>patrimon<span class=\"_ _0\"></span>iali<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _1d\"> </span> <span class=\"_ _1e\"> </span></span>X<span class=\"_ _1\"></span> <span class=\"_ _177\"> </span>X <span class=\"_ _2e\"> </span>X <span class=\"_ _c2\"> </span>-<span class=\"ff1\"> <span class=\"_ _1d\"> </span> <span class=\"_ _1d\"> </span></span>X<span class=\"_ _1\"></span> <span class=\"_ _a2\"> </span>X <span class=\"_ _83\"> </span>5.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Debiti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">lea<span class=\"_ _0\"></span>sin<span class=\"_ _0\"></span>g <span class=\"_ _14\"> </span>13<span class=\"_ _2\"></span>1.035<span class=\"ff1\"> <span class=\"_ _1e\"> </span> <span class=\"_ _1a\"> </span></span>X<span class=\"_ _0\"></span> <span class=\"_ _178\"> </span>X <span class=\"_ _2e\"> </span>X <span class=\"_ _39\"> </span>133.341<span class=\"ff1\"> <span class=\"_ _1e\"> </span> <span class=\"_ _1e\"> </span></span>X<span class=\"_ _1\"></span> <span class=\"_ _66\"> </span>X <span class=\"_ _2a0\"> </span></span></span></span></span></span></span>5.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>biti<span class=\"_ _1\"></span> <span class=\"_ _2a1\"> </span>331.495<span class=\"ff1\"> <span class=\"_ _1e\"> </span> <span class=\"_ _1e\"> </span></span>X<span class=\"_ _1\"></span> <span class=\"_ _177\"> </span>X <span class=\"_ _1ab\"> </span>X <span class=\"_ _2a0\"> </span>339.503<span class=\"ff1\"> <span class=\"_ _1e\"> </span> <span class=\"_ _1e\"> </span></span>X<span class=\"_ _1\"></span> <span class=\"_ _66\"> </span>X <span class=\"_ _2a0\"> </span></span></span></span></span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>38<span class=\"_ _1\"></span>.77<span class=\"_ _0\"></span>8.0<span class=\"_ _1\"></span>20<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>35<span class=\"_ _0\"></span>5.<span class=\"_ _0\"></span>11<span class=\"_ _0\"></span>3 <span class=\"_ _29d\"> </span>36<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>22<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>07<span class=\"_ _3bd\"> </span>37<span class=\"_ _1\"></span>.716<span class=\"_ _1\"></span>.92<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>3.<span class=\"_ _0\"></span>00<span class=\"_ _1\"></span>9.<span class=\"_ _3bd\"> </span>0<span class=\"_ _3bd\"> </span>Le<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>nda<span class=\"_ _1\"></span>:<span class=\"fc0 sc1\"> </span>VB=<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> </span></span></span></span></span></span></span>L1=<span class=\"ff1\"> </span>Livello<span class=\"ff1\"> </span>1<span class=\"_ _3bd\"> </span>L2=<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Livello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2<span class=\"_ _1\"></span> </span></span></span></span>L3=<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Livello<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">3<span class=\"_ _0\"></span> </span></span></span></span>I<span class=\"ff1\"> </span>debiti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>iscritt<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">loro<span class=\"ff1\"> </span>valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nominale,<span class=\"ff1\"> </span>corrispondente<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>loro<span class=\"ff1\"> </span>fai<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">livello</span> <span class=\"ff3\">di</span> <span class=\"ff3\">fair</span> <span class=\"ff3\">value</span> </span></span></span></span></span></span></span>attribuito<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>isulta<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">essere<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pari<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">3,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ad<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">eccezione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">livello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fa<span class=\"_ _2\"></span>ir<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pr<span class=\"_ _2\"></span>onti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">contr<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>ermine<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>\u00e8<span class=\"ff1\"> </span>attributo<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>2.<span class=\"_ _3bd\"> </span>Nel<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">voce</span> <span class=\"_ _0\"></span><span class=\"ff3\">Deb<span class=\"_ _0\"></span>iti<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>lea<span class=\"_ _0\"></span>sing<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u00e8</span> <span class=\"ff3\">ri<span class=\"_ _0\"></span>comp<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>o,<span class=\"ff1\"> </span>ai<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">se<span class=\"_ _0\"></span>nsi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rinci<span class=\"_ _0\"></span>pio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">IFRS<span class=\"_ _0\"></span>16,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>D<span class=\"_ _0\"></span>ebi<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>lea<span class=\"_ _0\"></span>sing<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">(Lea<span class=\"_ _0\"></span>se<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Liability),<span class=\"ff1\"> </span>pari<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>attuale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span>canoni<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>revist<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>ancora<span class=\"ff1\"> </span>pagati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span>beni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">oggetti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>contratti<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> </span>leasing<span class=\"ff1\"> </span>operativo.<span class=\"_ _3bd\"> </span>La<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>principale<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>novit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"_ _0\"></span>tro<span class=\"_ _2\"></span>dotta<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>prin<span class=\"_ _2\"></span>cipio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rappresentata<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dalla<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>modifica<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>m<span class=\"_ _2\"></span>odalit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> </span>contabilizzazione<span class=\"ff1\">  </span>delle<span class=\"ff1\">  </span>operazi<span class=\"_ _2\"></span>oni<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>leasing<span class=\"ff1\">  </span>operativo<span class=\"ff1\">  </span>ne<span class=\"_ _2\"></span>l<span class=\"ff1\">  </span>bilancio<span class=\"ff1\">  </span>del<span class=\"ff1\">  </span>locatario/<span class=\"_ _2\"></span>utilizzatore,<span class=\"ff1\"> </span>attraverso<span class=\"ff1\"> </span>l\u2019introduzione<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>unico<span class=\"ff1\"> </span>modello<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>contabilizzazi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>contratti<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">leasing<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>parte<span class=\"ff1\"> </span></span></span>del<span class=\"ff1\"> </span>locatario<span class=\"ff1\"> </span>siano<span class=\"ff1\"> </span>essi<span class=\"ff1\"> </span>classificati<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>leasing<span class=\"ff1\"> </span>operativi<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>finanziari.<span class=\"_ _2\"></span> I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">debiti<span class=\"ff1\"> </span>verso<span class=\"ff1\"> </span>clientela<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rappresentati<span class=\"ff1\"> </span>principalmente<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">debiti<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>vista<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> </span>variabi<span class=\"_ _0\"></span>le,<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>stata<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>posta<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>essere<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"_ _2\"></span>lcun<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tipo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>copert<span class=\"_ _2\"></span>ura<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>specifica,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>m<span class=\"_ _2\"></span>entre<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>so<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>st<span class=\"_ _2\"></span>ate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>post<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>essere<span class=\"ff1\"> </span>cop<span class=\"_ _0\"></span>ertu<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>M<span class=\"_ _0\"></span>acro<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Fair<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">V<span class=\"_ _0\"></span>alue<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Hed<span class=\"_ _1\"></span>ge<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>oste<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">vis<span class=\"_ _0\"></span>ta,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cos\u00ec<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">come<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>scr<span class=\"_ _0\"></span>itto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">n<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>arte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">E<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sezi<span class=\"_ _0\"></span>one<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>2.<span class=\"_ _0\"></span>2<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span>nte<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nota.<span class=\"_ _3bd\"> </span></span></span>Si<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>egnala<span class=\"ff1\"> </span>che,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>seguito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>modifiche<span class=\"ff1\"> </span>apport<span class=\"_ _2\"></span>ate<span class=\"ff1\"> </span>a<span class=\"_ _2\"></span>l<span class=\"ff1\"> </span>funzionamento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>mercat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>interbancario<span class=\"ff1\"> </span>collateralizzato,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> </span>conseguente<span class=\"ff1\"> </span>t<span class=\"_ _2\"></span>rasferimento<span class=\"ff1\"> </span>alla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Cassa<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Compensazione<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>Gar<span class=\"_ _2\"></span>anzia<span class=\"ff1\"> </span>ed<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> </span>Monte<span class=\"ff1\"> </span>Tit<span class=\"_ _2\"></span>oli<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>funzioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finora<span class=\"_ _2\"></span><span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>volte<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Banca<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d\u2019Italia,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nella<span class=\"ff1\"> <span class=\"_ _2\"></span></span>voce<span class=\"ff1\"> <span class=\"_ _2\"></span></span>3.1<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u201cPronti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contro<span class=\"ff1\"> <span class=\"_ _2\"></span></span>termine<span class=\"ff1\"> </span>passivi\u201d<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>presenti<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>finanziamenti,<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>2.355,1<span class=\"ff1\"> </span>milioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>euro,<span class=\"ff1\"> </span>ricevuti<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>suddetto<span class=\"ff1\"> </span>mercat<span class=\"_ _2\"></span>o.<span class=\"_ _3bd\"> </span>Secondo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"ff1\">  </span>dati<span class=\"ff1\">  </span>AB<span class=\"_ _0\"></span>I,<span class=\"ff1\">  </span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Italia,<span class=\"ff1\">  </span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dicembre<span class=\"ff1\">  </span>2<span class=\"_ _0\"></span>022,<span class=\"ff1\">  </span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dinamica<span class=\"ff1\">  </span>della<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>raccolta<span class=\"ff1\">  </span>diretta<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>risulta<span class=\"ff1\">  </span>in<span class=\"ff1\"> </span>contrazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>-1,2%<span class=\"ff1\"> <span class=\"_ _21\"></span></span>su<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>annua,<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>variazione<span class=\"ff1\"> </span>pi\u00f9<span class=\"ff1\"> </span>mar<span class=\"_ _2\"></span>cata<span class=\"ff1\"> </span>sui<span class=\"ff1\"> </span>depositi,<span class=\"ff1\"> </span>mentre<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>rac<span class=\"_ _0\"></span>col<span class=\"_ _0\"></span>ta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tram<span class=\"_ _0\"></span>ite<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">obb<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>oni<span class=\"ff1\"> </span>\u00e8<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">rimast<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>nv<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>ata.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">La<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>ntra<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rev<span class=\"_ _0\"></span>alen<span class=\"_ _0\"></span>teme<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">imp<span class=\"_ _0\"></span>utab<span class=\"_ _0\"></span>ile<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">all<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>raccolta<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">imprese<span class=\"_ _2\"></span>,<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>he<span class=\"ff1\"> </span>nell\u2019anno<span class=\"ff1\"> </span>precedente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>vevano<span class=\"ff1\"> </span>incrementato<span class=\"ff1\"> </span>notevolmente<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">saldi</span> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span></span></span></span></span></span></span>depositi,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">data<span class=\"ff1\"> </span>l\u2019abbondanza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>liquidit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">presente<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">la</span> <span class=\"_ _0\"></span><span class=\"ff3\">cautela<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>procedere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> </span>nuovi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">investimenti.<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>Per<span class=\"ff1\">  </span>q<span class=\"_ _0\"></span>uanto<span class=\"ff1\">  </span>riguarda<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\">  </span>Gruppo<span class=\"ff1\">  </span>Cred<span class=\"_ _0\"></span>em,<span class=\"ff1\">  </span>comple<span class=\"_ _0\"></span>ssivamente,<span class=\"ff1\">  </span>la<span class=\"ff1\">  </span>raccolta<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>diretta<span class=\"ff1\">  </span>ban<span class=\"_ _0\"></span>caria<span class=\"ff1\">  </span>ha<span class=\"ff1\"> </span>manifestato<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">trend<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">oppost<span class=\"_ _2\"></span>o,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cresciuta<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">7,2%<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rispetto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dicembre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">2021,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">raggiungendo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">39,8<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>miliardi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>euro,<span class=\"ff1\"> </span>effetto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>uno<span class=\"ff1\"> </span>sviluppo<span class=\"ff1\"> </span>commerciale<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>proseguito<span class=\"ff1\"> </span>organicamente<span class=\"ff1\"> </span>anche<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>difficile<span class=\"ff1\"> </span>contesto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>riferimento.<span class=\"_ _3bd\"> </span>Si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riscontra<span class=\"ff1\"> </span>una<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tendenza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">linea<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sistema<span class=\"ff1\"> </span>esclusiv<span class=\"_ _0\"></span>amente<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>quanto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riguarda<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">segmento<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>corporate,<span class=\"ff1\"> </span>sul<span class=\"ff1\"> </span>quale<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>state<span class=\"ff1\"> </span>avviate<span class=\"ff1\"> </span>politiche<span class=\"ff1\"> </span>volte<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>ottimizzare<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>livelli<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>liquidit\u00e0.<span class=\"_ _3bd\"> </span>I<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>depositi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>registrano<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>+5,0%<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rispetto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>2021,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>hanno<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>accompagnato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>crescita<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>base<span class=\"ff1\"> </span>cl<span class=\"_ _0\"></span>ien<span class=\"_ _0\"></span>tela,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">pre<span class=\"_ _0\"></span>vale<span class=\"_ _0\"></span>nte<span class=\"_ _1\"></span>m<span class=\"_ _2\"></span>en<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>conce<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">sul<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>comp<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span>nte<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>vist<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>(86<span class=\"_ _0\"></span>,6%<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">totale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">dep<span class=\"_ _0\"></span>osi<span class=\"_ _0\"></span>ti)<span class=\"ff1\"> </span>anch<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>se<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>inamica<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>tassi<span class=\"ff1\"> </span>sta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">favorendo<span class=\"ff1\"> </span>anche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>crescita<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">depositi<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>scadenza<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>3,1%<span class=\"ff1\"> </span>verso<span class=\"ff1\"> </span>1,1%)<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>1.3<span class=\"_ _3bd\"> </span>Pa<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>ate<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>c<span class=\"_ _0\"></span>ost<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>am<span class=\"_ _1\"></span>mor<span class=\"_ _0\"></span>tiz<span class=\"_ _0\"></span>za<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>os<span class=\"_ _1\"></span>izio<span class=\"_ _1\"></span>ne<span class=\"_ _3bd\"> </span>me<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>eo<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>ca<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>tit<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>cir<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>Ti<span class=\"_ _0\"></span>pol<span class=\"_ _1\"></span>ogia<span class=\"_ _3bd\"> </span>ti<span class=\"_ _0\"></span>tol<span class=\"_ _0\"></span>i/<span class=\"_ _0\"></span>Va<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>ri<span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _2a3\"> </span><span class=\"fc4 sc2\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></span></span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _2a4\"> </span><span class=\"fc4 sc2\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></span></span>V<span class=\"_ _0\"></span>B<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Fa<span class=\"_ _0\"></span>ir<span class=\"_ _3bd\"> </span>Va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>V<span class=\"_ _0\"></span>B<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Fa<span class=\"_ _0\"></span>ir<span class=\"_ _3bd\"> </span>Va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>L<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _1ae\"> </span><span class=\"fc4 sc2\">L2<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _77\"> </span><span class=\"fc4 sc2\">L3<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _c1\"> </span><span class=\"fc4 sc2\">L<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _1ae\"> </span><span class=\"fc4 sc2\">L2<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _21a\"> </span><span class=\"fc4 sc2\">L<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></span></span></span></span></span></span></span></span></span></span>A.<span class=\"_ _3bd\"> </span>Ti<span class=\"_ _0\"></span>tol<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">obbli<span class=\"_ _0\"></span>gaz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i <span class=\"_ _c1\"> </span>3.<span class=\"_ _0\"></span>368.<span class=\"_ _0\"></span>658<span class=\"_ _3bd\"> </span></span></span>3.1<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>.752<span class=\"_ _3bd\"> </span>18<span class=\"_ _0\"></span>4.1<span class=\"_ _0\"></span>64<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>424.<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>470<span class=\"_ _0\"></span>.56<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>1.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">str<span class=\"_ _0\"></span>uttu<span class=\"_ _0\"></span>rat<span class=\"_ _0\"></span>e <span class=\"_ _16c\"> </span>501.<span class=\"_ _0\"></span>354<span class=\"_ _3bd\"> </span></span></span>470<span class=\"_ _0\"></span>.1<span class=\"_ _0\"></span>82<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>501<span class=\"_ _0\"></span>.35<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>512<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>72<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>1.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altr<span class=\"_ _0\"></span>e <span class=\"_ _19d\"> </span>2<span class=\"_ _0\"></span>.86<span class=\"_ _0\"></span>7.3<span class=\"_ _0\"></span>04<span class=\"_ _3bd\"> </span></span></span>2.<span class=\"_ _0\"></span>650.<span class=\"_ _0\"></span>570<span class=\"_ _3bd\"> </span>18<span class=\"_ _0\"></span>4.1<span class=\"_ _0\"></span>64<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>922<span class=\"_ _0\"></span>.66<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>958.<span class=\"_ _0\"></span>09<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>2.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altri<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>ito<span class=\"_ _0\"></span>li <span class=\"_ _1e8\"> </span>139<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>39<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>45<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>45<span class=\"_ _3bd\"> </span>2.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">str<span class=\"_ _0\"></span>uttu<span class=\"_ _0\"></span>rat<span class=\"_ _0\"></span>e <span class=\"_ _ac\"> </span>-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>2.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altre<span class=\"_ _0\"></span> <span class=\"_ _f8\"> </span>13<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>39<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>45<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>45<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>3.<span class=\"_ _0\"></span>36<span class=\"_ _1\"></span>8.79<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>3.<span class=\"_ _0\"></span>12<span class=\"_ _0\"></span>0.7<span class=\"_ _1\"></span>52<span class=\"_ _3bd\"> </span>18<span class=\"_ _0\"></span>4.1<span class=\"_ _0\"></span>64<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>39<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>42<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>16<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>47<span class=\"_ _0\"></span>0.5<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>-1<span class=\"_ _0\"></span>45<span class=\"_ _3bd\"> </span>Le<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>nda<span class=\"_ _1\"></span>:<span class=\"fc0 sc1\"> </span>VB=<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> </span></span></span></span></span></span></span>L1=<span class=\"ff1\"> </span>Livello<span class=\"ff1\"> </span>1<span class=\"_ _3bd\"> </span>L2=<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Livello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2<span class=\"_ _1\"></span> </span></span></span></span>L3=<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Livello<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">3<span class=\"_ _0\"></span> </span></span></span></span>Nel<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">voce<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u201ca<span class=\"_ _0\"></span>ltri<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ti<span class=\"_ _0\"></span>tol<span class=\"_ _0\"></span>i\u201d<span class=\"ff1\"> </span>so<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>las<span class=\"_ _0\"></span>sif<span class=\"_ _0\"></span>icati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ce<span class=\"_ _0\"></span>rtifi<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>sito<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>Le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>obbligazioni,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>subordinati<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>senior,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fine<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dicembre<span class=\"ff1\"> <span class=\"_ _21\"></span></span>2022<span class=\"ff1\"> <span class=\"_ _21\"></span></span>si<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>attest<span class=\"_ _2\"></span>ano<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>3,4<span class=\"ff1\"> <span class=\"_ _21\"></span></span>miliardi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>euro<span class=\"_ _2\"></span>,<span class=\"ff1\"> </span>ris<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>tto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ai<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">2,4<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mil<span class=\"_ _0\"></span>iard<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">2<span class=\"_ _0\"></span>021,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>rec<span class=\"_ _0\"></span>epi<span class=\"_ _0\"></span>scon<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>\u2019em<span class=\"_ _0\"></span>iss<span class=\"_ _0\"></span>ione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">200<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mi<span class=\"_ _0\"></span>lion<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">euro<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>T<span class=\"_ _0\"></span>2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ub<span class=\"_ _0\"></span>ordi<span class=\"_ _0\"></span>nato,<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ef<span class=\"_ _0\"></span>fett<span class=\"_ _0\"></span>uata<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nel</span> <span class=\"ff3\">me<span class=\"_ _0\"></span>se<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>lu<span class=\"_ _0\"></span>gli<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(o<span class=\"_ _0\"></span>pera<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>pre<span class=\"_ _0\"></span>cedu<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>dal<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">richi<span class=\"_ _0\"></span>amo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">una</span> <span class=\"ff3\">prec<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">emi<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>non<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>pi\u00f9<span class=\"ff1\"> </span>efficace<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>punto<span class=\"_ _2\"></span><span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>vis<span class=\"_ _2\"></span>ta<span class=\"ff1\"> </span>patr<span class=\"_ _2\"></span>imoniale<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>100<span class=\"_ _2\"></span><span class=\"ff1\"> </span>milioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>euro),<span class=\"ff1\"> </span>o<span class=\"_ _2\"></span>ltre<span class=\"ff1\"> </span>all\u2019emissione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>Green<span class=\"_ _3bd\"> </span>Senior<span class=\"_ _3bd\"> </span>Preferred,<span class=\"ff1\"> </span>destinato<span class=\"ff1\"> </span>ad<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">investitori<span class=\"ff1\"> </span>istituzionali,<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>nominali<span class=\"ff1\"> </span>600<span class=\"ff1\"> </span>milioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">euro,</span> <span class=\"ff3\">come</span> <span class=\"_ _0\"></span><span class=\"ff3\">gi\u00e0<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span>anticipato<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _20\"></span></span>paragrafo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Relazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sulla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Gestione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dedicat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _20\"></span></span>principali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"_ _2\"></span>venti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">Gruppo</span> </span>Cre<span class=\"_ _0\"></span>dem<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>De<span class=\"_ _0\"></span>tta<span class=\"_ _1\"></span>gli<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>ti/<span class=\"_ _0\"></span>tit<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>su<span class=\"_ _0\"></span>bo<span class=\"_ _0\"></span>rd<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Pri<span class=\"_ _0\"></span>ncip<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cara<span class=\"_ _0\"></span>tte<span class=\"_ _0\"></span>rist<span class=\"_ _0\"></span>iche<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cont<span class=\"_ _0\"></span>rattu<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">delle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pa<span class=\"_ _0\"></span>ssiv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span>sub<span class=\"_ _0\"></span>ord<span class=\"_ _0\"></span>inat<span class=\"_ _0\"></span>e:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>\u201cCR<span class=\"_ _0\"></span>EDIT<span class=\"_ _0\"></span>O<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">EMILI<span class=\"_ _1\"></span>ANO<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">20/3<span class=\"_ _0\"></span>0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">SU<span class=\"_ _0\"></span>BOR<span class=\"_ _0\"></span>DINA<span class=\"_ _0\"></span>TO<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">3,5%<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">SUB<span class=\"_ _0\"></span>\u201d<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(IS<span class=\"_ _0\"></span>IN<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">IT<span class=\"_ _0\"></span>00054<span class=\"_ _0\"></span>2153<span class=\"_ _0\"></span>9)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">200.<span class=\"_ _0\"></span>000.<span class=\"_ _0\"></span>000,<span class=\"_ _0\"></span>00<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>\u20ac<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>osti<span class=\"_ _0\"></span>tui<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>2<span class=\"_ _0\"></span>.000<span class=\"_ _0\"></span>.000,<span class=\"_ _0\"></span>00<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ob<span class=\"_ _0\"></span>bli<span class=\"_ _0\"></span>gaz<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alo<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nom<span class=\"_ _0\"></span>inale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">100<span class=\"ff1\"> </span>\u20ac<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">cad<span class=\"_ _0\"></span>aun<span class=\"_ _0\"></span>a.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>Le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>obbligazioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>corrisponderanno<span class=\"ff1\">  </span>ce<span class=\"_ _0\"></span>dole<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fisse<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>annuali<span class=\"ff1\">  </span>pari<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>3,5%<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>annuo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>lordo<span class=\"ff1\">  </span>fino<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"ff1\"> </span>16/12/2025<span class=\"ff1\"> </span>poi<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> </span>IRS<span class=\"ff1\">  </span>5Y<span class=\"ff1\"> </span>+<span class=\"ff1\"> </span>3,897%<span class=\"ff1\"> </span>annuo<span class=\"ff1\"> </span>lordo.<span class=\"_ _3bd\"> </span>Il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>prest<span class=\"_ _2\"></span>ito<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>s<span class=\"_ _2\"></span>cade<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\">  </span>16/12/2030<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>se<span class=\"ff1\">  </span>non<span class=\"ff1\">  </span>v<span class=\"_ _0\"></span>err\u00e0<span class=\"ff1\">  </span>esercitata<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>l\u2019opzione<span class=\"ff1\">  </span>cal<span class=\"_ _0\"></span>l<span class=\"ff1\">  </span>al<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>16/12/<span class=\"_ _2\"></span>2025<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"ff1\"> </span>significher\u00e0<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>rimborso<span class=\"ff1\"> </span>anticipato.<span class=\"_ _3bd\"> </span>Al<span class=\"ff1\"> </span>31/12/2022<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>quantit\u00e0<span class=\"ff1\"> </span>residua<span class=\"ff1\"> </span>risulta<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>200.000.000,00<span class=\"ff1\"> </span>\u20ac<span class=\"ff1\"> </span>costituita<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>n.<span class=\"ff1\"> </span>2.000.000<span class=\"ff1\"> </span>obbligazioni<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>nominale<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>100<span class=\"ff1\"> </span>\u20ac<span class=\"ff1\"> </span>cadauna.<span class=\"_ _3bd\"> </span>L\u2019<span class=\"_ _0\"></span>obbl<span class=\"_ _0\"></span>igaz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stata<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span>tera<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ottos<span class=\"_ _0\"></span>crit<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>Cr<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span>mho<span class=\"_ _0\"></span>lding<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span></span></span></span></span>\u201cCR<span class=\"_ _0\"></span>EDIT<span class=\"_ _0\"></span>O<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">EMI<span class=\"_ _0\"></span>LIA<span class=\"_ _0\"></span>NO<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">22/32<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">SU<span class=\"_ _0\"></span>BORDI<span class=\"_ _0\"></span>NATO<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">7<span class=\"_ _0\"></span>,62<span class=\"_ _0\"></span>5<span class=\"ff1\"> </span>S<span class=\"_ _0\"></span>UB\u201d<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>ISI<span class=\"_ _0\"></span>N<span class=\"ff1\"> </span>I<span class=\"_ _0\"></span>T000<span class=\"_ _0\"></span>5497<span class=\"_ _0\"></span>117)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>20<span class=\"_ _0\"></span>0.00<span class=\"_ _0\"></span>0.000<span class=\"_ _0\"></span>,00<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>\u20ac<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>osti<span class=\"_ _0\"></span>tui<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>2<span class=\"_ _0\"></span>.000<span class=\"_ _0\"></span>.000,<span class=\"_ _0\"></span>00<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ob<span class=\"_ _0\"></span>bli<span class=\"_ _0\"></span>gaz<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alo<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nom<span class=\"_ _0\"></span>inale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">100<span class=\"ff1\"> </span>\u20ac<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">cad<span class=\"_ _0\"></span>aun<span class=\"_ _0\"></span>a.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>Le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>obbligazioni<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cor<span class=\"_ _2\"></span>risponderanno<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cedole<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>fiss<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>annuali<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>pari<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>7<span class=\"_ _2\"></span>,625%<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>annuo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>lordo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fino<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> </span>05/10/2027<span class=\"ff1\"> </span>poi<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> </span>MS<span class=\"ff1\">  </span>5Y<span class=\"ff1\"> </span>+<span class=\"ff1\"> </span>5,514%<span class=\"ff1\"> </span>annuo<span class=\"ff1\"> </span>lordo.<span class=\"_ _3bd\"> </span>Il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>prestito<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>scade<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>05/10/2032<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>se<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ve<span class=\"_ _0\"></span>rr\u00e0<span class=\"ff1\">  </span>esercitata<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>l\u2019opz<span class=\"_ _0\"></span>ione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>call<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>05/07/2027<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"ff1\"> </span>significher\u00e0<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>rimborso<span class=\"ff1\"> </span>anticipato<span class=\"_ _3bd\"> </span>.<span class=\"_ _3bd\"> </span>1.6<span class=\"_ _3bd\"> </span>De<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>per<span class=\"_ _3bd\"> </span>le<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>ing<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>31<span class=\"ff1\"> </span>dicembre<span class=\"ff1\"> </span>2022<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>presenti<span class=\"ff1\"> </span>debiti<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>leasing<span class=\"ff1\"> </span>IFRS16<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>131<span class=\"ff1\"> </span>milioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>euro.<span class=\"ff1\"> </span>Si<span class=\"ff1\"> </span>allegano<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> </span>finanziari<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>leasing<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>l'analisi<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>scadenze:<span class=\"_ _3bd\"> </span>Fino<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">1<span class=\"ff1\"> </span>m<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>se<span class=\"_ _1\"></span> <span class=\"_ _58\"> </span>5.<span class=\"_ _1\"></span>84<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span></span></span></span></span>Oltre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">1<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mese<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fino<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">3<span class=\"ff1\"> </span>m<span class=\"_ _1\"></span>es<span class=\"_ _0\"></span>i <span class=\"_ _2a5\"> </span>32<span class=\"_ _1\"></span>5<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>Oltre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">3<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mesi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fino<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">an<span class=\"_ _0\"></span>no<span class=\"_ _1\"></span> <span class=\"_ _2a6\"> </span>15.<span class=\"_ _0\"></span>531<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>Oltre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">anno<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fino<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">5<span class=\"ff1\"> </span>a<span class=\"_ _1\"></span>nni<span class=\"_ _1\"></span> <span class=\"_ _f8\"> </span>63<span class=\"_ _0\"></span>.54<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>Oltre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">5<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">an<span class=\"_ _0\"></span>ni<span class=\"_ _1\"></span> <span class=\"_ _249\"> </span>45.79<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span></span></span></span></span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span> <span class=\"_ _4c\"> </span>13<span class=\"_ _0\"></span>1.<span class=\"_ _0\"></span>03<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>Ti<span class=\"_ _0\"></span>tol<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>ci<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>ola<span class=\"_ _1\"></span>zion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>og<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>tto<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rtu<span class=\"_ _0\"></span>ra<span class=\"_ _3bd\"> </span>sp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ca<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Si<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>adottata<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>metodologia<span class=\"ff1\"> </span>contabile<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Micro<span class=\"ff1\"> </span>Fair<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Value<span class=\"ff1\"> </span>Hedge<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>copertura<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>associato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>all\u2019emissione<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prestiti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>obbligazionari<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tasso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fisso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ammontare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>circ<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>050<span class=\"ff1\"> </span>m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span>uro<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">.<span class=\"_ _0\"></span> </span></span></span></span><div class=\"t m45 h10 ff3 fs9 fc4 sc0 ls0 ws0 gs527a\">SEZI<span class=\"_ _0\"></span>ONE<span class=\"_ _3bd\"> </span></div><div class=\"t m45 h10 ff3 fs9 fc4 sc0 ls0 ws0 gs527b\">1<span class=\"_ _3bd\"> </span></div><div class=\"t m45 h10 ff3 fs9 fc4 sc0 ls0 ws0 gs527c\">\u2013<span class=\"_ _3bd\"> </span></div><div class=\"t m45 h10 ff3 fs9 fc4 sc0 ls0 ws0 gs527d\">LOC<span class=\"_ _0\"></span>ATAR<span class=\"_ _0\"></span>IO<span class=\"fc0\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs527e\">Inf<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>maz<span class=\"_ _1\"></span>ion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs527f\">qu<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>lita<span class=\"_ _1\"></span>tive<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5280\">In<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">data<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">13<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gennaio<span class=\"ff1\"> </span>2016<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">lo<span class=\"ff1\"> </span>IASB<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"ff1\"> </span>pubblicato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nuovo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pr<span class=\"_ _2\"></span>incipio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u201cIFRS<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">16<span class=\"ff1\"> </span>L<span class=\"_ _0\"></span>eases\u201d,<span class=\"ff1\"> </span>ch<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sost<span class=\"_ _2\"></span>ituisce<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5281\">principio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>IAS<span class=\"ff1\"> <span class=\"_ _20\"></span></span>17<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Leases,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nonch\u00e9<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>interpretazioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>IFRIC<span class=\"ff1\"> <span class=\"_ _20\"></span></span>4<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Determining<span class=\"ff1\"> <span class=\"_ _2\"></span></span>whether<span class=\"ff1\"> <span class=\"_ _20\"></span></span>an<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Arrangement<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5282\">contains<span class=\"ff1\">  </span>a<span class=\"ff1\">  </span>Le<span class=\"_ _0\"></span>ase,<span class=\"ff1\">  </span>SIC15<span class=\"ff1\">  </span>Operating<span class=\"ff1\">  </span>Le<span class=\"_ _0\"></span>ases<span class=\"ff1\">  </span>Incentives<span class=\"ff1\">  </span>e<span class=\"ff1\">  </span>SIC<span class=\"_ _0\"></span>-27<span class=\"ff1\">  </span>Evaluating<span class=\"ff1\">  </span>the<span class=\"ff1\">  </span>Sub<span class=\"_ _0\"></span>stance<span class=\"ff1\">  </span>of<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5283\">Tra<span class=\"_ _0\"></span>nsa<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>ons<span class=\"ff1\"> </span>I<span class=\"_ _0\"></span>nvo<span class=\"_ _0\"></span>lvin<span class=\"_ _0\"></span>g<span class=\"ff1\"> </span>the<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">L<span class=\"_ _0\"></span>egal<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Form</span> <span class=\"_ _1\"></span><span class=\"ff3\">of<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Le<span class=\"_ _0\"></span>ase.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pri<span class=\"_ _0\"></span>ncip<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stato<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span>mol<span class=\"_ _0\"></span>oga<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>all<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>Co<span class=\"_ _0\"></span>mmis<span class=\"_ _0\"></span>sione<span class=\"_ _1\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5284\">Europea<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>Regolamento<span class=\"ff1\"> </span>n.<span class=\"ff1\"> </span>2017/1986<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>applica<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>partire<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>1\u00b0<span class=\"ff1\"> </span>gennaio<span class=\"ff1\"> </span>2019. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5285\">Il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nuovo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>principio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fornisce<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nuova<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>de<span class=\"_ _0\"></span>finizione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"_ _0\"></span>ase<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ed<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>intr<span class=\"_ _2\"></span>oduce<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>criterio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>basato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>ul<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5286\">controllo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(right<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"_ _2\"></span>f<span class=\"ff1\"> <span class=\"_ _20\"></span></span>use)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span></span>un<span class=\"ff1\"> <span class=\"_ _20\"></span></span>bene<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"_ _0\"></span>stinguere<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>co<span class=\"_ _2\"></span>ntratti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>leasing<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dai<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span><span class=\"ff3\">contr<span class=\"_ _2\"></span>atti</span> <span class=\"_ _20\"></span><span class=\"ff3\">per</span> <span class=\"_ _20\"></span><span class=\"ff3\">servizi,</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5287\">individuando<span class=\"ff1\"> </span>quali<span class=\"ff1\"> </span>discriminanti:<span class=\"ff1\"> </span>l\u2019identificazione<span class=\"_ _2\"></span><span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>bene,<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>diritto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>sostituzione<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>stesso,<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5288\">diritto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ad<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ot<span class=\"_ _2\"></span>tenere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sostanzialmente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tutti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">benefici<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">economici<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rive<span class=\"_ _2\"></span>nienti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dall\u2019uso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bene<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">diritto<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5289\">di<span class=\"ff1\"> </span>dirigere<span class=\"ff1\"> </span>l\u2019uso<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>bene<span class=\"ff1\"> </span>sottostante<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>contratto. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs528a\">La<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>principale<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>novit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"_ _0\"></span>tro<span class=\"_ _2\"></span>dotta<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>prin<span class=\"_ _2\"></span>cipio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rappresentata<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dalla<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>modifica<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>m<span class=\"_ _2\"></span>odalit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs528b\">contabilizzazione<span class=\"ff1\">  </span>delle<span class=\"ff1\">  </span>operazi<span class=\"_ _2\"></span>oni<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>leasing<span class=\"ff1\">  </span>operativo<span class=\"ff1\">  </span>ne<span class=\"_ _2\"></span>l<span class=\"ff1\">  </span>bilancio<span class=\"ff1\">  </span>del<span class=\"ff1\">  </span>locatario/<span class=\"_ _2\"></span>utilizzatore,<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs528c\">attraverso<span class=\"ff1\"> </span>l\u2019introduzione<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>unico<span class=\"ff1\"> </span>modello<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>contabilizzazi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>contratti<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">leasing<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>parte<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs528d\">del<span class=\"ff1\"> </span>locatario<span class=\"ff1\"> </span>siano<span class=\"ff1\"> </span>essi<span class=\"ff1\"> </span>classificati<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>leasing<span class=\"ff1\"> </span>operativi<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>finanziari.<span class=\"_ _2\"></span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs528e\">Ai<span class=\"ff1\"> </span>sensi<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ella<span class=\"ff1\"> </span>nuova<span class=\"ff1\"> </span>contabili<span class=\"_ _0\"></span>zza<span class=\"_ _2\"></span>zione,<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">locatario</span> <span class=\"ff3\">rileva,</span> <span class=\"_ _0\"></span><span class=\"ff3\">nello<span class=\"ff1\"> </span>Stato<span class=\"ff1\"> </span>patrimoniale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Attivo,<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>Diritto<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs528f\">d\u2019Uso<span class=\"ff1\"> </span>(Right<span class=\"ff1\"> </span>of<span class=\"ff1\"> </span>Use)<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>bene<span class=\"ff1\"> </span>oggetto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>contratto<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>nello<span class=\"ff1\"> </span>Stato<span class=\"ff1\"> </span>patrimoniale<span class=\"ff1\"> </span>Passivo,<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>Debito<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5290\">per<span class=\"ff1\"> </span>leasing<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(Lease<span class=\"ff1\"> </span>Liability)<span class=\"ff1\"> </span>pari<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>at<span class=\"_ _2\"></span>tuale<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>canoni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>previsti<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>contratto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>ancora<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5291\">pagati.<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Nel<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>conto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span></span>economico<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>vengono<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>ilevati<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>l\u2019ammortam<span class=\"_ _2\"></span>ento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Diritto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>d'Uso<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>gli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>interessi<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5292\">passivi<span class=\"ff1\"> </span>derivanti<span class=\"ff1\"> </span>dall\u2019attualizzazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Debito<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>leasing. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5293\">L\u2019<span class=\"_ _0\"></span>inf<span class=\"_ _0\"></span>orma<span class=\"_ _0\"></span>tiva<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ric<span class=\"_ _0\"></span>hie<span class=\"_ _0\"></span>sta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>tata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inol<span class=\"_ _0\"></span>tre<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>mpli<span class=\"_ _0\"></span>ata<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sia</span> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">loca<span class=\"_ _0\"></span>tari<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">loc<span class=\"_ _0\"></span>ato<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>e<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>ichie<span class=\"_ _1\"></span>ste<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5294\">nuove<span class=\"ff1\"> </span>informazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tipo<span class=\"ff1\"> </span>quantitativo<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>qualitativo. </div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs5295\">Ap<span class=\"_ _0\"></span>pro<span class=\"_ _1\"></span>ccio<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs5296\">me<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>do<span class=\"_ _0\"></span>log<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs5297\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs5298\">sc<span class=\"_ _0\"></span>elt<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs5299\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs529a\">tr<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>iz<span class=\"_ _0\"></span>ion<span class=\"_ _1\"></span>e<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs529b\">Rispetto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>modalit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>transiz<span class=\"_ _2\"></span>ione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>consentite<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dall\u2019IFRS<span class=\"ff1\"> <span class=\"_ _20\"></span></span>16,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Gruppo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ha<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>ciso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>effettuare<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs529c\">transizione<span class=\"ff1\"> <span class=\"_ _2c\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _2c\"> </span></span>base<span class=\"ff1\"> <span class=\"_ _2c\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _2c\"> </span></span>Modified<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2c\"> </span><span class=\"ff3\">retro<span class=\"_ _2\"></span>spective</span> <span class=\"_ _2c\"> </span><span class=\"ff3\">approach</span> <span class=\"_ _2c\"> </span><span class=\"ff3\">rilevando</span> <span class=\"_ _2c\"> </span><span class=\"ff3\">l\u2019impatto</span> <span class=\"_ _2c\"> </span><span class=\"ff3\">cumulato</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs529d\">dell\u2019applicazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"_ _2\"></span>niziale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>principio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contratti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>leasin<span class=\"_ _2\"></span>g<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"_ _2\"></span>perativo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>esistenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>determinando<span class=\"_ _2\"></span>ne<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs529e\">l\u2019impatto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>ui<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>saldi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>apertura<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>1\u00b0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>genn<span class=\"_ _0\"></span>aio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>2019,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>senza<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _0\"></span>rocedere<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>al<span class=\"_ _2\"></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>riesposizione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dati<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs529f\">comparativi.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Alla<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prima<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">applicazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>sald<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Diritti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">d\u2019Uso<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">quindi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pari<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>que<span class=\"_ _0\"></span>llo<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Debit<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs52a0\">per<span class=\"ff1\"> </span>leasing<span class=\"ff1\"> <span class=\"_ _2\"></span></span>aggiustato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>considerare<span class=\"ff1\"> </span>eventuali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>risconti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>passivi<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ratei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivi.<span class=\"ff1\"> </span>I<span class=\"ff1\"> <span class=\"_ _2\"></span></span>debiti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> </span>leasing<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs52a1\">sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>s<span class=\"_ _0\"></span>tati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>determinati<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>come<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>at<span class=\"_ _2\"></span>tualizzazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"_ _2\"></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>data<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>prima<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>appl<span class=\"_ _0\"></span>icazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>canoni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>f<span class=\"_ _2\"></span>uturi<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs52a2\">contrattuali<span class=\"ff1\"> </span>utilizzando<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>finanziamento<span class=\"ff1\"> </span>marginale<span class=\"ff1\"> </span>(Incr<span class=\"_ _2\"></span>emental<span class=\"ff1\"> </span>Borrowing<span class=\"ff1\"> </span>Rate). </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs52a3\">Tra<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>rinc<span class=\"_ _0\"></span>ipal<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">scel<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">oper<span class=\"_ _0\"></span>ativ<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>ch<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Grup<span class=\"_ _0\"></span>po<span class=\"ff1\"> </span>h<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>uti<span class=\"_ _0\"></span>liz<span class=\"_ _0\"></span>zat<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>du<span class=\"_ _0\"></span>ran<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>tra<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">evid<span class=\"_ _0\"></span>enz<span class=\"_ _0\"></span>ia: </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m6 h13 ff6 fs5 fc0 sc0 ls0 ws0 gs52a4\"> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs52a5\">la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>scelta<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>non<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rideterminare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>perimetro<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prima<span class=\"ff1\"> <span class=\"_ _2\"></span></span>applicazione,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>bens\u00ec<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>applicare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nuovo<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs52a6\">principio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tutt<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cont<span class=\"_ _2\"></span>ratti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">leasi<span class=\"_ _2\"></span>ng<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gi\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">indi<span class=\"_ _2\"></span>viduati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sulla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">bas<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">definizione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">contenuta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nello<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs52a7\">IAS<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">17; </span></span></div><div class=\"t m6 h13 ff6 fs5 fc0 sc0 ls0 ws0 gs52a8\"> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs52a9\">l\u2019esclusione<span class=\"ff1\"> </span>dal<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perimetro<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>applicazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>contratti<span class=\"ff1\"> </span>\u201cshort-te<span class=\"_ _0\"></span>rm\u201d,<span class=\"ff1\"> </span>ovvero<span class=\"ff1\"> </span>aventi<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ta </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs52aa\">res<span class=\"_ _0\"></span>idu<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dat<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pr<span class=\"_ _0\"></span>ima<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">app<span class=\"_ _0\"></span>lic<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>nfe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>1<span class=\"_ _0\"></span>2<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">me<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>; </span></span></span></span></span></span></span></span></div><div class=\"t m6 h13 ff6 fs5 fc0 sc0 ls0 ws0 gs52ab\"> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs52ac\">l\u2019esclusione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dal<span class=\"ff1\"> <span class=\"_ _2\"></span></span>perimetro<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>applicazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contr<span class=\"_ _2\"></span>atti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u201clow-value\u201d,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ovvero<span class=\"ff1\"> <span class=\"_ _2\"></span></span>aventi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valore<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs52ad\">stimato<span class=\"ff1\"> </span>dell\u2019asset<span class=\"ff1\"> </span>inferiore<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>Euro<span class=\"ff1\"> </span>5<span class=\"_ _2\"></span>.000; </div><div class=\"t m6 h13 ff6 fs5 fc0 sc0 ls0 ws0 gs52ae\"> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs52af\">fatto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"_ _2\"></span>ffidamento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>all\u2019assessment<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>IAS<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>37<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>alla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>data<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>fine<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>esercizio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>come<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>alternat<span class=\"_ _2\"></span>iva<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs52b0\">ve<span class=\"_ _0\"></span>rifi<span class=\"_ _0\"></span>ca<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">imp<span class=\"_ _0\"></span>airm<span class=\"_ _0\"></span>ent. </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs52b1\">Con<span class=\"ff1\"> </span>riferimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alle<span class=\"ff1\"> </span>scelte<span class=\"ff1\"> </span>adottate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dal<span class=\"ff1\"> </span>Gruppo<span class=\"ff1\"> </span>nell\u2019applicazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>principio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>si<span class=\"ff1\"> <span class=\"_ _2\"></span></span>evidenzia<span class=\"ff1\"> </span>inoltre<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs52b2\">c<span class=\"_ _0\"></span>he:<span class=\"_ _0\"></span> </div><div class=\"t m6 h13 ff6 fs5 fc0 sc0 ls0 ws0 gs52b3\"> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs52b4\">con<span class=\"ff1\"> <span class=\"_ _21\"></span></span>riferimento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>leasing<span class=\"ff1\"> <span class=\"_ _21\"></span></span>operativo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>perimetro<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>applicazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riferibile<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contr<span class=\"_ _2\"></span>atti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>d<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs52b5\">loc<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">imm<span class=\"_ _0\"></span>obil<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nol<span class=\"_ _0\"></span>egg<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">au<span class=\"_ _0\"></span>tove<span class=\"_ _0\"></span>icol<span class=\"_ _0\"></span>i; </span></span></span></span></span></span></div><div class=\"t m6 h13 ff6 fs5 fc0 sc0 ls0 ws0 gs52b6\"> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs52b7\">il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Gruppo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ha<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>d<span class=\"_ _2\"></span>eterminato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tasso<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>finanziamento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>mar<span class=\"_ _2\"></span>ginale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sulla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>base<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>c<span class=\"_ _2\"></span>urve<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tassi<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs52b8\">relative<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>alle<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>emissioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Senior<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>u<span class=\"_ _0\"></span>nsecured<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Gruppo.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">tasso</span> <span class=\"_ _27\"> </span><span class=\"ff3\">determinato,</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">contenente</span> <span class=\"_ _27\"> </span><span class=\"ff3\">la</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs52b9\">componente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">credito<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Gr<span class=\"_ _2\"></span>uppo,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">considera<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inoltre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">differenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">durate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">contrat<span class=\"_ _2\"></span>tuali; </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m6 h13 ff6 fs5 fc0 sc0 ls0 ws0 gs52ba\"> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs52bb\">con<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">r<span class=\"_ _0\"></span>ife<span class=\"_ _0\"></span>rime<span class=\"_ _0\"></span>nto<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">du<span class=\"_ _0\"></span>rata<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>easi<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">im<span class=\"_ _0\"></span>mobi<span class=\"_ _0\"></span>liar<span class=\"_ _0\"></span>i,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">gen<span class=\"_ _0\"></span>eral<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>Gr<span class=\"_ _0\"></span>up<span class=\"_ _0\"></span>po<span class=\"ff1\"> </span>h<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onsid<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">c<span class=\"_ _0\"></span>ome<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs52bc\">rag<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span>vol<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cert<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>so<span class=\"_ _0\"></span>lo<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">primo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>odo<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">r<span class=\"_ _0\"></span>inn<span class=\"_ _0\"></span>ovo<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>rattu<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs52be\">Alt<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs52bf\">inf<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>zio<span class=\"_ _1\"></span>ni<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs52c0\">I<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">contr<span class=\"_ _2\"></span>atti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">locazione<span class=\"ff1\"> </span>commerciale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">so<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">regolati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dalla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">legge<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>cu<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">condutto<span class=\"_ _2\"></span>re<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span>consentito<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs52c1\">disdettare<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">locazione<span class=\"ff1\"> </span>ad<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ogni<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>cadenza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(normalmente<span class=\"ff1\"> </span>ogni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sei<span class=\"ff1\"> </span>anni<span class=\"_ _0\"></span>)<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">preavviso<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">almeno<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs52c2\">dodici<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mesi. </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs52c3\">Analogo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>diritto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u00e8<span class=\"ff1\">  </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\">  </span>cap<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>locat<span class=\"_ _2\"></span>ore.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Questo<span class=\"ff1\">  </span>comporta<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ad<span class=\"ff1\">  </span>ogni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>mese<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\">  </span>ogni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>anno,<span class=\"ff1\">  </span>\u00e8<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs52c4\">potenzialmente<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ossibile<span class=\"ff1\"> </span>inviare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(o<span class=\"ff1\"> </span>ricevere<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dal<span class=\"ff1\"> </span>locatore)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>disdetta<span class=\"ff1\"> </span>dai<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">contratti</span> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>locazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs52c5\">scadono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dopo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dodici<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mesi.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Negli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ultimi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>anni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per\u00f2,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>vist<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contesto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mercato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>immobiliare,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>si<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs52c6\">assistito<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>pochissime<span class=\"ff1\"> </span>disdette<span class=\"ff1\"> </span>annue<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>parte<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>locatori. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs52c7\">La<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>quasi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>totalit\u00e0<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nostri<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>contratti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>regolamentato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tra<span class=\"ff1\">  </span>l<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>parti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>r<span class=\"_ _2\"></span>ecesso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>pu\u00f2<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>essere<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs52c8\">esercitato<span class=\"ff1\"> </span>solo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dal<span class=\"ff1\"> </span>conduttore<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>ogni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>momento<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> </span>preavviso<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mesi<span class=\"ff1\"> </span>sei.<span class=\"ff1\"> </span>Negli<span class=\"ff1\"> </span>ultimi<span class=\"ff1\"> </span>a<span class=\"_ _2\"></span>nni<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs52c9\">banca<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ha<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>esercitato<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>pesso<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>questa<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>facolt\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>poter<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span></span>gestire<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>me<span class=\"_ _0\"></span>glio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>chiusur<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fi<span class=\"_ _2\"></span>liali<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs52ca\">pre<span class=\"_ _0\"></span>vis<span class=\"_ _0\"></span>te. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs52cb\">Inoltre<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>arti<span class=\"ff1\"> </span>B<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>C<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>presente<span class=\"ff1\"> </span>Nota<span class=\"ff1\"> </span>integrativa<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riportate<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>informazioni<span class=\"ff1\"> </span>patrimoniali<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs52cc\">ed<span class=\"ff1\"> </span>economiche<span class=\"ff1\"> </span>richieste<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>principio<span class=\"ff1\"> </span>IFRS16. </div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs52cd\">Inf<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>maz<span class=\"_ _1\"></span>ion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs52ce\">qu<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>tit<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs52cf\">Att<span class=\"_ _1\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs52d0\">ma<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ali<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs52d1\">ad<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs52d2\">us<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs52d3\">fu<span class=\"_ _0\"></span>nzi<span class=\"_ _1\"></span>ona<span class=\"_ _1\"></span>le<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs52d4\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs52d5\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs52d6\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs52d7\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs52d8\">Fa<span class=\"_ _1\"></span>bbri<span class=\"_ _1\"></span>cati<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _122\"> </span><span class=\"fc4 sc2\">A<span class=\"_ _0\"></span>lt<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> <span class=\"_ _176\"> </span></span>Tot<span class=\"_ _0\"></span>al<span class=\"_ _1\"></span>e<span class=\"fc0 sc1\"> <span class=\"_ _66\"> </span></span>F<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>br<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _122\"> </span><span class=\"fc4 sc2\">A<span class=\"_ _0\"></span>lt<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> <span class=\"_ _176\"> </span></span>Tot<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs52d9\">Right<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs52da\">of<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs52db\">Use<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs52dc\">saldo<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs52dd\">in<span class=\"_ _1\"></span>izia<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs52de\">12<span class=\"_ _0\"></span>7.<span class=\"_ _0\"></span>03<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs52df\">3.<span class=\"_ _1\"></span>06<span class=\"_ _1\"></span>8<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs52e0\">13<span class=\"_ _0\"></span>0.<span class=\"_ _0\"></span>10<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs52e1\">13<span class=\"_ _0\"></span>2.<span class=\"_ _0\"></span>93<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs52e2\">3.<span class=\"_ _0\"></span>50<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs52e3\">13<span class=\"_ _0\"></span>6.<span class=\"_ _0\"></span>44<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs52e4\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Quote<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">amm<span class=\"_ _0\"></span>orta<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span> </span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs52e5\">-2<span class=\"_ _0\"></span>2.9<span class=\"_ _0\"></span>85<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs52e6\">-1<span class=\"_ _0\"></span>.72<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs52e7\">-2<span class=\"_ _0\"></span>4.7<span class=\"_ _0\"></span>12<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs52e8\">-2<span class=\"_ _0\"></span>1.3<span class=\"_ _0\"></span>69<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs52e9\">-1<span class=\"_ _0\"></span>.79<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs52ea\">-2<span class=\"_ _0\"></span>3.1<span class=\"_ _0\"></span>61<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs52eb\">+/-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">var<span class=\"_ _0\"></span>iaz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i </span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs52ec\">20<span class=\"_ _0\"></span>.87<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs52ed\">8<span class=\"_ _0\"></span>74<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs52ee\">21<span class=\"_ _0\"></span>.74<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs52ef\">15.<span class=\"_ _0\"></span>465<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs52f0\">1.<span class=\"_ _0\"></span>352<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs52f1\">16.<span class=\"_ _0\"></span>81<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs52f2\">Va<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs52f3\">co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs52f4\">sa<span class=\"_ _0\"></span>ld<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs52f5\">fi<span class=\"_ _0\"></span>nal<span class=\"_ _1\"></span>e <span class=\"_ _8b\"> </span>124.<span class=\"_ _0\"></span>91<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs52f6\">2.<span class=\"_ _0\"></span>215<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs52f7\">12<span class=\"_ _0\"></span>7.<span class=\"_ _0\"></span>13<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs52f8\">12<span class=\"_ _0\"></span>7.<span class=\"_ _0\"></span>03<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs52f9\">3.<span class=\"_ _1\"></span>06<span class=\"_ _1\"></span>8<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs52fa\">13<span class=\"_ _0\"></span>0.<span class=\"_ _0\"></span>10<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs52fb\">Debit<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs52fc\">per<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs52fd\">le<span class=\"_ _0\"></span>as<span class=\"_ _1\"></span>ing<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs52fe\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs52ff\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs5300\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs5301\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs5302\">Le<span class=\"_ _0\"></span>as<span class=\"_ _1\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs5303\">Li<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>ty<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs5304\">sa<span class=\"_ _1\"></span>ldo<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs5305\">in<span class=\"_ _0\"></span>iz<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span>e </div><div class=\"c w127 h27 gs5306\"><div class=\"t m0 x1f9 h1c y37b ff3 fsc fc0 sc1 ls0 ws0\">13<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>26<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs5307\">13<span class=\"_ _0\"></span>9.<span class=\"_ _0\"></span>65<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs5308\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">canoni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">erogati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>eas<span class=\"_ _1\"></span>ing </span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs5309\">-2<span class=\"_ _0\"></span>6.3<span class=\"_ _0\"></span>05<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs530a\">-2<span class=\"_ _0\"></span>5.52<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs530b\">+<span class=\"ff1\"> </span>In<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>Passi<span class=\"_ _1\"></span>vi<span class=\"ff1\"> </span>matu<span class=\"_ _0\"></span>rat<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>nel<span class=\"_ _1\"></span>l'ese<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs530c\">3.<span class=\"_ _1\"></span>20<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs530d\">3.<span class=\"_ _1\"></span>32<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs530e\">+/-<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Altre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">var<span class=\"_ _0\"></span>iaz<span class=\"_ _1\"></span>ioni </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs530f\">19.<span class=\"_ _0\"></span>86<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs5310\">16.<span class=\"_ _0\"></span>81<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs5311\">Le<span class=\"_ _0\"></span>as<span class=\"_ _1\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs5312\">Li<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>ty<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs5313\">sa<span class=\"_ _1\"></span>ldo<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs5314\">fi<span class=\"_ _0\"></span>nal<span class=\"_ _1\"></span>e </div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs5315\">13<span class=\"_ _0\"></span>1.<span class=\"_ _0\"></span>035<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs5316\">13<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>26<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs5317\">Alt<span class=\"_ _1\"></span>re<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs5318\">In<span class=\"_ _1\"></span>form<span class=\"_ _1\"></span>azi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs5319\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs531a\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs531b\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs531c\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs531d\">Costi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">leasing<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">low<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valu<span class=\"_ _0\"></span>e </span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs531e\">58<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs531f\">50<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs5320\">Cos<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>ing<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>hor<span class=\"_ _0\"></span>t<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>er<span class=\"_ _1\"></span>m </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs5321\">76<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs5322\">1<span class=\"_ _0\"></span>68<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs5323\">Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">spese<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">lea<span class=\"_ _0\"></span>sing<span class=\"_ _1\"></span> </span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs5324\">2.<span class=\"_ _0\"></span>671<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs5325\">2<span class=\"_ _0\"></span>.0<span class=\"_ _1\"></span>68<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5326\">La<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">vo<span class=\"_ _0\"></span>ce<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ltre<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">spe<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sui<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le<span class=\"_ _0\"></span>asin<span class=\"_ _0\"></span>g<span class=\"ff1\"> </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rico<span class=\"_ _0\"></span>ndu<span class=\"_ _0\"></span>cibi<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ll\u2019<span class=\"_ _0\"></span>Iva<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ind<span class=\"_ _0\"></span>etra<span class=\"_ _0\"></span>ibi<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>d<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ltri<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">se<span class=\"_ _0\"></span>rvi<span class=\"_ _0\"></span>zi. </span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m45 h10 ff3 fs9 fc4 sc0 ls0 ws0 gs5328\">SEZI<span class=\"_ _0\"></span>ONE<span class=\"_ _3bd\"> </span></div><div class=\"t m45 h10 ff3 fs9 fc4 sc0 ls0 ws0 gs5329\">2<span class=\"_ _3bd\"> </span></div><div class=\"t m45 h10 ff3 fs9 fc4 sc0 ls0 ws0 gs532a\">\u2013<span class=\"_ _3bd\"> </span></div><div class=\"t m45 h10 ff3 fs9 fc4 sc0 ls0 ws0 gs532b\">LOC<span class=\"_ _0\"></span>ATORE<span class=\"_ _0\"></span><span class=\"fc0\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs532c\">Inf<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>maz<span class=\"_ _1\"></span>ion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs532d\">qu<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>lita<span class=\"_ _1\"></span>tive<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs532e\">Nel<span class=\"ff1\"> </span>20<span class=\"_ _2\"></span>22<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mercato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>leasing<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>no<span class=\"_ _2\"></span>leggio<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>lungo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>termine<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ha<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finalizzato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>investimenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> </span>u<span class=\"_ _2\"></span>n<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs532f\">valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">circa<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">31<span class=\"_ _2\"></span>,5<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">miliardi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"_ _2\"></span>uro,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">incremento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">9,7%<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rispetto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2021;<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">crescita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5330\">numero<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>nuove<span class=\"ff1\"> </span>operazioni<span class=\"ff1\"> </span>stipulate,<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>registra<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>+5<span class=\"_ _2\"></span>,6%<span class=\"ff1\"> </span>rispetto<span class=\"ff1\"> </span>all\u2019anno<span class=\"ff1\"> </span>precedente. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5331\">Il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mer<span class=\"_ _0\"></span>cato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span>tinu<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>aratt<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>zzar<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pre<span class=\"_ _0\"></span>vale<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>deg<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>nve<span class=\"_ _0\"></span>stime<span class=\"_ _1\"></span>nti<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>se<span class=\"_ _0\"></span>gmen<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>\u201cm<span class=\"_ _0\"></span>obi<span class=\"_ _0\"></span>lia<span class=\"_ _0\"></span>re\u201d,<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5332\">che<span class=\"ff1\"> </span>complessivamente<span class=\"ff1\"> </span>rappresenta<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>91%<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>totale<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>nuove<span class=\"ff1\"> </span>stipule<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>periodo.<span class=\"ff1\"> </span>In<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5333\">questo<span class=\"ff1\"> </span>ambito<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>evidenzia: </div><div class=\"t m5 h2d ff5 fs5 fc0 sc0 ls0 ws0 gs5334\">- </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5335\">comparto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>veicoli:<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>gl<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>investimenti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>comparto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>hanno<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>contribu<span class=\"_ _0\"></span>ito<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>totale<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nu<span class=\"_ _0\"></span>ova<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5336\">produzione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _21\"></span></span>circa<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>51%<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ed<span class=\"ff1\"> <span class=\"_ _21\"></span></span>evidenziano,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rispetto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>2021,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>un<span class=\"ff1\"> <span class=\"_ _20\"></span></span>incremento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>13,7%<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nei<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5337\">volumi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>fi<span class=\"_ _2\"></span>nanziati<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>5,8%<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>n<span class=\"_ _2\"></span>el<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>numero<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nuove<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>stipule.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Particolarmente<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>positive<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5338\">performance,<span class=\"ff1\">  </span>in<span class=\"ff1\">  </span>termini<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\">  </span>volumi<span class=\"ff1\">  </span>stipulati,<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\">  </span>mercato<span class=\"ff1\">  </span>del<span class=\"ff1\">  </span>nole<span class=\"_ _0\"></span>ggio,<span class=\"ff1\">  </span>sia<span class=\"ff1\">  </span>per<span class=\"ff1\">  </span>i<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">veicoli</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5339\">commerciali<span class=\"ff1\"> </span>(+21,2%)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">che</span> <span class=\"ff3\">per</span> <span class=\"ff3\">le</span> <span class=\"_ _0\"></span><span class=\"ff3\">autovetture<span class=\"ff1\"> </span>(+17,2%).<span class=\"ff1\"> </span>Anche<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">il</span> <span class=\"ff3\">mercato</span> <span class=\"ff3\">de<span class=\"_ _0\"></span>lle<span class=\"ff1\"> </span>autovetture<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs533a\">leasing<span class=\"ff1\"> </span>risulta<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>significativa<span class=\"ff1\"> </span>crescita<span class=\"ff1\"> </span>(+17,3%). </div><div class=\"t m5 h2d ff5 fs5 fc0 sc0 ls0 ws0 gs533b\">- </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs533c\">com<span class=\"_ _0\"></span>par<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stru<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>tale:<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>ontin<span class=\"_ _0\"></span>ua<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>egi<span class=\"_ _0\"></span>stra<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cres<span class=\"_ _0\"></span>cit<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>sia<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in</span> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>ermi<span class=\"_ _0\"></span>ni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vol<span class=\"_ _0\"></span>umi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">(+6,9<span class=\"_ _0\"></span>%)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs533d\">nel<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>numero<span class=\"ff1\">  </span>del<span class=\"_ _0\"></span>le<span class=\"ff1\">  </span>nuove<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>stipule<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(+5,2%),<span class=\"ff1\">  </span>trainato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dalla<span class=\"ff1\">  </span>di<span class=\"_ _0\"></span>namica<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>l<span class=\"_ _2\"></span>easing<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>finanziario<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs533e\">(+5,4%)<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>rappresen<span class=\"_ _0\"></span>ta<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>l\u201988,3%<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>comparto<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>stesso.<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>La<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>performance<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>continu<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>a<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs533f\">beneficiare<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>misure<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>agevo<span class=\"_ _2\"></span>lative<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>favore<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>delle<span class=\"ff1\">  </span>P<span class=\"_ _0\"></span>MI<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tr<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u201cNuova<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Sabatini\u201d.<span class=\"ff1\">  </span>Gli<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5340\">incrementi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">hanno<span class=\"ff1\"> </span>riguardato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tutte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fasce<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">impor<span class=\"_ _2\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(ad<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">eccezione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>quella<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inferiore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ad<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Ek<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5341\">50)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>once<span class=\"_ _0\"></span>ntra<span class=\"_ _0\"></span>no<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pa<span class=\"_ _0\"></span>rtic<span class=\"_ _0\"></span>ola<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sugli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">inv<span class=\"_ _0\"></span>esti<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">import<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>up<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>ore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>2<span class=\"_ _0\"></span>,5<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mili<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">eu<span class=\"_ _1\"></span>ro.<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5342\">Buona<span class=\"ff1\"> </span>anche<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>dinamica<span class=\"ff1\"> </span>evidenziata<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>leasing<span class=\"ff1\"> </span>operat<span class=\"_ _2\"></span>ivo<span class=\"ff1\"> </span>(+20,7%). </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5343\">Il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>ompa<span class=\"_ _0\"></span>rto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">imm<span class=\"_ _0\"></span>obil<span class=\"_ _0\"></span>iare<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risul<span class=\"_ _0\"></span>ta<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>traz<span class=\"_ _0\"></span>ione,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>ia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">termin<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">st<span class=\"_ _0\"></span>ipu<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>-3,9<span class=\"_ _0\"></span>%)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>olu<span class=\"_ _0\"></span>mi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stipul<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5344\">(-3,4%).<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Nel<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d<span class=\"_ _2\"></span>ettaglio,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sot<span class=\"_ _2\"></span>tocategoria<span class=\"ff1\"> <span class=\"_ _2\"></span></span>degli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u201cimm<span class=\"_ _2\"></span>obili<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cos<span class=\"_ _2\"></span>truire\u201d,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pesa<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>43,3%<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5345\">totale,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>registra<span class=\"ff1\"> <span class=\"_ _2\"></span></span>una<span class=\"ff1\"> <span class=\"_ _2\"></span></span>crescita<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>5,5%<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>termini<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>volum<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nuova<span class=\"ff1\"> <span class=\"_ _2\"></span></span>produzione,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>trainata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dal<span class=\"ff1\"> <span class=\"_ _2\"></span></span>buon<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5346\">dinamismo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>degli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>investimenti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u201cbi<span class=\"_ _0\"></span>g-ticket\u201d<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(<span class=\"_ _0\"></span>+9,3%<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"_ _2\"></span>tratti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>d\u2019importo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>superiore<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ai<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>2,5<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5347\">mil<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>eu<span class=\"_ _0\"></span>ro).<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">La</span> <span class=\"ff3\">sotto<span class=\"_ _0\"></span>cate<span class=\"_ _1\"></span>goria<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u201cimm<span class=\"_ _0\"></span>obili<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">costr<span class=\"_ _0\"></span>uit<span class=\"_ _0\"></span>i\u201d<span class=\"ff1\"> </span>reg<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>tra<span class=\"ff1\"> </span>una<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">contra<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>volu<span class=\"_ _0\"></span>mi<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5348\">9,2%<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>caratt<span class=\"_ _2\"></span>erizza<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>investimenti<span class=\"ff1\"> </span>concentrati<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>43,4%<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>fascia<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>im<span class=\"_ _2\"></span>porto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>compresa<span class=\"_ _0\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5349\">tra<span class=\"ff1\"> </span>0,5<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>2,5<span class=\"ff1\"> </span>milioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>euro. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs534a\">Infine,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>compart<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>aero<span class=\"_ _2\"></span>navale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fe<span class=\"_ _0\"></span>rro<span class=\"_ _2\"></span>viario<span class=\"ff1\"> <span class=\"_ _20\"></span></span>evidenzia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>una<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fo<span class=\"_ _2\"></span>rte<span class=\"ff1\"> <span class=\"_ _20\"></span></span>crescita<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>t<span class=\"_ _2\"></span>ermini<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>stipule<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs534b\">(+76,5%)<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>termini<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>volumi<span class=\"ff1\"> </span>stipulati<span class=\"ff1\"> </span>(+54,4%). </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs534c\">La<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Societ\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>consuntiva<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>andamento<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>commerciale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>co<span class=\"_ _2\"></span>mplessivamente<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>linea<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>setto<span class=\"_ _2\"></span>re,<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs534d\">evidenziando<span class=\"ff1\"> </span>dal<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">confronto</span> <span class=\"ff3\">con</span> <span class=\"_ _1\"></span><span class=\"ff3\">lo<span class=\"ff1\"> </span>stesso<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>eriodo<span class=\"ff1\"> </span>dell<span class=\"_ _0\"></span>\u2019anno<span class=\"ff1\"> </span>precedente<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>incremento<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>9%<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs534e\">va<span class=\"_ _0\"></span>lore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">comp<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>sivo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">degli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">inve<span class=\"_ _0\"></span>stime<span class=\"_ _1\"></span>nti<span class=\"ff1\"> </span>fin<span class=\"_ _0\"></span>anzi<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">dell<span class=\"_ _0\"></span>\u20198,2<span class=\"_ _0\"></span>%<span class=\"ff1\"> </span>nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">num<span class=\"_ _0\"></span>ero<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>nuo<span class=\"_ _0\"></span>vi<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>tra<span class=\"_ _0\"></span>tti<span class=\"ff1\"> </span>st<span class=\"_ _0\"></span>ipu<span class=\"_ _0\"></span>lati<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs534f\">Il<span class=\"ff1\"> </span>comparto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mobiliare<span class=\"ff1\"> </span>contribuisce<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>7<span class=\"_ _2\"></span>2%<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>nuov<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>stipule<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>continua<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>caratterizzarsi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5350\">forte<span class=\"ff1\"> <span class=\"_ _2\"></span></span>composizione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>beni<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>trumentali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rappresentano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quasi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>75%<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>volumi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>comparto<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5351\">stesso<span class=\"ff1\">  </span>ed<span class=\"ff1\">  </span>evidenziano<span class=\"ff1\">  </span>un<span class=\"ff1\">  </span>incremento<span class=\"ff1\">  </span>dell\u20191,6%<span class=\"ff1\">  </span>rispetto<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>ai<span class=\"ff1\">  </span>volumi<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>di<span class=\"_ _0\"></span>cembre<span class=\"ff1\">  </span>\u201921.<span class=\"ff1\">  </span>I<span class=\"ff1\">  </span>veicoli<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5352\">registrano<span class=\"ff1\"> <span class=\"_ _21\"></span></span>un<span class=\"ff1\"> <span class=\"_ _20\"></span></span>incremento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>16,4<span class=\"_ _2\"></span>%<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _21\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fi<span class=\"_ _2\"></span>nanziato,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>caratterizzandosi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> <span class=\"_ _21\"></span></span>investimenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"_ _2\"></span>n<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5353\">veicoli<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>industriali<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>comm<span class=\"_ _2\"></span>erciali<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>(oltr<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>69%<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>l\u2019incidenza<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>ul<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>comparto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>auto).<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Analogamente<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5354\">mercato,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>prodotto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nautico<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>evidenzia<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>significativa<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>crescita<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rispetto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>allo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>stesso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>periodo<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5355\">dell\u2019anno<span class=\"ff1\"> </span>precedente<span class=\"ff1\"> </span>(+76,2%). </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5356\">Il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">comparto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">immobiliare,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contrariamente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Sistema,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">consuntiva<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">volumi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">comp<span class=\"_ _2\"></span>lessivi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">crescita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5357\">13,4%;<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">segmento</span> <span class=\"_ _0\"></span><span class=\"ff3\">\u201ccostruendo\u201d<span class=\"ff1\"> </span>contribuisce<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>comparto<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>52%<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">volumi<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>nanziati,<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5358\">incremento<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>17,8%<span class=\"ff1\"> </span>rispetto<span class=\"ff1\"> </span>all\u2019anno<span class=\"ff1\"> </span>precedente,<span class=\"ff1\"> </span>mentre<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>segmento<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>immobili<span class=\"ff1\"> </span>\u201ccostruiti\u201d<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5359\">consuntiva<span class=\"ff1\">  </span>un<span class=\"ff1\">  </span>+9,1%<span class=\"ff1\">  </span>nei<span class=\"ff1\">  </span>volumi.<span class=\"ff1\">  </span>Il<span class=\"ff1\">  </span>comparto<span class=\"ff1\">  </span>\u00e8<span class=\"ff1\">  </span>caratterizzato<span class=\"ff1\">  </span>da<span class=\"ff1\">  </span>operazioni<span class=\"ff1\">  </span>princip<span class=\"_ _0\"></span>alment<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs535a\">concentrate<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>fascia<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>importo<span class=\"ff1\"> </span>fino<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>2,5<span class=\"ff1\"> </span>mln<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>euro. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs535b\">Nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>less<span class=\"_ _0\"></span>o,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uota<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">me<span class=\"_ _0\"></span>rcat<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>ife<span class=\"_ _0\"></span>rit<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sol<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span>asin<span class=\"_ _0\"></span>g<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>ziari<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ttes<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">5,<span class=\"_ _0\"></span>28%<span class=\"_ _0\"></span>. </span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs535c\">II<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>isultato<span class=\"ff1\"> </span>economico<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">complessivo<span class=\"ff1\"> </span>consuntiva,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rispetto<span class=\"ff1\"> </span>all<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>stesso<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>eriodo<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>l\u2019anno<span class=\"ff1\"> </span>precedente,<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs535d\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">aumento. </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs535e\">Le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>principali<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dinamiche<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>riferite<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>alla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>gestione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>car<span class=\"_ _2\"></span>atteristica<span class=\"ff1\"> <span class=\"_ _21\"></span></span>vedono<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>l\u2019incremento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>margine<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs535f\">intermediazione,<span class=\"ff1\"> </span>sul<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quale<span class=\"ff1\"> </span>ha<span class=\"ff1\"> <span class=\"_ _2\"></span></span>influito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>positivamente<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>margine<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _2\"></span></span>interessi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>grazie<span class=\"ff1\"> </span>all\u2019incremento<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5360\">dei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>capitali<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>medi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>produttivi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>(+5,<span class=\"_ _2\"></span>3%<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ris<span class=\"_ _2\"></span>petto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>31.12.2021)<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dinamica<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>finanziaria<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tassi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5361\">mercato<span class=\"ff1\"> </span>(che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ha<span class=\"ff1\"> </span>visto<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">progressivo<span class=\"ff1\"> </span>ritorno<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>erritorio<span class=\"ff1\"> </span>positivo<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> </span>tassi<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">m<span class=\"_ _2\"></span>ercato<span class=\"ff1\"> </span>nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">corso<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5362\">secondo<span class=\"ff1\">  </span>semestre),<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>oltre<span class=\"ff1\">  </span>che<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\">  </span>positivo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>andamento<span class=\"ff1\">  </span>delle<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">commissioni</span>  <span class=\"ff3\">attive</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">connesse</span>  <span class=\"ff3\">alla</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5363\">gestione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>contratti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>leasing.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5365\">Le<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>r<span class=\"_ _2\"></span>ettifiche<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>su<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>crediti<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>evidenziano<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>complessivamente<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>ripresa<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>ricondu<span class=\"_ _0\"></span>cibile<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5366\">principalmente<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ai<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>crediti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>bonis,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>evidenziano<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>migliora<span class=\"_ _2\"></span>mento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>qualit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>elativo<span class=\"_ _3bd\"> </span><span class=\"ff1\"> </span></div>po<span class=\"_ _0\"></span>rtaf<span class=\"_ _0\"></span>ogli<span class=\"_ _0\"></span>o,<span class=\"ff1\"> </span>oltr<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>inc<span class=\"_ _0\"></span>orpora<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>gl<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>effe<span class=\"_ _0\"></span>tti<span class=\"ff1\"> </span>deg<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>aggi<span class=\"_ _0\"></span>orn<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>appor<span class=\"_ _0\"></span>tati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">al<span class=\"_ _0\"></span>l\u2019i<span class=\"_ _0\"></span>mpi<span class=\"_ _0\"></span>anto<span class=\"ff1\"> </span>met<span class=\"_ _0\"></span>odol<span class=\"_ _0\"></span>ogi<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span>IFRS9<span class=\"ff1\"> </span>adottato<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>Gruppo. Le<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>spese<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>amministrative<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>risul<span class=\"_ _2\"></span>tano<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>com<span class=\"_ _2\"></span>plessivamente<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>incremento,<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>particolare<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>l<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>componente<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>relativa<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>all<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>gestione<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>ed<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>erogazione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _23\"> </span><span class=\"ff3\">dei</span> <span class=\"_ _23\"> </span><span class=\"ff3\">contratti</span> <span class=\"_ _23\"> </span><span class=\"ff3\">di</span> <span class=\"_ _23\"> </span><span class=\"ff3\">leasing;</span> <span class=\"_ _1d\"> </span><span class=\"ff3\">il</span> <span class=\"_ _23\"> </span><span class=\"ff3\">Cost/Income</span> </span>(comprensivo<span class=\"ff1\"> </span>degli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ammort<span class=\"_ _2\"></span>amenti)<span class=\"ff1\"> </span>consuntiva<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> </span>29,6%<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conferma<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> </span>buon<span class=\"ff1\"> <span class=\"_ _2\"></span></span>livello<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>efficienza<span class=\"ff1\"> </span>op<span class=\"_ _0\"></span>erat<span class=\"_ _0\"></span>iva.<span class=\"_ _0\"></span> Nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">g<span class=\"_ _0\"></span>rupp<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o<span class=\"_ _0\"></span>pera<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">lea<span class=\"_ _0\"></span>sing<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">f<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>rio<span class=\"ff1\"> </span>so<span class=\"_ _0\"></span>no<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">eff<span class=\"_ _0\"></span>ettu<span class=\"_ _0\"></span>ate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> </span>Cre<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>mlea<span class=\"_ _0\"></span>sing.<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span>I<span class=\"_ _0\"></span>nf<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _1\"></span>ni<span class=\"ff1\"> </span>qua<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>tat<span class=\"_ _0\"></span>ive<span class=\"_ _0\"></span><span class=\"fc0\"> </span>1.<span class=\"_ _3bd\"> </span>In<span class=\"_ _0\"></span>for<span class=\"_ _0\"></span>ma<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>st<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>pa<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nto<span class=\"_ _3bd\"> </span>ec<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>o<span class=\"fc0 sc1\"> </span>2.<span class=\"_ _3bd\"> </span>Le<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>ing<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ar<span class=\"_ _1\"></span>io<span class=\"fc0 sc1\"> </span>Si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riport<span class=\"_ _2\"></span>ano<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">informazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>elative<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ai<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cr<span class=\"_ _2\"></span>editi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">locazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziaria<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(ripartizione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fasce<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vita<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>residua<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>crediti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>futuri<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>comprensivi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>quota<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>riscatto,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>relativi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>so<span class=\"_ _2\"></span>li<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contratti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>attivi)<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> </span>suddivisione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>medesime<span class=\"ff1\"> </span>informa<span class=\"_ _2\"></span>zioni<span class=\"ff1\"> </span>distinte<span class=\"ff1\"> </span>tra<span class=\"ff1\"> </span>esposizioni<span class=\"ff1\"> </span>deteriorate<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>deteriorate: 2.<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>Class<span class=\"_ _0\"></span>ificazio<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>per<span class=\"_ _3bd\"> </span>fasce<span class=\"_ _3bd\"> </span>temp<span class=\"_ _0\"></span>ora<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span>dei<span class=\"_ _3bd\"> </span>paga<span class=\"_ _0\"></span>menti<span class=\"_ _3bd\"> </span>da<span class=\"_ _3bd\"> </span>riceve<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>riconci<span class=\"_ _0\"></span>lazio<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>con<span class=\"_ _3bd\"> </span>finan<span class=\"_ _0\"></span>ziame<span class=\"_ _0\"></span>nti<span class=\"_ _3bd\"> </span>per<span class=\"_ _3bd\"> </span>leas<span class=\"_ _0\"></span>ing<span class=\"_ _3bd\"> </span>iscrit<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>\u2019at<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vo Fas<span class=\"_ _0\"></span>ce<span class=\"_ _3bd\"> </span>te<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>por<span class=\"_ _1\"></span>ali<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Paga<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>da<span class=\"_ _3bd\"> </span>ricev<span class=\"_ _0\"></span>ere<span class=\"_ _3bd\"> </span>per<span class=\"_ _3bd\"> </span>il<span class=\"_ _3bd\"> </span>leas<span class=\"_ _0\"></span>ing<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Paga<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>da<span class=\"_ _3bd\"> </span>ricev<span class=\"_ _0\"></span>ere<span class=\"_ _3bd\"> </span>per<span class=\"_ _3bd\"> </span>il<span class=\"_ _3bd\"> </span>leas<span class=\"_ _0\"></span>ing<span class=\"_ _3bd\"> </span>Fino<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">1<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>nn<span class=\"_ _1\"></span>o <span class=\"_ _277\"> </span>767.<span class=\"_ _0\"></span>692<span class=\"_ _3bd\"> </span></span></span></span></span>694<span class=\"_ _0\"></span>.1<span class=\"_ _0\"></span>08<span class=\"_ _3bd\"> </span>Da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">oltre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">1<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anno<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fino<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ann<span class=\"_ _1\"></span>i <span class=\"_ _35f\"> </span>591<span class=\"_ _0\"></span>.28<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>553.<span class=\"_ _0\"></span>24<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>Da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">oltre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anno<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fino<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">3<span class=\"ff1\"> </span>a<span class=\"_ _1\"></span>nni<span class=\"_ _1\"></span> <span class=\"_ _17a\"> </span>487.<span class=\"_ _0\"></span>934<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>431<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>37<span class=\"_ _3bd\"> </span>Da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">oltre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">3<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anno<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fino<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">4<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">an<span class=\"_ _0\"></span>ni<span class=\"_ _1\"></span> <span class=\"_ _2c6\"> </span>37<span class=\"_ _0\"></span>2.<span class=\"_ _0\"></span>076<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>349<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>79<span class=\"_ _3bd\"> </span>Da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">oltre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">4<span class=\"ff1\"> </span>ann<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fino<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">5<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">an<span class=\"_ _0\"></span>ni<span class=\"_ _1\"></span> <span class=\"_ _8a\"> </span>261<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>54<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>24<span class=\"_ _0\"></span>6.4<span class=\"_ _0\"></span>15<span class=\"_ _3bd\"> </span>Da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ol<span class=\"_ _2\"></span>tre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">5<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">an<span class=\"_ _1\"></span>ni<span class=\"_ _0\"></span> <span class=\"_ _275\"> </span>762<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>01<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>772<span class=\"_ _0\"></span>.90<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>pa<span class=\"_ _0\"></span>ga<span class=\"_ _1\"></span>men<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>da<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>le<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g <span class=\"_ _15e\"> </span>3.2<span class=\"_ _0\"></span>42.<span class=\"_ _0\"></span>94<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>3.<span class=\"_ _0\"></span>04<span class=\"_ _0\"></span>7.<span class=\"_ _0\"></span>186<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>ili<span class=\"_ _1\"></span>azio<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>nan<span class=\"_ _1\"></span>zia<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>i (2<span class=\"_ _0\"></span>87.<span class=\"_ _0\"></span>088<span class=\"_ _0\"></span>)<span class=\"_ _3bd\"> </span>(2<span class=\"_ _0\"></span>29.<span class=\"_ _0\"></span>717<span class=\"_ _0\"></span>)<span class=\"_ _3bd\"> </span>Uti<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>fin<span class=\"_ _0\"></span>anz<span class=\"_ _1\"></span>iari<span class=\"ff1\"> </span>non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mat<span class=\"_ _0\"></span>ura<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>(-)<span class=\"_ _1\"></span> <span class=\"_ _28f\"> </span>(2<span class=\"_ _0\"></span>87.<span class=\"_ _0\"></span>08<span class=\"_ _0\"></span>8)<span class=\"_ _3bd\"> </span></span></span>(2<span class=\"_ _0\"></span>29.<span class=\"_ _0\"></span>717<span class=\"_ _0\"></span>)<span class=\"_ _3bd\"> </span>Val<span class=\"_ _0\"></span>ore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">res<span class=\"_ _0\"></span>idu<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">garan<span class=\"_ _1\"></span>tito<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>-)<span class=\"_ _1\"></span> <span class=\"_ _356\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Fin<span class=\"_ _1\"></span>an<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>le<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>ing<span class=\"_ _1\"></span> <span class=\"_ _274\"> </span>2<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>55<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>57<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>817<span class=\"_ _1\"></span>.46<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>02<span class=\"_ _1\"></span>2<span class=\"fc0 sc1\"> <span class=\"_ _292\"> </span></span>Tot<span class=\"_ _1\"></span>ale<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>02<span class=\"_ _1\"></span>1<span class=\"fc0 sc1\"> </span>Pag<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">da</span> <span class=\"ff3\">r<span class=\"_ _0\"></span>ice<span class=\"_ _0\"></span>ver<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>il<span class=\"_ _1\"></span> </span></span>Pag<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">da</span> <span class=\"ff3\">r<span class=\"_ _0\"></span>ice<span class=\"_ _0\"></span>ver<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>il<span class=\"_ _1\"></span> </span></span>lea<span class=\"_ _0\"></span>sing<span class=\"_ _3bd\"> </span>Tot<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span><span class=\"ff1\"> </span>pag<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span>ricevere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span></span></span></span></span>lea<span class=\"_ _0\"></span>sing<span class=\"_ _1\"></span> lea<span class=\"_ _0\"></span>sing<span class=\"_ _3bd\"> </span>Tot<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pag<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span>da<span class=\"ff1\"> </span>ricevere<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>lea<span class=\"_ _0\"></span>sing<span class=\"_ _1\"></span> Fasce<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">temp<span class=\"_ _0\"></span>oral<span class=\"_ _0\"></span>i </span></span>Esp<span class=\"_ _0\"></span>osiz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>Det<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>orat<span class=\"_ _0\"></span>e Esp<span class=\"_ _0\"></span>osiz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>no<span class=\"_ _1\"></span>n<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>iorat<span class=\"_ _0\"></span>e Esp<span class=\"_ _0\"></span>osiz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>Det<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>orat<span class=\"_ _0\"></span>e Esp<span class=\"_ _0\"></span>osiz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>no<span class=\"_ _1\"></span>n<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>iorat<span class=\"_ _0\"></span>e Fino<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">1<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>nn<span class=\"_ _1\"></span>o <span class=\"_ _6b\"> </span>29.5<span class=\"_ _0\"></span>67<span class=\"_ _3bd\"> </span></span></span></span></span>5.8<span class=\"_ _0\"></span>01<span class=\"_ _3bd\"> </span>4.<span class=\"_ _0\"></span>869<span class=\"_ _3bd\"> </span>3.6<span class=\"_ _0\"></span>90<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>992<span class=\"_ _3bd\"> </span>10<span class=\"_ _0\"></span>.28<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>738<span class=\"_ _0\"></span>.12<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>585<span class=\"_ _0\"></span>.48<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>48<span class=\"_ _0\"></span>3.0<span class=\"_ _0\"></span>65<span class=\"_ _3bd\"> </span>368<span class=\"_ _0\"></span>.38<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>258<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>61<span class=\"_ _3bd\"> </span>752<span class=\"_ _0\"></span>.41<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>767<span class=\"_ _0\"></span>.69<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>591<span class=\"_ _0\"></span>.28<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span>48<span class=\"_ _0\"></span>7.9<span class=\"_ _0\"></span>34<span class=\"_ _3bd\"> </span>372<span class=\"_ _0\"></span>.07<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>261<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>53<span class=\"_ _3bd\"> </span>762<span class=\"_ _0\"></span>.70<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>32.<span class=\"_ _0\"></span>360<span class=\"_ _3bd\"> </span>5.5<span class=\"_ _0\"></span>35<span class=\"_ _3bd\"> </span>4.<span class=\"_ _0\"></span>322<span class=\"_ _3bd\"> </span>5.2<span class=\"_ _0\"></span>75<span class=\"_ _3bd\"> </span>3.<span class=\"_ _1\"></span>51<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>9.<span class=\"_ _0\"></span>336<span class=\"_ _3bd\"> </span>661<span class=\"_ _0\"></span>.74<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>547<span class=\"_ _0\"></span>.70<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>42<span class=\"_ _0\"></span>6.7<span class=\"_ _0\"></span>15<span class=\"_ _3bd\"> </span>344<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>04<span class=\"_ _3bd\"> </span>24<span class=\"_ _0\"></span>2.8<span class=\"_ _0\"></span>97<span class=\"_ _3bd\"> </span>763<span class=\"_ _0\"></span>.571<span class=\"_ _3bd\"> </span>694<span class=\"_ _0\"></span>.1<span class=\"_ _0\"></span>08<span class=\"_ _3bd\"> </span>553.<span class=\"_ _0\"></span>239<span class=\"_ _3bd\"> </span>431<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>37<span class=\"_ _3bd\"> </span>349<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>79<span class=\"_ _3bd\"> </span>24<span class=\"_ _0\"></span>6.4<span class=\"_ _0\"></span>15<span class=\"_ _3bd\"> </span>772<span class=\"_ _0\"></span>.90<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>Da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">oltre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">1<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anno<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fino<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span>2<span class=\"_ _3bd\"> </span>an<span class=\"_ _1\"></span>ni<span class=\"_ _3bd\"> </span>Da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">oltre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anno<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fino<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>3<span class=\"_ _3bd\"> </span>an<span class=\"_ _1\"></span>ni<span class=\"_ _3bd\"> </span>Da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">oltre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">3<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">anno<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fino<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>4<span class=\"_ _3bd\"> </span>an<span class=\"_ _1\"></span>ni<span class=\"_ _3bd\"> </span>Da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">oltre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">4<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anno<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fino<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>5<span class=\"_ _3bd\"> </span>an<span class=\"_ _1\"></span>ni<span class=\"_ _3bd\"> </span>Da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ol<span class=\"_ _2\"></span>tre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">5<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">an<span class=\"_ _1\"></span>ni<span class=\"_ _0\"></span> </span></span></span></span></span></span>Tot<span class=\"_ _0\"></span>ale<span class=\"_ _3bd\"> </span>paga<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>da<span class=\"_ _3bd\"> </span>ricev<span class=\"_ _0\"></span>ere<span class=\"_ _3bd\"> </span>per<span class=\"_ _3bd\"> </span>leas<span class=\"_ _0\"></span>ing 57<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>05<span class=\"_ _3bd\"> </span>3.<span class=\"_ _0\"></span>18<span class=\"_ _0\"></span>5.<span class=\"_ _0\"></span>740<span class=\"_ _3bd\"> </span>3.<span class=\"_ _0\"></span>24<span class=\"_ _0\"></span>2.9<span class=\"_ _1\"></span>45<span class=\"_ _3bd\"> </span>60<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>46<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>98<span class=\"_ _0\"></span>6.<span class=\"_ _0\"></span>83<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span>3.<span class=\"_ _0\"></span>04<span class=\"_ _0\"></span>7.<span class=\"_ _0\"></span>185<span class=\"_ _3bd\"> </span>RI<span class=\"_ _0\"></span>CO<span class=\"_ _0\"></span>NC<span class=\"_ _0\"></span>IL<span class=\"_ _0\"></span>IA<span class=\"_ _0\"></span>ZI<span class=\"_ _0\"></span>ON<span class=\"_ _0\"></span>E Uti<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fina<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span>maturati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(-) </span></span>(5.<span class=\"_ _0\"></span>070<span class=\"_ _0\"></span>)<span class=\"_ _3bd\"> </span>(2<span class=\"_ _0\"></span>82.<span class=\"_ _0\"></span>018<span class=\"_ _0\"></span>)<span class=\"_ _3bd\"> </span>(2<span class=\"_ _0\"></span>87.<span class=\"_ _0\"></span>088<span class=\"_ _0\"></span>)<span class=\"_ _3bd\"> </span>(4<span class=\"_ _0\"></span>.28<span class=\"_ _0\"></span>7)<span class=\"_ _3bd\"> </span>(2<span class=\"_ _0\"></span>25.<span class=\"_ _0\"></span>430)<span class=\"_ _3bd\"> </span>(2<span class=\"_ _0\"></span>29.<span class=\"_ _0\"></span>717<span class=\"_ _0\"></span>)<span class=\"_ _3bd\"> </span>Valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">residuo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> </span></span></span></span></span>gar<span class=\"_ _0\"></span>ant<span class=\"_ _0\"></span>ito<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Fin<span class=\"_ _1\"></span>an<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>lea<span class=\"_ _1\"></span>sin<span class=\"_ _0\"></span>g 52<span class=\"_ _0\"></span>.13<span class=\"_ _1\"></span>5<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>90<span class=\"_ _0\"></span>3.<span class=\"_ _0\"></span>72<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>95<span class=\"_ _0\"></span>5.<span class=\"_ _0\"></span>85<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>56<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>59<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>76<span class=\"_ _0\"></span>1.<span class=\"_ _0\"></span>409<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>817<span class=\"_ _1\"></span>.46<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>2Alt<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>inf<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>zio<span class=\"_ _1\"></span>ni I<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contra<span class=\"_ _2\"></span>tti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>locazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>finanz<span class=\"_ _0\"></span>iar<span class=\"_ _2\"></span>ia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prevedono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">l\u2019<span class=\"_ _0\"></span>utilizzator<span class=\"_ _2\"></span>e,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>t<span class=\"_ _2\"></span>ermine<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>periodo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>durata<span class=\"ff1\"> </span></span></span>con<span class=\"_ _0\"></span>trat<span class=\"_ _0\"></span>tua<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>dica<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>se<span class=\"_ _0\"></span>mpre<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">che</span> <span class=\"ff3\">ab<span class=\"_ _0\"></span>bia<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">integ<span class=\"_ _0\"></span>ral<span class=\"_ _0\"></span>mente<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">assol<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>tu<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">gli</span> <span class=\"ff3\">ob<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>ighi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">assun<span class=\"_ _0\"></span>ti,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">abbi<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>facolt\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>scegliere<span class=\"ff1\"> </span>di:  ac<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>sire<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ropri<span class=\"_ _0\"></span>et\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>be<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">contro<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ve<span class=\"_ _0\"></span>rsame<span class=\"_ _0\"></span>nto<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pre<span class=\"_ _0\"></span>zzo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">def<span class=\"_ _0\"></span>init<span class=\"_ _0\"></span>o; </span></span></span></span></span></span></span></span></span></span></span></span></span></span> res<span class=\"_ _0\"></span>titu<span class=\"_ _0\"></span>ire<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">il</span> <span class=\"ff3\">b<span class=\"_ _0\"></span>ene<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">og<span class=\"_ _0\"></span>get<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contr<span class=\"_ _0\"></span>atto.<span class=\"_ _1\"></span> </span></span></span></span></span></span>La<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dur<span class=\"_ _0\"></span>ata<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>tratt<span class=\"_ _0\"></span>i,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rapporto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">all<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>vi<span class=\"_ _0\"></span>ta<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">econo<span class=\"_ _0\"></span>mica<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ben<span class=\"_ _0\"></span>i,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ed<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alo<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>refi<span class=\"_ _0\"></span>ssat<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>sca<span class=\"_ _0\"></span>tto<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">beni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stess<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>ali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">indurre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">utilizzat<span class=\"_ _2\"></span>ori,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nella<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">g<span class=\"_ _2\"></span>eneralit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">casi,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">all\u2019acquist<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">b<span class=\"_ _2\"></span>ene<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>scadenza<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">contrat<span class=\"_ _2\"></span>tuale. </span></span>I<span class=\"ff1\"> </span>b<span class=\"_ _0\"></span>eni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fina<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ati<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>se<span class=\"_ _0\"></span>cond<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">so<span class=\"_ _0\"></span>ggett<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>ric<span class=\"_ _0\"></span>hied<span class=\"_ _0\"></span>ente<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e/<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>natur<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">atti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">svol<span class=\"_ _0\"></span>ta.<span class=\"ff1\"> </span>I<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>ge<span class=\"_ _0\"></span>nera<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">beni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">f<span class=\"_ _2\"></span>inanziati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ientrano<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">4<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>mparti:<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>eicoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(automo<span class=\"_ _2\"></span>bili,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">v<span class=\"_ _2\"></span>eicoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">commerciali,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">veicoli<span class=\"ff1\"> </span>industriali),<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>aeroferronavale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(aeromobili,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">m<span class=\"_ _2\"></span>otonavi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">imbarcazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> </span>diporto,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vagoni<span class=\"ff1\"> </span>fe<span class=\"_ _0\"></span>rro<span class=\"_ _2\"></span>viari),<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">st<span class=\"_ _2\"></span>rumentale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>immobiliare<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(e<span class=\"_ _2\"></span>difici<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ad<span class=\"ff1\"> </span>uso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">comm<span class=\"_ _2\"></span>erciale,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">industr<span class=\"_ _2\"></span>iale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>reside<span class=\"_ _0\"></span>nziale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sia<span class=\"ff1\"> </span>costruiti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">realizzare)<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>3.<span class=\"_ _3bd\"> </span>Le<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>ing<span class=\"_ _3bd\"> </span>op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>o<span class=\"fc0 sc1\"> </span>Si<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">f<span class=\"_ _0\"></span>ornis<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">la</span> <span class=\"ff3\">c<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>ssifi<span class=\"_ _0\"></span>caz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>fas<span class=\"_ _0\"></span>ce<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>em<span class=\"_ _0\"></span>por<span class=\"_ _0\"></span>ali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pa<span class=\"_ _0\"></span>game<span class=\"_ _0\"></span>nti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>ice<span class=\"_ _0\"></span>ver<span class=\"_ _0\"></span>e. </span></span></span></span></span></span></span></span></span></span></span></span></span></span>3.<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>Cl<span class=\"_ _0\"></span>ass<span class=\"_ _1\"></span>ific<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>fa<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>te<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ali<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>pa<span class=\"_ _0\"></span>ga<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>da<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span> Fas<span class=\"_ _0\"></span>ce<span class=\"_ _3bd\"> </span>te<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>por<span class=\"_ _1\"></span>ali<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Paga<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>da<span class=\"_ _3bd\"> </span>ricev<span class=\"_ _0\"></span>ere<span class=\"_ _3bd\"> </span>per<span class=\"_ _3bd\"> </span>il<span class=\"_ _3bd\"> </span>leas<span class=\"_ _0\"></span>ing<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Paga<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>da<span class=\"_ _3bd\"> </span>ricev<span class=\"_ _0\"></span>ere<span class=\"_ _3bd\"> </span>per<span class=\"_ _3bd\"> </span>il<span class=\"_ _3bd\"> </span>leas<span class=\"_ _0\"></span>ing<span class=\"_ _3bd\"> </span>Fino<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">1<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>nn<span class=\"_ _1\"></span>o <span class=\"_ _153\"> </span>1.4<span class=\"_ _0\"></span>00<span class=\"_ _3bd\"> </span></span></span></span></span>1.<span class=\"_ _0\"></span>424<span class=\"_ _3bd\"> </span>Da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">oltre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">1<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anno<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fino<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ann<span class=\"_ _1\"></span>i <span class=\"_ _93\"> </span>1<span class=\"_ _0\"></span>.39<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>1.<span class=\"_ _0\"></span>420<span class=\"_ _3bd\"> </span>Da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">oltre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fino<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">3<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">an<span class=\"_ _1\"></span>ni<span class=\"_ _0\"></span> <span class=\"_ _116\"> </span>1.<span class=\"_ _0\"></span>363<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>1.<span class=\"_ _0\"></span>495<span class=\"_ _3bd\"> </span>Da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">oltre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">3<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">anni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fino<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">4<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">an<span class=\"_ _0\"></span>ni<span class=\"_ _1\"></span> <span class=\"_ _116\"> </span>1.3<span class=\"_ _0\"></span>34<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>1.<span class=\"_ _0\"></span>525<span class=\"_ _3bd\"> </span>Da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">oltre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">4<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fino<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">5<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ni<span class=\"_ _1\"></span> <span class=\"_ _34d\"> </span>1.<span class=\"_ _0\"></span>299<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>1.<span class=\"_ _0\"></span>581<span class=\"_ _3bd\"> </span>Da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ol<span class=\"_ _2\"></span>tre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">5<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">an<span class=\"_ _1\"></span>ni<span class=\"_ _0\"></span> <span class=\"_ _226\"> </span>7.<span class=\"_ _0\"></span>230<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>6.<span class=\"_ _0\"></span>499<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span> <span class=\"_ _1da\"> </span>14<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>19<span class=\"_ _3bd\"> </span>13<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>44<span class=\"_ _3bd\"> </span>3.<span class=\"_ _0\"></span>2Alt<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>inf<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>zio<span class=\"_ _1\"></span>ni Sono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">presenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">contr<span class=\"_ _2\"></span>atti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">locazione,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">qualit<span class=\"_ _2\"></span>\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">locato<span class=\"_ _2\"></span>re,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">immobili<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">propriet\u00e0,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mentr<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>alcuni<span class=\"ff1\"> </span>immobili<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>terzi<span class=\"ff1\"> </span>presi<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>affitto<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>stati<span class=\"ff1\"> </span>stipulati<span class=\"ff1\"> </span>contratti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>sublocazione<span class=\"_ _3bd\"> </span>. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfLeasesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-878": {
   "value": "Sezion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>9<span class=\"_ _3bd\"> </span>\u2013<span class=\"_ _3bd\"> </span>Attivit\u00e0<span class=\"_ _3bd\"> </span>mate<span class=\"_ _0\"></span>riali<span class=\"_ _3bd\"> </span>\u2013<span class=\"_ _3bd\"> </span>Voce<span class=\"_ _3bd\"> </span>9<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>9.<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>At<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>ma<span class=\"_ _1\"></span>teri<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>ad<span class=\"_ _3bd\"> </span>us<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>fu<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e:<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"_ _3bd\"> </span>at<span class=\"_ _1\"></span>tivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>sto<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Att<span class=\"_ _1\"></span>ivi<span class=\"_ _0\"></span>t\u00e0/<span class=\"_ _0\"></span>Va<span class=\"_ _1\"></span>lori<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>1.<span class=\"_ _3bd\"> </span>Attiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>pr<span class=\"_ _0\"></span>op<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>32<span class=\"_ _0\"></span>1.<span class=\"_ _0\"></span>62<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>32<span class=\"_ _3bd\"> </span>a)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ter<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></span></span>136<span class=\"_ _0\"></span>.48<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>13<span class=\"_ _3bd\"> </span>b)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fab<span class=\"_ _0\"></span>br<span class=\"_ _0\"></span>icat<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></span></span>11<span class=\"_ _0\"></span>9.6<span class=\"_ _0\"></span>64<span class=\"_ _3bd\"> </span>12<span class=\"_ _3bd\"> </span>c)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mob<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span> </span></span>11<span class=\"_ _0\"></span>.637<span class=\"_ _3bd\"> </span>1<span class=\"_ _3bd\"> </span>d)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">impianti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">elett<span class=\"_ _0\"></span>ron<span class=\"_ _0\"></span>ici<span class=\"_ _0\"></span> </span></span></span></span>20<span class=\"_ _0\"></span>.30<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>1<span class=\"_ _3bd\"> </span>e)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alt<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span> </span></span>33.<span class=\"_ _0\"></span>542<span class=\"_ _3bd\"> </span>3<span class=\"_ _3bd\"> </span>2.<span class=\"_ _3bd\"> </span>Di<span class=\"_ _0\"></span>rit<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>d'<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>ac<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>iti<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span>il<span class=\"_ _3bd\"> </span>le<span class=\"_ _0\"></span>as<span class=\"_ _1\"></span>ing<span class=\"_ _0\"></span> 12<span class=\"_ _0\"></span>7.<span class=\"_ _0\"></span>13<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>13<span class=\"_ _3bd\"> </span>a)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ter<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>b)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fab<span class=\"_ _0\"></span>br<span class=\"_ _0\"></span>icat<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></span></span>12<span class=\"_ _0\"></span>4.9<span class=\"_ _0\"></span>19<span class=\"_ _3bd\"> </span>12<span class=\"_ _3bd\"> </span>c)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mob<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span> </span></span>-<span class=\"_ _3bd\"> </span>d)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">impianti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">elett<span class=\"_ _0\"></span>ron<span class=\"_ _0\"></span>ici<span class=\"_ _0\"></span> </span></span></span></span>-<span class=\"_ _3bd\"> </span>e)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alt<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span> </span></span>2.<span class=\"_ _0\"></span>215<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>44<span class=\"_ _0\"></span>8.7<span class=\"_ _1\"></span>62<span class=\"_ _3bd\"> </span>4<span class=\"_ _3bd\"> </span>di<span class=\"ff1\"> </span>cui<span class=\"_ _0\"></span>:<span class=\"ff1\"> </span>ott<span class=\"_ _0\"></span>enu<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>tr<span class=\"_ _0\"></span>am<span class=\"_ _0\"></span>ite<span class=\"ff1\"> </span>l\u2019<span class=\"_ _0\"></span>esc<span class=\"_ _0\"></span>uss<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">garan<span class=\"_ _0\"></span>zie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rice<span class=\"_ _1\"></span>vute<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>materiali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>costo,<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>tto<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>ammortamenti<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">qualsiasi</span> <span class=\"ff3\">perdita</span> <span class=\"ff3\">per</span> </span></span></span>riduzione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>accumulate.<span class=\"_ _3bd\"> </span>Nelle<span class=\"ff1\"> </span>att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> </span>mat<span class=\"_ _2\"></span>eriali<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>anche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>icompreso,<span class=\"ff1\"> </span>ai<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sensi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>principio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>IFRS16,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>D<span class=\"_ _2\"></span>iritto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d\u2019Uso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(Right<span class=\"ff1\"> <span class=\"_ _2\"></span></span>of<span class=\"ff1\"> </span>Use)<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>beni<span class=\"ff1\"> </span>oggetti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>contratti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>leasing<span class=\"ff1\"> </span>operativo.<span class=\"_ _3bd\"> </span>9.2<span class=\"_ _3bd\"> </span>At<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>ma<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span>det<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>sc<span class=\"_ _0\"></span>op<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>o:<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>at<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>ate<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>cos<span class=\"_ _1\"></span>to<span class=\"fc0 sc1\"> </span>Att<span class=\"_ _1\"></span>ivi<span class=\"_ _0\"></span>t\u00e0/<span class=\"_ _0\"></span>Va<span class=\"_ _1\"></span>lori<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Va<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>bi<span class=\"_ _0\"></span>lan<span class=\"_ _1\"></span>cio<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Fa<span class=\"_ _0\"></span>ir<span class=\"_ _3bd\"> </span>v<span class=\"_ _0\"></span>al<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Va<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>bi<span class=\"_ _0\"></span>lan<span class=\"_ _1\"></span>cio<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Fa<span class=\"_ _0\"></span>ir<span class=\"_ _3bd\"> </span>v<span class=\"_ _0\"></span>al<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>L<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _218\"> </span><span class=\"fc4 sc2\">L<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _1af\"> </span><span class=\"fc4 sc2\">L<span class=\"_ _1\"></span>3<span class=\"fc0 sc1\"> <span class=\"_ _22b\"> </span></span>L<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _218\"> </span><span class=\"fc4 sc2\">L2<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _1ee\"> </span><span class=\"fc4 sc2\">L<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></span></span></span></span></span></span></span></span>1.<span class=\"_ _3bd\"> </span>Attiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>pr<span class=\"_ _0\"></span>op<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>\u00e0 <span class=\"_ _22c\"> </span>5.<span class=\"_ _0\"></span>15<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>--9.<span class=\"_ _1\"></span>11<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>5<span class=\"_ _0\"></span>.6<span class=\"_ _1\"></span>18<span class=\"_ _3bd\"> </span>--10<span class=\"_ _0\"></span>.05<span class=\"_ _1\"></span>8<span class=\"_ _3bd\"> </span>a)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ter<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>i <span class=\"_ _16f\"> </span>2<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>14<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>393<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>618<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>b)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fab<span class=\"_ _0\"></span>br<span class=\"_ _0\"></span>icat<span class=\"_ _0\"></span>i <span class=\"_ _22d\"> </span>2.<span class=\"_ _0\"></span>740<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>6.<span class=\"_ _0\"></span>725<span class=\"_ _3bd\"> </span>3.<span class=\"_ _1\"></span>00<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>7.<span class=\"_ _0\"></span>093<span class=\"_ _3bd\"> </span>2.<span class=\"_ _3bd\"> </span>Di<span class=\"_ _0\"></span>rit<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>d'<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>ac<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>iti<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span>il<span class=\"_ _3bd\"> </span>le<span class=\"_ _0\"></span>as<span class=\"_ _1\"></span>ing<span class=\"_ _0\"></span> --------a)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ter<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>i </span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>b)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fab<span class=\"_ _0\"></span>br<span class=\"_ _0\"></span>icat<span class=\"_ _0\"></span>i </span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>5.<span class=\"_ _0\"></span>15<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>--9.<span class=\"_ _1\"></span>11<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>5<span class=\"_ _0\"></span>.6<span class=\"_ _1\"></span>18<span class=\"_ _3bd\"> </span>--10<span class=\"_ _0\"></span>.05<span class=\"_ _1\"></span>8<span class=\"_ _3bd\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ottenute<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tramite<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019escussione<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">dell<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>garanzie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ricevute </span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Le<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>nda<span class=\"_ _1\"></span>:<span class=\"fc0 sc1\"> </span>L1=<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Livello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">1<span class=\"_ _1\"></span> </span></span></span></span>L2=<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Livello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2<span class=\"_ _1\"></span> </span></span></span></span>L3=<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Livello<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">3<span class=\"_ _0\"></span> </span></span></span></span>Le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>materiali<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>valu<span class=\"_ _0\"></span>tate<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>costo<span class=\"_ _2\"></span>.<span class=\"ff1\"> </span>Il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fair</span> <span class=\"ff3\">value</span> <span class=\"ff3\">delle</span> <span class=\"ff3\">attivit\u00e0</span> <span class=\"ff3\">ma<span class=\"_ _2\"></span>teriali</span> <span class=\"ff3\">de<span class=\"_ _0\"></span>tenute<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>scopo<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span></span></span>investimento<span class=\"ff1\"> </span>ammonta<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>9,1<span class=\"ff1\"> </span>milioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>euro. Il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _20\"></span></span>value<span class=\"ff1\"> <span class=\"_ _2\"></span></span>indica<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l\u2019ammontar<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>stimato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _2\"></span></span>u<span class=\"_ _2\"></span>na<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pro<span class=\"_ _2\"></span>priet\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pas<span class=\"_ _2\"></span>sivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dovrebbe<span class=\"ff1\"> <span class=\"_ _20\"></span></span>essere<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ceduta<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> </span>acquistata,<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valutazione,<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>venditore<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>acquirente<span class=\"ff1\"> </span>privi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>legami<span class=\"ff1\"> </span>particolari,<span class=\"_ _2\"></span><span class=\"ff1\"> </span>entrambi<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>interessat<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>alla<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>compravendita,<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>condizioni<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>concorr<span class=\"_ _2\"></span>enziali,<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>dopo<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>un\u2018<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>a<span class=\"_ _2\"></span>deguata<span class=\"ff1\"> </span>commercializzazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>parti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>abbi<span class=\"_ _0\"></span>ano<span class=\"ff1\"> <span class=\"_ _21\"></span></span>agito<span class=\"ff1\"> <span class=\"_ _21\"></span></span>entrambe<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">in</span> <span class=\"_ _20\"></span><span class=\"ff3\">modo</span> <span class=\"_ _21\"> </span><span class=\"ff3\">informato,</span> <span class=\"_ _21\"></span><span class=\"ff3\">consapevole</span> <span class=\"_ _20\"></span><span class=\"ff3\">e</span> </span>senza<span class=\"ff1\"> </span>coercizioni\u201d.<span class=\"ff1\"> </span>(RICS<span class=\"ff1\"> </span>Red<span class=\"ff1\"> </span>Book<span class=\"ff1\"> </span>VS<span class=\"ff1\"> </span>3.2,<span class=\"ff1\"> </span>ed.<span class=\"ff1\"> </span>italiana,<span class=\"ff1\"> </span>Marzo<span class=\"ff1\"> </span>20<span class=\"_ _2\"></span>12).<span class=\"_ _3bd\"> </span>9.<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>At<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span>ma<span class=\"_ _1\"></span>teri<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>ad<span class=\"_ _3bd\"> </span>us<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>fu<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e:<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>ria<span class=\"_ _1\"></span>zion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>an<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>Te<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>eni<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _69\"> </span><span class=\"fc4 sc2\">Fab<span class=\"_ _0\"></span>br<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>ati<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _11c\"> </span><span class=\"fc4 sc2\">Mo<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></span></span></span></span>Im<span class=\"_ _1\"></span>pian<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>el<span class=\"_ _0\"></span>ett<span class=\"_ _1\"></span>ron<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>A<span class=\"_ _0\"></span>lt<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> <span class=\"_ _176\"> </span></span>Tot<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>A.<span class=\"_ _3bd\"> </span>Es<span class=\"_ _0\"></span>ist<span class=\"_ _1\"></span>enz<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>iz<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>lo<span class=\"_ _0\"></span>rd<span class=\"_ _0\"></span>e <span class=\"_ _22e\"> </span>13<span class=\"_ _0\"></span>6.7<span class=\"_ _1\"></span>37<span class=\"_ _3bd\"> </span>32<span class=\"_ _0\"></span>3.<span class=\"_ _0\"></span>010<span class=\"_ _3bd\"> </span>82<span class=\"_ _0\"></span>.47<span class=\"_ _1\"></span>7<span class=\"_ _3bd\"> </span>60<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>24<span class=\"_ _3bd\"> </span>17<span class=\"_ _0\"></span>8.<span class=\"_ _0\"></span>828<span class=\"_ _3bd\"> </span>78<span class=\"_ _0\"></span>1.<span class=\"_ _0\"></span>676<span class=\"_ _3bd\"> </span>A.<span class=\"_ _0\"></span>1<span class=\"ff1\"> </span>Ri<span class=\"_ _0\"></span>duz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alo<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>ota<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>e <span class=\"_ _45\"> </span>-<span class=\"_ _3bd\"> </span>197<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>91<span class=\"_ _3bd\"> </span>71.<span class=\"_ _0\"></span>48<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>43.<span class=\"_ _0\"></span>593<span class=\"_ _3bd\"> </span>14<span class=\"_ _0\"></span>4.5<span class=\"_ _0\"></span>98<span class=\"_ _3bd\"> </span>457<span class=\"_ _0\"></span>.16<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>A.<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>Es<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>ten<span class=\"_ _1\"></span>ze<span class=\"_ _3bd\"> </span>in<span class=\"_ _1\"></span>izia<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>e <span class=\"_ _22f\"> </span>13<span class=\"_ _0\"></span>6.7<span class=\"_ _1\"></span>37<span class=\"_ _3bd\"> </span>12<span class=\"_ _0\"></span>5.5<span class=\"_ _1\"></span>19<span class=\"_ _3bd\"> </span>10<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>97<span class=\"_ _3bd\"> </span>17<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>31<span class=\"_ _3bd\"> </span>34<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>30<span class=\"_ _3bd\"> </span>32<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>514<span class=\"_ _3bd\"> </span>B.<span class=\"_ _3bd\"> </span>Au<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>i:<span class=\"_ _0\"></span> -3.<span class=\"_ _0\"></span>52<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>46<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>35<span class=\"_ _3bd\"> </span>7.<span class=\"_ _0\"></span>06<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>36<span class=\"_ _1\"></span>.23<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>93<span class=\"_ _1\"></span>.152<span class=\"_ _3bd\"> </span>B.1<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Ac<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span> <span class=\"_ _230\"> </span>-<span class=\"_ _3bd\"> </span></span></span>3.<span class=\"_ _1\"></span>337<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>741<span class=\"_ _3bd\"> </span>7.<span class=\"_ _0\"></span>064<span class=\"_ _3bd\"> </span>5.1<span class=\"_ _0\"></span>73<span class=\"_ _3bd\"> </span>18<span class=\"_ _0\"></span>.31<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">operazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">aggregazione<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>az<span class=\"_ _0\"></span>iend<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>B.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Spese<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">migliorie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cap<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>lizz<span class=\"_ _1\"></span>ate <span class=\"_ _6d\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>75<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>75<span class=\"_ _3bd\"> </span>B.3<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Riprese<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">val<span class=\"_ _0\"></span>ore<span class=\"_ _0\"></span> <span class=\"_ _11a\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>B.4<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Variazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">positive<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">value<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>imputate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a </span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>a)<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>trim<span class=\"_ _1\"></span>onio<span class=\"ff1\"> </span>n<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o <span class=\"_ _1a9\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>b)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conto<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>con<span class=\"_ _0\"></span>omic<span class=\"_ _0\"></span>o <span class=\"_ _223\"> </span>-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>B.5<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Dif<span class=\"_ _0\"></span>fer<span class=\"_ _0\"></span>enz<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ositi<span class=\"_ _0\"></span>ve<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>cam<span class=\"_ _0\"></span>bio<span class=\"_ _0\"></span> <span class=\"_ _231\"> </span>-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>B.6<span class=\"ff1\"> </span>Trasferimenti<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">immobili<span class=\"ff1\"> </span></span></span>detenuti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">scopo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">investimento </span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>X <span class=\"_ _19c\"> </span>X <span class=\"_ _42\"> </span>X <span class=\"_ _f9\"> </span>-<span class=\"_ _3bd\"> </span>B.7<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vari<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span> <span class=\"_ _59\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>1<span class=\"_ _0\"></span>11<span class=\"_ _3bd\"> </span>43.<span class=\"_ _0\"></span>594<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>31.<span class=\"_ _0\"></span>057<span class=\"_ _3bd\"> </span>74.<span class=\"_ _0\"></span>762<span class=\"_ _3bd\"> </span>C.<span class=\"_ _3bd\"> </span>Di<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i: <span class=\"_ _5e\"> </span>25<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>9.<span class=\"_ _1\"></span>37<span class=\"_ _1\"></span>8<span class=\"_ _3bd\"> </span>45<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>95<span class=\"_ _3bd\"> </span>3.7<span class=\"_ _1\"></span>91<span class=\"_ _3bd\"> </span>36<span class=\"_ _1\"></span>.918<span class=\"_ _3bd\"> </span>96<span class=\"_ _0\"></span>.03<span class=\"_ _1\"></span>8<span class=\"_ _3bd\"> </span>C.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Ven<span class=\"_ _0\"></span>dite<span class=\"_ _0\"></span> </span></span>1<span class=\"_ _0\"></span>00<span class=\"_ _3bd\"> </span>36<span class=\"_ _1\"></span>0<span class=\"_ _3bd\"> </span>1<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span>4<span class=\"_ _0\"></span>80<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">operazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">aggregazione<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>az<span class=\"_ _0\"></span>iend<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>C.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Amm<span class=\"_ _0\"></span>orta<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span> <span class=\"_ _b3\"> </span>-<span class=\"_ _3bd\"> </span></span></span>8.<span class=\"_ _0\"></span>940<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>.0<span class=\"_ _1\"></span>79<span class=\"_ _3bd\"> </span>3.<span class=\"_ _1\"></span>74<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>5.7<span class=\"_ _0\"></span>83<span class=\"_ _3bd\"> </span>20<span class=\"_ _0\"></span>.54<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span>C.3<span class=\"ff1\"> </span>Rettifiche<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>lore<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>deterioramento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">imputate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a </span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>a)<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>trim<span class=\"_ _1\"></span>onio<span class=\"ff1\"> </span>n<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o <span class=\"_ _1a9\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>b)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conto<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>con<span class=\"_ _0\"></span>omic<span class=\"_ _0\"></span>o <span class=\"_ _223\"> </span>-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>C.4<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Variazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">negative<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">f<span class=\"_ _2\"></span>air<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>imputate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a </span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>a)<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>trim<span class=\"_ _1\"></span>onio<span class=\"ff1\"> </span>n<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o <span class=\"_ _1a9\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>b)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conto<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>con<span class=\"_ _0\"></span>omic<span class=\"_ _0\"></span>o <span class=\"_ _223\"> </span>-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>C.<span class=\"_ _0\"></span>5<span class=\"ff1\"> </span>Diff<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span>nze<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ne<span class=\"_ _0\"></span>gati<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">cam<span class=\"_ _0\"></span>bio<span class=\"_ _0\"></span> <span class=\"_ _fc\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>C.<span class=\"_ _0\"></span>6<span class=\"ff1\"> </span>Trasf<span class=\"_ _0\"></span>erim<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>a:<span class=\"_ _1\"></span> <span class=\"_ _1a1\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>a)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">materiali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">detenute<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>scopo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>investimen<span class=\"_ _0\"></span>to -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>X <span class=\"_ _19c\"> </span>X <span class=\"_ _42\"> </span>X <span class=\"_ _f9\"> </span>-<span class=\"_ _3bd\"> </span>b)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">correnti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gruppi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>attivit\u00e0<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>via<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ismissione -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>C.7<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vari<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span> <span class=\"_ _133\"> </span>156<span class=\"_ _3bd\"> </span></span></span></span></span>78<span class=\"_ _3bd\"> </span>43.<span class=\"_ _0\"></span>615<span class=\"_ _3bd\"> </span>4<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>31.<span class=\"_ _0\"></span>11<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>75.<span class=\"_ _0\"></span>009<span class=\"_ _3bd\"> </span>D.<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>ane<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ze<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>e <span class=\"_ _18d\"> </span>13<span class=\"_ _0\"></span>6.<span class=\"_ _0\"></span>481<span class=\"_ _3bd\"> </span>11<span class=\"_ _0\"></span>9.<span class=\"_ _0\"></span>664<span class=\"_ _3bd\"> </span>11<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>37<span class=\"_ _3bd\"> </span>20<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>04<span class=\"_ _3bd\"> </span>33<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>42<span class=\"_ _3bd\"> </span>32<span class=\"_ _0\"></span>1.<span class=\"_ _0\"></span>62<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>D.1<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Ridu<span class=\"_ _0\"></span>zio<span class=\"_ _1\"></span>ni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alo<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tot<span class=\"_ _0\"></span>ali<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>et<span class=\"_ _1\"></span>te<span class=\"_ _0\"></span> <span class=\"_ _231\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>20<span class=\"_ _0\"></span>6.1<span class=\"_ _0\"></span>65<span class=\"_ _3bd\"> </span>29.<span class=\"_ _0\"></span>94<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>42<span class=\"_ _0\"></span>.751<span class=\"_ _3bd\"> </span>11<span class=\"_ _0\"></span>6.6<span class=\"_ _0\"></span>41<span class=\"_ _3bd\"> </span>395.<span class=\"_ _0\"></span>501<span class=\"_ _3bd\"> </span>D.<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>Rim<span class=\"_ _1\"></span>an<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ze<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>nal<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span>lor<span class=\"_ _1\"></span>de <span class=\"_ _232\"> </span>13<span class=\"_ _0\"></span>6.<span class=\"_ _0\"></span>48<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>32<span class=\"_ _0\"></span>5.<span class=\"_ _0\"></span>829<span class=\"_ _3bd\"> </span>41<span class=\"_ _0\"></span>.58<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>63<span class=\"_ _1\"></span>.055<span class=\"_ _3bd\"> </span>15<span class=\"_ _0\"></span>0.1<span class=\"_ _0\"></span>83<span class=\"_ _3bd\"> </span>71<span class=\"_ _0\"></span>7.1<span class=\"_ _0\"></span>29<span class=\"_ _3bd\"> </span>E.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Valutazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">co<span class=\"_ _1\"></span>sto<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>9.<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>bis<span class=\"_ _3bd\"> </span>At<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>ma<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span>ad<span class=\"_ _3bd\"> </span>us<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>fu<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>(d<span class=\"_ _0\"></span>iri<span class=\"_ _0\"></span>tti<span class=\"_ _3bd\"> </span>d'u<span class=\"_ _1\"></span>so<span class=\"_ _3bd\"> </span>ac<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span>il<span class=\"_ _3bd\"> </span>lea<span class=\"_ _1\"></span>sin<span class=\"_ _0\"></span>g):<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>ria<span class=\"_ _1\"></span>zion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>an<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>Te<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>eni<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _69\"> </span><span class=\"fc4 sc2\">Fab<span class=\"_ _0\"></span>br<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>ati<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _11c\"> </span><span class=\"fc4 sc2\">Mo<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></span></span></span></span>Im<span class=\"_ _1\"></span>pian<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>el<span class=\"_ _0\"></span>ett<span class=\"_ _1\"></span>ron<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>A<span class=\"_ _0\"></span>lt<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> <span class=\"_ _176\"> </span></span>Tot<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>A.<span class=\"_ _3bd\"> </span>Es<span class=\"_ _0\"></span>ist<span class=\"_ _1\"></span>enz<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>iz<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>lo<span class=\"_ _0\"></span>rd<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span> -18<span class=\"_ _0\"></span>5.<span class=\"_ _0\"></span>89<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>--6.<span class=\"_ _1\"></span>73<span class=\"_ _1\"></span>1<span class=\"_ _3bd\"> </span>19<span class=\"_ _0\"></span>2.<span class=\"_ _0\"></span>62<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>A.<span class=\"_ _0\"></span>1<span class=\"ff1\"> </span>Ri<span class=\"_ _0\"></span>duz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alo<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>ota<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>e <span class=\"_ _45\"> </span>-<span class=\"_ _3bd\"> </span>58.<span class=\"_ _0\"></span>86<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>3.6<span class=\"_ _0\"></span>63<span class=\"_ _3bd\"> </span>62.<span class=\"_ _0\"></span>525<span class=\"_ _3bd\"> </span>A.<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>Es<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>ten<span class=\"_ _1\"></span>ze<span class=\"_ _3bd\"> </span>in<span class=\"_ _1\"></span>izia<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span> -12<span class=\"_ _0\"></span>7.<span class=\"_ _0\"></span>03<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>--3.<span class=\"_ _1\"></span>06<span class=\"_ _1\"></span>8<span class=\"_ _3bd\"> </span>13<span class=\"_ _0\"></span>0.<span class=\"_ _0\"></span>10<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>B.<span class=\"_ _3bd\"> </span>Au<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>i:<span class=\"_ _0\"></span> -28<span class=\"_ _0\"></span>.86<span class=\"_ _1\"></span>7<span class=\"_ _3bd\"> </span>--1<span class=\"_ _0\"></span>.8<span class=\"_ _1\"></span>50<span class=\"_ _3bd\"> </span>30<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>17<span class=\"_ _3bd\"> </span>B.1<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Ac<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span> <span class=\"_ _230\"> </span>-<span class=\"_ _3bd\"> </span></span></span>25.<span class=\"_ _0\"></span>720<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>78<span class=\"_ _1\"></span>4<span class=\"_ _3bd\"> </span>26.<span class=\"_ _0\"></span>504<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">operazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">aggregazione<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>az<span class=\"_ _0\"></span>iend<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>B.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Spese<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">migliorie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cap<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>lizz<span class=\"_ _1\"></span>ate <span class=\"_ _6d\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>B.3<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Riprese<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">val<span class=\"_ _0\"></span>ore<span class=\"_ _0\"></span> <span class=\"_ _11a\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>B.4<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Variazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">positive<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">value<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>imputate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>a)<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>trim<span class=\"_ _1\"></span>onio<span class=\"ff1\"> </span>n<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o <span class=\"_ _1a9\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>b)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conto<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>con<span class=\"_ _0\"></span>omic<span class=\"_ _0\"></span>o <span class=\"_ _223\"> </span>-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>B.5<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Dif<span class=\"_ _0\"></span>fer<span class=\"_ _0\"></span>enz<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ositi<span class=\"_ _0\"></span>ve<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>cam<span class=\"_ _0\"></span>bio<span class=\"_ _0\"></span> <span class=\"_ _231\"> </span>-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>B.6<span class=\"ff1\"> </span>Trasferimenti<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">immobili<span class=\"ff1\"> </span></span></span>detenuti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">scopo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">investimento<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span> X<span class=\"_ _3bd\"> </span> X<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>B.7<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vari<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span> <span class=\"_ _59\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>3.1<span class=\"_ _0\"></span>47<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>066<span class=\"_ _3bd\"> </span>4<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>13<span class=\"_ _3bd\"> </span>C.<span class=\"_ _3bd\"> </span>Di<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i:<span class=\"_ _3bd\"> </span> -30<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>80<span class=\"_ _3bd\"> </span>--2<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>33<span class=\"_ _0\"></span>.6<span class=\"_ _1\"></span>83<span class=\"_ _3bd\"> </span>C.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Ven<span class=\"_ _0\"></span>dite<span class=\"_ _0\"></span> </span></span>-<span class=\"_ _3bd\"> </span>94<span class=\"_ _1\"></span>9<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>15<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>064<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">operazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">aggregazione<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>az<span class=\"_ _0\"></span>iend<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>C.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Amm<span class=\"_ _0\"></span>orta<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span> <span class=\"_ _b3\"> </span>-<span class=\"_ _3bd\"> </span></span></span>22<span class=\"_ _0\"></span>.98<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>727<span class=\"_ _3bd\"> </span>24<span class=\"_ _0\"></span>.71<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>C.3<span class=\"ff1\"> </span>Rettifiche<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>lore<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>deterioramento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">imputate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span>-<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span>a)<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>trim<span class=\"_ _1\"></span>onio<span class=\"ff1\"> </span>n<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o <span class=\"_ _1a9\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>b)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conto<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>con<span class=\"_ _0\"></span>omic<span class=\"_ _0\"></span>o <span class=\"_ _223\"> </span>-<span class=\"_ _3bd\"> </span></span></span>1<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span>C.4<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Variazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">negative<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">f<span class=\"_ _2\"></span>air<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>imputate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>a)<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>trim<span class=\"_ _1\"></span>onio<span class=\"ff1\"> </span>n<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o <span class=\"_ _1a9\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>b)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conto<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>con<span class=\"_ _0\"></span>omic<span class=\"_ _0\"></span>o <span class=\"_ _223\"> </span>-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>C.<span class=\"_ _0\"></span>5<span class=\"ff1\"> </span>Diff<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span>nze<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ne<span class=\"_ _0\"></span>gati<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">cam<span class=\"_ _0\"></span>bio<span class=\"_ _0\"></span> <span class=\"_ _fc\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>C.<span class=\"_ _0\"></span>6<span class=\"ff1\"> </span>Trasf<span class=\"_ _0\"></span>erim<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>a:<span class=\"_ _1\"></span> <span class=\"_ _1a1\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>a)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">materiali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">detenute<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>scopo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>investimen<span class=\"_ _0\"></span>to<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span> X<span class=\"_ _3bd\"> </span> X<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>b)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">correnti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gruppi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>attivit\u00e0<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>via<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ismissione<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>C.7<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vari<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span> <span class=\"_ _59\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>7.<span class=\"_ _0\"></span>030<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>8<span class=\"_ _0\"></span>48<span class=\"_ _3bd\"> </span>7.<span class=\"_ _1\"></span>87<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>D.<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>ane<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ze<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span> -12<span class=\"_ _0\"></span>4.9<span class=\"_ _1\"></span>19<span class=\"_ _3bd\"> </span>--2.<span class=\"_ _0\"></span>215<span class=\"_ _3bd\"> </span>12<span class=\"_ _0\"></span>7.<span class=\"_ _0\"></span>13<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>D.1<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Ridu<span class=\"_ _0\"></span>zio<span class=\"_ _1\"></span>ni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alo<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tot<span class=\"_ _0\"></span>ali<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>et<span class=\"_ _1\"></span>te<span class=\"_ _0\"></span> <span class=\"_ _231\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>77.<span class=\"_ _0\"></span>41<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>4.<span class=\"_ _0\"></span>279<span class=\"_ _3bd\"> </span>81<span class=\"_ _0\"></span>.69<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>D.<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>Rim<span class=\"_ _1\"></span>an<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ze<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>nal<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span>lor<span class=\"_ _1\"></span>de<span class=\"_ _3bd\"> </span> -20<span class=\"_ _0\"></span>2.3<span class=\"_ _0\"></span>36<span class=\"_ _3bd\"> </span>--6.<span class=\"_ _0\"></span>49<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>20<span class=\"_ _0\"></span>8.<span class=\"_ _0\"></span>83<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>E.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Valutazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">co<span class=\"_ _1\"></span>sto<span class=\"_ _1\"></span> <span class=\"_ _1e8\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fornisce<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">anche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tabella<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mo<span class=\"_ _2\"></span>vimentazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">diritt<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d\u2019uso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">acquisiti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">leasing<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">q<span class=\"_ _2\"></span>uanto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tali<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>attivit\u00e0<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>rilevanti.<span class=\"_ _3bd\"> </span>9.<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>At<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>ma<span class=\"_ _1\"></span>teri<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>det<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>sc<span class=\"_ _0\"></span>op<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>o:<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>ria<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>an<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Te<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>eni<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _ca\"> </span><span class=\"fc4 sc2\">Fa<span class=\"_ _0\"></span>bbr<span class=\"_ _1\"></span>icat<span class=\"_ _1\"></span>i<span class=\"fc0 sc1\"> </span></span></span>A.<span class=\"_ _3bd\"> </span>Esist<span class=\"_ _0\"></span>enze<span class=\"_ _3bd\"> </span>in<span class=\"_ _1\"></span>izia<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span> <span class=\"_ _234\"> </span>2.<span class=\"_ _0\"></span>61<span class=\"_ _0\"></span>8 <span class=\"_ _235\"> </span>3.<span class=\"_ _1\"></span>00<span class=\"_ _1\"></span>0<span class=\"_ _3bd\"> </span>B.<span class=\"_ _3bd\"> </span>Au<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>i - <span class=\"_ _206\"> </span>52<span class=\"_ _3bd\"> </span>B.1<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Ac<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span> <span class=\"_ _236\"> </span>- <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>cu<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>op<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>zion<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>agg<span class=\"_ _1\"></span>rega<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>az<span class=\"_ _1\"></span>iend<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span> <span class=\"_ _237\"> </span>- <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span>B.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Spese<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">migliorie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cap<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>lizz<span class=\"_ _1\"></span>ate <span class=\"_ _238\"> </span>- <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>B.3<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Vari<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">po<span class=\"_ _0\"></span>sit<span class=\"_ _0\"></span>ive<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">fa<span class=\"_ _1\"></span>ir<span class=\"ff1\"> </span>valu<span class=\"_ _0\"></span>e <span class=\"_ _239\"> </span>- <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>B.4<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Riprese<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alo<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span> <span class=\"_ _1d9\"> </span>- <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>B.5<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Di<span class=\"_ _0\"></span>ffer<span class=\"_ _0\"></span>enz<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>camb<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>p<span class=\"_ _1\"></span>ositi<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span> <span class=\"_ _128\"> </span>-<span class=\"_ _0\"></span> <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span>B.6<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Tr<span class=\"_ _0\"></span>asfe<span class=\"_ _0\"></span>rim<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>da<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">imm<span class=\"_ _0\"></span>obil<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>so<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">funz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span> <span class=\"_ _23a\"> </span>- <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>B.7<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vari<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span> <span class=\"_ _23b\"> </span>- <span class=\"_ _206\"> </span>5<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></span></span></span></span>C.<span class=\"_ _3bd\"> </span>Di<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i <span class=\"_ _15f\"> </span>20<span class=\"_ _1\"></span>4 <span class=\"_ _106\"> </span>3<span class=\"_ _1\"></span>12<span class=\"_ _3bd\"> </span>C.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Ven<span class=\"_ _0\"></span>dite<span class=\"_ _0\"></span> </span></span>1<span class=\"_ _0\"></span>91<span class=\"_ _1\"></span> <span class=\"_ _106\"> </span>1<span class=\"_ _1\"></span>45<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>cu<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>op<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>zion<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>agg<span class=\"_ _1\"></span>rega<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>az<span class=\"_ _1\"></span>iend<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span> <span class=\"_ _237\"> </span>- <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span>C.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Amm<span class=\"_ _0\"></span>orta<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span> <span class=\"_ _97\"> </span>- <span class=\"_ _12d\"> </span>16<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span></span></span>C.<span class=\"_ _0\"></span>3<span class=\"ff1\"> </span>Var<span class=\"_ _0\"></span>iaz<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nega<span class=\"_ _0\"></span>tive<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">fa<span class=\"_ _0\"></span>ir<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>lue<span class=\"_ _0\"></span> <span class=\"_ _23c\"> </span>- <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>C.4<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Rettifiche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>ior<span class=\"_ _0\"></span>am<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>o <span class=\"_ _181\"> </span>- <span class=\"_ _8b\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>C.<span class=\"_ _0\"></span>5<span class=\"ff1\"> </span>Di<span class=\"_ _0\"></span>ffer<span class=\"_ _0\"></span>enz<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>ca<span class=\"_ _0\"></span>mbi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>neg<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>ive<span class=\"_ _0\"></span> </span></span>- <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span>C.<span class=\"_ _0\"></span>6<span class=\"ff1\"> </span>Trasf<span class=\"_ _0\"></span>erim<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>a:<span class=\"_ _1\"></span> <span class=\"_ _1c4\"> </span>- <span class=\"_ _8b\"> </span>-<span class=\"_ _3bd\"> </span>a)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"_ _2\"></span>mmobil<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ad<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">uso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fun<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e <span class=\"_ _14f\"> </span>- <span class=\"_ _8b\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>b)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">correnti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gruppi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">via<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dis<span class=\"_ _0\"></span>mis<span class=\"_ _0\"></span>sio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span> <span class=\"_ _23d\"> </span>- <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>C.7<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vari<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span> <span class=\"_ _1c6\"> </span>13<span class=\"_ _1\"></span> <span class=\"_ _1a7\"> </span>3<span class=\"_ _3bd\"> </span></span></span></span></span>D.<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ze<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>li <span class=\"_ _98\"> </span>2.<span class=\"_ _0\"></span>414<span class=\"_ _1\"></span> <span class=\"_ _c7\"> </span>2<span class=\"_ _0\"></span>.7<span class=\"_ _1\"></span>40<span class=\"_ _3bd\"> </span>E.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Valutazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">f<span class=\"_ _2\"></span>air<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valu<span class=\"_ _0\"></span>e <span class=\"_ _23e\"> </span>2.<span class=\"_ _0\"></span>393 <span class=\"_ _ad\"> </span>6.7<span class=\"_ _0\"></span>25<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>Se<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>1<span class=\"_ _3bd\"> </span>\u2013<span class=\"_ _3bd\"> </span>Pa<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>val<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>ate<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>sto<span class=\"_ _3bd\"> </span>am<span class=\"_ _1\"></span>mort<span class=\"_ _0\"></span>izz<span class=\"_ _1\"></span>ato<span class=\"_ _3bd\"> </span>\u2013<span class=\"_ _3bd\"> </span>Vo<span class=\"_ _1\"></span>ce<span class=\"_ _3bd\"> </span>10<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>1.<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>Pa<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span>fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>zia<span class=\"_ _1\"></span>rie<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>ate<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>sto<span class=\"_ _3bd\"> </span>am<span class=\"_ _1\"></span>mor<span class=\"_ _0\"></span>tiz<span class=\"_ _0\"></span>za<span class=\"_ _0\"></span>to<span class=\"_ _1\"></span>:<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>me<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>eol<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>ve<span class=\"_ _0\"></span>rso<span class=\"_ _3bd\"> </span>ba<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span><table class=\"s w3a1 h21e\" id=\"_48576cad-9578-4604-b836-01c1c3e4d758\"><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x585 h43 y4c5f ff3 fs1b fc4 sc2 ls0 ws0\" colspan=\"2\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></td><td></td><td></td><td></td><td class=\"t m0 x586 h43 y4c5f ff3 fs1b fc4 sc2 ls0 ws0\" colspan=\"2\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x587 h43 y4c60 ff3 fs1b fc4 sc2 ls0 ws0\">Ti<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>gia<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x588 h43 y4c60 ff3 fs1b fc4 sc2 ls0 ws0\" colspan=\"2\">op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>/V<span class=\"_ _0\"></span>alo<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></td><td></td><td class=\"t m0 x589 h43 y4c61 ff3 fs1b fc4 sc2 ls0 ws0\">V<span class=\"_ _0\"></span>B<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></td><td></td><td class=\"t m0 x58a h43 y4c62 ff3 fs1b fc4 sc2 ls0 ws0\">31<span class=\"_ _0\"></span>/1<span class=\"_ _0\"></span>2/2<span class=\"_ _0\"></span>02<span class=\"_ _1\"></span>2<span class=\"fc0 sc1\"> </span></td><td class=\"c x58c y4c63 w3a2 h21f\" colspan=\"2\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc4 sc2 ls0 ws0\">Fair<span class=\"_ _3bd\"> </span></div><div class=\"t m0 x58b h43 y4b58 ff3 fs1b fc4 sc2 ls0 ws0\">Va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div></td><td class=\"t m0 x58d h43 y4c61 ff3 fs1b fc4 sc2 ls0 ws0\">V<span class=\"_ _0\"></span>B<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></td><td></td><td class=\"t m0 x58e h43 y4c62 ff3 fs1b fc4 sc2 ls0 ws0\">31<span class=\"_ _0\"></span>/1<span class=\"_ _0\"></span>2/2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></td><td class=\"c x590 y4c63 w3a3 h21f\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc4 sc2 ls0 ws0\">Fair<span class=\"_ _3bd\"> </span></div><div class=\"t m0 x58f h43 y4b58 ff3 fs1b fc4 sc2 ls0 ws0\">Va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c n x591 y4c64 w3a4 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc4 sc2 ls0 ws0\">L<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x592 y4c64 w3a5 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc4 sc2 ls0 ws0 sc1\">L2<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x593 y4c64 w3a6 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc4 sc2 ls0 ws0 sc1\">L3<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x594 y4c64 w3a7 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc4 sc2 ls0 ws0 sc1\">L1<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x595 y4c64 w3a8 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc4 sc2 ls0 ws0 sc1\">L2<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x596 y4c64 w3a6 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc4 sc2 ls0 ws0 sc1\">L3<span class=\"_ _3bd\"> </span></div></td></tr><tr><td class=\"t m0 x2d2 h43 y4c65 ff3 fs1b fc0 sc1 ls0 ws0\">1.<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x50b h43 y4c65 ff3 fs1b fc0 sc1 ls0 ws0\">De<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x597 h43 y4c65 ff3 fs1b fc0 sc1 ls0 ws0\">ve<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x39d h43 y4c65 ff3 fs1b fc0 sc1 ls0 ws0\">ba<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>he<span class=\"_ _3bd\"> </span></td><td class=\"c n x598 y4c66 w3a9 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc1 ls0 ws0\">ce<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x599 y4c66 w3aa h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc1 ls0 ws0\">5.<span class=\"_ _0\"></span>58<span class=\"_ _1\"></span>4.25<span class=\"_ _0\"></span>6</div></td><td class=\"t m0 x59a h43 y4c67 ff1 fs1b fc0 sc0 ls0 ws0\"> <span class=\"_ _1f4\"> </span><span class=\"ff3\">X<span class=\"_ _3bd\"> </span></span></td><td class=\"c n x59b y4c68 w3ab h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59c y4c68 w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"t m0 x59d h43 y4c65 ff3 fs1b fc0 sc1 ls0 ws0\">8.<span class=\"_ _0\"></span>16<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>75<span class=\"_ _0\"></span>2</td><td class=\"t m0 x59e h43 y4c67 ff1 fs1b fc0 sc0 ls0 ws0\"> <span class=\"_ _1ec\"> </span><span class=\"ff3\">X<span class=\"_ _3bd\"> </span></span></td><td class=\"c n x590 y4c68 w3ad h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59f y4c68 w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td></tr><tr><td class=\"t m0 x2d2 h43 y4c69 ff3 fs1b fc0 sc1 ls0 ws0\">2.<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x4e3 h43 y4c69 ff3 fs1b fc0 sc1 ls0 ws0\">Debi<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x5a0 h43 y4c69 ff3 fs1b fc0 sc1 ls0 ws0\">vers<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></td><td class=\"c n x5a1 y4c6a w3ae h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc1 ls0 ws0\">ba<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>he<span class=\"_ _3bd\"> </span></div></td><td></td><td></td><td class=\"c n x5a2 y4c6a w3af h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc1 ls0 ws0\">3.<span class=\"_ _0\"></span>15<span class=\"_ _0\"></span>2.<span class=\"_ _0\"></span>03<span class=\"_ _0\"></span>7</div></td><td class=\"t m0 x59a h43 y4c6b ff1 fs1b fc0 sc0 ls0 ws0\"> <span class=\"_ _1f4\"> </span><span class=\"ff3\">X<span class=\"_ _3bd\"> </span></span></td><td class=\"c n x59b y4c6c w3ab h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59c y4c6c w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"t m0 x5a3 h43 y4c69 ff3 fs1b fc0 sc1 ls0 ws0\">4.<span class=\"_ _0\"></span>42<span class=\"_ _0\"></span>0.<span class=\"_ _0\"></span>82<span class=\"_ _0\"></span>4</td><td class=\"t m0 x59e h43 y4c6b ff1 fs1b fc0 sc0 ls0 ws0\"> <span class=\"_ _1ec\"> </span><span class=\"ff3\">X<span class=\"_ _3bd\"> </span></span></td><td class=\"c n x590 y4c6c w3ad h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59f y4c6c w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"c n x4e0 y4c6d w3b0 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">2.<span class=\"_ _0\"></span>1<span class=\"ff1\"> </span>Co<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cor<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">d<span class=\"_ _0\"></span>epo<span class=\"_ _0\"></span>sit<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>v<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>a<span class=\"_ _3bd\"> </span></span></span></span></span></div></td><td></td><td></td><td class=\"c n x5a4 y4c6d w3b1 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">7<span class=\"_ _0\"></span>05.<span class=\"_ _0\"></span>85<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5a5 y4c6d w3ad h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x59b y4c6d w3ab h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59c y4c6d w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5a6 y4c6d w283 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">149<span class=\"_ _0\"></span>.42<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5a7 y4c6d w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x590 y4c6d w3ad h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59f y4c6d w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"c n x4e0 y4c6e w3b2 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">2.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Depositi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sca<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>nza<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></div></td><td></td><td></td><td class=\"c n x5a8 y4c6e w3b3 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">5.<span class=\"_ _0\"></span>701<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5a9 y4c6e w3ab h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x59b y4c6e w3ab h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59c y4c6e w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5aa y4c6e w3b4 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">4<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5ab y4c6e w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x590 y4c6e w3ad h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59f y4c6e w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c n x4e0 y4c6f w3b5 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">2.3<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nti<span class=\"_ _3bd\"> </span></span></span></div></td><td></td><td></td><td></td><td class=\"c n x5ac y4c6f w3b6 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">2.43<span class=\"_ _0\"></span>9.9<span class=\"_ _0\"></span>44<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5ad y4c6f w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x59b y4c6f w3ab h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59c y4c6f w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5ae y4c6f w3b7 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">4.<span class=\"_ _0\"></span>265<span class=\"_ _0\"></span>.96<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5af y4c6f w3ad h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x590 y4c6f w3ad h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59f y4c6f w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td></tr><tr><td></td><td class=\"c n x5b0 y4c70 w3b8 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">2.<span class=\"_ _0\"></span>3.1<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">Pr<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>ermi<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>ivi<span class=\"_ _3bd\"> </span></span></span></div></td><td></td><td></td><td></td><td></td><td class=\"c n x5b1 y4c70 w3b9 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">2.<span class=\"_ _0\"></span>42<span class=\"_ _0\"></span>0.9<span class=\"_ _0\"></span>97<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5b2 y4c70 w3ab h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x59b y4c70 w3ab h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59c y4c70 w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5ae y4c70 w3ba h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">4.<span class=\"_ _0\"></span>242<span class=\"_ _0\"></span>.80<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5b3 y4c70 w3ad h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x590 y4c70 w3ad h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59f y4c70 w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c n x5b0 y4c71 w3bb h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">2.3.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Alt<span class=\"_ _0\"></span>ri<span class=\"_ _3bd\"> </span></span></span></div></td><td></td><td></td><td></td><td class=\"c n x5b4 y4c71 w3bc h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">18.<span class=\"_ _0\"></span>947<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5b5 y4c71 w3ab h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x59b y4c71 w3ab h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59c y4c71 w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5b6 y4c71 w3bd h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">23<span class=\"_ _0\"></span>.15<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5b7 y4c71 w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x590 y4c71 w3ad h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59f y4c71 w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m0 x50b h43 y4c72 ff3 fs1b fc0 sc0 ls0 ws0\">2.4<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Debiti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"_ _2\"></span>mpegni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riacquisto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">propri</span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></td><td></td><td></td><td></td><td class=\"c n x5b8 y4c73 w3be h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5b9 y4c73 w3ab h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x59b y4c73 w3ab h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59c y4c73 w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5ba y4c73 w3bf h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5b3 y4c73 w3ad h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x590 y4c73 w3ad h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59f y4c73 w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m0 x50b h43 y4c74 ff3 fs1b fc0 sc0 ls0 ws0\">strumenti<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x5bb h43 y4c74 ff3 fs1b fc0 sc0 ls0 ws0\">patrimon<span class=\"_ _0\"></span>iali </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c n x4e0 y4c75 w3c0 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">2.5<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Debiti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">lea<span class=\"_ _0\"></span>sin<span class=\"_ _0\"></span>g<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></div></td><td></td><td></td><td class=\"c n x5bc y4c75 w3c1 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5bd y4c75 w3ab h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x59b y4c75 w3ab h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59c y4c75 w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5ba y4c75 w3bf h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5b3 y4c75 w3ad h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x590 y4c75 w3ad h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59f y4c75 w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c n x4e0 y4c76 w3c2 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">2.6<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">deb<span class=\"_ _0\"></span>iti<span class=\"_ _3bd\"> </span></span></span></span></span></div></td><td></td><td></td><td></td><td class=\"c n x5be y4c76 w3c3 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">5<span class=\"_ _0\"></span>33<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5bf y4c76 w3ad h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x59b y4c76 w3ab h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59c y4c76 w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5c0 y4c76 w3c4 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">1.<span class=\"_ _0\"></span>42<span class=\"_ _1\"></span>7<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5c1 y4c76 w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x590 y4c76 w3ad h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59f y4c76 w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x38a h43 y4c77 ff3 fs1b fc0 sc1 ls0 ws0\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x5c2 h43 y4c77 ff3 fs1b fc0 sc1 ls0 ws0\">8.<span class=\"_ _0\"></span>73<span class=\"_ _0\"></span>6.<span class=\"_ _0\"></span>29<span class=\"_ _0\"></span>3 </td><td></td><td class=\"t m24 x5c3 h43 y4c77 ff3 fs1b fc0 sc1 ls0 ws0\">-<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x5c4 h43 y4c77 ff3 fs1b fc0 sc1 ls0 ws0\">2.<span class=\"_ _0\"></span>42<span class=\"_ _0\"></span>0.<span class=\"_ _0\"></span>99<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x5c5 h43 y4c77 ff3 fs1b fc0 sc1 ls0 ws0\">6.<span class=\"_ _0\"></span>31<span class=\"_ _0\"></span>5.2<span class=\"_ _0\"></span>96<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x5c6 h43 y4c77 ff3 fs1b fc0 sc1 ls0 ws0\">12<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>85<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>76<span class=\"_ _1\"></span> </td><td></td><td class=\"t m24 x5c7 h43 y4c77 ff3 fs1b fc0 sc1 ls0 ws0\">-<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x5c8 h43 y4c77 ff3 fs1b fc0 sc1 ls0 ws0\">4.<span class=\"_ _0\"></span>24<span class=\"_ _0\"></span>2.8<span class=\"_ _1\"></span>02<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x339 h43 y4c77 ff3 fs1b fc0 sc1 ls0 ws0\">8.<span class=\"_ _1\"></span>342.<span class=\"_ _0\"></span>77<span class=\"_ _1\"></span>4<span class=\"_ _3bd\"> </span></td></tr></table>Le<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>nda<span class=\"_ _1\"></span>:<span class=\"fc0 sc1\"> </span>VB=<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> </span></span></span></span></span></span></span>L1=<span class=\"ff1\"> </span>Livello<span class=\"ff1\"> </span>1<span class=\"_ _3bd\"> </span>L2=<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Livello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2<span class=\"_ _1\"></span> </span></span></span></span>L3=<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Livello<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">3<span class=\"_ _0\"></span> </span></span></span></span>I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">deb<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>isc<span class=\"_ _0\"></span>rit<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">lor<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ore<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>omi<span class=\"_ _0\"></span>nale<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>orri<span class=\"_ _0\"></span>spo<span class=\"_ _0\"></span>nden<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>oro<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fai<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>val<span class=\"_ _0\"></span>ue.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>I<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">debiti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">verso<span class=\"ff1\"> </span>ban<span class=\"_ _0\"></span>che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>appresentati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">principalmente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ebiti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>ista<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tas<span class=\"_ _2\"></span>so<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">variabile,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>stata<span class=\"ff1\"> </span>posta<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>alcun<span class=\"ff1\"> </span>tipo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>copertura.<span class=\"_ _3bd\"> </span>La<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">voce<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u201c1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Deb<span class=\"_ _2\"></span>iti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">verso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">banche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">c<span class=\"_ _2\"></span>entrali\u201d<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">accoglie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">op<span class=\"_ _2\"></span>erazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rifinanziamento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">effettuate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Banca<span class=\"ff1\"> </span>Centrale<span class=\"ff1\"> </span>Europea.<span class=\"_ _3bd\"> </span>L\u2019utilizzo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>canale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>ifinanziamento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tramite<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>BCE,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fine<span class=\"ff1\"> <span class=\"_ _2\"></span></span>2022,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>interamente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rappresentato<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>partecipazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>alle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>o<span class=\"_ _2\"></span>perazioni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>TLTRO<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>III<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>complessivi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>5,6<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>m<span class=\"_ _2\"></span>iliardi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>euro.<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>N<span class=\"_ _2\"></span>el<span class=\"ff1\"> <span class=\"_ _21\"></span></span>corso<span class=\"_ _2\"></span><span class=\"ff1\"> </span>dell\u2019anno<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">state<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">effettuate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nuove<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">operazioni.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mese<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dicembre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Banca<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>ffettuat<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>un<span class=\"ff1\"> </span>rimborso<span class=\"ff1\"> </span>volontar<span class=\"_ _2\"></span>io<span class=\"ff1\"> </span>anticipato<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>1,2<span class=\"ff1\"> </span>miliardi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>euro<span class=\"_ _2\"></span><span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>tranche<span class=\"ff1\"> </span>TLTRO<span class=\"ff1\"> </span>III.3<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>scad<span class=\"_ _2\"></span>enza<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>me<span class=\"_ _0\"></span>se<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">marz<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>202<span class=\"_ _0\"></span>3.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">me<span class=\"_ _0\"></span>se<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span>cemb<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">202<span class=\"_ _0\"></span>2<span class=\"ff1\"> </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sta<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>nch<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>imbo<span class=\"_ _0\"></span>rsata<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>tr<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>he<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">TLTR<span class=\"_ _0\"></span>O<span class=\"ff1\"> </span>I<span class=\"_ _0\"></span>II.2<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">da</span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>1,4<span class=\"ff1\"> </span>miliardi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>euro,<span class=\"ff1\"> </span>giunta<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>sua<span class=\"ff1\"> </span>naturale<span class=\"ff1\"> </span>scadenza.<span class=\"_ _3bd\"> </span>1.2<span class=\"_ _3bd\"> </span>Pa<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span>fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>zia<span class=\"_ _1\"></span>rie<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>ate<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>sto<span class=\"_ _3bd\"> </span>am<span class=\"_ _1\"></span>mor<span class=\"_ _0\"></span>tiz<span class=\"_ _0\"></span>za<span class=\"_ _0\"></span>to<span class=\"_ _1\"></span>:<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>os<span class=\"_ _1\"></span>izio<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>me<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>eol<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>ve<span class=\"_ _0\"></span>rso<span class=\"_ _3bd\"> </span>cl<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Ti<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>gia<span class=\"_ _3bd\"> </span>op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>/V<span class=\"_ _0\"></span>alo<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/1<span class=\"_ _0\"></span>2/2<span class=\"_ _0\"></span>02<span class=\"_ _1\"></span>2<span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/1<span class=\"_ _0\"></span>2/2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>V<span class=\"_ _0\"></span>B<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Fair<span class=\"_ _3bd\"> </span>Va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>V<span class=\"_ _0\"></span>B<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>F<span class=\"_ _3bd\"> </span>L<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _62\"> </span><span class=\"fc4 sc2\">L<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _72\"> </span><span class=\"fc4 sc2\">L<span class=\"_ _0\"></span>3<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _ff\"> </span><span class=\"fc4 sc2\">L1<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _63\"> </span><span class=\"fc4 sc2\">L<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _7c\"> </span></span></span></span></span></span></span></span></span></span>1.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Co<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cor<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">de<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>sit<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>v<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>a <span class=\"_ _1f8\"> </span>34.097.698<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1e\"> </span> <span class=\"_ _1e\"> </span><span class=\"ff3\">X<span class=\"_ _1\"></span> <span class=\"_ _178\"> </span>X <span class=\"_ _1ab\"> </span>X <span class=\"_ _7e\"> </span>33<span class=\"_ _2\"></span>.184.22<span class=\"_ _0\"></span>9<span class=\"ff1\"> <span class=\"_ _1e\"> </span> <span class=\"_ _1e\"> </span></span>X<span class=\"_ _1\"></span> <span class=\"_ _66\"> </span>X <span class=\"_ _83\"> </span></span></span></span></span></span></span></span></span>2.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Depositi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sc<span class=\"_ _0\"></span>ade<span class=\"_ _0\"></span>nza<span class=\"_ _1\"></span> <span class=\"_ _29f\"> </span>1.283.116<span class=\"ff1\"> <span class=\"_ _1e\"> </span> <span class=\"_ _1e\"> </span></span>X<span class=\"_ _1c\"></span> <span class=\"_ _11c\"> </span>X <span class=\"_ _2e\"> </span>X <span class=\"_ _2a0\"> </span>460.685<span class=\"ff1\"> <span class=\"_ _1e\"> </span> <span class=\"_ _1e\"> </span></span>X<span class=\"_ _1\"></span> <span class=\"_ _a2\"> </span>X <span class=\"_ _83\"> </span></span></span></span></span></span></span>3.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Finan<span class=\"_ _1\"></span>ziame<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>i <span class=\"_ _b8\"> </span>2.934.676<span class=\"ff1\"> <span class=\"_ _1e\"> </span> <span class=\"_ _1a\"> </span></span>X<span class=\"_ _1\"></span> <span class=\"_ _11c\"> </span>X <span class=\"_ _2e\"> </span>X <span class=\"_ _7f\"> </span>3<span class=\"_ _2\"></span>.599.164<span class=\"ff1\"> <span class=\"_ _1a\"> </span> <span class=\"_ _1d\"> </span></span>X<span class=\"_ _1\"></span> <span class=\"_ _66\"> </span>X <span class=\"_ _2a0\"> </span></span></span>3.1<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Pron<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>ro<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>mine<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pa<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span> <span class=\"_ _89\"> </span>2.355.113<span class=\"ff1\"> <span class=\"_ _1e\"> </span> <span class=\"_ _1e\"> </span></span>X<span class=\"_ _1\"></span> <span class=\"_ _178\"> </span>X <span class=\"_ _2e\"> </span>X <span class=\"_ _a5\"> </span>3.009.080<span class=\"ff1\"> <span class=\"_ _1e\"> </span> <span class=\"_ _1e\"> </span></span>X<span class=\"_ _1c\"></span> <span class=\"_ _66\"> </span>X <span class=\"_ _83\"> </span></span></span></span></span>3.2<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Alt<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span> <span class=\"_ _f3\"> </span>579.5<span class=\"_ _0\"></span>63<span class=\"ff1\"> <span class=\"_ _1e\"> </span> <span class=\"_ _1e\"> </span></span>X<span class=\"_ _1\"></span> <span class=\"_ _177\"> </span>X <span class=\"_ _1ab\"> </span>X <span class=\"_ _68\"> </span>590<span class=\"_ _2\"></span>.084<span class=\"ff1\"> <span class=\"_ _1e\"> </span> <span class=\"_ _1e\"> </span></span>X<span class=\"_ _1\"></span> <span class=\"_ _66\"> </span>X <span class=\"_ _2a0\"> </span></span></span>4.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Debiti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"_ _2\"></span>mpegni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riacquisto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">propri<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>strumenti<span class=\"_ _3bd\"> </span>patrimon<span class=\"_ _0\"></span>iali<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _1d\"> </span> <span class=\"_ _1e\"> </span></span>X<span class=\"_ _1\"></span> <span class=\"_ _177\"> </span>X <span class=\"_ _2e\"> </span>X <span class=\"_ _c2\"> </span>-<span class=\"ff1\"> <span class=\"_ _1d\"> </span> <span class=\"_ _1d\"> </span></span>X<span class=\"_ _1\"></span> <span class=\"_ _a2\"> </span>X <span class=\"_ _83\"> </span>5.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Debiti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">lea<span class=\"_ _0\"></span>sin<span class=\"_ _0\"></span>g <span class=\"_ _14\"> </span>13<span class=\"_ _2\"></span>1.035<span class=\"ff1\"> <span class=\"_ _1e\"> </span> <span class=\"_ _1a\"> </span></span>X<span class=\"_ _0\"></span> <span class=\"_ _178\"> </span>X <span class=\"_ _2e\"> </span>X <span class=\"_ _39\"> </span>133.341<span class=\"ff1\"> <span class=\"_ _1e\"> </span> <span class=\"_ _1e\"> </span></span>X<span class=\"_ _1\"></span> <span class=\"_ _66\"> </span>X <span class=\"_ _2a0\"> </span></span></span></span></span></span></span>5.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>biti<span class=\"_ _1\"></span> <span class=\"_ _2a1\"> </span>331.495<span class=\"ff1\"> <span class=\"_ _1e\"> </span> <span class=\"_ _1e\"> </span></span>X<span class=\"_ _1\"></span> <span class=\"_ _177\"> </span>X <span class=\"_ _1ab\"> </span>X <span class=\"_ _2a0\"> </span>339.503<span class=\"ff1\"> <span class=\"_ _1e\"> </span> <span class=\"_ _1e\"> </span></span>X<span class=\"_ _1\"></span> <span class=\"_ _66\"> </span>X <span class=\"_ _2a0\"> </span></span></span></span></span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>38<span class=\"_ _1\"></span>.77<span class=\"_ _0\"></span>8.0<span class=\"_ _1\"></span>20<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>35<span class=\"_ _0\"></span>5.<span class=\"_ _0\"></span>11<span class=\"_ _0\"></span>3 <span class=\"_ _29d\"> </span>36<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>22<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>07<span class=\"_ _3bd\"> </span>37<span class=\"_ _1\"></span>.716<span class=\"_ _1\"></span>.92<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>3.<span class=\"_ _0\"></span>00<span class=\"_ _1\"></span>9.<span class=\"_ _3bd\"> </span>Le<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>nda<span class=\"_ _1\"></span>:<span class=\"fc0 sc1\"> </span>VB=<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> </span></span></span></span></span></span></span>L1=<span class=\"ff1\"> </span>Livello<span class=\"ff1\"> </span>1<span class=\"_ _3bd\"> </span>L2=<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Livello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2<span class=\"_ _1\"></span> </span></span></span></span>L3=<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Livello<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">3<span class=\"_ _0\"></span> </span></span></span></span>I<span class=\"ff1\"> </span>debiti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>iscritt<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">loro<span class=\"ff1\"> </span>valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nominale,<span class=\"ff1\"> </span>corrispondente<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>loro<span class=\"ff1\"> </span>fai<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">livello</span> <span class=\"ff3\">di</span> <span class=\"ff3\">fair</span> <span class=\"ff3\">value</span> </span></span></span></span></span></span></span>attribuito<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>isulta<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">essere<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pari<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">3,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ad<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">eccezione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">livello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fa<span class=\"_ _2\"></span>ir<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pr<span class=\"_ _2\"></span>onti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">contr<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>ermine<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>\u00e8<span class=\"ff1\"> </span>attributo<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>2.<span class=\"_ _3bd\"> </span>Nel<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">voce</span> <span class=\"_ _0\"></span><span class=\"ff3\">Deb<span class=\"_ _0\"></span>iti<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>lea<span class=\"_ _0\"></span>sing<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u00e8</span> <span class=\"ff3\">ri<span class=\"_ _0\"></span>comp<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>o,<span class=\"ff1\"> </span>ai<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">se<span class=\"_ _0\"></span>nsi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rinci<span class=\"_ _0\"></span>pio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">IFRS<span class=\"_ _0\"></span>16,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>D<span class=\"_ _0\"></span>ebi<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>lea<span class=\"_ _0\"></span>sing<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">(Lea<span class=\"_ _0\"></span>se<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Liability),<span class=\"ff1\"> </span>pari<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>attuale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span>canoni<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>revist<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>ancora<span class=\"ff1\"> </span>pagati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span>beni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">oggetti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>contratti<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> </span>leasing<span class=\"ff1\"> </span>operativo.<span class=\"_ _3bd\"> </span>La<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>principale<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>novit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"_ _0\"></span>tro<span class=\"_ _2\"></span>dotta<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>prin<span class=\"_ _2\"></span>cipio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rappresentata<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dalla<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>modifica<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>m<span class=\"_ _2\"></span>odalit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> </span>contabilizzazione<span class=\"ff1\">  </span>delle<span class=\"ff1\">  </span>operazi<span class=\"_ _2\"></span>oni<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>leasing<span class=\"ff1\">  </span>operativo<span class=\"ff1\">  </span>ne<span class=\"_ _2\"></span>l<span class=\"ff1\">  </span>bilancio<span class=\"ff1\">  </span>del<span class=\"ff1\">  </span>locatario/<span class=\"_ _2\"></span>utilizzatore,<span class=\"ff1\"> </span>attraverso<span class=\"ff1\"> </span>l\u2019introduzione<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>unico<span class=\"ff1\"> </span>modello<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>contabilizzazi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>contratti<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">leasing<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>parte<span class=\"ff1\"> </span></span></span>del<span class=\"ff1\"> </span>locatario<span class=\"ff1\"> </span>siano<span class=\"ff1\"> </span>essi<span class=\"ff1\"> </span>classificati<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>leasing<span class=\"ff1\"> </span>operativi<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>finanziari.<span class=\"_ _2\"></span> I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">debiti<span class=\"ff1\"> </span>verso<span class=\"ff1\"> </span>clientela<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rappresentati<span class=\"ff1\"> </span>principalmente<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">debiti<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>vista<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> </span>variabi<span class=\"_ _0\"></span>le,<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>stata<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>posta<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>essere<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"_ _2\"></span>lcun<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tipo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>copert<span class=\"_ _2\"></span>ura<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>specifica,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>m<span class=\"_ _2\"></span>entre<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>so<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>st<span class=\"_ _2\"></span>ate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>post<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>essere<span class=\"ff1\"> </span>cop<span class=\"_ _0\"></span>ertu<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>M<span class=\"_ _0\"></span>acro<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Fair<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">V<span class=\"_ _0\"></span>alue<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Hed<span class=\"_ _1\"></span>ge<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>oste<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">vis<span class=\"_ _0\"></span>ta,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cos\u00ec<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">come<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>scr<span class=\"_ _0\"></span>itto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">n<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>arte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">E<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sezi<span class=\"_ _0\"></span>one<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>2.<span class=\"_ _0\"></span>2<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span>nte<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nota.<span class=\"_ _3bd\"> </span></span></span>Si<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>egnala<span class=\"ff1\"> </span>che,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>seguito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>modifiche<span class=\"ff1\"> </span>apport<span class=\"_ _2\"></span>ate<span class=\"ff1\"> </span>a<span class=\"_ _2\"></span>l<span class=\"ff1\"> </span>funzionamento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>mercat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>interbancario<span class=\"ff1\"> </span>collateralizzato,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> </span>conseguente<span class=\"ff1\"> </span>t<span class=\"_ _2\"></span>rasferimento<span class=\"ff1\"> </span>alla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Cassa<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Compensazione<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>Gar<span class=\"_ _2\"></span>anzia<span class=\"ff1\"> </span>ed<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> </span>Monte<span class=\"ff1\"> </span>Tit<span class=\"_ _2\"></span>oli<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>funzioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finora<span class=\"_ _2\"></span><span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>volte<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Banca<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d\u2019Italia,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nella<span class=\"ff1\"> <span class=\"_ _2\"></span></span>voce<span class=\"ff1\"> <span class=\"_ _2\"></span></span>3.1<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u201cPronti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contro<span class=\"ff1\"> <span class=\"_ _2\"></span></span>termine<span class=\"ff1\"> </span>passivi\u201d<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>presenti<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>finanziamenti,<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>2.355,1<span class=\"ff1\"> </span>milioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>euro,<span class=\"ff1\"> </span>ricevuti<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>suddetto<span class=\"ff1\"> </span>mercat<span class=\"_ _2\"></span>o.<span class=\"_ _3bd\"> </span>Secondo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"ff1\">  </span>dati<span class=\"ff1\">  </span>AB<span class=\"_ _0\"></span>I,<span class=\"ff1\">  </span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Italia,<span class=\"ff1\">  </span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dicembre<span class=\"ff1\">  </span>2<span class=\"_ _0\"></span>022,<span class=\"ff1\">  </span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dinamica<span class=\"ff1\">  </span>della<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>raccolta<span class=\"ff1\">  </span>diretta<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>risulta<span class=\"ff1\">  </span>in<span class=\"ff1\"> </span>contrazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>-1,2%<span class=\"ff1\"> <span class=\"_ _21\"></span></span>su<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>annua,<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>variazione<span class=\"ff1\"> </span>pi\u00f9<span class=\"ff1\"> </span>mar<span class=\"_ _2\"></span>cata<span class=\"ff1\"> </span>sui<span class=\"ff1\"> </span>depositi,<span class=\"ff1\"> </span>mentre<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>rac<span class=\"_ _0\"></span>col<span class=\"_ _0\"></span>ta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tram<span class=\"_ _0\"></span>ite<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">obb<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>oni<span class=\"ff1\"> </span>\u00e8<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">rimast<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>nv<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>ata.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">La<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>ntra<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rev<span class=\"_ _0\"></span>alen<span class=\"_ _0\"></span>teme<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">imp<span class=\"_ _0\"></span>utab<span class=\"_ _0\"></span>ile<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">all<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>raccolta<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">imprese<span class=\"_ _2\"></span>,<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>he<span class=\"ff1\"> </span>nell\u2019anno<span class=\"ff1\"> </span>precedente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>vevano<span class=\"ff1\"> </span>incrementato<span class=\"ff1\"> </span>notevolmente<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">saldi</span> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span></span></span></span></span></span></span>depositi,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">data<span class=\"ff1\"> </span>l\u2019abbondanza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>liquidit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">presente<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">la</span> <span class=\"_ _0\"></span><span class=\"ff3\">cautela<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>procedere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> </span>nuovi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">investimenti.<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>Per<span class=\"ff1\">  </span>q<span class=\"_ _0\"></span>uanto<span class=\"ff1\">  </span>riguarda<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\">  </span>Gruppo<span class=\"ff1\">  </span>Cred<span class=\"_ _0\"></span>em,<span class=\"ff1\">  </span>comple<span class=\"_ _0\"></span>ssivamente,<span class=\"ff1\">  </span>la<span class=\"ff1\">  </span>raccolta<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>diretta<span class=\"ff1\">  </span>ban<span class=\"_ _0\"></span>caria<span class=\"ff1\">  </span>ha<span class=\"ff1\"> </span>manifestato<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">trend<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">oppost<span class=\"_ _2\"></span>o,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cresciuta<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">7,2%<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rispetto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dicembre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">2021,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">raggiungendo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">39,8<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>miliardi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>euro,<span class=\"ff1\"> </span>effetto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>uno<span class=\"ff1\"> </span>sviluppo<span class=\"ff1\"> </span>commerciale<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>proseguito<span class=\"ff1\"> </span>organicamente<span class=\"ff1\"> </span>anche<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>difficile<span class=\"ff1\"> </span>contesto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>riferimento.<span class=\"_ _3bd\"> </span>Si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riscontra<span class=\"ff1\"> </span>una<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tendenza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">linea<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sistema<span class=\"ff1\"> </span>esclusiv<span class=\"_ _0\"></span>amente<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>quanto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riguarda<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">segmento<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>corporate,<span class=\"ff1\"> </span>sul<span class=\"ff1\"> </span>quale<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>state<span class=\"ff1\"> </span>avviate<span class=\"ff1\"> </span>politiche<span class=\"ff1\"> </span>volte<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>ottimizzare<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>livelli<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>liquidit\u00e0.<span class=\"_ _3bd\"> </span>Al<span class=\"ff1\"> </span>31/12/2022<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>quantit\u00e0<span class=\"ff1\"> </span>residua<span class=\"ff1\"> </span>risulta<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>200.000.000,00<span class=\"ff1\"> </span>\u20ac<span class=\"ff1\"> </span>costituita<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>n.<span class=\"ff1\"> </span>2.000.000<span class=\"ff1\"> </span>obbligazioni<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>nominale<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>100<span class=\"ff1\"> </span>\u20ac<span class=\"ff1\"> </span>cadauna<span class=\"_ _3bd\"> </span>L\u2019<span class=\"_ _0\"></span>obbl<span class=\"_ _0\"></span>igaz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stata<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span>tera<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ottos<span class=\"_ _0\"></span>crit<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>Cr<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span>mho<span class=\"_ _0\"></span>lding<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span></span></span></span></span>In<span class=\"ff1\"> </span>caso<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>liquidazione<span class=\"ff1\"> </span>tutte<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>obbligazioni<span class=\"ff1\"> </span>subordinate<span class=\"ff1\"> </span>saranno<span class=\"ff1\"> </span>rimborsate<span class=\"ff1\"> </span>solo<span class=\"ff1\"> </span>dopo<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>sian<span class=\"_ _3bd\"> </span>stati<span class=\"ff1\"> </span>soddisfatti<span class=\"ff1\"> </span>tutti<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>altri<span class=\"ff1\"> </span>creditori<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>ugualmente<span class=\"ff1\"> </span>subordinat<span class=\"_ _2\"></span>i.<span class=\"_ _3bd\"> </span>Le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ob<span class=\"_ _0\"></span>blig<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>ono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cope<span class=\"_ _0\"></span>rte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dal<span class=\"_ _0\"></span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gara<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Fond<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>In<span class=\"_ _0\"></span>terb<span class=\"_ _0\"></span>anca<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _1\"></span><span class=\"ff3\">Tutela<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Depo<span class=\"_ _0\"></span>siti<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>1.<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>De<span class=\"_ _0\"></span>tta<span class=\"_ _1\"></span>gli<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>st<span class=\"_ _0\"></span>rut<span class=\"_ _1\"></span>tura<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esistono,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">data<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bilancio,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">n\u00e9<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">31<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>icembre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2021,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">debiti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">strutturati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">verso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">banche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vers<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>cl<span class=\"_ _0\"></span>ien<span class=\"_ _0\"></span>tela.<span class=\"_ _3bd\"> </span>1.6<span class=\"_ _3bd\"> </span>De<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>per<span class=\"_ _3bd\"> </span>le<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>ing<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>31<span class=\"ff1\"> </span>dicembre<span class=\"ff1\"> </span>2022<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>presenti<span class=\"ff1\"> </span>debiti<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>leasing<span class=\"ff1\"> </span>IFRS16<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>131<span class=\"ff1\"> </span>milioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>euro.<span class=\"ff1\"> </span>Si<span class=\"ff1\"> </span>allegano<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> </span>finanziari<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>leasing<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>l'analisi<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>scadenze:<span class=\"_ _3bd\"> </span>Fino<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">1<span class=\"ff1\"> </span>m<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>se<span class=\"_ _1\"></span> <span class=\"_ _58\"> </span>5.<span class=\"_ _1\"></span>84<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span></span></span></span></span>Oltre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">1<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mese<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fino<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">3<span class=\"ff1\"> </span>m<span class=\"_ _1\"></span>es<span class=\"_ _0\"></span>i <span class=\"_ _2a5\"> </span>32<span class=\"_ _1\"></span>5<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>Oltre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">3<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mesi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fino<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">an<span class=\"_ _0\"></span>no<span class=\"_ _1\"></span> <span class=\"_ _2a6\"> </span>15.<span class=\"_ _0\"></span>531<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>Oltre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">anno<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fino<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">5<span class=\"ff1\"> </span>a<span class=\"_ _1\"></span>nni<span class=\"_ _1\"></span> <span class=\"_ _f8\"> </span>63<span class=\"_ _0\"></span>.54<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>Oltre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">5<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">an<span class=\"_ _0\"></span>ni<span class=\"_ _1\"></span> <span class=\"_ _249\"> </span>45.79<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span></span></span></span></span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span> <span class=\"_ _4c\"> </span>13<span class=\"_ _0\"></span>1.<span class=\"_ _0\"></span>03<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>Ti<span class=\"_ _0\"></span>tol<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>ci<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>ola<span class=\"_ _1\"></span>zion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>og<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>tto<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rtu<span class=\"_ _0\"></span>ra<span class=\"_ _3bd\"> </span>sp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ca<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Si<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>adottata<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>metodologia<span class=\"ff1\"> </span>contabile<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Micro<span class=\"ff1\"> </span>Fair<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Value<span class=\"ff1\"> </span>Hedge<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>copertura<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>associato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>all\u2019emissione<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prestiti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>obbligazionari<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tasso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fisso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ammontare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>circ<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>050<span class=\"ff1\"> </span>m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span>uro<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">.<span class=\"_ _0\"></span> </span></span></span></span>SEZI<span class=\"_ _0\"></span>ONE<span class=\"_ _3bd\"> </span>1<span class=\"_ _3bd\"> </span>\u2013<span class=\"_ _3bd\"> </span>LOC<span class=\"_ _0\"></span>ATAR<span class=\"_ _0\"></span>IO<span class=\"fc0\"> </span>Inf<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>maz<span class=\"_ _1\"></span>ion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>qu<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>lita<span class=\"_ _1\"></span>tive<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>In<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">data<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">13<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gennaio<span class=\"ff1\"> </span>2016<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">lo<span class=\"ff1\"> </span>IASB<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"ff1\"> </span>pubblicato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nuovo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pr<span class=\"_ _2\"></span>incipio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u201cIFRS<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">16<span class=\"ff1\"> </span>L<span class=\"_ _0\"></span>eases\u201d,<span class=\"ff1\"> </span>ch<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sost<span class=\"_ _2\"></span>ituisce<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>principio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>IAS<span class=\"ff1\"> <span class=\"_ _20\"></span></span>17<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Leases,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nonch\u00e9<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>interpretazioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>IFRIC<span class=\"ff1\"> <span class=\"_ _20\"></span></span>4<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Determining<span class=\"ff1\"> <span class=\"_ _2\"></span></span>whether<span class=\"ff1\"> <span class=\"_ _20\"></span></span>an<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Arrangement<span class=\"ff1\"> </span>contains<span class=\"ff1\">  </span>a<span class=\"ff1\">  </span>Le<span class=\"_ _0\"></span>ase,<span class=\"ff1\">  </span>SIC15<span class=\"ff1\">  </span>Operating<span class=\"ff1\">  </span>Le<span class=\"_ _0\"></span>ases<span class=\"ff1\">  </span>Incentives<span class=\"ff1\">  </span>e<span class=\"ff1\">  </span>SIC<span class=\"_ _0\"></span>-27<span class=\"ff1\">  </span>Evaluating<span class=\"ff1\">  </span>the<span class=\"ff1\">  </span>Sub<span class=\"_ _0\"></span>stance<span class=\"ff1\">  </span>of<span class=\"ff1\"> </span>Tra<span class=\"_ _0\"></span>nsa<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>ons<span class=\"ff1\"> </span>I<span class=\"_ _0\"></span>nvo<span class=\"_ _0\"></span>lvin<span class=\"_ _0\"></span>g<span class=\"ff1\"> </span>the<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">L<span class=\"_ _0\"></span>egal<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Form</span> <span class=\"_ _1\"></span><span class=\"ff3\">of<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Le<span class=\"_ _0\"></span>ase.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pri<span class=\"_ _0\"></span>ncip<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stato<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span>mol<span class=\"_ _0\"></span>oga<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>all<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>Co<span class=\"_ _0\"></span>mmis<span class=\"_ _0\"></span>sione<span class=\"_ _1\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>Europea<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>Regolamento<span class=\"ff1\"> </span>n.<span class=\"ff1\"> </span>2017/1986<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>applica<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>partire<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>1\u00b0<span class=\"ff1\"> </span>gennaio<span class=\"ff1\"> </span>2019. Il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nuovo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>principio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fornisce<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nuova<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>de<span class=\"_ _0\"></span>finizione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"_ _0\"></span>ase<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ed<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>intr<span class=\"_ _2\"></span>oduce<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>criterio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>basato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>ul<span class=\"ff1\"> </span>controllo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(right<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"_ _2\"></span>f<span class=\"ff1\"> <span class=\"_ _20\"></span></span>use)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span></span>un<span class=\"ff1\"> <span class=\"_ _20\"></span></span>bene<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"_ _0\"></span>stinguere<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>co<span class=\"_ _2\"></span>ntratti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>leasing<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dai<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span><span class=\"ff3\">contr<span class=\"_ _2\"></span>atti</span> <span class=\"_ _20\"></span><span class=\"ff3\">per</span> <span class=\"_ _20\"></span><span class=\"ff3\">servizi,</span> </span>individuando<span class=\"ff1\"> </span>quali<span class=\"ff1\"> </span>discriminanti:<span class=\"ff1\"> </span>l\u2019identificazione<span class=\"_ _2\"></span><span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>bene,<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>diritto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>sostituzione<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>stesso,<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>diritto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ad<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ot<span class=\"_ _2\"></span>tenere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sostanzialmente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tutti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">benefici<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">economici<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rive<span class=\"_ _2\"></span>nienti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dall\u2019uso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bene<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">diritto<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> </span>dirigere<span class=\"ff1\"> </span>l\u2019uso<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>bene<span class=\"ff1\"> </span>sottostante<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>contratto. La<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>principale<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>novit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"_ _0\"></span>tro<span class=\"_ _2\"></span>dotta<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>prin<span class=\"_ _2\"></span>cipio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rappresentata<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dalla<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>modifica<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>m<span class=\"_ _2\"></span>odalit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> </span>contabilizzazione<span class=\"ff1\">  </span>delle<span class=\"ff1\">  </span>operazi<span class=\"_ _2\"></span>oni<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>leasing<span class=\"ff1\">  </span>operativo<span class=\"ff1\">  </span>ne<span class=\"_ _2\"></span>l<span class=\"ff1\">  </span>bilancio<span class=\"ff1\">  </span>del<span class=\"ff1\">  </span>locatario/<span class=\"_ _2\"></span>utilizzatore,<span class=\"ff1\"> </span>attraverso<span class=\"ff1\"> </span>l\u2019introduzione<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>unico<span class=\"ff1\"> </span>modello<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>contabilizzazi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>contratti<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">leasing<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>parte<span class=\"ff1\"> </span></span></span>del<span class=\"ff1\"> </span>locatario<span class=\"ff1\"> </span>siano<span class=\"ff1\"> </span>essi<span class=\"ff1\"> </span>classificati<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>leasing<span class=\"ff1\"> </span>operativi<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>finanziari.<span class=\"_ _2\"></span> Ai<span class=\"ff1\"> </span>sensi<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ella<span class=\"ff1\"> </span>nuova<span class=\"ff1\"> </span>contabili<span class=\"_ _0\"></span>zza<span class=\"_ _2\"></span>zione,<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">locatario</span> <span class=\"ff3\">rileva,</span> <span class=\"_ _0\"></span><span class=\"ff3\">nello<span class=\"ff1\"> </span>Stato<span class=\"ff1\"> </span>patrimoniale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Attivo,<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>Diritto<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span>d\u2019Uso<span class=\"ff1\"> </span>(Right<span class=\"ff1\"> </span>of<span class=\"ff1\"> </span>Use)<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>bene<span class=\"ff1\"> </span>oggetto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>contratto<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>nello<span class=\"ff1\"> </span>Stato<span class=\"ff1\"> </span>patrimoniale<span class=\"ff1\"> </span>Passivo,<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>Debito<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>leasing<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(Lease<span class=\"ff1\"> </span>Liability)<span class=\"ff1\"> </span>pari<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>at<span class=\"_ _2\"></span>tuale<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>canoni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>previsti<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>contratto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>ancora<span class=\"ff1\"> </span>pagati.<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Nel<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>conto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span></span>economico<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>vengono<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>ilevati<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>l\u2019ammortam<span class=\"_ _2\"></span>ento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Diritto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>d'Uso<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>gli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>interessi<span class=\"ff1\"> </span>passivi<span class=\"ff1\"> </span>derivanti<span class=\"ff1\"> </span>dall\u2019attualizzazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Debito<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>leasing. L\u2019<span class=\"_ _0\"></span>inf<span class=\"_ _0\"></span>orma<span class=\"_ _0\"></span>tiva<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ric<span class=\"_ _0\"></span>hie<span class=\"_ _0\"></span>sta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>tata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inol<span class=\"_ _0\"></span>tre<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>mpli<span class=\"_ _0\"></span>ata<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sia</span> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">loca<span class=\"_ _0\"></span>tari<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">loc<span class=\"_ _0\"></span>ato<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>e<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>ichie<span class=\"_ _1\"></span>ste<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>nuove<span class=\"ff1\"> </span>informazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tipo<span class=\"ff1\"> </span>quantitativo<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>qualitativo. Ap<span class=\"_ _0\"></span>pro<span class=\"_ _1\"></span>ccio<span class=\"_ _3bd\"> </span>me<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>do<span class=\"_ _0\"></span>log<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>sc<span class=\"_ _0\"></span>elt<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>tr<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>iz<span class=\"_ _0\"></span>ion<span class=\"_ _1\"></span>e<span class=\"fc0 sc1\"> </span>Rispetto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>modalit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>transiz<span class=\"_ _2\"></span>ione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>consentite<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dall\u2019IFRS<span class=\"ff1\"> <span class=\"_ _20\"></span></span>16,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Gruppo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ha<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>ciso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>effettuare<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> </span>transizione<span class=\"ff1\"> <span class=\"_ _2c\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _2c\"> </span></span>base<span class=\"ff1\"> <span class=\"_ _2c\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _2c\"> </span></span>Modified<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2c\"> </span><span class=\"ff3\">retro<span class=\"_ _2\"></span>spective</span> <span class=\"_ _2c\"> </span><span class=\"ff3\">approach</span> <span class=\"_ _2c\"> </span><span class=\"ff3\">rilevando</span> <span class=\"_ _2c\"> </span><span class=\"ff3\">l\u2019impatto</span> <span class=\"_ _2c\"> </span><span class=\"ff3\">cumulato</span> </span>dell\u2019applicazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"_ _2\"></span>niziale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>principio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contratti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>leasin<span class=\"_ _2\"></span>g<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"_ _2\"></span>perativo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>esistenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>determinando<span class=\"_ _2\"></span>ne<span class=\"ff1\"> </span>l\u2019impatto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>ui<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>saldi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>apertura<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>1\u00b0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>genn<span class=\"_ _0\"></span>aio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>2019,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>senza<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _0\"></span>rocedere<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>al<span class=\"_ _2\"></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>riesposizione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dati<span class=\"ff1\"> </span>comparativi.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Alla<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prima<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">applicazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>sald<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Diritti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">d\u2019Uso<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">quindi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pari<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>que<span class=\"_ _0\"></span>llo<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Debit<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>per<span class=\"ff1\"> </span>leasing<span class=\"ff1\"> <span class=\"_ _2\"></span></span>aggiustato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>considerare<span class=\"ff1\"> </span>eventuali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>risconti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>passivi<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ratei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivi.<span class=\"ff1\"> </span>I<span class=\"ff1\"> <span class=\"_ _2\"></span></span>debiti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> </span>leasing<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>s<span class=\"_ _0\"></span>tati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>determinati<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>come<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>at<span class=\"_ _2\"></span>tualizzazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"_ _2\"></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>data<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>prima<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>appl<span class=\"_ _0\"></span>icazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>canoni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>f<span class=\"_ _2\"></span>uturi<span class=\"ff1\"> </span>contrattuali<span class=\"ff1\"> </span>utilizzando<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>finanziamento<span class=\"ff1\"> </span>marginale<span class=\"ff1\"> </span>(Incr<span class=\"_ _2\"></span>emental<span class=\"ff1\"> </span>Borrowing<span class=\"ff1\"> </span>Rate). Tra<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>rinc<span class=\"_ _0\"></span>ipal<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">scel<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">oper<span class=\"_ _0\"></span>ativ<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>ch<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Grup<span class=\"_ _0\"></span>po<span class=\"ff1\"> </span>h<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>uti<span class=\"_ _0\"></span>liz<span class=\"_ _0\"></span>zat<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>du<span class=\"_ _0\"></span>ran<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>tra<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">evid<span class=\"_ _0\"></span>enz<span class=\"_ _0\"></span>ia: </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>scelta<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>non<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rideterminare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>perimetro<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prima<span class=\"ff1\"> <span class=\"_ _2\"></span></span>applicazione,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>bens\u00ec<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>applicare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nuovo<span class=\"_ _2\"></span><span class=\"ff1\"> </span>principio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tutt<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cont<span class=\"_ _2\"></span>ratti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">leasi<span class=\"_ _2\"></span>ng<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gi\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">indi<span class=\"_ _2\"></span>viduati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sulla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">bas<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">definizione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">contenuta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nello<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>IAS<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">17; </span></span>l\u2019esclusione<span class=\"ff1\"> </span>dal<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perimetro<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>applicazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>contratti<span class=\"ff1\"> </span>\u201cshort-te<span class=\"_ _0\"></span>rm\u201d,<span class=\"ff1\"> </span>ovvero<span class=\"ff1\"> </span>aventi<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ta </span></span>res<span class=\"_ _0\"></span>idu<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dat<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pr<span class=\"_ _0\"></span>ima<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">app<span class=\"_ _0\"></span>lic<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>nfe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>1<span class=\"_ _0\"></span>2<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">me<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>; </span></span></span></span></span></span></span></span>l\u2019esclusione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dal<span class=\"ff1\"> <span class=\"_ _2\"></span></span>perimetro<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>applicazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contr<span class=\"_ _2\"></span>atti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u201clow-value\u201d,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ovvero<span class=\"ff1\"> <span class=\"_ _2\"></span></span>aventi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valore<span class=\"ff1\"> </span>stimato<span class=\"ff1\"> </span>dell\u2019asset<span class=\"ff1\"> </span>inferiore<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>Euro<span class=\"ff1\"> </span>5<span class=\"_ _2\"></span>.000; fatto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"_ _2\"></span>ffidamento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>all\u2019assessment<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>IAS<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>37<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>alla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>data<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>fine<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>esercizio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>come<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>alternat<span class=\"_ _2\"></span>iva<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span> ve<span class=\"_ _0\"></span>rifi<span class=\"_ _0\"></span>ca<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">imp<span class=\"_ _0\"></span>airm<span class=\"_ _0\"></span>ent. </span></span>Con<span class=\"ff1\"> </span>riferimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alle<span class=\"ff1\"> </span>scelte<span class=\"ff1\"> </span>adottate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dal<span class=\"ff1\"> </span>Gruppo<span class=\"ff1\"> </span>nell\u2019applicazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>principio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>si<span class=\"ff1\"> <span class=\"_ _2\"></span></span>evidenzia<span class=\"ff1\"> </span>inoltre<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>he:<span class=\"_ _0\"></span> con<span class=\"ff1\"> <span class=\"_ _21\"></span></span>riferimento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>leasing<span class=\"ff1\"> <span class=\"_ _21\"></span></span>operativo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>perimetro<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>applicazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riferibile<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contr<span class=\"_ _2\"></span>atti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>d<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span> loc<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">imm<span class=\"_ _0\"></span>obil<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nol<span class=\"_ _0\"></span>egg<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">au<span class=\"_ _0\"></span>tove<span class=\"_ _0\"></span>icol<span class=\"_ _0\"></span>i; </span></span></span></span></span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Gruppo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ha<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>d<span class=\"_ _2\"></span>eterminato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tasso<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>finanziamento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>mar<span class=\"_ _2\"></span>ginale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sulla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>base<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>c<span class=\"_ _2\"></span>urve<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tassi<span class=\"ff1\"> </span>relative<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>alle<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>emissioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Senior<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>u<span class=\"_ _0\"></span>nsecured<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Gruppo.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">tasso</span> <span class=\"_ _27\"> </span><span class=\"ff3\">determinato,</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">contenente</span> <span class=\"_ _27\"> </span><span class=\"ff3\">la</span> </span>componente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">credito<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Gr<span class=\"_ _2\"></span>uppo,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">considera<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inoltre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">differenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">durate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">contrat<span class=\"_ _2\"></span>tuali; </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>con<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">r<span class=\"_ _0\"></span>ife<span class=\"_ _0\"></span>rime<span class=\"_ _0\"></span>nto<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">du<span class=\"_ _0\"></span>rata<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>easi<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">im<span class=\"_ _0\"></span>mobi<span class=\"_ _0\"></span>liar<span class=\"_ _0\"></span>i,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">gen<span class=\"_ _0\"></span>eral<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>Gr<span class=\"_ _0\"></span>up<span class=\"_ _0\"></span>po<span class=\"ff1\"> </span>h<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onsid<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">c<span class=\"_ _0\"></span>ome<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span>rag<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span>vol<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cert<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>so<span class=\"_ _0\"></span>lo<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">primo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>odo<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">r<span class=\"_ _0\"></span>inn<span class=\"_ _0\"></span>ovo<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>rattu<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>Alt<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>inf<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>zio<span class=\"_ _1\"></span>ni<span class=\"fc0 sc1\"> </span>I<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">contr<span class=\"_ _2\"></span>atti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">locazione<span class=\"ff1\"> </span>commerciale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">so<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">regolati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dalla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">legge<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>cu<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">condutto<span class=\"_ _2\"></span>re<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span>consentito<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>disdettare<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">locazione<span class=\"ff1\"> </span>ad<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ogni<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>cadenza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(normalmente<span class=\"ff1\"> </span>ogni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sei<span class=\"ff1\"> </span>anni<span class=\"_ _0\"></span>)<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">preavviso<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">almeno<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>dodici<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mesi. </span></span>Analogo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>diritto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u00e8<span class=\"ff1\">  </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\">  </span>cap<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>locat<span class=\"_ _2\"></span>ore.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Questo<span class=\"ff1\">  </span>comporta<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ad<span class=\"ff1\">  </span>ogni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>mese<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\">  </span>ogni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>anno,<span class=\"ff1\">  </span>\u00e8<span class=\"ff1\"> </span>potenzialmente<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ossibile<span class=\"ff1\"> </span>inviare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(o<span class=\"ff1\"> </span>ricevere<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dal<span class=\"ff1\"> </span>locatore)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>disdetta<span class=\"ff1\"> </span>dai<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">contratti</span> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>locazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>scadono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dopo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dodici<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mesi.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Negli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ultimi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>anni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per\u00f2,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>vist<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contesto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mercato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>immobiliare,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>si<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> </span>assistito<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>pochissime<span class=\"ff1\"> </span>disdette<span class=\"ff1\"> </span>annue<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>parte<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>locatori. La<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>quasi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>totalit\u00e0<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nostri<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>contratti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>regolamentato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tra<span class=\"ff1\">  </span>l<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>parti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>r<span class=\"_ _2\"></span>ecesso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>pu\u00f2<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>essere<span class=\"ff1\"> </span>esercitato<span class=\"ff1\"> </span>solo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dal<span class=\"ff1\"> </span>conduttore<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>ogni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>momento<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> </span>preavviso<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mesi<span class=\"ff1\"> </span>sei.<span class=\"ff1\"> </span>Negli<span class=\"ff1\"> </span>ultimi<span class=\"ff1\"> </span>a<span class=\"_ _2\"></span>nni<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>banca<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ha<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>esercitato<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>pesso<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>questa<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>facolt\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>poter<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span></span>gestire<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>me<span class=\"_ _0\"></span>glio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>chiusur<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fi<span class=\"_ _2\"></span>liali<span class=\"ff1\"> </span>pre<span class=\"_ _0\"></span>vis<span class=\"_ _0\"></span>te. Inoltre<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>arti<span class=\"ff1\"> </span>B<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>C<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>presente<span class=\"ff1\"> </span>Nota<span class=\"ff1\"> </span>integrativa<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riportate<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>informazioni<span class=\"ff1\"> </span>patrimoniali<span class=\"ff1\"> </span></span></span>ed<span class=\"ff1\"> </span>economiche<span class=\"ff1\"> </span>richieste<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>principio<span class=\"ff1\"> </span>IFRS16. Inf<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>maz<span class=\"_ _1\"></span>ion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>qu<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>tit<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>Att<span class=\"_ _1\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span>ma<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ali<span class=\"_ _3bd\"> </span>ad<span class=\"_ _3bd\"> </span>us<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>fu<span class=\"_ _0\"></span>nzi<span class=\"_ _1\"></span>ona<span class=\"_ _1\"></span>le<span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Fa<span class=\"_ _1\"></span>bbri<span class=\"_ _1\"></span>cati<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _122\"> </span><span class=\"fc4 sc2\">A<span class=\"_ _0\"></span>lt<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> <span class=\"_ _176\"> </span></span>Tot<span class=\"_ _0\"></span>al<span class=\"_ _1\"></span>e<span class=\"fc0 sc1\"> <span class=\"_ _66\"> </span></span>F<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>br<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _122\"> </span><span class=\"fc4 sc2\">A<span class=\"_ _0\"></span>lt<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> <span class=\"_ _176\"> </span></span>Tot<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span></span></span></span></span>Right<span class=\"_ _3bd\"> </span>of<span class=\"_ _3bd\"> </span>Use<span class=\"_ _3bd\"> </span>saldo<span class=\"_ _3bd\"> </span>in<span class=\"_ _1\"></span>izia<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span> 12<span class=\"_ _0\"></span>7.<span class=\"_ _0\"></span>03<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>3.<span class=\"_ _1\"></span>06<span class=\"_ _1\"></span>8<span class=\"_ _3bd\"> </span>13<span class=\"_ _0\"></span>0.<span class=\"_ _0\"></span>10<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>13<span class=\"_ _0\"></span>2.<span class=\"_ _0\"></span>93<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>3.<span class=\"_ _0\"></span>50<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>13<span class=\"_ _0\"></span>6.<span class=\"_ _0\"></span>44<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Quote<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">amm<span class=\"_ _0\"></span>orta<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span> </span></span></span></span>-2<span class=\"_ _0\"></span>2.9<span class=\"_ _0\"></span>85<span class=\"_ _3bd\"> </span>-1<span class=\"_ _0\"></span>.72<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>-2<span class=\"_ _0\"></span>4.7<span class=\"_ _0\"></span>12<span class=\"_ _3bd\"> </span>-2<span class=\"_ _0\"></span>1.3<span class=\"_ _0\"></span>69<span class=\"_ _3bd\"> </span>-1<span class=\"_ _0\"></span>.79<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>-2<span class=\"_ _0\"></span>3.1<span class=\"_ _0\"></span>61<span class=\"_ _3bd\"> </span>+/-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">var<span class=\"_ _0\"></span>iaz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i </span></span></span></span>20<span class=\"_ _0\"></span>.87<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>8<span class=\"_ _0\"></span>74<span class=\"_ _3bd\"> </span>21<span class=\"_ _0\"></span>.74<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>15.<span class=\"_ _0\"></span>465<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>352<span class=\"_ _3bd\"> </span>16.<span class=\"_ _0\"></span>81<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>Va<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>sa<span class=\"_ _0\"></span>ld<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>nal<span class=\"_ _1\"></span>e <span class=\"_ _8b\"> </span>124.<span class=\"_ _0\"></span>91<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>215<span class=\"_ _3bd\"> </span>12<span class=\"_ _0\"></span>7.<span class=\"_ _0\"></span>13<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>12<span class=\"_ _0\"></span>7.<span class=\"_ _0\"></span>03<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>3.<span class=\"_ _1\"></span>06<span class=\"_ _1\"></span>8<span class=\"_ _3bd\"> </span>13<span class=\"_ _0\"></span>0.<span class=\"_ _0\"></span>10<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>Debit<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>per<span class=\"_ _3bd\"> </span>le<span class=\"_ _0\"></span>as<span class=\"_ _1\"></span>ing<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Le<span class=\"_ _0\"></span>as<span class=\"_ _1\"></span>e<span class=\"_ _3bd\"> </span>Li<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>ty<span class=\"_ _3bd\"> </span>sa<span class=\"_ _1\"></span>ldo<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>iz<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span>e 13<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>26<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>13<span class=\"_ _0\"></span>9.<span class=\"_ _0\"></span>65<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">canoni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">erogati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>eas<span class=\"_ _1\"></span>ing </span></span></span></span></span></span></span></span>-2<span class=\"_ _0\"></span>6.3<span class=\"_ _0\"></span>05<span class=\"_ _3bd\"> </span>-2<span class=\"_ _0\"></span>5.52<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>+<span class=\"ff1\"> </span>In<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>Passi<span class=\"_ _1\"></span>vi<span class=\"ff1\"> </span>matu<span class=\"_ _0\"></span>rat<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>nel<span class=\"_ _1\"></span>l'ese<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span> 3.<span class=\"_ _1\"></span>20<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>3.<span class=\"_ _1\"></span>32<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>+/-<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Altre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">var<span class=\"_ _0\"></span>iaz<span class=\"_ _1\"></span>ioni </span></span>19.<span class=\"_ _0\"></span>86<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>16.<span class=\"_ _0\"></span>81<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>Le<span class=\"_ _0\"></span>as<span class=\"_ _1\"></span>e<span class=\"_ _3bd\"> </span>Li<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>ty<span class=\"_ _3bd\"> </span>sa<span class=\"_ _1\"></span>ldo<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>nal<span class=\"_ _1\"></span>e 13<span class=\"_ _0\"></span>1.<span class=\"_ _0\"></span>035<span class=\"_ _3bd\"> </span>13<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>26<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>Alt<span class=\"_ _1\"></span>re<span class=\"_ _3bd\"> </span>In<span class=\"_ _1\"></span>form<span class=\"_ _1\"></span>azi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Costi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">leasing<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">low<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valu<span class=\"_ _0\"></span>e </span></span></span></span></span></span></span></span>58<span class=\"_ _3bd\"> </span>50<span class=\"_ _3bd\"> </span>Cos<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>ing<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>hor<span class=\"_ _0\"></span>t<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>er<span class=\"_ _1\"></span>m 76<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>68<span class=\"_ _3bd\"> </span>Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">spese<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">lea<span class=\"_ _0\"></span>sing<span class=\"_ _1\"></span> </span></span></span></span></span></span>2.<span class=\"_ _0\"></span>671<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>.0<span class=\"_ _1\"></span>68<span class=\"_ _3bd\"> </span>La<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">vo<span class=\"_ _0\"></span>ce<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ltre<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">spe<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sui<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le<span class=\"_ _0\"></span>asin<span class=\"_ _0\"></span>g<span class=\"ff1\"> </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rico<span class=\"_ _0\"></span>ndu<span class=\"_ _0\"></span>cibi<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ll\u2019<span class=\"_ _0\"></span>Iva<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ind<span class=\"_ _0\"></span>etra<span class=\"_ _0\"></span>ibi<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>d<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ltri<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">se<span class=\"_ _0\"></span>rvi<span class=\"_ _0\"></span>zi. </span></span></span></span></span></span></span></span></span></span></span></span></span></span>SEZI<span class=\"_ _0\"></span>ONE<span class=\"_ _3bd\"> </span>2<span class=\"_ _3bd\"> </span>\u2013<span class=\"_ _3bd\"> </span>LOC<span class=\"_ _0\"></span>ATORE<span class=\"_ _0\"></span><span class=\"fc0\"> </span>Inf<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>maz<span class=\"_ _1\"></span>ion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>qu<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>lita<span class=\"_ _1\"></span>tive<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Nel<span class=\"ff1\"> </span>20<span class=\"_ _2\"></span>22<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mercato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>leasing<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>no<span class=\"_ _2\"></span>leggio<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>lungo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>termine<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ha<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finalizzato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>investimenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> </span>u<span class=\"_ _2\"></span>n<span class=\"ff1\"> </span>valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">circa<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">31<span class=\"_ _2\"></span>,5<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">miliardi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"_ _2\"></span>uro,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">incremento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">9,7%<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rispetto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2021;<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">crescita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>numero<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>nuove<span class=\"ff1\"> </span>operazioni<span class=\"ff1\"> </span>stipulate,<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>registra<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>+5<span class=\"_ _2\"></span>,6%<span class=\"ff1\"> </span>rispetto<span class=\"ff1\"> </span>all\u2019anno<span class=\"ff1\"> </span>precedente. Il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mer<span class=\"_ _0\"></span>cato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span>tinu<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>aratt<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>zzar<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pre<span class=\"_ _0\"></span>vale<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>deg<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>nve<span class=\"_ _0\"></span>stime<span class=\"_ _1\"></span>nti<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>se<span class=\"_ _0\"></span>gmen<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>\u201cm<span class=\"_ _0\"></span>obi<span class=\"_ _0\"></span>lia<span class=\"_ _0\"></span>re\u201d,<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span>che<span class=\"ff1\"> </span>complessivamente<span class=\"ff1\"> </span>rappresenta<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>91%<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>totale<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>nuove<span class=\"ff1\"> </span>stipule<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>periodo.<span class=\"ff1\"> </span>In<span class=\"ff1\"> </span>questo<span class=\"ff1\"> </span>ambito<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>evidenzia: - comparto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>veicoli:<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>gl<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>investimenti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>comparto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>hanno<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>contribu<span class=\"_ _0\"></span>ito<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>totale<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nu<span class=\"_ _0\"></span>ova<span class=\"ff1\"> </span>produzione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _21\"></span></span>circa<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>51%<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ed<span class=\"ff1\"> <span class=\"_ _21\"></span></span>evidenziano,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rispetto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>2021,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>un<span class=\"ff1\"> <span class=\"_ _20\"></span></span>incremento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>13,7%<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nei<span class=\"ff1\"> </span>volumi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>fi<span class=\"_ _2\"></span>nanziati<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>5,8%<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>n<span class=\"_ _2\"></span>el<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>numero<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nuove<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>stipule.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Particolarmente<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>positive<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> </span>performance,<span class=\"ff1\">  </span>in<span class=\"ff1\">  </span>termini<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\">  </span>volumi<span class=\"ff1\">  </span>stipulati,<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\">  </span>mercato<span class=\"ff1\">  </span>del<span class=\"ff1\">  </span>nole<span class=\"_ _0\"></span>ggio,<span class=\"ff1\">  </span>sia<span class=\"ff1\">  </span>per<span class=\"ff1\">  </span>i<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">veicoli</span> </span>commerciali<span class=\"ff1\"> </span>(+21,2%)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">che</span> <span class=\"ff3\">per</span> <span class=\"ff3\">le</span> <span class=\"_ _0\"></span><span class=\"ff3\">autovetture<span class=\"ff1\"> </span>(+17,2%).<span class=\"ff1\"> </span>Anche<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">il</span> <span class=\"ff3\">mercato</span> <span class=\"ff3\">de<span class=\"_ _0\"></span>lle<span class=\"ff1\"> </span>autovetture<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span></span></span></span></span>leasing<span class=\"ff1\"> </span>risulta<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>significativa<span class=\"ff1\"> </span>crescita<span class=\"ff1\"> </span>(+17,3%). - com<span class=\"_ _0\"></span>par<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stru<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>tale:<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>ontin<span class=\"_ _0\"></span>ua<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>egi<span class=\"_ _0\"></span>stra<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cres<span class=\"_ _0\"></span>cit<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>sia<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in</span> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>ermi<span class=\"_ _0\"></span>ni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vol<span class=\"_ _0\"></span>umi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">(+6,9<span class=\"_ _0\"></span>%)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>nel<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>numero<span class=\"ff1\">  </span>del<span class=\"_ _0\"></span>le<span class=\"ff1\">  </span>nuove<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>stipule<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(+5,2%),<span class=\"ff1\">  </span>trainato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dalla<span class=\"ff1\">  </span>di<span class=\"_ _0\"></span>namica<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>l<span class=\"_ _2\"></span>easing<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>finanziario<span class=\"ff1\"> </span>(+5,4%)<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>rappresen<span class=\"_ _0\"></span>ta<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>l\u201988,3%<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>comparto<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>stesso.<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>La<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>performance<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>continu<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>a<span class=\"ff1\"> </span>beneficiare<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>misure<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>agevo<span class=\"_ _2\"></span>lative<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>favore<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>delle<span class=\"ff1\">  </span>P<span class=\"_ _0\"></span>MI<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tr<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u201cNuova<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Sabatini\u201d.<span class=\"ff1\">  </span>Gli<span class=\"ff1\"> </span>incrementi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">hanno<span class=\"ff1\"> </span>riguardato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tutte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fasce<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">impor<span class=\"_ _2\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(ad<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">eccezione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>quella<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inferiore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ad<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Ek<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>50)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>once<span class=\"_ _0\"></span>ntra<span class=\"_ _0\"></span>no<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pa<span class=\"_ _0\"></span>rtic<span class=\"_ _0\"></span>ola<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sugli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">inv<span class=\"_ _0\"></span>esti<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">import<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>up<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>ore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>2<span class=\"_ _0\"></span>,5<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mili<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">eu<span class=\"_ _1\"></span>ro.<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Buona<span class=\"ff1\"> </span>anche<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>dinamica<span class=\"ff1\"> </span>evidenziata<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>leasing<span class=\"ff1\"> </span>operat<span class=\"_ _2\"></span>ivo<span class=\"ff1\"> </span>(+20,7%). Il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>ompa<span class=\"_ _0\"></span>rto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">imm<span class=\"_ _0\"></span>obil<span class=\"_ _0\"></span>iare<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risul<span class=\"_ _0\"></span>ta<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>traz<span class=\"_ _0\"></span>ione,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>ia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">termin<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">st<span class=\"_ _0\"></span>ipu<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>-3,9<span class=\"_ _0\"></span>%)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>olu<span class=\"_ _0\"></span>mi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stipul<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>(-3,4%).<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Nel<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d<span class=\"_ _2\"></span>ettaglio,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sot<span class=\"_ _2\"></span>tocategoria<span class=\"ff1\"> <span class=\"_ _2\"></span></span>degli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u201cimm<span class=\"_ _2\"></span>obili<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cos<span class=\"_ _2\"></span>truire\u201d,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pesa<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>43,3%<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> </span>totale,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>registra<span class=\"ff1\"> <span class=\"_ _2\"></span></span>una<span class=\"ff1\"> <span class=\"_ _2\"></span></span>crescita<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>5,5%<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>termini<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>volum<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nuova<span class=\"ff1\"> <span class=\"_ _2\"></span></span>produzione,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>trainata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dal<span class=\"ff1\"> <span class=\"_ _2\"></span></span>buon<span class=\"ff1\"> </span>dinamismo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>degli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>investimenti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u201cbi<span class=\"_ _0\"></span>g-ticket\u201d<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(<span class=\"_ _0\"></span>+9,3%<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"_ _2\"></span>tratti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>d\u2019importo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>superiore<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ai<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>2,5<span class=\"ff1\"> </span>mil<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>eu<span class=\"_ _0\"></span>ro).<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">La</span> <span class=\"ff3\">sotto<span class=\"_ _0\"></span>cate<span class=\"_ _1\"></span>goria<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u201cimm<span class=\"_ _0\"></span>obili<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">costr<span class=\"_ _0\"></span>uit<span class=\"_ _0\"></span>i\u201d<span class=\"ff1\"> </span>reg<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>tra<span class=\"ff1\"> </span>una<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">contra<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>volu<span class=\"_ _0\"></span>mi<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>9,2%<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>caratt<span class=\"_ _2\"></span>erizza<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>investimenti<span class=\"ff1\"> </span>concentrati<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>43,4%<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>fascia<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>im<span class=\"_ _2\"></span>porto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>compresa<span class=\"_ _0\"></span><span class=\"ff1\"> </span>tra<span class=\"ff1\"> </span>0,5<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>2,5<span class=\"ff1\"> </span>milioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>euro. Infine,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>compart<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>aero<span class=\"_ _2\"></span>navale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fe<span class=\"_ _0\"></span>rro<span class=\"_ _2\"></span>viario<span class=\"ff1\"> <span class=\"_ _20\"></span></span>evidenzia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>una<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fo<span class=\"_ _2\"></span>rte<span class=\"ff1\"> <span class=\"_ _20\"></span></span>crescita<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>t<span class=\"_ _2\"></span>ermini<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>stipule<span class=\"ff1\"> </span>(+76,5%)<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>termini<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>volumi<span class=\"ff1\"> </span>stipulati<span class=\"ff1\"> </span>(+54,4%). La<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Societ\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>consuntiva<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>andamento<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>commerciale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>co<span class=\"_ _2\"></span>mplessivamente<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>linea<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>setto<span class=\"_ _2\"></span>re,<span class=\"ff1\"> </span>evidenziando<span class=\"ff1\"> </span>dal<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">confronto</span> <span class=\"ff3\">con</span> <span class=\"_ _1\"></span><span class=\"ff3\">lo<span class=\"ff1\"> </span>stesso<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>eriodo<span class=\"ff1\"> </span>dell<span class=\"_ _0\"></span>\u2019anno<span class=\"ff1\"> </span>precedente<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>incremento<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>9%<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> </span></span></span></span></span>va<span class=\"_ _0\"></span>lore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">comp<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>sivo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">degli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">inve<span class=\"_ _0\"></span>stime<span class=\"_ _1\"></span>nti<span class=\"ff1\"> </span>fin<span class=\"_ _0\"></span>anzi<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">dell<span class=\"_ _0\"></span>\u20198,2<span class=\"_ _0\"></span>%<span class=\"ff1\"> </span>nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">num<span class=\"_ _0\"></span>ero<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>nuo<span class=\"_ _0\"></span>vi<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>tra<span class=\"_ _0\"></span>tti<span class=\"ff1\"> </span>st<span class=\"_ _0\"></span>ipu<span class=\"_ _0\"></span>lati<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>Il<span class=\"ff1\"> </span>comparto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mobiliare<span class=\"ff1\"> </span>contribuisce<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>7<span class=\"_ _2\"></span>2%<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>nuov<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>stipule<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>continua<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>caratterizzarsi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>forte<span class=\"ff1\"> <span class=\"_ _2\"></span></span>composizione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>beni<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>trumentali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rappresentano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quasi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>75%<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>volumi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>comparto<span class=\"ff1\"> </span>stesso<span class=\"ff1\">  </span>ed<span class=\"ff1\">  </span>evidenziano<span class=\"ff1\">  </span>un<span class=\"ff1\">  </span>incremento<span class=\"ff1\">  </span>dell\u20191,6%<span class=\"ff1\">  </span>rispetto<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>ai<span class=\"ff1\">  </span>volumi<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>di<span class=\"_ _0\"></span>cembre<span class=\"ff1\">  </span>\u201921.<span class=\"ff1\">  </span>I<span class=\"ff1\">  </span>veicoli<span class=\"ff1\"> </span>registrano<span class=\"ff1\"> <span class=\"_ _21\"></span></span>un<span class=\"ff1\"> <span class=\"_ _20\"></span></span>incremento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>16,4<span class=\"_ _2\"></span>%<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _21\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fi<span class=\"_ _2\"></span>nanziato,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>caratterizzandosi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> <span class=\"_ _21\"></span></span>investimenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"_ _2\"></span>n<span class=\"ff1\"> </span>veicoli<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>industriali<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>comm<span class=\"_ _2\"></span>erciali<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>(oltr<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>69%<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>l\u2019incidenza<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>ul<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>comparto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>auto).<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Analogamente<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> </span>mercato,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>prodotto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nautico<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>evidenzia<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>significativa<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>crescita<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rispetto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>allo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>stesso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>periodo<span class=\"ff1\"> </span>dell\u2019anno<span class=\"ff1\"> </span>precedente<span class=\"ff1\"> </span>(+76,2%). Il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">comparto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">immobiliare,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contrariamente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Sistema,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">consuntiva<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">volumi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">comp<span class=\"_ _2\"></span>lessivi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">crescita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>13,4%;<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">segmento</span> <span class=\"_ _0\"></span><span class=\"ff3\">\u201ccostruendo\u201d<span class=\"ff1\"> </span>contribuisce<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>comparto<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>52%<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">volumi<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>nanziati,<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>incremento<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>17,8%<span class=\"ff1\"> </span>rispetto<span class=\"ff1\"> </span>all\u2019anno<span class=\"ff1\"> </span>precedente,<span class=\"ff1\"> </span>mentre<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>segmento<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>immobili<span class=\"ff1\"> </span>\u201ccostruiti\u201d<span class=\"ff1\"> </span>consuntiva<span class=\"ff1\">  </span>un<span class=\"ff1\">  </span>+9,1%<span class=\"ff1\">  </span>nei<span class=\"ff1\">  </span>volumi.<span class=\"ff1\">  </span>Il<span class=\"ff1\">  </span>comparto<span class=\"ff1\">  </span>\u00e8<span class=\"ff1\">  </span>caratterizzato<span class=\"ff1\">  </span>da<span class=\"ff1\">  </span>operazioni<span class=\"ff1\">  </span>princip<span class=\"_ _0\"></span>alment<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>concentrate<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>fascia<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>importo<span class=\"ff1\"> </span>fino<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>2,5<span class=\"ff1\"> </span>mln<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>euro. Nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>less<span class=\"_ _0\"></span>o,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uota<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">me<span class=\"_ _0\"></span>rcat<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>ife<span class=\"_ _0\"></span>rit<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sol<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span>asin<span class=\"_ _0\"></span>g<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>ziari<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ttes<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">5,<span class=\"_ _0\"></span>28%<span class=\"_ _0\"></span>. </span></span></span></span></span></span></span></span></span></span></span></span>II<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>isultato<span class=\"ff1\"> </span>economico<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">complessivo<span class=\"ff1\"> </span>consuntiva,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rispetto<span class=\"ff1\"> </span>all<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>stesso<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>eriodo<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>l\u2019anno<span class=\"ff1\"> </span>precedente,<span class=\"ff1\"> </span></span></span></span></span></span></span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">aumento. </span></span>Le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>principali<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dinamiche<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>riferite<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>alla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>gestione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>car<span class=\"_ _2\"></span>atteristica<span class=\"ff1\"> <span class=\"_ _21\"></span></span>vedono<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>l\u2019incremento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>margine<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> </span>intermediazione,<span class=\"ff1\"> </span>sul<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quale<span class=\"ff1\"> </span>ha<span class=\"ff1\"> <span class=\"_ _2\"></span></span>influito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>positivamente<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>margine<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _2\"></span></span>interessi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>grazie<span class=\"ff1\"> </span>all\u2019incremento<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>capitali<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>medi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>produttivi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>(+5,<span class=\"_ _2\"></span>3%<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ris<span class=\"_ _2\"></span>petto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>31.12.2021)<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dinamica<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>finanziaria<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tassi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> </span>mercato<span class=\"ff1\"> </span>(che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ha<span class=\"ff1\"> </span>visto<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">progressivo<span class=\"ff1\"> </span>ritorno<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>erritorio<span class=\"ff1\"> </span>positivo<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> </span>tassi<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">m<span class=\"_ _2\"></span>ercato<span class=\"ff1\"> </span>nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">corso<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>secondo<span class=\"ff1\">  </span>semestre),<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>oltre<span class=\"ff1\">  </span>che<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\">  </span>positivo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>andamento<span class=\"ff1\">  </span>delle<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">commissioni</span>  <span class=\"ff3\">attive</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">connesse</span>  <span class=\"ff3\">alla</span> </span>gestione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>contratti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>leasing.<span class=\"_ _3bd\"> </span>Le<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>r<span class=\"_ _2\"></span>ettifiche<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>su<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>crediti<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>evidenziano<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>complessivamente<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>ripresa<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>ricondu<span class=\"_ _0\"></span>cibile<span class=\"ff1\"> </span>principalmente<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ai<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>crediti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>bonis,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>evidenziano<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>migliora<span class=\"_ _2\"></span>mento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>qualit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>elativo<span class=\"_ _3bd\"> </span>po<span class=\"_ _0\"></span>rtaf<span class=\"_ _0\"></span>ogli<span class=\"_ _0\"></span>o,<span class=\"ff1\"> </span>oltr<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>inc<span class=\"_ _0\"></span>orpora<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>gl<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>effe<span class=\"_ _0\"></span>tti<span class=\"ff1\"> </span>deg<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>aggi<span class=\"_ _0\"></span>orn<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>appor<span class=\"_ _0\"></span>tati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">al<span class=\"_ _0\"></span>l\u2019i<span class=\"_ _0\"></span>mpi<span class=\"_ _0\"></span>anto<span class=\"ff1\"> </span>met<span class=\"_ _0\"></span>odol<span class=\"_ _0\"></span>ogi<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span>IFRS9<span class=\"ff1\"> </span>adottato<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>Gruppo. Le<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>spese<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>amministrative<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>risul<span class=\"_ _2\"></span>tano<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>com<span class=\"_ _2\"></span>plessivamente<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>incremento,<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>particolare<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>l<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>componente<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>relativa<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>all<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>gestione<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>ed<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>erogazione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _23\"> </span><span class=\"ff3\">dei</span> <span class=\"_ _23\"> </span><span class=\"ff3\">contratti</span> <span class=\"_ _23\"> </span><span class=\"ff3\">di</span> <span class=\"_ _23\"> </span><span class=\"ff3\">leasing;</span> <span class=\"_ _1d\"> </span><span class=\"ff3\">il</span> <span class=\"_ _23\"> </span><span class=\"ff3\">Cost/Income</span> </span>(comprensivo<span class=\"ff1\"> </span>degli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ammort<span class=\"_ _2\"></span>amenti)<span class=\"ff1\"> </span>consuntiva<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> </span>29,6%<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conferma<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> </span>buon<span class=\"ff1\"> <span class=\"_ _2\"></span></span>livello<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>efficienza<span class=\"ff1\"> </span>op<span class=\"_ _0\"></span>erat<span class=\"_ _0\"></span>iva.<span class=\"_ _0\"></span> Nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">g<span class=\"_ _0\"></span>rupp<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o<span class=\"_ _0\"></span>pera<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">lea<span class=\"_ _0\"></span>sing<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">f<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>rio<span class=\"ff1\"> </span>so<span class=\"_ _0\"></span>no<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">eff<span class=\"_ _0\"></span>ettu<span class=\"_ _0\"></span>ate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> </span>Cre<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>mlea<span class=\"_ _0\"></span>sing.<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span>I<span class=\"_ _0\"></span>nf<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _1\"></span>ni<span class=\"ff1\"> </span>qua<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>tat<span class=\"_ _0\"></span>ive<span class=\"_ _0\"></span><span class=\"fc0\"> </span>1.<span class=\"_ _3bd\"> </span>In<span class=\"_ _0\"></span>for<span class=\"_ _0\"></span>ma<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>st<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>pa<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nto<span class=\"_ _3bd\"> </span>ec<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>o<span class=\"fc0 sc1\"> </span>2.<span class=\"_ _3bd\"> </span>Le<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>ing<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ar<span class=\"_ _1\"></span>io<span class=\"fc0 sc1\"> </span>Si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riport<span class=\"_ _2\"></span>ano<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">informazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>elative<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ai<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cr<span class=\"_ _2\"></span>editi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">locazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziaria<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(ripartizione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fasce<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vita<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>residua<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>crediti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>futuri<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>comprensivi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>quota<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>riscatto,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>relativi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>so<span class=\"_ _2\"></span>li<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contratti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>attivi)<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> </span>suddivisione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>medesime<span class=\"ff1\"> </span>informa<span class=\"_ _2\"></span>zioni<span class=\"ff1\"> </span>distinte<span class=\"ff1\"> </span>tra<span class=\"ff1\"> </span>esposizioni<span class=\"ff1\"> </span>deteriorate<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>deteriorate: 2.<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>Class<span class=\"_ _0\"></span>ificazio<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>per<span class=\"_ _3bd\"> </span>fasce<span class=\"_ _3bd\"> </span>temp<span class=\"_ _0\"></span>ora<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span>dei<span class=\"_ _3bd\"> </span>paga<span class=\"_ _0\"></span>menti<span class=\"_ _3bd\"> </span>da<span class=\"_ _3bd\"> </span>riceve<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>riconci<span class=\"_ _0\"></span>lazio<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>con<span class=\"_ _3bd\"> </span>finan<span class=\"_ _0\"></span>ziame<span class=\"_ _0\"></span>nti<span class=\"_ _3bd\"> </span>per<span class=\"_ _3bd\"> </span>leas<span class=\"_ _0\"></span>ing<span class=\"_ _3bd\"> </span>iscrit<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>\u2019at<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vo Fas<span class=\"_ _0\"></span>ce<span class=\"_ _3bd\"> </span>te<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>por<span class=\"_ _1\"></span>ali<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Paga<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>da<span class=\"_ _3bd\"> </span>ricev<span class=\"_ _0\"></span>ere<span class=\"_ _3bd\"> </span>per<span class=\"_ _3bd\"> </span>il<span class=\"_ _3bd\"> </span>leas<span class=\"_ _0\"></span>ing<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Paga<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>da<span class=\"_ _3bd\"> </span>ricev<span class=\"_ _0\"></span>ere<span class=\"_ _3bd\"> </span>per<span class=\"_ _3bd\"> </span>il<span class=\"_ _3bd\"> </span>leas<span class=\"_ _0\"></span>ing<span class=\"_ _3bd\"> </span>Fino<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">1<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>nn<span class=\"_ _1\"></span>o <span class=\"_ _277\"> </span>767.<span class=\"_ _0\"></span>692<span class=\"_ _3bd\"> </span></span></span></span></span>694<span class=\"_ _0\"></span>.1<span class=\"_ _0\"></span>08<span class=\"_ _3bd\"> </span>Da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">oltre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">1<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anno<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fino<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ann<span class=\"_ _1\"></span>i <span class=\"_ _35f\"> </span>591<span class=\"_ _0\"></span>.28<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>553.<span class=\"_ _0\"></span>24<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>Da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">oltre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anno<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fino<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">3<span class=\"ff1\"> </span>a<span class=\"_ _1\"></span>nni<span class=\"_ _1\"></span> <span class=\"_ _17a\"> </span>487.<span class=\"_ _0\"></span>934<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>431<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>37<span class=\"_ _3bd\"> </span>Da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">oltre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">3<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anno<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fino<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">4<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">an<span class=\"_ _0\"></span>ni<span class=\"_ _1\"></span> <span class=\"_ _2c6\"> </span>37<span class=\"_ _0\"></span>2.<span class=\"_ _0\"></span>076<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>349<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>79<span class=\"_ _3bd\"> </span>Da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">oltre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">4<span class=\"ff1\"> </span>ann<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fino<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">5<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">an<span class=\"_ _0\"></span>ni<span class=\"_ _1\"></span> <span class=\"_ _8a\"> </span>261<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>54<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>24<span class=\"_ _0\"></span>6.4<span class=\"_ _0\"></span>15<span class=\"_ _3bd\"> </span>Da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ol<span class=\"_ _2\"></span>tre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">5<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">an<span class=\"_ _1\"></span>ni<span class=\"_ _0\"></span> <span class=\"_ _275\"> </span>762<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>01<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>772<span class=\"_ _0\"></span>.90<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>pa<span class=\"_ _0\"></span>ga<span class=\"_ _1\"></span>men<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>da<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>le<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g <span class=\"_ _15e\"> </span>3.2<span class=\"_ _0\"></span>42.<span class=\"_ _0\"></span>94<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>3.<span class=\"_ _0\"></span>04<span class=\"_ _0\"></span>7.<span class=\"_ _0\"></span>186<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>ili<span class=\"_ _1\"></span>azio<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>nan<span class=\"_ _1\"></span>zia<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>i (2<span class=\"_ _0\"></span>87.<span class=\"_ _0\"></span>088<span class=\"_ _0\"></span>)<span class=\"_ _3bd\"> </span>(2<span class=\"_ _0\"></span>29.<span class=\"_ _0\"></span>717<span class=\"_ _0\"></span>)<span class=\"_ _3bd\"> </span>Uti<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>fin<span class=\"_ _0\"></span>anz<span class=\"_ _1\"></span>iari<span class=\"ff1\"> </span>non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mat<span class=\"_ _0\"></span>ura<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>(-)<span class=\"_ _1\"></span> <span class=\"_ _28f\"> </span>(2<span class=\"_ _0\"></span>87.<span class=\"_ _0\"></span>08<span class=\"_ _0\"></span>8)<span class=\"_ _3bd\"> </span></span></span>(2<span class=\"_ _0\"></span>29.<span class=\"_ _0\"></span>717<span class=\"_ _0\"></span>)<span class=\"_ _3bd\"> </span>Val<span class=\"_ _0\"></span>ore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">res<span class=\"_ _0\"></span>idu<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">garan<span class=\"_ _1\"></span>tito<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>-)<span class=\"_ _1\"></span> <span class=\"_ _356\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Fin<span class=\"_ _1\"></span>an<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>le<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>ing<span class=\"_ _1\"></span> <span class=\"_ _274\"> </span>2<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>55<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>57<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>817<span class=\"_ _1\"></span>.46<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>02<span class=\"_ _1\"></span>2<span class=\"fc0 sc1\"> <span class=\"_ _292\"> </span></span>Tot<span class=\"_ _1\"></span>ale<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>02<span class=\"_ _1\"></span>1<span class=\"fc0 sc1\"> </span>Pag<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">da</span> <span class=\"ff3\">r<span class=\"_ _0\"></span>ice<span class=\"_ _0\"></span>ver<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>il<span class=\"_ _1\"></span> </span></span>Pag<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">da</span> <span class=\"ff3\">r<span class=\"_ _0\"></span>ice<span class=\"_ _0\"></span>ver<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>il<span class=\"_ _1\"></span> </span></span>lea<span class=\"_ _0\"></span>sing<span class=\"_ _3bd\"> </span>Tot<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span><span class=\"ff1\"> </span>pag<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span>ricevere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span></span></span></span></span>lea<span class=\"_ _0\"></span>sing<span class=\"_ _1\"></span> lea<span class=\"_ _0\"></span>sing<span class=\"_ _3bd\"> </span>Tot<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pag<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span>da<span class=\"ff1\"> </span>ricevere<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>lea<span class=\"_ _0\"></span>sing<span class=\"_ _1\"></span> Fasce<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">temp<span class=\"_ _0\"></span>oral<span class=\"_ _0\"></span>i </span></span>Esp<span class=\"_ _0\"></span>osiz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>Det<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>orat<span class=\"_ _0\"></span>e Esp<span class=\"_ _0\"></span>osiz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>no<span class=\"_ _1\"></span>n<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>iorat<span class=\"_ _0\"></span>e Esp<span class=\"_ _0\"></span>osiz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>Det<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>orat<span class=\"_ _0\"></span>e Esp<span class=\"_ _0\"></span>osiz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>no<span class=\"_ _1\"></span>n<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>iorat<span class=\"_ _0\"></span>e Fino<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">1<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>nn<span class=\"_ _1\"></span>o <span class=\"_ _6b\"> </span>29.5<span class=\"_ _0\"></span>67<span class=\"_ _3bd\"> </span></span></span></span></span>5.8<span class=\"_ _0\"></span>01<span class=\"_ _3bd\"> </span>4.<span class=\"_ _0\"></span>869<span class=\"_ _3bd\"> </span>3.6<span class=\"_ _0\"></span>90<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>992<span class=\"_ _3bd\"> </span>10<span class=\"_ _0\"></span>.28<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>738<span class=\"_ _0\"></span>.12<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>585<span class=\"_ _0\"></span>.48<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>48<span class=\"_ _0\"></span>3.0<span class=\"_ _0\"></span>65<span class=\"_ _3bd\"> </span>368<span class=\"_ _0\"></span>.38<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>258<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>61<span class=\"_ _3bd\"> </span>752<span class=\"_ _0\"></span>.41<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>767<span class=\"_ _0\"></span>.69<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>591<span class=\"_ _0\"></span>.28<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span>48<span class=\"_ _0\"></span>7.9<span class=\"_ _0\"></span>34<span class=\"_ _3bd\"> </span>372<span class=\"_ _0\"></span>.07<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>261<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>53<span class=\"_ _3bd\"> </span>762<span class=\"_ _0\"></span>.70<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>32.<span class=\"_ _0\"></span>360<span class=\"_ _3bd\"> </span>5.5<span class=\"_ _0\"></span>35<span class=\"_ _3bd\"> </span>4.<span class=\"_ _0\"></span>322<span class=\"_ _3bd\"> </span>5.2<span class=\"_ _0\"></span>75<span class=\"_ _3bd\"> </span>3.<span class=\"_ _1\"></span>51<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>9.<span class=\"_ _0\"></span>336<span class=\"_ _3bd\"> </span>661<span class=\"_ _0\"></span>.74<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>547<span class=\"_ _0\"></span>.70<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>42<span class=\"_ _0\"></span>6.7<span class=\"_ _0\"></span>15<span class=\"_ _3bd\"> </span>344<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>04<span class=\"_ _3bd\"> </span>24<span class=\"_ _0\"></span>2.8<span class=\"_ _0\"></span>97<span class=\"_ _3bd\"> </span>763<span class=\"_ _0\"></span>.571<span class=\"_ _3bd\"> </span>694<span class=\"_ _0\"></span>.1<span class=\"_ _0\"></span>08<span class=\"_ _3bd\"> </span>553.<span class=\"_ _0\"></span>239<span class=\"_ _3bd\"> </span>431<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>37<span class=\"_ _3bd\"> </span>349<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>79<span class=\"_ _3bd\"> </span>24<span class=\"_ _0\"></span>6.4<span class=\"_ _0\"></span>15<span class=\"_ _3bd\"> </span>772<span class=\"_ _0\"></span>.90<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>Da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">oltre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">1<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anno<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fino<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span>2<span class=\"_ _3bd\"> </span>an<span class=\"_ _1\"></span>ni<span class=\"_ _3bd\"> </span>Da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">oltre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anno<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fino<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>3<span class=\"_ _3bd\"> </span>an<span class=\"_ _1\"></span>ni<span class=\"_ _3bd\"> </span>Da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">oltre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">3<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">anno<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fino<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>4<span class=\"_ _3bd\"> </span>an<span class=\"_ _1\"></span>ni<span class=\"_ _3bd\"> </span>Da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">oltre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">4<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anno<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fino<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>5<span class=\"_ _3bd\"> </span>an<span class=\"_ _1\"></span>ni<span class=\"_ _3bd\"> </span>Da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ol<span class=\"_ _2\"></span>tre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">5<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">an<span class=\"_ _1\"></span>ni<span class=\"_ _0\"></span> </span></span></span></span></span></span>Tot<span class=\"_ _0\"></span>ale<span class=\"_ _3bd\"> </span>paga<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>da<span class=\"_ _3bd\"> </span>ricev<span class=\"_ _0\"></span>ere<span class=\"_ _3bd\"> </span>per<span class=\"_ _3bd\"> </span>leas<span class=\"_ _0\"></span>ing 57<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>05<span class=\"_ _3bd\"> </span>3.<span class=\"_ _0\"></span>18<span class=\"_ _0\"></span>5.<span class=\"_ _0\"></span>740<span class=\"_ _3bd\"> </span>3.<span class=\"_ _0\"></span>24<span class=\"_ _0\"></span>2.9<span class=\"_ _1\"></span>45<span class=\"_ _3bd\"> </span>60<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>46<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>98<span class=\"_ _0\"></span>6.<span class=\"_ _0\"></span>83<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span>3.<span class=\"_ _0\"></span>04<span class=\"_ _0\"></span>7.<span class=\"_ _0\"></span>185<span class=\"_ _3bd\"> </span>RI<span class=\"_ _0\"></span>CO<span class=\"_ _0\"></span>NC<span class=\"_ _0\"></span>IL<span class=\"_ _0\"></span>IA<span class=\"_ _0\"></span>ZI<span class=\"_ _0\"></span>ON<span class=\"_ _0\"></span>E Uti<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fina<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span>maturati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(-) </span></span>(5.<span class=\"_ _0\"></span>070<span class=\"_ _0\"></span>)<span class=\"_ _3bd\"> </span>(2<span class=\"_ _0\"></span>82.<span class=\"_ _0\"></span>018<span class=\"_ _0\"></span>)<span class=\"_ _3bd\"> </span>(2<span class=\"_ _0\"></span>87.<span class=\"_ _0\"></span>088<span class=\"_ _0\"></span>)<span class=\"_ _3bd\"> </span>(4<span class=\"_ _0\"></span>.28<span class=\"_ _0\"></span>7)<span class=\"_ _3bd\"> </span>(2<span class=\"_ _0\"></span>25.<span class=\"_ _0\"></span>430)<span class=\"_ _3bd\"> </span>(2<span class=\"_ _0\"></span>29.<span class=\"_ _0\"></span>717<span class=\"_ _0\"></span>)<span class=\"_ _3bd\"> </span>Valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">residuo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> </span></span></span></span></span>gar<span class=\"_ _0\"></span>ant<span class=\"_ _0\"></span>ito<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Fin<span class=\"_ _1\"></span>an<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>lea<span class=\"_ _1\"></span>sin<span class=\"_ _0\"></span>g 52<span class=\"_ _0\"></span>.13<span class=\"_ _1\"></span>5<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>90<span class=\"_ _0\"></span>3.<span class=\"_ _0\"></span>72<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>95<span class=\"_ _0\"></span>5.<span class=\"_ _0\"></span>85<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>56<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>59<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>76<span class=\"_ _0\"></span>1.<span class=\"_ _0\"></span>409<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>817<span class=\"_ _1\"></span>.46<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>2Alt<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>inf<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>zio<span class=\"_ _1\"></span>ni I<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contra<span class=\"_ _2\"></span>tti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>locazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>finanz<span class=\"_ _0\"></span>iar<span class=\"_ _2\"></span>ia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prevedono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">l\u2019<span class=\"_ _0\"></span>utilizzator<span class=\"_ _2\"></span>e,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>t<span class=\"_ _2\"></span>ermine<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>periodo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>durata<span class=\"ff1\"> </span></span></span>con<span class=\"_ _0\"></span>trat<span class=\"_ _0\"></span>tua<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>dica<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>se<span class=\"_ _0\"></span>mpre<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">che</span> <span class=\"ff3\">ab<span class=\"_ _0\"></span>bia<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">integ<span class=\"_ _0\"></span>ral<span class=\"_ _0\"></span>mente<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">assol<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>tu<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">gli</span> <span class=\"ff3\">ob<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>ighi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">assun<span class=\"_ _0\"></span>ti,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">abbi<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>facolt\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>scegliere<span class=\"ff1\"> </span>di: ac<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>sire<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ropri<span class=\"_ _0\"></span>et\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>be<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">contro<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ve<span class=\"_ _0\"></span>rsame<span class=\"_ _0\"></span>nto<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pre<span class=\"_ _0\"></span>zzo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">def<span class=\"_ _0\"></span>init<span class=\"_ _0\"></span>o; </span></span></span></span></span></span></span></span></span></span></span></span></span></span>res<span class=\"_ _0\"></span>titu<span class=\"_ _0\"></span>ire<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">il</span> <span class=\"ff3\">b<span class=\"_ _0\"></span>ene<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">og<span class=\"_ _0\"></span>get<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contr<span class=\"_ _0\"></span>atto.<span class=\"_ _1\"></span> </span></span></span></span></span></span>La<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dur<span class=\"_ _0\"></span>ata<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>tratt<span class=\"_ _0\"></span>i,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rapporto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">all<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>vi<span class=\"_ _0\"></span>ta<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">econo<span class=\"_ _0\"></span>mica<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ben<span class=\"_ _0\"></span>i,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ed<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alo<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>refi<span class=\"_ _0\"></span>ssat<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>sca<span class=\"_ _0\"></span>tto<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">beni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stess<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>ali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">indurre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">utilizzat<span class=\"_ _2\"></span>ori,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nella<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">g<span class=\"_ _2\"></span>eneralit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">casi,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">all\u2019acquist<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">b<span class=\"_ _2\"></span>ene<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>scadenza<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">contrat<span class=\"_ _2\"></span>tuale. </span></span>I<span class=\"ff1\"> </span>b<span class=\"_ _0\"></span>eni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fina<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ati<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>se<span class=\"_ _0\"></span>cond<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">so<span class=\"_ _0\"></span>ggett<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>ric<span class=\"_ _0\"></span>hied<span class=\"_ _0\"></span>ente<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e/<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>natur<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">atti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">svol<span class=\"_ _0\"></span>ta.<span class=\"ff1\"> </span>I<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>ge<span class=\"_ _0\"></span>nera<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">beni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">f<span class=\"_ _2\"></span>inanziati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ientrano<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">4<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>mparti:<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>eicoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(automo<span class=\"_ _2\"></span>bili,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">v<span class=\"_ _2\"></span>eicoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">commerciali,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">veicoli<span class=\"ff1\"> </span>industriali),<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>aeroferronavale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(aeromobili,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">m<span class=\"_ _2\"></span>otonavi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">imbarcazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> </span>diporto,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vagoni<span class=\"ff1\"> </span>fe<span class=\"_ _0\"></span>rro<span class=\"_ _2\"></span>viari),<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">st<span class=\"_ _2\"></span>rumentale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>immobiliare<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(e<span class=\"_ _2\"></span>difici<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ad<span class=\"ff1\"> </span>uso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">comm<span class=\"_ _2\"></span>erciale,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">industr<span class=\"_ _2\"></span>iale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>reside<span class=\"_ _0\"></span>nziale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sia<span class=\"ff1\"> </span>costruiti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">realizzare)<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>3.<span class=\"_ _3bd\"> </span>Le<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>ing<span class=\"_ _3bd\"> </span>op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>o<span class=\"fc0 sc1\"> </span>Si<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">f<span class=\"_ _0\"></span>ornis<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">la</span> <span class=\"ff3\">c<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>ssifi<span class=\"_ _0\"></span>caz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>fas<span class=\"_ _0\"></span>ce<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>em<span class=\"_ _0\"></span>por<span class=\"_ _0\"></span>ali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pa<span class=\"_ _0\"></span>game<span class=\"_ _0\"></span>nti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>ice<span class=\"_ _0\"></span>ver<span class=\"_ _0\"></span>e. </span></span></span></span></span></span></span></span></span></span></span></span></span></span>3.<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>Cl<span class=\"_ _0\"></span>ass<span class=\"_ _1\"></span>ific<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>fa<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>te<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ali<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>pa<span class=\"_ _0\"></span>ga<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>da<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span> Fas<span class=\"_ _0\"></span>ce<span class=\"_ _3bd\"> </span>te<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>por<span class=\"_ _1\"></span>ali<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Paga<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>da<span class=\"_ _3bd\"> </span>ricev<span class=\"_ _0\"></span>ere<span class=\"_ _3bd\"> </span>per<span class=\"_ _3bd\"> </span>il<span class=\"_ _3bd\"> </span>leas<span class=\"_ _0\"></span>ing<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Paga<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>da<span class=\"_ _3bd\"> </span>ricev<span class=\"_ _0\"></span>ere<span class=\"_ _3bd\"> </span>per<span class=\"_ _3bd\"> </span>il<span class=\"_ _3bd\"> </span>leas<span class=\"_ _0\"></span>ing<span class=\"_ _3bd\"> </span>Fino<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">1<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>nn<span class=\"_ _1\"></span>o <span class=\"_ _153\"> </span>1.4<span class=\"_ _0\"></span>00<span class=\"_ _3bd\"> </span></span></span></span></span>1.<span class=\"_ _0\"></span>424<span class=\"_ _3bd\"> </span>Da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">oltre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">1<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anno<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fino<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ann<span class=\"_ _1\"></span>i <span class=\"_ _93\"> </span>1<span class=\"_ _0\"></span>.39<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>1.<span class=\"_ _0\"></span>420<span class=\"_ _3bd\"> </span>Da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">oltre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fino<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">3<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">an<span class=\"_ _1\"></span>ni<span class=\"_ _0\"></span> <span class=\"_ _116\"> </span>1.<span class=\"_ _0\"></span>363<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>1.<span class=\"_ _0\"></span>495<span class=\"_ _3bd\"> </span>Da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">oltre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">3<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">anni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fino<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">4<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">an<span class=\"_ _0\"></span>ni<span class=\"_ _1\"></span> <span class=\"_ _116\"> </span>1.3<span class=\"_ _0\"></span>34<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>1.<span class=\"_ _0\"></span>525<span class=\"_ _3bd\"> </span>Da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">oltre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">4<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fino<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">5<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ni<span class=\"_ _1\"></span> <span class=\"_ _34d\"> </span>1.<span class=\"_ _0\"></span>299<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>1.<span class=\"_ _0\"></span>581<span class=\"_ _3bd\"> </span>Da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ol<span class=\"_ _2\"></span>tre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">5<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">an<span class=\"_ _1\"></span>ni<span class=\"_ _0\"></span> <span class=\"_ _226\"> </span>7.<span class=\"_ _0\"></span>230<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>6.<span class=\"_ _0\"></span>499<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span> <span class=\"_ _1da\"> </span>14<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>19<span class=\"_ _3bd\"> </span>13<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>44<span class=\"_ _3bd\"> </span>3.<span class=\"_ _0\"></span>2Alt<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>inf<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>zio<span class=\"_ _1\"></span>ni Sono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">presenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">contr<span class=\"_ _2\"></span>atti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">locazione,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">qualit<span class=\"_ _2\"></span>\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">locato<span class=\"_ _2\"></span>re,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">immobili<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">propriet\u00e0,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mentr<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>alcuni<span class=\"ff1\"> </span>immobili<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>terzi<span class=\"ff1\"> </span>presi<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>affitto<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>stati<span class=\"ff1\"> </span>stipulati<span class=\"ff1\"> </span>contratti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>sublocazione<span class=\"_ _3bd\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfLeasePrepaymentsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-784": {
   "value": "Sezione 10 - Attivit\u00e0 immateriali \u2013 Voce 100 10.1 Attivit\u00e0 immateriali: composizione per tipologia di attivit\u00e0 Attivit\u00e0/Valori Totale 31/12/2022 Totale 31/12/2021 Durata definita Durata indefinita Durata definita Durata indefinita A.1 Avviamento  X  291.342 X  291.342 A.1.1 di pertinenza del gruppo  X  291.342 X  291.34 2 A.1.2 di pertinenza di terzi  X  - X  - A.2 Altre attivit\u00e0 immateriali  185.131 -173.753 -di cui: software  168.427 -154.775 -A.2.1 Attivit\u00e0 valutate al costo:  185.131 - 173.753 - a) Attivit\u00e0 immateriali generate internamente  20.375 - 20.105 - b) Altre attivit\u00e0  164.756 - 153.648 - A.2.2 Attivit\u00e0 valutate al fair value:  - - - - a) Attivit\u00e0 immateriali generate internamente  - - - - b) Altre attivit\u00e0  - - - - Totale 185.131 291.342 173.753 291.342 La voce \u201dAltre attivit\u00e0\u201d \u00e8 composta prevalentemente da software e dalla \u201cCustomer Relationship\u201d relativa alle acquisizioni degli sportelli dei rami d\u2019azienda e alla fusione della Cassa di Risparmio di Cento. 10.2 Attivit\u00e0 immateriali: variazioni annue Avviamento Altre attivit\u00e0 immateriali: generate internamente Altre attivit\u00e0 immateriali: altre Totale DEF  INDEF  DEF  INDEF A. Esistenze iniziali  291.342 63.256 -564.916 -919.514 A.1 Riduzioni di valore totali nette  - (43.151) - (411.268) - (454.419) A.2 Esistenze iniziali nette  291.342 20.105 -153.648 -465.095 B. Aumenti -7.026 -58.303 -65.329 B.1 Acquisti  - 4.969 - 58.128 - 63.097 - di cui operazioni di aggregazione aziendale  - - - - - - B.2 Incrementi di attivit\u00e0 immateriali interne  X  2.057 - - - 2.057 B.3 Riprese di valore  X  - - - - - B.4 Variazioni positive di fair value  - - - - - - - a patrimonio netto  X  - - - - - - a conto economico  X  - - - - - B.5 Differenze di cambio positive  - - - - - - B.6 Altre variazioni  - - - 175 - 175 C. Diminuzioni -6.756 -47.195 -53.952 C.1 Vendite  - - - - - - - di cui operazioni di aggregazione aziendale  - - - - - - C.2 Rettifiche di valore  - 6.756 - 47.020 - 53.776 - Ammortamenti  X  6.756 - 47.020 - 53.776 - Svalutazioni  - - - - - - + patrimonio netto  X  - - - - - + conto economico  - - - - - - C.3 Variazioni negative di fair value:  - - - - - - - a patrimonio netto  X  - - - - - - a conto economico  X  - - - - - C.4 Trasferimenti alle attivit\u00e0 non correnti in via di dismissione - - - - - - C.5 Differenze di cambio negative  - - - - - - C.6 Altre variazioni  - - - 175 - 176 D. Rimanenze finali nette  291.342 20.375 -164.756 -476.473 D.1 Rettifiche di valori totali nette  - 49.905 - 452.234 - 502.139 E. Rimanenze finali lorde  291.342 70.280 -616.990 -978.612 F. Valutazione al costo  - - - - - - Legenda DEF: a durata definita INDEF: a durata indefinita La sottovoce \u201cF - Valutazione al costo\u201d non \u00e8 valorizzata in quanto, come da istruzioni di Banca d\u2019Italia, la sua compilazione \u00e8 prevista solo per le attivit\u00e0 immateriali valutate in bilancio al fair value. Gli incrementi delle attivit\u00e0 immateriali sono principalmente riferibili a nuovi sviluppi applicativi. Si fornisce il dettaglio degli avviamenti consolidati con il riferimento all\u2019anno di acquisizione o fusione della entit\u00e0 relativa: Gruppi filiali/banche  Anno di fusione o di acquisizione Filiali Deutsche Bank 1998 2.695 B.C.C. Curinga 1998 917 B.C.C. San Giovanni Gemini 1998 452 Banca dei Comuni Nolani 1998 2.361 Banca della Provincia di Napoli 1998 58 B.C.C. Alto Crotonese 1999 161 B.C.C. Fortore Miscano 1999 1.377 Banca Popolare Andriese 2000 17.669 Banca di Latina 2003 3.028 Filiali Citibank International PLC 2008 36.307 Filiali Banco Popolare 2008 119.926 Filiali Unicredit 2008 94.433 TOTALE BANCHE INCORPORATE 279.384 Euromobiliare A.M. Sgr (ramo ceduto da Credem International Lux) 2000 2.166 TOTALI AVVIAMENTI BANCHE 281.550 So.em.ro (incorporata da MGT) 1998 294 Netium 2001 9 Credemvita 2008 4.092 C.S. Inform (incorporata da Credemtel) 2010 1.350 Topkey (incorporata da Credemtel) 2014 835 Sata 2020 1.656 Blue Eye 2021 1.556 TOTALI AVVIAMENTI 291.342 Avviamenti relativi alle Filiali Banco Popolare e Gruppo Unicredit Per  la  definitiva  allocazione  degli avviamenti  relativi  agli  sportelli  acquisiti  nel  2008  si  rinvia  a quanto gi\u00e0 esposto nel bilancio 2009. Impairment test sugli avviamenti Definizione delle CGU Lo IAS 36 prevede che, anche nell\u2019ottica della verifica di eventuali riduzioni di valore (\u201cImpairment Test\u201d),  gli  avviamenti  acquisiti  in  aggregazioni  aziendali  siano  allocati  ad  unit\u00e0  organizzative relativamente  autonome  nel  profilo  gestionale  e  che  beneficiano  delle  sinergie  derivanti dall\u2019acquisizione.  Tali  unit\u00e0  organizzative,  denominate  Cash  Generating  Units  (\u201cCGU\u201d),  devono presentare le seguenti caratteristiche: - rappresentare il livello minimo con riferimento al quale l\u2019avviamento stesso \u00e8 monitorato ai fini del controllo di gestione interno; - non essere superiori a un Segmento Operativo definito ai sensi del principio IFRS 8. Nel Gruppo Credem le CGU che hanno beneficiato e che continuano a beneficiarie delle sinergie derivanti dai processi di aggregazione effettuati nel tempo sono le seguenti: - Banking Commerciale; - Assicurazioni. Il sistema di reportistica utilizzato dalla Direzione \u00e8 coerente con tali CGU (si veda la Parte L relativa all\u2019Informativa di Settore) e, inoltre, i flussi finanziari da esse prodotti risultano omogenei quanto alla  natura  della  clientela  ed  alla  tipologia  di  prodotti  e  servizi  forniti.  Tali  CGU  pertanto rappresentano il pi\u00f9 piccolo gruppo di attivit\u00e0 che genera flussi finanziari in entrata indipendenti ed il livello minimo al quale l\u2019avviamento pu\u00f2 essere allocato secondo criteri non arbitrari. E\u2019 a tale livello che le dinamiche di valore dell\u2019avviamento assumono significato e vengono controllate nella gestione del Gruppo Credem. Definizione del valore contabile delle CGU Nel  caso  di  aziende  bancarie  e  assicurative  e,  in  generale,  di  aziende  operanti  nel  settore finanziario, le attivit\u00e0 e passivit\u00e0 finanziarie, in linea di principio escluse dall\u2019ambito di applicazione dello IAS 36, costituiscono parte integrante del core business. Al fine di identificare i flussi di cassa delle CGU \u00e8 pertanto necessario considerare anche i flussi di cassa associati alle attivit\u00e0 e passivit\u00e0 finanziarie. Sulla base di tale impostazione, l\u2019impairment test di CGU operanti in ambito finanziario non pu\u00f2 che essere  svolto  secondo  una  prospettiva  cosiddetta  \u201cequity  side\u201d.  Coerentemente,  anche  il valore contabile delle CGU deve essere determinato secondo la stessa prospettiva. In particolare, il valore contabile delle CGU \u00e8 stato determinato nel seguente modo: - Per  la  CGU  Assicurazioni,  composta  integralmente  dalle  entit\u00e0  giuridiche  Credemvita  e Credemassicurazioni, il valore  contabile \u00e8 stato determinato analiticamente, sulla base del contributo al patrimonio netto consolidato di ciascuna societ\u00e0. - Per la CGU Banking Commerciale, non \u00e8 applicabile l\u2019approccio analitico utilizzato per la CGU Assicurazioni, in quanto alla CGU in oggetto contribuiscono gestionalmente il settore banking di Credem e altre societ\u00e0 del perimetro di consolidamento. Pertanto, con riferimento a tale CGU, il relativo valore contabile \u00e8 stato determinato: o allocando analiticamente gli avviamenti di pertinenza; o allocando  il  patrimonio  netto  consolidato  \u201cresiduo\u201d  in  proporzione  al  capitale regolamentare richiesto per l\u2019operativit\u00e0 della CGU.  L\u2019utilizzo di tale indicatore gestionale risulta giustificato dalla considerazione che, nell\u2019ambito dell\u2019attivit\u00e0 finanziaria, i fattori di rischio ed i relativi assorbimenti di capitale regolamentare incidono nella generazione dei flussi  finanziari  prospettici  e  quindi  nella  determinazione  del  valore  recuperabile  con  il quale il valore contabile deve risultare coerente. Di seguito si riporta il prospetto di sintesi relativo ai valori contabili delle CGU e ai relativi valori di bilancio degli avviamenti (in milioni di euro): CGU Banking Commerciale  CGU Assicurazioni Valore  2.245,4  272,6 contabile CGU Avviamenti 288,6 14,4 allocati Gli avviamenti sopra riportati si riferiscono al bilancio consolidato; la quota di tali avviamenti iscritti nel  bilancio  individuale  ammonta  a  240  milioni  di  euro,  riferiti  interamente  alla  CGU  Banking Commerciale, come riportato nella sezione 9 della nota integrativa del bilancio d\u2019esercizio al 31 dicembre 2022. La voce avviamenti allocati comprende anche gli avviamenti relativi a Credemassicurazioni, pari a 10,3 milioni di euro, ad Andxor, pari a 1,1 milioni di euro, e a Gruppo Santamaria, pari a 0,3 milioni di euro inclusi nella voce partecipazioni. Definizione del valore recuperabile delle CGU Il  principio  contabile  IAS  36  richiede  che,  almeno  annualmente,  l\u2019ammontare  dell\u2019avviamento iscritto a bilancio sia sottoposto a Impairment Test. Il test di impairment \u00e8 svolto raffrontando il valore contabile delle CGU a cui \u00e8 allocato con il valore recuperabile dalle stesse. Laddove tale valore risultasse inferiore al valore contabile deve essere rilevata una rettifica di valore. Il valore recuperabile della CGU \u00e8 il maggiore tra il suo fair value al netto dei costi di vendita ed il suo valore d\u2019uso. Il principio aggiunge che nello svolgimento del test di impairment non \u00e8 necessario definire sia il valore d\u2019uso che il fair  value, ma \u00e8 sufficiente  che almeno  uno  dei due sia superiore al valore contabile per confermare l\u2019assenza di una perdita durevole di valore. Ai fini dell\u2019individuazione del valore recuperabile delle singole CGU \u00e8 stato individuato il valore d\u2019uso. CGU Banking Commerciale Per la CGU Banking Commerciale il valore d\u2019uso \u00e8 stato determinato attraverso lo sviluppo del Dividend Discount Model (DDM). Tale  metodo  determina  il  valore  in  funzione  del  flusso  di  dividendi  attesi  potenzialmente distribuibili.  Nella  fattispecie,  il  metodo  utilizzato  \u00e8  il  DDM  nella  variante  \u201cExcess  Capital\u201d, comunemente adottata nella prassi valutativa per il settore bancario, in  base al quale il valore economico \u00e8 pari alla sommatoria dei seguenti elementi: valore attuale dei flussi di cassa futuri generati nell\u2019arco di un determinato orizzonte temporale di pianificazione esplicita e distribuibili agli azionisti mantenendo un livello di patrimonializzazione,  coerente  con  le  istruzioni  dettate  in  materia  dall\u2019Autorit\u00e0  di Vigilanza e compatibile con la natura e l\u2019evoluzione attesa delle attivit\u00e0; valore attuale di una rendita perpetua definita sulla base di un dividendo sostenibile per gli  esercizi  successivi  al  periodo  di  pianificazione  esplicita,  coerente  con  i  livelli  di patrimonializzazione richiesti dall\u2019Autorit\u00e0 di Vigilanza. Nonostante l\u2019espressione Dividend Discount Model richiami la parola dividendo, i flussi di cassa considerati dal modello non sono i dividendi che si prevede verranno distribuiti agli azionisti, ma i flussi di cassa di cui un azionista potenzialmente potrebbe beneficiare nel rispetto dei limiti delle dotazioni patrimoniali richieste dall\u2019operativit\u00e0 aziendale. I flussi per l\u2019applicazione della metodologia valutativa sono stati desunti dal Preconsuntivo 2022 e Budget 2023 del Gruppo Credem, approvati dal Consiglio di Amministrazione della Capogruppo il 15 dicembre 2022 e da proiezioni, redatte ai soli fini del test di impairment sugli avviamenti, relative agli esercizi dal 2024 al 2026. Il livello di patrimonializzazione, ai fini della determinazione del flusso di dividendi potenzialmente distribuibili, \u00e8 stato ipotizzato pari al 9,25% di Tier 1 e al 11,5% di Tier Total come indicato nella lettera BCE del 15 dicembre 2022 (che a sua volta confermava i contenuti della SREP decision del 2 febbraaio 2022). Il tasso di sconto dei flussi \u00e8 stato stimato sulla base del \u201cCapital Asset Pricing Model\u201d, che stima il costo del capitale come la sommatoria del rendimento di investimenti privi di rischio e di un premio  per  il  rischio  correlato  alla  rischiosit\u00e0  specifica dell\u2019attivit\u00e0.  Nello  specifico  il  costo  del capitale \u00e8 stato determinato nella misura dell\u20198,56%, sulla base dei seguenti parametri: Tasso privo di rischio: pari al 3,91%, corrispondente alla media semplice del rendimento lordo dei BTP a 10 anni emessi negli ultimi 6 mesi; Coefficiente Beta: pari a 0,846 corrispondente al coefficiente di Credem (Beta 5Y Adjuted 31.12.2017/31.12.2022, con rilevazione settimanale); Premio per il rischio  di mercato: pari al 5,50%, in linea con la prassi valutativa per  il mercato italiano e con la comune applicazione nel settore delle assicurazioni; tale valore \u00e8 depurato del \u201crischio paese\u201d in quanto implicitamente compreso nel sopracitato tasso di rendimento delle attivit\u00e0 privo di rischio. Con  riferimento al premio per il  rischio di mercato sono state fatte verifiche con fonti alternative, quali Damodaran, Fernadez e Kroll, provvedendo, ove del caso, a correggere per il differenziale di inflazione dei mercati a cui i valori si riferivano. Il livello scelto dal Gruppo si pone all\u2019interno dell\u2019intervallo di valori alternativi. Il valore terminale, alla fine del periodo di pianificazione esplicito, \u00e8 stato determinato sulla base di un tasso di crescita di lungo periodo sostenibile, assunto nella misura del 1,3%, in linea con le aspettative  di  crescita  di  lungo  termine  dell\u2019economia  e  con  la  prassi  valutativa  (Prometeia, Rapporto  di  Previsione  di  dicembre  2022,  Inflazione  Italia  al  2025,  ultimo  anno  stimato dall\u2019Associazione). Nella tabella che segue viene riportata la sintesi delle valutazioni effettuate. In particolare la tabella pone a confronto i valori contabili della CGU con il rispettivo valore d\u2019uso ottenuto (in milioni di euro): Valore d\u2019uso della CGU  4.950,5 Valore contabile CGU  2.245,4 Delta  2.701,1 Il modello di determinazione del valore d\u2019uso \u00e8 stato inoltre sottoposto ad analisi di sensitivit\u00e0 al fine di apprezzare la variazione dei risultati ottenuti al variare dei parametri valutativi adottati. Dalle analisi svolte, non sono emerse indicazioni di riduzione di valore con riferimento alla CGU in esame fino alla considerazione di un tasso di attualizzazione del 20,17%. Si segnala infine che, considerando congiuntamente un tasso di crescita di lungo periodo nullo (decremento di 130 bps) e un tasso di attualizzazione del 19,93% non si rileverebbero rettifiche di valore sulla CGU. CGU Assicurazioni Per  la  CGU  Assicurazioni  il  valore  d\u2019uso  \u00e8  stato  determinato,  considerando  specificamente  il business \u201cDanni\u201d e il business \u201cVita\u201d, anche attraverso il supporto di un consulente esterno. CGU Assicurazioni \u2013 Business Danni Per il business \u201cDanni\u201d, ai fini della stima del valore d\u2019uso, \u00e8 stato utilizzato il metodo del Dividend Discount Model (DDM) nella variante \u201cExcess Capital\u201d, descritto nel paragrafo precedente, sulla base dei seguenti elementi fondamentali. I flussi per l\u2019applicazione della metodologia valutativa si estendono ad un arco temporale di tre esercizi (2023-2025) e si basano sul budget 2023, approvato dal Consiglio di Amministrazione del 12  dicembre  2022,  e  dai  previsionali  2024  e  2025  elaborati  dall\u2019Ufficio  tecnico  di Credemassicurazioni. Il  livello  di  patrimonializzazione  minimo,  ai  fini  della  determinazione  del  flusso  di  dividendi potenzialmente  distribuibili,  \u00e8  stato  definito  coerentemente  con  le  istruzioni  dell\u2019Autorit\u00e0  di Vigilanza ed in linea con la prassi valutativa nel settore di riferimento. Il costo del capitale, stimato sulla base del \u201cCapital Asset Pricing Model\u201d, \u00e8 stato determinato nella misura del 6,89%, sulla base dei seguenti parametri: Tasso privo di rischio: pari allo 3,91%, corrispondente al rendimento medio registrato negli ultimi 6 mesi dai BTP con scadenza residua decennale; Coefficiente  Beta:  pari  a  0,54,  corrispondente  al  coefficiente  medio  delle  societ\u00e0  di assicurazione italiane quotate; Premio per il rischio  di mercato: pari al 5,50%, in linea con la prassi valutativa per  il mercato italiano e con la comune applicazione nel settore delle assicurazioni; tale valore \u00e8 depurato del \u201crischio paese\u201d in quanto implicitamente compreso nel sopracitato tasso di rendimento delle attivit\u00e0 privo di rischio. Con  riferimento al premio per il  rischio di mercato sono state fatte verifiche con fonti alternative, quali Damodaran, Fernadez e Kroll, provvedendo, ove del caso, a correggere per il differenziale di inflazione dei mercati a cui i valori si riferivano. Il livello scelto dal Gruppo si pone all\u2019interno dell\u2019intervallo di valori alternativi. Il valore terminale \u00e8 stato determinato pari al valore dell\u2019ultimo periodo di pianificazione esplicito. CGU Assicurazioni \u2013 Business Vita Il valore d\u2019uso del business \u201cVita\u201d \u00e8 stato stimato secondo l\u2019approccio denominato Appraisal Value, sommando al Patrimonio Netto secondo i principi contabili IFRS il Business in-Force, determinato attraverso l\u2019attualizzazione dei futuri margini tecnici derivanti dal portafoglio in essere, ed il New Business Value, derivante dal portafoglio di futura produzione prevedibile. I  flussi  per  la  determinazione  del  valore  derivante  dal  Business  in-Force  sono  stati  stimati, attraverso l\u2019utilizzo della metodologia alla base del Traditional Embedded Value, considerando la composizione del portafoglio assicurati e le caratteristiche tecniche del portafoglio prodotti. I flussi per l\u2019applicazione della metodologia valutativa si estendono ad un arco temporale di tre esercizi (2023-2025) e si basano sul budget 2023, approvato dal Consiglio di Amministrazione del 12 dicembre 2022, e dai previsionali 2024 e 2025. Il costo del capitale, stimato sulla base del \u201cCapital Asset Pricing Model\u201d, \u00e8 stato determinato nella misura del 6,89%, sulla base dei seguenti parametri: Tasso privo di rischio: pari allo 3,91%, corrispondente al rendimento medio registrato negli ultimi 6 mesi dai BTP con scadenza residua decennale; Coefficiente  Beta:  pari  a  0,54,  corrispondente  al  coefficiente  medio  delle  societ\u00e0  di assicurazione italiane quotate; Premio per il rischio  di mercato: pari al 5,50%, in linea con la prassi valutativa per  il mercato italiano e con la comune applicazione nel settore delle assicurazioni; tale valore \u00e8 depurato del \u201crischio paese\u201d in quanto implicitamente compreso nel sopracitato tasso di rendimento delle attivit\u00e0 privo di rischio. Con  riferimento al premio per il  rischio di mercato sono state fatte verifiche con fonti alternative, quali Damodaran, Fernadez e Kroll, provvedendo, ove del caso, a correggere per il differenziale di inflazione dei mercati a cui i valori si riferivano. Il livello scelto dal Gruppo si pone all\u2019interno dell\u2019intervallo di valori alternativi. Nella tabella che segue viene riportata la sintesi delle valutazioni effettuate con riferimento alla CGU Assicurazioni (dati in milioni di euro): Danni Business Vita Totale CGU Assicurazioni Valored\u2019usodellaCGU 181,8 414,1 595,9 ValorecontabileCGU 90,8 185,9 276,7 Delta  91,0  228,2 319,2 Il modello di determinazione del valore d\u2019uso \u00e8 stato inoltre sottoposto ad analisi di sensitivit\u00e0 al fine di apprezzare la variazione dei risultati ottenuti al variare dei parametri valutativi adottati. Dalle analisi svolte, non sono emerse indicazioni di riduzione di valore con riferimento alla CGU in esame, considerando: - per il business Danni, tasso di attualizzazione \u201cKe\u201d (+/-50 bps); - per il business Vita: - Business In Force, tasso di attualizzazione \u201cKe\u201d (+/-50 bps), riscatti (+/-50 bps), spese (+/-50 bps) e tasso di crescita \u201cg\u201d (+/-50 bps); - New Business, tasso di attualizzazione \u201cKe\u201d (+/-50 bps), tasso di crescita \u201cg\u201d (+/-50 bps) e New Business Margin APE (+/-100 bps). In  una  logica  complessiva  di  ulteriore  \u201cstress  test\u201d,  si  segnala  che  anche  considerando congiuntamente: - per il business Danni, un tasso di attualizzazione del 7,89% (incremento di circa 100 bps) e un incremento del Sovency Capital Requirement del 10% (incremento di circa 1000 bps); - per il business Vita, un tasso di attualizzazione del 7,89% (incremento di circa 100 bps) e una minore marginalit\u00e0 sul New Business di 100 bps; non si rileverebbero rettifiche di valore sulla CGU Assicurazioni. Nota sulle valutazioni espresse dal mercato Negli ultimi sei mesi del 2022 le azioni Credem sono state scambiate ad un controvalore medio di 5,98 Euro per azione, corrispondente ad un multiplo sul patrimonio netto contabile della Banca al 31 dicembre 2022 di circa 0,64x. I report degli analisti indicano un \u201ctarget price\u201d medio per il titolo Credem di 8,95 Euro per azione, corrispondente ad un multiplo sul patrimonio netto contabile della Banca al 31 dicembre 2022 pari a circa 0,95x. Dall\u2019analisi d ella quotazione di borsa del titolo  Credem di gennaio  2023  (7,82  euro  il prezzo di chiusura al 31 gennaio) \u00e8 emersa una capitalizzazione di borsa pari ad un multiplo del patrimonio netto contabile al 31 dicembre 2022 di circa 0,83x. Verifica di ragionevolezza complessiva Come  messo  in  evidenza  nei  paragrafi  precedenti  del  documento,  sono  state  individuate  e sottoposte  ad  impairment  test  la  CGU  Banking  Commerciale  e  la  CGU  Assicurazioni (Bancassurance). Inoltre, sono state definite in via residuale altre due CGU denominate \u201cFinanza\u201d e \u201cAltro\u201d che comprendono le componenti di costo e ricavo, oltre alle componenti patrimoniali, non ricomprese nelle due CGU precedenti. Alle  CGU  \u201cFinanza\u201d  e \u201cAltro\u201d non \u00e8 stato allocato alcun avviamento contabile. A completamento delle analisi precedentemente descritte e in considerazione del fatto che il test di impairment  relativamente al valore dell\u2019avviamento della CGU Banking Commerciale \u00e8 stato effettuato sulla base di proiezioni che prevedono un\u2019allocazione parziale di corporate asset e/o corporate  cost,  si  \u00e8  proceduto  al  effettuare  una  \u201cverifica  di  ragionevolezza  complessiva\u201d  che prevede un confronto tra il valore contabile ed il valore recuperabile del Gruppo bancario Credem. Ai fini di tale verifica \u00e8 stato utilizzato quale metodo di valutazione il DDM nella variante \u201cexcess capital\u201d e sono stati utilizzati gli stessi parametri di costo del capitale, tasso di crescita di lungo periodo  e  requisiti  patrimoniali richiesti  dall\u2019Autorit\u00e0  di  Vigilanza  utilizzati  per  il  test  della CGU Banking Commerciale. I flussi per l\u2019applicazione della metodologia valutativa sono stati desunti dal Preconsuntivo 2022 e Budget 2023 del Gruppo Credem, approvato dal Consiglio di Amministrazione della Capogruppo il 15 dicembre 2022 e da proiezioni, redatte ai soli fini del test di impairment sugli avviamenti, relative agli esercizi dal 2024 al 2026. Dal  confronto  del  valore  contabile  complessivo  relativo  al  Gruppo  bancario  ed  il  suo  valore recuperabile, non sono emerse indicazioni di riduzione di valore. Anche in questo caso sono state effettuate analisi di sensitivit\u00e0 rispetto a variazioni nei valori dei principali  parametri  al  fine  di  individuare  le  condizioni  sotto  cui  il  valore  recuperabile dell\u2019avviamento a livello di Gruppo risulta pari al suo valore di bilancio. Si \u00e8 infine proceduto all\u2019effettuazione di un test di ragionevolezza complessivo sul Gruppo Credem nella sua interezza. In considerazione del fatto che il business bancario ed il business assicurativo sono da considerarsi diversi tra loro per caratteristiche e per profilo di rischio, per l\u2019effettuazione di tale test si \u00e8 applicato il metodo della \u201csomma di parti\u201d.  Alla luce dei risultati sopra descritti in relazione alla verifica di ragionevolezza complessiva effettuata con riferimento al Gruppo Bancario ed all\u2019effettuazione dell\u2019impairment test relativo alla CGU Assicurazioni, si pu\u00f2 concludere che non sono emerse indicazioni di riduzione di valore.",
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    "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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  "fact-755": {
   "value": "Sezione 10 - Attivit\u00e0 immateriali \u2013 Voce 100 10.1 Attivit\u00e0 immateriali: composizione per tipologia di attivit\u00e0 Attivit\u00e0/Valori Totale 31/12/2022 Totale 31/12/2021 Durata definita Durata indefinita Durata definita Durata indefinita A.1 Avviamento X 291.342 X 291.342 A.1.1 di pertinenza del gruppo  X  291.342 X  291.34 A.1.2 di pertinenza di terzi  X  - X  - A.2 Altre attivit\u00e0 immateriali  185.131 -173.753 -di cui: software  168.427 -154.775 -A.2.1 Attivit\u00e0 valutate al costo:  185.131 - 173.753 - a) Attivit\u00e0 immateriali generate internamente  20.375 - 20.105 - b) Altre attivit\u00e0  164.756 - 153.648 - A.2.2 Attivit\u00e0 valutate al fair value:  - - - - a) Attivit\u00e0 immateriali generate internamente  - - - - b) Altre attivit\u00e0  - - - - Totale 185.131 291.342 173.753 291.342 La voce \u201dAltre attivit\u00e0\u201d \u00e8 composta prevalentemente da software e dalla \u201cCustomer Relationship\u201d relativa alle acquisizioni degli sportelli dei rami d\u2019azienda e alla fusione della Cassa di Risparmio di Cento. 10.2 Attivit\u00e0 immateriali: variazioni annue Avviamento Altre attivit\u00e0 immateriali: generate internamente Altre attivit\u00e0 immateriali: altre Totale DEF  INDEF  DEF  INDEF A. Esistenze iniziali  291.342 63.256 -564.916 -919.514 A.1 Riduzioni di valore totali nette  - (43.151) - (411.268) - (454.419) A.2 Esistenze iniziali nette  291.342 20.105 -153.648 -465.095 B. Aumenti -7.026 -58.303 -65.329 B.1 Acquisti  - 4.969 - 58.128 - 63.097 - di cui operazioni di aggregazione aziendale  - - - - - - B.2 Incrementi di attivit\u00e0 immateriali interne  X  2.057 - - - 2.057 B.3 Riprese di valore  X  - - - - - B.4 Variazioni positive di fair value  - - - - - - - a patrimonio netto  X  - - - - - - a conto economico  X  - - - - - B.5 Differenze di cambio positive  - - - - - - B.6 Altre variazioni  - - - 175 - 175 C. Diminuzioni -6.756 -47.195 -53.952 C.1 Vendite  - - - - - - - di cui operazioni di aggregazione aziendale  - - - - - - C.2 Rettifiche di valore  - 6.756 - 47.020 - 53.776 - Ammortamenti  X  6.756 - 47.020 - 53.776 - Svalutazioni  - - - - - - + patrimonio netto  X  - - - - - + conto economico  - - - - - - C.3 Variazioni negative di fair value:  - - - - - - - a patrimonio netto  X  - - - - - - a conto economico  X  - - - - - C.4 Trasferimenti alle attivit\u00e0 non correnti in via di dismissione - - - - - - C.5 Differenze di cambio negative  - - - - - - C.6 Altre variazioni  - - - 175 - 176 D. Rimanenze finali nette  291.342 20.375 -164.756 -476.473 D.1 Rettifiche di valori totali nette  - 49.905 - 452.234 - 502.139 E. Rimanenze finali lorde  291.342 70.280 -616.990 -978.612 F. Valutazione al costo  - - - - - - Legenda DEF: a durata definita INDEF: a durata indefinita La sottovoce \u201cF - Valutazione al costo\u201d non \u00e8 valorizzata in quanto, come da istruzioni di Banca d\u2019Italia, la sua compilazione \u00e8 prevista solo per le attivit\u00e0 immateriali valutate in bilancio al fair value. Gli incrementi delle attivit\u00e0 immateriali sono principalmente riferibili a nuovi sviluppi applicativi.  Si fornisce il dettaglio degli avviamenti consolidati con il riferimento all\u2019anno di acquisizione o fusione della entit\u00e0 relativa: Gruppi filiali/banche  Anno di fusione o di acquisizione Filiali Deutsche Bank 1998 2.695 B.C.C. Curinga 1998 917 B.C.C. San Giovanni Gemini 1998 452 Banca dei Comuni Nolani 1998 2.361 Banca della Provincia di Napoli 1998 58 B.C.C. Alto Crotonese 1999 161 B.C.C. Fortore Miscano 1999 1.377 Banca Popolare Andriese 2000 17.669 Banca di Latina 2003 3.028 Filiali Citibank International PLC 2008 36.307 Filiali Banco Popolare 2008 119.926 Filiali Unicredit 2008 94.433 TOTALE BANCHE INCORPORATE 279.384 Euromobiliare A.M. Sgr (ramo ceduto da Credem International Lux) 2000 2.166 TOTALI AVVIAMENTI BANCHE 281.550 So.em.ro (incorporata da MGT) 1998 294 Netium 2001 9 Credemvita 2008 4.092 C.S. Inform (incorporata da Credemtel) 2010 1.350 Topkey (incorporata da Credemtel) 2014 835 Sata 2020 1.656 Blue Eye 2021 1.556 TOTALI AVVIAMENTI 291.342 Avviamenti relativi alle Filiali Banco Popolare e Gruppo Unicredit Per  la  definitiva  allocazione  degli avviamenti  relativi  agli  sportelli  acquisiti  nel  2008  si  rinvia  a quanto gi\u00e0 esposto nel bilancio 2009. Impairment test sugli avviamenti Definizione delle CGU Lo IAS 36 prevede che, anche nell\u2019ottica della verifica di eventuali riduzioni di valore (\u201cImpairment Test\u201d),  gli  avviamenti  acquisiti  in  aggregazioni  aziendali  siano  allocati  ad  unit\u00e0  organizzative relativamente  autonome  nel  profilo  gestionale  e  che  beneficiano  delle  sinergie  derivanti dall\u2019acquisizione.  Tali  unit\u00e0  organizzative,  denominate  Cash  Generating  Units  (\u201cCGU\u201d),  devono presentare le seguenti caratteristiche: - rappresentare il livello minimo con riferimento al quale l\u2019avviamento stesso \u00e8 monitorato ai fini del controllo di gestione interno; - non essere superiori a un Segmento Operativo definito ai sensi del principio IFRS 8. Nel Gruppo Credem le CGU che hanno beneficiato e che continuano a beneficiarie delle sinergie derivanti dai processi di aggregazione effettuati nel tempo sono le seguenti: - Banking Commerciale; - Assicurazioni. Il sistema di reportistica utilizzato dalla Direzione \u00e8 coerente con tali CGU (si veda la Parte L relativa all\u2019Informativa di Settore) e, inoltre, i flussi finanziari da esse prodotti risultano omogenei quanto alla  natura  della  clientela  ed  alla  tipologia  di  prodotti  e  servizi  forniti.  Tali  CGU  pertanto rappresentano il pi\u00f9 piccolo gruppo di attivit\u00e0 che genera flussi finanziari in entrata indipendenti ed il livello minimo al quale l\u2019avviamento pu\u00f2 essere allocato secondo criteri non arbitrari. E\u2019 a tale livello che le dinamiche di valore dell\u2019avviamento assumono significato e vengono controllate nella gestione del Gruppo Credem.  Definizione del valore contabile delle CGU Nel  caso  di  aziende  bancarie  e  assicurative  e,  in  generale,  di  aziende  operanti  nel  settore finanziario, le attivit\u00e0 e passivit\u00e0 finanziarie, in linea di principio escluse dall\u2019ambito di applicazione dello IAS 36, costituiscono parte integrante del core business. Al fine di identificare i flussi di cassa delle CGU \u00e8 pertanto necessario considerare anche i flussi di cassa associati alle attivit\u00e0 e passivit\u00e0 finanziarie. Sulla base di tale impostazione, l\u2019impairment test di CGU operanti in ambito finanziario non pu\u00f2 che essere  svolto  secondo  una  prospettiva  cosiddetta  \u201cequity  side\u201d.  Coerentemente,  anche  il valore contabile delle CGU deve essere determinato secondo la stessa prospettiva. In particolare, il valore contabile delle CGU \u00e8 stato determinato nel seguente modo: - Per  la  CGU  Assicurazioni,  composta  integralmente  dalle  entit\u00e0  giuridiche  Credemvita  e Credemassicurazioni, il valore  contabile \u00e8 stato determinato analiticamente, sulla base del contributo al patrimonio netto consolidato di ciascuna societ\u00e0. - Per la CGU Banking Commerciale, non \u00e8 applicabile l\u2019approccio analitico utilizzato per la CGU Assicurazioni, in quanto alla CGU in oggetto contribuiscono gestionalmente il settore banking di Credem e altre societ\u00e0 del perimetro di consolidamento. Pertanto, con riferimento a tale CGU, il relativo valore contabile \u00e8 stato determinato: o allocando analiticamente gli avviamenti di pertinenza; o allocando  il  patrimonio  netto  consolidato  \u201cresiduo\u201d  in  proporzione  al  capitale regolamentare richiesto per l\u2019operativit\u00e0 della CGU.  L\u2019utilizzo di tale indicatore gestionale risulta giustificato dalla considerazione che, nell\u2019ambito dell\u2019attivit\u00e0 finanziaria, i fattori di rischio ed i relativi assorbimenti di capitale regolamentare incidono nella generazione dei flussi  finanziari  prospettici  e  quindi  nella  determinazione  del  valore  recuperabile  con  il quale il valore contabile deve risultare coerente. Di seguito si riporta il prospetto di sintesi relativo ai valori contabili delle CGU e ai relativi valori di bilancio degli avviamenti (in milioni di euro): CGU Banking Commerciale  CGU Assicurazioni Valore  2.245,4  272,6 contabile CGU Avviamenti 288,6 14,4 allocati Gli avviamenti sopra riportati si riferiscono al bilancio consolidato; la quota di tali avviamenti iscritti nel  bilancio  individuale  ammonta  a  240  milioni  di  euro,  riferiti  interamente  alla  CGU  Banking Commerciale, come riportato nella sezione 9 della nota integrativa del bilancio d\u2019esercizio al 31 dicembre 2022. La voce avviamenti allocati comprende anche gli avviamenti relativi a Credemassicurazioni, pari a 10,3 milioni di euro, ad Andxor, pari a 1,1 milioni di euro, e a Gruppo Santamaria, pari a 0,3 milioni di euro inclusi nella voce partecipazioni. Definizione del valore recuperabile delle CGU Il  principio  contabile  IAS  36  richiede  che,  almeno  annualmente,  l\u2019ammontare  dell\u2019avviamento iscritto a bilancio sia sottoposto a Impairment Test. Il test di impairment \u00e8 svolto raffrontando il valore contabile delle CGU a cui \u00e8 allocato con il valore recuperabile dalle stesse. Laddove tale valore risultasse inferiore al valore contabile deve essere rilevata una rettifica di valore. Il valore recuperabile della CGU \u00e8 il maggiore tra il suo fair value al netto dei costi di vendita ed il suo valore d\u2019uso. Il principio aggiunge che nello svolgimento del test di impairment non \u00e8 necessario definire sia il valore d\u2019uso che il fair  value, ma \u00e8 sufficiente  che almeno  uno  dei due sia superiore al valore contabile per confermare l\u2019assenza di una perdita durevole di valore. Ai fini dell\u2019individuazione del valore recuperabile delle singole CGU \u00e8 stato individuato il valore d\u2019uso. CGU Banking Commerciale Per la CGU Banking Commerciale il valore d\u2019uso \u00e8 stato determinato attraverso lo sviluppo del Dividend Discount Model (DDM).  Tale  metodo  determina  il  valore  in  funzione  del  flusso  di  dividendi  attesi  potenzialmente distribuibili.  Nella  fattispecie,  il  metodo  utilizzato  \u00e8  il  DDM  nella  variante  \u201cExcess  Capital\u201d,  comunemente adottata nella prassi valutativa per il settore bancario, in  base al quale il valore economico \u00e8 pari alla sommatoria dei seguenti elementi:  valore attuale dei flussi di cassa futuri generati nell\u2019arco di un determinato orizzonte temporale di pianificazione esplicita e distribuibili agli azionisti mantenendo un livello di patrimonializzazione,  coerente  con  le  istruzioni  dettate  in  materia  dall\u2019Autorit\u00e0  di Vigilanza e compatibile con la natura e l\u2019evoluzione attesa delle attivit\u00e0;  valore attuale di una rendita perpetua definita sulla base di un dividendo sostenibile per gli  esercizi  successivi  al  periodo  di  pianificazione  esplicita,  coerente  con  i  livelli  di patrimonializzazione richiesti dall\u2019Autorit\u00e0 di Vigilanza. Nonostante l\u2019espressione Dividend Discount Model richiami la parola dividendo, i flussi di cassa considerati dal modello non sono i dividendi che si prevede verranno distribuiti agli azionisti, ma i flussi di cassa di cui un azionista potenzialmente potrebbe beneficiare nel rispetto dei limiti delle dotazioni patrimoniali richieste dall\u2019operativit\u00e0 aziendale. I flussi per l\u2019applicazione della metodologia valutativa sono stati desunti dal Preconsuntivo 2022 e Budget 2023 del Gruppo Credem, approvati dal Consiglio di Amministrazione della Capogruppo il 15 dicembre 2022 e da proiezioni, redatte ai soli fini del test di impairment sugli avviamenti, relative agli esercizi dal 2024 al 2026. Il livello di patrimonializzazione, ai fini della determinazione del flusso di dividendi potenzialmente distribuibili, \u00e8 stato ipotizzato pari al 9,25% di Tier 1 e al 11,5% di Tier Total come indicato nella lettera BCE del 15 dicembre 2022 (che a sua volta confermava i contenuti della SREP decision del 2 febbraaio 2022). Il tasso di sconto dei flussi \u00e8 stato stimato sulla base del \u201cCapital Asset Pricing Model\u201d, che stima il costo del capitale come la sommatoria del rendimento di investimenti privi di rischio e di un premio  per  il  rischio  correlato  alla  rischiosit\u00e0  specifica dell\u2019attivit\u00e0.  Nello  specifico  il  costo  del capitale \u00e8 stato determinato nella misura dell\u20198,56%, sulla base dei seguenti parametri:  Tasso privo di rischio: pari al 3,91%, corrispondente alla media semplice del rendimento lordo dei BTP a 10 anni emessi negli ultimi 6 mesi;  Coefficiente Beta: pari a 0,846 corrispondente al coefficiente di Credem (Beta 5Y Adjuted 31.12.2017/31.12.2022, con rilevazione settimanale);  Premio per il rischio  di mercato: pari al 5,50%, in linea con la prassi valutativa per  il mercato italiano e con la comune applicazione nel settore delle assicurazioni; tale valore \u00e8 depurato del \u201crischio paese\u201d in quanto implicitamente compreso nel sopracitato tasso di rendimento delle attivit\u00e0 privo di rischio. Con  riferimento al premio per il  rischio di mercato sono state fatte verifiche con fonti alternative, quali Damodaran, Fernadez e Kroll, provvedendo, ove del caso, a correggere per il differenziale di inflazione dei mercati a cui i valori si riferivano. Il livello scelto dal Gruppo si pone all\u2019interno dell\u2019intervallo di valori alternativi. Il valore terminale, alla fine del periodo di pianificazione esplicito, \u00e8 stato determinato sulla base di un tasso di crescita di lungo periodo sostenibile, assunto nella misura del 1,3%, in linea con le aspettative  di  crescita  di  lungo  termine  dell\u2019economia  e  con  la  prassi  valutativa  (Prometeia, Rapporto  di  Previsione  di  dicembre  2022,  Inflazione  Italia  al  2025,  ultimo  anno  stimato dall\u2019Associazione). Nella tabella che segue viene riportata la sintesi delle valutazioni effettuate. In particolare la tabella pone a confronto i valori contabili della CGU con il rispettivo valore d\u2019uso ottenuto (in milioni di euro): Valore d\u2019uso della CGU  4.950,5 Valore contabile CGU  2.245,4 Delta  2.701,1 Il modello di determinazione del valore d\u2019uso \u00e8 stato inoltre sottoposto ad analisi di sensitivit\u00e0 al fine di apprezzare la variazione dei risultati ottenuti al variare dei parametri valutativi adottati. Dalle analisi svolte, non sono emerse indicazioni di riduzione di valore con riferimento alla CGU in esame fino alla considerazione di un tasso di attualizzazione del 20,17%.  Si segnala infine che, considerando congiuntamente un tasso di crescita di lungo periodo nullo (decremento di 130 bps) e un tasso di attualizzazione del 19,93% non si rileverebbero rettifiche di valore sulla CGU.  CGU Assicurazioni Per  la  CGU  Assicurazioni  il  valore  d\u2019uso  \u00e8  stato  determinato,  considerando  specificamente  il business \u201cDanni\u201d e il business \u201cVita\u201d, anche attraverso il supporto di un consulente esterno. CGU Assicurazioni \u2013 Business Danni Per il business \u201cDanni\u201d, ai fini della stima del valore d\u2019uso, \u00e8 stato utilizzato il metodo del Dividend Discount Model (DDM) nella variante \u201cExcess Capital\u201d, descritto nel paragrafo precedente, sulla base dei seguenti elementi fondamentali. I flussi per l\u2019applicazione della metodologia valutativa si estendono ad un arco temporale di tre esercizi (2023-2025) e si basano sul budget 2023, approvato dal Consiglio di Amministrazione del 12  dicembre  2022,  e  dai  previsionali  2024  e  2025  elaborati  dall\u2019Ufficio  tecnico  di Credemassicurazioni. Il  livello  di  patrimonializzazione  minimo,  ai  fini  della  determinazione  del  flusso  di  dividendi potenzialmente  distribuibili,  \u00e8  stato  definito  coerentemente  con  le  istruzioni  dell\u2019Autorit\u00e0  di Vigilanza ed in linea con la prassi valutativa nel settore di riferimento. Il costo del capitale, stimato sulla base del \u201cCapital Asset Pricing Model\u201d, \u00e8 stato determinato nella misura del 6,89%, sulla base dei seguenti parametri:  Tasso privo di rischio: pari allo 3,91%, corrispondente al rendimento medio registrato negli ultimi 6 mesi dai BTP con scadenza residua decennale;  Coefficiente  Beta:  pari  a  0,54,  corrispondente  al  coefficiente  medio  delle  societ\u00e0  di assicurazione italiane quotate;  Premio per il rischio  di mercato: pari al 5,50%, in linea con la prassi valutativa per  il mercato italiano e con la comune applicazione nel settore delle assicurazioni; tale valore \u00e8 depurato del \u201crischio paese\u201d in quanto implicitamente compreso nel sopracitato tasso di rendimento delle attivit\u00e0 privo di rischio. Con  riferimento al premio per il  rischio di mercato sono state fatte verifiche con fonti alternative, quali Damodaran, Fernadez e Kroll, provvedendo, ove del caso, a correggere per il differenziale di inflazione dei mercati a cui i valori si riferivano. Il livello scelto dal Gruppo si pone all\u2019interno dell\u2019intervallo di valori alternativi. Il valore terminale \u00e8 stato determinato pari al valore dell\u2019ultimo periodo di pianificazione esplicito. CGU Assicurazioni \u2013 Business Vita Il valore d\u2019uso del business \u201cVita\u201d \u00e8 stato stimato secondo l\u2019approccio denominato Appraisal Value, sommando al Patrimonio Netto secondo i principi contabili IFRS il Business in-Force, determinato attraverso l\u2019attualizzazione dei futuri margini tecnici derivanti dal portafoglio in essere, ed il New Business Value, derivante dal portafoglio di futura produzione prevedibile. I  flussi  per  la  determinazione  del  valore  derivante  dal  Business  in-Force  sono  stati  stimati, attraverso l\u2019utilizzo della metodologia alla base del Traditional Embedded Value, considerando la composizione del portafoglio assicurati e le caratteristiche tecniche del portafoglio prodotti. I flussi per l\u2019applicazione della metodologia valutativa si estendono ad un arco temporale di tre esercizi (2023-2025) e si basano sul budget 2023, approvato dal Consiglio di Amministrazione del 12 dicembre 2022, e dai previsionali 2024 e 2025. Il costo del capitale, stimato sulla base del \u201cCapital Asset Pricing Model\u201d, \u00e8 stato determinato nella misura del 6,89%, sulla base dei seguenti parametri:  Tasso privo di rischio: pari allo 3,91%, corrispondente al rendimento medio registrato negli ultimi 6 mesi dai BTP con scadenza residua decennale;  Coefficiente  Beta:  pari  a  0,54,  corrispondente  al  coefficiente  medio  delle  societ\u00e0  di assicurazione italiane quotate;  Premio per il rischio  di mercato: pari al 5,50%, in linea con la prassi valutativa per  il mercato italiano e con la comune applicazione nel settore delle assicurazioni; tale valore \u00e8 depurato del \u201crischio paese\u201d in quanto implicitamente compreso nel sopracitato tasso di rendimento delle attivit\u00e0 privo di rischio. Con  riferimento al premio per il  rischio di mercato sono state fatte verifiche con fonti alternative, quali Damodaran, Fernadez e  Kroll, provvedendo, ove del caso, a correggere per il differenziale di inflazione dei mercati  a cui i valori si riferivano. Il livello scelto dal Gruppo si pone all\u2019interno dell\u2019intervallo di valori alternativi. Nella tabella che segue viene riportata la sintesi delle valutazioni effettuate con riferimento alla CGU Assicurazioni (dati in milioni di euro):  Danni Business Vita Totale CGU Assicurazioni Valored\u2019usodellaCGU 181,8 414,1 595,9 ValorecontabileCGU 90,8 185,9 276,7 Delta  91,0  228,2 319,2 Il modello di determinazione del valore d\u2019uso \u00e8 stato inoltre sottoposto ad analisi di sensitivit\u00e0 al fine di apprezzare la variazione dei risultati ottenuti al variare dei parametri valutativi adottati. Dalle analisi svolte, non sono emerse indicazioni di riduzione di valore con riferimento alla CGU in esame, considerando: - per il business Danni, tasso di attualizzazione \u201cKe\u201d (+/-50 bps); - per il business Vita: - Business In Force, tasso di attualizzazione \u201cKe\u201d (+/-50 bps), riscatti (+/-50 bps), spese (+/-50 bps) e tasso di crescita \u201cg\u201d (+/-50 bps); - New Business, tasso di attualizzazione \u201cKe\u201d (+/-50 bps), tasso di crescita \u201cg\u201d (+/-50 bps) e New Business Margin APE (+/-100 bps). In  una  logica  complessiva  di  ulteriore  \u201cstress  test\u201d,  si  segnala  che  anche  considerando congiuntamente: - per il business Danni, un tasso di attualizzazione del 7,89% (incremento di circa 100 bps) e un incremento del Sovency Capital Requirement del 10% (incremento di circa 1000 bps); - per il business Vita, un tasso di attualizzazione del 7,89% (incremento di circa 100 bps) e una minore marginalit\u00e0 sul New Business di 100 bps; non si rileverebbero rettifiche di valore sulla CGU Assicurazioni. Nota sulle valutazioni espresse dal mercato Negli ultimi sei mesi del 2022 le azioni Credem sono state scambiate ad un controvalore medio di 5,98 Euro per azione, corrispondente ad un multiplo sul patrimonio netto contabile della Banca al 31 dicembre 2022 di circa 0,64x. I report degli analisti indicano un \u201ctarget price\u201d medio per il titolo Credem di 8,95 Euro per azione, corrispondente ad un multiplo sul patrimonio netto contabile della Banca al 31 dicembre 2022 pari a circa 0,95x. Dall\u2019analisi d ella quotazione di borsa del titolo  Credem di gennaio  2023  (7,82  euro  il prezzo di chiusura al 31 gennaio) \u00e8 emersa una capitalizzazione di borsa pari ad un multiplo del patrimonio netto contabile al 31 dicembre 2022 di circa 0,83x. Verifica di ragionevolezza complessiva Come  messo  in  evidenza  nei  paragrafi  precedenti  del  documento,  sono  state  individuate  e sottoposte  ad  impairment  test  la  CGU  Banking  Commerciale  e  la  CGU  Assicurazioni (Bancassurance). Inoltre, sono state definite in via residuale altre due CGU denominate \u201cFinanza\u201d e \u201cAltro\u201d che comprendono le componenti di costo e ricavo, oltre alle componenti patrimoniali, non ricomprese nelle due CGU precedenti. Alle  CGU  \u201cFinanza\u201d  e \u201cAltro\u201d non \u00e8 stato allocato alcun avviamento contabile. A completamento delle analisi precedentemente descritte e in considerazione del fatto che il test di impairment  relativamente al valore dell\u2019avviamento della CGU Banking Commerciale \u00e8 stato effettuato sulla base di proiezioni che prevedono un\u2019allocazione parziale di corporate asset e/o corporate  cost,  si  \u00e8  proceduto  al  effettuare  una  \u201cverifica  di  ragionevolezza  complessiva\u201d  che prevede un confronto tra il valore contabile ed il valore recuperabile del Gruppo bancario Credem. Ai fini di tale verifica \u00e8 stato utilizzato quale metodo di valutazione il DDM nella variante \u201cexcess capital\u201d e sono stati utilizzati gli stessi parametri di costo del capitale, tasso di crescita di lungo periodo  e  requisiti  patrimoniali richiesti  dall\u2019Autorit\u00e0  di  Vigilanza  utilizzati  per  il  test  della CGU Banking Commerciale.  I flussi per l\u2019applicazione della metodologia valutativa sono stati desunti dal Preconsuntivo 2022 e Budget 2023 del Gruppo Credem, approvato dal Consiglio di Amministrazione della Capogruppo il 15 dicembre 2022 e da proiezioni, redatte ai soli fini del test di impairment sugli avviamenti, relative agli esercizi dal 2024 al 2026.  Dal  confronto  del  valore  contabile  complessivo  relativo  al  Gruppo  bancario  ed  il  suo  valore recuperabile, non sono emerse indicazioni di riduzione di valore. Anche in questo caso sono state effettuate analisi di sensitivit\u00e0 rispetto a variazioni nei valori dei principali  parametri  al  fine  di  individuare  le  condizioni  sotto  cui  il  valore  recuperabile dell\u2019avviamento a livello di Gruppo risulta pari al suo valore di bilancio. Si \u00e8 infine proceduto all\u2019effettuazione di un test di ragionevolezza complessivo sul Gruppo Credem nella sua interezza. In considerazione del fatto che il business bancario ed il business assicurativo sono da considerarsi diversi tra loro per caratteristiche e per profilo di rischio, per l\u2019effettuazione di tale test si \u00e8 applicato il metodo della \u201csomma di parti\u201d.  Alla luce dei risultati sopra descritti in relazione alla verifica di ragionevolezza complessiva effettuata con riferimento al Gruppo Bancario ed all\u2019effettuazione dell\u2019impairment test relativo alla CGU Assicurazioni, si pu\u00f2 concludere che non sono emerse indicazioni di riduzione di valore. ",
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    "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
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    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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   "value": "Sezione 10 - Attivit\u00e0 immateriali \u2013 Voce 100 10.1 Attivit\u00e0 immateriali: composizione per tipologia di attivit\u00e0 Attivit\u00e0/Valori Totale 31/12/2022 Totale 31/12/2021 Durata definita Durata indefinita Durata definita Durata indefinita A.1 Avviamento X 291.342 X 291.342 A.1.1 di pertinenza del gruppo  X  291.342 X  291.34 A.1.2 di pertinenza di terzi  X  - X  - A.2 Altre attivit\u00e0 immateriali  185.131 -173.753 -di cui: software  168.427 -154.775 -A.2.1 Attivit\u00e0 valutate al costo:  185.131 - 173.753 - a) Attivit\u00e0 immateriali generate internamente  20.375 - 20.105 - b) Altre attivit\u00e0  164.756 - 153.648 - A.2.2 Attivit\u00e0 valutate al fair value:  - - - - a) Attivit\u00e0 immateriali generate internamente  - - - - b) Altre attivit\u00e0  - - - - Totale 185.131 291.342 173.753 291.342 La voce \u201dAltre attivit\u00e0\u201d \u00e8 composta prevalentemente da software e dalla \u201cCustomer Relationship\u201d relativa alle acquisizioni degli sportelli dei rami d\u2019azienda e alla fusione della Cassa di Risparmio di Cento. 10.2 Attivit\u00e0 immateriali: variazioni annue Avviamento Altre attivit\u00e0 immateriali: generate internamente Altre attivit\u00e0 immateriali: altre Totale DEF  INDEF  DEF  INDEF A. Esistenze iniziali  291.342 63.256 -564.916 -919.514 A.1 Riduzioni di valore totali nette  - (43.151) - (411.268) - (454.419) A.2 Esistenze iniziali nette  291.342 20.105 -153.648 -465.095 B. Aumenti -7.026 -58.303 -65.329 B.1 Acquisti  - 4.969 - 58.128 - 63.097 - di cui operazioni di aggregazione aziendale  - - - - - - B.2 Incrementi di attivit\u00e0 immateriali interne  X  2.057 - - - 2.057 B.3 Riprese di valore  X  - - - - - B.4 Variazioni positive di fair value  - - - - - - - a patrimonio netto  X  - - - - - - a conto economico  X  - - - - - B.5 Differenze di cambio positive  - - - - - - B.6 Altre variazioni  - - - 175 - 175 C. Diminuzioni -6.756 -47.195 -53.952 C.1 Vendite  - - - - - - - di cui operazioni di aggregazione aziendale  - - - - - - C.2 Rettifiche di valore  - 6.756 - 47.020 - 53.776 - Ammortamenti  X  6.756 - 47.020 - 53.776 - Svalutazioni  - - - - - - + patrimonio netto  X  - - - - - + conto economico  - - - - - - C.3 Variazioni negative di fair value:  - - - - - - - a patrimonio netto  X  - - - - - - a conto economico  X  - - - - - C.4 Trasferimenti alle attivit\u00e0 non correnti in via di dismissione - - - - - - C.5 Differenze di cambio negative  - - - - - - C.6 Altre variazioni  - - - 175 - 176 D. Rimanenze finali nette  291.342 20.375 -164.756 -476.473 D.1 Rettifiche di valori totali nette  - 49.905 - 452.234 - 502.139 E. Rimanenze finali lorde  291.342 70.280 -616.990 -978.612 F. Valutazione al costo  - - - - - - Legenda DEF: a durata definita INDEF: a durata indefinita La sottovoce \u201cF - Valutazione al costo\u201d non \u00e8 valorizzata in quanto, come da istruzioni di Banca d\u2019Italia, la sua compilazione \u00e8 prevista solo per le attivit\u00e0 immateriali valutate in bilancio al fair value. Gli incrementi delle attivit\u00e0 immateriali sono principalmente riferibili a nuovi sviluppi applicativi. Si fornisce il dettaglio degli avviamenti consolidati con il riferimento all\u2019anno di acquisizione o fusione della entit\u00e0 relativa: Gruppi filiali/banche  Anno di fusione o di acquisizione Filiali Deutsche Bank 1998 2.695 B.C.C. Curinga 1998 917 B.C.C. San Giovanni Gemini 1998 452 Banca dei Comuni Nolani 1998 2.361 Banca della Provincia di Napoli 1998 58 B.C.C. Alto Crotonese 1999 161 B.C.C. Fortore Miscano 1999 1.377 Banca Popolare Andriese 2000 17.669 Banca di Latina 2003 3.028 Filiali Citibank International PLC 2008 36.307 Filiali Banco Popolare 2008 119.926 Filiali Unicredit 2008 94.433 TOTALE BANCHE INCORPORATE 279.384 Euromobiliare A.M. Sgr (ramo ceduto da Credem International Lux) 2000 2.166 TOTALI AVVIAMENTI BANCHE 281.550 So.em.ro (incorporata da MGT) 1998 294 Netium 2001 9 Credemvita 2008 4.092 C.S. Inform (incorporata da Credemtel) 2010 1.350 Topkey (incorporata da Credemtel) 2014 835 Sata 2020 1.656 Blue Eye 2021 1.556 TOTALI AVVIAMENTI 291.342 Avviamenti relativi alle Filiali Banco Popolare e Gruppo Unicredit Per  la  definitiva  allocazione  degli avviamenti  relativi  agli  sportelli  acquisiti  nel  2008  si  rinvia  a quanto gi\u00e0 esposto nel bilancio 2009. Impairment test sugli avviamenti Definizione delle CGU Lo IAS 36 prevede che, anche nell\u2019ottica della verifica di eventuali riduzioni di valore (\u201cImpairment Test\u201d),  gli  avviamenti  acquisiti  in  aggregazioni  aziendali  siano  allocati  ad  unit\u00e0  organizzative relativamente  autonome  nel  profilo  gestionale  e  che  beneficiano  delle  sinergie  derivanti dall\u2019acquisizione.  Tali  unit\u00e0  organizzative,  denominate  Cash  Generating  Units  (\u201cCGU\u201d),  devono presentare le seguenti caratteristiche: - rappresentare il livello minimo con riferimento al quale l\u2019avviamento stesso \u00e8 monitorato ai fini del controllo di gestione interno; - non essere superiori a un Segmento Operativo definito ai sensi del principio IFRS 8. Nel Gruppo Credem le CGU che hanno beneficiato e che continuano a beneficiarie delle sinergie derivanti dai processi di aggregazione effettuati nel tempo sono le seguenti: - Banking Commerciale; - Assicurazioni. Il sistema di reportistica utilizzato dalla Direzione \u00e8 coerente con tali CGU (si veda la Parte L relativa all\u2019Informativa di Settore) e, inoltre, i flussi finanziari da esse prodotti risultano omogenei quanto alla  natura  della  clientela  ed  alla  tipologia  di  prodotti  e  servizi  forniti.  Tali  CGU  pertanto rappresentano il pi\u00f9 piccolo gruppo di attivit\u00e0 che genera flussi finanziari in entrata indipendenti ed il livello minimo al quale l\u2019avviamento pu\u00f2 essere allocato secondo criteri non arbitrari. E\u2019 a tale livello che le dinamiche di valore dell\u2019avviamento assumono significato e vengono controllate nella gestione del Gruppo Credem. Definizione del valore contabile delle CGU Nel  caso  di  aziende  bancarie  e  assicurative  e,  in  generale,  di  aziende  operanti  nel  settore finanziario, le attivit\u00e0 e passivit\u00e0 finanziarie, in linea di principio escluse dall\u2019ambito di applicazione dello IAS 36, costituiscono parte integrante del core business. Al fine di identificare i flussi di cassa delle CGU \u00e8 pertanto necessario considerare anche i flussi di cassa associati alle attivit\u00e0 e passivit\u00e0 finanziarie. Sulla base di tale impostazione, l\u2019impairment test di CGU operanti in ambito finanziario non pu\u00f2 che essere  svolto  secondo  una  prospettiva  cosiddetta  \u201cequity  side\u201d.  Coerentemente,  anche  il valore contabile delle CGU deve essere determinato secondo la stessa prospettiva. In particolare, il valore contabile delle CGU \u00e8 stato determinato nel seguente modo: - Per  la  CGU  Assicurazioni,  composta  integralmente  dalle  entit\u00e0  giuridiche  Credemvita  e Credemassicurazioni, il valore  contabile \u00e8 stato determinato analiticamente, sulla base del contributo al patrimonio netto consolidato di ciascuna societ\u00e0. - Per la CGU Banking Commerciale, non \u00e8 applicabile l\u2019approccio analitico utilizzato per la CGU Assicurazioni, in quanto alla CGU in oggetto contribuiscono gestionalmente il settore banking di Credem e altre societ\u00e0 del perimetro di consolidamento. Pertanto, con riferimento a tale CGU, il relativo valore contabile \u00e8 stato determinato: o allocando analiticamente gli avviamenti di pertinenza; o allocando  il  patrimonio  netto  consolidato  \u201cresiduo\u201d  in  proporzione  al  capitale regolamentare richiesto per l\u2019operativit\u00e0 della CGU.  L\u2019utilizzo di tale indicatore gestionale risulta giustificato dalla considerazione che, nell\u2019ambito dell\u2019attivit\u00e0 finanziaria, i fattori di rischio ed i relativi assorbimenti di capitale regolamentare incidono nella generazione dei flussi  finanziari  prospettici  e  quindi  nella  determinazione  del  valore  recuperabile  con  il quale il valore contabile deve risultare coerente. Di seguito si riporta il prospetto di sintesi relativo ai valori contabili delle CGU e ai relativi valori di bilancio degli avviamenti (in milioni di euro): CGU Banking Commerciale  CGU Assicurazioni Valore  2.245,4  272,6 contabile CGU Avviamenti 288,6 14,4 allocati Gli avviamenti sopra riportati si riferiscono al bilancio consolidato; la quota di tali avviamenti iscritti nel  bilancio  individuale  ammonta  a  240  milioni  di  euro,  riferiti  interamente  alla  CGU  Banking Commerciale, come riportato nella sezione 9 della nota integrativa del bilancio d\u2019esercizio al 31 dicembre 2022. La voce avviamenti allocati comprende anche gli avviamenti relativi a Credemassicurazioni, pari a 10,3 milioni di euro, ad Andxor, pari a 1,1 milioni di euro, e a Gruppo Santamaria, pari a 0,3 milioni di euro inclusi nella voce partecipazioni. Definizione del valore recuperabile delle CGU Il  principio  contabile  IAS  36  richiede  che,  almeno  annualmente,  l\u2019ammontare  dell\u2019avviamento iscritto a bilancio sia sottoposto a Impairment Test. Il test di impairment \u00e8 svolto raffrontando il valore contabile delle CGU a cui \u00e8 allocato con il valore recuperabile dalle stesse. Laddove tale valore risultasse inferiore al valore contabile deve essere rilevata una rettifica di valore. Il valore recuperabile della CGU \u00e8 il maggiore tra il suo fair value al netto dei costi di vendita ed il suo valore d\u2019uso. Il principio aggiunge che nello svolgimento del test di impairment non \u00e8 necessario definire sia il valore d\u2019uso che il fair  value, ma \u00e8 sufficiente  che almeno  uno  dei due sia superiore al valore contabile per confermare l\u2019assenza di una perdita durevole di valore. Ai fini dell\u2019individuazione del valore recuperabile delle singole CGU \u00e8 stato individuato il valore d\u2019uso. CGU Banking Commerciale Per la CGU Banking Commerciale il valore d\u2019uso \u00e8 stato determinato attraverso lo sviluppo del Dividend Discount Model (DDM). Tale  metodo  determina  il  valore  in  funzione  del  flusso  di  dividendi  attesi  potenzialmente distribuibili.  Nella  fattispecie,  il  metodo  utilizzato  \u00e8  il  DDM  nella  variante  \u201cExcess  Capital\u201d, comunemente adottata nella prassi valutativa per il settore bancario, in  base al quale il valore economico \u00e8 pari alla sommatoria dei seguenti elementi: valore attuale dei flussi di cassa futuri generati nell\u2019arco di un determinato orizzonte temporale di pianificazione esplicita e distribuibili agli azionisti mantenendo un livello di patrimonializzazione,  coerente  con  le  istruzioni  dettate  in  materia  dall\u2019Autorit\u00e0  di Vigilanza e compatibile con la natura e l\u2019evoluzione attesa delle attivit\u00e0; valore attuale di una rendita perpetua definita sulla base di un dividendo sostenibile per gli  esercizi  successivi  al  periodo  di  pianificazione  esplicita,  coerente  con  i  livelli  di patrimonializzazione richiesti dall\u2019Autorit\u00e0 di Vigilanza. Nonostante l\u2019espressione Dividend Discount Model richiami la parola dividendo, i flussi di cassa considerati dal modello non sono i dividendi che si prevede verranno distribuiti agli azionisti, ma i flussi di cassa di cui un azionista potenzialmente potrebbe beneficiare nel rispetto dei limiti delle dotazioni patrimoniali richieste dall\u2019operativit\u00e0 aziendale. I flussi per l\u2019applicazione della metodologia valutativa sono stati desunti dal Preconsuntivo 2022 e Budget 2023 del Gruppo Credem, approvati dal Consiglio di Amministrazione della Capogruppo il 15 dicembre 2022 e da proiezioni, redatte ai soli fini del test di impairment sugli avviamenti, relative agli esercizi dal 2024 al 2026. Il livello di patrimonializzazione, ai fini della determinazione del flusso di dividendi potenzialmente distribuibili, \u00e8 stato ipotizzato pari al 9,25% di Tier 1 e al 11,5% di Tier Total come indicato nella lettera BCE del 15 dicembre 2022 (che a sua volta confermava i contenuti della SREP decision del 2 febbraaio 2022). Il tasso di sconto dei flussi \u00e8 stato stimato sulla base del \u201cCapital Asset Pricing Model\u201d, che stima il costo del capitale come la sommatoria del rendimento di investimenti privi di rischio e di un premio  per  il  rischio  correlato  alla  rischiosit\u00e0  specifica dell\u2019attivit\u00e0.  Nello  specifico  il  costo  del capitale \u00e8 stato determinato nella misura dell\u20198,56%, sulla base dei seguenti parametri: Tasso privo di rischio: pari al 3,91%, corrispondente alla media semplice del rendimento lordo dei BTP a 10 anni emessi negli ultimi 6 mesi; Coefficiente Beta: pari a 0,846 corrispondente al coefficiente di Credem (Beta 5Y Adjuted 31.12.2017/31.12.2022, con rilevazione settimanale); Premio per il rischio  di mercato: pari al 5,50%, in linea con la prassi valutativa per  il mercato italiano e con la comune applicazione nel settore delle assicurazioni; tale valore \u00e8 depurato del \u201crischio paese\u201d in quanto implicitamente compreso nel sopracitato tasso di rendimento delle attivit\u00e0 privo di rischio. Con  riferimento al premio per il  rischio di mercato sono state fatte verifiche con fonti alternative, quali Damodaran, Fernadez e Kroll, provvedendo, ove del caso, a correggere per il differenziale di inflazione dei mercati a cui i valori si riferivano. Il livello scelto dal Gruppo si pone all\u2019interno dell\u2019intervallo di valori alternativi. Il valore terminale, alla fine del periodo di pianificazione esplicito, \u00e8 stato determinato sulla base di un tasso di crescita di lungo periodo sostenibile, assunto nella misura del 1,3%, in linea con le aspettative  di  crescita  di  lungo  termine  dell\u2019economia  e  con  la  prassi  valutativa  (Prometeia, Rapporto  di  Previsione  di  dicembre  2022,  Inflazione  Italia  al  2025,  ultimo  anno  stimato dall\u2019Associazione). Nella tabella che segue viene riportata la sintesi delle valutazioni effettuate. In particolare la tabella pone a confronto i valori contabili della CGU con il rispettivo valore d\u2019uso ottenuto (in milioni di euro): Valore d\u2019uso della CGU  4.950,5 Valore contabile CGU  2.245,4 Delta  2.701,1 Il modello di determinazione del valore d\u2019uso \u00e8 stato inoltre sottoposto ad analisi di sensitivit\u00e0 al fine di apprezzare la variazione dei risultati ottenuti al variare dei parametri valutativi adottati. Dalle analisi svolte, non sono emerse indicazioni di riduzione di valore con riferimento alla CGU in esame fino alla considerazione di un tasso di attualizzazione del 20,17%. Si segnala infine che, considerando congiuntamente un tasso di crescita di lungo periodo nullo (decremento di 130 bps) e un tasso di attualizzazione del 19,93% non si rileverebbero rettifiche di valore sulla CGU. CGU Assicurazioni Per  la  CGU  Assicurazioni  il  valore  d\u2019uso  \u00e8  stato  determinato,  considerando  specificamente  il business \u201cDanni\u201d e il business \u201cVita\u201d, anche attraverso il supporto di un consulente esterno. CGU Assicurazioni \u2013 Business Danni Per il business \u201cDanni\u201d, ai fini della stima del valore d\u2019uso, \u00e8 stato utilizzato il metodo del Dividend Discount Model (DDM) nella variante \u201cExcess Capital\u201d, descritto nel paragrafo precedente, sulla base dei seguenti elementi fondamentali. I flussi per l\u2019applicazione della metodologia valutativa si estendono ad un arco temporale di tre esercizi (2023-2025) e si basano sul budget 2023, approvato dal Consiglio di Amministrazione del 12  dicembre  2022,  e  dai  previsionali  2024  e  2025  elaborati  dall\u2019Ufficio  tecnico  di Credemassicurazioni. Il  livello  di  patrimonializzazione  minimo,  ai  fini  della  determinazione  del  flusso  di  dividendi potenzialmente  distribuibili,  \u00e8  stato  definito  coerentemente  con  le  istruzioni  dell\u2019Autorit\u00e0  di Vigilanza ed in linea con la prassi valutativa nel settore di riferimento. Il costo del capitale, stimato sulla base del \u201cCapital Asset Pricing Model\u201d, \u00e8 stato determinato nella misura del 6,89%, sulla base dei seguenti parametri: Tasso privo di rischio: pari allo 3,91%, corrispondente al rendimento medio registrato negli ultimi 6 mesi dai BTP con scadenza residua decennale; Coefficiente  Beta:  pari  a  0,54,  corrispondente  al  coefficiente  medio  delle  societ\u00e0  di assicurazione italiane quotate; Premio per il rischio  di mercato: pari al 5,50%, in linea con la prassi valutativa per  il mercato italiano e con la comune applicazione nel settore delle assicurazioni; tale valore \u00e8 depurato del \u201crischio paese\u201d in quanto implicitamente compreso nel sopracitato tasso di rendimento delle attivit\u00e0 privo di rischio. Con  riferimento al premio per il  rischio di mercato sono state fatte verifiche con fonti alternative, quali Damodaran, Fernadez e Kroll, provvedendo, ove del caso, a correggere per il differenziale di inflazione dei mercati a cui i valori si riferivano. Il livello scelto dal Gruppo si pone all\u2019interno dell\u2019intervallo di valori alternativi. Il valore terminale \u00e8 stato determinato pari al valore dell\u2019ultimo periodo di pianificazione esplicito. CGU Assicurazioni \u2013 Business Vita Il valore d\u2019uso del business \u201cVita\u201d \u00e8 stato stimato secondo l\u2019approccio denominato Appraisal Value, sommando al Patrimonio Netto secondo i principi contabili IFRS il Business in-Force, determinato attraverso l\u2019attualizzazione dei futuri margini tecnici derivanti dal portafoglio in essere, ed il New Business Value, derivante dal portafoglio di futura produzione prevedibile. I  flussi  per  la  determinazione  del  valore  derivante  dal  Business  in-Force  sono  stati  stimati, attraverso l\u2019utilizzo della metodologia alla base del Traditional Embedded Value, considerando la composizione del portafoglio assicurati e le caratteristiche tecniche del portafoglio prodotti. I flussi per l\u2019applicazione della metodologia valutativa si estendono ad un arco temporale di tre esercizi (2023-2025) e si basano sul budget 2023, approvato dal Consiglio di Amministrazione del 12 dicembre 2022, e dai previsionali 2024 e 2025. Il costo del capitale, stimato sulla base del \u201cCapital Asset Pricing Model\u201d, \u00e8 stato determinato nella misura del 6,89%, sulla base dei seguenti parametri: Tasso privo di rischio: pari allo 3,91%, corrispondente al rendimento medio registrato negli ultimi 6 mesi dai BTP con scadenza residua decennale; Coefficiente  Beta:  pari  a  0,54,  corrispondente  al  coefficiente  medio  delle  societ\u00e0  di assicurazione italiane quotate; Premio per il rischio  di mercato: pari al 5,50%, in linea con la prassi valutativa per  il mercato italiano e con la comune applicazione nel settore delle assicurazioni; tale valore \u00e8 depurato del \u201crischio paese\u201d in quanto implicitamente compreso nel sopracitato tasso di rendimento delle attivit\u00e0 privo di rischio. Con  riferimento al premio per il  rischio di mercato sono state fatte verifiche con fonti alternative, quali Damodaran, Fernadez e Kroll, provvedendo, ove del caso, a correggere per il differenziale di inflazione dei mercati a cui i valori si riferivano. Il livello scelto dal Gruppo si pone all\u2019interno dell\u2019intervallo di valori alternativi. Nella tabella che segue viene riportata la sintesi delle valutazioni effettuate con riferimento alla CGU Assicurazioni (dati in milioni di euro): Danni Business Vita Totale CGU Assicurazioni Valored\u2019usodellaCGU 181,8 414,1 595,9 ValorecontabileCGU 90,8 185,9 276,7 Delta  91,0  228,2 319,2 Il modello di determinazione del valore d\u2019uso \u00e8 stato inoltre sottoposto ad analisi di sensitivit\u00e0 al fine di apprezzare la variazione dei risultati ottenuti al variare dei parametri valutativi adottati. Dalle analisi svolte, non sono emerse indicazioni di riduzione di valore con riferimento alla CGU in esame, considerando: - per il business Danni, tasso di attualizzazione \u201cKe\u201d (+/-50 bps); - per il business Vita: - Business In Force, tasso di attualizzazione \u201cKe\u201d (+/-50 bps), riscatti (+/-50 bps), spese (+/-50 bps) e tasso di crescita \u201cg\u201d (+/-50 bps); - New Business, tasso di attualizzazione \u201cKe\u201d (+/-50 bps), tasso di crescita \u201cg\u201d (+/-50 bps) e New Business Margin APE (+/-100 bps). In  una  logica  complessiva  di  ulteriore  \u201cstress  test\u201d,  si  segnala  che  anche  considerando congiuntamente: - per il business Danni, un tasso di attualizzazione del 7,89% (incremento di circa 100 bps) e un incremento del Sovency Capital Requirement del 10% (incremento di circa 1000 bps); - per il business Vita, un tasso di attualizzazione del 7,89% (incremento di circa 100 bps) e una minore marginalit\u00e0 sul New Business di 100 bps; non si rileverebbero rettifiche di valore sulla CGU Assicurazioni. Nota sulle valutazioni espresse dal mercato Negli ultimi sei mesi del 2022 le azioni Credem sono state scambiate ad un controvalore medio di 5,98 Euro per azione, corrispondente ad un multiplo sul patrimonio netto contabile della Banca al 31 dicembre 2022 di circa 0,64x. I report degli analisti indicano un \u201ctarget price\u201d medio per il titolo Credem di 8,95 Euro per azione, corrispondente ad un multiplo sul patrimonio netto contabile della Banca al 31 dicembre 2022 pari a circa 0,95x. Dall\u2019analisi d ella quotazione di borsa del titolo  Credem di gennaio  2023  (7,82  euro  il prezzo di chiusura al 31 gennaio) \u00e8 emersa una capitalizzazione di borsa pari ad un multiplo del patrimonio netto contabile al 31 dicembre 2022 di circa 0,83x. Verifica di ragionevolezza complessiva Come  messo  in  evidenza  nei  paragrafi  precedenti  del  documento,  sono  state  individuate  e sottoposte  ad  impairment  test  la  CGU  Banking  Commerciale  e  la  CGU  Assicurazioni (Bancassurance). Inoltre, sono state definite in via residuale altre due CGU denominate \u201cFinanza\u201d e \u201cAltro\u201d che comprendono le componenti di costo e ricavo, oltre alle componenti patrimoniali, non ricomprese nelle due CGU precedenti. Alle  CGU  \u201cFinanza\u201d  e \u201cAltro\u201d non \u00e8 stato allocato alcun avviamento contabile. A completamento delle analisi precedentemente descritte e in considerazione del fatto che il test di impairment  relativamente al valore dell\u2019avviamento della CGU Banking Commerciale \u00e8 stato effettuato sulla base di proiezioni che prevedono un\u2019allocazione parziale di corporate asset e/o corporate  cost,  si  \u00e8  proceduto  al  effettuare  una  \u201cverifica  di  ragionevolezza  complessiva\u201d  che prevede un confronto tra il valore contabile ed il valore recuperabile del Gruppo bancario Credem. Ai fini di tale verifica \u00e8 stato utilizzato quale metodo di valutazione il DDM nella variante \u201cexcess capital\u201d e sono stati utilizzati gli stessi parametri di costo del capitale, tasso di crescita di lungo periodo  e  requisiti  patrimoniali richiesti  dall\u2019Autorit\u00e0  di  Vigilanza  utilizzati  per  il  test  della CGU Banking Commerciale. I flussi per l\u2019applicazione della metodologia valutativa sono stati desunti dal Preconsuntivo 2022 e Budget 2023 del Gruppo Credem, approvato dal Consiglio di Amministrazione della Capogruppo il 15 dicembre 2022 e da proiezioni, redatte ai soli fini del test di impairment sugli avviamenti, relative agli esercizi dal 2024 al 2026. Dal  confronto  del  valore  contabile  complessivo  relativo  al  Gruppo  bancario  ed  il  suo  valore recuperabile, non sono emerse indicazioni di riduzione di valore. Anche in questo caso sono state effettuate analisi di sensitivit\u00e0 rispetto a variazioni nei valori dei principali  parametri  al  fine  di  individuare  le  condizioni  sotto  cui  il  valore  recuperabile dell\u2019avviamento a livello di Gruppo risulta pari al suo valore di bilancio. Si \u00e8 infine proceduto all\u2019effettuazione di un test di ragionevolezza complessivo sul Gruppo Credem nella sua interezza. In considerazione del fatto che il business bancario ed il business assicurativo sono da considerarsi diversi tra loro per caratteristiche e per profilo di rischio, per l\u2019effettuazione di tale test si \u00e8 applicato il metodo della \u201csomma di parti\u201d.  Alla luce dei risultati sopra descritti in relazione alla verifica di ragionevolezza complessiva effettuata con riferimento al Gruppo Bancario ed all\u2019effettuazione dell\u2019impairment test relativo alla CGU Assicurazioni, si pu\u00f2 concludere che non sono emerse indicazioni di riduzione di valore.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-840": {
   "value": "immateriali: composizione per tipologia di attivit\u00e0 Attivit\u00e0/Valori Totale 31/12/2022 Totale 31/12/2021 Durata definita Durata indefinita Durata definita Durata indefinita nto X 291.342 X 291.342 nenza del gruppo  X  291.342 X  291.34 nenza di terzi  X  - X  - vit\u00e0 immateriali  185.131 -173.753 -ftware  168.427 -154.775 -valutate al costo:  185.131 - 173.753 - \u00e0 immateriali generate internamente  20.375 - 20.105 - attivit\u00e0  164.756 - 153.648 -  valutate al fair value:  - - - - \u00e0 immateriali generate internamente  - - - - attivit\u00e0  - - - - Totale 185.131 291.342 173.753 291.342 a voce \u201dAltre attivit\u00e0\u201d \u00e8 composta prevalentemente da software e dalla \u201cCustomer Relationship\u201d elativa alle acquisizioni degli sportelli dei rami d\u2019azienda e alla fusione della Cassa di Risparmio di Cento. 10.2 Attivit\u00e0 immateriali: variazioni annue Avviamento Altre attivit\u00e0 immateriali: generate internamente Altre attivit\u00e0 immateriali: altre Totale DEF  INDEF  DEF  INDEF A. Esistenze iniziali  291.342 63.256 -564.916 -919.514 A.1 Riduzioni di valore totali nette  - (43.151) - (411.268) - (454.419) A.2 Esistenze iniziali nette  291.342 20.105 -153.648 -465.095 B. Aumenti -7.026 -58.303 -65.329 B.1 Acquisti  - 4.969 - 58.128 - 63.097 - di cui operazioni di aggregazione aziendale  - - - - - - B.2 Incrementi di attivit\u00e0 immateriali interne  X  2.057 - - - 2.057 B.3 Riprese di valore  X  - - - - - B.4 Variazioni positive di fair value  - - - - - - - a patrimonio netto  X  - - - - - - a conto economico  X  - - - - - B.5 Differenze di cambio positive  - - - - - - B.6 Altre variazioni  - - - 175 - 175 C. Diminuzioni -6.756 -47.195 -53.952 C.1 Vendite  - - - - - - - di cui operazioni di aggregazione aziendale  - - - - - - C.2 Rettifiche di valore  - 6.756 - 47.020 - 53.776 - Ammortamenti  X  6.756 - 47.020 - 53.776 - Svalutazioni  - - - - - - + patrimonio netto  X  - - - - - + conto economico  - - - - - - C.3 Variazioni negative di fair value:  - - - - - - - a patrimonio netto  X  - - - - - - a conto economico  X  - - - - - C.4 Trasferimenti alle attivit\u00e0 non correnti in via di dismissione - - - - - - C.5 Differenze di cambio negative  - - - - - - C.6 Altre variazioni  - - - 175 - 176 D. Rimanenze finali nette  291.342 20.375 -164.756 -476.473 D.1 Rettifiche di valori totali nette  - 49.905 - 452.234 - 502.139 E. Rimanenze finali lorde  291.342 70.280 -616.990 -978.612 F. Valutazione al costo  - - - - - - Legenda DEF: a durata definita INDEF: a durata indefinita La sottovoce \u201cF - Valutazione al costo\u201d non \u00e8 valorizzata in quanto, come da istruzioni di Banca d\u2019Italia, la sua compilazione \u00e8 prevista solo per le attivit\u00e0 immateriali valutate in bilancio al fair value. Gli incrementi delle attivit\u00e0 immateriali sono principalmente riferibili a nuovi sviluppi applicativi. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-879": {
   "value": "<div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs1ade\">Sezion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs1adf\">11<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs1ae0\">\u2013<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs1ae1\">Le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs1ae2\">attivit\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs1ae3\">fisca<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs1ae4\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs1ae5\">le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs1ae6\">passivit\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs1ae7\">fisca<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs1ae8\">\u2013<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs1ae9\">Voce<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs1aea\">110<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs1aeb\">dell\u2019attivo<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs1aec\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs1aed\">Voce<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs1aee\">60<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs1aef\">del<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs1af0\">pa<span class=\"_ _1\"></span>ssiv<span class=\"_ _0\"></span>o<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1af1\">Le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>fiscali<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>passivit\u00e0<span class=\"ff1\"> </span>fiscali<span class=\"ff1\"> </span>correnti<span class=\"ff1\"> </span>comprendono<span class=\"ff1\"> </span>l\u2019ammontar<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>netto<span class=\"ff1\"> </span>(d<span class=\"_ _0\"></span>ebito<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>credito)<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1af2\">IRES<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ed<span class=\"ff1\"> <span class=\"_ _20\"></span></span>IRAP,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>netto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>credit<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d\u2019imposta<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>degli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>acconti,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l\u2019addizionale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>IR<span class=\"_ _2\"></span>ES,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prevista<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>gli<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1af3\">intermediari<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">f<span class=\"_ _2\"></span>inanziari<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ai<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sensi<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>ell\u2019art.12,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">comm<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">3,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>el<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">D<span class=\"_ _2\"></span>ecreto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Legislativo<span class=\"ff1\"> </span>n.142<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">29<span class=\"ff1\"> </span>novembre<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1af4\">201<span class=\"_ _0\"></span>8. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1af5\">Ai<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fini<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>elle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">imposte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dirette,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risultano<span class=\"ff1\"> </span>defi<span class=\"_ _0\"></span>niti,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>decorrenza<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span>termini<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">all<span class=\"_ _2\"></span>\u2019art.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">43<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">D.P.R.<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1af6\">29/9/1973,<span class=\"ff1\"> </span>n.<span class=\"ff1\"> </span>600,<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>periodi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>imposta<span class=\"ff1\"> </span>chiusi<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>31/12/2016. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1af7\">I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischi<span class=\"ff1\"> </span>derivanti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dal<span class=\"ff1\"> </span>contenzioso<span class=\"ff1\"> </span>fiscale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Gruppo<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>residiati<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>deguati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">accantonamenti<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1af8\">fondi<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>oneri. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1af9\">Con<span class=\"ff1\"> </span>riguardo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> </span>capogru<span class=\"_ _2\"></span>ppo,<span class=\"ff1\"> </span>sono<span class=\"_ _2\"></span><span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>essere<span class=\"ff1\"> <span class=\"_ _2\"></span></span>23<span class=\"ff1\"> </span>procedimenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contenziosi,<span class=\"ff1\"> </span>afferenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> </span>imp<span class=\"_ _0\"></span>oste </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1afa\">dirette<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tributi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>local<span class=\"_ _2\"></span>i.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Relativamente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contenziosi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>non<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>emersi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>effett<span class=\"_ _2\"></span>ivi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quanto<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1afb\">meno<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">rischio</span> <span class=\"_ _27\"> </span><span class=\"ff3\">s<span class=\"_ _2\"></span>timato</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">\u00e8</span> <span class=\"_ _27\"> </span><span class=\"ff3\">apparso</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">remoto.</span> <span class=\"_ _27\"> </span><span class=\"ff3\">Per</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">cui</span> <span class=\"_ _27\"> </span><span class=\"ff3\">non</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">sono</span> <span class=\"_ _27\"> </span><span class=\"ff3\">st<span class=\"_ _2\"></span>ati</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">effe<span class=\"_ _0\"></span>ttuati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>accantonamenti<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1afc\">spe<span class=\"_ _1\"></span>cifici<span class=\"_ _0\"></span>. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1afd\">Per<span class=\"ff1\"> </span>Credemleasing<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">essere<span class=\"ff1\"> </span>34<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">procedimenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contenziosi,<span class=\"ff1\"> </span>prevalentemente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">relativi<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tributi<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1afe\">loc<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1aff\">Per<span class=\"ff1\"> </span>Credem<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Euromobiliare<span class=\"ff1\"> </span>P<span class=\"_ _0\"></span>rivat<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Banking<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">S.p.A.,<span class=\"ff1\"> </span>ad<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">esito<span class=\"_ _2\"></span><span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>conclusione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">favorevole<span class=\"ff1\"> </span>dell\u2019unico<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b00\">con<span class=\"_ _0\"></span>ten<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>so<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>nden<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>ma<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>ia<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>mpos<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">r<span class=\"_ _0\"></span>egi<span class=\"_ _0\"></span>stro<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">su<span class=\"ff1\"> </span>ce<span class=\"_ _1\"></span>ssione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ra<span class=\"_ _0\"></span>mo<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">az<span class=\"_ _0\"></span>iend<span class=\"_ _0\"></span>a,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b01\">contenziosi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pendenti. </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b02\">Per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Credemtel<span class=\"ff1\"> </span>S.<span class=\"_ _0\"></span>p.A.,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">far<span class=\"ff1\"> </span>data<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dal<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2022,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pende<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>nico<span class=\"ff1\"> </span>contenzioso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">avente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ad<span class=\"ff1\"> </span>oggetto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sanzioni<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b03\">I<span class=\"_ _0\"></span>VA.<span class=\"_ _0\"></span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b04\">Sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>infine<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prese<span class=\"_ _2\"></span>nti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contr<span class=\"_ _2\"></span>oversie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>minore<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rilev<span class=\"_ _0\"></span>anza<span class=\"ff1\"> <span class=\"_ _21\"></span></span>relative<span class=\"ff1\"> <span class=\"_ _20\"></span></span>all\u2019operativit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>posta<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>essere<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dai<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b05\">promotori<span class=\"ff1\"> </span>finanziari,<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>contenzioso<span class=\"ff1\"> </span>lavor<span class=\"_ _2\"></span>istico,<span class=\"ff1\"> </span>nonch\u00e9<span class=\"ff1\"> </span>all\u2019<span class=\"_ _0\"></span>ambito<span class=\"_ _2\"></span><span class=\"ff1\"> </span>immobiliare,<span class=\"ff1\"> </span>amministrativo. </div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1b06\">Isc<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1b07\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1b08\">mi<span class=\"_ _0\"></span>su<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>zio<span class=\"_ _1\"></span>ne<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1b09\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1b0a\">at<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1b0b\">pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1b0c\">im<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1b0d\">di<span class=\"_ _0\"></span>ffe<span class=\"_ _1\"></span>rite<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b0e\">Nell\u2019attivo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dello<span class=\"ff1\"> <span class=\"_ _2\"></span></span>st<span class=\"_ _2\"></span>ato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>patrimoniale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>presenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u201c<span class=\"_ _2\"></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fiscali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>imposte<span class=\"ff1\"> <span class=\"_ _2\"></span></span>anticipate\u201d,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>D<span class=\"_ _2\"></span>TA<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b0f\">ovvero<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Deferred<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Tax<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Asset,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>princip<span class=\"_ _0\"></span>almente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>derivanti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>differenze<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>temporanee<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tra<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dat<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b10\">iscrizione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>conto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>economico<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>costi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>data<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>alla<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quale<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>costi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>medesimi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>potranno<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>essere<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b11\">ded<span class=\"_ _0\"></span>otti<span class=\"_ _0\"></span>.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Tali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">atti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>scr<span class=\"_ _0\"></span>itte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in</span> <span class=\"_ _1\"></span><span class=\"ff3\">bilan<span class=\"_ _0\"></span>cio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rife<span class=\"_ _0\"></span>ris<span class=\"_ _0\"></span>con<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">diffe<span class=\"_ _0\"></span>renze<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tem<span class=\"_ _0\"></span>por<span class=\"_ _0\"></span>anee<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rec<span class=\"_ _0\"></span>upe<span class=\"_ _0\"></span>rab<span class=\"_ _0\"></span>ili<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>rco<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b12\">temporale<span class=\"ff1\"> </span>ab<span class=\"_ _0\"></span>bastanza<span class=\"ff1\"> </span>lungo.<span class=\"ff1\"> </span>Le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>imposte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anticipate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vengono<span class=\"ff1\"> </span>svalutate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nella<span class=\"ff1\"> </span>misura<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in</span> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b13\">cui<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>stesse<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>vengono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ritenute<span class=\"ff1\">  </span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>recup<span class=\"_ _0\"></span>erabili<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>relazione<span class=\"ff1\">  </span>alle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">prospett<span class=\"_ _2\"></span>ive</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">reddituali</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">ed</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">ai</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b14\">conseguenti<span class=\"ff1\"> </span>redditi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">imponibili<span class=\"ff1\"> </span>attesi,<span class=\"ff1\"> </span>tenuto<span class=\"ff1\"> </span>altres\u00ec<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">conto</span> <span class=\"ff3\">della</span> <span class=\"ff3\">n<span class=\"_ _0\"></span>ormat<span class=\"_ _2\"></span>iva<span class=\"ff1\"> </span>fiscale<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onsente<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b15\">loro<span class=\"ff1\">  </span>t<span class=\"_ _0\"></span>rasformazione<span class=\"ff1\">  </span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>crediti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\">  </span>imp<span class=\"_ _0\"></span>osta,<span class=\"ff1\">  </span>al<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ricorrere<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>determinate<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>condizioni.<span class=\"ff1\">  </span>Il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>processo<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b16\">valutativo<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>fondato<span class=\"ff1\"> </span>sulle<span class=\"ff1\"> </span>prospettive<span class=\"ff1\"> </span>reddituali. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b17\">Le<span class=\"ff1\"> </span>att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>imposte<span class=\"ff1\"> <span class=\"_ _2\"></span></span>anticipate<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>iscritte<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>bilancio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nella<span class=\"ff1\"> </span>misura<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cui<span class=\"ff1\"> </span>esist<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>probabilit\u00e0<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b18\">del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>loro<span class=\"ff1\"> <span class=\"_ _20\"></span></span>recupero,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valutata<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u201c<span class=\"_ _2\"></span>Probability<span class=\"ff1\"> <span class=\"_ _2\"></span></span>test\u201d<span class=\"ff1\"> <span class=\"_ _20\"></span></span>previsto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dallo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>IAS12<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sulla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>base<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>capacit<span class=\"_ _2\"></span>\u00e0<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b19\">fiscale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>ella<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Banc<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>ociet\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Gruppo,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"></span></span>effetto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>ll\u2019esercizio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dell\u2019opzione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>relativa<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b1a\">\u201cco<span class=\"_ _0\"></span>nsol<span class=\"_ _0\"></span>ida<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>scal<span class=\"_ _0\"></span>e\u201d,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">gene<span class=\"_ _0\"></span>rare<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con</span> <span class=\"ff3\">co<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>nui<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>redd<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">impo<span class=\"_ _0\"></span>nibi<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>pos<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>vi<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>futu<span class=\"_ _0\"></span>ri<span class=\"ff1\"> </span>es<span class=\"_ _0\"></span>erc<span class=\"_ _0\"></span>izi,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tenu<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b1b\">conto<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>disposizioni<span class=\"ff1\"> </span>fiscali<span class=\"ff1\"> </span>vigenti. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b1c\">L\u2019ammontare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>imposte<span class=\"ff1\"> <span class=\"_ _20\"></span></span>anticipate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>iscritto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>bilancio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>viene<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>ottoposto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>est<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ogni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>anno,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b1d\">verificare<span class=\"ff1\"> <span class=\"_ _20\"></span></span>se<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>ussista<span class=\"ff1\"> <span class=\"_ _21\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>meno<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>agionevole<span class=\"ff1\"> <span class=\"_ _20\"></span></span>probabilit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _21\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>societ\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>interessata<span class=\"ff1\"> <span class=\"_ _20\"></span></span>consegua<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b1e\">futuro<span class=\"ff1\"> </span>risultati<span class=\"ff1\"> </span>imponib<span class=\"_ _0\"></span>ili<span class=\"ff1\"> </span>tali<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">consentire<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riassorbimento<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">impos<span class=\"_ _2\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anticipate<span class=\"ff1\"> </span>iscritte<span class=\"ff1\"> </span>nei<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b1f\">precedenti<span class=\"ff1\"> </span>periodi<span class=\"ff1\"> </span>d\u2019imposta. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b20\">Con<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>riferimento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>all\u2019iscrivibilit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>impost<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>anticipate<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ed<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> <span class=\"_ _21\"></span></span>loro<span class=\"ff1\"> <span class=\"_ _21\"></span></span>mantenimento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b21\">bilancio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>opportuno<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>richiamare<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>alcune<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>impor<span class=\"_ _2\"></span>tanti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>modifiche<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>no<span class=\"_ _2\"></span>rmative<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>introdotte<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>2011<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b22\">materia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fiscale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prevedendo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tr<span class=\"_ _2\"></span>asformazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>mposte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anticipate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">crediti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b23\">imposta<span class=\"ff1\">  </span>in<span class=\"ff1\">  </span>predeterminate<span class=\"ff1\">  </span>ipot<span class=\"_ _2\"></span>esi,<span class=\"ff1\">  </span>hanno<span class=\"ff1\">  </span>introdotto<span class=\"ff1\">  </span>la<span class=\"ff1\">  </span>m<span class=\"_ _2\"></span>odalit\u00e0<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>recupero<span class=\"ff1\">  </span>delle<span class=\"ff1\">  </span>impost<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b24\">anticipate<span class=\"ff1\"> </span>attive<span class=\"ff1\"> </span>tale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">da</span> <span class=\"ff3\">assicur<span class=\"_ _0\"></span>are<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>loro<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riassorbimento<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">prescindere</span> <span class=\"_ _0\"></span><span class=\"ff3\">dalla<span class=\"ff1\"> </span>capacit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">generare<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b25\">una<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">redditivit\u00e0. </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b26\">Le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span>sposi<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>cui<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span>l\u2019a<span class=\"_ _0\"></span>rt.2<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ommi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> </span>5<span class=\"_ _0\"></span>5<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">58,<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>D.<span class=\"_ _0\"></span>L.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">225/2<span class=\"_ _0\"></span>010,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>.d.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Decr<span class=\"_ _0\"></span>eto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Mil<span class=\"_ _0\"></span>lep<span class=\"_ _0\"></span>roro<span class=\"_ _0\"></span>ghe<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">2010,<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b27\">hanno<span class=\"ff1\"> </span>introdotto<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">disciplina<span class=\"ff1\"> </span>della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">trasfor<span class=\"_ _2\"></span>mazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>credito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>imposta<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>imposte<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b28\">anticipate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>ip<span class=\"_ _0\"></span>otesi<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rilevazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>un<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>\u201cperdita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">civilistica\u201d.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Rientrano<span class=\"ff1\"> </span>nella<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">presente<span class=\"ff1\"> </span>disciplina<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b29\">imp<span class=\"_ _1\"></span>oste<span class=\"ff1\"> </span>an<span class=\"_ _0\"></span>ticip<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">iscri<span class=\"_ _0\"></span>tte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in</span> <span class=\"ff3\">bil<span class=\"_ _0\"></span>anci<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>rel<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sia</span> <span class=\"ff3\">all<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>sval<span class=\"_ _0\"></span>uta<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cre<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">anco<span class=\"_ _0\"></span>ra<span class=\"ff1\"> </span>ded<span class=\"_ _0\"></span>otte<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b2a\">ai<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sen<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>ll\u2019<span class=\"_ _0\"></span>art.<span class=\"_ _0\"></span>106,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">com<span class=\"_ _0\"></span>ma<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">3,<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Tui<span class=\"_ _0\"></span>r,<span class=\"ff1\"> </span>si<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ore<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>\u2019avv<span class=\"_ _0\"></span>iamen<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dell<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>tre<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ttiv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">imm<span class=\"_ _0\"></span>obil<span class=\"_ _0\"></span>iari<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b2b\">ai<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sensi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>de<span class=\"_ _0\"></span>ll\u2019art<span class=\"_ _2\"></span>.103<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Tuir,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>compone<span class=\"_ _2\"></span>nti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>negativi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>deducibili<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>periodi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>impos<span class=\"_ _2\"></span>ta<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b2c\">successivi.<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Successivamente<span class=\"ff1\">  </span>l<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Legge<span class=\"ff1\">  </span>22<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dicem<span class=\"_ _2\"></span>bre<span class=\"ff1\">  </span>20<span class=\"_ _2\"></span>11<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>n.214,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\">  </span>s<span class=\"_ _2\"></span>eguito<span class=\"ff1\">  </span>214<span class=\"_ _2\"></span>/2011,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>la<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b2d\">conversione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>disposizioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>contenute<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Decreto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Legge<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>2<span class=\"_ _2\"></span>01/2011<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ha<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>apportato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>impor<span class=\"_ _2\"></span>tanti </div>modifiche<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>alla<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>disciplina<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>t<span class=\"_ _2\"></span>rasformazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>imposte<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>anticipate<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>estendendone<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>l\u2019am<span class=\"_ _2\"></span>bito<span class=\"ff1\"> </span>oggettivo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>applicazione<span class=\"ff1\"> </span>all\u2019ipotesi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>conseguimento<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>perdita<span class=\"ff1\"> </span>fiscale<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>fini<span class=\"ff1\"> </span>IRES.<span class=\"_ _3bd\"> </span>Le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>modifiche<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>introdott<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dalla<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Legge<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>147/2013<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>hanno<span class=\"ff1\">  </span>e<span class=\"_ _0\"></span>steso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tr<span class=\"_ _2\"></span>asformazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>imposte<span class=\"ff1\"> </span>anticipate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Irap<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>stanziate<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sulle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>quote<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>ettifiche<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valo<span class=\"_ _2\"></span>re<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>ui<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>crediti,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sulle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quote<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> </span>amm<span class=\"_ _0\"></span>orta<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">avvia<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>altr<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>atti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>mate<span class=\"_ _0\"></span>rial<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>rin<span class=\"_ _0\"></span>via<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>negl<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ese<span class=\"_ _0\"></span>rciz<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>succ<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>sivi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nelle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ipote<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span></span></span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rilevazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> </span>perdita<span class=\"ff1\"> </span>civilistica<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>conseguimento<span class=\"ff1\"> </span>ai<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fini<span class=\"ff1\"> </span>Irap<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> </span>della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">produzione<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>netta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">negativo. </span></span>Quindi,<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ipotesi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>una<span class=\"ff1\"> <span class=\"_ _2\"></span></span>perdita<span class=\"ff1\"> <span class=\"_ _2\"></span></span>civilistica<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>una<span class=\"ff1\"> <span class=\"_ _2\"></span></span>perdita<span class=\"ff1\"> </span>fiscale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> </span>valore<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> </span>produzione<span class=\"ff1\"> </span>netta<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Irap<span class=\"ff1\"> <span class=\"_ _20\"></span></span>negativo,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>imposte<span class=\"ff1\"> <span class=\"_ _20\"></span></span>anticipate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Ires/Irap<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riferite<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rettifiche<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>su<span class=\"ff1\"> </span>crediti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ancora<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>edott<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dal<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">reddito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">imponibile<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">impose<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anticipate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riconducibili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>va<span class=\"_ _0\"></span>lore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dell\u2019<span class=\"_ _0\"></span>avvi<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>altre<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">atti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>immat<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>ali,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i</span> <span class=\"ff3\">cui</span> <span class=\"ff3\">compo<span class=\"_ _0\"></span>nen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>neg<span class=\"_ _0\"></span>ativ<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>son<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ded<span class=\"_ _0\"></span>uci<span class=\"_ _0\"></span>bil<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span></span></span></span></span></span></span>pi\u00f9<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>riod<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">imp<span class=\"_ _1\"></span>osta,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>tra<span class=\"_ _0\"></span>sfor<span class=\"_ _0\"></span>mate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>redi<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">imp<span class=\"_ _0\"></span>osta<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">se<span class=\"_ _0\"></span>cond<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rev<span class=\"_ _0\"></span>isi<span class=\"_ _0\"></span>oni<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>elle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Leg<span class=\"_ _0\"></span>ge<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">214<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>del<span class=\"ff1\"> </span>22<span class=\"ff1\"> </span>dicembre<span class=\"ff1\"> </span>201<span class=\"_ _2\"></span>1<span class=\"ff1\"> </span>(compensazione<span class=\"ff1\"> </span>senza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>limiti<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>q<span class=\"_ _2\"></span>ualsiasi<span class=\"ff1\"> </span>tipo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tributo<span class=\"_ _2\"></span>,<span class=\"ff1\"> </span>incluso<span class=\"ff1\"> </span>rit<span class=\"_ _2\"></span>enute<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>tri<span class=\"_ _0\"></span>buti<span class=\"_ _0\"></span>). Da<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>segnalare<span class=\"ff1\"> <span class=\"_ _21\"></span></span>inoltre<span class=\"ff1\"> <span class=\"_ _21\"></span></span>come<span class=\"ff1\"> <span class=\"_ _21\"></span></span>l\u2019articolo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>11<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>decreto-legge<span class=\"ff1\"> <span class=\"_ _21\"></span></span>3<span class=\"ff1\"> <span class=\"_ _21\"></span></span>maggio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>2016,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>n.<span class=\"ff1\"> <span class=\"_ _21\"></span></span>59,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>convertito<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>con<span class=\"ff1\"> </span>modificazioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dalla<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>legge<span class=\"ff1\">  </span>30<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>giugno<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>2016,<span class=\"ff1\">  </span>n.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>119,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>stabilisce<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\">  </span>imprese<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>interessate<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dalle<span class=\"ff1\"> </span>disposizioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"ff1\">  </span>p<span class=\"_ _0\"></span>reve<span class=\"_ _2\"></span>dono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\">  </span>trasformazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\">  </span>credi<span class=\"_ _0\"></span>ti<span class=\"ff1\">  </span>d\u2019imposta<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>elle<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>attivit\u00e0<span class=\"ff1\">  </span>per<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>imposte<span class=\"ff1\"> </span>anticipate<span class=\"ff1\"> </span>\u2013<span class=\"_ _2\"></span><span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _2\"></span></span>all\u2019articolo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>2,<span class=\"ff1\"> </span>commi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"ff1\"> <span class=\"_ _2\"></span></span>55<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>57,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>decreto-legge<span class=\"ff1\"> <span class=\"_ _2\"></span></span>29<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dicembre<span class=\"ff1\"> </span>2010,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>n.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>225<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> </span>possono<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>optare<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>mantenimento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dell\u2019applicazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>predette<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>disposizioni,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>att<span class=\"_ _2\"></span>raverso<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> </span>versamento<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>canone. L\u2019opzione<span class=\"ff1\"> </span>ha<span class=\"ff1\"> </span>lo<span class=\"ff1\"> </span>scopo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>consentire<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>societ\u00e0<span class=\"ff1\"> </span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">hanno</span> <span class=\"ff3\">DTA</span> <span class=\"ff3\">qualificate</span> <span class=\"ff3\">al</span> <span class=\"ff3\">31</span> <span class=\"ff3\">dicembre</span> <span class=\"ff3\">2015</span> <span class=\"ff3\">di</span> </span>mantenere<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>diritto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>trasformarle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>crediti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>d\u2019imposta<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>caso<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>futuro<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>verifichino<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>le<span class=\"_ _2\"></span><span class=\"ff1\"> </span>situazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perdita<span class=\"ff1\"> </span>civilistica<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>fiscale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>liquidazione<span class=\"ff1\"> </span>prevista<span class=\"ff1\"> </span>all\u2019articolo<span class=\"ff1\"> </span>2,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">commi<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>55<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">5<span class=\"_ _2\"></span>6<span class=\"ff1\"> </span>ter<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>del<span class=\"ff1\"> </span>Dl<span class=\"ff1\"> </span>225<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>2010. Oltre<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ci\u00f2,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>regime<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d<span class=\"_ _2\"></span>educibilit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fi<span class=\"_ _2\"></span>ni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Ires<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Irap<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>valutazioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>crediti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>perdite<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>u<span class=\"ff1\"> </span>crediti,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>verso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>clientela,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>degli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>enti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>creditizi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>f<span class=\"_ _2\"></span>inanziari<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>imprese<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ass<span class=\"_ _2\"></span>icurazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>st<span class=\"_ _2\"></span>ato<span class=\"ff1\"> </span>modificato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>D<span class=\"_ _2\"></span>ecreto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Legge<span class=\"ff1\">  </span>n.83<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>27<span class=\"ff1\">  </span>giugno<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>2015,<span class=\"ff1\">  </span>art.16,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>introducendo,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"ff1\">  </span>posto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>della<span class=\"ff1\"> </span>deducibilit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>annuale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>m<span class=\"_ _2\"></span>isura<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quinto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> <span class=\"_ _20\"></span></span>c<span class=\"_ _2\"></span>iascun<span class=\"ff1\"> <span class=\"_ _20\"></span></span>anno,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>deducibilit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>integrale,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>partire<span class=\"ff1\"> </span>da<span class=\"_ _0\"></span>ll\u2019e<span class=\"_ _0\"></span>ser<span class=\"_ _0\"></span>cizi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>20<span class=\"_ _0\"></span>16,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">comp<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span>nti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">neg<span class=\"_ _0\"></span>ativi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>eddi<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>\u2019ese<span class=\"_ _0\"></span>rcizi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>cu<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span>son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>leva<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bil<span class=\"_ _0\"></span>ancio<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>mentre<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>svalutazioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>elative<span class=\"ff1\"> <span class=\"_ _2\"></span></span>all\u2019esercizio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>2015<span class=\"ff1\"> <span class=\"_ _20\"></span></span>erano<span class=\"ff1\"> <span class=\"_ _20\"></span></span>deducibili<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>75%<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nell\u2019anno<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>p<span class=\"_ _2\"></span>ertinenza,<span class=\"ff1\"> </span>mentre<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>restante<span class=\"ff1\"> <span class=\"_ _20\"></span></span>25<span class=\"_ _2\"></span>%<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sar\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>deducibile,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>insie<span class=\"_ _0\"></span>me<span class=\"ff1\"> <span class=\"_ _20\"></span></span>agli<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span></span>stock<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>valutazioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>perdite<span class=\"ff1\"> <span class=\"_ _21\"></span></span>non<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ancora<span class=\"ff1\"> </span>dedotte<span class=\"ff1\"> </span>presenti<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>31<span class=\"ff1\"> </span>dicembre<span class=\"ff1\"> </span>2014,<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>dieci<span class=\"ff1\"> </span>anni<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>differenti<span class=\"ff1\"> </span>percentuali<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>deduzione. La<span class=\"ff1\"> </span>legge<span class=\"ff1\"> </span>30<span class=\"ff1\"> </span>dicembre<span class=\"ff1\"> </span>2018,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">n.145,<span class=\"ff1\"> </span>nota<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>Legge<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Bilancio<span class=\"ff1\"> </span>20<span class=\"_ _2\"></span>19,<span class=\"ff1\"> </span>ha<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rinviato<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>percentuale<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></span></span></span></span></span></span>deduzione<span class=\"ff1\"> </span>prevista<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>2018<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>2026. Sempre<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stessa<span class=\"ff1\"> </span>legge<span class=\"ff1\"> </span>ha<span class=\"ff1\"> </span>rinviato<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>percentuale<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>dedu<span class=\"_ _0\"></span>zione<span class=\"ff1\"> </span>prevista<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>2019<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quattr<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>quote<span class=\"ff1\"> </span></span></span></span></span>annuali<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>2022<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>2025. La<span class=\"ff1\"> </span>legge<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Bilancio<span class=\"ff1\"> </span>n.160<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>27<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dicembre<span class=\"ff1\"> </span>2019,<span class=\"ff1\"> </span>nota<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>Legge<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Bilancio<span class=\"ff1\"> </span>2020,<span class=\"ff1\"> </span>ha<span class=\"ff1\"> </span>disposto<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>rinvio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>partire<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dal<span class=\"ff1\"> <span class=\"_ _2\"></span></span>201<span class=\"_ _2\"></span>9<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fino<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>2029<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>deduzione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>secondo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>diverse<span class=\"ff1\"> <span class=\"_ _20\"></span></span>misure<span class=\"ff1\"> <span class=\"_ _2\"></span></span>percentuali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> </span>quote<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ammortamento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>relative<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dell\u2019avviamento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>elle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"_ _2\"></span>ltre<span class=\"ff1\"> <span class=\"_ _21\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>imma<span class=\"_ _2\"></span>teriali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ch<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>hanno<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ato<span class=\"ff1\"> </span>luogo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">all\u2019iscrizione<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">imposte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anticipate<span class=\"ff1\"> </span>che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> </span>erano<span class=\"ff1\"> </span>ancora<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">state<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dedotte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> </span>2017<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ed<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>articolar<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ai<span class=\"ff1\"> </span>quei<span class=\"ff1\"> </span>valori<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">relativi<span class=\"ff1\"> </span>ad<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">avviam<span class=\"_ _2\"></span>enti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ed<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>tre<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>immateriali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">iscritti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>consolidato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>iferibili<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>maggior<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>valori<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>contabili<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>partecipazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>controllo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"_ _2\"></span>cquisite<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ed<span class=\"ff1\"> </span>iscritte<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>effetto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>operazioni<span class=\"ff1\"> </span>straordinarie. La<span class=\"ff1\"> <span class=\"_ _20\"></span></span>st<span class=\"_ _2\"></span>essa<span class=\"ff1\"> <span class=\"_ _20\"></span></span>legge<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ha<span class=\"ff1\"> <span class=\"_ _21\"></span></span>inoltre<span class=\"ff1\"> <span class=\"_ _20\"></span></span>previst<span class=\"_ _2\"></span>o,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _21\"></span></span>commi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>1067<span class=\"ff1\"> <span class=\"_ _21\"></span></span>-1<span class=\"_ _0\"></span>068,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>componenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>reddituali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>erivanti<span class=\"ff1\"> </span>dall\u2019adozione<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">modello<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rilevazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span>fondo<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">copert<span class=\"_ _2\"></span>ura<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">p<span class=\"_ _2\"></span>erdite<span class=\"ff1\"> </span>attese<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"ff1\"> </span>crediti<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>al<span class=\"ff1\"> </span>par.5.5<span class=\"ff1\"> </span>IFRS9,<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>iscritti<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>b<span class=\"_ _0\"></span>ilancio<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>sede<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prima<span class=\"ff1\"> </span>adozione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>medesimo<span class=\"ff1\"> </span>principio<span class=\"ff1\"> </span>contabile,<span class=\"ff1\"> </span></span></span>siano<span class=\"ff1\">  </span>deducibili<span class=\"ff1\">  </span>dalla<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>base<span class=\"ff1\">  </span>imponibile<span class=\"ff1\">  </span>IRES<span class=\"ff1\">  </span>ed<span class=\"ff1\">  </span>IRAP<span class=\"ff1\">  </span>nella<span class=\"ff1\">  </span>misura<span class=\"ff1\">  </span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>10<span class=\"_ _2\"></span><span class=\"ff1\">  </span>per<span class=\"ff1\">  </span>ce<span class=\"_ _0\"></span>nto<span class=\"ff1\">  </span>del<span class=\"ff1\">  </span>loro<span class=\"ff1\"> </span>ammontare<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>periodo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>impost<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>prima<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>adozione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>estante<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>90<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cento<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quote<span class=\"ff1\"> </span>costanti<span class=\"ff1\"> </span>nei<span class=\"ff1\"> </span>nove<span class=\"ff1\"> </span>periodi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>imposta<span class=\"ff1\"> </span>successivi. Sempre<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>st<span class=\"_ _2\"></span>essa<span class=\"ff1\"> </span>legge<span class=\"ff1\"> </span>ha<span class=\"ff1\"> </span>rinviat<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>percentuale<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>ded<span class=\"_ _2\"></span>uzione<span class=\"ff1\"> </span>prevista<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nel<span class=\"ff1\"> </span>2019<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>cinque<span class=\"ff1\"> </span>quot<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>annuali<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>2025<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>2029<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>ha<span class=\"ff1\"> </span>rinv<span class=\"_ _0\"></span>iato<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>percentuale<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>deduzio<span class=\"_ _2\"></span>ne<span class=\"ff1\"> </span>prevista<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>2019<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>2028. L\u2019art.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>110<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>DL<span class=\"ff1\"> <span class=\"_ _2\"></span></span>14<span class=\"ff1\"> <span class=\"_ _2\"></span></span>agosto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>2020,<span class=\"ff1\"> </span>n.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>104<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(c.d.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>decreto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u201cAgosto\u201d)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ha<span class=\"ff1\"> <span class=\"_ _2\"></span></span>reintrodotto,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"_ _2\"></span><span class=\"ff1\"> </span>disposizioni<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>prevedono<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>ivalu<span class=\"_ _0\"></span>tazione<span class=\"ff1\"> </span>(anche<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>lo<span class=\"ff1\"> </span>civilistica)<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>beni<span class=\"ff1\"> </span>d\u2019impresa<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> </span>2020,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> </span>pos<span class=\"_ _2\"></span>sibilit\u00e0,<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>societ\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>redigono<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>bilancio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d\u2019esercizio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>secondo<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>principi<span class=\"ff1\"> </span>cont<span class=\"_ _2\"></span>abili<span class=\"ff1\"> </span>IAS/IFRS,<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>riallineare<span class=\"ff1\">  </span>le<span class=\"ff1\">  </span>diver<span class=\"_ _2\"></span>genze<span class=\"ff1\">  </span>tra<span class=\"ff1\">  </span>valori<span class=\"ff1\">  </span>fiscali<span class=\"ff1\">  </span>e<span class=\"ff1\">  </span>co<span class=\"_ _2\"></span>ntabili<span class=\"ff1\">  </span>relativi<span class=\"ff1\">  </span>ai<span class=\"ff1\">  </span>beni<span class=\"ff1\">  </span>materiali<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>e<span class=\"ff1\"> </span>immateriali<span class=\"ff1\"> </span>(esclusi<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>bene<span class=\"ff1\"> </span>merce)<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>partecipazioni<span class=\"ff1\"> </span>immobilizzate. Sui<span class=\"ff1\"> </span>maggi<span class=\"_ _0\"></span>ori<span class=\"ff1\"> </span>valori<span class=\"ff1\"> </span>rialline<span class=\"_ _0\"></span>ati<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>applicata<span class=\"ff1\"> </span>un\u2019imposta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sost<span class=\"_ _2\"></span>itutiva<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dell\u2019IRES<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dell\u2019IRAP</span> <span class=\"ff3\">pari</span> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>3%,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>versare<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>massimo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tre<span class=\"ff1\"> </span>rate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">annuali<span class=\"ff1\"> </span>entro<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>termine<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>versamento<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>saldo<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>imposte<span class=\"ff1\"> </span></span></span></span></span>sui<span class=\"ff1\"> </span>redditi;<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>inoltre<span class=\"ff1\"> </span>necessario<span class=\"ff1\"> </span>\u201cvincolare\u201d<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>riserva<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>atrimonio<span class=\"ff1\"> </span>(in<span class=\"ff1\"> </span>regime<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>sospensione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>imposta)<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>importo<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>divergenze<span class=\"ff1\"> </span>riallineate<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>netto<span class=\"ff1\"> </span>dell\u2019imposta<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>stitutiva.<span class=\"_ _3bd\"> </span>Sono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>r<span class=\"_ _2\"></span>iallineabili<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>va<span class=\"_ _2\"></span>lori<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>r<span class=\"_ _2\"></span>elativi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u201ci<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>beni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>d\u2019impresa<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _0\"></span>arte<span class=\"_ _2\"></span>cipazioni\u201d<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>risultant<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>bi<span class=\"_ _2\"></span>lancio<span class=\"ff1\"> </span>dell\u2019esercizio<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>corso<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">31<span class=\"_ _2\"></span><span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>icembre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2019<span class=\"ff1\"> </span>ed<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">individuati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(come<span class=\"ff1\"> </span>gi\u00e0<span class=\"ff1\"> </span>avvenu<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>previgenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">regimi<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>simili)<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>secondo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>disposizioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>relative<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>regime<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rivalutazione<span class=\"_ _0\"></span>/riallineamento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>legge<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>n.<span class=\"ff1\"> </span>342/2000.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">In<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tal<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">senso,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">possono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riallinearsi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">div<span class=\"_ _2\"></span>ergenze<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">creano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ordinariamente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">p<span class=\"_ _2\"></span>er<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">effetto<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>del<span class=\"_ _0\"></span>l\u2019u<span class=\"_ _0\"></span>til<span class=\"_ _0\"></span>izzo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del</span> <span class=\"ff3\">c<span class=\"_ _0\"></span>rite<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fai<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>value<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ne<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>tazi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ben<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>(a<span class=\"_ _0\"></span>d<span class=\"ff1\"> </span>ese<span class=\"_ _0\"></span>mpio,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">imm<span class=\"_ _0\"></span>obil<span class=\"_ _0\"></span>i)<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span>vver<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>quelle<span class=\"ff1\"> </span>originate<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>operazioni<span class=\"ff1\"> </span>straor<span class=\"_ _2\"></span>dinarie<span class=\"ff1\"> </span>fiscalmente<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>utrali. Il<span class=\"ff1\"> </span>gruppo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ha<span class=\"ff1\"> <span class=\"_ _2\"></span></span>provveduto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ad<span class=\"ff1\"> </span>a<span class=\"_ _2\"></span>llineare<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valori<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fiscali<span class=\"ff1\"> </span>ai<span class=\"ff1\"> <span class=\"_ _2\"></span></span>maggiori<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valori<span class=\"ff1\"> </span>civilistici<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> </span>beni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>impresa<span class=\"ff1\"> </span>iscritti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">31<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dicembre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">2020,<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">importo<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">circa<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">96<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">milioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">euro,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gi\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">presenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">n<span class=\"_ _2\"></span>el<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>bi<span class=\"_ _0\"></span>lanc<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>hiu<span class=\"_ _0\"></span>so<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">31/<span class=\"_ _0\"></span>12/2<span class=\"_ _0\"></span>019<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riall<span class=\"_ _0\"></span>inea<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>ha<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>essa<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>g<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">imm<span class=\"_ _0\"></span>obi<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inte<span class=\"_ _0\"></span>rame<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>ropr<span class=\"_ _0\"></span>iet\u00e0,<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>c.d.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ter<span class=\"_ _2\"></span>ra/cielo,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sede<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prima<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">applicazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>ei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">princ<span class=\"_ _2\"></span>ipi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"_ _2\"></span>tabili<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">inter<span class=\"_ _2\"></span>nazionali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">IAS,<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>poter<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>permettere<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">lo<span class=\"ff1\"> </span>scorporo<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span>terreno<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>al<span class=\"ff1\"> </span>valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span>fab<span class=\"_ _0\"></span>bricati,<span class=\"ff1\"> </span>furono<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alutati<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value.<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>La<span class=\"ff1\"> <span class=\"_ _21\"></span></span>pe<span class=\"_ _0\"></span>rizia<span class=\"ff1\"> <span class=\"_ _21\"></span></span>esterna<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">valutazione,</span> <span class=\"_ _21\"></span><span class=\"ff3\">fu</span> <span class=\"_ _20\"></span><span class=\"ff3\">suddivisa</span> <span class=\"_ _21\"> </span><span class=\"ff3\">tra</span> <span class=\"_ _21\"> </span><span class=\"ff3\">il</span> <span class=\"_ _21\"></span><span class=\"ff3\">val<span class=\"_ _0\"></span>ore<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>terr<span class=\"_ _2\"></span>eni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ed<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fabb<span class=\"_ _0\"></span>ricat<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span></span></span>sovrastanti.<span class=\"ff1\">  </span>Ai<span class=\"ff1\">  </span>fini<span class=\"ff1\">  </span>f<span class=\"_ _0\"></span>iscali<span class=\"ff1\">  </span>non<span class=\"ff1\">  </span>si<span class=\"ff1\">  </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">potuto</span>  <span class=\"ff3\">tener</span>  <span class=\"ff3\">conto</span>  <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\">  </span>questi<span class=\"ff1\">  </span>maggiori<span class=\"ff1\">  </span>v<span class=\"_ _0\"></span>alori<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>bilancio,<span class=\"ff1\"> </span></span></span>proseguendo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>piano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>am<span class=\"_ _2\"></span>mortamento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>base<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alle<span class=\"ff1\"> </span>aliquote<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fiscalmente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gi\u00e0<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>iconosciute<span class=\"ff1\"> </span>i<span class=\"_ _2\"></span>n<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>ssato<span class=\"_ _0\"></span>. A<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">seguito<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">questo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riallineamento<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stata<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ontabilizzata,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">n<span class=\"_ _2\"></span>ell\u2019esercizio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2020,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019imposta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sostitutiva<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>del<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>3%,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>amm<span class=\"_ _2\"></span>ontante<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>2,8<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>milioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>euro,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>so<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>state<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>stornate<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>relative<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>imposte<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>differite<span class=\"_ _2\"></span><span class=\"ff1\"> </span>stanziate<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>effetto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>r<span class=\"_ _2\"></span>ivalutazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>effettuata<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sede<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>prima<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>applicazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>principi<span class=\"ff1\"> </span>contabili<span class=\"ff1\"> </span>internazionali.<span class=\"ff1\"> </span>L\u2019effetto<span class=\"ff1\"> </span>positivo<span class=\"ff1\"> </span>netto<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>ha<span class=\"ff1\"> </span>interessato<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>2020<span class=\"ff1\"> </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> </span>stato<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>22,8<span class=\"ff1\"> </span>milioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>euro. Inoltre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Legge<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2021,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">articolo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">1,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">comma<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">8<span class=\"_ _2\"></span>3,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">legge<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">178/2020<span class=\"ff1\"> </span>ha<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">esteso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">questa<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pos<span class=\"_ _2\"></span>sibilit\u00e0<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>anche<span class=\"ff1\"> <span class=\"_ _21\"></span></span>agli<span class=\"ff1\"> <span class=\"_ _21\"></span></span>avviamenti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>risultanti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dal<span class=\"ff1\"> <span class=\"_ _21\"></span></span>bilancio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"></span></span>corso<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"></span></span>31<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dicembre<span class=\"ff1\"> <span class=\"_ _21\"></span></span>2020<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pagam<span class=\"_ _2\"></span>ento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> </span>un'imposta<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>ostitutiva<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>3%<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>p<span class=\"_ _2\"></span>ermette<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>riconoscere<span class=\"ff1\"> <span class=\"_ _20\"></span></span>anche<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fiscalmente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>mag<span class=\"_ _2\"></span>giori<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valori<span class=\"_ _2\"></span><span class=\"ff1\"> </span>civilistici<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">iscritti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">risp<span class=\"_ _2\"></span>etto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ai<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">m<span class=\"_ _2\"></span>inori<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valori<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fis<span class=\"_ _2\"></span>cali.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">In<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">bilan<span class=\"_ _2\"></span>cio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">is<span class=\"_ _2\"></span>critti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">anche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">avv<span class=\"_ _2\"></span>iamenti,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>che<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>hanno<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>m<span class=\"_ _2\"></span>ai<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>avuto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rilevanza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fiscale,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rife<span class=\"_ _0\"></span>riti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>all<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>incorporazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>effettuate<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>negli<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>esercizi<span class=\"ff1\"> </span>precedenti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>23,5<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>milioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>euro.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>A<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>seguito<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>questo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>riallineamento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>stata<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span></span>contabilizzata,<span class=\"ff1\"> </span>nell\u2019esercizio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>2020,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019imposta<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sostitutiva<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>3%,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ammontante<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>0,8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>milioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>euro,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>state<span class=\"ff1\"> </span>iscritte<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>relative<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>imposte<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>differite<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>att<span class=\"_ _2\"></span>ive,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>seguendo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quanto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>riport<span class=\"_ _2\"></span>ato<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dall\u2019applicazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>n.1<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> </span>febbraio<span class=\"ff1\"> </span>2009<span class=\"ff1\"> </span>dell\u2019Organismo<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Italiano<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Cont<span class=\"_ _2\"></span>abilit\u00e0.<span class=\"ff1\"> </span>L\u2019effetto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>positivo<span class=\"ff1\"> </span>netto<span class=\"_ _2\"></span><span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>ha<span class=\"ff1\"> </span>interess<span class=\"_ _2\"></span>ato<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>2020<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>stato<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>4,5<span class=\"ff1\"> <span class=\"_ _2\"></span></span>milioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>eu<span class=\"_ _0\"></span>ro. La<span class=\"ff1\"> </span>L<span class=\"_ _0\"></span>egge<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Bilancio</span> <span class=\"ff3\">2<span class=\"_ _0\"></span>022<span class=\"ff1\"> </span>(Legge<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">n.234<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">30/12/20<span class=\"_ _2\"></span>21)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"ff1\"> </span>stabilito,<span class=\"ff1\"> </span>ai<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sensi<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>l\u2019art.<span class=\"ff1\"> </span>1<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">comma<span class=\"ff1\"> </span>622,<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">deduzione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fiscale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valori<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rivalutati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">beni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">immateriali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fiscalm<span class=\"_ _2\"></span>ente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ammortizzano<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>18<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>anni,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span></span>norma<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dell\u2019articolo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>1<span class=\"_ _0\"></span>03<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Tuir),<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>ebba<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>av<span class=\"_ _0\"></span>venire,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>partendo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>2021,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>50<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>anni<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>terminando<span class=\"ff1\"> </span>dunque<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nell\u2019anno<span class=\"ff1\"> </span>2070.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Pertan<span class=\"_ _0\"></span>to,<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">impost<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">differite<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attive<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>scritte<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>23,5<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">milioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>euro<span class=\"ff1\"> </span>relative<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valore<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>avviamenti<span class=\"ff1\"> </span>riallineati<span class=\"ff1\"> </span>saranno<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>iassorbite<span class=\"ff1\"> </span>entro<span class=\"ff1\"> </span>l\u2019arco<span class=\"ff1\"> </span>temporale<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>50<span class=\"ff1\"> </span>anni,<span class=\"ff1\"> </span>rispetto<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>18<span class=\"ff1\"> </span>anni<span class=\"ff1\"> </span>inizialmente<span class=\"ff1\"> </span>previsti. Nel<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>cors<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dell\u2019anno<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>2021,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>gli<span class=\"ff1\">  </span>impatti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nat<span class=\"_ _2\"></span>ura<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fiscale<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>hanno<span class=\"ff1\">  </span>tenu<span class=\"_ _0\"></span>to<span class=\"ff1\">  </span>conto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fusione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>per<span class=\"ff1\"> </span>incorporazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Cassa<span class=\"ff1\"> </span>Risparmio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Cento<span class=\"ff1\"> </span>S.p.A.<span class=\"ff1\"> </span>L\u2019ope<span class=\"_ _0\"></span>razione<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>traordinaria<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>appresentata<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span></span></span></span></span>bilancio<span class=\"ff1\"> </span>d\u2019esercizio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> </span>31<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dicembre<span class=\"ff1\"> </span>2021<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>c.d.<span class=\"ff1\"> </span>\u201cacquisition<span class=\"ff1\"> </span>method\u201d,<span class=\"ff1\"> </span>previsto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall\u2019IFRS<span class=\"ff1\"> </span>3,<span class=\"ff1\"> </span>dedicato<span class=\"ff1\"> <span class=\"_ _bf\"> </span></span>alla<span class=\"ff1\"> <span class=\"_ _2c\"> </span></span>r<span class=\"_ _2\"></span>appresentazione<span class=\"ff1\"> <span class=\"_ _2c\"> </span></span>contabile<span class=\"ff1\"> <span class=\"_ _bf\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _bf\"> </span></span>aggregazioni<span class=\"ff1\"> <span class=\"_ _bf\"> </span></span>aziendali<span class=\"ff1\"> <span class=\"_ _bf\"> </span></span>(c.d.<span class=\"ff1\"> <span class=\"_ _2c\"> </span></span>\u201c<span class=\"_ _2\"></span>business<span class=\"ff1\"> </span>combinations\u201d).<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>In<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>particolare,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>c.d.<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u201cacquisition<span class=\"ff1\"> <span class=\"_ _21\"></span></span>method\u201d<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>impone<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>che,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>caso<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>fusione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> </span>incorporazione,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>l\u2019operazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ab<span class=\"_ _0\"></span>bia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>riflesso<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>bilancio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>d\u2019esercizio,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tramite<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>processo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> </span>\u201cpu<span class=\"_ _1\"></span>rchase<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">price<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">all<span class=\"_ _0\"></span>ocati<span class=\"_ _0\"></span>on\u201d<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">(\u201cPPA<span class=\"_ _0\"></span>\u201d)<span class=\"ff1\"> </span>ba<span class=\"_ _0\"></span>sato<span class=\"ff1\"> </span>su<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>fai<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>valu<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>dell<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>atti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>ssivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span>soc<span class=\"_ _0\"></span>iet<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span></span></span></span></span></span></span>incorporata.<span class=\"ff1\"> <span class=\"_ _2c\"> </span></span>Tale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>criterio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>contabilizzazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>p<span class=\"_ _2\"></span>u\u00f2<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>generare<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>differenze<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tra<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>co<span class=\"_ _2\"></span>ntabile<span class=\"ff1\"> </span>determinato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>seguito<span class=\"ff1\"> </span>dell\u2019operazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>f<span class=\"_ _2\"></span>usione<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cont<span class=\"_ _2\"></span>abile<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>stesse<span class=\"ff1\"> <span class=\"_ _2\"></span></span>poste<span class=\"ff1\"> <span class=\"_ _2\"></span></span>indicato<span class=\"ff1\"> </span>nell\u2019ultimo<span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> </span>dell\u2019incorporata. Nel<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>caso<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>specifico,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>bilancio<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>31/12/20<span class=\"_ _2\"></span>21,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>differenze<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>hanno<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>concorso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>de<span class=\"_ _0\"></span>terminare:<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i)<span class=\"ff1\"> </span>l\u2019iscrizione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>un<span class=\"ff1\">  </span>avviame<span class=\"_ _0\"></span>nto<span class=\"ff1\">  </span>negativo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(c.d.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u201cbadwill\u201d,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fiscalmente<span class=\"ff1\">  </span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>riconosciuto,<span class=\"ff1\">  </span>ai<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">sensi</span> </span>dell\u2019art.172<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>TUIR),<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pari<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>eu<span class=\"_ _0\"></span>ro<span class=\"ff1\"> <span class=\"_ _21\"></span></span>97<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span><span class=\"ff3\">mln,</span> <span class=\"_ _20\"></span><span class=\"ff3\">che</span> <span class=\"_ _20\"></span><span class=\"ff3\">\u00e8</span> <span class=\"_ _20\"></span><span class=\"ff3\">stato</span> <span class=\"_ _20\"></span><span class=\"ff3\">contabilizzato</span> <span class=\"_ _20\"></span><span class=\"ff3\">nel</span> <span class=\"_ _20\"></span><span class=\"ff3\">conto</span> <span class=\"_ _20\"></span><span class=\"ff3\">economico</span> <span class=\"_ _20\"></span><span class=\"ff3\">come</span> </span>provento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">determinato<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>alla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">differenza<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">n<span class=\"_ _2\"></span>egativa<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tr<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>minor<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valor<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valu<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span>\u201ccorrispettivo\u201d<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>e<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>maggior<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>passivit\u00e0<span class=\"ff1\"> </span>acquisite<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>seguito<span class=\"ff1\"> </span>dell\u2019incorporazione;<span class=\"ff1\"> </span>ii)<span class=\"ff1\"> </span>l\u2019iscrizione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ulteriori<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pos<span class=\"_ _2\"></span>te<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">contabili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(fiscalmente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ilevanti)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>elative<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">svalutazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ri<span class=\"_ _2\"></span>valutazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>crediti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">NPL,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">time<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>posit<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fondi<span class=\"ff1\"> </span>immobiliari,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ammontare<span class=\"ff1\"> </span>complessivo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nett<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">23<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">milioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>euro;<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>iii)<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>l<span class=\"_ _2\"></span>\u2019assorbimento<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>DTA<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>r<span class=\"_ _2\"></span>iferibili<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>perdite<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>fiscali<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>pregresse,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>ammontare<span class=\"ff1\"> </span>complessivo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>36<span class=\"ff1\"> </span>milioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>euro. Nel<span class=\"ff1\"> </span>corso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>2022,<span class=\"ff1\"> </span>l\u2019art.<span class=\"ff1\"> </span>42<span class=\"ff1\"> </span>comma<span class=\"ff1\"> </span>1,<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>DL<span class=\"ff1\"> </span>17/2022<span class=\"ff1\"> </span>convertito<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>Legge<span class=\"ff1\"> </span>34/2022,<span class=\"ff1\"> </span>ha<span class=\"ff1\"> </span>previst<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>ch<span class=\"_ _0\"></span>e,<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>ota<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rela<span class=\"_ _0\"></span>tiva<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">alle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sv<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>tazi<span class=\"_ _0\"></span>oni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perdi<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>redi<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al</span> <span class=\"ff3\">1<span class=\"_ _0\"></span>2%<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>he<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>areb<span class=\"_ _0\"></span>be<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stata<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o<span class=\"_ _0\"></span>gge<span class=\"_ _0\"></span>tto<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>deduzione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fini<span class=\"ff1\"> <span class=\"_ _20\"></span></span>IRES<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>IRAP<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _20\"></span></span>periodo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>impost<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>2022,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rinviata<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quattro<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quote<span class=\"ff1\"> </span>costanti<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>dedursi<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>2023<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>2026.<span class=\"ff1\"> </span>In<span class=\"ff1\"> </span>ci\u00f2<span class=\"ff1\"> </span>sta<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>mo<span class=\"_ _2\"></span>difica<span class=\"ff1\"> </span>apportata<span class=\"ff1\"> </span>nell\u2019iter<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>conversione<span class=\"ff1\"> </span>del<div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1ba8\">decreto,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>origine<span class=\"ff1\"> <span class=\"_ _20\"></span></span>colpiva<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>deduzione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>2021<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rinviandola<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _20\"></span></span>successivi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quattro<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>periodi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1baa\">imposta<span class=\"ff1\"> <span class=\"_ _21\"></span></span>(dal<span class=\"ff1\"> <span class=\"_ _20\"></span></span>2022<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>20<span class=\"_ _2\"></span>25).<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Inoltre<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>comma<span class=\"ff1\"> <span class=\"_ _21\"></span></span>1-bis<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dell\u2019art<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>42<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">sede</span> <span class=\"_ _20\"></span><span class=\"ff3\">dell\u2019iter</span> <span class=\"_ _21\"></span><span class=\"ff3\">di</span> <span class=\"_ _20\"></span><span class=\"ff3\">convers<span class=\"_ _2\"></span>ione</span> <span class=\"_ _20\"></span><span class=\"ff3\">in<span class=\"_ _2\"></span></span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1bab\">Legge,<span class=\"ff1\"> </span>ha<span class=\"ff1\"> </span>modificato<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>comma<span class=\"ff1\"> <span class=\"_ _2\"></span></span>1056<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>Legge<span class=\"ff1\"> <span class=\"_ _2\"></span></span>145/2018,<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cui<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">la</span> <span class=\"_ _2\"></span><span class=\"ff3\">quota</span> <span class=\"ff3\">del</span> <span class=\"ff3\">10%</span> <span class=\"ff3\">rinviata</span> <span class=\"ff3\">ai</span> <span class=\"ff3\">fini<span class=\"_ _2\"></span></span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1bac\">IRES<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>IRAP<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>20<span class=\"_ _2\"></span>26,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>v<span class=\"_ _2\"></span>iene<span class=\"ff1\"> <span class=\"_ _20\"></span></span>anticipata<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ammessa<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>deduzione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _21\"></span></span>31<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dicembre<span class=\"ff1\"> <span class=\"_ _20\"></span></span>2022<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span><span class=\"ff3\">53<span class=\"_ _2\"></span>%,</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1bad\">mentre<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>restante<span class=\"ff1\"> </span>parte<span class=\"ff1\"> </span>(47%)<span class=\"ff1\"> </span>rimane<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>2026. </div><div class=\"t m26 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1bae\">11.<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1baf\">At<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1bb0\">pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1bb1\">im<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1bb2\">an<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>pat<span class=\"_ _0\"></span>e:<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1bb3\">c<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>siz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1bb4\">IR<span class=\"_ _1\"></span>ES<span class=\"_ _1\"></span> <span class=\"_ _125\"> </span>IR<span class=\"_ _1\"></span>AP<span class=\"_ _1\"></span> <span class=\"_ _246\"> </span>Tot<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1bb5\">Rettifiche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">crediti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">verso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">clie<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>la <span class=\"_ _d8\"> </span>61.<span class=\"_ _0\"></span>414<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1bb6\">7.<span class=\"_ _1\"></span>87<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1bb7\">69.<span class=\"_ _0\"></span>28<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1bb8\">Sva<span class=\"_ _0\"></span>luta<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>stru<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nti<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>ziar<span class=\"_ _1\"></span>i <span class=\"_ _24c\"> </span>178<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>52<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1bb9\">42<span class=\"_ _0\"></span>.64<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1bba\">22<span class=\"_ _0\"></span>1.5<span class=\"_ _0\"></span>93<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1bbb\">Spe<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">ra<span class=\"_ _0\"></span>ppr<span class=\"_ _0\"></span>ese<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>nza<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ed</span> <span class=\"ff3\">av<span class=\"_ _0\"></span>viam<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>nto<span class=\"_ _0\"></span> <span class=\"_ _ee\"> </span>9.34<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1bbc\">1.<span class=\"_ _0\"></span>890<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1bbd\">11<span class=\"_ _0\"></span>.23<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1bbe\">Cr<span class=\"_ _0\"></span>edi<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>firm<span class=\"_ _0\"></span>a,<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>evoc<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>ori<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>fa<span class=\"_ _0\"></span>lli<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>tar<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>cau<span class=\"_ _0\"></span>se<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>ega<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>c<span class=\"_ _1\"></span>ors<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span> <span class=\"_ _20a\"> </span>15.<span class=\"_ _0\"></span>498<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1bbf\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1bc0\">15.<span class=\"_ _0\"></span>498<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1bc1\">Ac<span class=\"_ _0\"></span>can<span class=\"_ _0\"></span>tona<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>sp<span class=\"_ _0\"></span>ese<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">per</span> <span class=\"ff3\">i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>per<span class=\"_ _1\"></span>sonale<span class=\"_ _1\"></span> <span class=\"_ _a4\"> </span>24<span class=\"_ _0\"></span>.55<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1bc2\">4<span class=\"_ _0\"></span>.8<span class=\"_ _1\"></span>64<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1bc3\">29.<span class=\"_ _0\"></span>41<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1bc4\">Alt<span class=\"_ _0\"></span>re <span class=\"_ _9d\"> </span>61<span class=\"_ _0\"></span>.68<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1bc5\">61<span class=\"_ _1\"></span>2<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1bc6\">62.<span class=\"_ _0\"></span>29<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1bc7\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1bc8\">35<span class=\"_ _0\"></span>1.<span class=\"_ _0\"></span>43<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1bc9\">57<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>82<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1bca\">40<span class=\"_ _0\"></span>9.<span class=\"_ _0\"></span>31<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span></div><div class=\"t m26 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1bcb\">11.<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1bcc\">Pa<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1bcd\">pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1bce\">im<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1bcf\">di<span class=\"_ _0\"></span>ffe<span class=\"_ _1\"></span>rite<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1bd0\">co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>os<span class=\"_ _1\"></span>izio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1bd1\">IR<span class=\"_ _1\"></span>ES<span class=\"_ _1\"></span> <span class=\"_ _a6\"> </span>I<span class=\"_ _0\"></span>R<span class=\"_ _0\"></span>AP<span class=\"_ _1\"></span> <span class=\"_ _a8\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1bd2\">Plu<span class=\"_ _0\"></span>sva<span class=\"_ _0\"></span>lenz<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>strum<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>finan<span class=\"_ _0\"></span>ziar<span class=\"_ _1\"></span>i <span class=\"_ _24e\"> </span>29.<span class=\"_ _0\"></span>88<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1bd3\">8<span class=\"_ _0\"></span>.6<span class=\"_ _1\"></span>71<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1bd4\">38.<span class=\"_ _0\"></span>557<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1bd5\">Ac<span class=\"_ _0\"></span>can<span class=\"_ _0\"></span>tona<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ef<span class=\"_ _0\"></span>fett<span class=\"_ _0\"></span>uat<span class=\"_ _1\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>esc<span class=\"_ _0\"></span>lusi<span class=\"_ _0\"></span>vam<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>amb<span class=\"_ _0\"></span>ito<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">fisc<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span> <span class=\"_ _1a6\"> </span>58.<span class=\"_ _0\"></span>193<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1bd6\">11<span class=\"_ _0\"></span>.78<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1bd7\">69.<span class=\"_ _0\"></span>980<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1bd8\">Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">resid<span class=\"_ _0\"></span>ual<span class=\"_ _0\"></span>i <span class=\"_ _123\"> </span>15.<span class=\"_ _0\"></span>526<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1bd9\">2.<span class=\"_ _0\"></span>379<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1bda\">17.<span class=\"_ _0\"></span>90<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1bdb\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1bdc\">10<span class=\"_ _0\"></span>3.<span class=\"_ _0\"></span>605<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1bdd\">22<span class=\"_ _0\"></span>.83<span class=\"_ _1\"></span>7<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1bde\">12<span class=\"_ _0\"></span>6.<span class=\"_ _0\"></span>442<span class=\"_ _3bd\"> </span></div><div class=\"t m26 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1bdf\">11.<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1be0\">Va<span class=\"_ _0\"></span>ria<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1be1\">de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1be2\">im<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1be3\">an<span class=\"_ _0\"></span>tic<span class=\"_ _0\"></span>ip<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1be4\">(i<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1be5\">co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>rop<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ta<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1be6\">de<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1be7\">co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1be8\">ec<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>o)<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs1be9\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs1bea\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs1beb\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs1bec\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1bed\">1.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1bee\">Impo<span class=\"_ _0\"></span>rto<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1bef\">in<span class=\"_ _0\"></span>iz<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span>e <span class=\"_ _250\"> </span>21<span class=\"_ _0\"></span>5.4<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1bf0\">19<span class=\"_ _0\"></span>2.<span class=\"_ _0\"></span>66<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1bf1\">2.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1bf2\">Au<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _1\"></span>i <span class=\"_ _1ca\"> </span>3<span class=\"_ _0\"></span>2.9<span class=\"_ _1\"></span>87<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1bf3\">76<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>34<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1bf4\">2.<span class=\"_ _0\"></span>1<span class=\"ff1\"> </span>Impo<span class=\"_ _0\"></span>ste<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">antic<span class=\"_ _0\"></span>ipa<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>ilev<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>nel<span class=\"_ _0\"></span>l'e<span class=\"_ _0\"></span>ser<span class=\"_ _0\"></span>ciz<span class=\"_ _0\"></span>io <span class=\"_ _2d\"> </span>32.<span class=\"_ _0\"></span>987<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1bf5\">32.<span class=\"_ _0\"></span>529<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1bf6\">a)<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>ela<span class=\"_ _0\"></span>tive<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">a</span> <span class=\"ff3\">pr<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">eser<span class=\"_ _0\"></span>ciz<span class=\"_ _0\"></span>i <span class=\"_ _251\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1bf7\">3<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1bf8\">b)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dovu<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mut<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>nto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>rit<span class=\"_ _0\"></span>eri<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>tabi<span class=\"_ _0\"></span>li <span class=\"_ _252\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1bf9\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1bfa\">c)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ri<span class=\"_ _2\"></span>prese<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valo<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span> <span class=\"_ _253\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1bfb\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1bfc\">d)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"_ _0\"></span>tr<span class=\"_ _1\"></span>e <span class=\"_ _132\"> </span>32<span class=\"_ _0\"></span>.98<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1bfd\">32.<span class=\"_ _0\"></span>526<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1bfe\">2.<span class=\"_ _0\"></span>2<span class=\"ff1\"> </span>Nu<span class=\"_ _0\"></span>ove<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">im<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>inc<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ali<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>ote<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>isca<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span> <span class=\"_ _2d\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1bff\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1c00\">2.3<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Altri<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">aume<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span> <span class=\"_ _15a\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1c01\">43.<span class=\"_ _0\"></span>705<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1c02\">3.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1c03\">Di<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i <span class=\"_ _103\"> </span>49.<span class=\"_ _0\"></span>06<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1c04\">53<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>75<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1c05\">3.1<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Impos<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>icip<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">an<span class=\"_ _0\"></span>nul<span class=\"_ _0\"></span>late<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">nell'<span class=\"_ _1\"></span>ese<span class=\"_ _0\"></span>rciz<span class=\"_ _0\"></span>io <span class=\"_ _245\"> </span>49.<span class=\"_ _0\"></span>063<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1c06\">53.<span class=\"_ _0\"></span>475<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1c07\">a)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rigir<span class=\"_ _0\"></span>i <span class=\"_ _254\"> </span>49.<span class=\"_ _0\"></span>06<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1c08\">53.<span class=\"_ _0\"></span>475<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1c09\">b)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">svalu<span class=\"_ _0\"></span>taz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sopr<span class=\"_ _0\"></span>avv<span class=\"_ _0\"></span>enu<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>irr<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>up<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>bilit<span class=\"_ _0\"></span>\u00e0 <span class=\"_ _255\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1c0a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1c0b\">c)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dov<span class=\"_ _0\"></span>ute<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"ff3\">mu<span class=\"_ _0\"></span>tam<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>rite<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span>tab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span> <span class=\"_ _256\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1c0c\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1c0d\">d)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"_ _0\"></span>tr<span class=\"_ _1\"></span>e <span class=\"_ _257\"> </span>-<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1c0e\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1c0f\">3.2<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Rid<span class=\"_ _0\"></span>uz<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">a<span class=\"_ _0\"></span>liq<span class=\"_ _0\"></span>uote<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fis<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>li <span class=\"_ _258\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1c10\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1c11\">3.3<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dimi<span class=\"_ _1\"></span>nuzi<span class=\"_ _0\"></span>oni:<span class=\"_ _1\"></span> <span class=\"_ _259\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1c12\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1c13\">a)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tras<span class=\"_ _1\"></span>forma<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>iti<span class=\"ff1\"> </span>d'<span class=\"_ _0\"></span>imp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>cu<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>alla<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">legg<span class=\"_ _0\"></span>e.<span class=\"_ _0\"></span>n.2<span class=\"_ _0\"></span>14/<span class=\"_ _0\"></span>201<span class=\"_ _0\"></span>1 <span class=\"_ _16\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1c14\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1c15\">b)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"_ _0\"></span>tr<span class=\"_ _1\"></span>e <span class=\"_ _257\"> </span>-<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1c16\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1c17\">4.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1c18\">Impo<span class=\"_ _0\"></span>rto<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1c19\">fi<span class=\"_ _0\"></span>nal<span class=\"_ _1\"></span>e <span class=\"_ _25a\"> </span>19<span class=\"_ _0\"></span>9.<span class=\"_ _0\"></span>34<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1c1a\">21<span class=\"_ _0\"></span>5.4<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></div>11.<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>Va<span class=\"_ _0\"></span>ria<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"_ _3bd\"> </span>im<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>an<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>pat<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cu<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>al<span class=\"_ _0\"></span>la<span class=\"_ _3bd\"> </span>L.<span class=\"_ _3bd\"> </span>21<span class=\"_ _0\"></span>4/<span class=\"_ _0\"></span>201<span class=\"_ _1\"></span>1<span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>1.<span class=\"_ _3bd\"> </span>Impo<span class=\"_ _0\"></span>rto<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>iz<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span>e <span class=\"_ _1c4\"> </span>82.<span class=\"_ _0\"></span>39<span class=\"_ _1\"></span>2<span class=\"_ _3bd\"> </span>75<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>63<span class=\"_ _3bd\"> </span>2.<span class=\"_ _3bd\"> </span>Au<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _1\"></span>i -20<span class=\"_ _0\"></span>.03<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>3.<span class=\"_ _3bd\"> </span>Di<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i <span class=\"_ _4f\"> </span>1<span class=\"_ _0\"></span>0.6<span class=\"_ _1\"></span>62<span class=\"_ _3bd\"> </span>13<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>04<span class=\"_ _3bd\"> </span>3.1<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Rig<span class=\"_ _0\"></span>iri<span class=\"_ _1\"></span> <span class=\"_ _142\"> </span>10.6<span class=\"_ _0\"></span>62<span class=\"_ _3bd\"> </span></span></span>13.<span class=\"_ _0\"></span>604<span class=\"_ _3bd\"> </span>3.2<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Tra<span class=\"_ _0\"></span>sform<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>red<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">d'<span class=\"_ _0\"></span>impo<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>a <span class=\"_ _229\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>a)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">derivante<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">perdite<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">es<span class=\"_ _0\"></span>erc<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>o <span class=\"_ _25b\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>b)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>riva<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">da</span> <span class=\"ff3\">pe<span class=\"_ _0\"></span>rdi<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fis<span class=\"_ _0\"></span>cali<span class=\"_ _0\"></span> <span class=\"_ _25c\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>3.3<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dimi<span class=\"_ _1\"></span>nuzi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span> <span class=\"_ _1db\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>4.<span class=\"_ _3bd\"> </span>Impo<span class=\"_ _0\"></span>rto<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>nal<span class=\"_ _1\"></span>e <span class=\"_ _167\"> </span>71.7<span class=\"_ _1\"></span>30<span class=\"_ _3bd\"> </span>82<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>92<span class=\"_ _3bd\"> </span>Per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ragioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>trasparenza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">informativa<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fornite<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">variazio<span class=\"_ _2\"></span>ni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> </span>imposte<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ant<span class=\"_ _2\"></span>icipate<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>alla<span class=\"ff1\"> </span>Legge<span class=\"ff1\"> </span>214/2011;<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>rivenienti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">principalmente<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>svalutazione<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>crediti,<span class=\"ff1\"> </span>ex<span class=\"ff1\"> </span>art.<span class=\"ff1\"> </span>106,<span class=\"ff1\"> </span>comma<span class=\"ff1\"> </span></span></span>3,<span class=\"ff1\"> </span>DPR<span class=\"ff1\"> </span>917/86<span class=\"ff1\"> </span>(67,2<span class=\"ff1\"> </span>milioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>euro)<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>affrancamento<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>avviamenti<span class=\"ff1\"> </span>(4,1<span class=\"ff1\"> </span>milioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>euro). 11.<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>Va<span class=\"_ _0\"></span>ria<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>im<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>di<span class=\"_ _0\"></span>ffe<span class=\"_ _1\"></span>rite<span class=\"_ _3bd\"> </span>(i<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>par<span class=\"_ _1\"></span>tita<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>ec<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>o)<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>1.<span class=\"_ _3bd\"> </span>Impo<span class=\"_ _0\"></span>rto<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>iz<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span>e <span class=\"_ _1be\"> </span>101<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>63<span class=\"_ _1\"></span> <span class=\"_ _6d\"> </span>9<span class=\"_ _1\"></span>2.77<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span> 2.<span class=\"_ _3bd\"> </span>Au<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _1\"></span>i <span class=\"_ _134\"> </span>18.<span class=\"_ _0\"></span>43<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span> <span class=\"_ _6b\"> </span>10.<span class=\"_ _0\"></span>27<span class=\"_ _0\"></span>7 2.<span class=\"_ _0\"></span>1<span class=\"ff1\"> </span>Impo<span class=\"_ _0\"></span>ste<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">diffe<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>ilev<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nell<span class=\"_ _0\"></span>'es<span class=\"_ _0\"></span>erc<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>o <span class=\"_ _12f\"> </span>18.<span class=\"_ _0\"></span>439 <span class=\"_ _203\"> </span>5.<span class=\"_ _0\"></span>673<span class=\"_ _0\"></span> </span></span></span></span>a)<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>ela<span class=\"_ _0\"></span>tive<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">a</span> <span class=\"ff3\">pr<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">eser<span class=\"_ _0\"></span>ciz<span class=\"_ _0\"></span>i <span class=\"_ _25d\"> </span>- <span class=\"_ _208\"> </span>- </span></span></span></span>b)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dovu<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mut<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>nto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>rit<span class=\"_ _0\"></span>eri<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>tabi<span class=\"_ _0\"></span>li <span class=\"_ _25e\"> </span>- <span class=\"_ _208\"> </span>- </span></span></span></span></span></span></span></span>c)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"_ _1\"></span>tre<span class=\"_ _1\"></span> <span class=\"_ _227\"> </span>18.4<span class=\"_ _0\"></span>39 <span class=\"_ _203\"> </span>5.<span class=\"_ _0\"></span>673<span class=\"_ _0\"></span> </span></span>2.<span class=\"_ _0\"></span>2<span class=\"ff1\"> </span>Nu<span class=\"_ _0\"></span>ove<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">im<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>inc<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ali<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>ote<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>isca<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span> <span class=\"_ _25f\"> </span>- <span class=\"_ _208\"> </span>- </span></span></span></span></span></span>2.3<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Altri<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">aume<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span> <span class=\"_ _1d1\"> </span>- <span class=\"_ _246\"> </span>4.60<span class=\"_ _0\"></span>4 </span></span></span></span>3.<span class=\"_ _3bd\"> </span>Di<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i <span class=\"_ _13d\"> </span>5<span class=\"_ _0\"></span>46<span class=\"_ _1\"></span> <span class=\"_ _aa\"> </span>1.08<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span> 3.1<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Impos<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>ffe<span class=\"_ _0\"></span>rite<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ann<span class=\"_ _0\"></span>ulla<span class=\"_ _1\"></span>te<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>ll'e<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>rciz<span class=\"_ _0\"></span>io <span class=\"_ _260\"> </span>54<span class=\"_ _1\"></span>6 <span class=\"_ _b5\"> </span>1.08<span class=\"_ _0\"></span>6 </span></span></span></span>a)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rigir<span class=\"_ _0\"></span>i <span class=\"_ _261\"> </span>54<span class=\"_ _1\"></span>6 <span class=\"_ _b5\"> </span>1.08<span class=\"_ _0\"></span>6 </span></span>b)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dovu<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mut<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>nto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>rit<span class=\"_ _0\"></span>eri<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>tabi<span class=\"_ _0\"></span>li <span class=\"_ _25e\"> </span>- <span class=\"_ _208\"> </span>- </span></span></span></span></span></span></span></span>c)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"_ _1\"></span>tre<span class=\"_ _1\"></span> <span class=\"_ _262\"> </span>- <span class=\"_ _208\"> </span>- </span></span>3.2<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Rid<span class=\"_ _0\"></span>uz<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">a<span class=\"_ _0\"></span>liq<span class=\"_ _0\"></span>uote<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fis<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>li <span class=\"_ _11d\"> </span>- <span class=\"_ _208\"> </span>- </span></span></span></span></span></span>3.3<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dimi<span class=\"_ _1\"></span>nuzi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span> <span class=\"_ _18c\"> </span>- <span class=\"_ _208\"> </span>- </span></span></span></span>4.<span class=\"_ _3bd\"> </span>Impo<span class=\"_ _0\"></span>rto<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>nal<span class=\"_ _1\"></span>e <span class=\"_ _137\"> </span>1<span class=\"_ _0\"></span>19<span class=\"_ _0\"></span>.85<span class=\"_ _1\"></span>6 <span class=\"_ _126\"> </span>101<span class=\"_ _0\"></span>.<div class=\"t m26 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1c1c\">11.<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1c1d\">Va<span class=\"_ _0\"></span>ria<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1c1e\">de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1c1f\">im<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1c20\">an<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>pat<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1c21\">(i<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1c22\">co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>rop<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ta<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1c23\">de<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1c24\">pa<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>io<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1c25\">ne<span class=\"_ _0\"></span>tto<span class=\"_ _0\"></span>)<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs1c26\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs1c27\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs1c28\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs1c29\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1c2a\">1.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1c2b\">Impo<span class=\"_ _0\"></span>rto<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1c2c\">in<span class=\"_ _0\"></span>iz<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span>e <span class=\"_ _263\"> </span>13<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>82<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1c2d\">12<span class=\"_ _0\"></span>.88<span class=\"_ _1\"></span>4<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1c2e\">2.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1c2f\">Au<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _1\"></span>i <span class=\"_ _264\"> </span>19<span class=\"_ _0\"></span>9.<span class=\"_ _0\"></span>06<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1c30\">2.<span class=\"_ _0\"></span>13<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1c31\">2.<span class=\"_ _0\"></span>1<span class=\"ff1\"> </span>Impo<span class=\"_ _0\"></span>ste<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">antic<span class=\"_ _0\"></span>ipa<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>ilev<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>nel<span class=\"_ _0\"></span>l'e<span class=\"_ _0\"></span>ser<span class=\"_ _0\"></span>ciz<span class=\"_ _0\"></span>io <span class=\"_ _10c\"> </span>19<span class=\"_ _0\"></span>9.0<span class=\"_ _0\"></span>65<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1c32\">1.<span class=\"_ _0\"></span>886<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1c33\">a)<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>ela<span class=\"_ _0\"></span>tive<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">a</span> <span class=\"ff3\">pr<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">eser<span class=\"_ _0\"></span>ciz<span class=\"_ _0\"></span>i <span class=\"_ _155\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1c34\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1c35\">b)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dovu<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mut<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>nto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>rit<span class=\"_ _0\"></span>eri<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>tabi<span class=\"_ _0\"></span>li <span class=\"_ _265\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1c36\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1c37\">c)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"_ _1\"></span>tre<span class=\"_ _1\"></span> <span class=\"_ _266\"> </span>199<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>65<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1c38\">1.<span class=\"_ _0\"></span>886<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1c39\">2.<span class=\"_ _0\"></span>2<span class=\"ff1\"> </span>Nu<span class=\"_ _0\"></span>ove<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">im<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>inc<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ali<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>ote<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>isca<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span> <span class=\"_ _de\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1c3a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1c3b\">2.3<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Altri<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">aume<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span> <span class=\"_ _267\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1c3c\">2<span class=\"_ _0\"></span>47<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1c3d\">3.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1c3e\">Di<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i <span class=\"_ _153\"> </span>2.5<span class=\"_ _1\"></span>74<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1c3f\">1<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1c40\">3.1<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Impos<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>icip<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">an<span class=\"_ _0\"></span>nul<span class=\"_ _0\"></span>late<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">nell'<span class=\"_ _1\"></span>ese<span class=\"_ _0\"></span>rciz<span class=\"_ _0\"></span>io <span class=\"_ _237\"> </span>2.574<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1c41\">2<span class=\"_ _0\"></span>66<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1c42\">a)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rigir<span class=\"_ _0\"></span>i <span class=\"_ _268\"> </span>2.<span class=\"_ _0\"></span>574<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1c43\">2<span class=\"_ _0\"></span>66<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1c44\">b)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">svalu<span class=\"_ _0\"></span>taz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sopr<span class=\"_ _0\"></span>avv<span class=\"_ _0\"></span>enu<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>irr<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>up<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>bilit<span class=\"_ _0\"></span>\u00e0 <span class=\"_ _256\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1c45\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1c46\">c)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dovute<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mutamento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">criteri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>abil<span class=\"_ _0\"></span>i <span class=\"_ _e8\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1c47\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1c48\">d)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"_ _0\"></span>tr<span class=\"_ _1\"></span>e <span class=\"_ _269\"> </span>-<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1c49\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1c4a\">3.2<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Rid<span class=\"_ _0\"></span>uz<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">a<span class=\"_ _0\"></span>liq<span class=\"_ _0\"></span>uote<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fis<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>li <span class=\"_ _100\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1c4b\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1c4c\">3.3<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dimi<span class=\"_ _1\"></span>nuzi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span> <span class=\"_ _1db\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1c4d\">1.<span class=\"_ _0\"></span>269<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1c4e\">4.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1c4f\">Impo<span class=\"_ _0\"></span>rto<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1c50\">fi<span class=\"_ _0\"></span>nal<span class=\"_ _1\"></span>e <span class=\"_ _26a\"> </span>20<span class=\"_ _0\"></span>9.<span class=\"_ _0\"></span>97<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1c51\">13<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>82<span class=\"_ _3bd\"> </span></div><div class=\"t m26 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1c52\">11.<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1c53\">Va<span class=\"_ _0\"></span>ria<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1c54\">de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1c55\">im<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1c56\">di<span class=\"_ _0\"></span>ffe<span class=\"_ _1\"></span>rite<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1c57\">(i<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1c58\">co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>rop<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ta<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1c59\">de<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1c5a\">pa<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>io<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1c5b\">n<span class=\"_ _0\"></span>ett<span class=\"_ _0\"></span>o)<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs1c5c\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs1c5d\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs1c5e\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs1c5f\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1c60\">1.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1c61\">Impo<span class=\"_ _0\"></span>rto<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1c62\">in<span class=\"_ _0\"></span>iz<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span>e <span class=\"_ _137\"> </span>25<span class=\"_ _0\"></span>.10<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span> <span class=\"_ _6b\"> </span>4<span class=\"_ _0\"></span>1.7<span class=\"_ _1\"></span>78<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1c63\">2.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1c64\">Au<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _1\"></span>i <span class=\"_ _13b\"> </span>7<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span> <span class=\"_ _26b\"> </span>3<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1c65\">2.<span class=\"_ _0\"></span>1<span class=\"ff1\"> </span>Impo<span class=\"_ _0\"></span>ste<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">diffe<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>ilev<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nell<span class=\"_ _0\"></span>\u2019es<span class=\"_ _0\"></span>erc<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>o <span class=\"_ _181\"> </span>75<span class=\"_ _1\"></span>3 <span class=\"_ _106\"> </span>10<span class=\"_ _1\"></span> </span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1c66\">a)<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>ela<span class=\"_ _0\"></span>tive<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">a</span> <span class=\"ff3\">pr<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">eser<span class=\"_ _0\"></span>ciz<span class=\"_ _0\"></span>i <span class=\"_ _25d\"> </span>- <span class=\"_ _8c\"> </span>1<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1c67\">b)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dovu<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>m<span class=\"_ _0\"></span>uta<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>rit<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span>tab<span class=\"_ _0\"></span>ili <span class=\"_ _237\"> </span>- <span class=\"_ _208\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1c68\">c)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"_ _1\"></span>tre<span class=\"_ _1\"></span> <span class=\"_ _13c\"> </span>75<span class=\"_ _1\"></span>3 <span class=\"_ _192\"> </span>9<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1c69\">2.<span class=\"_ _0\"></span>2<span class=\"ff1\"> </span>Nu<span class=\"_ _0\"></span>ove<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">im<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>inc<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ali<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>ote<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>isca<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span> <span class=\"_ _25f\"> </span>- <span class=\"_ _208\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1c6a\">2.3<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Altri<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">aume<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span> <span class=\"_ _1d1\"> </span>- <span class=\"_ _26b\"> </span>32<span class=\"_ _1\"></span>8<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1c6b\">3.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1c6c\">Di<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i <span class=\"_ _26c\"> </span>19<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>74<span class=\"_ _0\"></span> <span class=\"_ _a9\"> </span>17<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>09<span class=\"_ _1\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1c6d\">3.1<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">Imp<span class=\"_ _0\"></span>ost<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>dif<span class=\"_ _0\"></span>feri<span class=\"_ _1\"></span>te<span class=\"ff1\"> </span>annu<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>ell\u2019<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>erc<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>o <span class=\"_ _bb\"> </span>1<span class=\"_ _0\"></span>9.<span class=\"_ _0\"></span>274 <span class=\"_ _fd\"> </span>17.0<span class=\"_ _0\"></span>09<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1c6e\">a)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rigir<span class=\"_ _0\"></span>i <span class=\"_ _143\"> </span>19.2<span class=\"_ _0\"></span>74 <span class=\"_ _6d\"> </span>1<span class=\"_ _0\"></span>7.0<span class=\"_ _0\"></span>09<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1c6f\">b)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dovu<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mut<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>nto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>rit<span class=\"_ _0\"></span>eri<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>tabi<span class=\"_ _0\"></span>li <span class=\"_ _25e\"> </span>- <span class=\"_ _208\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1c70\">c)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"_ _1\"></span>tre<span class=\"_ _1\"></span> <span class=\"_ _262\"> </span>- <span class=\"_ _208\"> </span>-<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1c71\">3.2<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Rid<span class=\"_ _0\"></span>uz<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">a<span class=\"_ _0\"></span>liq<span class=\"_ _0\"></span>uote<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fis<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>li <span class=\"_ _11d\"> </span>- <span class=\"_ _208\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1c72\">3.3<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dimi<span class=\"_ _1\"></span>nuzi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span> <span class=\"_ _18c\"> </span>- <span class=\"_ _208\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1c73\">4.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1c74\">Impo<span class=\"_ _0\"></span>rto<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1c75\">fi<span class=\"_ _0\"></span>nal<span class=\"_ _1\"></span>e <span class=\"_ _26d\"> </span>6.<span class=\"_ _0\"></span>58<span class=\"_ _0\"></span>6 <span class=\"_ _a9\"> </span>25<span class=\"_ _0\"></span>.10<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span> </div>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _3bd\"> </span>Crediti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d\u2019imposta<span class=\"ff1\"> </span></span></span>Con<span class=\"_ _0\"></span>ten<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>so<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cre<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></span></span>Altri<span class=\"ff1\"> </span>debitori<span class=\"ff1\"> </span>divers<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>Anticipi<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>for<span class=\"_ _0\"></span>nit<span class=\"_ _0\"></span>ori<span class=\"_ _0\"></span> To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>536.<span class=\"_ _0\"></span>037<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>469<span class=\"_ _3bd\"> </span>48<span class=\"_ _0\"></span>.38<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>38.<span class=\"_ _0\"></span>64<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>62<span class=\"_ _0\"></span>5.<span class=\"_ _0\"></span>05<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>24<span class=\"_ _0\"></span>1.2<span class=\"_ _0\"></span>27<span class=\"_ _3bd\"> </span>3.3<span class=\"_ _0\"></span>06<span class=\"_ _3bd\"> </span>56.<span class=\"_ _0\"></span>804<span class=\"_ _3bd\"> </span>33.<span class=\"_ _0\"></span>319<span class=\"_ _3bd\"> </span>33<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>65<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>Sezion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>13<span class=\"_ _3bd\"> </span>\u2013<span class=\"_ _3bd\"> </span>Altre<span class=\"_ _3bd\"> </span>attivit\u00e0<span class=\"_ _3bd\"> </span>\u2013<span class=\"_ _3bd\"> </span>Voce<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>30<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>13<span class=\"_ _1\"></span>.1<span class=\"_ _3bd\"> </span>Al<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>at<span class=\"_ _1\"></span>tivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Assegni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">negoziati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">com<span class=\"_ _0\"></span>pen<span class=\"_ _0\"></span>sar<span class=\"_ _0\"></span>e <span class=\"_ _12b\"> </span>4<span class=\"_ _0\"></span>8.3<span class=\"_ _0\"></span>04<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>73.<span class=\"_ _0\"></span>618<span class=\"_ _3bd\"> </span>Operazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">titoli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">lav<span class=\"_ _0\"></span>ora<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne <span class=\"_ _271\"> </span>1.<span class=\"_ _0\"></span>213<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>99.<span class=\"_ _0\"></span>359<span class=\"_ _3bd\"> </span>Assegni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">corso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">lavo<span class=\"_ _0\"></span>raz<span class=\"_ _0\"></span>ione<span class=\"_ _1\"></span> <span class=\"_ _166\"> </span>79<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>1.<span class=\"_ _0\"></span>959<span class=\"_ _3bd\"> </span>Op<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>lat<span class=\"_ _0\"></span>ive<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">serv<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">p<span class=\"_ _0\"></span>aga<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nto<span class=\"ff1\"> </span>in<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">cors<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>la<span class=\"_ _0\"></span>vor<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span> <span class=\"_ _48\"> </span>69<span class=\"_ _0\"></span>.25<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>20<span class=\"_ _0\"></span>7.2<span class=\"_ _0\"></span>13<span class=\"_ _3bd\"> </span>Op<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>rel<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>ive<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>serv<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">pa<span class=\"_ _0\"></span>gam<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cor<span class=\"_ _0\"></span>so<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">matu<span class=\"_ _0\"></span>raz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e <span class=\"_ _b8\"> </span>30.<span class=\"_ _0\"></span>743<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>254<span class=\"_ _0\"></span>.57<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>Ratei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">atti<span class=\"_ _0\"></span>vi <span class=\"_ _272\"> </span>3.4<span class=\"_ _0\"></span>03<span class=\"_ _3bd\"> </span></span></span>4<span class=\"_ _0\"></span>.4<span class=\"_ _1\"></span>94<span class=\"_ _3bd\"> </span>Risc<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>atti<span class=\"_ _1\"></span>vi <span class=\"_ _273\"> </span>29.<span class=\"_ _0\"></span>68<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>29.<span class=\"_ _0\"></span>18<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>As<span class=\"_ _0\"></span>seg<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>ed<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">effe<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ins<span class=\"_ _0\"></span>olu<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>ad<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al</span> <span class=\"ff3\">pr<span class=\"_ _0\"></span>ote<span class=\"_ _0\"></span>sto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tra<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sull'<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>ien<span class=\"_ _0\"></span>da<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">su</span> <span class=\"_ _0\"></span><span class=\"ff3\">ter<span class=\"_ _0\"></span>zi <span class=\"_ _3c\"> </span>75<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>2.<span class=\"_ _0\"></span>866<span class=\"_ _3bd\"> </span>Migl<span class=\"_ _1\"></span>iorie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">s<span class=\"_ _0\"></span>pes<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>ncr<span class=\"_ _0\"></span>eme<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>tive<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">su<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">be<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>te<span class=\"_ _0\"></span>rz<span class=\"_ _0\"></span>i <span class=\"_ _252\"> </span>20<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>25<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>21<span class=\"_ _0\"></span>.10<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>Depositi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cauz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span> <span class=\"_ _273\"> </span>7<span class=\"_ _1\"></span>1<span class=\"_ _3bd\"> </span></span></span>71<span class=\"_ _3bd\"> </span>Deb<span class=\"_ _0\"></span>itor<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>ver<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span>per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fat<span class=\"_ _0\"></span>tur<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>em<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>e <span class=\"_ _12b\"> </span>30<span class=\"_ _0\"></span>.47<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span></span></span>32.<span class=\"_ _0\"></span>377<span class=\"_ _3bd\"> </span>Debitori<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dive<span class=\"_ _0\"></span>rsi<span class=\"_ _0\"></span> <span class=\"_ _26a\"> </span>624<span class=\"_ _0\"></span>.526<span class=\"_ _3bd\"> </span></span></span>334<span class=\"_ _0\"></span>.656<span class=\"_ _3bd\"> </span>Par<span class=\"_ _0\"></span>tite<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">via<span class=\"_ _0\"></span>ggi<span class=\"_ _1\"></span>anti<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fil<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span>i <span class=\"_ _274\"> </span>17.<span class=\"_ _0\"></span>832<span class=\"_ _3bd\"> </span></span></span></span></span>13.<span class=\"_ _0\"></span>18<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>87<span class=\"_ _0\"></span>7.<span class=\"_ _0\"></span>48<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>07<span class=\"_ _0\"></span>4.6<span class=\"_ _1\"></span>58<span class=\"_ _3bd\"> </span>Le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">operazioni<span class=\"ff1\"> </span>relativ<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">servizi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>pagamento<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">corso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>lav<span class=\"_ _0\"></span>orazione/maturazione<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>elative<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ad<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>addebiti<span class=\"ff1\"> </span>ricevuti<span class=\"ff1\"> </span>ma<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>ancora<span class=\"ff1\"> </span>addebitati<span class=\"ff1\"> </span>sui<span class=\"ff1\"> </span>conti<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>clientela.<span class=\"_ _3bd\"> </span>Non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">presenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">impairment<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">loss<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>IFRS<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">9)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">crediti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">relativi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contr<span class=\"_ _2\"></span>atti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">clientela<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contract<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ass<span class=\"_ _0\"></span>ets.<span class=\"_ _0\"></span> Nella<span class=\"ff1\"> <span class=\"_ _20\"></span></span>voc<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u201cRisconti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>att<span class=\"_ _2\"></span>ivi\u201d<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>presenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>anche<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>costi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sostenuti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l\u2019ottenimento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contratti<span class=\"ff1\"> </span>verso<span class=\"ff1\">  </span>promotori<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>finanziari,<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>competenza<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>esercizi<span class=\"ff1\">  </span>futuri,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>pari<span class=\"ff1\">  </span>a<span class=\"ff1\">  </span>18,9<span class=\"ff1\">  </span>milioni<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>euro.<span class=\"ff1\">  </span>La<span class=\"ff1\"> </span>movimentazione<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>voce<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>seguente:<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>1.<span class=\"_ _3bd\"> </span>Impo<span class=\"_ _0\"></span>rto<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>iz<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span>e <span class=\"_ _273\"> </span>19.<span class=\"_ _0\"></span>811<span class=\"_ _3bd\"> </span>18<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>2<span class=\"_ _3bd\"> </span>2.<span class=\"_ _3bd\"> </span>Au<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span>11<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>86<span class=\"_ _3bd\"> </span>12<span class=\"_ _0\"></span>.54<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>2.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altri<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ume<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span> <span class=\"_ _136\"> </span>11.<span class=\"_ _0\"></span>686<span class=\"_ _3bd\"> </span></span></span>12<span class=\"_ _0\"></span>.54<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>3.<span class=\"_ _3bd\"> </span>Di<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>12<span class=\"_ _0\"></span>.58<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span>11<span class=\"_ _0\"></span>.24<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span>3.1<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">amm<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>tame<span class=\"_ _0\"></span>nti<span class=\"_ _1\"></span> <span class=\"_ _276\"> </span>12<span class=\"_ _0\"></span>.58<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span></span></span>11<span class=\"_ _0\"></span>.24<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span>4.<span class=\"_ _3bd\"> </span>Impo<span class=\"_ _0\"></span>rto<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>nal<span class=\"_ _1\"></span>e <span class=\"_ _277\"> </span>18<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>08<span class=\"_ _3bd\"> </span>19<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>1<span class=\"_ _3bd\"> </span>Di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">seg<span class=\"_ _0\"></span>uito<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">si</span> <span class=\"_ _0\"></span><span class=\"ff3\">rip<span class=\"_ _0\"></span>orta<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>tagli<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>\u201c<span class=\"_ _0\"></span>Debi<span class=\"_ _0\"></span>tori<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">div<span class=\"_ _0\"></span>ersi<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>Nella<span class=\"ff1\"> </span>voce<span class=\"ff1\"> </span>\u201ccrediti<span class=\"ff1\"> </span>d\u2019imposta\u201d<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>presenti<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>fiscali<span class=\"ff1\"> </span>connesse<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>l\u2019attivit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>sos<span class=\"_ _2\"></span>tituto<span class=\"ff1\"> </span>d\u2019<span class=\"_ _0\"></span>imp<span class=\"_ _0\"></span>osta.<span class=\"_ _0\"></span> Sono<span class=\"ff1\"> </span>presen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>cred<span class=\"_ _0\"></span>iti<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">imposta<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ai<span class=\"ff1\"> </span>sensi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span>D.L<span class=\"_ _0\"></span>.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">n.18/<span class=\"_ _2\"></span>2020<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(Cura<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Italia)<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">D<span class=\"_ _2\"></span>.L.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">n.34/2020<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>Rilancio)<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>(eco<span class=\"ff1\"> </span>bonus<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>sisma<span class=\"ff1\"> </span>bonus)<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>controvalore<span class=\"ff1\"> </span>complessivo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>301,3<span class=\"ff1\"> </span>milioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>euro.<span class=\"_ _3bd\"> </span>A<span class=\"ff1\"> </span>seguito<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ella<span class=\"ff1\"> </span>facolt\u00e0<span class=\"ff1\"> </span>esercita<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>compag<span class=\"_ _0\"></span>nia<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>assicurazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Cr<span class=\"_ _2\"></span>edemvita,<span class=\"ff1\"> </span>face<span class=\"_ _0\"></span>nte<span class=\"ff1\"> </span>parte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span></span></span></span></span>Conglomerato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>finanziario<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>pre<span class=\"_ _0\"></span>valenza<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>banc<span class=\"_ _0\"></span>aria,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>post<span class=\"_ _2\"></span>icipare<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>2023<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>prima<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>applicazione<span class=\"ff1\"> </span>dell\u2019IFRS9,<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>(Deferral<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>Approach),<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>negli<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>s<span class=\"_ _2\"></span>chemi<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>consolidati<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>previsti<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>dall\u2019aggiornamento<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>della<span class=\"_ _2\"></span><span class=\"ff1\"> </span>circolare<span class=\"ff1\"> </span>262<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> </span>Banca<span class=\"ff1\"> </span>d\u2019Italia,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>state<span class=\"ff1\"> </span>create<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>seguenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nuove<span class=\"ff1\"> </span>voci<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Stato<span class=\"ff1\"> </span>Patrimoniale<span class=\"ff1\"> </span>-<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>Att<span class=\"_ _0\"></span>ivo<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span> Stato<span class=\"ff1\"> </span>Patrimoniale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u2013<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Attivo:<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u201cVoce<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">35.<span class=\"ff1\"> </span>Attivit\u00e0<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inanziarie<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pertinenza<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>imp<span class=\"_ _0\"></span>rese<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span>assicurazione<span class=\"ff1\">  </span>valutate<span class=\"ff1\">  </span>al<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fair<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>value<span class=\"ff1\">  </span>ai<span class=\"ff1\">  </span>sensi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _2\"></span>ello<span class=\"ff1\">  </span>IAS<span class=\"ff1\">  </span>39\u201d,<span class=\"ff1\">  </span>c<span class=\"_ _0\"></span>he<span class=\"ff1\">  </span>accoglie<span class=\"ff1\">  </span>le<span class=\"ff1\">  </span>attivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>detenute<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ne<span class=\"_ _2\"></span>goziazione,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finan<span class=\"_ _2\"></span>ziarie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valutate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _20\"></span></span>val<span class=\"_ _2\"></span>ue,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inanziarie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">disponibili<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">v<span class=\"_ _2\"></span>endita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">eventuali<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>erivati<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pos<span class=\"_ _2\"></span>itivo,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>cos\u00ec<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>definiti<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>rispetto<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>IAS<span class=\"ff1\"> </span>39;<span class=\"_ _3bd\"> </span> Stato<span class=\"ff1\"> </span>Patrimoniale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u2013<span class=\"ff1\"> </span>Attivo:<span class=\"ff1\"> </span>\u201cVoce<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">45.</span> <span class=\"_ _0\"></span><span class=\"ff3\">Attivit\u00e0<span class=\"ff1\"> </span>finanzi<span class=\"_ _0\"></span>arie<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>rti<span class=\"_ _2\"></span>nenza<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">imprese<span class=\"ff1\"> </span>d<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span>assicurazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>valuta<span class=\"_ _2\"></span>te<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>costo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ammortizzato<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ai<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sensi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dello<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>IAS<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>39\u201d,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>accoglie<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"_ _2\"></span><span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>detenute<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sino<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>alla<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>scadenza,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>crediti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>verso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>b<span class=\"_ _0\"></span>anche<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quelli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>verso<span class=\"_ _2\"></span><span class=\"ff1\"> </span>clientela,<span class=\"ff1\"> </span>cos\u00ec<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>definiti<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>rispetto<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>IAS<span class=\"ff1\"> </span>39.<span class=\"_ _3bd\"> </span> Di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">segui<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">forn<span class=\"_ _0\"></span>isc<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dettag<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span>.</span></span></span></span></span></span></span></span><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2288\">Sezion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2289\">8<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs228a\">\u2013<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs228b\">Altre<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs228c\">pass<span class=\"_ _0\"></span>ivit\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs228d\">\u2013<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs228e\">Voce<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs228f\">8<span class=\"_ _0\"></span>0<span class=\"fc0 sc1\"> </span></div><div class=\"t m26 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2290\">8.1<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2291\">Al<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2292\">pa<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2293\">co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>os<span class=\"_ _1\"></span>izio<span class=\"_ _1\"></span>ne<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2294\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2295\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2296\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2297\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2298\">Debiti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">verso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l'er<span class=\"_ _0\"></span>ario<span class=\"_ _0\"></span> <span class=\"_ _23b\"> </span>126.<span class=\"_ _0\"></span>189<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2299\">14<span class=\"_ _0\"></span>9.9<span class=\"_ _0\"></span>83<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs229a\">Sca<span class=\"_ _0\"></span>rto<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alut<span class=\"_ _1\"></span>a<span class=\"ff1\"> </span>su<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ope<span class=\"_ _0\"></span>raz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>orta<span class=\"_ _0\"></span>fog<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span> <span class=\"_ _2ac\"> </span>48<span class=\"_ _0\"></span>0.4<span class=\"_ _0\"></span>80<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs229b\">395.<span class=\"_ _0\"></span>11<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs229c\">Som<span class=\"_ _0\"></span>me<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>dis<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>sizi<span class=\"_ _1\"></span>one<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>lie<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>la <span class=\"_ _2ad\"> </span>21<span class=\"_ _0\"></span>.50<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs229d\">13.<span class=\"_ _0\"></span>150<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs229e\">Risconti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pass<span class=\"_ _0\"></span>ivi<span class=\"_ _1\"></span> <span class=\"_ _272\"> </span>9.<span class=\"_ _0\"></span>930<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs229f\">6.<span class=\"_ _0\"></span>687<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs22a0\">Ret<span class=\"_ _0\"></span>ribu<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>oni<span class=\"ff1\"> </span>da<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">cor<span class=\"_ _0\"></span>ris<span class=\"_ _0\"></span>pond<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>rela<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vi<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>trib<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>i <span class=\"_ _e5\"> </span>24.<span class=\"_ _0\"></span>292<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs22a1\">22<span class=\"_ _0\"></span>.32<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs22a2\">Ratei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">passi<span class=\"_ _1\"></span>vi <span class=\"_ _1c5\"> </span>15.58<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs22a3\">4.<span class=\"_ _0\"></span>127<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs22a4\">Partite<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l<span class=\"_ _2\"></span>avorazione<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>u<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">este<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span> <span class=\"_ _287\"> </span>9.1<span class=\"_ _0\"></span>62<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs22a5\">7.<span class=\"_ _0\"></span>119<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs22a6\">Forn<span class=\"_ _1\"></span>itori<span class=\"_ _0\"></span> <span class=\"_ _2ae\"> </span>190<span class=\"_ _0\"></span>.1<span class=\"_ _0\"></span>41<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs22a7\">18<span class=\"_ _0\"></span>9.8<span class=\"_ _0\"></span>30<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs22a8\">Par<span class=\"_ _0\"></span>tite<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">via<span class=\"_ _0\"></span>ggi<span class=\"_ _1\"></span>anti<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fil<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span>i <span class=\"_ _16d\"> </span>6.<span class=\"_ _0\"></span>425<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs22a9\">8.<span class=\"_ _0\"></span>235<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs22aa\">Som<span class=\"_ _0\"></span>me<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>ac<span class=\"_ _0\"></span>cre<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"ff3\">e<span class=\"_ _1\"></span>nti<span class=\"_ _1\"></span> <span class=\"_ _124\"> </span>1<span class=\"_ _0\"></span>.933<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs22ab\">1.<span class=\"_ _0\"></span>958<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs22ac\">Par<span class=\"_ _0\"></span>tite<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in</span> <span class=\"ff3\">lav<span class=\"_ _0\"></span>ora<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>tit<span class=\"_ _1\"></span>oli <span class=\"_ _1e3\"> </span>10.<span class=\"_ _0\"></span>172<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs22ad\">19.<span class=\"_ _0\"></span>70<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs22ae\">Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">partit<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span> <span class=\"_ _2af\"> </span>11<span class=\"_ _0\"></span>8.2<span class=\"_ _0\"></span>80<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs22af\">40<span class=\"_ _0\"></span>7.7<span class=\"_ _0\"></span>96<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs22b0\">Som<span class=\"_ _0\"></span>me<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>ac<span class=\"_ _0\"></span>cre<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"ff3\">b<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>he <span class=\"_ _2b0\"> </span>40<span class=\"_ _0\"></span>1.5<span class=\"_ _0\"></span>82<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs22b1\">40<span class=\"_ _0\"></span>2.5<span class=\"_ _0\"></span>53<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs22b2\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs22b3\">1.<span class=\"_ _0\"></span>415<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs22b4\">1.<span class=\"_ _0\"></span>62<span class=\"_ _0\"></span>8.5<span class=\"_ _1\"></span>74<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs22b5\">La<span class=\"ff1\"> </span>voce<span class=\"ff1\"> </span>\u201cScarto<span class=\"ff1\"> </span>valuta<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>operazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>portafoglio\u201d<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>ricondurre<span class=\"ff1\"> </span>agli<span class=\"ff1\"> </span>sbilanci<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>effetti<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs22b6\">portafoglio<span class=\"ff1\"> </span>proprio<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>terzi. </div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-870": {
   "value": "Sezion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>11<span class=\"_ _3bd\"> </span>\u2013<span class=\"_ _3bd\"> </span>Le<span class=\"_ _3bd\"> </span>attivit\u00e0<span class=\"_ _3bd\"> </span>fisca<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>le<span class=\"_ _3bd\"> </span>passivit\u00e0<span class=\"_ _3bd\"> </span>fisca<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span>\u2013<span class=\"_ _3bd\"> </span>Voce<span class=\"_ _3bd\"> </span>110<span class=\"_ _3bd\"> </span>dell\u2019attivo<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>Voce<span class=\"_ _3bd\"> </span>60<span class=\"_ _3bd\"> </span>del<span class=\"_ _3bd\"> </span>pa<span class=\"_ _1\"></span>ssiv<span class=\"_ _0\"></span>o<span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>fiscali<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>passivit\u00e0<span class=\"ff1\"> </span>fiscali<span class=\"ff1\"> </span>correnti<span class=\"ff1\"> </span>comprendono<span class=\"ff1\"> </span>l\u2019ammontar<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>netto<span class=\"ff1\"> </span>(d<span class=\"_ _0\"></span>ebito<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>credito)<span class=\"ff1\"> </span>IRES<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ed<span class=\"ff1\"> <span class=\"_ _20\"></span></span>IRAP,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>netto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>credit<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d\u2019imposta<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>degli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>acconti,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l\u2019addizionale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>IR<span class=\"_ _2\"></span>ES,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prevista<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>gli<span class=\"ff1\"> </span>intermediari<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">f<span class=\"_ _2\"></span>inanziari<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ai<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sensi<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>ell\u2019art.12,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">comm<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">3,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>el<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">D<span class=\"_ _2\"></span>ecreto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Legislativo<span class=\"ff1\"> </span>n.142<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">29<span class=\"ff1\"> </span>novembre<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>201<span class=\"_ _0\"></span>8. Ai<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fini<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>elle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">imposte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dirette,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risultano<span class=\"ff1\"> </span>defi<span class=\"_ _0\"></span>niti,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>decorrenza<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span>termini<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">all<span class=\"_ _2\"></span>\u2019art.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">43<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">D.P.R.<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>29/9/1973,<span class=\"ff1\"> </span>n.<span class=\"ff1\"> </span>600,<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>periodi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>imposta<span class=\"ff1\"> </span>chiusi<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>31/12/2016. I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischi<span class=\"ff1\"> </span>derivanti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dal<span class=\"ff1\"> </span>contenzioso<span class=\"ff1\"> </span>fiscale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Gruppo<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>residiati<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>deguati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">accantonamenti<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>fondi<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>oneri. Con<span class=\"ff1\"> </span>riguardo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> </span>capogru<span class=\"_ _2\"></span>ppo,<span class=\"ff1\"> </span>sono<span class=\"_ _2\"></span><span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>essere<span class=\"ff1\"> <span class=\"_ _2\"></span></span>23<span class=\"ff1\"> </span>procedimenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contenziosi,<span class=\"ff1\"> </span>afferenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> </span>imp<span class=\"_ _0\"></span>oste dirette<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tributi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>local<span class=\"_ _2\"></span>i.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Relativamente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contenziosi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>non<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>emersi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>effett<span class=\"_ _2\"></span>ivi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quanto<span class=\"_ _2\"></span><span class=\"ff1\"> </span>meno<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">rischio</span> <span class=\"_ _27\"> </span><span class=\"ff3\">s<span class=\"_ _2\"></span>timato</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">\u00e8</span> <span class=\"_ _27\"> </span><span class=\"ff3\">apparso</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">remoto.</span> <span class=\"_ _27\"> </span><span class=\"ff3\">Per</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">cui</span> <span class=\"_ _27\"> </span><span class=\"ff3\">non</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">sono</span> <span class=\"_ _27\"> </span><span class=\"ff3\">st<span class=\"_ _2\"></span>ati</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">effe<span class=\"_ _0\"></span>ttuati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>accantonamenti<span class=\"ff1\"> </span></span></span>spe<span class=\"_ _1\"></span>cifici<span class=\"_ _0\"></span>. Per<span class=\"ff1\"> </span>Credemleasing<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">essere<span class=\"ff1\"> </span>34<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">procedimenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contenziosi,<span class=\"ff1\"> </span>prevalentemente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">relativi<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tributi<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>loc<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>. Per<span class=\"ff1\"> </span>Credem<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Euromobiliare<span class=\"ff1\"> </span>P<span class=\"_ _0\"></span>rivat<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Banking<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">S.p.A.,<span class=\"ff1\"> </span>ad<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">esito<span class=\"_ _2\"></span><span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>conclusione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">favorevole<span class=\"ff1\"> </span>dell\u2019unico<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>con<span class=\"_ _0\"></span>ten<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>so<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>nden<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>ma<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>ia<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>mpos<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">r<span class=\"_ _0\"></span>egi<span class=\"_ _0\"></span>stro<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">su<span class=\"ff1\"> </span>ce<span class=\"_ _1\"></span>ssione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ra<span class=\"_ _0\"></span>mo<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">az<span class=\"_ _0\"></span>iend<span class=\"_ _0\"></span>a,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>contenziosi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pendenti. </span></span>Per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Credemtel<span class=\"ff1\"> </span>S.<span class=\"_ _0\"></span>p.A.,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">far<span class=\"ff1\"> </span>data<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dal<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2022,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pende<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>nico<span class=\"ff1\"> </span>contenzioso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">avente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ad<span class=\"ff1\"> </span>oggetto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sanzioni<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>I<span class=\"_ _0\"></span>VA.<span class=\"_ _0\"></span> Sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>infine<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prese<span class=\"_ _2\"></span>nti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contr<span class=\"_ _2\"></span>oversie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>minore<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rilev<span class=\"_ _0\"></span>anza<span class=\"ff1\"> <span class=\"_ _21\"></span></span>relative<span class=\"ff1\"> <span class=\"_ _20\"></span></span>all\u2019operativit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>posta<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>essere<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dai<span class=\"ff1\"> </span>promotori<span class=\"ff1\"> </span>finanziari,<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>contenzioso<span class=\"ff1\"> </span>lavor<span class=\"_ _2\"></span>istico,<span class=\"ff1\"> </span>nonch\u00e9<span class=\"ff1\"> </span>all\u2019<span class=\"_ _0\"></span>ambito<span class=\"_ _2\"></span><span class=\"ff1\"> </span>immobiliare,<span class=\"ff1\"> </span>amministrativo. Isc<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>mi<span class=\"_ _0\"></span>su<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>zio<span class=\"_ _1\"></span>ne<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>at<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>im<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>di<span class=\"_ _0\"></span>ffe<span class=\"_ _1\"></span>rite<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Nell\u2019attivo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dello<span class=\"ff1\"> <span class=\"_ _2\"></span></span>st<span class=\"_ _2\"></span>ato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>patrimoniale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>presenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u201c<span class=\"_ _2\"></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fiscali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>imposte<span class=\"ff1\"> <span class=\"_ _2\"></span></span>anticipate\u201d,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>D<span class=\"_ _2\"></span>TA<span class=\"ff1\"> </span>ovvero<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Deferred<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Tax<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Asset,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>princip<span class=\"_ _0\"></span>almente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>derivanti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>differenze<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>temporanee<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tra<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dat<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"_ _2\"></span><span class=\"ff1\"> </span>iscrizione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>conto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>economico<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>costi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>data<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>alla<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quale<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>costi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>medesimi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>potranno<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>essere<span class=\"ff1\"> </span>ded<span class=\"_ _0\"></span>otti<span class=\"_ _0\"></span>.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Tali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">atti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>scr<span class=\"_ _0\"></span>itte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in</span> <span class=\"_ _1\"></span><span class=\"ff3\">bilan<span class=\"_ _0\"></span>cio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rife<span class=\"_ _0\"></span>ris<span class=\"_ _0\"></span>con<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">diffe<span class=\"_ _0\"></span>renze<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tem<span class=\"_ _0\"></span>por<span class=\"_ _0\"></span>anee<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rec<span class=\"_ _0\"></span>upe<span class=\"_ _0\"></span>rab<span class=\"_ _0\"></span>ili<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>rco<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>temporale<span class=\"ff1\"> </span>ab<span class=\"_ _0\"></span>bastanza<span class=\"ff1\"> </span>lungo.<span class=\"ff1\"> </span>Le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>imposte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anticipate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vengono<span class=\"ff1\"> </span>svalutate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nella<span class=\"ff1\"> </span>misura<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in</span> </span></span></span></span></span></span></span></span></span>cui<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>stesse<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>vengono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ritenute<span class=\"ff1\">  </span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>recup<span class=\"_ _0\"></span>erabili<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>relazione<span class=\"ff1\">  </span>alle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">prospett<span class=\"_ _2\"></span>ive</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">reddituali</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">ed</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">ai</span> </span>conseguenti<span class=\"ff1\"> </span>redditi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">imponibili<span class=\"ff1\"> </span>attesi,<span class=\"ff1\"> </span>tenuto<span class=\"ff1\"> </span>altres\u00ec<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">conto</span> <span class=\"ff3\">della</span> <span class=\"ff3\">n<span class=\"_ _0\"></span>ormat<span class=\"_ _2\"></span>iva<span class=\"ff1\"> </span>fiscale<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onsente<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span></span></span></span></span>loro<span class=\"ff1\">  </span>t<span class=\"_ _0\"></span>rasformazione<span class=\"ff1\">  </span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>crediti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\">  </span>imp<span class=\"_ _0\"></span>osta,<span class=\"ff1\">  </span>al<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ricorrere<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>determinate<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>condizioni.<span class=\"ff1\">  </span>Il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>processo<span class=\"_ _2\"></span><span class=\"ff1\"> </span>valutativo<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>fondato<span class=\"ff1\"> </span>sulle<span class=\"ff1\"> </span>prospettive<span class=\"ff1\"> </span>reddituali. Le<span class=\"ff1\"> </span>att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>imposte<span class=\"ff1\"> <span class=\"_ _2\"></span></span>anticipate<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>iscritte<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>bilancio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nella<span class=\"ff1\"> </span>misura<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cui<span class=\"ff1\"> </span>esist<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>probabilit\u00e0<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>loro<span class=\"ff1\"> <span class=\"_ _20\"></span></span>recupero,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valutata<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u201c<span class=\"_ _2\"></span>Probability<span class=\"ff1\"> <span class=\"_ _2\"></span></span>test\u201d<span class=\"ff1\"> <span class=\"_ _20\"></span></span>previsto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dallo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>IAS12<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sulla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>base<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>capacit<span class=\"_ _2\"></span>\u00e0<span class=\"ff1\"> </span>fiscale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>ella<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Banc<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>ociet\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Gruppo,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"></span></span>effetto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>ll\u2019esercizio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dell\u2019opzione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>relativa<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> </span>\u201cco<span class=\"_ _0\"></span>nsol<span class=\"_ _0\"></span>ida<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>scal<span class=\"_ _0\"></span>e\u201d,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">gene<span class=\"_ _0\"></span>rare<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con</span> <span class=\"ff3\">co<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>nui<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>redd<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">impo<span class=\"_ _0\"></span>nibi<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>pos<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>vi<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>futu<span class=\"_ _0\"></span>ri<span class=\"ff1\"> </span>es<span class=\"_ _0\"></span>erc<span class=\"_ _0\"></span>izi,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tenu<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>conto<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>disposizioni<span class=\"ff1\"> </span>fiscali<span class=\"ff1\"> </span>vigenti. L\u2019ammontare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>imposte<span class=\"ff1\"> <span class=\"_ _20\"></span></span>anticipate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>iscritto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>bilancio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>viene<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>ottoposto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>est<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ogni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>anno,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> </span>verificare<span class=\"ff1\"> <span class=\"_ _20\"></span></span>se<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>ussista<span class=\"ff1\"> <span class=\"_ _21\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>meno<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>agionevole<span class=\"ff1\"> <span class=\"_ _20\"></span></span>probabilit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _21\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>societ\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>interessata<span class=\"ff1\"> <span class=\"_ _20\"></span></span>consegua<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"_ _2\"></span><span class=\"ff1\"> </span>futuro<span class=\"ff1\"> </span>risultati<span class=\"ff1\"> </span>imponib<span class=\"_ _0\"></span>ili<span class=\"ff1\"> </span>tali<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">consentire<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riassorbimento<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">impos<span class=\"_ _2\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anticipate<span class=\"ff1\"> </span>iscritte<span class=\"ff1\"> </span>nei<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>precedenti<span class=\"ff1\"> </span>periodi<span class=\"ff1\"> </span>d\u2019imposta. Con<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>riferimento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>all\u2019iscrivibilit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>impost<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>anticipate<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ed<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> <span class=\"_ _21\"></span></span>loro<span class=\"ff1\"> <span class=\"_ _21\"></span></span>mantenimento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>opportuno<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>richiamare<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>alcune<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>impor<span class=\"_ _2\"></span>tanti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>modifiche<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>no<span class=\"_ _2\"></span>rmative<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>introdotte<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>2011<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> </span>materia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fiscale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prevedendo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tr<span class=\"_ _2\"></span>asformazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>mposte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anticipate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">crediti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>imposta<span class=\"ff1\">  </span>in<span class=\"ff1\">  </span>predeterminate<span class=\"ff1\">  </span>ipot<span class=\"_ _2\"></span>esi,<span class=\"ff1\">  </span>hanno<span class=\"ff1\">  </span>introdotto<span class=\"ff1\">  </span>la<span class=\"ff1\">  </span>m<span class=\"_ _2\"></span>odalit\u00e0<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>recupero<span class=\"ff1\">  </span>delle<span class=\"ff1\">  </span>impost<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>anticipate<span class=\"ff1\"> </span>attive<span class=\"ff1\"> </span>tale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">da</span> <span class=\"ff3\">assicur<span class=\"_ _0\"></span>are<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>loro<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riassorbimento<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">prescindere</span> <span class=\"_ _0\"></span><span class=\"ff3\">dalla<span class=\"ff1\"> </span>capacit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">generare<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>una<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">redditivit\u00e0. </span></span>Le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span>sposi<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>cui<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span>l\u2019a<span class=\"_ _0\"></span>rt.2<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ommi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> </span>5<span class=\"_ _0\"></span>5<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">58,<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>D.<span class=\"_ _0\"></span>L.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">225/2<span class=\"_ _0\"></span>010,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>.d.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Decr<span class=\"_ _0\"></span>eto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Mil<span class=\"_ _0\"></span>lep<span class=\"_ _0\"></span>roro<span class=\"_ _0\"></span>ghe<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">2010,<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>hanno<span class=\"ff1\"> </span>introdotto<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">disciplina<span class=\"ff1\"> </span>della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">trasfor<span class=\"_ _2\"></span>mazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>credito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>imposta<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>imposte<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>anticipate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>ip<span class=\"_ _0\"></span>otesi<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rilevazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>un<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>\u201cperdita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">civilistica\u201d.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Rientrano<span class=\"ff1\"> </span>nella<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">presente<span class=\"ff1\"> </span>disciplina<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>imp<span class=\"_ _1\"></span>oste<span class=\"ff1\"> </span>an<span class=\"_ _0\"></span>ticip<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">iscri<span class=\"_ _0\"></span>tte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in</span> <span class=\"ff3\">bil<span class=\"_ _0\"></span>anci<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>rel<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sia</span> <span class=\"ff3\">all<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>sval<span class=\"_ _0\"></span>uta<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cre<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">anco<span class=\"_ _0\"></span>ra<span class=\"ff1\"> </span>ded<span class=\"_ _0\"></span>otte<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>ai<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sen<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>ll\u2019<span class=\"_ _0\"></span>art.<span class=\"_ _0\"></span>106,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">com<span class=\"_ _0\"></span>ma<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">3,<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Tui<span class=\"_ _0\"></span>r,<span class=\"ff1\"> </span>si<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ore<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>\u2019avv<span class=\"_ _0\"></span>iamen<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dell<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>tre<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ttiv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">imm<span class=\"_ _0\"></span>obil<span class=\"_ _0\"></span>iari<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>ai<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sensi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>de<span class=\"_ _0\"></span>ll\u2019art<span class=\"_ _2\"></span>.103<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Tuir,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>compone<span class=\"_ _2\"></span>nti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>negativi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>deducibili<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>periodi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>impos<span class=\"_ _2\"></span>ta<span class=\"ff1\"> </span>successivi.<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Successivamente<span class=\"ff1\">  </span>l<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Legge<span class=\"ff1\">  </span>22<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dicem<span class=\"_ _2\"></span>bre<span class=\"ff1\">  </span>20<span class=\"_ _2\"></span>11<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>n.214,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\">  </span>s<span class=\"_ _2\"></span>eguito<span class=\"ff1\">  </span>214<span class=\"_ _2\"></span>/2011,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>la<span class=\"ff1\"> </span>conversione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>disposizioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>contenute<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Decreto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Legge<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>2<span class=\"_ _2\"></span>01/2011<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ha<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>apportato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>impor<span class=\"_ _2\"></span>tanti<div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b2f\">modifiche<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>alla<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>disciplina<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>t<span class=\"_ _2\"></span>rasformazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>imposte<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>anticipate<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>estendendone<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>l\u2019am<span class=\"_ _2\"></span>bito<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b30\">oggettivo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>applicazione<span class=\"ff1\"> </span>all\u2019ipotesi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>conseguimento<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>perdita<span class=\"ff1\"> </span>fiscale<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>fini<span class=\"ff1\"> </span>IRES.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b31\">Le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>modifiche<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>introdott<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dalla<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Legge<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>147/2013<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>hanno<span class=\"ff1\">  </span>e<span class=\"_ _0\"></span>steso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tr<span class=\"_ _2\"></span>asformazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>imposte<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b32\">anticipate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Irap<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>stanziate<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sulle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>quote<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>ettifiche<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valo<span class=\"_ _2\"></span>re<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>ui<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>crediti,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sulle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quote<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b33\">amm<span class=\"_ _0\"></span>orta<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">avvia<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>altr<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>atti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>mate<span class=\"_ _0\"></span>rial<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>rin<span class=\"_ _0\"></span>via<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>negl<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ese<span class=\"_ _0\"></span>rciz<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>succ<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>sivi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nelle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ipote<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b34\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rilevazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> </span>perdita<span class=\"ff1\"> </span>civilistica<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>conseguimento<span class=\"ff1\"> </span>ai<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fini<span class=\"ff1\"> </span>Irap<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> </span>della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">produzione<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b35\">netta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">negativo. </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b36\">Quindi,<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ipotesi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>una<span class=\"ff1\"> <span class=\"_ _2\"></span></span>perdita<span class=\"ff1\"> <span class=\"_ _2\"></span></span>civilistica<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>una<span class=\"ff1\"> <span class=\"_ _2\"></span></span>perdita<span class=\"ff1\"> </span>fiscale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> </span>valore<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> </span>produzione<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b37\">netta<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Irap<span class=\"ff1\"> <span class=\"_ _20\"></span></span>negativo,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>imposte<span class=\"ff1\"> <span class=\"_ _20\"></span></span>anticipate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Ires/Irap<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riferite<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rettifiche<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>su<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b38\">crediti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ancora<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>edott<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dal<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">reddito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">imponibile<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">impose<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anticipate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riconducibili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b39\">va<span class=\"_ _0\"></span>lore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dell\u2019<span class=\"_ _0\"></span>avvi<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>altre<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">atti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>immat<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>ali,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i</span> <span class=\"ff3\">cui</span> <span class=\"ff3\">compo<span class=\"_ _0\"></span>nen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>neg<span class=\"_ _0\"></span>ativ<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>son<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ded<span class=\"_ _0\"></span>uci<span class=\"_ _0\"></span>bil<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b3a\">pi\u00f9<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>riod<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">imp<span class=\"_ _1\"></span>osta,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>tra<span class=\"_ _0\"></span>sfor<span class=\"_ _0\"></span>mate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>redi<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">imp<span class=\"_ _0\"></span>osta<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">se<span class=\"_ _0\"></span>cond<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rev<span class=\"_ _0\"></span>isi<span class=\"_ _0\"></span>oni<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>elle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Leg<span class=\"_ _0\"></span>ge<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">214<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b3b\">del<span class=\"ff1\"> </span>22<span class=\"ff1\"> </span>dicembre<span class=\"ff1\"> </span>201<span class=\"_ _2\"></span>1<span class=\"ff1\"> </span>(compensazione<span class=\"ff1\"> </span>senza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>limiti<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>q<span class=\"_ _2\"></span>ualsiasi<span class=\"ff1\"> </span>tipo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tributo<span class=\"_ _2\"></span>,<span class=\"ff1\"> </span>incluso<span class=\"ff1\"> </span>rit<span class=\"_ _2\"></span>enute<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b3c\">con<span class=\"_ _0\"></span>tri<span class=\"_ _0\"></span>buti<span class=\"_ _0\"></span>). </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b3d\">Da<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>segnalare<span class=\"ff1\"> <span class=\"_ _21\"></span></span>inoltre<span class=\"ff1\"> <span class=\"_ _21\"></span></span>come<span class=\"ff1\"> <span class=\"_ _21\"></span></span>l\u2019articolo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>11<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>decreto-legge<span class=\"ff1\"> <span class=\"_ _21\"></span></span>3<span class=\"ff1\"> <span class=\"_ _21\"></span></span>maggio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>2016,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>n.<span class=\"ff1\"> <span class=\"_ _21\"></span></span>59,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>convertito<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>con<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b3e\">modificazioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dalla<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>legge<span class=\"ff1\">  </span>30<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>giugno<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>2016,<span class=\"ff1\">  </span>n.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>119,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>stabilisce<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\">  </span>imprese<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>interessate<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dalle<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b3f\">disposizioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"ff1\">  </span>p<span class=\"_ _0\"></span>reve<span class=\"_ _2\"></span>dono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\">  </span>trasformazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\">  </span>credi<span class=\"_ _0\"></span>ti<span class=\"ff1\">  </span>d\u2019imposta<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>elle<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>attivit\u00e0<span class=\"ff1\">  </span>per<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>imposte<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b40\">anticipate<span class=\"ff1\"> </span>\u2013<span class=\"_ _2\"></span><span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _2\"></span></span>all\u2019articolo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>2,<span class=\"ff1\"> </span>commi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"ff1\"> <span class=\"_ _2\"></span></span>55<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>57,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>decreto-legge<span class=\"ff1\"> <span class=\"_ _2\"></span></span>29<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dicembre<span class=\"ff1\"> </span>2010,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>n.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>225<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b41\">possono<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>optare<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>mantenimento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dell\u2019applicazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>predette<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>disposizioni,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>att<span class=\"_ _2\"></span>raverso<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b42\">versamento<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>canone. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b43\">L\u2019opzione<span class=\"ff1\"> </span>ha<span class=\"ff1\"> </span>lo<span class=\"ff1\"> </span>scopo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>consentire<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>societ\u00e0<span class=\"ff1\"> </span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">hanno</span> <span class=\"ff3\">DTA</span> <span class=\"ff3\">qualificate</span> <span class=\"ff3\">al</span> <span class=\"ff3\">31</span> <span class=\"ff3\">dicembre</span> <span class=\"ff3\">2015</span> <span class=\"ff3\">di</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b44\">mantenere<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>diritto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>trasformarle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>crediti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>d\u2019imposta<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>caso<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>futuro<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>verifichino<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>le<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b45\">situazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perdita<span class=\"ff1\"> </span>civilistica<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>fiscale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>liquidazione<span class=\"ff1\"> </span>prevista<span class=\"ff1\"> </span>all\u2019articolo<span class=\"ff1\"> </span>2,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">commi<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>55<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">5<span class=\"_ _2\"></span>6<span class=\"ff1\"> </span>ter<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b46\">del<span class=\"ff1\"> </span>Dl<span class=\"ff1\"> </span>225<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>2010. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b47\">Oltre<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ci\u00f2,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>regime<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d<span class=\"_ _2\"></span>educibilit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fi<span class=\"_ _2\"></span>ni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Ires<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Irap<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>valutazioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>crediti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>perdite<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>u<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b48\">crediti,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>verso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>clientela,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>degli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>enti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>creditizi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>f<span class=\"_ _2\"></span>inanziari<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>imprese<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ass<span class=\"_ _2\"></span>icurazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>st<span class=\"_ _2\"></span>ato<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b49\">modificato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>D<span class=\"_ _2\"></span>ecreto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Legge<span class=\"ff1\">  </span>n.83<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>27<span class=\"ff1\">  </span>giugno<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>2015,<span class=\"ff1\">  </span>art.16,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>introducendo,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"ff1\">  </span>posto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>della<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b4a\">deducibilit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>annuale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>m<span class=\"_ _2\"></span>isura<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quinto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> <span class=\"_ _20\"></span></span>c<span class=\"_ _2\"></span>iascun<span class=\"ff1\"> <span class=\"_ _20\"></span></span>anno,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>deducibilit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>integrale,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>partire<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b4b\">da<span class=\"_ _0\"></span>ll\u2019e<span class=\"_ _0\"></span>ser<span class=\"_ _0\"></span>cizi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>20<span class=\"_ _0\"></span>16,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">comp<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span>nti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">neg<span class=\"_ _0\"></span>ativi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>eddi<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>\u2019ese<span class=\"_ _0\"></span>rcizi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>cu<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span>son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>leva<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bil<span class=\"_ _0\"></span>ancio<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b4c\">mentre<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>svalutazioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>elative<span class=\"ff1\"> <span class=\"_ _2\"></span></span>all\u2019esercizio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>2015<span class=\"ff1\"> <span class=\"_ _20\"></span></span>erano<span class=\"ff1\"> <span class=\"_ _20\"></span></span>deducibili<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>75%<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nell\u2019anno<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>p<span class=\"_ _2\"></span>ertinenza,<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b4d\">mentre<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>restante<span class=\"ff1\"> <span class=\"_ _20\"></span></span>25<span class=\"_ _2\"></span>%<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sar\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>deducibile,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>insie<span class=\"_ _0\"></span>me<span class=\"ff1\"> <span class=\"_ _20\"></span></span>agli<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span></span>stock<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>valutazioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>perdite<span class=\"ff1\"> <span class=\"_ _21\"></span></span>non<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ancora<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b4e\">dedotte<span class=\"ff1\"> </span>presenti<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>31<span class=\"ff1\"> </span>dicembre<span class=\"ff1\"> </span>2014,<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>dieci<span class=\"ff1\"> </span>anni<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>differenti<span class=\"ff1\"> </span>percentuali<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>deduzione. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b4f\">La<span class=\"ff1\"> </span>legge<span class=\"ff1\"> </span>30<span class=\"ff1\"> </span>dicembre<span class=\"ff1\"> </span>2018,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">n.145,<span class=\"ff1\"> </span>nota<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>Legge<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Bilancio<span class=\"ff1\"> </span>20<span class=\"_ _2\"></span>19,<span class=\"ff1\"> </span>ha<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rinviato<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>percentuale<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b50\">deduzione<span class=\"ff1\"> </span>prevista<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>2018<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>2026. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b51\">Sempre<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stessa<span class=\"ff1\"> </span>legge<span class=\"ff1\"> </span>ha<span class=\"ff1\"> </span>rinviato<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>percentuale<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>dedu<span class=\"_ _0\"></span>zione<span class=\"ff1\"> </span>prevista<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>2019<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quattr<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>quote<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b52\">annuali<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>2022<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>2025. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b53\">La<span class=\"ff1\"> </span>legge<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Bilancio<span class=\"ff1\"> </span>n.160<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>27<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dicembre<span class=\"ff1\"> </span>2019,<span class=\"ff1\"> </span>nota<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>Legge<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Bilancio<span class=\"ff1\"> </span>2020,<span class=\"ff1\"> </span>ha<span class=\"ff1\"> </span>disposto<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b54\">rinvio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>partire<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dal<span class=\"ff1\"> <span class=\"_ _2\"></span></span>201<span class=\"_ _2\"></span>9<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fino<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>2029<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>deduzione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>secondo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>diverse<span class=\"ff1\"> <span class=\"_ _20\"></span></span>misure<span class=\"ff1\"> <span class=\"_ _2\"></span></span>percentuali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b55\">quote<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ammortamento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>relative<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dell\u2019avviamento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>elle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"_ _2\"></span>ltre<span class=\"ff1\"> <span class=\"_ _21\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>imma<span class=\"_ _2\"></span>teriali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ch<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b56\">hanno<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ato<span class=\"ff1\"> </span>luogo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">all\u2019iscrizione<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">imposte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anticipate<span class=\"ff1\"> </span>che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> </span>erano<span class=\"ff1\"> </span>ancora<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">state<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dedotte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> </span>2017<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b57\">ed<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>articolar<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ai<span class=\"ff1\"> </span>quei<span class=\"ff1\"> </span>valori<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">relativi<span class=\"ff1\"> </span>ad<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">avviam<span class=\"_ _2\"></span>enti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ed<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>tre<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>immateriali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">iscritti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b58\">consolidato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>iferibili<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>maggior<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>valori<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>contabili<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>partecipazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>controllo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"_ _2\"></span>cquisite<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ed<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b59\">iscritte<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>effetto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>operazioni<span class=\"ff1\"> </span>straordinarie. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b5a\">La<span class=\"ff1\"> <span class=\"_ _20\"></span></span>st<span class=\"_ _2\"></span>essa<span class=\"ff1\"> <span class=\"_ _20\"></span></span>legge<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ha<span class=\"ff1\"> <span class=\"_ _21\"></span></span>inoltre<span class=\"ff1\"> <span class=\"_ _20\"></span></span>previst<span class=\"_ _2\"></span>o,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _21\"></span></span>commi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>1067<span class=\"ff1\"> <span class=\"_ _21\"></span></span>-1<span class=\"_ _0\"></span>068,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>componenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>reddituali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>erivanti<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b5b\">dall\u2019adozione<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">modello<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rilevazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span>fondo<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">copert<span class=\"_ _2\"></span>ura<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">p<span class=\"_ _2\"></span>erdite<span class=\"ff1\"> </span>attese<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"ff1\"> </span>crediti<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b5c\">al<span class=\"ff1\"> </span>par.5.5<span class=\"ff1\"> </span>IFRS9,<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>iscritti<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>b<span class=\"_ _0\"></span>ilancio<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>sede<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prima<span class=\"ff1\"> </span>adozione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>medesimo<span class=\"ff1\"> </span>principio<span class=\"ff1\"> </span>contabile,<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b5d\">siano<span class=\"ff1\">  </span>deducibili<span class=\"ff1\">  </span>dalla<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>base<span class=\"ff1\">  </span>imponibile<span class=\"ff1\">  </span>IRES<span class=\"ff1\">  </span>ed<span class=\"ff1\">  </span>IRAP<span class=\"ff1\">  </span>nella<span class=\"ff1\">  </span>misura<span class=\"ff1\">  </span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>10<span class=\"_ _2\"></span><span class=\"ff1\">  </span>per<span class=\"ff1\">  </span>ce<span class=\"_ _0\"></span>nto<span class=\"ff1\">  </span>del<span class=\"ff1\">  </span>loro<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b5e\">ammontare<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>periodo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>impost<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>prima<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>adozione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>estante<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>90<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cento<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quote<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b5f\">costanti<span class=\"ff1\"> </span>nei<span class=\"ff1\"> </span>nove<span class=\"ff1\"> </span>periodi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>imposta<span class=\"ff1\"> </span>successivi. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b60\">Sempre<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>st<span class=\"_ _2\"></span>essa<span class=\"ff1\"> </span>legge<span class=\"ff1\"> </span>ha<span class=\"ff1\"> </span>rinviat<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>percentuale<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>ded<span class=\"_ _2\"></span>uzione<span class=\"ff1\"> </span>prevista<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nel<span class=\"ff1\"> </span>2019<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>cinque<span class=\"ff1\"> </span>quot<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b61\">annuali<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>2025<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>2029<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>ha<span class=\"ff1\"> </span>rinv<span class=\"_ _0\"></span>iato<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>percentuale<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>deduzio<span class=\"_ _2\"></span>ne<span class=\"ff1\"> </span>prevista<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>2019<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>2028. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b62\">L\u2019art.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>110<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>DL<span class=\"ff1\"> <span class=\"_ _2\"></span></span>14<span class=\"ff1\"> <span class=\"_ _2\"></span></span>agosto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>2020,<span class=\"ff1\"> </span>n.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>104<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(c.d.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>decreto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u201cAgosto\u201d)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ha<span class=\"ff1\"> <span class=\"_ _2\"></span></span>reintrodotto,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b63\">disposizioni<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>prevedono<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>ivalu<span class=\"_ _0\"></span>tazione<span class=\"ff1\"> </span>(anche<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>lo<span class=\"ff1\"> </span>civilistica)<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>beni<span class=\"ff1\"> </span>d\u2019impresa<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b64\">2020,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> </span>pos<span class=\"_ _2\"></span>sibilit\u00e0,<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>societ\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>redigono<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>bilancio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d\u2019esercizio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>secondo<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>principi<span class=\"ff1\"> </span>cont<span class=\"_ _2\"></span>abili<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b65\">IAS/IFRS,<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>riallineare<span class=\"ff1\">  </span>le<span class=\"ff1\">  </span>diver<span class=\"_ _2\"></span>genze<span class=\"ff1\">  </span>tra<span class=\"ff1\">  </span>valori<span class=\"ff1\">  </span>fiscali<span class=\"ff1\">  </span>e<span class=\"ff1\">  </span>co<span class=\"_ _2\"></span>ntabili<span class=\"ff1\">  </span>relativi<span class=\"ff1\">  </span>ai<span class=\"ff1\">  </span>beni<span class=\"ff1\">  </span>materiali<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>e<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b66\">immateriali<span class=\"ff1\"> </span>(esclusi<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>bene<span class=\"ff1\"> </span>merce)<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>partecipazioni<span class=\"ff1\"> </span>immobilizzate. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b67\">Sui<span class=\"ff1\"> </span>maggi<span class=\"_ _0\"></span>ori<span class=\"ff1\"> </span>valori<span class=\"ff1\"> </span>rialline<span class=\"_ _0\"></span>ati<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>applicata<span class=\"ff1\"> </span>un\u2019imposta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sost<span class=\"_ _2\"></span>itutiva<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dell\u2019IRES<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dell\u2019IRAP</span> <span class=\"ff3\">pari</span> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>3%,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b68\">versare<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>massimo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tre<span class=\"ff1\"> </span>rate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">annuali<span class=\"ff1\"> </span>entro<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>termine<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>versamento<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>saldo<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>imposte<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b69\">sui<span class=\"ff1\"> </span>redditi;<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>inoltre<span class=\"ff1\"> </span>necessario<span class=\"ff1\"> </span>\u201cvincolare\u201d<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>riserva<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>atrimonio<span class=\"ff1\"> </span>(in<span class=\"ff1\"> </span>regime<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>sospensione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b6a\">imposta)<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>importo<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>divergenze<span class=\"ff1\"> </span>riallineate<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>netto<span class=\"ff1\"> </span>dell\u2019imposta<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>stitutiva.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b6c\">Sono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>r<span class=\"_ _2\"></span>iallineabili<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>va<span class=\"_ _2\"></span>lori<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>r<span class=\"_ _2\"></span>elativi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u201ci<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>beni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>d\u2019impresa<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _0\"></span>arte<span class=\"_ _2\"></span>cipazioni\u201d<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>risultant<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>bi<span class=\"_ _2\"></span>lancio<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b6d\">dell\u2019esercizio<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>corso<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">31<span class=\"_ _2\"></span><span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>icembre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2019<span class=\"ff1\"> </span>ed<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">individuati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(come<span class=\"ff1\"> </span>gi\u00e0<span class=\"ff1\"> </span>avvenu<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>previgenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">regimi<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b6e\">simili)<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>secondo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>disposizioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>relative<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>regime<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rivalutazione<span class=\"_ _0\"></span>/riallineamento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>legge<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>n.<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b6f\">342/2000.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">In<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tal<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">senso,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">possono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riallinearsi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">div<span class=\"_ _2\"></span>ergenze<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">creano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ordinariamente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">p<span class=\"_ _2\"></span>er<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">effetto<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b70\">del<span class=\"_ _0\"></span>l\u2019u<span class=\"_ _0\"></span>til<span class=\"_ _0\"></span>izzo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del</span> <span class=\"ff3\">c<span class=\"_ _0\"></span>rite<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fai<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>value<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ne<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>tazi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ben<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>(a<span class=\"_ _0\"></span>d<span class=\"ff1\"> </span>ese<span class=\"_ _0\"></span>mpio,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">imm<span class=\"_ _0\"></span>obil<span class=\"_ _0\"></span>i)<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span>vver<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b71\">quelle<span class=\"ff1\"> </span>originate<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>operazioni<span class=\"ff1\"> </span>straor<span class=\"_ _2\"></span>dinarie<span class=\"ff1\"> </span>fiscalmente<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>utrali. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b72\">Il<span class=\"ff1\"> </span>gruppo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ha<span class=\"ff1\"> <span class=\"_ _2\"></span></span>provveduto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ad<span class=\"ff1\"> </span>a<span class=\"_ _2\"></span>llineare<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valori<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fiscali<span class=\"ff1\"> </span>ai<span class=\"ff1\"> <span class=\"_ _2\"></span></span>maggiori<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valori<span class=\"ff1\"> </span>civilistici<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> </span>beni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>impresa<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b73\">iscritti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">31<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dicembre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">2020,<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">importo<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">circa<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">96<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">milioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">euro,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gi\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">presenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">n<span class=\"_ _2\"></span>el<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b74\">bi<span class=\"_ _0\"></span>lanc<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>hiu<span class=\"_ _0\"></span>so<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">31/<span class=\"_ _0\"></span>12/2<span class=\"_ _0\"></span>019<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riall<span class=\"_ _0\"></span>inea<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>ha<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>essa<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>g<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">imm<span class=\"_ _0\"></span>obi<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inte<span class=\"_ _0\"></span>rame<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>ropr<span class=\"_ _0\"></span>iet\u00e0,<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b75\">c.d.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ter<span class=\"_ _2\"></span>ra/cielo,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sede<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prima<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">applicazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>ei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">princ<span class=\"_ _2\"></span>ipi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"_ _2\"></span>tabili<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">inter<span class=\"_ _2\"></span>nazionali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">IAS,<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>poter<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b76\">permettere<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">lo<span class=\"ff1\"> </span>scorporo<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span>terreno<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>al<span class=\"ff1\"> </span>valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span>fab<span class=\"_ _0\"></span>bricati,<span class=\"ff1\"> </span>furono<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alutati<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value.<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b77\">La<span class=\"ff1\"> <span class=\"_ _21\"></span></span>pe<span class=\"_ _0\"></span>rizia<span class=\"ff1\"> <span class=\"_ _21\"></span></span>esterna<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">valutazione,</span> <span class=\"_ _21\"></span><span class=\"ff3\">fu</span> <span class=\"_ _20\"></span><span class=\"ff3\">suddivisa</span> <span class=\"_ _21\"> </span><span class=\"ff3\">tra</span> <span class=\"_ _21\"> </span><span class=\"ff3\">il</span> <span class=\"_ _21\"></span><span class=\"ff3\">val<span class=\"_ _0\"></span>ore<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>terr<span class=\"_ _2\"></span>eni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ed<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fabb<span class=\"_ _0\"></span>ricat<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b78\">sovrastanti.<span class=\"ff1\">  </span>Ai<span class=\"ff1\">  </span>fini<span class=\"ff1\">  </span>f<span class=\"_ _0\"></span>iscali<span class=\"ff1\">  </span>non<span class=\"ff1\">  </span>si<span class=\"ff1\">  </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">potuto</span>  <span class=\"ff3\">tener</span>  <span class=\"ff3\">conto</span>  <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\">  </span>questi<span class=\"ff1\">  </span>maggiori<span class=\"ff1\">  </span>v<span class=\"_ _0\"></span>alori<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>bilancio,<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b79\">proseguendo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>piano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>am<span class=\"_ _2\"></span>mortamento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>base<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alle<span class=\"ff1\"> </span>aliquote<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fiscalmente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gi\u00e0<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>iconosciute<span class=\"ff1\"> </span>i<span class=\"_ _2\"></span>n<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b7a\">pa<span class=\"_ _0\"></span>ssato<span class=\"_ _0\"></span>. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b7b\">A<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">seguito<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">questo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riallineamento<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stata<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ontabilizzata,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">n<span class=\"_ _2\"></span>ell\u2019esercizio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2020,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019imposta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sostitutiva<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b7c\">del<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>3%,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>amm<span class=\"_ _2\"></span>ontante<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>2,8<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>milioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>euro,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>so<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>state<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>stornate<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>relative<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>imposte<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>differite<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b7d\">stanziate<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>effetto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>r<span class=\"_ _2\"></span>ivalutazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>effettuata<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sede<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>prima<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>applicazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>principi<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b7e\">contabili<span class=\"ff1\"> </span>internazionali.<span class=\"ff1\"> </span>L\u2019effetto<span class=\"ff1\"> </span>positivo<span class=\"ff1\"> </span>netto<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>ha<span class=\"ff1\"> </span>interessato<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>2020<span class=\"ff1\"> </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b7f\">stato<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>22,8<span class=\"ff1\"> </span>milioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>euro. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b80\">Inoltre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Legge<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2021,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">articolo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">1,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">comma<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">8<span class=\"_ _2\"></span>3,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">legge<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">178/2020<span class=\"ff1\"> </span>ha<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">esteso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">questa<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pos<span class=\"_ _2\"></span>sibilit\u00e0<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b81\">anche<span class=\"ff1\"> <span class=\"_ _21\"></span></span>agli<span class=\"ff1\"> <span class=\"_ _21\"></span></span>avviamenti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>risultanti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dal<span class=\"ff1\"> <span class=\"_ _21\"></span></span>bilancio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"></span></span>corso<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"></span></span>31<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dicembre<span class=\"ff1\"> <span class=\"_ _21\"></span></span>2020<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pagam<span class=\"_ _2\"></span>ento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b82\">un'imposta<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>ostitutiva<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>3%<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>p<span class=\"_ _2\"></span>ermette<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>riconoscere<span class=\"ff1\"> <span class=\"_ _20\"></span></span>anche<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fiscalmente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>mag<span class=\"_ _2\"></span>giori<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valori<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b83\">civilistici<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">iscritti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">risp<span class=\"_ _2\"></span>etto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ai<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">m<span class=\"_ _2\"></span>inori<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valori<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fis<span class=\"_ _2\"></span>cali.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">In<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">bilan<span class=\"_ _2\"></span>cio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">is<span class=\"_ _2\"></span>critti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">anche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">avv<span class=\"_ _2\"></span>iamenti,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b84\">che<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>hanno<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>m<span class=\"_ _2\"></span>ai<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>avuto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rilevanza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fiscale,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rife<span class=\"_ _0\"></span>riti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>all<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>incorporazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>effettuate<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>negli<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>esercizi<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b85\">precedenti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>23,5<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>milioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>euro.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>A<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>seguito<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>questo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>riallineamento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>stata<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span></span>contabilizzata,<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b86\">nell\u2019esercizio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>2020,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019imposta<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sostitutiva<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>3%,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ammontante<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>0,8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>milioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>euro,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>state<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b87\">iscritte<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>relative<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>imposte<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>differite<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>att<span class=\"_ _2\"></span>ive,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>seguendo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quanto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>riport<span class=\"_ _2\"></span>ato<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dall\u2019applicazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>n.1<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b88\">febbraio<span class=\"ff1\"> </span>2009<span class=\"ff1\"> </span>dell\u2019Organismo<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Italiano<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Cont<span class=\"_ _2\"></span>abilit\u00e0.<span class=\"ff1\"> </span>L\u2019effetto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>positivo<span class=\"ff1\"> </span>netto<span class=\"_ _2\"></span><span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>ha<span class=\"ff1\"> </span>interess<span class=\"_ _2\"></span>ato<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b89\">conto<span class=\"ff1\"> </span>economico<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>2020<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>stato<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>4,5<span class=\"ff1\"> <span class=\"_ _2\"></span></span>milioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>eu<span class=\"_ _0\"></span>ro. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b8a\">La<span class=\"ff1\"> </span>L<span class=\"_ _0\"></span>egge<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Bilancio</span> <span class=\"ff3\">2<span class=\"_ _0\"></span>022<span class=\"ff1\"> </span>(Legge<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">n.234<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">30/12/20<span class=\"_ _2\"></span>21)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"ff1\"> </span>stabilito,<span class=\"ff1\"> </span>ai<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sensi<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>l\u2019art.<span class=\"ff1\"> </span>1<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">comma<span class=\"ff1\"> </span>622,<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b8b\">che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">deduzione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fiscale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valori<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rivalutati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">beni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">immateriali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fiscalm<span class=\"_ _2\"></span>ente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ammortizzano<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b8c\">in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>18<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>anni,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span></span>norma<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dell\u2019articolo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>1<span class=\"_ _0\"></span>03<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Tuir),<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>ebba<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>av<span class=\"_ _0\"></span>venire,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>partendo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>2021,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>50<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>anni<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b8d\">terminando<span class=\"ff1\"> </span>dunque<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nell\u2019anno<span class=\"ff1\"> </span>2070.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Pertan<span class=\"_ _0\"></span>to,<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">impost<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">differite<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attive<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>scritte<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>23,5<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">milioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b8e\">euro<span class=\"ff1\"> </span>relative<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valore<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>avviamenti<span class=\"ff1\"> </span>riallineati<span class=\"ff1\"> </span>saranno<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>iassorbite<span class=\"ff1\"> </span>entro<span class=\"ff1\"> </span>l\u2019arco<span class=\"ff1\"> </span>temporale<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>50<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b8f\">anni,<span class=\"ff1\"> </span>rispetto<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>18<span class=\"ff1\"> </span>anni<span class=\"ff1\"> </span>inizialmente<span class=\"ff1\"> </span>previsti. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b90\">Nel<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>cors<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dell\u2019anno<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>2021,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>gli<span class=\"ff1\">  </span>impatti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nat<span class=\"_ _2\"></span>ura<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fiscale<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>hanno<span class=\"ff1\">  </span>tenu<span class=\"_ _0\"></span>to<span class=\"ff1\">  </span>conto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fusione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>per<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b91\">incorporazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Cassa<span class=\"ff1\"> </span>Risparmio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Cento<span class=\"ff1\"> </span>S.p.A.<span class=\"ff1\"> </span>L\u2019ope<span class=\"_ _0\"></span>razione<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>traordinaria<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>appresentata<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b92\">bilancio<span class=\"ff1\"> </span>d\u2019esercizio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> </span>31<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dicembre<span class=\"ff1\"> </span>2021<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>c.d.<span class=\"ff1\"> </span>\u201cacquisition<span class=\"ff1\"> </span>method\u201d,<span class=\"ff1\"> </span>previsto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall\u2019IFRS<span class=\"ff1\"> </span>3,<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b93\">dedicato<span class=\"ff1\"> <span class=\"_ _bf\"> </span></span>alla<span class=\"ff1\"> <span class=\"_ _2c\"> </span></span>r<span class=\"_ _2\"></span>appresentazione<span class=\"ff1\"> <span class=\"_ _2c\"> </span></span>contabile<span class=\"ff1\"> <span class=\"_ _bf\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _bf\"> </span></span>aggregazioni<span class=\"ff1\"> <span class=\"_ _bf\"> </span></span>aziendali<span class=\"ff1\"> <span class=\"_ _bf\"> </span></span>(c.d.<span class=\"ff1\"> <span class=\"_ _2c\"> </span></span>\u201c<span class=\"_ _2\"></span>business<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b94\">combinations\u201d).<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>In<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>particolare,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>c.d.<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u201cacquisition<span class=\"ff1\"> <span class=\"_ _21\"></span></span>method\u201d<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>impone<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>che,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>caso<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>fusione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b95\">incorporazione,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>l\u2019operazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ab<span class=\"_ _0\"></span>bia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>riflesso<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>bilancio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>d\u2019esercizio,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tramite<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>processo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b96\">\u201cpu<span class=\"_ _1\"></span>rchase<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">price<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">all<span class=\"_ _0\"></span>ocati<span class=\"_ _0\"></span>on\u201d<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">(\u201cPPA<span class=\"_ _0\"></span>\u201d)<span class=\"ff1\"> </span>ba<span class=\"_ _0\"></span>sato<span class=\"ff1\"> </span>su<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>fai<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>valu<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>dell<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>atti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>ssivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span>soc<span class=\"_ _0\"></span>iet<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b97\">incorporata.<span class=\"ff1\"> <span class=\"_ _2c\"> </span></span>Tale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>criterio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>contabilizzazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>p<span class=\"_ _2\"></span>u\u00f2<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>generare<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>differenze<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tra<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>co<span class=\"_ _2\"></span>ntabile<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b98\">determinato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>seguito<span class=\"ff1\"> </span>dell\u2019operazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>f<span class=\"_ _2\"></span>usione<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cont<span class=\"_ _2\"></span>abile<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>stesse<span class=\"ff1\"> <span class=\"_ _2\"></span></span>poste<span class=\"ff1\"> <span class=\"_ _2\"></span></span>indicato<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b99\">nell\u2019ultimo<span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> </span>dell\u2019incorporata. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b9a\">Nel<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>caso<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>specifico,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>bilancio<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>31/12/20<span class=\"_ _2\"></span>21,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>differenze<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>hanno<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>concorso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>de<span class=\"_ _0\"></span>terminare:<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i)<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b9b\">l\u2019iscrizione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>un<span class=\"ff1\">  </span>avviame<span class=\"_ _0\"></span>nto<span class=\"ff1\">  </span>negativo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(c.d.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u201cbadwill\u201d,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fiscalmente<span class=\"ff1\">  </span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>riconosciuto,<span class=\"ff1\">  </span>ai<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">sensi</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b9c\">dell\u2019art.172<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>TUIR),<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pari<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>eu<span class=\"_ _0\"></span>ro<span class=\"ff1\"> <span class=\"_ _21\"></span></span>97<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span><span class=\"ff3\">mln,</span> <span class=\"_ _20\"></span><span class=\"ff3\">che</span> <span class=\"_ _20\"></span><span class=\"ff3\">\u00e8</span> <span class=\"_ _20\"></span><span class=\"ff3\">stato</span> <span class=\"_ _20\"></span><span class=\"ff3\">contabilizzato</span> <span class=\"_ _20\"></span><span class=\"ff3\">nel</span> <span class=\"_ _20\"></span><span class=\"ff3\">conto</span> <span class=\"_ _20\"></span><span class=\"ff3\">economico</span> <span class=\"_ _20\"></span><span class=\"ff3\">come</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b9d\">provento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">determinato<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>alla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">differenza<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">n<span class=\"_ _2\"></span>egativa<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tr<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>minor<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valor<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valu<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span>\u201ccorrispettivo\u201d<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b9e\">e<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>maggior<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>passivit\u00e0<span class=\"ff1\"> </span>acquisite<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>seguito<span class=\"ff1\"> </span>dell\u2019incorporazione;<span class=\"ff1\"> </span>ii)<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1b9f\">l\u2019iscrizione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ulteriori<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pos<span class=\"_ _2\"></span>te<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">contabili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(fiscalmente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ilevanti)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>elative<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">svalutazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ri<span class=\"_ _2\"></span>valutazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1ba0\">crediti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">NPL,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">time<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>posit<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fondi<span class=\"ff1\"> </span>immobiliari,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ammontare<span class=\"ff1\"> </span>complessivo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nett<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">23<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">milioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1ba1\">euro;<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>iii)<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>l<span class=\"_ _2\"></span>\u2019assorbimento<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>DTA<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>r<span class=\"_ _2\"></span>iferibili<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>perdite<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>fiscali<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>pregresse,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>ammontare<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1ba2\">complessivo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>36<span class=\"ff1\"> </span>milioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>euro. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1ba3\">Nel<span class=\"ff1\"> </span>corso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>2022,<span class=\"ff1\"> </span>l\u2019art.<span class=\"ff1\"> </span>42<span class=\"ff1\"> </span>comma<span class=\"ff1\"> </span>1,<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>DL<span class=\"ff1\"> </span>17/2022<span class=\"ff1\"> </span>convertito<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>Legge<span class=\"ff1\"> </span>34/2022,<span class=\"ff1\"> </span>ha<span class=\"ff1\"> </span>previst<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1ba4\">ch<span class=\"_ _0\"></span>e,<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>ota<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rela<span class=\"_ _0\"></span>tiva<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">alle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sv<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>tazi<span class=\"_ _0\"></span>oni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perdi<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>redi<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al</span> <span class=\"ff3\">1<span class=\"_ _0\"></span>2%<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>he<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>areb<span class=\"_ _0\"></span>be<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stata<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o<span class=\"_ _0\"></span>gge<span class=\"_ _0\"></span>tto<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1ba5\">di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>deduzione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fini<span class=\"ff1\"> <span class=\"_ _20\"></span></span>IRES<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>IRAP<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _20\"></span></span>periodo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>impost<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>2022,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rinviata<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quattro<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quote<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1ba6\">costanti<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>dedursi<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>2023<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>2026.<span class=\"ff1\"> </span>In<span class=\"ff1\"> </span>ci\u00f2<span class=\"ff1\"> </span>sta<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>mo<span class=\"_ _2\"></span>difica<span class=\"ff1\"> </span>apportata<span class=\"ff1\"> </span>nell\u2019iter<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>conversione<span class=\"ff1\"> </span>del </div>decreto,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>origine<span class=\"ff1\"> <span class=\"_ _20\"></span></span>colpiva<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>deduzione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>2021<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rinviandola<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _20\"></span></span>successivi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quattro<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>periodi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> </span>imposta<span class=\"ff1\"> <span class=\"_ _21\"></span></span>(dal<span class=\"ff1\"> <span class=\"_ _20\"></span></span>2022<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>20<span class=\"_ _2\"></span>25).<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Inoltre<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>comma<span class=\"ff1\"> <span class=\"_ _21\"></span></span>1-bis<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dell\u2019art<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>42<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">sede</span> <span class=\"_ _20\"></span><span class=\"ff3\">dell\u2019iter</span> <span class=\"_ _21\"></span><span class=\"ff3\">di</span> <span class=\"_ _20\"></span><span class=\"ff3\">convers<span class=\"_ _2\"></span>ione</span> <span class=\"_ _20\"></span><span class=\"ff3\">in<span class=\"_ _2\"></span></span> </span>Legge,<span class=\"ff1\"> </span>ha<span class=\"ff1\"> </span>modificato<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>comma<span class=\"ff1\"> <span class=\"_ _2\"></span></span>1056<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>Legge<span class=\"ff1\"> <span class=\"_ _2\"></span></span>145/2018,<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cui<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">la</span> <span class=\"_ _2\"></span><span class=\"ff3\">quota</span> <span class=\"ff3\">del</span> <span class=\"ff3\">10%</span> <span class=\"ff3\">rinviata</span> <span class=\"ff3\">ai</span> <span class=\"ff3\">fini<span class=\"_ _2\"></span></span> </span>IRES<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>IRAP<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>20<span class=\"_ _2\"></span>26,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>v<span class=\"_ _2\"></span>iene<span class=\"ff1\"> <span class=\"_ _20\"></span></span>anticipata<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ammessa<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>deduzione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _21\"></span></span>31<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dicembre<span class=\"ff1\"> <span class=\"_ _20\"></span></span>2022<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span><span class=\"ff3\">53<span class=\"_ _2\"></span>%,</span> </span>mentre<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>restante<span class=\"ff1\"> </span>parte<span class=\"ff1\"> </span>(47%)<span class=\"ff1\"> </span>rimane<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>2026. 11.<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>At<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>im<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>an<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>pat<span class=\"_ _0\"></span>e:<span class=\"_ _3bd\"> </span>c<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>siz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>IR<span class=\"_ _1\"></span>ES<span class=\"_ _1\"></span> <span class=\"_ _125\"> </span>IR<span class=\"_ _1\"></span>AP<span class=\"_ _1\"></span> <span class=\"_ _246\"> </span>Tot<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e Rettifiche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">crediti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">verso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">clie<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>la <span class=\"_ _d8\"> </span>61.<span class=\"_ _0\"></span>414<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>7.<span class=\"_ _1\"></span>87<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>69.<span class=\"_ _0\"></span>28<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span>Sva<span class=\"_ _0\"></span>luta<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>stru<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nti<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>ziar<span class=\"_ _1\"></span>i <span class=\"_ _24c\"> </span>178<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>52<span class=\"_ _3bd\"> </span>42<span class=\"_ _0\"></span>.64<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>22<span class=\"_ _0\"></span>1.5<span class=\"_ _0\"></span>93<span class=\"_ _3bd\"> </span>Spe<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">ra<span class=\"_ _0\"></span>ppr<span class=\"_ _0\"></span>ese<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>nza<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ed</span> <span class=\"ff3\">av<span class=\"_ _0\"></span>viam<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>nto<span class=\"_ _0\"></span> <span class=\"_ _ee\"> </span>9.34<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span></span></span></span></span>1.<span class=\"_ _0\"></span>890<span class=\"_ _3bd\"> </span>11<span class=\"_ _0\"></span>.23<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>edi<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>firm<span class=\"_ _0\"></span>a,<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>evoc<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>ori<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>fa<span class=\"_ _0\"></span>lli<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>tar<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>cau<span class=\"_ _0\"></span>se<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>ega<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>c<span class=\"_ _1\"></span>ors<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span> <span class=\"_ _20a\"> </span>15.<span class=\"_ _0\"></span>498<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>15.<span class=\"_ _0\"></span>498<span class=\"_ _3bd\"> </span>Ac<span class=\"_ _0\"></span>can<span class=\"_ _0\"></span>tona<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>sp<span class=\"_ _0\"></span>ese<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">per</span> <span class=\"ff3\">i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>per<span class=\"_ _1\"></span>sonale<span class=\"_ _1\"></span> <span class=\"_ _a4\"> </span>24<span class=\"_ _0\"></span>.55<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span></span></span>4<span class=\"_ _0\"></span>.8<span class=\"_ _1\"></span>64<span class=\"_ _3bd\"> </span>29.<span class=\"_ _0\"></span>41<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>Alt<span class=\"_ _0\"></span>re <span class=\"_ _9d\"> </span>61<span class=\"_ _0\"></span>.68<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>61<span class=\"_ _1\"></span>2<span class=\"_ _3bd\"> </span>62.<span class=\"_ _0\"></span>29<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>35<span class=\"_ _0\"></span>1.<span class=\"_ _0\"></span>43<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>57<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>82<span class=\"_ _3bd\"> </span>40<span class=\"_ _0\"></span>9.<span class=\"_ _0\"></span>31<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span>11.<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>Pa<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>im<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>di<span class=\"_ _0\"></span>ffe<span class=\"_ _1\"></span>rite<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>os<span class=\"_ _1\"></span>izio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>IR<span class=\"_ _1\"></span>ES<span class=\"_ _1\"></span> <span class=\"_ _a6\"> </span>I<span class=\"_ _0\"></span>R<span class=\"_ _0\"></span>AP<span class=\"_ _1\"></span> <span class=\"_ _a8\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span> Plu<span class=\"_ _0\"></span>sva<span class=\"_ _0\"></span>lenz<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>strum<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>finan<span class=\"_ _0\"></span>ziar<span class=\"_ _1\"></span>i <span class=\"_ _24e\"> </span>29.<span class=\"_ _0\"></span>88<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>8<span class=\"_ _0\"></span>.6<span class=\"_ _1\"></span>71<span class=\"_ _3bd\"> </span>38.<span class=\"_ _0\"></span>557<span class=\"_ _3bd\"> </span>Ac<span class=\"_ _0\"></span>can<span class=\"_ _0\"></span>tona<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ef<span class=\"_ _0\"></span>fett<span class=\"_ _0\"></span>uat<span class=\"_ _1\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>esc<span class=\"_ _0\"></span>lusi<span class=\"_ _0\"></span>vam<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>amb<span class=\"_ _0\"></span>ito<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">fisc<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span> <span class=\"_ _1a6\"> </span>58.<span class=\"_ _0\"></span>193<span class=\"_ _3bd\"> </span></span></span>11<span class=\"_ _0\"></span>.78<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>69.<span class=\"_ _0\"></span>980<span class=\"_ _3bd\"> </span>Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">resid<span class=\"_ _0\"></span>ual<span class=\"_ _0\"></span>i <span class=\"_ _123\"> </span>15.<span class=\"_ _0\"></span>526<span class=\"_ _3bd\"> </span></span></span>2.<span class=\"_ _0\"></span>379<span class=\"_ _3bd\"> </span>17.<span class=\"_ _0\"></span>90<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>10<span class=\"_ _0\"></span>3.<span class=\"_ _0\"></span>605<span class=\"_ _3bd\"> </span>22<span class=\"_ _0\"></span>.83<span class=\"_ _1\"></span>7<span class=\"_ _3bd\"> </span>12<span class=\"_ _0\"></span>6.<span class=\"_ _0\"></span>442<span class=\"_ _3bd\"> </span>11.<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>Va<span class=\"_ _0\"></span>ria<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>im<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>an<span class=\"_ _0\"></span>tic<span class=\"_ _0\"></span>ip<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>(i<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>rop<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ta<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>ec<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>o)<span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>1.<span class=\"_ _3bd\"> </span>Impo<span class=\"_ _0\"></span>rto<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>iz<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span>e <span class=\"_ _250\"> </span>21<span class=\"_ _0\"></span>5.4<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>19<span class=\"_ _0\"></span>2.<span class=\"_ _0\"></span>66<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>2.<span class=\"_ _3bd\"> </span>Au<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _1\"></span>i <span class=\"_ _1ca\"> </span>3<span class=\"_ _0\"></span>2.9<span class=\"_ _1\"></span>87<span class=\"_ _3bd\"> </span>76<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>34<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>1<span class=\"ff1\"> </span>Impo<span class=\"_ _0\"></span>ste<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">antic<span class=\"_ _0\"></span>ipa<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>ilev<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>nel<span class=\"_ _0\"></span>l'e<span class=\"_ _0\"></span>ser<span class=\"_ _0\"></span>ciz<span class=\"_ _0\"></span>io <span class=\"_ _2d\"> </span>32.<span class=\"_ _0\"></span>987<span class=\"_ _3bd\"> </span></span></span>32.<span class=\"_ _0\"></span>529<span class=\"_ _3bd\"> </span>a)<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>ela<span class=\"_ _0\"></span>tive<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">a</span> <span class=\"ff3\">pr<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">eser<span class=\"_ _0\"></span>ciz<span class=\"_ _0\"></span>i <span class=\"_ _251\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>3<span class=\"_ _3bd\"> </span>b)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dovu<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mut<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>nto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>rit<span class=\"_ _0\"></span>eri<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>tabi<span class=\"_ _0\"></span>li <span class=\"_ _252\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>c)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ri<span class=\"_ _2\"></span>prese<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valo<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span> <span class=\"_ _253\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>d)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"_ _0\"></span>tr<span class=\"_ _1\"></span>e <span class=\"_ _132\"> </span>32<span class=\"_ _0\"></span>.98<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span></span></span>32.<span class=\"_ _0\"></span>526<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>2<span class=\"ff1\"> </span>Nu<span class=\"_ _0\"></span>ove<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">im<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>inc<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ali<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>ote<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>isca<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span> <span class=\"_ _2d\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>2.3<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Altri<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">aume<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span> <span class=\"_ _15a\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>43.<span class=\"_ _0\"></span>705<span class=\"_ _3bd\"> </span>3.<span class=\"_ _3bd\"> </span>Di<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i <span class=\"_ _103\"> </span>49.<span class=\"_ _0\"></span>06<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>53<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>75<span class=\"_ _3bd\"> </span>3.1<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Impos<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>icip<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">an<span class=\"_ _0\"></span>nul<span class=\"_ _0\"></span>late<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">nell'<span class=\"_ _1\"></span>ese<span class=\"_ _0\"></span>rciz<span class=\"_ _0\"></span>io <span class=\"_ _245\"> </span>49.<span class=\"_ _0\"></span>063<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>53.<span class=\"_ _0\"></span>475<span class=\"_ _3bd\"> </span>a)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rigir<span class=\"_ _0\"></span>i <span class=\"_ _254\"> </span>49.<span class=\"_ _0\"></span>06<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span></span></span>53.<span class=\"_ _0\"></span>475<span class=\"_ _3bd\"> </span>b)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">svalu<span class=\"_ _0\"></span>taz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sopr<span class=\"_ _0\"></span>avv<span class=\"_ _0\"></span>enu<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>irr<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>up<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>bilit<span class=\"_ _0\"></span>\u00e0 <span class=\"_ _255\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>c)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dov<span class=\"_ _0\"></span>ute<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"ff3\">mu<span class=\"_ _0\"></span>tam<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>rite<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span>tab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span> <span class=\"_ _256\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>d)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"_ _0\"></span>tr<span class=\"_ _1\"></span>e <span class=\"_ _257\"> </span>-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>3.2<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Rid<span class=\"_ _0\"></span>uz<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">a<span class=\"_ _0\"></span>liq<span class=\"_ _0\"></span>uote<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fis<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>li <span class=\"_ _258\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>3.3<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dimi<span class=\"_ _1\"></span>nuzi<span class=\"_ _0\"></span>oni:<span class=\"_ _1\"></span> <span class=\"_ _259\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>a)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tras<span class=\"_ _1\"></span>forma<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>iti<span class=\"ff1\"> </span>d'<span class=\"_ _0\"></span>imp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>cu<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>alla<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">legg<span class=\"_ _0\"></span>e.<span class=\"_ _0\"></span>n.2<span class=\"_ _0\"></span>14/<span class=\"_ _0\"></span>201<span class=\"_ _0\"></span>1 <span class=\"_ _16\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>b)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"_ _0\"></span>tr<span class=\"_ _1\"></span>e <span class=\"_ _257\"> </span>-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>4.<span class=\"_ _3bd\"> </span>Impo<span class=\"_ _0\"></span>rto<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>nal<span class=\"_ _1\"></span>e <span class=\"_ _25a\"> </span>19<span class=\"_ _0\"></span>9.<span class=\"_ _0\"></span>34<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>21<span class=\"_ _0\"></span>5.4<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>11.<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>Va<span class=\"_ _0\"></span>ria<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"_ _3bd\"> </span>im<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>an<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>pat<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cu<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>al<span class=\"_ _0\"></span>la<span class=\"_ _3bd\"> </span>L.<span class=\"_ _3bd\"> </span>21<span class=\"_ _0\"></span>4/<span class=\"_ _0\"></span>201<span class=\"_ _1\"></span>1<span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>1.<span class=\"_ _3bd\"> </span>Impo<span class=\"_ _0\"></span>rto<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>iz<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span>e <span class=\"_ _1c4\"> </span>82.<span class=\"_ _0\"></span>39<span class=\"_ _1\"></span>2<span class=\"_ _3bd\"> </span>75<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>63<span class=\"_ _3bd\"> </span>2.<span class=\"_ _3bd\"> </span>Au<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _1\"></span>i -20<span class=\"_ _0\"></span>.03<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>3.<span class=\"_ _3bd\"> </span>Di<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i <span class=\"_ _4f\"> </span>1<span class=\"_ _0\"></span>0.6<span class=\"_ _1\"></span>62<span class=\"_ _3bd\"> </span>13<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>04<span class=\"_ _3bd\"> </span>3.1<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Rig<span class=\"_ _0\"></span>iri<span class=\"_ _1\"></span> <span class=\"_ _142\"> </span>10.6<span class=\"_ _0\"></span>62<span class=\"_ _3bd\"> </span></span></span>13.<span class=\"_ _0\"></span>604<span class=\"_ _3bd\"> </span>3.2<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Tra<span class=\"_ _0\"></span>sform<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>red<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">d'<span class=\"_ _0\"></span>impo<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>a <span class=\"_ _229\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>a)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">derivante<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">perdite<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">es<span class=\"_ _0\"></span>erc<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>o <span class=\"_ _25b\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>b)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>riva<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">da</span> <span class=\"ff3\">pe<span class=\"_ _0\"></span>rdi<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fis<span class=\"_ _0\"></span>cali<span class=\"_ _0\"></span> <span class=\"_ _25c\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>3.3<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dimi<span class=\"_ _1\"></span>nuzi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span> <span class=\"_ _1db\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>4.<span class=\"_ _3bd\"> </span>Impo<span class=\"_ _0\"></span>rto<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>nal<span class=\"_ _1\"></span>e <span class=\"_ _167\"> </span>71.7<span class=\"_ _1\"></span>30<span class=\"_ _3bd\"> </span>82<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>92<span class=\"_ _3bd\"> </span>Per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ragioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>trasparenza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">informativa<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fornite<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">variazio<span class=\"_ _2\"></span>ni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> </span>imposte<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ant<span class=\"_ _2\"></span>icipate<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>alla<span class=\"ff1\"> </span>Legge<span class=\"ff1\"> </span>214/2011;<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>rivenienti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">principalmente<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>svalutazione<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>crediti,<span class=\"ff1\"> </span>ex<span class=\"ff1\"> </span>art.<span class=\"ff1\"> </span>106,<span class=\"ff1\"> </span>comma<span class=\"ff1\"> </span></span></span>3,<span class=\"ff1\"> </span>DPR<span class=\"ff1\"> </span>917/86<span class=\"ff1\"> </span>(67,2<span class=\"ff1\"> </span>milioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>euro)<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>affrancamento<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>avviamenti<span class=\"ff1\"> </span>(4,1<span class=\"ff1\"> </span>milioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>euro). 11.<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>Va<span class=\"_ _0\"></span>ria<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>im<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>di<span class=\"_ _0\"></span>ffe<span class=\"_ _1\"></span>rite<span class=\"_ _3bd\"> </span>(i<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>par<span class=\"_ _1\"></span>tita<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>ec<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>o)<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>1.<span class=\"_ _3bd\"> </span>Impo<span class=\"_ _0\"></span>rto<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>iz<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span>e <span class=\"_ _1be\"> </span>101<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>63<span class=\"_ _1\"></span> <span class=\"_ _6d\"> </span>9<span class=\"_ _1\"></span>2.77<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span> 2.<span class=\"_ _3bd\"> </span>Au<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _1\"></span>i <span class=\"_ _134\"> </span>18.<span class=\"_ _0\"></span>43<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span> <span class=\"_ _6b\"> </span>10.<span class=\"_ _0\"></span>27<span class=\"_ _0\"></span>7 2.<span class=\"_ _0\"></span>1<span class=\"ff1\"> </span>Impo<span class=\"_ _0\"></span>ste<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">diffe<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>ilev<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nell<span class=\"_ _0\"></span>'es<span class=\"_ _0\"></span>erc<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>o <span class=\"_ _12f\"> </span>18.<span class=\"_ _0\"></span>439 <span class=\"_ _203\"> </span>5.<span class=\"_ _0\"></span>673<span class=\"_ _0\"></span> </span></span></span></span>a)<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>ela<span class=\"_ _0\"></span>tive<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">a</span> <span class=\"ff3\">pr<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">eser<span class=\"_ _0\"></span>ciz<span class=\"_ _0\"></span>i <span class=\"_ _25d\"> </span>- <span class=\"_ _208\"> </span>- </span></span></span></span>b)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dovu<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mut<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>nto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>rit<span class=\"_ _0\"></span>eri<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>tabi<span class=\"_ _0\"></span>li <span class=\"_ _25e\"> </span>- <span class=\"_ _208\"> </span>- </span></span></span></span></span></span></span></span>c)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"_ _1\"></span>tre<span class=\"_ _1\"></span> <span class=\"_ _227\"> </span>18.4<span class=\"_ _0\"></span>39 <span class=\"_ _203\"> </span>5.<span class=\"_ _0\"></span>673<span class=\"_ _0\"></span> </span></span>2.<span class=\"_ _0\"></span>2<span class=\"ff1\"> </span>Nu<span class=\"_ _0\"></span>ove<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">im<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>inc<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ali<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>ote<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>isca<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span> <span class=\"_ _25f\"> </span>- <span class=\"_ _208\"> </span>- </span></span></span></span></span></span>2.3<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Altri<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">aume<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span> <span class=\"_ _1d1\"> </span>- <span class=\"_ _246\"> </span>4.60<span class=\"_ _0\"></span>4 </span></span></span></span>3.<span class=\"_ _3bd\"> </span>Di<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i <span class=\"_ _13d\"> </span>5<span class=\"_ _0\"></span>46<span class=\"_ _1\"></span> <span class=\"_ _aa\"> </span>1.08<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span> 3.1<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Impos<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>ffe<span class=\"_ _0\"></span>rite<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ann<span class=\"_ _0\"></span>ulla<span class=\"_ _1\"></span>te<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>ll'e<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>rciz<span class=\"_ _0\"></span>io <span class=\"_ _260\"> </span>54<span class=\"_ _1\"></span>6 <span class=\"_ _b5\"> </span>1.08<span class=\"_ _0\"></span>6 </span></span></span></span>a)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rigir<span class=\"_ _0\"></span>i <span class=\"_ _261\"> </span>54<span class=\"_ _1\"></span>6 <span class=\"_ _b5\"> </span>1.08<span class=\"_ _0\"></span>6 </span></span>b)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dovu<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mut<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>nto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>rit<span class=\"_ _0\"></span>eri<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>tabi<span class=\"_ _0\"></span>li <span class=\"_ _25e\"> </span>- <span class=\"_ _208\"> </span>- </span></span></span></span></span></span></span></span>c)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"_ _1\"></span>tre<span class=\"_ _1\"></span> <span class=\"_ _262\"> </span>- <span class=\"_ _208\"> </span>- </span></span>3.2<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Rid<span class=\"_ _0\"></span>uz<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">a<span class=\"_ _0\"></span>liq<span class=\"_ _0\"></span>uote<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fis<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>li <span class=\"_ _11d\"> </span>- <span class=\"_ _208\"> </span>- </span></span></span></span></span></span>3.3<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dimi<span class=\"_ _1\"></span>nuzi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span> <span class=\"_ _18c\"> </span>- <span class=\"_ _208\"> </span>- </span></span></span></span>4.<span class=\"_ _3bd\"> </span>Impo<span class=\"_ _0\"></span>rto<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>nal<span class=\"_ _1\"></span>e <span class=\"_ _137\"> </span>1<span class=\"_ _0\"></span>19<span class=\"_ _0\"></span>.85<span class=\"_ _1\"></span>6 <span class=\"_ _126\"> </span>101<span class=\"_ _0\"></span>.9<span class=\"_ _3bd\"> </span>11.<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>Va<span class=\"_ _0\"></span>ria<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>im<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>an<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>pat<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>(i<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>rop<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ta<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span>pa<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>io<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>tto<span class=\"_ _0\"></span>)<span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>1.<span class=\"_ _3bd\"> </span>Impo<span class=\"_ _0\"></span>rto<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>iz<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span>e <span class=\"_ _263\"> </span>13<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>82<span class=\"_ _3bd\"> </span>12<span class=\"_ _0\"></span>.88<span class=\"_ _1\"></span>4<span class=\"_ _3bd\"> </span>2.<span class=\"_ _3bd\"> </span>Au<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _1\"></span>i <span class=\"_ _264\"> </span>19<span class=\"_ _0\"></span>9.<span class=\"_ _0\"></span>06<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>13<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>1<span class=\"ff1\"> </span>Impo<span class=\"_ _0\"></span>ste<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">antic<span class=\"_ _0\"></span>ipa<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>ilev<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>nel<span class=\"_ _0\"></span>l'e<span class=\"_ _0\"></span>ser<span class=\"_ _0\"></span>ciz<span class=\"_ _0\"></span>io <span class=\"_ _10c\"> </span>19<span class=\"_ _0\"></span>9.0<span class=\"_ _0\"></span>65<span class=\"_ _3bd\"> </span></span></span>1.<span class=\"_ _0\"></span>886<span class=\"_ _3bd\"> </span>a)<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>ela<span class=\"_ _0\"></span>tive<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">a</span> <span class=\"ff3\">pr<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">eser<span class=\"_ _0\"></span>ciz<span class=\"_ _0\"></span>i <span class=\"_ _155\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>b)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dovu<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mut<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>nto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>rit<span class=\"_ _0\"></span>eri<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>tabi<span class=\"_ _0\"></span>li <span class=\"_ _265\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>c)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"_ _1\"></span>tre<span class=\"_ _1\"></span> <span class=\"_ _266\"> </span>199<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>65<span class=\"_ _3bd\"> </span></span></span>1.<span class=\"_ _0\"></span>886<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>2<span class=\"ff1\"> </span>Nu<span class=\"_ _0\"></span>ove<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">im<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>inc<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ali<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>ote<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>isca<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span> <span class=\"_ _de\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>2.3<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Altri<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">aume<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span> <span class=\"_ _267\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>2<span class=\"_ _0\"></span>47<span class=\"_ _3bd\"> </span>3.<span class=\"_ _3bd\"> </span>Di<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i <span class=\"_ _153\"> </span>2.5<span class=\"_ _1\"></span>74<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>3.1<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Impos<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>icip<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">an<span class=\"_ _0\"></span>nul<span class=\"_ _0\"></span>late<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">nell'<span class=\"_ _1\"></span>ese<span class=\"_ _0\"></span>rciz<span class=\"_ _0\"></span>io <span class=\"_ _237\"> </span>2.574<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>2<span class=\"_ _0\"></span>66<span class=\"_ _3bd\"> </span>a)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rigir<span class=\"_ _0\"></span>i <span class=\"_ _268\"> </span>2.<span class=\"_ _0\"></span>574<span class=\"_ _3bd\"> </span></span></span>2<span class=\"_ _0\"></span>66<span class=\"_ _3bd\"> </span>b)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">svalu<span class=\"_ _0\"></span>taz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sopr<span class=\"_ _0\"></span>avv<span class=\"_ _0\"></span>enu<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>irr<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>up<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>bilit<span class=\"_ _0\"></span>\u00e0 <span class=\"_ _256\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>c)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dovute<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mutamento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">criteri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>abil<span class=\"_ _0\"></span>i <span class=\"_ _e8\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>d)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"_ _0\"></span>tr<span class=\"_ _1\"></span>e <span class=\"_ _269\"> </span>-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>3.2<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Rid<span class=\"_ _0\"></span>uz<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">a<span class=\"_ _0\"></span>liq<span class=\"_ _0\"></span>uote<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fis<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>li <span class=\"_ _100\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>3.3<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dimi<span class=\"_ _1\"></span>nuzi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span> <span class=\"_ _1db\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>1.<span class=\"_ _0\"></span>269<span class=\"_ _3bd\"> </span>4.<span class=\"_ _3bd\"> </span>Impo<span class=\"_ _0\"></span>rto<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>nal<span class=\"_ _1\"></span>e <span class=\"_ _26a\"> </span>20<span class=\"_ _0\"></span>9.<span class=\"_ _0\"></span>97<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>13<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>82<span class=\"_ _3bd\"> </span>11.<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>Va<span class=\"_ _0\"></span>ria<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>im<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>di<span class=\"_ _0\"></span>ffe<span class=\"_ _1\"></span>rite<span class=\"_ _3bd\"> </span>(i<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>rop<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ta<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span>pa<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>io<span class=\"_ _3bd\"> </span>n<span class=\"_ _0\"></span>ett<span class=\"_ _0\"></span>o)<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>1.<span class=\"_ _3bd\"> </span>Impo<span class=\"_ _0\"></span>rto<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>iz<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span>e <span class=\"_ _137\"> </span>25<span class=\"_ _0\"></span>.10<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span> <span class=\"_ _6b\"> </span>4<span class=\"_ _0\"></span>1.7<span class=\"_ _1\"></span>78<span class=\"_ _3bd\"> </span>2.<span class=\"_ _3bd\"> </span>Au<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _1\"></span>i <span class=\"_ _13b\"> </span>7<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span> <span class=\"_ _26b\"> </span>3<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span> 2.<span class=\"_ _0\"></span>1<span class=\"ff1\"> </span>Impo<span class=\"_ _0\"></span>ste<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">diffe<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>ilev<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nell<span class=\"_ _0\"></span>\u2019es<span class=\"_ _0\"></span>erc<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>o <span class=\"_ _181\"> </span>75<span class=\"_ _1\"></span>3 <span class=\"_ _106\"> </span>10<span class=\"_ _1\"></span> </span></span></span></span>a)<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>ela<span class=\"_ _0\"></span>tive<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">a</span> <span class=\"ff3\">pr<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">eser<span class=\"_ _0\"></span>ciz<span class=\"_ _0\"></span>i <span class=\"_ _25d\"> </span>- <span class=\"_ _8c\"> </span>1<span class=\"_ _3bd\"> </span></span></span></span></span>b)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dovu<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>m<span class=\"_ _0\"></span>uta<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>rit<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span>tab<span class=\"_ _0\"></span>ili <span class=\"_ _237\"> </span>- <span class=\"_ _208\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>c)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"_ _1\"></span>tre<span class=\"_ _1\"></span> <span class=\"_ _13c\"> </span>75<span class=\"_ _1\"></span>3 <span class=\"_ _192\"> </span>9<span class=\"_ _3bd\"> </span></span></span>2.<span class=\"_ _0\"></span>2<span class=\"ff1\"> </span>Nu<span class=\"_ _0\"></span>ove<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">im<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>inc<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ali<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>ote<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>isca<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span> <span class=\"_ _25f\"> </span>- <span class=\"_ _208\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>2.3<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Altri<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">aume<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span> <span class=\"_ _1d1\"> </span>- <span class=\"_ _26b\"> </span>32<span class=\"_ _1\"></span>8<span class=\"_ _3bd\"> </span></span></span></span></span>3.<span class=\"_ _3bd\"> </span>Di<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i <span class=\"_ _26c\"> </span>19<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>74<span class=\"_ _0\"></span> <span class=\"_ _a9\"> </span>17<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>09<span class=\"_ _1\"></span> 3.1<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">Imp<span class=\"_ _0\"></span>ost<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>dif<span class=\"_ _0\"></span>feri<span class=\"_ _1\"></span>te<span class=\"ff1\"> </span>annu<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>ell\u2019<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>erc<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>o <span class=\"_ _bb\"> </span>1<span class=\"_ _0\"></span>9.<span class=\"_ _0\"></span>274 <span class=\"_ _fd\"> </span>17.0<span class=\"_ _0\"></span>09<span class=\"_ _3bd\"> </span></span></span>a)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rigir<span class=\"_ _0\"></span>i <span class=\"_ _143\"> </span>19.2<span class=\"_ _0\"></span>74 <span class=\"_ _6d\"> </span>1<span class=\"_ _0\"></span>7.0<span class=\"_ _0\"></span>09<span class=\"_ _3bd\"> </span></span></span>b)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dovu<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mut<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>nto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>rit<span class=\"_ _0\"></span>eri<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>tabi<span class=\"_ _0\"></span>li <span class=\"_ _25e\"> </span>- <span class=\"_ _208\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>c)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"_ _1\"></span>tre<span class=\"_ _1\"></span> <span class=\"_ _262\"> </span>- <span class=\"_ _208\"> </span>-<span class=\"_ _3bd\"> </span></span></span>3.2<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Rid<span class=\"_ _0\"></span>uz<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">a<span class=\"_ _0\"></span>liq<span class=\"_ _0\"></span>uote<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fis<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>li <span class=\"_ _11d\"> </span>- <span class=\"_ _208\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>3.3<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dimi<span class=\"_ _1\"></span>nuzi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span> <span class=\"_ _18c\"> </span>- <span class=\"_ _208\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>4.<span class=\"_ _3bd\"> </span>Impo<span class=\"_ _0\"></span>rto<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>nal<span class=\"_ _1\"></span>e <span class=\"_ _26d\"> </span>6.<span class=\"_ _0\"></span>58<span class=\"_ _0\"></span>6 <span class=\"_ _a9\"> </span>25<span class=\"_ _0\"></span>.10<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span> ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-785": {
   "value": "Sezione12 \u2013 Attivit\u00e0 non correnti e gruppi di attivit\u00e0 in via di dismissione e passivit\u00e0 associate \u2013 Voce 120 dell\u2019attivo e voce 70 del passivo 12.1 Attivit\u00e0 non correnti e gruppi di attivit\u00e0 in via di dismissione: composizione per tipologia di attivit\u00e0   Totale 31/12/2022 Totale 31/12/2021 A. Attivit\u00e0 possedute per la vendita A.1 Attivit\u00e0 finanziarie - 1.915 A.2 Partecipazioni - - A.3 Attivit\u00e0 materiali - 3.839 di cui: ottenute tramite l\u2019escussione delle garanzie ricevute  - - A.4 Attivit\u00e0 immateriali - - A.5 Altre attivit\u00e0 non correnti - 53 Totale (A) - 5.807 d icu ivalutat ea lcost o - 5.807 d icu ivalutat ea lfai rvalu elivell o1 - - d icu ivalutat ea lfai rvalu elivell o2 - - d icu ivalutat ea lfai rvalu elivell o3 - - B. Attivit\u00e0 operative cessate B.1 Attivit\u00e0 finanziarie valutate al fair value con impatto a conto economico - - - attivit\u00e0 finanziarie detenute per la negoziazione - - - attivit\u00e0 finanziarie designate al fair value - - - altre attivit\u00e0 finanziarie obbligatoriamente valutate al fair value  - - B.2 Attivit\u00e0 finanziarie valutate al fair value con impatto sulla redditivit\u00e0 complessiva  - - B.3 Attivit\u00e0 finanziarie valutate al costo ammortizzato - - B.4 Partecipazioni - - B.5 Attivit\u00e0 materiali - - di cui: ottenute tramite l\u2019escussione delle garanzie ricevute  - - B.6 Attivit\u00e0 immateriali - - B.7 Altre attivit\u00e0 - - Totale (B) - - d icu ivalutat ea lcost o - - d icu ivalutat ea lfai rvalu elivell o1 - - d icu ivalutat ea lfai rvalu elivell o2 - - d icu ivalutat ea lfai rvalu elivell o3 - - C. Passivit\u00e0 associate ad attivit\u00e0 possedute per la vendita  C.1 Debiti - - C.2 Titoli - - C.3 Altre passivit\u00e0 - 96 Totale (C) - 96 d icu ivalutat ea lcost o - 96 d icu ivalutat ea lfai rvalu elivell o1 - - d icu ivalutat ea lfai rvalu elivell o2 - - d icu ivalutat ea lfai rvalu elivell o3 - - D. Passivit\u00e0 associate ad attivit\u00e0 operative cessate D.1 Passivit\u00e0 finanziarie valutate al costo ammortizzato  - - D.2 Passivit\u00e0 finanziarie di negoziazione - - D.3 Passivit\u00e0 finanziarie designate al fair value - - D.4 Fondi - 49 D.5 Altre passivit\u00e0 - 17 Totale (D) - 66 d icu ivalutat ea lcost o - 66 d icu ivalutat ea lfai rvalu elivell o1 - - d icu ivalutat ea lfai rvalu elivell o2 - - d icu ivalutat ea lfai rvalu elivell o3 - - Nel corso dell\u2019esercizio sono stati registrati il perfezionamento della dismissione della societ\u00e0 Gestimlux e la liquidazione della societ\u00e0 Reeval. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-817": {
   "value": "Sezione12 \u2013 Attivit\u00e0 non correnti e gruppi di attivit\u00e0 in via di dismissione e passivit\u00e0 associate \u2013 Voce 120 dell\u2019attivo e voce 70 del passivo 12.1 Attivit\u00e0 non correnti e gruppi di attivit\u00e0 in via di dismissione: composizione per tipologia di attivit\u00e0   Totale 31/12/2022 Totale 31/12/2021 A. Attivit\u00e0 possedute per la vendita A.1 Attivit\u00e0 finanziarie - 1.915 A.2 Partecipazioni - - A.3 Attivit\u00e0 materiali - 3.839 di cui: ottenute tramite l\u2019escussione delle garanzie ricevute  - - A.4 Attivit\u00e0 immateriali - - A.5 Altre attivit\u00e0 non correnti - 53 Totale (A) - 5.807 d icu ivalutat ea lcost o - 5.807 d icu ivalutat ea lfai rvalu elivell o1 - - d icu ivalutat ea lfai rvalu elivell o2 - - d icu ivalutat ea lfai rvalu elivell o3 - - B. Attivit\u00e0 operative cessate B.1 Attivit\u00e0 finanziarie valutate al fair value con impatto a conto economico - - - attivit\u00e0 finanziarie detenute per la negoziazione - - - attivit\u00e0 finanziarie designate al fair value - - - altre attivit\u00e0 finanziarie obbligatoriamente valutate al fair value  - - B.2 Attivit\u00e0 finanziarie valutate al fair value con impatto sulla redditivit\u00e0 complessiva  - - B.3 Attivit\u00e0 finanziarie valutate al costo ammortizzato - - B.4 Partecipazioni - - B.5 Attivit\u00e0 materiali - - di cui: ottenute tramite l\u2019escussione delle garanzie ricevute  - - B.6 Attivit\u00e0 immateriali - - B.7 Altre attivit\u00e0 - - Totale (B) - - d icu ivalutat ea lcost o - - d icu ivalutat ea lfai rvalu elivell o1 - - d icu ivalutat ea lfai rvalu elivell o2 - - d icu ivalutat ea lfai rvalu elivell o3 - - C. Passivit\u00e0 associate ad attivit\u00e0 possedute per la vendita  C.1 Debiti - - C.2 Titoli - - C.3 Altre passivit\u00e0 - 96 Totale (C) - 96 d icu ivalutat ea lcost o - 96 d icu ivalutat ea lfai rvalu elivell o1 - - d icu ivalutat ea lfai rvalu elivell o2 - - d icu ivalutat ea lfai rvalu elivell o3 - - D. Passivit\u00e0 associate ad attivit\u00e0 operative cessate D.1 Passivit\u00e0 finanziarie valutate al costo ammortizzato  - - D.2 Passivit\u00e0 finanziarie di negoziazione - - D.3 Passivit\u00e0 finanziarie designate al fair value - - D.4 Fondi - 49 D.5 Altre passivit\u00e0 - 17 Totale (D) - 66 d icu ivalutat ea lcost o - 66 d icu ivalutat ea lfai rvalu elivell o1 - - d icu ivalutat ea lfai rvalu elivell o2 - - d icu ivalutat ea lfai rvalu elivell o3 - - Nel corso dell\u2019esercizio sono stati registrati il perfezionamento della dismissione della societ\u00e0 Gestimlux e la liquidazione della societ\u00e0 Reeval. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-756": {
   "value": "Sezione12 \u2013 Attivit\u00e0 non correnti e gruppi di attivit\u00e0 in via di dismissione e passivit\u00e0 associate \u2013 Voce 120 dell\u2019attivo e voce 70 del passivo 12.1 Attivit\u00e0 non correnti e gruppi di attivit\u00e0 in via di dismissione: composizione per tipologia di attivit\u00e0   Totale 31/12/2022 Totale 31/12/2021 A. Attivit\u00e0 possedute per la vendita A.1 Attivit\u00e0 finanziarie - 1.915 A.2 Partecipazioni - - A.3 Attivit\u00e0 materiali - 3.839 di cui: ottenute tramite l\u2019escussione delle garanzie ricevute  - - A.4 Attivit\u00e0 immateriali - - A.5 Altre attivit\u00e0 non correnti - 53 Totale (A) - 5.807 d cu valutat a cost - 5.807 d cu valutat a fai valu livell 1 - - d cu valutat a fai valu livell 2 - - d cu valutat a fai valu livell 3 - - B. Attivit\u00e0 operative cessate B.1 Attivit\u00e0 finanziarie valutate al fair value con impatto a conto economico - - - attivit\u00e0 finanziarie detenute per la negoziazione - - - attivit\u00e0 finanziarie designate al fair value - - - altre attivit\u00e0 finanziarie obbligatoriamente valutate al fair value  - - B.2 Attivit\u00e0 finanziarie valutate al fair value con impatto sulla redditivit\u00e0 complessiva - - B.3 Attivit\u00e0 finanziarie valutate al costo ammortizzato - - B.4 Partecipazioni - - B.5 Attivit\u00e0 materiali - - di cui: ottenute tramite l\u2019escussione delle garanzie ricevute  - - B.6 Attivit\u00e0 immateriali - - B.7 Altre attivit\u00e0 - - Totale (B) - - d cu valutat a cost - - d cu valutat a fai valu livell 1 - - d cu valutat a fai valu livell 2 - - d cu valutat a fai valu livell 3 - - C. Passivit\u00e0 associate ad attivit\u00e0 possedute per la vendita C.1 Debiti - - C.2 Titoli - - C.3 Altre passivit\u00e0 - 96 Totale (C) - 96 d cu valutat a cost - 96 d cu valutat a fai valu livell 1 - - d cu valutat a fai valu livell 2 - - d cu valutat a fai valu livell 3 - - D. Passivit\u00e0 associate ad attivit\u00e0 operative cessate D.1 Passivit\u00e0 finanziarie valutate al costo ammortizzato  - - D.2 Passivit\u00e0 finanziarie di negoziazione - - D.3 Passivit\u00e0 finanziarie designate al fair value - - D.4 Fondi - 49 D.5 Altre passivit\u00e0 - 17 Totale (D) - 66 d cu valutat a cost - 66 d cu valutat a fai valu livell 1 - - d cu valutat a fai valu livell 2 - - d cu valutat a fai valu livell 3 - - Nel corso dell\u2019esercizio sono stati registrati il perfezionamento della dismissione della societ\u00e0 Gestimlux e la liquidazione della societ\u00e0 Reeval.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-841": {
   "value": "<div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs1df8\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"c we9 h28 gs1df9\"><div class=\"t m0 x1f9 h1c ye17 ff3 fsc fc4 sc2 ls0 ws0\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs1dfa\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"c w113 h28 gs1dfb\"><div class=\"t m0 x1f9 h1c ye17 ff3 fsc fc4 sc2 ls0 ws0\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1dfc\">Crediti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d\u2019imposta<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1dfd\">Con<span class=\"_ _0\"></span>ten<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>so<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cre<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1dfe\">Altri<span class=\"ff1\"> </span>debitori<span class=\"ff1\"> </span>divers<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1dff\">Anticipi<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1e00\">a<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1e01\">for<span class=\"_ _0\"></span>nit<span class=\"_ _0\"></span>ori<span class=\"_ _0\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1e02\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1e03\">536.<span class=\"_ _0\"></span>037<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1e04\">1.<span class=\"_ _0\"></span>469<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1e05\">48<span class=\"_ _0\"></span>.38<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1e06\">38.<span class=\"_ _0\"></span>64<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1e07\">62<span class=\"_ _0\"></span>5.<span class=\"_ _0\"></span>05<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1e08\">24<span class=\"_ _0\"></span>1.2<span class=\"_ _0\"></span>27<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1e09\">3.3<span class=\"_ _0\"></span>06<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1e0a\">56.<span class=\"_ _0\"></span>804<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1e0b\">33.<span class=\"_ _0\"></span>319<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1e0c\">33<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>65<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs1e0d\">Sezion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs1e0e\">13<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs1e0f\">\u2013<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs1e10\">Altre<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs1e11\">attivit\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs1e12\">\u2013<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs1e13\">Voce<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs1e14\">1<span class=\"_ _0\"></span>30<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m26 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1e15\">13<span class=\"_ _1\"></span>.1<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1e16\">Al<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1e17\">at<span class=\"_ _1\"></span>tivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs1e18\">co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs1e19\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs1e1a\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1e1b\">Assegni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">negoziati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">com<span class=\"_ _0\"></span>pen<span class=\"_ _0\"></span>sar<span class=\"_ _0\"></span>e <span class=\"_ _12b\"> </span>4<span class=\"_ _0\"></span>8.3<span class=\"_ _0\"></span>04<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1e1c\">73.<span class=\"_ _0\"></span>618<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1e1d\">Operazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">titoli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">lav<span class=\"_ _0\"></span>ora<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne <span class=\"_ _271\"> </span>1.<span class=\"_ _0\"></span>213<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1e1e\">99.<span class=\"_ _0\"></span>359<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1e1f\">Assegni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">corso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">lavo<span class=\"_ _0\"></span>raz<span class=\"_ _0\"></span>ione<span class=\"_ _1\"></span> <span class=\"_ _166\"> </span>79<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1e20\">1.<span class=\"_ _0\"></span>959<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1e21\">Op<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>lat<span class=\"_ _0\"></span>ive<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">serv<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">p<span class=\"_ _0\"></span>aga<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nto<span class=\"ff1\"> </span>in<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">cors<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>la<span class=\"_ _0\"></span>vor<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span> <span class=\"_ _48\"> </span>69<span class=\"_ _0\"></span>.25<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1e22\">20<span class=\"_ _0\"></span>7.2<span class=\"_ _0\"></span>13<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1e23\">Op<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>rel<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>ive<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>serv<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">pa<span class=\"_ _0\"></span>gam<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cor<span class=\"_ _0\"></span>so<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">matu<span class=\"_ _0\"></span>raz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e <span class=\"_ _b8\"> </span>30.<span class=\"_ _0\"></span>743<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1e24\">254<span class=\"_ _0\"></span>.57<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1e25\">Ratei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">atti<span class=\"_ _0\"></span>vi <span class=\"_ _272\"> </span>3.4<span class=\"_ _0\"></span>03<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1e26\">4<span class=\"_ _0\"></span>.4<span class=\"_ _1\"></span>94<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1e27\">Risc<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>atti<span class=\"_ _1\"></span>vi <span class=\"_ _273\"> </span>29.<span class=\"_ _0\"></span>68<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1e28\">29.<span class=\"_ _0\"></span>18<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1e29\">As<span class=\"_ _0\"></span>seg<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>ed<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">effe<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ins<span class=\"_ _0\"></span>olu<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>ad<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al</span> <span class=\"ff3\">pr<span class=\"_ _0\"></span>ote<span class=\"_ _0\"></span>sto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tra<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sull'<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>ien<span class=\"_ _0\"></span>da<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">su</span> <span class=\"_ _0\"></span><span class=\"ff3\">ter<span class=\"_ _0\"></span>zi <span class=\"_ _3c\"> </span>75<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1e2a\">2.<span class=\"_ _0\"></span>866<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1e2b\">Migl<span class=\"_ _1\"></span>iorie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">s<span class=\"_ _0\"></span>pes<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>ncr<span class=\"_ _0\"></span>eme<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>tive<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">su<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">be<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>te<span class=\"_ _0\"></span>rz<span class=\"_ _0\"></span>i <span class=\"_ _252\"> </span>20<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>25<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1e2c\">21<span class=\"_ _0\"></span>.10<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1e2d\">Depositi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cauz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span> <span class=\"_ _273\"> </span>7<span class=\"_ _1\"></span>1<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1e2e\">71<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1e2f\">Deb<span class=\"_ _0\"></span>itor<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>ver<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span>per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fat<span class=\"_ _0\"></span>tur<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>em<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>e <span class=\"_ _12b\"> </span>30<span class=\"_ _0\"></span>.47<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1e30\">32.<span class=\"_ _0\"></span>377<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1e31\">Debitori<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dive<span class=\"_ _0\"></span>rsi<span class=\"_ _0\"></span> <span class=\"_ _26a\"> </span>624<span class=\"_ _0\"></span>.526<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1e32\">334<span class=\"_ _0\"></span>.656<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1e33\">Par<span class=\"_ _0\"></span>tite<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">via<span class=\"_ _0\"></span>ggi<span class=\"_ _1\"></span>anti<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fil<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span>i <span class=\"_ _274\"> </span>17.<span class=\"_ _0\"></span>832<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1e34\">13.<span class=\"_ _0\"></span>18<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1e35\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1e36\">87<span class=\"_ _0\"></span>7.<span class=\"_ _0\"></span>48<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1e37\">1.<span class=\"_ _0\"></span>07<span class=\"_ _0\"></span>4.6<span class=\"_ _1\"></span>58<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1e38\">Le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">operazioni<span class=\"ff1\"> </span>relativ<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">servizi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>pagamento<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">corso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>lav<span class=\"_ _0\"></span>orazione/maturazione<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>elative<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ad<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1e39\">addebiti<span class=\"ff1\"> </span>ricevuti<span class=\"ff1\"> </span>ma<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>ancora<span class=\"ff1\"> </span>addebitati<span class=\"ff1\"> </span>sui<span class=\"ff1\"> </span>conti<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>clientela.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1e3a\">Non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">presenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">impairment<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">loss<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>IFRS<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">9)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">crediti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">relativi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contr<span class=\"_ _2\"></span>atti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">clientela<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contract<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1e3b\">ass<span class=\"_ _0\"></span>ets.<span class=\"_ _0\"></span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1e3c\">Nella<span class=\"ff1\"> <span class=\"_ _20\"></span></span>voc<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u201cRisconti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>att<span class=\"_ _2\"></span>ivi\u201d<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>presenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>anche<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>costi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sostenuti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l\u2019ottenimento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contratti<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1e3d\">verso<span class=\"ff1\">  </span>promotori<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>finanziari,<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>competenza<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>esercizi<span class=\"ff1\">  </span>futuri,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>pari<span class=\"ff1\">  </span>a<span class=\"ff1\">  </span>18,9<span class=\"ff1\">  </span>milioni<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>euro.<span class=\"ff1\">  </span>La<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1e3e\">movimentazione<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>voce<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>seguente:<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs1e3f\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs1e40\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs1e41\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs1e42\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1e43\">1.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1e44\">Impo<span class=\"_ _0\"></span>rto<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1e45\">in<span class=\"_ _0\"></span>iz<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span>e <span class=\"_ _273\"> </span>19.<span class=\"_ _0\"></span>811<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1e46\">18<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>2<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1e47\">2.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1e48\">Au<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span> </div><div class=\"c wfe h27 gs1e49\"><div class=\"t m0 x1f9 h1c y387 ff3 fsc fc0 sc1 ls0 ws0\">11<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>86<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1e4a\">12<span class=\"_ _0\"></span>.54<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1e4b\">2.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altri<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ume<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span> <span class=\"_ _136\"> </span>11.<span class=\"_ _0\"></span>686<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1e4c\">12<span class=\"_ _0\"></span>.54<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1e4d\">3.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1e4e\">Di<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span> </div><div class=\"c w5a h27 gs1e4f\"><div class=\"t m0 x1f9 h1c y387 ff3 fsc fc0 sc1 ls0 ws0\">12<span class=\"_ _0\"></span>.58<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1e50\">11<span class=\"_ _0\"></span>.24<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1e51\">3.1<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">amm<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>tame<span class=\"_ _0\"></span>nti<span class=\"_ _1\"></span> <span class=\"_ _276\"> </span>12<span class=\"_ _0\"></span>.58<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs1e52\">11<span class=\"_ _0\"></span>.24<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1e53\">4.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1e54\">Impo<span class=\"_ _0\"></span>rto<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1e55\">fi<span class=\"_ _0\"></span>nal<span class=\"_ _1\"></span>e <span class=\"_ _277\"> </span>18<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>08<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs1e56\">19<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>1<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1e57\">Di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">seg<span class=\"_ _0\"></span>uito<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">si</span> <span class=\"_ _0\"></span><span class=\"ff3\">rip<span class=\"_ _0\"></span>orta<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>tagli<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>\u201c<span class=\"_ _0\"></span>Debi<span class=\"_ _0\"></span>tori<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">div<span class=\"_ _0\"></span>ersi<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1e58\">Nella<span class=\"ff1\"> </span>voce<span class=\"ff1\"> </span>\u201ccrediti<span class=\"ff1\"> </span>d\u2019imposta\u201d<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>presenti<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>fiscali<span class=\"ff1\"> </span>connesse<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>l\u2019attivit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>sos<span class=\"_ _2\"></span>tituto<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1e59\">d\u2019<span class=\"_ _0\"></span>imp<span class=\"_ _0\"></span>osta.<span class=\"_ _0\"></span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1e5a\">Sono<span class=\"ff1\"> </span>presen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>cred<span class=\"_ _0\"></span>iti<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">imposta<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ai<span class=\"ff1\"> </span>sensi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span>D.L<span class=\"_ _0\"></span>.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">n.18/<span class=\"_ _2\"></span>2020<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(Cura<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Italia)<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">D<span class=\"_ _2\"></span>.L.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">n.34/2020<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>Rilancio)<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1e5b\">(eco<span class=\"ff1\"> </span>bonus<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>sisma<span class=\"ff1\"> </span>bonus)<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>controvalore<span class=\"ff1\"> </span>complessivo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>301,3<span class=\"ff1\"> </span>milioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>euro.<span class=\"_ _3bd\"> </span> </div>A<span class=\"ff1\"> </span>seguito<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ella<span class=\"ff1\"> </span>facolt\u00e0<span class=\"ff1\"> </span>esercita<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>compag<span class=\"_ _0\"></span>nia<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>assicurazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Cr<span class=\"_ _2\"></span>edemvita,<span class=\"ff1\"> </span>face<span class=\"_ _0\"></span>nte<span class=\"ff1\"> </span>parte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span></span></span></span></span>Conglomerato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>finanziario<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>pre<span class=\"_ _0\"></span>valenza<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>banc<span class=\"_ _0\"></span>aria,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>post<span class=\"_ _2\"></span>icipare<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>2023<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>prima<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>applicazione<span class=\"ff1\"> </span>dell\u2019IFRS9,<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>(Deferral<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>Approach),<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>negli<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>s<span class=\"_ _2\"></span>chemi<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>consolidati<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>previsti<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>dall\u2019aggiornamento<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>della<span class=\"_ _2\"></span><span class=\"ff1\"> </span>circolare<span class=\"ff1\"> </span>262<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> </span>Banca<span class=\"ff1\"> </span>d\u2019Italia,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>state<span class=\"ff1\"> </span>create<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>seguenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nuove<span class=\"ff1\"> </span>voci<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Stato<span class=\"ff1\"> </span>Patrimoniale<span class=\"ff1\"> </span>-<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>Att<span class=\"_ _0\"></span>ivo<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span> Stato<span class=\"ff1\"> </span>Patrimoniale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u2013<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Attivo:<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u201cVoce<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">35.<span class=\"ff1\"> </span>Attivit\u00e0<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inanziarie<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pertinenza<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>imp<span class=\"_ _0\"></span>rese<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span>assicurazione<span class=\"ff1\">  </span>valutate<span class=\"ff1\">  </span>al<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fair<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>value<span class=\"ff1\">  </span>ai<span class=\"ff1\">  </span>sensi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _2\"></span>ello<span class=\"ff1\">  </span>IAS<span class=\"ff1\">  </span>39\u201d,<span class=\"ff1\">  </span>c<span class=\"_ _0\"></span>he<span class=\"ff1\">  </span>accoglie<span class=\"ff1\">  </span>le<span class=\"ff1\">  </span>attivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>detenute<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ne<span class=\"_ _2\"></span>goziazione,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finan<span class=\"_ _2\"></span>ziarie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valutate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _20\"></span></span>val<span class=\"_ _2\"></span>ue,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inanziarie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">disponibili<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">v<span class=\"_ _2\"></span>endita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">eventuali<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>erivati<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pos<span class=\"_ _2\"></span>itivo,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>cos\u00ec<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>definiti<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>rispetto<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>IAS<span class=\"ff1\"> </span>39;<span class=\"_ _3bd\"> </span> Stato<span class=\"ff1\"> </span>Patrimoniale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u2013<span class=\"ff1\"> </span>Attivo:<span class=\"ff1\"> </span>\u201cVoce<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">45.</span> <span class=\"_ _0\"></span><span class=\"ff3\">Attivit\u00e0<span class=\"ff1\"> </span>finanzi<span class=\"_ _0\"></span>arie<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>rti<span class=\"_ _2\"></span>nenza<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">imprese<span class=\"ff1\"> </span>d<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span>assicurazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>valuta<span class=\"_ _2\"></span>te<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>costo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ammortizzato<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ai<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sensi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dello<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>IAS<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>39\u201d,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>accoglie<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"_ _2\"></span><span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>detenute<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sino<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>alla<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>scadenza,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>crediti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>verso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>b<span class=\"_ _0\"></span>anche<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quelli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>verso<span class=\"_ _2\"></span><span class=\"ff1\"> </span>clientela,<span class=\"ff1\"> </span>cos\u00ec<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>definiti<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>rispetto<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>IAS<span class=\"ff1\"> </span>39.<span class=\"_ _3bd\"> </span>2.1<span class=\"_ _3bd\"> </span>Co<span class=\"_ _0\"></span>mm<span class=\"_ _1\"></span>iss<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>at<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ve:<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>os<span class=\"_ _1\"></span>izio<span class=\"_ _1\"></span>ne<span class=\"fc0 sc1\"> </span>Ti<span class=\"_ _0\"></span>pol<span class=\"_ _1\"></span>ogia<span class=\"_ _3bd\"> </span>se<span class=\"_ _0\"></span>rv<span class=\"_ _0\"></span>iz<span class=\"_ _0\"></span>i/<span class=\"_ _0\"></span>Val<span class=\"_ _1\"></span>ori<span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>a)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Strumenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span> <span class=\"_ _184\"> </span>2<span class=\"_ _0\"></span>00.<span class=\"_ _0\"></span>28<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span></span></span></span></span>22<span class=\"_ _0\"></span>6.4<span class=\"_ _0\"></span>77<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Colloc<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>nto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tit<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span> <span class=\"_ _16d\"> </span>92.0<span class=\"_ _0\"></span>68<span class=\"_ _3bd\"> </span></span></span></span></span>10<span class=\"_ _0\"></span>0.8<span class=\"_ _0\"></span>42<span class=\"_ _3bd\"> </span>1.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">assunzione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fermo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e/o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sulla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">base<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">impegno<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">irr<span class=\"_ _0\"></span>evo<span class=\"_ _0\"></span>cab<span class=\"_ _0\"></span>ile<span class=\"_ _0\"></span> <span class=\"_ _195\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>2<span class=\"ff1\"> </span>S<span class=\"_ _0\"></span>enz<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>imp<span class=\"_ _0\"></span>eg<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>irr<span class=\"_ _0\"></span>ev<span class=\"_ _0\"></span>oca<span class=\"_ _0\"></span>bile<span class=\"_ _1\"></span> <span class=\"_ _fe\"> </span>92.<span class=\"_ _0\"></span>068<span class=\"_ _3bd\"> </span>10<span class=\"_ _0\"></span>0.8<span class=\"_ _0\"></span>42<span class=\"_ _3bd\"> </span>2.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ricezione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">trasmissione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ordini<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esecu<span class=\"_ _0\"></span>zione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ordini<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conto<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">clienti<span class=\"_ _3bd\"> </span></span></span>15.<span class=\"_ _0\"></span>032<span class=\"_ _3bd\"> </span>16.<span class=\"_ _0\"></span>937<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>1<span class=\"ff1\"> </span>Ri<span class=\"_ _0\"></span>cez<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tras<span class=\"_ _0\"></span>mis<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ordin<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">uno</span> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>pi\u00f9<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">st<span class=\"_ _0\"></span>rum<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span> <span class=\"_ _19\"> </span>6.79<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>7.<span class=\"_ _0\"></span>753<span class=\"_ _3bd\"> </span>2.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Esecuzione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ordini<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cl<span class=\"_ _0\"></span>ien<span class=\"_ _0\"></span>ti <span class=\"_ _2e4\"> </span>8.<span class=\"_ _0\"></span>241<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>9.<span class=\"_ _0\"></span>184<span class=\"_ _3bd\"> </span>3.<span class=\"ff1\"> </span>A<span class=\"_ _0\"></span>ltre<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">com<span class=\"_ _0\"></span>mis<span class=\"_ _0\"></span>sio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onne<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">att<span class=\"_ _0\"></span>ivit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>leg<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"ff3\">st<span class=\"_ _0\"></span>rum<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>fin<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>i <span class=\"_ _2ca\"> </span>93.<span class=\"_ _0\"></span>18<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>10<span class=\"_ _0\"></span>8.6<span class=\"_ _0\"></span>98<span class=\"_ _3bd\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">negoziazione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">propr<span class=\"_ _1\"></span>io <span class=\"_ _2e5\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>di<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ui:<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ges<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>po<span class=\"_ _0\"></span>rta<span class=\"_ _0\"></span>fog<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>vidu<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>i <span class=\"_ _15b\"> </span>93.<span class=\"_ _1\"></span>180<span class=\"_ _3bd\"> </span></span></span></span></span>10<span class=\"_ _0\"></span>8.6<span class=\"_ _0\"></span>98<span class=\"_ _3bd\"> </span>b)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Cor<span class=\"_ _0\"></span>pora<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>F<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nce<span class=\"_ _1\"></span> <span class=\"_ _15a\"> </span>1.96<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span></span></span>2.<span class=\"_ _0\"></span>189<span class=\"_ _3bd\"> </span>1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Consulenza<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">materia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fusioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">acq<span class=\"_ _0\"></span>uis<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>oni <span class=\"_ _1b0\"> </span>1.9<span class=\"_ _0\"></span>69<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>2.<span class=\"_ _0\"></span>189<span class=\"_ _3bd\"> </span>2.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Servizi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tes<span class=\"_ _0\"></span>ore<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span> <span class=\"_ _110\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>3.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Alt<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ommi<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">conn<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>se<span class=\"_ _0\"></span>rvi<span class=\"_ _0\"></span>zi<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>corpo<span class=\"_ _1\"></span>rate<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span> <span class=\"_ _2cd\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>c)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">co<span class=\"_ _2\"></span>nsulenza<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">materia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">inves<span class=\"_ _0\"></span>time<span class=\"_ _0\"></span>nti<span class=\"_ _1\"></span> <span class=\"_ _15e\"> </span>12.8<span class=\"_ _0\"></span>06<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>13.<span class=\"_ _0\"></span>352<span class=\"_ _3bd\"> </span>d)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Com<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>nsaz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>egol<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>o <span class=\"_ _116\"> </span>-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>e)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Gestione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">portafogli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">col<span class=\"_ _0\"></span>let<span class=\"_ _0\"></span>tive<span class=\"_ _1\"></span> <span class=\"_ _2e6\"> </span>20<span class=\"_ _0\"></span>8.3<span class=\"_ _0\"></span>69<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>263<span class=\"_ _0\"></span>.26<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>f)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Custod<span class=\"_ _0\"></span>ia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">am<span class=\"_ _0\"></span>min<span class=\"_ _0\"></span>istr<span class=\"_ _0\"></span>azi<span class=\"_ _1\"></span>one <span class=\"_ _150\"> </span>3.9<span class=\"_ _1\"></span>43<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>3.6<span class=\"_ _0\"></span>94<span class=\"_ _3bd\"> </span>1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Banca<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ep<span class=\"_ _0\"></span>osit<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>a <span class=\"_ _103\"> </span>-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Alt<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>omm<span class=\"_ _0\"></span>issi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">leg<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">all\u2019<span class=\"_ _0\"></span>att<span class=\"_ _0\"></span>ivit<span class=\"_ _1\"></span>\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cus<span class=\"_ _0\"></span>todi<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>mm<span class=\"_ _0\"></span>inis<span class=\"_ _0\"></span>tra<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e <span class=\"_ _19\"> </span>3<span class=\"_ _0\"></span>.9<span class=\"_ _1\"></span>43<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>3.6<span class=\"_ _0\"></span>94<span class=\"_ _3bd\"> </span>g)<span class=\"ff1\"> </span>S<span class=\"_ _0\"></span>erv<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ammi<span class=\"_ _0\"></span>nis<span class=\"_ _0\"></span>trat<span class=\"_ _1\"></span>ivi<span class=\"ff1\"> </span>ce<span class=\"_ _0\"></span>ntra<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>g<span class=\"_ _0\"></span>est<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">po<span class=\"_ _0\"></span>rta<span class=\"_ _0\"></span>fog<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>llet<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>e <span class=\"_ _27b\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>h)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fi<span class=\"_ _0\"></span>duc<span class=\"_ _0\"></span>iari<span class=\"_ _0\"></span>a <span class=\"_ _2b1\"> </span>1.<span class=\"_ _0\"></span>230<span class=\"_ _3bd\"> </span></span></span></span></span>1.<span class=\"_ _0\"></span>261<span class=\"_ _3bd\"> </span>i)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Servizi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">paga<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nto<span class=\"_ _0\"></span> <span class=\"_ _1e3\"> </span>2<span class=\"_ _0\"></span>21.<span class=\"_ _0\"></span>018<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>21<span class=\"_ _0\"></span>5.4<span class=\"_ _0\"></span>24<span class=\"_ _3bd\"> </span>1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Conti<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cor<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>ti <span class=\"_ _146\"> </span>134<span class=\"_ _0\"></span>.40<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span></span></span></span></span>12<span class=\"_ _0\"></span>2.7<span class=\"_ _0\"></span>63<span class=\"_ _3bd\"> </span>2.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Carte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cre<span class=\"_ _1\"></span>dito <span class=\"_ _147\"> </span>28.<span class=\"_ _0\"></span>481<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>24<span class=\"_ _0\"></span>.44<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>3.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Carte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">debito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ed<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">carte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">paga<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nto <span class=\"_ _2e7\"> </span>22<span class=\"_ _0\"></span>.12<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>34.<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>4.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Bonifici<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altri<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ordini<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>aga<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span> <span class=\"_ _94\"> </span>14.6<span class=\"_ _0\"></span>64<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>13.<span class=\"_ _0\"></span>338<span class=\"_ _3bd\"> </span>5.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">commissi<span class=\"_ _0\"></span>oni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">legate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ai<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">servizi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pag<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>o <span class=\"_ _2e8\"> </span>21<span class=\"_ _0\"></span>.34<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>20<span class=\"_ _0\"></span>.67<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>j)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Distribuzione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ervizi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">te<span class=\"_ _0\"></span>rz<span class=\"_ _1\"></span>i <span class=\"_ _2e9\"> </span>61.<span class=\"_ _0\"></span>569<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>53.<span class=\"_ _0\"></span>956<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Ge<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>oni<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>por<span class=\"_ _1\"></span>tafog<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span>ttiv<span class=\"_ _0\"></span>e <span class=\"_ _2e6\"> </span>-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>2.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Prodotti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ass<span class=\"_ _0\"></span>icu<span class=\"_ _0\"></span>rat<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span> <span class=\"_ _274\"> </span>59<span class=\"_ _0\"></span>.39<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span></span></span></span></span>52.<span class=\"_ _0\"></span>478<span class=\"_ _3bd\"> </span>3.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Alt<span class=\"_ _2\"></span>ri<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">prod<span class=\"_ _0\"></span>ott<span class=\"_ _0\"></span>i <span class=\"_ _2ea\"> </span>2.<span class=\"_ _0\"></span>173<span class=\"_ _3bd\"> </span></span></span></span></span>1.<span class=\"_ _0\"></span>478<span class=\"_ _3bd\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"_ _0\"></span>:<span class=\"ff1\"> </span>ge<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>oni<span class=\"ff1\"> </span>d<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span>port<span class=\"_ _0\"></span>afo<span class=\"_ _0\"></span>gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">indi<span class=\"_ _0\"></span>vid<span class=\"_ _0\"></span>ual<span class=\"_ _0\"></span>i <span class=\"_ _2eb\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>k)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Fi<span class=\"_ _2\"></span>nanza<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>tru<span class=\"_ _0\"></span>ttu<span class=\"_ _0\"></span>rata<span class=\"_ _1\"></span> <span class=\"_ _53\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>l)<span class=\"ff1\"> </span>A<span class=\"_ _0\"></span>ttiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">s<span class=\"_ _0\"></span>erv<span class=\"_ _0\"></span>ici<span class=\"_ _0\"></span>ng<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span>per<span class=\"_ _0\"></span>azi<span class=\"_ _1\"></span>oni<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">carto<span class=\"_ _0\"></span>lar<span class=\"_ _0\"></span>izz<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span> <span class=\"_ _10a\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>m)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Impegni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>rogare<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fo<span class=\"_ _0\"></span>nd<span class=\"_ _1\"></span>i <span class=\"_ _2ec\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>n)<span class=\"ff1\"> </span>Gar<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>ie<span class=\"ff1\"> </span>fin<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>rie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">r<span class=\"_ _0\"></span>ilasc<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>te <span class=\"_ _274\"> </span>4.<span class=\"_ _0\"></span>72<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span></span></span>4<span class=\"_ _0\"></span>.4<span class=\"_ _1\"></span>71<span class=\"_ _3bd\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">derivati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cre<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>i <span class=\"_ _250\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>o)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Operazi<span class=\"_ _0\"></span>oni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fina<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iame<span class=\"_ _0\"></span>nto<span class=\"_ _0\"></span> <span class=\"_ _187\"> </span>16.<span class=\"_ _0\"></span>410<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>13.<span class=\"_ _0\"></span>721<span class=\"_ _3bd\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">operazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fact<span class=\"_ _0\"></span>orin<span class=\"_ _0\"></span>g <span class=\"_ _2e5\"> </span>16<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>10<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>13.<span class=\"_ _0\"></span>721<span class=\"_ _3bd\"> </span>p)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Negoziazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">va<span class=\"_ _0\"></span>lut<span class=\"_ _0\"></span>e <span class=\"_ _51\"> </span>3.85<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>3.1<span class=\"_ _0\"></span>87<span class=\"_ _3bd\"> </span>q)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Mer<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span> <span class=\"_ _1b2\"> </span>-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>r)<span class=\"ff1\"> </span>A<span class=\"_ _0\"></span>ltre<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">com<span class=\"_ _0\"></span>mis<span class=\"_ _0\"></span>sion<span class=\"_ _1\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>att<span class=\"_ _0\"></span>ive<span class=\"_ _0\"></span> <span class=\"_ _2ed\"> </span>26.<span class=\"_ _0\"></span>46<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span></span></span>22<span class=\"_ _0\"></span>.952<span class=\"_ _3bd\"> </span>di<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ui:<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ges<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>si<span class=\"_ _0\"></span>ste<span class=\"_ _0\"></span>mi<span class=\"ff1\"> </span>m<span class=\"_ _0\"></span>ulti<span class=\"_ _0\"></span>lat<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>cam<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>o <span class=\"_ _2ee\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>di<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ui:<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ges<span class=\"_ _0\"></span>tion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>sis<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>mi<span class=\"ff1\"> </span>or<span class=\"_ _0\"></span>gan<span class=\"_ _0\"></span>izz<span class=\"_ _0\"></span>ati<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>goz<span class=\"_ _0\"></span>iaz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e <span class=\"_ _243\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>76<span class=\"_ _0\"></span>2.<span class=\"_ _0\"></span>642<span class=\"_ _3bd\"> </span>82<span class=\"_ _0\"></span>3.<span class=\"_ _0\"></span>94<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>I<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>abelle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">2021<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u201cCommiss<span class=\"_ _2\"></span>ioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attive\u201d,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Servizi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pagamento<span class=\"_ _2\"></span>,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">st<span class=\"_ _2\"></span>ati<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>iesposti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>fine<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>recepire<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>maniera<span class=\"ff1\"> </span>pi\u00f9<span class=\"ff1\"> </span>analitica<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>commissioni<span class=\"ff1\"> </span>relative<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>conti<span class=\"ff1\"> </span>corr<span class=\"_ _2\"></span>enti.<span class=\"_ _3bd\"> </span>Si<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>iporta<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>disaggregazione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>commiss<span class=\"_ _2\"></span>ioni<span class=\"ff1\"> </span>distribuite<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> </span>for<span class=\"_ _2\"></span>ma<span class=\"ff1\"> </span>tecnica<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>linea<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quanto<span class=\"ff1\"> </span>richiesto<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">IFRS<span class=\"ff1\"> </span>15<span class=\"ff1\"> </span>par.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">114.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">principali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tipologie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">commissionali<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riconducibili<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(IFRS<span class=\"ff1\"> </span>15<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">par.<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>119<span class=\"_ _0\"></span>): -<span class=\"_ _3bd\"> </span>Gestione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>portafogli<span class=\"ff1\"> </span>individuali<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>collettivi:<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>performance<span class=\"ff1\"> </span>obbligation<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>sos<span class=\"_ _2\"></span>tanzia<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>48<span class=\"ff1\"> </span>mila<span class=\"ff1\"> </span>euro<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>viene<span class=\"ff1\"> </span>tipicamente<span class=\"ff1\"> </span>soddisfatta<span class=\"ff1\"> </span>over<span class=\"ff1\"> </span>time; -<span class=\"_ _3bd\"> </span>Collocamento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">titoli:<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tratta<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">commissioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sede<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">collocament<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fondi/sicav<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">incassa<span class=\"_ _2\"></span>ti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>un<span class=\"ff1\"> </span>importo<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>22.126<span class=\"ff1\"> </span>mila<span class=\"ff1\"> </span>euro; -<span class=\"_ _3bd\"> </span>Distribuzione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>servizi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>terzi:<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>tratta<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>commissioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>acquisizione<span class=\"ff1\"> </span>relative<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>polizze<span class=\"ff1\"> </span>assicurative<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>importo<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>8.710<span class=\"ff1\"> </span>m<span class=\"_ _2\"></span>ila<span class=\"ff1\"> </span>euro. Il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">gr<span class=\"_ _0\"></span>upp<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>per<span class=\"_ _0\"></span>cepi<span class=\"_ _0\"></span>sce<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">var<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ti<span class=\"_ _0\"></span>pi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">comm<span class=\"_ _0\"></span>issi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">va<span class=\"_ _0\"></span>riab<span class=\"_ _0\"></span>ili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">com<span class=\"_ _0\"></span>e: </span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Su<span class=\"_ _0\"></span>cce<span class=\"_ _0\"></span>ss<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Fee<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ret<span class=\"_ _0\"></span>aine<span class=\"_ _0\"></span>r<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fee<span class=\"_ _1\"></span>; </span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Pe<span class=\"_ _0\"></span>rfo<span class=\"_ _0\"></span>rmanc<span class=\"_ _0\"></span>e/O<span class=\"_ _0\"></span>verpe<span class=\"_ _0\"></span>rfo<span class=\"_ _0\"></span>rman<span class=\"_ _0\"></span>ce; -<span class=\"_ _3bd\"> </span>Ra<span class=\"_ _0\"></span>ppel<span class=\"_ _0\"></span>. Tali<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>commissioni<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>vengono<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>percepite<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>raggiungimento<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>determinati<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>obiettivi,<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>previsti<span class=\"ff1\"> </span>contrattualmente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contabilizzate<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>momento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _20\"></span></span>v<span class=\"_ _2\"></span>iene<span class=\"ff1\"> <span class=\"_ _20\"></span></span>meno<span class=\"ff1\"> <span class=\"_ _21\"></span></span>l'incertezza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>relativa<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"_ _2\"></span>lla<span class=\"ff1\"> </span>determinazione<span class=\"ff1\"> </span>dell'importo<span class=\"ff1\"> </span>variabile. Nella<span class=\"ff1\"> </span>part<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>L<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> </span>no<span class=\"_ _2\"></span>ta<span class=\"ff1\"> </span>integrativa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>viene<span class=\"ff1\"> </span>presentat<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>disaggregazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Ricavi<span class=\"ff1\"> </span>p<span class=\"_ _2\"></span>er<span class=\"ff1\"> <span class=\"_ _2\"></span></span>segmento<span class=\"ff1\"> </span>op<span class=\"_ _0\"></span>erat<span class=\"_ _0\"></span>ivo<span class=\"_ _3bd\"> </span>I<span class=\"_ _0\"></span>NF<span class=\"_ _0\"></span>OR<span class=\"_ _1\"></span>MAT<span class=\"_ _1\"></span>IVA<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">DI<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">SE<span class=\"_ _0\"></span>TT<span class=\"_ _1\"></span>OR<span class=\"_ _0\"></span>E<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u2013<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>ri<span class=\"_ _1\"></span>bu<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pe<span class=\"_ _1\"></span>r<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">se<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o<span class=\"_ _1\"></span>pe<span class=\"_ _0\"></span>rat<span class=\"_ _1\"></span>ivi<span class=\"_ _0\"></span><span class=\"fc0\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u201c<span class=\"_ _0\"></span>ope<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>ng<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">seg<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ts\u201d<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>ndiv<span class=\"_ _0\"></span>idua<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>live<span class=\"_ _0\"></span>llo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Grup<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">seg<span class=\"_ _0\"></span>uenti<span class=\"_ _0\"></span>: </span></span></span></span></span></span></span></span></span></span></span></span>Comm<span class=\"_ _0\"></span>ercia<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span>Banki<span class=\"_ _0\"></span>ng,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ne<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _21\"></span></span>quale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>confluiscono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cor<span class=\"_ _2\"></span>rispondente<span class=\"ff1\"> <span class=\"_ _21\"></span></span>segmento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Credito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Emiliano<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e,<span class=\"ff1\"> </span>integralmente,<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>bilanci<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Credemleasing,<span class=\"ff1\"> </span>Credemfactor,<span class=\"ff1\"> </span>Banca<span class=\"ff1\"> </span>Eurom<span class=\"_ _2\"></span>obiliare<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>Avvera; Asset<span class=\"_ _3bd\"> </span>Mana<span class=\"_ _0\"></span>geme<span class=\"_ _0\"></span>nt,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>recepisce<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>bilanci<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Euromobiliare<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Asset<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Management<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>SGR,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Credem<span class=\"ff1\"> </span>Private<span class=\"ff1\"> </span>Equity<span class=\"ff1\"> </span>SGR,<span class=\"ff1\"> </span>Euromobiliare<span class=\"ff1\"> </span>Fiduciaria<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>Euromobiliare<span class=\"ff1\"> </span>Advisory<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Sim Banca<span class=\"_ _0\"></span>ssura<span class=\"_ _0\"></span>nce,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>interamente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rappresentato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Credemvita<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dalla<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>interessenza<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>pro-quota<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>Cre<span class=\"_ _0\"></span>dem<span class=\"_ _0\"></span>assi<span class=\"_ _0\"></span>cur<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ni; Fina<span class=\"_ _0\"></span>nza,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _21\"></span></span>quale<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"></span></span>confluito<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>corrispondente<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>segmento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Cr<span class=\"_ _2\"></span>edito<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Emiliano<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>comprende<span class=\"ff1\"> </span>l\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>gestione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> </span>tass<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cambio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>banking<span class=\"ff1\"> </span>boo<span class=\"_ _2\"></span>k,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>port<span class=\"_ _2\"></span>afoglio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>investimento<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>l\u2019attivit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>trading; Trea<span class=\"_ _0\"></span>sury,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quale<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>confluito<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cor<span class=\"_ _2\"></span>risponden<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _21\"></span></span>segmento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">Credito</span> <span class=\"_ _21\"></span><span class=\"ff3\">Emil<span class=\"_ _0\"></span>iano<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>comprende<span class=\"ff1\"> </span></span></span>l\u2019attivit\u00e0<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>tesoreria Corpo<span class=\"_ _0\"></span>rate<span class=\"_ _3bd\"> </span>Center <span class=\"_ _21\"></span><span class=\"ff3\">che</span> <span class=\"_ _20\"></span><span class=\"ff3\">comprende,</span> <span class=\"_ _20\"></span><span class=\"ff3\">relativamente</span> <span class=\"_ _21\"></span><span class=\"ff3\">a</span> <span class=\"_ _21\"></span><span class=\"ff3\">Credi<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Emiliano,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tutt<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>centri<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>svolgono<span class=\"ff1\"> </span></span>un\u2019attivit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>supporto<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>segmenti<span class=\"ff1\"> </span>Banking<span class=\"ff1\"> </span>Commerciale<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>Finanza. Altro,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _2\"></span></span>confluiscono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>integr<span class=\"_ _2\"></span>almente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>bilanci<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Magazzini<span class=\"ff1\"> <span class=\"_ _2\"></span></span>G<span class=\"_ _2\"></span>enerali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Tagliate,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Cre<span class=\"_ _2\"></span>demtel,<span class=\"ff1\"> </span>Sata<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Blue<span class=\"ff1\">  </span>Eye<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Solutions;<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>questo<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>\u201co<span class=\"_ _2\"></span>perating<span class=\"ff1\">  </span>s<span class=\"_ _2\"></span>egment\u201d<span class=\"ff1\">  </span>comprende<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>inoltre<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>le<span class=\"ff1\">  </span>r<span class=\"_ _2\"></span>ettifiche<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>sol<span class=\"_ _0\"></span>ida<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>o. Con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>iferimento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Credito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Emiliano,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quanto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>iguarda<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">segmenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">relativi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Commercial<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Ban<span class=\"_ _2\"></span>king,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Finanza,<span class=\"ff1\"> </span>Tresury<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>Corporate<span class=\"ff1\"> </span>Center<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>utilizzati<span class=\"ff1\"> </span>dati<span class=\"ff1\"> </span>gestionali. Al<span class=\"ff1\"> </span>fine<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>garantire<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>coerenza<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>margini<span class=\"ff1\"> </span>rendicontati<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>gli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>utili<span class=\"ff1\"> </span>effettivamente<span class=\"ff1\"> </span>prodotti,<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>dati<span class=\"ff1\"> </span>gestionali<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> </span>periodicamente<span class=\"ff1\"> </span>\u201criconciliati\u201d<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>dati<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>bilancio. Cri<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cos<span class=\"_ _0\"></span>truz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">conto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">eco<span class=\"_ _0\"></span>nom<span class=\"_ _0\"></span>ico<span class=\"ff1\"> <span class=\"_ _2df\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">oper<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ng<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">seg<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ts<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">Cre<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Em<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>ano<span class=\"fc0\"> </span>I<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>sul<span class=\"_ _0\"></span>tati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">eco<span class=\"_ _0\"></span>nomi<span class=\"_ _0\"></span>ci<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u201coper<span class=\"_ _0\"></span>atin<span class=\"_ _0\"></span>g<span class=\"ff1\"> </span>seg<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>s\u201d<span class=\"ff1\"> </span>sono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dete<span class=\"_ _0\"></span>rmi<span class=\"_ _0\"></span>nati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sull<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>base<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dei</span> <span class=\"ff3\">s<span class=\"_ _0\"></span>egue<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">princ<span class=\"_ _0\"></span>ipal<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>cri<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>i: il<span class=\"ff1\"> </span>margine<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>interesse<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ottenuto<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>all\u2019applicazione<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>tassi<span class=\"ff1\"> </span>interni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">trasferimento</span> <span class=\"_ _0\"></span><span class=\"ff3\">coerenti<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>caratteristiche<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>prodotti; le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>commissioni<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>nette<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>attribu<span class=\"_ _0\"></span>ite<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>puntualmente<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cliente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ha<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>generate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>quindi,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>all\u2019<span class=\"ff1\"> </span>operating<span class=\"ff1\"> </span>segment<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>pertinenza; le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>isorse<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>utilizzate<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dagli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u201co<span class=\"_ _2\"></span>perating<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>segments\u201d<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>lo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>svolgimento<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>propria<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sono<span class=\"ff1\"> </span>pagate<span class=\"ff1\"> </span>dagli<span class=\"ff1\"> </span>stessi<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>prezzi<span class=\"ff1\"> </span>rappresentativi<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>costi<span class=\"ff1\"> </span>effettivi; vengono<span class=\"ff1\"> </span>attribuiti<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">costi</span> <span class=\"ff3\">d<span class=\"_ _0\"></span>irettamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">imputabili<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>unto<span class=\"ff1\"> </span>vendita,<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uali<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>sempio<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>rsonale<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span></span></span></span></span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">spe<span class=\"_ _0\"></span>se<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>lati<span class=\"_ _0\"></span>ve<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">all\u2019u<span class=\"_ _0\"></span>til<span class=\"_ _0\"></span>izzo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ed</span> <span class=\"ff3\">al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">funz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>loc<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>;<span class=\"ff1\"> </span>gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span>tri<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>sti,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>mpre<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uell<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>tivi<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>alla<span class=\"ff1\"> </span>struttura<span class=\"ff1\"> </span>centrale<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">centro</span> <span class=\"ff3\">servizi,</span> <span class=\"ff3\">veng<span class=\"_ _0\"></span>ono<span class=\"ff1\"> </span>convenzionalmente<span class=\"ff1\"> </span>attr<span class=\"_ _2\"></span>ibuiti<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">segmento</span> </span></span></span>\u201cCorporate<span class=\"ff1\"> </span>Center<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>altro\u201d; le<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>spese<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>generali<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>relative<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>alle<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>singole<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>s<span class=\"_ _2\"></span>ociet\u00e0<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>confluiscono<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>integralmente<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>negli<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>\u201coperating<span class=\"ff1\"> </span>segments\u201d<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>appartengono<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>rispettive<span class=\"ff1\"> </span>societ\u00e0. I<span class=\"_ _0\"></span>NF<span class=\"_ _0\"></span>OR<span class=\"_ _1\"></span>MAT<span class=\"_ _1\"></span>IVA<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">DI<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">SE<span class=\"_ _0\"></span>TT<span class=\"_ _1\"></span>OR<span class=\"_ _0\"></span>E<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">co<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>o<span class=\"fc0\"> </span></span></span></span></span></span></span></span></span>Si<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fa</span> <span class=\"ff3\">preli<span class=\"_ _0\"></span>min<span class=\"_ _0\"></span>armen<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>rif<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>qu<span class=\"_ _0\"></span>anto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ampia<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>ripo<span class=\"_ _0\"></span>rtato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>rela<span class=\"_ _0\"></span>zione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sull<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>gesti<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _2\"></span>ui<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>va<span class=\"_ _0\"></span>ri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">set<span class=\"_ _0\"></span>tori<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">atti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sin<span class=\"_ _0\"></span>gole<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>ocie<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">grupp<span class=\"_ _0\"></span>o;<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ad<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inte<span class=\"_ _0\"></span>gra<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rip<span class=\"_ _1\"></span>ortano<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _1\"></span><span class=\"ff3\">segui<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>lcu<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>brevi<span class=\"ff1\"> </span>note<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>commento. Il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Commercial<span class=\"ff1\"> </span>B<span class=\"_ _0\"></span>anking<span class=\"ff1\"> </span>evide<span class=\"_ _0\"></span>nzia<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">una<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>inamica<span class=\"ff1\"> </span>particolarmente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">favor<span class=\"_ _2\"></span>evole<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">margine<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziario<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>generata<span class=\"ff1\"> </span>all\u2019andamento<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>forbice<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>clientela. Positivo<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>l\u2019andamento<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>c<span class=\"_ _2\"></span>ommissioni<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>co<span class=\"_ _2\"></span>s\u00ec<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>come<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>quello<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>componente<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>legata<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>alla<span class=\"ff1\"> </span>negoziazione;<span class=\"ff1\"> </span>positivo<span class=\"ff1\"> </span>anche<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>contributo<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>altre<span class=\"ff1\"> </span>componenti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>ricavo<span class=\"ff1\"> </span>legate<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>servizi.<span class=\"_ _3bd\"> </span>In<span class=\"ff1\"> <span class=\"_ _20\"></span></span>leggera<span class=\"ff1\"> <span class=\"_ _20\"></span></span>crescita<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>costi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>operativi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tuttavia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nella<span class=\"ff1\"> <span class=\"_ _20\"></span></span>loro<span class=\"ff1\"> <span class=\"_ _21\"></span></span>comp<span class=\"_ _0\"></span>osizione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>evidenziano<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dinamiche<span class=\"ff1\"> </span>diverse:<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">lato<span class=\"ff1\"> </span>si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rileva<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ignificativo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">increm<span class=\"_ _2\"></span>ento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">spese<span class=\"ff1\"> </span>informatiche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mentre<span class=\"ff1\"> </span>quelle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>personale<span class=\"ff1\"> </span>crescono<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>misura<span class=\"ff1\"> </span>pi\u00f9<span class=\"ff1\"> </span>contenuta. In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">leg<span class=\"_ _0\"></span>ger<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ontr<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>etti<span class=\"_ _0\"></span>fi<span class=\"_ _0\"></span>che<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>u<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cred<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>. </span></span></span></span></span></span>Pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>qua<span class=\"_ _0\"></span>nto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rigu<span class=\"_ _1\"></span>arda<span class=\"ff1\"> </span>l\u2019<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">volu<span class=\"_ _1\"></span>m<span class=\"_ _2\"></span>i,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>To<span class=\"_ _0\"></span>tal<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Bus<span class=\"_ _0\"></span>ine<span class=\"_ _0\"></span>ss<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>mane<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">so<span class=\"_ _0\"></span>stan<span class=\"_ _0\"></span>zial<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stab<span class=\"_ _0\"></span>ile<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>128<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>miliardi<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>una<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ricomposizione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> </span>vede<span class=\"ff1\"> </span>l\u2019<span class=\"_ _2\"></span>incremento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>degli<span class=\"ff1\"> </span>impieghi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>clientela<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>accolta<span class=\"ff1\"> </span>diretta<span class=\"ff1\"> </span>bancaria<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>contrazione<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>raccolta<span class=\"ff1\"> </span>indiretta<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>clientela<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>particolare<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>que<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span>ge<span class=\"_ _0\"></span>stit<span class=\"_ _0\"></span>a. L\u2019Asset<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Management<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>evidenzia<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>cont<span class=\"_ _2\"></span>razione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>ricavi<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>operativi<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>ed<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>particolare<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dalle<span class=\"ff1\"> </span>commissioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rispetto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _2\"></span></span>precedente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>esercizio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>si<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riducono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>4<span class=\"_ _2\"></span>0%<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mentre<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>costi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>hanno<span class=\"ff1\"> <span class=\"_ _2\"></span></span>una<span class=\"ff1\"> </span>dinamica<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contenuta;<span class=\"ff1\"> </span>i<span class=\"_ _2\"></span>n<span class=\"ff1\"> </span>co<span class=\"_ _2\"></span>ntrazione<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>volumi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(-10%)<span class=\"ff1\"> </span>n<span class=\"_ _2\"></span>egativamente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>impattati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall\u2019andamento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> </span>me<span class=\"_ _0\"></span>rcat<span class=\"_ _0\"></span>i. L\u2019andamento<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Bancassurance<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>presenta<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>complessivamente<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>l<span class=\"_ _2\"></span>eggera<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>contrazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>c<span class=\"_ _2\"></span>on<span class=\"ff1\"> </span>ricavi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>operativi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sostanzialmente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>stabili<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>cost<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>operativi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>registrano<span class=\"ff1\">  </span>u<span class=\"_ _0\"></span>na<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>crescita<span class=\"ff1\">  </span>l<span class=\"_ _0\"></span>egata<span class=\"ff1\"> </span>principalmente<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>investimenti<span class=\"ff1\"> </span>IT. Sta<span class=\"_ _0\"></span>bil<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>ribu<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>eg<span class=\"_ _0\"></span>mento<span class=\"ff1\"> </span>F<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nza<span class=\"_ _0\"></span>. La<span class=\"ff1\"> </span>co<span class=\"_ _2\"></span>ntrazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>segmento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Treasury<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> </span>imputabile<span class=\"ff1\"> </span>principalmente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> </span>contrazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>margine<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>nanz<span class=\"_ _0\"></span>iari<span class=\"_ _0\"></span>o. ce<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>r&amp;<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>tro<span class=\"_ _3bd\"> </span>SE<span class=\"_ _0\"></span>GM<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>T<span class=\"_ _3bd\"> </span>RE<span class=\"_ _0\"></span>PO<span class=\"_ _0\"></span>RT<span class=\"_ _0\"></span>IN<span class=\"_ _0\"></span>G<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>DI<span class=\"_ _0\"></span>CE<span class=\"_ _0\"></span>MB<span class=\"_ _0\"></span>R<span class=\"_ _0\"></span>E<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>02<span class=\"_ _1\"></span>1<span class=\"fc0 sc1\"> </span>Co<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span>Ba<span class=\"_ _0\"></span>nk<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g A<span class=\"_ _0\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _3bd\"> </span>Ma<span class=\"_ _1\"></span>nag<span class=\"_ _0\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _0\"></span> Ba<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>as<span class=\"_ _1\"></span>sura<span class=\"_ _1\"></span>nce<span class=\"_ _3bd\"> </span>ALM<span class=\"_ _3bd\"> </span>Tr<span class=\"_ _1\"></span>eas<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>y<span class=\"_ _3bd\"> </span>Co<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>l IM<span class=\"_ _0\"></span>PI<span class=\"_ _0\"></span>EG<span class=\"_ _0\"></span>HI<span class=\"_ _3bd\"> </span>A<span class=\"_ _3bd\"> </span>CL<span class=\"_ _0\"></span>IE<span class=\"_ _0\"></span>NT<span class=\"_ _0\"></span>EL<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span> <span class=\"_ _343\"> </span>37<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>51<span class=\"_ _0\"></span> <span class=\"_ _1fb\"> </span><span class=\"ff1 sc0\"> <span class=\"_ _c8\"> </span> <span class=\"_ _c2\"> </span> <span class=\"_ _1a7\"> </span></span>-4.7<span class=\"_ _0\"></span>95<span class=\"_ _0\"></span> <span class=\"_ _47\"> </span>33.<span class=\"_ _0\"></span>15<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>Rac<span class=\"_ _0\"></span>colt<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>ASS<span class=\"_ _1\"></span>ICURA<span class=\"_ _0\"></span>TIV<span class=\"_ _0\"></span>A 8<span class=\"_ _0\"></span>.6<span class=\"_ _1\"></span>65 8<span class=\"_ _0\"></span>.6<span class=\"_ _1\"></span>65<span class=\"_ _3bd\"> </span>Rac<span class=\"_ _0\"></span>colt<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>DI<span class=\"_ _0\"></span>RETT<span class=\"_ _0\"></span>A<span class=\"ff1\"> </span>BA<span class=\"_ _0\"></span>NC<span class=\"_ _0\"></span>ARIA<span class=\"_ _1\"></span> <span class=\"_ _1d7\"> </span>35.1<span class=\"_ _0\"></span>65 2.<span class=\"_ _0\"></span>534 <span class=\"_ _50\"> </span>-5<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span> <span class=\"_ _1ab\"> </span>37.<span class=\"_ _0\"></span>110<span class=\"_ _3bd\"> </span>TOTA<span class=\"_ _0\"></span>LE<span class=\"_ _3bd\"> </span>RAC<span class=\"_ _0\"></span>COLT<span class=\"_ _0\"></span>A<span class=\"_ _3bd\"> </span>DI<span class=\"_ _0\"></span>RE<span class=\"_ _1\"></span>TTA<span class=\"_ _0\"></span> <span class=\"_ _7\"> </span>3<span class=\"_ _0\"></span>5.1<span class=\"_ _0\"></span>65<span class=\"_ _1\"></span> 8.<span class=\"_ _0\"></span>66<span class=\"_ _0\"></span>5 <span class=\"_ _212\"> </span>2.<span class=\"_ _0\"></span>53<span class=\"_ _0\"></span>4 <span class=\"_ _50\"> </span>-58<span class=\"_ _1\"></span>9 <span class=\"_ _34\"> </span>45<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>75<span class=\"_ _3bd\"> </span>Rac<span class=\"_ _0\"></span>colt<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>GE<span class=\"_ _0\"></span>STI<span class=\"_ _0\"></span>TA <span class=\"_ _f4\"> </span>43.57<span class=\"_ _0\"></span>4 <span class=\"_ _72\"> </span>15.<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>3 -2<span class=\"_ _0\"></span>3.2<span class=\"_ _0\"></span>60 <span class=\"_ _175\"> </span>35.337<span class=\"_ _3bd\"> </span>Rac<span class=\"_ _0\"></span>colt<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>AMM<span class=\"_ _0\"></span>INIS<span class=\"_ _1\"></span>TRATA<span class=\"_ _1\"></span> <span class=\"_ _205\"> </span>11.<span class=\"_ _0\"></span>780 12<span class=\"_ _0\"></span>.01<span class=\"_ _0\"></span>9 <span class=\"_ _72\"> </span>23.7<span class=\"_ _0\"></span>99<span class=\"_ _3bd\"> </span>TOTA<span class=\"_ _0\"></span>LE<span class=\"_ _3bd\"> </span>RAC<span class=\"_ _0\"></span>COLT<span class=\"_ _0\"></span>A<span class=\"_ _3bd\"> </span>IN<span class=\"_ _0\"></span>DI<span class=\"_ _1\"></span>RET<span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>A <span class=\"_ _354\"> </span>55.<span class=\"_ _0\"></span>35<span class=\"_ _0\"></span>4 <span class=\"_ _50\"> </span>15<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>23<span class=\"_ _0\"></span> -11<span class=\"_ _0\"></span>.24<span class=\"_ _1\"></span>1 <span class=\"_ _47\"> </span>59.<span class=\"_ _0\"></span>13<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>TOTA<span class=\"_ _0\"></span>LE<span class=\"_ _3bd\"> </span>RA<span class=\"_ _1\"></span>CCO<span class=\"_ _0\"></span>LT<span class=\"_ _1\"></span>A <span class=\"_ _195\"> </span>90.<span class=\"_ _0\"></span>51<span class=\"_ _0\"></span>9 <span class=\"_ _72\"> </span>15.<span class=\"_ _0\"></span>023<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>8.6<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>5 <span class=\"_ _212\"> </span>2.5<span class=\"_ _0\"></span>34<span class=\"_ _1\"></span> <span class=\"_ _75\"> </span>-11.<span class=\"_ _1\"></span>830<span class=\"_ _0\"></span> <span class=\"_ _50\"> </span>10<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>91<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>TOTA<span class=\"_ _0\"></span>L<span class=\"_ _3bd\"> </span>BU<span class=\"_ _0\"></span>SI<span class=\"_ _1\"></span>NES<span class=\"_ _1\"></span>S <span class=\"_ _297\"> </span>12<span class=\"_ _0\"></span>8.<span class=\"_ _0\"></span>47<span class=\"_ _1\"></span>0 <span class=\"_ _50\"> </span>15.<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>3 <span class=\"_ _3f\"> </span>8<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>65<span class=\"_ _1\"></span> <span class=\"_ _67\"> </span>2.5<span class=\"_ _0\"></span>34<span class=\"_ _1\"></span> <span class=\"_ _77\"> </span>-16<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>25<span class=\"_ _0\"></span> <span class=\"_ _7f\"> </span>13<span class=\"_ _0\"></span>8.<span class=\"_ _0\"></span>06<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>SE<span class=\"_ _0\"></span>GM<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>T<span class=\"_ _3bd\"> </span>RE<span class=\"_ _0\"></span>PO<span class=\"_ _0\"></span>RT<span class=\"_ _0\"></span>IN<span class=\"_ _0\"></span>G<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>DI<span class=\"_ _0\"></span>CE<span class=\"_ _0\"></span>MB<span class=\"_ _0\"></span>R<span class=\"_ _0\"></span>E<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>02<span class=\"_ _1\"></span>2<span class=\"fc0 sc1\"> </span>Co<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span>Ba<span class=\"_ _0\"></span>nk<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g A<span class=\"_ _0\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _3bd\"> </span>Ma<span class=\"_ _1\"></span>nag<span class=\"_ _0\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _0\"></span> Ba<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>as<span class=\"_ _1\"></span>sura<span class=\"_ _1\"></span>nce<span class=\"_ _3bd\"> </span>ALM<span class=\"_ _3bd\"> </span>Tr<span class=\"_ _1\"></span>eas<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>y<span class=\"_ _3bd\"> </span>Co<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>l IM<span class=\"_ _0\"></span>PI<span class=\"_ _0\"></span>EG<span class=\"_ _0\"></span>HI<span class=\"_ _3bd\"> </span>A<span class=\"_ _3bd\"> </span>CL<span class=\"_ _0\"></span>IE<span class=\"_ _0\"></span>NT<span class=\"_ _0\"></span>EL<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span> <span class=\"_ _e4\"> </span>40<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>85<span class=\"_ _1\"></span> <span class=\"_ _1fb\"> </span><span class=\"ff1 sc0\"> <span class=\"_ _45\"> </span> <span class=\"_ _c8\"> </span> <span class=\"_ _ff\"> </span></span>-5<span class=\"_ _0\"></span>.9<span class=\"_ _1\"></span>02<span class=\"_ _0\"></span> <span class=\"_ _222\"> </span>34<span class=\"_ _0\"></span>.48<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>Rac<span class=\"_ _0\"></span>colt<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>ASS<span class=\"_ _1\"></span>ICURA<span class=\"_ _0\"></span>TIV<span class=\"_ _0\"></span>A 8.<span class=\"_ _0\"></span>260 8.<span class=\"_ _0\"></span>260<span class=\"_ _3bd\"> </span>Rac<span class=\"_ _0\"></span>colt<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>DI<span class=\"_ _0\"></span>RETT<span class=\"_ _0\"></span>A<span class=\"ff1\"> </span>BA<span class=\"_ _0\"></span>NC<span class=\"_ _0\"></span>ARIA<span class=\"_ _1\"></span> <span class=\"_ _242\"> </span>36.8<span class=\"_ _0\"></span>49 3.<span class=\"_ _1\"></span>44<span class=\"_ _0\"></span>1 <span class=\"_ _31\"> </span>-5<span class=\"_ _0\"></span>19<span class=\"_ _1\"></span> <span class=\"_ _83\"> </span>39.<span class=\"_ _0\"></span>771<span class=\"_ _3bd\"> </span>TOTA<span class=\"_ _0\"></span>LE<span class=\"_ _3bd\"> </span>RAC<span class=\"_ _0\"></span>COLT<span class=\"_ _0\"></span>A<span class=\"_ _3bd\"> </span>DI<span class=\"_ _0\"></span>RE<span class=\"_ _1\"></span>TTA<span class=\"_ _0\"></span> <span class=\"_ _112\"> </span>3<span class=\"_ _1\"></span>6.8<span class=\"_ _0\"></span>49<span class=\"_ _0\"></span> 8.<span class=\"_ _0\"></span>26<span class=\"_ _0\"></span>0 <span class=\"_ _39\"> </span>3.<span class=\"_ _0\"></span>441<span class=\"_ _1\"></span> <span class=\"_ _2e\"> </span>-51<span class=\"_ _0\"></span>9<span class=\"_ _1\"></span> <span class=\"_ _34\"> </span>48.0<span class=\"_ _0\"></span>31<span class=\"_ _3bd\"> </span>Rac<span class=\"_ _0\"></span>colt<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>GE<span class=\"_ _0\"></span>STI<span class=\"_ _0\"></span>TA <span class=\"_ _f0\"> </span>38.9<span class=\"_ _0\"></span>53 <span class=\"_ _50\"> </span>13.<span class=\"_ _0\"></span>524<span class=\"_ _0\"></span> -2<span class=\"_ _0\"></span>1.5<span class=\"_ _0\"></span>01 <span class=\"_ _222\"> </span>30.9<span class=\"_ _0\"></span>76<span class=\"_ _3bd\"> </span>Rac<span class=\"_ _0\"></span>colt<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>AMM<span class=\"_ _0\"></span>INIS<span class=\"_ _1\"></span>TRATA<span class=\"_ _1\"></span> <span class=\"_ _205\"> </span>11.<span class=\"_ _0\"></span>533 11<span class=\"_ _0\"></span>.40<span class=\"_ _0\"></span>6 <span class=\"_ _175\"> </span>22.<span class=\"_ _0\"></span>939<span class=\"_ _3bd\"> </span>TOTA<span class=\"_ _0\"></span>LE<span class=\"_ _3bd\"> </span>RAC<span class=\"_ _0\"></span>COLT<span class=\"_ _0\"></span>A<span class=\"_ _3bd\"> </span>IN<span class=\"_ _0\"></span>DI<span class=\"_ _1\"></span>RET<span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>A <span class=\"_ _22e\"> </span>50.4<span class=\"_ _0\"></span>86<span class=\"_ _1\"></span> <span class=\"_ _68\"> </span>1<span class=\"_ _0\"></span>3.<span class=\"_ _0\"></span>52<span class=\"_ _0\"></span>4 -10<span class=\"_ _0\"></span>.09<span class=\"_ _1\"></span>5 <span class=\"_ _47\"> </span>53<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>15<span class=\"_ _3bd\"> </span>TOTA<span class=\"_ _0\"></span>LE<span class=\"_ _3bd\"> </span>RA<span class=\"_ _1\"></span>CCO<span class=\"_ _0\"></span>LT<span class=\"_ _1\"></span>A <span class=\"_ _b1\"> </span>87.<span class=\"_ _0\"></span>33<span class=\"_ _0\"></span>5 <span class=\"_ _50\"> </span>13.<span class=\"_ _0\"></span>524<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>8.<span class=\"_ _0\"></span>26<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span> <span class=\"_ _4b\"> </span>3.<span class=\"_ _0\"></span>44<span class=\"_ _0\"></span>1 <span class=\"_ _75\"> </span>-1<span class=\"_ _0\"></span>0.6<span class=\"_ _1\"></span>14 <span class=\"_ _1fe\"> </span>101<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>46<span class=\"_ _3bd\"> </span>TOTA<span class=\"_ _0\"></span>L<span class=\"_ _3bd\"> </span>BU<span class=\"_ _0\"></span>SI<span class=\"_ _1\"></span>NES<span class=\"_ _1\"></span>S <span class=\"_ _243\"> </span>127<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span> <span class=\"_ _34\"> </span>13.<span class=\"_ _0\"></span>52<span class=\"_ _0\"></span>4 <span class=\"_ _ef\"> </span>8.2<span class=\"_ _0\"></span>60<span class=\"_ _1\"></span> <span class=\"_ _4b\"> </span>3.<span class=\"_ _0\"></span>441<span class=\"_ _1\"></span> <span class=\"_ _176\"> </span>-16<span class=\"_ _1\"></span>.51<span class=\"_ _0\"></span>6 <span class=\"_ _70\"> </span>136<span class=\"_ _1\"></span>.42<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span>SE<span class=\"_ _0\"></span>GM<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>T<span class=\"_ _3bd\"> </span>RE<span class=\"_ _0\"></span>PO<span class=\"_ _0\"></span>R<span class=\"_ _0\"></span>TI<span class=\"_ _0\"></span>NG<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>%<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Co<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span>Ba<span class=\"_ _0\"></span>nk<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g A<span class=\"_ _0\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _3bd\"> </span>Ma<span class=\"_ _1\"></span>nag<span class=\"_ _0\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _0\"></span> Ba<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>as<span class=\"_ _1\"></span>sura<span class=\"_ _1\"></span>nce<span class=\"_ _3bd\"> </span>ALM<span class=\"_ _3bd\"> </span>Tr<span class=\"_ _1\"></span>eas<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>y<span class=\"_ _3bd\"> </span>Co<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>l IM<span class=\"_ _0\"></span>PI<span class=\"_ _0\"></span>EG<span class=\"_ _0\"></span>HI<span class=\"_ _3bd\"> </span>A<span class=\"_ _3bd\"> </span>CL<span class=\"_ _0\"></span>IE<span class=\"_ _0\"></span>NT<span class=\"_ _0\"></span>EL<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span> <span class=\"_ _2bb\"> </span>6,<span class=\"_ _1\"></span>4 <span class=\"_ _1ee\"> </span><span class=\"ff1 sc0\"> <span class=\"_ _231\"> </span> <span class=\"_ _1a5\"> </span> <span class=\"_ _40\"> </span></span>4,<span class=\"_ _1\"></span>0<span class=\"_ _3bd\"> </span>Rac<span class=\"_ _0\"></span>colt<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>ASS<span class=\"_ _1\"></span>ICURA<span class=\"_ _0\"></span>TIV<span class=\"_ _0\"></span>A -4<span class=\"_ _1\"></span>,7<span class=\"_ _0\"></span> -4<span class=\"_ _1\"></span>,7<span class=\"_ _3bd\"> </span>Rac<span class=\"_ _0\"></span>colt<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>DI<span class=\"_ _0\"></span>RETT<span class=\"_ _0\"></span>A<span class=\"ff1\"> </span>BA<span class=\"_ _0\"></span>NC<span class=\"_ _0\"></span>ARIA<span class=\"_ _1\"></span> <span class=\"_ _140\"> </span>4,<span class=\"_ _1\"></span>8 35<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>8 <span class=\"_ _e4\"> </span>7,<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>TOTA<span class=\"_ _0\"></span>LE<span class=\"_ _3bd\"> </span>RAC<span class=\"_ _0\"></span>COLT<span class=\"_ _0\"></span>A<span class=\"_ _3bd\"> </span>DI<span class=\"_ _0\"></span>RE<span class=\"_ _1\"></span>TTA<span class=\"_ _0\"></span> <span class=\"_ _223\"> </span>4,<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span> -4<span class=\"_ _0\"></span>,7<span class=\"_ _1\"></span> <span class=\"_ _3b\"> </span>3<span class=\"_ _0\"></span>5,<span class=\"_ _1\"></span>8 <span class=\"_ _e4\"> </span>4,<span class=\"_ _1\"></span>9<span class=\"_ _3bd\"> </span>Rac<span class=\"_ _0\"></span>colt<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>GE<span class=\"_ _0\"></span>STI<span class=\"_ _0\"></span>TA <span class=\"_ _2a9\"> </span>-1<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>,6<span class=\"_ _0\"></span> <span class=\"_ _4b\"> </span>-1<span class=\"_ _0\"></span>0,<span class=\"_ _0\"></span>0 -1<span class=\"_ _0\"></span>2,<span class=\"_ _1\"></span>3<span class=\"_ _3bd\"> </span>Rac<span class=\"_ _0\"></span>colt<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>AMM<span class=\"_ _0\"></span>INIS<span class=\"_ _1\"></span>TRATA<span class=\"_ _1\"></span> <span class=\"_ _343\"> </span>-2,<span class=\"_ _1\"></span>1 -3<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>TOTA<span class=\"_ _0\"></span>LE<span class=\"_ _3bd\"> </span>RAC<span class=\"_ _0\"></span>COLT<span class=\"_ _0\"></span>A<span class=\"_ _3bd\"> </span>IN<span class=\"_ _0\"></span>DI<span class=\"_ _1\"></span>RET<span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>A <span class=\"_ _32f\"> </span>-8,<span class=\"_ _1\"></span>8<span class=\"_ _0\"></span> <span class=\"_ _4b\"> </span>-1<span class=\"_ _0\"></span>0,<span class=\"_ _1\"></span>0 -8<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>TOTA<span class=\"_ _0\"></span>LE<span class=\"_ _3bd\"> </span>RA<span class=\"_ _1\"></span>CCO<span class=\"_ _0\"></span>LT<span class=\"_ _1\"></span>A <span class=\"_ _29a\"> </span>-3<span class=\"_ _0\"></span>,5<span class=\"_ _1\"></span> <span class=\"_ _4b\"> </span>-1<span class=\"_ _0\"></span>0,<span class=\"_ _1\"></span>0 <span class=\"_ _2b6\"> </span>-4,<span class=\"_ _1\"></span>7 <span class=\"_ _3b\"> </span>3<span class=\"_ _1\"></span>5,<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span> <span class=\"_ _133\"> </span>-2<span class=\"_ _1\"></span>,8<span class=\"_ _3bd\"> </span>TOTA<span class=\"_ _0\"></span>L<span class=\"_ _3bd\"> </span>BU<span class=\"_ _0\"></span>SI<span class=\"_ _1\"></span>NES<span class=\"_ _1\"></span>S <span class=\"_ _19e\"> </span>-0<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span> <span class=\"_ _4b\"> </span>-1<span class=\"_ _0\"></span>0,<span class=\"_ _1\"></span>0 <span class=\"_ _2b6\"> </span>-4,<span class=\"_ _1\"></span>7 <span class=\"_ _3b\"> </span>3<span class=\"_ _1\"></span>5,<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span> <span class=\"_ _1e8\"> </span>-1<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>Ce<span class=\"_ _0\"></span>nt<span class=\"_ _1\"></span>er<span class=\"_ _3bd\"> </span>SE<span class=\"_ _0\"></span>GM<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>T<span class=\"_ _3bd\"> </span>RE<span class=\"_ _0\"></span>PO<span class=\"_ _0\"></span>RT<span class=\"_ _0\"></span>IN<span class=\"_ _0\"></span>G<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>DI<span class=\"_ _0\"></span>CE<span class=\"_ _0\"></span>MB<span class=\"_ _0\"></span>R<span class=\"_ _0\"></span>E<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>02<span class=\"_ _1\"></span>1<span class=\"fc0 sc1\"> </span>Co<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span>Ba<span class=\"_ _0\"></span>nk<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g A<span class=\"_ _0\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _3bd\"> </span>Ma<span class=\"_ _1\"></span>nag<span class=\"_ _0\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _0\"></span> Ba<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>as<span class=\"_ _1\"></span>sura<span class=\"_ _1\"></span>nce<span class=\"_ _3bd\"> </span>Fin<span class=\"_ _1\"></span>an<span class=\"_ _0\"></span>za<span class=\"_ _3bd\"> </span>Tr<span class=\"_ _0\"></span>ea<span class=\"_ _0\"></span>su<span class=\"_ _0\"></span>ry<span class=\"_ _3bd\"> </span>Co<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>A<span class=\"_ _0\"></span>lt<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>T<span class=\"_ _0\"></span>ot<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span> Int<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ne<span class=\"_ _1\"></span>tti<span class=\"_ _0\"></span> <span class=\"_ _35a\"> </span>293<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>96 <span class=\"_ _2b6\"> </span>69<span class=\"_ _0\"></span> </span></span>11<span class=\"_ _0\"></span>2.7<span class=\"_ _0\"></span>70 <span class=\"_ _224\"> </span>81.<span class=\"_ _0\"></span>81<span class=\"_ _0\"></span>7 <span class=\"_ _90\"> </span>-2.<span class=\"_ _0\"></span>80<span class=\"_ _0\"></span>1 <span class=\"_ _83\"> </span>4.27<span class=\"_ _0\"></span>8 <span class=\"_ _69\"> </span>489<span class=\"_ _0\"></span>.63<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>Com<span class=\"_ _0\"></span>mis<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>oni<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>tt<span class=\"_ _1\"></span>e <span class=\"_ _2c2\"> </span>587.<span class=\"_ _0\"></span>057<span class=\"_ _0\"></span> <span class=\"_ _222\"> </span>12<span class=\"_ _0\"></span>2.8<span class=\"_ _0\"></span>05 <span class=\"_ _212\"> </span>-52<span class=\"_ _0\"></span>.58<span class=\"_ _0\"></span>0 <span class=\"_ _41\"> </span>8.<span class=\"_ _1\"></span>424<span class=\"_ _0\"></span> <span class=\"_ _63\"> </span>10<span class=\"_ _0\"></span>.28<span class=\"_ _0\"></span>3 -4<span class=\"_ _0\"></span>1.0<span class=\"_ _0\"></span>48 <span class=\"_ _1a2\"> </span>634<span class=\"_ _0\"></span>.94<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>Neg<span class=\"_ _0\"></span>ozi<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">al<span class=\"_ _0\"></span>tri<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ricav<span class=\"_ _1\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ne<span class=\"_ _1\"></span>tt<span class=\"_ _0\"></span>i <span class=\"_ _341\"> </span>10.3<span class=\"_ _0\"></span>60 <span class=\"_ _2f\"> </span>1.73<span class=\"_ _0\"></span>6 <span class=\"_ _4b\"> </span>117.<span class=\"_ _0\"></span>844<span class=\"_ _0\"></span> <span class=\"_ _31\"> </span>45.3<span class=\"_ _0\"></span>07 </span></span></span></span>14<span class=\"_ _0\"></span>4.4<span class=\"_ _0\"></span>29 <span class=\"_ _178\"> </span>319<span class=\"_ _0\"></span>.67<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>vi<span class=\"_ _3bd\"> </span>Op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>i <span class=\"_ _144\"> </span>8<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>0.9<span class=\"_ _1\"></span>14 <span class=\"_ _68\"> </span>12<span class=\"_ _0\"></span>4.6<span class=\"_ _1\"></span>10 <span class=\"_ _3b\"> </span>6<span class=\"_ _0\"></span>5.<span class=\"_ _0\"></span>26<span class=\"_ _0\"></span>4 <span class=\"_ _68\"> </span>166<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>01<span class=\"_ _0\"></span> <span class=\"_ _200\"> </span>92<span class=\"_ _0\"></span>.10<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span> <span class=\"_ _39\"> </span>-2<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>01<span class=\"_ _0\"></span> <span class=\"_ _52\"> </span>10<span class=\"_ _0\"></span>7.<span class=\"_ _0\"></span>65<span class=\"_ _1\"></span>9 <span class=\"_ _335\"> </span>1.44<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>24<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>Mar<span class=\"_ _0\"></span>gine<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>rela<span class=\"_ _1\"></span>tivo<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>d<span class=\"ff1\"> </span>ac<span class=\"_ _0\"></span>cor<span class=\"_ _0\"></span>di<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">se<span class=\"_ _0\"></span>rvi<span class=\"_ _0\"></span>zio<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>a<span class=\"_ _1\"></span>ltri<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">seg<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ti <span class=\"_ _c1\"> </span>-3.2<span class=\"_ _0\"></span>61<span class=\"_ _0\"></span> <span class=\"_ _65\"> </span>3.<span class=\"_ _1\"></span>934<span class=\"_ _0\"></span> <span class=\"_ _1b9\"> </span>-67<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span> </span></span></span></span></span></span>Mar<span class=\"_ _0\"></span>gine<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>lati<span class=\"_ _0\"></span>vo<span class=\"ff1\"> </span>ad<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">acc<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>di<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>erv<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con</span> <span class=\"ff3\">c<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>ro<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>erv<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span> <span class=\"_ _33c\"> </span>-22<span class=\"_ _0\"></span>1.<span class=\"_ _0\"></span>732 </span></span></span></span></span></span>-1<span class=\"_ _0\"></span>0.0<span class=\"_ _0\"></span>78 <span class=\"_ _210\"> </span>-4.<span class=\"_ _1\"></span>038<span class=\"_ _0\"></span> <span class=\"_ _11b\"> </span>224<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>78 <span class=\"_ _47\"> </span>11.<span class=\"_ _0\"></span>770 Rica<span class=\"_ _0\"></span>vi<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>cost<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>ter<span class=\"_ _1\"></span>ni <span class=\"_ _2eb\"> </span>-22<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>99<span class=\"_ _1\"></span>3 <span class=\"_ _41\"> </span>3.9<span class=\"_ _1\"></span>34 <span class=\"_ _fd\"> </span>-6<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>3<span class=\"_ _1\"></span> <span class=\"_ _68\"> </span>-10.0<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span> <span class=\"_ _63\"> </span>-4<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>8 <span class=\"_ _1fe\"> </span>224<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>07<span class=\"_ _0\"></span>8 <span class=\"_ _2a0\"> </span>11.<span class=\"_ _0\"></span>77<span class=\"_ _1\"></span>0 Sva<span class=\"_ _0\"></span>lut<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">att<span class=\"_ _0\"></span>ivit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>fi<span class=\"_ _1\"></span>nanz<span class=\"_ _0\"></span>iarie<span class=\"_ _1\"></span> <span class=\"_ _b6\"> </span>-5<span class=\"_ _0\"></span>5.0<span class=\"_ _0\"></span>08 <span class=\"_ _32\"> </span>-30<span class=\"_ _1\"></span>8 <span class=\"_ _235\"> </span>28<span class=\"_ _0\"></span> <span class=\"_ _3f\"> </span>-<span class=\"_ _0\"></span>25<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span> <span class=\"_ _20b\"> </span>-<span class=\"_ _0\"></span>16<span class=\"_ _1\"></span>7 </span></span></span></span>26.<span class=\"_ _1\"></span>656 <span class=\"_ _a2\"> </span>-29.<span class=\"_ _0\"></span>049<span class=\"_ _3bd\"> </span>Alt<span class=\"_ _0\"></span>ri<span class=\"ff1\"> </span>acc<span class=\"_ _0\"></span>ant<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>nti<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>i <span class=\"_ _35b\"> </span>-3.<span class=\"_ _0\"></span>630<span class=\"_ _0\"></span> -9.<span class=\"_ _1\"></span>391 <span class=\"_ _122\"> </span>-13.<span class=\"_ _0\"></span>021<span class=\"_ _3bd\"> </span>Spese<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pe<span class=\"_ _0\"></span>rso<span class=\"_ _0\"></span>nale<span class=\"_ _1\"></span> <span class=\"_ _e1\"> </span>-384<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>71 <span class=\"_ _2a0\"> </span>-15.<span class=\"_ _0\"></span>108 <span class=\"_ _32\"> </span>-5.<span class=\"_ _1\"></span>778<span class=\"_ _0\"></span> <span class=\"_ _1ab\"> </span>-3<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>48 <span class=\"_ _32b\"> </span>-94<span class=\"_ _1\"></span>9 <span class=\"_ _70\"> </span>-1<span class=\"_ _0\"></span>27<span class=\"_ _0\"></span>.58<span class=\"_ _0\"></span>4 <span class=\"_ _70\"> </span>-<span class=\"_ _0\"></span>13.<span class=\"_ _0\"></span>743<span class=\"_ _0\"></span> <span class=\"_ _1ee\"> </span>-550<span class=\"_ _0\"></span>.68<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>Costi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">info<span class=\"_ _0\"></span>rmat<span class=\"_ _1\"></span>ici <span class=\"_ _251\"> </span>-13<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>53 <span class=\"_ _212\"> </span>-4<span class=\"_ _0\"></span>.2<span class=\"_ _1\"></span>67 <span class=\"_ _3a\"> </span>-3.1<span class=\"_ _0\"></span>65 </span></span>-1<span class=\"_ _0\"></span>15.<span class=\"_ _0\"></span>570 -1<span class=\"_ _0\"></span>36.<span class=\"_ _0\"></span>455<span class=\"_ _3bd\"> </span>Costi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">immob<span class=\"_ _1\"></span>ilia<span class=\"_ _0\"></span>ri <span class=\"_ _2e5\"> </span>-4<span class=\"_ _0\"></span>0.<span class=\"_ _0\"></span>655 <span class=\"_ _3f\"> </span>-<span class=\"_ _0\"></span>74<span class=\"_ _1\"></span>9 <span class=\"_ _c4\"> </span>-<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>77<span class=\"_ _1\"></span> <span class=\"_ _138\"> </span>-29<span class=\"_ _1\"></span> <span class=\"_ _176\"> </span>-2<span class=\"_ _1\"></span>3 <span class=\"_ _2e\"> </span>-8.<span class=\"_ _0\"></span>634 </span></span>-50<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>68<span class=\"_ _3bd\"> </span>Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">spes<span class=\"_ _0\"></span>e <span class=\"_ _172\"> </span>-11<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>134 <span class=\"_ _1ab\"> </span>-<span class=\"_ _0\"></span>9.4<span class=\"_ _0\"></span>29 <span class=\"_ _19c\"> </span>-6.<span class=\"_ _1\"></span>49<span class=\"_ _0\"></span>6 <span class=\"_ _212\"> </span>-3.4<span class=\"_ _0\"></span>77 <span class=\"_ _69\"> </span>-2.<span class=\"_ _0\"></span>412 <span class=\"_ _7c\"> </span>-70<span class=\"_ _0\"></span>.66<span class=\"_ _0\"></span>4 <span class=\"_ _1ae\"> </span>-99<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>94 <span class=\"_ _346\"> </span>-305.<span class=\"_ _0\"></span>705<span class=\"_ _3bd\"> </span></span></span>Co<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>Op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>i <span class=\"_ _12b\"> </span>-611<span class=\"_ _0\"></span>.1<span class=\"_ _0\"></span>51<span class=\"_ _0\"></span> <span class=\"_ _34\"> </span>-29.<span class=\"_ _0\"></span>86<span class=\"_ _0\"></span>1 <span class=\"_ _39\"> </span>-15.<span class=\"_ _0\"></span>58<span class=\"_ _0\"></span>8 <span class=\"_ _3d\"> </span>-7.<span class=\"_ _0\"></span>00<span class=\"_ _0\"></span>5 <span class=\"_ _224\"> </span>-3<span class=\"_ _0\"></span>.55<span class=\"_ _1\"></span>1 <span class=\"_ _52\"> </span>-3<span class=\"_ _0\"></span>22<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>52<span class=\"_ _0\"></span> <span class=\"_ _52\"> </span>-9<span class=\"_ _0\"></span>5.<span class=\"_ _0\"></span>57<span class=\"_ _0\"></span>2 <span class=\"_ _1af\"> </span>-1.08<span class=\"_ _0\"></span>5.<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>80<span class=\"_ _3bd\"> </span>Altri<span class=\"_ _3bd\"> </span>cost<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>rica<span class=\"_ _0\"></span>vi<span class=\"_ _3bd\"> </span>non<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span> <span class=\"_ _35c\"> </span>-16<span class=\"_ _0\"></span>.9<span class=\"_ _1\"></span>24 -1.<span class=\"_ _0\"></span>50<span class=\"_ _0\"></span>8 <span class=\"_ _2e\"> </span>27.<span class=\"_ _0\"></span>25<span class=\"_ _0\"></span>8 <span class=\"_ _7f\"> </span>98<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>88<span class=\"_ _0\"></span> <span class=\"_ _1fd\"> </span>10<span class=\"_ _0\"></span>7.<span class=\"_ _0\"></span>11<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>Util<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>prim<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>delle<span class=\"_ _3bd\"> </span>im<span class=\"_ _1\"></span>pos<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span> 37<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>46<span class=\"_ _0\"></span> <span class=\"_ _2a0\"> </span>98<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>83<span class=\"_ _0\"></span> <span class=\"_ _65\"> </span>49.<span class=\"_ _0\"></span>00<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span> <span class=\"_ _68\"> </span>149<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>18<span class=\"_ _0\"></span> <span class=\"_ _1f3\"> </span>83<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>03<span class=\"_ _0\"></span> <span class=\"_ _47\"> </span>-7<span class=\"_ _0\"></span>3.<span class=\"_ _0\"></span>91<span class=\"_ _0\"></span>6 <span class=\"_ _7f\"> </span>12<span class=\"_ _0\"></span>2.1<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>5 <span class=\"_ _f2\"> </span>46<span class=\"_ _0\"></span>6.<span class=\"_ _0\"></span>181<span class=\"_ _3bd\"> </span>Ce<span class=\"_ _0\"></span>nt<span class=\"_ _1\"></span>er<span class=\"_ _3bd\"> </span>SE<span class=\"_ _0\"></span>GM<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>T<span class=\"_ _3bd\"> </span>RE<span class=\"_ _0\"></span>PO<span class=\"_ _0\"></span>RT<span class=\"_ _0\"></span>IN<span class=\"_ _0\"></span>G<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>DI<span class=\"_ _0\"></span>CE<span class=\"_ _0\"></span>MB<span class=\"_ _0\"></span>R<span class=\"_ _0\"></span>E<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>02<span class=\"_ _1\"></span>2<span class=\"fc0 sc1\"> </span>Co<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span>Ba<span class=\"_ _0\"></span>nk<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g A<span class=\"_ _0\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _3bd\"> </span>Ma<span class=\"_ _1\"></span>nag<span class=\"_ _0\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _0\"></span> Ba<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>as<span class=\"_ _1\"></span>sura<span class=\"_ _1\"></span>nce<span class=\"_ _3bd\"> </span>Fin<span class=\"_ _1\"></span>an<span class=\"_ _0\"></span>za<span class=\"_ _3bd\"> </span>Tr<span class=\"_ _0\"></span>ea<span class=\"_ _0\"></span>su<span class=\"_ _0\"></span>ry<span class=\"_ _3bd\"> </span>Co<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>A<span class=\"_ _0\"></span>lt<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>T<span class=\"_ _0\"></span>ot<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span> Int<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ne<span class=\"_ _1\"></span>tti<span class=\"_ _0\"></span> <span class=\"_ _318\"> </span>458.<span class=\"_ _0\"></span>710<span class=\"_ _0\"></span> <span class=\"_ _37\"> </span>998<span class=\"_ _1\"></span> </span></span>11<span class=\"_ _0\"></span>9.9<span class=\"_ _0\"></span>14 <span class=\"_ _1ee\"> </span>73.<span class=\"_ _0\"></span>290<span class=\"_ _0\"></span> <span class=\"_ _67\"> </span>-2<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>69<span class=\"_ _0\"></span>7 <span class=\"_ _1ab\"> </span>3.<span class=\"_ _0\"></span>77<span class=\"_ _1\"></span>2 <span class=\"_ _224\"> </span>653.<span class=\"_ _0\"></span>986<span class=\"_ _3bd\"> </span>Com<span class=\"_ _0\"></span>mis<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>oni<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>tt<span class=\"_ _1\"></span>e <span class=\"_ _10b\"> </span>640<span class=\"_ _0\"></span>.71<span class=\"_ _0\"></span>7 <span class=\"_ _31\"> </span>74.<span class=\"_ _0\"></span>052<span class=\"_ _0\"></span> <span class=\"_ _39\"> </span>-53.1<span class=\"_ _0\"></span>83<span class=\"_ _0\"></span> <span class=\"_ _212\"> </span>10.<span class=\"_ _0\"></span>375 <span class=\"_ _177\"> </span>3.577<span class=\"_ _0\"></span> <span class=\"_ _af\"> </span>2 <span class=\"_ _11b\"> </span>-75.0<span class=\"_ _0\"></span>11<span class=\"_ _0\"></span> <span class=\"_ _224\"> </span>600.<span class=\"_ _1\"></span>529<span class=\"_ _3bd\"> </span>Neg<span class=\"_ _0\"></span>ozi<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">al<span class=\"_ _0\"></span>tri<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ricav<span class=\"_ _1\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ne<span class=\"_ _1\"></span>tt<span class=\"_ _0\"></span>i <span class=\"_ _80\"> </span>12.6<span class=\"_ _0\"></span>78 <span class=\"_ _2f\"> </span>1.<span class=\"_ _0\"></span>447 <span class=\"_ _41\"> </span>117.<span class=\"_ _0\"></span>992<span class=\"_ _0\"></span> <span class=\"_ _212\"> </span>4<span class=\"_ _0\"></span>9.7<span class=\"_ _0\"></span>14 </span></span></span></span>152<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>51 <span class=\"_ _224\"> </span>334<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>82<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>vi<span class=\"_ _3bd\"> </span>Op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>i <span class=\"_ _2b4\"> </span>1<span class=\"_ _0\"></span>.1<span class=\"_ _0\"></span>12.<span class=\"_ _0\"></span>10<span class=\"_ _0\"></span>5 <span class=\"_ _2e\"> </span>76<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>97<span class=\"_ _1\"></span> <span class=\"_ _3b\"> </span>64<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>09<span class=\"_ _1\"></span> <span class=\"_ _222\"> </span>180<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>03<span class=\"_ _1\"></span> <span class=\"_ _210\"> </span>76.<span class=\"_ _0\"></span>86<span class=\"_ _0\"></span>7 <span class=\"_ _3d\"> </span>-2.<span class=\"_ _0\"></span>69<span class=\"_ _1\"></span>5 <span class=\"_ _2e\"> </span>81.<span class=\"_ _0\"></span>61<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span> <span class=\"_ _63\"> </span>1.<span class=\"_ _0\"></span>589<span class=\"_ _1\"></span>.19<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>Mar<span class=\"_ _0\"></span>gine<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>rela<span class=\"_ _1\"></span>tivo<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>d<span class=\"ff1\"> </span>ac<span class=\"_ _0\"></span>cor<span class=\"_ _0\"></span>di<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">se<span class=\"_ _0\"></span>rvi<span class=\"_ _0\"></span>zio<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>a<span class=\"_ _1\"></span>ltri<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">seg<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ti <span class=\"_ _ff\"> </span>-6.<span class=\"_ _0\"></span>339<span class=\"_ _0\"></span> <span class=\"_ _198\"> </span>7.75<span class=\"_ _0\"></span>1 <span class=\"_ _ca\"> </span>-<span class=\"_ _0\"></span>1.4<span class=\"_ _0\"></span>12 </span></span></span></span></span></span>Mar<span class=\"_ _0\"></span>gine<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>lati<span class=\"_ _0\"></span>vo<span class=\"ff1\"> </span>ad<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">acc<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>di<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>erv<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con</span> <span class=\"ff3\">c<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>ro<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>erv<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span> <span class=\"_ _2b7\"> </span>-2<span class=\"_ _0\"></span>28.<span class=\"_ _0\"></span>00<span class=\"_ _0\"></span>3 </span></span></span></span></span></span>-6<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>45<span class=\"_ _0\"></span>4 <span class=\"_ _210\"> </span>-3.<span class=\"_ _1\"></span>204 <span class=\"_ _b7\"> </span>232.<span class=\"_ _0\"></span>00<span class=\"_ _0\"></span>5 <span class=\"_ _83\"> </span>5.65<span class=\"_ _0\"></span>6 Rica<span class=\"_ _0\"></span>vi<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>cost<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>ter<span class=\"_ _1\"></span>ni <span class=\"_ _2eb\"> </span>-234<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>2 <span class=\"_ _198\"> </span>7<span class=\"_ _0\"></span>.75<span class=\"_ _0\"></span>1 <span class=\"_ _ca\"> </span>-1.<span class=\"_ _0\"></span>412<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>-6.4<span class=\"_ _0\"></span>54<span class=\"_ _1\"></span> <span class=\"_ _200\"> </span>-3<span class=\"_ _0\"></span>.20<span class=\"_ _1\"></span>4 <span class=\"_ _11b\"> </span>232<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>05<span class=\"_ _1\"></span> <span class=\"_ _2e\"> </span>5<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>56<span class=\"_ _0\"></span> Sva<span class=\"_ _0\"></span>lut<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">att<span class=\"_ _0\"></span>ivit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>fi<span class=\"_ _1\"></span>nanz<span class=\"_ _0\"></span>iarie<span class=\"_ _1\"></span> <span class=\"_ _1bb\"> </span>-53.<span class=\"_ _1\"></span>826 <span class=\"_ _6a\"> </span>-1<span class=\"_ _0\"></span>20<span class=\"_ _1\"></span> </span></span></span></span>-1<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>4 <span class=\"_ _178\"> </span>1.3<span class=\"_ _0\"></span>00 -2<span class=\"_ _0\"></span>.72<span class=\"_ _0\"></span>3 <span class=\"_ _178\"> </span>-55<span class=\"_ _0\"></span>.552<span class=\"_ _3bd\"> </span>Alt<span class=\"_ _0\"></span>ri<span class=\"ff1\"> </span>acc<span class=\"_ _0\"></span>ant<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>nti<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>i <span class=\"_ _2e4\"> </span>-<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>89<span class=\"_ _1\"></span> -1<span class=\"_ _0\"></span>3.9<span class=\"_ _0\"></span>42 <span class=\"_ _1a8\"> </span>-14<span class=\"_ _0\"></span>.13<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>Spese<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pe<span class=\"_ _0\"></span>rso<span class=\"_ _0\"></span>nale<span class=\"_ _1\"></span> <span class=\"_ _15b\"> </span>-390<span class=\"_ _0\"></span>.61<span class=\"_ _0\"></span>2 <span class=\"_ _72\"> </span>-14<span class=\"_ _0\"></span>.20<span class=\"_ _0\"></span>3 <span class=\"_ _198\"> </span>-6.<span class=\"_ _1\"></span>292<span class=\"_ _0\"></span> <span class=\"_ _3d\"> </span>-3.<span class=\"_ _0\"></span>524<span class=\"_ _0\"></span> <span class=\"_ _122\"> </span>-8<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>8 <span class=\"_ _52\"> </span>-133.<span class=\"_ _0\"></span>44<span class=\"_ _0\"></span>5 <span class=\"_ _73\"> </span>-14<span class=\"_ _0\"></span>.52<span class=\"_ _0\"></span>4 <span class=\"_ _346\"> </span>-56<span class=\"_ _0\"></span>3.4<span class=\"_ _0\"></span>48<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>Costi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">info<span class=\"_ _0\"></span>rmat<span class=\"_ _1\"></span>ici <span class=\"_ _82\"> </span>-15.<span class=\"_ _0\"></span>510<span class=\"_ _0\"></span> <span class=\"_ _1ab\"> </span>-4.<span class=\"_ _0\"></span>947 <span class=\"_ _198\"> </span>-3<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>27 </span></span>-1<span class=\"_ _0\"></span>13.<span class=\"_ _0\"></span>771<span class=\"_ _0\"></span> -1<span class=\"_ _0\"></span>37.<span class=\"_ _0\"></span>655<span class=\"_ _3bd\"> </span>Costi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">immob<span class=\"_ _1\"></span>ilia<span class=\"_ _0\"></span>ri <span class=\"_ _2e5\"> </span>-<span class=\"_ _0\"></span>45.<span class=\"_ _0\"></span>308<span class=\"_ _0\"></span> <span class=\"_ _37\"> </span>-7<span class=\"_ _0\"></span>71<span class=\"_ _1\"></span> <span class=\"_ _6b\"> </span>-1<span class=\"_ _0\"></span>95<span class=\"_ _1\"></span> <span class=\"_ _138\"> </span>-3<span class=\"_ _1\"></span>8 <span class=\"_ _6e\"> </span>-1<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span> <span class=\"_ _1ab\"> </span>-8.<span class=\"_ _1\"></span>369 </span></span>-54<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>93<span class=\"_ _3bd\"> </span>Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">spes<span class=\"_ _0\"></span>e <span class=\"_ _28f\"> </span>-14<span class=\"_ _0\"></span>5.7<span class=\"_ _0\"></span>55 <span class=\"_ _72\"> </span>-1<span class=\"_ _0\"></span>0.<span class=\"_ _0\"></span>964 <span class=\"_ _6a\"> </span>-<span class=\"_ _0\"></span>7.<span class=\"_ _1\"></span>451<span class=\"_ _0\"></span> <span class=\"_ _68\"> </span>-1<span class=\"_ _0\"></span>0.<span class=\"_ _0\"></span>507 <span class=\"_ _346\"> </span>-2.<span class=\"_ _0\"></span>888 <span class=\"_ _72\"> </span>-72<span class=\"_ _0\"></span>.73<span class=\"_ _0\"></span>9 <span class=\"_ _35d\"> </span>-65<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>45 <span class=\"_ _200\"> </span>-315<span class=\"_ _0\"></span>.54<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span></span></span>Co<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>Op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>i <span class=\"_ _144\"> </span>-6<span class=\"_ _0\"></span>51<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>00<span class=\"_ _1\"></span> <span class=\"_ _68\"> </span>-3<span class=\"_ _0\"></span>1.<span class=\"_ _0\"></span>00<span class=\"_ _0\"></span>5 <span class=\"_ _4a\"> </span>-17<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>65<span class=\"_ _0\"></span> <span class=\"_ _47\"> </span>-14.<span class=\"_ _0\"></span>25<span class=\"_ _1\"></span>2 <span class=\"_ _1ff\"> </span>-2.<span class=\"_ _0\"></span>44<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span> <span class=\"_ _6e\"> </span>-32<span class=\"_ _0\"></span>8.<span class=\"_ _0\"></span>32<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span> <span class=\"_ _35d\"> </span>-96<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>34<span class=\"_ _0\"></span> <span class=\"_ _1f3\"> </span>-1.1<span class=\"_ _0\"></span>41<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>27<span class=\"_ _3bd\"> </span>Altri<span class=\"_ _3bd\"> </span>cost<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>rica<span class=\"_ _0\"></span>vi<span class=\"_ _3bd\"> </span>non<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span> <span class=\"_ _dc\"> </span>-12.<span class=\"_ _0\"></span>58<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span> -6<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span> <span class=\"_ _83\"> </span>20<span class=\"_ _0\"></span>.03<span class=\"_ _1\"></span>4 <span class=\"_ _31\"> </span>6.57<span class=\"_ _1\"></span>4 <span class=\"_ _129\"> </span>13.<span class=\"_ _0\"></span>42<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>Util<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>prim<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>delle<span class=\"_ _3bd\"> </span>im<span class=\"_ _1\"></span>pos<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span> <span class=\"_ _130\"> </span>21<span class=\"_ _0\"></span>3.<span class=\"_ _0\"></span>98<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span> <span class=\"_ _2e\"> </span>5<span class=\"_ _0\"></span>3.<span class=\"_ _0\"></span>243<span class=\"_ _1\"></span> <span class=\"_ _3b\"> </span>46<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>32<span class=\"_ _0\"></span> <span class=\"_ _34\"> </span>159<span class=\"_ _1\"></span>.29<span class=\"_ _0\"></span>7 <span class=\"_ _346\"> </span>70<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>09<span class=\"_ _0\"></span> <span class=\"_ _68\"> </span>-7<span class=\"_ _0\"></span>8.<span class=\"_ _0\"></span>98<span class=\"_ _0\"></span>1 <span class=\"_ _72\"> </span>-2<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>92<span class=\"_ _1\"></span> <span class=\"_ _121\"> </span>46<span class=\"_ _0\"></span>1.5<span class=\"_ _1\"></span>9<span class=\"_ _3bd\"> </span>1<span class=\"_ _3bd\"> </span>SE<span class=\"_ _0\"></span>GM<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>T<span class=\"_ _3bd\"> </span>RE<span class=\"_ _0\"></span>PO<span class=\"_ _0\"></span>R<span class=\"_ _0\"></span>TI<span class=\"_ _0\"></span>NG<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>Type<span class=\"_ _3bd\"> </span>of<span class=\"_ _3bd\"> </span>bu<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>ss<span class=\"_ _3bd\"> </span>Co<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span>A<span class=\"_ _0\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _3bd\"> </span>Ma<span class=\"_ _1\"></span>nag<span class=\"_ _0\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _0\"></span> Ba<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>as<span class=\"_ _1\"></span>sura<span class=\"_ _1\"></span>nce<span class=\"_ _3bd\"> </span>Fin<span class=\"_ _1\"></span>an<span class=\"_ _0\"></span>za<span class=\"_ _3bd\"> </span>Tr<span class=\"_ _0\"></span>ea<span class=\"_ _0\"></span>su<span class=\"_ _0\"></span>ry<span class=\"_ _3bd\"> </span>Co<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>A<span class=\"_ _0\"></span>lt<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>T<span class=\"_ _0\"></span>ot<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span> Int<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ne<span class=\"_ _1\"></span>tti<span class=\"_ _0\"></span> <span class=\"_ _25d\"> </span>56,<span class=\"_ _1\"></span>3 </span></span>6,<span class=\"_ _1\"></span>3 <span class=\"_ _121\"> </span>-1<span class=\"_ _1\"></span>0,4<span class=\"_ _0\"></span> <span class=\"_ _35\"> </span>-3,<span class=\"_ _1\"></span>7 <span class=\"_ _3b\"> </span>-1<span class=\"_ _1\"></span>1,8<span class=\"_ _0\"></span> <span class=\"_ _11b\"> </span>3<span class=\"_ _0\"></span>3,<span class=\"_ _1\"></span>6<span class=\"_ _3bd\"> </span>Com<span class=\"_ _0\"></span>mis<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>oni<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>tt<span class=\"_ _1\"></span>e <span class=\"_ _318\"> </span>9,<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span> <span class=\"_ _42\"> </span>-3<span class=\"_ _0\"></span>9,<span class=\"_ _1\"></span>7 <span class=\"_ _a6\"> </span>1,<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span> <span class=\"_ _ca\"> </span>23<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>2 <span class=\"_ _209\"> </span>-65<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>2 8<span class=\"_ _0\"></span>2,<span class=\"_ _1\"></span>7 <span class=\"_ _222\"> </span>-5,<span class=\"_ _1\"></span>4<span class=\"_ _3bd\"> </span>Neg<span class=\"_ _0\"></span>ozi<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">al<span class=\"_ _0\"></span>tri<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ricav<span class=\"_ _1\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ne<span class=\"_ _1\"></span>tt<span class=\"_ _0\"></span>i <span class=\"_ _21e\"> </span>2<span class=\"_ _0\"></span>2,<span class=\"_ _0\"></span>4 <span class=\"_ _1cf\"> </span>-1<span class=\"_ _0\"></span>6,<span class=\"_ _1\"></span>6 <span class=\"_ _235\"> </span>0,<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span> <span class=\"_ _a9\"> </span>9,<span class=\"_ _1\"></span>7 </span></span></span></span>5,<span class=\"_ _1\"></span>8 <span class=\"_ _31\"> </span>4,<span class=\"_ _1\"></span>7<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>vi<span class=\"_ _3bd\"> </span>Op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>i <span class=\"_ _3\"> </span>24<span class=\"_ _1\"></span>,8<span class=\"_ _0\"></span> <span class=\"_ _2f\"> </span>-38<span class=\"_ _1\"></span>,6<span class=\"_ _1\"></span> <span class=\"_ _c4\"> </span>-0,<span class=\"_ _0\"></span>7<span class=\"_ _1\"></span> <span class=\"_ _c4\"> </span>8<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span> <span class=\"_ _a1\"> </span>-16<span class=\"_ _1\"></span>,5<span class=\"_ _1\"></span> <span class=\"_ _ca\"> </span>-3,<span class=\"_ _1\"></span>8 <span class=\"_ _67\"> </span>-24<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span> <span class=\"_ _222\"> </span>10<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>Margine<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">netto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">relativo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ad<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">accordi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">servizio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altri<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">segmenti<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Mar<span class=\"_ _0\"></span>gine<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>lati<span class=\"_ _0\"></span>vo<span class=\"ff1\"> </span>ad<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">acc<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>di<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>erv<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con</span> <span class=\"ff3\">c<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>ro<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>erv<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span> </span></span></span></span></span></span>Rica<span class=\"_ _0\"></span>vi<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>cost<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>ter<span class=\"_ _1\"></span>ni <span class=\"_ _144\"> </span>4,<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span> <span class=\"_ _ca\"> </span>9<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>,0<span class=\"_ _1\"></span> <span class=\"_ _126\"> </span>109<span class=\"_ _1\"></span>,8 <span class=\"_ _2f\"> </span>-3<span class=\"_ _1\"></span>6,<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span> <span class=\"_ _209\"> </span>-20<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>6 <span class=\"_ _1bc\"> </span>3<span class=\"_ _0\"></span>,5<span class=\"_ _1\"></span> <span class=\"_ _41\"> </span>-51<span class=\"_ _1\"></span>,9<span class=\"_ _1\"></span> Svalutazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziarie<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span>Altri<span class=\"ff1\"> </span>accantonamen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>Spese<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>pers<span class=\"_ _0\"></span>onale 1<span class=\"_ _0\"></span>,7<span class=\"_ _0\"></span> -6<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>0 8<span class=\"_ _0\"></span>,9<span class=\"_ _1\"></span> 8<span class=\"_ _0\"></span>,5<span class=\"_ _1\"></span> -1<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>,7<span class=\"_ _0\"></span> 4<span class=\"_ _0\"></span>,6<span class=\"_ _1\"></span> 5,<span class=\"_ _1\"></span>7 2<span class=\"_ _0\"></span>,3<span class=\"_ _3bd\"> </span>Costi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">info<span class=\"_ _0\"></span>rmat<span class=\"_ _1\"></span>ici <span class=\"_ _2b2\"> </span>15<span class=\"_ _0\"></span>,3<span class=\"_ _1\"></span> <span class=\"_ _126\"> </span>15<span class=\"_ _0\"></span>,9<span class=\"_ _0\"></span> <span class=\"_ _a8\"> </span>8<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>3 </span></span>-1<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>6 0<span class=\"_ _0\"></span>,9<span class=\"_ _3bd\"> </span>Costi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">immob<span class=\"_ _1\"></span>ilia<span class=\"_ _0\"></span>ri <span class=\"_ _25b\"> </span>1<span class=\"_ _0\"></span>1,<span class=\"_ _0\"></span>4 <span class=\"_ _fd\"> </span>2,<span class=\"_ _1\"></span>9 <span class=\"_ _c4\"> </span>10<span class=\"_ _1\"></span>,2 <span class=\"_ _6a\"> </span>2<span class=\"_ _1\"></span>8,<span class=\"_ _0\"></span>4 <span class=\"_ _209\"> </span>-49<span class=\"_ _1\"></span>,7 <span class=\"_ _201\"> </span>-3<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>1 </span></span>8<span class=\"_ _0\"></span>,8<span class=\"_ _3bd\"> </span>Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">spes<span class=\"_ _0\"></span>e <span class=\"_ _8a\"> </span>27<span class=\"_ _1\"></span>,7 <span class=\"_ _37\"> </span>1<span class=\"_ _0\"></span>6,<span class=\"_ _1\"></span>3 <span class=\"_ _246\"> </span>14<span class=\"_ _0\"></span>,7<span class=\"_ _0\"></span> <span class=\"_ _65\"> </span>202,<span class=\"_ _0\"></span>2 <span class=\"_ _20b\"> </span>19<span class=\"_ _0\"></span>,8<span class=\"_ _0\"></span> <span class=\"_ _1b9\"> </span>2,<span class=\"_ _1\"></span>9 <span class=\"_ _212\"> </span>-34<span class=\"_ _1\"></span>,2 <span class=\"_ _31\"> </span>3,<span class=\"_ _1\"></span>2<span class=\"_ _3bd\"> </span></span></span>Co<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>Op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>i <span class=\"_ _258\"> </span>6<span class=\"_ _1\"></span>,6<span class=\"_ _1\"></span> <span class=\"_ _fd\"> </span>3,<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span> <span class=\"_ _33b\"> </span>11<span class=\"_ _1\"></span>,4<span class=\"_ _0\"></span> <span class=\"_ _198\"> </span>10<span class=\"_ _1\"></span>3,<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span> <span class=\"_ _81\"> </span>-3<span class=\"_ _1\"></span>1,<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span> <span class=\"_ _6b\"> </span>1<span class=\"_ _1\"></span>,8<span class=\"_ _1\"></span> <span class=\"_ _349\"> </span>0,<span class=\"_ _1\"></span>9<span class=\"_ _0\"></span> <span class=\"_ _212\"> </span>5,<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>Altri<span class=\"_ _3bd\"> </span>cost<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>rica<span class=\"_ _0\"></span>vi<span class=\"_ _3bd\"> </span>non<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span> Util<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>prim<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>delle<span class=\"_ _3bd\"> </span>im<span class=\"_ _1\"></span>pos<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span> <span class=\"_ _24a\"> </span>46<span class=\"_ _0\"></span>5,<span class=\"_ _0\"></span>4 <span class=\"_ _eb\"> </span>-46<span class=\"_ _1\"></span>,0<span class=\"_ _0\"></span> <span class=\"_ _b5\"> </span>-6<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span> <span class=\"_ _6d\"> </span>6<span class=\"_ _0\"></span>,6<span class=\"_ _1\"></span> <span class=\"_ _a1\"> </span>-1<span class=\"_ _0\"></span>4,<span class=\"_ _1\"></span>9 <span class=\"_ _ca\"> </span>-6<span class=\"_ _1\"></span>,9<span class=\"_ _1\"></span> <span class=\"_ _1ab\"> </span>-10<span class=\"_ _0\"></span>2,<span class=\"_ _0\"></span>1 <span class=\"_ _34\"> </span>-1,<span class=\"_ _1\"></span>0<span class=\"_ _3bd\"> </span>BIL<span class=\"_ _0\"></span>AN<span class=\"_ _0\"></span>CIO<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">C<span class=\"_ _0\"></span>ONS<span class=\"_ _0\"></span>OLI<span class=\"_ _0\"></span>DAT<span class=\"_ _0\"></span>O<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">NOT<span class=\"_ _0\"></span>A<span class=\"ff1\"> </span>I<span class=\"_ _0\"></span>NT<span class=\"_ _0\"></span>EGR<span class=\"_ _0\"></span>ATI<span class=\"_ _0\"></span>VA<span class=\"_ _3bd\"> </span></span></span></span></span>40<span class=\"_ _1\"></span>2<span class=\"_ _3bd\"> </span>Com<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>rcia<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span>Ba<span class=\"_ _0\"></span>nkin<span class=\"_ _0\"></span>g A<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>et<span class=\"_ _3bd\"> </span>Ma<span class=\"_ _0\"></span>nage<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>t Banc<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ass<span class=\"_ _0\"></span>ura<span class=\"_ _0\"></span>nce </span></span>Fin<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>a Tre<span class=\"_ _0\"></span>asu<span class=\"_ _0\"></span>ry Cor<span class=\"_ _0\"></span>por<span class=\"_ _0\"></span>ate<span class=\"_ _3bd\"> </span>ce<span class=\"_ _0\"></span>ntre<span class=\"_ _0\"></span> Al<span class=\"_ _0\"></span>tro Tot<span class=\"_ _0\"></span>al Collocamento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tito<span class=\"_ _2\"></span>li<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">raccolta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">or<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ni <span class=\"_ _278\"> </span>330<span class=\"_ _0\"></span>.046<span class=\"_ _0\"></span> <span class=\"_ _2f\"> </span>6.<span class=\"_ _0\"></span>592<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>10.<span class=\"_ _0\"></span>375 <span class=\"_ _32\"> </span>3.<span class=\"_ _1\"></span>577 -15<span class=\"_ _0\"></span>0.3<span class=\"_ _0\"></span>11 <span class=\"_ _b7\"> </span>200<span class=\"_ _0\"></span>.28<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>Corporate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Fin<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>e <span class=\"_ _bc\"> </span>1.96<span class=\"_ _0\"></span>9 </span></span>1.9<span class=\"_ _0\"></span>69<span class=\"_ _3bd\"> </span>Consulenza<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">materia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inv<span class=\"_ _0\"></span>est<span class=\"_ _0\"></span>ime<span class=\"_ _0\"></span>nti <span class=\"_ _19f\"> </span>12<span class=\"_ _0\"></span>.76<span class=\"_ _0\"></span>4 <span class=\"_ _19c\"> </span>8.<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>05<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>-8<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>16<span class=\"_ _0\"></span>3 <span class=\"_ _67\"> </span>12.8<span class=\"_ _0\"></span>06<span class=\"_ _3bd\"> </span>Ge<span class=\"_ _0\"></span>stio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>oll<span class=\"_ _0\"></span>ettiv<span class=\"_ _1\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">porta<span class=\"_ _0\"></span>fogl<span class=\"_ _0\"></span>i </span></span>208<span class=\"_ _0\"></span>.76<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>-3<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>9 <span class=\"_ _b7\"> </span>208.<span class=\"_ _0\"></span>36<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span>Custodia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ammi<span class=\"_ _0\"></span>nis<span class=\"_ _0\"></span>traz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span> <span class=\"_ _17\"> </span>3<span class=\"_ _0\"></span>.9<span class=\"_ _1\"></span>47 </span></span></span></span>-4<span class=\"_ _1\"></span> <span class=\"_ _19c\"> </span>3<span class=\"_ _0\"></span>.9<span class=\"_ _1\"></span>43<span class=\"_ _3bd\"> </span>Servizi<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>to <span class=\"_ _18f\"> </span>22<span class=\"_ _0\"></span>1.3<span class=\"_ _0\"></span>53 </span></span>-3<span class=\"_ _0\"></span>35<span class=\"_ _1\"></span> <span class=\"_ _83\"> </span>22<span class=\"_ _0\"></span>1.0<span class=\"_ _0\"></span>18<span class=\"_ _3bd\"> </span>Dis<span class=\"_ _0\"></span>trib<span class=\"_ _0\"></span>uzi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">prod<span class=\"_ _0\"></span>otti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">terz<span class=\"_ _0\"></span>i <span class=\"_ _27a\"> </span>150.5<span class=\"_ _0\"></span>54 </span></span></span></span>13.<span class=\"_ _0\"></span>576<span class=\"_ _0\"></span> -10<span class=\"_ _0\"></span>2.<span class=\"_ _0\"></span>561 <span class=\"_ _90\"> </span>61.<span class=\"_ _0\"></span>569<span class=\"_ _3bd\"> </span>Garanzie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ril<span class=\"_ _0\"></span>asc<span class=\"_ _0\"></span>iate <span class=\"_ _35e\"> </span>4.7<span class=\"_ _0\"></span>36 </span></span>-1<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span> <span class=\"_ _19c\"> </span>4.720<span class=\"_ _3bd\"> </span>Operazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fina<span class=\"_ _0\"></span>nzia<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>to <span class=\"_ _11f\"> </span>16.<span class=\"_ _0\"></span>410 </span></span></span></span>16.<span class=\"_ _0\"></span>410<span class=\"_ _3bd\"> </span>Ne<span class=\"_ _0\"></span>gozi<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">valu<span class=\"_ _0\"></span>te <span class=\"_ _168\"> </span>3.86<span class=\"_ _0\"></span>5 </span></span>-6<span class=\"_ _1\"></span> <span class=\"_ _eb\"> </span>3.859<span class=\"_ _3bd\"> </span>Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">commi<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span> <span class=\"_ _164\"> </span>26.<span class=\"_ _0\"></span>853 <span class=\"_ _3a\"> </span>1.2<span class=\"_ _0\"></span>78<span class=\"_ _3bd\"> </span></span></span>-4<span class=\"_ _0\"></span>30<span class=\"_ _1\"></span> <span class=\"_ _4a\"> </span>27.<span class=\"_ _0\"></span>701<span class=\"_ _3bd\"> </span>772<span class=\"_ _0\"></span>.49<span class=\"_ _0\"></span>7 <span class=\"_ _11b\"> </span>22<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>843<span class=\"_ _3bd\"> </span>13.<span class=\"_ _0\"></span>576<span class=\"_ _0\"></span> <span class=\"_ _90\"> </span>10.37<span class=\"_ _0\"></span>5 <span class=\"_ _1cf\"> </span>3.<span class=\"_ _1\"></span>577<span class=\"_ _0\"></span> -2<span class=\"_ _0\"></span>62.<span class=\"_ _0\"></span>225 <span class=\"_ _194\"> </span>762<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>44",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-856": {
   "value": "Totale 31/12/2022 Totale 31/12/2021 Crediti d\u2019imposta Contenzioso non creditizio Altri debitori diversi Anticipi a fornitori Totale 536.037 1.469 48.380 38.640 625.058 241.227 3.306 56.804 33.319 334.656 Sezione 13 \u2013 Altre attivit\u00e0 \u2013 Voce 130 13.1 Altre attivit\u00e0: composizione 31/12/2022 31/12/2021 Assegni negoziati da compensare  48.304 73.618 Operazioni su titoli in lavorazione  1.213 99.359 Assegni in corso di lavorazione  793 1.959 Operazioni relative a servizi di pagamento in corso di lavorazione  69.259 207.213 Operazioni relative a servizi di pagamento in corso di maturazione  30.743 254.570 Ratei attivi  3.403 4.494 Risconti attivi  29.688 29.182 Assegni ed effetti insoluti ad al protesto tratti sull'azienda e su terzi  756 2.866 Migliorie e spese incrementative su beni di terzi  20.425 21.104 Depositi cauzionali  71 71 Debitori diversi per fatture emesse  30.471 32.377 Debitori diversi  624.526 334.656 Partite viaggianti con le filiali  17.832 13.189 Totale 877.484 1.074.658 Le operazioni relative a servizi di pagamento in corso di lavorazione/maturazione sono relative ad addebiti ricevuti ma non ancora addebitati sui conti della clientela. Non sono presenti impairment loss (IFRS 9) su crediti relativi a contratti con la clientela e contract assets. Nella voce \u201cRisconti attivi\u201d sono presenti anche  costi sostenuti per l\u2019ottenimento  dei contratti verso  promotori  finanziari,  di  competenza  di  esercizi  futuri,  pari  a  18,9  milioni  di  euro.  La movimentazione della voce \u00e8 la seguente: Totale 31/12/2022 Totale 31/12/2021 1. Importo iniziale  19.811 18.51 2. Aumenti 11.686 12.548 2.1 Altri aumenti  11.686 12.548 3. Diminuzioni 12.589 11.249 3.1 ammortamenti  12.589 11.249 4. Importo finale  18.908 19.81 Di seguito si riporta il dettaglio dei \u201cDebitori diversi: Nella voce \u201ccrediti d\u2019imposta\u201d sono presenti le attivit\u00e0 fiscali connesse con l\u2019attivit\u00e0 di sostituto d\u2019imposta. Sono presenti crediti di imposta ai sensi del D.L. n.18/2020 (Cura Italia) e D.L. n.34/2020 (Rilancio) (eco bonus e sisma bonus) per un controvalore complessivo di 301,3 milioni di euro. A seguito della facolt\u00e0 esercitata dalla compagnia di assicurazione Credemvita, facente parte del Conglomerato  finanziario  a  prevalenza  bancaria,  di  posticipare  al  2023  la  prima  applicazione dell\u2019IFRS9,  (Deferral  Approach),  negli  schemi  consolidati  previsti  dall\u2019aggiornamento  della circolare 262 della Banca d\u2019Italia, sono state create le seguenti nuove voci di Stato Patrimoniale - Attivo: Stato Patrimoniale \u2013 Attivo: \u201cVoce 35. Attivit\u00e0 finanziarie di pertinenza delle imprese di assicurazione  valutate  al  fair  value  ai  sensi  dello  IAS  39\u201d,  che  accoglie  le  attivit\u00e0 finanziarie detenute per la negoziazione, le attivit\u00e0 finanziarie valutate al fair value, le attivit\u00e0 finanziarie disponibili per la vendita e gli eventuali derivati con fair value positivo, cos\u00ec come definiti nel rispetto dello IAS 39; Stato Patrimoniale \u2013 Attivo: \u201cVoce 45. Attivit\u00e0 finanziarie di pertinenza delle imprese di assicurazione  valutate  al  costo  ammortizzato  ai  sensi  dello  IAS  39\u201d,  che  accoglie  le attivit\u00e0  finanziarie  detenute  sino  alla  scadenza,  i  crediti  verso  banche  e  quelli  verso clientela, cos\u00ec come definiti nel rispetto dello IAS 39. Di seguito si fornisce il dettaglio.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-786": {
   "value": "Totale 31/12/2022 Totale 31/12/2021 Crediti d\u2019imposta Contenzioso non creditizio Altri debitori diversi Anticipi a fornitori Totale 536.037 1.469 48.380 38.640 625.058 241.227 3.306 56.804 33.319 334.656 Sezione 13 \u2013 Altre attivit\u00e0 \u2013 Voce 130 13.1 Altre attivit\u00e0: composizione 31/12/2022 31/12/2021 Assegni negoziati da compensare  48.304 73.618 Operazioni su titoli in lavorazione  1.213 99.359 Assegni in corso di lavorazione  793 1.959 Operazioni relative a servizi di pagamento in corso di lavorazione  69.259 207.213 Operazioni relative a servizi di pagamento in corso di maturazione  30.743 254.570 Ratei attivi  3.403 4.494 Risconti attivi  29.688 29.182 Assegni ed effetti insoluti ad al protesto tratti sull'azienda e su terzi  756 2.866 Migliorie e spese incrementative su beni di terzi  20.425 21.104 Depositi cauzionali  71 71 Debitori diversi per fatture emesse  30.471 32.377 Debitori diversi  624.526 334.656 Partite viaggianti con le filiali  17.832 13.189 Totale 877.484 1.074.658 Le operazioni relative a servizi di pagamento in corso di lavorazione/maturazione sono relative ad addebiti ricevuti ma non ancora addebitati sui conti della clientela. Non sono presenti impairment loss (IFRS 9) su crediti relativi a contratti con la clientela e contract assets. Nella voce \u201cRisconti attivi\u201d sono presenti anche  costi sostenuti per l\u2019ottenimento  dei contratti verso  promotori  finanziari,  di  competenza  di  esercizi  futuri,  pari  a  18,9  milioni  di  euro.  La movimentazione della voce \u00e8 la seguente: Totale 31/12/2022 Totale 31/12/2021 1. Importo iniziale  19.811 18.51 2 2. Aumenti 11.686 12.548 2.1 Altri aumenti  11.686 12.548 3. Diminuzioni 12.589 11.249 3.1 ammortamenti  12.589 11.249 4. Importo finale  18.908 19.81 1 Di seguito si riporta il dettaglio dei \u201cDebitori diversi: Nella voce \u201ccrediti d\u2019imposta\u201d sono presenti le attivit\u00e0 fiscali connesse con l\u2019attivit\u00e0 di sostituto d\u2019imposta. Sono presenti crediti di imposta ai sensi del D.L. n.18/2020 (Cura Italia) e D.L. n.34/2020 (Rilancio) (eco bonus e sisma bonus) per un controvalore complessivo di 301,3 milioni di euro. A seguito della facolt\u00e0 esercitata dalla compagnia di assicurazione Credemvita, facente parte del Conglomerato  finanziario  a  prevalenza  bancaria,  di  posticipare  al  2023  la  prima  applicazione dell\u2019IFRS9,  (Deferral  Approach),  negli  schemi  consolidati  previsti  dall\u2019aggiornamento  della circolare 262 della Banca d\u2019Italia, sono state create le seguenti nuove voci di Stato Patrimoniale - Attivo:   Stato Patrimoniale \u2013 Attivo: \u201cVoce 35. Attivit\u00e0 finanziarie di pertinenza delle imprese di  assicurazione  valutate  al  fair  value  ai  sensi  dello  IAS  39\u201d,  che  accoglie  le  attivit\u00e0 finanziarie detenute per la negoziazione, le attivit\u00e0 finanziarie valutate al fair value, le attivit\u00e0 finanziarie disponibili per la vendita e gli eventuali derivati con fair value positivo, cos\u00ec come definiti nel rispetto dello IAS 39;   Stato Patrimoniale \u2013 Attivo: \u201cVoce 45. Attivit\u00e0 finanziarie di pertinenza delle imprese di  assicurazione  valutate  al  costo  ammortizzato  ai  sensi  dello  IAS  39\u201d,  che  accoglie  le attivit\u00e0  finanziarie  detenute  sino  alla  scadenza,  i  crediti  verso  banche  e  quelli  verso clientela, cos\u00ec come definiti nel rispetto dello IAS 39.  Di seguito si fornisce il dettaglio.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-871": {
   "value": "Totale 31/12/2022 Totale 31/12/2021 Crediti d\u2019imposta Contenzioso non creditizio Altri debitori diversi Anticipi a fornitori Totale 536.037 1.469 48.380 38.640 625.058 241.227 3.306 56.804 33.319 334.656 Sezione 13 \u2013 Altre attivit\u00e0 \u2013 Voce 130 13.1 Altre attivit\u00e0: composizione 31/12/2022 31/12/2021 Assegni negoziati da compensare  48.304 73.618 Operazioni su titoli in lavorazione  1.213 99.359 Assegni in corso di lavorazione  793 1.959 Operazioni relative a servizi di pagamento in corso di lavorazione  69.259 207.213 Operazioni relative a servizi di pagamento in corso di maturazione  30.743 254.570 Ratei attivi  3.403 4.494 Risconti attivi  29.688 29.182 Assegni ed effetti insoluti ad al protesto tratti sull'azienda e su terzi  756 2.866 Migliorie e spese incrementative su beni di terzi  20.425 21.104 Depositi cauzionali  71 71 Debitori diversi per fatture emesse  30.471 32.377 Debitori diversi  624.526 334.656 Partite viaggianti con le filiali  17.832 13.189 Totale 877.484 1.074.658 Le operazioni relative a servizi di pagamento in corso di lavorazione/maturazione sono relative ad addebiti ricevuti ma non ancora addebitati sui conti della clientela. Non sono presenti impairment loss (IFRS 9) su crediti relativi a contratti con la clientela e contract assets. Nella voce \u201cRisconti attivi\u201d sono presenti anche  costi sostenuti per l\u2019ottenimento  dei contratti verso  promotori  finanziari,  di  competenza  di  esercizi  futuri,  pari  a  18,9  milioni  di  euro.  La movimentazione della voce \u00e8 la seguente: Totale 31/12/2022 Totale 31/12/2021 1. Importo iniziale  19.811 18.51 2 2. Aumenti 11.686 12.548 2.1 Altri aumenti  11.686 12.548 3. Diminuzioni 12.589 11.249 3.1 ammortamenti  12.589 11.249 4. Importo finale  18.908 19.81 1 Di seguito si riporta il dettaglio dei \u201cDebitori diversi: Nella voce \u201ccrediti d\u2019imposta\u201d sono presenti le attivit\u00e0 fiscali connesse con l\u2019attivit\u00e0 di sostituto d\u2019imposta. Sono presenti crediti di imposta ai sensi del D.L. n.18/2020 (Cura Italia) e D.L. n.34/2020 (Rilancio) (eco bonus e sisma bonus) per un controvalore complessivo di 301,3 milioni di euro. A seguito della facolt\u00e0 esercitata dalla compagnia di assicurazione Credemvita, facente parte del Conglomerato  finanziario  a  prevalenza  bancaria,  di  posticipare  al  2023  la  prima  applicazione dell\u2019IFRS9,  (Deferral  Approach),  negli  schemi  consolidati  previsti  dall\u2019aggiornamento  della circolare 262 della Banca d\u2019Italia, sono state create le seguenti nuove voci di Stato Patrimoniale - Attivo:  Stato Patrimoniale \u2013 Attivo: \u201cVoce 35. Attivit\u00e0 finanziarie di pertinenza delle imprese di  assicurazione  valutate  al  fair  value  ai  sensi  dello  IAS  39\u201d,  che  accoglie  le  attivit\u00e0 finanziarie detenute per la negoziazione, le attivit\u00e0 finanziarie valutate al fair value, le attivit\u00e0 finanziarie disponibili per la vendita e gli eventuali derivati con fair value positivo, cos\u00ec come definiti nel rispetto dello IAS 39;  Stato Patrimoniale \u2013 Attivo: \u201cVoce 45. Attivit\u00e0 finanziarie di pertinenza delle imprese di  assicurazione  valutate  al  costo  ammortizzato  ai  sensi  dello  IAS  39\u201d,  che  accoglie  le attivit\u00e0  finanziarie  detenute  sino  alla  scadenza,  i  crediti  verso  banche  e  quelli  verso clientela, cos\u00ec come definiti nel rispetto dello IAS 39. Sezione 8 \u2013 Altre passivit\u00e0 \u2013 Voce 80 8.1 Altre passivit\u00e0: composizione Totale 31/12/2022 Totale 31/12/2021 Debiti verso l'erario  126.189 149.983 Scarto valuta su operazioni di portafoglio  480.480 395.114 Somme a disposizione della clientela  21.504 13.150 Risconti passivi  9.930 6.687 Retribuzioni da corrispondere e relativi contributi  24.292 22.321 Ratei passivi  15.581 4.127 Partite in lavorazione su estero  9.162 7.119 Fornitori  190.141 189.830 Partite viaggianti con le filiali  6.425 8.235 Somme da accreditare a enti  1.933 1.958 Partite in lavorazione titoli  10.172 19.701 Altre partite  118.280 407.796 Somme da accreditare a banche  401.582 402.553 Totale 1.415.671 1.628.574 La voce \u201cScarto valuta su operazioni di portafoglio\u201d \u00e8 da ricondurre agli sbilanci degli effetti del portafoglio proprio e di terzi",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-787": {
   "value": "Voce 35 dell\u2019attivo - Attivit\u00e0 finanziarie di pertinenza delle imprese di assicurazione valutate al fair value ai sensi dello IAS39 Attivit\u00e0 finanziarie detenute per la negoziazione Attivit\u00e0 finanziarie detenute per la negoziazione: composizione merceologica Voci/Valori Totale 31/12/2022  Totale 31/12/2021 L1  L2  L3  L1  L2  L3 A. Attivit\u00e0 per cassa 1. Titoli di debito  - - - -  - - 1.1 Titoli strutturati  - - - -  - - 1.2 Altri titoli di debito  - - - -  - - 2. Titoli di capitale  - - - -  - - 3 Quote di O.I.C.R.  - - - -  - - 4. Finanziamenti  - - - -  - - 4.1 Pronti contro termine attivi  - - - -  - - 4.2 Altri  - - - -  - - Totale A ---- - -B. Strumenti derivati 1. Derivati finanziari:  1.643 - - 1.191  - - 1.1 di negoziazione  1.643 - - 1.191  - - 1.2 connessi con la fair value option  - - - -  - - 1.3 altri  - - - -  - - 2. Derivati creditizi:  - - - -  - - 2.1 di negoziazione  - - - -  - - 2.2 connessi con la fair value option  - - - -  - - 2.3 altri  - - - -  - - Totale B 1.643 --1.191 - -Totale (A+B) 1.643 --1.191 - -Legenda: L1= Livello 1 L2= Livello 2 L3= Livello 3 Attivit\u00e0 finanziarie detenute per la negoziazione: composizione per debitori/emittenti Voci/Valori 31/12/2022 31/12/2021 A. Attivit\u00e0 per cassa 1. Titoli di debito --a) Governi e Banche Centrali  - - b) Altri enti pubblici  - - c) Banche  - - d) Altri emittenti  - - 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 --4. Finanziamenti --a) Governi e Banche Centrali  - - b) Altri enti pubblici  - - c) Banche  - - d) Altri soggetti  - - Totale A --B. Strumenti derivati a) Banche  1.643 1.191 - Fair value  1.643 1.191 b) Clientela  - - - Fair value  - - Totale B 1.643 1.191 Totale ( A + B ) 1.643 1.191 Attivit\u00e0 finanziarie valutate al fair value Attivit\u00e0 finanziarie valutate al fair value: composizione merceologica Voci/Valori Totale 31/12/2022  Totale 31/12/2021 L1  L2  L3  L1  L2  L3 1. Titoli di debito  328.551 - - 240.979 1.036 - 1.1 Titoli strutturati  - - - - - - 1.2 Altri titoli di debito  328.551 - - 240.979 1.036 - 2. Titoli di capitale  140.938 2.081 - 161.585 - - 3. Quote di O.I.C.R.  3.391.378 7.615 - 3.937.952 24.561 - 4. Finanziamenti  - - - - - - 4.1 Strutturati  - - - - - - 4.2 Altri  - - - - - - Totale 3.860.867 9.696 -4.340.516 25.597 -Costo 3.921.502 9.461 -3.868.695 21.892 -Legenda: L1= Livello 1 L2= Livello 2 L3= Livello 3 BILANCIO CONSOLIDATO \u2013 NOTA INTEGRATIVA 196 Totale 31/12/2022 Totale 31/12/2021 Obbligazionari Azionari Monetari Bilanciati Altri Totale 1.286.019 1.168.462 271.221 84.090 589.201 3.398.993 1.578.625 1.358.747 220.090 94.908 710.143 3.962.513 Si segnala la composizione della voce 3 \u201cQuote O.I.C.R\u201d: Attivit\u00e0 finanziarie valutate al fair value: composizione per debitori/emittenti Voci/Valori 31/12/2022 31/12/2021 1. Titoli di debito  328.550 242.015 a) Governi e Banche Centrali  242.108 210.041 b) Altri Enti pubblici  - - c) Banche  46.603 18.999 d) Altri emittenti  39.839 12.975 2. Titoli di capitale  143.018 161.585 a) Banche  15.718 15.254 b) Altri emittenti:  127.300 146.331 - imprese di assicurazione  6.683 7.154 - societ\u00e0 finanziarie  3.817 4.493 - imprese non finanziarie  111.683 128.354 - altri  5.117 6.330 3. Quote di O.I.C.R.  3.398.993 3.962.513 4. Finanziamenti --a) Governi e Banche Centrali  - - b) Altri enti pubblici  - - c) Banche  - - d) Altri soggetti  - - Totale 3.870.561 4.366.113 Nel portafoglio \u201cAttivit\u00e0 finanziarie valutate al fair value\u201d delle \u201cImprese di assicurazione\u201d sono presenti esposizioni di titoli governativi verso l\u2019Italia per 209,1 milioni di euro, verso gli Stati Uniti per 10,4 milioni di euro, verso la Germania per 7,1 milioni di euro, verso il Lussemburgo per 3,9 milioni di euro, verso la Francia per 3,4 milioni di euro, verso il Belgio per 2,5 milioni di euro, verso la Spagna per 1,4 milioni di euro, verso l'Austria per 1,3 milioni di euro,  verso la Gran Bretagna per 1,3 milioni di euro, verso l'Irlanda per 0,9 milioni di euro e verso il Portogallo per 0,7 milioni di euro. Attivit\u00e0 finanziarie disponibili per la vendita Attivit\u00e0 finanziarie disponibili per la vendita: composizione merceologica Voci/Valori Totale 31/12/2022  Totale 31/12/2021 L1  L2  L3  L1  L2  L3 1. Titoli di debito  1.454.314 7.010 - 2.013.269 5.669 - 1.1 Titoli strutturati  - - - - - - 1.2 Altri titoli di debito  1.454.314 7.010 - 2.013.269 5.669 - 2. Titoli di capitale  - - - - - - 2.1 Valutati al fair value  - - - - - - 2.2 Valutati al costo  - - - - - - 3. Quote di O.I.C.R.  429.191 46.618 227.923 370.604 135.530 172.251 4. Finanziamenti  - - - - - - Totale 1.883.505 53.628 227.923 2.383.873 141.199 172.251 Legenda: L1= Livello 1 L2= Livello 2 L3= Livello 3 Si segnala la composizione della voce 3 \u201cQuote O.I.C.R\u201d: Totale 31/12/2022 Totale 31/12/2021 Obbligazionari  434.148 404.825 Azionari  269.584 243.711 Monetari  - 29.849 Totale 703.732 678.385 Attivit\u00e0 finanziarie disponibili per la vendita: composizione per debitori/emittenti Voci/Valori 31/12/2022 31/12/2021 1. Titoli di debito  1.461.324 2.018.938 a) Governi e Banche Centrali  1.150.959 1.663.407 b) Altri enti pubblici  - - c) Banche  213.256 230.803 d) Altri emittenti  97.109 124.728 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.  703.732 678.385 4. Finanziamenti --a) Governi e Banche Centrali  - - b) Altri enti pubblici  - - c) Banche  - - d) Altri soggetti  - - Totale 2.165.056 2.697.323 Nel portafoglio \u201cAttivit\u00e0 finanziarie disponibili per la vendita\u201d delle \u201cImprese di assicurazione\u201d sono presenti esposizioni di titoli governativi verso l'Italia per 471,8 milioni di euro, verso la Spagna per 347,4 milioni di euro, verso il Belgio per 131,4 milioni di euro, verso il Portogallo per 64,3 milioni di euro, verso la Germania per 61,5 milioni di euro, verso la Francia per 32,9 milioni di euro, verso gli Stati Uniti per 24,7 milioni di euro e verso l'Olanda per 17,0 milioni di euro. Test di impairment delle attivit\u00e0 finanziarie disponibili per la vendita Le attivit\u00e0 finanziarie disponibili  per la vendita  sono  sottoposte al test di impairment  secondo quanto richiesto dai principi IFRS. Il processo di rilevazione di eventuali impairment prevede la verifica della presenza di indicatori di impairment e la determinazione dell\u2019eventuale svalutazione. I criteri applicati per identificare una perdita di valore distinguono titoli di debito, titoli di capitale e fondi comuni. Relativamente ai primi l\u2019obiettiva evidenza che un titolo di debito abbia subito una perdita di valore \u00e8  rintracciabile  nella  lista  degli  eventi  di  perdita  riportati  nello  IAS  39.59,  tra  cui  a  titolo esemplificativo e non esaustivo: - significative difficolt\u00e0 finanziarie dell\u2019emittente; - inadempimento contrattuale, come mancato pagamento di interessi o capitale; - probabilit\u00e0  che  l\u2019emittente  sia  soggetto  a  procedura  concorsuale  o  di  ristrutturazione finanziaria \u2212 scomparsa di un mercato attivo per lo strumento finanziario a causa di difficolt\u00e0 finanziarie dell\u2019emittente. Inoltre,  nel  caso  di  titoli  obbligazionari  con  un  \u201crating\u201d  si  valuta  il  deterioramento  del  merito creditizio dell\u2019emittente. Al riguardo si ritiene che un deterioramento tale da far ricadere i titoli di debito in classi di rating inferiori alla soglia \u201cInvestment grade\u201d sia indicativo della necessit\u00e0 di procedere nel verificare l\u2019esistenza di un Impairment, mentre, negli altri casi, il deterioramento del merito creditizio \u00e8 invece da valutare congiuntamente con gli altri fattori disponibili. Il processo di identificazione  delle  situazioni  di  deterioramento  avviene  tramite  il  trigger  \u201cvariabile rating\u201d  in funzione che risulti sopra o sotto la soglia\u201d Investment grade\u201d (BBB- o equivalente). Nel caso di titoli obbligazionari si considera la disponibilit\u00e0 di fonti specializzate (ad esempio indicazioni di investimento fornite da istituzioni finanziarie, rating reports, etc.) o di informazioni disponibili su \u201cinfo-provider\u201d  (ad  es.  Bloomberg,  Reuters,  etc.),  attraverso  cui si determina  puntualmente la rilevanza della situazione di deterioramento dell\u2019emittente. Con riferimento ai titoli di capitale classificati come AFS, \u00e8 ragionevole ipotizzare che le azioni in portafoglio siano da assoggettare ad Impairment prima dei titoli obbligazionari emessi dalla stessa societ\u00e0 emittente; pertanto, gli indicatori di svalutazione dei titoli di debito emessi da una societ\u00e0, ovvero la svalutazione di tali titoli di debito, sono forti indicatori dell\u2019Impairment dei titoli di capitale della stessa societ\u00e0. Inoltre, per stabilire se vi \u00e8 un\u2019evidenza di Impairment per un titolo di capitale, oltre alla presenza degli eventi indicati dallo IAS 39.59, ed alle considerazioni in precedenza riportate ove applicabili, sono da considerare i due seguenti eventi (IAS 39.61): - cambiamenti  significativi  con  effetti  avversi  relativi  alle  tecnologie,  mercati,  ambiente economico o legale relativamente all\u2019emittente, che indicano che il costo dell\u2019investimento non pu\u00f2 pi\u00f9 essere recuperato; - un significativo o prolungato declino nel Fair Value dell\u2019investimento al di sotto del suo costo. Si procede a rilevare un Impairment se il Fair Value del titolo \u00e8 inferiore del 35% rispetto al valore di carico di prima iscrizione; oppure il Fair Value \u00e8 inferiore al valore di carico per un arco temporale di almeno18 mesi. Relativamente agli investimenti in strumenti rappresentativi di capitale, la necessit\u00e0 di rilevare un Impairment considera, in caso non si verifichino le condizioni  sopra indicate, singolarmente o congiuntamente, le seguenti situazioni: - il  Fair  Value  dell\u2019investimento  risulta  significativamente  inferiore  al  costo  di  acquisto  o comunque \u00e8 significativamente inferiore a quello di societ\u00e0 similari dello stesso settore; - il management della societ\u00e0 non \u00e8 considerato di adeguato standing ed in ogni caso capace di assicurare una ripresa delle quotazioni; - si rivela la riduzione del \u201ccredit rating\u201d dalla data dell\u2019acquisto; - significativo declino dei profitti, dei cash flow o nella posizione finanziaria netta dell\u2019emittente dalla data di acquisto; - si rileva una riduzione o interruzione della distribuzione dei dividendi; - scompare un mercato attivo per i titoli obbligazionari emessi; - si verificano cambiamenti del contesto normativo, economico e tecnologico dell\u2019emittente che hanno un impatto negativo sulla situazione reddituale, patrimoniale e finanziaria dello stesso; - esistono  prospettive  negative  del  mercato,  settore  o  area  geografica  nel  quale  opera l\u2019emittente. Con  riferimento  ai  Fondi  Comuni  si  precisa  che  le  quote  in  fondi  comuni  d\u2019investimento costituiscono strumenti di capitale, secondo quanto previsto dal paragrafo AG27 dello IAS 39 e a tali strumenti, laddove classificati tra le attivit\u00e0 finanziarie AFS, si applicano i criteri sopra illustrati relativamente ai titoli di capitale e, in particolare, si tiene conto dei criteri per l\u2019identificazione di una perdita significativa o prolungata ivi previsti. Tuttavia, tale indicatore di perdita non comporta di per s\u00e9 la rilevazione di impairment per i fondi comuni d\u2019investimento che investono puramente in strumenti obbligazionari, al ricorrere dei seguenti presupposti: - i fondi in oggetto prevedano la sistematica distribuzione delle cedole incassate, del capitale rimborsato,  dei  proventi  realizzati  dalla  vendita  al  detentore  delle  quote  o  comunque  sia previsto il trasferimento sistematico al detentore stesso dei flussi di cassa degli strumenti obbligazionari sottostanti ogni qualvolta pagati o realizzati. In tale situazione si pu\u00f2 presumere che i fondi comuni rappresentino un accordo di pass-through; - solo in tale situazione si potr\u00e0 fare il c.d. look through del fondo ed \u00e8 necessario che siano disponibili,  con  periodicit\u00e0  almeno  trimestrale,  le  informazioni  circa  i  singoli  strumenti finanziari  obbligazionari  componenti  il  patrimonio  del  fondo,  al  fine  di  consentire sistematicamente  l\u2019analisi  delle  caratteristiche  degli  strumenti  sottostanti  e  la  situazione finanziaria e di solvibilit\u00e0 degli emittenti. In tali circostanze, la modalit\u00e0 di determinazione della perdita di valore terr\u00e0 pertanto anche conto dei criteri di valutazione di cui ai titoli di debito, avuto riguardo a ciascun investimento obbligazionario sottostante.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAvailableforsaleAssetsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-888": {
   "value": "Se<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>1<span class=\"_ _3bd\"> </span>\u2013<span class=\"_ _3bd\"> </span>Pa<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>val<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>ate<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>sto<span class=\"_ _3bd\"> </span>am<span class=\"_ _1\"></span>mort<span class=\"_ _0\"></span>izz<span class=\"_ _1\"></span>ato<span class=\"_ _3bd\"> </span>\u2013<span class=\"_ _3bd\"> </span>Vo<span class=\"_ _1\"></span>ce<span class=\"_ _3bd\"> </span>10<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>1.<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>Pa<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span>fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>zia<span class=\"_ _1\"></span>rie<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>ate<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>sto<span class=\"_ _3bd\"> </span>am<span class=\"_ _1\"></span>mor<span class=\"_ _0\"></span>tiz<span class=\"_ _0\"></span>za<span class=\"_ _0\"></span>to<span class=\"_ _1\"></span>:<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>me<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>eol<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>ve<span class=\"_ _0\"></span>rso<span class=\"_ _3bd\"> </span>ba<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span><table class=\"s w3a1 h21e\" id=\"_48576cad-9578-4604-b836-01c1c3e4d758\"><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x585 h43 y4c5f ff3 fs1b fc4 sc2 ls0 ws0\" colspan=\"2\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></td><td></td><td></td><td></td><td class=\"t m0 x586 h43 y4c5f ff3 fs1b fc4 sc2 ls0 ws0\" colspan=\"2\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x587 h43 y4c60 ff3 fs1b fc4 sc2 ls0 ws0\">Ti<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>gia<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x588 h43 y4c60 ff3 fs1b fc4 sc2 ls0 ws0\" colspan=\"2\">op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>/V<span class=\"_ _0\"></span>alo<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></td><td></td><td class=\"t m0 x589 h43 y4c61 ff3 fs1b fc4 sc2 ls0 ws0\">V<span class=\"_ _0\"></span>B<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></td><td></td><td class=\"t m0 x58a h43 y4c62 ff3 fs1b fc4 sc2 ls0 ws0\">31<span class=\"_ _0\"></span>/1<span class=\"_ _0\"></span>2/2<span class=\"_ _0\"></span>02<span class=\"_ _1\"></span>2<span class=\"fc0 sc1\"> </span></td><td class=\"c x58c y4c63 w3a2 h21f\" colspan=\"2\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc4 sc2 ls0 ws0\">Fair<span class=\"_ _3bd\"> </span></div><div class=\"t m0 x58b h43 y4b58 ff3 fs1b fc4 sc2 ls0 ws0\">Va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div></td><td class=\"t m0 x58d h43 y4c61 ff3 fs1b fc4 sc2 ls0 ws0\">V<span class=\"_ _0\"></span>B<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></td><td></td><td class=\"t m0 x58e h43 y4c62 ff3 fs1b fc4 sc2 ls0 ws0\">31<span class=\"_ _0\"></span>/1<span class=\"_ _0\"></span>2/2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></td><td class=\"c x590 y4c63 w3a3 h21f\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc4 sc2 ls0 ws0\">Fair<span class=\"_ _3bd\"> </span></div><div class=\"t m0 x58f h43 y4b58 ff3 fs1b fc4 sc2 ls0 ws0\">Va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c n x591 y4c64 w3a4 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc4 sc2 ls0 ws0\">L<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x592 y4c64 w3a5 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc4 sc2 ls0 ws0 sc1\">L2<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x593 y4c64 w3a6 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc4 sc2 ls0 ws0 sc1\">L3<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x594 y4c64 w3a7 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc4 sc2 ls0 ws0 sc1\">L1<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x595 y4c64 w3a8 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc4 sc2 ls0 ws0 sc1\">L2<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x596 y4c64 w3a6 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc4 sc2 ls0 ws0 sc1\">L3<span class=\"_ _3bd\"> </span></div></td></tr><tr><td class=\"t m0 x2d2 h43 y4c65 ff3 fs1b fc0 sc1 ls0 ws0\">1.<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x50b h43 y4c65 ff3 fs1b fc0 sc1 ls0 ws0\">De<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x597 h43 y4c65 ff3 fs1b fc0 sc1 ls0 ws0\">ve<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x39d h43 y4c65 ff3 fs1b fc0 sc1 ls0 ws0\">ba<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>he<span class=\"_ _3bd\"> </span></td><td class=\"c n x598 y4c66 w3a9 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc1 ls0 ws0\">ce<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x599 y4c66 w3aa h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc1 ls0 ws0\">5.<span class=\"_ _0\"></span>58<span class=\"_ _1\"></span>4.25<span class=\"_ _0\"></span>6</div></td><td class=\"t m0 x59a h43 y4c67 ff1 fs1b fc0 sc0 ls0 ws0\"> <span class=\"_ _1f4\"> </span><span class=\"ff3\">X<span class=\"_ _3bd\"> </span></span></td><td class=\"c n x59b y4c68 w3ab h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59c y4c68 w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"t m0 x59d h43 y4c65 ff3 fs1b fc0 sc1 ls0 ws0\">8.<span class=\"_ _0\"></span>16<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>75<span class=\"_ _0\"></span>2</td><td class=\"t m0 x59e h43 y4c67 ff1 fs1b fc0 sc0 ls0 ws0\"> <span class=\"_ _1ec\"> </span><span class=\"ff3\">X<span class=\"_ _3bd\"> </span></span></td><td class=\"c n x590 y4c68 w3ad h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59f y4c68 w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td></tr><tr><td class=\"t m0 x2d2 h43 y4c69 ff3 fs1b fc0 sc1 ls0 ws0\">2.<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x4e3 h43 y4c69 ff3 fs1b fc0 sc1 ls0 ws0\">Debi<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x5a0 h43 y4c69 ff3 fs1b fc0 sc1 ls0 ws0\">vers<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></td><td class=\"c n x5a1 y4c6a w3ae h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc1 ls0 ws0\">ba<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>he<span class=\"_ _3bd\"> </span></div></td><td></td><td></td><td class=\"c n x5a2 y4c6a w3af h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc1 ls0 ws0\">3.<span class=\"_ _0\"></span>15<span class=\"_ _0\"></span>2.<span class=\"_ _0\"></span>03<span class=\"_ _0\"></span>7</div></td><td class=\"t m0 x59a h43 y4c6b ff1 fs1b fc0 sc0 ls0 ws0\"> <span class=\"_ _1f4\"> </span><span class=\"ff3\">X<span class=\"_ _3bd\"> </span></span></td><td class=\"c n x59b y4c6c w3ab h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59c y4c6c w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"t m0 x5a3 h43 y4c69 ff3 fs1b fc0 sc1 ls0 ws0\">4.<span class=\"_ _0\"></span>42<span class=\"_ _0\"></span>0.<span class=\"_ _0\"></span>82<span class=\"_ _0\"></span>4</td><td class=\"t m0 x59e h43 y4c6b ff1 fs1b fc0 sc0 ls0 ws0\"> <span class=\"_ _1ec\"> </span><span class=\"ff3\">X<span class=\"_ _3bd\"> </span></span></td><td class=\"c n x590 y4c6c w3ad h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59f y4c6c w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"c n x4e0 y4c6d w3b0 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">2.<span class=\"_ _0\"></span>1<span class=\"ff1\"> </span>Co<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cor<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">d<span class=\"_ _0\"></span>epo<span class=\"_ _0\"></span>sit<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>v<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>a<span class=\"_ _3bd\"> </span></span></span></span></span></div></td><td></td><td></td><td class=\"c n x5a4 y4c6d w3b1 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">7<span class=\"_ _0\"></span>05.<span class=\"_ _0\"></span>85<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5a5 y4c6d w3ad h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x59b y4c6d w3ab h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59c y4c6d w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5a6 y4c6d w283 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">149<span class=\"_ _0\"></span>.42<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5a7 y4c6d w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x590 y4c6d w3ad h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59f y4c6d w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"c n x4e0 y4c6e w3b2 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">2.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Depositi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sca<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>nza<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></div></td><td></td><td></td><td class=\"c n x5a8 y4c6e w3b3 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">5.<span class=\"_ _0\"></span>701<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5a9 y4c6e w3ab h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x59b y4c6e w3ab h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59c y4c6e w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5aa y4c6e w3b4 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">4<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5ab y4c6e w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x590 y4c6e w3ad h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59f y4c6e w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c n x4e0 y4c6f w3b5 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">2.3<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nti<span class=\"_ _3bd\"> </span></span></span></div></td><td></td><td></td><td></td><td class=\"c n x5ac y4c6f w3b6 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">2.43<span class=\"_ _0\"></span>9.9<span class=\"_ _0\"></span>44<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5ad y4c6f w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x59b y4c6f w3ab h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59c y4c6f w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5ae y4c6f w3b7 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">4.<span class=\"_ _0\"></span>265<span class=\"_ _0\"></span>.96<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5af y4c6f w3ad h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x590 y4c6f w3ad h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59f y4c6f w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td></tr><tr><td></td><td class=\"c n x5b0 y4c70 w3b8 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">2.<span class=\"_ _0\"></span>3.1<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">Pr<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>ermi<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>ivi<span class=\"_ _3bd\"> </span></span></span></div></td><td></td><td></td><td></td><td></td><td class=\"c n x5b1 y4c70 w3b9 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">2.<span class=\"_ _0\"></span>42<span class=\"_ _0\"></span>0.9<span class=\"_ _0\"></span>97<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5b2 y4c70 w3ab h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x59b y4c70 w3ab h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59c y4c70 w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5ae y4c70 w3ba h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">4.<span class=\"_ _0\"></span>242<span class=\"_ _0\"></span>.80<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5b3 y4c70 w3ad h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x590 y4c70 w3ad h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59f y4c70 w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c n x5b0 y4c71 w3bb h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">2.3.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Alt<span class=\"_ _0\"></span>ri<span class=\"_ _3bd\"> </span></span></span></div></td><td></td><td></td><td></td><td class=\"c n x5b4 y4c71 w3bc h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">18.<span class=\"_ _0\"></span>947<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5b5 y4c71 w3ab h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x59b y4c71 w3ab h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59c y4c71 w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5b6 y4c71 w3bd h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">23<span class=\"_ _0\"></span>.15<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5b7 y4c71 w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x590 y4c71 w3ad h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59f y4c71 w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m0 x50b h43 y4c72 ff3 fs1b fc0 sc0 ls0 ws0\">2.4<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Debiti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"_ _2\"></span>mpegni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riacquisto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">propri</span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></td><td></td><td></td><td></td><td class=\"c n x5b8 y4c73 w3be h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5b9 y4c73 w3ab h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x59b y4c73 w3ab h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59c y4c73 w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5ba y4c73 w3bf h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5b3 y4c73 w3ad h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x590 y4c73 w3ad h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59f y4c73 w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m0 x50b h43 y4c74 ff3 fs1b fc0 sc0 ls0 ws0\">strumenti<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x5bb h43 y4c74 ff3 fs1b fc0 sc0 ls0 ws0\">patrimon<span class=\"_ _0\"></span>iali </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c n x4e0 y4c75 w3c0 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">2.5<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Debiti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">lea<span class=\"_ _0\"></span>sin<span class=\"_ _0\"></span>g<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></div></td><td></td><td></td><td class=\"c n x5bc y4c75 w3c1 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5bd y4c75 w3ab h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x59b y4c75 w3ab h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59c y4c75 w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5ba y4c75 w3bf h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5b3 y4c75 w3ad h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x590 y4c75 w3ad h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59f y4c75 w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c n x4e0 y4c76 w3c2 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">2.6<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">deb<span class=\"_ _0\"></span>iti<span class=\"_ _3bd\"> </span></span></span></span></span></div></td><td></td><td></td><td></td><td class=\"c n x5be y4c76 w3c3 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">5<span class=\"_ _0\"></span>33<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5bf y4c76 w3ad h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x59b y4c76 w3ab h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59c y4c76 w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5c0 y4c76 w3c4 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">1.<span class=\"_ _0\"></span>42<span class=\"_ _1\"></span>7<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5c1 y4c76 w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x590 y4c76 w3ad h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59f y4c76 w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x38a h43 y4c77 ff3 fs1b fc0 sc1 ls0 ws0\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x5c2 h43 y4c77 ff3 fs1b fc0 sc1 ls0 ws0\">8.<span class=\"_ _0\"></span>73<span class=\"_ _0\"></span>6.<span class=\"_ _0\"></span>29<span class=\"_ _0\"></span>3 </td><td></td><td class=\"t m24 x5c3 h43 y4c77 ff3 fs1b fc0 sc1 ls0 ws0\">-<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x5c4 h43 y4c77 ff3 fs1b fc0 sc1 ls0 ws0\">2.<span class=\"_ _0\"></span>42<span class=\"_ _0\"></span>0.<span class=\"_ _0\"></span>99<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x5c5 h43 y4c77 ff3 fs1b fc0 sc1 ls0 ws0\">6.<span class=\"_ _0\"></span>31<span class=\"_ _0\"></span>5.2<span class=\"_ _0\"></span>96<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x5c6 h43 y4c77 ff3 fs1b fc0 sc1 ls0 ws0\">12<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>85<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>76<span class=\"_ _1\"></span> </td><td></td><td class=\"t m24 x5c7 h43 y4c77 ff3 fs1b fc0 sc1 ls0 ws0\">-<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x5c8 h43 y4c77 ff3 fs1b fc0 sc1 ls0 ws0\">4.<span class=\"_ _0\"></span>24<span class=\"_ _0\"></span>2.8<span class=\"_ _1\"></span>02<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x339 h43 y4c77 ff3 fs1b fc0 sc1 ls0 ws0\">8.<span class=\"_ _1\"></span>342.<span class=\"_ _0\"></span>77<span class=\"_ _1\"></span>4<span class=\"_ _3bd\"> </span></td></tr></table>Le<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>nda<span class=\"_ _1\"></span>:<span class=\"fc0 sc1\"> </span>VB=<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> </span></span></span></span></span></span></span>L1=<span class=\"ff1\"> </span>Livello<span class=\"ff1\"> </span>1<span class=\"_ _3bd\"> </span>L2=<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Livello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2<span class=\"_ _1\"></span> </span></span></span></span>L3=<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Livello<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">3<span class=\"_ _0\"></span> </span></span></span></span>I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">deb<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>isc<span class=\"_ _0\"></span>rit<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">lor<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ore<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>omi<span class=\"_ _0\"></span>nale<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>orri<span class=\"_ _0\"></span>spo<span class=\"_ _0\"></span>nden<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>oro<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fai<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>val<span class=\"_ _0\"></span>ue.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>I<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">debiti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">verso<span class=\"ff1\"> </span>ban<span class=\"_ _0\"></span>che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>appresentati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">principalmente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ebiti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>ista<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tas<span class=\"_ _2\"></span>so<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">variabile,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>stata<span class=\"ff1\"> </span>posta<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>alcun<span class=\"ff1\"> </span>tipo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>copertura.<span class=\"_ _3bd\"> </span>La<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">voce<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u201c1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Deb<span class=\"_ _2\"></span>iti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">verso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">banche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">c<span class=\"_ _2\"></span>entrali\u201d<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">accoglie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">op<span class=\"_ _2\"></span>erazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rifinanziamento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">effettuate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Banca<span class=\"ff1\"> </span>Centrale<span class=\"ff1\"> </span>Europea.<span class=\"_ _3bd\"> </span>L\u2019utilizzo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>canale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>ifinanziamento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tramite<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>BCE,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fine<span class=\"ff1\"> <span class=\"_ _2\"></span></span>2022,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>interamente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rappresentato<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>partecipazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>alle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>o<span class=\"_ _2\"></span>perazioni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>TLTRO<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>III<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>complessivi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>5,6<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>m<span class=\"_ _2\"></span>iliardi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>euro.<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>N<span class=\"_ _2\"></span>el<span class=\"ff1\"> <span class=\"_ _21\"></span></span>corso<span class=\"_ _2\"></span><span class=\"ff1\"> </span>dell\u2019anno<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">state<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">effettuate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nuove<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">operazioni.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mese<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dicembre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Banca<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>ffettuat<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>un<span class=\"ff1\"> </span>rimborso<span class=\"ff1\"> </span>volontar<span class=\"_ _2\"></span>io<span class=\"ff1\"> </span>anticipato<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>1,2<span class=\"ff1\"> </span>miliardi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>euro<span class=\"_ _2\"></span><span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>tranche<span class=\"ff1\"> </span>TLTRO<span class=\"ff1\"> </span>III.3<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>scad<span class=\"_ _2\"></span>enza<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>me<span class=\"_ _0\"></span>se<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">marz<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>202<span class=\"_ _0\"></span>3.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">me<span class=\"_ _0\"></span>se<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span>cemb<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">202<span class=\"_ _0\"></span>2<span class=\"ff1\"> </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sta<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>nch<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>imbo<span class=\"_ _0\"></span>rsata<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>tr<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>he<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">TLTR<span class=\"_ _0\"></span>O<span class=\"ff1\"> </span>I<span class=\"_ _0\"></span>II.2<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">da</span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>1,4<span class=\"ff1\"> </span>miliardi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>euro,<span class=\"ff1\"> </span>giunta<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>sua<span class=\"ff1\"> </span>naturale<span class=\"ff1\"> </span>scadenza.<span class=\"_ _3bd\"> </span><div class=\"t m26 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2020\">1.2<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2021\">Pa<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2022\">fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>zia<span class=\"_ _1\"></span>rie<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2023\">va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>ate<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2024\">al<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2025\">co<span class=\"_ _0\"></span>sto<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2026\">am<span class=\"_ _1\"></span>mor<span class=\"_ _0\"></span>tiz<span class=\"_ _0\"></span>za<span class=\"_ _0\"></span>to<span class=\"_ _1\"></span>:<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2027\">co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>os<span class=\"_ _1\"></span>izio<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2028\">me<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>eol<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2029\">de<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs202a\">de<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs202b\">ve<span class=\"_ _0\"></span>rso<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs202c\">cl<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs202d\">Ti<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>gia<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs202e\">op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>/V<span class=\"_ _0\"></span>alo<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs202f\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2030\">31<span class=\"_ _0\"></span>/1<span class=\"_ _0\"></span>2/2<span class=\"_ _0\"></span>02<span class=\"_ _1\"></span>2<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2031\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2032\">31<span class=\"_ _0\"></span>/1<span class=\"_ _0\"></span>2/2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2033\">V<span class=\"_ _0\"></span>B<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2034\">Fair<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2035\">Va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2036\">V<span class=\"_ _0\"></span>B<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2037\">F<span class=\"_ _3bd\"> </span>air<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2038\">Va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2039\">L<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _62\"> </span><span class=\"fc4 sc2\">L<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _72\"> </span><span class=\"fc4 sc2\">L<span class=\"_ _0\"></span>3<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _ff\"> </span><span class=\"fc4 sc2\">L1<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _63\"> </span><span class=\"fc4 sc2\">L<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _7c\"> </span></span></span></span></span></span></span></span></span></span><span class=\"fc0 sc1\"><span class=\"fc4 sc2\"><span class=\"fc0 sc1\"><span class=\"fc4 sc2\"><span class=\"fc0 sc1\"><span class=\"fc4 sc2\"><span class=\"fc0 sc1\"><span class=\"fc4 sc2\"><span class=\"fc0 sc1\"><span class=\"fc4 sc2\">L3<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs203a\">1.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Co<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cor<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">de<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>sit<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>v<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>a <span class=\"_ _1f8\"> </span>34.097.698<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1e\"> </span> <span class=\"_ _1e\"> </span><span class=\"ff3\">X<span class=\"_ _1\"></span> <span class=\"_ _178\"> </span>X <span class=\"_ _1ab\"> </span>X <span class=\"_ _7e\"> </span>33<span class=\"_ _2\"></span>.184.22<span class=\"_ _0\"></span>9<span class=\"ff1\"> <span class=\"_ _1e\"> </span> <span class=\"_ _1e\"> </span></span>X<span class=\"_ _1\"></span> <span class=\"_ _66\"> </span>X <span class=\"_ _83\"> </span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">X<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs203b\">2.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Depositi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sc<span class=\"_ _0\"></span>ade<span class=\"_ _0\"></span>nza<span class=\"_ _1\"></span> <span class=\"_ _29f\"> </span>1.283.116<span class=\"ff1\"> <span class=\"_ _1e\"> </span> <span class=\"_ _1e\"> </span></span>X<span class=\"_ _1c\"></span> <span class=\"_ _11c\"> </span>X <span class=\"_ _2e\"> </span>X <span class=\"_ _2a0\"> </span>460.685<span class=\"ff1\"> <span class=\"_ _1e\"> </span> <span class=\"_ _1e\"> </span></span>X<span class=\"_ _1\"></span> <span class=\"_ _a2\"> </span>X <span class=\"_ _83\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">X<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs203c\">3.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Finan<span class=\"_ _1\"></span>ziame<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>i <span class=\"_ _b8\"> </span>2.934.676<span class=\"ff1\"> <span class=\"_ _1e\"> </span> <span class=\"_ _1a\"> </span></span>X<span class=\"_ _1\"></span> <span class=\"_ _11c\"> </span>X <span class=\"_ _2e\"> </span>X <span class=\"_ _7f\"> </span>3<span class=\"_ _2\"></span>.599.164<span class=\"ff1\"> <span class=\"_ _1a\"> </span> <span class=\"_ _1d\"> </span></span>X<span class=\"_ _1\"></span> <span class=\"_ _66\"> </span>X <span class=\"_ _2a0\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\">X<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs203d\">3.1<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Pron<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>ro<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>mine<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pa<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span> <span class=\"_ _89\"> </span>2.355.113<span class=\"ff1\"> <span class=\"_ _1e\"> </span> <span class=\"_ _1e\"> </span></span>X<span class=\"_ _1\"></span> <span class=\"_ _178\"> </span>X <span class=\"_ _2e\"> </span>X <span class=\"_ _a5\"> </span>3.009.080<span class=\"ff1\"> <span class=\"_ _1e\"> </span> <span class=\"_ _1e\"> </span></span>X<span class=\"_ _1c\"></span> <span class=\"_ _66\"> </span>X <span class=\"_ _83\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">X<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs203e\">3.2<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Alt<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span> <span class=\"_ _f3\"> </span>579.5<span class=\"_ _0\"></span>63<span class=\"ff1\"> <span class=\"_ _1e\"> </span> <span class=\"_ _1e\"> </span></span>X<span class=\"_ _1\"></span> <span class=\"_ _177\"> </span>X <span class=\"_ _1ab\"> </span>X <span class=\"_ _68\"> </span>590<span class=\"_ _2\"></span>.084<span class=\"ff1\"> <span class=\"_ _1e\"> </span> <span class=\"_ _1e\"> </span></span>X<span class=\"_ _1\"></span> <span class=\"_ _66\"> </span>X <span class=\"_ _2a0\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\">X<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs203f\">4.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Debiti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"_ _2\"></span>mpegni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riacquisto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">propri<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2040\">strumenti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2041\">patrimon<span class=\"_ _0\"></span>iali<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2042\">-<span class=\"ff1\"> <span class=\"_ _1d\"> </span> <span class=\"_ _1e\"> </span></span>X<span class=\"_ _1\"></span> <span class=\"_ _177\"> </span>X <span class=\"_ _2e\"> </span>X <span class=\"_ _c2\"> </span>-<span class=\"ff1\"> <span class=\"_ _1d\"> </span> <span class=\"_ _1d\"> </span></span>X<span class=\"_ _1\"></span> <span class=\"_ _a2\"> </span>X <span class=\"_ _83\"> </span>X<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2043\">5.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Debiti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">lea<span class=\"_ _0\"></span>sin<span class=\"_ _0\"></span>g <span class=\"_ _14\"> </span>13<span class=\"_ _2\"></span>1.035<span class=\"ff1\"> <span class=\"_ _1e\"> </span> <span class=\"_ _1a\"> </span></span>X<span class=\"_ _0\"></span> <span class=\"_ _178\"> </span>X <span class=\"_ _2e\"> </span>X <span class=\"_ _39\"> </span>133.341<span class=\"ff1\"> <span class=\"_ _1e\"> </span> <span class=\"_ _1e\"> </span></span>X<span class=\"_ _1\"></span> <span class=\"_ _66\"> </span>X <span class=\"_ _2a0\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">X<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2044\">5.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>biti<span class=\"_ _1\"></span> <span class=\"_ _2a1\"> </span>331.495<span class=\"ff1\"> <span class=\"_ _1e\"> </span> <span class=\"_ _1e\"> </span></span>X<span class=\"_ _1\"></span> <span class=\"_ _177\"> </span>X <span class=\"_ _1ab\"> </span>X <span class=\"_ _2a0\"> </span>339.503<span class=\"ff1\"> <span class=\"_ _1e\"> </span> <span class=\"_ _1e\"> </span></span>X<span class=\"_ _1\"></span> <span class=\"_ _66\"> </span>X <span class=\"_ _2a0\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">X<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs2045\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs2046\">38<span class=\"_ _1\"></span>.77<span class=\"_ _0\"></span>8.0<span class=\"_ _1\"></span>20<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs2047\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs2048\">2.<span class=\"_ _0\"></span>35<span class=\"_ _0\"></span>5.<span class=\"_ _0\"></span>11<span class=\"_ _0\"></span>3 <span class=\"_ _29d\"> </span>36<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>22<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>07<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs2049\">37<span class=\"_ _1\"></span>.716<span class=\"_ _1\"></span>.92<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs204a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs204b\">3.<span class=\"_ _0\"></span>00<span class=\"_ _1\"></span>9.<span class=\"_ _3bd\"> </span>0<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>80<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs204c\">34<span class=\"_ _1\"></span>.70<span class=\"_ _0\"></span>7.8<span class=\"_ _1\"></span>42<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs204d\">Le<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>nda<span class=\"_ _1\"></span>:<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs204e\">VB=<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs204f\">L1=<span class=\"ff1\"> </span>Livello<span class=\"ff1\"> </span>1<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2050\">L2=<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Livello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2<span class=\"_ _1\"></span> </span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2051\">L3=<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Livello<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">3<span class=\"_ _0\"></span> </span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2052\">I<span class=\"ff1\"> </span>debiti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>iscritt<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">loro<span class=\"ff1\"> </span>valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nominale,<span class=\"ff1\"> </span>corrispondente<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>loro<span class=\"ff1\"> </span>fai<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">livello</span> <span class=\"ff3\">di</span> <span class=\"ff3\">fair</span> <span class=\"ff3\">value</span> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2053\">attribuito<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>isulta<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">essere<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pari<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">3,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ad<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">eccezione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">livello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fa<span class=\"_ _2\"></span>ir<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pr<span class=\"_ _2\"></span>onti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">contr<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>ermine<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2054\">\u00e8<span class=\"ff1\"> </span>attributo<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>2.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2055\">Nel<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">voce</span> <span class=\"_ _0\"></span><span class=\"ff3\">Deb<span class=\"_ _0\"></span>iti<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>lea<span class=\"_ _0\"></span>sing<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u00e8</span> <span class=\"ff3\">ri<span class=\"_ _0\"></span>comp<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>o,<span class=\"ff1\"> </span>ai<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">se<span class=\"_ _0\"></span>nsi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rinci<span class=\"_ _0\"></span>pio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">IFRS<span class=\"_ _0\"></span>16,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>D<span class=\"_ _0\"></span>ebi<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>lea<span class=\"_ _0\"></span>sing<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">(Lea<span class=\"_ _0\"></span>se<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2056\">Liability),<span class=\"ff1\"> </span>pari<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>attuale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span>canoni<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>revist<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>ancora<span class=\"ff1\"> </span>pagati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span>beni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">oggetti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>contratti<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2057\">di<span class=\"ff1\"> </span>leasing<span class=\"ff1\"> </span>operativo.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2058\">La<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>principale<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>novit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"_ _0\"></span>tro<span class=\"_ _2\"></span>dotta<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>prin<span class=\"_ _2\"></span>cipio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rappresentata<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dalla<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>modifica<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>m<span class=\"_ _2\"></span>odalit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2059\">contabilizzazione<span class=\"ff1\">  </span>delle<span class=\"ff1\">  </span>operazi<span class=\"_ _2\"></span>oni<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>leasing<span class=\"ff1\">  </span>operativo<span class=\"ff1\">  </span>ne<span class=\"_ _2\"></span>l<span class=\"ff1\">  </span>bilancio<span class=\"ff1\">  </span>del<span class=\"ff1\">  </span>locatario/<span class=\"_ _2\"></span>utilizzatore,<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs205a\">attraverso<span class=\"ff1\"> </span>l\u2019introduzione<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>unico<span class=\"ff1\"> </span>modello<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>contabilizzazi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>contratti<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">leasing<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>parte<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs205b\">del<span class=\"ff1\"> </span>locatario<span class=\"ff1\"> </span>siano<span class=\"ff1\"> </span>essi<span class=\"ff1\"> </span>classificati<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>leasing<span class=\"ff1\"> </span>operativi<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>finanziari.<span class=\"_ _2\"></span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs205c\">I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">debiti<span class=\"ff1\"> </span>verso<span class=\"ff1\"> </span>clientela<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rappresentati<span class=\"ff1\"> </span>principalmente<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">debiti<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>vista<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> </span>variabi<span class=\"_ _0\"></span>le,<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs205d\">\u00e8<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>stata<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>posta<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>essere<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"_ _2\"></span>lcun<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tipo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>copert<span class=\"_ _2\"></span>ura<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>specifica,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>m<span class=\"_ _2\"></span>entre<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>so<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>st<span class=\"_ _2\"></span>ate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>post<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>essere<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs205e\">cop<span class=\"_ _0\"></span>ertu<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>M<span class=\"_ _0\"></span>acro<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Fair<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">V<span class=\"_ _0\"></span>alue<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Hed<span class=\"_ _1\"></span>ge<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>oste<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">vis<span class=\"_ _0\"></span>ta,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cos\u00ec<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">come<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>scr<span class=\"_ _0\"></span>itto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">n<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>arte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">E<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sezi<span class=\"_ _0\"></span>one<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs205f\">2.<span class=\"_ _0\"></span>2<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span>nte<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nota.<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2060\">Si<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>egnala<span class=\"ff1\"> </span>che,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>seguito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>modifiche<span class=\"ff1\"> </span>apport<span class=\"_ _2\"></span>ate<span class=\"ff1\"> </span>a<span class=\"_ _2\"></span>l<span class=\"ff1\"> </span>funzionamento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>mercat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>interbancario<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2061\">collateralizzato,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> </span>conseguente<span class=\"ff1\"> </span>t<span class=\"_ _2\"></span>rasferimento<span class=\"ff1\"> </span>alla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Cassa<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Compensazione<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>Gar<span class=\"_ _2\"></span>anzia<span class=\"ff1\"> </span>ed<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2062\">Monte<span class=\"ff1\"> </span>Tit<span class=\"_ _2\"></span>oli<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>funzioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finora<span class=\"_ _2\"></span><span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>volte<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Banca<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d\u2019Italia,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nella<span class=\"ff1\"> <span class=\"_ _2\"></span></span>voce<span class=\"ff1\"> <span class=\"_ _2\"></span></span>3.1<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u201cPronti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contro<span class=\"ff1\"> <span class=\"_ _2\"></span></span>termine<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2063\">passivi\u201d<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>presenti<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>finanziamenti,<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>2.355,1<span class=\"ff1\"> </span>milioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>euro,<span class=\"ff1\"> </span>ricevuti<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>suddetto<span class=\"ff1\"> </span>mercat<span class=\"_ _2\"></span>o.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2064\">Secondo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"ff1\">  </span>dati<span class=\"ff1\">  </span>AB<span class=\"_ _0\"></span>I,<span class=\"ff1\">  </span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Italia,<span class=\"ff1\">  </span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dicembre<span class=\"ff1\">  </span>2<span class=\"_ _0\"></span>022,<span class=\"ff1\">  </span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dinamica<span class=\"ff1\">  </span>della<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>raccolta<span class=\"ff1\">  </span>diretta<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>risulta<span class=\"ff1\">  </span>in<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2065\">contrazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>-1,2%<span class=\"ff1\"> <span class=\"_ _21\"></span></span>su<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>annua,<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>variazione<span class=\"ff1\"> </span>pi\u00f9<span class=\"ff1\"> </span>mar<span class=\"_ _2\"></span>cata<span class=\"ff1\"> </span>sui<span class=\"ff1\"> </span>depositi,<span class=\"ff1\"> </span>mentre<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2066\">rac<span class=\"_ _0\"></span>col<span class=\"_ _0\"></span>ta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tram<span class=\"_ _0\"></span>ite<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">obb<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>oni<span class=\"ff1\"> </span>\u00e8<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">rimast<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>nv<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>ata.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">La<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>ntra<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rev<span class=\"_ _0\"></span>alen<span class=\"_ _0\"></span>teme<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">imp<span class=\"_ _0\"></span>utab<span class=\"_ _0\"></span>ile<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">all<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2067\">raccolta<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">imprese<span class=\"_ _2\"></span>,<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>he<span class=\"ff1\"> </span>nell\u2019anno<span class=\"ff1\"> </span>precedente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>vevano<span class=\"ff1\"> </span>incrementato<span class=\"ff1\"> </span>notevolmente<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">saldi</span> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2068\">depositi,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">data<span class=\"ff1\"> </span>l\u2019abbondanza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>liquidit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">presente<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">la</span> <span class=\"_ _0\"></span><span class=\"ff3\">cautela<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>procedere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> </span>nuovi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">investimenti.<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2069\">Per<span class=\"ff1\">  </span>q<span class=\"_ _0\"></span>uanto<span class=\"ff1\">  </span>riguarda<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\">  </span>Gruppo<span class=\"ff1\">  </span>Cred<span class=\"_ _0\"></span>em,<span class=\"ff1\">  </span>comple<span class=\"_ _0\"></span>ssivamente,<span class=\"ff1\">  </span>la<span class=\"ff1\">  </span>raccolta<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>diretta<span class=\"ff1\">  </span>ban<span class=\"_ _0\"></span>caria<span class=\"ff1\">  </span>ha<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs206a\">manifestato<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">trend<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">oppost<span class=\"_ _2\"></span>o,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cresciuta<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">7,2%<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rispetto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dicembre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">2021,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">raggiungendo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">39,8<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs206b\">miliardi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>euro,<span class=\"ff1\"> </span>effetto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>uno<span class=\"ff1\"> </span>sviluppo<span class=\"ff1\"> </span>commerciale<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>proseguito<span class=\"ff1\"> </span>organicamente<span class=\"ff1\"> </span>anche<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs206c\">difficile<span class=\"ff1\"> </span>contesto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>riferimento.<span class=\"_ _3bd\"> </span> </div>Si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riscontra<span class=\"ff1\"> </span>una<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tendenza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">linea<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sistema<span class=\"ff1\"> </span>esclusiv<span class=\"_ _0\"></span>amente<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>quanto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riguarda<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">segmento<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>corporate,<span class=\"ff1\"> </span>sul<span class=\"ff1\"> </span>quale<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>state<span class=\"ff1\"> </span>avviate<span class=\"ff1\"> </span>politiche<span class=\"ff1\"> </span>volte<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>ottimizzare<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>livelli<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>liquidit\u00e0.<span class=\"_ _3bd\"> </span>I<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>depositi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>registrano<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>+5,0%<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rispetto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>2021,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>hanno<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>accompagnato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>crescita<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>base<span class=\"ff1\"> </span>cl<span class=\"_ _0\"></span>ien<span class=\"_ _0\"></span>tela,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">pre<span class=\"_ _0\"></span>vale<span class=\"_ _0\"></span>nte<span class=\"_ _1\"></span>m<span class=\"_ _2\"></span>en<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>conce<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">sul<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>comp<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span>nte<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>vist<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>(86<span class=\"_ _0\"></span>,6%<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">totale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">dep<span class=\"_ _0\"></span>osi<span class=\"_ _0\"></span>ti)<span class=\"ff1\"> </span>anch<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>se<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>inamica<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>tassi<span class=\"ff1\"> </span>sta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">favorendo<span class=\"ff1\"> </span>anche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>crescita<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">depositi<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>scadenza<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>3,1%<span class=\"ff1\"> </span>verso<span class=\"ff1\"> </span>1,1%)<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>1.3<span class=\"_ _3bd\"> </span>Pa<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>ate<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>c<span class=\"_ _0\"></span>ost<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>am<span class=\"_ _1\"></span>mor<span class=\"_ _0\"></span>tiz<span class=\"_ _0\"></span>za<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>os<span class=\"_ _1\"></span>izio<span class=\"_ _1\"></span>ne<span class=\"_ _3bd\"> </span>me<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>eo<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>ca<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>tit<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>cir<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>Ti<span class=\"_ _0\"></span>pol<span class=\"_ _1\"></span>ogia<span class=\"_ _3bd\"> </span>ti<span class=\"_ _0\"></span>tol<span class=\"_ _0\"></span>i/<span class=\"_ _0\"></span>Va<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>ri<span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _2a3\"> </span><span class=\"fc4 sc2\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></span></span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _2a4\"> </span><span class=\"fc4 sc2\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></span></span>V<span class=\"_ _0\"></span>B<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Fa<span class=\"_ _0\"></span>ir<span class=\"_ _3bd\"> </span>Va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>V<span class=\"_ _0\"></span>B<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Fa<span class=\"_ _0\"></span>ir<span class=\"_ _3bd\"> </span>Va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>L<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _1ae\"> </span><span class=\"fc4 sc2\">L2<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _77\"> </span><span class=\"fc4 sc2\">L3<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _c1\"> </span><span class=\"fc4 sc2\">L<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _1ae\"> </span><span class=\"fc4 sc2\">L2<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _21a\"> </span><span class=\"fc4 sc2\">L<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></span></span></span></span></span></span></span></span></span></span>A.<span class=\"_ _3bd\"> </span>Ti<span class=\"_ _0\"></span>tol<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span> 1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">obbli<span class=\"_ _0\"></span>gaz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i <span class=\"_ _c1\"> </span>3.<span class=\"_ _0\"></span>368.<span class=\"_ _0\"></span>658<span class=\"_ _3bd\"> </span></span></span>3.1<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>.752<span class=\"_ _3bd\"> </span>18<span class=\"_ _0\"></span>4.1<span class=\"_ _0\"></span>64<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>424.<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>470<span class=\"_ _0\"></span>.56<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>1.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">str<span class=\"_ _0\"></span>uttu<span class=\"_ _0\"></span>rat<span class=\"_ _0\"></span>e <span class=\"_ _16c\"> </span>501.<span class=\"_ _0\"></span>354<span class=\"_ _3bd\"> </span></span></span>470<span class=\"_ _0\"></span>.1<span class=\"_ _0\"></span>82<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>501<span class=\"_ _0\"></span>.35<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>512<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>72<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>1.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altr<span class=\"_ _0\"></span>e <span class=\"_ _19d\"> </span>2<span class=\"_ _0\"></span>.86<span class=\"_ _0\"></span>7.3<span class=\"_ _0\"></span>04<span class=\"_ _3bd\"> </span></span></span>2.<span class=\"_ _0\"></span>650.<span class=\"_ _0\"></span>570<span class=\"_ _3bd\"> </span>18<span class=\"_ _0\"></span>4.1<span class=\"_ _0\"></span>64<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>922<span class=\"_ _0\"></span>.66<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>958.<span class=\"_ _0\"></span>09<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>2.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altri<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>ito<span class=\"_ _0\"></span>li <span class=\"_ _1e8\"> </span>139<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>39<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>45<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>45<span class=\"_ _3bd\"> </span>2.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">str<span class=\"_ _0\"></span>uttu<span class=\"_ _0\"></span>rat<span class=\"_ _0\"></span>e <span class=\"_ _ac\"> </span>-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>2.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altre<span class=\"_ _0\"></span> <span class=\"_ _f8\"> </span>13<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>39<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>45<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>45<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>3.<span class=\"_ _0\"></span>36<span class=\"_ _1\"></span>8.79<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>3.<span class=\"_ _0\"></span>12<span class=\"_ _0\"></span>0.7<span class=\"_ _1\"></span>52<span class=\"_ _3bd\"> </span>18<span class=\"_ _0\"></span>4.1<span class=\"_ _0\"></span>64<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>39<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>42<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>16<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>47<span class=\"_ _0\"></span>0.5<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>-1<span class=\"_ _0\"></span>45<span class=\"_ _3bd\"> </span>Le<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>nda<span class=\"_ _1\"></span>:<span class=\"fc0 sc1\"> </span>VB=<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> </span></span></span></span></span></span></span>L1=<span class=\"ff1\"> </span>Livello<span class=\"ff1\"> </span>1<span class=\"_ _3bd\"> </span> L2=<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Livello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2<span class=\"_ _1\"></span> </span></span></span></span>L3=<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Livello<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">3<span class=\"_ _0\"></span> </span></span></span></span>Nel<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">voce<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u201ca<span class=\"_ _0\"></span>ltri<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ti<span class=\"_ _0\"></span>tol<span class=\"_ _0\"></span>i\u201d<span class=\"ff1\"> </span>so<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>las<span class=\"_ _0\"></span>sif<span class=\"_ _0\"></span>icati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ce<span class=\"_ _0\"></span>rtifi<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>sito<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span>Le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>obbligazioni,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>subordinati<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>senior,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fine<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dicembre<span class=\"ff1\"> <span class=\"_ _21\"></span></span>2022<span class=\"ff1\"> <span class=\"_ _21\"></span></span>si<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>attest<span class=\"_ _2\"></span>ano<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>3,4<span class=\"ff1\"> <span class=\"_ _21\"></span></span>miliardi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>euro<span class=\"_ _2\"></span>,<span class=\"ff1\"> </span>ris<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>tto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ai<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">2,4<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mil<span class=\"_ _0\"></span>iard<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">2<span class=\"_ _0\"></span>021,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>rec<span class=\"_ _0\"></span>epi<span class=\"_ _0\"></span>scon<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>\u2019em<span class=\"_ _0\"></span>iss<span class=\"_ _0\"></span>ione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">200<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mi<span class=\"_ _0\"></span>lion<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">euro<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>T<span class=\"_ _0\"></span>2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ub<span class=\"_ _0\"></span>ordi<span class=\"_ _0\"></span>nato,<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ef<span class=\"_ _0\"></span>fett<span class=\"_ _0\"></span>uata<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nel</span> <span class=\"ff3\">me<span class=\"_ _0\"></span>se<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>lu<span class=\"_ _0\"></span>gli<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(o<span class=\"_ _0\"></span>pera<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>pre<span class=\"_ _0\"></span>cedu<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>dal<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">richi<span class=\"_ _0\"></span>amo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">una</span> <span class=\"ff3\">prec<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">emi<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>non<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>pi\u00f9<span class=\"ff1\"> </span>efficace<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>punto<span class=\"_ _2\"></span><span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>vis<span class=\"_ _2\"></span>ta<span class=\"ff1\"> </span>patr<span class=\"_ _2\"></span>imoniale<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>100<span class=\"_ _2\"></span><span class=\"ff1\"> </span>milioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>euro),<span class=\"ff1\"> </span>o<span class=\"_ _2\"></span>ltre<span class=\"ff1\"> </span>all\u2019emissione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>Green<span class=\"_ _3bd\"> </span>Senior<span class=\"_ _3bd\"> </span>Preferred,<span class=\"ff1\"> </span>destinato<span class=\"ff1\"> </span>ad<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">investitori<span class=\"ff1\"> </span>istituzionali,<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>nominali<span class=\"ff1\"> </span>600<span class=\"ff1\"> </span>milioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">euro,</span> <span class=\"ff3\">come</span> <span class=\"_ _0\"></span><span class=\"ff3\">gi\u00e0<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span>anticipato<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _20\"></span></span>paragrafo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Relazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sulla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Gestione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dedicat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _20\"></span></span>principali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"_ _2\"></span>venti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">Gruppo</span> </span>Cre<span class=\"_ _0\"></span>dem<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span> 1.<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>De<span class=\"_ _0\"></span>tta<span class=\"_ _1\"></span>gli<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>ti/<span class=\"_ _0\"></span>tit<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>su<span class=\"_ _0\"></span>bo<span class=\"_ _0\"></span>rd<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Pri<span class=\"_ _0\"></span>ncip<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cara<span class=\"_ _0\"></span>tte<span class=\"_ _0\"></span>rist<span class=\"_ _0\"></span>iche<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cont<span class=\"_ _0\"></span>rattu<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">delle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pa<span class=\"_ _0\"></span>ssiv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span>sub<span class=\"_ _0\"></span>ord<span class=\"_ _0\"></span>inat<span class=\"_ _0\"></span>e:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span>\u201cCR<span class=\"_ _0\"></span>EDIT<span class=\"_ _0\"></span>O<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">EMILI<span class=\"_ _1\"></span>ANO<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">20/3<span class=\"_ _0\"></span>0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">SU<span class=\"_ _0\"></span>BOR<span class=\"_ _0\"></span>DINA<span class=\"_ _0\"></span>TO<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">3,5%<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">SUB<span class=\"_ _0\"></span>\u201d<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(IS<span class=\"_ _0\"></span>IN<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">IT<span class=\"_ _0\"></span>00054<span class=\"_ _0\"></span>2153<span class=\"_ _0\"></span>9)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">200.<span class=\"_ _0\"></span>000.<span class=\"_ _0\"></span>000,<span class=\"_ _0\"></span>00<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>\u20ac<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>osti<span class=\"_ _0\"></span>tui<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>2<span class=\"_ _0\"></span>.000<span class=\"_ _0\"></span>.000,<span class=\"_ _0\"></span>00<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ob<span class=\"_ _0\"></span>bli<span class=\"_ _0\"></span>gaz<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alo<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nom<span class=\"_ _0\"></span>inale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">100<span class=\"ff1\"> </span>\u20ac<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">cad<span class=\"_ _0\"></span>aun<span class=\"_ _0\"></span>a.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span>Le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>obbligazioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>corrisponderanno<span class=\"ff1\">  </span>ce<span class=\"_ _0\"></span>dole<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fisse<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>annuali<span class=\"ff1\">  </span>pari<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>3,5%<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>annuo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>lordo<span class=\"ff1\">  </span>fino<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"ff1\"> </span>16/12/2025<span class=\"ff1\"> </span>poi<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> </span>IRS<span class=\"ff1\">  </span>5Y<span class=\"ff1\"> </span>+<span class=\"ff1\"> </span>3,897%<span class=\"ff1\"> </span>annuo<span class=\"ff1\"> </span>lordo.<span class=\"_ _3bd\"> </span> Il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>prest<span class=\"_ _2\"></span>ito<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>s<span class=\"_ _2\"></span>cade<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\">  </span>16/12/2030<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>se<span class=\"ff1\">  </span>non<span class=\"ff1\">  </span>v<span class=\"_ _0\"></span>err\u00e0<span class=\"ff1\">  </span>esercitata<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>l\u2019opzione<span class=\"ff1\">  </span>cal<span class=\"_ _0\"></span>l<span class=\"ff1\">  </span>al<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>16/12/<span class=\"_ _2\"></span>2025<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"ff1\"> </span>significher\u00e0<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>rimborso<span class=\"ff1\"> </span>anticipato.<span class=\"_ _3bd\"> </span> Al<span class=\"ff1\"> </span>31/12/2022<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>quantit\u00e0<span class=\"ff1\"> </span>residua<span class=\"ff1\"> </span>risulta<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>200.000.000,00<span class=\"ff1\"> </span>\u20ac<span class=\"ff1\"> </span>costituita<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>n.<span class=\"ff1\"> </span>2.000.000<span class=\"ff1\"> </span>obbligazioni<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>nominale<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>100<span class=\"ff1\"> </span>\u20ac<span class=\"ff1\"> </span>cadauna.<span class=\"_ _3bd\"> </span> L\u2019<span class=\"_ _0\"></span>obbl<span class=\"_ _0\"></span>igaz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stata<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span>tera<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ottos<span class=\"_ _0\"></span>crit<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>Cr<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span>mho<span class=\"_ _0\"></span>lding<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span>\u201cCR<span class=\"_ _0\"></span>EDIT<span class=\"_ _0\"></span>O<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">EMI<span class=\"_ _0\"></span>LIA<span class=\"_ _0\"></span>NO<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">22/32<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">SU<span class=\"_ _0\"></span>BORDI<span class=\"_ _0\"></span>NATO<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">7<span class=\"_ _0\"></span>,62<span class=\"_ _0\"></span>5<span class=\"ff1\"> </span>S<span class=\"_ _0\"></span>UB\u201d<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>ISI<span class=\"_ _0\"></span>N<span class=\"ff1\"> </span>I<span class=\"_ _0\"></span>T000<span class=\"_ _0\"></span>5497<span class=\"_ _0\"></span>117)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>20<span class=\"_ _0\"></span>0.00<span class=\"_ _0\"></span>0.000<span class=\"_ _0\"></span>,00<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span>\u20ac<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>osti<span class=\"_ _0\"></span>tui<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>2<span class=\"_ _0\"></span>.000<span class=\"_ _0\"></span>.000,<span class=\"_ _0\"></span>00<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ob<span class=\"_ _0\"></span>bli<span class=\"_ _0\"></span>gaz<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alo<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nom<span class=\"_ _0\"></span>inale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">100<span class=\"ff1\"> </span>\u20ac<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">cad<span class=\"_ _0\"></span>aun<span class=\"_ _0\"></span>a.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span>Le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>obbligazioni<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cor<span class=\"_ _2\"></span>risponderanno<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cedole<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>fiss<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>annuali<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>pari<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>7<span class=\"_ _2\"></span>,625%<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>annuo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>lordo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fino<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> </span>05/10/2027<span class=\"ff1\"> </span>poi<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> </span>MS<span class=\"ff1\">  </span>5Y<span class=\"ff1\"> </span>+<span class=\"ff1\"> </span>5,514%<span class=\"ff1\"> </span>annuo<span class=\"ff1\"> </span>lordo.<span class=\"_ _3bd\"> </span>Il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>prestito<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>scade<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>05/10/2032<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>se<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ve<span class=\"_ _0\"></span>rr\u00e0<span class=\"ff1\">  </span>esercitata<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>l\u2019opz<span class=\"_ _0\"></span>ione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>call<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>05/07/2027<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"ff1\"> </span>significher\u00e0<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>rimborso<span class=\"ff1\"> </span>anticipato<span class=\"_ _3bd\"> </span>.<span class=\"_ _3bd\"> </span>Al<span class=\"ff1\"> </span>31/12/2022<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>quantit\u00e0<span class=\"ff1\"> </span>residua<span class=\"ff1\"> </span>risulta<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>200.000.000,00<span class=\"ff1\"> </span>\u20ac<span class=\"ff1\"> </span>costituita<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>n.<span class=\"ff1\"> </span>2.000.000<span class=\"ff1\"> </span>obbligazioni<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>nominale<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>100<span class=\"ff1\"> </span>\u20ac<span class=\"ff1\"> </span>cadauna<span class=\"_ _3bd\"> </span>L\u2019<span class=\"_ _0\"></span>obbl<span class=\"_ _0\"></span>igaz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stata<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span>tera<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ottos<span class=\"_ _0\"></span>crit<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>Cr<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span>mho<span class=\"_ _0\"></span>lding<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span></span></span></span></span>In<span class=\"ff1\"> </span>caso<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>liquidazione<span class=\"ff1\"> </span>tutte<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>obbligazioni<span class=\"ff1\"> </span>subordinate<span class=\"ff1\"> </span>saranno<span class=\"ff1\"> </span>rimborsate<span class=\"ff1\"> </span>solo<span class=\"ff1\"> </span>dopo<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>sian<span class=\"_ _3bd\"> </span>stati<span class=\"ff1\"> </span>soddisfatti<span class=\"ff1\"> </span>tutti<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>altri<span class=\"ff1\"> </span>creditori<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>ugualmente<span class=\"ff1\"> </span>subordinat<span class=\"_ _2\"></span>i.<span class=\"_ _3bd\"> </span>Le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ob<span class=\"_ _0\"></span>blig<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>ono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cope<span class=\"_ _0\"></span>rte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dal<span class=\"_ _0\"></span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gara<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Fond<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>In<span class=\"_ _0\"></span>terb<span class=\"_ _0\"></span>anca<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _1\"></span><span class=\"ff3\">Tutela<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Depo<span class=\"_ _0\"></span>siti<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>1.<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>De<span class=\"_ _0\"></span>tta<span class=\"_ _1\"></span>gli<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>st<span class=\"_ _0\"></span>rut<span class=\"_ _1\"></span>tura<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esistono,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">data<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bilancio,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">n\u00e9<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">31<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>icembre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2021,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">debiti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">strutturati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">verso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">banche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vers<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>cl<span class=\"_ _0\"></span>ien<span class=\"_ _0\"></span>tela.<span class=\"_ _3bd\"> </span>1.6<span class=\"_ _3bd\"> </span>De<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>per<span class=\"_ _3bd\"> </span>le<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>ing<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>31<span class=\"ff1\"> </span>dicembre<span class=\"ff1\"> </span>2022<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>presenti<span class=\"ff1\"> </span>debiti<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>leasing<span class=\"ff1\"> </span>IFRS16<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>131<span class=\"ff1\"> </span>milioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>euro.<span class=\"ff1\"> </span>Si<span class=\"ff1\"> </span>allegano<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> </span>finanziari<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>leasing<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>l'analisi<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>scadenze:<span class=\"_ _3bd\"> </span>Fino<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">1<span class=\"ff1\"> </span>m<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>se<span class=\"_ _1\"></span> <span class=\"_ _58\"> </span>5.<span class=\"_ _1\"></span>84<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span></span></span></span></span>Oltre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">1<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mese<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fino<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">3<span class=\"ff1\"> </span>m<span class=\"_ _1\"></span>es<span class=\"_ _0\"></span>i <span class=\"_ _2a5\"> </span>32<span class=\"_ _1\"></span>5<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>Oltre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">3<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mesi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fino<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">an<span class=\"_ _0\"></span>no<span class=\"_ _1\"></span> <span class=\"_ _2a6\"> </span>15.<span class=\"_ _0\"></span>531<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>Oltre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">anno<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fino<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">5<span class=\"ff1\"> </span>a<span class=\"_ _1\"></span>nni<span class=\"_ _1\"></span> <span class=\"_ _f8\"> </span>63<span class=\"_ _0\"></span>.54<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>Oltre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">5<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">an<span class=\"_ _0\"></span>ni<span class=\"_ _1\"></span> <span class=\"_ _249\"> </span>45.79<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span></span></span></span></span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span> <span class=\"_ _4c\"> </span>13<span class=\"_ _0\"></span>1.<span class=\"_ _0\"></span>03<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>Ti<span class=\"_ _0\"></span>tol<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>ci<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>ola<span class=\"_ _1\"></span>zion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>og<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>tto<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rtu<span class=\"_ _0\"></span>ra<span class=\"_ _3bd\"> </span>sp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ca<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Si<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>adottata<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>metodologia<span class=\"ff1\"> </span>contabile<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Micro<span class=\"ff1\"> </span>Fair<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Value<span class=\"ff1\"> </span>Hedge<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>copertura<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>associato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>all\u2019emissione<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prestiti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>obbligazionari<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tasso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fisso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ammontare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>circ<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>050<span class=\"ff1\"> </span>m<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span>uro<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">.<span class=\"_ _0\"></span> </span></span></span></span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-757": {
   "value": "1.<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>Pa<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span>fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>zia<span class=\"_ _1\"></span>rie<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>ate<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>sto<span class=\"_ _3bd\"> </span>am<span class=\"_ _1\"></span>mor<span class=\"_ _0\"></span>tiz<span class=\"_ _0\"></span>za<span class=\"_ _0\"></span>to<span class=\"_ _1\"></span>:<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>me<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>eol<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>ve<span class=\"_ _0\"></span>rso<span class=\"_ _3bd\"> </span>ba<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span><table class=\"s w3a1 h21e\" id=\"_48576cad-9578-4604-b836-01c1c3e4d758\"><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x585 h43 y4c5f ff3 fs1b fc4 sc2 ls0 ws0\" colspan=\"2\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></td><td></td><td></td><td></td><td class=\"t m0 x586 h43 y4c5f ff3 fs1b fc4 sc2 ls0 ws0\" colspan=\"2\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x587 h43 y4c60 ff3 fs1b fc4 sc2 ls0 ws0\">Ti<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>gia<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x588 h43 y4c60 ff3 fs1b fc4 sc2 ls0 ws0\" colspan=\"2\">op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>/V<span class=\"_ _0\"></span>alo<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></td><td></td><td class=\"t m0 x589 h43 y4c61 ff3 fs1b fc4 sc2 ls0 ws0\">V<span class=\"_ _0\"></span>B<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></td><td></td><td class=\"t m0 x58a h43 y4c62 ff3 fs1b fc4 sc2 ls0 ws0\">31<span class=\"_ _0\"></span>/1<span class=\"_ _0\"></span>2/2<span class=\"_ _0\"></span>02<span class=\"_ _1\"></span>2<span class=\"fc0 sc1\"> </span></td><td class=\"c x58c y4c63 w3a2 h21f\" colspan=\"2\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc4 sc2 ls0 ws0\">Fair<span class=\"_ _3bd\"> </span></div><div class=\"t m0 x58b h43 y4b58 ff3 fs1b fc4 sc2 ls0 ws0\">Va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div></td><td class=\"t m0 x58d h43 y4c61 ff3 fs1b fc4 sc2 ls0 ws0\">V<span class=\"_ _0\"></span>B<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></td><td></td><td class=\"t m0 x58e h43 y4c62 ff3 fs1b fc4 sc2 ls0 ws0\">31<span class=\"_ _0\"></span>/1<span class=\"_ _0\"></span>2/2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></td><td class=\"c x590 y4c63 w3a3 h21f\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc4 sc2 ls0 ws0\">Fair<span class=\"_ _3bd\"> </span></div><div class=\"t m0 x58f h43 y4b58 ff3 fs1b fc4 sc2 ls0 ws0\">Va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c n x591 y4c64 w3a4 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc4 sc2 ls0 ws0\">L<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x592 y4c64 w3a5 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc4 sc2 ls0 ws0 sc1\">L2<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x593 y4c64 w3a6 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc4 sc2 ls0 ws0 sc1\">L3<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x594 y4c64 w3a7 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc4 sc2 ls0 ws0 sc1\">L1<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x595 y4c64 w3a8 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc4 sc2 ls0 ws0 sc1\">L2<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x596 y4c64 w3a6 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc4 sc2 ls0 ws0 sc1\">L3<span class=\"_ _3bd\"> </span></div></td></tr><tr><td class=\"t m0 x2d2 h43 y4c65 ff3 fs1b fc0 sc1 ls0 ws0\">1.<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x50b h43 y4c65 ff3 fs1b fc0 sc1 ls0 ws0\">De<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x597 h43 y4c65 ff3 fs1b fc0 sc1 ls0 ws0\">ve<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x39d h43 y4c65 ff3 fs1b fc0 sc1 ls0 ws0\">ba<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>he<span class=\"_ _3bd\"> </span></td><td class=\"c n x598 y4c66 w3a9 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc1 ls0 ws0\">ce<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x599 y4c66 w3aa h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc1 ls0 ws0\">5.<span class=\"_ _0\"></span>58<span class=\"_ _1\"></span>4.25<span class=\"_ _0\"></span>6</div></td><td class=\"t m0 x59a h43 y4c67 ff1 fs1b fc0 sc0 ls0 ws0\"> <span class=\"_ _1f4\"> </span><span class=\"ff3\">X<span class=\"_ _3bd\"> </span></span></td><td class=\"c n x59b y4c68 w3ab h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59c y4c68 w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"t m0 x59d h43 y4c65 ff3 fs1b fc0 sc1 ls0 ws0\">8.<span class=\"_ _0\"></span>16<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>75<span class=\"_ _0\"></span>2</td><td class=\"t m0 x59e h43 y4c67 ff1 fs1b fc0 sc0 ls0 ws0\"> <span class=\"_ _1ec\"> </span><span class=\"ff3\">X<span class=\"_ _3bd\"> </span></span></td><td class=\"c n x590 y4c68 w3ad h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59f y4c68 w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td></tr><tr><td class=\"t m0 x2d2 h43 y4c69 ff3 fs1b fc0 sc1 ls0 ws0\">2.<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x4e3 h43 y4c69 ff3 fs1b fc0 sc1 ls0 ws0\">Debi<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x5a0 h43 y4c69 ff3 fs1b fc0 sc1 ls0 ws0\">vers<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></td><td class=\"c n x5a1 y4c6a w3ae h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc1 ls0 ws0\">ba<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>he<span class=\"_ _3bd\"> </span></div></td><td></td><td></td><td class=\"c n x5a2 y4c6a w3af h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc1 ls0 ws0\">3.<span class=\"_ _0\"></span>15<span class=\"_ _0\"></span>2.<span class=\"_ _0\"></span>03<span class=\"_ _0\"></span>7</div></td><td class=\"t m0 x59a h43 y4c6b ff1 fs1b fc0 sc0 ls0 ws0\"> <span class=\"_ _1f4\"> </span><span class=\"ff3\">X<span class=\"_ _3bd\"> </span></span></td><td class=\"c n x59b y4c6c w3ab h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59c y4c6c w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"t m0 x5a3 h43 y4c69 ff3 fs1b fc0 sc1 ls0 ws0\">4.<span class=\"_ _0\"></span>42<span class=\"_ _0\"></span>0.<span class=\"_ _0\"></span>82<span class=\"_ _0\"></span>4</td><td class=\"t m0 x59e h43 y4c6b ff1 fs1b fc0 sc0 ls0 ws0\"> <span class=\"_ _1ec\"> </span><span class=\"ff3\">X<span class=\"_ _3bd\"> </span></span></td><td class=\"c n x590 y4c6c w3ad h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59f y4c6c w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"c n x4e0 y4c6d w3b0 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">2.<span class=\"_ _0\"></span>1<span class=\"ff1\"> </span>Co<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cor<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">d<span class=\"_ _0\"></span>epo<span class=\"_ _0\"></span>sit<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>v<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>a<span class=\"_ _3bd\"> </span></span></span></span></span></div></td><td></td><td></td><td class=\"c n x5a4 y4c6d w3b1 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">7<span class=\"_ _0\"></span>05.<span class=\"_ _0\"></span>85<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5a5 y4c6d w3ad h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x59b y4c6d w3ab h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59c y4c6d w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5a6 y4c6d w283 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">149<span class=\"_ _0\"></span>.42<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5a7 y4c6d w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x590 y4c6d w3ad h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59f y4c6d w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"c n x4e0 y4c6e w3b2 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">2.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Depositi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sca<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>nza<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></div></td><td></td><td></td><td class=\"c n x5a8 y4c6e w3b3 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">5.<span class=\"_ _0\"></span>701<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5a9 y4c6e w3ab h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x59b y4c6e w3ab h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59c y4c6e w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5aa y4c6e w3b4 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">4<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5ab y4c6e w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x590 y4c6e w3ad h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59f y4c6e w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c n x4e0 y4c6f w3b5 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">2.3<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nti<span class=\"_ _3bd\"> </span></span></span></div></td><td></td><td></td><td></td><td class=\"c n x5ac y4c6f w3b6 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">2.43<span class=\"_ _0\"></span>9.9<span class=\"_ _0\"></span>44<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5ad y4c6f w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x59b y4c6f w3ab h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59c y4c6f w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5ae y4c6f w3b7 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">4.<span class=\"_ _0\"></span>265<span class=\"_ _0\"></span>.96<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5af y4c6f w3ad h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x590 y4c6f w3ad h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59f y4c6f w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td></tr><tr><td></td><td class=\"c n x5b0 y4c70 w3b8 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">2.<span class=\"_ _0\"></span>3.1<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">Pr<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>ermi<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>ivi<span class=\"_ _3bd\"> </span></span></span></div></td><td></td><td></td><td></td><td></td><td class=\"c n x5b1 y4c70 w3b9 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">2.<span class=\"_ _0\"></span>42<span class=\"_ _0\"></span>0.9<span class=\"_ _0\"></span>97<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5b2 y4c70 w3ab h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x59b y4c70 w3ab h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59c y4c70 w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5ae y4c70 w3ba h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">4.<span class=\"_ _0\"></span>242<span class=\"_ _0\"></span>.80<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5b3 y4c70 w3ad h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x590 y4c70 w3ad h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59f y4c70 w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c n x5b0 y4c71 w3bb h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">2.3.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Alt<span class=\"_ _0\"></span>ri<span class=\"_ _3bd\"> </span></span></span></div></td><td></td><td></td><td></td><td class=\"c n x5b4 y4c71 w3bc h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">18.<span class=\"_ _0\"></span>947<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5b5 y4c71 w3ab h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x59b y4c71 w3ab h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59c y4c71 w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5b6 y4c71 w3bd h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">23<span class=\"_ _0\"></span>.15<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5b7 y4c71 w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x590 y4c71 w3ad h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59f y4c71 w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m0 x50b h43 y4c72 ff3 fs1b fc0 sc0 ls0 ws0\">2.4<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Debiti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"_ _2\"></span>mpegni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riacquisto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">propri</span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></td><td></td><td></td><td></td><td class=\"c n x5b8 y4c73 w3be h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5b9 y4c73 w3ab h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x59b y4c73 w3ab h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59c y4c73 w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5ba y4c73 w3bf h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5b3 y4c73 w3ad h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x590 y4c73 w3ad h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59f y4c73 w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m0 x50b h43 y4c74 ff3 fs1b fc0 sc0 ls0 ws0\">strumenti<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x5bb h43 y4c74 ff3 fs1b fc0 sc0 ls0 ws0\">patrimon<span class=\"_ _0\"></span>iali </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c n x4e0 y4c75 w3c0 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">2.5<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Debiti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">lea<span class=\"_ _0\"></span>sin<span class=\"_ _0\"></span>g<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></div></td><td></td><td></td><td class=\"c n x5bc y4c75 w3c1 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5bd y4c75 w3ab h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x59b y4c75 w3ab h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59c y4c75 w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5ba y4c75 w3bf h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5b3 y4c75 w3ad h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x590 y4c75 w3ad h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59f y4c75 w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c n x4e0 y4c76 w3c2 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">2.6<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">deb<span class=\"_ _0\"></span>iti<span class=\"_ _3bd\"> </span></span></span></span></span></div></td><td></td><td></td><td></td><td class=\"c n x5be y4c76 w3c3 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">5<span class=\"_ _0\"></span>33<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5bf y4c76 w3ad h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x59b y4c76 w3ab h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59c y4c76 w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5c0 y4c76 w3c4 h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">1.<span class=\"_ _0\"></span>42<span class=\"_ _1\"></span>7<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x5c1 y4c76 w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td class=\"c n x590 y4c76 w3ad h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td><td></td><td class=\"c n x59f y4c76 w3ac h215\"><div class=\"t m0 x2c1 h43 y4b58 ff3 fs1b fc0 sc0 ls0 ws0\">X<span class=\"_ _3bd\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x38a h43 y4c77 ff3 fs1b fc0 sc1 ls0 ws0\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x5c2 h43 y4c77 ff3 fs1b fc0 sc1 ls0 ws0\">8.<span class=\"_ _0\"></span>73<span class=\"_ _0\"></span>6.<span class=\"_ _0\"></span>29<span class=\"_ _0\"></span>3 </td><td></td><td class=\"t m24 x5c3 h43 y4c77 ff3 fs1b fc0 sc1 ls0 ws0\">-<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x5c4 h43 y4c77 ff3 fs1b fc0 sc1 ls0 ws0\">2.<span class=\"_ _0\"></span>42<span class=\"_ _0\"></span>0.<span class=\"_ _0\"></span>99<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x5c5 h43 y4c77 ff3 fs1b fc0 sc1 ls0 ws0\">6.<span class=\"_ _0\"></span>31<span class=\"_ _0\"></span>5.2<span class=\"_ _0\"></span>96<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x5c6 h43 y4c77 ff3 fs1b fc0 sc1 ls0 ws0\">12<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>85<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>76<span class=\"_ _1\"></span> </td><td></td><td class=\"t m24 x5c7 h43 y4c77 ff3 fs1b fc0 sc1 ls0 ws0\">-<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x5c8 h43 y4c77 ff3 fs1b fc0 sc1 ls0 ws0\">4.<span class=\"_ _0\"></span>24<span class=\"_ _0\"></span>2.8<span class=\"_ _1\"></span>02<span class=\"_ _3bd\"> </span></td><td class=\"t m0 x339 h43 y4c77 ff3 fs1b fc0 sc1 ls0 ws0\">8.<span class=\"_ _1\"></span>342.<span class=\"_ _0\"></span>77<span class=\"_ _1\"></span>4<span class=\"_ _3bd\"> </span></td></tr></table>Le<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>nda<span class=\"_ _1\"></span>:<span class=\"fc0 sc1\"> </span>VB=<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> </span></span></span></span></span></span></span>L1=<span class=\"ff1\"> </span>Livello<span class=\"ff1\"> </span>1<span class=\"_ _3bd\"> </span>L2=<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Livello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2<span class=\"_ _1\"></span> </span></span></span></span>L3=<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Livello<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">3<span class=\"_ _0\"></span> </span></span></span></span>I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">deb<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>isc<span class=\"_ _0\"></span>rit<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">lor<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ore<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>omi<span class=\"_ _0\"></span>nale<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>orri<span class=\"_ _0\"></span>spo<span class=\"_ _0\"></span>nden<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>oro<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fai<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>val<span class=\"_ _0\"></span>ue.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>I<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">debiti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">verso<span class=\"ff1\"> </span>ban<span class=\"_ _0\"></span>che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>appresentati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">principalmente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ebiti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>ista<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tas<span class=\"_ _2\"></span>so<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">variabile,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>stata<span class=\"ff1\"> </span>posta<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>alcun<span class=\"ff1\"> </span>tipo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>copertura.<span class=\"_ _3bd\"> </span>La<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">voce<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u201c1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Deb<span class=\"_ _2\"></span>iti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">verso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">banche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">c<span class=\"_ _2\"></span>entrali\u201d<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">accoglie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">op<span class=\"_ _2\"></span>erazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rifinanziamento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">effettuate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Banca<span class=\"ff1\"> </span>Centrale<span class=\"ff1\"> </span>Europea.<span class=\"_ _3bd\"> </span>L\u2019utilizzo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>canale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>ifinanziamento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tramite<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>BCE,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fine<span class=\"ff1\"> <span class=\"_ _2\"></span></span>2022,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>interamente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rappresentato<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>partecipazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>alle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>o<span class=\"_ _2\"></span>perazioni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>TLTRO<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>III<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>complessivi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>5,6<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>m<span class=\"_ _2\"></span>iliardi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>euro.<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>N<span class=\"_ _2\"></span>el<span class=\"ff1\"> <span class=\"_ _21\"></span></span>corso<span class=\"_ _2\"></span><span class=\"ff1\"> </span>dell\u2019anno<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">state<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">effettuate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nuove<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">operazioni.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mese<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dicembre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Banca<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>ffettuat<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>un<span class=\"ff1\"> </span>rimborso<span class=\"ff1\"> </span>volontar<span class=\"_ _2\"></span>io<span class=\"ff1\"> </span>anticipato<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>1,2<span class=\"ff1\"> </span>miliardi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>euro<span class=\"_ _2\"></span><span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>tranche<span class=\"ff1\"> </span>TLTRO<span class=\"ff1\"> </span>III.3<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>scad<span class=\"_ _2\"></span>enza<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>me<span class=\"_ _0\"></span>se<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">marz<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>202<span class=\"_ _0\"></span>3.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">me<span class=\"_ _0\"></span>se<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span>cemb<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">202<span class=\"_ _0\"></span>2<span class=\"ff1\"> </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sta<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>nch<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>imbo<span class=\"_ _0\"></span>rsata<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>tr<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>he<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">TLTR<span class=\"_ _0\"></span>O<span class=\"ff1\"> </span>I<span class=\"_ _0\"></span>II.2<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">da</span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>1,4<span class=\"ff1\"> </span>miliardi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>euro,<span class=\"ff1\"> </span>giunta<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>sua<span class=\"ff1\"> </span>naturale<span class=\"ff1\"> </span>scadenza.<span class=\"_ _3bd\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-788": {
   "value": "1.2 Passivit\u00e0 finanziarie valutate al costo ammortizzato: composizione merceologica dei debiti verso clientela Tipologia operazioni/Valori Totale 31/12/2022 Totale 31/12/2021 VB Fair Value VB F L1  L2  L3  L1  L2  1. Conti correnti e depositi a vista  34.097.698    X  X  X  33.184.229    X  X  2. Depositi a scadenza  1.283.116    X  X  X  460.685    X  X  3. Finanziamenti  2.934.676    X  X  X  3.599.164    X  X  3.1 Pronti contro termine passivi  2.355.113    X  X  X  3.009.080    X  X  3.2 Altri  579.563    X  X  X  590.084    X  X  4. Debiti per impegni di riacquisto di propri strumenti patrimoniali -    X  X  X  -    X  X  5. Debiti per leasing  131.035    X  X  X  133.341    X  X  5. Altri debiti  331.495    X  X  X  339.503    X  X  Totale 38.778.020 - 2.355.113  36.422.907 37.716.922 - 3.009. Legenda: VB= Valore di bilancio L1= Livello 1 L2= Livello 2 L3= Livello 3 I debiti sono iscritti al loro valore nominale, corrispondente al loro fair value e il livello di fair value attribuito risulta essere pari a 3, ad eccezione del livello di fair value dei pronti contro termine a cui \u00e8 attributo il valore 2. Nella voce Debiti per leasing \u00e8 ricompreso, ai sensi del principio IFRS16, il Debito per leasing (Lease Liability), pari al valore attuale dei canoni previsti e non ancora pagati dei beni oggetti di contratti di leasing operativo. La  principale  novit\u00e0  introdotta  dal  principio  \u00e8  rappresentata  dalla  modifica  delle  modalit\u00e0  di contabilizzazione  delle  operazioni  di  leasing  operativo  nel  bilancio  del  locatario/utilizzatore, attraverso l\u2019introduzione di un unico modello di contabilizzazione dei contratti di leasing da parte del locatario siano essi classificati come leasing operativi o finanziari. I debiti verso clientela sono rappresentati principalmente da debiti a vista a tasso variabile, e non \u00e8  stata  posta  in  essere  alcun  tipo  di  copertura  specifica,  mentre  sono  state  poste  in  essere coperture di Macro Fair Value Hedge delle poste a vista, cos\u00ec come descritto nella parte E, sezione 2.2 della presente nota. Si segnala che, a seguito delle modifiche apportate al funzionamento del mercato interbancario collateralizzato, con conseguente trasferimento alla Cassa di Compensazione e Garanzia ed alla Monte Titoli delle funzioni finora svolte dalla Banca d\u2019Italia, nella voce 3.1 \u201cPronti contro termine passivi\u201d sono presenti i finanziamenti, per 2.355,1 milioni di euro, ricevuti dal suddetto mercato. Secondo  i  dati  ABI,  in  Italia,  a  dicembre  2022,  la  dinamica  della  raccolta  diretta  risulta  in contrazione del -1,2% su base annua, con  una  variazione pi\u00f9 marcata sui depositi, mentre la raccolta tramite obbligazioni \u00e8 rimasta invariata. La contrazione \u00e8 prevalentemente imputabile alla raccolta delle imprese, che nell\u2019anno precedente avevano incrementato notevolmente i saldi dei depositi, data l\u2019abbondanza di liquidit\u00e0 presente e la cautela a procedere con nuovi investimenti. Per  quanto  riguarda  il  Gruppo  Credem,  complessivamente,  la  raccolta  diretta  bancaria  ha manifestato un trend opposto, \u00e8 cresciuta del 7,2% rispetto al dicembre 2021, raggiungendo i 39,8 miliardi di euro, effetto di uno sviluppo commerciale che \u00e8 proseguito organicamente anche nel difficile contesto di riferimento. Si riscontra una tendenza in linea con il sistema esclusivamente per quanto riguarda il segmento corporate, sul quale sono state avviate politiche volte ad ottimizzare i livelli di liquidit\u00e0. I  depositi  registrano  un  +5,0% rispetto  al  2021,  e  hanno  accompagnato  la  crescita  della  base clientela, prevalentemente concentrati sulla componente a vista (86,6% del totale depositi) anche se la dinamica dei tassi sta favorendo anche la crescita di depositi a scadenza (3,1% verso 1,1%) .  ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDepositsFromCustomersExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-818": {
   "value": "1.4 Dettaglio dei debiti/titoli subordinati Principali caratteristiche contrattuali delle passivit\u00e0 subordinate:  \u201cCREDITO EMILIANO 20/30 SUBORDINATO 3,5% SUB\u201d (ISIN IT0005421539) per 200.000.000,00 \u20ac costituito da n. 2.000.000,00 obbligazioni del valore nominale di 100 \u20ac cadauna. Le  obbligazioni  corrisponderanno  cedole  fisse  annuali  pari  al  3,5%  annuo  lordo  fino  al 16/12/2025 poi tasso IRS  5Y + 3,897% annuo lordo. Il  prestito  scade  il  16/12/2030  se  non  verr\u00e0  esercitata  l\u2019opzione  call  al  16/12/2025  che significher\u00e0 il rimborso anticipato. Al 31/12/2022 la quantit\u00e0 residua risulta pari a 200.000.000,00 \u20ac costituita da n. 2.000.000 obbligazioni del valore nominale di 100 \u20ac cadauna. L\u2019obbligazione \u00e8 stata interamente sottoscritta da Credemholding.  \u201cCREDITO EMILIANO 22/32 SUBORDINATO 7,625 SUB\u201d (ISIN IT0005497117) per 200.000.000,00 \u20ac costituito da n. 2.000.000,00 obbligazioni del valore nominale di 100 \u20ac cadauna. Le obbligazioni  corrisponderanno  cedole  fisse  annuali  pari  al  7,625%  annuo  lordo  fino  al 05/10/2027 poi tasso MS  5Y + 5,514% annuo lordo. Il  prestito  scade  il  05/10/2032  se  non  verr\u00e0  esercitata  l\u2019opzione  call  al  05/07/2027  che significher\u00e0 il rimborso anticipato . Al 31/12/2022 la quantit\u00e0 residua risulta pari a 200.000.000,00 \u20ac costituita da n. 2.000.000 obbligazioni del valore nominale di 100 \u20ac cadauna  L\u2019obbligazione \u00e8 stata interamente sottoscritta da Credemholding.  In caso di liquidazione tutte le obbligazioni subordinate saranno rimborsate solo dopo che sian o stati soddisfatti tutti gli altri creditori non ugualmente subordinati.  Le obbligazioni non sono coperte dalla garanzia del Fondo Interbancario di Tutela dei Depositi.  2.2 Dettaglio delle \u201cPassivit\u00e0 finanziarie di negoziazione\u201d: passivit\u00e0 subordinate Non  esistono,  alla  data  del  bilancio,  n\u00e9  al  31  dicembre  2021,  passivit\u00e0  subordinate  e  debiti strutturati. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSubordinatedLiabilitiesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-758": {
   "value": "Sezione 2 \u2013 Passivit\u00e0 finanziarie di negoziazione \u2013 Voce 20 2.1 Passivit\u00e0 finanziarie di negoziazione: composizione merceologica Tipologia operazioni/Valori Totale 31/12/2022 Totale 31/12/2021 VN Fair Value Fair Value * VN Fair Value Fair Value * L1 L2 L3 L1 L2 L3 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 - - - - X 3.1.2 Altre obbligazioni - - - - X - - - - X 3.2 Altri titoli  - - - - X - - - - X 3.2.1 Strutturati  - - - - X - - - - X 3.2.2 Altri  - - - - X - - - - X Totale (A) ----------B. Strumenti derivati  1. Derivati finanziari  X - 36.257 - X X - 33.148 - X 1.1 Di negoziazione  X - 36.257 - X X - 33.148 - X 1.2 Connessi con la fair value option  X - - - X X - - - 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-36.257 -XX-33.148 -XTotale (A+B) X-36.257 -XX-33.148 -XLegenda: VN = valore nominale o nozionale L1 = Livello 1  L2 = Livello 2 L3 = Livello 3 Fair value*=Fair value calcolato escludendo le variazioni di valore dovute al cambiamento del merito creditizio dell'emittente rispetto alla data di emissione.  La voce \u201cA. Passivit\u00e0 per cassa\u201d, se presente, comprende gli scoperti tecnici.  2.2 Dettaglio delle \u201cPassivit\u00e0 finanziarie di negoziazione\u201d: passivit\u00e0 subordinate 2.3 Dettaglio delle \u201cPassivit\u00e0 finanziarie di negoziazione\u201d: debiti strutturati Non  esistono,  alla  data  del  bilancio,  n\u00e9  al  31  dicembre  2021,  passivit\u00e0  subordinate  e  debiti strutturati. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesHeldForTradingExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-880": {
   "value": "2.3<span class=\"_ _3bd\"> </span>De<span class=\"_ _0\"></span>tta<span class=\"_ _1\"></span>gli<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>\u201cPa<span class=\"_ _1\"></span>ssi<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>go<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e\u201d<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>bit<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>st<span class=\"_ _0\"></span>rut<span class=\"_ _1\"></span>tura<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>esistono,<span class=\"ff1\">  </span>al<span class=\"_ _0\"></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>data<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>bilancio,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>n\u00e9<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>31<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>icembre<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>2021,<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>passivit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>subordinate<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>debiti<span class=\"ff1\"> </span>stru<span class=\"_ _0\"></span>ttu<span class=\"_ _0\"></span>rati",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-819": {
   "value": "Sezion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>8<span class=\"_ _3bd\"> </span>\u2013<span class=\"_ _3bd\"> </span>Altre<span class=\"_ _3bd\"> </span>pass<span class=\"_ _0\"></span>ivit\u00e0<span class=\"_ _3bd\"> </span>\u2013<span class=\"_ _3bd\"> </span>Voce<span class=\"_ _3bd\"> </span>8<span class=\"_ _0\"></span>0<span class=\"fc0 sc1\"> </span>8.1<span class=\"_ _3bd\"> </span>Al<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>pa<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>os<span class=\"_ _1\"></span>izio<span class=\"_ _1\"></span>ne<span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Debiti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">verso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l'er<span class=\"_ _0\"></span>ario<span class=\"_ _0\"></span> <span class=\"_ _23b\"> </span>126.<span class=\"_ _0\"></span>189<span class=\"_ _3bd\"> </span></span></span></span></span>14<span class=\"_ _0\"></span>9.9<span class=\"_ _0\"></span>83<span class=\"_ _3bd\"> </span>Sca<span class=\"_ _0\"></span>rto<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alut<span class=\"_ _1\"></span>a<span class=\"ff1\"> </span>su<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ope<span class=\"_ _0\"></span>raz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>orta<span class=\"_ _0\"></span>fog<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span> <span class=\"_ _2ac\"> </span>48<span class=\"_ _0\"></span>0.4<span class=\"_ _0\"></span>80<span class=\"_ _3bd\"> </span></span></span>395.<span class=\"_ _0\"></span>11<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>Som<span class=\"_ _0\"></span>me<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>dis<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>sizi<span class=\"_ _1\"></span>one<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>lie<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>la <span class=\"_ _2ad\"> </span>21<span class=\"_ _0\"></span>.50<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span></span></span>13.<span class=\"_ _0\"></span>150<span class=\"_ _3bd\"> </span>Risconti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pass<span class=\"_ _0\"></span>ivi<span class=\"_ _1\"></span> <span class=\"_ _272\"> </span>9.<span class=\"_ _0\"></span>930<span class=\"_ _3bd\"> </span></span></span>6.<span class=\"_ _0\"></span>687<span class=\"_ _3bd\"> </span>Ret<span class=\"_ _0\"></span>ribu<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>oni<span class=\"ff1\"> </span>da<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">cor<span class=\"_ _0\"></span>ris<span class=\"_ _0\"></span>pond<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>rela<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vi<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>trib<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>i <span class=\"_ _e5\"> </span>24.<span class=\"_ _0\"></span>292<span class=\"_ _3bd\"> </span></span></span>22<span class=\"_ _0\"></span>.32<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>Ratei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">passi<span class=\"_ _1\"></span>vi <span class=\"_ _1c5\"> </span>15.58<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span></span></span>4.<span class=\"_ _0\"></span>127<span class=\"_ _3bd\"> </span>Partite<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l<span class=\"_ _2\"></span>avorazione<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>u<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">este<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span> <span class=\"_ _287\"> </span>9.1<span class=\"_ _0\"></span>62<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>7.<span class=\"_ _0\"></span>119<span class=\"_ _3bd\"> </span>Forn<span class=\"_ _1\"></span>itori<span class=\"_ _0\"></span> <span class=\"_ _2ae\"> </span>190<span class=\"_ _0\"></span>.1<span class=\"_ _0\"></span>41<span class=\"_ _3bd\"> </span>18<span class=\"_ _0\"></span>9.8<span class=\"_ _0\"></span>30<span class=\"_ _3bd\"> </span>Par<span class=\"_ _0\"></span>tite<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">via<span class=\"_ _0\"></span>ggi<span class=\"_ _1\"></span>anti<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fil<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span>i <span class=\"_ _16d\"> </span>6.<span class=\"_ _0\"></span>425<span class=\"_ _3bd\"> </span></span></span></span></span>8.<span class=\"_ _0\"></span>235<span class=\"_ _3bd\"> </span>Som<span class=\"_ _0\"></span>me<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>ac<span class=\"_ _0\"></span>cre<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"ff3\">e<span class=\"_ _1\"></span>nti<span class=\"_ _1\"></span> <span class=\"_ _124\"> </span>1<span class=\"_ _0\"></span>.933<span class=\"_ _3bd\"> </span></span></span>1.<span class=\"_ _0\"></span>958<span class=\"_ _3bd\"> </span>Par<span class=\"_ _0\"></span>tite<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in</span> <span class=\"ff3\">lav<span class=\"_ _0\"></span>ora<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>tit<span class=\"_ _1\"></span>oli <span class=\"_ _1e3\"> </span>10.<span class=\"_ _0\"></span>172<span class=\"_ _3bd\"> </span></span></span>19.<span class=\"_ _0\"></span>70<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">partit<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span> <span class=\"_ _2af\"> </span>11<span class=\"_ _0\"></span>8.2<span class=\"_ _0\"></span>80<span class=\"_ _3bd\"> </span></span></span>40<span class=\"_ _0\"></span>7.7<span class=\"_ _0\"></span>96<span class=\"_ _3bd\"> </span>Som<span class=\"_ _0\"></span>me<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>ac<span class=\"_ _0\"></span>cre<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"ff3\">b<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>he <span class=\"_ _2b0\"> </span>40<span class=\"_ _0\"></span>1.5<span class=\"_ _0\"></span>82<span class=\"_ _3bd\"> </span></span></span>40<span class=\"_ _0\"></span>2.5<span class=\"_ _0\"></span>53<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>415<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>62<span class=\"_ _0\"></span>8.5<span class=\"_ _1\"></span>74<span class=\"_ _3bd\"> </span>La<span class=\"ff1\"> </span>voce<span class=\"ff1\"> </span>\u201cScarto<span class=\"ff1\"> </span>valuta<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>operazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>portafoglio\u201d<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>ricondurre<span class=\"ff1\"> </span>agli<span class=\"ff1\"> </span>sbilanci<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>effetti<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>portafoglio<span class=\"ff1\"> </span>proprio<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>terzi.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-842": {
   "value": "Sezion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>8<span class=\"_ _3bd\"> </span>\u2013<span class=\"_ _3bd\"> </span>Altre<span class=\"_ _3bd\"> </span>pass<span class=\"_ _0\"></span>ivit\u00e0<span class=\"_ _3bd\"> </span>\u2013<span class=\"_ _3bd\"> </span>Voce<span class=\"_ _3bd\"> </span>8<span class=\"_ _0\"></span>0<span class=\"fc0 sc1\"> </span>8.1<span class=\"_ _3bd\"> </span>Al<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>pa<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>os<span class=\"_ _1\"></span>izio<span class=\"_ _1\"></span>ne<span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Debiti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">verso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l'er<span class=\"_ _0\"></span>ario<span class=\"_ _0\"></span> <span class=\"_ _23b\"> </span>126.<span class=\"_ _0\"></span>189<span class=\"_ _3bd\"> </span></span></span></span></span>14<span class=\"_ _0\"></span>9.9<span class=\"_ _0\"></span>83<span class=\"_ _3bd\"> </span>Sca<span class=\"_ _0\"></span>rto<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alut<span class=\"_ _1\"></span>a<span class=\"ff1\"> </span>su<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ope<span class=\"_ _0\"></span>raz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>orta<span class=\"_ _0\"></span>fog<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span> <span class=\"_ _2ac\"> </span>48<span class=\"_ _0\"></span>0.4<span class=\"_ _0\"></span>80<span class=\"_ _3bd\"> </span></span></span>395.<span class=\"_ _0\"></span>11<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>Som<span class=\"_ _0\"></span>me<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>dis<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>sizi<span class=\"_ _1\"></span>one<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>lie<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>la <span class=\"_ _2ad\"> </span>21<span class=\"_ _0\"></span>.50<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span></span></span>13.<span class=\"_ _0\"></span>150<span class=\"_ _3bd\"> </span>Risconti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pass<span class=\"_ _0\"></span>ivi<span class=\"_ _1\"></span> <span class=\"_ _272\"> </span>9.<span class=\"_ _0\"></span>930<span class=\"_ _3bd\"> </span></span></span>6.<span class=\"_ _0\"></span>687<span class=\"_ _3bd\"> </span>Ret<span class=\"_ _0\"></span>ribu<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>oni<span class=\"ff1\"> </span>da<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">cor<span class=\"_ _0\"></span>ris<span class=\"_ _0\"></span>pond<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>rela<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vi<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>trib<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>i <span class=\"_ _e5\"> </span>24.<span class=\"_ _0\"></span>292<span class=\"_ _3bd\"> </span></span></span>22<span class=\"_ _0\"></span>.32<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>Ratei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">passi<span class=\"_ _1\"></span>vi <span class=\"_ _1c5\"> </span>15.58<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span></span></span>4.<span class=\"_ _0\"></span>127<span class=\"_ _3bd\"> </span>Partite<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l<span class=\"_ _2\"></span>avorazione<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>u<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">este<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span> <span class=\"_ _287\"> </span>9.1<span class=\"_ _0\"></span>62<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>7.<span class=\"_ _0\"></span>119<span class=\"_ _3bd\"> </span>Forn<span class=\"_ _1\"></span>itori<span class=\"_ _0\"></span> <span class=\"_ _2ae\"> </span>190<span class=\"_ _0\"></span>.1<span class=\"_ _0\"></span>41<span class=\"_ _3bd\"> </span>18<span class=\"_ _0\"></span>9.8<span class=\"_ _0\"></span>30<span class=\"_ _3bd\"> </span>Par<span class=\"_ _0\"></span>tite<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">via<span class=\"_ _0\"></span>ggi<span class=\"_ _1\"></span>anti<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fil<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span>i <span class=\"_ _16d\"> </span>6.<span class=\"_ _0\"></span>425<span class=\"_ _3bd\"> </span></span></span></span></span>8.<span class=\"_ _0\"></span>235<span class=\"_ _3bd\"> </span>Som<span class=\"_ _0\"></span>me<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>ac<span class=\"_ _0\"></span>cre<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"ff3\">e<span class=\"_ _1\"></span>nti<span class=\"_ _1\"></span> <span class=\"_ _124\"> </span>1<span class=\"_ _0\"></span>.933<span class=\"_ _3bd\"> </span></span></span>1.<span class=\"_ _0\"></span>958<span class=\"_ _3bd\"> </span>Par<span class=\"_ _0\"></span>tite<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in</span> <span class=\"ff3\">lav<span class=\"_ _0\"></span>ora<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>tit<span class=\"_ _1\"></span>oli <span class=\"_ _1e3\"> </span>10.<span class=\"_ _0\"></span>172<span class=\"_ _3bd\"> </span></span></span>19.<span class=\"_ _0\"></span>70<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">partit<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span> <span class=\"_ _2af\"> </span>11<span class=\"_ _0\"></span>8.2<span class=\"_ _0\"></span>80<span class=\"_ _3bd\"> </span></span></span>40<span class=\"_ _0\"></span>7.7<span class=\"_ _0\"></span>96<span class=\"_ _3bd\"> </span>Som<span class=\"_ _0\"></span>me<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>ac<span class=\"_ _0\"></span>cre<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"ff3\">b<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>he <span class=\"_ _2b0\"> </span>40<span class=\"_ _0\"></span>1.5<span class=\"_ _0\"></span>82<span class=\"_ _3bd\"> </span></span></span>40<span class=\"_ _0\"></span>2.5<span class=\"_ _0\"></span>53<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>415<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>62<span class=\"_ _0\"></span>8.5<span class=\"_ _1\"></span>74<span class=\"_ _3bd\"> </span>La<span class=\"ff1\"> </span>voce<span class=\"ff1\"> </span>\u201cScarto<span class=\"ff1\"> </span>valuta<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>operazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>portafoglio\u201d<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>ricondurre<span class=\"ff1\"> </span>agli<span class=\"ff1\"> </span>sbilanci<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>effetti<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>portafoglio<span class=\"ff1\"> </span>proprio<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>terzi.",
   "dimensions": {
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  "fact-820": {
   "value": "Sezione 9   Trattamento di fine rapporto del personale   Voce 90 9.1 Trattamento di fine rapporto del personale: variazioni annue Totale 31/12/2022 Totale 31/12/2021 A. Esistenze iniziali  69.845 72.739 B. Aumenti  1.543 4.649 B.1 Accantonamenti dell'esercizio  1.499 632 B.2 Altre variazioni  44 4.017 - di cui operazioni di aggregazione aziendale  - 2.305 C. Diminuzioni  15.302 7.543 C.1 Liquidazioni effettuate  5.074 7.100 C.2 Altre variazioni  10.228 443 - di cui operazioni di aggregazione aziendale  - - D. Rimanenze finali  56.086 69.845 Totale 56.086 69.845 Come  previsto  dalle  disposizioni  in  materia  introdotte  dall\u2019Ordine  Nazionale  degli  Attuari congiuntamente agli organi competenti OIC, Assirevi ed ABI, per le Societ\u00e0 con pi\u00f9 di 50 dipendenti al 31 dicembre 2006 \u00e8 stata delineata una metodologia di calcolo che pu\u00f2 essere schematizzata nelle seguenti fasi:  proiezione fino all\u2019epoca aleatoria di corresponsione per ciascun dipendente del TFR, gi\u00e0 accantonato al 31 dicembre 2006 e rivalutato alla data di valutazione;  determinazione per ciascun dipendente dei pagamenti probabilizzati di TFR che dovranno essere  effettuati  dalla  Societ\u00e0  in  caso  di  uscita  del  dipendente  causa  licenziamento, dimissioni, inabilit\u00e0, morte e pensionamento nonch\u00e9 a fronte di richiesta di anticipi;  attualizzazione, alla data di valutazione, di ciascun pagamento probabilizzato. Quanto esposto \u00e8 applicabile al Fondo TFR maturato al 1/1/2007 per i dipendenti che hanno scelto di mantenere il TFR in azienda (e di conseguenza di destinarlo alla Tesoreria INPS), e alla data di scelta nel corso del 2007, per i dipendenti che hanno optato per la previdenza complementare. Ovviamente il Fondo TFR valutato alla suddetta data \u00e8 stato incrementato della rivalutazione (al netto dell\u2019imposta sostitutiva) e ridotto di eventuali anticipazioni e liquidazioni erogate. La valutazione attuariale del TFR, per le societ\u00e0 italiane con meno di 50 dipendenti al 31 dicembre 2006, \u00e8 realizzata in base alla metodologia dei \u201cbenefici maturati\u201d mediante il criterio \u201cProjected Unit Credit\u201d (PUC) come previsto ai paragrafi 64-66 dello IAS19. Tale  metodologia  si  sostanzia  in  valutazioni  che  esprimono  il  valore  attuale  medio  delle obbligazioni di TFR maturate in base al servizio che il lavoratore ha prestato fino all\u2019epoca in cui la valutazione stessa \u00e8 realizzata. La metodologia di calcolo pu\u00f2 essere schematizzata nelle seguenti fasi:  proiezione per ciascun dipendente in forza alla data di valutazione, del TFR gi\u00e0 accantonato e delle future quote di TFR che verranno maturate fino all\u2019epoca aleatoria di corresponsione, proiettando le retribuzioni del lavoratore;  determinazione per ciascun dipendente dei pagamenti probabilizzati di TFR che dovranno essere  effettuati  dalla  Societ\u00e0  in  caso  di  uscita  del  dipendente  causa  licenziamento, dimissioni, inabilit\u00e0, morte e pensionamento nonch\u00e9 a fronte di richiesta di anticipi;  attualizzazione, alla data di valutazione, di ciascun pagamento probabilizzato;  riproporzionamento, per ciascun dipendente, delle prestazioni probabilizzate ed attualizzate in  base  all\u2019anzianit\u00e0  maturata  alla  data  di  valutazione  rispetto  a  quella  complessiva corrispondente alla data aleatoria di liquidazione. 9.2Altre informazioni Il modello attuariale di riferimento per la valutazione del TFR poggia su diverse ipotesi sia di tipo demografico che economico. Per alcune delle ipotesi utilizzate, ove possibile, si \u00e8 fatto esplicito riferimento all\u2019esperienza diretta del Gruppo, mentre per le altre si \u00e8 tenuto conto della best practice di riferimento. Di seguito sono riportate le principali ipotesi del modello. Tasso di attualizzazione Il tasso d\u2019interesse utilizzato  per la determinazione del valore  attuale dell\u2019obbligazione  \u00e8 stato determinato coerentemente con il par.83 dello IAS 19, con riferimento all\u2019indice Iboxx  Corporate AA 7-10 (in linea con la duration del collettivo in esame). Per la valutazione puntuale al 31/12/2022 si \u00e8 scelto il rendimento avente durata comparabile alla duration del collettivo di lavoratori oggetto della valutazione, che ha dato luogo ad un tasso annuo costante pari allo 3,63%. Inflazione Il tasso annuo di inflazione utilizzato \u00e8 pari al 2,30%. Tasso annuo di incremento del TFR Come previsto dall\u2019art. 2120 del Codice Civile, il TFR si rivaluta ogni anno ad un tasso pari al 75% dell\u2019inflazione pi\u00f9 un punto e mezzo percentuale, pertanto l\u2019ipotesi di rivalutazione, utile per le valutazioni attuariali, viene determinata in base al tasso sopra indicato. Tasso annuo reale di incremento salariale Il tasso applicato \u00e8 stato pari all\u20191,00%. Mortalit\u00e0 Per la stima del fenomeno della  mortalit\u00e0 all\u2019interno del collettivo dei dipendenti oggetto  della valutazione \u00e8 stata utilizzata la tavola di sopravvivenza RG48 utilizzata dalla Ragioneria Generale dello Stato per la stima degli oneri pensionistici della popolazione italiana. Inabilit\u00e0 Per  la  stima  del  fenomeno  di  inabilit\u00e0  all\u2019interno  del  collettivo  dei  dipendenti  oggetto  della valutazione \u00e8 stata utilizzata una tavola INPS differenziata in funzione dell\u2019et\u00e0 e del sesso. Requisiti di pensionamento Raggiungimento dei requisiti minimi previsti dell\u2019Assicurazione Generale Obbligatoria. Frequenze di anticipazione del TFR Le frequenze annue di accesso al diritto sono state ipotizzate all\u20191,50%, in funzione delle serie storiche sulle anticipazioni di TFR richieste dai lavoratori dipendenti della banca. Frequenze di uscita anticipata (turn-over) Per le probabilit\u00e0 di uscita dall\u2019attivit\u00e0 lavorativa per le cause di dimissioni e licenziamento, si sono ipotizzate uscite all\u20191,80%, facendo ricorso ad un\u2019analisi statistica sulle serie storiche della banca. Informazioni aggiuntive Il principio contabile IAS19, per i piani a beneficio definito di tipo post-employment, richiede una serie di informazioni aggiuntive, quali:  analisi  di  sensitivit\u00e0  per  ciascuna  ipotesi  attuariale  rilevante  alla  fine  dell\u2019esercizio, mostrando gli effetti che ci sarebbero stati a seguito delle variazioni delle ipotesi attuariale ragionevolmente possibili a tale data, in termini assoluti;  indicazione del contributo per l'esercizio successivo;  indicazione della durata media finanziaria dell'obbligazione per i piani a beneficio definito; erogazioni previste dal piano. Di seguito si riportano tali informazioni, evidenziando il nuovo valore del TFR utilizzando un tasso di turnover di ulteriori 100 bps, una variazione di +/- 25 bps per il tasso di inflazione e una variazione di +/- 25 bps per il tasso di attualizzazione. Analisi di sensitivit\u00e0 dei principali parametri valutativi del TFR variazione delle ipotesi frequenza turnover  tasso inflazione  tasso attualizzazione + 100 bps -100 bps +0,25 bps -0,25 bps +0,25 bps -0,25 bps 55.920 55.473 56.327 55.094 54.759 56.681 La durata media finanziaria \u00e8 di circa 9,0 anni, il service cost per l\u2019anno 2022 \u00e8 0,2 milioni di euro e le erogazioni stimate per i prossimi cinque anni ammontano a circa 21,8 milioni di euro. 10.5 Fondi di previdenza aziendali a benefici definiti Viene  gestito  un  Fondo  interno  a  Credem  e  a  Credemleasing  che  erogano  un  trattamento previdenziale aggiuntivo alle prestazioni erogate dall\u2019INPS. Si tratta di un \u201cFondo a prestazione definita\u201d i cui importi sono soggetti alla stessa perequazione prevista per le Pensioni INPS, come pure al censimento presso il Casellario Centrale delle Pensioni. Su tale posta di bilancio viene effettuata la valutazione attuariale. I beneficiari di tali trattamenti sono coloro che: Tabella delle basi economico \u2013 finanziarie Variabili Tassi di inflazione Tasso annuo di attualizzazione Valori % 2,30% 3,63% risultavano eredi di persone decedute durante il servizio con Credem e Credemleasing (sostituito dall\u2019attuale Cassa di Previdenza dal 1/1/1996); risultavano ex dipendenti della Banca Popolare Dauna gi\u00e0 in quiescenza oppure che avevano inoltrato le dimissioni entro il 30/11/1999. La Banca Popolare Dauna \u00e8 confluita in Credem in data 11/12/1999 a seguito di fusione per incorporazione. Per le valutazioni attuariali del Fondo al 31 dicembre 2022, tenendo conto di quanto disposto dalle linee guida per la redazione dei bilanci tecnici degli Enti di previdenza, sono state adottate le ipotesi demografiche ed economico-finanziarie descritte nei successivi due paragrafi. Nel corso dell\u2019esercizio il fondo ha subito un decremento netto di 231mila euro. Ipotesi demografiche Sono state utilizzate le seguenti probabilit\u00e0: - per le probabilit\u00e0 di morte del personale in pensione \u00e8 stata utilizzata la tavola IPS55, distinta per sesso; - per le probabilit\u00e0 di morte del personale in pensione per invalidit\u00e0 assoluta e permanente, quelle adottate nel modello INPS per le proiezioni 2010, distinte per sesso; - per la probabilit\u00e0 di lasciare la famiglia quelle, distinte per sesso, pubblicate nel modello INPS per le proiezioni al 2010 aggiornate. Ipotesi economico-finanziarie Le ipotesi in oggetto riguardano il tasso di attualizzazione, i tassi d\u2019inflazione ed i tassi annui di rivalutazione delle pensioni Fondo e Inps. Per il tasso di rivalutazione si \u00e8 utilizzata una variazione media rispetto al tasso di inflazione del 75%  ricavata da un elevato numero di casi analoghi a quello in esame ed a fronte degli incrementi previsti dalla normativa in vigore a decorrere dall\u2019anno 2009 (100% del tasso di inflazione ISTAT per pensioni annue complessive inferiori a 5 volte il minimo e 75% per la parte di pensione annua compresa tra il precedente importo ed 8 volte il minimo); si precisa che la pensione a carico del Fondo \u00e8 integrativa di quella dell\u2019INPS solo per alcuni pensionati. Per il tasso di attualizzazione, in forza della normativa IAS, si \u00e8 adottato un tasso che risultasse in linea con la vita media probabile del collettivo in esame. Informazioni aggiuntive Il principio contabile IAS19, per i piani a benefici definiti, richiede una sensitivity sulle principali ipotesi attuariali. Di seguito si riportano tali informazioni, evidenziando il nuovo valore del fondo utilizzando una variazione di +/- 25 bps per il tasso di inflazione e una variazione di  +/- 25 bps  per il tasso di attualizzazione. La durata media finanziaria \u00e8 di circa 9,4 anni. Analisi di sensitivit\u00e0 dei principali parametri valutativi variazione delle ipotesi tasso inflazione  tasso attualizzazione + 0,25 bps  - 0,25 bps  + 0,25 bps  - 0,25 bps 1.276  1.232  1.228  1.282",
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    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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  "fact-843": {
   "value": "Sezione 10 \u2013 Fondi per rischi e oneri - Voce 100 10.1 Fondi per rischi e oneri: composizione Voci/Componenti Totale 31/12/2022 Totale 31/12/2021 1. Fondi per rischio di credito relativo a impegni e garanzie finanziarie rilasciate 7.056 8.044 2. Fondi su altri impegni e altre garanzie rilasciate  - - 3. Fondi di quiescenza aziendali  1.254 1.485 4. Altri fondi per rischi ed oneri  174.652 164.882 4.1 controversie legali e fiscali  16.859 21.274 4.2 oneri per il personale  96.499 94.874 4.3 altri  61.294 48.734 Totale 182.962 174.411 10.2 Fondi per rischi e oneri: variazioni annue   Fondi su altri impegni e altre garanzie rilasciate Fondi di quiescenza Altri fondi per rischi ed oneri Totale A. Esistenze iniziali  8.044  1.485  164.882  174.411 B. Aumenti  956  26  84.638  85.620 B.1 Accantonamento dell'esercizio  956  26  84.459  85.441 B.2 Variazioni dovute al passare del tempo  -  -  2  2 B.3 Variazioni dovute a modifiche del tasso di sconto  -  -  12  12 B.4 Altre variazioni  -  -  165  165 - di cui operazioni di aggregazione aziendale  -  -  -  - C. Diminuzioni  1.944  257  74.868  77.069 C.1 Utilizzo nell'esercizio  1.937  74  73.061  75.072 C.2 Variazioni dovute a modifiche del tasso di sconto  -  -  595  595 C.3 Altre variazioni  7  183  1.212  1.402 - di cui operazioni di aggregazione aziendale  -  -  -  - D. Rimanenze finali  7.056  1.254  174.652  182.962 10.3 Fondi per rischio di credito relativo a impegni e garanzie finanziarie rilasciate Fondi per rischio di credito relativo a impegni e garanzie finanziarie rilasciate Primo stadio Secondo stadio Terzo stadio Impaired acquisiti/e o originati/e Totale Impegni a erogare fondi  1.625  746  -  -  2.371 Garanzie finanziarie rilasciate 158  392  3.912  223  4.685 Totale  1.783  1.138  3.912  223  7.056 10.5 Fondi di previdenza aziendali a benefici definiti Viene  gestito  un  Fondo  interno  a  Credem  e  a  Credemleasing  che  erogano  un  trattamento previdenziale aggiuntivo alle prestazioni erogate dall\u2019INPS.  Si tratta di un \u201cFondo a prestazione definita\u201d i cui importi sono soggetti alla stessa perequazione prevista per le Pensioni INPS, come pure al censimento presso il Casellario Centrale delle Pensioni. Su tale posta di bilancio viene effettuata la valutazione attuariale.  I beneficiari di tali trattamenti sono coloro che: risultavano eredi di persone decedute durante il servizio con Credem e Credemleasing (sostituito dall\u2019attuale Cassa di Previdenza dal 1/1/1996); risultavano ex dipendenti della Banca Popolare Dauna gi\u00e0 in quiescenza oppure che avevano  inoltrato le dimissioni entro il 30/11/1999. La Banca Popolare Dauna \u00e8 confluita in Credem in data 11/12/1999 a seguito di fusione per incorporazione.  Per le valutazioni attuariali del Fondo al 31 dicembre 2022, tenendo conto di quanto disposto dalle linee guida per la redazione dei bilanci tecnici degli Enti di previdenza, sono state adottate le ipotesi demografiche ed economico-finanziarie descritte nei successivi due paragrafi.  Nel corso dell\u2019esercizio il fondo ha subito un decremento netto di 231mila euro.  Ipotesi demografiche Sono state utilizzate le seguenti probabilit\u00e0:  - per le probabilit\u00e0 di morte del personale in pensione \u00e8 stata utilizzata la tavola IPS55, distinta per sesso;  - per le probabilit\u00e0 di morte del personale in pensione per invalidit\u00e0 assoluta e permanente, quelle adottate nel modello INPS per le proiezioni 2010, distinte per sesso;  - per la probabilit\u00e0 di lasciare la famiglia quelle, distinte per sesso, pubblicate nel modello INPS per le proiezioni al 2010 aggiornate.  Ipotesi economico-finanziarie Le ipotesi in oggetto riguardano il tasso di attualizzazione, i tassi d\u2019inflazione ed i tassi annui di rivalutazione delle pensioni Fondo e Inps.  Per il tasso di rivalutazione si \u00e8 utilizzata una variazione media rispetto al tasso di inflazione del 75%  ricavata da un elevato numero di casi analoghi a quello in esame ed a fronte degli incrementi previsti dalla normativa in vigore a decorrere dall\u2019anno 2009 (100% del tasso di inflazione ISTAT per pensioni annue complessive inferiori a 5 volte il minimo e 75% per la parte di pensione annua compresa tra il precedente importo ed 8 volte il minimo); si precisa che la pensione a carico del Fondo \u00e8 integrativa di quella dell\u2019INPS solo per alcuni pensionati.  Per il tasso di attualizzazione, in forza della normativa IAS, si \u00e8 adottato un tasso che risultasse in linea con la vita media probabile del collettivo in esame.  Informazioni aggiuntive Il principio contabile IAS19, per i piani a benefici definiti, richiede una sensitivity sulle principali ipotesi attuariali.  Di seguito si riportano tali informazioni, evidenziando il nuovo valore del fondo utilizzando una variazione di +/- 25 bps per il tasso di inflazione e una variazione di  +/- 25 bps  per il tasso di attualizzazione.  La durata media finanziaria \u00e8 di circa 9,4 anni.  Analisi di sensitivit\u00e0 dei principali parametri valutativi variazione delle ipotesi  tasso inflazione  tasso attualizzazione + 0,25 bps  - 0,25 bps  + 0,25 bps  - 0,25 bps 1.276  1.232  1.228  1.282 10.6 Fondi per rischi e oneri: altri fondi Totale 31/12/2022 Totale 31/12/2021 A fronte di garanzie ed impegni:  7.056 8.044 A fronte di altri diversi rischi ed oneri:  174.652 164.882 - per cause legali in corso e contenzioso diverso  55.588 48.474 - per oneri finanziari diversi  119.064 116.408 Totale 181.708 17 Il Gruppo, nel normale svolgimento della propria attivit\u00e0 d\u2019impresa, \u00e8 parte di diversi procedimenti giudiziari dai quali potrebbero anche derivare obblighi di natura risarcitoria e/o restitutoria, con conseguente possibile esborso di risorse economiche (c.d. rischio legale). Tutte le controversie in essere sono  state  debitamente analizzate dalla Banca  e,  alla  luce di tale analisi, nonch\u00e9 delle indicazioni  anche  provenienti  dai  Legali  Fiduciari  esterni,  sono  stati  effettuati,  ove  ritenuto necessario, accantonamenti a bilancio nella misura idonea ed appropriata alle singole circostanze. Pi\u00f9 in particolare \u00e8 costituito un fondo rischi ed oneri diversi a presidio delle potenziali passivit\u00e0 che potrebbero scaturire dalle cause pendenti. La  maggior  parte  di  tali  controversie  sono  riconducibili  alle  principali  attivit\u00e0  del  Gruppo  e riguardano, in particolare, le aree dei servizi di investimento, dell\u2019anatocismo e fiscali. Di  rilevanza  minore  sono  le  controversie  relative  all\u2019ambito  immobiliare,  amministrativo  e all\u2019operativit\u00e0 di sportello. Si fornisce di seguito una descrizione delle principali classi di passivit\u00e0 potenziali che, nel caso in cui la relativa passivit\u00e0 sia stata giudicata probabile, hanno dato luogo ad accantonamenti agli altri fondi per rischi ed oneri. Le stime degli accantonamenti sono state effettuate analiticamente sulle singole posizioni nel caso  in  cui  la  controparte  abbia  gi\u00e0  intrapreso  un\u2019azione  giudiziaria  e  sulla  base  del  rischio potenziale stimato su serie storico-statistiche in caso di presenza di elementi oggettivi di rischio (reclami),  non  ancora  concretizzatesi  in  azioni  giudiziarie.  Si  \u00e8  proceduto  alla  determinazione dell\u2019impatto dell\u2019attualizzazione, utilizzando quale tasso l\u2019Euribor. Il totale degli altri fondi rischi ed oneri ammonta a 174,7 milioni di euro. Si fornisce di seguito una descrizione delle principali classi di passivit\u00e0 potenziali che, nel caso in cui la relativa passivit\u00e0 sia stata giudicata probabile, hanno dato luogo ad accantonamenti al fondo a fronte di altri diversi rischi ed oneri. Contenzioso lavoristico I rischi connessi al contenzioso lavoristico vengono valutati trimestralmente in base all\u2019andamento delle cause e conseguentemente vengono aggiornati gli accantonamenti. Revocatorie Fallimentari Si  tratta  di  controversie  nelle  quali  il  Gruppo  pu\u00f2  essere  coinvolta  in  ragione  del  normale svolgimento della propria attivit\u00e0 d\u2019impresa quando clienti assoggettabili al Fallimento dispongono pagamenti in favore delle societ\u00e0 del Gruppo, effettuano rimesse su un conto corrente bancario in un arco temporale prossimo alla dichiarazione di Fallimento. L'azione revocatoria \u00e8 uno strumento utilizzabile dal curatore fallimentare allo scopo di ricostituire il patrimonio del fallito destinato alla soddisfazione dei suoi creditori, facendovi rientrare quanto ne era uscito nel periodo antecedente al fallimento (il cosiddetto periodo sospetto). Il gruppo procede a una valutazione delle singole posizioni  caso  per  caso,  in  fatto  e  in  diritto,  prestando  particolare  attenzione  al  dato documentale/fattuale. Per effetto di detta analisi, ove opportuno, vengono pertanto di volta in volta disposti (e tempo per tempo modificati, ove necessario) gli accantonamenti ritenuti congrui in relazione alle specifiche circostanze della fattispecie in esame. Tutte le cause in materia sono oggetto di costante monitoraggio e i rischi che ne derivano, ove opportuno, sono fronteggiati da appositi accantonamenti al Fondo rischi ed oneri diversi, in applicazione di quanto previsto dallo IAS 37. Malversazioni Si  tratta  di  controversie  nelle  quali  il  Gruppo  pu\u00f2  essere  coinvolto  in  ragione  del  normale svolgimento della  propria attivit\u00e0 d\u2019impresa, vi sono  alcuni reclami e alcune vertenze giudiziali derivanti da  comportamenti anomali posti  in essere da dipendenti o consulenti finanziari nello svolgimento delle mansioni loro affidate o dell\u2019attivit\u00e0 espletata, con conseguenti contestazioni da parte  della  clientela  nei  confronti  della  Banca  stessa,  che  pu\u00f2  eventualmente  essere  ritenuta responsabile di tali comportamenti. Il gruppo procede a una valutazione  delle singole posizioni caso per caso, in fatto  e in diritto, prestando particolare attenzione al dato documentale/fattuale. Per effetto di detta analisi, ove opportuno, vengono pertanto di volta in volta disposti (e tempo per tempo modificati, ove necessario) gli accantonamenti ritenuti congrui in relazione alle specifiche circostanze della fattispecie in esame. Contenzioso in materia di anatocismo Il numero complessivo delle cause pendenti si mantiene consistente, alla luce, soprattutto, delle problematicit\u00e0  derivanti  da  alcuni  orientamenti  della  giurisprudenza  (oltre  che  dalle evoluzioni della normativa di settore).  Tutte le cause in materia - a volte comprendenti anche contestazioni relative al superamento del Tasso Soglia Usura \u2013 sono oggetto di costante monitoraggio e i rischi che ne derivano, ove opportuno, sono fronteggiati da appositi accantonamenti al Fondo rischi ed oneri diversi, in applicazione di quanto previsto dallo IAS 37. Contenzioso in materia di servizi di investimento Quanto  alle  controversie  giudiziali  aventi  ad  oggetto  servizi di investimento \u2013  bond  in  default, derivati, ecc. \u2013 la policy adottata dalla Banca in materia \u00e8 quella di procedere ad una valutazione delle singole posizioni caso per caso, prestando particolare attenzione al dato documentale e al profilo  dell\u2019adeguatezza  degli  investimenti  contestati  rispetto  alla  posizione  della  singola controparte. Per effetto di detta analisi, ove ritenuto opportuno, vengono pertanto di volta in volta disposti gli accantonamenti ritenuti congrui in relazione alle specifiche circostanze. Reclami formulati dalla clientela Con  riferimento  alle  contestazioni  avanzate  dalla  clientela  vengono  effettuati  gli opportuni accantonamenti; in particolare, nel caso in cui il danno lamentato sia superiore a una predeterminata  soglia  di  rilevanza  (ad  oggi  fissata  in  25ek),  la  previsione  di  perdita  \u00e8  fatta analiticamente. Qualora il danno lamentato sia, invece, inferiore a detta soglia, l\u2019accantonamento \u00e8 determinato applicando una percentuale forfettaria/statistica stabilita in base alla media delle perdite effettivamente subite sul totale dei reclami analoghi ricevuti negli anni precedenti. Contenzioso fiscale I rischi derivanti dal contenzioso fiscale del Gruppo sono presidiati da adeguati accantonamenti a fondi per rischi e oneri. Con riguardo alla capogruppo, sono in essere 23 procedimenti contenziosi, afferenti a imposte dirette e tributi locali. Relativamente a tali contenziosi non sono emersi rischi effettivi o quanto meno  il  rischio  stimato  \u00e8  apparso  remoto.  Per  cui  non  sono  stati  effettuati  accantonamenti specifici. Per Credemleasing sono in essere 34 procedimenti contenziosi, prevalentemente relativi a tributi locali. Per Credem Euromobiliare Private Banking S.p.A., ad esito della conclusione favorevole dell\u2019unico contenzioso pendente in materia di imposta di registro su cessione di ramo di azienda, non vi sono contenziosi pendenti. Per Credemtel S.p.A., a far data dal 2022 pende un unico contenzioso avente ad oggetto sanzioni IVA. Sono infine presenti controversie di minore rilevanza relative all\u2019operativit\u00e0 posta in essere dai promotori finanziari, al contenzioso lavoristico, nonch\u00e9 all\u2019ambito immobiliare, amministrativo. Sono infine presenti controversie di minore rilevanza relative all\u2019operativit\u00e0 posta in essere dai promotori finanziari, al contenzioso lavoristico, nonch\u00e9 all\u2019ambito immobiliare, amministrativo. Nel mese di settembre 2021 era stato consegnato dalla Banca d'Italia il rapporto ispettivo in esito alle  verifiche  condotte  nel  periodo  aprile-luglio  2021  sul  rispetto  della  normativa  e  degli orientamenti di Vigilanza in tema di trasparenza delle operazioni e correttezza delle relazioni con la clientela. Nel corso del 2022, sono state rilevate talune aree di rafforzamento, in alcuni casi anche con conseguenze restitutorie in favore della clientela, a fronte delle quali \u00e8 stata istituita una  specifica  attivit\u00e0  progettuale  per  la  definizione  e  la  realizzazione  del  piano  di  rimedio  a superamento delle anomalie segnalate. 1.5 Rischi operativi Informazioni di natura qualitativa A. Aspetti generali, processi di gestione e metodi di misurazione del rischio operativo Il  Gruppo  ha  sviluppato  un  sistema  integrato  di  gestione  dei  rischi  operativi  assunti  che,  i attuazione degli indirizzi strategici, consente di rafforzare la capacit\u00e0 delle Unit\u00e0 Organizzative d gestirli consapevolmente, introducendo strumenti di rilevazione, misurazione e controllo tali d garantire un\u2019assunzione dei rischi consapevole e compatibile con le strategie di Governance e co le condizioni economiche e patrimoniali, nel rispetto delle indicazioni provenienti dalle Autorit\u00e0 d Vigilanza\u201d. Il Consiglio di Amministrazione della Capogruppo ha approvato il regolamento \u201cGestione dei risch operativi\u201d (Regolamento ORM)  con cui definisce  le politiche di gestione del rischio operativo  a livello di Gruppo e Banca e determina un sistema comune e coordinato caratterizzato da regol condivise per l\u2019allocazione di compiti e responsabilit\u00e0. Il regolamento definisce come rischio operativo \u201cil rischio di perdite derivanti dall\u2019inadeguatezza o dalla  disfunzione  di  processi,  risorse  umane  e  sistemi  interni,  oppure  da  eventi  esogeni,  iv compreso il rischio giuridico; non sono inclusi quelli strategici e di reputazione\u201d. Inoltre, il Consiglio di Amministrazione della Capogruppo ha approvato, ai fini della determinazion del requisito patrimoniale, l\u2019utilizzo del metodo TSA per tutte le societ\u00e0 appartenenti al Grupp Bancario. Non  sono  intervenute  variazioni  significative  rispetto  all\u2019esercizio  precedente  in  relazione  al modello  di  gestione  dei  rischi  operativi  che  di  seguito  viene  rappresentato  sinteticamente: l\u2019Organo  con  funzioni  di  supervisione  strategica  di  Gruppo  \u00e8  identificato  nel  Consiglio  di Amministrazione di Credito Emiliano SpA, Capogruppo del Gruppo Bancario Credito Emiliano \u2013 CREDEM.  L\u2019azione  viene  esercitata  con  il  supporto  del  Comitato  Consiliare  Rischi  di  Gruppo (Comitato di Governance, privo di deleghe, istituito con la finalit\u00e0 di svolgere un ruolo istruttorio). A  livello  di Gruppo  sono stati individuati  pi\u00f9  organi con funzioni  di gestione, coincidenti con  i Consigli di Amministrazione delle singole controllate, che hanno adottato il Regolamento ORM traducendo il relativo \u201cschema\u201d nella specifica realt\u00e0 aziendale ed individuando concretamente le funzioni \u201clocali\u201d richieste per il buon esito del processo. Dal punto di vista operativo gli organi con funzione di supervisione strategica e quelli con funzion di gestione sono supportati dall\u2019attivit\u00e0 dell\u2019ufficio Rischi Operativi e di Credito (ROC). Nell\u2019ambit del processo coordinato centralmente da ROC (c.d. \u201cORM Centrale\u201d), l\u2019attivit\u00e0 viene svolta con i supporto di alcune funzioni \u201cORM Periferico\u201d appartenenti a diversi servizi della banca. L\u2019Organo  con  funzioni  di  controllo  \u00e8  identificato  nel  Collegio  Sindacale,  coerentemente  con  l disciplina  vigente  relativa  agli  enti  che  adottano  un  modello  \u201ctradizionale\u201d  di  governanc societaria. Pi\u00f9 in particolare, il Collegio della Capogruppo \u00e8 responsabile di vigilare sull\u2019osservanz delle norme di legge, regolamentari e statutarie, sulla corretta amministrazione, sull\u2019adeguatezz degli assetti organizzativi e contabili del Gruppo anche tramite il coordinamento con gli omologh organi collegiali presenti nelle controllate. Nell\u2019espletamento delle proprie attivit\u00e0 tale organo viene supportato dal Servizio Audit di Gruppo Il Regolamento ORM istituisce, inoltre, specifici flussi informativi verso l\u2019organo di controllo dell societ\u00e0  interessate  dal  modello  TSA  (a  livello  individuale  e  consolidato,  secondo  le  rispettiv competenze). Il Sistema di Gestione dei Rischi Operativi \u00e8 periodicamente sottoposto a revisione indipendente da parte del Servizio Audit della Capogruppo. Il sistema di gestione dei rischi operativi \u00e8 definito come l\u2019insieme strutturato dei processi funzion e risorse per l\u2019identificazione, la valutazione e il controllo dei rischi operativi ed \u00e8 articolato ne seguenti sottoprocessi: - Identificazione; - Misurazione; - Monitoraggio e Controllo; - Mitigazione. Le  societ\u00e0  incluse  nei  processi  di  misurazione,  monitoraggio  e  mitigazione,  sono  quelle  che risultano annualmente rilevanti ai fini del rischio operativo ed informatico dall\u2019analisi di rilevanza effettuata  nell\u2019ambito  dell\u2019approvazione  del  Risk  Appetite  Framework  (RAF)  e  del  processo  di determinazione dell\u2019adeguatezza patrimoniale (ICAAP) svolto dalla Capogruppo.  Il processo di \u201cIdentificazione\u201d \u00e8 composto dalle seguenti procedure:  - Loss  Data  Collection:  consiste  nella  raccolta  dei  dati  di  perdita  operativa  interna  con  il coinvolgimento  diretto  di  tutte  le  unit\u00e0  di  business.  In  tale  ambito,  gli  eventi  di  perdita operativa (inclusi quelli di natura informatica) sono classificati per Business Line (corporate finance, trading and sales, retail banking, commercial banking, payment and settlement,, agency services, asset management, retail Brokerage) ed Event Type (frodi interne, frodi esterne, rapporto di impiego e sicurezza sul lavoro, clientela - prodotti e prassi professionali, danni da eventi  esterni, interruzioni dell\u2019operativit\u00e0 e  disfunzioni dei sistemi, esecuzione, consegna e gestione dei processi);  - Risk Self Assessment: consiste nella raccolta, attraverso questionario, di stime soggettive espresse dai risk owner con riferimento agli eventi di natura operativa (inclusi quelli di natura informatica) potenzialmente rilevanti per le proprie unit\u00e0 di business e tenuto conto delle linee guida di sviluppo emerse dal processo di pianificazione preliminare di gruppo;  - Data Pooling/Comunicazione verso enti esterni: consiste nella partecipazione ad iniziative consortili esterne e nella gestione delle relative interrelazioni (ad es. consorzio DIPO) ed alla comunicazione dei dati di perdita operativa raccolti agli Organi di Vigilanza (Banca d\u2019Italia e Banca Centrale Europea).  Il processo di \u201cMisurazione\u201d \u00e8  rappresentato dalla  quantificazione del Capitale a  Rischio  (CaR) mediante stime soggettive. Le metodologie di misurazione delle perdite attese e inattese sono finalizzate ad un\u2019attivit\u00e0 di controllo ed individuazione di situazioni potenzialmente critiche e si basano  sulla  esecuzione  di  questionari  (RSA),  con  frequenza  almeno  annuale,  che  per  ogni tipologia  di  evento  richiedono  ai  responsabili  delle  unit\u00e0  organizzative  (UO)  che  possono generare/gestire i rischi operativi, una stima soggettiva di alcuni fattori di rischio:  - \u201cfrequenza tipica\u201d, il numero medio atteso di eventi nell\u2019arco temporale di riferimento;  - \u201cimpatto tipico\u201d, la perdita media attesa per tipologia di evento;  - \u201cimpatto peggiore\u201d, l\u2019impatto del singolo evento qualora esso si manifesti nel peggior modo (ragionevolmente) concepibile.  L\u2019analisi \u00e8 svolta su pi\u00f9 livelli: unit\u00e0 organizzativa, business units, societ\u00e0 e gruppo consolidato e per ogni livello sono prodotti: un valore di perdita attesa ed un valore di perdita inattesa. I risultati della  valutazione  sono  utilizzati  a  fini  gestionali  per  la  prevenzione  e  la  mitigazione  dei  rischi operativi  e  nel  processo  di  pianificazione  operativa,  coerentemente  a  quanto  definito  dal \u201cRegolamento pianificazione, programmazione e controllo di Gruppo\u201d.  Il processo di \u201cMonitoraggio e controllo\u201d mira a identificare tempestivamente eventuali disfunzioni nei processi aziendali o nelle procedure di gestione del rischio al fine di consentire di valutare le necessarie azioni di mitigazione.  I  Rischi  Operativi  sono  inoltre  monitorati  all\u2019interno  del  pi\u00f9  ampio  processo  di  Risk  Appetite Framework (RAF) di Gruppo (monitoraggio trimestrale).  Al fine di assicurare un presidio nel continuo, \u00e8 prevista una rendicontazione per singolo evento di perdita operativa la cui autonomia di delibera (definita all\u2019interno dei regolamenti gi\u00e0 vigenti o, in mancanza, oltre la soglia di 100.000\u20ac) spetta al Comitato Esecutivo/Consiglio di Amministrazione, dei  controlli  che  non  sono  andati  a  buon  fine  e  delle  azioni  correttive  di  eventuali  carenze organizzative  e/o  di  processo/prodotto.  Qualora  disponibili,  l\u2019ORM  periferico  di  volta  in  volta competente, inserisce le informazioni oggetto di rendicontazione in seno alle proposte e le invia alle  Funzioni  preposte  a  seconda  delle  casistiche  (a  titolo  esemplificativo,  Servizio  Audit  e Compliance). In ogni caso, le delibere assunte dal CE/CA sono inviate, per opportuna conoscenza, al Risk Officer della Capogruppo e a ROC. ROC verifica semestralmente che le Funzioni preposte siano state attivate dagli ORM Periferici e laddove questo non sia accaduto, attiva direttamente le Funzioni preposte eventualmente coordinandosi con gli ORM Periferici.  Inoltre, ROC controlla semestralmente, per BU/Servizio di Credembanca e per le societ\u00e0 rilevanti, che le rispettive perdite contabilizzate nel semestre/anno di riferimento non superino il relativo valore di Perdita Attesa stimato in ambito Risk Self Assessment e, nel caso in cui ci\u00f2 accada, rendiconta nel CE di Credembanca le motivazioni dello scostamento fornite dai Responsabili delle BU/Capi Servizio di Credembanca. Per le singole societ\u00e0 rilevanti, nel caso in cui le perdite risultino superiori alla Perdita Attesa, l\u2019ORM periferico della societ\u00e0 rendiconta nel proprio CA le motivazioni dello scostamento e ne d\u00e0 comunicazione al Risk Officer della Capogruppo.  Il sistema di reporting fornisce agli organi aziendali ed ai responsabili delle funzioni interessate informazioni sul livello di esposizione ai rischi operativi e rappresenta uno strumento di supporto  per la loro gestione attiva e rappresenta la sintesi dei processi di misurazione, monitoraggio e controllo. Il processo di \u201cMitigazione\u201d definisce le azioni da intraprendere per la prevenzione e l\u2019attenuazione dei rischi operativi ed \u00e8 composto dalle seguenti procedure: - Analisi gestionale: consiste nell\u2019analisi delle criticit\u00e0 emerse e delle diverse possibili soluzioni a  disposizione  nell\u2019ambito  delle  tradizionali  modalit\u00e0  alternative  di  gestione  del  rischio (ritenzione, trasferimento, mitigazione), in ottica costi-benefici; - Gestione dell\u2019attivit\u00e0 di mitigazione: consiste nella scelta, pianificazione, avvio delle attivit\u00e0, implementazione e completamento degli interventi di mitigazione messi in atto e successivo controllo dell\u2019avanzamento e dell\u2019efficacia degli interventi di mitigazione del rischio attuati; - Gestione delle forme di trasferimento: consiste nella individuazione, valutazione, scelta e gestione delle diverse forme di trasferimento del rischio. Le  azioni  di  mitigazione  definite  nel  reporting  vengono  inoltre  incluse  nel  processo  di pianificazione operativa. La classificazione delle attivit\u00e0 nelle linee di business regolamentari \u00e8 declinata nelle fasi di: - mappatura dati; - determinazione requisito patrimoniale individuale. La mappatura dei dati si  delinea a  livello individuale attraverso il collocamento di ciascuno dei centri gestionali nella business line regolamentare di pertinenza seguendo i principi sanciti dal Regolamento  UE n. 575/2013;  segue  quindi l\u2019individuazione  delle  fonti  dati  che  riportano i dati reddituali di tali centri e gli eventuali criteri di ripartizione. In applicazione della mappatura definita, ciascuna societ\u00e0 procede alla determinazione dei valori per  centro,  alla  collocazione  sulle  business  line  previste  e  alla  determinazione  del  requisito individuale. Le  attivit\u00e0  definite  per  la  determinazione  del  requisito  patrimoniale  consolidato  prevedono l\u2019identificazione dell\u2019\u201dIndicatore Rilevante\u201d individuale e la componente riconducibile a ciascuna societ\u00e0 del Gruppo per business line regolamentare (da determinarsi in coerenza con i  criteri sanciti nella mappatura utilizzata a fini individuali). Il requisito patrimoniale a fronte dei rischi operativi, calcolato sull\u2019 Indicatore Rilevante del triennio 2020- 2022, \u00e8 pari a 161,7 milioni di euro. RISCHI LEGALI Il Gruppo, nel normale svolgimento della propria attivit\u00e0 d\u2019impresa, \u00e8 parte di diversi procedimenti giudiziari dai quali potrebbero anche derivare obblighi di natura risarcitoria e/o restitutoria, con conseguente possibile esborso di risorse economiche (c.d. rischio legale). Tutte le controversie in essere sono  state  debitamente analizzate dalla Banca  e,  alla  luce di tale analisi, nonch\u00e9  delle indicazioni  anche  provenienti  dai  Legali  Fiduciari  esterni,  sono  stati  effettuati,  ove  ritenuto necessario, accantonamenti a bilancio nella misura idonea ed appropriata alle singole circostanze. Pi\u00f9 in particolare \u00e8 costituito un fondo rischi ed oneri diversi a presidio delle potenziali passivit\u00e0 che potrebbero scaturire dalle cause pendenti. La  maggior  parte  di  tali  controversie  sono  riconducibili  alle  principali  attivit\u00e0  del  Gruppo  e riguardano, in particolare, le aree dei servizi di investimento, dell\u2019anatocismo della \u201ccessione del quinto\u201d (per queste ultime, in ragione della numerosit\u00e0 e della ricorrenza del fenomeno, \u00e8 stato predisposto un apposito accantonamento volto a gestire contenziosi e reclami) e fiscali. Di  rilevanza  minore  sono  le  controversie  relative  all\u2019ambito  immobiliare,  amministrativo  e all\u2019operativit\u00e0 di sportello. Si fornisce di seguito una descrizione delle principali classi di passivit\u00e0 potenziali che, nel caso in cui la relativa passivit\u00e0 sia stata giudicata probabile, hanno dato luogo ad accantonamenti agli altri fondi per rischi ed oneri. Contenzioso lavoristico I rischi connessi al contenzioso lavoristico vengono valutati trimestralmente in base all\u2019andamento delle cause e conseguentemente vengono aggiornati gli accantonamenti. Revocatorie Fallimentari Si  tratta  di  controversie  nelle  quali  il  Gruppo  pu\u00f2  essere  coinvolta  in  ragione  del  normale svolgimento della propria attivit\u00e0 d\u2019impresa quando clienti assoggettabili al Fallimento dispongono  pagamenti in favore delle societ\u00e0 del Gruppo, effettuano rimesse su un conto corrente bancario in  un arco temporale prossimo alla dichiarazione di Fallimento. L'azione revocatoria \u00e8 uno strumento utilizzabile dal curatore fallimentare allo scopo di ricostituire il patrimonio del fallito destinato alla soddisfazione dei suoi creditori, facendovi rientrare quanto ne era uscito nel periodo antecedente al fallimento (il cosiddetto periodo sospetto). Il gruppo procede a una valutazione delle singole posizioni  caso  per  caso,  in  fatto  e  in  diritto,  prestando  particolare  attenzione  al  dato documentale/fattuale. Per effetto di detta analisi, ove opportuno, vengono pertanto di volta in volta disposti (e tempo per tempo modificati, ove necessario) gli accantonamenti ritenuti congrui in relazione alle specifiche circostanze della fattispecie in esame. Tutte le cause in materia sono oggetto di costante monitoraggio e i rischi che ne derivano, ove opportuno, sono fronteggiati da appositi accantonamenti al Fondo rischi ed oneri diversi, in applicazione di quanto previsto dallo IAS 37.  Malversazioni Si  tratta  di  controversie  nelle  quali  il  Gruppo  pu\u00f2  essere  coinvolto  in  ragione  del  normale svolgimento della  propria attivit\u00e0 d\u2019impresa, vi sono  alcuni reclami e alcune vertenze giudiziali derivanti da  comportamenti anomali posti  in essere da dipendenti  o consulenti finanziari nello svolgimento delle mansioni loro affidate o dell\u2019attivit\u00e0 espletata, con conseguenti contestazioni da parte  della  clientela  nei  confronti  della  Banca  stessa,  che  pu\u00f2  eventualmente  essere  ritenuta responsabile di tali comportamenti.  Il gruppo procede a una valutazione delle singole posizioni caso  per  caso, in fatto e in  diritto, prestando particolare attenzione al dato documentale/fattuale.  Per effetto di detta analisi, ove opportuno, vengono pertanto di volta in volta disposti (e tempo per tempo modificati, ove necessario) gli accantonamenti ritenuti congrui in relazione alle specifiche circostanze della fattispecie in esame.  Contenzioso in materia di anatocismo Il numero complessivo delle cause pendenti si mantiene consistente, alla luce, soprattutto, delle problematicit\u00e0  derivanti  da  alcuni  orientamenti  della  giurisprudenza  (oltre  che  dalle  evoluzioni della normativa di settore).  Tutte le cause in materia - a volte comprendenti anche contestazioni relative al superamento del Tasso Soglia Usura \u2013 sono oggetto di costante monitoraggio e i rischi che ne derivano, ove opportuno, sono fronteggiati da appositi accantonamenti al Fondo rischi ed oneri diversi, in applicazione di quanto previsto dallo IAS 37.  Contenzioso in materia di servizi di investimento Quanto  alle  controversie  giudiziali  aventi  ad  oggetto  servizi  di  investimento  \u2013  bond  in  default, derivati, ecc. \u2013 la policy adottata dalla Banca in materia \u00e8 quella di procedere ad una valutazione delle singole posizioni caso per caso, prestando particolare attenzione al dato documentale e al profilo  dell\u2019adeguatezza  degli  investimenti  contestati  rispetto  alla  posizione  della  singola controparte. Per effetto di detta analisi, ove ritenuto opportuno, vengono pertanto di volta in volta disposti gli accantonamenti ritenuti congrui in relazione alle specifiche circostanze.  Reclami formulati dalla clientela Con  riferimento  alle  contestazioni  avanzate  dalla  clientela  vengono  effettuati  gli opportuni accantonamenti; in particolare, nel caso in cui il danno lamentato sia superiore a una predeterminata  soglia  di  rilevanza  (ad  oggi  fissata  in  25ek),  la  previsione  di  perdita  \u00e8  fatta analiticamente. Qualora il danno lamentato sia, invece, inferiore a detta soglia, l\u2019accantonamento \u00e8 determinato applicando una percentuale forfettaria/statistica stabilita in base alla media delle perdite effettivamente subite sul totale dei reclami analoghi ricevuti negli anni precedenti.  Contenzioso fiscale I rischi derivanti dal contenzioso fiscale del Gruppo sono presidiati da adeguati accantonamenti a fondi per rischi e oneri.  Con riguardo alla capogruppo, sono in essere 23 procedimenti contenziosi, afferenti a imposte dirette e tributi locali. Relativamente a tali contenziosi non sono emersi rischi effettivi o quanto meno  il  rischio  stimato  \u00e8  apparso  remoto.  Per  cui  non  sono  stati  effettuati  accantonamenti specifici Per Credemleasing sono in essere 34 procedimenti contenziosi, prevalentemente relativi a tribut i locali.  Per Credem Euromobiliare Private Banking S.p.A., ad esito della conclusione favorevole dell\u2019unico  contenzioso pendente in materia di imposta di registro su cessione di ramo di azienda, non vi son o contenziosi pendenti.  Per Credemtel S.p.A., a far data dal 2022 pende un unico contenzioso avente ad oggetto sanzion i IVA. Sono infine presenti controversie di minore rilevanza relative all\u2019operativit\u00e0 posta in essere da i promotori finanziari, al contenzioso lavoristico, nonch\u00e9 all\u2019ambito immobiliare, amministrativo.  Il totale dei fondi rischi ed oneri per i rischi legali ammonta a 174,7 milioni di euro. Impatti derivanti dalla pandemia Covid-19 Nel  corso  del  2022  non  si  registrano  costi  classificati  come  perdite  riconducibili  agli  \"Impatti derivanti dalla pandemia Covid\" in quanto convenzionalmente, in linea con quanto definito dall e linee  guida  EBA 10 i  costi  sostenuti  successivamente  a  Giugno  2020  legati  alla  gestione  dell a pandemia  sono  da  considerarsi  rientranti  nella  cd.  gestione  \u201cNEW  NORMAL\u201d.  Inoltre  non  s i registrano ulteriori perdite operative collegate al Covid in altri ambiti.  Informazioni di natura quantitativa Si riporta di seguito la composizione percentuale delle perdite operative del Gruppo Credem per tipologie di evento:  ET 01 - Frode Interna  ET 02 - Frode esterna  ET 03 - Relazioni con il personale e sicurezza dell'ambiente di lavoro  ET 04 - Rapporti con clienti, prestazioni di servizi e prodotti  ET 05 - Disastri ed altri eventi ET 06 - Sistemi  ET 07- Esecuzione, gestione, consegna di servizi e prodotti  Nel corso del 2022, la principale fonte di rischio operativo, per importo di perdita, \u00e8 risultata essere  la tipologia di evento \u201cFrode esterna\u201d (ET 02). La seconda fonte di rischio operativo si riferisce all e perdite dovute a \u201cRapporti con Clienti, prestazioni di servizi o prodotti\u201d (ET 04) e di seguito, i n ordine di incidenza, ci sono: le perdite dovute a \u201cEsecuzione, gestione e consegna di prodotti o  servizi\u201d (ET 07), \u201cFrodi Interne\u201d (ET 01), \u201cRelazioni con il personale e sicurezza dell'ambiente d i lavoro\u201d (ET 03)\u201d.  L\u2019incidenza  delle  perdite  legate  a  malfunzionamento  dei  sistemi  tecnologici  (ET  06)  risult a pressoch\u00e9 nulla. Infine, per quanto riguarda la categoria \u201cDisastri ed altri eventi\u201d (ET 05) si registr a complessivamente una ripresa di valore.  L\u2019importo delle perdite riconducibili al rischio informatico risulta molto contenuto (solo lo 0,1% de l totale e ricade sull\u2019Event Type 06). La quasi totalit\u00e0 delle perdite riconducibili al \u201cConduct Risk\u201d s i riferisce agli Event Type 01 e 04.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-857": {
   "value": "Sezione 10 \u2013 Fondi per rischi e oneri - Voce 100 10.1 Fondi per rischi e oneri: composizione Voci/Componenti Totale 31/12/2022 Totale 31/12/2021 1. Fondi per rischio di credito relativo a impegni e garanzie finanziarie rilasciate 7.056 8.044 2. Fondi su altri impegni e altre garanzie rilasciate  - - 3. Fondi di quiescenza aziendali  1.254 1.485 4. Altri fondi per rischi ed oneri  174.652 164.882 4.1 controversie legali e fiscali  16.859 21.274 4.2 oneri per il personale  96.499 94.874 4.3 altri  61.294 48.734 Totale 182.962 174.411 10.2 Fondi per rischi e oneri: variazioni annue   Fondi su altri impegni e altre garanzie rilasciate Fondi di quiescenza Altri fondi per rischi ed oneri Totale A. Esistenze iniziali  8.044  1.485  164.882  174.411 B. Aumenti  956  26  84.638  85.620 B.1 Accantonamento dell'esercizio  956  26  84.459  85.441 B.2 Variazioni dovute al passare del tempo  -  -  2  2 B.3 Variazioni dovute a modifiche del tasso di sconto  -  -  12  12 B.4 Altre variazioni  -  -  165  165 - di cui operazioni di aggregazione aziendale  -  -  -  - C. Diminuzioni  1.944  257  74.868  77.069 C.1 Utilizzo nell'esercizio  1.937  74  73.061  75.072 C.2 Variazioni dovute a modifiche del tasso di sconto  -  -  595  595 C.3 Altre variazioni  7  183  1.212  1.402 - di cui operazioni di aggregazione aziendale  -  -  -  - D. Rimanenze finali  7.056  1.254  174.652  182.962 10.3 Fondi per rischio di credito relativo a impegni e garanzie finanziarie rilasciate Fondi per rischio di credito relativo a impegni e garanzie finanziarie rilasciate Primo stadio Secondo stadio Terzo stadio Impaired acquisiti/e o originati/e Totale Impegni a erogare fondi 1.625  746  -  -  2.371 Garanzie finanziarie rilasciate 158  392  3.912  223  4.685 Totale  1.783  1.138  3.912  223  7.056 10.5 Fondi di previdenza aziendali a benefici definiti Viene  gestito  un  Fondo  interno  a  Credem  e  a  Credemleasing  che  erogano  un  trattamento previdenziale aggiuntivo alle prestazioni erogate dall\u2019INPS. Si tratta di un \u201cFondo a prestazione definita\u201d i cui importi sono soggetti alla stessa perequazione prevista per le Pensioni INPS, come pure al censimento presso il Casellario Centrale delle Pensioni. Su tale posta di bilancio viene effettuata la valutazione attuariale. I beneficiari di tali trattamenti sono coloro che: risultavano eredi di persone decedute durante il servizio con Credem e Credemleasing (sostituito dall\u2019attuale Cassa di Previdenza dal 1/1/1996); risultavano ex dipendenti della Banca Popolare Dauna gi\u00e0 in quiescenza oppure che avevano  inoltrato le dimissioni entro il 30/11/1999. La Banca Popolare Dauna \u00e8 confluita in Credem in data 11/12/1999 a seguito di fusione per incorporazione.  Per le valutazioni attuariali del Fondo al 31 dicembre 2022, tenendo conto di quanto disposto dalle linee guida per la redazione dei bilanci tecnici degli Enti di previdenza, sono state adottate le ipotesi demografiche ed economico-finanziarie descritte nei successivi due paragrafi.  Nel corso dell\u2019esercizio il fondo ha subito un decremento netto di 231mila euro.  Ipotesi demografiche Sono state utilizzate le seguenti probabilit\u00e0:  - per le probabilit\u00e0 di morte del personale in pensione \u00e8 stata utilizzata la tavola IPS55, distinta per sesso;  - per le probabilit\u00e0 di morte del personale in pensione per invalidit\u00e0 assoluta e permanente, quelle adottate nel modello INPS per le proiezioni 2010, distinte per sesso;  - per la probabilit\u00e0 di lasciare la famiglia quelle, distinte per sesso, pubblicate nel modello INPS per le proiezioni al 2010 aggiornate.  Ipotesi economico-finanziarie Le ipotesi in oggetto riguardano il tasso di attualizzazione, i tassi d\u2019inflazione ed i tassi annui di rivalutazione delle pensioni Fondo e Inps.  Per il tasso di rivalutazione si \u00e8 utilizzata una variazione media rispetto al tasso di inflazione del 75%  ricavata da un elevato numero di casi analoghi a quello in esame ed a fronte degli incrementi previsti dalla normativa in vigore a decorrere dall\u2019anno 2009 (100% del tasso di inflazione ISTAT per pensioni annue complessive inferiori a 5 volte il minimo e 75% per la parte di pensione annua compresa tra il precedente importo ed 8 volte il minimo); si precisa che la pensione a carico del Fondo \u00e8 integrativa di quella dell\u2019INPS solo per alcuni pensionati.  Per il tasso di attualizzazione, in forza della normativa IAS, si \u00e8 adottato un tasso che risultasse in linea con la vita media probabile del collettivo in esame.  Informazioni aggiuntive Il principio contabile IAS19, per i piani a benefici definiti, richiede una sensitivity sulle principali ipotesi attuariali.  Di seguito si riportano tali informazioni, evidenziando il nuovo valore del fondo utilizzando una variazione di +/- 25 bps per il tasso di inflazione e una variazione di  +/- 25 bps  per il tasso di attualizzazione.  La durata media finanziaria \u00e8 di circa 9,4 anni.  Analisi di sensitivit\u00e0 dei principali parametri valutativi variazione delle ipotesi  tasso inflazione  tasso attualizzazione + 0,25 bps  - 0,25 bps  + 0,25 bps  - 0,25 bps 1.276  1.232  1.228  1.282 10.6 Fondi per rischi e oneri: altri fondi Totale 31/12/2022 Totale 31/12/2021 A fronte di garanzie ed impegni:  7.056 8.044 A fronte di altri diversi rischi ed oneri:  174.652 164.882 - per cause legali in corso e contenzioso diverso  55.588 48.474 - per oneri finanziari diversi  119.064 116.408 Totale 181.708 17 Il Gruppo, nel normale svolgimento della propria attivit\u00e0 d\u2019impresa, \u00e8 parte di diversi procedimenti giudiziari dai quali potrebbero anche derivare obblighi di natura risarcitoria e/o restitutoria, con conseguente possibile esborso di risorse economiche (c.d. rischio legale). Tutte le controversie in essere sono  state  debitamente analizzate dalla Banca  e,  alla  luce di tale analisi, nonch\u00e9 delle indicazioni  anche  provenienti  dai  Legali  Fiduciari  esterni,  sono  stati  effettuati,  ove  ritenuto necessario, accantonamenti a bilancio nella misura idonea ed appropriata alle singole circostanze. Pi\u00f9 in particolare \u00e8 costituito un fondo rischi ed oneri diversi a presidio delle potenziali passivit\u00e0 che potrebbero scaturire dalle cause pendenti. La  maggior  parte  di  tali  controversie  sono  riconducibili  alle  principali  attivit\u00e0  del  Gruppo  e riguardano, in particolare, le aree dei servizi di investimento, dell\u2019anatocismo e fiscali. Di  rilevanza  minore  sono  le  controversie  relative  all\u2019ambito  immobiliare,  amministrativo  e all\u2019operativit\u00e0 di sportello. Si fornisce di seguito una descrizione delle principali classi di passivit\u00e0 potenziali che, nel caso in cui la relativa passivit\u00e0 sia stata giudicata probabile, hanno dato luogo ad accantonamenti agli altri fondi per rischi ed oneri. Le stime degli accantonamenti sono state effettuate analiticamente sulle singole posizioni nel caso  in  cui  la  controparte  abbia  gi\u00e0  intrapreso  un\u2019azione  giudiziaria  e  sulla  base  del  rischio potenziale stimato su serie storico-statistiche in caso di presenza di elementi oggettivi di rischio (reclami),  non  ancora  concretizzatesi  in  azioni  giudiziarie.  Si  \u00e8  proceduto  alla  determinazione dell\u2019impatto dell\u2019attualizzazione, utilizzando quale tasso l\u2019Euribor. Il totale degli altri fondi rischi ed oneri ammonta a 174,7 milioni di euro. Si fornisce di seguito una descrizione delle principali classi di passivit\u00e0 potenziali che, nel caso in cui la relativa passivit\u00e0 sia stata giudicata probabile, hanno dato luogo ad accantonamenti al fondo a fronte di altri diversi rischi ed oneri. Contenzioso lavoristico I rischi connessi al contenzioso lavoristico vengono valutati trimestralmente in base all\u2019andamento delle cause e conseguentemente vengono aggiornati gli accantonamenti. Revocatorie Fallimentari Si  tratta  di  controversie  nelle  quali  il  Gruppo  pu\u00f2  essere  coinvolta  in  ragione  del  normale svolgimento della propria attivit\u00e0 d\u2019impresa quando clienti assoggettabili al Fallimento dispongono pagamenti in favore delle societ\u00e0 del Gruppo, effettuano rimesse su un conto corrente bancario in un arco temporale prossimo alla dichiarazione di Fallimento. L'azione revocatoria \u00e8 uno strumento utilizzabile dal curatore fallimentare allo scopo di ricostituire il patrimonio del fallito destinato alla soddisfazione dei suoi creditori, facendovi rientrare quanto ne era uscito nel periodo antecedente al fallimento (il cosiddetto periodo sospetto). Il gruppo procede a una valutazione delle singole posizioni  caso  per  caso,  in  fatto  e  in  diritto,  prestando  particolare  attenzione  al  dato documentale/fattuale. Per effetto di detta analisi, ove opportuno, vengono pertanto di volta in volta disposti (e tempo per tempo modificati, ove necessario) gli accantonamenti ritenuti congrui in relazione alle specifiche circostanze della fattispecie in esame. Tutte le cause in materia sono oggetto di costante monitoraggio e i rischi che ne derivano, ove opportuno, sono fronteggiati da appositi accantonamenti al Fondo rischi ed oneri diversi, in applicazione di quanto previsto dallo IAS 37. Malversazioni Si  tratta  di  controversie  nelle  quali  il  Gruppo  pu\u00f2  essere  coinvolto  in  ragione  del  normale svolgimento della  propria attivit\u00e0 d\u2019impresa, vi sono  alcuni reclami e alcune vertenze giudiziali derivanti da  comportamenti anomali posti  in essere da dipendenti o consulenti finanziari nello svolgimento delle mansioni loro affidate o dell\u2019attivit\u00e0 espletata, con conseguenti contestazioni da parte  della  clientela  nei  confronti  della  Banca  stessa,  che  pu\u00f2  eventualmente  essere  ritenuta responsabile di tali comportamenti. Il gruppo procede a una valutazione  delle singole posizioni caso per caso, in fatto  e in diritto, prestando particolare attenzione al dato documentale/fattuale.Per effetto di detta analisi, ove opportuno, vengono pertanto di volta in volta disposti (e tempo per tempo modificati, ove necessario) gli accantonamenti ritenuti congrui in relazione alle specifiche circostanze della fattispecie in esame. Contenzioso in materia di anatocismo Il numero complessivo delle cause pendenti si mantiene consistente, alla luce, soprattutto, delle problematicit\u00e0  derivanti  da  alcuni  orientamenti  della  giurisprudenza  (oltre  che  dalle evoluzioni della normativa di settore).  Tutte le cause in materia - a volte comprendenti anche contestazioni relative al superamento del Tasso Soglia Usura \u2013 sono oggetto di costante monitoraggio e i rischi che ne derivano, ove opportuno, sono fronteggiati da appositi accantonamenti al Fondo rischi ed oneri diversi, in applicazione di quanto previsto dallo IAS 37. Contenzioso in materia di servizi di investimento Quanto  alle  controversie  giudiziali  aventi  ad  oggetto  servizi di investimento \u2013  bond  in  default, derivati, ecc. \u2013 la policy adottata dalla Banca in materia \u00e8 quella di procedere ad una valutazione delle singole posizioni caso per caso, prestando particolare attenzione al dato documentale e al profilo  dell\u2019adeguatezza  degli  investimenti  contestati  rispetto  alla  posizione  della  singola controparte. Per effetto di detta analisi, ove ritenuto opportuno, vengono pertanto di volta in volta disposti gli accantonamenti ritenuti congrui in relazione alle specifiche circostanze. Reclami formulati dalla clientela Con  riferimento  alle  contestazioni  avanzate  dalla  clientela  vengono  effettuati  gli opportuni accantonamenti; in particolare, nel caso in cui il danno lamentato sia superiore a una predeterminata  soglia  di  rilevanza  (ad  oggi  fissata  in  25ek),  la  previsione  di  perdita  \u00e8  fatta analiticamente. Qualora il danno lamentato sia, invece, inferiore a detta soglia, l\u2019accantonamento \u00e8 determinato applicando una percentuale forfettaria/statistica stabilita in base alla media delle perdite effettivamente subite sul totale dei reclami analoghi ricevuti negli anni precedenti. Contenzioso fiscale I rischi derivanti dal contenzioso fiscale del Gruppo sono presidiati da adeguati accantonamenti a fondi per rischi e oneri. Con riguardo alla capogruppo, sono in essere 23 procedimenti contenziosi, afferenti a imposte dirette e tributi locali. Relativamente a tali contenziosi non sono emersi rischi effettivi o quanto meno  il  rischio  stimato  \u00e8  apparso  remoto.  Per  cui  non  sono  stati  effettuati  accantonamenti specifici. Per Credemleasing sono in essere 34 procedimenti contenziosi, prevalentemente relativi a tributi locali. Per Credem Euromobiliare Private Banking S.p.A., ad esito della conclusione favorevole dell\u2019unico contenzioso pendente in materia di imposta di registro su cessione di ramo di azienda, non vi sono contenziosi pendenti. Per Credemtel S.p.A., a far data dal 2022 pende un unico contenzioso avente ad oggetto sanzioni IVA. Sono infine presenti controversie di minore rilevanza relative all\u2019operativit\u00e0 posta in essere dai promotori finanziari, al contenzioso lavoristico, nonch\u00e9 all\u2019ambito immobiliare, amministrativo. Sono infine presenti controversie di minore rilevanza relative all\u2019operativit\u00e0 posta in essere dai promotori finanziari, al contenzioso lavoristico, nonch\u00e9 all\u2019ambito immobiliare, amministrativo. Nel mese di settembre 2021 era stato consegnato dalla Banca d'Italia il rapporto ispettivo in esito alle  verifiche  condotte  nel  periodo  aprile-luglio  2021  sul  rispetto  della  normativa  e  degli orientamenti di Vigilanza in tema di trasparenza delle operazioni e correttezza delle relazioni con la clientela. Nel corso del 2022, sono state rilevate talune aree di rafforzamento, in alcuni casi anche con conseguenze restitutorie in favore della clientela, a fronte delle quali \u00e8 stata istituita una  specifica  attivit\u00e0  progettuale  per  la  definizione  e  la  realizzazione  del  piano  di  rimedio  a superamento delle anomalie segnalate. 1. Impegni e garanzie finanziarie rilasciate Valore nominale su impegni e garanzie finanziarie rilasciate Totale 31/12/2022 Totale 31/12/2021 Primo stadio Secondo stadio Terzo stadio Impaired acquisiti/e o originati 1. Impegni a erogare fondi  10.705.933 168.891 34.593 986 10.910.403 10.648.932 a) Banche Centrali  - - - - - - b) Amministrazioni pubbliche  10.236 - 3 - 10.239 9.886 c) Banche  27.090 725 - - 27.815 27.474 d) Altre societ\u00e0 finanziarie  131.902 1.419 12 - 133.333 99.617 e) Societ\u00e0 non finanziarie  8.989.263 46.458 19.061 986 9.055.768 8.836.548 f) Famiglie  1.547.442 120.289 15.517 - 1.683.248 1.675.407 2. Garanzie finanziarie rilasciate  969.615 46.536 5.065 638 1.021.854 1.106.04 9 a) Banche Centrali  483.382 2.372 - - 485.754 540.847 b) Amministrazioni pubbliche  98 - - - 98 103 c) Banche  1.394 2.410 - - 3.804 4.233 d) Altre societ\u00e0 finanziarie  4.894 110 - - 5.004 3.469 e) Societ\u00e0 non finanziarie  404.488 34.757 4.863 618 444.726 472.818 f) Famiglie  75.359 6.887 202 20 82.468 84.579 1.5 Rischi operativi  Informazioni di natura qualitativa A. Aspetti generali, processi di gestione e metodi di misurazione del rischio operativo Il  Gruppo  ha  sviluppato  un  sistema  integrato  di  gestione  dei  rischi  operativi  assunti  che,  i n attuazione degli indirizzi strategici, consente di rafforzare la capacit\u00e0 delle Unit\u00e0 Organizzative d i gestirli consapevolmente, introducendo strumenti di rilevazione, misurazione e controllo tali d a garantire un\u2019assunzione dei rischi consapevole e compatibile con le strategie di Governance e co n le condizioni economiche e patrimoniali, nel rispetto delle indicazioni provenienti dalle Autorit\u00e0 d i Vigilanza\u201d.  Il Consiglio di Amministrazione della Capogruppo ha approvato il regolamento \u201cGestione dei risch i operativi\u201d (Regolamento ORM)  con cui definisce  le politiche di gestione del rischio operativo  a  livello di Gruppo e Banca e determina un sistema comune e coordinato caratterizzato da regol e condivise per l\u2019allocazione di compiti e responsabilit\u00e0.  Il regolamento definisce come rischio operativo \u201cil rischio di perdite derivanti dall\u2019inadeguatezza o dalla  disfunzione  di  processi,  risorse  umane  e  sistemi  interni,  oppure  da  eventi  esogeni,  iv i compreso il rischio giuridico; non sono inclusi quelli strategici e di reputazione\u201d.  Inoltre, il Consiglio di Amministrazione della Capogruppo ha approvato, ai fini della determinazion e del requisito patrimoniale, l\u2019utilizzo del metodo TSA per tutte le societ\u00e0 appartenenti al Grupp o Bancario.  Non  sono  intervenute  variazioni  significative  rispetto  all\u2019esercizio  precedente  in  relazione  al modello  di  gestione  dei  rischi  operativi  che  di  seguito  viene  rappresentato  sinteticamente: l\u2019Organo  con  funzioni  di  supervisione  strategica  di  Gruppo  \u00e8  identificato  nel  Consiglio  di Amministrazione di Credito Emiliano SpA, Capogruppo del Gruppo Bancario Credito Emiliano \u2013 CREDEM.  L\u2019azione  viene  esercitata  con  il  supporto  del  Comitato  Consiliare  Rischi  di  Gruppo (Comitato di Governance, privo di deleghe, istituito con la finalit\u00e0 di svolgere un ruolo istruttorio). A  livello  di Gruppo  sono stati individuati  pi\u00f9  organi con funzioni  di gestione, coincidenti con  i Consigli di Amministrazione delle singole controllate, che hanno adottato il Regolamento ORM traducendo il relativo \u201cschema\u201d nella specifica realt\u00e0 aziendale ed individuando concretamente le funzioni \u201clocali\u201d richieste per il buon esito del processo.  Dal punto di vista operativo gli organi con funzione di supervisione strategica e quelli con funzion i di gestione sono supportati dall\u2019attivit\u00e0 dell\u2019ufficio Rischi Operativi e di Credito (ROC). Nell\u2019ambit o del processo coordinato centralmente da ROC (c.d. \u201cORM Centrale\u201d), l\u2019attivit\u00e0 viene svolta con i l supporto di alcune funzioni \u201cORM Periferico\u201d appartenenti a diversi servizi della banca.  L\u2019Organo  con  funzioni  di  controllo  \u00e8  identificato  nel  Collegio  Sindacale,  coerentemente  con  l a disciplina  vigente  relativa  agli  enti  che  adottano  un  modello  \u201ctradizionale\u201d  di  governanc e societaria. Pi\u00f9 in particolare, il Collegio della Capogruppo \u00e8 responsabile di vigilare sull\u2019osservanz a delle norme di legge, regolamentari e statutarie, sulla corretta amministrazione, sull\u2019adeguatezz a degli assetti organizzativi e contabili del Gruppo anche tramite il coordinamento con gli omologh i organi collegiali presenti nelle controllate.  Nell\u2019espletamento delle proprie attivit\u00e0 tale organo viene supportato dal Servizio Audit di Gruppo . Il Regolamento ORM istituisce, inoltre, specifici flussi informativi verso l\u2019organo di controllo dell e societ\u00e0  interessate  dal  modello  TSA  (a  livello  individuale  e  consolidato,  secondo  le  rispettiv e competenze).  Il Sistema di Gestione dei Rischi Operativi \u00e8 periodicamente sottoposto a revisione indipendente da parte del Servizio Audit della Capogruppo.  Il sistema di gestione dei rischi operativi \u00e8 definito come l\u2019insieme strutturato dei processi funzion i e risorse per l\u2019identificazione, la valutazione e il controllo dei rischi operativi ed \u00e8 articolato ne i seguenti sottoprocessi:  - Identificazione;  - Misurazione;  - Monitoraggio e Controllo;  - Mitigazione.  Le  societ\u00e0  incluse  nei  processi  di  misurazione,  monitoraggio  e  mitigazione,  sono  quelle  che risultano annualmente rilevanti ai fini del rischio operativo ed informatico dall\u2019analisi di rilevanza  effettuata  nell\u2019ambito  dell\u2019approvazione  del  Risk  Appetite  Framework  (RAF)  e  del  processo  di determinazione dell\u2019adeguatezza patrimoniale (ICAAP) svolto dalla Capogruppo. Il processo di \u201cIdentificazione\u201d \u00e8 composto dalle seguenti procedure: - Loss  Data  Collection:  consiste  nella  raccolta  dei  dati  di  perdita  operativa  interna  con  il coinvolgimento  diretto  di  tutte  le  unit\u00e0  di  business.  In  tale  ambito,  gli  eventi  di  perdita operativa (inclusi quelli di natura informatica) sono classificati per Business Line (corporate finance, trading and sales, retail banking, commercial banking, payment and settlement,, agency services, asset management, retail Brokerage) ed Event Type (frodi interne, frodi esterne, rapporto di impiego e sicurezza sul lavoro, clientela - prodotti e prassi professionali, danni da eventi  esterni, interruzioni dell\u2019operativit\u00e0 e  disfunzioni dei sistemi, esecuzione, consegna e gestione dei processi); - Risk Self Assessment: consiste nella raccolta, attraverso questionario, di stime soggettive espresse dai risk owner con riferimento agli eventi di natura operativa (inclusi quelli di natura informatica) potenzialmente rilevanti per le proprie unit\u00e0 di business e tenuto conto delle linee guida di sviluppo emerse dal processo di pianificazione preliminare di gruppo; - Data Pooling/Comunicazione verso enti esterni: consiste nella partecipazione ad iniziative consortili esterne e nella gestione delle relative interrelazioni (ad es. consorzio DIPO) ed alla comunicazione dei dati di perdita operativa raccolti agli Organi di Vigilanza (Banca d\u2019Italia e Banca Centrale Europea). Il processo di \u201cMisurazione\u201d \u00e8  rappresentato dalla  quantificazione del Capitale a  Rischio  (CaR) mediante stime soggettive. Le metodologie di misurazione delle perdite attese e inattese sono finalizzate ad un\u2019attivit\u00e0 di controllo ed individuazione di situazioni potenzialmente critiche e si basano  sulla  esecuzione  di  questionari  (RSA),  con  frequenza  almeno  annuale,  che  per  ogni tipologia  di  evento  richiedono  ai  responsabili  delle  unit\u00e0  organizzative  (UO)  che  possono generare/gestire i rischi operativi, una stima soggettiva di alcuni fattori di rischio: - \u201cfrequenza tipica\u201d, il numero medio atteso di eventi nell\u2019arco temporale di riferimento; - \u201cimpatto tipico\u201d, la perdita media attesa per tipologia di evento; - \u201cimpatto peggiore\u201d, l\u2019impatto del singolo evento qualora esso si manifesti nel peggior modo (ragionevolmente) concepibile. L\u2019analisi \u00e8 svolta su pi\u00f9 livelli: unit\u00e0 organizzativa, business units, societ\u00e0 e gruppo consolidato e per ogni livello sono prodotti: un valore di perdita attesa ed un valore di perdita inattesa. I risultati della  valutazione  sono  utilizzati  a  fini  gestionali  per  la  prevenzione  e  la  mitigazione  dei  rischi operativi  e  nel  processo  di  pianificazione  operativa,  coerentemente  a  quanto  definito  dal \u201cRegolamento pianificazione, programmazione e controllo di Gruppo\u201d. Il processo di \u201cMonitoraggio e controllo\u201d mira a identificare tempestivamente eventuali disfunzioni nei processi aziendali o nelle procedure di gestione del rischio al fine di consentire di valutare le necessarie azioni di mitigazione. I  Rischi  Operativi  sono  inoltre  monitorati  all\u2019interno  del  pi\u00f9  ampio  processo  di  Risk  Appetite Framework (RAF) di Gruppo (monitoraggio trimestrale). Al fine di assicurare un presidio nel continuo, \u00e8 prevista una rendicontazione per singolo evento di perdita operativa la cui autonomia di delibera (definita all\u2019interno dei regolamenti gi\u00e0 vigenti o, in mancanza, oltre la soglia di 100.000\u20ac) spetta al Comitato Esecutivo/Consiglio di Amministrazione, dei  controlli  che  non  sono  andati  a  buon  fine  e  delle  azioni  correttive  di  eventuali  carenze organizzative  e/o  di  processo/prodotto.  Qualora  disponibili,  l\u2019ORM  periferico  di  volta  in  volta competente, inserisce le informazioni oggetto di rendicontazione in seno alle proposte e le invia alle  Funzioni  preposte  a  seconda  delle  casistiche  (a  titolo  esemplificativo,  Servizio  Audit  e Compliance). In ogni caso, le delibere assunte dal CE/CA sono inviate, per opportuna conoscenza, al Risk Officer della Capogruppo e a ROC. ROC verifica semestralmente che le Funzioni preposte siano state attivate dagli ORM Periferici e laddove questo non sia accaduto, attiva direttamente le Funzioni preposte eventualmente coordinandosi con gli ORM Periferici. Inoltre, ROC controlla semestralmente, per BU/Servizio di Credembanca e per le societ\u00e0 rilevanti, che le rispettive perdite contabilizzate nel semestre/anno di riferimento non superino il relativo valore di Perdita Attesa stimato in ambito Risk Self Assessment e, nel caso in cui ci\u00f2 accada, rendiconta nel CE di Credembanca le motivazioni dello scostamento fornite dai Responsabili delle BU/Capi Servizio di Credembanca. Per le singole societ\u00e0 rilevanti, nel caso in cui le perdite risultino superiori alla Perdita Attesa, l\u2019ORM periferico della societ\u00e0 rendiconta nel proprio CA le motivazioni dello scostamento e ne d\u00e0 comunicazione al Risk Officer della Capogruppo. Il sistema di reporting fornisce agli organi aziendali ed ai responsabili delle funzioni interessate informazioni sul livello di esposizione ai rischi operativi e rappresenta uno strumento di supporto per la loro gestione attiva e rappresenta la sintesi dei processi di misurazione, monitoraggio e controllo. Il processo di \u201cMitigazione\u201d definisce le azioni da intraprendere per la prevenzione e l\u2019attenuazione dei rischi operativi ed \u00e8 composto dalle seguenti procedure: - Analisi gestionale: consiste nell\u2019analisi delle criticit\u00e0 emerse e delle diverse possibili soluzioni a  disposizione  nell\u2019ambito  delle  tradizionali  modalit\u00e0  alternative  di  gestione  del  rischio (ritenzione, trasferimento, mitigazione), in ottica costi-benefici; - Gestione dell\u2019attivit\u00e0 di mitigazione: consiste nella scelta, pianificazione, avvio delle attivit\u00e0, implementazione e completamento degli interventi di mitigazione messi in atto e successivo controllo dell\u2019avanzamento e dell\u2019efficacia degli interventi di mitigazione del rischio attuati; - Gestione delle forme di trasferimento: consiste nella individuazione, valutazione, scelta e gestione delle diverse forme di trasferimento del rischio. Le  azioni  di  mitigazione  definite  nel  reporting  vengono  inoltre  incluse  nel  processo  di pianificazione operativa. La classificazione delle attivit\u00e0 nelle linee di business regolamentari \u00e8 declinata nelle fasi di: - mappatura dati; - determinazione requisito patrimoniale individuale. La mappatura dei dati si  delinea a  livello individuale attraverso il collocamento di ciascuno dei centri gestionali nella business line regolamentare di pertinenza seguendo i principi sanciti dal Regolamento  UE n. 575/2013;  segue  quindi l\u2019individuazione  delle  fonti  dati  che  riportano i dati reddituali di tali centri e gli eventuali criteri di ripartizione. In applicazione della mappatura definita, ciascuna societ\u00e0 procede alla determinazione dei valori per  centro,  alla  collocazione  sulle  business  line  previste  e  alla  determinazione  del  requisito individuale. Le  attivit\u00e0  definite  per  la  determinazione  del  requisito  patrimoniale  consolidato  prevedono l\u2019identificazione dell\u2019\u201dIndicatore Rilevante\u201d individuale e la componente riconducibile a ciascuna societ\u00e0 del Gruppo per business line regolamentare (da determinarsi in coerenza con i  criteri sanciti nella mappatura utilizzata a fini individuali). Il requisito patrimoniale a fronte dei rischi operativi, calcolato sull\u2019 Indicatore Rilevante del triennio 2020- 2022, \u00e8 pari a 161,7 milioni di euro. RISCHI LEGALI Il Gruppo, nel normale svolgimento della propria attivit\u00e0 d\u2019impresa, \u00e8 parte di diversi procedimenti giudiziari dai quali potrebbero anche derivare obblighi di natura risarcitoria e/o restitutoria, con conseguente possibile esborso di risorse economiche (c.d. rischio legale). Tutte le controversie in essere sono  state  debitamente analizzate dalla Banca  e,  alla  luce di tale analisi, nonch\u00e9  delle indicazioni  anche  provenienti  dai  Legali  Fiduciari  esterni,  sono  stati  effettuati,  ove  ritenuto necessario, accantonamenti a bilancio nella misura idonea ed appropriata alle singole circostanze. Pi\u00f9 in particolare \u00e8 costituito un fondo rischi ed oneri diversi a presidio delle potenziali passivit\u00e0 che potrebbero scaturire dalle cause pendenti. La  maggior  parte  di  tali  controversie  sono  riconducibili  alle  principali  attivit\u00e0  del  Gruppo  e riguardano, in particolare, le aree dei servizi di investimento, dell\u2019anatocismo della \u201ccessione del quinto\u201d (per queste ultime, in ragione della numerosit\u00e0 e della ricorrenza del fenomeno, \u00e8 stato predisposto un apposito accantonamento volto a gestire contenziosi e reclami) e fiscali. Di  rilevanza  minore  sono  le  controversie  relative  all\u2019ambito  immobiliare,  amministrativo  e all\u2019operativit\u00e0 di sportello. Si fornisce di seguito una descrizione delle principali classi di passivit\u00e0 potenziali che, nel caso in cui la relativa passivit\u00e0 sia stata giudicata probabile, hanno dato luogo ad accantonamenti agli altri fondi per rischi ed oneri. Contenzioso lavoristico I rischi connessi al contenzioso lavoristico vengono valutati trimestralmente in base all\u2019andamento delle cause e conseguentemente vengono aggiornati gli accantonamenti. Revocatorie Fallimentari Si  tratta  di  controversie  nelle  quali  il  Gruppo  pu\u00f2  essere  coinvolta  in  ragione  del  normale svolgimento della propria attivit\u00e0 d\u2019impresa quando clienti assoggettabili al Fallimento dispongono pagamenti in favore delle societ\u00e0 del Gruppo, effettuano rimesse su un conto corrente bancario in un arco temporale prossimo alla dichiarazione di Fallimento. L'azione revocatoria \u00e8 uno strumento utilizzabile dal curatore fallimentare allo scopo di ricostituire il patrimonio del fallito destinato alla soddisfazione dei suoi creditori, facendovi rientrare quanto ne era uscito nel periodo antecedente al fallimento (il cosiddetto periodo sospetto). Il gruppo procede a una valutazione delle singole posizioni  caso  per  caso,  in  fatto  e  in  diritto,  prestando  particolare  attenzione  al  dato documentale/fattuale. Per effetto di detta analisi, ove opportuno, vengono pertanto di volta in volta disposti (e tempo per tempo modificati, ove necessario) gli accantonamenti ritenuti congrui in relazione alle specifiche circostanze della fattispecie in esame. Tutte le cause in materia sono oggetto di costante monitoraggio e i rischi che ne derivano, ove opportuno, sono fronteggiati da appositi accantonamenti al Fondo rischi ed oneri diversi, in applicazione di quanto previsto dallo IAS 37. Malversazioni Si  tratta  di  controversie  nelle  quali  il  Gruppo  pu\u00f2  essere  coinvolto  in  ragione  del  normale svolgimento della  propria attivit\u00e0 d\u2019impresa, vi sono  alcuni reclami e alcune vertenze giudiziali derivanti da  comportamenti anomali posti  in essere da dipendenti  o consulenti finanziari nello svolgimento delle mansioni loro affidate o dell\u2019attivit\u00e0 espletata, con conseguenti contestazioni da parte  della  clientela  nei  confronti  della  Banca  stessa,  che  pu\u00f2  eventualmente  essere  ritenuta responsabile di tali comportamenti. Il gruppo procede a una valutazione delle singole posizioni caso  per  caso, in fatto e in  diritto, prestando particolare attenzione al dato documentale/fattuale. Per effetto di detta analisi, ove opportuno, vengono pertanto di volta in volta disposti (e tempo per tempo modificati, ove necessario) gli accantonamenti ritenuti congrui in relazione alle specifiche circostanze della fattispecie in esame. Contenzioso in materia di anatocismo Il numero complessivo delle cause pendenti si mantiene consistente, alla luce, soprattutto, delle problematicit\u00e0  derivanti  da  alcuni  orientamenti  della  giurisprudenza  (oltre  che  dalle  evoluzioni della normativa di settore).  Tutte le cause in materia - a volte comprendenti anche contestazioni relative al superamento del Tasso Soglia Usura \u2013 sono oggetto di costante monitoraggio e i rischi che ne derivano, ove opportuno, sono fronteggiati da appositi accantonamenti al Fondo rischi ed oneri diversi, in applicazione di quanto previsto dallo IAS 37. Contenzioso in materia di servizi di investimento Quanto  alle  controversie  giudiziali  aventi  ad  oggetto  servizi  di  investimento  \u2013  bond  in  default, derivati, ecc. \u2013 la policy adottata dalla Banca in materia \u00e8 quella di procedere ad una valutazione delle singole posizioni caso per caso, prestando particolare attenzione al dato documentale e al profilo  dell\u2019adeguatezza  degli  investimenti  contestati  rispetto  alla  posizione  della  singola controparte. Per effetto di detta analisi, ove ritenuto opportuno, vengono pertanto di volta in volta disposti gli accantonamenti ritenuti congrui in relazione alle specifiche circostanze. Reclami formulati dalla clientela Con  riferimento  alle  contestazioni  avanzate  dalla  clientela  vengono  effettuati  gli opportuni accantonamenti; in particolare, nel caso in cui il danno lamentato sia superiore a una predeterminata  soglia  di  rilevanza  (ad  oggi  fissata  in  25ek),  la  previsione  di  perdita  \u00e8  fatta analiticamente. Qualora il danno lamentato sia, invece, inferiore a detta soglia, l\u2019accantonamento \u00e8 determinato applicando una percentuale forfettaria/statistica stabilita in base alla media delle perdite effettivamente subite sul totale dei reclami analoghi ricevuti negli anni precedenti. Contenzioso fiscale I rischi derivanti dal contenzioso fiscale del Gruppo sono presidiati da adeguati accantonamenti a fondi per rischi e oneri. Con riguardo alla capogruppo, sono in essere 23 procedimenti contenziosi, afferenti a imposte dirette e tributi locali. Relativamente a tali contenziosi non sono emersi rischi effettivi o quanto meno  il  rischio  stimato  \u00e8  apparso  remoto.  Per  cui  non  sono  stati  effettuati  accantonamenti specifici . Per Credemleasing sono in essere 34 procedimenti contenziosi, prevalentemente relativi a tribut locali. Per Credem Euromobiliare Private Banking S.p.A., ad esito della conclusione favorevole dell\u2019unico contenzioso pendente in materia di imposta di registro su cessione di ramo di azienda, non vi son contenziosi pendenti. Per Credemtel S.p.A., a far data dal 2022 pende un unico contenzioso avente ad oggetto sanzion IVA. Sono infine presenti controversie di minore rilevanza relative all\u2019operativit\u00e0 posta in essere da promotori finanziari, al contenzioso lavoristico, nonch\u00e9 all\u2019ambito immobiliare, amministrativo. Il totale dei fondi rischi ed oneri per i rischi legali ammonta a 174,7 milioni di euro. Impatti derivanti dalla pandemia Covid-19 Nel  corso  del  2022  non  si  registrano  costi  classificati  come  perdite  riconducibili  agli  \"Impatti derivanti dalla pandemia Covid\" in quanto convenzionalmente, in linea con quanto definito dall linee  guida  EBA 10 i  costi  sostenuti  successivamente  a  Giugno  2020  legati  alla  gestione  dell pandemia  sono  da  considerarsi  rientranti  nella  cd.  gestione  \u201cNEW  NORMAL\u201d.  Inoltre  non  s registrano ulteriori perdite operative collegate al Covid in altri ambiti. Informazioni di natura quantitativa Si riporta di seguito la composizione percentuale delle perdite operative del Gruppo Credem per tipologie di evento: ET 01 - Frode Interna ET 02 - Frode esterna ET 03 - Relazioni con il personale e sicurezza dell'ambiente di lavoro ET 04 - Rapporti con clienti, prestazioni di servizi e prodotti ET 05 - Disastri ed altri eventi ET 06 - Sistemi ET 07- Esecuzione, gestione, consegna di servizi e prodotti Nel corso del 2022, la principale fonte di rischio operativo, per importo di perdita, \u00e8 risultata essere la tipologia di evento \u201cFrode esterna\u201d (ET 02). La seconda fonte di rischio operativo si riferisce all perdite dovute a \u201cRapporti con Clienti, prestazioni di servizi o prodotti\u201d (ET 04) e di seguito, i ordine di incidenza, ci sono: le perdite dovute a \u201cEsecuzione, gestione e consegna di prodotti o servizi\u201d (ET 07), \u201cFrodi Interne\u201d (ET 01), \u201cRelazioni con il personale e sicurezza dell'ambiente d lavoro\u201d (ET 03)\u201d. L\u2019incidenza  delle  perdite  legate  a  malfunzionamento  dei  sistemi  tecnologici  (ET  06)  risult pressoch\u00e9 nulla. Infine, per quanto riguarda la categoria \u201cDisastri ed altri eventi\u201d (ET 05) si registr complessivamente una ripresa di valore. L\u2019importo delle perdite riconducibili al rischio informatico risulta molto contenuto (solo lo 0,1% de totale e ricade sull\u2019Event Type 06). La quasi totalit\u00e0 delle perdite riconducibili al \u201cConduct Risk\u201d s riferisce agli Event Type 01 e 04.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-858": {
   "value": "<div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2493\">Sezion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2494\">13<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2495\">\u2013<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2496\">Patrimo<span class=\"_ _0\"></span>nio<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2497\">del<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2498\">grup<span class=\"_ _0\"></span>po<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2499\">\u2013<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs249a\">Voci<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs249b\">120,<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs249c\">130,<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs249d\">140,<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs249e\">150,<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs249f\">160,<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs24a0\">170<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs24a1\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs24a2\">1<span class=\"_ _0\"></span>80<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m26 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs24a3\">13<span class=\"_ _1\"></span>.1<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs24a4\">\"Ca<span class=\"_ _1\"></span>pita<span class=\"_ _1\"></span>le\"<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs24a5\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs24a6\">\"Az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs24a7\">pro<span class=\"_ _1\"></span>pri<span class=\"_ _0\"></span>e\":<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs24a8\">co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs24a9\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs24aa\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs24ab\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs24ac\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs24ad\">A.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs24ae\">Ca<span class=\"_ _0\"></span>pit<span class=\"_ _1\"></span>ale<span class=\"_ _0\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs24af\">A.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Azioni<span class=\"ff1\"> </span>o<span class=\"_ _1\"></span>rdina<span class=\"_ _0\"></span>rie<span class=\"_ _0\"></span> <span class=\"_ _2c1\"> </span>341<span class=\"_ _0\"></span>.32<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs24b0\">341<span class=\"_ _0\"></span>.32<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs24b1\">A.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Azioni<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ris<span class=\"_ _0\"></span>par<span class=\"_ _0\"></span>mio<span class=\"_ _0\"></span> <span class=\"_ _93\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs24b2\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs24b3\">A.3<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Azioni<span class=\"ff1\"> </span>p<span class=\"_ _1\"></span>rivil<span class=\"_ _0\"></span>egia<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span> <span class=\"_ _96\"> </span>-<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs24b4\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs24b5\">A.4<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Azioni<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>lt<span class=\"_ _0\"></span>re <span class=\"_ _290\"> </span>-<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs24b6\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs24b7\">B.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs24b8\">Azion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs24b9\">pr<span class=\"_ _0\"></span>op<span class=\"_ _0\"></span>rie<span class=\"_ _0\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs24ba\">B.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Azioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ord<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>rie<span class=\"_ _1\"></span> <span class=\"_ _187\"> </span>1<span class=\"_ _0\"></span>0.0<span class=\"_ _0\"></span>72<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs24bb\">4<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>25<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs24bc\">B.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Azioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ris<span class=\"_ _0\"></span>par<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>o <span class=\"_ _93\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs24bd\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs24be\">B.3<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Azioni<span class=\"ff1\"> </span>p<span class=\"_ _1\"></span>rivil<span class=\"_ _0\"></span>egi<span class=\"_ _0\"></span>ate<span class=\"_ _1\"></span> <span class=\"_ _96\"> </span>-<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs24bf\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs24c0\">B.4<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Azioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span> <span class=\"_ _28e\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs24c1\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs24c2\">Sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>presenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>1.816.938<span class=\"ff1\"> <span class=\"_ _20\"></span></span>azioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pro<span class=\"_ _2\"></span>prie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>por<span class=\"_ _2\"></span>tafoglio,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un<span class=\"ff1\"> <span class=\"_ _20\"></span></span>co<span class=\"_ _2\"></span>ntrovalore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>10,1<span class=\"ff1\"> </span><span class=\"ff1\"><span class=\"_ _21\"></span></span>mili<span class=\"_ _0\"></span>oni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>euro,<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs24c3\">acquistate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>programma<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ha<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dato<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>esecuzione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delibere<span class=\"ff1\"> <span class=\"_ _2\"></span></span>adott<span class=\"_ _3bd\"> </span><span class=\"_ _2\"></span>ate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dalle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>vari<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs24c4\">Assemblee<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Ordinarie;<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pro<span class=\"_ _2\"></span>grammi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>hanno<span class=\"ff1\"> <span class=\"_ _20\"></span></span>lo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>scopo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"_ _2\"></span>cquistare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>azioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Credi<span class=\"_ _3bd\"> </span>to<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Emiliano<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ad<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs24c5\">integrale<span class=\"ff1\"> <span class=\"_ _21\"></span></span>copertura<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>piani<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>remunerazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>basati<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>su<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>strumenti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>finanziari<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>da<span class=\"ff1\"> </span><span class=\"ff1\"><span class=\"_ _21\"> </span></span>destinare<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"_ _2\"></span>la<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs24c6\">categoria<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dirigenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>responsabilit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>str<span class=\"_ _2\"></span>ategiche<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span><span class=\"ff3\">e</span> <span class=\"_ _20\"></span><span class=\"ff3\">del</span> <span class=\"_ _2\"></span><span class=\"ff3\">\u201c<span class=\"_ _2\"></span>personale</span> <span class=\"_ _20\"></span><span class=\"ff3\">pi\u00f9</span> <span class=\"_ _2\"></span><span class=\"ff3\">ril<span class=\"_ _2\"></span>evan<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\">te\u201d</span> <span class=\"_ _2\"></span><span class=\"ff3\">del</span> <span class=\"_ _20\"></span><span class=\"ff3\">gruppo</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs24c7\">bancario.<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Ai<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sensi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"></span></span>norme<span class=\"ff1\"> <span class=\"_ _21\"></span></span>vigenti,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>gli<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>estremi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pro<span class=\"_ _2\"></span>gramma<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>gi\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>stat<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span><span class=\"ff1\"><span class=\"_ _20\"></span></span>com<span class=\"_ _2\"></span>unicati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs24c8\">me<span class=\"_ _0\"></span>rcat<span class=\"_ _0\"></span>o.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs24c9\">Nel<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cors<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019esercizio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>state<span class=\"ff1\"> <span class=\"_ _20\"></span></span>assegnate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>535.986<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"_ _2\"></span>zioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>state<span class=\"ff1\"> <span class=\"_ _20\"></span></span>acquis<span class=\"_ _3bd\"> </span>tate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>1.500.000<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs24ca\">azioni<span class=\"ff1\"> </span>sul<span class=\"ff1\"> </span>mercato.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs24cb\">Per<span class=\"ff1\"> </span>maggiori<span class=\"ff1\"> </span>dettagli<span class=\"ff1\"> </span>riguardo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> </span>pian<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>remunerazione<span class=\"ff1\"> </span>basati<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>st<span class=\"_ _2\"></span>rumenti<span class=\"ff1\"> </span>finanzi<span class=\"_ _3bd\"> </span>ari<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>rinvia<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs24cc\">\u201cParte<span class=\"ff1\"> </span>I\u201d<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>presente<span class=\"ff1\"> </span>nota<span class=\"ff1\"> </span>integrativa<span class=\"_ _3bd\"> </span>.<span class=\"_ _3bd\"> </span> </div>13<span class=\"_ _1\"></span>.2<span class=\"_ _3bd\"> </span>Ca<span class=\"_ _0\"></span>pi<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Nu<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>ro<span class=\"_ _3bd\"> </span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>lla<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>gr<span class=\"_ _0\"></span>up<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>an<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Vo<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>/Ti<span class=\"_ _1\"></span>pol<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Or<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>A<span class=\"_ _0\"></span>lt<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>A.<span class=\"_ _3bd\"> </span>Az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>es<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>al<span class=\"_ _0\"></span>l'i<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>ll'<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>o <span class=\"_ _2c2\"> </span>34<span class=\"_ _0\"></span>1.<span class=\"_ _0\"></span>320<span class=\"_ _1\"></span> --<span class=\"ff1\"> </span>int<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>li<span class=\"_ _0\"></span>ber<span class=\"_ _0\"></span>ate<span class=\"_ _1\"></span> <span class=\"_ _114\"> </span>340.<span class=\"_ _0\"></span>467<span class=\"_ _0\"></span> <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"_ _2\"></span>nteramente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">lib<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span> <span class=\"_ _147\"> </span>- <span class=\"_ _c1\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>A.1<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Azioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">proprie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(-)<span class=\"_ _1\"></span> <span class=\"_ _1be\"> </span>85<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span> <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>A.<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>Az<span class=\"_ _0\"></span>ion<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>ci<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>ola<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span>es<span class=\"_ _0\"></span>ist<span class=\"_ _0\"></span>en<span class=\"_ _1\"></span>ze<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>iz<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span>i <span class=\"_ _be\"> </span>3<span class=\"_ _0\"></span>41.<span class=\"_ _0\"></span>32<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span> -B.<span class=\"_ _3bd\"> </span>Au<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>i <span class=\"_ _2af\"> </span>53<span class=\"_ _1\"></span>6<span class=\"_ _0\"></span> -B.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Nuove<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">emi<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i <span class=\"_ _15a\"> </span>53<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span> <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>agam<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>to:<span class=\"_ _0\"></span> <span class=\"_ _275\"> </span>- <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conversione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">obblig<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>ioni<span class=\"_ _1\"></span> <span class=\"_ _271\"> </span>- <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">esercizio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">warr<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>t <span class=\"_ _161\"> </span>- <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altre<span class=\"_ _0\"></span> <span class=\"_ _1dc\"> </span>- <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">titolo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gratu<span class=\"_ _1\"></span>ito:<span class=\"_ _0\"></span> <span class=\"_ _111\"> </span>5<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>6 <span class=\"_ _8b\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>fav<span class=\"_ _0\"></span>ore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>pen<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span> <span class=\"_ _2b0\"> </span>51<span class=\"_ _0\"></span>8<span class=\"_ _1\"></span> <span class=\"_ _c1\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">favore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">degli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">amm<span class=\"_ _0\"></span>ini<span class=\"_ _0\"></span>stra<span class=\"_ _0\"></span>tor<span class=\"_ _0\"></span>i <span class=\"_ _2c3\"> </span>9 <span class=\"_ _c1\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altre<span class=\"_ _0\"></span> <span class=\"_ _1e1\"> </span>9 <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span>B.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Vendita<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">azioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">prop<span class=\"_ _0\"></span>rie<span class=\"_ _1\"></span> <span class=\"_ _2c4\"> </span>- <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>B.3<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">var<span class=\"_ _0\"></span>iaz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i <span class=\"_ _27e\"> </span>- <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>C.<span class=\"_ _3bd\"> </span>Di<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i <span class=\"_ _1db\"> </span>(<span class=\"_ _0\"></span>1.5<span class=\"_ _0\"></span>00<span class=\"_ _1\"></span>)<span class=\"_ _3bd\"> </span> -C.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Ann<span class=\"_ _0\"></span>ulla<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>to <span class=\"_ _13a\"> </span>- <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span>C.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Acquisto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">azioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">prop<span class=\"_ _0\"></span>rie<span class=\"_ _1\"></span> <span class=\"_ _17a\"> </span>(1.50<span class=\"_ _0\"></span>0) <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>C.<span class=\"_ _0\"></span>3<span class=\"ff1\"> </span>Op<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>imp<span class=\"_ _0\"></span>res<span class=\"_ _1\"></span>e <span class=\"_ _2bd\"> </span>- <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span>C.4<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vari<span class=\"_ _0\"></span>azi<span class=\"_ _1\"></span>oni <span class=\"_ _226\"> </span>- <span class=\"_ _c1\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>D.<span class=\"_ _3bd\"> </span>Az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>ci<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>ola<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ze<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>nal<span class=\"_ _1\"></span>i <span class=\"_ _2c5\"> </span>34<span class=\"_ _0\"></span>1.<span class=\"_ _0\"></span>320<span class=\"_ _1\"></span> -D.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Azioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">proprie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(+<span class=\"_ _1\"></span>) <span class=\"_ _132\"> </span>1<span class=\"_ _0\"></span>.81<span class=\"_ _0\"></span>7 <span class=\"_ _c1\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>D.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Azioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esistenti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fine<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>ll'<span class=\"_ _0\"></span>ese<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span> <span class=\"_ _92\"> </span>339.<span class=\"_ _0\"></span>503<span class=\"_ _1\"></span> <span class=\"_ _c1\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>-<span class=\"ff1\"> </span>int<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>li<span class=\"_ _0\"></span>ber<span class=\"_ _0\"></span>ate<span class=\"_ _1\"></span> <span class=\"_ _2c6\"> </span>339.<span class=\"_ _1\"></span>503 <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"_ _2\"></span>nteramente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">lib<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span> <span class=\"_ _114\"> </span>- <span class=\"_ _c1\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-844": {
   "value": "Sezion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>13<span class=\"_ _3bd\"> </span>\u2013<span class=\"_ _3bd\"> </span>Patrimo<span class=\"_ _0\"></span>nio<span class=\"_ _3bd\"> </span>del<span class=\"_ _3bd\"> </span>grup<span class=\"_ _0\"></span>po<span class=\"_ _3bd\"> </span>\u2013<span class=\"_ _3bd\"> </span>Voci<span class=\"_ _3bd\"> </span>120,<span class=\"_ _3bd\"> </span>130,<span class=\"_ _3bd\"> </span>140,<span class=\"_ _3bd\"> </span>150,<span class=\"_ _3bd\"> </span>160,<span class=\"_ _3bd\"> </span>170<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>80<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>13<span class=\"_ _1\"></span>.1<span class=\"_ _3bd\"> </span>\"Ca<span class=\"_ _1\"></span>pita<span class=\"_ _1\"></span>le\"<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>\"Az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>pro<span class=\"_ _1\"></span>pri<span class=\"_ _0\"></span>e\":<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>A.<span class=\"_ _3bd\"> </span>Ca<span class=\"_ _0\"></span>pit<span class=\"_ _1\"></span>ale<span class=\"_ _0\"></span> A.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Azioni<span class=\"ff1\"> </span>o<span class=\"_ _1\"></span>rdina<span class=\"_ _0\"></span>rie<span class=\"_ _0\"></span> <span class=\"_ _2c1\"> </span>341<span class=\"_ _0\"></span>.32<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span></span></span>341<span class=\"_ _0\"></span>.32<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>A.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Azioni<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ris<span class=\"_ _0\"></span>par<span class=\"_ _0\"></span>mio<span class=\"_ _0\"></span> <span class=\"_ _93\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>A.3<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Azioni<span class=\"ff1\"> </span>p<span class=\"_ _1\"></span>rivil<span class=\"_ _0\"></span>egia<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span> <span class=\"_ _96\"> </span>-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>A.4<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Azioni<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>lt<span class=\"_ _0\"></span>re <span class=\"_ _290\"> </span>-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>B.<span class=\"_ _3bd\"> </span>Azion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>pr<span class=\"_ _0\"></span>op<span class=\"_ _0\"></span>rie<span class=\"_ _0\"></span> B.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Azioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ord<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>rie<span class=\"_ _1\"></span> <span class=\"_ _187\"> </span>1<span class=\"_ _0\"></span>0.0<span class=\"_ _0\"></span>72<span class=\"_ _3bd\"> </span></span></span></span></span>4<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>25<span class=\"_ _3bd\"> </span>B.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Azioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ris<span class=\"_ _0\"></span>par<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>o <span class=\"_ _93\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>B.3<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Azioni<span class=\"ff1\"> </span>p<span class=\"_ _1\"></span>rivil<span class=\"_ _0\"></span>egi<span class=\"_ _0\"></span>ate<span class=\"_ _1\"></span> <span class=\"_ _96\"> </span>-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>B.4<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Azioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span> <span class=\"_ _28e\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>presenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>1.816.938<span class=\"ff1\"> <span class=\"_ _20\"></span></span>azioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pro<span class=\"_ _2\"></span>prie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>por<span class=\"_ _2\"></span>tafoglio,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un<span class=\"ff1\"> <span class=\"_ _20\"></span></span>co<span class=\"_ _2\"></span>ntrovalore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>10,1<span class=\"ff1\"> </span><span class=\"ff1\"><span class=\"_ _21\"></span></span>mili<span class=\"_ _0\"></span>oni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>euro,<span class=\"ff1\"> </span>acquistate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>programma<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ha<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dato<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>esecuzione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delibere<span class=\"ff1\"> <span class=\"_ _2\"></span></span>adott<span class=\"_ _3bd\"> </span><span class=\"_ _2\"></span>ate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dalle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>vari<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>Assemblee<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Ordinarie;<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pro<span class=\"_ _2\"></span>grammi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>hanno<span class=\"ff1\"> <span class=\"_ _20\"></span></span>lo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>scopo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"_ _2\"></span>cquistare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>azioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Credi<span class=\"_ _3bd\"> </span>to<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Emiliano<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ad<span class=\"ff1\"> </span>integrale<span class=\"ff1\"> <span class=\"_ _21\"></span></span>copertura<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>piani<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>remunerazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>basati<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>su<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>strumenti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>finanziari<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>da<span class=\"ff1\"> </span><span class=\"ff1\"><span class=\"_ _21\"> </span></span>destinare<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"_ _2\"></span>la<span class=\"ff1\"> </span>categoria<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dirigenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>responsabilit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>str<span class=\"_ _2\"></span>ategiche<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span><span class=\"ff3\">e</span> <span class=\"_ _20\"></span><span class=\"ff3\">del</span> <span class=\"_ _2\"></span><span class=\"ff3\">\u201c<span class=\"_ _2\"></span>personale</span> <span class=\"_ _20\"></span><span class=\"ff3\">pi\u00f9</span> <span class=\"_ _2\"></span><span class=\"ff3\">ril<span class=\"_ _2\"></span>evan<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\">te\u201d</span> <span class=\"_ _2\"></span><span class=\"ff3\">del</span> <span class=\"_ _20\"></span><span class=\"ff3\">gruppo</span> </span>bancario.<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Ai<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sensi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"></span></span>norme<span class=\"ff1\"> <span class=\"_ _21\"></span></span>vigenti,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>gli<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>estremi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pro<span class=\"_ _2\"></span>gramma<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>gi\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>stat<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span><span class=\"ff1\"><span class=\"_ _20\"></span></span>com<span class=\"_ _2\"></span>unicati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> </span>me<span class=\"_ _0\"></span>rcat<span class=\"_ _0\"></span>o.<span class=\"_ _3bd\"> </span> Nel<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cors<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019esercizio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>state<span class=\"ff1\"> <span class=\"_ _20\"></span></span>assegnate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>535.986<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"_ _2\"></span>zioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>state<span class=\"ff1\"> <span class=\"_ _20\"></span></span>acquis<span class=\"_ _3bd\"> </span>tate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>1.500.000<span class=\"ff1\"> </span>azioni<span class=\"ff1\"> </span>sul<span class=\"ff1\"> </span>mercato.<span class=\"_ _3bd\"> </span> Per<span class=\"ff1\"> </span>maggiori<span class=\"ff1\"> </span>dettagli<span class=\"ff1\"> </span>riguardo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> </span>pian<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>remunerazione<span class=\"ff1\"> </span>basati<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>st<span class=\"_ _2\"></span>rumenti<span class=\"ff1\"> </span>finanzi<span class=\"_ _3bd\"> </span>ari<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>rinvia<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>\u201cParte<span class=\"ff1\"> </span>I\u201d<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>presente<span class=\"ff1\"> </span>nota<span class=\"ff1\"> </span>integrativa<span class=\"_ _3bd\"> </span>13<span class=\"_ _1\"></span>.2<span class=\"_ _3bd\"> </span>Ca<span class=\"_ _0\"></span>pi<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Nu<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>ro<span class=\"_ _3bd\"> </span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>lla<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>gr<span class=\"_ _0\"></span>up<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>an<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Vo<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>/Ti<span class=\"_ _1\"></span>pol<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Or<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>A<span class=\"_ _0\"></span>lt<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>A.<span class=\"_ _3bd\"> </span>Az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>es<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>al<span class=\"_ _0\"></span>l'i<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>ll'<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>o <span class=\"_ _2c2\"> </span>34<span class=\"_ _0\"></span>1.<span class=\"_ _0\"></span>320<span class=\"_ _1\"></span> --<span class=\"ff1\"> </span>int<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>li<span class=\"_ _0\"></span>ber<span class=\"_ _0\"></span>ate<span class=\"_ _1\"></span> <span class=\"_ _114\"> </span>340.<span class=\"_ _0\"></span>467<span class=\"_ _0\"></span> <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"_ _2\"></span>nteramente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">lib<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span> <span class=\"_ _147\"> </span>- <span class=\"_ _c1\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>A.1<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Azioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">proprie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(-)<span class=\"_ _1\"></span> <span class=\"_ _1be\"> </span>85<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span> <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>A.<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>Az<span class=\"_ _0\"></span>ion<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>ci<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>ola<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span>es<span class=\"_ _0\"></span>ist<span class=\"_ _0\"></span>en<span class=\"_ _1\"></span>ze<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>iz<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span>i <span class=\"_ _be\"> </span>3<span class=\"_ _0\"></span>41.<span class=\"_ _0\"></span>32<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span> -B.<span class=\"_ _3bd\"> </span>Au<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>i <span class=\"_ _2af\"> </span>53<span class=\"_ _1\"></span>6<span class=\"_ _0\"></span> -B.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Nuove<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">emi<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i <span class=\"_ _15a\"> </span>53<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span> <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>agam<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>to:<span class=\"_ _0\"></span> <span class=\"_ _275\"> </span>- <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conversione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">obblig<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>ioni<span class=\"_ _1\"></span> <span class=\"_ _271\"> </span>- <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">esercizio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">warr<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>t <span class=\"_ _161\"> </span>- <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altre<span class=\"_ _0\"></span> <span class=\"_ _1dc\"> </span>- <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">titolo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gratu<span class=\"_ _1\"></span>ito:<span class=\"_ _0\"></span> <span class=\"_ _111\"> </span>5<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>6 <span class=\"_ _8b\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>fav<span class=\"_ _0\"></span>ore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>pen<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span> <span class=\"_ _2b0\"> </span>51<span class=\"_ _0\"></span>8<span class=\"_ _1\"></span> <span class=\"_ _c1\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">favore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">degli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">amm<span class=\"_ _0\"></span>ini<span class=\"_ _0\"></span>stra<span class=\"_ _0\"></span>tor<span class=\"_ _0\"></span>i <span class=\"_ _2c3\"> </span>9 <span class=\"_ _c1\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altre<span class=\"_ _0\"></span> <span class=\"_ _1e1\"> </span>9 <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span>B.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Vendita<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">azioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">prop<span class=\"_ _0\"></span>rie<span class=\"_ _1\"></span> <span class=\"_ _2c4\"> </span>- <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>B.3<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">var<span class=\"_ _0\"></span>iaz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i <span class=\"_ _27e\"> </span>- <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>C.<span class=\"_ _3bd\"> </span>Di<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i <span class=\"_ _1db\"> </span>(<span class=\"_ _0\"></span>1.5<span class=\"_ _0\"></span>00<span class=\"_ _1\"></span>)<span class=\"_ _3bd\"> </span> -C.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Ann<span class=\"_ _0\"></span>ulla<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>to <span class=\"_ _13a\"> </span>- <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span>C.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Acquisto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">azioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">prop<span class=\"_ _0\"></span>rie<span class=\"_ _1\"></span> <span class=\"_ _17a\"> </span>(1.50<span class=\"_ _0\"></span>0) <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>C.<span class=\"_ _0\"></span>3<span class=\"ff1\"> </span>Op<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>imp<span class=\"_ _0\"></span>res<span class=\"_ _1\"></span>e <span class=\"_ _2bd\"> </span>- <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span>C.4<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vari<span class=\"_ _0\"></span>azi<span class=\"_ _1\"></span>oni <span class=\"_ _226\"> </span>- <span class=\"_ _c1\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>D.<span class=\"_ _3bd\"> </span>Az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>ci<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>ola<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ze<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>nal<span class=\"_ _1\"></span>i <span class=\"_ _2c5\"> </span>34<span class=\"_ _0\"></span>1.<span class=\"_ _0\"></span>320<span class=\"_ _1\"></span> -D.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Azioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">proprie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(+<span class=\"_ _1\"></span>) <span class=\"_ _132\"> </span>1<span class=\"_ _0\"></span>.81<span class=\"_ _0\"></span>7 <span class=\"_ _c1\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>D.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Azioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esistenti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fine<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>ll'<span class=\"_ _0\"></span>ese<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span> <span class=\"_ _92\"> </span>339.<span class=\"_ _0\"></span>503<span class=\"_ _1\"></span> <span class=\"_ _c1\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>-<span class=\"ff1\"> </span>int<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>li<span class=\"_ _0\"></span>ber<span class=\"_ _0\"></span>ate<span class=\"_ _1\"></span> <span class=\"_ _2c6\"> </span>339.<span class=\"_ _1\"></span>503 <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"_ _2\"></span>nteramente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">lib<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span> <span class=\"_ _114\"> </span>- <span class=\"_ _c1\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>13.4<span class=\"_ _3bd\"> </span>Riser<span class=\"_ _0\"></span>ve<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>utili:<span class=\"_ _3bd\"> </span>altre<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>zio<span class=\"_ _1\"></span>ni<span class=\"fc0 sc1\"> </span>In<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>categoria<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>inclusi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riserva<span class=\"ff1\"> <span class=\"_ _2\"></span></span>legale,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riserva<span class=\"ff1\"> <span class=\"_ _2\"></span></span>str<span class=\"_ _2\"></span>aordinaria,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fondo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ba<span class=\"_ _2\"></span>ncari<span class=\"ff1\"> </span>precedentemente<span class=\"ff1\"> </span>iscritto<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> </span>redatto<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>sensi<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>previgente<span class=\"ff1\"> </span>D.Lgs.<span class=\"ff1\"> </span>87/92<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>riclassificat<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>secondo<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>principi<span class=\"ff1\"> </span>IAS.<span class=\"_ _3bd\"> </span> La<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riserva<span class=\"ff1\"> <span class=\"_ _2\"></span></span>legale,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>costituita<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>norma<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>legge,<span class=\"ff1\"> </span>deve<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ess<span class=\"_ _2\"></span>ere<span class=\"ff1\"> <span class=\"_ _2\"></span></span>almeno<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pari<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quinto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>capitale<span class=\"ff1\"> </span>sociale;<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>essa<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>st<span class=\"_ _2\"></span>ata<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cost<span class=\"_ _2\"></span>ituita<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"></span></span>passato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tramite<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"_ _2\"></span>ccantonamenti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>degli<span class=\"ff1\"> <span class=\"_ _21\"></span></span>utili<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>netti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>annuali<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>per<span class=\"ff1\"> </span>almeno<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un<span class=\"ff1\"> <span class=\"_ _20\"></span></span>decimo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>degli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>stessi,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>norma<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dell\u2019articolo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>29<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>llo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>stat<span class=\"_ _2\"></span>uto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>ociale.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Nel<span class=\"ff1\"> <span class=\"_ _20\"></span></span>caso<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>riserva<span class=\"ff1\">  </span>dovesse<span class=\"ff1\">  </span>diminuire,<span class=\"ff1\">  </span>occorre<span class=\"ff1\">  </span>reintegrarla<span class=\"ff1\">  </span>tramite<span class=\"ff1\">  </span>l\u2019obbligo<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>destinarvi<span class=\"ff1\">  </span>un<span class=\"ff1\">  </span>ventesimo<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>l\u2019u<span class=\"_ _0\"></span>til<span class=\"_ _0\"></span>e.<span class=\"_ _3bd\"> </span> La<span class=\"ff1\"> </span>riserva<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stat<span class=\"_ _2\"></span>utaria<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>traordinaria<span class=\"ff1\"> </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">costituita</span> <span class=\"ff3\">in</span> <span class=\"_ _1\"></span><span class=\"ff3\">base<span class=\"_ _2\"></span><span class=\"ff1\"> </span>all<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>statuto<span class=\"ff1\"> </span>dal<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>destinazione<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>quota<span class=\"ff1\"> </span></span></span></span></span></span></span>di<span class=\"ff1\"> </span>utile<span class=\"ff1\"> </span>residuale<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>seguito<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>distribuzione<span class=\"ff1\"> </span>dell\u2019utile<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>azioni<span class=\"ff1\"> </span>ordinarie.<span class=\"_ _3bd\"> </span> Le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>iserve<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>concentr<span class=\"_ _2\"></span>azione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ex<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>L.30<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>lu<span class=\"_ _0\"></span>glio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>1990<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span></span>n.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>218<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>st<span class=\"_ _2\"></span>ate<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>costituite<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>occasione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>operazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>riorganizzazione<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>concentrazione<span class=\"ff1\"> </span>effettuate<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>sensi<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>citata<span class=\"ff1\"> </span>legge.<span class=\"_ _3bd\"> </span> Le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>iserve<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">comprendono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riserva<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">costituita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fronte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">piano<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stock<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">option<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ed<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">altre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riserve<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>costituite<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>passato<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>fronte<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>specifiche<span class=\"ff1\"> </span>disposizioni<span class=\"ff1\"> </span>normative. Sono<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>presenti,<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>altres\u00ec,<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>due<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>r<span class=\"_ _2\"></span>iserve<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>s<span class=\"_ _2\"></span>ospensione<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>d\u2019imposta<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>distinte<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>tipologia<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>di<span class=\"ff1\"> </span>ria<span class=\"_ _0\"></span>lli<span class=\"_ _0\"></span>neam<span class=\"_ _0\"></span>ento<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">eff<span class=\"_ _0\"></span>ettu<span class=\"_ _0\"></span>ato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ai<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sens<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>de<span class=\"_ _1\"></span>ll\u2019ar<span class=\"_ _0\"></span>t.<span class=\"ff1\"> </span>1<span class=\"_ _0\"></span>10<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>DL<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">14<span class=\"ff1\"> </span>ago<span class=\"_ _0\"></span>sto<span class=\"ff1\"> </span>2<span class=\"_ _0\"></span>020<span class=\"ff1\"> </span>og<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>tto<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ucce<span class=\"_ _0\"></span>ssiv<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>mo<span class=\"_ _0\"></span>dif<span class=\"_ _0\"></span>ica<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>con<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>Legge<span class=\"ff1\"> </span>178/2020. In<span class=\"_ _0\"></span>fine<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">voc<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>clud<span class=\"_ _1\"></span>e<span class=\"ff1\"> </span>gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ef<span class=\"_ _0\"></span>fetti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ge<span class=\"_ _0\"></span>nera<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>d<span class=\"_ _1\"></span>alla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tran<span class=\"_ _0\"></span>sizi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ai</span> <span class=\"_ _0\"></span><span class=\"ff3\">pri<span class=\"_ _0\"></span>ncip<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>ntern<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>ona<span class=\"_ _0\"></span>li. </span></span></span></span></span></span></span></span></span></span></span></span></span></span>In<span class=\"ff1\"> </span>part<span class=\"_ _2\"></span>icolare<span class=\"ff1\"> </span>t<span class=\"_ _2\"></span>ra<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>iserve<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>uti<span class=\"_ _2\"></span>li<span class=\"ff1\"> </span>sono<span class=\"_ _2\"></span><span class=\"ff1\"> </span>confluiti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>effetti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>derivant<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>dal<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cambiamento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>principi<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>tab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">non</span> <span class=\"ff3\">p<span class=\"_ _0\"></span>rev<span class=\"_ _0\"></span>edon<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>pr<span class=\"_ _0\"></span>ossi<span class=\"_ _0\"></span>mi<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>ser<span class=\"_ _0\"></span>cizi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">conf<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>mento<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al</span> <span class=\"ff3\">co<span class=\"_ _0\"></span>nto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ec<span class=\"_ _0\"></span>onom<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>o.<span class=\"ff1\"> </span>Gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ul<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>iori<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>effetti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>generat<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dalla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>ransizione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>agli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>IAS/IFRS<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dest<span class=\"_ _2\"></span>inati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>modificarsi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>empo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ed<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>confluire<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> </span>conto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ec<span class=\"_ _0\"></span>onomico<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>momento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">realizzo</span> <span class=\"_ _20\"></span><span class=\"ff3\">o</span> <span class=\"_ _21\"></span><span class=\"ff3\">estinzione</span> <span class=\"_ _20\"></span><span class=\"ff3\">delle</span> <span class=\"_ _21\"></span><span class=\"ff3\">corrispondenti</span> <span class=\"_ _20\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>ttivit\u00e0</span> <span class=\"_ _20\"></span><span class=\"ff3\">e</span> <span class=\"_ _21\"></span><span class=\"ff3\">passivit\u00e0</span> </span>sono<span class=\"ff1\"> </span>stati<span class=\"ff1\"> </span>inv<span class=\"_ _0\"></span>ece<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">appost<span class=\"_ _2\"></span>ati<span class=\"ff1\"> </span>tra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u201cRiserve<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alutazione\u201d.<span class=\"ff1\"> </span>Si<span class=\"ff1\"> </span>tratta<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>elle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit<span class=\"_ _2\"></span>\u00e0<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valutate<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _20\"></span></span>value<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _21\"></span></span>impatto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sulla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>redd<span class=\"_ _0\"></span>itivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>complessiva,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _21\"></span></span>val<span class=\"_ _0\"></span>utazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dei<span class=\"ff1\"> </span>contratti<span class=\"ff1\"> </span>derivati<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>copertura<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>flussi<span class=\"ff1\"> </span>finanziari,<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>riserva<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conn<span class=\"_ _0\"></span>essa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>agli<span class=\"ff1\"> </span>utili/perdite<span class=\"ff1\"> </span>attuariali<span class=\"ff1\"> </span>su<span class=\"ff1\"> <span class=\"_ _2\"></span></span>piani<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>benefici<span class=\"ff1\"> </span>definiti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> </span>leggi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>speciali<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rivalutazione.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>variazioni<span class=\"ff1\"> </span>annu<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riserve<span class=\"ff1\"> </span>confluiscono<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>redditivit\u00e0<span class=\"ff1\"> </span>complessiva<span class=\"_ _3bd\"> </span>Sezi<span class=\"_ _0\"></span>one<span class=\"_ _3bd\"> </span>1<span class=\"_ _3bd\"> </span>\u2013<span class=\"_ _3bd\"> </span>Il<span class=\"_ _3bd\"> </span>patr<span class=\"_ _0\"></span>imoni<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>consol<span class=\"_ _0\"></span>idato<span class=\"_ _0\"></span><span class=\"fc0\"> </span>A.Inf<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>maz<span class=\"_ _1\"></span>ion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>na<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>ra<span class=\"_ _3bd\"> </span>qu<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>a<span class=\"fc0 sc1\"> </span>Dal<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">1\u00b0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">gen<span class=\"_ _0\"></span>nai<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>201<span class=\"_ _0\"></span>4<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>ato<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>vi<span class=\"_ _0\"></span>go<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">re<span class=\"_ _0\"></span>gol<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>(U<span class=\"_ _0\"></span>E)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">n.<span class=\"ff1\"> </span>5<span class=\"_ _0\"></span>75/2<span class=\"_ _0\"></span>013<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(\u201cC<span class=\"_ _0\"></span>RR\u201d)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">il</span> <span class=\"_ _0\"></span><span class=\"ff3\">qua<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>engo<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>introdotte<span class=\"ff1\"> </span>nell\u2019Unione<span class=\"ff1\"> </span>Europea<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> </span>regole<span class=\"ff1\"> </span>definite<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dal<span class=\"ff1\"> </span>Comitato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>Basilea<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> </span>vigilanza<span class=\"ff1\"> </span>ban<span class=\"_ _2\"></span>caria<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>l\u2019articolato<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>insieme<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>documenti<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>unitariamente<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>denominato<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>\u201c<span class=\"_ _2\"></span>Basilea<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>3\u201d<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>materia<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> </span>adeguatezza<span class=\"ff1\"> </span>patrimoniale<span class=\"ff1\"> </span>(Primo<span class=\"ff1\"> </span>pilastro)<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>informativa<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>pubblico<span class=\"ff1\"> </span>(Terzo<span class=\"ff1\"> </span>pilast<span class=\"_ _2\"></span>ro). Il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>regolamento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(UE)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>n.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>575/2013<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dirett<span class=\"_ _2\"></span>iva<span class=\"ff1\"> <span class=\"_ _2\"></span></span>2013/36/UE<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(\u201cCRD<span class=\"ff1\"> <span class=\"_ _2\"></span></span>IV\u201d)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>definiscono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nuovo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quadro<span class=\"ff1\"> </span>nor<span class=\"_ _0\"></span>mati<span class=\"_ _0\"></span>vo<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>rife<span class=\"_ _0\"></span>rime<span class=\"_ _0\"></span>nto<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>ll\u2019U<span class=\"_ _0\"></span>nion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>Eu<span class=\"_ _0\"></span>rope<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>ba<span class=\"_ _0\"></span>nche<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">impr<span class=\"_ _0\"></span>ese<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">inve<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>o.<span class=\"ff1\"> </span>Dal<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">1\u00b0</span> <span class=\"ff3\">ge<span class=\"_ _0\"></span>nnaio<span class=\"_ _1\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span>2014.<span class=\"ff1\">  </span>CRR<span class=\"ff1\">  </span>e<span class=\"ff1\">  </span>CRDIV<span class=\"ff1\">  </span>sono<span class=\"ff1\">  </span>integrati<span class=\"ff1\">  </span>da<span class=\"ff1\">  </span>norme<span class=\"ff1\">  </span>tecni<span class=\"_ _0\"></span>che<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>regolamentazione<span class=\"ff1\">  </span>o<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>attuazione<span class=\"ff1\"> </span>ap<span class=\"_ _0\"></span>prov<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">dall<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>Comm<span class=\"_ _0\"></span>issi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">Euro<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>su<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pr<span class=\"_ _0\"></span>opo<span class=\"_ _0\"></span>sta<span class=\"ff1\"> </span>dell<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>Auto<span class=\"_ _0\"></span>rit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">europ<span class=\"_ _0\"></span>ee<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>supe<span class=\"_ _0\"></span>rvi<span class=\"_ _0\"></span>sion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>(\u201cESA<span class=\"_ _0\"></span>\u201d),<span class=\"ff1\"> </span></span></span></span></span></span></span>che<span class=\"ff1\"> </span>danno<span class=\"ff1\"> </span>attuazione<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>normativa<span class=\"ff1\"> </span>primaria. Con<span class=\"ff1\"> </span>l\u2019adozione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>regolamento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> </span>esecuzione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>(UE)<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>n.<span class=\"ff1\"> </span>680/2014<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>so<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>state<span class=\"ff1\"> </span>stabilite<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>norme<span class=\"ff1\"> </span>tecniche<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>attuazione<span class=\"ff1\"> </span>(Implementing<span class=\"ff1\"> </span>Technical<span class=\"ff1\"> </span>Standards)<span class=\"ff1\"> </span>vincolanti<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>mat<span class=\"_ _2\"></span>eria<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>segnalazioni<span class=\"ff1\"> </span>prudenziali<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>armonizzate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>banche<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"></span></span>imprese<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>investimento<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>relative<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a:<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fondi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>propr<span class=\"_ _2\"></span>i,<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>credito<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>controparte,<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>mercato,<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>o<span class=\"_ _2\"></span>perativo,<span class=\"ff1\"> </span>grandi<span class=\"ff1\"> </span>rischi,<span class=\"ff1\"> </span>rilevazione<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>perdite<span class=\"ff1\"> </span>ipotecarie,<span class=\"ff1\"> </span>posizione<span class=\"ff1\"> </span>patrimoniale<span class=\"ff1\"> </span>complessiva,<span class=\"ff1\"> </span>monitoraggio<span class=\"ff1\"> </span>liquidit\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>leva<span class=\"ff1\"> </span>finanziaria.<span class=\"ff1\"> </span>Inoltre,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>B<span class=\"_ _0\"></span>anca<span class=\"ff1\"> </span>d\u2019Italia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ha<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>manat<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">C<span class=\"_ _0\"></span>ircolari<span class=\"ff1\"> </span>n.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">286<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">n.<span class=\"ff1\"> </span>154<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>raducono<span class=\"ff1\"> </span>second<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>lo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>chema<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>matriciale,<span class=\"ff1\"> </span>attualmente<span class=\"ff1\"> </span>adottato<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> </span>segnalazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>vigilanza,<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>cita<span class=\"_ _2\"></span>ti<span class=\"ff1\"> </span>ITS Il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Gruppo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ritiene<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>priorita<span class=\"_ _2\"></span>rio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valutare<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>propria<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>str<span class=\"_ _2\"></span>uttura<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>patrimoniale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff3\">e</span> <span class=\"_ _27\"> </span><span class=\"ff3\">ta<span class=\"_ _2\"></span>li</span> <span class=\"_ _21\"> </span><span class=\"ff3\">anal<span class=\"_ _2\"></span>isi</span> <span class=\"_ _27\"> </span><span class=\"ff3\">sono</span> <span class=\"_ _27\"> </span><span class=\"ff3\">svolt<span class=\"_ _2\"></span>e</span> </span>al<span class=\"_ _0\"></span>l\u2019in<span class=\"_ _0\"></span>tern<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>deg<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>spec<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ci<span class=\"ff1\"> </span>Com<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Gov<span class=\"_ _0\"></span>ern<span class=\"_ _0\"></span>ance<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Grupp<span class=\"_ _0\"></span>o.<span class=\"ff1\"> </span>In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tale</span> <span class=\"ff3\">sed<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>veng<span class=\"_ _0\"></span>ono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">anche<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ev<span class=\"_ _0\"></span>ide<span class=\"_ _0\"></span>nziat<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _0\"></span>rincipali<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>impatti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"_ _2\"></span>gati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>all<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>normative<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>via<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>definizione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(es.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>potenziali<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>impatti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>legati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>alla<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>nali<span class=\"_ _0\"></span>zza<span class=\"_ _0\"></span>zione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rifo<span class=\"_ _0\"></span>rma<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Basi<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>II<span class=\"_ _0\"></span>I<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>me<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>cent<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>ac<span class=\"_ _0\"></span>cord<span class=\"_ _1\"></span>o<span class=\"_ _2\"></span><span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sede<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Comi<span class=\"_ _0\"></span>tato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Ba<span class=\"_ _0\"></span>sile<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>14<span class=\"ff1\"> </span>gennaio<span class=\"ff1\"> </span>2019)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uelle<span class=\"ff1\"> </span>gi\u00e0<span class=\"ff1\"> </span>approvate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ma<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>attualmen<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>applicabili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(es.<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">regolamento<span class=\"ff1\"> </span>(UE) </span></span></span></span></span></span></span></span>n.<span class=\"ff1\"> </span>8<span class=\"_ _2\"></span>76/2019<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>direttiva<span class=\"ff1\"> </span>(UE)<span class=\"ff1\"> </span>n.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>787/2019<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>modificano<span class=\"ff1\"> </span>rispettivamente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>regolamento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(UE)<span class=\"ff1\"> </span>n.<span class=\"ff1\"> </span>575/2013<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>direttiva<span class=\"ff1\"> <span class=\"_ _2\"></span></span>2013/3<span class=\"_ _2\"></span>6/UE<span class=\"ff1\"> <span class=\"_ _2\"></span></span>/876,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cos\u00ec<span class=\"ff1\"> <span class=\"_ _20\"></span></span>come<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>re<span class=\"_ _2\"></span>golamento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(UE)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>n.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>877/2019<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>direttiva<span class=\"ff1\"> </span>(UE)<span class=\"ff1\"> </span>n.<span class=\"ff1\"> </span>879/2019). I<span class=\"ff1\">  </span>Comitati<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>Governance<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">di</span>  <span class=\"ff3\">Gruppo</span>  <span class=\"ff3\">presen<span class=\"_ _0\"></span>tano<span class=\"ff1\">  </span>sempre<span class=\"ff1\">  </span>dei<span class=\"ff1\">  </span>membri<span class=\"ff1\">  </span>nominati<span class=\"ff1\">  </span>dal<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Consiglio<span class=\"ff1\"> </span></span></span>d\u2019Amministrazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>de<span class=\"_ _2\"></span>lla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Capog<span class=\"_ _2\"></span>ruppo,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>scelti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tra<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>componen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Cons<span class=\"_ _2\"></span>iglio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>st<span class=\"_ _2\"></span>esso,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>ispettive<span class=\"ff1\"> </span>analisi<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> </span>successivamente<span class=\"ff1\"> </span>prodot<span class=\"_ _2\"></span>te<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>Consiglio<span class=\"ff1\"> </span>d\u2019Amministrazione<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>Capogruppo. Sotto<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pro<span class=\"_ _2\"></span>filo<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Vigil<span class=\"_ _0\"></span>anza<span class=\"ff1\"> </span>l\u2019assorbimento<span class=\"ff1\"> </span>viene<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>eterminato<span class=\"ff1\"> </span>tenendo<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">considerazione</span> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>attuali<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>\u201cregole\u201d<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>segnalazione. Sot<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prof<span class=\"_ _0\"></span>ilo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ge<span class=\"_ _0\"></span>stio<span class=\"_ _0\"></span>nale<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">l\u2019a<span class=\"_ _0\"></span>ssorb<span class=\"_ _0\"></span>ime<span class=\"_ _0\"></span>nto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">viene<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ca<span class=\"_ _0\"></span>lc<span class=\"_ _0\"></span>olato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019u<span class=\"_ _0\"></span>tili<span class=\"_ _0\"></span>zzo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">m<span class=\"_ _0\"></span>odell<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">int<span class=\"_ _0\"></span>erni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risc<span class=\"_ _0\"></span>hio<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> </span>credito<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>mercato<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>l\u2019utilizzo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>metodo<span class=\"ff1\"> </span>standard<span class=\"ff1\"> </span>\u201c<span class=\"_ _2\"></span>gestionale\u201d. I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ris<span class=\"_ _0\"></span>chi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vengo<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>sami<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">comp<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>siv<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>ttag<span class=\"_ _0\"></span>lia<span class=\"_ _0\"></span>tame<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span>l\u2019in<span class=\"_ _0\"></span>tern<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">so<span class=\"_ _0\"></span>cie<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Gruppo<span class=\"ff1\"> </span>(analisi<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>portafogli<span class=\"ff1\"> </span>specifici). Al<span class=\"ff1\"> </span>31<span class=\"ff1\"> </span>dicembre<span class=\"ff1\"> </span>2022<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>Fondi<span class=\"ff1\"> </span>Propri<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>stat<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>determinati<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>alle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">disposizioni</span> <span class=\"ff3\">contenut<span class=\"_ _2\"></span>e</span> <span class=\"ff3\">nel</span> </span>Regolamento<span class=\"ff1\"> </span>(UE)<span class=\"ff1\"> </span>n.575/2013<span class=\"ff1\"> </span>(CRR).<span class=\"_ _3bd\"> </span>B.Inf<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>maz<span class=\"_ _1\"></span>ion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>na<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>ra<span class=\"_ _3bd\"> </span>qu<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>ntit<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>B.<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>Pa<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>io<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span>da<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>par<span class=\"_ _1\"></span>tizi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>per<span class=\"_ _3bd\"> </span>ti<span class=\"_ _0\"></span>pol<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>ia<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>im<span class=\"_ _0\"></span>pr<span class=\"_ _0\"></span>esa<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Voc<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>del<span class=\"_ _3bd\"> </span>pat<span class=\"_ _0\"></span>rim<span class=\"_ _0\"></span>oni<span class=\"_ _1\"></span>o<span class=\"_ _3bd\"> </span>net<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Cons<span class=\"_ _0\"></span>olidat<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>prud<span class=\"_ _0\"></span>enzia<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>Impresedi<span class=\"_ _3bd\"> </span>assic<span class=\"_ _0\"></span>uraz<span class=\"_ _0\"></span>ione<span class=\"_ _3bd\"> </span>Altreimp<span class=\"_ _0\"></span>rese<span class=\"fc0 sc1\"> </span>Elisio<span class=\"_ _2\"></span>nie<span class=\"_ _3bd\"> </span>aggiust<span class=\"_ _2\"></span>amentida<span class=\"_ _3bd\"> </span>conso<span class=\"_ _0\"></span>lida<span class=\"_ _0\"></span>mento<span class=\"_ _3bd\"> </span>Tota<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Cap<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>le <span class=\"_ _2e7\"> </span>341<span class=\"_ _0\"></span>.32<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span></span></span>12<span class=\"_ _0\"></span>1.6<span class=\"_ _0\"></span>00<span class=\"_ _3bd\"> </span>8<span class=\"_ _3bd\"> </span>(1<span class=\"_ _0\"></span>21.<span class=\"_ _0\"></span>565)<span class=\"_ _3bd\"> </span>341<span class=\"_ _0\"></span>.36<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>2.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Sovrapprezzi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">em<span class=\"_ _0\"></span>iss<span class=\"_ _0\"></span>ione<span class=\"_ _1\"></span> <span class=\"_ _5f\"> </span>321.<span class=\"_ _0\"></span>801<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>321<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>01<span class=\"_ _3bd\"> </span>3.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Rise<span class=\"_ _0\"></span>rve<span class=\"_ _0\"></span> <span class=\"_ _1b6\"> </span>2<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>53.8<span class=\"_ _0\"></span>86<span class=\"_ _3bd\"> </span></span></span>250<span class=\"_ _0\"></span>.98<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>074<span class=\"_ _3bd\"> </span>14<span class=\"_ _0\"></span>.01<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>620<span class=\"_ _0\"></span>.95<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>4.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Strumenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ap<span class=\"_ _0\"></span>ital<span class=\"_ _0\"></span>e <span class=\"_ _22d\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>5.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(Azioni<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rop<span class=\"_ _0\"></span>rie<span class=\"_ _0\"></span>) <span class=\"_ _56\"> </span>(<span class=\"_ _0\"></span>10.<span class=\"_ _0\"></span>072<span class=\"_ _0\"></span>)<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>(1<span class=\"_ _0\"></span>0.0<span class=\"_ _0\"></span>72)<span class=\"_ _3bd\"> </span>6.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Riserve<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valu<span class=\"_ _0\"></span>taz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span>: <span class=\"_ _5e\"> </span>(1<span class=\"_ _0\"></span>51.<span class=\"_ _0\"></span>951<span class=\"_ _0\"></span>)<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>(2<span class=\"_ _0\"></span>27.<span class=\"_ _0\"></span>580<span class=\"_ _0\"></span>)<span class=\"_ _3bd\"> </span>(2<span class=\"_ _1\"></span>)<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>(37<span class=\"_ _0\"></span>9.5<span class=\"_ _0\"></span>33)<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">capitale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">designati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">f<span class=\"_ _2\"></span>air<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">impatto<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>sulla<span class=\"_ _3bd\"> </span>redditivit\u00e0<span class=\"_ _3bd\"> </span>compless<span class=\"_ _0\"></span>iva 4<span class=\"_ _0\"></span>.0<span class=\"_ _1\"></span>65<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>4<span class=\"_ _0\"></span>.0<span class=\"_ _1\"></span>65<span class=\"_ _3bd\"> </span>-Coperturedititolidicapitaledesignatialfairvalue<span class=\"_ _3bd\"> </span>con<span class=\"_ _3bd\"> </span>impatto<span class=\"_ _3bd\"> </span>sulla<span class=\"_ _3bd\"> </span>redditivit\u00e0<span class=\"_ _3bd\"> </span>complessiva<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-Att<span class=\"_ _0\"></span>ivit<span class=\"_ _0\"></span>\u00e0fi<span class=\"_ _0\"></span>nanz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ieval<span class=\"_ _0\"></span>uta<span class=\"_ _0\"></span>tealfa<span class=\"_ _0\"></span>irva<span class=\"_ _0\"></span>lueconimp<span class=\"_ _0\"></span>att<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>sul<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>red<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>mple<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>va (1<span class=\"_ _0\"></span>30.<span class=\"_ _0\"></span>575)<span class=\"_ _3bd\"> </span>(2<span class=\"_ _0\"></span>27.<span class=\"_ _0\"></span>655)<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>(35<span class=\"_ _0\"></span>8.2<span class=\"_ _0\"></span>30)<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Atti<span class=\"_ _2\"></span>vit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mat<span class=\"_ _0\"></span>eria<span class=\"_ _1\"></span>li <span class=\"_ _314\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Atti<span class=\"_ _2\"></span>vit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">imm<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>li <span class=\"_ _9\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>ope<span class=\"_ _0\"></span>rtur<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>nve<span class=\"_ _0\"></span>stim<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>est<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span> <span class=\"_ _117\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Copertura<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">flussi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fina<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>i <span class=\"_ _191\"> </span>(72<span class=\"_ _0\"></span>.37<span class=\"_ _0\"></span>9)<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>(72<span class=\"_ _0\"></span>.37<span class=\"_ _0\"></span>9)<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> </span>St<span class=\"_ _0\"></span>rum<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ope<span class=\"_ _0\"></span>rtu<span class=\"_ _0\"></span>ra<span class=\"ff1\"> </span>[e<span class=\"_ _0\"></span>lem<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>sig<span class=\"_ _0\"></span>nat<span class=\"_ _0\"></span>i]<span class=\"_ _0\"></span> <span class=\"_ _1f6\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Differenze<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>amb<span class=\"_ _1\"></span>io <span class=\"_ _2e8\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-Attivit\u00e0noncorrentiegruppidiattivit\u00e0inviadi<span class=\"_ _3bd\"> </span>dis<span class=\"_ _0\"></span>miss<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> </span>Passivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>des<span class=\"_ _0\"></span>ignate<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>lue<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>impatto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">co<span class=\"_ _2\"></span>nto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">economico<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(variazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">proprio </span></span></span></span></span></span></span></span></span></span></span></span>merito<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cred<span class=\"_ _0\"></span>itiz<span class=\"_ _0\"></span>io)<span class=\"_ _1\"></span> </span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Utili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(perdite)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attuariali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">piani<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">previdenz<span class=\"_ _0\"></span>iali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>benefici<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">definiti </span></span>(6.<span class=\"_ _0\"></span>14<span class=\"_ _0\"></span>2)<span class=\"_ _3bd\"> </span>75<span class=\"_ _3bd\"> </span>(2<span class=\"_ _1\"></span>)<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>(6.<span class=\"_ _0\"></span>06<span class=\"_ _0\"></span>9)<span class=\"_ _3bd\"> </span>-Quotedelleriservedavalutazionedelle<span class=\"_ _3bd\"> </span>partecipazioni<span class=\"_ _3bd\"> </span>valutate<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>patrimonio<span class=\"_ _3bd\"> </span>netto -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-Leggispecialidiriv<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>taz<span class=\"_ _0\"></span>ione<span class=\"_ _3bd\"> </span>53.<span class=\"_ _0\"></span>080<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>53.<span class=\"_ _0\"></span>080<span class=\"_ _3bd\"> </span>7.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Utile<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(Perdita)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d'esercizio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(+/-)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gruppo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">terz<span class=\"_ _0\"></span>i <span class=\"_ _6e\"> </span>28<span class=\"_ _0\"></span>0.5<span class=\"_ _0\"></span>63<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>32.<span class=\"_ _0\"></span>649<span class=\"_ _3bd\"> </span>75<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>3.0<span class=\"_ _0\"></span>20<span class=\"_ _3bd\"> </span>316<span class=\"_ _0\"></span>.98<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>Pa<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>io<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span> <span class=\"_ _e6\"> </span>3.1<span class=\"_ _0\"></span>35<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>50<span class=\"_ _3bd\"> </span>17<span class=\"_ _0\"></span>7.6<span class=\"_ _1\"></span>51<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>83<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>(1<span class=\"_ _0\"></span>04.<span class=\"_ _0\"></span>53<span class=\"_ _1\"></span>0)<span class=\"_ _3bd\"> </span>3.<span class=\"_ _0\"></span>21<span class=\"_ _0\"></span>1.5<span class=\"_ _0\"></span>05<span class=\"_ _3bd\"> </span>Nella<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>tavola<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>sopra<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>riportata<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>indicate<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>componenti<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>patrimo<span class=\"_ _2\"></span>nio<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>n<span class=\"_ _0\"></span>etto<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>contabile,<span class=\"ff1\"> </span>sommando<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quelle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Gruppo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quelle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>terzi,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>ipartite<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tipologia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>imprese<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>oggett<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"_ _2\"></span><span class=\"ff1\"> </span>consolidamento.<span class=\"ff1\">  </span>P<span class=\"_ _0\"></span>i\u00f9<span class=\"ff1\">  </span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dettagl<span class=\"_ _2\"></span>io,<span class=\"ff1\">  </span>ne<span class=\"_ _0\"></span>lla<span class=\"ff1\">  </span>colonna<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>riferita<span class=\"ff1\">  </span>al<span class=\"ff1\">  </span>Consolid<span class=\"_ _0\"></span>amento<span class=\"ff1\">  </span>prudenziale<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>vi<span class=\"_ _2\"></span>ene<span class=\"ff1\"> </span>indicato<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019importo<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>he<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>isulta<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dal<span class=\"ff1\"> </span>consolidame<span class=\"_ _0\"></span>nto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">so<span class=\"_ _2\"></span>ciet\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">appartenenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Gruppo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bancario,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>lordo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>degli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>effet<span class=\"_ _2\"></span>ti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>economici<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>transazioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>effettuate<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>altr<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>ociet\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>incluse<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _21\"></span></span>pe<span class=\"_ _0\"></span>rimetro<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> </span>consolidamento;<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\">  </span>socie<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\">  </span>con<span class=\"_ _0\"></span>tro<span class=\"_ _2\"></span>llate,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>diverse<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>da<span class=\"ff1\">  </span>q<span class=\"_ _0\"></span>uelle<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>appart<span class=\"_ _2\"></span>enenti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Gr<span class=\"_ _2\"></span>uppo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>bancario<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> </span>consolidate<span class=\"ff1\"> </span>integralmente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>qui<span class=\"ff1\"> </span>valorizzate<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">metodo<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>patr<span class=\"_ _2\"></span>imonio<span class=\"ff1\"> </span>netto.<span class=\"ff1\"> </span>Nella<span class=\"ff1\"> </span>colonna<span class=\"ff1\"> </span></span></span></span></span>Imprese<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>assicurazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>riportati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">importi<span class=\"ff1\"> </span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">risul<span class=\"_ _0\"></span>tano<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>al<span class=\"ff1\"> </span>consolidamento,<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">lordo</span> <span class=\"_ _0\"></span><span class=\"ff3\">degli<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>effetti<span class=\"ff1\">  </span>economici<span class=\"ff1\">  </span>derivanti<span class=\"ff1\">  </span>da<span class=\"_ _2\"></span><span class=\"ff1\">  </span>transazioni<span class=\"ff1\">  </span>effettuate<span class=\"ff1\">  </span>con<span class=\"ff1\">  </span>le<span class=\"_ _2\"></span><span class=\"ff1\">  </span>societ\u00e0<span class=\"ff1\">  </span>appartenenti<span class=\"ff1\">  </span>al<span class=\"ff1\">  </span>Gr<span class=\"_ _2\"></span>uppo<span class=\"ff1\"> </span>bancario.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Nelle<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">colonne<span class=\"ff1\"> </span>Elisioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ed<span class=\"ff1\"> </span>Aggiustamenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">invece<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">indicate<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rettifiche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">necessarie<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ottenere<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>dato<span class=\"ff1\"> </span>rappresentato<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>bilancio.<span class=\"_ _3bd\"> </span>B.2<span class=\"_ _3bd\"> </span>Riserv<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>da<span class=\"_ _3bd\"> </span>valut<span class=\"_ _0\"></span>azione<span class=\"_ _3bd\"> </span>delle<span class=\"_ _3bd\"> </span>atti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _3bd\"> </span>finanzi<span class=\"_ _0\"></span>arie<span class=\"_ _3bd\"> </span>valuta<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>fair<span class=\"_ _3bd\"> </span>value<span class=\"_ _3bd\"> </span>con<span class=\"_ _3bd\"> </span>impa<span class=\"_ _0\"></span>tto<span class=\"_ _3bd\"> </span>sulla<span class=\"_ _3bd\"> </span>reddit<span class=\"_ _0\"></span>ivit\u00e0<span class=\"_ _3bd\"> </span>com<span class=\"_ _0\"></span>plessi<span class=\"_ _0\"></span>va:<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>os<span class=\"_ _1\"></span>izio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Att<span class=\"_ _1\"></span>ivi<span class=\"_ _0\"></span>t\u00e0/<span class=\"_ _0\"></span>va<span class=\"_ _1\"></span>lori<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Co<span class=\"_ _0\"></span>ns<span class=\"_ _1\"></span>olid<span class=\"_ _0\"></span>at<span class=\"_ _1\"></span>o<span class=\"_ _3bd\"> </span>pr<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>Impr<span class=\"_ _0\"></span>ese<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>as<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>cu<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>zio<span class=\"_ _1\"></span>ne<span class=\"fc0 sc1\"> </span>Alt<span class=\"_ _1\"></span>re<span class=\"_ _3bd\"> </span>im<span class=\"_ _1\"></span>pre<span class=\"_ _0\"></span>se<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Elisi<span class=\"_ _0\"></span>oni<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>ag<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>me<span class=\"_ _1\"></span>nti<span class=\"_ _3bd\"> </span>da<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>ns<span class=\"_ _1\"></span>olid<span class=\"_ _0\"></span>am<span class=\"_ _1\"></span>ent<span class=\"_ _0\"></span>o<span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Ris<span class=\"_ _1\"></span>erv<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>po<span class=\"_ _0\"></span>sit<span class=\"_ _1\"></span>iva<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Ris<span class=\"_ _1\"></span>erv<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>ga<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>va<span class=\"_ _3bd\"> </span>Ris<span class=\"_ _1\"></span>erv<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>po<span class=\"_ _0\"></span>sit<span class=\"_ _1\"></span>iva<span class=\"_ _3bd\"> </span>Ris<span class=\"_ _1\"></span>erv<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>ga<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>va<span class=\"_ _3bd\"> </span>Ris<span class=\"_ _1\"></span>erv<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>po<span class=\"_ _0\"></span>sit<span class=\"_ _1\"></span>iva<span class=\"_ _3bd\"> </span>Ris<span class=\"_ _1\"></span>erv<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>ga<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>va<span class=\"_ _3bd\"> </span>Ris<span class=\"_ _1\"></span>erv<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>po<span class=\"_ _0\"></span>sit<span class=\"_ _1\"></span>iva<span class=\"_ _3bd\"> </span>Ris<span class=\"_ _1\"></span>erv<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>ga<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>va<span class=\"_ _3bd\"> </span>Ris<span class=\"_ _1\"></span>erv<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>po<span class=\"_ _0\"></span>sit<span class=\"_ _1\"></span>iva<span class=\"_ _3bd\"> </span>Ris<span class=\"_ _1\"></span>erv<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>ga<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>va<span class=\"_ _3bd\"> </span>1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">debi<span class=\"_ _0\"></span>to <span class=\"_ _a9\"> </span>11.<span class=\"_ _0\"></span>663<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>14<span class=\"_ _0\"></span>2.2<span class=\"_ _0\"></span>39<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>11<span class=\"_ _0\"></span>.66<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>14<span class=\"_ _0\"></span>2.2<span class=\"_ _0\"></span>39<span class=\"_ _3bd\"> </span>2.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">capit<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span> <span class=\"_ _3f\"> </span>6<span class=\"_ _0\"></span>.88<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>2.<span class=\"_ _0\"></span>819<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>6.<span class=\"_ _0\"></span>885<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>819<span class=\"_ _3bd\"> </span>3.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Finan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span> </span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Tot<span class=\"_ _0\"></span>ale<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span> <span class=\"_ _69\"> </span>18.<span class=\"_ _0\"></span>548<span class=\"_ _3bd\"> </span>14<span class=\"_ _0\"></span>5.0<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>------18<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>48<span class=\"_ _3bd\"> </span>14<span class=\"_ _0\"></span>5.0<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>Tot<span class=\"_ _0\"></span>ale<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _3bd\"> </span>29<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>86<span class=\"_ _3bd\"> </span>4.<span class=\"_ _0\"></span>93<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>29<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>86<span class=\"_ _3bd\"> </span>4.<span class=\"_ _0\"></span>93<span class=\"_ _0\"></span>4 Att<span class=\"_ _1\"></span>ivi<span class=\"_ _0\"></span>t\u00e0/<span class=\"_ _0\"></span>va<span class=\"_ _1\"></span>lori<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Impr<span class=\"_ _0\"></span>ese<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>as<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>cu<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>zio<span class=\"_ _1\"></span>ne<span class=\"fc0 sc1\"> </span>Alt<span class=\"_ _1\"></span>re<span class=\"_ _3bd\"> </span>im<span class=\"_ _1\"></span>pre<span class=\"_ _0\"></span>se<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Elisi<span class=\"_ _0\"></span>oni<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>ag<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>me<span class=\"_ _1\"></span>nti<span class=\"_ _3bd\"> </span>da<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>ns<span class=\"_ _1\"></span>olid<span class=\"_ _0\"></span>am<span class=\"_ _1\"></span>ent<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Ris<span class=\"_ _1\"></span>erv<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>po<span class=\"_ _0\"></span>sit<span class=\"_ _1\"></span>iva<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Ris<span class=\"_ _1\"></span>erv<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>ga<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Ris<span class=\"_ _1\"></span>erv<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>po<span class=\"_ _0\"></span>sit<span class=\"_ _1\"></span>iva<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Ris<span class=\"_ _1\"></span>erv<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>ga<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Ris<span class=\"_ _1\"></span>erv<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>po<span class=\"_ _0\"></span>sit<span class=\"_ _1\"></span>iva<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Ris<span class=\"_ _1\"></span>erv<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>ga<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Ris<span class=\"_ _1\"></span>erv<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>po<span class=\"_ _0\"></span>sit<span class=\"_ _1\"></span>iva<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Ris<span class=\"_ _1\"></span>erv<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>ga<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>va<span class=\"_ _3bd\"> </span>1.Tit<span class=\"_ _0\"></span>olid<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>bito<span class=\"_ _0\"></span> 4.<span class=\"_ _0\"></span>087<span class=\"_ _3bd\"> </span>176<span class=\"_ _0\"></span>.78<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>4.<span class=\"_ _0\"></span>087<span class=\"_ _3bd\"> </span>176<span class=\"_ _0\"></span>.78<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Tito<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span>ca<span class=\"_ _0\"></span>pita<span class=\"_ _0\"></span>le -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>3.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Quote<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span>O.<span class=\"_ _0\"></span>I.C.<span class=\"_ _0\"></span>R 6.<span class=\"_ _0\"></span>992<span class=\"_ _3bd\"> </span>61.<span class=\"_ _0\"></span>94<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>6.<span class=\"_ _0\"></span>992<span class=\"_ _3bd\"> </span>61.<span class=\"_ _0\"></span>94<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>4<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span>Fina<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Tot<span class=\"_ _0\"></span>ale<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>.1<span class=\"_ _0\"></span>22.<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span> <span class=\"_ _201\"> </span>11.<span class=\"_ _0\"></span>07<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span>23<span class=\"_ _0\"></span>8.<span class=\"_ _0\"></span>73<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>----11<span class=\"_ _0\"></span>.07<span class=\"_ _1\"></span>9<span class=\"_ _3bd\"> </span>23<span class=\"_ _0\"></span>8.<span class=\"_ _0\"></span>73<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>Tot<span class=\"_ _0\"></span>ale<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span> <span class=\"_ _3a\"> </span>42.<span class=\"_ _1\"></span>360<span class=\"_ _3bd\"> </span>56<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>81<span class=\"_ _3bd\"> </span>----42<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>60<span class=\"_ _3bd\"> </span>56<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>81<span class=\"_ _3bd\"> </span>B.3<span class=\"_ _3bd\"> </span>Riserv<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>da<span class=\"_ _3bd\"> </span>valut<span class=\"_ _0\"></span>azione<span class=\"_ _3bd\"> </span>delle<span class=\"_ _3bd\"> </span>atti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _3bd\"> </span>finanzi<span class=\"_ _0\"></span>arie<span class=\"_ _3bd\"> </span>valuta<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>fair<span class=\"_ _3bd\"> </span>value<span class=\"_ _3bd\"> </span>con<span class=\"_ _3bd\"> </span>impa<span class=\"_ _0\"></span>tto<span class=\"_ _3bd\"> </span>sulla<span class=\"_ _3bd\"> </span>reddit<span class=\"_ _0\"></span>ivit\u00e0<span class=\"_ _3bd\"> </span>comp<span class=\"_ _0\"></span>lessiva<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span>variaz<span class=\"_ _0\"></span>ioni<span class=\"_ _3bd\"> </span>annu<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>Ti<span class=\"_ _0\"></span>tol<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>bit<span class=\"_ _1\"></span>o<span class=\"fc0 sc1\"> </span>Titol<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>pi<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Fin<span class=\"_ _1\"></span>an<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>1.<span class=\"_ _3bd\"> </span>Esist<span class=\"_ _0\"></span>enze<span class=\"_ _3bd\"> </span>in<span class=\"_ _1\"></span>izia<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span> <span class=\"_ _150\"> </span>23<span class=\"_ _0\"></span>.13<span class=\"_ _1\"></span>9 1.<span class=\"_ _0\"></span>31<span class=\"_ _0\"></span>3 -2.<span class=\"_ _3bd\"> </span>Va<span class=\"_ _1\"></span>ria<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>oni<span class=\"_ _3bd\"> </span>po<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span> <span class=\"_ _170\"> </span>8.<span class=\"_ _0\"></span>38<span class=\"_ _0\"></span>7 6.<span class=\"_ _0\"></span>45<span class=\"_ _0\"></span>9 -2.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Incrementi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valu<span class=\"_ _0\"></span>e <span class=\"_ _2b2\"> </span>5.7<span class=\"_ _0\"></span>29 </span></span></span></span></span></span></span></span>6.<span class=\"_ _0\"></span>023 <span class=\"_ _ca\"> </span>-<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>2<span class=\"ff1\"> </span>Re<span class=\"_ _0\"></span>ttif<span class=\"_ _0\"></span>ich<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">va<span class=\"_ _0\"></span>lor<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>cr<span class=\"_ _0\"></span>edi<span class=\"_ _0\"></span>to <span class=\"_ _240\"> </span>19<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span> <span class=\"_ _f2\"> </span>X<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>3<span class=\"ff1\"> </span>Rigi<span class=\"_ _0\"></span>ro<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>nto<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>con<span class=\"_ _1\"></span>omico<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rise<span class=\"_ _1\"></span>rve<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">neg<span class=\"_ _0\"></span>ativ<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>da<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">re<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>zz<span class=\"_ _0\"></span>o <span class=\"_ _5d\"> </span>1.<span class=\"_ _0\"></span>529<span class=\"_ _0\"></span> <span class=\"_ _f2\"> </span>X<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>4<span class=\"ff1\"> </span>T<span class=\"_ _0\"></span>rasf<span class=\"_ _0\"></span>erim<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>ad<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">altr<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">comp<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>pat<span class=\"_ _0\"></span>rim<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>tto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">(tit<span class=\"_ _0\"></span>oli<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">capi<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le)<span class=\"_ _0\"></span> <span class=\"_ _112\"> </span>- </span></span></span></span></span></span></span></span>- <span class=\"_ _349\"> </span>-<span class=\"_ _3bd\"> </span>2.5<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">var<span class=\"_ _0\"></span>iazi<span class=\"_ _1\"></span>oni <span class=\"_ _8f\"> </span>93<span class=\"_ _1\"></span>3 </span></span></span></span>4<span class=\"_ _0\"></span>36<span class=\"_ _1\"></span> <span class=\"_ _349\"> </span>-<span class=\"_ _3bd\"> </span>3.<span class=\"_ _3bd\"> </span>Va<span class=\"_ _0\"></span>ria<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>ga<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span> <span class=\"_ _300\"> </span>16<span class=\"_ _0\"></span>2.<span class=\"_ _0\"></span>102<span class=\"_ _1\"></span> 3.7<span class=\"_ _1\"></span>06<span class=\"_ _0\"></span> -3.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Riduzioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">va<span class=\"_ _0\"></span>lue<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span>15<span class=\"_ _0\"></span>7.<span class=\"_ _0\"></span>109<span class=\"_ _1\"></span> 3.<span class=\"_ _1\"></span>506<span class=\"_ _1\"></span> -3.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Riprese<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cre<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>o </span></span></span></span></span></span></span></span></span></span></span></span></span></span>2<span class=\"_ _0\"></span>74<span class=\"_ _1\"></span> --3.3<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Rig<span class=\"_ _0\"></span>iro<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"ff3\">c<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>ec<span class=\"_ _0\"></span>onom<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>da<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ris<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ve<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">posi<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>e:<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>zzo<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span>3.<span class=\"_ _0\"></span>52<span class=\"_ _0\"></span>6 X<span class=\"_ _3bd\"> </span>-3.4<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Tr<span class=\"_ _0\"></span>asfe<span class=\"_ _0\"></span>rim<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ad<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">alt<span class=\"_ _1\"></span>re<span class=\"ff1\"> </span>com<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>nen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>imon<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">netto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">(ti<span class=\"_ _0\"></span>tol<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cap<span class=\"_ _1\"></span>ital<span class=\"_ _0\"></span>e) </span></span></span></span></span></span></span></span>-2<span class=\"_ _0\"></span>00<span class=\"_ _0\"></span> -3.5<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">var<span class=\"_ _0\"></span>iaz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i </span></span></span></span>1.<span class=\"_ _0\"></span>19<span class=\"_ _0\"></span>3 --4.<span class=\"_ _3bd\"> </span>Rim<span class=\"_ _1\"></span>an<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ze<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>li <span class=\"_ _313\"> </span>(13<span class=\"_ _0\"></span>0.<span class=\"_ _0\"></span>57<span class=\"_ _0\"></span>6)<span class=\"_ _1\"></span> 4.<span class=\"_ _0\"></span>06<span class=\"_ _0\"></span>6 -Nel<span class=\"ff1\"> <span class=\"_ _21\"></span></span>corso<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>20<span class=\"_ _2\"></span>21<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Credemtel<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ha<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>aderito<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>all\u2019aumento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>capitale<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>societ\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>S-Invest<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>srl,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>una<span class=\"_ _0\"></span><span class=\"ff1\"> </span>societ\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">diritto<span class=\"ff1\"> </span>italiano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">user\u00e0<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">provvista<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">raccolta<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>sottoscrive<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prestito<span class=\"ff1\"> </span>convertibile<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>una<span class=\"ff1\"> </span>societ\u00e0<span class=\"ff1\"> </span>svizzera<span class=\"ff1\"> </span>denominata<span class=\"ff1\"> </span>Sonect<span class=\"ff1\"> </span>AG.<span class=\"_ _3bd\"> </span><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4edc\">L\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>finan<span class=\"_ _0\"></span>ziaria<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>parola<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _0\"></span>osseduta<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>secondo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>modello<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>business<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>obiettivo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u00e8<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4edd\">conseguito<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ia<span class=\"ff1\"> </span>mediante<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019incasso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziari<span class=\"ff1\"> <span class=\"_ _2\"></span></span>previsti<span class=\"ff1\"> </span>contrattualmente<span class=\"ff1\"> </span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mediante<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ede\">vendita<span class=\"ff1\"> </span>(Business<span class=\"ff1\"> </span>model<span class=\"ff1\"> </span>\u201cHold<span class=\"ff1\"> </span>to<span class=\"ff1\"> </span>Collect<span class=\"ff1\"> </span>and<span class=\"ff1\"> </span>Sell<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> </span>\u201cHTCS\u201d\u201d<span class=\"_ _2\"></span>). </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4edf\">Ai<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fini<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">processo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">impairment<span class=\"ff1\"> </span>test<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stato<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">utilizzato<span class=\"ff1\"> </span>l\u2019ultimo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">disponibile<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>videnzia<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ee0\">una<span class=\"ff1\"> <span class=\"_ _20\"></span></span>perdita<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>consistente<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un<span class=\"ff1\"> <span class=\"_ _21\"></span></span>patrimonio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>netto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>neg<span class=\"_ _0\"></span>ativo.<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Essendo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Sonect<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>AG<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>st<span class=\"_ _2\"></span>art-up<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>non<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ee1\">ess<span class=\"_ _0\"></span>end<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>poss<span class=\"_ _0\"></span>ibi<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>fo<span class=\"_ _0\"></span>rmu<span class=\"_ _0\"></span>lare<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">prev<span class=\"_ _0\"></span>isi<span class=\"_ _0\"></span>oni<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>u<span class=\"ff1\"> </span>un<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ritor<span class=\"_ _0\"></span>no<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">all\u2019<span class=\"_ _0\"></span>uti<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>bre<span class=\"_ _0\"></span>ve<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>odo<span class=\"ff1\"> </span>no<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">po<span class=\"_ _0\"></span>ssib<span class=\"_ _0\"></span>ile<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ee2\">ritenere<span class=\"ff1\"> </span>suf<span class=\"_ _0\"></span>ficientemente<span class=\"ff1\"> </span>consistente<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>Patrimonio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">netto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rettificato<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">S-<span class=\"ff1\"> </span>In<span class=\"_ _0\"></span>vest<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>consegu<span class=\"_ _0\"></span>ente<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ee3\">svalutazione<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>impairment,<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>200<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mila<span class=\"ff1\"> </span>euro,<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>partecip<span class=\"_ _0\"></span>azi<span class=\"_ _2\"></span>one<span class=\"ff1\"> </span>detenuta<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>Credemtel. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ee4\">Rel<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>vame<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">all\u2019<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>m<span class=\"_ _0\"></span>erc<span class=\"_ _0\"></span>ati<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nzia<span class=\"_ _0\"></span>ri,<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>egna<span class=\"_ _0\"></span>lia<span class=\"_ _0\"></span>mo: </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ee5\">Nel<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>primo<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>trimestre<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>2022,<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>l\u2019invasione<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>dell\u2019Ucraina<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>conseguente<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>incremento<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ee6\">del<span class=\"_ _0\"></span>l\u2019a<span class=\"_ _0\"></span>vver<span class=\"_ _0\"></span>sion<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risch<span class=\"_ _0\"></span>io<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>arte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">deg<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>nve<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>tori<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">t<span class=\"_ _0\"></span>rad<span class=\"_ _0\"></span>otti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>pe<span class=\"_ _1\"></span>santi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uot<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ee7\">az<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>arie,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">diff<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">int<span class=\"_ _0\"></span>ensi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>tra<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>esi<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sono</span> <span class=\"ff3\">sta<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>niz<span class=\"_ _0\"></span>ialme<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">riass<span class=\"_ _0\"></span>orb<span class=\"_ _0\"></span>iti<span class=\"ff1\"> </span>qua<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span>ovu<span class=\"_ _0\"></span>nque<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ee8\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fine<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">marzo.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Sui<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mercat<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">obbligazionari<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">assist<span class=\"_ _2\"></span>ito<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rialzo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rendimenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">titoli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pu<span class=\"_ _2\"></span>bblici<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ee9\">lunga<span class=\"ff1\"> </span>scadenza,<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>decisioni<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attese<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>politica<span class=\"ff1\"> </span>monetaria. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4eea\">Nel<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sec<span class=\"_ _0\"></span>ondo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>trimestre<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>2022,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>condizioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sui<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>mercati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>internazionali<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>so<span class=\"_ _0\"></span>no<span class=\"_ _1\"></span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4eeb\">peggiorate,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riflettendo<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>lato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>progressiva<span class=\"ff1\"> <span class=\"_ _2\"></span></span>norma<span class=\"_ _2\"></span>lizzazione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>politiche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>monetarie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4eec\">molti<span class=\"ff1\">  </span>paesi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>avanzati,<span class=\"ff1\">  </span>volta<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\">  </span>contenere<span class=\"ff1\">  </span>le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>pressioni<span class=\"ff1\">  </span>inflazionistiche,<span class=\"ff1\">  </span>dall\u2019altro<span class=\"ff1\">  </span>le<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">tensioni</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4eed\">geopolitiche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>maggiore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">incertezza<span class=\"ff1\"> </span>circa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>situazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>Ucraina<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>prospettive<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span>ciclo<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4eee\">economico<span class=\"ff1\"> </span>globale.<span class=\"ff1\"> </span>I<span class=\"ff1\"> <span class=\"_ _2\"></span></span>corsi<span class=\"ff1\"> </span>a<span class=\"_ _2\"></span>zionari<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>scesi,<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>particolare<span class=\"ff1\"> </span>negli<span class=\"ff1\"> </span>Stati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Uniti.<span class=\"ff1\"> </span>I<span class=\"ff1\"> </span>rendimenti<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4eef\">titoli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pubblici<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">lunga<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sca<span class=\"_ _2\"></span>denza<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cr<span class=\"_ _2\"></span>esciuti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">am<span class=\"_ _2\"></span>pliati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">differenziali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rendimento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fra<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ef0\">pa<span class=\"_ _0\"></span>esi. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ef1\">Nel<span class=\"ff1\"> </span>terzo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">trimestre<span class=\"ff1\"> </span>dell\u2019an<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>condizioni<span class=\"ff1\"> </span>finanz<span class=\"_ _0\"></span>iarie<span class=\"ff1\"> </span>sui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mercati<span class=\"ff1\"> </span>internazionali<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">divenute<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ef2\">pi\u00f9<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">tese<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rise<span class=\"_ _0\"></span>nten<span class=\"_ _0\"></span>do<span class=\"ff1\"> <span class=\"_ _2\"></span></span>de<span class=\"_ _0\"></span>ll\u2019e<span class=\"_ _0\"></span>lev<span class=\"_ _0\"></span>ata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"_ _0\"></span>flaz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"_ _0\"></span>l\u2019ac<span class=\"_ _0\"></span>cele<span class=\"_ _0\"></span>razi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">del</span> <span class=\"_ _2\"></span><span class=\"ff3\">pro<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>sso<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>normal<span class=\"_ _0\"></span>izz<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ef3\">del<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">polit<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mone<span class=\"_ _0\"></span>tari<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rinc<span class=\"_ _0\"></span>ipal<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ba<span class=\"_ _0\"></span>nche<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cent<span class=\"_ _0\"></span>ral<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al</span> <span class=\"_ _0\"></span><span class=\"ff3\">riba<span class=\"_ _0\"></span>sso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>ngiu<span class=\"_ _0\"></span>ntu<span class=\"_ _0\"></span>ra<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ef4\">internazionale.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>I<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rendimenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tito<span class=\"_ _2\"></span>li<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pubbli<span class=\"_ _0\"></span>ci<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cresciuti,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sopratt<span class=\"_ _2\"></span>utto<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>scadenze<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pi\u00f9<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ef5\">prossime,<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>corsi<span class=\"ff1\"> </span>azionari<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>scesi. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ef6\">Nell\u2019ultimo<span class=\"ff1\"> </span>tr<span class=\"_ _2\"></span>imestre<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>2022,<span class=\"ff1\"> </span>tra<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> </span>met\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>ot<span class=\"_ _2\"></span>tobre<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>met\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>dicembre<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>condi<span class=\"_ _2\"></span>zioni<span class=\"ff1\"> </span>su<span class=\"_ _1\"></span>i </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ef7\">mercati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziari<span class=\"ff1\"> <span class=\"_ _2\"></span></span>internazionali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>migliorate,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>beneficiando<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dell\u2019attenuarsi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dell\u2019incertezza<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ef8\">sulla<span class=\"ff1\"> </span>politica<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>Regno<span class=\"ff1\"> </span>Unito<span class=\"_ _2\"></span><span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attese<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>operatori<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>rallentamento<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ef9\">rit<span class=\"_ _0\"></span>mo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>alzo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ta<span class=\"_ _0\"></span>ssi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">poli<span class=\"_ _0\"></span>tic<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mon<span class=\"_ _0\"></span>etar<span class=\"_ _0\"></span>ia<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>elle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ma<span class=\"_ _0\"></span>ggi<span class=\"_ _0\"></span>ori<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">econ<span class=\"_ _0\"></span>omie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">av<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>ate.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Dopo<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>uni<span class=\"_ _0\"></span>oni<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4efa\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dice<span class=\"_ _0\"></span>mbre<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">delle<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">prin<span class=\"_ _0\"></span>cip<span class=\"_ _0\"></span>ali<span class=\"ff1\"> </span>ba<span class=\"_ _0\"></span>nche<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">centr<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dei</span> <span class=\"ff3\">pae<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span>av<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>ati,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">gli</span> <span class=\"ff3\">ope<span class=\"_ _0\"></span>rato<span class=\"_ _0\"></span>ri<span class=\"ff1\"> </span>h<span class=\"_ _0\"></span>ann<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>nuov<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4efb\">modificato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>proprie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>aspett<span class=\"_ _2\"></span>ative<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>iguardo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>passo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>urata<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>processo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>estrizione<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4efc\">monetaria.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>I<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rendimenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sui<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tito<span class=\"_ _2\"></span>li<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pubblici<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>lungo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>termine<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Eu<span class=\"_ _2\"></span>ropa<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>negl<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Stati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Uniti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>so<span class=\"_ _2\"></span>no<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4efd\">temporaneamente<span class=\"ff1\"> </span>tornati<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>crescere. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4efe\">Pa<span class=\"_ _0\"></span>ssan<span class=\"_ _0\"></span>do<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ll\u2019<span class=\"_ _0\"></span>anali<span class=\"_ _0\"></span>si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>m<span class=\"_ _0\"></span>aggi<span class=\"_ _0\"></span>or<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>ttag<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>l\u2019I<span class=\"_ _0\"></span>tali<span class=\"_ _0\"></span>a: </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4eff\">Nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">corso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pr<span class=\"_ _2\"></span>imo<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>rimestre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2022,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rendimenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>ei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>itoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">St<span class=\"_ _2\"></span>ato<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>taliani<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stati<span class=\"ff1\"> </span>spi<span class=\"_ _0\"></span>nti<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4f00\">rialzo<span class=\"ff1\"> </span>dal<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">aspetta<span class=\"_ _2\"></span>tive<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>rid<span class=\"_ _0\"></span>uzione<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell\u2019accomodamento<span class=\"ff1\"> </span>monetario<span class=\"ff1\"> </span>nell\u2019<span class=\"_ _0\"></span>area<span class=\"ff1\"> </span>dell\u2019euro<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pi\u00f9<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4f01\">rapida<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quanto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>preced<span class=\"_ _2\"></span>entemente<span class=\"ff1\"> </span>at<span class=\"_ _2\"></span>teso,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contesto<span class=\"_ _2\"></span><span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fort<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>press<span class=\"_ _2\"></span>ioni<span class=\"ff1\"> </span>inflazionistiche.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Il<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4f02\">differenziale<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>corrispondenti<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> </span>tedeschi<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>ampliato,<span class=\"ff1\"> </span>collocandosi<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>fine<span class=\"ff1\"> </span>marzo<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>150<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4f03\">punti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">base. </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4f04\">A<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>art<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">da<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ap<span class=\"_ _0\"></span>rile,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ren<span class=\"_ _0\"></span>dime<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ti<span class=\"_ _0\"></span>tol<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>S<span class=\"_ _0\"></span>tat<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>tal<span class=\"_ _0\"></span>iani<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sul<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">scad<span class=\"_ _0\"></span>enz<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>cen<span class=\"_ _0\"></span>nale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">so<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>sa<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4f05\">oltre<span class=\"ff1\"> </span>100<span class=\"ff1\"> </span>punti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">base<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>differenziale<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>corrispondenti<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> </span>tedeschi<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>ampliato;<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anche<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4f06\">premio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>ridenominazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cresciuto.<span class=\"ff1\"> </span>G<span class=\"_ _2\"></span>li<span class=\"ff1\"> </span>annunci<span class=\"_ _2\"></span><span class=\"ff1\"> </span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>BCE,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> </span>nella<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riunione<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4f07\">straordinaria<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>15<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>giugno<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ha<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ribadito<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>l\u2019impegno<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>contr<span class=\"_ _2\"></span>astare<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>riemergere<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>r<span class=\"_ _2\"></span>ischi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4f08\">frammentazione<span class=\"ff1\"> </span>nell\u2019area<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019euro,<span class=\"ff1\"> </span>hanno<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contr<span class=\"_ _2\"></span>ibuito<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contenere<span class=\"ff1\"> </span>l\u2019incremento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dello<span class=\"ff1\"> <span class=\"_ _2\"></span></span>spread<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4f09\">dec<span class=\"_ _0\"></span>enn<span class=\"_ _0\"></span>ale,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>ntor<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">quell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>dat<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>av<span class=\"_ _0\"></span>ev<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>toc<span class=\"_ _0\"></span>cato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i</span> <span class=\"_ _0\"></span><span class=\"ff3\">242<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>unti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ba<span class=\"_ _0\"></span>se.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Il<span class=\"ff1\"> </span>d<span class=\"_ _1\"></span>iffere<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">30<span class=\"ff1\"> </span>g<span class=\"_ _0\"></span>iugn<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4f0a\">\u00e8<span class=\"ff1\"> </span>risultato<span class=\"ff1\"> </span>nell\u2019intorno<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>205<span class=\"ff1\"> </span>punti<span class=\"ff1\"> </span>base. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4f0b\">Anche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">terzo<span class=\"ff1\"> </span>trimestre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rendimenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">titoli<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Stato</span> <span class=\"_ _0\"></span><span class=\"ff3\">italiani<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ulla<span class=\"ff1\"> </span>scad<span class=\"_ _0\"></span>enza<span class=\"ff1\"> </span>decennale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4f0c\">cresciuti;<span class=\"ff1\"> </span>quell<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>sulle<span class=\"ff1\"> </span>scadenze<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">breve<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>resciuti<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>misura<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pi\u00f9<span class=\"ff1\"> </span>marcata.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">L\u2019andamento<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4f0d\">rendimenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"ff1\"> </span>riflesso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">soprattutto<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">processo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">normalizzazione<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span>politica<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mo<span class=\"_ _2\"></span>netaria<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4f0e\">BCE.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">premio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sovrano,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">misurato<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dal<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">differenziale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>endimento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rispetto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ai<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4f0f\">Stato<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>tedeschi,<span class=\"ff1\">  </span>\u00e8<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>aumentato,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>risentendo<span class=\"ff1\">  </span>d<span class=\"_ _2\"></span>ell\u2019incertezza<span class=\"ff1\">  </span>polit<span class=\"_ _2\"></span>ica<span class=\"ff1\">  </span>seguita<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>alla<span class=\"ff1\">  </span>ca<span class=\"_ _2\"></span>duta<span class=\"ff1\">  </span>del<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4f10\">Governo<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>met\u00e0<span class=\"ff1\"> </span>luglio<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>dell\u2019acc<span class=\"_ _2\"></span>resciuta<span class=\"ff1\"> </span>avversione<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>nei<span class=\"ff1\"> </span>mercati;<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>fine<span class=\"ff1\"> </span>settembre<span class=\"ff1\"> </span>lo<span class=\"ff1\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs4f11\">spread</div><div class=\"t m0 h9 ff1 fs4 fc0 sc0 ls0 ws0 gs4f12\"> <span class=\"ff3 fs5\">si<span class=\"ff1\"> </span>collocava<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>244<span class=\"ff1\"> </span>punti<span class=\"ff1\"> </span>base. </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4f13\">Nel<span class=\"_ _0\"></span>l\u2019u<span class=\"_ _0\"></span>lti<span class=\"_ _0\"></span>mo<span class=\"ff1\"> </span>tr<span class=\"_ _0\"></span>ime<span class=\"_ _0\"></span>stre<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>2<span class=\"_ _0\"></span>022<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>tte<span class=\"_ _0\"></span>se<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attenu<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rit<span class=\"_ _0\"></span>mo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rial<span class=\"_ _0\"></span>zo<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tas<span class=\"_ _0\"></span>si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">inte<span class=\"_ _1\"></span>resse </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4f14\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">maggiore<span class=\"ff1\"> </span>propensione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">degli<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>nvestito<span class=\"_ _2\"></span>ri<span class=\"ff1\"> </span>hann<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>fav<span class=\"_ _0\"></span>orito<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">calo<span class=\"ff1\"> </span>dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rendimenti</span> <span class=\"_ _0\"></span><span class=\"ff3\">d<span class=\"_ _0\"></span>ei<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></div>titoli<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Stato<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">lungo<span class=\"ff1\"> </span>termine<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>premio<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>sovrano;<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>fine<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dicembre<span class=\"ff1\"> </span>lo<span class=\"ff1\"> </span></span></span></span></span>spread <span class=\"ff3 fs5\">\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span>sceso<span class=\"ff1\"> </span>verso<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>210<span class=\"ff1\"> </span>punti<span class=\"ff1\"> </span>base. Le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>iserve<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nette<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sui<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>titoli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>emessi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Am<span class=\"_ _2\"></span>ministrazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Centrali<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Paesi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ap<span class=\"_ _2\"></span>partenenti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>all\u2019Unione<span class=\"ff1\"> </span>Eu<span class=\"_ _0\"></span>rope<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>enta<span class=\"_ _0\"></span>vano<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">da<span class=\"_ _0\"></span>ta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">3<span class=\"_ _0\"></span>1<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ice<span class=\"_ _0\"></span>mbre<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">2<span class=\"_ _0\"></span>022,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">u<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ald<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>ga<span class=\"_ _0\"></span>tivo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ci<span class=\"_ _0\"></span>rca<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">75<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mi<span class=\"_ _0\"></span>lion<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">eur<span class=\"_ _0\"></span>o. </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Ri<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>rv<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>da<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>at<span class=\"_ _1\"></span>tivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>di<span class=\"_ _0\"></span>spo<span class=\"_ _1\"></span>nibi<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>la<span class=\"_ _3bd\"> </span>ve<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>an<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Titol<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>de<span class=\"_ _1\"></span>bit<span class=\"_ _0\"></span>o<span class=\"fc0 sc1\"> </span>Titol<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>pi<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Quote<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>O.<span class=\"_ _0\"></span>I.<span class=\"_ _0\"></span>C.<span class=\"_ _0\"></span>R.<span class=\"fc0 sc1\"> </span>Fin<span class=\"_ _1\"></span>an<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"fc0 sc1\"> </span>1.<span class=\"_ _3bd\"> </span>Esist<span class=\"_ _0\"></span>enze<span class=\"_ _3bd\"> </span>in<span class=\"_ _1\"></span>izia<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span> <span class=\"_ _f1\"> </span>(2<span class=\"_ _0\"></span>9.<span class=\"_ _0\"></span>32<span class=\"_ _0\"></span>6)<span class=\"_ _0\"></span> - <span class=\"_ _67\"> </span>15.<span class=\"_ _1\"></span>104<span class=\"_ _0\"></span> -2.<span class=\"_ _3bd\"> </span>Va<span class=\"_ _1\"></span>ria<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>oni<span class=\"_ _3bd\"> </span>po<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span> <span class=\"_ _17c\"> </span>17<span class=\"_ _0\"></span>.40<span class=\"_ _0\"></span>9 - <span class=\"_ _1ab\"> </span>1<span class=\"_ _0\"></span>0.5<span class=\"_ _0\"></span>23<span class=\"_ _1\"></span> -2.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Incrementi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valu<span class=\"_ _0\"></span>e <span class=\"_ _2e1\"> </span>16.<span class=\"_ _0\"></span>932 <span class=\"_ _11e\"> </span>- <span class=\"_ _39\"> </span>9.<span class=\"_ _0\"></span>505<span class=\"_ _0\"></span> <span class=\"_ _11e\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>2.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Rigiro<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">economico<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riserve<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ne<span class=\"_ _0\"></span>gati<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span> <span class=\"_ _354\"> </span>4<span class=\"_ _0\"></span>77<span class=\"_ _1\"></span> <span class=\"_ _af\"> </span>- <span class=\"_ _2f\"> </span>1.<span class=\"_ _0\"></span>018 <span class=\"_ _33a\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">det<span class=\"_ _0\"></span>eri<span class=\"_ _1\"></span>orame<span class=\"_ _0\"></span>nto<span class=\"_ _0\"></span> <span class=\"_ _bc\"> </span>- <span class=\"_ _af\"> </span>- <span class=\"_ _11e\"> </span>- <span class=\"_ _af\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rea<span class=\"_ _0\"></span>liz<span class=\"_ _0\"></span>zo <span class=\"_ _355\"> </span>4<span class=\"_ _0\"></span>77<span class=\"_ _1\"></span> <span class=\"_ _af\"> </span>- <span class=\"_ _2f\"> </span>1.<span class=\"_ _0\"></span>018 <span class=\"_ _33a\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>2.3<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">var<span class=\"_ _0\"></span>iazi<span class=\"_ _1\"></span>oni <span class=\"_ _43\"> </span>- <span class=\"_ _af\"> </span>- <span class=\"_ _af\"> </span>- <span class=\"_ _11e\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>3.<span class=\"_ _3bd\"> </span>Va<span class=\"_ _0\"></span>ria<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>ga<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span> <span class=\"_ _d\"> </span>1<span class=\"_ _0\"></span>60<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>82<span class=\"_ _1\"></span> - <span class=\"_ _34\"> </span>80.<span class=\"_ _0\"></span>58<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span> -3.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Riduzioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">va<span class=\"_ _0\"></span>lue<span class=\"_ _0\"></span> <span class=\"_ _b\"> </span>159<span class=\"_ _0\"></span>.94<span class=\"_ _0\"></span>1 <span class=\"_ _11e\"> </span>- <span class=\"_ _68\"> </span>73.5<span class=\"_ _0\"></span>03<span class=\"_ _0\"></span> <span class=\"_ _af\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>3.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">R<span class=\"_ _2\"></span>ettific<span class=\"_ _0\"></span>he<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dete<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>oram<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>o <span class=\"_ _319\"> </span>- <span class=\"_ _af\"> </span>- <span class=\"_ _af\"> </span>- <span class=\"_ _11e\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>3.3Rigiroacontoeconomicodariservepositive:da<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>aliz<span class=\"_ _0\"></span>zo 8<span class=\"_ _0\"></span>41<span class=\"_ _1\"></span> <span class=\"_ _af\"> </span>- <span class=\"_ _65\"> </span>7.08<span class=\"_ _0\"></span>1 <span class=\"_ _11e\"> </span>-<span class=\"_ _3bd\"> </span>3.4<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">var<span class=\"_ _0\"></span>iazi<span class=\"_ _1\"></span>oni <span class=\"_ _43\"> </span>- <span class=\"_ _af\"> </span>- <span class=\"_ _11e\"> </span>- <span class=\"_ _af\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>4.<span class=\"_ _3bd\"> </span>Rim<span class=\"_ _1\"></span>an<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ze<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>li <span class=\"_ _16f\"> </span>(<span class=\"_ _0\"></span>17<span class=\"_ _0\"></span>2.6<span class=\"_ _1\"></span>99)<span class=\"_ _0\"></span> - <span class=\"_ _7f\"> </span>(5<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>95<span class=\"_ _0\"></span>7)<span class=\"_ _0\"></span> -Le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>riserve<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nette<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sui<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>titoli<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>emessi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Amministrazioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Centrali<span class=\"ff1\">  </span>p<span class=\"_ _0\"></span>resentavano,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>alla<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>data<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>31<span class=\"ff1\"> </span>dicembre<span class=\"ff1\"> </span>2022,<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>saldo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>negativo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>circa<span class=\"ff1\"> </span>153<span class=\"_ _2\"></span>,8<span class=\"ff1\"> </span>milioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>euro,<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>98,9<span class=\"ff1\"> </span>milioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>euro<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riferibili<span class=\"ff1\"> </span>allo<span class=\"ff1\"> </span>S<span class=\"_ _0\"></span>tato<span class=\"_ _2\"></span><span class=\"ff1\"> </span>I<span class=\"_ _0\"></span>talia.<span class=\"ff1\"> </span>Le<span class=\"ff1\"> </span>sudde<span class=\"_ _0\"></span>tte<span class=\"ff1\"> </span>riserve<span class=\"ff1\"> </span>nette<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>state<span class=\"ff1\"> </span>compu<span class=\"_ _0\"></span>tate<span class=\"ff1\"> </span>interamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> </span>calcolo<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span>CET1<span class=\"ff1\"> </span></span></span></span></span>al<span class=\"ff1\"> </span>31<span class=\"ff1\"> </span>dicembre<span class=\"ff1\"> </span>2022. B.<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>rv<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>da<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>azi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>pia<span class=\"_ _1\"></span>ni<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>be<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>fi<span class=\"_ _0\"></span>nit<span class=\"_ _0\"></span>i:<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>ria<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>an<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>variazioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nette<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019<span class=\"_ _2\"></span>esercizio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>evidenziano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>saldo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pos<span class=\"_ _2\"></span>itivo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>7,3<span class=\"ff1\"> <span class=\"_ _20\"></span></span>milioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>euro<span class=\"_ _2\"></span>,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>netto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>relativo<span class=\"ff1\"> </span>effetto<span class=\"ff1\"> </span>fiscale. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-789": {
   "value": "Sezion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>13<span class=\"_ _3bd\"> </span>\u2013<span class=\"_ _3bd\"> </span>Patrimo<span class=\"_ _0\"></span>nio<span class=\"_ _3bd\"> </span>del<span class=\"_ _3bd\"> </span>grup<span class=\"_ _0\"></span>po<span class=\"_ _3bd\"> </span>\u2013<span class=\"_ _3bd\"> </span>Voci<span class=\"_ _3bd\"> </span>120,<span class=\"_ _3bd\"> </span>130,<span class=\"_ _3bd\"> </span>140,<span class=\"_ _3bd\"> </span>150,<span class=\"_ _3bd\"> </span>160,<span class=\"_ _3bd\"> </span>170<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>80<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>13<span class=\"_ _1\"></span>.1<span class=\"_ _3bd\"> </span>\"Ca<span class=\"_ _1\"></span>pita<span class=\"_ _1\"></span>le\"<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>\"Az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>pro<span class=\"_ _1\"></span>pri<span class=\"_ _0\"></span>e\":<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>A.<span class=\"_ _3bd\"> </span>Ca<span class=\"_ _0\"></span>pit<span class=\"_ _1\"></span>ale<span class=\"_ _0\"></span> A.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Azioni<span class=\"ff1\"> </span>o<span class=\"_ _1\"></span>rdina<span class=\"_ _0\"></span>rie<span class=\"_ _0\"></span> <span class=\"_ _2c1\"> </span>341<span class=\"_ _0\"></span>.32<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span></span></span>A.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Azioni<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ris<span class=\"_ _0\"></span>par<span class=\"_ _0\"></span>mio<span class=\"_ _0\"></span> <span class=\"_ _93\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>A.3<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Azioni<span class=\"ff1\"> </span>p<span class=\"_ _1\"></span>rivil<span class=\"_ _0\"></span>egia<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span> <span class=\"_ _96\"> </span>-<span class=\"_ _3bd\"> </span></span></span>A.4<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Azioni<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>lt<span class=\"_ _0\"></span>re <span class=\"_ _290\"> </span>-<span class=\"_ _3bd\"> </span></span></span>B.<span class=\"_ _3bd\"> </span>Azion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>pr<span class=\"_ _0\"></span>op<span class=\"_ _0\"></span>rie<span class=\"_ _0\"></span> B.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Azioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ord<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>rie<span class=\"_ _1\"></span> <span class=\"_ _187\"> </span>1<span class=\"_ _0\"></span>0.0<span class=\"_ _0\"></span>72<span class=\"_ _3bd\"> </span></span></span></span></span>B.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Azioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ris<span class=\"_ _0\"></span>par<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>o <span class=\"_ _93\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>B.3<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Azioni<span class=\"ff1\"> </span>p<span class=\"_ _1\"></span>rivil<span class=\"_ _0\"></span>egi<span class=\"_ _0\"></span>ate<span class=\"_ _1\"></span> <span class=\"_ _96\"> </span>-<span class=\"_ _3bd\"> </span></span></span>B.4<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Azioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span> <span class=\"_ _28e\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>Sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>presenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>1.816.938<span class=\"ff1\"> <span class=\"_ _20\"></span></span>azioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pro<span class=\"_ _2\"></span>prie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>por<span class=\"_ _2\"></span>tafoglio,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un<span class=\"ff1\"> <span class=\"_ _20\"></span></span>co<span class=\"_ _2\"></span>ntrovalore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>10,1<span class=\"ff1\"> </span>acquistate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>programma<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ha<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dato<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>esecuzione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delibere<span class=\"ff1\"> <span class=\"_ _2\"></span></span>adott<span class=\"_ _3bd\"> </span>Assemblee<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Ordinarie;<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pro<span class=\"_ _2\"></span>grammi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>hanno<span class=\"ff1\"> <span class=\"_ _20\"></span></span>lo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>scopo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"_ _2\"></span>cquistare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>azioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Credi<span class=\"_ _3bd\"> </span>integrale<span class=\"ff1\"> <span class=\"_ _21\"></span></span>copertura<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>piani<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>remunerazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>basati<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>su<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>strumenti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>finanziari<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>da<span class=\"ff1\"> </span>categoria<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dirigenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>responsabilit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>str<span class=\"_ _2\"></span>ategiche<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span><span class=\"ff3\">e</span> <span class=\"_ _20\"></span><span class=\"ff3\">del</span> <span class=\"_ _2\"></span><span class=\"ff3\">\u201c<span class=\"_ _2\"></span>personale</span> <span class=\"_ _20\"></span><span class=\"ff3\">pi\u00f9</span> <span class=\"_ _2\"></span><span class=\"ff3\">ril<span class=\"_ _2\"></span>evan<span class=\"_ _3bd\"> </span></span></span>bancario.<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Ai<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sensi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"></span></span>norme<span class=\"ff1\"> <span class=\"_ _21\"></span></span>vigenti,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>gli<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>estremi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pro<span class=\"_ _2\"></span>gramma<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>gi\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>stat<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>me<span class=\"_ _0\"></span>rcat<span class=\"_ _0\"></span>o.<span class=\"_ _3bd\"> </span>Nel<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cors<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019esercizio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>state<span class=\"ff1\"> <span class=\"_ _20\"></span></span>assegnate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>535.986<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"_ _2\"></span>zioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>state<span class=\"ff1\"> <span class=\"_ _20\"></span></span>acquis<span class=\"_ _3bd\"> </span>azioni<span class=\"ff1\"> </span>sul<span class=\"ff1\"> </span>mercato.<span class=\"_ _3bd\"> </span>Per<span class=\"ff1\"> </span>maggiori<span class=\"ff1\"> </span>dettagli<span class=\"ff1\"> </span>riguardo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> </span>pian<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>remunerazione<span class=\"ff1\"> </span>basati<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>st<span class=\"_ _2\"></span>rumenti<span class=\"ff1\"> </span>finanzi<span class=\"_ _3bd\"> </span>\u201cParte<span class=\"ff1\"> </span>I\u201d<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>presente<span class=\"ff1\"> </span>nota<span class=\"ff1\"> </span>integrativa<span class=\"_ _3bd\"> </span>.<span class=\"_ _3bd\"> </span>13<span class=\"_ _1\"></span>.2<span class=\"_ _3bd\"> </span>Ca<span class=\"_ _0\"></span>pi<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Nu<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>ro<span class=\"_ _3bd\"> </span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>lla<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>gr<span class=\"_ _0\"></span>up<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>an<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Vo<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>/Ti<span class=\"_ _1\"></span>pol<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Or<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>A<span class=\"_ _0\"></span>lt<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>A.<span class=\"_ _3bd\"> </span>Az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>es<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>al<span class=\"_ _0\"></span>l'i<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>ll'<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>o <span class=\"_ _2c2\"> </span>34<span class=\"_ _0\"></span>1.<span class=\"_ _0\"></span>320<span class=\"_ _1\"></span> --<span class=\"ff1\"> </span>int<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>li<span class=\"_ _0\"></span>ber<span class=\"_ _0\"></span>ate<span class=\"_ _1\"></span> <span class=\"_ _114\"> </span>340.<span class=\"_ _0\"></span>467<span class=\"_ _0\"></span> <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"_ _2\"></span>nteramente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">lib<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span> <span class=\"_ _147\"> </span>- <span class=\"_ _c1\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>A.1<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Azioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">proprie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(-)<span class=\"_ _1\"></span> <span class=\"_ _1be\"> </span>85<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span> <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>A.<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>Az<span class=\"_ _0\"></span>ion<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>ci<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>ola<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span>es<span class=\"_ _0\"></span>ist<span class=\"_ _0\"></span>en<span class=\"_ _1\"></span>ze<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>iz<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span>i <span class=\"_ _be\"> </span>3<span class=\"_ _0\"></span>41.<span class=\"_ _0\"></span>32<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>-B.<span class=\"_ _3bd\"> </span>Au<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>i <span class=\"_ _2af\"> </span>53<span class=\"_ _1\"></span>6<span class=\"_ _0\"></span> -B.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Nuove<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">emi<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i <span class=\"_ _15a\"> </span>53<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span> <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>agam<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>to:<span class=\"_ _0\"></span> <span class=\"_ _275\"> </span>- <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conversione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">obblig<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>ioni<span class=\"_ _1\"></span> <span class=\"_ _271\"> </span>- <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">esercizio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">warr<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>t <span class=\"_ _161\"> </span>- <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altre<span class=\"_ _0\"></span> <span class=\"_ _1dc\"> </span>- <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">titolo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gratu<span class=\"_ _1\"></span>ito:<span class=\"_ _0\"></span> <span class=\"_ _111\"> </span>5<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>6 <span class=\"_ _8b\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>fav<span class=\"_ _0\"></span>ore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>pen<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span> <span class=\"_ _2b0\"> </span>51<span class=\"_ _0\"></span>8<span class=\"_ _1\"></span> <span class=\"_ _c1\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">favore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">degli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">amm<span class=\"_ _0\"></span>ini<span class=\"_ _0\"></span>stra<span class=\"_ _0\"></span>tor<span class=\"_ _0\"></span>i <span class=\"_ _2c3\"> </span>9 <span class=\"_ _c1\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altre<span class=\"_ _0\"></span> <span class=\"_ _1e1\"> </span>9 <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span>B.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Vendita<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">azioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">prop<span class=\"_ _0\"></span>rie<span class=\"_ _1\"></span> <span class=\"_ _2c4\"> </span>- <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>B.3<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">var<span class=\"_ _0\"></span>iaz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i <span class=\"_ _27e\"> </span>- <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>C.<span class=\"_ _3bd\"> </span>Di<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i <span class=\"_ _1db\"> </span>(<span class=\"_ _0\"></span>1.5<span class=\"_ _0\"></span>00<span class=\"_ _1\"></span>)<span class=\"_ _3bd\"> </span>-C.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Ann<span class=\"_ _0\"></span>ulla<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>to <span class=\"_ _13a\"> </span>- <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span>C.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Acquisto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">azioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">prop<span class=\"_ _0\"></span>rie<span class=\"_ _1\"></span> <span class=\"_ _17a\"> </span>(1.50<span class=\"_ _0\"></span>0) <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>C.<span class=\"_ _0\"></span>3<span class=\"ff1\"> </span>Op<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>imp<span class=\"_ _0\"></span>res<span class=\"_ _1\"></span>e <span class=\"_ _2bd\"> </span>- <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span>C.4<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vari<span class=\"_ _0\"></span>azi<span class=\"_ _1\"></span>oni <span class=\"_ _226\"> </span>- <span class=\"_ _c1\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>D.<span class=\"_ _3bd\"> </span>Az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>ci<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>ola<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ze<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>nal<span class=\"_ _1\"></span>i <span class=\"_ _2c5\"> </span>34<span class=\"_ _0\"></span>1.<span class=\"_ _0\"></span>320<span class=\"_ _1\"></span> -D.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Azioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">proprie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(+<span class=\"_ _1\"></span>) <span class=\"_ _132\"> </span>1<span class=\"_ _0\"></span>.81<span class=\"_ _0\"></span>7 <span class=\"_ _c1\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>D.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Azioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esistenti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fine<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>ll'<span class=\"_ _0\"></span>ese<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span> <span class=\"_ _92\"> </span>339.<span class=\"_ _0\"></span>503<span class=\"_ _1\"></span> <span class=\"_ _c1\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>-<span class=\"ff1\"> </span>int<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>li<span class=\"_ _0\"></span>ber<span class=\"_ _0\"></span>ate<span class=\"_ _1\"></span> <span class=\"_ _2c6\"> </span>339.<span class=\"_ _1\"></span>503 <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"_ _2\"></span>nteramente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">lib<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span> <span class=\"_ _114\"> </span>- <span class=\"_ _c1\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>3.4<span class=\"_ _3bd\"> </span>Riser<span class=\"_ _0\"></span>ve<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>utili:<span class=\"_ _3bd\"> </span>altre<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>zio<span class=\"_ _1\"></span>ni<span class=\"fc0 sc1\"> </span>In<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>categoria<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>inclusi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riserva<span class=\"ff1\"> <span class=\"_ _2\"></span></span>legale,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riserva<span class=\"ff1\"> <span class=\"_ _2\"></span></span>str<span class=\"_ _2\"></span>aordinaria,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fondo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ba<span class=\"_ _2\"></span>ncari<span class=\"ff1\"> </span>precedentemente<span class=\"ff1\"> </span>iscritto<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> </span>redatto<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>sensi<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>previgente<span class=\"ff1\"> </span>D.Lgs.<span class=\"ff1\"> </span>87/92<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>riclassificat<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>secondo<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>principi<span class=\"ff1\"> </span>IAS.<span class=\"_ _3bd\"> </span>La<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riserva<span class=\"ff1\"> <span class=\"_ _2\"></span></span>legale,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>costituita<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>norma<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>legge,<span class=\"ff1\"> </span>deve<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ess<span class=\"_ _2\"></span>ere<span class=\"ff1\"> <span class=\"_ _2\"></span></span>almeno<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pari<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quinto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>capitale<span class=\"ff1\"> </span>sociale;<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>essa<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>st<span class=\"_ _2\"></span>ata<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cost<span class=\"_ _2\"></span>ituita<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"></span></span>passato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tramite<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"_ _2\"></span>ccantonamenti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>degli<span class=\"ff1\"> <span class=\"_ _21\"></span></span>utili<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>netti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>annuali<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>per<span class=\"ff1\"> </span>almeno<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un<span class=\"ff1\"> <span class=\"_ _20\"></span></span>decimo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>degli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>stessi,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>norma<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dell\u2019articolo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>29<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>llo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>stat<span class=\"_ _2\"></span>uto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>ociale.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Nel<span class=\"ff1\"> <span class=\"_ _20\"></span></span>caso<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>riserva<span class=\"ff1\">  </span>dovesse<span class=\"ff1\">  </span>diminuire,<span class=\"ff1\">  </span>occorre<span class=\"ff1\">  </span>reintegrarla<span class=\"ff1\">  </span>tramite<span class=\"ff1\">  </span>l\u2019obbligo<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>destinarvi<span class=\"ff1\">  </span>un<span class=\"ff1\">  </span>ventesimo<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>l\u2019u<span class=\"_ _0\"></span>til<span class=\"_ _0\"></span>e.<span class=\"_ _3bd\"> </span>La<span class=\"ff1\"> </span>riserva<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stat<span class=\"_ _2\"></span>utaria<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>traordinaria<span class=\"ff1\"> </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">costituita</span> <span class=\"ff3\">in</span> <span class=\"_ _1\"></span><span class=\"ff3\">base<span class=\"_ _2\"></span><span class=\"ff1\"> </span>all<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>statuto<span class=\"ff1\"> </span>dal<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>destinazione<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>quota<span class=\"ff1\"> </span></span></span></span></span></span></span>di<span class=\"ff1\"> </span>utile<span class=\"ff1\"> </span>residuale<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>seguito<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>distribuzione<span class=\"ff1\"> </span>dell\u2019utile<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>azioni<span class=\"ff1\"> </span>ordinarie.<span class=\"_ _3bd\"> </span>Le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>iserve<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>concentr<span class=\"_ _2\"></span>azione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ex<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>L.30<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>lu<span class=\"_ _0\"></span>glio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>1990<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span></span>n.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>218<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>st<span class=\"_ _2\"></span>ate<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>costituite<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>occasione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>operazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>riorganizzazione<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>concentrazione<span class=\"ff1\"> </span>effettuate<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>sensi<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>citata<span class=\"ff1\"> </span>legge.<span class=\"_ _3bd\"> </span>Le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>iserve<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">comprendono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riserva<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">costituita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fronte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">piano<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stock<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">option<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ed<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">altre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riserve<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>costituite<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>passato<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>fronte<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>specifiche<span class=\"ff1\"> </span>disposizioni<span class=\"ff1\"> </span>normative.<div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs251f\">Sono<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>presenti,<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>altres\u00ec,<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>due<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>r<span class=\"_ _2\"></span>iserve<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>s<span class=\"_ _2\"></span>ospensione<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>d\u2019imposta<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>distinte<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>tipologia<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2520\">ria<span class=\"_ _0\"></span>lli<span class=\"_ _0\"></span>neam<span class=\"_ _0\"></span>ento<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">eff<span class=\"_ _0\"></span>ettu<span class=\"_ _0\"></span>ato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ai<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sens<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>de<span class=\"_ _1\"></span>ll\u2019ar<span class=\"_ _0\"></span>t.<span class=\"ff1\"> </span>1<span class=\"_ _0\"></span>10<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>DL<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">14<span class=\"ff1\"> </span>ago<span class=\"_ _0\"></span>sto<span class=\"ff1\"> </span>2<span class=\"_ _0\"></span>020<span class=\"ff1\"> </span>og<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>tto<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ucce<span class=\"_ _0\"></span>ssiv<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>mo<span class=\"_ _0\"></span>dif<span class=\"_ _0\"></span>ica<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2521\">con<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>Legge<span class=\"ff1\"> </span>178/2020. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2522\">In<span class=\"_ _0\"></span>fine<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">voc<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>clud<span class=\"_ _1\"></span>e<span class=\"ff1\"> </span>gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ef<span class=\"_ _0\"></span>fetti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ge<span class=\"_ _0\"></span>nera<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>d<span class=\"_ _1\"></span>alla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tran<span class=\"_ _0\"></span>sizi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ai</span> <span class=\"_ _0\"></span><span class=\"ff3\">pri<span class=\"_ _0\"></span>ncip<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>ntern<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>ona<span class=\"_ _0\"></span>li. </span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2523\">In<span class=\"ff1\"> </span>part<span class=\"_ _2\"></span>icolare<span class=\"ff1\"> </span>t<span class=\"_ _2\"></span>ra<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>iserve<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>uti<span class=\"_ _2\"></span>li<span class=\"ff1\"> </span>sono<span class=\"_ _2\"></span><span class=\"ff1\"> </span>confluiti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>effetti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>derivant<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>dal<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cambiamento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>principi<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2524\">con<span class=\"_ _0\"></span>tab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">non</span> <span class=\"ff3\">p<span class=\"_ _0\"></span>rev<span class=\"_ _0\"></span>edon<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>pr<span class=\"_ _0\"></span>ossi<span class=\"_ _0\"></span>mi<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>ser<span class=\"_ _0\"></span>cizi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">conf<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>mento<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al</span> <span class=\"ff3\">co<span class=\"_ _0\"></span>nto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ec<span class=\"_ _0\"></span>onom<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>o.<span class=\"ff1\"> </span>Gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ul<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>iori<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2525\">effetti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>generat<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dalla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>ransizione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>agli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>IAS/IFRS<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dest<span class=\"_ _2\"></span>inati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>modificarsi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>empo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ed<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>confluire<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2526\">conto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ec<span class=\"_ _0\"></span>onomico<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>momento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">realizzo</span> <span class=\"_ _20\"></span><span class=\"ff3\">o</span> <span class=\"_ _21\"></span><span class=\"ff3\">estinzione</span> <span class=\"_ _20\"></span><span class=\"ff3\">delle</span> <span class=\"_ _21\"></span><span class=\"ff3\">corrispondenti</span> <span class=\"_ _20\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>ttivit\u00e0</span> <span class=\"_ _20\"></span><span class=\"ff3\">e</span> <span class=\"_ _21\"></span><span class=\"ff3\">passivit\u00e0</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2527\">sono<span class=\"ff1\"> </span>stati<span class=\"ff1\"> </span>inv<span class=\"_ _0\"></span>ece<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">appost<span class=\"_ _2\"></span>ati<span class=\"ff1\"> </span>tra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u201cRiserve<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alutazione\u201d.<span class=\"ff1\"> </span>Si<span class=\"ff1\"> </span>tratta<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>elle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit<span class=\"_ _2\"></span>\u00e0<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2528\">finanziarie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valutate<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _20\"></span></span>value<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _21\"></span></span>impatto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sulla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>redd<span class=\"_ _0\"></span>itivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>complessiva,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _21\"></span></span>val<span class=\"_ _0\"></span>utazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dei<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2529\">contratti<span class=\"ff1\"> </span>derivati<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>copertura<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>flussi<span class=\"ff1\"> </span>finanziari,<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>riserva<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conn<span class=\"_ _0\"></span>essa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>agli<span class=\"ff1\"> </span>utili/perdite<span class=\"ff1\"> </span>attuariali<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs252a\">su<span class=\"ff1\"> <span class=\"_ _2\"></span></span>piani<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>benefici<span class=\"ff1\"> </span>definiti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> </span>leggi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>speciali<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rivalutazione.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>variazioni<span class=\"ff1\"> </span>annu<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riserve<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs252b\">confluiscono<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>redditivit\u00e0<span class=\"ff1\"> </span>complessiva<span class=\"_ _3bd\"> </span>. </div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs252c\">Se<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs252d\">14<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs252e\">\u2013<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs252f\">Pa<span class=\"_ _1\"></span>trim<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>io<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2530\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2531\">pe<span class=\"_ _0\"></span>rti<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>nza<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2532\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2533\">te<span class=\"_ _0\"></span>rz<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2534\">Vo<span class=\"_ _0\"></span>ce<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2535\">1<span class=\"_ _0\"></span>90<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2536\">14<span class=\"_ _0\"></span>.1<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2537\">De<span class=\"_ _0\"></span>tta<span class=\"_ _1\"></span>gli<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2538\">de<span class=\"_ _0\"></span>lla<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2539\">vo<span class=\"_ _0\"></span>ce<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs253a\">21<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs253b\">\"pa<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>io<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs253c\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs253d\">pe<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>enz<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs253e\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs253f\">te<span class=\"_ _0\"></span>rz<span class=\"_ _0\"></span>i\"<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2540\">De<span class=\"_ _0\"></span>no<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>ina<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2541\">im<span class=\"_ _1\"></span>pre<span class=\"_ _0\"></span>se<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2542\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2543\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2544\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2545\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2546\">Par<span class=\"_ _0\"></span>tec<span class=\"_ _0\"></span>ipa<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">soci<span class=\"_ _0\"></span>et\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">co<span class=\"_ _0\"></span>nso<span class=\"_ _0\"></span>lida<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> </span>int<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>ter<span class=\"_ _0\"></span>zi<span class=\"ff1\"> </span>sig<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>fica<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2547\">1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">BLUE<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">EYE<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">SOLUTIONS<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">SR<span class=\"_ _0\"></span>L<span class=\"_ _1\"></span> <span class=\"_ _291\"> </span>15<span class=\"_ _1\"></span>5 <span class=\"_ _3b\"> </span>1<span class=\"_ _1\"></span>40<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2548\">2.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">CREDEM<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">CB<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">SR<span class=\"_ _0\"></span>L<span class=\"_ _1\"></span> <span class=\"_ _236\"> </span>4 <span class=\"_ _6f\"> </span>4<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2549\">3.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">SATA<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">SR<span class=\"_ _1\"></span>L <span class=\"_ _1d5\"> </span>- <span class=\"_ _4a\"> </span>5<span class=\"_ _0\"></span>09<span class=\"_ _1\"></span> </span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs254a\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span> <span class=\"_ _2c8\"> </span>1<span class=\"_ _0\"></span>59<span class=\"_ _1\"></span> <span class=\"_ _4a\"> </span>6<span class=\"_ _1\"></span>53<span class=\"_ _3bd\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs254c\">A<span class=\"ff1\"> </span>seguito<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ella<span class=\"ff1\"> </span>facolt\u00e0<span class=\"ff1\"> </span>esercita<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>compag<span class=\"_ _0\"></span>nia<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>assicurazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Cr<span class=\"_ _2\"></span>edemvita,<span class=\"ff1\"> </span>face<span class=\"_ _0\"></span>nte<span class=\"ff1\"> </span>parte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs254d\">Conglomerato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>finanziario<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>pre<span class=\"_ _0\"></span>valenza<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>banc<span class=\"_ _0\"></span>aria,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>post<span class=\"_ _2\"></span>icipare<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>2023<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>prima<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>applicazione<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs254e\">dell\u2019IFRS9,<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>(Deferral<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>Approach),<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>negli<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>s<span class=\"_ _2\"></span>chemi<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>consolidati<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>previsti<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>dall\u2019aggiornamento<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>della<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs254f\">circolare<span class=\"ff1\"> </span>262<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> </span>Banca<span class=\"ff1\"> </span>d\u2019Italia,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>state<span class=\"ff1\"> </span>create<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>seguenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nuove<span class=\"ff1\"> </span>voci<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Stato<span class=\"ff1\"> </span>Patrimoniale<span class=\"ff1\"> </span>-<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2550\">Pa<span class=\"_ _0\"></span>ssiv<span class=\"_ _0\"></span>o: </div><div class=\"t m4 h2c ff4 fs5 fc0 sc0 ls0 ws0 gs2551\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2552\">Stato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Patrimoniale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Passivo:<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Voce<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>15.<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Passivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>pertinenza<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>imprese<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2553\">assicurazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valutat<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">costo<span class=\"ff1\"> </span>ammortizzato<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ai<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sensi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dello<span class=\"ff1\"> </span>IAS<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">3<span class=\"_ _2\"></span>9,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">accoglie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">debiti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">verso<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2554\">banche,<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>debiti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>verso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>clientela<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ed<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>titoli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>circolazione,<span class=\"ff1\"> </span>cos\u00ec<span class=\"ff1\"> <span class=\"_ _2\"></span></span>come<span class=\"ff1\"> <span class=\"_ _2\"></span></span>definiti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nel<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>ispetto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dello<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2555\">IAS<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">39; </span></span></div><div class=\"t m4 h2c ff4 fs5 fc0 sc0 ls0 ws0 gs2556\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2557\">Stato<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Patrimoniale<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u2013<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Passivo:<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Voce<span class=\"ff1\"> <span class=\"_ _21\"></span></span>35.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Pass<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>f<span class=\"_ _2\"></span>inanziarie<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>pertinenz<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"></span></span>imprese<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2558\">ass<span class=\"_ _0\"></span>icu<span class=\"_ _0\"></span>razi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">valu<span class=\"_ _0\"></span>tate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al</span> <span class=\"ff3\">fai<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>valu<span class=\"_ _1\"></span>e<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>sen<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>lo<span class=\"ff1\"> </span>I<span class=\"_ _0\"></span>AS<span class=\"ff1\"> </span>39,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">che</span> <span class=\"ff3\">ac<span class=\"_ _0\"></span>cog<span class=\"_ _0\"></span>lie<span class=\"ff1\"> </span>le<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">pa<span class=\"_ _0\"></span>ssiv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>ziar<span class=\"_ _0\"></span>ie<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2559\">negoziazione,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>assivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valutate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fa<span class=\"_ _2\"></span>ir<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">val<span class=\"_ _2\"></span>ue<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ed<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>erivati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">negativo,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs255a\">cos\u00ec<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>definiti<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>rispetto<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>IAS<span class=\"ff1\"> </span>39; </div><div class=\"t m4 h2c ff4 fs5 fc0 sc0 ls0 ws0 gs255b\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs255c\">Stato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Patrimoniale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u2013<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Patrimonio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Netto:<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Voce<span class=\"ff1\"> <span class=\"_ _2\"></span></span>125.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Riserve<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valutazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pertine<span class=\"_ _2\"></span>nza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs255d\">imprese<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>as<span class=\"_ _2\"></span>sicurazione,<span class=\"ff1\">  </span>che<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>accoglie<span class=\"ff1\">  </span>le<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>riserve<span class=\"ff1\">  </span>da<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>valutazione<span class=\"ff1\">  </span>su<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>finanziarie<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs255e\">disponibili<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>vendita,<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>effetti<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>shadow<span class=\"ff1\"> </span>accounting<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>relativi<span class=\"ff1\"> </span>impatti<span class=\"ff1\"> </span>fiscali. </div><div class=\"t m45 h10 ff3 fs9 fc4 sc0 ls0 ws0 gs4cc7\">Sezi<span class=\"_ _0\"></span>one<span class=\"_ _3bd\"> </span></div><div class=\"t m45 h10 ff3 fs9 fc4 sc0 ls0 ws0 gs4cc8\">1<span class=\"_ _3bd\"> </span></div><div class=\"t m45 h10 ff3 fs9 fc4 sc0 ls0 ws0 gs4cc9\">\u2013<span class=\"_ _3bd\"> </span></div><div class=\"t m45 h10 ff3 fs9 fc4 sc0 ls0 ws0 gs4cca\">Il<span class=\"_ _3bd\"> </span></div><div class=\"t m45 h10 ff3 fs9 fc4 sc0 ls0 ws0 gs4ccb\">patr<span class=\"_ _0\"></span>imoni<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m45 h10 ff3 fs9 fc4 sc0 ls0 ws0 gs4ccc\">consol<span class=\"_ _0\"></span>idato<span class=\"_ _0\"></span><span class=\"fc0\"> </span></div><div class=\"t mb h5 ff3 fs0 fc4 sc2 ls0 ws0 gs4ccd\">A.</div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs4cce\">Inf<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>maz<span class=\"_ _1\"></span>ion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs4ccf\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs4cd0\">na<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>ra<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs4cd1\">qu<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>a<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4cd2\">Dal<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">1\u00b0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">gen<span class=\"_ _0\"></span>nai<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>201<span class=\"_ _0\"></span>4<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>ato<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>vi<span class=\"_ _0\"></span>go<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">re<span class=\"_ _0\"></span>gol<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>(U<span class=\"_ _0\"></span>E)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">n.<span class=\"ff1\"> </span>5<span class=\"_ _0\"></span>75/2<span class=\"_ _0\"></span>013<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(\u201cC<span class=\"_ _0\"></span>RR\u201d)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">il</span> <span class=\"_ _0\"></span><span class=\"ff3\">qua<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>engo<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4cd3\">introdotte<span class=\"ff1\"> </span>nell\u2019Unione<span class=\"ff1\"> </span>Europea<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> </span>regole<span class=\"ff1\"> </span>definite<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dal<span class=\"ff1\"> </span>Comitato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>Basilea<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> </span>vigilanza<span class=\"ff1\"> </span>ban<span class=\"_ _2\"></span>caria<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4cd4\">con<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>l\u2019articolato<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>insieme<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>documenti<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>unitariamente<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>denominato<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>\u201c<span class=\"_ _2\"></span>Basilea<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>3\u201d<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>materia<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4cd5\">adeguatezza<span class=\"ff1\"> </span>patrimoniale<span class=\"ff1\"> </span>(Primo<span class=\"ff1\"> </span>pilastro)<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>informativa<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>pubblico<span class=\"ff1\"> </span>(Terzo<span class=\"ff1\"> </span>pilast<span class=\"_ _2\"></span>ro). </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4cd6\">Il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>regolamento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(UE)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>n.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>575/2013<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dirett<span class=\"_ _2\"></span>iva<span class=\"ff1\"> <span class=\"_ _2\"></span></span>2013/36/UE<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(\u201cCRD<span class=\"ff1\"> <span class=\"_ _2\"></span></span>IV\u201d)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>definiscono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nuovo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quadro<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4cd7\">nor<span class=\"_ _0\"></span>mati<span class=\"_ _0\"></span>vo<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>rife<span class=\"_ _0\"></span>rime<span class=\"_ _0\"></span>nto<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>ll\u2019U<span class=\"_ _0\"></span>nion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>Eu<span class=\"_ _0\"></span>rope<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>ba<span class=\"_ _0\"></span>nche<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">impr<span class=\"_ _0\"></span>ese<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">inve<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>o.<span class=\"ff1\"> </span>Dal<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">1\u00b0</span> <span class=\"ff3\">ge<span class=\"_ _0\"></span>nnaio<span class=\"_ _1\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4cd8\">2014.<span class=\"ff1\">  </span>CRR<span class=\"ff1\">  </span>e<span class=\"ff1\">  </span>CRDIV<span class=\"ff1\">  </span>sono<span class=\"ff1\">  </span>integrati<span class=\"ff1\">  </span>da<span class=\"ff1\">  </span>norme<span class=\"ff1\">  </span>tecni<span class=\"_ _0\"></span>che<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>regolamentazione<span class=\"ff1\">  </span>o<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>attuazione<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4cd9\">ap<span class=\"_ _0\"></span>prov<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">dall<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>Comm<span class=\"_ _0\"></span>issi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">Euro<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>su<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pr<span class=\"_ _0\"></span>opo<span class=\"_ _0\"></span>sta<span class=\"ff1\"> </span>dell<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>Auto<span class=\"_ _0\"></span>rit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">europ<span class=\"_ _0\"></span>ee<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>supe<span class=\"_ _0\"></span>rvi<span class=\"_ _0\"></span>sion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>(\u201cESA<span class=\"_ _0\"></span>\u201d),<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4cda\">che<span class=\"ff1\"> </span>danno<span class=\"ff1\"> </span>attuazione<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>normativa<span class=\"ff1\"> </span>primaria. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4cdb\">Con<span class=\"ff1\"> </span>l\u2019adozione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>regolamento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> </span>esecuzione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>(UE)<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>n.<span class=\"ff1\"> </span>680/2014<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>so<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>state<span class=\"ff1\"> </span>stabilite<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>norme<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4cdc\">tecniche<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>attuazione<span class=\"ff1\"> </span>(Implementing<span class=\"ff1\"> </span>Technical<span class=\"ff1\"> </span>Standards)<span class=\"ff1\"> </span>vincolanti<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>mat<span class=\"_ _2\"></span>eria<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>segnalazioni<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4cdd\">prudenziali<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>armonizzate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>banche<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"></span></span>imprese<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>investimento<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>relative<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a:<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fondi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>propr<span class=\"_ _2\"></span>i,<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4cde\">rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>credito<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>controparte,<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>mercato,<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>o<span class=\"_ _2\"></span>perativo,<span class=\"ff1\"> </span>grandi<span class=\"ff1\"> </span>rischi,<span class=\"ff1\"> </span>rilevazione<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4cdf\">perdite<span class=\"ff1\"> </span>ipotecarie,<span class=\"ff1\"> </span>posizione<span class=\"ff1\"> </span>patrimoniale<span class=\"ff1\"> </span>complessiva,<span class=\"ff1\"> </span>monitoraggio<span class=\"ff1\"> </span>liquidit\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>leva<span class=\"ff1\"> </span>finanziaria.<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ce0\">Inoltre,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>B<span class=\"_ _0\"></span>anca<span class=\"ff1\"> </span>d\u2019Italia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ha<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>manat<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">C<span class=\"_ _0\"></span>ircolari<span class=\"ff1\"> </span>n.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">286<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">n.<span class=\"ff1\"> </span>154<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>raducono<span class=\"ff1\"> </span>second<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>lo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>chema<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ce1\">matriciale,<span class=\"ff1\"> </span>attualmente<span class=\"ff1\"> </span>adottato<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> </span>segnalazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>vigilanza,<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>cita<span class=\"_ _2\"></span>ti<span class=\"ff1\"> </span>ITS </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ce2\">Il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Gruppo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ritiene<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>priorita<span class=\"_ _2\"></span>rio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valutare<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>propria<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>str<span class=\"_ _2\"></span>uttura<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>patrimoniale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff3\">e</span> <span class=\"_ _27\"> </span><span class=\"ff3\">ta<span class=\"_ _2\"></span>li</span> <span class=\"_ _21\"> </span><span class=\"ff3\">anal<span class=\"_ _2\"></span>isi</span> <span class=\"_ _27\"> </span><span class=\"ff3\">sono</span> <span class=\"_ _27\"> </span><span class=\"ff3\">svolt<span class=\"_ _2\"></span>e</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ce3\">al<span class=\"_ _0\"></span>l\u2019in<span class=\"_ _0\"></span>tern<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>deg<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>spec<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ci<span class=\"ff1\"> </span>Com<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Gov<span class=\"_ _0\"></span>ern<span class=\"_ _0\"></span>ance<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Grupp<span class=\"_ _0\"></span>o.<span class=\"ff1\"> </span>In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tale</span> <span class=\"ff3\">sed<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>veng<span class=\"_ _0\"></span>ono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">anche<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ev<span class=\"_ _0\"></span>ide<span class=\"_ _0\"></span>nziat<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ce4\">i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _0\"></span>rincipali<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>impatti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"_ _2\"></span>gati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>all<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>normative<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>via<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>definizione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(es.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>potenziali<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>impatti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>legati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>alla<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ce5\">fi<span class=\"_ _0\"></span>nali<span class=\"_ _0\"></span>zza<span class=\"_ _0\"></span>zione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rifo<span class=\"_ _0\"></span>rma<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Basi<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>II<span class=\"_ _0\"></span>I<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>me<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>cent<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>ac<span class=\"_ _0\"></span>cord<span class=\"_ _1\"></span>o<span class=\"_ _2\"></span><span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sede<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Comi<span class=\"_ _0\"></span>tato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Ba<span class=\"_ _0\"></span>sile<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ce6\">14<span class=\"ff1\"> </span>gennaio<span class=\"ff1\"> </span>2019)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uelle<span class=\"ff1\"> </span>gi\u00e0<span class=\"ff1\"> </span>approvate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ma<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>attualmen<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>applicabili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(es.<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">regolamento<span class=\"ff1\"> </span>(UE) </span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ce7\">n.<span class=\"ff1\"> </span>8<span class=\"_ _2\"></span>76/2019<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>direttiva<span class=\"ff1\"> </span>(UE)<span class=\"ff1\"> </span>n.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>787/2019<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>modificano<span class=\"ff1\"> </span>rispettivamente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>regolamento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(UE)<span class=\"ff1\"> </span>n.<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ce8\">575/2013<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>direttiva<span class=\"ff1\"> <span class=\"_ _2\"></span></span>2013/3<span class=\"_ _2\"></span>6/UE<span class=\"ff1\"> <span class=\"_ _2\"></span></span>/876,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cos\u00ec<span class=\"ff1\"> <span class=\"_ _20\"></span></span>come<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>re<span class=\"_ _2\"></span>golamento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(UE)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>n.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>877/2019<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>direttiva<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ce9\">(UE)<span class=\"ff1\"> </span>n.<span class=\"ff1\"> </span>879/2019). </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4cea\">I<span class=\"ff1\">  </span>Comitati<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>Governance<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">di</span>  <span class=\"ff3\">Gruppo</span>  <span class=\"ff3\">presen<span class=\"_ _0\"></span>tano<span class=\"ff1\">  </span>sempre<span class=\"ff1\">  </span>dei<span class=\"ff1\">  </span>membri<span class=\"ff1\">  </span>nominati<span class=\"ff1\">  </span>dal<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Consiglio<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ceb\">d\u2019Amministrazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>de<span class=\"_ _2\"></span>lla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Capog<span class=\"_ _2\"></span>ruppo,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>scelti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tra<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>componen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Cons<span class=\"_ _2\"></span>iglio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>st<span class=\"_ _2\"></span>esso,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>ispettive<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4cec\">analisi<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> </span>successivamente<span class=\"ff1\"> </span>prodot<span class=\"_ _2\"></span>te<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>Consiglio<span class=\"ff1\"> </span>d\u2019Amministrazione<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>Capogruppo. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ced\">Sotto<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pro<span class=\"_ _2\"></span>filo<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Vigil<span class=\"_ _0\"></span>anza<span class=\"ff1\"> </span>l\u2019assorbimento<span class=\"ff1\"> </span>viene<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>eterminato<span class=\"ff1\"> </span>tenendo<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">considerazione</span> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>attuali<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4cee\">\u201cregole\u201d<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>segnalazione. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4cef\">Sot<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prof<span class=\"_ _0\"></span>ilo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ge<span class=\"_ _0\"></span>stio<span class=\"_ _0\"></span>nale<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">l\u2019a<span class=\"_ _0\"></span>ssorb<span class=\"_ _0\"></span>ime<span class=\"_ _0\"></span>nto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">viene<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ca<span class=\"_ _0\"></span>lc<span class=\"_ _0\"></span>olato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019u<span class=\"_ _0\"></span>tili<span class=\"_ _0\"></span>zzo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">m<span class=\"_ _0\"></span>odell<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">int<span class=\"_ _0\"></span>erni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risc<span class=\"_ _0\"></span>hio<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4cf0\">di<span class=\"ff1\"> </span>credito<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>mercato<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>l\u2019utilizzo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>metodo<span class=\"ff1\"> </span>standard<span class=\"ff1\"> </span>\u201c<span class=\"_ _2\"></span>gestionale\u201d. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4cf1\">I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ris<span class=\"_ _0\"></span>chi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vengo<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>sami<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">comp<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>siv<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>ttag<span class=\"_ _0\"></span>lia<span class=\"_ _0\"></span>tame<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span>l\u2019in<span class=\"_ _0\"></span>tern<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">so<span class=\"_ _0\"></span>cie<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4cf2\">Gruppo<span class=\"ff1\"> </span>(analisi<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>portafogli<span class=\"ff1\"> </span>specifici). </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4cf3\">Al<span class=\"ff1\"> </span>31<span class=\"ff1\"> </span>dicembre<span class=\"ff1\"> </span>2022<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>Fondi<span class=\"ff1\"> </span>Propri<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>stat<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>determinati<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>alle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">disposizioni</span> <span class=\"ff3\">contenut<span class=\"_ _2\"></span>e</span> <span class=\"ff3\">nel</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4cf4\">Regolamento<span class=\"ff1\"> </span>(UE)<span class=\"ff1\"> </span>n.575/2013<span class=\"ff1\"> </span>(CRR).<span class=\"_ _3bd\"> </span> </div><div class=\"t mb h5 ff3 fs0 fc4 sc2 ls0 ws0 gs4cf6\">B.</div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs4cf7\">Inf<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>maz<span class=\"_ _1\"></span>ion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs4cf8\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs4cf9\">na<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>ra<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs4cfa\">qu<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>ntit<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m26 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4cfb\">B.<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4cfc\">Pa<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>io<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4cfd\">co<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span>da<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4cfe\">ri<span class=\"_ _0\"></span>par<span class=\"_ _1\"></span>tizi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4cff\">per<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4d00\">ti<span class=\"_ _0\"></span>pol<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>ia<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4d01\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4d02\">im<span class=\"_ _0\"></span>pr<span class=\"_ _0\"></span>esa<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs4d03\">Voc<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs4d04\">del<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs4d05\">pat<span class=\"_ _0\"></span>rim<span class=\"_ _0\"></span>oni<span class=\"_ _1\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs4d06\">net<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"c wb9 h165 gs4d07\"><div class=\"t m2c x260 h2f y33c8 ff3 fs16 fc4 sc2 ls0 ws0\">Cons<span class=\"_ _0\"></span>olidat<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div></div><div class=\"c wb9 h166 gs4d08\"><div class=\"t m2c x260 h2f y33c8 ff3 fs16 fc4 sc2 ls0 ws0\">prud<span class=\"_ _0\"></span>enzia<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div></div><div class=\"c wb9 h167 gs4d09\"><div class=\"t m2c x260 h2f y33c8 ff3 fs16 fc4 sc2 ls0 ws0\">Imprese</div></div><div class=\"t m2c h2f ff3 fs16 fc4 sc2 ls0 ws0 gs4d0a\">di<span class=\"_ _3bd\"> </span></div><div class=\"c wb9 h168 gs4d0b\"><div class=\"t m2c x260 h2f y33c8 ff3 fs16 fc4 sc2 ls0 ws0\">assic<span class=\"_ _0\"></span>uraz<span class=\"_ _0\"></span>ione<span class=\"_ _3bd\"> </span></div></div><div class=\"c wb9 h169 gs4d0c\"><div class=\"t m2c x260 h2f y33c8 ff3 fs16 fc4 sc2 ls0 ws0\">Altre</div></div><div class=\"t m2c h2f ff3 fs16 fc4 sc2 ls0 ws0 gs4d0d\">imp<span class=\"_ _0\"></span>rese<span class=\"fc0 sc1\"> </span></div><div class=\"c wb9 h16a gs4d0e\"><div class=\"t m2c x260 h2f y33c8 ff3 fs16 fc4 sc2 ls0 ws0\">Elisio<span class=\"_ _2\"></span>ni</div></div><div class=\"t m2c h2f ff3 fs16 fc4 sc2 ls0 ws0 gs4d0f\">e<span class=\"_ _3bd\"> </span></div><div class=\"c wb9 h16b gs4d10\"><div class=\"t m2c x260 h2f y33c8 ff3 fs16 fc4 sc2 ls0 ws0\">aggiust<span class=\"_ _2\"></span>amenti</div></div><div class=\"t m2c h2f ff3 fs16 fc4 sc2 ls0 ws0 gs4d11\">da<span class=\"_ _3bd\"> </span></div><div class=\"c wb9 h16c gs4d12\"><div class=\"t m2c x260 h2f y33c8 ff3 fs16 fc4 sc2 ls0 ws0\">conso<span class=\"_ _0\"></span>lida<span class=\"_ _0\"></span>mento<span class=\"_ _3bd\"> </span></div></div><div class=\"c wb9 h16d gs4d13\"><div class=\"t m2c x260 h2f y33c8 ff3 fs16 fc4 sc2 ls0 ws0\">Tota<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d14\">1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Cap<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>le <span class=\"_ _2e7\"> </span>341<span class=\"_ _0\"></span>.32<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d15\">12<span class=\"_ _0\"></span>1.6<span class=\"_ _0\"></span>00<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d16\">8<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d17\">(1<span class=\"_ _0\"></span>21.<span class=\"_ _0\"></span>565)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d18\">341<span class=\"_ _0\"></span>.36<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d19\">2.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Sovrapprezzi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">em<span class=\"_ _0\"></span>iss<span class=\"_ _0\"></span>ione<span class=\"_ _1\"></span> <span class=\"_ _5f\"> </span>321.<span class=\"_ _0\"></span>801<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d1a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d1b\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d1c\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d1d\">321<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>01<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d1e\">3.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Rise<span class=\"_ _0\"></span>rve<span class=\"_ _0\"></span> <span class=\"_ _1b6\"> </span>2<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>53.8<span class=\"_ _0\"></span>86<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d1f\">250<span class=\"_ _0\"></span>.98<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d20\">2.<span class=\"_ _0\"></span>074<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d21\">14<span class=\"_ _0\"></span>.01<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d22\">2.<span class=\"_ _0\"></span>620<span class=\"_ _0\"></span>.95<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d23\">4.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Strumenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ap<span class=\"_ _0\"></span>ital<span class=\"_ _0\"></span>e <span class=\"_ _22d\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d24\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d25\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d26\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d27\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d28\">5.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(Azioni<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rop<span class=\"_ _0\"></span>rie<span class=\"_ _0\"></span>) <span class=\"_ _56\"> </span>(<span class=\"_ _0\"></span>10.<span class=\"_ _0\"></span>072<span class=\"_ _0\"></span>)<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d29\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d2a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d2b\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d2c\">(1<span class=\"_ _0\"></span>0.0<span class=\"_ _0\"></span>72)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d2d\">6.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Riserve<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valu<span class=\"_ _0\"></span>taz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span>: <span class=\"_ _5e\"> </span>(1<span class=\"_ _0\"></span>51.<span class=\"_ _0\"></span>951<span class=\"_ _0\"></span>)<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d2e\">(2<span class=\"_ _0\"></span>27.<span class=\"_ _0\"></span>580<span class=\"_ _0\"></span>)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d2f\">(2<span class=\"_ _1\"></span>)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d30\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d31\">(37<span class=\"_ _0\"></span>9.5<span class=\"_ _0\"></span>33)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d32\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">capitale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">designati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">f<span class=\"_ _2\"></span>air<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">impatto<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d33\">sulla<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d34\">redditivit\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d35\">compless<span class=\"_ _0\"></span>iva </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d36\">4<span class=\"_ _0\"></span>.0<span class=\"_ _1\"></span>65<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d37\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d38\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d39\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d3a\">4<span class=\"_ _0\"></span>.0<span class=\"_ _1\"></span>65<span class=\"_ _3bd\"> </span></div><div class=\"c w3b h25 gs4d3b\"><div class=\"t m0 x1f9 h1c y11d ff3 fsc fc0 sc0 ls0 ws0\">-</div></div><div class=\"c we9 h25 gs4d3c\"><div class=\"t m0 x1f9 h1c y11d ff3 fsc fc0 sc0 ls0 ws0\">Coperture</div></div><div class=\"c wa3 h25 gs4d3d\"><div class=\"t m0 x1f9 h1c y11d ff3 fsc fc0 sc0 ls0 ws0\">di</div></div><div class=\"c w91 h25 gs4d3e\"><div class=\"t m0 x1f9 h1c y11d ff3 fsc fc0 sc0 ls0 ws0\">titoli</div></div><div class=\"c wa3 h25 gs4d3f\"><div class=\"t m0 x1f9 h1c y11d ff3 fsc fc0 sc0 ls0 ws0\">di</div></div><div class=\"c wa8 h25 gs4d40\"><div class=\"t m0 x1f9 h1c y11d ff3 fsc fc0 sc0 ls0 ws0\">capitale</div></div><div class=\"c w166 h25 gs4d41\"><div class=\"t m0 x1f9 h1c y11d ff3 fsc fc0 sc0 ls0 ws0\">designati</div></div><div class=\"c wad h25 gs4d42\"><div class=\"t m0 x1f9 h1c y11d ff3 fsc fc0 sc0 ls0 ws0\">al</div></div><div class=\"c wea h25 gs4d43\"><div class=\"t m0 x1f9 h1c y11d ff3 fsc fc0 sc0 ls0 ws0\">fair</div></div><div class=\"c wf4 h25 gs4d44\"><div class=\"t m0 x1f9 h1c y11d ff3 fsc fc0 sc0 ls0 ws0\">value<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d45\">con<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d46\">impatto<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d47\">sulla<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d48\">redditivit\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d49\">complessiva<span class=\"_ _0\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d4a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d4b\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d4c\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d4d\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d4e\">-<span class=\"_ _3bd\"> </span></div><div class=\"c w3c h25 gs4d4f\"><div class=\"t m0 x1f9 h1c y11d ff3 fsc fc0 sc0 ls0 ws0\">-</div></div><div class=\"c w94 h25 gs4d50\"><div class=\"t m0 x1f9 h1c y11d ff3 fsc fc0 sc0 ls0 ws0\">Att<span class=\"_ _0\"></span>ivit<span class=\"_ _0\"></span>\u00e0</div></div><div class=\"c we9 h25 gs4d51\"><div class=\"t m0 x1f9 h1c y11d ff3 fsc fc0 sc0 ls0 ws0\">fi<span class=\"_ _0\"></span>nanz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie</div></div><div class=\"c wce h25 gs4d52\"><div class=\"t m0 x1f9 h1c y11d ff3 fsc fc0 sc0 ls0 ws0\">val<span class=\"_ _0\"></span>uta<span class=\"_ _0\"></span>te</div></div><div class=\"c w7a h25 gs4d53\"><div class=\"t m0 x1f9 h1c y11d ff3 fsc fc0 sc0 ls0 ws0\">al</div></div><div class=\"c wf5 h25 gs4d54\"><div class=\"t m0 x1f9 h1c y11d ff3 fsc fc0 sc0 ls0 ws0\">fa<span class=\"_ _0\"></span>ir</div></div><div class=\"c w111 h25 gs4d55\"><div class=\"t m0 x1f9 h1c y11d ff3 fsc fc0 sc0 ls0 ws0\">va<span class=\"_ _0\"></span>lue</div></div><div class=\"c we h25 gs4d56\"><div class=\"t m0 x1f9 h1c y11d ff3 fsc fc0 sc0 ls0 ws0\">con</div></div><div class=\"c w118 h25 gs4d57\"><div class=\"t m0 x1f9 h1c y11d ff3 fsc fc0 sc0 ls0 ws0\">imp<span class=\"_ _0\"></span>att<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d58\">sul<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>red<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>mple<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>va </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d59\">(1<span class=\"_ _0\"></span>30.<span class=\"_ _0\"></span>575)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d5a\">(2<span class=\"_ _0\"></span>27.<span class=\"_ _0\"></span>655)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d5b\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d5c\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d5d\">(35<span class=\"_ _0\"></span>8.2<span class=\"_ _0\"></span>30)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d5e\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Atti<span class=\"_ _2\"></span>vit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mat<span class=\"_ _0\"></span>eria<span class=\"_ _1\"></span>li <span class=\"_ _314\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d5f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d60\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d61\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d62\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d63\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Atti<span class=\"_ _2\"></span>vit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">imm<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>li <span class=\"_ _9\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d64\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d65\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d66\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d67\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d68\">-<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>ope<span class=\"_ _0\"></span>rtur<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>nve<span class=\"_ _0\"></span>stim<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>est<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span> <span class=\"_ _117\"> </span>-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d69\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d6a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d6b\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d6c\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d6d\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Copertura<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">flussi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fina<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>i <span class=\"_ _191\"> </span>(72<span class=\"_ _0\"></span>.37<span class=\"_ _0\"></span>9)<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d6e\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d6f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d70\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d71\">(72<span class=\"_ _0\"></span>.37<span class=\"_ _0\"></span>9)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d72\">-<span class=\"ff1\"> </span>St<span class=\"_ _0\"></span>rum<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ope<span class=\"_ _0\"></span>rtu<span class=\"_ _0\"></span>ra<span class=\"ff1\"> </span>[e<span class=\"_ _0\"></span>lem<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>sig<span class=\"_ _0\"></span>nat<span class=\"_ _0\"></span>i]<span class=\"_ _0\"></span> <span class=\"_ _1f6\"> </span>-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d73\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d74\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d75\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d76\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d77\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Differenze<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>amb<span class=\"_ _1\"></span>io <span class=\"_ _2e8\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d78\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d79\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d7a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d7b\">-<span class=\"_ _3bd\"> </span></div><div class=\"c w3b h28 gs4d7c\"><div class=\"t m0 x1f9 h1c y12f ff3 fsc fc0 sc0 ls0 ws0\">-</div></div><div class=\"c web h28 gs4d7d\"><div class=\"t m0 x1f9 h1c y12f ff3 fsc fc0 sc0 ls0 ws0\">Attivit\u00e0</div></div><div class=\"c wf0 h28 gs4d7e\"><div class=\"t m0 x1f9 h1c y12f ff3 fsc fc0 sc0 ls0 ws0\">non</div></div><div class=\"c wce h28 gs4d7f\"><div class=\"t m0 x1f9 h1c y12f ff3 fsc fc0 sc0 ls0 ws0\">correnti</div></div><div class=\"c w5 h28 gs4d80\"><div class=\"t m0 x1f9 h1c y12f ff3 fsc fc0 sc0 ls0 ws0\">e</div></div><div class=\"c wb2 h28 gs4d81\"><div class=\"t m0 x1f9 h1c y12f ff3 fsc fc0 sc0 ls0 ws0\">gruppi</div></div><div class=\"c wa3 h28 gs4d82\"><div class=\"t m0 x1f9 h1c y12f ff3 fsc fc0 sc0 ls0 ws0\">di</div></div><div class=\"c w94 h28 gs4d83\"><div class=\"t m0 x1f9 h1c y12f ff3 fsc fc0 sc0 ls0 ws0\">attivit\u00e0</div></div><div class=\"c w8b h28 gs4d84\"><div class=\"t m0 x1f9 h1c y12f ff3 fsc fc0 sc0 ls0 ws0\">in</div></div><div class=\"c wc5 h28 gs4d85\"><div class=\"t m0 x1f9 h1c y12f ff3 fsc fc0 sc0 ls0 ws0\">via</div></div><div class=\"c wa3 h28 gs4d86\"><div class=\"t m0 x1f9 h1c y12f ff3 fsc fc0 sc0 ls0 ws0\">di<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d87\">dis<span class=\"_ _0\"></span>miss<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d88\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d89\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d8a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d8b\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d8c\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d8d\">-<span class=\"ff1\"> </span>Passivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>des<span class=\"_ _0\"></span>ignate<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>lue<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d8e\">impatto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">co<span class=\"_ _2\"></span>nto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">economico<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(variazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">proprio </span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d8f\">merito<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cred<span class=\"_ _0\"></span>itiz<span class=\"_ _0\"></span>io)<span class=\"_ _1\"></span> </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d90\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d91\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d92\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d93\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d94\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d95\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Utili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(perdite)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attuariali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">piani<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">previdenz<span class=\"_ _0\"></span>iali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d96\">benefici<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">definiti </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d97\">(6.<span class=\"_ _0\"></span>14<span class=\"_ _0\"></span>2)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d98\">75<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d99\">(2<span class=\"_ _1\"></span>)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d9a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4d9b\">(6.<span class=\"_ _0\"></span>06<span class=\"_ _0\"></span>9)<span class=\"_ _3bd\"> </span></div><div class=\"c w3b h25 gs4d9c\"><div class=\"t m0 x1f9 h1c y139 ff3 fsc fc0 sc0 ls0 ws0\">-</div></div><div class=\"c wf2 h25 gs4d9d\"><div class=\"t m0 x1f9 h1c y139 ff3 fsc fc0 sc0 ls0 ws0\">Quote</div></div><div class=\"c we0 h25 gs4d9e\"><div class=\"t m0 x1f9 h1c y139 ff3 fsc fc0 sc0 ls0 ws0\">delle</div></div><div class=\"c w12f h25 gs4d9f\"><div class=\"t m0 x1f9 h1c y139 ff3 fsc fc0 sc0 ls0 ws0\">riserve</div></div><div class=\"c wb9 h25 gs4da0\"><div class=\"t m0 x1f9 h1c y139 ff3 fsc fc0 sc0 ls0 ws0\">da</div></div><div class=\"c w19b h25 gs4da1\"><div class=\"t m0 x1f9 h1c y139 ff3 fsc fc0 sc0 ls0 ws0\">valutazione</div></div><div class=\"c wc1 h25 gs4da2\"><div class=\"t m0 x1f9 h1c y139 ff3 fsc fc0 sc0 ls0 ws0\">delle<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4da3\">partecipazioni<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4da4\">valutate<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4da5\">a<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4da6\">patrimonio<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4da7\">netto </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4da8\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4da9\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4daa\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4dab\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4dac\">-<span class=\"_ _3bd\"> </span></div><div class=\"c w3b h8d gs4dad\"><div class=\"t m0 x1f9 h1c y139 ff3 fsc fc0 sc0 ls0 ws0\">-</div></div><div class=\"c w105 h8d gs4dae\"><div class=\"t m0 x1f9 h1c y139 ff3 fsc fc0 sc0 ls0 ws0\">Leggi</div></div><div class=\"c w98 h8d gs4daf\"><div class=\"t m0 x1f9 h1c y139 ff3 fsc fc0 sc0 ls0 ws0\">speciali</div></div><div class=\"c wa3 h8d gs4db0\"><div class=\"t m0 x1f9 h1c y139 ff3 fsc fc0 sc0 ls0 ws0\">di</div></div><div class=\"c w15c h8d gs4db1\"><div class=\"t m0 x1f9 h1c y139 ff3 fsc fc0 sc0 ls0 ws0\">riv<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>taz<span class=\"_ _0\"></span>ione<span class=\"_ _3bd\"> </span></div></div><div class=\"c wfc h8d gs4db2\"><div class=\"t m0 x1f9 h1c y139 ff3 fsc fc0 sc0 ls0 ws0\">53.<span class=\"_ _0\"></span>080<span class=\"_ _3bd\"> </span></div></div><div class=\"c w3b h8d gs4db3\"><div class=\"t m0 x1f9 h1c y139 ff3 fsc fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></div></div><div class=\"c w3b h8d gs4db4\"><div class=\"t m0 x1f9 h1c y139 ff3 fsc fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></div></div><div class=\"c w3b h8d gs4db5\"><div class=\"t m0 x1f9 h1c y139 ff3 fsc fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></div></div><div class=\"c wfc h8d gs4db6\"><div class=\"t m0 x1f9 h1c y139 ff3 fsc fc0 sc0 ls0 ws0\">53.<span class=\"_ _0\"></span>080<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4db7\">7.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Utile<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(Perdita)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d'esercizio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(+/-)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gruppo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">terz<span class=\"_ _0\"></span>i <span class=\"_ _6e\"> </span>28<span class=\"_ _0\"></span>0.5<span class=\"_ _0\"></span>63<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4db8\">32.<span class=\"_ _0\"></span>649<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4db9\">75<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4dba\">3.0<span class=\"_ _0\"></span>20<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4dbb\">316<span class=\"_ _0\"></span>.98<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4dbc\">Pa<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>io<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4dbd\">ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span> <span class=\"_ _e6\"> </span>3.1<span class=\"_ _0\"></span>35<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>50<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4dbe\">17<span class=\"_ _0\"></span>7.6<span class=\"_ _1\"></span>51<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4dbf\">2.<span class=\"_ _0\"></span>83<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4dc0\">(1<span class=\"_ _0\"></span>04.<span class=\"_ _0\"></span>53<span class=\"_ _1\"></span>0)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4dc1\">3.<span class=\"_ _0\"></span>21<span class=\"_ _0\"></span>1.5<span class=\"_ _0\"></span>05<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4dc2\">Nella<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>tavola<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>sopra<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>riportata<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>indicate<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>componenti<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>patrimo<span class=\"_ _2\"></span>nio<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>n<span class=\"_ _0\"></span>etto<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>contabile,<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4dc3\">sommando<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quelle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Gruppo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quelle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>terzi,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>ipartite<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tipologia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>imprese<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>oggett<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4dc4\">consolidamento.<span class=\"ff1\">  </span>P<span class=\"_ _0\"></span>i\u00f9<span class=\"ff1\">  </span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dettagl<span class=\"_ _2\"></span>io,<span class=\"ff1\">  </span>ne<span class=\"_ _0\"></span>lla<span class=\"ff1\">  </span>colonna<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>riferita<span class=\"ff1\">  </span>al<span class=\"ff1\">  </span>Consolid<span class=\"_ _0\"></span>amento<span class=\"ff1\">  </span>prudenziale<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>vi<span class=\"_ _2\"></span>ene<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4dc5\">indicato<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019importo<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>he<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>isulta<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dal<span class=\"ff1\"> </span>consolidame<span class=\"_ _0\"></span>nto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">so<span class=\"_ _2\"></span>ciet\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">appartenenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Gruppo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bancario,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4dc6\">lordo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>degli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>effet<span class=\"_ _2\"></span>ti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>economici<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>transazioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>effettuate<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>altr<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>ociet\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>incluse<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _21\"></span></span>pe<span class=\"_ _0\"></span>rimetro<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4dc7\">consolidamento;<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\">  </span>socie<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\">  </span>con<span class=\"_ _0\"></span>tro<span class=\"_ _2\"></span>llate,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>diverse<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>da<span class=\"ff1\">  </span>q<span class=\"_ _0\"></span>uelle<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>appart<span class=\"_ _2\"></span>enenti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Gr<span class=\"_ _2\"></span>uppo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>bancario<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4dc8\">consolidate<span class=\"ff1\"> </span>integralmente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>qui<span class=\"ff1\"> </span>valorizzate<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">metodo<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>patr<span class=\"_ _2\"></span>imonio<span class=\"ff1\"> </span>netto.<span class=\"ff1\"> </span>Nella<span class=\"ff1\"> </span>colonna<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4dc9\">Imprese<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>assicurazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>riportati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">importi<span class=\"ff1\"> </span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">risul<span class=\"_ _0\"></span>tano<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>al<span class=\"ff1\"> </span>consolidamento,<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">lordo</span> <span class=\"_ _0\"></span><span class=\"ff3\">degli<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4dca\">effetti<span class=\"ff1\">  </span>economici<span class=\"ff1\">  </span>derivanti<span class=\"ff1\">  </span>da<span class=\"_ _2\"></span><span class=\"ff1\">  </span>transazioni<span class=\"ff1\">  </span>effettuate<span class=\"ff1\">  </span>con<span class=\"ff1\">  </span>le<span class=\"_ _2\"></span><span class=\"ff1\">  </span>societ\u00e0<span class=\"ff1\">  </span>appartenenti<span class=\"ff1\">  </span>al<span class=\"ff1\">  </span>Gr<span class=\"_ _2\"></span>uppo<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4dcb\">bancario.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Nelle<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">colonne<span class=\"ff1\"> </span>Elisioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ed<span class=\"ff1\"> </span>Aggiustamenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">invece<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">indicate<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rettifiche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">necessarie<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4dcc\">ottenere<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>dato<span class=\"ff1\"> </span>rappresentato<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>bilancio.<span class=\"_ _3bd\"> </span> </div><div class=\"t m26 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4dce\">B.2<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4dcf\">Riserv<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4dd0\">da<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4dd1\">valut<span class=\"_ _0\"></span>azione<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4dd2\">delle<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4dd3\">atti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4dd4\">finanzi<span class=\"_ _0\"></span>arie<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4dd5\">valuta<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4dd6\">al<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4dd7\">fair<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4dd8\">value<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4dd9\">con<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4dda\">impa<span class=\"_ _0\"></span>tto<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4ddb\">sulla<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4ddc\">reddit<span class=\"_ _0\"></span>ivit\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4ddd\">com<span class=\"_ _0\"></span>plessi<span class=\"_ _0\"></span>va:<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4dde\">co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>os<span class=\"_ _1\"></span>izio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4ddf\">Att<span class=\"_ _1\"></span>ivi<span class=\"_ _0\"></span>t\u00e0/<span class=\"_ _0\"></span>va<span class=\"_ _1\"></span>lori<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4de0\">Co<span class=\"_ _0\"></span>ns<span class=\"_ _1\"></span>olid<span class=\"_ _0\"></span>at<span class=\"_ _1\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4de1\">pr<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4de2\">Impr<span class=\"_ _0\"></span>ese<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4de3\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4de4\">as<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>cu<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>zio<span class=\"_ _1\"></span>ne<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4de5\">Alt<span class=\"_ _1\"></span>re<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4de6\">im<span class=\"_ _1\"></span>pre<span class=\"_ _0\"></span>se<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4de7\">Elisi<span class=\"_ _0\"></span>oni<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4de8\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4de9\">ag<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>me<span class=\"_ _1\"></span>nti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4dea\">da<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4deb\">co<span class=\"_ _0\"></span>ns<span class=\"_ _1\"></span>olid<span class=\"_ _0\"></span>am<span class=\"_ _1\"></span>ent<span class=\"_ _0\"></span>o<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4dec\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4ded\">Ris<span class=\"_ _1\"></span>erv<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4dee\">po<span class=\"_ _0\"></span>sit<span class=\"_ _1\"></span>iva<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4def\">Ris<span class=\"_ _1\"></span>erv<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4df0\">ne<span class=\"_ _0\"></span>ga<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>va<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4df1\">Ris<span class=\"_ _1\"></span>erv<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4df2\">po<span class=\"_ _0\"></span>sit<span class=\"_ _1\"></span>iva<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4df3\">Ris<span class=\"_ _1\"></span>erv<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4df4\">ne<span class=\"_ _0\"></span>ga<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>va<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4df5\">Ris<span class=\"_ _1\"></span>erv<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4df6\">po<span class=\"_ _0\"></span>sit<span class=\"_ _1\"></span>iva<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4df7\">Ris<span class=\"_ _1\"></span>erv<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4df8\">ne<span class=\"_ _0\"></span>ga<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>va<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4df9\">Ris<span class=\"_ _1\"></span>erv<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4dfa\">po<span class=\"_ _0\"></span>sit<span class=\"_ _1\"></span>iva<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4dfb\">Ris<span class=\"_ _1\"></span>erv<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4dfc\">ne<span class=\"_ _0\"></span>ga<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>va<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4dfd\">Ris<span class=\"_ _1\"></span>erv<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4dfe\">po<span class=\"_ _0\"></span>sit<span class=\"_ _1\"></span>iva<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4dff\">Ris<span class=\"_ _1\"></span>erv<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4e00\">ne<span class=\"_ _0\"></span>ga<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>va<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4e01\">1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">debi<span class=\"_ _0\"></span>to <span class=\"_ _a9\"> </span>11.<span class=\"_ _0\"></span>663<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4e02\">14<span class=\"_ _0\"></span>2.2<span class=\"_ _0\"></span>39<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4e03\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4e04\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4e05\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4e06\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4e07\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4e08\">11<span class=\"_ _0\"></span>.66<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4e09\">14<span class=\"_ _0\"></span>2.2<span class=\"_ _0\"></span>39<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4e0a\">2.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">capit<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span> <span class=\"_ _3f\"> </span>6<span class=\"_ _0\"></span>.88<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4e0b\">2.<span class=\"_ _0\"></span>819<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4e0c\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4e0d\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4e0e\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4e0f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4e10\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4e11\">6.<span class=\"_ _0\"></span>885<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4e12\">2.<span class=\"_ _0\"></span>819<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4e13\">3.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Finan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span> </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4e14\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4e15\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4e16\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4e17\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4e18\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4e19\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4e1a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4e1b\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4e1c\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4e1d\">Tot<span class=\"_ _0\"></span>ale<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4e1e\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span> <span class=\"_ _69\"> </span>18.<span class=\"_ _0\"></span>548<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4e1f\">14<span class=\"_ _0\"></span>5.0<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span></div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs4e20\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs4e21\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs4e22\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs4e23\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs4e24\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs4e25\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4e26\">18<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>48<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4e27\">14<span class=\"_ _0\"></span>5.0<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4e28\">Tot<span class=\"_ _0\"></span>ale<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4e29\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4e2a\">29<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>86<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4e2b\">4.<span class=\"_ _0\"></span>93<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4e2c\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4e2d\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4e2e\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4e2f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4e30\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4e31\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4e32\">29<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>86<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4e33\">4.<span class=\"_ _0\"></span>93<span class=\"_ _0\"></span>4 </div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4e34\">Att<span class=\"_ _1\"></span>ivi<span class=\"_ _0\"></span>t\u00e0/<span class=\"_ _0\"></span>va<span class=\"_ _1\"></span>lori<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4e35\">Impr<span class=\"_ _0\"></span>ese<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4e36\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4e37\">as<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>cu<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>zio<span class=\"_ _1\"></span>ne<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4e38\">Alt<span class=\"_ _1\"></span>re<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4e39\">im<span class=\"_ _1\"></span>pre<span class=\"_ _0\"></span>se<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4e3a\">Elisi<span class=\"_ _0\"></span>oni<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4e3b\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4e3c\">ag<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>me<span class=\"_ _1\"></span>nti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4e3d\">da<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4e3e\">co<span class=\"_ _0\"></span>ns<span class=\"_ _1\"></span>olid<span class=\"_ _0\"></span>am<span class=\"_ _1\"></span>ent<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4e3f\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"c w164 h9c gs4e40\"><div class=\"t m0 x1f9 h1c y365 ff3 fsc fc4 sc2 ls0 ws0\">Ris<span class=\"_ _1\"></span>erv<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4e41\">po<span class=\"_ _0\"></span>sit<span class=\"_ _1\"></span>iva<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"c w164 h9c gs4e42\"><div class=\"t m0 x1f9 h1c y365 ff3 fsc fc4 sc2 ls0 ws0\">Ris<span class=\"_ _1\"></span>erv<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4e43\">ne<span class=\"_ _0\"></span>ga<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"c w164 h9c gs4e44\"><div class=\"t m0 x1f9 h1c y365 ff3 fsc fc4 sc2 ls0 ws0\">Ris<span class=\"_ _1\"></span>erv<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4e45\">po<span class=\"_ _0\"></span>sit<span class=\"_ _1\"></span>iva<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"c w164 h9c gs4e46\"><div class=\"t m0 x1f9 h1c y365 ff3 fsc fc4 sc2 ls0 ws0\">Ris<span class=\"_ _1\"></span>erv<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4e47\">ne<span class=\"_ _0\"></span>ga<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"c w164 h9c gs4e48\"><div class=\"t m0 x1f9 h1c y365 ff3 fsc fc4 sc2 ls0 ws0\">Ris<span class=\"_ _1\"></span>erv<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4e49\">po<span class=\"_ _0\"></span>sit<span class=\"_ _1\"></span>iva<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"c w164 h9c gs4e4a\"><div class=\"t m0 x1f9 h1c y365 ff3 fsc fc4 sc2 ls0 ws0\">Ris<span class=\"_ _1\"></span>erv<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4e4b\">ne<span class=\"_ _0\"></span>ga<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"c w164 h9c gs4e4c\"><div class=\"t m0 x1f9 h1c y365 ff3 fsc fc4 sc2 ls0 ws0\">Ris<span class=\"_ _1\"></span>erv<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4e4d\">po<span class=\"_ _0\"></span>sit<span class=\"_ _1\"></span>iva<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"c w164 h9c gs4e4e\"><div class=\"t m0 x1f9 h1c y365 ff3 fsc fc4 sc2 ls0 ws0\">Ris<span class=\"_ _1\"></span>erv<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4e4f\">ne<span class=\"_ _0\"></span>ga<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>va<span class=\"_ _3bd\"> </span></div><div class=\"c w4b h25 gs4e50\"><div class=\"t m0 x1f9 h1c y61c ff3 fsc fc0 sc0 ls0 ws0\">1.</div></div><div class=\"c wc1 h25 gs4e51\"><div class=\"t m0 x1f9 h1c y61c ff3 fsc fc0 sc0 ls0 ws0\">Tit<span class=\"_ _0\"></span>oli</div></div><div class=\"c wad h25 gs4e52\"><div class=\"t m0 x1f9 h1c y61c ff3 fsc fc0 sc0 ls0 ws0\">d<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4e53\">de<span class=\"_ _0\"></span>bito<span class=\"_ _0\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4e54\">4.<span class=\"_ _0\"></span>087<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4e55\">176<span class=\"_ _0\"></span>.78<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4e56\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4e57\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4e58\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4e59\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4e5a\">4.<span class=\"_ _0\"></span>087<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4e5b\">176<span class=\"_ _0\"></span>.78<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4e5c\">2.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Tito<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4e5d\">ca<span class=\"_ _0\"></span>pita<span class=\"_ _0\"></span>le </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4e5e\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4e5f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4e60\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4e61\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4e62\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4e63\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4e64\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4e65\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4e66\">3.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Quote<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4e67\">O.<span class=\"_ _0\"></span>I.C.<span class=\"_ _0\"></span>R </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4e68\">6.<span class=\"_ _0\"></span>992<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4e69\">61.<span class=\"_ _0\"></span>94<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4e6a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4e6b\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4e6c\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4e6d\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4e6e\">6.<span class=\"_ _0\"></span>992<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4e6f\">61.<span class=\"_ _0\"></span>94<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span></div><div class=\"c wad h25 gs4e70\"><div class=\"t m0 x1f9 h1c y12f ff3 fsc fc0 sc0 ls0 ws0\">4<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4e71\">Fina<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4e72\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4e73\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4e74\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4e75\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4e76\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4e77\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4e78\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4e79\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4e7a\">Tot<span class=\"_ _0\"></span>ale<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4e7b\">31<span class=\"_ _0\"></span>.1<span class=\"_ _0\"></span>22.<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span> <span class=\"_ _201\"> </span>11.<span class=\"_ _0\"></span>07<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4e7c\">23<span class=\"_ _0\"></span>8.<span class=\"_ _0\"></span>73<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span></div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs4e7d\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs4e7e\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs4e7f\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs4e80\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4e81\">11<span class=\"_ _0\"></span>.07<span class=\"_ _1\"></span>9<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4e82\">23<span class=\"_ _0\"></span>8.<span class=\"_ _0\"></span>73<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4e83\">Tot<span class=\"_ _0\"></span>ale<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4e84\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span> <span class=\"_ _3a\"> </span>42.<span class=\"_ _1\"></span>360<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4e85\">56<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>81<span class=\"_ _3bd\"> </span></div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs4e86\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs4e87\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs4e88\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs4e89\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4e8a\">42<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>60<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4e8b\">56<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>81<span class=\"_ _3bd\"> </span></div><div class=\"t m26 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4e8c\">B.3<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4e8d\">Riserv<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4e8e\">da<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4e8f\">valut<span class=\"_ _0\"></span>azione<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4e90\">delle<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4e91\">atti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4e92\">finanzi<span class=\"_ _0\"></span>arie<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4e93\">valuta<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4e94\">al<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4e95\">fair<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4e96\">value<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4e97\">con<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4e98\">impa<span class=\"_ _0\"></span>tto<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4e99\">sulla<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4e9a\">reddit<span class=\"_ _0\"></span>ivit\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4e9b\">comp<span class=\"_ _0\"></span>lessiva<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4e9c\">variaz<span class=\"_ _0\"></span>ioni<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4e9d\">annu<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4e9e\">Ti<span class=\"_ _0\"></span>tol<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4e9f\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4ea0\">de<span class=\"_ _0\"></span>bit<span class=\"_ _1\"></span>o<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4ea1\">Titol<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4ea2\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4ea3\">ca<span class=\"_ _0\"></span>pi<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4ea4\">Fin<span class=\"_ _1\"></span>an<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4ea5\">1.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4ea6\">Esist<span class=\"_ _0\"></span>enze<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4ea7\">in<span class=\"_ _1\"></span>izia<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span> <span class=\"_ _150\"> </span>23<span class=\"_ _0\"></span>.13<span class=\"_ _1\"></span>9 </div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4ea8\">1.<span class=\"_ _0\"></span>31<span class=\"_ _0\"></span>3 </div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs4ea9\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4eaa\">2.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4eab\">Va<span class=\"_ _1\"></span>ria<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>oni<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4eac\">po<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span> <span class=\"_ _170\"> </span>8.<span class=\"_ _0\"></span>38<span class=\"_ _0\"></span>7 </div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4ead\">6.<span class=\"_ _0\"></span>45<span class=\"_ _0\"></span>9 </div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs4eae\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4eaf\">2.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Incrementi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valu<span class=\"_ _0\"></span>e <span class=\"_ _2b2\"> </span>5.7<span class=\"_ _0\"></span>29 </span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4eb0\">6.<span class=\"_ _0\"></span>023 <span class=\"_ _ca\"> </span>-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4eb1\">2.<span class=\"_ _0\"></span>2<span class=\"ff1\"> </span>Re<span class=\"_ _0\"></span>ttif<span class=\"_ _0\"></span>ich<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">va<span class=\"_ _0\"></span>lor<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>cr<span class=\"_ _0\"></span>edi<span class=\"_ _0\"></span>to <span class=\"_ _240\"> </span>19<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span> <span class=\"_ _f2\"> </span>X<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4eb2\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4eb3\">2.<span class=\"_ _0\"></span>3<span class=\"ff1\"> </span>Rigi<span class=\"_ _0\"></span>ro<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>nto<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>con<span class=\"_ _1\"></span>omico<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rise<span class=\"_ _1\"></span>rve<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">neg<span class=\"_ _0\"></span>ativ<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>da<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">re<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>zz<span class=\"_ _0\"></span>o <span class=\"_ _5d\"> </span>1.<span class=\"_ _0\"></span>529<span class=\"_ _0\"></span> <span class=\"_ _f2\"> </span>X<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4eb4\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4eb5\">2.<span class=\"_ _0\"></span>4<span class=\"ff1\"> </span>T<span class=\"_ _0\"></span>rasf<span class=\"_ _0\"></span>erim<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>ad<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">altr<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">comp<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>pat<span class=\"_ _0\"></span>rim<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>tto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">(tit<span class=\"_ _0\"></span>oli<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">capi<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le)<span class=\"_ _0\"></span> <span class=\"_ _112\"> </span>- </span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4eb6\">- <span class=\"_ _349\"> </span>-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4eb7\">2.5<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">var<span class=\"_ _0\"></span>iazi<span class=\"_ _1\"></span>oni <span class=\"_ _8f\"> </span>93<span class=\"_ _1\"></span>3 </span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4eb8\">4<span class=\"_ _0\"></span>36<span class=\"_ _1\"></span> <span class=\"_ _349\"> </span>-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4eb9\">3.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4eba\">Va<span class=\"_ _0\"></span>ria<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4ebb\">ne<span class=\"_ _0\"></span>ga<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span> <span class=\"_ _300\"> </span>16<span class=\"_ _0\"></span>2.<span class=\"_ _0\"></span>102<span class=\"_ _1\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4ebc\">3.7<span class=\"_ _1\"></span>06<span class=\"_ _0\"></span> </div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs4ebd\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4ebe\">3.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Riduzioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">va<span class=\"_ _0\"></span>lue<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4ebf\">15<span class=\"_ _0\"></span>7.<span class=\"_ _0\"></span>109<span class=\"_ _1\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4ec0\">3.<span class=\"_ _1\"></span>506<span class=\"_ _1\"></span> </div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs4ec1\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4ec2\">3.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Riprese<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cre<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>o </span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4ec3\">2<span class=\"_ _0\"></span>74<span class=\"_ _1\"></span> </div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs4ec4\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs4ec5\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4ec6\">3.3<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Rig<span class=\"_ _0\"></span>iro<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"ff3\">c<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>ec<span class=\"_ _0\"></span>onom<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>da<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ris<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ve<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">posi<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>e:<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>zzo<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4ec7\">3.<span class=\"_ _0\"></span>52<span class=\"_ _0\"></span>6 </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4ec8\">X<span class=\"_ _3bd\"> </span></div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs4ec9\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4eca\">3.4<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Tr<span class=\"_ _0\"></span>asfe<span class=\"_ _0\"></span>rim<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ad<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">alt<span class=\"_ _1\"></span>re<span class=\"ff1\"> </span>com<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>nen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>imon<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">netto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">(ti<span class=\"_ _0\"></span>tol<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cap<span class=\"_ _1\"></span>ital<span class=\"_ _0\"></span>e) </span></span></span></span></span></span></span></span></div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs4ecb\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4ecc\">2<span class=\"_ _0\"></span>00<span class=\"_ _0\"></span> </div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs4ecd\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4ece\">3.5<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">var<span class=\"_ _0\"></span>iaz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i </span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4ecf\">1.<span class=\"_ _0\"></span>19<span class=\"_ _0\"></span>3 </div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs4ed0\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs4ed1\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4ed2\">4.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4ed3\">Rim<span class=\"_ _1\"></span>an<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ze<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4ed4\">fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>li <span class=\"_ _313\"> </span>(13<span class=\"_ _0\"></span>0.<span class=\"_ _0\"></span>57<span class=\"_ _0\"></span>6)<span class=\"_ _1\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4ed5\">4.<span class=\"_ _0\"></span>06<span class=\"_ _0\"></span>6 </div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs4ed6\">-</div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ed8\">Nel<span class=\"ff1\"> <span class=\"_ _21\"></span></span>corso<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>20<span class=\"_ _2\"></span>21<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Credemtel<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ha<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>aderito<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>all\u2019aumento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>capitale<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>societ\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>S-Invest<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>srl,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>una<span class=\"_ _0\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ed9\">societ\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">diritto<span class=\"ff1\"> </span>italiano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">user\u00e0<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">provvista<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">raccolta<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>sottoscrive<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prestito<span class=\"ff1\"> </span>convertibile<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4eda\">una<span class=\"ff1\"> </span>societ\u00e0<span class=\"ff1\"> </span>svizzera<span class=\"ff1\"> </span>denominata<span class=\"ff1\"> </span>Sonect<span class=\"ff1\"> </span>AG.<span class=\"_ _3bd\"> </span> </div>L\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>finan<span class=\"_ _0\"></span>ziaria<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>parola<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _0\"></span>osseduta<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>secondo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>modello<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>business<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>obiettivo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u00e8<span class=\"ff1\"> </span>conseguito<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ia<span class=\"ff1\"> </span>mediante<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019incasso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziari<span class=\"ff1\"> <span class=\"_ _2\"></span></span>previsti<span class=\"ff1\"> </span>contrattualmente<span class=\"ff1\"> </span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mediante<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> </span>vendita<span class=\"ff1\"> </span>(Business<span class=\"ff1\"> </span>model<span class=\"ff1\"> </span>\u201cHold<span class=\"ff1\"> </span>to<span class=\"ff1\"> </span>Collect<span class=\"ff1\"> </span>and<span class=\"ff1\"> </span>Sell<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> </span>\u201cHTCS\u201d\u201d<span class=\"_ _2\"></span>). Ai<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fini<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">processo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">impairment<span class=\"ff1\"> </span>test<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stato<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">utilizzato<span class=\"ff1\"> </span>l\u2019ultimo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">disponibile<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>videnzia<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>una<span class=\"ff1\"> <span class=\"_ _20\"></span></span>perdita<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>consistente<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un<span class=\"ff1\"> <span class=\"_ _21\"></span></span>patrimonio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>netto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>neg<span class=\"_ _0\"></span>ativo.<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Essendo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Sonect<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>AG<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>st<span class=\"_ _2\"></span>art-up<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>non<span class=\"ff1\"> </span>ess<span class=\"_ _0\"></span>end<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>poss<span class=\"_ _0\"></span>ibi<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>fo<span class=\"_ _0\"></span>rmu<span class=\"_ _0\"></span>lare<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">prev<span class=\"_ _0\"></span>isi<span class=\"_ _0\"></span>oni<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>u<span class=\"ff1\"> </span>un<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ritor<span class=\"_ _0\"></span>no<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">all\u2019<span class=\"_ _0\"></span>uti<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>bre<span class=\"_ _0\"></span>ve<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>odo<span class=\"ff1\"> </span>no<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">po<span class=\"_ _0\"></span>ssib<span class=\"_ _0\"></span>ile<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>ritenere<span class=\"ff1\"> </span>suf<span class=\"_ _0\"></span>ficientemente<span class=\"ff1\"> </span>consistente<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>Patrimonio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">netto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rettificato<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">S-<span class=\"ff1\"> </span>In<span class=\"_ _0\"></span>vest<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>consegu<span class=\"_ _0\"></span>ente<span class=\"ff1\"> </span></span></span></span></span></span></span>svalutazione<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>impairment,<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>200<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mila<span class=\"ff1\"> </span>euro,<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>partecip<span class=\"_ _0\"></span>azi<span class=\"_ _2\"></span>one<span class=\"ff1\"> </span>detenuta<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>Credemtel. Rel<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>vame<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">all\u2019<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>m<span class=\"_ _0\"></span>erc<span class=\"_ _0\"></span>ati<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nzia<span class=\"_ _0\"></span>ri,<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>egna<span class=\"_ _0\"></span>lia<span class=\"_ _0\"></span>mo: </span></span> Nel<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>primo<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>trimestre<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>2022,<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>l\u2019invasione<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>dell\u2019Ucraina<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>conseguente<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>incremento<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>l\u2019a<span class=\"_ _0\"></span>vver<span class=\"_ _0\"></span>sion<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risch<span class=\"_ _0\"></span>io<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>arte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">deg<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>nve<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>tori<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">t<span class=\"_ _0\"></span>rad<span class=\"_ _0\"></span>otti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>pe<span class=\"_ _1\"></span>santi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uot<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>az<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>arie,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">diff<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">int<span class=\"_ _0\"></span>ensi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>tra<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>esi<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sono</span> <span class=\"ff3\">sta<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>niz<span class=\"_ _0\"></span>ialme<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">riass<span class=\"_ _0\"></span>orb<span class=\"_ _0\"></span>iti<span class=\"ff1\"> </span>qua<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span>ovu<span class=\"_ _0\"></span>nque<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fine<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">marzo.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Sui<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mercat<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">obbligazionari<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">assist<span class=\"_ _2\"></span>ito<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rialzo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rendimenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">titoli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pu<span class=\"_ _2\"></span>bblici<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>lunga<span class=\"ff1\"> </span>scadenza,<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>decisioni<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attese<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>politica<span class=\"ff1\"> </span>monetaria.  Nel<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sec<span class=\"_ _0\"></span>ondo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>trimestre<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>2022,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>condizioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sui<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>mercati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>internazionali<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>so<span class=\"_ _0\"></span>no<span class=\"_ _1\"></span> peggiorate,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riflettendo<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>lato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>progressiva<span class=\"ff1\"> <span class=\"_ _2\"></span></span>norma<span class=\"_ _2\"></span>lizzazione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>politiche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>monetarie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>molti<span class=\"ff1\">  </span>paesi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>avanzati,<span class=\"ff1\">  </span>volta<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\">  </span>contenere<span class=\"ff1\">  </span>le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>pressioni<span class=\"ff1\">  </span>inflazionistiche,<span class=\"ff1\">  </span>dall\u2019altro<span class=\"ff1\">  </span>le<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">tensioni</span> </span>geopolitiche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>maggiore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">incertezza<span class=\"ff1\"> </span>circa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>situazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>Ucraina<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>prospettive<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span>ciclo<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>economico<span class=\"ff1\"> </span>globale.<span class=\"ff1\"> </span>I<span class=\"ff1\"> <span class=\"_ _2\"></span></span>corsi<span class=\"ff1\"> </span>a<span class=\"_ _2\"></span>zionari<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>scesi,<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>particolare<span class=\"ff1\"> </span>negli<span class=\"ff1\"> </span>Stati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Uniti.<span class=\"ff1\"> </span>I<span class=\"ff1\"> </span>rendimenti<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pubblici<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">lunga<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sca<span class=\"_ _2\"></span>denza<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cr<span class=\"_ _2\"></span>esciuti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">am<span class=\"_ _2\"></span>pliati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">differenziali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rendimento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fra<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>pa<span class=\"_ _0\"></span>esi.  Nel<span class=\"ff1\"> </span>terzo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">trimestre<span class=\"ff1\"> </span>dell\u2019an<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>condizioni<span class=\"ff1\"> </span>finanz<span class=\"_ _0\"></span>iarie<span class=\"ff1\"> </span>sui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mercati<span class=\"ff1\"> </span>internazionali<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">divenute<span class=\"ff1\"> </span></span></span></span></span></span></span>pi\u00f9<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">tese<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rise<span class=\"_ _0\"></span>nten<span class=\"_ _0\"></span>do<span class=\"ff1\"> <span class=\"_ _2\"></span></span>de<span class=\"_ _0\"></span>ll\u2019e<span class=\"_ _0\"></span>lev<span class=\"_ _0\"></span>ata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"_ _0\"></span>flaz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"_ _0\"></span>l\u2019ac<span class=\"_ _0\"></span>cele<span class=\"_ _0\"></span>razi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">del</span> <span class=\"_ _2\"></span><span class=\"ff3\">pro<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>sso<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>normal<span class=\"_ _0\"></span>izz<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span></span></span></span></span>del<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">polit<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mone<span class=\"_ _0\"></span>tari<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rinc<span class=\"_ _0\"></span>ipal<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ba<span class=\"_ _0\"></span>nche<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cent<span class=\"_ _0\"></span>ral<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al</span> <span class=\"_ _0\"></span><span class=\"ff3\">riba<span class=\"_ _0\"></span>sso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>ngiu<span class=\"_ _0\"></span>ntu<span class=\"_ _0\"></span>ra<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>internazionale.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>I<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rendimenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tito<span class=\"_ _2\"></span>li<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pubbli<span class=\"_ _0\"></span>ci<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cresciuti,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sopratt<span class=\"_ _2\"></span>utto<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>scadenze<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pi\u00f9<span class=\"ff1\"> </span>prossime,<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>corsi<span class=\"ff1\"> </span>azionari<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>scesi.  Nell\u2019ultimo<span class=\"ff1\"> </span>tr<span class=\"_ _2\"></span>imestre<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>2022,<span class=\"ff1\"> </span>tra<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> </span>met\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>ot<span class=\"_ _2\"></span>tobre<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>met\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>dicembre<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>condi<span class=\"_ _2\"></span>zioni<span class=\"ff1\"> </span>su<span class=\"_ _1\"></span>i mercati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziari<span class=\"ff1\"> <span class=\"_ _2\"></span></span>internazionali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>migliorate,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>beneficiando<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dell\u2019attenuarsi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dell\u2019incertezza<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>politica<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>Regno<span class=\"ff1\"> </span>Unito<span class=\"_ _2\"></span><span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attese<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>operatori<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>rallentamento<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>rit<span class=\"_ _0\"></span>mo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>alzo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ta<span class=\"_ _0\"></span>ssi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">poli<span class=\"_ _0\"></span>tic<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mon<span class=\"_ _0\"></span>etar<span class=\"_ _0\"></span>ia<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>elle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ma<span class=\"_ _0\"></span>ggi<span class=\"_ _0\"></span>ori<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">econ<span class=\"_ _0\"></span>omie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">av<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>ate.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Dopo<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>uni<span class=\"_ _0\"></span>oni<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dice<span class=\"_ _0\"></span>mbre<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">delle<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">prin<span class=\"_ _0\"></span>cip<span class=\"_ _0\"></span>ali<span class=\"ff1\"> </span>ba<span class=\"_ _0\"></span>nche<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">centr<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dei</span> <span class=\"ff3\">pae<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span>av<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>ati,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">gli</span> <span class=\"ff3\">ope<span class=\"_ _0\"></span>rato<span class=\"_ _0\"></span>ri<span class=\"ff1\"> </span>h<span class=\"_ _0\"></span>ann<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>nuov<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>modificato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>proprie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>aspett<span class=\"_ _2\"></span>ative<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>iguardo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>passo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>urata<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>processo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>estrizione<span class=\"ff1\"> </span>monetaria.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>I<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rendimenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sui<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tito<span class=\"_ _2\"></span>li<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pubblici<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>lungo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>termine<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Eu<span class=\"_ _2\"></span>ropa<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>negl<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Stati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Uniti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>so<span class=\"_ _2\"></span>no<span class=\"ff1\"> </span>temporaneamente<span class=\"ff1\"> </span>tornati<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>crescere. Pa<span class=\"_ _0\"></span>ssan<span class=\"_ _0\"></span>do<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ll\u2019<span class=\"_ _0\"></span>anali<span class=\"_ _0\"></span>si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>m<span class=\"_ _0\"></span>aggi<span class=\"_ _0\"></span>or<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>ttag<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>l\u2019I<span class=\"_ _0\"></span>tali<span class=\"_ _0\"></span>a: </span></span> Nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">corso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pr<span class=\"_ _2\"></span>imo<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>rimestre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2022,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rendimenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>ei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>itoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">St<span class=\"_ _2\"></span>ato<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>taliani<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stati<span class=\"ff1\"> </span>spi<span class=\"_ _0\"></span>nti<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>rialzo<span class=\"ff1\"> </span>dal<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">aspetta<span class=\"_ _2\"></span>tive<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>rid<span class=\"_ _0\"></span>uzione<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell\u2019accomodamento<span class=\"ff1\"> </span>monetario<span class=\"ff1\"> </span>nell\u2019<span class=\"_ _0\"></span>area<span class=\"ff1\"> </span>dell\u2019euro<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pi\u00f9<span class=\"ff1\"> </span></span></span></span></span></span></span>rapida<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quanto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>preced<span class=\"_ _2\"></span>entemente<span class=\"ff1\"> </span>at<span class=\"_ _2\"></span>teso,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contesto<span class=\"_ _2\"></span><span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fort<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>press<span class=\"_ _2\"></span>ioni<span class=\"ff1\"> </span>inflazionistiche.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Il<span class=\"ff1\"> </span>differenziale<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>corrispondenti<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> </span>tedeschi<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>ampliato,<span class=\"ff1\"> </span>collocandosi<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>fine<span class=\"ff1\"> </span>marzo<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>150<span class=\"ff1\"> </span>punti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">base. </span></span> A<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>art<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">da<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ap<span class=\"_ _0\"></span>rile,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ren<span class=\"_ _0\"></span>dime<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ti<span class=\"_ _0\"></span>tol<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>S<span class=\"_ _0\"></span>tat<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>tal<span class=\"_ _0\"></span>iani<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sul<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">scad<span class=\"_ _0\"></span>enz<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>cen<span class=\"_ _0\"></span>nale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">so<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>sa<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>oltre<span class=\"ff1\"> </span>100<span class=\"ff1\"> </span>punti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">base<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>differenziale<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>corrispondenti<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> </span>tedeschi<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>ampliato;<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anche<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span></span></span></span></span>premio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>ridenominazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cresciuto.<span class=\"ff1\"> </span>G<span class=\"_ _2\"></span>li<span class=\"ff1\"> </span>annunci<span class=\"_ _2\"></span><span class=\"ff1\"> </span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>BCE,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> </span>nella<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riunione<span class=\"ff1\"> </span>straordinaria<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>15<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>giugno<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ha<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ribadito<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>l\u2019impegno<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>contr<span class=\"_ _2\"></span>astare<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>riemergere<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>r<span class=\"_ _2\"></span>ischi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>frammentazione<span class=\"ff1\"> </span>nell\u2019area<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019euro,<span class=\"ff1\"> </span>hanno<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contr<span class=\"_ _2\"></span>ibuito<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contenere<span class=\"ff1\"> </span>l\u2019incremento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dello<span class=\"ff1\"> <span class=\"_ _2\"></span></span>spread<span class=\"ff1\"> </span>dec<span class=\"_ _0\"></span>enn<span class=\"_ _0\"></span>ale,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>ntor<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">quell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>dat<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>av<span class=\"_ _0\"></span>ev<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>toc<span class=\"_ _0\"></span>cato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i</span> <span class=\"_ _0\"></span><span class=\"ff3\">242<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>unti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ba<span class=\"_ _0\"></span>se.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Il<span class=\"ff1\"> </span>d<span class=\"_ _1\"></span>iffere<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">30<span class=\"ff1\"> </span>g<span class=\"_ _0\"></span>iugn<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>\u00e8<span class=\"ff1\"> </span>risultato<span class=\"ff1\"> </span>nell\u2019intorno<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>205<span class=\"ff1\"> </span>punti<span class=\"ff1\"> </span>base.  Anche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">terzo<span class=\"ff1\"> </span>trimestre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rendimenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">titoli<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Stato</span> <span class=\"_ _0\"></span><span class=\"ff3\">italiani<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ulla<span class=\"ff1\"> </span>scad<span class=\"_ _0\"></span>enza<span class=\"ff1\"> </span>decennale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>cresciuti;<span class=\"ff1\"> </span>quell<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>sulle<span class=\"ff1\"> </span>scadenze<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">breve<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>resciuti<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>misura<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pi\u00f9<span class=\"ff1\"> </span>marcata.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">L\u2019andamento<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span></span></span></span></span></span></span>rendimenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"ff1\"> </span>riflesso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">soprattutto<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">processo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">normalizzazione<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span>politica<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mo<span class=\"_ _2\"></span>netaria<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>BCE.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">premio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sovrano,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">misurato<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dal<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">differenziale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>endimento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rispetto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ai<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Stato<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>tedeschi,<span class=\"ff1\">  </span>\u00e8<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>aumentato,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>risentendo<span class=\"ff1\">  </span>d<span class=\"_ _2\"></span>ell\u2019incertezza<span class=\"ff1\">  </span>polit<span class=\"_ _2\"></span>ica<span class=\"ff1\">  </span>seguita<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>alla<span class=\"ff1\">  </span>ca<span class=\"_ _2\"></span>duta<span class=\"ff1\">  </span>del<span class=\"ff1\"> </span>Governo<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>met\u00e0<span class=\"ff1\"> </span>luglio<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>dell\u2019acc<span class=\"_ _2\"></span>resciuta<span class=\"ff1\"> </span>avversione<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>nei<span class=\"ff1\"> </span>mercati;<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>fine<span class=\"ff1\"> </span>settembre<span class=\"ff1\"> </span>lo<span class=\"ff1\"> </span>spread <span class=\"ff3 fs5\">si<span class=\"ff1\"> </span>collocava<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>244<span class=\"ff1\"> </span>punti<span class=\"ff1\"> </span>base. </span> Nel<span class=\"_ _0\"></span>l\u2019u<span class=\"_ _0\"></span>lti<span class=\"_ _0\"></span>mo<span class=\"ff1\"> </span>tr<span class=\"_ _0\"></span>ime<span class=\"_ _0\"></span>stre<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>2<span class=\"_ _0\"></span>022<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>tte<span class=\"_ _0\"></span>se<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attenu<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rit<span class=\"_ _0\"></span>mo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rial<span class=\"_ _0\"></span>zo<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tas<span class=\"_ _0\"></span>si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">inte<span class=\"_ _1\"></span>resse </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">maggiore<span class=\"ff1\"> </span>propensione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">degli<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>nvestito<span class=\"_ _2\"></span>ri<span class=\"ff1\"> </span>hann<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>fav<span class=\"_ _0\"></span>orito<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">calo<span class=\"ff1\"> </span>dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rendimenti</span> <span class=\"_ _0\"></span><span class=\"ff3\">d<span class=\"_ _0\"></span>ei<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4f16\">titoli<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Stato<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">lungo<span class=\"ff1\"> </span>termine<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>premio<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>sovrano;<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>fine<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dicembre<span class=\"ff1\"> </span>lo<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs4f17\">spread</div><div class=\"t m0 h9 ff1 fs4 fc0 sc0 ls0 ws0 gs4f18\"> <span class=\"ff3 fs5\">\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4f19\">sceso<span class=\"ff1\"> </span>verso<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>210<span class=\"ff1\"> </span>punti<span class=\"ff1\"> </span>base. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4f1a\">Le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>iserve<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nette<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sui<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>titoli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>emessi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Am<span class=\"_ _2\"></span>ministrazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Centrali<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Paesi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ap<span class=\"_ _2\"></span>partenenti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>all\u2019Unione<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4f1b\">Eu<span class=\"_ _0\"></span>rope<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>enta<span class=\"_ _0\"></span>vano<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">da<span class=\"_ _0\"></span>ta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">3<span class=\"_ _0\"></span>1<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ice<span class=\"_ _0\"></span>mbre<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">2<span class=\"_ _0\"></span>022,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">u<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ald<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>ga<span class=\"_ _0\"></span>tivo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ci<span class=\"_ _0\"></span>rca<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">75<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mi<span class=\"_ _0\"></span>lion<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">eur<span class=\"_ _0\"></span>o. </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4f1c\">Ri<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>rv<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4f1d\">da<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4f1e\">va<span class=\"_ _0\"></span>lut<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4f1f\">de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4f20\">at<span class=\"_ _1\"></span>tivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4f21\">fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4f22\">di<span class=\"_ _0\"></span>spo<span class=\"_ _1\"></span>nibi<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4f23\">pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4f24\">la<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4f25\">ve<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4f26\">va<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4f27\">an<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4f28\">Titol<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4f29\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4f2a\">de<span class=\"_ _1\"></span>bit<span class=\"_ _0\"></span>o<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4f2b\">Titol<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4f2c\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4f2d\">ca<span class=\"_ _0\"></span>pi<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4f2e\">Quote<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4f2f\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4f30\">O.<span class=\"_ _0\"></span>I.<span class=\"_ _0\"></span>C.<span class=\"_ _0\"></span>R.<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4f31\">Fin<span class=\"_ _1\"></span>an<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4f32\">1.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4f33\">Esist<span class=\"_ _0\"></span>enze<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4f34\">in<span class=\"_ _1\"></span>izia<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span> <span class=\"_ _f1\"> </span>(2<span class=\"_ _0\"></span>9.<span class=\"_ _0\"></span>32<span class=\"_ _0\"></span>6)<span class=\"_ _0\"></span> </div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs4f35\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4f36\"> <span class=\"_ _67\"> </span>15.<span class=\"_ _1\"></span>104<span class=\"_ _0\"></span> </div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs4f37\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4f38\">2.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4f39\">Va<span class=\"_ _1\"></span>ria<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>oni<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4f3a\">po<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span> <span class=\"_ _17c\"> </span>17<span class=\"_ _0\"></span>.40<span class=\"_ _0\"></span>9 </div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs4f3b\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4f3c\"> <span class=\"_ _1ab\"> </span>1<span class=\"_ _0\"></span>0.5<span class=\"_ _0\"></span>23<span class=\"_ _1\"></span> </div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs4f3d\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4f3e\">2.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Incrementi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valu<span class=\"_ _0\"></span>e <span class=\"_ _2e1\"> </span>16.<span class=\"_ _0\"></span>932 <span class=\"_ _11e\"> </span>- <span class=\"_ _39\"> </span>9.<span class=\"_ _0\"></span>505<span class=\"_ _0\"></span> <span class=\"_ _11e\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4f3f\">2.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Rigiro<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">economico<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riserve<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ne<span class=\"_ _0\"></span>gati<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span> <span class=\"_ _354\"> </span>4<span class=\"_ _0\"></span>77<span class=\"_ _1\"></span> <span class=\"_ _af\"> </span>- <span class=\"_ _2f\"> </span>1.<span class=\"_ _0\"></span>018 <span class=\"_ _33a\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4f40\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">det<span class=\"_ _0\"></span>eri<span class=\"_ _1\"></span>orame<span class=\"_ _0\"></span>nto<span class=\"_ _0\"></span> <span class=\"_ _bc\"> </span>- <span class=\"_ _af\"> </span>- <span class=\"_ _11e\"> </span>- <span class=\"_ _af\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4f41\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rea<span class=\"_ _0\"></span>liz<span class=\"_ _0\"></span>zo <span class=\"_ _355\"> </span>4<span class=\"_ _0\"></span>77<span class=\"_ _1\"></span> <span class=\"_ _af\"> </span>- <span class=\"_ _2f\"> </span>1.<span class=\"_ _0\"></span>018 <span class=\"_ _33a\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4f42\">2.3<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">var<span class=\"_ _0\"></span>iazi<span class=\"_ _1\"></span>oni <span class=\"_ _43\"> </span>- <span class=\"_ _af\"> </span>- <span class=\"_ _af\"> </span>- <span class=\"_ _11e\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4f43\">3.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4f44\">Va<span class=\"_ _0\"></span>ria<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4f45\">ne<span class=\"_ _0\"></span>ga<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span> <span class=\"_ _d\"> </span>1<span class=\"_ _0\"></span>60<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>82<span class=\"_ _1\"></span> </div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs4f46\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4f47\"> <span class=\"_ _34\"> </span>80.<span class=\"_ _0\"></span>58<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span> </div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs4f48\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4f49\">3.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Riduzioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">va<span class=\"_ _0\"></span>lue<span class=\"_ _0\"></span> <span class=\"_ _b\"> </span>159<span class=\"_ _0\"></span>.94<span class=\"_ _0\"></span>1 <span class=\"_ _11e\"> </span>- <span class=\"_ _68\"> </span>73.5<span class=\"_ _0\"></span>03<span class=\"_ _0\"></span> <span class=\"_ _af\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4f4a\">3.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">R<span class=\"_ _2\"></span>ettific<span class=\"_ _0\"></span>he<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dete<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>oram<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>o <span class=\"_ _319\"> </span>- <span class=\"_ _af\"> </span>- <span class=\"_ _af\"> </span>- <span class=\"_ _11e\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></div><div class=\"c w108 h25 gs4f4b\"><div class=\"t m0 x1f9 h1c y120 ff3 fsc fc0 sc0 ls0 ws0\">3.3</div></div><div class=\"c wb3 h25 gs4f4c\"><div class=\"t m0 x1f9 h1c y120 ff3 fsc fc0 sc0 ls0 ws0\">Rigiro</div></div><div class=\"c w5 h25 gs4f4d\"><div class=\"t m0 x1f9 h1c y120 ff3 fsc fc0 sc0 ls0 ws0\">a</div></div><div class=\"c wfe h25 gs4f4e\"><div class=\"t m0 x1f9 h1c y120 ff3 fsc fc0 sc0 ls0 ws0\">conto</div></div><div class=\"c w137 h25 gs4f4f\"><div class=\"t m0 x1f9 h1c y120 ff3 fsc fc0 sc0 ls0 ws0\">economico</div></div><div class=\"c wb9 h25 gs4f50\"><div class=\"t m0 x1f9 h1c y120 ff3 fsc fc0 sc0 ls0 ws0\">da</div></div><div class=\"c w12f h25 gs4f51\"><div class=\"t m0 x1f9 h1c y120 ff3 fsc fc0 sc0 ls0 ws0\">riserve</div></div><div class=\"c w16a h25 gs4f52\"><div class=\"t m0 x1f9 h1c y120 ff3 fsc fc0 sc0 ls0 ws0\">positive:</div></div><div class=\"c wb9 h25 gs4f53\"><div class=\"t m0 x1f9 h1c y120 ff3 fsc fc0 sc0 ls0 ws0\">da<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4f54\">re<span class=\"_ _0\"></span>aliz<span class=\"_ _0\"></span>zo </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4f55\">8<span class=\"_ _0\"></span>41<span class=\"_ _1\"></span> <span class=\"_ _af\"> </span>- <span class=\"_ _65\"> </span>7.08<span class=\"_ _0\"></span>1 <span class=\"_ _11e\"> </span>-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4f56\">3.4<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">var<span class=\"_ _0\"></span>iazi<span class=\"_ _1\"></span>oni <span class=\"_ _43\"> </span>- <span class=\"_ _af\"> </span>- <span class=\"_ _11e\"> </span>- <span class=\"_ _af\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4f57\">4.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4f58\">Rim<span class=\"_ _1\"></span>an<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ze<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4f59\">fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>li <span class=\"_ _16f\"> </span>(<span class=\"_ _0\"></span>17<span class=\"_ _0\"></span>2.6<span class=\"_ _1\"></span>99)<span class=\"_ _0\"></span> </div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs4f5a\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4f5b\"> <span class=\"_ _7f\"> </span>(5<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>95<span class=\"_ _0\"></span>7)<span class=\"_ _0\"></span> </div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs4f5c\">-</div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4f5d\">Le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>riserve<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nette<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sui<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>titoli<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>emessi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Amministrazioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Centrali<span class=\"ff1\">  </span>p<span class=\"_ _0\"></span>resentavano,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>alla<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>data<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>31<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4f5e\">dicembre<span class=\"ff1\"> </span>2022,<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>saldo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>negativo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>circa<span class=\"ff1\"> </span>153<span class=\"_ _2\"></span>,8<span class=\"ff1\"> </span>milioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>euro,<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>98,9<span class=\"ff1\"> </span>milioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>euro<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riferibili<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4f5f\">allo<span class=\"ff1\"> </span>S<span class=\"_ _0\"></span>tato<span class=\"_ _2\"></span><span class=\"ff1\"> </span>I<span class=\"_ _0\"></span>talia.<span class=\"ff1\"> </span>Le<span class=\"ff1\"> </span>sudde<span class=\"_ _0\"></span>tte<span class=\"ff1\"> </span>riserve<span class=\"ff1\"> </span>nette<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>state<span class=\"ff1\"> </span>compu<span class=\"_ _0\"></span>tate<span class=\"ff1\"> </span>interamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> </span>calcolo<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span>CET1<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4f60\">al<span class=\"ff1\"> </span>31<span class=\"ff1\"> </span>dicembre<span class=\"ff1\"> </span>2022. </div><div class=\"t m26 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4f61\">B.<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4f62\">Ri<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>rv<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4f63\">da<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4f64\">va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>azi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4f65\">re<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4f66\">a<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4f67\">pia<span class=\"_ _1\"></span>ni<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4f68\">a<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4f69\">be<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4f6a\">de<span class=\"_ _0\"></span>fi<span class=\"_ _0\"></span>nit<span class=\"_ _0\"></span>i:<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4f6b\">va<span class=\"_ _0\"></span>ria<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4f6c\">an<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4f6d\">Le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>variazioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nette<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019<span class=\"_ _2\"></span>esercizio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>evidenziano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>saldo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pos<span class=\"_ _2\"></span>itivo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>7,3<span class=\"ff1\"> <span class=\"_ _20\"></span></span>milioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>euro<span class=\"_ _2\"></span>,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>netto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4f6e\">relativo<span class=\"ff1\"> </span>effetto<span class=\"ff1\"> </span>fiscale. </div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-821": {
   "value": "Sezion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>13<span class=\"_ _3bd\"> </span>\u2013<span class=\"_ _3bd\"> </span>Patrimo<span class=\"_ _0\"></span>nio<span class=\"_ _3bd\"> </span>del<span class=\"_ _3bd\"> </span>grup<span class=\"_ _0\"></span>po<span class=\"_ _3bd\"> </span>\u2013<span class=\"_ _3bd\"> </span>Voci<span class=\"_ _3bd\"> </span>120,<span class=\"_ _3bd\"> </span>130,<span class=\"_ _3bd\"> </span>140,<span class=\"_ _3bd\"> </span>150,<span class=\"_ _3bd\"> </span>160,<span class=\"_ _3bd\"> </span>170<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>80<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>13<span class=\"_ _1\"></span>.1<span class=\"_ _3bd\"> </span>\"Ca<span class=\"_ _1\"></span>pita<span class=\"_ _1\"></span>le\"<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>\"Az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>pro<span class=\"_ _1\"></span>pri<span class=\"_ _0\"></span>e\":<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>A.<span class=\"_ _3bd\"> </span>Ca<span class=\"_ _0\"></span>pit<span class=\"_ _1\"></span>ale<span class=\"_ _0\"></span> A.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Azioni<span class=\"ff1\"> </span>o<span class=\"_ _1\"></span>rdina<span class=\"_ _0\"></span>rie<span class=\"_ _0\"></span> <span class=\"_ _2c1\"> </span>341<span class=\"_ _0\"></span>.32<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span></span></span>A.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Azioni<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ris<span class=\"_ _0\"></span>par<span class=\"_ _0\"></span>mio<span class=\"_ _0\"></span> <span class=\"_ _93\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>A.3<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Azioni<span class=\"ff1\"> </span>p<span class=\"_ _1\"></span>rivil<span class=\"_ _0\"></span>egia<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span> <span class=\"_ _96\"> </span>-<span class=\"_ _3bd\"> </span></span></span>A.4<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Azioni<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>lt<span class=\"_ _0\"></span>re <span class=\"_ _290\"> </span>-<span class=\"_ _3bd\"> </span></span></span>B.<span class=\"_ _3bd\"> </span>Azion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>pr<span class=\"_ _0\"></span>op<span class=\"_ _0\"></span>rie<span class=\"_ _0\"></span> B.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Azioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ord<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>rie<span class=\"_ _1\"></span> <span class=\"_ _187\"> </span>1<span class=\"_ _0\"></span>0.0<span class=\"_ _0\"></span>72<span class=\"_ _3bd\"> </span></span></span></span></span>B.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Azioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ris<span class=\"_ _0\"></span>par<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>o <span class=\"_ _93\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>B.3<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Azioni<span class=\"ff1\"> </span>p<span class=\"_ _1\"></span>rivil<span class=\"_ _0\"></span>egi<span class=\"_ _0\"></span>ate<span class=\"_ _1\"></span> <span class=\"_ _96\"> </span>-<span class=\"_ _3bd\"> </span></span></span>B.4<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Azioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span> <span class=\"_ _28e\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>Sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>presenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>1.816.938<span class=\"ff1\"> <span class=\"_ _20\"></span></span>azioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pro<span class=\"_ _2\"></span>prie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>por<span class=\"_ _2\"></span>tafoglio,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un<span class=\"ff1\"> <span class=\"_ _20\"></span></span>co<span class=\"_ _2\"></span>ntrovalore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>10,1<span class=\"ff1\"> </span>acquistate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>programma<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ha<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dato<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>esecuzione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delibere<span class=\"ff1\"> <span class=\"_ _2\"></span></span>adott<span class=\"_ _3bd\"> </span>Assemblee<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Ordinarie;<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pro<span class=\"_ _2\"></span>grammi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>hanno<span class=\"ff1\"> <span class=\"_ _20\"></span></span>lo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>scopo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"_ _2\"></span>cquistare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>azioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Credi<span class=\"_ _3bd\"> </span>integrale<span class=\"ff1\"> <span class=\"_ _21\"></span></span>copertura<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>piani<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>remunerazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>basati<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>su<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>strumenti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>finanziari<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>da<span class=\"ff1\"> </span>categoria<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dirigenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>responsabilit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>str<span class=\"_ _2\"></span>ategiche<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span><span class=\"ff3\">e</span> <span class=\"_ _20\"></span><span class=\"ff3\">del</span> <span class=\"_ _2\"></span><span class=\"ff3\">\u201c<span class=\"_ _2\"></span>personale</span> <span class=\"_ _20\"></span><span class=\"ff3\">pi\u00f9</span> <span class=\"_ _2\"></span><span class=\"ff3\">ril<span class=\"_ _2\"></span>evan<span class=\"_ _3bd\"> </span></span></span>bancario.<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Ai<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sensi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"></span></span>norme<span class=\"ff1\"> <span class=\"_ _21\"></span></span>vigenti,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>gli<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>estremi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pro<span class=\"_ _2\"></span>gramma<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>gi\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>stat<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>me<span class=\"_ _0\"></span>rcat<span class=\"_ _0\"></span>o.<span class=\"_ _3bd\"> </span>Nel<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cors<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019esercizio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>state<span class=\"ff1\"> <span class=\"_ _20\"></span></span>assegnate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>535.986<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"_ _2\"></span>zioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>state<span class=\"ff1\"> <span class=\"_ _20\"></span></span>acquis<span class=\"_ _3bd\"> </span>azioni<span class=\"ff1\"> </span>sul<span class=\"ff1\"> </span>mercato.<span class=\"_ _3bd\"> </span>Per<span class=\"ff1\"> </span>maggiori<span class=\"ff1\"> </span>dettagli<span class=\"ff1\"> </span>riguardo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> </span>pian<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>remunerazione<span class=\"ff1\"> </span>basati<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>st<span class=\"_ _2\"></span>rumenti<span class=\"ff1\"> </span>finanzi<span class=\"_ _3bd\"> </span>\u201cParte<span class=\"ff1\"> </span>I\u201d<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>presente<span class=\"ff1\"> </span>nota<span class=\"ff1\"> </span>integrativa<span class=\"_ _3bd\"> </span>.<span class=\"_ _3bd\"> </span><div class=\"t m26 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs24ce\">13<span class=\"_ _1\"></span>.2<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs24cf\">Ca<span class=\"_ _0\"></span>pi<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs24d0\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs24d1\">Nu<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>ro<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs24d2\">az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs24d3\">de<span class=\"_ _0\"></span>lla<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs24d4\">ca<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>gr<span class=\"_ _0\"></span>up<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs24d5\">va<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs24d6\">an<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs24d7\">Vo<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>/Ti<span class=\"_ _1\"></span>pol<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs24d8\">Or<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs24d9\">A<span class=\"_ _0\"></span>lt<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs24da\">A.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs24db\">Az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs24dc\">es<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs24dd\">al<span class=\"_ _0\"></span>l'i<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs24de\">de<span class=\"_ _0\"></span>ll'<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>o <span class=\"_ _2c2\"> </span>34<span class=\"_ _0\"></span>1.<span class=\"_ _0\"></span>320<span class=\"_ _1\"></span> </div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs24df\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs24e0\">-<span class=\"ff1\"> </span>int<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>li<span class=\"_ _0\"></span>ber<span class=\"_ _0\"></span>ate<span class=\"_ _1\"></span> <span class=\"_ _114\"> </span>340.<span class=\"_ _0\"></span>467<span class=\"_ _0\"></span> <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs24e1\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"_ _2\"></span>nteramente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">lib<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span> <span class=\"_ _147\"> </span>- <span class=\"_ _c1\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs24e2\">A.1<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Azioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">proprie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(-)<span class=\"_ _1\"></span> <span class=\"_ _1be\"> </span>85<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span> <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs24e3\">A.<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs24e4\">Az<span class=\"_ _0\"></span>ion<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs24e5\">in<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs24e6\">ci<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>ola<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs24e7\">es<span class=\"_ _0\"></span>ist<span class=\"_ _0\"></span>en<span class=\"_ _1\"></span>ze<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs24e8\">in<span class=\"_ _0\"></span>iz<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span>i <span class=\"_ _be\"> </span>3<span class=\"_ _0\"></span>41.<span class=\"_ _0\"></span>32<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span> </div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs24e9\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs24ea\">B.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs24eb\">Au<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>i <span class=\"_ _2af\"> </span>53<span class=\"_ _1\"></span>6<span class=\"_ _0\"></span> </div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs24ec\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs24ed\">B.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Nuove<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">emi<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i <span class=\"_ _15a\"> </span>53<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span> <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs24ee\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>agam<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>to:<span class=\"_ _0\"></span> <span class=\"_ _275\"> </span>- <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs24ef\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conversione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">obblig<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>ioni<span class=\"_ _1\"></span> <span class=\"_ _271\"> </span>- <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs24f0\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">esercizio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">warr<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>t <span class=\"_ _161\"> </span>- <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs24f1\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altre<span class=\"_ _0\"></span> <span class=\"_ _1dc\"> </span>- <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs24f2\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">titolo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gratu<span class=\"_ _1\"></span>ito:<span class=\"_ _0\"></span> <span class=\"_ _111\"> </span>5<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>6 <span class=\"_ _8b\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs24f3\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>fav<span class=\"_ _0\"></span>ore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>pen<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span> <span class=\"_ _2b0\"> </span>51<span class=\"_ _0\"></span>8<span class=\"_ _1\"></span> <span class=\"_ _c1\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs24f4\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">favore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">degli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">amm<span class=\"_ _0\"></span>ini<span class=\"_ _0\"></span>stra<span class=\"_ _0\"></span>tor<span class=\"_ _0\"></span>i <span class=\"_ _2c3\"> </span>9 <span class=\"_ _c1\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs24f5\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altre<span class=\"_ _0\"></span> <span class=\"_ _1e1\"> </span>9 <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs24f6\">B.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Vendita<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">azioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">prop<span class=\"_ _0\"></span>rie<span class=\"_ _1\"></span> <span class=\"_ _2c4\"> </span>- <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs24f7\">B.3<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">var<span class=\"_ _0\"></span>iaz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i <span class=\"_ _27e\"> </span>- <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs24f8\">C.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs24f9\">Di<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i <span class=\"_ _1db\"> </span>(<span class=\"_ _0\"></span>1.5<span class=\"_ _0\"></span>00<span class=\"_ _1\"></span>)<span class=\"_ _3bd\"> </span> </div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs24fa\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs24fb\">C.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Ann<span class=\"_ _0\"></span>ulla<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>to <span class=\"_ _13a\"> </span>- <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs24fc\">C.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Acquisto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">azioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">prop<span class=\"_ _0\"></span>rie<span class=\"_ _1\"></span> <span class=\"_ _17a\"> </span>(1.50<span class=\"_ _0\"></span>0) <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs24fd\">C.<span class=\"_ _0\"></span>3<span class=\"ff1\"> </span>Op<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>imp<span class=\"_ _0\"></span>res<span class=\"_ _1\"></span>e <span class=\"_ _2bd\"> </span>- <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs24fe\">C.4<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vari<span class=\"_ _0\"></span>azi<span class=\"_ _1\"></span>oni <span class=\"_ _226\"> </span>- <span class=\"_ _c1\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs24ff\">D.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2500\">Az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2501\">in<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2502\">ci<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>ola<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2503\">ri<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ze<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2504\">fi<span class=\"_ _0\"></span>nal<span class=\"_ _1\"></span>i <span class=\"_ _2c5\"> </span>34<span class=\"_ _0\"></span>1.<span class=\"_ _0\"></span>320<span class=\"_ _1\"></span> </div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs2505\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2506\">D.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Azioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">proprie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(+<span class=\"_ _1\"></span>) <span class=\"_ _132\"> </span>1<span class=\"_ _0\"></span>.81<span class=\"_ _0\"></span>7 <span class=\"_ _c1\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2507\">D.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Azioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esistenti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fine<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>ll'<span class=\"_ _0\"></span>ese<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span> <span class=\"_ _92\"> </span>339.<span class=\"_ _0\"></span>503<span class=\"_ _1\"></span> <span class=\"_ _c1\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2508\">-<span class=\"ff1\"> </span>int<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>li<span class=\"_ _0\"></span>ber<span class=\"_ _0\"></span>ate<span class=\"_ _1\"></span> <span class=\"_ _2c6\"> </span>339.<span class=\"_ _1\"></span>503 <span class=\"_ _22f\"> </span>-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2509\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"_ _2\"></span>nteramente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">lib<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span> <span class=\"_ _114\"> </span>- <span class=\"_ _c1\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs250a\">13.4<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs250b\">Riser<span class=\"_ _0\"></span>ve<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs250c\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs250d\">utili:<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs250e\">altre<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs250f\">in<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>zio<span class=\"_ _1\"></span>ni<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2510\">In<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>categoria<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>inclusi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riserva<span class=\"ff1\"> <span class=\"_ _2\"></span></span>legale,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riserva<span class=\"ff1\"> <span class=\"_ _2\"></span></span>str<span class=\"_ _2\"></span>aordinaria,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fondo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ba<span class=\"_ _2\"></span>ncari<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2511\">precedentemente<span class=\"ff1\"> </span>iscritto<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> </span>redatto<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>sensi<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>previgente<span class=\"ff1\"> </span>D.Lgs.<span class=\"ff1\"> </span>87/92<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>riclassificat<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2512\">secondo<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>principi<span class=\"ff1\"> </span>IAS.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2513\">La<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riserva<span class=\"ff1\"> <span class=\"_ _2\"></span></span>legale,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>costituita<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>norma<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>legge,<span class=\"ff1\"> </span>deve<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ess<span class=\"_ _2\"></span>ere<span class=\"ff1\"> <span class=\"_ _2\"></span></span>almeno<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pari<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quinto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>capitale<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2514\">sociale;<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>essa<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>st<span class=\"_ _2\"></span>ata<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cost<span class=\"_ _2\"></span>ituita<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"></span></span>passato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tramite<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"_ _2\"></span>ccantonamenti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>degli<span class=\"ff1\"> <span class=\"_ _21\"></span></span>utili<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>netti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>annuali<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>per<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2515\">almeno<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un<span class=\"ff1\"> <span class=\"_ _20\"></span></span>decimo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>degli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>stessi,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>norma<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dell\u2019articolo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>29<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>llo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>stat<span class=\"_ _2\"></span>uto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>ociale.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Nel<span class=\"ff1\"> <span class=\"_ _20\"></span></span>caso<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2516\">riserva<span class=\"ff1\">  </span>dovesse<span class=\"ff1\">  </span>diminuire,<span class=\"ff1\">  </span>occorre<span class=\"ff1\">  </span>reintegrarla<span class=\"ff1\">  </span>tramite<span class=\"ff1\">  </span>l\u2019obbligo<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>destinarvi<span class=\"ff1\">  </span>un<span class=\"ff1\">  </span>ventesimo<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2517\">del<span class=\"_ _0\"></span>l\u2019u<span class=\"_ _0\"></span>til<span class=\"_ _0\"></span>e.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2518\">La<span class=\"ff1\"> </span>riserva<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stat<span class=\"_ _2\"></span>utaria<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>traordinaria<span class=\"ff1\"> </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">costituita</span> <span class=\"ff3\">in</span> <span class=\"_ _1\"></span><span class=\"ff3\">base<span class=\"_ _2\"></span><span class=\"ff1\"> </span>all<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>statuto<span class=\"ff1\"> </span>dal<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>destinazione<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>quota<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2519\">di<span class=\"ff1\"> </span>utile<span class=\"ff1\"> </span>residuale<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>seguito<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>distribuzione<span class=\"ff1\"> </span>dell\u2019utile<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>azioni<span class=\"ff1\"> </span>ordinarie.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs251a\">Le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>iserve<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>concentr<span class=\"_ _2\"></span>azione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ex<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>L.30<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>lu<span class=\"_ _0\"></span>glio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>1990<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span></span>n.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>218<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>st<span class=\"_ _2\"></span>ate<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>costituite<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>occasione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs251b\">operazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>riorganizzazione<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>concentrazione<span class=\"ff1\"> </span>effettuate<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>sensi<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>citata<span class=\"ff1\"> </span>legge.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs251c\">Le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>iserve<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">comprendono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riserva<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">costituita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fronte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">piano<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stock<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">option<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ed<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">altre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riserve<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs251d\">costituite<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>passato<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>fronte<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>specifiche<span class=\"ff1\"> </span>disposizioni<span class=\"ff1\"> </span>normative. </div>Sono<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>presenti,<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>altres\u00ec,<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>due<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>r<span class=\"_ _2\"></span>iserve<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>s<span class=\"_ _2\"></span>ospensione<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>d\u2019imposta<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>distinte<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>tipologia<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>di<span class=\"ff1\"> </span>ria<span class=\"_ _0\"></span>lli<span class=\"_ _0\"></span>neam<span class=\"_ _0\"></span>ento<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">eff<span class=\"_ _0\"></span>ettu<span class=\"_ _0\"></span>ato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ai<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sens<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>de<span class=\"_ _1\"></span>ll\u2019ar<span class=\"_ _0\"></span>t.<span class=\"ff1\"> </span>1<span class=\"_ _0\"></span>10<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>DL<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">14<span class=\"ff1\"> </span>ago<span class=\"_ _0\"></span>sto<span class=\"ff1\"> </span>2<span class=\"_ _0\"></span>020<span class=\"ff1\"> </span>og<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>tto<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ucce<span class=\"_ _0\"></span>ssiv<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>mo<span class=\"_ _0\"></span>dif<span class=\"_ _0\"></span>ica<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>con<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>Legge<span class=\"ff1\"> </span>178/2020. In<span class=\"_ _0\"></span>fine<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">voc<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>clud<span class=\"_ _1\"></span>e<span class=\"ff1\"> </span>gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ef<span class=\"_ _0\"></span>fetti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ge<span class=\"_ _0\"></span>nera<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>d<span class=\"_ _1\"></span>alla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tran<span class=\"_ _0\"></span>sizi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ai</span> <span class=\"_ _0\"></span><span class=\"ff3\">pri<span class=\"_ _0\"></span>ncip<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>ntern<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>ona<span class=\"_ _0\"></span>li. </span></span></span></span></span></span></span></span></span></span></span></span></span></span>In<span class=\"ff1\"> </span>part<span class=\"_ _2\"></span>icolare<span class=\"ff1\"> </span>t<span class=\"_ _2\"></span>ra<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>iserve<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>uti<span class=\"_ _2\"></span>li<span class=\"ff1\"> </span>sono<span class=\"_ _2\"></span><span class=\"ff1\"> </span>confluiti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>effetti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>derivant<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>dal<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cambiamento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>principi<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>tab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">non</span> <span class=\"ff3\">p<span class=\"_ _0\"></span>rev<span class=\"_ _0\"></span>edon<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>pr<span class=\"_ _0\"></span>ossi<span class=\"_ _0\"></span>mi<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>ser<span class=\"_ _0\"></span>cizi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">conf<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>mento<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al</span> <span class=\"ff3\">co<span class=\"_ _0\"></span>nto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ec<span class=\"_ _0\"></span>onom<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>o.<span class=\"ff1\"> </span>Gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ul<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>iori<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>effetti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>generat<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dalla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>ransizione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>agli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>IAS/IFRS<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dest<span class=\"_ _2\"></span>inati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>modificarsi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>empo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ed<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>confluire<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> </span>conto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ec<span class=\"_ _0\"></span>onomico<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>momento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">realizzo</span> <span class=\"_ _20\"></span><span class=\"ff3\">o</span> <span class=\"_ _21\"></span><span class=\"ff3\">estinzione</span> <span class=\"_ _20\"></span><span class=\"ff3\">delle</span> <span class=\"_ _21\"></span><span class=\"ff3\">corrispondenti</span> <span class=\"_ _20\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>ttivit\u00e0</span> <span class=\"_ _20\"></span><span class=\"ff3\">e</span> <span class=\"_ _21\"></span><span class=\"ff3\">passivit\u00e0</span> </span>sono<span class=\"ff1\"> </span>stati<span class=\"ff1\"> </span>inv<span class=\"_ _0\"></span>ece<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">appost<span class=\"_ _2\"></span>ati<span class=\"ff1\"> </span>tra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u201cRiserve<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alutazione\u201d.<span class=\"ff1\"> </span>Si<span class=\"ff1\"> </span>tratta<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>elle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit<span class=\"_ _2\"></span>\u00e0<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valutate<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _20\"></span></span>value<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _21\"></span></span>impatto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sulla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>redd<span class=\"_ _0\"></span>itivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>complessiva,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _21\"></span></span>val<span class=\"_ _0\"></span>utazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dei<span class=\"ff1\"> </span>contratti<span class=\"ff1\"> </span>derivati<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>copertura<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>flussi<span class=\"ff1\"> </span>finanziari,<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>riserva<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conn<span class=\"_ _0\"></span>essa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>agli<span class=\"ff1\"> </span>utili/perdite<span class=\"ff1\"> </span>attuariali<span class=\"ff1\"> </span>su<span class=\"ff1\"> <span class=\"_ _2\"></span></span>piani<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>benefici<span class=\"ff1\"> </span>definiti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> </span>leggi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>speciali<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rivalutazione.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>variazioni<span class=\"ff1\"> </span>annu<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riserve<span class=\"ff1\"> </span>confluiscono<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>redditivit\u00e0<span class=\"ff1\"> </span>complessiva<span class=\"_ _3bd\"> </span>. Se<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>14<span class=\"_ _3bd\"> </span>\u2013<span class=\"_ _3bd\"> </span>Pa<span class=\"_ _1\"></span>trim<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>io<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>rti<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>nza<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>te<span class=\"_ _0\"></span>rz<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>Vo<span class=\"_ _0\"></span>ce<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>90<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>14<span class=\"_ _0\"></span>.1<span class=\"_ _3bd\"> </span>De<span class=\"_ _0\"></span>tta<span class=\"_ _1\"></span>gli<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>lla<span class=\"_ _3bd\"> </span>vo<span class=\"_ _0\"></span>ce<span class=\"_ _3bd\"> </span>21<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>\"pa<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>io<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>enz<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>te<span class=\"_ _0\"></span>rz<span class=\"_ _0\"></span>i\"<span class=\"fc0 sc1\"> </span>De<span class=\"_ _0\"></span>no<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>ina<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>im<span class=\"_ _1\"></span>pre<span class=\"_ _0\"></span>se<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Par<span class=\"_ _0\"></span>tec<span class=\"_ _0\"></span>ipa<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">soci<span class=\"_ _0\"></span>et\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">co<span class=\"_ _0\"></span>nso<span class=\"_ _0\"></span>lida<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> </span>int<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>ter<span class=\"_ _0\"></span>zi<span class=\"ff1\"> </span>sig<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>fica<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span>1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">BLUE<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">EYE<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">SOLUTIONS<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">SR<span class=\"_ _0\"></span>L<span class=\"_ _1\"></span> <span class=\"_ _291\"> </span>15<span class=\"_ _1\"></span>5 <span class=\"_ _3b\"> </span>1<span class=\"_ _1\"></span>40<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span>2.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">CREDEM<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">CB<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">SR<span class=\"_ _0\"></span>L<span class=\"_ _1\"></span> <span class=\"_ _236\"> </span>4 <span class=\"_ _6f\"> </span>4<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span>3.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">SATA<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">SR<span class=\"_ _1\"></span>L <span class=\"_ _1d5\"> </span>- <span class=\"_ _4a\"> </span>5<span class=\"_ _0\"></span>09<span class=\"_ _1\"></span> </span></span></span></span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span> <span class=\"_ _2c8\"> </span>1<span class=\"_ _0\"></span>59<span class=\"_ _1\"></span> <span class=\"_ _4a\"> </span>6<span class=\"_ _1\"></span>53<span class=\"_ _3bd\"> </span>Sezi<span class=\"_ _0\"></span>one<span class=\"_ _3bd\"> </span>1<span class=\"_ _3bd\"> </span>\u2013<span class=\"_ _3bd\"> </span>Il<span class=\"_ _3bd\"> </span>patr<span class=\"_ _0\"></span>imoni<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>consol<span class=\"_ _0\"></span>idato<span class=\"_ _0\"></span><span class=\"fc0\"> </span>A.Inf<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>maz<span class=\"_ _1\"></span>ion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>na<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>ra<span class=\"_ _3bd\"> </span>qu<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>a<span class=\"fc0 sc1\"> </span>Dal<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">1\u00b0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">gen<span class=\"_ _0\"></span>nai<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>201<span class=\"_ _0\"></span>4<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>ato<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>vi<span class=\"_ _0\"></span>go<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">re<span class=\"_ _0\"></span>gol<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>(U<span class=\"_ _0\"></span>E)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">n.<span class=\"ff1\"> </span>5<span class=\"_ _0\"></span>75/2<span class=\"_ _0\"></span>013<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(\u201cC<span class=\"_ _0\"></span>RR\u201d)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">il</span> <span class=\"_ _0\"></span><span class=\"ff3\">qua<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>engo<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>introdotte<span class=\"ff1\"> </span>nell\u2019Unione<span class=\"ff1\"> </span>Europea<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> </span>regole<span class=\"ff1\"> </span>definite<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dal<span class=\"ff1\"> </span>Comitato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>Basilea<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> </span>vigilanza<span class=\"ff1\"> </span>ban<span class=\"_ _2\"></span>caria<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>l\u2019articolato<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>insieme<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>documenti<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>unitariamente<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>denominato<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>\u201c<span class=\"_ _2\"></span>Basilea<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>3\u201d<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>materia<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> </span>adeguatezza<span class=\"ff1\"> </span>patrimoniale<span class=\"ff1\"> </span>(Primo<span class=\"ff1\"> </span>pilastro)<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>informativa<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>pubblico<span class=\"ff1\"> </span>(Terzo<span class=\"ff1\"> </span>pilast<span class=\"_ _2\"></span>ro). Il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>regolamento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(UE)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>n.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>575/2013<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dirett<span class=\"_ _2\"></span>iva<span class=\"ff1\"> <span class=\"_ _2\"></span></span>2013/36/UE<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(\u201cCRD<span class=\"ff1\"> <span class=\"_ _2\"></span></span>IV\u201d)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>definiscono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nuovo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quadro<span class=\"ff1\"> </span>nor<span class=\"_ _0\"></span>mati<span class=\"_ _0\"></span>vo<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>rife<span class=\"_ _0\"></span>rime<span class=\"_ _0\"></span>nto<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>ll\u2019U<span class=\"_ _0\"></span>nion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>Eu<span class=\"_ _0\"></span>rope<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>ba<span class=\"_ _0\"></span>nche<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">impr<span class=\"_ _0\"></span>ese<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">inve<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>o.<span class=\"ff1\"> </span>Dal<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">1\u00b0</span> <span class=\"ff3\">ge<span class=\"_ _0\"></span>nnaio<span class=\"_ _1\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span>2014.<span class=\"ff1\">  </span>CRR<span class=\"ff1\">  </span>e<span class=\"ff1\">  </span>CRDIV<span class=\"ff1\">  </span>sono<span class=\"ff1\">  </span>integrati<span class=\"ff1\">  </span>da<span class=\"ff1\">  </span>norme<span class=\"ff1\">  </span>tecni<span class=\"_ _0\"></span>che<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>regolamentazione<span class=\"ff1\">  </span>o<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>attuazione<span class=\"ff1\"> </span>ap<span class=\"_ _0\"></span>prov<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">dall<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>Comm<span class=\"_ _0\"></span>issi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">Euro<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>su<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pr<span class=\"_ _0\"></span>opo<span class=\"_ _0\"></span>sta<span class=\"ff1\"> </span>dell<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>Auto<span class=\"_ _0\"></span>rit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">europ<span class=\"_ _0\"></span>ee<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>supe<span class=\"_ _0\"></span>rvi<span class=\"_ _0\"></span>sion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>(\u201cESA<span class=\"_ _0\"></span>\u201d),<span class=\"ff1\"> </span></span></span></span></span></span></span>che<span class=\"ff1\"> </span>danno<span class=\"ff1\"> </span>attuazione<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>normativa<span class=\"ff1\"> </span>primaria. Con<span class=\"ff1\"> </span>l\u2019adozione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>regolamento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> </span>esecuzione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>(UE)<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>n.<span class=\"ff1\"> </span>680/2014<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>so<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>state<span class=\"ff1\"> </span>stabilite<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>norme<span class=\"ff1\"> </span>tecniche<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>attuazione<span class=\"ff1\"> </span>(Implementing<span class=\"ff1\"> </span>Technical<span class=\"ff1\"> </span>Standards)<span class=\"ff1\"> </span>vincolanti<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>mat<span class=\"_ _2\"></span>eria<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>segnalazioni<span class=\"ff1\"> </span>prudenziali<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>armonizzate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>banche<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"></span></span>imprese<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>investimento<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>relative<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a:<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fondi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>propr<span class=\"_ _2\"></span>i,<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>credito<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>controparte,<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>mercato,<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>o<span class=\"_ _2\"></span>perativo,<span class=\"ff1\"> </span>grandi<span class=\"ff1\"> </span>rischi,<span class=\"ff1\"> </span>rilevazione<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>perdite<span class=\"ff1\"> </span>ipotecarie,<span class=\"ff1\"> </span>posizione<span class=\"ff1\"> </span>patrimoniale<span class=\"ff1\"> </span>complessiva,<span class=\"ff1\"> </span>monitoraggio<span class=\"ff1\"> </span>liquidit\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>leva<span class=\"ff1\"> </span>finanziaria.<span class=\"ff1\"> </span>Inoltre,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>B<span class=\"_ _0\"></span>anca<span class=\"ff1\"> </span>d\u2019Italia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ha<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>manat<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">C<span class=\"_ _0\"></span>ircolari<span class=\"ff1\"> </span>n.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">286<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">n.<span class=\"ff1\"> </span>154<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>raducono<span class=\"ff1\"> </span>second<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>lo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>chema<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>matriciale,<span class=\"ff1\"> </span>attualmente<span class=\"ff1\"> </span>adottato<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> </span>segnalazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>vigilanza,<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>cita<span class=\"_ _2\"></span>ti<span class=\"ff1\"> </span>ITS Il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Gruppo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ritiene<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>priorita<span class=\"_ _2\"></span>rio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valutare<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>propria<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>str<span class=\"_ _2\"></span>uttura<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>patrimoniale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff3\">e</span> <span class=\"_ _27\"> </span><span class=\"ff3\">ta<span class=\"_ _2\"></span>li</span> <span class=\"_ _21\"> </span><span class=\"ff3\">anal<span class=\"_ _2\"></span>isi</span> <span class=\"_ _27\"> </span><span class=\"ff3\">sono</span> <span class=\"_ _27\"> </span><span class=\"ff3\">svolt<span class=\"_ _2\"></span>e</span> </span>al<span class=\"_ _0\"></span>l\u2019in<span class=\"_ _0\"></span>tern<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>deg<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>spec<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ci<span class=\"ff1\"> </span>Com<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Gov<span class=\"_ _0\"></span>ern<span class=\"_ _0\"></span>ance<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Grupp<span class=\"_ _0\"></span>o.<span class=\"ff1\"> </span>In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tale</span> <span class=\"ff3\">sed<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>veng<span class=\"_ _0\"></span>ono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">anche<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ev<span class=\"_ _0\"></span>ide<span class=\"_ _0\"></span>nziat<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _0\"></span>rincipali<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>impatti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"_ _2\"></span>gati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>all<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>normative<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>via<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>definizione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(es.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>potenziali<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>impatti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>legati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>alla<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>nali<span class=\"_ _0\"></span>zza<span class=\"_ _0\"></span>zione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rifo<span class=\"_ _0\"></span>rma<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Basi<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>II<span class=\"_ _0\"></span>I<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>me<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>cent<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>ac<span class=\"_ _0\"></span>cord<span class=\"_ _1\"></span>o<span class=\"_ _2\"></span><span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sede<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Comi<span class=\"_ _0\"></span>tato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Ba<span class=\"_ _0\"></span>sile<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>14<span class=\"ff1\"> </span>gennaio<span class=\"ff1\"> </span>2019)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uelle<span class=\"ff1\"> </span>gi\u00e0<span class=\"ff1\"> </span>approvate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ma<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>attualmen<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>applicabili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(es.<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">regolamento<span class=\"ff1\"> </span>(UE) </span></span></span></span></span></span></span></span>n.<span class=\"ff1\"> </span>8<span class=\"_ _2\"></span>76/2019<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>direttiva<span class=\"ff1\"> </span>(UE)<span class=\"ff1\"> </span>n.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>787/2019<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>modificano<span class=\"ff1\"> </span>rispettivamente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>regolamento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(UE)<span class=\"ff1\"> </span>n.<span class=\"ff1\"> </span>575/2013<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>direttiva<span class=\"ff1\"> <span class=\"_ _2\"></span></span>2013/3<span class=\"_ _2\"></span>6/UE<span class=\"ff1\"> <span class=\"_ _2\"></span></span>/876,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cos\u00ec<span class=\"ff1\"> <span class=\"_ _20\"></span></span>come<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>re<span class=\"_ _2\"></span>golamento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(UE)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>n.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>877/2019<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>direttiva<span class=\"ff1\"> </span>(UE)<span class=\"ff1\"> </span>n.<span class=\"ff1\"> </span>879/2019). I<span class=\"ff1\">  </span>Comitati<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>Governance<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">di</span>  <span class=\"ff3\">Gruppo</span>  <span class=\"ff3\">presen<span class=\"_ _0\"></span>tano<span class=\"ff1\">  </span>sempre<span class=\"ff1\">  </span>dei<span class=\"ff1\">  </span>membri<span class=\"ff1\">  </span>nominati<span class=\"ff1\">  </span>dal<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Consiglio<span class=\"ff1\"> </span></span></span>d\u2019Amministrazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>de<span class=\"_ _2\"></span>lla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Capog<span class=\"_ _2\"></span>ruppo,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>scelti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tra<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>componen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Cons<span class=\"_ _2\"></span>iglio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>st<span class=\"_ _2\"></span>esso,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>ispettive<span class=\"ff1\"> </span>analisi<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> </span>successivamente<span class=\"ff1\"> </span>prodot<span class=\"_ _2\"></span>te<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>Consiglio<span class=\"ff1\"> </span>d\u2019Amministrazione<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>Capogruppo. Sotto<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pro<span class=\"_ _2\"></span>filo<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Vigil<span class=\"_ _0\"></span>anza<span class=\"ff1\"> </span>l\u2019assorbimento<span class=\"ff1\"> </span>viene<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>eterminato<span class=\"ff1\"> </span>tenendo<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">considerazione</span> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>attuali<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>\u201cregole\u201d<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>segnalazione. Sot<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prof<span class=\"_ _0\"></span>ilo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ge<span class=\"_ _0\"></span>stio<span class=\"_ _0\"></span>nale<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">l\u2019a<span class=\"_ _0\"></span>ssorb<span class=\"_ _0\"></span>ime<span class=\"_ _0\"></span>nto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">viene<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ca<span class=\"_ _0\"></span>lc<span class=\"_ _0\"></span>olato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019u<span class=\"_ _0\"></span>tili<span class=\"_ _0\"></span>zzo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">m<span class=\"_ _0\"></span>odell<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">int<span class=\"_ _0\"></span>erni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risc<span class=\"_ _0\"></span>hio<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> </span>credito<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>mercato<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>l\u2019utilizzo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>metodo<span class=\"ff1\"> </span>standard<span class=\"ff1\"> </span>\u201c<span class=\"_ _2\"></span>gestionale\u201d. I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ris<span class=\"_ _0\"></span>chi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vengo<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>sami<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">comp<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>siv<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>ttag<span class=\"_ _0\"></span>lia<span class=\"_ _0\"></span>tame<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span>l\u2019in<span class=\"_ _0\"></span>tern<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">so<span class=\"_ _0\"></span>cie<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Gruppo<span class=\"ff1\"> </span>(analisi<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>portafogli<span class=\"ff1\"> </span>specifici). Al<span class=\"ff1\"> </span>31<span class=\"ff1\"> </span>dicembre<span class=\"ff1\"> </span>2022<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>Fondi<span class=\"ff1\"> </span>Propri<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>stat<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>determinati<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>alle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">disposizioni</span> <span class=\"ff3\">contenut<span class=\"_ _2\"></span>e</span> <span class=\"ff3\">nel</span> </span>Regolamento<span class=\"ff1\"> </span>(UE)<span class=\"ff1\"> </span>n.575/2013<span class=\"ff1\"> </span>(CRR).<span class=\"_ _3bd\"> </span>B.Inf<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>maz<span class=\"_ _1\"></span>ion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>na<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>ra<span class=\"_ _3bd\"> </span>qu<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>ntit<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>B.<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>Pa<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>io<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span>da<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>par<span class=\"_ _1\"></span>tizi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>per<span class=\"_ _3bd\"> </span>ti<span class=\"_ _0\"></span>pol<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>ia<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>im<span class=\"_ _0\"></span>pr<span class=\"_ _0\"></span>esa<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Voc<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>del<span class=\"_ _3bd\"> </span>pat<span class=\"_ _0\"></span>rim<span class=\"_ _0\"></span>oni<span class=\"_ _1\"></span>o<span class=\"_ _3bd\"> </span>net<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Cons<span class=\"_ _0\"></span>olidat<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>prud<span class=\"_ _0\"></span>enzia<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>Impresedi<span class=\"_ _3bd\"> </span>assic<span class=\"_ _0\"></span>uraz<span class=\"_ _0\"></span>ione<span class=\"_ _3bd\"> </span>Altreimp<span class=\"_ _0\"></span>rese<span class=\"fc0 sc1\"> </span>Elisio<span class=\"_ _2\"></span>nie<span class=\"_ _3bd\"> </span>aggiust<span class=\"_ _2\"></span>amentida<span class=\"_ _3bd\"> </span>conso<span class=\"_ _0\"></span>lida<span class=\"_ _0\"></span>mento<span class=\"_ _3bd\"> </span>Tota<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Cap<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>le <span class=\"_ _2e7\"> </span>341<span class=\"_ _0\"></span>.32<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span></span></span>12<span class=\"_ _0\"></span>1.6<span class=\"_ _0\"></span>00<span class=\"_ _3bd\"> </span>8<span class=\"_ _3bd\"> </span>(1<span class=\"_ _0\"></span>21.<span class=\"_ _0\"></span>565)<span class=\"_ _3bd\"> </span>341<span class=\"_ _0\"></span>.36<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>2.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Sovrapprezzi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">em<span class=\"_ _0\"></span>iss<span class=\"_ _0\"></span>ione<span class=\"_ _1\"></span> <span class=\"_ _5f\"> </span>321.<span class=\"_ _0\"></span>801<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>321<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>01<span class=\"_ _3bd\"> </span>3.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Rise<span class=\"_ _0\"></span>rve<span class=\"_ _0\"></span> <span class=\"_ _1b6\"> </span>2<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>53.8<span class=\"_ _0\"></span>86<span class=\"_ _3bd\"> </span></span></span>250<span class=\"_ _0\"></span>.98<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>074<span class=\"_ _3bd\"> </span>14<span class=\"_ _0\"></span>.01<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>620<span class=\"_ _0\"></span>.95<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>4.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Strumenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ap<span class=\"_ _0\"></span>ital<span class=\"_ _0\"></span>e <span class=\"_ _22d\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>5.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(Azioni<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rop<span class=\"_ _0\"></span>rie<span class=\"_ _0\"></span>) <span class=\"_ _56\"> </span>(<span class=\"_ _0\"></span>10.<span class=\"_ _0\"></span>072<span class=\"_ _0\"></span>)<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>(1<span class=\"_ _0\"></span>0.0<span class=\"_ _0\"></span>72)<span class=\"_ _3bd\"> </span>6.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Riserve<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valu<span class=\"_ _0\"></span>taz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span>: <span class=\"_ _5e\"> </span>(1<span class=\"_ _0\"></span>51.<span class=\"_ _0\"></span>951<span class=\"_ _0\"></span>)<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>(2<span class=\"_ _0\"></span>27.<span class=\"_ _0\"></span>580<span class=\"_ _0\"></span>)<span class=\"_ _3bd\"> </span>(2<span class=\"_ _1\"></span>)<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>(37<span class=\"_ _0\"></span>9.5<span class=\"_ _0\"></span>33)<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">capitale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">designati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">f<span class=\"_ _2\"></span>air<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">impatto<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>sulla<span class=\"_ _3bd\"> </span>redditivit\u00e0<span class=\"_ _3bd\"> </span>compless<span class=\"_ _0\"></span>iva 4<span class=\"_ _0\"></span>.0<span class=\"_ _1\"></span>65<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>4<span class=\"_ _0\"></span>.0<span class=\"_ _1\"></span>65<span class=\"_ _3bd\"> </span>-Coperturedititolidicapitaledesignatialfairvalue<span class=\"_ _3bd\"> </span>con<span class=\"_ _3bd\"> </span>impatto<span class=\"_ _3bd\"> </span>sulla<span class=\"_ _3bd\"> </span>redditivit\u00e0<span class=\"_ _3bd\"> </span>complessiva<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-Att<span class=\"_ _0\"></span>ivit<span class=\"_ _0\"></span>\u00e0fi<span class=\"_ _0\"></span>nanz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ieval<span class=\"_ _0\"></span>uta<span class=\"_ _0\"></span>tealfa<span class=\"_ _0\"></span>irva<span class=\"_ _0\"></span>lueconimp<span class=\"_ _0\"></span>att<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>sul<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>red<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>mple<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>va (1<span class=\"_ _0\"></span>30.<span class=\"_ _0\"></span>575)<span class=\"_ _3bd\"> </span>(2<span class=\"_ _0\"></span>27.<span class=\"_ _0\"></span>655)<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>(35<span class=\"_ _0\"></span>8.2<span class=\"_ _0\"></span>30)<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Atti<span class=\"_ _2\"></span>vit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mat<span class=\"_ _0\"></span>eria<span class=\"_ _1\"></span>li <span class=\"_ _314\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Atti<span class=\"_ _2\"></span>vit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">imm<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>li <span class=\"_ _9\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>ope<span class=\"_ _0\"></span>rtur<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>nve<span class=\"_ _0\"></span>stim<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>est<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span> <span class=\"_ _117\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Copertura<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">flussi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fina<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>i <span class=\"_ _191\"> </span>(72<span class=\"_ _0\"></span>.37<span class=\"_ _0\"></span>9)<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>(72<span class=\"_ _0\"></span>.37<span class=\"_ _0\"></span>9)<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> </span>St<span class=\"_ _0\"></span>rum<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ope<span class=\"_ _0\"></span>rtu<span class=\"_ _0\"></span>ra<span class=\"ff1\"> </span>[e<span class=\"_ _0\"></span>lem<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>sig<span class=\"_ _0\"></span>nat<span class=\"_ _0\"></span>i]<span class=\"_ _0\"></span> <span class=\"_ _1f6\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Differenze<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>amb<span class=\"_ _1\"></span>io <span class=\"_ _2e8\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-Attivit\u00e0noncorrentiegruppidiattivit\u00e0inviadi<span class=\"_ _3bd\"> </span>dis<span class=\"_ _0\"></span>miss<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> </span>Passivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>des<span class=\"_ _0\"></span>ignate<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>lue<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>impatto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">co<span class=\"_ _2\"></span>nto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">economico<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(variazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">proprio </span></span></span></span></span></span></span></span></span></span></span></span>merito<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cred<span class=\"_ _0\"></span>itiz<span class=\"_ _0\"></span>io)<span class=\"_ _1\"></span> </span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Utili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(perdite)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attuariali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">piani<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">previdenz<span class=\"_ _0\"></span>iali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>benefici<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">definiti </span></span>(6.<span class=\"_ _0\"></span>14<span class=\"_ _0\"></span>2)<span class=\"_ _3bd\"> </span>75<span class=\"_ _3bd\"> </span>(2<span class=\"_ _1\"></span>)<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>(6.<span class=\"_ _0\"></span>06<span class=\"_ _0\"></span>9)<span class=\"_ _3bd\"> </span>-Quotedelleriservedavalutazionedelle<span class=\"_ _3bd\"> </span>partecipazioni<span class=\"_ _3bd\"> </span>valutate<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>patrimonio<span class=\"_ _3bd\"> </span>netto -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-Leggispecialidiriv<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>taz<span class=\"_ _0\"></span>ione<span class=\"_ _3bd\"> </span>53.<span class=\"_ _0\"></span>080<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>53.<span class=\"_ _0\"></span>080<span class=\"_ _3bd\"> </span>7.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Utile<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(Perdita)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d'esercizio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(+/-)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gruppo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">terz<span class=\"_ _0\"></span>i <span class=\"_ _6e\"> </span>28<span class=\"_ _0\"></span>0.5<span class=\"_ _0\"></span>63<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>32.<span class=\"_ _0\"></span>649<span class=\"_ _3bd\"> </span>75<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>3.0<span class=\"_ _0\"></span>20<span class=\"_ _3bd\"> </span>316<span class=\"_ _0\"></span>.98<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>Pa<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>io<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span> <span class=\"_ _e6\"> </span>3.1<span class=\"_ _0\"></span>35<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>50<span class=\"_ _3bd\"> </span>17<span class=\"_ _0\"></span>7.6<span class=\"_ _1\"></span>51<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>83<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>(1<span class=\"_ _0\"></span>04.<span class=\"_ _0\"></span>53<span class=\"_ _1\"></span>0)<span class=\"_ _3bd\"> </span>3.<span class=\"_ _0\"></span>21<span class=\"_ _0\"></span>1.5<span class=\"_ _0\"></span>05<span class=\"_ _3bd\"> </span>Nella<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>tavola<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>sopra<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>riportata<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>indicate<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>componenti<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>patrimo<span class=\"_ _2\"></span>nio<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>n<span class=\"_ _0\"></span>etto<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>contabile,<span class=\"ff1\"> </span>sommando<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quelle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Gruppo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quelle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>terzi,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>ipartite<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tipologia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>imprese<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>oggett<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"_ _2\"></span><span class=\"ff1\"> </span>consolidamento.<span class=\"ff1\">  </span>P<span class=\"_ _0\"></span>i\u00f9<span class=\"ff1\">  </span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dettagl<span class=\"_ _2\"></span>io,<span class=\"ff1\">  </span>ne<span class=\"_ _0\"></span>lla<span class=\"ff1\">  </span>colonna<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>riferita<span class=\"ff1\">  </span>al<span class=\"ff1\">  </span>Consolid<span class=\"_ _0\"></span>amento<span class=\"ff1\">  </span>prudenziale<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>vi<span class=\"_ _2\"></span>ene<span class=\"ff1\"> </span>indicato<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019importo<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>he<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>isulta<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dal<span class=\"ff1\"> </span>consolidame<span class=\"_ _0\"></span>nto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">so<span class=\"_ _2\"></span>ciet\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">appartenenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Gruppo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bancario,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>lordo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>degli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>effet<span class=\"_ _2\"></span>ti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>economici<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>transazioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>effettuate<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>altr<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>ociet\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>incluse<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _21\"></span></span>pe<span class=\"_ _0\"></span>rimetro<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> </span>consolidamento;<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\">  </span>socie<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\">  </span>con<span class=\"_ _0\"></span>tro<span class=\"_ _2\"></span>llate,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>diverse<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>da<span class=\"ff1\">  </span>q<span class=\"_ _0\"></span>uelle<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>appart<span class=\"_ _2\"></span>enenti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Gr<span class=\"_ _2\"></span>uppo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>bancario<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> </span>consolidate<span class=\"ff1\"> </span>integralmente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>qui<span class=\"ff1\"> </span>valorizzate<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">metodo<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>patr<span class=\"_ _2\"></span>imonio<span class=\"ff1\"> </span>netto.<span class=\"ff1\"> </span>Nella<span class=\"ff1\"> </span>colonna<span class=\"ff1\"> </span></span></span></span></span>Imprese<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>assicurazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>riportati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">importi<span class=\"ff1\"> </span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">risul<span class=\"_ _0\"></span>tano<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>al<span class=\"ff1\"> </span>consolidamento,<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">lordo</span> <span class=\"_ _0\"></span><span class=\"ff3\">degli<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>effetti<span class=\"ff1\">  </span>economici<span class=\"ff1\">  </span>derivanti<span class=\"ff1\">  </span>da<span class=\"_ _2\"></span><span class=\"ff1\">  </span>transazioni<span class=\"ff1\">  </span>effettuate<span class=\"ff1\">  </span>con<span class=\"ff1\">  </span>le<span class=\"_ _2\"></span><span class=\"ff1\">  </span>societ\u00e0<span class=\"ff1\">  </span>appartenenti<span class=\"ff1\">  </span>al<span class=\"ff1\">  </span>Gr<span class=\"_ _2\"></span>uppo<span class=\"ff1\"> </span>bancario.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Nelle<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">colonne<span class=\"ff1\"> </span>Elisioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ed<span class=\"ff1\"> </span>Aggiustamenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">invece<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">indicate<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rettifiche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">necessarie<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ottenere<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>dato<span class=\"ff1\"> </span>rappresentato<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>bilancio.<span class=\"_ _3bd\"> </span>B.2<span class=\"_ _3bd\"> </span>Riserv<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>da<span class=\"_ _3bd\"> </span>valut<span class=\"_ _0\"></span>azione<span class=\"_ _3bd\"> </span>delle<span class=\"_ _3bd\"> </span>atti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _3bd\"> </span>finanzi<span class=\"_ _0\"></span>arie<span class=\"_ _3bd\"> </span>valuta<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>fair<span class=\"_ _3bd\"> </span>value<span class=\"_ _3bd\"> </span>con<span class=\"_ _3bd\"> </span>impa<span class=\"_ _0\"></span>tto<span class=\"_ _3bd\"> </span>sulla<span class=\"_ _3bd\"> </span>reddit<span class=\"_ _0\"></span>ivit\u00e0<span class=\"_ _3bd\"> </span>com<span class=\"_ _0\"></span>plessi<span class=\"_ _0\"></span>va:<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>os<span class=\"_ _1\"></span>izio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Att<span class=\"_ _1\"></span>ivi<span class=\"_ _0\"></span>t\u00e0/<span class=\"_ _0\"></span>va<span class=\"_ _1\"></span>lori<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Co<span class=\"_ _0\"></span>ns<span class=\"_ _1\"></span>olid<span class=\"_ _0\"></span>at<span class=\"_ _1\"></span>o<span class=\"_ _3bd\"> </span>pr<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>Impr<span class=\"_ _0\"></span>ese<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>as<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>cu<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>zio<span class=\"_ _1\"></span>ne<span class=\"fc0 sc1\"> </span>Alt<span class=\"_ _1\"></span>re<span class=\"_ _3bd\"> </span>im<span class=\"_ _1\"></span>pre<span class=\"_ _0\"></span>se<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Elisi<span class=\"_ _0\"></span>oni<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>ag<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>me<span class=\"_ _1\"></span>nti<span class=\"_ _3bd\"> </span>da<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>ns<span class=\"_ _1\"></span>olid<span class=\"_ _0\"></span>am<span class=\"_ _1\"></span>ent<span class=\"_ _0\"></span>o<span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Ris<span class=\"_ _1\"></span>erv<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>po<span class=\"_ _0\"></span>sit<span class=\"_ _1\"></span>iva<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Ris<span class=\"_ _1\"></span>erv<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>ga<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>va<span class=\"_ _3bd\"> </span>Ris<span class=\"_ _1\"></span>erv<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>po<span class=\"_ _0\"></span>sit<span class=\"_ _1\"></span>iva<span class=\"_ _3bd\"> </span>Ris<span class=\"_ _1\"></span>erv<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>ga<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>va<span class=\"_ _3bd\"> </span>Ris<span class=\"_ _1\"></span>erv<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>po<span class=\"_ _0\"></span>sit<span class=\"_ _1\"></span>iva<span class=\"_ _3bd\"> </span>Ris<span class=\"_ _1\"></span>erv<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>ga<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>va<span class=\"_ _3bd\"> </span>Ris<span class=\"_ _1\"></span>erv<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>po<span class=\"_ _0\"></span>sit<span class=\"_ _1\"></span>iva<span class=\"_ _3bd\"> </span>Ris<span class=\"_ _1\"></span>erv<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>ga<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>va<span class=\"_ _3bd\"> </span>Ris<span class=\"_ _1\"></span>erv<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>po<span class=\"_ _0\"></span>sit<span class=\"_ _1\"></span>iva<span class=\"_ _3bd\"> </span>Ris<span class=\"_ _1\"></span>erv<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>ga<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>va<span class=\"_ _3bd\"> </span>1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">debi<span class=\"_ _0\"></span>to <span class=\"_ _a9\"> </span>11.<span class=\"_ _0\"></span>663<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>14<span class=\"_ _0\"></span>2.2<span class=\"_ _0\"></span>39<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>11<span class=\"_ _0\"></span>.66<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>14<span class=\"_ _0\"></span>2.2<span class=\"_ _0\"></span>39<span class=\"_ _3bd\"> </span>2.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">capit<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span> <span class=\"_ _3f\"> </span>6<span class=\"_ _0\"></span>.88<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>2.<span class=\"_ _0\"></span>819<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>6.<span class=\"_ _0\"></span>885<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>819<span class=\"_ _3bd\"> </span>3.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Finan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span> </span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Tot<span class=\"_ _0\"></span>ale<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span> <span class=\"_ _69\"> </span>18.<span class=\"_ _0\"></span>548<span class=\"_ _3bd\"> </span>14<span class=\"_ _0\"></span>5.0<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>------18<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>48<span class=\"_ _3bd\"> </span>14<span class=\"_ _0\"></span>5.0<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>Tot<span class=\"_ _0\"></span>ale<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _3bd\"> </span>29<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>86<span class=\"_ _3bd\"> </span>4.<span class=\"_ _0\"></span>93<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>29<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>86<span class=\"_ _3bd\"> </span>4.<span class=\"_ _0\"></span>93<span class=\"_ _0\"></span>4 Att<span class=\"_ _1\"></span>ivi<span class=\"_ _0\"></span>t\u00e0/<span class=\"_ _0\"></span>va<span class=\"_ _1\"></span>lori<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Impr<span class=\"_ _0\"></span>ese<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>as<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>cu<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>zio<span class=\"_ _1\"></span>ne<span class=\"fc0 sc1\"> </span>Alt<span class=\"_ _1\"></span>re<span class=\"_ _3bd\"> </span>im<span class=\"_ _1\"></span>pre<span class=\"_ _0\"></span>se<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Elisi<span class=\"_ _0\"></span>oni<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>ag<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>me<span class=\"_ _1\"></span>nti<span class=\"_ _3bd\"> </span>da<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>ns<span class=\"_ _1\"></span>olid<span class=\"_ _0\"></span>am<span class=\"_ _1\"></span>ent<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Ris<span class=\"_ _1\"></span>erv<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>po<span class=\"_ _0\"></span>sit<span class=\"_ _1\"></span>iva<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Ris<span class=\"_ _1\"></span>erv<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>ga<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Ris<span class=\"_ _1\"></span>erv<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>po<span class=\"_ _0\"></span>sit<span class=\"_ _1\"></span>iva<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Ris<span class=\"_ _1\"></span>erv<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>ga<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Ris<span class=\"_ _1\"></span>erv<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>po<span class=\"_ _0\"></span>sit<span class=\"_ _1\"></span>iva<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Ris<span class=\"_ _1\"></span>erv<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>ga<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Ris<span class=\"_ _1\"></span>erv<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>po<span class=\"_ _0\"></span>sit<span class=\"_ _1\"></span>iva<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Ris<span class=\"_ _1\"></span>erv<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>ga<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>va<span class=\"_ _3bd\"> </span>1.Tit<span class=\"_ _0\"></span>olid<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>bito<span class=\"_ _0\"></span> 4.<span class=\"_ _0\"></span>087<span class=\"_ _3bd\"> </span>176<span class=\"_ _0\"></span>.78<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>4.<span class=\"_ _0\"></span>087<span class=\"_ _3bd\"> </span>176<span class=\"_ _0\"></span>.78<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Tito<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span>ca<span class=\"_ _0\"></span>pita<span class=\"_ _0\"></span>le -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>3.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Quote<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span>O.<span class=\"_ _0\"></span>I.C.<span class=\"_ _0\"></span>R 6.<span class=\"_ _0\"></span>992<span class=\"_ _3bd\"> </span>61.<span class=\"_ _0\"></span>94<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>6.<span class=\"_ _0\"></span>992<span class=\"_ _3bd\"> </span>61.<span class=\"_ _0\"></span>94<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>4<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span>Fina<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Tot<span class=\"_ _0\"></span>ale<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>.1<span class=\"_ _0\"></span>22.<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span> <span class=\"_ _201\"> </span>11.<span class=\"_ _0\"></span>07<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span>23<span class=\"_ _0\"></span>8.<span class=\"_ _0\"></span>73<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>----11<span class=\"_ _0\"></span>.07<span class=\"_ _1\"></span>9<span class=\"_ _3bd\"> </span>23<span class=\"_ _0\"></span>8.<span class=\"_ _0\"></span>73<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>Tot<span class=\"_ _0\"></span>ale<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span> <span class=\"_ _3a\"> </span>42.<span class=\"_ _1\"></span>360<span class=\"_ _3bd\"> </span>56<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>81<span class=\"_ _3bd\"> </span>----42<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>60<span class=\"_ _3bd\"> </span>56<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>81<span class=\"_ _3bd\"> </span>B.3<span class=\"_ _3bd\"> </span>Riserv<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>da<span class=\"_ _3bd\"> </span>valut<span class=\"_ _0\"></span>azione<span class=\"_ _3bd\"> </span>delle<span class=\"_ _3bd\"> </span>atti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _3bd\"> </span>finanzi<span class=\"_ _0\"></span>arie<span class=\"_ _3bd\"> </span>valuta<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>fair<span class=\"_ _3bd\"> </span>value<span class=\"_ _3bd\"> </span>con<span class=\"_ _3bd\"> </span>impa<span class=\"_ _0\"></span>tto<span class=\"_ _3bd\"> </span>sulla<span class=\"_ _3bd\"> </span>reddit<span class=\"_ _0\"></span>ivit\u00e0<span class=\"_ _3bd\"> </span>comp<span class=\"_ _0\"></span>lessiva<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span>variaz<span class=\"_ _0\"></span>ioni<span class=\"_ _3bd\"> </span>annu<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>Ti<span class=\"_ _0\"></span>tol<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>bit<span class=\"_ _1\"></span>o<span class=\"fc0 sc1\"> </span>Titol<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>pi<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Fin<span class=\"_ _1\"></span>an<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>1.<span class=\"_ _3bd\"> </span>Esist<span class=\"_ _0\"></span>enze<span class=\"_ _3bd\"> </span>in<span class=\"_ _1\"></span>izia<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span> <span class=\"_ _150\"> </span>23<span class=\"_ _0\"></span>.13<span class=\"_ _1\"></span>9 1.<span class=\"_ _0\"></span>31<span class=\"_ _0\"></span>3 -2.<span class=\"_ _3bd\"> </span>Va<span class=\"_ _1\"></span>ria<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>oni<span class=\"_ _3bd\"> </span>po<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span> <span class=\"_ _170\"> </span>8.<span class=\"_ _0\"></span>38<span class=\"_ _0\"></span>7 6.<span class=\"_ _0\"></span>45<span class=\"_ _0\"></span>9 -2.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Incrementi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valu<span class=\"_ _0\"></span>e <span class=\"_ _2b2\"> </span>5.7<span class=\"_ _0\"></span>29 </span></span></span></span></span></span></span></span>6.<span class=\"_ _0\"></span>023 <span class=\"_ _ca\"> </span>-<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>2<span class=\"ff1\"> </span>Re<span class=\"_ _0\"></span>ttif<span class=\"_ _0\"></span>ich<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">va<span class=\"_ _0\"></span>lor<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>cr<span class=\"_ _0\"></span>edi<span class=\"_ _0\"></span>to <span class=\"_ _240\"> </span>19<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span> <span class=\"_ _f2\"> </span>X<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>3<span class=\"ff1\"> </span>Rigi<span class=\"_ _0\"></span>ro<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>nto<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>con<span class=\"_ _1\"></span>omico<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rise<span class=\"_ _1\"></span>rve<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">neg<span class=\"_ _0\"></span>ativ<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>da<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">re<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>zz<span class=\"_ _0\"></span>o <span class=\"_ _5d\"> </span>1.<span class=\"_ _0\"></span>529<span class=\"_ _0\"></span> <span class=\"_ _f2\"> </span>X<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>4<span class=\"ff1\"> </span>T<span class=\"_ _0\"></span>rasf<span class=\"_ _0\"></span>erim<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>ad<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">altr<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">comp<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>pat<span class=\"_ _0\"></span>rim<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>tto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">(tit<span class=\"_ _0\"></span>oli<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">capi<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le)<span class=\"_ _0\"></span> <span class=\"_ _112\"> </span>- </span></span></span></span></span></span></span></span>- <span class=\"_ _349\"> </span>-<span class=\"_ _3bd\"> </span>2.5<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">var<span class=\"_ _0\"></span>iazi<span class=\"_ _1\"></span>oni <span class=\"_ _8f\"> </span>93<span class=\"_ _1\"></span>3 </span></span></span></span>4<span class=\"_ _0\"></span>36<span class=\"_ _1\"></span> <span class=\"_ _349\"> </span>-<span class=\"_ _3bd\"> </span>3.<span class=\"_ _3bd\"> </span>Va<span class=\"_ _0\"></span>ria<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>ga<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span> <span class=\"_ _300\"> </span>16<span class=\"_ _0\"></span>2.<span class=\"_ _0\"></span>102<span class=\"_ _1\"></span> 3.7<span class=\"_ _1\"></span>06<span class=\"_ _0\"></span> -3.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Riduzioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">va<span class=\"_ _0\"></span>lue<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span>15<span class=\"_ _0\"></span>7.<span class=\"_ _0\"></span>109<span class=\"_ _1\"></span> 3.<span class=\"_ _1\"></span>506<span class=\"_ _1\"></span> -3.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Riprese<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cre<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>o </span></span></span></span></span></span></span></span></span></span></span></span></span></span>2<span class=\"_ _0\"></span>74<span class=\"_ _1\"></span> --3.3<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Rig<span class=\"_ _0\"></span>iro<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"ff3\">c<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>ec<span class=\"_ _0\"></span>onom<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>da<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ris<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ve<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">posi<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>e:<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>zzo<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span>3.<span class=\"_ _0\"></span>52<span class=\"_ _0\"></span>6 X<span class=\"_ _3bd\"> </span>-3.4<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Tr<span class=\"_ _0\"></span>asfe<span class=\"_ _0\"></span>rim<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ad<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">alt<span class=\"_ _1\"></span>re<span class=\"ff1\"> </span>com<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>nen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>imon<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">netto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">(ti<span class=\"_ _0\"></span>tol<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cap<span class=\"_ _1\"></span>ital<span class=\"_ _0\"></span>e) </span></span></span></span></span></span></span></span>-2<span class=\"_ _0\"></span>00<span class=\"_ _0\"></span> -3.5<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">var<span class=\"_ _0\"></span>iaz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i </span></span></span></span>1.<span class=\"_ _0\"></span>19<span class=\"_ _0\"></span>3 --4.<span class=\"_ _3bd\"> </span>Rim<span class=\"_ _1\"></span>an<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ze<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>li <span class=\"_ _313\"> </span>(13<span class=\"_ _0\"></span>0.<span class=\"_ _0\"></span>57<span class=\"_ _0\"></span>6)<span class=\"_ _1\"></span> 4.<span class=\"_ _0\"></span>06<span class=\"_ _0\"></span>6 -Nel<span class=\"ff1\"> <span class=\"_ _21\"></span></span>corso<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>20<span class=\"_ _2\"></span>21<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Credemtel<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ha<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>aderito<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>all\u2019aumento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>capitale<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>societ\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>S-Invest<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>srl,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>una<span class=\"_ _0\"></span><span class=\"ff1\"> </span>societ\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">diritto<span class=\"ff1\"> </span>italiano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">user\u00e0<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">provvista<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">raccolta<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>sottoscrive<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prestito<span class=\"ff1\"> </span>convertibile<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>una<span class=\"ff1\"> </span>societ\u00e0<span class=\"ff1\"> </span>svizzera<span class=\"ff1\"> </span>denominata<span class=\"ff1\"> </span>Sonect<span class=\"ff1\"> </span>AG.<span class=\"_ _3bd\"> </span>L\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>finan<span class=\"_ _0\"></span>ziaria<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>parola<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _0\"></span>osseduta<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>secondo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>modello<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>business<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>obiettivo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u00e8<span class=\"ff1\"> </span>conseguito<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ia<span class=\"ff1\"> </span>mediante<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019incasso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziari<span class=\"ff1\"> <span class=\"_ _2\"></span></span>previsti<span class=\"ff1\"> </span>contrattualmente<span class=\"ff1\"> </span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mediante<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> </span>vendita<span class=\"ff1\"> </span>(Business<span class=\"ff1\"> </span>model<span class=\"ff1\"> </span>\u201cHold<span class=\"ff1\"> </span>to<span class=\"ff1\"> </span>Collect<span class=\"ff1\"> </span>and<span class=\"ff1\"> </span>Sell<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> </span>\u201cHTCS\u201d\u201d<span class=\"_ _2\"></span>). Ai<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fini<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">processo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">impairment<span class=\"ff1\"> </span>test<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stato<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">utilizzato<span class=\"ff1\"> </span>l\u2019ultimo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">disponibile<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>videnzia<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>una<span class=\"ff1\"> <span class=\"_ _20\"></span></span>perdita<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>consistente<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un<span class=\"ff1\"> <span class=\"_ _21\"></span></span>patrimonio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>netto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>neg<span class=\"_ _0\"></span>ativo.<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Essendo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Sonect<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>AG<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>st<span class=\"_ _2\"></span>art-up<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>non<span class=\"ff1\"> </span>ess<span class=\"_ _0\"></span>end<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>poss<span class=\"_ _0\"></span>ibi<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>fo<span class=\"_ _0\"></span>rmu<span class=\"_ _0\"></span>lare<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">prev<span class=\"_ _0\"></span>isi<span class=\"_ _0\"></span>oni<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>u<span class=\"ff1\"> </span>un<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ritor<span class=\"_ _0\"></span>no<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">all\u2019<span class=\"_ _0\"></span>uti<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>bre<span class=\"_ _0\"></span>ve<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>odo<span class=\"ff1\"> </span>no<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">po<span class=\"_ _0\"></span>ssib<span class=\"_ _0\"></span>ile<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>ritenere<span class=\"ff1\"> </span>suf<span class=\"_ _0\"></span>ficientemente<span class=\"ff1\"> </span>consistente<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>Patrimonio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">netto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rettificato<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">S-<span class=\"ff1\"> </span>In<span class=\"_ _0\"></span>vest<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>consegu<span class=\"_ _0\"></span>ente<span class=\"ff1\"> </span></span></span></span></span></span></span>svalutazione<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>impairment,<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>200<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mila<span class=\"ff1\"> </span>euro,<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>partecip<span class=\"_ _0\"></span>azi<span class=\"_ _2\"></span>one<span class=\"ff1\"> </span>detenuta<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>Credemtel. Rel<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>vame<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">all\u2019<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>m<span class=\"_ _0\"></span>erc<span class=\"_ _0\"></span>ati<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nzia<span class=\"_ _0\"></span>ri,<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>egna<span class=\"_ _0\"></span>lia<span class=\"_ _0\"></span>mo: </span></span>Nel<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>primo<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>trimestre<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>2022,<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>l\u2019invasione<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>dell\u2019Ucraina<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>conseguente<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>incremento<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>l\u2019a<span class=\"_ _0\"></span>vver<span class=\"_ _0\"></span>sion<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risch<span class=\"_ _0\"></span>io<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>arte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">deg<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>nve<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>tori<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">t<span class=\"_ _0\"></span>rad<span class=\"_ _0\"></span>otti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>pe<span class=\"_ _1\"></span>santi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uot<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>az<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>arie,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">diff<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">int<span class=\"_ _0\"></span>ensi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>tra<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>esi<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sono</span> <span class=\"ff3\">sta<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>niz<span class=\"_ _0\"></span>ialme<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">riass<span class=\"_ _0\"></span>orb<span class=\"_ _0\"></span>iti<span class=\"ff1\"> </span>qua<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span>ovu<span class=\"_ _0\"></span>nque<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fine<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">marzo.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Sui<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mercat<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">obbligazionari<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">assist<span class=\"_ _2\"></span>ito<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rialzo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rendimenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">titoli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pu<span class=\"_ _2\"></span>bblici<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>lunga<span class=\"ff1\"> </span>scadenza,<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>decisioni<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attese<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>politica<span class=\"ff1\"> </span>monetaria. Nel<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sec<span class=\"_ _0\"></span>ondo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>trimestre<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>2022,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>condizioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sui<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>mercati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>internazionali<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>so<span class=\"_ _0\"></span>no<span class=\"_ _1\"></span> peggiorate,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riflettendo<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>lato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>progressiva<span class=\"ff1\"> <span class=\"_ _2\"></span></span>norma<span class=\"_ _2\"></span>lizzazione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>politiche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>monetarie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>molti<span class=\"ff1\">  </span>paesi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>avanzati,<span class=\"ff1\">  </span>volta<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\">  </span>contenere<span class=\"ff1\">  </span>le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>pressioni<span class=\"ff1\">  </span>inflazionistiche,<span class=\"ff1\">  </span>dall\u2019altro<span class=\"ff1\">  </span>le<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">tensioni</span> </span>geopolitiche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>maggiore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">incertezza<span class=\"ff1\"> </span>circa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>situazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>Ucraina<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>prospettive<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span>ciclo<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>economico<span class=\"ff1\"> </span>globale.<span class=\"ff1\"> </span>I<span class=\"ff1\"> <span class=\"_ _2\"></span></span>corsi<span class=\"ff1\"> </span>a<span class=\"_ _2\"></span>zionari<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>scesi,<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>particolare<span class=\"ff1\"> </span>negli<span class=\"ff1\"> </span>Stati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Uniti.<span class=\"ff1\"> </span>I<span class=\"ff1\"> </span>rendimenti<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pubblici<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">lunga<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sca<span class=\"_ _2\"></span>denza<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cr<span class=\"_ _2\"></span>esciuti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">am<span class=\"_ _2\"></span>pliati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">differenziali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rendimento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fra<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>pa<span class=\"_ _0\"></span>esi. Nel<span class=\"ff1\"> </span>terzo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">trimestre<span class=\"ff1\"> </span>dell\u2019an<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>condizioni<span class=\"ff1\"> </span>finanz<span class=\"_ _0\"></span>iarie<span class=\"ff1\"> </span>sui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mercati<span class=\"ff1\"> </span>internazionali<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">divenute<span class=\"ff1\"> </span></span></span></span></span></span></span>pi\u00f9<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">tese<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rise<span class=\"_ _0\"></span>nten<span class=\"_ _0\"></span>do<span class=\"ff1\"> <span class=\"_ _2\"></span></span>de<span class=\"_ _0\"></span>ll\u2019e<span class=\"_ _0\"></span>lev<span class=\"_ _0\"></span>ata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"_ _0\"></span>flaz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"_ _0\"></span>l\u2019ac<span class=\"_ _0\"></span>cele<span class=\"_ _0\"></span>razi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">del</span> <span class=\"_ _2\"></span><span class=\"ff3\">pro<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>sso<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>normal<span class=\"_ _0\"></span>izz<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span></span></span></span></span>del<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">polit<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mone<span class=\"_ _0\"></span>tari<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rinc<span class=\"_ _0\"></span>ipal<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ba<span class=\"_ _0\"></span>nche<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cent<span class=\"_ _0\"></span>ral<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al</span> <span class=\"_ _0\"></span><span class=\"ff3\">riba<span class=\"_ _0\"></span>sso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>ngiu<span class=\"_ _0\"></span>ntu<span class=\"_ _0\"></span>ra<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>internazionale.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>I<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rendimenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tito<span class=\"_ _2\"></span>li<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pubbli<span class=\"_ _0\"></span>ci<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cresciuti,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sopratt<span class=\"_ _2\"></span>utto<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>scadenze<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pi\u00f9<span class=\"ff1\"> </span>prossime,<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>corsi<span class=\"ff1\"> </span>azionari<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>scesi. Nell\u2019ultimo<span class=\"ff1\"> </span>tr<span class=\"_ _2\"></span>imestre<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>2022,<span class=\"ff1\"> </span>tra<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> </span>met\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>ot<span class=\"_ _2\"></span>tobre<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>met\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>dicembre<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>condi<span class=\"_ _2\"></span>zioni<span class=\"ff1\"> </span>su<span class=\"_ _1\"></span>i mercati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziari<span class=\"ff1\"> <span class=\"_ _2\"></span></span>internazionali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>migliorate,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>beneficiando<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dell\u2019attenuarsi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dell\u2019incertezza<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>politica<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>Regno<span class=\"ff1\"> </span>Unito<span class=\"_ _2\"></span><span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attese<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>operatori<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>rallentamento<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>rit<span class=\"_ _0\"></span>mo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>alzo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ta<span class=\"_ _0\"></span>ssi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">poli<span class=\"_ _0\"></span>tic<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mon<span class=\"_ _0\"></span>etar<span class=\"_ _0\"></span>ia<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>elle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ma<span class=\"_ _0\"></span>ggi<span class=\"_ _0\"></span>ori<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">econ<span class=\"_ _0\"></span>omie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">av<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>ate.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Dopo<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>uni<span class=\"_ _0\"></span>oni<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dice<span class=\"_ _0\"></span>mbre<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">delle<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">prin<span class=\"_ _0\"></span>cip<span class=\"_ _0\"></span>ali<span class=\"ff1\"> </span>ba<span class=\"_ _0\"></span>nche<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">centr<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dei</span> <span class=\"ff3\">pae<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span>av<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>ati,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">gli</span> <span class=\"ff3\">ope<span class=\"_ _0\"></span>rato<span class=\"_ _0\"></span>ri<span class=\"ff1\"> </span>h<span class=\"_ _0\"></span>ann<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>nuov<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>modificato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>proprie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>aspett<span class=\"_ _2\"></span>ative<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>iguardo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>passo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>urata<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>processo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>estrizione<span class=\"ff1\"> </span>monetaria.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>I<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rendimenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sui<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tito<span class=\"_ _2\"></span>li<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pubblici<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>lungo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>termine<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Eu<span class=\"_ _2\"></span>ropa<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>negl<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Stati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Uniti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>so<span class=\"_ _2\"></span>no<span class=\"ff1\"> </span>temporaneamente<span class=\"ff1\"> </span>tornati<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>crescere. Pa<span class=\"_ _0\"></span>ssan<span class=\"_ _0\"></span>do<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ll\u2019<span class=\"_ _0\"></span>anali<span class=\"_ _0\"></span>si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>m<span class=\"_ _0\"></span>aggi<span class=\"_ _0\"></span>or<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>ttag<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>l\u2019I<span class=\"_ _0\"></span>tali<span class=\"_ _0\"></span>a: </span></span>Nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">corso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pr<span class=\"_ _2\"></span>imo<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>rimestre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2022,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rendimenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>ei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>itoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">St<span class=\"_ _2\"></span>ato<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>taliani<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stati<span class=\"ff1\"> </span>spi<span class=\"_ _0\"></span>nti<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>rialzo<span class=\"ff1\"> </span>dal<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">aspetta<span class=\"_ _2\"></span>tive<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>rid<span class=\"_ _0\"></span>uzione<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell\u2019accomodamento<span class=\"ff1\"> </span>monetario<span class=\"ff1\"> </span>nell\u2019<span class=\"_ _0\"></span>area<span class=\"ff1\"> </span>dell\u2019euro<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pi\u00f9<span class=\"ff1\"> </span></span></span></span></span></span></span>rapida<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quanto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>preced<span class=\"_ _2\"></span>entemente<span class=\"ff1\"> </span>at<span class=\"_ _2\"></span>teso,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contesto<span class=\"_ _2\"></span><span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fort<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>press<span class=\"_ _2\"></span>ioni<span class=\"ff1\"> </span>inflazionistiche.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Il<span class=\"ff1\"> </span>differenziale<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>corrispondenti<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> </span>tedeschi<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>ampliato,<span class=\"ff1\"> </span>collocandosi<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>fine<span class=\"ff1\"> </span>marzo<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>150<span class=\"ff1\"> </span>punti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">base. </span></span>A<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>art<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">da<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ap<span class=\"_ _0\"></span>rile,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ren<span class=\"_ _0\"></span>dime<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ti<span class=\"_ _0\"></span>tol<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>S<span class=\"_ _0\"></span>tat<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>tal<span class=\"_ _0\"></span>iani<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sul<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">scad<span class=\"_ _0\"></span>enz<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>cen<span class=\"_ _0\"></span>nale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">so<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>sa<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>oltre<span class=\"ff1\"> </span>100<span class=\"ff1\"> </span>punti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">base<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>differenziale<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>corrispondenti<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> </span>tedeschi<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>ampliato;<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anche<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span></span></span></span></span>premio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>ridenominazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cresciuto.<span class=\"ff1\"> </span>G<span class=\"_ _2\"></span>li<span class=\"ff1\"> </span>annunci<span class=\"_ _2\"></span><span class=\"ff1\"> </span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>BCE,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> </span>nella<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riunione<span class=\"ff1\"> </span>straordinaria<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>15<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>giugno<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ha<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ribadito<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>l\u2019impegno<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>contr<span class=\"_ _2\"></span>astare<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>riemergere<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>r<span class=\"_ _2\"></span>ischi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>frammentazione<span class=\"ff1\"> </span>nell\u2019area<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019euro,<span class=\"ff1\"> </span>hanno<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contr<span class=\"_ _2\"></span>ibuito<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contenere<span class=\"ff1\"> </span>l\u2019incremento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dello<span class=\"ff1\"> <span class=\"_ _2\"></span></span>spread<span class=\"ff1\"> </span>dec<span class=\"_ _0\"></span>enn<span class=\"_ _0\"></span>ale,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>ntor<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">quell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>dat<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>av<span class=\"_ _0\"></span>ev<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>toc<span class=\"_ _0\"></span>cato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i</span> <span class=\"_ _0\"></span><span class=\"ff3\">242<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>unti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ba<span class=\"_ _0\"></span>se.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Il<span class=\"ff1\"> </span>d<span class=\"_ _1\"></span>iffere<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">30<span class=\"ff1\"> </span>g<span class=\"_ _0\"></span>iugn<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>\u00e8<span class=\"ff1\"> </span>risultato<span class=\"ff1\"> </span>nell\u2019intorno<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>205<span class=\"ff1\"> </span>punti<span class=\"ff1\"> </span>base. Anche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">terzo<span class=\"ff1\"> </span>trimestre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rendimenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">titoli<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Stato</span> <span class=\"_ _0\"></span><span class=\"ff3\">italiani<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ulla<span class=\"ff1\"> </span>scad<span class=\"_ _0\"></span>enza<span class=\"ff1\"> </span>decennale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>cresciuti;<span class=\"ff1\"> </span>quell<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>sulle<span class=\"ff1\"> </span>scadenze<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">breve<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>resciuti<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>misura<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pi\u00f9<span class=\"ff1\"> </span>marcata.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">L\u2019andamento<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span></span></span></span></span></span></span>rendimenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"ff1\"> </span>riflesso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">soprattutto<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">processo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">normalizzazione<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span>politica<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mo<span class=\"_ _2\"></span>netaria<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>BCE.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">premio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sovrano,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">misurato<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dal<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">differenziale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>endimento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rispetto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ai<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Stato<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>tedeschi,<span class=\"ff1\">  </span>\u00e8<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>aumentato,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>risentendo<span class=\"ff1\">  </span>d<span class=\"_ _2\"></span>ell\u2019incertezza<span class=\"ff1\">  </span>polit<span class=\"_ _2\"></span>ica<span class=\"ff1\">  </span>seguita<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>alla<span class=\"ff1\">  </span>ca<span class=\"_ _2\"></span>duta<span class=\"ff1\">  </span>del<span class=\"ff1\"> </span>Governo<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>met\u00e0<span class=\"ff1\"> </span>luglio<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>dell\u2019acc<span class=\"_ _2\"></span>resciuta<span class=\"ff1\"> </span>avversione<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>nei<span class=\"ff1\"> </span>mercati;<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>fine<span class=\"ff1\"> </span>settembre<span class=\"ff1\"> </span>lo<span class=\"ff1\"> </span>spread <span class=\"ff3 fs5\">si<span class=\"ff1\"> </span>collocava<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>244<span class=\"ff1\"> </span>punti<span class=\"ff1\"> </span>base. </span>Nel<span class=\"_ _0\"></span>l\u2019u<span class=\"_ _0\"></span>lti<span class=\"_ _0\"></span>mo<span class=\"ff1\"> </span>tr<span class=\"_ _0\"></span>ime<span class=\"_ _0\"></span>stre<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>2<span class=\"_ _0\"></span>022<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>tte<span class=\"_ _0\"></span>se<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attenu<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rit<span class=\"_ _0\"></span>mo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rial<span class=\"_ _0\"></span>zo<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tas<span class=\"_ _0\"></span>si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">inte<span class=\"_ _1\"></span>resse </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">maggiore<span class=\"ff1\"> </span>propensione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">degli<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>nvestito<span class=\"_ _2\"></span>ri<span class=\"ff1\"> </span>hann<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>fav<span class=\"_ _0\"></span>orito<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">calo<span class=\"ff1\"> </span>dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rendimenti</span> <span class=\"_ _0\"></span><span class=\"ff3\">d<span class=\"_ _0\"></span>ei<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>titoli<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Stato<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">lungo<span class=\"ff1\"> </span>termine<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>premio<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>sovrano;<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>fine<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dicembre<span class=\"ff1\"> </span>lo<span class=\"ff1\"> </span></span></span></span></span>spread <span class=\"ff3 fs5\">\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span>sceso<span class=\"ff1\"> </span>verso<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>210<span class=\"ff1\"> </span>punti<span class=\"ff1\"> </span>base. Le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>iserve<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nette<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sui<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>titoli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>emessi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Am<span class=\"_ _2\"></span>ministrazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Centrali<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Paesi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ap<span class=\"_ _2\"></span>partenenti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>all\u2019Unione<span class=\"ff1\"> </span>Eu<span class=\"_ _0\"></span>rope<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>enta<span class=\"_ _0\"></span>vano<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">da<span class=\"_ _0\"></span>ta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">3<span class=\"_ _0\"></span>1<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ice<span class=\"_ _0\"></span>mbre<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">2<span class=\"_ _0\"></span>022,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">u<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ald<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>ga<span class=\"_ _0\"></span>tivo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ci<span class=\"_ _0\"></span>rca<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">75<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mi<span class=\"_ _0\"></span>lion<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">eur<span class=\"_ _0\"></span>o. </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Ri<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>rv<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>da<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>at<span class=\"_ _1\"></span>tivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>di<span class=\"_ _0\"></span>spo<span class=\"_ _1\"></span>nibi<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>la<span class=\"_ _3bd\"> </span>ve<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>an<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Titol<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>de<span class=\"_ _1\"></span>bit<span class=\"_ _0\"></span>o<span class=\"fc0 sc1\"> </span>Titol<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>pi<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Quote<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>O.<span class=\"_ _0\"></span>I.<span class=\"_ _0\"></span>C.<span class=\"_ _0\"></span>R.<span class=\"fc0 sc1\"> </span>Fin<span class=\"_ _1\"></span>an<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"fc0 sc1\"> </span>1.<span class=\"_ _3bd\"> </span>Esist<span class=\"_ _0\"></span>enze<span class=\"_ _3bd\"> </span>in<span class=\"_ _1\"></span>izia<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span> <span class=\"_ _f1\"> </span>(2<span class=\"_ _0\"></span>9.<span class=\"_ _0\"></span>32<span class=\"_ _0\"></span>6)<span class=\"_ _0\"></span> - <span class=\"_ _67\"> </span>15.<span class=\"_ _1\"></span>104<span class=\"_ _0\"></span> -2.<span class=\"_ _3bd\"> </span>Va<span class=\"_ _1\"></span>ria<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>oni<span class=\"_ _3bd\"> </span>po<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span> <span class=\"_ _17c\"> </span>17<span class=\"_ _0\"></span>.40<span class=\"_ _0\"></span>9 - <span class=\"_ _1ab\"> </span>1<span class=\"_ _0\"></span>0.5<span class=\"_ _0\"></span>23<span class=\"_ _1\"></span> -2.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Incrementi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valu<span class=\"_ _0\"></span>e <span class=\"_ _2e1\"> </span>16.<span class=\"_ _0\"></span>932 <span class=\"_ _11e\"> </span>- <span class=\"_ _39\"> </span>9.<span class=\"_ _0\"></span>505<span class=\"_ _0\"></span> <span class=\"_ _11e\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>2.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Rigiro<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">economico<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riserve<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ne<span class=\"_ _0\"></span>gati<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span> <span class=\"_ _354\"> </span>4<span class=\"_ _0\"></span>77<span class=\"_ _1\"></span> <span class=\"_ _af\"> </span>- <span class=\"_ _2f\"> </span>1.<span class=\"_ _0\"></span>018 <span class=\"_ _33a\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">det<span class=\"_ _0\"></span>eri<span class=\"_ _1\"></span>orame<span class=\"_ _0\"></span>nto<span class=\"_ _0\"></span> <span class=\"_ _bc\"> </span>- <span class=\"_ _af\"> </span>- <span class=\"_ _11e\"> </span>- <span class=\"_ _af\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rea<span class=\"_ _0\"></span>liz<span class=\"_ _0\"></span>zo <span class=\"_ _355\"> </span>4<span class=\"_ _0\"></span>77<span class=\"_ _1\"></span> <span class=\"_ _af\"> </span>- <span class=\"_ _2f\"> </span>1.<span class=\"_ _0\"></span>018 <span class=\"_ _33a\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>2.3<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">var<span class=\"_ _0\"></span>iazi<span class=\"_ _1\"></span>oni <span class=\"_ _43\"> </span>- <span class=\"_ _af\"> </span>- <span class=\"_ _af\"> </span>- <span class=\"_ _11e\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>3.<span class=\"_ _3bd\"> </span>Va<span class=\"_ _0\"></span>ria<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>ga<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span> <span class=\"_ _d\"> </span>1<span class=\"_ _0\"></span>60<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>82<span class=\"_ _1\"></span> - <span class=\"_ _34\"> </span>80.<span class=\"_ _0\"></span>58<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span> -3.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Riduzioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">va<span class=\"_ _0\"></span>lue<span class=\"_ _0\"></span> <span class=\"_ _b\"> </span>159<span class=\"_ _0\"></span>.94<span class=\"_ _0\"></span>1 <span class=\"_ _11e\"> </span>- <span class=\"_ _68\"> </span>73.5<span class=\"_ _0\"></span>03<span class=\"_ _0\"></span> <span class=\"_ _af\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>3.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">R<span class=\"_ _2\"></span>ettific<span class=\"_ _0\"></span>he<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dete<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>oram<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>o <span class=\"_ _319\"> </span>- <span class=\"_ _af\"> </span>- <span class=\"_ _af\"> </span>- <span class=\"_ _11e\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>3.3Rigiroacontoeconomicodariservepositive:da<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>aliz<span class=\"_ _0\"></span>zo 8<span class=\"_ _0\"></span>41<span class=\"_ _1\"></span> <span class=\"_ _af\"> </span>- <span class=\"_ _65\"> </span>7.08<span class=\"_ _0\"></span>1 <span class=\"_ _11e\"> </span>-<span class=\"_ _3bd\"> </span>3.4<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">var<span class=\"_ _0\"></span>iazi<span class=\"_ _1\"></span>oni <span class=\"_ _43\"> </span>- <span class=\"_ _af\"> </span>- <span class=\"_ _11e\"> </span>- <span class=\"_ _af\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>4.<span class=\"_ _3bd\"> </span>Rim<span class=\"_ _1\"></span>an<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ze<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>li <span class=\"_ _16f\"> </span>(<span class=\"_ _0\"></span>17<span class=\"_ _0\"></span>2.6<span class=\"_ _1\"></span>99)<span class=\"_ _0\"></span> - <span class=\"_ _7f\"> </span>(5<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>95<span class=\"_ _0\"></span>7)<span class=\"_ _0\"></span> -Le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>riserve<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nette<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sui<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>titoli<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>emessi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Amministrazioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Centrali<span class=\"ff1\">  </span>p<span class=\"_ _0\"></span>resentavano,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>alla<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>data<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>31<span class=\"ff1\"> </span>dicembre<span class=\"ff1\"> </span>2022,<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>saldo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>negativo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>circa<span class=\"ff1\"> </span>153<span class=\"_ _2\"></span>,8<span class=\"ff1\"> </span>milioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>euro,<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>98,9<span class=\"ff1\"> </span>milioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>euro<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riferibili<span class=\"ff1\"> </span>allo<span class=\"ff1\"> </span>S<span class=\"_ _0\"></span>tato<span class=\"_ _2\"></span><span class=\"ff1\"> </span>I<span class=\"_ _0\"></span>talia.<span class=\"ff1\"> </span>Le<span class=\"ff1\"> </span>sudde<span class=\"_ _0\"></span>tte<span class=\"ff1\"> </span>riserve<span class=\"ff1\"> </span>nette<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>state<span class=\"ff1\"> </span>compu<span class=\"_ _0\"></span>tate<span class=\"ff1\"> </span>interamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> </span>calcolo<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span>CET1<span class=\"ff1\"> </span></span></span></span></span>al<span class=\"ff1\"> </span>31<span class=\"ff1\"> </span>dicembre<span class=\"ff1\"> </span>2022. B.<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>rv<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>da<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>azi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>pia<span class=\"_ _1\"></span>ni<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>be<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>fi<span class=\"_ _0\"></span>nit<span class=\"_ _0\"></span>i:<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>ria<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>an<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>variazioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nette<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019<span class=\"_ _2\"></span>esercizio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>evidenziano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>saldo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pos<span class=\"_ _2\"></span>itivo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>7,3<span class=\"ff1\"> <span class=\"_ _20\"></span></span>milioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>euro<span class=\"_ _2\"></span>,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>netto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>relativo<span class=\"ff1\"> </span>effetto<span class=\"ff1\"> </span>fiscale. A<span class=\"ff1\"> </span>seguito<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ella<span class=\"ff1\"> </span>facolt\u00e0<span class=\"ff1\"> </span>esercita<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>compag<span class=\"_ _0\"></span>nia<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>assicurazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Cr<span class=\"_ _2\"></span>edemvita,<span class=\"ff1\"> </span>face<span class=\"_ _0\"></span>nte<span class=\"ff1\"> </span>parte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span></span></span></span></span>Conglomerato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>finanziario<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>pre<span class=\"_ _0\"></span>valenza<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>banc<span class=\"_ _0\"></span>aria,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>post<span class=\"_ _2\"></span>icipare<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>2023<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>prima<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>applicazione<span class=\"ff1\"> </span>dell\u2019IFRS9,<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>(Deferral<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>Approach),<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>negli<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>s<span class=\"_ _2\"></span>chemi<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>consolidati<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>previsti<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>dall\u2019aggiornamento<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>della<span class=\"_ _2\"></span><span class=\"ff1\"> </span>circolare<span class=\"ff1\"> </span>262<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> </span>Banca<span class=\"ff1\"> </span>d\u2019Italia,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>state<span class=\"ff1\"> </span>create<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>seguenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nuove<span class=\"ff1\"> </span>voci<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Stato<span class=\"ff1\"> </span>Patrimoniale<span class=\"ff1\"> </span>-<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>Pa<span class=\"_ _0\"></span>ssiv<span class=\"_ _0\"></span>o: -<span class=\"_ _3bd\"> </span>Stato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Patrimoniale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Passivo:<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Voce<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>15.<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Passivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>pertinenza<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>imprese<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> </span>assicurazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valutat<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">costo<span class=\"ff1\"> </span>ammortizzato<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ai<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sensi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dello<span class=\"ff1\"> </span>IAS<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">3<span class=\"_ _2\"></span>9,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">accoglie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">debiti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">verso<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>banche,<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>debiti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>verso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>clientela<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ed<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>titoli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>circolazione,<span class=\"ff1\"> </span>cos\u00ec<span class=\"ff1\"> <span class=\"_ _2\"></span></span>come<span class=\"ff1\"> <span class=\"_ _2\"></span></span>definiti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nel<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>ispetto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dello<span class=\"ff1\"> </span>IAS<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">39; </span></span>-<span class=\"_ _3bd\"> </span>Stato<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Patrimoniale<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u2013<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Passivo:<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Voce<span class=\"ff1\"> <span class=\"_ _21\"></span></span>35.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Pass<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>f<span class=\"_ _2\"></span>inanziarie<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>pertinenz<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"></span></span>imprese<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> </span>ass<span class=\"_ _0\"></span>icu<span class=\"_ _0\"></span>razi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">valu<span class=\"_ _0\"></span>tate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al</span> <span class=\"ff3\">fai<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>valu<span class=\"_ _1\"></span>e<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>sen<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>lo<span class=\"ff1\"> </span>I<span class=\"_ _0\"></span>AS<span class=\"ff1\"> </span>39,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">che</span> <span class=\"ff3\">ac<span class=\"_ _0\"></span>cog<span class=\"_ _0\"></span>lie<span class=\"ff1\"> </span>le<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">pa<span class=\"_ _0\"></span>ssiv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>ziar<span class=\"_ _0\"></span>ie<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>negoziazione,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>assivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valutate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fa<span class=\"_ _2\"></span>ir<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">val<span class=\"_ _2\"></span>ue<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ed<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>erivati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">negativo,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>cos\u00ec<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>definiti<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>rispetto<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>IAS<span class=\"ff1\"> </span>39; -<span class=\"_ _3bd\"> </span>Stato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Patrimoniale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u2013<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Patrimonio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Netto:<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Voce<span class=\"ff1\"> <span class=\"_ _2\"></span></span>125.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Riserve<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valutazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pertine<span class=\"_ _2\"></span>nza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> </span>imprese<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>as<span class=\"_ _2\"></span>sicurazione,<span class=\"ff1\">  </span>che<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>accoglie<span class=\"ff1\">  </span>le<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>riserve<span class=\"ff1\">  </span>da<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>valutazione<span class=\"ff1\">  </span>su<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>finanziarie<span class=\"ff1\"> </span>disponibili<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>vendita,<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>effetti<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>shadow<span class=\"ff1\"> </span>accounting<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>relativi<span class=\"ff1\"> </span>impatti<span class=\"ff1\"> </span>fiscali. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-845": {
   "value": "Se<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>14<span class=\"_ _3bd\"> </span>\u2013<span class=\"_ _3bd\"> </span>Pa<span class=\"_ _1\"></span>trim<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>io<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>rti<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>nza<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>te<span class=\"_ _0\"></span>rz<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>Vo<span class=\"_ _0\"></span>ce<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>90<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>14<span class=\"_ _0\"></span>.1<span class=\"_ _3bd\"> </span>De<span class=\"_ _0\"></span>tta<span class=\"_ _1\"></span>gli<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>lla<span class=\"_ _3bd\"> </span>vo<span class=\"_ _0\"></span>ce<span class=\"_ _3bd\"> </span>21<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>\"pa<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>io<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>enz<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>te<span class=\"_ _0\"></span>rz<span class=\"_ _0\"></span>i\"<span class=\"fc0 sc1\"> </span>De<span class=\"_ _0\"></span>no<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>ina<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>im<span class=\"_ _1\"></span>pre<span class=\"_ _0\"></span>se<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Par<span class=\"_ _0\"></span>tec<span class=\"_ _0\"></span>ipa<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">soci<span class=\"_ _0\"></span>et\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">co<span class=\"_ _0\"></span>nso<span class=\"_ _0\"></span>lida<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> </span>int<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>ter<span class=\"_ _0\"></span>zi<span class=\"ff1\"> </span>sig<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>fica<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">BLUE<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">EYE<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">SOLUTIONS<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">SR<span class=\"_ _0\"></span>L<span class=\"_ _1\"></span> <span class=\"_ _291\"> </span>15<span class=\"_ _1\"></span>5 <span class=\"_ _3b\"> </span>1<span class=\"_ _1\"></span>40<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span>2.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">CREDEM<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">CB<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">SR<span class=\"_ _0\"></span>L<span class=\"_ _1\"></span> <span class=\"_ _236\"> </span>4 <span class=\"_ _6f\"> </span>4<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>3.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">SATA<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">SR<span class=\"_ _1\"></span>L <span class=\"_ _1d5\"> </span>- <span class=\"_ _4a\"> </span>5<span class=\"_ _0\"></span>09<span class=\"_ _1\"></span> </span></span></span></span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span> <span class=\"_ _2c8\"> </span>1<span class=\"_ _0\"></span>59<span class=\"_ _1\"></span> <span class=\"_ _4a\"> </span>6<span class=\"_ _1\"></span>53<span class=\"_ _3bd\"> </span>A<span class=\"ff1\"> </span>seguito<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ella<span class=\"ff1\"> </span>facolt\u00e0<span class=\"ff1\"> </span>esercita<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>compag<span class=\"_ _0\"></span>nia<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>assicurazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Cr<span class=\"_ _2\"></span>edemvita,<span class=\"ff1\"> </span>face<span class=\"_ _0\"></span>nte<span class=\"ff1\"> </span>parte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span></span></span></span></span>Conglomerato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>finanziario<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>pre<span class=\"_ _0\"></span>valenza<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>banc<span class=\"_ _0\"></span>aria,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>post<span class=\"_ _2\"></span>icipare<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>2023<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>prima<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>applicazione<span class=\"ff1\"> </span>dell\u2019IFRS9,<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>(Deferral<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>Approach),<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>negli<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>s<span class=\"_ _2\"></span>chemi<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>consolidati<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>previsti<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>dall\u2019aggiornamento<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>della<span class=\"_ _2\"></span><span class=\"ff1\"> </span>circolare<span class=\"ff1\"> </span>262<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> </span>Banca<span class=\"ff1\"> </span>d\u2019Italia,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>state<span class=\"ff1\"> </span>create<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>seguenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nuove<span class=\"ff1\"> </span>voci<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Stato<span class=\"ff1\"> </span>Patrimoniale<span class=\"ff1\"> </span>-<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>Pa<span class=\"_ _0\"></span>ssiv<span class=\"_ _0\"></span>o: -<span class=\"_ _3bd\"> </span>Stato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Patrimoniale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u2013<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Passivo:<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Voce<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>15.<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Passivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>pertinenza<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>imprese<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> </span>assicurazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valutat<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">costo<span class=\"ff1\"> </span>ammortizzato<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ai<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sensi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dello<span class=\"ff1\"> </span>IAS<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">3<span class=\"_ _2\"></span>9,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">accoglie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">debiti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">verso<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>banche,<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>debiti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>verso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>clientela<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ed<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>titoli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>circolazione,<span class=\"ff1\"> </span>cos\u00ec<span class=\"ff1\"> <span class=\"_ _2\"></span></span>come<span class=\"ff1\"> <span class=\"_ _2\"></span></span>definiti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nel<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>ispetto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dello<span class=\"ff1\"> </span>IAS<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">39; </span></span>-<span class=\"_ _3bd\"> </span>Stato<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Patrimoniale<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u2013<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Passivo:<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Voce<span class=\"ff1\"> <span class=\"_ _21\"></span></span>35.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Pass<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>f<span class=\"_ _2\"></span>inanziarie<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>pertinenz<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"></span></span>imprese<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> </span>ass<span class=\"_ _0\"></span>icu<span class=\"_ _0\"></span>razi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">valu<span class=\"_ _0\"></span>tate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al</span> <span class=\"ff3\">fai<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>valu<span class=\"_ _1\"></span>e<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>sen<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>lo<span class=\"ff1\"> </span>I<span class=\"_ _0\"></span>AS<span class=\"ff1\"> </span>39,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">che</span> <span class=\"ff3\">ac<span class=\"_ _0\"></span>cog<span class=\"_ _0\"></span>lie<span class=\"ff1\"> </span>le<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">pa<span class=\"_ _0\"></span>ssiv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>ziar<span class=\"_ _0\"></span>ie<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>negoziazione,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>assivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valutate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fa<span class=\"_ _2\"></span>ir<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">val<span class=\"_ _2\"></span>ue<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ed<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>erivati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">negativo,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>cos\u00ec<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>definiti<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>rispetto<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>IAS<span class=\"ff1\"> </span>39; -<span class=\"_ _3bd\"> </span>Stato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Patrimoniale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u2013<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Patrimonio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Netto:<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Voce<span class=\"ff1\"> <span class=\"_ _2\"></span></span>125.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Riserve<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valutazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pertine<span class=\"_ _2\"></span>nza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> </span>imprese<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>as<span class=\"_ _2\"></span>sicurazione,<span class=\"ff1\">  </span>che<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>accoglie<span class=\"ff1\">  </span>le<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>riserve<span class=\"ff1\">  </span>da<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>valutazione<span class=\"ff1\">  </span>su<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>finanziarie<span class=\"ff1\"> </span>disponibili<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>vendita,<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>effetti<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>shadow<span class=\"ff1\"> </span>accounting<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>relativi<span class=\"ff1\"> </span>impatti<span class=\"ff1\"> </span>fiscali. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-759": {
   "value": "1.<span class=\"_ _3bd\"> </span>Im<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>ga<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>zia<span class=\"_ _1\"></span>rie<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>iat<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>Val<span class=\"_ _0\"></span>ore<span class=\"_ _3bd\"> </span>nom<span class=\"_ _0\"></span>inal<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>su<span class=\"_ _3bd\"> </span>imp<span class=\"_ _0\"></span>egni<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>gar<span class=\"_ _0\"></span>anzie<span class=\"_ _3bd\"> </span>finan<span class=\"_ _0\"></span>ziarie<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>las<span class=\"_ _1\"></span>ciat<span class=\"_ _1\"></span>e<span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Prim<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>st<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>io<span class=\"_ _3bd\"> </span>Se<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>st<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>T<span class=\"_ _0\"></span>er<span class=\"_ _1\"></span>zo<span class=\"_ _3bd\"> </span>st<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Im<span class=\"_ _1\"></span>pair<span class=\"_ _1\"></span>ed<span class=\"_ _3bd\"> </span>ac<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>iti<span class=\"_ _1\"></span>/e<span class=\"_ _3bd\"> </span>o<span class=\"_ _3bd\"> </span>or<span class=\"_ _0\"></span>igi<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>1.<span class=\"_ _3bd\"> </span>Impe<span class=\"_ _0\"></span>gni<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>erog<span class=\"_ _0\"></span>are<span class=\"_ _3bd\"> </span>fo<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>i <span class=\"_ _12\"> </span>10<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>05.<span class=\"_ _0\"></span>93<span class=\"_ _1\"></span>3<span class=\"_ _3bd\"> </span>16<span class=\"_ _0\"></span>8.<span class=\"_ _0\"></span>89<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>34<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>93<span class=\"_ _3bd\"> </span>9<span class=\"_ _0\"></span>86<span class=\"_ _3bd\"> </span>10<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>10.<span class=\"_ _0\"></span>40<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>10<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>48.<span class=\"_ _0\"></span>93<span class=\"_ _1\"></span>2<span class=\"_ _3bd\"> </span>a)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">B<span class=\"_ _2\"></span>anche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Ce<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>ali <span class=\"_ _3e\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>b)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Amm<span class=\"_ _0\"></span>inis<span class=\"_ _0\"></span>traz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>pubb<span class=\"_ _0\"></span>lich<span class=\"_ _0\"></span>e <span class=\"_ _ff\"> </span>10.2<span class=\"_ _0\"></span>36<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>3<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>10<span class=\"_ _0\"></span>.23<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span>9.<span class=\"_ _0\"></span>886<span class=\"_ _3bd\"> </span>c)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Ban<span class=\"_ _0\"></span>che<span class=\"_ _1\"></span> <span class=\"_ _78\"> </span>27.0<span class=\"_ _0\"></span>90<span class=\"_ _3bd\"> </span></span></span>72<span class=\"_ _1\"></span>5<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>27.<span class=\"_ _0\"></span>81<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>27.<span class=\"_ _0\"></span>47<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>d)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">societ\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fin<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie <span class=\"_ _119\"> </span>1<span class=\"_ _0\"></span>31.<span class=\"_ _0\"></span>902<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>1.<span class=\"_ _0\"></span>419<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>133<span class=\"_ _0\"></span>.333<span class=\"_ _3bd\"> </span>99.<span class=\"_ _0\"></span>617<span class=\"_ _3bd\"> </span>e)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Societ\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">n<span class=\"_ _2\"></span>on<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fina<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie <span class=\"_ _16c\"> </span>8<span class=\"_ _0\"></span>.98<span class=\"_ _0\"></span>9.2<span class=\"_ _0\"></span>63<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>46.<span class=\"_ _0\"></span>458<span class=\"_ _3bd\"> </span>19.<span class=\"_ _0\"></span>06<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>98<span class=\"_ _1\"></span>6<span class=\"_ _3bd\"> </span>9.<span class=\"_ _0\"></span>055.<span class=\"_ _0\"></span>768<span class=\"_ _3bd\"> </span>8.<span class=\"_ _0\"></span>836<span class=\"_ _0\"></span>.54<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>f)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Fami<span class=\"_ _0\"></span>gli<span class=\"_ _0\"></span>e <span class=\"_ _120\"> </span>1<span class=\"_ _0\"></span>.54<span class=\"_ _0\"></span>7.4<span class=\"_ _0\"></span>42<span class=\"_ _3bd\"> </span></span></span>12<span class=\"_ _0\"></span>0.2<span class=\"_ _0\"></span>89<span class=\"_ _3bd\"> </span>15.<span class=\"_ _0\"></span>517<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>683<span class=\"_ _0\"></span>.24<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>675.<span class=\"_ _0\"></span>40<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>2.<span class=\"_ _3bd\"> </span>Ga<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>zie<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>rie<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>las<span class=\"_ _1\"></span>ciat<span class=\"_ _1\"></span>e <span class=\"_ _1a7\"> </span>96<span class=\"_ _0\"></span>9.<span class=\"_ _0\"></span>61<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>46<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>36<span class=\"_ _3bd\"> </span>5.<span class=\"_ _0\"></span>06<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>6<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>021<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>54<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>106<span class=\"_ _1\"></span>.04<span class=\"_ _3bd\"> </span>a)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">B<span class=\"_ _2\"></span>anche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Ce<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>ali <span class=\"_ _20c\"> </span>483.<span class=\"_ _0\"></span>382<span class=\"_ _3bd\"> </span></span></span></span></span>2.<span class=\"_ _0\"></span>372<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>48<span class=\"_ _0\"></span>5.75<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>540<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>47<span class=\"_ _3bd\"> </span>b)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Amm<span class=\"_ _0\"></span>inis<span class=\"_ _0\"></span>traz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>pubb<span class=\"_ _0\"></span>lich<span class=\"_ _0\"></span>e <span class=\"_ _1d7\"> </span>98<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>98<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>03<span class=\"_ _3bd\"> </span>c)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Ban<span class=\"_ _0\"></span>che<span class=\"_ _1\"></span> <span class=\"_ _f\"> </span>1.39<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span></span></span>2.<span class=\"_ _0\"></span>410<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>3.8<span class=\"_ _0\"></span>04<span class=\"_ _3bd\"> </span>4<span class=\"_ _0\"></span>.2<span class=\"_ _1\"></span>33<span class=\"_ _3bd\"> </span>d)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">societ\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fin<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie <span class=\"_ _104\"> </span>4.<span class=\"_ _0\"></span>89<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>1<span class=\"_ _0\"></span>10<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>5.0<span class=\"_ _0\"></span>04<span class=\"_ _3bd\"> </span>3.4<span class=\"_ _0\"></span>69<span class=\"_ _3bd\"> </span>e)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Societ\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">n<span class=\"_ _2\"></span>on<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fina<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie <span class=\"_ _202\"> </span>4<span class=\"_ _0\"></span>04<span class=\"_ _0\"></span>.488<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>34.<span class=\"_ _0\"></span>757<span class=\"_ _3bd\"> </span>4<span class=\"_ _0\"></span>.8<span class=\"_ _1\"></span>63<span class=\"_ _3bd\"> </span>61<span class=\"_ _1\"></span>8<span class=\"_ _3bd\"> </span>44<span class=\"_ _0\"></span>4.7<span class=\"_ _0\"></span>26<span class=\"_ _3bd\"> </span>472<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>18<span class=\"_ _3bd\"> </span>f)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Fami<span class=\"_ _0\"></span>gli<span class=\"_ _0\"></span>e <span class=\"_ _2cd\"> </span>75.<span class=\"_ _0\"></span>359<span class=\"_ _3bd\"> </span></span></span>6.<span class=\"_ _0\"></span>887<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>02<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>82<span class=\"_ _0\"></span>.46<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>84<span class=\"_ _0\"></span>.579<span class=\"_ _3bd\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-822": {
   "value": "<div class=\"t m0 h10 ff3 fs9 fc4 sc0 ls0 ws0 gs264c\">Sez<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">1<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">\u2013<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Gli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>essi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Voc<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">10<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">20<span class=\"_ _0\"></span><span class=\"fc0\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m26 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs264d\">1.<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs264e\">In<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>si<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs264f\">at<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vi<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2650\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2651\">pro<span class=\"_ _1\"></span>ven<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2652\">as<span class=\"_ _1\"></span>sim<span class=\"_ _0\"></span>ila<span class=\"_ _0\"></span>ti:<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2653\">co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>os<span class=\"_ _1\"></span>izio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2654\">Vo<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>/F<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>me<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2655\">te<span class=\"_ _0\"></span>cn<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2656\">Titol<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2657\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2658\">de<span class=\"_ _1\"></span>bit<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2659\">Fin<span class=\"_ _1\"></span>an<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs265a\">A<span class=\"_ _0\"></span>lt<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs265b\">op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>ion<span class=\"_ _1\"></span>i<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs265c\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs265d\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs265e\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs265f\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2660\">1.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2661\">Attiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2662\">finan<span class=\"_ _0\"></span>ziar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2663\">val<span class=\"_ _0\"></span>utate<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2664\">al<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2665\">fair<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2666\">val<span class=\"_ _0\"></span>ue<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2667\">con<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2668\">impa<span class=\"_ _0\"></span>tto<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2669\">a<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs266a\">cont<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs266b\">econo<span class=\"_ _0\"></span>mic<span class=\"_ _0\"></span>o:<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs266c\">5<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs266d\">3<span class=\"_ _0\"></span>21<span class=\"_ _3bd\"> </span></div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs266e\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs266f\">8<span class=\"_ _0\"></span>31<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2670\">2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2671\">1.<span class=\"_ _0\"></span>1<span class=\"ff1\"> </span>At<span class=\"_ _0\"></span>tivit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>nanz<span class=\"_ _1\"></span>iarie<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ete<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">neg<span class=\"_ _0\"></span>ozia<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne <span class=\"_ _4b\"> </span>50<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2672\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2673\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2674\">50<span class=\"_ _1\"></span>8<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2675\">1<span class=\"_ _0\"></span>47<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2676\">1.<span class=\"_ _0\"></span>2<span class=\"ff1\"> </span>Att<span class=\"_ _0\"></span>ivit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fin<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>sign<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al</span> <span class=\"ff3\">fa<span class=\"_ _0\"></span>ir<span class=\"ff1\"> </span>valu<span class=\"_ _0\"></span>e <span class=\"_ _c1\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2677\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2678\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2679\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs267a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs267b\">1.3<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">obbligatoriamente<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs267c\">valutate<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>lue<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs267d\">2<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs267e\">32<span class=\"_ _1\"></span>1<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs267f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2680\">32<span class=\"_ _1\"></span>3<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2681\">6<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2682\">2.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2683\">Atti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2684\">fina<span class=\"_ _0\"></span>nziar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2685\">valut<span class=\"_ _0\"></span>ate<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2686\">al<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2687\">fair<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2688\">val<span class=\"_ _0\"></span>ue<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2689\">con<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs268a\">impa<span class=\"_ _0\"></span>tto<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs268b\">sull<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs268c\">red<span class=\"_ _0\"></span>ditivit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs268d\">com<span class=\"_ _0\"></span>pless<span class=\"_ _0\"></span>iva<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs268e\">62<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>37<span class=\"_ _3bd\"> </span></div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs268f\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs2690\">X</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2691\">62<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>37<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2692\">24<span class=\"_ _0\"></span>.85<span class=\"_ _1\"></span>8<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2693\">3.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2694\">Att<span class=\"_ _1\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2695\">fi<span class=\"_ _0\"></span>nan<span class=\"_ _1\"></span>zia<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2696\">va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>tat<span class=\"_ _1\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2697\">al<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2698\">co<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2699\">am<span class=\"_ _1\"></span>mor<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>zza<span class=\"_ _1\"></span>to:<span class=\"_ _0\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs269a\">73<span class=\"_ _0\"></span>.21<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs269b\">58<span class=\"_ _0\"></span>0.<span class=\"_ _0\"></span>57<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span></div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs269c\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs269d\">65<span class=\"_ _0\"></span>3.<span class=\"_ _0\"></span>78<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs269e\">42<span class=\"_ _0\"></span>8.3<span class=\"_ _1\"></span>80<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs269f\">3.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Crediti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">v<span class=\"_ _2\"></span>erso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ban<span class=\"_ _0\"></span>che<span class=\"_ _1\"></span> <span class=\"_ _120\"> </span>8.<span class=\"_ _0\"></span>34<span class=\"_ _1\"></span>1<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs26a0\">26.<span class=\"_ _0\"></span>70<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs26a1\">X<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs26a2\">35.<span class=\"_ _0\"></span>043<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs26a3\">3.0<span class=\"_ _0\"></span>80<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs26a4\">3.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Crediti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">v<span class=\"_ _2\"></span>erso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cli<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>ela<span class=\"_ _0\"></span> <span class=\"_ _b1\"> </span>64.<span class=\"_ _0\"></span>875<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs26a5\">553.<span class=\"_ _0\"></span>869<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs26a6\">X<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs26a7\">618<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>44<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs26a8\">42<span class=\"_ _0\"></span>5.30<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs26a9\">4.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs26aa\">Deri<span class=\"_ _0\"></span>vati<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs26ab\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs26ac\">co<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>ura<span class=\"_ _1\"></span> </div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs26ad\">X</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs26ae\">X</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs26af\"> <span class=\"_ _a3\"> </span>23.5<span class=\"_ _1\"></span>78<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs26b0\">23<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>78<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs26b1\">24<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>5<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs26b2\">5.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs26b3\">Altr<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs26b4\">at<span class=\"_ _0\"></span>tiv<span class=\"_ _1\"></span>it\u00e0<span class=\"_ _0\"></span> </div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs26b5\">X</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs26b6\">X</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs26b7\">3<span class=\"_ _0\"></span>49<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs26b8\">3<span class=\"_ _0\"></span>49<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs26b9\">5<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs26ba\">6.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs26bb\">Pas<span class=\"_ _1\"></span>siv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs26bc\">fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>rie<span class=\"_ _1\"></span> </div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs26bd\">X</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs26be\">X</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs26bf\">X</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs26c0\">57<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>16<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs26c1\">10<span class=\"_ _0\"></span>6.<span class=\"_ _0\"></span>255<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs26c2\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs26c3\">13<span class=\"_ _0\"></span>5.<span class=\"_ _0\"></span>76<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs26c4\">58<span class=\"_ _0\"></span>0.<span class=\"_ _0\"></span>89<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs26c5\">23<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>27<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs26c6\">79<span class=\"_ _0\"></span>7.<span class=\"_ _0\"></span>79<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs26c7\">58<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>07<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs26c8\">di<span class=\"ff1\"> </span>cui<span class=\"_ _0\"></span>:<span class=\"ff1\"> </span>int<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>att<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">su</span> <span class=\"ff3\">at<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fina<span class=\"_ _1\"></span>nzia<span class=\"_ _0\"></span>rie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">impa<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>d <span class=\"_ _ab\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs26c9\">11<span class=\"_ _0\"></span>.98<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs26ca\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs26cb\">11<span class=\"_ _0\"></span>.98<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs26cc\">11<span class=\"_ _0\"></span>.74<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs26cd\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">interessi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">leasing<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ziar<span class=\"_ _0\"></span>io <span class=\"_ _c8\"> </span>X <span class=\"_ _201\"> </span>66.<span class=\"_ _0\"></span>806<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs26ce\">X<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs26cf\">66.<span class=\"_ _0\"></span>80<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs26d0\">54.<span class=\"_ _0\"></span>12<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span></div><div class=\"t m26 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs26d1\">1.2<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs26d2\">In<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>si<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs26d3\">at<span class=\"_ _1\"></span>tivi<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs26d4\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs26d5\">pro<span class=\"_ _1\"></span>ven<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs26d6\">as<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>lat<span class=\"_ _0\"></span>i:<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs26d7\">al<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs26d8\">in<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"fc0 sc1\"> </span></div><div class=\"t m26 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs26d9\">1.2<span class=\"_ _0\"></span>.1<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs26da\">In<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>si<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs26db\">at<span class=\"_ _1\"></span>tivi<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs26dc\">su<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs26dd\">at<span class=\"_ _1\"></span>tivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs26de\">fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs26df\">in<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs26e0\">va<span class=\"_ _0\"></span>lut<span class=\"_ _0\"></span>a<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs26e1\">Gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>ress<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ttivi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ma<span class=\"_ _0\"></span>tur<span class=\"_ _0\"></span>ati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ammonta<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">46<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>18<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mila<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">eu<span class=\"_ _0\"></span>ro.</span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></div>Sezion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>2<span class=\"_ _3bd\"> </span>\u2013<span class=\"_ _3bd\"> </span>Le<span class=\"_ _3bd\"> </span>commi<span class=\"_ _0\"></span>ssioni<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Voci<span class=\"_ _3bd\"> </span>40<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>5<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>2.1<span class=\"_ _3bd\"> </span>Co<span class=\"_ _0\"></span>mm<span class=\"_ _1\"></span>iss<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>at<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ve:<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>os<span class=\"_ _1\"></span>izio<span class=\"_ _1\"></span>ne<span class=\"fc0 sc1\"> </span>Ti<span class=\"_ _0\"></span>pol<span class=\"_ _1\"></span>ogia<span class=\"_ _3bd\"> </span>se<span class=\"_ _0\"></span>rv<span class=\"_ _0\"></span>iz<span class=\"_ _0\"></span>i/<span class=\"_ _0\"></span>Val<span class=\"_ _1\"></span>ori<span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>a)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Strumenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span> <span class=\"_ _184\"> </span>2<span class=\"_ _0\"></span>00.<span class=\"_ _0\"></span>28<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span></span></span></span></span>22<span class=\"_ _0\"></span>6.4<span class=\"_ _0\"></span>77<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Colloc<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>nto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tit<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span> <span class=\"_ _16d\"> </span>92.0<span class=\"_ _0\"></span>68<span class=\"_ _3bd\"> </span></span></span></span></span>10<span class=\"_ _0\"></span>0.8<span class=\"_ _0\"></span>42<span class=\"_ _3bd\"> </span>1.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">assunzione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fermo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e/o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sulla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">base<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">impegno<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">irr<span class=\"_ _0\"></span>evo<span class=\"_ _0\"></span>cab<span class=\"_ _0\"></span>ile<span class=\"_ _0\"></span> <span class=\"_ _195\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>2<span class=\"ff1\"> </span>S<span class=\"_ _0\"></span>enz<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>imp<span class=\"_ _0\"></span>eg<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>irr<span class=\"_ _0\"></span>ev<span class=\"_ _0\"></span>oca<span class=\"_ _0\"></span>bile<span class=\"_ _1\"></span> <span class=\"_ _fe\"> </span>92.<span class=\"_ _0\"></span>068<span class=\"_ _3bd\"> </span>10<span class=\"_ _0\"></span>0.8<span class=\"_ _0\"></span>42<span class=\"_ _3bd\"> </span>2.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ricezione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">trasmissione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ordini<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esecu<span class=\"_ _0\"></span>zione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ordini<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conto<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">clienti<span class=\"_ _3bd\"> </span></span></span>15.<span class=\"_ _0\"></span>032<span class=\"_ _3bd\"> </span>16.<span class=\"_ _0\"></span>937<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>1<span class=\"ff1\"> </span>Ri<span class=\"_ _0\"></span>cez<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tras<span class=\"_ _0\"></span>mis<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ordin<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">uno</span> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>pi\u00f9<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">st<span class=\"_ _0\"></span>rum<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span> <span class=\"_ _19\"> </span>6.79<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>7.<span class=\"_ _0\"></span>753<span class=\"_ _3bd\"> </span>2.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Esecuzione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ordini<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cl<span class=\"_ _0\"></span>ien<span class=\"_ _0\"></span>ti <span class=\"_ _2e4\"> </span>8.<span class=\"_ _0\"></span>241<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>9.<span class=\"_ _0\"></span>184<span class=\"_ _3bd\"> </span>3.<span class=\"ff1\"> </span>A<span class=\"_ _0\"></span>ltre<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">com<span class=\"_ _0\"></span>mis<span class=\"_ _0\"></span>sio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onne<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">att<span class=\"_ _0\"></span>ivit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>leg<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"ff3\">st<span class=\"_ _0\"></span>rum<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>fin<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>i <span class=\"_ _2ca\"> </span>93.<span class=\"_ _0\"></span>18<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>10<span class=\"_ _0\"></span>8.6<span class=\"_ _0\"></span>98<span class=\"_ _3bd\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">negoziazione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">propr<span class=\"_ _1\"></span>io <span class=\"_ _2e5\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>di<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ui:<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ges<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>po<span class=\"_ _0\"></span>rta<span class=\"_ _0\"></span>fog<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>vidu<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>i <span class=\"_ _15b\"> </span>93.<span class=\"_ _1\"></span>180<span class=\"_ _3bd\"> </span></span></span></span></span>10<span class=\"_ _0\"></span>8.6<span class=\"_ _0\"></span>98<span class=\"_ _3bd\"> </span>b)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Cor<span class=\"_ _0\"></span>pora<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>F<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nce<span class=\"_ _1\"></span> <span class=\"_ _15a\"> </span>1.96<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span></span></span>2.<span class=\"_ _0\"></span>189<span class=\"_ _3bd\"> </span>1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Consulenza<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">materia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fusioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">acq<span class=\"_ _0\"></span>uis<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>oni <span class=\"_ _1b0\"> </span>1.9<span class=\"_ _0\"></span>69<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>2.<span class=\"_ _0\"></span>189<span class=\"_ _3bd\"> </span>2.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Servizi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tes<span class=\"_ _0\"></span>ore<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span> <span class=\"_ _110\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>3.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Alt<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ommi<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">conn<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>se<span class=\"_ _0\"></span>rvi<span class=\"_ _0\"></span>zi<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>corpo<span class=\"_ _1\"></span>rate<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span> <span class=\"_ _2cd\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>c)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">co<span class=\"_ _2\"></span>nsulenza<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">materia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">inves<span class=\"_ _0\"></span>time<span class=\"_ _0\"></span>nti<span class=\"_ _1\"></span> <span class=\"_ _15e\"> </span>12.8<span class=\"_ _0\"></span>06<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>13.<span class=\"_ _0\"></span>352<span class=\"_ _3bd\"> </span>d)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Com<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>nsaz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>egol<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>o <span class=\"_ _116\"> </span>-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>e)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Gestione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">portafogli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">col<span class=\"_ _0\"></span>let<span class=\"_ _0\"></span>tive<span class=\"_ _1\"></span> <span class=\"_ _2e6\"> </span>20<span class=\"_ _0\"></span>8.3<span class=\"_ _0\"></span>69<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>263<span class=\"_ _0\"></span>.26<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>f)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Custod<span class=\"_ _0\"></span>ia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">am<span class=\"_ _0\"></span>min<span class=\"_ _0\"></span>istr<span class=\"_ _0\"></span>azi<span class=\"_ _1\"></span>one <span class=\"_ _150\"> </span>3.9<span class=\"_ _1\"></span>43<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>3.6<span class=\"_ _0\"></span>94<span class=\"_ _3bd\"> </span>1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Banca<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ep<span class=\"_ _0\"></span>osit<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>a <span class=\"_ _103\"> </span>-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Alt<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>omm<span class=\"_ _0\"></span>issi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">leg<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">all\u2019<span class=\"_ _0\"></span>att<span class=\"_ _0\"></span>ivit<span class=\"_ _1\"></span>\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cus<span class=\"_ _0\"></span>todi<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>mm<span class=\"_ _0\"></span>inis<span class=\"_ _0\"></span>tra<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e <span class=\"_ _19\"> </span>3<span class=\"_ _0\"></span>.9<span class=\"_ _1\"></span>43<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>3.6<span class=\"_ _0\"></span>94<span class=\"_ _3bd\"> </span>g)<span class=\"ff1\"> </span>S<span class=\"_ _0\"></span>erv<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ammi<span class=\"_ _0\"></span>nis<span class=\"_ _0\"></span>trat<span class=\"_ _1\"></span>ivi<span class=\"ff1\"> </span>ce<span class=\"_ _0\"></span>ntra<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>g<span class=\"_ _0\"></span>est<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">po<span class=\"_ _0\"></span>rta<span class=\"_ _0\"></span>fog<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>llet<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>e <span class=\"_ _27b\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>h)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fi<span class=\"_ _0\"></span>duc<span class=\"_ _0\"></span>iari<span class=\"_ _0\"></span>a <span class=\"_ _2b1\"> </span>1.<span class=\"_ _0\"></span>230<span class=\"_ _3bd\"> </span></span></span></span></span>1.<span class=\"_ _0\"></span>261<span class=\"_ _3bd\"> </span>i)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Servizi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">paga<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nto<span class=\"_ _0\"></span> <span class=\"_ _1e3\"> </span>2<span class=\"_ _0\"></span>21.<span class=\"_ _0\"></span>018<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>21<span class=\"_ _0\"></span>5.4<span class=\"_ _0\"></span>24<span class=\"_ _3bd\"> </span>1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Conti<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cor<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>ti <span class=\"_ _146\"> </span>134<span class=\"_ _0\"></span>.40<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span></span></span></span></span>12<span class=\"_ _0\"></span>2.7<span class=\"_ _0\"></span>63<span class=\"_ _3bd\"> </span>2.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Carte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cre<span class=\"_ _1\"></span>dito <span class=\"_ _147\"> </span>28.<span class=\"_ _0\"></span>481<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>24<span class=\"_ _0\"></span>.44<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>3.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Carte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">debito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ed<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">carte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">paga<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nto <span class=\"_ _2e7\"> </span>22<span class=\"_ _0\"></span>.12<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>34.<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>4.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Bonifici<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altri<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ordini<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>aga<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span> <span class=\"_ _94\"> </span>14.6<span class=\"_ _0\"></span>64<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>13.<span class=\"_ _0\"></span>338<span class=\"_ _3bd\"> </span>5.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">commissi<span class=\"_ _0\"></span>oni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">legate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ai<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">servizi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pag<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>o <span class=\"_ _2e8\"> </span>21<span class=\"_ _0\"></span>.34<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>20<span class=\"_ _0\"></span>.67<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>j)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Distribuzione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ervizi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">te<span class=\"_ _0\"></span>rz<span class=\"_ _1\"></span>i <span class=\"_ _2e9\"> </span>61.<span class=\"_ _0\"></span>569<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>53.<span class=\"_ _0\"></span>956<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Ge<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>oni<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>por<span class=\"_ _1\"></span>tafog<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span>ttiv<span class=\"_ _0\"></span>e <span class=\"_ _2e6\"> </span>-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>2.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Prodotti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ass<span class=\"_ _0\"></span>icu<span class=\"_ _0\"></span>rat<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span> <span class=\"_ _274\"> </span>59<span class=\"_ _0\"></span>.39<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span></span></span></span></span>52.<span class=\"_ _0\"></span>478<span class=\"_ _3bd\"> </span>3.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Alt<span class=\"_ _2\"></span>ri<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">prod<span class=\"_ _0\"></span>ott<span class=\"_ _0\"></span>i <span class=\"_ _2ea\"> </span>2.<span class=\"_ _0\"></span>173<span class=\"_ _3bd\"> </span></span></span></span></span>1.<span class=\"_ _0\"></span>478<span class=\"_ _3bd\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"_ _0\"></span>:<span class=\"ff1\"> </span>ge<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>oni<span class=\"ff1\"> </span>d<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span>port<span class=\"_ _0\"></span>afo<span class=\"_ _0\"></span>gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">indi<span class=\"_ _0\"></span>vid<span class=\"_ _0\"></span>ual<span class=\"_ _0\"></span>i <span class=\"_ _2eb\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>k)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Fi<span class=\"_ _2\"></span>nanza<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>tru<span class=\"_ _0\"></span>ttu<span class=\"_ _0\"></span>rata<span class=\"_ _1\"></span> <span class=\"_ _53\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>l)<span class=\"ff1\"> </span>A<span class=\"_ _0\"></span>ttiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">s<span class=\"_ _0\"></span>erv<span class=\"_ _0\"></span>ici<span class=\"_ _0\"></span>ng<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span>per<span class=\"_ _0\"></span>azi<span class=\"_ _1\"></span>oni<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">carto<span class=\"_ _0\"></span>lar<span class=\"_ _0\"></span>izz<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span> <span class=\"_ _10a\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>m)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Impegni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>rogare<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fo<span class=\"_ _0\"></span>nd<span class=\"_ _1\"></span>i <span class=\"_ _2ec\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>n)<span class=\"ff1\"> </span>Gar<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>ie<span class=\"ff1\"> </span>fin<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>rie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">r<span class=\"_ _0\"></span>ilasc<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>te <span class=\"_ _274\"> </span>4.<span class=\"_ _0\"></span>72<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span></span></span>4<span class=\"_ _0\"></span>.4<span class=\"_ _1\"></span>71<span class=\"_ _3bd\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">derivati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cre<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>i <span class=\"_ _250\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>o)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Operazi<span class=\"_ _0\"></span>oni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fina<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iame<span class=\"_ _0\"></span>nto<span class=\"_ _0\"></span> <span class=\"_ _187\"> </span>16.<span class=\"_ _0\"></span>410<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>13.<span class=\"_ _0\"></span>721<span class=\"_ _3bd\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">operazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fact<span class=\"_ _0\"></span>orin<span class=\"_ _0\"></span>g <span class=\"_ _2e5\"> </span>16<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>10<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>13.<span class=\"_ _0\"></span>721<span class=\"_ _3bd\"> </span>p)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Negoziazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">va<span class=\"_ _0\"></span>lut<span class=\"_ _0\"></span>e <span class=\"_ _51\"> </span>3.85<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>3.1<span class=\"_ _0\"></span>87<span class=\"_ _3bd\"> </span>q)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Mer<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span> <span class=\"_ _1b2\"> </span>-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>r)<span class=\"ff1\"> </span>A<span class=\"_ _0\"></span>ltre<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">com<span class=\"_ _0\"></span>mis<span class=\"_ _0\"></span>sion<span class=\"_ _1\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>att<span class=\"_ _0\"></span>ive<span class=\"_ _0\"></span> <span class=\"_ _2ed\"> </span>26.<span class=\"_ _0\"></span>46<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span></span></span>22<span class=\"_ _0\"></span>.952<span class=\"_ _3bd\"> </span>di<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ui:<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ges<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>si<span class=\"_ _0\"></span>ste<span class=\"_ _0\"></span>mi<span class=\"ff1\"> </span>m<span class=\"_ _0\"></span>ulti<span class=\"_ _0\"></span>lat<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>cam<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>o <span class=\"_ _2ee\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>di<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ui:<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ges<span class=\"_ _0\"></span>tion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>sis<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>mi<span class=\"ff1\"> </span>or<span class=\"_ _0\"></span>gan<span class=\"_ _0\"></span>izz<span class=\"_ _0\"></span>ati<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>goz<span class=\"_ _0\"></span>iaz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e <span class=\"_ _243\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>76<span class=\"_ _0\"></span>2.<span class=\"_ _0\"></span>642<span class=\"_ _3bd\"> </span>82<span class=\"_ _0\"></span>3.<span class=\"_ _0\"></span>94<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>I<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>abelle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">2021<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u201cCommiss<span class=\"_ _2\"></span>ioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attive\u201d,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Servizi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pagamento<span class=\"_ _2\"></span>,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">st<span class=\"_ _2\"></span>ati<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>iesposti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>fine<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>recepire<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>maniera<span class=\"ff1\"> </span>pi\u00f9<span class=\"ff1\"> </span>analitica<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>commissioni<span class=\"ff1\"> </span>relative<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>conti<span class=\"ff1\"> </span>corr<span class=\"_ _2\"></span>enti.<span class=\"_ _3bd\"> </span>Si<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>iporta<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>disaggregazione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>commiss<span class=\"_ _2\"></span>ioni<span class=\"ff1\"> </span>distribuite<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> </span>for<span class=\"_ _2\"></span>ma<span class=\"ff1\"> </span>tecnica<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>linea<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quanto<span class=\"ff1\"> </span>richiesto<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">IFRS<span class=\"ff1\"> </span>15<span class=\"ff1\"> </span>par.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">114.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">principali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tipologie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">commissionali<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riconducibili<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(IFRS<span class=\"ff1\"> </span>15<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">par.<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>119<span class=\"_ _0\"></span>): -<span class=\"_ _3bd\"> </span>Gestione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>portafogli<span class=\"ff1\"> </span>individuali<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>collettivi:<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>performance<span class=\"ff1\"> </span>obbligation<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>sos<span class=\"_ _2\"></span>tanzia<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>48<span class=\"ff1\"> </span>mila<span class=\"ff1\"> </span>euro<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>viene<span class=\"ff1\"> </span>tipicamente<span class=\"ff1\"> </span>soddisfatta<span class=\"ff1\"> </span>over<span class=\"ff1\"> </span>time; -<span class=\"_ _3bd\"> </span>Collocamento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">titoli:<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tratta<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">commissioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sede<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">collocament<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fondi/sicav<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">incassa<span class=\"_ _2\"></span>ti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>un<span class=\"ff1\"> </span>importo<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>22.126<span class=\"ff1\"> </span>mila<span class=\"ff1\"> </span>euro; -<span class=\"_ _3bd\"> </span>Distribuzione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>servizi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>terzi:<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>tratta<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>commissioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>acquisizione<span class=\"ff1\"> </span>relative<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>polizze<span class=\"ff1\"> </span>assicurative<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>importo<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>8.710<span class=\"ff1\"> </span>m<span class=\"_ _2\"></span>ila<span class=\"ff1\"> </span>euro. Il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">gr<span class=\"_ _0\"></span>upp<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>per<span class=\"_ _0\"></span>cepi<span class=\"_ _0\"></span>sce<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">var<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ti<span class=\"_ _0\"></span>pi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">comm<span class=\"_ _0\"></span>issi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">va<span class=\"_ _0\"></span>riab<span class=\"_ _0\"></span>ili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">com<span class=\"_ _0\"></span>e: </span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Su<span class=\"_ _0\"></span>cce<span class=\"_ _0\"></span>ss<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Fee<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ret<span class=\"_ _0\"></span>aine<span class=\"_ _0\"></span>r<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fee<span class=\"_ _1\"></span>; </span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Pe<span class=\"_ _0\"></span>rfo<span class=\"_ _0\"></span>rmanc<span class=\"_ _0\"></span>e/O<span class=\"_ _0\"></span>verpe<span class=\"_ _0\"></span>rfo<span class=\"_ _0\"></span>rman<span class=\"_ _0\"></span>ce; -<span class=\"_ _3bd\"> </span>Ra<span class=\"_ _0\"></span>ppel<span class=\"_ _0\"></span>. Tali<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>commissioni<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>vengono<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>percepite<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>raggiungimento<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>determinati<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>obiettivi,<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>previsti<span class=\"ff1\"> </span>contrattualmente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contabilizzate<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>momento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _20\"></span></span>v<span class=\"_ _2\"></span>iene<span class=\"ff1\"> <span class=\"_ _20\"></span></span>meno<span class=\"ff1\"> <span class=\"_ _21\"></span></span>l'incertezza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>relativa<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"_ _2\"></span>lla<span class=\"ff1\"> </span>determinazione<span class=\"ff1\"> </span>dell'importo<span class=\"ff1\"> </span>variabile. Nella<span class=\"ff1\"> </span>part<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>L<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> </span>no<span class=\"_ _2\"></span>ta<span class=\"ff1\"> </span>integrativa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>viene<span class=\"ff1\"> </span>presentat<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>disaggregazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Ricavi<span class=\"ff1\"> </span>p<span class=\"_ _2\"></span>er<span class=\"ff1\"> <span class=\"_ _2\"></span></span>segmento<span class=\"ff1\"> </span>op<span class=\"_ _0\"></span>erat<span class=\"_ _0\"></span>ivo<span class=\"_ _3bd\"> </span>.<span class=\"_ _0\"></span> 2.2<span class=\"_ _3bd\"> </span>Co<span class=\"_ _0\"></span>mm<span class=\"_ _1\"></span>iss<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>pa<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>e:<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>os<span class=\"_ _1\"></span>izio<span class=\"_ _1\"></span>ne<span class=\"fc0 sc1\"> </span>Se<span class=\"_ _0\"></span>rv<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>/V<span class=\"_ _0\"></span>al<span class=\"_ _1\"></span>ori<span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>a)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Strumenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span> <span class=\"_ _291\"> </span>(<span class=\"_ _0\"></span>5.7<span class=\"_ _0\"></span>57)<span class=\"_ _3bd\"> </span></span></span></span></span>(6.<span class=\"_ _0\"></span>452<span class=\"_ _0\"></span>)<span class=\"_ _3bd\"> </span>di<span class=\"ff1\"> </span>cu<span class=\"_ _0\"></span>i:<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>egoz<span class=\"_ _1\"></span>iazion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>str<span class=\"_ _0\"></span>ume<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fina<span class=\"_ _1\"></span>nzia<span class=\"_ _0\"></span>ri <span class=\"_ _d3\"> </span>(2.5<span class=\"_ _0\"></span>68)<span class=\"_ _3bd\"> </span></span></span>(2<span class=\"_ _0\"></span>.538<span class=\"_ _0\"></span>)<span class=\"_ _3bd\"> </span>di<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ui:<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">coll<span class=\"_ _0\"></span>ocam<span class=\"_ _0\"></span>ent<span class=\"_ _1\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">stru<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fina<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iari<span class=\"_ _0\"></span> <span class=\"_ _d3\"> </span>(1.4<span class=\"_ _0\"></span>02)<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>(1<span class=\"_ _0\"></span>.579<span class=\"_ _0\"></span>)<span class=\"_ _3bd\"> </span>di<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ui:<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ges<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>po<span class=\"_ _0\"></span>rta<span class=\"_ _0\"></span>fog<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>vidu<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>i <span class=\"_ _2c2\"> </span>(1.<span class=\"_ _0\"></span>679)<span class=\"_ _3bd\"> </span></span></span></span></span>(2<span class=\"_ _0\"></span>.24<span class=\"_ _0\"></span>6)<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Propr<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span> <span class=\"_ _277\"> </span>(8<span class=\"_ _0\"></span>46)<span class=\"_ _3bd\"> </span></span></span>(1<span class=\"_ _0\"></span>.250<span class=\"_ _0\"></span>)<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Delegate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ter<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span> <span class=\"_ _124\"> </span>(<span class=\"_ _0\"></span>833)<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>(99<span class=\"_ _0\"></span>6)<span class=\"_ _3bd\"> </span>b)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Com<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>nsaz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>egol<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>o <span class=\"_ _116\"> </span>-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>c)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Gestione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">portafogli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">col<span class=\"_ _0\"></span>let<span class=\"_ _0\"></span>tive<span class=\"_ _1\"></span> <span class=\"_ _2d7\"> </span>(4.2<span class=\"_ _0\"></span>45)<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>(9.<span class=\"_ _0\"></span>09<span class=\"_ _0\"></span>5)<span class=\"_ _3bd\"> </span>1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Prop<span class=\"_ _0\"></span>rie<span class=\"_ _0\"></span> <span class=\"_ _14b\"> </span>(<span class=\"_ _1\"></span>58<span class=\"_ _0\"></span>)<span class=\"_ _3bd\"> </span></span></span>(7<span class=\"_ _1\"></span>9)<span class=\"_ _3bd\"> </span>2.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Delegate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>erz<span class=\"_ _0\"></span>i <span class=\"_ _149\"> </span>(4<span class=\"_ _0\"></span>.18<span class=\"_ _0\"></span>7)<span class=\"_ _3bd\"> </span></span></span></span></span>(9.<span class=\"_ _0\"></span>01<span class=\"_ _0\"></span>6)<span class=\"_ _3bd\"> </span>d)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Custodia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ammi<span class=\"_ _0\"></span>nist<span class=\"_ _0\"></span>raz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e <span class=\"_ _166\"> </span>(2<span class=\"_ _0\"></span>.757<span class=\"_ _0\"></span>)<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>(2<span class=\"_ _0\"></span>.86<span class=\"_ _0\"></span>3)<span class=\"_ _3bd\"> </span>e)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Servi<span class=\"_ _2\"></span>zi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">incasso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">paga<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>to <span class=\"_ _2ef\"> </span>(1<span class=\"_ _0\"></span>7.53<span class=\"_ _0\"></span>7)<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>(30<span class=\"_ _0\"></span>.557<span class=\"_ _0\"></span>)<span class=\"_ _3bd\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cui:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">carte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">credito,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">carte<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">debito<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">carte<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pag<span class=\"_ _1\"></span>amen<span class=\"_ _0\"></span>to <span class=\"_ _4e\"> </span>(11<span class=\"_ _0\"></span>.1<span class=\"_ _0\"></span>10)<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>(9.<span class=\"_ _0\"></span>61<span class=\"_ _0\"></span>6)<span class=\"_ _3bd\"> </span>f)<span class=\"ff1\"> </span>A<span class=\"_ _0\"></span>ttiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">s<span class=\"_ _0\"></span>erv<span class=\"_ _0\"></span>ici<span class=\"_ _0\"></span>ng<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">oper<span class=\"_ _0\"></span>azi<span class=\"_ _1\"></span>oni<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">carto<span class=\"_ _0\"></span>lar<span class=\"_ _0\"></span>izz<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span> <span class=\"_ _160\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>g)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">I<span class=\"_ _2\"></span>mpegni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ricevere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fo<span class=\"_ _0\"></span>nd<span class=\"_ _1\"></span>i <span class=\"_ _28e\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>h)<span class=\"ff1\"> </span>Garan<span class=\"_ _0\"></span>zie<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">fina<span class=\"_ _1\"></span>nzia<span class=\"_ _0\"></span>rie<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>ice<span class=\"_ _0\"></span>vute<span class=\"_ _1\"></span> <span class=\"_ _127\"> </span>(1.<span class=\"_ _0\"></span>815<span class=\"_ _0\"></span>)<span class=\"_ _3bd\"> </span></span></span>(8<span class=\"_ _0\"></span>11)<span class=\"_ _3bd\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">derivati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cre<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>i <span class=\"_ _103\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>i)<span class=\"ff1\"> </span>O<span class=\"_ _0\"></span>ffer<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fuo<span class=\"_ _0\"></span>ri<span class=\"ff1\"> </span>se<span class=\"_ _0\"></span>de<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>str<span class=\"_ _0\"></span>ume<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fina<span class=\"_ _1\"></span>nzia<span class=\"_ _0\"></span>ri,<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rod<span class=\"_ _0\"></span>otti<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">e</span> <span class=\"ff3\">se<span class=\"_ _0\"></span>rviz<span class=\"_ _0\"></span>i <span class=\"_ _298\"> </span>(1<span class=\"_ _0\"></span>02.<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>8)<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>(1<span class=\"_ _0\"></span>13.<span class=\"_ _0\"></span>645)<span class=\"_ _3bd\"> </span>l)<span class=\"ff1\"> </span>Ne<span class=\"_ _0\"></span>goz<span class=\"_ _0\"></span>iaz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">val<span class=\"_ _0\"></span>ute<span class=\"_ _0\"></span> <span class=\"_ _263\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>m)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Altr<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>com<span class=\"_ _0\"></span>mis<span class=\"_ _0\"></span>sio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>ive<span class=\"_ _0\"></span> <span class=\"_ _14f\"> </span>(27.<span class=\"_ _0\"></span>796<span class=\"_ _0\"></span>)<span class=\"_ _3bd\"> </span></span></span>(2<span class=\"_ _0\"></span>5.58<span class=\"_ _0\"></span>4)<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>(1<span class=\"_ _0\"></span>62.<span class=\"_ _1\"></span>115)<span class=\"_ _3bd\"> </span>(1<span class=\"_ _0\"></span>89<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>07<span class=\"_ _0\"></span>)<span class=\"_ _3bd\"> </span><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs27d4\">Sezion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs27d5\">3<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs27d6\">\u2013<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs27d7\">Divid<span class=\"_ _0\"></span>endi<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs27d8\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs27d9\">prove<span class=\"_ _0\"></span>nti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs27da\">simili<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs27db\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs27dc\">Voci<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs27dd\">7<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m26 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs27de\">3.<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs27df\">Di<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>ndi<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs27e0\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs27e1\">pro<span class=\"_ _1\"></span>ven<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs27e2\">sim<span class=\"_ _1\"></span>ili:<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs27e3\">co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>os<span class=\"_ _1\"></span>izio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs27e4\">Vo<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>/P<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs27e5\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs27e6\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs27e7\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs27e8\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs27e9\">Di<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>den<span class=\"_ _1\"></span>di<span class=\"fc0 sc1\"> <span class=\"_ _224\"> </span></span>Provent<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs27ea\">si<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _224\"> </span><span class=\"fc4 sc2\">Div<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _196\"> </span><span class=\"fc4 sc2\">Proven<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs27eb\">si<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs27ec\">A.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Att<span class=\"_ _0\"></span>ivit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fin<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>iari<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>go<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e <span class=\"_ _5d\"> </span>12<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs27ed\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs27ee\">1<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs27ef\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs27f0\">B.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">obbligatoriamente<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valutate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs27f1\">fair<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs27f2\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs27f3\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs27f4\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs27f5\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs27f6\">C.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fi<span class=\"_ _2\"></span>nanziarie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">impatto<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs27f7\">sulla<span class=\"ff1\"> </span>redditivit\u00e0<span class=\"ff1\"> </span>comp<span class=\"_ _0\"></span>lessiva </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs27f8\">1.<span class=\"_ _0\"></span>950<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs27f9\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs27fa\">1<span class=\"_ _0\"></span>53<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs27fb\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs27fc\">D.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Par<span class=\"_ _0\"></span>tec<span class=\"_ _0\"></span>ipa<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>oni <span class=\"_ _5\"> </span>-<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs27fd\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs27fe\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs27ff\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2800\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2801\">2.<span class=\"_ _0\"></span>07<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2802\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2803\">1<span class=\"_ _0\"></span>66<span class=\"_ _3bd\"> </span></div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs2804\">-</div>16.<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>Al<span class=\"_ _0\"></span>tri<span class=\"_ _3bd\"> </span>pro<span class=\"_ _1\"></span>ven<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ge<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e:<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>os<span class=\"_ _1\"></span>izio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Fitti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">atti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span> <span class=\"_ _13b\"> </span></span></span>Rec<span class=\"_ _0\"></span>up<span class=\"_ _0\"></span>ero<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>im<span class=\"_ _0\"></span>post<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span> <span class=\"_ _301\"> </span>Rec<span class=\"_ _0\"></span>up<span class=\"_ _0\"></span>ero<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inte<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span>cas<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>nti<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>st<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">comp<span class=\"_ _0\"></span>ens<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span> <span class=\"_ _9c\"> </span></span></span></span></span></span></span></span></span>Sop<span class=\"_ _0\"></span>ravv<span class=\"_ _0\"></span>eni<span class=\"_ _0\"></span>enz<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>atti<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span> <span class=\"_ _30e\"> </span>Altri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pr<span class=\"_ _0\"></span>oven<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span> <span class=\"_ _4f\"> </span></span></span>Negative<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Goo<span class=\"_ _0\"></span>dwi<span class=\"_ _0\"></span>ll <span class=\"_ _266\"> </span></span></span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>Alt<span class=\"_ _1\"></span>ri<span class=\"_ _3bd\"> </span>pr<span class=\"_ _0\"></span>ov<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>La<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>voce<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u201cRecupero<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>imposte\u201d<span class=\"ff1\">  </span>rece<span class=\"_ _0\"></span>pisce<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rec<span class=\"_ _2\"></span>upero<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>m<span class=\"_ _2\"></span>ag<span class=\"_ _3bd\"> </span>dell\u2019imposta<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>bollo<span class=\"ff1\"> </span>sui<span class=\"ff1\"> </span>dossier<span class=\"ff1\"> </span>titoli.<span class=\"_ _3bd\"> </span>Nella<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>voce<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u201cAltri<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>proventi\u201d<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>compresi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>anch<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>recu<span class=\"_ _0\"></span>peri<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dell<span class=\"_ _3bd\"> </span>veloce\u201d,<span class=\"ff1\"> </span>disciplinata<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>comma<span class=\"ff1\"> </span>2<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>Legge<span class=\"ff1\"> </span>23<span class=\"ff1\"> </span>dicembre<span class=\"ff1\"> </span>2011.<span class=\"_ _3bd\"> </span>Il<span class=\"ff1\"> </span>negative<span class=\"ff1\"> </span>goodwill,<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>badwill,<span class=\"ff1\"> </span>registrato<span class=\"_ _2\"></span><span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>2021<span class=\"ff1\"> </span>derivava<span class=\"ff1\"> </span>dall\u2019ope<span class=\"_ _3bd\"> </span>Car<span class=\"_ _0\"></span>ice<span class=\"_ _0\"></span>nto.<span class=\"_ _0\"></span> <div class=\"t m26 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs26e3\">1.3<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs26e4\">In<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>si<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs26e5\">pa<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs26e6\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs26e7\">on<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs26e8\">as<span class=\"_ _1\"></span>simi<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>ti:<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs26e9\">co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs26ea\">Vo<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>/F<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>me<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs26eb\">te<span class=\"_ _0\"></span>cn<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs26ec\">De<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>ti<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs26ed\">Ti<span class=\"_ _0\"></span>tol<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs26ee\">A<span class=\"_ _0\"></span>lt<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs26ef\">op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>ion<span class=\"_ _1\"></span>i<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs26f0\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs26f1\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs26f2\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs26f3\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"c w2e h28 gs26f4\"><div class=\"t m0 x1f9 h1c y430 ff3 fsc fc0 sc0 ls0 ws0\">1.</div></div><div class=\"c w12b h28 gs26f5\"><div class=\"t m0 x1f9 h1c y430 ff3 fsc fc0 sc0 ls0 ws0\">Passivit\u00e0</div></div><div class=\"c wa5 h28 gs26f6\"><div class=\"t m0 x1f9 h1c y430 ff3 fsc fc0 sc0 ls0 ws0\">finanziarie</div></div><div class=\"c w6 h28 gs26f7\"><div class=\"t m0 x1f9 h1c y430 ff3 fsc fc0 sc0 ls0 ws0\">valutate</div></div><div class=\"c wad h28 gs26f8\"><div class=\"t m0 x1f9 h1c y430 ff3 fsc fc0 sc0 ls0 ws0\">al</div></div><div class=\"c w5b h28 gs26f9\"><div class=\"t m0 x1f9 h1c y430 ff3 fsc fc0 sc0 ls0 ws0\">costo<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs26fa\">amm<span class=\"_ _0\"></span>ort<span class=\"_ _0\"></span>izz<span class=\"_ _0\"></span>ato<span class=\"_ _0\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs26fb\">(78<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>54)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs26fc\">(4<span class=\"_ _0\"></span>5.68<span class=\"_ _0\"></span>6)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs26fd\">X<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs26fe\">(1<span class=\"_ _0\"></span>24.<span class=\"_ _0\"></span>340<span class=\"_ _0\"></span>)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs26ff\">(4<span class=\"_ _0\"></span>7.7<span class=\"_ _0\"></span>13)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2700\">1.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Debiti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">v<span class=\"_ _2\"></span>erso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">banche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ce<span class=\"_ _0\"></span>ntra<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span> <span class=\"_ _1d0\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2701\">X<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2702\">X<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2703\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2704\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2705\">1.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Debiti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">v<span class=\"_ _2\"></span>erso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">banc<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span> <span class=\"_ _117\"> </span>(<span class=\"_ _0\"></span>40<span class=\"_ _0\"></span>.91<span class=\"_ _0\"></span>7)<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2706\">X<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2707\">X<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2708\">(4<span class=\"_ _0\"></span>0.9<span class=\"_ _0\"></span>17)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2709\">(31<span class=\"_ _0\"></span>0)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs270a\">1.3<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Debiti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">verso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">clie<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span> <span class=\"_ _213\"> </span>(37.<span class=\"_ _0\"></span>737<span class=\"_ _0\"></span>)<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs270b\">X<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs270c\">X<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs270d\">(37<span class=\"_ _0\"></span>.73<span class=\"_ _0\"></span>7)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs270e\">(1<span class=\"_ _0\"></span>6.78<span class=\"_ _0\"></span>0)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs270f\">1.4<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ci<span class=\"_ _0\"></span>rcol<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span> <span class=\"_ _2e1\"> </span>X<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2710\">(4<span class=\"_ _0\"></span>5.68<span class=\"_ _0\"></span>6)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2711\">X<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2712\">(4<span class=\"_ _0\"></span>5.68<span class=\"_ _0\"></span>6)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2713\">(30<span class=\"_ _0\"></span>.62<span class=\"_ _0\"></span>3)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2714\">2.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Pass<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>rie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">neg<span class=\"_ _0\"></span>ozia<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span> <span class=\"_ _278\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2715\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2716\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2717\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2718\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2719\">3.<span class=\"ff1\"> </span>P<span class=\"_ _0\"></span>ass<span class=\"_ _0\"></span>ivit\u00e0<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">fina<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iari<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>des<span class=\"_ _0\"></span>ign<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al</span> <span class=\"ff3\">f<span class=\"_ _0\"></span>air<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>lue<span class=\"_ _1\"></span> <span class=\"_ _154\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs271a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs271b\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs271c\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs271d\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs271e\">4.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Alt<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pas<span class=\"_ _0\"></span>sivit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">f<span class=\"_ _0\"></span>on<span class=\"_ _1\"></span>di<span class=\"_ _0\"></span> <span class=\"_ _b\"> </span>X<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs271f\">X<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2720\">(1<span class=\"_ _1\"></span>)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2721\">(1<span class=\"_ _1\"></span>)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2722\">(1<span class=\"_ _1\"></span>3)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2723\">5.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">D<span class=\"_ _2\"></span>erivat<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cop<span class=\"_ _0\"></span>ert<span class=\"_ _0\"></span>ura<span class=\"_ _1\"></span> <span class=\"_ _9b\"> </span>X<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2724\">X<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2725\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2726\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2727\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2728\">6.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>rie<span class=\"_ _0\"></span> <span class=\"_ _2e2\"> </span>X<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2729\">X<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs272a\">X<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs272b\">(1<span class=\"_ _0\"></span>9.4<span class=\"_ _0\"></span>71)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs272c\">(4<span class=\"_ _0\"></span>6.7<span class=\"_ _0\"></span>21)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs272d\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs272e\">(7<span class=\"_ _0\"></span>8.<span class=\"_ _0\"></span>65<span class=\"_ _0\"></span>4)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs272f\">(4<span class=\"_ _0\"></span>5.6<span class=\"_ _1\"></span>86)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2730\">(1<span class=\"_ _1\"></span>)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2731\">(1<span class=\"_ _0\"></span>43.<span class=\"_ _0\"></span>81<span class=\"_ _1\"></span>2)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2732\">(9<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>447<span class=\"_ _1\"></span>)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2733\">di<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ui:<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>pas<span class=\"_ _0\"></span>siv<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>lati<span class=\"_ _0\"></span>vi<span class=\"ff1\"> </span>ai<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">deb<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">lea<span class=\"_ _0\"></span>sing<span class=\"_ _1\"></span> <span class=\"_ _222\"> </span>(3.<span class=\"_ _0\"></span>178<span class=\"_ _0\"></span>)<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2734\">X<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2735\">X<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2736\">(3.<span class=\"_ _0\"></span>178<span class=\"_ _0\"></span>)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2737\">(3.<span class=\"_ _0\"></span>293<span class=\"_ _0\"></span>)<span class=\"_ _3bd\"> </span></div><div class=\"t m26 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2738\">1.<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2739\">In<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>si<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs273a\">pa<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs273b\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs273c\">on<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs273d\">as<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>lat<span class=\"_ _0\"></span>i:<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs273e\">al<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs273f\">in<span class=\"_ _0\"></span>for<span class=\"_ _0\"></span>ma<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"fc0 sc1\"> </span></div><div class=\"t m26 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2740\">1.<span class=\"_ _0\"></span>4.1<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2741\">In<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>si<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2742\">pa<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>ivi<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2743\">su<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2744\">pa<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2745\">fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2746\">in<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2747\">va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>a<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2748\">Gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>ress<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>vi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">matu<span class=\"_ _0\"></span>rat<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>mmont<span class=\"_ _0\"></span>ano<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">3<span class=\"_ _0\"></span>5.2<span class=\"_ _0\"></span>28<span class=\"ff1\"> </span>mi<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">eur<span class=\"_ _0\"></span>o.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></div><div class=\"t m26 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2749\">1.<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs274a\">Di<span class=\"_ _0\"></span>ffe<span class=\"_ _1\"></span>ren<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs274b\">rel<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs274c\">al<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs274d\">op<span class=\"_ _0\"></span>era<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs274e\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs274f\">co<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>ura<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2750\">V<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2751\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2752\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2753\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2754\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2755\">A.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Dif<span class=\"_ _0\"></span>fere<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iali<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>osit<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rel<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>vi<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>ioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ope<span class=\"_ _0\"></span>rtu<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span> <span class=\"_ _214\"> </span>240<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>01<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2756\">18<span class=\"_ _0\"></span>4.7<span class=\"_ _0\"></span>31<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2757\">B.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Diffe<span class=\"_ _1\"></span>renz<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>neg<span class=\"_ _0\"></span>ativ<span class=\"_ _1\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>re<span class=\"_ _0\"></span>lativ<span class=\"_ _1\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> </span>op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cope<span class=\"_ _0\"></span>rtur<span class=\"_ _0\"></span>a <span class=\"_ _f3\"> </span>(<span class=\"_ _0\"></span>21<span class=\"_ _0\"></span>7.2<span class=\"_ _0\"></span>23)<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2758\">(1<span class=\"_ _0\"></span>60.<span class=\"_ _0\"></span>406<span class=\"_ _0\"></span>)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2759\">C.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs275a\">Saldo<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs275b\">(A-B<span class=\"_ _1\"></span>)<span class=\"_ _0\"></span> <span class=\"_ _136\"> </span>23.<span class=\"_ _0\"></span>57<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs275c\">24<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>25</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfRevenueExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-760": {
   "value": "Sez<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">1<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">\u2013<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Gli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>essi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Voc<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">10<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">20<span class=\"_ _0\"></span><span class=\"fc0\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>1.<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>In<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>si<span class=\"_ _3bd\"> </span>at<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vi<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>pro<span class=\"_ _1\"></span>ven<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>as<span class=\"_ _1\"></span>sim<span class=\"_ _0\"></span>ila<span class=\"_ _0\"></span>ti:<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>os<span class=\"_ _1\"></span>izio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Vo<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>/F<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>me<span class=\"_ _3bd\"> </span>te<span class=\"_ _0\"></span>cn<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Titol<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>de<span class=\"_ _1\"></span>bit<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>Fin<span class=\"_ _1\"></span>an<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>A<span class=\"_ _0\"></span>lt<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>ion<span class=\"_ _1\"></span>i<span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>1.<span class=\"_ _3bd\"> </span>Attiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span>finan<span class=\"_ _0\"></span>ziar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>val<span class=\"_ _0\"></span>utate<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>fair<span class=\"_ _3bd\"> </span>val<span class=\"_ _0\"></span>ue<span class=\"_ _3bd\"> </span>con<span class=\"_ _3bd\"> </span>impa<span class=\"_ _0\"></span>tto<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>cont<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>econo<span class=\"_ _0\"></span>mic<span class=\"_ _0\"></span>o:<span class=\"_ _3bd\"> </span>5<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>3<span class=\"_ _0\"></span>21<span class=\"_ _3bd\"> </span>-8<span class=\"_ _0\"></span>31<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>1<span class=\"ff1\"> </span>At<span class=\"_ _0\"></span>tivit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>nanz<span class=\"_ _1\"></span>iarie<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ete<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">neg<span class=\"_ _0\"></span>ozia<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne <span class=\"_ _4b\"> </span>50<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>50<span class=\"_ _1\"></span>8<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>47<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>2<span class=\"ff1\"> </span>Att<span class=\"_ _0\"></span>ivit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fin<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>sign<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al</span> <span class=\"ff3\">fa<span class=\"_ _0\"></span>ir<span class=\"ff1\"> </span>valu<span class=\"_ _0\"></span>e <span class=\"_ _c1\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>1.3<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">obbligatoriamente<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>valutate<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>lue<span class=\"_ _3bd\"> </span>2<span class=\"_ _3bd\"> </span>32<span class=\"_ _1\"></span>1<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>32<span class=\"_ _1\"></span>3<span class=\"_ _3bd\"> </span>6<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>2.<span class=\"_ _3bd\"> </span>Atti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _3bd\"> </span>fina<span class=\"_ _0\"></span>nziar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>valut<span class=\"_ _0\"></span>ate<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>fair<span class=\"_ _3bd\"> </span>val<span class=\"_ _0\"></span>ue<span class=\"_ _3bd\"> </span>con<span class=\"_ _3bd\"> </span>impa<span class=\"_ _0\"></span>tto<span class=\"_ _3bd\"> </span>sull<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>red<span class=\"_ _0\"></span>ditivit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>com<span class=\"_ _0\"></span>pless<span class=\"_ _0\"></span>iva<span class=\"_ _3bd\"> </span>62<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>37<span class=\"_ _3bd\"> </span>-X62<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>37<span class=\"_ _3bd\"> </span>24<span class=\"_ _0\"></span>.85<span class=\"_ _1\"></span>8<span class=\"_ _3bd\"> </span>3.<span class=\"_ _3bd\"> </span>Att<span class=\"_ _1\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>nan<span class=\"_ _1\"></span>zia<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>tat<span class=\"_ _1\"></span>e<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>am<span class=\"_ _1\"></span>mor<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>zza<span class=\"_ _1\"></span>to:<span class=\"_ _0\"></span> 73<span class=\"_ _0\"></span>.21<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>58<span class=\"_ _0\"></span>0.<span class=\"_ _0\"></span>57<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>-65<span class=\"_ _0\"></span>3.<span class=\"_ _0\"></span>78<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>42<span class=\"_ _0\"></span>8.3<span class=\"_ _1\"></span>80<span class=\"_ _3bd\"> </span>3.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Crediti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">v<span class=\"_ _2\"></span>erso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ban<span class=\"_ _0\"></span>che<span class=\"_ _1\"></span> <span class=\"_ _120\"> </span>8.<span class=\"_ _0\"></span>34<span class=\"_ _1\"></span>1<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>26.<span class=\"_ _0\"></span>70<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>35.<span class=\"_ _0\"></span>043<span class=\"_ _3bd\"> </span>3.0<span class=\"_ _0\"></span>80<span class=\"_ _3bd\"> </span>3.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Crediti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">v<span class=\"_ _2\"></span>erso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cli<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>ela<span class=\"_ _0\"></span> <span class=\"_ _b1\"> </span>64.<span class=\"_ _0\"></span>875<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>553.<span class=\"_ _0\"></span>869<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>618<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>44<span class=\"_ _3bd\"> </span>42<span class=\"_ _0\"></span>5.30<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>4.<span class=\"_ _3bd\"> </span>Deri<span class=\"_ _0\"></span>vati<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>ura<span class=\"_ _1\"></span> XX <span class=\"_ _a3\"> </span>23.5<span class=\"_ _1\"></span>78<span class=\"_ _3bd\"> </span>23<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>78<span class=\"_ _3bd\"> </span>24<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>5.<span class=\"_ _3bd\"> </span>Altr<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>at<span class=\"_ _0\"></span>tiv<span class=\"_ _1\"></span>it\u00e0<span class=\"_ _0\"></span> XX3<span class=\"_ _0\"></span>49<span class=\"_ _3bd\"> </span>3<span class=\"_ _0\"></span>49<span class=\"_ _3bd\"> </span>5<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>6.<span class=\"_ _3bd\"> </span>Pas<span class=\"_ _1\"></span>siv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>rie<span class=\"_ _1\"></span> XXX57<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>16<span class=\"_ _3bd\"> </span>10<span class=\"_ _0\"></span>6.<span class=\"_ _0\"></span>255<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>13<span class=\"_ _0\"></span>5.<span class=\"_ _0\"></span>76<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>58<span class=\"_ _0\"></span>0.<span class=\"_ _0\"></span>89<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>23<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>27<span class=\"_ _3bd\"> </span>79<span class=\"_ _0\"></span>7.<span class=\"_ _0\"></span>79<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>58<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>07<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>di<span class=\"ff1\"> </span>cui<span class=\"_ _0\"></span>:<span class=\"ff1\"> </span>int<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>att<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">su</span> <span class=\"ff3\">at<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fina<span class=\"_ _1\"></span>nzia<span class=\"_ _0\"></span>rie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">impa<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>d <span class=\"_ _ab\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>11<span class=\"_ _0\"></span>.98<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>11<span class=\"_ _0\"></span>.98<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>11<span class=\"_ _0\"></span>.74<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">interessi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">leasing<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ziar<span class=\"_ _0\"></span>io <span class=\"_ _c8\"> </span>X <span class=\"_ _201\"> </span>66.<span class=\"_ _0\"></span>806<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>X<span class=\"_ _3bd\"> </span>66.<span class=\"_ _0\"></span>80<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>54.<span class=\"_ _0\"></span>12<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>1.2<span class=\"_ _3bd\"> </span>In<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>si<span class=\"_ _3bd\"> </span>at<span class=\"_ _1\"></span>tivi<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>pro<span class=\"_ _1\"></span>ven<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>as<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>lat<span class=\"_ _0\"></span>i:<span class=\"_ _3bd\"> </span>al<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"fc0 sc1\"> </span>1.2<span class=\"_ _0\"></span>.1<span class=\"_ _3bd\"> </span>In<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>si<span class=\"_ _3bd\"> </span>at<span class=\"_ _1\"></span>tivi<span class=\"_ _3bd\"> </span>su<span class=\"_ _3bd\"> </span>at<span class=\"_ _1\"></span>tivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _0\"></span>a<span class=\"fc0 sc1\"> </span>Gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>ress<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ttivi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ma<span class=\"_ _0\"></span>tur<span class=\"_ _0\"></span>ati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ammonta<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">46<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>18<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mila<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">eu<span class=\"_ _0\"></span>ro.</span></span></span></span></span></span></span></span></span></span></span></span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-846": {
   "value": "1.3 Interessi passivi e oneri assimilati: composizione Voci/Forme tecniche Debiti Titoli Altre operazioni Totale 31/12/2022 Totale 31/12/2021 1.Passivit\u00e0finanziarievalutatealcosto ammortizzato (78.654) (45.686) X (124.340) (47.713) 1.1 Debiti verso banche centrali  - X X - - 1.2 Debiti verso banche  (40.917) X X (40.917) (310) 1.3 Debiti verso clientela  (37.737) X X (37.737) (16.780) 1.4 Titoli in circolazione  X (45.686) X (45.686) (30.623) 2. Passivit\u00e0 finanziarie di negoziazione  - - - - - 3. Passivit\u00e0 finanziarie designate al fair value  - - - - - 4. Altre passivit\u00e0 e fondi  X X (1) (1) (13) 5. Derivati di copertura  X X - - - 6. Attivit\u00e0 finanziarie  X X X (19.471) (46.721) Totale (78.654) (45.686) (1) (143.812) (94.447) di cui: interessi passivi relativi ai debiti per leasing  (3.178) X X (3.178) (3.293) .4 Interessi passivi e oneri assimilati: altre informazioni .4.1 Interessi passivi su passivit\u00e0 finanziarie in valuta Gli interessi passivi maturati ammontano a 35.228 mila euro. 1.5 Differenziali relativi alle operazioni di copertura Voci Totale 31/12/2022 Totale 31/12/2021 A. Differenziali positivi relativi a operazioni di copertura  240.801 184.731 B. Differenziali negativi relativi a operazioni di copertura  (217.223) (160.406) C. Saldo (A-B)  23.578 24.325",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-790": {
   "value": "1.<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>Di<span class=\"_ _0\"></span>ffe<span class=\"_ _1\"></span>ren<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span>rel<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>al<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>op<span class=\"_ _0\"></span>era<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>ura<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>V<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>A.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Dif<span class=\"_ _0\"></span>fere<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iali<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>osit<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rel<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>vi<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>ioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ope<span class=\"_ _0\"></span>rtu<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span> <span class=\"_ _214\"> </span>240<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>01<span class=\"_ _3bd\"> </span></span></span></span></span>18<span class=\"_ _0\"></span>4.7<span class=\"_ _0\"></span>31<span class=\"_ _3bd\"> </span>B.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Diffe<span class=\"_ _1\"></span>renz<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>neg<span class=\"_ _0\"></span>ativ<span class=\"_ _1\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>re<span class=\"_ _0\"></span>lativ<span class=\"_ _1\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> </span>op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cope<span class=\"_ _0\"></span>rtur<span class=\"_ _0\"></span>a <span class=\"_ _f3\"> </span>(<span class=\"_ _0\"></span>21<span class=\"_ _0\"></span>7.2<span class=\"_ _0\"></span>23)<span class=\"_ _3bd\"> </span></span></span></span></span>(1<span class=\"_ _0\"></span>60.<span class=\"_ _0\"></span>406<span class=\"_ _0\"></span>)<span class=\"_ _3bd\"> </span>C.<span class=\"_ _3bd\"> </span>Saldo<span class=\"_ _3bd\"> </span>(A-B<span class=\"_ _1\"></span>)<span class=\"_ _0\"></span> <span class=\"_ _136\"> </span>23.<span class=\"_ _0\"></span>57<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>24<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>25",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-791": {
   "value": "Sezione 2 \u2013 Le commissioni - Voci 40 e 50 2.1 Commissioni attive: composizione Tipologia servizi/Valori Totale 31/12/2022 Totale 31/12/2021 a) Strumenti finanziari  200.280 226.477 1. Collocamento titoli  92.068 100.842 1.1 Con assunzione a fermo e/o sulla base di un impegno irrevocabile  - - 1.2 Senza impegno irrevocabile  92.068 100.842 2. Attivit\u00e0 di ricezione e trasmissione di ordini e esecuzione di ordini per conto dei clienti  15.032 16.937 2.1 Ricezione e trasmissione di ordini di uno o pi\u00f9 strumenti finanziari  6.791 7.753 2.2 Esecuzione di ordini per conto dei clienti  8.241 9.184 3. Altre commissioni connesse con attivit\u00e0 legate a strumenti finanziari  93.180 108.698 di cui: negoziazione per conto proprio  - - di cui: gestione di portafogli individuali  93.180 108.698 b) Corporate Finance  1.969 2.189 1. Consulenza in materia di fusioni e acquisizioni  1.969 2.189 2. Servizi di tesoreria  - - 3. Altre commissioni connesse con servizi di corporate finance  - - c) Attivit\u00e0 di consulenza in materia di investimenti  12.806 13.352 d) Compensazione e regolamento  - - e) Gestione di portafogli collettive  208.369 263.263 f) Custodia e amministrazione  3.943 3.694 1. Banca depositaria  - - 2. Altre commissioni legate all\u2019attivit\u00e0 di custodia e amministrazione  3.943 3.694 g) Servizi amministrativi centrali per gestioni di portafogli collettive  - - h) Attivit\u00e0 fiduciaria  1.230 1.261 i) Servizi di pagamento  221.018 215.424 1. Conti correnti  134.401 122.763 2. Carte di credito  28.481 24.442 3. Carte di debito ed altre carte di pagamento  22.125 34.205 4. Bonifici e altri ordini di pagamento  14.664 13.338 5. Altre commissioni legate ai servizi di pagamento  21.347 20.676 j) Distribuzione di servizi di terzi  61.569 53.956 1. Gestioni di portafogli collettive  - - 2. Prodotti assicurativi  59.396 52.478 3. Altri prodotti  2.173 1.478 di cui: gestioni di portafogli individuali  - - k) Finanza strutturata  - - l) Attivit\u00e0 di servicing per operazioni di cartolarizzazione  - - m) Impegni a erogare fondi  - - n) Garanzie finanziarie rilasciate  4.720 4.471 di cui: derivati su crediti  - - o) Operazioni di finanziamento  16.410 13.721 di cui: per operazioni di factoring  16.410 13.721 p) Negoziazione di valute  3.859 3.187 q) Merci  - - r) Altre commissioni attive  26.469 22.952 di cui: per attivit\u00e0 di gestione di sistemi multilaterali di scambio  - - di cui: per attivit\u00e0 di gestione di sistemi organizzati di negoziazione  - - Totale 762.642 823.948 I dati delle tabelle del 2021 delle \u201cCommissioni attive\u201d, Servizi di pagamento, sono stati riesposti al fine di recepire in maniera pi\u00f9 analitica le commissioni relative ai conti correnti.  Si riporta la disaggregazione delle commissioni distribuite per forma tecnica in linea con quanto richiesto da IFRS 15 par. 114. Le principali tipologie commissionali sono riconducibili a (IFRS 15 par. 119): - Gestione dei portafogli individuali e collettivi: la performance obbligation si sostanzia in 48 mila euro e viene tipicamente soddisfatta over time; - Collocamento titoli: si tratta di commissioni in sede di collocamento fondi/sicav incassati per un importo pari a 22.126 mila euro; - Distribuzione dei servizi di terzi: si tratta di commissioni di acquisizione relative a polizze assicurative per un importo pari a 8.710 mila euro. Il gruppo percepisce vari tipi di commissioni variabili come: - Success Fee e retainer fee; - Performance/Overperformance; - Rappel. Tali  commissioni  vengono  percepite  al  raggiungimento  di  determinati  obiettivi,  previsti contrattualmente e sono contabilizzate al momento in cui viene meno l'incertezza relativa alla determinazione dell'importo variabile. Nella parte L della nota integrativa viene presentata la disaggregazione dei Ricavi per segmento operativo . 2.2 Commissioni passive: composizione Servizi/Valori Totale 31/12/2022 Totale 31/12/2021 a) Strumenti finanziari  (5.757) (6.452) di cui: negoziazione di strumenti finanziari  (2.568) (2.538) di cui: collocamento di strumenti finanziari  (1.402) (1.579) di cui: gestione di portafogli individuali  (1.679) (2.246) - Proprie  (846) (1.250) - Delegate a terzi  (833) (996) b) Compensazione e regolamento  - - c) Gestione di portafogli collettive  (4.245) (9.095) 1. Proprie  (58) (79) 2. Delegate a terzi  (4.187) (9.016) d) Custodia e amministrazione  (2.757) (2.863) e) Servizi di incasso e pagamento  (17.537) (30.557) di cui: carte di credito, carte di debito e altre carte di pagamento  (11.110) (9.616) f) Attivit\u00e0 di servicing per operazioni di cartolarizzazione  - - g) Impegni a ricevere fondi  - - h) Garanzie finanziarie ricevute  (1.815) (811) di cui: derivati su crediti  - - i) Offerta fuori sede di strumenti finanziari, prodotti e servizi  (102.208) (113.645) l) Negoziazione di valute  - - m) Altre commissioni passive  (27.796) (25.584) Totale (162.115) (189.007) ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-859": {
   "value": "<div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2806\">Se<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2807\">4<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2808\">\u2013<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2809\">Il<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs280a\">ri<span class=\"_ _0\"></span>su<span class=\"_ _0\"></span>lta<span class=\"_ _0\"></span>to<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs280b\">net<span class=\"_ _0\"></span>to<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs280c\">de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>\u2019at<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs280d\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs280e\">ne<span class=\"_ _0\"></span>goz<span class=\"_ _1\"></span>iazi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs280f\">\u2013<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2810\">Vo<span class=\"_ _1\"></span>ce<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2811\">8<span class=\"_ _0\"></span>0<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2812\">4.1<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2813\">Ri<span class=\"_ _0\"></span>su<span class=\"_ _0\"></span>lta<span class=\"_ _0\"></span>to<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2814\">ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2815\">de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>'at<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2816\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2817\">ne<span class=\"_ _0\"></span>go<span class=\"_ _0\"></span>zia<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2818\">co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>os<span class=\"_ _1\"></span>izio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2819\">Op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>/Co<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>pon<span class=\"_ _1\"></span>ent<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs281a\">re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ua<span class=\"_ _0\"></span>li<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs281b\">Pl<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span>len<span class=\"_ _1\"></span>ze<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs281c\">(A<span class=\"_ _1\"></span>)<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs281d\">Utili<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs281e\">da<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs281f\">ne<span class=\"_ _0\"></span>g<span class=\"_ _0\"></span>ozi<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>ion<span class=\"_ _1\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2820\">(B<span class=\"_ _1\"></span>)<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2821\">Mi<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>sv<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ze<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2822\">(C<span class=\"_ _1\"></span>)<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2823\">Perdit<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2824\">da<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2825\">ne<span class=\"_ _0\"></span>g<span class=\"_ _0\"></span>ozi<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>ion<span class=\"_ _1\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2826\">(D<span class=\"_ _1\"></span>)<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2827\">Ris<span class=\"_ _1\"></span>ult<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2828\">ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2829\">[(<span class=\"_ _0\"></span>A+<span class=\"_ _0\"></span>B)<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs282a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs282b\">(C<span class=\"_ _0\"></span>+D<span class=\"_ _0\"></span>)]<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs282c\">1.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs282d\">At<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _1\"></span>\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs282e\">fi<span class=\"_ _0\"></span>nan<span class=\"_ _1\"></span>zia<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs282f\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2830\">ne<span class=\"_ _0\"></span>g<span class=\"_ _0\"></span>ozi<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2831\">1<span class=\"_ _0\"></span>75<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2832\">6.<span class=\"_ _0\"></span>58<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2833\">(9<span class=\"_ _1\"></span>35<span class=\"_ _1\"></span>)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2834\">(2<span class=\"_ _0\"></span>.17<span class=\"_ _1\"></span>4)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2835\">3.<span class=\"_ _0\"></span>65<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2836\">1.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">debi<span class=\"_ _0\"></span>to </span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2837\">2<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2838\">5.9<span class=\"_ _0\"></span>16<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2839\">(8<span class=\"_ _0\"></span>15)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs283a\">(1<span class=\"_ _0\"></span>.83<span class=\"_ _0\"></span>4)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs283b\">3.2<span class=\"_ _0\"></span>89<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs283c\">1.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">capit<span class=\"_ _0\"></span>ale<span class=\"_ _1\"></span> </span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs283d\">65<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs283e\">66<span class=\"_ _1\"></span>9<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs283f\">(7<span class=\"_ _1\"></span>4)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2840\">(6<span class=\"_ _1\"></span>2)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2841\">59<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2842\">1.3<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Quote<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">O.I.<span class=\"_ _0\"></span>C.<span class=\"_ _0\"></span>R. </span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2843\">8<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2844\">2<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2845\">(4<span class=\"_ _1\"></span>6)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2846\">(2<span class=\"_ _0\"></span>78)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2847\">(2<span class=\"_ _0\"></span>34)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2848\">1.4<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Finan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ti </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2849\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs284a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs284b\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs284c\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs284d\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs284e\">1.5<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Al<span class=\"_ _1\"></span>tre<span class=\"_ _1\"></span> </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs284f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2850\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2851\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2852\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2853\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2854\">2.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2855\">Pa<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2856\">fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>rie<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2857\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2858\">ne<span class=\"_ _0\"></span>g<span class=\"_ _0\"></span>ozi<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>ion<span class=\"_ _1\"></span>e </div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs2859\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs285a\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs285b\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs285c\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs285d\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs285e\">2.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">debi<span class=\"_ _0\"></span>to </span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs285f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2860\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2861\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2862\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2863\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2864\">2.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Debi<span class=\"_ _0\"></span>ti </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2865\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2866\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2867\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2868\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2869\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs286a\">2.3<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Alt<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span> </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs286b\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs286c\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs286d\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs286e\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs286f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2870\">3.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2871\">Attiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2872\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2873\">pass<span class=\"_ _0\"></span>ivit\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2874\">fina<span class=\"_ _0\"></span>nziar<span class=\"_ _0\"></span>ie:<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2875\">diffe<span class=\"_ _0\"></span>renze<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2876\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2877\">ca<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>bio<span class=\"_ _0\"></span> </div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs2878\">X</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs2879\">X</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs287a\">X</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs287b\">X</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs287c\">11<span class=\"_ _0\"></span>.25<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs287d\">4.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs287e\">St<span class=\"_ _0\"></span>ru<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs287f\">de<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2880\">37<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>36<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2881\">30<span class=\"_ _0\"></span>0.<span class=\"_ _0\"></span>67<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2882\">(2<span class=\"_ _0\"></span>94<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>77<span class=\"_ _0\"></span>)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2883\">(4<span class=\"_ _0\"></span>6.<span class=\"_ _0\"></span>209<span class=\"_ _1\"></span>)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2884\">(3<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>43<span class=\"_ _0\"></span>)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2885\">4.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Derivati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fin<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>i: </span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2886\">37.<span class=\"_ _0\"></span>536<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2887\">300<span class=\"_ _0\"></span>.67<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2888\">(2<span class=\"_ _0\"></span>94.<span class=\"_ _0\"></span>377)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2889\">(4<span class=\"_ _0\"></span>6.2<span class=\"_ _0\"></span>09)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs288a\">(3.<span class=\"_ _0\"></span>743<span class=\"_ _0\"></span>)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs288b\">-<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Su<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">titoli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">debito<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tassi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">inte<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs288c\">37.<span class=\"_ _0\"></span>536<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs288d\">300<span class=\"_ _0\"></span>.67<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs288e\">(2<span class=\"_ _0\"></span>94.<span class=\"_ _0\"></span>377)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs288f\">(4<span class=\"_ _0\"></span>6.2<span class=\"_ _0\"></span>09)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2890\">(2<span class=\"_ _0\"></span>.374<span class=\"_ _0\"></span>)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2891\">-<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Su<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">titoli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">capitale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">indici<span class=\"ff1\"> </span>az<span class=\"_ _1\"></span>ionar<span class=\"_ _1\"></span>i </span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2892\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2893\">1<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2894\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2895\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2896\">1<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2897\">-<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Su<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valute<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">or<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span> </span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2898\">X<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2899\">X<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs289a\">X<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs289b\">X<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs289c\">(1<span class=\"_ _0\"></span>.370<span class=\"_ _0\"></span>)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs289d\">-<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Al<span class=\"_ _1\"></span>tri<span class=\"_ _0\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs289e\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs289f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs28a0\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs28a1\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs28a2\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs28a3\">4.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Derivati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cred<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span> </span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs28a4\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs28a5\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs28a6\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs28a7\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs28a8\">-<span class=\"_ _3bd\"> </span></div><div class=\"c w8b h25 gs28a9\"><div class=\"t m0 x1f9 h1c y12f ff3 fsc fc0 sc0 ls0 ws0\">di</div></div><div class=\"c wbe h25 gs28aa\"><div class=\"t m0 x1f9 h1c y12f ff3 fsc fc0 sc0 ls0 ws0\">cui:</div></div><div class=\"c w12d h25 gs28ab\"><div class=\"t m0 x1f9 h1c y12f ff3 fsc fc0 sc0 ls0 ws0\">coperture</div></div><div class=\"c wf1 h25 gs28ac\"><div class=\"t m0 x1f9 h1c y12f ff3 fsc fc0 sc0 ls0 ws0\">naturali</div></div><div class=\"c wd0 h25 gs28ad\"><div class=\"t m0 x1f9 h1c y12f ff3 fsc fc0 sc0 ls0 ws0\">connesse</div></div><div class=\"c wa7 h25 gs28ae\"><div class=\"t m0 x1f9 h1c y12f ff3 fsc fc0 sc0 ls0 ws0\">con</div></div><div class=\"c wad h25 gs28af\"><div class=\"t m0 x1f9 h1c y12f ff3 fsc fc0 sc0 ls0 ws0\">la</div></div><div class=\"c wea h25 gs28b0\"><div class=\"t m0 x1f9 h1c y12f ff3 fsc fc0 sc0 ls0 ws0\">fair</div></div><div class=\"c w8d h25 gs28b1\"><div class=\"t m0 x1f9 h1c y12f ff3 fsc fc0 sc0 ls0 ws0\">value<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs28b2\">opt<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs28b3\">X </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs28b4\">X </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs28b5\">X </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs28b6\">X </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs28b7\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs28b8\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs28b9\">37<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>11<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs28ba\">30<span class=\"_ _0\"></span>7.<span class=\"_ _0\"></span>26<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs28bb\">(2<span class=\"_ _0\"></span>95<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>12)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs28bc\">(4<span class=\"_ _0\"></span>8.3<span class=\"_ _0\"></span>83<span class=\"_ _1\"></span>)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs28bd\">11<span class=\"_ _0\"></span>.16<span class=\"_ _1\"></span>6<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs28be\">Nel<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pre<span class=\"_ _0\"></span>sent<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tabel<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">r<span class=\"_ _0\"></span>isul<span class=\"_ _0\"></span>tati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>gozi<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>lle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">atti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>rie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>cas<span class=\"_ _0\"></span>sa<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alut<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>so<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs28bf\">indicati<span class=\"ff1\"> </span>separatamente<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>quelli<span class=\"ff1\"> </span>relativi<span class=\"ff1\"> </span>all\u2019attivit\u00e0<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>cambi. </div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTradingIncomeExpenseExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-872": {
   "value": "Sezione 4 \u2013 Il risultato netto dell\u2019attivit\u00e0 di negoziazione \u2013 Voce 80 4.1 Risultato netto dell'attivit\u00e0 di negoziazione: composizione Operazioni/Componenti reddituali Plusvalenze (A) Utili da negoziazione (B) Minusvalenze (C) Perdite da negoziazione (D) Risultato netto [(A+B) - (C+D)] 1. Attivit\u00e0 finanziarie di negoziazione 175 6.587 (935) (2.174) 3.653 1.1 Titoli di debito 22 5.916 (815) (1.834) 3.289 1.2 Titoli di capitale 65 669 (74) (62) 598 1.3 Quote di O.I.C.R. 88 2 (46) (278) (234) 1.4 Finanziamenti - - - - - 1.5 Altre - - - - - 2. Passivit\u00e0 finanziarie di negoziazione -----2.1 Titoli di debito - - - - - 2.2 Debiti - - - - - 2.3 Altre - - - - - 3. Attivit\u00e0 e passivit\u00e0 finanziarie: differenze di cambio XXXX11.256 4. Strumenti derivati 37.536 300.677 (294.377) (46.209) (3.743) 4.1 Derivati finanziari: 37.536 300.677 (294.377) (46.209) (3.743) -  Su titoli di debito e tassi di interesse 37.536 300.676 (294.377) (46.209) (2.374) -  Su titoli di capitale e indici azionari - 1 - - 1 -  Su valute e oro X X X X (1.370) -  Altri - - - - - 4.2 Derivati su crediti - - - - - dicui:coperturenaturaliconnesseconlafairvalue option X X X X - Totale 37.711 307.264 (295.312) (48.383) 11.166 Nella presente tabella i risultati della negoziazione delle attivit\u00e0 finanziarie per cassa in valuta sono indicati separatamente da quelli relativi all\u2019attivit\u00e0 in cambi. Sezione 5 - Il risultato netto dell'attivit\u00e0 di copertura - Voce 90 5.1 Risultato netto dell'attivit\u00e0 di copertura: composizione Componenti reddituali/Valori Totale 31/12/2022 A. Proventi relativi a: A.1 Derivati di copertura del fair value  1.418.585 A.2 Attivit\u00e0 finanziarie coperte (fair value)  28.845 A.3 Passivita' finanziarie coperte (fair value)  580.528 A.4 Derivati finanziari di copertura dei flussi finanziari  - A.5 Attivit\u00e0 e passivit\u00e0 in valuta  - Totale proventi dell'attivit\u00e0 di copertura (A)  2.027.958 B. Oneri relativi a: B.1 Derivati di copertura del fair value  (632.075) B.2 Attivit\u00e0 finanziarie coperte (fair value)  (1.375.869) B.3 Passivit\u00e0 finanziarie coperte (fair value)  (16.328) B.4 Derivati finanziari di copertura dei flussi finanziari  - B.5 Attivit\u00e0 e passivit\u00e0 in valuta  - Totale oneri dell'attivit\u00e0 di copertura (B)  (2.024.272) C. Risultato netto dell'attivit\u00e0 di copertura (A - B)  3.686 di cui: risultato delle coperture su posizioni nette  - La metodologia contabile del macro fair value hedge \u00e8 stata applicata per la copertura del r di tasso associato all\u2019erogazione di mutui a tasso fisso e a tasso variabile con opzione \u201cCa la copertura rischio di tasso della raccolta a vista di clientela, e la metodologia contabile del fair value hedge per la copertura del rischio di tasso per alcuni titoli a tasso fisso deten portafogli \u201cAFS\u201d e \u201cCrediti\u201d e per la copertura del rischio di tasso per alcune obbligazioni e a tasso fisso classificate nella voce \u201ctitoli in circolazione\u201d. L\u2019attivit\u00e0 di copertura, con riferimento alla valutazione degli strumenti derivati correlati a patrimoniali (la circostanza ha in particolare riguardato le coperture in \u201cmicro fair value hedg titoli di debito appostati tra le attivit\u00e0 finanziarie valutate al fair value con impatto sulla red complessiva),  ha  risentito  dell\u2019andamento  dei  tassi  di  interesse  e  delle  tensioni  di  m verificatesi in particolare nell\u2019anno Va osservato che tale risultato \u00e8 peraltro da mettere in connessione con gli apporti positivi c stesse grandezze patrimoniali suddette hanno avuto sul margine finanziario.Sezione 7 \u2013 Il Risultato netto delle altre attivit\u00e0 e passivit\u00e0 finanziarie valutate al fair value con impatto a conto economico \u2013 Voce 110 7.2 Variazione netta di valore delle altre attivit\u00e0 e passivit\u00e0 finanziarie valutate al fair value con impatto a conto economico: composizione delle altre attivit\u00e0 finanziarie obbligatoriamente valutate al fair value Plusvalenze Utili da Minusvalenze Perdite da Risultato Operazioni/Componenti reddituali (A) realizzo (B) (C) realizzo (D) netto [(A+B) - (C+D)] 1. Attivit\u00e0 finanziarie 351 -(2.106) (140) (1.895) 1.1 Titoli di debito - - - - - 1.2 Titoli di capitale - - - - - 1.3  Quote di O.I.C.R. 20 - (674) (39) (693) 1.4  Finanziamenti 331 - (1.432) (101) (1.202) 2. Attivit\u00e0 finanziarie: differenze di cambio XXXX-Totale 351 -(2.106) (140) (1.895) 1.2.3 Rischio di cambio Informazioni di natura qualitativa A.Aspetti generali, processi di gestione e metodi di misurazione del rischio di cambio L\u2019attivit\u00e0 svolta sui mercati dei cambi prevede l\u2019assunzione di posizioni gestite e controllate tramite massimali di posizione, sia lorda sia netta, e massimali di concentrazione per divisa. Il rischio di mercato currency viene calcolato con la stessa frequenza e metodologia indicata per il rischio tasso ed equity. B.Attivit\u00e0 di copertura del rischio di cambio Non sono presenti operazioni di copertura . Informazioni di natura quantitativa 1. Distribuzione per valuta di denominazione delle attivit\u00e0 e passivit\u00e0 e dei derivati Voci Valute USD  GBP  JPY  CAD  CHF  ALTRE VALUTE A. Attivit\u00e0 finanziarie  2.216.255  13.783  11.598  2.632  8.493  24.021 A.1 Titoli di debito  2.104.218  629  2  -  -  250 A.2 Titoli di capitale  7.630  -  -  -  -  - A.3 Finanziamenti a banche  38.674  11.413  9.196  2.631  3.579  23.437 A.4 Finanziamenti a clientela  65.733  1.741  2.400  1  4.914  334 A.5 Altre attivit\u00e0 finanziarie  -  -  -  -  -  - B. Altre attivit\u00e0  6.849  589  182  448  1.009  708 C. Passivit\u00e0 finanziarie  2.313.579  37.650  5.431  6.942  10.763  17.355 C.1 Debiti verso banche  2.033.030  4.575  215  10  2.057  794 C.2 Debiti verso clientela  280.549  33.075  5.216  6.932  8.706  16.561 C.3 Titoli di debito  -  -  -  -  -  - C.4 Altre passivit\u00e0 finanziarie  -  -  -  -  -  - D. Altre passivit\u00e0  3.528  2.977 7  71  212  100 E. Derivati finanziari - - - - - - - Opzioni  -  -  -  -  -  - + Posizioni lunghe  -  -  -  -  -  - + Posizioni corte  -  -  -  -  -  - - Altri derivati  -  -  -  -  -  - + Posizioni lunghe  434.036  171.448  100.378  24.153  19.190  38.288 + Posizioni corte  507.644  145.209  106.679  20.070  17.660  45.258 Totale attivit\u00e0  2.657.140  185.820  112.158  27.233  28.692  63.017 Totale passivit\u00e0  2.824.751  185.836  112.117  27.083  28.635  62.713 Sbilancio (+/-)  (167.611)  (16)  41  150  57  304 Modelli interni e altre metodologie per l\u2019analisi di sensitivit\u00e0 Nella presente sezione vengono sinteticamente esposti i risultati delle analisi del rischio di cambio nell\u2019ambito del portafoglio di negoziazione. In particolare di seguito sono riportati i valori medi, massimi e minimi del VaR (in milioni di euro) generato dal fattore di rischio currency relativi agli esercizi 2020, 2021 e 2022. Tabella 4. Dati di Currency VaR 2022  2021  2020 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-792": {
   "value": "Sezion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>10<span class=\"_ _3bd\"> </span>\u2013<span class=\"_ _3bd\"> </span>Prem<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>netti<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Voce<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>60<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>10<span class=\"_ _0\"></span>.1<span class=\"_ _3bd\"> </span>Pre<span class=\"_ _1\"></span>mi<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>Pr<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span>nti<span class=\"_ _3bd\"> </span>da<span class=\"_ _0\"></span>ll\u2019<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>as<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>cu<span class=\"_ _0\"></span>rat<span class=\"_ _1\"></span>iva<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Lavo<span class=\"_ _0\"></span>ro<span class=\"_ _3bd\"> </span>dir<span class=\"_ _1\"></span>ett<span class=\"_ _0\"></span>o<span class=\"fc0 sc1\"> </span>Lavo<span class=\"_ _0\"></span>ro<span class=\"_ _3bd\"> </span>in<span class=\"_ _1\"></span>dir<span class=\"_ _0\"></span>ett<span class=\"_ _0\"></span>o<span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>A.<span class=\"_ _3bd\"> </span>Ram<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>Vi<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span> A.<span class=\"_ _0\"></span>1<span class=\"ff1\"> </span>Pre<span class=\"_ _0\"></span>mi<span class=\"ff1\"> </span>lord<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>tab<span class=\"_ _0\"></span>iliz<span class=\"_ _1\"></span>zati<span class=\"ff1\"> </span>(+<span class=\"_ _1\"></span>) <span class=\"_ _1d0\"> </span>555.7<span class=\"_ _0\"></span>66<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>555.<span class=\"_ _0\"></span>76<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>A.<span class=\"_ _0\"></span>2<span class=\"ff1\"> </span>Pre<span class=\"_ _0\"></span>mi<span class=\"ff1\"> </span>ced<span class=\"_ _0\"></span>uti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in</span> <span class=\"ff3\">ria<span class=\"_ _0\"></span>ssic<span class=\"_ _0\"></span>ura<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">(-<span class=\"_ _0\"></span>)<span class=\"_ _1\"></span> <span class=\"_ _1a9\"> </span>(5.8<span class=\"_ _0\"></span>00)<span class=\"_ _3bd\"> </span></span></span></span></span>X<span class=\"_ _3bd\"> </span>(5.<span class=\"_ _0\"></span>80<span class=\"_ _0\"></span>0)<span class=\"_ _3bd\"> </span>A.3<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">To<span class=\"_ _0\"></span>tale<span class=\"_ _1\"></span> <span class=\"_ _15e\"> </span>549.<span class=\"_ _1\"></span>966<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>549<span class=\"_ _0\"></span>.96<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>B.<span class=\"_ _3bd\"> </span>Ram<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>Da<span class=\"_ _0\"></span>nn<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>B.1<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Prem<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>lor<span class=\"_ _0\"></span>di<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>tab<span class=\"_ _0\"></span>iliz<span class=\"_ _0\"></span>za<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>+)<span class=\"_ _1\"></span> <span class=\"_ _2e1\"> </span>-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>B.2<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Pre<span class=\"_ _0\"></span>mi<span class=\"ff1\"> </span>ce<span class=\"_ _0\"></span>du<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>ria<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>icu<span class=\"_ _0\"></span>raz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">(-)<span class=\"_ _1\"></span> <span class=\"_ _243\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>X<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>B.3<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Varia<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>'im<span class=\"_ _0\"></span>port<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>lo<span class=\"_ _0\"></span>rdo<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>rise<span class=\"_ _0\"></span>rva<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">pr<span class=\"_ _0\"></span>emi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">(<span class=\"_ _0\"></span>+/<span class=\"_ _1\"></span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>)<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>B.4<span class=\"_ _3bd\"> </span>Variazione<span class=\"_ _3bd\"> </span>della<span class=\"_ _3bd\"> </span>riserva<span class=\"_ _3bd\"> </span>premi<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>carico<span class=\"_ _3bd\"> </span>dei<span class=\"_ _3bd\"> </span>riassicuratori<span class=\"_ _3bd\"> </span>(+/-)<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>B.5<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">T<span class=\"_ _0\"></span>otale<span class=\"_ _1\"></span> <span class=\"_ _2fc\"> </span>-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>C.<span class=\"_ _3bd\"> </span>Tot<span class=\"_ _0\"></span>ale<span class=\"_ _3bd\"> </span>prem<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>i <span class=\"_ _1bb\"> </span>54<span class=\"_ _0\"></span>9.<span class=\"_ _0\"></span>966<span class=\"_ _3bd\"> </span>-54<span class=\"_ _0\"></span>9.<span class=\"_ _0\"></span>96<span class=\"_ _0\"></span>6",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInsurancePremiumRevenueExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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  "fact-793": {
   "value": "Sezione 12 \u2013 Le spese amministrative - Voce 190 Le spese amministrative mostrano complessivamente una crescita di oltre l\u20191%, riflettendo alcune dinamiche inflattive e la crescita del business, oltre che la computabilit\u00e0 su dodici mesi degli oneri relativi al perimetro di Caricento.  12.1 Spese per il personale: composizione Tipologia di spese/Valori Totale 31/12/2022 Totale 31/12/2021 1) Personale dipendente  (550.083) (539 .241) a) salari e stipendi  (397.711) (382. 904) b) oneri sociali  (98.600) (95 .272) c) indennit\u00e0 di fine rapporto  (6.006) (5. 859) d) spese previdenziali  (81) (80) e) accantonamento al trattamento di fine rapporto del personale  (2.104) (2. 597) f) accantonamento al fondo trattamento di quiescenza e obblighi simili:  - - - a contribuzione definita  - - - a benefici definiti  - - g) versamenti ai fondi di previdenza complementare esterni:  (21.743) (21 .189) - a contribuzione definita  (21.743) (21 .189) - a benefici definiti  - - h) costi derivanti da accordi di pagamento basati su propri strumenti patrimoniali  (3.730) (2. 823) i) altri benefici a favore dei dipendenti  (20.108) (28 .517) 2) Altro personale in attivit\u00e0  (9.448) (7. 446) 3) Amministratori e sindaci  (3.893) (3. 970) 4) Personale collocato a riposo  (21) (24) Totale (563.445) (55 0.681) Come  da  indicazioni  della  circolare  di  Banca  d\u2019Italia  262  del  22  dicembre  2005  (e  successivi aggiornamenti):  - nella voce \u201cSpese per il personale\u201d figuranoanche i compensiagliamministratori e ai sindaci e le spese relative ai contratti di lavoro atipici;  - lasottovoce \u201cAltro personale in attivit\u00e0\u201d comprende compensi p e r collaborazioni coordinate.  12.2 Numero medio dei dipendenti per categoria Totale 31/12/2022 Totale 31/12/2021 1) Personale dipendente  6.544 6.343 a) dirigenti 181 176 b) quadri direttivi 3.114 3.006 c) restante personale dipendente 3.249 3.161 2) Altro personale  30 33 Totale 6.574 6.376 Il numero medio dei dipendenti non include gli amministratori e sindaci. Nel caso dei dipendenti part-time \u00e8 convenzionalmente considerato il 50%.  12.4Altri benefici a favore dei dipendenti La voce comprende i buoni pasto, gli incentivi all\u2019esodo, le altre liberalit\u00e0 diverse, i costi per polizze assicurative stipulate a favore dei dipendenti, i corsi per corsi di aggiornamento professionale, ecc.. 12.5 Altre spese amministrative: composizione Tipologia servizi/Valori Totale 31/12/2022 Totale 31/12/2021 Imposte e tasse  (123.627) (126.054) Imposta di bollo  (107.720) (111.427) Imposta Municipale Unica  (3.203) (2.954) Altro  (12.704) (11.673) Altre spese  (228.612) (221.905) Assicurazioni  (3.681) (3.064) ATM  (964) (666) Economato, cancelleria, stampati  (6.799) (8.310) Formazione  (1.852) (1.427) Energia elettrica  (6.450) (5.441) Fitti passivi su immobili  (1.494) (1.238) Altre spese immobiliari  (13.999) (11.340) Info provider  (15.691) (13.344) Elaborazioni elettroniche presso terzi  (80.709) (83.288) Macchine ufficio  (107) (112) Lavorazione bancarie esternalizzate  (7.805) (10.302) Marketing  (15.038) (10.303) Mobilit\u00e0  (8.309) (5.852) Postali  (998) (1.550) Consulenza  (11.792) (14.492) Spese legali per recupero crediti  (6.198) (6.202) Spese legali  (4.286) (4.607) Altri compensi a professionisti esterni  (1.964) (2.064) Reti e servizi interbancari  (2.781) (2.707) Telefoniche  (6.732) (7.099) Trasporti  (644) (656) Trasporto valori e contazione  (2.888) (2.371) Vigilanza  (4.938) (4.632) Visure e informazioni  (8.131) (8.111) Altre spese  (14.362) (12.727) Contributi Fondi  (57.393) (51.257) Contributi Fondo di Risoluzione Unico - SRF  (34.274) (22.073) Contributi Sistema Garanzia Depositi - DGS  (23.119) (29.184) Totale (409.632) (399.216) I costi relativi a leasing a breve termine ammontano a 58 mila euro, i costi relativi a leasing di modesto valore a 76 mila euro, mentre i costi relativi a leasing non inclusi nella valutazione delle passivit\u00e0 ammontano a circa 2,7 milioni di euro (Iva indetraibile ed altri servizi) .",
   "dimensions": {
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  "fact-823": {
   "value": "Sezione 12 \u2013 Le spese amministrative - Voce 190 Le spese amministrative mostrano complessivamente una crescita di oltre l\u20191%, riflettendo alcune dinamiche inflattive e la crescita del business, oltre che la computabilit\u00e0 su dodici mesi degli oneri relativi al perimetro di Caricento.  12.1 Spese per il personale: composizione Tipologia di spese/Valori Totale 31/12/2022 Totale 31/12/2021 1) Personale dipendente  (550.083) (539 .241) a) salari e stipendi  (397.711) (382. 904) b) oneri sociali  (98.600) (95 .272) c) indennit\u00e0 di fine rapporto  (6.006) (5. 859) d) spese previdenziali  (81) (80) e) accantonamento al trattamento di fine rapporto del personale  (2.104) (2. 597) f) accantonamento al fondo trattamento di quiescenza e obblighi simili:  - - - a contribuzione definita  - - - a benefici definiti  - - g) versamenti ai fondi di previdenza complementare esterni:  (21.743) (21 .189) - a contribuzione definita  (21.743) (21 .189) - a benefici definiti  - - h) costi derivanti da accordi di pagamento basati su propri strumenti patrimoniali  (3.730) (2. 823) i) altri benefici a favore dei dipendenti  (20.108) (28 .517) 2) Altro personale in attivit\u00e0  (9.448) (7. 446) 3) Amministratori e sindaci  (3.893) (3. 970) 4) Personale collocato a riposo  (21) (24) Totale (563.445) (55 0.681) Come  da  indicazioni  della  circolare  di  Banca  d\u2019Italia  262  del  22  dicembre  2005  (e  successivi aggiornamenti):  - nella voce \u201cSpese per il personale\u201d figuranoanche i compensiagliamministratori e ai sindaci e le spese relative ai contratti di lavoro atipici;  - lasottovoce \u201cAltro personale in attivit\u00e0\u201d comprende compensi p e r collaborazioni coordinate.  12.2 Numero medio dei dipendenti per categoria Totale 31/12/2022 Totale 31/12/2021 1) Personale dipendente  6.544 6.343 a) dirigenti 181 176 b) quadri direttivi 3.114 3.006 c) restante personale dipendente 3.249 3.161 2) Altro personale  30 33 Totale 6.574 6.376 Il numero medio dei dipendenti non include gli amministratori e sindaci. Nel caso dei dipendenti part-time \u00e8 convenzionalmente considerato il 50%.  12.4Altri benefici a favore dei dipendenti La voce comprende i buoni pasto, gli incentivi all\u2019esodo, le altre liberalit\u00e0 diverse, i costi per polizze assicurative stipulate a favore dei dipendenti, i corsi per corsi di aggiornamento professionale, ecc.",
   "dimensions": {
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    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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  },
  "fact-847": {
   "value": "Sezione 12 \u2013 Le spese amministrative - Voce 190 Le spese amministrative mostrano complessivamente una crescita di oltre l\u20191%, riflettendo alcune dinamiche inflattive e la crescita del business, oltre che la computabilit\u00e0 su dodici mesi degli oneri relativi al perimetro di Caricento. 12.1 Spese per il personale: composizione Tipologia di spese/Valori Totale 31/12/2022 Totale 31/12/2021 1) Personale dipendente  (550.083) (539 a) salari e stipendi  (397.711) (382. b) oneri sociali  (98.600) (95 c) indennit\u00e0 di fine rapporto  (6.006) (5. d) spese previdenziali  (81) e) accantonamento al trattamento di fine rapporto del personale  (2.104) (2. f) accantonamento al fondo trattamento di quiescenza e obblighi simili:  - - a contribuzione definita  - - a benefici definiti  - g) versamenti ai fondi di previdenza complementare esterni:  (21.743) (21 - a contribuzione definita  (21.743) (21 - a benefici definiti  - h) costi derivanti da accordi di pagamento basati su propri strumenti patrimoniali  (3.730) (2. i) altri benefici a favore dei dipendenti  (20.108) (28 2) Altro personale in attivit\u00e0  (9.448) (7. 3) Amministratori e sindaci  (3.893) (3. 4) Personale collocato a riposo  (21) Totale (563.445) (55 Come  da  indicazioni  della  circolare  di  Banca  d\u2019Italia  262  del  22  dicembre  2005  (e  successivi aggiornamenti): - nella voce \u201cSpese per il personale\u201d figuranoanche i compensiagliamministratori e ai sindaci e le spese relative ai contratti di lavoro atipici; - lasottovoce \u201cAltro personale in attivit\u00e0\u201d comprende compensi p e r collaborazioni coordinate. 12.2 Numero medio dei dipendenti per categoria Totale 31/12/2022 Totale 31/12/2021 1) Personale dipendente 6.544 a) dirigenti 181 b) quadri direttivi 3.114 c) restante personale dipendente 3.249 2) Altro personale 30 Totale 6.574 Il numero medio dei dipendenti non include gli amministratori e sindaci. Nel caso dei dipendenti part-time \u00e8 convenzionalmente considerato il 50%. 12.4Altri benefici a favore dei dipendenti La voce comprende i buoni pasto, gli incentivi all\u2019esodo, le altre liberalit\u00e0 diverse, i costi per polizze assicurative stipulate a favore dei dipendenti, i corsi per corsi di aggiornamento professionale, ecc.. 12.5 Altre spese amministrative: composizione Tipologia servizi/Valori Totale 31/12/2022 Totale 31/12/2021 Imposte e tasse  (123.627) (126.054) Imposta di bollo  (107.720) (111.427) Imposta Municipale Unica  (3.203) (2.954) Altro  (12.704) (11.673) Altre spese  (228.612) (221.905) Assicurazioni  (3.681) (3.064) ATM  (964) (666) Economato, cancelleria, stampati  (6.799) (8.310) Formazione  (1.852) (1.427) Energia elettrica  (6.450) (5.441) Fitti passivi su immobili  (1.494) (1.238) Altre spese immobiliari  (13.999) (11.340) Info provider  (15.691) (13.344) Elaborazioni elettroniche presso terzi  (80.709) (83.288) Macchine ufficio  (107) (112) Lavorazione bancarie esternalizzate  (7.805) (10.302) Marketing  (15.038) (10.303) Mobilit\u00e0  (8.309) (5.852) Postali  (998) (1.550) Consulenza  (11.792) (14.492) Spese legali per recupero crediti  (6.198) (6.202) Spese legali  (4.286) (4.607) Altri compensi a professionisti esterni  (1.964) (2.064) Reti e servizi interbancari  (2.781) (2.707) Telefoniche  (6.732) (7.099) Trasporti  (644) (656) Trasporto valori e contazione  (2.888) (2.371) Vigilanza  (4.938) (4.632) Visure e informazioni  (8.131) (8.111) Altre spese  (14.362) (12.727) Contributi Fondi  (57.393) (51.257) Contributi Fondo di Risoluzione Unico - SRF  (34.274) (22.073) Contributi Sistema Garanzia Depositi - DGS  (23.119) (29.184) Totale (409.632) (399.216) I costi relativi a leasing a breve termine ammontano a 58 mila euro, i costi relativi a leasing di modesto valore a 76 mila euro, mentre i costi relativi a leasing non inclusi nella valutazione delle passivit\u00e0 ammontano a circa 2,7 milioni di euro (Iva indetraibile ed altri servizi) Sezione 13 \u2013 Accantonamenti netti ai fondi per rischi ed oneri - Voce 200 13.1 Accantonamenti netti per il rischio di credito relativi a impegni a erogare fondi e garanzie finanziarie rilasciate: composizione Totale 31/12/2022 Totale 31/12/2021 Accantonamento netto al fondo rischi per impegni a erogare fondi e garanzie finanziarie rilasciate  (1.333) (2.144) Riattribuzioneacontoeconomicorelativealfondorischiperimpegniaerogarefondiegaranzie finanziarie rilasciate 2.320 1.939 Totale 987 (205) 13.2 Accantonamenti netti relativi ad altri impegni e altre garanzie rilasciate: composizione Totale 31/12/2022 Totale 31/12/2021 Accantonamento netto al fondo rischi per altri impegni e altre garanzie rilasciate  (3.851) (2.662) (3.851) (2.662) Nella presente voce \u00e8 stato accantonato anche il 15% del contributo al Fondo Nazionale per la Risoluzione,  gi\u00e0  versato,  pari  a  3,9  milioni  di  euro  a  titolo  di  \u201cdeposito  cauzionale\u201d,  mentre l\u2019ulteriore 85% \u00e8 stato imputato nella voce \u201cAltre spese amministrative\u201d. 13.3 Accantonamenti netti agli altri fondi per rischi e oneri: composizione Totale 31/12/2022 Totale 31/12/2021 Accantonamento netto al fondo rischi per cause passive e revocatorie  (1.986) (6.077) Interessi passivi da attualizzazione fondo per cause passive e revocatorie  465 - Riattribuzione a conto economico relative al fondo rischi per cause passive e revocatorie  2.750 2.170 Accantonamenti ad altri fondi  (16.161) (6.747) Interessi passivi da attualizzazione relativi ad altri fondi  5 - Riattribuzione a conto economico relative ad altri fondi  3.660 500 Totale (11.267) (10.154) Sezione 14 \u2013 Rettifiche/riprese di valore nette su attivit\u00e0 materiali \u2013 Voce 210 14.1. Rettifiche di valore nette su attivit\u00e0 materiali: composizione Attivit\u00e0/Componente reddituali Ammortamento (a) Rettifiche di valore per deterioramento (b) Riprese di valore (c) Risultato netto (a + b - c) A. Attivit\u00e0 materiali 1 Ad uso funzionale (44.400) (33) 106 (44.327) - Di propriet\u00e0 (20.550) - - (20.550) - Diritti d'uso acquisiti con il leasing (23.850) (33) 106 (23.777) 2  Detenute a scopo d'investimento (165) - - (165) - Di propriet\u00e0 (165) - - (165) - Diritti d'uso acquisiti con il leasing (165) - - - 3 Rimanenze - - - - Totale (44.565) (33) 106 (44.492) Sezione 15 \u2013 Rettifiche/riprese di valore nette su attivit\u00e0 immateriali \u2013 Voce 220 15.1 Rettifiche di valore nette di attivit\u00e0 immateriali: composizione Attivit\u00e0/Componente reddituale Ammortamento (a) Rettifiche di valore per deterioramento (b) Riprese di valore (c) Risultato netto (a + b - c) A. Attivit\u00e0 immateriali di cui: software (51.493) - - (51.493) A.1 Di propriet\u00e0 (53.775) - - (53.775) - Generate internamente dall'azienda (6.755) - - (6.755) - Altre (47.020) - - (47.020) A.2 Diritti d'uso acquisiti con il leasing - - - - B. Attivit\u00e0 possedute per la vendita  - - - - Totale (53.775) --(53.775) Gli ammortamenti sono in crescita per la costante attenzione agli investimenti per sostenere l\u2019attivit\u00e0 progettuale e l\u2019evoluzione del modello di servizio. Sezione 16 \u2013 Gli altri oneri e proventi di gestione \u2013 Voce 230 16.1 Altri oneri di gestione: composizione Ammortamento migliorie su beni di terzi  Sopravvenienze passive  Altri oneri  Totale Altri oneri ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfExpensesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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  },
  "fact-824": {
   "value": "Sezione 13 \u2013 Accantonamenti netti ai fondi per rischi ed oneri - Voce 200 13.1 Accantonamenti netti per il rischio di credito relativi a impegni a erogare fondi e garanzie finanziarie rilasciate: composizione Totale 31/12/2022 Totale 31/12/2021 Accantonamento netto al fondo rischi per impegni a erogare fondi e garanzie finanziarie rilasciate  (1.333) (2.144) Riattribuzioneacontoeconomicorelativealfondorischiperimpegniaerogarefondiegaranzie finanziarie rilasciate  2.320 1.939 Totale 987 (205) 13.2 Accantonamenti netti relativi ad altri impegni e altre garanzie rilasciate: composizione Totale 31/12/2022 Totale 31/12/2021 Accantonamento netto al fondo rischi per altri impegni e altre garanzie rilasciate  (3.851) (2.662) (3.851) (2.662) Nella presente voce \u00e8 stato accantonato anche il 15% del contributo al Fondo Nazionale per la Risoluzione,  gi\u00e0  versato,  pari  a  3,9  milioni  di  euro  a  titolo  di  \u201cdeposito  cauzionale\u201d,  mentre l\u2019ulteriore 85% \u00e8 stato imputato nella voce \u201cAltre spese amministrative\u201d.  13.3 Accantonamenti netti agli altri fondi per rischi e oneri: composizione Totale 31/12/2022 Totale 31/12/2021 Accantonamento netto al fondo rischi per cause passive e revocatorie  (1.986) (6.077) Interessi passivi da attualizzazione fondo per cause passive e revocatorie  465 - Riattribuzione a conto economico relative al fondo rischi per cause passive e revocatorie  2.750 2.170 Accantonamenti ad altri fondi  (16.161) (6.747) Interessi passivi da attualizzazione relativi ad altri fondi  5 - Riattribuzione a conto economico relative ad altri fondi  3.660 500 Totale (11.267) (10.154) ",
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    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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  "fact-794": {
   "value": "<div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs29d4\">Se<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs29d5\">14<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs29d6\">\u2013<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs29d7\">Re<span class=\"_ _1\"></span>ttif<span class=\"_ _0\"></span>ich<span class=\"_ _0\"></span>e/<span class=\"_ _0\"></span>rip<span class=\"_ _1\"></span>res<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs29d8\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs29d9\">va<span class=\"_ _0\"></span>lor<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs29da\">ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs29db\">su<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs29dc\">at<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs29dd\">ma<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs29de\">\u2013<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs29df\">Vo<span class=\"_ _0\"></span>ce<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs29e0\">2<span class=\"_ _0\"></span>10<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs29e1\">14<span class=\"_ _0\"></span>.1<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs29e2\">Re<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span>fi<span class=\"_ _0\"></span>che<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs29e3\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs29e4\">va<span class=\"_ _0\"></span>lor<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs29e5\">ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs29e6\">su<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs29e7\">at<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs29e8\">ma<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs29e9\">co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>os<span class=\"_ _1\"></span>izio<span class=\"_ _1\"></span>ne<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs29ea\">Att<span class=\"_ _1\"></span>ivi<span class=\"_ _0\"></span>t\u00e0/<span class=\"_ _0\"></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>on<span class=\"_ _1\"></span>ent<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs29eb\">re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ual<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs29ec\">Am<span class=\"_ _1\"></span>mor<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>me<span class=\"_ _1\"></span>nto<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs29ed\">(a<span class=\"_ _1\"></span>)<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs29ee\">Rett<span class=\"_ _0\"></span>ifiche<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs29ef\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs29f0\">val<span class=\"_ _0\"></span>ore<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs29f1\">pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs29f2\">de<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ora<span class=\"_ _1\"></span>men<span class=\"_ _0\"></span>to<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs29f3\">(b<span class=\"_ _1\"></span>)<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs29f4\">Ripre<span class=\"_ _0\"></span>se<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs29f5\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs29f6\">val<span class=\"_ _0\"></span>ore<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs29f7\">(c<span class=\"_ _1\"></span>)<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs29f8\">Ris<span class=\"_ _1\"></span>ult<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs29f9\">ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs29fa\">(a<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs29fb\">+<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs29fc\">b<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs29fd\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs29fe\">c)<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs29ff\">A.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mat<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span> </span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2a00\">1<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Ad<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">uso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">funz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>ale<span class=\"_ _1\"></span> </span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2a01\">(4<span class=\"_ _0\"></span>4.4<span class=\"_ _0\"></span>00)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2a02\">(3<span class=\"_ _1\"></span>3)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2a03\">1<span class=\"_ _0\"></span>06<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2a04\">(4<span class=\"_ _0\"></span>4.3<span class=\"_ _0\"></span>27)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2a05\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Di<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>prie<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _0\"></span> </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2a06\">(2<span class=\"_ _0\"></span>0.55<span class=\"_ _0\"></span>0)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2a07\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2a08\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2a09\">(2<span class=\"_ _0\"></span>0.55<span class=\"_ _0\"></span>0)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2a0a\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Diritti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">d'uso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">acquisiti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"c w109 h27 gs2a0b\"><div class=\"t m0 x1f9 h1c y10e ff3 fsc fc0 sc0 ls0 ws0\">lea<span class=\"_ _0\"></span>sin<span class=\"_ _0\"></span>g<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2a0c\">(2<span class=\"_ _0\"></span>3.8<span class=\"_ _0\"></span>50)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2a0d\">(3<span class=\"_ _1\"></span>3)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2a0e\">1<span class=\"_ _0\"></span>06<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2a0f\">(2<span class=\"_ _0\"></span>3.77<span class=\"_ _0\"></span>7)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2a10\">2<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Detenute<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">scopo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">d'i<span class=\"_ _0\"></span>nve<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span> </span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2a11\">(1<span class=\"_ _0\"></span>65)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2a12\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2a13\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2a14\">(1<span class=\"_ _0\"></span>65)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2a15\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Di<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>prie<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _0\"></span> </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2a16\">(1<span class=\"_ _0\"></span>65)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2a17\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2a18\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2a19\">(1<span class=\"_ _0\"></span>65)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2a1a\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Diritti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">d'uso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">acquisiti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"c w109 h27 gs2a1b\"><div class=\"t m0 x1f9 h1c y11d ff3 fsc fc0 sc0 ls0 ws0\">lea<span class=\"_ _0\"></span>sin<span class=\"_ _0\"></span>g<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2a1c\">(1<span class=\"_ _0\"></span>65)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2a1d\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2a1e\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2a1f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2a20\">3<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Rima<span class=\"_ _0\"></span>nen<span class=\"_ _0\"></span>ze<span class=\"_ _0\"></span> </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2a21\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2a22\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2a23\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2a24\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2a25\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2a26\">(4<span class=\"_ _0\"></span>4.5<span class=\"_ _0\"></span>65<span class=\"_ _1\"></span>)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2a27\">(3<span class=\"_ _1\"></span>3)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2a28\">1<span class=\"_ _0\"></span>06<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2a29\">(4<span class=\"_ _0\"></span>4.4<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>2)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2a2b\">Se<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2a2c\">15<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2a2d\">\u2013<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2a2e\">Re<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span>fi<span class=\"_ _0\"></span>ch<span class=\"_ _0\"></span>e/r<span class=\"_ _0\"></span>ipr<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2a2f\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2a30\">va<span class=\"_ _0\"></span>lor<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2a31\">ne<span class=\"_ _0\"></span>tte<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2a32\">su<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2a33\">at<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2a34\">im<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2a35\">\u2013<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2a36\">Vo<span class=\"_ _0\"></span>ce<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2a37\">2<span class=\"_ _0\"></span>20<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2a38\">15<span class=\"_ _0\"></span>.1<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2a39\">Re<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ch<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2a3a\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2a3b\">va<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2a3c\">ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2a3d\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2a3e\">at<span class=\"_ _1\"></span>tivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2a3f\">im<span class=\"_ _0\"></span>ma<span class=\"_ _1\"></span>teri<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>i:<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2a40\">co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>os<span class=\"_ _1\"></span>izio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2a41\">Att<span class=\"_ _1\"></span>ivi<span class=\"_ _0\"></span>t\u00e0/<span class=\"_ _0\"></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>on<span class=\"_ _1\"></span>ent<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2a42\">re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ual<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2a43\">Am<span class=\"_ _1\"></span>mor<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>me<span class=\"_ _1\"></span>nto<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2a44\">(a<span class=\"_ _1\"></span>)<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2a45\">Rett<span class=\"_ _0\"></span>ifiche<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2a46\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2a47\">val<span class=\"_ _0\"></span>ore<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2a48\">per<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2a49\">deter<span class=\"_ _0\"></span>ioram<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2a4a\">(b<span class=\"_ _1\"></span>)<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2a4b\">Ripre<span class=\"_ _0\"></span>se<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2a4c\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2a4d\">val<span class=\"_ _0\"></span>ore<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2a4e\">(c<span class=\"_ _1\"></span>)<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2a4f\">Ris<span class=\"_ _1\"></span>ult<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2a50\">ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2a51\">(a<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2a52\">+<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2a53\">b<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2a54\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2a55\">c)<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2a56\">A.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">imma<span class=\"_ _0\"></span>teri<span class=\"_ _0\"></span>ali<span class=\"_ _1\"></span> </span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2a57\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">softw<span class=\"_ _0\"></span>are<span class=\"_ _1\"></span> </span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2a58\">(51<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>93)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2a59\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2a5a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2a5b\">(51<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>93)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2a5c\">A.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">D<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">propr<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>t\u00e0 </span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2a5d\">(53<span class=\"_ _0\"></span>.775<span class=\"_ _0\"></span>)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2a5e\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2a5f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2a60\">(53<span class=\"_ _0\"></span>.775<span class=\"_ _0\"></span>)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2a61\">-<span class=\"ff1\"> </span>Ge<span class=\"_ _0\"></span>ner<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">inte<span class=\"_ _0\"></span>rnam<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>dall<span class=\"_ _0\"></span>'az<span class=\"_ _0\"></span>ien<span class=\"_ _0\"></span>da </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2a62\">(6.<span class=\"_ _0\"></span>755)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2a63\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2a64\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2a65\">(6.<span class=\"_ _0\"></span>755)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2a66\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Alt<span class=\"_ _0\"></span>re </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2a67\">(4<span class=\"_ _0\"></span>7.0<span class=\"_ _0\"></span>20)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2a68\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2a69\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2a6a\">(4<span class=\"_ _0\"></span>7.0<span class=\"_ _0\"></span>20)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2a6b\">A.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Diritti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d'uso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">acquisiti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">lea<span class=\"_ _0\"></span>sin<span class=\"_ _0\"></span>g </span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2a6c\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2a6d\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2a6e\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2a6f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2a70\">B.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Att<span class=\"_ _0\"></span>ivit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>po<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>du<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">la</span> <span class=\"ff3\">ve<span class=\"_ _0\"></span>ndi<span class=\"_ _0\"></span>ta <span class=\"_ _24f\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2a71\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2a72\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2a73\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2a74\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2a75\">(5<span class=\"_ _0\"></span>3.<span class=\"_ _0\"></span>77<span class=\"_ _0\"></span>5)<span class=\"_ _3bd\"> </span></div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs2a76\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs2a77\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2a78\">(5<span class=\"_ _0\"></span>3.<span class=\"_ _0\"></span>77<span class=\"_ _0\"></span>5)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2a79\">Gli<span class=\"ff1\"> </span>ammortamenti<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>crescita<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>cost<span class=\"_ _2\"></span>ante<span class=\"ff1\"> </span>attenzione<span class=\"ff1\"> </span>agli<span class=\"ff1\"> </span>investimenti<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>sostenere<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs1a2b\">l\u2019attivit\u00e0<span class=\"ff1\"> </span>progettuale<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>l\u2019evoluzione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>modello<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>servizio.<span class=\"_ _3bd\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-825": {
   "value": "Se<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>14<span class=\"_ _3bd\"> </span>\u2013<span class=\"_ _3bd\"> </span>Re<span class=\"_ _1\"></span>ttif<span class=\"_ _0\"></span>ich<span class=\"_ _0\"></span>e/<span class=\"_ _0\"></span>rip<span class=\"_ _1\"></span>res<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lor<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>su<span class=\"_ _3bd\"> </span>at<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>ma<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span>\u2013<span class=\"_ _3bd\"> </span>Vo<span class=\"_ _0\"></span>ce<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>10<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>14<span class=\"_ _0\"></span>.1<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span>Re<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span>fi<span class=\"_ _0\"></span>che<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lor<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>su<span class=\"_ _3bd\"> </span>at<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>ma<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>os<span class=\"_ _1\"></span>izio<span class=\"_ _1\"></span>ne<span class=\"fc0 sc1\"> </span>Att<span class=\"_ _1\"></span>ivi<span class=\"_ _0\"></span>t\u00e0/<span class=\"_ _0\"></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>on<span class=\"_ _1\"></span>ent<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ual<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>Am<span class=\"_ _1\"></span>mor<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>me<span class=\"_ _1\"></span>nto<span class=\"_ _3bd\"> </span>(a<span class=\"_ _1\"></span>)<span class=\"fc0 sc1\"> </span>Rett<span class=\"_ _0\"></span>ifiche<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>val<span class=\"_ _0\"></span>ore<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ora<span class=\"_ _1\"></span>men<span class=\"_ _0\"></span>to<span class=\"_ _3bd\"> </span>(b<span class=\"_ _1\"></span>)<span class=\"fc0 sc1\"> </span>Ripre<span class=\"_ _0\"></span>se<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>val<span class=\"_ _0\"></span>ore<span class=\"_ _3bd\"> </span>(c<span class=\"_ _1\"></span>)<span class=\"fc0 sc1\"> </span>Ris<span class=\"_ _1\"></span>ult<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>(a<span class=\"_ _3bd\"> </span>+<span class=\"_ _3bd\"> </span>b<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>c)<span class=\"fc0 sc1\"> </span>A.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mat<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span> </span></span></span></span>1<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Ad<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">uso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">funz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>ale<span class=\"_ _1\"></span> </span></span></span></span></span></span>(4<span class=\"_ _0\"></span>4.4<span class=\"_ _0\"></span>00)<span class=\"_ _3bd\"> </span>(3<span class=\"_ _1\"></span>3)<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>06<span class=\"_ _3bd\"> </span>(4<span class=\"_ _0\"></span>4.3<span class=\"_ _0\"></span>27)<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Di<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>prie<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _0\"></span> </span></span>(2<span class=\"_ _0\"></span>0.55<span class=\"_ _0\"></span>0)<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>(2<span class=\"_ _0\"></span>0.55<span class=\"_ _0\"></span>0)<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Diritti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">d'uso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">acquisiti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>lea<span class=\"_ _0\"></span>sin<span class=\"_ _0\"></span>g<span class=\"_ _3bd\"> </span>(2<span class=\"_ _0\"></span>3.8<span class=\"_ _0\"></span>50)<span class=\"_ _3bd\"> </span>(3<span class=\"_ _1\"></span>3)<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>06<span class=\"_ _3bd\"> </span>(2<span class=\"_ _0\"></span>3.77<span class=\"_ _0\"></span>7)<span class=\"_ _3bd\"> </span>2<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Detenute<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">scopo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">d'i<span class=\"_ _0\"></span>nve<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span> </span></span></span></span></span></span>(1<span class=\"_ _0\"></span>65)<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>(1<span class=\"_ _0\"></span>65)<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Di<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>prie<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _0\"></span> </span></span>(1<span class=\"_ _0\"></span>65)<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>(1<span class=\"_ _0\"></span>65)<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Diritti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">d'uso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">acquisiti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>lea<span class=\"_ _0\"></span>sin<span class=\"_ _0\"></span>g<span class=\"_ _3bd\"> </span>(1<span class=\"_ _0\"></span>65)<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>3<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Rima<span class=\"_ _0\"></span>nen<span class=\"_ _0\"></span>ze<span class=\"_ _0\"></span> </span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>(4<span class=\"_ _0\"></span>4.5<span class=\"_ _0\"></span>65<span class=\"_ _1\"></span>)<span class=\"_ _3bd\"> </span>(3<span class=\"_ _1\"></span>3)<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>06<span class=\"_ _3bd\"> </span>(4<span class=\"_ _0\"></span>4.4<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>2)<span class=\"_ _3bd\"> </span>Se<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>15<span class=\"_ _3bd\"> </span>\u2013<span class=\"_ _3bd\"> </span>Re<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span>fi<span class=\"_ _0\"></span>ch<span class=\"_ _0\"></span>e/r<span class=\"_ _0\"></span>ipr<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lor<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>tte<span class=\"_ _3bd\"> </span>su<span class=\"_ _3bd\"> </span>at<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>im<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span>\u2013<span class=\"_ _3bd\"> </span>Vo<span class=\"_ _0\"></span>ce<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>20<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>15<span class=\"_ _0\"></span>.1<span class=\"_ _3bd\"> </span>Re<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ch<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>at<span class=\"_ _1\"></span>tivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span>im<span class=\"_ _0\"></span>ma<span class=\"_ _1\"></span>teri<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>i:<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>os<span class=\"_ _1\"></span>izio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Att<span class=\"_ _1\"></span>ivi<span class=\"_ _0\"></span>t\u00e0/<span class=\"_ _0\"></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>on<span class=\"_ _1\"></span>ent<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ual<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Am<span class=\"_ _1\"></span>mor<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>me<span class=\"_ _1\"></span>nto<span class=\"_ _3bd\"> </span>(a<span class=\"_ _1\"></span>)<span class=\"fc0 sc1\"> </span>Rett<span class=\"_ _0\"></span>ifiche<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>val<span class=\"_ _0\"></span>ore<span class=\"_ _3bd\"> </span>per<span class=\"_ _3bd\"> </span>deter<span class=\"_ _0\"></span>ioram<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>(b<span class=\"_ _1\"></span>)<span class=\"fc0 sc1\"> </span>Ripre<span class=\"_ _0\"></span>se<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>val<span class=\"_ _0\"></span>ore<span class=\"_ _3bd\"> </span>(c<span class=\"_ _1\"></span>)<span class=\"fc0 sc1\"> </span>Ris<span class=\"_ _1\"></span>ult<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>(a<span class=\"_ _3bd\"> </span>+<span class=\"_ _3bd\"> </span>b<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>c)<span class=\"fc0 sc1\"> </span>A.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">imma<span class=\"_ _0\"></span>teri<span class=\"_ _0\"></span>ali<span class=\"_ _1\"></span> </span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">softw<span class=\"_ _0\"></span>are<span class=\"_ _1\"></span> </span></span></span></span>(51<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>93)<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>(51<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>93)<span class=\"_ _3bd\"> </span>A.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">D<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">propr<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>t\u00e0 </span></span></span></span>(53<span class=\"_ _0\"></span>.775<span class=\"_ _0\"></span>)<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>(53<span class=\"_ _0\"></span>.775<span class=\"_ _0\"></span>)<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> </span>Ge<span class=\"_ _0\"></span>ner<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">inte<span class=\"_ _0\"></span>rnam<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>dall<span class=\"_ _0\"></span>'az<span class=\"_ _0\"></span>ien<span class=\"_ _0\"></span>da </span></span>(6.<span class=\"_ _0\"></span>755)<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>(6.<span class=\"_ _0\"></span>755)<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Alt<span class=\"_ _0\"></span>re </span></span>(4<span class=\"_ _0\"></span>7.0<span class=\"_ _0\"></span>20)<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>(4<span class=\"_ _0\"></span>7.0<span class=\"_ _0\"></span>20)<span class=\"_ _3bd\"> </span>A.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Diritti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d'uso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">acquisiti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">lea<span class=\"_ _0\"></span>sin<span class=\"_ _0\"></span>g </span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>B.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Att<span class=\"_ _0\"></span>ivit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>po<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>du<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">la</span> <span class=\"ff3\">ve<span class=\"_ _0\"></span>ndi<span class=\"_ _0\"></span>ta <span class=\"_ _24f\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>(5<span class=\"_ _0\"></span>3.<span class=\"_ _0\"></span>77<span class=\"_ _0\"></span>5)<span class=\"_ _3bd\"> </span>--(5<span class=\"_ _0\"></span>3.<span class=\"_ _0\"></span>77<span class=\"_ _0\"></span>5)<span class=\"_ _3bd\"> </span>Gli<span class=\"ff1\"> </span>ammortamenti<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>crescita<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>cost<span class=\"_ _2\"></span>ante<span class=\"ff1\"> </span>attenzione<span class=\"ff1\"> </span>agli<span class=\"ff1\"> </span>investimenti<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>sostenere<span class=\"ff1\"> </span>l\u2019attivit\u00e0<span class=\"ff1\"> </span>progettuale<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>l\u2019evoluzione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>modello<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>servizio.<span class=\"_ _3bd\"> </span><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2a7b\">Se<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2a7c\">17<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2a7d\">\u2013<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2a7e\">Ut<span class=\"_ _0\"></span>ili<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2a7f\">(P<span class=\"_ _0\"></span>erd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>e)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2a80\">de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2a81\">pa<span class=\"_ _0\"></span>rte<span class=\"_ _1\"></span>cipa<span class=\"_ _0\"></span>zio<span class=\"_ _1\"></span>ni<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2a82\">\u2013<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2a83\">Vo<span class=\"_ _1\"></span>ce<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2a84\">2<span class=\"_ _0\"></span>50<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m26 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2a85\">17<span class=\"_ _0\"></span>.1<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2a86\">Ut<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2a87\">(p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>e)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2a88\">de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2a89\">pa<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>eci<span class=\"_ _0\"></span>pa<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ni:<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2a8a\">co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>os<span class=\"_ _1\"></span>izio<span class=\"_ _1\"></span>ne<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2a8b\">Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>on<span class=\"_ _1\"></span>ent<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2a8c\">re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ua<span class=\"_ _0\"></span>li/<span class=\"_ _0\"></span>Se<span class=\"_ _0\"></span>tt<span class=\"_ _1\"></span>ori<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2a8d\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2a8e\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2a8f\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2a90\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2a91\">1)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2a92\">Im<span class=\"_ _1\"></span>pre<span class=\"_ _0\"></span>se<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2a93\">a<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2a94\">co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>oll<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2a95\">co<span class=\"_ _0\"></span>ng<span class=\"_ _1\"></span>iunt<span class=\"_ _1\"></span>o </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2a96\">A.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Prove<span class=\"_ _0\"></span>nti<span class=\"_ _1\"></span> <span class=\"_ _1de\"> </span>7.8<span class=\"_ _0\"></span>53<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2a97\">6.<span class=\"_ _0\"></span>417<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2a98\">1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Riva<span class=\"_ _0\"></span>luta<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span> <span class=\"_ _287\"> </span>7.8<span class=\"_ _0\"></span>53<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2a99\">6.<span class=\"_ _0\"></span>417<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2a9a\">2.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Utili<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>sion<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span> <span class=\"_ _fa\"> </span>-<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2a9b\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2a9c\">3.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Riprese<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>va<span class=\"_ _1\"></span>lore<span class=\"_ _0\"></span> <span class=\"_ _30f\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2a9d\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2a9e\">4.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altri<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rov<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>i <span class=\"_ _30e\"> </span>-<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2a9f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2aa0\">B.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">On<span class=\"_ _1\"></span>er<span class=\"_ _0\"></span>i <span class=\"_ _310\"> </span>-<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2aa1\">(63<span class=\"_ _0\"></span>6)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2aa2\">1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Sva<span class=\"_ _0\"></span>luta<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i <span class=\"_ _111\"> </span>-<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2aa3\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2aa4\">2.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Rettifiche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>teri<span class=\"_ _1\"></span>orame<span class=\"_ _1\"></span>nto <span class=\"_ _99\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2aa5\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2aa6\">3.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Perdite<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cess<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e <span class=\"_ _25c\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2aa7\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2aa8\">4.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">one<span class=\"_ _0\"></span>ri <span class=\"_ _311\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2aa9\">(63<span class=\"_ _0\"></span>6)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2aaa\">Ris<span class=\"_ _1\"></span>ult<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2aab\">n<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>tt<span class=\"_ _1\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2aac\">7.<span class=\"_ _0\"></span>85<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2aad\">5.<span class=\"_ _0\"></span>78<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2aae\">2)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2aaf\">Im<span class=\"_ _1\"></span>pre<span class=\"_ _0\"></span>se<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2ab0\">so<span class=\"_ _0\"></span>tt<span class=\"_ _1\"></span>opo<span class=\"_ _0\"></span>ste<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2ab1\">a<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2ab2\">in<span class=\"_ _0\"></span>fl<span class=\"_ _0\"></span>uen<span class=\"_ _1\"></span>za<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2ab3\">no<span class=\"_ _1\"></span>tev<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>e </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2ab4\">A.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Prove<span class=\"_ _0\"></span>nti<span class=\"_ _1\"></span> <span class=\"_ _1c4\"> </span>2<span class=\"_ _1\"></span>52<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2ab5\">55<span class=\"_ _1\"></span>6<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2ab6\">1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Riva<span class=\"_ _0\"></span>luta<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span> <span class=\"_ _16d\"> </span>2<span class=\"_ _0\"></span>52<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2ab7\">55<span class=\"_ _1\"></span>6<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2ab8\">2.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Utili<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>sion<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span> <span class=\"_ _fa\"> </span>-<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2ab9\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2aba\">3.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Riprese<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>va<span class=\"_ _1\"></span>lore<span class=\"_ _0\"></span> <span class=\"_ _30f\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2abb\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2abc\">4.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altri<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rov<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>i <span class=\"_ _30e\"> </span>-<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2abd\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2abe\">B.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">On<span class=\"_ _1\"></span>er<span class=\"_ _0\"></span>i <span class=\"_ _312\"> </span>(2<span class=\"_ _1\"></span>50<span class=\"_ _0\"></span>)<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2abf\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2ac0\">1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Sva<span class=\"_ _0\"></span>luta<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i <span class=\"_ _250\"> </span>(2<span class=\"_ _0\"></span>50<span class=\"_ _1\"></span>)<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2ac1\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2ac2\">2.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Rettifiche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>teri<span class=\"_ _1\"></span>orame<span class=\"_ _1\"></span>nto <span class=\"_ _99\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2ac3\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2ac4\">3.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Perdite<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cess<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e <span class=\"_ _25c\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2ac5\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2ac6\">4.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">one<span class=\"_ _0\"></span>ri <span class=\"_ _311\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2ac7\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2ac8\">Ris<span class=\"_ _1\"></span>ult<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2ac9\">n<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>tt<span class=\"_ _1\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs2aca\">2</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2acb\">5<span class=\"_ _0\"></span>56<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2acc\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2acd\">7.<span class=\"_ _0\"></span>85<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2ace\">6.<span class=\"_ _1\"></span>33<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2acf\">Per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Imprese<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>contr<span class=\"_ _2\"></span>ollo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>congiunto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>voce<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u201cA.<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Proventi,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>1.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rivalutazioni\u201d<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>recepisce<span class=\"ff1\"> <span class=\"_ _21\"></span></span>gli<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>utili<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2ad0\">Credemassicurazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cons<span class=\"_ _2\"></span>olidata<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">metodo<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">patrimonio<span class=\"ff1\"> </span>netto;<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Imprese<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sottoposte<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2ad1\">influenza<span class=\"ff1\">  </span>notevole<span class=\"ff1\">  </span>la<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>voce<span class=\"ff1\">  </span>\u201cProventi,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>1.rivalutazioni\u201d<span class=\"ff1\">  </span>recepisce<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>gli<span class=\"ff1\">  </span>utili<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Andxor<span class=\"ff1\">  </span>e<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Gruppo<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2ad2\">Santamaria,<span class=\"ff1\"> </span>consolidate<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>metodo<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>patrimonio<span class=\"ff1\"> </span>netto<span class=\"_ _2\"></span>. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2ad3\">La<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">vo<span class=\"_ _0\"></span>ce<span class=\"ff1\"> </span>\u201cS<span class=\"_ _0\"></span>val<span class=\"_ _0\"></span>uta<span class=\"_ _0\"></span>zioni<span class=\"_ _0\"></span>\u201d<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ric<span class=\"_ _0\"></span>ondu<span class=\"_ _0\"></span>cib<span class=\"_ _0\"></span>ile<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al</span> <span class=\"_ _0\"></span><span class=\"ff3\">pro<span class=\"_ _0\"></span>cess<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">imp<span class=\"_ _0\"></span>air<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">test</span> <span class=\"ff3\">de<span class=\"_ _1\"></span>lla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">parte<span class=\"_ _0\"></span>cip<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dete<span class=\"_ _0\"></span>nuta<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2ad4\">in<span class=\"ff1\"> </span>SBC<span class=\"ff1\"> </span>Fintech<span class=\"ff1\"> </span>Milan<span class=\"ff1\"> </span>2224. </div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-761": {
   "value": "Sezion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>16<span class=\"_ _3bd\"> </span>\u2013<span class=\"_ _3bd\"> </span>Gli<span class=\"_ _3bd\"> </span>altri<span class=\"_ _3bd\"> </span>oner<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>prove<span class=\"_ _0\"></span>nti<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>gestio<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>\u2013<span class=\"_ _3bd\"> </span>Voce<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>30<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>16.<span class=\"_ _1\"></span>1<span class=\"_ _3bd\"> </span>Al<span class=\"_ _0\"></span>tri<span class=\"_ _3bd\"> </span>on<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ge<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e:<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>Ammo<span class=\"_ _0\"></span>rta<span class=\"_ _0\"></span>mento<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">migli<span class=\"_ _0\"></span>orie<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>ben<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>ter<span class=\"_ _0\"></span>zi <span class=\"_ _135\"> </span></span></span>Sop<span class=\"_ _0\"></span>ravve<span class=\"_ _0\"></span>nie<span class=\"_ _0\"></span>nze<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pas<span class=\"_ _0\"></span>sive <span class=\"_ _259\"> </span>Altri<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span>ner<span class=\"_ _0\"></span>i <span class=\"_ _30d\"> </span>Tot<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>Alt<span class=\"_ _0\"></span>ri<span class=\"_ _3bd\"> </span>o<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span>ri<span class=\"_ _3bd\"> </span>16.<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>Al<span class=\"_ _0\"></span>tri<span class=\"_ _3bd\"> </span>pro<span class=\"_ _1\"></span>ven<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ge<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e:<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>os<span class=\"_ _1\"></span>izio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Fitti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">atti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span> <span class=\"_ _13b\"> </span></span></span>Rec<span class=\"_ _0\"></span>up<span class=\"_ _0\"></span>ero<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>im<span class=\"_ _0\"></span>post<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span> <span class=\"_ _301\"> </span>Rec<span class=\"_ _0\"></span>up<span class=\"_ _0\"></span>ero<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inte<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span>cas<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>nti<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>st<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">comp<span class=\"_ _0\"></span>ens<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span> <span class=\"_ _9c\"> </span></span></span></span></span></span></span></span></span>Sop<span class=\"_ _0\"></span>ravv<span class=\"_ _0\"></span>eni<span class=\"_ _0\"></span>enz<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>atti<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span> <span class=\"_ _30e\"> </span>Altri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pr<span class=\"_ _0\"></span>oven<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span> <span class=\"_ _4f\"> </span></span></span>Negative<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Goo<span class=\"_ _0\"></span>dwi<span class=\"_ _0\"></span>ll <span class=\"_ _266\"> </span></span></span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>Alt<span class=\"_ _1\"></span>ri<span class=\"_ _3bd\"> </span>pr<span class=\"_ _0\"></span>ov<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>La<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>voce<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u201cRecupero<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>imposte\u201d<span class=\"ff1\">  </span>rece<span class=\"_ _0\"></span>pisce<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rec<span class=\"_ _2\"></span>upero<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>m<span class=\"_ _2\"></span>ag<span class=\"_ _3bd\"> </span>dell\u2019imposta<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>bollo<span class=\"ff1\"> </span>sui<span class=\"ff1\"> </span>dossier<span class=\"ff1\"> </span>titoli.<span class=\"_ _3bd\"> </span>Nella<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>voce<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u201cAltri<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>proventi\u201d<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>compresi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>anch<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>recu<span class=\"_ _0\"></span>peri<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dell<span class=\"_ _3bd\"> </span>veloce\u201d,<span class=\"ff1\"> </span>disciplinata<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>comma<span class=\"ff1\"> </span>2<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>Legge<span class=\"ff1\"> </span>23<span class=\"ff1\"> </span>dicembre<span class=\"ff1\"> </span>2011.<span class=\"_ _3bd\"> </span>Il<span class=\"ff1\"> </span>negative<span class=\"ff1\"> </span>goodwill,<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>badwill,<span class=\"ff1\"> </span>registrato<span class=\"_ _2\"></span><span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>2021<span class=\"ff1\"> </span>derivava<span class=\"ff1\"> </span>dall\u2019ope<span class=\"_ _3bd\"> </span>Car<span class=\"_ _0\"></span>ice<span class=\"_ _0\"></span>nto.<span class=\"_ _0\"></span> ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-795": {
   "value": "16.<span class=\"_ _1\"></span>1<span class=\"_ _3bd\"> </span>Al<span class=\"_ _0\"></span>tri<span class=\"_ _3bd\"> </span>on<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ge<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e:<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>Ammo<span class=\"_ _0\"></span>rta<span class=\"_ _0\"></span>mento<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">migli<span class=\"_ _0\"></span>orie<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>ben<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>ter<span class=\"_ _0\"></span>zi <span class=\"_ _135\"> </span></span></span>Sop<span class=\"_ _0\"></span>ravve<span class=\"_ _0\"></span>nie<span class=\"_ _0\"></span>nze<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pas<span class=\"_ _0\"></span>sive <span class=\"_ _259\"> </span>Altri<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span>ner<span class=\"_ _0\"></span>i <span class=\"_ _30d\"> </span>Tot<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>Alt<span class=\"_ _0\"></span>ri<span class=\"_ _3bd\"> </span>o<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span>ri<span class=\"_ _3bd\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-860": {
   "value": "16.<span class=\"_ _1\"></span>1<span class=\"_ _3bd\"> </span>Al<span class=\"_ _0\"></span>tri<span class=\"_ _3bd\"> </span>on<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ge<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e:<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>Ammo<span class=\"_ _0\"></span>rta<span class=\"_ _0\"></span>mento<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">migli<span class=\"_ _0\"></span>orie<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>ben<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>ter<span class=\"_ _0\"></span>zi <span class=\"_ _135\"> </span></span></span>Sop<span class=\"_ _0\"></span>ravve<span class=\"_ _0\"></span>nie<span class=\"_ _0\"></span>nze<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pas<span class=\"_ _0\"></span>sive <span class=\"_ _259\"> </span>Altri<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span>ner<span class=\"_ _0\"></span>i <span class=\"_ _30d\"> </span>Tot<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>Alt<span class=\"_ _0\"></span>ri<span class=\"_ _3bd\"> </span>o<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span>ri<span class=\"_ _3bd\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfClaimsAndBenefitsPaidExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-796": {
   "value": "16.<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>Al<span class=\"_ _0\"></span>tri<span class=\"_ _3bd\"> </span>pro<span class=\"_ _1\"></span>ven<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ge<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e:<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>os<span class=\"_ _1\"></span>izio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Fitti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">atti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span> <span class=\"_ _13b\"> </span></span></span>Rec<span class=\"_ _0\"></span>up<span class=\"_ _0\"></span>ero<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>im<span class=\"_ _0\"></span>post<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span> <span class=\"_ _301\"> </span>Rec<span class=\"_ _0\"></span>up<span class=\"_ _0\"></span>ero<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inte<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span>cas<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>nti<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>st<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">comp<span class=\"_ _0\"></span>ens<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span> <span class=\"_ _9c\"> </span></span></span></span></span></span></span></span></span>Sop<span class=\"_ _0\"></span>ravv<span class=\"_ _0\"></span>eni<span class=\"_ _0\"></span>enz<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>atti<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span> <span class=\"_ _30e\"> </span>Altri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pr<span class=\"_ _0\"></span>oven<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span> <span class=\"_ _4f\"> </span></span></span>Negative<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Goo<span class=\"_ _0\"></span>dwi<span class=\"_ _0\"></span>ll <span class=\"_ _266\"> </span></span></span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>Alt<span class=\"_ _1\"></span>ri<span class=\"_ _3bd\"> </span>pr<span class=\"_ _0\"></span>ov<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>La<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>voce<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u201cRecupero<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>imposte\u201d<span class=\"ff1\">  </span>rece<span class=\"_ _0\"></span>pisce<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rec<span class=\"_ _2\"></span>upero<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>m<span class=\"_ _2\"></span>ag<span class=\"_ _3bd\"> </span>dell\u2019imposta<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>bollo<span class=\"ff1\"> </span>sui<span class=\"ff1\"> </span>dossier<span class=\"ff1\"> </span>titoli.<span class=\"_ _3bd\"> </span>Nella<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>voce<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u201cAltri<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>proventi\u201d<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>compresi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>anch<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>recu<span class=\"_ _0\"></span>peri<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dell<span class=\"_ _3bd\"> </span>veloce\u201d,<span class=\"ff1\"> </span>disciplinata<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>comma<span class=\"ff1\"> </span>2<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>Legge<span class=\"ff1\"> </span>23<span class=\"ff1\"> </span>dicembre<span class=\"ff1\"> </span>2011.<span class=\"_ _3bd\"> </span>Il<span class=\"ff1\"> </span>negative<span class=\"ff1\"> </span>goodwill,<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>badwill,<span class=\"ff1\"> </span>registrato<span class=\"_ _2\"></span><span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>2021<span class=\"ff1\"> </span>derivava<span class=\"ff1\"> </span>dall\u2019ope<span class=\"_ _3bd\"> </span>Car<span class=\"_ _0\"></span>ice<span class=\"_ _0\"></span>nto.<span class=\"_ _0\"></span> ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-797": {
   "value": "Sezione 21 \u2013 Le imposte sul reddito dell\u2019esercizio dell\u2019operativit\u00e0 corrente - Voce 300 21.1 Imposte sul reddito dell'esercizio dell'operativit\u00e0 corrente: composizione Componenti reddituali/Settori Totale 31/12/2022 Totale 31/12/2021 1. Imposte correnti (-)  (110.873) (88.680) 2. Variazioni delle imposte correnti dei precedenti esercizi (+/-)  235 643 3. Riduzione delle imposte correnti dell'esercizio (+)  - - 3.bis Riduzione delle imposte correnti dell'esercizio per crediti d'imposta di cui alla Legge n. 214/2011 (+) - - 4. Variazione delle imposte anticipate (+/-)  (16.071) (20.965) 5. Variazione delle imposte differite (+/-)  (17.896) (4.586) 6. Imposte di competenza dell'esercizio (-) (-1+/-2+3+3bis+/-4+/-5)  (144.605) (113.588) Le  imposte  correnti  sono  state  rilevate  in  base  alla  legislazione  fiscale  vigente,  ivi  incluse  le disposizioni del D.Lgs.38/2005. 21.2 Riconciliazione tra onere fiscale teorico e onere fiscale effettivo di bilancio L\u2019incidenza fiscale globale sull\u2019utile ante imposte risulta pari a circa il 31,3%. Imponibile Consolidato 461.591 Aliquota ordinaria applicabile  33,07% Onere fiscale teorico 152.648 Effetto delle variazioni in aumento rispetto all'aliquota ordinaria 55.608 Costi indeducibili ai fini IRES  45.998 Costi indeducibili ai fini IRAP  9.610 Effetto delle variazioni in diminuzione rispetto all'aliquota ordinaria  63.651 Altre differenze permanenti ai fini IRES  22.824 Altre differenze permanenti ai fini IRAP  40.827 Onere fiscale effettivo  144.605",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-798": {
   "value": "Sezione 25 \u2013 Utile per azione 25.1 Numero medio delle azioni ordinarie a capitale diluito 31/12/2022  31/12/2021 Fair value azioni  6,01 5,41 Utile netto  316.986 352.593 Numero azioni ponderato  340.405 335.196 Numero azioni potenziale  - - Numero azioni diluito potenziale  340.405 335.196 Utile per azioni  0,93 1,05 Utile diluito per azione  0,93 1,05 Lo IAS 33 prevede l\u2019esposizione dell\u2019utile per azione (EPS) base e diluito, specificando per entrambi la  metodologia  di  calcolo.  L\u2019utile  per  azione  base  deriva  dal  rapporto  tra  l\u2019utile  attribuibile  ai possessori di azioni ordinarie e la media ponderata delle azioni ordinarie in circolazione durante l\u2019esercizio. Il fair value delle azioni \u00e8 la media ponderata del 2022. A seguito della facolt\u00e0 esercitata dalla compagnia di assicurazione Credemvita, facente parte del Conglomerato  finanziario  a  prevalenza  bancaria,  di  posticipare  al  2022  la  prima  applicazione dell\u2019IFRS9,  (Deferral  Approach),  negli  schemi  consolidati  previsti  dall\u2019aggiornamento  della circolare 262 della Banca d\u2019Italia, sono state create le seguenti nuove voci di Conto economico: - - \u201cVoce 115. Risultato netto delle attivit\u00e0 e passivit\u00e0 finanziarie di pertinenza delle imprese di assicurazione ai sensi dello IAS 39\u201d, che accoglie tutte le componenti di conto economico riferibili  alla  controllata  assicurativa  ad  eccezione  dei  premi  netti  e  del  saldo  degli  altri proventi/oneri della gestione assicurativa, che confluiscono a voce propria, delle commissioni che sono rappresentate insieme alle analoghe poste bancarie e delle \u201crettifiche/riprese di valore nette di pertinenza delle imprese di  assicurazione  ai sensi  dello IAS 39\u201d, che sono rilevate nella voce 135, appositamente aperta; - - Conto Economico: \u201cVoce 135. Rettifiche/riprese di valore nette di pertinenza delle imprese di assicurazione ai sensi dello IAS 39\u201d, che accoglie le eventuali rettifiche/riprese di valore. Di seguito si fornisce il dettaglio: Voce 115 del conto economico \u2013 Risultato netto delle attivit\u00e0 e passivit\u00e0 finanziarie di pertinenza delle imprese di assicurazione ai sensi dello IAS39 Interessi attivi e proventi assimilati: composizione Voci/Forme tecniche Titoli di debito Finanziamenti Altre operazioni Totale 31/12/2022 Totale 31/12/2021 1. Attivit\u00e0 finanziarie detenute per la negoziazione  - - - - - 2. Attivit\u00e0 finanziarie valutate al fair value  5.493 - - 5.493 4.116 3. Attivit\u00e0 finanziarie disponibili per la vendita  20.288 - - 20.288 10.824 4. Attivit\u00e0 finanziarie detenute sino alla scadenza  37.113 - - 37.113 29.188 5. Crediti verso banche  - - 43 43 - 6. Crediti verso clientela  - - - - - 7. Derivati di copertura - - - 8. Altre attivit\u00e0 - - - Totale 62.894 -43 62.937 44.128 Interessi passivi e oneri assimilati: composizione Voci/Forme tecniche Debiti Titoli Altre operazioni Totale 31/12/2022 Totale 31/12/2021 1. Debiti verso banche centrali - - - - 2. Debiti verso banche - (27) (27) (82) 3. Debiti verso clientela - - - - 4. Titoli in circolazione (3.915) - (3.915) (3.909) 5. Passivit\u00e0 finanziarie di negoziazione - - - - - 6. Passivit\u00e0 finanziarie valutate al fair value - - - - - 7. Altre passivit\u00e0 e fondi (29) (29) (42) 8. Derivati di copertura - - - Totale -(3.915) (56) (3.971) (4.033) Dividendi e proventi simili: composizione Voci/Proventi Totale 31/12/2022 Totale 31/12/2021 Dividendi Proventi da quote di O.I.C.R Dividendi Proventi da quote di O.I.C.R A. Attivit\u00e0 finanziarie detenute per la negoziazione - - - - B. Attivit\u00e0 finanziarie disponibili per la vendita - 21.911 - 16.038 C. Attivit\u00e0 finanziarie valutate al fair value 3.881 2.918 3.760 1.498 D. Partecipazioni  -  - Totale 3.881 24.829 3.760 17.536 Risultato netto dell'attivit\u00e0 di negoziazione: composizione Operazioni/Componenti reddituali Plusvalenze (A) Utili da negoziazione (B) Minusvalenze (C) Perdite da negoziazione (D) Risultato netto [(A+B) - (C+D)] 1. Attivit\u00e0 finanziarie di negoziazione - - - - - 1.1 Titoli di debito  -  -  -  -  - 1.2 Titoli di capitale  -  -  -  -  - 1.3 Quote di O.I.C.R.  -  -  -  -  - 1.4 Finanziamenti  -  -  -  -  - 1.5 Altre  -  -  -  -  - 2. Passivit\u00e0 finanziarie di negoziazione - - ---2.1 Titoli di debito  -  -  -  -  - 2.2 Debiti  -  -  -  -  - 2.3 Altre  -  -  -  -  - 3. Attivit\u00e0 e passivit\u00e0 finanziarie: differenze di cambio 6.814 4. Strumenti derivati - 4.986  (1.078)  (3.082)  (1.134) 4.1 Derivati finanziari:  -  4.986  (1.078)  (3.082)  (1.134) - Su titoli di debito e tassi di interesse  -  -  -  -  - - Su titoli di capitale e indici azionari  -  4.986  (1.078)  (3.082)  826 - Su valute e oro (1.960) - Altri  -  -  -  -  - 4.2 Derivati su crediti  -  -  -  -  - Totale - 4.986  (1.078)  (3.082)  5.680 Utile (Perdite) da cessione/riacquisto: composizione Voci/Componenti reddituali Totale 31/12/2022 Totale 31/12/2021 Utili Perdite Risultato netto Utili Perdite Risultato netto Attivit\u00e0 finanziarie 1. Crediti verso banche  -  -  -  -  -  - 2. Crediti verso clientela  -  -  -  -  -  - 3. Attivit\u00e0 finanziarie disponibili per la vendita  14.864  (8.573)  6.291  47.146  (18.890)  28.256 3.1 Titoli di debito  1.997  (2.846)  (849)  20.573  (3.788)  16.785 3.2 Titoli di Capitale  -  -  -  -  -  - 3.3 Quote di O.I.C.R.  12.867  (5.727)  7.140  26.573  (15.102)  11.471 3.4 Finanziamenti  -  -  -  -  -  - 4. Attivit\u00e0 finanziarie detenute sino alla scadenza -  -  -  -  -  - Totale attivit\u00e0  14.864  (8.573)  6.291  47.146  (18.890)  28.256 Passivit\u00e0 finanziarie 1. Debiti verso banche  -  -  -  -  -  - 2. Debiti verso clientela  -  -  -  -  -  - Titoli in circolazione  -  -  -  -  -  - Totale passivit\u00e0 ------Variazione netta di valore delle attivit\u00e0/passivit\u00e0 finanziarie valutate al fair value: composizione Operazioni/Componenti reddituali Plusvalenze (A) Utili da realizzo (B) Minusvalenze (C) Perdite da realizzo (D) Risultato netto [(A+B) \u2212 (C+D)] 31/12/2022  31/12/2021 1. Attivit\u00e0 finanziarie  7.967 11.035 (428.642) (138.041) (547.681) 262.534 1.1 Titoli di debito  131 239 (35.632) (1.496) (36.758) (7.651) 1.2 Titolo di capitale  3.993 405 (25.451) (3.338) (24.391) 31.23 1.3 Quote di O.I.C.R.  3.843 10.391 (367.559) (133.207) (486.532) 238.953 1.4 Finanziamenti  - - - - - - 2. Passivit\u00e0 finanziarie  577.899 ---577.899 (209.403) 2.1 Titoli di debito  - - - - - - 2.2 Debiti verso banche  - - - - - - 2.3 Debiti verso clientela  577.899 - - - 577.899 (209.403) 3. Attivit\u00e0 e passivit\u00e0 finanziarie: differenze di cambio XXXX-- 4.Derivati creditizi e finanziari ------Totale 585.866 11.035 (428.642) (138.041) 30.218 53.13",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-762": {
   "value": "Sez<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">1<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">\u2013<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Risc<span class=\"_ _0\"></span>hi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>soli<span class=\"_ _0\"></span>dato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>tabi<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"fc0\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>In<span class=\"ff1\">  </span>q<span class=\"_ _0\"></span>uesta<span class=\"ff1\">  </span>sezione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sono<span class=\"ff1\">  </span>fornite<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\">  </span>informazioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>riferite<span class=\"ff1\">  </span>alle<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>imprese<span class=\"ff1\">  </span>inclu<span class=\"_ _0\"></span>se<span class=\"ff1\">  </span>nel<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>conso<span class=\"_ _2\"></span>lidato<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>tab<span class=\"_ _0\"></span>ile.<span class=\"_ _0\"></span> Inform<span class=\"_ _0\"></span>azion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>natura<span class=\"_ _3bd\"> </span>qua<span class=\"_ _0\"></span>ntitativa<span class=\"_ _3bd\"> </span>Qualit\u00e0<span class=\"_ _3bd\"> </span>del<span class=\"_ _3bd\"> </span>credito<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>A.<span class=\"_ _0\"></span>1.1<span class=\"_ _3bd\"> </span>Di<span class=\"_ _0\"></span>str<span class=\"_ _0\"></span>ib<span class=\"_ _0\"></span>uz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"_ _3bd\"> </span>at<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>po<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>af<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ap<span class=\"_ _0\"></span>pa<span class=\"_ _1\"></span>rten<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>za<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>per<span class=\"_ _3bd\"> </span>qu<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span>cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>izia<span class=\"_ _3bd\"> </span>(va<span class=\"_ _1\"></span>lor<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>bi<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>o)<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Po<span class=\"_ _0\"></span>rta<span class=\"_ _1\"></span>fog<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>/qu<span class=\"_ _0\"></span>al<span class=\"_ _1\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Soff<span class=\"_ _3bd\"> </span>Ina<span class=\"_ _3bd\"> </span>pro<span class=\"_ _3bd\"> </span>Esp<span class=\"_ _3bd\"> </span>sca<span class=\"_ _3bd\"> </span>det<span class=\"_ _3bd\"> </span>Esp<span class=\"_ _3bd\"> </span>scadute<span class=\"_ _3bd\"> </span>non<span class=\"_ _3bd\"> </span>det<span class=\"_ _3bd\"> </span>Altre<span class=\"_ _3bd\"> </span>esposizioni<span class=\"_ _3bd\"> </span>non<span class=\"_ _3bd\"> </span>deteriorate<span class=\"_ _3bd\"> </span>Tot<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">At<span class=\"_ _0\"></span>tivit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>rie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">valu<span class=\"_ _0\"></span>tat<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cost<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>ammo<span class=\"_ _0\"></span>rti<span class=\"_ _0\"></span>zza<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span> <span class=\"_ _cb\"> </span>77.<span class=\"_ _0\"></span>932<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>21<span class=\"_ _0\"></span>1.6<span class=\"_ _0\"></span>98<span class=\"_ _3bd\"> </span>34.<span class=\"_ _0\"></span>40<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>40<span class=\"_ _0\"></span>5.1<span class=\"_ _0\"></span>01<span class=\"_ _3bd\"> </span>43.<span class=\"_ _0\"></span>10<span class=\"_ _0\"></span>2.0<span class=\"_ _0\"></span>75<span class=\"_ _3bd\"> </span>43.<span class=\"_ _0\"></span>831<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>09<span class=\"_ _3bd\"> </span>2.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">impatto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sulla<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>redditivit\u00e0<span class=\"_ _3bd\"> </span>complessiva<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>6.<span class=\"_ _0\"></span>159.<span class=\"_ _0\"></span>472<span class=\"_ _3bd\"> </span>6.<span class=\"_ _0\"></span>159.<span class=\"_ _0\"></span>472<span class=\"_ _3bd\"> </span>3.<span class=\"ff1\"> </span>A<span class=\"_ _0\"></span>ttiv<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>fin<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>iari<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>sig<span class=\"_ _0\"></span>nate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fair<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">value<span class=\"_ _1\"></span> <span class=\"_ _15c\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>4.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Altr<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>attiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fina<span class=\"_ _0\"></span>nzia<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>obb<span class=\"_ _0\"></span>liga<span class=\"_ _1\"></span>tori<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">valu<span class=\"_ _0\"></span>tat<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">fai<span class=\"_ _0\"></span>r<span class=\"ff1\"> <span class=\"_ _2\"></span></span>val<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span> <span class=\"_ _6c\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>43.<span class=\"_ _0\"></span>960<span class=\"_ _3bd\"> </span>43.<span class=\"_ _0\"></span>960<span class=\"_ _3bd\"> </span>5.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fi<span class=\"_ _2\"></span>nanziarie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">corso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ism<span class=\"_ _1\"></span>issio<span class=\"_ _0\"></span>ne <span class=\"_ _220\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Tot<span class=\"_ _0\"></span>ale<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span> <span class=\"_ _20f\"> </span>7<span class=\"_ _0\"></span>7.<span class=\"_ _0\"></span>93<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>21<span class=\"_ _0\"></span>1.6<span class=\"_ _1\"></span>98<span class=\"_ _3bd\"> </span>34<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>03<span class=\"_ _3bd\"> </span>40<span class=\"_ _0\"></span>5.1<span class=\"_ _1\"></span>01<span class=\"_ _3bd\"> </span>49<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>05<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>07<span class=\"_ _3bd\"> </span>50<span class=\"_ _0\"></span>.03<span class=\"_ _1\"></span>4.6<span class=\"_ _0\"></span>41<span class=\"_ _3bd\"> </span>Tot<span class=\"_ _0\"></span>ale<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _3bd\"> </span>101.89<span class=\"_ _1\"></span>0<span class=\"_ _3bd\"> </span>24<span class=\"_ _0\"></span>2.<span class=\"_ _0\"></span>06<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>34.8<span class=\"_ _0\"></span>87<span class=\"_ _3bd\"> </span>263.<span class=\"_ _0\"></span>898<span class=\"_ _3bd\"> </span>55.06<span class=\"_ _0\"></span>7.859<span class=\"_ _3bd\"> </span>55<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>10<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>00<span class=\"_ _0\"></span> A.<span class=\"_ _0\"></span>1.2<span class=\"_ _3bd\"> </span>Di<span class=\"_ _0\"></span>str<span class=\"_ _0\"></span>ib<span class=\"_ _0\"></span>uz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"_ _3bd\"> </span>at<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>po<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>af<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ap<span class=\"_ _0\"></span>pa<span class=\"_ _1\"></span>rten<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>za<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>per<span class=\"_ _3bd\"> </span>qu<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span>cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>izia<span class=\"_ _3bd\"> </span>(v<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>lor<span class=\"_ _1\"></span>di<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>net<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>)<span class=\"fc0 sc1\"> </span>Po<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>af<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>/q<span class=\"_ _0\"></span>ua<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>\u00e0<span class=\"fc0 sc1\"> </span>De<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ora<span class=\"_ _1\"></span>te<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _b1\"> </span><span class=\"fc4 sc2\">Non<span class=\"_ _3bd\"> </span></span></span>de<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>(e<span class=\"_ _0\"></span>sp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>iz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>a)<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Es<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>si<span class=\"_ _1\"></span>zion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>lo<span class=\"_ _1\"></span>rd<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Rettif<span class=\"_ _0\"></span>iche<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>siv<span class=\"_ _1\"></span>e<span class=\"_ _3bd\"> </span>Es<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>si<span class=\"_ _1\"></span>zion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>a<span class=\"fc0 sc1\"> </span>Wr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>e-<span class=\"_ _0\"></span>off<span class=\"_ _0\"></span>*<span class=\"_ _3bd\"> </span>pa<span class=\"_ _0\"></span>rz<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>siv<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>Es<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>si<span class=\"_ _1\"></span>zion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>lo<span class=\"_ _1\"></span>rd<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Rettif<span class=\"_ _0\"></span>iche<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>siv<span class=\"_ _1\"></span>e<span class=\"_ _3bd\"> </span>Es<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>si<span class=\"_ _1\"></span>zion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>a<span class=\"fc0 sc1\"> </span>1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> </span></span></span></span></span>valutate<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>sto<span class=\"ff1\"> </span>amm<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>tizz<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>735<span class=\"_ _0\"></span>.65<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span>411<span class=\"_ _0\"></span>.62<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>324<span class=\"_ _0\"></span>.03<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>17.<span class=\"_ _0\"></span>353<span class=\"_ _3bd\"> </span>43.<span class=\"_ _0\"></span>598<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>61<span class=\"_ _3bd\"> </span>91.<span class=\"_ _0\"></span>386<span class=\"_ _3bd\"> </span>43.<span class=\"_ _0\"></span>50<span class=\"_ _0\"></span>7.1<span class=\"_ _0\"></span>75<span class=\"_ _3bd\"> </span>43.<span class=\"_ _0\"></span>831<span class=\"_ _0\"></span>.20<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>2.<span class=\"ff1\"> </span>Attivit\u00e0<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>nanziarie<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>impatto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sulla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">redditivit\u00e0<span class=\"ff1\"> </span></span></span></span></span>co<span class=\"_ _0\"></span>mple<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>6.1<span class=\"_ _0\"></span>61.<span class=\"_ _0\"></span>049<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>577<span class=\"_ _3bd\"> </span>6.1<span class=\"_ _0\"></span>59.<span class=\"_ _0\"></span>47<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>6.1<span class=\"_ _0\"></span>59.<span class=\"_ _0\"></span>47<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>3.<span class=\"_ _3bd\"> </span>Attivit\u00e0<span class=\"_ _3bd\"> </span>finan<span class=\"_ _0\"></span>ziarie<span class=\"_ _3bd\"> </span>designate<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>fair<span class=\"_ _3bd\"> </span>value<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>X <span class=\"_ _31\"> </span>X <span class=\"_ _235\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>4.<span class=\"ff1\"> </span>Altre<span class=\"ff1\"> </span>attivit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> </span>fin<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie<span class=\"ff1\"> </span>ob<span class=\"_ _0\"></span>blig<span class=\"_ _0\"></span>ato<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span><span class=\"ff1\"> </span>valutate<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>fair<span class=\"_ _3bd\"> </span>value<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>43.<span class=\"_ _0\"></span>960<span class=\"_ _3bd\"> </span>43.<span class=\"_ _0\"></span>960<span class=\"_ _3bd\"> </span>5.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finan<span class=\"_ _0\"></span>ziarie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span></span></span></span></span></span></span>corso<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>dismi<span class=\"_ _0\"></span>ssione<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Tota<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _0\"></span>02<span class=\"_ _1\"></span>2 <span class=\"_ _177\"> </span>73<span class=\"_ _0\"></span>5.<span class=\"_ _0\"></span>65<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span>41<span class=\"_ _0\"></span>1.6<span class=\"_ _1\"></span>26<span class=\"_ _3bd\"> </span>32<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>03<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>17<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>53<span class=\"_ _3bd\"> </span>49<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>59<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>10<span class=\"_ _3bd\"> </span>92<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>63<span class=\"_ _3bd\"> </span>49<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>10<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>07<span class=\"_ _3bd\"> </span>50<span class=\"_ _0\"></span>.0<span class=\"_ _1\"></span>34.6<span class=\"_ _1\"></span>40<span class=\"_ _3bd\"> </span>Tota<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>81<span class=\"_ _0\"></span>9.<span class=\"_ _0\"></span>04<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>44<span class=\"_ _0\"></span>0.<span class=\"_ _0\"></span>19<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>37<span class=\"_ _0\"></span>8.<span class=\"_ _0\"></span>84<span class=\"_ _1\"></span>5<span class=\"_ _3bd\"> </span>11.04<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>55<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>06<span class=\"_ _1\"></span>.46<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>89<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>30<span class=\"_ _3bd\"> </span>55<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>31<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>60<span class=\"_ _3bd\"> </span>55<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>10<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>05<span class=\"_ _0\"></span> t<span class=\"_ _3bd\"> </span>Po<span class=\"_ _0\"></span>rta<span class=\"_ _1\"></span>fog<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>/qu<span class=\"_ _0\"></span>al<span class=\"_ _1\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Att<span class=\"_ _1\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ev<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span>sc<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>sa<span class=\"_ _3bd\"> </span>qu<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span>cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>a<span class=\"fc0 sc1\"> <span class=\"_ _cb\"> </span></span>A<span class=\"_ _0\"></span>ltr<span class=\"_ _1\"></span>e<span class=\"_ _3bd\"> </span>at<span class=\"_ _0\"></span>tiv<span class=\"_ _1\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Mi<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>sv<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ze<span class=\"_ _3bd\"> </span>cu<span class=\"_ _0\"></span>mu<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _75\"> </span><span class=\"fc4 sc2\">Esp<span class=\"_ _0\"></span>os<span class=\"_ _1\"></span>izi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></span></span>ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>a<span class=\"fc0 sc1\"> <span class=\"_ _2a0\"> </span></span>Espo<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>izi<span class=\"_ _1\"></span>one<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>a<span class=\"fc0 sc1\"> </span>1.<span class=\"ff5\"> <span class=\"_ _1\"></span><span class=\"ff3\">Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">de<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>ne<span class=\"_ _0\"></span>gozi<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span> 2.<span class=\"ff5\"> <span class=\"_ _1\"></span><span class=\"ff3\">Derivati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cop<span class=\"_ _0\"></span>ert<span class=\"_ _0\"></span>ura<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>en<span class=\"_ _0\"></span>ute<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span> </span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _20d\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _20d\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span>52.<span class=\"_ _0\"></span>264<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>090<span class=\"_ _0\"></span>.23<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span>Tot<span class=\"_ _0\"></span>ale<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span> <span class=\"_ _2c0\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>142<span class=\"_ _0\"></span>.5<span class=\"_ _1\"></span>03<span class=\"_ _3bd\"> </span>Tot<span class=\"_ _0\"></span>ale<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span> <span class=\"_ _223\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>26<span class=\"_ _0\"></span>8.<span class=\"_ _0\"></span>61<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span><div class=\"t m0 h10 ff3 fs9 fc4 sc0 ls0 ws0 gs2cd0\">B.<span class=\"ff5\"> <span class=\"_ _1c\"></span><span class=\"ff3\">Inf<span class=\"_ _0\"></span>orm<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>va<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sul<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">entit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">stru<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>urat<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(di<span class=\"_ _0\"></span>ver<span class=\"_ _0\"></span>se<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">dalle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">soci<span class=\"_ _0\"></span>et\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">car<span class=\"_ _0\"></span>tol<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>zza<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e)<span class=\"fc0\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2cd1\">Un\u2019entit\u00e0<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>trutturata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un\u2019entit\u00e0<span class=\"ff1\"> </span>configurata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>modo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>diritti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>vot<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>diritti<span class=\"ff1\"> </span>similari<span class=\"ff1\"> <span class=\"_ _2\"></span></span>non<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2cd2\">sono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rit<span class=\"_ _2\"></span>enuti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rilevanti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">p<span class=\"_ _2\"></span>er<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">st<span class=\"_ _2\"></span>abilire<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">contr<span class=\"_ _2\"></span>ollo,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">come<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">caso<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">diritti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">voto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">facciano<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>oltanto<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2cd3\">riferimento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ad<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>amministrative<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>r<span class=\"_ _2\"></span>ilevanti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>siano<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>condotte<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"_ _0\"></span>ttraverso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>accordi<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2cd4\">con<span class=\"_ _0\"></span>trat<span class=\"_ _0\"></span>tua<span class=\"_ _0\"></span>li.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2cd5\">Per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">veicoli<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">destinazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">specifica<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fondi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">investimento,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cont<span class=\"_ _2\"></span>rollo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rit<span class=\"_ _2\"></span>enuto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">esistere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">laddove<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2cd6\">il<span class=\"ff1\"> </span>Gruppo<span class=\"ff1\"> </span>dispone<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>diritti<span class=\"ff1\"> </span>contrattuali<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>gestire<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> </span>rilevanti<span class=\"ff1\"> </span>dell\u2019entit\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>risulta<span class=\"ff1\"> </span>esposto<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2cd7\">ai<span class=\"ff1\"> </span>rendimenti<span class=\"ff1\"> </span>variabili<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>stesse.<span class=\"_ _3bd\"> </span> </div><div class=\"t mb h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2cd8\">B.1</div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2cd9\">En<span class=\"_ _0\"></span>tit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2cda\">str<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>rat<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2cdb\">co<span class=\"_ _0\"></span>nso<span class=\"_ _1\"></span>lida<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2cdc\">Non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">so<span class=\"_ _0\"></span>no<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pr<span class=\"_ _0\"></span>esen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Gru<span class=\"_ _0\"></span>ppo<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>st<span class=\"_ _0\"></span>rut<span class=\"_ _0\"></span>tur<span class=\"_ _0\"></span>ate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>sol<span class=\"_ _0\"></span>idat<span class=\"_ _0\"></span>e.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></div><div class=\"t mb h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2cdd\">B.2</div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2cde\">En<span class=\"_ _0\"></span>tit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2cdf\">st<span class=\"_ _0\"></span>ru<span class=\"_ _0\"></span>ttu<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2ce0\">no<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2ce1\">co<span class=\"_ _0\"></span>nso<span class=\"_ _1\"></span>lida<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2ce2\">co<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>lme<span class=\"_ _1\"></span>nte<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2ce3\">Non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">so<span class=\"_ _0\"></span>no<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pr<span class=\"_ _0\"></span>esen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Gru<span class=\"_ _0\"></span>ppo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">enti<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stru<span class=\"_ _0\"></span>ttur<span class=\"_ _0\"></span>ate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>sol<span class=\"_ _0\"></span>ida<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onta<span class=\"_ _0\"></span>bil<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>e.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t mb h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2ce4\">B.2.<span class=\"_ _0\"></span>1</div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2ce5\">En<span class=\"_ _0\"></span>tit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2ce6\">st<span class=\"_ _0\"></span>ru<span class=\"_ _0\"></span>ttu<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2ce7\">no<span class=\"_ _1\"></span>n<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2ce8\">co<span class=\"_ _0\"></span>nso<span class=\"_ _1\"></span>lida<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2ce9\">ai<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2cea\">fi<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2ceb\">vig<span class=\"_ _1\"></span>ila<span class=\"_ _0\"></span>nza<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2cec\">Non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">so<span class=\"_ _0\"></span>no<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pr<span class=\"_ _0\"></span>esen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">G<span class=\"_ _0\"></span>rupp<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>enti<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stru<span class=\"_ _0\"></span>ttu<span class=\"_ _0\"></span>rate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">n<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conso<span class=\"_ _0\"></span>lid<span class=\"_ _0\"></span>ate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ai<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fin<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>vi<span class=\"_ _0\"></span>gil<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>a.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t mb h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2ced\">B.2.<span class=\"_ _0\"></span>2</div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2cee\">Alt<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2cef\">en<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2cf0\">st<span class=\"_ _0\"></span>rut<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>rat<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2cf1\">Non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">so<span class=\"_ _0\"></span>no<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pr<span class=\"_ _0\"></span>esen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">G<span class=\"_ _0\"></span>rupp<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>alt<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">en<span class=\"_ _0\"></span>tit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">strutt<span class=\"_ _0\"></span>urat<span class=\"_ _0\"></span>e.<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></div>Sez<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u2013<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cons<span class=\"_ _0\"></span>olid<span class=\"_ _0\"></span>ato<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">pru<span class=\"_ _0\"></span>den<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>le<span class=\"fc0\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>In<span class=\"ff1\">  </span>questa<span class=\"ff1\">  </span>sezione<span class=\"ff1\">  </span>sono<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>fornite<span class=\"ff1\">  </span>le<span class=\"ff1\">  </span>informazioni<span class=\"ff1\">  </span>riferite<span class=\"ff1\">  </span>alle<span class=\"ff1\">  </span>i<span class=\"_ _2\"></span>mprese<span class=\"ff1\">  </span>incluse<span class=\"ff1\">  </span>nel<span class=\"ff1\">  </span>consolidat<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>prudenziale<span class=\"ff1\"> </span>(societ\u00e0<span class=\"ff1\"> </span>appartenenti<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>Gruppo<span class=\"ff1\"> </span>bancario). 1.1Rischio<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>ito<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>In<span class=\"_ _0\"></span>for<span class=\"_ _0\"></span>ma<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>na<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>ra<span class=\"_ _3bd\"> </span>qua<span class=\"_ _1\"></span>lita<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>1.<span class=\"_ _3bd\"> </span>As<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>ge<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span> Secondo<span class=\"ff1\"> </span>l<span class=\"_ _3bd\"> </span>e<span class=\"ff1\"> </span>disposizioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>principio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contabile<span class=\"ff1\"> <span class=\"_ _2\"></span></span>IFRS<span class=\"ff1\"> <span class=\"_ _2\"></span></span>9<span class=\"ff1\"> </span>l<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>perdite<span class=\"ff1\"> </span>at<span class=\"_ _2\"></span>tese<span class=\"ff1\"> </span>sui<span class=\"ff1\"> <span class=\"_ _2\"></span></span>crediti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>devono<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>determinate<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valutando<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>gamma<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>possibili<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>scenari<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>adeguata<span class=\"_ _2\"></span>mente<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ponderati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>modo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>da<span class=\"ff1\"> </span>riflettere<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>importo<span class=\"ff1\"> </span>obiettivo<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>relazione<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>loro<span class=\"ff1\"> </span>differenti<span class=\"ff1\"> </span>probabilit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>realizzo.<span class=\"_ _3bd\"> </span> A<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>t<span class=\"_ _2\"></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>fine<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>modello<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Impairment<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>considera<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tre<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>scenari<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>macroeconomici<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>futuri:<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>uno<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>centra<span class=\"_ _2\"></span>le<span class=\"ff1\"> </span>coerente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>processi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pianificazione,<span class=\"ff1\"> </span>ICAA<span class=\"_ _2\"></span>P<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>RAF<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>due<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ulterior<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>scenari<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>corollario,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>volti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> </span>rappresentare<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>range<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>variabilit\u00e0<span class=\"ff1\"> </span>tra<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>ipotetici<span class=\"ff1\"> </span>scenari<span class=\"ff1\"> </span>plausibili:<span class=\"_ _3bd\"> </span>  \u201cSc<span class=\"_ _0\"></span>ena<span class=\"_ _0\"></span>rio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Good<span class=\"_ _0\"></span>\u201d<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">scen<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">b<span class=\"_ _0\"></span>ass<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>robab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ve<span class=\"_ _0\"></span>rific<span class=\"_ _0\"></span>hino<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sce<span class=\"_ _0\"></span>nar<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">migli<span class=\"_ _0\"></span>ori<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span> \u201cScenario<span class=\"ff1\"> </span>Baseline\u201d<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> </span>sce<span class=\"_ _0\"></span>nario<span class=\"ff1\"> </span>centrale<span class=\"ff1\"> </span>coerente<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>processi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>pian<span class=\"_ _0\"></span>ificazione,<span class=\"ff1\"> </span>ICAAP<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span></span></span></span></span>R<span class=\"_ _0\"></span>AF;<span class=\"_ _0\"></span>  \u201cSc<span class=\"_ _0\"></span>ena<span class=\"_ _0\"></span>rio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Bad<span class=\"_ _0\"></span>\u201d<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>nario<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>ba<span class=\"_ _0\"></span>ssa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pro<span class=\"_ _0\"></span>bab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>he<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ve<span class=\"_ _0\"></span>rific<span class=\"_ _0\"></span>hino<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sce<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>ri<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>egg<span class=\"_ _0\"></span>iori<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span>Tali<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>scenari<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>selezionati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tra<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>quelli<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>forniti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>periodicamente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fornit<span class=\"_ _2\"></span>ore<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>esterno<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sono<span class=\"ff1\"> </span>approvati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dal<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">Consiglio</span> <span class=\"_ _27\"> </span><span class=\"ff3\">di</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">Amministrazione.</span> <span class=\"_ _27\"> </span><span class=\"ff3\">Ciascuno</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">\u00e8</span> <span class=\"_ _27\"> </span><span class=\"ff3\">cor<span class=\"_ _2\"></span>redato</span> <span class=\"_ _27\"> </span><span class=\"ff3\">dalla</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">relativa</span> <span class=\"_ _27\"> </span><span class=\"ff3\">pro<span class=\"_ _2\"></span>babilit\u00e0</span> <span class=\"_ _27\"> </span><span class=\"ff3\">di</span> </span>accadimento,<span class=\"ff1\">  </span>e<span class=\"ff1\">  </span>fornisce<span class=\"ff1\">  </span>le<span class=\"ff1\">  </span>p<span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>oiezioni<span class=\"ff1\">  </span>future<span class=\"ff1\">  </span>dei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>prin<span class=\"_ _2\"></span>cipali<span class=\"ff1\">  </span>indicatori<span class=\"ff1\">  </span>macroeconomici<span class=\"ff1\">  </span>su<span class=\"ff1\">  </span>un<span class=\"ff1\"> </span>orizzonte<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tre<span class=\"ff1\"> </span>anni,<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>frequenza<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>osservazione<span class=\"ff1\"> </span>trimestra<span class=\"_ _2\"></span>le.<span class=\"_ _3bd\"> </span> Si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riport<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">seguito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019indicazione<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>egli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">scenari<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">macroeconomici<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">adott<span class=\"_ _2\"></span>ati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">calcolo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perdite<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>attese<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ponderate,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">corr<span class=\"_ _2\"></span>edati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dai<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pesi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">definiti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">coere<span class=\"_ _2\"></span>nza<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">re<span class=\"_ _2\"></span>lativa<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">probabilit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>ccadimento:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Sc<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>io<span class=\"_ _3bd\"> </span>IF<span class=\"_ _0\"></span>RS<span class=\"_ _3bd\"> </span>9<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _201\"> </span><span class=\"fc4 sc2\">D<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>cri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></span></span>de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>sc<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _325\"> </span><span class=\"fc4 sc2\">Pe<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></span></span>\u201cG<span class=\"_ _0\"></span>oo<span class=\"_ _1\"></span>d\u201d<span class=\"fc0 sc1\"> </span>St<span class=\"_ _0\"></span>ron<span class=\"_ _0\"></span>gerNea<span class=\"_ _0\"></span>r-T<span class=\"_ _0\"></span>ermRe<span class=\"_ _0\"></span>cove<span class=\"_ _1\"></span>rySc<span class=\"_ _0\"></span>ena<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>o(\u201c<span class=\"_ _0\"></span>S1\u201d<span class=\"_ _0\"></span>):<span class=\"ff1\"> </span>sc<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ario<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>prob<span class=\"_ _0\"></span>abi<span class=\"_ _0\"></span>lit\u00e0<span class=\"_ _1\"></span><span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>10%<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>real<span class=\"_ _0\"></span>izzi<span class=\"ff1\"> </span>uno<span class=\"ff1\"> </span>scenari<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>migli<span class=\"_ _0\"></span>ore<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>90%<span class=\"ff1\"> </span>che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">se<span class=\"ff1\"> </span>ne<span class=\"ff1\"> </span>real<span class=\"_ _0\"></span>izzi<span class=\"ff1\"> </span></span></span></span></span>uno<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">peggi<span class=\"_ _0\"></span>ore<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>1<span class=\"_ _0\"></span>0%<span class=\"_ _1\"></span> \u201cB<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>e\u201d<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>BaselineScenario:<span class=\"ff1\"> </span>scenario<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>probab<span class=\"_ _0\"></span>ilit\u00e0<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>50%<span class=\"ff1\"> </span>che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span>realizzi<span class=\"ff1\"> </span>uno<span class=\"ff1\"> </span></span></span>scenario<span class=\"ff1\"> </span>migliore<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>50%<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>se<span class=\"ff1\"> </span>ne<span class=\"ff1\"> </span>real<span class=\"_ _0\"></span>izzi<span class=\"ff1\"> </span>uno<span class=\"ff1\"> </span>peggiore<span class=\"_ _3bd\"> </span> 8<span class=\"_ _0\"></span>0%<span class=\"_ _1\"></span> \u201c<span class=\"_ _0\"></span>Ba<span class=\"_ _1\"></span>d\u201d<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>De<span class=\"_ _0\"></span>epRe<span class=\"_ _0\"></span>cess<span class=\"_ _0\"></span>ionSce<span class=\"_ _0\"></span>nari<span class=\"_ _1\"></span>o(\u201c<span class=\"_ _0\"></span>S3\u201d):<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">scen<span class=\"_ _0\"></span>ario<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">prob<span class=\"_ _0\"></span>abi<span class=\"_ _0\"></span>lit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">90%<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>realizzi<span class=\"ff1\"> </span>uno<span class=\"ff1\"> </span>scenario<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">migliore<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>10%<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>se<span class=\"ff1\"> </span>ne<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">realizzi<span class=\"ff1\"> </span>uno<span class=\"ff1\"> </span>pegg<span class=\"_ _0\"></span>iore<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span>1<span class=\"_ _0\"></span>0%<span class=\"_ _1\"></span> Ai<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fini<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>d<span class=\"_ _2\"></span>ella<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>definizione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">degli</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">scenari,</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">il</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">PIL<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">\u00e8</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">la</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">variabile</span> <span class=\"_ _27\"> </span><span class=\"ff3\">\u201c<span class=\"_ _2\"></span>anchor</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">point\u201d,</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">il</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">cui</span> <span class=\"_ _27\"> </span><span class=\"ff3\">andamento</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">\u00e8</span> </span></span></span>considerato<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>come<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>indicatore<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>rappresentativo<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>quadro<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>economico<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>generale.<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>Sulla<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>b<span class=\"_ _0\"></span>ase<span class=\"ff1\"> </span>dell\u2019andamento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>PIL<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>definito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l\u2019andamento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> </span>altr<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>variabili<span class=\"ff1\"> <span class=\"_ _2\"></span></span>macroeconomiche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rilievo.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>A<span class=\"ff1\"> </span>ciascuno<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">scenario<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">quindi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">associata<span class=\"ff1\"> </span>un<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>robabilit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">accadimento<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">base<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">loro<span class=\"ff1\"> </span>percentile<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> </span>riferimento<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>distribuzione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>variazioni<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>PIL<span class=\"ff1\"> </span>sugli<span class=\"ff1\"> </span>scenari<span class=\"ff1\"> </span>generat<span class=\"_ _2\"></span>i.<span class=\"_ _3bd\"> </span> L\u2019effetto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>degli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Scenari<span class=\"ff1\"> <span class=\"_ _20\"></span></span>viene<span class=\"ff1\"> <span class=\"_ _2\"></span></span>poi<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>radotto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _2\"></span></span>modello<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Impairment<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tr<span class=\"_ _2\"></span>amite<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019utilizzo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>appositi<span class=\"ff1\"> </span>modelli<span class=\"ff1\"> </span>Satellite<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>in<span class=\"_ _2\"></span>dividuano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> </span>variabili<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pi\u00f9<span class=\"ff1\"> </span>significative<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rappresentare<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pi\u00f9<span class=\"ff1\"> </span>significativa<span class=\"ff1\"> </span>correlazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tra<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ciclo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>economico<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dati<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>interni<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>anch<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>term<span class=\"_ _2\"></span>ini<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>scostamento<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>temporale<span class=\"ff1\"> </span>(prendendo<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>consi<span class=\"_ _2\"></span>derazione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>distinti<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>driver<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>anche<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>vari<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>lag<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>temporali<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>rispetto<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>dato<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>su<span class=\"_ _0\"></span>ntiv<span class=\"_ _0\"></span>o).<span class=\"_ _3bd\"> </span> Qu<span class=\"_ _0\"></span>esti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ultim<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>so<span class=\"_ _0\"></span>no<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">util<span class=\"_ _0\"></span>izz<span class=\"_ _0\"></span>ati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">il</span> <span class=\"ff3\">ca<span class=\"_ _0\"></span>lcol<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">comp<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span>nte<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Forward<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">L<span class=\"_ _0\"></span>ookin<span class=\"_ _0\"></span>g<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tutt<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">par<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>tri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>intervengono<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>calcolo<span class=\"ff1\"> </span>dell\u2019ECL:<span class=\"ff1\"> </span>PD,<span class=\"ff1\"> </span>LGD<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>EAD/PrePayment<span class=\"_ _3bd\"> </span>.<span class=\"_ _3bd\"> </span> Con<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>riferimento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>alle<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rettifiche<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>conferma<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>come<span class=\"ff1\">  </span>l<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Scenario<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Baseline<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>presenti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>un<span class=\"_ _2\"></span><span class=\"ff1\"> </span>andamento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>maggiormente<span class=\"ff1\"> </span>compar<span class=\"_ _2\"></span>abile<span class=\"ff1\"> </span>allo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Scenario<span class=\"ff1\"> <span class=\"_ _2\"></span></span>favorevole<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quello<span class=\"ff1\"> <span class=\"_ _2\"></span></span>avverso.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>In<span class=\"ff1\"> <span class=\"_ _2\"></span></span>questo<span class=\"ff1\"> </span>senso<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>l\u2019inclusione<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>dello<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>Scenario<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>Bad<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>ha<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>ef<span class=\"_ _0\"></span>fett<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>fortemente<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>peggiorativo<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>sulla<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>st<span class=\"_ _2\"></span>ima<span class=\"ff1\"> </span>complessiva<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> </span>Rettifiche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(avendo<span class=\"ff1\"> </span>anche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">una<span class=\"_ _2\"></span><span class=\"ff1\"> </span>ponderazione<span class=\"ff1\"> </span>maggiorata<span class=\"ff1\"> </span>rispe<span class=\"_ _0\"></span>tto<span class=\"ff1\"> </span>allo<span class=\"ff1\"> </span>Standar<span class=\"_ _0\"></span>d)<span class=\"ff1\"> </span></span></span></span></span></span></span>a<span class=\"ff1\"> </span>confronto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> </span>l\u2019effetto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">migliorativo<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>Sc<span class=\"_ _0\"></span>enario<span class=\"ff1\"> </span>favorevole<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> </span>viene<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">annu<span class=\"_ _2\"></span>llato<span class=\"ff1\"> </span>attribuend<span class=\"_ _0\"></span>ogl<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>una<span class=\"ff1\"> </span>ponderazione<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>0%.<span class=\"_ _3bd\"> </span> Considerazioni<span class=\"ff1\"> </span>ulteriori<span class=\"ff1\"> <span class=\"_ _2\"></span></span>possono<span class=\"ff1\"> </span>essere<span class=\"ff1\"> <span class=\"_ _2\"></span></span>effettuate<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> </span>esposizioni<span class=\"ff1\"> </span>classificate<span class=\"ff1\"> </span>nello<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u201cSt<span class=\"_ _2\"></span>age<span class=\"ff1\"> </span>3\u201d.<span class=\"ff1\"> </span>Per<span class=\"ff1\"> </span>quel<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>attiene<span class=\"ff1\"> </span>pi\u00f9<span class=\"ff1\"> </span>specificatamente<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>crediti<span class=\"ff1\"> </span>deteriorati,<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>segnala<span class=\"ff1\"> </span>che,<span class=\"ff1\"> </span>pur<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>presenza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>sostanziale<span class=\"ff1\"> </span>equiparazione<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>definizione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>credito<span class=\"ff1\"> </span>deteriorato<span class=\"ff1\"> </span>(credit-impaired<span class=\"ff1\"> </span>financial<span class=\"_ _3bd\"> </span><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2cf3\">asset)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>presente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nell\u2019IFRS<span class=\"ff1\"> <span class=\"_ _2\"></span></span>9<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>ispetto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>principio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contabile<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>andato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>ostituire<span class=\"ff1\"> </span>(lo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>IAS39),<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2cf4\">modalit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>calcolo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>ll\u2019ECL<span class=\"ff1\"> <span class=\"_ _21\"></span></span>lifetime<span class=\"ff1\"> <span class=\"_ _21\"></span></span>hanno<span class=\"ff1\"> <span class=\"_ _21\"></span></span>comportato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>iflessi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>metodologici<span class=\"ff1\"> <span class=\"_ _20\"></span></span>anche<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ai<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>fini<span class=\"ff1\"> <span class=\"_ _21\"></span></span>delle<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2cf5\">valutazioni<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>svolgere<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>tale<span class=\"ff1\"> </span>comparto,<span class=\"ff1\"> </span>principalmente<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>relazione:<span class=\"_ _3bd\"> </span> </div><div class=\"t m6 h13 ff6 fs5 fc0 sc0 ls0 ws0 gs2cf6\"> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2cf7\">All\u2019inclusione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>informazioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>t<span class=\"_ _2\"></span>ipo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>forward<span class=\"ff1\"> <span class=\"_ _20\"></span></span>looking,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quelle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>relative<span class=\"ff1\"> <span class=\"_ _20\"></span></span>agli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sce<span class=\"_ _0\"></span>nari<span class=\"_ _0\"></span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2cf8\">macroeconomici,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>time<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alle<span class=\"ff1\"> </span>tempi<span class=\"_ _0\"></span>stiche<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ecupero,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">probabilit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">migrazione<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2cf9\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">classi<span class=\"ff1\"> </span>peggiori,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nonch\u00e9<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quelle<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ossono<span class=\"ff1\"> </span>avere<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">influenza<span class=\"ff1\"> </span>sul<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span>collaterale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2cfa\">sulla<span class=\"ff1\"> </span>durata<span class=\"ff1\"> </span>attesa<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>relativo<span class=\"ff1\"> </span>recupero;<span class=\"_ _3bd\"> </span> </div><div class=\"t m6 h13 ff6 fs5 fc0 sc0 ls0 ws0 gs2cfb\"> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2cfc\">Alla<span class=\"ff1\"> </span>considerazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>scenari<span class=\"ff1\"> </span>alternativi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>recupero,<span class=\"ff1\"> </span>quali<span class=\"ff1\"> </span>quelli<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>vendita<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>as<span class=\"_ _0\"></span>set<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2cfd\">creditizi,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>connessione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>po<span class=\"_ _2\"></span>ssibili<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cessioni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>q<span class=\"_ _2\"></span>uote<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>por<span class=\"_ _2\"></span>tafoglio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>teriorato,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2cfe\">relazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>agli<span class=\"ff1\"> <span class=\"_ _21\"></span></span>obiettivi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>aziendali<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riduzione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>degli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>asset<span class=\"ff1\"> <span class=\"_ _21\"></span></span>non<span class=\"ff1\"> <span class=\"_ _20\"></span></span>performing,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dev<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2cff\">essere<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>attribuita<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>una<span class=\"ff1\">  </span>pro<span class=\"_ _2\"></span>babilit\u00e0<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>realizzazione,<span class=\"ff1\">  </span>da<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>considerare<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>della<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d00\">valutazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">complessiva.<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d01\">Tenendo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>considerazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>quanto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sopra<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"></span></span>coerenza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _21\"></span></span>gli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>indirizzi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">obiettivi</span> <span class=\"_ _21\"></span><span class=\"ff3\">relativi</span> <span class=\"_ _20\"></span><span class=\"ff3\">al</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d02\">portafoglio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>NPL,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">le</span> <span class=\"_ _20\"></span><span class=\"ff3\">svalutazioni</span> <span class=\"_ _21\"></span><span class=\"ff3\">sui</span> <span class=\"_ _20\"></span><span class=\"ff3\">crediti</span> <span class=\"_ _21\"></span><span class=\"ff3\">deteriorati</span> <span class=\"_ _20\"></span><span class=\"ff3\">vengono</span> <span class=\"_ _21\"></span><span class=\"ff3\">appl<span class=\"_ _0\"></span>icate<span class=\"ff1\"> <span class=\"_ _21\"></span></span>attraverso<span class=\"ff1\"> <span class=\"_ _21\"></span></span>due<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">diverse</span> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d03\">me<span class=\"_ _0\"></span>todo<span class=\"_ _0\"></span>logi<span class=\"_ _0\"></span>e:<span class=\"_ _3bd\"> </span> </div><div class=\"t m6 h13 ff6 fs5 fc0 sc0 ls0 ws0 gs2d04\"> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d05\">An<span class=\"_ _0\"></span>alit<span class=\"_ _0\"></span>iche<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sull<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sing<span class=\"_ _0\"></span>ole<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span>spo<span class=\"_ _0\"></span>sizi<span class=\"_ _0\"></span>oni,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">r<span class=\"_ _0\"></span>ela<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rett<span class=\"_ _0\"></span>ifich<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">app<span class=\"_ _0\"></span>lica<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tal<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">esposi<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ni,<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d06\">ne<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>corso<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dell\u2019<span class=\"_ _0\"></span>ese<span class=\"_ _0\"></span>rciz<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>cor<span class=\"_ _0\"></span>rente<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">le</span> <span class=\"ff3\">pe<span class=\"_ _0\"></span>rdit<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>atte<span class=\"_ _0\"></span>se<span class=\"ff1\"> </span>sui<span class=\"ff1\"> </span>cr<span class=\"_ _0\"></span>editi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dete<span class=\"_ _0\"></span>riora<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>so<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>det<span class=\"_ _0\"></span>ermi<span class=\"_ _0\"></span>nate<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d07\">analiticamente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>base<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>alle<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _0\"></span>revisioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>recupero<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>form<span class=\"_ _2\"></span>ulate<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>d<span class=\"_ _2\"></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>gest<span class=\"_ _2\"></span>ore<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>risultant<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d08\">dall\u2019applicazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>regolamento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>interno<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u201clinee<span class=\"ff1\"> <span class=\"_ _21\"></span></span>guida<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>criteri<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>svalutazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>crediti<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d09\">gruppo<span class=\"ff1\"> </span>Credem\u201d,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attualizzate<span class=\"ff1\"> </span>in<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>funzione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>t<span class=\"_ _2\"></span>assi<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>interesse<span class=\"ff1\"> </span>effettivi<span class=\"ff1\"> </span>o<span class=\"_ _2\"></span>riginari<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d0a\">relativa<span class=\"ff1\">  </span>tempistica<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>recupero<span class=\"ff1\">  </span>prevista.<span class=\"ff1\">  </span>Considerato<span class=\"ff1\">  </span>che<span class=\"ff1\">  </span>le<span class=\"ff1\">  </span>previsioni<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>recupero<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d0b\">assumono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>come<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>riferimento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff3\">s<span class=\"_ _2\"></span>pecifica</span> <span class=\"_ _21\"> </span><span class=\"ff3\">s<span class=\"_ _2\"></span>ituazione</span> <span class=\"_ _27\"> </span><span class=\"ff3\">del</span> <span class=\"_ _27\"> </span><span class=\"ff3\">d<span class=\"_ _2\"></span>ebitore,</span> <span class=\"_ _27\"> </span><span class=\"ff3\">s<span class=\"_ _2\"></span>i</span> <span class=\"_ _27\"> </span><span class=\"ff3\">ritiene</span> <span class=\"_ _27\"> </span><span class=\"ff3\">non</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">trovi</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d0c\">coerenza<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>app<span class=\"_ _0\"></span>licazione<span class=\"ff1\"> </span>un\u2019analisi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>se<span class=\"_ _0\"></span>nsitivity<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>perdite<span class=\"ff1\"> </span>attese<span class=\"ff1\"> </span>su<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tali<span class=\"ff1\"> </span>esposizioni.;<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d0d\">Non<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>uttavia<span class=\"ff1\"> </span>possibile<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">escludere<span class=\"ff1\"> </span>che,<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>deterioramento<span class=\"ff1\"> </span>della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">situazione<span class=\"ff1\"> </span>credi<span class=\"_ _0\"></span>tizia<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d0e\">debitore,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>anche<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>conseguenza<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>possibili<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>effetti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>negativi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sull\u2019economia<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>corr<span class=\"_ _2\"></span>elati<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d0f\">all\u2019esaurimento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>misure<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sostegno<span class=\"ff1\"> <span class=\"_ _21\"></span></span>messe<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"></span></span>atto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fronteggiare<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>diffusione<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d10\">internazionale<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Coronavirus<span class=\"ff1\">  </span>u<span class=\"_ _0\"></span>nitamente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>agli<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>effett<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>derivanti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>conflit<span class=\"_ _2\"></span>to<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Russo-<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d11\">Ucraino,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">poss<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">comportar<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rilevazi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">u<span class=\"_ _2\"></span>lteriori<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">perdite<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rispett<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quelle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>onsiderate<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d12\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dicembre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">2022.<span class=\"ff1\"> </span>Da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">evid<span class=\"_ _2\"></span>enziare,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>elazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">all\u2019em<span class=\"_ _2\"></span>ergenza<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">R<span class=\"_ _2\"></span>usso-Ucraina,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">come<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">siano<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d13\">state<span class=\"ff1\">  </span>effettuate<span class=\"ff1\">  </span>attivit\u00e0<span class=\"ff1\">  </span>straord<span class=\"_ _0\"></span>inarie<span class=\"ff1\">  </span>in<span class=\"ff1\">  </span>relazione<span class=\"ff1\">  </span>al<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>presi<span class=\"_ _2\"></span>dio<span class=\"ff1\">  </span>del<span class=\"ff1\">  </span>rischio<span class=\"ff1\">  </span>come<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>alla<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d14\">stra<span class=\"_ _0\"></span>teg<span class=\"_ _0\"></span>ia<span class=\"ff1\"> </span>cr<span class=\"_ _0\"></span>edi<span class=\"_ _0\"></span>tiz<span class=\"_ _0\"></span>ia.<span class=\"ff1\"> </span>Su<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">quest<span class=\"_ _0\"></span>\u2019ul<span class=\"_ _0\"></span>tima<span class=\"ff1\"> </span>son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>sta<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>sv<span class=\"_ _0\"></span>olt<span class=\"_ _0\"></span>e,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">sono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in</span> <span class=\"ff3\">re<span class=\"_ _0\"></span>gola<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>ag<span class=\"_ _0\"></span>gio<span class=\"_ _0\"></span>rname<span class=\"_ _0\"></span>nto<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d15\">analisi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ottica<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">forward-looking<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ui<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">principali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ettori<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">energivori<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">impattati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dalla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">situazione<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d16\">emergenziale,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"_ _2\"></span>nche<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>relazio<span class=\"_ _2\"></span>ne<span class=\"ff1\"> <span class=\"_ _20\"></span></span>all'innalzamento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>costi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>operativi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ed<span class=\"ff1\"> <span class=\"_ _21\"></span></span>intervenendo<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d17\">qui<span class=\"_ _0\"></span>ndi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">su<span class=\"_ _0\"></span>ll\u2019az<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>credi<span class=\"_ _0\"></span>tiz<span class=\"_ _0\"></span>ia<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>comme<span class=\"_ _0\"></span>rci<span class=\"_ _0\"></span>ale.<span class=\"ff1\"> </span>Ri<span class=\"_ _0\"></span>spet<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>inve<span class=\"_ _0\"></span>ce<span class=\"ff1\"> </span>alle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">atti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">pre<span class=\"_ _0\"></span>sidi<span class=\"_ _0\"></span>o,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">azio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d18\">specifiche<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>hanno<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>riguardato<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>tutto<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>por<span class=\"_ _2\"></span>tafoglio<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>creditizio,<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>individuando<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>clienti<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d19\">potenzialmente<span class=\"ff1\">  </span>maggiormente<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>impattati<span class=\"ff1\">  </span>da<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>costo<span class=\"ff1\">  </span>energia,<span class=\"ff1\">  </span>cost<span class=\"_ _2\"></span>o<span class=\"ff1\">  </span>materie<span class=\"ff1\">  </span>prime<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>e<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d1a\">shortage<span class=\"ff1\"> </span>ma<span class=\"_ _0\"></span>terie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prime,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sulla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">base<span class=\"ff1\"> </span>dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">se<span class=\"_ _0\"></span>tto<span class=\"_ _2\"></span>ri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">identificati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">come<span class=\"ff1\"> </span>pi\u00f9<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vulnerabili<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>fra<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pr<span class=\"_ _2\"></span>imi<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d1b\">l\u2019industria<span class=\"ff1\"> </span>cartaria,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">produzione<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>pi<span class=\"_ _0\"></span>astr<span class=\"_ _2\"></span>elle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ceramica,<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">settore</span> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Metallurgia,<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d1c\">Automotive<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>infine<span class=\"ff1\"> </span>Legno/Agroalimentare);<span class=\"_ _3bd\"> </span> </div><div class=\"t m6 h13 ff6 fs5 fc0 sc0 ls0 ws0 gs2d1d\"> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d1e\">Svalutazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">determinate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">secondo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">uno<span class=\"ff1\"> </span>specifico<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">modello,<span class=\"ff1\"> </span>che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">p<span class=\"_ _2\"></span>ossono<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>ssere<span class=\"ff1\"> </span>app<span class=\"_ _0\"></span>licate<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d1f\">ad<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">portafoglio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">posizioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Sofferenza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un\u2019ottica<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dismissione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">seguito<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d20\">definito<span class=\"ff1\"> </span>\u201cPortafoglio<span class=\"ff1\"> </span>sotto-modello<span class=\"ff1\"> </span>Stage<span class=\"ff1\"> </span>3\u201d<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>\u201cPortafoglio\u201d).<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d21\">Al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">31/<span class=\"_ _0\"></span>12/2<span class=\"_ _0\"></span>022<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">n<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>so<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>osi<span class=\"_ _0\"></span>zioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cl<span class=\"_ _0\"></span>assi<span class=\"_ _0\"></span>fica<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">all\u2019<span class=\"_ _0\"></span>inte<span class=\"_ _1\"></span>rno<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>ortaf<span class=\"_ _0\"></span>ogli<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>sott<span class=\"_ _0\"></span>o-m<span class=\"_ _0\"></span>ode<span class=\"_ _0\"></span>llo<span class=\"ff1\"> </span>S<span class=\"_ _0\"></span>tag<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>3<span class=\"_ _1\"></span>.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d22\">Il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Grup<span class=\"_ _0\"></span>po<span class=\"ff1\"> </span>Cre<span class=\"_ _0\"></span>dem<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>nsid<span class=\"_ _0\"></span>era<span class=\"ff1\"> </span>sto<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>came<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l\u2019ele<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>qual<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del</span> <span class=\"ff3\">cred<span class=\"_ _1\"></span>ito<span class=\"ff1\"> </span>come<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un</span> <span class=\"ff3\">ele<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>fond<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>nt<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d23\">della<span class=\"ff1\"> </span>propria<span class=\"ff1\"> </span>stabilit\u00e0<span class=\"ff1\"> </span>patrimoniale<span class=\"ff1\"> </span>ed<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> </span>fattore<span class=\"ff1\"> </span>strategico<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>processo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>creazi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>valore.<span class=\"ff1\"> </span>I<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d24\">principi<span class=\"ff1\"> </span>fondamentali<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>basa<span class=\"ff1\"> </span>l\u2019erogazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>credito<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> </span>seguenti:<span class=\"_ _3bd\"> </span> </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs2d25\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d26\">la<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>coerenza<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>connotazi<span class=\"_ _2\"></span>one<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>banca<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>commerciale<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>domestica<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>nella<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>valutazione<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d27\">dell\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>cliente,<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>sua<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dimensione<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> </span>sua<span class=\"ff1\"> </span>ubicazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>geografica<span class=\"ff1\"> </span>rispetto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d28\">rete<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Credem;<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs2d29\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d2a\">la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tecnica<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ne<span class=\"_ _0\"></span>ll\u2019analisi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischio,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>as<span class=\"_ _2\"></span>sicura<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>alle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>concessioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>creditizie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">u<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pr<span class=\"_ _2\"></span>esupposto<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d2b\">ogg<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>tivo<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">coe<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fin<span class=\"_ _0\"></span>alit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>sige<span class=\"_ _0\"></span>nze<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fin<span class=\"_ _0\"></span>anzi<span class=\"_ _0\"></span>arie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>cli<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>e,<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sue<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>sion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d2c\">patrimoniali<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>relative<span class=\"ff1\"> </span>capacit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rimborso<span class=\"_ _2\"></span><span class=\"ff1\"> </span>storiche<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>prospettiche;<span class=\"_ _3bd\"> </span> </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs2d2d\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d2e\">la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>qualit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l\u2019adeguatezza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"></span></span>informazioni,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>coerentemente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cr<span class=\"_ _2\"></span>iteri<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Data<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Governance<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d2f\">definiti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dal<span class=\"ff1\"> <span class=\"_ _20\"></span></span>gruppo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Credem,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>com<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>presupposto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>essenziale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valutazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>oggettiva<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d30\">profilo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>trova<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>rating<span class=\"ff1\"> </span>interno<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>sua<span class=\"ff1\"> </span>prima<span class=\"ff1\"> <span class=\"_ _2\"></span></span>espressione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>sintesi;<span class=\"_ _3bd\"> </span> </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs2d31\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d32\">il<span class=\"ff1\"> </span>fr<span class=\"_ _2\"></span>azionamento<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>credito<span class=\"ff1\"> </span>perseguito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>diversificando<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>portafoglio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>clienti<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d33\">approccio<span class=\"ff1\"> </span>selettivo<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>coerente<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>obiettivi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>capitale<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio/rendimento;<span class=\"_ _3bd\"> </span> </div>-<span class=\"_ _3bd\"> </span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>valutazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>consolidata<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>contro<span class=\"_ _2\"></span>parti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>livello<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Gruppo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>mo<span class=\"_ _2\"></span>do<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>delineare<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>una<span class=\"ff1\"> </span>prospettiva<span class=\"ff1\"> </span>uni<span class=\"_ _0\"></span>taria<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> </span>framme<span class=\"_ _0\"></span>ntata<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">profilo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>ciascuna<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">singola<span class=\"ff1\"> </span>controparte<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>o<span class=\"ff1\"> </span>gruppo<span class=\"ff1\"> </span>controparte; -<span class=\"_ _3bd\"> </span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>cura<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riservata<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>regolarit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>formale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prima<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dell\u2019e<span class=\"_ _0\"></span>rogazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>concessioni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>credito<span class=\"_ _2\"></span><span class=\"ff1\"> </span>anche<span class=\"ff1\"> <span class=\"_ _21\"></span></span>attraverso<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>supporto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff3\">strutture</span> <span class=\"_ _21\"></span><span class=\"ff3\">specialistiche</span> <span class=\"_ _20\"></span><span class=\"ff3\">press<span class=\"_ _2\"></span>o</span> <span class=\"_ _21\"></span><span class=\"ff3\">il</span> <span class=\"_ _21\"></span><span class=\"ff3\">gruppo</span> <span class=\"_ _20\"></span><span class=\"ff3\">che</span> <span class=\"_ _21\"> </span><span class=\"ff3\">assicurano</span> <span class=\"_ _21\"> </span><span class=\"ff3\">i</span> </span>necessari<span class=\"ff1\"> </span>riferimenti<span class=\"ff1\"> </span>tecnico-consulenziali; -<span class=\"_ _3bd\"> </span>l\u2019attenta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gestione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>apporti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">parte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">unit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">linea<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contr<span class=\"_ _2\"></span>olli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">effettuati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dalle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">funzioni<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>centrali<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>dedicate,<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>assicur<span class=\"_ _2\"></span>ano<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>corretta<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>applicazione<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>linee<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>cre<span class=\"_ _2\"></span>dito,<span class=\"ff1\"> </span>l\u2019aggiornamento<span class=\"ff1\"> <span class=\"_ _bf\"> </span></span>cost<span class=\"_ _2\"></span>ante<span class=\"ff1\"> <span class=\"_ _bf\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _bf\"> </span></span>quadro<span class=\"ff1\"> <span class=\"_ _28\"> </span></span>i<span class=\"_ _0\"></span>nformat<span class=\"_ _2\"></span>ivo<span class=\"ff1\"> <span class=\"_ _bf\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _28\"> </span></span>c<span class=\"_ _0\"></span>lientela,<span class=\"ff1\"> <span class=\"_ _bf\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _28\"> </span></span>tempestiva<span class=\"ff1\"> </span>individuazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pos<span class=\"_ _2\"></span>izioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">problematiche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019adozione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>zioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">necessarie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">recupero<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>delle<span class=\"ff1\"> </span>relative<span class=\"ff1\"> </span>esposizioni; -<span class=\"_ _3bd\"> </span>l\u2019adozione<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>p<span class=\"_ _0\"></span>olitiche<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>rigorose<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>classificazione<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>copertura<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _23\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>crediti<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>deteriorati,<span class=\"ff1\"> </span>privilegiando<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">quando<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">possibile<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">politiche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">transatt<span class=\"_ _2\"></span>ive<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">volte<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>raggiunge<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>ac<span class=\"_ _0\"></span>cordi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stragiudiziali<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>con<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>controparti<span class=\"ff1\"> </span>contenendone<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>conseguenza<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>costi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>recupero. Con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>iferimento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tematiche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">credito<span class=\"_ _2\"></span>,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">precisa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Gruppo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pubblica<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019informativa<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>prevista<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dalle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u201cGui<span class=\"_ _2\"></span>delines<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">on<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rep<span class=\"_ _2\"></span>orting<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">and<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">disclosur<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">of<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">exposures<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">subject<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">measures<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">applied<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>res<span class=\"_ _0\"></span>pon<span class=\"_ _0\"></span>se<span class=\"ff1\"> </span>to<span class=\"ff1\"> </span>the<span class=\"ff1\"> </span>COV<span class=\"_ _0\"></span>ID-<span class=\"_ _0\"></span>19<span class=\"ff1\"> </span>cris<span class=\"_ _0\"></span>is\u201d<span class=\"ff1\"> </span>pu<span class=\"_ _0\"></span>bbl<span class=\"_ _0\"></span>icat<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>dall\u2019<span class=\"_ _0\"></span>EBA<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">(EB<span class=\"_ _0\"></span>A/GL<span class=\"_ _0\"></span>/202<span class=\"_ _0\"></span>0/07)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ne<span class=\"_ _0\"></span>ll\u2019<span class=\"_ _0\"></span>inf<span class=\"_ _0\"></span>ormat<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">al</span> <span class=\"ff3\">pub<span class=\"_ _0\"></span>blico<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span>\u201cTerzo<span class=\"ff1\"> </span>Pilastro\u201d<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>\u201cPillar<span class=\"ff1\"> </span>3\u201d. 1.<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>Im<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span>nti<span class=\"_ _3bd\"> </span>da<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span>qu<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>ro<span class=\"_ _3bd\"> </span>ma<span class=\"_ _1\"></span>cro<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>o,<span class=\"_ _3bd\"> </span>da<span class=\"_ _0\"></span>lla<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>RU<span class=\"_ _0\"></span>/U<span class=\"_ _0\"></span>A<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>da<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span>ris<span class=\"_ _0\"></span>ch<span class=\"_ _0\"></span>io<span class=\"_ _3bd\"> </span>cl<span class=\"_ _0\"></span>ima<span class=\"_ _1\"></span>tico<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>rischio<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>credit<span class=\"_ _0\"></span>o<span class=\"fc0 sc1\"> </span>Nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cor<span class=\"_ _0\"></span>so<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">2022<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>ivel<span class=\"_ _0\"></span>lo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>inc<span class=\"_ _0\"></span>erte<span class=\"_ _0\"></span>zz<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>rela<span class=\"_ _0\"></span>tivo<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>giun<span class=\"_ _0\"></span>tura<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">macro<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>onomi<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">glo<span class=\"_ _0\"></span>bale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u00e8</span> <span class=\"ff3\">stat<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>ulteriormente<span class=\"ff1\"> </span>innalzato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> </span>causa<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>scoppio<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>conflitto<span class=\"_ _2\"></span><span class=\"ff1\"> </span>fra<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Russia<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>Ucraina<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(i.e.<span class=\"ff1\"> </span>Crisi<span class=\"ff1\"> </span>RU/UA),<span class=\"ff1\"> </span>che<span class=\"ff1\">  </span>ha<span class=\"ff1\">  </span>reso<span class=\"ff1\">  </span>le<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">previsioni</span>  <span class=\"ff3\">macroeconomiche</span>  <span class=\"ff3\">e</span>  <span class=\"ff3\">ai</span>  <span class=\"ff3\">relativi</span>  <span class=\"ff3\">scenari</span>  <span class=\"ff3\">impie<span class=\"_ _0\"></span>gati<span class=\"ff1\">  </span>in<span class=\"ff1\">  </span>ambito<span class=\"ff1\">  </span>IFRS9<span class=\"ff1\"> </span></span></span>potenzialmente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"_ _2\"></span>nstabili.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">P<span class=\"_ _2\"></span>er<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mo<span class=\"_ _2\"></span>tivo,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>partire<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dalla<span class=\"ff1\"> </span>data<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">co<span class=\"_ _2\"></span>ntabile<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>Giugno<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">2022,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ci<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>osti<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>l\u2019obiettivo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>gestire,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>oltre<span class=\"ff1\"> <span class=\"_ _20\"></span></span>agli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>effetti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pandemia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Covid-1<span class=\"_ _2\"></span>9,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>anche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>ale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ulterior<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fatto<span class=\"_ _2\"></span>re<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>certe<span class=\"_ _1\"></span>zza. Credito<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Emiliano<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ha<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>ecepito<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>indicazioni<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>d<span class=\"_ _2\"></span>iversi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Regulator<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>materia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>applicazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> </span>Principio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contabile<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff3\">IFRS</span> <span class=\"_ _21\"></span><span class=\"ff3\">9</span> <span class=\"_ _20\"></span><span class=\"ff3\">sulla<span class=\"_ _2\"></span></span> <span class=\"_ _21\"></span><span class=\"ff3\">classificazione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff3\">degli</span> <span class=\"_ _21\"></span><span class=\"ff3\">strumenti</span> <span class=\"_ _21\"></span><span class=\"ff3\">finanziari</span> <span class=\"_ _20\"></span><span class=\"ff3\">e</span> <span class=\"_ _21\"></span><span class=\"ff3\">relativa</span> <span class=\"_ _21\"></span><span class=\"ff3\">misurazione</span> </span></span></span>delle<span class=\"ff1\"> </span>perdite<span class=\"ff1\"> </span>attese. In<span class=\"ff1\"> </span>part<span class=\"_ _2\"></span>icolare,<span class=\"ff1\"> </span>Cre<span class=\"_ _2\"></span>dito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Emiliano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ha<span class=\"ff1\"> </span>a<span class=\"_ _2\"></span>gito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>principalmente<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ulla<span class=\"ff1\"> </span>m<span class=\"_ _2\"></span>etodologia<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>determinazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> </span>parametri<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>IFRS<span class=\"ff1\"> <span class=\"_ _20\"></span></span>9<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dedicati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"_ _2\"></span>lle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>esposizioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>performing<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>manterr\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>monitoraggio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> </span>framework<span class=\"ff1\"> <span class=\"_ _2\"></span></span>metodologico<span class=\"ff1\"> <span class=\"_ _2\"></span></span>IFRS9<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ott<span class=\"_ _2\"></span>ica<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Covid<span class=\"ff1\"> <span class=\"_ _2\"></span></span>19<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Crisi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>RU/UA<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fini<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valutare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>necessit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> </span>adottare<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>aggiornamenti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>uccessivi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rispetto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quanto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>vigore<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>all<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>presente<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>data<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>c<span class=\"_ _0\"></span>ontabile.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Il<span class=\"ff1\"> </span>framework<span class=\"ff1\"> </span>vigente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>classificazione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>esposizioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nei<span class=\"ff1\"> </span>3<span class=\"ff1\"> </span>stage<span class=\"ff1\"> </span>prev<span class=\"_ _0\"></span>isti<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>Normativa<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ha<span class=\"ff1\"> </span></span></span></span></span></span></span>subito<span class=\"ff1\"> </span>variazioni<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>Tale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">approccio<span class=\"ff1\"> </span>ha<span class=\"ff1\"> </span>consentito<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sia<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gestire<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>prociclicit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">data<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">situazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>emergenza<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ancora<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cors<span class=\"_ _2\"></span>o,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">co<span class=\"_ _2\"></span>me<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">richiest<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">appositamente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"_ _2\"></span>lla<span class=\"ff1\"> </span>E<span class=\"_ _0\"></span>uropean<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Central<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Bank<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(i.e.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ECB)<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>con<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>apposite<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>lettere<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>1\u00b0<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>Aprile<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>4<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>dicembre<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>202<span class=\"_ _2\"></span>0,<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>sia<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>continuare<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>rilevare<span class=\"ff1\"> </span>tempestivamente<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>eventuali<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>deteriora<span class=\"_ _2\"></span>menti<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>qualit\u00e0<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>creditizia,<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>accompagnati<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>un<span class=\"ff1\"> </span>incremento<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>perdita<span class=\"ff1\"> </span>attesa<span class=\"ff1\"> </span>associata.<span class=\"ff1\"> </span>La<span class=\"ff1\"> </span>presente<span class=\"ff1\"> </span>sezione<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>strutturat<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>segue<span class=\"_ _0\"></span>: \u2022<span class=\"_ _3bd\"> </span>Va<span class=\"_ _0\"></span>luta<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell\u2019<span class=\"_ _0\"></span>inc<span class=\"_ _0\"></span>reme<span class=\"_ _0\"></span>nto<span class=\"ff1\"> </span>si<span class=\"_ _0\"></span>gnif<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>ativ<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ris<span class=\"_ _0\"></span>chio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">c<span class=\"_ _0\"></span>red<span class=\"_ _0\"></span>ito<span class=\"ff1\"> </span>(S<span class=\"_ _0\"></span>ICR)<span class=\"_ _0\"></span>; </span></span></span></span>\u2022<span class=\"_ _3bd\"> </span>Mi<span class=\"_ _0\"></span>sur<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>de<span class=\"_ _1\"></span>lle<span class=\"ff1\"> </span>pe<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>di<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">atte<span class=\"_ _0\"></span>se. </span></span>Com<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>esc<span class=\"_ _0\"></span>ritt<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>ttag<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>rosi<span class=\"_ _0\"></span>egu<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>ocum<span class=\"_ _0\"></span>ento<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rima<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sez<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>dica<span class=\"_ _0\"></span>ta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ad<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">illu<span class=\"_ _0\"></span>strar<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">raz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ch<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">hann<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>orta<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Credi<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>E<span class=\"_ _0\"></span>mil<span class=\"_ _0\"></span>iano<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">man<span class=\"_ _0\"></span>tene<span class=\"_ _1\"></span>re<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>terat<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">propri<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">appro<span class=\"_ _0\"></span>cci<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>tag<span class=\"_ _0\"></span>ing<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>degli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>strumenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziar<span class=\"_ _2\"></span>i,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>descrivendo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>inoltre<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>relazioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>classificazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"_ _2\"></span><span class=\"ff1\"> </span>misure<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>facilitazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rimborso<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>debito<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>poste<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>atto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Gruppo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dell\u2019attuale<span class=\"ff1\"> </span>contesto<span class=\"ff1\"> </span>emergenziale.<span class=\"ff1\"> </span>L<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>seco<span class=\"_ _2\"></span>nda<span class=\"ff1\"> </span>sezione,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">invece,<span class=\"ff1\"> </span>risulta<span class=\"ff1\"> </span>dedicata<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>descrizione<span class=\"ff1\"> </span>anali<span class=\"_ _0\"></span>tica<span class=\"ff1\"> </span></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"_ _2\"></span>voluzioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>operate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>elativamente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _20\"></span></span>modelli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>misurazion<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>IFRS<span class=\"ff1\"> <span class=\"_ _20\"></span></span>9,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>unitamente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>all<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ipotesi<span class=\"ff1\"> </span>sottostanti<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>suddetti<span class=\"ff1\"> </span>interventi. Con<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>riguardo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ai<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>climatici,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ambientali,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fisici<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>transizione,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>questi<span class=\"ff1\">  </span>sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>stati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>integrati<span class=\"ff1\"> </span>nell'analisi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rilevanza<span class=\"ff1\"> </span>tramite<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>Gruppo<span class=\"ff1\"> </span>Credem<span class=\"ff1\"> </span>valuta<span class=\"ff1\"> </span>periodicamente<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>materialit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tutt<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"></span></span>esposto.<span class=\"ff1\"> <span class=\"_ _21\"></span></span>In<span class=\"ff1\"> <span class=\"_ _21\"></span></span>particolare<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Gr<span class=\"_ _2\"></span>uppo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ha<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sviluppato<span class=\"ff1\"> <span class=\"_ _21\"></span></span>una<span class=\"ff1\"> <span class=\"_ _21\"></span></span>metodologia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quantitat<span class=\"_ _2\"></span>iva<span class=\"ff1\"> <span class=\"_ _21\"></span></span>per<span class=\"ff1\"> </span>misurare<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>livello<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>concentrazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>port<span class=\"_ _2\"></span>afoglio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>crediti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>port<span class=\"_ _2\"></span>afoglio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>investimenti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>verso<span class=\"ff1\"> </span>que<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">imp<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">la</span> <span class=\"ff3\">cu<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>at<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>conom<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>tenu<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>rtic<span class=\"_ _0\"></span>olar<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>se<span class=\"_ _0\"></span>nsib<span class=\"_ _0\"></span>ile<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ai<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>isc<span class=\"_ _0\"></span>hi<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tran<span class=\"_ _0\"></span>sizi<span class=\"_ _0\"></span>one.<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>Per<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>q<span class=\"_ _0\"></span>uanto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>riguarda<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fisico,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Gruppo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ha<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sviluppato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>metodologia<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>misu<span class=\"_ _0\"></span>rare<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"ff1\"> </span>potenziali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>effett<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>derivanti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>da<span class=\"ff1\"> <span class=\"_ _20\"></span></span>eventi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>climatici<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sul<span class=\"ff1\"> <span class=\"_ _21\"></span></span>proprio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>portafogl<span class=\"_ _0\"></span>io<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>garanzie<span class=\"ff1\"> <span class=\"_ _21\"></span></span>creditizie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sul<span class=\"ff1\"> </span>proprio<span class=\"ff1\"> </span>portafoglio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">leasing<span class=\"ff1\"> </span>immobiliare,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">basat<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>sul<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>localizzazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">geografica<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sulla<span class=\"ff1\"> </span>selezione<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> </span>tipologie<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>eventi<span class=\"ff1\"> </span>climatici.<span class=\"ff1\"> </span>La<span class=\"ff1\"> </span>progettualit\u00e0<span class=\"ff1\"> </span>avviata<span class=\"ff1\"> </span>ha<span class=\"ff1\"> </span>premesso<span class=\"_ _2\"></span><span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>redazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>Piano<span class=\"ff1\"> </span>di<div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d86\">az<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">plu<span class=\"_ _0\"></span>rien<span class=\"_ _0\"></span>nal<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>alli<span class=\"_ _0\"></span>nea<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>Cre<span class=\"_ _0\"></span>dem<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">le</span> <span class=\"_ _0\"></span><span class=\"ff3\">soci<span class=\"_ _0\"></span>et\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del</span> <span class=\"ff3\">g<span class=\"_ _0\"></span>rup<span class=\"_ _0\"></span>po<span class=\"ff1\"> </span>atti<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le<span class=\"_ _0\"></span>ndin<span class=\"_ _0\"></span>g<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>anto<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rev<span class=\"_ _0\"></span>isto<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d87\">nell\u2019ECB<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Guide<span class=\"ff1\"> <span class=\"_ _21\"></span></span>on<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Cli<span class=\"_ _0\"></span>mate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>related<span class=\"ff1\"> <span class=\"_ _20\"></span></span>&amp;<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span></span>Env<span class=\"_ _0\"></span>ironmental<span class=\"ff1\"> <span class=\"_ _21\"></span></span>risks<span class=\"ff1\"> <span class=\"_ _21\"></span></span>(C&amp;E),<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pubblicata<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">2020.</span> <span class=\"_ _21\"></span><span class=\"ff3\">In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">ambito</span> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d88\">cre<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stata<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">reali<span class=\"_ _0\"></span>zz<span class=\"_ _0\"></span>ata<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>na<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rima<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span>tegr<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risc<span class=\"_ _0\"></span>hi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">C&amp;E<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">proc<span class=\"_ _0\"></span>essi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>aluta<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cre<span class=\"_ _0\"></span>dito<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d89\">per<span class=\"ff1\">  </span>il<span class=\"ff1\">  </span>segmento<span class=\"ff1\">  </span>corporate<span class=\"ff1\">  </span>e<span class=\"ff1\">  </span>nel<span class=\"ff1\">  </span>corso<span class=\"ff1\">  </span>del<span class=\"ff1\">  </span>2023<span class=\"ff1\">  </span>l\u2019integrazione<span class=\"ff1\">  </span>nell\u2019attivit\u00e0<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>valutazione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>e<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d8a\">monitoraggio<span class=\"ff1\"> </span>verr\u00e0<span class=\"ff1\"> </span>estesa<span class=\"ff1\"> </span>agli<span class=\"ff1\"> </span>altri<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>egmenti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cli<span class=\"_ _0\"></span>entela. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d8b\">Pa<span class=\"_ _0\"></span>rtic<span class=\"_ _0\"></span>ola<span class=\"_ _0\"></span>rmen<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>si<span class=\"_ _0\"></span>gnif<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>sta<span class=\"_ _0\"></span>ta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>arte<span class=\"_ _0\"></span>cipa<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Clim<span class=\"_ _0\"></span>ate<span class=\"ff1\"> </span>S<span class=\"_ _0\"></span>tres<span class=\"_ _0\"></span>s<span class=\"ff1\"> </span>Te<span class=\"_ _0\"></span>st.<span class=\"ff1\"> </span><span class=\"fc9\">L<span class=\"_ _0\"></span>'ese<span class=\"_ _0\"></span>rci<span class=\"_ _0\"></span>zio<span class=\"ff1\"> </span>t</span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc9 sc0 ls0 ws0 gs2d8c\">ra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alt<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc9 sc0 ls0 ws0 gs2d8d\">cose<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">prevedeva:<span class=\"fc0\"> </span></span></span></div><div class=\"t m6 h13 ff6 fs5 fc0 sc0 ls0 ws0 gs2d8e\"> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d8f\">la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mis<span class=\"_ _0\"></span>ura<span class=\"_ _0\"></span>zione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>tere<span class=\"_ _0\"></span>ssi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ommi<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">atti<span class=\"_ _0\"></span>vi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gene<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ontrop<span class=\"_ _0\"></span>arti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ap<span class=\"_ _0\"></span>par<span class=\"_ _0\"></span>tene<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"ff3\">s<span class=\"_ _0\"></span>etto<span class=\"_ _0\"></span>ri </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d90\">ad<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">em<span class=\"_ _0\"></span>issi<span class=\"_ _0\"></span>oni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ga<span class=\"_ _0\"></span>s<span class=\"ff1\"> </span>se<span class=\"_ _0\"></span>rra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>fini<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dal<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>B<span class=\"_ _1\"></span>CE;<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m6 h13 ff6 fs5 fc0 sc0 ls0 ws0 gs2d91\"> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d92\">la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">qua<span class=\"_ _0\"></span>ntif<span class=\"_ _0\"></span>icaz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>de<span class=\"_ _1\"></span>lle<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>miss<span class=\"_ _0\"></span>ioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ga<span class=\"_ _0\"></span>s<span class=\"ff1\"> </span>serr<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fin<span class=\"_ _0\"></span>anzi<span class=\"_ _0\"></span>ate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d93\">le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>pr<span class=\"_ _2\"></span>incipali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">contr<span class=\"_ _2\"></span>oparti<span class=\"ff1\"> </span>ap<span class=\"_ _0\"></span>partenenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>settori<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">altamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">emittivi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">basandosi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sulla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">metrica<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d94\">che<span class=\"ff1\"> </span>misura<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>carbon<span class=\"ff1\"> </span>intensity; </div><div class=\"t m6 h13 ff6 fs5 fc0 sc0 ls0 ws0 gs2d95\"> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d96\">la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">val<span class=\"_ _0\"></span>uta<span class=\"_ _0\"></span>zione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dis<span class=\"_ _0\"></span>tribu<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>elle<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">espos<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>oni<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>NAC<span class=\"_ _0\"></span>E<span class=\"ff1\"> </span>m<span class=\"_ _0\"></span>aggi<span class=\"_ _0\"></span>orme<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>mpatt<span class=\"_ _0\"></span>ati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"_ _1\"></span>l </span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d97\">ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">t<span class=\"_ _0\"></span>ransi<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>sic<span class=\"_ _0\"></span>o. </span></span></span></span></div><div class=\"t m26 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2d98\">2.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2d99\">Po<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>he<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2d9a\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2d9b\">ge<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2d9c\">de<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2d9d\">ri<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>hio<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2d9e\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2d9f\">cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>o </div><div class=\"t m26 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2da0\">2.<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2da1\">As<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2da2\">or<span class=\"_ _0\"></span>ga<span class=\"_ _0\"></span>niz<span class=\"_ _0\"></span>za<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2da3\">Il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Se<span class=\"_ _0\"></span>rvi<span class=\"_ _0\"></span>zio<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>red<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Cr<span class=\"_ _0\"></span>edi<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>Em<span class=\"_ _0\"></span>ilian<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o<span class=\"_ _0\"></span>rgan<span class=\"_ _0\"></span>izza<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sec<span class=\"_ _0\"></span>ond<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>tre<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ar<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">re<span class=\"_ _0\"></span>spon<span class=\"_ _0\"></span>sab<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>\u00e0: </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs2da4\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2da5\">Cre<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Strate<span class=\"_ _0\"></span>gy<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>M<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span>tori<span class=\"_ _0\"></span>ng,<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>he<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>fini<span class=\"_ _0\"></span>sce<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">obie<span class=\"_ _0\"></span>ttiv<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>li<span class=\"_ _0\"></span>nee<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">guid<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>sv<span class=\"_ _0\"></span>ilu<span class=\"_ _0\"></span>ppo<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>cre<span class=\"_ _0\"></span>dito<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">inte<span class=\"_ _0\"></span>so<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2da6\">come<span class=\"ff1\"> </span>business<span class=\"ff1\"> <span class=\"_ _2\"></span></span>line<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>coerenza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>obiettivi<span class=\"ff1\"> </span>ed<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>RAF<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>gru<span class=\"_ _2\"></span>ppo,<span class=\"ff1\"> </span>effettua<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>controlli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sulla<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2da7\">filiera<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\">  </span>c<span class=\"_ _0\"></span>redito,<span class=\"ff1\">  </span>redige<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>r<span class=\"_ _2\"></span>egolamentazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>interna<span class=\"ff1\">  </span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>definisce<span class=\"ff1\">  </span>i<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">principali</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">strumenti,</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2da8\">processi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>modelli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>supporto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dell\u2019intero<span class=\"ff1\"> <span class=\"_ _20\"></span></span>processo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>credito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(Fatt<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>salve<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>at<span class=\"_ _2\"></span>tribuzioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2da9\">responsabilit\u00e0<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>servizio<span class=\"ff1\"> </span>ERISK<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>relazione<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>modelli<span class=\"ff1\"> </span>rientranti<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>perimetro<span class=\"ff1\"> <span class=\"_ _2\"></span></span>IRB); </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs2daa\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2dab\">Cre<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Manag<span class=\"_ _0\"></span>eme<span class=\"_ _0\"></span>nt,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">che</span> <span class=\"ff3\">att<span class=\"_ _0\"></span>rav<span class=\"_ _0\"></span>erso<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>\u2019at<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>elib<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>tiva<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">la</span> <span class=\"ff3\">consu<span class=\"_ _0\"></span>len<span class=\"_ _0\"></span>za<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tecnic<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>alle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">stru<span class=\"_ _0\"></span>ttu<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2dac\">commerciali<span class=\"ff1\"> </span>ed<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Societ\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>p<span class=\"_ _2\"></span>erimetro<span class=\"ff1\"> <span class=\"_ _2\"></span></span>garantisce<span class=\"ff1\"> </span>nel<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tempo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>profilo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>rischiosit<span class=\"_ _2\"></span>\u00e0<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2dad\">imp<span class=\"_ _1\"></span>ieghi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">coere<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">gli</span> <span class=\"ff3\">o<span class=\"_ _0\"></span>bie<span class=\"_ _0\"></span>ttiv<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>trate<span class=\"_ _0\"></span>gy<span class=\"ff1\"> </span>de<span class=\"_ _1\"></span>finiti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pre<span class=\"_ _0\"></span>sidi<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>rret<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>game<span class=\"_ _0\"></span>nto<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>elle<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2dae\">posizioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">anomale; </span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs2daf\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2db0\">Non-Performing<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Credit,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>si<span class=\"ff1\"> <span class=\"_ _21\"></span></span>occupa<span class=\"ff1\"> <span class=\"_ _20\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>gestione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>recupero<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>ul<span class=\"ff1\"> <span class=\"_ _20\"></span></span>credito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>no<span class=\"_ _2\"></span>n<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2db1\">pe<span class=\"_ _0\"></span>rfo<span class=\"_ _0\"></span>rming<span class=\"_ _0\"></span>. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2db2\">Le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>linee<span class=\"ff1\"> <span class=\"_ _20\"></span></span>guida<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Credit<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Strategy<span class=\"ff1\"> <span class=\"_ _20\"></span></span>vengono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ap<span class=\"_ _2\"></span>provate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dallo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>specifico<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Comitato<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>Credit<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Strategy<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2db3\">Gruppo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">deliberate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dal<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Consiglio<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Am<span class=\"_ _2\"></span>ministrazione.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Relativamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">perimetro<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">NPL,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Comitat<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2db4\">Crediti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Non<span class=\"ff1\"> </span>P<span class=\"_ _0\"></span>erforming<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">G<span class=\"_ _2\"></span>ruppo,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">occupa<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>defin<span class=\"_ _0\"></span>ire<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">specifiche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">azioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"_ _2\"></span>dirizzo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>trategico<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2db5\">monitoraggio,<span class=\"ff1\"> </span>anche<span class=\"ff1\"> </span>relativamente<span class=\"ff1\"> </span>all\u2019andamento<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>indicatori<span class=\"ff1\"> </span>SREP<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>competenza. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2db6\">Nella<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>gestione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>credito<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>concor<span class=\"_ _2\"></span>rono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>inoltre,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rispettive<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>aree<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>competenza,<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2db7\">processi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>responsabilit\u00e0<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Servizio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Gruppo<span class=\"ff1\"> </span>Erisk: </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs2db8\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2db9\">Il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Risk<span class=\"ff1\"> </span>Appetite<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Framework:<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">definiti<span class=\"ff1\"> </span>tolerance<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">app<span class=\"_ _2\"></span>etite<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gli<span class=\"ff1\"> </span>indic<span class=\"_ _0\"></span>ator<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">relativi<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2dba\">rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>credito<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>termini<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>performing<span class=\"ff1\"> </span>loan<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>perfor<span class=\"_ _2\"></span>ming<span class=\"ff1\"> </span>loan; </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs2dbb\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2dbc\">Gestione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Sistema<span class=\"ff1\">  </span>interno<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rating,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\">  </span>particolare<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Rating<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Office<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>per<span class=\"ff1\">  </span>attribuzione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rating<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2dbd\">controparti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rientranti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nella<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Funzione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Regolamentare<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Corpor<span class=\"_ _2\"></span>ate,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Rischi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Operativi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Credito<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2dbe\">per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">responsab<span class=\"_ _2\"></span>ilit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">S<span class=\"_ _2\"></span>istema<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rating<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Corporat<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Retail<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">calibrazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">parametr<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2dbf\">e<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>funzione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>validazione<span class=\"ff1\"> </span>interna<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>convalida. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2dc0\">Le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>disposizioni<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>introdot<span class=\"_ _2\"></span>te<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dalla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>normativa<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>riferimento<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>l\u2019adozione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>modelli<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>interni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ed<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>i<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2dc1\">successivi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>aggiornamenti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>stati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>istematicamente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>accolti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>da<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Cr<span class=\"_ _2\"></span>edito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Emiliano<span class=\"ff1\"> <span class=\"_ _20\"></span></span>S.p.A.<span class=\"ff1\"> <span class=\"_ _21\"></span></span>come<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2dc2\">un\u2019opportunit\u00e0<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>migliorar<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>gestione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>incrementare<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>generato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2dc3\">azionisti,<span class=\"ff1\"> </span>grazie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span>storica<span class=\"ff1\"> </span>qualit\u00e0<span class=\"ff1\"> </span>dell\u2019attivo<span class=\"ff1\"> </span>creditizio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nonch\u00e9<span class=\"ff1\"> </span>all\u2019ampia<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>consolidata<span class=\"ff1\"> </span>dif<span class=\"_ _0\"></span>fusione<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2dc4\">degli<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>strumenti<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>rat<span class=\"_ _2\"></span>ing<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>utilizzati<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>nell\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>valutazione,<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>erogazione,<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>monitoraggio<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>e<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2dc5\">prezzatura<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>credito. </div><div class=\"t m26 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2dc6\">2.<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2dc7\">Si<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>emi<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2dc8\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2dc9\">ge<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e,<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2dca\">mis<span class=\"_ _1\"></span>ura<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2dcb\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2dcc\">co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>rol<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2dcd\">L\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valutazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ed<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>erogazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cr<span class=\"_ _2\"></span>edito<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>differenziata<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>seconda<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tipologia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2dce\">clientela.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Pi\u00f9<span class=\"ff1\"> </span>precisamente,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">segmento<span class=\"ff1\"> </span>corporate<span class=\"ff1\"> </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in</span> <span class=\"_ _0\"></span><span class=\"ff3\">uso<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sistema<span class=\"ff1\"> </span>\u201cesperto\u201d<span class=\"ff1\"> </span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">guid<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2dcf\">formulazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> </span>proposta<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">affidamento<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">alla</span> <span class=\"ff3\">base</span> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>el<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sis<span class=\"_ _2\"></span>tema<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rating.<span class=\"ff1\"> </span>Tale<span class=\"ff1\"> </span>metodologia<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2dd0\">si<span class=\"ff1\"> <span class=\"_ _2\"></span></span>basa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>u<span class=\"ff1\"> <span class=\"_ _2\"></span></span>logiche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>analisi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>componenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>economico-patrimoniali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>bilancio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>integrat<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dalla<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2dd1\">valutazione<span class=\"ff1\">  </span>dei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>flussi<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>cassa,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dati<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>centrale<span class=\"ff1\">  </span>rischi,<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">nonch\u00e9</span>  <span class=\"ff3\">da</span>  <span class=\"ff3\">v<span class=\"_ _0\"></span>alutazioni<span class=\"ff1\">  </span>qualitative<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>s<span class=\"_ _2\"></span>ul<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2dd2\">posizionamento<span class=\"ff1\"> </span>competitivo,<span class=\"ff1\"> </span>sui<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>business<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>sull\u2019appartenenza<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>gr<span class=\"_ _2\"></span>uppo.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2dd4\">Pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>se<span class=\"_ _0\"></span>gmen<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>sma<span class=\"_ _0\"></span>ll<span class=\"ff1\"> </span>b<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>ines<span class=\"_ _0\"></span>s,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nell<span class=\"_ _0\"></span>\u2019a<span class=\"_ _0\"></span>mbito<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>ste<span class=\"_ _0\"></span>ssa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">met<span class=\"_ _0\"></span>odol<span class=\"_ _0\"></span>ogi<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>gene<span class=\"_ _1\"></span>rale<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>val<span class=\"_ _0\"></span>utaz<span class=\"_ _0\"></span>ione<span class=\"_ _1\"></span>,<span class=\"ff1\"> </span>sono<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2dd5\">state<span class=\"ff1\"> </span>applic<span class=\"_ _0\"></span>ate<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">differenziazioni<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>dare<span class=\"ff1\"> </span>maggior<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">peso</span> <span class=\"ff3\">alle</span> <span class=\"_ _1\"></span><span class=\"ff3\">inform<span class=\"_ _2\"></span>azioni<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tipo</span> <span class=\"ff3\">andame<span class=\"_ _0\"></span>ntale<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2dd6\">e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ce<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>ale<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>hi,<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">forn<span class=\"_ _0\"></span>isco<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>ntri<span class=\"_ _0\"></span>buto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">imp<span class=\"_ _0\"></span>orta<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">alla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cap<span class=\"_ _0\"></span>aci<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>pr<span class=\"_ _0\"></span>edi<span class=\"_ _0\"></span>ttiva<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">def<span class=\"_ _0\"></span>aul<span class=\"_ _0\"></span>t.<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2dd7\">Pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>se<span class=\"_ _1\"></span>gment<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>delle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mi<span class=\"_ _0\"></span>croa<span class=\"_ _0\"></span>ttiv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>riv<span class=\"_ _0\"></span>ati<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ons<span class=\"_ _0\"></span>uma<span class=\"_ _0\"></span>tori<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span>sta<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>sv<span class=\"_ _0\"></span>ilup<span class=\"_ _0\"></span>pat<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>si<span class=\"_ _0\"></span>ste<span class=\"_ _0\"></span>ma<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rati<span class=\"_ _0\"></span>ng<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2dd8\">specificamente<span class=\"ff1\"> </span>calibrato<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>u<span class=\"ff1\"> </span>questa<span class=\"ff1\"> </span>tipologia<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>clien<span class=\"_ _0\"></span>tela<span class=\"ff1\"> </span>a<span class=\"_ _2\"></span><span class=\"ff1\"> </span>supporto<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>processi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>approvazione<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2dd9\">delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">operazioni. </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2dda\">Inoltre,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tutta<span class=\"ff1\"> <span class=\"_ _21\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>clientela<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Banca<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>attivo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un<span class=\"ff1\"> <span class=\"_ _20\"></span></span>m<span class=\"_ _2\"></span>odello<span class=\"ff1\"> <span class=\"_ _2\"></span></span>interno<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Loss<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Given<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Default<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(<span class=\"_ _2\"></span>LGD)<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2ddb\">va<span class=\"_ _0\"></span>luta<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">la</span> <span class=\"ff3\">poten<span class=\"_ _0\"></span>ziale<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">perdi<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>da<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">def<span class=\"_ _0\"></span>ault<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">della<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">controp<span class=\"_ _1\"></span>arte,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tenen<span class=\"_ _0\"></span>do<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>side<span class=\"_ _0\"></span>razi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tipol<span class=\"_ _0\"></span>ogia<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2ddc\">di<span class=\"ff1\"> </span>controparte,<span class=\"ff1\"> </span>l\u2019ammontare<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell\u2019esposizione,<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>tipologia<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>orma<span class=\"ff1\"> </span>tecnica<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>ventuali<span class=\"ff1\"> </span>garanzie<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2ddd\">a<span class=\"ff1\"> </span>sostegno<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>posizione. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2dde\">Tutti<span class=\"ff1\">  </span>i<span class=\"ff1\">  </span>sistemi<span class=\"ff1\">  </span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\">  </span>direttamente<span class=\"ff1\">  </span>integrati<span class=\"ff1\">  </span>nel<span class=\"_ _2\"></span>la<span class=\"ff1\">  </span>proposta<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>affidamento;<span class=\"ff1\">  </span>la<span class=\"ff1\">  </span>nuova<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Pratica<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2ddf\">Elettronica<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>Fido<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>operativa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tutti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gestori<span class=\"ff1\"> </span>privati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>aziend<span class=\"_ _2\"></span>e.<span class=\"ff1\"> </span>La<span class=\"ff1\"> <span class=\"_ _2\"></span></span>piattafor<span class=\"_ _2\"></span>ma<span class=\"ff1\"> <span class=\"_ _2\"></span></span>garantisce<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>un<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2de0\">elevato<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>quality<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>efficienza<span class=\"ff1\"> </span>nei<span class=\"ff1\"> </span>processi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>istrut<span class=\"_ _2\"></span>toria<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>delibe<span class=\"_ _0\"></span>ra<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>affidamenti<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>rat<span class=\"_ _2\"></span>ing. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2de1\">Un<span class=\"ff1\"> <span class=\"_ _21\"></span></span>pilastro<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>fondamentale<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>governance<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>credito<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"></span></span>costituito<span class=\"ff1\"> <span class=\"_ _21\"></span></span>inoltre<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dall\u2019<span class=\"ff1\"> <span class=\"_ _20\"></span></span>as<span class=\"_ _2\"></span>segnazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u201cad<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2de2\">personam\u201d<span class=\"ff1\">  </span>de<span class=\"_ _0\"></span>lle<span class=\"ff1\">  </span>au<span class=\"_ _0\"></span>tonomie<span class=\"ff1\">  </span>delegate,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>previa<span class=\"ff1\">  </span>valutazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sul<span class=\"ff1\">  </span>singolo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>deliberante<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\">  </span>elementi<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2de3\">fondamentali<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>ali<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">competenze,<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risultati<span class=\"ff1\"> </span>consegui<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>ge<span class=\"_ _0\"></span>stione<span class=\"ff1\"> </span>ed<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">erogazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span>credi<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2de4\">l\u2019attivit\u00e0<span class=\"ff1\"> </span>formativa<span class=\"ff1\"> </span>fruita. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2de5\">I<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>poteri<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delega<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>basano,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>attualmente<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sola<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Credembanca,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sull\u2019indicator<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u201cAccordato<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2de6\">Ponderato\u201d,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">appli<span class=\"_ _2\"></span>cando<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>ei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pesi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>lle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ingole<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">componenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">posizione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">affidata<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sintetizza<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2de7\">la<span class=\"ff1\"> </span>rischiosit\u00e0<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>rapporto<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>policy<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>serie<span class=\"ff1\"> </span>stor<span class=\"_ _2\"></span>iche<span class=\"ff1\"> </span>dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">def<span class=\"_ _2\"></span>ault. </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2de8\">Neg<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>ul<span class=\"_ _0\"></span>timi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ann<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>sono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">stati</span> <span class=\"ff3\">in<span class=\"_ _0\"></span>olt<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>po<span class=\"_ _0\"></span>tenz<span class=\"_ _0\"></span>iat<span class=\"_ _0\"></span>i,<span class=\"ff1\"> </span>anc<span class=\"_ _0\"></span>he<span class=\"ff1\"> </span>gra<span class=\"_ _0\"></span>zie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ad</span> <span class=\"ff3\">inve<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>menti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tec<span class=\"_ _0\"></span>nol<span class=\"_ _0\"></span>ogici<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">l\u2019ut<span class=\"_ _0\"></span>iliz<span class=\"_ _0\"></span>zo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2de9\">Advanced<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Analytics,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>meccanism<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00abautomatici\u00bb<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>supporto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>monitoraggio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dell\u2019origination,<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2dea\">anche<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>ottica<span class=\"ff1\"> </span>Openbanking. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2deb\">A<span class=\"ff1\"> <span class=\"_ _2\"></span></span>supporto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell'origination,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>monitoraggio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>andamenta<span class=\"_ _2\"></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>post-origination<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tr<span class=\"_ _2\"></span>oviamo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>IMA<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2dec\">(Indicatore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Monitoraggio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Andamentale)<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ovvero<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Modello<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Early<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Wa<span class=\"_ _0\"></span>rning,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l\u2019obiettivo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2ded\">prevedere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">com<span class=\"_ _2\"></span>portamento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">creditizio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anomalo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">prima<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">esso<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">manifest<span class=\"_ _2\"></span>i.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Questo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">indicatore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2dee\">alla<span class=\"ff1\"> </span>base<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>calcolo<span class=\"ff1\"> </span>anche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Massimo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Accordato<span class=\"ff1\"> </span>Concedibile<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(MAC)<span class=\"ff1\"> </span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>livello<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mas<span class=\"_ _2\"></span>simo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2def\">affidamento<span class=\"ff1\"> </span>attribuibile<span class=\"ff1\"> </span>automaticamente<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>contropart<span class=\"_ _2\"></span>e. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2df0\">Questi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>str<span class=\"_ _2\"></span>umenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>permettono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>una<span class=\"ff1\"> <span class=\"_ _2\"></span></span>maggiore<span class=\"ff1\"> <span class=\"_ _2\"></span></span>industr<span class=\"_ _2\"></span>ializzazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _2\"></span></span>processo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>concessione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2df1\">cre<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>abi<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>ando<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">anche<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ca<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>agne<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">aut<span class=\"_ _0\"></span>omat<span class=\"_ _0\"></span>iche<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>Qu<span class=\"_ _0\"></span>est<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ind<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span>tori<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ten<span class=\"_ _0\"></span>gon<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>ri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">momen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2df2\">storici<span class=\"ff1\"> </span>anche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span>contesto<span class=\"ff1\"> </span>economico<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riferimento<span class=\"ff1\"> </span>(esempio<span class=\"ff1\"> </span>crisi<span class=\"ff1\"> </span>pandemica<span class=\"ff1\"> </span>Covid-19,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">conflitto<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2df3\">Russo-Ucraino)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>base<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alutazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">forward<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">looking,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>cu<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>azioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">commerciali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">volta<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2df4\">volta<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>contestualizzate<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>graduate.<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>Inoltre<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>queste<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>metodologie<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>Early<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>Warning<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>stanno<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2df5\">consentendo<span class=\"ff1\"> </span>anche<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>superare<span class=\"ff1\"> </span>progressivamente<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>concetto<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">scadenze<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>revisioni<span class=\"ff1\"> </span>periodiche<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2df6\">per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>spostarsi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>su<span class=\"ff1\"> <span class=\"_ _2\"></span></span>logiche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>revisioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>merito<span class=\"_ _2\"></span><span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>ichieste<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _2\"></span></span>evento,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cio\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>presenza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riscontrati<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2df7\">motivi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>credito<span class=\"ff1\"> </span>atteso. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2df8\">A<span class=\"ff1\"> <span class=\"_ _2\"></span></span>partire<span class=\"ff1\"> </span>dall\u2019anno<span class=\"ff1\"> <span class=\"_ _2\"></span></span>2020<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Credem<span class=\"ff1\"> </span>ha<span class=\"ff1\"> <span class=\"_ _2\"></span></span>eseguito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> </span>a<span class=\"_ _2\"></span>ssessment<span class=\"ff1\"> </span>co<span class=\"_ _2\"></span>n<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>iferimento<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>documento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>EBA<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2df9\">relativo<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>guidelines<span class=\"ff1\"> </span>on<span class=\"ff1\"> </span>loan<span class=\"ff1\"> </span>origination<span class=\"ff1\"> </span>and<span class=\"ff1\"> </span>monitoring<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>l\u2019obiettivo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>individuare<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>impatti<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2dfa\">che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>egolamentazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>avrebbe<span class=\"ff1\"> <span class=\"_ _20\"></span></span>determinato<span class=\"ff1\"> <span class=\"_ _21\"></span></span>su<span class=\"ff1\"> <span class=\"_ _20\"></span></span>governance,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>str<span class=\"_ _2\"></span>ategie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">credi<span class=\"_ _0\"></span>tizie,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>processi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2dfb\">credito<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>sistemi<span class=\"ff1\"> </span>IT. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2dfc\">Nel<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>corso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>2<span class=\"_ _0\"></span>022<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>stati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>realizzati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>u<span class=\"_ _0\"></span>lteriori<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>interventi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>organizzativi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>governo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>atti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ad<span class=\"_ _0\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2dfd\">addivenire<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>piena<span class=\"ff1\"> </span>aderenza<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>indicazioni<span class=\"ff1\"> </span>normat<span class=\"_ _2\"></span>ive<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"ff1\"> </span>linee<span class=\"ff1\"> </span>guida<span class=\"ff1\"> </span>EBA. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2dfe\">La<span class=\"ff1\"> <span class=\"_ _21\"></span></span>funzione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>definizione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>controllo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>limiti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>affidament<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>si<span class=\"ff1\"> <span class=\"_ _21\"></span></span>avv<span class=\"_ _0\"></span>ale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>supporto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>uno<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2dff\">specifico<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Comitato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Crediti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Gr<span class=\"_ _2\"></span>uppo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fiss<span class=\"_ _2\"></span>a,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tr<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gli<span class=\"ff1\"> </span>altri,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Credit<span class=\"ff1\"> </span>Limit<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">principale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">basa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e00\">Policy<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Soglia<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Massima<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Esposizione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>(SME),<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cio\u00e8<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>l\u2019ammontar<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>massimo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e01\">credito<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Gruppo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>intende<span class=\"ff1\"> <span class=\"_ _21\"></span></span>assumere<span class=\"ff1\"> <span class=\"_ _21\"></span></span>verso<span class=\"ff1\"> <span class=\"_ _21\"></span></span>un<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>controparte<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>gruppo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">soggetti</span> <span class=\"_ _21\"></span><span class=\"ff3\">colle<span class=\"_ _0\"></span>gati)<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e02\">in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>se<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>spos<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>riv<span class=\"_ _0\"></span>anti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dai</span> <span class=\"ff3\">ti<span class=\"_ _0\"></span>tol<span class=\"_ _0\"></span>i.<span class=\"ff1\"> </span>L<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>defin<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">tal<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>sogl<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">prende<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"ff3\">rif<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>api<span class=\"_ _0\"></span>tale<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e03\">Ammissibile<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Gruppo<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>limiti<span class=\"_ _2\"></span><span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Vigilanza.<span class=\"ff1\"> </span>Il<span class=\"ff1\"> </span>Comitato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> </span>responsabile<span class=\"ff1\"> </span>inoltre<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rendicontare<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e04\">posizioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>seguito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>specifiche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>decisioni,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>superano<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>soglie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>definite.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>superamento<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e05\">\u201cSoglie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Mas<span class=\"_ _2\"></span>sima<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Espos<span class=\"_ _2\"></span>izione\u201d<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">configura<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">come<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u201cOperazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Maggior<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Rilievo\u201d<span class=\"ff1\"> </span>ai<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sensi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">15\u00b0<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e06\">aggiornamento<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>2<span class=\"ff1\"> </span>luglio<span class=\"ff1\"> </span>2013<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>Circolare<span class=\"ff1\"> </span>n.<span class=\"ff1\"> </span>263<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>27<span class=\"ff1\"> </span>dicembre<span class=\"ff1\"> </span>2006. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e07\">Il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">G<span class=\"_ _2\"></span>ruppo<span class=\"ff1\"> </span>Crede<span class=\"_ _0\"></span>m<span class=\"ff1\"> </span>ha<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">individuato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">come<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">presupposto<span class=\"_ _2\"></span><span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>g<span class=\"_ _0\"></span>estione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ottica<span class=\"ff1\"> </span>consolid<span class=\"_ _0\"></span>ata<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2436\">l\u2019individuazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>organismi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>governo:<span class=\"_ _3bd\"> </span> </div>CA<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>Capogruppo:<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>responsabile<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>definizione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>lin<span class=\"_ _2\"></span>ee<span class=\"ff1\"> </span>generali<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>governo<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>risk<span class=\"ff1\"> </span>ap<span class=\"_ _0\"></span>petite,<span class=\"ff1\"> </span>dell\u2019approvazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> </span>normativa<span class=\"ff1\"> </span>interna<span class=\"ff1\"> </span>che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">regolamenta<span class=\"ff1\"> </span>anche<span class=\"ff1\"> </span></span></span></span></span>le<span class=\"ff1\"> </span>strutture<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>limiti<span class=\"ff1\"> </span>specifiche;  I<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">CA<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">delle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">singo<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">So<span class=\"_ _0\"></span>cie<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">recepi<span class=\"_ _0\"></span>sco<span class=\"_ _0\"></span>no<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gl<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">obie<span class=\"_ _0\"></span>ttiv<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">asse<span class=\"_ _0\"></span>gna<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dal<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">CA<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">dell<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Capog<span class=\"_ _0\"></span>rupp<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rife<span class=\"_ _0\"></span>riti </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mis<span class=\"_ _0\"></span>sion<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>rofi<span class=\"_ _0\"></span>lo<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">risch<span class=\"_ _0\"></span>io; </span></span></span></span></span></span></span></span> Com<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Ese<span class=\"_ _0\"></span>cuti<span class=\"_ _0\"></span>vo<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">segui<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>CE<span class=\"_ _0\"></span>):<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">org<span class=\"_ _0\"></span>ano<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">gesti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Cap<span class=\"_ _0\"></span>ogru<span class=\"_ _0\"></span>ppo<span class=\"_ _0\"></span>; </span></span></span></span></span></span></span></span></span></span>Sono<span class=\"ff1\">  </span>inoltre<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>state<span class=\"ff1\">  </span>costituite<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Funzioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>specialistich<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>all\u2019interno<span class=\"_ _2\"></span><span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>ella<span class=\"ff1\">  </span>Capogrup<span class=\"_ _0\"></span>po<span class=\"ff1\">  </span>ed<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>rtic<span class=\"_ _0\"></span>ola<span class=\"_ _0\"></span>re:  Com<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Con<span class=\"_ _0\"></span>sili<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Grup<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">(di</span> <span class=\"_ _0\"></span><span class=\"ff3\">seg<span class=\"_ _0\"></span>uito<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>nch<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>omi<span class=\"_ _0\"></span>tato<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Risc<span class=\"_ _0\"></span>hi); </span></span></span></span></span></span></span></span></span></span></span></span> Com<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Ris<span class=\"_ _0\"></span>k<span class=\"ff1\"> </span>Ma<span class=\"_ _0\"></span>nage<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>; </span></span> Funzione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\">  </span>Risk<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Management<span class=\"_ _2\"></span>,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>all\u2019interno<span class=\"ff1\">  </span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Servizio<span class=\"ff1\">  </span>Enterprise<span class=\"ff1\">  </span>R<span class=\"_ _0\"></span>isk<span class=\"ff1\">  </span>Manageme<span class=\"_ _0\"></span>nt<span class=\"ff1\"> </span>(E<span class=\"_ _0\"></span>RIS<span class=\"_ _0\"></span>K). La<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Funzione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Risk<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Management<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>composta<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>oltre<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>R<span class=\"_ _2\"></span>esponsabile<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Funzione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Risk<span class=\"ff1\"> </span>Management<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(c.d.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Risk<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Officer),<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>individuato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>esponsabile<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Servizio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ERISK,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>da<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tre<span class=\"ff1\"> <span class=\"_ _2\"></span></span>differenti<span class=\"ff1\"> </span>ar<span class=\"_ _1\"></span>ee:<span class=\"_ _0\"></span> - Are<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>red<span class=\"_ _0\"></span>ito,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Op<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>tivi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Ge<span class=\"_ _0\"></span>stio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">r<span class=\"_ _0\"></span>atin<span class=\"_ _0\"></span>g; </span></span></span></span></span></span></span></span></span></span>- Are<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Fin<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">A<span class=\"_ _0\"></span>ssic<span class=\"_ _0\"></span>ura<span class=\"_ _0\"></span>tivo<span class=\"_ _0\"></span>; </span></span></span></span>- Are<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>V<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>dazi<span class=\"_ _0\"></span>one,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">S<span class=\"_ _0\"></span>tre<span class=\"_ _0\"></span>ss<span class=\"ff1\"> </span>Te<span class=\"_ _0\"></span>st<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Data<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Man<span class=\"_ _0\"></span>age<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>. </span></span></span></span></span></span>A<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>livello<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _0\"></span>ortafo<span class=\"_ _2\"></span>glio,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>analisi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _0\"></span>eriodiche<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>monitoraggio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>svolte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">d<span class=\"_ _0\"></span>alla<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>funzione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Ris<span class=\"_ _2\"></span>k<span class=\"ff1\"> </span></span></span>Ma<span class=\"_ _0\"></span>nage<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>t. Il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Comitat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Rischi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">svolge<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ruolo<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">supporto<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esplica<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>na<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">preventiva<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>ttivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cons<span class=\"_ _2\"></span>ultiva,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>istruttoria<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>e<span class=\"ff1\">  </span>nella<span class=\"ff1\">  </span>for<span class=\"_ _2\"></span>mulazione<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>propost<span class=\"_ _2\"></span>e<span class=\"ff1\">  </span>e<span class=\"ff1\">  </span>par<span class=\"_ _2\"></span>eri<span class=\"ff1\">  </span>\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>al<span class=\"ff1\">  </span>fine<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>coadiuvare<span class=\"ff1\">  </span>il<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Consiglio<span class=\"ff1\">  </span>di<span class=\"ff1\"> </span>Amministrazione<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sue<span class=\"ff1\"> </span>valutazioni<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ecisioni<span class=\"ff1\"> </span>relative<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>gestione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ed<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>generale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>sistema<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">controlli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">interni,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">p<span class=\"_ _2\"></span>er<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">garant<span class=\"_ _2\"></span>irne<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019adeguatezza<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ris<span class=\"_ _2\"></span>petto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">carat<span class=\"_ _2\"></span>teristiche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dell\u2019impresa<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>in<span class=\"ff1\"> </span>relazione<span class=\"ff1\"> </span>all\u2019evoluzione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019organizzazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>dell\u2019operativit\u00e0,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nonch\u00e9<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>contest<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>normativo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rif<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>to. In<span class=\"ff1\"> <span class=\"_ _2\"></span></span>particolare,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>funzione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Ris<span class=\"_ _2\"></span>k<span class=\"ff1\"> <span class=\"_ _2\"></span></span>management<span class=\"ff1\"> <span class=\"_ _20\"></span></span>consente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Consiglio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Amministra<span class=\"_ _2\"></span>zione,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>supporto<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Comitato</span> <span class=\"_ _0\"></span><span class=\"ff3\">Rischi<span class=\"ff1\"> </span>ed<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">CA<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Societ\u00e0<span class=\"ff1\"> </span>(pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">parte<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>competenza)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>poter<span class=\"ff1\"> </span>svolgere<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>un\u2019adeguata<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>valutativa<span class=\"ff1\"> </span>volta<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>deliberare: -<span class=\"_ _3bd\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Risk</span> <span class=\"ff3\">App<span class=\"_ _0\"></span>eti<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>Fra<span class=\"_ _0\"></span>mew<span class=\"_ _0\"></span>ork<span class=\"ff1\"> </span>(c<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>rtic<span class=\"_ _0\"></span>ola<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>rif<span class=\"_ _0\"></span>erim<span class=\"_ _0\"></span>ento<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">alla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">valu<span class=\"_ _0\"></span>tazio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>deg<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>obi<span class=\"_ _0\"></span>ett<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">soglie<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tolleranza)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">assicurando<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>he<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l'attuazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">coerente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">obiettivi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">risch<span class=\"_ _2\"></span>io<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>e<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>soglie<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tolleranza<span class=\"ff1\"> </span>approvate; -<span class=\"_ _3bd\"> </span>l\u2019andamento<span class=\"ff1\"> </span>trimestrale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rofilo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">assunto<span class=\"ff1\"> </span>nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">suo<span class=\"ff1\"> </span>comp<span class=\"_ _0\"></span>lesso<span class=\"ff1\"> </span>rispetto<span class=\"ff1\"> </span>agli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">obiettivi<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Risk<span class=\"ff1\"> </span>Appetite<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alle<span class=\"ff1\"> </span>soglie<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tolleranza<span class=\"ff1\"> </span>relativamente<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>tutti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gli<span class=\"ff1\"> </span>indicatori<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>revisti<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>RAF<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>Gru<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>o. Il<span class=\"ff1\"> </span>2<span class=\"ff1\"> </span>ot<span class=\"_ _2\"></span>tobre<span class=\"ff1\"> </span>201<span class=\"_ _2\"></span>5<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Banca<span class=\"ff1\"> </span>d\u2019Italia<span class=\"ff1\"> </span>ha<span class=\"ff1\"> <span class=\"_ _2\"></span></span>autorizzato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>Gruppo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Credem<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>ut<span class=\"_ _2\"></span>ilizzare<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>30<span class=\"_ _2\"></span><span class=\"ff1\"> </span>settemb<span class=\"_ _2\"></span>re<span class=\"ff1\"> </span>2015<span class=\"ff1\">  </span>il<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">metodo</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">IRB</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">Advanced</span>  <span class=\"ff3\">(parametri</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">PD,</span>  <span class=\"ff3\">L<span class=\"_ _0\"></span>GD,<span class=\"ff1\">  </span>EAD)<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>per<span class=\"ff1\">  </span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>quantificazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\">  </span>requisito<span class=\"ff1\"> </span></span></span>patrimoniale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fronte<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rischi<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>cred<span class=\"_ _0\"></span>ito<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>clienti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>r<span class=\"_ _2\"></span>ientranti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ne<span class=\"_ _0\"></span>lla<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>f<span class=\"_ _2\"></span>unzione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>regolamentare<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Corporate<span class=\"ff1\">  </span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Retail<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Credito<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Emiliano<span class=\"ff1\">  </span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Credemleasing.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Relativamente<span class=\"ff1\">  </span>ai<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>modelli<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>interni,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> </span>funzione<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Risk<span class=\"ff1\"> <span class=\"_ _2\"></span></span>management<span class=\"ff1\"> <span class=\"_ _2\"></span></span>consente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> </span>CA,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>supporto<span class=\"_ _2\"></span><span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Co<span class=\"_ _2\"></span>mitato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Rischi<span class=\"ff1\"> </span>ed<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> </span>CA<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">delle</span> </span>Societ\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>(per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>part<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>competenza)<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _0\"></span>oter<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>volgere<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>un\u2019ad<span class=\"_ _2\"></span>eguata<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valutativa<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>volta<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>ibe<span class=\"_ _0\"></span>rar<span class=\"_ _0\"></span>e: -<span class=\"_ _3bd\"> </span>la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">confor<span class=\"_ _2\"></span>mit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">modelli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">interni<span class=\"ff1\"> </span>ai<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dettami<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">previsti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dal<span class=\"_ _2\"></span>la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">regolam<span class=\"_ _2\"></span>entazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">prudenziale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pre<span class=\"_ _2\"></span>vio<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>parere<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Collegio<span class=\"ff1\"> </span>Sindacale; -<span class=\"_ _3bd\"> </span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">parametri<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">relativi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ai<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">modelli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">interni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">utilizzati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">previo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">parere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">preventivo<span class=\"ff1\"> </span>della<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">funzione<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">convalida; </span></span>-<span class=\"_ _3bd\"> </span>i<span class=\"ff1\"> </span>criteri<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>individuare<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Operaz<span class=\"_ _2\"></span>ioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Maggior<span class=\"ff1\"> </span>Rilievo<span class=\"ff1\"> </span>(OMR)<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>approvare<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>rendicontazione<span class=\"ff1\"> </span></span></span>annuale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">relativa. </span></span>Nello<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>specifico,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>riferiment<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Rischio<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>credi<span class=\"_ _0\"></span>to<span class=\"ff1\">  </span>per<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>richieste<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dalla<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>disciplina<span class=\"ff1\"> </span>prudenziale,<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>Funzione<span class=\"ff1\"> </span>Risk<span class=\"ff1\"> </span>Management<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>tramite<span class=\"ff1\"> </span>dell\u2019u<span class=\"_ _0\"></span>ff<span class=\"_ _2\"></span>icio<span class=\"ff1\"> </span>Rischi<span class=\"ff1\"> </span>Operativi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Credito: -<span class=\"_ _3bd\"> </span>svolge<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tutte<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>previste,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>carico<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">tale</span> <span class=\"_ _21\"> </span><span class=\"ff3\">ufficio,</span> <span class=\"_ _27\"> </span><span class=\"ff3\">dal</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">Reg<span class=\"_ _0\"></span>olamento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u201c<span class=\"_ _2\"></span>Gestione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> </span></span></span>sistema<span class=\"ff1\"> </span>interno<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rating\u201d; -<span class=\"_ _3bd\"> </span>svolge<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"_ _2\"></span>ttivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>gestionali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>inerent<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quantificazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>credit<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>supporto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span><span class=\"ff3\">altr<span class=\"_ _2\"></span>e</span> </span>funzioni,<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>anche<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>riferimento<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>alle<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>operazioni<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>co<span class=\"_ _2\"></span>n<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>soggetti<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>collegati<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>verifica<span class=\"ff1\"> </span>dell\u2019adeguatezza<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>valutazioni<span class=\"ff1\"> </span>effettuate<span class=\"ff1\"> </span>sui<span class=\"ff1\"> </span>crediti<span class=\"ff1\"> </span>deteriorati. In<span class=\"_ _0\"></span>oltr<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>l\u2019<span class=\"_ _0\"></span>uffi<span class=\"_ _0\"></span>cio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Valid<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>M<span class=\"_ _0\"></span>odell<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>I<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>rni: </span></span>-<span class=\"_ _3bd\"> </span>effettua<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">convalida<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mo<span class=\"_ _2\"></span>delli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">interni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">come<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">previsto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dal<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Regola<span class=\"_ _2\"></span>mento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u201cGestione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Sistema<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Interno<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Rating\u201d<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>Regolamento<span class=\"ff1\"> </span>Risk<span class=\"ff1\"> </span>Management<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Gruppo; -<span class=\"_ _3bd\"> </span>ef<span class=\"_ _0\"></span>fett<span class=\"_ _0\"></span>ua<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">verif<span class=\"_ _0\"></span>ich<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>su<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">att<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>ntro<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>an<span class=\"_ _0\"></span>dame<span class=\"_ _0\"></span>ntal<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cred<span class=\"_ _0\"></span>ito<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">.<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span>BIL<span class=\"_ _0\"></span>AN<span class=\"_ _0\"></span>CIO<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">C<span class=\"_ _0\"></span>ONSO<span class=\"_ _0\"></span>LID<span class=\"_ _0\"></span>ATO<span class=\"ff1\"> </span>\u2013<span class=\"_ _3bd\"> </span></span></span>2.<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>Me<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>di<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>mi<span class=\"_ _0\"></span>su<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>zio<span class=\"_ _1\"></span>ne<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>rd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>at<span class=\"_ _1\"></span>tes<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>Com<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gi<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>spo<span class=\"_ _0\"></span>sto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"_ _0\"></span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">par<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">A<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dell<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pre<span class=\"_ _0\"></span>sen<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Nota<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">I<span class=\"_ _0\"></span>nteg<span class=\"_ _0\"></span>rat<span class=\"_ _0\"></span>iva,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rin<span class=\"_ _0\"></span>cipi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onta<span class=\"_ _0\"></span>bile<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">IF<span class=\"_ _0\"></span>RS<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">9<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prev<span class=\"_ _0\"></span>ede<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>criteri<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>misurazione<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>p<span class=\"_ _2\"></span>erdite<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>at<span class=\"_ _2\"></span>tese<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>articolati<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>s<span class=\"_ _2\"></span>u<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>tre<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>livelli<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>crescenti<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>di<span class=\"ff1\"> </span>deterioramento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>creditizio.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Gli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>str<span class=\"_ _2\"></span>umenti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>finan<span class=\"_ _0\"></span>ziari<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>raggrupp<span class=\"_ _0\"></span>ati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tre<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Stage<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(categorie<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>o<span class=\"ff1\"> </span>bucket),<span class=\"ff1\"> </span>su<span class=\"_ _2\"></span>lla<span class=\"ff1\"> </span>base<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>credito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell'incremento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ris<span class=\"_ _2\"></span>chio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>credito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tr<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>ilevazione<span class=\"ff1\"> </span>iniziale<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>riferimento<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>bilancio.<span class=\"ff1\"> </span>Nel<span class=\"ff1\"> </span>dettaglio: -<span class=\"_ _3bd\"> </span>Sta<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">1:</span> <span class=\"ff3\">str<span class=\"_ _0\"></span>ume<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fin<span class=\"_ _0\"></span>anzi<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">perf<span class=\"_ _0\"></span>ormi<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">che</span> <span class=\"ff3\">n<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>h<span class=\"_ _0\"></span>ann<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>sub<span class=\"_ _0\"></span>ito<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un</span> <span class=\"ff3\">si<span class=\"_ _0\"></span>gni<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>vo<span class=\"ff1\"> </span>inc<span class=\"_ _0\"></span>reme<span class=\"_ _0\"></span>nto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>loro<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischiosit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>seguito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rilevazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>iniziale,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>risultano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>avere<span class=\"ff1\"> <span class=\"_ _2\"></span></span>una<span class=\"ff1\"> <span class=\"_ _2\"></span></span>bass<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>rischiosit<span class=\"_ _2\"></span>\u00e0<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">misurazione</span> <span class=\"ff3\">(pe<span class=\"_ _0\"></span>rimet<span class=\"_ _2\"></span>ro<span class=\"ff1\"> </span>low<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">credit</span> <span class=\"ff3\">risk)<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>In<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tal<span class=\"ff1\"> </span>caso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>finita<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>rettifica<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>pari<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>perdita<span class=\"ff1\"> </span>attesa<span class=\"ff1\"> </span>entro<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>successivi<span class=\"ff1\"> </span>12<span class=\"ff1\"> </span>mesi<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>vita<span class=\"ff1\"> </span>residua<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>strumento. -<span class=\"_ _3bd\"> </span>Stage<span class=\"ff1\"> <span class=\"_ _20\"></span></span>2:<span class=\"ff1\"> <span class=\"_ _20\"></span></span>strumenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziari<span class=\"ff1\"> <span class=\"_ _20\"></span></span>performing<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>hanno<span class=\"ff1\"> <span class=\"_ _20\"></span></span>subito<span class=\"ff1\"> <span class=\"_ _21\"></span></span>un<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span><span class=\"ff3\">significativo</span> <span class=\"_ _20\"></span><span class=\"ff3\">incremento</span> <span class=\"_ _20\"></span><span class=\"ff3\">della</span> </span>lor<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>isc<span class=\"_ _0\"></span>hio<span class=\"_ _0\"></span>sit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">se<span class=\"_ _0\"></span>guit<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>all<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rile<span class=\"_ _0\"></span>vaz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ini<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">no<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>sul<span class=\"_ _0\"></span>tano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">aver<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>un<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>ba<span class=\"_ _0\"></span>ssa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>osi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>alla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>data<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>misurazione.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>In<span class=\"ff1\"> <span class=\"_ _20\"></span></span>t<span class=\"_ _2\"></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>caso<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>definita<span class=\"ff1\"> <span class=\"_ _21\"></span></span>un<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rettific<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _21\"></span></span>pari<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>perdita<span class=\"ff1\"> <span class=\"_ _21\"></span></span>attesa<span class=\"_ _0\"></span><span class=\"ff1\"> </span>nell\u2019arco<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"_ _0\"></span>l\u2019intera<span class=\"ff1\"> <span class=\"_ _21\"></span></span>vita<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>esidua<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dello<span class=\"ff1\"> <span class=\"_ _21\"></span></span>strumento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(perdita<span class=\"ff1\"> <span class=\"_ _21\"></span></span>attesa<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sulla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>vita<span class=\"ff1\"> <span class=\"_ _20\"></span></span>residua<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u2013<span class=\"ff1\"> <span class=\"_ _20\"></span></span>lifetime<span class=\"ff1\"> </span>expected<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">losses). </span></span>-<span class=\"_ _3bd\"> </span>Stage<span class=\"ff1\"> <span class=\"_ _20\"></span></span>3:<span class=\"ff1\"> <span class=\"_ _20\"></span></span>strumenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziari<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>eteriorati,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>mostr<span class=\"_ _2\"></span>ano<span class=\"ff1\"> <span class=\"_ _20\"></span></span>oggettive<span class=\"ff1\"> <span class=\"_ _2\"></span></span>evidenz<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>una<span class=\"ff1\"> <span class=\"_ _2\"></span></span>perdita<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> </span>valore.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>La<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rettifica<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u00e8<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>definita<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>analiticamente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>copr<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>perdita<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>attesa<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nell'arco<span class=\"ff1\"> </span>dell'intera<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vita<span class=\"ff1\"> </span>resid<span class=\"_ _0\"></span>ua<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">credito<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(perdita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attesa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sulla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">residua<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u2013<span class=\"ff1\"> </span>li<span class=\"_ _0\"></span>fetime<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">expected<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">losses). </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>In<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>generale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>regole<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>allocaz<span class=\"_ _2\"></span>ione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ne<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tre<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Stage<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>definite<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>G<span class=\"_ _2\"></span>ruppo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Cr<span class=\"_ _2\"></span>edem,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fonda<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sui<span class=\"ff1\"> </span>principali<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>elementi<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>forniti<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>sistema<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>rat<span class=\"_ _2\"></span>ing<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>interno<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>nonch\u00e9<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>sui<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>pr<span class=\"_ _2\"></span>incipali<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>indicatori<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>di<span class=\"ff1\"> </span>deterioramento<span class=\"ff1\"> </span>creditizio<span class=\"ff1\"> </span>monitorat<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>Gruppo<span class=\"ff1\"> </span>Crede<span class=\"_ _0\"></span>m<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gestione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>rischio. Credito<span class=\"ff1\"> </span>Emiliano<span class=\"ff1\"> </span>id<span class=\"_ _2\"></span>entifica<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>pr<span class=\"_ _2\"></span>esenza<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>significativo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>incremento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>credito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(SICR)<span class=\"ff1\"> </span>nella<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rilevazione<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">deterioramento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alme<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">classi<span class=\"ff1\"> </span>nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rating<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contropart<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dal<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">m<span class=\"_ _2\"></span>omento<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>della<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>ilevazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>iniziale.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Nel<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contempo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>classi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rating<span class=\"ff1\"> <span class=\"_ _2\"></span></span>assimilabili<span class=\"ff1\"> </span>alla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>categoria<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u201cinvestment-<span class=\"ff1\"> </span>grade\u201d<span class=\"ff1\"> <span class=\"_ _20\"></span></span>so<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _20\"></span></span>considerate<span class=\"ff1\"> <span class=\"_ _21\"></span></span>profili<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>bassa<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischiosit\u00e0<span class=\"_ _2\"></span>;<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>esposizioni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>data<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>misura<span class=\"_ _2\"></span>zione<span class=\"ff1\"> </span>rientrano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">categorie,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>classificate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dall\u2019applicativo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">interno<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riferimento<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Stage<span class=\"ff1\"> </span>1,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">senza<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>necessit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">verificare<span class=\"ff1\"> </span>l\u2019even<span class=\"_ _0\"></span>tual<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">deterioramento<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">me<span class=\"_ _0\"></span>rito<span class=\"ff1\"> </span>creditizio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">intervenuto<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">seguito<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>rilevazione<span class=\"ff1\"> </span>iniziale<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>c.d.<span class=\"ff1\"> </span>low<span class=\"_ _3bd\"> </span>credit<span class=\"_ _3bd\"> </span>risk<span class=\"_ _3bd\"> </span>exempiton). Inoltre<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>presenza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>misure<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>for<span class=\"_ _2\"></span>bearance<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>scaduto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>continu<span class=\"_ _0\"></span>ativo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>olt<span class=\"_ _2\"></span>re<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>30<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>giorni<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sono<span class=\"ff1\"> </span>considerati<span class=\"ff1\">  </span>segnali<span class=\"ff1\">  </span>oggettivi<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>deterior<span class=\"_ _2\"></span>amento<span class=\"ff1\">  </span>del<span class=\"ff1\">  </span>merito<span class=\"ff1\">  </span>creditizio,<span class=\"ff1\">  </span>pertant<span class=\"_ _2\"></span>o<span class=\"ff1\">  </span>gli<span class=\"ff1\">  </span>strumenti<span class=\"ff1\"> </span>finanziari<span class=\"ff1\"> </span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">presentano</span> <span class=\"ff3\">tali</span> <span class=\"ff3\">ev<span class=\"_ _0\"></span>idenze<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>classificati<span class=\"ff1\"> </span>direttame<span class=\"_ _0\"></span>nte<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>Stage<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2<span class=\"ff1\"> </span>senza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutare<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span></span></span></span></span></span></span>contestuale<span class=\"ff1\"> </span>presenza<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>meno<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>significativo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>incremento<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>credito<span class=\"ff1\"> </span>n\u00e9<span class=\"ff1\"> </span>tant<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>meno<span class=\"ff1\"> </span>l\u2019aderenza<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>profilo<span class=\"ff1\"> </span>ritenuto<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>bass<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>rischiosit\u00e0. Per<span class=\"ff1\"> <span class=\"_ _21\"></span></span>l\u2019<span class=\"_ _0\"></span>identificazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>crediti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>deteriorati,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>loro<span class=\"ff1\"> <span class=\"_ _21\"></span></span>allocazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _21\"></span></span>bucket<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Stage<span class=\"ff1\"> <span class=\"_ _20\"></span></span>3,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> </span>Gruppo<span class=\"ff1\">  </span>Cred<span class=\"_ _0\"></span>em<span class=\"ff1\">  </span>fa<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>riferimento<span class=\"ff1\">  </span>alla<span class=\"ff1\">  </span>de<span class=\"_ _0\"></span>finizione<span class=\"ff1\">  </span>interna<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\">  </span>credito<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>eteriorat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>disciplinata<span class=\"ff1\">  </span>nel<span class=\"ff1\"> </span>reg<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>\u201cPo<span class=\"_ _0\"></span>licy<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">gru<span class=\"_ _0\"></span>ppo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Credi<span class=\"_ _0\"></span>ti\u201d.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Tale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rego<span class=\"_ _0\"></span>lame<span class=\"_ _0\"></span>nto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">speci<span class=\"_ _0\"></span>fica<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cons<span class=\"_ _0\"></span>ider<span class=\"_ _0\"></span>ate<span class=\"ff1\"> </span>\u201c<span class=\"_ _0\"></span>def<span class=\"_ _0\"></span>ault\u201d<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>categorie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>crediti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>deteriorat<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>confor<span class=\"_ _2\"></span>mit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quanto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>previsto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>materia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dalle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>disposizioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>Vigilanza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Banca<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d\u2019Italia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(Circolare<span class=\"ff1\"> <span class=\"_ _20\"></span></span>n.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>272<span class=\"ff1\"> <span class=\"_ _2\"></span></span>30<span class=\"ff1\"> <span class=\"_ _20\"></span></span>luglio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>200<span class=\"_ _2\"></span>8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u201cMatrice<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>conti\u201d,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Sez.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>B)<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Cap.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>II,<span class=\"ff1\"> </span>\u201cQualit\u00e0<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">credito\u201d<span class=\"_ _2\"></span><span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>,<span class=\"ff1\"> </span>16\u00b0<span class=\"ff1\"> </span>aggiornamento<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>2<span class=\"ff1\"> </span>novembre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2022<span class=\"ff1\"> </span>)<span class=\"ff1\"> </span>dove<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>elencati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>criteri<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span></span></span></span></span></span></span>caratteristiche<span class=\"ff1\">  </span>richie<span class=\"_ _0\"></span>sti<span class=\"ff1\">  </span>per<span class=\"ff1\">  </span>og<span class=\"_ _0\"></span>ni<span class=\"ff1\">  </span>categoria.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>La<span class=\"ff1\">  </span>defi<span class=\"_ _0\"></span>nizione<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>default<span class=\"ff1\">  </span>comprende<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\">  </span>seguenti<span class=\"ff1\"> </span>categorie,<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>rappresentano<span class=\"ff1\"> </span>stati<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>\u201cdefault\u201d<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>severit\u00e0<span class=\"ff1\"> </span>crescente: -<span class=\"_ _3bd\"> </span>esp<span class=\"_ _1\"></span>osizio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>cadu<span class=\"_ _1\"></span>te<span class=\"ff1\"> </span>e/o<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sconf<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ete<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>rate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">(P<span class=\"_ _0\"></span>S)<span class=\"_ _0\"></span>; </span></span></span></span>-<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>ade<span class=\"_ _0\"></span>mpie<span class=\"_ _0\"></span>nze<span class=\"ff1\"> </span>pr<span class=\"_ _0\"></span>oba<span class=\"_ _0\"></span>bili<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">(IP)<span class=\"_ _0\"></span>; </span></span>-<span class=\"_ _3bd\"> </span>sof<span class=\"_ _0\"></span>fer<span class=\"_ _0\"></span>enze<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">(<span class=\"_ _0\"></span>Z)<span class=\"_ _0\"></span>. </span></span>Per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">st<span class=\"_ _2\"></span>rumenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziari<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>llocati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Stage<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">3,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rettifiche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">definite<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>u<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">base<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u201cesperta\u201d<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>relazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"_ _2\"></span>lle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>evidenze<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dell\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">gestione</span> <span class=\"_ _2\"></span><span class=\"ff3\">e</span> <span class=\"_ _21\"></span><span class=\"ff3\">recupero</span> <span class=\"_ _20\"></span><span class=\"ff3\">dei</span> <span class=\"_ _21\"></span><span class=\"ff3\">crediti</span> <span class=\"_ _20\"></span><span class=\"ff3\">deteriorati:</span> <span class=\"_ _21\"></span><span class=\"ff3\">per</span> <span class=\"_ _20\"></span><span class=\"ff3\">ciascun</span> </span>credito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>anomalo/deteriorato,<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>identificata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>una<span class=\"ff1\"> </span>percentuale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>copert<span class=\"_ _2\"></span>ura<span class=\"ff1\"> <span class=\"_ _2\"></span></span>idonea<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>rappresentare<span class=\"_ _2\"></span><span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>p<span class=\"_ _2\"></span>erdite<span class=\"ff1\"> <span class=\"_ _20\"></span></span>attese<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nella<span class=\"ff1\"> <span class=\"_ _20\"></span></span>vita<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>esidua<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>credito,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>relazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>all\u2019<span class=\"ff1\"> <span class=\"_ _21\"></span></span>anali<span class=\"_ _0\"></span>si<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>carat<span class=\"_ _2\"></span>teristiche<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rilevanti<span class=\"ff1\"> </span>quali:<span class=\"ff1\"> </span>tipologia<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rodott<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>creditizio,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ammontar<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>ll\u2019esposizione<span class=\"ff1\"> </span>creditizia,<span class=\"ff1\"> </span>anzianit\u00e0<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>stato<span class=\"ff1\"> </span></span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>deterioramento,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>presenza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>meno<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>garanzia<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>upporto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>(tipologia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>garanzia<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>li<span class=\"_ _2\"></span>vello<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> </span>copertura<span class=\"ff1\"> </span>\u201cloan<span class=\"ff1\"> </span>to<span class=\"ff1\"> </span>value\u201d). Sugli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">strumenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziari<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">allocati<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Stage<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">1<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2,<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">det<span class=\"_ _2\"></span>erminazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perdite<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attese<span class=\"ff1\"> </span>avviene<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pe<span class=\"_ _2\"></span>r<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>categorie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>crediti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">omogenee<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>termini<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ris<span class=\"_ _2\"></span>chio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">credito.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">In<span class=\"ff1\"> </span>particolare,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>ciascuna<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>caratteristiche<span class=\"ff1\"> </span>simili<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>termini<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>credito,<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>asso<span class=\"_ _2\"></span>ciate: -<span class=\"_ _3bd\"> </span>un<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>pr<span class=\"_ _0\"></span>obab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>nade<span class=\"_ _0\"></span>mpie<span class=\"_ _0\"></span>nza<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">(PD<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>\u201cP<span class=\"_ _1\"></span>robabi<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">De<span class=\"_ _0\"></span>fault<span class=\"_ _0\"></span>\u201d); </span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>una<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>perdita<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>caso<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>inadempienza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>(LGD,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u201cLos<span class=\"_ _2\"></span>s<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Given<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Default\u201d)<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>commisurata<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>anche<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>alla<span class=\"ff1\"> </span>tipologia<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziamento,<span class=\"ff1\"> </span>ossia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> </span>forma<span class=\"ff1\"> </span>t<span class=\"_ _2\"></span>ecnica,<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>t<span class=\"_ _2\"></span>ipologia<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>garanzia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> </span>ad<span class=\"ff1\"> <span class=\"_ _2\"></span></span>altri<span class=\"ff1\"> </span>fattori<span class=\"ff1\"> </span>ril<span class=\"_ _0\"></span>eva<span class=\"_ _0\"></span>nti; -<span class=\"_ _3bd\"> </span>un<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>sposi<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cas<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span>adem<span class=\"_ _0\"></span>pie<span class=\"_ _0\"></span>nza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(EA<span class=\"_ _0\"></span>D,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u201cExp<span class=\"_ _0\"></span>osu<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">at<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>efau<span class=\"_ _0\"></span>lt\u201d)<span class=\"_ _0\"></span>. </span></span></span></span></span></span></span></span></span></span></span></span>In<span class=\"ff1\"> </span>generale,<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>parametri<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>adottati<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>Gruppo<span class=\"ff1\"> </span>p<span class=\"_ _2\"></span>er<span class=\"ff1\"> </span>determinare<span class=\"ff1\"> </span>le<span class=\"_ _2\"></span><span class=\"ff1\"> </span>rettifiche<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>no<span class=\"ff1\"> </span>basati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sulle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">medesime<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ipotesi<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tecniche</span> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stima<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">modelli<span class=\"ff1\"> </span>interni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vali<span class=\"_ _2\"></span>dati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quantificazion<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">requisito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">patrimoniale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">front<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cre<span class=\"_ _2\"></span>dito<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> </span>me<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>odologia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">IRB<span class=\"ff1\"> </span>Ad<span class=\"_ _0\"></span>vanced<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(parametr<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>PD,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">LGD,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">EAD).<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">A<span class=\"ff1\"> </span>differenza<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">questi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ultimi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ch<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>efiniti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tramite<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>pproccio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>media<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">lungo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ciclo<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>(\u201ctr<span class=\"_ _2\"></span>uogh-the-cycle\u201d)<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>inclusione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>condizioni<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>macro<span class=\"_ _2\"></span>economiche<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>sfavorevoli<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>(fase<span class=\"ff1\"> </span>recessiva<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u201c<span class=\"_ _2\"></span>downturn\u201d),<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>parame<span class=\"_ _0\"></span>tri<span class=\"ff1\"> <span class=\"_ _21\"></span></span>adottati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>determinazi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _20\"></span></span>de<span class=\"_ _2\"></span>lle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rettifiche<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ai<span class=\"ff1\"> </span>sen<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span>l\u2019I<span class=\"_ _0\"></span>FRS<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">9,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">so<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>fo<span class=\"_ _0\"></span>nda<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>u<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>logi<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pun<span class=\"_ _0\"></span>tual<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>c.d.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u201c<span class=\"_ _0\"></span>poin<span class=\"_ _0\"></span>t<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tim<span class=\"_ _0\"></span>e\u201d)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"_ _0\"></span><span class=\"ff3\">pre<span class=\"_ _0\"></span>visi<span class=\"_ _0\"></span>onal<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(\u201cf<span class=\"_ _0\"></span>orwa<span class=\"_ _0\"></span>rd-<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>looking\u201d);<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>modo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"ff1\"> <span class=\"_ _2\"></span></span>essere<span class=\"ff1\"> </span>idonei<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rappresentare<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>congiuntura<span class=\"ff1\"> </span>macroeconomica<span class=\"ff1\"> <span class=\"_ _2\"></span></span>presente<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>prevista<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _20\"></span></span>breve-medio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>ermine.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Pertant<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>essi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>timati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prendendo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>considerazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> </span>dati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>storici,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>laddove<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>iano<span class=\"ff1\"> <span class=\"_ _20\"></span></span>state<span class=\"ff1\"> <span class=\"_ _20\"></span></span>identificate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>endenze<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>correlazioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>credito,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>ia<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>dic<span class=\"_ _0\"></span>atori<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">pr<span class=\"_ _0\"></span>evi<span class=\"_ _0\"></span>sion<span class=\"_ _0\"></span>ali<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>even<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>atte<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span>no<span class=\"_ _0\"></span>nch\u00e9<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">pre<span class=\"_ _0\"></span>vis<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sull\u2019<span class=\"_ _0\"></span>andam<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>cic<span class=\"_ _0\"></span>lo<span class=\"ff1\"> </span>mac<span class=\"_ _0\"></span>roec<span class=\"_ _0\"></span>onom<span class=\"_ _0\"></span>ico.<span class=\"ff1\"> </span></span></span></span></span></span></span>Le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rettifiche<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>quindi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">determinate<span class=\"ff1\"> </span>valutando<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> </span>gamma<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pos<span class=\"_ _2\"></span>sibili<span class=\"ff1\"> </span>risul<span class=\"_ _0\"></span>tati<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">modo<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>da<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>riflettere<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>importo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>obiettivo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ponderato<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>relazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>alle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>probabilit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>realizzo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>diversi<span class=\"ff1\"> </span>scenari.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Nello<span class=\"ff1\">  </span>specifico<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Gr<span class=\"_ _2\"></span>uppo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>considera<span class=\"ff1\">  </span>tre<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>scenari<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\">  </span>severit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>crescente,<span class=\"ff1\">  </span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ne<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>proiett<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>l\u2019andamento<span class=\"ff1\"> </span>sui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">parametri<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>adottati<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">misurazione<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>elle<span class=\"ff1\"> </span>perdite<span class=\"ff1\"> </span>attese,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>modo<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>he<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>essi<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>r<span class=\"_ _2\"></span>iflettano<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>condizioni<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>macro<span class=\"_ _2\"></span>economiche<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>attese<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>t<span class=\"_ _2\"></span>ali<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>scenari.<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>Le<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>tecniche<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>di<span class=\"_ _2\"></span><span class=\"ff1\"> </span>condizionamento<span class=\"ff1\">  </span>al<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>ciclo<span class=\"ff1\">  </span>macroeconomico<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>ricalcano<span class=\"ff1\">  </span>le<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>logiche<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1e\"> </span><span class=\"ff3\">adottate</span> <span class=\"_ _1e\"> </span><span class=\"ff3\">dal</span>  <span class=\"ff3\">Gruppo</span>  <span class=\"ff3\">per</span>  <span class=\"ff3\">la</span> </span>conduzione<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>esercizi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>stress<span class=\"ff1\"> </span>testing<span class=\"ff1\"> </span>indetti<span class=\"ff1\"> </span>dagli<span class=\"ff1\"> </span>organi<span class=\"ff1\"> </span>europei<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>supervisione: -<span class=\"_ _3bd\"> </span>metodi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>condizionamento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ciclo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>della<span class=\"ff1\"> <span class=\"_ _21\"></span></span>probabilit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ina<span class=\"_ _2\"></span>dempienza<span class=\"ff1\"> <span class=\"_ _21\"></span></span>(PD),<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"ff1\"> <span class=\"_ _21\"></span></span>combinano<span class=\"ff1\"> </span>ipotesi<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>variazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _2\"></span></span>merito<span class=\"ff1\"> </span>creditizio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> </span>cont<span class=\"_ _2\"></span>roparte<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(i.e.<span class=\"ff1\"> </span>variazioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nella<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valutazione<span class=\"ff1\"> </span>di<span class=\"_ _2\"></span><span class=\"ff1\"> </span>rating<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>futura<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>associata<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>alla<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>controparte)<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>ipotesi<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>var<span class=\"_ _2\"></span>iazioni<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>probabilit\u00e0<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>di<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>ade<span class=\"_ _0\"></span>mpie<span class=\"_ _0\"></span>nza<span class=\"ff1\"> </span>ass<span class=\"_ _0\"></span>oci<span class=\"_ _0\"></span>ata<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>cias<span class=\"_ _0\"></span>cun<span class=\"ff1\"> </span>pro<span class=\"_ _0\"></span>filo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">risch<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>(ad<span class=\"_ _0\"></span>ozi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c.d.</span> <span class=\"ff3\">\u201cmod<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>satel<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>e\u201d<span class=\"ff1\"> </span>inte<span class=\"_ _0\"></span>rni<span class=\"ff1\"> </span></span></span></span></span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>esprimono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>relazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>esis<span class=\"_ _2\"></span>tente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tra<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>probabilit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>inade<span class=\"_ _2\"></span>mpienza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ed<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pr<span class=\"_ _2\"></span>incipali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fattor<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>mac<span class=\"_ _0\"></span>roe<span class=\"_ _0\"></span>con<span class=\"_ _0\"></span>omici<span class=\"_ _0\"></span>); -<span class=\"_ _3bd\"> </span>me<span class=\"_ _0\"></span>todi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">condi<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>oname<span class=\"_ _0\"></span>nto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>iclo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>rdi<span class=\"_ _0\"></span>ta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">caso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">def<span class=\"_ _0\"></span>aul<span class=\"_ _0\"></span>t<span class=\"ff1\"> </span>(L<span class=\"_ _1\"></span>GD),<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">com<span class=\"_ _0\"></span>bin<span class=\"_ _0\"></span>ano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ipo<span class=\"_ _0\"></span>tes<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">variazione<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span>livello<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>terioram<span class=\"_ _2\"></span>ento<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span>cred<span class=\"_ _0\"></span>ito<span class=\"ff1\"> </span>(i.e.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">migrazioni<span class=\"ff1\"> </span>tra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">diversi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stati<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">default)<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>ed<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>i<span class=\"_ _2\"></span>potesi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">variazioni</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">nel</span> <span class=\"_ _27\"> </span><span class=\"ff3\">livello</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">di</span> <span class=\"_ _27\"> </span><span class=\"ff3\">co<span class=\"_ _2\"></span>pertura</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">de<span class=\"_ _0\"></span>lle<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>garanzie<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>support<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>credito,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"ff1\"> </span></span></span>conseguente<span class=\"ff1\"> </span>influenza<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>capacit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>recupero<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>su<span class=\"_ _0\"></span>ll\u2019ammontare<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>perdita<span class=\"ff1\"> </span>rilevato<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>caso<span class=\"_ _0\"></span><span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">default. </span></span>In<span class=\"ff1\"> </span>generale,<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>criteri<span class=\"ff1\"> </span>dettagliati<span class=\"ff1\"> </span>seguiti<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>determinazione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>rettifiche<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valore<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>ciascuno<span class=\"ff1\"> </span>Stage,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>disciplinati<span class=\"ff1\"> </span>nelle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">policy</span> <span class=\"_ _0\"></span><span class=\"ff3\">interne<span class=\"ff1\"> </span>\u201cPolicy<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Svalutazione<span class=\"ff1\"> </span>Crediti\u201d<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u201cLinee<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Guida<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>riteri<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>svalutazione<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>titoli\u201d;<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>aggiornate<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>so<span class=\"_ _2\"></span>ttoposte<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>all\u2019approvazione<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>parte<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>Cons<span class=\"_ _2\"></span>iglio<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>di<span class=\"ff1\"> </span>Amministrazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> </span>cadenza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">almeno<span class=\"ff1\"> </span>annuale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">N<span class=\"_ _2\"></span>el<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">corso<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2022<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u201cPolicy<span class=\"ff1\"> </span>Svalutazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Cre<span class=\"_ _2\"></span>diti\u201d<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>stata<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ul<span class=\"_ _0\"></span>teriormente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>aggiornata<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ed<span class=\"ff1\"> <span class=\"_ _20\"></span></span>affinata,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dopo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>revisioni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>2021,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _21\"></span></span>eff<span class=\"_ _0\"></span>etto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>lle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>analisi<span class=\"ff1\"> </span>andamentali<span class=\"ff1\"> </span>sullo<span class=\"ff1\"> </span>storico<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>svalutazioni<span class=\"ff1\"> </span>applicate<span class=\"ff1\"> </span>fino<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>fine<span class=\"ff1\"> </span>dell\u2019anno<span class=\"ff1\"> </span>prec<span class=\"_ _2\"></span>edente Va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>azi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>\u2019in<span class=\"_ _0\"></span>cr<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>to<span class=\"_ _3bd\"> </span>si<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>cat<span class=\"_ _1\"></span>ivo<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>hio<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>ito<span class=\"_ _3bd\"> </span>(S<span class=\"_ _0\"></span>IC<span class=\"_ _0\"></span>R)<span class=\"fc0 sc1\"> </span>Come<span class=\"ff1\"> <span class=\"_ _2\"></span></span>anticipato,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fram<span class=\"_ _2\"></span>ework<span class=\"ff1\"> </span>IFRS<span class=\"ff1\"> <span class=\"_ _2\"></span></span>9<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>uso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>presso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Gruppo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>relativo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>all\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>staging <span class=\"_ _2\"></span><span class=\"ff3 fs5\">degli<span class=\"ff1\"> </span></span>strumenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziari<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bonis<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">st<span class=\"_ _2\"></span>ato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mantenuto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">inalterat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dell\u2019emergenza<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Covid-19.<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>L\u2019approccio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>adottat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>si<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>basa<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>su<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>principio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>classificazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tipo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>analitico,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ovvero<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>bas<span class=\"_ _2\"></span>ato<span class=\"ff1\"> </span>sull\u2019analisi<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>singole<span class=\"ff1\"> </span>posizioni.<span class=\"ff1\"> </span>I<span class=\"ff1\"> </span>driver<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>staging <span class=\"ff3 fs5\">impiegati<span class=\"ff1\"> </span>sono: </span>-<span class=\"_ _3bd\"> </span>Valutazione<span class=\"ff1\">  </span>del<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Significant<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Increase<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Credit<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Risk<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>(i.e.<span class=\"ff1\">  </span>SICR)<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>tram<span class=\"_ _2\"></span>ite<span class=\"ff1\">  </span>misurazione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>della<span class=\"ff1\"> </span>variazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rating<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>riferimento<span class=\"ff1\"> </span>rispetto<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">origination</span> <span class=\"ff3\">della</span> <span class=\"ff3\">posizione:</span> <span class=\"ff3\">in</span> </span></span></span>caso<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rilevamento<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> </span>delta<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>pegg<span class=\"_ _0\"></span>ioramento<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>uperiore<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2<span class=\"ff1\"> </span>notch<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sulla<span class=\"ff1\"> </span>masterscale<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">r<span class=\"_ _0\"></span>atin<span class=\"_ _0\"></span>g<span class=\"fsd\">2</span>,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pos<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span>au<span class=\"_ _1\"></span>tomati<span class=\"_ _0\"></span>cam<span class=\"_ _0\"></span>ente<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>ssifi<span class=\"_ _0\"></span>cata<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sta<span class=\"_ _0\"></span>ge<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">2.<span class=\"ff1\"> </span>I<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>aso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">contra<span class=\"_ _0\"></span>rio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>osizi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">classificata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stage<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">1.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Tale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">criterio<span class=\"ff1\"> </span>risulta<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">carattere<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">relativo,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">prevedendo<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">confr<span class=\"_ _2\"></span>onto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>situazione<span class=\"ff1\"> </span>creditizia<span class=\"ff1\"> </span>rilevata<span class=\"ff1\"> </span>all\u2019erogazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>credito; -<span class=\"_ _3bd\"> </span>Criterio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>backstop<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sui<span class=\"ff1\"> <span class=\"_ _21\"></span></span>giorni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>scad<span class=\"_ _0\"></span>uto:<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>caso<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rilevamento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>30<span class=\"ff1\"> <span class=\"_ _21\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pi\u00f9<span class=\"ff1\"> <span class=\"_ _20\"></span></span>gior<span class=\"_ _2\"></span>ni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>scaduto<span class=\"ff1\"> </span>continuativo<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>posizione<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>automaticamente<span class=\"ff1\"> </span>classificata<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>tage<span class=\"ff1\"> </span>2; -<span class=\"_ _3bd\"> </span>Cri<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>back<span class=\"_ _0\"></span>stop<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sull<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>misu<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>forb<span class=\"_ _0\"></span>ear<span class=\"_ _0\"></span>ance<span class=\"_ _0\"></span>:<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>caso<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">cla<span class=\"_ _0\"></span>ssif<span class=\"_ _0\"></span>icazi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"_ _2\"></span><span class=\"ff3\">forb<span class=\"_ _0\"></span>orne<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">pe<span class=\"_ _0\"></span>rfo<span class=\"_ _0\"></span>rmin<span class=\"_ _0\"></span>g,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>la<span class=\"ff1\"> </span>posizione<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>automaticamente<span class=\"ff1\"> </span>classificata<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>stage<span class=\"ff1\"> </span>2. Si<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>precisa<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>come<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>soglia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>2<span class=\"ff1\"> </span>notch <span class=\"_ _27\"> </span><span class=\"ff3 fs5\">in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>peggioramento<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>tata<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>mo<span class=\"_ _2\"></span>dificata<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>nell\u2019ambito<span class=\"ff1\"> </span></span>dell\u2019emergenza<span class=\"ff1\"> <span class=\"_ _21\"></span></span>da<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Covid-19,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>com<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>que<span class=\"_ _0\"></span>sta<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ris<span class=\"_ _2\"></span>ulti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>appli<span class=\"_ _0\"></span>cata<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>indistintamente<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>prescindere<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dal<span class=\"ff1\"> </span>portafoglio/segmento<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>appartenenza<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>classe<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rating<span class=\"ff1\"> </span>relativa<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>posizione<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>analisi. Mi<span class=\"_ _0\"></span>su<span class=\"_ _0\"></span>raz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>per<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span>at<span class=\"_ _1\"></span>tese<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>De<span class=\"_ _0\"></span>fi<span class=\"_ _0\"></span>niz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>sc<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>io<span class=\"fc0 sc1\"> </span>Gli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>scenari<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>forniti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>provider<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>esterno:<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dett<span class=\"_ _2\"></span>aglio,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>vengono<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>individuati<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>t<span class=\"_ _2\"></span>re<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Scenari:<span class=\"ff1\"> </span>Bas<span class=\"_ _0\"></span>eli<span class=\"_ _0\"></span>ne <span class=\"ff3 fs5\">(<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ind<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dal<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">forni<span class=\"_ _0\"></span>tore<span class=\"_ _0\"></span>),<span class=\"ff1\"> </span></span></span></span></span></span></span></span>Bad <span class=\"_ _0\"></span><span class=\"ff3 fs5\">e<span class=\"ff1\"> </span></span>Go<span class=\"_ _0\"></span>od <span class=\"ff3 fs5\">(<span class=\"_ _0\"></span>ris<span class=\"_ _0\"></span>pett<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span>mente<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ind<span class=\"_ _0\"></span>ivid<span class=\"_ _0\"></span>uati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>ome<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">g<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Sce<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>ri<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span>S3<span class=\"_ _3bd\"> </span>ed<span class=\"ff1\"> </span>S1 <span class=\"ff3 fs5\">d<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span>medesimo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fornitore).<span class=\"ff1\"> </span>Per<span class=\"ff1\"> </span>tali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">diversi<span class=\"ff1\"> </span>scenari,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">so<span class=\"_ _2\"></span>no<span class=\"ff1\"> </span>fornite<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inoltre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">relative<span class=\"ff1\"> </span>probabilit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>accadimento,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> </span>utilizzat<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ponderare<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>diverse<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>time<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ECL<span class=\"ff1\"> </span>derivanti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pervenire<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>stima<span class=\"ff1\"> </span>complessiva. A<span class=\"ff1\"> </span>seguito<span class=\"ff1\"> </span>dell\u2019emergenza<span class=\"ff1\"> </span>sanitaria<span class=\"ff1\"> </span>legata<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>pandemia<span class=\"ff1\"> </span>Covid-19<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>Istitut<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>stati<span class=\"ff1\"> </span>chiamati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span>istituire<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">m<span class=\"_ _2\"></span>eccanismi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>monitoraggio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>egli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Scenari<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sott<span class=\"_ _2\"></span>ostanti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ai<span class=\"ff1\"> </span>modelli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>della<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">relat<span class=\"_ _2\"></span>iva<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ensitivity<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>in<span class=\"ff1\"> </span>contesti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>forte<span class=\"ff1\"> </span>volatilit\u00e0. In<span class=\"_ _0\"></span>oltr<span class=\"_ _0\"></span>e,<span class=\"ff1\"> </span>nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">cor<span class=\"_ _0\"></span>so<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">2022,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">liv<span class=\"_ _0\"></span>ello<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">ince<span class=\"_ _0\"></span>rtez<span class=\"_ _0\"></span>za<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>lativ<span class=\"_ _1\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>all<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>congi<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>tura<span class=\"ff1\"> </span>ma<span class=\"_ _0\"></span>croec<span class=\"_ _0\"></span>ono<span class=\"_ _0\"></span>mica<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">glob<span class=\"_ _0\"></span>ale<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>\u00e8<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>tato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ulteriormente<span class=\"ff1\"> </span>innalzato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>causa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dello<span class=\"ff1\"> <span class=\"_ _2\"></span></span>scoppio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conflitt<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fra<span class=\"ff1\"> </span>Russia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Ucraina<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(i.e.<span class=\"ff1\"> </span>Cri<span class=\"_ _2\"></span>si<span class=\"ff1\"> </span>RU/UA),<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ha<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>reso<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>previsioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>macr<span class=\"_ _2\"></span>oeconomiche<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>so<span class=\"_ _2\"></span>ttostanti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>agli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>scenari<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>macr<span class=\"_ _2\"></span>oeconomici<span class=\"ff1\"> </span>impiegati<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>ambito<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>IFRS9<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>potenzialmente<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>instabili.<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>P<span class=\"_ _2\"></span>er<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>tale<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>motivo,<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>visto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _118\"> </span></span>l\u2019attenuarsi<span class=\"ff1\"> </span>dell\u2019emergenza<span class=\"ff1\">  </span>sanitaria<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>e<span class=\"ff1\">  </span>d<span class=\"_ _2\"></span>elle<span class=\"ff1\">  </span>sue<span class=\"ff1\">  </span>r<span class=\"_ _2\"></span>icadute<span class=\"ff1\">  </span>su<span class=\"_ _2\"></span>ll\u2019economia<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>globale,<span class=\"ff1\">  </span>il<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>principale<span class=\"ff1\">  </span>fat<span class=\"_ _2\"></span>tore<span class=\"ff1\">  </span>di<span class=\"ff1\"> </span>incertezza<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>gestire<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>Dicembre<span class=\"ff1\"> </span>2022<span class=\"ff1\"> </span>riguarda<span class=\"ff1\"> </span>proprio<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>cris<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>RU/UA. In<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tale<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>contesto,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Gr<span class=\"_ _2\"></span>uppo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ha<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>confermato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>l\u2019utiliz<span class=\"_ _0\"></span>zo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pro<span class=\"_ _2\"></span>vider<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>g<span class=\"_ _0\"></span>i\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>u<span class=\"_ _0\"></span>so<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>valu<span class=\"_ _0\"></span>tando<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tuttavia<span class=\"ff1\"> </span>tempo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tempo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ponderazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>attribuire<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ai<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tre<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>scenari<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>macroeconomici<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>disponi<span class=\"_ _0\"></span>bili.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>A<span class=\"ff1\"> </span>Dicembre<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>2022<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _23\"> </span><span class=\"ff3\">stabilito</span> <span class=\"_ _23\"> </span><span class=\"ff3\">di</span> <span class=\"_ _23\"> </span><span class=\"ff3\">ricalibrare</span> <span class=\"_ _23\"> </span><span class=\"ff3\">la</span> <span class=\"_ _23\"> </span><span class=\"ff3\">p<span class=\"_ _0\"></span>onderazion<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>degli<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>s<span class=\"_ _2\"></span>cenari,<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>definendo<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>una<span class=\"ff1\"> </span></span></span>ponderazione<span class=\"ff1\"> </span>alternativa<span class=\"ff1\"> </span>pi\u00f9<span class=\"ff1\"> </span>severa<span class=\"ff1\"> </span>ris<span class=\"_ _2\"></span>petto<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>Dicembre<span class=\"ff1\"> </span>2021:<span class=\"ff1\"> </span>0%<span class=\"ff1\"> </span>Good,<span class=\"ff1\"> </span>60%<span class=\"ff1\"> </span>Bad,<span class=\"ff1\"> </span>40%<span class=\"ff1\"> </span>Baseline<span class=\"ff1\"> </span>(rispetto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">precedenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">0<span class=\"_ _2\"></span>%<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Good,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">40%<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Bad,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">60%<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Baseline).<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">I<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pri<span class=\"_ _2\"></span>ncipale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">razionale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sottos<span class=\"_ _2\"></span>tante<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tale<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>scelta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">data<span class=\"ff1\"> </span>dal<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">potenziale<span class=\"ff1\"> </span>perdurare<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">della<span class=\"ff1\"> </span>Crisi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">RU/UA<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">relativi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">impatti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">macroeconomici,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>particolare<span class=\"ff1\"> </span>riferimento<span class=\"ff1\"> </span>all\u2019andamento<span class=\"ff1\"> </span>dell\u2019inflazione. In<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">aggiunta,<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>ine<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valu<span class=\"_ _0\"></span>tare<span class=\"ff1\"> </span>eventuali<span class=\"ff1\"> </span>trattamenti<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>cessari<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>gestire<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>particolarit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">derivanti<span class=\"ff1\"> </span></span></span></span></span></span></span>da<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>una<span class=\"ff1\">  </span>situazione<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">macroeconomica</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">prospettica</span>  <span class=\"ff3\">fo<span class=\"_ _0\"></span>rtemente<span class=\"ff1\">  </span>i<span class=\"_ _0\"></span>nfluenzata<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dalla<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Cris<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>RU/UA,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>si<span class=\"ff1\"> </span></span></span>rip<span class=\"_ _0\"></span>orta<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">segu<span class=\"_ _0\"></span>ito<span class=\"ff1\"> </span>gl<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>anda<span class=\"_ _0\"></span>menti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">attes<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">varia<span class=\"_ _0\"></span>bili<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">PIL</span> <span class=\"ff3\">Euro<span class=\"_ _0\"></span>peo<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>In<span class=\"_ _0\"></span>fla<span class=\"_ _0\"></span>zione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Europ<span class=\"_ _0\"></span>ea<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">relativ<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>alle<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>varie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>deliveries,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>inclusa<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quella<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Sett<span class=\"_ _2\"></span>embre<span class=\"ff1\"> <span class=\"_ _20\"></span></span>2022,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>impiegata<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _21\"></span></span>presente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>aggiornamento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sulla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>contabile<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Dicembre<span class=\"ff1\"> </span>2022. Com<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">risu<span class=\"_ _0\"></span>lta<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">poss<span class=\"_ _0\"></span>ibil<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">osser<span class=\"_ _0\"></span>var<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">grafi<span class=\"_ _0\"></span>ci<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ripo<span class=\"_ _0\"></span>rtat<span class=\"_ _0\"></span>i,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">lo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>co<span class=\"_ _0\"></span>ppi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Cri<span class=\"_ _0\"></span>si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">RU/U<span class=\"_ _0\"></span>A,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conseg<span class=\"_ _0\"></span>uen<span class=\"_ _0\"></span>te </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>inclusione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>relativo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>andamento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>att<span class=\"_ _2\"></span>eso<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nell<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>proiezioni<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>macr<span class=\"_ _2\"></span>oeconomiche,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ha<span class=\"ff1\"> <span class=\"_ _21\"></span></span>portato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ad<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>un<span class=\"ff1\"> </span>drastico<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>rialzo<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>previsioni<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>variabile<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>I<span class=\"_ _2\"></span>nflazione<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>Europea<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>r<span class=\"_ _2\"></span>ispetto<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>alle<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>delivery<span class=\"ff1\"> </span>precedentemente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>impiegate.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>P<span class=\"_ _2\"></span>er<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tale<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ragione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>optato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>inserire<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>partire<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>presente<span class=\"ff1\"> </span>ag<span class=\"_ _0\"></span>gio<span class=\"_ _0\"></span>rname<span class=\"_ _0\"></span>nto<span class=\"ff1\"> </span>(i<span class=\"_ _0\"></span>.e.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">data<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">conta<span class=\"_ _0\"></span>bil<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Dice<span class=\"_ _0\"></span>mbre<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">202<span class=\"_ _0\"></span>2<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">impieg<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>deg<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>cena<span class=\"_ _0\"></span>ri<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Sett<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>20<span class=\"_ _0\"></span>22)<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>un<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ulteriore<span class=\"ff1\"> <span class=\"_ _21\"></span></span>correttivo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dedicato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>gesti<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _21\"></span></span>l\u2019i<span class=\"_ _0\"></span>mpatto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sui<span class=\"ff1\"> <span class=\"_ _20\"></span></span>parametri<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rischio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>lle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>previsioni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sulla<span class=\"ff1\"> </span></span></span>variabile<span class=\"ff1\"> </span>Inflazione,<span class=\"ff1\"> </span>influenzate<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>modo<span class=\"ff1\"> </span>particolare<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>Crisi<span class=\"ff1\"> </span>RU/UA. Nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>ttag<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>o,<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onsi<span class=\"_ _0\"></span>dera<span class=\"_ _0\"></span>ndo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i</span> <span class=\"ff3\">mo<span class=\"_ _0\"></span>del<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sate<span class=\"_ _0\"></span>lli<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">stat<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">svilu<span class=\"_ _0\"></span>ppat<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>rtir<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>da<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">una<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">se<span class=\"_ _0\"></span>rie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">storic<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">manifesta<span class=\"ff1\"> </span>una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">correlazione<span class=\"ff1\"> </span>negativa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tra<span class=\"ff1\"> </span>tassi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>fault<span class=\"ff1\"> </span>ed<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inflazione<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> </span>caratterizzata<span class=\"ff1\"> </span>da<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>shock<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>esogeni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>assimilabili<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>alla<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>crisi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>RU/UA,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>stati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>introdotti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>accorgimenti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>prud<span class=\"_ _0\"></span>enziali<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>per<span class=\"ff1\"> </span>evitare<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>proiettare<span class=\"ff1\"> </span>tassi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>default<span class=\"ff1\"> </span>(e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>conseguenza<span class=\"ff1\"> </span>Danger<span class=\"ff1\"> </span>Rate)<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>forte<span class=\"ff1\"> </span>riduzione. Ad<span class=\"_ _0\"></span>eg<span class=\"_ _0\"></span>ua<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>mo<span class=\"_ _1\"></span>dell<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>ov<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>y<span class=\"fc0 sc1\"> </span>La<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">qu<span class=\"_ _0\"></span>anti<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>de<span class=\"_ _1\"></span>lle<span class=\"ff1\"> </span>E<span class=\"_ _0\"></span>CL<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">basa<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">su<span class=\"_ _1\"></span>: </span></span></span></span></span></span></span></span> l\u2019<span class=\"_ _0\"></span>appl<span class=\"_ _0\"></span>icaz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sce<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>ri<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>orni<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prov<span class=\"_ _0\"></span>ide<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>este<span class=\"_ _1\"></span>rno<span class=\"ff1\"> </span>ai<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mode<span class=\"_ _0\"></span>lli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sate<span class=\"_ _1\"></span>llite<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">svi<span class=\"_ _0\"></span>lupp<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">int<span class=\"_ _0\"></span>ern<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>te; </span></span></span></span></span></span></span></span></span></span></span></span> l\u2019applicazione<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>effetti<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>scenari<span class=\"ff1\"> </span>(i.e.<span class=\"ff1\"> </span>shift)<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>ma<span class=\"_ _2\"></span>trici<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>migrazione<span class=\"ff1\"> </span>inclusive<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> </span>PD<span class=\"ff1\"> </span>e<span class=\"_ _2\"></span><span class=\"ff1\"> </span>l\u2019adozione<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>l\u2019appro<span class=\"_ _2\"></span>ccio<span class=\"ff1\"> </span>markoviano<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dell\u2019approccio</span> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">survival<span class=\"ff1\"> <span class=\"_ _2\"></span></span>analysis<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>quantificare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>PD<span class=\"ff1\"> </span></span></span></span></span>in<span class=\"ff1\"> </span>ottica<span class=\"ff1\"> </span>lifetime<span class=\"ff1\"> </span>forward-looking;  l\u2019integrazione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>logiche<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>forwar<span class=\"_ _2\"></span>d-looking<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>anche<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>ne<span class=\"_ _2\"></span>lla<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>LGD<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>att<span class=\"_ _2\"></span>raverso<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>l\u2019incorporazione<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"_ _1\"></span> informazioni<span class=\"ff1\"> </span>prospettiche<span class=\"ff1\"> </span>sull\u2019andamento<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>mercato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>immobiliare<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>applicazione<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>shift<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>Danger<span class=\"ff1\"> </span>Rate<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>linea<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>quanto<span class=\"ff1\"> </span>condotto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>PD. Tali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>regole<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>state<span class=\"ff1\"> <span class=\"_ _2\"></span></span>individuate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nell\u2019ottica<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>minimizzare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"_ _2\"></span>nterventi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>natura<span class=\"ff1\"> <span class=\"_ _20\"></span></span>discrezionale<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>quantificazione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>loan<span class=\"ff1\"> </span>loss<span class=\"ff1\"> </span>provision. Nel<span class=\"ff1\"> </span>contesto<span class=\"ff1\"> </span>Covid-19<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>crisi<span class=\"ff1\"> </span>RU/UA,<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>stati<span class=\"ff1\"> </span>definiti<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>implementati<span class=\"ff1\"> </span>alcuni<span class=\"ff1\"> </span>aggiustamenti<span class=\"ff1\"> </span>ai<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">modelli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(overlay<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">factors)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tenere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conto<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>egli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"_ _2\"></span>ffetti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">connes<span class=\"_ _2\"></span>si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">str<span class=\"_ _2\"></span>aordinariet\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contesto<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>macroeconomico<span class=\"ff1\"> </span>che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delineato<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">misure<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>sostegno<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">all\u2019economia</span> <span class=\"_ _0\"></span><span class=\"ff3\">emesse<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>al<span class=\"ff1\"> </span>Governo.<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>Per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quanto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>riguarda<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l\u2019attuale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>aggiornamento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Framework,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l\u2019unico<span class=\"ff1\"> <span class=\"_ _20\"></span></span>overlay<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rimast<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>vigore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"ff1\"> </span>relativo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a: </span></span>a)<span class=\"_ _3bd\"> </span>la<span class=\"_ _3bd\"> </span>sterilizz<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>dei<span class=\"_ _3bd\"> </span>tass<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>Prepa<span class=\"_ _0\"></span>yment<span class=\"_ _3bd\"> </span>atte<span class=\"_ _0\"></span>si, <span class=\"_ _1\"></span><span class=\"ff3\">ovvero<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019azzeramento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">probabilit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stimate<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>osservare<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>eventi<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>rimbor<span class=\"_ _2\"></span>so<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>anticipato<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>debito<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>processo<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>di<span class=\"ff1\"> </span>determinazione<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>elle<span class=\"ff1\"> </span>perdite<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attese<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"ff1\"> </span>crediti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rateali<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bonis.<span class=\"ff1\"> </span>Si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">precisa<span class=\"ff1\"> </span>come<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tale<span class=\"ff1\"> </span>correttivo<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>ab<span class=\"_ _0\"></span>bia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">imp<span class=\"_ _0\"></span>atto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _1\"></span>sclus<span class=\"_ _0\"></span>ivame<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sulle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cu<span class=\"_ _0\"></span>rve<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Pre<span class=\"_ _0\"></span>pay<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>li<span class=\"_ _0\"></span>feti<span class=\"_ _0\"></span>me<span class=\"_ _3bd\"> </span>for<span class=\"_ _0\"></span>war<span class=\"_ _0\"></span>d-lo<span class=\"_ _0\"></span>okin<span class=\"_ _0\"></span>g <span class=\"_ _0\"></span><span class=\"ff3 fs5\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>rod<span class=\"_ _0\"></span>otti<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span>rate<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>i. An<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>isi<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>se<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>ity<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>gl<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>Sc<span class=\"_ _0\"></span>ena<span class=\"_ _1\"></span>ri<span class=\"fc0 sc1\"> </span>Si<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>riportano<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>seguito<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>informazioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>r<span class=\"_ _2\"></span>elative<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ai<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>valori<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>medi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>principali<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>indicator<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>macro-<span class=\"ff1\"> </span>economici<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>finan<span class=\"_ _2\"></span>ziari<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>utilizzati<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>negli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>scenari,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>relativamente<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>t<span class=\"_ _2\"></span>riennio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>2023-2025<span class=\"_ _2\"></span>,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ricordiamo<span class=\"ff1\"> </span>inoltre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dall\u2019analisi<span class=\"ff1\"> </span>comparata<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>questi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ultimi<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>lo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Scenario<span class=\"ff1\"> </span>fornito<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ECB<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">st<span class=\"_ _2\"></span>ata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">definita<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>seguente<span class=\"ff1\"> </span>ponderazione<span class=\"ff1\"> </span>alternativa:<span class=\"ff1\"> </span>0%<span class=\"ff1\"> </span>Good,<span class=\"ff1\"> </span>60%<span class=\"ff1\"> </span>Bad,<span class=\"ff1\"> </span>40%<span class=\"ff1\"> </span>Baseline. Per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ogni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>indicatore<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>iportato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>base<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>consuntivo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>(nella<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fatt<span class=\"_ _2\"></span>ispecie<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Settembre<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>2022)<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> </span>termini<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>as<span class=\"_ _2\"></span>soluti,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>as<span class=\"_ _2\"></span>sunto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"></span></span>stesse<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>variabili<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>nello<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Scenario<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Baseline<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>variazione<span class=\"ff1\"> </span>percentuale<span class=\"ff1\"> </span>rispetto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ad<span class=\"ff1\"> </span>esso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>degli<span class=\"ff1\"> </span>Scenari<span class=\"ff1\"> <span class=\"_ _2\"></span></span>designati<span class=\"ff1\"> </span>come<span class=\"ff1\"> <span class=\"_ _2\"></span></span>avverso<span class=\"_ _2\"></span><span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>favor<span class=\"_ _2\"></span>evole<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>ognuno<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>3<span class=\"ff1\"> </span>fine<span class=\"ff1\"> <span class=\"_ _2\"></span></span>anno<span class=\"ff1\"> <span class=\"_ _20\"></span></span>compresi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nell\u2019orizzont<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>temporale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>c<span class=\"_ _2\"></span>ui<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>principio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>richiede<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>adottar<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> <span class=\"_ _20\"></span></span>approccio<span class=\"ff1\"> </span>forward-looking<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> </span>stime<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>ECL. Macrovariabile<span class=\"_ _3bd\"> </span>Consuntivo<span class=\"_ _3bd\"> </span>dic-<span class=\"_ _3bd\"> </span>23<span class=\"_ _3bd\"> </span>dic-<span class=\"_ _3bd\"> </span>24<span class=\"_ _3bd\"> </span>dic-25<span class=\"_ _3bd\"> </span>set-<span class=\"_ _3bd\"> </span>22<span class=\"_ _3bd\"> </span>Bad<span class=\"_ _3bd\"> </span>Baseline<span class=\"_ _3bd\"> </span>Go<span class=\"_ _0\"></span>od<span class=\"_ _3bd\"> </span>Bad<span class=\"_ _3bd\"> </span>Baseline<span class=\"_ _3bd\"> </span>Go<span class=\"_ _0\"></span>od<span class=\"_ _3bd\"> </span>Bad<span class=\"_ _3bd\"> </span>Baseline<span class=\"_ _3bd\"> </span>Go<span class=\"_ _0\"></span>od<span class=\"_ _3bd\"> </span>PIL<span class=\"_ _3bd\"> </span>It<span class=\"_ _0\"></span>alia<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>733<span class=\"_ _3bd\"> </span>-6,<span class=\"_ _0\"></span>23<span class=\"_ _0\"></span>%<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>743<span class=\"_ _3bd\"> </span>1,92%<span class=\"_ _3bd\"> </span>-5,56%<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>780<span class=\"_ _3bd\"> </span>1,72%<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>4,<span class=\"_ _0\"></span>51<span class=\"_ _0\"></span>%<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>811<span class=\"_ _3bd\"> </span>1,61%<span class=\"_ _3bd\"> </span>PIL<span class=\"_ _3bd\"> </span>E<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>10.9<span class=\"_ _0\"></span>03<span class=\"_ _3bd\"> </span>-6,<span class=\"_ _0\"></span>09<span class=\"_ _0\"></span>%<span class=\"_ _3bd\"> </span>11.0<span class=\"_ _0\"></span>15<span class=\"_ _3bd\"> </span>2,20%<span class=\"_ _3bd\"> </span>-5,43%<span class=\"_ _3bd\"> </span>11.2<span class=\"_ _0\"></span>86<span class=\"_ _3bd\"> </span>1,96%<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>4,<span class=\"_ _0\"></span>39<span class=\"_ _0\"></span>%<span class=\"_ _3bd\"> </span>11.5<span class=\"_ _0\"></span>35<span class=\"_ _3bd\"> </span>1,84%<span class=\"_ _3bd\"> </span>Tasso<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>Diso<span class=\"_ _0\"></span>ccup<span class=\"_ _1\"></span>azione<span class=\"_ _3bd\"> </span>7,<span class=\"_ _0\"></span>92%<span class=\"_ _3bd\"> </span>35,29<span class=\"_ _0\"></span>%<span class=\"_ _3bd\"> </span>8,<span class=\"_ _0\"></span>53%<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>4,07%<span class=\"_ _3bd\"> </span>27,93<span class=\"_ _0\"></span>%<span class=\"_ _3bd\"> </span>8,<span class=\"_ _1\"></span>45%<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>3,77%<span class=\"_ _3bd\"> </span>19,43<span class=\"_ _0\"></span>%<span class=\"_ _3bd\"> </span>8,<span class=\"_ _1\"></span>40%<span class=\"_ _3bd\"> </span>-2,<span class=\"_ _0\"></span>94<span class=\"_ _0\"></span>%<span class=\"_ _3bd\"> </span>Indice<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>Produzion<span class=\"_ _2\"></span>e<span class=\"_ _3bd\"> </span>Indu<span class=\"_ _0\"></span>str<span class=\"_ _0\"></span>iale<span class=\"_ _3bd\"> </span>10<span class=\"_ _1\"></span>4<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>13,15<span class=\"_ _0\"></span>%<span class=\"_ _3bd\"> </span>10<span class=\"_ _1\"></span>6<span class=\"_ _3bd\"> </span>3,78%<span class=\"_ _3bd\"> </span>-9,16%<span class=\"_ _3bd\"> </span>10<span class=\"_ _1\"></span>9<span class=\"_ _3bd\"> </span>3,07%<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>7,<span class=\"_ _0\"></span>48<span class=\"_ _0\"></span>%<span class=\"_ _3bd\"> </span>11<span class=\"_ _1\"></span>2<span class=\"_ _3bd\"> </span>2,85%<span class=\"_ _3bd\"> </span>In<span class=\"_ _0\"></span>dice<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>Prez<span class=\"_ _0\"></span>zi<span class=\"_ _3bd\"> </span>deg<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span>Imm<span class=\"_ _0\"></span>obi<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span>Res<span class=\"_ _0\"></span>iden<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span>it<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>iani<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>077<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>11,48<span class=\"_ _0\"></span>%<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>116<span class=\"_ _3bd\"> </span>3,13%<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>17,79<span class=\"_ _0\"></span>%<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>211<span class=\"_ _3bd\"> </span>4,07%<span class=\"_ _3bd\"> </span>-19,96<span class=\"_ _0\"></span>%<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>341<span class=\"_ _3bd\"> </span>4,59%<span class=\"_ _3bd\"> </span>Tr<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>tam<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>to<span class=\"_ _3bd\"> </span>ga<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>pu<span class=\"_ _0\"></span>bb<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>che<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>calco<span class=\"_ _2\"></span>lo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ECL<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>garanzie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>stat<span class=\"_ _2\"></span>ali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>erogate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>come<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>isposta<span class=\"ff1\"> <span class=\"_ _20\"></span></span>straordinaria<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>ostegno<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>l\u2019e<span class=\"_ _0\"></span>conom<span class=\"_ _0\"></span>ia<span class=\"ff1\"> </span>reale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nel</span> <span class=\"ff3\">conte<span class=\"_ _0\"></span>sto<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>l\u2019e<span class=\"_ _0\"></span>merge<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sani<span class=\"_ _0\"></span>tar<span class=\"_ _0\"></span>ia<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>corso<span class=\"ff1\"> </span>son<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>co<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>dera<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>anal<span class=\"_ _0\"></span>oga<span class=\"_ _0\"></span>mente<span class=\"ff1\"> </span></span></span>alle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">altre<span class=\"ff1\"> </span>garanzie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>tatali<span class=\"ff1\"> </span>presenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">portafoglio.<span class=\"ff1\"> </span>Non<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">previsti<span class=\"ff1\"> </span>trattamenti<span class=\"ff1\"> </span>ad<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">hoc,</span> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">garanzie<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>contribuiscono<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mitigare<span class=\"ff1\"> </span>l\u2019ECL<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sui</span> <span class=\"ff3\">rapporti</span> <span class=\"ff3\">a<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cui</span> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>associate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tramite<span class=\"ff1\"> </span>princ<span class=\"_ _0\"></span>ipio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>sostituzione<span class=\"_ _0\"></span>:<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>la<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uota<span class=\"ff1\"> </span>coperta<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>esse<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vien<span class=\"_ _2\"></span>e,<span class=\"ff1\"> </span>quindi,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">as<span class=\"_ _2\"></span>sociata<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">livello<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rischio</span> <span class=\"_ _0\"></span><span class=\"ff3\">dell\u2019emittente<span class=\"ff1\"> </span>(in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">q<span class=\"_ _2\"></span>uesto<span class=\"ff1\"> </span>caso<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>lo<span class=\"ff1\"> </span>stato<span class=\"ff1\"> </span>italiano,<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>rating<span class=\"ff1\"> </span>DBRS<span class=\"ff1\"> </span>BBBH)<span class=\"ff1\"> </span>invece<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>quello<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>co<span class=\"_ _2\"></span>ntroparte. 2.<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>Te<span class=\"_ _0\"></span>cni<span class=\"_ _0\"></span>ch<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>mit<span class=\"_ _1\"></span>iga<span class=\"_ _0\"></span>zio<span class=\"_ _1\"></span>ne<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>hio<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>o<span class=\"fc0 sc1\"> </span>I<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>oll<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span>ral<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le</span> <span class=\"ff3\">g<span class=\"_ _0\"></span>aran<span class=\"_ _0\"></span>zie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rive<span class=\"_ _0\"></span>sto<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>arti<span class=\"_ _0\"></span>col<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rile<span class=\"_ _0\"></span>vanz<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">strat<span class=\"_ _0\"></span>egi<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>redi<span class=\"_ _0\"></span>tizi<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>Gr<span class=\"_ _0\"></span>upp<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>Cre<span class=\"_ _0\"></span>dem<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>in<span class=\"ff1\"> </span>quan<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>consentono<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mitigazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> </span>comple<span class=\"_ _0\"></span>ssivo<span class=\"ff1\"> </span>ciclo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vita<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>redito,<span class=\"ff1\"> </span>pur<span class=\"ff1\"> </span>mantene<span class=\"_ _0\"></span>ndo<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span></span></span></span></span></span></span>carattere<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>accessorio<span class=\"ff1\">  </span>n<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>processo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>valutazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>concessione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>credito<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dove<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>l\u2019elemento<span class=\"ff1\"> </span>fondante<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>capacit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rimborso<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>debitore.<span class=\"ff1\"> </span>In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tal</span> <span class=\"ff3\">senso</span> <span class=\"ff3\">l\u2019acquisizione</span> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>stesse,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">comport<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un\u2019approfondita<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valutativa<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sia<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fase<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">acquisizione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sia<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">monitoraggio<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gestione. </span></span>Per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>collateral<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>mmobiliari<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">definiti,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">conformemente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ad<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">requisiti<span class=\"ff1\"> </span>normativi,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>princi<span class=\"_ _0\"></span>pi<span class=\"ff1\"> </span>generali<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">consentono<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">prudente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">processo<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valutazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">degli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">immobili<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"_ _2\"></span>ggetto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">collateral: </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Indipendenza<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>ella<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valutazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tramite<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019utilizzo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>periti<span class=\"ff1\"> </span>esterni<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>indipendenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dal<span class=\"ff1\"> </span>processo<span class=\"_ _2\"></span><span class=\"ff1\"> </span>di<span class=\"_ _2\"></span><span class=\"ff1\"> </span>erogazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>credito. -<span class=\"_ _3bd\"> </span>Conformit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>congruit\u00e0<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>valutazione,<span class=\"ff1\"> </span>adeguata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> </span>compl<span class=\"_ _2\"></span>essit\u00e0<span class=\"ff1\"> </span>dell\u2019operazione,<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ua<span class=\"ff1\"> </span>dimensione,<span class=\"ff1\"> </span>alla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tipologia<span class=\"ff1\"> </span>dell\u2019immobile<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>l\u2019individuazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>val<span class=\"_ _0\"></span>ore<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>me<span class=\"_ _0\"></span>rcato<span class=\"ff1\"> </span>su<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> </span>vie<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span></span></span></span></span>calcolato<span class=\"ff1\"> </span>l\u2019indicatore<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>loan<span class=\"ff1\"> </span>to<span class=\"ff1\"> </span>value. -<span class=\"_ _3bd\"> </span>Un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>robusto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sistema<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cont<span class=\"_ _2\"></span>rolli,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conforme<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>equisiti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nor<span class=\"_ _2\"></span>mativi,<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>presidio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>processo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>luta<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e. Vista<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019import<span class=\"_ _2\"></span>anza<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">com<span class=\"_ _2\"></span>parto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mutui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">portafo<span class=\"_ _2\"></span>glio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">complessivo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ottica<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">adeguamento<span class=\"ff1\"> </span>all<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Disposizioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Vigilanza<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>stato<span class=\"ff1\"> </span>messo<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>punto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> </span>processo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>monitoraggio<span class=\"ff1\"> </span>periodico<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>degli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>immo<span class=\"_ _2\"></span>bili<span class=\"ff1\"> <span class=\"_ _20\"></span></span>oggett<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ipoteca<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fine<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>una<span class=\"ff1\"> <span class=\"_ _21\"></span></span>corretta<span class=\"ff1\"> <span class=\"_ _21\"></span></span>valutazi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>grado<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>copertura<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> </span>col<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>teral<span class=\"_ _0\"></span>. All\u2019interno<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u201cRegolamento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019assunzione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cr<span class=\"_ _2\"></span>edito<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">verso<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">clientela\u201d<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">codificata<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ponderazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"ff1\"> <span class=\"_ _20\"></span></span>applicare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>diverse<span class=\"ff1\"> <span class=\"_ _20\"></span></span>operazioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ipotecarie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>base<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nat<span class=\"_ _2\"></span>ura<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019immobile.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Il<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Comitato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Credit<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Strategy,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inoltre,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">propone<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">periodicamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">linee<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">guida<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">indirizzo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">termini<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Loan<span class=\"ff1\"> </span>T<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>Value<span class=\"ff1\"> </span>media<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>portafoglio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nuove<span class=\"ff1\"> </span>erogazioni.<span class=\"ff1\"> </span>In<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>articolare,<span class=\"_ _2\"></span><span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>roprio<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>natura<span class=\"ff1\"> </span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">intervento<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>me<span class=\"_ _0\"></span>dio<span class=\"ff1\"> </span>termine,<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mutui<span class=\"ff1\"> </span>ip<span class=\"_ _0\"></span>otecari<span class=\"ff1\"> </span>prevedono<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>rcentuali<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>iscrizione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>ella<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">garanzia<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>diversificate<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>seconda<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>tipologia<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>finanziamento. Per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quanto<span class=\"ff1\"> </span>riguarda<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">garanzie<span class=\"ff1\"> </span>reali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valori<span class=\"ff1\"> </span>mobili<span class=\"_ _0\"></span>ari<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">previsti<span class=\"ff1\"> </span>scarti<span class=\"ff1\"> </span>cauzi<span class=\"_ _0\"></span>onali<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">applicar<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>a<span class=\"ff1\"> </span>seconda<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ella<span class=\"ff1\"> </span>tipologia<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>prodotto<span class=\"ff1\"> </span>acquisito<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">garanzia<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>ll\u2019eventuale<span class=\"ff1\"> </span>rating<span class=\"ff1\"> </span>dell\u2019emittente.<span class=\"ff1\"> </span></span></span>E\u2019<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inoltr<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">previsto<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">monitor<span class=\"_ _2\"></span>aggio<span class=\"ff1\"> </span>costante<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span>valori<span class=\"ff1\"> </span>mobili<span class=\"_ _0\"></span>ari<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">garanzia<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>valorizzazione<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>in<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> </span>Credit<span class=\"ff1\"> </span>Risk<span class=\"ff1\"> </span>Mitigation. In<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>riferimento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>alle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">garanzie</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">fidejussorie,</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">osserviamo</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">che</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">la</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">loro</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">valorizzazione</span> <span class=\"_ _27\"> </span><span class=\"ff3\">viene</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">sempre</span> </span>effettuata<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> </span>prudenziale<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>patrimonio<span class=\"ff1\"> </span>responsabile<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>garanti.<span class=\"_ _2\"></span> Relativamente<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>alle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>gar<span class=\"_ _2\"></span>anzie<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pubbliche,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Gruppo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Credem<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>adot<span class=\"_ _2\"></span>ta<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>pecifiche<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>procedure<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>volte<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\"> </span>rispettare<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>modalit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"_ _2\"></span>perative<span class=\"ff1\"> <span class=\"_ _20\"></span></span>richieste<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dai<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dettami<span class=\"ff1\"> <span class=\"_ _20\"></span></span>no<span class=\"_ _2\"></span>rmativi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>emanati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dallo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Stato<span class=\"ff1\"> <span class=\"_ _21\"></span></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dagli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>enti<span class=\"ff1\"> </span>emittenti<span class=\"ff1\"> </span>tali<span class=\"ff1\"> </span>garanzie. 3.Esp<span class=\"_ _1\"></span>osiz<span class=\"_ _1\"></span>ioni<span class=\"_ _3bd\"> </span>cr<span class=\"_ _0\"></span>edi<span class=\"_ _0\"></span>tiz<span class=\"_ _1\"></span>ie<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>te 3.1<span class=\"_ _3bd\"> </span>St<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>teg<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>po<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>he<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ge<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>La<span class=\"ff1\"> </span>struttura<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Non-Performing<span class=\"ff1\"> </span>Credit<span class=\"ff1\"> <span class=\"_ _2\"></span></span>supporta<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>punto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>vista<span class=\"ff1\"> </span>tecnico<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>rete<span class=\"ff1\"> </span>Banca<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>gestione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>crediti<span class=\"ff1\"> </span>anomali<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>deteriorati<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>determinazione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>svalutazioni. Al<span class=\"_ _0\"></span>l\u2019i<span class=\"_ _0\"></span>ntern<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>que<span class=\"_ _0\"></span>sta<span class=\"ff1\"> </span>stru<span class=\"_ _0\"></span>ttu<span class=\"_ _0\"></span>ra,<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>ge<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>l\u2019a<span class=\"_ _0\"></span>ttiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">recup<span class=\"_ _0\"></span>ero<span class=\"ff1\"> </span>cr<span class=\"_ _0\"></span>edi<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>avvi<span class=\"_ _0\"></span>ene<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">second<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>pro<span class=\"_ _0\"></span>cessi<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span>def<span class=\"_ _0\"></span>ini<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>ba<span class=\"_ _0\"></span>se<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>ca<span class=\"_ _0\"></span>nale<span class=\"_ _0\"></span>/seg<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>o,<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>tip<span class=\"_ _0\"></span>olog<span class=\"_ _0\"></span>ia<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">aff<span class=\"_ _0\"></span>ida<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ed<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>ivel<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">an<span class=\"_ _0\"></span>omal<span class=\"_ _0\"></span>ia,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ed<span class=\"ff1\"> </span>\u00e8<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">svolta<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>da<span class=\"ff1\"> <span class=\"_ _21\"></span></span>uffici<span class=\"ff1\"> <span class=\"_ _20\"></span></span>c<span class=\"_ _2\"></span>entrali<span class=\"ff1\"> <span class=\"_ _21\"></span></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>loro<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dece<span class=\"_ _0\"></span>ntramenti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sul<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>territorio.<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>modello<span class=\"ff1\"> <span class=\"_ _21\"></span></span>operativo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>permette<span class=\"ff1\"> <span class=\"_ _21\"></span></span>una<span class=\"ff1\"> <span class=\"_ _21\"></span></span>vi<span class=\"_ _0\"></span>sione<span class=\"ff1\"> </span>omnicomprensiva<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>credito<span class=\"ff1\"> </span>lungo<span class=\"ff1\"> </span>t<span class=\"_ _2\"></span>utto<span class=\"ff1\"> </span>l\u2019arco<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>vita,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">valorizzando</span> <span class=\"ff3\">la</span> <span class=\"ff3\">fluidit\u00e0</span> <span class=\"ff3\">e</span> <span class=\"ff3\">l\u2019integrazione</span> <span class=\"ff3\">dei</span> </span>pro<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>ssi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">conti<span class=\"_ _0\"></span>nui<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>isi<span class=\"_ _0\"></span>one.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">In<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pa<span class=\"_ _0\"></span>rtic<span class=\"_ _0\"></span>olare<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">si<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">se<span class=\"_ _0\"></span>gnal<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pre<span class=\"_ _0\"></span>sen<span class=\"_ _0\"></span>za<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">stru<span class=\"_ _0\"></span>ttur<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">centra<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>edi<span class=\"_ _0\"></span>cate<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>alla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>gestione,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>mo<span class=\"_ _2\"></span>nitoraggio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>recupero<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>posizioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>st<span class=\"_ _2\"></span>ato<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Inadempienza<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Probab<span class=\"_ _2\"></span>ile<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> </span>Sofferenza.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Inoltre<span class=\"ff1\">  </span>\u00e8<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>presente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>un\u2019unit\u00e0<span class=\"ff1\">  </span>organizzativa<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>preposta<span class=\"ff1\">  </span>alla<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>gestione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>societ\u00e0<span class=\"ff1\">  </span>di<span class=\"ff1\"> </span>outsourcing<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fine<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">presidiare</span> <span class=\"ff3\">in</span> <span class=\"_ _0\"></span><span class=\"ff3\">modo<span class=\"ff1\"> </span>diretto<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>accentrato<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">relazioni<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>suddette<span class=\"ff1\"> </span>societ\u00e0.<span class=\"ff1\"> </span></span></span></span></span>La<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">valu<span class=\"_ _0\"></span>tazi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dell<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>rdite<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">\u00e8</span> <span class=\"ff3\">i<span class=\"_ _0\"></span>mpron<span class=\"_ _0\"></span>tat<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cri<span class=\"_ _0\"></span>teri<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>ind<span class=\"_ _0\"></span>ubbi<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>prud<span class=\"_ _1\"></span>enza,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">segu<span class=\"_ _0\"></span>end<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>dic<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>documento<span class=\"ff1\">  </span>approvato<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dal<span class=\"ff1\">  </span>Con<span class=\"_ _2\"></span>siglio<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>Am<span class=\"_ _2\"></span>ministrazione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>e<span class=\"ff1\">  </span>denominato<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>\u201cPolicy<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Svalutazione<span class=\"ff1\"> </span>Crediti\u201d;<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tale<span class=\"ff1\"> </span>documento<span class=\"ff1\"> </span>h<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>lo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">scopo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">indirizzare<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>niform<span class=\"_ _2\"></span>are<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019attivit\u00e0<span class=\"ff1\"> </span>degli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">uffici<span class=\"ff1\"> </span>deputati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>gestione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>crediti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>deteriorati<span class=\"ff1\"> </span>nella<span class=\"ff1\"> <span class=\"_ _2\"></span></span>determinazione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>relative<span class=\"ff1\"> </span>svalutazioni<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ia<span class=\"ff1\"> </span>civilistiche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> </span>atti<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>nti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>te<span class=\"_ _0\"></span>mpi<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>cupe<span class=\"_ _0\"></span>ro.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Le<span class=\"ff1\"> </span>L<span class=\"_ _0\"></span>inee<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Guid<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>B<span class=\"_ _0\"></span>CE<span class=\"ff1\"> </span>rac<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>ano<span class=\"ff1\"> </span>all<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>Ba<span class=\"_ _0\"></span>nche<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>sta<span class=\"_ _0\"></span>bil<span class=\"_ _0\"></span>ire<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>na<span class=\"ff1\"> </span>ch<span class=\"_ _0\"></span>iara<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span>stra<span class=\"_ _0\"></span>teg<span class=\"_ _0\"></span>ia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">volta<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>dur<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">consi<span class=\"_ _0\"></span>sten<span class=\"_ _0\"></span>ze<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">NP<span class=\"_ _0\"></span>L<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">modo<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>red<span class=\"_ _0\"></span>ibil<span class=\"_ _0\"></span>e,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sost<span class=\"_ _0\"></span>eni<span class=\"_ _0\"></span>bile<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">e</span> <span class=\"_ _1\"></span><span class=\"ff3\">tempe<span class=\"_ _0\"></span>stiv<span class=\"_ _1\"></span>o.<span class=\"ff1\"> </span>Le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stes<span class=\"_ _0\"></span>se<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>uno<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">strumento</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">vi<span class=\"_ _0\"></span>ncolante,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tuttavia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Banche<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tenute<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>promuove<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>r<span class=\"_ _2\"></span>apida<span class=\"ff1\"> </span></span></span></span></span>convergenza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>verso<span class=\"ff1\"> <span class=\"_ _21\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>indicazioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fornite.<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Nel<span class=\"ff1\"> <span class=\"_ _2\"></span></span>corso<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">primo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span><span class=\"ff3\">semestr<span class=\"_ _2\"></span>e</span> <span class=\"_ _20\"></span><span class=\"ff3\">2018</span> <span class=\"_ _20\"></span><span class=\"ff3\">il</span> <span class=\"_ _21\"></span><span class=\"ff3\">G<span class=\"_ _0\"></span>ruppo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Cr<span class=\"_ _2\"></span>edem,<span class=\"ff1\"> </span></span></span></span></span>partendo<span class=\"ff1\">  </span>dal<span class=\"_ _0\"></span>le<span class=\"ff1\">  </span>evidenze<span class=\"ff1\">  </span>eme<span class=\"_ _0\"></span>rse<span class=\"ff1\">  </span>nella<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fase<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>assessment/<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>gap<span class=\"ff1\">  </span>analysis,<span class=\"ff1\">  </span>e<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">sulla</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">base</span>  <span class=\"ff3\">della</span> </span>classificazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">azioni<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>remediation<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">condivise,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ha<span class=\"ff1\"> </span>definito,<span class=\"ff1\"> </span>su<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">base<span class=\"ff1\"> </span>volontaria,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rimo<span class=\"ff1\"> </span>Piano<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>Strategico<span class=\"ff1\"> <span class=\"_ _20\"></span></span>-Operativo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>NPL<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>periodo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>201<span class=\"_ _2\"></span>8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u2013<span class=\"_ _2\"></span>2022,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>successivamente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>aggiornato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ogni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>anno.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>A<span class=\"ff1\"> </span>Dicembre<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>2022<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Gruppo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Credem,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>coerenza<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Pianificazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>strategia<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Gruppo,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ha<span class=\"ff1\"> </span>aggiornato<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>Piano<span class=\"ff1\"> </span>Strategico<span class=\"ff1\"> </span>-Operativo<span class=\"ff1\"> </span>NPL<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>periodo<span class=\"ff1\"> </span>2022<span class=\"ff1\"> </span>\u201320<span class=\"_ _2\"></span>26. <div class=\"t m26 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2ef6\">3.2<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2ef7\">Wr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>e-o<span class=\"_ _1\"></span>ff<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2ef8\">Le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>autonomie<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>relative<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>alla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>va<span class=\"_ _2\"></span>lutazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>degli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>stralci<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"_ _2\"></span>dite<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quasi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>completamente<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2ef9\">accentrate<span class=\"ff1\">  </span>su<span class=\"ff1\">  </span>organi<span class=\"ff1\">  </span>monocratici,<span class=\"ff1\">  </span>p<span class=\"_ _0\"></span>eculiarit\u00e0<span class=\"ff1\">  </span>che<span class=\"ff1\">  </span>permette<span class=\"ff1\">  </span>tempi<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ris<span class=\"_ _2\"></span>posta<span class=\"ff1\">  </span>alle<span class=\"ff1\">  </span>proposte<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2efa\">transattive<span class=\"ff1\">  </span>particolarmente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>r<span class=\"_ _2\"></span>idotti;<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\">  </span>ricorso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\">  </span>tale<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>misura<span class=\"ff1\">  </span>riveste<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\">  </span>ogni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>caso<span class=\"ff1\">  </span>carattere<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2efb\">marginalit\u00e0<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>avviene<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _23\"> </span><span class=\"ff3\">soltanto</span> <span class=\"_ _23\"> </span><span class=\"ff3\">qualora</span> <span class=\"_ _23\"> </span><span class=\"ff3\">le</span> <span class=\"_ _23\"> </span><span class=\"ff3\">azioni</span> <span class=\"_ _23\"> </span><span class=\"ff3\">di</span> <span class=\"_ _1d\"> </span><span class=\"ff3\">r<span class=\"_ _2\"></span>ecupero</span> <span class=\"_ _23\"> </span><span class=\"ff3\">diretto</span> <span class=\"_ _23\"> </span><span class=\"ff3\">(o</span> <span class=\"_ _23\"> </span><span class=\"ff3\">per</span> <span class=\"_ _23\"> </span><span class=\"ff3\">il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _23\"> </span><span class=\"ff3\">tramite</span> <span class=\"_ _23\"> </span><span class=\"ff3\">di</span> </span></span></span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs2efc\">out<span class=\"_ _0\"></span>sour<span class=\"_ _0\"></span>cer</div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2efd\">/</div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs2efe\">leg<span class=\"_ _0\"></span>al</div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs2eff\">net<span class=\"_ _0\"></span>work</div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2f00\">)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cessi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">abbi<span class=\"_ _0\"></span>ano<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sorti<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">effe<span class=\"_ _1\"></span>tti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">au<span class=\"_ _0\"></span>spic<span class=\"_ _0\"></span>ati.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">In<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">virt\u00f9<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span>l\u2019u<span class=\"_ _0\"></span>tili<span class=\"_ _0\"></span>zzo<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2f01\">residuale/secondario<span class=\"ff1\"> </span>rispetto<span class=\"ff1\"> </span>alle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">altre</span> <span class=\"ff3\">azioni</span> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">collection</span> <span class=\"ff3\">prev<span class=\"_ _0\"></span>ist<span class=\"_ _2\"></span>e,<span class=\"ff1\"> </span>nonch\u00e9<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in</span> <span class=\"ff3\">ragione</span> <span class=\"_ _0\"></span><span class=\"ff3\">dello<span class=\"ff1\"> </span>stock<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2f02\">ridotto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>NPL,<span class=\"ff1\"> </span>l\u2019entit\u00e0<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>write-off<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>mant<span class=\"_ _2\"></span>iene<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>liv<span class=\"_ _0\"></span>elli<span class=\"ff1\"> </span>contenuti.<span class=\"_ _2\"></span> </div><div class=\"t m26 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2f03\">3.3<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2f04\">At<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2f05\">fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2f06\">im<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>ir<span class=\"_ _0\"></span>ed<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2f07\">ac<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>ite<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2f08\">o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2f09\">or<span class=\"_ _0\"></span>igi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2f0a\">Secondo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>quanto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>previsto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dal<span class=\"ff1\"> <span class=\"_ _21\"></span></span>principio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>co<span class=\"_ _2\"></span>ntabile<span class=\"ff1\"> <span class=\"_ _21\"></span></span>IFRS<span class=\"ff1\"> <span class=\"_ _21\"></span></span>9,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>crediti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>conside<span class=\"_ _0\"></span>rati<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>deteriorat<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>gi\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dal<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2f0b\">momento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> </span>rilevazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>iniziale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>bilancio,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>agione<span class=\"ff1\"> </span>del<span class=\"_ _2\"></span>l\u2019elevato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>cr<span class=\"_ _2\"></span>edito<span class=\"ff1\"> </span>ass<span class=\"_ _2\"></span>ociato,<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2f0c\">vengono<span class=\"ff1\">  </span>defini<span class=\"_ _0\"></span>ti<span class=\"ff1\">  </span>Purchased<span class=\"ff1\">  </span>or<span class=\"ff1\">  </span>Originated<span class=\"ff1\">  </span>C<span class=\"_ _0\"></span>redit<span class=\"ff1\">  </span>Impaired<span class=\"ff1\">  </span>Asset<span class=\"ff1\">  </span>(POC<span class=\"_ _0\"></span>I).<span class=\"ff1\">  </span>Conseguentemente,<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2f0d\">qualora<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>all\u2019atto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dell\u2019iscrizione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>iniziale<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>u<span class=\"_ _0\"></span>n\u2019esposizione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>creditizia<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>iscrit<span class=\"_ _2\"></span>ta<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nella<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>v<span class=\"_ _0\"></span>oce<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>30<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u201cAttivit\u00e0<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2f0e\">finanziarie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valutate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">co<span class=\"_ _2\"></span>n<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">impatto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sulla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">redditivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">com<span class=\"_ _2\"></span>plessiva\u201d<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nella<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">voce<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">4<span class=\"_ _2\"></span>0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u201c<span class=\"_ _2\"></span>Attivit\u00e0<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2f0f\">finanziarie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valutate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">costo<span class=\"ff1\"> </span>am<span class=\"_ _0\"></span>mortizzato\u201d,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risulti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">essere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">deterio<span class=\"_ _2\"></span>rata,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">st<span class=\"_ _2\"></span>essa<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">qualificata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quale<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2f10\">\u201cAttivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziarie<span class=\"ff1\"> </span>deteriorate<span class=\"ff1\"> </span>acquisite<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>originate\u201d<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(Purchased<span class=\"ff1\"> </span>or<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Originated<span class=\"ff1\"> </span>Credit<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Impaired<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2f11\">PO<span class=\"_ _0\"></span>CI). </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2f12\">Tali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">crediti,<span class=\"ff1\"> </span>ai<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sensi<span class=\"ff1\"> </span>dell\u2019IFRS<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">9,<span class=\"ff1\"> </span>veng<span class=\"_ _0\"></span>ono<span class=\"ff1\"> </span>valutati<span class=\"ff1\"> </span>app<span class=\"_ _0\"></span>osta<span class=\"_ _2\"></span>ndo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sin<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">data<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ilevazione<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>niziale<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2f13\">fondi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>copertura<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>perdite<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>coprano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019intera<span class=\"ff1\"> <span class=\"_ _2\"></span></span>vita<span class=\"ff1\"> <span class=\"_ _20\"></span></span>residua<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>credito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(cd.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Expected<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Credit<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2f14\">Loss<span class=\"ff1\"> </span>lifetime).<span class=\"ff1\"> </span>Trattandosi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>crediti<span class=\"ff1\"> </span>deterior<span class=\"_ _2\"></span>ati,<span class=\"ff1\"> </span>ne<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>prevista<span class=\"ff1\"> </span>l\u2019iscrizione<span class=\"ff1\"> </span>iniziale<span class=\"ff1\"> </span>nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dello<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2f15\">Stage<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">3,<span class=\"ff1\"> </span>ferma<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">restando<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">possibilit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>essere<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">spostat<span class=\"_ _2\"></span>i,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">corso<span class=\"ff1\"> </span>della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vita,<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">St<span class=\"_ _2\"></span>age<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>caso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2f16\">cu<span class=\"_ _0\"></span>i,<span class=\"ff1\"> </span>sul<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">base<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dell\u2019<span class=\"_ _0\"></span>anal<span class=\"_ _0\"></span>isi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">risch<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>redit<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>o,<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>ris<span class=\"_ _0\"></span>ulti<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>pi\u00f9<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">imp<span class=\"_ _0\"></span>air<span class=\"_ _0\"></span>ed.<span class=\"ff1\"> </span>T<span class=\"_ _0\"></span>ali<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ttiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">non</span> <span class=\"ff3\">so<span class=\"_ _0\"></span>no<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mai<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2f17\">classificate<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dello<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>S<span class=\"_ _2\"></span>tage<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>1<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>poich\u00e9<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>perdit<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>creditizia<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>attesa<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>deve<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">essere</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">sempre</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2f18\">calcolata<span class=\"ff1\"> </span>considerando<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>orizzonte<span class=\"ff1\"> </span>tempora<span class=\"_ _2\"></span>le<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>durata<span class=\"ff1\"> </span>residua. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2f19\">I<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">crediti<span class=\"ff1\"> </span>P<span class=\"_ _0\"></span>OCI<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">iscritti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Gruppo,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">coerentemente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>lle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">disposizioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Principio<span class=\"ff1\"> </span>IFRS9<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2f1a\">distinguono<span class=\"ff1\"> </span>due<span class=\"ff1\"> </span>fattispecie<span class=\"ff1\"> </span>di: </div><div class=\"t m6 h33 ff7 fs5 fc0 sc0 ls0 ws0 gs2f1b\">o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2f1c\">Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>ac<span class=\"_ _2\"></span>quistate<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>deteriora<span class=\"_ _2\"></span>te<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>(di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>seguito,<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>anche<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>\u201c<span class=\"_ _2\"></span>PCI\u201d),<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>espos<span class=\"_ _2\"></span>izioni<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2f1d\">creditizie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>gi\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>teriorat<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _21\"></span></span>m<span class=\"_ _0\"></span>omento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dell\u2019acquisto,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>anche<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">ne<span class=\"_ _0\"></span>ll<span class=\"_ _2\"></span>\u2019ambito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ope<span class=\"_ _0\"></span>razioni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2f1e\">aggregazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">aziendale; </span></span></div><div class=\"t m6 h33 ff7 fs5 fc0 sc0 ls0 ws0 gs2f1f\">o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2f20\">Att<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>fin<span class=\"_ _0\"></span>anzi<span class=\"_ _0\"></span>arie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">origi<span class=\"_ _0\"></span>nate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>terio<span class=\"_ _0\"></span>rate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">(di</span> <span class=\"ff3\">seg<span class=\"_ _0\"></span>uito<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>anch<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>\u201cOCI<span class=\"_ _0\"></span>\u201d),<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">esp<span class=\"_ _0\"></span>osiz<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">credi<span class=\"_ _0\"></span>tizi<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2f21\">originate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>caso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>operazioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ristr<span class=\"_ _2\"></span>utturazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>esposizioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>deteriorate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>hanno<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2f22\">determinato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019erogazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nuova<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanza,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ovvero<span class=\"ff1\"> <span class=\"_ _2\"></span></span>introdott<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>modifiche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sostanziali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alle<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2f23\">condizioni<span class=\"ff1\"> </span>originarie<span class=\"ff1\"> </span>contrattuali. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2f24\">A<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Dicembre<span class=\"ff1\"> <span class=\"_ _20\"></span></span>2022<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>crediti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rientranti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"></span></span>questa<span class=\"ff1\"> <span class=\"_ _20\"></span></span>categoria,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>presenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nell\u2019attivo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Bilancio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2f25\">Gruppo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Credi<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Emiliano<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>t<span class=\"_ _2\"></span>utti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>deriv<span class=\"_ _0\"></span>anti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dall\u2019operazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fusione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>per<span class=\"ff1\"> <span class=\"_ _21\"></span></span>incorporazione<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2f26\">dell\u2019Ex<span class=\"ff1\"> </span>Cassa<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Risparmio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Cento<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>operativit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Avvera<span class=\"ff1\"> </span>Spa. </div><div class=\"t m26 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2f27\">4.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2f28\">At<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2f29\">fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>zia<span class=\"_ _1\"></span>rie<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2f2a\">og<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>tto<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2f2b\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2f2c\">rin<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>go<span class=\"_ _0\"></span>zia<span class=\"_ _1\"></span>zion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2f2d\">co<span class=\"_ _0\"></span>mm<span class=\"_ _1\"></span>erc<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2f2e\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2f2f\">es<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>siz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2f30\">og<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2f31\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2f32\">co<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2f33\">A<span class=\"ff1\"> </span>marzo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2014,<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">considerazione</span> <span class=\"ff3\">del</span> <span class=\"_ _1\"></span><span class=\"ff3\">camb<span class=\"_ _2\"></span>iamento<span class=\"ff1\"> </span>regolamentare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> </span>prevedeva<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>assaggio<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2f34\">poteri<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Vigilanza<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>lla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Banca<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Ce<span class=\"_ _2\"></span>ntrale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Europea<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019applicazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nuova<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">normativa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">comunitaria<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2f35\">in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>t<span class=\"_ _2\"></span>ema<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>reporting<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>vigilanza,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>vennero<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>approvate<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>l<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u201cLinee<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>guida<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>l\u2019individuazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2f36\">gestione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>esposizioni<span class=\"ff1\"> </span>Forborne\u201d<span class=\"ff1\"> </span>successivamente<span class=\"ff1\"> </span>recepite<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>Policy<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Gruppo<span class=\"ff1\"> </span>Crediti.<span class=\"_ _2\"></span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2f37\">In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">conf<span class=\"_ _0\"></span>ormi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>ag<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>st<span class=\"_ _0\"></span>anda<span class=\"_ _0\"></span>rd<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>ll\u2019<span class=\"_ _0\"></span>EBA,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">si</span> <span class=\"ff3\">de<span class=\"_ _0\"></span>fini<span class=\"_ _0\"></span>scon<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>Forb<span class=\"_ _0\"></span>orn<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>spos<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nei</span> <span class=\"ff3\">con<span class=\"_ _0\"></span>fro<span class=\"_ _0\"></span>nti<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>ali<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2f38\">sono<span class=\"ff1\"> </span>state<span class=\"ff1\"> </span>accordate<span class=\"ff1\"> </span>misure<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>Forbearance,<span class=\"ff1\"> </span>ossia<span class=\"ff1\"> </span>misure<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">so<span class=\"_ _2\"></span>stegno<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>debitori<span class=\"ff1\"> </span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">affrontano,</span> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2f39\">o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>prossimi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _21\"></span></span>affrontare,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>difficolt\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ad<span class=\"ff1\"> <span class=\"_ _21\"></span></span>adempiere<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>proprie<span class=\"ff1\"> <span class=\"_ _21\"></span></span>obbligazioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fina<span class=\"_ _2\"></span>nziare<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(<span class=\"_ _2\"></span>c.d.<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs14d7\">stato<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>difficolt\u00e0<span class=\"ff1\"> </span>finanziaria). </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2f3a\">In<span class=\"ff1\"> </span>linea<span class=\"ff1\"> <span class=\"_ _2\"></span></span>generale,<span class=\"ff1\"> </span>l<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>pos<span class=\"_ _2\"></span>sibili<span class=\"ff1\"> </span>misure<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>F<span class=\"_ _2\"></span>orbearance<span class=\"ff1\"> </span>accor<span class=\"_ _2\"></span>date<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>debitore<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>difficolt\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziaria<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2f3b\">possono<span class=\"ff1\"> </span>ricadere<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> </span>seguenti<span class=\"ff1\"> </span>fattispecie: </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs2f3c\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2f3d\">modifica<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">termini<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"_ _2\"></span>dizioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contratt<span class=\"_ _2\"></span>uali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">su<span class=\"ff1\"> </span>un\u2019<span class=\"_ _0\"></span>esposizi<span class=\"_ _2\"></span>one<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>controparte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2f3e\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">grado<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ripagare,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> </span>nuove<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">condizioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> </span>sarebbero<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">state<span class=\"ff1\"> </span>acc<span class=\"_ _0\"></span>ordate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">se<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>cliente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">no<span class=\"_ _2\"></span>n<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2f3f\">si<span class=\"ff1\"> </span>fosse<span class=\"ff1\"> </span>trovato<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>difficolt\u00e0<span class=\"ff1\"> </span>finanziaria; </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs2f40\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2f41\">rifinanziamento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>par<span class=\"_ _2\"></span>ziale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tot<span class=\"_ _2\"></span>ale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>debito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>non<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sarebbe<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">stato</span> <span class=\"_ _20\"></span><span class=\"ff3\">accordato</span> <span class=\"_ _21\"></span><span class=\"ff3\">in</span> <span class=\"_ _2\"></span><span class=\"ff3\">assenza</span> <span class=\"_ _21\"></span><span class=\"ff3\">di</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2f42\">difficolt\u00e0<span class=\"ff1\"> </span>finanziaria<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>controparte. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2f43\">In<span class=\"ff1\">  </span>conformit\u00e0<span class=\"ff1\">  </span>con<span class=\"ff1\">  </span>gli<span class=\"_ _2\"></span><span class=\"ff1\">  </span>standard<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>riferimento,<span class=\"ff1\">  </span>la<span class=\"ff1\">  </span>classificazione<span class=\"ff1\">  </span>ne<span class=\"_ _2\"></span>l<span class=\"ff1\">  </span>portafoglio<span class=\"ff1\">  </span>For<span class=\"_ _2\"></span>borne<span class=\"ff1\">  </span>\u00e8<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2f44\">in<span class=\"_ _0\"></span>dipe<span class=\"_ _0\"></span>nden<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>all<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>cl<span class=\"_ _0\"></span>assi<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>efau<span class=\"_ _0\"></span>lt<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">da<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>enz<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sva<span class=\"_ _0\"></span>lut<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anal<span class=\"_ _0\"></span>itic<span class=\"_ _0\"></span>he.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">vir<span class=\"_ _0\"></span>t\u00f9<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2f46\">peculiarit\u00e0<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>tali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tipologie<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">esp<span class=\"_ _2\"></span>osizioni,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>valu<span class=\"_ _0\"></span>tazione<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">concessione<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">misure</span> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Forbearence<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2f47\">\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">demandata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">str<span class=\"_ _2\"></span>utture<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">deliberative<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">centrali,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">anche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">at<span class=\"_ _2\"></span>traverso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019ausilio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sistemi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">auto<span class=\"_ _2\"></span>matizzati<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2f48\">di<span class=\"ff1\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs2f49\">alerting</div><div class=\"t m0 h9 ff1 fs4 fc0 sc0 ls0 ws0 gs2f4a\"> <span class=\"_ _0\"></span><span class=\"ff3 fs5\">sulla<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>resenza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Forborne<span class=\"ff1\"> </span>\u201cpotenziali<span class=\"_ _0\"></span>\u201d,<span class=\"ff1\"> </span>sull\u2019in<span class=\"_ _0\"></span>dirizza<span class=\"_ _2\"></span>mento<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>elle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">proposte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>do<span class=\"ff1\"> </span>ver<span class=\"_ _0\"></span>so<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2f4b\">gli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"_ _2\"></span>rgani<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">competenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ul<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">decorso<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">termini<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">relativi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs2f4c\">cure</div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs2f4d\">period</div><div class=\"t m0 h9 ff1 fs4 fc0 sc0 ls0 ws0 gs2f4e\"> <span class=\"_ _1\"></span><span class=\"ff3 fs5\">e<span class=\"ff1\"> </span></span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs2f4f\">probation</div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs2f50\">period. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2f51\">Rel<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>vame<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"ff3\">ta<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tip<span class=\"_ _0\"></span>olog<span class=\"_ _0\"></span>ia<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">esp<span class=\"_ _0\"></span>osiz<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>st<span class=\"_ _0\"></span>ate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rece<span class=\"_ _0\"></span>pi<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ind<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>dell<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs2f52\">Gui<span class=\"_ _0\"></span>del<span class=\"_ _0\"></span>ines</div><div class=\"t m0 h9 ff1 fs4 fc0 sc0 ls0 ws0 gs2f53\"> <span class=\"ff3 fs5\">B<span class=\"_ _0\"></span>CE<span class=\"ff1\"> </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2f54\">sui<span class=\"ff1\">  </span>NPL<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">con</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">im<span class=\"_ _2\"></span>patto</span>  <span class=\"ff3\">sia</span>  <span class=\"ff3\">sui</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">processi</span>  <span class=\"ff3\">sia</span>  <span class=\"ff3\">sug<span class=\"_ _0\"></span>li<span class=\"ff1\">  </span>applicativi<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">per</span>  <span class=\"ff3\">un\u2019adeguata</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">tr<span class=\"_ _2\"></span>acciatura</span>  <span class=\"ff3\">de<span class=\"_ _0\"></span>lle<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2f55\">valutazioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fatt<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sede<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"_ _2\"></span>cessione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>misure<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>forbearance<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>anche<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nelle<span class=\"ff1\"> <span class=\"_ _21\"></span></span>valu<span class=\"_ _0\"></span>tazioni<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dei<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2f56\">tri<span class=\"_ _0\"></span>gge<span class=\"_ _0\"></span>rs<span class=\"ff1\"> </span>sul<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>I<span class=\"_ _0\"></span>nade<span class=\"_ _0\"></span>mpie<span class=\"_ _0\"></span>nze<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Pro<span class=\"_ _0\"></span>babi<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>inv<span class=\"_ _0\"></span>olgi<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>Fu<span class=\"_ _0\"></span>nzio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>Ri<span class=\"_ _0\"></span>sk<span class=\"ff1\"> </span>Ma<span class=\"_ _0\"></span>nag<span class=\"_ _0\"></span>emen<span class=\"_ _0\"></span>t<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2f57\">la<span class=\"ff1\"> </span>redazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>uno<span class=\"ff1\"> </span>specifico<span class=\"ff1\"> </span>parere<span class=\"ff1\"> </span>vincolante<span class=\"ff1\"> </span>nei<span class=\"ff1\"> </span>casi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>misure<span class=\"ff1\"> </span>reiterate. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2f58\">Il<span class=\"ff1\"> </span>cos<span class=\"_ _2\"></span>to<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ammortizzato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prima<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> </span>modifica<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziarie,<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziari<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2f59\">contrattuali<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>stati<span class=\"ff1\"> </span>modificati<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>corso<span class=\"ff1\"> </span>dell'esercizio,<span class=\"ff1\"> </span>ammonta<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>circa<span class=\"ff1\"> </span>51,8<span class=\"ff1\"> </span>milioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>euro. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2f5a\">L\u2019informativa<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>pubblico<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>pubblicazione<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>d<span class=\"_ _0\"></span>elle<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>informa<span class=\"_ _2\"></span>zioni<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>riguardanti<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>l\u2019adeguatezza<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2f5b\">patrimoniale,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>l\u2019esposizione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>credito<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>caratteristiche<span class=\"ff1\"> <span class=\"_ _21\"></span></span>generali<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sistemi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>preposti<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2f5c\">al<span class=\"_ _0\"></span>l\u2019id<span class=\"_ _0\"></span>enti<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">alla</span> <span class=\"ff3\">mi<span class=\"_ _0\"></span>suraz<span class=\"_ _0\"></span>ione<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">e</span> <span class=\"ff3\">alla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">gesti<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>risc<span class=\"_ _0\"></span>hi,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">pre<span class=\"_ _0\"></span>vist<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>dal<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">regol<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>nto<span class=\"ff1\"> </span>UE<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">575/<span class=\"_ _0\"></span>2013<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2f5d\">(CRR),<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pubblicazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>disc<span class=\"_ _2\"></span>losure<span class=\"ff1\"> <span class=\"_ _21\"></span></span>relativa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _20\"></span></span>c.d.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u201cPillar<span class=\"ff1\"> <span class=\"_ _21\"></span></span>3<span class=\"_ _0\"></span>\u201d,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>verr\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>comunicata<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>mercato<span class=\"ff1\"> <span class=\"_ _21\"></span></span>n<span class=\"_ _0\"></span>ei<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2f5e\">termini<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>legge,<span class=\"ff1\"> </span>sul<span class=\"ff1\"> </span>sito<span class=\"ff1\"> </span>www.credem.it.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2f60\">Inform<span class=\"_ _0\"></span>azion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2f61\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2f62\">natura<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2f63\">qua<span class=\"_ _0\"></span>ntitativa<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2f64\">A<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2f65\">Qualit\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2f66\">del<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2f67\">credito<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t mb h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2f68\">A.<span class=\"_ _0\"></span>1</div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2f69\">Espos<span class=\"_ _0\"></span>izioni<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2f6a\">creditiz<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2f6b\">deter<span class=\"_ _0\"></span>iorate<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2f6c\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2f6d\">non<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2f6e\">deter<span class=\"_ _0\"></span>iorate:<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2f6f\">consis<span class=\"_ _0\"></span>tenz<span class=\"_ _0\"></span>e,<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2f70\">rettifich<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2f71\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2f72\">valore,<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2f73\">dinamica<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2f74\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2f75\">distrib<span class=\"_ _0\"></span>uzione<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2f76\">econ<span class=\"_ _0\"></span>omica<span class=\"_ _3bd\"> </span> </div><div class=\"t m26 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2f77\">A.<span class=\"_ _0\"></span>1.1<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2f78\">Co<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>ida<span class=\"_ _0\"></span>to<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2f79\">pr<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>zia<span class=\"_ _1\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2f7a\">\u2013<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2f7b\">Di<span class=\"_ _0\"></span>str<span class=\"_ _0\"></span>ib<span class=\"_ _0\"></span>uz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2f7c\">de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2f7d\">at<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2f7e\">fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nzia<span class=\"_ _1\"></span>rie<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2f7f\">pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2f80\">fas<span class=\"_ _1\"></span>ce<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2f81\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2f82\">sc<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>uto<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2f83\">(v<span class=\"_ _0\"></span>alo<span class=\"_ _1\"></span>ri<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2f84\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2f85\">bi<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>io)<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2f86\">Po<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>af<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>/s<span class=\"_ _0\"></span>tad<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2f87\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2f88\">ris<span class=\"_ _1\"></span>chi<span class=\"_ _0\"></span>o<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2f89\">Prim<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2f8a\">st<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2f8b\">Sec<span class=\"_ _0\"></span>ondo<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2f8c\">st<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>dio<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2f8d\">Terzo<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2f8e\">st<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>dio<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2f8f\">Imp<span class=\"_ _0\"></span>aired<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2f90\">acqu<span class=\"_ _0\"></span>isite</div><div class=\"t m0 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2f91\">o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2f92\">or<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ate<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2f93\">Da<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2f94\">1<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2f95\">giorno<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2f96\">a<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2f97\">30<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2f98\">gio<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>rni<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2f99\">Da<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2f9a\">oltre<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2f9b\">30<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2f9c\">giorni<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2f9d\">fino<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2f9e\">a<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2f9f\">90<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2fa0\">giorni<span class=\"_ _3bd\"> </span><span class=\"fc0 sc1\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2fa1\">Oltre<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2fa2\">90<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2fa3\">gio<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>rni<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2fa4\">Da<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2fa5\">1<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2fa6\">giorno<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2fa7\">a<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2fa8\">30<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2fa9\">gio<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>rni<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2faa\">Da<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2fab\">oltre<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2fac\">30<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2fad\">giorni<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2fae\">fino<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2faf\">a<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2fb0\">90<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2fb1\">giorni<span class=\"_ _3bd\"> </span><span class=\"fc0 sc1\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2fb2\">Oltre<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2fb3\">90<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2fb4\">gio<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>rni<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2fb5\">Da<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2fb6\">1<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2fb7\">giorno<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2fb8\">a<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2fb9\">30<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2fba\">gio<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>rni<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2fbb\">Da<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2fbc\">oltre<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2fbd\">30<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2fbe\">giorni<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2fbf\">fino<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2fc0\">a<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2fc1\">90<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2fc2\">giorni<span class=\"_ _3bd\"> </span><span class=\"fc0 sc1\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2fc3\">Oltre<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2fc4\">90<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2fc5\">gio<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>rni<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2fc6\">Da<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2fc7\">1<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2fc8\">giorno<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2fc9\">a<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2fca\">30<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2fcb\">gio<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>rni<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2fcc\">Da<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2fcd\">oltre<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2fce\">30<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2fcf\">giorni<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2fd0\">fino<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2fd1\">a<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2fd2\">90<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2fd3\">giorni<span class=\"_ _3bd\"> </span><span class=\"fc0 sc1\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2fd4\">Oltre<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2fd5\">90<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2fd6\">gio<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>rni<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2fd7\">1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fina<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2fd8\">imp<span class=\"_ _0\"></span>att<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>su<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>red<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>ivit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _0\"></span> </div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2fd9\">corso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dis<span class=\"_ _0\"></span>mis<span class=\"_ _0\"></span>sio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span> </span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2fda\">Nel<span class=\"_ _0\"></span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tabe<span class=\"_ _0\"></span>lla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"ff1\"> </span>esp<span class=\"_ _0\"></span>osta<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">vie<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>orni<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">det<span class=\"_ _0\"></span>tagl<span class=\"_ _0\"></span>io,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ciacu<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>sta<span class=\"_ _0\"></span>dio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>o,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del</span> <span class=\"ff3\">va<span class=\"_ _0\"></span>lore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">bi<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>cio<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2fdb\">relativi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _21\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>scadute<span class=\"ff1\"> <span class=\"_ _21\"></span></span>valutate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>costo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ammortizzato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>finanziarie<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2fdc\">scadute<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>impatto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sulla<span class=\"ff1\"> </span>redditivit\u00e0<span class=\"ff1\"> </span>complessiva.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2fdd\">val<span class=\"_ _0\"></span>uta<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al</span> <span class=\"ff3\">co<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>o<span class=\"ff8\"> <span class=\"_ _4b\"> </span></span>293.7<span class=\"_ _0\"></span>95<span class=\"_ _0\"></span> </span></span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2fde\">amm<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>tizz<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2fdf\">36<span class=\"_ _1\"></span>7 <span class=\"_ _2a8\"> </span>4.4<span class=\"_ _0\"></span>77 <span class=\"_ _1ed\"> </span>5<span class=\"_ _0\"></span>2.4<span class=\"_ _0\"></span>17 <span class=\"_ _1ed\"> </span>48<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>17 <span class=\"_ _2a8\"> </span>5.4<span class=\"_ _0\"></span>72 <span class=\"_ _22\"> </span>20.<span class=\"_ _0\"></span>292<span class=\"_ _0\"></span> <span class=\"_ _1f5\"> </span>17.99<span class=\"_ _0\"></span>3 <span class=\"_ _1f5\"> </span>172.<span class=\"_ _0\"></span>635<span class=\"_ _1\"></span> <span class=\"_ _1ec\"> </span>37<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span> <span class=\"_ _55\"> </span>22<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span> <span class=\"_ _20f\"> </span>8.1<span class=\"_ _0\"></span>35<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2fe0\">2.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>ziar<span class=\"_ _1\"></span>ie<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2fe1\">valutate<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">value<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2fe2\">-<span class=\"_ _1\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2fe3\">co<span class=\"_ _0\"></span>mple<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span> </div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2fe4\">-<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2fe5\">-<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2fe6\">-<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2fe7\">-<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2fe8\">-<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2fe9\">-<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2fea\">-<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2feb\">-<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2fec\">-<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2fed\">-<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2fee\">-<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2fef\">3.<span class=\"ff1\"> </span>A<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>ivit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>fin<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie<span class=\"ff1\"> </span>i<span class=\"_ _1\"></span>n<span class=\"ff1\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2ff0\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2ff1\">-<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2ff2\">-<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2ff3\">-<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2ff4\">-<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2ff5\">-<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2ff6\">-<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2ff7\">-<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2ff8\">-<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2ff9\">-<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2ffa\">-<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2ffb\">-<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs2ffc\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs2ffd\">31<span class=\"_ _0\"></span>/1<span class=\"_ _0\"></span>2/2<span class=\"_ _0\"></span>02<span class=\"_ _1\"></span>2<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs2ffe\">29<span class=\"_ _0\"></span>3.<span class=\"_ _0\"></span>79<span class=\"_ _0\"></span>5 <span class=\"_ _22\"> </span>36<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span> <span class=\"_ _22\"> </span>4.4<span class=\"_ _0\"></span>77<span class=\"_ _0\"></span> <span class=\"_ _55\"> </span>5<span class=\"_ _0\"></span>2.<span class=\"_ _0\"></span>41<span class=\"_ _0\"></span>7 <span class=\"_ _1ed\"> </span>48.<span class=\"_ _0\"></span>51<span class=\"_ _0\"></span>7 <span class=\"_ _22\"> </span>5.4<span class=\"_ _0\"></span>72<span class=\"_ _1\"></span> <span class=\"_ _1eb\"> </span>20<span class=\"_ _0\"></span>.29<span class=\"_ _1\"></span>2 <span class=\"_ _1ef\"> </span>17<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>93<span class=\"_ _0\"></span> <span class=\"_ _1ef\"> </span>17<span class=\"_ _1\"></span>2.6<span class=\"_ _0\"></span>35<span class=\"_ _0\"></span> <span class=\"_ _1ec\"> </span>3<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span> <span class=\"_ _31c\"> </span>2<span class=\"_ _1\"></span>21<span class=\"_ _1\"></span> <span class=\"_ _20f\"> </span>8.1<span class=\"_ _0\"></span>35<span class=\"_ _0\"></span> </div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs2fff\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs3000\">31<span class=\"_ _0\"></span>/1<span class=\"_ _0\"></span>2/2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs3001\">17<span class=\"_ _0\"></span>8.<span class=\"_ _0\"></span>08<span class=\"_ _0\"></span>1 <span class=\"_ _1f5\"> </span>75<span class=\"_ _1\"></span>3 <span class=\"_ _22\"> </span>4.7<span class=\"_ _1\"></span>67 <span class=\"_ _22\"> </span>32<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>82<span class=\"_ _0\"></span> <span class=\"_ _22\"> </span>4<span class=\"_ _0\"></span>3.0<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>5 <span class=\"_ _22\"> </span>4.<span class=\"_ _1\"></span>325<span class=\"_ _0\"></span> <span class=\"_ _1ed\"> </span>19<span class=\"_ _0\"></span>.23<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span> <span class=\"_ _22\"> </span>20<span class=\"_ _0\"></span>.0<span class=\"_ _1\"></span>18 <span class=\"_ _22\"> </span>197<span class=\"_ _1\"></span>.08<span class=\"_ _0\"></span>4 <span class=\"_ _1ec\"> </span>77<span class=\"_ _1\"></span>8 <span class=\"_ _1ef\"> </span>3<span class=\"_ _0\"></span>69<span class=\"_ _1\"></span> <span class=\"_ _1ec\"> </span>1<span class=\"_ _0\"></span>5.<span class=\"_ _0\"></span>328<span class=\"_ _1\"></span> </div>A.<span class=\"_ _0\"></span>1.2<span class=\"_ _3bd\"> </span>Co<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>ida<span class=\"_ _1\"></span>to<span class=\"_ _3bd\"> </span>pr<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>zia<span class=\"_ _1\"></span>le<span class=\"_ _3bd\"> </span>\u2013<span class=\"_ _3bd\"> </span>At<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>,<span class=\"_ _3bd\"> </span>im<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>ero<span class=\"_ _1\"></span>gar<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>fon<span class=\"_ _0\"></span>di<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>ga<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>rie<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>las<span class=\"_ _1\"></span>cia<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span>di<span class=\"_ _0\"></span>nam<span class=\"_ _1\"></span>ica<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span>fi<span class=\"_ _0\"></span>ch<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>ive<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>gl<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>ac<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>am<span class=\"_ _1\"></span>ent<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>les<span class=\"_ _1\"></span>siv<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>Causali/<span class=\"_ _3bd\"> </span>stadi<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ris<span class=\"_ _0\"></span>ch<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Re<span class=\"_ _0\"></span>ttif<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>he<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lor<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>les<span class=\"_ _1\"></span>sive<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Accant<span class=\"_ _0\"></span>oname<span class=\"_ _0\"></span>nti<span class=\"_ _3bd\"> </span>comp<span class=\"_ _0\"></span>lessivi<span class=\"_ _3bd\"> </span>su<span class=\"_ _3bd\"> </span>impeg<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>erogar<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>fond<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>garanz<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>finanzia<span class=\"_ _0\"></span>rie<span class=\"_ _3bd\"> </span>rilasciat<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>Tot<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>At<span class=\"_ _0\"></span>tivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span>rie<span class=\"_ _1\"></span>ntra<span class=\"_ _0\"></span>nti<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span>pri<span class=\"_ _1\"></span>mo<span class=\"_ _3bd\"> </span>sta<span class=\"_ _1\"></span>dio<span class=\"fc0 sc1\"> <span class=\"_ _c4\"> </span></span>At<span class=\"_ _0\"></span>tivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nti<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span>se<span class=\"_ _0\"></span>con<span class=\"_ _1\"></span>do<span class=\"_ _3bd\"> </span>st<span class=\"_ _0\"></span>adi<span class=\"_ _1\"></span>o<span class=\"fc0 sc1\"> <span class=\"_ _1b9\"> </span></span>Att<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nti<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span>ter<span class=\"_ _0\"></span>z<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>sta<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>o<span class=\"fc0 sc1\"> </span>Attivit\u00e0<span class=\"_ _3bd\"> </span>fin.<span class=\"_ _3bd\"> </span>impair<span class=\"_ _0\"></span>ed<span class=\"_ _3bd\"> </span>acq<span class=\"_ _0\"></span>uisite<span class=\"_ _3bd\"> </span>o<span class=\"_ _3bd\"> </span>ori<span class=\"_ _0\"></span>gin<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>Crediti<span class=\"_ _3bd\"> </span>verso<span class=\"_ _3bd\"> </span>banche<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>Banche<span class=\"_ _3bd\"> </span>Centrali<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>vista<span class=\"_ _3bd\"> </span>Attivit\u00e0<span class=\"_ _3bd\"> </span>finanziarie<span class=\"_ _3bd\"> </span>valutate<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>costo<span class=\"_ _3bd\"> </span>amm<span class=\"_ _3bd\"> </span>Attivit\u00e0<span class=\"_ _3bd\"> </span>finanziarie<span class=\"_ _3bd\"> </span>valutate<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>fair<span class=\"_ _3bd\"> </span>value<span class=\"_ _3bd\"> </span>con<span class=\"_ _3bd\"> </span>impatto<span class=\"_ _3bd\"> </span>sulla<span class=\"_ _3bd\"> </span>red<span class=\"_ _3bd\"> </span>com<span class=\"_ _3bd\"> </span>Attivit\u00e0<span class=\"_ _3bd\"> </span>finanziarie<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>corso<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>d<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cui:<span class=\"_ _3bd\"> </span>svalutazioni<span class=\"_ _3bd\"> </span>indi<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cui:<span class=\"_ _3bd\"> </span>svalutazioni<span class=\"_ _3bd\"> </span>col<span class=\"_ _3bd\"> </span>Crediti<span class=\"_ _3bd\"> </span>verso<span class=\"_ _3bd\"> </span>banche<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>Banche<span class=\"_ _3bd\"> </span>C<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>v<span class=\"_ _3bd\"> </span>Attivit\u00e0<span class=\"_ _3bd\"> </span>finanziarie<span class=\"_ _3bd\"> </span>valutate<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>costo<span class=\"_ _3bd\"> </span>amm<span class=\"_ _3bd\"> </span>Attivit\u00e0<span class=\"_ _3bd\"> </span>finanziarie<span class=\"_ _3bd\"> </span>valutate<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>fair<span class=\"_ _3bd\"> </span>v<span class=\"_ _3bd\"> </span>c<span class=\"_ _3bd\"> </span>i<span class=\"_ _3bd\"> </span>s<span class=\"_ _3bd\"> </span>r<span class=\"_ _3bd\"> </span>Attivit\u00e0<span class=\"_ _3bd\"> </span>finanziarie<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>corso<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>d<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cui:<span class=\"_ _3bd\"> </span>svalutazioni<span class=\"_ _3bd\"> </span>indi<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cui:<span class=\"_ _3bd\"> </span>svalutazioni<span class=\"_ _3bd\"> </span>col<span class=\"_ _3bd\"> </span>Crediti<span class=\"_ _3bd\"> </span>verso<span class=\"_ _3bd\"> </span>banche<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>Banche<span class=\"_ _3bd\"> </span>C<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>v<span class=\"_ _3bd\"> </span>Attivit\u00e0<span class=\"_ _3bd\"> </span>finanziarie<span class=\"_ _3bd\"> </span>valutate<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>costo<span class=\"_ _3bd\"> </span>amm<span class=\"_ _3bd\"> </span>Attivit\u00e0<span class=\"_ _3bd\"> </span>finanziarie<span class=\"_ _3bd\"> </span>valutate<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>fair<span class=\"_ _3bd\"> </span>v<span class=\"_ _3bd\"> </span>c<span class=\"_ _3bd\"> </span>i<span class=\"_ _3bd\"> </span>s<span class=\"_ _3bd\"> </span>r<span class=\"_ _3bd\"> </span>Attivit\u00e0<span class=\"_ _3bd\"> </span>finanziarie<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>corso<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>d<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cui:<span class=\"_ _3bd\"> </span>svalutazioni<span class=\"_ _3bd\"> </span>indi<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cui:<span class=\"_ _3bd\"> </span>svalutazioni<span class=\"_ _3bd\"> </span>col<span class=\"_ _3bd\"> </span>Attivit\u00e0<span class=\"_ _3bd\"> </span>finanziarie<span class=\"_ _3bd\"> </span>valutate<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>costo<span class=\"_ _3bd\"> </span>amm<span class=\"_ _3bd\"> </span>Attivit\u00e0<span class=\"_ _3bd\"> </span>finanziarie<span class=\"_ _3bd\"> </span>valutate<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>fair<span class=\"_ _3bd\"> </span>v<span class=\"_ _3bd\"> </span>c<span class=\"_ _3bd\"> </span>i<span class=\"_ _3bd\"> </span>s<span class=\"_ _3bd\"> </span>r<span class=\"_ _3bd\"> </span>Attivit\u00e0<span class=\"_ _3bd\"> </span>finanziarie<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>corso<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>d<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cui:<span class=\"_ _3bd\"> </span>svalutazioni<span class=\"_ _3bd\"> </span>indi<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cui:<span class=\"_ _3bd\"> </span>svalutazioni<span class=\"_ _3bd\"> </span>col<span class=\"_ _3bd\"> </span>Primo<span class=\"_ _3bd\"> </span>sta<span class=\"_ _3bd\"> </span>Secondo<span class=\"_ _3bd\"> </span>sta<span class=\"_ _3bd\"> </span>Terzo<span class=\"_ _3bd\"> </span>stad<span class=\"_ _3bd\"> </span>Impegni<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>erogare<span class=\"_ _3bd\"> </span>fondi<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>garanzie<span class=\"_ _3bd\"> </span>fin.<span class=\"_ _3bd\"> </span>rilasciate<span class=\"_ _3bd\"> </span>impaired<span class=\"_ _3bd\"> </span>acquisiti/e<span class=\"_ _3bd\"> </span>o<span class=\"_ _3bd\"> </span>ori<span class=\"_ _3bd\"> </span>Re<span class=\"_ _0\"></span>ttif<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span> rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>redi<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span> </span></span>con<span class=\"_ _0\"></span>tra<span class=\"_ _0\"></span>ttua<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span>sen<span class=\"_ _0\"></span>za<span class=\"ff1\"> </span>ca<span class=\"_ _0\"></span>ncel<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>ioni<span class=\"_ _3bd\"> </span>- <span class=\"_ _1fd\"> </span>- <span class=\"_ _224\"> </span>- <span class=\"_ _20f\"> </span>- <span class=\"_ _20f\"> </span>- <span class=\"_ _1fd\"> </span>- <span class=\"_ _20f\"> </span>- <span class=\"_ _1ac\"> </span>17<span class=\"_ _1\"></span> <span class=\"_ _20f\"> </span>- <span class=\"_ _1f1\"> </span>- <span class=\"_ _20f\"> </span>- <span class=\"_ _f2\"> </span>17<span class=\"_ _0\"></span> <span class=\"_ _20f\"> </span>- <span class=\"_ _196\"> </span>38<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span> <span class=\"_ _20f\"> </span>- <span class=\"_ _20f\"> </span>- <span class=\"_ _196\"> </span>382<span class=\"_ _1\"></span> <span class=\"_ _20f\"> </span>- <span class=\"_ _224\"> </span>- <span class=\"_ _20f\"> </span>- <span class=\"_ _20f\"> </span>- <span class=\"_ _224\"> </span>- <span class=\"_ _20f\"> </span>- <span class=\"_ _178\"> </span>- <span class=\"_ _178\"> </span>- <span class=\"_ _224\"> </span>- <span class=\"_ _224\"> </span>-<span class=\"_ _3bd\"> </span>3<span class=\"_ _0\"></span>99<span class=\"_ _1\"></span> Ca<span class=\"_ _0\"></span>mbia<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">metod<span class=\"_ _0\"></span>olog<span class=\"_ _0\"></span>ia<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>sti<span class=\"_ _0\"></span>ma<span class=\"_ _3bd\"> </span>Write-off<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">no<span class=\"_ _1\"></span>n<span class=\"_ _3bd\"> </span></span></span>ril<span class=\"_ _0\"></span>eva<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>direttamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span>con<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">eco<span class=\"_ _0\"></span>nomi<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span> </span></span>- <span class=\"_ _1fd\"> </span>- <span class=\"_ _224\"> </span>- <span class=\"_ _20f\"> </span>- <span class=\"_ _20f\"> </span>- <span class=\"_ _1fd\"> </span>- <span class=\"_ _20f\"> </span>- <span class=\"_ _1fd\"> </span>- <span class=\"_ _20f\"> </span>- <span class=\"_ _20f\"> </span>- <span class=\"_ _1f1\"> </span>- <span class=\"_ _207\"> </span>- <span class=\"_ _20f\"> </span>- <span class=\"_ _1fa\"> </span>(25.<span class=\"_ _0\"></span>432)<span class=\"_ _0\"></span> <span class=\"_ _20f\"> </span>- <span class=\"_ _20f\"> </span>- <span class=\"_ _55\"> </span>(25.4<span class=\"_ _0\"></span>32) <span class=\"_ _1f4\"> </span>- <span class=\"_ _218\"> </span>(3<span class=\"_ _0\"></span>) <span class=\"_ _20f\"> </span>- <span class=\"_ _20f\"> </span>- <span class=\"_ _296\"> </span>(3<span class=\"_ _0\"></span>) <span class=\"_ _20f\"> </span>- <span class=\"_ _177\"> </span>- <span class=\"_ _177\"> </span>- <span class=\"_ _224\"> </span>-<span class=\"_ _2\"></span> <span class=\"_ _224\"> </span>-<span class=\"_ _3bd\"> </span>(25<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>35)<span class=\"_ _1\"></span> Altre<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>iaz<span class=\"_ _0\"></span>ioni <span class=\"_ _11c\"> </span>- <span class=\"_ _327\"> </span>(1.<span class=\"_ _0\"></span>769)<span class=\"_ _0\"></span> <span class=\"_ _69\"> </span>- <span class=\"_ _20f\"> </span>- <span class=\"_ _20f\"> </span>- <span class=\"_ _1f2\"> </span>(1.<span class=\"_ _0\"></span>769<span class=\"_ _0\"></span>) <span class=\"_ _20f\"> </span>- <span class=\"_ _216\"> </span>1.<span class=\"_ _0\"></span>769 <span class=\"_ _1f4\"> </span>- <span class=\"_ _1f1\"> </span>- <span class=\"_ _20f\"> </span>- <span class=\"_ _216\"> </span>1.<span class=\"_ _0\"></span>769 <span class=\"_ _20f\"> </span>- <span class=\"_ _a2\"> </span>20<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span> <span class=\"_ _20f\"> </span>- <span class=\"_ _20f\"> </span>- <span class=\"_ _a2\"> </span>20<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span> <span class=\"_ _328\"> </span>- <span class=\"_ _224\"> </span>- <span class=\"_ _20f\"> </span>- <span class=\"_ _1f1\"> </span>- <span class=\"_ _69\"> </span>- <span class=\"_ _20f\"> </span>-<span class=\"_ _2\"></span> <span class=\"_ _200\"> </span>(7<span class=\"_ _1\"></span>) <span class=\"_ _177\"> </span>- <span class=\"_ _224\"> </span>- <span class=\"_ _224\"> </span>-<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>Re<span class=\"_ _0\"></span>ttif<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span> 1<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span> 48.<span class=\"_ _0\"></span>23<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span>1.5<span class=\"_ _0\"></span>76<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>49.<span class=\"_ _0\"></span>83<span class=\"_ _1\"></span>3<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span> 43.<span class=\"_ _0\"></span>13<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>43.<span class=\"_ _0\"></span>14<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>408<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>34<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>408<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>34<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>2.8<span class=\"_ _1\"></span>06<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>2.<span class=\"_ _1\"></span>787<span class=\"_ _1\"></span> 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span> 1.<span class=\"_ _1\"></span>783<span class=\"_ _1\"></span> 1.1<span class=\"_ _0\"></span>39<span class=\"_ _0\"></span> 3.9<span class=\"_ _1\"></span>14<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>23<span class=\"_ _1\"></span> 51<span class=\"_ _0\"></span>1.6<span class=\"_ _0\"></span>80<span class=\"_ _0\"></span> co<span class=\"_ _0\"></span>mpl<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>siv<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>ini<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span> 46.<span class=\"_ _0\"></span>83<span class=\"_ _1\"></span>3 <span class=\"_ _20f\"> </span>1.<span class=\"_ _0\"></span>74<span class=\"_ _1\"></span>6 <span class=\"_ _1f1\"> </span>-<span class=\"_ _3bd\"> </span>-48.<span class=\"_ _0\"></span>60<span class=\"_ _0\"></span>0 <span class=\"_ _328\"> </span>11<span class=\"_ _1\"></span> <span class=\"_ _328\"> </span>40.<span class=\"_ _0\"></span>739<span class=\"_ _0\"></span> <span class=\"_ _328\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-40.<span class=\"_ _0\"></span>74<span class=\"_ _0\"></span>9 <span class=\"_ _327\"> </span>-<span class=\"_ _3bd\"> </span>438<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>50<span class=\"_ _0\"></span> <span class=\"_ _1f1\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>438<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>50<span class=\"_ _0\"></span> <span class=\"_ _1af\"> </span>-<span class=\"_ _3bd\"> </span>1.<span class=\"_ _1\"></span>35-<span class=\"_ _3bd\"> </span>- <span class=\"_ _1fa\"> </span>1.34<span class=\"_ _0\"></span>5 <span class=\"_ _55\"> </span>1<span class=\"_ _0\"></span>3 <span class=\"_ _20e\"> </span>3.7<span class=\"_ _0\"></span>35 <span class=\"_ _1f1\"> </span>1.0<span class=\"_ _0\"></span>74<span class=\"_ _0\"></span> <span class=\"_ _1ed\"> </span>3.03<span class=\"_ _0\"></span>0 <span class=\"_ _326\"> </span>20<span class=\"_ _1\"></span>5 <span class=\"_ _29d\"> </span>53<span class=\"_ _0\"></span>7.6<span class=\"_ _1\"></span>01<span class=\"_ _3bd\"> </span>Va<span class=\"_ _0\"></span>riaz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span></span></span>aumento<span class=\"ff1\"> </span>d<span class=\"_ _1\"></span>a<span class=\"_ _3bd\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> </span></span></span>-<span class=\"_ _3bd\"> </span>acquisite<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"_ _3bd\"> </span></span></span>ori<span class=\"_ _0\"></span>gina<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span>13.<span class=\"_ _0\"></span>174<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> </span>-<span class=\"_ _3bd\"> </span>13.<span class=\"_ _0\"></span>174<span class=\"_ _3bd\"> </span>5<span class=\"_ _3bd\"> </span>5.4<span class=\"_ _0\"></span>25<span class=\"_ _3bd\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1f1\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span>-<span class=\"_ _3bd\"> </span>5.<span class=\"_ _1\"></span>43<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _21a\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span> </span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1f1\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21a\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span>-<span class=\"_ _1\"></span><span class=\"ff8\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>1.4<span class=\"_ _0\"></span>44<span class=\"_ _3bd\"> </span>66<span class=\"_ _1\"></span>6<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>20.<span class=\"_ _1\"></span>714<span class=\"_ _0\"></span> Ca<span class=\"_ _0\"></span>ncel<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>ioni<span class=\"_ _3bd\"> </span>diverse<span class=\"ff1\"> </span>dai<span class=\"ff1\"> </span>w<span class=\"_ _0\"></span>rite-<span class=\"ff1\"> </span>(4<span class=\"_ _1\"></span>)<span class=\"_ _3bd\"> </span>of<span class=\"_ _1\"></span>f<span class=\"_ _3bd\"> </span>(8.<span class=\"_ _0\"></span>760<span class=\"_ _0\"></span>)<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> </span>-<span class=\"_ _3bd\"> </span>(8.<span class=\"_ _0\"></span>764<span class=\"_ _0\"></span>)<span class=\"_ _3bd\"> </span>(3<span class=\"_ _1\"></span>)<span class=\"_ _3bd\"> </span>(3.<span class=\"_ _0\"></span>998<span class=\"_ _0\"></span>)<span class=\"_ _3bd\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1f1\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span>-<span class=\"_ _3bd\"> </span>(4.<span class=\"_ _0\"></span>001<span class=\"_ _0\"></span>)<span class=\"_ _3bd\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _329\"> </span><span class=\"ff3\">(65<span class=\"_ _0\"></span>.253<span class=\"_ _0\"></span>)<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1f1\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1ed\"> </span><span class=\"ff3\">(65.<span class=\"_ _0\"></span>253)<span class=\"_ _0\"></span> </span></span></span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> </span>(1<span class=\"_ _1\"></span>9<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>(1<span class=\"_ _1\"></span>9)<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>(2.<span class=\"_ _0\"></span>827)<span class=\"_ _0\"></span> (6<span class=\"_ _1\"></span>74)<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>(81<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>38)<span class=\"_ _1\"></span> Ret<span class=\"_ _0\"></span>t/ri<span class=\"_ _0\"></span>pre<span class=\"_ _0\"></span>se<span class=\"ff1\"> <span class=\"_ _20\"> </span></span>di<span class=\"_ _0\"></span> valore<span class=\"ff1\"> </span>nett<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>p<span class=\"_ _1\"></span>er<span class=\"_ _0\"></span><span class=\"ff8\"> </span>1<span class=\"_ _3bd\"> </span>(+/-)<span class=\"_ _1\"></span> Mod<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>che<span class=\"_ _3bd\"> </span>(1.<span class=\"_ _0\"></span>239)<span class=\"_ _0\"></span> (17<span class=\"_ _0\"></span>0)<span class=\"_ _3bd\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> </span>-<span class=\"_ _3bd\"> </span>(1.<span class=\"_ _0\"></span>408<span class=\"_ _0\"></span>)<span class=\"_ _3bd\"> </span>5<span class=\"_ _3bd\"> </span>(82<span class=\"_ _0\"></span>2)<span class=\"_ _3bd\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1f1\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span>-<span class=\"_ _3bd\"> </span>(81<span class=\"_ _0\"></span>8)<span class=\"_ _3bd\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _20f\"> </span><span class=\"ff3\">60.0<span class=\"_ _0\"></span>80<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1f1\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _328\"> </span><span class=\"ff3\">60.08<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> </span>1.4<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>1.4<span class=\"_ _0\"></span>64<span class=\"_ _3bd\"> </span>7<span class=\"_ _3bd\"> </span>(56<span class=\"_ _0\"></span>2)<span class=\"_ _3bd\"> </span>73<span class=\"_ _1\"></span> 88<span class=\"_ _1\"></span>4<span class=\"_ _3bd\"> </span>18<span class=\"_ _1\"></span> 59.<span class=\"_ _0\"></span>73<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mpl<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>siv<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>fin<span class=\"_ _0\"></span>ali<span class=\"_ _1\"></span> Recuperi<span class=\"_ _3bd\"> </span>d<span class=\"_ _3bd\"> </span>incasso<span class=\"_ _3bd\"> </span>su<span class=\"_ _3bd\"> </span>at<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span>fin<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>51<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>51<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>12<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>12<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>6<span class=\"_ _0\"></span>37<span class=\"_ _3bd\"> </span>oggetto<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>wri<span class=\"_ _0\"></span>te-<span class=\"_ _3bd\"> </span>of<span class=\"_ _1\"></span>f<span class=\"_ _3bd\"> </span>Write-off<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ril<span class=\"_ _0\"></span>evat<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></span></span>direttamente<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>(4<span class=\"_ _1\"></span>6)<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>(4<span class=\"_ _1\"></span>6)<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>(5<span class=\"_ _1\"></span>)<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>(5<span class=\"_ _1\"></span>)<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>(2.<span class=\"_ _0\"></span>572)<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>(2.<span class=\"_ _0\"></span>572)<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>(7<span class=\"_ _1\"></span>7)<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>(7<span class=\"_ _1\"></span>7)<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>(2.<span class=\"_ _0\"></span>70<span class=\"_ _0\"></span>0)<span class=\"_ _3bd\"> </span>conto<span class=\"_ _3bd\"> </span>econ<span class=\"_ _0\"></span>omic<span class=\"_ _1\"></span>o<span class=\"_ _3bd\"> </span><div class=\"t m26 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3003\">A.<span class=\"_ _0\"></span>1.3<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3004\">Conso<span class=\"_ _0\"></span>lidato<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3005\">prude<span class=\"_ _0\"></span>nziale<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3006\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3007\">Attivit<span class=\"_ _1\"></span>\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3008\">finanzi<span class=\"_ _0\"></span>arie,<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3009\">impeg<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs300a\">a<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs300b\">eroga<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs300c\">fondi<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs300d\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs300e\">gara<span class=\"_ _0\"></span>nzie<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs300f\">finanzi<span class=\"_ _0\"></span>arie<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3010\">rilasci<span class=\"_ _0\"></span>ate:<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3011\">trasfe<span class=\"_ _0\"></span>rime<span class=\"_ _0\"></span>nti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3012\">tra<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3013\">divers<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3014\">stad<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3015\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3016\">rischio<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3017\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3018\">credit<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3019\">(valo<span class=\"_ _0\"></span>ri<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs301a\">lordi<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs301b\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs301c\">nom<span class=\"_ _0\"></span>inali)<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs301d\">Po<span class=\"_ _0\"></span>rta<span class=\"_ _1\"></span>fog<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>/st<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs301e\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs301f\">ri<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>o<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3020\">Es<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3021\">lo<span class=\"_ _0\"></span>rd<span class=\"_ _0\"></span>a/<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3022\">no<span class=\"_ _1\"></span>min<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3023\">Tras<span class=\"_ _0\"></span>ferim<span class=\"_ _0\"></span>enti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3024\">tra<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3025\">prim<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3026\">stadio<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3027\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3028\">secon<span class=\"_ _1\"></span>do<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3029\">st<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs302a\">Tras<span class=\"_ _0\"></span>ferim<span class=\"_ _0\"></span>enti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs302b\">tra<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs302c\">secon<span class=\"_ _1\"></span>do<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs302d\">sta<span class=\"_ _0\"></span>dio<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs302e\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs302f\">terz<span class=\"_ _0\"></span>o<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3030\">Tras<span class=\"_ _0\"></span>ferim<span class=\"_ _0\"></span>enti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3031\">tra<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3032\">prim<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3033\">stadio<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3034\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3035\">terz<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3036\">stadio<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs3037\">Da<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs3038\">primo<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs3039\">a<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs303a\">secondo<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs303b\">sta<span class=\"_ _0\"></span>dio<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs303c\">Da<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs303d\">secondo<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs303e\">stadio<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs303f\">a<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs3040\">primo<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs3041\">stadio<span class=\"fc0 sc1\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs3042\">Da<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs3043\">secondo<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs3044\">stadio<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs3045\">a<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs3046\">terzo<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs3047\">stadio<span class=\"fc0 sc1\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs3048\">Da<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs3049\">terzo<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs304a\">stadio<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs304b\">a<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs304c\">secondo<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs304d\">stadio<span class=\"fc0 sc1\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs304e\">Da<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs304f\">primo<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs3050\">stadio<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs3051\">a<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs3052\">terzo<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs3053\">sta<span class=\"_ _0\"></span>dio<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs3054\">Da<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs3055\">terzo<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs3056\">stadio<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs3057\">a<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs3058\">primo<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs3059\">sta<span class=\"_ _0\"></span>dio<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs305a\">1.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Atti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fin<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">a<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _2\"></span></span>co<span class=\"_ _0\"></span>sto<span class=\"_ _0\"></span> </span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs305b\">1.<span class=\"_ _0\"></span>320<span class=\"_ _0\"></span>.99<span class=\"_ _0\"></span>5<span class=\"ff1\"> <span class=\"_ _328\"> </span></span>456<span class=\"_ _0\"></span>.508<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _69\"> </span><span class=\"ff3\">54.<span class=\"_ _0\"></span>404<span class=\"ff1\"> <span class=\"_ _1ff\"> </span></span>17.<span class=\"_ _0\"></span>366<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1a8\"> </span><span class=\"ff3\">84.<span class=\"_ _0\"></span>221<span class=\"_ _0\"></span><span class=\"ff8\"> <span class=\"_ _209\"> </span><span class=\"ff3\">8.8<span class=\"_ _0\"></span>88 </span></span></span></span></span></span></div><div class=\"t m0 h1c ff1 fsc fc0 sc0 ls0 ws0 gs305c\">  <span class=\"ff3\">ammortizzato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _32a\"> </span> </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs305d\">impatto<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>redditi<span class=\"_ _0\"></span>vit\u00e0<span class=\"ff1\"> </span>complessiva </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs305e\">fina<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ril<span class=\"_ _0\"></span>asc<span class=\"_ _0\"></span>iate<span class=\"_ _1\"></span> </div><div class=\"t ma h1c ff3 fsc fc4 sc2 ls0 ws0 gs305f\">A.<span class=\"_ _1\"></span>1.3</div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3060\">a<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3061\">Fina<span class=\"_ _0\"></span>nziam<span class=\"_ _0\"></span>enti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3062\">ogget<span class=\"_ _0\"></span>to<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3063\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3064\">misu<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3065\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3066\">sost<span class=\"_ _0\"></span>egno<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3067\">Covid-<span class=\"_ _0\"></span>19:<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3068\">tras<span class=\"_ _0\"></span>ferim<span class=\"_ _0\"></span>enti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3069\">tra<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs306a\">i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs306b\">divers<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs306c\">stad<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs306d\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs306e\">rischio<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs306f\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3070\">credit<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3071\">(valor<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3072\">lor<span class=\"_ _1\"></span>di)<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3073\">Po<span class=\"_ _0\"></span>rta<span class=\"_ _1\"></span>fog<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>/st<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3074\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3075\">ri<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>o<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3076\">Va<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>ri<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3077\">lor<span class=\"_ _1\"></span>di<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3078\">Tr<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3079\">tr<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs307a\">pr<span class=\"_ _0\"></span>im<span class=\"_ _1\"></span>o<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs307b\">stadio<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs307c\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs307d\">secon<span class=\"_ _1\"></span>do<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs307e\">st<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs307f\">Tras<span class=\"_ _0\"></span>ferim<span class=\"_ _0\"></span>enti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3080\">tra<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3081\">secon<span class=\"_ _1\"></span>do<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3082\">sta<span class=\"_ _0\"></span>dio<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3083\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3084\">terz<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3085\">st<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3086\">Tras<span class=\"_ _0\"></span>ferim<span class=\"_ _0\"></span>enti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3087\">tra<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3088\">prim<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3089\">stadio<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs308a\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs308b\">terz<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs308c\">st<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs308d\">Da<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs308e\">primo<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs308f\">a<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs3090\">secondo<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs3091\">stadio<span class=\"fc0 sc1\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs3092\">Da<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs3093\">secondo<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs3094\">stadio<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs3095\">a<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs3096\">primo<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs3097\">sta<span class=\"_ _0\"></span>dio<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs3098\">Da<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs3099\">secondo<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs309a\">stadio<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs309b\">a<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs309c\">terzo<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs309d\">sta<span class=\"_ _0\"></span>dio<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs309e\">Da<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs309f\">terzo<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs30a0\">stadio<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs30a1\">a<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs30a2\">secondo<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs30a3\">sta<span class=\"_ _0\"></span>dio<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs30a4\">Da<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs30a5\">primo<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs30a6\">stadio<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs30a7\">a<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs30a8\">terzo<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs30a9\">stadio<span class=\"fc0 sc1\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs30aa\">Da<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs30ab\">terzo<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs30ac\">stadio<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs30ad\">a<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs30ae\">primo<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs30af\">stadio<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs30b0\">re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs30b1\">co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs30b2\">conforme<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">GL<span class=\"_ _1\"></span> </span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs30b3\">con<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>ssion<span class=\"_ _0\"></span>e </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs30b4\">Nella<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tabella<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"></span></span>riportato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>lor<span class=\"_ _2\"></span>do<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziamenti,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ogget<span class=\"_ _2\"></span>to<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>m<span class=\"_ _2\"></span>oratoria<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>altre<span class=\"ff1\"> <span class=\"_ _20\"></span></span>mis<span class=\"_ _2\"></span>ure<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs30b5\">concessione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"></span></span>essere<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>data<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>riferimento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>bilancio,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff3\">costituiscono</span> <span class=\"_ _21\"> </span><span class=\"ff3\">nuova</span> <span class=\"_ _21\"> </span><span class=\"ff3\">liquidit\u00e0</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs30b6\">concessa<span class=\"ff1\"> <span class=\"_ _20\"></span></span>mediante<span class=\"ff1\"> <span class=\"_ _21\"></span></span>mecc<span class=\"_ _0\"></span>anismi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">garanzia</span> <span class=\"_ _20\"></span><span class=\"ff3\">pubblica,</span> <span class=\"_ _20\"></span><span class=\"ff3\">ripartit<span class=\"_ _2\"></span>o</span> <span class=\"_ _20\"></span><span class=\"ff3\">per</span> <span class=\"_ _21\"></span><span class=\"ff3\">portafgli</span> <span class=\"_ _2\"></span><span class=\"ff3\">di</span> <span class=\"_ _21\"></span><span class=\"ff3\">a<span class=\"_ _0\"></span>ppar<span class=\"_ _0\"></span>ten<span class=\"_ _0\"></span>zenz<span class=\"_ _0\"></span>a, </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs30b7\">A.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs30b8\">Fin<span class=\"_ _1\"></span>an<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs30b9\">va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>tat<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs30ba\">al<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs30bb\">co<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs30bc\">am<span class=\"_ _1\"></span>mo<span class=\"_ _0\"></span>rti<span class=\"_ _0\"></span>zz<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs30bd\">15<span class=\"_ _0\"></span>8.<span class=\"_ _0\"></span>904<span class=\"_ _1\"></span> <span class=\"_ _20e\"> </span>80<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>39<span class=\"_ _0\"></span> <span class=\"_ _81\"> </span>13<span class=\"_ _0\"></span>.7<span class=\"_ _1\"></span>88 <span class=\"_ _a1\"> </span>70<span class=\"_ _1\"></span> <span class=\"_ _32b\"> </span>22<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>94<span class=\"_ _1\"></span> <span class=\"_ _69\"> </span>67<span class=\"_ _1\"></span>9 </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs30be\">A.<span class=\"_ _0\"></span>1<span class=\"ff1\"> </span>ogg<span class=\"_ _0\"></span>ett<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>nce<span class=\"_ _1\"></span>ssione<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">conf<span class=\"_ _0\"></span>orme<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">con</span> <span class=\"ff3\">le<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">GL<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _11e\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> <span class=\"_ _a2\"> </span>546<span class=\"_ _1\"></span> <span class=\"_ _32\"> </span>- <span class=\"_ _1ae\"> </span>- <span class=\"_ _198\"> </span>- <span class=\"_ _129\"> </span>- </span></span></span></span></span></span></span></span></div><div class=\"c w78 h28 gs30bf\"><div class=\"t m0 x1f9 h1c y143 ff3 fsc fc0 sc0 ls0 ws0\">A.2</div></div><div class=\"c w14b h28 gs30c0\"><div class=\"t m0 x1f9 h1c y143 ff3 fsc fc0 sc0 ls0 ws0\">oggetto</div></div><div class=\"c wa3 h28 gs30c1\"><div class=\"t m0 x1f9 h1c y143 ff3 fsc fc0 sc0 ls0 ws0\">di</div></div><div class=\"c wef h28 gs30c2\"><div class=\"t m0 x1f9 h1c y143 ff3 fsc fc0 sc0 ls0 ws0\">misure</div></div><div class=\"c wa3 h28 gs30c3\"><div class=\"t m0 x1f9 h1c y143 ff3 fsc fc0 sc0 ls0 ws0\">di</div></div><div class=\"c w12d h28 gs30c4\"><div class=\"t m0 x1f9 h1c y143 ff3 fsc fc0 sc0 ls0 ws0\">moratoria</div></div><div class=\"c wa3 h28 gs30c5\"><div class=\"t m0 x1f9 h1c y143 ff3 fsc fc0 sc0 ls0 ws0\">in</div></div><div class=\"c w13f h28 gs30c6\"><div class=\"t m0 x1f9 h1c y143 ff3 fsc fc0 sc0 ls0 ws0\">essere</div></div><div class=\"c wf0 h28 gs30c7\"><div class=\"t m0 x1f9 h1c y143 ff3 fsc fc0 sc0 ls0 ws0\">non</div></div><div class=\"c we8 h28 gs30c8\"><div class=\"t m0 x1f9 h1c y143 ff3 fsc fc0 sc0 ls0 ws0\">p<span class=\"_ _0\"></span>i\u00f9<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs30c9\">conformi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">GL<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">v<span class=\"_ _2\"></span>alutate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">come<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">oggetto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"_ _1\"></span><span class=\"ff8\"> <span class=\"_ _198\"> </span><span class=\"ff3\">19<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs30ca\">con<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>ssion<span class=\"_ _0\"></span>e </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs30cb\">- </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs30cc\">2<span class=\"_ _0\"></span>32<span class=\"_ _1\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs30cd\">- </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs30ce\">- </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs30cf\">- </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs30d0\">A.3<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">oggetto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">misure<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conc<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>sion<span class=\"_ _0\"></span>e<span class=\"ff8\"> <span class=\"_ _11e\"> </span></span>6.<span class=\"_ _1\"></span>309<span class=\"_ _0\"></span> <span class=\"_ _6c\"> </span>- <span class=\"_ _47\"> </span>77<span class=\"_ _1\"></span>7 <span class=\"_ _1ae\"> </span>- <span class=\"_ _222\"> </span>32<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span> <span class=\"_ _75\"> </span>- </span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs30d1\">A.4<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nuovi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fina<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff8\"> <span class=\"_ _ec\"> </span><span class=\"ff3\">152<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>02 <span class=\"_ _1fa\"> </span>80<span class=\"_ _0\"></span>.09<span class=\"_ _0\"></span>3 <span class=\"_ _20b\"> </span>12.<span class=\"_ _0\"></span>779<span class=\"_ _0\"></span> <span class=\"_ _a1\"> </span>70<span class=\"_ _1\"></span> <span class=\"_ _a1\"> </span>22<span class=\"_ _0\"></span>.37<span class=\"_ _0\"></span>0 <span class=\"_ _62\"> </span>67<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span> </span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs30d2\">B.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs30d3\">Fin<span class=\"_ _1\"></span>an<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs30d4\">va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>tat<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs30d5\">al<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs30d6\">fa<span class=\"_ _0\"></span>ir<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs30d7\">va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs30d8\">co<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs30d9\">im<span class=\"_ _1\"></span>patt<span class=\"_ _1\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs30da\">s<span class=\"_ _0\"></span>ul<span class=\"_ _1\"></span>la<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs30db\">-<span class=\"_ _3bd\"> </span></div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs30dc\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs30dd\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs30de\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs30df\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs30e0\">-</div><div class=\"c we8 h28 gs30e1\"><div class=\"t m0 x1f9 h1c y461 ff3 fsc fc0 sc0 ls0 ws0\">B.1</div></div><div class=\"c wa8 h28 gs30e2\"><div class=\"t m0 x1f9 h1c y461 ff3 fsc fc0 sc0 ls0 ws0\">oggetto</div></div><div class=\"c wa3 h28 gs30e3\"><div class=\"t m0 x1f9 h1c y461 ff3 fsc fc0 sc0 ls0 ws0\">di</div></div><div class=\"c w154 h28 gs30e4\"><div class=\"t m0 x1f9 h1c y461 ff3 fsc fc0 sc0 ls0 ws0\">con<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>one<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs30e5\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs30e6\">- <span class=\"_ _198\"> </span>- <span class=\"_ _6c\"> </span>- <span class=\"_ _42\"> </span>- <span class=\"_ _75\"> </span>- </div><div class=\"c w78 h28 gs30e7\"><div class=\"t m0 x1f9 h1c y6c7 ff3 fsc fc0 sc0 ls0 ws0\">B.2</div></div><div class=\"c w14b h28 gs30e8\"><div class=\"t m0 x1f9 h1c y6c7 ff3 fsc fc0 sc0 ls0 ws0\">oggetto</div></div><div class=\"c wa3 h28 gs30e9\"><div class=\"t m0 x1f9 h1c y6c7 ff3 fsc fc0 sc0 ls0 ws0\">di</div></div><div class=\"c wef h28 gs30ea\"><div class=\"t m0 x1f9 h1c y6c7 ff3 fsc fc0 sc0 ls0 ws0\">misure</div></div><div class=\"c wa3 h28 gs30eb\"><div class=\"t m0 x1f9 h1c y6c7 ff3 fsc fc0 sc0 ls0 ws0\">di</div></div><div class=\"c w12d h28 gs30ec\"><div class=\"t m0 x1f9 h1c y6c7 ff3 fsc fc0 sc0 ls0 ws0\">moratoria</div></div><div class=\"c w8b h28 gs30ed\"><div class=\"t m0 x1f9 h1c y6c7 ff3 fsc fc0 sc0 ls0 ws0\">in</div></div><div class=\"c w13f h28 gs30ee\"><div class=\"t m0 x1f9 h1c y6c7 ff3 fsc fc0 sc0 ls0 ws0\">essere</div></div><div class=\"c wf0 h28 gs30ef\"><div class=\"t m0 x1f9 h1c y6c7 ff3 fsc fc0 sc0 ls0 ws0\">non</div></div><div class=\"c we8 h28 gs30f0\"><div class=\"t m0 x1f9 h1c y6c7 ff3 fsc fc0 sc0 ls0 ws0\">p<span class=\"_ _0\"></span>i\u00f9<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs30f1\">conformi<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>GL<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>no<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>ogget<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _ca\"> </span></span>-<span class=\"_ _0\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs30f2\">con<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>ssion<span class=\"_ _0\"></span>e </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs30f3\">- </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs30f4\">- </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs30f5\">- </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs30f6\">- </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs30f7\">- </div><div class=\"c wea h28 gs30f8\"><div class=\"t m0 x1f9 h1c y6c7 ff3 fsc fc0 sc0 ls0 ws0\">B.3</div></div><div class=\"c w14b h28 gs30f9\"><div class=\"t m0 x1f9 h1c y6c7 ff3 fsc fc0 sc0 ls0 ws0\">oggetto</div></div><div class=\"c wa3 h28 gs30fa\"><div class=\"t m0 x1f9 h1c y6c7 ff3 fsc fc0 sc0 ls0 ws0\">di</div></div><div class=\"c we2 h28 gs30fb\"><div class=\"t m0 x1f9 h1c y6c7 ff3 fsc fc0 sc0 ls0 ws0\">altre</div></div><div class=\"c w79 h28 gs30fc\"><div class=\"t m0 x1f9 h1c y6c7 ff3 fsc fc0 sc0 ls0 ws0\">misure</div></div><div class=\"c w50 h28 gs30fd\"><div class=\"t m0 x1f9 h1c y6c7 ff3 fsc fc0 sc0 ls0 ws0\">d<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs30fe\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs30ff\">- <span class=\"_ _198\"> </span>- <span class=\"_ _6c\"> </span>- <span class=\"_ _42\"> </span>- <span class=\"_ _75\"> </span>- </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3100\">B.4<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nuovi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fin<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>iam<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1bd\"> </span></span>-<span class=\"_ _1\"></span> <span class=\"_ _6e\"> </span>- <span class=\"_ _198\"> </span>- <span class=\"_ _1ae\"> </span>- <span class=\"_ _42\"> </span>- <span class=\"_ _75\"> </span>- </span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3101\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3102\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3103\">15<span class=\"_ _0\"></span>8.<span class=\"_ _0\"></span>904<span class=\"_ _1\"></span> <span class=\"_ _20e\"> </span>80<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>39<span class=\"_ _0\"></span> <span class=\"_ _81\"> </span>13<span class=\"_ _0\"></span>.7<span class=\"_ _1\"></span>88 <span class=\"_ _a1\"> </span>70<span class=\"_ _1\"></span> <span class=\"_ _32b\"> </span>22<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>94<span class=\"_ _1\"></span> <span class=\"_ _69\"> </span>67<span class=\"_ _1\"></span>9 </div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3104\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3105\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3106\">34<span class=\"_ _0\"></span>5.<span class=\"_ _0\"></span>27<span class=\"_ _0\"></span>5 <span class=\"_ _20f\"> </span>31.<span class=\"_ _0\"></span>696<span class=\"_ _1\"></span> <span class=\"_ _21a\"> </span>12.5<span class=\"_ _1\"></span>79 <span class=\"_ _a2\"> </span>2<span class=\"_ _0\"></span>59<span class=\"_ _1\"></span> <span class=\"_ _1fd\"> </span>18.<span class=\"_ _0\"></span>70<span class=\"_ _0\"></span>5 <span class=\"_ _1ff\"> </span>3<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span> </div><div class=\"c wad h9f gs3107\"><div class=\"t m0 x1f9 h1c y11d ff3 fsc fc0 sc0 ls0 ws0\">2.</div></div><div class=\"c wd4 h9f gs3108\"><div class=\"t m0 x1f9 h1c y11d ff3 fsc fc0 sc0 ls0 ws0\">Att<span class=\"_ _0\"></span>ivit<span class=\"_ _0\"></span>\u00e0</div></div><div class=\"c we9 h9f gs3109\"><div class=\"t m0 x1f9 h1c y11d ff3 fsc fc0 sc0 ls0 ws0\">fi<span class=\"_ _0\"></span>nanz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie</div></div><div class=\"c wa8 h9f gs310a\"><div class=\"t m0 x1f9 h1c y11d ff3 fsc fc0 sc0 ls0 ws0\">val<span class=\"_ _0\"></span>utat<span class=\"_ _0\"></span>e</div></div><div class=\"c w7a h9f gs310b\"><div class=\"t m0 x1f9 h1c y11d ff3 fsc fc0 sc0 ls0 ws0\">al</div></div><div class=\"c wf5 h9f gs310c\"><div class=\"t m0 x1f9 h1c y11d ff3 fsc fc0 sc0 ls0 ws0\">fai<span class=\"_ _0\"></span>r</div></div><div class=\"c w111 h9f gs310d\"><div class=\"t m0 x1f9 h1c y11d ff3 fsc fc0 sc0 ls0 ws0\">va<span class=\"_ _0\"></span>lue</div></div><div class=\"c wbe h9f gs310e\"><div class=\"t m0 x1f9 h1c y11d ff3 fsc fc0 sc0 ls0 ws0\">c<span class=\"_ _0\"></span>on<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs310f\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _34\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _39\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _31\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _3a\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3110\">- </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3111\">3.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">co<span class=\"_ _2\"></span>rso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dism<span class=\"_ _0\"></span>iss<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _320\"> </span></span>-<span class=\"_ _0\"></span> <span class=\"_ _50\"> </span>- <span class=\"_ _39\"> </span>- <span class=\"_ _31\"> </span>- <span class=\"_ _1cf\"> </span>- <span class=\"_ _67\"> </span>- </span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"c w17 h28 gs3112\"><div class=\"t m0 x1f9 h1c y11d ff3 fsc fc0 sc0 ls0 ws0\">4.</div></div><div class=\"c w11f h28 gs3113\"><div class=\"t m0 x1f9 h1c y11d ff3 fsc fc0 sc0 ls0 ws0\">Impegni</div></div><div class=\"c w5 h28 gs3114\"><div class=\"t m0 x1f9 h1c y11d ff3 fsc fc0 sc0 ls0 ws0\">a</div></div><div class=\"c w45 h28 gs3115\"><div class=\"t m0 x1f9 h1c y11d ff3 fsc fc0 sc0 ls0 ws0\">erogare</div></div><div class=\"c w111 h28 gs3116\"><div class=\"t m0 x1f9 h1c y11d ff3 fsc fc0 sc0 ls0 ws0\">fondi</div></div><div class=\"c w5 h28 gs3117\"><div class=\"t m0 x1f9 h1c y11d ff3 fsc fc0 sc0 ls0 ws0\">e</div></div><div class=\"c w97 h28 gs3118\"><div class=\"t m0 x1f9 h1c y11d ff3 fsc fc0 sc0 ls0 ws0\">gar<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3119\">195<span class=\"_ _0\"></span>.89<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs311a\">7.<span class=\"_ _0\"></span>743 <span class=\"_ _222\"> </span>98<span class=\"_ _1\"></span> <span class=\"_ _75\"> </span>8<span class=\"_ _0\"></span>46<span class=\"_ _1\"></span> <span class=\"_ _20b\"> </span>16.<span class=\"_ _0\"></span>252<span class=\"_ _0\"></span> <span class=\"_ _20b\"> </span>1<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>10 </div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs311b\">Tot<span class=\"_ _0\"></span>ale<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs311c\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs311d\">1.<span class=\"_ _0\"></span>516<span class=\"_ _1\"></span>.89<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs311e\">46<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>25<span class=\"_ _0\"></span>1 <span class=\"_ _196\"> </span>54.<span class=\"_ _0\"></span>502<span class=\"_ _1\"></span> <span class=\"_ _1a2\"> </span>18<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>12<span class=\"_ _0\"></span> <span class=\"_ _11c\"> </span>1<span class=\"_ _0\"></span>00.<span class=\"_ _1\"></span>473<span class=\"_ _0\"></span> <span class=\"_ _a2\"> </span>10.<span class=\"_ _0\"></span>09<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs311f\">Tot<span class=\"_ _0\"></span>ale<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3120\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3121\">99<span class=\"_ _0\"></span>6.<span class=\"_ _0\"></span>48<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span> <span class=\"_ _1f1\"> </span>3<span class=\"_ _0\"></span>68<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>89<span class=\"_ _0\"></span> <span class=\"_ _196\"> </span>4<span class=\"_ _0\"></span>9.<span class=\"_ _0\"></span>94<span class=\"_ _0\"></span>4 <span class=\"_ _66\"> </span>21<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>61<span class=\"_ _0\"></span> <span class=\"_ _81\"> </span>72.<span class=\"_ _0\"></span>772<span class=\"_ _1\"></span> <span class=\"_ _1a8\"> </span>8.7<span class=\"_ _1\"></span>19 </div>quando<span class=\"ff1\"> </span>lo<span class=\"ff1\"> </span>stadio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>quale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>esposizioni<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>state<span class=\"ff1\"> </span>incluse<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>data<span class=\"_ _2\"></span><span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>fine<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esercizio<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span></span></span></span></span>diverso<span class=\"ff1\"> </span>dallo<span class=\"ff1\"> </span>stadio<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>esposizioni<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>stat<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>incluse<span class=\"ff1\"> </span>all\u2019<span class=\"_ _0\"></span>inizio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019esercizio<div class=\"t ma h1c ff3 fsc fc4 sc2 ls0 ws0 gs3123\">A.<span class=\"_ _1\"></span>1.4</div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3124\">Co<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>ida<span class=\"_ _0\"></span>to<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3125\">pr<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>zia<span class=\"_ _1\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3126\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3127\">Es<span class=\"_ _0\"></span>pos<span class=\"_ _1\"></span>izio<span class=\"_ _1\"></span>ni<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3128\">cre<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>zie<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3129\">pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs312a\">ca<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs312b\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs312c\">fuo<span class=\"_ _0\"></span>ri<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs312d\">bi<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs312e\">ver<span class=\"_ _0\"></span>so<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs312f\">ba<span class=\"_ _0\"></span>nch<span class=\"_ _0\"></span>e:<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3130\">va<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>ri<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3131\">lor<span class=\"_ _1\"></span>di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3132\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3133\">n<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs3134\">Ti<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>gie<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs3135\">es<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>osi<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i/v<span class=\"_ _1\"></span>alo<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs3136\">Es<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>si<span class=\"_ _1\"></span>zion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs3137\">lo<span class=\"_ _0\"></span>rd<span class=\"_ _0\"></span>a<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs3138\">Rettif<span class=\"_ _0\"></span>iche<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs3139\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs313a\">valor<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs313b\">com<span class=\"_ _0\"></span>ples<span class=\"_ _0\"></span>sive<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs313c\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs313d\">acca<span class=\"_ _0\"></span>ntona<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs313e\">comp<span class=\"_ _0\"></span>lessi<span class=\"_ _0\"></span>vi<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs313f\">Es<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>si<span class=\"_ _1\"></span>zion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs3140\">N<span class=\"_ _0\"></span>et<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs3141\">Wr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>e-<span class=\"_ _0\"></span>off<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs3142\">pa<span class=\"_ _0\"></span>rz<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs3143\">co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>siv<span class=\"_ _0\"></span>i*<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs3144\">Primo<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs3145\">st<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>adio<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs3146\">Sec<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>do<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs3147\">st<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>adio<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs3148\">Terzo<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs3149\">sta<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>dio<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs314a\">Imp<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>air<span class=\"_ _0\"></span>ed<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs314b\">acquisite<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs314c\">o<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs314d\">ori<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>gina<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs314e\">Primo<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs314f\">st<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>adio<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs3150\">Sec<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>do<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs3151\">st<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>adio<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs3152\">Terzo<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs3153\">sta<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>dio<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs3154\">Imp<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>air<span class=\"_ _0\"></span>ed<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs3155\">acquisite<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs3156\">o<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h43 ff3 fs1b fc4 sc2 ls0 ws0 gs3157\">ori<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>gina<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m24 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs3158\">A.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs3159\">Es<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>si<span class=\"_ _1\"></span>zion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs315a\">credi<span class=\"_ _0\"></span>tizie<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs315b\">per<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs315c\">cass<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs315d\">A.<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs315e\">A<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs315f\">vi<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs3160\">3.17<span class=\"_ _0\"></span>0.148<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs3161\">3.1<span class=\"_ _1\"></span>58.<span class=\"_ _0\"></span>94<span class=\"_ _1\"></span>3<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs3162\">11<span class=\"_ _0\"></span>.20<span class=\"_ _1\"></span>5<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs3163\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs3164\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs3165\">3<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs3166\">1<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs3167\">1<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs3168\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs3169\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs316a\">3.<span class=\"_ _0\"></span>17<span class=\"_ _0\"></span>0.1<span class=\"_ _1\"></span>11<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs316b\">-<span class=\"_ _1\"></span> </div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs316c\">a)<span class=\"ff5\"> <span class=\"_ _1\"></span><span class=\"ff3\">Det<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>iora<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _11e\"> </span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _296\"> </span><span class=\"ff3\">X<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _50\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _216\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _21a\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1ed\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _31c\"> </span><span class=\"ff3\">X<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1fd\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _63\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _75\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2f\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2f\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs316d\">b)<span class=\"ff5\"> <span class=\"_ _1\"></span><span class=\"ff3\">Non<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ior<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _216\"> </span><span class=\"ff3\">3.170.148<span class=\"_ _0\"></span><span class=\"ff1\">   <span class=\"_ _21\"> </span><span class=\"ff3\">3.15<span class=\"_ _0\"></span>8.9<span class=\"_ _0\"></span>43<span class=\"ff1\"> <span class=\"_ _22\"> </span></span>11.<span class=\"_ _0\"></span>205<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1ed\"> </span><span class=\"ff3\">X<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _b7\"> </span><span class=\"ff3\">-<span class=\"_ _2\"></span></span> <span class=\"_ _1a\"> </span> <span class=\"_ _1a\"> </span><span class=\"ff3\">37<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1fb\"> </span><span class=\"ff3\">1<span class=\"_ _1\"></span>9<span class=\"ff1\"> <span class=\"_ _64\"> </span></span>18<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1fa\"> </span><span class=\"ff3\">X</span> <span class=\"_ _72\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _196\"> </span><span class=\"ff3\">3.<span class=\"_ _1\"></span>170.1<span class=\"_ _0\"></span>11<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _19c\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs316e\">A.<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs316f\">Al<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs3170\">2.549<span class=\"_ _0\"></span>.257<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs3171\">2.47<span class=\"_ _0\"></span>5.728<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs3172\">71<span class=\"_ _1\"></span>.25<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs3173\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs3174\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs3175\">9<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span> <span class=\"_ _1fa\"> </span>8<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs3176\">1<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs3177\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs3178\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs3179\">2.<span class=\"_ _0\"></span>54<span class=\"_ _0\"></span>8.<span class=\"_ _0\"></span>27<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs317a\">-<span class=\"_ _1\"></span> </div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs317b\">a)<span class=\"ff5\"> <span class=\"_ _0\"></span><span class=\"ff3\">So<span class=\"_ _0\"></span>ffe<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>nze<span class=\"ff1\"> <span class=\"_ _ad\"> </span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _296\"> </span><span class=\"ff3\">X<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _50\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _216\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _21a\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1ed\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _31c\"> </span><span class=\"ff3\">X<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1fd\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _63\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _75\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2f\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2f\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs317c\">-<span class=\"ff5\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cui:<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esp<span class=\"_ _0\"></span>osi<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span> </span></span></span></span></span></span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs317d\">oggetto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs317e\">co<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span> </div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs317f\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _296\"> </span><span class=\"ff3\">X<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _50\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _216\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _21a\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1ed\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _31c\"> </span><span class=\"ff3\">X<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1fd\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _63\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _75\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2f\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2f\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs3180\">b)<span class=\"ff5\"> <span class=\"_ _0\"></span><span class=\"ff3\">Ina<span class=\"_ _0\"></span>dem<span class=\"_ _0\"></span>p.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pro<span class=\"_ _0\"></span>babi<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _70\"> </span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _296\"> </span><span class=\"ff3\">X<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _72\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1fb\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21a\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1ed\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _31c\"> </span><span class=\"ff3\">X<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1fd\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _200\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _75\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2f\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2f\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs3181\">-<span class=\"ff5\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cui:<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esp<span class=\"_ _0\"></span>osi<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span> </span></span></span></span></span></span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs3182\">oggetto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs3183\">co<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span> </div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs3184\">c)<span class=\"ff5\"> <span class=\"_ _1\"></span><span class=\"ff3\">Espos<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>oni<span class=\"_ _1\"></span> </span></span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs3185\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _296\"> </span><span class=\"ff3\">X<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _50\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _216\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _21a\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1ed\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _31c\"> </span><span class=\"ff3\">X<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1fd\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _63\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _75\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2f\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2f\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs3186\">sc<span class=\"_ _0\"></span>adut<span class=\"_ _1\"></span>e<span class=\"ff1\"> </span>dete<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>rat<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs3187\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _296\"> </span><span class=\"ff3\">X<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _50\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _216\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _21a\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1ed\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _31c\"> </span><span class=\"ff3\">X<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1fd\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _63\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _75\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2f\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2f\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs3188\">-<span class=\"ff5\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cui:<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esp<span class=\"_ _0\"></span>osi<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span> </span></span></span></span></span></span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs3189\">oggetto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs318a\">co<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span> </div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs318b\">d)<span class=\"ff5\"> <span class=\"_ _0\"></span><span class=\"ff3\">Esp<span class=\"_ _0\"></span>osi<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span> </span></span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs318c\">sc<span class=\"_ _0\"></span>adut<span class=\"_ _1\"></span>e<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs318d\">de<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>ior<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span> </div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs318e\">-<span class=\"ff5\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cu<span class=\"_ _0\"></span>i:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">esp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs318f\">oggetto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs3190\">co<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span> </div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs3191\">e)<span class=\"ff5\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altr<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>spo<span class=\"_ _0\"></span>siz<span class=\"_ _0\"></span>ioni<span class=\"_ _1\"></span> </span></span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs3192\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _296\"> </span><span class=\"ff3\">X<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _50\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _216\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _21a\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1ed\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _31c\"> </span><span class=\"ff3\">X<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1fd\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _63\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _75\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2f\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2f\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs3193\">1<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _a5\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _178\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1ed\"> </span><span class=\"ff3\">X<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _11b\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1ed\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _63\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _200\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _31c\"> </span><span class=\"ff3\">X<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _50\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _42\"> </span><span class=\"ff3\">1<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2f\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs3194\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _a5\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _178\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1ed\"> </span><span class=\"ff3\">X<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _11b\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1ed\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _63\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _63\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _31c\"> </span><span class=\"ff3\">X<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _72\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2f\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2f\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs3195\">non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">det<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ior<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs3196\">2.549.256<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs3197\">2.475.728<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1e\"> </span> <span class=\"_ _1e\"> </span><span class=\"ff3\">71.<span class=\"_ _0\"></span>25<span class=\"_ _0\"></span>8<span class=\"ff1\"> <span class=\"_ _55\"> </span></span>X<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _b7\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span> </span></span></span></span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs3198\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>cu<span class=\"_ _0\"></span>i:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">espo<span class=\"_ _0\"></span>sizi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs3199\">9<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span> </div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs319a\">87<span class=\"_ _1\"></span>0<span class=\"ff1\"> <span class=\"_ _1f2\"> </span></span>11<span class=\"_ _1\"></span>2<span class=\"ff1\"> <span class=\"_ _31c\"> </span></span>X<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _50\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _219\"> </span><span class=\"ff3\">2.<span class=\"_ _0\"></span>54<span class=\"_ _0\"></span>8.2<span class=\"_ _0\"></span>75<span class=\"ff1\"> <span class=\"_ _2f\"> </span></span>-<span class=\"_ _1\"></span> </span></span></span></span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs319b\">oggetto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs319c\">co<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span> </div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs319d\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _a5\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _178\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1ed\"> </span><span class=\"ff3\">X<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _11b\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1ed\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _63\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _63\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _31c\"> </span><span class=\"ff3\">X<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _72\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2f\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2f\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m24 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs319e\">B.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs319f\">Es<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>si<span class=\"_ _1\"></span>zion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs31a0\">credi<span class=\"_ _0\"></span>tizie<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs31a1\">fuori<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs31a2\">bila<span class=\"_ _0\"></span>ncio<span class=\"_ _0\"></span> </div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs31a3\">a)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Det<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ior<span class=\"_ _1\"></span>ate <span class=\"_ _235\"> </span>- <span class=\"_ _216\"> </span>X <span class=\"_ _72\"> </span>-<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs31a4\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _21a\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1ed\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> <span class=\"_ _1f4\"> </span>X<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1fd\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span></span></span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs31a5\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _75\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2f\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> <span class=\"_ _eb\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs31a6\">b)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dete<span class=\"_ _0\"></span>rio<span class=\"_ _1\"></span>rate <span class=\"_ _1fb\"> </span>1.<span class=\"_ _0\"></span>663.<span class=\"_ _0\"></span>84<span class=\"_ _0\"></span>5 <span class=\"_ _1f2\"> </span>511.<span class=\"_ _0\"></span>701<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs31a7\">5.<span class=\"_ _0\"></span>507 <span class=\"_ _1ef\"> </span>X<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs31a8\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _329\"> </span><span class=\"ff3\">1<span class=\"_ _1\"></span> <span class=\"_ _69\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1ff\"> </span><span class=\"ff3\">1<span class=\"_ _1\"></span> <span class=\"_ _1fa\"> </span>X<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs31a9\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1fb\"> </span><span class=\"ff3\">1.<span class=\"_ _0\"></span>663.<span class=\"_ _0\"></span>84<span class=\"_ _0\"></span>4 <span class=\"_ _3b\"> </span>-<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs31aa\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs31ab\">(B<span class=\"_ _1\"></span>)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs31ac\">1.<span class=\"_ _0\"></span>66<span class=\"_ _0\"></span>3.<span class=\"_ _0\"></span>84<span class=\"_ _0\"></span>5 <span class=\"_ _1f0\"> </span>511.<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>01<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs31ad\">5.<span class=\"_ _0\"></span>50<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs31ae\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs31af\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs31b0\">1<span class=\"_ _1\"></span> <span class=\"_ _69\"> </span>-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs31b1\">1<span class=\"_ _1\"></span> </div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs31b2\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs31b3\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs31b4\">1.<span class=\"_ _0\"></span>66<span class=\"_ _0\"></span>3.<span class=\"_ _0\"></span>84<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span> </div><div class=\"t m24 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs31b5\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs31b6\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs31b7\">(A<span class=\"_ _0\"></span>+B<span class=\"_ _0\"></span>)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs31b8\">7.<span class=\"_ _0\"></span>38<span class=\"_ _0\"></span>3.<span class=\"_ _0\"></span>25<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs31b9\">6.1<span class=\"_ _1\"></span>46.<span class=\"_ _1\"></span>372<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs31ba\">87<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>70<span class=\"_ _1\"></span> </div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs31bb\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs31bc\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs31bd\">1.<span class=\"_ _0\"></span>01<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs31be\">8<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs31bf\">1<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs31c0\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs31c1\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs31c2\">7.<span class=\"_ _0\"></span>38<span class=\"_ _0\"></span>2.<span class=\"_ _0\"></span>231<span class=\"_ _1\"></span> </div><div class=\"t m24 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs31c3\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs31c4\">Come<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>indicazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ci<span class=\"_ _0\"></span>rc<span class=\"_ _2\"></span>olare<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>B<span class=\"_ _0\"></span>anca<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d\u2019Italia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>262<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>22<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"_ _2\"></span>cembre<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>200<span class=\"_ _2\"></span>5,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>succ<span class=\"_ _0\"></span>essivi<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs31c5\">aggiornamenti,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>esposizioni<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cr<span class=\"_ _2\"></span>editizie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _21\"></span></span>cassa<span class=\"ff1\"> <span class=\"_ _21\"></span></span>comprendono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>tutte<span class=\"ff1\"> <span class=\"_ _21\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs31c6\">cassa<span class=\"ff1\"> <span class=\"_ _20\"></span></span>vantate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>verso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>banche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>clientela<span class=\"ff1\"> <span class=\"_ _2\"></span></span>qualunque<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>loro<span class=\"ff1\"> <span class=\"_ _20\"></span></span>portafoglio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>allocazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contabile<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs31c7\">(valutate<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _21\"></span></span>value<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _21\"></span></span>impatto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>conto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>economico,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>valu<span class=\"_ _0\"></span>tate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>fair<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>value<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>impatto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sulla<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs31c8\">redditivit\u00e0<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>complessiva,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>valutate<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>costo<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>ammortizzato,<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>via<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>dismissione),<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>a<span class=\"_ _2\"></span>d<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs31c9\">eccezione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>titoli<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>capitale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"></span></span>qu<span class=\"_ _0\"></span>ote<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>O.I.C.R.;<span class=\"ff1\"> <span class=\"_ _21\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>esposizioni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>credi<span class=\"_ _0\"></span>tizie<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u201cfuori<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>bilancio\u201d<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs31ca\">includono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tutt<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>operazioni<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>diverse<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>quelle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>cass<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>(garanzie<span class=\"ff1\"> <span class=\"_ _21\"></span></span>f<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"_ _21\"></span>n<span class=\"_ _20\"></span>a<span class=\"_ _21\"></span>n<span class=\"_ _20\"></span>z<span class=\"_ _21\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"_ _20\"></span>r<span class=\"_ _20\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs31cb\">rilasciate,<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>impegni<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>revocabili<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span></span>irr<span class=\"_ _2\"></span>evocabili,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff3\">derivati,</span> <span class=\"_ _27\"> </span><span class=\"ff3\">ecc.)</span> <span class=\"_ _23\"> </span><span class=\"ff3\">che</span> <span class=\"_ _21\"> </span><span class=\"ff3\">com<span class=\"_ _2\"></span>portano</span> <span class=\"_ _21\"> </span><span class=\"ff3\">l\u2019assunzione</span> <span class=\"_ _27\"> </span><span class=\"ff3\">di</span> <span class=\"_ _21\"> </span><span class=\"ff3\">un</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs31cc\">rischio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>creditizi<span class=\"_ _0\"></span>o,<span class=\"ff1\"> </span>qualunque<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>finalit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tali<span class=\"ff1\"> </span>operazioni<span class=\"ff1\"> </span>(negoziazione,<span class=\"ff1\"> </span>copertura,<span class=\"ff1\"> </span>ecc.).<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs31cd\">Le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">esposizioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cr<span class=\"_ _2\"></span>editizie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">deteriorat<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cassa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fuori<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bilancio)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">includono<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs31ce\">detenute<span class=\"ff1\"> <span class=\"_ _21\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>negoziazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>erivati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>copertura,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">sono</span> <span class=\"_ _21\"> </span><span class=\"ff3\">pertanto,</span> <span class=\"_ _21\"></span><span class=\"ff3\">convenzionalmente,</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs31cf\">rilevati<span class=\"ff1\"> </span>tra<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>esposizioni<span class=\"ff1\"> </span>creditizie<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>deteriorate.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs31d0\">Tota<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs31d1\">(A)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs31d2\">5.719<span class=\"_ _0\"></span>.405<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs31d3\">5.634<span class=\"_ _0\"></span>.671<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs31d4\">82<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>46<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs31d5\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs31d6\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs31d7\">1.<span class=\"_ _0\"></span>01<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs31d8\">8<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span></div>A.<span class=\"_ _1\"></span>1.5Co<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>ida<span class=\"_ _0\"></span>to<span class=\"_ _3bd\"> </span>pr<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>zia<span class=\"_ _1\"></span>le<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Es<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>cre<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>zie<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>fu<span class=\"_ _0\"></span>ori<span class=\"_ _3bd\"> </span>bi<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>ver<span class=\"_ _0\"></span>so<span class=\"_ _3bd\"> </span>cl<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>ri<span class=\"_ _3bd\"> </span>lor<span class=\"_ _1\"></span>di<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>n<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>Ti<span class=\"_ _0\"></span>polo<span class=\"_ _1\"></span>gie<span class=\"_ _3bd\"> </span>es<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i/v<span class=\"_ _0\"></span>alo<span class=\"_ _0\"></span>ri<span class=\"fc0 sc1\"> </span>Es<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>one<span class=\"_ _3bd\"> </span>lor<span class=\"_ _0\"></span>da<span class=\"fc0 sc1\"> </span>Rettifiche<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>valore<span class=\"_ _3bd\"> </span>comple<span class=\"_ _0\"></span>ssive<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>accanton<span class=\"_ _0\"></span>amenti<span class=\"_ _3bd\"> </span>comple<span class=\"_ _0\"></span>ssivi<span class=\"fc0 sc1\"> </span>Es<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>one<span class=\"_ _3bd\"> </span>Ne<span class=\"_ _0\"></span>tta<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Wr<span class=\"_ _0\"></span>ite-<span class=\"_ _0\"></span>of<span class=\"_ _0\"></span>f<span class=\"_ _3bd\"> </span>pa<span class=\"_ _0\"></span>rzi<span class=\"_ _0\"></span>ali<span class=\"_ _3bd\"> </span>com<span class=\"_ _1\"></span>ples<span class=\"_ _0\"></span>siv<span class=\"_ _1\"></span>i*<span class=\"_ _3bd\"> </span>Primo<span class=\"_ _3bd\"> </span>stad<span class=\"_ _3bd\"> </span>Secondo<span class=\"_ _3bd\"> </span>sta<span class=\"_ _3bd\"> </span>Terzo<span class=\"_ _3bd\"> </span>sta<span class=\"_ _3bd\"> </span>Impaired<span class=\"_ _3bd\"> </span>acquisite<span class=\"_ _3bd\"> </span>o<span class=\"_ _3bd\"> </span>originate<span class=\"_ _3bd\"> </span>Primo<span class=\"_ _3bd\"> </span>stad<span class=\"_ _3bd\"> </span>Secondo<span class=\"_ _3bd\"> </span>sta<span class=\"_ _3bd\"> </span>Terzo<span class=\"_ _3bd\"> </span>sta<span class=\"_ _3bd\"> </span>Impaired<span class=\"_ _3bd\"> </span>acquisite<span class=\"_ _3bd\"> </span>o<span class=\"_ _3bd\"> </span>originate<span class=\"_ _3bd\"> </span>A.<span class=\"_ _3bd\"> </span>Es<span class=\"_ _0\"></span>pos<span class=\"_ _1\"></span>izion<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span>pr<span class=\"_ _0\"></span>obab<span class=\"_ _0\"></span>ili<span class=\"_ _3bd\"> </span>sca<span class=\"_ _0\"></span>dut<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>det<span class=\"_ _0\"></span>erio<span class=\"_ _0\"></span>rat<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">det<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>orat<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></span></span>Nella<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tabella<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"></span></span>riportato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>lor<span class=\"_ _2\"></span>do<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziamenti,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ogget<span class=\"_ _2\"></span>to<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>m<span class=\"_ _2\"></span>oratoria<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>altre<span class=\"ff1\"> <span class=\"_ _20\"></span></span>mis<span class=\"_ _2\"></span>ure<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>concessione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"></span></span>essere<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>data<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>riferimento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>bilancio,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff3\">costituiscono</span> <span class=\"_ _21\"> </span><span class=\"ff3\">nuova</span> <span class=\"_ _21\"> </span><span class=\"ff3\">liquidit\u00e0</span> </span>concessa<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>mediante<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>meccanis<span class=\"_ _2\"></span>mi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>garanzia<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>pu<span class=\"_ _2\"></span>bblica,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ripartito<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>portafgli<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>appartenzenza,<span class=\"ff1\"> </span>quando<span class=\"ff1\"> </span>lo<span class=\"ff1\"> </span>st<span class=\"_ _2\"></span>adio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>n<span class=\"_ _2\"></span>el<span class=\"ff1\"> </span>quale<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>esposizioni<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>st<span class=\"_ _2\"></span>ate<span class=\"ff1\"> </span>incluse<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>fine<span class=\"ff1\"> </span>esercizio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> </span>diverso<span class=\"ff1\"> </span>dallo<span class=\"ff1\"> </span>stadio<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>esposizioni<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>stat<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>incluse<span class=\"ff1\"> </span>all\u2019<span class=\"_ _0\"></span>inizio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019esercizio.<span class=\"_ _3bd\"> </span>cr<span class=\"_ _0\"></span>edi<span class=\"_ _0\"></span>tiz<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>per<span class=\"_ _3bd\"> </span>c<span class=\"_ _0\"></span>as<span class=\"_ _1\"></span>sa<span class=\"_ _3bd\"> </span>a)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">S<span class=\"_ _0\"></span>offer<span class=\"_ _0\"></span>enz<span class=\"_ _0\"></span>e<span class=\"ff8\"> <span class=\"_ _7c\"> </span></span>320.<span class=\"_ _0\"></span>690<span class=\"_ _3bd\"> </span></span></span>X<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>315<span class=\"_ _0\"></span>.11<span class=\"_ _0\"></span>9 <span class=\"_ _217\"> </span>5.57<span class=\"_ _0\"></span>1 <span class=\"_ _1ec\"> </span>242.7<span class=\"_ _0\"></span>57<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>- <span class=\"_ _22\"> </span>241<span class=\"_ _0\"></span>.517<span class=\"_ _3bd\"> </span>1.2<span class=\"_ _0\"></span>40 <span class=\"_ _63\"> </span>77.<span class=\"_ _0\"></span>933 <span class=\"_ _224\"> </span>13.<span class=\"_ _0\"></span>876<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ui<span class=\"_ _1\"></span>:<span class=\"_ _3bd\"> </span></span></span>esp<span class=\"_ _0\"></span>osiz<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff8\"> </span>91.<span class=\"_ _0\"></span>366<span class=\"_ _3bd\"> </span>ogg<span class=\"_ _0\"></span>etto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span> </span></span>X<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>90.<span class=\"_ _0\"></span>972<span class=\"_ _3bd\"> </span>39<span class=\"_ _1\"></span>4<span class=\"_ _3bd\"> </span>61.<span class=\"_ _0\"></span>024<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>60.<span class=\"_ _0\"></span>949<span class=\"_ _3bd\"> </span>75<span class=\"_ _1\"></span> 30.<span class=\"_ _0\"></span>342<span class=\"_ _3bd\"> </span>4<span class=\"_ _0\"></span>97<span class=\"_ _3bd\"> </span>b)<span class=\"_ _3bd\"> </span>Inad<span class=\"_ _0\"></span>empi<span class=\"_ _0\"></span>enz<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>372.<span class=\"_ _0\"></span>738<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>356<span class=\"_ _0\"></span>.259<span class=\"_ _3bd\"> </span>16.<span class=\"_ _0\"></span>479 <span class=\"_ _1eb\"> </span>161.<span class=\"_ _0\"></span>040<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>- <span class=\"_ _217\"> </span>15<span class=\"_ _0\"></span>9.4<span class=\"_ _0\"></span>93 <span class=\"_ _217\"> </span>1.<span class=\"_ _0\"></span>547 <span class=\"_ _1f3\"> </span>211<span class=\"_ _0\"></span>.69<span class=\"_ _0\"></span>8 <span class=\"_ _209\"> </span>3.35<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cu<span class=\"_ _1\"></span>i:<span class=\"_ _3bd\"> </span>esp<span class=\"_ _0\"></span>osiz<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff8\"> </span>155<span class=\"_ _0\"></span>.06<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>ogg<span class=\"_ _0\"></span>etto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span> </span></span>X<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>143<span class=\"_ _0\"></span>.88<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>11.<span class=\"_ _0\"></span>180<span class=\"_ _3bd\"> </span>44<span class=\"_ _0\"></span>.851<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>43.<span class=\"_ _0\"></span>924<span class=\"_ _3bd\"> </span>92<span class=\"_ _1\"></span>7<span class=\"_ _3bd\"> </span>110<span class=\"_ _0\"></span>.212<span class=\"_ _0\"></span> 1.7<span class=\"_ _0\"></span>95<span class=\"_ _3bd\"> </span>c)<span class=\"_ _3bd\"> </span>Esp<span class=\"_ _0\"></span>osiz<span class=\"_ _0\"></span>ioni<span class=\"_ _3bd\"> </span>42.<span class=\"_ _0\"></span>232<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>42.<span class=\"_ _0\"></span>223<span class=\"_ _3bd\"> </span>9 <span class=\"_ _62\"> </span>7.<span class=\"_ _1\"></span>82<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>- <span class=\"_ _20f\"> </span>7.<span class=\"_ _0\"></span>82<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>1 <span class=\"_ _1ee\"> </span>34.<span class=\"_ _0\"></span>403 <span class=\"_ _176\"> </span>1<span class=\"_ _1\"></span>20<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cu<span class=\"_ _1\"></span>i:<span class=\"_ _3bd\"> </span>esp<span class=\"_ _0\"></span>osiz<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff8\"> </span>1.7<span class=\"_ _0\"></span>97<span class=\"_ _3bd\"> </span>ogg<span class=\"_ _0\"></span>etto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span> </span></span>X<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>1.7<span class=\"_ _0\"></span>97<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>25<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>25<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>1.5<span class=\"_ _0\"></span>46<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>d)<span class=\"_ _3bd\"> </span>Esp<span class=\"_ _0\"></span>osiz<span class=\"_ _0\"></span>ioni<span class=\"_ _3bd\"> </span>sca<span class=\"_ _0\"></span>dut<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>no<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span><span class=\"ff8\"> <span class=\"_ _3d\"> </span><span class=\"ff3\">40<span class=\"_ _0\"></span>9.71<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></span></span>det<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>iorat<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>299<span class=\"_ _0\"></span>.56<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>110<span class=\"_ _0\"></span>.09<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>59<span class=\"_ _1\"></span> 4.<span class=\"_ _0\"></span>612<span class=\"_ _3bd\"> </span>92<span class=\"_ _1\"></span>5<span class=\"_ _3bd\"> </span>3.6<span class=\"_ _0\"></span>86<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>405<span class=\"_ _0\"></span>.10<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cu<span class=\"_ _1\"></span>i:<span class=\"_ _3bd\"> </span>esp<span class=\"_ _0\"></span>osiz<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff8\"> </span>11.<span class=\"_ _0\"></span>639<span class=\"_ _3bd\"> </span>ogg<span class=\"_ _0\"></span>etto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span> </span></span>-<span class=\"_ _3bd\"> </span>11.<span class=\"_ _0\"></span>580<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>59<span class=\"_ _1\"></span> 36<span class=\"_ _1\"></span>8<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>36<span class=\"_ _1\"></span>8<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>11.<span class=\"_ _0\"></span>271<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>e)<span class=\"_ _3bd\"> </span>Alt<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>esp<span class=\"_ _0\"></span>osiz<span class=\"_ _0\"></span>ioni<span class=\"_ _3bd\"> </span>46.<span class=\"_ _0\"></span>886.<span class=\"_ _0\"></span>309<span class=\"_ _3bd\"> </span>44<span class=\"_ _0\"></span>.724.<span class=\"_ _0\"></span>215 <span class=\"_ _217\"> </span>2.11<span class=\"_ _0\"></span>3.6<span class=\"_ _0\"></span>89<span class=\"_ _3bd\"> </span>X <span class=\"_ _210\"> </span>3<span class=\"_ _0\"></span>.1<span class=\"_ _1\"></span>31 <span class=\"_ _1ed\"> </span>87.3<span class=\"_ _0\"></span>70<span class=\"_ _3bd\"> </span>48<span class=\"_ _0\"></span>.022 <span class=\"_ _28\"> </span>39.<span class=\"_ _0\"></span>329<span class=\"_ _3bd\"> </span>X <span class=\"_ _209\"> </span>19<span class=\"_ _0\"></span> <span class=\"_ _2a8\"> </span>4<span class=\"_ _0\"></span>6.<span class=\"_ _0\"></span>798.9<span class=\"_ _0\"></span>39<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cu<span class=\"_ _1\"></span>i:<span class=\"_ _3bd\"> </span>esp<span class=\"_ _0\"></span>osiz<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff8\"> </span>224<span class=\"_ _0\"></span>.734<span class=\"_ _3bd\"> </span>ogg<span class=\"_ _0\"></span>etto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span> </span></span>-<span class=\"_ _3bd\"> </span>221.<span class=\"_ _0\"></span>993<span class=\"_ _0\"></span> X<span class=\"_ _3bd\"> </span>2.7<span class=\"_ _0\"></span>42<span class=\"_ _3bd\"> </span>4.<span class=\"_ _0\"></span>023<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>4.<span class=\"_ _0\"></span>014<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>9<span class=\"_ _3bd\"> </span>220.<span class=\"_ _0\"></span>711<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>tal<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>(<span class=\"_ _0\"></span>A)<span class=\"_ _3bd\"> </span>48<span class=\"_ _0\"></span>.031<span class=\"_ _1\"></span>.681<span class=\"_ _0\"></span> <span class=\"_ _22\"> </span>45.<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>3.7<span class=\"_ _0\"></span>79<span class=\"_ _0\"></span> <span class=\"_ _28\"> </span>2.2<span class=\"_ _0\"></span>23.<span class=\"_ _0\"></span>780<span class=\"_ _0\"></span> <span class=\"_ _1eb\"> </span>713<span class=\"_ _0\"></span>.60<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>25<span class=\"_ _0\"></span>.24<span class=\"_ _0\"></span>9 <span class=\"_ _32c\"> </span>503<span class=\"_ _1\"></span>.608<span class=\"_ _3bd\"> </span>48<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>47<span class=\"_ _3bd\"> </span>43.<span class=\"_ _0\"></span>015<span class=\"_ _1\"></span> <span class=\"_ _2b\"> </span>408<span class=\"_ _0\"></span>.83<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>2.8<span class=\"_ _0\"></span>07<span class=\"_ _0\"></span> <span class=\"_ _1f5\"> </span>47.<span class=\"_ _0\"></span>52<span class=\"_ _0\"></span>8.0<span class=\"_ _0\"></span>73<span class=\"_ _0\"></span> <span class=\"_ _66\"> </span>17.3<span class=\"_ _1\"></span>53<span class=\"_ _3bd\"> </span>B.<span class=\"_ _3bd\"> </span>Espos<span class=\"_ _0\"></span>izioni<span class=\"_ _3bd\"> </span>cr<span class=\"_ _0\"></span>edi<span class=\"_ _0\"></span>tiz<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>fuo<span class=\"_ _1\"></span>ri<span class=\"_ _3bd\"> </span>bil<span class=\"_ _0\"></span>anc<span class=\"_ _1\"></span>io<span class=\"_ _3bd\"> </span>a)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">D<span class=\"_ _0\"></span>eter<span class=\"_ _0\"></span>iorat<span class=\"_ _0\"></span>e <span class=\"_ _90\"> </span>41.<span class=\"_ _0\"></span>210<span class=\"_ _3bd\"> </span></span></span>X<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>39.<span class=\"_ _0\"></span>657 <span class=\"_ _32c\"> </span>1.55<span class=\"_ _0\"></span>2 <span class=\"_ _219\"> </span>4.134<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>- <span class=\"_ _20f\"> </span>3.9<span class=\"_ _0\"></span>13 <span class=\"_ _20e\"> </span>221<span class=\"_ _1\"></span> <span class=\"_ _63\"> </span>37.<span class=\"_ _0\"></span>076<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>b)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">det<span class=\"_ _1\"></span>eriorat<span class=\"_ _0\"></span>e <span class=\"_ _296\"> </span>11.<span class=\"_ _0\"></span>429<span class=\"_ _0\"></span>.082 <span class=\"_ _f6\"> </span>11.<span class=\"_ _0\"></span>192.<span class=\"_ _0\"></span>746 <span class=\"_ _1ec\"> </span>209<span class=\"_ _0\"></span>.91<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span></span></span></span></span>X <span class=\"_ _a1\"> </span>72<span class=\"_ _0\"></span> <span class=\"_ _20f\"> </span>2.<span class=\"_ _0\"></span>92<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>1.7<span class=\"_ _0\"></span>83<span class=\"_ _3bd\"> </span>1.1<span class=\"_ _0\"></span>37<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>2 <span class=\"_ _31c\"> </span>11.<span class=\"_ _0\"></span>426<span class=\"_ _0\"></span>.160<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>tal<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>(B<span class=\"_ _1\"></span>) <span class=\"_ _1ef\"> </span>11.4<span class=\"_ _0\"></span>70<span class=\"_ _0\"></span>.29<span class=\"_ _0\"></span>2 <span class=\"_ _329\"> </span>11.<span class=\"_ _0\"></span>192<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>46 <span class=\"_ _31c\"> </span>209<span class=\"_ _1\"></span>.919<span class=\"_ _3bd\"> </span>39<span class=\"_ _0\"></span>.65<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>62<span class=\"_ _1\"></span>4 <span class=\"_ _327\"> </span>7.05<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>1.7<span class=\"_ _0\"></span>83<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>13<span class=\"_ _1\"></span>7 <span class=\"_ _20f\"> </span>3.913<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>23<span class=\"_ _1\"></span> <span class=\"_ _55\"> </span>11<span class=\"_ _0\"></span>.46<span class=\"_ _0\"></span>3.<span class=\"_ _0\"></span>236<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>tal<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>(A+<span class=\"_ _0\"></span>B)<span class=\"_ _0\"></span> <span class=\"_ _2a8\"> </span>59.50<span class=\"_ _1\"></span>1.97<span class=\"_ _0\"></span>3 <span class=\"_ _2a8\"> </span>56<span class=\"_ _0\"></span>.216<span class=\"_ _1\"></span>.525<span class=\"_ _0\"></span> <span class=\"_ _32d\"> </span>2.<span class=\"_ _0\"></span>433<span class=\"_ _0\"></span>.69<span class=\"_ _0\"></span>9 <span class=\"_ _217\"> </span>753<span class=\"_ _0\"></span>.25<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>26<span class=\"_ _0\"></span>.87<span class=\"_ _0\"></span>3 <span class=\"_ _32e\"> </span>510<span class=\"_ _1\"></span>.664<span class=\"_ _3bd\"> </span>50<span class=\"_ _0\"></span>.73<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>44<span class=\"_ _0\"></span>.152<span class=\"_ _1\"></span> <span class=\"_ _f6\"> </span>412<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>50<span class=\"_ _3bd\"> </span>3.0<span class=\"_ _0\"></span>30<span class=\"_ _1\"></span> <span class=\"_ _1ef\"> </span>58<span class=\"_ _0\"></span>.991<span class=\"_ _1\"></span>.309<span class=\"_ _0\"></span> <span class=\"_ _66\"> </span>17.<span class=\"_ _0\"></span>353<span class=\"_ _3bd\"> </span><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs32d4\">A.<span class=\"_ _0\"></span>1.5<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs32d5\">Es<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>siz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs32d6\">cre<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>zie<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs32d7\">pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs32d8\">ca<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs32d9\">ve<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs32da\">cli<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>la<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs32db\">og<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs32dc\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs32dd\">mi<span class=\"_ _0\"></span>su<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs32de\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs32df\">so<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>eg<span class=\"_ _0\"></span>no<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs32e0\">Co<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>d-<span class=\"_ _0\"></span>19:<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs32e1\">va<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>ri<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs32e2\">lor<span class=\"_ _1\"></span>di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs32e3\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs32e4\">n<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>ti<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc4 sc2 ls0 ws0 gs32e5\">Ti<span class=\"_ _0\"></span>polo<span class=\"_ _1\"></span>gie<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc4 sc2 ls0 ws0 gs32e6\">fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc4 sc2 ls0 ws0 gs32e7\">/<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc4 sc2 ls0 ws0 gs32e8\">Va<span class=\"_ _0\"></span>lor<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc4 sc2 ls0 ws0 gs32e9\">Es<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>one<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc4 sc2 ls0 ws0 gs32ea\">lor<span class=\"_ _0\"></span>da<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc4 sc2 ls0 ws0 gs32eb\">Re<span class=\"_ _0\"></span>ttif<span class=\"_ _0\"></span>ich<span class=\"_ _1\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc4 sc2 ls0 ws0 gs32ec\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc4 sc2 ls0 ws0 gs32ed\">va<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc4 sc2 ls0 ws0 gs32ee\">co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>siv<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc4 sc2 ls0 ws0 gs32ef\">Es<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>one<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc4 sc2 ls0 ws0 gs32f0\">ne<span class=\"_ _1\"></span>tta<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc4 sc2 ls0 ws0 gs32f1\">Wr<span class=\"_ _0\"></span>ite-<span class=\"_ _0\"></span>of<span class=\"_ _0\"></span>f<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc4 sc2 ls0 ws0 gs32f2\">pa<span class=\"_ _0\"></span>rzi<span class=\"_ _0\"></span>ali<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc4 sc2 ls0 ws0 gs32f3\">com<span class=\"_ _1\"></span>ples<span class=\"_ _0\"></span>siv<span class=\"_ _1\"></span>i*<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc4 sc2 ls0 ws0 gs32f4\">Pr<span class=\"_ _0\"></span>imo<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc4 sc2 ls0 ws0 gs32f5\">sta<span class=\"_ _0\"></span>dio<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc4 sc2 ls0 ws0 gs32f6\">Sec<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>do<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc4 sc2 ls0 ws0 gs32f7\">sta<span class=\"_ _0\"></span>dio<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc4 sc2 ls0 ws0 gs32f8\">Te<span class=\"_ _1\"></span>rzo<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc4 sc2 ls0 ws0 gs32f9\">sta<span class=\"_ _0\"></span>dio<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc4 sc2 ls0 ws0 gs32fa\">Im<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>ired<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc4 sc2 ls0 ws0 gs32fb\">acq<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>sit<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc4 sc2 ls0 ws0 gs32fc\">o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc4 sc2 ls0 ws0 gs32fd\">ori<span class=\"_ _0\"></span>gin<span class=\"_ _0\"></span>ate<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc4 sc2 ls0 ws0 gs32fe\">Pr<span class=\"_ _0\"></span>imo<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc4 sc2 ls0 ws0 gs32ff\">sta<span class=\"_ _0\"></span>dio<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc4 sc2 ls0 ws0 gs3300\">Sec<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>do<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc4 sc2 ls0 ws0 gs3301\">sta<span class=\"_ _0\"></span>dio<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc4 sc2 ls0 ws0 gs3302\">Te<span class=\"_ _1\"></span>rzo<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc4 sc2 ls0 ws0 gs3303\">sta<span class=\"_ _0\"></span>dio<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc4 sc2 ls0 ws0 gs3304\">Im<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>ired<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc4 sc2 ls0 ws0 gs3305\">acq<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>sit<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc4 sc2 ls0 ws0 gs3306\">o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc4 sc2 ls0 ws0 gs3307\">ori<span class=\"_ _0\"></span>gin<span class=\"_ _0\"></span>ate<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs3308\">A.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs3309\">Finanziam<span class=\"_ _0\"></span>enti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs330a\">in<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs330b\">so<span class=\"_ _0\"></span>ffe<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>za<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs330c\">a)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Ogg<span class=\"_ _0\"></span>etto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span> </span></span></span></span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs330d\">6.9<span class=\"_ _0\"></span>34<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs330e\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs330f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs3310\">6.9<span class=\"_ _0\"></span>34<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs3311\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs3312\">2.8<span class=\"_ _0\"></span>54<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs3313\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs3314\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs3315\">2.8<span class=\"_ _0\"></span>54<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs3316\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs3317\">4.0<span class=\"_ _0\"></span>80<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs3318\">-<span class=\"_ _1\"></span> </div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3319\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">conc<span class=\"_ _0\"></span>essio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span> </span></span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs331a\">ina<span class=\"_ _0\"></span>dem<span class=\"_ _1\"></span>pien<span class=\"_ _0\"></span>ze<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs331b\">pro<span class=\"_ _0\"></span>ba<span class=\"_ _0\"></span>bili<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs331c\">valutate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">come<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">oggetto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs331d\">con<span class=\"_ _0\"></span>cessi<span class=\"_ _0\"></span>one<span class=\"_ _3bd\"> </span> </div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs331e\">c)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs331f\">Og<span class=\"_ _0\"></span>gett<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alt<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mis<span class=\"_ _0\"></span>ure<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3320\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">concessione<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3321\">3.0<span class=\"_ _0\"></span>43<span class=\"ff1\"> <span class=\"_ _77\"> </span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _a1\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _22\"> </span><span class=\"ff3\">2.<span class=\"_ _0\"></span>994<span class=\"ff1\"> <span class=\"_ _196\"> </span></span>49<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f5\"> </span><span class=\"ff3\">1.0<span class=\"_ _0\"></span>58<span class=\"ff1\"> <span class=\"_ _1ee\"> </span></span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _a1\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _32e\"> </span><span class=\"ff3\">1.05<span class=\"_ _0\"></span>8<span class=\"ff1\"> <span class=\"_ _1fd\"> </span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1a2\"> </span><span class=\"ff3\">1.985</span> <span class=\"_ _72\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3322\">d)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3323\">Nuo<span class=\"_ _0\"></span>vi<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>nanz<span class=\"_ _0\"></span>iam<span class=\"_ _0\"></span>enti<span class=\"ff1\"> <span class=\"_ _1a2\"> </span></span>38<span class=\"_ _0\"></span>.971<span class=\"ff1\"> <span class=\"_ _77\"> </span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _a1\"> </span><span class=\"ff3\">-</span> <span class=\"_ _1a\"> </span> <span class=\"_ _1a\"> </span><span class=\"ff3\">38.5<span class=\"_ _0\"></span>78<span class=\"ff1\"> <span class=\"_ _1ee\"> </span></span>3<span class=\"_ _2\"></span>93<span class=\"ff1\"> <span class=\"_ _1e\"> </span> <span class=\"_ _1e\"> </span></span>1<span class=\"_ _0\"></span>3.20<span class=\"_ _0\"></span>7<span class=\"ff1\"> <span class=\"_ _210\"> </span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _a1\"> </span><span class=\"ff3\">-</span> <span class=\"_ _23\"> </span> <span class=\"_ _23\"> </span><span class=\"ff3\">13.1<span class=\"_ _0\"></span>71<span class=\"ff1\"> <span class=\"_ _a2\"> </span></span>36<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1ee\"> </span><span class=\"ff3\">25.764<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _50\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></div><div class=\"t m29 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs3324\">C.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs3325\">Fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>men<span class=\"_ _1\"></span>ti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs3326\">sc<span class=\"_ _1\"></span>adut<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs3327\">det<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ior<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>i:<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3328\">a)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Ogg<span class=\"_ _0\"></span>etto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span> </span></span></span></span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs3329\">1.7<span class=\"_ _0\"></span>72<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs332a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs332b\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs332c\">1.7<span class=\"_ _0\"></span>72<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs332d\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs332e\">4<span class=\"_ _0\"></span>19<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs332f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs3330\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs3331\">4<span class=\"_ _0\"></span>19<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs3332\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs3333\">1.<span class=\"_ _0\"></span>35<span class=\"_ _1\"></span>3<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs3334\">-<span class=\"_ _1\"></span> </div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3335\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">conc<span class=\"_ _0\"></span>essio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span> </span></span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs3336\">sc<span class=\"_ _0\"></span>adu<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs3337\">no<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs3338\">det<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ior<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>i:<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3339\">valutate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">come<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">oggetto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs333a\">con<span class=\"_ _0\"></span>cessi<span class=\"_ _0\"></span>one<span class=\"_ _3bd\"> </span> </div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs333b\">c)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs333c\">Og<span class=\"_ _0\"></span>gett<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alt<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mis<span class=\"_ _0\"></span>ure<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs333d\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">concessione<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs333e\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _129\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _a1\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _69\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1fd\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1ff\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _210\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _a1\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _63\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1fd\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1fe\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _72\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs333f\">d)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3340\">Nuo<span class=\"_ _0\"></span>vi<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>nanz<span class=\"_ _0\"></span>iam<span class=\"_ _0\"></span>enti<span class=\"ff1\"> <span class=\"_ _66\"> </span></span>14.0<span class=\"_ _0\"></span>87<span class=\"ff1\"> <span class=\"_ _218\"> </span></span>7.15<span class=\"_ _0\"></span>3<span class=\"ff1\"> <span class=\"_ _20f\"> </span></span>6.93<span class=\"_ _0\"></span>4<span class=\"ff1\"> <span class=\"_ _69\"> </span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1fd\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _219\"> </span><span class=\"ff3\">22<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _218\"> </span><span class=\"ff3\">8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _66\"> </span><span class=\"ff3\">13</span> <span class=\"_ _210\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1fd\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _63\"> </span><span class=\"ff3\">14.<span class=\"_ _0\"></span>065<span class=\"ff1\"> <span class=\"_ _72\"> </span></span>-<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs3341\">E.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs3342\">Altri<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs3343\">finanziam<span class=\"_ _0\"></span>enti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs3344\">non<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs3345\">det<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ior<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>i:<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3346\">a)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Ogg<span class=\"_ _0\"></span>etto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span> </span></span></span></span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs3347\">3.023.<span class=\"_ _0\"></span>291<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs3348\">2.7<span class=\"_ _0\"></span>91.<span class=\"_ _0\"></span>64<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs3349\">231<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>49<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs334a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs334b\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs334c\">3.1<span class=\"_ _0\"></span>03<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs334d\">2.1<span class=\"_ _0\"></span>77<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs334e\">9<span class=\"_ _0\"></span>26<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs334f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs3350\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs3351\">3.0<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>.18<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs3352\">-<span class=\"_ _1\"></span> </div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3353\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">conc<span class=\"_ _0\"></span>essio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span> </span></span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3354\">concessione<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onforme<span class=\"ff1\"> <span class=\"_ _194\"> </span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3355\">con<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>GL<span class=\"_ _3bd\"> </span> </div><div class=\"c w1f h8b gs3356\"><div class=\"t m0 x1f9 h59 yd6c ff3 fs23 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></div></div><div class=\"c w1f h8b gs3357\"><div class=\"t m0 x1f9 h59 yd6c ff3 fs23 fc0 sc0 ls0 ws0\">-</div></div><div class=\"c w1f h8b gs3358\"><div class=\"t m0 x1f9 h59 yd6c ff3 fs23 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></div></div><div class=\"c w4e h8b gs3359\"><div class=\"t m2a x1f9 h59 yd6c ff3 fs23 fc0 sc0 ls0 ws0\">-</div></div><div class=\"c w4e h8b gs335a\"><div class=\"t m2a x1f9 h59 yd6c ff3 fs23 fc0 sc0 ls0 ws0\">-</div></div><div class=\"c w1f h8b gs335b\"><div class=\"t m0 x1f9 h59 yd6c ff3 fs23 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></div></div><div class=\"c w1f h8b gs335c\"><div class=\"t m0 x1f9 h59 yd6c ff3 fs23 fc0 sc0 ls0 ws0\">-</div></div><div class=\"c w1f h8b gs335d\"><div class=\"t m0 x1f9 h59 yd6c ff3 fs23 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></div></div><div class=\"c w4e h8b gs335e\"><div class=\"t m2a x1f9 h59 yd6c ff3 fs23 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></div></div><div class=\"c w4e h8b gs335f\"><div class=\"t m2a x1f9 h59 yd6c ff3 fs23 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></div></div><div class=\"c w4e h8b gs3360\"><div class=\"t m2a x1f9 h59 yd6c ff3 fs23 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3361\">b)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Oggetto<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">misure<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3362\">moratoria<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>pi\u00f9<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3363\">conformi<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>G<span class=\"_ _2\"></span>L<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _7c\"> </span></span>-<span class=\"_ _0\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3364\">valutate<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>o<span class=\"_ _2\"></span>ggetto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3365\">con<span class=\"_ _0\"></span>cessi<span class=\"_ _0\"></span>one<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3366\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _a1\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _224\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3367\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3368\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3369\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _a1\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _63\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs336a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs336b\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs336c\">-<span class=\"_ _3bd\"> </span></div><div class=\"c w5f h8b gs336d\"><div class=\"t m0 x1f9 h59 yd73 ff3 fs23 fc0 sc0 ls0 ws0\">c)</div></div><div class=\"c w43 h8b gs336e\"><div class=\"t m0 x1f9 h59 yd73 ff3 fs23 fc0 sc0 ls0 ws0\">Og<span class=\"_ _0\"></span>gett<span class=\"_ _0\"></span>o</div></div><div class=\"c w33 h8b gs336f\"><div class=\"t m0 x1f9 h59 yd73 ff3 fs23 fc0 sc0 ls0 ws0\">di</div></div><div class=\"c wbe h8b gs3370\"><div class=\"t m0 x1f9 h59 yd73 ff3 fs23 fc0 sc0 ls0 ws0\">alt<span class=\"_ _1\"></span>re</div></div><div class=\"c wdf h8b gs3371\"><div class=\"t m0 x1f9 h59 yd73 ff3 fs23 fc0 sc0 ls0 ws0\">mis<span class=\"_ _0\"></span>ure<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3372\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3373\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _a1\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _224\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3374\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3375\">-</div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3376\"> <span class=\"_ _1ee\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _a1\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _63\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3377\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3378\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3379\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs337a\">d)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Nuo<span class=\"_ _0\"></span>vi<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>ziam<span class=\"_ _0\"></span>enti<span class=\"ff8\"> <span class=\"_ _121\"> </span></span>6.93<span class=\"_ _0\"></span>4 <span class=\"_ _77\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _a1\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _22\"> </span><span class=\"ff3\">6.<span class=\"_ _0\"></span>934<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs337b\">-</div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs337c\"> <span class=\"_ _32e\"> </span>2.854 <span class=\"_ _1ee\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _a1\"> </span><span class=\"ff3\">-</span> <span class=\"_ _1d\"> </span> <span class=\"_ _1d\"> </span><span class=\"ff3\">2.854<span class=\"_ _0\"></span> </span></span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs337d\">-</div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs337e\"> <span class=\"_ _196\"> </span>4.<span class=\"_ _0\"></span>08<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span> </div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs337f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs3380\">B.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs3381\">Fi<span class=\"_ _0\"></span>nan<span class=\"_ _1\"></span>ziam<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs3382\">in<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs3383\">42<span class=\"_ _0\"></span>.43<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs3384\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs3385\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs3386\">41.<span class=\"_ _0\"></span>988<span class=\"_ _1\"></span> </div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs3387\">4<span class=\"_ _0\"></span>42<span class=\"_ _1\"></span> </div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs3388\">14.<span class=\"_ _0\"></span>32<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs3389\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs338a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs338b\">14<span class=\"_ _0\"></span>.28<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs338c\">36<span class=\"_ _1\"></span> </div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs338d\">28<span class=\"_ _0\"></span>.10<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span> </div><div class=\"t m29 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs338e\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs338f\">a)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Ogg<span class=\"_ _0\"></span>etto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span> </span></span></span></span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3390\">concessione<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onforme<span class=\"ff1\"> <span class=\"_ _194\"> </span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3391\">con<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>GL<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3392\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _a1\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _224\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3393\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3394\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3395\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _a1\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _63\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3396\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3397\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3398\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3399\">b)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Oggetto<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">misure<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs339a\">moratoria<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>pi\u00f9<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs339b\">con<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>lle<span class=\"ff1\"> </span>G<span class=\"_ _0\"></span>L<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"_ _1\"></span><span class=\"ff8\"> <span class=\"_ _52\"> </span><span class=\"ff3\">4<span class=\"_ _0\"></span>16<span class=\"_ _0\"></span> </span></span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs339c\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _a1\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1fc\"> </span><span class=\"ff3\">4<span class=\"_ _0\"></span>16<span class=\"_ _0\"></span> </span></span></span></span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs339d\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs339e\">60<span class=\"_ _1\"></span> </div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs339f\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _a1\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _326\"> </span><span class=\"ff3\">60<span class=\"_ _1\"></span> </span></span></span></span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs33a0\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs33a1\">35<span class=\"_ _1\"></span>6<span class=\"_ _3bd\"> </span> </div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs33a2\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs33a3\">concessione<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onforme<span class=\"ff1\"> <span class=\"_ _194\"> </span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs33a4\">con<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>GL<span class=\"_ _3bd\"> </span> </div><div class=\"c w4e h8b gs33a5\"><div class=\"t m2a x1f9 h59 yd86 ff3 fs23 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></div></div><div class=\"c w4e h8b gs33a6\"><div class=\"t m2a x1f9 h59 yd86 ff3 fs23 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></div></div><div class=\"c w4e h8b gs33a7\"><div class=\"t m2a x1f9 h59 yd86 ff3 fs23 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></div></div><div class=\"c w1f h8b gs33a8\"><div class=\"t m0 x1f9 h59 yd86 ff3 fs23 fc0 sc0 ls0 ws0\">-</div></div><div class=\"c w1f h8b gs33a9\"><div class=\"t m0 x1f9 h59 yd86 ff3 fs23 fc0 sc0 ls0 ws0\">-</div></div><div class=\"c w4e h8b gs33aa\"><div class=\"t m2a x1f9 h59 yd86 ff3 fs23 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></div></div><div class=\"c w4e h8b gs33ab\"><div class=\"t m2a x1f9 h59 yd86 ff3 fs23 fc0 sc0 ls0 ws0\">-</div></div><div class=\"c w4e h8b gs33ac\"><div class=\"t m2a x1f9 h59 yd86 ff3 fs23 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></div></div><div class=\"c w1f h8b gs33ad\"><div class=\"t m0 x1f9 h59 yd86 ff3 fs23 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></div></div><div class=\"c w1f h8b gs33ae\"><div class=\"t m0 x1f9 h59 yd86 ff3 fs23 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></div></div><div class=\"c w4e h8b gs33af\"><div class=\"t m2a x1f9 h59 yd86 ff3 fs23 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs33b0\">b)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Oggetto<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">misure<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs33b1\">moratoria<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>pi\u00f9<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs33b2\">conformi<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>G<span class=\"_ _2\"></span>L<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _7c\"> </span></span>-<span class=\"_ _0\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs33b3\">valutate<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>o<span class=\"_ _2\"></span>ggetto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs33b4\">con<span class=\"_ _0\"></span>cessi<span class=\"_ _0\"></span>one<span class=\"_ _3bd\"> </span> </div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs33b5\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs33b6\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs33b7\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs33b8\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1ff\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span> </span></span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs33b9\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs33ba\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs33bb\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs33bc\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _194\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs33bd\">-<span class=\"_ _3bd\"> </span></div><div class=\"c w5f h8b gs33be\"><div class=\"t m0 x1f9 h59 yd8c ff3 fs23 fc0 sc0 ls0 ws0\">c)</div></div><div class=\"c w43 h8b gs33bf\"><div class=\"t m0 x1f9 h59 yd8c ff3 fs23 fc0 sc0 ls0 ws0\">Og<span class=\"_ _0\"></span>gett<span class=\"_ _0\"></span>o</div></div><div class=\"c w33 h8b gs33c0\"><div class=\"t m0 x1f9 h59 yd8c ff3 fs23 fc0 sc0 ls0 ws0\">di</div></div><div class=\"c wbe h8b gs33c1\"><div class=\"t m0 x1f9 h59 yd8c ff3 fs23 fc0 sc0 ls0 ws0\">alt<span class=\"_ _1\"></span>re</div></div><div class=\"c wdf h8b gs33c2\"><div class=\"t m0 x1f9 h59 yd8c ff3 fs23 fc0 sc0 ls0 ws0\">mis<span class=\"_ _0\"></span>ure<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs33c3\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs33c4\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs33c5\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs33c6\">-</div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs33c7\"> <span class=\"_ _1a8\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1ff\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span> </span></span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs33c8\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs33c9\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs33ca\">-</div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs33cb\"> <span class=\"_ _207\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1fe\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs33cc\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs33cd\">d)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Nuo<span class=\"_ _0\"></span>vi<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>ziam<span class=\"_ _0\"></span>enti<span class=\"ff8\"> <span class=\"_ _81\"> </span></span>1.<span class=\"_ _0\"></span>772<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs33ce\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs33cf\">-</div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs33d0\"> <span class=\"_ _55\"> </span>1.<span class=\"_ _0\"></span>772 <span class=\"_ _1fd\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _327\"> </span><span class=\"ff3\">41<span class=\"_ _1\"></span>9<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs33d1\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs33d2\">-</div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs33d3\"> <span class=\"_ _20f\"> </span>41<span class=\"_ _1\"></span>9 <span class=\"_ _207\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _177\"> </span><span class=\"ff3\">1.353<span class=\"_ _0\"></span> </span></span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs33d4\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs33d5\">D.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs33d6\">Altri<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs33d7\">fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs33d8\">14.<span class=\"_ _0\"></span>087<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs33d9\">7.<span class=\"_ _0\"></span>15<span class=\"_ _1\"></span>3<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs33da\">6.9<span class=\"_ _0\"></span>34<span class=\"_ _0\"></span> </div><div class=\"t m29 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs33db\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs33dc\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs33dd\">2<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span> </div><div class=\"t m29 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs33de\">8<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs33df\">13<span class=\"_ _1\"></span> </div><div class=\"t m29 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs33e0\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs33e1\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs33e2\">14.<span class=\"_ _0\"></span>065<span class=\"_ _1\"></span> </div><div class=\"t m29 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs33e3\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs33e4\">a)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Ogg<span class=\"_ _0\"></span>etto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span> </span></span></span></span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs33e5\">concessione<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onforme<span class=\"ff1\"> <span class=\"_ _194\"> </span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs33e6\">con<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>GL<span class=\"_ _3bd\"> </span> </div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs33e7\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs33e8\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs33e9\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs33ea\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1ff\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span> </span></span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs33eb\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs33ec\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs33ed\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs33ee\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _194\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs33ef\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs33f0\">b)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Oggetto<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">misure<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs33f1\">moratoria<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>pi\u00f9<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs33f2\">con<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>lle<span class=\"ff1\"> </span>G<span class=\"_ _0\"></span>L<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _83\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs33f3\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs33f4\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs33f5\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs33f6\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1ff\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span> </span></span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs33f7\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs33f8\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs33f9\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs33fa\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _194\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs33fb\">-<span class=\"_ _3bd\"> </span></div><div class=\"c w15d h8b gs33fc\"><div class=\"t m0 x1f9 h59 ye17 ff3 fs23 fc0 sc0 ls0 ws0\">concessione</div></div><div class=\"c wa8 h8b gs33fd\"><div class=\"t m0 x1f9 h59 ye17 ff3 fs23 fc0 sc0 ls0 ws0\">conforme<span class=\"_ _3bd\"> </span></div></div><div class=\"c w1f h8b gs33fe\"><div class=\"t m0 x1f9 h59 ye17 ff3 fs23 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs33ff\">con<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>GL<span class=\"_ _3bd\"> </span> </div><div class=\"c w4e h8b gs3400\"><div class=\"t m2a x1f9 h59 ye17 ff3 fs23 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></div></div><div class=\"c w4e h8b gs3401\"><div class=\"t m2a x1f9 h59 ye17 ff3 fs23 fc0 sc0 ls0 ws0\">-</div></div><div class=\"c w4e h8b gs3402\"><div class=\"t m2a x1f9 h59 ye17 ff3 fs23 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></div></div><div class=\"c w4e h8b gs3403\"><div class=\"t m2a x1f9 h59 ye17 ff3 fs23 fc0 sc0 ls0 ws0\">-</div></div><div class=\"c w4e h8b gs3404\"><div class=\"t m2a x1f9 h59 ye17 ff3 fs23 fc0 sc0 ls0 ws0\">-</div></div><div class=\"c w4e h8b gs3405\"><div class=\"t m2a x1f9 h59 ye17 ff3 fs23 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></div></div><div class=\"c w4e h8b gs3406\"><div class=\"t m2a x1f9 h59 ye17 ff3 fs23 fc0 sc0 ls0 ws0\">-</div></div><div class=\"c w4e h8b gs3407\"><div class=\"t m2a x1f9 h59 ye17 ff3 fs23 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></div></div><div class=\"c w4e h8b gs3408\"><div class=\"t m2a x1f9 h59 ye17 ff3 fs23 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></div></div><div class=\"c w4e h8b gs3409\"><div class=\"t m2a x1f9 h59 ye17 ff3 fs23 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></div></div><div class=\"c w4e h8b gs340a\"><div class=\"t m2a x1f9 h59 ye17 ff3 fs23 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs340b\">b)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Oggetto<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">misure<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs340c\">moratoria<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>pi\u00f9<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs340d\">con<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>lle<span class=\"ff1\"> </span>G<span class=\"_ _0\"></span>L<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"_ _1\"></span><span class=\"ff8\"> <span class=\"_ _129\"> </span><span class=\"ff3\">1.3<span class=\"_ _1\"></span>71<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs340e\">valutate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">come<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">oggetto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs340f\">con<span class=\"_ _0\"></span>cessi<span class=\"_ _0\"></span>one<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3410\">98<span class=\"_ _1\"></span>5<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3411\">38<span class=\"_ _1\"></span>5<span class=\"_ _3bd\"> </span> </div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3412\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3413\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3414\">19<span class=\"_ _1\"></span> </div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3415\">2<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3416\">17<span class=\"_ _1\"></span> </div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3417\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3418\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3419\">1.3<span class=\"_ _0\"></span>52<span class=\"_ _3bd\"> </span> </div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs341a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs341b\">c)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Ogg<span class=\"_ _0\"></span>etto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">al<span class=\"_ _0\"></span>tre<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">misu<span class=\"_ _0\"></span>re<span class=\"ff8\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs341c\">7.9<span class=\"_ _0\"></span>56<span class=\"_ _3bd\"> </span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs341d\">-</div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs341e\"> <span class=\"_ _327\"> </span>7.9<span class=\"_ _0\"></span>56<span class=\"_ _3bd\"> </span> </div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs341f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3420\">-</div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3421\"> <span class=\"_ _1f1\"> </span>29<span class=\"_ _1\"></span>2<span class=\"_ _3bd\"> </span> </div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3422\">-</div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3423\"> <span class=\"_ _1ee\"> </span>29<span class=\"_ _1\"></span>2<span class=\"_ _3bd\"> </span> </div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3424\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3425\">-</div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3426\"> <span class=\"_ _66\"> </span>7.<span class=\"_ _0\"></span>664<span class=\"_ _3bd\"> </span> </div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3427\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3428\">d)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Nuo<span class=\"_ _0\"></span>vi<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>ziam<span class=\"_ _0\"></span>enti<span class=\"ff8\"> <span class=\"_ _1fc\"> </span></span>3.013<span class=\"_ _0\"></span>.964<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3429\">2.7<span class=\"_ _0\"></span>90.<span class=\"_ _0\"></span>655 <span class=\"_ _217\"> </span>223.3<span class=\"_ _0\"></span>08<span class=\"_ _3bd\"> </span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs342a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs342b\">-</div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs342c\"> <span class=\"_ _22\"> </span>2.792<span class=\"_ _0\"></span> <span class=\"_ _22\"> </span>2.1<span class=\"_ _0\"></span>75 <span class=\"_ _63\"> </span>617<span class=\"_ _1\"></span> </div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs342d\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs342e\">-</div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs342f\"> <span class=\"_ _1fc\"> </span>3.011<span class=\"_ _0\"></span>.17<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span> </div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3430\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs3431\">Totale</div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs3432\">(A+B+C+D<span class=\"_ _0\"></span>+E)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs3433\">3.0<span class=\"_ _0\"></span>88<span class=\"_ _0\"></span>.51<span class=\"_ _1\"></span>4<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs3434\">2.7<span class=\"_ _0\"></span>98<span class=\"_ _0\"></span>.79<span class=\"_ _0\"></span>8 <span class=\"_ _217\"> </span>238<span class=\"_ _0\"></span>.58<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs3435\">50<span class=\"_ _0\"></span>.69<span class=\"_ _0\"></span>4 <span class=\"_ _63\"> </span>4<span class=\"_ _1\"></span>42<span class=\"_ _1\"></span> <span class=\"_ _2b\"> </span>20.7<span class=\"_ _0\"></span>23<span class=\"_ _1\"></span> <span class=\"_ _2a8\"> </span>2.185<span class=\"_ _1\"></span> <span class=\"_ _1ee\"> </span>93<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span> <span class=\"_ _2b\"> </span>17.5<span class=\"_ _0\"></span>62<span class=\"_ _0\"></span> <span class=\"_ _66\"> </span>36<span class=\"_ _0\"></span> <span class=\"_ _20f\"> </span>3.06<span class=\"_ _0\"></span>7.7<span class=\"_ _0\"></span>91<span class=\"_ _0\"></span> </div><div class=\"t m29 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs3436\">-<span class=\"_ _3bd\"> </span></div>Nella<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tabella<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riportat<span class=\"_ _2\"></span>o,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riferimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziamenti,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ogge<span class=\"_ _2\"></span>tto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>morator<span class=\"_ _2\"></span>ia<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>altre<span class=\"ff1\"> <span class=\"_ _2\"></span></span>misure<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>concessione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"></span></span>essere<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>data<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>riferimento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>bilancio,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff3\">costituiscono</span> <span class=\"_ _21\"> </span><span class=\"ff3\">nuova</span> <span class=\"_ _21\"> </span><span class=\"ff3\">liquidit\u00e0</span> </span>concessa<span class=\"ff1\"> <span class=\"_ _21\"></span></span>median<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _21\"></span></span>meccanismi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>garanzia<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>pubblica,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>ttagl<span class=\"_ _2\"></span>io<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>ll\u2019esposizione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>lorda<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>delle<span class=\"ff1\"> </span>rettifiche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _2\"></span></span>complessive,<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>nonch\u00e9<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l\u2019informativa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sull\u2019esposizione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>netta<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>write-off<span class=\"ff1\"> <span class=\"_ _20\"></span></span>parziali<span class=\"_ _0\"></span><span class=\"ff1\"> </span>complessivi,<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>diverse<span class=\"ff1\"> </span>categorie<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>deteriorat<span class=\"_ _2\"></span>e/non<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>teriorat<span class=\"_ _2\"></span>e. A.1.7<span class=\"_ _3bd\"> </span>Conso<span class=\"_ _0\"></span>lidato<span class=\"_ _3bd\"> </span>prude<span class=\"_ _0\"></span>nziale<span class=\"_ _3bd\"> </span>\u2013<span class=\"_ _3bd\"> </span>Esp<span class=\"_ _0\"></span>osizion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>credit<span class=\"_ _0\"></span>izie<span class=\"_ _3bd\"> </span>per<span class=\"_ _3bd\"> </span>cass<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>ver<span class=\"_ _0\"></span>so<span class=\"_ _3bd\"> </span>cliente<span class=\"_ _0\"></span>la:<span class=\"_ _3bd\"> </span>dinam<span class=\"_ _0\"></span>ica<span class=\"_ _3bd\"> </span>delle<span class=\"_ _3bd\"> </span>espo<span class=\"_ _0\"></span>sizioni<span class=\"_ _3bd\"> </span>deter<span class=\"_ _0\"></span>iorat<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>lor<span class=\"_ _1\"></span>de<span class=\"fc0 sc1\"> </span>Ca<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>i/<span class=\"_ _0\"></span>Cat<span class=\"_ _1\"></span>ego<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>So<span class=\"_ _0\"></span>ff<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ze<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>In<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>pi<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ze<span class=\"_ _3bd\"> </span>pr<span class=\"_ _0\"></span>ob<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Es<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>oni<span class=\"_ _3bd\"> </span>sc<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ora<span class=\"_ _0\"></span>te<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">orig<span class=\"_ _1\"></span>inate<span class=\"_ _1\"></span> </span></span>B.4<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mod<span class=\"_ _0\"></span>ific<span class=\"_ _0\"></span>he<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>attu<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>se<span class=\"_ _0\"></span>nza<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">can<span class=\"_ _1\"></span>cella<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ni <span class=\"_ _10\"> </span>- <span class=\"_ _1f8\"> </span>3<span class=\"_ _0\"></span>07<span class=\"_ _1\"></span> <span class=\"_ _32f\"> </span>1 </span></span></span></span>B.5<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">variazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"_ _2\"></span>n<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">aume<span class=\"_ _0\"></span>nto<span class=\"_ _0\"></span> <span class=\"_ _2cd\"> </span>3.<span class=\"_ _0\"></span>017<span class=\"_ _0\"></span> <span class=\"_ _a6\"> </span>59.1<span class=\"_ _0\"></span>89 <span class=\"_ _1f8\"> </span>27<span class=\"_ _0\"></span>.753<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span>C.<span class=\"_ _3bd\"> </span>Va<span class=\"_ _0\"></span>ria<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>di<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e <span class=\"_ _27b\"> </span>1<span class=\"_ _0\"></span>40.<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>07<span class=\"_ _0\"></span> <span class=\"_ _a8\"> </span>18<span class=\"_ _0\"></span>2.<span class=\"_ _0\"></span>63<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span> <span class=\"_ _208\"> </span>59<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>91<span class=\"_ _0\"></span> C.<span class=\"_ _0\"></span>1<span class=\"ff1\"> </span>us<span class=\"_ _0\"></span>cit<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>ve<span class=\"_ _0\"></span>rso<span class=\"ff1\"> </span>es<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>riora<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span> <span class=\"_ _191\"> </span>- <span class=\"_ _1a5\"> </span>21<span class=\"_ _0\"></span>.77<span class=\"_ _0\"></span>6 <span class=\"_ _183\"> </span>7.7<span class=\"_ _0\"></span>11 C.<span class=\"_ _0\"></span>2<span class=\"ff1\"> </span>write<span class=\"_ _0\"></span>-o<span class=\"_ _0\"></span>ff<span class=\"_ _1\"></span> <span class=\"_ _ce\"> </span>24.<span class=\"_ _0\"></span>44<span class=\"_ _0\"></span>2 <span class=\"_ _f7\"> </span>4.08<span class=\"_ _0\"></span>6 <span class=\"_ _14a\"> </span>1 C.3<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">inca<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span> <span class=\"_ _d3\"> </span>39.<span class=\"_ _0\"></span>08<span class=\"_ _0\"></span>1 <span class=\"_ _aa\"> </span>10<span class=\"_ _0\"></span>4.4<span class=\"_ _0\"></span>57 <span class=\"_ _192\"> </span>32<span class=\"_ _0\"></span>.352<span class=\"_ _0\"></span> </span></span>C.4<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">realizzi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ces<span class=\"_ _0\"></span>sion<span class=\"_ _0\"></span>i <span class=\"_ _17d\"> </span>13.<span class=\"_ _0\"></span>417<span class=\"_ _0\"></span> <span class=\"_ _2dc\"> </span>- <span class=\"_ _14a\"> </span>- </span></span></span></span></span></span>C.5<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">perdite<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ces<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span> <span class=\"_ _33\"> </span>- <span class=\"_ _2dc\"> </span>- <span class=\"_ _14a\"> </span>- </span></span></span></span></span></span>C.6<span class=\"_ _3bd\"> </span>trasferimenti<span class=\"_ _3bd\"> </span>ad<span class=\"_ _3bd\"> </span>altre<span class=\"_ _3bd\"> </span>categorie<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>esposizioni<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>iorat<span class=\"_ _0\"></span>e 2<span class=\"_ _0\"></span>61<span class=\"_ _1\"></span> <span class=\"_ _235\"> </span>48.5<span class=\"_ _0\"></span>83 <span class=\"_ _1f9\"> </span>19.<span class=\"_ _0\"></span>514 C.<span class=\"_ _0\"></span>7<span class=\"ff1\"> </span>modi<span class=\"_ _0\"></span>fich<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>ntra<span class=\"_ _0\"></span>ttu<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sen<span class=\"_ _0\"></span>za<span class=\"ff1\"> </span>can<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>llaz<span class=\"_ _0\"></span>ioni<span class=\"_ _1\"></span> <span class=\"_ _20d\"> </span>- <span class=\"_ _330\"> </span>2<span class=\"_ _0\"></span>72<span class=\"_ _1\"></span> <span class=\"_ _32f\"> </span>1 </span></span>C.8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">variazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dimi<span class=\"_ _0\"></span>nuz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e <span class=\"_ _1d0\"> </span>63.<span class=\"_ _0\"></span>306<span class=\"_ _0\"></span> <span class=\"_ _45\"> </span>3<span class=\"_ _0\"></span>.4<span class=\"_ _1\"></span>58 <span class=\"_ _119\"> </span>1<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>2 </span></span></span></span></span></span></span></span>D.<span class=\"_ _3bd\"> </span>Es<span class=\"_ _1\"></span>pos<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>on<span class=\"_ _1\"></span>e<span class=\"_ _3bd\"> </span>lo<span class=\"_ _0\"></span>rd<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span> <span class=\"_ _249\"> </span>32<span class=\"_ _0\"></span>0.<span class=\"_ _0\"></span>69<span class=\"_ _0\"></span>0 <span class=\"_ _203\"> </span>37<span class=\"_ _1\"></span>2.7<span class=\"_ _0\"></span>38 <span class=\"_ _206\"> </span>42<span class=\"_ _0\"></span>.23<span class=\"_ _1\"></span>2 -<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">esposizioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cedute<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">can<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>llat<span class=\"_ _0\"></span>e <span class=\"_ _59\"> </span>- <span class=\"_ _18d\"> </span>- <span class=\"_ _14a\"> </span>- </span></span></span></span></span></span></span></span></span></span></span></span>A.<span class=\"_ _3bd\"> </span>Es<span class=\"_ _1\"></span>pos<span class=\"_ _0\"></span>iz<span class=\"_ _0\"></span>ion<span class=\"_ _1\"></span>e<span class=\"_ _3bd\"> </span>lo<span class=\"_ _0\"></span>rd<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>iz<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span>e <span class=\"_ _331\"> </span>39<span class=\"_ _0\"></span>7.<span class=\"_ _0\"></span>95<span class=\"_ _0\"></span>4 <span class=\"_ _ad\"> </span>37<span class=\"_ _0\"></span>8.<span class=\"_ _0\"></span>117<span class=\"_ _1\"></span> <span class=\"_ _192\"> </span>42.9<span class=\"_ _1\"></span>68<span class=\"_ _0\"></span> -<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">esposizioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cedute<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">can<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>llate<span class=\"_ _1\"></span> <span class=\"_ _2a5\"> </span>- <span class=\"_ _18d\"> </span>- <span class=\"_ _14a\"> </span>- </span></span></span></span></span></span></span></span></span></span></span></span>B.<span class=\"_ _3bd\"> </span>Varia<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>au<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span> <span class=\"_ _9\"> </span>63.<span class=\"_ _0\"></span>24<span class=\"_ _0\"></span>3 <span class=\"_ _11e\"> </span>17<span class=\"_ _1\"></span>7.25<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span> <span class=\"_ _206\"> </span>58<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>55<span class=\"_ _0\"></span> B.1<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ing<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span>da<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">esp<span class=\"_ _0\"></span>osiz<span class=\"_ _1\"></span>ioni<span class=\"ff1\"> </span>no<span class=\"_ _1\"></span>n<span class=\"ff1\"> </span>dete<span class=\"_ _0\"></span>rior<span class=\"_ _0\"></span>ate<span class=\"_ _1\"></span> <span class=\"_ _26f\"> </span>10.<span class=\"_ _0\"></span>11<span class=\"_ _0\"></span>8 <span class=\"_ _203\"> </span>10<span class=\"_ _0\"></span>0.0<span class=\"_ _0\"></span>58 <span class=\"_ _1f6\"> </span>30.<span class=\"_ _0\"></span>649 </span></span></span></span>B.2<span class=\"_ _3bd\"> </span>ing<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>si<span class=\"_ _3bd\"> </span>da<span class=\"_ _3bd\"> </span>att<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _3bd\"> </span>fina<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>im<span class=\"_ _0\"></span>pai<span class=\"_ _0\"></span>red<span class=\"_ _3bd\"> </span>ac<span class=\"_ _0\"></span>quis<span class=\"_ _0\"></span>ite<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>- <span class=\"_ _14a\"> </span>- B.3<span class=\"_ _3bd\"> </span>trasferimenti<span class=\"_ _3bd\"> </span>da<span class=\"_ _3bd\"> </span>altre<span class=\"_ _3bd\"> </span>categorie<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>esposizioni<span class=\"_ _3bd\"> </span>d<span class=\"_ _3bd\"> </span>A.1.7b<span class=\"_ _0\"></span>is<span class=\"_ _3bd\"> </span>Conso<span class=\"_ _0\"></span>lidato<span class=\"_ _3bd\"> </span>prude<span class=\"_ _0\"></span>nziale<span class=\"_ _3bd\"> </span>\u2013<span class=\"_ _3bd\"> </span>Espos<span class=\"_ _0\"></span>izioni<span class=\"_ _3bd\"> </span>credit<span class=\"_ _0\"></span>izie<span class=\"_ _3bd\"> </span>per<span class=\"_ _3bd\"> </span>cassa<span class=\"_ _3bd\"> </span>verso<span class=\"_ _3bd\"> </span>cliente<span class=\"_ _0\"></span>la:<span class=\"_ _3bd\"> </span>dinam<span class=\"_ _0\"></span>ica<span class=\"_ _3bd\"> </span>delle<span class=\"_ _3bd\"> </span>espo<span class=\"_ _0\"></span>sizioni<span class=\"_ _3bd\"> </span>lorde<span class=\"_ _3bd\"> </span>ogget<span class=\"_ _0\"></span>to<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>conc<span class=\"_ _0\"></span>essioni<span class=\"_ _3bd\"> </span>distin<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span>per<span class=\"_ _3bd\"> </span>quali<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span>credit<span class=\"_ _0\"></span>izia<span class=\"fc0 sc1\"> </span>Ca<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>i/<span class=\"_ _0\"></span>Qu<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Espo<span class=\"_ _0\"></span>sizion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>ogget<span class=\"_ _0\"></span>to<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i:<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ora<span class=\"_ _1\"></span>te<span class=\"fc0 sc1\"> </span>Espo<span class=\"_ _0\"></span>sizion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>ogg<span class=\"_ _0\"></span>etto<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>conc<span class=\"_ _0\"></span>essi<span class=\"_ _0\"></span>oni:<span class=\"_ _3bd\"> </span>non<span class=\"_ _3bd\"> </span>det<span class=\"_ _0\"></span>erior<span class=\"_ _0\"></span>ate<span class=\"fc0 sc1\"> </span>A.<span class=\"_ _3bd\"> </span>Es<span class=\"_ _1\"></span>pos<span class=\"_ _0\"></span>iz<span class=\"_ _0\"></span>ion<span class=\"_ _1\"></span>e<span class=\"_ _3bd\"> </span>lo<span class=\"_ _0\"></span>rd<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>iz<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span>e <span class=\"_ _15e\"> </span>28<span class=\"_ _0\"></span>3.<span class=\"_ _0\"></span>56<span class=\"_ _0\"></span>0 <span class=\"_ _f8\"> </span>347<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>21<span class=\"_ _0\"></span> -<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">esposizioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cedute<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">can<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>llate<span class=\"_ _1\"></span> <span class=\"_ _7b\"> </span>- <span class=\"_ _14\"> </span>2<span class=\"_ _0\"></span>10<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span></span></span>B.<span class=\"_ _3bd\"> </span>Varia<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>au<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span> <span class=\"_ _8\"> </span>55<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>44<span class=\"_ _0\"></span> <span class=\"_ _27d\"> </span>67<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>62<span class=\"_ _0\"></span> B.1<span class=\"ff5\"> <span class=\"_ _1\"></span><span class=\"ff3\">ingressi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esposizioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">deteriorate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>oggetto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>concessi<span class=\"_ _0\"></span>oni B.2<span class=\"ff5\"> <span class=\"_ _1\"></span><span class=\"ff3\">ingressi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esposizion<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">deteriorate<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>oggetto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>concessi<span class=\"_ _0\"></span>oni B.3<span class=\"ff5\"> <span class=\"_ _1\"></span><span class=\"ff3\">ingressi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esposizioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">oggetto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">concessioni<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>de<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>iorat<span class=\"_ _0\"></span>e 9.<span class=\"_ _0\"></span>183<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _b3\"> </span><span class=\"ff3\">44.6<span class=\"_ _0\"></span>00 </span></span>21<span class=\"_ _0\"></span>.597<span class=\"_ _0\"></span><span class=\"ff8\"> <span class=\"_ _333\"> </span><span class=\"ff3\">X<span class=\"_ _1\"></span> </span></span>X<span class=\"_ _1\"></span><span class=\"ff8\"> <span class=\"_ _270\"> </span><span class=\"ff3\">17<span class=\"_ _0\"></span>.37<span class=\"_ _0\"></span>7 </span></span>C.<span class=\"_ _0\"></span>1<span class=\"ff5\"> <span class=\"_ _0\"></span><span class=\"ff3\">uscite<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">verso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esposizioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">deteriorate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>oggetto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>concessi<span class=\"_ _0\"></span>oni C.<span class=\"_ _0\"></span>2<span class=\"ff5\"> <span class=\"_ _0\"></span><span class=\"ff3\">uscite<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">verso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">esposizioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">deteriorate<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>oggetto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>concessi<span class=\"_ _0\"></span>oni X<span class=\"_ _1\"></span><span class=\"ff8\"> <span class=\"_ _59\"> </span><span class=\"ff3\">22<span class=\"_ _0\"></span>.94<span class=\"_ _0\"></span>4 </span></span>17.<span class=\"_ _0\"></span>377<span class=\"_ _0\"></span><span class=\"ff8\"> <span class=\"_ _29e\"> </span><span class=\"ff3\">X<span class=\"_ _0\"></span> </span></span>C.3<span class=\"_ _3bd\"> </span>uscite<span class=\"_ _3bd\"> </span>verso<span class=\"_ _3bd\"> </span>esposizioni<span class=\"_ _3bd\"> </span>oggetto<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>concessioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">deteriorate </span></span>X <span class=\"_ _ec\"> </span>21.<span class=\"_ _0\"></span>597 C.<span class=\"_ _0\"></span>4<span class=\"ff1\"> </span>write<span class=\"_ _0\"></span>-o<span class=\"_ _0\"></span>ff<span class=\"_ _1\"></span> <span class=\"_ _2e6\"> </span>1.<span class=\"_ _0\"></span>733 <span class=\"_ _31a\"> </span>- C.5<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">incas<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span> <span class=\"_ _334\"> </span>62.<span class=\"_ _0\"></span>577<span class=\"_ _0\"></span> <span class=\"_ _f8\"> </span>1<span class=\"_ _0\"></span>33.9<span class=\"_ _0\"></span>70 </span></span>C.6<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">realizzi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cess<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i <span class=\"_ _10b\"> </span>- <span class=\"_ _3c\"> </span>- </span></span></span></span></span></span>C.7<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">perdite<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ce<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>one<span class=\"_ _1\"></span> <span class=\"_ _2f2\"> </span>- <span class=\"_ _3c\"> </span>- </span></span></span></span></span></span>C.8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">variazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dimi<span class=\"_ _0\"></span>nuz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e <span class=\"_ _4c\"> </span>9<span class=\"_ _0\"></span>.19<span class=\"_ _0\"></span>1 <span class=\"_ _3c\"> </span>- </span></span></span></span></span></span></span></span>D.<span class=\"_ _3bd\"> </span>Es<span class=\"_ _1\"></span>pos<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>on<span class=\"_ _1\"></span>e<span class=\"_ _3bd\"> </span>lo<span class=\"_ _0\"></span>rd<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span> <span class=\"_ _54\"> </span>248.<span class=\"_ _1\"></span>226<span class=\"_ _1\"></span> <span class=\"_ _57\"> </span>23<span class=\"_ _0\"></span>6.<span class=\"_ _0\"></span>37<span class=\"_ _0\"></span>2 -<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cui:</span> <span class=\"ff3\">es<span class=\"_ _0\"></span>posi<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ced<span class=\"_ _0\"></span>ute<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>can<span class=\"_ _0\"></span>cella<span class=\"_ _0\"></span>te </span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>B.4<span class=\"_ _3bd\"> </span>ingressi<span class=\"_ _3bd\"> </span>da<span class=\"_ _3bd\"> </span>esposizion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>d<span class=\"_ _3bd\"> </span><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs34de\">A.1.9<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs34df\">Conso<span class=\"_ _0\"></span>lidato<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs34e0\">prude<span class=\"_ _0\"></span>nziale<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs34e1\">\u2013<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs34e2\">Espos<span class=\"_ _0\"></span>izioni<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs34e3\">credit<span class=\"_ _0\"></span>izie<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs34e4\">per<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs34e5\">cassa<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs34e6\">det<span class=\"_ _0\"></span>eriorat<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs34e7\">verso<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs34e8\">cliente<span class=\"_ _0\"></span>la:<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs34e9\">dinam<span class=\"_ _0\"></span>ica<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs34ea\">delle<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs34eb\">retti<span class=\"_ _0\"></span>fiche<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs34ec\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs34ed\">valo<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs34ee\">comp<span class=\"_ _0\"></span>lessive<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs34ef\">Ca<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>i/<span class=\"_ _0\"></span>Cat<span class=\"_ _1\"></span>ego<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs34f0\">So<span class=\"_ _0\"></span>ff<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ze<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _2b6\"> </span><span class=\"fc4 sc2\">Ina<span class=\"_ _0\"></span>dem<span class=\"_ _1\"></span>pie<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs34f1\">pr<span class=\"_ _0\"></span>ob<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs34f2\">Es<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>oni<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs34f3\">sc<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs34f4\">de<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ora<span class=\"_ _0\"></span>te<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs34f5\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs34f6\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs34f7\">cui:<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs34f8\">espos<span class=\"_ _0\"></span>izion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs34f9\">ogg<span class=\"_ _0\"></span>etto<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs34fa\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs34fb\">co<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs34fc\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs34fd\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs34fe\">cui:<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs34ff\">espos<span class=\"_ _0\"></span>izion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3500\">ogg<span class=\"_ _0\"></span>etto<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3501\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3502\">co<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3503\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3504\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3505\">cui:<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3506\">espos<span class=\"_ _0\"></span>izion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3507\">ogg<span class=\"_ _0\"></span>etto<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3508\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3509\">co<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs350a\">ca<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span>llat<span class=\"_ _0\"></span>e </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs350b\">senza<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">canc<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span> </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs350c\">val<span class=\"_ _0\"></span>utaz<span class=\"_ _1\"></span>ione<span class=\"_ _0\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs350d\">se<span class=\"_ _0\"></span>nza<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>lazi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs350e\">dim<span class=\"_ _0\"></span>inu<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs350f\">ca<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span>llat<span class=\"_ _0\"></span>e </div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3510\">A.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3511\">Re<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ch<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3512\">co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3513\">in<span class=\"_ _1\"></span>izia<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3514\">29<span class=\"_ _0\"></span>6.<span class=\"_ _0\"></span>06<span class=\"_ _0\"></span>3 </div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3515\">69<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>26<span class=\"_ _0\"></span> <span class=\"_ _22\"> </span>13<span class=\"_ _0\"></span>6.<span class=\"_ _0\"></span>051<span class=\"_ _1\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3516\">42<span class=\"_ _0\"></span>.01<span class=\"_ _1\"></span>2 <span class=\"_ _1ed\"> </span>8<span class=\"_ _0\"></span>.08<span class=\"_ _1\"></span>2 </div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3517\">1<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span> </div><div class=\"c w3b h28 gs3518\"><div class=\"t m0 x1f9 h1c y430 ff3 fsc fc0 sc0 ls0 ws0\">-</div></div><div class=\"c w8b h28 gs3519\"><div class=\"t m0 x1f9 h1c y430 ff3 fsc fc0 sc0 ls0 ws0\">di</div></div><div class=\"c wbe h28 gs351a\"><div class=\"t m0 x1f9 h1c y430 ff3 fsc fc0 sc0 ls0 ws0\">cui:</div></div><div class=\"c w161 h28 gs351b\"><div class=\"t m0 x1f9 h1c y430 ff3 fsc fc0 sc0 ls0 ws0\">esposizioni</div></div><div class=\"c w94 h28 gs351c\"><div class=\"t m0 x1f9 h1c y430 ff3 fsc fc0 sc0 ls0 ws0\">cedute</div></div><div class=\"c w9d h28 gs351d\"><div class=\"t m0 x1f9 h1c y430 ff3 fsc fc0 sc0 ls0 ws0\">no<span class=\"_ _1\"></span>n<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs351e\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs351f\">- <span class=\"_ _21a\"> </span>- </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3520\">- <span class=\"_ _122\"> </span>- </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3521\">- </div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3522\">B.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3523\">Varia<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3524\">in<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3525\">au<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>to<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3526\">61<span class=\"_ _0\"></span>.74<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3527\">15<span class=\"_ _0\"></span>.43<span class=\"_ _1\"></span>8 <span class=\"_ _1ed\"> </span>78.<span class=\"_ _0\"></span>67<span class=\"_ _0\"></span>5 </div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3528\">23<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>80<span class=\"_ _1\"></span> <span class=\"_ _329\"> </span>6.<span class=\"_ _0\"></span>485<span class=\"_ _1\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3529\">6<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs352a\">B.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rettifiche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs352b\">finanziarie<span class=\"ff1\"> </span>impaired<span class=\"ff1\"> </span>ac<span class=\"_ _0\"></span>quisite<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _b7\"> </span></span>-<span class=\"_ _0\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs352c\">orig<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs352d\">X<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs352e\">- </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs352f\">X<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3530\">- </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3531\">X </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3532\">B.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ettifiche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valo<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span><span class=\"ff8\"> <span class=\"_ _a5\"> </span><span class=\"ff3\">28.<span class=\"_ _0\"></span>758 </span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3533\">9.<span class=\"_ _0\"></span>651 <span class=\"_ _1ef\"> </span>74<span class=\"_ _0\"></span>.66<span class=\"_ _0\"></span>6 </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3534\">23.<span class=\"_ _0\"></span>071<span class=\"_ _0\"></span> <span class=\"_ _1ec\"> </span>6.36<span class=\"_ _0\"></span>0 </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3535\">56<span class=\"_ _0\"></span>4<span class=\"_ _1\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3536\">B.3<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">perdite<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ce<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>one<span class=\"_ _1\"></span><span class=\"ff8\"> <span class=\"_ _a3\"> </span><span class=\"ff3\">1.637<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3537\">- <span class=\"_ _21a\"> </span>- </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3538\">- <span class=\"_ _122\"> </span>- </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3539\">- </div><div class=\"c wf5 h28 gs353a\"><div class=\"t m0 x1f9 h1c y11d ff3 fsc fc0 sc0 ls0 ws0\">B.4</div></div><div class=\"c waf h28 gs353b\"><div class=\"t m0 x1f9 h1c y11d ff3 fsc fc0 sc0 ls0 ws0\">tra<span class=\"_ _0\"></span>sfe<span class=\"_ _0\"></span>rim<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>i</div></div><div class=\"c wb8 h28 gs353c\"><div class=\"t m0 x1f9 h1c y11d ff3 fsc fc0 sc0 ls0 ws0\">da</div></div><div class=\"c w153 h28 gs353d\"><div class=\"t m0 x1f9 h1c y11d ff3 fsc fc0 sc0 ls0 ws0\">al<span class=\"_ _0\"></span>tre<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs353e\">categorie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">es<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span><span class=\"ff8\"> <span class=\"_ _3b\"> </span><span class=\"ff3\">2<span class=\"_ _0\"></span>5.56<span class=\"_ _0\"></span>6 </span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs353f\">de<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>iorat<span class=\"_ _0\"></span>e </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3540\">5.7<span class=\"_ _0\"></span>87 </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3541\">3.<span class=\"_ _1\"></span>42<span class=\"_ _0\"></span>8 </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3542\">4<span class=\"_ _0\"></span>10<span class=\"_ _0\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3543\">1<span class=\"_ _0\"></span>25<span class=\"_ _1\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3544\">1<span class=\"_ _0\"></span>09<span class=\"_ _1\"></span> </div><div class=\"c w108 h28 gs3545\"><div class=\"t m0 x1f9 h1c y120 ff3 fsc fc0 sc0 ls0 ws0\">B.5</div></div><div class=\"c w140 h28 gs3546\"><div class=\"t m0 x1f9 h1c y120 ff3 fsc fc0 sc0 ls0 ws0\">mod<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>che</div></div><div class=\"c w163 h28 gs3547\"><div class=\"t m0 x1f9 h1c y120 ff3 fsc fc0 sc0 ls0 ws0\">con<span class=\"_ _0\"></span>tra<span class=\"_ _0\"></span>ttu<span class=\"_ _0\"></span>ali<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3548\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3549\">- <span class=\"_ _63\"> </span>4<span class=\"_ _0\"></span>53<span class=\"_ _1\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs354a\">39<span class=\"_ _1\"></span>9 <span class=\"_ _121\"> </span>- </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs354b\">- </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs354c\">B.6<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">variazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">aume<span class=\"_ _1\"></span>nto<span class=\"ff8\"> <span class=\"_ _121\"> </span></span>5.<span class=\"_ _0\"></span>78<span class=\"_ _1\"></span>3 </span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs354d\">- <span class=\"_ _69\"> </span>12<span class=\"_ _0\"></span>8 </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs354e\">- <span class=\"_ _122\"> </span>- </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs354f\">- </div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3550\">C.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3551\">Va<span class=\"_ _0\"></span>ria<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3552\">in<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3553\">di<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3554\">11<span class=\"_ _0\"></span>5.0<span class=\"_ _0\"></span>50<span class=\"_ _1\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3555\">23<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>40<span class=\"_ _1\"></span> <span class=\"_ _1ec\"> </span>53.<span class=\"_ _0\"></span>68<span class=\"_ _0\"></span>5 </div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3556\">21<span class=\"_ _0\"></span>.04<span class=\"_ _1\"></span>1 <span class=\"_ _1fa\"> </span>6.<span class=\"_ _1\"></span>73<span class=\"_ _1\"></span>8 </div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3557\">6<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span> </div><div class=\"c w9 h28 gs3558\"><div class=\"t m0 x1f9 h1c y120 ff3 fsc fc0 sc0 ls0 ws0\">C.1</div></div><div class=\"c w164 h28 gs3559\"><div class=\"t m0 x1f9 h1c y120 ff3 fsc fc0 sc0 ls0 ws0\">riprese</div></div><div class=\"c wa3 h28 gs355a\"><div class=\"t m0 x1f9 h1c y120 ff3 fsc fc0 sc0 ls0 ws0\">di</div></div><div class=\"c w5a h28 gs355b\"><div class=\"t m0 x1f9 h1c y120 ff3 fsc fc0 sc0 ls0 ws0\">valore</div></div><div class=\"c w145 h28 gs355c\"><div class=\"t m0 x1f9 h1c y120 ff3 fsc fc0 sc0 ls0 ws0\">d<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs355d\">7.<span class=\"_ _0\"></span>025<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs355e\">3.2<span class=\"_ _0\"></span>23 <span class=\"_ _1ed\"> </span>10.<span class=\"_ _0\"></span>305<span class=\"_ _0\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs355f\">4.<span class=\"_ _0\"></span>803 <span class=\"_ _31c\"> </span>1.28<span class=\"_ _0\"></span>2 </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3560\">94<span class=\"_ _1\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3561\">C.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riprese<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">v<span class=\"_ _2\"></span>alore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">inca<span class=\"_ _0\"></span>sso<span class=\"_ _1\"></span><span class=\"ff8\"> <span class=\"_ _66\"> </span><span class=\"ff3\">13<span class=\"_ _0\"></span>.14<span class=\"_ _0\"></span>7 </span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3562\">12<span class=\"_ _0\"></span>.69<span class=\"_ _0\"></span>0 <span class=\"_ _55\"> </span>13.<span class=\"_ _0\"></span>920<span class=\"_ _0\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3563\">8.<span class=\"_ _0\"></span>406 <span class=\"_ _1f4\"> </span>1.<span class=\"_ _1\"></span>676<span class=\"_ _0\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3564\">1<span class=\"_ _0\"></span>52<span class=\"_ _1\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3565\">C.3<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">utili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cess<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"ff8\"> <span class=\"_ _332\"> </span></span>5.<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>64<span class=\"_ _0\"></span> </span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3566\">5.3<span class=\"_ _0\"></span>67 <span class=\"_ _f2\"> </span>10<span class=\"_ _1\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3567\">- <span class=\"_ _122\"> </span>- </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3568\">- </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3569\">C.<span class=\"_ _0\"></span>4<span class=\"ff1\"> </span>write<span class=\"_ _0\"></span>-o<span class=\"_ _0\"></span>ff<span class=\"_ _1\"></span><span class=\"ff8\"> <span class=\"_ _281\"> </span><span class=\"ff3\">24.4<span class=\"_ _0\"></span>43 </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs356a\">2.<span class=\"_ _0\"></span>102 <span class=\"_ _1f4\"> </span>4.0<span class=\"_ _0\"></span>86 </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs356b\">1.<span class=\"_ _0\"></span>926<span class=\"_ _0\"></span> <span class=\"_ _32b\"> </span>1 </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs356c\">- </div><div class=\"c wae h25 gs356d\"><div class=\"t m0 x1f9 h1c y12f ff3 fsc fc0 sc0 ls0 ws0\">C.<span class=\"_ _0\"></span>5</div></div><div class=\"c w165 h25 gs356e\"><div class=\"t m0 x1f9 h1c y12f ff3 fsc fc0 sc0 ls0 ws0\">tra<span class=\"_ _0\"></span>sfe<span class=\"_ _0\"></span>rime<span class=\"_ _0\"></span>nti</div></div><div class=\"c wb8 h25 gs356f\"><div class=\"t m0 x1f9 h1c y12f ff3 fsc fc0 sc0 ls0 ws0\">ad</div></div><div class=\"c w153 h25 gs3570\"><div class=\"t m0 x1f9 h1c y12f ff3 fsc fc0 sc0 ls0 ws0\">al<span class=\"_ _0\"></span>tre<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3571\">categorie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">es<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span><span class=\"ff8\"> <span class=\"_ _cb\"> </span><span class=\"ff3\">52<span class=\"_ _1\"></span> </span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3572\">de<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>iorat<span class=\"_ _0\"></span>e </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3573\">5<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3574\">25.<span class=\"_ _0\"></span>28<span class=\"_ _0\"></span>8 </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3575\">5.9<span class=\"_ _0\"></span>06 </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3576\">3.7<span class=\"_ _0\"></span>79 </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3577\">35<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span> </div><div class=\"c w108 h28 gs3578\"><div class=\"t m0 x1f9 h1c y12f ff3 fsc fc0 sc0 ls0 ws0\">C.<span class=\"_ _0\"></span>6</div></div><div class=\"c w131 h28 gs3579\"><div class=\"t m0 x1f9 h1c y12f ff3 fsc fc0 sc0 ls0 ws0\">mod<span class=\"_ _0\"></span>ific<span class=\"_ _0\"></span>he</div></div><div class=\"c w163 h28 gs357a\"><div class=\"t m0 x1f9 h1c y12f ff3 fsc fc0 sc0 ls0 ws0\">con<span class=\"_ _0\"></span>tra<span class=\"_ _0\"></span>ttu<span class=\"_ _0\"></span>ali<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs357b\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs357c\">- <span class=\"_ _122\"> </span>71<span class=\"_ _0\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs357d\">- <span class=\"_ _122\"> </span>- </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs357e\">- </div><div class=\"c w73 h28 gs357f\"><div class=\"t m0 x1f9 h1c y3c8 ff3 fsc fc0 sc0 ls0 ws0\">C.<span class=\"_ _0\"></span>7</div></div><div class=\"c w91 h28 gs3580\"><div class=\"t m0 x1f9 h1c y3c8 ff3 fsc fc0 sc0 ls0 ws0\">alt<span class=\"_ _0\"></span>re</div></div><div class=\"c w166 h28 gs3581\"><div class=\"t m0 x1f9 h1c y3c8 ff3 fsc fc0 sc0 ls0 ws0\">var<span class=\"_ _0\"></span>iaz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i</div></div><div class=\"c w50 h28 gs3582\"><div class=\"t m0 x1f9 h1c y3c8 ff3 fsc fc0 sc0 ls0 ws0\">i<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3583\">64.<span class=\"_ _0\"></span>519<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3584\">4<span class=\"_ _0\"></span>06<span class=\"_ _1\"></span> <span class=\"_ _81\"> </span>5 </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3585\">- <span class=\"_ _122\"> </span>- </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3586\">- </div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3587\">D.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3588\">Ret<span class=\"_ _1\"></span>tifi<span class=\"_ _1\"></span>che<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3589\">co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs358a\">fi<span class=\"_ _0\"></span>nal<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs358b\">24<span class=\"_ _0\"></span>2.7<span class=\"_ _1\"></span>57<span class=\"_ _0\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs358c\">61<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>24<span class=\"_ _0\"></span> <span class=\"_ _1ec\"> </span>161<span class=\"_ _0\"></span>.04<span class=\"_ _0\"></span>1 </div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs358d\">44<span class=\"_ _0\"></span>.85<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span> <span class=\"_ _55\"> </span>7.8<span class=\"_ _0\"></span>29<span class=\"_ _0\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs358e\">2<span class=\"_ _0\"></span>51<span class=\"_ _1\"></span> </div><div class=\"c w3b h28 gs358f\"><div class=\"t m0 x1f9 h1c y139 ff3 fsc fc0 sc0 ls0 ws0\">-</div></div><div class=\"c w8b h28 gs3590\"><div class=\"t m0 x1f9 h1c y139 ff3 fsc fc0 sc0 ls0 ws0\">di</div></div><div class=\"c wbe h28 gs3591\"><div class=\"t m0 x1f9 h1c y139 ff3 fsc fc0 sc0 ls0 ws0\">cui:</div></div><div class=\"c w161 h28 gs3592\"><div class=\"t m0 x1f9 h1c y139 ff3 fsc fc0 sc0 ls0 ws0\">esposizioni</div></div><div class=\"c w94 h28 gs3593\"><div class=\"t m0 x1f9 h1c y139 ff3 fsc fc0 sc0 ls0 ws0\">cedute</div></div><div class=\"c w9d h28 gs3594\"><div class=\"t m0 x1f9 h1c y139 ff3 fsc fc0 sc0 ls0 ws0\">no<span class=\"_ _1\"></span>n<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3595\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3596\">- <span class=\"_ _21a\"> </span>- </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3597\">- <span class=\"_ _122\"> </span>- </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3598\">- </div>A.<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>Cl<span class=\"_ _0\"></span>ass<span class=\"_ _1\"></span>ific<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>es<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>siz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>ba<span class=\"_ _0\"></span>se<span class=\"_ _3bd\"> </span>ai<span class=\"_ _3bd\"> </span>ra<span class=\"_ _1\"></span>ting<span class=\"_ _3bd\"> </span>es<span class=\"_ _0\"></span>ter<span class=\"_ _1\"></span>ni<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>rni<span class=\"_ _0\"></span> A.2<span class=\"_ _1\"></span>.1<span class=\"_ _3bd\"> </span>Conso<span class=\"_ _0\"></span>lidato<span class=\"_ _3bd\"> </span>prude<span class=\"_ _0\"></span>nziale<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Distr<span class=\"_ _0\"></span>ibuzione<span class=\"_ _3bd\"> </span>delle<span class=\"_ _3bd\"> </span>attivit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>finanzi<span class=\"_ _0\"></span>arie,<span class=\"_ _3bd\"> </span>deg<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span>impeg<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>eroga<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>fondi<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>delle<span class=\"_ _3bd\"> </span>gara<span class=\"_ _0\"></span>nzie<span class=\"_ _3bd\"> </span>finanzi<span class=\"_ _0\"></span>arie<span class=\"_ _3bd\"> </span>rilas<span class=\"_ _0\"></span>ciate:<span class=\"_ _3bd\"> </span>per<span class=\"_ _3bd\"> </span>class<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>rati<span class=\"_ _0\"></span>ng<span class=\"_ _3bd\"> </span>ester<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>(valo<span class=\"_ _0\"></span>ri<span class=\"_ _3bd\"> </span>lordi<span class=\"_ _0\"></span>)<span class=\"fc0 sc1\"> </span>Es<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Cla<span class=\"_ _1\"></span>ssi<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ra<span class=\"_ _1\"></span>ting<span class=\"_ _3bd\"> </span>es<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>rn<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>S<span class=\"_ _0\"></span>en<span class=\"_ _1\"></span>za<span class=\"_ _3bd\"> </span>ra<span class=\"_ _0\"></span>tin<span class=\"_ _1\"></span>g<span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Cla<span class=\"_ _1\"></span>sse<span class=\"_ _3bd\"> </span>1<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _200\"> </span><span class=\"fc4 sc2\">classe<span class=\"_ _3bd\"> </span></span></span>2<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _121\"> </span><span class=\"fc4 sc2\">classe<span class=\"_ _3bd\"> </span></span></span>3<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>cl<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>se<span class=\"_ _3bd\"> </span>4<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>cl<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>se<span class=\"_ _3bd\"> </span>5<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>cl<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>se<span class=\"_ _3bd\"> </span>6<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>A.<span class=\"_ _3bd\"> </span>Atti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _3bd\"> </span>fina<span class=\"_ _0\"></span>nziar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>vauta<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>cost<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>amm<span class=\"_ _0\"></span>ortizz<span class=\"_ _0\"></span>ato<span class=\"_ _0\"></span> 1.<span class=\"_ _0\"></span>041<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>48<span class=\"_ _1\"></span> 99<span class=\"_ _1\"></span>8.01<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span> 6.<span class=\"_ _0\"></span>11<span class=\"_ _0\"></span>7.3<span class=\"_ _0\"></span>06<span class=\"_ _1\"></span> ---36<span class=\"_ _1\"></span>.177<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>52<span class=\"_ _0\"></span> 44<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>34.<span class=\"_ _1\"></span>218<span class=\"_ _1\"></span> -<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Primo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stadi<span class=\"_ _0\"></span>o <span class=\"_ _ed\"> </span>1.0<span class=\"_ _0\"></span>41<span class=\"_ _0\"></span>.648 <span class=\"_ _1f0\"> </span>998<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>12 <span class=\"_ _1f4\"> </span>6.<span class=\"_ _0\"></span>117<span class=\"_ _0\"></span>.30<span class=\"_ _0\"></span>6 <span class=\"_ _1a8\"> </span>- <span class=\"_ _1fd\"> </span>- <span class=\"_ _1a8\"> </span>- <span class=\"_ _1fa\"> </span>33.1<span class=\"_ _0\"></span>43.<span class=\"_ _0\"></span>366<span class=\"_ _1\"></span> <span class=\"_ _1ed\"> </span>41.<span class=\"_ _0\"></span>300<span class=\"_ _0\"></span>.33<span class=\"_ _0\"></span>2 </span></span></span></span>-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Secondo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stad<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span> <span class=\"_ _242\"> </span>- <span class=\"_ _34\"> </span>- <span class=\"_ _47\"> </span>- <span class=\"_ _1a8\"> </span>- <span class=\"_ _1a8\"> </span>- <span class=\"_ _1fd\"> </span>- <span class=\"_ _1fc\"> </span>2.<span class=\"_ _0\"></span>295<span class=\"_ _0\"></span>.03<span class=\"_ _0\"></span>7 <span class=\"_ _1f1\"> </span>2.2<span class=\"_ _0\"></span>95.<span class=\"_ _0\"></span>037 </span></span></span></span>-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Terzo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stadi<span class=\"_ _0\"></span>o <span class=\"_ _26f\"> </span>- <span class=\"_ _50\"> </span>- <span class=\"_ _47\"> </span>- <span class=\"_ _1a8\"> </span>- <span class=\"_ _1a8\"> </span>- <span class=\"_ _1fd\"> </span>- <span class=\"_ _177\"> </span>713.<span class=\"_ _0\"></span>601<span class=\"_ _0\"></span> <span class=\"_ _a2\"> </span>713<span class=\"_ _0\"></span>.60<span class=\"_ _0\"></span>1 </span></span></span></span>-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Impaired<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">acquisite<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span></span></span></span></span></span></span>orig<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span> - <span class=\"_ _34\"> </span>- <span class=\"_ _47\"> </span>- <span class=\"_ _1a8\"> </span>- <span class=\"_ _1fd\"> </span>- <span class=\"_ _1a8\"> </span>- <span class=\"_ _11c\"> </span>25.2<span class=\"_ _0\"></span>48 <span class=\"_ _1a2\"> </span>25.<span class=\"_ _0\"></span>24<span class=\"_ _0\"></span>8 B.<span class=\"_ _3bd\"> </span>At<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _1\"></span>\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>tat<span class=\"_ _1\"></span>e<span class=\"_ _3bd\"> </span>a<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span> fair<span class=\"_ _3bd\"> </span>value<span class=\"_ _3bd\"> </span>con<span class=\"_ _3bd\"> </span>impa<span class=\"_ _0\"></span>tto<span class=\"_ _3bd\"> </span>sull<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>reddit<span class=\"_ _0\"></span>ivit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>com<span class=\"_ _0\"></span>pless<span class=\"_ _0\"></span>iva 3.<span class=\"_ _0\"></span>61<span class=\"_ _0\"></span>2.<span class=\"_ _0\"></span>880<span class=\"_ _1\"></span> 1.<span class=\"_ _0\"></span>87<span class=\"_ _0\"></span>8.3<span class=\"_ _1\"></span>66 54<span class=\"_ _0\"></span>8.<span class=\"_ _0\"></span>29<span class=\"_ _0\"></span>2 ---12<span class=\"_ _0\"></span>1.5<span class=\"_ _0\"></span>11<span class=\"_ _0\"></span> 6.<span class=\"_ _0\"></span>16<span class=\"_ _0\"></span>1.<span class=\"_ _0\"></span>049<span class=\"_ _1\"></span> -<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Primo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stadi<span class=\"_ _0\"></span>o <span class=\"_ _c2\"> </span>3.61<span class=\"_ _0\"></span>2.<span class=\"_ _0\"></span>880 <span class=\"_ _1f5\"> </span>1.8<span class=\"_ _0\"></span>78.<span class=\"_ _0\"></span>366 <span class=\"_ _326\"> </span>548.<span class=\"_ _0\"></span>292 <span class=\"_ _1fd\"> </span>- <span class=\"_ _1fd\"> </span>- <span class=\"_ _1fd\"> </span>- <span class=\"_ _207\"> </span>121<span class=\"_ _0\"></span>.51<span class=\"_ _0\"></span>1 <span class=\"_ _64\"> </span>6.<span class=\"_ _0\"></span>161<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>49 </span></span></span></span>-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Secondo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stad<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span> <span class=\"_ _242\"> </span>- <span class=\"_ _34\"> </span>- <span class=\"_ _47\"> </span>- <span class=\"_ _1a8\"> </span>- <span class=\"_ _1a8\"> </span>- <span class=\"_ _1fd\"> </span>- <span class=\"_ _eb\"> </span>- <span class=\"_ _4a\"> </span>- </span></span></span></span>-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Terzo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stadi<span class=\"_ _0\"></span>o <span class=\"_ _26f\"> </span>- <span class=\"_ _50\"> </span>- <span class=\"_ _47\"> </span>- <span class=\"_ _1a8\"> </span>- <span class=\"_ _1a8\"> </span>- <span class=\"_ _1fd\"> </span>- <span class=\"_ _eb\"> </span>- <span class=\"_ _41\"> </span>- </span></span></span></span>-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Impaired<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">acquisite<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span></span></span></span></span></span></span>orig<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span> - <span class=\"_ _34\"> </span>- <span class=\"_ _47\"> </span>- <span class=\"_ _1a8\"> </span>- <span class=\"_ _1fd\"> </span>- <span class=\"_ _1a8\"> </span>- <span class=\"_ _3b\"> </span>- <span class=\"_ _41\"> </span>- C.<span class=\"_ _3bd\"> </span>Attiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span>finan<span class=\"_ _0\"></span>ziar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>cors<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>di<span class=\"_ _0\"></span>sm<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e ---------<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Primo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stadi<span class=\"_ _0\"></span>o <span class=\"_ _199\"> </span>- <span class=\"_ _50\"> </span>- <span class=\"_ _47\"> </span>- <span class=\"_ _1a8\"> </span>- <span class=\"_ _1a8\"> </span>- <span class=\"_ _1fd\"> </span>- <span class=\"_ _eb\"> </span>- <span class=\"_ _41\"> </span>- </span></span></span></span>-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Secondo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stad<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span> <span class=\"_ _242\"> </span>- <span class=\"_ _34\"> </span>- <span class=\"_ _47\"> </span>- <span class=\"_ _1a8\"> </span>- <span class=\"_ _1a8\"> </span>- <span class=\"_ _1fd\"> </span>- <span class=\"_ _eb\"> </span>- <span class=\"_ _4a\"> </span>- </span></span></span></span>-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Terzo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stadi<span class=\"_ _0\"></span>o <span class=\"_ _26f\"> </span>- <span class=\"_ _50\"> </span>- <span class=\"_ _47\"> </span>- <span class=\"_ _1a8\"> </span>- <span class=\"_ _1a8\"> </span>- <span class=\"_ _1fd\"> </span>- <span class=\"_ _eb\"> </span>- <span class=\"_ _41\"> </span>- </span></span></span></span>-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Impaired<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">acquisite<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span></span></span></span></span></span></span>orig<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span> - <span class=\"_ _34\"> </span>- <span class=\"_ _47\"> </span>- <span class=\"_ _1a8\"> </span>- <span class=\"_ _1fd\"> </span>- <span class=\"_ _1a8\"> </span>- <span class=\"_ _3b\"> </span>- <span class=\"_ _41\"> </span>- To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>(A<span class=\"_ _0\"></span>+B<span class=\"_ _0\"></span>+C<span class=\"_ _0\"></span>) <span class=\"_ _22\"> </span>4.6<span class=\"_ _1\"></span>54.5<span class=\"_ _1\"></span>28 <span class=\"_ _22\"> </span>2.<span class=\"_ _0\"></span>87<span class=\"_ _0\"></span>6.<span class=\"_ _0\"></span>37<span class=\"_ _0\"></span>8 <span class=\"_ _1ec\"> </span>6<span class=\"_ _0\"></span>.66<span class=\"_ _1\"></span>5.5<span class=\"_ _0\"></span>98<span class=\"_ _0\"></span> --- <span class=\"_ _329\"> </span>36<span class=\"_ _0\"></span>.29<span class=\"_ _1\"></span>8.76<span class=\"_ _1\"></span>3 <span class=\"_ _1ed\"> </span>50<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>95<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>67<span class=\"_ _1\"></span> D.<span class=\"_ _3bd\"> </span>Imp<span class=\"_ _0\"></span>egni<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>erog<span class=\"_ _0\"></span>are<span class=\"_ _3bd\"> </span>fondi<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>ga<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>rie<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>sci<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span> ------ <span class=\"_ _326\"> </span>13.<span class=\"_ _0\"></span>105<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>71<span class=\"_ _0\"></span> <span class=\"_ _1f2\"> </span>13.<span class=\"_ _0\"></span>10<span class=\"_ _0\"></span>5.0<span class=\"_ _0\"></span>71<span class=\"_ _1\"></span> -<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Primo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stadi<span class=\"_ _0\"></span>o <span class=\"_ _199\"> </span>- <span class=\"_ _50\"> </span>- <span class=\"_ _47\"> </span>- <span class=\"_ _1a8\"> </span>- <span class=\"_ _1a8\"> </span>- <span class=\"_ _1fd\"> </span>- <span class=\"_ _1fa\"> </span>12.<span class=\"_ _0\"></span>84<span class=\"_ _0\"></span>8.36<span class=\"_ _0\"></span>4 <span class=\"_ _1ec\"> </span>12.<span class=\"_ _0\"></span>84<span class=\"_ _0\"></span>8.36<span class=\"_ _0\"></span>4 </span></span></span></span>-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Secondo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stad<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span> <span class=\"_ _242\"> </span>- <span class=\"_ _34\"> </span>- <span class=\"_ _47\"> </span>- <span class=\"_ _1a8\"> </span>- <span class=\"_ _1a8\"> </span>- <span class=\"_ _1fd\"> </span>- <span class=\"_ _196\"> </span>21<span class=\"_ _0\"></span>5.4<span class=\"_ _0\"></span>26 <span class=\"_ _1ff\"> </span>215.<span class=\"_ _0\"></span>426<span class=\"_ _0\"></span> </span></span></span></span>-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Terzo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stadi<span class=\"_ _0\"></span>o <span class=\"_ _26f\"> </span>- <span class=\"_ _50\"> </span>- <span class=\"_ _47\"> </span>- <span class=\"_ _1a8\"> </span>- <span class=\"_ _1a8\"> </span>- <span class=\"_ _1fd\"> </span>- <span class=\"_ _f2\"> </span>39.<span class=\"_ _0\"></span>657<span class=\"_ _0\"></span> <span class=\"_ _177\"> </span>39.6<span class=\"_ _0\"></span>57 </span></span></span></span>-<span class=\"_ _3bd\"> </span>Impaired<span class=\"_ _3bd\"> </span>acquisiti/e<span class=\"_ _3bd\"> </span>o<span class=\"_ _3bd\"> </span>orig<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ati/<span class=\"_ _0\"></span>e - <span class=\"_ _34\"> </span>- <span class=\"_ _47\"> </span>- <span class=\"_ _1a8\"> </span>- <span class=\"_ _1fd\"> </span>- <span class=\"_ _1a8\"> </span>- <span class=\"_ _75\"> </span>1.62<span class=\"_ _0\"></span>4 <span class=\"_ _21a\"> </span>1.6<span class=\"_ _0\"></span>24 To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>(D<span class=\"_ _1\"></span>)<span class=\"_ _0\"></span> ------ <span class=\"_ _326\"> </span>13.<span class=\"_ _0\"></span>105<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>71<span class=\"_ _0\"></span> <span class=\"_ _1f2\"> </span>13.<span class=\"_ _0\"></span>10<span class=\"_ _0\"></span>5.0<span class=\"_ _0\"></span>71<span class=\"_ _1\"></span> To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>(A<span class=\"_ _0\"></span>+B<span class=\"_ _0\"></span>+C<span class=\"_ _0\"></span>+D<span class=\"_ _0\"></span>) <span class=\"_ _1f5\"> </span>4.<span class=\"_ _0\"></span>65<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>528<span class=\"_ _1\"></span> <span class=\"_ _1f5\"> </span>2.8<span class=\"_ _0\"></span>76<span class=\"_ _1\"></span>.37<span class=\"_ _0\"></span>8 <span class=\"_ _1ec\"> </span>6<span class=\"_ _0\"></span>.66<span class=\"_ _1\"></span>5.5<span class=\"_ _0\"></span>98<span class=\"_ _0\"></span> --- <span class=\"_ _1ec\"> </span>49.<span class=\"_ _0\"></span>40<span class=\"_ _0\"></span>3.<span class=\"_ _0\"></span>83<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span> <span class=\"_ _1f5\"> </span>63.<span class=\"_ _0\"></span>60<span class=\"_ _0\"></span>0.3<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span> Le<span class=\"ff1\"> </span>classi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>rating<span class=\"ff1\"> </span>esterni<span class=\"ff1\"> </span>ind<span class=\"_ _0\"></span>icate<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>riferiscono<span class=\"ff1\"> </span>alle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">classi</span> <span class=\"ff3\">di</span> <span class=\"ff3\">me<span class=\"_ _0\"></span>rito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>credi<span class=\"_ _0\"></span>tizio<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>debitori/garanti<span class=\"ff1\"> </span></span></span></span></span>di<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>normativa<span class=\"ff1\"> </span>prudenziale. L\u2019agenzia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>rating<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">utilizzate<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sotto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riportate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fornisce<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tabella<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">raccordo<span class=\"ff1\"> </span>tra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">classi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>rischio<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>rating<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>agenzie<div class=\"c w169 hb2 gs3646\"><div class=\"t m0 x1f9 h9 y2a95 ff3 fs5 fc4 sc2 ls0 ws0\">Po<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>af<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span></div></div><div class=\"c wcf hb2 gs3647\"><div class=\"t m0 x1f9 h9 y2a95 ff3 fs5 fc4 sc2 ls0 ws0\">EC<span class=\"_ _0\"></span>A/<span class=\"_ _0\"></span>EC<span class=\"_ _0\"></span>AI<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3648\">Esposizione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">verso<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3649\">Amministrazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">centrali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs364a\">banche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">centrali<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs364b\">DBR<span class=\"_ _0\"></span>S<span class=\"ff1\"> </span>R<span class=\"_ _0\"></span>atin<span class=\"_ _0\"></span>g<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Limi<span class=\"_ _0\"></span>ted<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs364c\">Esposizioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">verso<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs364d\">org<span class=\"_ _0\"></span>ani<span class=\"_ _0\"></span>zzaz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">inte<span class=\"_ _0\"></span>rnazi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>ali<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs364e\">Fit<span class=\"_ _0\"></span>ch<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Rat<span class=\"_ _0\"></span>ings<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs364f\">Standard<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">&amp;<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Poor<span class=\"_ _2\"></span>\u2019s<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Rating<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3650\">Se<span class=\"_ _0\"></span>rvice<span class=\"_ _1\"></span>s*<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3651\">Esp<span class=\"_ _0\"></span>osi<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ver<span class=\"_ _0\"></span>so<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">banc<span class=\"_ _0\"></span>he<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3652\">multilaterali<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>sviluppo<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3653\">Fit<span class=\"_ _0\"></span>ch<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Rat<span class=\"_ _0\"></span>ings<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3654\">Standard<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">&amp;<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Poor<span class=\"_ _2\"></span>\u2019s<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Rating<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3655\">Se<span class=\"_ _0\"></span>rvice<span class=\"_ _1\"></span>s*<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3656\">Esposizioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">verso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">imprese<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ed<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3657\">altri<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">soggetti<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3658\">Fit<span class=\"_ _0\"></span>ch<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Rat<span class=\"_ _0\"></span>ings<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3659\">Standard<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">&amp;<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Poor<span class=\"_ _2\"></span>\u2019s<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Rating<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs365a\">Se<span class=\"_ _0\"></span>rvice<span class=\"_ _1\"></span>s*<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs365b\">Esposizioni<span class=\"ff1\"> </span>verso<span class=\"ff1\"> </span>organismi<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs365c\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">investimento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">collettivo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>el<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs365d\">risparmio<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>OICR)<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs365e\">Fit<span class=\"_ _0\"></span>ch<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Rat<span class=\"_ _0\"></span>ings<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs365f\">Standard<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">&amp;<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Poor<span class=\"_ _2\"></span>\u2019s<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Rating<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3660\">Se<span class=\"_ _0\"></span>rvice<span class=\"_ _1\"></span>s*<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3661\">Posizioni<span class=\"ff1\"> </span>verso<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3662\">ca<span class=\"_ _0\"></span>rtola<span class=\"_ _0\"></span>riz<span class=\"_ _0\"></span>zaz<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ave<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3663\">rating<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>breve<span class=\"ff1\"> </span>termine<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3664\">Fit<span class=\"_ _0\"></span>ch<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Rat<span class=\"_ _0\"></span>ings<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3665\">Standard<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">&amp;<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Poor<span class=\"_ _2\"></span>\u2019s<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Rating<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3666\">Se<span class=\"_ _0\"></span>rvice<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3667\">Moo<span class=\"_ _0\"></span>dy\u2019<span class=\"_ _0\"></span>s<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3668\">Posizioni<span class=\"ff1\"> </span>verso<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3669\">ca<span class=\"_ _0\"></span>rtola<span class=\"_ _0\"></span>riz<span class=\"_ _0\"></span>zaz<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">div<span class=\"_ _0\"></span>erse<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">da<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs366a\">quelle<span class=\"ff1\"> </span>aventi<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>rating<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs366b\">breve<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">termine<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs366c\">Fit<span class=\"_ _0\"></span>ch<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Rat<span class=\"_ _0\"></span>ings<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs366d\">Standard<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">&amp;<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Poor<span class=\"_ _2\"></span>\u2019s<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Rating<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs366e\">Se<span class=\"_ _0\"></span>rvice<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs366f\">Moo<span class=\"_ _0\"></span>dy\u2019<span class=\"_ _0\"></span>s<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs3670\">*EC<span class=\"_ _0\"></span>AI<span class=\"ff1\"> </span>uti<span class=\"_ _0\"></span>lizz<span class=\"_ _0\"></span>ata<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">solo</span> <span class=\"ff3\">nel<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>mitig<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>rischi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>(CRM)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">su</span> <span class=\"_ _2\"></span><span class=\"ff3\">str<span class=\"_ _0\"></span>ument<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>fina<span class=\"_ _0\"></span>nzia<span class=\"_ _0\"></span>ri<span class=\"ff1\"> </span>acca<span class=\"_ _0\"></span>ttati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"_ _2\"></span><span class=\"ff3\">ga<span class=\"_ _0\"></span>ranzi<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc1 ls0 ws0 gs3671\">Class<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc1 ls0 ws0 gs3672\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc1 ls0 ws0 gs3673\">merit<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc1 ls0 ws0 gs3674\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc1 ls0 ws0 gs3675\">cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>ito<span class=\"_ _0\"></span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3676\">DBR<span class=\"_ _0\"></span>S<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Rat<span class=\"_ _0\"></span>ing<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3677\">Li<span class=\"_ _0\"></span>mite<span class=\"_ _0\"></span>d<span class=\"_ _3bd\"> </span> </div><div class=\"c w105 h123 gs3678\"><div class=\"t m0 x1f9 h9 ybb ff3 fs5 fc0 sc0 ls0 ws0\">Fit<span class=\"_ _0\"></span>ch</div></div><div class=\"c w16a h123 gs3679\"><div class=\"t m0 x1f9 h9 ybb ff3 fs5 fc0 sc0 ls0 ws0\">Ra<span class=\"_ _0\"></span>ting<span class=\"_ _0\"></span>s<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs367a\">Standard<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">&amp;<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Poor<span class=\"_ _2\"></span>\u2019s<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs367b\">Rating<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Services<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"c w15a h123 gs367c\"><div class=\"t m0 x1f9 h9 ybb ff3 fs5 fc0 sc0 ls0 ws0\">Moo<span class=\"_ _0\"></span>dy\u2019<span class=\"_ _0\"></span>s<span class=\"_ _3bd\"> </span></div></div><div class=\"c w3c hc3 gs367d\"><div class=\"t m2 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">1<span class=\"_ _3bd\"> </span></div></div><div class=\"c we8 hc3 gs367e\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">da</div></div><div class=\"c w148 hc3 gs367f\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">AAA</div></div><div class=\"c w2e hc3 gs3680\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">a</div></div><div class=\"c w153 hc3 gs3681\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">A<span class=\"_ _0\"></span>AL<span class=\"_ _3bd\"> </span></div></div><div class=\"c we8 hc3 gs3682\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">da</div></div><div class=\"c w148 hc3 gs3683\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">AAA</div></div><div class=\"c w2e hc3 gs3684\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">a</div></div><div class=\"c wae hc3 gs3685\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">A<span class=\"_ _0\"></span>A</div></div><div class=\"c w19 hc3 gs3686\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></div></div><div class=\"c we8 hc3 gs3687\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">da</div></div><div class=\"c w148 hc3 gs3688\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">AAA</div></div><div class=\"c w2e hc3 gs3689\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">a</div></div><div class=\"c wae hc3 gs368a\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">A<span class=\"_ _0\"></span>A</div></div><div class=\"c w19 hc3 gs368b\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></div></div><div class=\"c we8 hc3 gs368c\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">da</div></div><div class=\"c w80 hc3 gs368d\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">Aaa</div></div><div class=\"c w2e hc3 gs368e\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">a</div></div><div class=\"c w55 hc3 gs368f\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">A<span class=\"_ _0\"></span>a3<span class=\"_ _3bd\"> </span></div></div><div class=\"c w2e hc4 gs3690\"><div class=\"t m2 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">2<span class=\"_ _3bd\"> </span></div></div><div class=\"c we8 hc4 gs3691\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">da</div></div><div class=\"c wa6 hc4 gs3692\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">AH</div></div><div class=\"c w2e hc4 gs3693\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">a</div></div><div class=\"c we8 hc4 gs3694\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">A<span class=\"_ _0\"></span>L<span class=\"_ _3bd\"> </span></div></div><div class=\"c we8 hc4 gs3695\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">da</div></div><div class=\"c w108 hc4 gs3696\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">A+</div></div><div class=\"c w2e hc4 gs3697\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">a</div></div><div class=\"c w5d hc4 gs3698\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">A</div></div><div class=\"c w3b hc4 gs3699\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></div></div><div class=\"c we8 hc4 gs369a\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">da</div></div><div class=\"c w108 hc4 gs369b\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">A+</div></div><div class=\"c w2e hc4 gs369c\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">a</div></div><div class=\"c w5d hc4 gs369d\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">A</div></div><div class=\"c w3b hc4 gs369e\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></div></div><div class=\"c we8 hc4 gs369f\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">da</div></div><div class=\"c w15f hc4 gs36a0\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">A1</div></div><div class=\"c w2e hc4 gs36a1\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">a</div></div><div class=\"c w76 hc4 gs36a2\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">A<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span></div></div><div class=\"c w33 hc5 gs36a3\"><div class=\"t m2 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">3<span class=\"_ _3bd\"> </span></div></div><div class=\"c we8 hc5 gs36a4\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">da</div></div><div class=\"c w16b hc5 gs36a5\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">BBBH</div></div><div class=\"c w2e hc5 gs36a6\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">a</div></div><div class=\"c w16c hc5 gs36a7\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">BB<span class=\"_ _0\"></span>BL</div></div><div class=\"c w16d hc5 gs36a8\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">da</div></div><div class=\"c w130 hc5 gs36a9\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">BBB<span class=\"_ _0\"></span>+</div></div><div class=\"c w41 hc5 gs36aa\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">a</div></div><div class=\"c we2 hc5 gs36ab\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">BB<span class=\"_ _0\"></span>B</div></div><div class=\"c w25 hc5 gs36ac\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">-</div></div><div class=\"c w16d hc5 gs36ad\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">da</div></div><div class=\"c w130 hc5 gs36ae\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">BBB<span class=\"_ _0\"></span>+</div></div><div class=\"c w41 hc5 gs36af\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">a</div></div><div class=\"c we2 hc5 gs36b0\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">BB<span class=\"_ _0\"></span>B</div></div><div class=\"c w25 hc5 gs36b1\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">-</div></div><div class=\"c we8 hc5 gs36b2\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">da</div></div><div class=\"c wb4 hc5 gs36b3\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">Baa1</div></div><div class=\"c w2e hc5 gs36b4\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">a</div></div><div class=\"c w105 hc5 gs36b5\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">B<span class=\"_ _0\"></span>aa<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span></div></div><div class=\"c w57 hc5 gs36b6\"><div class=\"t m2 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">4<span class=\"_ _3bd\"> </span></div></div><div class=\"c we8 hc5 gs36b7\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">da</div></div><div class=\"c w14f hc5 gs36b8\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">BBH</div></div><div class=\"c w2e hc5 gs36b9\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">a</div></div><div class=\"c w80 hc5 gs36ba\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">BB<span class=\"_ _1\"></span>L<span class=\"_ _3bd\"> </span></div></div><div class=\"c we8 hc5 gs36bb\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">da</div></div><div class=\"c w5c hc5 gs36bc\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">BB+</div></div><div class=\"c w2e hc5 gs36bd\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">a</div></div><div class=\"c w73 hc5 gs36be\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">B<span class=\"_ _0\"></span>B</div></div><div class=\"c w19 hc5 gs36bf\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></div></div><div class=\"c we8 hc5 gs36c0\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">da</div></div><div class=\"c w5c hc5 gs36c1\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">BB+</div></div><div class=\"c w2e hc5 gs36c2\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">a</div></div><div class=\"c w73 hc5 gs36c3\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">B<span class=\"_ _0\"></span>B</div></div><div class=\"c w19 hc5 gs36c4\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></div></div><div class=\"c we8 hc5 gs36c5\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">da</div></div><div class=\"c wf0 hc5 gs36c6\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">Ba1</div></div><div class=\"c w2e hc5 gs36c7\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">a</div></div><div class=\"c w55 hc5 gs36c8\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">B<span class=\"_ _0\"></span>a3<span class=\"_ _3bd\"> </span></div></div><div class=\"c w2e hc5 gs36c9\"><div class=\"t m2 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">5<span class=\"_ _3bd\"> </span></div></div><div class=\"c we8 hc5 gs36ca\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">da</div></div><div class=\"c wea hc5 gs36cb\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">BH</div></div><div class=\"c w2e hc5 gs36cc\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">a</div></div><div class=\"c w9 hc5 gs36cd\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">B<span class=\"_ _0\"></span>L<span class=\"_ _3bd\"> </span></div></div><div class=\"c we8 hc5 gs36ce\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">da</div></div><div class=\"c wae hc5 gs36cf\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">B+</div></div><div class=\"c w2e hc5 gs36d0\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">a</div></div><div class=\"c w5f hc5 gs36d1\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">B</div></div><div class=\"c w19 hc5 gs36d2\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></div></div><div class=\"c we8 hc5 gs36d3\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">da</div></div><div class=\"c wae hc5 gs36d4\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">B+</div></div><div class=\"c w2e hc5 gs36d5\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">a</div></div><div class=\"c w5f hc5 gs36d6\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">B</div></div><div class=\"c w19 hc5 gs36d7\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></div></div><div class=\"c we8 hc5 gs36d8\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">da</div></div><div class=\"c wb9 hc5 gs36d9\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">B1</div></div><div class=\"c w2e hc5 gs36da\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">a</div></div><div class=\"c wc5 hc5 gs36db\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">B<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span></div></div><div class=\"c w57 hc5 gs36dc\"><div class=\"t m2 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">6<span class=\"_ _3bd\"> </span></div></div><div class=\"c we1 hc5 gs36dd\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">C<span class=\"_ _0\"></span>CC<span class=\"_ _3bd\"> </span></div></div><div class=\"c w11b hc5 gs36de\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">CCC+</div></div><div class=\"c w2e hc5 gs36df\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">e</div></div><div class=\"c w16e hc5 gs36e0\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">inf<span class=\"_ _0\"></span>erio<span class=\"_ _0\"></span>ri<span class=\"_ _3bd\"> </span></div></div><div class=\"c w11b hc5 gs36e1\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">CCC+</div></div><div class=\"c w2e hc5 gs36e2\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">e</div></div><div class=\"c w16e hc5 gs36e3\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">inf<span class=\"_ _0\"></span>erio<span class=\"_ _0\"></span>ri<span class=\"_ _3bd\"> </span></div></div><div class=\"c wb4 hc5 gs36e4\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">Caa1</div></div><div class=\"c w2e hc5 gs36e5\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">e</div></div><div class=\"c w16a hc5 gs36e6\"><div class=\"t m0 x1f9 h9 y13d ff3 fs5 fc0 sc0 ls0 ws0\">inf<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>ori<span class=\"_ _3bd\"> </span></div></div><div class=\"t m26 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs36e8\">A.2<span class=\"_ _1\"></span>.2<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs36e9\">Distr<span class=\"_ _0\"></span>ibuzione<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs36ea\">delle<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs36eb\">attivit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs36ec\">finan<span class=\"_ _0\"></span>ziar<span class=\"_ _0\"></span>ie,<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs36ed\">degli<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs36ee\">impeg<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs36ef\">a<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs36f0\">eroga<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs36f1\">fond<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs36f2\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs36f3\">delle<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs36f4\">gara<span class=\"_ _0\"></span>nzie<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs36f5\">finanzi<span class=\"_ _0\"></span>arie<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs36f6\">rilascia<span class=\"_ _0\"></span>te:<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs36f7\">per<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs36f8\">class<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs36f9\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs36fa\">rati<span class=\"_ _0\"></span>ng<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs36fb\">interni<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs36fc\">(valor<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs36fd\">lordi<span class=\"_ _0\"></span>)<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs36fe\">Es<span class=\"_ _0\"></span>posi<span class=\"_ _1\"></span>zioni<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs36ff\">Cla<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs3700\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs3701\">rat<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs3702\">int<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ni<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs3703\">Tot<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs3704\">Cla<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs3705\">1<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _f6\"> </span><span class=\"fc4 sc2\">Cla<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs3706\">2<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _25\"> </span><span class=\"fc4 sc2\">Classe<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs3707\">3<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs3708\">Cla<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs3709\">4<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _2b\"> </span><span class=\"fc4 sc2\">Classe<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs370a\">5<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _28\"> </span><span class=\"fc4 sc2\">Cla<span class=\"_ _0\"></span>sse<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs370b\">6<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs370c\">Cla<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs370d\">7<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs370e\">Cla<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs370f\">8<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs3710\">Se<span class=\"_ _0\"></span>nza<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs3711\">rat<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs3712\">A.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs3713\">Attivit\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs3714\">finanziar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs3715\">valutate<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs3716\">al<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs3717\">costo<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs3718\">ammorti<span class=\"_ _0\"></span>zzato </div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs3719\">4.<span class=\"_ _0\"></span>444<span class=\"_ _0\"></span>.91<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs371a\">13.516.001<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs371b\">5.57<span class=\"_ _0\"></span>1.266<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs371c\">5.3<span class=\"_ _1\"></span>95.<span class=\"_ _0\"></span>826<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs371d\">2.761.463<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs371e\">1.277.1<span class=\"_ _0\"></span>12<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs371f\">35<span class=\"_ _0\"></span>2.<span class=\"_ _0\"></span>846<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs3720\">393<span class=\"_ _1\"></span>.428<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs3721\">10<span class=\"_ _0\"></span>.64<span class=\"_ _0\"></span>6.6<span class=\"_ _0\"></span>94<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs3722\">44<span class=\"_ _0\"></span>.35<span class=\"_ _0\"></span>9.5<span class=\"_ _0\"></span>46<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs3723\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Primo<span class=\"ff1\"> </span>st<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>io <span class=\"_ _246\"> </span>4.44<span class=\"_ _0\"></span>2.343<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs3724\">13.473.301<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>5.538.14<span class=\"_ _2\"></span>1<span class=\"ff1\">  </span>4.<span class=\"_ _0\"></span>646.<span class=\"_ _0\"></span>321<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs3725\">2.244.430<span class=\"ff1\"> <span class=\"_ _1e\"> </span> <span class=\"_ _1a\"> </span></span>745.135<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>148.<span class=\"_ _0\"></span>736<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs3726\">305<span class=\"_ _0\"></span>.386<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs3727\">9.<span class=\"_ _0\"></span>781.8<span class=\"_ _0\"></span>67<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs3728\">41<span class=\"_ _0\"></span>.325.6<span class=\"_ _0\"></span>60<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs3729\">-<span class=\"ff1\"> </span>S<span class=\"_ _0\"></span>econ<span class=\"_ _0\"></span>do<span class=\"ff1\"> </span>st<span class=\"_ _0\"></span>adi<span class=\"_ _0\"></span>o <span class=\"_ _a6\"> </span>2.<span class=\"_ _0\"></span>567<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs372a\">42.<span class=\"_ _0\"></span>665<span class=\"ff1\"> <span class=\"_ _31c\"> </span></span>31.431<span class=\"ff1\"> <span class=\"_ _1a\"> </span> <span class=\"_ _1e\"> </span></span>74<span class=\"_ _0\"></span>8.5<span class=\"_ _0\"></span>79<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs372b\">516.898<span class=\"ff1\"> <span class=\"_ _1a\"> </span> <span class=\"_ _1e\"> </span></span>531.782<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>203.<span class=\"_ _0\"></span>90<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs372c\">88.<span class=\"_ _0\"></span>042<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs372d\">129<span class=\"_ _0\"></span>.166<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs372e\">2.2<span class=\"_ _0\"></span>95.0<span class=\"_ _0\"></span>37<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs372f\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Terzo<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>tad<span class=\"_ _0\"></span>io </span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs3730\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs3731\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _a1\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _207\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs3732\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _121\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _69\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs3733\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs3734\">713<span class=\"_ _0\"></span>.601<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs3735\">713<span class=\"_ _0\"></span>.601<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs3736\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Impaired<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ac<span class=\"_ _2\"></span>quisit<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span>rigi<span class=\"_ _0\"></span>nat<span class=\"_ _0\"></span>e </span></span></span></span></span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs3737\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs3738\">35<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _327\"> </span><span class=\"ff3\">1.<span class=\"_ _0\"></span>694<span class=\"ff1\"> <span class=\"_ _335\"> </span></span>92<span class=\"_ _1\"></span>6<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs3739\">1<span class=\"_ _0\"></span>35<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f3\"> </span><span class=\"ff3\">19<span class=\"_ _0\"></span>5<span class=\"ff1\"> <span class=\"_ _328\"> </span></span>20<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs373a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs373b\">22.<span class=\"_ _0\"></span>060<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs373c\">25.<span class=\"_ _0\"></span>248<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs373d\">B.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs373e\">Attivit\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs373f\">finanzi<span class=\"_ _0\"></span>arie<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs3740\">valutate<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs3741\">al<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs3742\">fair<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs3743\">value<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs3744\">con<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs3745\">impatt<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs3746\">sulla<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs3747\">redditivit\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs3748\">comple<span class=\"_ _0\"></span>ssiva </div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs3749\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs374a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs374b\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs374c\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs374d\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs374e\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs374f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs3750\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs3751\">6.<span class=\"_ _0\"></span>161<span class=\"_ _0\"></span>.04<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs3752\">6.<span class=\"_ _0\"></span>161<span class=\"_ _0\"></span>.04<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs3753\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Primo<span class=\"ff1\"> </span>st<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>io </span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs3754\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs3755\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _a1\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _207\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs3756\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _121\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _69\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs3757\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs3758\">6.<span class=\"_ _0\"></span>161.04<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs3759\">6.<span class=\"_ _0\"></span>161.04<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs375a\">-<span class=\"ff1\"> </span>S<span class=\"_ _0\"></span>econ<span class=\"_ _0\"></span>do<span class=\"ff1\"> </span>st<span class=\"_ _0\"></span>adi<span class=\"_ _0\"></span>o </div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs375b\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs375c\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _a1\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _207\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs375d\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _121\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _69\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs375e\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs375f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs3760\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs3761\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Terzo<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>tad<span class=\"_ _0\"></span>io </span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs3762\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs3763\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _a1\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _207\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs3764\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _121\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _69\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs3765\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs3766\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs3767\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs3768\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Impaired<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ac<span class=\"_ _2\"></span>quisit<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span>rigi<span class=\"_ _0\"></span>nat<span class=\"_ _0\"></span>e </span></span></span></span></span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs3769\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs376a\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _a1\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _207\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs376b\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _121\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _69\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs376c\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs376d\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs376e\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs376f\">C.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs3770\">Attivit\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs3771\">finanziari<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs3772\">in<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs3773\">corso<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs3774\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs3775\">dis<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>one<span class=\"_ _1\"></span> </div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs3776\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs3777\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs3778\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs3779\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs377a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs377b\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs377c\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs377d\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs377e\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs377f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs3780\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Primo<span class=\"ff1\"> </span>st<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>io </span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs3781\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs3782\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _a1\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _207\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs3783\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _121\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _69\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs3784\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs3785\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs3786\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs3787\">-<span class=\"ff1\"> </span>S<span class=\"_ _0\"></span>econ<span class=\"_ _0\"></span>do<span class=\"ff1\"> </span>st<span class=\"_ _0\"></span>adi<span class=\"_ _0\"></span>o </div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs3788\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs3789\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _a1\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _207\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs378a\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _121\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _69\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs378b\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs378c\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs378d\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs378e\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Terzo<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>tad<span class=\"_ _0\"></span>io </span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs378f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs3790\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _a1\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _207\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs3791\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _121\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _69\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs3792\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs3793\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs3794\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs3795\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Impaired<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ac<span class=\"_ _2\"></span>quisit<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span>rigi<span class=\"_ _0\"></span>nat<span class=\"_ _0\"></span>e </span></span></span></span></span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs3796\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs3797\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _a1\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _207\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs3798\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _121\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _69\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs3799\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs379a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs379b\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs379c\">Tot<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs379d\">(A<span class=\"_ _0\"></span>+B+<span class=\"_ _1\"></span>C) <span class=\"_ _2b6\"> </span>4.4<span class=\"_ _0\"></span>44.<span class=\"_ _0\"></span>91<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs379e\">13.516.001<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs379f\">5.57<span class=\"_ _0\"></span>1.266<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs37a0\">5.3<span class=\"_ _1\"></span>95.<span class=\"_ _0\"></span>826<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs37a1\">2.761.463<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs37a2\">1.277.1<span class=\"_ _0\"></span>12<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs37a3\">35<span class=\"_ _0\"></span>2.<span class=\"_ _0\"></span>846<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs37a4\">393<span class=\"_ _1\"></span>.428<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs37a5\">16<span class=\"_ _0\"></span>.80<span class=\"_ _0\"></span>7.7<span class=\"_ _0\"></span>43<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs37a6\">50.<span class=\"_ _0\"></span>52<span class=\"_ _0\"></span>0.5<span class=\"_ _0\"></span>95<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs37a7\">D.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs37a8\">Impegni<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs37a9\">a<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs37aa\">erogare<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs37ab\">fondi<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs37ac\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs37ad\">garanzie<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs37ae\">finanziari<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs37af\">rilasciat<span class=\"_ _0\"></span>e </div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs37b0\">4.3<span class=\"_ _0\"></span>33.<span class=\"_ _0\"></span>69<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs37b1\">3.609.688<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs37b2\">2.058.37<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs37b3\">1.<span class=\"_ _0\"></span>026<span class=\"_ _0\"></span>.72<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs37b4\">507.098<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs37b5\">267.77<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs37b6\">37<span class=\"_ _0\"></span>.76<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs37b7\">26<span class=\"_ _0\"></span>.17<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs37b8\">1.2<span class=\"_ _0\"></span>66.<span class=\"_ _0\"></span>84<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs37b9\">13.<span class=\"_ _0\"></span>134.<span class=\"_ _0\"></span>136<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs37ba\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Primo<span class=\"ff1\"> </span>st<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>io <span class=\"_ _ab\"> </span>4.333<span class=\"_ _0\"></span>.697<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs37bb\">3.607.615<span class=\"ff1\"> <span class=\"_ _1a\"> </span></span>2.057<span class=\"_ _2\"></span>.451<span class=\"ff1\"> <span class=\"_ _1e\"> </span> <span class=\"_ _1e\"> </span></span>965.<span class=\"_ _0\"></span>102<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs37bc\">479.726<span class=\"ff1\"> <span class=\"_ _1d\"> </span> <span class=\"_ _1d\"> </span></span>193.310<span class=\"ff1\"> <span class=\"_ _1a\"> </span> <span class=\"_ _1a\"> </span></span>32.12<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs37bd\">12.<span class=\"_ _0\"></span>663<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs37be\">1.<span class=\"_ _0\"></span>195.<span class=\"_ _0\"></span>745<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs37bf\">12.<span class=\"_ _0\"></span>877<span class=\"_ _0\"></span>.429<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs37c0\">-<span class=\"ff1\"> </span>S<span class=\"_ _0\"></span>econ<span class=\"_ _0\"></span>do<span class=\"ff1\"> </span>st<span class=\"_ _0\"></span>adi<span class=\"_ _0\"></span>o </div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs37c1\">2<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs37c2\">2.0<span class=\"_ _0\"></span>73<span class=\"ff1\"> <span class=\"_ _296\"> </span></span>923<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _329\"> </span><span class=\"ff3\">61.62<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs37c3\">27.<span class=\"_ _0\"></span>372<span class=\"ff1\"> <span class=\"_ _f6\"> </span></span>74.4<span class=\"_ _0\"></span>00<span class=\"ff1\"> <span class=\"_ _f6\"> </span></span>5.48<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs37c4\">13.<span class=\"_ _0\"></span>514<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs37c5\">30.<span class=\"_ _0\"></span>039<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs37c6\">215<span class=\"_ _0\"></span>.426<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs37c7\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Terzo<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>tad<span class=\"_ _0\"></span>io </span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs37c8\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs37c9\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _a1\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _207\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs37ca\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _121\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f0\"> </span><span class=\"ff3\">1<span class=\"_ _0\"></span>65<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs37cb\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs37cc\">39.4<span class=\"_ _0\"></span>92<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs37cd\">39.<span class=\"_ _0\"></span>657<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs37ce\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Impaired<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ac<span class=\"_ _2\"></span>quisit<span class=\"_ _2\"></span>i/e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs37cf\">orig<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>ti/e </div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs37d0\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs37d1\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _a1\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _207\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs37d2\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _200\"> </span><span class=\"ff3\">60</span> <span class=\"_ _69\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs37d3\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs37d4\">1.<span class=\"_ _0\"></span>564<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs37d5\">1.<span class=\"_ _0\"></span>624<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs37d6\">Tot<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs37d7\">(<span class=\"_ _0\"></span>D)<span class=\"_ _1\"></span> <span class=\"_ _206\"> </span>4.3<span class=\"_ _0\"></span>33<span class=\"_ _0\"></span>.69<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs37d8\">3.609.688<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs37d9\">2.058.37<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs37da\">1.<span class=\"_ _0\"></span>026<span class=\"_ _0\"></span>.72<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs37db\">507.098<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs37dc\">267.77<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs37dd\">37<span class=\"_ _0\"></span>.76<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs37de\">26<span class=\"_ _0\"></span>.17<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs37df\">1.2<span class=\"_ _0\"></span>66.<span class=\"_ _0\"></span>84<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs37e0\">13.<span class=\"_ _0\"></span>134<span class=\"_ _0\"></span>.13<span class=\"_ _1\"></span>6<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs37e1\">Tot<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs37e2\">(A<span class=\"_ _0\"></span>+B+<span class=\"_ _1\"></span>C)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs37e3\">8.7<span class=\"_ _0\"></span>78<span class=\"_ _0\"></span>.60<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs37e4\">17.125.689<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs37e5\">7.629.640<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs37e6\">6.<span class=\"_ _0\"></span>422<span class=\"_ _1\"></span>.548<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs37e7\">3.268.561<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs37e8\">1.544.8<span class=\"_ _0\"></span>82<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs37e9\">39<span class=\"_ _0\"></span>0.<span class=\"_ _0\"></span>614<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs37ea\">41<span class=\"_ _0\"></span>9.6<span class=\"_ _0\"></span>05<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs37eb\">18<span class=\"_ _0\"></span>.07<span class=\"_ _0\"></span>4.5<span class=\"_ _0\"></span>83<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs37ec\">63.<span class=\"_ _0\"></span>65<span class=\"_ _0\"></span>4.73<span class=\"_ _1\"></span>1<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs37ed\">Il<span class=\"ff1\"> </span>2<span class=\"ff1\"> </span>ot<span class=\"_ _2\"></span>tobre<span class=\"ff1\"> </span>201<span class=\"_ _2\"></span>5<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Banca<span class=\"ff1\"> </span>d\u2019Italia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ha<span class=\"ff1\"> </span>autor<span class=\"_ _2\"></span>izzato<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>G<span class=\"_ _2\"></span>ruppo<span class=\"ff1\"> </span>Credem<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ad<span class=\"ff1\"> </span>utilizzare<span class=\"ff1\"> </span>da<span class=\"_ _2\"></span>l<span class=\"ff1\"> </span>30<span class=\"ff1\"> <span class=\"_ _2\"></span></span>settembre<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs37ee\">2015<span class=\"ff1\">  </span>il<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">metodo</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">IRB</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">Advanced</span>  <span class=\"ff3\">(parametri</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">PD,</span>  <span class=\"ff3\">L<span class=\"_ _0\"></span>GD,<span class=\"ff1\">  </span>EAD)<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>per<span class=\"ff1\">  </span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>quantificazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\">  </span>requisito<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs37ef\">patrimoniale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fronte<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cr<span class=\"_ _2\"></span>edito<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>clienti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rientranti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nell<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>funzione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>regolamentare<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs37f0\">Corporate<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>Retail<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Credito<span class=\"ff1\"> </span>Emiliano<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>Credemleasing. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs37f1\">Le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">classi<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ating<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>nterni<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> </span>esposte<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>quan<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>utilizzati<span class=\"ff1\"> </span>nella<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gestione<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">credito;<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs37f2\">nel<span class=\"ff1\"> <span class=\"_ _2\"></span></span>calcolo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>requisiti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pr<span class=\"_ _2\"></span>udenziali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>utilizzati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>so<span class=\"_ _2\"></span>lo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quelli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>relativi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>funzione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>egolamentare<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs37f3\">Corporate<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>Retail.<span class=\"ff1\"> </span>Si<span class=\"ff1\"> </span>fornisce<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>dettaglio<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>varie<span class=\"ff1\"> </span>classi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rating<span class=\"ff1\"> </span>utilizzate. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs37f4\">C<span class=\"_ _0\"></span>1<span class=\"ff1\"> <span class=\"_ _178\"> </span></span>asse<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pro<span class=\"_ _0\"></span>ble<span class=\"_ _0\"></span>mat<span class=\"_ _0\"></span>iche<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>sia<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mom<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>he,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pre<span class=\"_ _0\"></span>ved<span class=\"_ _0\"></span>ibil<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>e,<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">med<span class=\"_ _0\"></span>io/l<span class=\"_ _0\"></span>ungo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>riod<span class=\"_ _0\"></span>o </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs37f5\">C<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _a2\"> </span> <span class=\"_ _1\"></span><span class=\"ff3\">assen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prob<span class=\"_ _0\"></span>lema<span class=\"_ _0\"></span>tic<span class=\"_ _0\"></span>he<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>si<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">mom<span class=\"_ _0\"></span>ento<span class=\"ff1\"> </span>che<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>preved<span class=\"_ _0\"></span>ibil<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te,<span class=\"ff1\"> </span>nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">medi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>perio<span class=\"_ _0\"></span>do<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs37f6\">C<span class=\"_ _0\"></span>3<span class=\"ff1\"> <span class=\"_ _196\"> </span></span>assenti<span class=\"ff1\"> </span>problematiche<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">rischio</span> <span class=\"ff3\">sia</span> <span class=\"ff3\">al</span> <span class=\"_ _1\"></span><span class=\"ff3\">m<span class=\"_ _2\"></span>omento<span class=\"ff1\"> </span>che<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>prevedibilmente,<span class=\"ff1\"> </span>nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">breve</span> <span class=\"ff3\">periodo<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs37f7\">C<span class=\"_ _0\"></span>4<span class=\"ff1\"> <span class=\"_ _196\"> </span> <span class=\"_ _336\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>compatibile<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>possibilit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>sua<span class=\"ff1\"> </span>attenuazione/lieve<span class=\"ff1\"> </span>peggioramento<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>breve </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs37f8\">C<span class=\"_ _0\"></span>5<span class=\"ff1\"> <span class=\"_ _196\"> </span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs37f9\">situazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sintomi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">p<span class=\"_ _2\"></span>eggioramento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gi\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">evid<span class=\"_ _2\"></span>enti<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs37fa\">C<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs37fb\">situazione<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>evidenzia<span class=\"ff1\"> </span>aspetti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>evidente<span class=\"ff1\"> </span>problematicit\u00e0 </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs37fc\">C<span class=\"_ _0\"></span>7<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs37fd\">situazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">marcata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">problematicit\u00e0,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">potenziale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ris<span class=\"_ _2\"></span>chio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">defaul<span class=\"_ _2\"></span>t<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs37fe\">C<span class=\"_ _0\"></span>8<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs37ff\">situazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">forte<span class=\"ff1\"> </span>problematicit\u00e0<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">default<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>breve </span></span></span></span></div>A.<span class=\"_ _0\"></span>3Di<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>rib<span class=\"_ _0\"></span>uz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>esp<span class=\"_ _1\"></span>osiz<span class=\"_ _1\"></span>ioni<span class=\"_ _3bd\"> </span>cr<span class=\"_ _0\"></span>edi<span class=\"_ _0\"></span>tiz<span class=\"_ _1\"></span>ie<span class=\"_ _3bd\"> </span>ga<span class=\"_ _1\"></span>rant<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>tip<span class=\"_ _0\"></span>olo<span class=\"_ _1\"></span>gia<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ga<span class=\"_ _1\"></span>ranz<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span> A.<span class=\"_ _0\"></span>3.<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>Co<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>ida<span class=\"_ _1\"></span>to<span class=\"_ _3bd\"> </span>pr<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>zia<span class=\"_ _1\"></span>le<span class=\"_ _3bd\"> </span>\u2013<span class=\"_ _3bd\"> </span>Es<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>siz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>cre<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>fuo<span class=\"_ _1\"></span>ri<span class=\"_ _3bd\"> </span>bi<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>ver<span class=\"_ _1\"></span>so<span class=\"_ _3bd\"> </span>ba<span class=\"_ _0\"></span>nch<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>ga<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>Esposizione<span class=\"_ _3bd\"> </span>lord<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>a<span class=\"fc0 sc1\"> </span>Esposizione<span class=\"_ _3bd\"> </span>ne<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>tta<span class=\"fc0 sc1\"> </span>Ga<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>Ga<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>on<span class=\"_ _1\"></span>ali<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>(1<span class=\"_ _0\"></span>)+(<span class=\"_ _1\"></span>2)<span class=\"fc0 sc1\"> </span>(2<span class=\"_ _1\"></span>)<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>De<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>vat<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span>su<span class=\"_ _3bd\"> </span>cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>iti<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _ff\"> </span><span class=\"fc4 sc2\">Crediti<span class=\"_ _3bd\"> </span></span></span>di<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>a<span class=\"fc0 sc1\"> </span>Immobili<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>ipo<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>tec<span class=\"_ _0\"></span>he<span class=\"fc0 sc1\"> </span>Immobili<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Finanziamenti<span class=\"_ _3bd\"> </span>per<span class=\"_ _3bd\"> </span>leasing<span class=\"_ _3bd\"> </span><span class=\"fc0 sc1\"> </span>Tit<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Altre<span class=\"_ _3bd\"> </span>garanzie<span class=\"_ _3bd\"> </span>re<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>C<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>LN<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Altri<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Amm<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>inis<span class=\"_ _0\"></span>traz<span class=\"_ _1\"></span>ioni<span class=\"_ _3bd\"> </span>pub<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>blic<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Ban<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>che<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Altre<span class=\"_ _3bd\"> </span>societ\u00e0<span class=\"_ _3bd\"> </span>fina<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iari<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>Altri<span class=\"_ _3bd\"> </span>sog<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>get<span class=\"_ _0\"></span>ti<span class=\"fc0 sc1\"> </span>Controparti<span class=\"_ _3bd\"> </span>cen<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>tral<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>Ban<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>che<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Altre<span class=\"_ _3bd\"> </span>societ\u00e0<span class=\"_ _3bd\"> </span>fina<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iari<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>Altri<span class=\"_ _3bd\"> </span>sog<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>get<span class=\"_ _0\"></span>ti<span class=\"fc0 sc1\"> </span>1.<span class=\"_ _3bd\"> </span>Es<span class=\"_ _1\"></span>pos<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>on<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span>cre<span class=\"_ _1\"></span>dit<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>ga<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>e:<span class=\"_ _0\"></span> <span class=\"_ _338\"> </span>33<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>27<span class=\"_ _0\"></span> <span class=\"_ _1ff\"> </span>33<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>18<span class=\"_ _0\"></span> - <span class=\"_ _218\"> </span>20<span class=\"_ _1\"></span>6<span class=\"_ _0\"></span> -------- <span class=\"_ _216\"> </span>11<span class=\"_ _0\"></span>.00<span class=\"_ _1\"></span>0 -- <span class=\"_ _335\"> </span>11.2<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>6<span class=\"_ _1\"></span> 1.<span class=\"_ _0\"></span>1.<span class=\"ff1\"> </span>tot<span class=\"_ _0\"></span>alm<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>gar<span class=\"_ _0\"></span>anti<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span> <span class=\"_ _17f\"> </span>2<span class=\"_ _0\"></span>07<span class=\"_ _1\"></span> <span class=\"_ _75\"> </span>2<span class=\"_ _0\"></span>06<span class=\"_ _1\"></span> <span class=\"_ _196\"> </span>- <span class=\"_ _296\"> </span>2<span class=\"_ _0\"></span>06<span class=\"_ _1\"></span> <span class=\"_ _196\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _7f\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _1ac\"> </span>20<span class=\"_ _3bd\"> </span><span class=\"_ _1\"></span>6 -<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>ior<span class=\"_ _0\"></span>ate<span class=\"_ _1\"></span> <span class=\"_ _80\"> </span>- <span class=\"_ _83\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _207\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _224\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _7f\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _b7\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span>1.<span class=\"_ _0\"></span>2.<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>arzi<span class=\"_ _0\"></span>alm<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>garan<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>te <span class=\"_ _2a3\"> </span>32.8<span class=\"_ _0\"></span>20 <span class=\"_ _1ff\"> </span>32.<span class=\"_ _0\"></span>81<span class=\"_ _0\"></span>2 <span class=\"_ _196\"> </span>- <span class=\"_ _a1\"> </span>- <span class=\"_ _a2\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _224\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _200\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _1fb\"> </span>11<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>00 <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _216\"> </span>11<span class=\"_ _0\"></span>.00<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>0 -<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>ior<span class=\"_ _0\"></span>ate<span class=\"_ _1\"></span> <span class=\"_ _80\"> </span>- <span class=\"_ _83\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _207\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _224\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _7f\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _b7\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span>2.<span class=\"_ _3bd\"> </span>Es<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>cre<span class=\"_ _1\"></span>dit<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>fu<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>bi<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>io<span class=\"_ _3bd\"> </span>ga<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>e:<span class=\"_ _0\"></span> ----------------2.<span class=\"_ _0\"></span>1.<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>otal<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>ga<span class=\"_ _0\"></span>ran<span class=\"_ _0\"></span>tite<span class=\"_ _0\"></span> <span class=\"_ _2f9\"> </span>- <span class=\"_ _83\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _207\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _224\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _200\"> </span>- <span class=\"_ _70\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _b7\"> </span>-<span class=\"_ _3bd\"> </span> -<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>ior<span class=\"_ _0\"></span>ate<span class=\"_ _1\"></span> <span class=\"_ _80\"> </span>- <span class=\"_ _83\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _207\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _224\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _7f\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _b7\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span>2.<span class=\"_ _0\"></span>2.<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>arz<span class=\"_ _0\"></span>ialm<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>gara<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>te <span class=\"_ _173\"> </span>- <span class=\"_ _83\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _207\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _224\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _200\"> </span>- <span class=\"_ _70\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _200\"> </span>- <span class=\"_ _7f\"> </span>-<span class=\"_ _3bd\"> </span> -<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>ior<span class=\"_ _0\"></span>ate<span class=\"_ _1\"></span> <span class=\"_ _80\"> </span>- <span class=\"_ _83\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _207\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _224\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _7f\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">- <span class=\"_ _b7\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span><div class=\"t m26 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3801\">A.<span class=\"_ _0\"></span>3.2<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3802\">Co<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>ida<span class=\"_ _1\"></span>to<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3803\">pr<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>zia<span class=\"_ _1\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3804\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3805\">Es<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3806\">cre<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3807\">pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3808\">ca<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3809\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs380a\">fu<span class=\"_ _0\"></span>ori<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs380b\">bi<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs380c\">ve<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs380d\">cl<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>nte<span class=\"_ _1\"></span>la<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs380e\">ga<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span></div><div class=\"t m3b h1c ff3 fsc fc4 sc2 ls0 ws0 gs380f\">Esposizione<span class=\"_ _3bd\"> </span></div><div class=\"t m3b h1c ff3 fsc fc4 sc2 ls0 ws0 gs3810\">lord<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>a<span class=\"fc0 sc1\"> </span></div><div class=\"t m3b h1c ff3 fsc fc4 sc2 ls0 ws0 gs3811\">Esposizione<span class=\"_ _3bd\"> </span></div><div class=\"t m3b h1c ff3 fsc fc4 sc2 ls0 ws0 gs3812\">ne<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>tta<span class=\"fc0 sc1\"> </span></div><div class=\"t m20 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3813\">Ga<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3814\">re<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3815\">(1<span class=\"_ _1\"></span>)<span class=\"fc0 sc1\"> </span></div><div class=\"t m20 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3816\">Ga<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3817\">pe<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>ali<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3818\">(2<span class=\"_ _1\"></span>)<span class=\"fc0 sc1\"> </span></div><div class=\"t m20 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3819\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc4 sc2 ls0 ws0 gs381a\">(1<span class=\"_ _0\"></span>)+(<span class=\"_ _1\"></span>2)<span class=\"fc0 sc1\"> </span></div><div class=\"t m20 h1c ff3 fsc fc4 sc2 ls0 ws0 gs381b\">De<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>vat<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc4 sc2 ls0 ws0 gs381c\">su<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc4 sc2 ls0 ws0 gs381d\">cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>iti<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _14a\"> </span><span class=\"fc4 sc2\">Cr<span class=\"_ _0\"></span>editi<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m20 h1c ff3 fsc fc4 sc2 ls0 ws0 gs381e\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc4 sc2 ls0 ws0 gs381f\">fi<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>a<span class=\"fc0 sc1\"> </span></div><div class=\"t m3b h1c ff3 fsc fc4 sc2 ls0 ws0 gs3820\">Immobili<span class=\"_ _3bd\"> </span></div><div class=\"t m3b h1c ff3 fsc fc4 sc2 ls0 ws0 gs3821\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m3b h1c ff3 fsc fc4 sc2 ls0 ws0 gs3822\">Ipo<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>tec<span class=\"_ _0\"></span>he<span class=\"fc0 sc1\"> </span></div><div class=\"t m3b h1c ff3 fsc fc4 sc2 ls0 ws0 gs3823\">Immobili<span class=\"_ _3bd\"> </span></div><div class=\"t m3b h1c ff3 fsc fc4 sc2 ls0 ws0 gs3824\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m3b h1c ff3 fsc fc4 sc2 ls0 ws0 gs3825\">leasing<span class=\"_ _3bd\"> </span></div><div class=\"t m3b h1c ff3 fsc fc4 sc2 ls0 ws0 gs3826\">fina<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iari<span class=\"_ _0\"></span>o<span class=\"fc0 sc1\"> </span></div><div class=\"t m3b h1c ff3 fsc fc4 sc2 ls0 ws0 gs3827\">Tit<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m3b h1c ff3 fsc fc4 sc2 ls0 ws0 gs3828\">Altre<span class=\"_ _3bd\"> </span></div><div class=\"t m3b h1c ff3 fsc fc4 sc2 ls0 ws0 gs3829\">garanzie<span class=\"_ _3bd\"> </span></div><div class=\"t m3b h1c ff3 fsc fc4 sc2 ls0 ws0 gs382a\">re<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m3b h1c ff3 fsc fc4 sc2 ls0 ws0 gs382b\">C<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>LN<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m20 h1c ff3 fsc fc4 sc2 ls0 ws0 gs382c\">Alt<span class=\"_ _1\"></span>ri<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc4 sc2 ls0 ws0 gs382d\">de<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span>ti<span class=\"fc0 sc1\"> </span></div><div class=\"t m20 h1c ff3 fsc fc4 sc2 ls0 ws0 gs382e\">Altri<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc4 sc2 ls0 ws0 gs382f\">de<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m3b h1c ff3 fsc fc4 sc2 ls0 ws0 gs3830\">Amm<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>inis<span class=\"_ _0\"></span>traz<span class=\"_ _1\"></span>ioni<span class=\"_ _3bd\"> </span></div><div class=\"t m3b h1c ff3 fsc fc4 sc2 ls0 ws0 gs3831\">pub<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>blic<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m3b h1c ff3 fsc fc4 sc2 ls0 ws0 gs3832\">Ban<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>che<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m3b h1c ff3 fsc fc4 sc2 ls0 ws0 gs3833\">Altre<span class=\"_ _3bd\"> </span></div><div class=\"t m3b h1c ff3 fsc fc4 sc2 ls0 ws0 gs3834\">societ\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m3b h1c ff3 fsc fc4 sc2 ls0 ws0 gs3835\">fina<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iari<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span></div><div class=\"t m3b h1c ff3 fsc fc4 sc2 ls0 ws0 gs3836\">Altri<span class=\"_ _3bd\"> </span></div><div class=\"t m3b h1c ff3 fsc fc4 sc2 ls0 ws0 gs3837\">sog<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>get<span class=\"_ _0\"></span>ti<span class=\"fc0 sc1\"> </span></div><div class=\"t m3b h1c ff3 fsc fc4 sc2 ls0 ws0 gs3838\">Con<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>trop<span class=\"_ _0\"></span>art<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m3b h1c ff3 fsc fc4 sc2 ls0 ws0 gs3839\">cen<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>tral<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span></div><div class=\"t m3b h1c ff3 fsc fc4 sc2 ls0 ws0 gs383a\">Ban<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>che<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m3b h1c ff3 fsc fc4 sc2 ls0 ws0 gs383b\">Altre<span class=\"_ _3bd\"> </span></div><div class=\"t m3b h1c ff3 fsc fc4 sc2 ls0 ws0 gs383c\">societ\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"c w85 h12a gs383d\"><div class=\"t m3b x221 h1c y2830 ff3 fsc fc4 sc2 ls0 ws0\">f<span class=\"_ _3bd\"> </span>ina<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iari<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div></div><div class=\"t m3b h1c ff3 fsc fc4 sc2 ls0 ws0 gs383e\">Altri<span class=\"_ _3bd\"> </span></div><div class=\"t m3b h1c ff3 fsc fc4 sc2 ls0 ws0 gs383f\">sog<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>get<span class=\"_ _0\"></span>ti<span class=\"fc0 sc1\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3840\">1.<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3841\">Espo<span class=\"_ _0\"></span>sizio<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3842\">credi<span class=\"_ _0\"></span>tizie<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3843\">per<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3844\">cass<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3845\">ga<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>e:<span class=\"_ _0\"></span> </div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3846\">23<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>50.<span class=\"_ _1\"></span>643<span class=\"_ _1\"></span> <span class=\"_ _1eb\"> </span>22<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>78<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>65<span class=\"_ _0\"></span> <span class=\"_ _1ec\"> </span>11.<span class=\"_ _0\"></span>521<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>96<span class=\"_ _1\"></span> <span class=\"_ _1ef\"> </span>1.<span class=\"_ _0\"></span>72<span class=\"_ _0\"></span>1.<span class=\"_ _0\"></span>71<span class=\"_ _0\"></span>3 <span class=\"_ _1fa\"> </span>1.2<span class=\"_ _0\"></span>76<span class=\"_ _0\"></span>.1<span class=\"_ _0\"></span>54<span class=\"_ _0\"></span> <span class=\"_ _1fa\"> </span>2.1<span class=\"_ _0\"></span>64<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>21<span class=\"_ _0\"></span> </div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs3847\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs3848\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs3849\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs384a\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs384b\">-</div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs384c\"> <span class=\"_ _1f5\"> </span>2.4<span class=\"_ _0\"></span>93<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>44<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs384d\">92<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>44<span class=\"_ _0\"></span> <span class=\"_ _1eb\"> </span>42.<span class=\"_ _0\"></span>04<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs384e\">2.<span class=\"_ _0\"></span>027<span class=\"_ _1\"></span>.63<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs384f\">21<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>39<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>51<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3850\">1.<span class=\"_ _0\"></span>1.<span class=\"ff1\"> </span>tot<span class=\"_ _0\"></span>alm<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>gar<span class=\"_ _0\"></span>anti<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span> <span class=\"_ _198\"> </span>19.0<span class=\"_ _0\"></span>45.<span class=\"_ _0\"></span>813 <span class=\"_ _329\"> </span>18<span class=\"_ _0\"></span>.80<span class=\"_ _0\"></span>2.2<span class=\"_ _0\"></span>71 <span class=\"_ _1f5\"> </span>11.<span class=\"_ _0\"></span>519<span class=\"_ _0\"></span>.93<span class=\"_ _0\"></span>0 <span class=\"_ _22\"> </span>1.72<span class=\"_ _0\"></span>1.<span class=\"_ _0\"></span>713 <span class=\"_ _22\"> </span>1.2<span class=\"_ _0\"></span>02.4<span class=\"_ _0\"></span>68 <span class=\"_ _22\"> </span>2.<span class=\"_ _0\"></span>139.<span class=\"_ _0\"></span>48<span class=\"_ _0\"></span>5 <span class=\"_ _1f2\"> </span>-<span class=\"_ _3bd\"> </span> </div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3851\">-<span class=\"_ _3bd\"> </span> </div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3852\">- <span class=\"_ _219\"> </span>-<span class=\"_ _3bd\"> </span> </div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3853\">- <span class=\"_ _1f2\"> </span>655.6<span class=\"_ _0\"></span>60<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3854\">28<span class=\"_ _0\"></span>.44<span class=\"_ _0\"></span>4 <span class=\"_ _22\"> </span>30.1<span class=\"_ _0\"></span>89<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3855\">1.<span class=\"_ _0\"></span>581<span class=\"_ _0\"></span>.570<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3856\">18<span class=\"_ _0\"></span>.87<span class=\"_ _0\"></span>9.4<span class=\"_ _0\"></span>59<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3857\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>ior<span class=\"_ _0\"></span>ate<span class=\"_ _1\"></span> <span class=\"_ _2f0\"> </span>431.<span class=\"_ _0\"></span>587<span class=\"_ _0\"></span> <span class=\"_ _218\"> </span>24<span class=\"_ _0\"></span>2.2<span class=\"_ _0\"></span>82 <span class=\"_ _1af\"> </span>169.<span class=\"_ _0\"></span>442 <span class=\"_ _1f0\"> </span>28.<span class=\"_ _0\"></span>155 <span class=\"_ _1a2\"> </span>4.<span class=\"_ _0\"></span>10<span class=\"_ _0\"></span>2 <span class=\"_ _210\"> </span>1<span class=\"_ _0\"></span>7.0<span class=\"_ _0\"></span>32 <span class=\"_ _327\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3858\">-<span class=\"_ _3bd\"> </span> </div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3859\">- <span class=\"_ _219\"> </span>-<span class=\"_ _3bd\"> </span> </div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs385a\">- <span class=\"_ _224\"> </span>14.<span class=\"_ _0\"></span>156<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs385b\">- <span class=\"_ _296\"> </span>268<span class=\"_ _1\"></span> <span class=\"_ _177\"> </span>8.<span class=\"_ _1\"></span>772<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs385c\">24<span class=\"_ _0\"></span>1.9<span class=\"_ _0\"></span>27<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs385d\">1.<span class=\"_ _0\"></span>2.<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>arzi<span class=\"_ _0\"></span>alm<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>garan<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>te <span class=\"_ _68\"> </span>4.2<span class=\"_ _0\"></span>04<span class=\"_ _0\"></span>.830<span class=\"_ _0\"></span> <span class=\"_ _1f1\"> </span>4.1<span class=\"_ _0\"></span>76.<span class=\"_ _0\"></span>294 <span class=\"_ _178\"> </span>1.3<span class=\"_ _0\"></span>66 <span class=\"_ _52\"> </span>- <span class=\"_ _216\"> </span>73.68<span class=\"_ _0\"></span>6 <span class=\"_ _1fb\"> </span>25.0<span class=\"_ _0\"></span>36 <span class=\"_ _1f2\"> </span>-<span class=\"_ _3bd\"> </span> </div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs385e\">-<span class=\"_ _3bd\"> </span> </div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs385f\">- <span class=\"_ _219\"> </span>-<span class=\"_ _3bd\"> </span> </div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3860\">- <span class=\"_ _1ec\"> </span>1<span class=\"_ _0\"></span>.83<span class=\"_ _0\"></span>7.8<span class=\"_ _0\"></span>84 <span class=\"_ _2a8\"> </span>64.0<span class=\"_ _0\"></span>00 <span class=\"_ _1ed\"> </span>11.<span class=\"_ _0\"></span>852 <span class=\"_ _328\"> </span>446<span class=\"_ _0\"></span>.06<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3861\">2.<span class=\"_ _0\"></span>459<span class=\"_ _0\"></span>.89<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3862\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>ior<span class=\"_ _0\"></span>ate<span class=\"_ _1\"></span> <span class=\"_ _115\"> </span>50.4<span class=\"_ _0\"></span>50 <span class=\"_ _196\"> </span>2<span class=\"_ _0\"></span>7.3<span class=\"_ _0\"></span>86 <span class=\"_ _176\"> </span>1<span class=\"_ _1\"></span>53<span class=\"_ _0\"></span> <span class=\"_ _52\"> </span>- <span class=\"_ _20b\"> </span>3<span class=\"_ _0\"></span>07<span class=\"_ _1\"></span> <span class=\"_ _a5\"> </span>6<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span> <span class=\"_ _1f0\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3863\">-<span class=\"_ _3bd\"> </span> </div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3864\">- <span class=\"_ _219\"> </span>-<span class=\"_ _3bd\"> </span> </div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3865\">- <span class=\"_ _210\"> </span>2<span class=\"_ _0\"></span>0.9<span class=\"_ _0\"></span>77 <span class=\"_ _20b\"> </span>- <span class=\"_ _177\"> </span>21<span class=\"_ _0\"></span> <span class=\"_ _196\"> </span>3.<span class=\"_ _0\"></span>063<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3866\">24<span class=\"_ _0\"></span>.58<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3867\">2.<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3868\">Espo<span class=\"_ _0\"></span>sizio<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3869\">credi<span class=\"_ _0\"></span>tizie<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs386a\">\u201cfuor<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs386b\">bila<span class=\"_ _0\"></span>ncio\u201d<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs386c\">gara<span class=\"_ _0\"></span>ntite:<span class=\"_ _1\"></span> </div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs386d\">85<span class=\"_ _0\"></span>7.<span class=\"_ _0\"></span>46<span class=\"_ _0\"></span>5 <span class=\"_ _216\"> </span>854<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>06<span class=\"_ _1\"></span> <span class=\"_ _1ee\"> </span>43<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>89<span class=\"_ _1\"></span> </div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs386e\">-</div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs386f\"> <span class=\"_ _1fb\"> </span>193<span class=\"_ _1\"></span>.13<span class=\"_ _0\"></span>3 <span class=\"_ _1ee\"> </span>8<span class=\"_ _0\"></span>9.<span class=\"_ _0\"></span>41<span class=\"_ _0\"></span>6 </div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs3870\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs3871\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs3872\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs3873\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs3874\">-</div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3875\"> <span class=\"_ _1ae\"> </span>91<span class=\"_ _1\"></span>5<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3876\">20<span class=\"_ _0\"></span>.18<span class=\"_ _1\"></span>8 <span class=\"_ _1f1\"> </span>3<span class=\"_ _0\"></span>.12<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3877\">33<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>.64<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3878\">68<span class=\"_ _0\"></span>6.<span class=\"_ _0\"></span>71<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3879\">2.<span class=\"_ _0\"></span>1.<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>otal<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>ga<span class=\"_ _0\"></span>ran<span class=\"_ _0\"></span>tite<span class=\"_ _0\"></span> <span class=\"_ _c4\"> </span>627.<span class=\"_ _0\"></span>159<span class=\"_ _0\"></span> <span class=\"_ _335\"> </span>624<span class=\"_ _0\"></span>.57<span class=\"_ _0\"></span>0 <span class=\"_ _218\"> </span>43.2<span class=\"_ _0\"></span>89 <span class=\"_ _52\"> </span>- <span class=\"_ _1fc\"> </span>167.<span class=\"_ _0\"></span>598<span class=\"_ _0\"></span> <span class=\"_ _1ee\"> </span>68.1<span class=\"_ _0\"></span>52 <span class=\"_ _327\"> </span>-<span class=\"_ _3bd\"> </span> </div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs387a\">-<span class=\"_ _3bd\"> </span> </div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs387b\">- <span class=\"_ _219\"> </span>-<span class=\"_ _3bd\"> </span> </div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs387c\">- <span class=\"_ _77\"> </span>45<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs387d\">20<span class=\"_ _0\"></span>.17<span class=\"_ _0\"></span>0 <span class=\"_ _20f\"> </span>3.12<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs387e\">314<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>51<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs387f\">617<span class=\"_ _0\"></span>.53<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3880\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>ior<span class=\"_ _0\"></span>ate<span class=\"_ _1\"></span> <span class=\"_ _208\"> </span>4.<span class=\"_ _1\"></span>38<span class=\"_ _0\"></span>3 <span class=\"_ _207\"> </span>1.88<span class=\"_ _0\"></span>5 <span class=\"_ _129\"> </span>52<span class=\"_ _1\"></span>6 <span class=\"_ _52\"> </span>- <span class=\"_ _1a8\"> </span>508<span class=\"_ _1\"></span> <span class=\"_ _6e\"> </span>8<span class=\"_ _0\"></span>5 <span class=\"_ _327\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3881\">-<span class=\"_ _3bd\"> </span> </div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3882\">- <span class=\"_ _219\"> </span>-<span class=\"_ _3bd\"> </span> </div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3883\">- <span class=\"_ _47\"> </span>- <span class=\"_ _20b\"> </span>- <span class=\"_ _1fd\"> </span>- <span class=\"_ _21a\"> </span>76<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3884\">1.<span class=\"_ _0\"></span>883<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3885\">2.<span class=\"_ _0\"></span>2.<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>arz<span class=\"_ _0\"></span>ialm<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>gara<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>te <span class=\"_ _4a\"> </span>230.<span class=\"_ _0\"></span>306 <span class=\"_ _1fb\"> </span>230.<span class=\"_ _1\"></span>036 <span class=\"_ _68\"> </span>- <span class=\"_ _52\"> </span>- <span class=\"_ _335\"> </span>25.<span class=\"_ _0\"></span>535<span class=\"_ _0\"></span> <span class=\"_ _1ee\"> </span>21.<span class=\"_ _0\"></span>264<span class=\"_ _0\"></span> <span class=\"_ _1f0\"> </span>-<span class=\"_ _3bd\"> </span> </div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3886\">-<span class=\"_ _3bd\"> </span> </div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3887\">- <span class=\"_ _219\"> </span>-<span class=\"_ _3bd\"> </span> </div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3888\">- <span class=\"_ _77\"> </span>46<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span> <span class=\"_ _1ac\"> </span>1<span class=\"_ _0\"></span>8 <span class=\"_ _207\"> </span>- <span class=\"_ _63\"> </span>2<span class=\"_ _0\"></span>1.8<span class=\"_ _0\"></span>97<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3889\">69.<span class=\"_ _0\"></span>176<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs388a\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>ior<span class=\"_ _0\"></span>ate<span class=\"_ _1\"></span> <span class=\"_ _8b\"> </span>3.<span class=\"_ _0\"></span>01<span class=\"_ _0\"></span>1 <span class=\"_ _1fd\"> </span>2<span class=\"_ _0\"></span>.752<span class=\"_ _0\"></span> <span class=\"_ _68\"> </span>- <span class=\"_ _52\"> </span>- <span class=\"_ _20b\"> </span>2<span class=\"_ _0\"></span>26<span class=\"_ _1\"></span> <span class=\"_ _7c\"> </span>6<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs388b\">-<span class=\"_ _3bd\"> </span> </div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs388c\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs388d\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs388e\">- <span class=\"_ _73\"> </span>- <span class=\"_ _2f\"> </span>- <span class=\"_ _a2\"> </span>2.50<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs388f\">2.<span class=\"_ _0\"></span>735<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h18 ff3 fsb fc0 sc0 ls0 ws0 gs3891\">Nel<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cors<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dell\u2019esercizio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>state<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>escusse<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>garanzie<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ipotecarie<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>10,3<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>milioni<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>euro,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>incassi<span class=\"ff1\"> </span></div><div class=\"t m0 h18 ff3 fsb fc0 sc0 ls0 ws0 gs3892\">presumibilmente<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1e\"> </span><span class=\"ff3\">avverranno</span>  <span class=\"ff3\">nei</span>  <span class=\"ff3\">prossimi</span>  <span class=\"ff3\">anni,</span>  <span class=\"ff3\">m<span class=\"_ _2\"></span>entre</span>  <span class=\"ff3\">a</span>  <span class=\"ff3\">fronte</span>  <span class=\"ff3\">delle</span>  <span class=\"ff3\">escussioni</span>  <span class=\"ff3\">di</span> <span class=\"_ _1e\"> </span><span class=\"ff3\">pegni,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1e\"> </span><span class=\"ff3\">poliz<span class=\"_ _0\"></span>ze<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h18 ff3 fsb fc0 sc0 ls0 ws0 gs3893\">assicurative<span class=\"ff1\">  </span>e<span class=\"ff1\">  </span>fideiussioni<span class=\"ff1\">  </span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\">  </span>stati<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>incassati<span class=\"ff1\">  </span>5,2<span class=\"ff1\">  </span>milioni<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>eur<span class=\"_ _0\"></span>o.<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Nell<span class=\"_ _0\"></span>\u2019esercizio<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>sono<span class=\"ff1\">  </span>stati<span class=\"ff1\">  </span>anche<span class=\"ff1\"> </span></div><div class=\"t m0 h18 ff3 fsb fc0 sc0 ls0 ws0 gs3894\">incassati<span class=\"ff1\"> </span>25<span class=\"_ _2\"></span>,7<span class=\"ff1\"> </span>milioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>euro,<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>fronte<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>escussione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>garanzie<span class=\"ff1\"> </span>ipotecarie<span class=\"ff1\"> </span>avviate<span class=\"ff1\"> </span>negli<span class=\"ff1\"> </span>anni<span class=\"ff1\"> </span>precedenti.<span class=\"ff1\"> </span></div><div class=\"t m0 h18 ff3 fsb fc0 sc0 ls0 ws0 gs3895\">Nel<span class=\"ff1\"> </span>corso<span class=\"_ _2\"></span><span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>2022<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> </span>state<span class=\"ff1\"> <span class=\"_ _2\"></span></span>poste<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>essere<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l'attivit\u00e0<span class=\"ff1\"> </span>giudiziale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>escussione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> </span>garanzie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mediante<span class=\"ff1\"> </span></div><div class=\"t m0 h18 ff3 fsb fc0 sc0 ls0 ws0 gs3896\">pignoramento<span class=\"ff1\">  </span>immobiliare<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">nei</span>  <span class=\"ff3\">casi</span>  <span class=\"ff3\">in</span>  <span class=\"ff3\">cu<span class=\"_ _0\"></span>i<span class=\"ff1\">  </span>non<span class=\"ff1\">  </span>sia<span class=\"ff1\">  </span>stato<span class=\"ff1\">  </span>pos<span class=\"_ _0\"></span>sibile<span class=\"ff1\">  </span>raggiungere<span class=\"ff1\">  </span>soluzi<span class=\"_ _0\"></span>oni<span class=\"ff1\">  </span>transattive<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h18 ff3 fsb fc0 sc0 ls0 ws0 gs3897\">soddisfacenti.<span class=\"ff1\"> </span>Le<span class=\"ff1\"> </span>posizioni<span class=\"ff1\"> </span>affidate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">alle</span> <span class=\"ff3\">societ\u00e0</span> <span class=\"ff3\">di</span> <span class=\"ff3\">outsourcing,</span> <span class=\"ff3\">costituite<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">da</span> <span class=\"ff3\">esposizioni&gt;75</span> <span class=\"ff3\">\u20ack</span> <span class=\"ff3\">e</span> <span class=\"ff3\">&lt;300 </span></span></span></span></div><div class=\"t m0 h18 ff3 fsb fc0 sc0 ls0 ws0 gs3898\">\u20ack<span class=\"ff1\"> <span class=\"_ _2\"></span></span>der<span class=\"_ _2\"></span>ivanti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"ff1\"> <span class=\"_ _21\"></span></span>mutui<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">ipote<span class=\"_ _0\"></span>cari<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>state<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valutate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ed<span class=\"ff1\"> <span class=\"_ _20\"></span></span>azionate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>secondo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>medesimo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>criterio;<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l'attiv<span class=\"_ _2\"></span>it\u00e0<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h18 ff3 fsb fc0 sc0 ls0 ws0 gs3899\">delle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>so<span class=\"_ _2\"></span>ciet\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>esterne,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"_ _0\"></span>nfatti,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>pr<span class=\"_ _0\"></span>imi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>mesi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>gestione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pr<span class=\"_ _2\"></span>atiche<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>concentra<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sul<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tentativo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h18 ff3 fsb fc0 sc0 ls0 ws0 gs389a\">contatto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>clienti,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sondare<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pos<span class=\"_ _2\"></span>sibilit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>addivenire<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>soluzioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>transattive<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>aldo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>stralcio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"ff1\"> </span></div><div class=\"t m0 h18 ff3 fsb fc0 sc0 ls0 ws0 gs389b\">con<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>piani<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rientro<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>contenuti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nel<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">te<span class=\"_ _0\"></span>mpo).<span class=\"ff1\">  </span>Anche<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>durant<span class=\"_ _0\"></span>e<span class=\"ff1\">  </span>l<span class=\"_ _0\"></span>o<span class=\"ff1\">  </span>s<span class=\"_ _0\"></span>volgimento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>azione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>esecutiva,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h18 ff3 fsb fc0 sc0 ls0 ws0 gs389c\">societ\u00e0<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>outsourcing<span class=\"ff1\">  </span>prosegue<span class=\"ff1\">  </span>con<span class=\"ff1\">  </span>l'attivit\u00e0<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>contatto<span class=\"ff1\">  </span>per<span class=\"ff1\">  </span>sondare<span class=\"ff1\">  </span>la<span class=\"ff1\">  </span>possibilit\u00e0<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>definizione<span class=\"ff1\"> </span></div><div class=\"t m0 h18 ff3 fsb fc0 sc0 ls0 ws0 gs389d\">transattiva<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>posizioni.<span class=\"_ _3bd\"> </span> </div><div class=\"t m20 h10 ff3 fs9 fc4 sc0 ls0 ws0 gs389f\">B.<span class=\"ff5\"> <span class=\"_ _1c\"></span><span class=\"ff3\">Di<span class=\"_ _0\"></span>st<span class=\"_ _1\"></span>ri<span class=\"_ _0\"></span>bu<span class=\"_ _0\"></span>z<span class=\"_ _0\"></span>ion<span class=\"_ _1\"></span>e<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">co<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>tr<span class=\"_ _1\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>ll<span class=\"_ _1\"></span>e<span class=\"ff1\"> </span>es<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>si<span class=\"_ _1\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>cr<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>zi<span class=\"_ _1\"></span>e<span class=\"fc0\"> </span></span></span></span></span></span></span></div><div class=\"t m26 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs38a0\">B.<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs38a1\">Co<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>ida<span class=\"_ _1\"></span>to<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs38a2\">pr<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs38a3\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs38a4\">Di<span class=\"_ _0\"></span>str<span class=\"_ _1\"></span>ibu<span class=\"_ _0\"></span>zio<span class=\"_ _1\"></span>ne<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs38a5\">se<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs38a6\">de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs38a7\">es<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>zio<span class=\"_ _1\"></span>ni<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs38a8\">cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs38a9\">pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs38aa\">ca<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs38ab\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs38ac\">\"fu<span class=\"_ _1\"></span>ori<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs38ad\">bi<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>\"<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs38ae\">ve<span class=\"_ _0\"></span>rso<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs38af\">cl<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>nte<span class=\"_ _1\"></span>la<span class=\"fc0 sc1\"> </span></div><div class=\"t m21 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs38b0\">Es<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>si<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>i/Co<span class=\"_ _0\"></span>nt<span class=\"_ _1\"></span>rop<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m21 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs38b1\">Am<span class=\"_ _1\"></span>min<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span></div><div class=\"t m21 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs38b2\">pu<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>bli<span class=\"_ _1\"></span>che<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _ef\"> </span><span class=\"fc4 sc2\">Societ\u00e0<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m21 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs38b3\">fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span></div><div class=\"t m21 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs38b4\">Socie<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m21 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs38b5\">fina<span class=\"_ _0\"></span>nzia<span class=\"_ _0\"></span>rie<span class=\"_ _3bd\"> </span></div><div class=\"t m21 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs38b6\">(di<span class=\"_ _3bd\"> </span></div><div class=\"t m21 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs38b7\">cui:<span class=\"_ _3bd\"> </span></div><div class=\"t m21 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs38b8\">imp<span class=\"_ _0\"></span>rese<span class=\"_ _3bd\"> </span></div><div class=\"t m21 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs38b9\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m21 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs38ba\">assi<span class=\"_ _0\"></span>cura<span class=\"_ _0\"></span>zione<span class=\"_ _0\"></span>)<span class=\"fc0 sc1\"> </span></div><div class=\"t m21 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs38bb\">So<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m21 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs38bc\">no<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span></div><div class=\"t m21 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs38bd\">fi<span class=\"_ _0\"></span>na<span class=\"_ _1\"></span>nzi<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> <span class=\"_ _192\"> </span></span>Fa<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>gl<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m21 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs38be\">Es<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>si<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m21 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs38bf\">ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>a<span class=\"fc0 sc1\"> </span></div><div class=\"t m21 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs38c0\">Re<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>he<span class=\"_ _3bd\"> </span></div><div class=\"t m21 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs38c1\">va<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span></div><div class=\"t m21 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs38c2\">co<span class=\"_ _0\"></span>mp<span class=\"_ _1\"></span>les<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m21 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs38c3\">Es<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>si<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m21 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs38c4\">ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>a<span class=\"fc0 sc1\"> </span></div><div class=\"t m21 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs38c5\">Re<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>he<span class=\"_ _3bd\"> </span></div><div class=\"t m21 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs38c6\">va<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span></div><div class=\"t m21 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs38c7\">co<span class=\"_ _0\"></span>mp<span class=\"_ _1\"></span>les<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m21 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs38c8\">Es<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>si<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m21 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs38c9\">ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>a<span class=\"fc0 sc1\"> </span></div><div class=\"t m21 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs38ca\">Rettif<span class=\"_ _0\"></span>iche<span class=\"_ _3bd\"> </span></div><div class=\"t m21 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs38cb\">val<span class=\"_ _0\"></span>ore<span class=\"_ _3bd\"> </span></div><div class=\"t m21 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs38cc\">co<span class=\"_ _0\"></span>mp<span class=\"_ _1\"></span>les<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m21 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs38cd\">Es<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>si<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m21 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs38ce\">ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>a<span class=\"fc0 sc1\"> </span></div><div class=\"t m21 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs38cf\">Re<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>he<span class=\"_ _3bd\"> </span></div><div class=\"t m21 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs38d0\">va<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span></div><div class=\"t m21 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs38d1\">co<span class=\"_ _0\"></span>mp<span class=\"_ _1\"></span>les<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m21 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs38d2\">Es<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>si<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m21 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs38d3\">ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>a<span class=\"fc0 sc1\"> </span></div><div class=\"t m21 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs38d4\">Rettif<span class=\"_ _0\"></span>iche<span class=\"_ _3bd\"> </span></div><div class=\"t m21 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs38d5\">val<span class=\"_ _0\"></span>ore<span class=\"_ _3bd\"> </span></div><div class=\"t m21 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs38d6\">co<span class=\"_ _0\"></span>mp<span class=\"_ _1\"></span>les<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m21 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs38d7\">A.<span class=\"_ _3bd\"> </span></div><div class=\"t m21 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs38d8\">Espos<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span></div><div class=\"t m21 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs38d9\">credi<span class=\"_ _0\"></span>tizie<span class=\"_ _3bd\"> </span></div><div class=\"t m21 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs38da\">per<span class=\"_ _3bd\"> </span></div><div class=\"t m21 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs38db\">cas<span class=\"_ _0\"></span>sa </div><div class=\"t m21 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs38dc\">A.1<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Sof<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>nze<span class=\"_ _0\"></span> <span class=\"_ _27a\"> </span>30<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span> <span class=\"_ _138\"> </span>98<span class=\"_ _1\"></span>2 <span class=\"_ _41\"> </span>32<span class=\"_ _1\"></span> <span class=\"_ _6d\"> </span>15<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span> <span class=\"_ _ca\"> </span>- <span class=\"_ _a6\"> </span>- <span class=\"_ _129\"> </span>36.<span class=\"_ _0\"></span>945<span class=\"_ _1\"></span> <span class=\"_ _1ab\"> </span>15<span class=\"_ _0\"></span>6.3<span class=\"_ _0\"></span>14<span class=\"_ _0\"></span> <span class=\"_ _77\"> </span>40.6<span class=\"_ _0\"></span>47 <span class=\"_ _1ab\"> </span>85.<span class=\"_ _0\"></span>306 </span></span></div><div class=\"t m21 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs38dd\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">esposizioni<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m21 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs38de\">oggetto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></div><div class=\"t m21 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs38df\">co<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span> </div><div class=\"t m21 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs38e0\">- </div><div class=\"t m21 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs38e1\">- </div><div class=\"t m21 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs38e2\">- </div><div class=\"t m21 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs38e3\">- </div><div class=\"t m21 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs38e4\">- </div><div class=\"t m21 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs38e5\">- </div><div class=\"t m21 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs38e6\">15<span class=\"_ _0\"></span>.10<span class=\"_ _0\"></span>9 </div><div class=\"t m21 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs38e7\">40.<span class=\"_ _0\"></span>609<span class=\"_ _1\"></span> </div><div class=\"t m21 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs38e8\">15<span class=\"_ _0\"></span>.23<span class=\"_ _0\"></span>4 </div><div class=\"t m21 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs38e9\">20<span class=\"_ _0\"></span>.41<span class=\"_ _0\"></span>5 </div><div class=\"t m21 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs38ea\">A.<span class=\"_ _0\"></span>2<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Ina<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>mpi<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ze<span class=\"ff1\"> </span></span></span></div><div class=\"t m21 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs38eb\">pr<span class=\"_ _0\"></span>oba<span class=\"_ _0\"></span>bili<span class=\"_ _1\"></span> </div><div class=\"t m21 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs38ec\">2.<span class=\"_ _0\"></span>049<span class=\"_ _0\"></span> <span class=\"_ _1cf\"> </span>1.99<span class=\"_ _0\"></span>0 <span class=\"_ _1fe\"> </span>1.<span class=\"_ _0\"></span>770 <span class=\"_ _c4\"> </span>83<span class=\"_ _0\"></span> <span class=\"_ _6a\"> </span>- <span class=\"_ _a6\"> </span>-<span class=\"_ _2\"></span> <span class=\"_ _21a\"> </span>80.<span class=\"_ _0\"></span>395 <span class=\"_ _39\"> </span>59.<span class=\"_ _0\"></span>431<span class=\"_ _0\"></span> <span class=\"_ _1fd\"> </span>1<span class=\"_ _0\"></span>27.<span class=\"_ _0\"></span>486<span class=\"_ _0\"></span> <span class=\"_ _212\"> </span>99<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>36 </div><div class=\"t m21 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs38ed\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">esposizioni<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m21 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs38ee\">oggetto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></div><div class=\"t m21 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs38ef\">co<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span> </div><div class=\"t m21 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs38f0\">- </div><div class=\"t m21 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs38f1\">- </div><div class=\"t m21 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs38f2\">3 </div><div class=\"t m21 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs38f3\">36<span class=\"_ _1\"></span> </div><div class=\"t m21 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs38f4\">- </div><div class=\"t m21 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs38f5\">- </div><div class=\"t m21 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs38f6\">41.<span class=\"_ _0\"></span>663<span class=\"_ _0\"></span> </div><div class=\"t m21 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs38f7\">18.<span class=\"_ _0\"></span>767<span class=\"_ _1\"></span> </div><div class=\"t m21 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs38f8\">68.<span class=\"_ _0\"></span>54<span class=\"_ _0\"></span>7 </div><div class=\"t m21 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs38f9\">26.<span class=\"_ _0\"></span>04<span class=\"_ _0\"></span>8 </div><div class=\"t m21 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs38fa\">A.3<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Esposizioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">scadute<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m21 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs38fb\">de<span class=\"_ _0\"></span>ter<span class=\"_ _1\"></span>iorat<span class=\"_ _0\"></span>e </div><div class=\"t m21 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs38fc\">71<span class=\"_ _1\"></span>5 <span class=\"_ _aa\"> </span>15<span class=\"_ _0\"></span> <span class=\"_ _3b\"> </span>2<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span> <span class=\"_ _235\"> </span>8 <span class=\"_ _ca\"> </span>- <span class=\"_ _a6\"> </span>- <span class=\"_ _70\"> </span>5<span class=\"_ _0\"></span>.74<span class=\"_ _0\"></span>0 <span class=\"_ _1b9\"> </span>97<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span> <span class=\"_ _75\"> </span>27<span class=\"_ _0\"></span>.92<span class=\"_ _0\"></span>3 <span class=\"_ _2f\"> </span>6.<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>30<span class=\"_ _0\"></span> </div><div class=\"t m21 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs38fd\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">esposizioni<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m21 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs38fe\">oggetto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></div><div class=\"t m21 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs38ff\">co<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span> </div><div class=\"t m21 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs3900\">- </div><div class=\"t m21 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs3901\">- </div><div class=\"t m21 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs3902\">- </div><div class=\"t m21 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs3903\">- </div><div class=\"t m21 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs3904\">- </div><div class=\"t m21 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs3905\">- </div><div class=\"t m21 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs3906\">44<span class=\"_ _1\"></span>4 </div><div class=\"t m21 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs3907\">11<span class=\"_ _1\"></span>2 </div><div class=\"t m21 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs3908\">1.<span class=\"_ _0\"></span>101 </div><div class=\"t m21 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs3909\">13<span class=\"_ _1\"></span>9 </div><div class=\"c wae ha5 gs390a\"><div class=\"t m21 x1f9 h43 yeca ff3 fs1b fc0 sc0 ls0 ws0\">A.4</div></div><div class=\"c w173 ha5 gs390b\"><div class=\"t m21 x1f9 h43 yeca ff3 fs1b fc0 sc0 ls0 ws0\">Esposizioni</div></div><div class=\"c w9d ha5 gs390c\"><div class=\"t m21 x1f9 h43 yeca ff3 fs1b fc0 sc0 ls0 ws0\">non<span class=\"_ _3bd\"> </span></div></div><div class=\"t m21 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs390d\">de<span class=\"_ _0\"></span>ter<span class=\"_ _1\"></span>iorat<span class=\"_ _0\"></span>e </div><div class=\"t m21 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs390e\">11.<span class=\"_ _0\"></span>872<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>19 <span class=\"_ _eb\"> </span>4.<span class=\"_ _0\"></span>863<span class=\"_ _0\"></span> <span class=\"_ _11c\"> </span>1.<span class=\"_ _0\"></span>401.<span class=\"_ _0\"></span>162<span class=\"_ _0\"></span> <span class=\"_ _6f\"> </span>8<span class=\"_ _0\"></span>46<span class=\"_ _1\"></span> <span class=\"_ _77\"> </span>44.6<span class=\"_ _0\"></span>46 <span class=\"_ _cb\"> </span>2 <span class=\"_ _1fb\"> </span>18.<span class=\"_ _1\"></span>040.<span class=\"_ _0\"></span>542<span class=\"_ _0\"></span> <span class=\"_ _39\"> </span>30.<span class=\"_ _0\"></span>05<span class=\"_ _0\"></span>1 <span class=\"_ _335\"> </span>15.<span class=\"_ _0\"></span>88<span class=\"_ _0\"></span>9.8<span class=\"_ _0\"></span>16 <span class=\"_ _212\"> </span>56.2<span class=\"_ _0\"></span>22 </div><div class=\"t m21 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs390f\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">esposizioni<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m21 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs3910\">oggetto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></div><div class=\"t m21 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs3911\">co<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span> </div><div class=\"t m21 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs3912\">7 </div><div class=\"t m21 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs3913\">- </div><div class=\"t m21 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs3914\">3.<span class=\"_ _1\"></span>80<span class=\"_ _0\"></span>8 </div><div class=\"t m21 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs3915\">18<span class=\"_ _1\"></span> </div><div class=\"t m21 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs3916\">- </div><div class=\"t m21 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs3917\">- </div><div class=\"t m21 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs3918\">128<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>44 </div><div class=\"t m21 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs3919\">1.<span class=\"_ _1\"></span>80<span class=\"_ _0\"></span>6 </div><div class=\"t m21 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs391a\">99.<span class=\"_ _0\"></span>22<span class=\"_ _0\"></span>4 </div><div class=\"t m21 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs391b\">2.<span class=\"_ _0\"></span>568<span class=\"_ _0\"></span> </div><div class=\"t m21 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs391c\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m21 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs391d\">(A<span class=\"_ _1\"></span>)<span class=\"_ _0\"></span> <span class=\"_ _16c\"> </span>11<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>75<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>89<span class=\"_ _1\"></span> <span class=\"_ _42\"> </span>7.8<span class=\"_ _0\"></span>50<span class=\"_ _1\"></span> <span class=\"_ _1a2\"> </span>1.4<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>91<span class=\"_ _0\"></span> <span class=\"_ _3a\"> </span>1.<span class=\"_ _1\"></span>09<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span> <span class=\"_ _75\"> </span>4<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>64<span class=\"_ _1\"></span>6 </div><div class=\"t m24 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs391e\">2</div><div class=\"t m21 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs391f\"> <span class=\"_ _210\"> </span>18<span class=\"_ _0\"></span>.1<span class=\"_ _0\"></span>63<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>22<span class=\"_ _1\"></span> <span class=\"_ _68\"> </span>246<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>73<span class=\"_ _0\"></span> <span class=\"_ _218\"> </span>16<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>85<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>72<span class=\"_ _1\"></span> <span class=\"_ _68\"> </span>2<span class=\"_ _0\"></span>47<span class=\"_ _1\"></span>.89<span class=\"_ _0\"></span>4 </div><div class=\"t m21 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs3920\">B.<span class=\"_ _3bd\"> </span></div><div class=\"t m21 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs3921\">Es<span class=\"_ _1\"></span>pos<span class=\"_ _0\"></span>iz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span></div><div class=\"t m21 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs3922\">cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>iz<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span></div><div class=\"t m21 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs3923\">fuori<span class=\"_ _3bd\"> </span></div><div class=\"t m21 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs3924\">bil<span class=\"_ _0\"></span>ancio<span class=\"_ _0\"></span> </div><div class=\"t m21 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs3925\">B.<span class=\"_ _0\"></span>1<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Esp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></div><div class=\"t m21 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs3926\">de<span class=\"_ _0\"></span>ter<span class=\"_ _1\"></span>iorat<span class=\"_ _0\"></span>e </div><div class=\"t m21 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs3927\">3 <span class=\"_ _c7\"> </span>- <span class=\"_ _19c\"> </span>12<span class=\"_ _1\"></span> <span class=\"_ _c7\"> </span>- <span class=\"_ _ca\"> </span>- <span class=\"_ _a6\"> </span>- <span class=\"_ _176\"> </span>2<span class=\"_ _0\"></span>1.4<span class=\"_ _0\"></span>08 <span class=\"_ _eb\"> </span>4.<span class=\"_ _0\"></span>04<span class=\"_ _0\"></span>9 <span class=\"_ _176\"> </span>15<span class=\"_ _0\"></span>.65<span class=\"_ _0\"></span>3 <span class=\"_ _ab\"> </span>8<span class=\"_ _0\"></span>5 </div><div class=\"t m21 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs3928\">B.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Esposizioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m21 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs3929\">de<span class=\"_ _0\"></span>ter<span class=\"_ _1\"></span>iorat<span class=\"_ _0\"></span>e </div><div class=\"t m21 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs392a\">10.<span class=\"_ _0\"></span>33<span class=\"_ _0\"></span>3 <span class=\"_ _a6\"> </span>1 <span class=\"_ _1fd\"> </span>170<span class=\"_ _0\"></span>.76<span class=\"_ _0\"></span>8 <span class=\"_ _aa\"> </span>18<span class=\"_ _1\"></span> <span class=\"_ _75\"> </span>29.<span class=\"_ _0\"></span>05<span class=\"_ _0\"></span>7 <span class=\"_ _c7\"> </span>-<span class=\"_ _2\"></span> <span class=\"_ _63\"> </span>9.496<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>67 <span class=\"_ _1cf\"> </span>1.<span class=\"_ _0\"></span>65<span class=\"_ _1\"></span>9 <span class=\"_ _196\"> </span>1.<span class=\"_ _0\"></span>748<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>92 <span class=\"_ _32\"> </span>1.24<span class=\"_ _0\"></span>4 </div><div class=\"t m21 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs392b\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m21 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs392c\">(<span class=\"_ _0\"></span>B<span class=\"_ _0\"></span>)<span class=\"_ _0\"></span> <span class=\"_ _2ab\"> </span>10.<span class=\"_ _0\"></span>33<span class=\"_ _0\"></span>6 </div><div class=\"t m24 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs392d\">1</div><div class=\"t m21 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs392e\"> <span class=\"_ _1fd\"> </span>170<span class=\"_ _0\"></span>.78<span class=\"_ _1\"></span>0 <span class=\"_ _aa\"> </span>18<span class=\"_ _1\"></span> <span class=\"_ _176\"> </span>2<span class=\"_ _0\"></span>9.<span class=\"_ _0\"></span>05<span class=\"_ _1\"></span>7 </div><div class=\"t m24 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs392f\">-</div><div class=\"t m21 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs3930\"> <span class=\"_ _a2\"> </span>9.5<span class=\"_ _0\"></span>17<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>75<span class=\"_ _0\"></span> <span class=\"_ _19c\"> </span>5.7<span class=\"_ _0\"></span>08<span class=\"_ _0\"></span> <span class=\"_ _224\"> </span>1.7<span class=\"_ _0\"></span>64<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>45<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>1<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>29<span class=\"_ _0\"></span> </div><div class=\"t m21 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs3931\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m21 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs3932\">(A<span class=\"_ _0\"></span>+B<span class=\"_ _1\"></span>)<span class=\"_ _3bd\"> </span></div><div class=\"t m21 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs3933\">31<span class=\"_ _0\"></span>/1<span class=\"_ _0\"></span>2/<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>22<span class=\"_ _1\"></span> <span class=\"_ _210\"> </span>11.<span class=\"_ _0\"></span>88<span class=\"_ _0\"></span>5.<span class=\"_ _0\"></span>92<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span> <span class=\"_ _3f\"> </span>7.<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>51<span class=\"_ _1\"></span> <span class=\"_ _209\"> </span>1.57<span class=\"_ _1\"></span>3.7<span class=\"_ _0\"></span>71<span class=\"_ _0\"></span> <span class=\"_ _138\"> </span>1.<span class=\"_ _0\"></span>111<span class=\"_ _1\"></span> <span class=\"_ _176\"> </span>7<span class=\"_ _0\"></span>3.7<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>3 </div><div class=\"t m24 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs3934\">2</div><div class=\"t m21 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs3935\"> <span class=\"_ _1ee\"> </span>2<span class=\"_ _0\"></span>7.<span class=\"_ _0\"></span>68<span class=\"_ _0\"></span>1.<span class=\"_ _0\"></span>29<span class=\"_ _0\"></span>7 <span class=\"_ _2a0\"> </span>25<span class=\"_ _0\"></span>2.<span class=\"_ _0\"></span>48<span class=\"_ _1\"></span>1 <span class=\"_ _63\"> </span>17<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>50<span class=\"_ _0\"></span>.31<span class=\"_ _1\"></span>7 <span class=\"_ _50\"> </span>249<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>23<span class=\"_ _0\"></span> </div><div class=\"t m21 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs3936\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m21 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs3937\">(A<span class=\"_ _0\"></span>+B<span class=\"_ _1\"></span>)<span class=\"_ _3bd\"> </span></div><div class=\"t m21 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs3938\">31<span class=\"_ _0\"></span>/1<span class=\"_ _0\"></span>2/<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _0\"></span> <span class=\"_ _200\"> </span>11.<span class=\"_ _1\"></span>416<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>43<span class=\"_ _0\"></span> <span class=\"_ _1cf\"> </span>7.0<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>7 <span class=\"_ _196\"> </span>2<span class=\"_ _0\"></span>.1<span class=\"_ _0\"></span>65<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>93<span class=\"_ _0\"></span> <span class=\"_ _ca\"> </span>1<span class=\"_ _0\"></span>.1<span class=\"_ _1\"></span>08<span class=\"_ _1\"></span> <span class=\"_ _7e\"> </span>78.<span class=\"_ _0\"></span>37<span class=\"_ _0\"></span>6 </div><div class=\"t m24 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs3939\">3</div><div class=\"t m21 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs393a\"> <span class=\"_ _1ee\"> </span>26.<span class=\"_ _0\"></span>64<span class=\"_ _1\"></span>7.2<span class=\"_ _0\"></span>17<span class=\"_ _0\"></span> <span class=\"_ _68\"> </span>26<span class=\"_ _1\"></span>5.3<span class=\"_ _0\"></span>75<span class=\"_ _1\"></span> <span class=\"_ _296\"> </span>16.<span class=\"_ _0\"></span>82<span class=\"_ _0\"></span>0.<span class=\"_ _0\"></span>35<span class=\"_ _0\"></span>8 <span class=\"_ _83\"> </span>26<span class=\"_ _0\"></span>3.<span class=\"_ _0\"></span>17<span class=\"_ _0\"></span>3 </div>B.2<span class=\"_ _3bd\"> </span>Co<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>ida<span class=\"_ _1\"></span>to<span class=\"_ _3bd\"> </span>pr<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Di<span class=\"_ _0\"></span>str<span class=\"_ _1\"></span>ibu<span class=\"_ _0\"></span>zio<span class=\"_ _1\"></span>ne<span class=\"_ _3bd\"> </span>te<span class=\"_ _0\"></span>rri<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"_ _3bd\"> </span>es<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>zio<span class=\"_ _1\"></span>ni<span class=\"_ _3bd\"> </span>cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>\"fu<span class=\"_ _1\"></span>ori<span class=\"_ _3bd\"> </span>bi<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>o\"<span class=\"_ _3bd\"> </span>ve<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>cli<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Es<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i/A<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>ge<span class=\"_ _1\"></span>ogr<span class=\"_ _0\"></span>af<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>It<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _330\"> </span><span class=\"fc4 sc2\">Altri<span class=\"_ _3bd\"> </span></span></span>paes<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>eu<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> <span class=\"_ _fd\"> </span></span>Ame<span class=\"_ _0\"></span>ri<span class=\"_ _1\"></span>ca<span class=\"fc0 sc1\"> <span class=\"_ _c2\"> </span></span>A<span class=\"_ _0\"></span>si<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _3a\"> </span><span class=\"fc4 sc2\">Rest<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></span></span>del<span class=\"_ _3bd\"> </span>m<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>do<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Esposizione<span class=\"_ _3bd\"> </span>ne<span class=\"_ _3bd\"> </span>Rettifiche<span class=\"_ _3bd\"> </span>valore<span class=\"_ _3bd\"> </span>com<span class=\"_ _3bd\"> </span>Esposizione<span class=\"_ _3bd\"> </span>ne<span class=\"_ _3bd\"> </span>Rettifiche<span class=\"_ _3bd\"> </span>valore<span class=\"_ _3bd\"> </span>com<span class=\"_ _3bd\"> </span>Esposizione<span class=\"_ _3bd\"> </span>ne<span class=\"_ _3bd\"> </span>Rettifiche<span class=\"_ _3bd\"> </span>valore<span class=\"_ _3bd\"> </span>com<span class=\"_ _3bd\"> </span>Esposizione<span class=\"_ _3bd\"> </span>ne<span class=\"_ _3bd\"> </span>Rettifiche<span class=\"_ _3bd\"> </span>valore<span class=\"_ _3bd\"> </span>com<span class=\"_ _3bd\"> </span>Esposizione<span class=\"_ _3bd\"> </span>ne<span class=\"_ _3bd\"> </span>Rettifiche<span class=\"_ _3bd\"> </span>valore<span class=\"_ _3bd\"> </span>com<span class=\"_ _3bd\"> </span>A.<span class=\"_ _3bd\"> </span>Es<span class=\"_ _1\"></span>posi<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>iti<span class=\"_ _1\"></span>zie<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>A.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Soffe<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>nze<span class=\"_ _0\"></span> </span></span>77.<span class=\"_ _0\"></span>931<span class=\"_ _0\"></span> <span class=\"_ _177\"> </span>242<span class=\"_ _0\"></span>.75<span class=\"_ _0\"></span>0 <span class=\"_ _6b\"> </span>- <span class=\"_ _52\"> </span>7 <span class=\"_ _33a\"> </span>- <span class=\"_ _207\"> </span>- <span class=\"_ _1ab\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _a9\"> </span>- <span class=\"_ _129\"> </span>1<span class=\"_ _3bd\"> </span>A.<span class=\"_ _0\"></span>2<span class=\"ff1\"> </span>Inad<span class=\"_ _0\"></span>emp<span class=\"_ _0\"></span>ien<span class=\"_ _0\"></span>ze<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">pro<span class=\"_ _0\"></span>bab<span class=\"_ _0\"></span>ili<span class=\"_ _3bd\"> </span></span></span>21<span class=\"_ _0\"></span>1.4<span class=\"_ _0\"></span>81 <span class=\"_ _178\"> </span>160<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>86 <span class=\"_ _198\"> </span>10<span class=\"_ _0\"></span>5 <span class=\"_ _20b\"> </span>2<span class=\"_ _0\"></span>7 <span class=\"_ _33a\"> </span>- <span class=\"_ _122\"> </span>3 <span class=\"_ _1ab\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _3a\"> </span>11<span class=\"_ _0\"></span>4 <span class=\"_ _69\"> </span>12<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>A.<span class=\"_ _0\"></span>3<span class=\"ff1\"> </span>Espos<span class=\"_ _0\"></span>iz<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">scad<span class=\"_ _0\"></span>ute<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">det<span class=\"_ _0\"></span>erio<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span></span></span></span></span>34.<span class=\"_ _0\"></span>322<span class=\"_ _0\"></span> <span class=\"_ _52\"> </span>7.81<span class=\"_ _0\"></span>3 <span class=\"_ _35\"> </span>75<span class=\"_ _0\"></span> <span class=\"_ _75\"> </span>15<span class=\"_ _0\"></span> <span class=\"_ _33b\"> </span>4 <span class=\"_ _1fd\"> </span>1 <span class=\"_ _2a0\"> </span>2 <span class=\"_ _a2\"> </span>- <span class=\"_ _1b9\"> </span>2 <span class=\"_ _129\"> </span>1<span class=\"_ _3bd\"> </span>A.<span class=\"_ _0\"></span>4<span class=\"ff1\"> </span>Es<span class=\"_ _0\"></span>posi<span class=\"_ _0\"></span>zion<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>rate<span class=\"_ _1\"></span> 40<span class=\"_ _0\"></span>.22<span class=\"_ _0\"></span>2.6<span class=\"_ _0\"></span>99 <span class=\"_ _207\"> </span>90.<span class=\"_ _0\"></span>224<span class=\"_ _0\"></span> <span class=\"_ _121\"> </span>3.71<span class=\"_ _0\"></span>7.8<span class=\"_ _0\"></span>36 <span class=\"_ _1ee\"> </span>1.<span class=\"_ _0\"></span>248 <span class=\"_ _32b\"> </span>2.3<span class=\"_ _0\"></span>68.<span class=\"_ _0\"></span>98<span class=\"_ _0\"></span>9 <span class=\"_ _218\"> </span>346<span class=\"_ _1\"></span> <span class=\"_ _62\"> </span>20.<span class=\"_ _0\"></span>103 <span class=\"_ _216\"> </span>43<span class=\"_ _1\"></span> <span class=\"_ _7e\"> </span>874.<span class=\"_ _1\"></span>412 <span class=\"_ _1a2\"> </span>12<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>(A<span class=\"_ _1\"></span>)<span class=\"_ _3bd\"> </span>40<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>46<span class=\"_ _0\"></span>.43<span class=\"_ _1\"></span>3 <span class=\"_ _1ac\"> </span>501<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>73<span class=\"_ _0\"></span> <span class=\"_ _207\"> </span>3.<span class=\"_ _0\"></span>71<span class=\"_ _0\"></span>8.0<span class=\"_ _1\"></span>16 <span class=\"_ _1ff\"> </span>1<span class=\"_ _0\"></span>.2<span class=\"_ _1\"></span>97<span class=\"_ _0\"></span> <span class=\"_ _207\"> </span>2.3<span class=\"_ _0\"></span>68<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>93<span class=\"_ _0\"></span> <span class=\"_ _335\"> </span>35<span class=\"_ _1\"></span>0<span class=\"_ _0\"></span> <span class=\"_ _224\"> </span>20.<span class=\"_ _0\"></span>10<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span> <span class=\"_ _296\"> </span>4<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span> <span class=\"_ _75\"> </span>87<span class=\"_ _1\"></span>4.52<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span> <span class=\"_ _1ff\"> </span>24<span class=\"_ _1\"></span>7<span class=\"_ _0\"></span> B.<span class=\"_ _3bd\"> </span>Es<span class=\"_ _1\"></span>pos<span class=\"_ _0\"></span>iz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>iti<span class=\"_ _1\"></span>zie<span class=\"_ _3bd\"> </span>fu<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>bi<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span> B.<span class=\"_ _0\"></span>1<span class=\"ff1\"> </span>Espo<span class=\"_ _0\"></span>siz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>dete<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>orat<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>37.<span class=\"_ _0\"></span>01<span class=\"_ _0\"></span>7 <span class=\"_ _73\"> </span>4.<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>34<span class=\"_ _0\"></span> <span class=\"_ _35\"> </span>52<span class=\"_ _1\"></span> <span class=\"_ _70\"> </span>- <span class=\"_ _33b\"> </span>2 <span class=\"_ _1fd\"> </span>- <span class=\"_ _47\"> </span>3 <span class=\"_ _a2\"> </span>- <span class=\"_ _1b9\"> </span>2 <span class=\"_ _77\"> </span>-<span class=\"_ _3bd\"> </span>B.<span class=\"_ _0\"></span>2<span class=\"ff1\"> </span>Esp<span class=\"_ _0\"></span>osiz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>riora<span class=\"_ _1\"></span>te<span class=\"_ _3bd\"> </span>11<span class=\"_ _0\"></span>.40<span class=\"_ _0\"></span>8.7<span class=\"_ _0\"></span>29 <span class=\"_ _52\"> </span>2.91<span class=\"_ _0\"></span>9 <span class=\"_ _72\"> </span>13.0<span class=\"_ _0\"></span>71 <span class=\"_ _6e\"> </span>2 <span class=\"_ _67\"> </span>2.<span class=\"_ _0\"></span>909<span class=\"_ _0\"></span> <span class=\"_ _1a8\"> </span>1 <span class=\"_ _176\"> </span>92<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span> <span class=\"_ _196\"> </span>- <span class=\"_ _3b\"> </span>52<span class=\"_ _1\"></span>5 <span class=\"_ _21a\"> </span>-<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>(B<span class=\"_ _1\"></span>)<span class=\"_ _0\"></span> 11<span class=\"_ _0\"></span>.44<span class=\"_ _0\"></span>5.<span class=\"_ _0\"></span>74<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span> <span class=\"_ _6e\"> </span>7.0<span class=\"_ _0\"></span>53<span class=\"_ _0\"></span> <span class=\"_ _50\"> </span>13<span class=\"_ _0\"></span>.1<span class=\"_ _0\"></span>23<span class=\"_ _0\"></span> 2 <span class=\"_ _42\"> </span>2.<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>11<span class=\"_ _1\"></span> 1 <span class=\"_ _176\"> </span>92<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span> <span class=\"_ _196\"> </span>- <span class=\"_ _eb\"> </span>52<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span> <span class=\"_ _21a\"> </span>-<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>(A<span class=\"_ _1\"></span>+B<span class=\"_ _1\"></span>) <span class=\"_ _f6\"> </span>3<span class=\"_ _0\"></span>1/1<span class=\"_ _0\"></span>2/<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>22<span class=\"_ _1\"></span> <span class=\"_ _6d\"> </span>5<span class=\"_ _0\"></span>1.9<span class=\"_ _1\"></span>92.<span class=\"_ _0\"></span>17<span class=\"_ _0\"></span>9 <span class=\"_ _177\"> </span>508<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>26<span class=\"_ _1\"></span> <span class=\"_ _1fd\"> </span>3.7<span class=\"_ _0\"></span>31<span class=\"_ _0\"></span>.1<span class=\"_ _0\"></span>39<span class=\"_ _0\"></span> <span class=\"_ _200\"> </span>1<span class=\"_ _0\"></span>.2<span class=\"_ _1\"></span>99<span class=\"_ _0\"></span> <span class=\"_ _77\"> </span>2.<span class=\"_ _0\"></span>37<span class=\"_ _0\"></span>1.<span class=\"_ _0\"></span>90<span class=\"_ _0\"></span>4 <span class=\"_ _63\"> </span>3<span class=\"_ _1\"></span>51<span class=\"_ _1\"></span> <span class=\"_ _224\"> </span>21.<span class=\"_ _0\"></span>03<span class=\"_ _0\"></span>4 <span class=\"_ _216\"> </span>43<span class=\"_ _1\"></span> <span class=\"_ _21a\"> </span>875<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>54<span class=\"_ _1\"></span> <span class=\"_ _62\"> </span>24<span class=\"_ _1\"></span>7<span class=\"_ _0\"></span> To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>(A<span class=\"_ _1\"></span>+B<span class=\"_ _1\"></span>) <span class=\"_ _f6\"> </span>3<span class=\"_ _0\"></span>1/1<span class=\"_ _0\"></span>2/<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>50.<span class=\"_ _0\"></span>09<span class=\"_ _0\"></span>0.<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span> <span class=\"_ _177\"> </span>53<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>59<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span> <span class=\"_ _1fd\"> </span>4<span class=\"_ _0\"></span>.17<span class=\"_ _1\"></span>3.1<span class=\"_ _0\"></span>06<span class=\"_ _0\"></span> <span class=\"_ _63\"> </span>1.<span class=\"_ _0\"></span>49<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span> <span class=\"_ _77\"> </span>2.<span class=\"_ _0\"></span>409<span class=\"_ _1\"></span>.147<span class=\"_ _1\"></span> <span class=\"_ _218\"> </span>40<span class=\"_ _1\"></span>8<span class=\"_ _0\"></span> <span class=\"_ _209\"> </span>8<span class=\"_ _0\"></span>.9<span class=\"_ _1\"></span>60<span class=\"_ _1\"></span> <span class=\"_ _218\"> </span>70<span class=\"_ _1\"></span> <span class=\"_ _129\"> </span>3<span class=\"_ _0\"></span>67.<span class=\"_ _1\"></span>678<span class=\"_ _0\"></span> <span class=\"_ _224\"> </span>16<span class=\"_ _1\"></span>9<div class=\"t m20 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3990\">Si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">allega<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">anche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ripartizione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ge<span class=\"_ _2\"></span>ografica<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">NORD-OVEST,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">NORD-EST,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">CENTRO,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">SUD<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ISOLE<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">es<span class=\"_ _2\"></span>posizioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">IT<span class=\"_ _0\"></span>ALIA<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m26 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3991\">B.2<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3992\">Co<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>ida<span class=\"_ _1\"></span>to<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3993\">pr<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3994\">\u2013<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3995\">Dis<span class=\"_ _1\"></span>tri<span class=\"_ _0\"></span>bu<span class=\"_ _0\"></span>zio<span class=\"_ _1\"></span>ne<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3996\">te<span class=\"_ _0\"></span>rri<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3997\">de<span class=\"_ _0\"></span>lle<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3998\">es<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>zio<span class=\"_ _1\"></span>ni<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3999\">cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs399a\">pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs399b\">ca<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs399c\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs399d\">\u201cf<span class=\"_ _0\"></span>uor<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs399e\">bi<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>io\u201d<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs399f\">ve<span class=\"_ _0\"></span>rso<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs39a0\">cl<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>nte<span class=\"_ _1\"></span>la<span class=\"fc0 sc1\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs39a1\">A.<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs39a2\">Es<span class=\"_ _1\"></span>posi<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs39a3\">cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>iti<span class=\"_ _1\"></span>zie<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs39a4\">pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs39a5\">ca<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span> </div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs39a6\">A.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Soffe<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>nze<span class=\"_ _0\"></span> </span></span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs39a7\">10<span class=\"_ _0\"></span>.41<span class=\"_ _0\"></span>5 <span class=\"_ _11c\"> </span>41.<span class=\"_ _0\"></span>89<span class=\"_ _0\"></span>2 <span class=\"_ _39\"> </span>19.56<span class=\"_ _0\"></span>3 <span class=\"_ _1a2\"> </span>49.<span class=\"_ _0\"></span>690<span class=\"_ _0\"></span> <span class=\"_ _4a\"> </span>15.90<span class=\"_ _0\"></span>6 <span class=\"_ _66\"> </span>46<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>98 <span class=\"_ _47\"> </span>32.<span class=\"_ _0\"></span>04<span class=\"_ _0\"></span>7 <span class=\"_ _178\"> </span>104<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>70<span class=\"_ _3bd\"> </span> </div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs39a8\">A.<span class=\"_ _0\"></span>2<span class=\"ff1\"> </span>Inad<span class=\"_ _0\"></span>emp<span class=\"_ _0\"></span>ien<span class=\"_ _0\"></span>ze<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">pro<span class=\"_ _0\"></span>bab<span class=\"_ _0\"></span>ili<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs39a9\">31.<span class=\"_ _0\"></span>94<span class=\"_ _0\"></span>7 <span class=\"_ _209\"> </span>24.<span class=\"_ _0\"></span>713<span class=\"_ _0\"></span> <span class=\"_ _4a\"> </span>57<span class=\"_ _0\"></span>.31<span class=\"_ _0\"></span>3 <span class=\"_ _11c\"> </span>37.7<span class=\"_ _0\"></span>83 <span class=\"_ _4a\"> </span>31.<span class=\"_ _0\"></span>534 <span class=\"_ _121\"> </span>23<span class=\"_ _0\"></span>.19<span class=\"_ _0\"></span>7 <span class=\"_ _68\"> </span>90<span class=\"_ _0\"></span>.68<span class=\"_ _0\"></span>7 <span class=\"_ _20b\"> </span>7<span class=\"_ _0\"></span>5.1<span class=\"_ _0\"></span>93<span class=\"_ _0\"></span> </div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs39aa\">A.<span class=\"_ _0\"></span>3<span class=\"ff1\"> </span>Espos<span class=\"_ _0\"></span>iz<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">scad<span class=\"_ _0\"></span>ute<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">det<span class=\"_ _0\"></span>erio<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs39ab\">4.<span class=\"_ _0\"></span>717<span class=\"_ _0\"></span> <span class=\"_ _20b\"> </span>1.<span class=\"_ _0\"></span>052 <span class=\"_ _19c\"> </span>7.97<span class=\"_ _0\"></span>4 <span class=\"_ _75\"> </span>1<span class=\"_ _0\"></span>.93<span class=\"_ _0\"></span>2 <span class=\"_ _32\"> </span>4.<span class=\"_ _0\"></span>255 <span class=\"_ _7f\"> </span>78<span class=\"_ _1\"></span>4 <span class=\"_ _3d\"> </span>1<span class=\"_ _0\"></span>7.3<span class=\"_ _0\"></span>76 <span class=\"_ _75\"> </span>4.0<span class=\"_ _0\"></span>45<span class=\"_ _3bd\"> </span> </div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs39ac\">A.<span class=\"_ _0\"></span>4<span class=\"ff1\"> </span>Es<span class=\"_ _0\"></span>posi<span class=\"_ _0\"></span>zion<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>rate<span class=\"_ _1\"></span> </div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs39ad\">9.<span class=\"_ _0\"></span>445<span class=\"_ _0\"></span>.97<span class=\"_ _0\"></span>3 <span class=\"_ _a2\"> </span>20.<span class=\"_ _0\"></span>074 <span class=\"_ _77\"> </span>10<span class=\"_ _0\"></span>.60<span class=\"_ _0\"></span>7.5<span class=\"_ _0\"></span>31 <span class=\"_ _11c\"> </span>25.2<span class=\"_ _0\"></span>47 <span class=\"_ _52\"> </span>11.<span class=\"_ _0\"></span>771<span class=\"_ _0\"></span>.67<span class=\"_ _0\"></span>0 <span class=\"_ _1fd\"> </span>17.1<span class=\"_ _0\"></span>74 <span class=\"_ _81\"> </span>8.<span class=\"_ _0\"></span>397.<span class=\"_ _0\"></span>525<span class=\"_ _0\"></span> <span class=\"_ _1a8\"> </span>27.<span class=\"_ _0\"></span>729<span class=\"_ _0\"></span> </div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs39ae\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs39af\">(A<span class=\"_ _1\"></span>)<span class=\"_ _3bd\"> </span> </div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs39b0\">9.<span class=\"_ _0\"></span>49<span class=\"_ _0\"></span>3.<span class=\"_ _0\"></span>05<span class=\"_ _0\"></span>2 <span class=\"_ _f2\"> </span>87.<span class=\"_ _0\"></span>73<span class=\"_ _1\"></span>1 <span class=\"_ _129\"> </span>10<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>92<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>81<span class=\"_ _1\"></span> <span class=\"_ _178\"> </span>114<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>52<span class=\"_ _1\"></span> <span class=\"_ _1ae\"> </span>11<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>23<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>65<span class=\"_ _1\"></span> <span class=\"_ _177\"> </span>88.<span class=\"_ _0\"></span>05<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span> <span class=\"_ _20b\"> </span>8.5<span class=\"_ _0\"></span>37<span class=\"_ _1\"></span>.63<span class=\"_ _0\"></span>5 <span class=\"_ _32b\"> </span>211.<span class=\"_ _0\"></span>23<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span> </div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs39b1\">B.<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs39b2\">Es<span class=\"_ _1\"></span>pos<span class=\"_ _0\"></span>iz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs39b3\">cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>iti<span class=\"_ _1\"></span>zie<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs39b4\">fu<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs39b5\">bi<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span> </div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs39b6\">B.<span class=\"_ _0\"></span>1<span class=\"ff1\"> </span>Espo<span class=\"_ _0\"></span>siz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>dete<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>orat<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span> </div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs39b7\">7.<span class=\"_ _0\"></span>135 <span class=\"_ _222\"> </span>11<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span> <span class=\"_ _3b\"> </span>1<span class=\"_ _0\"></span>1.5<span class=\"_ _0\"></span>95 <span class=\"_ _20b\"> </span>2.9<span class=\"_ _0\"></span>72 <span class=\"_ _6a\"> </span>2<span class=\"_ _0\"></span>.95<span class=\"_ _0\"></span>1 <span class=\"_ _2a0\"> </span>52<span class=\"_ _1\"></span> <span class=\"_ _2e\"> </span>15.33<span class=\"_ _0\"></span>6 <span class=\"_ _50\"> </span>99<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span> </div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs39b8\">B.<span class=\"_ _0\"></span>2<span class=\"ff1\"> </span>Esp<span class=\"_ _0\"></span>osiz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>riora<span class=\"_ _1\"></span>te<span class=\"_ _3bd\"> </span> </div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs39b9\">3.8<span class=\"_ _0\"></span>47<span class=\"_ _0\"></span>.21<span class=\"_ _0\"></span>9 <span class=\"_ _73\"> </span>65<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span> <span class=\"_ _77\"> </span>4.4<span class=\"_ _0\"></span>64.<span class=\"_ _0\"></span>64<span class=\"_ _0\"></span>8 <span class=\"_ _77\"> </span>1.04<span class=\"_ _0\"></span>6 <span class=\"_ _73\"> </span>1.<span class=\"_ _0\"></span>47<span class=\"_ _0\"></span>4.5<span class=\"_ _0\"></span>40 <span class=\"_ _70\"> </span>38<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span> <span class=\"_ _75\"> </span>1<span class=\"_ _0\"></span>.62<span class=\"_ _0\"></span>2.3<span class=\"_ _0\"></span>22 <span class=\"_ _47\"> </span>83<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span> </div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs39ba\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs39bb\">(B<span class=\"_ _1\"></span>)<span class=\"_ _0\"></span> </div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs39bc\">3.<span class=\"_ _0\"></span>85<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>35<span class=\"_ _0\"></span>4 <span class=\"_ _194\"> </span>77<span class=\"_ _1\"></span>1 <span class=\"_ _176\"> </span>4.4<span class=\"_ _0\"></span>76<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>43<span class=\"_ _0\"></span> <span class=\"_ _77\"> </span>4.01<span class=\"_ _0\"></span>8 <span class=\"_ _1fe\"> </span>1.4<span class=\"_ _0\"></span>77<span class=\"_ _1\"></span>.49<span class=\"_ _0\"></span>1 <span class=\"_ _7f\"> </span>43<span class=\"_ _1\"></span>6 <span class=\"_ _75\"> </span>1<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>37<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>58<span class=\"_ _0\"></span> <span class=\"_ _6e\"> </span>1.82<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span> </div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs39bd\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs39be\">(A<span class=\"_ _1\"></span>+B<span class=\"_ _1\"></span>) <span class=\"_ _3b\"> </span>31/<span class=\"_ _0\"></span>12/<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2 <span class=\"_ _20b\"> </span>1<span class=\"_ _0\"></span>3.<span class=\"_ _0\"></span>34<span class=\"_ _0\"></span>7.<span class=\"_ _0\"></span>40<span class=\"_ _0\"></span>6 <span class=\"_ _196\"> </span>88.<span class=\"_ _0\"></span>50<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span> <span class=\"_ _129\"> </span>15.<span class=\"_ _0\"></span>16<span class=\"_ _0\"></span>8.<span class=\"_ _0\"></span>62<span class=\"_ _0\"></span>4 <span class=\"_ _1a2\"> </span>118<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>0 <span class=\"_ _20b\"> </span>13<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>00<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>56<span class=\"_ _1\"></span> <span class=\"_ _1a2\"> </span>88.<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>89<span class=\"_ _0\"></span> <span class=\"_ _81\"> </span>1<span class=\"_ _0\"></span>0.1<span class=\"_ _0\"></span>75<span class=\"_ _1\"></span>.29<span class=\"_ _0\"></span>3 <span class=\"_ _178\"> </span>213<span class=\"_ _0\"></span>.06<span class=\"_ _1\"></span>5<span class=\"_ _3bd\"> </span> </div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs39bf\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs39c0\">(A<span class=\"_ _1\"></span>+B<span class=\"_ _1\"></span>) <span class=\"_ _198\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _1\"></span> <span class=\"_ _75\"> </span>12<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>40<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>14<span class=\"_ _0\"></span> <span class=\"_ _66\"> </span>95<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>89<span class=\"_ _0\"></span> <span class=\"_ _81\"> </span>14.7<span class=\"_ _1\"></span>25.<span class=\"_ _0\"></span>46<span class=\"_ _0\"></span>0 <span class=\"_ _1a2\"> </span>13<span class=\"_ _0\"></span>2.<span class=\"_ _0\"></span>89<span class=\"_ _0\"></span>1 <span class=\"_ _77\"> </span>12.<span class=\"_ _1\"></span>956<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>36<span class=\"_ _1\"></span> <span class=\"_ _f2\"> </span>91.<span class=\"_ _0\"></span>80<span class=\"_ _0\"></span>0 <span class=\"_ _75\"> </span>9.7<span class=\"_ _0\"></span>67<span class=\"_ _1\"></span>.910<span class=\"_ _1\"></span> <span class=\"_ _32b\"> </span>214<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>14<span class=\"_ _1\"></span> </div><div class=\"t m20 h1c ff3 fsc fc4 sc2 ls0 ws0 gs39c1\">Es<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc4 sc2 ls0 ws0 gs39c2\">/<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc4 sc2 ls0 ws0 gs39c3\">Ar<span class=\"_ _0\"></span>ee<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc4 sc2 ls0 ws0 gs39c4\">ge<span class=\"_ _1\"></span>ogr<span class=\"_ _0\"></span>af<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m20 h1c ff3 fsc fc4 sc2 ls0 ws0 gs39c5\">It<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc4 sc2 ls0 ws0 gs39c6\">No<span class=\"_ _0\"></span>rd<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc4 sc2 ls0 ws0 gs39c7\">O<span class=\"_ _0\"></span>ve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _ed\"> </span><span class=\"fc4 sc2\">Italia<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m20 h1c ff3 fsc fc4 sc2 ls0 ws0 gs39c8\">Nord<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc4 sc2 ls0 ws0 gs39c9\">E<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _1f9\"> </span><span class=\"fc4 sc2\">It<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m20 h1c ff3 fsc fc4 sc2 ls0 ws0 gs39ca\">Ce<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _33c\"> </span><span class=\"fc4 sc2\">Itali<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m20 h1c ff3 fsc fc4 sc2 ls0 ws0 gs39cb\">Su<span class=\"_ _0\"></span>d<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc4 sc2 ls0 ws0 gs39cc\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc4 sc2 ls0 ws0 gs39cd\">Is<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span></div><div class=\"t m3b h1c ff3 fsc fc4 sc2 ls0 ws0 gs39ce\">Esp<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>osiz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m3b h1c ff3 fsc fc4 sc2 ls0 ws0 gs39cf\">ne<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>tta<span class=\"fc0 sc1\"> </span></div><div class=\"t m3b h1c ff3 fsc fc4 sc2 ls0 ws0 gs39d0\">Ret<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>tifi<span class=\"_ _0\"></span>che<span class=\"_ _3bd\"> </span></div><div class=\"t m3b h1c ff3 fsc fc4 sc2 ls0 ws0 gs39d1\">val<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>ore<span class=\"_ _3bd\"> </span></div><div class=\"t m3b h1c ff3 fsc fc4 sc2 ls0 ws0 gs39d2\">com<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>ple<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>ve<span class=\"_ _3bd\"> </span></div><div class=\"t m3b h1c ff3 fsc fc4 sc2 ls0 ws0 gs39d3\">Esp<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>osiz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m3b h1c ff3 fsc fc4 sc2 ls0 ws0 gs39d4\">ne<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>tta<span class=\"fc0 sc1\"> </span></div><div class=\"t m3b h1c ff3 fsc fc4 sc2 ls0 ws0 gs39d5\">Ret<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>tifi<span class=\"_ _0\"></span>che<span class=\"_ _3bd\"> </span></div><div class=\"t m3b h1c ff3 fsc fc4 sc2 ls0 ws0 gs39d6\">val<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>ore<span class=\"_ _3bd\"> </span></div><div class=\"t m3b h1c ff3 fsc fc4 sc2 ls0 ws0 gs39d7\">com<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>ple<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>ve<span class=\"_ _3bd\"> </span></div><div class=\"t m3b h1c ff3 fsc fc4 sc2 ls0 ws0 gs39d8\">Esp<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>osiz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m3b h1c ff3 fsc fc4 sc2 ls0 ws0 gs39d9\">ne<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>tta<span class=\"fc0 sc1\"> </span></div><div class=\"t m3b h1c ff3 fsc fc4 sc2 ls0 ws0 gs39da\">Ret<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>tifi<span class=\"_ _0\"></span>che<span class=\"_ _3bd\"> </span></div><div class=\"t m3b h1c ff3 fsc fc4 sc2 ls0 ws0 gs39db\">val<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>ore<span class=\"_ _3bd\"> </span></div><div class=\"t m3b h1c ff3 fsc fc4 sc2 ls0 ws0 gs39dc\">com<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>ple<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>ve<span class=\"_ _3bd\"> </span></div><div class=\"t m3b h1c ff3 fsc fc4 sc2 ls0 ws0 gs39dd\">Esp<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>osiz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m3b h1c ff3 fsc fc4 sc2 ls0 ws0 gs39de\">ne<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>tta<span class=\"fc0 sc1\"> </span></div><div class=\"t m3b h1c ff3 fsc fc4 sc2 ls0 ws0 gs39df\">Ret<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>tifi<span class=\"_ _0\"></span>che<span class=\"_ _3bd\"> </span></div><div class=\"t m3b h1c ff3 fsc fc4 sc2 ls0 ws0 gs39e0\">val<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>ore<span class=\"_ _3bd\"> </span></div><div class=\"t m3b h1c ff3 fsc fc4 sc2 ls0 ws0 gs39e1\">com<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>ple<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>ve<span class=\"_ _3bd\"> </span></div>B.3<span class=\"_ _3bd\"> </span>Co<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>ida<span class=\"_ _1\"></span>to<span class=\"_ _3bd\"> </span>pr<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Di<span class=\"_ _0\"></span>str<span class=\"_ _1\"></span>ibu<span class=\"_ _0\"></span>zio<span class=\"_ _1\"></span>ne<span class=\"_ _3bd\"> </span>ter<span class=\"_ _1\"></span>rito<span class=\"_ _0\"></span>ria<span class=\"_ _1\"></span>le<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>es<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>zio<span class=\"_ _1\"></span>ni<span class=\"_ _3bd\"> </span>cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>\"fu<span class=\"_ _1\"></span>ori<span class=\"_ _3bd\"> </span>bil<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>o\"<span class=\"_ _3bd\"> </span>ve<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>ba<span class=\"_ _0\"></span>nch<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Es<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i/A<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>ge<span class=\"_ _1\"></span>ogr<span class=\"_ _0\"></span>af<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>It<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _45\"> </span><span class=\"fc4 sc2\">Altri<span class=\"_ _3bd\"> </span></span></span>paes<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>eu<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> <span class=\"_ _ca\"> </span></span>Am<span class=\"_ _1\"></span>eri<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _a8\"> </span><span class=\"fc4 sc2\">As<span class=\"_ _0\"></span>ia<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _6f\"> </span><span class=\"fc4 sc2\">Resto<span class=\"_ _3bd\"> </span></span></span></span></span>del<span class=\"_ _3bd\"> </span>m<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>do<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Esposizioni<span class=\"_ _3bd\"> </span>ne<span class=\"_ _1\"></span>tt<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>Rettifiche<span class=\"_ _3bd\"> </span>valore<span class=\"_ _3bd\"> </span>com<span class=\"_ _0\"></span>ple<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>ve<span class=\"fc0 sc1\"> </span>Esposizioni<span class=\"_ _3bd\"> </span>ne<span class=\"_ _1\"></span>tt<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>Rettifiche<span class=\"_ _3bd\"> </span>valore<span class=\"_ _3bd\"> </span>com<span class=\"_ _0\"></span>ple<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>ve<span class=\"fc0 sc1\"> </span>Esposizioni<span class=\"_ _3bd\"> </span>ne<span class=\"_ _1\"></span>tt<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>Rettifiche<span class=\"_ _3bd\"> </span>valore<span class=\"_ _3bd\"> </span>com<span class=\"_ _0\"></span>ple<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>ve<span class=\"fc0 sc1\"> </span>Esposizioni<span class=\"_ _3bd\"> </span>ne<span class=\"_ _1\"></span>tt<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>Rettifiche<span class=\"_ _3bd\"> </span>valore<span class=\"_ _3bd\"> </span>com<span class=\"_ _0\"></span>ple<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>ve<span class=\"fc0 sc1\"> </span>Esposizioni<span class=\"_ _3bd\"> </span>ne<span class=\"_ _1\"></span>tt<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>Rettifiche<span class=\"_ _3bd\"> </span>valore<span class=\"_ _3bd\"> </span>com<span class=\"_ _0\"></span>ple<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>ve<span class=\"fc0 sc1\"> </span>A.<span class=\"_ _3bd\"> </span>Es<span class=\"_ _1\"></span>posi<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>iti<span class=\"_ _1\"></span>zie<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>a A.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Soffe<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>nze<span class=\"_ _0\"></span> </span></span>- <span class=\"_ _129\"> </span>- <span class=\"_ _c2\"> </span>- <span class=\"_ _6e\"> </span>- <span class=\"_ _42\"> </span>- <span class=\"_ _209\"> </span>- <span class=\"_ _2e\"> </span>- <span class=\"_ _209\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _11e\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span> <span class=\"_ _6e\"> </span>- </span></span>A.<span class=\"_ _0\"></span>2<span class=\"ff1\"> </span>Inad<span class=\"_ _0\"></span>emp<span class=\"_ _0\"></span>ien<span class=\"_ _0\"></span>ze<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">pro<span class=\"_ _0\"></span>bab<span class=\"_ _0\"></span>ili </span></span>- <span class=\"_ _129\"> </span>- <span class=\"_ _c2\"> </span>- <span class=\"_ _6e\"> </span>- <span class=\"_ _42\"> </span>- <span class=\"_ _209\"> </span>- <span class=\"_ _2e\"> </span>- <span class=\"_ _209\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _11e\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span> <span class=\"_ _6e\"> </span>- </span></span>A.<span class=\"_ _0\"></span>3<span class=\"ff1\"> </span>Espos<span class=\"_ _0\"></span>iz<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">scad<span class=\"_ _0\"></span>ute<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">det<span class=\"_ _0\"></span>erio<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>te </span></span></span></span>- <span class=\"_ _129\"> </span>- <span class=\"_ _c2\"> </span>- <span class=\"_ _6e\"> </span>- <span class=\"_ _42\"> </span>- <span class=\"_ _209\"> </span>- <span class=\"_ _2e\"> </span>- <span class=\"_ _209\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _11e\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span> <span class=\"_ _6e\"> </span>- </span></span>A.<span class=\"_ _0\"></span>4<span class=\"ff1\"> </span>Es<span class=\"_ _0\"></span>posi<span class=\"_ _0\"></span>zion<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>rate<span class=\"_ _1\"></span> 3.8<span class=\"_ _0\"></span>91<span class=\"_ _0\"></span>.26<span class=\"_ _0\"></span>4 <span class=\"_ _200\"> </span>4<span class=\"_ _0\"></span>23<span class=\"_ _1\"></span> <span class=\"_ _1fe\"> </span>1.<span class=\"_ _0\"></span>682<span class=\"_ _0\"></span>.43<span class=\"_ _0\"></span>1 <span class=\"_ _177\"> </span>57<span class=\"_ _1\"></span>3 <span class=\"_ _f2\"> </span>65.03<span class=\"_ _0\"></span>3 <span class=\"_ _1ff\"> </span>15<span class=\"_ _0\"></span> <span class=\"_ _175\"> </span>12<span class=\"_ _1\"></span> <span class=\"_ _f2\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _34\"> </span><span class=\"ff3\">77.59<span class=\"_ _0\"></span>4 <span class=\"_ _7e\"> </span>9 </span></span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>(A<span class=\"_ _1\"></span>) 3.<span class=\"_ _0\"></span>89<span class=\"_ _0\"></span>1.<span class=\"_ _0\"></span>26<span class=\"_ _0\"></span>4 <span class=\"_ _200\"> </span>42<span class=\"_ _1\"></span>3<span class=\"_ _0\"></span> <span class=\"_ _194\"> </span>1.6<span class=\"_ _0\"></span>82<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>31<span class=\"_ _0\"></span> <span class=\"_ _177\"> </span>57<span class=\"_ _1\"></span>3<span class=\"_ _0\"></span> <span class=\"_ _122\"> </span>65<span class=\"_ _1\"></span>.03<span class=\"_ _0\"></span>3 <span class=\"_ _62\"> </span>1<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span> <span class=\"_ _72\"> </span>1<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span> <span class=\"_ _209\"> </span>-<span class=\"_ _3bd\"> </span>77<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>94<span class=\"_ _1\"></span> 9B.<span class=\"_ _3bd\"> </span>Es<span class=\"_ _1\"></span>pos<span class=\"_ _0\"></span>iz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>iti<span class=\"_ _1\"></span>zie<span class=\"_ _3bd\"> </span>fu<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>bi<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span> B.<span class=\"_ _0\"></span>1<span class=\"ff1\"> </span>Espo<span class=\"_ _0\"></span>siz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>dete<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>orat<span class=\"_ _0\"></span>e - <span class=\"_ _129\"> </span>- <span class=\"_ _c2\"> </span>- <span class=\"_ _6e\"> </span>- <span class=\"_ _42\"> </span>- <span class=\"_ _209\"> </span>- <span class=\"_ _2e\"> </span>- <span class=\"_ _209\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _11e\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span> <span class=\"_ _6e\"> </span>- </span></span>B.<span class=\"_ _0\"></span>2<span class=\"ff1\"> </span>Esp<span class=\"_ _0\"></span>osiz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>riora<span class=\"_ _1\"></span>te 94.<span class=\"_ _1\"></span>015 <span class=\"_ _77\"> </span>- <span class=\"_ _70\"> </span>1.56<span class=\"_ _0\"></span>0.2<span class=\"_ _0\"></span>20 <span class=\"_ _6c\"> </span>- <span class=\"_ _75\"> </span>6.7<span class=\"_ _0\"></span>83 <span class=\"_ _11c\"> </span>- <span class=\"_ _177\"> </span>2.0<span class=\"_ _0\"></span>80 <span class=\"_ _209\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _6a\"> </span><span class=\"ff3\">74<span class=\"_ _1\"></span>6 <span class=\"_ _6e\"> </span>1 </span></span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>(B<span class=\"_ _1\"></span>)<span class=\"_ _0\"></span> 94<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>15<span class=\"_ _0\"></span> - <span class=\"_ _7f\"> </span>1.56<span class=\"_ _1\"></span>0.2<span class=\"_ _0\"></span>20<span class=\"_ _1\"></span> - <span class=\"_ _7e\"> </span>6.7<span class=\"_ _0\"></span>83<span class=\"_ _1\"></span> - <span class=\"_ _178\"> </span>2.0<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>0 <span class=\"_ _209\"> </span>-<span class=\"_ _3bd\"> </span>7<span class=\"_ _0\"></span>46<span class=\"_ _1\"></span> 1To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>(A<span class=\"_ _1\"></span>+B<span class=\"_ _1\"></span>) <span class=\"_ _f6\"> </span>3<span class=\"_ _0\"></span>1/1<span class=\"_ _0\"></span>2/<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>22<span class=\"_ _1\"></span> <span class=\"_ _ab\"> </span>3.<span class=\"_ _0\"></span>98<span class=\"_ _0\"></span>5.2<span class=\"_ _0\"></span>79<span class=\"_ _1\"></span> <span class=\"_ _1ff\"> </span>42<span class=\"_ _1\"></span>3 <span class=\"_ _7f\"> </span>3.2<span class=\"_ _0\"></span>42<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>51<span class=\"_ _0\"></span> <span class=\"_ _177\"> </span>5<span class=\"_ _0\"></span>73<span class=\"_ _1\"></span> <span class=\"_ _77\"> </span>71.<span class=\"_ _0\"></span>816<span class=\"_ _1\"></span> <span class=\"_ _62\"> </span>15<span class=\"_ _1\"></span> <span class=\"_ _f2\"> </span>2.<span class=\"_ _0\"></span>09<span class=\"_ _0\"></span>2 <span class=\"_ _209\"> </span>-<span class=\"_ _3bd\"> </span>78<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>40<span class=\"_ _1\"></span> <span class=\"_ _20b\"> </span>1<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span> To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>(A<span class=\"_ _1\"></span>+B<span class=\"_ _1\"></span>) <span class=\"_ _f6\"> </span>3<span class=\"_ _0\"></span>1/1<span class=\"_ _0\"></span>2/<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _1\"></span> <span class=\"_ _320\"> </span>8.<span class=\"_ _0\"></span>32<span class=\"_ _0\"></span>7.<span class=\"_ _0\"></span>35<span class=\"_ _0\"></span>7 <span class=\"_ _62\"> </span>3<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span> <span class=\"_ _7f\"> </span>2.3<span class=\"_ _0\"></span>44<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>16<span class=\"_ _0\"></span> <span class=\"_ _a2\"> </span>4<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span> <span class=\"_ _75\"> </span>6<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>00<span class=\"_ _0\"></span> - <span class=\"_ _a1\"> </span>2.<span class=\"_ _0\"></span>51<span class=\"_ _0\"></span>5 <span class=\"_ _209\"> </span>-<span class=\"_ _3bd\"> </span>88<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>03<span class=\"_ _1\"></span> <span class=\"_ _21a\"> </span>1<span class=\"_ _3bd\"> </span>2<div class=\"t m26 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs39e3\">B.<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs39e4\">Gr<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs39e5\">es<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>siz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs39e6\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs39e7\">Num<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>posi<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>oni </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs39e8\">1<span class=\"_ _0\"></span>7 </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs39e9\">Esp<span class=\"_ _0\"></span>osiz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs39ea\">24<span class=\"_ _0\"></span>.11<span class=\"_ _0\"></span>1.8<span class=\"_ _0\"></span>62 </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs39eb\">Posizione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>io </span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs39ec\">1.<span class=\"_ _0\"></span>359.<span class=\"_ _0\"></span>579<span class=\"_ _0\"></span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs39ed\">Sono<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cons<span class=\"_ _2\"></span>iderate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>calcolo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u201c<span class=\"_ _2\"></span>grandi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rischi\u201d<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tutte<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>ischio,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cassa<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fuori<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>bilancio,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nei<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs39ee\">confronti<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>singolo<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>cliente<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>(ovvero<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>gruppo<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>clienti<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>c<span class=\"_ _2\"></span>onnessi)<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>senza<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>l'applicazione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>fattor<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs39ef\">ponderazione,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>mentre<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>limite<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>qualifica<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un\u2019esposizione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>come<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\"gr<span class=\"_ _2\"></span>ande<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>ischio\",<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quando<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l<span class=\"_ _2\"></span>\u2019esposizione,<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs39f0\">come<span class=\"ff1\"> </span>sopra<span class=\"ff1\"> </span>determinata,<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>superiore<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>10%<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>fondi<span class=\"ff1\"> </span>propri. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs39f1\">La<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>isciplina,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>apprezzare<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>modo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _0\"></span>i\u00f9<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>preci<span class=\"_ _0\"></span>so<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>grado<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">concentrazione</span> <span class=\"_ _27\"> </span><span class=\"ff3\">dei</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">credi<span class=\"_ _0\"></span>ti,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rileva<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>anche<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs39f2\">esposizioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>aventi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fat<span class=\"_ _2\"></span>tore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ponderazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cont<span class=\"_ _2\"></span>roparte<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pari<span class=\"ff1\"> <span class=\"_ _20\"></span></span>allo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>zero<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cento,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ad<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs39f3\">esempio<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>esposizioni<span class=\"ff1\"> </span>verso<span class=\"ff1\"> </span>lo<span class=\"ff1\"> </span>Stato<span class=\"ff1\"> </span>italiano,<span class=\"ff1\"> </span>ecc.. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs39f4\">Si<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sottolinea<span class=\"ff1\"> <span class=\"_ _21\"></span></span>inoltre<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pe<span class=\"_ _2\"></span>rimetro<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>riferimento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>comprese<span class=\"ff1\"> <span class=\"_ _21\"></span></span>anche<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff3\">le</span> <span class=\"_ _21\"> </span><span class=\"ff3\">operazioni</span> <span class=\"_ _21\"> </span><span class=\"ff3\">di</span> <span class=\"_ _21\"> </span><span class=\"ff3\">pronti</span> <span class=\"_ _21\"> </span><span class=\"ff3\">contro</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs39f5\">termine<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>passive.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>La<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>normat<span class=\"_ _2\"></span>iva<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>prevede<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tali<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>op<span class=\"_ _2\"></span>erazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>co<span class=\"_ _2\"></span>ncorrano<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>all<span class=\"_ _0\"></span>'esposizione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nomi<span class=\"_ _2\"></span>nale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>verso<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs39f6\">controparte<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>l'import<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u201ct<span class=\"_ _2\"></span>itoli<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ricevere\u201d,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>mentr<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>l\u2019esposizione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ponderata,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>casi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>espressamente<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs39f7\">previsti,<span class=\"ff1\"> </span>pu\u00f2<span class=\"ff1\"> </span>prevedere<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>ponderazione<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>zero. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs39f8\">Si<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rilevano<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fine<span class=\"ff1\"> <span class=\"_ _20\"></span></span>periodo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>17<span class=\"ff1\"> <span class=\"_ _20\"></span></span>posizioni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>classificate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>come<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u201cgra<span class=\"_ _2\"></span>ndi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischi\u201d,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _21\"></span></span>un<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ammontare<span class=\"ff1\"> <span class=\"_ _21\"></span></span>complessivo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs39f9\">24.<span class=\"_ _0\"></span>111<span class=\"_ _0\"></span>,9<span class=\"ff1\"> </span>m<span class=\"_ _0\"></span>ilio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>eu<span class=\"_ _0\"></span>ro,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>rrisp<span class=\"_ _0\"></span>onde<span class=\"_ _0\"></span>nti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>1.<span class=\"_ _0\"></span>359,<span class=\"_ _0\"></span>6,0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">milio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>uro<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">val<span class=\"_ _0\"></span>ore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pon<span class=\"_ _0\"></span>dera<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>(a<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fine<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">20<span class=\"_ _0\"></span>21<span class=\"ff1\"> </span>eran<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>pre<span class=\"_ _0\"></span>sen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs39fa\">19<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pos<span class=\"_ _2\"></span>izioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ammontar<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">complessivo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">31.368,8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">milioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">euro,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">corris<span class=\"_ _2\"></span>pondenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">1<span class=\"_ _2\"></span>.838,0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">milioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"_ _2\"></span>uro<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs39fb\">di<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>ponderato). </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs39fc\">Tra<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le</span> <span class=\"ff3\">p<span class=\"_ _0\"></span>osizi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>leva<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>gur<span class=\"_ _0\"></span>ano<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Min<span class=\"_ _0\"></span>iste<span class=\"_ _1\"></span>ro<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Te<span class=\"_ _0\"></span>soro<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>alc<span class=\"_ _0\"></span>uni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Stati</span> <span class=\"ff3\">U<span class=\"_ _0\"></span>E<span class=\"ff1\"> </span>ed<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">extra<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">UE<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">pr<span class=\"_ _0\"></span>ima<span class=\"_ _0\"></span>rie<span class=\"ff1\"> </span>b<span class=\"_ _0\"></span>anche<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">naz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs39fd\">ed<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">internazionali. </span></span></div><div class=\"t m0 h10 ff3 fs9 fc4 sc0 ls0 ws0 gs39ff\">C.<span class=\"ff5\"> <span class=\"_ _1c\"></span><span class=\"ff3\">Ope<span class=\"_ _0\"></span>raz<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">c<span class=\"_ _0\"></span>art<span class=\"_ _0\"></span>olar<span class=\"_ _0\"></span>izz<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"fc0\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3a00\">Inf<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>maz<span class=\"_ _1\"></span>ion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3a01\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3a02\">na<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>ra<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3a03\">qu<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>a<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a04\">Il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Gruppo<span class=\"ff1\"> </span>detiene<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>artecipa<span class=\"_ _2\"></span>zione<span class=\"ff1\"> </span>pari<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">10%<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>Emi<span class=\"_ _0\"></span>lia<span class=\"ff1\"> </span>SPV<span class=\"ff1\"> </span>S.r.l.,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">societ\u00e0<span class=\"ff1\"> </span>veicolo<span class=\"ff1\"> </span>appositamente<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ost<span class=\"_ _2\"></span>ituita<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a05\">ed<span class=\"ff1\"> </span>avente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>oggetto<span class=\"_ _2\"></span><span class=\"ff1\"> </span>esclusivo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>realizzazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>una<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pi\u00f9<span class=\"ff1\"> <span class=\"_ _2\"></span></span>operazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cartolar<span class=\"_ _2\"></span>izzazione<span class=\"ff1\"> </span>ai<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sensi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a06\">Legge<span class=\"ff1\"> </span>n.<span class=\"ff1\"> </span>130<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>30<span class=\"ff1\"> </span>aprile<span class=\"ff1\"> </span>1999. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a07\">Emilia<span class=\"ff1\"> </span>SPV<span class=\"ff1\"> </span>S.r.l.<span class=\"ff1\"> </span>ha<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>un\u2019operazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cartolarizzazione<span class=\"ff1\"> </span>revolving<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>mutui<span class=\"ff1\"> </span>ipotecari<span class=\"ff1\"> </span>residenziali<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a08\">bonis<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>idonei<span class=\"ff1\"> </span>all\u2019utilizzo<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>Programma<span class=\"ff1\"> </span>\u201cObbligazioni<span class=\"ff1\"> </span>Bancarie<span class=\"ff1\"> </span>Garantite\u201d,<span class=\"ff1\"> </span>garantito<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>Credem<span class=\"ff1\"> </span>CB<span class=\"ff1\"> </span>S.r.l.<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a09\">La<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">struttura<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">revolving<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">permett<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span>Banca,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>urante<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">periodo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>cosidde<span class=\"_ _0\"></span>tto<span class=\"ff1\"> </span>replen<span class=\"_ _0\"></span>ishment<span class=\"ff1\"> </span>che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pot<span class=\"_ _2\"></span>r\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">durare<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a0a\">fino<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">5<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">anni,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cedere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nuovi<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ortafogli<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cred<span class=\"_ _0\"></span>iti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">idonei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">societ\u00e0<span class=\"ff1\"> </span>ve<span class=\"_ _0\"></span>icolo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">util<span class=\"_ _2\"></span>izza,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">lor<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pagamento,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a0b\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">proventi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ortafo<span class=\"_ _2\"></span>glio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esistente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e/o<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">proventi<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pagam<span class=\"_ _2\"></span>ento<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">par<span class=\"_ _2\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">noteholder<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ulteri<span class=\"_ _2\"></span>ori<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quote<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a0c\">prezzo<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> </span>emessi.<span class=\"ff1\"> </span>Una<span class=\"ff1\"> </span>volta<span class=\"ff1\"> </span>concluso<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>periodo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>replenishment,<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>note<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>rimborsate<span class=\"ff1\"> </span>durante<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a0d\">periodo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>ammortamento<span class=\"ff1\"> </span>definito<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>sede<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>emissione.<span class=\"ff1\"> </span>Il<span class=\"ff1\"> </span>periodo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>replenishment<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>conclus<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>maggio<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a0e\">2020<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>23<span class=\"ff1\"> </span>marzo<span class=\"ff1\"> </span>2021<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>stato<span class=\"ff1\"> </span>rinnovato<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>ulteriori<span class=\"ff1\"> </span>5<span class=\"_ _2\"></span><span class=\"ff1\"> </span>anni. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a0f\">I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">crediti<span class=\"ff1\"> </span>dell\u2019operazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>oggetto,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">originati<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Credem,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>stati<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>eduti<span class=\"ff1\"> </span>pro<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">soluto,<span class=\"ff1\"> </span>ossia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>enza<span class=\"ff1\"> </span>garanzia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a10\">solvenza<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>debitori<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>loro<span class=\"ff1\"> </span>eventuali<span class=\"ff1\"> </span>garanti,<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>Emilia<span class=\"ff1\"> </span>SPV<span class=\"ff1\"> </span>S.r.l. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a11\">Credem<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ha<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sottoscritto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>all\u2019att<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019emissione,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>detiene<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"></span></span>por<span class=\"_ _0\"></span>tafoglio,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>otale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>passivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>emesse<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dal<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a12\">veicolo.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Pertanto<span class=\"_ _2\"></span>,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>base<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>norme<span class=\"ff1\"> <span class=\"_ _2\"></span></span>IFRS9<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>materia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u201cderecognition\u201d<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(cancellazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contabile),<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>crediti<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a13\">oggetto<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>cartolarizzazione<span class=\"ff1\"> </span>rimangono<span class=\"ff1\"> </span>iscritt<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>nell\u2019attivo<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> </span>Credem. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a14\">Sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>presenti<span class=\"ff1\"> </span>nella<span class=\"ff1\"> <span class=\"_ _2\"></span></span>categoria<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contabile<span class=\"ff1\"> </span>\u201c<span class=\"_ _2\"></span>Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziarie<span class=\"ff1\"> </span>valutat<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>costo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ammortizzato\u201d,<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>31<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dicembre<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a15\">2022,<span class=\"ff1\">  </span>60<span class=\"_ _2\"></span>8<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>milioni<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>euro<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>ABS<span class=\"ff1\">  </span>em<span class=\"_ _2\"></span>essi<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>veicoli<span class=\"ff1\">  </span>t<span class=\"_ _2\"></span>erzi,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>collegati<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>crediti<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>originati<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Europa,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>con<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a16\">preponderanza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> </span>componente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>origination<span class=\"ff1\"> <span class=\"_ _2\"></span></span>francese<span class=\"ff1\"> </span>(195.2<span class=\"ff1\"> </span>m<span class=\"_ _2\"></span>ilioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Euro).<span class=\"ff1\"> </span>Il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>portafoglio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> </span>costituito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a17\">differenti<span class=\"ff1\"> </span>tipologie<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>ABS<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>prevalenza<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>cartolarizzazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mutui<span class=\"ff1\"> </span>residenziali,<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>incidono<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>i<span class=\"_ _2\"></span>l<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a18\">43,<span class=\"_ _0\"></span>4%. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a19\">L\u2019<span class=\"_ _0\"></span>attu<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">es<span class=\"_ _0\"></span>posi<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>uddi<span class=\"_ _0\"></span>vis<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>ese<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cos\u00ec<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>mpo<span class=\"_ _0\"></span>sta:<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3a1a\">Pa<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3a1b\">Co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3a1c\">(m<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>lia<span class=\"_ _1\"></span>ia<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3a1d\">Eu<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>)<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3a1e\">%<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3a1f\">Es<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3a20\">FRA<span class=\"_ _0\"></span>NCIA<span class=\"_ _1\"></span> <span class=\"_ _201\"> </span>195<span class=\"_ _0\"></span>.17<span class=\"_ _0\"></span>3 <span class=\"_ _33d\"> </span>32<span class=\"_ _1\"></span>,1 </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3a21\">GER<span class=\"_ _0\"></span>MAN<span class=\"_ _0\"></span>IA <span class=\"_ _32\"> </span>167.<span class=\"_ _0\"></span>18<span class=\"_ _0\"></span>8 <span class=\"_ _202\"> </span>27<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>5 </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3a22\">PAESI<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">BASS<span class=\"_ _1\"></span>I <span class=\"_ _41\"> </span>10<span class=\"_ _0\"></span>4.8<span class=\"_ _0\"></span>13 <span class=\"_ _12\"> </span>17<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>2 </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3a23\">SPA<span class=\"_ _0\"></span>GNA<span class=\"_ _0\"></span> <span class=\"_ _1bc\"> </span>74.<span class=\"_ _0\"></span>729<span class=\"_ _0\"></span> <span class=\"_ _242\"> </span>1<span class=\"_ _0\"></span>2.<span class=\"_ _1\"></span>3 </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3a24\">ITA<span class=\"_ _0\"></span>LIA<span class=\"_ _0\"></span> <span class=\"_ _203\"> </span>42<span class=\"_ _0\"></span>.15<span class=\"_ _0\"></span>9 <span class=\"_ _15\"> </span>7,<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3a25\">IRL<span class=\"_ _0\"></span>ANDA<span class=\"_ _1\"></span> <span class=\"_ _a3\"> </span>22.<span class=\"_ _0\"></span>650 <span class=\"_ _87\"> </span>3,<span class=\"_ _1\"></span>7 </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3a26\">REGNO<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">UNIT<span class=\"_ _0\"></span>O <span class=\"_ _3f\"> </span>7<span class=\"_ _0\"></span>97<span class=\"_ _1\"></span> <span class=\"_ _204\"> </span>0,<span class=\"_ _1\"></span>1 </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3a27\">PO<span class=\"_ _0\"></span>RTOG<span class=\"_ _0\"></span>AL<span class=\"_ _0\"></span>LO <span class=\"_ _3f\"> </span>63<span class=\"_ _1\"></span>4 <span class=\"_ _21b\"> </span>0,<span class=\"_ _1\"></span>1 </div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3a28\">TO<span class=\"_ _0\"></span>TA<span class=\"_ _0\"></span>LE<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _a3\"> </span><span class=\"fc4 sc2\">60<span class=\"_ _0\"></span>8.1<span class=\"_ _0\"></span>43<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _f5\"> </span><span class=\"fc4 sc2\">10<span class=\"_ _0\"></span>0,<span class=\"_ _0\"></span>0<span class=\"fc0 sc1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a29\">Il<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>por<span class=\"_ _2\"></span>tafoglio<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>cartolarizzazioni<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>diversificato<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>s<span class=\"_ _2\"></span>u<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>28<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>emittenti<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>38<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>emissioni,<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>massima<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a2a\">concentrazione<span class=\"ff1\"> </span>pari<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>45<span class=\"_ _2\"></span>,9<span class=\"ff1\"> </span>milioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">euro</span> <span class=\"ff3\">per</span> <span class=\"ff3\">singola</span> <span class=\"ff3\">emissione</span> <span class=\"ff3\">e</span> <span class=\"_ _0\"></span><span class=\"ff3\">72,1<span class=\"ff1\"> </span>milioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>euro<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>singolo<span class=\"ff1\"> </span>emittente.<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></div>C.3<span class=\"_ _3bd\"> </span>Espos<span class=\"_ _0\"></span>izioni<span class=\"_ _3bd\"> </span>deriva<span class=\"_ _0\"></span>nti<span class=\"_ _3bd\"> </span>dalle<span class=\"_ _3bd\"> </span>princip<span class=\"_ _0\"></span>ali<span class=\"_ _3bd\"> </span>opera<span class=\"_ _0\"></span>zioni<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>carto<span class=\"_ _0\"></span>larizza<span class=\"_ _0\"></span>zione<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>\"terzi<span class=\"_ _0\"></span>\"<span class=\"_ _3bd\"> </span>riparti<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span>per<span class=\"_ _3bd\"> </span>tipol<span class=\"_ _0\"></span>ogia<span class=\"_ _3bd\"> </span>delle<span class=\"_ _3bd\"> </span>atti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _3bd\"> </span>carto<span class=\"_ _0\"></span>larizzat<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>per<span class=\"_ _3bd\"> </span>tipo<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>espo<span class=\"_ _0\"></span>sizione<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Ti<span class=\"_ _0\"></span>polo<span class=\"_ _1\"></span>gia<span class=\"_ _3bd\"> </span>att<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span>so<span class=\"_ _0\"></span>tto<span class=\"_ _0\"></span>sta<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>/<span class=\"_ _3bd\"> </span>Es<span class=\"_ _0\"></span>posi<span class=\"_ _1\"></span>zioni<span class=\"_ _0\"></span> Es<span class=\"_ _0\"></span>posi<span class=\"_ _1\"></span>zioni<span class=\"_ _3bd\"> </span>per<span class=\"_ _3bd\"> </span>c<span class=\"_ _0\"></span>as<span class=\"_ _1\"></span>sa <span class=\"_ _193\"> </span>Ga<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nzie<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>las<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span> <span class=\"_ _1a7\"> </span>Linee<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cre<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>Se<span class=\"_ _0\"></span>nior<span class=\"_ _1\"></span> <span class=\"_ _296\"> </span>Me<span class=\"_ _0\"></span>zza<span class=\"_ _0\"></span>nine<span class=\"_ _1\"></span> <span class=\"_ _1f2\"> </span>Ju<span class=\"_ _0\"></span>nior<span class=\"_ _1\"></span> <span class=\"_ _63\"> </span>Seni<span class=\"_ _1\"></span>or <span class=\"_ _1f1\"> </span>Mez<span class=\"_ _0\"></span>zani<span class=\"_ _1\"></span>ne <span class=\"_ _327\"> </span>Jun<span class=\"_ _0\"></span>ior<span class=\"_ _0\"></span> <span class=\"_ _63\"> </span>Se<span class=\"_ _0\"></span>nior<span class=\"_ _1\"></span> <span class=\"_ _327\"> </span>Mez<span class=\"_ _0\"></span>zan<span class=\"_ _0\"></span>ine<span class=\"_ _0\"></span> <span class=\"_ _327\"> </span>Juni<span class=\"_ _0\"></span>or<span class=\"_ _3bd\"> </span>Valore<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>bila<span class=\"_ _3bd\"> </span>Rettifiche<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>valo<span class=\"_ _3bd\"> </span>Valore<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>bila<span class=\"_ _3bd\"> </span>Rettifiche<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>valo<span class=\"_ _3bd\"> </span>Valore<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>bila<span class=\"_ _3bd\"> </span>Rettifiche<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>valo<span class=\"_ _3bd\"> </span>Valore<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>bila<span class=\"_ _3bd\"> </span>Rettifiche<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>valo<span class=\"_ _3bd\"> </span>Valore<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>bila<span class=\"_ _3bd\"> </span>Rettifiche<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>valo<span class=\"_ _3bd\"> </span>Valore<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>bila<span class=\"_ _3bd\"> </span>Rettifiche<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>valo<span class=\"_ _3bd\"> </span>Valore<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>bila<span class=\"_ _3bd\"> </span>Rettifiche<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>valo<span class=\"_ _3bd\"> </span>Valore<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>bila<span class=\"_ _3bd\"> </span>Rettifiche<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>valo<span class=\"_ _3bd\"> </span>Valore<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>bila<span class=\"_ _3bd\"> </span>Rettifiche<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>valo<span class=\"_ _3bd\"> </span>A.<span class=\"_ _1\"></span>1<span class=\"_ _3bd\"> </span>A.<span class=\"_ _1\"></span>2<span class=\"_ _3bd\"> </span>A.<span class=\"_ _1\"></span>3<span class=\"_ _3bd\"> </span>A.<span class=\"_ _1\"></span>4<span class=\"_ _3bd\"> </span>AUTO<span class=\"ff1\"> </span>ABS<span class=\"ff1\"> </span>FRGN33F<span class=\"_ _2\"></span>RN<span class=\"ff1\"> </span>PRESTITI<span class=\"ff1\"> </span>AL<span class=\"ff1\"> </span>CONSU<span class=\"_ _2\"></span>MO<span class=\"ff1\"> </span>AUTOF<span class=\"ff1\"> </span>2<span class=\"ff1\"> <span class=\"_ _2\"></span></span>A<span class=\"ff1\"> </span>21-43<span class=\"ff1\"> </span>EUR<span class=\"ff1\"> </span>PRESTITI<span class=\"ff1\"> </span>AL<span class=\"ff1\"> </span>CONSU<span class=\"_ _2\"></span>MO<span class=\"ff1\"> </span>AUTONORIA<span class=\"ff1\"> </span>ST35<span class=\"ff1\"> </span>F<span class=\"_ _2\"></span>RN<span class=\"ff1\"> </span>PRESTITI<span class=\"ff1\"> </span>AL<span class=\"ff1\"> </span>CONSU<span class=\"_ _2\"></span>MO<span class=\"ff1\"> </span>BP<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">M<span class=\"_ _0\"></span>ORTGAG<span class=\"_ _0\"></span>ES<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">07/44T<span class=\"_ _0\"></span>V<span class=\"_ _3bd\"> </span></span></span></span></span>MUT<span class=\"_ _0\"></span>UI<span class=\"ff1\"> </span>IP<span class=\"_ _0\"></span>OTECA<span class=\"_ _0\"></span>RI<span class=\"ff1\"> </span>RESIDE<span class=\"_ _0\"></span>NZI<span class=\"_ _0\"></span>ALI<span class=\"_ _3bd\"> </span>27.<span class=\"_ _0\"></span>252<span class=\"_ _3bd\"> </span>30.<span class=\"_ _0\"></span>190<span class=\"_ _3bd\"> </span>5.3<span class=\"_ _0\"></span>93<span class=\"_ _3bd\"> </span>36<span class=\"_ _3bd\"> </span>1<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>A.<span class=\"_ _1\"></span>5<span class=\"_ _3bd\"> </span>A.<span class=\"_ _1\"></span>6<span class=\"_ _3bd\"> </span>A.<span class=\"_ _1\"></span>7<span class=\"_ _3bd\"> </span>A.<span class=\"_ _1\"></span>8<span class=\"_ _3bd\"> </span>BPC<span class=\"_ _0\"></span>E<span class=\"ff1\"> </span>H<span class=\"_ _0\"></span>OME19O<span class=\"_ _0\"></span>T24FR<span class=\"_ _0\"></span>N<span class=\"_ _3bd\"> </span>MUT<span class=\"_ _0\"></span>UI<span class=\"ff1\"> </span>I<span class=\"_ _0\"></span>POTEC<span class=\"_ _0\"></span>ARI<span class=\"ff1\"> </span>R<span class=\"_ _0\"></span>ESIDE<span class=\"_ _0\"></span>NZIA<span class=\"_ _0\"></span>LI<span class=\"ff1\"> </span>BPCE<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">HOME21OT55FR<span class=\"_ _2\"></span>N<span class=\"_ _3bd\"> </span></span></span>MUT<span class=\"_ _0\"></span>UI<span class=\"ff1\"> </span>I<span class=\"_ _0\"></span>POTEC<span class=\"_ _0\"></span>ARI<span class=\"ff1\"> </span>R<span class=\"_ _0\"></span>ESIDE<span class=\"_ _0\"></span>NZIA<span class=\"_ _0\"></span>LI<span class=\"ff1\"> </span>BSKY<span class=\"ff1\"> </span>FRE4A<span class=\"ff1\"> </span>FRN-2<span class=\"_ _2\"></span>9<span class=\"ff1\"> </span>EU<span class=\"ff1\"> </span>PRESTITI<span class=\"ff1\"> </span>AL<span class=\"ff1\"> </span>CONSU<span class=\"_ _2\"></span>MO<span class=\"_ _3bd\"> </span>BS<span class=\"_ _0\"></span>KY<span class=\"ff1\"> </span>GE1<span class=\"_ _0\"></span>1<span class=\"ff1\"> </span>FRN<span class=\"_ _0\"></span>-30<span class=\"ff1\"> </span>E<span class=\"_ _0\"></span>U<span class=\"_ _3bd\"> </span>PR<span class=\"_ _0\"></span>ESTIT<span class=\"_ _0\"></span>I<span class=\"ff1\"> </span>AL<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">CON<span class=\"_ _0\"></span>SUMO<span class=\"_ _3bd\"> </span></span></span>10<span class=\"_ _0\"></span>.181<span class=\"_ _3bd\"> </span>30.<span class=\"_ _0\"></span>771<span class=\"_ _3bd\"> </span>15.<span class=\"_ _0\"></span>210<span class=\"_ _3bd\"> </span>35.<span class=\"_ _0\"></span>300<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>2<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>3<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>A.<span class=\"_ _1\"></span>9<span class=\"_ _3bd\"> </span>A.<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>A.<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>A.<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>BUMPER<span class=\"ff1\"> </span>22<span class=\"_ _2\"></span>SA<span class=\"ff1\"> </span>22-32<span class=\"ff1\"> </span>PR<span class=\"_ _0\"></span>ESTIT<span class=\"_ _0\"></span>I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">AL<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">CONSUM<span class=\"_ _0\"></span>O<span class=\"ff1\"> </span></span></span></span></span>BUOS<span class=\"ff1\"> </span>3<span class=\"ff1\"> </span>A<span class=\"ff1\"> <span class=\"_ _2\"></span></span>SR<span class=\"ff1\"> </span>SEQ<span class=\"ff1\"> </span>FLT<span class=\"ff1\"> </span>PRESTITI<span class=\"ff1\"> </span>A<span class=\"ff1\"> </span>PMI<span class=\"_ _3bd\"> </span>BUOS<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">3<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">B<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">MEZZ<span class=\"ff1\"> </span>SEQ<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">FL<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>PRESTITI<span class=\"ff1\"> </span>A<span class=\"ff1\"> </span>PMI<span class=\"ff1\"> </span>CR.<span class=\"_ _0\"></span>AGR.H<span class=\"_ _0\"></span>ABIT<span class=\"_ _0\"></span>AT<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">MTG<span class=\"_ _0\"></span>E<span class=\"_ _3bd\"> </span></span></span>MUT<span class=\"_ _0\"></span>UI<span class=\"ff1\"> </span>IP<span class=\"_ _0\"></span>OTECA<span class=\"_ _0\"></span>RI<span class=\"ff1\"> </span>RESIDE<span class=\"_ _0\"></span>NZI<span class=\"_ _0\"></span>ALI<span class=\"_ _3bd\"> </span>28.<span class=\"_ _0\"></span>024<span class=\"_ _3bd\"> </span>2.8<span class=\"_ _0\"></span>97<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>22.<span class=\"_ _0\"></span>610<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>3<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>2<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>9<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>A.<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>A.<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>A.<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>A.<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>DRIV<span class=\"ff1\"> </span>ESP<span class=\"ff1\"> </span>A<span class=\"ff1\"> </span>SR<span class=\"ff1\"> </span>6<span class=\"ff1\"> <span class=\"_ _2\"></span></span>FLT<span class=\"ff1\"> </span>PRESTITI<span class=\"ff1\"> </span>AL<span class=\"ff1\"> </span>CONSU<span class=\"_ _2\"></span>MO<span class=\"ff1\"> </span>DUT<span class=\"_ _0\"></span>CH<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">MBS<span class=\"ff1\"> </span>B<span class=\"_ _0\"></span>V18<span class=\"_ _0\"></span>-50EUR<span class=\"_ _3bd\"> </span></span></span>MUT<span class=\"_ _0\"></span>UI<span class=\"ff1\"> </span>I<span class=\"_ _0\"></span>POTEC<span class=\"_ _0\"></span>ARI<span class=\"ff1\"> </span>R<span class=\"_ _0\"></span>ESIDE<span class=\"_ _0\"></span>NZIA<span class=\"_ _0\"></span>LI<span class=\"ff1\"> </span>E-MAC<span class=\"ff1\"> </span>NL<span class=\"ff1\"> </span>FRN<span class=\"ff1\"> </span>-<span class=\"_ _2\"></span>A-GE37<span class=\"_ _3bd\"> </span>MUT<span class=\"_ _0\"></span>UI<span class=\"ff1\"> </span>I<span class=\"_ _0\"></span>POTEC<span class=\"_ _0\"></span>ARI<span class=\"ff1\"> </span>R<span class=\"_ _0\"></span>ESIDE<span class=\"_ _0\"></span>NZIA<span class=\"_ _0\"></span>LI<span class=\"ff1\"> </span>FINANCE<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(IR)ST60FR<span class=\"_ _2\"></span>N<span class=\"_ _3bd\"> </span></span></span>MUT<span class=\"_ _0\"></span>UI<span class=\"ff1\"> </span>IP<span class=\"_ _0\"></span>OTECA<span class=\"_ _0\"></span>RI<span class=\"ff1\"> </span>RESIDE<span class=\"_ _0\"></span>NZI<span class=\"_ _0\"></span>ALI<span class=\"_ _3bd\"> </span>2.5<span class=\"_ _0\"></span>75<span class=\"_ _3bd\"> </span>8.4<span class=\"_ _0\"></span>07<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>383<span class=\"_ _3bd\"> </span>7.7<span class=\"_ _0\"></span>53<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>A.<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>FI<span class=\"_ _0\"></span>NANCE<span class=\"_ _0\"></span>(IR)4<span class=\"_ _0\"></span>AMTGE<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span><span class=\"ff3\">61<span class=\"_ _0\"></span> </span></span>MUT<span class=\"_ _0\"></span>UI<span class=\"ff1\"> </span>I<span class=\"_ _0\"></span>POTEC<span class=\"_ _0\"></span>ARI<span class=\"ff1\"> </span>R<span class=\"_ _0\"></span>ESIDE<span class=\"_ _0\"></span>NZIA<span class=\"_ _0\"></span>LI<span class=\"ff1\"> </span>14<span class=\"_ _0\"></span>.971<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>1<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Es<span class=\"_ _0\"></span>posi<span class=\"_ _1\"></span>zioni<span class=\"_ _3bd\"> </span>per<span class=\"_ _3bd\"> </span>c<span class=\"_ _0\"></span>as<span class=\"_ _1\"></span>sa <span class=\"_ _1f9\"> </span>Gar<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>zie<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>las<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span> <span class=\"_ _ed\"> </span>Linee<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cre<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>o Se<span class=\"_ _0\"></span>nior<span class=\"_ _1\"></span> <span class=\"_ _1fd\"> </span>Me<span class=\"_ _0\"></span>zza<span class=\"_ _0\"></span>nine<span class=\"_ _3bd\"> </span>Ju<span class=\"_ _0\"></span>nior<span class=\"_ _0\"></span> <span class=\"_ _1fb\"> </span>Seni<span class=\"_ _1\"></span>or <span class=\"_ _55\"> </span>Me<span class=\"_ _0\"></span>zzan<span class=\"_ _0\"></span>ine<span class=\"_ _3bd\"> </span>Ju<span class=\"_ _0\"></span>nior<span class=\"_ _0\"></span> <span class=\"_ _1fb\"> </span>Seni<span class=\"_ _0\"></span>or <span class=\"_ _55\"> </span>Me<span class=\"_ _1\"></span>zzani<span class=\"_ _1\"></span>ne <span class=\"_ _1fa\"> </span>Ju<span class=\"_ _0\"></span>nior<span class=\"_ _1\"></span> Valore<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>bila<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>o Rettifiche<span class=\"_ _2\"></span>/riprese<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>valo<span class=\"_ _0\"></span>re Valore<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>bila<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>o Rettifiche<span class=\"_ _2\"></span>/riprese<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>valo<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>Valore<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>bila<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>o Rettifiche<span class=\"_ _2\"></span>/riprese<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>valo<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>Valore<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>bila<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>o Rettifiche<span class=\"_ _2\"></span>/riprese<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>valo<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>Valore<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>bila<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>o Rettifiche<span class=\"_ _2\"></span>/riprese<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>valo<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>Valore<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>bila<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>o Rettifiche<span class=\"_ _2\"></span>/riprese<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>valo<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>Valore<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>bila<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>o Rettifiche<span class=\"_ _2\"></span>/riprese<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>valo<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>Valore<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>bila<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>o Rettifiche<span class=\"_ _2\"></span>/riprese<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>valo<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>Valore<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>bila<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>o Rettifiche<span class=\"_ _2\"></span>/riprese<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>valo<span class=\"_ _0\"></span>re A.<span class=\"_ _1\"></span>21<span class=\"_ _3bd\"> </span>GRE<span class=\"_ _0\"></span>EN<span class=\"ff1\"> <span class=\"_ _2\"></span></span>APPLE<span class=\"_ _0\"></span>-19-G<span class=\"_ _0\"></span>E5<span class=\"_ _0\"></span>8 <span class=\"_ _194\"> </span>8.<span class=\"_ _0\"></span>587<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>MUT<span class=\"_ _0\"></span>UI<span class=\"_ _3bd\"> </span>IPO<span class=\"_ _0\"></span>TECAR<span class=\"_ _0\"></span>I <span class=\"_ _62\"> </span><span class=\"ff3\">RESI<span class=\"_ _0\"></span>DENZI<span class=\"_ _0\"></span>ALI <span class=\"_ _aa\"> </span><span class=\"ff1\"> <span class=\"_ _209\"> </span> <span class=\"_ _3d\"> </span> <span class=\"_ _64\"> </span> <span class=\"_ _64\"> </span> <span class=\"_ _64\"> </span> <span class=\"_ _64\"> </span> <span class=\"_ _64\"> </span> <span class=\"_ _64\"> </span> <span class=\"_ _64\"> </span> <span class=\"_ _64\"> </span> <span class=\"_ _64\"> </span> <span class=\"_ _64\"> </span> <span class=\"_ _64\"> </span> <span class=\"_ _64\"> </span> <span class=\"_ _64\"> </span> <span class=\"_ _64\"> </span> <span class=\"_ _64\"> </span> </span></span>A.<span class=\"_ _1\"></span>22<span class=\"_ _3bd\"> </span>HFH<span class=\"_ _0\"></span>L<span class=\"ff1\"> </span>2020<span class=\"_ _0\"></span>-1<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">FB<span class=\"_ _0\"></span>61 <span class=\"_ _201\"> </span>11<span class=\"_ _0\"></span>.404<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>MUT<span class=\"_ _0\"></span>UI<span class=\"_ _3bd\"> </span>IPO<span class=\"_ _0\"></span>TECAR<span class=\"_ _0\"></span>I<span class=\"_ _3bd\"> </span>RESI<span class=\"_ _1\"></span>DENZIA<span class=\"_ _0\"></span>LI A.<span class=\"_ _1\"></span>23<span class=\"_ _3bd\"> </span>HFH<span class=\"_ _0\"></span>L<span class=\"ff1\"> </span>2021<span class=\"_ _0\"></span>-1A<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">MTGE61<span class=\"_ _0\"></span>E <span class=\"_ _6c\"> </span>26.<span class=\"_ _0\"></span>599<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>MUT<span class=\"_ _0\"></span>UI<span class=\"_ _3bd\"> </span>IPO<span class=\"_ _0\"></span>TECAR<span class=\"_ _0\"></span>I<span class=\"_ _3bd\"> </span>RESI<span class=\"_ _1\"></span>DENZIA<span class=\"_ _0\"></span>LI<span class=\"_ _3bd\"> </span>A.<span class=\"_ _1\"></span>24<span class=\"_ _3bd\"> </span>HIP<span class=\"_ _0\"></span>OTOTT<span class=\"_ _0\"></span>A4-C<span class=\"_ _0\"></span>L/A<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ST4<span class=\"_ _0\"></span>8 <span class=\"_ _50\"> </span>63<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>MUT<span class=\"_ _0\"></span>UI<span class=\"_ _3bd\"> </span>IPO<span class=\"_ _0\"></span>TECAR<span class=\"_ _0\"></span>I<span class=\"_ _3bd\"> </span>RESI<span class=\"_ _1\"></span>DENZIA<span class=\"_ _0\"></span>LI<span class=\"_ _3bd\"> </span>A.<span class=\"_ _1\"></span>25<span class=\"_ _3bd\"> </span>MAG<span class=\"_ _0\"></span>OI<span class=\"ff1\"> </span>19<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">LG3<span class=\"_ _0\"></span>9<span class=\"ff1\"> </span>F<span class=\"_ _0\"></span>LT<span class=\"_ _1\"></span> <span class=\"_ _6a\"> </span>6.<span class=\"_ _0\"></span>850<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>PR<span class=\"_ _0\"></span>ESTIT<span class=\"_ _0\"></span>I<span class=\"ff1\"> </span>AL<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">CON<span class=\"_ _0\"></span>SUMO </span></span>A.<span class=\"_ _1\"></span>26<span class=\"_ _3bd\"> </span>NORI<span class=\"_ _1\"></span>A<span class=\"ff1\"> <span class=\"_ _2\"></span></span>2021-1<span class=\"_ _0\"></span>EU<span class=\"_ _0\"></span>R <span class=\"_ _fd\"> </span>17<span class=\"_ _0\"></span>.729<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>PR<span class=\"_ _0\"></span>ESTIT<span class=\"_ _0\"></span>I<span class=\"ff1\"> </span>AL<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">CON<span class=\"_ _0\"></span>SUMO </span></span>A.<span class=\"_ _1\"></span>27<span class=\"_ _3bd\"> </span>PRADO<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">8<span class=\"ff1\"> </span>A<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">SR<span class=\"ff1\"> </span>SEQ<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">FLT<span class=\"ff1\"> </span></span></span></span></span></span></span>MUTUI<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">IPOTECARI<span class=\"ff1\"> </span></span></span>RESI<span class=\"_ _1\"></span>DENZIA<span class=\"_ _0\"></span>LI 26.<span class=\"_ _0\"></span>176<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>A.<span class=\"_ _1\"></span>28<span class=\"_ _3bd\"> </span>PRADO<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">9<span class=\"ff1\"> </span>A<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">SR<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">SEQ<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">FLT<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>MUTUI<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">IPOTECARI<span class=\"_ _2\"></span> </span></span>RESI<span class=\"_ _1\"></span>DENZIA<span class=\"_ _0\"></span>LI 27.<span class=\"_ _0\"></span>035<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>A.<span class=\"_ _1\"></span>29<span class=\"_ _3bd\"> </span>PRADO<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">X<span class=\"ff1\"> </span>A<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">SR<span class=\"ff1\"> </span>SEQ<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">FLT<span class=\"ff1\"> </span></span></span></span></span></span></span>MUTUI<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">IPOTECARI<span class=\"ff1\"> </span></span></span>RESI<span class=\"_ _1\"></span>DENZIA<span class=\"_ _0\"></span>LI 18<span class=\"_ _0\"></span>.943<span class=\"_ _3bd\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1a8\"> </span><span class=\"ff3\">2<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>A.<span class=\"_ _1\"></span>30<span class=\"_ _3bd\"> </span>PROGQ<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">1<span class=\"ff1\"> </span>A<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">EU<span class=\"_ _0\"></span>R <span class=\"_ _cb\"> </span>11<span class=\"_ _0\"></span>.933<span class=\"_ _3bd\"> </span></span></span></span></span>1<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>PR<span class=\"_ _0\"></span>ESTIT<span class=\"_ _0\"></span>I<span class=\"ff1\"> </span>AL<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">CON<span class=\"_ _0\"></span>SUMO </span></span>A.<span class=\"_ _1\"></span>31<span class=\"_ _3bd\"> </span>R&amp;B<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">A<span class=\"_ _0\"></span>UTO<span class=\"ff1\"> </span>L<span class=\"_ _0\"></span>2GER1<span class=\"_ _0\"></span>1/28 <span class=\"_ _2e\"> </span>7.719<span class=\"_ _3bd\"> </span></span></span>1<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>PR<span class=\"_ _0\"></span>ESTIT<span class=\"_ _0\"></span>I<span class=\"ff1\"> </span>AL<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">CON<span class=\"_ _0\"></span>SUMO </span></span>A.<span class=\"_ _1\"></span>32<span class=\"_ _3bd\"> </span>R&amp;B<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">A<span class=\"_ _0\"></span>UTO<span class=\"ff1\"> </span>L<span class=\"_ _0\"></span>9GER2<span class=\"_ _0\"></span>2/31 <span class=\"_ _a5\"> </span>20.<span class=\"_ _0\"></span>349<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1a8\"> </span><span class=\"ff3\">2<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>PR<span class=\"_ _0\"></span>ESTIT<span class=\"_ _0\"></span>I<span class=\"ff1\"> </span>AL<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">CON<span class=\"_ _0\"></span>SUMO </span></span>A.<span class=\"_ _1\"></span>33<span class=\"_ _3bd\"> </span>SC<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">GERMA<span class=\"_ _0\"></span>N<span class=\"ff1\"> </span>CONS<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">21-1<span class=\"_ _0\"></span>A <span class=\"_ _129\"> </span>45.95<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>PR<span class=\"_ _0\"></span>ESTIT<span class=\"_ _0\"></span>I<span class=\"ff1\"> </span>AL<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">CON<span class=\"_ _0\"></span>SUMO </span></span>A.<span class=\"_ _1\"></span>34<span class=\"_ _3bd\"> </span>SI<span class=\"_ _0\"></span>LVER<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">A<span class=\"ff1\"> </span>AP31<span class=\"ff1\"> </span>F<span class=\"_ _1\"></span>RN <span class=\"_ _1cf\"> </span>31.5<span class=\"_ _0\"></span>72<span class=\"_ _3bd\"> </span></span></span>1<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>PR<span class=\"_ _0\"></span>ESTIT<span class=\"_ _0\"></span>I<span class=\"ff1\"> </span>AL<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">CON<span class=\"_ _0\"></span>SUMO </span></span>A.<span class=\"_ _1\"></span>35<span class=\"_ _3bd\"> </span>SI<span class=\"_ _0\"></span>LVER<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">A<span class=\"ff1\"> <span class=\"_ _2\"></span></span>GN<span class=\"_ _0\"></span>29<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">FR<span class=\"_ _0\"></span>N <span class=\"_ _3b\"> </span>17.<span class=\"_ _0\"></span>805<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1a8\"> </span><span class=\"ff3\">2<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>PR<span class=\"_ _0\"></span>ESTIT<span class=\"_ _0\"></span>I<span class=\"ff1\"> </span>AL<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">CON<span class=\"_ _0\"></span>SUMO </span></span>A.<span class=\"_ _1\"></span>36<span class=\"_ _3bd\"> </span>SILVER<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">A<span class=\"ff1\"> </span>ST27<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">FR<span class=\"_ _1\"></span>N <span class=\"_ _6a\"> </span>7<span class=\"_ _0\"></span>.38<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span></span></span></span></span>1<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>PR<span class=\"_ _0\"></span>EST<span class=\"_ _3bd\"> </span>IT<span class=\"_ _0\"></span>I<span class=\"ff1\"> </span>AL<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">CON<span class=\"_ _0\"></span>SUMO </span></span><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3a2c\">C.<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3a2d\">Co<span class=\"_ _0\"></span>nso<span class=\"_ _1\"></span>lida<span class=\"_ _0\"></span>to<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3a2e\">pru<span class=\"_ _1\"></span>denz<span class=\"_ _1\"></span>iale<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3a2f\">\u2013<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3a30\">In<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>nze<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3a31\">in<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3a32\">so<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>et\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3a33\">ve<span class=\"_ _0\"></span>ico<span class=\"_ _1\"></span>lo<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3a34\">pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3a35\">la<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3a36\">ca<span class=\"_ _0\"></span>rto<span class=\"_ _1\"></span>lar<span class=\"_ _0\"></span>izza<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a37\">Come<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gi\u00e0<span class=\"ff1\"> </span>esposto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nelle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">informazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">natura<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>alitativa,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Gruppo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">presente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un\u2019unica<span class=\"ff1\"> </span>societ\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">veicolo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a38\">la<span class=\"ff1\"> </span>cartolarizzazione,<span class=\"ff1\"> </span>Emilia<span class=\"ff1\"> </span>Spv,<span class=\"ff1\"> </span>partecipata<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>10%<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>Credito<span class=\"ff1\"> </span>Emiliano;<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>societ\u00e0<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>stata<span class=\"ff1\"> </span>consolidata.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h10 ff3 fs9 fc4 sc0 ls0 ws0 gs3a3a\">D.<span class=\"_ _0\"></span><span class=\"ff5\"> <span class=\"_ _1\"></span><span class=\"ff3\">Opera<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cess<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"fc0\"> </span></span></span></span></span></span></span></div><div class=\"t mb h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3a3b\">A.</div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3a3c\">Attivit\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3a3d\">fina<span class=\"_ _0\"></span>nziarie<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3a3e\">cedut<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3a3f\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3a40\">non<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3a41\">cance<span class=\"_ _0\"></span>llate<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3a42\">integra<span class=\"_ _0\"></span>lmente<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3a43\">Inform<span class=\"_ _0\"></span>azion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3a44\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3a45\">natu<span class=\"_ _0\"></span>ra<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3a46\">qua<span class=\"_ _0\"></span>litativa </div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3a47\">Op<span class=\"_ _0\"></span>era<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3a48\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3a49\">ce<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a4a\">Nel<span class=\"ff1\"> </span>corso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019e<span class=\"_ _0\"></span>sercizio<span class=\"ff1\"> </span>20<span class=\"_ _2\"></span>15<span class=\"ff1\"> </span>Credem<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ha<span class=\"ff1\"> </span>perfezionato<span class=\"ff1\"> </span>un\u2019operazi<span class=\"_ _2\"></span>one<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cartolarizzazione<span class=\"ff1\"> </span>revolving,<span class=\"ff1\"> </span>relativa<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a4b\">mutui<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>ipotecari<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>residenziali<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>bonis<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>eleggibili<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>ai<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>fini<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>dell\u2019utilizzo<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>programma<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>emissioni<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a4c\">\u201cObbligazioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Bancarie<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Garantite\u201d<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dalla<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>societ\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>veicolo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Credem<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>CB<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>S.r.l.,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>erogati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>alla<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>pro<span class=\"_ _2\"></span>pria<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>clientela<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a4d\">selezionati<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>criteri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">predefiniti<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>modo<span class=\"ff1\"> </span>tale<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>costituire<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>\u201cblocco\u201d<span class=\"ff1\"> </span>ai<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sensi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>effetti<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a4e\">legge<span class=\"ff1\"> </span>applicabile<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>materia<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cartolarizzazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>crediti. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a4f\">A<span class=\"ff1\"> <span class=\"_ _21\"></span></span>segu<span class=\"_ _0\"></span>ito<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prima<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cessione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>attivi,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>perfezionata<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quarto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span></span>t<span class=\"_ _0\"></span>rimestre<span class=\"ff1\"> <span class=\"_ _21\"></span></span>2014<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _21\"></span></span>un<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prezzo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>pari<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Euro<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a50\">1.0<span class=\"_ _0\"></span>02.<span class=\"_ _0\"></span>811.<span class=\"_ _0\"></span>119<span class=\"_ _0\"></span>,07,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">so<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>tate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>rfezi<span class=\"_ _0\"></span>ona<span class=\"_ _0\"></span>te,<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">201<span class=\"_ _0\"></span>5<span class=\"ff1\"> </span>all<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>fin<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>2<span class=\"_ _0\"></span>022,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">peri<span class=\"_ _0\"></span>odi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">segu<span class=\"_ _0\"></span>ito<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ind<span class=\"_ _0\"></span>icat<span class=\"_ _0\"></span>i,<span class=\"ff1\"> </span>otto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cessi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a51\">di<span class=\"ff1\"> </span>altrettanti<span class=\"ff1\"> </span>portafogli<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>crediti<span class=\"ff1\"> </span>idonei<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>societ\u00e0<span class=\"ff1\"> </span>veicolo<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>prezzo<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>a: </div><div class=\"t m4 h2c ff4 fs5 fc0 sc0 ls0 ws0 gs3a52\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a53\">Qu<span class=\"_ _0\"></span>arto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">trime<span class=\"_ _0\"></span>stre<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">201<span class=\"_ _0\"></span>5:<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Eur<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>2<span class=\"_ _0\"></span>85.3<span class=\"_ _0\"></span>92.<span class=\"_ _0\"></span>481,<span class=\"_ _0\"></span>54 </span></span></span></span></span></span></div><div class=\"t m4 h2c ff4 fs5 fc0 sc0 ls0 ws0 gs3a54\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a55\">Qu<span class=\"_ _0\"></span>arto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">trime<span class=\"_ _0\"></span>stre<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">201<span class=\"_ _0\"></span>6:<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Eu<span class=\"_ _0\"></span>ro<span class=\"ff1\"> </span>29<span class=\"_ _0\"></span>3.707<span class=\"_ _0\"></span>.64<span class=\"_ _0\"></span>0,58<span class=\"_ _0\"></span> </span></span></span></span></span></span></div><div class=\"t m4 h2c ff4 fs5 fc0 sc0 ls0 ws0 gs3a56\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a57\">Qu<span class=\"_ _0\"></span>arto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">trime<span class=\"_ _0\"></span>stre<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">201<span class=\"_ _0\"></span>7:<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Eur<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>2<span class=\"_ _0\"></span>45.7<span class=\"_ _0\"></span>10.9<span class=\"_ _0\"></span>26,<span class=\"_ _0\"></span>70 </span></span></span></span></span></span></div><div class=\"t m4 h2c ff4 fs5 fc0 sc0 ls0 ws0 gs3a58\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a59\">Qu<span class=\"_ _0\"></span>arto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">trime<span class=\"_ _0\"></span>stre<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">201<span class=\"_ _0\"></span>8:<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Eur<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>5<span class=\"_ _0\"></span>2.<span class=\"_ _0\"></span>416.7<span class=\"_ _0\"></span>89,<span class=\"_ _0\"></span>64 </span></span></span></span></span></span></div><div class=\"t m0 h9 ff4 fs5 fc0 sc0 ls0 ws0 gs3a5a\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1fa\"> </span><span class=\"ff3\">Se<span class=\"_ _0\"></span>cond<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>tri<span class=\"_ _0\"></span>mes<span class=\"_ _0\"></span>tre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">202<span class=\"_ _0\"></span>1:<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Euro<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">1.<span class=\"_ _0\"></span>304.<span class=\"_ _0\"></span>130.<span class=\"_ _0\"></span>865,<span class=\"_ _0\"></span>63 </span></span></span></span></span></span></span></span></div><div class=\"t m4 h2c ff4 fs5 fc0 sc0 ls0 ws0 gs3a5b\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a5c\">Qu<span class=\"_ _0\"></span>arto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">trime<span class=\"_ _0\"></span>stre<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">202<span class=\"_ _0\"></span>1:<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Eu<span class=\"_ _0\"></span>ro<span class=\"ff1\"> </span>353<span class=\"_ _0\"></span>.874.<span class=\"_ _0\"></span>864<span class=\"_ _0\"></span>,16<span class=\"_ _0\"></span> </span></span></span></span></span></span></div><div class=\"t m4 h2c ff4 fs5 fc0 sc0 ls0 ws0 gs3a5d\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a5e\">Se<span class=\"_ _0\"></span>cond<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>tri<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>stre<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">20<span class=\"_ _0\"></span>22:<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Eur<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>274.<span class=\"_ _0\"></span>726<span class=\"_ _0\"></span>.75<span class=\"_ _0\"></span>1,1<span class=\"_ _0\"></span>2 </span></span></span></span></div><div class=\"t m4 h2c ff4 fs5 fc0 sc0 ls0 ws0 gs3a5f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a60\">Qu<span class=\"_ _0\"></span>arto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">trime<span class=\"_ _0\"></span>stre<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">202<span class=\"_ _0\"></span>2:<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Eu<span class=\"_ _0\"></span>ro<span class=\"ff1\"> </span>19<span class=\"_ _0\"></span>0.056<span class=\"_ _0\"></span>.44<span class=\"_ _0\"></span>3,89<span class=\"_ _0\"></span> </span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a61\">I<span class=\"ff1\"> <span class=\"_ _2\"></span></span>crediti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>stat<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>a<span class=\"_ _2\"></span>cquistati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u201cpro<span class=\"ff1\"> <span class=\"_ _2\"></span></span>soluto\u201d,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ossia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>senza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>garanzia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>solvenza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>debitori<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>lor<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>eventuali<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a62\">garanti,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dalla<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>societ\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>EMILIA<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>SPV<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>S.r.l<span class=\"_ _2\"></span>.,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>societ\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>veicolo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>appositamente<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>costit<span class=\"_ _2\"></span>uita<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>partecipata<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>10<span class=\"_ _2\"></span>%<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>da<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a63\">Credem,<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>oggetto<span class=\"ff1\"> </span>esclusivo<span class=\"ff1\"> </span>consist<span class=\"_ _2\"></span>ente<span class=\"ff1\"> </span>nel<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>realizzazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>pi\u00f9<span class=\"ff1\"> </span>operazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cartolarizzazione<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a64\">sensi<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>Legge<span class=\"ff1\"> </span>n.<span class=\"ff1\"> </span>130<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>30<span class=\"ff1\"> </span>aprile<span class=\"ff1\"> </span>1999. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a65\">La<span class=\"ff1\"> </span>societ\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>veicolo<span class=\"ff1\"> </span>ha<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019operazione<span class=\"ff1\"> </span>attravers<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>l\u2019emissione,<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>cor<span class=\"_ _2\"></span>so<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>mese<span class=\"_ _2\"></span><span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>april<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>2015,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a66\">titoli<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>obbligazionari<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u201cRMBS\u201d<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>diversa<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>classe<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>(senior<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>junior).<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>I<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>titoli<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>senior<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>so<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dotati<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rating<span class=\"ff1\"> <span class=\"_ _21\"></span></span>uffici<span class=\"_ _0\"></span>ale<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a67\">assegnato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dalle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>agenzie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ac<span class=\"_ _2\"></span>creditate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>DBRS<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Moody\u2019s<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Investor<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Services<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fine<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dicembre<span class=\"ff1\"> <span class=\"_ _20\"></span></span>2022,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>giudizio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u201cA\u201d<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a68\">assegnato<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>DBRS<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>\u201cA1\u201d<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>Moody\u2019s).<span class=\"ff1\"> </span>I<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> </span>junior<span class=\"ff1\"> </span>sono,<span class=\"ff1\"> </span>invece,<span class=\"ff1\"> </span>sprovvisti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rat<span class=\"_ _2\"></span>ing. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a69\">Le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">note<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>ipo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u201cs<span class=\"_ _2\"></span>enior\u201d<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pagano<span class=\"_ _2\"></span>,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tr<span class=\"_ _2\"></span>imestralmente,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">interessi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">variabili<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pari<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tasso<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">EURIBOR<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">3<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mesi<span class=\"_ _2\"></span>,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">aumentato<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a6a\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">7<span class=\"_ _2\"></span>5bps,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mentre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">note<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u201cjunior\u201d<span class=\"ff1\"> </span>pagano<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tasso<span class=\"_ _2\"></span><span class=\"ff1\"> </span>E<span class=\"_ _0\"></span>URIBOR<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">3<span class=\"ff1\"> </span>mesi,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">aumentato<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">200bps.<span class=\"ff1\"> </span>I<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">detentori</span> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>itoli<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a6b\">junior<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>hanno<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>inoltre<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>diritto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">ri<span class=\"_ _0\"></span>cevere<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ciascuna<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>data<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>pagamento<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>base<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"_ _2\"></span>ll\u2019ordine<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>priorit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dei<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a6c\">pagamenti<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>fondi<span class=\"ff1\"> </span>disponibili,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anche<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>premio<span class=\"ff1\"> </span>determinato<span class=\"_ _2\"></span><span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>via<span class=\"ff1\"> </span>residu<span class=\"_ _0\"></span>ale,<span class=\"ff1\"> </span>dopo<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>siano<span class=\"ff1\"> </span>stati<span class=\"ff1\"> </span>corrisposti<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a6d\">tutti<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>altri<span class=\"ff1\"> </span>importi<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>corrispondersi<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>priorit\u00e0. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a6e\">I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">titol<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>so<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>st<span class=\"_ _0\"></span>rutt<span class=\"_ _0\"></span>ura<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">form<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">par<span class=\"_ _0\"></span>tly<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>aid<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">note<span class=\"_ _0\"></span>s<span class=\"ff1\"> </span>(\u201cPP<span class=\"_ _0\"></span>N\u201d)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">in<span class=\"_ _0\"></span>tera<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>em<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>oro<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>lore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nom<span class=\"_ _0\"></span>inal<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a6f\">al<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>da<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>d\u2019e<span class=\"_ _0\"></span>mis<span class=\"_ _0\"></span>sion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>(Eu<span class=\"_ _0\"></span>ro<span class=\"ff1\"> </span>3.<span class=\"_ _0\"></span>000.00<span class=\"_ _0\"></span>0.00<span class=\"_ _0\"></span>0<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">note</span> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>en<span class=\"_ _0\"></span>ior<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ed</span> <span class=\"ff3\">Eu<span class=\"_ _0\"></span>ro<span class=\"ff1\"> </span>9<span class=\"_ _0\"></span>00.0<span class=\"_ _0\"></span>00.0<span class=\"_ _0\"></span>00<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>ote<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">juni<span class=\"_ _0\"></span>or).<span class=\"ff1\"> </span>I<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>pre<span class=\"_ _0\"></span>zzo<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a70\">delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">note<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">st<span class=\"_ _2\"></span>ato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">corrisposto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dai<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sott<span class=\"_ _2\"></span>oscrittori<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">solo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">parte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">data<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">emissione,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mentre<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">restanti<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uote<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a71\">prezzo<span class=\"ff1\">  </span>possono<span class=\"ff1\">  </span>essere<span class=\"ff1\">  </span>pagate<span class=\"ff1\">  </span>in<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">pi\u00f9</span>  <span class=\"ff3\">rate</span>  <span class=\"ff3\">successive</span>  <span class=\"ff3\">differite</span>  <span class=\"ff3\">nel</span>  <span class=\"ff3\">tempo</span>  <span class=\"ff3\">sec<span class=\"_ _0\"></span>ondo<span class=\"ff1\">  </span>la<span class=\"ff1\">  </span>logica<span class=\"ff1\">  </span>revolving<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a72\">del<span class=\"_ _0\"></span>l\u2019o<span class=\"_ _0\"></span>pera<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a73\">La<span class=\"ff1\"> </span>struttura<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">revolving<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ermette<span class=\"ff1\"> </span>alla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Banca,<span class=\"ff1\"> </span>durante<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> </span>periodo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cosiddetto<span class=\"ff1\"> </span>replenishment<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> </span>potr\u00e0<span class=\"ff1\"> </span>durare<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a74\">fino<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">5<span class=\"ff1\"> </span>anni<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cedere<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nuovi<span class=\"ff1\"> </span>portafogli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>cred<span class=\"_ _0\"></span>iti<span class=\"ff1\"> </span>idone<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>alla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">societ\u00e0<span class=\"ff1\"> </span>veicolo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che<span class=\"ff1\"> </span>utilizza,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>loro<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pagamento,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a75\">i<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>roventi<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>portafoglio<span class=\"ff1\"> </span>esistente<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>/o<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>proventi<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pagamento<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>parte<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">noteholder<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>ulteriori<span class=\"ff1\"> </span>quote<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a76\">prezzo<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>t<span class=\"_ _2\"></span>itoli<span class=\"ff1\"> </span>emess<span class=\"_ _2\"></span>i.<span class=\"ff1\"> </span>Una<span class=\"ff1\"> <span class=\"_ _2\"></span></span>volta<span class=\"ff1\"> <span class=\"_ _2\"></span></span>concluso<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>periodo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>replenishment,<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>note<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rimborsate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>durante<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a77\">periodo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ammor<span class=\"_ _2\"></span>tamento<span class=\"ff1\"> </span>definito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sede<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>emissione.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Il<span class=\"ff1\"> </span>p<span class=\"_ _2\"></span>eriodo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>replenishment<span class=\"ff1\"> <span class=\"_ _2\"></span></span>si<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>concluso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> </span>maggio<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a78\">2020<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>23<span class=\"ff1\"> </span>marzo<span class=\"ff1\"> </span>2021<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>stato<span class=\"ff1\"> </span>rinnovato<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>ulteriori<span class=\"ff1\"> </span>5<span class=\"_ _2\"></span><span class=\"ff1\"> </span>anni. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a79\">Al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">31<span class=\"ff1\"> </span>dicembre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">2022<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">circolante<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> </span>tranche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">senior<span class=\"ff1\"> </span>risulta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pari<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ad<span class=\"ff1\"> </span>Eu<span class=\"_ _0\"></span>ro<span class=\"ff1\"> </span>1.973.512.000,89<span class=\"ff1\"> </span>mentre<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">q<span class=\"_ _0\"></span>uello<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a7a\">tranche<span class=\"ff1\"> </span>junior<span class=\"ff1\"> </span>risulta<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>Euro<span class=\"ff1\"> </span>599.025<span class=\"_ _2\"></span>.731,69. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a7b\">I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">titoli<span class=\"ff1\"> </span>senior<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>quotati<span class=\"ff1\"> </span>all\u2019Irish<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Stock<span class=\"ff1\"> </span>Exchange.<span class=\"ff1\"> </span>Entrambe<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>tranches<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>state<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">acquistate<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>Crede<span class=\"_ _0\"></span>m.<span class=\"ff1\"> </span>I<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a7c\">titoli<span class=\"ff1\"> </span>senior<span class=\"ff1\"> </span>possono<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>utilizzati<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>operazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rifinanziamento<span class=\"_ _2\"></span><span class=\"ff1\"> </span>presso<span class=\"ff1\"> </span>l\u2019Eurosistema. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a7d\">L\u2019operazione<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finalizzata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>costit<span class=\"_ _2\"></span>uire<span class=\"ff1\"> </span>una<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riserva<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>liquidit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>ientra<span class=\"ff1\"> </span>fr<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> </span>complessive<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gestione<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a7e\">della<span class=\"ff1\"> </span>liquidit\u00e0<span class=\"ff1\"> </span>poste<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>Credem. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a7f\">A<span class=\"ff1\"> </span>Cred<span class=\"_ _0\"></span>em<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stat<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riconosciute<span class=\"ff1\"> </span>inoltre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dalla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">societ\u00e0<span class=\"ff1\"> </span>veicolo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>seguenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">opzioni:<span class=\"ff1\"> </span>riacquisto<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>singoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">crediti<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a80\">entro<span class=\"ff1\"> </span>determinati<span class=\"ff1\"> </span>parametri,<span class=\"ff1\"> </span>riacquisto<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>blocco<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>crediti<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>dovessero<span class=\"ff1\"> <span class=\"_ _2\"></span></span>diventare<span class=\"ff1\"> </span>eleggibili<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>l\u2019utilizzo<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a81\">nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">programma<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Obbligazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Bancarie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Garantite<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Credem<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">CB<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">S.r.l.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riacquisto<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tutto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">portafoglio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">crediti<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a82\">in<span class=\"ff1\"> </span>essere,<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>blocco<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>pro<span class=\"ff1\"> </span>soluto<span class=\"ff1\"> </span>(nel<span class=\"ff1\"> </span>rispetto<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>vincoli<span class=\"ff1\"> </span>contrattuali<span class=\"ff1\"> </span>previsti).<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a84\">Nel<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>orso<span class=\"_ _2\"></span><span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span>2<span class=\"_ _0\"></span>022<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>state<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perfezionate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">due<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nuove<span class=\"ff1\"> </span>cessione<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">attivi</span> <span class=\"_ _0\"></span><span class=\"ff3\">relativa<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mutui<span class=\"ff1\"> </span>ipotecari<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">residenziali<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a85\">in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">bon<span class=\"_ _0\"></span>is<span class=\"ff1\"> </span>non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">id<span class=\"_ _0\"></span>onei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">all<span class=\"_ _0\"></span>\u2019uti<span class=\"_ _0\"></span>liz<span class=\"_ _0\"></span>zo<span class=\"ff1\"> </span>nei<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rog<span class=\"_ _0\"></span>ramm<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">emi<span class=\"_ _0\"></span>ssio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>Obb<span class=\"_ _0\"></span>liga<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>Ba<span class=\"_ _0\"></span>ncar<span class=\"_ _0\"></span>ie<span class=\"ff1\"> </span>G<span class=\"_ _0\"></span>aran<span class=\"_ _0\"></span>tit<span class=\"_ _0\"></span>e,<span class=\"ff1\"> </span>me<span class=\"_ _0\"></span>ntre<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">no<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>so<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3a86\">state<span class=\"ff1\"> </span>effettuate<span class=\"ff1\"> </span>operazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>riacquisti<span class=\"ff1\"> </span>parziali<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>blocco<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>crediti<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>societ\u00e0<span class=\"ff1\"> </span>veicolo. </div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3a87\">Inf<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>maz<span class=\"_ _1\"></span>ion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3a88\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3a89\">na<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>ra<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3a8a\">qu<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>tit<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m26 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3a8b\">D.<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3a8c\">Co<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>ida<span class=\"_ _0\"></span>to<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3a8d\">pr<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3a8e\">\u2013<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3a8f\">Att<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3a90\">fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nzia<span class=\"_ _1\"></span>rie<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3a91\">ce<span class=\"_ _0\"></span>du<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3a92\">ril<span class=\"_ _0\"></span>ev<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3a93\">per<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3a94\">in<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>ro<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3a95\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3a96\">pa<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3a97\">fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3a98\">as<span class=\"_ _1\"></span>soci<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e:<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3a99\">va<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>ri<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3a9a\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3a9b\">bi<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>o<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3a9c\">Att<span class=\"_ _1\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3a9d\">fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>rie<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3a9e\">ce<span class=\"_ _0\"></span>dut<span class=\"_ _1\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3a9f\">ri<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>vat<span class=\"_ _1\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3aa0\">pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3aa1\">in<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _33f\"> </span><span class=\"fc4 sc2\">Pa<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3aa2\">fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>rie<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3aa3\">as<span class=\"_ _0\"></span>so<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3aa4\">Va<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3aa5\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3aa6\">bi<span class=\"_ _0\"></span>lan<span class=\"_ _1\"></span>cio<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3aa7\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3aa8\">cui:<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3aa9\">ogg<span class=\"_ _0\"></span>etto<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3aaa\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3aab\">opera<span class=\"_ _0\"></span>zioni<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3aac\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3aad\">ca<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>ola<span class=\"_ _1\"></span>rizz<span class=\"_ _0\"></span>az<span class=\"_ _1\"></span>ion<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3aae\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3aaf\">cui:<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3ab0\">ogg<span class=\"_ _0\"></span>etto<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3ab1\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3ab2\">cont<span class=\"_ _0\"></span>ratti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3ab3\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3ab4\">ve<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3ab5\">co<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3ab6\">patt<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3ab7\">di<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3ab8\">ri<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>st<span class=\"_ _1\"></span>o<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3ab9\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3aba\">cui<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3abb\">de<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ora<span class=\"_ _0\"></span>te<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3abc\">Va<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3abd\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3abe\">bi<span class=\"_ _0\"></span>lan<span class=\"_ _1\"></span>cio<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3abf\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3ac0\">cui:<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3ac1\">ogg<span class=\"_ _0\"></span>etto<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3ac2\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3ac3\">opera<span class=\"_ _0\"></span>zioni</div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3ac4\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3ac5\">ca<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>ola<span class=\"_ _1\"></span>rizz<span class=\"_ _0\"></span>az<span class=\"_ _1\"></span>ion<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3ac6\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3ac7\">cui:<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3ac8\">ogg<span class=\"_ _0\"></span>etto<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3ac9\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3aca\">cont<span class=\"_ _0\"></span>ratti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3acb\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3acc\">vendi<span class=\"_ _0\"></span>ta<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3acd\">con<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3ace\">patt<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3acf\">di<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3ad0\">ri<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>st<span class=\"_ _1\"></span>o<span class=\"fc0 sc1\"> </span></div><div class=\"c w1a h28 gs3ad1\"><div class=\"t m0 x1f9 h1c y1a3f ff3 fsc fc0 sc1 ls0 ws0\">A.</div></div><div class=\"c w79 h28 gs3ad2\"><div class=\"t m0 x1f9 h1c y1a3f ff3 fsc fc0 sc1 ls0 ws0\">Att<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>\u00e0</div></div><div class=\"c w13a h28 gs3ad3\"><div class=\"t m0 x1f9 h1c y1a3f ff3 fsc fc0 sc1 ls0 ws0\">fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3ad4\">deten<span class=\"_ _1\"></span>ute<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3ad5\">per<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3ad6\">la<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3ad7\">ne<span class=\"_ _0\"></span>g<span class=\"_ _0\"></span>ozi<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>ion<span class=\"_ _1\"></span>e </div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3ad8\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3ad9\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3ada\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3adb\">X<span class=\"_ _1\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3adc\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3add\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3ade\">-<span class=\"_ _1\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3adf\">1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">debi<span class=\"_ _0\"></span>to <span class=\"_ _ad\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20a\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _138\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff8\"> <span class=\"_ _121\"> </span><span class=\"ff3\">X<span class=\"_ _1\"></span> <span class=\"_ _af\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _20a\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _6f\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3ae0\">2.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">capit<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span> <span class=\"_ _fd\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20a\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1bc\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff8\"> <span class=\"_ _1ac\"> </span><span class=\"ff3\">X<span class=\"_ _0\"></span> <span class=\"_ _11e\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20a\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _6f\"> </span><span class=\"ff3\">-<span class=\"_ _1c\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3ae1\">3.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Finan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span> <span class=\"_ _11e\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _20a\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1bc\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff8\"> <span class=\"_ _1ac\"> </span><span class=\"ff3\">X<span class=\"_ _1\"></span> <span class=\"_ _af\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _20a\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _6f\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3ae2\">4.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Deriv<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span> <span class=\"_ _f5\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20a\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1bc\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff8\"> <span class=\"_ _1ac\"> </span><span class=\"ff3\">X<span class=\"_ _0\"></span> <span class=\"_ _af\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _20a\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _6f\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"c w28 h4a gs3ae3\"><div class=\"t m0 x1f9 h1c y365 ff3 fsc fc0 sc1 ls0 ws0\">B.</div></div><div class=\"c we0 h4a gs3ae4\"><div class=\"t m0 x1f9 h1c y365 ff3 fsc fc0 sc1 ls0 ws0\">Altr<span class=\"_ _0\"></span>e</div></div><div class=\"c w10d h4a gs3ae5\"><div class=\"t m0 x1f9 h1c y365 ff3 fsc fc0 sc1 ls0 ws0\">at<span class=\"_ _0\"></span>tiv<span class=\"_ _1\"></span>it\u00e0<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3ae6\">fi<span class=\"_ _0\"></span>nan<span class=\"_ _1\"></span>zia<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3ae7\">ob<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>ori<span class=\"_ _0\"></span>am<span class=\"_ _1\"></span>ent<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3ae8\">val<span class=\"_ _0\"></span>utate<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3ae9\">al<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3aea\">fair<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3aeb\">value<span class=\"_ _0\"></span> </div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs3aec\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs3aed\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs3aee\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs3aef\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs3af0\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs3af1\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs3af2\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3af3\">1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">debi<span class=\"_ _0\"></span>to <span class=\"_ _ad\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20a\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _138\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> <span class=\"_ _2f\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2e\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _208\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _6f\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3af4\">2.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">capit<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span> <span class=\"_ _fd\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20a\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1bc\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff8\"> <span class=\"_ _1ac\"> </span><span class=\"ff3\">X<span class=\"_ _0\"></span> <span class=\"_ _11e\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20a\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _6f\"> </span><span class=\"ff3\">-<span class=\"_ _1c\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3af5\">3.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Finan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span> <span class=\"_ _11e\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _20a\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1bc\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> <span class=\"_ _eb\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2e\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _20a\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _6f\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3af6\">C.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3af7\">Attiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3af8\">finan<span class=\"_ _0\"></span>ziarie<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3af9\">desig<span class=\"_ _0\"></span>nat<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3afa\">al<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3afb\">fair<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3afc\">val<span class=\"_ _0\"></span>ue </div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs3afd\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs3afe\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs3aff\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b00\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b01\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b02\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b03\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3b04\">1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">debi<span class=\"_ _0\"></span>to <span class=\"_ _cb\"> </span>- <span class=\"_ _330\"> </span>- <span class=\"_ _138\"> </span>- <span class=\"_ _3b\"> </span>- <span class=\"_ _31\"> </span>- <span class=\"_ _330\"> </span>- <span class=\"_ _6f\"> </span>- </span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3b05\">2.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Fina<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span> <span class=\"_ _af\"> </span>- <span class=\"_ _330\"> </span>- <span class=\"_ _138\"> </span>- <span class=\"_ _3b\"> </span>- <span class=\"_ _31\"> </span>- <span class=\"_ _330\"> </span>- <span class=\"_ _6f\"> </span>- </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b06\">D.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b07\">Attiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b08\">finan<span class=\"_ _0\"></span>ziarie<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b09\">va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>tat<span class=\"_ _1\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b0a\">al<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b0b\">fa<span class=\"_ _1\"></span>ir<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b0c\">va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b0d\">c<span class=\"_ _0\"></span>on<span class=\"_ _1\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b0e\">im<span class=\"_ _1\"></span>patt<span class=\"_ _1\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b0f\">su<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b10\">re<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>\u00e0 </div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b11\">2.<span class=\"_ _0\"></span>46<span class=\"_ _0\"></span>4.6<span class=\"_ _1\"></span>39 </div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b12\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b13\">2.<span class=\"_ _0\"></span>46<span class=\"_ _0\"></span>4.6<span class=\"_ _1\"></span>39 </div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b14\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b15\">2.<span class=\"_ _0\"></span>45<span class=\"_ _0\"></span>1.3<span class=\"_ _0\"></span>73<span class=\"_ _1\"></span> </div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b16\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b17\">2.<span class=\"_ _0\"></span>45<span class=\"_ _0\"></span>1.3<span class=\"_ _0\"></span>73<span class=\"_ _1\"></span> </div><div class=\"c w178 h9f gs3b18\"><div class=\"t m0 x1f9 h1c y37b ff3 fsc fc0 sc1 ls0 ws0\">co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3b19\">1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">debi<span class=\"_ _0\"></span>to <span class=\"_ _81\"> </span>2.4<span class=\"_ _0\"></span>64.<span class=\"_ _0\"></span>639 <span class=\"_ _1f8\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _63\"> </span><span class=\"ff3\">2.<span class=\"_ _0\"></span>464<span class=\"_ _0\"></span>.63<span class=\"_ _0\"></span>9 </span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3b1a\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _55\"> </span><span class=\"ff3\">2.4<span class=\"_ _0\"></span>51.<span class=\"_ _0\"></span>373 <span class=\"_ _208\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _224\"> </span><span class=\"ff3\">2.<span class=\"_ _0\"></span>451.<span class=\"_ _0\"></span>373<span class=\"_ _0\"></span> </span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3b1b\">2.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">capit<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span> <span class=\"_ _fd\"> </span>- <span class=\"_ _20a\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1bc\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> <span class=\"_ _121\"> </span>X <span class=\"_ _33a\"> </span>- <span class=\"_ _330\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _6f\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3b1c\">3.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Finan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span> <span class=\"_ _11e\"> </span>- <span class=\"_ _330\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _138\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3b1d\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2e\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> <span class=\"_ _208\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _6f\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b1e\">E.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b1f\">Atti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b20\">finan<span class=\"_ _0\"></span>ziarie<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b21\">val<span class=\"_ _0\"></span>utate<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b22\">al<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b23\">cost<span class=\"_ _0\"></span>o </div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b24\">2.<span class=\"_ _0\"></span>35<span class=\"_ _0\"></span>6.<span class=\"_ _0\"></span>09<span class=\"_ _0\"></span>9 </div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b25\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b26\">2.<span class=\"_ _0\"></span>35<span class=\"_ _0\"></span>6.<span class=\"_ _0\"></span>09<span class=\"_ _0\"></span>9 </div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b27\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b28\">2.<span class=\"_ _0\"></span>32<span class=\"_ _0\"></span>4.7<span class=\"_ _1\"></span>37 </div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b29\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b2a\">2.<span class=\"_ _0\"></span>32<span class=\"_ _0\"></span>4.7<span class=\"_ _1\"></span>37 </div><div class=\"c w179 h9f gs3b2b\"><div class=\"t m0 x1f9 h1c y387 ff3 fsc fc0 sc1 ls0 ws0\">am<span class=\"_ _1\"></span>mor<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>zza<span class=\"_ _1\"></span>to<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3b2c\">1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">debi<span class=\"_ _0\"></span>to <span class=\"_ _81\"> </span>2.356<span class=\"_ _0\"></span>.09<span class=\"_ _0\"></span>9 <span class=\"_ _1f8\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _63\"> </span><span class=\"ff3\">2.3<span class=\"_ _0\"></span>56.0<span class=\"_ _0\"></span>99 </span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3b2d\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1ec\"> </span><span class=\"ff3\">2.<span class=\"_ _0\"></span>324<span class=\"_ _0\"></span>.73<span class=\"_ _0\"></span>7 <span class=\"_ _8c\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _200\"> </span><span class=\"ff3\">2.<span class=\"_ _0\"></span>324<span class=\"_ _0\"></span>.73<span class=\"_ _0\"></span>7 </span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3b2e\">2.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Fina<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span> <span class=\"_ _af\"> </span>- <span class=\"_ _330\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1bc\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3b2f\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2e\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> <span class=\"_ _208\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _6f\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b30\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b31\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span> <span class=\"_ _55\"> </span>4.<span class=\"_ _0\"></span>82<span class=\"_ _0\"></span>0.<span class=\"_ _0\"></span>73<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span> <span class=\"_ _330\"> </span>-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b32\">4.<span class=\"_ _0\"></span>82<span class=\"_ _0\"></span>0.<span class=\"_ _0\"></span>73<span class=\"_ _0\"></span>8 </div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b33\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b34\">4.<span class=\"_ _0\"></span>77<span class=\"_ _0\"></span>6.<span class=\"_ _0\"></span>110<span class=\"_ _1\"></span> <span class=\"_ _1a6\"> </span>-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b35\">4.<span class=\"_ _0\"></span>77<span class=\"_ _0\"></span>6.<span class=\"_ _0\"></span>110<span class=\"_ _1\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b36\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b37\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span> <span class=\"_ _328\"> </span>7.<span class=\"_ _0\"></span>185<span class=\"_ _0\"></span>.6<span class=\"_ _1\"></span>35 <span class=\"_ _1f8\"> </span>-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b38\">7.<span class=\"_ _0\"></span>18<span class=\"_ _0\"></span>5.<span class=\"_ _0\"></span>63<span class=\"_ _0\"></span>5 </div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b39\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b3a\">7.<span class=\"_ _0\"></span>25<span class=\"_ _0\"></span>1.<span class=\"_ _0\"></span>882<span class=\"_ _1\"></span> <span class=\"_ _8c\"> </span>-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b3b\">7.<span class=\"_ _0\"></span>25<span class=\"_ _0\"></span>1.<span class=\"_ _0\"></span>882<span class=\"_ _1\"></span> </div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3b3c\">Le<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>nda<span class=\"_ _1\"></span>:<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs3b3d\">A=<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ttiv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inanz<span class=\"_ _0\"></span>iarie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ced<span class=\"_ _0\"></span>ute<span class=\"ff1\"> </span>ril<span class=\"_ _0\"></span>evat<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>int<span class=\"_ _0\"></span>ero<span class=\"ff1\"> </span>(va<span class=\"_ _0\"></span>lore<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">bi<span class=\"_ _0\"></span>lanc<span class=\"_ _0\"></span>io) </span></span></span></span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs3b3e\">B=<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">atti<span class=\"_ _2\"></span>vit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cedute<span class=\"ff1\"> </span>rilevate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">parzialmente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(valore<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">bilanci<span class=\"_ _2\"></span>o)<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs3b3f\">C=<span class=\"ff1\"> </span>attivit<span class=\"_ _2\"></span>\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>cedu<span class=\"_ _2\"></span>te<span class=\"ff1\"> </span>rilevate<span class=\"ff1\"> </span>parzialment<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>(intero<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valore) </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3b40\">L\u2019<span class=\"_ _0\"></span>ope<span class=\"_ _0\"></span>rativ<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u00e8</span> <span class=\"_ _0\"></span><span class=\"ff3\">rife<span class=\"_ _0\"></span>ribil<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">all\u2019<span class=\"_ _0\"></span>uti<span class=\"_ _0\"></span>lizz<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tit<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in</span> <span class=\"_ _0\"></span><span class=\"ff3\">port<span class=\"_ _0\"></span>afo<span class=\"_ _0\"></span>gli<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>ope<span class=\"_ _0\"></span>razi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pro<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span>tro<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>ermi<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"ff3\">b<span class=\"_ _0\"></span>reve<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">te<span class=\"_ _0\"></span>rmin<span class=\"_ _0\"></span>e.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3b42\">D.3<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3b43\">Conso<span class=\"_ _0\"></span>lidato<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3b44\">prude<span class=\"_ _0\"></span>nziale<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3b45\">\u2013<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3b46\">Oper<span class=\"_ _0\"></span>azioni<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3b47\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3b48\">cessi<span class=\"_ _0\"></span>one<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3b49\">con<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3b4a\">pass<span class=\"_ _0\"></span>ivit\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3b4b\">avent<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3b4c\">riva<span class=\"_ _0\"></span>lsa<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3b4d\">esclus<span class=\"_ _0\"></span>ivame<span class=\"_ _0\"></span>nte<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3b4e\">sulle<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3b4f\">atti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3b50\">cedute<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3b51\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3b52\">non<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3b53\">cancel<span class=\"_ _0\"></span>late<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3b54\">integr<span class=\"_ _0\"></span>alme<span class=\"_ _0\"></span>nte:<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3b55\">fair<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3b56\">value<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3b57\">Rilev<span class=\"_ _0\"></span>ate<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3b58\">per<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3b59\">in<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3b5a\">Ril<span class=\"_ _1\"></span>eva<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3b5b\">pa<span class=\"_ _0\"></span>rz<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>lm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3b5c\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3b5d\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _1fb\"> </span><span class=\"fc4 sc2\">31/1<span class=\"_ _0\"></span>2/<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b5e\">A.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b5f\">Att<span class=\"_ _1\"></span>ivit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b60\">fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>rie<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b61\">de<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b62\">pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b63\">la<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b64\">ne<span class=\"_ _0\"></span>g<span class=\"_ _0\"></span>ozi<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>ion<span class=\"_ _1\"></span>e <span class=\"_ _22d\"> </span>-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b65\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b66\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b67\">-<span class=\"_ _1\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3b68\">1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">debit<span class=\"_ _0\"></span>o <span class=\"_ _88\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _138\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _ca\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _6a\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3b69\">2.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">capit<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span> <span class=\"_ _128\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _138\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _ca\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _6a\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3b6a\">3.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Finan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span> <span class=\"_ _166\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1bc\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _ca\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _3f\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3b6b\">4.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Deriv<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span> <span class=\"_ _259\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _138\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _ca\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _6a\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b6c\">B.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b6d\">Alt<span class=\"_ _1\"></span>re<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b6e\">at<span class=\"_ _0\"></span>tiv<span class=\"_ _1\"></span>it\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b6f\">fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>rie<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b70\">ob<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>ori<span class=\"_ _0\"></span>am<span class=\"_ _1\"></span>ent<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b71\">va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>tat<span class=\"_ _1\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b72\">al<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b73\">fa<span class=\"_ _0\"></span>ir<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b74\">va<span class=\"_ _1\"></span>lue<span class=\"_ _0\"></span> <span class=\"_ _20c\"> </span>-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b75\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b76\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b77\">-<span class=\"_ _1\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3b78\">1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">debi<span class=\"_ _0\"></span>to <span class=\"_ _88\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _138\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _ca\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _3f\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3b79\">2.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">capit<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span> <span class=\"_ _128\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _138\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _ca\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _6a\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3b7a\">3.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Finan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span> <span class=\"_ _166\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1bc\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _ca\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _3f\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b7b\">C.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b7c\">At<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _1\"></span>\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b7d\">fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b7e\">de<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b7f\">al<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b80\">fa<span class=\"_ _0\"></span>ir<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b81\">va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e <span class=\"_ _341\"> </span>-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b82\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b83\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b84\">-<span class=\"_ _1\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3b85\">1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">debi<span class=\"_ _0\"></span>to <span class=\"_ _88\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _138\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _ca\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _3f\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3b86\">2.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Fina<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span> <span class=\"_ _166\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1bc\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _ca\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _6a\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></div><div class=\"c w28 h25 gs3b87\"><div class=\"t m0 x1f9 h1c y35f ff3 fsc fc0 sc1 ls0 ws0\">D.</div></div><div class=\"c w96 h25 gs3b88\"><div class=\"t m0 x1f9 h1c y35f ff3 fsc fc0 sc1 ls0 ws0\">Attiv<span class=\"_ _0\"></span>it\u00e0</div></div><div class=\"c w17a h25 gs3b89\"><div class=\"t m0 x1f9 h1c y35f ff3 fsc fc0 sc1 ls0 ws0\">finan<span class=\"_ _0\"></span>ziar<span class=\"_ _0\"></span>ie</div></div><div class=\"c w17b h25 gs3b8a\"><div class=\"t m0 x1f9 h1c y35f ff3 fsc fc0 sc1 ls0 ws0\">val<span class=\"_ _0\"></span>utate</div></div><div class=\"c w7 h25 gs3b8b\"><div class=\"t m0 x1f9 h1c y35f ff3 fsc fc0 sc1 ls0 ws0\">al</div></div><div class=\"c wea h25 gs3b8c\"><div class=\"t m0 x1f9 h1c y35f ff3 fsc fc0 sc1 ls0 ws0\">fair</div></div><div class=\"c w17c h25 gs3b8d\"><div class=\"t m0 x1f9 h1c y35f ff3 fsc fc0 sc1 ls0 ws0\">val<span class=\"_ _0\"></span>ue</div></div><div class=\"c wd h25 gs3b8e\"><div class=\"t m0 x1f9 h1c y35f ff3 fsc fc0 sc1 ls0 ws0\">con</div></div><div class=\"c w74 h25 gs3b8f\"><div class=\"t m0 x1f9 h1c y35f ff3 fsc fc0 sc1 ls0 ws0\">impa<span class=\"_ _0\"></span>tto</div></div><div class=\"c w132 h25 gs3b90\"><div class=\"t m0 x1f9 h1c y35f ff3 fsc fc0 sc1 ls0 ws0\">sull<span class=\"_ _0\"></span>a</div></div><div class=\"c w14e h25 gs3b91\"><div class=\"t m0 x1f9 h1c y35f ff3 fsc fc0 sc1 ls0 ws0\">re<span class=\"_ _0\"></span>dditivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b92\">co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>a </div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b93\">2.<span class=\"_ _0\"></span>46<span class=\"_ _0\"></span>4.6<span class=\"_ _1\"></span>39 </div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b94\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b95\"> <span class=\"_ _216\"> </span>2.<span class=\"_ _0\"></span>46<span class=\"_ _0\"></span>4.6<span class=\"_ _1\"></span>39 <span class=\"_ _210\"> </span>3<span class=\"_ _0\"></span>.73<span class=\"_ _0\"></span>9.<span class=\"_ _0\"></span>22<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3b96\">1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">debi<span class=\"_ _0\"></span>to <span class=\"_ _9a\"> </span>2.4<span class=\"_ _0\"></span>64.<span class=\"_ _0\"></span>639 <span class=\"_ _6f\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1fb\"> </span><span class=\"ff3\">2.4<span class=\"_ _0\"></span>64.<span class=\"_ _0\"></span>639 <span class=\"_ _1ee\"> </span>3<span class=\"_ _0\"></span>.73<span class=\"_ _0\"></span>9.2<span class=\"_ _0\"></span>29 </span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3b97\">2.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">capit<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span> <span class=\"_ _17a\"> </span>- <span class=\"_ _6f\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _ca\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> <span class=\"_ _ca\"> </span>- </span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3b98\">3.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Finan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span> <span class=\"_ _127\"> </span>- <span class=\"_ _6f\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _ca\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> <span class=\"_ _ca\"> </span>- </span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b99\">E.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b9a\">Att<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b9b\">fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>rie<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b9c\">va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>tat<span class=\"_ _1\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b9d\">al<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b9e\">co<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3b9f\">am<span class=\"_ _1\"></span>mo<span class=\"_ _0\"></span>rti<span class=\"_ _0\"></span>zz<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3ba0\">(f<span class=\"_ _0\"></span>air<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3ba1\">va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e)<span class=\"_ _0\"></span> <span class=\"_ _12\"> </span>2<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>56<span class=\"_ _0\"></span>.09<span class=\"_ _1\"></span>9 <span class=\"_ _6f\"> </span>-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3ba2\">2.<span class=\"_ _0\"></span>35<span class=\"_ _0\"></span>6.<span class=\"_ _0\"></span>09<span class=\"_ _0\"></span>9 <span class=\"_ _335\"> </span>3.<span class=\"_ _0\"></span>446<span class=\"_ _1\"></span>.406<span class=\"_ _1\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3ba3\">1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">debi<span class=\"_ _0\"></span>to <span class=\"_ _9a\"> </span>2.356<span class=\"_ _0\"></span>.09<span class=\"_ _0\"></span>9 <span class=\"_ _6f\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _216\"> </span><span class=\"ff3\">2.<span class=\"_ _0\"></span>356.<span class=\"_ _0\"></span>09<span class=\"_ _0\"></span>9 <span class=\"_ _296\"> </span>3.4<span class=\"_ _0\"></span>46.<span class=\"_ _0\"></span>40<span class=\"_ _0\"></span>6 </span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3ba4\">2.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Fina<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span> <span class=\"_ _127\"> </span>- <span class=\"_ _138\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _ca\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> <span class=\"_ _ca\"> </span>- </span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3ba5\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3ba6\">at<span class=\"_ _0\"></span>tiv<span class=\"_ _1\"></span>it\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3ba7\">fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span> <span class=\"_ _218\"> </span>4.8<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>38<span class=\"_ _1\"></span> <span class=\"_ _138\"> </span>-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3ba8\">4.<span class=\"_ _0\"></span>82<span class=\"_ _0\"></span>0.<span class=\"_ _0\"></span>73<span class=\"_ _0\"></span>8 <span class=\"_ _1ff\"> </span>7.1<span class=\"_ _0\"></span>85<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>35<span class=\"_ _0\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3ba9\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3baa\">pa<span class=\"_ _0\"></span>ss<span class=\"_ _1\"></span>ivit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3bab\">fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>rie<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3bac\">as<span class=\"_ _0\"></span>so<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e <span class=\"_ _224\"> </span>4<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>76.<span class=\"_ _0\"></span>11<span class=\"_ _0\"></span>0 <span class=\"_ _6f\"> </span>-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3bad\">X<span class=\"_ _1\"></span> </div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs3bae\">X</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3baf\">Va<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3bb0\">ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3bb1\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span> <span class=\"_ _81\"> </span>4<span class=\"_ _0\"></span>4.6<span class=\"_ _1\"></span>28 <span class=\"_ _6f\"> </span>-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3bb2\">4.<span class=\"_ _0\"></span>82<span class=\"_ _0\"></span>0.<span class=\"_ _0\"></span>73<span class=\"_ _0\"></span>8 </div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs3bb3\">X</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3bb4\">Va<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3bb5\">ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3bb6\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span> <span class=\"_ _11c\"> </span>(<span class=\"_ _0\"></span>66<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>47<span class=\"_ _0\"></span>) <span class=\"_ _6f\"> </span>-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3bb7\">X<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>7<span class=\"_ _0\"></span>.1<span class=\"_ _0\"></span>85<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>35<span class=\"_ _0\"></span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3bb8\">Le<span class=\"ff1\"> </span>passivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fronte<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziarie<span class=\"ff1\"> </span>cedute<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>non<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cancellate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(riportate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nelle<span class=\"ff1\"> </span>colonne<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Debiti<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3bb9\">verso<span class=\"ff1\"> </span>Cli<span class=\"_ _0\"></span>entela<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>Debiti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">verso<span class=\"ff1\"> </span>Banche)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>relative<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ad<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">operazioni<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pronti</span> <span class=\"_ _0\"></span><span class=\"ff3\">contro<span class=\"ff1\"> </span>termine<span class=\"ff1\"> </span>passive<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"_ _0\"></span><span class=\"ff3\">fronte<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3bba\">titoli<span class=\"ff1\"> </span>iscritti<span class=\"ff1\"> </span>nell\u2019attivo. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3bbb\">La<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mancata<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u201cderecognition\u201d<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>operazioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>carto<span class=\"_ _2\"></span>larizzazione,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gi\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ampiam<span class=\"_ _2\"></span>ente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>descritte<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _2\"></span></span>paragr<span class=\"_ _2\"></span>afo<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3bbc\">\u201cC.1<span class=\"ff1\"> </span>Ope<span class=\"_ _0\"></span>razioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">car<span class=\"_ _2\"></span>tolarizzazione\u201d,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>diretta<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conseguenza<span class=\"ff1\"> </span>della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sottos<span class=\"_ _2\"></span>crizione<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">parte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Gruppo,<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>elle<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3bbd\">tranche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>titoli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Junior<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>esposizioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>imilari,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>comportano,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>capo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>allo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>stesso,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prime<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3bbe\">perdite<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>analogamente,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ben<span class=\"_ _2\"></span>eficio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>connesso<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rendimento<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>portafoglio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>t<span class=\"_ _2\"></span>rasferite.<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Tali<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3bbf\">attivit\u00e0<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>oggetto<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cessione<span class=\"ff1\"> </span>pro<span class=\"ff1\"> </span>soluto<span class=\"ff1\"> </span>mediante<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>contratto<span class=\"_ _2\"></span><span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">servicer,<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>Grup<span class=\"_ _0\"></span>po<span class=\"ff1\"> </span>mantiene<span class=\"ff1\"> </span>l\u2019impegno<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3bc0\">a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>volgere<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>servizio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>gestione,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>amministrazione,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>incasso,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>riscoss<span class=\"_ _2\"></span>ione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>recupero<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>crediti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>p<span class=\"_ _2\"></span>er<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cont<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3bc1\">vei<span class=\"_ _0\"></span>col<span class=\"_ _0\"></span>o. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3bc2\">A<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>ron<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tra<span class=\"_ _0\"></span>sfe<span class=\"_ _0\"></span>rime<span class=\"_ _0\"></span>nto<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>rris<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ttivo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">inca<span class=\"_ _0\"></span>ssat<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>iene<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ril<span class=\"_ _0\"></span>eva<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>ntrop<span class=\"_ _1\"></span>artita<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>ril<span class=\"_ _0\"></span>evaz<span class=\"_ _0\"></span>ione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un</span> <span class=\"ff3\">d<span class=\"_ _0\"></span>ebi<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3bc3\">verso<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>societ\u00e0<span class=\"ff1\"> </span>veicolo,<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>netto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> </span>tr<span class=\"_ _2\"></span>anche<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sottoscritti.<span class=\"ff1\"> </span>Il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>debito<span class=\"ff1\"> </span>iscrit<span class=\"_ _2\"></span>to<span class=\"ff1\"> </span>verso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> </span>societ\u00e0<span class=\"ff1\"> </span>veicolo<span class=\"ff1\"> </span>\u00e8<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3bc4\">destinato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ridursi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>effetto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>somme<span class=\"ff1\"> <span class=\"_ _2\"></span></span>incassate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall\u2019originator<span class=\"_ _2\"></span>,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>qualit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u201cservicer\u201d,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riversate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>allo<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3bc5\">stesso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">veicolo. </span></span></div><div class=\"t m0 h10 ff3 fs9 fc4 sc0 ls0 ws0 gs3bc7\">D.<span class=\"_ _0\"></span>4<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">Cons<span class=\"_ _0\"></span>olid<span class=\"_ _0\"></span>ato<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">pru<span class=\"_ _0\"></span>den<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">-<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">oper<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cove<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>d<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">bo<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>d<span class=\"fc0\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3bc8\">Pro<span class=\"_ _1\"></span>gra<span class=\"_ _0\"></span>mm<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3bc9\">Cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>em<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3bca\">C<span class=\"_ _1\"></span>B<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3bcb\">Il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">C<span class=\"_ _0\"></span>onsi<span class=\"_ _0\"></span>glio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Amm<span class=\"_ _0\"></span>ini<span class=\"_ _0\"></span>straz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>red<span class=\"_ _0\"></span>ito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Emil<span class=\"_ _0\"></span>ian<span class=\"_ _0\"></span>o,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nell<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sedu<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>2<span class=\"_ _0\"></span>6<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">magg<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>2<span class=\"_ _0\"></span>010<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">25<span class=\"ff1\"> </span>giug<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3bcc\">2010,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ha<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>deliberato<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>avviare<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>strutturazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>pr<span class=\"_ _2\"></span>ogramma<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>emissione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>obbligazioni<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3bcd\">bancarie<span class=\"ff1\"> </span>garantite<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>ammontare<span class=\"ff1\"> </span>massimo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Euro<span class=\"ff1\"> </span>5<span class=\"ff1\"> </span>miliardi. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3bce\">In<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">data<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">22<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"_ _2\"></span>ttobre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2010,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Consiglio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Amm<span class=\"_ _2\"></span>inistrazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">approvato<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">prima<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cessione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">parte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3bcf\">Credem<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">portafoglio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>crediti<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>massimo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">E<span class=\"_ _2\"></span>uro<span class=\"ff1\"> </span>2,4<span class=\"ff1\"> </span>miliardi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>favore<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Credem<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3bd0\">CB<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>S.r.l.,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Societ\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Veicolo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>(</div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs3bd1\">Special<span class=\"_ _3bd\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs3bd2\">Purpos<span class=\"_ _2\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs3bd3\">Vehicle</div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3bd4\">,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>SPV)<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>elezionata<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _0\"></span>artecipazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>al<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3bd5\">Programma<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>partecipata<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>70%<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>Credem. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3bd6\">Il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quadro<span class=\"ff1\"> </span>normativo<span class=\"ff1\"> </span>italiano<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in</span> <span class=\"_ _0\"></span><span class=\"ff3\">materia<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">emissione<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Obbligazioni<span class=\"ff1\"> </span>B<span class=\"_ _0\"></span>ancarie<span class=\"ff1\"> </span>Garantite<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>di<span class=\"ff1\"> </span>seg<span class=\"_ _0\"></span>uito,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3bd7\">anche<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>\u201cNormativa\u201d)<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>costituito,<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>part<span class=\"_ _2\"></span>icolare: </div><div class=\"t m4 h2c ff4 fs5 fc0 sc0 ls0 ws0 gs3bd8\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3bd9\">dalla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">deliberazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">CICR<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>2<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">agosto<span class=\"ff1\"> </span>1996,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>materia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">organizzazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">amministrativa<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3bda\">contabile<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>controlli<span class=\"ff1\"> <span class=\"_ _21\"></span></span>interni,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>come<span class=\"ff1\"> <span class=\"_ _21\"></span></span>modificata<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>integrata<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dalla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>deliberazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>23<span class=\"ff1\"> <span class=\"_ _21\"></span></span>marzo<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3bdb\">2004<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>stesso<span class=\"ff1\"> </span>Comitato; </div><div class=\"t m4 h2c ff4 fs5 fc0 sc0 ls0 ws0 gs3bdc\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3bdd\">dall\u2019art.7-bis<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>legge<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>n.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>130<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>30<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"_ _2\"></span>prile<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>1999,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>come<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>uccessivamente<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>modificato<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ed<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3bde\">integrato<span class=\"ff1\"> </span>(la<span class=\"ff1\"> </span>\u201cLegge<span class=\"ff1\"> </span>130\u201d); </div><div class=\"t m4 h2c ff4 fs5 fc0 sc0 ls0 ws0 gs3bdf\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3be0\">dal<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>D<span class=\"_ _2\"></span>ecreto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Ministero<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dell\u2019Economia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>F<span class=\"_ _2\"></span>inanze<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>n<span class=\"_ _0\"></span>.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>310<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>14<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dicembre<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>20<span class=\"_ _2\"></span>06<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3be1\">\u201cDecreto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">MEF\u201d); </span></span></div><div class=\"t m4 h2c ff4 fs5 fc0 sc0 ls0 ws0 gs3be2\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3be3\">dal<span class=\"ff1\"> </span>Decreto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span>Ministro<span class=\"ff1\"> </span>dell\u2019Economia<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>Finanze,<span class=\"ff1\"> </span>Presidente<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>CICR,<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>27<span class=\"ff1\"> </span>dicembre<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3be4\">2006,<span class=\"ff1\"> </span>n.<span class=\"ff1\"> </span>933; </div><div class=\"t m4 h2c ff4 fs5 fc0 sc0 ls0 ws0 gs3be5\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3be6\">da<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">De<span class=\"_ _0\"></span>creto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Mi<span class=\"_ _0\"></span>nist<span class=\"_ _0\"></span>ro<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span>l\u2019Ec<span class=\"_ _0\"></span>onom<span class=\"_ _0\"></span>ia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">F<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>ze,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Pre<span class=\"_ _0\"></span>side<span class=\"_ _0\"></span>nte<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">C<span class=\"_ _0\"></span>ICR<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">12<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">aprile<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">2<span class=\"_ _1\"></span>007<span class=\"_ _0\"></span>, </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3be7\">n.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">21<span class=\"_ _0\"></span>3;<span class=\"_ _0\"></span> </span></span></div><div class=\"t m4 h2c ff4 fs5 fc0 sc0 ls0 ws0 gs3be8\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3be9\">dalle<span class=\"ff1\"> </span>disposizioni<span class=\"ff1\"> </span>emanate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dalla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Banca<span class=\"ff1\"> </span>d\u2019Italia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>tema<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>Obbligazioni<span class=\"ff1\"> </span>Bancarie<span class=\"ff1\"> </span>G<span class=\"_ _2\"></span>arantite,<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3bea\">sensi<span class=\"ff1\"> </span>dell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>Parte<span class=\"ff1\"> </span>Terza,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Capitolo<span class=\"ff1\"> </span>3,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> </span>Circolare<span class=\"ff1\"> </span>n.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">285<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>17<span class=\"ff1\"> </span>dicembre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2013,<span class=\"ff1\"> </span>contenente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3beb\">\u201cDisposizioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>vigilanza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>banche\u201d,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>come<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>volta<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>volta<span class=\"ff1\"> <span class=\"_ _20\"></span></span>modificate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>aggiornat<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(le<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3bec\">\u201cIs<span class=\"_ _0\"></span>truz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i\u201d)<span class=\"_ _0\"></span>; </div><div class=\"t m4 h2c ff4 fs5 fc0 sc0 ls0 ws0 gs3bed\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3bee\">dalle<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ul<span class=\"_ _0\"></span>teriori<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>fonti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>normative,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>c<span class=\"_ _2\"></span>omunitarie<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>domestiche,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>espressamente<span class=\"ff1\"> <span class=\"_ _21\"></span></span>richiamate<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nelle<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3bef\">Istruzioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> </span>Paragr<span class=\"_ _2\"></span>afo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>2,<span class=\"ff1\"> </span>Sezione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>1,<span class=\"ff1\"> </span>Capitolo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>3,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Parte<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Terza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(ivi<span class=\"ff1\"> </span>i<span class=\"_ _2\"></span>ncluso<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Regolamento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>UE<span class=\"ff1\"> <span class=\"_ _2\"></span></span>N.<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3bf0\">575/<span class=\"_ _0\"></span>2013<span class=\"_ _0\"></span>).<span class=\"_ _0\"></span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3bf1\">L\u2019e<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>ssio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Obb<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">Ban<span class=\"_ _0\"></span>cari<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>Gar<span class=\"_ _0\"></span>anti<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>part<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Cre<span class=\"_ _0\"></span>dem<span class=\"ff1\"> </span>si<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">in<span class=\"_ _0\"></span>ser<span class=\"_ _0\"></span>isc<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">piano<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">strate<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>co<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3bf2\">del<span class=\"ff1\"> </span>Gruppo,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finalizzato,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tra<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019altro,<span class=\"ff1\"> </span>all\u2019ott<span class=\"_ _2\"></span>enimento<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alcuni<span class=\"ff1\"> </span>bene<span class=\"_ _2\"></span>fici<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>termini<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs3bf3\">funding</div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3bf4\">,<span class=\"ff1\"> </span>quali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3bf5\">diversificazione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fonti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>racc<span class=\"_ _0\"></span>olta,<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>ridu<span class=\"_ _0\"></span>zione<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">relativo<span class=\"ff1\"> </span>costo,<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>onch\u00e9<span class=\"ff1\"> </span>l\u2019<span class=\"_ _0\"></span>allungamento<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3bf6\">scadenze<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>passivo. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3bf7\">In<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">linea<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">generale,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>struttura<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">base<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un\u2019emissione<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">obbligazioni<span class=\"ff1\"> </span>ban<span class=\"_ _0\"></span>carie<span class=\"ff1\"> </span>garantite<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u2013<span class=\"_ _2\"></span><span class=\"ff1\"> </span>second<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>lo<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3bf8\">schema<span class=\"ff1\"> </span>delineato<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>normativa<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> </span>prevede<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>vengano<span class=\"ff1\"> </span>realizzat<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>seguenti<span class=\"ff1\"> </span>attivit\u00e0: </div><div class=\"t m4 h2c ff4 fs5 fc0 sc0 ls0 ws0 gs3bf9\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3bfa\">la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>banca<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(Banca<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Cre<span class=\"_ _2\"></span>dente,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Credem)<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>trasferisce<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>i<span class=\"_ _2\"></span>nsieme<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs3bfb\">asset</div><div class=\"t m0 h9 ff1 fs4 fc0 sc0 ls0 ws0 gs3bfc\"> <span class=\"_ _1f\"> </span><span class=\"ff3 fs5\">aventi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>eterminate<span class=\"ff1\"> </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3bfd\">caratteristiche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(il<span class=\"ff1\"> </span>\u201cPort<span class=\"_ _2\"></span>afoglio\u201d)<span class=\"ff1\"> </span>ad<span class=\"ff1\"> <span class=\"_ _2\"></span></span>una<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Societ\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Veicolo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(Credem<span class=\"ff1\"> <span class=\"_ _2\"></span></span>CB<span class=\"ff1\"> <span class=\"_ _2\"></span></span>srl).<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Gli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ceduti<span class=\"ff1\"> </span>alla<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3bfe\">Soc<span class=\"_ _0\"></span>iet<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>Veic<span class=\"_ _0\"></span>olo<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>stitu<span class=\"_ _0\"></span>isc<span class=\"_ _0\"></span>ono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">un</span> <span class=\"ff3\">pa<span class=\"_ _0\"></span>trim<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>separa<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>da<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">qu<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>So<span class=\"_ _0\"></span>ciet\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Veic<span class=\"_ _0\"></span>olo<span class=\"ff1\"> </span>ste<span class=\"_ _0\"></span>ssa<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3bff\">beneficio<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">portato<span class=\"_ _2\"></span>ri<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>elle<span class=\"ff1\"> </span>obbligazi<span class=\"_ _0\"></span>oni<span class=\"ff1\"> </span>bancarie<span class=\"ff1\"> </span>garantite<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>egli<span class=\"ff1\"> </span>altri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">soggetti<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>fav<span class=\"_ _0\"></span>ore<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3c00\">quali<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\">  </span>garanzia<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u00e8<span class=\"ff1\">  </span>rilasciata.<span class=\"ff1\">  </span>La<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Banca<span class=\"ff1\">  </span>Cedente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>eroga<span class=\"ff1\">  </span>alla<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Societ\u00e0<span class=\"ff1\">  </span>Veicolo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>un<span class=\"ff1\">  </span>prestito<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3c01\">subordinato<span class=\"ff1\"> </span>finalizzato<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>finanziare<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>pagamento<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rezzo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>acquisto<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs3c02\">asset</div><div class=\"t m0 h9 ff1 fs4 fc0 sc0 ls0 ws0 gs3c03\"> <span class=\"ff3 fs5\">da<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>arte<span class=\"ff1\"> </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3c04\">della<span class=\"ff1\"> </span>Societ\u00e0<span class=\"ff1\"> </span>Veicolo<span class=\"ff1\"> </span>stessa; </div><div class=\"t m4 h2c ff4 fs5 fc0 sc0 ls0 ws0 gs3c05\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3c06\">Credem<span class=\"ff1\"> <span class=\"_ _21\"></span></span>emette<span class=\"ff1\"> <span class=\"_ _21\"></span></span>titoli<span class=\"ff1\"> <span class=\"_ _21\"></span></span>obbli<span class=\"_ _0\"></span>gazionari.<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>La<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Societ\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Veicolo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rilascia<span class=\"ff1\"> <span class=\"_ _21\"></span></span>una<span class=\"ff1\"> <span class=\"_ _20\"></span></span>gar<span class=\"_ _2\"></span>anzia<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>favor<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dei<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3c07\">portatori<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> </span>obbligazionari<span class=\"ff1\"> </span>emessi<span class=\"ff1\"> </span>dall\u2019Emittente. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3c08\">Come<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conseguenza<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ci\u00f2,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>rimbor<span class=\"_ _2\"></span>so<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>o<span class=\"_ _2\"></span>bbligazioni<span class=\"ff1\"> </span>bancari<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>gar<span class=\"_ _2\"></span>antite<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> </span>sara<span class=\"_ _2\"></span>nno<span class=\"ff1\"> </span>emesse<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3c09\">nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dell\u2019operazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>garant<span class=\"_ _2\"></span>ito,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>oltre<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dall\u2019emittente,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>anche<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>garanzia<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>non<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3c0a\">condizionata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ed<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">irr<span class=\"_ _2\"></span>evocabile<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ilasciata<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>alla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Societ\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Veicolo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ad<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esclusivo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">beneficio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>egli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">investitori<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3c0b\">che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sott<span class=\"_ _2\"></span>oscriveranno<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Obbligazioni<span class=\"ff1\"> </span>Bancarie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Garantite<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contr<span class=\"_ _2\"></span>oparti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">terze,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ivi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"_ _2\"></span>ncluse<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quelle<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3c0c\">di<span class=\"_ _0\"></span><span class=\"ff1\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs3c0d\">hedg<span class=\"_ _0\"></span>ing,</div><div class=\"t m0 h9 ff1 fs4 fc0 sc0 ls0 ws0 gs3c0e\"> <span class=\"_ _0\"></span><span class=\"ff3 fs5\">coinv<span class=\"_ _1\"></span>olte<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nell\u2019<span class=\"_ _0\"></span>opera<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Ta<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ult<span class=\"_ _0\"></span>ima<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ga<span class=\"_ _0\"></span>ranzi<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">r<span class=\"_ _0\"></span>ila<span class=\"_ _0\"></span>scia<span class=\"_ _0\"></span>ta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dal<span class=\"_ _0\"></span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Soci<span class=\"_ _0\"></span>et\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Ve<span class=\"_ _0\"></span>icol<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>aler<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3c0f\">sul<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Portafoglio. </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3c10\">Da<span class=\"ff1\"> </span>quanto<span class=\"ff1\"> </span>riportato<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>ev<span class=\"_ _0\"></span>ince<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>l\u2019operazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>covered<span class=\"ff1\"> </span>bond<span class=\"ff1\"> </span>illustrata<span class=\"ff1\"> </span>rientra<span class=\"ff1\"> </span>nel<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>\u201cfatt<span class=\"_ _2\"></span>ispecie<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3c11\">semplice\u201d,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>in<span class=\"ff1\">  </span>q<span class=\"_ _2\"></span>uanto<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>figura<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>banca<span class=\"ff1\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs3c12\">originator</div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3c13\">,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>banca<span class=\"ff1\">  </span>f<span class=\"_ _2\"></span>inanziatrice<span class=\"ff1\">  </span>e<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>banca<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>emittente<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3c14\">coincidono<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>unico<span class=\"ff1\"> </span>soggetto,<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>appresentato<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>Credem. </div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3c15\">Il<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3c16\">Po<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>af<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>lio<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3c17\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3c18\">ce<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3c19\">Il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>portafo<span class=\"_ _2\"></span>glio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tempo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>empo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>viene<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ceduto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Societ\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Veicolo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>deve<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rispecchiare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alcun<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3c1a\">caratteristiche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">comuni. </span></span></div>I<span class=\"ff1\"> <span class=\"_ _21\"></span></span>principali<span class=\"ff1\"> <span class=\"_ _21\"></span></span>criteri<span class=\"ff1\"> <span class=\"_ _21\"></span></span>comuni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>identificazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>selezione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>mutui,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>da<span class=\"ff1\"> <span class=\"_ _21\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _20\"></span></span>der<span class=\"_ _2\"></span>ivano<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>crediti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"ff1\"> </span>costituiscono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span></span></span>Cover<span class=\"_ _3bd\"> </span>Pool,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">so<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">individ<span class=\"_ _0\"></span>uati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">previa<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cond<span class=\"_ _2\"></span>ivisione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">agenzie<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ating,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>stat<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>ric<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>esta<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l\u2019a<span class=\"_ _0\"></span>sseg<span class=\"_ _0\"></span>nazi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ratin<span class=\"_ _0\"></span>g<span class=\"ff1\"> </span>all<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>Obbli<span class=\"_ _0\"></span>gaz<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Banc<span class=\"_ _0\"></span>arie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Garan<span class=\"_ _0\"></span>tite<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">che</span> <span class=\"ff3\">Cre<span class=\"_ _0\"></span>dem<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>mette<span class=\"_ _0\"></span>r\u00e0<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>nel<span class=\"ff1\"> </span>contesto<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Programma. A<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>ottobre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2010,<span class=\"ff1\"> </span>settembre<span class=\"ff1\"> </span>2011,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">febbraio<span class=\"ff1\"> </span>2012,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">aprile<span class=\"ff1\"> </span>2014,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ottobre<span class=\"ff1\"> </span>2014,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ottobre<span class=\"ff1\"> </span>2015,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">apr<span class=\"_ _0\"></span>ile </span></span></span></span></span></span></span></span></span></span></span></span>201<span class=\"_ _0\"></span>6,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ottob<span class=\"_ _1\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">201<span class=\"_ _0\"></span>6,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">apri<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">201<span class=\"_ _0\"></span>7,<span class=\"ff1\"> </span>no<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>mbre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">2017,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mag<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>201<span class=\"_ _0\"></span>8,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ottob<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">201<span class=\"_ _0\"></span>8,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">magg<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>2<span class=\"_ _0\"></span>019,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">no<span class=\"_ _0\"></span>vemb<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>2020,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nove<span class=\"_ _0\"></span>mbre<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>2021<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>novembre<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>2022<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>stati<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>selezionati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>crediti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ipotecari<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>de<span class=\"_ _0\"></span>rivanti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>da<span class=\"ff1\"> </span>contratti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>mu<span class=\"_ _0\"></span>tuo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"_ _2\"></span>lle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>re<span class=\"_ _2\"></span>lative<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>date<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> </span>cut-off <span class=\"_ _27\"> </span><span class=\"ff3 fs5\">so<span class=\"_ _2\"></span>ddisfacevano,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>titolo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>esaustivo,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>i<span class=\"ff1\"> </span></span>seguenti<span class=\"ff1\"> </span>principali<span class=\"ff1\"> </span>criteri<span class=\"ff1\"> </span>cumulativi: -<span class=\"_ _3bd\"> </span>crediti<span class=\"ff1\">  </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\">  </span>derivanti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>da<span class=\"ff1\">  </span>contratti<span class=\"ff1\">  </span>di<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">mutuo</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">che</span>  <span class=\"ff3\">be<span class=\"_ _0\"></span>neficiano<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>forme<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>agevolazione<span class=\"ff1\"> </span></span></span>fi<span class=\"_ _0\"></span>nanz<span class=\"_ _0\"></span>iari<span class=\"_ _0\"></span>a; -<span class=\"_ _3bd\"> </span>crediti<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>classificati<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>\"sofferenze\",<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>sensi<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>vigenti<span class=\"ff1\"> </span>\"Istruzioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Vigilanza<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>banche\"<span class=\"ff1\"> </span>emanate<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>Banca<span class=\"ff1\"> </span>d\u2019Italia; -<span class=\"_ _3bd\"> </span>crediti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>erogati<span class=\"ff1\"> </span>(neanche<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>co-intestazione)<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"ff1\"> </span>di<span class=\"_ _2\"></span>pendenti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>amministratori<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Credito<span class=\"ff1\"> </span>Emiliano<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>sue<span class=\"ff1\"> </span>controllate<span class=\"ff1\"> </span>facenti<span class=\"ff1\"> </span>parte<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Gruppo<span class=\"ff1\"> </span>Bancario<span class=\"ff1\"> </span>Credem. Il<span class=\"ff1\"> </span>Cover<span class=\"_ _3bd\"> </span>Pool, <span class=\"_ _2\"></span><span class=\"ff3 fs5\">alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conta<span class=\"_ _2\"></span>bile<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>31<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dicembre<span class=\"ff1\"> <span class=\"_ _2\"></span></span>2022,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>consiste<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>crediti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>derivanti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"ff1\"> </span>n<span class=\"_ _2\"></span>.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>58.726<span class=\"ff1\"> </span></span>mutui<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ipotecari,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>debito<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>esiduo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>complessivo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>circa<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>4.562,82<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>milioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Euro,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>come<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> </span>seguito<span class=\"ff1\"> </span>meglio<span class=\"ff1\"> </span>specificato. R<span class=\"_ _2\"></span>e<span class=\"_ _20\"></span>g<span class=\"_ _20\"></span>i<span class=\"_ _20\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _20\"></span>e<span class=\"_ _3bd\"> </span>M<span class=\"_ _20\"></span>u<span class=\"_ _20\"></span>t<span class=\"_ _2\"></span>u<span class=\"_ _20\"></span>a<span class=\"_ _3bd\"> </span>t<span class=\"_ _2\"></span>a<span class=\"_ _3bd\"> </span>r<span class=\"_ _3bd\"> </span>i<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>D<span class=\"_ _2\"></span>e<span class=\"_ _20\"></span>b<span class=\"_ _2\"></span>i<span class=\"_ _20\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _3bd\"> </span>R<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>s<span class=\"_ _20\"></span>i<span class=\"_ _20\"></span>d<span class=\"_ _2\"></span>u<span class=\"_ _20\"></span>o<span class=\"_ _3bd\"> </span>(<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>a<span class=\"_ _3bd\"> </span>ia<span class=\"_ _3bd\"> </span>E<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>)<span class=\"_ _3bd\"> </span>%<span class=\"_ _3bd\"> </span>D<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>b<span class=\"_ _20\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _20\"></span>o<span class=\"_ _3bd\"> </span>Re<span class=\"_ _3bd\"> </span>s<span class=\"_ _2\"></span>id<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>o<span class=\"_ _3bd\"> </span>N\u00b0<span class=\"_ _3bd\"> </span>M<span class=\"_ _2\"></span>u<span class=\"_ _20\"></span>t<span class=\"_ _2\"></span>u<span class=\"_ _20\"></span>i<span class=\"_ _3bd\"> </span>%<span class=\"_ _3bd\"> </span>N\u00b0<span class=\"_ _3bd\"> </span>M<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>u<span class=\"_ _20\"></span>i<span class=\"_ _3bd\"> </span>Abr<span class=\"_ _0\"></span>uzz<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>36<span class=\"_ _0\"></span>.491<span class=\"_ _0\"></span>,92<span class=\"_ _3bd\"> </span>0,<span class=\"_ _0\"></span>01<span class=\"_ _3bd\"> </span>53<span class=\"_ _1\"></span>3<span class=\"_ _3bd\"> </span>0,<span class=\"_ _0\"></span>01<span class=\"_ _3bd\"> </span>Bas<span class=\"_ _0\"></span>ilic<span class=\"_ _0\"></span>ata<span class=\"_ _3bd\"> </span>9.1<span class=\"_ _0\"></span>90,<span class=\"_ _0\"></span>68<span class=\"_ _3bd\"> </span>0,<span class=\"_ _0\"></span>00<span class=\"_ _3bd\"> </span>12<span class=\"_ _1\"></span>6<span class=\"_ _3bd\"> </span>0,<span class=\"_ _0\"></span>00<span class=\"_ _3bd\"> </span>Ca<span class=\"_ _0\"></span>labr<span class=\"_ _0\"></span>ia<span class=\"_ _3bd\"> </span>12<span class=\"_ _0\"></span>5.87<span class=\"_ _0\"></span>6,52<span class=\"_ _3bd\"> </span>0,<span class=\"_ _0\"></span>03<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>23<span class=\"_ _3bd\"> </span>0,<span class=\"_ _0\"></span>04<span class=\"_ _3bd\"> </span>Ca<span class=\"_ _0\"></span>mpan<span class=\"_ _0\"></span>ia<span class=\"_ _3bd\"> </span>468<span class=\"_ _0\"></span>.19<span class=\"_ _0\"></span>3,3<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>0,<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>5.7<span class=\"_ _0\"></span>11<span class=\"_ _3bd\"> </span>0,<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>Emi<span class=\"_ _0\"></span>liaRom<span class=\"_ _0\"></span>agn<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>732<span class=\"_ _0\"></span>.34<span class=\"_ _0\"></span>4,44<span class=\"_ _3bd\"> </span>0,<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>10.<span class=\"_ _0\"></span>444<span class=\"_ _3bd\"> </span>0,<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>Friuli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Venezia<span class=\"ff1\">  </span>Gi<span class=\"_ _0\"></span>ul<span class=\"_ _0\"></span>ia 44.1<span class=\"_ _0\"></span>44,<span class=\"_ _0\"></span>70<span class=\"_ _3bd\"> </span>0,<span class=\"_ _0\"></span>01<span class=\"_ _3bd\"> </span>65<span class=\"_ _1\"></span>2<span class=\"_ _3bd\"> </span>0,<span class=\"_ _0\"></span>01<span class=\"_ _3bd\"> </span>Laz<span class=\"_ _0\"></span>io<span class=\"_ _3bd\"> </span>526<span class=\"_ _0\"></span>.92<span class=\"_ _0\"></span>7,78<span class=\"_ _3bd\"> </span>0,<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>5.<span class=\"_ _1\"></span>342<span class=\"_ _3bd\"> </span>0,<span class=\"_ _0\"></span>09<span class=\"_ _3bd\"> </span>Lig<span class=\"_ _0\"></span>uria<span class=\"_ _3bd\"> </span>105<span class=\"_ _0\"></span>.407<span class=\"_ _0\"></span>,56<span class=\"_ _3bd\"> </span>0,<span class=\"_ _0\"></span>02<span class=\"_ _3bd\"> </span>1.3<span class=\"_ _0\"></span>75<span class=\"_ _3bd\"> </span>0,<span class=\"_ _0\"></span>02<span class=\"_ _3bd\"> </span>Lomb<span class=\"_ _0\"></span>ardi<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>769<span class=\"_ _0\"></span>.38<span class=\"_ _0\"></span>7,79<span class=\"_ _3bd\"> </span>0,<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>8.4<span class=\"_ _0\"></span>56<span class=\"_ _3bd\"> </span>0,<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>Ma<span class=\"_ _0\"></span>rche<span class=\"_ _3bd\"> </span>85.<span class=\"_ _0\"></span>450,3<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>0,<span class=\"_ _0\"></span>02<span class=\"_ _3bd\"> </span>1.0<span class=\"_ _0\"></span>90<span class=\"_ _3bd\"> </span>0,<span class=\"_ _0\"></span>02<span class=\"_ _3bd\"> </span>Mol<span class=\"_ _0\"></span>ise<span class=\"_ _3bd\"> </span>8.5<span class=\"_ _0\"></span>87,0<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>0,<span class=\"_ _0\"></span>00<span class=\"_ _3bd\"> </span>13<span class=\"_ _1\"></span>5<span class=\"_ _3bd\"> </span>0,<span class=\"_ _0\"></span>00<span class=\"_ _3bd\"> </span>Piem<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>147<span class=\"_ _0\"></span>.31<span class=\"_ _0\"></span>5,57<span class=\"_ _3bd\"> </span>0,<span class=\"_ _0\"></span>03<span class=\"_ _3bd\"> </span>1.<span class=\"_ _1\"></span>911<span class=\"_ _3bd\"> </span>0,<span class=\"_ _0\"></span>03<span class=\"_ _3bd\"> </span>Pug<span class=\"_ _0\"></span>lia<span class=\"_ _3bd\"> </span>255<span class=\"_ _0\"></span>.90<span class=\"_ _0\"></span>7,49<span class=\"_ _3bd\"> </span>0,<span class=\"_ _0\"></span>06<span class=\"_ _3bd\"> </span>4.<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>80<span class=\"_ _3bd\"> </span>0,<span class=\"_ _0\"></span>07<span class=\"_ _3bd\"> </span>Sa<span class=\"_ _0\"></span>rdeg<span class=\"_ _0\"></span>na<span class=\"_ _3bd\"> </span>172<span class=\"_ _0\"></span>.78<span class=\"_ _0\"></span>7,22<span class=\"_ _3bd\"> </span>0,<span class=\"_ _0\"></span>04<span class=\"_ _3bd\"> </span>1.9<span class=\"_ _0\"></span>16<span class=\"_ _3bd\"> </span>0,<span class=\"_ _0\"></span>03<span class=\"_ _3bd\"> </span>Si<span class=\"_ _0\"></span>cilia<span class=\"_ _3bd\"> </span>411<span class=\"_ _0\"></span>.46<span class=\"_ _0\"></span>7,6<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>0,<span class=\"_ _0\"></span>09<span class=\"_ _3bd\"> </span>6.5<span class=\"_ _0\"></span>28<span class=\"_ _3bd\"> </span>0,<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>Tos<span class=\"_ _0\"></span>can<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>344<span class=\"_ _0\"></span>.877<span class=\"_ _0\"></span>,20<span class=\"_ _3bd\"> </span>0,<span class=\"_ _0\"></span>08<span class=\"_ _3bd\"> </span>4.<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>07<span class=\"_ _3bd\"> </span>0,<span class=\"_ _0\"></span>07<span class=\"_ _3bd\"> </span>Trentino<span class=\"_ _3bd\"> </span>Alto<span class=\"_ _3bd\"> </span>Ad<span class=\"_ _1\"></span>ige<span class=\"_ _3bd\"> </span>21<span class=\"_ _0\"></span>.695<span class=\"_ _0\"></span>,01<span class=\"_ _3bd\"> </span>0,<span class=\"_ _0\"></span>00<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>34<span class=\"_ _3bd\"> </span>0,<span class=\"_ _0\"></span>00<span class=\"_ _3bd\"> </span>Umb<span class=\"_ _0\"></span>ria<span class=\"_ _3bd\"> </span>19<span class=\"_ _0\"></span>.488<span class=\"_ _0\"></span>,54<span class=\"_ _3bd\"> </span>0,<span class=\"_ _0\"></span>00<span class=\"_ _3bd\"> </span>30<span class=\"_ _1\"></span>4<span class=\"_ _3bd\"> </span>0,<span class=\"_ _0\"></span>01<span class=\"_ _3bd\"> </span>Val<span class=\"ff1\"> </span>D'Aos<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span> 1.6<span class=\"_ _0\"></span>55,<span class=\"_ _0\"></span>80<span class=\"_ _3bd\"> </span>0,<span class=\"_ _0\"></span>00<span class=\"_ _3bd\"> </span>12<span class=\"_ _3bd\"> </span>0,<span class=\"_ _0\"></span>00<span class=\"_ _3bd\"> </span>Ven<span class=\"_ _0\"></span>eto<span class=\"_ _3bd\"> </span>27<span class=\"_ _0\"></span>5.62<span class=\"_ _0\"></span>2,72<span class=\"_ _3bd\"> </span>0,<span class=\"_ _0\"></span>06<span class=\"_ _3bd\"> </span>3.1<span class=\"_ _0\"></span>47<span class=\"_ _3bd\"> </span>0,<span class=\"_ _0\"></span>05<span class=\"_ _3bd\"> </span>T<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>t<span class=\"_ _20\"></span>a<span class=\"_ _3bd\"> </span>le<span class=\"_ _3bd\"> </span>P<span class=\"_ _20\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _20\"></span>t<span class=\"_ _20\"></span>a<span class=\"_ _3bd\"> </span>f<span class=\"_ _3bd\"> </span>o<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>io<span class=\"_ _3bd\"> </span>4<span class=\"_ _3bd\"> </span>.<span class=\"_ _3bd\"> </span>5<span class=\"_ _3bd\"> </span>62<span class=\"_ _3bd\"> </span>.<span class=\"_ _3bd\"> </span>8<span class=\"_ _2\"></span>1<span class=\"_ _20\"></span>9<span class=\"_ _3bd\"> </span>,<span class=\"_ _3bd\"> </span>3<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>10<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>%<span class=\"_ _3bd\"> </span>5<span class=\"_ _2\"></span>8<span class=\"_ _20\"></span>.<span class=\"_ _3bd\"> </span>72<span class=\"_ _3bd\"> </span>6<span class=\"_ _3bd\"> </span>10<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>%<span class=\"_ _3bd\"> </span>Fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>am<span class=\"_ _1\"></span>ento<span class=\"_ _3bd\"> </span>Su<span class=\"_ _0\"></span>bo<span class=\"_ _0\"></span>rd<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>In<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">occasione<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>cessione<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>Portafoglio<span class=\"ff1\"> </span>iniziale,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>29<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ott<span class=\"_ _2\"></span>obre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2010,<span class=\"ff1\"> </span>Credem<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Credem<span class=\"ff1\"> </span>CB<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>hanno<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sottoscritto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>contratto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>finan<span class=\"_ _2\"></span>ziamento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>subordinato,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>mediante<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>quale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Cr<span class=\"_ _2\"></span>edem<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ha<span class=\"ff1\"> </span>concesso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Credem<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>CB<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fin<span class=\"_ _2\"></span>anziamento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>subordinato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>pagamento<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>corrispettivo<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>acquisto<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Port<span class=\"_ _2\"></span>afoglio<span class=\"ff1\"> </span>iniziale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>obb<span class=\"_ _2\"></span>ligata<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>co<span class=\"_ _2\"></span>ncedere<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>C<span class=\"_ _2\"></span>redem<span class=\"ff1\"> </span>CB<span class=\"ff1\"> </span>ulteriori<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziamenti<span class=\"ff1\"> </span>subordinati,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ciascuno<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>importo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>par<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>all\u2019ammontare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cor<span class=\"_ _2\"></span>rispondere<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"ff1\"> <span class=\"_ _2\"></span></span>part<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Credem<span class=\"ff1\"> <span class=\"_ _2\"></span></span>C<span class=\"_ _2\"></span>B<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>relazione<span class=\"ff1\"> </span>all\u2019acquisto<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>succe<span class=\"_ _2\"></span>ssivi<span class=\"ff1\"> </span>portafogli<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>crediti,<span class=\"ff1\"> </span>c<span class=\"_ _2\"></span>eduti<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>Cr<span class=\"_ _2\"></span>edem<span class=\"ff1\"> </span>secondo<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>t<span class=\"_ _2\"></span>ermini<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>condizioni<span class=\"ff1\"> </span>previste<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>contratto<span class=\"ff1\"> </span>quadro<span class=\"ff1\"> </span>disciplinante<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>cessione<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>attivi.<span class=\"_ _3bd\"> </span>Un<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ulteriore<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>finanziamento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>subordinato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>pertanto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>stato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>concesso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sede<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ogni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>cession<span class=\"_ _3bd\"> </span>successiva,<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>importo<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>relativi<span class=\"ff1\"> </span>prezzi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cessione.<span class=\"_ _3bd\"> </span>As<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>t<span class=\"_ _3bd\"> </span>Sw<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Tra<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>Societ\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Veicolo<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Credem<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>stati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stipulati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">contr<span class=\"_ _2\"></span>atti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">swap,<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ammontar<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fino<span class=\"ff1\"> </span>all<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>copertura<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span></span></span>Cover<span class=\"_ _3bd\"> </span>Pool,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fine<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">garantire<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>lla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Societ\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Veicolo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">protezione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cont<span class=\"_ _2\"></span>ro<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">d<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>tass<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>e<span class=\"_ _1\"></span>/o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">base,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">do<span class=\"_ _0\"></span>vuto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pr<span class=\"_ _0\"></span>esen<span class=\"_ _0\"></span>za<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>ttivi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">div<span class=\"_ _0\"></span>ers<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>ndic<span class=\"_ _0\"></span>izza<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mese<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">giu<span class=\"_ _0\"></span>gno<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">2<span class=\"_ _0\"></span>013<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fase<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rinnovo<span class=\"ff1\"> </span>annuale<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">programma<span class=\"_ _2\"></span>,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span>stata<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ivista<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>struttura<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>meccanismi<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>copertur<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>dell\u2019operazione<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>e,<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>previo<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>parere<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>favorevole<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>Ag<span class=\"_ _2\"></span>enzie<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>rat<span class=\"_ _2\"></span>ing,<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>stati<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>chius<span class=\"_ _3bd\"> </span>anticipatamente<span class=\"ff1\"> </span>tutti<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>contratti<span class=\"ff1\"> </span>swap<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>suo<span class=\"ff1\"> </span>tempo<span class=\"ff1\"> </span>stipulati<span class=\"ff1\"> </span>tra<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>Societ\u00e0<span class=\"ff1\"> </span>Veicolo<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>Credem.<span class=\"_ _3bd\"> </span>Al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">31<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span>cemb<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">2022,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">n<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pre<span class=\"_ _0\"></span>sen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>tratt<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Asse<span class=\"_ _0\"></span>t<span class=\"ff1\"> </span>S<span class=\"_ _0\"></span>wap<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tra<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Soc<span class=\"_ _0\"></span>iet<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>V<span class=\"_ _0\"></span>eic<span class=\"_ _0\"></span>olo<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">C<span class=\"_ _0\"></span>rede<span class=\"_ _0\"></span>m.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Co<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>d<span class=\"_ _3bd\"> </span>Bo<span class=\"_ _0\"></span>nd<span class=\"_ _3bd\"> </span>Sw<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>p<span class=\"_ _3bd\"> </span>(o<span class=\"_ _3bd\"> </span>Lia<span class=\"_ _1\"></span>bili<span class=\"_ _0\"></span>ty<span class=\"_ _3bd\"> </span>S<span class=\"_ _0\"></span>wa<span class=\"_ _0\"></span>p)<span class=\"fc0 sc1\"> </span>In<span class=\"ff1\"> <span class=\"_ _20\"></span></span>occasione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>ll\u2019emissione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>ul<span class=\"ff1\"> <span class=\"_ _20\"></span></span>mercat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Covered<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">Bond<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>t<span class=\"_ _2\"></span>ra<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Socie<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Veic<span class=\"_ _0\"></span>olo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Credem<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pu<span class=\"_ _3bd\"> </span></span></span>essere<span class=\"ff1\"> <span class=\"_ _20\"></span></span>stipulato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contratto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>swap<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fine<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>mitigare<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tasso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tra<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ricevuti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall<span class=\"_ _3bd\"> </span>Societ\u00e0<span class=\"ff1\"> </span>Veicolo<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>quanto<span class=\"ff1\"> </span>dovuto<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>stessa<span class=\"ff1\"> </span>agli<span class=\"ff1\"> </span>investitori<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>caso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>defau<span class=\"_ _0\"></span>lt<span class=\"ff1\"> </span>dell\u2019emitt<span class=\"_ _2\"></span>ente.<span class=\"_ _3bd\"> </span>Attualmente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>essere<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contratt<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>swap<span class=\"ff1\"> </span>stipulato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fase<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>emissione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Covered<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Bond<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> </span>durata<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">3<span class=\"_ _2\"></span>0/08/2013-2028.<span class=\"_ _3bd\"> </span></span></span>Co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Il<span class=\"ff1\"> </span>Programma<span class=\"ff1\"> </span>prevede<span class=\"ff1\"> </span>un\u2019articolata<span class=\"ff1\"> </span>struttura<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">conti</span> <span class=\"ff3\">correnti</span> <span class=\"ff3\">sui</span> <span class=\"ff3\">quali</span> <span class=\"ff3\">p<span class=\"_ _0\"></span>oggiano<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> </span>finanziar<span class=\"_ _2\"></span>i<span class=\"_ _3bd\"> </span></span></span>dell\u2019operazione.<span class=\"ff1\"> </span>Alla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>str<span class=\"_ _2\"></span>utturazione<span class=\"ff1\"> </span>dell\u2019operazione,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>stati<span class=\"ff1\"> </span>attivati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>una<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>erie<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>intestat<span class=\"_ _3bd\"> </span>alla<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>S<span class=\"_ _0\"></span>ociet\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Veicolo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ed<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>particolare,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sco<span class=\"_ _2\"></span>po<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>esaustivo:<span class=\"ff1\"> </span>Collection<span class=\"_ _3bd\"> </span>Accounts,<span class=\"ff1\"> </span>Reserv<span class=\"_ _3bd\"> </span>Account,<span class=\"ff1\"> </span>Payments<span class=\"_ _3bd\"> </span>Account,<span class=\"ff1\"> </span>Eligible<span class=\"_ _3bd\"> </span>Investment<span class=\"_ _3bd\"> </span>Account <span class=\"_ _21\"> </span><span class=\"ff3 fs5\">e<span class=\"ff1\"> </span></span>Expenses<span class=\"_ _3bd\"> </span>Account.<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>In<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>seguito<span class=\"ff1\"> </span>all\u2019upgrade<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rating<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>arte<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Fitch<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mese<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">D<span class=\"_ _2\"></span>icembre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2021,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Credem<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tornata<span class=\"ff1\"> </span>ad<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">assumer<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ruolo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Account<span class=\"ff1\"> </span>Bank<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tali<span class=\"ff1\"> </span>rapporti<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cont<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">corrente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">intestati<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Credem<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">CB<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stat<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tr<span class=\"_ _2\"></span>asferit<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>da<span class=\"_ _0\"></span>lla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">soci<span class=\"_ _0\"></span>et\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">BNP<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Pa<span class=\"_ _0\"></span>riba<span class=\"_ _0\"></span>s<span class=\"ff1\"> </span>Secu<span class=\"_ _0\"></span>rit<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>s<span class=\"ff1\"> </span>Serv<span class=\"_ _0\"></span>ice<span class=\"_ _0\"></span>s<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> </span>Mil<span class=\"_ _0\"></span>an<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Bran<span class=\"_ _0\"></span>ch<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>Cred<span class=\"_ _1\"></span>em<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">occa<span class=\"_ _0\"></span>sione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>inno<span class=\"_ _0\"></span>vo<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Programma<span class=\"ff1\"> </span>OBG<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>Aprile<span class=\"ff1\"> </span>2022.<span class=\"_ _3bd\"> </span>So<span class=\"_ _0\"></span>gg<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>vo<span class=\"_ _0\"></span>lti<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span>Pro<span class=\"_ _1\"></span>gra<span class=\"_ _0\"></span>mm<span class=\"_ _1\"></span>a<span class=\"fc0 sc1\"> </span>Con<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>r<span class=\"_ _2\"></span>iferimento<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>tale<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>sezione<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>s<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>riass<span class=\"_ _2\"></span>umono<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>principali<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>ruoli<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>controparti<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>coinvolte<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>ll\u2019<span class=\"_ _0\"></span>opera<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne:<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Servicer:<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>uolo<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>volto<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Credem<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che,<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>qualit\u00e0,<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>stat<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>incaricato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Credem<span class=\"ff1\"> </span>CB<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell<span class=\"_ _3bd\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">incasso</span> <span class=\"_ _20\"></span><span class=\"ff3\">e</span> <span class=\"_ _20\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ecupero</span> <span class=\"_ _20\"></span><span class=\"ff3\">dei</span> <span class=\"_ _20\"></span><span class=\"ff3\">credit<span class=\"_ _2\"></span>i</span> <span class=\"_ _20\"></span><span class=\"ff3\">inclusi</span> <span class=\"_ _21\"></span><span class=\"ff3\">nel</span> <span class=\"_ _20\"></span><span class=\"ff3\">Portafoglio</span> <span class=\"_ _21\"></span><span class=\"ff3\">In<span class=\"_ _0\"></span>iziale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>nei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>por<span class=\"_ _2\"></span>tafogli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> </span></span></span>Credem<span class=\"ff1\"> </span>stessa<span class=\"ff1\"> </span>cede<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>Credem<span class=\"ff1\"> </span>CB<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>sensi<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Contratto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Quadro<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Cessione;<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>Back-Up<span class=\"_ _3bd\"> </span>Servicer:<span class=\"ff1\"> <span class=\"_ _2\"></span></span>entit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>verificarsi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>determinati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>eventi,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>disciplinati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>de<span class=\"_ _3bd\"> </span>Programma,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pu\u00f2<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">subentrare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Credem<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ruolo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Servic<span class=\"_ _2\"></span>er<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sopra<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>escritto.<span class=\"ff1\"> </span>A<span class=\"_ _0\"></span>ttualmente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tale<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ruolo<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>viene<span class=\"ff1\"> </span>agito<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>alcun<span class=\"ff1\"> </span>soggetto;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Inv<span class=\"_ _0\"></span>estm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t<span class=\"_ _3bd\"> </span>Man<span class=\"_ _0\"></span>ager:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ruol<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">svolt<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">C<span class=\"_ _0\"></span>red<span class=\"_ _0\"></span>em<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">quali<span class=\"_ _0\"></span>t\u00e0,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stato<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">inc<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>cato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">inve<span class=\"_ _0\"></span>stir<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">liquidit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">disponibile<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sui<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cont<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">corr<span class=\"_ _2\"></span>enti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">aperti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Cre<span class=\"_ _2\"></span>dem<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">CB<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>edige<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">inviare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">part<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>tale<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>contratto<span class=\"ff1\">  </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>c.d.<span class=\"ff1\"> </span>Investment<span class=\"_ _3bd\"> </span>Manager<span class=\"_ _3bd\"> </span>Report,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>contenente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>l\u2019indicazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>risultati<span class=\"ff1\"> </span>dell\u2019attivit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>investimento;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Account<span class=\"_ _3bd\"> </span>Bank:<span class=\"ff1\"> </span>ruolo<span class=\"ff1\"> </span>attualmente<span class=\"ff1\"> </span>svolto<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>Credem<span class=\"ff1\"> </span>che,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>tale<span class=\"ff1\"> </span>qualit\u00e0,<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stat<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>incaricato<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></span></span></span></span>investire<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>liquidit\u00e0<span class=\"ff1\"> </span>disponibile<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sui<span class=\"ff1\"> </span>conti<span class=\"ff1\"> </span>correnti<span class=\"ff1\"> </span>aperti<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>Credem<span class=\"ff1\"> </span>CB<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>redigere<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>inviar<span class=\"_ _2\"></span>e<span class=\"_ _3bd\"> </span>alle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>parti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tal<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contratt<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>c.d.<span class=\"ff1\"> </span>Investment<span class=\"_ _3bd\"> </span>Manager<span class=\"_ _3bd\"> </span>Report,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contenente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019indicazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d<span class=\"_ _2\"></span>ei<span class=\"ff1\"> </span>risultati<span class=\"ff1\"> </span>dell\u2019attivit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>investimento;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Principal<span class=\"_ _3bd\"> </span>Paying<span class=\"_ _3bd\"> </span>Agent:<span class=\"ff1\"> </span>ruolo<span class=\"ff1\"> </span>svolto<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>BNP<span class=\"ff1\"> </span>Paribas<span class=\"ff1\"> </span>Securities<span class=\"ff1\"> </span>Services,<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>ha<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>principal<span class=\"_ _3bd\"> </span>compito<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">determinare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ed<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">effettuare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(sia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>conto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Credem<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Credem<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">CB)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>pa<span class=\"_ _0\"></span>game<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dovu<span class=\"_ _0\"></span>ti,<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>line<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>capi<span class=\"_ _0\"></span>tale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">line<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>inte<span class=\"_ _0\"></span>ress<span class=\"_ _0\"></span>i,<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">favor<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">por<span class=\"_ _0\"></span>tator<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Obbl<span class=\"_ _0\"></span>igazi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>Bancarie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Garantite;<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>Calculation<span class=\"_ _3bd\"> </span>Agent:<span class=\"ff1\"> </span>ruolo<span class=\"ff1\"> </span>svolto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> </span>BNP<span class=\"ff1\"> </span>Paribas<span class=\"ff1\"> </span>Securities<span class=\"ff1\"> </span>Se<span class=\"_ _0\"></span>rvices<span class=\"ff1\"> </span>che,<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>ale<span class=\"ff1\"> </span>qualit\u00e0,<span class=\"ff1\"> </span>ha<span class=\"ff1\"> </span>i<span class=\"_ _1\"></span>l<span class=\"_ _3bd\"> </span></span></span></span></span>principale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>compito<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">redi<span class=\"_ _0\"></span>gere<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>inv<span class=\"_ _0\"></span>iare<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>part<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>contr<span class=\"_ _2\"></span>atto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>c.d.<span class=\"ff1\"> </span></span></span>Payments<span class=\"_ _3bd\"> </span>Repor,<span class=\"ff1\"> </span>contenente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019indicazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fondi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span><span class=\"ff3\">disponibili</span> <span class=\"_ _20\"></span><span class=\"ff3\">di</span> <span class=\"_ _20\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>itolarit\u00e0</span> <span class=\"_ _20\"></span><span class=\"ff3\">di</span> <span class=\"_ _20\"></span><span class=\"ff3\">Credem</span> <span class=\"_ _2\"></span><span class=\"ff3\">CB</span> <span class=\"_ _20\"></span><span class=\"ff3\">e</span> <span class=\"_ _20\"></span><span class=\"ff3\">dei</span> <span class=\"_ _20\"></span><span class=\"ff3\">pagamenti</span> <span class=\"_ _20\"></span><span class=\"ff3\">da</span> </span>effettuarsi,<span class=\"ff1\"> </span>sec<span class=\"_ _0\"></span>ondo<span class=\"ff1\"> </span>l\u2019ordine<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>priorit\u00e0<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pagamenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">determinato<span class=\"_ _2\"></span><span class=\"ff1\"> </span>ai<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sensi</span> <span class=\"_ _0\"></span><span class=\"ff3\">dell\u2019</span></span></span></span></span></span>Intercredito<span class=\"_ _3bd\"> </span>Agr<span class=\"_ _0\"></span>eem<span class=\"_ _0\"></span>ent;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Asset<span class=\"_ _3bd\"> </span>Monitor:<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ruolo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>svolto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>BDO<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Italia<span class=\"ff1\"> <span class=\"_ _21\"></span></span>S.p.A.<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"></span></span>tale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>qualit\u00e0,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>effettua<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>calcoli<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>le<span class=\"ff1\"> </span>verifiche<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>sui<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Test<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>Obbligatori<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>sull\u2019Amortisation<span class=\"_ _3bd\"> </span>Test <span class=\"_ _1e\"> </span><span class=\"ff3 fs5\">svolti<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>ai<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>sensi<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>del<span class=\"ff1\"> </span></span>Cover<span class=\"_ _3bd\"> </span>Po<span class=\"_ _3bd\"> </span>Management<span class=\"_ _3bd\"> </span>Agreement,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>verificando<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>l\u2019accura<span class=\"_ _2\"></span>tezza<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>calcol<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>effettuati<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dal<span class=\"ff1\"> </span>Calculation<span class=\"_ _3bd\"> </span><span class=\"_ _2\"></span> <div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs3ccf\">Agent</div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3cd0\">.<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>incarico<span class=\"ff1\"> <span class=\"_ _21\"></span></span>separato,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>att<span class=\"_ _2\"></span>ualmente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>previsto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">l\u2019</span></span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs3cd1\">Asset<span class=\"_ _3bd\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs3cd2\">Monitor</div><div class=\"t m0 h9 ff1 fs4 fc0 sc0 ls0 ws0 gs3cd3\"> <span class=\"_ _21\"></span><span class=\"ff3 fs5\">svolga<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ulteriori<span class=\"ff1\"> </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3cd4\">verifiche<span class=\"ff1\">  </span>aventi<span class=\"ff1\">  </span>ad<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>oggetto<span class=\"_ _2\"></span><span class=\"ff1\">  </span>in<span class=\"ff1\">  </span>particolare<span class=\"ff1\">  </span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>confor<span class=\"_ _2\"></span>mit\u00e0<span class=\"ff1\">  </span>de<span class=\"_ _0\"></span>gli<span class=\"ff1\">  </span>attivi<span class=\"ff1\">  </span>idonei<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">costituenti</span>  <span class=\"ff3\">il</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3cd5\">Portafoglio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ai<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>requisiti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _0\"></span>revisti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dalla<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Normativa<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>l\u2019i<span class=\"_ _0\"></span>ntegrit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>garanzia<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>favore<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>degli<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3cd6\">in<span class=\"_ _0\"></span>vest<span class=\"_ _0\"></span>itor<span class=\"_ _0\"></span>i; </div><div class=\"t m4 h2c ff4 fs5 fc0 sc0 ls0 ws0 gs3cd7\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs3cd8\">Represe<span class=\"_ _2\"></span>ntative</div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs3cd9\">of</div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs3cda\">the</div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs3cdb\">Bondholders</div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3cdc\">:<span class=\"ff1\"> </span>ruolo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">svolto</span> <span class=\"ff3\">da</span> <span class=\"_ _0\"></span><span class=\"ff3\">BNP<span class=\"ff1\"> </span>P<span class=\"_ _0\"></span>aribas<span class=\"ff1\"> </span>Securities<span class=\"ff1\"> </span>Service<span class=\"_ _0\"></span>s<span class=\"ff1\"> </span>che,<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3cdd\">tal<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uali<span class=\"_ _0\"></span>t\u00e0,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ese<span class=\"_ _0\"></span>rcit<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>nfr<span class=\"_ _0\"></span>onti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Cred<span class=\"_ _0\"></span>em<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">Cred<span class=\"_ _0\"></span>em<span class=\"ff1\"> </span>CB<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i</span> <span class=\"ff3\">d<span class=\"_ _0\"></span>iri<span class=\"_ _0\"></span>tti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>rop<span class=\"_ _0\"></span>arti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">coi<span class=\"_ _0\"></span>nvol<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3cde\">ne<span class=\"_ _0\"></span>ll\u2019<span class=\"_ _0\"></span>opera<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne; </div><div class=\"t m4 h2c ff4 fs5 fc0 sc0 ls0 ws0 gs3cdf\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs3ce0\">Listing<span class=\"_ _3bd\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs3ce1\">Agent</div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3ce2\">:<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ruolo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>svolto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>BNP<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Paribas<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Secu<span class=\"_ _0\"></span>rities<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Services<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>qualit\u00e0,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ha<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3ce3\">pri<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>pale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">com<span class=\"_ _0\"></span>pito<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gesti<span class=\"_ _0\"></span>re,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Cre<span class=\"_ _0\"></span>dem<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">C<span class=\"_ _0\"></span>rede<span class=\"_ _0\"></span>m<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">CB,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rapp<span class=\"_ _0\"></span>orti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ade<span class=\"_ _0\"></span>mpime<span class=\"_ _0\"></span>nti<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3ce4\">con<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>Borsa<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>quotazione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>Obbligazioni<span class=\"ff1\"> </span>Bancarie<span class=\"ff1\"> </span>Garantite. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3ce5\">Si<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">spec<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ca,<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>nfin<span class=\"_ _0\"></span>e,<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>he<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>cuni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dei</span> <span class=\"ff3\">co<span class=\"_ _0\"></span>ntra<span class=\"_ _0\"></span>tti<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Prog<span class=\"_ _0\"></span>ram<span class=\"_ _0\"></span>ma<span class=\"ff1\"> </span>pre<span class=\"_ _0\"></span>vedo<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>ch<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sogg<span class=\"_ _0\"></span>etti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span>car<span class=\"_ _0\"></span>icat<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>llo<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3ce6\">svolgimento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alcune<span class=\"ff1\"> <span class=\"_ _20\"></span></span>att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alcuni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ruoli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>so<span class=\"_ _2\"></span>pra<span class=\"ff1\"> <span class=\"_ _20\"></span></span>indicati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>siano<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span></span>dotati,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fini<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span><span class=\"ff3\">tali</span> <span class=\"_ _21\"></span><span class=\"ff3\">incarichi,</span> <span class=\"_ _20\"></span><span class=\"ff3\">di</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3ce7\">de<span class=\"_ _0\"></span>termi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>live<span class=\"_ _0\"></span>lli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rating<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>Pe<span class=\"_ _0\"></span>rtan<span class=\"_ _0\"></span>to,<span class=\"ff1\"> </span>se<span class=\"_ _0\"></span>ppu<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>alcu<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>ru<span class=\"_ _0\"></span>oli<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>sul<span class=\"_ _0\"></span>tino<span class=\"ff1\"> </span>attu<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>coper<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>da<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">Cre<span class=\"_ _1\"></span>dem<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3ce8\">(ovvero<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">soggetti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">terzi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Gr<span class=\"_ _2\"></span>uppo),<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">possibile<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ch<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">futuro<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>tessi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">possano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">essere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">assegnati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3ce9\">soggetti<span class=\"ff1\"> </span>esterni<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>Gruppo<span class=\"ff1\"> </span>(ovvero<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Crede<span class=\"_ _0\"></span>m). </div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3cea\">I<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3ceb\">ri<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>hi<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3cec\">co<span class=\"_ _0\"></span>nn<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>si<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3ced\">co<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3cee\">l\u2019<span class=\"_ _0\"></span>op<span class=\"_ _0\"></span>era<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3cef\">I<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3cf0\">l<span class=\"ff1\"> </span>Programma<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>emissioni<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>Obbligazioni<span class=\"ff1\"> </span>Bancarie<span class=\"ff1\"> </span>Garantite<span class=\"ff1\"> </span>comporta<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">seguenti<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziari<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3cf1\">rispetto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ai<span class=\"ff1\"> </span>quali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> </span>st<span class=\"_ _2\"></span>ate<span class=\"ff1\"> </span>adottate<span class=\"ff1\"> </span>varie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>misure<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mitigazione:<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019e<span class=\"_ _0\"></span>mittente,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3cf2\">tasso,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>cred<span class=\"_ _0\"></span>ito,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">liquidit\u00e0,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rifinanziam<span class=\"_ _2\"></span>ento,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">contropar<span class=\"_ _2\"></span>te,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischi<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3cf3\">legali<span class=\"ff1\"> </span>legati<span class=\"ff1\"> </span>all\u2019operazione. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3cf4\">La<span class=\"ff1\"> </span>funzione<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>revisione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>interna<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Credem<span class=\"ff1\"> </span>(<span class=\"_ _2\"></span>Servizio<span class=\"ff1\"> </span>Auditing)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>effettua,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>almeno<span class=\"ff1\"> </span>ogni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>12<span class=\"ff1\"> </span>mesi,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>una<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3cf5\">completa<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>verifica<span class=\"ff1\">  </span>dei<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>contr<span class=\"_ _2\"></span>olli<span class=\"ff1\">  </span>svolt<span class=\"_ _2\"></span>i,<span class=\"ff1\">  </span>anche<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>avvalendosi<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>delle<span class=\"ff1\">  </span>inform<span class=\"_ _2\"></span>azioni<span class=\"ff1\">  </span>r<span class=\"_ _2\"></span>icevute<span class=\"ff1\">  </span>e<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>delle<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3cf6\">valutazioni<span class=\"ff1\"> </span>espresse<span class=\"ff1\"> </span>dall\u2019Asset<span class=\"ff1\"> </span>Monitor.<span class=\"ff1\"> </span>I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risu<span class=\"_ _2\"></span>ltati<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tali<span class=\"ff1\"> </span>ve<span class=\"_ _0\"></span>rifiche<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>por<span class=\"_ _2\"></span>tati<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>conoscenza<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3cf7\">organi<span class=\"ff1\"> </span>aziendali<span class=\"ff1\"> </span>competenti. </div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3cf8\">Ca<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>ch<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3cf9\">pri<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>ip<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3cfa\">de<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3cfb\">Pr<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>mm<span class=\"_ _0\"></span>a<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3cfc\">La<span class=\"ff1\"> <span class=\"_ _20\"></span></span>st<span class=\"_ _2\"></span>ruttura<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziaria<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Programma<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prevede<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Credem<span class=\"ff1\"> <span class=\"_ _21\"></span></span>proceda<span class=\"ff1\"> <span class=\"_ _20\"></span></span>all\u2019emissione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"_ _2\"></span>n<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pi\u00f9<span class=\"ff1\"> <span class=\"_ _21\"></span></span>serie<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3cfd\">successive<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Obbl<span class=\"_ _0\"></span>igazioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>B<span class=\"_ _0\"></span>an<span class=\"_ _2\"></span>carie<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Gar<span class=\"_ _2\"></span>antite<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>r<span class=\"_ _2\"></span>ating,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dic<span class=\"_ _0\"></span>embre<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>2022,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>pari<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Aa3<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>AA,<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3cfe\">assegnati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rispettivamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dalle<span class=\"ff1\"> </span>segu<span class=\"_ _0\"></span>enti<span class=\"ff1\"> </span>societ\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rat<span class=\"_ _2\"></span>ing:<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Moody\u2019s<span class=\"ff1\"> </span>Investors<span class=\"ff1\"> </span>Servi<span class=\"_ _0\"></span>ces<span class=\"ff1\"> </span>Inc.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>Fitch<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3cff\">Rating<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Limited. </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d00\">Ta<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">obbl<span class=\"_ _0\"></span>igaz<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">so<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>tate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>olloc<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>d<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>nve<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>tori<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ist<span class=\"_ _0\"></span>itu<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>ali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>sup<span class=\"_ _0\"></span>por<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Deal<span class=\"_ _0\"></span>ers<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tempo<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d01\">in<span class=\"ff1\"> </span>tempo<span class=\"ff1\"> </span>selezionati.<span class=\"ff1\"> </span>In<span class=\"ff1\"> </span>fase<span class=\"ff1\"> </span>iniziale<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>Arrangers<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Programma<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>stati<span class=\"ff1\"> </span>Barclays<span class=\"ff1\"> </span>Bank<span class=\"ff1\"> </span>PL<span class=\"_ _0\"></span>C<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d02\">Soci\u00e9t\u00e9<span class=\"ff1\"> </span>G\u00e9n\u00e9rale;<span class=\"ff1\"> </span>attualmente<span class=\"ff1\"> </span>tale<span class=\"ff1\"> </span>ruolo<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>unico<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>svolto<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>Barclays. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d03\">Credem<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pu\u00f2<span class=\"ff1\"> <span class=\"_ _20\"></span></span>emettere,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valere<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sul<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Pro<span class=\"_ _2\"></span>gramma,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Obbligazioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Bancar<span class=\"_ _2\"></span>ie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Garantit<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>importo<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d04\">complessivo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>tempo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>tempo<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">essere<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> </span>superiore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ad<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Euro<span class=\"ff1\"> </span>5<span class=\"ff1\"> </span>mil<span class=\"_ _0\"></span>iardi.<span class=\"ff1\"> </span>Tale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">importo<span class=\"ff1\"> </span>massimo<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d05\">potr\u00e0<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>inc<span class=\"_ _0\"></span>rementato<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>formit\u00e0<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>quanto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">previsto<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">documentazione<span class=\"ff1\"> </span>contrattuale<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d06\">del<span class=\"ff1\"> </span>Programma.<span class=\"ff1\"> </span>Nell\u2019ambito<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Programma,<span class=\"ff1\"> </span>Credem<span class=\"ff1\"> </span>pu\u00f2<span class=\"ff1\"> </span>emettere<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>ampio<span class=\"ff1\"> </span>spettro<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tipologie<span class=\"_ _0\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d07\">di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>t<span class=\"_ _2\"></span>itoli;<span class=\"ff1\"> <span class=\"_ _20\"></span></span>t<span class=\"_ _2\"></span>uttavia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>tipologie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>attualmente<span class=\"ff1\"> <span class=\"_ _21\"></span></span>pi\u00f9<span class=\"ff1\"> <span class=\"_ _20\"></span></span>diffuse<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sul<span class=\"ff1\"> <span class=\"_ _21\"></span></span>mercato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>titoli<span class=\"ff1\"> <span class=\"_ _21\"></span></span>c.d<span class=\"_ _0\"></span>.<span class=\"ff1\"> <span class=\"_ _21\"></span></span>soft<span class=\"ff1\"> <span class=\"_ _20\"></span></span>bullet<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d08\">prevedono<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>pagamento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">periodico<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">interessi,<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rimborso<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un\u2019unica<span class=\"ff1\"> </span>soluzione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>lla<span class=\"ff1\"> </span>scade<span class=\"_ _0\"></span>nza<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d09\">possibilit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Societ\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Veicol<span class=\"_ _2\"></span>o,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>caso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>inadempimento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Cr<span class=\"_ _2\"></span>edem,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>posticipare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>data<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d0a\">scadenza<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>periodo<span class=\"ff1\"> </span>aggiuntivo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tempo<span class=\"ff1\"> </span>(di<span class=\"ff1\"> </span>prassi,<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>anno). </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d0b\">Son<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">state<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">effe<span class=\"_ _0\"></span>ttu<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">emi<span class=\"_ _0\"></span>ssio<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ne<span class=\"_ _1\"></span>l<span class=\"ff1\"> </span>201<span class=\"_ _0\"></span>0,<span class=\"ff1\"> </span>2<span class=\"_ _0\"></span>011<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2012,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">2<span class=\"_ _0\"></span>013<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>2<span class=\"_ _0\"></span>014,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">20<span class=\"_ _0\"></span>19<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">202<span class=\"_ _0\"></span>1,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ment<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>ono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stat<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d0c\">effettuate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nuove<span class=\"ff1\"> <span class=\"_ _2\"></span></span>emiss<span class=\"_ _2\"></span>ioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Covered<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Bond<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _2\"></span></span>2015<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>2018<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _2\"></span></span>2020.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Nel<span class=\"ff1\"> <span class=\"_ _20\"></span></span>corso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>2022<span class=\"ff1\"> <span class=\"_ _2\"></span></span>p<span class=\"_ _2\"></span>er<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d0d\">valuta<span class=\"ff1\"> </span>31<span class=\"ff1\"> </span>maggio<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>stata<span class=\"ff1\"> </span>effettuata<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>dodicesima<span class=\"ff1\"> </span>emissione<span class=\"ff1\"> </span>Covered<span class=\"ff1\"> </span>Bond<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>ammontare<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d0e\">500<span class=\"ff1\"> </span>milioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">euro,<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>rtant<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">v<span class=\"_ _0\"></span>alore<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>ominale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">complessivo<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">C<span class=\"_ _2\"></span>overed<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Bond<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">circolazione<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">31<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d0f\">dicembre<span class=\"ff1\"> </span>2022,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">emessi<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>valere<span class=\"ff1\"> </span>sul<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">programma<span class=\"ff1\"> </span>garantito<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>Credem<span class=\"ff1\"> </span>CB<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">S.r.l.,<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2,1<span class=\"ff1\"> </span>miliardi<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d10\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Euro. </span></span></div><div class=\"t m0 h10 ff3 fs9 fc4 sc0 ls0 ws0 gs3d11\">E.<span class=\"ff5\"> <span class=\"_ _1c\"></span><span class=\"ff3\">Con<span class=\"_ _0\"></span>soli<span class=\"_ _0\"></span>dato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">prud<span class=\"_ _0\"></span>enz<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mod<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mi<span class=\"_ _0\"></span>su<span class=\"_ _0\"></span>raz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">credi<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span><span class=\"fc0\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d12\">Il<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>23<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>Febbraio<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>2022<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>l\u2019Autor<span class=\"_ _2\"></span>it\u00e0<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>Vigilanza<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>ha<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>confermato<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>apposita<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>comunicazione<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d13\">l\u2019autorizzazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Gr<span class=\"_ _2\"></span>uppo<span class=\"ff1\"> </span>a<span class=\"_ _2\"></span>ll\u2019uso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> </span>m<span class=\"_ _2\"></span>odelli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>AIRB<span class=\"ff1\"> <span class=\"_ _2\"></span></span>((parametri<span class=\"ff1\"> <span class=\"_ _20\"></span></span>PD,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>LGD,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>EAD)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d14\">Credito<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>eguito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">domande<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>au<span class=\"_ _0\"></span>torizzazione<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>modifi<span class=\"_ _0\"></span>ch<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">modelli<span class=\"ff1\"> </span>AIRB<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _1\"></span><span class=\"ff3\">Mar<span class=\"_ _2\"></span>zo<span class=\"ff1\"> </span>2020<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d15\">(modifiche<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>i<span class=\"_ _2\"></span>n<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>relazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>alla<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Tar<span class=\"_ _2\"></span>geted<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>R<span class=\"_ _2\"></span>eview<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>of<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Internal<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Mod<span class=\"_ _2\"></span>els)<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Marzo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>2021<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(<span class=\"_ _0\"></span>adeguamento<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d16\">secondo<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>Nuov<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>Definizione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Default<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Art.<span class=\"ff1\"> </span>500<span class=\"ff1\"> </span>CRR)<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>sottoposti<span class=\"ff1\"> </span>successivamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ad<span class=\"ff1\"> </span>accesso<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d17\">ispettivo<span class=\"ff1\"> </span>nello<span class=\"ff1\"> </span>stesso<span class=\"ff1\"> </span>anno.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d19\">Periodicamente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>effettuate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"_ _2\"></span>ttivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>convalida<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sui<span class=\"ff1\"> <span class=\"_ _2\"></span></span>diversi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>parametri<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>termini<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d1a\">pre<span class=\"_ _0\"></span>sid<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">moni<span class=\"_ _0\"></span>tora<span class=\"_ _0\"></span>ggio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al</span> <span class=\"_ _0\"></span><span class=\"ff3\">fine<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">va<span class=\"_ _0\"></span>luta<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>ge<span class=\"_ _0\"></span>nera<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>ade<span class=\"_ _0\"></span>gua<span class=\"_ _0\"></span>tezz<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pro<span class=\"_ _0\"></span>ces<span class=\"_ _0\"></span>so<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">misu<span class=\"_ _0\"></span>razi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del</span> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d1b\">rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">credito.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Modelli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">m<span class=\"_ _2\"></span>etodologie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>isultano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">adeguate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">p<span class=\"_ _2\"></span>erformance<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sistema<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rat<span class=\"_ _2\"></span>ing<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d1c\">si<span class=\"ff1\"> </span>confermano<span class=\"ff1\"> </span>elevate<span class=\"ff1\"> </span>indicando<span class=\"ff1\"> </span>quindi<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>buona<span class=\"ff1\"> </span>capacit\u00e0<span class=\"ff1\"> </span>discriminante<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>modelli<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>ra<span class=\"_ _2\"></span>ting. </div>1.<span class=\"_ _0\"></span>2.<span class=\"_ _0\"></span><span class=\"ff5\"> <span class=\"_ _0\"></span><span class=\"ff3\">Ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">me<span class=\"_ _0\"></span>rcat<span class=\"_ _0\"></span>o<span class=\"fc0\"> </span></span></span></span></span></span></span>1.2.<span class=\"_ _0\"></span>1Rischio<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>tasso<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>interes<span class=\"_ _0\"></span>se<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>rischio<span class=\"_ _3bd\"> </span>prezz<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>\u2013<span class=\"_ _3bd\"> </span>portaf<span class=\"_ _0\"></span>oglio<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>negoz<span class=\"_ _0\"></span>iazione<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>vigilanz<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>Inform<span class=\"_ _0\"></span>azion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>natu<span class=\"_ _0\"></span>ra<span class=\"_ _3bd\"> </span>qua<span class=\"_ _0\"></span>litativa<span class=\"_ _3bd\"> </span> Il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">m<span class=\"_ _2\"></span>odello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">organizzativo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>residio<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischi<span class=\"ff1\"> </span>ha<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">lo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">scopo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">favorire<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">raggiungimento<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>una<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">serie<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">obiettivi:<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span> ruo<span class=\"_ _0\"></span>lo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gove<span class=\"_ _0\"></span>rno<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>ndi<span class=\"_ _0\"></span>rizz<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Ca<span class=\"_ _0\"></span>pog<span class=\"_ _0\"></span>rupp<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pre<span class=\"_ _0\"></span>sidi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risch<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sin<span class=\"_ _0\"></span>gol<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Socie<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>e<span class=\"_ _1c\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">loro<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">impatto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ui<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Gruppo,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ottemperanza<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vigenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">disposizioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Vigilanza<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>e<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>Risk<span class=\"ff1\"> </span>Appetite<span class=\"ff1\"> </span>Framework<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Gruppo;<span class=\"_ _3bd\"> </span>  con<span class=\"_ _0\"></span>trol<span class=\"_ _0\"></span>lo<span class=\"ff1\"> </span>ge<span class=\"_ _1\"></span>stiona<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>sen<span class=\"_ _0\"></span>so<span class=\"ff1\"> </span>dell<span class=\"_ _0\"></span>'ott<span class=\"_ _0\"></span>imi<span class=\"_ _0\"></span>zzaz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>profi<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>o-re<span class=\"_ _0\"></span>ndim<span class=\"_ _0\"></span>ento<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"ff3\">live<span class=\"_ _0\"></span>llo<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Grup<span class=\"_ _0\"></span>po;<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span> un<span class=\"_ _0\"></span>ifor<span class=\"_ _0\"></span>mit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">me<span class=\"_ _0\"></span>todol<span class=\"_ _0\"></span>ogi<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ana<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\"li<span class=\"_ _0\"></span>nguag<span class=\"_ _0\"></span>gio<span class=\"_ _0\"></span>\"<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>tili<span class=\"_ _0\"></span>zzat<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>utte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>S<span class=\"_ _0\"></span>ocie<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>gru<span class=\"_ _0\"></span>ppo<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span> In<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>que<span class=\"_ _0\"></span>sto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ambito<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Rischio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>mercato,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>inteso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>come<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>perdite<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>causate<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>variazion<span class=\"_ _3bd\"> </span>i<span class=\"ff1\"> </span>sfavorevoli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fattor<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(tasso,<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rezzo,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cam<span class=\"_ _2\"></span>bio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ed<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">altri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fattori<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mercato),<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">viene<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">misurat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>monitorato<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riferimento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> <span class=\"_ _21\"></span></span>bank<span class=\"_ _0\"></span>ing<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>book<span class=\"ff1\"> <span class=\"_ _21\"></span></span>(poste<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>vista<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>scadenz<span class=\"_ _0\"></span>a)<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sia<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>t<span class=\"_ _2\"></span>rading<span class=\"ff1\"> <span class=\"_ _21\"></span></span>boo<span class=\"_ _3bd\"> </span>k<span class=\"ff1\"> </span>(strumenti<span class=\"ff1\"> </span>finanziari<span class=\"ff1\"> </span>negoziati<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>finalit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>positioning,<span class=\"ff1\"> </span>trading<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>negoziazione).<span class=\"_ _3bd\"> </span> St<span class=\"_ _0\"></span>rut<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>ra<span class=\"_ _3bd\"> </span>or<span class=\"_ _0\"></span>ga<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>zza<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Di<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">seg<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ve<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>on<span class=\"_ _1\"></span>o<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>ri<span class=\"_ _1\"></span>tti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i</span> <span class=\"ff3\">p<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>ip<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>c<span class=\"_ _1\"></span>ompi<span class=\"_ _1\"></span>ti<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"_ _1\"></span>le<span class=\"ff1\"> </span>st<span class=\"_ _1\"></span>rut<span class=\"_ _1\"></span>tur<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span>rg<span class=\"_ _1\"></span>ani<span class=\"_ _0\"></span>z<span class=\"_ _0\"></span>za<span class=\"_ _0\"></span>tiv<span class=\"_ _1\"></span>e<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>oin<span class=\"_ _1\"></span>vol<span class=\"_ _1\"></span>te<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pr<span class=\"_ _0\"></span>oce<span class=\"_ _1\"></span>ss<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>d<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">i<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>controllo<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>g<span class=\"_ _0\"></span>estione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ris<span class=\"_ _2\"></span>chi<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mercato.<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span>Il<span class=\"ff1\"> </span>Consiglio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>Amministr<span class=\"_ _2\"></span>azione<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Capogruppo,<span class=\"ff1\"> </span>CA,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> </span>responsabile<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> </span>definizione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> </span>line<span class=\"_ _3bd\"> </span>e<span class=\"ff1\"> </span>ge<span class=\"_ _0\"></span>nera<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gove<span class=\"_ _0\"></span>rno<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">risc<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>er<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ci<span class=\"_ _0\"></span>asc<span class=\"_ _0\"></span>una<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">are<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">bus<span class=\"_ _0\"></span>ine<span class=\"_ _0\"></span>ss;<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">delibe<span class=\"_ _0\"></span>ra<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">poteri<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ricon<span class=\"_ _0\"></span>osci<span class=\"_ _0\"></span>uti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">meri<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>stra<span class=\"_ _0\"></span>teg<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ope<span class=\"_ _0\"></span>rativ<span class=\"_ _0\"></span>e,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">assu<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">risc<span class=\"_ _0\"></span>hi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">azioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">co<span class=\"_ _0\"></span>rrett<span class=\"_ _0\"></span>ive;<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ind<span class=\"_ _0\"></span>ividu<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019i<span class=\"_ _0\"></span>nsie<span class=\"_ _0\"></span>me<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">degli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ind<span class=\"_ _0\"></span>icat<span class=\"_ _0\"></span>ori<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Ris<span class=\"_ _0\"></span>k<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Appetite<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>elle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>relative<span class=\"ff1\"> <span class=\"_ _2\"></span></span>met<span class=\"_ _2\"></span>riche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>calcolo,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>q<span class=\"_ _2\"></span>uest\u2019ultime<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prop<span class=\"_ _2\"></span>oste<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dal<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Comitato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Esecutivo,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>CE<span class=\"_ _3bd\"> </span>;<span class=\"ff1\"> </span>definisce<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>approva<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>gli<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>obiettivi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>l<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>soglie<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tolleranza<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>valutando<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>periodi<span class=\"_ _0\"></span>cament<span class=\"_ _3bd\"> </span>e<span class=\"ff1\"> </span>l\u2019adeguatezza<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Risk<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Appetite<span class=\"ff1\"> </span>Framework<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(RAF)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>om<span class=\"_ _2\"></span>patibilit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>ra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">obiettivi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">effettivo<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">;<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ap<span class=\"_ _0\"></span>prov<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stru<span class=\"_ _0\"></span>ttu<span class=\"_ _0\"></span>ra<span class=\"ff1\"> </span>ge<span class=\"_ _0\"></span>ner<span class=\"_ _0\"></span>ale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">limi<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ope<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>vi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dell<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>eleg<span class=\"_ _0\"></span>he,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nonch\u00e9<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">li<span class=\"_ _0\"></span>nee<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">resp<span class=\"_ _0\"></span>onsab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>e<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">d<span class=\"_ _1\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>autorit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">merito<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">processo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gest<span class=\"_ _2\"></span>ione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischi.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>I<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Consigli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Amministrazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>singole<span class=\"ff1\"> <span class=\"_ _2\"></span></span>societ\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>recepiscono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019appetito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>soglia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d<span class=\"_ _3bd\"> </span>i<span class=\"ff1\"> </span>to<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nz<span class=\"_ _1\"></span>a<span class=\"ff1\"> </span>def<span class=\"_ _1\"></span>ini<span class=\"_ _0\"></span>ti<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>am<span class=\"_ _0\"></span>bi<span class=\"_ _1\"></span>to<span class=\"ff1\"> </span>R<span class=\"_ _0\"></span>AF<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">da<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>ap<span class=\"_ _0\"></span>og<span class=\"_ _1\"></span>rup<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>;<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>pp<span class=\"_ _1\"></span>rov<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>g<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ind<span class=\"_ _1\"></span>iri<span class=\"_ _0\"></span>z<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">st<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">le<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">li<span class=\"_ _1\"></span>nee<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">gu<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>g<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ri<span class=\"_ _1\"></span>sch<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>fo<span class=\"_ _1\"></span>rmu<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>ati<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">da<span class=\"_ _0\"></span>ll<span class=\"_ _1\"></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>C<span class=\"_ _0\"></span>ap<span class=\"_ _0\"></span>og<span class=\"_ _1\"></span>rupp<span class=\"_ _1\"></span>o<span class=\"ff1\"> </span>non<span class=\"_ _1\"></span>ch\u00e9<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">str<span class=\"_ _0\"></span>ut<span class=\"_ _1\"></span>tur<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">li<span class=\"_ _0\"></span>mi<span class=\"_ _1\"></span>ti<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>ll<span class=\"_ _1\"></span>e<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>eg<span class=\"_ _0\"></span>he<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">op<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>rat<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>in<span class=\"_ _0\"></span>terne<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">ne<span class=\"_ _1\"></span>ll\u2019amb<span class=\"_ _0\"></span>ito<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">quant<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>ssa<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dal<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Consi<span class=\"_ _0\"></span>glio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ammini<span class=\"_ _0\"></span>stra<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span>la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Capog<span class=\"_ _0\"></span>rupp<span class=\"_ _0\"></span>o.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Direzioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">singole<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">societ\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">realizzano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>bu<span class=\"_ _0\"></span>siness<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">competenza<span class=\"ff1\"> </span>nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rispetto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dell<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>del<span class=\"_ _0\"></span>eghe<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">limit<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ope<span class=\"_ _0\"></span>rativ<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">risch<span class=\"_ _0\"></span>io<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">asse<span class=\"_ _0\"></span>gnat<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dai<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">risp<span class=\"_ _0\"></span>etti<span class=\"_ _0\"></span>vi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Con<span class=\"_ _0\"></span>sigl<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">A<span class=\"_ _0\"></span>mmin<span class=\"_ _0\"></span>istra<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Il<span class=\"ff1\"> </span>CE<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> </span>Capogruppo,<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>ale<span class=\"ff1\"> </span>organo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gestio<span class=\"_ _2\"></span>ne,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cura<span class=\"ff1\"> </span>l\u2019attuazione<span class=\"ff1\"> </span>degli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">indirizzi<span class=\"ff1\"> </span>strategici<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dell<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">e</span> </span></span></span></span></span></span></span></span></span>p<span class=\"_ _1\"></span>oli<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">g<span class=\"_ _0\"></span>ov<span class=\"_ _1\"></span>e<span class=\"_ _0\"></span>rn<span class=\"_ _1\"></span>o<span class=\"ff1\"> </span>de<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>sc<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>in<span class=\"_ _1\"></span>i<span class=\"_ _0\"></span>ti<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">da<span class=\"_ _1\"></span>l<span class=\"ff1\"> </span>CA<span class=\"_ _1\"></span>,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">e<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">i<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pa<span class=\"_ _1\"></span>rt<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>co<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">de<span class=\"_ _1\"></span>f<span class=\"_ _0\"></span>in<span class=\"_ _1\"></span>is<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cu<span class=\"_ _1\"></span>ra<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">l<span class=\"_ _0\"></span>\u2019<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>u<span class=\"_ _1\"></span>az<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">de<span class=\"_ _1\"></span>l<span class=\"ff1\"> </span>p<span class=\"_ _1\"></span>ro<span class=\"_ _0\"></span>ce<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> </span>gestione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>rischi.<span class=\"ff1\"> </span>Al<span class=\"ff1\"> </span>CE<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">compete<span class=\"ff1\"> </span>inoltre<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>propos<span class=\"_ _2\"></span>ta<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>CA<span class=\"ff1\"> </span>delle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">metodologie</span> <span class=\"ff3\">di</span> <span class=\"ff3\">misurazione</span> <span class=\"ff3\">e<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"> </span></span></span>con<span class=\"_ _0\"></span>trol<span class=\"_ _0\"></span>lo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">defin<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l<span class=\"_ _0\"></span>imi<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">oper<span class=\"_ _0\"></span>ativ<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">coere<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pro<span class=\"_ _0\"></span>pen<span class=\"_ _0\"></span>sion<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">risch<span class=\"_ _0\"></span>io.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>I<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Co<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>ti<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Cap<span class=\"_ _1\"></span>ogr<span class=\"_ _0\"></span>up<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">co<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>vo<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">am<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>to<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">RA<span class=\"_ _1\"></span>F<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"_ _0\"></span>nn<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">se<span class=\"_ _0\"></span>gu<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">re<span class=\"_ _1\"></span>spo<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>sab<span class=\"_ _0\"></span>il<span class=\"_ _1\"></span>it\u00e0<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Comitato<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Cons<span class=\"_ _2\"></span>iliare<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Rischi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Sostenibi<span class=\"_ _0\"></span>lit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Gr<span class=\"_ _2\"></span>uppo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>svolge<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>l\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valutativa<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pro<span class=\"_ _2\"></span>positiv<span class=\"_ _3bd\"> </span>a<span class=\"ff1\"> </span>necessaria<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>affinch\u00e9<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>CA<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pos<span class=\"_ _2\"></span>sa<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>approvare<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>obiettivi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>so<span class=\"_ _2\"></span>glie<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tolleranza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valutar<span class=\"_ _3bd\"> </span>e<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>riod<span class=\"_ _0\"></span>icam<span class=\"_ _0\"></span>ente<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">l\u2019<span class=\"_ _0\"></span>adeg<span class=\"_ _0\"></span>uate<span class=\"_ _0\"></span>zza<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">R<span class=\"_ _0\"></span>AF<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">compat<span class=\"_ _0\"></span>ibi<span class=\"_ _0\"></span>lit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">t<span class=\"_ _0\"></span>ra<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">obie<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span>vi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischi<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">effe<span class=\"_ _0\"></span>ttiv<span class=\"_ _0\"></span>o.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Esprime<span class=\"ff1\"> <span class=\"_ _2\"></span></span>inoltre<span class=\"ff1\"> <span class=\"_ _2\"></span></span>parere<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>CA<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>ulle<span class=\"ff1\"> </span>propos<span class=\"_ _2\"></span>te<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>CE<span class=\"ff1\"> <span class=\"_ _2\"></span></span>relative<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>metodologi<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>misurazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"_ _3bd\"> </span><span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>trol<span class=\"_ _0\"></span>lo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">anal<span class=\"_ _0\"></span>isi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rilev<span class=\"_ _0\"></span>anza<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risc<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>nch<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ai<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fin<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">calc<span class=\"_ _0\"></span>olo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">capi<span class=\"_ _0\"></span>tale<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span>tern<span class=\"_ _0\"></span>o;<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">suppo<span class=\"_ _0\"></span>rta<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">inf<span class=\"_ _0\"></span>ine<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>CA<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ap<span class=\"_ _0\"></span>ogrup<span class=\"_ _0\"></span>po<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pro<span class=\"_ _0\"></span>posi<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dell<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">strate<span class=\"_ _0\"></span>gie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gene<span class=\"_ _0\"></span>rali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gove<span class=\"_ _0\"></span>rno<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">risch<span class=\"_ _0\"></span>i.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Il<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>Comitat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>Risk<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>Management,<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>istituito<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>fine<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>infor<span class=\"_ _2\"></span>mare<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>CE<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>presidio<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>rischi<span class=\"_ _3bd\"> </span>o<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>omp<span class=\"_ _1\"></span>le<span class=\"_ _0\"></span>ssi<span class=\"_ _1\"></span>vam<span class=\"_ _0\"></span>en<span class=\"_ _1\"></span>te<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">de<span class=\"_ _1\"></span>l<span class=\"ff1\"> </span>su<span class=\"_ _1\"></span>o<span class=\"ff1\"> </span>mo<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>gg<span class=\"_ _1\"></span>io<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>l\u2019<span class=\"_ _1\"></span>amb<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>de<span class=\"_ _1\"></span>lle<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">str<span class=\"_ _0\"></span>ate<span class=\"_ _1\"></span>gie<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">me<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>do<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">def<span class=\"_ _0\"></span>in<span class=\"_ _1\"></span>it<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">e<span class=\"_ _1\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>dalla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Capogruppo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">RAF,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">effettua<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">segu<span class=\"_ _2\"></span>enti<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">o<span class=\"_ _2\"></span>perazioni:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span> p<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>le<span class=\"_ _1\"></span>ssi<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>am<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>te<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">assu<span class=\"_ _1\"></span>nt<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>da<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g<span class=\"_ _0\"></span>ole<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">soc<span class=\"_ _0\"></span>ie<span class=\"_ _1\"></span>t\u00e0<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>su<span class=\"_ _1\"></span>o<span class=\"ff1\"> </span>mon<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>gg<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span> </span></span></span></span></span></span>nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>strat<span class=\"_ _2\"></span>egie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>met<span class=\"_ _2\"></span>odologie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>definite<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dalla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Capogrup<span class=\"_ _0\"></span>po<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ne<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Risk<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Appetite<span class=\"ff1\"> </span>Fra<span class=\"_ _0\"></span>mew<span class=\"_ _0\"></span>ork<span class=\"_ _3bd\"> </span>  periodicamente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>valuta<span class=\"ff1\">  </span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>livello<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>complessivamente<span class=\"ff1\">  </span>assunto,<span class=\"ff1\">  </span>attraverso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"_ _1\"></span> mon<span class=\"_ _0\"></span>ito<span class=\"_ _0\"></span>ragg<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>egl<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>ndic<span class=\"_ _0\"></span>atori<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">R<span class=\"_ _0\"></span>AF<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>tip<span class=\"_ _0\"></span>olo<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>o;<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span> analizza<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>inoltre<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>eventuali<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>eventi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>interni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>esterni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>poss<span class=\"_ _2\"></span>ano<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>modificare<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>manier<span class=\"_ _3bd\"> </span>a<span class=\"ff1\"> </span>ril<span class=\"_ _0\"></span>eva<span class=\"_ _0\"></span>nte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">prof<span class=\"_ _0\"></span>ilo<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>isch<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">richi<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">qui<span class=\"_ _0\"></span>ndi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">agl<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>or<span class=\"_ _0\"></span>gani<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>mpe<span class=\"_ _0\"></span>tenti,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tra<span class=\"_ _0\"></span>mite<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Ri<span class=\"_ _0\"></span>s<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">k<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Officer,<span class=\"ff1\"> </span>revisioni<span class=\"ff1\"> </span>addizionali<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>RAF<span class=\"_ _3bd\"> </span>La<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fu<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Risk<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">M<span class=\"_ _0\"></span>anage<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>t<span class=\"ff1\"> </span>su<span class=\"_ _0\"></span>ppor<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Com<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>onsi<span class=\"_ _0\"></span>lia<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">So<span class=\"_ _0\"></span>sten<span class=\"_ _0\"></span>ibil<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">G<span class=\"_ _0\"></span>ruppo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ed<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>effettua<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>seguito<span class=\"ff1\"> </span>descritt<span class=\"_ _2\"></span>e.<span class=\"ff1\"> </span>In<span class=\"ff1\"> </span>ambito<span class=\"ff1\"> </span>RAF:  verifica<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>almeno<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>ann<span class=\"_ _2\"></span>ualmente<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>bont\u00e0<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>metr<span class=\"_ _2\"></span>iche<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>utilizzate<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>sottoponend<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>a<span class=\"_ _1\"></span> backtesting<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">modelli<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>stima<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>rischio,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riporta<span class=\"_ _2\"></span>ndo<span class=\"ff1\"> </span>nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">RAF<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>esiti,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">eventuali<span class=\"ff1\"> </span>carenze<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>ed<span class=\"ff1\"> </span>eventuali<span class=\"ff1\"> </span>necessit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>sviluppo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>nuove<span class=\"ff1\"> </span>metodologie;  ren<span class=\"_ _0\"></span>dic<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"_ _0\"></span>meno<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">t<span class=\"_ _0\"></span>rime<span class=\"_ _0\"></span>stral<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Comi<span class=\"_ _0\"></span>tato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">meri<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">all\u2019<span class=\"_ _0\"></span>anda<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pro<span class=\"_ _0\"></span>fil<span class=\"_ _0\"></span>o </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ssun<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>mple<span class=\"_ _0\"></span>sso<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>isp<span class=\"_ _0\"></span>ett<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>ag<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">obi<span class=\"_ _0\"></span>etti<span class=\"_ _0\"></span>vi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Ri<span class=\"_ _0\"></span>sk<span class=\"ff1\"> </span>Ap<span class=\"_ _0\"></span>peti<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rel<span class=\"_ _0\"></span>ativ<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>nte<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>a<span class=\"ff1\"> </span>tutti<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>indicatori,<span class=\"ff1\"> </span>compresi<span class=\"ff1\"> </span>quelli<span class=\"ff1\"> </span>ineriti<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>mercato. S<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">oc<span class=\"_ _0\"></span>cu<span class=\"_ _0\"></span>pa<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _1\"></span>nol<span class=\"_ _1\"></span>tre<span class=\"_ _0\"></span>: </span></span></span></span> della<span class=\"ff1\"> </span>misurazione<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>rendicontazione<span class=\"ff1\"> </span>dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rischi</span> <span class=\"ff3\">finanziari</span> <span class=\"ff3\">per</span> <span class=\"ff3\">s<span class=\"_ _2\"></span>ingola</span> <span class=\"ff3\">societ\u00e0</span> <span class=\"ff3\">e</span> <span class=\"ff3\">a</span> <span class=\"ff3\">l<span class=\"_ _0\"></span>ivello<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></span></span>Gru<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>o,<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>tiliz<span class=\"_ _0\"></span>zan<span class=\"_ _0\"></span>do<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uest<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pri<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>palme<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mis<span class=\"_ _0\"></span>ure<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>isc<span class=\"_ _0\"></span>hio<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>te<span class=\"_ _1\"></span>rmini<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sen<span class=\"_ _0\"></span>sitiv<span class=\"_ _0\"></span>ity,<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>volte<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>verificare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rispetto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>limiti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>assegnati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>coerenza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>gli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>obiettivi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischio<span class=\"ff1\"> </span>rendimento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">assegnati; </span></span> del<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">svi<span class=\"_ _0\"></span>lup<span class=\"_ _0\"></span>po<span class=\"ff1\"> </span>e<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">dell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>ge<span class=\"_ _1\"></span>stione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sist<span class=\"_ _0\"></span>emi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">m<span class=\"_ _0\"></span>isu<span class=\"_ _0\"></span>razi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tra<span class=\"_ _0\"></span>mit<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019acq<span class=\"_ _0\"></span>uis<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>one </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">me<span class=\"_ _0\"></span>rca<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>ssa<span class=\"_ _0\"></span>ri<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cal<span class=\"_ _0\"></span>col<span class=\"_ _0\"></span>o; </span></span></span></span></span></span></span></span> del<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">def<span class=\"_ _0\"></span>ini<span class=\"_ _0\"></span>zione<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">del</span> <span class=\"ff3\">p<span class=\"_ _0\"></span>rof<span class=\"_ _0\"></span>ilo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _1\"></span><span class=\"ff3\">rischi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nuov<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prod<span class=\"_ _0\"></span>otti<span class=\"_ _0\"></span>. </span></span></span></span></span></span></span></span></span></span>Le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>risultanze<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dell\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>funzione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>R<span class=\"_ _2\"></span>isk<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Management<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>riport<span class=\"_ _2\"></span>ate<span class=\"ff1\"> <span class=\"_ _21\"></span></span>periodicamente<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> </span>Comitato<span class=\"ff1\"> </span>Consiliare<span class=\"ff1\"> </span>Rischi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>Sostenibilit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Gruppo. A.<span class=\"_ _3bd\"> </span>Aspe<span class=\"_ _0\"></span>tti<span class=\"_ _3bd\"> </span>ge<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>li<span class=\"fc0 sc1\"> </span>Rischio<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>tasso<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ba<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>a<span class=\"fc0 sc1\"> </span>Il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pres<span class=\"_ _0\"></span>idi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>fina<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ari<span class=\"ff1\"> </span>avv<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>tram<span class=\"_ _0\"></span>ite<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">la</span> <span class=\"ff3\">defi<span class=\"_ _0\"></span>niz<span class=\"_ _0\"></span>ione<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">di</span> <span class=\"ff3\">un<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>struttu<span class=\"_ _1\"></span>ra<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>li<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>che<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">cost<span class=\"_ _0\"></span>itu<span class=\"_ _0\"></span>isce<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>l\u2019espressione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>diretta<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>livello<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischiosit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ritenuto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>acce<span class=\"_ _0\"></span>ttabile<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>riferimento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>alle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>singol<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>aree/linee<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>business,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>coerenza<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Risk<span class=\"ff1\"> </span>Appetite<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Framework<span class=\"ff1\"> <span class=\"_ _2\"></span></span>defini<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>livello<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gruppo.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>In<span class=\"ff1\"> </span>particolare<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>mercato<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>generano<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>seguito<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>seguenti<span class=\"ff1\"> </span>operat<span class=\"_ _2\"></span>ivit\u00e0: -<span class=\"_ _3bd\"> </span>at<span class=\"_ _1\"></span>tiv<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tra<span class=\"_ _1\"></span>di<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ra<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>lt<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"_ _0\"></span>d<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">imp<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>eg<span class=\"_ _0\"></span>o; </span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>at<span class=\"_ _1\"></span>tiv<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">su<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">m<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ca<span class=\"_ _1\"></span>ti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">f<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">co<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fin<span class=\"_ _1\"></span>ali<span class=\"_ _1\"></span>t\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _0\"></span>rad<span class=\"_ _1\"></span>ing<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"_ _0\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>; </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>at<span class=\"_ _1\"></span>tiv<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">neg<span class=\"_ _1\"></span>ozi<span class=\"_ _1\"></span>azi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">st<span class=\"_ _0\"></span>ru<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">f<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>ri<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>pa<span class=\"_ _1\"></span>rti<span class=\"_ _0\"></span>ta<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">c<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cl<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>tel<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>. </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>I<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ris<span class=\"_ _0\"></span>ch<span class=\"_ _1\"></span>io<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ta<span class=\"_ _0\"></span>ss<span class=\"_ _1\"></span>o<span class=\"ff1\"> </span>d<span class=\"_ _1\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"_ _1\"></span>tere<span class=\"_ _1\"></span>ss<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ne<span class=\"_ _1\"></span>l<span class=\"ff1\"> </span>p<span class=\"_ _1\"></span>ort<span class=\"_ _0\"></span>af<span class=\"_ _1\"></span>ogl<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">ne<span class=\"_ _0\"></span>g<span class=\"_ _0\"></span>oz<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>zi<span class=\"_ _1\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _1\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vi<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">g<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>rat<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>\u2019a<span class=\"_ _1\"></span>tti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _1\"></span>vo<span class=\"_ _0\"></span>lta<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">su<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>mercati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>obbligazionari<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d<span class=\"_ _2\"></span>erivati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>su<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tasso.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tass<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>generato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>ale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gest<span class=\"_ _2\"></span>ito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>controllato<span class=\"ff1\"> </span>tramite<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>imiti<span class=\"ff1\"> </span>complessivi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>termini<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>delta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(ovvero<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sensitivit\u00e0</span> <span class=\"ff3\">rispetto</span> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>movimenti<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>pa<span class=\"_ _0\"></span>rall<span class=\"_ _0\"></span>eli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">curva<span class=\"_ _0\"></span>),<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">spre<span class=\"_ _0\"></span>ad<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>cu<span class=\"_ _0\"></span>rv<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>(ovve<span class=\"_ _0\"></span>ro<span class=\"ff1\"> </span>d<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span>se<span class=\"_ _0\"></span>nsiti<span class=\"_ _0\"></span>vity<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>spett<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">movi<span class=\"_ _0\"></span>menti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pa<span class=\"_ _0\"></span>rall<span class=\"_ _0\"></span>eli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>curva)<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>vega. Il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>spe<span class=\"_ _0\"></span>cifico<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">emittente<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>iene<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">monitorat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>ramite<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">appositi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">massimali<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">concentrazione<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>se<span class=\"_ _1\"></span>tto<span class=\"_ _0\"></span>re<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rat<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">si<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">t<span class=\"_ _1\"></span>erm<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>ov<span class=\"_ _1\"></span>alo<span class=\"_ _1\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ch<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sen<span class=\"_ _1\"></span>sit<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ty.<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">I<span class=\"_ _0\"></span>no<span class=\"_ _0\"></span>lt<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">m<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>el<span class=\"_ _1\"></span>lo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">V<span class=\"_ _0\"></span>aR<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">u<span class=\"_ _0\"></span>so<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>esclusivamente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fini<span class=\"ff1\"> <span class=\"_ _2\"></span></span>g<span class=\"_ _2\"></span>estionali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>include<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>emittente,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>m<span class=\"_ _2\"></span>ediante<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019utilizzo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>serie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>stor<span class=\"_ _2\"></span>iche<span class=\"ff1\"> </span>specifiche<span class=\"ff1\"> </span>sugli<span class=\"ff1\"> </span>spread<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>mercato. La<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">f<span class=\"_ _0\"></span>unz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Risk<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Manag<span class=\"_ _0\"></span>eme<span class=\"_ _0\"></span>nt<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pro<span class=\"_ _0\"></span>duc<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rep<span class=\"_ _0\"></span>orts<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischi<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fre<span class=\"_ _0\"></span>que<span class=\"_ _0\"></span>nza<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">giorn<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>era,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sett<span class=\"_ _0\"></span>ima<span class=\"_ _0\"></span>nale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>tr<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>me<span class=\"_ _1\"></span>str<span class=\"_ _0\"></span>ale<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">se<span class=\"_ _1\"></span>co<span class=\"_ _0\"></span>nda<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _1\"></span>lla<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">fu<span class=\"_ _1\"></span>nzi<span class=\"_ _1\"></span>one<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _1\"></span>sti<span class=\"_ _0\"></span>na<span class=\"_ _1\"></span>tar<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ind<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gli<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">ev<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>ntu<span class=\"_ _1\"></span>al<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sc<span class=\"_ _1\"></span>onf<span class=\"_ _1\"></span>ini<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">r<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>sp<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _1\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ma<span class=\"_ _0\"></span>ss<span class=\"_ _1\"></span>imal<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>assegnati<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Regolamento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"></span></span>materia<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>assunzione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>ischi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>finanziari<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>misura<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rischio<span class=\"ff1\"> </span>gestionale<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>termini<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>VaR. Eventuali<span class=\"ff1\"> </span>modifiche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>Regolamento<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>massimali<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esso<span class=\"ff1\"> </span>espressi<span class=\"ff1\"> </span>possono<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ottoposte<span class=\"ff1\"> </span></span></span></span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>delibera<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Consig<span class=\"_ _2\"></span>lio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Amministrazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Com<span class=\"_ _2\"></span>itato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Esecutivo,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>compentenza,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>u<span class=\"ff1\"> </span>proposta<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Business<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Unit<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Finanza,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sentito<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>preventivamente<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>parere<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>funzione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Risk<span class=\"ff1\"> </span>Ma<span class=\"_ _0\"></span>nage<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>t. Cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>em<span class=\"_ _3bd\"> </span>Eu<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>mo<span class=\"_ _1\"></span>bili<span class=\"_ _0\"></span>are<span class=\"_ _3bd\"> </span>Pri<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span>Ba<span class=\"_ _0\"></span>nki<span class=\"_ _0\"></span>ng<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>I<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>mercato<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span></span>legati<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ris<span class=\"_ _2\"></span>chio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tass<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>gestititi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tr<span class=\"_ _2\"></span>amite<span class=\"ff1\"> <span class=\"_ _21\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>definizione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ma<span class=\"_ _2\"></span>ssimale<span class=\"ff1\"> </span>operativo<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">termini<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sensitivity</span> <span class=\"ff3\">comple<span class=\"_ _0\"></span>ssiva<span class=\"ff1\"> </span>rispetto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">movimento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tass<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">1<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bp. </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>La<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>funzione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Risk<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Management<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>capogruppo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>verifica<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ri<span class=\"_ _2\"></span>spetto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tale<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>limite<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>monito<span class=\"_ _2\"></span>ra<span class=\"ff1\"> </span>l\u2019andamento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>requisito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>patrimoniale<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fro<span class=\"_ _2\"></span>nte<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>ei<span class=\"ff1\"> </span>ris<span class=\"_ _2\"></span>chi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>m<span class=\"_ _2\"></span>ercato,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>calcolato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>secondo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019approccio<span class=\"ff1\"> </span>stan<span class=\"_ _0\"></span>da<span class=\"_ _0\"></span>rd. <div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3d5e\">Rischio<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3d5f\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3d60\">pr<span class=\"_ _0\"></span>ez<span class=\"_ _0\"></span>zo<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d61\">Nell\u2019ambito<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>\u201c<span class=\"_ _2\"></span>portafoglio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>negoziazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>vigilanza\u201d<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>principale<span class=\"ff1\"> </span>fonte<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>prez<span class=\"_ _2\"></span>zo<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d62\">costituita<span class=\"ff1\"> </span>dai<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> </span>azionari,<span class=\"ff1\"> </span>fondi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>dai<span class=\"ff1\"> </span>relativi<span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> </span>derivati. </div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3d63\">Cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ba<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>a<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d64\">I<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>azionari<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>assunti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>t<span class=\"_ _2\"></span>rading.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Tale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>svolta<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sui<span class=\"ff1\"> <span class=\"_ _20\"></span></span>mercati<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d65\">azionari<span class=\"ff1\"> <span class=\"_ _21\"></span></span>prevede<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">l\u2019assunzione</span> <span class=\"_ _21\"></span><span class=\"ff3\">di</span> <span class=\"_ _21\"></span><span class=\"ff3\">posizioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">direzionali</span> <span class=\"_ _21\"></span><span class=\"ff3\">gestite</span> <span class=\"_ _20\"></span><span class=\"ff3\">e</span> <span class=\"_ _21\"> </span><span class=\"ff3\">controllate</span> <span class=\"_ _21\"> </span><span class=\"ff3\">tramite</span> <span class=\"_ _21\"></span><span class=\"ff3\">massimali</span> <span class=\"_ _20\"></span><span class=\"ff3\">di</span> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d66\">posizione,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sia<span class=\"ff1\">  </span>l<span class=\"_ _0\"></span>orda<span class=\"ff1\">  </span>sia<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>netta,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>limiti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\">  </span>termini<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>greche<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\">  </span>massimali<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>concentrazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>per<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d67\">sott<span class=\"_ _0\"></span>ost<span class=\"_ _0\"></span>ante<span class=\"_ _0\"></span>. </div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3d68\">Cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>em<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3d69\">Eu<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>mo<span class=\"_ _1\"></span>bili<span class=\"_ _0\"></span>are<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3d6a\">Pri<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3d6b\">Ba<span class=\"_ _0\"></span>nki<span class=\"_ _0\"></span>ng<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d6c\">Il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>R<span class=\"_ _2\"></span>egolamento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>mat<span class=\"_ _2\"></span>eria<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">assunzione</span> <span class=\"_ _21\"></span><span class=\"ff3\">dei</span> <span class=\"_ _21\"></span><span class=\"ff3\">rischi</span> <span class=\"_ _20\"></span><span class=\"ff3\">finanziari,</span> <span class=\"_ _21\"> </span><span class=\"ff3\">monitor<span class=\"_ _2\"></span>ato</span> <span class=\"_ _20\"></span><span class=\"ff3\">dalla</span> <span class=\"_ _21\"></span><span class=\"ff3\">funzione</span> <span class=\"_ _21\"></span><span class=\"ff3\">di</span> <span class=\"_ _20\"></span><span class=\"ff3\">Ri<span class=\"_ _2\"></span>sk</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d6d\">Management,<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>prevede<span class=\"ff1\"> </span>massimali<span class=\"ff1\"> </span>ordinari<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>l\u2019operativit\u00e0<span class=\"ff1\"> </span>sul<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>azionar<span class=\"_ _2\"></span>io. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d6e\">Su<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Cr<span class=\"_ _2\"></span>edem<span class=\"ff1\"> </span>H<span class=\"_ _0\"></span>olding<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inoltre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">presenti<span class=\"ff1\"> </span>posizioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ETF<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">OICR<span class=\"ff1\"> </span>monitorate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">att<span class=\"_ _2\"></span>raverso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">requisito<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d6f\">regolamentare<span class=\"ff1\"> </span>sul<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>mercato,<span class=\"ff1\"> </span>calcolato<span class=\"ff1\"> </span>secondo<span class=\"ff1\"> </span>l\u2019approccio<span class=\"ff1\"> </span>standard. </div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3d70\">Rischi<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3d71\">climatici<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3d72\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3d73\">am<span class=\"_ _1\"></span>bien<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>li<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d74\">I<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>cli<span class=\"_ _0\"></span>matici-ambi<span class=\"_ _2\"></span>entali<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>(fisi<span class=\"_ _2\"></span>ci<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tr<span class=\"_ _2\"></span>ansizione),<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>st<span class=\"_ _2\"></span>ati<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>integrati<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nell'analisi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rilevanza<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d75\">tramite<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Gr<span class=\"_ _2\"></span>uppo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Credem<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valuta<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>periodicamente<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>materialit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tutti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d76\">esposto.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>In<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>particolare,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Gr<span class=\"_ _2\"></span>uppo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ha<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>viluppato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>metodolo<span class=\"_ _2\"></span>gia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quantitat<span class=\"_ _2\"></span>iva<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>p<span class=\"_ _2\"></span>er<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>misurare<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d77\">li<span class=\"_ _0\"></span>vell<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>conce<span class=\"_ _0\"></span>ntra<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">portaf<span class=\"_ _0\"></span>ogl<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>inv<span class=\"_ _0\"></span>est<span class=\"_ _0\"></span>imen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>ve<span class=\"_ _0\"></span>rso<span class=\"ff1\"> </span>que<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">imp<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">la</span> <span class=\"ff3\">cui</span> <span class=\"ff3\">a<span class=\"_ _0\"></span>ttiv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span>ec<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>omica<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d78\">\u00e8<span class=\"ff1\"> </span>ritenuta<span class=\"ff1\"> <span class=\"_ _2\"></span></span>particolarmente<span class=\"ff1\"> </span>sensibile<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">transizione.<span class=\"ff1\"> </span>N<span class=\"_ _2\"></span>ello<span class=\"ff1\"> <span class=\"_ _2\"></span></span>specifico,<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>valutare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019impatto<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d79\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>climatico-ambientale<span class=\"ff1\"> </span>sul<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">portafoglio<span class=\"ff1\"> </span>Investimenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">propr<span class=\"_ _2\"></span>iet\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(trading<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>bank<span class=\"_ _0\"></span>ing<span class=\"ff1\"> </span>book)<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d7a\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Gruppo,<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stata<span class=\"ff1\"> </span>adottata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> </span>matrice<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">settoriale<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>he<span class=\"ff1\"> </span>restituisce<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sintesi<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d7b\">rischiosit\u00e0<span class=\"ff1\"> </span>(alta,<span class=\"ff1\"> </span>media,<span class=\"ff1\"> </span>bassa)<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>ogni<span class=\"ff1\"> </span>settore<span class=\"ff1\"> </span>economico<span class=\"ff1\"> </span>distinta<span class=\"_ _2\"></span><span class=\"ff1\"> </span>sul<span class=\"ff1\"> </span>Pillar<span class=\"ff1\"> </span>Environmental. </div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3d7c\">Im<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>tti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3d7d\">de<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3d7e\">da<span class=\"_ _1\"></span>lla<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3d7f\">pa<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ia<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3d80\">Co<span class=\"_ _0\"></span>vid<span class=\"_ _1\"></span>-19<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d81\">Pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>quan<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>rig<span class=\"_ _0\"></span>ua<span class=\"_ _0\"></span>rda<span class=\"ff1\"> </span>l\u2019e<span class=\"_ _0\"></span>spo<span class=\"_ _0\"></span>sizi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ai</span> <span class=\"ff3\">risc<span class=\"_ _0\"></span>hi<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">merc<span class=\"_ _0\"></span>ato<span class=\"ff1\"> </span>ne<span class=\"_ _1\"></span>l<span class=\"ff1\"> </span>2022<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">si</span> <span class=\"ff3\">ravv<span class=\"_ _0\"></span>isa<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>si<span class=\"_ _0\"></span>gnif<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span>tivi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">imp<span class=\"_ _0\"></span>atti<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d82\">diretti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dal<span class=\"ff1\">  </span>Covid-19.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _2\"></span>erdurare<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\">  </span>conflitto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Russia-Ucraina<span class=\"ff1\">  </span>ha<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>contribuito<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>all\u2019accelerazione<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d83\">dell\u2019inflazione<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>all\u2019aumento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>assi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conseguente<span class=\"ff1\"> </span>volatilit<span class=\"_ _2\"></span>\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sui<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mercati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ed<span class=\"ff1\"> <span class=\"_ _2\"></span></span>effetti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sui<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>ischi.<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d84\">Tuttavia<span class=\"ff1\"> <span class=\"_ _21\"></span></span>non<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>state<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>necessarie<span class=\"ff1\"> <span class=\"_ _21\"></span></span>variazioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>degli<span class=\"ff1\"> <span class=\"_ _21\"></span></span>obiettivi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ris<span class=\"_ _2\"></span>chio.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>In<span class=\"ff1\"> <span class=\"_ _21\"></span></span>tale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>co<span class=\"_ _2\"></span>ntesto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>st<span class=\"_ _2\"></span>ata<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d85\">mantenuta<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>maggior<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">frequenza</span> <span class=\"ff3\">del</span> <span class=\"_ _0\"></span><span class=\"ff3\">monitor<span class=\"_ _2\"></span>aggio<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>Risk<span class=\"ff1\"> </span>Ap<span class=\"_ _0\"></span>petite<span class=\"ff1\"> </span>Framework,<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>rimestrale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d86\">mensile,<span class=\"ff1\"> </span>introdotta<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>partire<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>pandemia<span class=\"ff1\"> </span>Covid-19. </div><div class=\"t m45 h10 ff3 fs9 fc4 sc0 ls0 ws0 gs3d87\">B.<span class=\"_ _3bd\"> </span></div><div class=\"t m45 h10 ff3 fs9 fc4 sc0 ls0 ws0 gs3d88\">Proc<span class=\"_ _0\"></span>essi<span class=\"_ _3bd\"> </span></div><div class=\"t m45 h10 ff3 fs9 fc4 sc0 ls0 ws0 gs3d89\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m45 h10 ff3 fs9 fc4 sc0 ls0 ws0 gs3d8a\">ges<span class=\"_ _0\"></span>tion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m45 h10 ff3 fs9 fc4 sc0 ls0 ws0 gs3d8b\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m45 h10 ff3 fs9 fc4 sc0 ls0 ws0 gs3d8c\">metodi<span class=\"_ _3bd\"> </span></div><div class=\"t m45 h10 ff3 fs9 fc4 sc0 ls0 ws0 gs3d8d\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m45 h10 ff3 fs9 fc4 sc0 ls0 ws0 gs3d8e\">misu<span class=\"_ _0\"></span>razi<span class=\"_ _0\"></span>one<span class=\"_ _3bd\"> </span></div><div class=\"t m45 h10 ff3 fs9 fc4 sc0 ls0 ws0 gs3d8f\">del<span class=\"_ _3bd\"> </span></div><div class=\"t m45 h10 ff3 fs9 fc4 sc0 ls0 ws0 gs3d90\">ris<span class=\"_ _0\"></span>chio<span class=\"_ _3bd\"> </span></div><div class=\"t m45 h10 ff3 fs9 fc4 sc0 ls0 ws0 gs3d91\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m45 h10 ff3 fs9 fc4 sc0 ls0 ws0 gs3d92\">tass<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m45 h10 ff3 fs9 fc4 sc0 ls0 ws0 gs3d93\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m45 h10 ff3 fs9 fc4 sc0 ls0 ws0 gs3d94\">int<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span>sse<span class=\"_ _3bd\"> </span></div><div class=\"t m45 h10 ff3 fs9 fc4 sc0 ls0 ws0 gs3d95\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m45 h10 ff3 fs9 fc4 sc0 ls0 ws0 gs3d96\">del<span class=\"_ _3bd\"> </span></div><div class=\"t m45 h10 ff3 fs9 fc4 sc0 ls0 ws0 gs3d97\">ris<span class=\"_ _0\"></span>chio<span class=\"_ _3bd\"> </span></div><div class=\"t m45 h10 ff3 fs9 fc4 sc0 ls0 ws0 gs3d98\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m45 h10 ff3 fs9 fc4 sc0 ls0 ws0 gs3d99\">prezzo </div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3d9a\">Ri<span class=\"_ _1\"></span>sc<span class=\"_ _0\"></span>hi<span class=\"_ _1\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3d9b\">d<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3d9c\">t<span class=\"_ _0\"></span>as<span class=\"_ _1\"></span>so<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3d9d\">d<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3d9e\">in<span class=\"_ _1\"></span>te<span class=\"_ _0\"></span>re<span class=\"_ _1\"></span>ss<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3d9f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3da0\">m<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>do<span class=\"_ _1\"></span>lo<span class=\"_ _0\"></span>gi<span class=\"_ _1\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3da1\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3da2\">m<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ic<span class=\"_ _1\"></span>he<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3da3\">d<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3da4\">m<span class=\"_ _0\"></span>is<span class=\"_ _1\"></span>ur<span class=\"_ _0\"></span>az<span class=\"_ _1\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3da5\">Il<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>tasso<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>interesse<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>viene<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>ca<span class=\"_ _2\"></span>lcolato<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>giornalmente<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>tramite<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>m<span class=\"_ _2\"></span>etodologia<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>VaR<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>per<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3da6\">Credembanca;<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>misurazione<span class=\"ff1\"> </span>ha<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finalit\u00e0<span class=\"ff1\"> </span>gestionali,<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vi<span class=\"_ _2\"></span>ene<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">utilizzata<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>calcolo<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>equisito<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3da7\">patrimoniale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mercato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">quale<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Gruppo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Credem<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">adott<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019approccio<span class=\"ff1\"> </span>standard.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Va<span class=\"_ _2\"></span>R<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3da8\">misura<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mass<span class=\"_ _2\"></span>ima<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">perdita<span class=\"ff1\"> </span>potenziale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nella<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pu\u00f2<span class=\"ff1\"> </span>inc<span class=\"_ _0\"></span>orr<span class=\"_ _2\"></span>ere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>portafoglio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">base<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">all'evoluzione<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3da9\">dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fattor<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mercato,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dato<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>certo<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>livello<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>confi<span class=\"_ _2\"></span>denza,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cor<span class=\"_ _2\"></span>so<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d<span class=\"_ _2\"></span>eterminato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>orizzonte<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3daa\">tem<span class=\"_ _0\"></span>por<span class=\"_ _0\"></span>ale.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">L<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>me<span class=\"_ _0\"></span>todo<span class=\"_ _0\"></span>logi<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>ap<span class=\"_ _0\"></span>plic<span class=\"_ _0\"></span>ata<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nel<span class=\"_ _0\"></span>l\u2019a<span class=\"_ _0\"></span>mbit<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Grup<span class=\"_ _0\"></span>po<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>red<span class=\"_ _0\"></span>em<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">preve<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i</span> <span class=\"_ _0\"></span><span class=\"ff3\">segue<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>aram<span class=\"_ _0\"></span>etri<span class=\"_ _0\"></span>: </span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m6 h13 ff6 fs5 fc0 sc0 ls0 ws0 gs3dab\"> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3dac\">li<span class=\"_ _0\"></span>vell<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>nfi<span class=\"_ _0\"></span>denz<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>9<span class=\"_ _0\"></span>9%<span class=\"_ _0\"></span>; </span></span></div><div class=\"t m6 h13 ff6 fs5 fc0 sc0 ls0 ws0 gs3dad\"> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3dae\">ori<span class=\"_ _0\"></span>zzo<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">temp<span class=\"_ _1\"></span>orale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">1<span class=\"ff1\"> </span>gi<span class=\"_ _0\"></span>orno; </span></span></span></span></div><div class=\"t m6 h13 ff6 fs5 fc0 sc0 ls0 ws0 gs3daf\"> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3db0\">volatilit\u00e0<span class=\"ff1\"> </span>calcolata<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">2<span class=\"ff1\"> </span>anni<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">osservazioni<span class=\"ff1\"> </span>giornaliere,<span class=\"ff1\"> </span>dando<span class=\"ff1\"> </span>maggior<span class=\"ff1\"> </span>peso<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3db1\">dati<span class=\"ff1\"> </span>pi\u00f9<span class=\"ff1\"> </span>recenti<span class=\"ff1\"> </span>(decay<span class=\"ff1\"> </span>factor<span class=\"ff1\"> <span class=\"ff6\"> </span></span>=0,94). </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3db2\">Per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">calcolo<span class=\"ff1\"> </span>dell\u2019assorbimento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"_ _2\"></span>n<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">termini<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>capitale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">inter<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">procede<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">inoltr<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">convertire<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ato<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3db3\">in<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>VaR<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>10gg,<span class=\"ff1\"> </span>applicando<span class=\"ff1\"> </span>prudenzialmente<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>coefficiente<span class=\"ff1\"> </span>moltiplicativo<span class=\"ff1\"> </span>3. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3db4\">Il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dato<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sott<span class=\"_ _2\"></span>oposto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ad<span class=\"ff1\"> </span>analisi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">str<span class=\"_ _2\"></span>ess<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>esting<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nell\u2019ambito<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">processo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">verifica<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3db5\">del<span class=\"_ _0\"></span>l\u2019a<span class=\"_ _0\"></span>degu<span class=\"_ _0\"></span>atez<span class=\"_ _0\"></span>za<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">pat<span class=\"_ _0\"></span>rimo<span class=\"_ _0\"></span>nial<span class=\"_ _0\"></span>e,<span class=\"ff1\"> </span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mira</span> <span class=\"ff3\">a</span> <span class=\"ff3\">veri<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>are<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>var<span class=\"_ _0\"></span>iazi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span>cap<span class=\"_ _0\"></span>ital<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>(sti<span class=\"_ _0\"></span>mato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in</span> <span class=\"ff3\">termi<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3db6\">Va<span class=\"_ _0\"></span>R)<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cas<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fort<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">turbo<span class=\"_ _0\"></span>lenz<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>me<span class=\"_ _0\"></span>rca<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>ri.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">L\u2019an<span class=\"_ _0\"></span>alis<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>b<span class=\"_ _0\"></span>asat<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ull<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>det<span class=\"_ _0\"></span>ermi<span class=\"_ _0\"></span>nazi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">u<span class=\"_ _0\"></span>na<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3db7\">mat<span class=\"_ _0\"></span>ric<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>aria<span class=\"_ _0\"></span>nza<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cov<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fat<span class=\"_ _0\"></span>tori<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>ip<span class=\"_ _0\"></span>ote<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ond<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">stre<span class=\"_ _0\"></span>ss<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>merc<span class=\"_ _0\"></span>ati<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>he<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3db8\">innalzi<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>volatilit\u00e0<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>variabili<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>alteri<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>str<span class=\"_ _2\"></span>uttura<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>relazioni<span class=\"ff1\"> </span>fra<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>esse.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3dba\">La<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">deter<span class=\"_ _0\"></span>min<span class=\"_ _0\"></span>azion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tale</span> <span class=\"ff3\">mat<span class=\"_ _0\"></span>ric<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>stat<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>ef<span class=\"_ _0\"></span>fet<span class=\"_ _0\"></span>tua<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>med<span class=\"_ _0\"></span>esi<span class=\"_ _0\"></span>ma<span class=\"ff1\"> </span>met<span class=\"_ _0\"></span>odo<span class=\"_ _0\"></span>logi<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>util<span class=\"_ _0\"></span>izz<span class=\"_ _0\"></span>ata<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3dbb\">stima<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Va<span class=\"_ _2\"></span>R.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">In<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">part<span class=\"_ _2\"></span>icolare<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">c<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">si<span class=\"_ _2\"></span><span class=\"ff1\"> </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">avvalsi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">possibilit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">impost<span class=\"_ _2\"></span>are<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">periodo<span class=\"ff1\"> </span>storico<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">utilizzato<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3dbc\">come<span class=\"ff1\"> </span>cam<span class=\"_ _2\"></span>pione<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>analisi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>calcolo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>volatilit\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>corr<span class=\"_ _2\"></span>elazioni,<span class=\"ff1\"> </span>selezionando<span class=\"ff1\"> <span class=\"_ _2\"></span></span>intervalli<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3dbd\">tem<span class=\"_ _0\"></span>por<span class=\"_ _0\"></span>ali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cri<span class=\"_ _0\"></span>tici<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">(di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">eleva<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>ola<span class=\"_ _0\"></span>tilit\u00e0<span class=\"_ _0\"></span>)<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ui<span class=\"ff1\"> </span>me<span class=\"_ _0\"></span>rca<span class=\"_ _0\"></span>ti,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>oe<span class=\"_ _0\"></span>renza<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con</span> <span class=\"ff3\">l<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>sce<span class=\"_ _0\"></span>nar<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>omple<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>vo<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">str<span class=\"_ _0\"></span>ess<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3dbe\">in<span class=\"_ _0\"></span>divi<span class=\"_ _0\"></span>dua<span class=\"_ _0\"></span>to. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3dbf\">In<span class=\"ff1\">  </span>r<span class=\"_ _2\"></span>elazione<span class=\"ff1\">  </span>a<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Credem<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Euromobiliare<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Private<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Banking<span class=\"ff1\">  </span>il<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>tasso<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>interesse<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>viene<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3dc0\">monitorato<span class=\"ff1\">  </span>attraverso<span class=\"ff1\">  </span>il<span class=\"ff1\">  </span>requisito<span class=\"ff1\">  </span>patrimoniale<span class=\"ff1\">  </span>sui<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">rischi</span>  <span class=\"ff3\">di</span>  <span class=\"ff3\">mercato,</span>  <span class=\"ff3\">che</span>  <span class=\"ff3\">segue</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">l\u2019appro<span class=\"_ _2\"></span>ccio</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3dc1\">stan<span class=\"_ _0\"></span>da<span class=\"_ _0\"></span>rd. </div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3dc2\">Im<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>tti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3dc3\">de<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3dc4\">da<span class=\"_ _1\"></span>lla<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3dc5\">pa<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ia<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3dc6\">Co<span class=\"_ _0\"></span>vid<span class=\"_ _1\"></span>-19<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3dc7\">Nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cors<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2022<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">registrat<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">impatti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">significativi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ui<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ischi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mercat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">portafoglio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3dc8\">negoziazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>t<span class=\"_ _2\"></span>asso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>por<span class=\"_ _2\"></span>tafoglio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>bancario<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dovuti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>direttamente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pandemia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Covid-19.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>La<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3dc9\">crisi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Russ<span class=\"_ _2\"></span>ia-Ucraina<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ha<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alimentato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dinamica<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rialzo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dell\u2019inflazione,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contras<span class=\"_ _2\"></span>tata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall\u2019aumento<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3dca\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">t<span class=\"_ _0\"></span>assi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>arte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>lle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Ban<span class=\"_ _0\"></span>che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Cen<span class=\"_ _0\"></span>tral<span class=\"_ _0\"></span>i.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">La<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>ola<span class=\"_ _0\"></span>tili<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">reg<span class=\"_ _0\"></span>istr<span class=\"_ _0\"></span>ata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">merc<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ha<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>vuto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">imp<span class=\"_ _0\"></span>atti<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tutt<span class=\"_ _0\"></span>avia<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3dcb\">contenuti,<span class=\"ff1\"> </span>sui<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>mercato.<span class=\"ff1\"> </span>Il<span class=\"ff1\"> </span>monitoraggio<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>indicatori<span class=\"ff1\"> </span>RAF<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>mantiene<span class=\"ff1\"> </span>mensile. </div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3dcc\">Inf<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>maz<span class=\"_ _1\"></span>ion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3dcd\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3dce\">na<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>ra<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3dcf\">qu<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>tit<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m26 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3dd0\">1.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3dd1\">Port<span class=\"_ _0\"></span>afoglio<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3dd2\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3dd3\">nego<span class=\"_ _0\"></span>ziazio<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3dd4\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3dd5\">vigi<span class=\"_ _0\"></span>lanza:<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3dd6\">distr<span class=\"_ _0\"></span>ibuzione<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3dd7\">per<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3dd8\">dura<span class=\"_ _0\"></span>ta<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3dd9\">resid<span class=\"_ _0\"></span>ua<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3dda\">(data<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3ddb\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3ddc\">ripre<span class=\"_ _0\"></span>zzament<span class=\"_ _0\"></span>o)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3ddd\">delle<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3dde\">atti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3ddf\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3de0\">delle<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3de1\">pass<span class=\"_ _0\"></span>ivit\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3de2\">finanzi<span class=\"_ _0\"></span>arie<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3de3\">per<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3de4\">cassa<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3de5\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3de6\">deriva<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3de7\">finan<span class=\"_ _0\"></span>ziari<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3de8\">L<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3de9\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pre<span class=\"_ _0\"></span>sen<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tav<span class=\"_ _0\"></span>ola<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">n<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sta<span class=\"_ _0\"></span>ta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">reda<span class=\"_ _0\"></span>tta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">po<span class=\"_ _0\"></span>ich\u00e9<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">vie<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>egui<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">forni<span class=\"_ _0\"></span>ta<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019ana<span class=\"_ _0\"></span>lisi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sen<span class=\"_ _0\"></span>sitiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risc<span class=\"_ _0\"></span>hio<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3dea\">tasso<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>interesse<span class=\"ff1\"> </span>basata<span class=\"ff1\"> </span>sui<span class=\"ff1\"> </span>modelli<span class=\"ff1\"> </span>interni<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>altre<span class=\"ff1\"> </span>metodologie. </div><div class=\"t m26 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3deb\">2.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3dec\">Port<span class=\"_ _0\"></span>afoglio<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3ded\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3dee\">nego<span class=\"_ _0\"></span>ziazio<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3def\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3df0\">vigi<span class=\"_ _0\"></span>lanza:<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3df1\">distr<span class=\"_ _0\"></span>ibuzione<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3df2\">delle<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3df3\">espo<span class=\"_ _0\"></span>sizioni<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3df4\">in<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3df5\">titol<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3df6\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3df7\">capit<span class=\"_ _0\"></span>ale<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3df8\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3df9\">indici<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3dfa\">az<span class=\"_ _0\"></span>ionari<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3dfb\">per<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3dfc\">i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3dfd\">princip<span class=\"_ _0\"></span>ali<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3dfe\">Paes<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3dff\">del<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3e00\">merca<span class=\"_ _0\"></span>to<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3e01\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3e02\">quota<span class=\"_ _0\"></span>zione<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3e03\">Ti<span class=\"_ _0\"></span>pol<span class=\"_ _1\"></span>ogia<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3e04\">op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>/In<span class=\"_ _1\"></span>dic<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3e05\">qu<span class=\"_ _0\"></span>ot<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3e06\">Qu<span class=\"_ _0\"></span>ot<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3e07\">N<span class=\"_ _0\"></span>on<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3e08\">qu<span class=\"_ _0\"></span>ot<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3e09\">IT<span class=\"_ _0\"></span>ALI<span class=\"_ _1\"></span>A<span class=\"fc0 sc1\"> <span class=\"_ _1ee\"> </span></span>U.S<span class=\"_ _1\"></span>.A.<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3e0a\">UN<span class=\"_ _0\"></span>IT<span class=\"_ _0\"></span>ED<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3e0b\">KI<span class=\"_ _0\"></span>NG<span class=\"_ _0\"></span>DO<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3e0c\">FR<span class=\"_ _0\"></span>AN<span class=\"_ _0\"></span>CE<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _1ef\"> </span><span class=\"fc4 sc2\">GE<span class=\"_ _0\"></span>RM<span class=\"_ _0\"></span>AN<span class=\"_ _0\"></span>Y<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3e0d\">AL<span class=\"_ _0\"></span>TR<span class=\"_ _0\"></span>I<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3e0e\">PA<span class=\"_ _0\"></span>ES<span class=\"_ _0\"></span>I<span class=\"fc0 sc1\"> </span></div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs3e0f\">A.</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3e10\">Titol<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3e11\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3e12\">ca<span class=\"_ _0\"></span>pi<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3e13\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">p</span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3e14\">osizioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">lung<span class=\"_ _0\"></span>he <span class=\"_ _b8\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _175\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _175\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _224\"> </span><span class=\"ff3\">1.<span class=\"_ _0\"></span>69<span class=\"_ _1\"></span>5 <span class=\"_ _72\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _175\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _72\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3e15\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">posizioni<span class=\"ff1\"> </span>c<span class=\"_ _1\"></span>orte<span class=\"_ _0\"></span> <span class=\"_ _333\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _175\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _175\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _175\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span> <span class=\"_ _72\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _175\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _72\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs3e16\">B.</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3e17\">Comp<span class=\"_ _0\"></span>raven<span class=\"_ _1\"></span>dite<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3e18\">non<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3e19\">anco<span class=\"_ _0\"></span>ra<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3e1a\">rego<span class=\"_ _0\"></span>late<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3e1b\">su<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3e1c\">titol<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3e1d\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3e1e\">capit<span class=\"_ _0\"></span>ale </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3e1f\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">posizioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">lun<span class=\"_ _0\"></span>ghe<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _5e\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _175\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _175\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _175\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _72\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _175\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _175\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3e20\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">posizioni<span class=\"ff1\"> </span>c<span class=\"_ _1\"></span>orte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _3e\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _175\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _175\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _175\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _175\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _175\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _175\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs3e21\">C.</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3e22\">Alt<span class=\"_ _1\"></span>ri<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3e23\">de<span class=\"_ _0\"></span>riv<span class=\"_ _1\"></span>ati<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3e24\">su<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3e25\">ti<span class=\"_ _0\"></span>tol<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3e26\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3e27\">ca<span class=\"_ _0\"></span>pit<span class=\"_ _1\"></span>ale<span class=\"_ _0\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3e28\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">posizioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">lun<span class=\"_ _0\"></span>ghe<span class=\"_ _0\"></span> <span class=\"_ _2cb\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _175\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _175\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _175\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _6c\"> </span><span class=\"ff3\">2<span class=\"_ _0\"></span>5 <span class=\"_ _72\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _175\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3e29\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">posizioni<span class=\"ff1\"> </span>c<span class=\"_ _1\"></span>orte<span class=\"_ _0\"></span> <span class=\"_ _333\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _175\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _175\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _175\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _175\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> <span class=\"_ _50\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _175\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs3e2a\">D.</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3e2b\">De<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>vat<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3e2c\">su<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3e2d\">in<span class=\"_ _1\"></span>dici<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3e2e\">az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3e2f\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">posizioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">lun<span class=\"_ _0\"></span>ghe<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _5e\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _175\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _175\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _175\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _72\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _175\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _175\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3e30\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">posizioni<span class=\"ff1\"> </span>c<span class=\"_ _1\"></span>orte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _3e\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _175\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _175\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _175\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _175\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _175\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _175\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3e31\">Nella<span class=\"ff1\"> <span class=\"_ _2\"></span></span>presente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sezione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>vengono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sinteticamente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>espost<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>risultati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>analisi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tasso<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3e32\">nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>por<span class=\"_ _2\"></span>tafoglio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>negoziazione.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>In<span class=\"ff1\"> <span class=\"_ _20\"></span></span>particolare<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>seg<span class=\"_ _2\"></span>uito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riportati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valori<span class=\"ff1\"> <span class=\"_ _20\"></span></span>medi,<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3e33\">massimi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>minimi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff3\">VaR</span> <span class=\"_ _21\"> </span><span class=\"ff3\">generato</span> <span class=\"_ _21\"> </span><span class=\"ff3\">dal</span> <span class=\"_ _21\"> </span><span class=\"ff3\">fattore</span> <span class=\"_ _21\"> </span><span class=\"ff3\">di</span> <span class=\"_ _21\"> </span><span class=\"ff3\">rischio</span> <span class=\"_ _21\"> </span><span class=\"ff3\">tasso</span> <span class=\"_ _21\"></span><span class=\"ff3\">di</span> <span class=\"_ _21\"></span><span class=\"ff3\">interesse</span> <span class=\"_ _21\"></span><span class=\"ff3\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Credembanca<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3e34\">relativi<span class=\"ff1\"> </span>agli<span class=\"ff1\"> </span>esercizi<span class=\"ff1\"> </span>2020,<span class=\"ff1\"> </span>2021<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>2022. </div><div class=\"c w17e h9f gs3e35\"><div class=\"t m0 x1f9 h1c y1fb0 ff3 fsc fc0 sc1 ls0 ws0\">Tabe<span class=\"_ _0\"></span>lla</div></div><div class=\"c w2e h9f gs3e36\"><div class=\"t m0 x1f9 h1c y1fb0 ff3 fsc fc0 sc1 ls0 ws0\">1.</div></div><div class=\"c wf h9f gs3e37\"><div class=\"t m0 x1f9 h1c y1fb0 ff3 fsc fc0 sc1 ls0 ws0\">Dati</div></div><div class=\"c wa3 h9f gs3e38\"><div class=\"t m0 x1f9 h1c y1fb0 ff3 fsc fc0 sc1 ls0 ws0\">di</div></div><div class=\"c wa4 h9f gs3e39\"><div class=\"t m0 x1f9 h1c y1fb0 ff3 fsc fc0 sc1 ls0 ws0\">Risch<span class=\"_ _0\"></span>io</div></div><div class=\"c wa3 h9f gs3e3a\"><div class=\"t m0 x1f9 h1c y1fb0 ff3 fsc fc0 sc1 ls0 ws0\">di</div></div><div class=\"c w8d h9f gs3e3b\"><div class=\"t m0 x1f9 h1c y1fb0 ff3 fsc fc0 sc1 ls0 ws0\">ta<span class=\"_ _1\"></span>sso<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3e3c\">2<span class=\"_ _0\"></span>02<span class=\"_ _1\"></span>2 <span class=\"_ _4a\"> </span>20<span class=\"_ _1\"></span>21<span class=\"_ _0\"></span> <span class=\"_ _83\"> </span>20<span class=\"_ _0\"></span>20<span class=\"_ _1\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3e3d\">Cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>em<span class=\"_ _1\"></span> </div><div class=\"c wc3 h89 gs3e3e\"><div class=\"t m1 x1f9 h139 y1e33 ff3 fs31 fc0 sc0 ls0 ws0\">Interest</div></div><div class=\"c wc8 h89 gs3e3f\"><div class=\"t m1 x1f9 h139 y1e33 ff3 fs31 fc0 sc0 ls0 ws0\">Rate</div></div><div class=\"c w17f h89 gs3e40\"><div class=\"t m1 x1f9 h139 y1e33 ff3 fs31 fc0 sc0 ls0 ws0\">VaR</div></div><div class=\"c w3e h89 gs3e41\"><div class=\"t m1 x1f9 h139 y1e33 ff3 fs31 fc0 sc0 ls0 ws0\">-</div></div><div class=\"c w11b h89 gs3e42\"><div class=\"t m1 x1f9 h139 y1e33 ff3 fs31 fc0 sc0 ls0 ws0\">m<span class=\"_ _0\"></span>ed<span class=\"_ _1\"></span>io<span class=\"_ _3bd\"> </span></div></div><div class=\"c wc5 h89 gs3e43\"><div class=\"t m0 x1f9 h1c y1e33 ff3 fsc fc0 sc0 ls0 ws0\">2<span class=\"_ _0\"></span>,3<span class=\"_ _3bd\"> </span></div></div><div class=\"c w76 h89 gs3e44\"><div class=\"t m0 x1f9 h1c y1e33 ff3 fsc fc0 sc0 ls0 ws0\">3,<span class=\"_ _1\"></span>5<span class=\"_ _3bd\"> </span></div></div><div class=\"c wb8 h89 gs3e45\"><div class=\"t m0 x1f9 h1c y1e33 ff3 fsc fc0 sc0 ls0 ws0\">1<span class=\"_ _0\"></span>,9<span class=\"_ _3bd\"> </span></div></div><div class=\"t m1 h139 ff3 fs31 fc0 sc0 ls0 ws0 gs3e46\">m<span class=\"_ _0\"></span>in<span class=\"_ _1\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3e47\">0<span class=\"_ _0\"></span>,3<span class=\"_ _1\"></span> <span class=\"_ _6a\"> </span>0<span class=\"_ _1\"></span>,1<span class=\"_ _0\"></span> <span class=\"_ _32\"> </span>0,<span class=\"_ _1\"></span>3 </div><div class=\"c wb7 h8d gs3e48\"><div class=\"t m0 x1f9 h1c y2df1 ff3 fsc fc0 sc0 ls0 ws0\">m<span class=\"_ _0\"></span>ax<span class=\"_ _3bd\"> </span></div></div><div class=\"c wd h8d gs3e49\"><div class=\"t m0 x1f9 h1c y2df1 ff3 fsc fc0 sc0 ls0 ws0\">1<span class=\"_ _0\"></span>2,<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span></div></div><div class=\"c wa h8d gs3e4a\"><div class=\"t m0 x1f9 h1c y2df1 ff3 fsc fc0 sc0 ls0 ws0\">1<span class=\"_ _0\"></span>3,<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span></div></div><div class=\"c w76 h8d gs3e4b\"><div class=\"t m0 x1f9 h1c y2df1 ff3 fsc fc0 sc0 ls0 ws0\">5,<span class=\"_ _1\"></span>6<span class=\"_ _3bd\"> </span></div></div>Il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">confronto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019esercizio<span class=\"ff1\"> </span>precede<span class=\"_ _0\"></span>nte<span class=\"ff1\"> </span>mostra<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un<span class=\"ff1\"> </span>val<span class=\"_ _0\"></span>ore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fat<span class=\"_ _2\"></span>tore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>asso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">interesse<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">su<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Credem<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>lieve<span class=\"ff1\"> </span>calo,<span class=\"ff1\"> </span>sempre<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>livelli<span class=\"ff1\"> </span>contenuti. Nel<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">figu<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sotto<span class=\"_ _0\"></span>stan<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rip<span class=\"_ _0\"></span>orta<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>\u2019a<span class=\"_ _0\"></span>ndame<span class=\"_ _0\"></span>nto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">tal<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">V<span class=\"_ _0\"></span>aR<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Crede<span class=\"_ _0\"></span>m<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>ell\u2019<span class=\"_ _0\"></span>arc<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span>. </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Figur<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>1.<span class=\"_ _3bd\"> </span>Anda<span class=\"_ _0\"></span>mento<span class=\"_ _3bd\"> </span>Intere<span class=\"_ _0\"></span>st<span class=\"_ _3bd\"> </span>Rate<span class=\"_ _3bd\"> </span>VaR<span class=\"_ _3bd\"> </span>Crede<span class=\"_ _0\"></span>m<span class=\"_ _3bd\"> </span>(99%,<span class=\"_ _3bd\"> </span>10gg*<span class=\"_ _0\"></span>coeff<span class=\"_ _3bd\"> </span>molt<span class=\"_ _0\"></span>iplicati<span class=\"_ _0\"></span>vo).<span class=\"_ _3bd\"> </span>Dati<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>milio<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>e<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quanto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riguarda<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>shift<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sensitivity<span class=\"ff1\"> <span class=\"_ _2\"></span></span>analysis<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>limitat<span class=\"_ _2\"></span>amente<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>portafoglio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>negoziazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>vigilanza,<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>tabella<span class=\"ff1\"> </span>sotto<span class=\"ff1\"> </span>riport<span class=\"_ _2\"></span>ata<span class=\"ff1\"> </span>mostra<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>dati<span class=\"ff1\"> </span>relativi<span class=\"ff1\"> </span>all\u2019impatto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sul<span class=\"ff1\"> </span>margine<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">interesse</span> <span class=\"ff3\">su</span> <span class=\"ff3\">u<span class=\"_ _2\"></span>n</span> </span>orizzonte<span class=\"ff1\"> </span>temporale<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>12<span class=\"ff1\"> </span>mesi,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nell\u2019ipotesi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>variazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>parallela<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>tas<span class=\"_ _2\"></span>si<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>interesse<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>+/<span class=\"_ _2\"></span>-<span class=\"ff1\"> </span>100<span class=\"ff1\"> </span>punti<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>(dato<span class=\"ff1\"> </span>riferito<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>Gruppo). L\u2019analisi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>condotta<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>coerentemente<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>metodologia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>utilizzata<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ai<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fini<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>misurazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tasso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>portafoglio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>bancario<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ambito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Risk<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Appetite<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Framework<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>segnalazioni<span class=\"ff1\"> </span>Short<span class=\"ff1\"> </span>Term<span class=\"ff1\"> </span>Exercise<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> </span>STE<span class=\"ff1\"> </span>rischi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tasso,<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>linea<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>linee<span class=\"ff1\"> </span>guida<span class=\"ff1\"> </span>europee<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>riferimento. Ipo<span class=\"_ _0\"></span>tes<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>shi<span class=\"_ _0\"></span>ft<span class=\"_ _3bd\"> </span>par<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>lelo<span class=\"_ _3bd\"> </span>(d<span class=\"_ _0\"></span>ati<span class=\"_ _3bd\"> </span>ml<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>\u20ac<span class=\"_ _1\"></span>) Sho<span class=\"_ _0\"></span>ck<span class=\"_ _3bd\"> </span>-1<span class=\"_ _0\"></span>00<span class=\"_ _3bd\"> </span>b<span class=\"_ _0\"></span>.p<span class=\"_ _0\"></span>. <span class=\"_ _17b\"> </span>Shoc<span class=\"_ _0\"></span>k<span class=\"_ _3bd\"> </span>+1<span class=\"_ _0\"></span>00<span class=\"_ _3bd\"> </span>b<span class=\"_ _0\"></span>.p<span class=\"_ _0\"></span>. Da<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>1<span class=\"_ _0\"></span>2/202<span class=\"_ _0\"></span>2 <span class=\"_ _7\"> </span>-1,<span class=\"_ _1\"></span>2 <span class=\"_ _1a9\"> </span>1,<span class=\"_ _0\"></span>2 Ri<span class=\"_ _1\"></span>sc<span class=\"_ _0\"></span>hi<span class=\"_ _1\"></span>o<span class=\"_ _3bd\"> </span>d<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>p<span class=\"_ _0\"></span>re<span class=\"_ _1\"></span>zz<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>m<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>do<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>gie<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>m<span class=\"_ _0\"></span>et<span class=\"_ _1\"></span>ric<span class=\"_ _1\"></span>he<span class=\"_ _3bd\"> </span>d<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>m<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>ra<span class=\"_ _1\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _1\"></span>e<span class=\"fc0 sc1\"> </span>Il<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mercato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>equity<span class=\"ff1\"> <span class=\"_ _2\"></span></span>viene<span class=\"ff1\"> </span>calcolato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>stesse<span class=\"ff1\"> </span>fr<span class=\"_ _2\"></span>equenze<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>metodologie<span class=\"ff1\"> </span>indicata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tasso. </span></span>Inf<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>maz<span class=\"_ _1\"></span>ion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>na<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>ra<span class=\"_ _3bd\"> </span>qu<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>tit<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Nella<span class=\"ff1\"> </span>presente<span class=\"ff1\"> </span>sezione<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sinteticamente<span class=\"ff1\"> </span>esposti<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>risultati<span class=\"ff1\"> </span>delle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">analisi</span> <span class=\"ff3\">di</span> <span class=\"ff3\">rischio</span> <span class=\"_ _2\"></span><span class=\"ff3\">di</span> <span class=\"ff3\">prezzo</span> </span>nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>por<span class=\"_ _2\"></span>tafoglio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>negoziazione.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>In<span class=\"ff1\"> <span class=\"_ _20\"></span></span>particolare<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>seguito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>iportati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valori<span class=\"ff1\"> <span class=\"_ _20\"></span></span>medi,<span class=\"ff1\"> </span>massimi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">minimi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">VaR<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">generato<span class=\"ff1\"> </span>dal<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fattore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tas<span class=\"_ _2\"></span>so<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">interesse<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>redem<span class=\"ff1\"> </span>relativi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">agli<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>esercizi<span class=\"ff1\"> </span>2020,<span class=\"ff1\"> </span>2021<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>2022.<span class=\"_ _3bd\"> </span>Tabell<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>2.<span class=\"_ _3bd\"> </span>Dati<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>Rischi<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>pr<span class=\"_ _0\"></span>ezz<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>em<span class=\"_ _3bd\"> </span>EquityVaR-med<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span> 0<span class=\"_ _0\"></span>,9<span class=\"_ _0\"></span> <span class=\"_ _6a\"> </span>0<span class=\"_ _1\"></span>,9<span class=\"_ _0\"></span> <span class=\"_ _6a\"> </span>1<span class=\"_ _1\"></span>,2<span class=\"_ _0\"></span> mi<span class=\"_ _1\"></span>n 0<span class=\"_ _0\"></span>,2<span class=\"_ _1\"></span> <span class=\"_ _ca\"> </span>0<span class=\"_ _1\"></span>,4<span class=\"_ _0\"></span> <span class=\"_ _3a\"> </span>0,<span class=\"_ _1\"></span>4 m<span class=\"_ _0\"></span>ax<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>,4<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>,7<span class=\"_ _3bd\"> </span>3,<span class=\"_ _1\"></span>2<span class=\"_ _3bd\"> </span>da<span class=\"_ _1\"></span>ti<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>ml<span class=\"_ _1\"></span>n<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>\u20ac,<span class=\"_ _3bd\"> </span>Va<span class=\"_ _1\"></span>R<span class=\"_ _3bd\"> </span>99<span class=\"_ _1\"></span>%<span class=\"_ _3bd\"> </span>10<span class=\"_ _1\"></span>gg<span class=\"_ _3bd\"> </span>*<span class=\"_ _3bd\"> </span>C<span class=\"_ _0\"></span>oe<span class=\"_ _1\"></span>ff<span class=\"_ _3bd\"> </span>mo<span class=\"_ _1\"></span>lt<span class=\"_ _0\"></span>ip<span class=\"_ _0\"></span>li<span class=\"_ _1\"></span>ca<span class=\"_ _0\"></span>ti<span class=\"_ _1\"></span>vo Il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dato<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Credem,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stabile<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rispetto<span class=\"ff1\"> </span>alla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rilevazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">precedente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sempre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>u<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">li<span class=\"_ _2\"></span>velli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">molto<span class=\"ff1\"> </span>contenu<span class=\"_ _0\"></span>ti,<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>determinato<span class=\"ff1\"> </span>sost<span class=\"_ _2\"></span>anzialmente<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>osizione<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>hedge<span class=\"ff1\"> </span>fund<span class=\"ff1\"> </span>(chiusi<span class=\"ff1\"> </span>durante<span class=\"ff1\"> </span>l\u2019anno)<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>posizioni<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>azioni.<span class=\"ff1\"> </span>Nelle<span class=\"ff1\"> </span>figure<span class=\"ff1\"> </span>sottostanti<span class=\"ff1\"> </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">riportato</span> <span class=\"ff3\">l\u2019andamento</span> <span class=\"ff3\">del</span> <span class=\"ff3\">VaR</span> <span class=\"ff3\">per</span> <span class=\"ff3\">Credem</span> <span class=\"ff3\">nell\u2019arco</span> <span class=\"ff3\">del</span> <span class=\"ff3\">2022. </span></span>Fi<span class=\"_ _0\"></span>gu<span class=\"_ _0\"></span>ra<span class=\"_ _3bd\"> </span>2.<span class=\"_ _3bd\"> </span>An<span class=\"_ _0\"></span>da<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>Eq<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>ty<span class=\"_ _3bd\"> </span>Va<span class=\"_ _0\"></span>R<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>em<span class=\"_ _3bd\"> </span>(9<span class=\"_ _0\"></span>9%<span class=\"_ _0\"></span>,<span class=\"_ _3bd\"> </span>10<span class=\"_ _0\"></span>gg<span class=\"_ _0\"></span>*c<span class=\"_ _0\"></span>oe<span class=\"_ _0\"></span>ff<span class=\"_ _3bd\"> </span>mo<span class=\"_ _1\"></span>lti<span class=\"_ _0\"></span>plic<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>o)<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span>Da<span class=\"_ _1\"></span>ti<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>mi<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>e<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risu<span class=\"_ _0\"></span>lta<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>\u2019at<span class=\"_ _0\"></span>tivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">b<span class=\"_ _0\"></span>ackte<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>ng<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rip<span class=\"_ _0\"></span>orta<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pa<span class=\"_ _0\"></span>ragra<span class=\"_ _0\"></span>fo<span class=\"ff1\"> </span>1.<span class=\"_ _0\"></span>2.3<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u201cRi<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ca<span class=\"_ _0\"></span>mbio<span class=\"_ _0\"></span>\u201d. </span></span></span></span></span></span></span></span></span></span></span></span></span></span>RI<span class=\"_ _0\"></span>SC<span class=\"_ _0\"></span>HI<span class=\"_ _0\"></span>O<span class=\"_ _3bd\"> </span>SP<span class=\"_ _0\"></span>EC<span class=\"_ _0\"></span>IF<span class=\"_ _0\"></span>ICO<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>INF<span class=\"_ _1\"></span>ORM<span class=\"_ _1\"></span>AZIO<span class=\"_ _0\"></span>NI<span class=\"_ _3bd\"> </span>DI<span class=\"_ _3bd\"> </span>NA<span class=\"_ _0\"></span>TU<span class=\"_ _0\"></span>RA<span class=\"_ _3bd\"> </span>QU<span class=\"_ _0\"></span>AN<span class=\"_ _0\"></span>TI<span class=\"_ _0\"></span>TAT<span class=\"_ _0\"></span>IV<span class=\"_ _0\"></span>A<span class=\"fc0 sc1\"> </span>Il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>specifico<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span></span>perdite<span class=\"ff1\"> <span class=\"_ _20\"></span></span>causate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>da<span class=\"ff1\"> <span class=\"_ _21\"></span></span>una<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sfavor<span class=\"_ _2\"></span>evole<span class=\"ff1\"> <span class=\"_ _20\"></span></span>variazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>prezzo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>deg<span class=\"_ _2\"></span>li<span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> </span>finanziari<span class=\"ff1\"> </span>negoziati<span class=\"ff1\"> </span>dovuta<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>fattori<span class=\"ff1\"> </span>co<span class=\"_ _2\"></span>nnessi<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>situazione<span class=\"ff1\"> </span>dell\u2019emittente. Di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>seguito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>so<span class=\"_ _2\"></span>no<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>iportati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valori<span class=\"ff1\"> <span class=\"_ _2\"></span></span>medi,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>massimi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>minimi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>milioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>euro)<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>specifico,<span class=\"ff1\"> </span>calcolati<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>base<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> </span>ponderazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>vig<span class=\"_ _0\"></span>ilanza,<span class=\"ff1\"> </span>relativamente<span class=\"ff1\"> </span>agli<span class=\"ff1\"> </span>esercizi<span class=\"ff1\"> </span>2020,<span class=\"ff1\"> </span>2021<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>2022. </span></span>Tabell<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>3.<span class=\"_ _3bd\"> </span>Dat<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>r<span class=\"_ _2\"></span>i<span class=\"_ _20\"></span>s<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>h<span class=\"_ _2\"></span>i<span class=\"_ _20\"></span>o<span class=\"_ _3bd\"> </span>s<span class=\"_ _2\"></span>pe<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>02<span class=\"_ _1\"></span>2<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>02<span class=\"_ _1\"></span>1<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>02<span class=\"_ _1\"></span>0<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>em<span class=\"_ _1\"></span> Rischiospecifico-med<span class=\"_ _0\"></span>io <span class=\"_ _106\"> </span>0<span class=\"_ _1\"></span>,6<span class=\"_ _0\"></span> <span class=\"_ _35\"> </span>0<span class=\"_ _0\"></span>,4<span class=\"_ _0\"></span> <span class=\"_ _201\"> </span>0<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>1 mi<span class=\"_ _1\"></span>n 0<span class=\"_ _0\"></span>,5<span class=\"_ _0\"></span> <span class=\"_ _201\"> </span>0<span class=\"_ _0\"></span>,1<span class=\"_ _0\"></span> <span class=\"_ _37\"> </span>0,<span class=\"_ _0\"></span>0 ma<span class=\"_ _1\"></span>x0<span class=\"_ _0\"></span>,8<span class=\"_ _3bd\"> </span>0<span class=\"_ _0\"></span>,9<span class=\"_ _3bd\"> </span>0<span class=\"_ _0\"></span>,1<span class=\"_ _3bd\"> </span>dati<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>mln<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>\u20ac<span class=\"_ _3bd\"> </span>Per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Credem<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Euromobiliare<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Pr<span class=\"_ _2\"></span>ivate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Banking<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>requisito<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">patrimoniale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sui<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ischi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mercato,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">generico<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>e<span class=\"ff1\"> </span>specifico,<span class=\"ff1\"> </span>risulta<span class=\"ff1\"> </span>sostanzialmente<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>rilevante.<span class=\"_ _3bd\"> </span>1.2.2<span class=\"_ _3bd\"> </span>Risc<span class=\"_ _0\"></span>hio<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>tasso<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>int<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span>sse<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>ris<span class=\"_ _0\"></span>chio<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>prez<span class=\"_ _0\"></span>zo<span class=\"_ _3bd\"> </span>\u2013<span class=\"_ _3bd\"> </span>port<span class=\"_ _0\"></span>afogl<span class=\"_ _0\"></span>io<span class=\"_ _3bd\"> </span>banc<span class=\"_ _0\"></span>ario<span class=\"_ _0\"></span> Inf<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>maz<span class=\"_ _1\"></span>ion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>na<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>ra<span class=\"_ _3bd\"> </span>qu<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>a<span class=\"fc0 sc1\"> </span>A.<span class=\"_ _3bd\"> </span>Aspe<span class=\"_ _0\"></span>tti<span class=\"_ _3bd\"> </span>gene<span class=\"_ _0\"></span>rali,<span class=\"_ _3bd\"> </span>proce<span class=\"_ _0\"></span>ssi<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>gestio<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>meto<span class=\"_ _0\"></span>di<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>misura<span class=\"_ _0\"></span>zione<span class=\"_ _3bd\"> </span>del<span class=\"_ _3bd\"> </span>rischio<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>tasso<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>inte<span class=\"_ _0\"></span>resse<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>del<span class=\"_ _3bd\"> </span>rischio<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>prezzo<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Rischio<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ta<span class=\"_ _1\"></span>ss<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Credem<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">adott<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">definizione<span class=\"ff1\"> </span>normativa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tasso<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>nteresse<span class=\"ff1\"> </span>sul<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">banking</span> <span class=\"_ _0\"></span><span class=\"ff3\">book,<span class=\"ff1\"> </span>secondo<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>cui<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ris<span class=\"_ _2\"></span>chio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>o<span class=\"_ _2\"></span>ggetto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u00e8:<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u201cil<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tasso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>interesse<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>derivante<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>diverse<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dalla<span class=\"ff1\"> </span>negoziazione:<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>derivante<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>variazioni<span class=\"ff1\"> </span>potenziali<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>tass<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>interesse\u201d. L\u2019e<span class=\"_ _0\"></span>spo<span class=\"_ _0\"></span>sizi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">t<span class=\"_ _0\"></span>asso<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>resse<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>u\u00f2<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ecl<span class=\"_ _0\"></span>inat<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>: </span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>redd<span class=\"_ _0\"></span>ito,<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>eriv<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>alla<span class=\"ff1\"> </span>po<span class=\"_ _0\"></span>ssib<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>he<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">vari<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inat<span class=\"_ _0\"></span>tesa<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ne<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tassi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>tere<span class=\"_ _0\"></span>sse<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>produca<span class=\"ff1\"> </span>una<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riduzione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>margine<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>interesse<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>di<span class=\"_ _2\"></span>pende<span class=\"ff1\"> </span>dallo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sfasam<span class=\"_ _2\"></span>ento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nella<span class=\"ff1\"> </span>str<span class=\"_ _2\"></span>uttura<span class=\"ff1\"> </span>temporale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">scadenze<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">periodi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ridefinizione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">condizioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tasso<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">interesse<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">degli<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>impieghi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>raccolta; -<span class=\"_ _3bd\"> </span>rischio<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>investimento, <span class=\"_ _21\"> </span><span class=\"ff3 fs5\">os<span class=\"_ _2\"></span>sia<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>subire<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>variazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>negative<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nei<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valori<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tut<span class=\"_ _2\"></span>te<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>attivit\u00e0,<span class=\"ff1\"> </span></span>passivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>strumenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fuori<span class=\"ff1\"> <span class=\"_ _21\"></span></span>bilancio,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>seguito<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>mutamenti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tassi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>interesse,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>un<span class=\"ff1\"> </span>conseguente<span class=\"ff1\"> </span>impatto<span class=\"ff1\"> </span>destabilizzante<span class=\"ff1\"> </span>sull\u2019equilibrio<span class=\"ff1\"> </span>patrimo<span class=\"_ _2\"></span>niale. La<span class=\"ff1\"> </span>politica<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gestione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tasso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d\u2019interesse<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sul<span class=\"ff1\"> <span class=\"_ _2\"></span></span>banking<span class=\"ff1\"> </span>book<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>Gr<span class=\"_ _2\"></span>uppo<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>volta<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _2\"></span></span>una<span class=\"ff1\"> </span>sana<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>prud<span class=\"_ _2\"></span>ente<span class=\"ff1\"> </span>g<span class=\"_ _2\"></span>estione<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>el<span class=\"ff1\"> </span>ri<span class=\"_ _2\"></span>schio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>livello<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>Gr<span class=\"_ _2\"></span>uppo,<span class=\"ff1\"> </span>t<span class=\"_ _2\"></span>ale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"ff1\"> </span>ass<span class=\"_ _2\"></span>icurare<span class=\"ff1\"> </span>l\u2019ot<span class=\"_ _2\"></span>timizzazione<span class=\"ff1\"> </span>degli<span class=\"_ _2\"></span><span class=\"ff1\"> </span>obiettivi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rischio/r<span class=\"_ _2\"></span>endimento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>coerenza<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Risk<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>App<span class=\"_ _2\"></span>etite<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Framework<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>definito<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>livello<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> </span>Gruppo.<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Tali<span class=\"ff1\"> <span class=\"_ _21\"></span></span>obie<span class=\"_ _0\"></span>ttivi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>perseguiti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>mantenendo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>uno<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sbilancio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>tendenzialmente<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contenuto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> </span>all\u2019interno<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>massimali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>definiti,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>seconda<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rilevanza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>el<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nelle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>singole<span class=\"ff1\"> <span class=\"_ _21\"></span></span>societ\u00e0,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nei<span class=\"ff1\"> </span>Regolamenti<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>materia<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>assunzione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>finanziari. Il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Grup<span class=\"_ _0\"></span>po<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dota<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">regol<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>tazi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">inte<span class=\"_ _0\"></span>rna<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ded<span class=\"_ _0\"></span>icat<span class=\"_ _0\"></span>a,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Poli<span class=\"_ _0\"></span>cy<span class=\"_ _3bd\"> </span>Ges<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>del<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>io<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>tas<span class=\"_ _0\"></span>so<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>in<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>ess<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span>ba<span class=\"_ _0\"></span>nk<span class=\"_ _1\"></span>ing<span class=\"_ _3bd\"> </span>bo<span class=\"_ _1\"></span>ok<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>G<span class=\"_ _0\"></span>ru<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>o, <span class=\"_ _0\"></span><span class=\"ff3 fs5\">co<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">f<span class=\"_ _0\"></span>in<span class=\"_ _1\"></span>ali<span class=\"_ _1\"></span>t\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>ef<span class=\"_ _0\"></span>in<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">le<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">li<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gu<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _1\"></span>rin<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>pi<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">g<span class=\"_ _1\"></span>ove<span class=\"_ _0\"></span>rn<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gestione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>risch<span class=\"_ _2\"></span>io<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tass<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>interesse<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>banking<span class=\"ff1\"> <span class=\"_ _2\"></span></span>book<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(<span class=\"_ _2\"></span>IRRBB),<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delineando<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019insieme<span class=\"ff1\"> <span class=\"_ _20\"></span></span>delle<span class=\"ff1\"> </span>norme<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>processi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>controllo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>finali<span class=\"_ _0\"></span>zzati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>stabilizzare<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>margine<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>interesse<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sul<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">portafoglio</span> </span>bancario<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>Gruppo<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>singole<span class=\"ff1\"> </span>societ\u00e0. Le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>linee<span class=\"ff1\"> <span class=\"_ _21\"></span></span>guida<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contenute<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ne<span class=\"_ _2\"></span>lla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Policy<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fanno<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riferimento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>disposizioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>emanate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dalle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>autor<span class=\"_ _2\"></span>it\u00e0<span class=\"ff1\"> </span>nazionali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ed<span class=\"ff1\"> <span class=\"_ _20\"></span></span>europee<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>elativamente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ist<span class=\"_ _2\"></span>ruzioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>termini<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>governo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>gestione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>interesse<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>banking<span class=\"ff1\"> </span>book. La<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Policy,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>coerentemente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>no<span class=\"_ _2\"></span>rmativa<span class=\"ff1\"> <span class=\"_ _20\"></span></span>europea,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prevede<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>due<span class=\"ff1\"> <span class=\"_ _20\"></span></span>metriche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riferimento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> </span>misurazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tasso,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Sensitivity<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Valore<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Economic<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Sensitivity<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Margine<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> </span>Interesse<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>all\u2019interno<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>Risk<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>Appetite<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>Framework<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>nonch\u00e9<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>nei<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>processi<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>Adeguatezza<span class=\"ff1\"> </span>Patrimoniale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(ICAAP). </span></span>Tali<span class=\"ff1\">  </span>metriche,<span class=\"ff1\">  </span>calcolate<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dalla<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>funzione<span class=\"ff1\">  </span>Risk<span class=\"ff1\">  </span>Management<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>e<span class=\"ff1\">  </span>r<span class=\"_ _2\"></span>endicontate<span class=\"ff1\">  </span>periodicamente<span class=\"ff1\">  </span>ai<span class=\"ff1\"> </span>comitati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riferimento<span class=\"_ _3bd\"> </span>3<span class=\"_ _3bd\"> </span>,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>affiancate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"ff1\"> <span class=\"_ _20\"></span></span>indicatori<span class=\"ff1\"> <span class=\"_ _20\"></span></span>operativi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>disciplinati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>regolam<span class=\"_ _2\"></span>enti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> </span>societ\u00e0<span class=\"ff1\"> </span>esistenti<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>materia<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>assunzione<span class=\"ff1\"> </span>Rischi<span class=\"ff1\"> </span>Finanziari. Le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>principali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>funzioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _20\"></span></span>si<span class=\"ff1\"> <span class=\"_ _2\"></span></span>avvalgono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>CA<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Capogruppo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>virt\u00f9<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>propria<span class=\"ff1\"> <span class=\"_ _2\"></span></span>funzione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> </span>supervisione<span class=\"ff1\"> </span>St<span class=\"_ _2\"></span>rategica<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>CE<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>qualit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>organo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> </span>funzione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>gestione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>banking<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>book,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\">  </span>Comitato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Consiliare<span class=\"ff1\">  </span>Rischi<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">e<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">Sostenibilit\u00e0</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">di</span>  <span class=\"ff3\">Grupp<span class=\"_ _0\"></span>o,<span class=\"ff1\">  </span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Comitato<span class=\"ff1\">  </span>Risk<span class=\"ff1\"> </span></span></span></span></span>Ma<span class=\"_ _0\"></span>nage<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>t<span class=\"ff1\"> </span>(con<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">re<span class=\"_ _0\"></span>spon<span class=\"_ _0\"></span>sabi<span class=\"_ _0\"></span>lit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">para<span class=\"_ _0\"></span>gra<span class=\"_ _0\"></span>fo<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>2.1<span class=\"_ _3bd\"> </span>Risch<span class=\"_ _0\"></span>io<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>tas<span class=\"_ _0\"></span>so<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>int<span class=\"_ _0\"></span>eress<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>io<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>pr<span class=\"_ _1\"></span>ezz<span class=\"_ _1\"></span>o<span class=\"_ _3bd\"> </span>\u2013<span class=\"_ _3bd\"> </span>po<span class=\"_ _0\"></span>rt<span class=\"_ _1\"></span>afo<span class=\"_ _0\"></span>gl<span class=\"_ _0\"></span>io<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>n<span class=\"_ _0\"></span>eg<span class=\"_ _0\"></span>oz<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _1\"></span>e<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>v<span class=\"_ _0\"></span>igi<span class=\"_ _1\"></span>lan<span class=\"_ _1\"></span>za)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">il<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">com<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Ass<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>t<span class=\"ff1\"> </span>&amp;<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Li<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y<span class=\"ff1\"> </span>M<span class=\"_ _1\"></span>ana<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>t<span class=\"ff1\"> </span>(A<span class=\"_ _0\"></span>LM<span class=\"_ _1\"></span>)<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">quale,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nell\u2019at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">propos<span class=\"_ _2\"></span>itiva<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">CA,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">esamina<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">profilo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Gruppo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">monitora<span class=\"_ _2\"></span>ndo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">limiti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>rischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rispetto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>agli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>obiettivi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fissati<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ambito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>RAF<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>individua<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>linee<span class=\"ff1\"> <span class=\"_ _20\"></span></span>guida<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>strategie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> </span>gestione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>interesse. La<span class=\"ff1\"> </span>gestione<span class=\"ff1\"> </span>operat<span class=\"_ _2\"></span>iva<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tas<span class=\"_ _2\"></span>so<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>interesse<span class=\"ff1\"> </span>sul<span class=\"ff1\"> </span>banking<span class=\"ff1\"> </span>book<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>att<span class=\"_ _2\"></span>ribuita<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>B<span class=\"_ _2\"></span>usiness<span class=\"ff1\"> </span>Unit<span class=\"ff1\"> </span>Finanza<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>quale<span class=\"ff1\"> </span>competono: -<span class=\"_ _3bd\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">proposizione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Comitato<span class=\"ff1\"> </span>ALM<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">lin<span class=\"_ _2\"></span>ee<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">guida<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gestione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tasso<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">banking<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>book<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">la</span> <span class=\"_ _0\"></span><span class=\"ff3\">formulazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>proposte<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Risk</span> <span class=\"_ _0\"></span><span class=\"ff3\">Management,<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>suc<span class=\"_ _0\"></span>cessiva<span class=\"ff1\"> </span>approvazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>Comitato<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Consiliare<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Rischi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Sostenibilit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Gruppo,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>indirizzo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>strategico<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>profilo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>interesse<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>banking<span class=\"ff1\"> </span>book; -<span class=\"_ _3bd\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gestione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ris<span class=\"_ _2\"></span>chio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>asso<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>apogruppo<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">delle<span class=\"ff1\"> </span>S<span class=\"_ _0\"></span>ociet\u00e0<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Gr<span class=\"_ _2\"></span>uppo,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>coe<span class=\"_ _0\"></span>renza<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>il<span class=\"ff1\"> </span>pro<span class=\"_ _2\"></span>filo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>complessivo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>definito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>linee<span class=\"ff1\"> <span class=\"_ _2\"></span></span>guida<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>icevute<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"ff1\"> <span class=\"_ _2\"></span></span>parte<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>Comitat<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>ALM,<span class=\"ff1\"> </span>nonch\u00e9<span class=\"ff1\"> </span>nell\u2019ambito<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>massimali<span class=\"ff1\"> </span>as<span class=\"_ _2\"></span>segnati;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>finizione,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>congiuntamente<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Risk<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Manage<span class=\"_ _0\"></span>ment,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _21\"></span></span>struttura<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">limiti</span> <span class=\"_ _20\"></span><span class=\"ff3\">operat<span class=\"_ _2\"></span>ivi</span> <span class=\"_ _20\"></span><span class=\"ff3\">da</span> </span>sott<span class=\"_ _0\"></span>opo<span class=\"_ _0\"></span>rre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">CE,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">coeren<span class=\"_ _0\"></span>za<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">R<span class=\"_ _0\"></span>AF<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">condi<span class=\"_ _0\"></span>vis<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">m<span class=\"_ _0\"></span>odel<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">misu<span class=\"_ _1\"></span>razione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">r<span class=\"_ _0\"></span>isc<span class=\"_ _0\"></span>hio<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>banking<span class=\"ff1\"> </span>book<span class=\"ff1\"> </span>definiti<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>Risk<span class=\"ff1\"> </span>Management.<span class=\"_ _3bd\"> </span>Nell\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>gestione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ope<span class=\"_ _0\"></span>rativa<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Business<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Un<span class=\"_ _0\"></span>it<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Finanza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>basa<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>su<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>analisi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>interest<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rate<span class=\"ff1\"> </span>sen<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>tivi<span class=\"_ _0\"></span>ty<span class=\"ff1\"> </span>comp<span class=\"_ _1\"></span>lessi<span class=\"_ _0\"></span>va<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">buck<span class=\"_ _0\"></span>etti<span class=\"_ _0\"></span>zza<span class=\"_ _0\"></span>ta,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fine<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ev<span class=\"_ _0\"></span>iden<span class=\"_ _0\"></span>ziar<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">gra<span class=\"_ _0\"></span>do<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>es<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">asse<span class=\"_ _0\"></span>t<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>lia<span class=\"_ _0\"></span>bil<span class=\"_ _0\"></span>ity<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>sensitive<span class=\"ff1\"> </span>sui<span class=\"ff1\"> </span>singoli<span class=\"ff1\"> </span>tratti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>curva.<span class=\"_ _3bd\"> </span>La<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Business<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Unit<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Finanza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>occupa<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>inoltre<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>propor<span class=\"_ _2\"></span>re<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Comitato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ALM<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff3\">gli</span> <span class=\"_ _27\"> </span><span class=\"ff3\">interventi</span> <span class=\"_ _27\"> </span><span class=\"ff3\">ritenuti</span> </span>necessari<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">migliorar<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>profilo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">complessivo<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>ermini<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rischio</span> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">tasso<span class=\"ff1\"> </span>(e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>liquidit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">strutturale)<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>realizzare<span class=\"ff1\"> </span>operativamente<span class=\"ff1\"> </span>tali<span class=\"ff1\"> </span>interventi.<span class=\"_ _3bd\"> </span>Nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>process<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>gestione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>ischi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valutazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dell\u2019adeguatezza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>patr<span class=\"_ _2\"></span>imoniale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>prospettica,<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>funzione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Risk<span class=\"ff1\"> </span>Management:<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>sup<span class=\"_ _0\"></span>port<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>A<span class=\"ff1\"> </span>nel<span class=\"_ _0\"></span>l\u2019a<span class=\"_ _0\"></span>ttiv<span class=\"_ _1\"></span>it\u00e0<span class=\"ff1\"> </span>valu<span class=\"_ _1\"></span>tativ<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>vol<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lib<span class=\"_ _0\"></span>erare<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">obi<span class=\"_ _0\"></span>etti<span class=\"_ _0\"></span>vi<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>so<span class=\"_ _0\"></span>glie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tolle<span class=\"_ _0\"></span>ranz<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span></span></span></span></span></span></span>nell\u2019ambito<span class=\"ff1\"> </span>RAF,<span class=\"ff1\"> </span>nonch\u00e9<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>verifica<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>continuo<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>sua<span class=\"ff1\"> </span>attuazione;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>propone<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>omitato<span class=\"ff1\"> </span>Rischi,<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">concerto<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">funzione<span class=\"ff1\"> </span>Finanza<span class=\"ff1\"> </span>nell\u2019<span class=\"_ _0\"></span>ambito<span class=\"_ _2\"></span><span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">processo</span> <span class=\"ff3\">di</span> </span></span></span></span></span>RAF,<span class=\"ff1\"> </span>l\u2019indirizzo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">str<span class=\"_ _2\"></span>ategico<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">merito<span class=\"_ _2\"></span><span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rofilo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>banking<span class=\"ff1\"> </span>book<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ai<span class=\"ff1\"> </span>livelli<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">soglia</span> <span class=\"ff3\">di</span> </span></span></span></span></span></span></span>tolleranza<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">adot<span class=\"_ _2\"></span>tabili;<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>definisce<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>model<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">misurazione<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rischio</span> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span>ban<span class=\"_ _0\"></span>king<span class=\"ff1\"> </span>book,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">supporto<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>Business<span class=\"ff1\"> </span>Unit<span class=\"ff1\"> </span>Finanza,<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>sottoporre<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>CE;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>valida<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>m<span class=\"_ _2\"></span>odelli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ut<span class=\"_ _2\"></span>ilizzati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quantificare<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tasso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valutazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>congruit\u00e0<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>ipotesi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>stress<span class=\"ff1\"> </span>sottostanti;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>definisce,<span class=\"ff1\"> </span>co<span class=\"_ _2\"></span>ngiuntamente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Finanza,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>truttura<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>limiti,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>deleghe<span class=\"ff1\"> <span class=\"_ _2\"></span></span>operative<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> </span>prove<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>stress<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>sottoporre<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">CE,<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>coerenza<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>soglia<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tolleranza<span class=\"ff1\"> </span>stabilita<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>CA;<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>predispone<span class=\"ff1\"> <span class=\"_ _20\"></span></span>report<span class=\"_ _2\"></span>ing<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>gestione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mo<span class=\"_ _2\"></span>nitoraggio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>asso<span class=\"ff1\"> <span class=\"_ _21\"></span></span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Comitati<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> </span>rif<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>to;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>monitora<span class=\"ff1\"> </span>giornalmente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>rispetto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span>limiti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">operativi<span class=\"ff1\"> </span>esplicitati<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>ei<span class=\"ff1\"> </span>Re<span class=\"_ _0\"></span>golamenti<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>materia<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span>ass<span class=\"_ _0\"></span>unz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>schi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fin<span class=\"_ _0\"></span>anzi<span class=\"_ _0\"></span>ari,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">iv<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>mpre<span class=\"_ _0\"></span>so<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pre<span class=\"_ _0\"></span>sid<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>ient<span class=\"_ _0\"></span>ro<span class=\"ff1\"> </span>dag<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">scon<span class=\"_ _0\"></span>fini<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>spet<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tali<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>li<span class=\"_ _0\"></span>miti<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span>Il<span class=\"ff1\"> </span>Report<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Giornaliero<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>sintesi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>rispetto<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>mass<span class=\"_ _2\"></span>imali<span class=\"ff1\"> </span>operativi<span class=\"ff1\"> </span>presenta,<span class=\"ff1\"> </span>fra<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> </span>altre,<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>seguent<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ni:<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>mas<span class=\"_ _0\"></span>sima<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>tas<span class=\"_ _0\"></span>so<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">term<span class=\"_ _0\"></span>ini<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">In<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>est<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>ate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sen<span class=\"_ _0\"></span>siti<span class=\"_ _0\"></span>vity<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>siv<span class=\"_ _0\"></span>a;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>mas<span class=\"_ _0\"></span>sima<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">te<span class=\"_ _0\"></span>rmini<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>I<span class=\"_ _0\"></span>nter<span class=\"_ _0\"></span>est<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">se<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>tivi<span class=\"_ _0\"></span>ty<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>b<span class=\"_ _0\"></span>ucke<span class=\"_ _0\"></span>t;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>li<span class=\"_ _0\"></span>mite<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">In<span class=\"_ _0\"></span>tere<span class=\"_ _0\"></span>st<span class=\"ff1\"> </span>ra<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>sitiv<span class=\"_ _0\"></span>ity<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>elle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>osizi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">div<span class=\"_ _0\"></span>isa<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dive<span class=\"_ _1\"></span>rsa<span class=\"ff1\"> </span>dal<span class=\"_ _0\"></span>l\u2019Eu<span class=\"_ _1\"></span>ro.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quanto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>riguarda<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>poste<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>vista,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Gr<span class=\"_ _2\"></span>uppo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>adotta<span class=\"ff1\"> <span class=\"_ _21\"></span></span>un<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">modell<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valutazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ch<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>permette<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> </span></span></span>quantificarne<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gli<span class=\"ff1\"> </span>ef<span class=\"_ _0\"></span>fett<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>rsist<span class=\"_ _2\"></span>enza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tempo<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>imp<span class=\"_ _0\"></span>erfett<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">elasticit\u00e0<span class=\"ff1\"> </span>alla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">variazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tassi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>mercato<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>(effetto<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>vischiosit\u00e0).<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>La<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>modellizzazione<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>basat<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>sulle<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>serie<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>storiche<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>interne<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>dei<span class=\"ff1\"> </span>comportamenti<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>clientela,<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>costituisce<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>due<span class=\"ff1\"> </span>componenti:<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>stima<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>relazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>tassi<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>poste<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>vista<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>tassi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>me<span class=\"_ _0\"></span>rcato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>ulteriori<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">regressori<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>consentono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>separare<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>risc<span class=\"_ _0\"></span>hio<span class=\"ff1\"> </span></span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>t<span class=\"_ _2\"></span>asso<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>interesse<span class=\"ff1\">  </span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>s<span class=\"_ _2\"></span>enso<span class=\"ff1\">  </span>proprio<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>a<span class=\"ff1\">  </span>altri<span class=\"ff1\">  </span>fe<span class=\"_ _0\"></span>nomeni<span class=\"ff1\">  </span>(es.<span class=\"ff1\">  </span>credi<span class=\"_ _0\"></span>to)<span class=\"ff1\">  </span>in<span class=\"ff1\">  </span>base<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ad<span class=\"ff1\">  </span>un<span class=\"ff1\">  </span>modello<span class=\"ff1\"> </span>econometrico;<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stima<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ella<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">persistenza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">volumi,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">collegata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">concetto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mean<span class=\"ff1\"> </span>life<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">co<span class=\"_ _2\"></span>nsente<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">leg<span class=\"_ _0\"></span>are<span class=\"ff1\"> </span>mag<span class=\"_ _0\"></span>gior<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>l\u2019hold<span class=\"_ _1\"></span>ing<span class=\"ff1\"> </span>peri<span class=\"_ _0\"></span>od<span class=\"ff1\"> </span>degl<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>aggreg<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">all<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>vo<span class=\"_ _0\"></span>lati<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>storic<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>delle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">masse<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>attrav<span class=\"_ _0\"></span>erso<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l\u2019ammontar<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>post<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>vista<span class=\"ff1\"> <span class=\"_ _20\"></span></span>viene<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tradotto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un<span class=\"ff1\"> <span class=\"_ _20\"></span></span>portafoglio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>poste<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>asso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fisso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> </span>scadenza<span class=\"ff1\"> </span>(replicating<span class=\"ff1\"> </span>portfolio).<span class=\"_ _3bd\"> </span>Il<span class=\"ff1\"> </span>Gruppo<span class=\"ff1\"> </span>utilizza<span class=\"ff1\"> </span>inoltre<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>modello<span class=\"ff1\"> </span>comportam<span class=\"_ _2\"></span>entale<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>prep<span class=\"_ _0\"></span>ayment<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ui<span class=\"ff1\"> </span>mutui<span class=\"ff1\"> </span>La<span class=\"ff1\"> </span>mode<span class=\"_ _0\"></span>llizzazione<span class=\"ff1\"> </span>adottata<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tipo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>comportamentale,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>basata<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>ull\u2019analisi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>serie<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>storica<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>degli<span class=\"ff1\"> <span class=\"_ _21\"></span></span>eventi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>estinzione<span class=\"ff1\"> </span>anticipata<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>rinegoziazione<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>tass<span class=\"_ _2\"></span>o.<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>A<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>differenza<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>modelli<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>mercato,<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>nei<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>model<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>comportamentali<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fattori<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>predominanti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ch<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>concorrono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>determinare<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dell\u2019<span class=\"_ _0\"></span>opzione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> </span>rimborso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>anticipato<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>esclu<span class=\"_ _0\"></span>sivamente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tipo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziario,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ma<span class=\"ff1\"> </span>includono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>variabili<span class=\"ff1\"> </span>espl<span class=\"_ _2\"></span>icative<span class=\"ff1\"> </span>dipendenti<span class=\"ff1\"> </span>dalle<span class=\"ff1\"> </span>caratteristiche<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>mutuo<span class=\"ff1\"> </span>(es.<span class=\"ff1\"> </span>loan<span class=\"ff1\"> </span>to<span class=\"ff1\"> <span class=\"_ _2\"></span></span>value)<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _2\"></span>el</span> <span class=\"ff3\">mutuatario</span> <span class=\"ff3\">(es.</span> <span class=\"ff3\">et\u00e0).<span class=\"_ _3bd\"> </span></span></span>Prosegue<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019attivit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">presid<span class=\"_ _2\"></span>io<span class=\"ff1\"> </span>dell<span class=\"_ _0\"></span>\u2019evoluzione<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quadro<span class=\"ff1\"> </span>regolamentare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">europeo<span class=\"ff1\"> </span>sul<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>asso<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">interesse<span class=\"ff1\"> </span>nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">banking<span class=\"ff1\"> </span>book<span class=\"ff1\"> </span>(IRRBB)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>adeguamento,<span class=\"ff1\"> </span>tene<span class=\"_ _0\"></span>ndo<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">indicazioni<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>JST<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>ambito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">SREP.<span class=\"_ _3bd\"> </span></span></span>Il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Gruppo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">corso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>el<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">2022<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">continuato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">segnalare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">trimestralmente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">BCE<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">propria<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">esposizione<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>al<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> </span>attraverso<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>segnalazioni<span class=\"ff1\"> </span>Short<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Term<span class=\"ff1\"> </span>Exercise<span class=\"ff1\"> </span>(STE-IRRBB).<div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3f13\">Inf<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>maz<span class=\"_ _1\"></span>ion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3f14\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3f15\">na<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>ra<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3f16\">qu<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>tit<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m26 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3f17\">1.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3f18\">Port<span class=\"_ _0\"></span>afoglio<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3f19\">banca<span class=\"_ _0\"></span>rio:<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3f1a\">distr<span class=\"_ _0\"></span>ibuzione<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3f1b\">per<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3f1c\">dura<span class=\"_ _0\"></span>ta<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3f1d\">resid<span class=\"_ _0\"></span>ua<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3f1e\">(data<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3f1f\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3f20\">ripre<span class=\"_ _0\"></span>zzame<span class=\"_ _0\"></span>nto)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3f21\">delle<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3f22\">atti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3f23\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3f24\">dell<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3f25\">pass<span class=\"_ _0\"></span>ivit\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3f26\">finanzi<span class=\"_ _0\"></span>arie<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3f27\">La<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">presente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tavola<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stat<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">redatta<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">poich\u00e9<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">viene<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">seguito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fornita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019analisi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sensitivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3f28\">tasso<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>interesse<span class=\"ff1\"> </span>basata<span class=\"ff1\"> </span>sui<span class=\"ff1\"> </span>modelli<span class=\"ff1\"> </span>interni<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>altre<span class=\"ff1\"> </span>metodologie. </div><div class=\"t m26 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3f29\">2.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3f2a\">Po<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>af<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>lio<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3f2b\">ba<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>o:<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3f2c\">mo<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>lli<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3f2d\">in<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>rni<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3f2e\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3f2f\">al<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3f30\">me<span class=\"_ _0\"></span>to<span class=\"_ _1\"></span>dolo<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3f31\">per<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3f32\">le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3f33\">an<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>isi<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3f34\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3f35\">se<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3f36\">Nella<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">presente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sezione<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sinteticamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esposti<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">risultati<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"ff1\"> </span>analisi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tass<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3f37\">interesse,<span class=\"ff1\"> </span>limitatamente<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>portafogli<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>bancario.<span class=\"ff1\"> </span>In<span class=\"ff1\"> </span>particolare,<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>tabella<span class=\"ff1\"> </span>sotto<span class=\"ff1\"> </span>riportata,<span class=\"ff1\"> </span>mostra<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3f38\">dati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>relativi<span class=\"ff1\">  </span>all<span class=\"_ _0\"></span>\u2019impatto<span class=\"ff1\">  </span>sul<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>margine<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\">  </span>i<span class=\"_ _0\"></span>nteresse<span class=\"ff1\">  </span>(</span></span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs3f39\">shift<span class=\"_ _3bd\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs3f3a\">sensitivity<span class=\"_ _3bd\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs3f3b\">analysis</div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3f3c\">),<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>su<span class=\"ff1\">  </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>orizzonte<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3f3d\">temporale<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>12<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mesi,<span class=\"ff1\"> </span>nell\u2019ipotesi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>una<span class=\"ff1\"> <span class=\"_ _2\"></span></span>variazione<span class=\"ff1\"> </span>parallela<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> </span>tass<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>interesse<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>+<span class=\"_ _2\"></span>/-<span class=\"ff1\"> </span>100<span class=\"ff1\"> <span class=\"_ _2\"></span></span>punti<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3f3e\">base.<span class=\"ff1\"> <span class=\"_ _21\"></span></span>La<span class=\"ff1\"> <span class=\"_ _21\"></span></span>misura<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>basat<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sulle<span class=\"ff1\"> <span class=\"_ _21\"></span></span>posizioni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fine<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff3\">anno,</span> <span class=\"_ _21\"></span><span class=\"ff3\">senza</span> <span class=\"_ _21\"> </span><span class=\"ff3\">includere</span> <span class=\"_ _21\"></span><span class=\"ff3\">dunque</span> <span class=\"_ _21\"></span><span class=\"ff3\">ipotesi</span> <span class=\"_ _21\"> </span><span class=\"ff3\">su</span> <span class=\"_ _21\"></span><span class=\"ff3\">futuri</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3f3f\">cambiamenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">della<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>omposizione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pass<span class=\"_ _2\"></span>ivit\u00e0.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Ai<span class=\"ff1\"> </span>fini<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>ell\u2019analisi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">impostato<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">floor<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">zero<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3f40\">sul<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> </span>cliente<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>poste<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>clientela. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3f41\">L\u2019analisi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>condotta<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>coerentemente<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>metodologia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>utilizzata<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ai<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fini<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>misurazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3f42\">rischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tasso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>portafoglio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>bancario<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ambito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Risk<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Appetite<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Fr<span class=\"_ _2\"></span>amework<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> <span class=\"_ _21\"></span></span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span><span class=\"ff3\">segnalazioni</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3f43\">Short<span class=\"ff1\"> </span>Term<span class=\"ff1\"> </span>Exercise<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> </span>STE<span class=\"ff1\"> </span>rischi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tasso,<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>linea<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>linee<span class=\"ff1\"> </span>guida<span class=\"ff1\"> </span>europee<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>riferimento. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc1 ls0 ws0 gs3f44\">Ipo<span class=\"_ _1\"></span>tes<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc1 ls0 ws0 gs3f45\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc1 ls0 ws0 gs3f46\">sh<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>t<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc1 ls0 ws0 gs3f47\">pa<span class=\"_ _0\"></span>ral<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>lo<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc1 ls0 ws0 gs3f48\">(d<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc1 ls0 ws0 gs3f49\">in<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc1 ls0 ws0 gs3f4a\">mi<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc1 ls0 ws0 gs3f4b\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc1 ls0 ws0 gs3f4c\">e<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>)<span class=\"_ _0\"></span> </div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs3f4d\">Sho<span class=\"_ _0\"></span>ck<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs3f4e\">-1<span class=\"_ _0\"></span>00<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs3f4f\">b<span class=\"_ _0\"></span>.p<span class=\"_ _0\"></span>. <span class=\"_ _115\"> </span>Sh<span class=\"_ _0\"></span>ock<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs3f50\">+1<span class=\"_ _0\"></span>00<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs3f51\">b.<span class=\"_ _1\"></span>p.<span class=\"_ _0\"></span> </div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs3f52\">Da<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">12/20<span class=\"_ _0\"></span>22 <span class=\"_ _1d7\"> </span>-62<span class=\"_ _0\"></span>,3 <span class=\"_ _10\"> </span>+91,<span class=\"_ _0\"></span>0 </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3f53\">L\u2019esposizione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a</span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3f54\">l<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ris<span class=\"_ _2\"></span>chio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tasso<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">interesse<span class=\"ff1\"> </span>dal<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">punto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vist<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pat<span class=\"_ _2\"></span>rimoniale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">viene<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">misurata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">li<span class=\"_ _2\"></span>vello<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3f55\">consolidato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dalla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sensitivity<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>val<span class=\"_ _0\"></span>ore<span class=\"ff1\"> <span class=\"_ _21\"></span></span>economico<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(variazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fair<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span></span>value<span class=\"ff1\"> <span class=\"_ _21\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>poste<span class=\"ff1\"> <span class=\"_ _20\"></span></span>at<span class=\"_ _2\"></span>tive<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3f56\">pa<span class=\"_ _0\"></span>ssiv<span class=\"_ _0\"></span>e),<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">se<span class=\"_ _0\"></span>cond<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">approc<span class=\"_ _0\"></span>cio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">full<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span>valu<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>se<span class=\"_ _0\"></span>gui<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>sh<span class=\"_ _0\"></span>ock<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">paral<span class=\"_ _0\"></span>lel<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>sul<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">curv<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>assi<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3f57\">spot<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">+/-200<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">basis<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">points.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2022<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>ariazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">media<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">economico<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rapport<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ai<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mez<span class=\"_ _2\"></span>zi<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3f58\">propri<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>risultata<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>4,5%. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3f59\">Oltre<span class=\"ff1\"> <span class=\"_ _20\"></span></span>all\u2019impatto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>degli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">shock</span> <span class=\"_ _20\"></span><span class=\"ff3\">paralleli</span> <span class=\"_ _20\"></span><span class=\"ff3\">dei</span> <span class=\"_ _20\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>assi</span> <span class=\"_ _20\"></span><span class=\"ff3\">internamente</span> <span class=\"_ _21\"></span><span class=\"ff3\">vengono</span> <span class=\"_ _20\"></span><span class=\"ff3\">periodicamente</span> <span class=\"_ _20\"></span><span class=\"ff3\">condotte</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3f5a\">analisi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">st<span class=\"_ _2\"></span>ress<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ipotizzando<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sho<span class=\"_ _2\"></span>ck<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">par<span class=\"_ _2\"></span>alleli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">basati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ull\u2019andamento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">st<span class=\"_ _2\"></span>orico<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">curva<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>ei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tassi.<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3f5b\">Le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">metodologie<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>tilizzate<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>l\u2019analisi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>sensitivi<span class=\"_ _0\"></span>ty<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tas<span class=\"_ _2\"></span>so<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">interesse<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"_ _2\"></span>ncludono<span class=\"ff1\"> </span>anche<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3f5c\">la<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>modellizzazione<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>d<span class=\"_ _2\"></span>elle<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>poste<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>vista<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>pre<span class=\"_ _2\"></span>payment<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>sui<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>mutui<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>s<span class=\"_ _2\"></span>econdo<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>modelli<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3f5d\">comportamentali<span class=\"ff1\"> </span>sopra<span class=\"ff1\"> </span>descritti. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3f5e\">Per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tass<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span>portafogli<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>bancario<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span>riportano<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">medesime<span class=\"ff1\"> </span>an<span class=\"_ _0\"></span>alisi<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">VaR<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>escritte<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3f5f\">paragrafo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sul<span class=\"ff1\"> <span class=\"_ _2\"></span></span>portafoglio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Negoziazione,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _2\"></span></span>si<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rimanda<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>descrizione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>metodologia.<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3f60\">Nelle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>f<span class=\"_ _2\"></span>igure<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sott<span class=\"_ _2\"></span>ostanti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>iportato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l\u2019andamento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>VaR<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ba<span class=\"_ _2\"></span>nking<span class=\"ff1\"> <span class=\"_ _20\"></span></span>book<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Credem<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nell\u2019ar<span class=\"_ _2\"></span>co<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3f61\">2<span class=\"_ _0\"></span>022<span class=\"_ _1\"></span>. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3f62\">I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risu<span class=\"_ _0\"></span>lta<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>\u2019at<span class=\"_ _0\"></span>tivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">b<span class=\"_ _0\"></span>ackte<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>ng<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rip<span class=\"_ _0\"></span>orta<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pa<span class=\"_ _0\"></span>ragra<span class=\"_ _0\"></span>fo<span class=\"ff1\"> </span>1.<span class=\"_ _0\"></span>2.3<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u201cRi<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ca<span class=\"_ _0\"></span>mbio<span class=\"_ _0\"></span>\u201d.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></div>Fi<span class=\"_ _0\"></span>gu<span class=\"_ _0\"></span>ra<span class=\"_ _3bd\"> </span>5.<span class=\"_ _3bd\"> </span>An<span class=\"_ _0\"></span>da<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>In<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>t<span class=\"_ _3bd\"> </span>Ra<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span>Va<span class=\"_ _0\"></span>R<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>em<span class=\"_ _3bd\"> </span>\u2013<span class=\"_ _3bd\"> </span>ba<span class=\"_ _0\"></span>nk<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g<span class=\"_ _3bd\"> </span>bo<span class=\"_ _0\"></span>ok<span class=\"_ _3bd\"> </span>(9<span class=\"_ _1\"></span>9%,<span class=\"_ _3bd\"> </span>10<span class=\"_ _0\"></span>gg<span class=\"_ _0\"></span>*c<span class=\"_ _0\"></span>oe<span class=\"_ _0\"></span>ff<span class=\"_ _3bd\"> </span>mo<span class=\"_ _1\"></span>ltip<span class=\"_ _0\"></span>lic<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>o).<span class=\"_ _3bd\"> </span>Da<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>mi<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>eu<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>.<span class=\"fc0 sc1\"> </span>L\u2019aumento<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>VaR<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nel<span class=\"ff1\"> </span>corso<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>20<span class=\"_ _2\"></span>22<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>principalmente<span class=\"ff1\"> </span>riferibile<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>volatilit\u00e0<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>t<span class=\"_ _2\"></span>assi<span class=\"ff1\"> </span>registrata<span class=\"ff1\"> </span>sui<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mercati. </span></span>Rischio<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>pr<span class=\"_ _0\"></span>ez<span class=\"_ _0\"></span>zo<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Nell\u2019ambito<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>portafoglio<span class=\"ff1\"> </span>bancario<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>Gruppo<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>ha<span class=\"ff1\"> </span>posizioni<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>azioni<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>partecipazioni<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>otate.<span class=\"ff1\"> </span>Sono<span class=\"ff1\"> </span>presen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>3,5<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">milioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u20ac<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un<span class=\"ff1\"> </span>fondo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">private<span class=\"ff1\"> </span>equity<span class=\"ff1\"> </span>g<span class=\"_ _0\"></span>estito<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">societ\u00e0<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">grup<span class=\"_ _2\"></span>po<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>quote<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>non<span class=\"ff1\"> </span>rile<span class=\"_ _0\"></span>vanti<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fondi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ri<span class=\"_ _2\"></span>venienti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dalla<span class=\"ff1\"> </span>fusione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con</span> <span class=\"_ _0\"></span><span class=\"ff3\">Cassa<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Risparmio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Cento,<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> </span>1,2<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">milioni</span> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>\u20ac<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>in<span class=\"ff1\"> </span>fondi<span class=\"ff1\"> </span>immobiliari. At<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rtu<span class=\"_ _0\"></span>ra<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>io<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>pre<span class=\"_ _1\"></span>zzo<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">g<span class=\"_ _0\"></span>rupp<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>no<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ha<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">posto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span>ssere<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ope<span class=\"_ _0\"></span>razi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cope<span class=\"_ _0\"></span>rtu<span class=\"_ _0\"></span>ra. </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>1.2.3<span class=\"_ _3bd\"> </span>Risc<span class=\"_ _0\"></span>hio<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>camb<span class=\"_ _0\"></span>io<span class=\"_ _3bd\"> </span> Inf<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>maz<span class=\"_ _1\"></span>ion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>na<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>ra<span class=\"_ _3bd\"> </span>qu<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>a<span class=\"fc0 sc1\"> </span>A.As<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>tti<span class=\"_ _3bd\"> </span>ge<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>ral<span class=\"_ _0\"></span>i,<span class=\"_ _3bd\"> </span>pro<span class=\"_ _1\"></span>ces<span class=\"_ _0\"></span>si<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ge<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>me<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>di<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>mi<span class=\"_ _0\"></span>su<span class=\"_ _0\"></span>raz<span class=\"_ _1\"></span>ione<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>io<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>L\u2019<span class=\"_ _0\"></span>atti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>vol<span class=\"_ _0\"></span>ta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sui<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">merca<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cambi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pr<span class=\"_ _0\"></span>evede<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019as<span class=\"_ _0\"></span>sunz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>osiz<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ge<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ontr<span class=\"_ _0\"></span>oll<span class=\"_ _0\"></span>ate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tramit<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>mas<span class=\"_ _0\"></span>sima<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">posiz<span class=\"_ _0\"></span>ione,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sia<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">lord<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sia<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">n<span class=\"_ _0\"></span>etta<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">massi<span class=\"_ _0\"></span>mali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conce<span class=\"_ _0\"></span>ntra<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">div<span class=\"_ _0\"></span>isa<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mercato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">currency<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">viene<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">calcolato<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">st<span class=\"_ _2\"></span>essa<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fr<span class=\"_ _2\"></span>equenza<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">metodologia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"_ _2\"></span>dicata<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>rischio<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>equity.<span class=\"_ _3bd\"> </span> B.At<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rtu<span class=\"_ _0\"></span>ra<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>io<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">so<span class=\"_ _0\"></span>no<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pr<span class=\"_ _0\"></span>esen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ope<span class=\"_ _0\"></span>raz<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>per<span class=\"_ _0\"></span>tura<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span>Inf<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>maz<span class=\"_ _1\"></span>ion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>na<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>ra<span class=\"_ _3bd\"> </span>qu<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>tit<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>1.<span class=\"_ _3bd\"> </span>Di<span class=\"_ _0\"></span>str<span class=\"_ _0\"></span>ib<span class=\"_ _0\"></span>uz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>a<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>no<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>at<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>pa<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>dei<span class=\"_ _3bd\"> </span>der<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>V<span class=\"_ _0\"></span>oc<span class=\"_ _1\"></span>i<span class=\"fc0 sc1\"> </span>Va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>U<span class=\"_ _0\"></span>S<span class=\"_ _0\"></span>D<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _1fe\"> </span><span class=\"fc4 sc2\">GB<span class=\"_ _1\"></span>P<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _7e\"> </span><span class=\"fc4 sc2\">JP<span class=\"_ _0\"></span>Y<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _20b\"> </span><span class=\"fc4 sc2\">C<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>D<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _70\"> </span><span class=\"fc4 sc2\">C<span class=\"_ _1\"></span>HF<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _81\"> </span><span class=\"fc4 sc2\">ALTRE<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>VA<span class=\"_ _1\"></span>LUT<span class=\"_ _0\"></span>E<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>A.<span class=\"_ _3bd\"> </span>Attiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span>fin<span class=\"_ _1\"></span>anz<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>rie<span class=\"_ _1\"></span> <span class=\"_ _2c0\"> </span>2.2<span class=\"_ _0\"></span>16<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>55<span class=\"_ _1\"></span> <span class=\"_ _1a2\"> </span>13<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>83<span class=\"_ _0\"></span> <span class=\"_ _209\"> </span>11<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>98<span class=\"_ _0\"></span> <span class=\"_ _196\"> </span>2<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>32<span class=\"_ _0\"></span> <span class=\"_ _1fe\"> </span>8.<span class=\"_ _0\"></span>49<span class=\"_ _0\"></span>3 <span class=\"_ _3b\"> </span>24<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>21<span class=\"_ _0\"></span> A.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Titoli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ebi<span class=\"_ _0\"></span>to <span class=\"_ _344\"> </span>2.<span class=\"_ _0\"></span>104<span class=\"_ _0\"></span>.21<span class=\"_ _0\"></span>8 <span class=\"_ _176\"> </span>62<span class=\"_ _0\"></span>9 <span class=\"_ _47\"> </span>2 <span class=\"_ _222\"> </span>- <span class=\"_ _201\"> </span>-<span class=\"_ _2\"></span> <span class=\"_ _6d\"> </span>25<span class=\"_ _1\"></span>0<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span>A.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Titoli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>api<span class=\"_ _0\"></span>tal<span class=\"_ _0\"></span>e <span class=\"_ _278\"> </span>7.<span class=\"_ _0\"></span>630<span class=\"_ _0\"></span> <span class=\"_ _2e\"> </span>- <span class=\"_ _2e\"> </span>- <span class=\"_ _222\"> </span>- <span class=\"_ _a3\"> </span>- <span class=\"_ _332\"> </span>-<span class=\"_ _2\"></span> </span></span></span></span>A.<span class=\"_ _0\"></span>3<span class=\"ff1\"> </span>Fin<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>iam<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ban<span class=\"_ _0\"></span>che<span class=\"_ _1\"></span> <span class=\"_ _206\"> </span>38.67<span class=\"_ _0\"></span>4 <span class=\"_ _1ac\"> </span>11.<span class=\"_ _0\"></span>413<span class=\"_ _0\"></span> <span class=\"_ _a1\"> </span>9.19<span class=\"_ _0\"></span>6 <span class=\"_ _1a2\"> </span>2<span class=\"_ _0\"></span>.631<span class=\"_ _1\"></span> <span class=\"_ _7c\"> </span>3.5<span class=\"_ _0\"></span>79 <span class=\"_ _4b\"> </span>23.<span class=\"_ _0\"></span>437<span class=\"_ _1\"></span> </span></span>A.<span class=\"_ _0\"></span>4<span class=\"ff1\"> </span>Fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>cl<span class=\"_ _1\"></span>ient<span class=\"_ _0\"></span>ela<span class=\"_ _0\"></span> <span class=\"_ _2b9\"> </span>65<span class=\"_ _0\"></span>.73<span class=\"_ _0\"></span>3 <span class=\"_ _20b\"> </span>1.<span class=\"_ _0\"></span>74<span class=\"_ _1\"></span>1 <span class=\"_ _f2\"> </span>2.<span class=\"_ _0\"></span>400 <span class=\"_ _222\"> </span>1 <span class=\"_ _72\"> </span>4.<span class=\"_ _0\"></span>914 <span class=\"_ _1b9\"> </span>334<span class=\"_ _1\"></span> A.5<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>ttivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fin<span class=\"_ _1\"></span>anzia<span class=\"_ _0\"></span>rie<span class=\"_ _1\"></span> <span class=\"_ _204\"> </span>- <span class=\"_ _2e\"> </span>- <span class=\"_ _2e\"> </span>- <span class=\"_ _222\"> </span>- <span class=\"_ _a3\"> </span>- <span class=\"_ _fc\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span>B.<span class=\"_ _3bd\"> </span>Altr<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>at<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _0\"></span> <span class=\"_ _1b7\"> </span>6.8<span class=\"_ _0\"></span>49<span class=\"_ _1\"></span> <span class=\"_ _6c\"> </span>58<span class=\"_ _1\"></span>9<span class=\"_ _0\"></span> <span class=\"_ _a5\"> </span>18<span class=\"_ _1\"></span>2 <span class=\"_ _1a8\"> </span>4<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span> <span class=\"_ _72\"> </span>1.<span class=\"_ _0\"></span>00<span class=\"_ _1\"></span>9 <span class=\"_ _6d\"> </span>70<span class=\"_ _1\"></span>8<span class=\"_ _0\"></span> C.<span class=\"_ _3bd\"> </span>Pa<span class=\"_ _1\"></span>ssiv<span class=\"_ _1\"></span>it\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>e <span class=\"_ _1a4\"> </span>2.<span class=\"_ _0\"></span>31<span class=\"_ _0\"></span>3.<span class=\"_ _0\"></span>57<span class=\"_ _0\"></span>9 <span class=\"_ _224\"> </span>3<span class=\"_ _0\"></span>7.<span class=\"_ _0\"></span>65<span class=\"_ _0\"></span>0 <span class=\"_ _a1\"> </span>5.4<span class=\"_ _0\"></span>31<span class=\"_ _0\"></span> <span class=\"_ _224\"> </span>6.94<span class=\"_ _1\"></span>2 <span class=\"_ _73\"> </span>10.<span class=\"_ _0\"></span>76<span class=\"_ _0\"></span>3 <span class=\"_ _eb\"> </span>17.<span class=\"_ _0\"></span>35<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span> C.<span class=\"_ _0\"></span>1<span class=\"ff1\"> </span>De<span class=\"_ _0\"></span>bit<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ver<span class=\"_ _1\"></span>so<span class=\"ff1\"> </span>ban<span class=\"_ _0\"></span>che<span class=\"_ _1\"></span> <span class=\"_ _8b\"> </span>2.03<span class=\"_ _0\"></span>3.0<span class=\"_ _0\"></span>30 <span class=\"_ _1ac\"> </span>4.5<span class=\"_ _1\"></span>75 <span class=\"_ _73\"> </span>2<span class=\"_ _0\"></span>15<span class=\"_ _1\"></span> <span class=\"_ _52\"> </span>10<span class=\"_ _0\"></span> <span class=\"_ _194\"> </span>2.0<span class=\"_ _0\"></span>57 <span class=\"_ _6d\"> </span>79<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span> C.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Debiti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">verso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cli<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>ela<span class=\"_ _1\"></span> <span class=\"_ _24f\"> </span>28<span class=\"_ _0\"></span>0.5<span class=\"_ _1\"></span>49 <span class=\"_ _69\"> </span>33.07<span class=\"_ _0\"></span>5 <span class=\"_ _a1\"> </span>5.2<span class=\"_ _0\"></span>16 <span class=\"_ _69\"> </span>6.932<span class=\"_ _1\"></span> <span class=\"_ _1fe\"> </span>8.70<span class=\"_ _0\"></span>6 <span class=\"_ _19c\"> </span>16.5<span class=\"_ _0\"></span>61<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span>C.3<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Titoli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">debi<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span> <span class=\"_ _195\"> </span>- <span class=\"_ _2e\"> </span>- <span class=\"_ _2e\"> </span>-<span class=\"_ _2\"></span> <span class=\"_ _7c\"> </span>- <span class=\"_ _a3\"> </span>- <span class=\"_ _fc\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span>C.<span class=\"_ _0\"></span>4<span class=\"ff1\"> </span>Alt<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pas<span class=\"_ _0\"></span>sivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">finan<span class=\"_ _1\"></span>ziari<span class=\"_ _0\"></span>e <span class=\"_ _202\"> </span>- <span class=\"_ _2e\"> </span>- <span class=\"_ _1ab\"> </span>- <span class=\"_ _7c\"> </span>- <span class=\"_ _a3\"> </span>- <span class=\"_ _fc\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span>D.<span class=\"_ _3bd\"> </span>Altr<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>pa<span class=\"_ _1\"></span>ssiv<span class=\"_ _1\"></span>it\u00e0<span class=\"_ _0\"></span> <span class=\"_ _2bb\"> </span>3.5<span class=\"_ _0\"></span>28<span class=\"_ _0\"></span> <span class=\"_ _32b\"> </span>2.9<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span> 7 <span class=\"_ _70\"> </span>7<span class=\"_ _1\"></span>1 <span class=\"_ _65\"> </span>2<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span> <span class=\"_ _2b6\"> </span>10<span class=\"_ _1\"></span>0<span class=\"_ _0\"></span> E.<span class=\"_ _3bd\"> </span>De<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>fin<span class=\"_ _1\"></span>anz<span class=\"_ _1\"></span>iari<span class=\"_ _1\"></span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Opz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i <span class=\"_ _180\"> </span>- <span class=\"_ _2e\"> </span>- <span class=\"_ _2e\"> </span>- <span class=\"_ _222\"> </span>- <span class=\"_ _201\"> </span>-<span class=\"_ _2\"></span> <span class=\"_ _332\"> </span>-<span class=\"_ _2\"></span> </span></span>+<span class=\"ff1\"> </span>P<span class=\"_ _0\"></span>osi<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">lun<span class=\"_ _0\"></span>ghe<span class=\"_ _1\"></span> <span class=\"_ _e4\"> </span>- <span class=\"_ _2e\"> </span>- <span class=\"_ _2e\"> </span>- <span class=\"_ _222\"> </span>- <span class=\"_ _a3\"> </span>- <span class=\"_ _fc\"> </span>-<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>+<span class=\"ff1\"> </span>Po<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>e <span class=\"_ _29f\"> </span>- <span class=\"_ _2e\"> </span>- <span class=\"_ _1ab\"> </span>- <span class=\"_ _7c\"> </span>- <span class=\"_ _201\"> </span>-<span class=\"_ _2\"></span> <span class=\"_ _332\"> </span>-<span class=\"_ _2\"></span> -<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">A<span class=\"_ _2\"></span>ltri<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">der<span class=\"_ _0\"></span>ivat<span class=\"_ _0\"></span>i <span class=\"_ _13\"> </span>- <span class=\"_ _2e\"> </span>- <span class=\"_ _2e\"> </span>- <span class=\"_ _222\"> </span>- <span class=\"_ _a3\"> </span>- <span class=\"_ _fc\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span>+<span class=\"ff1\"> </span>P<span class=\"_ _0\"></span>osi<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">lun<span class=\"_ _0\"></span>ghe<span class=\"_ _1\"></span> <span class=\"_ _345\"> </span>434<span class=\"_ _0\"></span>.03<span class=\"_ _0\"></span>6 <span class=\"_ _63\"> </span>171.<span class=\"_ _0\"></span>448<span class=\"_ _0\"></span> <span class=\"_ _1f3\"> </span>100<span class=\"_ _0\"></span>.378<span class=\"_ _1\"></span> <span class=\"_ _210\"> </span>24<span class=\"_ _0\"></span>.15<span class=\"_ _0\"></span>3 <span class=\"_ _7f\"> </span>19.<span class=\"_ _0\"></span>190<span class=\"_ _1\"></span> <span class=\"_ _90\"> </span>38.2<span class=\"_ _0\"></span>88<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>+<span class=\"ff1\"> </span>Po<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>e <span class=\"_ _32f\"> </span>507<span class=\"_ _0\"></span>.64<span class=\"_ _0\"></span>4 <span class=\"_ _1f3\"> </span>145<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>09 <span class=\"_ _346\"> </span>106<span class=\"_ _0\"></span>.67<span class=\"_ _0\"></span>9 <span class=\"_ _216\"> </span>20.0<span class=\"_ _0\"></span>70 <span class=\"_ _52\"> </span>17.<span class=\"_ _0\"></span>660<span class=\"_ _0\"></span> <span class=\"_ _39\"> </span>45.2<span class=\"_ _0\"></span>58<span class=\"_ _3bd\"> </span> Tota<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>at<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _0\"></span> <span class=\"_ _213\"> </span>2.<span class=\"_ _0\"></span>65<span class=\"_ _0\"></span>7.<span class=\"_ _0\"></span>14<span class=\"_ _0\"></span>0 <span class=\"_ _1f3\"> </span>185<span class=\"_ _0\"></span>.8<span class=\"_ _1\"></span>20 <span class=\"_ _196\"> </span>11<span class=\"_ _0\"></span>2.<span class=\"_ _0\"></span>15<span class=\"_ _0\"></span>8 <span class=\"_ _1f3\"> </span>27<span class=\"_ _1\"></span>.233<span class=\"_ _1\"></span> <span class=\"_ _6e\"> </span>28<span class=\"_ _1\"></span>.69<span class=\"_ _0\"></span>2 <span class=\"_ _3b\"> </span>6<span class=\"_ _0\"></span>3.<span class=\"_ _0\"></span>01<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span> Tota<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>pa<span class=\"_ _0\"></span>ss<span class=\"_ _1\"></span>ivi<span class=\"_ _0\"></span>t\u00e0 <span class=\"_ _59\"> </span>2<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>24<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>51 <span class=\"_ _1f3\"> </span>18<span class=\"_ _0\"></span>5.<span class=\"_ _0\"></span>83<span class=\"_ _0\"></span>6 <span class=\"_ _178\"> </span>112<span class=\"_ _0\"></span>.11<span class=\"_ _1\"></span>7 <span class=\"_ _335\"> </span>27.<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>83<span class=\"_ _0\"></span> <span class=\"_ _6e\"> </span>2<span class=\"_ _0\"></span>8.<span class=\"_ _0\"></span>63<span class=\"_ _0\"></span>5 <span class=\"_ _eb\"> </span>62<span class=\"_ _0\"></span>.71<span class=\"_ _1\"></span>3<span class=\"_ _3bd\"> </span> Sb<span class=\"_ _0\"></span>ila<span class=\"_ _1\"></span>nci<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>(+<span class=\"_ _0\"></span>/-<span class=\"_ _0\"></span>)<span class=\"_ _1\"></span> <span class=\"_ _f4\"> </span>(16<span class=\"_ _0\"></span>7.6<span class=\"_ _1\"></span>11)<span class=\"_ _0\"></span> <span class=\"_ _52\"> </span>(<span class=\"_ _0\"></span>16<span class=\"_ _1\"></span>) <span class=\"_ _222\"> </span>41<span class=\"_ _1\"></span> <span class=\"_ _129\"> </span>1<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>0 <span class=\"_ _198\"> </span>57<span class=\"_ _1\"></span> <span class=\"_ _fd\"> </span>30<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span> Mo<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>al<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>me<span class=\"_ _0\"></span>to<span class=\"_ _1\"></span>dolo<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>l\u2019a<span class=\"_ _1\"></span>nal<span class=\"_ _0\"></span>isi<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>se<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>t\u00e0<span class=\"fc0 sc1\"> </span>Nel<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>pre<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>en<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>sezi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ven<span class=\"_ _0\"></span>gon<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>sinte<span class=\"_ _0\"></span>tic<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>esp<span class=\"_ _0\"></span>osti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i</span> <span class=\"ff3\">risul<span class=\"_ _0\"></span>tati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">delle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">anal<span class=\"_ _0\"></span>isi<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>camb<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>por<span class=\"_ _2\"></span>tafoglio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>negoziazione.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>In<span class=\"ff1\"> <span class=\"_ _20\"></span></span>particolare<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>seg<span class=\"_ _2\"></span>uito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riportati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valori<span class=\"ff1\"> <span class=\"_ _20\"></span></span>medi,<span class=\"ff1\"> </span>massimi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>minimi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>VaR<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>milioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>euro)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>generato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dal<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fattore<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>currency<span class=\"ff1\"> <span class=\"_ _2\"></span></span>relativi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>agli<span class=\"ff1\"> </span>esercizi<span class=\"ff1\"> </span>2020,<span class=\"ff1\"> </span>2021<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>2022.<span class=\"_ _3bd\"> </span> Tabell<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>4.<span class=\"_ _3bd\"> </span>Dat<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>Curr<span class=\"_ _0\"></span>ency<span class=\"_ _3bd\"> </span>V<span class=\"_ _0\"></span>aR<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>02<span class=\"_ _1\"></span>2 <span class=\"_ _65\"> </span>2<span class=\"_ _0\"></span>02<span class=\"_ _1\"></span>1 <span class=\"_ _41\"> </span>20<span class=\"_ _1\"></span>20<span class=\"_ _1\"></span> Cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>em<span class=\"_ _1\"></span> VaR-me<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>io<span class=\"_ _3bd\"> </span>0<span class=\"_ _0\"></span>,3<span class=\"_ _3bd\"> </span>0<span class=\"_ _0\"></span>,0<span class=\"_ _3bd\"> </span>0<span class=\"_ _0\"></span>,0<span class=\"_ _3bd\"> </span>mi<span class=\"_ _1\"></span>n0<span class=\"_ _0\"></span>,0<span class=\"_ _0\"></span> <span class=\"_ _35\"> </span>0<span class=\"_ _1\"></span>,0 <span class=\"_ _ca\"> </span>0,<span class=\"_ _0\"></span>0 ma<span class=\"_ _1\"></span>x1<span class=\"_ _0\"></span>,9<span class=\"_ _3bd\"> </span>0<span class=\"_ _0\"></span>,4<span class=\"_ _3bd\"> </span>0<span class=\"_ _0\"></span>,2<span class=\"_ _3bd\"> </span>dati<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>mln<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>\u20ac,<span class=\"_ _3bd\"> </span>VaR<span class=\"_ _3bd\"> </span>99%<span class=\"_ _3bd\"> </span>10gg<span class=\"_ _3bd\"> </span>*<span class=\"_ _3bd\"> </span>Coeff<span class=\"_ _3bd\"> </span>molt<span class=\"_ _0\"></span>ip<span class=\"_ _0\"></span>licat<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>Nel<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">figu<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sotto<span class=\"_ _0\"></span>stan<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rip<span class=\"_ _0\"></span>orta<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>\u2019a<span class=\"_ _0\"></span>ndame<span class=\"_ _0\"></span>nto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">tal<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">V<span class=\"_ _0\"></span>aR<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Crede<span class=\"_ _0\"></span>m<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>ell\u2019<span class=\"_ _0\"></span>arc<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3f64\">La<span class=\"ff1\"> </span>tabella<span class=\"ff1\"> </span>sottostante<span class=\"ff1\"> </span>ev<span class=\"_ _0\"></span>idenzia<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>contributi<span class=\"ff1\"> </span>medi<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>equity<span class=\"_ _2\"></span>,<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cambio<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3f65\">tasso<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>corso<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>2022<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>VaR<span class=\"ff1\"> </span>complessivo<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>diversificato. </div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs3f66\">Tab<span class=\"_ _0\"></span>ella<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs3f67\">5.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs3f68\">Contri<span class=\"_ _0\"></span>but<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs3f69\">medi<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs3f6a\">%<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs3f6b\">dei<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs3f6c\">fatto<span class=\"_ _0\"></span>ri<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs3f6d\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs3f6e\">rischi<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs3f6f\">al<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs3f70\">VaR<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs3f71\">com<span class=\"_ _0\"></span>ples<span class=\"_ _0\"></span>sivo<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs3f72\">non<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs3f73\">di<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>ifi<span class=\"_ _1\"></span>cat<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"c w95 ha5 gs3f74\"><div class=\"t m0 x1f9 h43 yd77 ff3 fs1b fc0 sc1 ls0 ws0\">Equi<span class=\"_ _0\"></span>ty</div></div><div class=\"c w10 ha5 gs3f75\"><div class=\"t m0 x1f9 h43 yd77 ff3 fs1b fc0 sc1 ls0 ws0\">R<span class=\"_ _0\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _3bd\"> </span></div></div><div class=\"c w83 ha5 gs3f76\"><div class=\"t m0 x1f9 h43 yd77 ff3 fs1b fc0 sc1 ls0 ws0\">FX</div></div><div class=\"c wf0 ha5 gs3f77\"><div class=\"t m0 x1f9 h43 yd77 ff3 fs1b fc0 sc1 ls0 ws0\">Ri<span class=\"_ _1\"></span>sk<span class=\"_ _3bd\"> </span></div></div><div class=\"c w135 ha5 gs3f78\"><div class=\"t m0 x1f9 h43 yd77 ff3 fs1b fc0 sc1 ls0 ws0\">Inter<span class=\"_ _0\"></span>est</div></div><div class=\"c w17f ha5 gs3f79\"><div class=\"t m0 x1f9 h43 yd77 ff3 fs1b fc0 sc1 ls0 ws0\">Rat<span class=\"_ _0\"></span>e</div></div><div class=\"c wf0 ha5 gs3f7a\"><div class=\"t m0 x1f9 h43 yd77 ff3 fs1b fc0 sc1 ls0 ws0\">R<span class=\"_ _0\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs3f7b\">Cred<span class=\"_ _0\"></span>em<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs3f7c\">2<span class=\"_ _0\"></span>02<span class=\"_ _1\"></span>2 </div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs3f7d\">1,<span class=\"_ _1\"></span>7% </div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs3f7e\">0,<span class=\"_ _1\"></span>2%<span class=\"_ _0\"></span> </div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs3f7f\">98,<span class=\"_ _0\"></span>1%<span class=\"_ _0\"></span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3f80\">Nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>de<span class=\"_ _2\"></span>lla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pi\u00f9<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>complessiva<span class=\"ff1\"> <span class=\"_ _21\"></span></span>analisi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>annuale<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>backtesting<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>modelli,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>viene<span class=\"ff1\"> <span class=\"_ _20\"></span></span>effettuato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3f81\">confronto<span class=\"ff1\"> </span>tr<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>dato<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>VaR<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>P&amp;L<span class=\"ff1\"> </span>effett<span class=\"_ _2\"></span>ivamente<span class=\"ff1\"> </span>conseguito.<span class=\"ff1\"> </span>Le<span class=\"ff1\"> </span>linee<span class=\"ff1\"> </span>guida<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>lo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>svolgimento<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3f82\">dei<span class=\"ff1\"> </span>test<span class=\"ff1\"> </span>retrospettivi<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>descritte<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>documento<span class=\"ff1\"> </span>Rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Mercato,<span class=\"ff1\"> </span>Metodologia<span class=\"ff1\"> </span>backtesting,<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3f83\">VaR<span class=\"ff1\"> </span>Portafoglio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Propriet\u00e0,<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>ne<span class=\"ff1\"> </span>espone<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>finalit\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>metodologia. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3f84\">Il<span class=\"ff1\"> </span>back<span class=\"_ _0\"></span>testing<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>eseguito<span class=\"ff1\"> </span>mettendo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>confronto<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dati<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Va<span class=\"_ _2\"></span>R<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>dati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>P&amp;L<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gestionali<span class=\"ff1\"> </span>giornalieri<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3f85\">(o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>set<span class=\"_ _2\"></span>timanali,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>portafogli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quali<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>calcolo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>re<span class=\"_ _2\"></span>dditivit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>u<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>base<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>weekly),<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>bas<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3f86\">sull\u2019analisi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u201ceccezioni\u201d,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ovvero<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">casi</span> <span class=\"_ _20\"></span><span class=\"ff3\">in</span> <span class=\"_ _21\"></span><span class=\"ff3\">cui</span> <span class=\"_ _20\"></span><span class=\"ff3\">la</span> <span class=\"_ _21\"></span><span class=\"ff3\">pe<span class=\"_ _0\"></span>rdit<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>registr<span class=\"_ _2\"></span>ata<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>isulta<span class=\"ff1\"> <span class=\"_ _20\"></span></span>superiore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _21\"></span></span>VaR<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3f87\">stimato<span class=\"ff1\">  </span>per<span class=\"ff1\">  </span>lo<span class=\"ff1\">  </span>stesso<span class=\"ff1\">  </span>periodo<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\">  </span>riferimento,<span class=\"ff1\">  </span>sia<span class=\"ff1\">  </span>in<span class=\"ff1\">  </span>termini<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>num<span class=\"_ _2\"></span>erosit\u00e0<span class=\"ff1\">  </span>sia<span class=\"ff1\">  </span>in<span class=\"ff1\">  </span>termini<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3f88\">distribuzione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">temporale. </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3f89\">Il<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>perimetro<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>dell\u2019analisi<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>bac<span class=\"_ _2\"></span>ktest<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>sono<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>portafogli<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>R<span class=\"_ _2\"></span>egolamento<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>F<span class=\"_ _2\"></span>inanza,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>l\u2019orizzonte<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3f8a\">temporale<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>VaR<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">\u00e8</span> <span class=\"ff3\">coerente</span> <span class=\"ff3\">con</span> <span class=\"ff3\">quello</span> <span class=\"ff3\">di</span> <span class=\"ff3\">calcolo</span> <span class=\"ff3\">del</span> <span class=\"ff3\">P&amp;L.</span> <span class=\"ff3\">L\u2019esercizio</span> <span class=\"ff3\">si</span> <span class=\"_ _0\"></span><span class=\"ff3\">basa<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>12<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mesi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>dati.<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3f8b\">Le<span class=\"ff1\"> </span>ipotesi<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>state<span class=\"ff1\"> </span>verificate<span class=\"ff1\"> </span>attraverso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>una<span class=\"ff1\"> </span>serie<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>test: </div><div class=\"t m6 h13 ff6 fs5 fc0 sc0 ls0 ws0 gs3f8c\"> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3f8d\">Fre<span class=\"_ _0\"></span>que<span class=\"_ _0\"></span>ncy<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Te<span class=\"_ _0\"></span>st:<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Bas<span class=\"_ _0\"></span>ile<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Kup<span class=\"_ _0\"></span>iec<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(o<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">PO<span class=\"_ _0\"></span>F,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Pro<span class=\"_ _0\"></span>port<span class=\"_ _0\"></span>ion<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">of<span class=\"ff1\"> </span>Fa<span class=\"_ _0\"></span>ilu<span class=\"_ _0\"></span>re)<span class=\"_ _0\"></span>; </span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m6 h13 ff6 fs5 fc0 sc0 ls0 ws0 gs3f8e\"> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3f8f\">Ind<span class=\"_ _0\"></span>ipen<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>nce<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Test<span class=\"_ _0\"></span>:<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>hri<span class=\"_ _0\"></span>stof<span class=\"_ _0\"></span>ferse<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Mi<span class=\"_ _0\"></span>xed<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Kup<span class=\"_ _0\"></span>iec; </span></span></span></span></span></span></div><div class=\"t m6 h13 ff6 fs5 fc0 sc0 ls0 ws0 gs3f90\"> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3f91\">Joi<span class=\"_ _0\"></span>nt<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Te<span class=\"_ _0\"></span>st:<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">PO<span class=\"_ _0\"></span>F<span class=\"ff1\"> </span>+<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Chri<span class=\"_ _0\"></span>stof<span class=\"_ _0\"></span>fers<span class=\"_ _0\"></span>en,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">P<span class=\"_ _0\"></span>OF<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">+<span class=\"ff1\"> </span>Mi<span class=\"_ _0\"></span>xed<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">K<span class=\"_ _0\"></span>upie<span class=\"_ _0\"></span>c. </span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3f92\">Nell\u2019ambito<span class=\"ff1\"> </span>dell\u2019analisi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">annuale<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">backtesting<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>test<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>ffettuati<span class=\"ff1\"> </span>confermano<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tenuta<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">modello<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3f93\">V<span class=\"_ _0\"></span>aR<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span> </div><div class=\"t mb h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3f95\">1.3</div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3f96\">Gl<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3f97\">st<span class=\"_ _0\"></span>ru<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3f98\">de<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3f99\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3f9a\">le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3f9b\">po<span class=\"_ _1\"></span>liti<span class=\"_ _0\"></span>che<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3f9c\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3f9d\">co<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rtu<span class=\"_ _1\"></span>ra </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3f9e\">L\u2019operativit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>strumenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziari<span class=\"ff1\"> <span class=\"_ _20\"></span></span>derivati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gestita<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dal<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Gruppo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tramite<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> <span class=\"_ _20\"></span></span>apposito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>applicativo<span class=\"_ _0\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3f9f\">ded<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>atto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">al<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">valori<span class=\"_ _0\"></span>zz<span class=\"_ _0\"></span>azion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>gior<span class=\"_ _0\"></span>nali<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> </span></span></span></span></span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs3fa0\">Ma<span class=\"_ _0\"></span>rk</div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs3fa1\">to</div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs3fa2\">mo<span class=\"_ _0\"></span>del</div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3fa3\">.<span class=\"ff1\"> </span>Il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">doc<span class=\"_ _0\"></span>umen<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rifer<span class=\"_ _0\"></span>imen<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>\u201cAl<span class=\"_ _0\"></span>lega<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3fa4\">tecnico<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Policy<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Gruppo:<span class=\"ff1\"> </span>Manuale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">modelli<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pricing\u201d<span class=\"ff1\"> </span>disciplina<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">principali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">modelli<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3fa5\">pricing<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>comunemente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>utilizzati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Gruppo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>propri<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>derivati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>valutati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Mark<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>to<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Model.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>In<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3fa6\">particolare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> </span>sezione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dedicata<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>escrive<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span>dettaglio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tali<span class=\"ff1\"> </span>modelli.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">L\u2019insieme<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mo<span class=\"_ _2\"></span>delli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">descritti<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3fa7\">individua<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">metodologie<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>oggi<span class=\"ff1\"> </span>utilizzate<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>validate<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>valutazioni<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> </span>detenuti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3fa8\">pro<span class=\"_ _0\"></span>prie<span class=\"_ _0\"></span>t\u00e0. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3fa9\">Cl<span class=\"_ _0\"></span>assi<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>trum<span class=\"_ _0\"></span>enti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>riva<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>aram<span class=\"_ _0\"></span>etr<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>me<span class=\"_ _0\"></span>rca<span class=\"_ _0\"></span>to </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3faa\">Il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Grup<span class=\"_ _0\"></span>po<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Cre<span class=\"_ _0\"></span>dem<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _1\"></span>otato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>F<span class=\"_ _0\"></span>air<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">V<span class=\"_ _0\"></span>alue<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">P<span class=\"_ _0\"></span>olic<span class=\"_ _0\"></span>y<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">re<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>tivi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>llega<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">te<span class=\"_ _0\"></span>cnici<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span>sci<span class=\"_ _0\"></span>plin<span class=\"_ _0\"></span>ano<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">anche<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3fab\">le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>regole<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cont<span class=\"_ _2\"></span>abili<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>valorizzazione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>gli<span class=\"ff1\"> <span class=\"_ _21\"></span></span>strumenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>mark<span class=\"ff1\"> <span class=\"_ _21\"></span></span>to<span class=\"ff1\"> <span class=\"_ _2\"></span></span>model,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>relativi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>parametri<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3fac\">processi<span class=\"ff1\"> </span>inerenti<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>valorizzazione<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>strumenti. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3fad\">In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pa<span class=\"_ _0\"></span>rtic<span class=\"_ _0\"></span>ola<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>m<span class=\"_ _0\"></span>anu<span class=\"_ _0\"></span>ale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">arti<span class=\"_ _0\"></span>cola<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ne<span class=\"_ _0\"></span>lle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">segu<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>se<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>oni: </span></span></span></span></span></span></span></span></span></span></div><div class=\"t m2 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3fae\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3faf\">cl<span class=\"_ _0\"></span>assi<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">stru<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>der<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span>ti,<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>tori<span class=\"_ _0\"></span>cizz<span class=\"_ _0\"></span>ati<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ll\u2019<span class=\"_ _0\"></span>inte<span class=\"_ _0\"></span>rno<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>l\u2019a<span class=\"_ _0\"></span>ppli<span class=\"_ _0\"></span>cat<span class=\"_ _0\"></span>ivo; </span></span></div><div class=\"t m2 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3fb0\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3fb1\">mappatura<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>dettaglio<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>parametri<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>mercato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alimentati<span class=\"ff1\"> </span>all\u2019interno<span class=\"ff1\"> </span>dell\u2019applicativo<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3fb2\">fine<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valutare<span class=\"ff1\"> </span>tutti<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>strumenti; </div><div class=\"t m2 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3fb3\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3fb4\">de<span class=\"_ _0\"></span>scri<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>roce<span class=\"_ _0\"></span>dur<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>au<span class=\"_ _0\"></span>toma<span class=\"_ _0\"></span>tizz<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>toric<span class=\"_ _0\"></span>izz<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pre<span class=\"_ _0\"></span>zzi.<span class=\"_ _0\"></span> </span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3fb5\">Pa<span class=\"_ _0\"></span>rame<span class=\"_ _0\"></span>tri<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">mer<span class=\"_ _0\"></span>cato </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3fb6\">I<span class=\"ff1\"> </span>parametri<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>mercato<span class=\"ff1\"> </span>utilizzati<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>le<span class=\"ff1\"> </span>valutazioni<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>gestiti<span class=\"ff1\"> </span>all\u2019interno<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dell\u2019applicativo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>possono<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3fb7\">ess<span class=\"_ _0\"></span>ere:<span class=\"_ _0\"></span> </div><div class=\"t m30 h33 ffa fs5 fc0 sc0 ls0 ws0 gs3fb8\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3fb9\">dati<span class=\"ff1\"> </span>acquisiti<span class=\"ff1\"> </span>automaticamente,<span class=\"ff1\"> </span>informazioni<span class=\"ff1\"> </span>scaricat<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>periodicamente<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>Info<span class=\"ff1\"> </span>Providers,<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3fba\">(ad<span class=\"ff1\"> </span>es:<span class=\"ff1\"> </span>market<span class=\"ff1\"> </span>parameter<span class=\"ff1\"> </span>giornalieri); </div><div class=\"t m30 h33 ffa fs5 fc0 sc0 ls0 ws0 gs3fbb\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3fbc\">dati<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>mercato<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>stimati<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>dall\u2019applicativo,<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>prevalentemente<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>attraverso<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>dat<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>acquisiti<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3fbd\">au<span class=\"_ _0\"></span>toma<span class=\"_ _0\"></span>tic<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>te. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3fbe\">Generalmente,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"ff1\">  </span>parametri<span class=\"ff1\">  </span>alimen<span class=\"_ _0\"></span>tati<span class=\"ff1\">  </span>manualmente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\">  </span>q<span class=\"_ _0\"></span>uelli<span class=\"ff1\">  </span>c<span class=\"_ _0\"></span>he<span class=\"ff1\">  </span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>necessitano<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>un<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3fbf\">aggiornamento<span class=\"ff1\"> </span>costante<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>giornaliero. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3fc0\">Pro<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>sso<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vali<span class=\"_ _0\"></span>daz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">m<span class=\"_ _0\"></span>odell<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pa<span class=\"_ _0\"></span>rame<span class=\"_ _0\"></span>tri </span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3fc1\">I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">docu<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>rife<span class=\"_ _1\"></span>rimen<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>rip<span class=\"_ _0\"></span>ortan<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>me<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>dic<span class=\"_ _0\"></span>ato<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>utti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i</span> <span class=\"ff3\">m<span class=\"_ _0\"></span>odel<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ric<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">i</span> <span class=\"ff3\">p<span class=\"_ _0\"></span>ara<span class=\"_ _0\"></span>metri<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">me<span class=\"_ _0\"></span>rcato<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3fc2\">validati<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>utilizzati<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>Gruppo<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>str<span class=\"_ _2\"></span>umenti<span class=\"ff1\"> </span>derivati. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3fc3\">Qualora<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>sia<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>necessario<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>introdu<span class=\"_ _0\"></span>rre<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>nuovi<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>parametri<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>e/o<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>modelli,<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>processo<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>prevede<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>il<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3fc4\">coinvolgimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> </span>funzione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>validazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>disciplina<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>apposito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>parere<span class=\"ff1\"> <span class=\"_ _2\"></span></span>inerente<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nuova<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3fc5\">operativit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>provvede<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>validazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>modelli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>come<span class=\"ff1\"> <span class=\"_ _20\"></span></span>disciplinato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nell\u2019<span class=\"ff1\"> <span class=\"_ _2\"></span></span>apposito<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>regolamento<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3fc6\">Nuovi<span class=\"ff1\"> </span>prodotti<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Gruppo. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3fc7\">E\u2019<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cura<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>funzione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>va<span class=\"_ _2\"></span>lidazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>aggiornare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>periodicamente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>documenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riferimento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3fc8\">nuovi<span class=\"ff1\"> </span>modelli<span class=\"ff1\"> </span>e/o<span class=\"ff1\"> </span>parametri<span class=\"ff1\"> </span>utilizzati<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>effettuare<span class=\"ff1\"> </span>analisi<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>validit\u00e0<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>modelli<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>uso.<span class=\"_ _2\"></span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3fc9\">Procedure<span class=\"ff1\"> </span>automat<span class=\"_ _2\"></span>iche<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>appositi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>controlli<span class=\"ff1\"> </span>consento<span class=\"_ _2\"></span>no<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>presidio<span class=\"ff1\"> </span>gior<span class=\"_ _2\"></span>naliero<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>valor<span class=\"_ _2\"></span>izzazioni<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3fca\">dei<span class=\"ff1\"> </span>derivati<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>parametri<span class=\"ff1\"> </span>utilizzati. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3fcb\">Si<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>riporta<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ogni<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tipologia<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>st<span class=\"_ _2\"></span>rumento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>derivato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>t<span class=\"_ _2\"></span>ipo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>valutazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>(tramite<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>quotazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3fcc\">me<span class=\"_ _0\"></span>rcat<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs3fcd\">Ma<span class=\"_ _0\"></span>rk</div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs3fce\">to</div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs3fcf\">ma<span class=\"_ _0\"></span>rket</div><div class=\"t m0 h9 ff1 fs4 fc0 sc0 ls0 ws0 gs3fd0\"> <span class=\"ff3 fs5\">o<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tr<span class=\"_ _0\"></span>amite<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>tazi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>mo<span class=\"_ _0\"></span>dell<span class=\"_ _0\"></span>o-<span class=\"ff1\"> </span></span></span></span></span></span></span></span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs3fd1\">Ma<span class=\"_ _0\"></span>rk</div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs3fd2\">to</div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs3fd3\">mo<span class=\"_ _0\"></span>del</div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3fd4\">).<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Ne<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cas<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>lo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">st<span class=\"_ _0\"></span>rume<span class=\"_ _0\"></span>nto<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3fd5\">sia<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">val<span class=\"_ _0\"></span>uta<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tram<span class=\"_ _0\"></span>ite<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs3fd6\">Mar<span class=\"_ _0\"></span>k</div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs3fd7\">to</div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs3fd8\">Mo<span class=\"_ _0\"></span>del</div><div class=\"t m0 h9 ff1 fs4 fc0 sc0 ls0 ws0 gs3fd9\"> <span class=\"ff3 fs5\">s<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>ndi<span class=\"_ _0\"></span>cano<span class=\"_ _0\"></span>:<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mo<span class=\"_ _0\"></span>dell<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pr<span class=\"_ _0\"></span>icin<span class=\"_ _0\"></span>g<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>tili<span class=\"_ _0\"></span>zza<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">val<span class=\"_ _0\"></span>ori<span class=\"_ _0\"></span>zzazi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> </span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3fda\">i<span class=\"ff1\"> </span>parametri<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>mercato<span class=\"ff1\"> </span>utilizzati<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>valutazione.<span class=\"_ _3bd\"> </span> </div>a<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>ly<span class=\"_ _0\"></span> <span class=\"_ _22\"> </span>Gro<span class=\"_ _0\"></span>up<span class=\"_ _0\"></span> Tr<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>o n<span class=\"_ _3bd\"> </span>T<span class=\"_ _0\"></span>yp<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span> De<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>pti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span> Ma<span class=\"_ _0\"></span>rk<span class=\"_ _3bd\"> </span>t<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span> Ma<span class=\"_ _0\"></span>rk<span class=\"_ _0\"></span>etM<span class=\"_ _1\"></span>ark<span class=\"_ _3bd\"> </span>t<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span> Mo<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>pr<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span> C<span class=\"_ _0\"></span>UR<span class=\"_ _0\"></span>R <span class=\"_ _31c\"> </span>FX<span class=\"_ _0\"></span>D <span class=\"_ _1fe\"> </span>FX<span class=\"_ _0\"></span>D<span class=\"_ _0\"></span> <span class=\"_ _a5\"> </span>Spot<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Fo<span class=\"_ _0\"></span>rwar<span class=\"_ _0\"></span>d </span></span>Mark<span class=\"_ _3bd\"> </span>to<span class=\"_ _3bd\"> </span>Ma<span class=\"_ _0\"></span>rke<span class=\"_ _0\"></span>t,<span class=\"_ _3bd\"> </span>Mark<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">to<span class=\"ff1\"> </span>M<span class=\"_ _1\"></span>od<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span> </span></span>Mo<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>o:<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Cos<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span>f<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>arry<span class=\"_ _0\"></span> </span></span>C<span class=\"_ _0\"></span>UR<span class=\"_ _0\"></span>R <span class=\"_ _1ec\"> </span>FX<span class=\"_ _0\"></span>D<span class=\"_ _0\"></span> <span class=\"_ _194\"> </span>XS<span class=\"_ _1\"></span>W <span class=\"_ _176\"> </span>Fo<span class=\"_ _0\"></span>rex<span class=\"_ _0\"></span>-S<span class=\"_ _0\"></span>wa<span class=\"_ _0\"></span>p <span class=\"_ _207\"> </span>Mark<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Mo<span class=\"_ _1\"></span>del<span class=\"_ _0\"></span> </span></span></span></span>Mo<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>o:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">C<span class=\"_ _3bd\"> </span></span></span>ost<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span>f<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Carr<span class=\"_ _0\"></span>y </span></span>C<span class=\"_ _0\"></span>UR<span class=\"_ _0\"></span>R <span class=\"_ _31c\"> </span>OP<span class=\"_ _1\"></span>T FX<span class=\"ff1\"> </span>O<span class=\"_ _0\"></span>pti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span> <span class=\"_ _1fe\"> </span>Mark<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">to<span class=\"ff1\"> </span>M<span class=\"_ _0\"></span>od<span class=\"_ _1\"></span>el </span></span>Mo<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>o:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">B</span></span>lac<span class=\"_ _0\"></span>k<span class=\"ff1\"> </span>E<span class=\"_ _0\"></span>xoti<span class=\"_ _0\"></span>c<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>solo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">back<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">t<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>bac<span class=\"_ _0\"></span>k) </span></span></span></span> <span class=\"_ _6e\"> </span> <span class=\"_ _a3\"> </span> <span class=\"_ _3a\"> </span> <span class=\"_ _347\"> </span><span class=\"ff3\">Mark</span> <span class=\"_ _1\"></span><span class=\"ff3\">to<span class=\"ff1\"> </span>M<span class=\"_ _0\"></span>ark<span class=\"_ _0\"></span>et </span>Mark<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">to<span class=\"ff1\"> </span>M<span class=\"_ _1\"></span>od<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span> </span></span>Mo<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>o: <span class=\"_ _1\"></span><span class=\"ff3\">CN<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Cre<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>t<span class=\"ff1\"> </span>A<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">(</span></span></span></span></span>Sol<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>Sen<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>iti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>y) E<span class=\"_ _0\"></span>QD<span class=\"_ _1\"></span> <span class=\"_ _216\"> </span>EQ<span class=\"_ _1\"></span>UIT<span class=\"_ _0\"></span> Equ<span class=\"_ _0\"></span>itie<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span> <span class=\"_ _90\"> </span>Mark<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Mark<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span> </span></span></span></span>Mo<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>o I<span class=\"_ _0\"></span>RD<span class=\"_ _0\"></span> <span class=\"_ _200\"> </span>AS<span class=\"_ _0\"></span>W<span class=\"_ _0\"></span>P Ass<span class=\"_ _0\"></span>et<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">S<span class=\"_ _0\"></span>wa<span class=\"_ _0\"></span>p <span class=\"_ _1a8\"> </span>Mark<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">to<span class=\"ff1\"> </span>M<span class=\"_ _1\"></span>od<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span> </span></span></span></span>Mo<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>o:<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Dis<span class=\"_ _0\"></span>cou<span class=\"_ _0\"></span>nted<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ca<span class=\"_ _0\"></span>sh<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>w </span></span></span></span>I<span class=\"_ _0\"></span>RD<span class=\"_ _0\"></span> <span class=\"_ _1f3\"> </span>B<span class=\"_ _0\"></span>ON<span class=\"_ _1\"></span>D Va<span class=\"_ _0\"></span>nill<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>B<span class=\"_ _0\"></span>ond<span class=\"_ _0\"></span>s Mark<span class=\"_ _3bd\"> </span>to<span class=\"_ _3bd\"> </span>Ma<span class=\"_ _0\"></span>rke<span class=\"_ _0\"></span>t<span class=\"_ _3bd\"> </span>Mark<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">to<span class=\"ff1\"> </span>M<span class=\"_ _1\"></span>od<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span> </span></span>Mo<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>o:<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Dis<span class=\"_ _0\"></span>cou<span class=\"_ _0\"></span>nted<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>ash<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>w </span></span></span></span>I<span class=\"_ _0\"></span>RD<span class=\"_ _0\"></span> <span class=\"_ _1f3\"> </span>C<span class=\"_ _0\"></span>/F<span class=\"_ _1\"></span> Cap<span class=\"_ _1\"></span>/Floo<span class=\"_ _0\"></span>r <span class=\"_ _11b\"> </span>Mar<span class=\"_ _2\"></span>k<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">to<span class=\"ff1\"> </span>M<span class=\"_ _1\"></span>od<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span> </span></span>Mo<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>o:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Blac<span class=\"_ _0\"></span>k<span class=\"ff1\"> </span>N<span class=\"_ _0\"></span>ormal<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Yi<span class=\"_ _0\"></span>eld,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Fi<span class=\"_ _0\"></span>sche<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>Bl<span class=\"_ _0\"></span>ack </span></span></span></span></span></span>Mo<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>o: <span class=\"_ _1\"></span><span class=\"ff3\">Disc<span class=\"_ _0\"></span>oun<span class=\"_ _0\"></span>ted<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cash<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fl<span class=\"_ _0\"></span>ow<span class=\"_ _0\"></span> </span></span></span></span></span> <span class=\"_ _6e\"> </span> <span class=\"_ _a3\"> </span> <span class=\"_ _a3\"> </span><span class=\"ff3\">Forw<span class=\"_ _0\"></span>ard<span class=\"ff1\"> <span class=\"_ _1fc\"> </span></span>Ra<span class=\"_ _1\"></span>te<span class=\"_ _3bd\"> </span></span>Ag<span class=\"_ _0\"></span>reem<span class=\"_ _0\"></span>ent Mo<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>i: <span class=\"_ _0\"></span><span class=\"ff3\">D</span>isc<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>d<span class=\"ff1\"> </span>cas<span class=\"_ _0\"></span>h<span class=\"ff1\"> </span>fl<span class=\"_ _1\"></span>ow I<span class=\"_ _0\"></span>RD<span class=\"_ _0\"></span> <span class=\"_ _200\"> </span>I<span class=\"_ _0\"></span>RS<span class=\"_ _0\"></span> In<span class=\"_ _0\"></span>tere<span class=\"_ _0\"></span>st<span class=\"_ _3bd\"> </span>R<span class=\"_ _0\"></span>ate<span class=\"_ _3bd\"> </span>S<span class=\"_ _0\"></span>wa<span class=\"_ _0\"></span>p Mark<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">to<span class=\"ff1\"> </span>M<span class=\"_ _1\"></span>od<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span> </span></span>Mo<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>o:<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Dis<span class=\"_ _0\"></span>cou<span class=\"_ _0\"></span>nted<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ca<span class=\"_ _0\"></span>sh<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>w </span></span></span></span>Mo<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>i: <span class=\"_ _0\"></span><span class=\"ff3\">Disc<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>d<span class=\"ff1\"> </span>cas<span class=\"_ _0\"></span>h<span class=\"ff1\"> </span>fl<span class=\"_ _1\"></span>ow </span>I<span class=\"_ _0\"></span>RD<span class=\"_ _0\"></span> <span class=\"_ _1f3\"> </span>LF<span class=\"_ _0\"></span>UT,S<span class=\"_ _0\"></span>FUT L<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>g<span class=\"_ _3bd\"> </span>/Sh<span class=\"_ _0\"></span>ort<span class=\"_ _3bd\"> </span>Fu<span class=\"_ _0\"></span>ture Mark<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">to<span class=\"ff1\"> </span>M<span class=\"_ _0\"></span>ark<span class=\"_ _0\"></span>et </span></span>Mo<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>o: U<span class=\"_ _0\"></span>RD<span class=\"_ _0\"></span> <span class=\"_ _1fc\"> </span>LN<span class=\"_ _0\"></span>_L<span class=\"_ _0\"></span>R Loa<span class=\"_ _0\"></span>ns/<span class=\"_ _0\"></span>Depo<span class=\"_ _0\"></span>sit <span class=\"_ _1fb\"> </span>Mark<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Mo<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span> </span></span></span></span>Model<span class=\"_ _0\"></span>lo <span class=\"_ _2\"></span><span class=\"ff3\">D<span class=\"_ _2\"></span>iscounted</span> <span class=\"_ _1\"></span><span class=\"ff3\">cash<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fl<span class=\"_ _1\"></span>ow </span></span></span>I<span class=\"_ _0\"></span>RD<span class=\"_ _3bd\"> </span>O<span class=\"_ _0\"></span>PT<span class=\"_ _3bd\"> </span>O<span class=\"_ _0\"></span>TC<span class=\"_ _3bd\"> </span>Bo<span class=\"_ _0\"></span>nd<span class=\"_ _3bd\"> </span>Op<span class=\"_ _0\"></span>tion<span class=\"_ _3bd\"> </span>Mark<span class=\"_ _3bd\"> </span>to<span class=\"_ _3bd\"> </span>M<span class=\"_ _0\"></span>od<span class=\"_ _1\"></span>el<span class=\"_ _3bd\"> </span>Mo<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>o: <span class=\"ff3\">B<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>ck<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Norm<span class=\"_ _0\"></span>al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Yie<span class=\"_ _0\"></span>ld,<span class=\"ff1\"> </span>F<span class=\"_ _0\"></span>isch<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>B<span class=\"_ _0\"></span>lac<span class=\"_ _0\"></span>k </span></span></span></span></span>I<span class=\"_ _0\"></span>RD<span class=\"_ _0\"></span> <span class=\"_ _200\"> </span>RE<span class=\"_ _0\"></span>PO<span class=\"_ _0\"></span> <span class=\"_ _75\"> </span>R<span class=\"_ _1\"></span>EPO<span class=\"_ _0\"></span> <span class=\"_ _207\"> </span>B<span class=\"_ _0\"></span>ond<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Rep<span class=\"_ _1\"></span>o <span class=\"_ _176\"> </span>Mark<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Mo<span class=\"_ _1\"></span>del<span class=\"_ _0\"></span> </span></span></span></span></span></span>Mo<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>o: <span class=\"_ _0\"></span><span class=\"ff3\">Disc<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>d<span class=\"ff1\"> </span>ca<span class=\"_ _0\"></span>sh<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>w </span>S<span class=\"_ _0\"></span>CF<span class=\"_ _0\"></span> <span class=\"_ _335\"> </span>SC<span class=\"_ _1\"></span>F <span class=\"_ _194\"> </span>SC<span class=\"_ _1\"></span>F <span class=\"_ _a5\"> </span>Sim<span class=\"_ _0\"></span>ple<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Cas<span class=\"_ _0\"></span>h<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Fl<span class=\"_ _0\"></span>ow<span class=\"_ _3bd\"> </span></span></span></span></span>Mo<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>o: 1.3.<span class=\"_ _0\"></span>1Gl<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>st<span class=\"_ _0\"></span>ru<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>neg<span class=\"_ _1\"></span>ozia<span class=\"_ _0\"></span>zio<span class=\"_ _1\"></span>ne A.De<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>vat<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>A.1<span class=\"_ _3bd\"> </span>De<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>vat<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nzia<span class=\"_ _1\"></span>ri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>go<span class=\"_ _0\"></span>zia<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>ri<span class=\"_ _3bd\"> </span>no<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>ali<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>per<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>do<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Att<span class=\"_ _0\"></span>ivit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>sott<span class=\"_ _1\"></span>ostan<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>/Tip<span class=\"_ _1\"></span>ologi<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>deri<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Tot<span class=\"_ _0\"></span>ale<span class=\"_ _3bd\"> </span>31/<span class=\"_ _1\"></span>12/20<span class=\"_ _0\"></span>22<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _f3\"> </span><span class=\"fc4 sc2\">Tot<span class=\"_ _0\"></span>ale<span class=\"_ _3bd\"> </span></span></span>31/<span class=\"_ _1\"></span>12/20<span class=\"_ _0\"></span>21<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Over<span class=\"_ _3bd\"> </span>the<span class=\"_ _3bd\"> </span>cou<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>er<span class=\"fc0 sc1\"> </span>Mer<span class=\"_ _0\"></span>cat<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>orga<span class=\"_ _1\"></span>nizz<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Over<span class=\"_ _3bd\"> </span>the<span class=\"_ _3bd\"> </span>cou<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>er<span class=\"fc0 sc1\"> </span>Mer<span class=\"_ _0\"></span>cat<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>orga<span class=\"_ _1\"></span>nizz<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Con<span class=\"_ _0\"></span>tro<span class=\"_ _1\"></span>part<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>cen<span class=\"_ _1\"></span>tral<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>Sen<span class=\"_ _0\"></span>za<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>rop<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>ce<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>ali<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Con<span class=\"_ _0\"></span>tro<span class=\"_ _1\"></span>part<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>cen<span class=\"_ _1\"></span>tral<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>Sen<span class=\"_ _0\"></span>za<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>rop<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>ce<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>ali<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Con<span class=\"_ _3bd\"> </span>accordi<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>com<span class=\"_ _1\"></span>pens<span class=\"_ _1\"></span>azion<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>Senza<span class=\"_ _3bd\"> </span>accordi<span class=\"_ _3bd\"> </span>d<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>com<span class=\"_ _1\"></span>pens<span class=\"_ _1\"></span>azion<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>Con<span class=\"_ _3bd\"> </span>accordi<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>com<span class=\"_ _1\"></span>pens<span class=\"_ _1\"></span>azion<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>Sen<span class=\"_ _0\"></span>za<span class=\"_ _3bd\"> </span>acc<span class=\"_ _1\"></span>ord<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>com<span class=\"_ _1\"></span>pens<span class=\"_ _1\"></span>azion<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>1.<span class=\"_ _3bd\"> </span>Titoli<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>debito<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>tassi<span class=\"_ _3bd\"> </span>d'interesse<span class=\"_ _0\"></span> - <span class=\"_ _1fd\"> </span>955<span class=\"_ _0\"></span>.838 <span class=\"_ _1a8\"> </span>572.88<span class=\"_ _0\"></span>8 -<span class=\"_ _3bd\"> </span>- <span class=\"_ _32b\"> </span>1.32<span class=\"_ _0\"></span>2.441 <span class=\"_ _21a\"> </span>499.45<span class=\"_ _0\"></span>3 -<span class=\"_ _3bd\"> </span>a)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Opzion<span class=\"_ _0\"></span>i </span></span>- <span class=\"_ _6e\"> </span>23<span class=\"_ _0\"></span>.522 <span class=\"_ _20b\"> </span>377<span class=\"_ _0\"></span>.48<span class=\"_ _0\"></span>7 -<span class=\"_ _3bd\"> </span>- <span class=\"_ _6c\"> </span>38.688 <span class=\"_ _176\"> </span>23<span class=\"_ _0\"></span>6.20<span class=\"_ _0\"></span>1 -<span class=\"_ _3bd\"> </span>b)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">S<span class=\"_ _0\"></span>wap<span class=\"_ _0\"></span> </span></span>- <span class=\"_ _21a\"> </span>932.31<span class=\"_ _0\"></span>6 <span class=\"_ _176\"> </span>1<span class=\"_ _0\"></span>92.<span class=\"_ _0\"></span>901 -<span class=\"_ _3bd\"> </span>- <span class=\"_ _f2\"> </span>1.283<span class=\"_ _0\"></span>.753 <span class=\"_ _6c\"> </span>261<span class=\"_ _0\"></span>.252 -<span class=\"_ _3bd\"> </span>c)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Forwa<span class=\"_ _0\"></span>rd </span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>d)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">F<span class=\"_ _0\"></span>utur<span class=\"_ _0\"></span>es </span></span>-<span class=\"_ _3bd\"> </span>- <span class=\"_ _11b\"> </span>2.5<span class=\"_ _0\"></span>00 -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>- <span class=\"_ _175\"> </span>2.0<span class=\"_ _0\"></span>00 -<span class=\"_ _3bd\"> </span>e)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altri </span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>2.<span class=\"_ _3bd\"> </span>Titoli<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>capit<span class=\"_ _0\"></span>ale<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>indici<span class=\"_ _3bd\"> </span>azionari<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>- <span class=\"_ _194\"> </span>5.7<span class=\"_ _0\"></span>28 -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>- <span class=\"_ _72\"> </span>6.7<span class=\"_ _0\"></span>48 -<span class=\"_ _3bd\"> </span>a)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Opzion<span class=\"_ _0\"></span>i </span></span>-<span class=\"_ _3bd\"> </span>- <span class=\"_ _194\"> </span>5.7<span class=\"_ _0\"></span>28 -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>- <span class=\"_ _72\"> </span>6.7<span class=\"_ _0\"></span>48 -<span class=\"_ _3bd\"> </span>b)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">S<span class=\"_ _0\"></span>wap<span class=\"_ _0\"></span> </span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>c)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Forwa<span class=\"_ _0\"></span>rd </span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>d)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">F<span class=\"_ _0\"></span>utur<span class=\"_ _0\"></span>es </span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>e)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altri </span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>3.<span class=\"_ _3bd\"> </span>Valute<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>or<span class=\"_ _1\"></span>o - <span class=\"_ _6e\"> </span>8<span class=\"_ _0\"></span>2.2<span class=\"_ _0\"></span>52 <span class=\"_ _1fd\"> </span>538<span class=\"_ _0\"></span>.832 -<span class=\"_ _3bd\"> </span>- <span class=\"_ _77\"> </span>622.<span class=\"_ _0\"></span>764 <span class=\"_ _7e\"> </span>401<span class=\"_ _0\"></span>.46<span class=\"_ _0\"></span>0 -<span class=\"_ _3bd\"> </span>a)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Opzion<span class=\"_ _0\"></span>i </span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>- <span class=\"_ _50\"> </span>1.94<span class=\"_ _0\"></span>2 <span class=\"_ _47\"> </span>1.94<span class=\"_ _0\"></span>2 -<span class=\"_ _3bd\"> </span>b)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">S<span class=\"_ _0\"></span>wap<span class=\"_ _0\"></span> </span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>c)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Forwa<span class=\"_ _0\"></span>rd </span></span>- <span class=\"_ _6e\"> </span>8<span class=\"_ _0\"></span>2.2<span class=\"_ _0\"></span>52 <span class=\"_ _1fd\"> </span>538<span class=\"_ _0\"></span>.832 -<span class=\"_ _3bd\"> </span>- <span class=\"_ _20b\"> </span>620<span class=\"_ _0\"></span>.822 <span class=\"_ _176\"> </span>3<span class=\"_ _0\"></span>99.5<span class=\"_ _0\"></span>18 -<span class=\"_ _3bd\"> </span>d)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">F<span class=\"_ _0\"></span>utur<span class=\"_ _0\"></span>es </span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>e)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altri </span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>4.<span class=\"_ _3bd\"> </span>Mer<span class=\"_ _1\"></span>ci -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>5.<span class=\"_ _3bd\"> </span>Al<span class=\"_ _1\"></span>tri<span class=\"_ _1\"></span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Tot<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e - <span class=\"_ _177\"> </span>1.03<span class=\"_ _0\"></span>8.0<span class=\"_ _0\"></span>90 <span class=\"_ _207\"> </span>1.<span class=\"_ _0\"></span>117.<span class=\"_ _0\"></span>44<span class=\"_ _0\"></span>8 -<span class=\"_ _3bd\"> </span>- <span class=\"_ _1ac\"> </span>1.945<span class=\"_ _1\"></span>.205<span class=\"_ _0\"></span> <span class=\"_ _6c\"> </span>907.<span class=\"_ _0\"></span>661<div class=\"t m26 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs40db\">A.2<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs40dc\">De<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>vat<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs40dd\">fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nzia<span class=\"_ _1\"></span>ri<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs40de\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs40df\">ne<span class=\"_ _0\"></span>go<span class=\"_ _0\"></span>zia<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs40e0\">fa<span class=\"_ _0\"></span>ir<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs40e1\">va<span class=\"_ _0\"></span>lue<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs40e2\">lo<span class=\"_ _0\"></span>rd<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs40e3\">po<span class=\"_ _0\"></span>sit<span class=\"_ _1\"></span>ivo<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs40e4\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs40e5\">ne<span class=\"_ _0\"></span>ga<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs40e6\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs40e7\">ri<span class=\"_ _0\"></span>par<span class=\"_ _1\"></span>tizi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs40e8\">per<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs40e9\">pr<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>ot<span class=\"_ _0\"></span>ti<span class=\"fc0 sc1\"> </span></div><div class=\"t m4f h1d ff3 fsd fc4 sc2 ls0 ws0 gs40ea\">Tip<span class=\"_ _0\"></span>olo<span class=\"_ _0\"></span>gie<span class=\"_ _3bd\"> </span></div><div class=\"t m4f h1d ff3 fsd fc4 sc2 ls0 ws0 gs40eb\">de<span class=\"_ _0\"></span>riva<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m4f h1d ff3 fsd fc4 sc2 ls0 ws0 gs40ec\">Tot<span class=\"_ _0\"></span>ale<span class=\"_ _3bd\"> </span></div><div class=\"t m4f h1d ff3 fsd fc4 sc2 ls0 ws0 gs40ed\">31/<span class=\"_ _0\"></span>12/<span class=\"_ _0\"></span>202<span class=\"_ _0\"></span>2<span class=\"fc0 sc1\"> </span></div><div class=\"t m4f h1d ff3 fsd fc4 sc2 ls0 ws0 gs40ee\">Tot<span class=\"_ _0\"></span>ale<span class=\"_ _3bd\"> </span></div><div class=\"t m4f h1d ff3 fsd fc4 sc2 ls0 ws0 gs40ef\">31/<span class=\"_ _0\"></span>12/<span class=\"_ _0\"></span>202<span class=\"_ _0\"></span>1<span class=\"fc0 sc1\"> </span></div><div class=\"t m4f h1d ff3 fsd fc4 sc2 ls0 ws0 gs40f0\">Over<span class=\"_ _3bd\"> </span></div><div class=\"t m4f h1d ff3 fsd fc4 sc2 ls0 ws0 gs40f1\">the<span class=\"_ _3bd\"> </span></div><div class=\"t m4f h1d ff3 fsd fc4 sc2 ls0 ws0 gs40f2\">cou<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>er<span class=\"fc0 sc1\"> </span></div><div class=\"t m4f h1d ff3 fsd fc4 sc2 ls0 ws0 gs40f3\">Mer<span class=\"_ _0\"></span>cat<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m4f h1d ff3 fsd fc4 sc2 ls0 ws0 gs40f4\">orga<span class=\"_ _1\"></span>nizz<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m4f h1d ff3 fsd fc4 sc2 ls0 ws0 gs40f5\">Over<span class=\"_ _3bd\"> </span></div><div class=\"t m4f h1d ff3 fsd fc4 sc2 ls0 ws0 gs40f6\">the<span class=\"_ _3bd\"> </span></div><div class=\"t m4f h1d ff3 fsd fc4 sc2 ls0 ws0 gs40f7\">cou<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>er<span class=\"fc0 sc1\"> </span></div><div class=\"t m4f h1d ff3 fsd fc4 sc2 ls0 ws0 gs40f8\">Mer<span class=\"_ _0\"></span>cat<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m4f h1d ff3 fsd fc4 sc2 ls0 ws0 gs40f9\">orga<span class=\"_ _1\"></span>nizz<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m4f h1d ff3 fsd fc4 sc2 ls0 ws0 gs40fa\">Con<span class=\"_ _0\"></span>tro<span class=\"_ _0\"></span>par<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span></div><div class=\"t m4f h1d ff3 fsd fc4 sc2 ls0 ws0 gs40fb\">cen<span class=\"_ _0\"></span>tra<span class=\"_ _0\"></span>li<span class=\"fc0 sc1\"> </span></div><div class=\"t m4f h1d ff3 fsd fc4 sc2 ls0 ws0 gs40fc\">Sen<span class=\"_ _0\"></span>za<span class=\"_ _3bd\"> </span></div><div class=\"t m4f h1d ff3 fsd fc4 sc2 ls0 ws0 gs40fd\">con<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>opa<span class=\"_ _0\"></span>rti<span class=\"_ _3bd\"> </span></div><div class=\"t m4f h1d ff3 fsd fc4 sc2 ls0 ws0 gs40fe\">cen<span class=\"_ _0\"></span>tra<span class=\"_ _0\"></span>li<span class=\"fc0 sc1\"> </span></div><div class=\"t m4f h1d ff3 fsd fc4 sc2 ls0 ws0 gs40ff\">Con<span class=\"_ _0\"></span>tro<span class=\"_ _0\"></span>par<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span></div><div class=\"t m4f h1d ff3 fsd fc4 sc2 ls0 ws0 gs4100\">cen<span class=\"_ _0\"></span>tra<span class=\"_ _0\"></span>li<span class=\"fc0 sc1\"> </span></div><div class=\"t m4f h1d ff3 fsd fc4 sc2 ls0 ws0 gs4101\">Sen<span class=\"_ _0\"></span>za<span class=\"_ _3bd\"> </span></div><div class=\"t m4f h1d ff3 fsd fc4 sc2 ls0 ws0 gs4102\">con<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>opa<span class=\"_ _0\"></span>rti<span class=\"_ _3bd\"> </span></div><div class=\"t m4f h1d ff3 fsd fc4 sc2 ls0 ws0 gs4103\">cen<span class=\"_ _0\"></span>tra<span class=\"_ _0\"></span>li<span class=\"fc0 sc1\"> </span></div><div class=\"t m4f h1d ff3 fsd fc4 sc2 ls0 ws0 gs4104\">Con<span class=\"_ _3bd\"> </span></div><div class=\"t m4f h1d ff3 fsd fc4 sc2 ls0 ws0 gs4105\">accordi<span class=\"_ _3bd\"> </span></div><div class=\"t m4f h1d ff3 fsd fc4 sc2 ls0 ws0 gs4106\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m4f h1d ff3 fsd fc4 sc2 ls0 ws0 gs4107\">com<span class=\"_ _0\"></span>pen<span class=\"_ _0\"></span>saz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m4f h1d ff3 fsd fc4 sc2 ls0 ws0 gs4108\">Senza<span class=\"_ _3bd\"> </span></div><div class=\"t m4f h1d ff3 fsd fc4 sc2 ls0 ws0 gs4109\">acc<span class=\"_ _0\"></span>ordi<span class=\"_ _3bd\"> </span></div><div class=\"t m4f h1d ff3 fsd fc4 sc2 ls0 ws0 gs410a\">d<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m4f h1d ff3 fsd fc4 sc2 ls0 ws0 gs410b\">com<span class=\"_ _0\"></span>pen<span class=\"_ _0\"></span>saz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span></div><div class=\"t m4f h1d ff3 fsd fc4 sc2 ls0 ws0 gs410c\">Con<span class=\"_ _3bd\"> </span></div><div class=\"t m4f h1d ff3 fsd fc4 sc2 ls0 ws0 gs410d\">accordi<span class=\"_ _3bd\"> </span></div><div class=\"t m4f h1d ff3 fsd fc4 sc2 ls0 ws0 gs410e\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m4f h1d ff3 fsd fc4 sc2 ls0 ws0 gs410f\">com<span class=\"_ _0\"></span>pen<span class=\"_ _0\"></span>saz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m4f h1d ff3 fsd fc4 sc2 ls0 ws0 gs4110\">Senza<span class=\"_ _3bd\"> </span></div><div class=\"t m4f h1d ff3 fsd fc4 sc2 ls0 ws0 gs4111\">acc<span class=\"_ _0\"></span>ordi<span class=\"_ _3bd\"> </span></div><div class=\"t m4f h1d ff3 fsd fc4 sc2 ls0 ws0 gs4112\">d<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m4f h1d ff3 fsd fc4 sc2 ls0 ws0 gs4113\">com<span class=\"_ _0\"></span>pen<span class=\"_ _0\"></span>saz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4114\">1.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4115\">Fair<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4116\">value<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4117\">pos<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>vo<span class=\"_ _0\"></span> </div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4118\">a)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Opzion<span class=\"_ _0\"></span>i </span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4119\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs411a\">1.<span class=\"_ _0\"></span>084<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs411b\">1<span class=\"_ _0\"></span>07<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs411c\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs411d\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs411e\">1<span class=\"_ _0\"></span>04<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs411f\">90<span class=\"_ _1\"></span>8<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4120\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4121\">b)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Inter<span class=\"_ _0\"></span>est<span class=\"ff1\"> </span>ra<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>wa<span class=\"_ _0\"></span>p </span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4122\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4123\">26.<span class=\"_ _0\"></span>029<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4124\">22<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4125\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4126\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4127\">25.<span class=\"_ _0\"></span>568<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4128\">3.7<span class=\"_ _0\"></span>97<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4129\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs412a\">c)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Cross<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">curren<span class=\"_ _0\"></span>cy<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>wap<span class=\"_ _0\"></span> </span></span></span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs412b\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs412c\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs412d\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs412e\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs412f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4130\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4131\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4132\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4133\">d)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Equi<span class=\"_ _2\"></span>ty<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sw<span class=\"_ _0\"></span>ap<span class=\"_ _0\"></span> </span></span></span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4134\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4135\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4136\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4137\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4138\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4139\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs413a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs413b\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs413c\">e)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Forwa<span class=\"_ _0\"></span>rd </span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs413d\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs413e\">95<span class=\"_ _1\"></span>5<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs413f\">7.48<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4140\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4141\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4142\">5.2<span class=\"_ _0\"></span>52<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4143\">3.3<span class=\"_ _0\"></span>11<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4144\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4145\">f)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Futur<span class=\"_ _0\"></span>es </span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4146\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4147\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4148\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4149\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs414a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs414b\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs414c\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs414d\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs414e\">g)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">A<span class=\"_ _0\"></span>ltri </span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs414f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4150\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4151\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4152\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4153\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4154\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4155\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4156\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4157\">Tot<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m50 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4158\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4159\">28.<span class=\"_ _0\"></span>068<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs415a\">7.8<span class=\"_ _0\"></span>15<span class=\"_ _3bd\"> </span></div><div class=\"t m50 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs415b\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m50 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs415c\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs415d\">30.<span class=\"_ _0\"></span>92<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs415e\">8.<span class=\"_ _0\"></span>016<span class=\"_ _3bd\"> </span></div><div class=\"t m50 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs415f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4160\">2.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4161\">Fair<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4162\">value<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4163\">ne<span class=\"_ _0\"></span>gati<span class=\"_ _1\"></span>vo </div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4164\">a)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Opzion<span class=\"_ _0\"></span>i </span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4165\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4166\">4<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4167\">16<span class=\"_ _0\"></span>.621<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4168\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4169\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs416a\">1<span class=\"_ _0\"></span>36<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs416b\">4<span class=\"_ _0\"></span>58<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs416c\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs416d\">b)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Inter<span class=\"_ _0\"></span>est<span class=\"ff1\"> </span>ra<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>wa<span class=\"_ _0\"></span>p </span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs416e\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs416f\">55.<span class=\"_ _0\"></span>444<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4170\">10<span class=\"_ _0\"></span>.285<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4171\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4172\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4173\">26.<span class=\"_ _0\"></span>230<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4174\">63<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4175\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4176\">c)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Cross<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">curren<span class=\"_ _0\"></span>cy<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>wap<span class=\"_ _0\"></span> </span></span></span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4177\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4178\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4179\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs417a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs417b\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs417c\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs417d\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs417e\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs417f\">d)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Equi<span class=\"_ _2\"></span>ty<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sw<span class=\"_ _0\"></span>ap<span class=\"_ _0\"></span> </span></span></span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4180\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4181\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4182\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4183\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4184\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4185\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4186\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4187\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4188\">e)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Forwa<span class=\"_ _0\"></span>rd </span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4189\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs418a\">1.<span class=\"_ _0\"></span>882<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs418b\">5.5<span class=\"_ _0\"></span>57<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs418c\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs418d\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs418e\">3.6<span class=\"_ _0\"></span>29<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs418f\">2.6<span class=\"_ _0\"></span>33<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4190\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4191\">f)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Futur<span class=\"_ _0\"></span>es </span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4192\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4193\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4194\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4195\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4196\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4197\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4198\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4199\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs419a\">g)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">A<span class=\"_ _0\"></span>ltri </span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs419b\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs419c\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs419d\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs419e\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs419f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs41a0\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs41a1\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs41a2\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs41a3\">Tot<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m50 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs41a4\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs41a5\">57<span class=\"_ _0\"></span>.37<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs41a6\">32<span class=\"_ _0\"></span>.463<span class=\"_ _3bd\"> </span></div><div class=\"t m50 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs41a7\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m50 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs41a8\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs41a9\">29<span class=\"_ _0\"></span>.995<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs41aa\">3.1<span class=\"_ _0\"></span>54<span class=\"_ _3bd\"> </span></div><div class=\"t m50 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs41ab\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m26 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs41ad\">A.3<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs41ae\">De<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>vat<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs41af\">fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nzia<span class=\"_ _1\"></span>ri<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs41b0\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs41b1\">ne<span class=\"_ _0\"></span>go<span class=\"_ _0\"></span>zia<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs41b2\">OT<span class=\"_ _0\"></span>C<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs41b3\">\u2013<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs41b4\">va<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>ri<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs41b5\">no<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>,<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs41b6\">fai<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs41b7\">va<span class=\"_ _0\"></span>lue<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs41b8\">lor<span class=\"_ _1\"></span>do<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs41b9\">po<span class=\"_ _0\"></span>sit<span class=\"_ _1\"></span>ivo<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs41ba\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs41bb\">ne<span class=\"_ _0\"></span>gat<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs41bc\">pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs41bd\">co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>rop<span class=\"_ _0\"></span>ar<span class=\"_ _1\"></span>ti<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs41be\">Att<span class=\"_ _1\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs41bf\">so<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs41c0\">Con<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>trop<span class=\"_ _0\"></span>art<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs41c1\">cen<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>tral<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs41c2\">Ban<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>che<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs41c3\">Altre<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs41c4\">societ\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs41c5\">fina<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iarie<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs41c6\">Altri<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs41c7\">sog<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>get<span class=\"_ _0\"></span>ti<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs41c8\">Con<span class=\"_ _0\"></span>tra<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">non</span> <span class=\"ff3\">r<span class=\"_ _0\"></span>ien<span class=\"_ _0\"></span>tran<span class=\"_ _1\"></span>ti<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">acc<span class=\"_ _0\"></span>ord<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>ens<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span> </span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs41c9\">1)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs41ca\">Tit<span class=\"_ _0\"></span>oli<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs41cb\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs41cc\">debit<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs41cd\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs41ce\">tass<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs41cf\">d'<span class=\"_ _0\"></span>int<span class=\"_ _1\"></span>ere<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs41d0\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nozi<span class=\"_ _0\"></span>ona<span class=\"_ _0\"></span>le <span class=\"_ _10e\"> </span>X <span class=\"_ _67\"> </span>2.5<span class=\"_ _0\"></span>00 <span class=\"_ _66\"> </span>59.8<span class=\"_ _0\"></span>73<span class=\"_ _0\"></span> <span class=\"_ _1fd\"> </span>51<span class=\"_ _0\"></span>0.5<span class=\"_ _0\"></span>15<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs41d1\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">posi<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>o <span class=\"_ _95\"> </span>X <span class=\"_ _33a\"> </span>- <span class=\"_ _4a\"> </span>- <span class=\"_ _2e\"> </span>3<span class=\"_ _0\"></span>27<span class=\"_ _1\"></span> </span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs41d2\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>lue<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">neg<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>ivo <span class=\"_ _86\"> </span>X <span class=\"_ _320\"> </span>- <span class=\"_ _1fd\"> </span>3.<span class=\"_ _0\"></span>87<span class=\"_ _0\"></span>8 <span class=\"_ _81\"> </span>23.<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs41d3\">2)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs41d4\">Tit<span class=\"_ _0\"></span>oli<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs41d5\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs41d6\">capit<span class=\"_ _0\"></span>ale<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs41d7\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs41d8\">indic<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs41d9\">az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>nar<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs41da\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nozi<span class=\"_ _0\"></span>ona<span class=\"_ _0\"></span>le <span class=\"_ _10e\"> </span>X <span class=\"_ _320\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2a0\"> </span><span class=\"ff3\">1<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span> <span class=\"_ _1fe\"> </span>5.71<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs41db\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">posi<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>o <span class=\"_ _95\"> </span>X <span class=\"_ _33a\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _41\"> </span><span class=\"ff3\">1<span class=\"_ _0\"></span> <span class=\"_ _35\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs41dc\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>lue<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">neg<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>ivo <span class=\"_ _86\"> </span>X <span class=\"_ _a8\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _4a\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs41dd\">3)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs41de\">Val<span class=\"_ _0\"></span>ute<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs41df\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs41e0\">o<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs41e1\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nozi<span class=\"_ _0\"></span>ona<span class=\"_ _0\"></span>le <span class=\"_ _10e\"> </span>X <span class=\"_ _320\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1fd\"> </span><span class=\"ff3\">2.<span class=\"_ _0\"></span>255 <span class=\"_ _1ac\"> </span>536.<span class=\"_ _0\"></span>577<span class=\"_ _0\"></span> </span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs41e2\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">posi<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>o <span class=\"_ _95\"> </span>X <span class=\"_ _33a\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _4a\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> <span class=\"_ _70\"> </span>7.4<span class=\"_ _0\"></span>87<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs41e3\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>lue<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">neg<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>ivo <span class=\"_ _86\"> </span>X <span class=\"_ _a8\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _68\"> </span><span class=\"ff3\">7<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span> <span class=\"_ _52\"> </span>5.48<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs41e4\">4)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs41e5\">Me<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs41e6\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nozi<span class=\"_ _0\"></span>ona<span class=\"_ _0\"></span>le <span class=\"_ _10e\"> </span>X<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs41e7\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _41\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _ca\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs41e8\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">posi<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>o <span class=\"_ _95\"> </span>X<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs41e9\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _41\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _ca\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs41ea\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>lue<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">neg<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>ivo <span class=\"_ _86\"> </span>X<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs41eb\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _41\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _ca\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs41ec\">5)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs41ed\">Alt<span class=\"_ _1\"></span>ri<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs41ee\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nozi<span class=\"_ _0\"></span>ona<span class=\"_ _0\"></span>le <span class=\"_ _10e\"> </span>X<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs41ef\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _41\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _ca\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs41f0\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">posi<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>o <span class=\"_ _95\"> </span>X<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs41f1\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _41\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _ca\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs41f2\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>lue<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">neg<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>ivo <span class=\"_ _86\"> </span>X<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs41f3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _41\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _ca\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs41f4\">Con<span class=\"_ _0\"></span>tra<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rient<span class=\"_ _0\"></span>ran<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>ac<span class=\"_ _0\"></span>cord<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>ens<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs41f5\">1)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs41f6\">Tit<span class=\"_ _0\"></span>oli<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs41f7\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs41f8\">debit<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs41f9\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs41fa\">tass<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs41fb\">d'<span class=\"_ _0\"></span>int<span class=\"_ _1\"></span>ere<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs41fc\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nozi<span class=\"_ _0\"></span>ona<span class=\"_ _0\"></span>le <span class=\"_ _260\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _f2\"> </span><span class=\"ff3\">955.8<span class=\"_ _0\"></span>38<span class=\"_ _0\"></span> <span class=\"_ _3b\"> </span>- <span class=\"_ _6a\"> </span>-<span class=\"_ _0\"></span> </span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs41fd\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">posi<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>o <span class=\"_ _163\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20b\"> </span><span class=\"ff3\">80.<span class=\"_ _0\"></span>694 <span class=\"_ _65\"> </span>- <span class=\"_ _6a\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs41fe\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>lue<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">neg<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>ivo <span class=\"_ _92\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _129\"> </span><span class=\"ff3\">55.49<span class=\"_ _0\"></span>2 <span class=\"_ _65\"> </span>- <span class=\"_ _6a\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs41ff\">2)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4200\">Tit<span class=\"_ _0\"></span>oli<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4201\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4202\">capit<span class=\"_ _0\"></span>ale<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4203\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4204\">indic<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4205\">az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>nar<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4206\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nozi<span class=\"_ _0\"></span>ona<span class=\"_ _0\"></span>le <span class=\"_ _260\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _201\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span> <span class=\"_ _65\"> </span>- <span class=\"_ _6a\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4207\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">posi<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>o <span class=\"_ _163\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _201\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> <span class=\"_ _3b\"> </span>- <span class=\"_ _3f\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4208\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>lue<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">neg<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>ivo <span class=\"_ _92\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _201\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> <span class=\"_ _3b\"> </span>- <span class=\"_ _6a\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4209\">3)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs420a\">Val<span class=\"_ _0\"></span>ute<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs420b\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs420c\">o<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs420d\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nozi<span class=\"_ _0\"></span>ona<span class=\"_ _0\"></span>le <span class=\"_ _260\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _75\"> </span><span class=\"ff3\">53.7<span class=\"_ _0\"></span>45 <span class=\"_ _178\"> </span>28.<span class=\"_ _0\"></span>507<span class=\"_ _0\"></span> <span class=\"_ _6a\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs420e\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">posi<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>o <span class=\"_ _163\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1ab\"> </span><span class=\"ff3\">95<span class=\"_ _0\"></span>5 <span class=\"_ _65\"> </span>- <span class=\"_ _6a\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs420f\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>lue<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">neg<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>ivo <span class=\"_ _92\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1ab\"> </span><span class=\"ff3\">99<span class=\"_ _1\"></span>9 <span class=\"_ _7f\"> </span>8<span class=\"_ _1\"></span>83<span class=\"_ _1\"></span> <span class=\"_ _ca\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4210\">4)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4211\">Me<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4212\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nozi<span class=\"_ _0\"></span>ona<span class=\"_ _0\"></span>le <span class=\"_ _260\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _201\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span> <span class=\"_ _65\"> </span>- <span class=\"_ _6a\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4213\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">posi<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>o <span class=\"_ _163\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _201\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> <span class=\"_ _3b\"> </span>- <span class=\"_ _3f\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4214\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>lue<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">neg<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>ivo <span class=\"_ _92\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _201\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> <span class=\"_ _3b\"> </span>- <span class=\"_ _6a\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4215\">5)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4216\">Alt<span class=\"_ _1\"></span>ri<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4217\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nozi<span class=\"_ _0\"></span>ona<span class=\"_ _0\"></span>le <span class=\"_ _260\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _201\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span> <span class=\"_ _65\"> </span>- <span class=\"_ _6a\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4218\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">posi<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>o <span class=\"_ _163\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _201\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> <span class=\"_ _3b\"> </span>- <span class=\"_ _3f\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4219\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>lue<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">neg<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>ivo <span class=\"_ _92\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _201\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> <span class=\"_ _3b\"> </span>- <span class=\"_ _6a\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></div><div class=\"t m26 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs421b\">A.4<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs421c\">Vi<span class=\"_ _0\"></span>ta<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs421d\">re<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>du<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs421e\">dei<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs421f\">der<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4220\">fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4221\">OT<span class=\"_ _0\"></span>C:<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4222\">va<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>ri<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4223\">no<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>ona<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4224\">So<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>i/V<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4225\">re<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>dua<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _330\"> </span><span class=\"fc4 sc2\">Fino<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4226\">ad<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4227\">1<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4228\">a<span class=\"_ _0\"></span>nn<span class=\"_ _1\"></span>o<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4229\">Oltr<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs422a\">1<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs422b\">ann<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs422c\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs422d\">fino<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs422e\">a<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs422f\">5<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4230\">a<span class=\"_ _0\"></span>nn<span class=\"_ _1\"></span>i<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4231\">Oltr<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4232\">5<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4233\">an<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _1ae\"> </span><span class=\"fc4 sc2\">Tot<span class=\"_ _0\"></span>al<span class=\"_ _1\"></span>e<span class=\"fc0 sc1\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4234\">A.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Derivati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziari<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">debito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tassi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">inter<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>e <span class=\"_ _3b\"> </span>418<span class=\"_ _0\"></span>.13<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4235\">1.<span class=\"_ _0\"></span>009<span class=\"_ _0\"></span>.67<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4236\">10<span class=\"_ _0\"></span>0.9<span class=\"_ _0\"></span>23<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4237\">1.<span class=\"_ _0\"></span>528<span class=\"_ _0\"></span>.72<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4238\">A.<span class=\"_ _0\"></span>2<span class=\"ff1\"> </span>De<span class=\"_ _0\"></span>riva<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>ziar<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>su<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">titol<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">capit<span class=\"_ _1\"></span>ale<span class=\"ff1\"> </span>ed<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span>dici<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">azio<span class=\"_ _0\"></span>nar<span class=\"_ _0\"></span>i <span class=\"_ _138\"> </span>5.71<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4239\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs423a\">1<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs423b\">5.7<span class=\"_ _0\"></span>28<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs423c\">A.3<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Derivati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziari<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valute<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">or<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span> <span class=\"_ _348\"> </span>593.<span class=\"_ _0\"></span>12<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs423d\">27.<span class=\"_ _0\"></span>957<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs423e\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs423f\">621<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>84<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4240\">A.<span class=\"_ _0\"></span>4<span class=\"ff1\"> </span>Der<span class=\"_ _0\"></span>ivat<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>fin<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>me<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>i <span class=\"_ _22d\"> </span>-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4241\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4242\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4243\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4244\">A.5<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">derivati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fina<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>i <span class=\"_ _164\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4245\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4246\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4247\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4248\">Tot<span class=\"_ _0\"></span>ale<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4249\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span> <span class=\"_ _6b\"> </span>1.<span class=\"_ _0\"></span>016<span class=\"_ _1\"></span>.97<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs424a\">1.<span class=\"_ _0\"></span>03<span class=\"_ _0\"></span>7.<span class=\"_ _0\"></span>62<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs424b\">10<span class=\"_ _0\"></span>0.9<span class=\"_ _1\"></span>33<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs424c\">2.<span class=\"_ _0\"></span>155<span class=\"_ _1\"></span>.53<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs424d\">Tot<span class=\"_ _0\"></span>ale<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs424e\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs424f\">1.<span class=\"_ _0\"></span>243<span class=\"_ _0\"></span>.9<span class=\"_ _1\"></span>83<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4250\">1.<span class=\"_ _0\"></span>30<span class=\"_ _0\"></span>4.3<span class=\"_ _0\"></span>11<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4251\">30<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>57<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4252\">2.<span class=\"_ _0\"></span>85<span class=\"_ _0\"></span>2.8<span class=\"_ _0\"></span>69<span class=\"_ _1\"></span> </div>1.3.2<span class=\"_ _3bd\"> </span>Le<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>abi<span class=\"_ _1\"></span>li Inf<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>maz<span class=\"_ _1\"></span>ion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>na<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>ra<span class=\"_ _3bd\"> </span>qu<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>a<span class=\"fc0 sc1\"> </span>In<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tema<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Hedge<span class=\"ff1\"> <span class=\"_ _2\"></span></span>account<span class=\"_ _2\"></span>ing,<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Gruppo,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>come<span class=\"ff1\"> <span class=\"_ _2\"></span></span>previsto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dall\u2019IFRS9,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>continua<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _2\"></span></span>app<span class=\"_ _2\"></span>licare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quanto<span class=\"ff1\"> </span>definito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dal<span class=\"ff1\"> <span class=\"_ _21\"></span></span>princip<span class=\"_ _0\"></span>io<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contabile<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span><span class=\"ff3\">I<span class=\"_ _2\"></span>AS</span> <span class=\"_ _20\"></span><span class=\"ff3\">39</span> <span class=\"_ _21\"></span><span class=\"ff3\">(nel<span class=\"_ _0\"></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ve<span class=\"_ _0\"></span>rsione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>carved<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">out</span> <span class=\"_ _20\"></span><span class=\"ff3\">omologata</span> <span class=\"_ _20\"></span><span class=\"ff3\">dalla</span> <span class=\"_ _20\"></span><span class=\"ff3\">Comm<span class=\"_ _2\"></span>issione</span> </span></span></span>Europea)<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>relazione<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>tutte<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>coperture<span class=\"ff1\"> </span>poste<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>essere. A.At<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rtu<span class=\"_ _0\"></span>ra<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span>fa<span class=\"_ _1\"></span>ir<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>Si<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>adottata<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>metodologia<span class=\"ff1\"> </span>contabile<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Macro<span class=\"ff1\"> </span>Fair<span class=\"ff1\"> </span>Value<span class=\"ff1\"> </span>Hedge<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>copertura<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> </span>associato<span class=\"ff1\"> </span>a:  Mutui/finanziamenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> </span>fisso,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">affiancandola<span class=\"ff1\"> </span>quindi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span>metodologia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span>Cash<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Fl<span class=\"_ _1\"></span>ow </span></span></span></span></span></span></span></span></span></span>Hed<span class=\"_ _0\"></span>ge,  mutui/finanziamenti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tasso<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>variabile<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>opzione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u201ccap\u201d,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>copr<span class=\"_ _2\"></span>ire<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tasso<span class=\"ff1\"> </span>generato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dall\u2019opzione, </span></span> com<span class=\"_ _0\"></span>pone<span class=\"_ _1\"></span>nte<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anel<span class=\"_ _0\"></span>ast<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>ra<span class=\"_ _0\"></span>cc<span class=\"_ _0\"></span>olta<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"_ _0\"></span><span class=\"ff3\">vis<span class=\"_ _0\"></span>ta. </span></span></span></span></span></span>Si<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>adottata,<span class=\"ff1\"> </span>inoltre,<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>metodologia<span class=\"ff1\"> </span>contabile<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Micro<span class=\"ff1\"> </span>Fair<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valu<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>Hedge<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>copertura<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> </span>associato<span class=\"ff1\"> </span>a:  titoli<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>debito<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"></span></span>regime<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contabile<span class=\"ff1\"> <span class=\"_ _21\"></span></span>HTCS<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>HTC<span class=\"ff1\"> <span class=\"_ _21\"></span></span>(inclusi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>titoli<span class=\"ff1\"> <span class=\"_ _21\"></span></span>BTP<span class=\"ff1\"> <span class=\"_ _21\"></span></span>inflattivi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ove<span class=\"ff1\"> <span class=\"_ _21\"></span></span>vi<span class=\"_ _0\"></span>ene cop<span class=\"_ _0\"></span>erto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">an<span class=\"_ _0\"></span>che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>isc<span class=\"_ _0\"></span>hio<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>nfl<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one),<span class=\"_ _0\"></span> </span></span></span></span> pre<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">obbl<span class=\"_ _0\"></span>iga<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"ff3\">t<span class=\"_ _0\"></span>asso<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>iss<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>em<span class=\"_ _0\"></span>essi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Cred<span class=\"_ _0\"></span>ito<span class=\"ff1\"> </span>E<span class=\"_ _0\"></span>mil<span class=\"_ _0\"></span>ian<span class=\"_ _0\"></span>o. </span></span></span></span></span></span></span></span>L\u2019applicazione<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>ella<span class=\"ff1\"> </span>metodologia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>hedge<span class=\"ff1\"> <span class=\"_ _2\"></span></span>accounting<span class=\"ff1\"> <span class=\"_ _2\"></span></span>consente<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rappresentare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contabilment<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>modo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>simmetrico<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>post<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>coperte<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">p<span class=\"_ _0\"></span>rodotti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>de<span class=\"_ _0\"></span>rivati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>utili<span class=\"_ _0\"></span>zzati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>copert<span class=\"_ _2\"></span>ura.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>In<span class=\"ff1\"> </span></span></span></span></span>particolare,<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>copertura<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tasso,<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> </span>utilizzat<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> </span>derivati<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>quotati<span class=\"ff1\"> </span>(IRS,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>OIS,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>IRO,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>IRS<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>inflation)<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>consentono<span class=\"ff1\">  </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">riallineare</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">le</span>  <span class=\"ff3\">dif<span class=\"_ _0\"></span>ferenze<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tra<span class=\"ff1\">  </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">carat<span class=\"_ _2\"></span>teristiche</span> </span></span></span>finanziarie<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>impieghi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>raccolta. Il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Fair<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Value<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Hedge<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prevede<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ch<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>elazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>copertura<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>formalmente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>documentata<span class=\"ff1\"> <span class=\"_ _20\"></span></span>da<span class=\"ff1\"> <span class=\"_ _20\"></span></span>una<span class=\"ff1\"> </span>hedging<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>card<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>t<span class=\"_ _2\"></span>enuta<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>copertura<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>verificata<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>attraverso<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>t<span class=\"_ _2\"></span>est<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>efficacia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sia<span class=\"ff1\"> </span>prospettici<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> </span>retrospettivi.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Se<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">test<span class=\"_ _2\"></span><span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">efficacia<span class=\"ff1\"> </span>dann<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>esito<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ositivo<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pass<span class=\"_ _2\"></span>ata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contabilit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>rettifica<span class=\"ff1\"> </span>relativa<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Fair<span class=\"ff1\"> </span>Valu<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>strumento<span class=\"ff1\"> </span>coperto,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>alli<span class=\"_ _0\"></span>ne<span class=\"_ _2\"></span>are<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>sua<span class=\"ff1\"> </span>modalit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>valu<span class=\"_ _0\"></span>tazione<span class=\"ff1\"> </span></span></span></span></span></span></span>a<span class=\"ff1\"> </span>quello<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>strumento<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>hedging. Tali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">test<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">efficacia<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">svolti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">periodicamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">durante<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tutta<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vita<span class=\"ff1\"> </span>dell\u2019operazione.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">La<span class=\"ff1\"> </span>copertura<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>\u00e8<span class=\"ff1\"> </span>cons<span class=\"_ _2\"></span>iderata<span class=\"ff1\"> </span>efficace<span class=\"ff1\"> <span class=\"_ _2\"></span></span>se<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rapporto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tra<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>variazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _2\"></span></span>value<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019elemento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>coperto<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>ispetto<span class=\"ff1\"> </span>allo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>strumento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>copert<span class=\"_ _2\"></span>ura<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">compreso</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">nel</span> <span class=\"_ _27\"> </span><span class=\"ff3\">r<span class=\"_ _2\"></span>ange</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">8<span class=\"_ _0\"></span>0%-125%.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>test<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>verifica<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tenuta<span class=\"ff1\"> </span></span></span>prospettica<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>retrospettiva<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>coperture<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>svolto<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>trimestrale. L\u2019hedge<span class=\"ff1\"> </span>accounting<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>pu\u00f2<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>mantenuto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>qualora<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>copertura<span class=\"ff1\"> </span>dive<span class=\"_ _0\"></span>nga<span class=\"ff1\"> </span>inefficace<span class=\"ff1\"> </span>(fuori<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>range<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>80%-125%).<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Eventuali<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fo<span class=\"_ _2\"></span>nti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>inefficacia<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _0\"></span>ossono<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span></span>essere<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>diverse<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>date<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pagamento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>o<span class=\"ff1\"> </span>convenzioni<span class=\"ff1\"> </span>fra<span class=\"ff1\"> </span>strumento<span class=\"ff1\"> </span>copert<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>copertura,<span class=\"ff1\"> </span>spread<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>credito<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>FVH<span class=\"ff1\"> </span>titolo. B.At<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rtu<span class=\"_ _1\"></span>ra<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>fl<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>si<span class=\"_ _3bd\"> </span>fin<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>nzia<span class=\"_ _1\"></span>ri<span class=\"fc0 sc1\"> </span>Obiettivo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>fondo<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>operazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>copertura<span class=\"ff1\"> </span>effettuate<span class=\"ff1\"> </span>secondo<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>metodologia<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Cash<span class=\"ff1\"> </span>Flow<span class=\"_ _0\"></span><span class=\"ff1\"> </span>Hed<span class=\"_ _0\"></span>ge<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uell<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>are<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>ariaz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inat<span class=\"_ _0\"></span>tese<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tassi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">me<span class=\"_ _0\"></span>rcato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ripe<span class=\"_ _0\"></span>rcu<span class=\"_ _0\"></span>ota<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>gati<span class=\"_ _0\"></span>vam<span class=\"_ _0\"></span>ente<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>sul<span class=\"ff1\"> </span>margine<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>interesse. Sono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>presenti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>coperture<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cas<span class=\"_ _2\"></span>h<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>flow<span class=\"ff1\"> <span class=\"_ _21\"></span></span>hedge<span class=\"ff1\"> <span class=\"_ _21\"></span></span>su<span class=\"ff1\"> <span class=\"_ _21\"></span></span>diverse<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fo<span class=\"_ _2\"></span>rme<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>raccolta<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tasso<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>variabile<span class=\"ff1\"> <span class=\"_ _20\"></span></span>g<span class=\"_ _2\"></span>i\u00e0<span class=\"ff1\"> </span>emessi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>futura<span class=\"ff1\"> </span>emissione<span class=\"ff1\"> </span>(forecast<span class=\"ff1\"> </span>transaction). In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">parti<span class=\"_ _0\"></span>cola<span class=\"_ _0\"></span>re,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">per</span> <span class=\"ff3\">l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>cop<span class=\"_ _0\"></span>ertu<span class=\"_ _0\"></span>ra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">risch<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tass<span class=\"_ _0\"></span>o,<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>eng<span class=\"_ _0\"></span>ono<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>tilizz<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">stru<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>der<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>ati<span class=\"ff1\"> </span>no<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>otati<span class=\"_ _1\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>(IRS)<span class=\"ff1\"> </span>ch<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>conse<span class=\"_ _2\"></span>ntono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>iallineare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>differenze<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tra<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>caratteristiche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>degli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>impieghi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>raccolta.<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>L\u2019obiettivo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>copertura<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l\u2019eliminazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>parziale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">fluttuazioni</span> <span class=\"_ _20\"></span><span class=\"ff3\">de<span class=\"_ _2\"></span>i</span> </span>flussi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cassa<span class=\"ff1\"> <span class=\"_ _20\"></span></span>futuri<span class=\"ff1\"> <span class=\"_ _2\"></span></span>determinati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dall\u2019andamento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tasso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>variabile<span class=\"ff1\"> <span class=\"_ _2\"></span></span>lungo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>p<span class=\"_ _2\"></span>eriodo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>coperto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> </span>conseguente<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>raggiungi<span class=\"_ _0\"></span>m<span class=\"_ _2\"></span>ento<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _23\"> </span><span class=\"ff3\">un\u2019indicizzazione</span> <span class=\"_ _23\"> </span><span class=\"ff3\">al</span> <span class=\"_ _1d\"> </span><span class=\"ff3\">tass<span class=\"_ _2\"></span>o</span> <span class=\"_ _23\"> </span><span class=\"ff3\">fisso</span> <span class=\"_ _1d\"> </span><span class=\"ff3\">\u201c<span class=\"_ _2\"></span>obiettivo\u201d,</span> <span class=\"_ _23\"> </span><span class=\"ff3\">pari</span> <span class=\"_ _1d\"> </span><span class=\"ff3\">a</span> <span class=\"_ _23\"> </span><span class=\"ff3\">quello</span> </span>sintetizzato<span class=\"ff1\"> </span>dai<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>\u201cgamba\u201d<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>t<span class=\"_ _2\"></span>asso<span class=\"ff1\"> </span>fisso<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>gruppo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>copertura. Nei<span class=\"ff1\"> </span>precedenti<span class=\"ff1\"> </span>ese<span class=\"_ _0\"></span>rcizi<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>stato<span class=\"ff1\"> </span>attivato<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>Cash<span class=\"ff1\"> </span>Flow<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Hedge<span class=\"ff1\"> </span>anche<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mutui<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> </span>variabile.<span class=\"ff1\"> </span>La<span class=\"ff1\"> </span></span></span></span></span>definizione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pacchett<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>mutui<span class=\"ff1\"> <span class=\"_ _21\"></span></span>coperti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Cash<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Flow<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Hedge<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"></span></span>stata<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fatta<span class=\"ff1\"> <span class=\"_ _20\"></span></span>secondo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>eguenti<span class=\"ff1\"> </span>cri<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>i:  ste<span class=\"_ _0\"></span>ssa<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">freq<span class=\"_ _0\"></span>uen<span class=\"_ _0\"></span>za<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pag<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>to </span></span></span></span></span></span> ste<span class=\"_ _0\"></span>sso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tipo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _1\"></span><span class=\"ff3\">indic<span class=\"_ _0\"></span>izz<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne </span></span></span></span> periodicit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>revisione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tasso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>liquidazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>degli<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>interessi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(di<span class=\"_ _0\"></span>visi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nei<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>seguenti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>3<span class=\"ff1\"> </span>bucket:<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>1\u00b0<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>10\u00b0<span class=\"ff1\"> </span>giorno<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>me<span class=\"_ _0\"></span>se,<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>11\u00b0<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>20\u00b0<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>21\u00b0<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>fine<span class=\"ff1\"> </span>mese).<span class=\"_ _3bd\"> </span>L'o<span class=\"_ _0\"></span>mog<span class=\"_ _0\"></span>enei<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">car<span class=\"_ _0\"></span>atte<span class=\"_ _0\"></span>rist<span class=\"_ _0\"></span>iche<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">del</span> <span class=\"ff3\">porta<span class=\"_ _0\"></span>fog<span class=\"_ _0\"></span>lio<span class=\"ff1\"> </span>mutu<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">rela<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>de<span class=\"_ _0\"></span>riv<span class=\"_ _0\"></span>ati<span class=\"ff1\"> </span>gar<span class=\"_ _0\"></span>anti<span class=\"_ _0\"></span>sce<span class=\"ff1\"> </span>l'ef<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>acia<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span>della<span class=\"ff1\"> </span>copertura<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>quindi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">permette<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>effettuare<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">test<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>punto<span class=\"ff1\"> </span>2<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>seguente<span class=\"ff1\"> </span>paragrafo<span class=\"ff1\"> </span>(test<span class=\"ff1\"> </span></span></span></span></span>invece<span class=\"ff1\"> </span>indispensabile<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>Cash<span class=\"ff1\"> </span>Flow<span class=\"ff1\"> </span>Hedge<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>diverse<span class=\"ff1\"> </span>for<span class=\"_ _2\"></span>me<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">raccolta. </span></span>Me<span class=\"_ _0\"></span>tod<span class=\"_ _1\"></span>o<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>taz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ef<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>:<span class=\"fc0 sc1\"> </span>Pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>ra<span class=\"_ _0\"></span>cco<span class=\"_ _0\"></span>lta<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"_ _1\"></span><span class=\"ff3\">tasso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">varia<span class=\"_ _0\"></span>bile<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cop<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Cas<span class=\"_ _0\"></span>h<span class=\"ff1\"> </span>F<span class=\"_ _0\"></span>low<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Hed<span class=\"_ _0\"></span>ge<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ven<span class=\"_ _0\"></span>gono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ef<span class=\"_ _0\"></span>fet<span class=\"_ _0\"></span>tuat<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">segu<span class=\"_ _0\"></span>enti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">te<span class=\"_ _0\"></span>st: </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Verifica<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> </span>cap<span class=\"_ _2\"></span>ienza<span class=\"ff1\"> </span>minima<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> </span>nominal<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>p<span class=\"_ _2\"></span>er<span class=\"ff1\"> </span>o<span class=\"_ _2\"></span>gni<span class=\"ff1\"> </span>periodo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fut<span class=\"_ _2\"></span>uro<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>partire<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>bucket<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>cor<span class=\"_ _0\"></span>so; -<span class=\"_ _3bd\"> </span>effettuazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\">  </span>test<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>prospettico<span class=\"ff1\">  </span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>retrospett<span class=\"_ _2\"></span>ivo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tramite<span class=\"ff1\">  </span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>metodologia<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\">  </span>derivato<span class=\"ff1\"> </span>ip<span class=\"_ _0\"></span>ote<span class=\"_ _0\"></span>tico,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ov<span class=\"_ _0\"></span>vero<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">conf<span class=\"_ _0\"></span>ronto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">f<span class=\"_ _0\"></span>ra<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>F<span class=\"_ _0\"></span>air<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Value<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">del</span> <span class=\"ff3\">de<span class=\"_ _1\"></span>riva<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cope<span class=\"_ _0\"></span>rtura<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">risp<span class=\"_ _0\"></span>etto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Fa<span class=\"_ _0\"></span>ir<span class=\"ff1\"> </span>V<span class=\"_ _0\"></span>alue<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>derivato<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ipotetico<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">avente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">come<span class=\"ff1\"> </span>gamba<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fissa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stessi<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>lussi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">derivati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">copertura<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">come<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>gamba<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>variabile<span class=\"ff1\">  </span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>flussi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>variabili<span class=\"ff1\">  </span>dello<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>strumento<span class=\"ff1\">  </span>coperto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>pesato<span class=\"ff1\">  </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\">  </span>l<span class=\"_ _0\"></span>e<span class=\"ff1\">  </span>p<span class=\"_ _0\"></span>ercentuali<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>cop<span class=\"_ _0\"></span>ertu<span class=\"_ _0\"></span>ra. Per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mutui<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">coperti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Cash<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">F<span class=\"_ _2\"></span>low<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Hedge<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">viene<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">verificato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">lo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">swap<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cop<span class=\"_ _2\"></span>ertura<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">concluso<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">condizioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mercato,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">controllando<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valor<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Mar<span class=\"_ _2\"></span>k<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">To<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Mark<span class=\"_ _2\"></span>et<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">curva<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>eal<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">time<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">moment<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>della<span class=\"ff1\"> </span>chiusura<span class=\"ff1\"> </span>dell\u2019operazione. Os<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>rva<span class=\"_ _0\"></span>zio<span class=\"_ _1\"></span>ni<span class=\"_ _3bd\"> </span>su<span class=\"_ _0\"></span>lla<span class=\"_ _3bd\"> </span>me<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>do<span class=\"_ _0\"></span>log<span class=\"_ _0\"></span>ia<span class=\"_ _3bd\"> </span>pre<span class=\"_ _1\"></span>sen<span class=\"_ _0\"></span>tat<span class=\"_ _0\"></span>a<span class=\"fc0 sc1\"> </span>Rel<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>vame<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Cas<span class=\"_ _0\"></span>h<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Flow<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">H<span class=\"_ _0\"></span>edge<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span>vers<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">forme<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rac<span class=\"_ _0\"></span>col<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>ana<span class=\"_ _0\"></span>log<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>sco<span class=\"_ _0\"></span>rso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">va<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Cash<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Flow<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Hedge<span class=\"ff1\"> <span class=\"_ _2\"></span></span>m<span class=\"_ _2\"></span>utui<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cambiando<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>segni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pass<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>attivit\u00e0)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>st<span class=\"_ _2\"></span>rumenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>derivati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> </span>quali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span>applica<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>metodologia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>oggetto<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>conside<span class=\"_ _0\"></span>rati<span class=\"ff1\"> </span>come<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">facenti<span class=\"ff1\"> </span>parte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> </span>unico<span class=\"ff1\"> </span>gruppo<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>operazioni<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>presentano<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>complessivamente<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>un\u2019esposizione<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>tipo<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>\u201cincasso<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>t<span class=\"_ _2\"></span>asso<span class=\"ff1\"> </span>variabile/pagamento<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fisso\u201d.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Tale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gr<span class=\"_ _2\"></span>uppo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"_ _2\"></span>perazioni<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">considerato,<span class=\"ff1\"> </span>lung<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>tutta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>lo<span class=\"_ _0\"></span>ro<span class=\"ff1\"> </span>vita,<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>a<span class=\"ff1\">  </span>cope<span class=\"_ _0\"></span>rtura<span class=\"ff1\">  </span>parziale<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\">  </span>flu<span class=\"_ _0\"></span>ssi<span class=\"_ _2\"></span><span class=\"ff1\">  </span>che<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">si</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">generano</span>  <span class=\"ff3\">su</span>  <span class=\"ff3\">u<span class=\"_ _0\"></span>n<span class=\"ff1\">  </span>gruppo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\">  </span>passivit\u00e0<span class=\"ff1\">  </span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tasso<span class=\"ff1\">  </span>variabil<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span></span></span>(pagamento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tasso<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>variabile);<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tali<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>passivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rappresentate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sia<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>posizioni<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>debitorie<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>gi\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> </span>essere,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sia<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>o<span class=\"_ _2\"></span>perazioni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>future<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>medesime<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>carat<span class=\"_ _2\"></span>teristiche<span class=\"ff1\"> <span class=\"_ _21\"></span></span>(qualora<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rispettino<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>requisiti<span class=\"ff1\"> </span>richiesti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dal<span class=\"ff1\"> <span class=\"_ _20\"></span></span>principio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>essere<span class=\"ff1\"> <span class=\"_ _2\"></span></span>designat<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>come<span class=\"ff1\"> <span class=\"_ _20\"></span></span>poste<span class=\"ff1\"> <span class=\"_ _20\"></span></span>coperte<span class=\"_ _3bd\"> </span>4<span class=\"_ _3bd\"> </span>).<span class=\"ff1\"> <span class=\"_ _2\"></span></span>All\u2019int<span class=\"_ _2\"></span>erno<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ciascun<span class=\"ff1\"> <span class=\"_ _20\"></span></span>bucket,<span class=\"ff1\"> </span>essendo<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>coperto<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>l\u2019insieme<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _23\"> </span><span class=\"ff3\">omogeneo</span> <span class=\"_ _23\"> </span><span class=\"ff3\">dei</span> <span class=\"_ _23\"> </span><span class=\"ff3\">flussi</span> <span class=\"_ _23\"> </span><span class=\"ff3\">ge<span class=\"_ _0\"></span>nerat<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>dalle<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>passivit\u00e0<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>interessate<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>dalla<span class=\"ff1\"> </span></span></span>copertura,<span class=\"ff1\"> </span>l\u2019<span class=\"_ _0\"></span>identificazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">flussi<span class=\"ff1\"> </span>coperti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prescinde<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dalla<span class=\"ff1\"> </span>correl<span class=\"_ _0\"></span>azione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">m<span class=\"_ _2\"></span>edesimi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rispetto<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>nominali<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>li<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>hanno<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>generati<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>(singole<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>passivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tasso<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>variabile),<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tuttavia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>flussi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>oggetto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> </span>copertura<span class=\"ff1\"> <span class=\"_ _20\"></span></span>vengono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>identificati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>come<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u201ci<span class=\"ff1\"> <span class=\"_ _20\"></span></span>primi\u201d<span class=\"ff1\"> <span class=\"_ _2\"></span></span>com<span class=\"_ _2\"></span>plessivamente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>generati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>all\u2019interno<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>b<span class=\"_ _2\"></span>ucket<span class=\"ff1\"> </span>me<span class=\"_ _0\"></span>desi<span class=\"_ _0\"></span>mo. L\u2019obiettivo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"_ _0\"></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>copertura<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l\u2019eliminazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>una<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>porzione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>variabilit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> </span>cassa<span class=\"ff1\">  </span>derivanti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dalla<span class=\"ff1\">  </span>ridefinizione<span class=\"ff1\">  </span>delle<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u201cce<span class=\"_ _2\"></span>dole\u201d<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _2\"></span>elle<span class=\"ff1\">  </span>p<span class=\"_ _0\"></span>oste<span class=\"_ _2\"></span><span class=\"ff1\">  </span>cope<span class=\"_ _0\"></span>rte.<span class=\"ff1\">  </span>La<span class=\"ff1\">  </span>designazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>della<span class=\"ff1\"> </span>rel<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ope<span class=\"_ _0\"></span>rtu<span class=\"_ _0\"></span>ra<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riferi<span class=\"_ _0\"></span>ta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>pre<span class=\"_ _0\"></span>cis<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>riod<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>te<span class=\"_ _0\"></span>mpo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">futu<span class=\"_ _0\"></span>ro<span class=\"ff1\"> </span>(bu<span class=\"_ _0\"></span>cke<span class=\"_ _0\"></span>t<span class=\"ff1\"> </span>tri<span class=\"_ _0\"></span>mestra<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">il</span> <span class=\"ff3\">C<span class=\"_ _0\"></span>ash<span class=\"ff1\"> </span>F<span class=\"_ _0\"></span>low<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>Hedge<span class=\"ff1\"> </span>t<span class=\"_ _2\"></span>itoli,<span class=\"ff1\"> </span>b<span class=\"_ _2\"></span>ucket<span class=\"ff1\"> </span>m<span class=\"_ _2\"></span>ensili<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> </span>Cash<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Flow<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Hedge<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mutui)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>ermini<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>porzione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>coperta,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pu\u00f2<span class=\"ff1\"> </span>ess<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span>ffe<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>buc<span class=\"_ _0\"></span>ket<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"ff3\">b<span class=\"_ _0\"></span>ucke<span class=\"_ _0\"></span>t<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rel<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>osi<span class=\"_ _0\"></span>zione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>mple<span class=\"_ _1\"></span>ssiva<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">gr<span class=\"_ _0\"></span>upp<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>riv<span class=\"_ _0\"></span>ati<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> </span>copertura<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>operazioni<span class=\"ff1\"> </span>coperte<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>fine<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>ogni<span class=\"ff1\"> </span>bucket<span class=\"ff1\"> </span>definito. La<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rid<span class=\"_ _0\"></span>uzio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>isc<span class=\"_ _0\"></span>hio<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">var<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>ilit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">flu<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">cass<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">otte<span class=\"_ _0\"></span>nuta<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tra<span class=\"_ _0\"></span>mite<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>com<span class=\"_ _0\"></span>posi<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>gr<span class=\"_ _0\"></span>uppi<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>elem<span class=\"_ _2\"></span>enti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>copert<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>poste<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>copertura<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pr<span class=\"_ _2\"></span>esentano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>caratteristiche<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>indicizzazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>allo<span class=\"ff1\"> </span>stesso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tasso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>variabile<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> </span>dat<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>definizione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> </span>t<span class=\"_ _2\"></span>assi<span class=\"ff1\"> </span>\u201c<span class=\"_ _2\"></span>ragionevolme<span class=\"_ _0\"></span>nte\u201d<span class=\"ff1\"> <span class=\"_ _2\"></span></span>vicine<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(trimestre<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nel<span class=\"ff1\"> </span>caso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Cash<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Flow<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Hed<span class=\"_ _0\"></span>ge<span class=\"ff1\"> <span class=\"_ _20\"></span></span>su<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"_ _2\"></span>verse<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fo<span class=\"_ _2\"></span>rme<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>raccolta,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>10<span class=\"ff1\"> <span class=\"_ _21\"></span></span>giorn<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _20\"></span></span>caso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>el<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Cas<span class=\"_ _2\"></span>h<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Flow<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Hedge<span class=\"ff1\"> </span>mu<span class=\"_ _0\"></span>tui)<span class=\"_ _0\"></span>. In<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sostanza,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cassa<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _21\"></span></span>verranno<span class=\"ff1\"> <span class=\"_ _21\"></span></span>incassati<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ognuno<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>periodi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>definiti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dalle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>c<span class=\"_ _2\"></span>edole<span class=\"ff1\"> </span>variabili<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>el<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gruppo<span class=\"ff1\"> </span>degli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">st<span class=\"_ _2\"></span>rumenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">copertur<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">annulleranno<span class=\"ff1\"> </span>una<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">porzione<span class=\"ff1\"> </span>(p<span class=\"_ _0\"></span>ari<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quella<span class=\"ff1\"> </span>gene<span class=\"_ _0\"></span>rata<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>sul<span class=\"ff1\"> <span class=\"_ _2\"></span></span>capitale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>coperto)<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cassa<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>complessivamente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pagati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sul<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gr<span class=\"_ _2\"></span>uppo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>poste<span class=\"ff1\"> <span class=\"_ _2\"></span></span>coperte<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(i<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">g<span class=\"_ _2\"></span>enerati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dai<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">primi<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nominali<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riprezzamento<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ogni<span class=\"ff1\"> </span>bucket<span class=\"ff1\"> </span>fin<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">concorrenza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nominale<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>del<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>ope<span class=\"_ _0\"></span>razi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">di</span> <span class=\"ff3\">co<span class=\"_ _0\"></span>pert<span class=\"_ _0\"></span>ura<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">per</span> <span class=\"ff3\">ogni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">per<span class=\"_ _0\"></span>iod<span class=\"_ _0\"></span>o)<span class=\"ff1\"> </span>trasf<span class=\"_ _0\"></span>orma<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>l\u2019esp<span class=\"_ _0\"></span>osi<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>comp<span class=\"_ _0\"></span>less<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">bucket<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>da<span class=\"ff1\"> </span>variabile<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>fissa. Affinch\u00e9<span class=\"ff1\"> </span>tale<span class=\"ff1\"> </span>situazione<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>verifichi<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>elevato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>livello<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>probabilit\u00e0<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>necessar<span class=\"_ _2\"></span>io<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>cassa<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>(variabili)<span class=\"ff1\"> <span class=\"_ _21\"></span></span>generati<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dai<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>due<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>gruppi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>siano<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>allineati<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>termini<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>parametro<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>frequenza<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"_ _2\"></span><span class=\"ff1\"> </span>indicizzazione<span class=\"ff1\"> </span>e<span class=\"_ _2\"></span><span class=\"ff1\"> </span>che<span class=\"_ _2\"></span><span class=\"ff1\"> </span>le<span class=\"_ _2\"></span><span class=\"ff1\"> </span>dat<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>definizione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tas<span class=\"_ _2\"></span>si<span class=\"ff1\"> <span class=\"_ _2\"></span></span>variabili<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>singoli<span class=\"ff1\"> </span>e<span class=\"_ _2\"></span>lementi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>presenti<span class=\"ff1\"> </span>n<span class=\"_ _2\"></span>ei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>due<span class=\"ff1\"> </span>gruppi<span class=\"ff1\"> </span>siano<span class=\"ff1\"> </span>sufficientemente<span class=\"ff1\"> </span>ravvicinate<span class=\"ff1\"> </span>fra<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>loro. 4<span class=\"ff1\"> </span>Se<div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4297\">Ai<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fini<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>design<span class=\"_ _0\"></span>azione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>relazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>cop<span class=\"_ _0\"></span>ertura<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>d<span class=\"_ _2\"></span>iverse<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>for<span class=\"_ _2\"></span>me<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>r<span class=\"_ _2\"></span>accolta<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tasso<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4298\">variabile,<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>forecast<span class=\"ff1\"> </span>transaction<span class=\"ff1\"> </span>deve<span class=\"ff1\"> </span>essere</div><div class=\"t m4f h1d ff3 fsd fc0 sc0 ls0 ws0 gs4299\">5<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs429a\">: </div><div class=\"t m6 h13 ff6 fs5 fc0 sc0 ls0 ws0 gs429b\"> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs429c\">al<span class=\"_ _0\"></span>tame<span class=\"_ _0\"></span>nte<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rob<span class=\"_ _0\"></span>abil<span class=\"_ _0\"></span>e; </div><div class=\"t m6 h13 ff6 fs5 fc0 sc0 ls0 ws0 gs429d\"> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs429e\">capace<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>incidere,<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>ultima<span class=\"ff1\"> </span>is<span class=\"_ _2\"></span>tanza,<span class=\"ff1\"> </span>sul<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>economico,<span class=\"ff1\"> </span>essendo<span class=\"ff1\"> </span>variabili<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>fluss<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cassa<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs429f\">ad<span class=\"ff1\"> </span>essa<span class=\"ff1\"> </span>riconducibili. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs42a0\">Per<span class=\"ff1\">  </span>\u201caltamente<span class=\"ff1\">  </span>probabile\u201d<span class=\"ff1\">  </span>si<span class=\"ff1\">  </span>intende<span class=\"ff1\">  </span>un<span class=\"_ _0\"></span>a<span class=\"ff1\">  </span>situazione<span class=\"ff1\">  </span>tale<span class=\"ff1\">  </span>per<span class=\"ff1\">  </span>cui<span class=\"ff1\">  </span>\u00e8<span class=\"ff1\">  </span>molto<span class=\"ff1\">  </span>pi\u00f9<span class=\"ff1\">  </span>facile<span class=\"ff1\">  </span>che<span class=\"ff1\">  </span>la<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs42a1\">transazione<span class=\"ff1\"> </span>avvenga<span class=\"ff1\"> <span class=\"_ _2\"></span></span>piuttosto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>av<span class=\"_ _2\"></span>venga</div><div class=\"t m4f h1d ff3 fsd fc0 sc0 ls0 ws0 gs42a2\">6<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs42a3\">.<span class=\"ff1\"> </span>A<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tal<span class=\"ff1\"> </span>fine<span class=\"_ _2\"></span>,<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> </span>possibile<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dare<span class=\"ff1\"> </span>una<span class=\"ff1\"> <span class=\"_ _2\"></span></span>qualifica<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs42a4\">\u201calta<span class=\"ff1\"> <span class=\"_ _21\"></span></span>probabilit\u00e0\u201d<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"></span></span>transazioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>futur<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>solo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sull<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>base<span class=\"ff1\"> <span class=\"_ _21\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>inten<span class=\"_ _2\"></span>zioni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>management:<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u00e8<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs42a5\">necessario<span class=\"ff1\"> </span>supportare<span class=\"ff1\"> </span>l\u2019analisi<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>fatti<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>circostanze<span class=\"ff1\"> </span>verificabili<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>modo<span class=\"ff1\"> </span>oggettivo. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs42a6\">Il<span class=\"ff1\"> </span>princ<span class=\"_ _2\"></span>ipio<span class=\"ff1\"> </span>fornisc<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>el<span class=\"_ _2\"></span>enco<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>egli<span class=\"ff1\"> </span>elementi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>necessar<span class=\"_ _2\"></span>io<span class=\"ff1\"> </span>pr<span class=\"_ _2\"></span>endere<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>considerazion<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>ai<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fi<span class=\"_ _2\"></span>ni<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs42a7\">della<span class=\"ff1\"> </span>definizione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>requisito<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>alta<span class=\"ff1\"> </span>probabilit\u00e0</div><div class=\"t m4f h1d ff3 fsd fc0 sc0 ls0 ws0 gs42a8\">7</div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs42a9\">.<span class=\"ff1\"> </span>Questi<span class=\"ff1\"> </span>sono: </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs42aa\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs42ab\">la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fre<span class=\"_ _0\"></span>que<span class=\"_ _0\"></span>nza<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _1\"></span><span class=\"ff3\">transa<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">simi<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pa<span class=\"_ _0\"></span>ssato<span class=\"_ _0\"></span>; </span></span></span></span></span></span></span></span></span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs42ac\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs42ad\">le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cap<span class=\"_ _0\"></span>aci<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>rie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ed<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ope<span class=\"_ _0\"></span>rativ<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dell<span class=\"_ _0\"></span>\u2019en<span class=\"_ _0\"></span>tit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">po<span class=\"_ _0\"></span>rtare<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"_ _1\"></span><span class=\"ff3\">termin<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>rans<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne; </span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs42ae\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs42af\">i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>piani<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>trategici<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>industriali<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>(la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>transazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>at<span class=\"_ _2\"></span>tesa<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>deve<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ess<span class=\"_ _2\"></span>ere<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>linea<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>d<span class=\"_ _2\"></span>imensioni<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs42b0\">dell\u2019entit\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>sue<span class=\"ff1\"> </span>prospettive<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>sviluppo); </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs42b1\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs42b2\">l\u2019<span class=\"_ _0\"></span>atti<span class=\"_ _0\"></span>nenz<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span>tr<span class=\"_ _0\"></span>ansa<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>\u2019at<span class=\"_ _0\"></span>tivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>ti<span class=\"_ _0\"></span>pic<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>l\u2019e<span class=\"_ _0\"></span>ntit<span class=\"_ _0\"></span>\u00e0; </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs42b3\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs42b4\">la<span class=\"ff1\"> </span>probabilit\u00e0<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>diverse<span class=\"ff1\"> </span>operazioni<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>caratteristiche<span class=\"ff1\"> </span>differenti<span class=\"ff1\"> </span>t<span class=\"_ _2\"></span>ra<span class=\"ff1\"> </span>loro<span class=\"ff1\"> </span>possano<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs42b5\">intraprese<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>raggiungere<span class=\"ff1\"> </span>lo<span class=\"ff1\"> </span>stesso<span class=\"ff1\"> </span>obiettivo; </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs42b6\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs42b7\">l\u2019<span class=\"_ _0\"></span>attu<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pr<span class=\"_ _0\"></span>esen<span class=\"_ _0\"></span>za<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>na<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sosta<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>stina<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>isor<span class=\"_ _0\"></span>se<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>sc<span class=\"_ _0\"></span>opo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in</span> <span class=\"_ _0\"></span><span class=\"ff3\">esa<span class=\"_ _0\"></span>me. </span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs42b8\">Tre<span class=\"ff1\"> </span>elementi<span class=\"ff1\"> </span>condizionano<span class=\"ff1\"> </span>l\u2019entit\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>forza<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>\u201cprove\u201d<span class=\"ff1\"> </span>necessarie<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fine<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">della</span> <span class=\"ff3\">dimostr<span class=\"_ _2\"></span>azione</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs42b9\">dell\u2019\u201calta<span class=\"ff1\"> </span>probabilit\u00e0\u201d<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>transazione<span class=\"ff1\"> </span>futura: </div><div class=\"t m6 h13 ff6 fs5 fc0 sc0 ls0 ws0 gs42ba\"> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs42bb\">l\u2019orizzonte<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tempor<span class=\"_ _2\"></span>ale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>trans<span class=\"_ _2\"></span>azione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>futura.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>A<span class=\"ff1\"> <span class=\"_ _20\"></span></span>parit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>altr<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>condizioni,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pi\u00f9<span class=\"ff1\"> <span class=\"_ _20\"></span></span>lontana<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ne<span class=\"_ _1\"></span>l </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs42bc\">tempo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>prevede<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>essere<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>transazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fu<span class=\"_ _0\"></span>tura,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>meno<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>c<span class=\"_ _2\"></span>erta<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>l\u2019evenienza<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>questa<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs42bd\">verificher\u00e0<span class=\"ff1\">  </span>effettivamente<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>e<span class=\"ff1\">  </span>quindi<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>pi\u00f9<span class=\"ff1\">  </span>difficilmente<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dimostrabile<span class=\"ff1\">  </span>\u00e8<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>il<span class=\"ff1\">  </span>r<span class=\"_ _2\"></span>equisito<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>\u201calta<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs42be\">probabilit\u00e0\u201d.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>In<span class=\"ff1\"> <span class=\"_ _2\"></span></span>questi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>casi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>saranno<span class=\"ff1\"> <span class=\"_ _2\"></span></span>necessarie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prove<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"_ _2\"></span>l\u2019\u201calta<span class=\"ff1\"> <span class=\"_ _2\"></span></span>probabilit\u00e0\u201d<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>siano<span class=\"ff1\"> <span class=\"_ _20\"></span></span>molto<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs42bf\">pi\u00f9<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">consistenti<span class=\"ff1\"> </span>(saranno,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quindi,<span class=\"ff1\"> </span>necessarie,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ad<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esempio,<span class=\"ff1\"> </span>forme<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contrattuali<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">supporto<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs42c0\">tran<span class=\"_ _0\"></span>saz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>utura<span class=\"_ _0\"></span>;<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rinc<span class=\"_ _0\"></span>ipi<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m4f h1d ff3 fsd fc0 sc0 ls0 ws0 gs42c1\">8<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs42c2\">evi<span class=\"_ _0\"></span>den<span class=\"_ _0\"></span>zia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">come<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i</span> <span class=\"ff3\">f<span class=\"_ _0\"></span>luss<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span>tere<span class=\"_ _0\"></span>ssi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>ve<span class=\"_ _1\"></span>nti<span class=\"ff1\"> </span>an<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>eriv<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">uno<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs42c3\">strumento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">debito<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">questa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">scadenza<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u201caltamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">probabili\u201d<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quanto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">supportati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs42c4\">un<span class=\"ff1\"> </span>contratto<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>obbliga<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>corresponsione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>detti<span class=\"ff1\"> </span>flussi); </div><div class=\"t m6 h13 ff6 fs5 fc0 sc0 ls0 ws0 gs42c5\"> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs42c6\">la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quantit\u00e0/il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>t<span class=\"_ _2\"></span>ransazioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>future<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ris<span class=\"_ _2\"></span>petto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>ransazioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>effettive<span class=\"ff1\"> <span class=\"_ _21\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ste<span class=\"_ _0\"></span>ssa </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs42c7\">natura.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>A<span class=\"ff1\"> <span class=\"_ _2\"></span></span>parit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>altr<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>cond<span class=\"_ _2\"></span>izioni,<span class=\"ff1\"> </span>maggiore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valor<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>elle<span class=\"ff1\"> </span>tr<span class=\"_ _2\"></span>ansazioni<span class=\"ff1\"> </span>future<span class=\"ff1\"> <span class=\"_ _2\"></span></span>risp<span class=\"_ _2\"></span>etto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alle<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs42c8\">attuali,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">minor<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>probabilit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">c<span class=\"_ _2\"></span>he<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">queste<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span>realizzeranno.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Sar<span class=\"_ _2\"></span>anno,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">quindi,<span class=\"ff1\"> </span>nece<span class=\"_ _0\"></span>ssar<span class=\"_ _2\"></span>ie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pro<span class=\"_ _2\"></span>ve<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs42c9\">maggiormente<span class=\"ff1\"> </span>consistenti<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>supporto<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>dimostrazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>\u201calta<span class=\"ff1\"> </span>pro<span class=\"_ _2\"></span>babilit\u00e0\u201d; </div><div class=\"t m6 h13 ff6 fs5 fc0 sc0 ls0 ws0 gs42ca\"> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs42cb\">la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sto<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>elle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>ignaz<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>assa<span class=\"_ _0\"></span>te.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Se<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stor<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">v<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>fica<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fa<span class=\"_ _0\"></span>tto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">desig<span class=\"_ _0\"></span>nazi<span class=\"_ _0\"></span>oni </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs42cc\">di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>coperture<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>transazioni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>future<span class=\"ff1\"> <span class=\"_ _21\"></span></span>non<span class=\"ff1\"> <span class=\"_ _21\"></span></span>si<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>realizzate<span class=\"ff1\"> <span class=\"_ _21\"></span></span>col<span class=\"ff1\"> <span class=\"_ _21\"></span></span>venir<span class=\"ff1\"> <span class=\"_ _21\"></span></span>meno<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>ella<span class=\"ff1\"> <span class=\"_ _21\"></span></span>transazione<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs42cd\">ste<span class=\"_ _0\"></span>ssa,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">que<span class=\"_ _0\"></span>sto<span class=\"ff1\"> </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">segn<span class=\"_ _0\"></span>ale<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ella<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">scar<span class=\"_ _0\"></span>sa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">capa<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>so<span class=\"_ _0\"></span>cie<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valu<span class=\"_ _0\"></span>tare<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in</span> <span class=\"ff3\">m<span class=\"_ _0\"></span>odo<span class=\"ff1\"> </span>at<span class=\"_ _0\"></span>tend<span class=\"_ _0\"></span>ibi<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs42ce\">come<span class=\"ff1\"> </span>\u201caltamente<span class=\"ff1\"> </span>probabile\u201d<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>transazioni<span class=\"ff1\"> </span>future. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs42cf\">C<span class=\"_ _0\"></span>ome<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">evi<span class=\"_ _1\"></span>den<span class=\"_ _0\"></span>zi<span class=\"_ _1\"></span>ato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nel<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>\u2019</span></span></span></span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs42d0\">Im<span class=\"_ _1\"></span>pl<span class=\"_ _0\"></span>eme<span class=\"_ _1\"></span>nta<span class=\"_ _1\"></span>tio<span class=\"_ _0\"></span>n</div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs42d1\">g<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>dan<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>e</div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs42d2\">9<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs42d3\">de<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">IAS<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">39,<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u00e8</span> <span class=\"ff3\">n<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>ari<span class=\"_ _1\"></span>o<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">soc<span class=\"_ _1\"></span>ie<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">si<span class=\"_ _0\"></span>a </span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs42d4\">in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">grad<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pre<span class=\"_ _0\"></span>dire<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>esa<span class=\"_ _0\"></span>ttez<span class=\"_ _0\"></span>za<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>da<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cui<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">si</span> <span class=\"ff3\">ve<span class=\"_ _1\"></span>rifiche<span class=\"_ _0\"></span>r\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>tra<span class=\"_ _0\"></span>nsa<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">futu<span class=\"_ _0\"></span>ra.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u00c8,</span> <span class=\"ff3\">pe<span class=\"_ _0\"></span>r\u00f2,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ric<span class=\"_ _0\"></span>hiest<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs42d5\">che<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span>ben<span class=\"ff1\"> </span>identificato<span class=\"ff1\"> </span>e,<span class=\"ff1\"> </span>quindi,<span class=\"ff1\"> </span>anche<span class=\"ff1\"> </span>documentato<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>periodo<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>transa<span class=\"_ _2\"></span>zione<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>attesa. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs42d6\">Nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">r<span class=\"_ _0\"></span>ispe<span class=\"_ _0\"></span>tto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>qu<span class=\"_ _1\"></span>anto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sopr<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rip<span class=\"_ _0\"></span>orta<span class=\"_ _0\"></span>to,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>omi<span class=\"_ _0\"></span>tato<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ALM<span class=\"ff1\"> </span>h<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>nol<span class=\"_ _0\"></span>tre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fiss<span class=\"_ _0\"></span>ato<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">limi<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">val<span class=\"_ _0\"></span>ore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">massi<span class=\"_ _0\"></span>mo<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs42d7\">delle<span class=\"ff1\"> </span>forecast<span class=\"ff1\"> </span>transaction. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs42d8\">L\u2019importo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>forecast<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tr<span class=\"_ _2\"></span>ansaction<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>pot<span class=\"_ _2\"></span>r\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>superare<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>com<span class=\"_ _2\"></span>plessivo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ipotizzato<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs42d9\">future<span class=\"ff1\"> <span class=\"_ _20\"></span></span>emissioni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>obbl<span class=\"_ _0\"></span>igazionari<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>tasso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>variabile<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(definito<span class=\"ff1\"> <span class=\"_ _21\"></span></span>come<span class=\"ff1\"> <span class=\"_ _20\"></span></span>differenza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fra<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>volumi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>previsti<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs42da\">come<span class=\"ff1\"> </span>giacenze<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>ogni<span class=\"ff1\"> </span>anno<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>l\u2019ammontare<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>obbligazioni<span class=\"ff1\"> </span>gi\u00e0<span class=\"ff1\"> </span>emesse). </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs42db\">Per<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>una<span class=\"ff1\">  </span>c<span class=\"_ _0\"></span>orr<span class=\"_ _2\"></span>etta<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>individuazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>flussi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\">  </span>scade<span class=\"_ _0\"></span>nza,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>olt<span class=\"_ _2\"></span>re<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>all\u2019inerziale<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>delle<span class=\"ff1\">  </span>ope<span class=\"_ _0\"></span>razioni<span class=\"ff1\">  </span>gi\u00e0<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs42dc\">effettuate,<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>v<span class=\"_ _2\"></span>engono<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>anc<span class=\"_ _0\"></span>he<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>valorizzati<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>gli<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>importi<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>opera<span class=\"_ _2\"></span>zioni<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>effett<span class=\"_ _2\"></span>uate<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>ne<span class=\"_ _0\"></span>gli<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>anni<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs42dd\">previsione/proiezione;<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>convenzione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>durata<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">queste<span class=\"ff1\"> </span>emissioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">viene<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ipotizzata<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">3<span class=\"ff1\"> </span>anni.<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs42de\">E\u2019<span class=\"ff1\"> <span class=\"_ _21\"></span></span>inoltre<span class=\"ff1\"> <span class=\"_ _21\"></span></span>stabilita<span class=\"ff1\"> <span class=\"_ _21\"></span></span>una<span class=\"ff1\"> <span class=\"_ _21\"></span></span>pe<span class=\"_ _0\"></span>rcentuale,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>decrescente<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>trascorr<span class=\"_ _2\"></span>ere<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>t<span class=\"_ _2\"></span>empo,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>apporto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>fra<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs42df\">totale<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>forecast<span class=\"ff1\"> </span>t<span class=\"_ _2\"></span>ransaction<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ipotizzate<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>emissioni<span class=\"ff1\"> </span>previste,<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fine<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>esprimere<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>minor<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs42e0\">livello<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>probabilit\u00e0<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>forecast<span class=\"ff1\"> </span>tanto<span class=\"ff1\"> </span>pi\u00f9<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>lontane<span class=\"ff1\"> </span>nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tempo. </span></span></div><div class=\"t m0 h149 ff4 fs24 fc0 sc0 ls0 ws0 gs42e1\">5<span class=\"ff1\"> </span></div><div class=\"t m0 h14a ff4 fs16 fc0 sc0 ls0 ws0 gs42e2\">IAS<span class=\"ff1\"> <span class=\"_ _2\"></span></span>39<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00a7<span class=\"ff1\"> <span class=\"_ _2\"></span></span>88<span class=\"_ _0\"></span> </div><div class=\"t m0 h149 ff4 fs24 fc0 sc0 ls0 ws0 gs42e3\">6<span class=\"ff1\"> </span></div><div class=\"t m0 h14a ff4 fs16 fc0 sc0 ls0 ws0 gs42e4\">IAS<span class=\"ff1\"> <span class=\"_ _2\"></span></span>39<span class=\"ff1\"> <span class=\"_ _2\"></span></span>IG<span class=\"ff1\"> <span class=\"_ _20\"></span></span>F.3<span class=\"_ _0\"></span>.7 </div><div class=\"t m0 h149 ff4 fs24 fc0 sc0 ls0 ws0 gs42e5\">7<span class=\"ff1\"> </span></div><div class=\"t m0 h14a ff4 fs16 fc0 sc0 ls0 ws0 gs42e6\">IAS<span class=\"ff1\"> <span class=\"_ _2\"></span></span>39<span class=\"ff1\"> <span class=\"_ _2\"></span></span>IG<span class=\"ff1\"> <span class=\"_ _20\"></span></span>F.3<span class=\"_ _0\"></span>.7 </div><div class=\"t m0 h14c ffa fs24 fc0 sc0 ls0 ws0 gs42e7\">8</div><div class=\"t m0 h14d ffa fs16 fc0 sc0 ls0 ws0 gs42e8\"> <span class=\"_ _0\"></span>IAS<span class=\"_ _2\"></span> 39<span class=\"_ _0\"></span> IG F<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>.7 </div>Inf<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>maz<span class=\"_ _1\"></span>ion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>na<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>ra<span class=\"_ _3bd\"> </span>qu<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>tit<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>A.De<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>vat<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rtu<span class=\"_ _1\"></span>ra<span class=\"fc0 sc1\"> </span>A.1<span class=\"_ _3bd\"> </span>De<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>vat<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nzia<span class=\"_ _1\"></span>ri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>per<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>ri<span class=\"_ _3bd\"> </span>no<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>ona<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>fin<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>odo<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Att<span class=\"_ _0\"></span>ivit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>sott<span class=\"_ _1\"></span>ostan<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>/Tip<span class=\"_ _1\"></span>ologi<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>deri<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Tot<span class=\"_ _0\"></span>ale<span class=\"_ _3bd\"> </span>31/<span class=\"_ _1\"></span>12/20<span class=\"_ _0\"></span>22<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _56\"> </span><span class=\"fc4 sc2\">Tot<span class=\"_ _0\"></span>ale<span class=\"_ _3bd\"> </span></span></span>31/<span class=\"_ _1\"></span>12/20<span class=\"_ _0\"></span>21<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Over<span class=\"_ _3bd\"> </span>the<span class=\"_ _3bd\"> </span>cou<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>er<span class=\"fc0 sc1\"> </span>Mer<span class=\"_ _0\"></span>cat<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>orga<span class=\"_ _1\"></span>nizz<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Over<span class=\"_ _3bd\"> </span>the<span class=\"_ _3bd\"> </span>cou<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>er<span class=\"fc0 sc1\"> </span>Mer<span class=\"_ _0\"></span>cat<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>orga<span class=\"_ _1\"></span>nizz<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Con<span class=\"_ _0\"></span>tro<span class=\"_ _0\"></span>par<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>cen<span class=\"_ _0\"></span>tra<span class=\"_ _0\"></span>li<span class=\"fc0 sc1\"> </span>Sen<span class=\"_ _0\"></span>za<span class=\"_ _3bd\"> </span>con<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>opa<span class=\"_ _0\"></span>rti<span class=\"_ _3bd\"> </span>cen<span class=\"_ _0\"></span>tra<span class=\"_ _0\"></span>li<span class=\"fc0 sc1\"> </span>Con<span class=\"_ _0\"></span>tro<span class=\"_ _0\"></span>par<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>cen<span class=\"_ _0\"></span>tra<span class=\"_ _0\"></span>li<span class=\"fc0 sc1\"> </span>Sen<span class=\"_ _0\"></span>za<span class=\"_ _3bd\"> </span>con<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>opa<span class=\"_ _0\"></span>rti<span class=\"_ _3bd\"> </span>cen<span class=\"_ _0\"></span>tra<span class=\"_ _0\"></span>li<span class=\"fc0 sc1\"> </span>Con<span class=\"_ _3bd\"> </span>accordi<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>com<span class=\"_ _0\"></span>pen<span class=\"_ _0\"></span>saz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Senza<span class=\"_ _3bd\"> </span>acc<span class=\"_ _0\"></span>ordi<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>com<span class=\"_ _0\"></span>pen<span class=\"_ _0\"></span>saz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Con<span class=\"_ _3bd\"> </span>accordi<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>com<span class=\"_ _0\"></span>pen<span class=\"_ _0\"></span>saz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Sen<span class=\"_ _0\"></span>za<span class=\"_ _3bd\"> </span>acc<span class=\"_ _0\"></span>ord<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>com<span class=\"_ _0\"></span>pen<span class=\"_ _0\"></span>saz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>1.<span class=\"_ _3bd\"> </span>Titol<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>debit<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>tass<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>d'int<span class=\"_ _0\"></span>eress<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>- <span class=\"_ _1fc\"> </span>24.<span class=\"_ _0\"></span>765.<span class=\"_ _0\"></span>365<span class=\"_ _0\"></span> <span class=\"_ _1ae\"> </span>54.<span class=\"_ _0\"></span>461<span class=\"_ _0\"></span> <span class=\"_ _b7\"> </span>- <span class=\"_ _7c\"> </span>- <span class=\"_ _1fc\"> </span>20.<span class=\"_ _0\"></span>745<span class=\"_ _0\"></span>.45<span class=\"_ _0\"></span>3 <span class=\"_ _75\"> </span>73<span class=\"_ _0\"></span>.93<span class=\"_ _0\"></span>4 <span class=\"_ _b7\"> </span>-<span class=\"_ _3bd\"> </span>a)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Opzi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span> <span class=\"_ _1b9\"> </span>- <span class=\"_ _35\"> </span>- <span class=\"_ _37\"> </span>- <span class=\"_ _11b\"> </span>- <span class=\"_ _194\"> </span>- <span class=\"_ _35\"> </span>- <span class=\"_ _126\"> </span>- <span class=\"_ _11b\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span>b)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Sw<span class=\"_ _1\"></span>ap<span class=\"_ _0\"></span> <span class=\"_ _235\"> </span>- <span class=\"_ _1fc\"> </span>24.<span class=\"_ _0\"></span>765.<span class=\"_ _0\"></span>365<span class=\"_ _0\"></span> <span class=\"_ _1ae\"> </span>54.<span class=\"_ _0\"></span>461<span class=\"_ _0\"></span> <span class=\"_ _b7\"> </span>- <span class=\"_ _7c\"> </span>- <span class=\"_ _1fc\"> </span>20.<span class=\"_ _0\"></span>745<span class=\"_ _0\"></span>.453<span class=\"_ _0\"></span> <span class=\"_ _75\"> </span>73<span class=\"_ _0\"></span>.934<span class=\"_ _0\"></span> <span class=\"_ _b7\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span>c)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Forw<span class=\"_ _0\"></span>ard<span class=\"_ _0\"></span> <span class=\"_ _349\"> </span>- <span class=\"_ _349\"> </span>- <span class=\"_ _126\"> </span>- <span class=\"_ _11b\"> </span>- <span class=\"_ _194\"> </span>- <span class=\"_ _35\"> </span>- <span class=\"_ _126\"> </span>- <span class=\"_ _11b\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span>d)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Fut<span class=\"_ _0\"></span>ure<span class=\"_ _0\"></span>s <span class=\"_ _201\"> </span>- <span class=\"_ _35\"> </span>- <span class=\"_ _126\"> </span>- <span class=\"_ _b7\"> </span>- <span class=\"_ _7c\"> </span>- <span class=\"_ _35\"> </span>- <span class=\"_ _126\"> </span>- <span class=\"_ _11b\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span>e)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altri<span class=\"_ _1\"></span> <span class=\"_ _45\"> </span>- <span class=\"_ _349\"> </span>- <span class=\"_ _126\"> </span>- <span class=\"_ _11b\"> </span>- <span class=\"_ _194\"> </span>- <span class=\"_ _35\"> </span>- <span class=\"_ _126\"> </span>- <span class=\"_ _11b\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span>2.<span class=\"_ _3bd\"> </span>Titol<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>d<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>capit<span class=\"_ _0\"></span>ale<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>indici<span class=\"_ _3bd\"> </span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>nar<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>a)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Opzi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span> <span class=\"_ _1b9\"> </span>- <span class=\"_ _349\"> </span>- <span class=\"_ _126\"> </span>- <span class=\"_ _11b\"> </span>- <span class=\"_ _194\"> </span>- <span class=\"_ _35\"> </span>- <span class=\"_ _126\"> </span>- <span class=\"_ _11b\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span>b)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Sw<span class=\"_ _1\"></span>ap<span class=\"_ _0\"></span> <span class=\"_ _235\"> </span>- <span class=\"_ _349\"> </span>- <span class=\"_ _126\"> </span>- <span class=\"_ _11b\"> </span>- <span class=\"_ _194\"> </span>- <span class=\"_ _35\"> </span>- <span class=\"_ _126\"> </span>- <span class=\"_ _11b\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span>c)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Forw<span class=\"_ _0\"></span>ard<span class=\"_ _0\"></span> <span class=\"_ _349\"> </span>- <span class=\"_ _349\"> </span>- <span class=\"_ _126\"> </span>- <span class=\"_ _11b\"> </span>- <span class=\"_ _194\"> </span>- <span class=\"_ _35\"> </span>- <span class=\"_ _126\"> </span>- <span class=\"_ _11b\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span>d)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Fut<span class=\"_ _0\"></span>ure<span class=\"_ _0\"></span>s <span class=\"_ _201\"> </span>- <span class=\"_ _35\"> </span>- <span class=\"_ _126\"> </span>- <span class=\"_ _b7\"> </span>- <span class=\"_ _7c\"> </span>- <span class=\"_ _35\"> </span>- <span class=\"_ _126\"> </span>- <span class=\"_ _11b\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span>e)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altri<span class=\"_ _1\"></span> <span class=\"_ _45\"> </span>- <span class=\"_ _349\"> </span>- <span class=\"_ _126\"> </span>- <span class=\"_ _11b\"> </span>- <span class=\"_ _194\"> </span>- <span class=\"_ _35\"> </span>- <span class=\"_ _126\"> </span>- <span class=\"_ _11b\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span>3.<span class=\"_ _3bd\"> </span>Val<span class=\"_ _0\"></span>ute<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>o<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>- <span class=\"_ _349\"> </span>- <span class=\"_ _126\"> </span>- <span class=\"_ _11b\"> </span>- <span class=\"_ _194\"> </span>- <span class=\"_ _35\"> </span>- <span class=\"_ _126\"> </span>- <span class=\"_ _11b\"> </span>-<span class=\"_ _3bd\"> </span>a)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Opzi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span> <span class=\"_ _1b9\"> </span>- <span class=\"_ _349\"> </span>- <span class=\"_ _126\"> </span>- <span class=\"_ _11b\"> </span>- <span class=\"_ _194\"> </span>- <span class=\"_ _35\"> </span>- <span class=\"_ _126\"> </span>- <span class=\"_ _11b\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span>b)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Sw<span class=\"_ _1\"></span>ap<span class=\"_ _0\"></span> <span class=\"_ _235\"> </span>- <span class=\"_ _349\"> </span>- <span class=\"_ _126\"> </span>- <span class=\"_ _11b\"> </span>- <span class=\"_ _194\"> </span>- <span class=\"_ _35\"> </span>- <span class=\"_ _126\"> </span>- <span class=\"_ _11b\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span>c)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Forw<span class=\"_ _0\"></span>ard<span class=\"_ _0\"></span> <span class=\"_ _349\"> </span>- <span class=\"_ _349\"> </span>- <span class=\"_ _126\"> </span>- <span class=\"_ _11b\"> </span>- <span class=\"_ _194\"> </span>- <span class=\"_ _35\"> </span>- <span class=\"_ _126\"> </span>- <span class=\"_ _11b\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span>d)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Fut<span class=\"_ _0\"></span>ure<span class=\"_ _0\"></span>s <span class=\"_ _201\"> </span>- <span class=\"_ _35\"> </span>- <span class=\"_ _126\"> </span>- <span class=\"_ _b7\"> </span>- <span class=\"_ _7c\"> </span>- <span class=\"_ _35\"> </span>- <span class=\"_ _126\"> </span>- <span class=\"_ _11b\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span>e)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altri<span class=\"_ _1\"></span> <span class=\"_ _45\"> </span>- <span class=\"_ _349\"> </span>- <span class=\"_ _126\"> </span>- <span class=\"_ _11b\"> </span>- <span class=\"_ _194\"> </span>- <span class=\"_ _35\"> </span>- <span class=\"_ _126\"> </span>- <span class=\"_ _11b\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span>4.<span class=\"_ _3bd\"> </span>Me<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>- <span class=\"_ _349\"> </span>- <span class=\"_ _126\"> </span>- <span class=\"_ _11b\"> </span>- <span class=\"_ _194\"> </span>- <span class=\"_ _35\"> </span>- <span class=\"_ _126\"> </span>- <span class=\"_ _11b\"> </span>-<span class=\"_ _3bd\"> </span>5.<span class=\"_ _3bd\"> </span>Alt<span class=\"_ _1\"></span>ri<span class=\"_ _3bd\"> </span>- <span class=\"_ _349\"> </span>- <span class=\"_ _126\"> </span>- <span class=\"_ _11b\"> </span>- <span class=\"_ _194\"> </span>- <span class=\"_ _35\"> </span>- <span class=\"_ _126\"> </span>- <span class=\"_ _11b\"> </span>-<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span> - <span class=\"_ _64\"> </span>2<span class=\"_ _0\"></span>4.7<span class=\"_ _1\"></span>65.<span class=\"_ _0\"></span>36<span class=\"_ _0\"></span>5 <span class=\"_ _1ae\"> </span>54<span class=\"_ _0\"></span>.46<span class=\"_ _1\"></span>1-- <span class=\"_ _1af\"> </span>20.<span class=\"_ _0\"></span>745<span class=\"_ _1\"></span>.45<span class=\"_ _0\"></span>3 <span class=\"_ _75\"> </span>73<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>34<span class=\"_ _0\"></span> -<div class=\"t m26 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs42ea\">A.2<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs42eb\">De<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs42ec\">fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>ri<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs42ed\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs42ee\">co<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rtu<span class=\"_ _1\"></span>ra:<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs42ef\">fa<span class=\"_ _0\"></span>ir<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs42f0\">va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs42f1\">lor<span class=\"_ _1\"></span>do<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs42f2\">po<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs42f3\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs42f4\">ne<span class=\"_ _0\"></span>ga<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vo<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs42f5\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs42f6\">ri<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>izio<span class=\"_ _1\"></span>ne<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs42f7\">per<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs42f8\">pr<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>ot<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m20 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs42f9\">Ti<span class=\"_ _0\"></span>pol<span class=\"_ _0\"></span>ogi<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs42fa\">der<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>ati<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m20 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs42fb\">Fa<span class=\"_ _0\"></span>ir<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs42fc\">va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs42fd\">pos<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>vo<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs42fe\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs42ff\">ne<span class=\"_ _0\"></span>gat<span class=\"_ _0\"></span>ivo<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m20 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs4300\">Variazio<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs4301\">del<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs4302\">valore<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs4303\">usato<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs4304\">per<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs4305\">calcolare<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs4306\">l'effica<span class=\"_ _0\"></span>cia<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs4307\">della<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs4308\">copertu<span class=\"_ _0\"></span>ra<span class=\"fc0 sc1\"> </span></div><div class=\"t m20 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs4309\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc0 sc1\"> <span class=\"_ _f6\"> </span></span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _0\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m20 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs430a\">Tot<span class=\"_ _1\"></span>ale<span class=\"fc0 sc1\"> <span class=\"_ _f6\"> </span></span>31/<span class=\"_ _0\"></span>12/<span class=\"_ _0\"></span>202<span class=\"_ _0\"></span>1<span class=\"fc0 sc1\"> </span></div><div class=\"t m20 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs430b\">Tot<span class=\"_ _1\"></span>ale<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs430c\">31/<span class=\"_ _0\"></span>12<span class=\"_ _0\"></span>/20<span class=\"_ _0\"></span>22<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m20 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs430d\">Tot<span class=\"_ _1\"></span>ale<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs430e\">31/<span class=\"_ _0\"></span>12<span class=\"_ _0\"></span>/20<span class=\"_ _0\"></span>21<span class=\"fc0 sc1\"> </span></div><div class=\"t m20 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs430f\">Over<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs4310\">the<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs4311\">co<span class=\"_ _0\"></span>unt<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m20 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs4312\">Mer<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs4313\">or<span class=\"_ _0\"></span>gan<span class=\"_ _0\"></span>izz<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m20 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs4314\">Over<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs4315\">the<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs4316\">co<span class=\"_ _0\"></span>unt<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m20 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs4317\">Mer<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs4318\">or<span class=\"_ _0\"></span>gan<span class=\"_ _0\"></span>izz<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m20 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs4319\">Con<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>opa<span class=\"_ _0\"></span>rti<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs431a\">ce<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m20 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs431b\">Se<span class=\"_ _0\"></span>nza<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs431c\">co<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>op<span class=\"_ _0\"></span>arti<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs431d\">ce<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m20 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs431e\">Con<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>opa<span class=\"_ _0\"></span>rti<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs431f\">ce<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m20 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs4320\">Se<span class=\"_ _0\"></span>nza<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs4321\">co<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>op<span class=\"_ _0\"></span>arti<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs4322\">ce<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m20 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs4323\">Con<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs4324\">accordi<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs4325\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs4326\">co<span class=\"_ _0\"></span>mpe<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>azio<span class=\"_ _1\"></span>ne<span class=\"fc0 sc1\"> </span></div><div class=\"t m20 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs4327\">Se<span class=\"_ _0\"></span>nza<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs4328\">ac<span class=\"_ _0\"></span>cor<span class=\"_ _1\"></span>di<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs4329\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs432a\">co<span class=\"_ _0\"></span>mpe<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>azio<span class=\"_ _1\"></span>ne<span class=\"fc0 sc1\"> </span></div><div class=\"t m20 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs432b\">Con<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs432c\">accordi<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs432d\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs432e\">co<span class=\"_ _0\"></span>mpe<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>azio<span class=\"_ _1\"></span>ne<span class=\"fc0 sc1\"> </span></div><div class=\"t m20 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs432f\">Se<span class=\"_ _0\"></span>nza<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs4330\">ac<span class=\"_ _0\"></span>cor<span class=\"_ _1\"></span>di<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs4331\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs4332\">co<span class=\"_ _0\"></span>mpe<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>azio<span class=\"_ _1\"></span>ne<span class=\"fc0 sc1\"> </span></div><div class=\"t m20 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4333\">Fa<span class=\"_ _0\"></span>ir<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4334\">val<span class=\"_ _1\"></span>ue<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4335\">po<span class=\"_ _0\"></span>sit<span class=\"_ _0\"></span>ivo<span class=\"_ _0\"></span> </div><div class=\"t m20 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4336\">a)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Opzion<span class=\"_ _0\"></span>i </span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4337\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4338\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4339\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs433a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs433b\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs433c\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs433d\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs433e\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs433f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4340\">-<span class=\"_ _3bd\"> </span></div><div class=\"c w7a h3f gs4341\"><div class=\"t m20 x1f9 h2f yebd ff3 fs16 fc0 sc0 ls0 ws0\">b)</div></div><div class=\"c w117 h3f gs4342\"><div class=\"t m20 x1f9 h2f yebd ff3 fs16 fc0 sc0 ls0 ws0\">In<span class=\"_ _0\"></span>tere<span class=\"_ _0\"></span>st</div></div><div class=\"c w82 h3f gs4343\"><div class=\"t m20 x1f9 h2f yebd ff3 fs16 fc0 sc0 ls0 ws0\">ra<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span></div></div><div class=\"t m20 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4344\">sw<span class=\"_ _1\"></span>ap </div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4345\">-</div><div class=\"t m20 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4346\"> <span class=\"_ _ca\"> </span>1<span class=\"_ _0\"></span>.086.<span class=\"_ _0\"></span>613 </div><div class=\"t m20 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4347\">3.6<span class=\"_ _0\"></span>26 </div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4348\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4349\">-</div><div class=\"t m20 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs434a\"> <span class=\"_ _33a\"> </span>211.1<span class=\"_ _0\"></span>01 </div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs434b\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs434c\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs434d\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs434e\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs434f\">c)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Cro<span class=\"_ _2\"></span>ss<span class=\"ff1\"> </span></span></span></div><div class=\"t m20 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4350\">curr<span class=\"_ _0\"></span>enc<span class=\"_ _0\"></span>y<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4351\">swap </div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4352\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4353\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4354\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4355\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4356\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4357\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4358\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4359\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs435a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs435b\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs435c\">d)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Eq<span class=\"_ _0\"></span>uity<span class=\"ff1\"> </span>sw<span class=\"_ _1\"></span>ap </span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs435d\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs435e\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs435f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4360\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4361\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4362\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4363\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4364\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4365\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4366\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4367\">e)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">F<span class=\"_ _0\"></span>orwar<span class=\"_ _0\"></span>d </span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4368\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4369\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs436a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs436b\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs436c\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs436d\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs436e\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs436f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4370\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4371\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4372\">f)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Future<span class=\"_ _0\"></span>s </span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4373\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4374\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4375\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4376\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4377\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4378\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4379\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs437a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs437b\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs437c\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs437d\">g)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">A<span class=\"_ _0\"></span>ltri </span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs437e\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs437f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4380\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4381\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4382\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4383\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4384\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4385\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4386\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4387\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4388\">Tot<span class=\"_ _1\"></span>ale </div><div class=\"t m50 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4389\">-</div><div class=\"t m20 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs438a\"> <span class=\"_ _35\"> </span>1.08<span class=\"_ _0\"></span>6.<span class=\"_ _0\"></span>613<span class=\"_ _0\"></span> </div><div class=\"t m20 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs438b\">3.<span class=\"_ _1\"></span>62<span class=\"_ _0\"></span>6 </div><div class=\"t m50 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs438c\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m50 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs438d\">-</div><div class=\"t m20 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs438e\"> <span class=\"_ _11e\"> </span>211.<span class=\"_ _0\"></span>101<span class=\"_ _0\"></span> </div><div class=\"t m50 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs438f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m50 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4390\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m50 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4391\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m50 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4392\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4393\">Fa<span class=\"_ _0\"></span>ir<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4394\">val<span class=\"_ _1\"></span>ue<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4395\">neg<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>ivo<span class=\"_ _0\"></span> </div><div class=\"t m20 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4396\">a)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Opzion<span class=\"_ _0\"></span>i </span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4397\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4398\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4399\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs439a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs439b\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs439c\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs439d\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs439e\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs439f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs43a0\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs43a1\">b)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">I<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>rest<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rate<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m20 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs43a2\">sw<span class=\"_ _1\"></span>ap </div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs43a3\">-</div><div class=\"t m20 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs43a4\"> <span class=\"_ _138\"> </span>874<span class=\"_ _0\"></span>.058 </div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs43a5\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs43a6\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs43a7\">-</div><div class=\"t m20 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs43a8\"> <span class=\"_ _138\"> </span>406<span class=\"_ _0\"></span>.366 </div><div class=\"t m20 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs43a9\">1.<span class=\"_ _0\"></span>718 </div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs43aa\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs43ab\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs43ac\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs43ad\">c)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Cro<span class=\"_ _2\"></span>ss<span class=\"ff1\"> </span></span></span></div><div class=\"t m20 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs43ae\">curr<span class=\"_ _0\"></span>enc<span class=\"_ _0\"></span>y<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs43af\">swap </div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs43b0\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs43b1\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs43b2\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs43b3\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs43b4\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs43b5\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs43b6\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs43b7\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs43b8\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs43b9\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs43ba\">d)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Eq<span class=\"_ _0\"></span>uity<span class=\"ff1\"> </span>sw<span class=\"_ _1\"></span>ap </span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs43bb\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs43bc\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs43bd\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs43be\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs43bf\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs43c0\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs43c1\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs43c2\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs43c3\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs43c4\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs43c5\">e)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">F<span class=\"_ _0\"></span>orwar<span class=\"_ _0\"></span>d </span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs43c6\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs43c7\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs43c8\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs43c9\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs43ca\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs43cb\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs43cc\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs43cd\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs43ce\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs43cf\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs43d0\">f)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Future<span class=\"_ _0\"></span>s </span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs43d1\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs43d2\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs43d3\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs43d4\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs43d5\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs43d6\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs43d7\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs43d8\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs43d9\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs43da\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs43db\">g)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">A<span class=\"_ _0\"></span>ltri </span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs43dc\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs43dd\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs43de\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs43df\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs43e0\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs43e1\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs43e2\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs43e3\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs43e4\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs43e5\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs43e6\">Tot<span class=\"_ _1\"></span>ale </div><div class=\"t m50 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs43e7\">-</div><div class=\"t m20 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs43e8\"> <span class=\"_ _1b9\"> </span>874<span class=\"_ _0\"></span>.05<span class=\"_ _1\"></span>8 </div><div class=\"t m50 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs43e9\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m50 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs43ea\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m50 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs43eb\">-</div><div class=\"t m20 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs43ec\"> <span class=\"_ _1b9\"> </span>406.<span class=\"_ _0\"></span>366<span class=\"_ _1\"></span> </div><div class=\"t m20 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs43ed\">1.7<span class=\"_ _0\"></span>18<span class=\"_ _0\"></span> </div><div class=\"t m50 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs43ee\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m50 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs43ef\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m50 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs43f0\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m26 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs43f2\">A.3<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs43f3\">De<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>vat<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs43f4\">fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs43f5\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs43f6\">co<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>ura<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs43f7\">OT<span class=\"_ _1\"></span>C<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs43f8\">\u2013<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs43f9\">va<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>ri<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs43fa\">no<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>,<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs43fb\">fai<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs43fc\">va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs43fd\">lor<span class=\"_ _1\"></span>do<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs43fe\">po<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs43ff\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4400\">ne<span class=\"_ _0\"></span>gat<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4401\">pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4402\">co<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>op<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs4403\">Att<span class=\"_ _0\"></span>ivit<span class=\"_ _1\"></span>\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs4404\">so<span class=\"_ _0\"></span>tto<span class=\"_ _0\"></span>sta<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m2c h2f ff3 fs16 fc4 sc2 ls0 ws0 gs4405\">Controp<span class=\"_ _2\"></span>arti<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h2f ff3 fs16 fc4 sc2 ls0 ws0 gs4406\">cen<span class=\"_ _0\"></span>trali<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h2f ff3 fs16 fc4 sc2 ls0 ws0 gs4407\">Banch<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span></div><div class=\"t m2c h2f ff3 fs16 fc4 sc2 ls0 ws0 gs4408\">Altre<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h2f ff3 fs16 fc4 sc2 ls0 ws0 gs4409\">societ\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h2f ff3 fs16 fc4 sc2 ls0 ws0 gs440a\">finan<span class=\"_ _0\"></span>ziar<span class=\"_ _0\"></span>ie<span class=\"fc0 sc1\"> </span></div><div class=\"t m2c h2f ff3 fs16 fc4 sc2 ls0 ws0 gs440b\">Altri<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h2f ff3 fs16 fc4 sc2 ls0 ws0 gs440c\">sogg<span class=\"_ _0\"></span>etti<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs440d\">Con<span class=\"_ _0\"></span>trat<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rien<span class=\"_ _0\"></span>tran<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ccord<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>mpen<span class=\"_ _0\"></span>sazio<span class=\"_ _0\"></span>ne </span></span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs440e\">1)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs440f\">Titoli<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4410\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4411\">debito<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4412\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4413\">tassi<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4414\">d'i<span class=\"_ _1\"></span>ntere<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>e </div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4415\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>ozio<span class=\"_ _0\"></span>nal<span class=\"_ _0\"></span>e </span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4416\">X</div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4417\"> <span class=\"_ _34a\"> </span>54<span class=\"_ _0\"></span>.461 <span class=\"_ _11e\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _235\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4418\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">posit<span class=\"_ _0\"></span>ivo </span></span></span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4419\">X</div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs441a\"> <span class=\"_ _8c\"> </span>3.6<span class=\"_ _0\"></span>26 <span class=\"_ _af\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _235\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs441b\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nega<span class=\"_ _0\"></span>tivo </span></span></span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs441c\">X<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs441d\">-</div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs441e\"> <span class=\"_ _af\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _235\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs441f\">2)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4420\">Titoli<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4421\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4422\">capitale<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4423\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4424\">indici<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4425\">azi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span> </div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4426\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>ozio<span class=\"_ _0\"></span>nal<span class=\"_ _0\"></span>e </span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4427\">X</div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4428\"> <span class=\"_ _345\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _235\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _235\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4429\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">posit<span class=\"_ _0\"></span>ivo </span></span></span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs442a\">X</div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs442b\"> <span class=\"_ _345\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _235\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _235\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs442c\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nega<span class=\"_ _0\"></span>tivo </span></span></span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs442d\">X</div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs442e\"> <span class=\"_ _345\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _235\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _235\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs442f\">3)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4430\">Valute<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4431\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4432\">or<span class=\"_ _1\"></span>o </div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4433\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>ozio<span class=\"_ _0\"></span>nal<span class=\"_ _0\"></span>e </span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4434\">X</div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4435\"> <span class=\"_ _345\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _235\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _235\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4436\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">posit<span class=\"_ _0\"></span>ivo </span></span></span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4437\">X</div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4438\"> <span class=\"_ _345\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _235\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _235\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4439\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nega<span class=\"_ _0\"></span>tivo </span></span></span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs443a\">X</div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs443b\"> <span class=\"_ _345\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _235\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _235\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs443c\">4)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs443d\">Mer<span class=\"_ _1\"></span>ci </div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs443e\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>ozio<span class=\"_ _0\"></span>nal<span class=\"_ _0\"></span>e </span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs443f\">X</div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4440\"> <span class=\"_ _345\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _235\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _235\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4441\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">posit<span class=\"_ _0\"></span>ivo </span></span></span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4442\">X</div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4443\"> <span class=\"_ _345\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _235\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _235\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4444\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nega<span class=\"_ _0\"></span>tivo </span></span></span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4445\">X</div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4446\"> <span class=\"_ _345\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _235\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _235\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4447\">5)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4448\">A<span class=\"_ _0\"></span>lt<span class=\"_ _0\"></span>ri<span class=\"_ _1\"></span> </div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4449\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>ozio<span class=\"_ _0\"></span>nal<span class=\"_ _0\"></span>e </span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs444a\">X</div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs444b\"> <span class=\"_ _345\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _235\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _235\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs444c\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">posit<span class=\"_ _0\"></span>ivo </span></span></span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs444d\">X</div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs444e\"> <span class=\"_ _345\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _235\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _235\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs444f\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nega<span class=\"_ _0\"></span>tivo </span></span></span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4450\">X</div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4451\"> <span class=\"_ _345\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _235\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _235\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4452\">Con<span class=\"_ _0\"></span>trat<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>rie<span class=\"_ _0\"></span>ntran<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">accor<span class=\"_ _0\"></span>di<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>mpens<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne </span></span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4453\">1)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4454\">Titoli<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4455\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4456\">debito<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4457\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4458\">tassi<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4459\">d'i<span class=\"_ _1\"></span>ntere<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>e </div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs445a\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>ozio<span class=\"_ _0\"></span>nal<span class=\"_ _0\"></span>e <span class=\"_ _2d9\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1fd\"> </span><span class=\"ff3\">24.72<span class=\"_ _0\"></span>0.36<span class=\"_ _0\"></span>5 <span class=\"_ _212\"> </span>45.000 </span></span></span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs445b\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs445c\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">posit<span class=\"_ _0\"></span>ivo <span class=\"_ _10e\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _7f\"> </span><span class=\"ff3\">1<span class=\"_ _0\"></span>.08<span class=\"_ _0\"></span>3.177 <span class=\"_ _198\"> </span>3.<span class=\"_ _0\"></span>43<span class=\"_ _1\"></span>7 </span></span></span></span></span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs445d\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs445e\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nega<span class=\"_ _0\"></span>tivo <span class=\"_ _15e\"> </span>-<span class=\"ff1\"> <span class=\"_ _194\"> </span></span>874.0<span class=\"_ _0\"></span>58 </span></span></span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs445f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4460\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4461\">2)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4462\">Titoli<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4463\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4464\">capitale<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4465\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4466\">indici<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4467\">azi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span> </div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4468\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>ozio<span class=\"_ _0\"></span>nal<span class=\"_ _0\"></span>e <span class=\"_ _2d9\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _235\"> </span><span class=\"ff3\">- </span></span></span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4469\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs446a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs446b\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">posit<span class=\"_ _0\"></span>ivo <span class=\"_ _10e\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _235\"> </span><span class=\"ff3\">- </span></span></span></span></span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs446c\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs446d\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs446e\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nega<span class=\"_ _0\"></span>tivo <span class=\"_ _15e\"> </span>-<span class=\"ff1\"> <span class=\"_ _af\"> </span></span>-<span class=\"_ _0\"></span> </span></span></span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs446f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4470\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4471\">3)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4472\">Valute<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4473\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4474\">or<span class=\"_ _1\"></span>o </div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4475\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>ozio<span class=\"_ _0\"></span>nal<span class=\"_ _0\"></span>e <span class=\"_ _2d9\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _235\"> </span><span class=\"ff3\">- </span></span></span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4476\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4477\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4478\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">posit<span class=\"_ _0\"></span>ivo <span class=\"_ _10e\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _235\"> </span><span class=\"ff3\">- </span></span></span></span></span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4479\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs447a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs447b\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nega<span class=\"_ _0\"></span>tivo <span class=\"_ _15e\"> </span>-<span class=\"ff1\"> <span class=\"_ _af\"> </span></span>-<span class=\"_ _0\"></span> </span></span></span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs447c\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs447d\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs447e\">4)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs447f\">Mer<span class=\"_ _1\"></span>ci </div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4480\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>ozio<span class=\"_ _0\"></span>nal<span class=\"_ _0\"></span>e <span class=\"_ _2d9\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _235\"> </span><span class=\"ff3\">- </span></span></span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4481\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4482\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4483\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">posit<span class=\"_ _0\"></span>ivo <span class=\"_ _10e\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _235\"> </span><span class=\"ff3\">- </span></span></span></span></span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4484\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4485\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4486\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nega<span class=\"_ _0\"></span>tivo <span class=\"_ _15e\"> </span>-<span class=\"ff1\"> <span class=\"_ _af\"> </span></span>-<span class=\"_ _0\"></span> </span></span></span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4487\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4488\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4489\">5)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs448a\">A<span class=\"_ _0\"></span>lt<span class=\"_ _0\"></span>ri<span class=\"_ _1\"></span> </div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs448b\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _235\"> </span><span class=\"ff3\">- </span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs448c\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs448d\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs448e\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>ozio<span class=\"_ _0\"></span>nal<span class=\"_ _0\"></span>e <span class=\"_ _2d9\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _235\"> </span><span class=\"ff3\">- </span></span></span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs448f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4490\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4491\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">posit<span class=\"_ _0\"></span>ivo <span class=\"_ _10e\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _235\"> </span><span class=\"ff3\">- </span></span></span></span></span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4492\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4493\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4494\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nega<span class=\"_ _0\"></span>tivo<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> <span class=\"_ _15e\"> </span>-<span class=\"ff1\"> <span class=\"_ _af\"> </span></span>-<span class=\"_ _0\"></span> </span></span></span></span></div><div class=\"t m26 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4496\">A.4<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4497\">Vi<span class=\"_ _0\"></span>ta<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4498\">re<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>du<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4499\">dei<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs449a\">de<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>vat<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs449b\">fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ar<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs449c\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs449d\">co<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>ura<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs449e\">OT<span class=\"_ _0\"></span>C:<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs449f\">va<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>ri<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs44a0\">no<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs44a1\">Sot<span class=\"_ _0\"></span>tos<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>/Vi<span class=\"_ _0\"></span>ta<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs44a2\">re<span class=\"_ _0\"></span>sid<span class=\"_ _0\"></span>ua<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs44a3\">Fino<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs44a4\">ad<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs44a5\">1<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs44a6\">a<span class=\"_ _0\"></span>nn<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs44a7\">Oltre<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs44a8\">1<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs44a9\">anno<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs44aa\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs44ab\">fino<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs44ac\">a<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs44ad\">5<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs44ae\">anni<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs44af\">Oltre<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs44b0\">5<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs44b1\">a<span class=\"_ _0\"></span>nn<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs44b2\">Tot<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs44b3\">A.1<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Der<span class=\"_ _0\"></span>ivat<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>fina<span class=\"_ _0\"></span>nzia<span class=\"_ _0\"></span>ri<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>tito<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>deb<span class=\"_ _0\"></span>ito<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>ta<span class=\"_ _0\"></span>ssi<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">inter<span class=\"_ _0\"></span>esse<span class=\"_ _0\"></span> <span class=\"_ _ff\"> </span>3.64<span class=\"_ _0\"></span>1.430 <span class=\"_ _1ab\"> </span>9.922<span class=\"_ _0\"></span>.022 <span class=\"_ _f2\"> </span>11.256<span class=\"_ _0\"></span>.374 </span></span></span></span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs44b4\">24.<span class=\"_ _0\"></span>81<span class=\"_ _0\"></span>9.8<span class=\"_ _0\"></span>26<span class=\"_ _0\"></span> </div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs44b5\">A.2<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Deri<span class=\"_ _0\"></span>vati<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>nanz<span class=\"_ _0\"></span>iari<span class=\"ff1\"> </span>su<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">titoli</span> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>cap<span class=\"_ _0\"></span>ital<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>ind<span class=\"_ _0\"></span>ici<span class=\"ff1\"> </span>az<span class=\"_ _0\"></span>iona<span class=\"_ _0\"></span>ri </span></span></span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs44b6\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs44b7\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs44b8\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs44b9\">A.3<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Deri<span class=\"_ _0\"></span>vati<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>nanz<span class=\"_ _0\"></span>iari<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">su</span> <span class=\"ff3\">valute<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ed</span> <span class=\"ff3\">o<span class=\"_ _0\"></span>ro<span class=\"_ _1\"></span> </span></span></span></span></span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs44ba\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs44bb\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs44bc\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs44bd\">A.4<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Deriv<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">fin<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>iari<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>merci<span class=\"_ _0\"></span> </span></span></span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs44be\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs44bf\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs44c0\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs44c1\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs44c2\">A.5<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Altr<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>deriv<span class=\"_ _0\"></span>ati<span class=\"ff1\"> </span>fin<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>iari </span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs44c3\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs44c4\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs44c5\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs44c6\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs44c7\">Tot<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs44c8\">31/<span class=\"_ _0\"></span>12/<span class=\"_ _0\"></span>202<span class=\"_ _1\"></span>2 <span class=\"_ _6d\"> </span>3.6<span class=\"_ _0\"></span>41.<span class=\"_ _0\"></span>43<span class=\"_ _0\"></span>0 <span class=\"_ _212\"> </span>9.<span class=\"_ _0\"></span>922<span class=\"_ _0\"></span>.022<span class=\"_ _1\"></span> <span class=\"_ _122\"> </span>11<span class=\"_ _0\"></span>.25<span class=\"_ _0\"></span>6.3<span class=\"_ _0\"></span>74 <span class=\"_ _177\"> </span>24.<span class=\"_ _0\"></span>819<span class=\"_ _0\"></span>.82<span class=\"_ _1\"></span>6 </div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs44c9\">Tot<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs44ca\">31/<span class=\"_ _0\"></span>12/<span class=\"_ _0\"></span>202<span class=\"_ _1\"></span>1<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs44cb\">1.<span class=\"_ _0\"></span>639<span class=\"_ _0\"></span>.31<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs44cc\">9.3<span class=\"_ _0\"></span>58.<span class=\"_ _0\"></span>68<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs44cd\">9.<span class=\"_ _0\"></span>821.<span class=\"_ _0\"></span>38<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs44ce\">20<span class=\"_ _0\"></span>.81<span class=\"_ _0\"></span>9.3<span class=\"_ _0\"></span>88<span class=\"_ _0\"></span> </div><div class=\"t m45 h10 ff3 fs9 fc4 sc0 ls0 ws0 gs44cf\">D.<span class=\"_ _3bd\"> </span></div><div class=\"t m45 h10 ff3 fs9 fc4 sc0 ls0 ws0 gs44d0\">St<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ume<span class=\"_ _1\"></span>nti<span class=\"_ _3bd\"> </span></div><div class=\"t m45 h10 ff3 fs9 fc4 sc0 ls0 ws0 gs44d1\">coper<span class=\"_ _0\"></span>ti </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs44d2\">In<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tema<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Hedge<span class=\"ff1\"> <span class=\"_ _2\"></span></span>acco<span class=\"_ _2\"></span>unting,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Gr<span class=\"_ _2\"></span>uppo,<span class=\"ff1\"> </span>co<span class=\"_ _2\"></span>me<span class=\"ff1\"> <span class=\"_ _2\"></span></span>previsto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall\u2019IFRS9,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>continua<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"_ _2\"></span>d<span class=\"ff1\"> <span class=\"_ _2\"></span></span>applicare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quanto<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs44d3\">definito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dal<span class=\"ff1\"> <span class=\"_ _21\"></span></span>princip<span class=\"_ _0\"></span>io<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contabile<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span><span class=\"ff3\">I<span class=\"_ _2\"></span>AS</span> <span class=\"_ _20\"></span><span class=\"ff3\">39</span> <span class=\"_ _21\"></span><span class=\"ff3\">(nel<span class=\"_ _0\"></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ve<span class=\"_ _0\"></span>rsione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>carved<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">out</span> <span class=\"_ _20\"></span><span class=\"ff3\">omologata</span> <span class=\"_ _20\"></span><span class=\"ff3\">dalla</span> <span class=\"_ _21\"></span><span class=\"ff3\">Commissione</span> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs44d4\">Europea)<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>relazione<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>tutte<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>coperture<span class=\"ff1\"> </span>poste<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>essere. </div><div class=\"t m26 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs44d5\">D.<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs44d6\">Co<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>ure<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs44d7\">de<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs44d8\">fai<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs44d9\">va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs44da\">Cop<span class=\"_ _0\"></span>ert<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs44db\">Cop<span class=\"_ _0\"></span>ert<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs44dc\">sp<span class=\"_ _0\"></span>eci<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"c w10b h135 gs44dd\"><div class=\"t m0 x1f9 h2f yc8a ff3 fs16 fc4 sc2 ls0 ws0\">spe<span class=\"_ _0\"></span>cif<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>he</div></div><div class=\"c w37 h135 gs44de\"><div class=\"t m0 x1f9 h2f yc8a ff3 fs16 fc4 sc2 ls0 ws0\">-<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs44df\">Var<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs44e0\">cu<span class=\"_ _0\"></span>mul<span class=\"_ _0\"></span>ate<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs44e1\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs44e2\">fair<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs44e3\">value<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs44e4\">del<span class=\"_ _0\"></span>lo<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs44e5\">str<span class=\"_ _0\"></span>ume<span class=\"_ _1\"></span>nto<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs44e6\">co<span class=\"_ _0\"></span>per<span class=\"_ _0\"></span>to<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs44e7\">Ces<span class=\"_ _1\"></span>sazio<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs44e8\">del<span class=\"_ _0\"></span>la<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs44e9\">co<span class=\"_ _0\"></span>per<span class=\"_ _0\"></span>tur<span class=\"_ _0\"></span>a:<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs44ea\">var<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs44eb\">cu<span class=\"_ _0\"></span>mul<span class=\"_ _0\"></span>ate<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs44ec\">residue<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs44ed\">del<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs44ee\">fair<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs44ef\">value<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs44f0\">Var<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs44f1\">del<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs44f2\">valore<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs44f3\">usato<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs44f4\">per<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs44f5\">rilevare<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs44f6\">l'i<span class=\"_ _0\"></span>nef<span class=\"_ _0\"></span>fic<span class=\"_ _1\"></span>acia<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs44f7\">del<span class=\"_ _0\"></span>la<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs44f8\">co<span class=\"_ _0\"></span>per<span class=\"_ _0\"></span>tur<span class=\"_ _0\"></span>a<span class=\"fc0 sc1\"> </span></div><div class=\"c w16e h135 gs44f9\"><div class=\"t m0 x1f9 h2f yc8a ff3 fs16 fc4 sc2 ls0 ws0\">Cop<span class=\"_ _0\"></span>ert<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>e</div></div><div class=\"c w126 h135 gs44fa\"><div class=\"t m0 x1f9 h2f yc8a ff3 fs16 fc4 sc2 ls0 ws0\">pos<span class=\"_ _0\"></span>iz<span class=\"_ _0\"></span>ioni</div></div><div class=\"c w14f h135 gs44fb\"><div class=\"t m0 x1f9 h2f yc8a ff3 fs16 fc4 sc2 ls0 ws0\">net<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span></div></div><div class=\"c w16e h135 gs44fc\"><div class=\"t m0 x1f9 h2f yc8a ff3 fs16 fc4 sc2 ls0 ws0\">Cop<span class=\"_ _0\"></span>ert<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div></div><div class=\"c w10e h135 gs44fd\"><div class=\"t m0 x1f9 h2f yc96 ff3 fs16 fc4 sc2 ls0 ws0\">spe<span class=\"_ _0\"></span>cif<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>he:</div></div><div class=\"c w111 h135 gs44fe\"><div class=\"t m0 x1f9 h2f yc96 ff3 fs16 fc4 sc2 ls0 ws0\">val<span class=\"_ _0\"></span>ore</div></div><div class=\"c w31 h135 gs44ff\"><div class=\"t m0 x1f9 h2f yc96 ff3 fs16 fc4 sc2 ls0 ws0\">di</div></div><div class=\"c w157 h135 gs4500\"><div class=\"t m0 x1f9 h2f yc96 ff3 fs16 fc4 sc2 ls0 ws0\">bil<span class=\"_ _1\"></span>ancio<span class=\"_ _3bd\"> </span></div></div><div class=\"c w101 h135 gs4501\"><div class=\"t m0 x1f9 h2f yc96 ff3 fs16 fc4 sc2 ls0 ws0\">gen<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ich<span class=\"_ _0\"></span>e:<span class=\"_ _3bd\"> </span></div></div><div class=\"c w111 hfe gs4502\"><div class=\"t m0 x1f9 h2f yc96 ff3 fs16 fc4 sc2 ls0 ws0\">val<span class=\"_ _0\"></span>ore</div></div><div class=\"c w57 hfe gs4503\"><div class=\"t m0 x1f9 h2f yc96 ff3 fs16 fc4 sc2 ls0 ws0\">d<span class=\"_ _0\"></span>i</div></div><div class=\"c wbc hfe gs4504\"><div class=\"t m0 x1f9 h2f yc96 ff3 fs16 fc4 sc2 ls0 ws0\">del<span class=\"_ _0\"></span>le</div></div><div class=\"c wfe hfe gs4505\"><div class=\"t m0 x1f9 h2f yc96 ff3 fs16 fc4 sc2 ls0 ws0\">att<span class=\"_ _0\"></span>ivi<span class=\"_ _1\"></span>t\u00e0</div></div><div class=\"c w3e hfe gs4506\"><div class=\"t m0 x1f9 h2f yc96 ff3 fs16 fc4 sc2 ls0 ws0\">o<span class=\"_ _3bd\"> </span></div></div><div class=\"c wfa hfe gs4507\"><div class=\"t m0 x1f9 h2f yc96 ff3 fs16 fc4 sc2 ls0 ws0\">Val<span class=\"_ _0\"></span>ore</div></div><div class=\"c w57 hfe gs4508\"><div class=\"t m0 x1f9 h2f yc96 ff3 fs16 fc4 sc2 ls0 ws0\">d<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div></div><div class=\"c w157 h135 gs4509\"><div class=\"t m0 x1f9 h2f yc99 ff3 fs16 fc4 sc2 ls0 ws0\">bil<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>io</div></div><div class=\"c w126 h135 gs450a\"><div class=\"t m0 x1f9 h2f yc99 ff3 fs16 fc4 sc2 ls0 ws0\">pas<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>vit\u00e0</div></div><div class=\"c wed h135 gs450b\"><div class=\"t m0 x1f9 h2f yc99 ff3 fs16 fc4 sc2 ls0 ws0\">(pr<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></div></div><div class=\"c w157 h135 gs450c\"><div class=\"t m0 x1f9 h2f yc99 ff3 fs16 fc4 sc2 ls0 ws0\">bil<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>io<span class=\"_ _3bd\"> </span></div></div><div class=\"c wf h135 gs450d\"><div class=\"t m0 x1f9 h2f yc99 ff3 fs16 fc4 sc2 ls0 ws0\">del<span class=\"_ _0\"></span>la</div></div><div class=\"t m0 h2f ff1 fs16 fc0 sc0 ls0 ws0 gs450e\"> <span class=\"_ _c4\"> </span><span class=\"ff3 fc4 sc2\">co<span class=\"_ _0\"></span>mpe<span class=\"_ _1\"></span>nsaz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e)<span class=\"fc0 sc1\"> <span class=\"_ _215\"> </span><span class=\"ff1 sc0\"> </span></span></span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs450f\">amm<span class=\"_ _1\"></span>orti<span class=\"_ _0\"></span>zz<span class=\"_ _0\"></span>ato<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4510\">-c<span class=\"_ _0\"></span>ope<span class=\"_ _0\"></span>rtu<span class=\"_ _0\"></span>ra<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4511\">d<span class=\"_ _0\"></span>i:<span class=\"_ _1\"></span> </div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4512\">amm<span class=\"_ _1\"></span>orti<span class=\"_ _0\"></span>zz<span class=\"_ _0\"></span>ato<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4513\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4514\">co<span class=\"_ _0\"></span>per<span class=\"_ _0\"></span>tur<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4515\">d<span class=\"_ _0\"></span>i:<span class=\"_ _1\"></span> </div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4516\">A.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4517\">Att<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _0\"></span> <span class=\"_ _29f\"> </span><span class=\"ff1 sc0\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4518\">1.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4519\">Attivit\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs451a\">finanzi<span class=\"_ _0\"></span>arie<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs451b\">valutate<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs451c\">al<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs451d\">fair<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs451e\">value<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs451f\">con<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4520\">impatto<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4521\">sulla<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4522\">redditivt<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4523\">comp<span class=\"_ _0\"></span>lessiva<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4524\">- </div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4525\">5.8<span class=\"_ _0\"></span>73<span class=\"_ _0\"></span>.25<span class=\"_ _0\"></span>3 </div><div class=\"t m50 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4526\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4527\">60<span class=\"_ _0\"></span>3.2<span class=\"_ _0\"></span>09 </div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4528\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4529\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs452a\">-<span class=\"_ _1\"></span> </div><div class=\"c w90 h9c gs452b\"><div class=\"t m0 x1f9 h2f yca6 ff3 fs16 fc0 sc1 ls0 ws0\">co<span class=\"_ _0\"></span>per<span class=\"_ _0\"></span>tur<span class=\"_ _0\"></span>a</div></div><div class=\"c w8b h9c gs452c\"><div class=\"t m0 x1f9 h2f yca6 ff3 fs16 fc0 sc1 ls0 ws0\">d<span class=\"_ _0\"></span>i:<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs452d\">1.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Ti<span class=\"_ _2\"></span>toli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>debito<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tassi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">d'in<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>esse <span class=\"_ _7c\"> </span>5.<span class=\"_ _0\"></span>873.2<span class=\"_ _0\"></span>53 </span></span></span></span></span></span></span></span></span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs452e\">-</div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs452f\"> <span class=\"_ _196\"> </span>60<span class=\"_ _0\"></span>3.20<span class=\"_ _0\"></span>9 <span class=\"_ _65\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1cf\"> </span><span class=\"ff3\">-<span class=\"ff8\"> <span class=\"_ _1ac\"> </span></span>X<span class=\"_ _1\"></span> </span></span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4530\">1.2<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Titoli<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">capitale<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">indici<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>ri </span></span></span></span></span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4531\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4532\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4533\">-</div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4534\"> <span class=\"_ _65\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1cf\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff8\"> <span class=\"_ _1ac\"> </span><span class=\"ff3\">X<span class=\"_ _0\"></span> </span></span></span></span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4535\">1.3<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Valute<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">or<span class=\"_ _1\"></span>o </span></span></span></span></span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4536\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4537\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4538\">-</div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4539\"> <span class=\"_ _65\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1cf\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff8\"> <span class=\"_ _1ac\"> </span><span class=\"ff3\">X<span class=\"_ _0\"></span> </span></span></span></span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs453a\">1.<span class=\"_ _0\"></span>4<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>redi<span class=\"_ _0\"></span>ti </div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs453b\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs453c\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs453d\">-</div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs453e\"> <span class=\"_ _65\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1cf\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff8\"> <span class=\"_ _1ac\"> </span><span class=\"ff3\">X<span class=\"_ _0\"></span> </span></span></span></span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs453f\">1.<span class=\"_ _0\"></span>5<span class=\"ff1\"> </span>A<span class=\"_ _0\"></span>ltri </div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4540\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4541\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4542\">-</div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4543\"> <span class=\"_ _65\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1cf\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff8\"> <span class=\"_ _1ac\"> </span><span class=\"ff3\">X<span class=\"_ _0\"></span> </span></span></span></span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4544\">2.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4545\">At<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4546\">fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>rie<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4547\">val<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>ate<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4548\">al<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4549\">co<span class=\"_ _0\"></span>sto<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs454a\">5.8<span class=\"_ _0\"></span>62<span class=\"_ _0\"></span>.22<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span></div><div class=\"t m50 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs454b\">-</div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs454c\"> <span class=\"_ _11c\"> </span>156<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>86 <span class=\"_ _3b\"> </span>-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs454d\">-<span class=\"_ _1\"></span> <span class=\"_ _62\"> </span>8.66<span class=\"_ _0\"></span>2.1<span class=\"_ _0\"></span>51<span class=\"_ _0\"></span> </div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs454e\">1.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Ti<span class=\"_ _2\"></span>toli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>debito<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tassi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">d'in<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>esse <span class=\"_ _194\"> </span>5.86<span class=\"_ _0\"></span>2.2<span class=\"_ _0\"></span>29 <span class=\"_ _af\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1a2\"> </span><span class=\"ff3\">156.6<span class=\"_ _0\"></span>86 <span class=\"_ _eb\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _3a\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff8\"> <span class=\"_ _1ac\"> </span><span class=\"ff3\">X<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs454f\">1.2<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Titoli<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">capitale<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">indici<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>ri </span></span></span></span></span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4550\">-</div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4551\"> <span class=\"_ _af\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _3b\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> <span class=\"_ _3b\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1cf\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff8\"> <span class=\"_ _1ac\"> </span><span class=\"ff3\">X<span class=\"_ _0\"></span> </span></span></span></span></span></span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4552\">1.3<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Valute<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">or<span class=\"_ _1\"></span>o </span></span></span></span></span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4553\">-</div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4554\"> <span class=\"_ _af\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _3b\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> <span class=\"_ _3b\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1cf\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff8\"> <span class=\"_ _1ac\"> </span><span class=\"ff3\">X<span class=\"_ _0\"></span> </span></span></span></span></span></span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4555\">1.<span class=\"_ _0\"></span>4<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>redi<span class=\"_ _0\"></span>ti </div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4556\">-</div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4557\"> <span class=\"_ _af\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _3b\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> <span class=\"_ _3b\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1cf\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff8\"> <span class=\"_ _1ac\"> </span><span class=\"ff3\">X<span class=\"_ _0\"></span> </span></span></span></span></span></span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4558\">1.<span class=\"_ _0\"></span>5<span class=\"ff1\"> </span>A<span class=\"_ _0\"></span>ltri </div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4559\">-</div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs455a\"> <span class=\"_ _af\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _3b\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> <span class=\"_ _3b\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1cf\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff8\"> <span class=\"_ _1ac\"> </span><span class=\"ff3\">X<span class=\"_ _0\"></span> </span></span></span></span></span></span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs455b\">Tot<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs455c\">31/<span class=\"_ _0\"></span>12/<span class=\"_ _0\"></span>202<span class=\"_ _1\"></span>2 <span class=\"_ _22b\"> </span>11<span class=\"_ _0\"></span>.735<span class=\"_ _1\"></span>.482<span class=\"_ _0\"></span> <span class=\"_ _11e\"> </span>-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs455d\">75<span class=\"_ _0\"></span>9.8<span class=\"_ _0\"></span>95 <span class=\"_ _3b\"> </span>-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs455e\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs455f\">8.<span class=\"_ _0\"></span>662<span class=\"_ _0\"></span>.15<span class=\"_ _0\"></span>1 </div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4560\">Tot<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4561\">31/<span class=\"_ _0\"></span>12/<span class=\"_ _0\"></span>202<span class=\"_ _1\"></span>1 <span class=\"_ _16c\"> </span>12<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>00.<span class=\"_ _0\"></span>230<span class=\"_ _0\"></span> <span class=\"_ _11e\"> </span>-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4562\">70<span class=\"_ _0\"></span>.59<span class=\"_ _0\"></span>0 <span class=\"_ _3b\"> </span>-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4563\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4564\">(4.<span class=\"_ _0\"></span>053<span class=\"_ _1\"></span>) </div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4565\">B.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4566\">Pa<span class=\"_ _0\"></span>ssiv<span class=\"_ _1\"></span>it\u00e0 </div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4567\">1.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4568\">Pas<span class=\"_ _0\"></span>siv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4569\">fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>rie<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs456a\">val<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>ate<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs456b\">al<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs456c\">co<span class=\"_ _0\"></span>sto<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs456d\">1.<span class=\"_ _0\"></span>905<span class=\"_ _0\"></span>.29<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span></div><div class=\"t m50 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs456e\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs456f\">25<span class=\"_ _0\"></span>4.92<span class=\"_ _1\"></span>3 </div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4570\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4571\">-<span class=\"_ _1\"></span> </div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4572\">3.4<span class=\"_ _0\"></span>28.<span class=\"_ _0\"></span>58<span class=\"_ _0\"></span>9 </div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4573\">1.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Ti<span class=\"_ _2\"></span>toli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>debito<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tassi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">d'in<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>esse <span class=\"_ _68\"> </span>1.905<span class=\"_ _0\"></span>.291 <span class=\"_ _11e\"> </span>-<span class=\"ff1\"> <span class=\"_ _224\"> </span></span>254.92<span class=\"_ _0\"></span>3 <span class=\"_ _eb\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1cf\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff8\"> <span class=\"_ _1ac\"> </span><span class=\"ff3\">X<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4574\">1.2<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Valute<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span> </span></span></span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4575\">-</div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4576\"> <span class=\"_ _af\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _3b\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> <span class=\"_ _3b\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1cf\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff8\"> <span class=\"_ _1ac\"> </span><span class=\"ff3\">X<span class=\"_ _0\"></span> </span></span></span></span></span></span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4577\">1.<span class=\"_ _0\"></span>3<span class=\"ff1\"> </span>A<span class=\"_ _1\"></span>ltri<span class=\"_ _0\"></span> </div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4578\">-</div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4579\"> <span class=\"_ _af\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _3b\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> <span class=\"_ _3b\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1cf\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff8\"> <span class=\"_ _1ac\"> </span><span class=\"ff3\">X<span class=\"_ _0\"></span> </span></span></span></span></span></span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs457a\">Tot<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs457b\">31/<span class=\"_ _0\"></span>12/<span class=\"_ _0\"></span>202<span class=\"_ _1\"></span>2 <span class=\"_ _33f\"> </span>1<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>05.<span class=\"_ _0\"></span>291<span class=\"_ _0\"></span> <span class=\"_ _11e\"> </span>-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs457c\">25<span class=\"_ _0\"></span>4.92<span class=\"_ _1\"></span>3 <span class=\"_ _eb\"> </span>-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs457d\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs457e\">3.4<span class=\"_ _0\"></span>28.<span class=\"_ _0\"></span>58<span class=\"_ _0\"></span>9 </div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs457f\">Tot<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4580\">31/<span class=\"_ _0\"></span>12/<span class=\"_ _0\"></span>202<span class=\"_ _1\"></span>1 <span class=\"_ _242\"> </span>958<span class=\"_ _0\"></span>.43<span class=\"_ _0\"></span>5 <span class=\"_ _11e\"> </span>-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4581\">8.<span class=\"_ _0\"></span>180<span class=\"_ _0\"></span> <span class=\"_ _3b\"> </span>-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4582\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4583\">72<span class=\"_ _0\"></span>.61<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span> </div>D.2<span class=\"_ _3bd\"> </span>Co<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>ura<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>fl<span class=\"_ _0\"></span>uss<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nzia<span class=\"_ _1\"></span>ri<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>gl<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>est<span class=\"_ _1\"></span>eri<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Variazio<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>del<span class=\"_ _3bd\"> </span>valore<span class=\"_ _3bd\"> </span>usato<span class=\"_ _3bd\"> </span>per<span class=\"_ _3bd\"> </span>rilevare<span class=\"_ _3bd\"> </span>l'ineffic<span class=\"_ _0\"></span>acia<span class=\"_ _3bd\"> </span>della<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>per<span class=\"_ _0\"></span>tur<span class=\"_ _0\"></span>a<span class=\"fc0 sc1\"> </span>Riserve<span class=\"_ _3bd\"> </span>da<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>per<span class=\"_ _0\"></span>tur<span class=\"_ _0\"></span>a<span class=\"fc0 sc1\"> </span>Cessazio<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>della<span class=\"_ _3bd\"> </span>copertura<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span>valore<span class=\"_ _3bd\"> </span>residu<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>delle<span class=\"_ _3bd\"> </span>riserve<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>per<span class=\"_ _0\"></span>tur<span class=\"_ _0\"></span>a<span class=\"fc0 sc1\"> </span>A.<span class=\"_ _3bd\"> </span>Cop<span class=\"_ _0\"></span>ert<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>fl<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>si<span class=\"_ _3bd\"> </span>Fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span> 1.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">At<span class=\"_ _0\"></span>tivit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _14a\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span>-<span class=\"_ _3bd\"> </span>1.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Ti<span class=\"_ _2\"></span>toli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>debito<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tassi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">d'in<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>esse<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _14a\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span>-<span class=\"_ _3bd\"> </span>1.2<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Titoli<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">capitale<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">indici<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>ri<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _14a\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span>-<span class=\"_ _3bd\"> </span>1.3<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Valute<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">or<span class=\"_ _1\"></span>o<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _14a\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span>-<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>4<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>redi<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _14a\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span>-<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>5<span class=\"ff1\"> </span>A<span class=\"_ _0\"></span>ltri<span class=\"_ _3bd\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _14a\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span>-<span class=\"_ _3bd\"> </span>2.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Pas<span class=\"_ _0\"></span>sivit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _f9\"> </span><span class=\"ff3\">(7<span class=\"_ _0\"></span>2.37<span class=\"_ _0\"></span>9)<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>1.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Ti<span class=\"_ _2\"></span>toli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>debito<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tassi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">d'in<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>esse<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _f9\"> </span><span class=\"ff3\">(7<span class=\"_ _0\"></span>2.37<span class=\"_ _0\"></span>9)<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>1.2<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Valute<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span> </span></span></span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _14a\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span>-<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>3<span class=\"ff1\"> </span>A<span class=\"_ _1\"></span>ltri<span class=\"_ _0\"></span> -<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _14a\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span>-<span class=\"_ _3bd\"> </span>Tot<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>(A<span class=\"_ _1\"></span>) <span class=\"_ _2c\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _0\"></span>022<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>(72<span class=\"_ _1\"></span>.379)<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>Tot<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>(A<span class=\"_ _1\"></span>) <span class=\"_ _2c\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _0\"></span>021<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>22<span class=\"_ _0\"></span>.99<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>B.<span class=\"_ _3bd\"> </span>Cop<span class=\"_ _0\"></span>ert<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>deg<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>ves<span class=\"_ _0\"></span>tim<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>es<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Tot<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>(A<span class=\"_ _0\"></span>+<span class=\"_ _0\"></span>B)<span class=\"_ _1\"></span> <span class=\"_ _2c\"> </span>31/12<span class=\"_ _1\"></span>/202<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>(72<span class=\"_ _1\"></span>.379)<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>Tot<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>(A<span class=\"_ _0\"></span>+<span class=\"_ _0\"></span>B)<span class=\"_ _1\"></span> <span class=\"_ _2c\"> </span>31/12<span class=\"_ _1\"></span>/202<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>22<span class=\"_ _0\"></span>.99<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>E.<span class=\"_ _3bd\"> </span>Ef<span class=\"_ _0\"></span>fet<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>op<span class=\"_ _1\"></span>eraz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rtu<span class=\"_ _0\"></span>ra<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>pa<span class=\"_ _0\"></span>tri<span class=\"_ _0\"></span>mo<span class=\"_ _1\"></span>nio<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>tto<span class=\"_ _1\"></span> E.<span class=\"_ _0\"></span>1.<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>lia<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>pa<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>imo<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>n<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Riserva<span class=\"_ _3bd\"> </span>da<span class=\"_ _3bd\"> </span>copertura<span class=\"_ _3bd\"> </span>dei<span class=\"_ _3bd\"> </span>flussi<span class=\"_ _3bd\"> </span>fin<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>iari<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Riserva<span class=\"_ _3bd\"> </span>da<span class=\"_ _3bd\"> </span>copertura<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>investimenti<span class=\"_ _3bd\"> </span>esteri<span class=\"fc0 sc1\"> </span>Stru<span class=\"_ _1\"></span>ment<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cop<span class=\"_ _1\"></span>ertur<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>(e<span class=\"_ _0\"></span>lem<span class=\"_ _0\"></span>enti<span class=\"_ _3bd\"> </span>non<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>sig<span class=\"_ _0\"></span>nati<span class=\"_ _0\"></span>)<span class=\"fc0 sc1\"> </span>Va<span class=\"_ _0\"></span>lore<span class=\"_ _3bd\"> </span>te<span class=\"_ _0\"></span>mpor<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>opz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>Valore<span class=\"_ _3bd\"> </span>element<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>forward<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>differenziale<span class=\"_ _3bd\"> </span>da<span class=\"_ _3bd\"> </span>valuta<span class=\"_ _3bd\"> </span>estera<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Titoli<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>debito<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>tassi<span class=\"_ _3bd\"> </span>d'i<span class=\"_ _3bd\"> </span>Titoli<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>capitale<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>Valute<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>or<span class=\"_ _3bd\"> </span>Cred<span class=\"_ _3bd\"> </span>Altr<span class=\"_ _3bd\"> </span>Titoli<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>debito<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>tassi<span class=\"_ _3bd\"> </span>Titoli<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>capitale<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>Valute<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>or<span class=\"_ _3bd\"> </span>Cred<span class=\"_ _3bd\"> </span>Altr<span class=\"_ _3bd\"> </span>Cop<span class=\"_ _0\"></span>ert<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>relative<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>ope<span class=\"_ _0\"></span>raz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>Cop<span class=\"_ _0\"></span>ert<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>rel<span class=\"_ _0\"></span>ativ<span class=\"_ _1\"></span>e<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>un<span class=\"_ _3bd\"> </span>peri<span class=\"_ _1\"></span>odo<span class=\"fc0 sc1\"> </span>Cop<span class=\"_ _0\"></span>ert<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>relative<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>ope<span class=\"_ _0\"></span>raz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>Cop<span class=\"_ _0\"></span>ert<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>rel<span class=\"_ _0\"></span>ativ<span class=\"_ _1\"></span>e<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>un<span class=\"_ _3bd\"> </span>peri<span class=\"_ _1\"></span>odo<span class=\"fc0 sc1\"> </span>Esi<span class=\"_ _0\"></span>ste<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>ini<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span>22<span class=\"_ _0\"></span>.99<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Va<span class=\"_ _0\"></span>riaz<span class=\"_ _0\"></span>ioni<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>fair<span class=\"_ _3bd\"> </span>valu<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>(quota<span class=\"_ _3bd\"> </span>efficace)<span class=\"_ _3bd\"> </span>(9<span class=\"_ _0\"></span>5.376)<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Rigiri<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>conto<span class=\"_ _3bd\"> </span>eco<span class=\"_ _0\"></span>nomic<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cui:<span class=\"_ _3bd\"> </span>transazioni<span class=\"_ _3bd\"> </span>fut<span class=\"_ _0\"></span>ure<span class=\"_ _3bd\"> </span>non<span class=\"_ _3bd\"> </span>pi\u00f9<span class=\"_ _3bd\"> </span>att<span class=\"_ _0\"></span>ese<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>Altre<span class=\"_ _3bd\"> </span>var<span class=\"_ _0\"></span>iaz<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cui:<span class=\"_ _3bd\"> </span>trasferiment<span class=\"_ _2\"></span>i<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>val<span class=\"_ _0\"></span>ore<span class=\"_ _3bd\"> </span>cont<span class=\"_ _0\"></span>abil<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>ini<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>degl<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>str<span class=\"_ _0\"></span>ument<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>cope<span class=\"_ _0\"></span>rti<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>Rim<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>enz<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>fin<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span> (72<span class=\"_ _1\"></span>.379)<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs4585\">1.<span class=\"_ _0\"></span>3.3<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs4586\">Al<span class=\"_ _0\"></span>tre<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs4587\">in<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>zio<span class=\"_ _1\"></span>ni<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs4588\">su<span class=\"_ _0\"></span>gl<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs4589\">st<span class=\"_ _0\"></span>rum<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs458a\">de<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs458b\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs458c\">ne<span class=\"_ _0\"></span>goz<span class=\"_ _1\"></span>iazi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs458d\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs458e\">co<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rtu<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m26 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs458f\">A.1<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4590\">De<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>vat<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4591\">fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nzia<span class=\"_ _1\"></span>ri<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4592\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4593\">cre<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>zi<span class=\"fc0 sc1\"> </span></div><div class=\"t m26 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4594\">A.1<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4595\">De<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>vat<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4596\">fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4597\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4598\">cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>izi<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs4599\">OT<span class=\"_ _0\"></span>C:<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs459a\">fai<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs459b\">va<span class=\"_ _0\"></span>lue<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs459c\">ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs459d\">pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs459e\">co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>par<span class=\"_ _1\"></span>ti<span class=\"fc0 sc1\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs459f\">Con<span class=\"_ _0\"></span>trop<span class=\"_ _0\"></span>art<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs45a0\">cen<span class=\"_ _0\"></span>tral<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs45a1\">Ban<span class=\"_ _0\"></span>che<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs45a2\">Altre<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs45a3\">societ\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs45a4\">fina<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iarie<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs45a5\">Altri<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs45a6\">sog<span class=\"_ _0\"></span>get<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span></div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs45a7\">A.</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs45a8\">De<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>vat<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs45a9\">fi<span class=\"_ _0\"></span>nan<span class=\"_ _1\"></span>zia<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span> </div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs45aa\">1)</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs45ab\">Ti<span class=\"_ _0\"></span>tol<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs45ac\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs45ad\">de<span class=\"_ _0\"></span>bit<span class=\"_ _1\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs45ae\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs45af\">ta<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs45b0\">d'<span class=\"_ _0\"></span>int<span class=\"_ _1\"></span>ere<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>e </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs45b1\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nozi<span class=\"_ _0\"></span>ona<span class=\"_ _0\"></span>le <span class=\"_ _80\"> </span>- <span class=\"_ _1ac\"> </span>25.73<span class=\"_ _0\"></span>3.1<span class=\"_ _0\"></span>65 <span class=\"_ _7f\"> </span>104.<span class=\"_ _0\"></span>87<span class=\"_ _0\"></span>3 <span class=\"_ _50\"> </span>510.<span class=\"_ _0\"></span>515<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs45b2\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fa<span class=\"_ _2\"></span>ir<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">netto<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>vo <span class=\"_ _215\"> </span>- <span class=\"_ _1ae\"> </span>1.1<span class=\"_ _0\"></span>67.4<span class=\"_ _0\"></span>97 <span class=\"_ _90\"> </span>3.4<span class=\"_ _0\"></span>37 <span class=\"_ _37\"> </span>32<span class=\"_ _1\"></span>7<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs45b3\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fa<span class=\"_ _2\"></span>ir<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">netto<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>eg<span class=\"_ _0\"></span>ativ<span class=\"_ _0\"></span>o <span class=\"_ _e3\"> </span>- <span class=\"_ _70\"> </span>92<span class=\"_ _0\"></span>9.55<span class=\"_ _0\"></span>0 <span class=\"_ _67\"> </span>3.8<span class=\"_ _0\"></span>78<span class=\"_ _0\"></span> <span class=\"_ _47\"> </span>23.<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs45b4\">2)</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs45b5\">Ti<span class=\"_ _0\"></span>tol<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs45b6\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs45b7\">ca<span class=\"_ _0\"></span>pit<span class=\"_ _1\"></span>ale<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs45b8\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs45b9\">in<span class=\"_ _1\"></span>dici<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs45ba\">az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs45bb\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nozi<span class=\"_ _0\"></span>ona<span class=\"_ _0\"></span>le <span class=\"_ _80\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _af\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _c4\"> </span><span class=\"ff3\">1<span class=\"_ _1\"></span>0 <span class=\"_ _eb\"> </span>5.71<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs45bc\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fa<span class=\"_ _2\"></span>ir<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">netto<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>vo <span class=\"_ _f3\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _af\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _235\"> </span><span class=\"ff3\">1<span class=\"_ _0\"></span> <span class=\"_ _235\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs45bd\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fa<span class=\"_ _2\"></span>ir<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">netto<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>eg<span class=\"_ _0\"></span>ativ<span class=\"_ _0\"></span>o <span class=\"_ _56\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _af\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _af\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> <span class=\"_ _235\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs45be\">3)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs45bf\">Val<span class=\"_ _0\"></span>ute<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs45c0\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs45c1\">o<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>o </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs45c2\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nozi<span class=\"_ _0\"></span>ona<span class=\"_ _0\"></span>le <span class=\"_ _80\"> </span>- <span class=\"_ _68\"> </span>53.74<span class=\"_ _0\"></span>5 <span class=\"_ _68\"> </span>30.<span class=\"_ _0\"></span>762<span class=\"_ _0\"></span> <span class=\"_ _7f\"> </span>536<span class=\"_ _0\"></span>.577<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs45c3\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fa<span class=\"_ _2\"></span>ir<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">netto<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>vo <span class=\"_ _f3\"> </span>- <span class=\"_ _349\"> </span>95<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span> <span class=\"_ _af\"> </span>- <span class=\"_ _4b\"> </span>7<span class=\"_ _0\"></span>.48<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs45c4\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fa<span class=\"_ _2\"></span>ir<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">netto<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>eg<span class=\"_ _0\"></span>ativ<span class=\"_ _0\"></span>o <span class=\"_ _56\"> </span>- <span class=\"_ _ca\"> </span>99<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span> <span class=\"_ _349\"> </span>95<span class=\"_ _1\"></span>5 <span class=\"_ _90\"> </span>5.<span class=\"_ _0\"></span>485<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs45c5\">4)</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs45c6\">Me<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>i </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs45c7\">-<span class=\"ff5\"> <span class=\"_ _1\"></span><span class=\"ff3\">v<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs45c8\">alore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">noz<span class=\"_ _0\"></span>iona<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _341\"> </span></span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _af\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _af\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _af\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs45c9\">-<span class=\"ff5\"> <span class=\"_ _1\"></span><span class=\"ff3\">f<span class=\"_ _2\"></span>air<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nett<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pos<span class=\"_ _0\"></span>itiv<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _22d\"> </span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _af\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _af\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _af\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs45ca\">-<span class=\"ff5\"> <span class=\"_ _1\"></span><span class=\"ff3\">f<span class=\"_ _2\"></span>air<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nett<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">neg<span class=\"_ _0\"></span>ativ<span class=\"_ _1\"></span>o<span class=\"ff1\"> <span class=\"_ _e3\"> </span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _af\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _af\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _af\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs45cb\">5)</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs45cc\">Alt<span class=\"_ _1\"></span>ri </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs45cd\">-<span class=\"ff5\"> <span class=\"_ _1\"></span><span class=\"ff3\">valor<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">noz<span class=\"_ _0\"></span>iona<span class=\"_ _1\"></span>le<span class=\"ff1\"> <span class=\"_ _34c\"> </span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _af\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _af\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _af\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs45ce\">-<span class=\"ff5\"> <span class=\"_ _1\"></span><span class=\"ff3\">f<span class=\"_ _2\"></span>air<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nett<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pos<span class=\"_ _0\"></span>itiv<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _22d\"> </span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _af\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _af\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _af\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs45cf\">-<span class=\"ff5\"> <span class=\"_ _1\"></span><span class=\"ff3\">f<span class=\"_ _2\"></span>air<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nett<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">neg<span class=\"_ _0\"></span>ativ<span class=\"_ _1\"></span>o<span class=\"ff1\"> <span class=\"_ _e3\"> </span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _af\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _af\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _af\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs45d0\">B.</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs45d1\">De<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>vat<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs45d2\">cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs45d3\">1)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs45d4\">Acqui<span class=\"_ _0\"></span>sto<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs45d5\">pr<span class=\"_ _0\"></span>ot<span class=\"_ _0\"></span>ez<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs45d6\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nozi<span class=\"_ _0\"></span>ona<span class=\"_ _0\"></span>le <span class=\"_ _9f\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _af\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _af\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _235\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs45d7\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fa<span class=\"_ _2\"></span>ir<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">netto<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>vo <span class=\"_ _7b\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _af\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _af\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _af\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs45d8\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fa<span class=\"_ _2\"></span>ir<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">netto<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>eg<span class=\"_ _0\"></span>ativ<span class=\"_ _0\"></span>o <span class=\"_ _27b\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _af\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _af\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _235\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs45d9\">2)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs45da\">Ve<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs45db\">pr<span class=\"_ _0\"></span>ot<span class=\"_ _0\"></span>ez<span class=\"_ _0\"></span>ion<span class=\"_ _1\"></span>e </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs45dc\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nozi<span class=\"_ _0\"></span>ona<span class=\"_ _0\"></span>le <span class=\"_ _9f\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _af\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _af\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _235\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs45dd\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fa<span class=\"_ _2\"></span>ir<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">netto<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>vo <span class=\"_ _7b\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _af\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _af\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _af\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs45de\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fa<span class=\"_ _2\"></span>ir<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">netto<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>eg<span class=\"_ _0\"></span>ativ<span class=\"_ _0\"></span>o <span class=\"_ _27b\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _af\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _af\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"_ _235\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div>1.4<span class=\"_ _3bd\"> </span>Gru<span class=\"_ _0\"></span>ppo<span class=\"_ _3bd\"> </span>banc<span class=\"_ _0\"></span>ario<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>ris<span class=\"_ _0\"></span>chio<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>liqu<span class=\"_ _0\"></span>idit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>Inf<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>maz<span class=\"_ _1\"></span>ion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>na<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>ra<span class=\"_ _3bd\"> </span>qu<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>a<span class=\"fc0 sc1\"> </span>A.<span class=\"_ _3bd\"> </span>As<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>tti<span class=\"_ _3bd\"> </span>ge<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>li,<span class=\"_ _3bd\"> </span>pr<span class=\"_ _0\"></span>oc<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>si<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ge<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>me<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>di<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>mi<span class=\"_ _0\"></span>su<span class=\"_ _0\"></span>raz<span class=\"_ _1\"></span>ione<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>io<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>liq<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>\u00e0<span class=\"fc0 sc1\"> </span>Si<span class=\"ff1\"> <span class=\"_ _20\"></span></span>definisce<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>liquidit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l\u2019eventualit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Gruppo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>possa<span class=\"ff1\"> <span class=\"_ _20\"></span></span>t<span class=\"_ _2\"></span>rovarsi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nella<span class=\"ff1\"> <span class=\"_ _2\"></span></span>condizione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>non<span class=\"ff1\"> </span>riuscire<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">far<span class=\"ff1\"> </span>fronte<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>propri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">impegni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>pagamen<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>natura<span class=\"ff1\"> </span>ordinaria<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>straordinaria,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quando<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span></span></span></span></span></span></span>stessi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dive<span class=\"_ _0\"></span>ntino<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>esigibili,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>senza<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>incorrere<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>perdite<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tali<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pregiudicare<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>propria<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>operativit\u00e0<span class=\"ff1\"> </span>quotidiana<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cond<span class=\"_ _2\"></span>izioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>complessive<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Gr<span class=\"_ _2\"></span>uppo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>stesso.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>La<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ge<span class=\"_ _0\"></span>stione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> </span>liquidit\u00e0<span class=\"ff1\"> </span>pu\u00f2<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>suddivisa<span class=\"ff1\"> </span>fra:<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>gestione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>liquidit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>breve<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>ermine,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ivi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>compresa<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>liquidit\u00e0<span class=\"ff1\"> </span>intra-day,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _2\"></span></span>obiettivo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"ff1\"> </span>quello<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>gar<span class=\"_ _2\"></span>antire<span class=\"ff1\"> <span class=\"_ _21\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>capac<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>far<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fronte<span class=\"ff1\"> <span class=\"_ _21\"></span></span>agli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff3\">impegni</span> <span class=\"_ _21\"></span><span class=\"ff3\">di</span> <span class=\"_ _20\"></span><span class=\"ff3\">pagamento</span> <span class=\"_ _21\"> </span><span class=\"ff3\">per</span> <span class=\"_ _21\"> </span><span class=\"ff3\">cassa</span> <span class=\"_ _21\"> </span><span class=\"ff3\">previsti</span> <span class=\"_ _21\"></span><span class=\"ff3\">e<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span>imprevisti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tr<span class=\"_ _2\"></span>amite<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mantenimento<span class=\"_ _2\"></span><span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rappor<span class=\"_ _2\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sostenibile<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tra<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">flussi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">liquidit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">entrata<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>quelli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>uscita;<span class=\"ff1\"> <span class=\"_ _21\"></span></span>tale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>gestione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>c<span class=\"_ _2\"></span>ostituisce<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>condizione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">essenziale</span> <span class=\"_ _2\"></span><span class=\"ff3\">per</span> <span class=\"_ _21\"></span><span class=\"ff3\">la</span> <span class=\"_ _20\"></span><span class=\"ff3\">normale</span> <span class=\"_ _21\"></span><span class=\"ff3\">continuit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span>operativa<span class=\"ff1\"> </span>dell\u2019attivit\u00e0<span class=\"ff1\"> </span>bancaria;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>gestione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> </span>liquidit\u00e0<span class=\"ff1\"> </span>strutturale<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>cui<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">obiettivo</span> <span class=\"ff3\">\u00e8</span> <span class=\"_ _0\"></span><span class=\"ff3\">quello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>mantenere<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> </span>ade<span class=\"_ _0\"></span>guato<span class=\"ff1\"> </span>rapporto<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>tra<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ass<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>ed<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">attiv<span class=\"_ _1\"></span>it\u00e0<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>mple<span class=\"_ _0\"></span>ssive<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>fin<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>zzat<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>ev<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>pre<span class=\"_ _0\"></span>ssion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>sul<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>fo<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">a</span> <span class=\"ff3\">b<span class=\"_ _0\"></span>rev<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>ter<span class=\"_ _0\"></span>mine<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span></span></span></span></span>attuali<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>prospettiche.<span class=\"_ _3bd\"> </span>Il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Grup<span class=\"_ _0\"></span>po<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>redi<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>E<span class=\"_ _0\"></span>mili<span class=\"_ _0\"></span>ano<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">si</span> <span class=\"ff3\">\u00e8<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">da</span> <span class=\"ff3\">tem<span class=\"_ _0\"></span>po<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dota<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>na<span class=\"ff1\"> </span>Po<span class=\"_ _0\"></span>lic<span class=\"_ _0\"></span>y<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>Ge<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>liqu<span class=\"_ _0\"></span>idi<span class=\"_ _0\"></span>t\u00e0.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">La<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Policy<span class=\"ff1\"> </span>approvata<span class=\"ff1\"> </span>disciplina:<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pri<span class=\"_ _0\"></span>ncip<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>g<span class=\"_ _0\"></span>ove<span class=\"_ _0\"></span>rno<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">g<span class=\"_ _0\"></span>esti<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>li<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>idit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>dott<span class=\"_ _0\"></span>ati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dal<span class=\"ff1\"> </span>G<span class=\"_ _0\"></span>rup<span class=\"_ _0\"></span>po,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>l\u2019insieme<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"ff1\"> </span>norme<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>processi<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">controllo<span class=\"ff1\"> </span>finalizzati<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prevenire<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019insorgere<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>situazioni<span class=\"ff1\"> </span></span></span></span></span></span></span>di<span class=\"ff1\"> </span>crisi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>liquidit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>Gr<span class=\"_ _2\"></span>uppo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>singole<span class=\"ff1\"> <span class=\"_ _2\"></span></span>societ\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Gruppo,<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019obiettivo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ispirare<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>sana<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">prudente</span> <span class=\"ff3\">gestione</span> <span class=\"ff3\">del</span> <span class=\"ff3\">rischio</span> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>liquidit\u00e0<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>livello<span class=\"ff1\"> </span>consolidato,<span class=\"ff1\"> </span>tale<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">assicurare<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span></span></span></span></span>stabilit\u00e0,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>sicurez<span class=\"_ _0\"></span>za<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>elle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">operazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">aziendali,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>solidi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>finanziaria<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">conseguentemente,<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>solvibilit\u00e0<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Gruppo.<span class=\"_ _3bd\"> </span>I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pri<span class=\"_ _0\"></span>ncip<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esse<span class=\"_ _0\"></span>nzia<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ui<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span>is<span class=\"_ _0\"></span>pir<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">po<span class=\"_ _0\"></span>liti<span class=\"_ _0\"></span>ca<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>g<span class=\"_ _0\"></span>est<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>li<span class=\"_ _0\"></span>quid<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>definizione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>Risk<span class=\"ff1\"> </span>Appetite<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>Risk<span class=\"ff1\"> </span>Tolerance<span class=\"ff1\"> </span>(o<span class=\"ff1\"> </span>soglia<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tolleranza)<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>contesto<span class=\"_ _2\"></span><span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>normale<span class=\"ff1\"> </span>corso<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>affari<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>scenari<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>stress;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>definizione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">for<span class=\"_ _2\"></span>malizzazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ruoli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">f<span class=\"_ _2\"></span>unzioni,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">coerentemente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">prin<span class=\"_ _2\"></span>cipio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>eparatezza<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">funzioni<span class=\"ff1\"> </span>operative<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>quelle<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>controllo<span class=\"ff1\"> </span>(c.d.<span class=\"ff1\"> </span></span></span>segregatio<span class=\"_ _2\"></span>n<span class=\"_ _3bd\"> </span>of<span class=\"_ _3bd\"> </span>duties);<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>ac<span class=\"_ _0\"></span>cent<span class=\"_ _0\"></span>rame<span class=\"_ _0\"></span>nto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">funz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>gov<span class=\"_ _0\"></span>ern<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risc<span class=\"_ _0\"></span>hio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">liq<span class=\"_ _0\"></span>uidi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ull<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>apo<span class=\"_ _0\"></span>grupp<span class=\"_ _0\"></span>o;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>attuazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> </span>politica<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">trasformazione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>scade<span class=\"_ _0\"></span>nze<span class=\"ff1\"> </span>gestita<span class=\"ff1\"> </span>nell\u2019ambito<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> </span>massimali<span class=\"ff1\"> </span></span></span></span></span>ass<span class=\"_ _0\"></span>egn<span class=\"_ _0\"></span>ati;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>adozione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>politica<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>funding <span class=\"_ _27\"> </span><span class=\"ff3 fs5\">diversificata<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>termini<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fonti,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>durata<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tipologi<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> </span></span>strumenti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>raccolta;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>definizione<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>formalizzazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>principi<span class=\"ff1\"> </span>relativi<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>definizione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>sistema<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>prezzi<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>trasferimento<span class=\"ff1\"> </span>interno<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>fondi;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>def<span class=\"_ _0\"></span>ini<span class=\"_ _0\"></span>zione<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"_ _1\"></span><span class=\"ff3\">forma<span class=\"_ _0\"></span>liz<span class=\"_ _0\"></span>zazi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>un<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>iano<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">eme<span class=\"_ _0\"></span>rgenz<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attiv<span class=\"_ _0\"></span>are<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>aso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>tres<span class=\"_ _0\"></span>s<span class=\"ff1\"> </span>e<span class=\"_ _1\"></span>/o<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>risi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>mercati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">caso<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">situazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">specifiche<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Gruppo<span class=\"ff1\"> </span>(</span></span></span></span></span></span></span></span></span></span>Contingency<span class=\"_ _3bd\"> </span>Funding<span class=\"_ _3bd\"> </span>Plan);<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>ad<span class=\"_ _0\"></span>ozi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">si<span class=\"_ _0\"></span>stem<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contr<span class=\"_ _0\"></span>oll<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inte<span class=\"_ _0\"></span>rni.<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span>Su<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">base<span class=\"ff1\"> </span>g<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>rnal<span class=\"_ _0\"></span>iera<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>me<span class=\"_ _0\"></span>dia<span class=\"_ _0\"></span>nte<span class=\"ff1\"> </span>u<span class=\"_ _1\"></span>n<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mod<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span></span></span>liqu<span class=\"_ _0\"></span>idi<span class=\"_ _0\"></span>ty<span class=\"_ _3bd\"> </span>ga<span class=\"_ _0\"></span>p,<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>iene<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">esp<span class=\"_ _0\"></span>osta<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l\u2019e<span class=\"_ _1\"></span>voluzi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">te<span class=\"_ _0\"></span>mpo<span class=\"_ _0\"></span>rale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>flussi<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cassa<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>consentire<span class=\"ff1\"> </span>l\u2019attivazione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">operazioni</span> <span class=\"_ _0\"></span><span class=\"ff3\">finalizzate<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>determinare<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">equilibrio<span class=\"ff1\"> </span>fra<span class=\"ff1\"> </span></span></span></span></span></span></span>entrate<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>uscite<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cassa.<span class=\"_ _3bd\"> </span>Al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Comitato<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Asset<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Liability<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>&amp;<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Management<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Gruppo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>so<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>assegnati<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>poteri<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>decisionali<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>declinazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>strategie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>merito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>politiche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>funding <span class=\"_ _2\"></span><span class=\"ff3 fs5\">del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Gruppo.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Periodicament<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> </span></span>analizzate,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ede<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Comitato<span class=\"_ _2\"></span>,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">condizioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">equilibrio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziario<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">orientare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">decisioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">circ<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>le<span class=\"ff1\">  </span>strategie<span class=\"ff1\">  </span>di<span class=\"ff1\"> </span>funding.<span class=\"ff1\">  </span>Sempre<span class=\"ff1\">  </span>in<span class=\"ff1\">  </span>sede<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Comitat<span class=\"_ _2\"></span>o,<span class=\"ff1\">  </span>sono<span class=\"ff1\">  </span>analizzati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>intervent<span class=\"_ _2\"></span>i<span class=\"ff1\">  </span>straordinari<span class=\"ff1\"> </span>eventualmente<span class=\"ff1\"> </span>richiesti<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>contingenti<span class=\"ff1\"> </span>situazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>mercato.<span class=\"_ _3bd\"> </span>Nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">processo<span class=\"ff1\"> </span>R<span class=\"_ _0\"></span>AF<span class=\"ff1\"> </span>vengono,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">inoltre,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">definite<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">soglie<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Risk<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">A<span class=\"_ _2\"></span>ppetite<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Risk<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Tolerance,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>le<span class=\"ff1\"> </span>metriche<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>modalit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>controllo<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>seguenti<span class=\"ff1\"> </span>indicatori<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>liquidit\u00e0:<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Liquidit<span class=\"_ _0\"></span>y<span class=\"_ _3bd\"> </span>Coverage<span class=\"_ _3bd\"> </span>Ratio<span class=\"_ _3bd\"> </span>(LC<span class=\"_ _0\"></span>R);<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Asset<span class=\"_ _3bd\"> </span>En<span class=\"_ _0\"></span>cum<span class=\"_ _0\"></span>bran<span class=\"_ _0\"></span>ce;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Net<span class=\"_ _3bd\"> </span>Stable<span class=\"_ _3bd\"> </span>Funding<span class=\"_ _3bd\"> </span>Ratio<span class=\"_ _3bd\"> </span>(N<span class=\"_ _0\"></span>SFR<span class=\"_ _0\"></span>).<span class=\"_ _3bd\"> </span>Le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>egole<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u201cLiquidity<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Management\u201d<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>adott<span class=\"_ _2\"></span>ate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>prevedono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>limi<span class=\"_ _2\"></span>ti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>liquidit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>risp<span class=\"_ _2\"></span>ettarsi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>ulle<span class=\"ff1\"> </span>scadenze<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>br<span class=\"_ _2\"></span>eve<span class=\"ff1\">  </span>termine<span class=\"ff1\">  </span>ed<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>altri<span class=\"ff1\">  </span>indicatori<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>per<span class=\"ff1\">  </span>monitorare<span class=\"ff1\">  </span>quotidianamente<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>la<span class=\"ff1\">  </span>posizione<span class=\"ff1\"> </span>com<span class=\"_ _0\"></span>ple<span class=\"_ _0\"></span>ssiv<span class=\"_ _0\"></span>a.<span class=\"_ _3bd\"> </span>Relativamente<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>liquidit\u00e0<span class=\"ff1\"> </span>strutturale<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>previsti<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>imiti<span class=\"ff1\"> </span>finalizzat<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ontro<span class=\"_ _2\"></span>llare<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gestire<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span></span></span>derivanti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dal<span class=\"ff1\"> </span></span></span>mismatch <span class=\"_ _0\"></span><span class=\"ff3 fs5\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">scad<span class=\"_ _2\"></span>enze<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>me<span class=\"_ _0\"></span>dio-lungo<span class=\"ff1\"> </span>termine<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dell\u2019<span class=\"_ _2\"></span>attivo<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">passivo.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">previsti<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>dei<span class=\"ff1\"> </span>gap<span class=\"ff1\"> </span>ratio<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>1,<span class=\"ff1\"> </span>2<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>5<span class=\"ff1\"> </span>anni.<span class=\"_ _3bd\"> </span>Questi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>limiti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>consentono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>evitar<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019operativit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>medio-lungo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>termine<span class=\"ff1\"> <span class=\"_ _2\"></span></span>poss<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>luogo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"_ _2\"></span>d<span class=\"ff1\"> </span>eccessivi<span class=\"ff1\"> </span>squilibri<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>finanziare<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>breve<span class=\"ff1\"> </span>termine.<span class=\"_ _3bd\"> </span>Gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sce<span class=\"_ _0\"></span>nari<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span>str<span class=\"_ _0\"></span>ess<span class=\"_ _3bd\"> </span>test <span class=\"_ _0\"></span><span class=\"ff3 fs5\">pre<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>sti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dal<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Reg<span class=\"_ _0\"></span>olam<span class=\"_ _0\"></span>ento<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">disti<span class=\"_ _0\"></span>ngu<span class=\"_ _0\"></span>ono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"_ _0\"></span>n:<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>stress<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>si<span class=\"_ _0\"></span>stemico<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>severity <span class=\"_ _27\"> </span><span class=\"ff3 fs5\">lieve:<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>crisi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">li<span class=\"_ _0\"></span>quidit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sistemica<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>consistente<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>un\u2019i<span class=\"_ _0\"></span>mprovvisa<span class=\"ff1\"> </span></span></span></span>in<span class=\"_ _0\"></span>stab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>sui<span class=\"ff1\"> </span>me<span class=\"_ _0\"></span>rca<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>mone<span class=\"_ _0\"></span>tar<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>cap<span class=\"_ _0\"></span>ital<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>e/o<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in</span> <span class=\"ff3\">tens<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">cara<span class=\"_ _0\"></span>tter<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>pol<span class=\"_ _0\"></span>itic<span class=\"_ _0\"></span>o,<span class=\"ff1\"> </span>acc<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>agn<span class=\"_ _0\"></span>ati<span class=\"ff1\"> </span></span></span></span></span>da<span class=\"ff1\"> </span>alti<span class=\"ff1\"> </span>livelli<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>intensit\u00e0<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>impatti<span class=\"ff1\"> </span>globali;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>stress<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>idiosincratico<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> </span>severity <span class=\"_ _21\"> </span><span class=\"ff3 fs5\">media:<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>crisi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>liquidit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>causat<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>eventi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>part<span class=\"_ _2\"></span>icolarmente<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span>negativi<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>Gruppo;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>stre<span class=\"_ _0\"></span>ss<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">comb<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span>sev<span class=\"_ _0\"></span>erity <span class=\"_ _0\"></span><span class=\"ff3 fs5\">gra<span class=\"_ _0\"></span>ve:<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">co<span class=\"_ _0\"></span>mbin<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">due<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">preced<span class=\"_ _1\"></span>enti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">scen<span class=\"_ _0\"></span>ari.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pro<span class=\"_ _0\"></span>cedu<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> </span>Contingency<span class=\"_ _3bd\"> </span>Funding<span class=\"_ _3bd\"> </span>Plan,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">recentemente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rivist<span class=\"_ _2\"></span>e,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pongono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019obiettivo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">salvaguardare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>stabilit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>grupp<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>durante<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>f<span class=\"_ _2\"></span>asi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>iniziali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>uno<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>tato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>tensione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>liquidit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>garantire<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> </span>continuit\u00e0<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>gruppo<span class=\"ff1\"> </span>stesso<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>caso<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>gravi<span class=\"ff1\"> </span>crisi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>liquidit\u00e0.<span class=\"_ _3bd\"> </span>L\u2019attivit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>gestione<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>liquidit\u00e0<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>breve<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>funding <span class=\"ff3 fs5\">strutturale<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>svolta<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>Business<span class=\"ff1\"> </span>Unit<span class=\"ff1\"> </span></span>Finanza<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>Capogruppo<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>complessivamente:<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>gestisce<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>lussi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>liquidit\u00e0<span class=\"ff1\"> </span>infragruppo<span class=\"ff1\"> </span>riven<span class=\"_ _0\"></span>ienti<span class=\"ff1\"> </span>dai<span class=\"ff1\"> </span>fabbisogni/surplus<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>liquidit\u00e0<span class=\"ff1\"> </span>netti<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>Societ\u00e0<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Gruppo;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>mis<span class=\"_ _0\"></span>ura<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">m<span class=\"_ _0\"></span>onito<span class=\"_ _0\"></span>ra<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>osi<span class=\"_ _0\"></span>zione<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">liqu<span class=\"_ _1\"></span>idit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">G<span class=\"_ _0\"></span>rupp<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">singol<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>S<span class=\"_ _0\"></span>ocie<span class=\"_ _1\"></span>t\u00e0<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">G<span class=\"_ _0\"></span>rupp<span class=\"_ _1\"></span>o<span class=\"_ _2\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>coordina<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>effettua<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>raccolta<span class=\"ff1\"> </span>accedendo<span class=\"ff1\"> </span>direttamente<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>mercat<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>interbancario<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fine<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>mantenere<span class=\"ff1\"> </span>condizioni<span class=\"ff1\"> </span>adeguate<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>liquidit\u00e0<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>Gruppo;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>determina<span class=\"ff1\"> </span>periodicamente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">g<span class=\"_ _2\"></span>li<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>nter<span class=\"_ _2\"></span>venti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziari<span class=\"ff1\"> </span>utili<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">per</span> <span class=\"ff3\">conseguire</span> <span class=\"_ _0\"></span><span class=\"ff3\">gli<span class=\"ff1\"> </span>equilibri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> </span>medio<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>lungo<span class=\"ff1\"> </span>termine,<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>sostenibilit\u00e0<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>crescita<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>maggior<span class=\"ff1\"> </span>efficienza<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>provvista;<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>gestisce<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>rapporti<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>BCE<span class=\"ff1\"> </span>(gestione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>gestione<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>ogni<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>impiego<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>provvista<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>fondi)<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>accede<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>operazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rifinanziamento<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>BCE.<span class=\"_ _3bd\"> </span>Questa<span class=\"ff1\">  </span>impostazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>consente<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>supportare<span class=\"ff1\">  </span>adeguatamente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"ff1\">  </span>fabbi<span class=\"_ _0\"></span>sogni<span class=\"ff1\">  </span>finanziari<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ed<span class=\"ff1\">  </span>\u00e8<span class=\"ff1\"> </span>finalizzata<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a:<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>rid<span class=\"_ _0\"></span>urr<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fab<span class=\"_ _0\"></span>bis<span class=\"_ _0\"></span>ogni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>mple<span class=\"_ _0\"></span>ssiv<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>p<span class=\"_ _1\"></span>arte<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ontro<span class=\"_ _0\"></span>par<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>ste<span class=\"_ _0\"></span>rne<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Gru<span class=\"_ _0\"></span>ppo<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>ottimizzare<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>l\u2019accesso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ai<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>mercati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>conseguentemente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>mini<span class=\"_ _0\"></span>mizzare<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>costi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>complessivi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> </span>raccolta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esterna.<span class=\"_ _3bd\"> </span></span></span>Nel<span class=\"ff1\"> </span>corso<span class=\"_ _2\"></span><span class=\"ff1\"> </span>dell\u2019e<span class=\"_ _0\"></span>sercizio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>2022<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _2\"></span></span>si<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>registrate<span class=\"ff1\"> </span>novit\u00e0<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>punto<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>vista<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>segnalazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>vigilanza.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>L<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>egnalazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>r<span class=\"_ _2\"></span>elative<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>agl<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"_ _0\"></span>ndicator<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>Liquidity<span class=\"_ _3bd\"> </span>Coverage<span class=\"_ _3bd\"> </span>Ratio <span class=\"_ _1f\"> </span><span class=\"ff3 fs5\">(L<span class=\"_ _0\"></span>CR)<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Additional<span class=\"ff1\"> </span></span>Liquidity<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>Monitoring<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>Metrics<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>(ALMM)<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>hanno<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>s<span class=\"_ _2\"></span>ubito<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>aggiornamenti<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>sono<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _24\"> </span></span>effettuate<span class=\"ff1\"> </span>mensilmente,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sulla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">base<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">degli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>chemi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conform<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ai<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Regolamenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">UE<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>\u2019esecuzione,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rispettivamente<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>n.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">322/<span class=\"_ _0\"></span>2016<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"_ _1\"></span><span class=\"ff3\">n.<span class=\"ff1\"> </span>2<span class=\"_ _0\"></span>114/<span class=\"_ _0\"></span>2017<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span></span></span></span></span>Il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>G<span class=\"_ _2\"></span>ruppo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pros<span class=\"_ _2\"></span>egue<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>partecipazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>monitor<span class=\"_ _2\"></span>aggio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>emestrale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Basilea<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>III,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>trimest<span class=\"_ _2\"></span>ralmente<span class=\"ff1\"> </span>invia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>segnalazioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>li<span class=\"_ _2\"></span>quidit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Net<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Stable<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Funding<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Ratio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(c.d.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00abNSFR<span class=\"ff1\"> <span class=\"_ _20\"></span></span>CRR2\u00bb)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>come<span class=\"ff1\"> <span class=\"_ _20\"></span></span>previsto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dal<span class=\"ff1\"> </span>Regolamento<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>(UE)<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>2019/87<span class=\"_ _2\"></span>6<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>(c.d.<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>\u00abCRR2\u00bb).<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>Si<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>segnala<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>tale<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>indicat<span class=\"_ _2\"></span>ore<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>ha<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>s<span class=\"_ _2\"></span>ostituito<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>la<span class=\"ff1\"> </span>segnalazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">li<span class=\"_ _2\"></span>quidit\u00e0<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>revista<span class=\"ff1\"> </span>dal<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Regolamento<span class=\"ff1\"> </span>UE<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">n.575<span class=\"_ _2\"></span>/2013<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(CRR)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>otto<span class=\"ff1\"> </span>forma<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _1\"></span><span class=\"ff3\">requisito<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>materia<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>finanziamento<span class=\"ff1\"> </span>stabile<span class=\"ff1\"> </span>(SF)<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>partire<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>Giugno<span class=\"ff1\"> </span>2021.<span class=\"_ _3bd\"> </span>A<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Se<span class=\"_ _0\"></span>ttemb<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">202<span class=\"_ _0\"></span>2<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Grupp<span class=\"_ _1\"></span>o<span class=\"ff1\"> </span>ha<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">parte<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>pato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">SSM<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Liqu<span class=\"_ _0\"></span>idi<span class=\"_ _0\"></span>ty<span class=\"ff1\"> </span>E<span class=\"_ _0\"></span>xerc<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">B<span class=\"_ _0\"></span>CE<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>L\u2019importo<span class=\"ff1\">  </span>c<span class=\"_ _0\"></span>omplessivo<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\">  </span>fin<span class=\"_ _0\"></span>anziamento<span class=\"ff1\">  </span>con<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>BCE<span class=\"ff1\">  </span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fine<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dic<span class=\"_ _2\"></span>embre<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>2022<span class=\"ff1\">  </span>\u00e8<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>riconducibile<span class=\"ff1\">  </span>ad<span class=\"ff1\"> </span>op<span class=\"_ _0\"></span>eraz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>TL<span class=\"_ _0\"></span>TRO<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">III<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>un<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">impo<span class=\"_ _0\"></span>rto<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>mpl<span class=\"_ _0\"></span>essi<span class=\"_ _0\"></span>vo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">5,<span class=\"_ _0\"></span>69<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">milia<span class=\"_ _0\"></span>rdi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">euro.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Ne<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>cor<span class=\"_ _0\"></span>so<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>ll\u2019<span class=\"_ _0\"></span>ann<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>sono<span class=\"ff1\"> </span>state<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">effettuate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nuove<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ope<span class=\"_ _2\"></span>razioni.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Nel<span class=\"ff1\"> </span>mese<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>dicembre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>B<span class=\"_ _0\"></span>anca<span class=\"ff1\"> </span>ha<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">effettuato<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rimborso<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>volontario<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anticipato<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">1,2<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">miliardi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">euro<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tranche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">LTRO<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">III.3<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">scadenza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mese<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">marzo<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>2023.<span class=\"ff1\"> </span>Nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mese</span> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>dicembre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2022<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stat<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>imborsata<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tranche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">T<span class=\"_ _2\"></span>LTRO<span class=\"ff1\"> </span>II<span class=\"_ _0\"></span>I.2<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">1,4<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">miliardi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>euro,<span class=\"ff1\"> </span>giunta<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>sua<span class=\"ff1\"> </span>naturale<span class=\"ff1\"> </span>scadenza.<span class=\"_ _3bd\"> </span>Al<span class=\"ff1\"> </span>31<span class=\"ff1\"> </span>dicembre<span class=\"ff1\"> </span>2022<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019importo<span class=\"ff1\"> </span>totale<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>riserve<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>liquidit\u00e0<span class=\"ff1\"> </span>libere,<span class=\"ff1\"> </span>intese<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>liquide<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>elevata<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">qualit\u00e0<span class=\"ff1\"> </span>calcolate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ai<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fini<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ca<span class=\"_ _2\"></span>lcolo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dell\u2019indicatore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">LCR,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attestato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">10,73<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">miliardi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Euro<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>(m<span class=\"_ _0\"></span>arke<span class=\"_ _0\"></span>t<span class=\"ff1\"> </span>val<span class=\"_ _0\"></span>ue).<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">95%<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">t<span class=\"_ _0\"></span>ali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rise<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>ve<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u00e8</span> <span class=\"ff3\">d<span class=\"_ _0\"></span>eten<span class=\"_ _0\"></span>uto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dalla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Cap<span class=\"_ _0\"></span>ogrup<span class=\"_ _1\"></span>po<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ed<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">re<span class=\"_ _0\"></span>stan<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>5%<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dal<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>rolla<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>do<span class=\"_ _0\"></span>mest<span class=\"_ _0\"></span>iche<span class=\"_ _0\"></span>.<div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs46ad\">Nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mese<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">maggio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2022<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span>stata<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">collocata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">n<span class=\"_ _2\"></span>uova<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">emiss<span class=\"_ _2\"></span>ione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> </span>500<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">milioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">euro<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nell\u2019ambito<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs46ae\">del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>programma<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Ob<span class=\"_ _2\"></span>bligazioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Bancarie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Garantite<span class=\"ff1\"> <span class=\"_ _20\"></span></span>da<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Cr<span class=\"_ _2\"></span>edem<span class=\"ff1\"> <span class=\"_ _20\"></span></span>CB.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>In<span class=\"ff1\"> <span class=\"_ _20\"></span></span>data<span class=\"ff1\"> <span class=\"_ _21\"></span></span>6<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"_ _2\"></span>prile<span class=\"ff1\"> <span class=\"_ _20\"></span></span>2022<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>stat<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs46af\">rinnovato<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>Base<span class=\"ff1\"> </span>Prospectus<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Programma<span class=\"_ _2\"></span><span class=\"ff1\"> </span>OBG. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs46b0\">Al<span class=\"ff1\"> </span>31<span class=\"ff1\"> </span>dicembre<span class=\"ff1\"> </span>2022<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>o<span class=\"_ _2\"></span>minale<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>emi<span class=\"_ _0\"></span>ssioni<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>circolazione<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>risultato<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>2,1<span class=\"ff1\"> </span>miliardi<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs46b1\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Euro. </span></span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs46b2\">Em<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>sio<span class=\"_ _1\"></span>ni<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs46b3\">Un<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>cur<span class=\"_ _1\"></span>ed<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs46b4\">St<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs46b5\">Al<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs46b6\">Per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valuta<span class=\"ff1\"> <span class=\"_ _20\"></span></span>19<span class=\"ff1\"> <span class=\"_ _20\"></span></span>gennaio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>2022<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Gre<span class=\"_ _2\"></span>en,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Social<span class=\"ff1\"> <span class=\"_ _20\"></span></span>and<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Sust<span class=\"_ _2\"></span>ainability<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Bond<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span></span>Framework<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs46b7\">Gruppo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"></span></span>stata<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>effettuata<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>un\u2019emissione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>inau<span class=\"_ _0\"></span>gurale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>prestito<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span></span>obbligazi<span class=\"_ _0\"></span>onario<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Green<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Senior<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs46b8\">Preferred,<span class=\"ff1\"> </span>destinato<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>mercato<span class=\"ff1\"> </span>wholesale,<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>nominali<span class=\"ff1\"> </span>600<span class=\"ff1\"> </span>milioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>euro. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs46b9\">In<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>5<span class=\"ff1\"> </span>luglio<span class=\"ff1\"> </span>2022<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>tata<span class=\"ff1\"> </span>collocata<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>part<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>CredemHolding<span class=\"ff1\"> </span>S.p.A.,<span class=\"ff1\"> </span>destinata<span class=\"ff1\"> </span>agli<span class=\"ff1\"> </span>investitori<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs46ba\">istituzionali<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>professionali,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>l\u2019emissione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>tand<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alone<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>prestito<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>obbligazionario<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>subordinato<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs46bb\">Social<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Tier<span class=\"ff1\"> <span class=\"_ _20\"></span></span>2<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nominali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>200<span class=\"ff1\"> <span class=\"_ _20\"></span></span>milioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Euro.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Contestualmente,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>stat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>emesso<span class=\"ff1\"> <span class=\"_ _21\"></span></span>da<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Credem<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs46bc\">prestito<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>obbligazionario<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>subordinato<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>Tier<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>2<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>medesim<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>caratteristiche,<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>sottoscritto<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs46bd\">interamente<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>CredemHolding<span class=\"ff1\"> </span>S.p.A. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs46be\">Nel<span class=\"ff1\"> </span>corso<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>stesso<span class=\"ff1\"> </span>mese,<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>redem<span class=\"ff1\"> </span>ha<span class=\"ff1\"> </span>esercitato<span class=\"ff1\"> </span>l\u2019opzione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rimborso<span class=\"ff1\"> </span>anticipato<span class=\"ff1\"> </span>prevista<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs46bf\">prestito<span class=\"ff1\"> </span>obbligazionario<span class=\"ff1\"> </span>subordinato<span class=\"ff1\"> </span>Tier<span class=\"ff1\"> </span>2<span class=\"ff1\"> </span>emesso<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>2017<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> </span>100<span class=\"ff1\"> </span>milioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>uro. </div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs46c0\">Op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs46c1\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs46c2\">ca<span class=\"_ _0\"></span>rto<span class=\"_ _1\"></span>lari<span class=\"_ _0\"></span>zz<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs46c3\">Con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>iferimento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">all\u2019operazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">car<span class=\"_ _2\"></span>tolarizzazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">avente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">come<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">veicolo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Emilia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">SPV<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">S<span class=\"_ _2\"></span>.r.l.,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">corso<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs46c4\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">2022<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stat<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">effettuate<span class=\"ff1\"> </span>du<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nuove<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cessioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivi<span class=\"ff1\"> </span>relative<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>mutui<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ipotecari<span class=\"ff1\"> </span>residenzi<span class=\"_ _0\"></span>ali<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs46c5\">bonis<span class=\"ff1\"> </span>no<span class=\"_ _2\"></span>n<span class=\"ff1\"> </span>idon<span class=\"_ _2\"></span>ei<span class=\"ff1\"> </span>all\u2019utilizzo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>n<span class=\"_ _2\"></span>ei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>programmi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>emiss<span class=\"_ _2\"></span>ione<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Obbl<span class=\"_ _2\"></span>igazioni<span class=\"ff1\"> </span>Bancarie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Garantit<span class=\"_ _2\"></span>e.<span class=\"ff1\"> </span>Al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>31<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs46c6\">dicembre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2022,<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">circolante<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs46c7\">tranche</div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs46c8\">senior</div><div class=\"t m0 h9 ff1 fs4 fc0 sc0 ls0 ws0 gs46c9\"> <span class=\"ff3 fs5\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pari<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">c<span class=\"_ _2\"></span>irca<span class=\"ff1\"> </span>1,97<span class=\"ff1\"> </span>mili<span class=\"_ _0\"></span>ardi<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">E<span class=\"_ _2\"></span>uro,<span class=\"ff1\"> </span>mentre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quello<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs46ca\">della<span class=\"ff1\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs46cb\">tranche</div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs46cc\">junior</div><div class=\"t m0 h9 ff1 fs4 fc0 sc0 ls0 ws0 gs46cd\"> <span class=\"ff3 fs5\">\u00e8<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>circa<span class=\"ff1\"> </span>0,60<span class=\"ff1\"> </span>miliardi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>euro. </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs46ce\">Im<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs46cf\">de<span class=\"_ _0\"></span>riv<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs46d0\">da<span class=\"_ _0\"></span>lla<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs46d1\">pa<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ia<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs46d2\">Co<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>d-<span class=\"_ _0\"></span>19<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs46d3\">Nell\u2019esercizio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>2022<span class=\"ff1\"> <span class=\"_ _21\"></span></span>non<span class=\"ff1\"> <span class=\"_ _21\"></span></span>si<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ravvisano<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sulla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>liquidit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>impatti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>signif<span class=\"_ _0\"></span>icativi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>derivanti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dalla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>pandemia<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs46d4\">CO<span class=\"_ _0\"></span>VID-<span class=\"_ _0\"></span>19. </div>1.<span class=\"_ _3bd\"> </span>Distr<span class=\"_ _0\"></span>ibuzione<span class=\"_ _3bd\"> </span>temp<span class=\"_ _0\"></span>orale<span class=\"_ _3bd\"> </span>per<span class=\"_ _3bd\"> </span>dur<span class=\"_ _0\"></span>ata<span class=\"_ _3bd\"> </span>resid<span class=\"_ _0\"></span>ua<span class=\"_ _3bd\"> </span>contra<span class=\"_ _0\"></span>ttua<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>delle<span class=\"_ _3bd\"> </span>atti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>pass<span class=\"_ _0\"></span>ivit\u00e0<span class=\"_ _3bd\"> </span>finanzi<span class=\"_ _0\"></span>arie<span class=\"_ _3bd\"> </span>E<span class=\"_ _0\"></span>UR<span class=\"_ _1\"></span>O<span class=\"fc0 sc1\"> </span>Voc<span class=\"_ _0\"></span>i/<span class=\"_ _3bd\"> </span>Sc<span class=\"_ _0\"></span>agl<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>te<span class=\"_ _0\"></span>mpor<span class=\"_ _1\"></span>ali<span class=\"fc0 sc1\"> </span>A<span class=\"_ _3bd\"> </span>vi<span class=\"_ _0\"></span>st<span class=\"_ _1\"></span>a<span class=\"fc0 sc1\"> </span>Da<span class=\"_ _3bd\"> </span>oltre<span class=\"_ _3bd\"> </span>1<span class=\"_ _3bd\"> </span>giorno<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>7<span class=\"_ _3bd\"> </span>gio<span class=\"_ _0\"></span>rn<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>Da<span class=\"_ _3bd\"> </span>olt<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>7<span class=\"_ _3bd\"> </span>gio<span class=\"_ _0\"></span>rni<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>a<span class=\"_ _3bd\"> </span>15<span class=\"_ _3bd\"> </span>gio<span class=\"_ _0\"></span>rn<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>Da<span class=\"_ _3bd\"> </span>oltre<span class=\"_ _3bd\"> </span>15<span class=\"_ _3bd\"> </span>gio<span class=\"_ _0\"></span>rn<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>a<span class=\"_ _3bd\"> </span>1<span class=\"_ _3bd\"> </span>m<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Da<span class=\"_ _3bd\"> </span>oltre<span class=\"_ _3bd\"> </span>1<span class=\"_ _3bd\"> </span>me<span class=\"_ _0\"></span>se<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>no<span class=\"_ _3bd\"> </span>3<span class=\"_ _3bd\"> </span>mesi<span class=\"fc0 sc1\"> </span>Da<span class=\"_ _3bd\"> </span>oltre<span class=\"_ _3bd\"> </span>3<span class=\"_ _3bd\"> </span>mesi<span class=\"_ _3bd\"> </span>fino<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>6<span class=\"_ _3bd\"> </span>mesi<span class=\"fc0 sc1\"> </span>Da<span class=\"_ _3bd\"> </span>ol<span class=\"_ _0\"></span>tre<span class=\"_ _3bd\"> </span>6<span class=\"_ _3bd\"> </span>mesi<span class=\"_ _3bd\"> </span>fino<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>1<span class=\"_ _3bd\"> </span>anno<span class=\"fc0 sc1\"> </span>Da<span class=\"_ _3bd\"> </span>oltre<span class=\"_ _3bd\"> </span>1<span class=\"_ _3bd\"> </span>an<span class=\"_ _0\"></span>no<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>no<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>5<span class=\"_ _3bd\"> </span>anni<span class=\"fc0 sc1\"> </span>Oltr<span class=\"_ _1\"></span>e<span class=\"_ _3bd\"> </span>5<span class=\"_ _3bd\"> </span>a<span class=\"_ _0\"></span>nn<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>Dur<span class=\"_ _1\"></span>ata<span class=\"_ _3bd\"> </span>Ind<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>erm<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>ta<span class=\"_ _3bd\"> </span>cor<span class=\"_ _0\"></span>rent<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>Ope<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>\"fu<span class=\"_ _0\"></span>ori<span class=\"_ _3bd\"> </span>bil<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>io\"<span class=\"_ _0\"></span> C.<span class=\"_ _0\"></span>1<span class=\"ff1\"> </span>De<span class=\"_ _0\"></span>riva<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fina<span class=\"_ _0\"></span>nzia<span class=\"_ _0\"></span>ri<span class=\"ff1\"> </span></span></span>con<span class=\"ff1\"> </span>scambio<span class=\"_ _2\"></span><span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cap<span class=\"_ _0\"></span>ital<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> </span>Pos<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>lung<span class=\"_ _0\"></span>he<span class=\"_ _3bd\"> </span>- <span class=\"_ _1ef\"> </span>394.<span class=\"_ _0\"></span>284 <span class=\"_ _2a8\"> </span>105.<span class=\"_ _0\"></span>513 <span class=\"_ _328\"> </span>23.8<span class=\"_ _0\"></span>67 <span class=\"_ _1fa\"> </span>275.<span class=\"_ _0\"></span>373 <span class=\"_ _20e\"> </span>136<span class=\"_ _0\"></span>.526 <span class=\"_ _20e\"> </span>115.<span class=\"_ _0\"></span>237 <span class=\"_ _296\"> </span>15.60<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> </span>Pos<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>rte<span class=\"_ _3bd\"> </span>4 <span class=\"_ _1ef\"> </span>508.<span class=\"_ _0\"></span>540 <span class=\"_ _1f5\"> </span>76.04<span class=\"_ _0\"></span>0 <span class=\"_ _326\"> </span>81.1<span class=\"_ _0\"></span>83 <span class=\"_ _327\"> </span>78.<span class=\"_ _0\"></span>328 <span class=\"_ _1fc\"> </span>35.<span class=\"_ _0\"></span>792 <span class=\"_ _1f4\"> </span>42.<span class=\"_ _0\"></span>374 <span class=\"_ _1f4\"> </span>359<span class=\"_ _0\"></span>.089 <span class=\"_ _1ee\"> </span>5.70<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>C.<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>Der<span class=\"_ _0\"></span>ivati<span class=\"_ _3bd\"> </span>fin<span class=\"_ _0\"></span>anzi<span class=\"_ _0\"></span>ari<span class=\"_ _3bd\"> </span>sen<span class=\"_ _0\"></span>za<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sca<span class=\"_ _0\"></span>mbio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span>cap<span class=\"_ _0\"></span>ital<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> </span>Pos<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>lung<span class=\"_ _0\"></span>he <span class=\"_ _11c\"> </span>27.4<span class=\"_ _0\"></span>36 <span class=\"_ _32b\"> </span>62<span class=\"_ _0\"></span> 8<span class=\"_ _3bd\"> </span>- <span class=\"_ _f2\"> </span>16<span class=\"_ _1\"></span>7 <span class=\"_ _1ac\"> </span>23<span class=\"_ _0\"></span>1 <span class=\"_ _62\"> </span>44<span class=\"_ _0\"></span>2 <span class=\"_ _70\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _a5\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _3b\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span>-<span class=\"ff1\"> </span>Pos<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>rte <span class=\"_ _20b\"> </span>82.<span class=\"_ _0\"></span>379 <span class=\"_ _32b\"> </span>35<span class=\"_ _3bd\"> </span>2<span class=\"_ _3bd\"> </span>- <span class=\"_ _207\"> </span>74 <span class=\"_ _209\"> </span>10<span class=\"_ _1\"></span>2 <span class=\"_ _1a2\"> </span>19<span class=\"_ _1\"></span>3 <span class=\"_ _70\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _a5\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _3b\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span> </span></span></span></span>C.3<span class=\"ff1\"> </span>Depositi<span class=\"_ _2\"></span><span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>fin<span class=\"_ _0\"></span>anzi<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> </span></span></span>rice<span class=\"_ _0\"></span>vere<span class=\"_ _0\"></span> -<span class=\"ff1\"> </span>Pos<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>lung<span class=\"_ _0\"></span>he<span class=\"ff1\"> <span class=\"_ _3d\"> </span></span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _176\"> </span><span class=\"ff3\">-</span> <span class=\"_ _122\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _7e\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1ae\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _6c\"> </span><span class=\"ff3\">-</span> <span class=\"_ _129\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _70\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _a5\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _3b\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"ff1\"> </span>Pos<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>rte<span class=\"ff1\"> <span class=\"_ _42\"> </span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1ae\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _a1\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _7e\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1ae\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _6e\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _75\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _70\"> </span><span class=\"ff3\">-</span> <span class=\"_ _6e\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _3b\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>C.4<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Im<span class=\"_ _2\"></span>pegni<span class=\"ff1\"> </span></span></span>irre<span class=\"_ _0\"></span>voca<span class=\"_ _0\"></span>bil<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span>rogar<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span></span></span>fon<span class=\"_ _0\"></span>di<span class=\"_ _3bd\"> </span>fin<span class=\"_ _0\"></span>anzi<span class=\"_ _0\"></span>arie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">rilas<span class=\"_ _0\"></span>ciate<span class=\"_ _3bd\"> </span></span></span>fin<span class=\"_ _0\"></span>anzi<span class=\"_ _0\"></span>arie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ricev<span class=\"_ _0\"></span>ute<span class=\"_ _3bd\"> </span></span></span>C.<span class=\"_ _0\"></span>7<span class=\"ff1\"> </span>D<span class=\"_ _0\"></span>eriv<span class=\"_ _0\"></span>ati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cred<span class=\"_ _0\"></span>itiz<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span></span></span>con<span class=\"ff1\"> </span>scambio<span class=\"_ _2\"></span><span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cap<span class=\"_ _0\"></span>ital<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> </span>Pos<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>lung<span class=\"_ _0\"></span>he<span class=\"ff1\"> <span class=\"_ _3d\"> </span></span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _176\"> </span><span class=\"ff3\">-</span> <span class=\"_ _122\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _7e\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1ae\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _6c\"> </span><span class=\"ff3\">-</span> <span class=\"_ _129\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _70\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _a5\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _3b\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"ff1\"> </span>Pos<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>rte<span class=\"ff1\"> <span class=\"_ _42\"> </span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1ae\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _a1\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _7e\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1ae\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _6e\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _75\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _70\"> </span><span class=\"ff3\">-</span> <span class=\"_ _6e\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _3b\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>C.8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">D<span class=\"_ _0\"></span>eriva<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>red<span class=\"_ _0\"></span>itiz<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span></span></span>senza<span class=\"ff1\"> </span>scambio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>cap<span class=\"_ _0\"></span>ital<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> </span>Pos<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>lung<span class=\"_ _0\"></span>he<span class=\"ff1\"> <span class=\"_ _3d\"> </span></span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _176\"> </span><span class=\"ff3\">-</span> <span class=\"_ _122\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _7e\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1ae\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _6c\"> </span><span class=\"ff3\">-</span> <span class=\"_ _129\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _70\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _a5\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _3b\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"ff1\"> </span>Pos<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>rte<span class=\"ff1\"> <span class=\"_ _42\"> </span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1ae\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _a1\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _7e\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1ae\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _6e\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _75\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _70\"> </span><span class=\"ff3\">-</span> <span class=\"_ _6e\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _3b\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Att<span class=\"_ _0\"></span>ivit<span class=\"_ _1\"></span>\u00e0<span class=\"_ _3bd\"> </span>per<span class=\"_ _3bd\"> </span>cas<span class=\"_ _1\"></span>sa<span class=\"_ _3bd\"> </span>3.4<span class=\"_ _0\"></span>30<span class=\"_ _0\"></span>.37<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>019<span class=\"_ _0\"></span>.16<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span>564<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>80<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>048.<span class=\"_ _0\"></span>52<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>3.2<span class=\"_ _1\"></span>64.3<span class=\"_ _0\"></span>67<span class=\"_ _3bd\"> </span>2.7<span class=\"_ _0\"></span>19<span class=\"_ _0\"></span>.83<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>3.5<span class=\"_ _0\"></span>17<span class=\"_ _0\"></span>.92<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>17.<span class=\"_ _0\"></span>94<span class=\"_ _0\"></span>1.1<span class=\"_ _0\"></span>21<span class=\"_ _3bd\"> </span>14<span class=\"_ _0\"></span>.462<span class=\"_ _1\"></span>.215<span class=\"_ _3bd\"> </span>28<span class=\"_ _0\"></span>0.6<span class=\"_ _0\"></span>69<span class=\"_ _3bd\"> </span>A.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Ti<span class=\"_ _2\"></span>toli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>S<span class=\"_ _0\"></span>tat<span class=\"_ _0\"></span>o <span class=\"_ _47\"> </span>1.94<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>8<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>1 <span class=\"_ _1fb\"> </span>11<span class=\"_ _0\"></span>.074<span class=\"_ _3bd\"> </span>205<span class=\"_ _0\"></span>.342<span class=\"_ _3bd\"> </span>294<span class=\"_ _0\"></span>.918<span class=\"_ _3bd\"> </span>5.2<span class=\"_ _0\"></span>02.3<span class=\"_ _0\"></span>73<span class=\"_ _3bd\"> </span>2.7<span class=\"_ _0\"></span>82.<span class=\"_ _0\"></span>263<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>A.2<span class=\"_ _3bd\"> </span>Altri<span class=\"_ _3bd\"> </span>titoli<span class=\"_ _3bd\"> </span>d<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>deb<span class=\"_ _0\"></span>ito<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>25<span class=\"_ _3bd\"> </span>36.4<span class=\"_ _0\"></span>64<span class=\"_ _3bd\"> </span>2.5<span class=\"_ _0\"></span>51 <span class=\"_ _1f2\"> </span>42.9<span class=\"_ _0\"></span>72<span class=\"_ _3bd\"> </span>66.<span class=\"_ _0\"></span>247<span class=\"_ _3bd\"> </span>95.<span class=\"_ _0\"></span>345<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>759.2<span class=\"_ _0\"></span>13<span class=\"_ _3bd\"> </span>2.3<span class=\"_ _0\"></span>69.4<span class=\"_ _0\"></span>20<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>A.3<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Quote<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">OI<span class=\"_ _1\"></span>CR <span class=\"_ _4b\"> </span>9.1<span class=\"_ _0\"></span>35<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>51<span class=\"_ _1\"></span>3<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>216<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>A.4<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">F<span class=\"_ _0\"></span>inanz<span class=\"_ _0\"></span>iamen<span class=\"_ _0\"></span>ti <span class=\"_ _200\"> </span>3.41<span class=\"_ _0\"></span>9.29<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></span></span>1.<span class=\"_ _0\"></span>019.14<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>528<span class=\"_ _0\"></span>.431<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>045.9<span class=\"_ _0\"></span>69 <span class=\"_ _2a8\"> </span>3.2<span class=\"_ _0\"></span>10.3<span class=\"_ _0\"></span>21<span class=\"_ _3bd\"> </span>2.44<span class=\"_ _0\"></span>8.2<span class=\"_ _0\"></span>41<span class=\"_ _3bd\"> </span>3.1<span class=\"_ _0\"></span>27.6<span class=\"_ _0\"></span>61<span class=\"_ _3bd\"> </span>10<span class=\"_ _0\"></span>.979.0<span class=\"_ _0\"></span>22<span class=\"_ _3bd\"> </span>9.<span class=\"_ _0\"></span>309.<span class=\"_ _0\"></span>316 <span class=\"_ _a2\"> </span>280.6<span class=\"_ _0\"></span>69<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Banc<span class=\"_ _0\"></span>he <span class=\"_ _ca\"> </span>431.<span class=\"_ _0\"></span>130<span class=\"_ _3bd\"> </span></span></span>244<span class=\"_ _0\"></span>.479<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>3 <span class=\"_ _1fc\"> </span>34.1<span class=\"_ _0\"></span>66<span class=\"_ _3bd\"> </span>8<span class=\"_ _0\"></span>58<span class=\"_ _3bd\"> </span>21<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>67<span class=\"_ _3bd\"> </span>- <span class=\"_ _a2\"> </span>280<span class=\"_ _0\"></span>.669<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Clie<span class=\"_ _0\"></span>ntel<span class=\"_ _0\"></span>a <span class=\"_ _2a0\"> </span>2.98<span class=\"_ _0\"></span>8.16<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></span></span>774<span class=\"_ _0\"></span>.665<span class=\"_ _3bd\"> </span>528<span class=\"_ _0\"></span>.431<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>045.9<span class=\"_ _0\"></span>56 <span class=\"_ _22\"> </span>3.1<span class=\"_ _0\"></span>76.1<span class=\"_ _0\"></span>55<span class=\"_ _3bd\"> </span>2.44<span class=\"_ _0\"></span>7.38<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>3.1<span class=\"_ _0\"></span>27.6<span class=\"_ _0\"></span>40<span class=\"_ _3bd\"> </span>10<span class=\"_ _0\"></span>.978.<span class=\"_ _0\"></span>855<span class=\"_ _3bd\"> </span>9.<span class=\"_ _0\"></span>309.<span class=\"_ _0\"></span>316<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Pa<span class=\"_ _0\"></span>ssiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span>per<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>a <span class=\"_ _62\"> </span>35.3<span class=\"_ _0\"></span>50<span class=\"_ _0\"></span>.32<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>2.3<span class=\"_ _0\"></span>74<span class=\"_ _0\"></span>.93<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>233<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>00<span class=\"_ _3bd\"> </span>485<span class=\"_ _1\"></span>.586<span class=\"_ _3bd\"> </span>692<span class=\"_ _1\"></span>.386<span class=\"_ _3bd\"> </span>4.<span class=\"_ _0\"></span>835<span class=\"_ _0\"></span>.29<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>583<span class=\"_ _0\"></span>.1<span class=\"_ _0\"></span>87<span class=\"_ _3bd\"> </span>2.1<span class=\"_ _0\"></span>35<span class=\"_ _0\"></span>.88<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>2.4<span class=\"_ _0\"></span>34<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>16 <span class=\"_ _1ae\"> </span>2.6<span class=\"_ _1\"></span>22<span class=\"_ _3bd\"> </span>B.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">De<span class=\"_ _2\"></span>positi<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span></span></span></span></span>35.<span class=\"_ _0\"></span>043.<span class=\"_ _0\"></span>651<span class=\"_ _3bd\"> </span>24.<span class=\"_ _0\"></span>215<span class=\"_ _3bd\"> </span>23.<span class=\"_ _0\"></span>649<span class=\"_ _3bd\"> </span>78.<span class=\"_ _0\"></span>010 <span class=\"_ _1ed\"> </span>457.4<span class=\"_ _0\"></span>94<span class=\"_ _3bd\"> </span>254<span class=\"_ _0\"></span>.961<span class=\"_ _3bd\"> </span>355<span class=\"_ _0\"></span>.937<span class=\"_ _3bd\"> </span>66.<span class=\"_ _0\"></span>773<span class=\"_ _3bd\"> </span>8<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Banc<span class=\"_ _0\"></span>he <span class=\"_ _3a\"> </span>579.2<span class=\"_ _0\"></span>25<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>- <span class=\"_ _218\"> </span>5.<span class=\"_ _1\"></span>699<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Clie<span class=\"_ _0\"></span>ntel<span class=\"_ _0\"></span>a <span class=\"_ _70\"> </span>3<span class=\"_ _0\"></span>4.464<span class=\"_ _0\"></span>.42<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span></span></span>24.<span class=\"_ _0\"></span>215<span class=\"_ _3bd\"> </span>23.<span class=\"_ _0\"></span>649<span class=\"_ _3bd\"> </span>78.<span class=\"_ _0\"></span>010 <span class=\"_ _20e\"> </span>451.<span class=\"_ _0\"></span>795<span class=\"_ _3bd\"> </span>254<span class=\"_ _0\"></span>.961<span class=\"_ _3bd\"> </span>355<span class=\"_ _0\"></span>.937<span class=\"_ _3bd\"> </span>66.<span class=\"_ _0\"></span>773<span class=\"_ _3bd\"> </span>8<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>B.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Ti<span class=\"_ _2\"></span>toli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ebi<span class=\"_ _0\"></span>to <span class=\"_ _31\"> </span>13<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>15.<span class=\"_ _0\"></span>188<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>8.<span class=\"_ _0\"></span>750<span class=\"_ _3bd\"> </span>11<span class=\"_ _0\"></span>.725<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>250.00<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>2.3<span class=\"_ _0\"></span>50.00<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>B.<span class=\"_ _0\"></span>3<span class=\"ff1\"> </span>Altr<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>ssivi<span class=\"_ _0\"></span>t\u00e0 <span class=\"_ _11c\"> </span>306.5<span class=\"_ _0\"></span>37<span class=\"_ _3bd\"> </span>2.3<span class=\"_ _0\"></span>50.7<span class=\"_ _0\"></span>17<span class=\"_ _3bd\"> </span>209<span class=\"_ _0\"></span>.551<span class=\"_ _3bd\"> </span>392<span class=\"_ _0\"></span>.388 <span class=\"_ _1ed\"> </span>2<span class=\"_ _0\"></span>34.8<span class=\"_ _0\"></span>92<span class=\"_ _3bd\"> </span>4.<span class=\"_ _0\"></span>571.<span class=\"_ _0\"></span>587<span class=\"_ _3bd\"> </span>215<span class=\"_ _0\"></span>.52<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>81<span class=\"_ _0\"></span>9.109<span class=\"_ _3bd\"> </span>84.<span class=\"_ _0\"></span>433 <span class=\"_ _1ae\"> </span>2.<span class=\"_ _0\"></span>62<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> </span>Pos<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>lung<span class=\"_ _0\"></span>he<span class=\"ff8\"> <span class=\"_ _50\"> </span></span>7<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>- <span class=\"_ _a2\"> </span>74<span class=\"_ _0\"></span>5 <span class=\"_ _66\"> </span>236<span class=\"_ _1\"></span> <span class=\"_ _178\"> </span>20<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span> <span class=\"_ _1a2\"> </span>5<span class=\"_ _0\"></span>61<span class=\"_ _1\"></span> <span class=\"_ _1fc\"> </span>179.<span class=\"_ _0\"></span>259 <span class=\"_ _1f4\"> </span>195<span class=\"_ _0\"></span>.950<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> </span>Pos<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>rte<span class=\"ff8\"> <span class=\"_ _1ac\"> </span></span>377.0<span class=\"_ _0\"></span>27<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>C.<span class=\"_ _0\"></span>5<span class=\"ff1\"> </span>Ga<span class=\"_ _0\"></span>ranz<span class=\"_ _0\"></span>ie<span class=\"ff8\"> </span>55.<span class=\"_ _0\"></span>574<span class=\"_ _3bd\"> </span>4.<span class=\"_ _0\"></span>595 <span class=\"_ _29d\"> </span>6.<span class=\"_ _0\"></span>828 <span class=\"_ _1f1\"> </span>27.7<span class=\"_ _0\"></span>60 <span class=\"_ _327\"> </span>52.26<span class=\"_ _0\"></span>0 <span class=\"_ _327\"> </span>68.43<span class=\"_ _0\"></span>3 <span class=\"_ _20e\"> </span>18<span class=\"_ _0\"></span>7.155 <span class=\"_ _1af\"> </span>191.2<span class=\"_ _0\"></span>35 <span class=\"_ _1f1\"> </span>116.0<span class=\"_ _0\"></span>99<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>C.6<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Ga<span class=\"_ _0\"></span>ranzi<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>.658<span class=\"_ _0\"></span> <span class=\"_ _216\"> </span>4.93<span class=\"_ _0\"></span>7 <span class=\"_ _328\"> </span>12.86<span class=\"_ _0\"></span>4 <span class=\"_ _64\"> </span>45<span class=\"_ _0\"></span>.087<span class=\"_ _3bd\"> </span>2.1<span class=\"_ _0\"></span>00.<span class=\"_ _0\"></span>306 -<span class=\"_ _3bd\"> </span>A.2<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Altri<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">deb<span class=\"_ _0\"></span>ito<span class=\"ff1\"> <span class=\"_ _246\"> </span></span>-<span class=\"_ _0\"></span> </span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>49<span class=\"_ _0\"></span> <span class=\"_ _207\"> </span>3<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span> <span class=\"_ _1f3\"> </span>1.79<span class=\"_ _0\"></span>7 <span class=\"_ _33e\"> </span>10.<span class=\"_ _0\"></span>316 <span class=\"_ _1f0\"> </span>3.060 <span class=\"_ _64\"> </span>96.<span class=\"_ _0\"></span>327<span class=\"_ _3bd\"> </span>210<span class=\"_ _0\"></span>.18<span class=\"_ _0\"></span>3 -<span class=\"_ _3bd\"> </span>A.3<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Quote<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">OI<span class=\"_ _1\"></span>CR<span class=\"ff8\"> <span class=\"_ _208\"> </span></span>2<span class=\"_ _0\"></span>3 </span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>A.4<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">F<span class=\"_ _0\"></span>inanz<span class=\"_ _0\"></span>iamen<span class=\"_ _0\"></span>ti<span class=\"ff8\"> <span class=\"_ _a3\"> </span></span>61.8<span class=\"_ _0\"></span>93 <span class=\"_ _216\"> </span>6.108 <span class=\"_ _20e\"> </span>3.24<span class=\"_ _0\"></span>2 <span class=\"_ _64\"> </span>8.<span class=\"_ _0\"></span>674 <span class=\"_ _29d\"> </span>44.<span class=\"_ _0\"></span>440 <span class=\"_ _335\"> </span>4.<span class=\"_ _1\"></span>257 </span></span>- <span class=\"_ _81\"> </span>46 -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Banc<span class=\"_ _0\"></span>he<span class=\"ff8\"> <span class=\"_ _208\"> </span></span>59.01<span class=\"_ _0\"></span>9 </span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Clie<span class=\"_ _0\"></span>ntel<span class=\"_ _0\"></span>a<span class=\"ff8\"> <span class=\"_ _20a\"> </span></span>2.874 <span class=\"_ _216\"> </span>6.<span class=\"_ _0\"></span>108 <span class=\"_ _20e\"> </span>3.242 <span class=\"_ _1af\"> </span>8.674 <span class=\"_ _29d\"> </span>44<span class=\"_ _0\"></span>.440 <span class=\"_ _335\"> </span>4<span class=\"_ _0\"></span>.25<span class=\"_ _1\"></span>7 </span></span>- <span class=\"_ _81\"> </span>46 -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Pa<span class=\"_ _0\"></span>ssiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span>per<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>463<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>97 <span class=\"_ _1ed\"> </span>27<span class=\"_ _0\"></span>2.<span class=\"_ _0\"></span>953<span class=\"_ _3bd\"> </span>285<span class=\"_ _1\"></span>.191<span class=\"_ _0\"></span> <span class=\"_ _1ed\"> </span>509.<span class=\"_ _0\"></span>152<span class=\"_ _0\"></span> <span class=\"_ _1ef\"> </span>786<span class=\"_ _0\"></span>.83<span class=\"_ _0\"></span>8 <span class=\"_ _1f1\"> </span>28.8<span class=\"_ _0\"></span>05<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>B.1<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Depos<span class=\"_ _0\"></span>iti<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cont<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>corr<span class=\"_ _0\"></span>enti<span class=\"_ _0\"></span><span class=\"ff8\"> <span class=\"_ _210\"> </span><span class=\"ff3\">4<span class=\"_ _0\"></span>63.6<span class=\"_ _0\"></span>18 <span class=\"_ _216\"> </span>3.188 <span class=\"_ _328\"> </span>1.<span class=\"_ _0\"></span>500 <span class=\"_ _64\"> </span>2.<span class=\"_ _0\"></span>389 <span class=\"_ _1fb\"> </span>6.773 <span class=\"_ _1af\"> </span>28.<span class=\"_ _0\"></span>771 </span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Banc<span class=\"_ _0\"></span>he<span class=\"ff8\"> <span class=\"_ _193\"> </span></span>156<span class=\"_ _0\"></span>.305 </span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Clie<span class=\"_ _0\"></span>ntel<span class=\"_ _0\"></span>a<span class=\"ff8\"> <span class=\"_ _ed\"> </span></span>307.31<span class=\"_ _0\"></span>3 <span class=\"_ _296\"> </span>3.<span class=\"_ _0\"></span>188 <span class=\"_ _328\"> </span>1.50<span class=\"_ _0\"></span>0 <span class=\"_ _64\"> </span>2.3<span class=\"_ _0\"></span>89 <span class=\"_ _216\"> </span>6.<span class=\"_ _0\"></span>773 <span class=\"_ _1af\"> </span>28.77<span class=\"_ _0\"></span>1 </span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>B.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Ti<span class=\"_ _2\"></span>toli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ebi<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _106\"> </span></span>-<span class=\"_ _0\"></span> </span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>B.<span class=\"_ _0\"></span>3<span class=\"ff1\"> </span>Altr<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>ssivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff8\"> <span class=\"_ _125\"> </span></span>27<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span> <span class=\"_ _1ec\"> </span>269<span class=\"_ _0\"></span>.765<span class=\"_ _3bd\"> </span>283<span class=\"_ _0\"></span>.691 <span class=\"_ _22\"> </span>506.<span class=\"_ _0\"></span>763 <span class=\"_ _1ef\"> </span>78<span class=\"_ _0\"></span>0.06<span class=\"_ _0\"></span>5 <span class=\"_ _a1\"> </span>34<span class=\"_ _1\"></span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Ope<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>\"fu<span class=\"_ _1\"></span>ori<span class=\"_ _3bd\"> </span>bil<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>io\"<span class=\"_ _0\"></span> C.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Deri<span class=\"_ _2\"></span>vati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziari<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> </span></span></span></span></span></span></span>scambio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>capitale -<span class=\"ff1\"> </span>Pos<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>lung<span class=\"_ _0\"></span>he<span class=\"ff8\"> <span class=\"_ _2ce\"> </span></span>4<span class=\"_ _0\"></span> <span class=\"_ _1ec\"> </span>477<span class=\"_ _0\"></span>.369 <span class=\"_ _1ef\"> </span>75.272<span class=\"_ _0\"></span> <span class=\"_ _29d\"> </span>78<span class=\"_ _0\"></span>.682 <span class=\"_ _1f0\"> </span>72.16<span class=\"_ _0\"></span>2 <span class=\"_ _1fc\"> </span>32.341<span class=\"_ _0\"></span> <span class=\"_ _31c\"> </span>37.6<span class=\"_ _0\"></span>04 <span class=\"_ _296\"> </span>13.5<span class=\"_ _0\"></span>75<span class=\"_ _3bd\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _65\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"ff1\"> </span>Pos<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>rte<span class=\"ff1\"> <span class=\"_ _115\"> </span></span>-<span class=\"_ _1\"></span> <span class=\"_ _1eb\"> </span>546.9<span class=\"_ _0\"></span>38<span class=\"_ _3bd\"> </span>104<span class=\"_ _0\"></span>.839 <span class=\"_ _20e\"> </span>22.450 <span class=\"_ _64\"> </span>4<span class=\"_ _0\"></span>4.117<span class=\"_ _0\"></span> <span class=\"_ _1f1\"> </span>39.<span class=\"_ _0\"></span>629 <span class=\"_ _31c\"> </span>69<span class=\"_ _0\"></span>.569 <span class=\"_ _219\"> </span>14.3<span class=\"_ _0\"></span>82 <span class=\"_ _1ae\"> </span>-<span class=\"ff1\"> <span class=\"_ _41\"> </span></span>-<span class=\"_ _3bd\"> </span>C.2<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Derivati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziari<span class=\"ff1\"> </span>senza<span class=\"ff1\"> </span></span></span></span></span>scambio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>capitale -<span class=\"ff1\"> </span>Pos<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>lung<span class=\"_ _0\"></span>he<span class=\"ff8\"> <span class=\"_ _af\"> </span></span>14<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _65\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"ff1\"> </span>Pos<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>rte<span class=\"ff8\"> <span class=\"_ _1a5\"> </span></span>26<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _65\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span>C.3<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Depos<span class=\"_ _2\"></span>iti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziamenti<span class=\"ff1\"> </span></span></span></span></span></span></span>da<span class=\"_ _3bd\"> </span>ricever<span class=\"_ _2\"></span>e -<span class=\"ff1\"> </span>Pos<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>lung<span class=\"_ _0\"></span>he<span class=\"ff1\"> <span class=\"_ _fc\"> </span></span>-<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _65\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"ff1\"> </span>Pos<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>rte<span class=\"ff1\"> <span class=\"_ _115\"> </span></span>-<span class=\"_ _1\"></span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _65\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span>C.4<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Im<span class=\"_ _2\"></span>pegni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"_ _2\"></span>rrevocabili<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span></span></span></span></span>erogare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fondi </span></span>-<span class=\"ff1\"> </span>Pos<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>lung<span class=\"_ _0\"></span>he<span class=\"ff1\"> <span class=\"_ _fc\"> </span></span>-<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _65\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"ff1\"> </span>Pos<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>rte<span class=\"ff1\"> <span class=\"_ _115\"> </span></span>-<span class=\"_ _1\"></span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _65\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span>C.<span class=\"_ _0\"></span>5<span class=\"ff1\"> </span>Gara<span class=\"_ _0\"></span>nzie<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>nanz<span class=\"_ _0\"></span>iari<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _65\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span>C.<span class=\"_ _0\"></span>6<span class=\"ff1\"> </span>Garan<span class=\"_ _0\"></span>zie<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>ziari<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _65\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span>C.7<span class=\"_ _3bd\"> </span>Derivati<span class=\"_ _3bd\"> </span>creditizi<span class=\"_ _3bd\"> </span>con<span class=\"_ _3bd\"> </span>scambio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>capitale -<span class=\"ff1\"> </span>Pos<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>lung<span class=\"_ _0\"></span>he<span class=\"ff1\"> <span class=\"_ _fc\"> </span></span>-<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _65\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"ff1\"> </span>Pos<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>rte<span class=\"ff1\"> <span class=\"_ _115\"> </span></span>-<span class=\"_ _1\"></span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _65\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span>C.8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Deri<span class=\"_ _2\"></span>vati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">creditizi<span class=\"ff1\"> </span>senza<span class=\"ff1\"> </span></span></span></span></span>scambio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>capitale -<span class=\"ff1\"> </span>Pos<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>lung<span class=\"_ _0\"></span>he<span class=\"ff1\"> <span class=\"_ _fc\"> </span></span>-<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _65\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"ff1\"> </span>Pos<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>rte<span class=\"ff1\"> <span class=\"_ _115\"> </span></span>-<span class=\"_ _1\"></span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>1.5<span class=\"_ _3bd\"> </span>Risc<span class=\"_ _0\"></span>hi<span class=\"_ _3bd\"> </span>oper<span class=\"_ _0\"></span>ativ<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span> Inf<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>maz<span class=\"_ _1\"></span>ion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>na<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>ra<span class=\"_ _3bd\"> </span>qu<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>a<span class=\"fc0 sc1\"> </span>A.<span class=\"_ _3bd\"> </span>As<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>tti<span class=\"_ _3bd\"> </span>ge<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>li,<span class=\"_ _3bd\"> </span>pro<span class=\"_ _1\"></span>ces<span class=\"_ _0\"></span>si<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ge<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>me<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>di<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>mi<span class=\"_ _0\"></span>su<span class=\"_ _0\"></span>raz<span class=\"_ _1\"></span>ione<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>io<span class=\"_ _3bd\"> </span>op<span class=\"_ _1\"></span>erat<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>o<span class=\"fc0 sc1\"> </span>Il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Gruppo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ha<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sviluppato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sistema<span class=\"ff1\">  </span>i<span class=\"_ _0\"></span>ntegrato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>gestione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischi<span class=\"ff1\">  </span>op<span class=\"_ _0\"></span>erativi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>assunti<span class=\"ff1\">  </span>c<span class=\"_ _0\"></span>he,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"_ _3bd\"> </span>n<span class=\"ff1\"> </span>attuazione<span class=\"ff1\"> </span>degli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">indirizzi<span class=\"ff1\"> </span>strategici,<span class=\"ff1\"> </span>consente<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rafforzar<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>capaci<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>Unit\u00e0<span class=\"ff1\"> </span>Organizzative<span class=\"ff1\"> </span>d<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">i<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span>gestirli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>consapevolmente,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>intr<span class=\"_ _2\"></span>oducendo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>strumenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rilevazion<span class=\"_ _2\"></span>e,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>misurazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>controllo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _3bd\"> </span>a<span class=\"ff1\"> </span>garantire<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un\u2019assunzione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ischi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">consapevole<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">compatibile<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">strategie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Governance<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">co<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">n<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>le<span class=\"ff1\"> </span>condi<span class=\"_ _0\"></span>zioni<span class=\"ff1\"> </span>economiche<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>patrimoniali,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> </span>rispetto<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">indicazioni<span class=\"ff1\"> </span>provenienti<span class=\"ff1\"> </span>dalle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Autorit\u00e0<span class=\"ff1\"> </span>d<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">i<span class=\"ff1\"> </span></span></span></span></span></span></span>Vi<span class=\"_ _0\"></span>gil<span class=\"_ _0\"></span>anza<span class=\"_ _0\"></span>\u201d.<span class=\"_ _3bd\"> </span> Il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Consiglio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Amministr<span class=\"_ _2\"></span>azione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Capogruppo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ha<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>pprovato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">regolamento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u201c<span class=\"_ _2\"></span>Gestione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risch<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>operativi\u201d<span class=\"ff1\"> <span class=\"_ _21\"></span></span>(Regolamento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ORM)<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _21\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>finisce<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>politiche<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span></span>ge<span class=\"_ _0\"></span>stione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>operativo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"_ _3bd\"> </span><span class=\"ff1\"> </span>livello<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>Gr<span class=\"_ _2\"></span>uppo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>Ba<span class=\"_ _2\"></span>nca<span class=\"ff1\"> </span>e<span class=\"_ _2\"></span><span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>etermina<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> </span>sist<span class=\"_ _2\"></span>ema<span class=\"ff1\"> </span>com<span class=\"_ _2\"></span>une<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>co<span class=\"_ _2\"></span>ordinato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>caratterizzato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"ff1\"> <span class=\"_ _2\"></span></span>regol<span class=\"_ _3bd\"> </span>e<span class=\"ff1\"> </span>condivise<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>l\u2019allocazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>compiti<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>responsabilit\u00e0.<span class=\"_ _3bd\"> </span> Il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">regolamento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">definisce<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">come<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>op<span class=\"_ _0\"></span>erativo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u201cil<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perdite<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">derivanti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"_ _2\"></span>ll\u2019inadeguatezza<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>dalla<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>disfunzione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>processi,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ris<span class=\"_ _2\"></span>orse<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>umane<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sistemi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>interni,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>oppure<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>da<span class=\"ff1\">  </span>e<span class=\"_ _0\"></span>venti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>esogeni,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>iv<span class=\"_ _3bd\"> </span>i<span class=\"ff1\"> </span>compreso<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>giuridico;<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>inclusi<span class=\"ff1\"> </span>quelli<span class=\"ff1\"> </span>strat<span class=\"_ _2\"></span>egici<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>reputazione\u201d.<span class=\"_ _3bd\"> </span> In<span class=\"_ _0\"></span>oltr<span class=\"_ _0\"></span>e,<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>Co<span class=\"_ _0\"></span>nsig<span class=\"_ _0\"></span>lio<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">Am<span class=\"_ _0\"></span>mini<span class=\"_ _0\"></span>stra<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>dell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>Cap<span class=\"_ _0\"></span>ogru<span class=\"_ _0\"></span>ppo<span class=\"ff1\"> </span>ha<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">approv<span class=\"_ _0\"></span>ato,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ai</span> <span class=\"ff3\">fini<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">della<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">deter<span class=\"_ _0\"></span>mina<span class=\"_ _0\"></span>zion<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">e<span class=\"_ _1\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>requisito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>patrimoniale,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l\u2019utilizzo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>metodo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>TSA<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>utte<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>societ\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>appartenenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Grupp<span class=\"_ _3bd\"> </span>o<span class=\"ff1\"> </span>Ba<span class=\"_ _0\"></span>ncar<span class=\"_ _0\"></span>io.<span class=\"_ _3bd\"> </span> Non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>intervenute<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>variazioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>significative<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rispetto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>all\u2019esercizio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>precedente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>relazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"ff1\"> </span>modello<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\">  </span>gestione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischi<span class=\"ff1\">  </span>operativi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\">  </span>seguito<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>viene<span class=\"ff1\">  </span>rapp<span class=\"_ _0\"></span>resentato<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sinteticamente:<span class=\"ff1\"> </span>l\u2019Organo<span class=\"ff1\">  </span>con<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>funzioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\">  </span>supervisione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>s<span class=\"_ _2\"></span>trategica<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Gruppo<span class=\"ff1\">  </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">ide<span class=\"_ _0\"></span>ntificato<span class=\"ff1\">  </span>nel<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Consiglio<span class=\"ff1\">  </span>di<span class=\"ff1\"> </span></span></span>Amministrazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Credito<span class=\"ff1\"> </span>Emiliano<span class=\"ff1\"> </span>SpA,<span class=\"ff1\"> </span>Capogruppo<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Gruppo<span class=\"ff1\"> </span>Bancario<span class=\"ff1\"> </span>Cr<span class=\"_ _2\"></span>edito<span class=\"ff1\"> </span>Emiliano<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> </span>CREDEM.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>L\u2019<span class=\"_ _0\"></span>azione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>viene<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"_ _0\"></span>sercit<span class=\"_ _2\"></span>ata<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>con<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">il</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">sup<span class=\"_ _0\"></span>porto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Com<span class=\"_ _2\"></span>itato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Consiliare<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Ri<span class=\"_ _0\"></span>schi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Gru<span class=\"_ _2\"></span>ppo<span class=\"ff1\"> </span></span></span>(Comitato<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Governance,<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rivo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">deleghe,<span class=\"ff1\"> </span>istituito<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finalit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">svolgere<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ruolo<span class=\"ff1\"> </span>istruttorio).<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>A<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>livello<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Gruppo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>so<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _21\"></span></span>stati<span class=\"ff1\"> <span class=\"_ _21\"></span></span>individu<span class=\"_ _0\"></span>ati<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>pi\u00f9<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>or<span class=\"_ _2\"></span>gani<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _21\"></span></span>funzioni<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>gestione,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>coincidenti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>i<span class=\"ff1\"> </span>Consigli<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Amministrazione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>singole<span class=\"ff1\"> </span>controllate,<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>hanno<span class=\"ff1\"> </span>adottato<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>Regolamento<span class=\"ff1\"> </span>ORM<span class=\"ff1\"> </span>traducendo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">relativo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u201c<span class=\"_ _2\"></span>schema\u201d<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nella<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">specifica<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ealt\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">aziendale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ed<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">individuan<span class=\"_ _2\"></span>do<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">concretamente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>funzioni<span class=\"ff1\"> </span>\u201clocali\u201d<span class=\"ff1\"> </span>richieste<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>buon<span class=\"ff1\"> </span>esito<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>processo.<span class=\"_ _3bd\"> </span> Dal<span class=\"ff1\"> </span>pu<span class=\"_ _0\"></span>nto<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vista<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">operativo<span class=\"ff1\"> </span>gli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">organi<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">funzione<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">supervisione</span> <span class=\"_ _0\"></span><span class=\"ff3\">strat<span class=\"_ _2\"></span>egica<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">q<span class=\"_ _2\"></span>uelli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> </span>funzion<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> </span>ge<span class=\"_ _0\"></span>stione<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>supportati<span class=\"ff1\"> </span>dall\u2019attivit\u00e0<span class=\"ff1\"> </span>dell\u2019<span class=\"_ _0\"></span>ufficio<span class=\"ff1\"> </span>Rischi<span class=\"ff1\"> </span>Operativi<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>Credito<span class=\"ff1\"> </span>(ROC).<span class=\"ff1\"> </span>Nel<span class=\"_ _0\"></span>l\u2019ambit<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\">o<span class=\"ff1\"> </span></span></span>del<span class=\"ff1\"> </span>processo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>coor<span class=\"_ _2\"></span>dinato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>centralmente<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ROC<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(c.d.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u201cORM<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Centrale\u201d),<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>viene<span class=\"ff1\"> <span class=\"_ _2\"></span></span>svolta<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"_ _3bd\"> </span>l<span class=\"ff1\"> </span>supporto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>alcune<span class=\"ff1\"> </span>funzioni<span class=\"ff1\"> </span>\u201cORM<span class=\"ff1\"> </span>Periferico\u201d<span class=\"ff1\"> </span>appartenenti<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>diversi<span class=\"ff1\"> </span>servizi<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>banca.<span class=\"_ _3bd\"> </span> L\u2019Organo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>funzioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>controllo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>identificato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Co<span class=\"_ _2\"></span>llegio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Sindacale,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>coerentemente<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>l<span class=\"_ _3bd\"> </span>a<span class=\"ff1\"> </span>disciplina<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>vigent<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>relativa<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>agli<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>enti<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>adottano<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>modello<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>\u201ctra<span class=\"_ _2\"></span>dizionale\u201d<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>gov<span class=\"_ _2\"></span>ernanc<span class=\"_ _3bd\"> </span>e<span class=\"ff1\"> </span>societaria.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Pi\u00f9<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">particolare,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Collegio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Capogruppo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">responsabile<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vigilare<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ull\u2019osservanz<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nor<span class=\"_ _2\"></span>me<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">legge<span class=\"_ _2\"></span>,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">regolamentari<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>tatutarie,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sulla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">corrett<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">amministrazione,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sull\u2019adeguatezz<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>degli<span class=\"ff1\"> </span>assetti<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span>rganizzativi<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contabili<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Gruppo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anche<span class=\"ff1\"> </span>tramite<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>coordinamento<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gli<span class=\"ff1\"> </span>omologh<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">i<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span>organi<span class=\"ff1\"> </span>collegiali<span class=\"ff1\"> </span>presenti<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> </span>controllate.<span class=\"_ _3bd\"> </span> Nell\u2019espletamento<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">proprie<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>tale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">organo<span class=\"ff1\"> </span>viene<span class=\"ff1\"> </span>sup<span class=\"_ _0\"></span>portat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dal<span class=\"ff1\"> </span>Servizi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>Audit<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Gruppo<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">.<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span>Il<span class=\"ff1\"> </span>Regolamento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ORM<span class=\"ff1\"> </span>istituisce,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>inoltre,<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>pecifici<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> </span>informativ<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>verso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019organo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>contr<span class=\"_ _2\"></span>ollo<span class=\"ff1\"> </span>dell<span class=\"_ _3bd\"> </span>e<span class=\"ff1\"> </span>societ\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>interess<span class=\"_ _2\"></span>ate<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>modello<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>TSA<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>(a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>livello<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>individuale<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>c<span class=\"_ _2\"></span>onsolidato,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>econdo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ris<span class=\"_ _2\"></span>pettiv<span class=\"_ _3bd\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> </span>com<span class=\"_ _0\"></span>pete<span class=\"_ _1\"></span>nze).<span class=\"_ _3bd\"> </span> Il<span class=\"ff1\"> </span>Sistema<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Gestione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>Rischi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Operativi<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>periodicamente<span class=\"ff1\"> </span>sottoposto<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>revisione<span class=\"ff1\"> </span>indipendente<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>parte<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Servizio<span class=\"ff1\"> </span>Audit<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>Capogruppo.<span class=\"_ _3bd\"> </span> Il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">siste<span class=\"_ _0\"></span>ma<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">gest<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dei</span> <span class=\"ff3\">ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ope<span class=\"_ _0\"></span>rativ<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>defi<span class=\"_ _0\"></span>nito<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">co<span class=\"_ _0\"></span>me<span class=\"ff1\"> </span>l\u2019<span class=\"_ _0\"></span>insi<span class=\"_ _0\"></span>eme<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">strutt<span class=\"_ _0\"></span>ura<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>pro<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>ssi<span class=\"ff1\"> </span>fu<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>on<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>risorse<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _21\"></span></span>l\u2019<span class=\"_ _0\"></span>identificazione,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valutazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _2\"></span></span>co<span class=\"_ _2\"></span>ntrollo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>operativi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ed<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ar<span class=\"_ _2\"></span>ticolato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ne<span class=\"_ _3bd\"> </span>i<span class=\"ff1\"> </span>seguenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sottoprocess<span class=\"_ _2\"></span>i:<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>-<span class=\"_ _3bd\"> </span>Ide<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>fica<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>Mi<span class=\"_ _0\"></span>sur<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>Mon<span class=\"_ _0\"></span>ito<span class=\"_ _0\"></span>ragg<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Co<span class=\"_ _0\"></span>ntro<span class=\"_ _0\"></span>llo;<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>-<span class=\"_ _3bd\"> </span>Mi<span class=\"_ _0\"></span>tiga<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e.<span class=\"_ _3bd\"> </span> Le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>societ\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>incluse<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>n<span class=\"_ _2\"></span>ei<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>processi<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>misurazione,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>monitoraggio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>mitigazione,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>qu<span class=\"_ _0\"></span>elle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che<span class=\"ff1\"> </span>risultano<span class=\"ff1\"> </span>annualme<span class=\"_ _0\"></span>nte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rilevanti<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>fin<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rischio</span> <span class=\"_ _0\"></span><span class=\"ff3\">operativo<span class=\"ff1\"> </span>ed<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">inf<span class=\"_ _2\"></span>ormatico<span class=\"ff1\"> </span>dal<span class=\"_ _0\"></span>l\u2019analisi<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>lev<span class=\"_ _0\"></span>anza<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>effettuata<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dell\u2019approvazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Risk<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Appetite<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Framework<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>(RAF)<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>processo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> </span>determinazione<span class=\"ff1\"> </span>dell\u2019adeguatezza<span class=\"ff1\"> </span>patrimoniale<span class=\"ff1\"> </span>(ICAAP)<span class=\"ff1\"> </span>svolto<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>Capogruppo.<span class=\"_ _3bd\"> </span> Il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pr<span class=\"_ _0\"></span>oce<span class=\"_ _0\"></span>sso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>\u201c<span class=\"_ _0\"></span>Ide<span class=\"_ _0\"></span>ntif<span class=\"_ _0\"></span>icaz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e\u201d<span class=\"ff1\"> </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">comp<span class=\"_ _0\"></span>osto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">da<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">seg<span class=\"_ _0\"></span>uen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">proc<span class=\"_ _0\"></span>edu<span class=\"_ _0\"></span>re:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Loss<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Data<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Collection:<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>consiste<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nella<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>r<span class=\"_ _2\"></span>accolta<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dati<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>perdita<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>operativa<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>interna<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"_ _0\"></span><span class=\"ff1\"> </span>coinvolgimento<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>diretto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tutte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff3\">unit\u00e0</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">di</span> <span class=\"_ _27\"> </span><span class=\"ff3\">business.</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">In</span> <span class=\"_ _21\"> </span><span class=\"ff3\">t<span class=\"_ _2\"></span>ale</span> <span class=\"_ _27\"> </span><span class=\"ff3\">ambito<span class=\"_ _2\"></span>,</span> <span class=\"_ _27\"> </span><span class=\"ff3\">gli</span> <span class=\"_ _27\"> </span><span class=\"ff3\">e<span class=\"_ _2\"></span>venti</span> <span class=\"_ _27\"> </span><span class=\"ff3\">di</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">p<span class=\"_ _0\"></span>erdita<span class=\"ff1\"> </span></span></span></span></span>operativa<span class=\"ff1\"> </span>(inclusi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quelli<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>natura<span class=\"ff1\"> </span>inf<span class=\"_ _0\"></span>ormat<span class=\"_ _2\"></span>ica)<span class=\"ff1\"> </span>son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>classificati<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>Business<span class=\"ff1\"> </span>Line<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>corporat<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span></span></span>finance,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>trading<span class=\"ff1\"> <span class=\"_ _20\"></span></span>and<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sales,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>retai<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _20\"></span></span>banking,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>comm<span class=\"_ _2\"></span>ercial<span class=\"ff1\"> <span class=\"_ _20\"></span></span>banking,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>payment<span class=\"ff1\"> <span class=\"_ _20\"></span></span>and<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>ettlement,,<span class=\"ff1\"> </span>agency<span class=\"ff1\"> <span class=\"_ _20\"></span></span>services,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>as<span class=\"_ _2\"></span>set<span class=\"ff1\"> <span class=\"_ _20\"></span></span>management,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>retail<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Brokerage)<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ed<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Eve<span class=\"_ _2\"></span>nt<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Type<span class=\"ff1\"> <span class=\"_ _21\"></span></span>(frodi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>interne,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>frodi<span class=\"ff1\"> </span>est<span class=\"_ _0\"></span>ern<span class=\"_ _0\"></span>e,<span class=\"ff1\"> </span>rapp<span class=\"_ _0\"></span>orto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">i<span class=\"_ _0\"></span>mpieg<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>sicu<span class=\"_ _1\"></span>rezza<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">sul<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">lavor<span class=\"_ _0\"></span>o,<span class=\"ff1\"> </span>cli<span class=\"_ _0\"></span>ente<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>-<span class=\"ff1\"> </span>prod<span class=\"_ _0\"></span>otti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">pra<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">profe<span class=\"_ _0\"></span>ssio<span class=\"_ _0\"></span>nali<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>danni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>da<span class=\"ff1\"> <span class=\"_ _20\"></span></span>eventi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>esterni,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>interruzioni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dell\u2019operativit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>disfunzioni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sistemi,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>esecu<span class=\"_ _0\"></span>zione,<span class=\"ff1\"> </span>consegna<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>gestione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>processi);<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>Risk<span class=\"ff1\"> </span>Self<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Assess<span class=\"_ _2\"></span>ment:<span class=\"ff1\"> </span>cons<span class=\"_ _2\"></span>iste<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nella<span class=\"ff1\"> </span>raccolta,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>att<span class=\"_ _2\"></span>raverso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>questionario,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>st<span class=\"_ _2\"></span>ime<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>ggettive<span class=\"ff1\"> </span>esp<span class=\"_ _1\"></span>resse<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ai<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>isk<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">owne<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>feri<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>agl<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ev<span class=\"_ _0\"></span>enti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">na<span class=\"_ _0\"></span>tur<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>ope<span class=\"_ _0\"></span>rativ<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>(i<span class=\"_ _0\"></span>nclu<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span>que<span class=\"_ _0\"></span>lli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">n<span class=\"_ _0\"></span>atu<span class=\"_ _0\"></span>ra<span class=\"ff1\"> </span></span></span></span></span></span></span>informatica)<span class=\"ff1\"> <span class=\"_ _20\"></span></span>potenzialmente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rilevanti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>proprie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>unit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>bu<span class=\"_ _2\"></span>siness<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tenuto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>conto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>delle<span class=\"ff1\"> </span>linee<span class=\"ff1\"> </span>guida<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>sviluppo<span class=\"ff1\"> </span>emerse<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>processo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>pianificazione<span class=\"ff1\"> </span>preliminare<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>gruppo;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>Data<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Pooling/Comunicazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ve<span class=\"_ _2\"></span>rso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>enti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>est<span class=\"_ _2\"></span>erni:<span class=\"ff1\"> <span class=\"_ _2\"></span></span>consiste<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nella<span class=\"ff1\"> <span class=\"_ _20\"></span></span>partecipazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ini<span class=\"_ _0\"></span>ziative<span class=\"ff1\"> </span>consortili<span class=\"ff1\"> </span>esterne<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>ella<span class=\"ff1\"> </span>gestione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">relative<span class=\"ff1\"> </span>interrelazioni<span class=\"ff1\"> </span>(ad<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">es.<span class=\"ff1\"> </span>consorzio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">DIPO)<span class=\"ff1\"> </span>ed<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>comunicazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>dati<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>perdita<span class=\"ff1\"> </span>operativa<span class=\"ff1\"> </span>raccolti<span class=\"ff1\"> </span>agli<span class=\"ff1\"> </span>O<span class=\"_ _0\"></span>rgani<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Vigilanza<span class=\"ff1\"> </span>(Banca<span class=\"ff1\"> </span>d\u2019Italia<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>Banca<span class=\"ff1\"> </span>Centrale<span class=\"ff1\"> </span>Europea).<span class=\"_ _3bd\"> </span> Il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pro<span class=\"_ _2\"></span>cesso<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u201cMisura<span class=\"_ _2\"></span>zione\u201d<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rappresentato<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span></span>dalla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>quantificazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Capitale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Rischio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>(CaR)<span class=\"ff1\"> </span>mediante<span class=\"ff1\"> <span class=\"_ _2\"></span></span>stime<span class=\"ff1\"> <span class=\"_ _20\"></span></span>soggettive.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>metodologie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>misurazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>perd<span class=\"_ _2\"></span>ite<span class=\"ff1\"> <span class=\"_ _2\"></span></span>att<span class=\"_ _2\"></span>ese<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>inattese<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"ff1\"> </span>finalizzate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"_ _2\"></span>d<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contr<span class=\"_ _2\"></span>ollo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ed<span class=\"ff1\"> <span class=\"_ _20\"></span></span>individuazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>situazioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>potenzialmente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>critiche<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>si<span class=\"ff1\"> </span>basano<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sulla<span class=\"ff1\">  </span>esecu<span class=\"_ _0\"></span>zione<span class=\"ff1\">  </span>di<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">q<span class=\"_ _0\"></span>uestionar<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(RSA),<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>con<span class=\"ff1\">  </span>freq<span class=\"_ _0\"></span>uenza<span class=\"ff1\">  </span>almeno<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>annuale,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>per<span class=\"ff1\">  </span>ogni<span class=\"ff1\"> </span></span></span>tipologia<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>e<span class=\"_ _0\"></span>vento<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>richiedono<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>ai<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>responsabili<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _23\"> </span><span class=\"ff3\">de<span class=\"_ _0\"></span>lle<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>u<span class=\"_ _0\"></span>nit\u00e0<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>organizzative<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>(UO)<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>ch<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>posso<span class=\"_ _2\"></span>no<span class=\"ff1\"> </span></span></span>generare/gestire<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>operativi,<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>stima<span class=\"ff1\"> </span>soggettiva<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>alcuni<span class=\"ff1\"> </span>fattori<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio:<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>\u201cfr<span class=\"_ _0\"></span>equ<span class=\"_ _0\"></span>enz<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>ti<span class=\"_ _0\"></span>pic<span class=\"_ _0\"></span>a\u201d,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nume<span class=\"_ _0\"></span>ro<span class=\"ff1\"> </span>me<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ttes<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>ven<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nell<span class=\"_ _0\"></span>\u2019arc<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>te<span class=\"_ _0\"></span>mpo<span class=\"_ _0\"></span>ral<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>ifer<span class=\"_ _0\"></span>imen<span class=\"_ _0\"></span>to;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>\u201cim<span class=\"_ _0\"></span>pat<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tip<span class=\"_ _0\"></span>ico<span class=\"_ _0\"></span>\u201d,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>rdi<span class=\"_ _0\"></span>ta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">media<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">atte<span class=\"_ _0\"></span>sa<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>ti<span class=\"_ _0\"></span>pol<span class=\"_ _0\"></span>ogi<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">eve<span class=\"_ _0\"></span>nto<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>\u201cimpatto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">peggiore\u201d,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019impatt<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ingolo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">evento<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>ualora<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>sso<span class=\"ff1\"> </span>si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">manifesti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">peggior<span class=\"ff1\"> </span>modo<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>(ragionevolmente)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">concepibile.<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>L\u2019analisi<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>svolta<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>pi\u00f9<span class=\"ff1\"> </span>livelli:<span class=\"ff1\"> </span>un<span class=\"_ _2\"></span>it\u00e0<span class=\"ff1\"> </span>organizzativa,<span class=\"ff1\"> </span>business<span class=\"ff1\"> </span>units,<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ociet\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>gruppo<span class=\"ff1\"> </span>consolidato<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>ogni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">livello<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prodotti:<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alore<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perdita<span class=\"ff1\"> </span>attesa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ed<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">perd<span class=\"_ _2\"></span>ita<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>attesa.<span class=\"ff1\"> </span>I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risultati<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>della<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>valutazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>utilizzati<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fini<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>gestionali<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>prevenzione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>mitiga<span class=\"_ _2\"></span>zione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>de<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>risc<span class=\"_ _2\"></span>hi<span class=\"ff1\"> </span>operativi<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>processo<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>pianificazione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>operat<span class=\"_ _2\"></span>iva,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>coerentemente<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>quanto<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>definito<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>dal<span class=\"ff1\"> </span>\u201cRegolamento<span class=\"ff1\"> </span>pianificazione,<span class=\"ff1\"> </span>programmazione<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>contr<span class=\"_ _2\"></span>ollo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Gruppo\u201d.<span class=\"_ _3bd\"> </span> Il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">proc<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>so<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u201cMoni<span class=\"_ _0\"></span>torag<span class=\"_ _0\"></span>gio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span>trol<span class=\"_ _0\"></span>lo\u201d<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mira<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">id<span class=\"_ _0\"></span>enti<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">temp<span class=\"_ _0\"></span>estiv<span class=\"_ _1\"></span>amente<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">eve<span class=\"_ _0\"></span>ntu<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">disf<span class=\"_ _0\"></span>unz<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>nei<span class=\"ff1\"> </span>processi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>aziendali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nelle<span class=\"ff1\"> </span>procedure<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>gest<span class=\"_ _2\"></span>ione<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fine<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>consentire<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>valutare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> </span>necessarie<span class=\"ff1\"> </span>azioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>mitigazione.<span class=\"_ _3bd\"> </span> I<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Rischi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Op<span class=\"_ _2\"></span>erativi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>inoltre<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>mo<span class=\"_ _2\"></span>nitorati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>all\u2019interno<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>pi\u00f9<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"_ _2\"></span>mpio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>processo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Risk<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Appetite<span class=\"ff1\"> </span>Framework<span class=\"ff1\"> </span>(RAF)<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Gruppo<span class=\"ff1\"> </span>(monitoraggio<span class=\"ff1\"> </span>trimestrale).<span class=\"_ _3bd\"> </span> Al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fine<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">assicurare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">presidio<span class=\"ff1\"> </span>nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">continuo,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prevista<span class=\"ff1\"> </span>un<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>rend<span class=\"_ _0\"></span>icontazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>singolo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">evento<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>perdita<span class=\"ff1\"> </span>operativa<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>autonomia<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>delibera<span class=\"ff1\"> </span>(definita<span class=\"ff1\"> </span>all\u2019interno<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>regolam<span class=\"_ _2\"></span>enti<span class=\"ff1\"> </span>gi\u00e0<span class=\"ff1\"> </span>vigenti<span class=\"ff1\"> </span>o,<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>mancanza,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">oltr<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">soglia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">100<span class=\"_ _2\"></span>.000\u20ac)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">spett<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Comitato<span class=\"ff1\"> </span>E<span class=\"_ _0\"></span>secutivo/Consiglio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Amministrazione,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>dei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>controlli<span class=\"ff1\">  </span>ch<span class=\"_ _0\"></span>e<span class=\"ff1\">  </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\">  </span>sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>andati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\">  </span>bu<span class=\"_ _0\"></span>on<span class=\"ff1\">  </span>fi<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\">  </span>delle<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>azioni<span class=\"ff1\">  </span>correttive<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>eventuali<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>carenze<span class=\"ff1\"> </span>organizzative<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e/o<span class=\"ff1\">  </span>di<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">p<span class=\"_ _0\"></span>rocesso<span class=\"_ _2\"></span>/prodotto.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Qualora<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>disponibili,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>l\u2019<span class=\"_ _2\"></span>ORM<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>periferico<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>volta<span class=\"ff1\">  </span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>volta<span class=\"ff1\"> </span></span></span>competente,<span class=\"ff1\"> </span>inserisce<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> </span>informazioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>oggetto<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rendicontazione<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>seno<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alle<span class=\"ff1\"> </span>proposte<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> </span>invia<span class=\"ff1\"> </span>alle<span class=\"ff1\">  </span>Funzioni<span class=\"ff1\">  </span>p<span class=\"_ _0\"></span>repos<span class=\"_ _2\"></span>te<span class=\"ff1\">  </span>a<span class=\"ff1\">  </span>seconda<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>delle<span class=\"ff1\">  </span>casistiche<span class=\"ff1\">  </span>(a<span class=\"ff1\">  </span>titolo<span class=\"ff1\">  </span>esemplificativo,<span class=\"ff1\">  </span>Servizio<span class=\"ff1\">  </span>Audit<span class=\"ff1\">  </span>e<span class=\"ff1\"> </span>Compliance).<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">I<span class=\"_ _2\"></span>n<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ogni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">caso,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delibere<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">assunte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dal<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">CE/CA<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inviate,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>opportuna<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onoscenza,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>al<span class=\"ff1\"> </span>Risk<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Officer<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> </span>Capogruppo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ROC.<span class=\"ff1\"> </span>ROC<span class=\"ff1\"> <span class=\"_ _2\"></span></span>verifica<span class=\"ff1\"> <span class=\"_ _2\"></span></span>semestralmente<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>Funz<span class=\"_ _2\"></span>ioni<span class=\"ff1\"> </span>preposte<span class=\"ff1\"> </span>siano<span class=\"ff1\"> </span>state<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivate<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>agli<span class=\"ff1\"> </span>ORM<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Periferici<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>laddove<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">quest<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">accaduto,<span class=\"ff1\"> </span>attiva<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">direttamente<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Funzioni<span class=\"ff1\"> </span>preposte<span class=\"ff1\"> </span>eventualmente<span class=\"ff1\"> </span>coordinandosi<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>ORM<span class=\"ff1\"> </span>Periferici.<span class=\"_ _3bd\"> </span> Inoltre,<span class=\"ff1\"> </span>ROC<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">controlla<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>emestralmente,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>BU/Servizio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Credembanca<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">societ\u00e0<span class=\"ff1\"> </span>rilevanti,<span class=\"ff1\"> </span></span></span></span></span></span></span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>ispettive<span class=\"ff1\"> <span class=\"_ _2\"></span></span>perdite<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contabilizzate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _2\"></span></span>semestre/anno<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riferimento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>non<span class=\"ff1\"> <span class=\"_ _2\"></span></span>superino<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>elativo<span class=\"ff1\"> </span>valore<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">Perdita</span> <span class=\"_ _21\"></span><span class=\"ff3\">Attesa</span> <span class=\"_ _20\"></span><span class=\"ff3\">st<span class=\"_ _2\"></span>imato</span> <span class=\"_ _20\"></span><span class=\"ff3\">in</span> <span class=\"_ _21\"></span><span class=\"ff3\">ambito</span> <span class=\"_ _21\"></span><span class=\"ff3\">Risk</span> <span class=\"_ _20\"></span><span class=\"ff3\">Self</span> <span class=\"_ _20\"></span><span class=\"ff3\">As<span class=\"_ _2\"></span>sessment</span> <span class=\"_ _20\"></span><span class=\"ff3\">e,</span> <span class=\"_ _21\"></span><span class=\"ff3\">nel</span> <span class=\"_ _20\"></span><span class=\"ff3\">caso<span class=\"_ _2\"></span></span> <span class=\"_ _21\"></span><span class=\"ff3\">in</span> <span class=\"_ _20\"></span><span class=\"ff3\">cui</span> <span class=\"_ _21\"></span><span class=\"ff3\">ci\u00f2</span> <span class=\"_ _20\"></span><span class=\"ff3\">accad<span class=\"_ _2\"></span>a,</span> </span>rendiconta<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">n<span class=\"_ _2\"></span>el<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">CE<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Credembanca<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">motivazioni<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ello<span class=\"ff1\"> </span>scostamento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fornite<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dai<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Responsabili<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>BU/Capi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Servizio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Credembanc<span class=\"_ _2\"></span>a.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">singole<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">societ\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ilevanti,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">caso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">perdite<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>isultino<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>sup<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>ori<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">all<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>Perd<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Atte<span class=\"_ _0\"></span>sa,<span class=\"ff1\"> </span>l\u2019O<span class=\"_ _0\"></span>RM<span class=\"ff1\"> </span>per<span class=\"_ _0\"></span>ifer<span class=\"_ _0\"></span>ico<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">della<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">socie<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>rend<span class=\"_ _0\"></span>icon<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>prop<span class=\"_ _0\"></span>rio<span class=\"ff1\"> </span>CA<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">motiv<span class=\"_ _0\"></span>azion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>dello<span class=\"ff1\"> </span>scostamento<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>ne<span class=\"ff1\"> </span>d\u00e0<span class=\"ff1\"> </span>comunicazione<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>Risk<span class=\"ff1\"> </span>Officer<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>Capogruppo.<span class=\"_ _3bd\"> </span> Il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sist<span class=\"_ _2\"></span>ema<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>reporting<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fo<span class=\"_ _2\"></span>rnisce<span class=\"ff1\"> <span class=\"_ _20\"></span></span>agli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>organi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>aziendali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ed<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>responsabili<span class=\"ff1\"> <span class=\"_ _20\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fu<span class=\"_ _2\"></span>nzioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>inter<span class=\"_ _2\"></span>essate<span class=\"ff1\"> </span>informazioni<span class=\"ff1\"> </span>sul<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">livello</span> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>sposi<span class=\"_ _2\"></span>zione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ai<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"_ _2\"></span>perativi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rappresenta<span class=\"ff1\"> </span>uno<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">strumento<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">supporto<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>loro<span class=\"ff1\"> <span class=\"_ _20\"></span></span>gestione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>attiv<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>appresenta<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sintesi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>processi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mis<span class=\"_ _2\"></span>urazione,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>monitoraggio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"_ _0\"></span><span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>trol<span class=\"_ _0\"></span>lo.<span class=\"_ _0\"></span> Il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">proc<span class=\"_ _0\"></span>esso<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">\u201c<span class=\"_ _0\"></span>Miti<span class=\"_ _0\"></span>gazi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span>\u201d<span class=\"ff1\"> </span>defin<span class=\"_ _0\"></span>isc<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">azion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>da<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">intra<span class=\"_ _0\"></span>prend<span class=\"_ _1\"></span>ere<span class=\"ff1\"> </span>per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">la</span> <span class=\"ff3\">prev<span class=\"_ _0\"></span>enz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">l\u2019<span class=\"_ _0\"></span>atten<span class=\"_ _0\"></span>uaz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>operativi<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>composto<span class=\"ff1\"> </span>dalle<span class=\"ff1\"> </span>seguenti<span class=\"ff1\"> </span>procedure: -<span class=\"_ _3bd\"> </span>An<span class=\"_ _0\"></span>alis<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>gest<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>ale:<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">consi<span class=\"_ _0\"></span>ste<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nell\u2019<span class=\"_ _0\"></span>anal<span class=\"_ _0\"></span>isi<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>elle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">critic<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">emers<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>dell<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>dive<span class=\"_ _0\"></span>rse<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">possi<span class=\"_ _0\"></span>bili<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">soluz<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>disposizione<span class=\"ff1\">  </span>n<span class=\"_ _0\"></span>ell\u2019ambito<span class=\"ff1\">  </span>de<span class=\"_ _0\"></span>lle<span class=\"ff1\">  </span>tradizionali<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">modali<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\">  </span>alternat<span class=\"_ _0\"></span>ive<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\">  </span>g<span class=\"_ _0\"></span>estione<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\">  </span>rischio<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span>(ritenzione,<span class=\"ff1\"> </span>trasferimento,<span class=\"ff1\"> </span>mitigazione),<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>ottica<span class=\"ff1\"> </span>cost<span class=\"_ _2\"></span>i-bene<span class=\"_ _0\"></span>fici; -<span class=\"_ _3bd\"> </span>Gestione<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>ll\u2019attivit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>mitigazione:<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">consiste<span class=\"ff1\"> </span>nella<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">scelta,<span class=\"ff1\"> </span>pianific<span class=\"_ _0\"></span>azione,<span class=\"ff1\"> </span>avvio<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"ff1\"> </span>attivit\u00e0,<span class=\"ff1\"> </span></span></span></span></span>imp<span class=\"_ _1\"></span>lemen<span class=\"_ _0\"></span>tazio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>omple<span class=\"_ _0\"></span>tam<span class=\"_ _0\"></span>ento<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span>terve<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">mi<span class=\"_ _0\"></span>tiga<span class=\"_ _0\"></span>zione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">me<span class=\"_ _0\"></span>ssi<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">atto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">suc<span class=\"_ _0\"></span>ces<span class=\"_ _0\"></span>sivo<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>controllo<span class=\"ff1\"> </span>dell\u2019avanzamento<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dell\u2019efficacia<span class=\"ff1\"> </span>degli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">int<span class=\"_ _2\"></span>erventi<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>mitigazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>attuati;<span class=\"_ _0\"></span> </span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Gestione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"></span></span>forme<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tr<span class=\"_ _2\"></span>asferimento:<span class=\"ff1\"> <span class=\"_ _20\"></span></span>consist<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nella<span class=\"ff1\"> <span class=\"_ _20\"></span></span>individuazione,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>valutazione,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>scelta<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"_ _0\"></span><span class=\"ff1\"> </span>gestione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>diverse<span class=\"ff1\"> </span>forme<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>trasferimento<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>rischio. Le<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>azioni<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>mitigazione<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>d<span class=\"_ _2\"></span>efinite<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>r<span class=\"_ _2\"></span>eporting<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>vengono<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>inoltre<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>incluse<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>processo<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>di<span class=\"_ _2\"></span><span class=\"ff1\"> </span>pianificazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">operativa. </span></span>La<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>lass<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>cazi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">delle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>ttiv<span class=\"_ _1\"></span>it\u00e0<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l<span class=\"_ _0\"></span>inee<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>busi<span class=\"_ _0\"></span>nes<span class=\"_ _0\"></span>s <span class=\"_ _0\"></span><span class=\"ff3 fs5\">reg<span class=\"_ _0\"></span>olam<span class=\"_ _0\"></span>enta<span class=\"_ _0\"></span>ri<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ecl<span class=\"_ _0\"></span>inata<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">n<span class=\"_ _0\"></span>elle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fasi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span>: </span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>map<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>tura<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ati; -<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>termi<span class=\"_ _0\"></span>naz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">requ<span class=\"_ _0\"></span>isi<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>patri<span class=\"_ _0\"></span>mon<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>ind<span class=\"_ _0\"></span>ivid<span class=\"_ _0\"></span>ual<span class=\"_ _0\"></span>e. </span></span>La<span class=\"ff1\"> <span class=\"_ _21\"></span></span>mappatura<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>si<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>delinea<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>livello<span class=\"ff1\"> <span class=\"_ _20\"></span></span>individuale<span class=\"ff1\"> <span class=\"_ _21\"></span></span>attraverso<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>collocamento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ciascuno<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dei<span class=\"ff1\"> </span>centri<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gestionali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nella<span class=\"ff1\"> </span>business<span class=\"_ _3bd\"> </span>line <span class=\"_ _2\"></span><span class=\"ff3 fs5\">r<span class=\"_ _2\"></span>egolamentare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pertinenza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>seguendo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>principi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sanciti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d<span class=\"_ _2\"></span>al<span class=\"ff1\"> </span></span>Regolamento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>UE<span class=\"ff1\"> <span class=\"_ _21\"></span></span>n.<span class=\"ff1\"> <span class=\"_ _21\"></span></span>575/2013;<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>segue<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>quindi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>l\u2019individuazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>fonti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dati<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>riport<span class=\"_ _2\"></span>ano<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dati<span class=\"ff1\"> </span>reddituali<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tali<span class=\"ff1\"> </span>centri<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>eventuali<span class=\"ff1\"> </span>criteri<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>ripartizione. In<span class=\"ff1\"> </span>applicazione<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>mappatura<span class=\"ff1\"> </span>definita,<span class=\"ff1\"> </span>ciascuna<span class=\"ff1\"> </span>societ\u00e0<span class=\"ff1\"> </span>procede<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>eterminazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>valori<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>centro,<span class=\"ff1\">  </span>alla<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>collocazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sulle<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>business<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>line<span class=\"ff1\">  </span>p<span class=\"_ _0\"></span>reviste<span class=\"ff1\">  </span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>alla<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>determinazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\">  </span>requ<span class=\"_ _0\"></span>isit<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>divi<span class=\"_ _0\"></span>dual<span class=\"_ _0\"></span>e. Le<span class=\"ff1\">  </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>definite<span class=\"ff1\">  </span>per<span class=\"_ _2\"></span><span class=\"ff1\">  </span>la<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>determinazione<span class=\"ff1\">  </span>del<span class=\"ff1\">  </span>r<span class=\"_ _2\"></span>equisito<span class=\"ff1\">  </span>patr<span class=\"_ _2\"></span>imoniale<span class=\"ff1\">  </span>consolidato<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>prevedono<span class=\"ff1\"> </span>l\u2019identificazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019\u201dIndicatore<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Rilevante\u201d<span class=\"ff1\"> <span class=\"_ _20\"></span></span>individuale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>componente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riconducibile<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ciascuna<span class=\"ff1\"> </span>societ\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Gruppo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>per<span class=\"ff1\"> </span>business<span class=\"_ _3bd\"> </span>line <span class=\"_ _21\"></span><span class=\"ff3 fs5\">regolamentare<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(da<span class=\"ff1\"> <span class=\"_ _21\"></span></span>determinarsi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>coerenza<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>criteri<span class=\"ff1\"> </span></span>sanciti<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>mappatura<span class=\"ff1\"> </span>utilizzata<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>fini<span class=\"ff1\"> </span>individuali). Il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">requisito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">patrimoniale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>ronte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ris<span class=\"_ _2\"></span>chi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">operat<span class=\"_ _2\"></span>ivi,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">calcolato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sull\u2019<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Indicator<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Rilevante<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tr<span class=\"_ _2\"></span>iennio<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>2020-<span class=\"ff1\"> </span>2022,<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>161,7<span class=\"ff1\"> </span>milioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>euro. RI<span class=\"_ _0\"></span>SCH<span class=\"_ _0\"></span>I<span class=\"_ _3bd\"> </span>LE<span class=\"_ _0\"></span>GA<span class=\"_ _0\"></span>LI<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">G<span class=\"_ _2\"></span>ruppo,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ne<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">normale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">svolgimento<span class=\"ff1\"> </span>dell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>propria<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">d\u2019impresa,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">parte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">diversi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pro<span class=\"_ _2\"></span>cedimenti<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>giudiziari<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dai<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>potrebbero<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span></span>anche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>derivare<span class=\"ff1\"> <span class=\"_ _20\"></span></span>obblighi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>natura<span class=\"ff1\"> <span class=\"_ _20\"></span></span>risarcitoria<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e/o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>restitutoria,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> </span>conseguente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">possibile<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esborso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risorse<span class=\"ff1\"> </span>economiche<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(c.d.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>legal<span class=\"_ _0\"></span>e).<span class=\"ff1\"> </span>T<span class=\"_ _0\"></span>utte<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">controversie<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>essere<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>state<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>debitamente<span class=\"ff1\"> <span class=\"_ _21\"></span></span>analizzate<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dalla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Banc<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>alla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>luce<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>tale<span class=\"ff1\"> <span class=\"_ _21\"></span></span>analisi,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>no<span class=\"_ _2\"></span>nch\u00e9<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>delle<span class=\"ff1\"> </span>indicazioni<span class=\"ff1\">  </span>anche<span class=\"ff1\">  </span>provenienti<span class=\"ff1\">  </span>dai<span class=\"ff1\">  </span>Legali<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Fi<span class=\"_ _2\"></span>duciari<span class=\"ff1\">  </span>esterni,<span class=\"ff1\">  </span>sono<span class=\"ff1\">  </span>stati<span class=\"ff1\">  </span>effettuati,<span class=\"ff1\">  </span>ove<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>r<span class=\"_ _2\"></span>itenuto<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>cess<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>o,<span class=\"ff1\"> </span>acc<span class=\"_ _0\"></span>anto<span class=\"_ _0\"></span>name<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"ff3\">bilan<span class=\"_ _0\"></span>cio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>misur<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>idon<span class=\"_ _0\"></span>ea<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>app<span class=\"_ _0\"></span>rop<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>alle<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">sing<span class=\"_ _0\"></span>ole<span class=\"ff1\"> </span>ci<span class=\"_ _0\"></span>rco<span class=\"_ _0\"></span>stan<span class=\"_ _0\"></span>ze.<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span>Pi\u00f9<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>part<span class=\"_ _2\"></span>icolare<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>costit<span class=\"_ _2\"></span>uito<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fondo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ed<span class=\"ff1\"> </span>oneri<span class=\"ff1\"> <span class=\"_ _2\"></span></span>diversi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>presidio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>potenziali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>passivit\u00e0<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>potrebbero<span class=\"ff1\"> </span>scaturire<span class=\"ff1\"> </span>dalle<span class=\"ff1\"> </span>cause<span class=\"ff1\"> </span>pendenti. La<span class=\"ff1\">  </span>maggior<span class=\"ff1\">  </span>parte<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>t<span class=\"_ _2\"></span>ali<span class=\"ff1\">  </span>controversie<span class=\"ff1\">  </span>sono<span class=\"ff1\">  </span>riconducibili<span class=\"ff1\">  </span>alle<span class=\"ff1\">  </span>princip<span class=\"_ _0\"></span>ali<span class=\"ff1\">  </span>attivit\u00e0<span class=\"ff1\">  </span>del<span class=\"ff1\">  </span>Gruppo<span class=\"ff1\">  </span>e<span class=\"ff1\"> </span>riguardano,<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>part<span class=\"_ _2\"></span>icolare,<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>aree<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>servizi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>in<span class=\"_ _2\"></span>vestimento,<span class=\"ff1\"> </span>dell\u2019anatocismo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u201ccessione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>quinto\u201d<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>queste<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ultime,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"_ _2\"></span>n<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ragione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>numeros<span class=\"_ _2\"></span>it\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ricorrenza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fenomeno,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>stato<span class=\"ff1\"> </span>predisposto<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>apposito<span class=\"ff1\"> </span>accantonamento<span class=\"ff1\"> </span>volto<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>gestire<span class=\"ff1\"> </span>contenziosi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>reclami)<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>fiscali. Di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>rilevanza<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>minore<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _23\"> </span><span class=\"ff3\">controversie</span> <span class=\"_ _1e\"> </span><span class=\"ff3\">r<span class=\"_ _2\"></span>elative</span> <span class=\"_ _1e\"> </span><span class=\"ff3\">all\u2019ambit<span class=\"_ _2\"></span>o</span> <span class=\"_ _1d\"> </span><span class=\"ff3\">immobiliare,</span> <span class=\"_ _1d\"> </span><span class=\"ff3\">amministrativo</span> <span class=\"_ _23\"> </span><span class=\"ff3\">e<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span>all\u2019operativit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>sportello. Si<span class=\"ff1\"> </span>fornisce<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>seguito<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>descrizione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>principali<span class=\"ff1\"> </span>classi<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>passivit\u00e0<span class=\"ff1\"> </span>potenziali<span class=\"ff1\"> </span>che,<span class=\"ff1\"> </span>nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">caso<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span></span></span>cu<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>lat<span class=\"_ _0\"></span>iva<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>ssiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sia</span> <span class=\"ff3\">sta<span class=\"_ _0\"></span>ta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">giu<span class=\"_ _0\"></span>dic<span class=\"_ _0\"></span>ata<span class=\"ff1\"> </span>pr<span class=\"_ _0\"></span>obab<span class=\"_ _0\"></span>ile,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">han<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>da<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>luo<span class=\"_ _0\"></span>go<span class=\"ff1\"> </span>ad<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">acca<span class=\"_ _0\"></span>nton<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">agli</span> <span class=\"ff3\">a<span class=\"_ _0\"></span>ltri<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>fondi<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>oneri. Co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>so<span class=\"_ _3bd\"> </span>la<span class=\"_ _0\"></span>vo<span class=\"_ _0\"></span>ris<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risc<span class=\"_ _0\"></span>hi<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>nne<span class=\"_ _0\"></span>ssi<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span>tenzi<span class=\"_ _0\"></span>oso<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">lavo<span class=\"_ _0\"></span>rist<span class=\"_ _0\"></span>ico<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">veng<span class=\"_ _0\"></span>ono<span class=\"ff1\"> </span>val<span class=\"_ _0\"></span>uta<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>tri<span class=\"_ _0\"></span>mest<span class=\"_ _0\"></span>ralm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>base<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">all\u2019a<span class=\"_ _0\"></span>ndam<span class=\"_ _0\"></span>ento<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>delle<span class=\"ff1\"> </span>cause<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>conseguentemente<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> </span>aggiornati<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>accantonamenti. Re<span class=\"_ _0\"></span>vo<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>rie<span class=\"_ _3bd\"> </span>Fa<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>Si<span class=\"ff1\">  </span>tratta<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>contr<span class=\"_ _2\"></span>oversie<span class=\"ff1\">  </span>nelle<span class=\"ff1\">  </span>quali<span class=\"ff1\">  </span>il<span class=\"ff1\">  </span>Gruppo<span class=\"ff1\">  </span>pu\u00f2<span class=\"ff1\">  </span>essere<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>coinvolta<span class=\"ff1\">  </span>in<span class=\"ff1\">  </span>ragione<span class=\"ff1\">  </span>del<span class=\"ff1\">  </span>nor<span class=\"_ _2\"></span>male<span class=\"ff1\"> </span>svo<span class=\"_ _0\"></span>lgi<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ropri<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ttiv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d\u2019im<span class=\"_ _0\"></span>pres<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uan<span class=\"_ _0\"></span>do<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>lie<span class=\"_ _0\"></span>nti<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ssog<span class=\"_ _0\"></span>gett<span class=\"_ _0\"></span>abi<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Fal<span class=\"_ _0\"></span>limen<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>d<span class=\"_ _1\"></span>ispong<span class=\"_ _0\"></span>ono<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>pagamenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">favore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">societ<span class=\"_ _2\"></span>\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">G<span class=\"_ _2\"></span>ruppo,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">effettuano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rimesse<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">conto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">corrente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bancario<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>un<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">arco</span> <span class=\"ff3\">te<span class=\"_ _0\"></span>mpora<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>pro<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>mo<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>ara<span class=\"_ _0\"></span>zione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">Fall<span class=\"_ _0\"></span>imen<span class=\"_ _0\"></span>to.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">L'a<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>rev<span class=\"_ _0\"></span>ocato<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">\u00e8</span> <span class=\"ff3\">un<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>strum<span class=\"_ _0\"></span>ento<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>utilizzabile<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>al<span class=\"ff1\"> </span>curatore<span class=\"ff1\"> </span>falli<span class=\"_ _0\"></span>mentare<span class=\"ff1\"> </span>allo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">scopo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>icostituire<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>patrimonio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span>falli<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>destinato<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>soddisfazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span>suoi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">creditor<span class=\"_ _2\"></span>i,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">facendovi<span class=\"ff1\"> </span>rientrare<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">quanto<span class=\"ff1\"> </span>ne<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">era<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">uscito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">periodo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">antecedente<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fallimento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cos<span class=\"_ _2\"></span>iddetto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>periodo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sos<span class=\"_ _2\"></span>petto).<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gr<span class=\"_ _2\"></span>uppo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>procede<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>una<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valutazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>de<span class=\"_ _2\"></span>lle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>singole<span class=\"ff1\"> </span>posizioni<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>cas<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>caso<span class=\"_ _2\"></span>,<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>fatto<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>diritt<span class=\"_ _2\"></span>o,<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>prestando<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>particolar<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>at<span class=\"_ _2\"></span>tenzione<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>dato<span class=\"ff1\"> </span>do<span class=\"_ _0\"></span>cumen<span class=\"_ _0\"></span>tal<span class=\"_ _0\"></span>e/f<span class=\"_ _0\"></span>attu<span class=\"_ _0\"></span>ale.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>eff<span class=\"_ _0\"></span>etto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">det<span class=\"_ _0\"></span>ta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anali<span class=\"_ _0\"></span>si,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ov<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">oppo<span class=\"_ _0\"></span>rtun<span class=\"_ _0\"></span>o,<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>eng<span class=\"_ _0\"></span>ono<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ert<span class=\"_ _0\"></span>anto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">vol<span class=\"_ _0\"></span>ta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>olta<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>disposti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>tempo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tempo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>modificati,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ove<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nec<span class=\"_ _2\"></span>essario)<span class=\"ff1\"> <span class=\"_ _20\"></span></span>gli<span class=\"ff1\"> <span class=\"_ _21\"></span></span>accantonamenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ritenuti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>congrui<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> </span>relazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _21\"></span></span>specifiche<span class=\"ff1\"> <span class=\"_ _20\"></span></span>circostanze<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fattispecie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>esa<span class=\"_ _2\"></span>me.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Tutte<span class=\"ff1\"> <span class=\"_ _21\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cause<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>m<span class=\"_ _2\"></span>ateria<span class=\"ff1\"> <span class=\"_ _20\"></span></span>so<span class=\"_ _2\"></span>no<span class=\"ff1\"> </span>oggetto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cost<span class=\"_ _2\"></span>ante<span class=\"ff1\"> </span>monitoraggio<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>ne<span class=\"ff1\"> </span>derivano,<span class=\"ff1\"> </span>ove<span class=\"ff1\"> <span class=\"_ _2\"></span></span>opportuno,<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fronteggiati<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>appositi<span class=\"ff1\"> </span>accantonamenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> </span>Fondo<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>ischi<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>oneri<span class=\"ff1\"> </span>di<span class=\"_ _2\"></span>versi,<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>applicazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quanto<span class=\"ff1\"> </span>previst<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>dallo<span class=\"ff1\"> </span>IAS<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">37.<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>Ma<span class=\"_ _0\"></span>lv<span class=\"_ _0\"></span>ers<span class=\"_ _1\"></span>azi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>Si<span class=\"ff1\">  </span>tratta<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>contr<span class=\"_ _2\"></span>oversie<span class=\"ff1\">  </span>nelle<span class=\"ff1\">  </span>quali<span class=\"ff1\">  </span>il<span class=\"ff1\">  </span>Gruppo<span class=\"ff1\">  </span>pu\u00f2<span class=\"ff1\">  </span>essere<span class=\"ff1\">  </span>co<span class=\"_ _2\"></span>involto<span class=\"ff1\">  </span>in<span class=\"ff1\">  </span>ragione<span class=\"ff1\">  </span>del<span class=\"ff1\">  </span>normale<span class=\"ff1\"> </span>svolgimento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>propria<span class=\"ff1\"> <span class=\"_ _21\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d\u2019impresa,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>vi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>alcuni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>reclami<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alcune<span class=\"ff1\"> <span class=\"_ _21\"></span></span>vertenze<span class=\"ff1\"> <span class=\"_ _20\"></span></span>giudiziali<span class=\"ff1\"> </span>derivanti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>da<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>comportamenti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>anomali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>posti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"></span></span>essere<span class=\"ff1\"> <span class=\"_ _20\"></span></span>da<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dip<span class=\"_ _0\"></span>endenti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>consulenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziari<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nello<span class=\"ff1\"> </span>svo<span class=\"_ _0\"></span>lgi<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>dell<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>man<span class=\"_ _0\"></span>sion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>loro<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">aff<span class=\"_ _0\"></span>idat<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>dell<span class=\"_ _0\"></span>\u2019att<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>espl<span class=\"_ _0\"></span>eta<span class=\"_ _0\"></span>ta,<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>segu<span class=\"_ _0\"></span>enti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">conte<span class=\"_ _0\"></span>sta<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span></span></span></span></span>parte<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>clientela<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>nei<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>confronti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Banca<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>tessa,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>pu\u00f2<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>eventualmen<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>essere<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ritenuta<span class=\"ff1\"> </span>responsabile<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tali<span class=\"ff1\"> </span>comportamenti.<span class=\"_ _3bd\"> </span> Il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>gruppo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pro<span class=\"_ _2\"></span>cede<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>una<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valuta<span class=\"_ _2\"></span>zione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>singol<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>posizioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ca<span class=\"_ _2\"></span>so<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>caso,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fatto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>diritto,<span class=\"ff1\"> </span>prestando<span class=\"ff1\"> </span>particolare<span class=\"ff1\"> </span>attenzione<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>dato<span class=\"ff1\"> </span>documentale/fattuale.<span class=\"_ _3bd\"> </span> Per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">effetto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">detta<span class=\"ff1\"> </span>anali<span class=\"_ _0\"></span>si,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ove<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"_ _2\"></span>pportuno,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vengono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pertanto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">volta<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">volta<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dispost<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tempo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>tempo<span class=\"ff1\"> </span>modificati,<span class=\"ff1\"> </span>ove<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">necessario)<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>accantonamenti<span class=\"ff1\"> </span>ritenuti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">congrui<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>relazione<span class=\"ff1\"> </span>alle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">specifich<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span></span></span></span></span></span></span>circostanze<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>fattispecie<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>esame.<span class=\"_ _3bd\"> </span> Co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>so<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>ma<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>ria<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>an<span class=\"_ _0\"></span>at<span class=\"_ _1\"></span>oci<span class=\"_ _0\"></span>sm<span class=\"_ _0\"></span>o<span class=\"fc0 sc1\"> </span>Il<span class=\"ff1\"> </span>numero<span class=\"ff1\"> </span>com<span class=\"_ _2\"></span>plessivo<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>cause<span class=\"ff1\"> </span>pendenti<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>mantiene<span class=\"ff1\"> </span>consistente,<span class=\"ff1\"> </span>alla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>luce,<span class=\"ff1\"> </span>soprat<span class=\"_ _2\"></span>tutto,<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>problematicit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>derivanti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>alcuni<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>or<span class=\"_ _2\"></span>ientamenti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>giurisprudenza<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>(oltre<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dalle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>evoluzioni<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>normativa<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>settore).<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Tutte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>cau<span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>materia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">-<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">volte<span class=\"ff1\"> </span>comprendenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anche<span class=\"ff1\"> </span>contestazioni<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>relative<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>l<span class=\"ff1\"> </span>supe<span class=\"_ _0\"></span>ramento<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>T<span class=\"_ _0\"></span>as<span class=\"_ _2\"></span>so<span class=\"ff1\"> </span>Sogli<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>Usura<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u2013<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">oggetto<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cos<span class=\"_ _2\"></span>tante<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">monitoraggio<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>che<span class=\"ff1\"> </span>ne<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">derivano,<span class=\"ff1\"> </span>ove<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">oppor<span class=\"_ _2\"></span>tuno,<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fronteggiati<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>appositi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">accantonamenti<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>Fondo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischi<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>oneri<span class=\"ff1\"> </span>diversi,<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>applicazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>quanto<span class=\"ff1\"> </span>previsto<span class=\"ff1\"> </span>dallo<span class=\"ff1\"> </span>IAS<span class=\"ff1\"> </span>37.<span class=\"_ _3bd\"> </span> Co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>so<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>ma<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>ria<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ser<span class=\"_ _1\"></span>vizi<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>ent<span class=\"_ _1\"></span>o<span class=\"fc0 sc1\"> </span>Quanto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>alle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>controversie<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>giudiziali<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>aventi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ad<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>oggetto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>servizi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>investimento<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>bond<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>default,<span class=\"ff1\"> </span>derivati,<span class=\"ff1\"> </span>ecc.<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> </span>policy<span class=\"ff1\"> </span>adott<span class=\"_ _2\"></span>ata<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>Banca<span class=\"ff1\"> </span>in<span class=\"_ _2\"></span><span class=\"ff1\"> </span>materia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> </span>quella<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>procedere<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>una<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valutazione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>singole<span class=\"ff1\"> <span class=\"_ _2\"></span></span>posizioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>caso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> </span>caso<span class=\"_ _2\"></span>,<span class=\"ff1\"> </span>prest<span class=\"_ _2\"></span>ando<span class=\"ff1\"> </span>particolare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attenzione<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>documentale<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> </span>profilo<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>dell\u2019adeguatezza<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>degli<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>investimenti<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>contest<span class=\"_ _2\"></span>ati<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>rispetto<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>alla<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>posizione<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>singola<span class=\"ff1\"> </span>controparte.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">effetto<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">detta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">analisi,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ov<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ritenut<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">opportuno,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vengono<span class=\"ff1\"> </span>pertanto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">volta<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>volta<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>disposti<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>accantonamenti<span class=\"ff1\"> </span>ritenuti<span class=\"ff1\"> </span>congrui<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>relazione<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>specifiche<span class=\"ff1\"> </span>circosta<span class=\"_ _2\"></span>nze.<span class=\"_ _3bd\"> </span> Re<span class=\"_ _0\"></span>cl<span class=\"_ _0\"></span>am<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>fo<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ul<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>da<span class=\"_ _0\"></span>lla<span class=\"_ _3bd\"> </span>cli<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Con<span class=\"ff1\"> <span class=\"_ _2b\"> </span></span>riferimento<span class=\"ff1\"> <span class=\"_ _2b\"> </span></span>alle<span class=\"ff1\"> <span class=\"_ _25\"> </span></span>contestazioni<span class=\"ff1\"> <span class=\"_ _2b\"> </span></span>avanzate<span class=\"ff1\"> <span class=\"_ _2b\"> </span></span>da<span class=\"_ _2\"></span>lla<span class=\"ff1\"> <span class=\"_ _2b\"> </span></span>clientela<span class=\"ff1\"> <span class=\"_ _2b\"> </span></span>vengono<span class=\"ff1\"> <span class=\"_ _25\"> </span></span>effettuati<span class=\"ff1\"> <span class=\"_ _2b\"> </span></span>gli<span class=\"ff1\"> </span>opportuni<span class=\"ff1\"> </span>accantonamenti;<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>particolare,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _2\"></span></span>caso<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>danno<span class=\"ff1\"> <span class=\"_ _20\"></span></span>lamentato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>superiore<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>una<span class=\"ff1\"> </span>predeterminata<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>soglia<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rilevanza<span class=\"ff1\">  </span>(<span class=\"_ _0\"></span>ad<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>oggi<span class=\"ff1\">  </span>fissata<span class=\"ff1\">  </span>in<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">25ek<span class=\"_ _0\"></span>),<span class=\"ff1\">  </span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>previsione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _2\"></span>erdita<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u00e8<span class=\"ff1\">  </span>fatta<span class=\"ff1\"> </span></span></span>analiticamente.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Qualora<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">danno<span class=\"ff1\"> </span>lamentato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sia,<span class=\"ff1\"> </span>inve<span class=\"_ _0\"></span>ce,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inferiore<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>etta<span class=\"ff1\"> </span>soglia,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019accantonamento<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>\u00e8<span class=\"ff1\"> </span>determinato<span class=\"_ _2\"></span><span class=\"ff1\"> </span>applicando<span class=\"ff1\"> <span class=\"_ _2\"></span></span>una<span class=\"ff1\"> <span class=\"_ _2\"></span></span>percentuale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>forfett<span class=\"_ _2\"></span>aria/statistica<span class=\"ff1\"> </span>st<span class=\"_ _2\"></span>abilita<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>base<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>media<span class=\"ff1\"> </span>de<span class=\"_ _2\"></span>lle<span class=\"ff1\"> </span>perdite<span class=\"ff1\"> </span>effettivamente<span class=\"ff1\"> </span>subite<span class=\"ff1\"> </span>sul<span class=\"ff1\"> </span>tot<span class=\"_ _2\"></span>ale<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>reclami<span class=\"ff1\"> </span>analoghi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rice<span class=\"_ _2\"></span>vuti</span> <span class=\"ff3\">negli</span> <span class=\"ff3\">anni</span> <span class=\"ff3\">precedenti.<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>Co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>so<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>sca<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischi<span class=\"ff1\"> </span>derivanti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dal<span class=\"ff1\"> </span>contenzioso<span class=\"ff1\"> </span>fiscale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Gruppo<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>residiati<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>deguati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">accantonamenti<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>fondi<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>oneri.<span class=\"_ _3bd\"> </span> Con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riguardo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>capogruppo,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>essere<span class=\"ff1\"> <span class=\"_ _20\"></span></span>23<span class=\"ff1\"> <span class=\"_ _20\"></span></span>procedimenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contenziosi,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>afferenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>impos<span class=\"_ _2\"></span>te<span class=\"ff1\"> </span>dirette<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tributi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>locali.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Relat<span class=\"_ _2\"></span>ivamente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contenziosi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>non<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>emers<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>effettivi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quanto<span class=\"ff1\"> </span>meno<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">rischio</span> <span class=\"_ _27\"> </span><span class=\"ff3\">s<span class=\"_ _2\"></span>timato</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">\u00e8</span> <span class=\"_ _27\"> </span><span class=\"ff3\">apparso<span class=\"_ _2\"></span></span> <span class=\"_ _27\"> </span><span class=\"ff3\">remot<span class=\"_ _2\"></span>o.</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">P<span class=\"_ _0\"></span>er<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>st<span class=\"_ _2\"></span>ati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>effe<span class=\"_ _0\"></span>ttuati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>accantonamenti<span class=\"ff1\"> </span></span></span>spe<span class=\"_ _1\"></span>cifici<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs48ca\">Per<span class=\"ff1\"> </span>Credemleasing<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">essere<span class=\"ff1\"> </span>34<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">procedimenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contenziosi,<span class=\"ff1\"> </span>prevalentemente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">relativi<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tribut<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs48cb\">loc<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs48cc\">Per<span class=\"ff1\"> </span>Credem<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Euromobiliare<span class=\"ff1\"> </span>Private<span class=\"ff1\"> </span>B<span class=\"_ _0\"></span>anking<span class=\"ff1\"> </span>S.p.A.,<span class=\"ff1\"> </span>ad<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">esito</span> <span class=\"ff3\">de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span>conclusione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fa<span class=\"_ _2\"></span>vorevole<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dell\u2019unic<span class=\"_ _2\"></span>o<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs48cd\">con<span class=\"_ _0\"></span>ten<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>so<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>nden<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>ma<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>ia<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">imp<span class=\"_ _0\"></span>osta<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">re<span class=\"_ _0\"></span>gis<span class=\"_ _0\"></span>tro<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ces<span class=\"_ _0\"></span>sion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ra<span class=\"_ _0\"></span>mo<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">azi<span class=\"_ _0\"></span>end<span class=\"_ _0\"></span>a,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">vi</span> <span class=\"ff3\">so<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs48ce\">contenziosi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pendenti.<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs48cf\">Per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Credemtel<span class=\"ff1\"> </span>S.p.A.,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>far<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>al<span class=\"ff1\"> </span>2022<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pende<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">unico<span class=\"ff1\"> </span>contenzioso<span class=\"ff1\"> </span>avente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ad<span class=\"ff1\"> </span>oggetto<span class=\"ff1\"> </span>sanzion<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs48d0\">I<span class=\"_ _0\"></span>VA.<span class=\"_ _0\"></span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs48d1\">Sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>infine<span class=\"ff1\"> <span class=\"_ _21\"></span></span>presenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>controversie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>m<span class=\"_ _2\"></span>inore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rilevanza<span class=\"ff1\"> <span class=\"_ _21\"></span></span>relative<span class=\"ff1\"> <span class=\"_ _20\"></span></span>all\u2019operat<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>posta<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>essere<span class=\"ff1\"> <span class=\"_ _20\"></span></span>da<span class=\"_ _3bd\"> </span>i<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs48d2\">promotori<span class=\"ff1\"> </span>finanziari,<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>contenzioso<span class=\"ff1\"> </span>lavor<span class=\"_ _2\"></span>istico,<span class=\"ff1\"> </span>nonch\u00e9<span class=\"ff1\"> </span>all\u2019<span class=\"_ _0\"></span>ambito<span class=\"_ _2\"></span><span class=\"ff1\"> </span>immobiliare,<span class=\"ff1\"> </span>amministrativo.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs48d3\">Il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">totale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fo<span class=\"_ _2\"></span>ndi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ed<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">oneri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">legali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ammonta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">174<span class=\"_ _2\"></span>,7<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">milioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">euro<span class=\"_ _2\"></span>.<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs48d4\">Impa<span class=\"_ _0\"></span>tti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs48d5\">deriva<span class=\"_ _0\"></span>nti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs48d6\">dalla<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs48d7\">pande<span class=\"_ _0\"></span>mia<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs48d8\">Covid-<span class=\"_ _0\"></span>19<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs48d9\">N</div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs48da\">el<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>co<span class=\"_ _2\"></span>rso<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>2022<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>registrano<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>costi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>class<span class=\"_ _2\"></span>ificati<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>come<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>perdite<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>iconducibili<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>agli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\"Impat<span class=\"_ _2\"></span>ti<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs48db\">derivanti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dalla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pandemia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Covid\"<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quanto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>convenzionalmente,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"_ _2\"></span>n<span class=\"ff1\"> <span class=\"_ _2\"></span></span>linea<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quanto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>definito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall<span class=\"_ _3bd\"> </span>e<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs48dc\">linee<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>guida<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>E<span class=\"_ _0\"></span>BA<span class=\"_ _3bd\"> </span></div><div class=\"t m4f h1d ff3 fsd fc0 sc0 ls0 ws0 gs48dd\">10<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs48de\">i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cost<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sostenuti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>successivamente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Giugno<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>2020<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>legati<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>alla<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>g<span class=\"_ _0\"></span>estione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>ell<span class=\"_ _3bd\"> </span>a<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs48df\">pandemia<span class=\"ff1\">  </span>sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>da<span class=\"ff1\">  </span>considerarsi<span class=\"ff1\">  </span>rientranti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nella<span class=\"ff1\">  </span>cd.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>gestione<span class=\"_ _2\"></span><span class=\"ff1\">  </span>\u201cNEW<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>NORMAL\u201d.<span class=\"ff1\">  </span>Inoltre<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>non<span class=\"ff1\">  </span>s<span class=\"_ _3bd\"> </span>i<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs48e0\">registrano<span class=\"ff1\"> </span>ulteriori<span class=\"ff1\"> </span>perdite<span class=\"ff1\"> </span>operative<span class=\"ff1\"> </span>collegate<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>Covid<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>altri<span class=\"ff1\"> </span>a<span class=\"_ _2\"></span>mbiti.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs48e1\">Inf<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>maz<span class=\"_ _1\"></span>ion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs48e2\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs48e3\">na<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>ra<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs48e4\">qu<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>tit<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs48e5\">Si<span class=\"ff1\"> </span>riporta<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>segui<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>composizione<span class=\"ff1\"> </span>percentuale<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>elle<span class=\"ff1\"> </span>perdite<span class=\"ff1\"> </span>operative<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Gruppo<span class=\"ff1\"> </span>Credem<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>tipologie<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs48e6\">eve<span class=\"_ _0\"></span>nto<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span> </div><div class=\"t m6 h13 ff6 fs5 fc0 sc0 ls0 ws0 gs48e7\"> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs48e8\">ET<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">01<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Frode<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">In<span class=\"_ _0\"></span>tern<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></div><div class=\"t m6 h13 ff6 fs5 fc0 sc0 ls0 ws0 gs48e9\"> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs48ea\">ET<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">02<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Fr<span class=\"_ _2\"></span>ode<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">este<span class=\"_ _0\"></span>rna<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></div><div class=\"t m6 h13 ff6 fs5 fc0 sc0 ls0 ws0 gs48eb\"> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs48ec\">ET<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">03<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Re<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pe<span class=\"_ _0\"></span>rson<span class=\"_ _0\"></span>ale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sicu<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>zza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span>l'a<span class=\"_ _0\"></span>mbien<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">la<span class=\"_ _0\"></span>voro<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m6 h13 ff6 fs5 fc0 sc0 ls0 ws0 gs48ed\"> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs48ee\">ET<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">04<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">-</span> <span class=\"_ _0\"></span><span class=\"ff3\">Rap<span class=\"_ _0\"></span>port<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>lien<span class=\"_ _0\"></span>ti,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pr<span class=\"_ _0\"></span>estaz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">serv<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>rodo<span class=\"_ _0\"></span>tti<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m6 h13 ff6 fs5 fc0 sc0 ls0 ws0 gs48ef\"> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs48f0\">ET<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">05<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Disastri<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ed<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altr<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">eve<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m6 h13 ff6 fs5 fc0 sc0 ls0 ws0 gs48f1\"> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs48f2\">ET<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">06<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Si<span class=\"_ _0\"></span>stem<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></div><div class=\"t m6 h13 ff6 fs5 fc0 sc0 ls0 ws0 gs48f3\"> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs48f4\">ET<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">07<span class=\"_ _0\"></span>-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Ese<span class=\"_ _0\"></span>cuzi<span class=\"_ _0\"></span>one,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">g<span class=\"_ _0\"></span>esti<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">conse<span class=\"_ _1\"></span>gna<span class=\"ff1\"> </span>d<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span>ser<span class=\"_ _0\"></span>viz<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rodo<span class=\"_ _0\"></span>tti<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs48f5\">Nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cor<span class=\"_ _0\"></span>so<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>20<span class=\"_ _0\"></span>22,<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>pri<span class=\"_ _0\"></span>ncip<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">font<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>ope<span class=\"_ _0\"></span>rativ<span class=\"_ _0\"></span>o,<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>imp<span class=\"_ _0\"></span>orto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">pe<span class=\"_ _1\"></span>rdita,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u00e8</span> <span class=\"ff3\">r<span class=\"_ _0\"></span>isul<span class=\"_ _0\"></span>tata<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">esse<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs48f6\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tipologia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">evento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u201cFrode<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">est<span class=\"_ _2\"></span>erna\u201d<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(ET<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">02).<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">La<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>econda<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fonte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">operat<span class=\"_ _2\"></span>ivo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>iferisce<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">all<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs48f7\">perdite<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dovute<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u201cRapporti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Clienti,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prest<span class=\"_ _2\"></span>azioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>servizi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prodotti\u201d<span class=\"ff1\"> <span class=\"_ _21\"></span></span>(ET<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">04)</span> <span class=\"_ _2\"></span><span class=\"ff3\">e</span> <span class=\"_ _21\"></span><span class=\"ff3\">di</span> <span class=\"_ _20\"></span><span class=\"ff3\">seguito,</span> <span class=\"_ _20\"></span><span class=\"ff3\">i<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\">n</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs48f8\">ordine<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>incidenza,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ci<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>ono:<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>perdite<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dovute<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u201c<span class=\"_ _2\"></span>Esecuzione,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gestione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>consegna<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prodotti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"_ _3bd\"> </span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs48f9\">servizi\u201d<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(ET<span class=\"ff1\"> <span class=\"_ _20\"></span></span>07),<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u201cF<span class=\"_ _2\"></span>rodi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Interne\u201d<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(ET<span class=\"ff1\"> <span class=\"_ _20\"></span></span>01),<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u201cR<span class=\"_ _2\"></span>elazioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>personale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sicurezz<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dell'ambiente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _3bd\"> </span>i<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs48fa\">lavoro\u201d<span class=\"ff1\"> </span>(ET<span class=\"ff1\"> </span>03)\u201d.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs48fb\">L\u2019incidenza<span class=\"ff1\">  </span>delle<span class=\"ff1\">  </span>perdite<span class=\"ff1\">  </span>legate<span class=\"ff1\">  </span>a<span class=\"ff1\">  </span>malfunzionamento<span class=\"ff1\">  </span>dei<span class=\"ff1\">  </span>sistemi<span class=\"ff1\">  </span>t<span class=\"_ _2\"></span>ecnologici<span class=\"ff1\">  </span>(ET<span class=\"ff1\">  </span>06)<span class=\"ff1\">  </span>risult<span class=\"_ _3bd\"> </span>a<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs48fc\">pressoch\u00e9<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nulla.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Inf<span class=\"_ _2\"></span>ine,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">q<span class=\"_ _2\"></span>uanto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>iguarda<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">categoria<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u201cDisastri<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ed<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altr<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">eventi\u201d<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(ET<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">05)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">registr<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs48fd\">complessivamente<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>ripresa<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valore.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs48fe\">L\u2019importo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">perdit<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riconducibili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>inf<span class=\"_ _0\"></span>ormat<span class=\"_ _2\"></span>ico<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risulta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">molto<span class=\"ff1\"> </span>conten<span class=\"_ _0\"></span>uto<span class=\"ff1\"> </span>(solo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">lo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">0,1%<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">de<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">l<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs48ff\">totale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ricade<span class=\"ff1\"> </span>sull\u2019Event<span class=\"ff1\"> </span>T<span class=\"_ _0\"></span>ype<span class=\"ff1\"> </span>06).<span class=\"ff1\"> </span>La<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quasi<span class=\"ff1\"> </span>totalit\u00e0<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>perdite<span class=\"ff1\"> </span>ricondu<span class=\"_ _0\"></span>cibili<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u201cConduct<span class=\"ff1\"> </span>Risk\u201d<span class=\"ff1\"> </span>s<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4900\">riferisce<span class=\"ff1\"> </span>agli<span class=\"ff1\"> </span>Event<span class=\"ff1\"> </span>Type<span class=\"ff1\"> </span>01<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>04. </div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-799": {
   "value": "<div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2be5\">Qualit\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2be6\">del<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs2be7\">credito<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m26 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2be8\">A.<span class=\"_ _0\"></span>1.1<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2be9\">Di<span class=\"_ _0\"></span>str<span class=\"_ _0\"></span>ib<span class=\"_ _0\"></span>uz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2bea\">de<span class=\"_ _0\"></span>lle<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2beb\">at<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2bec\">fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2bed\">pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2bee\">po<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>af<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2bef\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2bf0\">ap<span class=\"_ _0\"></span>pa<span class=\"_ _1\"></span>rten<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>za<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2bf1\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2bf2\">per<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2bf3\">qu<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2bf4\">cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>izia<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2bf5\">(va<span class=\"_ _1\"></span>lor<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2bf6\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2bf7\">bi<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>o)<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2bf8\">Po<span class=\"_ _0\"></span>rta<span class=\"_ _1\"></span>fog<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>/qu<span class=\"_ _0\"></span>al<span class=\"_ _1\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"c wc5 he5 gs2bf9\"><div class=\"t m2c x221 h1c y2619 ff3 fsc fc4 sc2 ls0 ws0\">Soff<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span>nze<span class=\"_ _3bd\"> </span></div></div><div class=\"c wc5 he7 gs2bfa\"><div class=\"t m2c x221 h1c y2619 ff3 fsc fc4 sc2 ls0 ws0\">Ina<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>demp<span class=\"_ _0\"></span>ien<span class=\"_ _0\"></span>ze<span class=\"_ _3bd\"> </span></div></div><div class=\"c wc5 he8 gs2bfb\"><div class=\"t m2c x221 h1c y2619 ff3 fsc fc4 sc2 ls0 ws0\">pro<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>bab<span class=\"_ _0\"></span>ili<span class=\"_ _3bd\"> </span></div></div><div class=\"c wc5 he9 gs2bfc\"><div class=\"t m2c x221 h1c y2619 ff3 fsc fc4 sc2 ls0 ws0\">Esp<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>osiz<span class=\"_ _0\"></span>ioni<span class=\"_ _3bd\"> </span></div></div><div class=\"c wc5 hea gs2bfd\"><div class=\"t m2c x221 h1c y2619 ff3 fsc fc4 sc2 ls0 ws0\">sca<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>dute<span class=\"_ _3bd\"> </span></div></div><div class=\"c wc5 heb gs2bfe\"><div class=\"t m2c x221 h1c y2619 ff3 fsc fc4 sc2 ls0 ws0\">det<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>erio<span class=\"_ _0\"></span>rate<span class=\"_ _3bd\"> </span></div></div><div class=\"c wc5 he9 gs2bff\"><div class=\"t m2c x221 h1c y2619 ff3 fsc fc4 sc2 ls0 ws0\">Esp<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>osiz<span class=\"_ _0\"></span>ioni<span class=\"_ _3bd\"> </span></div></div><div class=\"c wc5 hec gs2c00\"><div class=\"t m2c x221 h1c y2619 ff3 fsc fc4 sc2 ls0 ws0\">scadute<span class=\"_ _3bd\"> </span></div></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs2c01\">non<span class=\"_ _3bd\"> </span></div><div class=\"c wc5 heb gs2c02\"><div class=\"t m2c x221 h1c y2619 ff3 fsc fc4 sc2 ls0 ws0\">det<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>erio<span class=\"_ _0\"></span>rate<span class=\"_ _3bd\"> </span></div></div><div class=\"c wc5 hed gs2c03\"><div class=\"t m2c x221 h1c y2619 ff3 fsc fc4 sc2 ls0 ws0\">Altre<span class=\"_ _3bd\"> </span></div></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs2c04\">esposizioni<span class=\"_ _3bd\"> </span></div><div class=\"c wc5 hee gs2c05\"><div class=\"t m2c x221 h1c y2619 ff3 fsc fc4 sc2 ls0 ws0\">non<span class=\"_ _3bd\"> </span></div></div><div class=\"t m2c h1c ff3 fsc fc4 sc2 ls0 ws0 gs2c06\">deteriorate<span class=\"_ _3bd\"> </span><span class=\"fc0 sc1\"> </span></div><div class=\"c wc5 hef gs2c07\"><div class=\"t m2c x221 h1c y2619 ff3 fsc fc4 sc2 ls0 ws0\">Tot<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>ale<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2c08\">1.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">At<span class=\"_ _0\"></span>tivit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>rie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">valu<span class=\"_ _0\"></span>tat<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cost<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>ammo<span class=\"_ _0\"></span>rti<span class=\"_ _0\"></span>zza<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span> <span class=\"_ _cb\"> </span>77.<span class=\"_ _0\"></span>932<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2c09\">21<span class=\"_ _0\"></span>1.6<span class=\"_ _0\"></span>98<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2c0a\">34.<span class=\"_ _0\"></span>40<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2c0b\">40<span class=\"_ _0\"></span>5.1<span class=\"_ _0\"></span>01<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2c0c\">43.<span class=\"_ _0\"></span>10<span class=\"_ _0\"></span>2.0<span class=\"_ _0\"></span>75<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2c0d\">43.<span class=\"_ _0\"></span>831<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>09<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2c0e\">2.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">impatto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sulla<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2c0f\">redditivit\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2c10\">complessiva<span class=\"_ _0\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2c11\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2c12\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2c13\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2c14\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2c15\">6.<span class=\"_ _0\"></span>159.<span class=\"_ _0\"></span>472<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2c16\">6.<span class=\"_ _0\"></span>159.<span class=\"_ _0\"></span>472<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2c17\">3.<span class=\"ff1\"> </span>A<span class=\"_ _0\"></span>ttiv<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>fin<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>iari<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>sig<span class=\"_ _0\"></span>nate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fair<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">value<span class=\"_ _1\"></span> <span class=\"_ _15c\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2c18\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2c19\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2c1a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2c1b\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2c1c\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2c1d\">4.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Altr<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>attiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fina<span class=\"_ _0\"></span>nzia<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>obb<span class=\"_ _0\"></span>liga<span class=\"_ _1\"></span>tori<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">valu<span class=\"_ _0\"></span>tat<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">fai<span class=\"_ _0\"></span>r<span class=\"ff1\"> <span class=\"_ _2\"></span></span>val<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span> <span class=\"_ _6c\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2c1e\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2c1f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2c20\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2c21\">43.<span class=\"_ _0\"></span>960<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2c22\">43.<span class=\"_ _0\"></span>960<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2c23\">5.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fi<span class=\"_ _2\"></span>nanziarie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">corso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ism<span class=\"_ _1\"></span>issio<span class=\"_ _0\"></span>ne <span class=\"_ _220\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2c24\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2c25\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2c26\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2c27\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2c28\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2c29\">Tot<span class=\"_ _0\"></span>ale<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2c2a\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span> <span class=\"_ _20f\"> </span>7<span class=\"_ _0\"></span>7.<span class=\"_ _0\"></span>93<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2c2b\">21<span class=\"_ _0\"></span>1.6<span class=\"_ _1\"></span>98<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2c2c\">34<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>03<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2c2d\">40<span class=\"_ _0\"></span>5.1<span class=\"_ _1\"></span>01<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2c2e\">49<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>05<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>07<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2c2f\">50<span class=\"_ _0\"></span>.03<span class=\"_ _1\"></span>4.6<span class=\"_ _0\"></span>41<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2c30\">Tot<span class=\"_ _0\"></span>ale<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2c31\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2c32\">101.89<span class=\"_ _1\"></span>0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2c33\">24<span class=\"_ _0\"></span>2.<span class=\"_ _0\"></span>06<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2c34\">34.8<span class=\"_ _0\"></span>87<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2c35\">263.<span class=\"_ _0\"></span>898<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2c36\">55.06<span class=\"_ _0\"></span>7.859<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2c37\">55<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>10<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>00<span class=\"_ _0\"></span> </div><div class=\"t m26 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2c38\">A.<span class=\"_ _0\"></span>1.2<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2c39\">Di<span class=\"_ _0\"></span>str<span class=\"_ _0\"></span>ib<span class=\"_ _0\"></span>uz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2c3a\">de<span class=\"_ _0\"></span>lle<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2c3b\">at<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2c3c\">fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2c3d\">pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2c3e\">po<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>af<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2c3f\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2c40\">ap<span class=\"_ _0\"></span>pa<span class=\"_ _1\"></span>rten<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>za<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2c41\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2c42\">per<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2c43\">qu<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2c44\">cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>izia<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2c45\">(v<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2c46\">lor<span class=\"_ _1\"></span>di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2c47\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2c48\">net<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>)<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2c49\">Po<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>af<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>/q<span class=\"_ _0\"></span>ua<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>\u00e0<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2c4a\">De<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ora<span class=\"_ _1\"></span>te<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _b1\"> </span><span class=\"fc4 sc2\">Non<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2c4b\">de<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2c4c\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2c4d\">(e<span class=\"_ _0\"></span>sp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>iz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2c4e\">ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>a)<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2c4f\">Es<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>si<span class=\"_ _1\"></span>zion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2c50\">lo<span class=\"_ _1\"></span>rd<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2c51\">Rettif<span class=\"_ _0\"></span>iche<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2c52\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2c53\">va<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2c54\">co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>siv<span class=\"_ _1\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2c55\">Es<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>si<span class=\"_ _1\"></span>zion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2c56\">ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>a<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2c57\">Wr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>e-<span class=\"_ _0\"></span>off<span class=\"_ _0\"></span>*<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2c58\">pa<span class=\"_ _0\"></span>rz<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2c59\">co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>siv<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2c5a\">Es<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>si<span class=\"_ _1\"></span>zion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2c5b\">lo<span class=\"_ _1\"></span>rd<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2c5c\">Rettif<span class=\"_ _0\"></span>iche<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2c5d\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2c5e\">va<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2c5f\">co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>siv<span class=\"_ _1\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2c60\">Es<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>si<span class=\"_ _1\"></span>zion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc4 sc2 ls0 ws0 gs2c61\">ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>a<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2c62\">1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2c63\">valutate<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>sto<span class=\"ff1\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2c64\">amm<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>tizz<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2c65\">735<span class=\"_ _0\"></span>.65<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2c66\">411<span class=\"_ _0\"></span>.62<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2c67\">324<span class=\"_ _0\"></span>.03<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2c68\">17.<span class=\"_ _0\"></span>353<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2c69\">43.<span class=\"_ _0\"></span>598<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>61<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2c6a\">91.<span class=\"_ _0\"></span>386<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2c6b\">43.<span class=\"_ _0\"></span>50<span class=\"_ _0\"></span>7.1<span class=\"_ _0\"></span>75<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2c6c\">43.<span class=\"_ _0\"></span>831<span class=\"_ _0\"></span>.20<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2c6d\">2.<span class=\"ff1\"> </span>Attivit\u00e0<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>nanziarie<span class=\"ff1\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2c6e\">valutate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2c6f\">impatto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sulla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">redditivit\u00e0<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2c70\">co<span class=\"_ _0\"></span>mple<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span> </div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2c71\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2c72\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2c73\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2c74\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2c75\">6.1<span class=\"_ _0\"></span>61.<span class=\"_ _0\"></span>049<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2c76\">1.<span class=\"_ _0\"></span>577<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2c77\">6.1<span class=\"_ _0\"></span>59.<span class=\"_ _0\"></span>47<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2c78\">6.1<span class=\"_ _0\"></span>59.<span class=\"_ _0\"></span>47<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></div><div class=\"c w110 ha5 gs2c79\"><div class=\"t m0 x1f9 h43 y387 ff3 fs1b fc0 sc0 ls0 ws0\">3.<span class=\"_ _3bd\"> </span></div></div><div class=\"c w13f ha5 gs2c7a\"><div class=\"t m0 x1f9 h43 y387 ff3 fs1b fc0 sc0 ls0 ws0\">Attivit\u00e0<span class=\"_ _3bd\"> </span></div></div><div class=\"c w140 ha5 gs2c7b\"><div class=\"t m0 x1f9 h43 y387 ff3 fs1b fc0 sc0 ls0 ws0\">finan<span class=\"_ _0\"></span>ziarie<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2c7c\">designate<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2c7d\">al<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2c7e\">fair<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2c7f\">value<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2c80\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2c81\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2c82\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2c83\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2c84\">X <span class=\"_ _31\"> </span>X <span class=\"_ _235\"> </span>-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2c85\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2c86\">4.<span class=\"ff1\"> </span>Altre<span class=\"ff1\"> </span>attivit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2c87\">fin<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie<span class=\"ff1\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2c88\">ob<span class=\"_ _0\"></span>blig<span class=\"_ _0\"></span>ato<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2c89\">valutate<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2c8a\">al<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2c8b\">fair<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2c8c\">value<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2c8d\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2c8e\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2c8f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2c90\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2c91\">X<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2c92\">X<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2c93\">43.<span class=\"_ _0\"></span>960<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2c94\">43.<span class=\"_ _0\"></span>960<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2c95\">5.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finan<span class=\"_ _0\"></span>ziarie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2c96\">corso<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>dismi<span class=\"_ _0\"></span>ssione<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2c97\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2c98\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2c99\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2c9a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2c9b\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2c9c\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2c9d\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc0 ls0 ws0 gs2c9e\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs2c9f\">Tota<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs2ca0\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _0\"></span>02<span class=\"_ _1\"></span>2 <span class=\"_ _177\"> </span>73<span class=\"_ _0\"></span>5.<span class=\"_ _0\"></span>65<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs2ca1\">41<span class=\"_ _0\"></span>1.6<span class=\"_ _1\"></span>26<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs2ca2\">32<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>03<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs2ca3\">17<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>53<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs2ca4\">49<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>59<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>10<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs2ca5\">92<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>63<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs2ca6\">49<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>10<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>07<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs2ca7\">50<span class=\"_ _0\"></span>.0<span class=\"_ _1\"></span>34.6<span class=\"_ _1\"></span>40<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs2ca8\">Tota<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs2ca9\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs2caa\">81<span class=\"_ _0\"></span>9.<span class=\"_ _0\"></span>04<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs2cab\">44<span class=\"_ _0\"></span>0.<span class=\"_ _0\"></span>19<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs2cac\">37<span class=\"_ _0\"></span>8.<span class=\"_ _0\"></span>84<span class=\"_ _1\"></span>5<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs2cad\">11.04<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs2cae\">55<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>06<span class=\"_ _1\"></span>.46<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs2caf\">89<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>30<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs2cb0\">55<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>31<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>60<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h43 ff3 fs1b fc0 sc1 ls0 ws0 gs2cb1\">55<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>10<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>05<span class=\"_ _0\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2cb2\">t<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2cb3\">Po<span class=\"_ _0\"></span>rta<span class=\"_ _1\"></span>fog<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>/qu<span class=\"_ _0\"></span>al<span class=\"_ _1\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2cb4\">Att<span class=\"_ _1\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2cb5\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2cb6\">ev<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2cb7\">sc<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>sa<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2cb8\">qu<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2cb9\">cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>a<span class=\"fc0 sc1\"> <span class=\"_ _cb\"> </span></span>A<span class=\"_ _0\"></span>ltr<span class=\"_ _1\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2cba\">at<span class=\"_ _0\"></span>tiv<span class=\"_ _1\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2cbb\">Mi<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>sv<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ze<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2cbc\">cu<span class=\"_ _0\"></span>mu<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _75\"> </span><span class=\"fc4 sc2\">Esp<span class=\"_ _0\"></span>os<span class=\"_ _1\"></span>izi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2cbd\">ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>a<span class=\"fc0 sc1\"> <span class=\"_ _2a0\"> </span></span>Espo<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>izi<span class=\"_ _1\"></span>one<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs2cbe\">ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>a<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2cbf\">1.<span class=\"ff5\"> <span class=\"_ _1\"></span><span class=\"ff3\">Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">de<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2cc0\">ne<span class=\"_ _0\"></span>gozi<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2cc1\">2.<span class=\"ff5\"> <span class=\"_ _1\"></span><span class=\"ff3\">Derivati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cop<span class=\"_ _0\"></span>ert<span class=\"_ _0\"></span>ura<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2cc2\">en<span class=\"_ _0\"></span>ute<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span> </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2cc3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _20d\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2cc4\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _20d\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2cc5\">52.<span class=\"_ _0\"></span>264<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs2cc6\">1.<span class=\"_ _0\"></span>090<span class=\"_ _0\"></span>.23<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2cc7\">Tot<span class=\"_ _0\"></span>ale<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2cc8\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span> <span class=\"_ _2c0\"> </span>-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2cc9\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2cca\">1.<span class=\"_ _0\"></span>142<span class=\"_ _0\"></span>.5<span class=\"_ _1\"></span>03<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2ccb\">Tot<span class=\"_ _0\"></span>ale<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2ccc\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span> <span class=\"_ _223\"> </span>-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2ccd\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs2cce\">26<span class=\"_ _0\"></span>8.<span class=\"_ _0\"></span>61<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></div>B.<span class=\"ff5\"> <span class=\"_ _1c\"></span><span class=\"ff3\">Inf<span class=\"_ _0\"></span>orm<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>va<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sul<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">entit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">stru<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>urat<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(di<span class=\"_ _0\"></span>ver<span class=\"_ _0\"></span>se<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">dalle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">soci<span class=\"_ _0\"></span>et\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">car<span class=\"_ _0\"></span>tol<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>zza<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e)<span class=\"fc0\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Un\u2019entit\u00e0<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>trutturata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un\u2019entit\u00e0<span class=\"ff1\"> </span>configurata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>modo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>diritti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>vot<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>diritti<span class=\"ff1\"> </span>similari<span class=\"ff1\"> <span class=\"_ _2\"></span></span>non<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rit<span class=\"_ _2\"></span>enuti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rilevanti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">p<span class=\"_ _2\"></span>er<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">st<span class=\"_ _2\"></span>abilire<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">contr<span class=\"_ _2\"></span>ollo,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">come<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">caso<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">diritti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">voto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">facciano<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>oltanto<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>riferimento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ad<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>amministrative<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>r<span class=\"_ _2\"></span>ilevanti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>siano<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>condotte<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"_ _0\"></span>ttraverso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>accordi<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>trat<span class=\"_ _0\"></span>tua<span class=\"_ _0\"></span>li.<span class=\"_ _3bd\"> </span>Per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">veicoli<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">destinazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">specifica<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fondi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">investimento,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cont<span class=\"_ _2\"></span>rollo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rit<span class=\"_ _2\"></span>enuto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">esistere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">laddove<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>il<span class=\"ff1\"> </span>Gruppo<span class=\"ff1\"> </span>dispone<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>diritti<span class=\"ff1\"> </span>contrattuali<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>gestire<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> </span>rilevanti<span class=\"ff1\"> </span>dell\u2019entit\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>risulta<span class=\"ff1\"> </span>esposto<span class=\"ff1\"> </span></span></span>ai<span class=\"ff1\"> </span>rendimenti<span class=\"ff1\"> </span>variabili<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>stesse.<span class=\"_ _3bd\"> </span>B.1En<span class=\"_ _0\"></span>tit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>str<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>rat<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nso<span class=\"_ _1\"></span>lida<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">so<span class=\"_ _0\"></span>no<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pr<span class=\"_ _0\"></span>esen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Gru<span class=\"_ _0\"></span>ppo<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>st<span class=\"_ _0\"></span>rut<span class=\"_ _0\"></span>tur<span class=\"_ _0\"></span>ate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>sol<span class=\"_ _0\"></span>idat<span class=\"_ _0\"></span>e.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>B.2En<span class=\"_ _0\"></span>tit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>st<span class=\"_ _0\"></span>ru<span class=\"_ _0\"></span>ttu<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span>no<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nso<span class=\"_ _1\"></span>lida<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>lme<span class=\"_ _1\"></span>nte<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">so<span class=\"_ _0\"></span>no<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pr<span class=\"_ _0\"></span>esen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Gru<span class=\"_ _0\"></span>ppo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">enti<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stru<span class=\"_ _0\"></span>ttur<span class=\"_ _0\"></span>ate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>sol<span class=\"_ _0\"></span>ida<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onta<span class=\"_ _0\"></span>bil<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>e.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>B.2.<span class=\"_ _0\"></span>1En<span class=\"_ _0\"></span>tit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>st<span class=\"_ _0\"></span>ru<span class=\"_ _0\"></span>ttu<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span>no<span class=\"_ _1\"></span>n<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nso<span class=\"_ _1\"></span>lida<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span>ai<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>vig<span class=\"_ _1\"></span>ila<span class=\"_ _0\"></span>nza<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">so<span class=\"_ _0\"></span>no<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pr<span class=\"_ _0\"></span>esen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">G<span class=\"_ _0\"></span>rupp<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>enti<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stru<span class=\"_ _0\"></span>ttu<span class=\"_ _0\"></span>rate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">n<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conso<span class=\"_ _0\"></span>lid<span class=\"_ _0\"></span>ate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ai<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fin<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>vi<span class=\"_ _0\"></span>gil<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>a.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>B.2.<span class=\"_ _0\"></span>2Alt<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>en<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span>st<span class=\"_ _0\"></span>rut<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>rat<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>Non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">so<span class=\"_ _0\"></span>no<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pr<span class=\"_ _0\"></span>esen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">G<span class=\"_ _0\"></span>rupp<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>alt<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">en<span class=\"_ _0\"></span>tit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">strutt<span class=\"_ _0\"></span>urat<span class=\"_ _0\"></span>e.<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span>Sez<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u2013<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cons<span class=\"_ _0\"></span>olid<span class=\"_ _0\"></span>ato<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">pru<span class=\"_ _0\"></span>den<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>le<span class=\"fc0\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>In<span class=\"ff1\">  </span>questa<span class=\"ff1\">  </span>sezione<span class=\"ff1\">  </span>sono<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>fornite<span class=\"ff1\">  </span>le<span class=\"ff1\">  </span>informazioni<span class=\"ff1\">  </span>riferite<span class=\"ff1\">  </span>alle<span class=\"ff1\">  </span>i<span class=\"_ _2\"></span>mprese<span class=\"ff1\">  </span>incluse<span class=\"ff1\">  </span>nel<span class=\"ff1\">  </span>consolidat<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>prudenziale<span class=\"ff1\"> </span>(societ\u00e0<span class=\"ff1\"> </span>appartenenti<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>Gruppo<span class=\"ff1\"> </span>bancario). 1.1Rischio<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>ito<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>In<span class=\"_ _0\"></span>for<span class=\"_ _0\"></span>ma<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>na<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>ra<span class=\"_ _3bd\"> </span>qua<span class=\"_ _1\"></span>lita<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>1.<span class=\"_ _3bd\"> </span>As<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>ge<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span> Secondo<span class=\"ff1\"> </span>l<span class=\"_ _3bd\"> </span>e<span class=\"ff1\"> </span>disposizioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>principio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contabile<span class=\"ff1\"> <span class=\"_ _2\"></span></span>IFRS<span class=\"ff1\"> <span class=\"_ _2\"></span></span>9<span class=\"ff1\"> </span>l<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>perdite<span class=\"ff1\"> </span>at<span class=\"_ _2\"></span>tese<span class=\"ff1\"> </span>sui<span class=\"ff1\"> <span class=\"_ _2\"></span></span>crediti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>devono<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>determinate<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valutando<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>gamma<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>possibili<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>scenari<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>adeguata<span class=\"_ _2\"></span>mente<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ponderati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>modo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>da<span class=\"ff1\"> </span>riflettere<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>importo<span class=\"ff1\"> </span>obiettivo<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>relazione<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>loro<span class=\"ff1\"> </span>differenti<span class=\"ff1\"> </span>probabilit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>realizzo.<span class=\"_ _3bd\"> </span> A<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>t<span class=\"_ _2\"></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>fine<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>modello<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Impairment<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>considera<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tre<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>scenari<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>macroeconomici<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>futuri:<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>uno<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>centra<span class=\"_ _2\"></span>le<span class=\"ff1\"> </span>coerente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>processi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pianificazione,<span class=\"ff1\"> </span>ICAA<span class=\"_ _2\"></span>P<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>RAF<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>due<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ulterior<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>scenari<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>corollario,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>volti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> </span>rappresentare<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>range<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>variabilit\u00e0<span class=\"ff1\"> </span>tra<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>ipotetici<span class=\"ff1\"> </span>scenari<span class=\"ff1\"> </span>plausibili:<span class=\"_ _3bd\"> </span> \u201cSc<span class=\"_ _0\"></span>ena<span class=\"_ _0\"></span>rio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Good<span class=\"_ _0\"></span>\u201d<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">scen<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">b<span class=\"_ _0\"></span>ass<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>robab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ve<span class=\"_ _0\"></span>rific<span class=\"_ _0\"></span>hino<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sce<span class=\"_ _0\"></span>nar<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">migli<span class=\"_ _0\"></span>ori<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>\u201cScenario<span class=\"ff1\"> </span>Baseline\u201d<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> </span>sce<span class=\"_ _0\"></span>nario<span class=\"ff1\"> </span>centrale<span class=\"ff1\"> </span>coerente<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>processi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>pian<span class=\"_ _0\"></span>ificazione,<span class=\"ff1\"> </span>ICAAP<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span></span></span></span></span>R<span class=\"_ _0\"></span>AF;<span class=\"_ _0\"></span> \u201cSc<span class=\"_ _0\"></span>ena<span class=\"_ _0\"></span>rio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Bad<span class=\"_ _0\"></span>\u201d<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>nario<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>ba<span class=\"_ _0\"></span>ssa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pro<span class=\"_ _0\"></span>bab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>he<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ve<span class=\"_ _0\"></span>rific<span class=\"_ _0\"></span>hino<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sce<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>ri<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>egg<span class=\"_ _0\"></span>iori<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span>Tali<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>scenari<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>selezionati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tra<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>quelli<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>forniti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>periodicamente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fornit<span class=\"_ _2\"></span>ore<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>esterno<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sono<span class=\"ff1\"> </span>approvati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dal<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">Consiglio</span> <span class=\"_ _27\"> </span><span class=\"ff3\">di</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">Amministrazione.</span> <span class=\"_ _27\"> </span><span class=\"ff3\">Ciascuno</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">\u00e8</span> <span class=\"_ _27\"> </span><span class=\"ff3\">cor<span class=\"_ _2\"></span>redato</span> <span class=\"_ _27\"> </span><span class=\"ff3\">dalla</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">relativa</span> <span class=\"_ _27\"> </span><span class=\"ff3\">pro<span class=\"_ _2\"></span>babilit\u00e0</span> <span class=\"_ _27\"> </span><span class=\"ff3\">di</span> </span>accadimento,<span class=\"ff1\">  </span>e<span class=\"ff1\">  </span>fornisce<span class=\"ff1\">  </span>le<span class=\"ff1\">  </span>p<span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>oiezioni<span class=\"ff1\">  </span>future<span class=\"ff1\">  </span>dei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>prin<span class=\"_ _2\"></span>cipali<span class=\"ff1\">  </span>indicatori<span class=\"ff1\">  </span>macroeconomici<span class=\"ff1\">  </span>su<span class=\"ff1\">  </span>un<span class=\"ff1\"> </span>orizzonte<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tre<span class=\"ff1\"> </span>anni,<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>frequenza<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>osservazione<span class=\"ff1\"> </span>trimestra<span class=\"_ _2\"></span>le.<span class=\"_ _3bd\"> </span> Si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riport<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">seguito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019indicazione<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>egli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">scenari<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">macroeconomici<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">adott<span class=\"_ _2\"></span>ati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">calcolo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perdite<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>attese<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ponderate,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">corr<span class=\"_ _2\"></span>edati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dai<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pesi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">definiti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">coere<span class=\"_ _2\"></span>nza<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">re<span class=\"_ _2\"></span>lativa<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">probabilit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>ccadimento:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Sc<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>io<span class=\"_ _3bd\"> </span>IF<span class=\"_ _0\"></span>RS<span class=\"_ _3bd\"> </span>9<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _201\"> </span><span class=\"fc4 sc2\">D<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>cri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></span></span>de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>sc<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _325\"> </span><span class=\"fc4 sc2\">Pe<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></span></span>\u201cG<span class=\"_ _0\"></span>oo<span class=\"_ _1\"></span>d\u201d<span class=\"fc0 sc1\"> </span>St<span class=\"_ _0\"></span>ron<span class=\"_ _0\"></span>gerNea<span class=\"_ _0\"></span>r-T<span class=\"_ _0\"></span>ermRe<span class=\"_ _0\"></span>cove<span class=\"_ _1\"></span>rySc<span class=\"_ _0\"></span>ena<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>o(\u201c<span class=\"_ _0\"></span>S1\u201d<span class=\"_ _0\"></span>):<span class=\"ff1\"> </span>sc<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ario<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>prob<span class=\"_ _0\"></span>abi<span class=\"_ _0\"></span>lit\u00e0<span class=\"_ _1\"></span><span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>10%<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>real<span class=\"_ _0\"></span>izzi<span class=\"ff1\"> </span>uno<span class=\"ff1\"> </span>scenari<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>migli<span class=\"_ _0\"></span>ore<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>90%<span class=\"ff1\"> </span>che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">se<span class=\"ff1\"> </span>ne<span class=\"ff1\"> </span>real<span class=\"_ _0\"></span>izzi<span class=\"ff1\"> </span></span></span></span></span>uno<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">peggi<span class=\"_ _0\"></span>ore<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>1<span class=\"_ _0\"></span>0%<span class=\"_ _1\"></span> \u201cB<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>e\u201d<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>BaselineScenario:<span class=\"ff1\"> </span>scenario<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>probab<span class=\"_ _0\"></span>ilit\u00e0<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>50%<span class=\"ff1\"> </span>che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span>realizzi<span class=\"ff1\"> </span>uno<span class=\"ff1\"> </span></span></span>scenario<span class=\"ff1\"> </span>migliore<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>50%<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>se<span class=\"ff1\"> </span>ne<span class=\"ff1\"> </span>real<span class=\"_ _0\"></span>izzi<span class=\"ff1\"> </span>uno<span class=\"ff1\"> </span>peggiore<span class=\"_ _3bd\"> </span> 8<span class=\"_ _0\"></span>0%<span class=\"_ _1\"></span> \u201c<span class=\"_ _0\"></span>Ba<span class=\"_ _1\"></span>d\u201d<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>De<span class=\"_ _0\"></span>epRe<span class=\"_ _0\"></span>cess<span class=\"_ _0\"></span>ionSce<span class=\"_ _0\"></span>nari<span class=\"_ _1\"></span>o(\u201c<span class=\"_ _0\"></span>S3\u201d):<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">scen<span class=\"_ _0\"></span>ario<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">prob<span class=\"_ _0\"></span>abi<span class=\"_ _0\"></span>lit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">90%<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>realizzi<span class=\"ff1\"> </span>uno<span class=\"ff1\"> </span>scenario<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">migliore<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>10%<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>se<span class=\"ff1\"> </span>ne<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">realizzi<span class=\"ff1\"> </span>uno<span class=\"ff1\"> </span>pegg<span class=\"_ _0\"></span>iore<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span>1<span class=\"_ _0\"></span>0%<span class=\"_ _1\"></span> Ai<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fini<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>d<span class=\"_ _2\"></span>ella<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>definizione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">degli</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">scenari,</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">il</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">PIL<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">\u00e8</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">la</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">variabile</span> <span class=\"_ _27\"> </span><span class=\"ff3\">\u201c<span class=\"_ _2\"></span>anchor</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">point\u201d,</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">il</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">cui</span> <span class=\"_ _27\"> </span><span class=\"ff3\">andamento</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">\u00e8</span> </span></span></span>considerato<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>come<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>indicatore<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>rappresentativo<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>quadro<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>economico<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>generale.<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>Sulla<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>b<span class=\"_ _0\"></span>ase<span class=\"ff1\"> </span>dell\u2019andamento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>PIL<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>definito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l\u2019andamento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> </span>altr<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>variabili<span class=\"ff1\"> <span class=\"_ _2\"></span></span>macroeconomiche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rilievo.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>A<span class=\"ff1\"> </span>ciascuno<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">scenario<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">quindi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">associata<span class=\"ff1\"> </span>un<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>robabilit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">accadimento<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">base<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">loro<span class=\"ff1\"> </span>percentile<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> </span>riferimento<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>distribuzione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>variazioni<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>PIL<span class=\"ff1\"> </span>sugli<span class=\"ff1\"> </span>scenari<span class=\"ff1\"> </span>generat<span class=\"_ _2\"></span>i.<span class=\"_ _3bd\"> </span> L\u2019effetto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>degli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Scenari<span class=\"ff1\"> <span class=\"_ _20\"></span></span>viene<span class=\"ff1\"> <span class=\"_ _2\"></span></span>poi<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>radotto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _2\"></span></span>modello<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Impairment<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tr<span class=\"_ _2\"></span>amite<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019utilizzo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>appositi<span class=\"ff1\"> </span>modelli<span class=\"ff1\"> </span>Satellite<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>in<span class=\"_ _2\"></span>dividuano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> </span>variabili<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pi\u00f9<span class=\"ff1\"> </span>significative<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rappresentare<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pi\u00f9<span class=\"ff1\"> </span>significativa<span class=\"ff1\"> </span>correlazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tra<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ciclo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>economico<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dati<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>interni<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>anch<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>term<span class=\"_ _2\"></span>ini<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>scostamento<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>temporale<span class=\"ff1\"> </span>(prendendo<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>consi<span class=\"_ _2\"></span>derazione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>distinti<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>driver<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>anche<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>vari<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>lag<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>temporali<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>rispetto<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>dato<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>su<span class=\"_ _0\"></span>ntiv<span class=\"_ _0\"></span>o).<span class=\"_ _3bd\"> </span> Qu<span class=\"_ _0\"></span>esti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ultim<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>so<span class=\"_ _0\"></span>no<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">util<span class=\"_ _0\"></span>izz<span class=\"_ _0\"></span>ati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">il</span> <span class=\"ff3\">ca<span class=\"_ _0\"></span>lcol<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">comp<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span>nte<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Forward<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">L<span class=\"_ _0\"></span>ookin<span class=\"_ _0\"></span>g<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tutt<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">par<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>tri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>intervengono<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>calcolo<span class=\"ff1\"> </span>dell\u2019ECL:<span class=\"ff1\"> </span>PD,<span class=\"ff1\"> </span>LGD<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>EAD/PrePayment<span class=\"_ _3bd\"> </span>.<span class=\"_ _3bd\"> </span> Con<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>riferimento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>alle<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rettifiche<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>conferma<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>come<span class=\"ff1\">  </span>l<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Scenario<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Baseline<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>presenti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>un<span class=\"_ _2\"></span><span class=\"ff1\"> </span>andamento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>maggiormente<span class=\"ff1\"> </span>compar<span class=\"_ _2\"></span>abile<span class=\"ff1\"> </span>allo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Scenario<span class=\"ff1\"> <span class=\"_ _2\"></span></span>favorevole<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quello<span class=\"ff1\"> <span class=\"_ _2\"></span></span>avverso.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>In<span class=\"ff1\"> <span class=\"_ _2\"></span></span>questo<span class=\"ff1\"> </span>senso<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>l\u2019inclusione<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>dello<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>Scenario<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>Bad<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>ha<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>ef<span class=\"_ _0\"></span>fett<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>fortemente<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>peggiorativo<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>sulla<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>st<span class=\"_ _2\"></span>ima<span class=\"ff1\"> </span>complessiva<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> </span>Rettifiche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(avendo<span class=\"ff1\"> </span>anche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">una<span class=\"_ _2\"></span><span class=\"ff1\"> </span>ponderazione<span class=\"ff1\"> </span>maggiorata<span class=\"ff1\"> </span>rispe<span class=\"_ _0\"></span>tto<span class=\"ff1\"> </span>allo<span class=\"ff1\"> </span>Standar<span class=\"_ _0\"></span>d)<span class=\"ff1\"> </span></span></span></span></span></span></span>a<span class=\"ff1\"> </span>confronto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> </span>l\u2019effetto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">migliorativo<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>Sc<span class=\"_ _0\"></span>enario<span class=\"ff1\"> </span>favorevole<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> </span>viene<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">annu<span class=\"_ _2\"></span>llato<span class=\"ff1\"> </span>attribuend<span class=\"_ _0\"></span>ogl<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>una<span class=\"ff1\"> </span>ponderazione<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>0%.<span class=\"_ _3bd\"> </span> Considerazioni<span class=\"ff1\"> </span>ulteriori<span class=\"ff1\"> <span class=\"_ _2\"></span></span>possono<span class=\"ff1\"> </span>essere<span class=\"ff1\"> <span class=\"_ _2\"></span></span>effettuate<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> </span>esposizioni<span class=\"ff1\"> </span>classificate<span class=\"ff1\"> </span>nello<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u201cSt<span class=\"_ _2\"></span>age<span class=\"ff1\"> </span>3\u201d.<span class=\"ff1\"> </span>Per<span class=\"ff1\"> </span>quel<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>attiene<span class=\"ff1\"> </span>pi\u00f9<span class=\"ff1\"> </span>specificatamente<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>crediti<span class=\"ff1\"> </span>deteriorati,<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>segnala<span class=\"ff1\"> </span>che,<span class=\"ff1\"> </span>pur<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>presenza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>sostanziale<span class=\"ff1\"> </span>equiparazione<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>definizione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>credito<span class=\"ff1\"> </span>deteriorato<span class=\"ff1\"> </span>(credit-impaired<span class=\"ff1\"> </span>financial<span class=\"_ _3bd\"> </span>asset)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>presente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nell\u2019IFRS<span class=\"ff1\"> <span class=\"_ _2\"></span></span>9<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>ispetto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>principio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contabile<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>andato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>ostituire<span class=\"ff1\"> </span>(lo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>IAS39),<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> </span>modalit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>calcolo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>ll\u2019ECL<span class=\"ff1\"> <span class=\"_ _21\"></span></span>lifetime<span class=\"ff1\"> <span class=\"_ _21\"></span></span>hanno<span class=\"ff1\"> <span class=\"_ _21\"></span></span>comportato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>iflessi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>metodologici<span class=\"ff1\"> <span class=\"_ _20\"></span></span>anche<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ai<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>fini<span class=\"ff1\"> <span class=\"_ _21\"></span></span>delle<span class=\"ff1\"> </span>valutazioni<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>svolgere<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>tale<span class=\"ff1\"> </span>comparto,<span class=\"ff1\"> </span>principalmente<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>relazione:<span class=\"_ _3bd\"> </span> All\u2019inclusione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>informazioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>t<span class=\"_ _2\"></span>ipo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>forward<span class=\"ff1\"> <span class=\"_ _20\"></span></span>looking,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quelle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>relative<span class=\"ff1\"> <span class=\"_ _20\"></span></span>agli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sce<span class=\"_ _0\"></span>nari<span class=\"_ _0\"></span> macroeconomici,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>time<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alle<span class=\"ff1\"> </span>tempi<span class=\"_ _0\"></span>stiche<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ecupero,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">probabilit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">migrazione<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">classi<span class=\"ff1\"> </span>peggiori,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nonch\u00e9<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quelle<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ossono<span class=\"ff1\"> </span>avere<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">influenza<span class=\"ff1\"> </span>sul<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span>collaterale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>sulla<span class=\"ff1\"> </span>durata<span class=\"ff1\"> </span>attesa<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>relativo<span class=\"ff1\"> </span>recupero;<span class=\"_ _3bd\"> </span> Alla<span class=\"ff1\"> </span>considerazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>scenari<span class=\"ff1\"> </span>alternativi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>recupero,<span class=\"ff1\"> </span>quali<span class=\"ff1\"> </span>quelli<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>vendita<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>as<span class=\"_ _0\"></span>set<span class=\"_ _3bd\"> </span> creditizi,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>connessione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>po<span class=\"_ _2\"></span>ssibili<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cessioni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>q<span class=\"_ _2\"></span>uote<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>por<span class=\"_ _2\"></span>tafoglio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>teriorato,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> </span>relazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>agli<span class=\"ff1\"> <span class=\"_ _21\"></span></span>obiettivi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>aziendali<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riduzione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>degli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>asset<span class=\"ff1\"> <span class=\"_ _21\"></span></span>non<span class=\"ff1\"> <span class=\"_ _20\"></span></span>performing,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dev<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>essere<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>attribuita<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>una<span class=\"ff1\">  </span>pro<span class=\"_ _2\"></span>babilit\u00e0<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>realizzazione,<span class=\"ff1\">  </span>da<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>considerare<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>della<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">complessiva.<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>Tenendo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>considerazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>quanto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sopra<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"></span></span>coerenza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _21\"></span></span>gli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>indirizzi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">obiettivi</span> <span class=\"_ _21\"></span><span class=\"ff3\">relativi</span> <span class=\"_ _20\"></span><span class=\"ff3\">al</span> </span>portafoglio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>NPL,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">le</span> <span class=\"_ _20\"></span><span class=\"ff3\">svalutazioni</span> <span class=\"_ _21\"></span><span class=\"ff3\">sui</span> <span class=\"_ _20\"></span><span class=\"ff3\">crediti</span> <span class=\"_ _21\"></span><span class=\"ff3\">deteriorati</span> <span class=\"_ _20\"></span><span class=\"ff3\">vengono</span> <span class=\"_ _21\"></span><span class=\"ff3\">appl<span class=\"_ _0\"></span>icate<span class=\"ff1\"> <span class=\"_ _21\"></span></span>attraverso<span class=\"ff1\"> <span class=\"_ _21\"></span></span>due<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">diverse</span> </span></span></span>me<span class=\"_ _0\"></span>todo<span class=\"_ _0\"></span>logi<span class=\"_ _0\"></span>e:<span class=\"_ _3bd\"> </span> An<span class=\"_ _0\"></span>alit<span class=\"_ _0\"></span>iche<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sull<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sing<span class=\"_ _0\"></span>ole<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span>spo<span class=\"_ _0\"></span>sizi<span class=\"_ _0\"></span>oni,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">r<span class=\"_ _0\"></span>ela<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rett<span class=\"_ _0\"></span>ifich<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">app<span class=\"_ _0\"></span>lica<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tal<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">esposi<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ni,<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ne<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>corso<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dell\u2019<span class=\"_ _0\"></span>ese<span class=\"_ _0\"></span>rciz<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>cor<span class=\"_ _0\"></span>rente<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">le</span> <span class=\"ff3\">pe<span class=\"_ _0\"></span>rdit<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>atte<span class=\"_ _0\"></span>se<span class=\"ff1\"> </span>sui<span class=\"ff1\"> </span>cr<span class=\"_ _0\"></span>editi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dete<span class=\"_ _0\"></span>riora<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>so<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>det<span class=\"_ _0\"></span>ermi<span class=\"_ _0\"></span>nate<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span>analiticamente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>base<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>alle<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _0\"></span>revisioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>recupero<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>form<span class=\"_ _2\"></span>ulate<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>d<span class=\"_ _2\"></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>gest<span class=\"_ _2\"></span>ore<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>risultant<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>dall\u2019applicazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>regolamento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>interno<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u201clinee<span class=\"ff1\"> <span class=\"_ _21\"></span></span>guida<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>criteri<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>svalutazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>crediti<span class=\"ff1\"> </span>gruppo<span class=\"ff1\"> </span>Credem\u201d,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attualizzate<span class=\"ff1\"> </span>in<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>funzione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>t<span class=\"_ _2\"></span>assi<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>interesse<span class=\"ff1\"> </span>effettivi<span class=\"ff1\"> </span>o<span class=\"_ _2\"></span>riginari<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> </span>relativa<span class=\"ff1\">  </span>tempistica<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>recupero<span class=\"ff1\">  </span>prevista.<span class=\"ff1\">  </span>Considerato<span class=\"ff1\">  </span>che<span class=\"ff1\">  </span>le<span class=\"ff1\">  </span>previsioni<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>recupero<span class=\"ff1\"> </span>assumono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>come<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>riferimento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff3\">s<span class=\"_ _2\"></span>pecifica</span> <span class=\"_ _21\"> </span><span class=\"ff3\">s<span class=\"_ _2\"></span>ituazione</span> <span class=\"_ _27\"> </span><span class=\"ff3\">del</span> <span class=\"_ _27\"> </span><span class=\"ff3\">d<span class=\"_ _2\"></span>ebitore,</span> <span class=\"_ _27\"> </span><span class=\"ff3\">s<span class=\"_ _2\"></span>i</span> <span class=\"_ _27\"> </span><span class=\"ff3\">ritiene</span> <span class=\"_ _27\"> </span><span class=\"ff3\">non</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">trovi</span> </span>coerenza<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>app<span class=\"_ _0\"></span>licazione<span class=\"ff1\"> </span>un\u2019analisi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>se<span class=\"_ _0\"></span>nsitivity<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>perdite<span class=\"ff1\"> </span>attese<span class=\"ff1\"> </span>su<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tali<span class=\"ff1\"> </span>esposizioni.;<span class=\"ff1\"> </span></span></span>Non<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>uttavia<span class=\"ff1\"> </span>possibile<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">escludere<span class=\"ff1\"> </span>che,<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>deterioramento<span class=\"ff1\"> </span>della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">situazione<span class=\"ff1\"> </span>credi<span class=\"_ _0\"></span>tizia<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span></span></span></span></span></span></span>debitore,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>anche<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>conseguenza<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>possibili<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>effetti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>negativi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sull\u2019economia<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>corr<span class=\"_ _2\"></span>elati<span class=\"ff1\"> </span>all\u2019esaurimento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>misure<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sostegno<span class=\"ff1\"> <span class=\"_ _21\"></span></span>messe<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"></span></span>atto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fronteggiare<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>diffusione<span class=\"ff1\"> </span>internazionale<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Coronavirus<span class=\"ff1\">  </span>u<span class=\"_ _0\"></span>nitamente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>agli<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>effett<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>derivanti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>conflit<span class=\"_ _2\"></span>to<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Russo-<span class=\"ff1\"> </span>Ucraino,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">poss<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">comportar<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rilevazi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">u<span class=\"_ _2\"></span>lteriori<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">perdite<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rispett<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quelle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>onsiderate<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dicembre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">2022.<span class=\"ff1\"> </span>Da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">evid<span class=\"_ _2\"></span>enziare,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>elazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">all\u2019em<span class=\"_ _2\"></span>ergenza<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">R<span class=\"_ _2\"></span>usso-Ucraina,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">come<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">siano<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>state<span class=\"ff1\">  </span>effettuate<span class=\"ff1\">  </span>attivit\u00e0<span class=\"ff1\">  </span>straord<span class=\"_ _0\"></span>inarie<span class=\"ff1\">  </span>in<span class=\"ff1\">  </span>relazione<span class=\"ff1\">  </span>al<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>presi<span class=\"_ _2\"></span>dio<span class=\"ff1\">  </span>del<span class=\"ff1\">  </span>rischio<span class=\"ff1\">  </span>come<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>alla<span class=\"_ _2\"></span><span class=\"ff1\"> </span>stra<span class=\"_ _0\"></span>teg<span class=\"_ _0\"></span>ia<span class=\"ff1\"> </span>cr<span class=\"_ _0\"></span>edi<span class=\"_ _0\"></span>tiz<span class=\"_ _0\"></span>ia.<span class=\"ff1\"> </span>Su<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">quest<span class=\"_ _0\"></span>\u2019ul<span class=\"_ _0\"></span>tima<span class=\"ff1\"> </span>son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>sta<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>sv<span class=\"_ _0\"></span>olt<span class=\"_ _0\"></span>e,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">sono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in</span> <span class=\"ff3\">re<span class=\"_ _0\"></span>gola<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>ag<span class=\"_ _0\"></span>gio<span class=\"_ _0\"></span>rname<span class=\"_ _0\"></span>nto<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span></span></span></span></span></span></span>analisi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ottica<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">forward-looking<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ui<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">principali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ettori<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">energivori<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">impattati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dalla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">situazione<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>emergenziale,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"_ _2\"></span>nche<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>relazio<span class=\"_ _2\"></span>ne<span class=\"ff1\"> <span class=\"_ _20\"></span></span>all'innalzamento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>costi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>operativi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ed<span class=\"ff1\"> <span class=\"_ _21\"></span></span>intervenendo<span class=\"ff1\"> </span>qui<span class=\"_ _0\"></span>ndi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">su<span class=\"_ _0\"></span>ll\u2019az<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>credi<span class=\"_ _0\"></span>tiz<span class=\"_ _0\"></span>ia<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>comme<span class=\"_ _0\"></span>rci<span class=\"_ _0\"></span>ale.<span class=\"ff1\"> </span>Ri<span class=\"_ _0\"></span>spet<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>inve<span class=\"_ _0\"></span>ce<span class=\"ff1\"> </span>alle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">atti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">pre<span class=\"_ _0\"></span>sidi<span class=\"_ _0\"></span>o,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">azio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>specifiche<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>hanno<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>riguardato<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>tutto<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>por<span class=\"_ _2\"></span>tafoglio<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>creditizio,<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>individuando<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>clienti<span class=\"ff1\"> </span>potenzialmente<span class=\"ff1\">  </span>maggiormente<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>impattati<span class=\"ff1\">  </span>da<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>costo<span class=\"ff1\">  </span>energia,<span class=\"ff1\">  </span>cost<span class=\"_ _2\"></span>o<span class=\"ff1\">  </span>materie<span class=\"ff1\">  </span>prime<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>e<span class=\"ff1\"> </span>shortage<span class=\"ff1\"> </span>ma<span class=\"_ _0\"></span>terie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prime,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sulla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">base<span class=\"ff1\"> </span>dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">se<span class=\"_ _0\"></span>tto<span class=\"_ _2\"></span>ri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">identificati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">come<span class=\"ff1\"> </span>pi\u00f9<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vulnerabili<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>fra<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pr<span class=\"_ _2\"></span>imi<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>l\u2019industria<span class=\"ff1\"> </span>cartaria,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">produzione<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>pi<span class=\"_ _0\"></span>astr<span class=\"_ _2\"></span>elle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ceramica,<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">settore</span> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Metallurgia,<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>Automotive<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>infine<span class=\"ff1\"> </span>Legno/Agroalimentare);<span class=\"_ _3bd\"> </span> Svalutazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">determinate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">secondo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">uno<span class=\"ff1\"> </span>specifico<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">modello,<span class=\"ff1\"> </span>che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">p<span class=\"_ _2\"></span>ossono<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>ssere<span class=\"ff1\"> </span>app<span class=\"_ _0\"></span>licate<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>ad<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">portafoglio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">posizioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Sofferenza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un\u2019ottica<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dismissione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">seguito<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>definito<span class=\"ff1\"> </span>\u201cPortafoglio<span class=\"ff1\"> </span>sotto-modello<span class=\"ff1\"> </span>Stage<span class=\"ff1\"> </span>3\u201d<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>\u201cPortafoglio\u201d).<span class=\"_ _3bd\"> </span> Al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">31/<span class=\"_ _0\"></span>12/2<span class=\"_ _0\"></span>022<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">n<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>so<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>osi<span class=\"_ _0\"></span>zioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cl<span class=\"_ _0\"></span>assi<span class=\"_ _0\"></span>fica<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">all\u2019<span class=\"_ _0\"></span>inte<span class=\"_ _1\"></span>rno<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>ortaf<span class=\"_ _0\"></span>ogli<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>sott<span class=\"_ _0\"></span>o-m<span class=\"_ _0\"></span>ode<span class=\"_ _0\"></span>llo<span class=\"ff1\"> </span>S<span class=\"_ _0\"></span>tag<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>3<span class=\"_ _1\"></span>.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span>Il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Grup<span class=\"_ _0\"></span>po<span class=\"ff1\"> </span>Cre<span class=\"_ _0\"></span>dem<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>nsid<span class=\"_ _0\"></span>era<span class=\"ff1\"> </span>sto<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>came<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l\u2019ele<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>qual<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del</span> <span class=\"ff3\">cred<span class=\"_ _1\"></span>ito<span class=\"ff1\"> </span>come<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un</span> <span class=\"ff3\">ele<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>fond<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>nt<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>della<span class=\"ff1\"> </span>propria<span class=\"ff1\"> </span>stabilit\u00e0<span class=\"ff1\"> </span>patrimoniale<span class=\"ff1\"> </span>ed<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> </span>fattore<span class=\"ff1\"> </span>strategico<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>processo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>creazi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>valore.<span class=\"ff1\"> </span>I<span class=\"ff1\"> </span></span></span>principi<span class=\"ff1\"> </span>fondamentali<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>basa<span class=\"ff1\"> </span>l\u2019erogazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>credito<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> </span>seguenti:<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>la<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>coerenza<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>connotazi<span class=\"_ _2\"></span>one<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>banca<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>commerciale<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>domestica<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>nella<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>valutazione<span class=\"ff1\"> </span>dell\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>cliente,<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>sua<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dimensione<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> </span>sua<span class=\"ff1\"> </span>ubicazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>geografica<span class=\"ff1\"> </span>rispetto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> </span>rete<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Credem;<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>-<span class=\"_ _3bd\"> </span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tecnica<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ne<span class=\"_ _0\"></span>ll\u2019analisi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischio,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>as<span class=\"_ _2\"></span>sicura<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>alle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>concessioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>creditizie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">u<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pr<span class=\"_ _2\"></span>esupposto<span class=\"ff1\"> </span></span></span>ogg<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>tivo<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">coe<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fin<span class=\"_ _0\"></span>alit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>sige<span class=\"_ _0\"></span>nze<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fin<span class=\"_ _0\"></span>anzi<span class=\"_ _0\"></span>arie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>cli<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>e,<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sue<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>sion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>patrimoniali<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>relative<span class=\"ff1\"> </span>capacit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rimborso<span class=\"_ _2\"></span><span class=\"ff1\"> </span>storiche<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>prospettiche;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>qualit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l\u2019adeguatezza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"></span></span>informazioni,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>coerentemente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cr<span class=\"_ _2\"></span>iteri<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Data<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Governance<span class=\"ff1\"> </span>definiti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dal<span class=\"ff1\"> <span class=\"_ _20\"></span></span>gruppo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Credem,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>com<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>presupposto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>essenziale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valutazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>oggettiva<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>profilo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>trova<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>rating<span class=\"ff1\"> </span>interno<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>sua<span class=\"ff1\"> </span>prima<span class=\"ff1\"> <span class=\"_ _2\"></span></span>espressione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>sintesi;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>il<span class=\"ff1\"> </span>fr<span class=\"_ _2\"></span>azionamento<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>credito<span class=\"ff1\"> </span>perseguito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>diversificando<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>portafoglio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>clienti<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> </span>approccio<span class=\"ff1\"> </span>selettivo<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>coerente<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>obiettivi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>capitale<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio/rendimento;<span class=\"_ _3bd\"> </span><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs2d35\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d36\">la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>valutazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>consolidata<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>contro<span class=\"_ _2\"></span>parti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>livello<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Gruppo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>mo<span class=\"_ _2\"></span>do<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>delineare<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>una<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d37\">prospettiva<span class=\"ff1\"> </span>uni<span class=\"_ _0\"></span>taria<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> </span>framme<span class=\"_ _0\"></span>ntata<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">profilo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>ciascuna<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">singola<span class=\"ff1\"> </span>controparte<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d38\">o<span class=\"ff1\"> </span>gruppo<span class=\"ff1\"> </span>controparte; </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs2d39\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d3a\">la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>cura<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riservata<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>regolarit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>formale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prima<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dell\u2019e<span class=\"_ _0\"></span>rogazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>concessioni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>credito<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d3b\">anche<span class=\"ff1\"> <span class=\"_ _21\"></span></span>attraverso<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>supporto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff3\">strutture</span> <span class=\"_ _21\"></span><span class=\"ff3\">specialistiche</span> <span class=\"_ _20\"></span><span class=\"ff3\">press<span class=\"_ _2\"></span>o</span> <span class=\"_ _21\"></span><span class=\"ff3\">il</span> <span class=\"_ _21\"></span><span class=\"ff3\">gruppo</span> <span class=\"_ _20\"></span><span class=\"ff3\">che</span> <span class=\"_ _21\"> </span><span class=\"ff3\">assicurano</span> <span class=\"_ _21\"> </span><span class=\"ff3\">i</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d3c\">necessari<span class=\"ff1\"> </span>riferimenti<span class=\"ff1\"> </span>tecnico-consulenziali; </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs2d3d\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d3e\">l\u2019attenta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gestione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>apporti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">parte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">unit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">linea<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contr<span class=\"_ _2\"></span>olli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">effettuati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dalle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">funzioni<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d3f\">centrali<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>dedicate,<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>assicur<span class=\"_ _2\"></span>ano<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>corretta<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>applicazione<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>linee<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>cre<span class=\"_ _2\"></span>dito,<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d40\">l\u2019aggiornamento<span class=\"ff1\"> <span class=\"_ _bf\"> </span></span>cost<span class=\"_ _2\"></span>ante<span class=\"ff1\"> <span class=\"_ _bf\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _bf\"> </span></span>quadro<span class=\"ff1\"> <span class=\"_ _28\"> </span></span>i<span class=\"_ _0\"></span>nformat<span class=\"_ _2\"></span>ivo<span class=\"ff1\"> <span class=\"_ _bf\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _28\"> </span></span>c<span class=\"_ _0\"></span>lientela,<span class=\"ff1\"> <span class=\"_ _bf\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _28\"> </span></span>tempestiva<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d41\">individuazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pos<span class=\"_ _2\"></span>izioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">problematiche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019adozione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>zioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">necessarie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">recupero<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d42\">delle<span class=\"ff1\"> </span>relative<span class=\"ff1\"> </span>esposizioni; </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs2d43\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d44\">l\u2019adozione<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>p<span class=\"_ _0\"></span>olitiche<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>rigorose<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>classificazione<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>copertura<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _23\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>crediti<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>deteriorati,<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d45\">privilegiando<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">quando<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">possibile<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">politiche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">transatt<span class=\"_ _2\"></span>ive<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">volte<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>raggiunge<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>ac<span class=\"_ _0\"></span>cordi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stragiudiziali<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d46\">con<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>controparti<span class=\"ff1\"> </span>contenendone<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>conseguenza<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>costi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>recupero. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d47\">Con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>iferimento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tematiche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">credito<span class=\"_ _2\"></span>,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">precisa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Gruppo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pubblica<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019informativa<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d48\">prevista<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dalle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u201cGui<span class=\"_ _2\"></span>delines<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">on<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rep<span class=\"_ _2\"></span>orting<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">and<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">disclosur<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">of<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">exposures<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">subject<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">measures<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">applied<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d49\">res<span class=\"_ _0\"></span>pon<span class=\"_ _0\"></span>se<span class=\"ff1\"> </span>to<span class=\"ff1\"> </span>the<span class=\"ff1\"> </span>COV<span class=\"_ _0\"></span>ID-<span class=\"_ _0\"></span>19<span class=\"ff1\"> </span>cris<span class=\"_ _0\"></span>is\u201d<span class=\"ff1\"> </span>pu<span class=\"_ _0\"></span>bbl<span class=\"_ _0\"></span>icat<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>dall\u2019<span class=\"_ _0\"></span>EBA<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">(EB<span class=\"_ _0\"></span>A/GL<span class=\"_ _0\"></span>/202<span class=\"_ _0\"></span>0/07)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ne<span class=\"_ _0\"></span>ll\u2019<span class=\"_ _0\"></span>inf<span class=\"_ _0\"></span>ormat<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">al</span> <span class=\"ff3\">pub<span class=\"_ _0\"></span>blico<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d4a\">\u201cTerzo<span class=\"ff1\"> </span>Pilastro\u201d<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>\u201cPillar<span class=\"ff1\"> </span>3\u201d. </div><div class=\"t m26 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2d4b\">1.<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2d4c\">Im<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2d4d\">de<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span>nti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2d4e\">da<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2d4f\">qu<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>ro<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2d50\">ma<span class=\"_ _1\"></span>cro<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>o,<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2d51\">da<span class=\"_ _0\"></span>lla<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2d52\">Cr<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2d53\">RU<span class=\"_ _0\"></span>/U<span class=\"_ _0\"></span>A<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2d54\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2d55\">da<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2d56\">ris<span class=\"_ _0\"></span>ch<span class=\"_ _0\"></span>io<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2d57\">cl<span class=\"_ _0\"></span>ima<span class=\"_ _1\"></span>tico<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2d58\">in<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2d59\">re<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2d5a\">al<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2d5b\">rischio<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2d5c\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2d5d\">credit<span class=\"_ _0\"></span>o<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d5e\">Nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cor<span class=\"_ _0\"></span>so<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">2022<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>ivel<span class=\"_ _0\"></span>lo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>inc<span class=\"_ _0\"></span>erte<span class=\"_ _0\"></span>zz<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>rela<span class=\"_ _0\"></span>tivo<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>giun<span class=\"_ _0\"></span>tura<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">macro<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>onomi<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">glo<span class=\"_ _0\"></span>bale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u00e8</span> <span class=\"ff3\">stat<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d5f\">ulteriormente<span class=\"ff1\"> </span>innalzato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> </span>causa<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>scoppio<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>conflitto<span class=\"_ _2\"></span><span class=\"ff1\"> </span>fra<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Russia<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>Ucraina<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(i.e.<span class=\"ff1\"> </span>Crisi<span class=\"ff1\"> </span>RU/UA),<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d60\">che<span class=\"ff1\">  </span>ha<span class=\"ff1\">  </span>reso<span class=\"ff1\">  </span>le<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">previsioni</span>  <span class=\"ff3\">macroeconomiche</span>  <span class=\"ff3\">e</span>  <span class=\"ff3\">ai</span>  <span class=\"ff3\">relativi</span>  <span class=\"ff3\">scenari</span>  <span class=\"ff3\">impie<span class=\"_ _0\"></span>gati<span class=\"ff1\">  </span>in<span class=\"ff1\">  </span>ambito<span class=\"ff1\">  </span>IFRS9<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d61\">potenzialmente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"_ _2\"></span>nstabili.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">P<span class=\"_ _2\"></span>er<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mo<span class=\"_ _2\"></span>tivo,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>partire<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dalla<span class=\"ff1\"> </span>data<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">co<span class=\"_ _2\"></span>ntabile<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>Giugno<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">2022,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ci<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>osti<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d62\">l\u2019obiettivo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>gestire,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>oltre<span class=\"ff1\"> <span class=\"_ _20\"></span></span>agli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>effetti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pandemia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Covid-1<span class=\"_ _2\"></span>9,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>anche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>ale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ulterior<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fatto<span class=\"_ _2\"></span>re<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d63\">in<span class=\"_ _0\"></span>certe<span class=\"_ _1\"></span>zza. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d64\">Credito<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Emiliano<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ha<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>ecepito<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>indicazioni<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>d<span class=\"_ _2\"></span>iversi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Regulator<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>materia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>applicazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d65\">Principio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contabile<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff3\">IFRS</span> <span class=\"_ _21\"></span><span class=\"ff3\">9</span> <span class=\"_ _20\"></span><span class=\"ff3\">sulla<span class=\"_ _2\"></span></span> <span class=\"_ _21\"></span><span class=\"ff3\">classificazione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff3\">degli</span> <span class=\"_ _21\"></span><span class=\"ff3\">strumenti</span> <span class=\"_ _21\"></span><span class=\"ff3\">finanziari</span> <span class=\"_ _20\"></span><span class=\"ff3\">e</span> <span class=\"_ _21\"></span><span class=\"ff3\">relativa</span> <span class=\"_ _21\"></span><span class=\"ff3\">misurazione</span> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d66\">delle<span class=\"ff1\"> </span>perdite<span class=\"ff1\"> </span>attese. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d67\">In<span class=\"ff1\"> </span>part<span class=\"_ _2\"></span>icolare,<span class=\"ff1\"> </span>Cre<span class=\"_ _2\"></span>dito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Emiliano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ha<span class=\"ff1\"> </span>a<span class=\"_ _2\"></span>gito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>principalmente<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ulla<span class=\"ff1\"> </span>m<span class=\"_ _2\"></span>etodologia<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>determinazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d68\">parametri<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>IFRS<span class=\"ff1\"> <span class=\"_ _20\"></span></span>9<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dedicati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"_ _2\"></span>lle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>esposizioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>performing<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>manterr\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>monitoraggio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d69\">framework<span class=\"ff1\"> <span class=\"_ _2\"></span></span>metodologico<span class=\"ff1\"> <span class=\"_ _2\"></span></span>IFRS9<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ott<span class=\"_ _2\"></span>ica<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Covid<span class=\"ff1\"> <span class=\"_ _2\"></span></span>19<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Crisi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>RU/UA<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fini<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valutare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>necessit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d6a\">adottare<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>aggiornamenti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>uccessivi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rispetto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quanto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>vigore<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>all<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>presente<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>data<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>c<span class=\"_ _0\"></span>ontabile.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Il<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d6b\">framework<span class=\"ff1\"> </span>vigente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>classificazione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>esposizioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nei<span class=\"ff1\"> </span>3<span class=\"ff1\"> </span>stage<span class=\"ff1\"> </span>prev<span class=\"_ _0\"></span>isti<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>Normativa<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ha<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d6c\">subito<span class=\"ff1\"> </span>variazioni<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>Tale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">approccio<span class=\"ff1\"> </span>ha<span class=\"ff1\"> </span>consentito<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sia<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gestire<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>prociclicit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">data<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">situazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d6d\">emergenza<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ancora<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cors<span class=\"_ _2\"></span>o,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">co<span class=\"_ _2\"></span>me<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">richiest<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">appositamente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"_ _2\"></span>lla<span class=\"ff1\"> </span>E<span class=\"_ _0\"></span>uropean<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Central<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Bank<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(i.e.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ECB)<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d6e\">con<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>apposite<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>lettere<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>1\u00b0<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>Aprile<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>4<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>dicembre<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>202<span class=\"_ _2\"></span>0,<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>sia<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>continuare<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>rilevare<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d6f\">tempestivamente<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>eventuali<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>deteriora<span class=\"_ _2\"></span>menti<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>qualit\u00e0<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>creditizia,<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>accompagnati<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>un<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d70\">incremento<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>perdita<span class=\"ff1\"> </span>attesa<span class=\"ff1\"> </span>associata.<span class=\"ff1\"> </span>La<span class=\"ff1\"> </span>presente<span class=\"ff1\"> </span>sezione<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>strutturat<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>segue<span class=\"_ _0\"></span>: </div><div class=\"t m2 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d71\">\u2022<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d72\">Va<span class=\"_ _0\"></span>luta<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell\u2019<span class=\"_ _0\"></span>inc<span class=\"_ _0\"></span>reme<span class=\"_ _0\"></span>nto<span class=\"ff1\"> </span>si<span class=\"_ _0\"></span>gnif<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>ativ<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ris<span class=\"_ _0\"></span>chio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">c<span class=\"_ _0\"></span>red<span class=\"_ _0\"></span>ito<span class=\"ff1\"> </span>(S<span class=\"_ _0\"></span>ICR)<span class=\"_ _0\"></span>; </span></span></span></span></div><div class=\"t m2 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d73\">\u2022<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d74\">Mi<span class=\"_ _0\"></span>sur<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>de<span class=\"_ _1\"></span>lle<span class=\"ff1\"> </span>pe<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>di<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">atte<span class=\"_ _0\"></span>se. </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d75\">Com<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>esc<span class=\"_ _0\"></span>ritt<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>ttag<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>rosi<span class=\"_ _0\"></span>egu<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>ocum<span class=\"_ _0\"></span>ento<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rima<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sez<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>dica<span class=\"_ _0\"></span>ta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ad<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">illu<span class=\"_ _0\"></span>strar<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d76\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">raz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ch<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">hann<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>orta<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Credi<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>E<span class=\"_ _0\"></span>mil<span class=\"_ _0\"></span>iano<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">man<span class=\"_ _0\"></span>tene<span class=\"_ _1\"></span>re<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>terat<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">propri<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">appro<span class=\"_ _0\"></span>cci<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>tag<span class=\"_ _0\"></span>ing<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d77\">degli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>strumenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziar<span class=\"_ _2\"></span>i,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>descrivendo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>inoltre<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>relazioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>classificazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d78\">misure<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>facilitazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rimborso<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>debito<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>poste<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>atto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Gruppo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dell\u2019attuale<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d79\">contesto<span class=\"ff1\"> </span>emergenziale.<span class=\"ff1\"> </span>L<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>seco<span class=\"_ _2\"></span>nda<span class=\"ff1\"> </span>sezione,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">invece,<span class=\"ff1\"> </span>risulta<span class=\"ff1\"> </span>dedicata<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>descrizione<span class=\"ff1\"> </span>anali<span class=\"_ _0\"></span>tica<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d7a\">delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"_ _2\"></span>voluzioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>operate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>elativamente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _20\"></span></span>modelli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>misurazion<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>IFRS<span class=\"ff1\"> <span class=\"_ _20\"></span></span>9,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>unitamente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>all<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ipotesi<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d7b\">sottostanti<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>suddetti<span class=\"ff1\"> </span>interventi. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d7c\">Con<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>riguardo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ai<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>climatici,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ambientali,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fisici<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>transizione,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>questi<span class=\"ff1\">  </span>sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>stati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>integrati<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d7d\">nell'analisi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rilevanza<span class=\"ff1\"> </span>tramite<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>Gruppo<span class=\"ff1\"> </span>Credem<span class=\"ff1\"> </span>valuta<span class=\"ff1\"> </span>periodicamente<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>materialit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tutt<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d7e\">rischi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"></span></span>esposto.<span class=\"ff1\"> <span class=\"_ _21\"></span></span>In<span class=\"ff1\"> <span class=\"_ _21\"></span></span>particolare<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Gr<span class=\"_ _2\"></span>uppo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ha<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sviluppato<span class=\"ff1\"> <span class=\"_ _21\"></span></span>una<span class=\"ff1\"> <span class=\"_ _21\"></span></span>metodologia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quantitat<span class=\"_ _2\"></span>iva<span class=\"ff1\"> <span class=\"_ _21\"></span></span>per<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d7f\">misurare<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>livello<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>concentrazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>port<span class=\"_ _2\"></span>afoglio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>crediti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>port<span class=\"_ _2\"></span>afoglio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>investimenti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>verso<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d80\">que<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">imp<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">la</span> <span class=\"ff3\">cu<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>at<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>conom<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>tenu<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>rtic<span class=\"_ _0\"></span>olar<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>se<span class=\"_ _0\"></span>nsib<span class=\"_ _0\"></span>ile<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ai<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>isc<span class=\"_ _0\"></span>hi<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tran<span class=\"_ _0\"></span>sizi<span class=\"_ _0\"></span>one.<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d81\">Per<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>q<span class=\"_ _0\"></span>uanto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>riguarda<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fisico,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Gruppo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ha<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sviluppato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>metodologia<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>misu<span class=\"_ _0\"></span>rare<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d82\">potenziali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>effett<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>derivanti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>da<span class=\"ff1\"> <span class=\"_ _20\"></span></span>eventi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>climatici<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sul<span class=\"ff1\"> <span class=\"_ _21\"></span></span>proprio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>portafogl<span class=\"_ _0\"></span>io<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>garanzie<span class=\"ff1\"> <span class=\"_ _21\"></span></span>creditizie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sul<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d83\">proprio<span class=\"ff1\"> </span>portafoglio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">leasing<span class=\"ff1\"> </span>immobiliare,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">basat<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>sul<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>localizzazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">geografica<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sulla<span class=\"ff1\"> </span>selezione<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2d84\">di<span class=\"ff1\"> </span>tipologie<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>eventi<span class=\"ff1\"> </span>climatici.<span class=\"ff1\"> </span>La<span class=\"ff1\"> </span>progettualit\u00e0<span class=\"ff1\"> </span>avviata<span class=\"ff1\"> </span>ha<span class=\"ff1\"> </span>premesso<span class=\"_ _2\"></span><span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>redazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>Piano<span class=\"ff1\"> </span>di </div>az<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">plu<span class=\"_ _0\"></span>rien<span class=\"_ _0\"></span>nal<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>alli<span class=\"_ _0\"></span>nea<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>Cre<span class=\"_ _0\"></span>dem<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">le</span> <span class=\"_ _0\"></span><span class=\"ff3\">soci<span class=\"_ _0\"></span>et\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del</span> <span class=\"ff3\">g<span class=\"_ _0\"></span>rup<span class=\"_ _0\"></span>po<span class=\"ff1\"> </span>atti<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le<span class=\"_ _0\"></span>ndin<span class=\"_ _0\"></span>g<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>anto<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rev<span class=\"_ _0\"></span>isto<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>nell\u2019ECB<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Guide<span class=\"ff1\"> <span class=\"_ _21\"></span></span>on<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Cli<span class=\"_ _0\"></span>mate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>related<span class=\"ff1\"> <span class=\"_ _20\"></span></span>&amp;<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span></span>Env<span class=\"_ _0\"></span>ironmental<span class=\"ff1\"> <span class=\"_ _21\"></span></span>risks<span class=\"ff1\"> <span class=\"_ _21\"></span></span>(C&amp;E),<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pubblicata<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">2020.</span> <span class=\"_ _21\"></span><span class=\"ff3\">In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">ambito</span> </span></span></span>cre<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stata<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">reali<span class=\"_ _0\"></span>zz<span class=\"_ _0\"></span>ata<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>na<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rima<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span>tegr<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risc<span class=\"_ _0\"></span>hi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">C&amp;E<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">proc<span class=\"_ _0\"></span>essi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>aluta<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cre<span class=\"_ _0\"></span>dito<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>per<span class=\"ff1\">  </span>il<span class=\"ff1\">  </span>segmento<span class=\"ff1\">  </span>corporate<span class=\"ff1\">  </span>e<span class=\"ff1\">  </span>nel<span class=\"ff1\">  </span>corso<span class=\"ff1\">  </span>del<span class=\"ff1\">  </span>2023<span class=\"ff1\">  </span>l\u2019integrazione<span class=\"ff1\">  </span>nell\u2019attivit\u00e0<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>valutazione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>e<span class=\"ff1\"> </span>monitoraggio<span class=\"ff1\"> </span>verr\u00e0<span class=\"ff1\"> </span>estesa<span class=\"ff1\"> </span>agli<span class=\"ff1\"> </span>altri<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>egmenti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cli<span class=\"_ _0\"></span>entela. Pa<span class=\"_ _0\"></span>rtic<span class=\"_ _0\"></span>ola<span class=\"_ _0\"></span>rmen<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>si<span class=\"_ _0\"></span>gnif<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>sta<span class=\"_ _0\"></span>ta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>arte<span class=\"_ _0\"></span>cipa<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Clim<span class=\"_ _0\"></span>ate<span class=\"ff1\"> </span>S<span class=\"_ _0\"></span>tres<span class=\"_ _0\"></span>s<span class=\"ff1\"> </span>Te<span class=\"_ _0\"></span>st.<span class=\"ff1\"> </span><span class=\"fc9\">L<span class=\"_ _0\"></span>'ese<span class=\"_ _0\"></span>rci<span class=\"_ _0\"></span>zio<span class=\"ff1\"> </span>t</span></span></span></span></span>ra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alt<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span></span></span></span></span>cose<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">prevedeva:<span class=\"fc0\"> </span></span></span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mis<span class=\"_ _0\"></span>ura<span class=\"_ _0\"></span>zione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>tere<span class=\"_ _0\"></span>ssi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ommi<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">atti<span class=\"_ _0\"></span>vi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gene<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ontrop<span class=\"_ _0\"></span>arti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ap<span class=\"_ _0\"></span>par<span class=\"_ _0\"></span>tene<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"ff3\">s<span class=\"_ _0\"></span>etto<span class=\"_ _0\"></span>ri </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ad<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">em<span class=\"_ _0\"></span>issi<span class=\"_ _0\"></span>oni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ga<span class=\"_ _0\"></span>s<span class=\"ff1\"> </span>se<span class=\"_ _0\"></span>rra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>fini<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dal<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>B<span class=\"_ _1\"></span>CE;<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">qua<span class=\"_ _0\"></span>ntif<span class=\"_ _0\"></span>icaz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>de<span class=\"_ _1\"></span>lle<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>miss<span class=\"_ _0\"></span>ioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ga<span class=\"_ _0\"></span>s<span class=\"ff1\"> </span>serr<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fin<span class=\"_ _0\"></span>anzi<span class=\"_ _0\"></span>ate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>pr<span class=\"_ _2\"></span>incipali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">contr<span class=\"_ _2\"></span>oparti<span class=\"ff1\"> </span>ap<span class=\"_ _0\"></span>partenenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>settori<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">altamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">emittivi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">basandosi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sulla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">metrica<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>che<span class=\"ff1\"> </span>misura<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>carbon<span class=\"ff1\"> </span>intensity; la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">val<span class=\"_ _0\"></span>uta<span class=\"_ _0\"></span>zione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dis<span class=\"_ _0\"></span>tribu<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>elle<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">espos<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>oni<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>NAC<span class=\"_ _0\"></span>E<span class=\"ff1\"> </span>m<span class=\"_ _0\"></span>aggi<span class=\"_ _0\"></span>orme<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>mpatt<span class=\"_ _0\"></span>ati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"_ _1\"></span>l </span></span></span></span></span></span></span></span></span></span></span></span>ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">t<span class=\"_ _0\"></span>ransi<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>sic<span class=\"_ _0\"></span>o. </span></span></span></span>2.<span class=\"_ _3bd\"> </span>Po<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>he<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ge<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>hio<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>o 2.<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>As<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>or<span class=\"_ _0\"></span>ga<span class=\"_ _0\"></span>niz<span class=\"_ _0\"></span>za<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Se<span class=\"_ _0\"></span>rvi<span class=\"_ _0\"></span>zio<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>red<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Cr<span class=\"_ _0\"></span>edi<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>Em<span class=\"_ _0\"></span>ilian<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o<span class=\"_ _0\"></span>rgan<span class=\"_ _0\"></span>izza<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sec<span class=\"_ _0\"></span>ond<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>tre<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ar<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">re<span class=\"_ _0\"></span>spon<span class=\"_ _0\"></span>sab<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>\u00e0: </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Cre<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Strate<span class=\"_ _0\"></span>gy<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>M<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span>tori<span class=\"_ _0\"></span>ng,<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>he<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>fini<span class=\"_ _0\"></span>sce<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">obie<span class=\"_ _0\"></span>ttiv<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>li<span class=\"_ _0\"></span>nee<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">guid<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>sv<span class=\"_ _0\"></span>ilu<span class=\"_ _0\"></span>ppo<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>cre<span class=\"_ _0\"></span>dito<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">inte<span class=\"_ _0\"></span>so<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>come<span class=\"ff1\"> </span>business<span class=\"ff1\"> <span class=\"_ _2\"></span></span>line<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>coerenza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>obiettivi<span class=\"ff1\"> </span>ed<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>RAF<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>gru<span class=\"_ _2\"></span>ppo,<span class=\"ff1\"> </span>effettua<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>controlli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sulla<span class=\"ff1\"> </span>filiera<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\">  </span>c<span class=\"_ _0\"></span>redito,<span class=\"ff1\">  </span>redige<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>r<span class=\"_ _2\"></span>egolamentazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>interna<span class=\"ff1\">  </span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>definisce<span class=\"ff1\">  </span>i<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">principali</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">strumenti,</span> </span>processi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>modelli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>supporto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dell\u2019intero<span class=\"ff1\"> <span class=\"_ _20\"></span></span>processo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>credito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(Fatt<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>salve<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>at<span class=\"_ _2\"></span>tribuzioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>responsabilit\u00e0<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>servizio<span class=\"ff1\"> </span>ERISK<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>relazione<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>modelli<span class=\"ff1\"> </span>rientranti<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>perimetro<span class=\"ff1\"> <span class=\"_ _2\"></span></span>IRB); -<span class=\"_ _3bd\"> </span>Cre<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Manag<span class=\"_ _0\"></span>eme<span class=\"_ _0\"></span>nt,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">che</span> <span class=\"ff3\">att<span class=\"_ _0\"></span>rav<span class=\"_ _0\"></span>erso<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>\u2019at<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>elib<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>tiva<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">la</span> <span class=\"ff3\">consu<span class=\"_ _0\"></span>len<span class=\"_ _0\"></span>za<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tecnic<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>alle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">stru<span class=\"_ _0\"></span>ttu<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>commerciali<span class=\"ff1\"> </span>ed<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Societ\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>p<span class=\"_ _2\"></span>erimetro<span class=\"ff1\"> <span class=\"_ _2\"></span></span>garantisce<span class=\"ff1\"> </span>nel<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tempo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>profilo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>rischiosit<span class=\"_ _2\"></span>\u00e0<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>imp<span class=\"_ _1\"></span>ieghi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">coere<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">gli</span> <span class=\"ff3\">o<span class=\"_ _0\"></span>bie<span class=\"_ _0\"></span>ttiv<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>trate<span class=\"_ _0\"></span>gy<span class=\"ff1\"> </span>de<span class=\"_ _1\"></span>finiti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pre<span class=\"_ _0\"></span>sidi<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>rret<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>game<span class=\"_ _0\"></span>nto<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>elle<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>posizioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">anomale; </span></span>-<span class=\"_ _3bd\"> </span>Non-Performing<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Credit,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>si<span class=\"ff1\"> <span class=\"_ _21\"></span></span>occupa<span class=\"ff1\"> <span class=\"_ _20\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>gestione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>recupero<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>ul<span class=\"ff1\"> <span class=\"_ _20\"></span></span>credito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>no<span class=\"_ _2\"></span>n<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>rfo<span class=\"_ _0\"></span>rming<span class=\"_ _0\"></span>. Le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>linee<span class=\"ff1\"> <span class=\"_ _20\"></span></span>guida<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Credit<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Strategy<span class=\"ff1\"> <span class=\"_ _20\"></span></span>vengono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ap<span class=\"_ _2\"></span>provate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dallo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>specifico<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Comitato<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>Credit<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Strategy<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> </span>Gruppo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">deliberate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dal<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Consiglio<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Am<span class=\"_ _2\"></span>ministrazione.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Relativamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">perimetro<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">NPL,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Comitat<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Crediti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Non<span class=\"ff1\"> </span>P<span class=\"_ _0\"></span>erforming<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">G<span class=\"_ _2\"></span>ruppo,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">occupa<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>defin<span class=\"_ _0\"></span>ire<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">specifiche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">azioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"_ _2\"></span>dirizzo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>trategico<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>monitoraggio,<span class=\"ff1\"> </span>anche<span class=\"ff1\"> </span>relativamente<span class=\"ff1\"> </span>all\u2019andamento<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>indicatori<span class=\"ff1\"> </span>SREP<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>competenza. Nella<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>gestione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>credito<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>concor<span class=\"_ _2\"></span>rono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>inoltre,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rispettive<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>aree<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>competenza,<span class=\"ff1\"> </span>processi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>responsabilit\u00e0<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Servizio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Gruppo<span class=\"ff1\"> </span>Erisk: -<span class=\"_ _3bd\"> </span>Il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Risk<span class=\"ff1\"> </span>Appetite<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Framework:<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">definiti<span class=\"ff1\"> </span>tolerance<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">app<span class=\"_ _2\"></span>etite<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gli<span class=\"ff1\"> </span>indic<span class=\"_ _0\"></span>ator<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">relativi<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>credito<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>termini<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>performing<span class=\"ff1\"> </span>loan<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>perfor<span class=\"_ _2\"></span>ming<span class=\"ff1\"> </span>loan; -<span class=\"_ _3bd\"> </span>Gestione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Sistema<span class=\"ff1\">  </span>interno<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rating,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\">  </span>particolare<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Rating<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Office<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>per<span class=\"ff1\">  </span>attribuzione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rating<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\"> </span>controparti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rientranti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nella<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Funzione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Regolamentare<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Corpor<span class=\"_ _2\"></span>ate,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Rischi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Operativi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Credito<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">responsab<span class=\"_ _2\"></span>ilit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">S<span class=\"_ _2\"></span>istema<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rating<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Corporat<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Retail<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">calibrazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">parametr<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>e<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>funzione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>validazione<span class=\"ff1\"> </span>interna<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>convalida. Le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>disposizioni<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>introdot<span class=\"_ _2\"></span>te<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dalla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>normativa<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>riferimento<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>l\u2019adozione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>modelli<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>interni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ed<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>i<span class=\"ff1\"> </span>successivi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>aggiornamenti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>stati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>istematicamente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>accolti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>da<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Cr<span class=\"_ _2\"></span>edito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Emiliano<span class=\"ff1\"> <span class=\"_ _20\"></span></span>S.p.A.<span class=\"ff1\"> <span class=\"_ _21\"></span></span>come<span class=\"ff1\"> </span>un\u2019opportunit\u00e0<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>migliorar<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>gestione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>incrementare<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>generato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>azionisti,<span class=\"ff1\"> </span>grazie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span>storica<span class=\"ff1\"> </span>qualit\u00e0<span class=\"ff1\"> </span>dell\u2019attivo<span class=\"ff1\"> </span>creditizio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nonch\u00e9<span class=\"ff1\"> </span>all\u2019ampia<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>consolidata<span class=\"ff1\"> </span>dif<span class=\"_ _0\"></span>fusione<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span>degli<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>strumenti<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>rat<span class=\"_ _2\"></span>ing<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>utilizzati<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>nell\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>valutazione,<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>erogazione,<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>monitoraggio<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>e<span class=\"ff1\"> </span>prezzatura<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>credito. 2.<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>Si<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>emi<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ge<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e,<span class=\"_ _3bd\"> </span>mis<span class=\"_ _1\"></span>ura<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>rol<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>L\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valutazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ed<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>erogazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cr<span class=\"_ _2\"></span>edito<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>differenziata<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>seconda<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tipologia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> </span>clientela.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Pi\u00f9<span class=\"ff1\"> </span>precisamente,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">segmento<span class=\"ff1\"> </span>corporate<span class=\"ff1\"> </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in</span> <span class=\"_ _0\"></span><span class=\"ff3\">uso<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sistema<span class=\"ff1\"> </span>\u201cesperto\u201d<span class=\"ff1\"> </span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">guid<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>formulazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> </span>proposta<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">affidamento<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">alla</span> <span class=\"ff3\">base</span> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>el<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sis<span class=\"_ _2\"></span>tema<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rating.<span class=\"ff1\"> </span>Tale<span class=\"ff1\"> </span>metodologia<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>si<span class=\"ff1\"> <span class=\"_ _2\"></span></span>basa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>u<span class=\"ff1\"> <span class=\"_ _2\"></span></span>logiche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>analisi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>componenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>economico-patrimoniali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>bilancio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>integrat<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dalla<span class=\"ff1\"> </span>valutazione<span class=\"ff1\">  </span>dei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>flussi<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>cassa,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dati<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>centrale<span class=\"ff1\">  </span>rischi,<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">nonch\u00e9</span>  <span class=\"ff3\">da</span>  <span class=\"ff3\">v<span class=\"_ _0\"></span>alutazioni<span class=\"ff1\">  </span>qualitative<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>s<span class=\"_ _2\"></span>ul<span class=\"ff1\"> </span></span></span>posizionamento<span class=\"ff1\"> </span>competitivo,<span class=\"ff1\"> </span>sui<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>business<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>sull\u2019appartenenza<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>gr<span class=\"_ _2\"></span>uppo.<span class=\"_ _3bd\"> </span>Pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>se<span class=\"_ _0\"></span>gmen<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>sma<span class=\"_ _0\"></span>ll<span class=\"ff1\"> </span>b<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>ines<span class=\"_ _0\"></span>s,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nell<span class=\"_ _0\"></span>\u2019a<span class=\"_ _0\"></span>mbito<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>ste<span class=\"_ _0\"></span>ssa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">met<span class=\"_ _0\"></span>odol<span class=\"_ _0\"></span>ogi<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>gene<span class=\"_ _1\"></span>rale<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>val<span class=\"_ _0\"></span>utaz<span class=\"_ _0\"></span>ione<span class=\"_ _1\"></span>,<span class=\"ff1\"> </span>sono<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span>state<span class=\"ff1\"> </span>applic<span class=\"_ _0\"></span>ate<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">differenziazioni<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>dare<span class=\"ff1\"> </span>maggior<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">peso</span> <span class=\"ff3\">alle</span> <span class=\"_ _1\"></span><span class=\"ff3\">inform<span class=\"_ _2\"></span>azioni<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tipo</span> <span class=\"ff3\">andame<span class=\"_ _0\"></span>ntale<span class=\"ff1\"> </span></span></span></span></span></span></span>e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ce<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>ale<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>hi,<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">forn<span class=\"_ _0\"></span>isco<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>ntri<span class=\"_ _0\"></span>buto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">imp<span class=\"_ _0\"></span>orta<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">alla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cap<span class=\"_ _0\"></span>aci<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>pr<span class=\"_ _0\"></span>edi<span class=\"_ _0\"></span>ttiva<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">def<span class=\"_ _0\"></span>aul<span class=\"_ _0\"></span>t.<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>Pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>se<span class=\"_ _1\"></span>gment<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>delle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mi<span class=\"_ _0\"></span>croa<span class=\"_ _0\"></span>ttiv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>riv<span class=\"_ _0\"></span>ati<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ons<span class=\"_ _0\"></span>uma<span class=\"_ _0\"></span>tori<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span>sta<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>sv<span class=\"_ _0\"></span>ilup<span class=\"_ _0\"></span>pat<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>si<span class=\"_ _0\"></span>ste<span class=\"_ _0\"></span>ma<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rati<span class=\"_ _0\"></span>ng<span class=\"ff1\"> </span></span></span></span></span></span></span>specificamente<span class=\"ff1\"> </span>calibrato<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>u<span class=\"ff1\"> </span>questa<span class=\"ff1\"> </span>tipologia<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>clien<span class=\"_ _0\"></span>tela<span class=\"ff1\"> </span>a<span class=\"_ _2\"></span><span class=\"ff1\"> </span>supporto<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>processi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>approvazione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">operazioni. </span></span>Inoltre,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tutta<span class=\"ff1\"> <span class=\"_ _21\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>clientela<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Banca<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>attivo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un<span class=\"ff1\"> <span class=\"_ _20\"></span></span>m<span class=\"_ _2\"></span>odello<span class=\"ff1\"> <span class=\"_ _2\"></span></span>interno<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Loss<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Given<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Default<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(<span class=\"_ _2\"></span>LGD)<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>luta<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">la</span> <span class=\"ff3\">poten<span class=\"_ _0\"></span>ziale<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">perdi<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>da<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">def<span class=\"_ _0\"></span>ault<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">della<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">controp<span class=\"_ _1\"></span>arte,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tenen<span class=\"_ _0\"></span>do<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>side<span class=\"_ _0\"></span>razi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tipol<span class=\"_ _0\"></span>ogia<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> </span>controparte,<span class=\"ff1\"> </span>l\u2019ammontare<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell\u2019esposizione,<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>tipologia<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>orma<span class=\"ff1\"> </span>tecnica<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>ventuali<span class=\"ff1\"> </span>garanzie<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>sostegno<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>posizione. Tutti<span class=\"ff1\">  </span>i<span class=\"ff1\">  </span>sistemi<span class=\"ff1\">  </span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\">  </span>direttamente<span class=\"ff1\">  </span>integrati<span class=\"ff1\">  </span>nel<span class=\"_ _2\"></span>la<span class=\"ff1\">  </span>proposta<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>affidamento;<span class=\"ff1\">  </span>la<span class=\"ff1\">  </span>nuova<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Pratica<span class=\"ff1\"> </span>Elettronica<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>Fido<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>operativa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tutti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gestori<span class=\"ff1\"> </span>privati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>aziend<span class=\"_ _2\"></span>e.<span class=\"ff1\"> </span>La<span class=\"ff1\"> <span class=\"_ _2\"></span></span>piattafor<span class=\"_ _2\"></span>ma<span class=\"ff1\"> <span class=\"_ _2\"></span></span>garantisce<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>un<span class=\"ff1\"> </span>elevato<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>quality<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>efficienza<span class=\"ff1\"> </span>nei<span class=\"ff1\"> </span>processi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>istrut<span class=\"_ _2\"></span>toria<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>delibe<span class=\"_ _0\"></span>ra<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>affidamenti<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>rat<span class=\"_ _2\"></span>ing. Un<span class=\"ff1\"> <span class=\"_ _21\"></span></span>pilastro<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>fondamentale<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>governance<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>credito<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"></span></span>costituito<span class=\"ff1\"> <span class=\"_ _21\"></span></span>inoltre<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dall\u2019<span class=\"ff1\"> <span class=\"_ _20\"></span></span>as<span class=\"_ _2\"></span>segnazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u201cad<span class=\"ff1\"> </span>personam\u201d<span class=\"ff1\">  </span>de<span class=\"_ _0\"></span>lle<span class=\"ff1\">  </span>au<span class=\"_ _0\"></span>tonomie<span class=\"ff1\">  </span>delegate,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>previa<span class=\"ff1\">  </span>valutazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sul<span class=\"ff1\">  </span>singolo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>deliberante<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\">  </span>elementi<span class=\"ff1\"> </span>fondamentali<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>ali<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">competenze,<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risultati<span class=\"ff1\"> </span>consegui<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>ge<span class=\"_ _0\"></span>stione<span class=\"ff1\"> </span>ed<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">erogazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span>credi<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>l\u2019attivit\u00e0<span class=\"ff1\"> </span>formativa<span class=\"ff1\"> </span>fruita. I<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>poteri<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delega<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>basano,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>attualmente<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sola<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Credembanca,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sull\u2019indicator<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u201cAccordato<span class=\"ff1\"> </span>Ponderato\u201d,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">appli<span class=\"_ _2\"></span>cando<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>ei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pesi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>lle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ingole<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">componenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">posizione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">affidata<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sintetizza<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>la<span class=\"ff1\"> </span>rischiosit\u00e0<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>rapporto<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>policy<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>serie<span class=\"ff1\"> </span>stor<span class=\"_ _2\"></span>iche<span class=\"ff1\"> </span>dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">def<span class=\"_ _2\"></span>ault. </span></span>Neg<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>ul<span class=\"_ _0\"></span>timi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ann<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>sono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">stati</span> <span class=\"ff3\">in<span class=\"_ _0\"></span>olt<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>po<span class=\"_ _0\"></span>tenz<span class=\"_ _0\"></span>iat<span class=\"_ _0\"></span>i,<span class=\"ff1\"> </span>anc<span class=\"_ _0\"></span>he<span class=\"ff1\"> </span>gra<span class=\"_ _0\"></span>zie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ad</span> <span class=\"ff3\">inve<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>menti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tec<span class=\"_ _0\"></span>nol<span class=\"_ _0\"></span>ogici<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">l\u2019ut<span class=\"_ _0\"></span>iliz<span class=\"_ _0\"></span>zo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>Advanced<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Analytics,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>meccanism<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00abautomatici\u00bb<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>supporto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>monitoraggio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dell\u2019origination,<span class=\"ff1\"> </span>anche<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>ottica<span class=\"ff1\"> </span>Openbanking. A<span class=\"ff1\"> <span class=\"_ _2\"></span></span>supporto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell'origination,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>monitoraggio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>andamenta<span class=\"_ _2\"></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>post-origination<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tr<span class=\"_ _2\"></span>oviamo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>IMA<span class=\"ff1\"> </span>(Indicatore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Monitoraggio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Andamentale)<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ovvero<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Modello<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Early<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Wa<span class=\"_ _0\"></span>rning,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l\u2019obiettivo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> </span>prevedere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">com<span class=\"_ _2\"></span>portamento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">creditizio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anomalo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">prima<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">esso<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">manifest<span class=\"_ _2\"></span>i.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Questo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">indicatore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>alla<span class=\"ff1\"> </span>base<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>calcolo<span class=\"ff1\"> </span>anche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Massimo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Accordato<span class=\"ff1\"> </span>Concedibile<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(MAC)<span class=\"ff1\"> </span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>livello<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mas<span class=\"_ _2\"></span>simo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>affidamento<span class=\"ff1\"> </span>attribuibile<span class=\"ff1\"> </span>automaticamente<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>contropart<span class=\"_ _2\"></span>e. Questi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>str<span class=\"_ _2\"></span>umenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>permettono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>una<span class=\"ff1\"> <span class=\"_ _2\"></span></span>maggiore<span class=\"ff1\"> <span class=\"_ _2\"></span></span>industr<span class=\"_ _2\"></span>ializzazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _2\"></span></span>processo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>concessione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"_ _2\"></span><span class=\"ff1\"> </span>cre<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>abi<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>ando<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">anche<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ca<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>agne<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">aut<span class=\"_ _0\"></span>omat<span class=\"_ _0\"></span>iche<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>Qu<span class=\"_ _0\"></span>est<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ind<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span>tori<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ten<span class=\"_ _0\"></span>gon<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>ri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">momen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>storici<span class=\"ff1\"> </span>anche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span>contesto<span class=\"ff1\"> </span>economico<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riferimento<span class=\"ff1\"> </span>(esempio<span class=\"ff1\"> </span>crisi<span class=\"ff1\"> </span>pandemica<span class=\"ff1\"> </span>Covid-19,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">conflitto<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span>Russo-Ucraino)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>base<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>alutazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">forward<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">looking,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>cu<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>azioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">commerciali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">volta<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>volta<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>contestualizzate<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>graduate.<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>Inoltre<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>queste<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>metodologie<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>Early<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>Warning<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>stanno<span class=\"ff1\"> </span>consentendo<span class=\"ff1\"> </span>anche<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>superare<span class=\"ff1\"> </span>progressivamente<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>concetto<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">scadenze<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>revisioni<span class=\"ff1\"> </span>periodiche<span class=\"ff1\"> </span></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>spostarsi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>su<span class=\"ff1\"> <span class=\"_ _2\"></span></span>logiche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>revisioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>merito<span class=\"_ _2\"></span><span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>ichieste<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _2\"></span></span>evento,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cio\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>presenza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riscontrati<span class=\"ff1\"> </span>motivi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>credito<span class=\"ff1\"> </span>atteso. A<span class=\"ff1\"> <span class=\"_ _2\"></span></span>partire<span class=\"ff1\"> </span>dall\u2019anno<span class=\"ff1\"> <span class=\"_ _2\"></span></span>2020<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Credem<span class=\"ff1\"> </span>ha<span class=\"ff1\"> <span class=\"_ _2\"></span></span>eseguito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> </span>a<span class=\"_ _2\"></span>ssessment<span class=\"ff1\"> </span>co<span class=\"_ _2\"></span>n<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>iferimento<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>documento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>EBA<span class=\"ff1\"> </span>relativo<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>guidelines<span class=\"ff1\"> </span>on<span class=\"ff1\"> </span>loan<span class=\"ff1\"> </span>origination<span class=\"ff1\"> </span>and<span class=\"ff1\"> </span>monitoring<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>l\u2019obiettivo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>individuare<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>impatti<span class=\"ff1\"> </span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>egolamentazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>avrebbe<span class=\"ff1\"> <span class=\"_ _20\"></span></span>determinato<span class=\"ff1\"> <span class=\"_ _21\"></span></span>su<span class=\"ff1\"> <span class=\"_ _20\"></span></span>governance,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>str<span class=\"_ _2\"></span>ategie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">credi<span class=\"_ _0\"></span>tizie,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>processi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> </span></span></span>credito<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>sistemi<span class=\"ff1\"> </span>IT. Nel<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>corso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>2<span class=\"_ _0\"></span>022<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>stati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>realizzati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>u<span class=\"_ _0\"></span>lteriori<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>interventi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>organizzativi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>governo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>atti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ad<span class=\"_ _0\"></span><span class=\"ff1\"> </span>addivenire<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>piena<span class=\"ff1\"> </span>aderenza<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>indicazioni<span class=\"ff1\"> </span>normat<span class=\"_ _2\"></span>ive<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"ff1\"> </span>linee<span class=\"ff1\"> </span>guida<span class=\"ff1\"> </span>EBA. La<span class=\"ff1\"> <span class=\"_ _21\"></span></span>funzione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>definizione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>controllo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>limiti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>affidament<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>si<span class=\"ff1\"> <span class=\"_ _21\"></span></span>avv<span class=\"_ _0\"></span>ale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>supporto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>uno<span class=\"ff1\"> </span>specifico<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Comitato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Crediti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Gr<span class=\"_ _2\"></span>uppo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fiss<span class=\"_ _2\"></span>a,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tr<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gli<span class=\"ff1\"> </span>altri,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Credit<span class=\"ff1\"> </span>Limit<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">principale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">basa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Policy<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Soglia<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Massima<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Esposizione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>(SME),<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cio\u00e8<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>l\u2019ammontar<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>massimo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> </span>credito<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Gruppo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>intende<span class=\"ff1\"> <span class=\"_ _21\"></span></span>assumere<span class=\"ff1\"> <span class=\"_ _21\"></span></span>verso<span class=\"ff1\"> <span class=\"_ _21\"></span></span>un<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>controparte<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>gruppo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">soggetti</span> <span class=\"_ _21\"></span><span class=\"ff3\">colle<span class=\"_ _0\"></span>gati)<span class=\"ff1\"> </span></span></span>in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>se<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>spos<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>riv<span class=\"_ _0\"></span>anti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dai</span> <span class=\"ff3\">ti<span class=\"_ _0\"></span>tol<span class=\"_ _0\"></span>i.<span class=\"ff1\"> </span>L<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>defin<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">tal<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>sogl<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">prende<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"ff3\">rif<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>api<span class=\"_ _0\"></span>tale<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>Ammissibile<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Gruppo<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>limiti<span class=\"_ _2\"></span><span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Vigilanza.<span class=\"ff1\"> </span>Il<span class=\"ff1\"> </span>Comitato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> </span>responsabile<span class=\"ff1\"> </span>inoltre<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rendicontare<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>posizioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>seguito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>specifiche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>decisioni,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>superano<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>soglie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>definite.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>superamento<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> </span>\u201cSoglie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Mas<span class=\"_ _2\"></span>sima<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Espos<span class=\"_ _2\"></span>izione\u201d<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">configura<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">come<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u201cOperazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Maggior<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Rilievo\u201d<span class=\"ff1\"> </span>ai<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sensi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">15\u00b0<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>aggiornamento<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>2<span class=\"ff1\"> </span>luglio<span class=\"ff1\"> </span>2013<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>Circolare<span class=\"ff1\"> </span>n.<span class=\"ff1\"> </span>263<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>27<span class=\"ff1\"> </span>dicembre<span class=\"ff1\"> </span>2006. Il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">G<span class=\"_ _2\"></span>ruppo<span class=\"ff1\"> </span>Crede<span class=\"_ _0\"></span>m<span class=\"ff1\"> </span>ha<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">individuato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">come<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">presupposto<span class=\"_ _2\"></span><span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>g<span class=\"_ _0\"></span>estione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ottica<span class=\"ff1\"> </span>consolid<span class=\"_ _0\"></span>ata<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>l\u2019individuazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>organismi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>governo:<span class=\"_ _3bd\"> </span>CA<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>Capogruppo:<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>responsabile<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>definizione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>lin<span class=\"_ _2\"></span>ee<span class=\"ff1\"> </span>generali<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>governo<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>risk<span class=\"ff1\"> </span>ap<span class=\"_ _0\"></span>petite,<span class=\"ff1\"> </span>dell\u2019approvazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> </span>normativa<span class=\"ff1\"> </span>interna<span class=\"ff1\"> </span>che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">regolamenta<span class=\"ff1\"> </span>anche<span class=\"ff1\"> </span></span></span></span></span>le<span class=\"ff1\"> </span>strutture<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>limiti<span class=\"ff1\"> </span>specifiche; I<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">CA<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">delle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">singo<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">So<span class=\"_ _0\"></span>cie<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">recepi<span class=\"_ _0\"></span>sco<span class=\"_ _0\"></span>no<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gl<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">obie<span class=\"_ _0\"></span>ttiv<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">asse<span class=\"_ _0\"></span>gna<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dal<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">CA<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">dell<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Capog<span class=\"_ _0\"></span>rupp<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rife<span class=\"_ _0\"></span>riti </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mis<span class=\"_ _0\"></span>sion<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>rofi<span class=\"_ _0\"></span>lo<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">risch<span class=\"_ _0\"></span>io; </span></span></span></span></span></span></span></span>Com<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Ese<span class=\"_ _0\"></span>cuti<span class=\"_ _0\"></span>vo<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">segui<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>CE<span class=\"_ _0\"></span>):<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">org<span class=\"_ _0\"></span>ano<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">gesti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Cap<span class=\"_ _0\"></span>ogru<span class=\"_ _0\"></span>ppo<span class=\"_ _0\"></span>; </span></span></span></span></span></span></span></span></span></span>Sono<span class=\"ff1\">  </span>inoltre<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>state<span class=\"ff1\">  </span>costituite<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Funzioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>specialistich<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>all\u2019interno<span class=\"_ _2\"></span><span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>ella<span class=\"ff1\">  </span>Capogrup<span class=\"_ _0\"></span>po<span class=\"ff1\">  </span>ed<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>rtic<span class=\"_ _0\"></span>ola<span class=\"_ _0\"></span>re: Com<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Con<span class=\"_ _0\"></span>sili<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Grup<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">(di</span> <span class=\"_ _0\"></span><span class=\"ff3\">seg<span class=\"_ _0\"></span>uito<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>nch<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>omi<span class=\"_ _0\"></span>tato<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Risc<span class=\"_ _0\"></span>hi); </span></span></span></span></span></span></span></span></span></span></span></span>Com<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Ris<span class=\"_ _0\"></span>k<span class=\"ff1\"> </span>Ma<span class=\"_ _0\"></span>nage<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>; </span></span>Funzione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\">  </span>Risk<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Management<span class=\"_ _2\"></span>,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>all\u2019interno<span class=\"ff1\">  </span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Servizio<span class=\"ff1\">  </span>Enterprise<span class=\"ff1\">  </span>R<span class=\"_ _0\"></span>isk<span class=\"ff1\">  </span>Manageme<span class=\"_ _0\"></span>nt<span class=\"ff1\"> </span>(E<span class=\"_ _0\"></span>RIS<span class=\"_ _0\"></span>K). La<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Funzione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Risk<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Management<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>composta<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>oltre<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>R<span class=\"_ _2\"></span>esponsabile<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Funzione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Risk<span class=\"ff1\"> </span>Management<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(c.d.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Risk<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Officer),<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>individuato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>esponsabile<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Servizio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ERISK,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>da<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tre<span class=\"ff1\"> <span class=\"_ _2\"></span></span>differenti<span class=\"ff1\"> </span>ar<span class=\"_ _1\"></span>ee:<span class=\"_ _0\"></span> - Are<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>red<span class=\"_ _0\"></span>ito,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Op<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>tivi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Ge<span class=\"_ _0\"></span>stio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">r<span class=\"_ _0\"></span>atin<span class=\"_ _0\"></span>g; </span></span></span></span></span></span></span></span></span></span>- Are<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Fin<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">A<span class=\"_ _0\"></span>ssic<span class=\"_ _0\"></span>ura<span class=\"_ _0\"></span>tivo<span class=\"_ _0\"></span>; </span></span></span></span>- Are<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>V<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>dazi<span class=\"_ _0\"></span>one,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">S<span class=\"_ _0\"></span>tre<span class=\"_ _0\"></span>ss<span class=\"ff1\"> </span>Te<span class=\"_ _0\"></span>st<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Data<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Man<span class=\"_ _0\"></span>age<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>. </span></span></span></span></span></span>A<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>livello<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _0\"></span>ortafo<span class=\"_ _2\"></span>glio,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>analisi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _0\"></span>eriodiche<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>monitoraggio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>svolte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">d<span class=\"_ _0\"></span>alla<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>funzione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Ris<span class=\"_ _2\"></span>k<span class=\"ff1\"> </span></span></span>Ma<span class=\"_ _0\"></span>nage<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>t. Il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Comitat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Rischi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">svolge<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ruolo<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">supporto<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esplica<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>na<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">preventiva<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>ttivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cons<span class=\"_ _2\"></span>ultiva,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>istruttoria<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>e<span class=\"ff1\">  </span>nella<span class=\"ff1\">  </span>for<span class=\"_ _2\"></span>mulazione<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>propost<span class=\"_ _2\"></span>e<span class=\"ff1\">  </span>e<span class=\"ff1\">  </span>par<span class=\"_ _2\"></span>eri<span class=\"ff1\">  </span>\u2013<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>al<span class=\"ff1\">  </span>fine<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>coadiuvare<span class=\"ff1\">  </span>il<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Consiglio<span class=\"ff1\">  </span>di<span class=\"ff1\"> </span>Amministrazione<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sue<span class=\"ff1\"> </span>valutazioni<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ecisioni<span class=\"ff1\"> </span>relative<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>gestione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ed<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>generale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>sistema<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">controlli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">interni,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">p<span class=\"_ _2\"></span>er<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">garant<span class=\"_ _2\"></span>irne<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019adeguatezza<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ris<span class=\"_ _2\"></span>petto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">carat<span class=\"_ _2\"></span>teristiche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dell\u2019impresa<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>in<span class=\"ff1\"> </span>relazione<span class=\"ff1\"> </span>all\u2019evoluzione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019organizzazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>dell\u2019operativit\u00e0,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nonch\u00e9<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>contest<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>normativo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rif<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>to. In<span class=\"ff1\"> <span class=\"_ _2\"></span></span>particolare,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>funzione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Ris<span class=\"_ _2\"></span>k<span class=\"ff1\"> <span class=\"_ _2\"></span></span>management<span class=\"ff1\"> <span class=\"_ _20\"></span></span>consente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Consiglio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Amministra<span class=\"_ _2\"></span>zione,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>supporto<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Comitato</span> <span class=\"_ _0\"></span><span class=\"ff3\">Rischi<span class=\"ff1\"> </span>ed<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">CA<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Societ\u00e0<span class=\"ff1\"> </span>(pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">parte<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>competenza)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>poter<span class=\"ff1\"> </span>svolgere<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>un\u2019adeguata<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>valutativa<span class=\"ff1\"> </span>volta<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>deliberare: -<span class=\"_ _3bd\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Risk</span> <span class=\"ff3\">App<span class=\"_ _0\"></span>eti<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>Fra<span class=\"_ _0\"></span>mew<span class=\"_ _0\"></span>ork<span class=\"ff1\"> </span>(c<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>rtic<span class=\"_ _0\"></span>ola<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>rif<span class=\"_ _0\"></span>erim<span class=\"_ _0\"></span>ento<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">alla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">valu<span class=\"_ _0\"></span>tazio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>deg<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>obi<span class=\"_ _0\"></span>ett<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">soglie<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tolleranza)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">assicurando<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>he<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l'attuazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">coerente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">obiettivi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">risch<span class=\"_ _2\"></span>io<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>e<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>soglie<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tolleranza<span class=\"ff1\"> </span>approvate; -<span class=\"_ _3bd\"> </span>l\u2019andamento<span class=\"ff1\"> </span>trimestrale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rofilo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">assunto<span class=\"ff1\"> </span>nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">suo<span class=\"ff1\"> </span>comp<span class=\"_ _0\"></span>lesso<span class=\"ff1\"> </span>rispetto<span class=\"ff1\"> </span>agli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">obiettivi<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Risk<span class=\"ff1\"> </span>Appetite<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alle<span class=\"ff1\"> </span>soglie<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tolleranza<span class=\"ff1\"> </span>relativamente<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>tutti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gli<span class=\"ff1\"> </span>indicatori<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>revisti<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>RAF<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>Gru<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>o. Il<span class=\"ff1\"> </span>2<span class=\"ff1\"> </span>ot<span class=\"_ _2\"></span>tobre<span class=\"ff1\"> </span>201<span class=\"_ _2\"></span>5<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Banca<span class=\"ff1\"> </span>d\u2019Italia<span class=\"ff1\"> </span>ha<span class=\"ff1\"> <span class=\"_ _2\"></span></span>autorizzato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>Gruppo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Credem<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>ut<span class=\"_ _2\"></span>ilizzare<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>30<span class=\"_ _2\"></span><span class=\"ff1\"> </span>settemb<span class=\"_ _2\"></span>re<span class=\"ff1\"> </span>2015<span class=\"ff1\">  </span>il<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">metodo</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">IRB</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">Advanced</span>  <span class=\"ff3\">(parametri</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">PD,</span>  <span class=\"ff3\">L<span class=\"_ _0\"></span>GD,<span class=\"ff1\">  </span>EAD)<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>per<span class=\"ff1\">  </span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>quantificazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\">  </span>requisito<span class=\"ff1\"> </span></span></span>patrimoniale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fronte<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rischi<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>cred<span class=\"_ _0\"></span>ito<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>clienti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>r<span class=\"_ _2\"></span>ientranti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ne<span class=\"_ _0\"></span>lla<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>f<span class=\"_ _2\"></span>unzione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>regolamentare<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Corporate<span class=\"ff1\">  </span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Retail<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Credito<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Emiliano<span class=\"ff1\">  </span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Credemleasing.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Relativamente<span class=\"ff1\">  </span>ai<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>modelli<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>interni,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> </span>funzione<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Risk<span class=\"ff1\"> <span class=\"_ _2\"></span></span>management<span class=\"ff1\"> <span class=\"_ _2\"></span></span>consente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> </span>CA,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>supporto<span class=\"_ _2\"></span><span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Co<span class=\"_ _2\"></span>mitato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Rischi<span class=\"ff1\"> </span>ed<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> </span>CA<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">delle</span> </span>Societ\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>(per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>part<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>competenza)<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _0\"></span>oter<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>volgere<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>un\u2019ad<span class=\"_ _2\"></span>eguata<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valutativa<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>volta<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>ibe<span class=\"_ _0\"></span>rar<span class=\"_ _0\"></span>e: -<span class=\"_ _3bd\"> </span>la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">confor<span class=\"_ _2\"></span>mit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">modelli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">interni<span class=\"ff1\"> </span>ai<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dettami<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">previsti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dal<span class=\"_ _2\"></span>la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">regolam<span class=\"_ _2\"></span>entazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">prudenziale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pre<span class=\"_ _2\"></span>vio<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>parere<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Collegio<span class=\"ff1\"> </span>Sindacale; -<span class=\"_ _3bd\"> </span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">parametri<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">relativi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ai<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">modelli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">interni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">utilizzati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">previo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">parere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">preventivo<span class=\"ff1\"> </span>della<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">funzione<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">convalida; </span></span>-<span class=\"_ _3bd\"> </span>i<span class=\"ff1\"> </span>criteri<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>individuare<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Operaz<span class=\"_ _2\"></span>ioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Maggior<span class=\"ff1\"> </span>Rilievo<span class=\"ff1\"> </span>(OMR)<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>approvare<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>rendicontazione<span class=\"ff1\"> </span></span></span>annuale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">relativa. </span></span>Nello<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>specifico,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>riferiment<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Rischio<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>credi<span class=\"_ _0\"></span>to<span class=\"ff1\">  </span>per<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>richieste<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dalla<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>disciplina<span class=\"ff1\"> </span>prudenziale,<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>Funzione<span class=\"ff1\"> </span>Risk<span class=\"ff1\"> </span>Management<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>tramite<span class=\"ff1\"> </span>dell\u2019u<span class=\"_ _0\"></span>ff<span class=\"_ _2\"></span>icio<span class=\"ff1\"> </span>Rischi<span class=\"ff1\"> </span>Operativi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Credito: -<span class=\"_ _3bd\"> </span>svolge<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tutte<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>previste,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>carico<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">tale</span> <span class=\"_ _21\"> </span><span class=\"ff3\">ufficio,</span> <span class=\"_ _27\"> </span><span class=\"ff3\">dal</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">Reg<span class=\"_ _0\"></span>olamento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u201c<span class=\"_ _2\"></span>Gestione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> </span></span></span>sistema<span class=\"ff1\"> </span>interno<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rating\u201d; -<span class=\"_ _3bd\"> </span>svolge<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"_ _2\"></span>ttivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>gestionali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>inerent<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quantificazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>credit<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>supporto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span><span class=\"ff3\">altr<span class=\"_ _2\"></span>e</span> </span>funzioni,<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>anche<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>riferimento<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>alle<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>operazioni<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>co<span class=\"_ _2\"></span>n<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>soggetti<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>collegati<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>verifica<span class=\"ff1\"> </span>dell\u2019adeguatezza<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>valutazioni<span class=\"ff1\"> </span>effettuate<span class=\"ff1\"> </span>sui<span class=\"ff1\"> </span>crediti<span class=\"ff1\"> </span>deteriorati. In<span class=\"_ _0\"></span>oltr<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>l\u2019<span class=\"_ _0\"></span>uffi<span class=\"_ _0\"></span>cio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Valid<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>M<span class=\"_ _0\"></span>odell<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>I<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>rni: </span></span>-<span class=\"_ _3bd\"> </span>effettua<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">convalida<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mo<span class=\"_ _2\"></span>delli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">interni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">come<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">previsto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dal<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Regola<span class=\"_ _2\"></span>mento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u201cGestione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Sistema<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Interno<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Rating\u201d<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>Regolamento<span class=\"ff1\"> </span>Risk<span class=\"ff1\"> </span>Management<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Gruppo; -<span class=\"_ _3bd\"> </span>ef<span class=\"_ _0\"></span>fett<span class=\"_ _0\"></span>ua<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">verif<span class=\"_ _0\"></span>ich<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>su<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">att<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>ntro<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>an<span class=\"_ _0\"></span>dame<span class=\"_ _0\"></span>ntal<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cred<span class=\"_ _0\"></span>ito<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span><div class=\"t m26 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2e09\">2.<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2e0a\">Me<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2e0b\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2e0c\">mi<span class=\"_ _0\"></span>su<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>zio<span class=\"_ _1\"></span>ne<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2e0d\">de<span class=\"_ _0\"></span>lle<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2e0e\">pe<span class=\"_ _0\"></span>rd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2e0f\">at<span class=\"_ _1\"></span>tes<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e10\">Com<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gi<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>spo<span class=\"_ _0\"></span>sto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"_ _0\"></span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">par<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">A<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dell<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pre<span class=\"_ _0\"></span>sen<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Nota<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">I<span class=\"_ _0\"></span>nteg<span class=\"_ _0\"></span>rat<span class=\"_ _0\"></span>iva,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rin<span class=\"_ _0\"></span>cipi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onta<span class=\"_ _0\"></span>bile<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">IF<span class=\"_ _0\"></span>RS<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">9<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prev<span class=\"_ _0\"></span>ede<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e11\">criteri<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>misurazione<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>p<span class=\"_ _2\"></span>erdite<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>at<span class=\"_ _2\"></span>tese<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>articolati<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>s<span class=\"_ _2\"></span>u<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>tre<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>livelli<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>crescenti<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e12\">deterioramento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>creditizio.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Gli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>str<span class=\"_ _2\"></span>umenti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>finan<span class=\"_ _0\"></span>ziari<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>raggrupp<span class=\"_ _0\"></span>ati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tre<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Stage<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(categorie<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>o<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e13\">bucket),<span class=\"ff1\"> </span>su<span class=\"_ _2\"></span>lla<span class=\"ff1\"> </span>base<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>credito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell'incremento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ris<span class=\"_ _2\"></span>chio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>credito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tr<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>ilevazione<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e14\">iniziale<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>riferimento<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>bilancio.<span class=\"ff1\"> </span>Nel<span class=\"ff1\"> </span>dettaglio: </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs2e15\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e16\">Sta<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">1:</span> <span class=\"ff3\">str<span class=\"_ _0\"></span>ume<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fin<span class=\"_ _0\"></span>anzi<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">perf<span class=\"_ _0\"></span>ormi<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">che</span> <span class=\"ff3\">n<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>h<span class=\"_ _0\"></span>ann<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>sub<span class=\"_ _0\"></span>ito<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un</span> <span class=\"ff3\">si<span class=\"_ _0\"></span>gni<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>vo<span class=\"ff1\"> </span>inc<span class=\"_ _0\"></span>reme<span class=\"_ _0\"></span>nto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e17\">loro<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischiosit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>seguito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rilevazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>iniziale,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>risultano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>avere<span class=\"ff1\"> <span class=\"_ _2\"></span></span>una<span class=\"ff1\"> <span class=\"_ _2\"></span></span>bass<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>rischiosit<span class=\"_ _2\"></span>\u00e0<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e18\">alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">misurazione</span> <span class=\"ff3\">(pe<span class=\"_ _0\"></span>rimet<span class=\"_ _2\"></span>ro<span class=\"ff1\"> </span>low<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">credit</span> <span class=\"ff3\">risk)<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>In<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tal<span class=\"ff1\"> </span>caso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>finita<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>rettifica<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e19\">pari<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>perdita<span class=\"ff1\"> </span>attesa<span class=\"ff1\"> </span>entro<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>successivi<span class=\"ff1\"> </span>12<span class=\"ff1\"> </span>mesi<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>vita<span class=\"ff1\"> </span>residua<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>strumento. </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs2e1a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e1b\">Stage<span class=\"ff1\"> <span class=\"_ _20\"></span></span>2:<span class=\"ff1\"> <span class=\"_ _20\"></span></span>strumenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziari<span class=\"ff1\"> <span class=\"_ _20\"></span></span>performing<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>hanno<span class=\"ff1\"> <span class=\"_ _20\"></span></span>subito<span class=\"ff1\"> <span class=\"_ _21\"></span></span>un<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span><span class=\"ff3\">significativo</span> <span class=\"_ _20\"></span><span class=\"ff3\">incremento</span> <span class=\"_ _20\"></span><span class=\"ff3\">della</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e1c\">lor<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>isc<span class=\"_ _0\"></span>hio<span class=\"_ _0\"></span>sit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">se<span class=\"_ _0\"></span>guit<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>all<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rile<span class=\"_ _0\"></span>vaz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ini<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">no<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>sul<span class=\"_ _0\"></span>tano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">aver<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>un<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>ba<span class=\"_ _0\"></span>ssa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>osi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e1d\">alla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>data<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>misurazione.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>In<span class=\"ff1\"> <span class=\"_ _20\"></span></span>t<span class=\"_ _2\"></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>caso<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>definita<span class=\"ff1\"> <span class=\"_ _21\"></span></span>un<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rettific<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _21\"></span></span>pari<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>perdita<span class=\"ff1\"> <span class=\"_ _21\"></span></span>attesa<span class=\"_ _0\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e1e\">nell\u2019arco<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"_ _0\"></span>l\u2019intera<span class=\"ff1\"> <span class=\"_ _21\"></span></span>vita<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>esidua<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dello<span class=\"ff1\"> <span class=\"_ _21\"></span></span>strumento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(perdita<span class=\"ff1\"> <span class=\"_ _21\"></span></span>attesa<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sulla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>vita<span class=\"ff1\"> <span class=\"_ _20\"></span></span>residua<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u2013<span class=\"ff1\"> <span class=\"_ _20\"></span></span>lifetime<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e1f\">expected<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">losses). </span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs2e20\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e21\">Stage<span class=\"ff1\"> <span class=\"_ _20\"></span></span>3:<span class=\"ff1\"> <span class=\"_ _20\"></span></span>strumenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziari<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>eteriorati,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>mostr<span class=\"_ _2\"></span>ano<span class=\"ff1\"> <span class=\"_ _20\"></span></span>oggettive<span class=\"ff1\"> <span class=\"_ _2\"></span></span>evidenz<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>una<span class=\"ff1\"> <span class=\"_ _2\"></span></span>perdita<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e22\">valore.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>La<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rettifica<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u00e8<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>definita<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>analiticamente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>copr<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>perdita<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>attesa<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nell'arco<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e23\">dell'intera<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vita<span class=\"ff1\"> </span>resid<span class=\"_ _0\"></span>ua<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">credito<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(perdita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attesa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sulla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">residua<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u2013<span class=\"ff1\"> </span>li<span class=\"_ _0\"></span>fetime<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">expected<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">losses). </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e24\">In<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>generale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>regole<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>allocaz<span class=\"_ _2\"></span>ione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ne<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tre<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Stage<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>definite<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>G<span class=\"_ _2\"></span>ruppo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Cr<span class=\"_ _2\"></span>edem,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fonda<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sui<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e25\">principali<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>elementi<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>forniti<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>sistema<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>rat<span class=\"_ _2\"></span>ing<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>interno<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>nonch\u00e9<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>sui<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>pr<span class=\"_ _2\"></span>incipali<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>indicatori<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e26\">deterioramento<span class=\"ff1\"> </span>creditizio<span class=\"ff1\"> </span>monitorat<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>Gruppo<span class=\"ff1\"> </span>Crede<span class=\"_ _0\"></span>m<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gestione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>rischio. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e27\">Credito<span class=\"ff1\"> </span>Emiliano<span class=\"ff1\"> </span>id<span class=\"_ _2\"></span>entifica<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>pr<span class=\"_ _2\"></span>esenza<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>significativo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>incremento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>credito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(SICR)<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e28\">nella<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rilevazione<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">deterioramento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alme<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">classi<span class=\"ff1\"> </span>nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rating<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contropart<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dal<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">m<span class=\"_ _2\"></span>omento<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e29\">della<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>ilevazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>iniziale.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Nel<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contempo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>classi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rating<span class=\"ff1\"> <span class=\"_ _2\"></span></span>assimilabili<span class=\"ff1\"> </span>alla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>categoria<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u201cinvestment-<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e2a\">grade\u201d<span class=\"ff1\"> <span class=\"_ _20\"></span></span>so<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _20\"></span></span>considerate<span class=\"ff1\"> <span class=\"_ _21\"></span></span>profili<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>bassa<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischiosit\u00e0<span class=\"_ _2\"></span>;<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>esposizioni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>data<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>misura<span class=\"_ _2\"></span>zione<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e2b\">rientrano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">categorie,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>classificate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dall\u2019applicativo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">interno<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riferimento<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Stage<span class=\"ff1\"> </span>1,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">senza<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e2c\">necessit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">verificare<span class=\"ff1\"> </span>l\u2019even<span class=\"_ _0\"></span>tual<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">deterioramento<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">me<span class=\"_ _0\"></span>rito<span class=\"ff1\"> </span>creditizio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">intervenuto<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">seguito<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e2d\">rilevazione<span class=\"ff1\"> </span>iniziale<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>c.d.<span class=\"ff1\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs2e2e\">low<span class=\"_ _3bd\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs2e2f\">credit<span class=\"_ _3bd\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs2e30\">risk<span class=\"_ _3bd\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs2e31\">exempiton</div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e32\">). </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e33\">Inoltre<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>presenza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>misure<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>for<span class=\"_ _2\"></span>bearance<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>scaduto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>continu<span class=\"_ _0\"></span>ativo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>olt<span class=\"_ _2\"></span>re<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>30<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>giorni<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sono<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e34\">considerati<span class=\"ff1\">  </span>segnali<span class=\"ff1\">  </span>oggettivi<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>deterior<span class=\"_ _2\"></span>amento<span class=\"ff1\">  </span>del<span class=\"ff1\">  </span>merito<span class=\"ff1\">  </span>creditizio,<span class=\"ff1\">  </span>pertant<span class=\"_ _2\"></span>o<span class=\"ff1\">  </span>gli<span class=\"ff1\">  </span>strumenti<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e35\">finanziari<span class=\"ff1\"> </span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">presentano</span> <span class=\"ff3\">tali</span> <span class=\"ff3\">ev<span class=\"_ _0\"></span>idenze<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>classificati<span class=\"ff1\"> </span>direttame<span class=\"_ _0\"></span>nte<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>Stage<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2<span class=\"ff1\"> </span>senza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutare<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e36\">contestuale<span class=\"ff1\"> </span>presenza<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>meno<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>significativo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>incremento<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>credito<span class=\"ff1\"> </span>n\u00e9<span class=\"ff1\"> </span>tant<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>meno<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e37\">l\u2019aderenza<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>profilo<span class=\"ff1\"> </span>ritenuto<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>bass<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>rischiosit\u00e0. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e38\">Per<span class=\"ff1\"> <span class=\"_ _21\"></span></span>l\u2019<span class=\"_ _0\"></span>identificazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>crediti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>deteriorati,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>loro<span class=\"ff1\"> <span class=\"_ _21\"></span></span>allocazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _21\"></span></span>bucket<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Stage<span class=\"ff1\"> <span class=\"_ _20\"></span></span>3,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e39\">Gruppo<span class=\"ff1\">  </span>Cred<span class=\"_ _0\"></span>em<span class=\"ff1\">  </span>fa<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>riferimento<span class=\"ff1\">  </span>alla<span class=\"ff1\">  </span>de<span class=\"_ _0\"></span>finizione<span class=\"ff1\">  </span>interna<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\">  </span>credito<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>eteriorat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>disciplinata<span class=\"ff1\">  </span>nel<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e3a\">reg<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>\u201cPo<span class=\"_ _0\"></span>licy<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">gru<span class=\"_ _0\"></span>ppo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Credi<span class=\"_ _0\"></span>ti\u201d.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Tale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rego<span class=\"_ _0\"></span>lame<span class=\"_ _0\"></span>nto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">speci<span class=\"_ _0\"></span>fica<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cons<span class=\"_ _0\"></span>ider<span class=\"_ _0\"></span>ate<span class=\"ff1\"> </span>\u201c<span class=\"_ _0\"></span>def<span class=\"_ _0\"></span>ault\u201d<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e3b\">le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>categorie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>crediti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>deteriorat<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>confor<span class=\"_ _2\"></span>mit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quanto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>previsto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>materia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dalle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>disposizioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e3c\">Vigilanza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Banca<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d\u2019Italia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(Circolare<span class=\"ff1\"> <span class=\"_ _20\"></span></span>n.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>272<span class=\"ff1\"> <span class=\"_ _2\"></span></span>30<span class=\"ff1\"> <span class=\"_ _20\"></span></span>luglio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>200<span class=\"_ _2\"></span>8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u201cMatrice<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>conti\u201d,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Sez.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>B)<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Cap.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>II,<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e3d\">\u201cQualit\u00e0<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">credito\u201d<span class=\"_ _2\"></span><span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>,<span class=\"ff1\"> </span>16\u00b0<span class=\"ff1\"> </span>aggiornamento<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>2<span class=\"ff1\"> </span>novembre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2022<span class=\"ff1\"> </span>)<span class=\"ff1\"> </span>dove<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>elencati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>criteri<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e3e\">caratteristiche<span class=\"ff1\">  </span>richie<span class=\"_ _0\"></span>sti<span class=\"ff1\">  </span>per<span class=\"ff1\">  </span>og<span class=\"_ _0\"></span>ni<span class=\"ff1\">  </span>categoria.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>La<span class=\"ff1\">  </span>defi<span class=\"_ _0\"></span>nizione<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>default<span class=\"ff1\">  </span>comprende<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\">  </span>seguenti<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e3f\">categorie,<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>rappresentano<span class=\"ff1\"> </span>stati<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>\u201cdefault\u201d<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>severit\u00e0<span class=\"ff1\"> </span>crescente: </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs2e40\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e41\">esp<span class=\"_ _1\"></span>osizio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>cadu<span class=\"_ _1\"></span>te<span class=\"ff1\"> </span>e/o<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sconf<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ete<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>rate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">(P<span class=\"_ _0\"></span>S)<span class=\"_ _0\"></span>; </span></span></span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs2e42\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e43\">in<span class=\"_ _0\"></span>ade<span class=\"_ _0\"></span>mpie<span class=\"_ _0\"></span>nze<span class=\"ff1\"> </span>pr<span class=\"_ _0\"></span>oba<span class=\"_ _0\"></span>bili<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">(IP)<span class=\"_ _0\"></span>; </span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs2e44\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e45\">sof<span class=\"_ _0\"></span>fer<span class=\"_ _0\"></span>enze<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">(<span class=\"_ _0\"></span>Z)<span class=\"_ _0\"></span>. </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e46\">Per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">st<span class=\"_ _2\"></span>rumenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziari<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>llocati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Stage<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">3,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rettifiche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">definite<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>u<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">base<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u201cesperta\u201d<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e47\">in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>relazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"_ _2\"></span>lle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>evidenze<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dell\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">gestione</span> <span class=\"_ _2\"></span><span class=\"ff3\">e</span> <span class=\"_ _21\"></span><span class=\"ff3\">recupero</span> <span class=\"_ _20\"></span><span class=\"ff3\">dei</span> <span class=\"_ _21\"></span><span class=\"ff3\">crediti</span> <span class=\"_ _20\"></span><span class=\"ff3\">deteriorati:</span> <span class=\"_ _21\"></span><span class=\"ff3\">per</span> <span class=\"_ _20\"></span><span class=\"ff3\">ciascun</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e48\">credito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>anomalo/deteriorato,<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>identificata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>una<span class=\"ff1\"> </span>percentuale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>copert<span class=\"_ _2\"></span>ura<span class=\"ff1\"> <span class=\"_ _2\"></span></span>idonea<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>rappresentare<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e49\">le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>p<span class=\"_ _2\"></span>erdite<span class=\"ff1\"> <span class=\"_ _20\"></span></span>attese<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nella<span class=\"ff1\"> <span class=\"_ _20\"></span></span>vita<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>esidua<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>credito,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>relazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>all\u2019<span class=\"ff1\"> <span class=\"_ _21\"></span></span>anali<span class=\"_ _0\"></span>si<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>carat<span class=\"_ _2\"></span>teristiche<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rilevanti<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e4a\">quali:<span class=\"ff1\"> </span>tipologia<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rodott<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>creditizio,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ammontar<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>ll\u2019esposizione<span class=\"ff1\"> </span>creditizia,<span class=\"ff1\"> </span>anzianit\u00e0<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>stato<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e4b\">di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>deterioramento,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>presenza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>meno<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>garanzia<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>upporto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>(tipologia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>garanzia<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>li<span class=\"_ _2\"></span>vello<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e4c\">copertura<span class=\"ff1\"> </span>\u201cloan<span class=\"ff1\"> </span>to<span class=\"ff1\"> </span>value\u201d). </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e4d\">Sugli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">strumenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziari<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">allocati<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Stage<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">1<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2,<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">det<span class=\"_ _2\"></span>erminazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perdite<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attese<span class=\"ff1\"> </span>avviene<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pe<span class=\"_ _2\"></span>r<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e4e\">categorie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>crediti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">omogenee<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>termini<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ris<span class=\"_ _2\"></span>chio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">credito.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">In<span class=\"ff1\"> </span>particolare,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>ciascuna<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e4f\">caratteristiche<span class=\"ff1\"> </span>simili<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>termini<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>credito,<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>asso<span class=\"_ _2\"></span>ciate: </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs2e50\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e51\">un<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>pr<span class=\"_ _0\"></span>obab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>nade<span class=\"_ _0\"></span>mpie<span class=\"_ _0\"></span>nza<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">(PD<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>\u201cP<span class=\"_ _1\"></span>robabi<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">De<span class=\"_ _0\"></span>fault<span class=\"_ _0\"></span>\u201d); </span></span></span></span></span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs2e52\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e53\">una<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>perdita<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>caso<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>inadempienza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>(LGD,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u201cLos<span class=\"_ _2\"></span>s<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Given<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Default\u201d)<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>commisurata<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>anche<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>alla<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e54\">tipologia<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziamento,<span class=\"ff1\"> </span>ossia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> </span>forma<span class=\"ff1\"> </span>t<span class=\"_ _2\"></span>ecnica,<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>t<span class=\"_ _2\"></span>ipologia<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>garanzia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> </span>ad<span class=\"ff1\"> <span class=\"_ _2\"></span></span>altri<span class=\"ff1\"> </span>fattori<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e55\">ril<span class=\"_ _0\"></span>eva<span class=\"_ _0\"></span>nti; </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs2e56\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e57\">un<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>sposi<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cas<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span>adem<span class=\"_ _0\"></span>pie<span class=\"_ _0\"></span>nza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(EA<span class=\"_ _0\"></span>D,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u201cExp<span class=\"_ _0\"></span>osu<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">at<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>efau<span class=\"_ _0\"></span>lt\u201d)<span class=\"_ _0\"></span>. </span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e59\">In<span class=\"ff1\"> </span>generale,<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>parametri<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>adottati<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>Gruppo<span class=\"ff1\"> </span>p<span class=\"_ _2\"></span>er<span class=\"ff1\"> </span>determinare<span class=\"ff1\"> </span>le<span class=\"_ _2\"></span><span class=\"ff1\"> </span>rettifiche<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>no<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e5a\">basati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sulle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">medesime<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ipotesi<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tecniche</span> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stima<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">modelli<span class=\"ff1\"> </span>interni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vali<span class=\"_ _2\"></span>dati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quantificazion<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e5b\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">requisito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">patrimoniale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">front<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cre<span class=\"_ _2\"></span>dito<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> </span>me<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>odologia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">IRB<span class=\"ff1\"> </span>Ad<span class=\"_ _0\"></span>vanced<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(parametr<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e5c\">PD,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">LGD,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">EAD).<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">A<span class=\"ff1\"> </span>differenza<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">questi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ultimi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ch<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>efiniti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tramite<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>pproccio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>media<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">lungo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e5d\">ciclo<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>(\u201ctr<span class=\"_ _2\"></span>uogh-the-cycle\u201d)<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>inclusione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>condizioni<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>macro<span class=\"_ _2\"></span>economiche<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>sfavorevoli<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>(fase<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e5e\">recessiva<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u201c<span class=\"_ _2\"></span>downturn\u201d),<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>parame<span class=\"_ _0\"></span>tri<span class=\"ff1\"> <span class=\"_ _21\"></span></span>adottati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>determinazi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _20\"></span></span>de<span class=\"_ _2\"></span>lle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rettifiche<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ai<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e5f\">sen<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span>l\u2019I<span class=\"_ _0\"></span>FRS<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">9,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">so<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>fo<span class=\"_ _0\"></span>nda<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>u<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>logi<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pun<span class=\"_ _0\"></span>tual<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>c.d.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u201c<span class=\"_ _0\"></span>poin<span class=\"_ _0\"></span>t<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tim<span class=\"_ _0\"></span>e\u201d)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"_ _0\"></span><span class=\"ff3\">pre<span class=\"_ _0\"></span>visi<span class=\"_ _0\"></span>onal<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(\u201cf<span class=\"_ _0\"></span>orwa<span class=\"_ _0\"></span>rd-<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e60\">looking\u201d);<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>modo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"ff1\"> <span class=\"_ _2\"></span></span>essere<span class=\"ff1\"> </span>idonei<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rappresentare<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>congiuntura<span class=\"ff1\"> </span>macroeconomica<span class=\"ff1\"> <span class=\"_ _2\"></span></span>presente<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e61\">prevista<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _20\"></span></span>breve-medio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>ermine.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Pertant<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>essi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>timati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prendendo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>considerazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e62\">dati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>storici,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>laddove<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>iano<span class=\"ff1\"> <span class=\"_ _20\"></span></span>state<span class=\"ff1\"> <span class=\"_ _20\"></span></span>identificate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>endenze<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>correlazioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>credito,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>ia<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e63\">in<span class=\"_ _0\"></span>dic<span class=\"_ _0\"></span>atori<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">pr<span class=\"_ _0\"></span>evi<span class=\"_ _0\"></span>sion<span class=\"_ _0\"></span>ali<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>even<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>atte<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span>no<span class=\"_ _0\"></span>nch\u00e9<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">pre<span class=\"_ _0\"></span>vis<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sull\u2019<span class=\"_ _0\"></span>andam<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>cic<span class=\"_ _0\"></span>lo<span class=\"ff1\"> </span>mac<span class=\"_ _0\"></span>roec<span class=\"_ _0\"></span>onom<span class=\"_ _0\"></span>ico.<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e64\">Le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rettifiche<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>quindi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">determinate<span class=\"ff1\"> </span>valutando<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> </span>gamma<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pos<span class=\"_ _2\"></span>sibili<span class=\"ff1\"> </span>risul<span class=\"_ _0\"></span>tati<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">modo<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e65\">da<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>riflettere<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>importo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>obiettivo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ponderato<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>relazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>alle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>probabilit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>realizzo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>diversi<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e66\">scenari.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Nello<span class=\"ff1\">  </span>specifico<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Gr<span class=\"_ _2\"></span>uppo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>considera<span class=\"ff1\">  </span>tre<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>scenari<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\">  </span>severit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>crescente,<span class=\"ff1\">  </span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ne<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>proiett<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e67\">l\u2019andamento<span class=\"ff1\"> </span>sui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">parametri<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>adottati<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">misurazione<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>elle<span class=\"ff1\"> </span>perdite<span class=\"ff1\"> </span>attese,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>modo<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>he<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e68\">essi<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>r<span class=\"_ _2\"></span>iflettano<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>condizioni<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>macro<span class=\"_ _2\"></span>economiche<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>attese<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>t<span class=\"_ _2\"></span>ali<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>scenari.<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>Le<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>tecniche<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>di<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e69\">condizionamento<span class=\"ff1\">  </span>al<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>ciclo<span class=\"ff1\">  </span>macroeconomico<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>ricalcano<span class=\"ff1\">  </span>le<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>logiche<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1e\"> </span><span class=\"ff3\">adottate</span> <span class=\"_ _1e\"> </span><span class=\"ff3\">dal</span>  <span class=\"ff3\">Gruppo</span>  <span class=\"ff3\">per</span>  <span class=\"ff3\">la</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e6a\">conduzione<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>esercizi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>stress<span class=\"ff1\"> </span>testing<span class=\"ff1\"> </span>indetti<span class=\"ff1\"> </span>dagli<span class=\"ff1\"> </span>organi<span class=\"ff1\"> </span>europei<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>supervisione: </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs2e6b\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e6c\">metodi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>condizionamento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ciclo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>della<span class=\"ff1\"> <span class=\"_ _21\"></span></span>probabilit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ina<span class=\"_ _2\"></span>dempienza<span class=\"ff1\"> <span class=\"_ _21\"></span></span>(PD),<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"ff1\"> <span class=\"_ _21\"></span></span>combinano<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e6d\">ipotesi<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>variazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _2\"></span></span>merito<span class=\"ff1\"> </span>creditizio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> </span>cont<span class=\"_ _2\"></span>roparte<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(i.e.<span class=\"ff1\"> </span>variazioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nella<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valutazione<span class=\"ff1\"> </span>di<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e6e\">rating<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>futura<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>associata<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>alla<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>controparte)<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>ipotesi<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>var<span class=\"_ _2\"></span>iazioni<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>probabilit\u00e0<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e6f\">in<span class=\"_ _0\"></span>ade<span class=\"_ _0\"></span>mpie<span class=\"_ _0\"></span>nza<span class=\"ff1\"> </span>ass<span class=\"_ _0\"></span>oci<span class=\"_ _0\"></span>ata<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>cias<span class=\"_ _0\"></span>cun<span class=\"ff1\"> </span>pro<span class=\"_ _0\"></span>filo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">risch<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>(ad<span class=\"_ _0\"></span>ozi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c.d.</span> <span class=\"ff3\">\u201cmod<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>satel<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>e\u201d<span class=\"ff1\"> </span>inte<span class=\"_ _0\"></span>rni<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e70\">che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>esprimono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>relazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>esis<span class=\"_ _2\"></span>tente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tra<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>probabilit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>inade<span class=\"_ _2\"></span>mpienza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ed<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pr<span class=\"_ _2\"></span>incipali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fattor<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e71\">mac<span class=\"_ _0\"></span>roe<span class=\"_ _0\"></span>con<span class=\"_ _0\"></span>omici<span class=\"_ _0\"></span>); </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs2e72\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e73\">me<span class=\"_ _0\"></span>todi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">condi<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>oname<span class=\"_ _0\"></span>nto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>iclo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>rdi<span class=\"_ _0\"></span>ta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">caso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">def<span class=\"_ _0\"></span>aul<span class=\"_ _0\"></span>t<span class=\"ff1\"> </span>(L<span class=\"_ _1\"></span>GD),<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">com<span class=\"_ _0\"></span>bin<span class=\"_ _0\"></span>ano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ipo<span class=\"_ _0\"></span>tes<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e74\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">variazione<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span>livello<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>terioram<span class=\"_ _2\"></span>ento<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span>cred<span class=\"_ _0\"></span>ito<span class=\"ff1\"> </span>(i.e.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">migrazioni<span class=\"ff1\"> </span>tra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">diversi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stati<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">default)<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e75\">ed<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>i<span class=\"_ _2\"></span>potesi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">variazioni</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">nel</span> <span class=\"_ _27\"> </span><span class=\"ff3\">livello</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">di</span> <span class=\"_ _27\"> </span><span class=\"ff3\">co<span class=\"_ _2\"></span>pertura</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">de<span class=\"_ _0\"></span>lle<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>garanzie<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>support<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>credito,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e76\">conseguente<span class=\"ff1\"> </span>influenza<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>capacit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>recupero<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>su<span class=\"_ _0\"></span>ll\u2019ammontare<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>perdita<span class=\"ff1\"> </span>rilevato<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>caso<span class=\"_ _0\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e77\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">default. </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e78\">In<span class=\"ff1\"> </span>generale,<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>criteri<span class=\"ff1\"> </span>dettagliati<span class=\"ff1\"> </span>seguiti<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>determinazione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>rettifiche<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valore<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>ciascuno<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e79\">Stage,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>disciplinati<span class=\"ff1\"> </span>nelle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">policy</span> <span class=\"_ _0\"></span><span class=\"ff3\">interne<span class=\"ff1\"> </span>\u201cPolicy<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Svalutazione<span class=\"ff1\"> </span>Crediti\u201d<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u201cLinee<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Guida<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>riteri<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e7a\">svalutazione<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>titoli\u201d;<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>aggiornate<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>so<span class=\"_ _2\"></span>ttoposte<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>all\u2019approvazione<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>parte<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>Cons<span class=\"_ _2\"></span>iglio<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e7b\">Amministrazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> </span>cadenza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">almeno<span class=\"ff1\"> </span>annuale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">N<span class=\"_ _2\"></span>el<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">corso<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2022<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u201cPolicy<span class=\"ff1\"> </span>Svalutazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Cre<span class=\"_ _2\"></span>diti\u201d<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e7c\">\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>stata<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ul<span class=\"_ _0\"></span>teriormente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>aggiornata<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ed<span class=\"ff1\"> <span class=\"_ _20\"></span></span>affinata,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dopo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>revisioni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>2021,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _21\"></span></span>eff<span class=\"_ _0\"></span>etto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>lle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>analisi<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e7d\">andamentali<span class=\"ff1\"> </span>sullo<span class=\"ff1\"> </span>storico<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>svalutazioni<span class=\"ff1\"> </span>applicate<span class=\"ff1\"> </span>fino<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>fine<span class=\"ff1\"> </span>dell\u2019anno<span class=\"ff1\"> </span>prec<span class=\"_ _2\"></span>edente </div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2e7e\">Va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>azi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2e7f\">de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>\u2019in<span class=\"_ _0\"></span>cr<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>to<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2e80\">si<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>cat<span class=\"_ _1\"></span>ivo<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2e81\">de<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2e82\">ri<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>hio<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2e83\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2e84\">cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>ito<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2e85\">(S<span class=\"_ _0\"></span>IC<span class=\"_ _0\"></span>R)<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e86\">Come<span class=\"ff1\"> <span class=\"_ _2\"></span></span>anticipato,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fram<span class=\"_ _2\"></span>ework<span class=\"ff1\"> </span>IFRS<span class=\"ff1\"> <span class=\"_ _2\"></span></span>9<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>uso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>presso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Gruppo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>relativo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>all\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs2e87\">staging</div><div class=\"t m0 h9 ff1 fs4 fc0 sc0 ls0 ws0 gs2e88\"> <span class=\"_ _2\"></span><span class=\"ff3 fs5\">degli<span class=\"ff1\"> </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e89\">strumenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziari<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bonis<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">st<span class=\"_ _2\"></span>ato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mantenuto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">inalterat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dell\u2019emergenza<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Covid-19.<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e8a\">L\u2019approccio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>adottat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>si<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>basa<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>su<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>principio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>classificazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tipo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>analitico,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ovvero<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>bas<span class=\"_ _2\"></span>ato<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e8b\">sull\u2019analisi<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>singole<span class=\"ff1\"> </span>posizioni.<span class=\"ff1\"> </span>I<span class=\"ff1\"> </span>driver<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs2e8c\">staging</div><div class=\"t m0 h9 ff1 fs4 fc0 sc0 ls0 ws0 gs2e8d\"> <span class=\"ff3 fs5\">impiegati<span class=\"ff1\"> </span>sono: </span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs2e8e\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e8f\">Valutazione<span class=\"ff1\">  </span>del<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Significant<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Increase<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Credit<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Risk<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>(i.e.<span class=\"ff1\">  </span>SICR)<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>tram<span class=\"_ _2\"></span>ite<span class=\"ff1\">  </span>misurazione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>della<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e90\">variazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rating<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>riferimento<span class=\"ff1\"> </span>rispetto<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">origination</span> <span class=\"ff3\">della</span> <span class=\"ff3\">posizione:</span> <span class=\"ff3\">in</span> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e91\">caso<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rilevamento<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> </span>delta<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>pegg<span class=\"_ _0\"></span>ioramento<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>uperiore<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2<span class=\"ff1\"> </span>notch<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sulla<span class=\"ff1\"> </span>masterscale<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e92\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">r<span class=\"_ _0\"></span>atin<span class=\"_ _0\"></span>g<span class=\"fsd\">2</span>,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pos<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span>au<span class=\"_ _1\"></span>tomati<span class=\"_ _0\"></span>cam<span class=\"_ _0\"></span>ente<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>ssifi<span class=\"_ _0\"></span>cata<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sta<span class=\"_ _0\"></span>ge<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">2.<span class=\"ff1\"> </span>I<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>aso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">contra<span class=\"_ _0\"></span>rio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>osizi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e93\">\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">classificata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stage<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">1.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Tale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">criterio<span class=\"ff1\"> </span>risulta<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">carattere<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">relativo,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">prevedendo<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">confr<span class=\"_ _2\"></span>onto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e94\">situazione<span class=\"ff1\"> </span>creditizia<span class=\"ff1\"> </span>rilevata<span class=\"ff1\"> </span>all\u2019erogazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>credito; </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs2e95\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e96\">Criterio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>backstop<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sui<span class=\"ff1\"> <span class=\"_ _21\"></span></span>giorni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>scad<span class=\"_ _0\"></span>uto:<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>caso<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rilevamento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>30<span class=\"ff1\"> <span class=\"_ _21\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pi\u00f9<span class=\"ff1\"> <span class=\"_ _20\"></span></span>gior<span class=\"_ _2\"></span>ni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>scaduto<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e97\">continuativo<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>posizione<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>automaticamente<span class=\"ff1\"> </span>classificata<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>tage<span class=\"ff1\"> </span>2; </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs2e98\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e99\">Cri<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>back<span class=\"_ _0\"></span>stop<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sull<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>misu<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>forb<span class=\"_ _0\"></span>ear<span class=\"_ _0\"></span>ance<span class=\"_ _0\"></span>:<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>caso<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">cla<span class=\"_ _0\"></span>ssif<span class=\"_ _0\"></span>icazi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"_ _2\"></span><span class=\"ff3\">forb<span class=\"_ _0\"></span>orne<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">pe<span class=\"_ _0\"></span>rfo<span class=\"_ _0\"></span>rmin<span class=\"_ _0\"></span>g,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e9a\">la<span class=\"ff1\"> </span>posizione<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>automaticamente<span class=\"ff1\"> </span>classificata<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>stage<span class=\"ff1\"> </span>2. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e9b\">Si<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>precisa<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>come<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>soglia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>2<span class=\"ff1\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs2e9c\">notch</div><div class=\"t m0 h9 ff1 fs4 fc0 sc0 ls0 ws0 gs2e9d\"> <span class=\"_ _27\"> </span><span class=\"ff3 fs5\">in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>peggioramento<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>tata<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>mo<span class=\"_ _2\"></span>dificata<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>nell\u2019ambito<span class=\"ff1\"> </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e9e\">dell\u2019emergenza<span class=\"ff1\"> <span class=\"_ _21\"></span></span>da<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Covid-19,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>com<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>que<span class=\"_ _0\"></span>sta<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ris<span class=\"_ _2\"></span>ulti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>appli<span class=\"_ _0\"></span>cata<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>indistintamente<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>prescindere<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dal<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2e9f\">portafoglio/segmento<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>appartenenza<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>classe<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rating<span class=\"ff1\"> </span>relativa<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>posizione<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>analisi. </div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2ea1\">Mi<span class=\"_ _0\"></span>su<span class=\"_ _0\"></span>raz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2ea2\">de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2ea3\">per<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2ea4\">at<span class=\"_ _1\"></span>tese<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2ea5\">De<span class=\"_ _0\"></span>fi<span class=\"_ _0\"></span>niz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2ea6\">de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs2ea7\">sc<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>io<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2ea8\">Gli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>scenari<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>forniti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>provider<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>esterno:<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dett<span class=\"_ _2\"></span>aglio,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>vengono<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>individuati<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>t<span class=\"_ _2\"></span>re<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Scenari:<span class=\"ff1\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs2ea9\">Bas<span class=\"_ _0\"></span>eli<span class=\"_ _0\"></span>ne</div><div class=\"t m0 h9 ff1 fs4 fc0 sc0 ls0 ws0 gs2eaa\"> <span class=\"ff3 fs5\">(<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ind<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dal<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">forni<span class=\"_ _0\"></span>tore<span class=\"_ _0\"></span>),<span class=\"ff1\"> </span></span></span></span></span></span></span></span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs2eab\">Bad</div><div class=\"t m0 h9 ff1 fs4 fc0 sc0 ls0 ws0 gs2eac\"> <span class=\"_ _0\"></span><span class=\"ff3 fs5\">e<span class=\"ff1\"> </span></span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs2ead\">Go<span class=\"_ _0\"></span>od</div><div class=\"t m0 h9 ff1 fs4 fc0 sc0 ls0 ws0 gs2eae\"> <span class=\"ff3 fs5\">(<span class=\"_ _0\"></span>ris<span class=\"_ _0\"></span>pett<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span>mente<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ind<span class=\"_ _0\"></span>ivid<span class=\"_ _0\"></span>uati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>ome<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">g<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Sce<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>ri<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs2eaf\">S3<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2eb0\">ed<span class=\"ff1\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs2eb1\">S1</div><div class=\"t m0 h9 ff1 fs4 fc0 sc0 ls0 ws0 gs2eb2\"> <span class=\"ff3 fs5\">d<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span>medesimo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fornitore).<span class=\"ff1\"> </span>Per<span class=\"ff1\"> </span>tali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">diversi<span class=\"ff1\"> </span>scenari,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">so<span class=\"_ _2\"></span>no<span class=\"ff1\"> </span>fornite<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inoltre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">relative<span class=\"ff1\"> </span>probabilit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2eb3\">accadimento,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> </span>utilizzat<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ponderare<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>diverse<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>time<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ECL<span class=\"ff1\"> </span>derivanti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pervenire<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2eb4\">alla<span class=\"ff1\"> </span>stima<span class=\"ff1\"> </span>complessiva. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2eb5\">A<span class=\"ff1\"> </span>seguito<span class=\"ff1\"> </span>dell\u2019emergenza<span class=\"ff1\"> </span>sanitaria<span class=\"ff1\"> </span>legata<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>pandemia<span class=\"ff1\"> </span>Covid-19<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>Istitut<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>stati<span class=\"ff1\"> </span>chiamati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2eb6\">istituire<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">m<span class=\"_ _2\"></span>eccanismi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>monitoraggio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>egli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Scenari<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sott<span class=\"_ _2\"></span>ostanti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ai<span class=\"ff1\"> </span>modelli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>della<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">relat<span class=\"_ _2\"></span>iva<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ensitivity<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2eb7\">in<span class=\"ff1\"> </span>contesti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>forte<span class=\"ff1\"> </span>volatilit\u00e0. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2eb8\">In<span class=\"_ _0\"></span>oltr<span class=\"_ _0\"></span>e,<span class=\"ff1\"> </span>nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">cor<span class=\"_ _0\"></span>so<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">2022,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">liv<span class=\"_ _0\"></span>ello<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">ince<span class=\"_ _0\"></span>rtez<span class=\"_ _0\"></span>za<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>lativ<span class=\"_ _1\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>all<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>congi<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>tura<span class=\"ff1\"> </span>ma<span class=\"_ _0\"></span>croec<span class=\"_ _0\"></span>ono<span class=\"_ _0\"></span>mica<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">glob<span class=\"_ _0\"></span>ale<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2eb9\">\u00e8<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>tato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ulteriormente<span class=\"ff1\"> </span>innalzato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>causa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dello<span class=\"ff1\"> <span class=\"_ _2\"></span></span>scoppio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conflitt<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fra<span class=\"ff1\"> </span>Russia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Ucraina<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(i.e.<span class=\"ff1\"> </span>Cri<span class=\"_ _2\"></span>si<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2eba\">RU/UA),<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ha<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>reso<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>previsioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>macr<span class=\"_ _2\"></span>oeconomiche<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>so<span class=\"_ _2\"></span>ttostanti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>agli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>scenari<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>macr<span class=\"_ _2\"></span>oeconomici<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2ebb\">impiegati<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>ambito<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>IFRS9<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>potenzialmente<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>instabili.<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>P<span class=\"_ _2\"></span>er<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>tale<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>motivo,<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>visto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _118\"> </span></span>l\u2019attenuarsi<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2ebc\">dell\u2019emergenza<span class=\"ff1\">  </span>sanitaria<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>e<span class=\"ff1\">  </span>d<span class=\"_ _2\"></span>elle<span class=\"ff1\">  </span>sue<span class=\"ff1\">  </span>r<span class=\"_ _2\"></span>icadute<span class=\"ff1\">  </span>su<span class=\"_ _2\"></span>ll\u2019economia<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>globale,<span class=\"ff1\">  </span>il<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>principale<span class=\"ff1\">  </span>fat<span class=\"_ _2\"></span>tore<span class=\"ff1\">  </span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2ebd\">incertezza<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>gestire<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>Dicembre<span class=\"ff1\"> </span>2022<span class=\"ff1\"> </span>riguarda<span class=\"ff1\"> </span>proprio<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>cris<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>RU/UA. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2ebe\">In<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tale<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>contesto,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Gr<span class=\"_ _2\"></span>uppo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ha<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>confermato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>l\u2019utiliz<span class=\"_ _0\"></span>zo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pro<span class=\"_ _2\"></span>vider<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>g<span class=\"_ _0\"></span>i\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>u<span class=\"_ _0\"></span>so<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>valu<span class=\"_ _0\"></span>tando<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tuttavia<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2ebf\">tempo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tempo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ponderazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>attribuire<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ai<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tre<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>scenari<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>macroeconomici<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>disponi<span class=\"_ _0\"></span>bili.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>A<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2ec0\">Dicembre<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>2022<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _23\"> </span><span class=\"ff3\">stabilito</span> <span class=\"_ _23\"> </span><span class=\"ff3\">di</span> <span class=\"_ _23\"> </span><span class=\"ff3\">ricalibrare</span> <span class=\"_ _23\"> </span><span class=\"ff3\">la</span> <span class=\"_ _23\"> </span><span class=\"ff3\">p<span class=\"_ _0\"></span>onderazion<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>degli<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>s<span class=\"_ _2\"></span>cenari,<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>definendo<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>una<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2ec1\">ponderazione<span class=\"ff1\"> </span>alternativa<span class=\"ff1\"> </span>pi\u00f9<span class=\"ff1\"> </span>severa<span class=\"ff1\"> </span>ris<span class=\"_ _2\"></span>petto<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>Dicembre<span class=\"ff1\"> </span>2021:<span class=\"ff1\"> </span>0%<span class=\"ff1\"> </span>Good,<span class=\"ff1\"> </span>60%<span class=\"ff1\"> </span>Bad,<span class=\"ff1\"> </span>40%<span class=\"ff1\"> </span>Baseline<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2ec2\">(rispetto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">precedenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">0<span class=\"_ _2\"></span>%<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Good,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">40%<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Bad,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">60%<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Baseline).<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">I<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pri<span class=\"_ _2\"></span>ncipale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">razionale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sottos<span class=\"_ _2\"></span>tante<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tale<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2ec3\">scelta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">data<span class=\"ff1\"> </span>dal<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">potenziale<span class=\"ff1\"> </span>perdurare<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">della<span class=\"ff1\"> </span>Crisi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">RU/UA<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">relativi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">impatti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">macroeconomici,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2ec4\">particolare<span class=\"ff1\"> </span>riferimento<span class=\"ff1\"> </span>all\u2019andamento<span class=\"ff1\"> </span>dell\u2019inflazione. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2ec5\">In<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">aggiunta,<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>ine<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valu<span class=\"_ _0\"></span>tare<span class=\"ff1\"> </span>eventuali<span class=\"ff1\"> </span>trattamenti<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>cessari<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>gestire<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>particolarit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">derivanti<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2ec6\">da<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>una<span class=\"ff1\">  </span>situazione<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">macroeconomica</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">prospettica</span>  <span class=\"ff3\">fo<span class=\"_ _0\"></span>rtemente<span class=\"ff1\">  </span>i<span class=\"_ _0\"></span>nfluenzata<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dalla<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Cris<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>RU/UA,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>si<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2ec7\">rip<span class=\"_ _0\"></span>orta<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">segu<span class=\"_ _0\"></span>ito<span class=\"ff1\"> </span>gl<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>anda<span class=\"_ _0\"></span>menti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">attes<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">varia<span class=\"_ _0\"></span>bili<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">PIL</span> <span class=\"ff3\">Euro<span class=\"_ _0\"></span>peo<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>In<span class=\"_ _0\"></span>fla<span class=\"_ _0\"></span>zione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Europ<span class=\"_ _0\"></span>ea<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">relativ<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>alle<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2ec8\">varie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>deliveries,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>inclusa<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quella<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Sett<span class=\"_ _2\"></span>embre<span class=\"ff1\"> <span class=\"_ _20\"></span></span>2022,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>impiegata<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _21\"></span></span>presente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>aggiornamento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sulla<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2ec9\">data<span class=\"ff1\"> </span>contabile<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Dicembre<span class=\"ff1\"> </span>2022. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2eca\">Com<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">risu<span class=\"_ _0\"></span>lta<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">poss<span class=\"_ _0\"></span>ibil<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">osser<span class=\"_ _0\"></span>var<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">grafi<span class=\"_ _0\"></span>ci<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ripo<span class=\"_ _0\"></span>rtat<span class=\"_ _0\"></span>i,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">lo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>co<span class=\"_ _0\"></span>ppi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Cri<span class=\"_ _0\"></span>si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">RU/U<span class=\"_ _0\"></span>A,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conseg<span class=\"_ _0\"></span>uen<span class=\"_ _0\"></span>te </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2ecb\">inclusione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>relativo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>andamento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>att<span class=\"_ _2\"></span>eso<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nell<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>proiezioni<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>macr<span class=\"_ _2\"></span>oeconomiche,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ha<span class=\"ff1\"> <span class=\"_ _21\"></span></span>portato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ad<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>un<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2ecc\">drastico<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>rialzo<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>previsioni<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>variabile<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>I<span class=\"_ _2\"></span>nflazione<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>Europea<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>r<span class=\"_ _2\"></span>ispetto<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>alle<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>delivery<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2ecd\">precedentemente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>impiegate.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>P<span class=\"_ _2\"></span>er<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tale<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ragione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>optato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>inserire<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>partire<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>presente<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2ece\">ag<span class=\"_ _0\"></span>gio<span class=\"_ _0\"></span>rname<span class=\"_ _0\"></span>nto<span class=\"ff1\"> </span>(i<span class=\"_ _0\"></span>.e.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">data<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">conta<span class=\"_ _0\"></span>bil<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Dice<span class=\"_ _0\"></span>mbre<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">202<span class=\"_ _0\"></span>2<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">impieg<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>deg<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>cena<span class=\"_ _0\"></span>ri<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Sett<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>20<span class=\"_ _0\"></span>22)<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2ecf\">un<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ulteriore<span class=\"ff1\"> <span class=\"_ _21\"></span></span>correttivo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dedicato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>gesti<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _21\"></span></span>l\u2019i<span class=\"_ _0\"></span>mpatto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sui<span class=\"ff1\"> <span class=\"_ _20\"></span></span>parametri<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rischio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>lle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>previsioni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sulla<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2ed0\">variabile<span class=\"ff1\"> </span>Inflazione,<span class=\"ff1\"> </span>influenzate<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>modo<span class=\"ff1\"> </span>particolare<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>Crisi<span class=\"ff1\"> </span>RU/UA. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2ed1\">Nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>ttag<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>o,<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onsi<span class=\"_ _0\"></span>dera<span class=\"_ _0\"></span>ndo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i</span> <span class=\"ff3\">mo<span class=\"_ _0\"></span>del<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sate<span class=\"_ _0\"></span>lli<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">stat<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">svilu<span class=\"_ _0\"></span>ppat<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>rtir<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>da<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">una<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">se<span class=\"_ _0\"></span>rie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">storic<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs2ed2\">che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">manifesta<span class=\"ff1\"> </span>una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">correlazione<span class=\"ff1\"> </span>negativa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tra<span class=\"ff1\"> </span>tassi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>fault<span class=\"ff1\"> </span>ed<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inflazione<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> </span>caratterizzata<span class=\"ff1\"> </span>da<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></div>shock<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>esogeni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>assimilabili<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>alla<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>crisi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>RU/UA,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>stati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>introdotti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>accorgimenti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>prud<span class=\"_ _0\"></span>enziali<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>per<span class=\"ff1\"> </span>evitare<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>proiettare<span class=\"ff1\"> </span>tassi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>default<span class=\"ff1\"> </span>(e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>conseguenza<span class=\"ff1\"> </span>Danger<span class=\"ff1\"> </span>Rate)<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>forte<span class=\"ff1\"> </span>riduzione. Ad<span class=\"_ _0\"></span>eg<span class=\"_ _0\"></span>ua<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>mo<span class=\"_ _1\"></span>dell<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>ov<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>y<span class=\"fc0 sc1\"> </span>La<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">qu<span class=\"_ _0\"></span>anti<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>de<span class=\"_ _1\"></span>lle<span class=\"ff1\"> </span>E<span class=\"_ _0\"></span>CL<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">basa<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">su<span class=\"_ _1\"></span>: </span></span></span></span></span></span></span></span>l\u2019<span class=\"_ _0\"></span>appl<span class=\"_ _0\"></span>icaz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sce<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>ri<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>orni<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prov<span class=\"_ _0\"></span>ide<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>este<span class=\"_ _1\"></span>rno<span class=\"ff1\"> </span>ai<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mode<span class=\"_ _0\"></span>lli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sate<span class=\"_ _1\"></span>llite<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">svi<span class=\"_ _0\"></span>lupp<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">int<span class=\"_ _0\"></span>ern<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>te; </span></span></span></span></span></span></span></span></span></span></span></span>l\u2019applicazione<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>effetti<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>scenari<span class=\"ff1\"> </span>(i.e.<span class=\"ff1\"> </span>shift)<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>ma<span class=\"_ _2\"></span>trici<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>migrazione<span class=\"ff1\"> </span>inclusive<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> </span>PD<span class=\"ff1\"> </span>e<span class=\"_ _2\"></span><span class=\"ff1\"> </span>l\u2019adozione<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>l\u2019appro<span class=\"_ _2\"></span>ccio<span class=\"ff1\"> </span>markoviano<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dell\u2019approccio</span> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">survival<span class=\"ff1\"> <span class=\"_ _2\"></span></span>analysis<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>quantificare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>PD<span class=\"ff1\"> </span></span></span></span></span>in<span class=\"ff1\"> </span>ottica<span class=\"ff1\"> </span>lifetime<span class=\"ff1\"> </span>forward-looking; l\u2019integrazione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>logiche<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>forwar<span class=\"_ _2\"></span>d-looking<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>anche<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>ne<span class=\"_ _2\"></span>lla<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>LGD<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>att<span class=\"_ _2\"></span>raverso<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>l\u2019incorporazione<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"_ _1\"></span> informazioni<span class=\"ff1\"> </span>prospettiche<span class=\"ff1\"> </span>sull\u2019andamento<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>mercato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>immobiliare<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>applicazione<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>shift<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>Danger<span class=\"ff1\"> </span>Rate<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>linea<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>quanto<span class=\"ff1\"> </span>condotto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>PD. Tali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>regole<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>state<span class=\"ff1\"> <span class=\"_ _2\"></span></span>individuate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nell\u2019ottica<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>minimizzare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"_ _2\"></span>nterventi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>natura<span class=\"ff1\"> <span class=\"_ _20\"></span></span>discrezionale<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>quantificazione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>loan<span class=\"ff1\"> </span>loss<span class=\"ff1\"> </span>provision. Nel<span class=\"ff1\"> </span>contesto<span class=\"ff1\"> </span>Covid-19<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>crisi<span class=\"ff1\"> </span>RU/UA,<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>stati<span class=\"ff1\"> </span>definiti<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>implementati<span class=\"ff1\"> </span>alcuni<span class=\"ff1\"> </span>aggiustamenti<span class=\"ff1\"> </span>ai<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">modelli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(overlay<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">factors)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tenere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conto<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>egli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"_ _2\"></span>ffetti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">connes<span class=\"_ _2\"></span>si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">str<span class=\"_ _2\"></span>aordinariet\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contesto<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>macroeconomico<span class=\"ff1\"> </span>che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delineato<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">misure<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>sostegno<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">all\u2019economia</span> <span class=\"_ _0\"></span><span class=\"ff3\">emesse<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>al<span class=\"ff1\"> </span>Governo.<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>Per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quanto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>riguarda<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l\u2019attuale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>aggiornamento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Framework,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l\u2019unico<span class=\"ff1\"> <span class=\"_ _20\"></span></span>overlay<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rimast<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>vigore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"ff1\"> </span>relativo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a: </span></span>a)<span class=\"_ _3bd\"> </span>la<span class=\"_ _3bd\"> </span>sterilizz<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>dei<span class=\"_ _3bd\"> </span>tass<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>Prepa<span class=\"_ _0\"></span>yment<span class=\"_ _3bd\"> </span>atte<span class=\"_ _0\"></span>si, <span class=\"_ _1\"></span><span class=\"ff3\">ovvero<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019azzeramento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">probabilit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stimate<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>osservare<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>eventi<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>rimbor<span class=\"_ _2\"></span>so<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>anticipato<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>debito<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>processo<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>di<span class=\"ff1\"> </span>determinazione<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>elle<span class=\"ff1\"> </span>perdite<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attese<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"ff1\"> </span>crediti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rateali<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bonis.<span class=\"ff1\"> </span>Si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">precisa<span class=\"ff1\"> </span>come<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tale<span class=\"ff1\"> </span>correttivo<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>ab<span class=\"_ _0\"></span>bia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">imp<span class=\"_ _0\"></span>atto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _1\"></span>sclus<span class=\"_ _0\"></span>ivame<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sulle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cu<span class=\"_ _0\"></span>rve<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Pre<span class=\"_ _0\"></span>pay<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>li<span class=\"_ _0\"></span>feti<span class=\"_ _0\"></span>me<span class=\"_ _3bd\"> </span>for<span class=\"_ _0\"></span>war<span class=\"_ _0\"></span>d-lo<span class=\"_ _0\"></span>okin<span class=\"_ _0\"></span>g <span class=\"_ _0\"></span><span class=\"ff3 fs5\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>rod<span class=\"_ _0\"></span>otti<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span>rate<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>i. An<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>isi<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>se<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>ity<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>gl<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>Sc<span class=\"_ _0\"></span>ena<span class=\"_ _1\"></span>ri<span class=\"fc0 sc1\"> </span>Si<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>riportano<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>seguito<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>informazioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>r<span class=\"_ _2\"></span>elative<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ai<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>valori<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>medi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>principali<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>indicator<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>macro-<span class=\"ff1\"> </span>economici<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>finan<span class=\"_ _2\"></span>ziari<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>utilizzati<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>negli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>scenari,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>relativamente<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>t<span class=\"_ _2\"></span>riennio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>2023-2025<span class=\"_ _2\"></span>,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ricordiamo<span class=\"ff1\"> </span>inoltre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dall\u2019analisi<span class=\"ff1\"> </span>comparata<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>questi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ultimi<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>lo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Scenario<span class=\"ff1\"> </span>fornito<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ECB<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">st<span class=\"_ _2\"></span>ata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">definita<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>seguente<span class=\"ff1\"> </span>ponderazione<span class=\"ff1\"> </span>alternativa:<span class=\"ff1\"> </span>0%<span class=\"ff1\"> </span>Good,<span class=\"ff1\"> </span>60%<span class=\"ff1\"> </span>Bad,<span class=\"ff1\"> </span>40%<span class=\"ff1\"> </span>Baseline. Per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ogni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>indicatore<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>iportato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>base<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>consuntivo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>(nella<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fatt<span class=\"_ _2\"></span>ispecie<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Settembre<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>2022)<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> </span>termini<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>as<span class=\"_ _2\"></span>soluti,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>as<span class=\"_ _2\"></span>sunto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"></span></span>stesse<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>variabili<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>nello<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Scenario<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Baseline<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>variazione<span class=\"ff1\"> </span>percentuale<span class=\"ff1\"> </span>rispetto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ad<span class=\"ff1\"> </span>esso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>degli<span class=\"ff1\"> </span>Scenari<span class=\"ff1\"> <span class=\"_ _2\"></span></span>designati<span class=\"ff1\"> </span>come<span class=\"ff1\"> <span class=\"_ _2\"></span></span>avverso<span class=\"_ _2\"></span><span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>favor<span class=\"_ _2\"></span>evole<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>ognuno<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>3<span class=\"ff1\"> </span>fine<span class=\"ff1\"> <span class=\"_ _2\"></span></span>anno<span class=\"ff1\"> <span class=\"_ _20\"></span></span>compresi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nell\u2019orizzont<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>temporale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>c<span class=\"_ _2\"></span>ui<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>principio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>richiede<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>adottar<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> <span class=\"_ _20\"></span></span>approccio<span class=\"ff1\"> </span>forward-looking<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> </span>stime<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>ECL. Macrovariabile<span class=\"_ _3bd\"> </span>Consuntivo<span class=\"_ _3bd\"> </span>dic-<span class=\"_ _3bd\"> </span>23<span class=\"_ _3bd\"> </span>dic-<span class=\"_ _3bd\"> </span>24<span class=\"_ _3bd\"> </span>dic-25<span class=\"_ _3bd\"> </span>set-<span class=\"_ _3bd\"> </span>22<span class=\"_ _3bd\"> </span>Bad<span class=\"_ _3bd\"> </span>Baseline<span class=\"_ _3bd\"> </span>Go<span class=\"_ _0\"></span>od<span class=\"_ _3bd\"> </span>Bad<span class=\"_ _3bd\"> </span>Baseline<span class=\"_ _3bd\"> </span>Go<span class=\"_ _0\"></span>od<span class=\"_ _3bd\"> </span>Bad<span class=\"_ _3bd\"> </span>Baseline<span class=\"_ _3bd\"> </span>Go<span class=\"_ _0\"></span>od<span class=\"_ _3bd\"> </span>PIL<span class=\"_ _3bd\"> </span>It<span class=\"_ _0\"></span>alia<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>733<span class=\"_ _3bd\"> </span>-6,<span class=\"_ _0\"></span>23<span class=\"_ _0\"></span>%<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>743<span class=\"_ _3bd\"> </span>1,92%<span class=\"_ _3bd\"> </span>-5,56%<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>780<span class=\"_ _3bd\"> </span>1,72%<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>4,<span class=\"_ _0\"></span>51<span class=\"_ _0\"></span>%<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>811<span class=\"_ _3bd\"> </span>1,61%<span class=\"_ _3bd\"> </span>PIL<span class=\"_ _3bd\"> </span>E<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>10.9<span class=\"_ _0\"></span>03<span class=\"_ _3bd\"> </span>-6,<span class=\"_ _0\"></span>09<span class=\"_ _0\"></span>%<span class=\"_ _3bd\"> </span>11.0<span class=\"_ _0\"></span>15<span class=\"_ _3bd\"> </span>2,20%<span class=\"_ _3bd\"> </span>-5,43%<span class=\"_ _3bd\"> </span>11.2<span class=\"_ _0\"></span>86<span class=\"_ _3bd\"> </span>1,96%<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>4,<span class=\"_ _0\"></span>39<span class=\"_ _0\"></span>%<span class=\"_ _3bd\"> </span>11.5<span class=\"_ _0\"></span>35<span class=\"_ _3bd\"> </span>1,84%<span class=\"_ _3bd\"> </span>Tasso<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>Diso<span class=\"_ _0\"></span>ccup<span class=\"_ _1\"></span>azione<span class=\"_ _3bd\"> </span>7,<span class=\"_ _0\"></span>92%<span class=\"_ _3bd\"> </span>35,29<span class=\"_ _0\"></span>%<span class=\"_ _3bd\"> </span>8,<span class=\"_ _0\"></span>53%<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>4,07%<span class=\"_ _3bd\"> </span>27,93<span class=\"_ _0\"></span>%<span class=\"_ _3bd\"> </span>8,<span class=\"_ _1\"></span>45%<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>3,77%<span class=\"_ _3bd\"> </span>19,43<span class=\"_ _0\"></span>%<span class=\"_ _3bd\"> </span>8,<span class=\"_ _1\"></span>40%<span class=\"_ _3bd\"> </span>-2,<span class=\"_ _0\"></span>94<span class=\"_ _0\"></span>%<span class=\"_ _3bd\"> </span>Indice<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>Produzion<span class=\"_ _2\"></span>e<span class=\"_ _3bd\"> </span>Indu<span class=\"_ _0\"></span>str<span class=\"_ _0\"></span>iale<span class=\"_ _3bd\"> </span>10<span class=\"_ _1\"></span>4<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>13,15<span class=\"_ _0\"></span>%<span class=\"_ _3bd\"> </span>10<span class=\"_ _1\"></span>6<span class=\"_ _3bd\"> </span>3,78%<span class=\"_ _3bd\"> </span>-9,16%<span class=\"_ _3bd\"> </span>10<span class=\"_ _1\"></span>9<span class=\"_ _3bd\"> </span>3,07%<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>7,<span class=\"_ _0\"></span>48<span class=\"_ _0\"></span>%<span class=\"_ _3bd\"> </span>11<span class=\"_ _1\"></span>2<span class=\"_ _3bd\"> </span>2,85%<span class=\"_ _3bd\"> </span>In<span class=\"_ _0\"></span>dice<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>Prez<span class=\"_ _0\"></span>zi<span class=\"_ _3bd\"> </span>deg<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span>Imm<span class=\"_ _0\"></span>obi<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span>Res<span class=\"_ _0\"></span>iden<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span>it<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>iani<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>077<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>11,48<span class=\"_ _0\"></span>%<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>116<span class=\"_ _3bd\"> </span>3,13%<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>17,79<span class=\"_ _0\"></span>%<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>211<span class=\"_ _3bd\"> </span>4,07%<span class=\"_ _3bd\"> </span>-19,96<span class=\"_ _0\"></span>%<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>341<span class=\"_ _3bd\"> </span>4,59%<span class=\"_ _3bd\"> </span>Tr<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>tam<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>to<span class=\"_ _3bd\"> </span>ga<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>pu<span class=\"_ _0\"></span>bb<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>che<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>calco<span class=\"_ _2\"></span>lo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ECL<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>garanzie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>stat<span class=\"_ _2\"></span>ali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>erogate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>come<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>isposta<span class=\"ff1\"> <span class=\"_ _20\"></span></span>straordinaria<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>ostegno<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>l\u2019e<span class=\"_ _0\"></span>conom<span class=\"_ _0\"></span>ia<span class=\"ff1\"> </span>reale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nel</span> <span class=\"ff3\">conte<span class=\"_ _0\"></span>sto<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>l\u2019e<span class=\"_ _0\"></span>merge<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sani<span class=\"_ _0\"></span>tar<span class=\"_ _0\"></span>ia<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>corso<span class=\"ff1\"> </span>son<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>co<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>dera<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>anal<span class=\"_ _0\"></span>oga<span class=\"_ _0\"></span>mente<span class=\"ff1\"> </span></span></span>alle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">altre<span class=\"ff1\"> </span>garanzie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>tatali<span class=\"ff1\"> </span>presenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">portafoglio.<span class=\"ff1\"> </span>Non<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">previsti<span class=\"ff1\"> </span>trattamenti<span class=\"ff1\"> </span>ad<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">hoc,</span> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">garanzie<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>contribuiscono<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mitigare<span class=\"ff1\"> </span>l\u2019ECL<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sui</span> <span class=\"ff3\">rapporti</span> <span class=\"ff3\">a<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cui</span> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>associate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tramite<span class=\"ff1\"> </span>princ<span class=\"_ _0\"></span>ipio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>sostituzione<span class=\"_ _0\"></span>:<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>la<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uota<span class=\"ff1\"> </span>coperta<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>esse<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vien<span class=\"_ _2\"></span>e,<span class=\"ff1\"> </span>quindi,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">as<span class=\"_ _2\"></span>sociata<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">livello<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rischio</span> <span class=\"_ _0\"></span><span class=\"ff3\">dell\u2019emittente<span class=\"ff1\"> </span>(in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">q<span class=\"_ _2\"></span>uesto<span class=\"ff1\"> </span>caso<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>lo<span class=\"ff1\"> </span>stato<span class=\"ff1\"> </span>italiano,<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>rating<span class=\"ff1\"> </span>DBRS<span class=\"ff1\"> </span>BBBH)<span class=\"ff1\"> </span>invece<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>quello<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>co<span class=\"_ _2\"></span>ntroparte. 2.<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>Te<span class=\"_ _0\"></span>cni<span class=\"_ _0\"></span>ch<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>mit<span class=\"_ _1\"></span>iga<span class=\"_ _0\"></span>zio<span class=\"_ _1\"></span>ne<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>hio<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>o<span class=\"fc0 sc1\"> </span>I<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>oll<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span>ral<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le</span> <span class=\"ff3\">g<span class=\"_ _0\"></span>aran<span class=\"_ _0\"></span>zie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rive<span class=\"_ _0\"></span>sto<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>arti<span class=\"_ _0\"></span>col<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rile<span class=\"_ _0\"></span>vanz<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">strat<span class=\"_ _0\"></span>egi<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>redi<span class=\"_ _0\"></span>tizi<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>Gr<span class=\"_ _0\"></span>upp<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>Cre<span class=\"_ _0\"></span>dem<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>in<span class=\"ff1\"> </span>quan<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>consentono<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mitigazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> </span>comple<span class=\"_ _0\"></span>ssivo<span class=\"ff1\"> </span>ciclo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vita<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>redito,<span class=\"ff1\"> </span>pur<span class=\"ff1\"> </span>mantene<span class=\"_ _0\"></span>ndo<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span></span></span></span></span></span></span>carattere<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>accessorio<span class=\"ff1\">  </span>n<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>processo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>valutazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>concessione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>credito<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dove<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>l\u2019elemento<span class=\"ff1\"> </span>fondante<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>capacit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rimborso<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>debitore.<span class=\"ff1\"> </span>In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tal</span> <span class=\"ff3\">senso</span> <span class=\"ff3\">l\u2019acquisizione</span> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>stesse,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">comport<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un\u2019approfondita<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valutativa<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sia<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fase<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">acquisizione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sia<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">monitoraggio<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gestione. </span></span>Per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>collateral<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>mmobiliari<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">definiti,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">conformemente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ad<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">requisiti<span class=\"ff1\"> </span>normativi,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>princi<span class=\"_ _0\"></span>pi<span class=\"ff1\"> </span>generali<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">consentono<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">prudente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">processo<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valutazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">degli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">immobili<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"_ _2\"></span>ggetto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">collateral: </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Indipendenza<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>ella<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valutazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tramite<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019utilizzo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>periti<span class=\"ff1\"> </span>esterni<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>indipendenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dal<span class=\"ff1\"> </span>processo<span class=\"_ _2\"></span><span class=\"ff1\"> </span>di<span class=\"_ _2\"></span><span class=\"ff1\"> </span>erogazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>credito. -<span class=\"_ _3bd\"> </span>Conformit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>congruit\u00e0<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>valutazione,<span class=\"ff1\"> </span>adeguata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> </span>compl<span class=\"_ _2\"></span>essit\u00e0<span class=\"ff1\"> </span>dell\u2019operazione,<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ua<span class=\"ff1\"> </span>dimensione,<span class=\"ff1\"> </span>alla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tipologia<span class=\"ff1\"> </span>dell\u2019immobile<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>l\u2019individuazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>val<span class=\"_ _0\"></span>ore<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>me<span class=\"_ _0\"></span>rcato<span class=\"ff1\"> </span>su<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> </span>vie<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span></span></span></span></span>calcolato<span class=\"ff1\"> </span>l\u2019indicatore<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>loan<span class=\"ff1\"> </span>to<span class=\"ff1\"> </span>value. -<span class=\"_ _3bd\"> </span>Un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>robusto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sistema<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cont<span class=\"_ _2\"></span>rolli,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conforme<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>equisiti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nor<span class=\"_ _2\"></span>mativi,<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>presidio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>processo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>luta<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e. Vista<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019import<span class=\"_ _2\"></span>anza<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">com<span class=\"_ _2\"></span>parto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mutui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">portafo<span class=\"_ _2\"></span>glio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">complessivo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ottica<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">adeguamento<span class=\"ff1\"> </span>all<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Disposizioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Vigilanza<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>stato<span class=\"ff1\"> </span>messo<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>punto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> </span>processo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>monitoraggio<span class=\"ff1\"> </span>periodico<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>degli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>immo<span class=\"_ _2\"></span>bili<span class=\"ff1\"> <span class=\"_ _20\"></span></span>oggett<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ipoteca<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fine<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>una<span class=\"ff1\"> <span class=\"_ _21\"></span></span>corretta<span class=\"ff1\"> <span class=\"_ _21\"></span></span>valutazi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>grado<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>copertura<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> </span>col<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>teral<span class=\"_ _0\"></span>. All\u2019interno<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u201cRegolamento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019assunzione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cr<span class=\"_ _2\"></span>edito<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">verso<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">clientela\u201d<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">codificata<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ponderazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"ff1\"> <span class=\"_ _20\"></span></span>applicare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>diverse<span class=\"ff1\"> <span class=\"_ _20\"></span></span>operazioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ipotecarie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>base<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nat<span class=\"_ _2\"></span>ura<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019immobile.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Il<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Comitato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Credit<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Strategy,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inoltre,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">propone<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">periodicamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">linee<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">guida<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">indirizzo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">termini<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Loan<span class=\"ff1\"> </span>T<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>Value<span class=\"ff1\"> </span>media<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>portafoglio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nuove<span class=\"ff1\"> </span>erogazioni.<span class=\"ff1\"> </span>In<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>articolare,<span class=\"_ _2\"></span><span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>roprio<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>natura<span class=\"ff1\"> </span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">intervento<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>me<span class=\"_ _0\"></span>dio<span class=\"ff1\"> </span>termine,<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mutui<span class=\"ff1\"> </span>ip<span class=\"_ _0\"></span>otecari<span class=\"ff1\"> </span>prevedono<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>rcentuali<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>iscrizione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>ella<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">garanzia<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>diversificate<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>seconda<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>tipologia<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>finanziamento. Per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quanto<span class=\"ff1\"> </span>riguarda<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">garanzie<span class=\"ff1\"> </span>reali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valori<span class=\"ff1\"> </span>mobili<span class=\"_ _0\"></span>ari<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">previsti<span class=\"ff1\"> </span>scarti<span class=\"ff1\"> </span>cauzi<span class=\"_ _0\"></span>onali<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">applicar<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>a<span class=\"ff1\"> </span>seconda<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ella<span class=\"ff1\"> </span>tipologia<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>prodotto<span class=\"ff1\"> </span>acquisito<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">garanzia<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>ll\u2019eventuale<span class=\"ff1\"> </span>rating<span class=\"ff1\"> </span>dell\u2019emittente.<span class=\"ff1\"> </span></span></span>E\u2019<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inoltr<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">previsto<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">monitor<span class=\"_ _2\"></span>aggio<span class=\"ff1\"> </span>costante<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span>valori<span class=\"ff1\"> </span>mobili<span class=\"_ _0\"></span>ari<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">garanzia<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>valorizzazione<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>in<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> </span>Credit<span class=\"ff1\"> </span>Risk<span class=\"ff1\"> </span>Mitigation. In<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>riferimento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>alle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">garanzie</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">fidejussorie,</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">osserviamo</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">che</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">la</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">loro</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">valorizzazione</span> <span class=\"_ _27\"> </span><span class=\"ff3\">viene</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">sempre</span> </span>effettuata<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> </span>prudenziale<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>patrimonio<span class=\"ff1\"> </span>responsabile<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>garanti.<span class=\"_ _2\"></span> Relativamente<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>alle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>gar<span class=\"_ _2\"></span>anzie<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pubbliche,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Gruppo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Credem<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>adot<span class=\"_ _2\"></span>ta<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>pecifiche<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>procedure<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>volte<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\"> </span>rispettare<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>modalit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"_ _2\"></span>perative<span class=\"ff1\"> <span class=\"_ _20\"></span></span>richieste<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dai<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dettami<span class=\"ff1\"> <span class=\"_ _20\"></span></span>no<span class=\"_ _2\"></span>rmativi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>emanati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dallo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Stato<span class=\"ff1\"> <span class=\"_ _21\"></span></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dagli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>enti<span class=\"ff1\"> </span>emittenti<span class=\"ff1\"> </span>tali<span class=\"ff1\"> </span>garanzie. 3.Esp<span class=\"_ _1\"></span>osiz<span class=\"_ _1\"></span>ioni<span class=\"_ _3bd\"> </span>cr<span class=\"_ _0\"></span>edi<span class=\"_ _0\"></span>tiz<span class=\"_ _1\"></span>ie<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>te 3.1<span class=\"_ _3bd\"> </span>St<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>teg<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>po<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>he<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ge<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>La<span class=\"ff1\"> </span>struttura<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Non-Performing<span class=\"ff1\"> </span>Credit<span class=\"ff1\"> <span class=\"_ _2\"></span></span>supporta<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>punto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>vista<span class=\"ff1\"> </span>tecnico<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>rete<span class=\"ff1\"> </span>Banca<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>gestione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>crediti<span class=\"ff1\"> </span>anomali<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>deteriorati<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>determinazione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>svalutazioni. Al<span class=\"_ _0\"></span>l\u2019i<span class=\"_ _0\"></span>ntern<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>que<span class=\"_ _0\"></span>sta<span class=\"ff1\"> </span>stru<span class=\"_ _0\"></span>ttu<span class=\"_ _0\"></span>ra,<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>ge<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>l\u2019a<span class=\"_ _0\"></span>ttiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">recup<span class=\"_ _0\"></span>ero<span class=\"ff1\"> </span>cr<span class=\"_ _0\"></span>edi<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>avvi<span class=\"_ _0\"></span>ene<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">second<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>pro<span class=\"_ _0\"></span>cessi<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span>def<span class=\"_ _0\"></span>ini<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>ba<span class=\"_ _0\"></span>se<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>ca<span class=\"_ _0\"></span>nale<span class=\"_ _0\"></span>/seg<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>o,<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>tip<span class=\"_ _0\"></span>olog<span class=\"_ _0\"></span>ia<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">aff<span class=\"_ _0\"></span>ida<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ed<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>ivel<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">an<span class=\"_ _0\"></span>omal<span class=\"_ _0\"></span>ia,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ed<span class=\"ff1\"> </span>\u00e8<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">svolta<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>da<span class=\"ff1\"> <span class=\"_ _21\"></span></span>uffici<span class=\"ff1\"> <span class=\"_ _20\"></span></span>c<span class=\"_ _2\"></span>entrali<span class=\"ff1\"> <span class=\"_ _21\"></span></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>loro<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dece<span class=\"_ _0\"></span>ntramenti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sul<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>territorio.<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>modello<span class=\"ff1\"> <span class=\"_ _21\"></span></span>operativo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>permette<span class=\"ff1\"> <span class=\"_ _21\"></span></span>una<span class=\"ff1\"> <span class=\"_ _21\"></span></span>vi<span class=\"_ _0\"></span>sione<span class=\"ff1\"> </span>omnicomprensiva<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>credito<span class=\"ff1\"> </span>lungo<span class=\"ff1\"> </span>t<span class=\"_ _2\"></span>utto<span class=\"ff1\"> </span>l\u2019arco<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>vita,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">valorizzando</span> <span class=\"ff3\">la</span> <span class=\"ff3\">fluidit\u00e0</span> <span class=\"ff3\">e</span> <span class=\"ff3\">l\u2019integrazione</span> <span class=\"ff3\">dei</span> </span>pro<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>ssi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">conti<span class=\"_ _0\"></span>nui<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>isi<span class=\"_ _0\"></span>one.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">In<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pa<span class=\"_ _0\"></span>rtic<span class=\"_ _0\"></span>olare<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">si<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">se<span class=\"_ _0\"></span>gnal<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pre<span class=\"_ _0\"></span>sen<span class=\"_ _0\"></span>za<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">stru<span class=\"_ _0\"></span>ttur<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">centra<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>edi<span class=\"_ _0\"></span>cate<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>alla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>gestione,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>mo<span class=\"_ _2\"></span>nitoraggio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>recupero<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>posizioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>st<span class=\"_ _2\"></span>ato<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Inadempienza<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Probab<span class=\"_ _2\"></span>ile<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> </span>Sofferenza.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Inoltre<span class=\"ff1\">  </span>\u00e8<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>presente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>un\u2019unit\u00e0<span class=\"ff1\">  </span>organizzativa<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>preposta<span class=\"ff1\">  </span>alla<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>gestione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>societ\u00e0<span class=\"ff1\">  </span>di<span class=\"ff1\"> </span>outsourcing<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fine<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">presidiare</span> <span class=\"ff3\">in</span> <span class=\"_ _0\"></span><span class=\"ff3\">modo<span class=\"ff1\"> </span>diretto<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>accentrato<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">relazioni<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>suddette<span class=\"ff1\"> </span>societ\u00e0.<span class=\"ff1\"> </span></span></span></span></span>La<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">valu<span class=\"_ _0\"></span>tazi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dell<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>rdite<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">\u00e8</span> <span class=\"ff3\">i<span class=\"_ _0\"></span>mpron<span class=\"_ _0\"></span>tat<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cri<span class=\"_ _0\"></span>teri<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>ind<span class=\"_ _0\"></span>ubbi<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>prud<span class=\"_ _1\"></span>enza,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">segu<span class=\"_ _0\"></span>end<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>dic<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>documento<span class=\"ff1\">  </span>approvato<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dal<span class=\"ff1\">  </span>Con<span class=\"_ _2\"></span>siglio<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>Am<span class=\"_ _2\"></span>ministrazione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>e<span class=\"ff1\">  </span>denominato<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>\u201cPolicy<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Svalutazione<span class=\"ff1\"> </span>Crediti\u201d;<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tale<span class=\"ff1\"> </span>documento<span class=\"ff1\"> </span>h<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>lo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">scopo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">indirizzare<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>niform<span class=\"_ _2\"></span>are<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019attivit\u00e0<span class=\"ff1\"> </span>degli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">uffici<span class=\"ff1\"> </span>deputati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>gestione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>crediti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>deteriorati<span class=\"ff1\"> </span>nella<span class=\"ff1\"> <span class=\"_ _2\"></span></span>determinazione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>relative<span class=\"ff1\"> </span>svalutazioni<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ia<span class=\"ff1\"> </span>civilistiche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> </span>atti<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>nti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>te<span class=\"_ _0\"></span>mpi<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>cupe<span class=\"_ _0\"></span>ro.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Le<span class=\"ff1\"> </span>L<span class=\"_ _0\"></span>inee<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Guid<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>B<span class=\"_ _0\"></span>CE<span class=\"ff1\"> </span>rac<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>ano<span class=\"ff1\"> </span>all<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>Ba<span class=\"_ _0\"></span>nche<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>sta<span class=\"_ _0\"></span>bil<span class=\"_ _0\"></span>ire<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>na<span class=\"ff1\"> </span>ch<span class=\"_ _0\"></span>iara<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span>stra<span class=\"_ _0\"></span>teg<span class=\"_ _0\"></span>ia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">volta<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>dur<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">consi<span class=\"_ _0\"></span>sten<span class=\"_ _0\"></span>ze<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">NP<span class=\"_ _0\"></span>L<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">modo<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>red<span class=\"_ _0\"></span>ibil<span class=\"_ _0\"></span>e,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sost<span class=\"_ _0\"></span>eni<span class=\"_ _0\"></span>bile<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">e</span> <span class=\"_ _1\"></span><span class=\"ff3\">tempe<span class=\"_ _0\"></span>stiv<span class=\"_ _1\"></span>o.<span class=\"ff1\"> </span>Le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stes<span class=\"_ _0\"></span>se<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>uno<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">strumento</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">vi<span class=\"_ _0\"></span>ncolante,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tuttavia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Banche<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tenute<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>promuove<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>r<span class=\"_ _2\"></span>apida<span class=\"ff1\"> </span></span></span></span></span>convergenza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>verso<span class=\"ff1\"> <span class=\"_ _21\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>indicazioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fornite.<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Nel<span class=\"ff1\"> <span class=\"_ _2\"></span></span>corso<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">primo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span><span class=\"ff3\">semestr<span class=\"_ _2\"></span>e</span> <span class=\"_ _20\"></span><span class=\"ff3\">2018</span> <span class=\"_ _20\"></span><span class=\"ff3\">il</span> <span class=\"_ _21\"></span><span class=\"ff3\">G<span class=\"_ _0\"></span>ruppo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Cr<span class=\"_ _2\"></span>edem,<span class=\"ff1\"> </span></span></span></span></span>partendo<span class=\"ff1\">  </span>dal<span class=\"_ _0\"></span>le<span class=\"ff1\">  </span>evidenze<span class=\"ff1\">  </span>eme<span class=\"_ _0\"></span>rse<span class=\"ff1\">  </span>nella<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fase<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>assessment/<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>gap<span class=\"ff1\">  </span>analysis,<span class=\"ff1\">  </span>e<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">sulla</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">base</span>  <span class=\"ff3\">della</span> </span>classificazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">azioni<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>remediation<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">condivise,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ha<span class=\"ff1\"> </span>definito,<span class=\"ff1\"> </span>su<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">base<span class=\"ff1\"> </span>volontaria,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rimo<span class=\"ff1\"> </span>Piano<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>Strategico<span class=\"ff1\"> <span class=\"_ _20\"></span></span>-Operativo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>NPL<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>periodo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>201<span class=\"_ _2\"></span>8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u2013<span class=\"_ _2\"></span>2022,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>successivamente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>aggiornato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ogni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>anno.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>A<span class=\"ff1\"> </span>Dicembre<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>2022<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Gruppo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Credem,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>coerenza<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Pianificazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>strategia<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Gruppo,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ha<span class=\"ff1\"> </span>aggiornato<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>Piano<span class=\"ff1\"> </span>Strategico<span class=\"ff1\"> </span>-Operativo<span class=\"ff1\"> </span>NPL<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>periodo<span class=\"ff1\"> </span>2022<span class=\"ff1\"> </span>\u201320<span class=\"_ _2\"></span>26. 3.2<span class=\"_ _3bd\"> </span>Wr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>e-o<span class=\"_ _1\"></span>ff<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>autonomie<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>relative<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>alla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>va<span class=\"_ _2\"></span>lutazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>degli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>stralci<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"_ _2\"></span>dite<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quasi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>completamente<span class=\"ff1\"> </span>accentrate<span class=\"ff1\">  </span>su<span class=\"ff1\">  </span>organi<span class=\"ff1\">  </span>monocratici,<span class=\"ff1\">  </span>p<span class=\"_ _0\"></span>eculiarit\u00e0<span class=\"ff1\">  </span>che<span class=\"ff1\">  </span>permette<span class=\"ff1\">  </span>tempi<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ris<span class=\"_ _2\"></span>posta<span class=\"ff1\">  </span>alle<span class=\"ff1\">  </span>proposte<span class=\"ff1\"> </span>transattive<span class=\"ff1\">  </span>particolarmente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>r<span class=\"_ _2\"></span>idotti;<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\">  </span>ricorso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\">  </span>tale<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>misura<span class=\"ff1\">  </span>riveste<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\">  </span>ogni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>caso<span class=\"ff1\">  </span>carattere<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>marginalit\u00e0<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>avviene<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _23\"> </span><span class=\"ff3\">soltanto</span> <span class=\"_ _23\"> </span><span class=\"ff3\">qualora</span> <span class=\"_ _23\"> </span><span class=\"ff3\">le</span> <span class=\"_ _23\"> </span><span class=\"ff3\">azioni</span> <span class=\"_ _23\"> </span><span class=\"ff3\">di</span> <span class=\"_ _1d\"> </span><span class=\"ff3\">r<span class=\"_ _2\"></span>ecupero</span> <span class=\"_ _23\"> </span><span class=\"ff3\">diretto</span> <span class=\"_ _23\"> </span><span class=\"ff3\">(o</span> <span class=\"_ _23\"> </span><span class=\"ff3\">per</span> <span class=\"_ _23\"> </span><span class=\"ff3\">il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _23\"> </span><span class=\"ff3\">tramite</span> <span class=\"_ _23\"> </span><span class=\"ff3\">di</span> </span></span></span>out<span class=\"_ _0\"></span>sour<span class=\"_ _0\"></span>cer/leg<span class=\"_ _0\"></span>alnet<span class=\"_ _0\"></span>work)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cessi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">abbi<span class=\"_ _0\"></span>ano<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sorti<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">effe<span class=\"_ _1\"></span>tti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">au<span class=\"_ _0\"></span>spic<span class=\"_ _0\"></span>ati.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">In<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">virt\u00f9<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span>l\u2019u<span class=\"_ _0\"></span>tili<span class=\"_ _0\"></span>zzo<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>residuale/secondario<span class=\"ff1\"> </span>rispetto<span class=\"ff1\"> </span>alle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">altre</span> <span class=\"ff3\">azioni</span> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">collection</span> <span class=\"ff3\">prev<span class=\"_ _0\"></span>ist<span class=\"_ _2\"></span>e,<span class=\"ff1\"> </span>nonch\u00e9<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in</span> <span class=\"ff3\">ragione</span> <span class=\"_ _0\"></span><span class=\"ff3\">dello<span class=\"ff1\"> </span>stock<span class=\"ff1\"> </span></span></span></span></span></span></span>ridotto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>NPL,<span class=\"ff1\"> </span>l\u2019entit\u00e0<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>write-off<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>mant<span class=\"_ _2\"></span>iene<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>liv<span class=\"_ _0\"></span>elli<span class=\"ff1\"> </span>contenuti.<span class=\"_ _2\"></span> 3.3<span class=\"_ _3bd\"> </span>At<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>im<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>ir<span class=\"_ _0\"></span>ed<span class=\"_ _3bd\"> </span>ac<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>ite<span class=\"_ _3bd\"> </span>o<span class=\"_ _3bd\"> </span>or<span class=\"_ _0\"></span>igi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Secondo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>quanto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>previsto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dal<span class=\"ff1\"> <span class=\"_ _21\"></span></span>principio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>co<span class=\"_ _2\"></span>ntabile<span class=\"ff1\"> <span class=\"_ _21\"></span></span>IFRS<span class=\"ff1\"> <span class=\"_ _21\"></span></span>9,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>crediti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>conside<span class=\"_ _0\"></span>rati<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>deteriorat<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>gi\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dal<span class=\"ff1\"> </span>momento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> </span>rilevazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>iniziale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>bilancio,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>agione<span class=\"ff1\"> </span>del<span class=\"_ _2\"></span>l\u2019elevato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>cr<span class=\"_ _2\"></span>edito<span class=\"ff1\"> </span>ass<span class=\"_ _2\"></span>ociato,<span class=\"ff1\"> </span>vengono<span class=\"ff1\">  </span>defini<span class=\"_ _0\"></span>ti<span class=\"ff1\">  </span>Purchased<span class=\"ff1\">  </span>or<span class=\"ff1\">  </span>Originated<span class=\"ff1\">  </span>C<span class=\"_ _0\"></span>redit<span class=\"ff1\">  </span>Impaired<span class=\"ff1\">  </span>Asset<span class=\"ff1\">  </span>(POC<span class=\"_ _0\"></span>I).<span class=\"ff1\">  </span>Conseguentemente,<span class=\"ff1\"> </span>qualora<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>all\u2019atto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dell\u2019iscrizione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>iniziale<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>u<span class=\"_ _0\"></span>n\u2019esposizione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>creditizia<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>iscrit<span class=\"_ _2\"></span>ta<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nella<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>v<span class=\"_ _0\"></span>oce<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>30<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u201cAttivit\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valutate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">co<span class=\"_ _2\"></span>n<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">impatto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sulla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">redditivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">com<span class=\"_ _2\"></span>plessiva\u201d<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nella<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">voce<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">4<span class=\"_ _2\"></span>0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u201c<span class=\"_ _2\"></span>Attivit\u00e0<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valutate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">costo<span class=\"ff1\"> </span>am<span class=\"_ _0\"></span>mortizzato\u201d,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risulti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">essere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">deterio<span class=\"_ _2\"></span>rata,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">st<span class=\"_ _2\"></span>essa<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">qualificata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quale<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>\u201cAttivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziarie<span class=\"ff1\"> </span>deteriorate<span class=\"ff1\"> </span>acquisite<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>originate\u201d<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(Purchased<span class=\"ff1\"> </span>or<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Originated<span class=\"ff1\"> </span>Credit<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Impaired<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> </span>PO<span class=\"_ _0\"></span>CI). Tali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">crediti,<span class=\"ff1\"> </span>ai<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sensi<span class=\"ff1\"> </span>dell\u2019IFRS<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">9,<span class=\"ff1\"> </span>veng<span class=\"_ _0\"></span>ono<span class=\"ff1\"> </span>valutati<span class=\"ff1\"> </span>app<span class=\"_ _0\"></span>osta<span class=\"_ _2\"></span>ndo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sin<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">data<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ilevazione<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>niziale<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>fondi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>copertura<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>perdite<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>coprano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019intera<span class=\"ff1\"> <span class=\"_ _2\"></span></span>vita<span class=\"ff1\"> <span class=\"_ _20\"></span></span>residua<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>credito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(cd.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Expected<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Credit<span class=\"ff1\"> </span>Loss<span class=\"ff1\"> </span>lifetime).<span class=\"ff1\"> </span>Trattandosi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>crediti<span class=\"ff1\"> </span>deterior<span class=\"_ _2\"></span>ati,<span class=\"ff1\"> </span>ne<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>prevista<span class=\"ff1\"> </span>l\u2019iscrizione<span class=\"ff1\"> </span>iniziale<span class=\"ff1\"> </span>nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dello<span class=\"ff1\"> </span>Stage<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">3,<span class=\"ff1\"> </span>ferma<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">restando<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">possibilit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>essere<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">spostat<span class=\"_ _2\"></span>i,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">corso<span class=\"ff1\"> </span>della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vita,<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">St<span class=\"_ _2\"></span>age<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>caso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>cu<span class=\"_ _0\"></span>i,<span class=\"ff1\"> </span>sul<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">base<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dell\u2019<span class=\"_ _0\"></span>anal<span class=\"_ _0\"></span>isi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">risch<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>redit<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>o,<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>ris<span class=\"_ _0\"></span>ulti<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>pi\u00f9<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">imp<span class=\"_ _0\"></span>air<span class=\"_ _0\"></span>ed.<span class=\"ff1\"> </span>T<span class=\"_ _0\"></span>ali<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ttiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">non</span> <span class=\"ff3\">so<span class=\"_ _0\"></span>no<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mai<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>classificate<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dello<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>S<span class=\"_ _2\"></span>tage<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>1<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>poich\u00e9<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>perdit<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>creditizia<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>attesa<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>deve<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">essere</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">sempre</span> </span>calcolata<span class=\"ff1\"> </span>considerando<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>orizzonte<span class=\"ff1\"> </span>tempora<span class=\"_ _2\"></span>le<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>durata<span class=\"ff1\"> </span>residua. I<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">crediti<span class=\"ff1\"> </span>P<span class=\"_ _0\"></span>OCI<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">iscritti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">bilancio<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Gruppo,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">coerentemente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>lle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">disposizioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Principio<span class=\"ff1\"> </span>IFRS9<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>distinguono<span class=\"ff1\"> </span>due<span class=\"ff1\"> </span>fattispecie<span class=\"ff1\"> </span>di: o<span class=\"_ _3bd\"> </span>Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>ac<span class=\"_ _2\"></span>quistate<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>deteriora<span class=\"_ _2\"></span>te<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>(di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>seguito,<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>anche<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>\u201c<span class=\"_ _2\"></span>PCI\u201d),<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>espos<span class=\"_ _2\"></span>izioni<span class=\"ff1\"> </span>creditizie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>gi\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>teriorat<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _21\"></span></span>m<span class=\"_ _0\"></span>omento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dell\u2019acquisto,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>anche<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">ne<span class=\"_ _0\"></span>ll<span class=\"_ _2\"></span>\u2019ambito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ope<span class=\"_ _0\"></span>razioni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> </span></span></span>aggregazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">aziendale; </span></span>o<span class=\"_ _3bd\"> </span>Att<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>fin<span class=\"_ _0\"></span>anzi<span class=\"_ _0\"></span>arie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">origi<span class=\"_ _0\"></span>nate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>terio<span class=\"_ _0\"></span>rate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">(di</span> <span class=\"ff3\">seg<span class=\"_ _0\"></span>uito<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>anch<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>\u201cOCI<span class=\"_ _0\"></span>\u201d),<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">esp<span class=\"_ _0\"></span>osiz<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">credi<span class=\"_ _0\"></span>tizi<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>originate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>caso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>operazioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ristr<span class=\"_ _2\"></span>utturazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>esposizioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>deteriorate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>hanno<span class=\"_ _2\"></span><span class=\"ff1\"> </span>determinato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019erogazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nuova<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanza,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ovvero<span class=\"ff1\"> <span class=\"_ _2\"></span></span>introdott<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>modifiche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sostanziali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alle<span class=\"ff1\"> </span>condizioni<span class=\"ff1\"> </span>originarie<span class=\"ff1\"> </span>contrattuali. A<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Dicembre<span class=\"ff1\"> <span class=\"_ _20\"></span></span>2022<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>crediti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rientranti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"></span></span>questa<span class=\"ff1\"> <span class=\"_ _20\"></span></span>categoria,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>presenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nell\u2019attivo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Bilancio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> </span>Gruppo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Credi<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Emiliano<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>t<span class=\"_ _2\"></span>utti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>deriv<span class=\"_ _0\"></span>anti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dall\u2019operazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fusione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>per<span class=\"ff1\"> <span class=\"_ _21\"></span></span>incorporazione<span class=\"ff1\"> </span>dell\u2019Ex<span class=\"ff1\"> </span>Cassa<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Risparmio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Cento<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>operativit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Avvera<span class=\"ff1\"> </span>Spa. 4.<span class=\"_ _3bd\"> </span>At<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>zia<span class=\"_ _1\"></span>rie<span class=\"_ _3bd\"> </span>og<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>tto<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>rin<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>go<span class=\"_ _0\"></span>zia<span class=\"_ _1\"></span>zion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mm<span class=\"_ _1\"></span>erc<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>es<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>siz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>og<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span> A<span class=\"ff1\"> </span>marzo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2014,<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">considerazione</span> <span class=\"ff3\">del</span> <span class=\"_ _1\"></span><span class=\"ff3\">camb<span class=\"_ _2\"></span>iamento<span class=\"ff1\"> </span>regolamentare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> </span>prevedeva<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>assaggio<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span></span></span></span></span></span></span>poteri<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Vigilanza<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>lla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Banca<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Ce<span class=\"_ _2\"></span>ntrale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Europea<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019applicazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nuova<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">normativa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">comunitaria<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>t<span class=\"_ _2\"></span>ema<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>reporting<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>vigilanza,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>vennero<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>approvate<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>l<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u201cLinee<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>guida<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>l\u2019individuazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> </span>gestione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>esposizioni<span class=\"ff1\"> </span>Forborne\u201d<span class=\"ff1\"> </span>successivamente<span class=\"ff1\"> </span>recepite<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>Policy<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Gruppo<span class=\"ff1\"> </span>Crediti.<span class=\"_ _2\"></span> In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">conf<span class=\"_ _0\"></span>ormi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>ag<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>st<span class=\"_ _0\"></span>anda<span class=\"_ _0\"></span>rd<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>ll\u2019<span class=\"_ _0\"></span>EBA,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">si</span> <span class=\"ff3\">de<span class=\"_ _0\"></span>fini<span class=\"_ _0\"></span>scon<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>Forb<span class=\"_ _0\"></span>orn<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>spos<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nei</span> <span class=\"ff3\">con<span class=\"_ _0\"></span>fro<span class=\"_ _0\"></span>nti<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>ali<span class=\"ff1\"> </span></span></span></span></span></span></span>sono<span class=\"ff1\"> </span>state<span class=\"ff1\"> </span>accordate<span class=\"ff1\"> </span>misure<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>Forbearance,<span class=\"ff1\"> </span>ossia<span class=\"ff1\"> </span>misure<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">so<span class=\"_ _2\"></span>stegno<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>debitori<span class=\"ff1\"> </span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">affrontano,</span> </span></span></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>prossimi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _21\"></span></span>affrontare,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>difficolt\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ad<span class=\"ff1\"> <span class=\"_ _21\"></span></span>adempiere<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>proprie<span class=\"ff1\"> <span class=\"_ _21\"></span></span>obbligazioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fina<span class=\"_ _2\"></span>nziare<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(<span class=\"_ _2\"></span>c.d.<span class=\"ff1\"> </span>stato<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>difficolt\u00e0<span class=\"ff1\"> </span>finanziaria). In<span class=\"ff1\"> </span>linea<span class=\"ff1\"> <span class=\"_ _2\"></span></span>generale,<span class=\"ff1\"> </span>l<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>pos<span class=\"_ _2\"></span>sibili<span class=\"ff1\"> </span>misure<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>F<span class=\"_ _2\"></span>orbearance<span class=\"ff1\"> </span>accor<span class=\"_ _2\"></span>date<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>debitore<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>difficolt\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziaria<span class=\"ff1\"> </span>possono<span class=\"ff1\"> </span>ricadere<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> </span>seguenti<span class=\"ff1\"> </span>fattispecie: -<span class=\"_ _3bd\"> </span>modifica<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">termini<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"_ _2\"></span>dizioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contratt<span class=\"_ _2\"></span>uali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">su<span class=\"ff1\"> </span>un\u2019<span class=\"_ _0\"></span>esposizi<span class=\"_ _2\"></span>one<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>controparte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">grado<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ripagare,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> </span>nuove<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">condizioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> </span>sarebbero<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">state<span class=\"ff1\"> </span>acc<span class=\"_ _0\"></span>ordate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">se<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>cliente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">no<span class=\"_ _2\"></span>n<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>si<span class=\"ff1\"> </span>fosse<span class=\"ff1\"> </span>trovato<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>difficolt\u00e0<span class=\"ff1\"> </span>finanziaria; -<span class=\"_ _3bd\"> </span>rifinanziamento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>par<span class=\"_ _2\"></span>ziale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tot<span class=\"_ _2\"></span>ale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>debito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>non<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sarebbe<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">stato</span> <span class=\"_ _20\"></span><span class=\"ff3\">accordato</span> <span class=\"_ _21\"></span><span class=\"ff3\">in</span> <span class=\"_ _2\"></span><span class=\"ff3\">assenza</span> <span class=\"_ _21\"></span><span class=\"ff3\">di</span> </span>difficolt\u00e0<span class=\"ff1\"> </span>finanziaria<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>controparte. In<span class=\"ff1\">  </span>conformit\u00e0<span class=\"ff1\">  </span>con<span class=\"ff1\">  </span>gli<span class=\"_ _2\"></span><span class=\"ff1\">  </span>standard<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>riferimento,<span class=\"ff1\">  </span>la<span class=\"ff1\">  </span>classificazione<span class=\"ff1\">  </span>ne<span class=\"_ _2\"></span>l<span class=\"ff1\">  </span>portafoglio<span class=\"ff1\">  </span>For<span class=\"_ _2\"></span>borne<span class=\"ff1\">  </span>\u00e8<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>dipe<span class=\"_ _0\"></span>nden<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>all<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>cl<span class=\"_ _0\"></span>assi<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>efau<span class=\"_ _0\"></span>lt<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">da<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>enz<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sva<span class=\"_ _0\"></span>lut<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anal<span class=\"_ _0\"></span>itic<span class=\"_ _0\"></span>he.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">vir<span class=\"_ _0\"></span>t\u00f9<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>peculiarit\u00e0<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>tali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tipologie<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">esp<span class=\"_ _2\"></span>osizioni,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>valu<span class=\"_ _0\"></span>tazione<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">concessione<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">misure</span> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Forbearence<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">demandata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">str<span class=\"_ _2\"></span>utture<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">deliberative<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">centrali,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">anche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">at<span class=\"_ _2\"></span>traverso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019ausilio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sistemi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">auto<span class=\"_ _2\"></span>matizzati<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> </span>alerting <span class=\"_ _0\"></span><span class=\"ff3 fs5\">sulla<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>resenza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Forborne<span class=\"ff1\"> </span>\u201cpotenziali<span class=\"_ _0\"></span>\u201d,<span class=\"ff1\"> </span>sull\u2019in<span class=\"_ _0\"></span>dirizza<span class=\"_ _2\"></span>mento<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>elle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">proposte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>do<span class=\"ff1\"> </span>ver<span class=\"_ _0\"></span>so<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span>gli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"_ _2\"></span>rgani<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">competenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ul<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">decorso<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">termini<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">relativi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>cureperiod <span class=\"_ _1\"></span><span class=\"ff3 fs5\">e<span class=\"ff1\"> </span></span>probationperiod. Rel<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>vame<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"ff3\">ta<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tip<span class=\"_ _0\"></span>olog<span class=\"_ _0\"></span>ia<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">esp<span class=\"_ _0\"></span>osiz<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>st<span class=\"_ _0\"></span>ate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rece<span class=\"_ _0\"></span>pi<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ind<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>dell<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>Gui<span class=\"_ _0\"></span>del<span class=\"_ _0\"></span>ines <span class=\"ff3 fs5\">B<span class=\"_ _0\"></span>CE<span class=\"ff1\"> </span></span>sui<span class=\"ff1\">  </span>NPL<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">con</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">im<span class=\"_ _2\"></span>patto</span>  <span class=\"ff3\">sia</span>  <span class=\"ff3\">sui</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">processi</span>  <span class=\"ff3\">sia</span>  <span class=\"ff3\">sug<span class=\"_ _0\"></span>li<span class=\"ff1\">  </span>applicativi<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">per</span>  <span class=\"ff3\">un\u2019adeguata</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">tr<span class=\"_ _2\"></span>acciatura</span>  <span class=\"ff3\">de<span class=\"_ _0\"></span>lle<span class=\"ff1\"> </span></span></span></span></span>valutazioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fatt<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sede<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"_ _2\"></span>cessione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>misure<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>forbearance<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>anche<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nelle<span class=\"ff1\"> <span class=\"_ _21\"></span></span>valu<span class=\"_ _0\"></span>tazioni<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dei<span class=\"ff1\"> </span>tri<span class=\"_ _0\"></span>gge<span class=\"_ _0\"></span>rs<span class=\"ff1\"> </span>sul<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>I<span class=\"_ _0\"></span>nade<span class=\"_ _0\"></span>mpie<span class=\"_ _0\"></span>nze<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Pro<span class=\"_ _0\"></span>babi<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>inv<span class=\"_ _0\"></span>olgi<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>Fu<span class=\"_ _0\"></span>nzio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>Ri<span class=\"_ _0\"></span>sk<span class=\"ff1\"> </span>Ma<span class=\"_ _0\"></span>nag<span class=\"_ _0\"></span>emen<span class=\"_ _0\"></span>t<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span></span></span>la<span class=\"ff1\"> </span>redazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>uno<span class=\"ff1\"> </span>specifico<span class=\"ff1\"> </span>parere<span class=\"ff1\"> </span>vincolante<span class=\"ff1\"> </span>nei<span class=\"ff1\"> </span>casi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>misure<span class=\"ff1\"> </span>reiterate. Il<span class=\"ff1\"> </span>cos<span class=\"_ _2\"></span>to<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ammortizzato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prima<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> </span>modifica<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziarie,<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziari<span class=\"ff1\"> </span>contrattuali<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>stati<span class=\"ff1\"> </span>modificati<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>corso<span class=\"ff1\"> </span>dell'esercizio,<span class=\"ff1\"> </span>ammonta<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>circa<span class=\"ff1\"> </span>51,8<span class=\"ff1\"> </span>milioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>euro. L\u2019informativa<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>pubblico<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>pubblicazione<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>d<span class=\"_ _0\"></span>elle<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>informa<span class=\"_ _2\"></span>zioni<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>riguardanti<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>l\u2019adeguatezza<span class=\"ff1\"> </span>patrimoniale,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>l\u2019esposizione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>credito<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>caratteristiche<span class=\"ff1\"> <span class=\"_ _21\"></span></span>generali<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sistemi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>preposti<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>l\u2019id<span class=\"_ _0\"></span>enti<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">alla</span> <span class=\"ff3\">mi<span class=\"_ _0\"></span>suraz<span class=\"_ _0\"></span>ione<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">e</span> <span class=\"ff3\">alla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">gesti<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>risc<span class=\"_ _0\"></span>hi,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">pre<span class=\"_ _0\"></span>vist<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>dal<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">regol<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>nto<span class=\"ff1\"> </span>UE<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">575/<span class=\"_ _0\"></span>2013<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>(CRR),<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pubblicazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>disc<span class=\"_ _2\"></span>losure<span class=\"ff1\"> <span class=\"_ _21\"></span></span>relativa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _20\"></span></span>c.d.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u201cPillar<span class=\"ff1\"> <span class=\"_ _21\"></span></span>3<span class=\"_ _0\"></span>\u201d,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>verr\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>comunicata<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>mercato<span class=\"ff1\"> <span class=\"_ _21\"></span></span>n<span class=\"_ _0\"></span>ei<span class=\"ff1\"> </span>termini<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>legge,<span class=\"ff1\"> </span>sul<span class=\"ff1\"> </span>sito<span class=\"ff1\"> </span>www.credem.it.<span class=\"_ _3bd\"> </span>Inform<span class=\"_ _0\"></span>azion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>natura<span class=\"_ _3bd\"> </span>qua<span class=\"_ _0\"></span>ntitativa<span class=\"_ _3bd\"> </span>A<span class=\"_ _3bd\"> </span>Qualit\u00e0<span class=\"_ _3bd\"> </span>del<span class=\"_ _3bd\"> </span>credito<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>A.<span class=\"_ _0\"></span>1Espos<span class=\"_ _0\"></span>izioni<span class=\"_ _3bd\"> </span>creditiz<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>deter<span class=\"_ _0\"></span>iorate<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>non<span class=\"_ _3bd\"> </span>deter<span class=\"_ _0\"></span>iorate:<span class=\"_ _3bd\"> </span>consis<span class=\"_ _0\"></span>tenz<span class=\"_ _0\"></span>e,<span class=\"_ _3bd\"> </span>rettifich<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>valore,<span class=\"_ _3bd\"> </span>dinamica<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>distrib<span class=\"_ _0\"></span>uzione<span class=\"_ _3bd\"> </span>econ<span class=\"_ _0\"></span>omica<span class=\"_ _3bd\"> </span>A.<span class=\"_ _0\"></span>1.1<span class=\"_ _3bd\"> </span>Co<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>ida<span class=\"_ _0\"></span>to<span class=\"_ _3bd\"> </span>pr<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>zia<span class=\"_ _1\"></span>le<span class=\"_ _3bd\"> </span>\u2013<span class=\"_ _3bd\"> </span>Di<span class=\"_ _0\"></span>str<span class=\"_ _0\"></span>ib<span class=\"_ _0\"></span>uz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>at<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nzia<span class=\"_ _1\"></span>rie<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>fas<span class=\"_ _1\"></span>ce<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>sc<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>uto<span class=\"_ _3bd\"> </span>(v<span class=\"_ _0\"></span>alo<span class=\"_ _1\"></span>ri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>bi<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>io)<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Po<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>af<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>/s<span class=\"_ _0\"></span>tad<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ris<span class=\"_ _1\"></span>chi<span class=\"_ _0\"></span>o<span class=\"fc0 sc1\"> </span>Prim<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>st<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Sec<span class=\"_ _0\"></span>ondo<span class=\"_ _3bd\"> </span>st<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>dio<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Terzo<span class=\"_ _3bd\"> </span>st<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>dio<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Imp<span class=\"_ _0\"></span>aired<span class=\"_ _3bd\"> </span>acqu<span class=\"_ _0\"></span>isiteo<span class=\"_ _3bd\"> </span>or<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ate<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Da<span class=\"_ _3bd\"> </span>1<span class=\"_ _3bd\"> </span>giorno<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>30<span class=\"_ _3bd\"> </span>gio<span class=\"_ _3bd\"> </span>Da<span class=\"_ _3bd\"> </span>oltre<span class=\"_ _3bd\"> </span>30<span class=\"_ _3bd\"> </span>giorni<span class=\"_ _3bd\"> </span>fino<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>90<span class=\"_ _3bd\"> </span>giorni<span class=\"_ _3bd\"> </span>Oltre<span class=\"_ _3bd\"> </span>90<span class=\"_ _3bd\"> </span>gio<span class=\"_ _3bd\"> </span>Da<span class=\"_ _3bd\"> </span>1<span class=\"_ _3bd\"> </span>giorno<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>30<span class=\"_ _3bd\"> </span>gio<span class=\"_ _3bd\"> </span>Da<span class=\"_ _3bd\"> </span>oltre<span class=\"_ _3bd\"> </span>30<span class=\"_ _3bd\"> </span>giorni<span class=\"_ _3bd\"> </span>fino<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>90<span class=\"_ _3bd\"> </span>giorni<span class=\"_ _3bd\"> </span>Oltre<span class=\"_ _3bd\"> </span>90<span class=\"_ _3bd\"> </span>gio<span class=\"_ _3bd\"> </span>Da<span class=\"_ _3bd\"> </span>1<span class=\"_ _3bd\"> </span>giorno<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>30<span class=\"_ _3bd\"> </span>gio<span class=\"_ _3bd\"> </span>Da<span class=\"_ _3bd\"> </span>oltre<span class=\"_ _3bd\"> </span>30<span class=\"_ _3bd\"> </span>giorni<span class=\"_ _3bd\"> </span>fino<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>90<span class=\"_ _3bd\"> </span>giorni<span class=\"_ _3bd\"> </span>Oltre<span class=\"_ _3bd\"> </span>90<span class=\"_ _3bd\"> </span>gio<span class=\"_ _3bd\"> </span>Da<span class=\"_ _3bd\"> </span>1<span class=\"_ _3bd\"> </span>giorno<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>30<span class=\"_ _3bd\"> </span>gio<span class=\"_ _3bd\"> </span>Da<span class=\"_ _3bd\"> </span>oltre<span class=\"_ _3bd\"> </span>30<span class=\"_ _3bd\"> </span>giorni<span class=\"_ _3bd\"> </span>fino<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>90<span class=\"_ _3bd\"> </span>giorni<span class=\"_ _3bd\"> </span>Oltre<span class=\"_ _3bd\"> </span>90<span class=\"_ _3bd\"> </span>gio<span class=\"_ _3bd\"> </span>1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fina<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></span></span></span></span>imp<span class=\"_ _0\"></span>att<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>su<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>red<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>ivit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _0\"></span> corso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dis<span class=\"_ _0\"></span>mis<span class=\"_ _0\"></span>sio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span> </span></span></span></span>Nel<span class=\"_ _0\"></span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tabe<span class=\"_ _0\"></span>lla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"ff1\"> </span>esp<span class=\"_ _0\"></span>osta<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">vie<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>orni<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">det<span class=\"_ _0\"></span>tagl<span class=\"_ _0\"></span>io,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ciacu<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>sta<span class=\"_ _0\"></span>dio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>o,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del</span> <span class=\"ff3\">va<span class=\"_ _0\"></span>lore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">bi<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>cio<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>relativi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _21\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>scadute<span class=\"ff1\"> <span class=\"_ _21\"></span></span>valutate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>costo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ammortizzato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>finanziarie<span class=\"ff1\"> </span>scadute<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> </span>value<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>impatto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sulla<span class=\"ff1\"> </span>redditivit\u00e0<span class=\"ff1\"> </span>complessiva.<span class=\"_ _3bd\"> </span>val<span class=\"_ _0\"></span>uta<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al</span> <span class=\"ff3\">co<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>o<span class=\"ff8\"> <span class=\"_ _4b\"> </span></span>293.7<span class=\"_ _0\"></span>95<span class=\"_ _0\"></span> </span></span>amm<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>tizz<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>36<span class=\"_ _1\"></span>7 <span class=\"_ _2a8\"> </span>4.4<span class=\"_ _0\"></span>77 <span class=\"_ _1ed\"> </span>5<span class=\"_ _0\"></span>2.4<span class=\"_ _0\"></span>17 <span class=\"_ _1ed\"> </span>48<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>17 <span class=\"_ _2a8\"> </span>5.4<span class=\"_ _0\"></span>72 <span class=\"_ _22\"> </span>20.<span class=\"_ _0\"></span>292<span class=\"_ _0\"></span> <span class=\"_ _1f5\"> </span>17.99<span class=\"_ _0\"></span>3 <span class=\"_ _1f5\"> </span>172.<span class=\"_ _0\"></span>635<span class=\"_ _1\"></span> <span class=\"_ _1ec\"> </span>37<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span> <span class=\"_ _55\"> </span>22<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span> <span class=\"_ _20f\"> </span>8.1<span class=\"_ _0\"></span>35<span class=\"_ _3bd\"> </span>2.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>ziar<span class=\"_ _1\"></span>ie<span class=\"_ _3bd\"> </span></span></span></span></span>valutate<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fair<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">value<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span></span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>mple<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>3.<span class=\"ff1\"> </span>A<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>ivit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>fin<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie<span class=\"ff1\"> </span>i<span class=\"_ _1\"></span>n<span class=\"ff1\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/1<span class=\"_ _0\"></span>2/2<span class=\"_ _0\"></span>02<span class=\"_ _1\"></span>2<span class=\"_ _3bd\"> </span>29<span class=\"_ _0\"></span>3.<span class=\"_ _0\"></span>79<span class=\"_ _0\"></span>5 <span class=\"_ _22\"> </span>36<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span> <span class=\"_ _22\"> </span>4.4<span class=\"_ _0\"></span>77<span class=\"_ _0\"></span> <span class=\"_ _55\"> </span>5<span class=\"_ _0\"></span>2.<span class=\"_ _0\"></span>41<span class=\"_ _0\"></span>7 <span class=\"_ _1ed\"> </span>48.<span class=\"_ _0\"></span>51<span class=\"_ _0\"></span>7 <span class=\"_ _22\"> </span>5.4<span class=\"_ _0\"></span>72<span class=\"_ _1\"></span> <span class=\"_ _1eb\"> </span>20<span class=\"_ _0\"></span>.29<span class=\"_ _1\"></span>2 <span class=\"_ _1ef\"> </span>17<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>93<span class=\"_ _0\"></span> <span class=\"_ _1ef\"> </span>17<span class=\"_ _1\"></span>2.6<span class=\"_ _0\"></span>35<span class=\"_ _0\"></span> <span class=\"_ _1ec\"> </span>3<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span> <span class=\"_ _31c\"> </span>2<span class=\"_ _1\"></span>21<span class=\"_ _1\"></span> <span class=\"_ _20f\"> </span>8.1<span class=\"_ _0\"></span>35<span class=\"_ _0\"></span> To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/1<span class=\"_ _0\"></span>2/2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>17<span class=\"_ _0\"></span>8.<span class=\"_ _0\"></span>08<span class=\"_ _0\"></span>1 <span class=\"_ _1f5\"> </span>75<span class=\"_ _1\"></span>3 <span class=\"_ _22\"> </span>4.7<span class=\"_ _1\"></span>67 <span class=\"_ _22\"> </span>32<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>82<span class=\"_ _0\"></span> <span class=\"_ _22\"> </span>4<span class=\"_ _0\"></span>3.0<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>5 <span class=\"_ _22\"> </span>4.<span class=\"_ _1\"></span>325<span class=\"_ _0\"></span> <span class=\"_ _1ed\"> </span>19<span class=\"_ _0\"></span>.23<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span> <span class=\"_ _22\"> </span>20<span class=\"_ _0\"></span>.0<span class=\"_ _1\"></span>18 <span class=\"_ _22\"> </span>197<span class=\"_ _1\"></span>.08<span class=\"_ _0\"></span>4 <span class=\"_ _1ec\"> </span>77<span class=\"_ _1\"></span>8 <span class=\"_ _1ef\"> </span>3<span class=\"_ _0\"></span>69<span class=\"_ _1\"></span> <span class=\"_ _1ec\"> </span>1<span class=\"_ _0\"></span>5.<span class=\"_ _0\"></span>328<span class=\"_ _1\"></span> A.<span class=\"_ _0\"></span>1.2<span class=\"_ _3bd\"> </span>Co<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>ida<span class=\"_ _1\"></span>to<span class=\"_ _3bd\"> </span>pr<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>zia<span class=\"_ _1\"></span>le<span class=\"_ _3bd\"> </span>\u2013<span class=\"_ _3bd\"> </span>At<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>,<span class=\"_ _3bd\"> </span>im<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>ero<span class=\"_ _1\"></span>gar<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>fon<span class=\"_ _0\"></span>di<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>ga<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>rie<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>las<span class=\"_ _1\"></span>cia<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span>di<span class=\"_ _0\"></span>nam<span class=\"_ _1\"></span>ica<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span>fi<span class=\"_ _0\"></span>ch<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>ive<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>gl<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>ac<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>am<span class=\"_ _1\"></span>ent<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>les<span class=\"_ _1\"></span>siv<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>Causali/<span class=\"_ _3bd\"> </span>stadi<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ris<span class=\"_ _0\"></span>ch<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Re<span class=\"_ _0\"></span>ttif<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>he<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lor<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>les<span class=\"_ _1\"></span>sive<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Accant<span class=\"_ _0\"></span>oname<span class=\"_ _0\"></span>nti<span class=\"_ _3bd\"> </span>comp<span class=\"_ _0\"></span>lessivi<span class=\"_ _3bd\"> </span>su<span class=\"_ _3bd\"> </span>impeg<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>erogar<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>fond<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>garanz<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>finanzia<span class=\"_ _0\"></span>rie<span class=\"_ _3bd\"> </span>rilasciat<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>Tot<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>At<span class=\"_ _0\"></span>tivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span>rie<span class=\"_ _1\"></span>ntra<span class=\"_ _0\"></span>nti<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span>pri<span class=\"_ _1\"></span>mo<span class=\"_ _3bd\"> </span>sta<span class=\"_ _1\"></span>dio<span class=\"fc0 sc1\"> <span class=\"_ _c4\"> </span></span>At<span class=\"_ _0\"></span>tivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nti<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span>se<span class=\"_ _0\"></span>con<span class=\"_ _1\"></span>do<span class=\"_ _3bd\"> </span>st<span class=\"_ _0\"></span>adi<span class=\"_ _1\"></span>o<span class=\"fc0 sc1\"> <span class=\"_ _1b9\"> </span></span>Att<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nti<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span>ter<span class=\"_ _0\"></span>z<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>sta<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>o<span class=\"fc0 sc1\"> </span>Attivit\u00e0<span class=\"_ _3bd\"> </span>fin.<span class=\"_ _3bd\"> </span>impair<span class=\"_ _0\"></span>ed<span class=\"_ _3bd\"> </span>acq<span class=\"_ _0\"></span>uisite<span class=\"_ _3bd\"> </span>o<span class=\"_ _3bd\"> </span>ori<span class=\"_ _0\"></span>gin<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>Crediti<span class=\"_ _3bd\"> </span>verso<span class=\"_ _3bd\"> </span>banche<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>Banche<span class=\"_ _3bd\"> </span>Centrali<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>vista<span class=\"_ _3bd\"> </span>Attivit\u00e0<span class=\"_ _3bd\"> </span>finanziarie<span class=\"_ _3bd\"> </span>valutate<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>costo<span class=\"_ _3bd\"> </span>amm<span class=\"_ _3bd\"> </span>Attivit\u00e0<span class=\"_ _3bd\"> </span>finanziarie<span class=\"_ _3bd\"> </span>valutate<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>fair<span class=\"_ _3bd\"> </span>value<span class=\"_ _3bd\"> </span>con<span class=\"_ _3bd\"> </span>impatto<span class=\"_ _3bd\"> </span>sulla<span class=\"_ _3bd\"> </span>red<span class=\"_ _3bd\"> </span>com<span class=\"_ _3bd\"> </span>Attivit\u00e0<span class=\"_ _3bd\"> </span>finanziarie<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>corso<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>d<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cui:<span class=\"_ _3bd\"> </span>svalutazioni<span class=\"_ _3bd\"> </span>indi<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cui:<span class=\"_ _3bd\"> </span>svalutazioni<span class=\"_ _3bd\"> </span>col<span class=\"_ _3bd\"> </span>Crediti<span class=\"_ _3bd\"> </span>verso<span class=\"_ _3bd\"> </span>banche<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>Banche<span class=\"_ _3bd\"> </span>C<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>v<span class=\"_ _3bd\"> </span>Attivit\u00e0<span class=\"_ _3bd\"> </span>finanziarie<span class=\"_ _3bd\"> </span>valutate<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>costo<span class=\"_ _3bd\"> </span>amm<span class=\"_ _3bd\"> </span>Attivit\u00e0<span class=\"_ _3bd\"> </span>finanziarie<span class=\"_ _3bd\"> </span>valutate<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>fair<span class=\"_ _3bd\"> </span>v<span class=\"_ _3bd\"> </span>c<span class=\"_ _3bd\"> </span>i<span class=\"_ _3bd\"> </span>s<span class=\"_ _3bd\"> </span>r<span class=\"_ _3bd\"> </span>Attivit\u00e0<span class=\"_ _3bd\"> </span>finanziarie<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>corso<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>d<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cui:<span class=\"_ _3bd\"> </span>svalutazioni<span class=\"_ _3bd\"> </span>indi<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cui:<span class=\"_ _3bd\"> </span>svalutazioni<span class=\"_ _3bd\"> </span>col<span class=\"_ _3bd\"> </span>Crediti<span class=\"_ _3bd\"> </span>verso<span class=\"_ _3bd\"> </span>banche<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>Banche<span class=\"_ _3bd\"> </span>C<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>v<span class=\"_ _3bd\"> </span>Attivit\u00e0<span class=\"_ _3bd\"> </span>finanziarie<span class=\"_ _3bd\"> </span>valutate<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>costo<span class=\"_ _3bd\"> </span>amm<span class=\"_ _3bd\"> </span>Attivit\u00e0<span class=\"_ _3bd\"> </span>finanziarie<span class=\"_ _3bd\"> </span>valutate<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>fair<span class=\"_ _3bd\"> </span>v<span class=\"_ _3bd\"> </span>c<span class=\"_ _3bd\"> </span>i<span class=\"_ _3bd\"> </span>s<span class=\"_ _3bd\"> </span>r<span class=\"_ _3bd\"> </span>Attivit\u00e0<span class=\"_ _3bd\"> </span>finanziarie<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>corso<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>d<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cui:<span class=\"_ _3bd\"> </span>svalutazioni<span class=\"_ _3bd\"> </span>indi<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cui:<span class=\"_ _3bd\"> </span>svalutazioni<span class=\"_ _3bd\"> </span>col<span class=\"_ _3bd\"> </span>Attivit\u00e0<span class=\"_ _3bd\"> </span>finanziarie<span class=\"_ _3bd\"> </span>valutate<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>costo<span class=\"_ _3bd\"> </span>amm<span class=\"_ _3bd\"> </span>Attivit\u00e0<span class=\"_ _3bd\"> </span>finanziarie<span class=\"_ _3bd\"> </span>valutate<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>fair<span class=\"_ _3bd\"> </span>v<span class=\"_ _3bd\"> </span>c<span class=\"_ _3bd\"> </span>i<span class=\"_ _3bd\"> </span>s<span class=\"_ _3bd\"> </span>r<span class=\"_ _3bd\"> </span>Attivit\u00e0<span class=\"_ _3bd\"> </span>finanziarie<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>corso<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>d<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cui:<span class=\"_ _3bd\"> </span>svalutazioni<span class=\"_ _3bd\"> </span>indi<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cui:<span class=\"_ _3bd\"> </span>svalutazioni<span class=\"_ _3bd\"> </span>col<span class=\"_ _3bd\"> </span>Primo<span class=\"_ _3bd\"> </span>sta<span class=\"_ _3bd\"> </span>Secondo<span class=\"_ _3bd\"> </span>sta<span class=\"_ _3bd\"> </span>Terzo<span class=\"_ _3bd\"> </span>stad<span class=\"_ _3bd\"> </span>Impegni<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>erogare<span class=\"_ _3bd\"> </span>fondi<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>garanzie<span class=\"_ _3bd\"> </span>fin.<span class=\"_ _3bd\"> </span>rilasciate<span class=\"_ _3bd\"> </span>impaired<span class=\"_ _3bd\"> </span>acquisiti/e<span class=\"_ _3bd\"> </span>o<span class=\"_ _3bd\"> </span>ori<span class=\"_ _3bd\"> </span>Re<span class=\"_ _0\"></span>ttif<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span> rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>redi<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span> </span></span>con<span class=\"_ _0\"></span>tra<span class=\"_ _0\"></span>ttua<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span>sen<span class=\"_ _0\"></span>za<span class=\"ff1\"> </span>ca<span class=\"_ _0\"></span>ncel<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>ioni<span class=\"_ _3bd\"> </span>- <span class=\"_ _1fd\"> </span>- <span class=\"_ _224\"> </span>- <span class=\"_ _20f\"> </span>- <span class=\"_ _20f\"> </span>- <span class=\"_ _1fd\"> </span>- <span class=\"_ _20f\"> </span>- <span class=\"_ _1ac\"> </span>17<span class=\"_ _1\"></span> <span class=\"_ _20f\"> </span>- <span class=\"_ _1f1\"> </span>- <span class=\"_ _20f\"> </span>- <span class=\"_ _f2\"> </span>17<span class=\"_ _0\"></span> <span class=\"_ _20f\"> </span>- <span class=\"_ _196\"> </span>38<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span> <span class=\"_ _20f\"> </span>- <span class=\"_ _20f\"> </span>- <span class=\"_ _196\"> </span>382<span class=\"_ _1\"></span> <span class=\"_ _20f\"> </span>- <span class=\"_ _224\"> </span>- <span class=\"_ _20f\"> </span>- <span class=\"_ _20f\"> </span>- <span class=\"_ _224\"> </span>- <span class=\"_ _20f\"> </span>- <span class=\"_ _178\"> </span>- <span class=\"_ _178\"> </span>- <span class=\"_ _224\"> </span>- <span class=\"_ _224\"> </span>-<span class=\"_ _3bd\"> </span>3<span class=\"_ _0\"></span>99<span class=\"_ _1\"></span> Ca<span class=\"_ _0\"></span>mbia<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">metod<span class=\"_ _0\"></span>olog<span class=\"_ _0\"></span>ia<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>sti<span class=\"_ _0\"></span>ma<span class=\"_ _3bd\"> </span>Write-off<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">no<span class=\"_ _1\"></span>n<span class=\"_ _3bd\"> </span></span></span>ril<span class=\"_ _0\"></span>eva<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>direttamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span>con<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">eco<span class=\"_ _0\"></span>nomi<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span> </span></span>- <span class=\"_ _1fd\"> </span>- <span class=\"_ _224\"> </span>- <span class=\"_ _20f\"> </span>- <span class=\"_ _20f\"> </span>- <span class=\"_ _1fd\"> </span>- <span class=\"_ _20f\"> </span>- <span class=\"_ _1fd\"> </span>- <span class=\"_ _20f\"> </span>- <span class=\"_ _20f\"> </span>- <span class=\"_ _1f1\"> </span>- <span class=\"_ _207\"> </span>- <span class=\"_ _20f\"> </span>- <span class=\"_ _1fa\"> </span>(25.<span class=\"_ _0\"></span>432)<span class=\"_ _0\"></span> <span class=\"_ _20f\"> </span>- <span class=\"_ _20f\"> </span>- <span class=\"_ _55\"> </span>(25.4<span class=\"_ _0\"></span>32) <span class=\"_ _1f4\"> </span>- <span class=\"_ _218\"> </span>(3<span class=\"_ _0\"></span>) <span class=\"_ _20f\"> </span>- <span class=\"_ _20f\"> </span>- <span class=\"_ _296\"> </span>(3<span class=\"_ _0\"></span>) <span class=\"_ _20f\"> </span>- <span class=\"_ _177\"> </span>- <span class=\"_ _177\"> </span>- <span class=\"_ _224\"> </span>-<span class=\"_ _2\"></span> <span class=\"_ _224\"> </span>-<span class=\"_ _3bd\"> </span>(25<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>35)<span class=\"_ _1\"></span> Altre<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>iaz<span class=\"_ _0\"></span>ioni <span class=\"_ _11c\"> </span>- <span class=\"_ _327\"> </span>(1.<span class=\"_ _0\"></span>769)<span class=\"_ _0\"></span> <span class=\"_ _69\"> </span>- <span class=\"_ _20f\"> </span>- <span class=\"_ _20f\"> </span>- <span class=\"_ _1f2\"> </span>(1.<span class=\"_ _0\"></span>769<span class=\"_ _0\"></span>) <span class=\"_ _20f\"> </span>- <span class=\"_ _216\"> </span>1.<span class=\"_ _0\"></span>769 <span class=\"_ _1f4\"> </span>- <span class=\"_ _1f1\"> </span>- <span class=\"_ _20f\"> </span>- <span class=\"_ _216\"> </span>1.<span class=\"_ _0\"></span>769 <span class=\"_ _20f\"> </span>- <span class=\"_ _a2\"> </span>20<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span> <span class=\"_ _20f\"> </span>- <span class=\"_ _20f\"> </span>- <span class=\"_ _a2\"> </span>20<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span> <span class=\"_ _328\"> </span>- <span class=\"_ _224\"> </span>- <span class=\"_ _20f\"> </span>- <span class=\"_ _1f1\"> </span>- <span class=\"_ _69\"> </span>- <span class=\"_ _20f\"> </span>-<span class=\"_ _2\"></span> <span class=\"_ _200\"> </span>(7<span class=\"_ _1\"></span>) <span class=\"_ _177\"> </span>- <span class=\"_ _224\"> </span>- <span class=\"_ _224\"> </span>-<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>Re<span class=\"_ _0\"></span>ttif<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span> 1<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span> 48.<span class=\"_ _0\"></span>23<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span>1.5<span class=\"_ _0\"></span>76<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>49.<span class=\"_ _0\"></span>83<span class=\"_ _1\"></span>3<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span> 43.<span class=\"_ _0\"></span>13<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>43.<span class=\"_ _0\"></span>14<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>408<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>34<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>408<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>34<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>2.8<span class=\"_ _1\"></span>06<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>2.<span class=\"_ _1\"></span>787<span class=\"_ _1\"></span> 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span> 1.<span class=\"_ _1\"></span>783<span class=\"_ _1\"></span> 1.1<span class=\"_ _0\"></span>39<span class=\"_ _0\"></span> 3.9<span class=\"_ _1\"></span>14<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>23<span class=\"_ _1\"></span> 51<span class=\"_ _0\"></span>1.6<span class=\"_ _0\"></span>80<span class=\"_ _0\"></span> co<span class=\"_ _0\"></span>mpl<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>siv<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>ini<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span> 46.<span class=\"_ _0\"></span>83<span class=\"_ _1\"></span>3 <span class=\"_ _20f\"> </span>1.<span class=\"_ _0\"></span>74<span class=\"_ _1\"></span>6 <span class=\"_ _1f1\"> </span>-<span class=\"_ _3bd\"> </span>-48.<span class=\"_ _0\"></span>60<span class=\"_ _0\"></span>0 <span class=\"_ _328\"> </span>11<span class=\"_ _1\"></span> <span class=\"_ _328\"> </span>40.<span class=\"_ _0\"></span>739<span class=\"_ _0\"></span> <span class=\"_ _328\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-40.<span class=\"_ _0\"></span>74<span class=\"_ _0\"></span>9 <span class=\"_ _327\"> </span>-<span class=\"_ _3bd\"> </span>438<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>50<span class=\"_ _0\"></span> <span class=\"_ _1f1\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>438<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>50<span class=\"_ _0\"></span> <span class=\"_ _1af\"> </span>-<span class=\"_ _3bd\"> </span>1.<span class=\"_ _1\"></span>35-<span class=\"_ _3bd\"> </span>- <span class=\"_ _1fa\"> </span>1.34<span class=\"_ _0\"></span>5 <span class=\"_ _55\"> </span>1<span class=\"_ _0\"></span>3 <span class=\"_ _20e\"> </span>3.7<span class=\"_ _0\"></span>35 <span class=\"_ _1f1\"> </span>1.0<span class=\"_ _0\"></span>74<span class=\"_ _0\"></span> <span class=\"_ _1ed\"> </span>3.03<span class=\"_ _0\"></span>0 <span class=\"_ _326\"> </span>20<span class=\"_ _1\"></span>5 <span class=\"_ _29d\"> </span>53<span class=\"_ _0\"></span>7.6<span class=\"_ _1\"></span>01<span class=\"_ _3bd\"> </span>Va<span class=\"_ _0\"></span>riaz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span></span></span>aumento<span class=\"ff1\"> </span>d<span class=\"_ _1\"></span>a<span class=\"_ _3bd\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> </span></span></span>-<span class=\"_ _3bd\"> </span>acquisite<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"_ _3bd\"> </span></span></span>ori<span class=\"_ _0\"></span>gina<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span>13.<span class=\"_ _0\"></span>174<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> </span>-<span class=\"_ _3bd\"> </span>13.<span class=\"_ _0\"></span>174<span class=\"_ _3bd\"> </span>5<span class=\"_ _3bd\"> </span>5.4<span class=\"_ _0\"></span>25<span class=\"_ _3bd\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1f1\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span>-<span class=\"_ _3bd\"> </span>5.<span class=\"_ _1\"></span>43<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _21a\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span> </span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1f1\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21a\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span>-<span class=\"_ _1\"></span><span class=\"ff8\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>1.4<span class=\"_ _0\"></span>44<span class=\"_ _3bd\"> </span>66<span class=\"_ _1\"></span>6<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>20.<span class=\"_ _1\"></span>714<span class=\"_ _0\"></span> Ca<span class=\"_ _0\"></span>ncel<span class=\"_ _0\"></span>laz<span class=\"_ _0\"></span>ioni<span class=\"_ _3bd\"> </span>diverse<span class=\"ff1\"> </span>dai<span class=\"ff1\"> </span>w<span class=\"_ _0\"></span>rite-<span class=\"ff1\"> </span>(4<span class=\"_ _1\"></span>)<span class=\"_ _3bd\"> </span>of<span class=\"_ _1\"></span>f<span class=\"_ _3bd\"> </span>(8.<span class=\"_ _0\"></span>760<span class=\"_ _0\"></span>)<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> </span>-<span class=\"_ _3bd\"> </span>(8.<span class=\"_ _0\"></span>764<span class=\"_ _0\"></span>)<span class=\"_ _3bd\"> </span>(3<span class=\"_ _1\"></span>)<span class=\"_ _3bd\"> </span>(3.<span class=\"_ _0\"></span>998<span class=\"_ _0\"></span>)<span class=\"_ _3bd\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1f1\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span>-<span class=\"_ _3bd\"> </span>(4.<span class=\"_ _0\"></span>001<span class=\"_ _0\"></span>)<span class=\"_ _3bd\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _329\"> </span><span class=\"ff3\">(65<span class=\"_ _0\"></span>.253<span class=\"_ _0\"></span>)<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1f1\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1ed\"> </span><span class=\"ff3\">(65.<span class=\"_ _0\"></span>253)<span class=\"_ _0\"></span> </span></span></span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> </span>(1<span class=\"_ _1\"></span>9<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>(1<span class=\"_ _1\"></span>9)<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>(2.<span class=\"_ _0\"></span>827)<span class=\"_ _0\"></span> (6<span class=\"_ _1\"></span>74)<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>(81<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>38)<span class=\"_ _1\"></span> Ret<span class=\"_ _0\"></span>t/ri<span class=\"_ _0\"></span>pre<span class=\"_ _0\"></span>se<span class=\"ff1\"> <span class=\"_ _20\"> </span></span>di<span class=\"_ _0\"></span> valore<span class=\"ff1\"> </span>nett<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>p<span class=\"_ _1\"></span>er<span class=\"_ _0\"></span><span class=\"ff8\"> </span>1<span class=\"_ _3bd\"> </span>(+/-)<span class=\"_ _1\"></span> Mod<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>che<span class=\"_ _3bd\"> </span>(1.<span class=\"_ _0\"></span>239)<span class=\"_ _0\"></span> (17<span class=\"_ _0\"></span>0)<span class=\"_ _3bd\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> </span>-<span class=\"_ _3bd\"> </span>(1.<span class=\"_ _0\"></span>408<span class=\"_ _0\"></span>)<span class=\"_ _3bd\"> </span>5<span class=\"_ _3bd\"> </span>(82<span class=\"_ _0\"></span>2)<span class=\"_ _3bd\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1f1\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span>-<span class=\"_ _3bd\"> </span>(81<span class=\"_ _0\"></span>8)<span class=\"_ _3bd\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _20f\"> </span><span class=\"ff3\">60.0<span class=\"_ _0\"></span>80<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1f1\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _328\"> </span><span class=\"ff3\">60.08<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> </span>1.4<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>1.4<span class=\"_ _0\"></span>64<span class=\"_ _3bd\"> </span>7<span class=\"_ _3bd\"> </span>(56<span class=\"_ _0\"></span>2)<span class=\"_ _3bd\"> </span>73<span class=\"_ _1\"></span> 88<span class=\"_ _1\"></span>4<span class=\"_ _3bd\"> </span>18<span class=\"_ _1\"></span> 59.<span class=\"_ _0\"></span>73<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mpl<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>siv<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>fin<span class=\"_ _0\"></span>ali<span class=\"_ _1\"></span> Recuperi<span class=\"_ _3bd\"> </span>d<span class=\"_ _3bd\"> </span>incasso<span class=\"_ _3bd\"> </span>su<span class=\"_ _3bd\"> </span>at<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span>fin<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>51<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>51<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>12<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>12<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>6<span class=\"_ _0\"></span>37<span class=\"_ _3bd\"> </span>oggetto<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>wri<span class=\"_ _0\"></span>te-<span class=\"_ _3bd\"> </span>of<span class=\"_ _1\"></span>f<span class=\"_ _3bd\"> </span>Write-off<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ril<span class=\"_ _0\"></span>evat<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></span></span>direttamente<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>(4<span class=\"_ _1\"></span>6)<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>(4<span class=\"_ _1\"></span>6)<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>(5<span class=\"_ _1\"></span>)<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>(5<span class=\"_ _1\"></span>)<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>(2.<span class=\"_ _0\"></span>572)<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>(2.<span class=\"_ _0\"></span>572)<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>(7<span class=\"_ _1\"></span>7)<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>(7<span class=\"_ _1\"></span>7)<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>(2.<span class=\"_ _0\"></span>70<span class=\"_ _0\"></span>0)<span class=\"_ _3bd\"> </span>conto<span class=\"_ _3bd\"> </span>econ<span class=\"_ _0\"></span>omic<span class=\"_ _1\"></span>o<span class=\"_ _3bd\"> </span>A.<span class=\"_ _0\"></span>1.3<span class=\"_ _3bd\"> </span>Conso<span class=\"_ _0\"></span>lidato<span class=\"_ _3bd\"> </span>prude<span class=\"_ _0\"></span>nziale<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Attivit<span class=\"_ _1\"></span>\u00e0<span class=\"_ _3bd\"> </span>finanzi<span class=\"_ _0\"></span>arie,<span class=\"_ _3bd\"> </span>impeg<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>eroga<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>fondi<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>gara<span class=\"_ _0\"></span>nzie<span class=\"_ _3bd\"> </span>finanzi<span class=\"_ _0\"></span>arie<span class=\"_ _3bd\"> </span>rilasci<span class=\"_ _0\"></span>ate:<span class=\"_ _3bd\"> </span>trasfe<span class=\"_ _0\"></span>rime<span class=\"_ _0\"></span>nti<span class=\"_ _3bd\"> </span>tra<span class=\"_ _3bd\"> </span>divers<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>stad<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>rischio<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>credit<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>(valo<span class=\"_ _0\"></span>ri<span class=\"_ _3bd\"> </span>lordi<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>nom<span class=\"_ _0\"></span>inali)<span class=\"fc0 sc1\"> </span>Po<span class=\"_ _0\"></span>rta<span class=\"_ _1\"></span>fog<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>/st<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>di<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>o<span class=\"fc0 sc1\"> </span>Es<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>lo<span class=\"_ _0\"></span>rd<span class=\"_ _0\"></span>a/<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>no<span class=\"_ _1\"></span>min<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>Tras<span class=\"_ _0\"></span>ferim<span class=\"_ _0\"></span>enti<span class=\"_ _3bd\"> </span>tra<span class=\"_ _3bd\"> </span>prim<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>stadio<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>secon<span class=\"_ _1\"></span>do<span class=\"fc0 sc1\"> </span>st<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Tras<span class=\"_ _0\"></span>ferim<span class=\"_ _0\"></span>enti<span class=\"_ _3bd\"> </span>tra<span class=\"_ _3bd\"> </span>secon<span class=\"_ _1\"></span>do<span class=\"_ _3bd\"> </span>sta<span class=\"_ _0\"></span>dio<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>terz<span class=\"_ _0\"></span>o<span class=\"fc0 sc1\"> </span>Tras<span class=\"_ _0\"></span>ferim<span class=\"_ _0\"></span>enti<span class=\"_ _3bd\"> </span>tra<span class=\"_ _3bd\"> </span>prim<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>stadio<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>terz<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>stadio<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Da<span class=\"_ _3bd\"> </span>primo<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>secondo<span class=\"_ _3bd\"> </span>sta<span class=\"_ _0\"></span>dio<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Da<span class=\"_ _3bd\"> </span>secondo<span class=\"_ _3bd\"> </span>stadio<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>primo<span class=\"_ _3bd\"> </span>stadio<span class=\"fc0 sc1\"> </span>Da<span class=\"_ _3bd\"> </span>secondo<span class=\"_ _3bd\"> </span>stadio<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>terzo<span class=\"_ _3bd\"> </span>stadio<span class=\"fc0 sc1\"> </span>Da<span class=\"_ _3bd\"> </span>terzo<span class=\"_ _3bd\"> </span>stadio<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>secondo<span class=\"_ _3bd\"> </span>stadio<span class=\"fc0 sc1\"> </span>Da<span class=\"_ _3bd\"> </span>primo<span class=\"_ _3bd\"> </span>stadio<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>terzo<span class=\"_ _3bd\"> </span>sta<span class=\"_ _0\"></span>dio<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Da<span class=\"_ _3bd\"> </span>terzo<span class=\"_ _3bd\"> </span>stadio<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>primo<span class=\"_ _3bd\"> </span>sta<span class=\"_ _0\"></span>dio<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>1.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Atti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fin<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">a<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _2\"></span></span>co<span class=\"_ _0\"></span>sto<span class=\"_ _0\"></span> </span></span></span></span></span></span>1.<span class=\"_ _0\"></span>320<span class=\"_ _0\"></span>.99<span class=\"_ _0\"></span>5<span class=\"ff1\"> <span class=\"_ _328\"> </span></span>456<span class=\"_ _0\"></span>.508<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _69\"> </span><span class=\"ff3\">54.<span class=\"_ _0\"></span>404<span class=\"ff1\"> <span class=\"_ _1ff\"> </span></span>17.<span class=\"_ _0\"></span>366<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1a8\"> </span><span class=\"ff3\">84.<span class=\"_ _0\"></span>221<span class=\"_ _0\"></span><span class=\"ff8\"> <span class=\"_ _209\"> </span><span class=\"ff3\">8.8<span class=\"_ _0\"></span>88 </span></span></span></span></span></span>  <span class=\"ff3\">ammortizzato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _32a\"> </span> </span></span>impatto<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>redditi<span class=\"_ _0\"></span>vit\u00e0<span class=\"ff1\"> </span>complessiva fina<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ril<span class=\"_ _0\"></span>asc<span class=\"_ _0\"></span>iate<span class=\"_ _1\"></span> A.<span class=\"_ _1\"></span>1.3a<span class=\"_ _3bd\"> </span>Fina<span class=\"_ _0\"></span>nziam<span class=\"_ _0\"></span>enti<span class=\"_ _3bd\"> </span>ogget<span class=\"_ _0\"></span>to<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>misu<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>sost<span class=\"_ _0\"></span>egno<span class=\"_ _3bd\"> </span>Covid-<span class=\"_ _0\"></span>19:<span class=\"_ _3bd\"> </span>tras<span class=\"_ _0\"></span>ferim<span class=\"_ _0\"></span>enti<span class=\"_ _3bd\"> </span>tra<span class=\"_ _3bd\"> </span>i<span class=\"_ _3bd\"> </span>divers<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>stad<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>rischio<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>credit<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>(valor<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>lor<span class=\"_ _1\"></span>di)<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Po<span class=\"_ _0\"></span>rta<span class=\"_ _1\"></span>fog<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>/st<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>di<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>o<span class=\"fc0 sc1\"> </span>Va<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>ri<span class=\"_ _3bd\"> </span>lor<span class=\"_ _1\"></span>di<span class=\"fc0 sc1\"> </span>Tr<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>tr<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>pr<span class=\"_ _0\"></span>im<span class=\"_ _1\"></span>o<span class=\"fc0 sc1\"> </span>stadio<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>secon<span class=\"_ _1\"></span>do<span class=\"_ _3bd\"> </span>st<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Tras<span class=\"_ _0\"></span>ferim<span class=\"_ _0\"></span>enti<span class=\"_ _3bd\"> </span>tra<span class=\"_ _3bd\"> </span>secon<span class=\"_ _1\"></span>do<span class=\"_ _3bd\"> </span>sta<span class=\"_ _0\"></span>dio<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>terz<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>st<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Tras<span class=\"_ _0\"></span>ferim<span class=\"_ _0\"></span>enti<span class=\"_ _3bd\"> </span>tra<span class=\"_ _3bd\"> </span>prim<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>stadio<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>terz<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>st<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Da<span class=\"_ _3bd\"> </span>primo<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>secondo<span class=\"_ _3bd\"> </span>stadio<span class=\"fc0 sc1\"> </span>Da<span class=\"_ _3bd\"> </span>secondo<span class=\"_ _3bd\"> </span>stadio<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>primo<span class=\"_ _3bd\"> </span>sta<span class=\"_ _0\"></span>dio<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Da<span class=\"_ _3bd\"> </span>secondo<span class=\"_ _3bd\"> </span>stadio<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>terzo<span class=\"_ _3bd\"> </span>sta<span class=\"_ _0\"></span>dio<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Da<span class=\"_ _3bd\"> </span>terzo<span class=\"_ _3bd\"> </span>stadio<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>secondo<span class=\"_ _3bd\"> </span>sta<span class=\"_ _0\"></span>dio<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Da<span class=\"_ _3bd\"> </span>primo<span class=\"_ _3bd\"> </span>stadio<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>terzo<span class=\"_ _3bd\"> </span>stadio<span class=\"fc0 sc1\"> </span>Da<span class=\"_ _3bd\"> </span>terzo<span class=\"_ _3bd\"> </span>stadio<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>primo<span class=\"_ _3bd\"> </span>stadio<span class=\"fc0 sc1\"> </span>re<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>conforme<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">GL<span class=\"_ _1\"></span> </span></span></span></span></span></span>con<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>ssion<span class=\"_ _0\"></span>e Nella<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tabella<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"></span></span>riportato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>lor<span class=\"_ _2\"></span>do<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziamenti,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ogget<span class=\"_ _2\"></span>to<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>m<span class=\"_ _2\"></span>oratoria<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>altre<span class=\"ff1\"> <span class=\"_ _20\"></span></span>mis<span class=\"_ _2\"></span>ure<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>concessione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"></span></span>essere<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>data<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>riferimento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>bilancio,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff3\">costituiscono</span> <span class=\"_ _21\"> </span><span class=\"ff3\">nuova</span> <span class=\"_ _21\"> </span><span class=\"ff3\">liquidit\u00e0</span> </span>concessa<span class=\"ff1\"> <span class=\"_ _20\"></span></span>mediante<span class=\"ff1\"> <span class=\"_ _21\"></span></span>mecc<span class=\"_ _0\"></span>anismi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">garanzia</span> <span class=\"_ _20\"></span><span class=\"ff3\">pubblica,</span> <span class=\"_ _20\"></span><span class=\"ff3\">ripartit<span class=\"_ _2\"></span>o</span> <span class=\"_ _20\"></span><span class=\"ff3\">per</span> <span class=\"_ _21\"></span><span class=\"ff3\">portafgli</span> <span class=\"_ _2\"></span><span class=\"ff3\">di</span> <span class=\"_ _21\"></span><span class=\"ff3\">a<span class=\"_ _0\"></span>ppar<span class=\"_ _0\"></span>ten<span class=\"_ _0\"></span>zenz<span class=\"_ _0\"></span>a, </span></span>A.<span class=\"_ _3bd\"> </span>Fin<span class=\"_ _1\"></span>an<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>tat<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>am<span class=\"_ _1\"></span>mo<span class=\"_ _0\"></span>rti<span class=\"_ _0\"></span>zz<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>15<span class=\"_ _0\"></span>8.<span class=\"_ _0\"></span>904<span class=\"_ _1\"></span> <span class=\"_ _20e\"> </span>80<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>39<span class=\"_ _0\"></span> <span class=\"_ _81\"> </span>13<span class=\"_ _0\"></span>.7<span class=\"_ _1\"></span>88 <span class=\"_ _a1\"> </span>70<span class=\"_ _1\"></span> <span class=\"_ _32b\"> </span>22<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>94<span class=\"_ _1\"></span> <span class=\"_ _69\"> </span>67<span class=\"_ _1\"></span>9 A.<span class=\"_ _0\"></span>1<span class=\"ff1\"> </span>ogg<span class=\"_ _0\"></span>ett<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>nce<span class=\"_ _1\"></span>ssione<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">conf<span class=\"_ _0\"></span>orme<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">con</span> <span class=\"ff3\">le<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">GL<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _11e\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> <span class=\"_ _a2\"> </span>546<span class=\"_ _1\"></span> <span class=\"_ _32\"> </span>- <span class=\"_ _1ae\"> </span>- <span class=\"_ _198\"> </span>- <span class=\"_ _129\"> </span>- </span></span></span></span></span></span></span></span>A.2oggettodimisuredimoratoriainesserenonp<span class=\"_ _0\"></span>i\u00f9<span class=\"_ _3bd\"> </span>conformi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">GL<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">v<span class=\"_ _2\"></span>alutate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">come<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">oggetto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"_ _1\"></span><span class=\"ff8\"> <span class=\"_ _198\"> </span><span class=\"ff3\">19<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>con<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>ssion<span class=\"_ _0\"></span>e - 2<span class=\"_ _0\"></span>32<span class=\"_ _1\"></span> - - - A.3<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">oggetto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">misure<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conc<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>sion<span class=\"_ _0\"></span>e<span class=\"ff8\"> <span class=\"_ _11e\"> </span></span>6.<span class=\"_ _1\"></span>309<span class=\"_ _0\"></span> <span class=\"_ _6c\"> </span>- <span class=\"_ _47\"> </span>77<span class=\"_ _1\"></span>7 <span class=\"_ _1ae\"> </span>- <span class=\"_ _222\"> </span>32<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span> <span class=\"_ _75\"> </span>- </span></span></span></span></span></span></span></span></span></span></span></span>A.4<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nuovi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fina<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff8\"> <span class=\"_ _ec\"> </span><span class=\"ff3\">152<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>02 <span class=\"_ _1fa\"> </span>80<span class=\"_ _0\"></span>.09<span class=\"_ _0\"></span>3 <span class=\"_ _20b\"> </span>12.<span class=\"_ _0\"></span>779<span class=\"_ _0\"></span> <span class=\"_ _a1\"> </span>70<span class=\"_ _1\"></span> <span class=\"_ _a1\"> </span>22<span class=\"_ _0\"></span>.37<span class=\"_ _0\"></span>0 <span class=\"_ _62\"> </span>67<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span> </span></span></span></span></span></span>B.<span class=\"_ _3bd\"> </span>Fin<span class=\"_ _1\"></span>an<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>tat<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>fa<span class=\"_ _0\"></span>ir<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span>im<span class=\"_ _1\"></span>patt<span class=\"_ _1\"></span>o<span class=\"_ _3bd\"> </span>s<span class=\"_ _0\"></span>ul<span class=\"_ _1\"></span>la<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-----B.1oggettodicon<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>one<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>- <span class=\"_ _198\"> </span>- <span class=\"_ _6c\"> </span>- <span class=\"_ _42\"> </span>- <span class=\"_ _75\"> </span>- B.2oggettodimisuredimoratoriainesserenonp<span class=\"_ _0\"></span>i\u00f9<span class=\"_ _3bd\"> </span>conformi<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>GL<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>no<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>ogget<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _ca\"> </span></span>-<span class=\"_ _0\"></span><span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>ssion<span class=\"_ _0\"></span>e - - - - - B.3oggettodialtremisured<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>- <span class=\"_ _198\"> </span>- <span class=\"_ _6c\"> </span>- <span class=\"_ _42\"> </span>- <span class=\"_ _75\"> </span>- B.4<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nuovi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fin<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>iam<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1bd\"> </span></span>-<span class=\"_ _1\"></span> <span class=\"_ _6e\"> </span>- <span class=\"_ _198\"> </span>- <span class=\"_ _1ae\"> </span>- <span class=\"_ _42\"> </span>- <span class=\"_ _75\"> </span>- </span></span></span></span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _3bd\"> </span>15<span class=\"_ _0\"></span>8.<span class=\"_ _0\"></span>904<span class=\"_ _1\"></span> <span class=\"_ _20e\"> </span>80<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>39<span class=\"_ _0\"></span> <span class=\"_ _81\"> </span>13<span class=\"_ _0\"></span>.7<span class=\"_ _1\"></span>88 <span class=\"_ _a1\"> </span>70<span class=\"_ _1\"></span> <span class=\"_ _32b\"> </span>22<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>94<span class=\"_ _1\"></span> <span class=\"_ _69\"> </span>67<span class=\"_ _1\"></span>9 To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _3bd\"> </span>34<span class=\"_ _0\"></span>5.<span class=\"_ _0\"></span>27<span class=\"_ _0\"></span>5 <span class=\"_ _20f\"> </span>31.<span class=\"_ _0\"></span>696<span class=\"_ _1\"></span> <span class=\"_ _21a\"> </span>12.5<span class=\"_ _1\"></span>79 <span class=\"_ _a2\"> </span>2<span class=\"_ _0\"></span>59<span class=\"_ _1\"></span> <span class=\"_ _1fd\"> </span>18.<span class=\"_ _0\"></span>70<span class=\"_ _0\"></span>5 <span class=\"_ _1ff\"> </span>3<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span> 2.Att<span class=\"_ _0\"></span>ivit<span class=\"_ _0\"></span>\u00e0fi<span class=\"_ _0\"></span>nanz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ieval<span class=\"_ _0\"></span>utat<span class=\"_ _0\"></span>ealfai<span class=\"_ _0\"></span>rva<span class=\"_ _0\"></span>luec<span class=\"_ _0\"></span>on<span class=\"_ _3bd\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _34\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _39\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _31\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _3a\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>- 3.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">co<span class=\"_ _2\"></span>rso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dism<span class=\"_ _0\"></span>iss<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _320\"> </span></span>-<span class=\"_ _0\"></span> <span class=\"_ _50\"> </span>- <span class=\"_ _39\"> </span>- <span class=\"_ _31\"> </span>- <span class=\"_ _1cf\"> </span>- <span class=\"_ _67\"> </span>- </span></span></span></span></span></span></span></span></span></span></span></span>4.Impegniaerogarefondiegar<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>195<span class=\"_ _0\"></span>.89<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>7.<span class=\"_ _0\"></span>743 <span class=\"_ _222\"> </span>98<span class=\"_ _1\"></span> <span class=\"_ _75\"> </span>8<span class=\"_ _0\"></span>46<span class=\"_ _1\"></span> <span class=\"_ _20b\"> </span>16.<span class=\"_ _0\"></span>252<span class=\"_ _0\"></span> <span class=\"_ _20b\"> </span>1<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>10 Tot<span class=\"_ _0\"></span>ale<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>516<span class=\"_ _1\"></span>.89<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>46<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>25<span class=\"_ _0\"></span>1 <span class=\"_ _196\"> </span>54.<span class=\"_ _0\"></span>502<span class=\"_ _1\"></span> <span class=\"_ _1a2\"> </span>18<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>12<span class=\"_ _0\"></span> <span class=\"_ _11c\"> </span>1<span class=\"_ _0\"></span>00.<span class=\"_ _1\"></span>473<span class=\"_ _0\"></span> <span class=\"_ _a2\"> </span>10.<span class=\"_ _0\"></span>09<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span> Tot<span class=\"_ _0\"></span>ale<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _3bd\"> </span>99<span class=\"_ _0\"></span>6.<span class=\"_ _0\"></span>48<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span> <span class=\"_ _1f1\"> </span>3<span class=\"_ _0\"></span>68<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>89<span class=\"_ _0\"></span> <span class=\"_ _196\"> </span>4<span class=\"_ _0\"></span>9.<span class=\"_ _0\"></span>94<span class=\"_ _0\"></span>4 <span class=\"_ _66\"> </span>21<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>61<span class=\"_ _0\"></span> <span class=\"_ _81\"> </span>72.<span class=\"_ _0\"></span>772<span class=\"_ _1\"></span> <span class=\"_ _1a8\"> </span>8.7<span class=\"_ _1\"></span>19 quando<span class=\"ff1\"> </span>lo<span class=\"ff1\"> </span>stadio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>quale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>esposizioni<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>state<span class=\"ff1\"> </span>incluse<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>data<span class=\"_ _2\"></span><span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>fine<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esercizio<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span></span></span></span></span>diverso<span class=\"ff1\"> </span>dallo<span class=\"ff1\"> </span>stadio<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>esposizioni<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>stat<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>incluse<span class=\"ff1\"> </span>all\u2019<span class=\"_ _0\"></span>inizio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019esercizio.<span class=\"_ _3bd\"> </span>A.<span class=\"_ _1\"></span>1.4Co<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>ida<span class=\"_ _0\"></span>to<span class=\"_ _3bd\"> </span>pr<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>zia<span class=\"_ _1\"></span>le<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Es<span class=\"_ _0\"></span>pos<span class=\"_ _1\"></span>izio<span class=\"_ _1\"></span>ni<span class=\"_ _3bd\"> </span>cre<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>zie<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>fuo<span class=\"_ _0\"></span>ri<span class=\"_ _3bd\"> </span>bi<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>ver<span class=\"_ _0\"></span>so<span class=\"_ _3bd\"> </span>ba<span class=\"_ _0\"></span>nch<span class=\"_ _0\"></span>e:<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>ri<span class=\"_ _3bd\"> </span>lor<span class=\"_ _1\"></span>di<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>n<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>Ti<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>gie<span class=\"_ _3bd\"> </span>es<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>osi<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i/v<span class=\"_ _1\"></span>alo<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Es<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>si<span class=\"_ _1\"></span>zion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>lo<span class=\"_ _0\"></span>rd<span class=\"_ _0\"></span>a<span class=\"fc0 sc1\"> </span>Rettif<span class=\"_ _0\"></span>iche<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>valor<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>com<span class=\"_ _0\"></span>ples<span class=\"_ _0\"></span>sive<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>acca<span class=\"_ _0\"></span>ntona<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nti<span class=\"_ _3bd\"> </span>comp<span class=\"_ _0\"></span>lessi<span class=\"_ _0\"></span>vi<span class=\"fc0 sc1\"> </span>Es<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>si<span class=\"_ _1\"></span>zion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>N<span class=\"_ _0\"></span>et<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Wr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>e-<span class=\"_ _0\"></span>off<span class=\"_ _3bd\"> </span>pa<span class=\"_ _0\"></span>rz<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>siv<span class=\"_ _0\"></span>i*<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Primo<span class=\"_ _3bd\"> </span>st<span class=\"_ _3bd\"> </span>Sec<span class=\"_ _3bd\"> </span>st<span class=\"_ _3bd\"> </span>Terzo<span class=\"_ _3bd\"> </span>sta<span class=\"_ _3bd\"> </span>Imp<span class=\"_ _3bd\"> </span>acquisite<span class=\"_ _3bd\"> </span>o<span class=\"_ _3bd\"> </span>ori<span class=\"_ _3bd\"> </span>Primo<span class=\"_ _3bd\"> </span>st<span class=\"_ _3bd\"> </span>Sec<span class=\"_ _3bd\"> </span>st<span class=\"_ _3bd\"> </span>Terzo<span class=\"_ _3bd\"> </span>sta<span class=\"_ _3bd\"> </span>Imp<span class=\"_ _3bd\"> </span>acquisite<span class=\"_ _3bd\"> </span>o<span class=\"_ _3bd\"> </span>ori<span class=\"_ _3bd\"> </span>A.<span class=\"_ _3bd\"> </span>Es<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>si<span class=\"_ _1\"></span>zion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>credi<span class=\"_ _0\"></span>tizie<span class=\"_ _3bd\"> </span>per<span class=\"_ _3bd\"> </span>cass<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>A.<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>A<span class=\"_ _3bd\"> </span>vi<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a<span class=\"_ _3bd\"> </span>3.17<span class=\"_ _0\"></span>0.148<span class=\"_ _3bd\"> </span>3.1<span class=\"_ _1\"></span>58.<span class=\"_ _0\"></span>94<span class=\"_ _1\"></span>3<span class=\"_ _3bd\"> </span>11<span class=\"_ _0\"></span>.20<span class=\"_ _1\"></span>5<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>3<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>3.<span class=\"_ _0\"></span>17<span class=\"_ _0\"></span>0.1<span class=\"_ _1\"></span>11<span class=\"_ _3bd\"> </span>-<span class=\"_ _1\"></span> a)<span class=\"ff5\"> <span class=\"_ _1\"></span><span class=\"ff3\">Det<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>iora<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _11e\"> </span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _296\"> </span><span class=\"ff3\">X<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _50\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _216\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _21a\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1ed\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _31c\"> </span><span class=\"ff3\">X<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1fd\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _63\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _75\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2f\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2f\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>b)<span class=\"ff5\"> <span class=\"_ _1\"></span><span class=\"ff3\">Non<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ior<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _216\"> </span><span class=\"ff3\">3.170.148<span class=\"_ _0\"></span><span class=\"ff1\">   <span class=\"_ _21\"> </span><span class=\"ff3\">3.15<span class=\"_ _0\"></span>8.9<span class=\"_ _0\"></span>43<span class=\"ff1\"> <span class=\"_ _22\"> </span></span>11.<span class=\"_ _0\"></span>205<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1ed\"> </span><span class=\"ff3\">X<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _b7\"> </span><span class=\"ff3\">-<span class=\"_ _2\"></span></span> <span class=\"_ _1a\"> </span> <span class=\"_ _1a\"> </span><span class=\"ff3\">37<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1fb\"> </span><span class=\"ff3\">1<span class=\"_ _1\"></span>9<span class=\"ff1\"> <span class=\"_ _64\"> </span></span>18<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1fa\"> </span><span class=\"ff3\">X</span> <span class=\"_ _72\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _196\"> </span><span class=\"ff3\">3.<span class=\"_ _1\"></span>170.1<span class=\"_ _0\"></span>11<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _19c\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>A.<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>Al<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>2.549<span class=\"_ _0\"></span>.257<span class=\"_ _3bd\"> </span>2.47<span class=\"_ _0\"></span>5.728<span class=\"_ _3bd\"> </span>71<span class=\"_ _1\"></span>.25<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>9<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span> <span class=\"_ _1fa\"> </span>8<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>54<span class=\"_ _0\"></span>8.<span class=\"_ _0\"></span>27<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>-<span class=\"_ _1\"></span> a)<span class=\"ff5\"> <span class=\"_ _0\"></span><span class=\"ff3\">So<span class=\"_ _0\"></span>ffe<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>nze<span class=\"ff1\"> <span class=\"_ _ad\"> </span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _296\"> </span><span class=\"ff3\">X<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _50\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _216\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _21a\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1ed\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _31c\"> </span><span class=\"ff3\">X<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1fd\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _63\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _75\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2f\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2f\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"ff5\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cui:<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esp<span class=\"_ _0\"></span>osi<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span> </span></span></span></span></span></span>oggetto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span>co<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span> -<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _296\"> </span><span class=\"ff3\">X<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _50\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _216\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _21a\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1ed\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _31c\"> </span><span class=\"ff3\">X<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1fd\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _63\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _75\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2f\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2f\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>b)<span class=\"ff5\"> <span class=\"_ _0\"></span><span class=\"ff3\">Ina<span class=\"_ _0\"></span>dem<span class=\"_ _0\"></span>p.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pro<span class=\"_ _0\"></span>babi<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _70\"> </span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _296\"> </span><span class=\"ff3\">X<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _72\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1fb\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21a\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1ed\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _31c\"> </span><span class=\"ff3\">X<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1fd\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _200\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _75\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2f\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2f\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"ff5\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cui:<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esp<span class=\"_ _0\"></span>osi<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span> </span></span></span></span></span></span>oggetto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span>co<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span> c)<span class=\"ff5\"> <span class=\"_ _1\"></span><span class=\"ff3\">Espos<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>oni<span class=\"_ _1\"></span> </span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _296\"> </span><span class=\"ff3\">X<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _50\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _216\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _21a\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1ed\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _31c\"> </span><span class=\"ff3\">X<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1fd\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _63\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _75\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2f\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2f\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>sc<span class=\"_ _0\"></span>adut<span class=\"_ _1\"></span>e<span class=\"ff1\"> </span>dete<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>rat<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _296\"> </span><span class=\"ff3\">X<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _50\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _216\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _21a\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1ed\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _31c\"> </span><span class=\"ff3\">X<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1fd\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _63\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _75\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2f\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2f\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"ff5\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cui:<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esp<span class=\"_ _0\"></span>osi<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span> </span></span></span></span></span></span>oggetto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span>co<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span> d)<span class=\"ff5\"> <span class=\"_ _0\"></span><span class=\"ff3\">Esp<span class=\"_ _0\"></span>osi<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span> </span></span>sc<span class=\"_ _0\"></span>adut<span class=\"_ _1\"></span>e<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>ior<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span> -<span class=\"ff5\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cu<span class=\"_ _0\"></span>i:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">esp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span></span></span></span></span></span></span>oggetto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span>co<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span> e)<span class=\"ff5\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altr<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>spo<span class=\"_ _0\"></span>siz<span class=\"_ _0\"></span>ioni<span class=\"_ _1\"></span> </span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _296\"> </span><span class=\"ff3\">X<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _50\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _216\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _21a\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1ed\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _31c\"> </span><span class=\"ff3\">X<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1fd\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _63\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _75\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2f\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2f\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>1<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _a5\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _178\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1ed\"> </span><span class=\"ff3\">X<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _11b\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1ed\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _63\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _200\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _31c\"> </span><span class=\"ff3\">X<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _50\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _42\"> </span><span class=\"ff3\">1<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2f\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _a5\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _178\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1ed\"> </span><span class=\"ff3\">X<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _11b\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1ed\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _63\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _63\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _31c\"> </span><span class=\"ff3\">X<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _72\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2f\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2f\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">det<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ior<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span></span></span>2.549.256<span class=\"_ _3bd\"> </span>2.475.728<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1e\"> </span> <span class=\"_ _1e\"> </span><span class=\"ff3\">71.<span class=\"_ _0\"></span>25<span class=\"_ _0\"></span>8<span class=\"ff1\"> <span class=\"_ _55\"> </span></span>X<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _b7\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span> </span></span></span></span>-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>cu<span class=\"_ _0\"></span>i:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">espo<span class=\"_ _0\"></span>sizi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></span></span></span></span>9<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span> 87<span class=\"_ _1\"></span>0<span class=\"ff1\"> <span class=\"_ _1f2\"> </span></span>11<span class=\"_ _1\"></span>2<span class=\"ff1\"> <span class=\"_ _31c\"> </span></span>X<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _50\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _219\"> </span><span class=\"ff3\">2.<span class=\"_ _0\"></span>54<span class=\"_ _0\"></span>8.2<span class=\"_ _0\"></span>75<span class=\"ff1\"> <span class=\"_ _2f\"> </span></span>-<span class=\"_ _1\"></span> </span></span></span></span>oggetto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span>co<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span> -<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _a5\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _178\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1ed\"> </span><span class=\"ff3\">X<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _11b\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1ed\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _63\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _63\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _31c\"> </span><span class=\"ff3\">X<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _72\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2f\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2f\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>B.<span class=\"_ _3bd\"> </span>Es<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>si<span class=\"_ _1\"></span>zion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>credi<span class=\"_ _0\"></span>tizie<span class=\"_ _3bd\"> </span>fuori<span class=\"_ _3bd\"> </span>bila<span class=\"_ _0\"></span>ncio<span class=\"_ _0\"></span> a)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Det<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ior<span class=\"_ _1\"></span>ate <span class=\"_ _235\"> </span>- <span class=\"_ _216\"> </span>X <span class=\"_ _72\"> </span>-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _21a\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1ed\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> <span class=\"_ _1f4\"> </span>X<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1fd\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span></span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _75\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2f\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> <span class=\"_ _eb\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>b)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dete<span class=\"_ _0\"></span>rio<span class=\"_ _1\"></span>rate <span class=\"_ _1fb\"> </span>1.<span class=\"_ _0\"></span>663.<span class=\"_ _0\"></span>84<span class=\"_ _0\"></span>5 <span class=\"_ _1f2\"> </span>511.<span class=\"_ _0\"></span>701<span class=\"_ _3bd\"> </span></span></span></span></span>5.<span class=\"_ _0\"></span>507 <span class=\"_ _1ef\"> </span>X<span class=\"_ _3bd\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _329\"> </span><span class=\"ff3\">1<span class=\"_ _1\"></span> <span class=\"_ _69\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1ff\"> </span><span class=\"ff3\">1<span class=\"_ _1\"></span> <span class=\"_ _1fa\"> </span>X<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1fb\"> </span><span class=\"ff3\">1.<span class=\"_ _0\"></span>663.<span class=\"_ _0\"></span>84<span class=\"_ _0\"></span>4 <span class=\"_ _3b\"> </span>-<span class=\"_ _3bd\"> </span></span></span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>(B<span class=\"_ _1\"></span>)<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>66<span class=\"_ _0\"></span>3.<span class=\"_ _0\"></span>84<span class=\"_ _0\"></span>5 <span class=\"_ _1f0\"> </span>511.<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>01<span class=\"_ _3bd\"> </span>5.<span class=\"_ _0\"></span>50<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>1<span class=\"_ _1\"></span> <span class=\"_ _69\"> </span>-<span class=\"_ _3bd\"> </span>1<span class=\"_ _1\"></span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>66<span class=\"_ _0\"></span>3.<span class=\"_ _0\"></span>84<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>(A<span class=\"_ _0\"></span>+B<span class=\"_ _0\"></span>)<span class=\"_ _3bd\"> </span>7.<span class=\"_ _0\"></span>38<span class=\"_ _0\"></span>3.<span class=\"_ _0\"></span>25<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>6.1<span class=\"_ _1\"></span>46.<span class=\"_ _1\"></span>372<span class=\"_ _3bd\"> </span>87<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>70<span class=\"_ _1\"></span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>01<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span>8<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>7.<span class=\"_ _0\"></span>38<span class=\"_ _0\"></span>2.<span class=\"_ _0\"></span>231<span class=\"_ _1\"></span> -<span class=\"_ _3bd\"> </span>Come<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>indicazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ci<span class=\"_ _0\"></span>rc<span class=\"_ _2\"></span>olare<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>B<span class=\"_ _0\"></span>anca<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d\u2019Italia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>262<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>22<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"_ _2\"></span>cembre<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>200<span class=\"_ _2\"></span>5,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>succ<span class=\"_ _0\"></span>essivi<span class=\"ff1\"> </span>aggiornamenti,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>esposizioni<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cr<span class=\"_ _2\"></span>editizie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _21\"></span></span>cassa<span class=\"ff1\"> <span class=\"_ _21\"></span></span>comprendono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>tutte<span class=\"ff1\"> <span class=\"_ _21\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> </span>cassa<span class=\"ff1\"> <span class=\"_ _20\"></span></span>vantate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>verso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>banche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>clientela<span class=\"ff1\"> <span class=\"_ _2\"></span></span>qualunque<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>loro<span class=\"ff1\"> <span class=\"_ _20\"></span></span>portafoglio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>allocazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contabile<span class=\"ff1\"> </span>(valutate<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fair<span class=\"ff1\"> <span class=\"_ _21\"></span></span>value<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _21\"></span></span>impatto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>conto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>economico,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>valu<span class=\"_ _0\"></span>tate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>fair<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>value<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>impatto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sulla<span class=\"ff1\"> </span>redditivit\u00e0<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>complessiva,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>valutate<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>costo<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>ammortizzato,<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>via<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>dismissione),<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>a<span class=\"_ _2\"></span>d<span class=\"ff1\"> </span>eccezione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>titoli<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>capitale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"></span></span>qu<span class=\"_ _0\"></span>ote<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>O.I.C.R.;<span class=\"ff1\"> <span class=\"_ _21\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>esposizioni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>credi<span class=\"_ _0\"></span>tizie<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u201cfuori<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>bilancio\u201d<span class=\"ff1\"> </span>includono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tutt<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>operazioni<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>diverse<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>quelle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>cass<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>(garanzie<span class=\"ff1\"> <span class=\"_ _21\"></span></span>f<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"_ _21\"></span>n<span class=\"_ _20\"></span>a<span class=\"_ _21\"></span>n<span class=\"_ _20\"></span>z<span class=\"_ _21\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"_ _20\"></span>r<span class=\"_ _20\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> </span>rilasciate,<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>impegni<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>revocabili<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span></span>irr<span class=\"_ _2\"></span>evocabili,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff3\">derivati,</span> <span class=\"_ _27\"> </span><span class=\"ff3\">ecc.)</span> <span class=\"_ _23\"> </span><span class=\"ff3\">che</span> <span class=\"_ _21\"> </span><span class=\"ff3\">com<span class=\"_ _2\"></span>portano</span> <span class=\"_ _21\"> </span><span class=\"ff3\">l\u2019assunzione</span> <span class=\"_ _27\"> </span><span class=\"ff3\">di</span> <span class=\"_ _21\"> </span><span class=\"ff3\">un</span> </span>rischio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>creditizi<span class=\"_ _0\"></span>o,<span class=\"ff1\"> </span>qualunque<span class=\"ff1\"> </span>sia<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>finalit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tali<span class=\"ff1\"> </span>operazioni<span class=\"ff1\"> </span>(negoziazione,<span class=\"ff1\"> </span>copertura,<span class=\"ff1\"> </span>ecc.).<span class=\"_ _3bd\"> </span>Le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">esposizioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cr<span class=\"_ _2\"></span>editizie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">deteriorat<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cassa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fuori<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bilancio)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">includono<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>detenute<span class=\"ff1\"> <span class=\"_ _21\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>negoziazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>erivati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>copertura,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">sono</span> <span class=\"_ _21\"> </span><span class=\"ff3\">pertanto,</span> <span class=\"_ _21\"></span><span class=\"ff3\">convenzionalmente,</span> </span>rilevati<span class=\"ff1\"> </span>tra<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>esposizioni<span class=\"ff1\"> </span>creditizie<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>deteriorate.<span class=\"_ _3bd\"> </span>Tota<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>(A)<span class=\"_ _3bd\"> </span>5.719<span class=\"_ _0\"></span>.405<span class=\"_ _3bd\"> </span>5.634<span class=\"_ _0\"></span>.671<span class=\"_ _3bd\"> </span>82<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>46<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>01<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>8<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>5.<span class=\"_ _0\"></span>71<span class=\"_ _0\"></span>8.<span class=\"_ _0\"></span>38<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span><div class=\"t ma h1c ff3 fsc fc4 sc2 ls0 ws0 gs31da\">A.<span class=\"_ _1\"></span>1.5</div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs31db\">Co<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>ida<span class=\"_ _0\"></span>to<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs31dc\">pr<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>zia<span class=\"_ _1\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs31dd\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs31de\">Es<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs31df\">cre<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>zie<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs31e0\">pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs31e1\">ca<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs31e2\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs31e3\">fu<span class=\"_ _0\"></span>ori<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs31e4\">bi<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs31e5\">ver<span class=\"_ _0\"></span>so<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs31e6\">cl<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs31e7\">va<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>ri<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs31e8\">lor<span class=\"_ _1\"></span>di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs31e9\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs31ea\">n<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc4 sc2 ls0 ws0 gs31eb\">Ti<span class=\"_ _0\"></span>polo<span class=\"_ _1\"></span>gie<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc4 sc2 ls0 ws0 gs31ec\">es<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i/v<span class=\"_ _0\"></span>alo<span class=\"_ _0\"></span>ri<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc4 sc2 ls0 ws0 gs31ed\">Es<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>one<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc4 sc2 ls0 ws0 gs31ee\">lor<span class=\"_ _0\"></span>da<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc4 sc2 ls0 ws0 gs31ef\">Rettifiche<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc4 sc2 ls0 ws0 gs31f0\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc4 sc2 ls0 ws0 gs31f1\">valore<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc4 sc2 ls0 ws0 gs31f2\">comple<span class=\"_ _0\"></span>ssive<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc4 sc2 ls0 ws0 gs31f3\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc4 sc2 ls0 ws0 gs31f4\">accanton<span class=\"_ _0\"></span>amenti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc4 sc2 ls0 ws0 gs31f5\">comple<span class=\"_ _0\"></span>ssivi<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc4 sc2 ls0 ws0 gs31f6\">Es<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>one<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc4 sc2 ls0 ws0 gs31f7\">Ne<span class=\"_ _0\"></span>tta<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc4 sc2 ls0 ws0 gs31f8\">Wr<span class=\"_ _0\"></span>ite-<span class=\"_ _0\"></span>of<span class=\"_ _0\"></span>f<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc4 sc2 ls0 ws0 gs31f9\">pa<span class=\"_ _0\"></span>rzi<span class=\"_ _0\"></span>ali<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc4 sc2 ls0 ws0 gs31fa\">com<span class=\"_ _1\"></span>ples<span class=\"_ _0\"></span>siv<span class=\"_ _1\"></span>i*<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h59 ff3 fs23 fc4 sc2 ls0 ws0 gs31fb\">Primo<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h59 ff3 fs23 fc4 sc2 ls0 ws0 gs31fc\">stad<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>io<span class=\"fc0 sc1\"> </span></div><div class=\"t m2c h59 ff3 fs23 fc4 sc2 ls0 ws0 gs31fd\">Secondo<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h59 ff3 fs23 fc4 sc2 ls0 ws0 gs31fe\">sta<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>dio<span class=\"fc0 sc1\"> </span></div><div class=\"t m2c h59 ff3 fs23 fc4 sc2 ls0 ws0 gs31ff\">Terzo<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h59 ff3 fs23 fc4 sc2 ls0 ws0 gs3200\">sta<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>dio<span class=\"fc0 sc1\"> </span></div><div class=\"t m2c h59 ff3 fs23 fc4 sc2 ls0 ws0 gs3201\">Impaired<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h59 ff3 fs23 fc4 sc2 ls0 ws0 gs3202\">acquisite<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h59 ff3 fs23 fc4 sc2 ls0 ws0 gs3203\">o<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h59 ff3 fs23 fc4 sc2 ls0 ws0 gs3204\">originate<span class=\"_ _3bd\"> </span><span class=\"fc0 sc1\"> </span></div><div class=\"t m2c h59 ff3 fs23 fc4 sc2 ls0 ws0 gs3205\">Primo<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h59 ff3 fs23 fc4 sc2 ls0 ws0 gs3206\">stad<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>io<span class=\"fc0 sc1\"> </span></div><div class=\"t m2c h59 ff3 fs23 fc4 sc2 ls0 ws0 gs3207\">Secondo<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h59 ff3 fs23 fc4 sc2 ls0 ws0 gs3208\">sta<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>dio<span class=\"fc0 sc1\"> </span></div><div class=\"t m2c h59 ff3 fs23 fc4 sc2 ls0 ws0 gs3209\">Terzo<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h59 ff3 fs23 fc4 sc2 ls0 ws0 gs320a\">sta<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>dio<span class=\"fc0 sc1\"> </span></div><div class=\"t m2c h59 ff3 fs23 fc4 sc2 ls0 ws0 gs320b\">Impaired<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h59 ff3 fs23 fc4 sc2 ls0 ws0 gs320c\">acquisite<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h59 ff3 fs23 fc4 sc2 ls0 ws0 gs320d\">o<span class=\"_ _3bd\"> </span></div><div class=\"t m2c h59 ff3 fs23 fc4 sc2 ls0 ws0 gs320e\">originate<span class=\"_ _3bd\"> </span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs320f\">A.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs3210\">Es<span class=\"_ _0\"></span>pos<span class=\"_ _1\"></span>izion<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3211\">pr<span class=\"_ _0\"></span>obab<span class=\"_ _0\"></span>ili<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3212\">sca<span class=\"_ _0\"></span>dut<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>det<span class=\"_ _0\"></span>erio<span class=\"_ _0\"></span>rat<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3213\">non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">det<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>orat<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3214\">Nella<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tabella<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"></span></span>riportato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>lor<span class=\"_ _2\"></span>do<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziamenti,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ogget<span class=\"_ _2\"></span>to<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>m<span class=\"_ _2\"></span>oratoria<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>altre<span class=\"ff1\"> <span class=\"_ _20\"></span></span>mis<span class=\"_ _2\"></span>ure<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3215\">concessione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"></span></span>essere<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>data<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>riferimento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>bilancio,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff3\">costituiscono</span> <span class=\"_ _21\"> </span><span class=\"ff3\">nuova</span> <span class=\"_ _21\"> </span><span class=\"ff3\">liquidit\u00e0</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3216\">concessa<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>mediante<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>meccanis<span class=\"_ _2\"></span>mi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>garanzia<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>pu<span class=\"_ _2\"></span>bblica,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ripartito<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>portafgli<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>appartenzenza,<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3217\">quando<span class=\"ff1\"> </span>lo<span class=\"ff1\"> </span>st<span class=\"_ _2\"></span>adio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>n<span class=\"_ _2\"></span>el<span class=\"ff1\"> </span>quale<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>esposizioni<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>st<span class=\"_ _2\"></span>ate<span class=\"ff1\"> </span>incluse<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>fine<span class=\"ff1\"> </span>esercizio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3218\">diverso<span class=\"ff1\"> </span>dallo<span class=\"ff1\"> </span>stadio<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>esposizioni<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>stat<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>incluse<span class=\"ff1\"> </span>all\u2019<span class=\"_ _0\"></span>inizio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019esercizio.<span class=\"_ _3bd\"> </span> </div><div class=\"c w75 h8b gs3219\"><div class=\"t m0 x1f9 h59 yc7b ff3 fs23 fc0 sc1 ls0 ws0\">cr<span class=\"_ _0\"></span>edi<span class=\"_ _0\"></span>tiz<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span></div></div><div class=\"c wf3 h8b gs321a\"><div class=\"t m0 x1f9 h59 yc7b ff3 fs23 fc0 sc1 ls0 ws0\">per<span class=\"_ _3bd\"> </span></div></div><div class=\"c w152 h8b gs321b\"><div class=\"t m0 x1f9 h59 yc7b ff3 fs23 fc0 sc1 ls0 ws0\">c<span class=\"_ _0\"></span>as<span class=\"_ _1\"></span>sa<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs321c\">a)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">S<span class=\"_ _0\"></span>offer<span class=\"_ _0\"></span>enz<span class=\"_ _0\"></span>e<span class=\"ff8\"> <span class=\"_ _7c\"> </span></span>320.<span class=\"_ _0\"></span>690<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs321d\">X<span class=\"_ _3bd\"> </span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs321e\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs321f\">315<span class=\"_ _0\"></span>.11<span class=\"_ _0\"></span>9 <span class=\"_ _217\"> </span>5.57<span class=\"_ _0\"></span>1 <span class=\"_ _1ec\"> </span>242.7<span class=\"_ _0\"></span>57<span class=\"_ _3bd\"> </span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3220\">X<span class=\"_ _3bd\"> </span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3221\">-</div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3222\"> <span class=\"_ _22\"> </span>241<span class=\"_ _0\"></span>.517<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3223\">1.2<span class=\"_ _0\"></span>40 <span class=\"_ _63\"> </span>77.<span class=\"_ _0\"></span>933 <span class=\"_ _224\"> </span>13.<span class=\"_ _0\"></span>876<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3224\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ui<span class=\"_ _1\"></span>:<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3225\">esp<span class=\"_ _0\"></span>osiz<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff8\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3226\">91.<span class=\"_ _0\"></span>366<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3227\">ogg<span class=\"_ _0\"></span>etto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span> </span></span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3228\">X<span class=\"_ _3bd\"> </span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3229\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs322a\">90.<span class=\"_ _0\"></span>972<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs322b\">39<span class=\"_ _1\"></span>4<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs322c\">61.<span class=\"_ _0\"></span>024<span class=\"_ _3bd\"> </span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs322d\">X<span class=\"_ _3bd\"> </span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs322e\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs322f\">60.<span class=\"_ _0\"></span>949<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3230\">75<span class=\"_ _1\"></span> </div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3231\">30.<span class=\"_ _0\"></span>342<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3232\">4<span class=\"_ _0\"></span>97<span class=\"_ _3bd\"> </span></div><div class=\"c w40 h8b gs3233\"><div class=\"t m0 x1f9 h59 yd77 ff3 fs23 fc0 sc0 ls0 ws0\">b)<span class=\"_ _3bd\"> </span></div></div><div class=\"c w159 h8b gs3234\"><div class=\"t m0 x1f9 h59 yd77 ff3 fs23 fc0 sc0 ls0 ws0\">Inad<span class=\"_ _0\"></span>empi<span class=\"_ _0\"></span>enz<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3235\">372.<span class=\"_ _0\"></span>738<span class=\"_ _3bd\"> </span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3236\">X<span class=\"_ _3bd\"> </span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3237\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3238\">356<span class=\"_ _0\"></span>.259<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3239\">16.<span class=\"_ _0\"></span>479 <span class=\"_ _1eb\"> </span>161.<span class=\"_ _0\"></span>040<span class=\"_ _3bd\"> </span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs323a\">X<span class=\"_ _3bd\"> </span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs323b\">-</div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs323c\"> <span class=\"_ _217\"> </span>15<span class=\"_ _0\"></span>9.4<span class=\"_ _0\"></span>93 <span class=\"_ _217\"> </span>1.<span class=\"_ _0\"></span>547 <span class=\"_ _1f3\"> </span>211<span class=\"_ _0\"></span>.69<span class=\"_ _0\"></span>8 <span class=\"_ _209\"> </span>3.35<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span></div><div class=\"c w4e h9c gs323d\"><div class=\"t m0 x1f9 h59 yd77 ff3 fs23 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></div></div><div class=\"c w5f h9c gs323e\"><div class=\"t m0 x1f9 h59 yd77 ff3 fs23 fc0 sc0 ls0 ws0\">di<span class=\"_ _3bd\"> </span></div></div><div class=\"c w10a h9c gs323f\"><div class=\"t m0 x1f9 h59 yd77 ff3 fs23 fc0 sc0 ls0 ws0\">cu<span class=\"_ _1\"></span>i:<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3240\">esp<span class=\"_ _0\"></span>osiz<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff8\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3241\">155<span class=\"_ _0\"></span>.06<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3242\">ogg<span class=\"_ _0\"></span>etto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span> </span></span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3243\">X<span class=\"_ _3bd\"> </span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3244\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3245\">143<span class=\"_ _0\"></span>.88<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3246\">11.<span class=\"_ _0\"></span>180<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3247\">44<span class=\"_ _0\"></span>.851<span class=\"_ _3bd\"> </span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3248\">X<span class=\"_ _3bd\"> </span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3249\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs324a\">43.<span class=\"_ _0\"></span>924<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs324b\">92<span class=\"_ _1\"></span>7<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs324c\">110<span class=\"_ _0\"></span>.212<span class=\"_ _0\"></span> </div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs324d\">1.7<span class=\"_ _0\"></span>95<span class=\"_ _3bd\"> </span></div><div class=\"c w40 h8b gs324e\"><div class=\"t m0 x1f9 h59 yd77 ff3 fs23 fc0 sc0 ls0 ws0\">c)<span class=\"_ _3bd\"> </span></div></div><div class=\"c w15b h8b gs324f\"><div class=\"t m0 x1f9 h59 yd77 ff3 fs23 fc0 sc0 ls0 ws0\">Esp<span class=\"_ _0\"></span>osiz<span class=\"_ _0\"></span>ioni<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3250\">42.<span class=\"_ _0\"></span>232<span class=\"_ _3bd\"> </span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3251\">X<span class=\"_ _3bd\"> </span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3252\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3253\">42.<span class=\"_ _0\"></span>223<span class=\"_ _3bd\"> </span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3254\">9</div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3255\"> <span class=\"_ _62\"> </span>7.<span class=\"_ _1\"></span>82<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3256\">X<span class=\"_ _3bd\"> </span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3257\">-</div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3258\"> <span class=\"_ _20f\"> </span>7.<span class=\"_ _0\"></span>82<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3259\">1</div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs325a\"> <span class=\"_ _1ee\"> </span>34.<span class=\"_ _0\"></span>403 <span class=\"_ _176\"> </span>1<span class=\"_ _1\"></span>20<span class=\"_ _3bd\"> </span></div><div class=\"c w4e h8b gs325b\"><div class=\"t m0 x1f9 h59 yd77 ff3 fs23 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></div></div><div class=\"c w5f h8b gs325c\"><div class=\"t m0 x1f9 h59 yd77 ff3 fs23 fc0 sc0 ls0 ws0\">di<span class=\"_ _3bd\"> </span></div></div><div class=\"c w10a h8b gs325d\"><div class=\"t m0 x1f9 h59 yd77 ff3 fs23 fc0 sc0 ls0 ws0\">cu<span class=\"_ _1\"></span>i:<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs325e\">esp<span class=\"_ _0\"></span>osiz<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff8\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs325f\">1.7<span class=\"_ _0\"></span>97<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3260\">ogg<span class=\"_ _0\"></span>etto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span> </span></span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3261\">X<span class=\"_ _3bd\"> </span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3262\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3263\">1.7<span class=\"_ _0\"></span>97<span class=\"_ _3bd\"> </span> </div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3264\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3265\">25<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3266\">X<span class=\"_ _3bd\"> </span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3267\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3268\">25<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3269\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs326a\">1.5<span class=\"_ _0\"></span>46<span class=\"_ _3bd\"> </span> </div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs326b\">-<span class=\"_ _3bd\"> </span></div><div class=\"c w40 h8b gs326c\"><div class=\"t m0 x1f9 h59 yd7e ff3 fs23 fc0 sc0 ls0 ws0\">d)<span class=\"_ _3bd\"> </span></div></div><div class=\"c w149 h8b gs326d\"><div class=\"t m0 x1f9 h59 yd7e ff3 fs23 fc0 sc0 ls0 ws0\">Esp<span class=\"_ _0\"></span>osiz<span class=\"_ _0\"></span>ioni<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs326e\">sca<span class=\"_ _0\"></span>dut<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>no<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span><span class=\"ff8\"> <span class=\"_ _3d\"> </span><span class=\"ff3\">40<span class=\"_ _0\"></span>9.71<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></span></span><span class=\"ff8\"><span class=\"ff3\"> </span></span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs326f\">det<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>iorat<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3270\">299<span class=\"_ _0\"></span>.56<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3271\">110<span class=\"_ _0\"></span>.09<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span> </div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3272\">X<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3273\">59<span class=\"_ _1\"></span> </div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3274\">4.<span class=\"_ _0\"></span>612<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3275\">92<span class=\"_ _1\"></span>5<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3276\">3.6<span class=\"_ _0\"></span>86<span class=\"_ _3bd\"> </span> </div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3277\">X<span class=\"_ _3bd\"> </span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3278\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3279\">405<span class=\"_ _0\"></span>.10<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span> </div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs327a\">-<span class=\"_ _3bd\"> </span></div><div class=\"c w4e h9c gs327b\"><div class=\"t m0 x1f9 h59 yd7e ff3 fs23 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></div></div><div class=\"c w5f h9c gs327c\"><div class=\"t m0 x1f9 h59 yd7e ff3 fs23 fc0 sc0 ls0 ws0\">di<span class=\"_ _3bd\"> </span></div></div><div class=\"c w10a h9c gs327d\"><div class=\"t m0 x1f9 h59 yd7e ff3 fs23 fc0 sc0 ls0 ws0\">cu<span class=\"_ _1\"></span>i:<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs327e\">esp<span class=\"_ _0\"></span>osiz<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff8\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs327f\">11.<span class=\"_ _0\"></span>639<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3280\">ogg<span class=\"_ _0\"></span>etto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span> </span></span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3281\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3282\">11.<span class=\"_ _0\"></span>580<span class=\"_ _3bd\"> </span> </div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3283\">X<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3284\">59<span class=\"_ _1\"></span> </div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3285\">36<span class=\"_ _1\"></span>8<span class=\"_ _3bd\"> </span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3286\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3287\">36<span class=\"_ _1\"></span>8<span class=\"_ _3bd\"> </span> </div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3288\">X<span class=\"_ _3bd\"> </span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3289\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs328a\">11.<span class=\"_ _0\"></span>271<span class=\"_ _3bd\"> </span> </div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs328b\">-<span class=\"_ _3bd\"> </span></div><div class=\"c w31 h8b gs328c\"><div class=\"t m0 x1f9 h59 y2056 ff3 fs23 fc0 sc0 ls0 ws0\">e)<span class=\"_ _3bd\"> </span></div></div><div class=\"c wa7 h8b gs328d\"><div class=\"t m0 x1f9 h59 y2056 ff3 fs23 fc0 sc0 ls0 ws0\">Alt<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span></div></div><div class=\"c w7d h8b gs328e\"><div class=\"t m0 x1f9 h59 y2056 ff3 fs23 fc0 sc0 ls0 ws0\">esp<span class=\"_ _0\"></span>osiz<span class=\"_ _0\"></span>ioni<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs328f\">46.<span class=\"_ _0\"></span>886.<span class=\"_ _0\"></span>309<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3290\">44<span class=\"_ _0\"></span>.724.<span class=\"_ _0\"></span>215 <span class=\"_ _217\"> </span>2.11<span class=\"_ _0\"></span>3.6<span class=\"_ _0\"></span>89<span class=\"_ _3bd\"> </span> </div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3291\">X</div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3292\"> <span class=\"_ _210\"> </span>3<span class=\"_ _0\"></span>.1<span class=\"_ _1\"></span>31 <span class=\"_ _1ed\"> </span>87.3<span class=\"_ _0\"></span>70<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3293\">48<span class=\"_ _0\"></span>.022 <span class=\"_ _28\"> </span>39.<span class=\"_ _0\"></span>329<span class=\"_ _3bd\"> </span> </div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3294\">X</div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3295\"> <span class=\"_ _209\"> </span>19<span class=\"_ _0\"></span> <span class=\"_ _2a8\"> </span>4<span class=\"_ _0\"></span>6.<span class=\"_ _0\"></span>798.9<span class=\"_ _0\"></span>39<span class=\"_ _3bd\"> </span> </div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3296\">-<span class=\"_ _3bd\"> </span></div><div class=\"c w4e h8b gs3297\"><div class=\"t m0 x1f9 h59 yd86 ff3 fs23 fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></div></div><div class=\"c w5f h8b gs3298\"><div class=\"t m0 x1f9 h59 yd86 ff3 fs23 fc0 sc0 ls0 ws0\">di<span class=\"_ _3bd\"> </span></div></div><div class=\"c w10a h8b gs3299\"><div class=\"t m0 x1f9 h59 yd86 ff3 fs23 fc0 sc0 ls0 ws0\">cu<span class=\"_ _1\"></span>i:<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs329a\">esp<span class=\"_ _0\"></span>osiz<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff8\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs329b\">224<span class=\"_ _0\"></span>.734<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs329c\">ogg<span class=\"_ _0\"></span>etto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span> </span></span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs329d\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs329e\">221.<span class=\"_ _0\"></span>993<span class=\"_ _0\"></span> </div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs329f\">X<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs32a0\">2.7<span class=\"_ _0\"></span>42<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs32a1\">4.<span class=\"_ _0\"></span>023<span class=\"_ _3bd\"> </span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs32a2\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs32a3\">4.<span class=\"_ _0\"></span>014<span class=\"_ _3bd\"> </span> </div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs32a4\">X<span class=\"_ _3bd\"> </span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs32a5\">9<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs32a6\">220.<span class=\"_ _0\"></span>711<span class=\"_ _0\"></span> </div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs32a7\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs32a8\">To<span class=\"_ _0\"></span>tal<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs32a9\">(<span class=\"_ _0\"></span>A)<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs32aa\">48<span class=\"_ _0\"></span>.031<span class=\"_ _1\"></span>.681<span class=\"_ _0\"></span> <span class=\"_ _22\"> </span>45.<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>3.7<span class=\"_ _0\"></span>79<span class=\"_ _0\"></span> <span class=\"_ _28\"> </span>2.2<span class=\"_ _0\"></span>23.<span class=\"_ _0\"></span>780<span class=\"_ _0\"></span> <span class=\"_ _1eb\"> </span>713<span class=\"_ _0\"></span>.60<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs32ab\">25<span class=\"_ _0\"></span>.24<span class=\"_ _0\"></span>9 <span class=\"_ _32c\"> </span>503<span class=\"_ _1\"></span>.608<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs32ac\">48<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>47<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs32ad\">43.<span class=\"_ _0\"></span>015<span class=\"_ _1\"></span> <span class=\"_ _2b\"> </span>408<span class=\"_ _0\"></span>.83<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs32ae\">2.8<span class=\"_ _0\"></span>07<span class=\"_ _0\"></span> <span class=\"_ _1f5\"> </span>47.<span class=\"_ _0\"></span>52<span class=\"_ _0\"></span>8.0<span class=\"_ _0\"></span>73<span class=\"_ _0\"></span> <span class=\"_ _66\"> </span>17.3<span class=\"_ _1\"></span>53<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs32af\">B.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs32b0\">Espos<span class=\"_ _0\"></span>izioni<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs32b1\">cr<span class=\"_ _0\"></span>edi<span class=\"_ _0\"></span>tiz<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs32b2\">fuo<span class=\"_ _1\"></span>ri<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs32b3\">bil<span class=\"_ _0\"></span>anc<span class=\"_ _1\"></span>io<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs32b4\">a)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">D<span class=\"_ _0\"></span>eter<span class=\"_ _0\"></span>iorat<span class=\"_ _0\"></span>e <span class=\"_ _90\"> </span>41.<span class=\"_ _0\"></span>210<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs32b5\">X<span class=\"_ _3bd\"> </span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs32b6\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs32b7\">39.<span class=\"_ _0\"></span>657 <span class=\"_ _32c\"> </span>1.55<span class=\"_ _0\"></span>2 <span class=\"_ _219\"> </span>4.134<span class=\"_ _3bd\"> </span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs32b8\">X<span class=\"_ _3bd\"> </span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs32b9\">-</div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs32ba\"> <span class=\"_ _20f\"> </span>3.9<span class=\"_ _0\"></span>13 <span class=\"_ _20e\"> </span>221<span class=\"_ _1\"></span> <span class=\"_ _63\"> </span>37.<span class=\"_ _0\"></span>076<span class=\"_ _0\"></span> </div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs32bb\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs32bc\">b)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">det<span class=\"_ _1\"></span>eriorat<span class=\"_ _0\"></span>e <span class=\"_ _296\"> </span>11.<span class=\"_ _0\"></span>429<span class=\"_ _0\"></span>.082 <span class=\"_ _f6\"> </span>11.<span class=\"_ _0\"></span>192.<span class=\"_ _0\"></span>746 <span class=\"_ _1ec\"> </span>209<span class=\"_ _0\"></span>.91<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs32bd\">X</div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs32be\"> <span class=\"_ _a1\"> </span>72<span class=\"_ _0\"></span> <span class=\"_ _20f\"> </span>2.<span class=\"_ _0\"></span>92<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs32bf\">1.7<span class=\"_ _0\"></span>83<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs32c0\">1.1<span class=\"_ _0\"></span>37<span class=\"_ _3bd\"> </span> </div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs32c1\">X<span class=\"_ _3bd\"> </span></div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs32c2\">2</div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs32c3\"> <span class=\"_ _31c\"> </span>11.<span class=\"_ _0\"></span>426<span class=\"_ _0\"></span>.160<span class=\"_ _3bd\"> </span> </div><div class=\"t m2a h59 ff3 fs23 fc0 sc0 ls0 ws0 gs32c4\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs32c5\">To<span class=\"_ _0\"></span>tal<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs32c6\">(B<span class=\"_ _1\"></span>) <span class=\"_ _1ef\"> </span>11.4<span class=\"_ _0\"></span>70<span class=\"_ _0\"></span>.29<span class=\"_ _0\"></span>2 <span class=\"_ _329\"> </span>11.<span class=\"_ _0\"></span>192<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>46 <span class=\"_ _31c\"> </span>209<span class=\"_ _1\"></span>.919<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs32c7\">39<span class=\"_ _0\"></span>.65<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs32c8\">1.<span class=\"_ _0\"></span>62<span class=\"_ _1\"></span>4 <span class=\"_ _327\"> </span>7.05<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs32c9\">1.7<span class=\"_ _0\"></span>83<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs32ca\">1.<span class=\"_ _0\"></span>13<span class=\"_ _1\"></span>7 <span class=\"_ _20f\"> </span>3.913<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs32cb\">2<span class=\"_ _0\"></span>23<span class=\"_ _1\"></span> <span class=\"_ _55\"> </span>11<span class=\"_ _0\"></span>.46<span class=\"_ _0\"></span>3.<span class=\"_ _0\"></span>236<span class=\"_ _0\"></span> </div><div class=\"t m29 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs32cc\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs32cd\">To<span class=\"_ _0\"></span>tal<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs32ce\">(A+<span class=\"_ _0\"></span>B)<span class=\"_ _0\"></span> <span class=\"_ _2a8\"> </span>59.50<span class=\"_ _1\"></span>1.97<span class=\"_ _0\"></span>3 <span class=\"_ _2a8\"> </span>56<span class=\"_ _0\"></span>.216<span class=\"_ _1\"></span>.525<span class=\"_ _0\"></span> <span class=\"_ _32d\"> </span>2.<span class=\"_ _0\"></span>433<span class=\"_ _0\"></span>.69<span class=\"_ _0\"></span>9 <span class=\"_ _217\"> </span>753<span class=\"_ _0\"></span>.25<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs32cf\">26<span class=\"_ _0\"></span>.87<span class=\"_ _0\"></span>3 <span class=\"_ _32e\"> </span>510<span class=\"_ _1\"></span>.664<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs32d0\">50<span class=\"_ _0\"></span>.73<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs32d1\">44<span class=\"_ _0\"></span>.152<span class=\"_ _1\"></span> <span class=\"_ _f6\"> </span>412<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>50<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h59 ff3 fs23 fc0 sc1 ls0 ws0 gs32d2\">3.0<span class=\"_ _0\"></span>30<span class=\"_ _1\"></span> <span class=\"_ _1ef\"> </span>58<span class=\"_ _0\"></span>.991<span class=\"_ _1\"></span>.309<span class=\"_ _0\"></span> <span class=\"_ _66\"> </span>17.<span class=\"_ _0\"></span>353<span class=\"_ _3bd\"> </span></div>A.<span class=\"_ _0\"></span>1.5<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>Es<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>siz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>cre<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>zie<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>ve<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>cli<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>la<span class=\"_ _3bd\"> </span>og<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>mi<span class=\"_ _0\"></span>su<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>so<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>eg<span class=\"_ _0\"></span>no<span class=\"_ _3bd\"> </span>Co<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>d-<span class=\"_ _0\"></span>19:<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>ri<span class=\"_ _3bd\"> </span>lor<span class=\"_ _1\"></span>di<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>n<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>ti<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Ti<span class=\"_ _0\"></span>polo<span class=\"_ _1\"></span>gie<span class=\"_ _3bd\"> </span>fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nti<span class=\"_ _3bd\"> </span>/<span class=\"_ _3bd\"> </span>Va<span class=\"_ _0\"></span>lor<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>Es<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>one<span class=\"_ _3bd\"> </span>lor<span class=\"_ _0\"></span>da<span class=\"fc0 sc1\"> </span>Re<span class=\"_ _0\"></span>ttif<span class=\"_ _0\"></span>ich<span class=\"_ _1\"></span>e<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>siv<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>Es<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>one<span class=\"_ _3bd\"> </span>ne<span class=\"_ _1\"></span>tta<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Wr<span class=\"_ _0\"></span>ite-<span class=\"_ _0\"></span>of<span class=\"_ _0\"></span>f<span class=\"_ _3bd\"> </span>pa<span class=\"_ _0\"></span>rzi<span class=\"_ _0\"></span>ali<span class=\"_ _3bd\"> </span>com<span class=\"_ _1\"></span>ples<span class=\"_ _0\"></span>siv<span class=\"_ _1\"></span>i*<span class=\"_ _3bd\"> </span>Pr<span class=\"_ _0\"></span>imo<span class=\"_ _3bd\"> </span>sta<span class=\"_ _0\"></span>dio<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Sec<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>do<span class=\"_ _3bd\"> </span>sta<span class=\"_ _0\"></span>dio<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Te<span class=\"_ _1\"></span>rzo<span class=\"_ _3bd\"> </span>sta<span class=\"_ _0\"></span>dio<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Im<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>ired<span class=\"_ _3bd\"> </span>acq<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>sit<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>o<span class=\"_ _3bd\"> </span>ori<span class=\"_ _0\"></span>gin<span class=\"_ _0\"></span>ate<span class=\"_ _3bd\"> </span>Pr<span class=\"_ _0\"></span>imo<span class=\"_ _3bd\"> </span>sta<span class=\"_ _0\"></span>dio<span class=\"_ _3bd\"> </span>Sec<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>do<span class=\"_ _3bd\"> </span>sta<span class=\"_ _0\"></span>dio<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Te<span class=\"_ _1\"></span>rzo<span class=\"_ _3bd\"> </span>sta<span class=\"_ _0\"></span>dio<span class=\"_ _3bd\"> </span>Im<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>ired<span class=\"_ _3bd\"> </span>acq<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>sit<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>o<span class=\"_ _3bd\"> </span>ori<span class=\"_ _0\"></span>gin<span class=\"_ _0\"></span>ate<span class=\"_ _3bd\"> </span>A.<span class=\"_ _3bd\"> </span>Finanziam<span class=\"_ _0\"></span>enti<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>so<span class=\"_ _0\"></span>ffe<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>za<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span>a)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Ogg<span class=\"_ _0\"></span>etto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span> </span></span></span></span>6.9<span class=\"_ _0\"></span>34<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>6.9<span class=\"_ _0\"></span>34<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>2.8<span class=\"_ _0\"></span>54<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>2.8<span class=\"_ _0\"></span>54<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>4.0<span class=\"_ _0\"></span>80<span class=\"_ _3bd\"> </span>-<span class=\"_ _1\"></span> di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">conc<span class=\"_ _0\"></span>essio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span> </span></span>ina<span class=\"_ _0\"></span>dem<span class=\"_ _1\"></span>pien<span class=\"_ _0\"></span>ze<span class=\"_ _3bd\"> </span>pro<span class=\"_ _0\"></span>ba<span class=\"_ _0\"></span>bili<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span>valutate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">come<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">oggetto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></span></span></span></span>con<span class=\"_ _0\"></span>cessi<span class=\"_ _0\"></span>one<span class=\"_ _3bd\"> </span>c)<span class=\"_ _3bd\"> </span>Og<span class=\"_ _0\"></span>gett<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alt<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mis<span class=\"_ _0\"></span>ure<span class=\"ff1\"> </span></span></span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">concessione<span class=\"_ _3bd\"> </span></span></span>3.0<span class=\"_ _0\"></span>43<span class=\"ff1\"> <span class=\"_ _77\"> </span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _a1\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _22\"> </span><span class=\"ff3\">2.<span class=\"_ _0\"></span>994<span class=\"ff1\"> <span class=\"_ _196\"> </span></span>49<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f5\"> </span><span class=\"ff3\">1.0<span class=\"_ _0\"></span>58<span class=\"ff1\"> <span class=\"_ _1ee\"> </span></span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _a1\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _32e\"> </span><span class=\"ff3\">1.05<span class=\"_ _0\"></span>8<span class=\"ff1\"> <span class=\"_ _1fd\"> </span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1a2\"> </span><span class=\"ff3\">1.985</span> <span class=\"_ _72\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span></span></span>d)<span class=\"_ _3bd\"> </span>Nuo<span class=\"_ _0\"></span>vi<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>nanz<span class=\"_ _0\"></span>iam<span class=\"_ _0\"></span>enti<span class=\"ff1\"> <span class=\"_ _1a2\"> </span></span>38<span class=\"_ _0\"></span>.971<span class=\"ff1\"> <span class=\"_ _77\"> </span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _a1\"> </span><span class=\"ff3\">-</span> <span class=\"_ _1a\"> </span> <span class=\"_ _1a\"> </span><span class=\"ff3\">38.5<span class=\"_ _0\"></span>78<span class=\"ff1\"> <span class=\"_ _1ee\"> </span></span>3<span class=\"_ _2\"></span>93<span class=\"ff1\"> <span class=\"_ _1e\"> </span> <span class=\"_ _1e\"> </span></span>1<span class=\"_ _0\"></span>3.20<span class=\"_ _0\"></span>7<span class=\"ff1\"> <span class=\"_ _210\"> </span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _a1\"> </span><span class=\"ff3\">-</span> <span class=\"_ _23\"> </span> <span class=\"_ _23\"> </span><span class=\"ff3\">13.1<span class=\"_ _0\"></span>71<span class=\"ff1\"> <span class=\"_ _a2\"> </span></span>36<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1ee\"> </span><span class=\"ff3\">25.764<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _50\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span>C.<span class=\"_ _3bd\"> </span>Fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>men<span class=\"_ _1\"></span>ti<span class=\"_ _3bd\"> </span>sc<span class=\"_ _1\"></span>adut<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>det<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ior<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>i:<span class=\"_ _3bd\"> </span>a)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Ogg<span class=\"_ _0\"></span>etto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span> </span></span></span></span>1.7<span class=\"_ _0\"></span>72<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>1.7<span class=\"_ _0\"></span>72<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>4<span class=\"_ _0\"></span>19<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>4<span class=\"_ _0\"></span>19<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>35<span class=\"_ _1\"></span>3<span class=\"_ _3bd\"> </span>-<span class=\"_ _1\"></span> di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">conc<span class=\"_ _0\"></span>essio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span> </span></span>sc<span class=\"_ _0\"></span>adu<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>no<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span>det<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ior<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>i:<span class=\"_ _3bd\"> </span>valutate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">come<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">oggetto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></span></span></span></span>con<span class=\"_ _0\"></span>cessi<span class=\"_ _0\"></span>one<span class=\"_ _3bd\"> </span>c)<span class=\"_ _3bd\"> </span>Og<span class=\"_ _0\"></span>gett<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alt<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mis<span class=\"_ _0\"></span>ure<span class=\"ff1\"> </span></span></span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">concessione<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _129\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _a1\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _69\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1fd\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1ff\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _210\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _a1\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _63\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1fd\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1fe\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _72\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>d)<span class=\"_ _3bd\"> </span>Nuo<span class=\"_ _0\"></span>vi<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>nanz<span class=\"_ _0\"></span>iam<span class=\"_ _0\"></span>enti<span class=\"ff1\"> <span class=\"_ _66\"> </span></span>14.0<span class=\"_ _0\"></span>87<span class=\"ff1\"> <span class=\"_ _218\"> </span></span>7.15<span class=\"_ _0\"></span>3<span class=\"ff1\"> <span class=\"_ _20f\"> </span></span>6.93<span class=\"_ _0\"></span>4<span class=\"ff1\"> <span class=\"_ _69\"> </span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1fd\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _219\"> </span><span class=\"ff3\">22<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _218\"> </span><span class=\"ff3\">8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _66\"> </span><span class=\"ff3\">13</span> <span class=\"_ _210\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1fd\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _63\"> </span><span class=\"ff3\">14.<span class=\"_ _0\"></span>065<span class=\"ff1\"> <span class=\"_ _72\"> </span></span>-<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span>E.<span class=\"_ _3bd\"> </span>Altri<span class=\"_ _3bd\"> </span>finanziam<span class=\"_ _0\"></span>enti<span class=\"_ _3bd\"> </span>non<span class=\"_ _3bd\"> </span>det<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ior<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>i:<span class=\"_ _3bd\"> </span>a)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Ogg<span class=\"_ _0\"></span>etto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span> </span></span></span></span>3.023.<span class=\"_ _0\"></span>291<span class=\"_ _3bd\"> </span>2.7<span class=\"_ _0\"></span>91.<span class=\"_ _0\"></span>64<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>231<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>49<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>3.1<span class=\"_ _0\"></span>03<span class=\"_ _3bd\"> </span>2.1<span class=\"_ _0\"></span>77<span class=\"_ _3bd\"> </span>9<span class=\"_ _0\"></span>26<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>3.0<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>.18<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>-<span class=\"_ _1\"></span> di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">conc<span class=\"_ _0\"></span>essio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span> </span></span>concessione<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onforme<span class=\"ff1\"> <span class=\"_ _194\"> </span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>GL<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>--<span class=\"_ _3bd\"> </span>---<span class=\"_ _3bd\"> </span>--<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>b)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Oggetto<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">misure<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span>moratoria<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>pi\u00f9<span class=\"_ _3bd\"> </span>conformi<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>G<span class=\"_ _2\"></span>L<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _7c\"> </span></span>-<span class=\"_ _0\"></span><span class=\"ff1\"> </span>valutate<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>o<span class=\"_ _2\"></span>ggetto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>cessi<span class=\"_ _0\"></span>one<span class=\"_ _3bd\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _a1\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _224\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _a1\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _63\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>c)Og<span class=\"_ _0\"></span>gett<span class=\"_ _0\"></span>odialt<span class=\"_ _1\"></span>remis<span class=\"_ _0\"></span>ure<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _a1\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _224\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span>-<span class=\"_ _3bd\"> </span>- <span class=\"_ _1ee\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _a1\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _63\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>d)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Nuo<span class=\"_ _0\"></span>vi<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>ziam<span class=\"_ _0\"></span>enti<span class=\"ff8\"> <span class=\"_ _121\"> </span></span>6.93<span class=\"_ _0\"></span>4 <span class=\"_ _77\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _a1\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _22\"> </span><span class=\"ff3\">6.<span class=\"_ _0\"></span>934<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>- <span class=\"_ _32e\"> </span>2.854 <span class=\"_ _1ee\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _a1\"> </span><span class=\"ff3\">-</span> <span class=\"_ _1d\"> </span> <span class=\"_ _1d\"> </span><span class=\"ff3\">2.854<span class=\"_ _0\"></span> </span></span>- <span class=\"_ _196\"> </span>4.<span class=\"_ _0\"></span>08<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>B.<span class=\"_ _3bd\"> </span>Fi<span class=\"_ _0\"></span>nan<span class=\"_ _1\"></span>ziam<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>42<span class=\"_ _0\"></span>.43<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>41.<span class=\"_ _0\"></span>988<span class=\"_ _1\"></span> 4<span class=\"_ _0\"></span>42<span class=\"_ _1\"></span> 14.<span class=\"_ _0\"></span>32<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>14<span class=\"_ _0\"></span>.28<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span>36<span class=\"_ _1\"></span> 28<span class=\"_ _0\"></span>.10<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>a)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Ogg<span class=\"_ _0\"></span>etto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span> </span></span></span></span>concessione<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onforme<span class=\"ff1\"> <span class=\"_ _194\"> </span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>GL<span class=\"_ _3bd\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _a1\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _224\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _a1\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _63\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>b)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Oggetto<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">misure<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span>moratoria<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>pi\u00f9<span class=\"_ _3bd\"> </span>con<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>lle<span class=\"ff1\"> </span>G<span class=\"_ _0\"></span>L<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"_ _1\"></span><span class=\"ff8\"> <span class=\"_ _52\"> </span><span class=\"ff3\">4<span class=\"_ _0\"></span>16<span class=\"_ _0\"></span> </span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _a1\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1fc\"> </span><span class=\"ff3\">4<span class=\"_ _0\"></span>16<span class=\"_ _0\"></span> </span></span></span></span>-<span class=\"_ _3bd\"> </span>60<span class=\"_ _1\"></span> -<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _a1\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _326\"> </span><span class=\"ff3\">60<span class=\"_ _1\"></span> </span></span></span></span>-<span class=\"_ _3bd\"> </span>35<span class=\"_ _1\"></span>6<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>concessione<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onforme<span class=\"ff1\"> <span class=\"_ _194\"> </span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>GL<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>---<span class=\"_ _3bd\"> </span>--<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>b)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Oggetto<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">misure<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span>moratoria<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>pi\u00f9<span class=\"_ _3bd\"> </span>conformi<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>G<span class=\"_ _2\"></span>L<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _7c\"> </span></span>-<span class=\"_ _0\"></span><span class=\"ff1\"> </span>valutate<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>o<span class=\"_ _2\"></span>ggetto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>cessi<span class=\"_ _0\"></span>one<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1ff\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span> </span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _194\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span>-<span class=\"_ _3bd\"> </span>c)Og<span class=\"_ _0\"></span>gett<span class=\"_ _0\"></span>odialt<span class=\"_ _1\"></span>remis<span class=\"_ _0\"></span>ure<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>- <span class=\"_ _1a8\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1ff\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span> </span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>- <span class=\"_ _207\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1fe\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span>-<span class=\"_ _3bd\"> </span>d)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Nuo<span class=\"_ _0\"></span>vi<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>ziam<span class=\"_ _0\"></span>enti<span class=\"ff8\"> <span class=\"_ _81\"> </span></span>1.<span class=\"_ _0\"></span>772<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>- <span class=\"_ _55\"> </span>1.<span class=\"_ _0\"></span>772 <span class=\"_ _1fd\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _327\"> </span><span class=\"ff3\">41<span class=\"_ _1\"></span>9<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>- <span class=\"_ _20f\"> </span>41<span class=\"_ _1\"></span>9 <span class=\"_ _207\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _177\"> </span><span class=\"ff3\">1.353<span class=\"_ _0\"></span> </span></span>-<span class=\"_ _3bd\"> </span>D.<span class=\"_ _3bd\"> </span>Altri<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>14.<span class=\"_ _0\"></span>087<span class=\"_ _3bd\"> </span>7.<span class=\"_ _0\"></span>15<span class=\"_ _1\"></span>3<span class=\"_ _3bd\"> </span>6.9<span class=\"_ _0\"></span>34<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>8<span class=\"_ _3bd\"> </span>13<span class=\"_ _1\"></span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>14.<span class=\"_ _0\"></span>065<span class=\"_ _1\"></span> -<span class=\"_ _3bd\"> </span>a)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Ogg<span class=\"_ _0\"></span>etto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span> </span></span></span></span>concessione<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onforme<span class=\"ff1\"> <span class=\"_ _194\"> </span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>GL<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1ff\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span> </span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _194\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span>-<span class=\"_ _3bd\"> </span>b)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Oggetto<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">misure<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span>moratoria<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>pi\u00f9<span class=\"_ _3bd\"> </span>con<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>lle<span class=\"ff1\"> </span>G<span class=\"_ _0\"></span>L<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _83\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1ff\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span> </span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _194\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span>-<span class=\"_ _3bd\"> </span>concessioneconforme<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>con<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>GL<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>--<span class=\"_ _3bd\"> </span>---<span class=\"_ _3bd\"> </span>--<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>b)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Oggetto<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">misure<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span>moratoria<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>pi\u00f9<span class=\"_ _3bd\"> </span>con<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>lle<span class=\"ff1\"> </span>G<span class=\"_ _0\"></span>L<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"_ _1\"></span><span class=\"ff8\"> <span class=\"_ _129\"> </span><span class=\"ff3\">1.3<span class=\"_ _1\"></span>71<span class=\"_ _3bd\"> </span></span></span>valutate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">come<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">oggetto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></span></span></span></span>con<span class=\"_ _0\"></span>cessi<span class=\"_ _0\"></span>one<span class=\"_ _3bd\"> </span>98<span class=\"_ _1\"></span>5<span class=\"_ _3bd\"> </span>38<span class=\"_ _1\"></span>5<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>19<span class=\"_ _1\"></span> 2<span class=\"_ _3bd\"> </span>17<span class=\"_ _1\"></span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>1.3<span class=\"_ _0\"></span>52<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>c)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Ogg<span class=\"_ _0\"></span>etto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">al<span class=\"_ _0\"></span>tre<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">misu<span class=\"_ _0\"></span>re<span class=\"ff8\"> </span></span></span></span></span></span></span>7.9<span class=\"_ _0\"></span>56<span class=\"_ _3bd\"> </span>- <span class=\"_ _327\"> </span>7.9<span class=\"_ _0\"></span>56<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>- <span class=\"_ _1f1\"> </span>29<span class=\"_ _1\"></span>2<span class=\"_ _3bd\"> </span>- <span class=\"_ _1ee\"> </span>29<span class=\"_ _1\"></span>2<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>- <span class=\"_ _66\"> </span>7.<span class=\"_ _0\"></span>664<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>d)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Nuo<span class=\"_ _0\"></span>vi<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>ziam<span class=\"_ _0\"></span>enti<span class=\"ff8\"> <span class=\"_ _1fc\"> </span></span>3.013<span class=\"_ _0\"></span>.964<span class=\"_ _3bd\"> </span></span></span>2.7<span class=\"_ _0\"></span>90.<span class=\"_ _0\"></span>655 <span class=\"_ _217\"> </span>223.3<span class=\"_ _0\"></span>08<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>- <span class=\"_ _22\"> </span>2.792<span class=\"_ _0\"></span> <span class=\"_ _22\"> </span>2.1<span class=\"_ _0\"></span>75 <span class=\"_ _63\"> </span>617<span class=\"_ _1\"></span> -<span class=\"_ _3bd\"> </span>- <span class=\"_ _1fc\"> </span>3.011<span class=\"_ _0\"></span>.17<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Totale(A+B+C+D<span class=\"_ _0\"></span>+E)<span class=\"_ _3bd\"> </span>3.0<span class=\"_ _0\"></span>88<span class=\"_ _0\"></span>.51<span class=\"_ _1\"></span>4<span class=\"_ _3bd\"> </span>2.7<span class=\"_ _0\"></span>98<span class=\"_ _0\"></span>.79<span class=\"_ _0\"></span>8 <span class=\"_ _217\"> </span>238<span class=\"_ _0\"></span>.58<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>50<span class=\"_ _0\"></span>.69<span class=\"_ _0\"></span>4 <span class=\"_ _63\"> </span>4<span class=\"_ _1\"></span>42<span class=\"_ _1\"></span> <span class=\"_ _2b\"> </span>20.7<span class=\"_ _0\"></span>23<span class=\"_ _1\"></span> <span class=\"_ _2a8\"> </span>2.185<span class=\"_ _1\"></span> <span class=\"_ _1ee\"> </span>93<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span> <span class=\"_ _2b\"> </span>17.5<span class=\"_ _0\"></span>62<span class=\"_ _0\"></span> <span class=\"_ _66\"> </span>36<span class=\"_ _0\"></span> <span class=\"_ _20f\"> </span>3.06<span class=\"_ _0\"></span>7.7<span class=\"_ _0\"></span>91<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3438\">Nella<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tabella<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riportat<span class=\"_ _2\"></span>o,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riferimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziamenti,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ogge<span class=\"_ _2\"></span>tto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>morator<span class=\"_ _2\"></span>ia<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>altre<span class=\"ff1\"> <span class=\"_ _2\"></span></span>misure<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3439\">concessione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"></span></span>essere<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>data<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>riferimento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>bilancio,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff3\">costituiscono</span> <span class=\"_ _21\"> </span><span class=\"ff3\">nuova</span> <span class=\"_ _21\"> </span><span class=\"ff3\">liquidit\u00e0</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs343a\">concessa<span class=\"ff1\"> <span class=\"_ _21\"></span></span>median<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _21\"></span></span>meccanismi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>garanzia<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>pubblica,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>ttagl<span class=\"_ _2\"></span>io<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>ll\u2019esposizione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>lorda<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>delle<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs343b\">rettifiche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _2\"></span></span>complessive,<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>nonch\u00e9<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l\u2019informativa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sull\u2019esposizione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>netta<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>write-off<span class=\"ff1\"> <span class=\"_ _20\"></span></span>parziali<span class=\"_ _0\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs343c\">complessivi,<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>diverse<span class=\"ff1\"> </span>categorie<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>deteriorat<span class=\"_ _2\"></span>e/non<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>teriorat<span class=\"_ _2\"></span>e. </div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs343d\">A.1.7<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs343e\">Conso<span class=\"_ _0\"></span>lidato<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs343f\">prude<span class=\"_ _0\"></span>nziale<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3440\">\u2013<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3441\">Esp<span class=\"_ _0\"></span>osizion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3442\">credit<span class=\"_ _0\"></span>izie<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3443\">per<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3444\">cass<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3445\">ver<span class=\"_ _0\"></span>so<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3446\">cliente<span class=\"_ _0\"></span>la:<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3447\">dinam<span class=\"_ _0\"></span>ica<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3448\">delle<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3449\">espo<span class=\"_ _0\"></span>sizioni<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs344a\">deter<span class=\"_ _0\"></span>iorat<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs344b\">lor<span class=\"_ _1\"></span>de<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs344c\">Ca<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>i/<span class=\"_ _0\"></span>Cat<span class=\"_ _1\"></span>ego<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs344d\">So<span class=\"_ _0\"></span>ff<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ze<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs344e\">In<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>pi<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ze<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs344f\">pr<span class=\"_ _0\"></span>ob<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3450\">Es<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>oni<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3451\">sc<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3452\">de<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ora<span class=\"_ _0\"></span>te<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3453\">o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">orig<span class=\"_ _1\"></span>inate<span class=\"_ _1\"></span> </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3454\">B.4<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mod<span class=\"_ _0\"></span>ific<span class=\"_ _0\"></span>he<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>attu<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>se<span class=\"_ _0\"></span>nza<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">can<span class=\"_ _1\"></span>cella<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ni <span class=\"_ _10\"> </span>- <span class=\"_ _1f8\"> </span>3<span class=\"_ _0\"></span>07<span class=\"_ _1\"></span> <span class=\"_ _32f\"> </span>1 </span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3455\">B.5<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">variazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"_ _2\"></span>n<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">aume<span class=\"_ _0\"></span>nto<span class=\"_ _0\"></span> <span class=\"_ _2cd\"> </span>3.<span class=\"_ _0\"></span>017<span class=\"_ _0\"></span> <span class=\"_ _a6\"> </span>59.1<span class=\"_ _0\"></span>89 <span class=\"_ _1f8\"> </span>27<span class=\"_ _0\"></span>.753<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3456\">C.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3457\">Va<span class=\"_ _0\"></span>ria<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3458\">in<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3459\">di<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e <span class=\"_ _27b\"> </span>1<span class=\"_ _0\"></span>40.<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>07<span class=\"_ _0\"></span> <span class=\"_ _a8\"> </span>18<span class=\"_ _0\"></span>2.<span class=\"_ _0\"></span>63<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span> <span class=\"_ _208\"> </span>59<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>91<span class=\"_ _0\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs345a\">C.<span class=\"_ _0\"></span>1<span class=\"ff1\"> </span>us<span class=\"_ _0\"></span>cit<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>ve<span class=\"_ _0\"></span>rso<span class=\"ff1\"> </span>es<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>riora<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span> <span class=\"_ _191\"> </span>- <span class=\"_ _1a5\"> </span>21<span class=\"_ _0\"></span>.77<span class=\"_ _0\"></span>6 <span class=\"_ _183\"> </span>7.7<span class=\"_ _0\"></span>11 </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs345b\">C.<span class=\"_ _0\"></span>2<span class=\"ff1\"> </span>write<span class=\"_ _0\"></span>-o<span class=\"_ _0\"></span>ff<span class=\"_ _1\"></span> <span class=\"_ _ce\"> </span>24.<span class=\"_ _0\"></span>44<span class=\"_ _0\"></span>2 <span class=\"_ _f7\"> </span>4.08<span class=\"_ _0\"></span>6 <span class=\"_ _14a\"> </span>1 </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs345c\">C.3<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">inca<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span> <span class=\"_ _d3\"> </span>39.<span class=\"_ _0\"></span>08<span class=\"_ _0\"></span>1 <span class=\"_ _aa\"> </span>10<span class=\"_ _0\"></span>4.4<span class=\"_ _0\"></span>57 <span class=\"_ _192\"> </span>32<span class=\"_ _0\"></span>.352<span class=\"_ _0\"></span> </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs345d\">C.4<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">realizzi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ces<span class=\"_ _0\"></span>sion<span class=\"_ _0\"></span>i <span class=\"_ _17d\"> </span>13.<span class=\"_ _0\"></span>417<span class=\"_ _0\"></span> <span class=\"_ _2dc\"> </span>- <span class=\"_ _14a\"> </span>- </span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs345e\">C.5<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">perdite<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ces<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span> <span class=\"_ _33\"> </span>- <span class=\"_ _2dc\"> </span>- <span class=\"_ _14a\"> </span>- </span></span></span></span></span></span></div><div class=\"c wb h28 gs345f\"><div class=\"t m0 x1f9 h1c y12f ff3 fsc fc0 sc0 ls0 ws0\">C.6<span class=\"_ _3bd\"> </span></div></div><div class=\"c w15e h28 gs3460\"><div class=\"t m0 x1f9 h1c y12f ff3 fsc fc0 sc0 ls0 ws0\">trasferimenti<span class=\"_ _3bd\"> </span></div></div><div class=\"c w15f h28 gs3461\"><div class=\"t m0 x1f9 h1c y12f ff3 fsc fc0 sc0 ls0 ws0\">ad<span class=\"_ _3bd\"> </span></div></div><div class=\"c w132 h28 gs3462\"><div class=\"t m0 x1f9 h1c y12f ff3 fsc fc0 sc0 ls0 ws0\">altre<span class=\"_ _3bd\"> </span></div></div><div class=\"c w160 h28 gs3463\"><div class=\"t m0 x1f9 h1c y12f ff3 fsc fc0 sc0 ls0 ws0\">categorie<span class=\"_ _3bd\"> </span></div></div><div class=\"c wa3 h28 gs3464\"><div class=\"t m0 x1f9 h1c y12f ff3 fsc fc0 sc0 ls0 ws0\">di<span class=\"_ _3bd\"> </span></div></div><div class=\"c w161 h28 gs3465\"><div class=\"t m0 x1f9 h1c y12f ff3 fsc fc0 sc0 ls0 ws0\">esposizioni<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3466\">de<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>iorat<span class=\"_ _0\"></span>e </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3467\">2<span class=\"_ _0\"></span>61<span class=\"_ _1\"></span> <span class=\"_ _235\"> </span>48.5<span class=\"_ _0\"></span>83 <span class=\"_ _1f9\"> </span>19.<span class=\"_ _0\"></span>514 </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3468\">C.<span class=\"_ _0\"></span>7<span class=\"ff1\"> </span>modi<span class=\"_ _0\"></span>fich<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>ntra<span class=\"_ _0\"></span>ttu<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sen<span class=\"_ _0\"></span>za<span class=\"ff1\"> </span>can<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>llaz<span class=\"_ _0\"></span>ioni<span class=\"_ _1\"></span> <span class=\"_ _20d\"> </span>- <span class=\"_ _330\"> </span>2<span class=\"_ _0\"></span>72<span class=\"_ _1\"></span> <span class=\"_ _32f\"> </span>1 </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3469\">C.8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">variazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dimi<span class=\"_ _0\"></span>nuz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e <span class=\"_ _1d0\"> </span>63.<span class=\"_ _0\"></span>306<span class=\"_ _0\"></span> <span class=\"_ _45\"> </span>3<span class=\"_ _0\"></span>.4<span class=\"_ _1\"></span>58 <span class=\"_ _119\"> </span>1<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>2 </span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs346a\">D.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs346b\">Es<span class=\"_ _1\"></span>pos<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>on<span class=\"_ _1\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs346c\">lo<span class=\"_ _0\"></span>rd<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs346d\">fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span> <span class=\"_ _249\"> </span>32<span class=\"_ _0\"></span>0.<span class=\"_ _0\"></span>69<span class=\"_ _0\"></span>0 <span class=\"_ _203\"> </span>37<span class=\"_ _1\"></span>2.7<span class=\"_ _0\"></span>38 <span class=\"_ _206\"> </span>42<span class=\"_ _0\"></span>.23<span class=\"_ _1\"></span>2 </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs346e\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">esposizioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cedute<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">can<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>llat<span class=\"_ _0\"></span>e <span class=\"_ _59\"> </span>- <span class=\"_ _18d\"> </span>- <span class=\"_ _14a\"> </span>- </span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs346f\">A.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3470\">Es<span class=\"_ _1\"></span>pos<span class=\"_ _0\"></span>iz<span class=\"_ _0\"></span>ion<span class=\"_ _1\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3471\">lo<span class=\"_ _0\"></span>rd<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3472\">in<span class=\"_ _0\"></span>iz<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span>e <span class=\"_ _331\"> </span>39<span class=\"_ _0\"></span>7.<span class=\"_ _0\"></span>95<span class=\"_ _0\"></span>4 <span class=\"_ _ad\"> </span>37<span class=\"_ _0\"></span>8.<span class=\"_ _0\"></span>117<span class=\"_ _1\"></span> <span class=\"_ _192\"> </span>42.9<span class=\"_ _1\"></span>68<span class=\"_ _0\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3473\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">esposizioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cedute<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">can<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>llate<span class=\"_ _1\"></span> <span class=\"_ _2a5\"> </span>- <span class=\"_ _18d\"> </span>- <span class=\"_ _14a\"> </span>- </span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3474\">B.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3475\">Varia<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3476\">in<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3477\">au<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span> <span class=\"_ _9\"> </span>63.<span class=\"_ _0\"></span>24<span class=\"_ _0\"></span>3 <span class=\"_ _11e\"> </span>17<span class=\"_ _1\"></span>7.25<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span> <span class=\"_ _206\"> </span>58<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>55<span class=\"_ _0\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3478\">B.1<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ing<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span>da<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">esp<span class=\"_ _0\"></span>osiz<span class=\"_ _1\"></span>ioni<span class=\"ff1\"> </span>no<span class=\"_ _1\"></span>n<span class=\"ff1\"> </span>dete<span class=\"_ _0\"></span>rior<span class=\"_ _0\"></span>ate<span class=\"_ _1\"></span> <span class=\"_ _26f\"> </span>10.<span class=\"_ _0\"></span>11<span class=\"_ _0\"></span>8 <span class=\"_ _203\"> </span>10<span class=\"_ _0\"></span>0.0<span class=\"_ _0\"></span>58 <span class=\"_ _1f6\"> </span>30.<span class=\"_ _0\"></span>649 </span></span></span></span></div><div class=\"c wae h28 gs3479\"><div class=\"t m0 x1f9 h1c y11d ff3 fsc fc0 sc0 ls0 ws0\">B.2<span class=\"_ _3bd\"> </span></div></div><div class=\"c w162 h28 gs347a\"><div class=\"t m0 x1f9 h1c y11d ff3 fsc fc0 sc0 ls0 ws0\">ing<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>si<span class=\"_ _3bd\"> </span></div></div><div class=\"c wb8 h28 gs347b\"><div class=\"t m0 x1f9 h1c y11d ff3 fsc fc0 sc0 ls0 ws0\">da<span class=\"_ _3bd\"> </span></div></div><div class=\"c w13f h28 gs347c\"><div class=\"t m0 x1f9 h1c y11d ff3 fsc fc0 sc0 ls0 ws0\">att<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _3bd\"> </span></div></div><div class=\"c w100 h28 gs347d\"><div class=\"t m0 x1f9 h1c y11d ff3 fsc fc0 sc0 ls0 ws0\">fina<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span></div></div><div class=\"c w112 h28 gs347e\"><div class=\"t m0 x1f9 h1c y11d ff3 fsc fc0 sc0 ls0 ws0\">im<span class=\"_ _0\"></span>pai<span class=\"_ _0\"></span>red<span class=\"_ _3bd\"> </span></div></div><div class=\"c w101 h28 gs347f\"><div class=\"t m0 x1f9 h1c y11d ff3 fsc fc0 sc0 ls0 ws0\">ac<span class=\"_ _0\"></span>quis<span class=\"_ _0\"></span>ite<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3480\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3481\">- <span class=\"_ _14a\"> </span>- </div><div class=\"c wea h28 gs3482\"><div class=\"t m0 x1f9 h1c y11d ff3 fsc fc0 sc0 ls0 ws0\">B.3<span class=\"_ _3bd\"> </span></div></div><div class=\"c w15e h28 gs3483\"><div class=\"t m0 x1f9 h1c y11d ff3 fsc fc0 sc0 ls0 ws0\">trasferimenti<span class=\"_ _3bd\"> </span></div></div><div class=\"c wb9 h28 gs3484\"><div class=\"t m0 x1f9 h1c y11d ff3 fsc fc0 sc0 ls0 ws0\">da<span class=\"_ _3bd\"> </span></div></div><div class=\"c w132 h28 gs3485\"><div class=\"t m0 x1f9 h1c y11d ff3 fsc fc0 sc0 ls0 ws0\">altre<span class=\"_ _3bd\"> </span></div></div><div class=\"c w160 h28 gs3486\"><div class=\"t m0 x1f9 h1c y11d ff3 fsc fc0 sc0 ls0 ws0\">categorie<span class=\"_ _3bd\"> </span></div></div><div class=\"c wa3 h28 gs3487\"><div class=\"t m0 x1f9 h1c y11d ff3 fsc fc0 sc0 ls0 ws0\">di<span class=\"_ _3bd\"> </span></div></div><div class=\"c w161 h28 gs3488\"><div class=\"t m0 x1f9 h1c y11d ff3 fsc fc0 sc0 ls0 ws0\">esposizioni<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3489\">d<span class=\"_ _3bd\"> </span>e<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>iorat<span class=\"_ _0\"></span>e </div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs348b\">A.1.7b<span class=\"_ _0\"></span>is<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs348c\">Conso<span class=\"_ _0\"></span>lidato<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs348d\">prude<span class=\"_ _0\"></span>nziale<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs348e\">\u2013<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs348f\">Espos<span class=\"_ _0\"></span>izioni<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3490\">credit<span class=\"_ _0\"></span>izie<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3491\">per<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3492\">cassa<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3493\">verso<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3494\">cliente<span class=\"_ _0\"></span>la:<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3495\">dinam<span class=\"_ _0\"></span>ica<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3496\">delle<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3497\">espo<span class=\"_ _0\"></span>sizioni<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3498\">lorde<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3499\">ogget<span class=\"_ _0\"></span>to<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs349a\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs349b\">conc<span class=\"_ _0\"></span>essioni<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs349c\">distin<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs349d\">per<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs349e\">quali<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs349f\">credit<span class=\"_ _0\"></span>izia<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs34a0\">Ca<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>i/<span class=\"_ _0\"></span>Qu<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs34a1\">Espo<span class=\"_ _0\"></span>sizion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs34a2\">ogget<span class=\"_ _0\"></span>to<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs34a3\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs34a4\">co<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i:<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs34a5\">de<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ora<span class=\"_ _1\"></span>te<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs34a6\">Espo<span class=\"_ _0\"></span>sizion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs34a7\">ogg<span class=\"_ _0\"></span>etto<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs34a8\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs34a9\">conc<span class=\"_ _0\"></span>essi<span class=\"_ _0\"></span>oni:<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs34aa\">non<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs34ab\">det<span class=\"_ _0\"></span>erior<span class=\"_ _0\"></span>ate<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs34ac\">A.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs34ad\">Es<span class=\"_ _1\"></span>pos<span class=\"_ _0\"></span>iz<span class=\"_ _0\"></span>ion<span class=\"_ _1\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs34ae\">lo<span class=\"_ _0\"></span>rd<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs34af\">in<span class=\"_ _0\"></span>iz<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span>e <span class=\"_ _15e\"> </span>28<span class=\"_ _0\"></span>3.<span class=\"_ _0\"></span>56<span class=\"_ _0\"></span>0 <span class=\"_ _f8\"> </span>347<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>21<span class=\"_ _0\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs34b0\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">esposizioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cedute<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">can<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>llate<span class=\"_ _1\"></span> <span class=\"_ _7b\"> </span>- <span class=\"_ _14\"> </span>2<span class=\"_ _0\"></span>10<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs34b1\">B.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs34b2\">Varia<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs34b3\">in<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs34b4\">au<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span> <span class=\"_ _8\"> </span>55<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>44<span class=\"_ _0\"></span> <span class=\"_ _27d\"> </span>67<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>62<span class=\"_ _0\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs34b5\">B.1<span class=\"ff5\"> <span class=\"_ _1\"></span><span class=\"ff3\">ingressi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esposizioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">deteriorate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs34b6\">oggetto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>concessi<span class=\"_ _0\"></span>oni </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs34b7\">B.2<span class=\"ff5\"> <span class=\"_ _1\"></span><span class=\"ff3\">ingressi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esposizion<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">deteriorate<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs34b8\">oggetto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>concessi<span class=\"_ _0\"></span>oni </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs34b9\">B.3<span class=\"ff5\"> <span class=\"_ _1\"></span><span class=\"ff3\">ingressi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esposizioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">oggetto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">concessioni<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs34ba\">de<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>iorat<span class=\"_ _0\"></span>e </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs34bb\">9.<span class=\"_ _0\"></span>183<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _b3\"> </span><span class=\"ff3\">44.6<span class=\"_ _0\"></span>00 </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs34bc\">21<span class=\"_ _0\"></span>.597<span class=\"_ _0\"></span><span class=\"ff8\"> <span class=\"_ _333\"> </span><span class=\"ff3\">X<span class=\"_ _1\"></span> </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs34bd\">X<span class=\"_ _1\"></span><span class=\"ff8\"> <span class=\"_ _270\"> </span><span class=\"ff3\">17<span class=\"_ _0\"></span>.37<span class=\"_ _0\"></span>7 </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs34be\">C.<span class=\"_ _0\"></span>1<span class=\"ff5\"> <span class=\"_ _0\"></span><span class=\"ff3\">uscite<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">verso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esposizioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">deteriorate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs34bf\">oggetto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>concessi<span class=\"_ _0\"></span>oni </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs34c0\">C.<span class=\"_ _0\"></span>2<span class=\"ff5\"> <span class=\"_ _0\"></span><span class=\"ff3\">uscite<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">verso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">esposizioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">deteriorate<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs34c1\">oggetto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>concessi<span class=\"_ _0\"></span>oni </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs34c2\">X<span class=\"_ _1\"></span><span class=\"ff8\"> <span class=\"_ _59\"> </span><span class=\"ff3\">22<span class=\"_ _0\"></span>.94<span class=\"_ _0\"></span>4 </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs34c3\">17.<span class=\"_ _0\"></span>377<span class=\"_ _0\"></span><span class=\"ff8\"> <span class=\"_ _29e\"> </span><span class=\"ff3\">X<span class=\"_ _0\"></span> </span></span></div><div class=\"c wb h25 gs34c4\"><div class=\"t m0 x1f9 h1c y120 ff3 fsc fc0 sc0 ls0 ws0\">C.3<span class=\"_ _3bd\"> </span></div></div><div class=\"c w5a h25 gs34c5\"><div class=\"t m0 x1f9 h1c y120 ff3 fsc fc0 sc0 ls0 ws0\">uscite<span class=\"_ _3bd\"> </span></div></div><div class=\"c w105 h25 gs34c6\"><div class=\"t m0 x1f9 h1c y120 ff3 fsc fc0 sc0 ls0 ws0\">verso<span class=\"_ _3bd\"> </span></div></div><div class=\"c w161 h25 gs34c7\"><div class=\"t m0 x1f9 h1c y120 ff3 fsc fc0 sc0 ls0 ws0\">esposizioni<span class=\"_ _3bd\"> </span></div></div><div class=\"c w14b h25 gs34c8\"><div class=\"t m0 x1f9 h1c y120 ff3 fsc fc0 sc0 ls0 ws0\">oggetto<span class=\"_ _3bd\"> </span></div></div><div class=\"c w8b h25 gs34c9\"><div class=\"t m0 x1f9 h1c y120 ff3 fsc fc0 sc0 ls0 ws0\">di<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs34ca\">concessioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">deteriorate </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs34cb\">X <span class=\"_ _ec\"> </span>21.<span class=\"_ _0\"></span>597 </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs34cc\">C.<span class=\"_ _0\"></span>4<span class=\"ff1\"> </span>write<span class=\"_ _0\"></span>-o<span class=\"_ _0\"></span>ff<span class=\"_ _1\"></span> <span class=\"_ _2e6\"> </span>1.<span class=\"_ _0\"></span>733 <span class=\"_ _31a\"> </span>- </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs34cd\">C.5<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">incas<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span> <span class=\"_ _334\"> </span>62.<span class=\"_ _0\"></span>577<span class=\"_ _0\"></span> <span class=\"_ _f8\"> </span>1<span class=\"_ _0\"></span>33.9<span class=\"_ _0\"></span>70 </span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs34ce\">C.6<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">realizzi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cess<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i <span class=\"_ _10b\"> </span>- <span class=\"_ _3c\"> </span>- </span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs34cf\">C.7<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">perdite<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ce<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>one<span class=\"_ _1\"></span> <span class=\"_ _2f2\"> </span>- <span class=\"_ _3c\"> </span>- </span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs34d0\">C.8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">variazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dimi<span class=\"_ _0\"></span>nuz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e <span class=\"_ _4c\"> </span>9<span class=\"_ _0\"></span>.19<span class=\"_ _0\"></span>1 <span class=\"_ _3c\"> </span>- </span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs34d1\">D.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs34d2\">Es<span class=\"_ _1\"></span>pos<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>on<span class=\"_ _1\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs34d3\">lo<span class=\"_ _0\"></span>rd<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs34d4\">fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span> <span class=\"_ _54\"> </span>248.<span class=\"_ _1\"></span>226<span class=\"_ _1\"></span> <span class=\"_ _57\"> </span>23<span class=\"_ _0\"></span>6.<span class=\"_ _0\"></span>37<span class=\"_ _0\"></span>2 </div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs34d5\">-<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cui:</span> <span class=\"ff3\">es<span class=\"_ _0\"></span>posi<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ced<span class=\"_ _0\"></span>ute<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>can<span class=\"_ _0\"></span>cella<span class=\"_ _0\"></span>te </span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs34d6\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs34d7\">-<span class=\"_ _3bd\"> </span></div><div class=\"c wea h28 gs34d8\"><div class=\"t m0 x1f9 h1c y11d ff3 fsc fc0 sc0 ls0 ws0\">B.4<span class=\"_ _3bd\"> </span></div></div><div class=\"c wce h28 gs34d9\"><div class=\"t m0 x1f9 h1c y11d ff3 fsc fc0 sc0 ls0 ws0\">ingressi<span class=\"_ _3bd\"> </span></div></div><div class=\"c w15f h28 gs34da\"><div class=\"t m0 x1f9 h1c y11d ff3 fsc fc0 sc0 ls0 ws0\">da<span class=\"_ _3bd\"> </span></div></div><div class=\"c w161 h28 gs34db\"><div class=\"t m0 x1f9 h1c y11d ff3 fsc fc0 sc0 ls0 ws0\">esposizion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div></div><div class=\"c w137 h28 gs34dc\"><div class=\"t m0 x1f9 h1c y11d ff3 fsc fc0 sc0 ls0 ws0\">d<span class=\"_ _3bd\"> </span>eteriorate<span class=\"_ _3bd\"> </span></div></div>A.1.9<span class=\"_ _3bd\"> </span>Conso<span class=\"_ _0\"></span>lidato<span class=\"_ _3bd\"> </span>prude<span class=\"_ _0\"></span>nziale<span class=\"_ _3bd\"> </span>\u2013<span class=\"_ _3bd\"> </span>Espos<span class=\"_ _0\"></span>izioni<span class=\"_ _3bd\"> </span>credit<span class=\"_ _0\"></span>izie<span class=\"_ _3bd\"> </span>per<span class=\"_ _3bd\"> </span>cassa<span class=\"_ _3bd\"> </span>det<span class=\"_ _0\"></span>eriorat<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>verso<span class=\"_ _3bd\"> </span>cliente<span class=\"_ _0\"></span>la:<span class=\"_ _3bd\"> </span>dinam<span class=\"_ _0\"></span>ica<span class=\"_ _3bd\"> </span>delle<span class=\"_ _3bd\"> </span>retti<span class=\"_ _0\"></span>fiche<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>valo<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>comp<span class=\"_ _0\"></span>lessive<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Ca<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>i/<span class=\"_ _0\"></span>Cat<span class=\"_ _1\"></span>ego<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>So<span class=\"_ _0\"></span>ff<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ze<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _2b6\"> </span><span class=\"fc4 sc2\">Ina<span class=\"_ _0\"></span>dem<span class=\"_ _1\"></span>pie<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></span></span>pr<span class=\"_ _0\"></span>ob<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>Es<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>oni<span class=\"_ _3bd\"> </span>sc<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ora<span class=\"_ _0\"></span>te<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>di<span class=\"_ _3bd\"> </span>cui:<span class=\"_ _3bd\"> </span>espos<span class=\"_ _0\"></span>izion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>ogg<span class=\"_ _0\"></span>etto<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>di<span class=\"_ _3bd\"> </span>cui:<span class=\"_ _3bd\"> </span>espos<span class=\"_ _0\"></span>izion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>ogg<span class=\"_ _0\"></span>etto<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>di<span class=\"_ _3bd\"> </span>cui:<span class=\"_ _3bd\"> </span>espos<span class=\"_ _0\"></span>izion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>ogg<span class=\"_ _0\"></span>etto<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>ca<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span>llat<span class=\"_ _0\"></span>e senza<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">canc<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span> </span></span>val<span class=\"_ _0\"></span>utaz<span class=\"_ _1\"></span>ione<span class=\"_ _0\"></span> se<span class=\"_ _0\"></span>nza<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>lazi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span>dim<span class=\"_ _0\"></span>inu<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e ca<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span>llat<span class=\"_ _0\"></span>e A.<span class=\"_ _3bd\"> </span>Re<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ch<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>in<span class=\"_ _1\"></span>izia<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span>29<span class=\"_ _0\"></span>6.<span class=\"_ _0\"></span>06<span class=\"_ _0\"></span>3 69<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>26<span class=\"_ _0\"></span> <span class=\"_ _22\"> </span>13<span class=\"_ _0\"></span>6.<span class=\"_ _0\"></span>051<span class=\"_ _1\"></span> 42<span class=\"_ _0\"></span>.01<span class=\"_ _1\"></span>2 <span class=\"_ _1ed\"> </span>8<span class=\"_ _0\"></span>.08<span class=\"_ _1\"></span>2 1<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span> -dicui:esposizioniceduteno<span class=\"_ _1\"></span>n<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>- <span class=\"_ _21a\"> </span>- - <span class=\"_ _122\"> </span>- - B.<span class=\"_ _3bd\"> </span>Varia<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>au<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>to<span class=\"_ _3bd\"> </span>61<span class=\"_ _0\"></span>.74<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span> 15<span class=\"_ _0\"></span>.43<span class=\"_ _1\"></span>8 <span class=\"_ _1ed\"> </span>78.<span class=\"_ _0\"></span>67<span class=\"_ _0\"></span>5 23<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>80<span class=\"_ _1\"></span> <span class=\"_ _329\"> </span>6.<span class=\"_ _0\"></span>485<span class=\"_ _1\"></span> 6<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span> B.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rettifiche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span>finanziarie<span class=\"ff1\"> </span>impaired<span class=\"ff1\"> </span>ac<span class=\"_ _0\"></span>quisite<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _b7\"> </span></span>-<span class=\"_ _0\"></span><span class=\"ff1\"> </span>orig<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span> X<span class=\"_ _3bd\"> </span>- X<span class=\"_ _3bd\"> </span>- X B.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ettifiche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">valo<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span><span class=\"ff8\"> <span class=\"_ _a5\"> </span><span class=\"ff3\">28.<span class=\"_ _0\"></span>758 </span></span></span></span></span></span></span></span></span></span>9.<span class=\"_ _0\"></span>651 <span class=\"_ _1ef\"> </span>74<span class=\"_ _0\"></span>.66<span class=\"_ _0\"></span>6 23.<span class=\"_ _0\"></span>071<span class=\"_ _0\"></span> <span class=\"_ _1ec\"> </span>6.36<span class=\"_ _0\"></span>0 56<span class=\"_ _0\"></span>4<span class=\"_ _1\"></span> B.3<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">perdite<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ce<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>one<span class=\"_ _1\"></span><span class=\"ff8\"> <span class=\"_ _a3\"> </span><span class=\"ff3\">1.637<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span>- <span class=\"_ _21a\"> </span>- - <span class=\"_ _122\"> </span>- - B.4tra<span class=\"_ _0\"></span>sfe<span class=\"_ _0\"></span>rim<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>idaal<span class=\"_ _0\"></span>tre<span class=\"_ _3bd\"> </span>categorie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">es<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span><span class=\"ff8\"> <span class=\"_ _3b\"> </span><span class=\"ff3\">2<span class=\"_ _0\"></span>5.56<span class=\"_ _0\"></span>6 </span></span></span></span></span></span>de<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>iorat<span class=\"_ _0\"></span>e 5.7<span class=\"_ _0\"></span>87 3.<span class=\"_ _1\"></span>42<span class=\"_ _0\"></span>8 4<span class=\"_ _0\"></span>10<span class=\"_ _0\"></span> 1<span class=\"_ _0\"></span>25<span class=\"_ _1\"></span> 1<span class=\"_ _0\"></span>09<span class=\"_ _1\"></span> B.5mod<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>checon<span class=\"_ _0\"></span>tra<span class=\"_ _0\"></span>ttu<span class=\"_ _0\"></span>ali<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>- <span class=\"_ _63\"> </span>4<span class=\"_ _0\"></span>53<span class=\"_ _1\"></span> 39<span class=\"_ _1\"></span>9 <span class=\"_ _121\"> </span>- - B.6<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">variazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">aume<span class=\"_ _1\"></span>nto<span class=\"ff8\"> <span class=\"_ _121\"> </span></span>5.<span class=\"_ _0\"></span>78<span class=\"_ _1\"></span>3 </span></span></span></span></span></span></span></span>- <span class=\"_ _69\"> </span>12<span class=\"_ _0\"></span>8 - <span class=\"_ _122\"> </span>- - C.<span class=\"_ _3bd\"> </span>Va<span class=\"_ _0\"></span>ria<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>di<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>11<span class=\"_ _0\"></span>5.0<span class=\"_ _0\"></span>50<span class=\"_ _1\"></span> 23<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>40<span class=\"_ _1\"></span> <span class=\"_ _1ec\"> </span>53.<span class=\"_ _0\"></span>68<span class=\"_ _0\"></span>5 21<span class=\"_ _0\"></span>.04<span class=\"_ _1\"></span>1 <span class=\"_ _1fa\"> </span>6.<span class=\"_ _1\"></span>73<span class=\"_ _1\"></span>8 6<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span> C.1ripresedivalored<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>7.<span class=\"_ _0\"></span>025<span class=\"_ _3bd\"> </span>3.2<span class=\"_ _0\"></span>23 <span class=\"_ _1ed\"> </span>10.<span class=\"_ _0\"></span>305<span class=\"_ _0\"></span> 4.<span class=\"_ _0\"></span>803 <span class=\"_ _31c\"> </span>1.28<span class=\"_ _0\"></span>2 94<span class=\"_ _1\"></span> C.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riprese<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">v<span class=\"_ _2\"></span>alore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">inca<span class=\"_ _0\"></span>sso<span class=\"_ _1\"></span><span class=\"ff8\"> <span class=\"_ _66\"> </span><span class=\"ff3\">13<span class=\"_ _0\"></span>.14<span class=\"_ _0\"></span>7 </span></span></span></span></span></span></span></span></span></span></span></span>12<span class=\"_ _0\"></span>.69<span class=\"_ _0\"></span>0 <span class=\"_ _55\"> </span>13.<span class=\"_ _0\"></span>920<span class=\"_ _0\"></span> 8.<span class=\"_ _0\"></span>406 <span class=\"_ _1f4\"> </span>1.<span class=\"_ _1\"></span>676<span class=\"_ _0\"></span> 1<span class=\"_ _0\"></span>52<span class=\"_ _1\"></span> C.3<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">utili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cess<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"ff8\"> <span class=\"_ _332\"> </span></span>5.<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>64<span class=\"_ _0\"></span> </span></span></span></span></span></span>5.3<span class=\"_ _0\"></span>67 <span class=\"_ _f2\"> </span>10<span class=\"_ _1\"></span> - <span class=\"_ _122\"> </span>- - C.<span class=\"_ _0\"></span>4<span class=\"ff1\"> </span>write<span class=\"_ _0\"></span>-o<span class=\"_ _0\"></span>ff<span class=\"_ _1\"></span><span class=\"ff8\"> <span class=\"_ _281\"> </span><span class=\"ff3\">24.4<span class=\"_ _0\"></span>43 </span></span>2.<span class=\"_ _0\"></span>102 <span class=\"_ _1f4\"> </span>4.0<span class=\"_ _0\"></span>86 1.<span class=\"_ _0\"></span>926<span class=\"_ _0\"></span> <span class=\"_ _32b\"> </span>1 - C.<span class=\"_ _0\"></span>5tra<span class=\"_ _0\"></span>sfe<span class=\"_ _0\"></span>rime<span class=\"_ _0\"></span>ntiadal<span class=\"_ _0\"></span>tre<span class=\"_ _3bd\"> </span>categorie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">es<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span><span class=\"ff8\"> <span class=\"_ _cb\"> </span><span class=\"ff3\">52<span class=\"_ _1\"></span> </span></span></span></span></span></span>de<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>iorat<span class=\"_ _0\"></span>e 5<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span> 25.<span class=\"_ _0\"></span>28<span class=\"_ _0\"></span>8 5.9<span class=\"_ _0\"></span>06 3.7<span class=\"_ _0\"></span>79 35<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span> C.<span class=\"_ _0\"></span>6mod<span class=\"_ _0\"></span>ific<span class=\"_ _0\"></span>hecon<span class=\"_ _0\"></span>tra<span class=\"_ _0\"></span>ttu<span class=\"_ _0\"></span>ali<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>- <span class=\"_ _122\"> </span>71<span class=\"_ _0\"></span> - <span class=\"_ _122\"> </span>- - C.<span class=\"_ _0\"></span>7alt<span class=\"_ _0\"></span>revar<span class=\"_ _0\"></span>iaz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>ii<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span>64.<span class=\"_ _0\"></span>519<span class=\"_ _3bd\"> </span>4<span class=\"_ _0\"></span>06<span class=\"_ _1\"></span> <span class=\"_ _81\"> </span>5 - <span class=\"_ _122\"> </span>- - D.<span class=\"_ _3bd\"> </span>Ret<span class=\"_ _1\"></span>tifi<span class=\"_ _1\"></span>che<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>nal<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span>24<span class=\"_ _0\"></span>2.7<span class=\"_ _1\"></span>57<span class=\"_ _0\"></span> 61<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>24<span class=\"_ _0\"></span> <span class=\"_ _1ec\"> </span>161<span class=\"_ _0\"></span>.04<span class=\"_ _0\"></span>1 44<span class=\"_ _0\"></span>.85<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span> <span class=\"_ _55\"> </span>7.8<span class=\"_ _0\"></span>29<span class=\"_ _0\"></span> 2<span class=\"_ _0\"></span>51<span class=\"_ _1\"></span> -dicui:esposizioniceduteno<span class=\"_ _1\"></span>n<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>- <span class=\"_ _21a\"> </span>- - <span class=\"_ _122\"> </span>- -<div class=\"t m26 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs359a\">A.<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs359b\">Cl<span class=\"_ _0\"></span>ass<span class=\"_ _1\"></span>ific<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs359c\">de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs359d\">es<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>siz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs359e\">in<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs359f\">ba<span class=\"_ _0\"></span>se<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs35a0\">ai<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs35a1\">ra<span class=\"_ _1\"></span>ting<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs35a2\">es<span class=\"_ _0\"></span>ter<span class=\"_ _1\"></span>ni<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs35a3\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs35a4\">in<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>rni<span class=\"_ _0\"></span> </div><div class=\"t m26 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs35a5\">A.2<span class=\"_ _1\"></span>.1<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs35a6\">Conso<span class=\"_ _0\"></span>lidato<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs35a7\">prude<span class=\"_ _0\"></span>nziale<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs35a8\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs35a9\">Distr<span class=\"_ _0\"></span>ibuzione<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs35aa\">delle<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs35ab\">attivit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs35ac\">finanzi<span class=\"_ _0\"></span>arie,<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs35ad\">deg<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs35ae\">impeg<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs35af\">a<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs35b0\">eroga<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs35b1\">fondi<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs35b2\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs35b3\">delle<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs35b4\">gara<span class=\"_ _0\"></span>nzie<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs35b5\">finanzi<span class=\"_ _0\"></span>arie<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs35b6\">rilas<span class=\"_ _0\"></span>ciate:<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs35b7\">per<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs35b8\">class<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs35b9\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs35ba\">rati<span class=\"_ _0\"></span>ng<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs35bb\">ester<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs35bc\">(valo<span class=\"_ _0\"></span>ri<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs35bd\">lordi<span class=\"_ _0\"></span>)<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs35be\">Es<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs35bf\">Cla<span class=\"_ _1\"></span>ssi<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs35c0\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs35c1\">ra<span class=\"_ _1\"></span>ting<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs35c2\">es<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>rn<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs35c3\">S<span class=\"_ _0\"></span>en<span class=\"_ _1\"></span>za<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs35c4\">ra<span class=\"_ _0\"></span>tin<span class=\"_ _1\"></span>g<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs35c5\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs35c6\">Cla<span class=\"_ _1\"></span>sse<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs35c7\">1<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _200\"> </span><span class=\"fc4 sc2\">classe<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs35c8\">2<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _121\"> </span><span class=\"fc4 sc2\">classe<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs35c9\">3<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs35ca\">cl<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>se<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs35cb\">4<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs35cc\">cl<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>se<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs35cd\">5<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs35ce\">cl<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>se<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs35cf\">6<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs35d0\">A.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs35d1\">Atti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs35d2\">fina<span class=\"_ _0\"></span>nziar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs35d3\">vauta<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs35d4\">al<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs35d5\">cost<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs35d6\">amm<span class=\"_ _0\"></span>ortizz<span class=\"_ _0\"></span>ato<span class=\"_ _0\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs35d7\">1.<span class=\"_ _0\"></span>041<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>48<span class=\"_ _1\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs35d8\">99<span class=\"_ _1\"></span>8.01<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs35d9\">6.<span class=\"_ _0\"></span>11<span class=\"_ _0\"></span>7.3<span class=\"_ _0\"></span>06<span class=\"_ _1\"></span> </div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs35da\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs35db\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs35dc\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs35dd\">36<span class=\"_ _1\"></span>.177<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>52<span class=\"_ _0\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs35de\">44<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>34.<span class=\"_ _1\"></span>218<span class=\"_ _1\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs35df\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Primo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stadi<span class=\"_ _0\"></span>o <span class=\"_ _ed\"> </span>1.0<span class=\"_ _0\"></span>41<span class=\"_ _0\"></span>.648 <span class=\"_ _1f0\"> </span>998<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>12 <span class=\"_ _1f4\"> </span>6.<span class=\"_ _0\"></span>117<span class=\"_ _0\"></span>.30<span class=\"_ _0\"></span>6 <span class=\"_ _1a8\"> </span>- <span class=\"_ _1fd\"> </span>- <span class=\"_ _1a8\"> </span>- <span class=\"_ _1fa\"> </span>33.1<span class=\"_ _0\"></span>43.<span class=\"_ _0\"></span>366<span class=\"_ _1\"></span> <span class=\"_ _1ed\"> </span>41.<span class=\"_ _0\"></span>300<span class=\"_ _0\"></span>.33<span class=\"_ _0\"></span>2 </span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs35e0\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Secondo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stad<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span> <span class=\"_ _242\"> </span>- <span class=\"_ _34\"> </span>- <span class=\"_ _47\"> </span>- <span class=\"_ _1a8\"> </span>- <span class=\"_ _1a8\"> </span>- <span class=\"_ _1fd\"> </span>- <span class=\"_ _1fc\"> </span>2.<span class=\"_ _0\"></span>295<span class=\"_ _0\"></span>.03<span class=\"_ _0\"></span>7 <span class=\"_ _1f1\"> </span>2.2<span class=\"_ _0\"></span>95.<span class=\"_ _0\"></span>037 </span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs35e1\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Terzo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stadi<span class=\"_ _0\"></span>o <span class=\"_ _26f\"> </span>- <span class=\"_ _50\"> </span>- <span class=\"_ _47\"> </span>- <span class=\"_ _1a8\"> </span>- <span class=\"_ _1a8\"> </span>- <span class=\"_ _1fd\"> </span>- <span class=\"_ _177\"> </span>713.<span class=\"_ _0\"></span>601<span class=\"_ _0\"></span> <span class=\"_ _a2\"> </span>713<span class=\"_ _0\"></span>.60<span class=\"_ _0\"></span>1 </span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs35e2\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Impaired<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">acquisite<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs35e3\">orig<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs35e4\">- <span class=\"_ _34\"> </span>- <span class=\"_ _47\"> </span>- <span class=\"_ _1a8\"> </span>- <span class=\"_ _1fd\"> </span>- <span class=\"_ _1a8\"> </span>- <span class=\"_ _11c\"> </span>25.2<span class=\"_ _0\"></span>48 <span class=\"_ _1a2\"> </span>25.<span class=\"_ _0\"></span>24<span class=\"_ _0\"></span>8 </div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs35e5\">B.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs35e6\">At<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _1\"></span>\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs35e7\">fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs35e8\">va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>tat<span class=\"_ _1\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs35e9\">a<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs35ea\">fair<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs35eb\">value<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs35ec\">con<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs35ed\">impa<span class=\"_ _0\"></span>tto<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs35ee\">sull<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs35ef\">reddit<span class=\"_ _0\"></span>ivit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs35f0\">com<span class=\"_ _0\"></span>pless<span class=\"_ _0\"></span>iva </div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs35f1\">3.<span class=\"_ _0\"></span>61<span class=\"_ _0\"></span>2.<span class=\"_ _0\"></span>880<span class=\"_ _1\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs35f2\">1.<span class=\"_ _0\"></span>87<span class=\"_ _0\"></span>8.3<span class=\"_ _1\"></span>66 </div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs35f3\">54<span class=\"_ _0\"></span>8.<span class=\"_ _0\"></span>29<span class=\"_ _0\"></span>2 </div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs35f4\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs35f5\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs35f6\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs35f7\">12<span class=\"_ _0\"></span>1.5<span class=\"_ _0\"></span>11<span class=\"_ _0\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs35f8\">6.<span class=\"_ _0\"></span>16<span class=\"_ _0\"></span>1.<span class=\"_ _0\"></span>049<span class=\"_ _1\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs35f9\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Primo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stadi<span class=\"_ _0\"></span>o <span class=\"_ _c2\"> </span>3.61<span class=\"_ _0\"></span>2.<span class=\"_ _0\"></span>880 <span class=\"_ _1f5\"> </span>1.8<span class=\"_ _0\"></span>78.<span class=\"_ _0\"></span>366 <span class=\"_ _326\"> </span>548.<span class=\"_ _0\"></span>292 <span class=\"_ _1fd\"> </span>- <span class=\"_ _1fd\"> </span>- <span class=\"_ _1fd\"> </span>- <span class=\"_ _207\"> </span>121<span class=\"_ _0\"></span>.51<span class=\"_ _0\"></span>1 <span class=\"_ _64\"> </span>6.<span class=\"_ _0\"></span>161<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>49 </span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs35fa\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Secondo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stad<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span> <span class=\"_ _242\"> </span>- <span class=\"_ _34\"> </span>- <span class=\"_ _47\"> </span>- <span class=\"_ _1a8\"> </span>- <span class=\"_ _1a8\"> </span>- <span class=\"_ _1fd\"> </span>- <span class=\"_ _eb\"> </span>- <span class=\"_ _4a\"> </span>- </span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs35fb\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Terzo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stadi<span class=\"_ _0\"></span>o <span class=\"_ _26f\"> </span>- <span class=\"_ _50\"> </span>- <span class=\"_ _47\"> </span>- <span class=\"_ _1a8\"> </span>- <span class=\"_ _1a8\"> </span>- <span class=\"_ _1fd\"> </span>- <span class=\"_ _eb\"> </span>- <span class=\"_ _41\"> </span>- </span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs35fc\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Impaired<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">acquisite<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs35fd\">orig<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs35fe\">- <span class=\"_ _34\"> </span>- <span class=\"_ _47\"> </span>- <span class=\"_ _1a8\"> </span>- <span class=\"_ _1fd\"> </span>- <span class=\"_ _1a8\"> </span>- <span class=\"_ _3b\"> </span>- <span class=\"_ _41\"> </span>- </div><div class=\"c w26 h25 gs35ff\"><div class=\"t m0 x1f9 h1c y365 ff3 fsc fc0 sc1 ls0 ws0\">C.<span class=\"_ _3bd\"> </span></div></div><div class=\"c w96 h25 gs3600\"><div class=\"t m0 x1f9 h1c y365 ff3 fsc fc0 sc1 ls0 ws0\">Attiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span></div></div><div class=\"c w167 h25 gs3601\"><div class=\"t m0 x1f9 h1c y365 ff3 fsc fc0 sc1 ls0 ws0\">finan<span class=\"_ _0\"></span>ziar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span></div></div><div class=\"c w110 h25 gs3602\"><div class=\"t m0 x1f9 h1c y365 ff3 fsc fc0 sc1 ls0 ws0\">in<span class=\"_ _3bd\"> </span></div></div><div class=\"c wfb h25 gs3603\"><div class=\"t m0 x1f9 h1c y365 ff3 fsc fc0 sc1 ls0 ws0\">cors<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div></div><div class=\"c wa3 h25 gs3604\"><div class=\"t m0 x1f9 h1c y365 ff3 fsc fc0 sc1 ls0 ws0\">di<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3605\">di<span class=\"_ _0\"></span>sm<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e </div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs3606\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs3607\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs3608\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs3609\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs360a\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs360b\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs360c\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs360d\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs360e\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Primo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stadi<span class=\"_ _0\"></span>o <span class=\"_ _199\"> </span>- <span class=\"_ _50\"> </span>- <span class=\"_ _47\"> </span>- <span class=\"_ _1a8\"> </span>- <span class=\"_ _1a8\"> </span>- <span class=\"_ _1fd\"> </span>- <span class=\"_ _eb\"> </span>- <span class=\"_ _41\"> </span>- </span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs360f\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Secondo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stad<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span> <span class=\"_ _242\"> </span>- <span class=\"_ _34\"> </span>- <span class=\"_ _47\"> </span>- <span class=\"_ _1a8\"> </span>- <span class=\"_ _1a8\"> </span>- <span class=\"_ _1fd\"> </span>- <span class=\"_ _eb\"> </span>- <span class=\"_ _4a\"> </span>- </span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3610\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Terzo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stadi<span class=\"_ _0\"></span>o <span class=\"_ _26f\"> </span>- <span class=\"_ _50\"> </span>- <span class=\"_ _47\"> </span>- <span class=\"_ _1a8\"> </span>- <span class=\"_ _1a8\"> </span>- <span class=\"_ _1fd\"> </span>- <span class=\"_ _eb\"> </span>- <span class=\"_ _41\"> </span>- </span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3611\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Impaired<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">acquisite<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3612\">orig<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3613\">- <span class=\"_ _34\"> </span>- <span class=\"_ _47\"> </span>- <span class=\"_ _1a8\"> </span>- <span class=\"_ _1fd\"> </span>- <span class=\"_ _1a8\"> </span>- <span class=\"_ _3b\"> </span>- <span class=\"_ _41\"> </span>- </div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3614\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3615\">(A<span class=\"_ _0\"></span>+B<span class=\"_ _0\"></span>+C<span class=\"_ _0\"></span>) <span class=\"_ _22\"> </span>4.6<span class=\"_ _1\"></span>54.5<span class=\"_ _1\"></span>28 <span class=\"_ _22\"> </span>2.<span class=\"_ _0\"></span>87<span class=\"_ _0\"></span>6.<span class=\"_ _0\"></span>37<span class=\"_ _0\"></span>8 <span class=\"_ _1ec\"> </span>6<span class=\"_ _0\"></span>.66<span class=\"_ _1\"></span>5.5<span class=\"_ _0\"></span>98<span class=\"_ _0\"></span> </div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs3616\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs3617\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs3618\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3619\"> <span class=\"_ _329\"> </span>36<span class=\"_ _0\"></span>.29<span class=\"_ _1\"></span>8.76<span class=\"_ _1\"></span>3 <span class=\"_ _1ed\"> </span>50<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>95<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>67<span class=\"_ _1\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs361a\">D.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs361b\">Imp<span class=\"_ _0\"></span>egni<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs361c\">a<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs361d\">erog<span class=\"_ _0\"></span>are<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs361e\">fondi<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs361f\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3620\">ga<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3621\">fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>rie<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3622\">ri<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>sci<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span> </div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs3623\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs3624\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs3625\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs3626\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs3627\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs3628\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3629\"> <span class=\"_ _326\"> </span>13.<span class=\"_ _0\"></span>105<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>71<span class=\"_ _0\"></span> <span class=\"_ _1f2\"> </span>13.<span class=\"_ _0\"></span>10<span class=\"_ _0\"></span>5.0<span class=\"_ _0\"></span>71<span class=\"_ _1\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs362a\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Primo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stadi<span class=\"_ _0\"></span>o <span class=\"_ _199\"> </span>- <span class=\"_ _50\"> </span>- <span class=\"_ _47\"> </span>- <span class=\"_ _1a8\"> </span>- <span class=\"_ _1a8\"> </span>- <span class=\"_ _1fd\"> </span>- <span class=\"_ _1fa\"> </span>12.<span class=\"_ _0\"></span>84<span class=\"_ _0\"></span>8.36<span class=\"_ _0\"></span>4 <span class=\"_ _1ec\"> </span>12.<span class=\"_ _0\"></span>84<span class=\"_ _0\"></span>8.36<span class=\"_ _0\"></span>4 </span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs362b\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Secondo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stad<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span> <span class=\"_ _242\"> </span>- <span class=\"_ _34\"> </span>- <span class=\"_ _47\"> </span>- <span class=\"_ _1a8\"> </span>- <span class=\"_ _1a8\"> </span>- <span class=\"_ _1fd\"> </span>- <span class=\"_ _196\"> </span>21<span class=\"_ _0\"></span>5.4<span class=\"_ _0\"></span>26 <span class=\"_ _1ff\"> </span>215.<span class=\"_ _0\"></span>426<span class=\"_ _0\"></span> </span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs362c\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Terzo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stadi<span class=\"_ _0\"></span>o <span class=\"_ _26f\"> </span>- <span class=\"_ _50\"> </span>- <span class=\"_ _47\"> </span>- <span class=\"_ _1a8\"> </span>- <span class=\"_ _1a8\"> </span>- <span class=\"_ _1fd\"> </span>- <span class=\"_ _f2\"> </span>39.<span class=\"_ _0\"></span>657<span class=\"_ _0\"></span> <span class=\"_ _177\"> </span>39.6<span class=\"_ _0\"></span>57 </span></span></span></span></div><div class=\"c w3b h28 gs362d\"><div class=\"t m0 x1f9 h1c y139 ff3 fsc fc0 sc0 ls0 ws0\">-<span class=\"_ _3bd\"> </span></div></div><div class=\"c w15b h28 gs362e\"><div class=\"t m0 x1f9 h1c y139 ff3 fsc fc0 sc0 ls0 ws0\">Impaired<span class=\"_ _3bd\"> </span></div></div><div class=\"c wcf h28 gs362f\"><div class=\"t m0 x1f9 h1c y139 ff3 fsc fc0 sc0 ls0 ws0\">acquisiti/e<span class=\"_ _3bd\"> </span></div></div><div class=\"c w36 h28 gs3630\"><div class=\"t m0 x1f9 h1c y139 ff3 fsc fc0 sc0 ls0 ws0\">o<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3631\">orig<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ati/<span class=\"_ _0\"></span>e </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3632\">- <span class=\"_ _34\"> </span>- <span class=\"_ _47\"> </span>- <span class=\"_ _1a8\"> </span>- <span class=\"_ _1fd\"> </span>- <span class=\"_ _1a8\"> </span>- <span class=\"_ _75\"> </span>1.62<span class=\"_ _0\"></span>4 <span class=\"_ _21a\"> </span>1.6<span class=\"_ _0\"></span>24 </div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3633\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3634\">(D<span class=\"_ _1\"></span>)<span class=\"_ _0\"></span> </div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs3635\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs3636\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs3637\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs3638\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs3639\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs363a\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs363b\"> <span class=\"_ _326\"> </span>13.<span class=\"_ _0\"></span>105<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>71<span class=\"_ _0\"></span> <span class=\"_ _1f2\"> </span>13.<span class=\"_ _0\"></span>10<span class=\"_ _0\"></span>5.0<span class=\"_ _0\"></span>71<span class=\"_ _1\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs363c\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs363d\">(A<span class=\"_ _0\"></span>+B<span class=\"_ _0\"></span>+C<span class=\"_ _0\"></span>+D<span class=\"_ _0\"></span>) <span class=\"_ _1f5\"> </span>4.<span class=\"_ _0\"></span>65<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>528<span class=\"_ _1\"></span> <span class=\"_ _1f5\"> </span>2.8<span class=\"_ _0\"></span>76<span class=\"_ _1\"></span>.37<span class=\"_ _0\"></span>8 <span class=\"_ _1ec\"> </span>6<span class=\"_ _0\"></span>.66<span class=\"_ _1\"></span>5.5<span class=\"_ _0\"></span>98<span class=\"_ _0\"></span> </div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs363e\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs363f\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs3640\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3641\"> <span class=\"_ _1ec\"> </span>49.<span class=\"_ _0\"></span>40<span class=\"_ _0\"></span>3.<span class=\"_ _0\"></span>83<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span> <span class=\"_ _1f5\"> </span>63.<span class=\"_ _0\"></span>60<span class=\"_ _0\"></span>0.3<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3642\">Le<span class=\"ff1\"> </span>classi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>rating<span class=\"ff1\"> </span>esterni<span class=\"ff1\"> </span>ind<span class=\"_ _0\"></span>icate<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>riferiscono<span class=\"ff1\"> </span>alle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">classi</span> <span class=\"ff3\">di</span> <span class=\"ff3\">me<span class=\"_ _0\"></span>rito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>credi<span class=\"_ _0\"></span>tizio<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>debitori/garanti<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3643\">di<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>normativa<span class=\"ff1\"> </span>prudenziale. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3644\">L\u2019agenzia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>rating<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">utilizzate<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sotto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riportate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fornisce<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tabella<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">raccordo<span class=\"ff1\"> </span>tra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">classi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs22b6\">rischio<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>rating<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>agenzie. </div>Po<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>af<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span>EC<span class=\"_ _0\"></span>A/<span class=\"_ _0\"></span>EC<span class=\"_ _0\"></span>AI<span class=\"_ _3bd\"> </span>Esposizione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">verso<span class=\"ff1\"> </span></span></span>Amministrazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">centrali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span></span></span></span></span>banche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">centrali<span class=\"_ _3bd\"> </span></span></span>DBR<span class=\"_ _0\"></span>S<span class=\"ff1\"> </span>R<span class=\"_ _0\"></span>atin<span class=\"_ _0\"></span>g<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Limi<span class=\"_ _0\"></span>ted<span class=\"_ _3bd\"> </span></span></span>Esposizioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">verso<span class=\"ff1\"> </span></span></span>org<span class=\"_ _0\"></span>ani<span class=\"_ _0\"></span>zzaz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">inte<span class=\"_ _0\"></span>rnazi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>ali<span class=\"_ _3bd\"> </span></span></span>Fit<span class=\"_ _0\"></span>ch<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Rat<span class=\"_ _0\"></span>ings<span class=\"_ _3bd\"> </span></span></span>Standard<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">&amp;<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Poor<span class=\"_ _2\"></span>\u2019s<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Rating<span class=\"ff1\"> </span></span></span></span></span></span></span>Se<span class=\"_ _0\"></span>rvice<span class=\"_ _1\"></span>s*<span class=\"_ _3bd\"> </span>Esp<span class=\"_ _0\"></span>osi<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ver<span class=\"_ _0\"></span>so<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">banc<span class=\"_ _0\"></span>he<span class=\"ff1\"> </span></span></span></span></span>multilaterali<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>sviluppo<span class=\"_ _3bd\"> </span>Fit<span class=\"_ _0\"></span>ch<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Rat<span class=\"_ _0\"></span>ings<span class=\"_ _3bd\"> </span></span></span>Standard<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">&amp;<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Poor<span class=\"_ _2\"></span>\u2019s<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Rating<span class=\"ff1\"> </span></span></span></span></span></span></span>Se<span class=\"_ _0\"></span>rvice<span class=\"_ _1\"></span>s*<span class=\"_ _3bd\"> </span>Esposizioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">verso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">imprese<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ed<span class=\"ff1\"> </span></span></span></span></span></span></span>altri<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">soggetti<span class=\"_ _3bd\"> </span></span></span>Fit<span class=\"_ _0\"></span>ch<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Rat<span class=\"_ _0\"></span>ings<span class=\"_ _3bd\"> </span></span></span>Standard<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">&amp;<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Poor<span class=\"_ _2\"></span>\u2019s<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Rating<span class=\"ff1\"> </span></span></span></span></span></span></span>Se<span class=\"_ _0\"></span>rvice<span class=\"_ _1\"></span>s*<span class=\"_ _3bd\"> </span>Esposizioni<span class=\"ff1\"> </span>verso<span class=\"ff1\"> </span>organismi<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">investimento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">collettivo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>el<span class=\"ff1\"> </span></span></span></span></span></span></span>risparmio<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>OICR)<span class=\"_ _3bd\"> </span>Fit<span class=\"_ _0\"></span>ch<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Rat<span class=\"_ _0\"></span>ings<span class=\"_ _3bd\"> </span></span></span>Standard<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">&amp;<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Poor<span class=\"_ _2\"></span>\u2019s<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Rating<span class=\"ff1\"> </span></span></span></span></span></span></span>Se<span class=\"_ _0\"></span>rvice<span class=\"_ _1\"></span>s*<span class=\"_ _3bd\"> </span>Posizioni<span class=\"ff1\"> </span>verso<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>ca<span class=\"_ _0\"></span>rtola<span class=\"_ _0\"></span>riz<span class=\"_ _0\"></span>zaz<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ave<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span>rating<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>breve<span class=\"ff1\"> </span>termine<span class=\"_ _3bd\"> </span>Fit<span class=\"_ _0\"></span>ch<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Rat<span class=\"_ _0\"></span>ings<span class=\"_ _3bd\"> </span></span></span>Standard<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">&amp;<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Poor<span class=\"_ _2\"></span>\u2019s<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Rating<span class=\"ff1\"> </span></span></span></span></span></span></span>Se<span class=\"_ _0\"></span>rvice<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span> Moo<span class=\"_ _0\"></span>dy\u2019<span class=\"_ _0\"></span>s<span class=\"_ _3bd\"> </span>Posizioni<span class=\"ff1\"> </span>verso<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>ca<span class=\"_ _0\"></span>rtola<span class=\"_ _0\"></span>riz<span class=\"_ _0\"></span>zaz<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">div<span class=\"_ _0\"></span>erse<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">da<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span>quelle<span class=\"ff1\"> </span>aventi<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>rating<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>breve<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">termine<span class=\"_ _3bd\"> </span></span></span>Fit<span class=\"_ _0\"></span>ch<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Rat<span class=\"_ _0\"></span>ings<span class=\"_ _3bd\"> </span></span></span>Standard<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">&amp;<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Poor<span class=\"_ _2\"></span>\u2019s<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Rating<span class=\"ff1\"> </span></span></span></span></span></span></span>Se<span class=\"_ _0\"></span>rvice<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span> Moo<span class=\"_ _0\"></span>dy\u2019<span class=\"_ _0\"></span>s<span class=\"_ _3bd\"> </span>*EC<span class=\"_ _0\"></span>AI<span class=\"ff1\"> </span>uti<span class=\"_ _0\"></span>lizz<span class=\"_ _0\"></span>ata<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">solo</span> <span class=\"ff3\">nel<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>mitig<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>rischi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>(CRM)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">su</span> <span class=\"_ _2\"></span><span class=\"ff3\">str<span class=\"_ _0\"></span>ument<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>fina<span class=\"_ _0\"></span>nzia<span class=\"_ _0\"></span>ri<span class=\"ff1\"> </span>acca<span class=\"_ _0\"></span>ttati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"_ _2\"></span><span class=\"ff3\">ga<span class=\"_ _0\"></span>ranzi<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>Class<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>merit<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>ito<span class=\"_ _0\"></span> DBR<span class=\"_ _0\"></span>S<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Rat<span class=\"_ _0\"></span>ing<span class=\"ff1\"> </span></span></span>Li<span class=\"_ _0\"></span>mite<span class=\"_ _0\"></span>d<span class=\"_ _3bd\"> </span>Fit<span class=\"_ _0\"></span>chRa<span class=\"_ _0\"></span>ting<span class=\"_ _0\"></span>s<span class=\"_ _3bd\"> </span>Standard<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">&amp;<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Poor<span class=\"_ _2\"></span>\u2019s<span class=\"ff1\"> </span></span></span></span></span>Rating<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Services<span class=\"_ _3bd\"> </span></span></span>Moo<span class=\"_ _0\"></span>dy\u2019<span class=\"_ _0\"></span>s<span class=\"_ _3bd\"> </span>1<span class=\"_ _3bd\"> </span>daAAAaA<span class=\"_ _0\"></span>AL<span class=\"_ _3bd\"> </span>daAAAaA<span class=\"_ _0\"></span>A-<span class=\"_ _3bd\"> </span>daAAAaA<span class=\"_ _0\"></span>A-<span class=\"_ _3bd\"> </span>daAaaaA<span class=\"_ _0\"></span>a3<span class=\"_ _3bd\"> </span>2<span class=\"_ _3bd\"> </span>daAHaA<span class=\"_ _0\"></span>L<span class=\"_ _3bd\"> </span>daA+aA-<span class=\"_ _3bd\"> </span>daA+aA-<span class=\"_ _3bd\"> </span>daA1aA<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>3<span class=\"_ _3bd\"> </span>daBBBHaBB<span class=\"_ _0\"></span>BLdaBBB<span class=\"_ _0\"></span>+aBB<span class=\"_ _0\"></span>B-daBBB<span class=\"_ _0\"></span>+aBB<span class=\"_ _0\"></span>B-daBaa1aB<span class=\"_ _0\"></span>aa<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>4<span class=\"_ _3bd\"> </span>daBBHaBB<span class=\"_ _1\"></span>L<span class=\"_ _3bd\"> </span>daBB+aB<span class=\"_ _0\"></span>B-<span class=\"_ _3bd\"> </span>daBB+aB<span class=\"_ _0\"></span>B-<span class=\"_ _3bd\"> </span>daBa1aB<span class=\"_ _0\"></span>a3<span class=\"_ _3bd\"> </span>5<span class=\"_ _3bd\"> </span>daBHaB<span class=\"_ _0\"></span>L<span class=\"_ _3bd\"> </span>daB+aB-<span class=\"_ _3bd\"> </span>daB+aB-<span class=\"_ _3bd\"> </span>daB1aB<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>6<span class=\"_ _3bd\"> </span>C<span class=\"_ _0\"></span>CC<span class=\"_ _3bd\"> </span>CCC+einf<span class=\"_ _0\"></span>erio<span class=\"_ _0\"></span>ri<span class=\"_ _3bd\"> </span>CCC+einf<span class=\"_ _0\"></span>erio<span class=\"_ _0\"></span>ri<span class=\"_ _3bd\"> </span>Caa1einf<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>ori<span class=\"_ _3bd\"> </span>A.2<span class=\"_ _1\"></span>.2<span class=\"_ _3bd\"> </span>Distr<span class=\"_ _0\"></span>ibuzione<span class=\"_ _3bd\"> </span>delle<span class=\"_ _3bd\"> </span>attivit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>finan<span class=\"_ _0\"></span>ziar<span class=\"_ _0\"></span>ie,<span class=\"_ _3bd\"> </span>degli<span class=\"_ _3bd\"> </span>impeg<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>eroga<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>fond<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>delle<span class=\"_ _3bd\"> </span>gara<span class=\"_ _0\"></span>nzie<span class=\"_ _3bd\"> </span>finanzi<span class=\"_ _0\"></span>arie<span class=\"_ _3bd\"> </span>rilascia<span class=\"_ _0\"></span>te:<span class=\"_ _3bd\"> </span>per<span class=\"_ _3bd\"> </span>class<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>rati<span class=\"_ _0\"></span>ng<span class=\"_ _3bd\"> </span>interni<span class=\"_ _3bd\"> </span>(valor<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>lordi<span class=\"_ _0\"></span>)<span class=\"fc0 sc1\"> </span>Es<span class=\"_ _0\"></span>posi<span class=\"_ _1\"></span>zioni<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Cla<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>rat<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g<span class=\"_ _3bd\"> </span>int<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ni<span class=\"fc0 sc1\"> </span>Tot<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>Cla<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>1<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _f6\"> </span><span class=\"fc4 sc2\">Cla<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></span></span>2<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _25\"> </span><span class=\"fc4 sc2\">Classe<span class=\"_ _3bd\"> </span></span></span>3<span class=\"_ _3bd\"> </span>Cla<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>4<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _2b\"> </span><span class=\"fc4 sc2\">Classe<span class=\"_ _3bd\"> </span></span></span>5<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _28\"> </span><span class=\"fc4 sc2\">Cla<span class=\"_ _0\"></span>sse<span class=\"_ _3bd\"> </span></span></span>6<span class=\"_ _3bd\"> </span>Cla<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>7<span class=\"_ _3bd\"> </span>Cla<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>8<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Se<span class=\"_ _0\"></span>nza<span class=\"_ _3bd\"> </span>rat<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g<span class=\"fc0 sc1\"> </span>A.<span class=\"_ _3bd\"> </span>Attivit\u00e0<span class=\"_ _3bd\"> </span>finanziar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>valutate<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>costo<span class=\"_ _3bd\"> </span>ammorti<span class=\"_ _0\"></span>zzato 4.<span class=\"_ _0\"></span>444<span class=\"_ _0\"></span>.91<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>13.516.001<span class=\"_ _3bd\"> </span>5.57<span class=\"_ _0\"></span>1.266<span class=\"_ _3bd\"> </span>5.3<span class=\"_ _1\"></span>95.<span class=\"_ _0\"></span>826<span class=\"_ _3bd\"> </span>2.761.463<span class=\"_ _3bd\"> </span>1.277.1<span class=\"_ _0\"></span>12<span class=\"_ _3bd\"> </span>35<span class=\"_ _0\"></span>2.<span class=\"_ _0\"></span>846<span class=\"_ _3bd\"> </span>393<span class=\"_ _1\"></span>.428<span class=\"_ _3bd\"> </span>10<span class=\"_ _0\"></span>.64<span class=\"_ _0\"></span>6.6<span class=\"_ _0\"></span>94<span class=\"_ _3bd\"> </span>44<span class=\"_ _0\"></span>.35<span class=\"_ _0\"></span>9.5<span class=\"_ _0\"></span>46<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Primo<span class=\"ff1\"> </span>st<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>io <span class=\"_ _246\"> </span>4.44<span class=\"_ _0\"></span>2.343<span class=\"_ _3bd\"> </span></span></span>13.473.301<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>5.538.14<span class=\"_ _2\"></span>1<span class=\"ff1\">  </span>4.<span class=\"_ _0\"></span>646.<span class=\"_ _0\"></span>321<span class=\"_ _3bd\"> </span>2.244.430<span class=\"ff1\"> <span class=\"_ _1e\"> </span> <span class=\"_ _1a\"> </span></span>745.135<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>148.<span class=\"_ _0\"></span>736<span class=\"_ _3bd\"> </span>305<span class=\"_ _0\"></span>.386<span class=\"_ _3bd\"> </span>9.<span class=\"_ _0\"></span>781.8<span class=\"_ _0\"></span>67<span class=\"_ _3bd\"> </span>41<span class=\"_ _0\"></span>.325.6<span class=\"_ _0\"></span>60<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> </span>S<span class=\"_ _0\"></span>econ<span class=\"_ _0\"></span>do<span class=\"ff1\"> </span>st<span class=\"_ _0\"></span>adi<span class=\"_ _0\"></span>o <span class=\"_ _a6\"> </span>2.<span class=\"_ _0\"></span>567<span class=\"_ _3bd\"> </span>42.<span class=\"_ _0\"></span>665<span class=\"ff1\"> <span class=\"_ _31c\"> </span></span>31.431<span class=\"ff1\"> <span class=\"_ _1a\"> </span> <span class=\"_ _1e\"> </span></span>74<span class=\"_ _0\"></span>8.5<span class=\"_ _0\"></span>79<span class=\"_ _3bd\"> </span>516.898<span class=\"ff1\"> <span class=\"_ _1a\"> </span> <span class=\"_ _1e\"> </span></span>531.782<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>203.<span class=\"_ _0\"></span>90<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>88.<span class=\"_ _0\"></span>042<span class=\"_ _3bd\"> </span>129<span class=\"_ _0\"></span>.166<span class=\"_ _3bd\"> </span>2.2<span class=\"_ _0\"></span>95.0<span class=\"_ _0\"></span>37<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Terzo<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>tad<span class=\"_ _0\"></span>io </span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _a1\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _207\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _121\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _69\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>713<span class=\"_ _0\"></span>.601<span class=\"_ _3bd\"> </span>713<span class=\"_ _0\"></span>.601<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Impaired<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ac<span class=\"_ _2\"></span>quisit<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span>rigi<span class=\"_ _0\"></span>nat<span class=\"_ _0\"></span>e </span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>35<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _327\"> </span><span class=\"ff3\">1.<span class=\"_ _0\"></span>694<span class=\"ff1\"> <span class=\"_ _335\"> </span></span>92<span class=\"_ _1\"></span>6<span class=\"_ _3bd\"> </span></span></span>1<span class=\"_ _0\"></span>35<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f3\"> </span><span class=\"ff3\">19<span class=\"_ _0\"></span>5<span class=\"ff1\"> <span class=\"_ _328\"> </span></span>20<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>22.<span class=\"_ _0\"></span>060<span class=\"_ _3bd\"> </span>25.<span class=\"_ _0\"></span>248<span class=\"_ _3bd\"> </span>B.<span class=\"_ _3bd\"> </span>Attivit\u00e0<span class=\"_ _3bd\"> </span>finanzi<span class=\"_ _0\"></span>arie<span class=\"_ _3bd\"> </span>valutate<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>fair<span class=\"_ _3bd\"> </span>value<span class=\"_ _3bd\"> </span>con<span class=\"_ _3bd\"> </span>impatt<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>sulla<span class=\"_ _3bd\"> </span>redditivit\u00e0<span class=\"_ _3bd\"> </span>comple<span class=\"_ _0\"></span>ssiva -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>6.<span class=\"_ _0\"></span>161<span class=\"_ _0\"></span>.04<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span>6.<span class=\"_ _0\"></span>161<span class=\"_ _0\"></span>.04<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Primo<span class=\"ff1\"> </span>st<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>io </span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _a1\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _207\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _121\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _69\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>6.<span class=\"_ _0\"></span>161.04<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span>6.<span class=\"_ _0\"></span>161.04<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> </span>S<span class=\"_ _0\"></span>econ<span class=\"_ _0\"></span>do<span class=\"ff1\"> </span>st<span class=\"_ _0\"></span>adi<span class=\"_ _0\"></span>o -<span class=\"_ _3bd\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _a1\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _207\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _121\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _69\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Terzo<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>tad<span class=\"_ _0\"></span>io </span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _a1\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _207\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _121\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _69\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Impaired<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ac<span class=\"_ _2\"></span>quisit<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span>rigi<span class=\"_ _0\"></span>nat<span class=\"_ _0\"></span>e </span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _a1\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _207\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _121\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _69\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>C.<span class=\"_ _3bd\"> </span>Attivit\u00e0<span class=\"_ _3bd\"> </span>finanziari<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>corso<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>dis<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>one<span class=\"_ _1\"></span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Primo<span class=\"ff1\"> </span>st<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>io </span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _a1\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _207\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _121\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _69\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> </span>S<span class=\"_ _0\"></span>econ<span class=\"_ _0\"></span>do<span class=\"ff1\"> </span>st<span class=\"_ _0\"></span>adi<span class=\"_ _0\"></span>o -<span class=\"_ _3bd\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _a1\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _207\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _121\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _69\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Terzo<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>tad<span class=\"_ _0\"></span>io </span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _a1\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _207\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _121\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _69\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Impaired<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ac<span class=\"_ _2\"></span>quisit<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span>rigi<span class=\"_ _0\"></span>nat<span class=\"_ _0\"></span>e </span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _a1\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _207\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _121\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _69\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Tot<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>(A<span class=\"_ _0\"></span>+B+<span class=\"_ _1\"></span>C) <span class=\"_ _2b6\"> </span>4.4<span class=\"_ _0\"></span>44.<span class=\"_ _0\"></span>91<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>13.516.001<span class=\"_ _3bd\"> </span>5.57<span class=\"_ _0\"></span>1.266<span class=\"_ _3bd\"> </span>5.3<span class=\"_ _1\"></span>95.<span class=\"_ _0\"></span>826<span class=\"_ _3bd\"> </span>2.761.463<span class=\"_ _3bd\"> </span>1.277.1<span class=\"_ _0\"></span>12<span class=\"_ _3bd\"> </span>35<span class=\"_ _0\"></span>2.<span class=\"_ _0\"></span>846<span class=\"_ _3bd\"> </span>393<span class=\"_ _1\"></span>.428<span class=\"_ _3bd\"> </span>16<span class=\"_ _0\"></span>.80<span class=\"_ _0\"></span>7.7<span class=\"_ _0\"></span>43<span class=\"_ _3bd\"> </span>50.<span class=\"_ _0\"></span>52<span class=\"_ _0\"></span>0.5<span class=\"_ _0\"></span>95<span class=\"_ _3bd\"> </span>D.<span class=\"_ _3bd\"> </span>Impegni<span class=\"_ _3bd\"> </span>a<span class=\"_ _3bd\"> </span>erogare<span class=\"_ _3bd\"> </span>fondi<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>garanzie<span class=\"_ _3bd\"> </span>finanziari<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>rilasciat<span class=\"_ _0\"></span>e 4.3<span class=\"_ _0\"></span>33.<span class=\"_ _0\"></span>69<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span>3.609.688<span class=\"_ _3bd\"> </span>2.058.37<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>026<span class=\"_ _0\"></span>.72<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>507.098<span class=\"_ _3bd\"> </span>267.77<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>37<span class=\"_ _0\"></span>.76<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>26<span class=\"_ _0\"></span>.17<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>1.2<span class=\"_ _0\"></span>66.<span class=\"_ _0\"></span>84<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>13.<span class=\"_ _0\"></span>134.<span class=\"_ _0\"></span>136<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Primo<span class=\"ff1\"> </span>st<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>io <span class=\"_ _ab\"> </span>4.333<span class=\"_ _0\"></span>.697<span class=\"_ _3bd\"> </span></span></span>3.607.615<span class=\"ff1\"> <span class=\"_ _1a\"> </span></span>2.057<span class=\"_ _2\"></span>.451<span class=\"ff1\"> <span class=\"_ _1e\"> </span> <span class=\"_ _1e\"> </span></span>965.<span class=\"_ _0\"></span>102<span class=\"_ _3bd\"> </span>479.726<span class=\"ff1\"> <span class=\"_ _1d\"> </span> <span class=\"_ _1d\"> </span></span>193.310<span class=\"ff1\"> <span class=\"_ _1a\"> </span> <span class=\"_ _1a\"> </span></span>32.12<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>12.<span class=\"_ _0\"></span>663<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>195.<span class=\"_ _0\"></span>745<span class=\"_ _3bd\"> </span>12.<span class=\"_ _0\"></span>877<span class=\"_ _0\"></span>.429<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> </span>S<span class=\"_ _0\"></span>econ<span class=\"_ _0\"></span>do<span class=\"ff1\"> </span>st<span class=\"_ _0\"></span>adi<span class=\"_ _0\"></span>o 2<span class=\"_ _3bd\"> </span>2.0<span class=\"_ _0\"></span>73<span class=\"ff1\"> <span class=\"_ _296\"> </span></span>923<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _329\"> </span><span class=\"ff3\">61.62<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span></span></span>27.<span class=\"_ _0\"></span>372<span class=\"ff1\"> <span class=\"_ _f6\"> </span></span>74.4<span class=\"_ _0\"></span>00<span class=\"ff1\"> <span class=\"_ _f6\"> </span></span>5.48<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>13.<span class=\"_ _0\"></span>514<span class=\"_ _3bd\"> </span>30.<span class=\"_ _0\"></span>039<span class=\"_ _3bd\"> </span>215<span class=\"_ _0\"></span>.426<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Terzo<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>tad<span class=\"_ _0\"></span>io </span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _a1\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _207\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _121\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f0\"> </span><span class=\"ff3\">1<span class=\"_ _0\"></span>65<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>39.4<span class=\"_ _0\"></span>92<span class=\"_ _3bd\"> </span>39.<span class=\"_ _0\"></span>657<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Impaired<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ac<span class=\"_ _2\"></span>quisit<span class=\"_ _2\"></span>i/e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span></span></span></span></span></span></span>orig<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>ti/e -<span class=\"_ _3bd\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _a1\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _207\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _200\"> </span><span class=\"ff3\">60</span> <span class=\"_ _69\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>564<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>624<span class=\"_ _3bd\"> </span>Tot<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>(<span class=\"_ _0\"></span>D)<span class=\"_ _1\"></span> <span class=\"_ _206\"> </span>4.3<span class=\"_ _0\"></span>33<span class=\"_ _0\"></span>.69<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span>3.609.688<span class=\"_ _3bd\"> </span>2.058.37<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>026<span class=\"_ _0\"></span>.72<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>507.098<span class=\"_ _3bd\"> </span>267.77<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>37<span class=\"_ _0\"></span>.76<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>26<span class=\"_ _0\"></span>.17<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>1.2<span class=\"_ _0\"></span>66.<span class=\"_ _0\"></span>84<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>13.<span class=\"_ _0\"></span>134<span class=\"_ _0\"></span>.13<span class=\"_ _1\"></span>6<span class=\"_ _3bd\"> </span>Tot<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>(A<span class=\"_ _0\"></span>+B+<span class=\"_ _1\"></span>C)<span class=\"_ _3bd\"> </span>8.7<span class=\"_ _0\"></span>78<span class=\"_ _0\"></span>.60<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span>17.125.689<span class=\"_ _3bd\"> </span>7.629.640<span class=\"_ _3bd\"> </span>6.<span class=\"_ _0\"></span>422<span class=\"_ _1\"></span>.548<span class=\"_ _3bd\"> </span>3.268.561<span class=\"_ _3bd\"> </span>1.544.8<span class=\"_ _0\"></span>82<span class=\"_ _3bd\"> </span>39<span class=\"_ _0\"></span>0.<span class=\"_ _0\"></span>614<span class=\"_ _3bd\"> </span>41<span class=\"_ _0\"></span>9.6<span class=\"_ _0\"></span>05<span class=\"_ _3bd\"> </span>18<span class=\"_ _0\"></span>.07<span class=\"_ _0\"></span>4.5<span class=\"_ _0\"></span>83<span class=\"_ _3bd\"> </span>63.<span class=\"_ _0\"></span>65<span class=\"_ _0\"></span>4.73<span class=\"_ _1\"></span>1<span class=\"_ _3bd\"> </span>Il<span class=\"ff1\"> </span>2<span class=\"ff1\"> </span>ot<span class=\"_ _2\"></span>tobre<span class=\"ff1\"> </span>201<span class=\"_ _2\"></span>5<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Banca<span class=\"ff1\"> </span>d\u2019Italia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ha<span class=\"ff1\"> </span>autor<span class=\"_ _2\"></span>izzato<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>G<span class=\"_ _2\"></span>ruppo<span class=\"ff1\"> </span>Credem<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ad<span class=\"ff1\"> </span>utilizzare<span class=\"ff1\"> </span>da<span class=\"_ _2\"></span>l<span class=\"ff1\"> </span>30<span class=\"ff1\"> <span class=\"_ _2\"></span></span>settembre<span class=\"ff1\"> </span>2015<span class=\"ff1\">  </span>il<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">metodo</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">IRB</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">Advanced</span>  <span class=\"ff3\">(parametri</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">PD,</span>  <span class=\"ff3\">L<span class=\"_ _0\"></span>GD,<span class=\"ff1\">  </span>EAD)<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>per<span class=\"ff1\">  </span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>quantificazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\">  </span>requisito<span class=\"ff1\"> </span></span></span>patrimoniale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fronte<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cr<span class=\"_ _2\"></span>edito<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>clienti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rientranti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nell<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>funzione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>regolamentare<span class=\"ff1\"> </span>Corporate<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>Retail<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Credito<span class=\"ff1\"> </span>Emiliano<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>Credemleasing. Le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">classi<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ating<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>nterni<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> </span>esposte<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>quan<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>utilizzati<span class=\"ff1\"> </span>nella<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gestione<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">credito;<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>nel<span class=\"ff1\"> <span class=\"_ _2\"></span></span>calcolo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>requisiti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pr<span class=\"_ _2\"></span>udenziali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>utilizzati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>so<span class=\"_ _2\"></span>lo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quelli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>relativi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>funzione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>egolamentare<span class=\"ff1\"> </span>Corporate<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>Retail.<span class=\"ff1\"> </span>Si<span class=\"ff1\"> </span>fornisce<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>dettaglio<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>varie<span class=\"ff1\"> </span>classi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rating<span class=\"ff1\"> </span>utilizzate. C<span class=\"_ _0\"></span>1<span class=\"ff1\"> <span class=\"_ _178\"> </span></span>asse<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pro<span class=\"_ _0\"></span>ble<span class=\"_ _0\"></span>mat<span class=\"_ _0\"></span>iche<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>sia<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mom<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>he,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pre<span class=\"_ _0\"></span>ved<span class=\"_ _0\"></span>ibil<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>e,<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">med<span class=\"_ _0\"></span>io/l<span class=\"_ _0\"></span>ungo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>riod<span class=\"_ _0\"></span>o </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>C<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _a2\"> </span> <span class=\"_ _1\"></span><span class=\"ff3\">assen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prob<span class=\"_ _0\"></span>lema<span class=\"_ _0\"></span>tic<span class=\"_ _0\"></span>he<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>si<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">mom<span class=\"_ _0\"></span>ento<span class=\"ff1\"> </span>che<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>preved<span class=\"_ _0\"></span>ibil<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te,<span class=\"ff1\"> </span>nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">medi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>perio<span class=\"_ _0\"></span>do<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>C<span class=\"_ _0\"></span>3<span class=\"ff1\"> <span class=\"_ _196\"> </span></span>assenti<span class=\"ff1\"> </span>problematiche<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">rischio</span> <span class=\"ff3\">sia</span> <span class=\"ff3\">al</span> <span class=\"_ _1\"></span><span class=\"ff3\">m<span class=\"_ _2\"></span>omento<span class=\"ff1\"> </span>che<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>prevedibilmente,<span class=\"ff1\"> </span>nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">breve</span> <span class=\"ff3\">periodo<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span>C<span class=\"_ _0\"></span>4<span class=\"ff1\"> <span class=\"_ _196\"> </span> <span class=\"_ _336\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>compatibile<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>possibilit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>sua<span class=\"ff1\"> </span>attenuazione/lieve<span class=\"ff1\"> </span>peggioramento<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>breve </span></span>C<span class=\"_ _0\"></span>5<span class=\"ff1\"> <span class=\"_ _196\"> </span> </span>situazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sintomi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">p<span class=\"_ _2\"></span>eggioramento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gi\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">evid<span class=\"_ _2\"></span>enti<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>C<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span><span class=\"ff1\"> </span>situazione<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>evidenzia<span class=\"ff1\"> </span>aspetti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>evidente<span class=\"ff1\"> </span>problematicit\u00e0 C<span class=\"_ _0\"></span>7<span class=\"ff1\"> </span>situazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">marcata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">problematicit\u00e0,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">potenziale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ris<span class=\"_ _2\"></span>chio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">defaul<span class=\"_ _2\"></span>t<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>C<span class=\"_ _0\"></span>8<span class=\"ff1\"> </span>situazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">forte<span class=\"ff1\"> </span>problematicit\u00e0<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">default<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>breve </span></span></span></span>A.<span class=\"_ _0\"></span>3Di<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>rib<span class=\"_ _0\"></span>uz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>esp<span class=\"_ _1\"></span>osiz<span class=\"_ _1\"></span>ioni<span class=\"_ _3bd\"> </span>cr<span class=\"_ _0\"></span>edi<span class=\"_ _0\"></span>tiz<span class=\"_ _1\"></span>ie<span class=\"_ _3bd\"> </span>ga<span class=\"_ _1\"></span>rant<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>tip<span class=\"_ _0\"></span>olo<span class=\"_ _1\"></span>gia<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ga<span class=\"_ _1\"></span>ranz<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span> A.<span class=\"_ _0\"></span>3.<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>Co<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>ida<span class=\"_ _1\"></span>to<span class=\"_ _3bd\"> </span>pr<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>zia<span class=\"_ _1\"></span>le<span class=\"_ _3bd\"> </span>\u2013<span class=\"_ _3bd\"> </span>Es<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>siz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>cre<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>fuo<span class=\"_ _1\"></span>ri<span class=\"_ _3bd\"> </span>bi<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>ver<span class=\"_ _1\"></span>so<span class=\"_ _3bd\"> </span>ba<span class=\"_ _0\"></span>nch<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>ga<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>Esposizione<span class=\"_ _3bd\"> </span>lord<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>a<span class=\"fc0 sc1\"> </span>Esposizione<span class=\"_ _3bd\"> </span>ne<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>tta<span class=\"fc0 sc1\"> </span>Ga<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>Ga<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>on<span class=\"_ _1\"></span>ali<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>(1<span class=\"_ _0\"></span>)+(<span class=\"_ _1\"></span>2)<span class=\"fc0 sc1\"> </span>(2<span class=\"_ _1\"></span>)<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>De<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>vat<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span>su<span class=\"_ _3bd\"> </span>cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>iti<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _ff\"> </span><span class=\"fc4 sc2\">Crediti<span class=\"_ _3bd\"> </span></span></span>di<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>a<span class=\"fc0 sc1\"> </span>Immobili<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>ipo<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>tec<span class=\"_ _0\"></span>he<span class=\"fc0 sc1\"> </span>Immobili<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Finanziamenti<span class=\"_ _3bd\"> </span>per<span class=\"_ _3bd\"> </span>leasing<span class=\"_ _3bd\"> </span><span class=\"fc0 sc1\"> </span>Tit<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Altre<span class=\"_ _3bd\"> </span>garanzie<span class=\"_ _3bd\"> </span>re<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>C<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>LN<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Altri<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Amm<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>inis<span class=\"_ _0\"></span>traz<span class=\"_ _1\"></span>ioni<span class=\"_ _3bd\"> </span>pub<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>blic<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Ban<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>che<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Altre<span class=\"_ _3bd\"> </span>societ\u00e0<span class=\"_ _3bd\"> </span>fina<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iari<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>Altri<span class=\"_ _3bd\"> </span>sog<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>get<span class=\"_ _0\"></span>ti<span class=\"fc0 sc1\"> </span>Controparti<span class=\"_ _3bd\"> </span>cen<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>tral<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>Ban<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>che<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Altre<span class=\"_ _3bd\"> </span>societ\u00e0<span class=\"_ _3bd\"> </span>fina<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iari<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>Altri<span class=\"_ _3bd\"> </span>sog<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>get<span class=\"_ _0\"></span>ti<span class=\"fc0 sc1\"> </span>1.<span class=\"_ _3bd\"> </span>Es<span class=\"_ _1\"></span>pos<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>on<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span>cre<span class=\"_ _1\"></span>dit<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>ga<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>e:<span class=\"_ _0\"></span> <span class=\"_ _338\"> </span>33<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>27<span class=\"_ _0\"></span> <span class=\"_ _1ff\"> </span>33<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>18<span class=\"_ _0\"></span> - <span class=\"_ _218\"> </span>20<span class=\"_ _1\"></span>6<span class=\"_ _0\"></span> -------- <span class=\"_ _216\"> </span>11<span class=\"_ _0\"></span>.00<span class=\"_ _1\"></span>0 -- <span class=\"_ _335\"> </span>11.2<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>6<span class=\"_ _1\"></span> 1.<span class=\"_ _0\"></span>1.<span class=\"ff1\"> </span>tot<span class=\"_ _0\"></span>alm<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>gar<span class=\"_ _0\"></span>anti<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span> <span class=\"_ _17f\"> </span>2<span class=\"_ _0\"></span>07<span class=\"_ _1\"></span> <span class=\"_ _75\"> </span>2<span class=\"_ _0\"></span>06<span class=\"_ _1\"></span> <span class=\"_ _196\"> </span>- <span class=\"_ _296\"> </span>2<span class=\"_ _0\"></span>06<span class=\"_ _1\"></span> <span class=\"_ _196\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _7f\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _1ac\"> </span>20<span class=\"_ _3bd\"> </span><span class=\"_ _1\"></span>6 -<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>ior<span class=\"_ _0\"></span>ate<span class=\"_ _1\"></span> <span class=\"_ _80\"> </span>- <span class=\"_ _83\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _207\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _224\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _7f\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _b7\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span>1.<span class=\"_ _0\"></span>2.<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>arzi<span class=\"_ _0\"></span>alm<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>garan<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>te <span class=\"_ _2a3\"> </span>32.8<span class=\"_ _0\"></span>20 <span class=\"_ _1ff\"> </span>32.<span class=\"_ _0\"></span>81<span class=\"_ _0\"></span>2 <span class=\"_ _196\"> </span>- <span class=\"_ _a1\"> </span>- <span class=\"_ _a2\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _224\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _200\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _1fb\"> </span>11<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>00 <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _216\"> </span>11<span class=\"_ _0\"></span>.00<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>0 -<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>ior<span class=\"_ _0\"></span>ate<span class=\"_ _1\"></span> <span class=\"_ _80\"> </span>- <span class=\"_ _83\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _207\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _224\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _7f\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _b7\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span>2.<span class=\"_ _3bd\"> </span>Es<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>cre<span class=\"_ _1\"></span>dit<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>fu<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>bi<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>io<span class=\"_ _3bd\"> </span>ga<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>e:<span class=\"_ _0\"></span> ----------------2.<span class=\"_ _0\"></span>1.<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>otal<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>ga<span class=\"_ _0\"></span>ran<span class=\"_ _0\"></span>tite<span class=\"_ _0\"></span> <span class=\"_ _2f9\"> </span>- <span class=\"_ _83\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _207\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _224\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _200\"> </span>- <span class=\"_ _70\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _b7\"> </span>-<span class=\"_ _3bd\"> </span> -<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>ior<span class=\"_ _0\"></span>ate<span class=\"_ _1\"></span> <span class=\"_ _80\"> </span>- <span class=\"_ _83\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _207\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _224\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _7f\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _b7\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span>2.<span class=\"_ _0\"></span>2.<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>arz<span class=\"_ _0\"></span>ialm<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>gara<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>te <span class=\"_ _173\"> </span>- <span class=\"_ _83\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _207\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _224\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _200\"> </span>- <span class=\"_ _70\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _200\"> </span>- <span class=\"_ _7f\"> </span>-<span class=\"_ _3bd\"> </span> -<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>ior<span class=\"_ _0\"></span>ate<span class=\"_ _1\"></span> <span class=\"_ _80\"> </span>- <span class=\"_ _83\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _207\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _224\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _7f\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span></span></span></span></span></span></span>A.<span class=\"_ _0\"></span>3.2<span class=\"_ _3bd\"> </span>Co<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>ida<span class=\"_ _1\"></span>to<span class=\"_ _3bd\"> </span>pr<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>zia<span class=\"_ _1\"></span>le<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Es<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>cre<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>fu<span class=\"_ _0\"></span>ori<span class=\"_ _3bd\"> </span>bi<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>ve<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>cl<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>nte<span class=\"_ _1\"></span>la<span class=\"_ _3bd\"> </span>ga<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>Esposizione<span class=\"_ _3bd\"> </span>lord<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>a<span class=\"fc0 sc1\"> </span>Esposizione<span class=\"_ _3bd\"> </span>ne<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>tta<span class=\"fc0 sc1\"> </span>Ga<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>(1<span class=\"_ _1\"></span>)<span class=\"fc0 sc1\"> </span>Ga<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>ali<span class=\"_ _3bd\"> </span>(2<span class=\"_ _1\"></span>)<span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>(1<span class=\"_ _0\"></span>)+(<span class=\"_ _1\"></span>2)<span class=\"fc0 sc1\"> </span>De<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>vat<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span>su<span class=\"_ _3bd\"> </span>cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>iti<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _14a\"> </span><span class=\"fc4 sc2\">Cr<span class=\"_ _0\"></span>editi<span class=\"_ _3bd\"> </span></span></span>di<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>a<span class=\"fc0 sc1\"> </span>Immobili<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Ipo<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>tec<span class=\"_ _0\"></span>he<span class=\"fc0 sc1\"> </span>Immobili<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>leasing<span class=\"_ _3bd\"> </span>fina<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iari<span class=\"_ _0\"></span>o<span class=\"fc0 sc1\"> </span>Tit<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Altre<span class=\"_ _3bd\"> </span>garanzie<span class=\"_ _3bd\"> </span>re<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>C<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>LN<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Alt<span class=\"_ _1\"></span>ri<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span>ti<span class=\"fc0 sc1\"> </span>Altri<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Amm<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>inis<span class=\"_ _0\"></span>traz<span class=\"_ _1\"></span>ioni<span class=\"_ _3bd\"> </span>pub<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>blic<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Ban<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>che<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Altre<span class=\"_ _3bd\"> </span>societ\u00e0<span class=\"_ _3bd\"> </span>fina<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iari<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>Altri<span class=\"_ _3bd\"> </span>sog<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>get<span class=\"_ _0\"></span>ti<span class=\"fc0 sc1\"> </span>Con<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>trop<span class=\"_ _0\"></span>art<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>cen<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>tral<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>Ban<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>che<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Altre<span class=\"_ _3bd\"> </span>societ\u00e0<span class=\"_ _3bd\"> </span>f<span class=\"_ _3bd\"> </span>ina<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iari<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>Altri<span class=\"_ _3bd\"> </span>sog<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>get<span class=\"_ _0\"></span>ti<span class=\"fc0 sc1\"> </span>1.<span class=\"_ _3bd\"> </span>Espo<span class=\"_ _0\"></span>sizio<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>credi<span class=\"_ _0\"></span>tizie<span class=\"_ _3bd\"> </span>per<span class=\"_ _3bd\"> </span>cass<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>ga<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>e:<span class=\"_ _0\"></span> 23<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>50.<span class=\"_ _1\"></span>643<span class=\"_ _1\"></span> <span class=\"_ _1eb\"> </span>22<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>78<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>65<span class=\"_ _0\"></span> <span class=\"_ _1ec\"> </span>11.<span class=\"_ _0\"></span>521<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>96<span class=\"_ _1\"></span> <span class=\"_ _1ef\"> </span>1.<span class=\"_ _0\"></span>72<span class=\"_ _0\"></span>1.<span class=\"_ _0\"></span>71<span class=\"_ _0\"></span>3 <span class=\"_ _1fa\"> </span>1.2<span class=\"_ _0\"></span>76<span class=\"_ _0\"></span>.1<span class=\"_ _0\"></span>54<span class=\"_ _0\"></span> <span class=\"_ _1fa\"> </span>2.1<span class=\"_ _0\"></span>64<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>21<span class=\"_ _0\"></span> ----- <span class=\"_ _1f5\"> </span>2.4<span class=\"_ _0\"></span>93<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>44<span class=\"_ _3bd\"> </span>92<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>44<span class=\"_ _0\"></span> <span class=\"_ _1eb\"> </span>42.<span class=\"_ _0\"></span>04<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>027<span class=\"_ _1\"></span>.63<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>21<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>39<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>51<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>1.<span class=\"ff1\"> </span>tot<span class=\"_ _0\"></span>alm<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>gar<span class=\"_ _0\"></span>anti<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span> <span class=\"_ _198\"> </span>19.0<span class=\"_ _0\"></span>45.<span class=\"_ _0\"></span>813 <span class=\"_ _329\"> </span>18<span class=\"_ _0\"></span>.80<span class=\"_ _0\"></span>2.2<span class=\"_ _0\"></span>71 <span class=\"_ _1f5\"> </span>11.<span class=\"_ _0\"></span>519<span class=\"_ _0\"></span>.93<span class=\"_ _0\"></span>0 <span class=\"_ _22\"> </span>1.72<span class=\"_ _0\"></span>1.<span class=\"_ _0\"></span>713 <span class=\"_ _22\"> </span>1.2<span class=\"_ _0\"></span>02.4<span class=\"_ _0\"></span>68 <span class=\"_ _22\"> </span>2.<span class=\"_ _0\"></span>139.<span class=\"_ _0\"></span>48<span class=\"_ _0\"></span>5 <span class=\"_ _1f2\"> </span>-<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span> - <span class=\"_ _219\"> </span>-<span class=\"_ _3bd\"> </span> - <span class=\"_ _1f2\"> </span>655.6<span class=\"_ _0\"></span>60<span class=\"_ _3bd\"> </span>28<span class=\"_ _0\"></span>.44<span class=\"_ _0\"></span>4 <span class=\"_ _22\"> </span>30.1<span class=\"_ _0\"></span>89<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>581<span class=\"_ _0\"></span>.570<span class=\"_ _3bd\"> </span>18<span class=\"_ _0\"></span>.87<span class=\"_ _0\"></span>9.4<span class=\"_ _0\"></span>59<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>ior<span class=\"_ _0\"></span>ate<span class=\"_ _1\"></span> <span class=\"_ _2f0\"> </span>431.<span class=\"_ _0\"></span>587<span class=\"_ _0\"></span> <span class=\"_ _218\"> </span>24<span class=\"_ _0\"></span>2.2<span class=\"_ _0\"></span>82 <span class=\"_ _1af\"> </span>169.<span class=\"_ _0\"></span>442 <span class=\"_ _1f0\"> </span>28.<span class=\"_ _0\"></span>155 <span class=\"_ _1a2\"> </span>4.<span class=\"_ _0\"></span>10<span class=\"_ _0\"></span>2 <span class=\"_ _210\"> </span>1<span class=\"_ _0\"></span>7.0<span class=\"_ _0\"></span>32 <span class=\"_ _327\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span> - <span class=\"_ _219\"> </span>-<span class=\"_ _3bd\"> </span> - <span class=\"_ _224\"> </span>14.<span class=\"_ _0\"></span>156<span class=\"_ _3bd\"> </span>- <span class=\"_ _296\"> </span>268<span class=\"_ _1\"></span> <span class=\"_ _177\"> </span>8.<span class=\"_ _1\"></span>772<span class=\"_ _3bd\"> </span>24<span class=\"_ _0\"></span>1.9<span class=\"_ _0\"></span>27<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>2.<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>arzi<span class=\"_ _0\"></span>alm<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>garan<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>te <span class=\"_ _68\"> </span>4.2<span class=\"_ _0\"></span>04<span class=\"_ _0\"></span>.830<span class=\"_ _0\"></span> <span class=\"_ _1f1\"> </span>4.1<span class=\"_ _0\"></span>76.<span class=\"_ _0\"></span>294 <span class=\"_ _178\"> </span>1.3<span class=\"_ _0\"></span>66 <span class=\"_ _52\"> </span>- <span class=\"_ _216\"> </span>73.68<span class=\"_ _0\"></span>6 <span class=\"_ _1fb\"> </span>25.0<span class=\"_ _0\"></span>36 <span class=\"_ _1f2\"> </span>-<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span> - <span class=\"_ _219\"> </span>-<span class=\"_ _3bd\"> </span> - <span class=\"_ _1ec\"> </span>1<span class=\"_ _0\"></span>.83<span class=\"_ _0\"></span>7.8<span class=\"_ _0\"></span>84 <span class=\"_ _2a8\"> </span>64.0<span class=\"_ _0\"></span>00 <span class=\"_ _1ed\"> </span>11.<span class=\"_ _0\"></span>852 <span class=\"_ _328\"> </span>446<span class=\"_ _0\"></span>.06<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>459<span class=\"_ _0\"></span>.89<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>ior<span class=\"_ _0\"></span>ate<span class=\"_ _1\"></span> <span class=\"_ _115\"> </span>50.4<span class=\"_ _0\"></span>50 <span class=\"_ _196\"> </span>2<span class=\"_ _0\"></span>7.3<span class=\"_ _0\"></span>86 <span class=\"_ _176\"> </span>1<span class=\"_ _1\"></span>53<span class=\"_ _0\"></span> <span class=\"_ _52\"> </span>- <span class=\"_ _20b\"> </span>3<span class=\"_ _0\"></span>07<span class=\"_ _1\"></span> <span class=\"_ _a5\"> </span>6<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span> <span class=\"_ _1f0\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span> - <span class=\"_ _219\"> </span>-<span class=\"_ _3bd\"> </span> - <span class=\"_ _210\"> </span>2<span class=\"_ _0\"></span>0.9<span class=\"_ _0\"></span>77 <span class=\"_ _20b\"> </span>- <span class=\"_ _177\"> </span>21<span class=\"_ _0\"></span> <span class=\"_ _196\"> </span>3.<span class=\"_ _0\"></span>063<span class=\"_ _3bd\"> </span>24<span class=\"_ _0\"></span>.58<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>2.<span class=\"_ _3bd\"> </span>Espo<span class=\"_ _0\"></span>sizio<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>credi<span class=\"_ _0\"></span>tizie<span class=\"_ _3bd\"> </span>\u201cfuor<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>bila<span class=\"_ _0\"></span>ncio\u201d<span class=\"_ _3bd\"> </span>gara<span class=\"_ _0\"></span>ntite:<span class=\"_ _1\"></span> 85<span class=\"_ _0\"></span>7.<span class=\"_ _0\"></span>46<span class=\"_ _0\"></span>5 <span class=\"_ _216\"> </span>854<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>06<span class=\"_ _1\"></span> <span class=\"_ _1ee\"> </span>43<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>89<span class=\"_ _1\"></span> - <span class=\"_ _1fb\"> </span>193<span class=\"_ _1\"></span>.13<span class=\"_ _0\"></span>3 <span class=\"_ _1ee\"> </span>8<span class=\"_ _0\"></span>9.<span class=\"_ _0\"></span>41<span class=\"_ _0\"></span>6 ----- <span class=\"_ _1ae\"> </span>91<span class=\"_ _1\"></span>5<span class=\"_ _3bd\"> </span>20<span class=\"_ _0\"></span>.18<span class=\"_ _1\"></span>8 <span class=\"_ _1f1\"> </span>3<span class=\"_ _0\"></span>.12<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>33<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>.64<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>68<span class=\"_ _0\"></span>6.<span class=\"_ _0\"></span>71<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>1.<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>otal<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>ga<span class=\"_ _0\"></span>ran<span class=\"_ _0\"></span>tite<span class=\"_ _0\"></span> <span class=\"_ _c4\"> </span>627.<span class=\"_ _0\"></span>159<span class=\"_ _0\"></span> <span class=\"_ _335\"> </span>624<span class=\"_ _0\"></span>.57<span class=\"_ _0\"></span>0 <span class=\"_ _218\"> </span>43.2<span class=\"_ _0\"></span>89 <span class=\"_ _52\"> </span>- <span class=\"_ _1fc\"> </span>167.<span class=\"_ _0\"></span>598<span class=\"_ _0\"></span> <span class=\"_ _1ee\"> </span>68.1<span class=\"_ _0\"></span>52 <span class=\"_ _327\"> </span>-<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span> - <span class=\"_ _219\"> </span>-<span class=\"_ _3bd\"> </span> - <span class=\"_ _77\"> </span>45<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>20<span class=\"_ _0\"></span>.17<span class=\"_ _0\"></span>0 <span class=\"_ _20f\"> </span>3.12<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>314<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>51<span class=\"_ _3bd\"> </span>617<span class=\"_ _0\"></span>.53<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>ior<span class=\"_ _0\"></span>ate<span class=\"_ _1\"></span> <span class=\"_ _208\"> </span>4.<span class=\"_ _1\"></span>38<span class=\"_ _0\"></span>3 <span class=\"_ _207\"> </span>1.88<span class=\"_ _0\"></span>5 <span class=\"_ _129\"> </span>52<span class=\"_ _1\"></span>6 <span class=\"_ _52\"> </span>- <span class=\"_ _1a8\"> </span>508<span class=\"_ _1\"></span> <span class=\"_ _6e\"> </span>8<span class=\"_ _0\"></span>5 <span class=\"_ _327\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span> - <span class=\"_ _219\"> </span>-<span class=\"_ _3bd\"> </span> - <span class=\"_ _47\"> </span>- <span class=\"_ _20b\"> </span>- <span class=\"_ _1fd\"> </span>- <span class=\"_ _21a\"> </span>76<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>883<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>2.<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>arz<span class=\"_ _0\"></span>ialm<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>gara<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>te <span class=\"_ _4a\"> </span>230.<span class=\"_ _0\"></span>306 <span class=\"_ _1fb\"> </span>230.<span class=\"_ _1\"></span>036 <span class=\"_ _68\"> </span>- <span class=\"_ _52\"> </span>- <span class=\"_ _335\"> </span>25.<span class=\"_ _0\"></span>535<span class=\"_ _0\"></span> <span class=\"_ _1ee\"> </span>21.<span class=\"_ _0\"></span>264<span class=\"_ _0\"></span> <span class=\"_ _1f0\"> </span>-<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span> - <span class=\"_ _219\"> </span>-<span class=\"_ _3bd\"> </span> - <span class=\"_ _77\"> </span>46<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span> <span class=\"_ _1ac\"> </span>1<span class=\"_ _0\"></span>8 <span class=\"_ _207\"> </span>- <span class=\"_ _63\"> </span>2<span class=\"_ _0\"></span>1.8<span class=\"_ _0\"></span>97<span class=\"_ _3bd\"> </span>69.<span class=\"_ _0\"></span>176<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>ior<span class=\"_ _0\"></span>ate<span class=\"_ _1\"></span> <span class=\"_ _8b\"> </span>3.<span class=\"_ _0\"></span>01<span class=\"_ _0\"></span>1 <span class=\"_ _1fd\"> </span>2<span class=\"_ _0\"></span>.752<span class=\"_ _0\"></span> <span class=\"_ _68\"> </span>- <span class=\"_ _52\"> </span>- <span class=\"_ _20b\"> </span>2<span class=\"_ _0\"></span>26<span class=\"_ _1\"></span> <span class=\"_ _7c\"> </span>6<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>- <span class=\"_ _73\"> </span>- <span class=\"_ _2f\"> </span>- <span class=\"_ _a2\"> </span>2.50<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>735<span class=\"_ _3bd\"> </span>Nel<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cors<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dell\u2019esercizio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>state<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>escusse<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>garanzie<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ipotecarie<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>10,3<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>milioni<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>euro,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>incassi<span class=\"ff1\"> </span>presumibilmente<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1e\"> </span><span class=\"ff3\">avverranno</span>  <span class=\"ff3\">nei</span>  <span class=\"ff3\">prossimi</span>  <span class=\"ff3\">anni,</span>  <span class=\"ff3\">m<span class=\"_ _2\"></span>entre</span>  <span class=\"ff3\">a</span>  <span class=\"ff3\">fronte</span>  <span class=\"ff3\">delle</span>  <span class=\"ff3\">escussioni</span>  <span class=\"ff3\">di</span> <span class=\"_ _1e\"> </span><span class=\"ff3\">pegni,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1e\"> </span><span class=\"ff3\">poliz<span class=\"_ _0\"></span>ze<span class=\"ff1\"> </span></span></span></span></span>assicurative<span class=\"ff1\">  </span>e<span class=\"ff1\">  </span>fideiussioni<span class=\"ff1\">  </span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\">  </span>stati<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>incassati<span class=\"ff1\">  </span>5,2<span class=\"ff1\">  </span>milioni<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>eur<span class=\"_ _0\"></span>o.<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Nell<span class=\"_ _0\"></span>\u2019esercizio<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>sono<span class=\"ff1\">  </span>stati<span class=\"ff1\">  </span>anche<span class=\"ff1\"> </span>incassati<span class=\"ff1\"> </span>25<span class=\"_ _2\"></span>,7<span class=\"ff1\"> </span>milioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>euro,<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>fronte<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>escussione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>garanzie<span class=\"ff1\"> </span>ipotecarie<span class=\"ff1\"> </span>avviate<span class=\"ff1\"> </span>negli<span class=\"ff1\"> </span>anni<span class=\"ff1\"> </span>precedenti.<span class=\"ff1\"> </span>Nel<span class=\"ff1\"> </span>corso<span class=\"_ _2\"></span><span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>2022<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> </span>state<span class=\"ff1\"> <span class=\"_ _2\"></span></span>poste<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>essere<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l'attivit\u00e0<span class=\"ff1\"> </span>giudiziale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>escussione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> </span>garanzie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mediante<span class=\"ff1\"> </span>pignoramento<span class=\"ff1\">  </span>immobiliare<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">nei</span>  <span class=\"ff3\">casi</span>  <span class=\"ff3\">in</span>  <span class=\"ff3\">cu<span class=\"_ _0\"></span>i<span class=\"ff1\">  </span>non<span class=\"ff1\">  </span>sia<span class=\"ff1\">  </span>stato<span class=\"ff1\">  </span>pos<span class=\"_ _0\"></span>sibile<span class=\"ff1\">  </span>raggiungere<span class=\"ff1\">  </span>soluzi<span class=\"_ _0\"></span>oni<span class=\"ff1\">  </span>transattive<span class=\"ff1\"> </span></span></span>soddisfacenti.<span class=\"ff1\"> </span>Le<span class=\"ff1\"> </span>posizioni<span class=\"ff1\"> </span>affidate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">alle</span> <span class=\"ff3\">societ\u00e0</span> <span class=\"ff3\">di</span> <span class=\"ff3\">outsourcing,</span> <span class=\"ff3\">costituite<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">da</span> <span class=\"ff3\">esposizioni&gt;75</span> <span class=\"ff3\">\u20ack</span> <span class=\"ff3\">e</span> <span class=\"ff3\">&lt;300 </span></span></span></span>\u20ack<span class=\"ff1\"> <span class=\"_ _2\"></span></span>der<span class=\"_ _2\"></span>ivanti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"ff1\"> <span class=\"_ _21\"></span></span>mutui<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">ipote<span class=\"_ _0\"></span>cari<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>state<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valutate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ed<span class=\"ff1\"> <span class=\"_ _20\"></span></span>azionate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>secondo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>medesimo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>criterio;<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l'attiv<span class=\"_ _2\"></span>it\u00e0<span class=\"ff1\"> </span></span></span>delle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>so<span class=\"_ _2\"></span>ciet\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>esterne,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"_ _0\"></span>nfatti,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>pr<span class=\"_ _0\"></span>imi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>mesi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>gestione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pr<span class=\"_ _2\"></span>atiche<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>concentra<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sul<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tentativo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> </span>contatto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>clienti,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sondare<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pos<span class=\"_ _2\"></span>sibilit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>addivenire<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>soluzioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>transattive<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>aldo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>stralcio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>piani<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rientro<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>contenuti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nel<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">te<span class=\"_ _0\"></span>mpo).<span class=\"ff1\">  </span>Anche<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>durant<span class=\"_ _0\"></span>e<span class=\"ff1\">  </span>l<span class=\"_ _0\"></span>o<span class=\"ff1\">  </span>s<span class=\"_ _0\"></span>volgimento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>azione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>esecutiva,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> </span></span></span>societ\u00e0<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>outsourcing<span class=\"ff1\">  </span>prosegue<span class=\"ff1\">  </span>con<span class=\"ff1\">  </span>l'attivit\u00e0<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>contatto<span class=\"ff1\">  </span>per<span class=\"ff1\">  </span>sondare<span class=\"ff1\">  </span>la<span class=\"ff1\">  </span>possibilit\u00e0<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>definizione<span class=\"ff1\"> </span>transattiva<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>posizioni.<span class=\"_ _3bd\"> </span>B.<span class=\"ff5\"> <span class=\"_ _1c\"></span><span class=\"ff3\">Di<span class=\"_ _0\"></span>st<span class=\"_ _1\"></span>ri<span class=\"_ _0\"></span>bu<span class=\"_ _0\"></span>z<span class=\"_ _0\"></span>ion<span class=\"_ _1\"></span>e<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">co<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>tr<span class=\"_ _1\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>ll<span class=\"_ _1\"></span>e<span class=\"ff1\"> </span>es<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>si<span class=\"_ _1\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>cr<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>zi<span class=\"_ _1\"></span>e<span class=\"fc0\"> </span></span></span></span></span></span></span>B.<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>Co<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>ida<span class=\"_ _1\"></span>to<span class=\"_ _3bd\"> </span>pr<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Di<span class=\"_ _0\"></span>str<span class=\"_ _1\"></span>ibu<span class=\"_ _0\"></span>zio<span class=\"_ _1\"></span>ne<span class=\"_ _3bd\"> </span>se<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>es<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>zio<span class=\"_ _1\"></span>ni<span class=\"_ _3bd\"> </span>cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>\"fu<span class=\"_ _1\"></span>ori<span class=\"_ _3bd\"> </span>bi<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>\"<span class=\"_ _3bd\"> </span>ve<span class=\"_ _0\"></span>rso<span class=\"_ _3bd\"> </span>cl<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>nte<span class=\"_ _1\"></span>la<span class=\"fc0 sc1\"> </span>Es<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>si<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>i/Co<span class=\"_ _0\"></span>nt<span class=\"_ _1\"></span>rop<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Am<span class=\"_ _1\"></span>min<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>pu<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>bli<span class=\"_ _1\"></span>che<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _ef\"> </span><span class=\"fc4 sc2\">Societ\u00e0<span class=\"_ _3bd\"> </span></span></span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>Socie<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span>fina<span class=\"_ _0\"></span>nzia<span class=\"_ _0\"></span>rie<span class=\"_ _3bd\"> </span>(di<span class=\"_ _3bd\"> </span>cui:<span class=\"_ _3bd\"> </span>imp<span class=\"_ _0\"></span>rese<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>assi<span class=\"_ _0\"></span>cura<span class=\"_ _0\"></span>zione<span class=\"_ _0\"></span>)<span class=\"fc0 sc1\"> </span>So<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>no<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _1\"></span>nzi<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> <span class=\"_ _192\"> </span></span>Fa<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>gl<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Es<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>si<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>a<span class=\"fc0 sc1\"> </span>Re<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>he<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _1\"></span>les<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Es<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>si<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>a<span class=\"fc0 sc1\"> </span>Re<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>he<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _1\"></span>les<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Es<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>si<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>a<span class=\"fc0 sc1\"> </span>Rettif<span class=\"_ _0\"></span>iche<span class=\"_ _3bd\"> </span>val<span class=\"_ _0\"></span>ore<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _1\"></span>les<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Es<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>si<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>a<span class=\"fc0 sc1\"> </span>Re<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>he<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _1\"></span>les<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Es<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>si<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>a<span class=\"fc0 sc1\"> </span>Rettif<span class=\"_ _0\"></span>iche<span class=\"_ _3bd\"> </span>val<span class=\"_ _0\"></span>ore<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _1\"></span>les<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>A.<span class=\"_ _3bd\"> </span>Espos<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>credi<span class=\"_ _0\"></span>tizie<span class=\"_ _3bd\"> </span>per<span class=\"_ _3bd\"> </span>cas<span class=\"_ _0\"></span>sa A.1<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Sof<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>nze<span class=\"_ _0\"></span> <span class=\"_ _27a\"> </span>30<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span> <span class=\"_ _138\"> </span>98<span class=\"_ _1\"></span>2 <span class=\"_ _41\"> </span>32<span class=\"_ _1\"></span> <span class=\"_ _6d\"> </span>15<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span> <span class=\"_ _ca\"> </span>- <span class=\"_ _a6\"> </span>- <span class=\"_ _129\"> </span>36.<span class=\"_ _0\"></span>945<span class=\"_ _1\"></span> <span class=\"_ _1ab\"> </span>15<span class=\"_ _0\"></span>6.3<span class=\"_ _0\"></span>14<span class=\"_ _0\"></span> <span class=\"_ _77\"> </span>40.6<span class=\"_ _0\"></span>47 <span class=\"_ _1ab\"> </span>85.<span class=\"_ _0\"></span>306 </span></span>-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">esposizioni<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span>oggetto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span>co<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span> - - - - - - 15<span class=\"_ _0\"></span>.10<span class=\"_ _0\"></span>9 40.<span class=\"_ _0\"></span>609<span class=\"_ _1\"></span> 15<span class=\"_ _0\"></span>.23<span class=\"_ _0\"></span>4 20<span class=\"_ _0\"></span>.41<span class=\"_ _0\"></span>5 A.<span class=\"_ _0\"></span>2<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Ina<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>mpi<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ze<span class=\"ff1\"> </span></span></span>pr<span class=\"_ _0\"></span>oba<span class=\"_ _0\"></span>bili<span class=\"_ _1\"></span> 2.<span class=\"_ _0\"></span>049<span class=\"_ _0\"></span> <span class=\"_ _1cf\"> </span>1.99<span class=\"_ _0\"></span>0 <span class=\"_ _1fe\"> </span>1.<span class=\"_ _0\"></span>770 <span class=\"_ _c4\"> </span>83<span class=\"_ _0\"></span> <span class=\"_ _6a\"> </span>- <span class=\"_ _a6\"> </span>-<span class=\"_ _2\"></span> <span class=\"_ _21a\"> </span>80.<span class=\"_ _0\"></span>395 <span class=\"_ _39\"> </span>59.<span class=\"_ _0\"></span>431<span class=\"_ _0\"></span> <span class=\"_ _1fd\"> </span>1<span class=\"_ _0\"></span>27.<span class=\"_ _0\"></span>486<span class=\"_ _0\"></span> <span class=\"_ _212\"> </span>99<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>36 -<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">esposizioni<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span>oggetto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span>co<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span> - - 3 36<span class=\"_ _1\"></span> - - 41.<span class=\"_ _0\"></span>663<span class=\"_ _0\"></span> 18.<span class=\"_ _0\"></span>767<span class=\"_ _1\"></span> 68.<span class=\"_ _0\"></span>54<span class=\"_ _0\"></span>7 26.<span class=\"_ _0\"></span>04<span class=\"_ _0\"></span>8 A.3<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Esposizioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">scadute<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span>de<span class=\"_ _0\"></span>ter<span class=\"_ _1\"></span>iorat<span class=\"_ _0\"></span>e 71<span class=\"_ _1\"></span>5 <span class=\"_ _aa\"> </span>15<span class=\"_ _0\"></span> <span class=\"_ _3b\"> </span>2<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span> <span class=\"_ _235\"> </span>8 <span class=\"_ _ca\"> </span>- <span class=\"_ _a6\"> </span>- <span class=\"_ _70\"> </span>5<span class=\"_ _0\"></span>.74<span class=\"_ _0\"></span>0 <span class=\"_ _1b9\"> </span>97<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span> <span class=\"_ _75\"> </span>27<span class=\"_ _0\"></span>.92<span class=\"_ _0\"></span>3 <span class=\"_ _2f\"> </span>6.<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>30<span class=\"_ _0\"></span> -<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">esposizioni<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span>oggetto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span>co<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span> - - - - - - 44<span class=\"_ _1\"></span>4 11<span class=\"_ _1\"></span>2 1.<span class=\"_ _0\"></span>101 13<span class=\"_ _1\"></span>9 A.4Esposizioninon<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>ter<span class=\"_ _1\"></span>iorat<span class=\"_ _0\"></span>e 11.<span class=\"_ _0\"></span>872<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>19 <span class=\"_ _eb\"> </span>4.<span class=\"_ _0\"></span>863<span class=\"_ _0\"></span> <span class=\"_ _11c\"> </span>1.<span class=\"_ _0\"></span>401.<span class=\"_ _0\"></span>162<span class=\"_ _0\"></span> <span class=\"_ _6f\"> </span>8<span class=\"_ _0\"></span>46<span class=\"_ _1\"></span> <span class=\"_ _77\"> </span>44.6<span class=\"_ _0\"></span>46 <span class=\"_ _cb\"> </span>2 <span class=\"_ _1fb\"> </span>18.<span class=\"_ _1\"></span>040.<span class=\"_ _0\"></span>542<span class=\"_ _0\"></span> <span class=\"_ _39\"> </span>30.<span class=\"_ _0\"></span>05<span class=\"_ _0\"></span>1 <span class=\"_ _335\"> </span>15.<span class=\"_ _0\"></span>88<span class=\"_ _0\"></span>9.8<span class=\"_ _0\"></span>16 <span class=\"_ _212\"> </span>56.2<span class=\"_ _0\"></span>22 -<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">esposizioni<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span>oggetto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span>co<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span> 7 - 3.<span class=\"_ _1\"></span>80<span class=\"_ _0\"></span>8 18<span class=\"_ _1\"></span> - - 128<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>44 1.<span class=\"_ _1\"></span>80<span class=\"_ _0\"></span>6 99.<span class=\"_ _0\"></span>22<span class=\"_ _0\"></span>4 2.<span class=\"_ _0\"></span>568<span class=\"_ _0\"></span> To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>(A<span class=\"_ _1\"></span>)<span class=\"_ _0\"></span> <span class=\"_ _16c\"> </span>11<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>75<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>89<span class=\"_ _1\"></span> <span class=\"_ _42\"> </span>7.8<span class=\"_ _0\"></span>50<span class=\"_ _1\"></span> <span class=\"_ _1a2\"> </span>1.4<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>91<span class=\"_ _0\"></span> <span class=\"_ _3a\"> </span>1.<span class=\"_ _1\"></span>09<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span> <span class=\"_ _75\"> </span>4<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>64<span class=\"_ _1\"></span>6 2 <span class=\"_ _210\"> </span>18<span class=\"_ _0\"></span>.1<span class=\"_ _0\"></span>63<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>22<span class=\"_ _1\"></span> <span class=\"_ _68\"> </span>246<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>73<span class=\"_ _0\"></span> <span class=\"_ _218\"> </span>16<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>85<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>72<span class=\"_ _1\"></span> <span class=\"_ _68\"> </span>2<span class=\"_ _0\"></span>47<span class=\"_ _1\"></span>.89<span class=\"_ _0\"></span>4 B.<span class=\"_ _3bd\"> </span>Es<span class=\"_ _1\"></span>pos<span class=\"_ _0\"></span>iz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>iz<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>fuori<span class=\"_ _3bd\"> </span>bil<span class=\"_ _0\"></span>ancio<span class=\"_ _0\"></span> B.<span class=\"_ _0\"></span>1<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Esp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span>de<span class=\"_ _0\"></span>ter<span class=\"_ _1\"></span>iorat<span class=\"_ _0\"></span>e 3 <span class=\"_ _c7\"> </span>- <span class=\"_ _19c\"> </span>12<span class=\"_ _1\"></span> <span class=\"_ _c7\"> </span>- <span class=\"_ _ca\"> </span>- <span class=\"_ _a6\"> </span>- <span class=\"_ _176\"> </span>2<span class=\"_ _0\"></span>1.4<span class=\"_ _0\"></span>08 <span class=\"_ _eb\"> </span>4.<span class=\"_ _0\"></span>04<span class=\"_ _0\"></span>9 <span class=\"_ _176\"> </span>15<span class=\"_ _0\"></span>.65<span class=\"_ _0\"></span>3 <span class=\"_ _ab\"> </span>8<span class=\"_ _0\"></span>5 B.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Esposizioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> </span></span></span></span></span>de<span class=\"_ _0\"></span>ter<span class=\"_ _1\"></span>iorat<span class=\"_ _0\"></span>e 10.<span class=\"_ _0\"></span>33<span class=\"_ _0\"></span>3 <span class=\"_ _a6\"> </span>1 <span class=\"_ _1fd\"> </span>170<span class=\"_ _0\"></span>.76<span class=\"_ _0\"></span>8 <span class=\"_ _aa\"> </span>18<span class=\"_ _1\"></span> <span class=\"_ _75\"> </span>29.<span class=\"_ _0\"></span>05<span class=\"_ _0\"></span>7 <span class=\"_ _c7\"> </span>-<span class=\"_ _2\"></span> <span class=\"_ _63\"> </span>9.496<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>67 <span class=\"_ _1cf\"> </span>1.<span class=\"_ _0\"></span>65<span class=\"_ _1\"></span>9 <span class=\"_ _196\"> </span>1.<span class=\"_ _0\"></span>748<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>92 <span class=\"_ _32\"> </span>1.24<span class=\"_ _0\"></span>4 To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>(<span class=\"_ _0\"></span>B<span class=\"_ _0\"></span>)<span class=\"_ _0\"></span> <span class=\"_ _2ab\"> </span>10.<span class=\"_ _0\"></span>33<span class=\"_ _0\"></span>6 1 <span class=\"_ _1fd\"> </span>170<span class=\"_ _0\"></span>.78<span class=\"_ _1\"></span>0 <span class=\"_ _aa\"> </span>18<span class=\"_ _1\"></span> <span class=\"_ _176\"> </span>2<span class=\"_ _0\"></span>9.<span class=\"_ _0\"></span>05<span class=\"_ _1\"></span>7 - <span class=\"_ _a2\"> </span>9.5<span class=\"_ _0\"></span>17<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>75<span class=\"_ _0\"></span> <span class=\"_ _19c\"> </span>5.7<span class=\"_ _0\"></span>08<span class=\"_ _0\"></span> <span class=\"_ _224\"> </span>1.7<span class=\"_ _0\"></span>64<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>45<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>1<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>29<span class=\"_ _0\"></span> To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>(A<span class=\"_ _0\"></span>+B<span class=\"_ _1\"></span>)<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/1<span class=\"_ _0\"></span>2/<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>22<span class=\"_ _1\"></span> <span class=\"_ _210\"> </span>11.<span class=\"_ _0\"></span>88<span class=\"_ _0\"></span>5.<span class=\"_ _0\"></span>92<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span> <span class=\"_ _3f\"> </span>7.<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>51<span class=\"_ _1\"></span> <span class=\"_ _209\"> </span>1.57<span class=\"_ _1\"></span>3.7<span class=\"_ _0\"></span>71<span class=\"_ _0\"></span> <span class=\"_ _138\"> </span>1.<span class=\"_ _0\"></span>111<span class=\"_ _1\"></span> <span class=\"_ _176\"> </span>7<span class=\"_ _0\"></span>3.7<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>3 2 <span class=\"_ _1ee\"> </span>2<span class=\"_ _0\"></span>7.<span class=\"_ _0\"></span>68<span class=\"_ _0\"></span>1.<span class=\"_ _0\"></span>29<span class=\"_ _0\"></span>7 <span class=\"_ _2a0\"> </span>25<span class=\"_ _0\"></span>2.<span class=\"_ _0\"></span>48<span class=\"_ _1\"></span>1 <span class=\"_ _63\"> </span>17<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>50<span class=\"_ _0\"></span>.31<span class=\"_ _1\"></span>7 <span class=\"_ _50\"> </span>249<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>23<span class=\"_ _0\"></span> To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>(A<span class=\"_ _0\"></span>+B<span class=\"_ _1\"></span>)<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/1<span class=\"_ _0\"></span>2/<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _0\"></span> <span class=\"_ _200\"> </span>11.<span class=\"_ _1\"></span>416<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>43<span class=\"_ _0\"></span> <span class=\"_ _1cf\"> </span>7.0<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>7 <span class=\"_ _196\"> </span>2<span class=\"_ _0\"></span>.1<span class=\"_ _0\"></span>65<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>93<span class=\"_ _0\"></span> <span class=\"_ _ca\"> </span>1<span class=\"_ _0\"></span>.1<span class=\"_ _1\"></span>08<span class=\"_ _1\"></span> <span class=\"_ _7e\"> </span>78.<span class=\"_ _0\"></span>37<span class=\"_ _0\"></span>6 3 <span class=\"_ _1ee\"> </span>26.<span class=\"_ _0\"></span>64<span class=\"_ _1\"></span>7.2<span class=\"_ _0\"></span>17<span class=\"_ _0\"></span> <span class=\"_ _68\"> </span>26<span class=\"_ _1\"></span>5.3<span class=\"_ _0\"></span>75<span class=\"_ _1\"></span> <span class=\"_ _296\"> </span>16.<span class=\"_ _0\"></span>82<span class=\"_ _0\"></span>0.<span class=\"_ _0\"></span>35<span class=\"_ _0\"></span>8 <span class=\"_ _83\"> </span>26<span class=\"_ _0\"></span>3.<span class=\"_ _0\"></span>17<span class=\"_ _0\"></span>3<div class=\"t m26 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs393c\">B.2<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs393d\">Co<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>ida<span class=\"_ _1\"></span>to<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs393e\">pr<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs393f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3940\">Di<span class=\"_ _0\"></span>str<span class=\"_ _1\"></span>ibu<span class=\"_ _0\"></span>zio<span class=\"_ _1\"></span>ne<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3941\">te<span class=\"_ _0\"></span>rri<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3942\">de<span class=\"_ _0\"></span>lle<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3943\">es<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>zio<span class=\"_ _1\"></span>ni<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3944\">cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3945\">pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3946\">ca<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3947\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3948\">\"fu<span class=\"_ _1\"></span>ori<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3949\">bi<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>o\"<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs394a\">ve<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs394b\">cli<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m20 h1c ff3 fsc fc4 sc2 ls0 ws0 gs394c\">Es<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i/A<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc4 sc2 ls0 ws0 gs394d\">ge<span class=\"_ _1\"></span>ogr<span class=\"_ _0\"></span>af<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m20 h1c ff3 fsc fc4 sc2 ls0 ws0 gs394e\">It<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _330\"> </span><span class=\"fc4 sc2\">Altri<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m20 h1c ff3 fsc fc4 sc2 ls0 ws0 gs394f\">paes<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3950\">eu<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> <span class=\"_ _fd\"> </span></span>Ame<span class=\"_ _0\"></span>ri<span class=\"_ _1\"></span>ca<span class=\"fc0 sc1\"> <span class=\"_ _c2\"> </span></span>A<span class=\"_ _0\"></span>si<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _3a\"> </span><span class=\"fc4 sc2\">Rest<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m20 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3951\">del<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3952\">m<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>do<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m3b h1c ff3 fsc fc4 sc2 ls0 ws0 gs3953\">Esposizione<span class=\"_ _3bd\"> </span></div><div class=\"t m3b h1c ff3 fsc fc4 sc2 ls0 ws0 gs3954\">ne<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>tta<span class=\"fc0 sc1\"> </span></div><div class=\"t m3b h1c ff3 fsc fc4 sc2 ls0 ws0 gs3955\">Rettifiche<span class=\"_ _3bd\"> </span></div><div class=\"t m3b h1c ff3 fsc fc4 sc2 ls0 ws0 gs3956\">valore<span class=\"_ _3bd\"> </span></div><div class=\"t m3b h1c ff3 fsc fc4 sc2 ls0 ws0 gs3957\">com<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>ple<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>ve<span class=\"fc0 sc1\"> </span></div><div class=\"t m3b h1c ff3 fsc fc4 sc2 ls0 ws0 gs3958\">Esposizione<span class=\"_ _3bd\"> </span></div><div class=\"t m3b h1c ff3 fsc fc4 sc2 ls0 ws0 gs3959\">ne<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>tta<span class=\"fc0 sc1\"> </span></div><div class=\"t m3b h1c ff3 fsc fc4 sc2 ls0 ws0 gs395a\">Rettifiche<span class=\"_ _3bd\"> </span></div><div class=\"t m3b h1c ff3 fsc fc4 sc2 ls0 ws0 gs395b\">valore<span class=\"_ _3bd\"> </span></div><div class=\"t m3b h1c ff3 fsc fc4 sc2 ls0 ws0 gs395c\">com<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>ple<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>ve<span class=\"fc0 sc1\"> </span></div><div class=\"t m3b h1c ff3 fsc fc4 sc2 ls0 ws0 gs395d\">Esposizione<span class=\"_ _3bd\"> </span></div><div class=\"t m3b h1c ff3 fsc fc4 sc2 ls0 ws0 gs395e\">ne<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>tta<span class=\"fc0 sc1\"> </span></div><div class=\"t m3b h1c ff3 fsc fc4 sc2 ls0 ws0 gs395f\">Rettifiche<span class=\"_ _3bd\"> </span></div><div class=\"t m3b h1c ff3 fsc fc4 sc2 ls0 ws0 gs3960\">valore<span class=\"_ _3bd\"> </span></div><div class=\"t m3b h1c ff3 fsc fc4 sc2 ls0 ws0 gs3961\">com<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>ple<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>ve<span class=\"fc0 sc1\"> </span></div><div class=\"t m3b h1c ff3 fsc fc4 sc2 ls0 ws0 gs3962\">Esposizione<span class=\"_ _3bd\"> </span></div><div class=\"t m3b h1c ff3 fsc fc4 sc2 ls0 ws0 gs3963\">ne<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>tta<span class=\"fc0 sc1\"> </span></div><div class=\"t m3b h1c ff3 fsc fc4 sc2 ls0 ws0 gs3964\">Rettifiche<span class=\"_ _3bd\"> </span></div><div class=\"t m3b h1c ff3 fsc fc4 sc2 ls0 ws0 gs3965\">valore<span class=\"_ _3bd\"> </span></div><div class=\"t m3b h1c ff3 fsc fc4 sc2 ls0 ws0 gs3966\">com<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>ple<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>ve<span class=\"fc0 sc1\"> </span></div><div class=\"t m3b h1c ff3 fsc fc4 sc2 ls0 ws0 gs3967\">Esposizione<span class=\"_ _3bd\"> </span></div><div class=\"t m3b h1c ff3 fsc fc4 sc2 ls0 ws0 gs3968\">ne<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>tta<span class=\"fc0 sc1\"> </span></div><div class=\"t m3b h1c ff3 fsc fc4 sc2 ls0 ws0 gs3969\">Rettifiche<span class=\"_ _3bd\"> </span></div><div class=\"t m3b h1c ff3 fsc fc4 sc2 ls0 ws0 gs396a\">valore<span class=\"_ _3bd\"> </span></div><div class=\"t m3b h1c ff3 fsc fc4 sc2 ls0 ws0 gs396b\">com<span class=\"_ _3bd\"> </span><span class=\"_ _0\"></span>ple<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>ve<span class=\"fc0 sc1\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs396c\">A.<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs396d\">Es<span class=\"_ _1\"></span>posi<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs396e\">cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>iti<span class=\"_ _1\"></span>zie<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs396f\">pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3970\">ca<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span> </div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3971\">A.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Soffe<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>nze<span class=\"_ _0\"></span> </span></span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3972\">77.<span class=\"_ _0\"></span>931<span class=\"_ _0\"></span> <span class=\"_ _177\"> </span>242<span class=\"_ _0\"></span>.75<span class=\"_ _0\"></span>0 <span class=\"_ _6b\"> </span>- <span class=\"_ _52\"> </span>7 <span class=\"_ _33a\"> </span>- <span class=\"_ _207\"> </span>- <span class=\"_ _1ab\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _a9\"> </span>- <span class=\"_ _129\"> </span>1<span class=\"_ _3bd\"> </span> </div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3973\">A.<span class=\"_ _0\"></span>2<span class=\"ff1\"> </span>Inad<span class=\"_ _0\"></span>emp<span class=\"_ _0\"></span>ien<span class=\"_ _0\"></span>ze<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">pro<span class=\"_ _0\"></span>bab<span class=\"_ _0\"></span>ili<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3974\">21<span class=\"_ _0\"></span>1.4<span class=\"_ _0\"></span>81 <span class=\"_ _178\"> </span>160<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>86 <span class=\"_ _198\"> </span>10<span class=\"_ _0\"></span>5 <span class=\"_ _20b\"> </span>2<span class=\"_ _0\"></span>7 <span class=\"_ _33a\"> </span>- <span class=\"_ _122\"> </span>3 <span class=\"_ _1ab\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _3a\"> </span>11<span class=\"_ _0\"></span>4 <span class=\"_ _69\"> </span>12<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span> </div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3975\">A.<span class=\"_ _0\"></span>3<span class=\"ff1\"> </span>Espos<span class=\"_ _0\"></span>iz<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">scad<span class=\"_ _0\"></span>ute<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">det<span class=\"_ _0\"></span>erio<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3976\">34.<span class=\"_ _0\"></span>322<span class=\"_ _0\"></span> <span class=\"_ _52\"> </span>7.81<span class=\"_ _0\"></span>3 <span class=\"_ _35\"> </span>75<span class=\"_ _0\"></span> <span class=\"_ _75\"> </span>15<span class=\"_ _0\"></span> <span class=\"_ _33b\"> </span>4 <span class=\"_ _1fd\"> </span>1 <span class=\"_ _2a0\"> </span>2 <span class=\"_ _a2\"> </span>- <span class=\"_ _1b9\"> </span>2 <span class=\"_ _129\"> </span>1<span class=\"_ _3bd\"> </span> </div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3977\">A.<span class=\"_ _0\"></span>4<span class=\"ff1\"> </span>Es<span class=\"_ _0\"></span>posi<span class=\"_ _0\"></span>zion<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>rate<span class=\"_ _1\"></span> </div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3978\">40<span class=\"_ _0\"></span>.22<span class=\"_ _0\"></span>2.6<span class=\"_ _0\"></span>99 <span class=\"_ _207\"> </span>90.<span class=\"_ _0\"></span>224<span class=\"_ _0\"></span> <span class=\"_ _121\"> </span>3.71<span class=\"_ _0\"></span>7.8<span class=\"_ _0\"></span>36 <span class=\"_ _1ee\"> </span>1.<span class=\"_ _0\"></span>248 <span class=\"_ _32b\"> </span>2.3<span class=\"_ _0\"></span>68.<span class=\"_ _0\"></span>98<span class=\"_ _0\"></span>9 <span class=\"_ _218\"> </span>346<span class=\"_ _1\"></span> <span class=\"_ _62\"> </span>20.<span class=\"_ _0\"></span>103 <span class=\"_ _216\"> </span>43<span class=\"_ _1\"></span> <span class=\"_ _7e\"> </span>874.<span class=\"_ _1\"></span>412 <span class=\"_ _1a2\"> </span>12<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span> </div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3979\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs397a\">(A<span class=\"_ _1\"></span>)<span class=\"_ _3bd\"> </span> </div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs397b\">40<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>46<span class=\"_ _0\"></span>.43<span class=\"_ _1\"></span>3 <span class=\"_ _1ac\"> </span>501<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>73<span class=\"_ _0\"></span> <span class=\"_ _207\"> </span>3.<span class=\"_ _0\"></span>71<span class=\"_ _0\"></span>8.0<span class=\"_ _1\"></span>16 <span class=\"_ _1ff\"> </span>1<span class=\"_ _0\"></span>.2<span class=\"_ _1\"></span>97<span class=\"_ _0\"></span> <span class=\"_ _207\"> </span>2.3<span class=\"_ _0\"></span>68<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>93<span class=\"_ _0\"></span> <span class=\"_ _335\"> </span>35<span class=\"_ _1\"></span>0<span class=\"_ _0\"></span> <span class=\"_ _224\"> </span>20.<span class=\"_ _0\"></span>10<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span> <span class=\"_ _296\"> </span>4<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span> <span class=\"_ _75\"> </span>87<span class=\"_ _1\"></span>4.52<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span> <span class=\"_ _1ff\"> </span>24<span class=\"_ _1\"></span>7<span class=\"_ _0\"></span> </div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs397c\">B.<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs397d\">Es<span class=\"_ _1\"></span>pos<span class=\"_ _0\"></span>iz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs397e\">cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>iti<span class=\"_ _1\"></span>zie<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs397f\">fu<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3980\">bi<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span> </div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3981\">B.<span class=\"_ _0\"></span>1<span class=\"ff1\"> </span>Espo<span class=\"_ _0\"></span>siz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>dete<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>orat<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span> </div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3982\">37.<span class=\"_ _0\"></span>01<span class=\"_ _0\"></span>7 <span class=\"_ _73\"> </span>4.<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>34<span class=\"_ _0\"></span> <span class=\"_ _35\"> </span>52<span class=\"_ _1\"></span> <span class=\"_ _70\"> </span>- <span class=\"_ _33b\"> </span>2 <span class=\"_ _1fd\"> </span>- <span class=\"_ _47\"> </span>3 <span class=\"_ _a2\"> </span>- <span class=\"_ _1b9\"> </span>2 <span class=\"_ _77\"> </span>-<span class=\"_ _3bd\"> </span> </div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3983\">B.<span class=\"_ _0\"></span>2<span class=\"ff1\"> </span>Esp<span class=\"_ _0\"></span>osiz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>riora<span class=\"_ _1\"></span>te<span class=\"_ _3bd\"> </span> </div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3984\">11<span class=\"_ _0\"></span>.40<span class=\"_ _0\"></span>8.7<span class=\"_ _0\"></span>29 <span class=\"_ _52\"> </span>2.91<span class=\"_ _0\"></span>9 <span class=\"_ _72\"> </span>13.0<span class=\"_ _0\"></span>71 <span class=\"_ _6e\"> </span>2 <span class=\"_ _67\"> </span>2.<span class=\"_ _0\"></span>909<span class=\"_ _0\"></span> <span class=\"_ _1a8\"> </span>1 <span class=\"_ _176\"> </span>92<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span> <span class=\"_ _196\"> </span>- <span class=\"_ _3b\"> </span>52<span class=\"_ _1\"></span>5 <span class=\"_ _21a\"> </span>-<span class=\"_ _3bd\"> </span> </div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3985\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3986\">(B<span class=\"_ _1\"></span>)<span class=\"_ _0\"></span> </div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3987\">11<span class=\"_ _0\"></span>.44<span class=\"_ _0\"></span>5.<span class=\"_ _0\"></span>74<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span> <span class=\"_ _6e\"> </span>7.0<span class=\"_ _0\"></span>53<span class=\"_ _0\"></span> <span class=\"_ _50\"> </span>13<span class=\"_ _0\"></span>.1<span class=\"_ _0\"></span>23<span class=\"_ _0\"></span> </div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs3988\">2</div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs3989\"> <span class=\"_ _42\"> </span>2.<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>11<span class=\"_ _1\"></span> </div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs398a\">1 <span class=\"_ _176\"> </span>92<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span> <span class=\"_ _196\"> </span>- <span class=\"_ _eb\"> </span>52<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span> <span class=\"_ _21a\"> </span>-<span class=\"_ _3bd\"> </span> </div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs398b\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs398c\">(A<span class=\"_ _1\"></span>+B<span class=\"_ _1\"></span>) <span class=\"_ _f6\"> </span>3<span class=\"_ _0\"></span>1/1<span class=\"_ _0\"></span>2/<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>22<span class=\"_ _1\"></span> <span class=\"_ _6d\"> </span>5<span class=\"_ _0\"></span>1.9<span class=\"_ _1\"></span>92.<span class=\"_ _0\"></span>17<span class=\"_ _0\"></span>9 <span class=\"_ _177\"> </span>508<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>26<span class=\"_ _1\"></span> <span class=\"_ _1fd\"> </span>3.7<span class=\"_ _0\"></span>31<span class=\"_ _0\"></span>.1<span class=\"_ _0\"></span>39<span class=\"_ _0\"></span> <span class=\"_ _200\"> </span>1<span class=\"_ _0\"></span>.2<span class=\"_ _1\"></span>99<span class=\"_ _0\"></span> <span class=\"_ _77\"> </span>2.<span class=\"_ _0\"></span>37<span class=\"_ _0\"></span>1.<span class=\"_ _0\"></span>90<span class=\"_ _0\"></span>4 <span class=\"_ _63\"> </span>3<span class=\"_ _1\"></span>51<span class=\"_ _1\"></span> <span class=\"_ _224\"> </span>21.<span class=\"_ _0\"></span>03<span class=\"_ _0\"></span>4 <span class=\"_ _216\"> </span>43<span class=\"_ _1\"></span> <span class=\"_ _21a\"> </span>875<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>54<span class=\"_ _1\"></span> <span class=\"_ _62\"> </span>24<span class=\"_ _1\"></span>7<span class=\"_ _0\"></span> </div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs398d\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs398e\">(A<span class=\"_ _1\"></span>+B<span class=\"_ _1\"></span>) <span class=\"_ _f6\"> </span>3<span class=\"_ _0\"></span>1/1<span class=\"_ _0\"></span>2/<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>50.<span class=\"_ _0\"></span>09<span class=\"_ _0\"></span>0.<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span> <span class=\"_ _177\"> </span>53<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>59<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span> <span class=\"_ _1fd\"> </span>4<span class=\"_ _0\"></span>.17<span class=\"_ _1\"></span>3.1<span class=\"_ _0\"></span>06<span class=\"_ _0\"></span> <span class=\"_ _63\"> </span>1.<span class=\"_ _0\"></span>49<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span> <span class=\"_ _77\"> </span>2.<span class=\"_ _0\"></span>409<span class=\"_ _1\"></span>.147<span class=\"_ _1\"></span> <span class=\"_ _218\"> </span>40<span class=\"_ _1\"></span>8<span class=\"_ _0\"></span> <span class=\"_ _209\"> </span>8<span class=\"_ _0\"></span>.9<span class=\"_ _1\"></span>60<span class=\"_ _1\"></span> <span class=\"_ _218\"> </span>70<span class=\"_ _1\"></span> <span class=\"_ _129\"> </span>3<span class=\"_ _0\"></span>67.<span class=\"_ _1\"></span>678<span class=\"_ _0\"></span> <span class=\"_ _224\"> </span>16<span class=\"_ _1\"></span>9 </div>Si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">allega<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">anche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ripartizione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ge<span class=\"_ _2\"></span>ografica<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">NORD-OVEST,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">NORD-EST,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">CENTRO,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">SUD<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ISOLE<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">es<span class=\"_ _2\"></span>posizioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">IT<span class=\"_ _0\"></span>ALIA<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>B.2<span class=\"_ _3bd\"> </span>Co<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>ida<span class=\"_ _1\"></span>to<span class=\"_ _3bd\"> </span>pr<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>\u2013<span class=\"_ _3bd\"> </span>Dis<span class=\"_ _1\"></span>tri<span class=\"_ _0\"></span>bu<span class=\"_ _0\"></span>zio<span class=\"_ _1\"></span>ne<span class=\"_ _3bd\"> </span>te<span class=\"_ _0\"></span>rri<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"_ _3bd\"> </span>es<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>zio<span class=\"_ _1\"></span>ni<span class=\"_ _3bd\"> </span>cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>\u201cf<span class=\"_ _0\"></span>uor<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span>bi<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>io\u201d<span class=\"_ _3bd\"> </span>ve<span class=\"_ _0\"></span>rso<span class=\"_ _3bd\"> </span>cl<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>nte<span class=\"_ _1\"></span>la<span class=\"fc0 sc1\"> </span>A.<span class=\"_ _3bd\"> </span>Es<span class=\"_ _1\"></span>posi<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>iti<span class=\"_ _1\"></span>zie<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>A.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Soffe<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>nze<span class=\"_ _0\"></span> </span></span>10<span class=\"_ _0\"></span>.41<span class=\"_ _0\"></span>5 <span class=\"_ _11c\"> </span>41.<span class=\"_ _0\"></span>89<span class=\"_ _0\"></span>2 <span class=\"_ _39\"> </span>19.56<span class=\"_ _0\"></span>3 <span class=\"_ _1a2\"> </span>49.<span class=\"_ _0\"></span>690<span class=\"_ _0\"></span> <span class=\"_ _4a\"> </span>15.90<span class=\"_ _0\"></span>6 <span class=\"_ _66\"> </span>46<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>98 <span class=\"_ _47\"> </span>32.<span class=\"_ _0\"></span>04<span class=\"_ _0\"></span>7 <span class=\"_ _178\"> </span>104<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>70<span class=\"_ _3bd\"> </span>A.<span class=\"_ _0\"></span>2<span class=\"ff1\"> </span>Inad<span class=\"_ _0\"></span>emp<span class=\"_ _0\"></span>ien<span class=\"_ _0\"></span>ze<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">pro<span class=\"_ _0\"></span>bab<span class=\"_ _0\"></span>ili<span class=\"_ _3bd\"> </span></span></span>31.<span class=\"_ _0\"></span>94<span class=\"_ _0\"></span>7 <span class=\"_ _209\"> </span>24.<span class=\"_ _0\"></span>713<span class=\"_ _0\"></span> <span class=\"_ _4a\"> </span>57<span class=\"_ _0\"></span>.31<span class=\"_ _0\"></span>3 <span class=\"_ _11c\"> </span>37.7<span class=\"_ _0\"></span>83 <span class=\"_ _4a\"> </span>31.<span class=\"_ _0\"></span>534 <span class=\"_ _121\"> </span>23<span class=\"_ _0\"></span>.19<span class=\"_ _0\"></span>7 <span class=\"_ _68\"> </span>90<span class=\"_ _0\"></span>.68<span class=\"_ _0\"></span>7 <span class=\"_ _20b\"> </span>7<span class=\"_ _0\"></span>5.1<span class=\"_ _0\"></span>93<span class=\"_ _0\"></span> A.<span class=\"_ _0\"></span>3<span class=\"ff1\"> </span>Espos<span class=\"_ _0\"></span>iz<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">scad<span class=\"_ _0\"></span>ute<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">det<span class=\"_ _0\"></span>erio<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span></span></span></span></span>4.<span class=\"_ _0\"></span>717<span class=\"_ _0\"></span> <span class=\"_ _20b\"> </span>1.<span class=\"_ _0\"></span>052 <span class=\"_ _19c\"> </span>7.97<span class=\"_ _0\"></span>4 <span class=\"_ _75\"> </span>1<span class=\"_ _0\"></span>.93<span class=\"_ _0\"></span>2 <span class=\"_ _32\"> </span>4.<span class=\"_ _0\"></span>255 <span class=\"_ _7f\"> </span>78<span class=\"_ _1\"></span>4 <span class=\"_ _3d\"> </span>1<span class=\"_ _0\"></span>7.3<span class=\"_ _0\"></span>76 <span class=\"_ _75\"> </span>4.0<span class=\"_ _0\"></span>45<span class=\"_ _3bd\"> </span>A.<span class=\"_ _0\"></span>4<span class=\"ff1\"> </span>Es<span class=\"_ _0\"></span>posi<span class=\"_ _0\"></span>zion<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>rate<span class=\"_ _1\"></span> 9.<span class=\"_ _0\"></span>445<span class=\"_ _0\"></span>.97<span class=\"_ _0\"></span>3 <span class=\"_ _a2\"> </span>20.<span class=\"_ _0\"></span>074 <span class=\"_ _77\"> </span>10<span class=\"_ _0\"></span>.60<span class=\"_ _0\"></span>7.5<span class=\"_ _0\"></span>31 <span class=\"_ _11c\"> </span>25.2<span class=\"_ _0\"></span>47 <span class=\"_ _52\"> </span>11.<span class=\"_ _0\"></span>771<span class=\"_ _0\"></span>.67<span class=\"_ _0\"></span>0 <span class=\"_ _1fd\"> </span>17.1<span class=\"_ _0\"></span>74 <span class=\"_ _81\"> </span>8.<span class=\"_ _0\"></span>397.<span class=\"_ _0\"></span>525<span class=\"_ _0\"></span> <span class=\"_ _1a8\"> </span>27.<span class=\"_ _0\"></span>729<span class=\"_ _0\"></span> To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>(A<span class=\"_ _1\"></span>)<span class=\"_ _3bd\"> </span>9.<span class=\"_ _0\"></span>49<span class=\"_ _0\"></span>3.<span class=\"_ _0\"></span>05<span class=\"_ _0\"></span>2 <span class=\"_ _f2\"> </span>87.<span class=\"_ _0\"></span>73<span class=\"_ _1\"></span>1 <span class=\"_ _129\"> </span>10<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>92<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>81<span class=\"_ _1\"></span> <span class=\"_ _178\"> </span>114<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>52<span class=\"_ _1\"></span> <span class=\"_ _1ae\"> </span>11<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>23<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>65<span class=\"_ _1\"></span> <span class=\"_ _177\"> </span>88.<span class=\"_ _0\"></span>05<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span> <span class=\"_ _20b\"> </span>8.5<span class=\"_ _0\"></span>37<span class=\"_ _1\"></span>.63<span class=\"_ _0\"></span>5 <span class=\"_ _32b\"> </span>211.<span class=\"_ _0\"></span>23<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span> B.<span class=\"_ _3bd\"> </span>Es<span class=\"_ _1\"></span>pos<span class=\"_ _0\"></span>iz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>iti<span class=\"_ _1\"></span>zie<span class=\"_ _3bd\"> </span>fu<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>bi<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span> B.<span class=\"_ _0\"></span>1<span class=\"ff1\"> </span>Espo<span class=\"_ _0\"></span>siz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>dete<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>orat<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>7.<span class=\"_ _0\"></span>135 <span class=\"_ _222\"> </span>11<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span> <span class=\"_ _3b\"> </span>1<span class=\"_ _0\"></span>1.5<span class=\"_ _0\"></span>95 <span class=\"_ _20b\"> </span>2.9<span class=\"_ _0\"></span>72 <span class=\"_ _6a\"> </span>2<span class=\"_ _0\"></span>.95<span class=\"_ _0\"></span>1 <span class=\"_ _2a0\"> </span>52<span class=\"_ _1\"></span> <span class=\"_ _2e\"> </span>15.33<span class=\"_ _0\"></span>6 <span class=\"_ _50\"> </span>99<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span> B.<span class=\"_ _0\"></span>2<span class=\"ff1\"> </span>Esp<span class=\"_ _0\"></span>osiz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>riora<span class=\"_ _1\"></span>te<span class=\"_ _3bd\"> </span>3.8<span class=\"_ _0\"></span>47<span class=\"_ _0\"></span>.21<span class=\"_ _0\"></span>9 <span class=\"_ _73\"> </span>65<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span> <span class=\"_ _77\"> </span>4.4<span class=\"_ _0\"></span>64.<span class=\"_ _0\"></span>64<span class=\"_ _0\"></span>8 <span class=\"_ _77\"> </span>1.04<span class=\"_ _0\"></span>6 <span class=\"_ _73\"> </span>1.<span class=\"_ _0\"></span>47<span class=\"_ _0\"></span>4.5<span class=\"_ _0\"></span>40 <span class=\"_ _70\"> </span>38<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span> <span class=\"_ _75\"> </span>1<span class=\"_ _0\"></span>.62<span class=\"_ _0\"></span>2.3<span class=\"_ _0\"></span>22 <span class=\"_ _47\"> </span>83<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span> To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>(B<span class=\"_ _1\"></span>)<span class=\"_ _0\"></span> 3.<span class=\"_ _0\"></span>85<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>35<span class=\"_ _0\"></span>4 <span class=\"_ _194\"> </span>77<span class=\"_ _1\"></span>1 <span class=\"_ _176\"> </span>4.4<span class=\"_ _0\"></span>76<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>43<span class=\"_ _0\"></span> <span class=\"_ _77\"> </span>4.01<span class=\"_ _0\"></span>8 <span class=\"_ _1fe\"> </span>1.4<span class=\"_ _0\"></span>77<span class=\"_ _1\"></span>.49<span class=\"_ _0\"></span>1 <span class=\"_ _7f\"> </span>43<span class=\"_ _1\"></span>6 <span class=\"_ _75\"> </span>1<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>37<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>58<span class=\"_ _0\"></span> <span class=\"_ _6e\"> </span>1.82<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span> To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>(A<span class=\"_ _1\"></span>+B<span class=\"_ _1\"></span>) <span class=\"_ _3b\"> </span>31/<span class=\"_ _0\"></span>12/<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2 <span class=\"_ _20b\"> </span>1<span class=\"_ _0\"></span>3.<span class=\"_ _0\"></span>34<span class=\"_ _0\"></span>7.<span class=\"_ _0\"></span>40<span class=\"_ _0\"></span>6 <span class=\"_ _196\"> </span>88.<span class=\"_ _0\"></span>50<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span> <span class=\"_ _129\"> </span>15.<span class=\"_ _0\"></span>16<span class=\"_ _0\"></span>8.<span class=\"_ _0\"></span>62<span class=\"_ _0\"></span>4 <span class=\"_ _1a2\"> </span>118<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>0 <span class=\"_ _20b\"> </span>13<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>00<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>56<span class=\"_ _1\"></span> <span class=\"_ _1a2\"> </span>88.<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>89<span class=\"_ _0\"></span> <span class=\"_ _81\"> </span>1<span class=\"_ _0\"></span>0.1<span class=\"_ _0\"></span>75<span class=\"_ _1\"></span>.29<span class=\"_ _0\"></span>3 <span class=\"_ _178\"> </span>213<span class=\"_ _0\"></span>.06<span class=\"_ _1\"></span>5<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>(A<span class=\"_ _1\"></span>+B<span class=\"_ _1\"></span>) <span class=\"_ _198\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _1\"></span> <span class=\"_ _75\"> </span>12<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>40<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>14<span class=\"_ _0\"></span> <span class=\"_ _66\"> </span>95<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>89<span class=\"_ _0\"></span> <span class=\"_ _81\"> </span>14.7<span class=\"_ _1\"></span>25.<span class=\"_ _0\"></span>46<span class=\"_ _0\"></span>0 <span class=\"_ _1a2\"> </span>13<span class=\"_ _0\"></span>2.<span class=\"_ _0\"></span>89<span class=\"_ _0\"></span>1 <span class=\"_ _77\"> </span>12.<span class=\"_ _1\"></span>956<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>36<span class=\"_ _1\"></span> <span class=\"_ _f2\"> </span>91.<span class=\"_ _0\"></span>80<span class=\"_ _0\"></span>0 <span class=\"_ _75\"> </span>9.7<span class=\"_ _0\"></span>67<span class=\"_ _1\"></span>.910<span class=\"_ _1\"></span> <span class=\"_ _32b\"> </span>214<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>14<span class=\"_ _1\"></span> Es<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>/<span class=\"_ _3bd\"> </span>Ar<span class=\"_ _0\"></span>ee<span class=\"_ _3bd\"> </span>ge<span class=\"_ _1\"></span>ogr<span class=\"_ _0\"></span>af<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>It<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>No<span class=\"_ _0\"></span>rd<span class=\"_ _3bd\"> </span>O<span class=\"_ _0\"></span>ve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _ed\"> </span><span class=\"fc4 sc2\">Italia<span class=\"_ _3bd\"> </span></span></span>Nord<span class=\"_ _3bd\"> </span>E<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _1f9\"> </span><span class=\"fc4 sc2\">It<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></span></span>Ce<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _33c\"> </span><span class=\"fc4 sc2\">Itali<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></span></span>Su<span class=\"_ _0\"></span>d<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>Is<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>Esp<span class=\"_ _3bd\"> </span>ne<span class=\"_ _3bd\"> </span>Ret<span class=\"_ _3bd\"> </span>val<span class=\"_ _3bd\"> </span>com<span class=\"_ _3bd\"> </span>Esp<span class=\"_ _3bd\"> </span>ne<span class=\"_ _3bd\"> </span>Ret<span class=\"_ _3bd\"> </span>val<span class=\"_ _3bd\"> </span>com<span class=\"_ _3bd\"> </span>Esp<span class=\"_ _3bd\"> </span>ne<span class=\"_ _3bd\"> </span>Ret<span class=\"_ _3bd\"> </span>val<span class=\"_ _3bd\"> </span>com<span class=\"_ _3bd\"> </span>Esp<span class=\"_ _3bd\"> </span>ne<span class=\"_ _3bd\"> </span>Ret<span class=\"_ _3bd\"> </span>val<span class=\"_ _3bd\"> </span>com<span class=\"_ _3bd\"> </span>B.3<span class=\"_ _3bd\"> </span>Co<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>ida<span class=\"_ _1\"></span>to<span class=\"_ _3bd\"> </span>pr<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Di<span class=\"_ _0\"></span>str<span class=\"_ _1\"></span>ibu<span class=\"_ _0\"></span>zio<span class=\"_ _1\"></span>ne<span class=\"_ _3bd\"> </span>ter<span class=\"_ _1\"></span>rito<span class=\"_ _0\"></span>ria<span class=\"_ _1\"></span>le<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>es<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>zio<span class=\"_ _1\"></span>ni<span class=\"_ _3bd\"> </span>cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>\"fu<span class=\"_ _1\"></span>ori<span class=\"_ _3bd\"> </span>bil<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>o\"<span class=\"_ _3bd\"> </span>ve<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>ba<span class=\"_ _0\"></span>nch<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Es<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i/A<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>ge<span class=\"_ _1\"></span>ogr<span class=\"_ _0\"></span>af<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>It<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _45\"> </span><span class=\"fc4 sc2\">Altri<span class=\"_ _3bd\"> </span></span></span>paes<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>eu<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> <span class=\"_ _ca\"> </span></span>Am<span class=\"_ _1\"></span>eri<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _a8\"> </span><span class=\"fc4 sc2\">As<span class=\"_ _0\"></span>ia<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _6f\"> </span><span class=\"fc4 sc2\">Resto<span class=\"_ _3bd\"> </span></span></span></span></span>del<span class=\"_ _3bd\"> </span>m<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>do<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Esposizioni<span class=\"_ _3bd\"> </span>ne<span class=\"_ _1\"></span>tt<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>Rettifiche<span class=\"_ _3bd\"> </span>valore<span class=\"_ _3bd\"> </span>com<span class=\"_ _0\"></span>ple<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>ve<span class=\"fc0 sc1\"> </span>Esposizioni<span class=\"_ _3bd\"> </span>ne<span class=\"_ _1\"></span>tt<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>Rettifiche<span class=\"_ _3bd\"> </span>valore<span class=\"_ _3bd\"> </span>com<span class=\"_ _0\"></span>ple<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>ve<span class=\"fc0 sc1\"> </span>Esposizioni<span class=\"_ _3bd\"> </span>ne<span class=\"_ _1\"></span>tt<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>Rettifiche<span class=\"_ _3bd\"> </span>valore<span class=\"_ _3bd\"> </span>com<span class=\"_ _0\"></span>ple<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>ve<span class=\"fc0 sc1\"> </span>Esposizioni<span class=\"_ _3bd\"> </span>ne<span class=\"_ _1\"></span>tt<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>Rettifiche<span class=\"_ _3bd\"> </span>valore<span class=\"_ _3bd\"> </span>com<span class=\"_ _0\"></span>ple<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>ve<span class=\"fc0 sc1\"> </span>Esposizioni<span class=\"_ _3bd\"> </span>ne<span class=\"_ _1\"></span>tt<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>Rettifiche<span class=\"_ _3bd\"> </span>valore<span class=\"_ _3bd\"> </span>com<span class=\"_ _0\"></span>ple<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>ve<span class=\"fc0 sc1\"> </span>A.<span class=\"_ _3bd\"> </span>Es<span class=\"_ _1\"></span>posi<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>iti<span class=\"_ _1\"></span>zie<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>a A.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Soffe<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>nze<span class=\"_ _0\"></span> </span></span>- <span class=\"_ _129\"> </span>- <span class=\"_ _c2\"> </span>- <span class=\"_ _6e\"> </span>- <span class=\"_ _42\"> </span>- <span class=\"_ _209\"> </span>- <span class=\"_ _2e\"> </span>- <span class=\"_ _209\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _11e\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span> <span class=\"_ _6e\"> </span>- </span></span>A.<span class=\"_ _0\"></span>2<span class=\"ff1\"> </span>Inad<span class=\"_ _0\"></span>emp<span class=\"_ _0\"></span>ien<span class=\"_ _0\"></span>ze<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">pro<span class=\"_ _0\"></span>bab<span class=\"_ _0\"></span>ili </span></span>- <span class=\"_ _129\"> </span>- <span class=\"_ _c2\"> </span>- <span class=\"_ _6e\"> </span>- <span class=\"_ _42\"> </span>- <span class=\"_ _209\"> </span>- <span class=\"_ _2e\"> </span>- <span class=\"_ _209\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _11e\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span> <span class=\"_ _6e\"> </span>- </span></span>A.<span class=\"_ _0\"></span>3<span class=\"ff1\"> </span>Espos<span class=\"_ _0\"></span>iz<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">scad<span class=\"_ _0\"></span>ute<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">det<span class=\"_ _0\"></span>erio<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>te </span></span></span></span>- <span class=\"_ _129\"> </span>- <span class=\"_ _c2\"> </span>- <span class=\"_ _6e\"> </span>- <span class=\"_ _42\"> </span>- <span class=\"_ _209\"> </span>- <span class=\"_ _2e\"> </span>- <span class=\"_ _209\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _11e\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span> <span class=\"_ _6e\"> </span>- </span></span>A.<span class=\"_ _0\"></span>4<span class=\"ff1\"> </span>Es<span class=\"_ _0\"></span>posi<span class=\"_ _0\"></span>zion<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>rate<span class=\"_ _1\"></span> 3.8<span class=\"_ _0\"></span>91<span class=\"_ _0\"></span>.26<span class=\"_ _0\"></span>4 <span class=\"_ _200\"> </span>4<span class=\"_ _0\"></span>23<span class=\"_ _1\"></span> <span class=\"_ _1fe\"> </span>1.<span class=\"_ _0\"></span>682<span class=\"_ _0\"></span>.43<span class=\"_ _0\"></span>1 <span class=\"_ _177\"> </span>57<span class=\"_ _1\"></span>3 <span class=\"_ _f2\"> </span>65.03<span class=\"_ _0\"></span>3 <span class=\"_ _1ff\"> </span>15<span class=\"_ _0\"></span> <span class=\"_ _175\"> </span>12<span class=\"_ _1\"></span> <span class=\"_ _f2\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _34\"> </span><span class=\"ff3\">77.59<span class=\"_ _0\"></span>4 <span class=\"_ _7e\"> </span>9 </span></span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>(A<span class=\"_ _1\"></span>) 3.<span class=\"_ _0\"></span>89<span class=\"_ _0\"></span>1.<span class=\"_ _0\"></span>26<span class=\"_ _0\"></span>4 <span class=\"_ _200\"> </span>42<span class=\"_ _1\"></span>3<span class=\"_ _0\"></span> <span class=\"_ _194\"> </span>1.6<span class=\"_ _0\"></span>82<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>31<span class=\"_ _0\"></span> <span class=\"_ _177\"> </span>57<span class=\"_ _1\"></span>3<span class=\"_ _0\"></span> <span class=\"_ _122\"> </span>65<span class=\"_ _1\"></span>.03<span class=\"_ _0\"></span>3 <span class=\"_ _62\"> </span>1<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span> <span class=\"_ _72\"> </span>1<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span> <span class=\"_ _209\"> </span>-<span class=\"_ _3bd\"> </span>77<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>94<span class=\"_ _1\"></span> 9B.<span class=\"_ _3bd\"> </span>Es<span class=\"_ _1\"></span>pos<span class=\"_ _0\"></span>iz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>iti<span class=\"_ _1\"></span>zie<span class=\"_ _3bd\"> </span>fu<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>bi<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span> B.<span class=\"_ _0\"></span>1<span class=\"ff1\"> </span>Espo<span class=\"_ _0\"></span>siz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>dete<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>orat<span class=\"_ _0\"></span>e - <span class=\"_ _129\"> </span>- <span class=\"_ _c2\"> </span>- <span class=\"_ _6e\"> </span>- <span class=\"_ _42\"> </span>- <span class=\"_ _209\"> </span>- <span class=\"_ _2e\"> </span>- <span class=\"_ _209\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _11e\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span> <span class=\"_ _6e\"> </span>- </span></span>B.<span class=\"_ _0\"></span>2<span class=\"ff1\"> </span>Esp<span class=\"_ _0\"></span>osiz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>riora<span class=\"_ _1\"></span>te 94.<span class=\"_ _1\"></span>015 <span class=\"_ _77\"> </span>- <span class=\"_ _70\"> </span>1.56<span class=\"_ _0\"></span>0.2<span class=\"_ _0\"></span>20 <span class=\"_ _6c\"> </span>- <span class=\"_ _75\"> </span>6.7<span class=\"_ _0\"></span>83 <span class=\"_ _11c\"> </span>- <span class=\"_ _177\"> </span>2.0<span class=\"_ _0\"></span>80 <span class=\"_ _209\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _6a\"> </span><span class=\"ff3\">74<span class=\"_ _1\"></span>6 <span class=\"_ _6e\"> </span>1 </span></span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>(B<span class=\"_ _1\"></span>)<span class=\"_ _0\"></span> 94<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>15<span class=\"_ _0\"></span> - <span class=\"_ _7f\"> </span>1.56<span class=\"_ _1\"></span>0.2<span class=\"_ _0\"></span>20<span class=\"_ _1\"></span> - <span class=\"_ _7e\"> </span>6.7<span class=\"_ _0\"></span>83<span class=\"_ _1\"></span> - <span class=\"_ _178\"> </span>2.0<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>0 <span class=\"_ _209\"> </span>-<span class=\"_ _3bd\"> </span>7<span class=\"_ _0\"></span>46<span class=\"_ _1\"></span> 1To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>(A<span class=\"_ _1\"></span>+B<span class=\"_ _1\"></span>) <span class=\"_ _f6\"> </span>3<span class=\"_ _0\"></span>1/1<span class=\"_ _0\"></span>2/<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>22<span class=\"_ _1\"></span> <span class=\"_ _ab\"> </span>3.<span class=\"_ _0\"></span>98<span class=\"_ _0\"></span>5.2<span class=\"_ _0\"></span>79<span class=\"_ _1\"></span> <span class=\"_ _1ff\"> </span>42<span class=\"_ _1\"></span>3 <span class=\"_ _7f\"> </span>3.2<span class=\"_ _0\"></span>42<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>51<span class=\"_ _0\"></span> <span class=\"_ _177\"> </span>5<span class=\"_ _0\"></span>73<span class=\"_ _1\"></span> <span class=\"_ _77\"> </span>71.<span class=\"_ _0\"></span>816<span class=\"_ _1\"></span> <span class=\"_ _62\"> </span>15<span class=\"_ _1\"></span> <span class=\"_ _f2\"> </span>2.<span class=\"_ _0\"></span>09<span class=\"_ _0\"></span>2 <span class=\"_ _209\"> </span>-<span class=\"_ _3bd\"> </span>78<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>40<span class=\"_ _1\"></span> <span class=\"_ _20b\"> </span>1<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span> To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>(A<span class=\"_ _1\"></span>+B<span class=\"_ _1\"></span>) <span class=\"_ _f6\"> </span>3<span class=\"_ _0\"></span>1/1<span class=\"_ _0\"></span>2/<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _1\"></span> <span class=\"_ _320\"> </span>8.<span class=\"_ _0\"></span>32<span class=\"_ _0\"></span>7.<span class=\"_ _0\"></span>35<span class=\"_ _0\"></span>7 <span class=\"_ _62\"> </span>3<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span> <span class=\"_ _7f\"> </span>2.3<span class=\"_ _0\"></span>44<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>16<span class=\"_ _0\"></span> <span class=\"_ _a2\"> </span>4<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span> <span class=\"_ _75\"> </span>6<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>00<span class=\"_ _0\"></span> - <span class=\"_ _a1\"> </span>2.<span class=\"_ _0\"></span>51<span class=\"_ _0\"></span>5 <span class=\"_ _209\"> </span>-<span class=\"_ _3bd\"> </span>88<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>03<span class=\"_ _1\"></span> <span class=\"_ _21a\"> </span>1<span class=\"_ _3bd\"> </span>B.<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>Gr<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>di<span class=\"_ _3bd\"> </span>es<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>siz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Num<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>posi<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>oni 1<span class=\"_ _0\"></span>7 Esp<span class=\"_ _0\"></span>osiz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e 24<span class=\"_ _0\"></span>.11<span class=\"_ _0\"></span>1.8<span class=\"_ _0\"></span>62 Posizione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>io </span></span></span></span>1.<span class=\"_ _0\"></span>359.<span class=\"_ _0\"></span>579<span class=\"_ _0\"></span> Sono<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cons<span class=\"_ _2\"></span>iderate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>calcolo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u201c<span class=\"_ _2\"></span>grandi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rischi\u201d<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tutte<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>ischio,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cassa<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fuori<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>bilancio,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nei<span class=\"ff1\"> </span>confronti<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>singolo<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>cliente<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>(ovvero<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>gruppo<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>clienti<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>c<span class=\"_ _2\"></span>onnessi)<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>senza<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>l'applicazione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>fattor<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> </span>ponderazione,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>mentre<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>limite<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>qualifica<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un\u2019esposizione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>come<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\"gr<span class=\"_ _2\"></span>ande<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>ischio\",<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quando<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l<span class=\"_ _2\"></span>\u2019esposizione,<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>sopra<span class=\"ff1\"> </span>determinata,<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>superiore<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>10%<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>fondi<span class=\"ff1\"> </span>propri. La<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>isciplina,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>apprezzare<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>modo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _0\"></span>i\u00f9<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>preci<span class=\"_ _0\"></span>so<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>grado<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">concentrazione</span> <span class=\"_ _27\"> </span><span class=\"ff3\">dei</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">credi<span class=\"_ _0\"></span>ti,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rileva<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>anche<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>le<span class=\"ff1\"> </span></span></span>esposizioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>aventi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fat<span class=\"_ _2\"></span>tore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ponderazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cont<span class=\"_ _2\"></span>roparte<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pari<span class=\"ff1\"> <span class=\"_ _20\"></span></span>allo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>zero<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cento,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ad<span class=\"ff1\"> </span>esempio<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>esposizioni<span class=\"ff1\"> </span>verso<span class=\"ff1\"> </span>lo<span class=\"ff1\"> </span>Stato<span class=\"ff1\"> </span>italiano,<span class=\"ff1\"> </span>ecc.. Si<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sottolinea<span class=\"ff1\"> <span class=\"_ _21\"></span></span>inoltre<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pe<span class=\"_ _2\"></span>rimetro<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>riferimento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>comprese<span class=\"ff1\"> <span class=\"_ _21\"></span></span>anche<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff3\">le</span> <span class=\"_ _21\"> </span><span class=\"ff3\">operazioni</span> <span class=\"_ _21\"> </span><span class=\"ff3\">di</span> <span class=\"_ _21\"> </span><span class=\"ff3\">pronti</span> <span class=\"_ _21\"> </span><span class=\"ff3\">contro</span> </span>termine<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>passive.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>La<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>normat<span class=\"_ _2\"></span>iva<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>prevede<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tali<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>op<span class=\"_ _2\"></span>erazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>co<span class=\"_ _2\"></span>ncorrano<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>all<span class=\"_ _0\"></span>'esposizione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nomi<span class=\"_ _2\"></span>nale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>verso<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> </span>controparte<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>l'import<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u201ct<span class=\"_ _2\"></span>itoli<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ricevere\u201d,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>mentr<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>l\u2019esposizione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ponderata,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>casi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>espressamente<span class=\"ff1\"> </span>previsti,<span class=\"ff1\"> </span>pu\u00f2<span class=\"ff1\"> </span>prevedere<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>ponderazione<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>zero. Si<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rilevano<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fine<span class=\"ff1\"> <span class=\"_ _20\"></span></span>periodo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>17<span class=\"ff1\"> <span class=\"_ _20\"></span></span>posizioni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>classificate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>come<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u201cgra<span class=\"_ _2\"></span>ndi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischi\u201d,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _21\"></span></span>un<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ammontare<span class=\"ff1\"> <span class=\"_ _21\"></span></span>complessivo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> </span>24.<span class=\"_ _0\"></span>111<span class=\"_ _0\"></span>,9<span class=\"ff1\"> </span>m<span class=\"_ _0\"></span>ilio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>eu<span class=\"_ _0\"></span>ro,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>rrisp<span class=\"_ _0\"></span>onde<span class=\"_ _0\"></span>nti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>1.<span class=\"_ _0\"></span>359,<span class=\"_ _0\"></span>6,0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">milio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>uro<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">val<span class=\"_ _0\"></span>ore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pon<span class=\"_ _0\"></span>dera<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>(a<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fine<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">20<span class=\"_ _0\"></span>21<span class=\"ff1\"> </span>eran<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>pre<span class=\"_ _0\"></span>sen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>19<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pos<span class=\"_ _2\"></span>izioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ammontar<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">complessivo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">31.368,8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">milioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">euro,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">corris<span class=\"_ _2\"></span>pondenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">1<span class=\"_ _2\"></span>.838,0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">milioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"_ _2\"></span>uro<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>ponderato). Tra<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le</span> <span class=\"ff3\">p<span class=\"_ _0\"></span>osizi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>leva<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>gur<span class=\"_ _0\"></span>ano<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Min<span class=\"_ _0\"></span>iste<span class=\"_ _1\"></span>ro<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Te<span class=\"_ _0\"></span>soro<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>alc<span class=\"_ _0\"></span>uni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Stati</span> <span class=\"ff3\">U<span class=\"_ _0\"></span>E<span class=\"ff1\"> </span>ed<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">extra<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">UE<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">pr<span class=\"_ _0\"></span>ima<span class=\"_ _0\"></span>rie<span class=\"ff1\"> </span>b<span class=\"_ _0\"></span>anche<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">naz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ed<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">internazionali. </span></span>C.<span class=\"ff5\"> <span class=\"_ _1c\"></span><span class=\"ff3\">Ope<span class=\"_ _0\"></span>raz<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">c<span class=\"_ _0\"></span>art<span class=\"_ _0\"></span>olar<span class=\"_ _0\"></span>izz<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"fc0\"> </span></span></span></span></span></span></span>Inf<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>maz<span class=\"_ _1\"></span>ion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>na<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>ra<span class=\"_ _3bd\"> </span>qu<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>a<span class=\"fc0 sc1\"> </span>Il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Gruppo<span class=\"ff1\"> </span>detiene<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>artecipa<span class=\"_ _2\"></span>zione<span class=\"ff1\"> </span>pari<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">10%<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>Emi<span class=\"_ _0\"></span>lia<span class=\"ff1\"> </span>SPV<span class=\"ff1\"> </span>S.r.l.,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">societ\u00e0<span class=\"ff1\"> </span>veicolo<span class=\"ff1\"> </span>appositamente<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ost<span class=\"_ _2\"></span>ituita<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>ed<span class=\"ff1\"> </span>avente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>oggetto<span class=\"_ _2\"></span><span class=\"ff1\"> </span>esclusivo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>realizzazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>una<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pi\u00f9<span class=\"ff1\"> <span class=\"_ _2\"></span></span>operazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cartolar<span class=\"_ _2\"></span>izzazione<span class=\"ff1\"> </span>ai<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sensi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> </span>Legge<span class=\"ff1\"> </span>n.<span class=\"ff1\"> </span>130<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>30<span class=\"ff1\"> </span>aprile<span class=\"ff1\"> </span>1999. Emilia<span class=\"ff1\"> </span>SPV<span class=\"ff1\"> </span>S.r.l.<span class=\"ff1\"> </span>ha<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>un\u2019operazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cartolarizzazione<span class=\"ff1\"> </span>revolving<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>mutui<span class=\"ff1\"> </span>ipotecari<span class=\"ff1\"> </span>residenziali<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>bonis<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>idonei<span class=\"ff1\"> </span>all\u2019utilizzo<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>Programma<span class=\"ff1\"> </span>\u201cObbligazioni<span class=\"ff1\"> </span>Bancarie<span class=\"ff1\"> </span>Garantite\u201d,<span class=\"ff1\"> </span>garantito<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>Credem<span class=\"ff1\"> </span>CB<span class=\"ff1\"> </span>S.r.l.<span class=\"ff1\"> </span>La<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">struttura<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">revolving<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">permett<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span>Banca,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>urante<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">periodo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>cosidde<span class=\"_ _0\"></span>tto<span class=\"ff1\"> </span>replen<span class=\"_ _0\"></span>ishment<span class=\"ff1\"> </span>che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pot<span class=\"_ _2\"></span>r\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">durare<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>fino<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">5<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">anni,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cedere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nuovi<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ortafogli<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cred<span class=\"_ _0\"></span>iti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">idonei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">societ\u00e0<span class=\"ff1\"> </span>ve<span class=\"_ _0\"></span>icolo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">util<span class=\"_ _2\"></span>izza,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">lor<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pagamento,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">proventi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ortafo<span class=\"_ _2\"></span>glio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esistente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e/o<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">proventi<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pagam<span class=\"_ _2\"></span>ento<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">par<span class=\"_ _2\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">noteholder<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ulteri<span class=\"_ _2\"></span>ori<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quote<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>prezzo<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> </span>emessi.<span class=\"ff1\"> </span>Una<span class=\"ff1\"> </span>volta<span class=\"ff1\"> </span>concluso<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>periodo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>replenishment,<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>note<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>rimborsate<span class=\"ff1\"> </span>durante<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>periodo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>ammortamento<span class=\"ff1\"> </span>definito<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>sede<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>emissione.<span class=\"ff1\"> </span>Il<span class=\"ff1\"> </span>periodo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>replenishment<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>conclus<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>maggio<span class=\"ff1\"> </span>2020<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>23<span class=\"ff1\"> </span>marzo<span class=\"ff1\"> </span>2021<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>stato<span class=\"ff1\"> </span>rinnovato<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>ulteriori<span class=\"ff1\"> </span>5<span class=\"_ _2\"></span><span class=\"ff1\"> </span>anni. I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">crediti<span class=\"ff1\"> </span>dell\u2019operazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>oggetto,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">originati<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Credem,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>stati<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>eduti<span class=\"ff1\"> </span>pro<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">soluto,<span class=\"ff1\"> </span>ossia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>enza<span class=\"ff1\"> </span>garanzia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>solvenza<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>debitori<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>loro<span class=\"ff1\"> </span>eventuali<span class=\"ff1\"> </span>garanti,<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>Emilia<span class=\"ff1\"> </span>SPV<span class=\"ff1\"> </span>S.r.l. Credem<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ha<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sottoscritto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>all\u2019att<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019emissione,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>detiene<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"></span></span>por<span class=\"_ _0\"></span>tafoglio,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>otale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>passivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>emesse<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dal<span class=\"ff1\"> </span>veicolo.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Pertanto<span class=\"_ _2\"></span>,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>base<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>norme<span class=\"ff1\"> <span class=\"_ _2\"></span></span>IFRS9<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>materia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u201cderecognition\u201d<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(cancellazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contabile),<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>crediti<span class=\"ff1\"> </span>oggetto<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>cartolarizzazione<span class=\"ff1\"> </span>rimangono<span class=\"ff1\"> </span>iscritt<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>nell\u2019attivo<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>bilancio<span class=\"ff1\"> </span>Credem. Sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>presenti<span class=\"ff1\"> </span>nella<span class=\"ff1\"> <span class=\"_ _2\"></span></span>categoria<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contabile<span class=\"ff1\"> </span>\u201c<span class=\"_ _2\"></span>Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziarie<span class=\"ff1\"> </span>valutat<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>costo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ammortizzato\u201d,<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>31<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dicembre<span class=\"ff1\"> </span>2022,<span class=\"ff1\">  </span>60<span class=\"_ _2\"></span>8<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>milioni<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>euro<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>ABS<span class=\"ff1\">  </span>em<span class=\"_ _2\"></span>essi<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>veicoli<span class=\"ff1\">  </span>t<span class=\"_ _2\"></span>erzi,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>collegati<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>crediti<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>originati<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Europa,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>con<span class=\"ff1\"> </span>preponderanza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> </span>componente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>origination<span class=\"ff1\"> <span class=\"_ _2\"></span></span>francese<span class=\"ff1\"> </span>(195.2<span class=\"ff1\"> </span>m<span class=\"_ _2\"></span>ilioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Euro).<span class=\"ff1\"> </span>Il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>portafoglio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> </span>costituito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"ff1\"> </span>differenti<span class=\"ff1\"> </span>tipologie<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>ABS<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>prevalenza<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>cartolarizzazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mutui<span class=\"ff1\"> </span>residenziali,<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>incidono<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>i<span class=\"_ _2\"></span>l<span class=\"ff1\"> </span></span></span>43,<span class=\"_ _0\"></span>4%. L\u2019<span class=\"_ _0\"></span>attu<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">es<span class=\"_ _0\"></span>posi<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>uddi<span class=\"_ _0\"></span>vis<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>ese<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cos\u00ec<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>mpo<span class=\"_ _0\"></span>sta:<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span>Pa<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>Co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>(m<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>lia<span class=\"_ _1\"></span>ia<span class=\"_ _3bd\"> </span>Eu<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>)<span class=\"fc0 sc1\"> </span>%<span class=\"_ _3bd\"> </span>Es<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>FRA<span class=\"_ _0\"></span>NCIA<span class=\"_ _1\"></span> <span class=\"_ _201\"> </span>195<span class=\"_ _0\"></span>.17<span class=\"_ _0\"></span>3 <span class=\"_ _33d\"> </span>32<span class=\"_ _1\"></span>,1 GER<span class=\"_ _0\"></span>MAN<span class=\"_ _0\"></span>IA <span class=\"_ _32\"> </span>167.<span class=\"_ _0\"></span>18<span class=\"_ _0\"></span>8 <span class=\"_ _202\"> </span>27<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>5 PAESI<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">BASS<span class=\"_ _1\"></span>I <span class=\"_ _41\"> </span>10<span class=\"_ _0\"></span>4.8<span class=\"_ _0\"></span>13 <span class=\"_ _12\"> </span>17<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>2 </span></span>SPA<span class=\"_ _0\"></span>GNA<span class=\"_ _0\"></span> <span class=\"_ _1bc\"> </span>74.<span class=\"_ _0\"></span>729<span class=\"_ _0\"></span> <span class=\"_ _242\"> </span>1<span class=\"_ _0\"></span>2.<span class=\"_ _1\"></span>3 ITA<span class=\"_ _0\"></span>LIA<span class=\"_ _0\"></span> <span class=\"_ _203\"> </span>42<span class=\"_ _0\"></span>.15<span class=\"_ _0\"></span>9 <span class=\"_ _15\"> </span>7,<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span> IRL<span class=\"_ _0\"></span>ANDA<span class=\"_ _1\"></span> <span class=\"_ _a3\"> </span>22.<span class=\"_ _0\"></span>650 <span class=\"_ _87\"> </span>3,<span class=\"_ _1\"></span>7 REGNO<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">UNIT<span class=\"_ _0\"></span>O <span class=\"_ _3f\"> </span>7<span class=\"_ _0\"></span>97<span class=\"_ _1\"></span> <span class=\"_ _204\"> </span>0,<span class=\"_ _1\"></span>1 </span></span>PO<span class=\"_ _0\"></span>RTOG<span class=\"_ _0\"></span>AL<span class=\"_ _0\"></span>LO <span class=\"_ _3f\"> </span>63<span class=\"_ _1\"></span>4 <span class=\"_ _21b\"> </span>0,<span class=\"_ _1\"></span>1 TO<span class=\"_ _0\"></span>TA<span class=\"_ _0\"></span>LE<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _a3\"> </span><span class=\"fc4 sc2\">60<span class=\"_ _0\"></span>8.1<span class=\"_ _0\"></span>43<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _f5\"> </span><span class=\"fc4 sc2\">10<span class=\"_ _0\"></span>0,<span class=\"_ _0\"></span>0<span class=\"fc0 sc1\"> </span></span></span></span></span>Il<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>por<span class=\"_ _2\"></span>tafoglio<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>cartolarizzazioni<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>diversificato<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>s<span class=\"_ _2\"></span>u<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>28<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>emittenti<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>38<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>emissioni,<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>massima<span class=\"ff1\"> </span>concentrazione<span class=\"ff1\"> </span>pari<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>45<span class=\"_ _2\"></span>,9<span class=\"ff1\"> </span>milioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">euro</span> <span class=\"ff3\">per</span> <span class=\"ff3\">singola</span> <span class=\"ff3\">emissione</span> <span class=\"ff3\">e</span> <span class=\"_ _0\"></span><span class=\"ff3\">72,1<span class=\"ff1\"> </span>milioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>euro<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>singolo<span class=\"ff1\"> </span>emittente.<span class=\"_ _3bd\"> </span></span></span></span></span>C.3<span class=\"_ _3bd\"> </span>Espos<span class=\"_ _0\"></span>izioni<span class=\"_ _3bd\"> </span>deriva<span class=\"_ _0\"></span>nti<span class=\"_ _3bd\"> </span>dalle<span class=\"_ _3bd\"> </span>princip<span class=\"_ _0\"></span>ali<span class=\"_ _3bd\"> </span>opera<span class=\"_ _0\"></span>zioni<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>carto<span class=\"_ _0\"></span>larizza<span class=\"_ _0\"></span>zione<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>\"terzi<span class=\"_ _0\"></span>\"<span class=\"_ _3bd\"> </span>riparti<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span>per<span class=\"_ _3bd\"> </span>tipol<span class=\"_ _0\"></span>ogia<span class=\"_ _3bd\"> </span>delle<span class=\"_ _3bd\"> </span>atti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _3bd\"> </span>carto<span class=\"_ _0\"></span>larizzat<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>per<span class=\"_ _3bd\"> </span>tipo<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>espo<span class=\"_ _0\"></span>sizione<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Ti<span class=\"_ _0\"></span>polo<span class=\"_ _1\"></span>gia<span class=\"_ _3bd\"> </span>att<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span>so<span class=\"_ _0\"></span>tto<span class=\"_ _0\"></span>sta<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>/<span class=\"_ _3bd\"> </span>Es<span class=\"_ _0\"></span>posi<span class=\"_ _1\"></span>zioni<span class=\"_ _0\"></span> Es<span class=\"_ _0\"></span>posi<span class=\"_ _1\"></span>zioni<span class=\"_ _3bd\"> </span>per<span class=\"_ _3bd\"> </span>c<span class=\"_ _0\"></span>as<span class=\"_ _1\"></span>sa <span class=\"_ _193\"> </span>Ga<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nzie<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>las<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span> <span class=\"_ _1a7\"> </span>Linee<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cre<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>Se<span class=\"_ _0\"></span>nior<span class=\"_ _1\"></span> <span class=\"_ _296\"> </span>Me<span class=\"_ _0\"></span>zza<span class=\"_ _0\"></span>nine<span class=\"_ _1\"></span> <span class=\"_ _1f2\"> </span>Ju<span class=\"_ _0\"></span>nior<span class=\"_ _1\"></span> <span class=\"_ _63\"> </span>Seni<span class=\"_ _1\"></span>or <span class=\"_ _1f1\"> </span>Mez<span class=\"_ _0\"></span>zani<span class=\"_ _1\"></span>ne <span class=\"_ _327\"> </span>Jun<span class=\"_ _0\"></span>ior<span class=\"_ _0\"></span> <span class=\"_ _63\"> </span>Se<span class=\"_ _0\"></span>nior<span class=\"_ _1\"></span> <span class=\"_ _327\"> </span>Mez<span class=\"_ _0\"></span>zan<span class=\"_ _0\"></span>ine<span class=\"_ _0\"></span> <span class=\"_ _327\"> </span>Juni<span class=\"_ _0\"></span>or<span class=\"_ _3bd\"> </span>Valore<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>bila<span class=\"_ _3bd\"> </span>Rettifiche<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>valo<span class=\"_ _3bd\"> </span>Valore<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>bila<span class=\"_ _3bd\"> </span>Rettifiche<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>valo<span class=\"_ _3bd\"> </span>Valore<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>bila<span class=\"_ _3bd\"> </span>Rettifiche<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>valo<span class=\"_ _3bd\"> </span>Valore<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>bila<span class=\"_ _3bd\"> </span>Rettifiche<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>valo<span class=\"_ _3bd\"> </span>Valore<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>bila<span class=\"_ _3bd\"> </span>Rettifiche<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>valo<span class=\"_ _3bd\"> </span>Valore<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>bila<span class=\"_ _3bd\"> </span>Rettifiche<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>valo<span class=\"_ _3bd\"> </span>Valore<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>bila<span class=\"_ _3bd\"> </span>Rettifiche<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>valo<span class=\"_ _3bd\"> </span>Valore<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>bila<span class=\"_ _3bd\"> </span>Rettifiche<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>valo<span class=\"_ _3bd\"> </span>Valore<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>bila<span class=\"_ _3bd\"> </span>Rettifiche<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>valo<span class=\"_ _3bd\"> </span>A.<span class=\"_ _1\"></span>1<span class=\"_ _3bd\"> </span>A.<span class=\"_ _1\"></span>2<span class=\"_ _3bd\"> </span>A.<span class=\"_ _1\"></span>3<span class=\"_ _3bd\"> </span>A.<span class=\"_ _1\"></span>4<span class=\"_ _3bd\"> </span>AUTO<span class=\"ff1\"> </span>ABS<span class=\"ff1\"> </span>FRGN33F<span class=\"_ _2\"></span>RN<span class=\"ff1\"> </span>PRESTITI<span class=\"ff1\"> </span>AL<span class=\"ff1\"> </span>CONSU<span class=\"_ _2\"></span>MO<span class=\"ff1\"> </span>AUTOF<span class=\"ff1\"> </span>2<span class=\"ff1\"> <span class=\"_ _2\"></span></span>A<span class=\"ff1\"> </span>21-43<span class=\"ff1\"> </span>EUR<span class=\"ff1\"> </span>PRESTITI<span class=\"ff1\"> </span>AL<span class=\"ff1\"> </span>CONSU<span class=\"_ _2\"></span>MO<span class=\"ff1\"> </span>AUTONORIA<span class=\"ff1\"> </span>ST35<span class=\"ff1\"> </span>F<span class=\"_ _2\"></span>RN<span class=\"ff1\"> </span>PRESTITI<span class=\"ff1\"> </span>AL<span class=\"ff1\"> </span>CONSU<span class=\"_ _2\"></span>MO<span class=\"ff1\"> </span>BP<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">M<span class=\"_ _0\"></span>ORTGAG<span class=\"_ _0\"></span>ES<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">07/44T<span class=\"_ _0\"></span>V<span class=\"_ _3bd\"> </span></span></span></span></span>MUT<span class=\"_ _0\"></span>UI<span class=\"ff1\"> </span>IP<span class=\"_ _0\"></span>OTECA<span class=\"_ _0\"></span>RI<span class=\"ff1\"> </span>RESIDE<span class=\"_ _0\"></span>NZI<span class=\"_ _0\"></span>ALI<span class=\"_ _3bd\"> </span>27.<span class=\"_ _0\"></span>252<span class=\"_ _3bd\"> </span>30.<span class=\"_ _0\"></span>190<span class=\"_ _3bd\"> </span>5.3<span class=\"_ _0\"></span>93<span class=\"_ _3bd\"> </span>36<span class=\"_ _3bd\"> </span>1<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>A.<span class=\"_ _1\"></span>5<span class=\"_ _3bd\"> </span>A.<span class=\"_ _1\"></span>6<span class=\"_ _3bd\"> </span>A.<span class=\"_ _1\"></span>7<span class=\"_ _3bd\"> </span>A.<span class=\"_ _1\"></span>8<span class=\"_ _3bd\"> </span>BPC<span class=\"_ _0\"></span>E<span class=\"ff1\"> </span>H<span class=\"_ _0\"></span>OME19O<span class=\"_ _0\"></span>T24FR<span class=\"_ _0\"></span>N<span class=\"_ _3bd\"> </span>MUT<span class=\"_ _0\"></span>UI<span class=\"ff1\"> </span>I<span class=\"_ _0\"></span>POTEC<span class=\"_ _0\"></span>ARI<span class=\"ff1\"> </span>R<span class=\"_ _0\"></span>ESIDE<span class=\"_ _0\"></span>NZIA<span class=\"_ _0\"></span>LI<span class=\"ff1\"> </span>BPCE<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">HOME21OT55FR<span class=\"_ _2\"></span>N<span class=\"_ _3bd\"> </span></span></span>MUT<span class=\"_ _0\"></span>UI<span class=\"ff1\"> </span>I<span class=\"_ _0\"></span>POTEC<span class=\"_ _0\"></span>ARI<span class=\"ff1\"> </span>R<span class=\"_ _0\"></span>ESIDE<span class=\"_ _0\"></span>NZIA<span class=\"_ _0\"></span>LI<span class=\"ff1\"> </span>BSKY<span class=\"ff1\"> </span>FRE4A<span class=\"ff1\"> </span>FRN-2<span class=\"_ _2\"></span>9<span class=\"ff1\"> </span>EU<span class=\"ff1\"> </span>PRESTITI<span class=\"ff1\"> </span>AL<span class=\"ff1\"> </span>CONSU<span class=\"_ _2\"></span>MO<span class=\"_ _3bd\"> </span>BS<span class=\"_ _0\"></span>KY<span class=\"ff1\"> </span>GE1<span class=\"_ _0\"></span>1<span class=\"ff1\"> </span>FRN<span class=\"_ _0\"></span>-30<span class=\"ff1\"> </span>E<span class=\"_ _0\"></span>U<span class=\"_ _3bd\"> </span>PR<span class=\"_ _0\"></span>ESTIT<span class=\"_ _0\"></span>I<span class=\"ff1\"> </span>AL<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">CON<span class=\"_ _0\"></span>SUMO<span class=\"_ _3bd\"> </span></span></span>10<span class=\"_ _0\"></span>.181<span class=\"_ _3bd\"> </span>30.<span class=\"_ _0\"></span>771<span class=\"_ _3bd\"> </span>15.<span class=\"_ _0\"></span>210<span class=\"_ _3bd\"> </span>35.<span class=\"_ _0\"></span>300<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>2<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>3<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>A.<span class=\"_ _1\"></span>9<span class=\"_ _3bd\"> </span>A.<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>A.<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>A.<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>BUMPER<span class=\"ff1\"> </span>22<span class=\"_ _2\"></span>SA<span class=\"ff1\"> </span>22-32<span class=\"ff1\"> </span>PR<span class=\"_ _0\"></span>ESTIT<span class=\"_ _0\"></span>I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">AL<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">CONSUM<span class=\"_ _0\"></span>O<span class=\"ff1\"> </span></span></span></span></span>BUOS<span class=\"ff1\"> </span>3<span class=\"ff1\"> </span>A<span class=\"ff1\"> <span class=\"_ _2\"></span></span>SR<span class=\"ff1\"> </span>SEQ<span class=\"ff1\"> </span>FLT<span class=\"ff1\"> </span>PRESTITI<span class=\"ff1\"> </span>A<span class=\"ff1\"> </span>PMI<span class=\"_ _3bd\"> </span>BUOS<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">3<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">B<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">MEZZ<span class=\"ff1\"> </span>SEQ<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">FL<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>PRESTITI<span class=\"ff1\"> </span>A<span class=\"ff1\"> </span>PMI<span class=\"ff1\"> </span>CR.<span class=\"_ _0\"></span>AGR.H<span class=\"_ _0\"></span>ABIT<span class=\"_ _0\"></span>AT<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">MTG<span class=\"_ _0\"></span>E<span class=\"_ _3bd\"> </span></span></span>MUT<span class=\"_ _0\"></span>UI<span class=\"ff1\"> </span>IP<span class=\"_ _0\"></span>OTECA<span class=\"_ _0\"></span>RI<span class=\"ff1\"> </span>RESIDE<span class=\"_ _0\"></span>NZI<span class=\"_ _0\"></span>ALI<span class=\"_ _3bd\"> </span>28.<span class=\"_ _0\"></span>024<span class=\"_ _3bd\"> </span>2.8<span class=\"_ _0\"></span>97<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>22.<span class=\"_ _0\"></span>610<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>3<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>2<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>9<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>A.<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>A.<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>A.<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>A.<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>DRIV<span class=\"ff1\"> </span>ESP<span class=\"ff1\"> </span>A<span class=\"ff1\"> </span>SR<span class=\"ff1\"> </span>6<span class=\"ff1\"> <span class=\"_ _2\"></span></span>FLT<span class=\"ff1\"> </span>PRESTITI<span class=\"ff1\"> </span>AL<span class=\"ff1\"> </span>CONSU<span class=\"_ _2\"></span>MO<span class=\"ff1\"> </span>DUT<span class=\"_ _0\"></span>CH<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">MBS<span class=\"ff1\"> </span>B<span class=\"_ _0\"></span>V18<span class=\"_ _0\"></span>-50EUR<span class=\"_ _3bd\"> </span></span></span>MUT<span class=\"_ _0\"></span>UI<span class=\"ff1\"> </span>I<span class=\"_ _0\"></span>POTEC<span class=\"_ _0\"></span>ARI<span class=\"ff1\"> </span>R<span class=\"_ _0\"></span>ESIDE<span class=\"_ _0\"></span>NZIA<span class=\"_ _0\"></span>LI<span class=\"ff1\"> </span>E-MAC<span class=\"ff1\"> </span>NL<span class=\"ff1\"> </span>FRN<span class=\"ff1\"> </span>-<span class=\"_ _2\"></span>A-GE37<span class=\"_ _3bd\"> </span>MUT<span class=\"_ _0\"></span>UI<span class=\"ff1\"> </span>I<span class=\"_ _0\"></span>POTEC<span class=\"_ _0\"></span>ARI<span class=\"ff1\"> </span>R<span class=\"_ _0\"></span>ESIDE<span class=\"_ _0\"></span>NZIA<span class=\"_ _0\"></span>LI<span class=\"ff1\"> </span>FINANCE<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(IR)ST60FR<span class=\"_ _2\"></span>N<span class=\"_ _3bd\"> </span></span></span>MUT<span class=\"_ _0\"></span>UI<span class=\"ff1\"> </span>IP<span class=\"_ _0\"></span>OTECA<span class=\"_ _0\"></span>RI<span class=\"ff1\"> </span>RESIDE<span class=\"_ _0\"></span>NZI<span class=\"_ _0\"></span>ALI<span class=\"_ _3bd\"> </span>2.5<span class=\"_ _0\"></span>75<span class=\"_ _3bd\"> </span>8.4<span class=\"_ _0\"></span>07<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>383<span class=\"_ _3bd\"> </span>7.7<span class=\"_ _0\"></span>53<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>A.<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>FI<span class=\"_ _0\"></span>NANCE<span class=\"_ _0\"></span>(IR)4<span class=\"_ _0\"></span>AMTGE<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span><span class=\"ff3\">61<span class=\"_ _0\"></span> </span></span>MUT<span class=\"_ _0\"></span>UI<span class=\"ff1\"> </span>I<span class=\"_ _0\"></span>POTEC<span class=\"_ _0\"></span>ARI<span class=\"ff1\"> </span>R<span class=\"_ _0\"></span>ESIDE<span class=\"_ _0\"></span>NZIA<span class=\"_ _0\"></span>LI<span class=\"ff1\"> </span>14<span class=\"_ _0\"></span>.971<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>1<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Ti<span class=\"_ _0\"></span>polo<span class=\"_ _1\"></span>gia<span class=\"_ _3bd\"> </span>att<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span>so<span class=\"_ _0\"></span>tto<span class=\"_ _0\"></span>sta<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>/<span class=\"_ _3bd\"> </span>Es<span class=\"_ _0\"></span>posi<span class=\"_ _1\"></span>zioni<span class=\"_ _0\"></span> Es<span class=\"_ _0\"></span>posi<span class=\"_ _1\"></span>zioni<span class=\"_ _3bd\"> </span>per<span class=\"_ _3bd\"> </span>c<span class=\"_ _0\"></span>as<span class=\"_ _1\"></span>sa <span class=\"_ _1f9\"> </span>Gar<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>zie<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>las<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span> <span class=\"_ _ed\"> </span>Linee<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cre<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>o Se<span class=\"_ _0\"></span>nior<span class=\"_ _1\"></span> <span class=\"_ _1fd\"> </span>Me<span class=\"_ _0\"></span>zza<span class=\"_ _0\"></span>nine<span class=\"_ _3bd\"> </span>Ju<span class=\"_ _0\"></span>nior<span class=\"_ _0\"></span> <span class=\"_ _1fb\"> </span>Seni<span class=\"_ _1\"></span>or <span class=\"_ _55\"> </span>Me<span class=\"_ _0\"></span>zzan<span class=\"_ _0\"></span>ine<span class=\"_ _3bd\"> </span>Ju<span class=\"_ _0\"></span>nior<span class=\"_ _0\"></span> <span class=\"_ _1fb\"> </span>Seni<span class=\"_ _0\"></span>or <span class=\"_ _55\"> </span>Me<span class=\"_ _1\"></span>zzani<span class=\"_ _1\"></span>ne <span class=\"_ _1fa\"> </span>Ju<span class=\"_ _0\"></span>nior<span class=\"_ _1\"></span> Valore<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>bila<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>o Rettifiche<span class=\"_ _2\"></span>/riprese<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>valo<span class=\"_ _0\"></span>re Valore<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>bila<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>o Rettifiche<span class=\"_ _2\"></span>/riprese<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>valo<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>Valore<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>bila<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>o Rettifiche<span class=\"_ _2\"></span>/riprese<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>valo<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>Valore<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>bila<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>o Rettifiche<span class=\"_ _2\"></span>/riprese<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>valo<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>Valore<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>bila<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>o Rettifiche<span class=\"_ _2\"></span>/riprese<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>valo<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>Valore<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>bila<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>o Rettifiche<span class=\"_ _2\"></span>/riprese<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>valo<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>Valore<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>bila<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>o Rettifiche<span class=\"_ _2\"></span>/riprese<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>valo<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>Valore<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>bila<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>o Rettifiche<span class=\"_ _2\"></span>/riprese<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>valo<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>Valore<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>bila<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>o Rettifiche<span class=\"_ _2\"></span>/riprese<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>valo<span class=\"_ _0\"></span>re A.<span class=\"_ _1\"></span>21<span class=\"_ _3bd\"> </span>GRE<span class=\"_ _0\"></span>EN<span class=\"ff1\"> <span class=\"_ _2\"></span></span>APPLE<span class=\"_ _0\"></span>-19-G<span class=\"_ _0\"></span>E5<span class=\"_ _0\"></span>8 <span class=\"_ _194\"> </span>8.<span class=\"_ _0\"></span>587<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>MUT<span class=\"_ _0\"></span>UI<span class=\"_ _3bd\"> </span>IPO<span class=\"_ _0\"></span>TECAR<span class=\"_ _0\"></span>I <span class=\"_ _62\"> </span><span class=\"ff3\">RESI<span class=\"_ _0\"></span>DENZI<span class=\"_ _0\"></span>ALI <span class=\"_ _aa\"> </span><span class=\"ff1\"> <span class=\"_ _209\"> </span> <span class=\"_ _3d\"> </span> <span class=\"_ _64\"> </span> <span class=\"_ _64\"> </span> <span class=\"_ _64\"> </span> <span class=\"_ _64\"> </span> <span class=\"_ _64\"> </span> <span class=\"_ _64\"> </span> <span class=\"_ _64\"> </span> <span class=\"_ _64\"> </span> <span class=\"_ _64\"> </span> <span class=\"_ _64\"> </span> <span class=\"_ _64\"> </span> <span class=\"_ _64\"> </span> <span class=\"_ _64\"> </span> <span class=\"_ _64\"> </span> <span class=\"_ _64\"> </span> </span></span>A.<span class=\"_ _1\"></span>22<span class=\"_ _3bd\"> </span>HFH<span class=\"_ _0\"></span>L<span class=\"ff1\"> </span>2020<span class=\"_ _0\"></span>-1<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">FB<span class=\"_ _0\"></span>61 <span class=\"_ _201\"> </span>11<span class=\"_ _0\"></span>.404<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>MUT<span class=\"_ _0\"></span>UI<span class=\"_ _3bd\"> </span>IPO<span class=\"_ _0\"></span>TECAR<span class=\"_ _0\"></span>I<span class=\"_ _3bd\"> </span>RESI<span class=\"_ _1\"></span>DENZIA<span class=\"_ _0\"></span>LI A.<span class=\"_ _1\"></span>23<span class=\"_ _3bd\"> </span>HFH<span class=\"_ _0\"></span>L<span class=\"ff1\"> </span>2021<span class=\"_ _0\"></span>-1A<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">MTGE61<span class=\"_ _0\"></span>E <span class=\"_ _6c\"> </span>26.<span class=\"_ _0\"></span>599<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>MUT<span class=\"_ _0\"></span>UI<span class=\"_ _3bd\"> </span>IPO<span class=\"_ _0\"></span>TECAR<span class=\"_ _0\"></span>I<span class=\"_ _3bd\"> </span>RESI<span class=\"_ _1\"></span>DENZIA<span class=\"_ _0\"></span>LI<span class=\"_ _3bd\"> </span>A.<span class=\"_ _1\"></span>24<span class=\"_ _3bd\"> </span>HIP<span class=\"_ _0\"></span>OTOTT<span class=\"_ _0\"></span>A4-C<span class=\"_ _0\"></span>L/A<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ST4<span class=\"_ _0\"></span>8 <span class=\"_ _50\"> </span>63<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>MUT<span class=\"_ _0\"></span>UI<span class=\"_ _3bd\"> </span>IPO<span class=\"_ _0\"></span>TECAR<span class=\"_ _0\"></span>I<span class=\"_ _3bd\"> </span>RESI<span class=\"_ _1\"></span>DENZIA<span class=\"_ _0\"></span>LI<span class=\"_ _3bd\"> </span>A.<span class=\"_ _1\"></span>25<span class=\"_ _3bd\"> </span>MAG<span class=\"_ _0\"></span>OI<span class=\"ff1\"> </span>19<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">LG3<span class=\"_ _0\"></span>9<span class=\"ff1\"> </span>F<span class=\"_ _0\"></span>LT<span class=\"_ _1\"></span> <span class=\"_ _6a\"> </span>6.<span class=\"_ _0\"></span>850<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>PR<span class=\"_ _0\"></span>ESTIT<span class=\"_ _0\"></span>I<span class=\"ff1\"> </span>AL<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">CON<span class=\"_ _0\"></span>SUMO </span></span>A.<span class=\"_ _1\"></span>26<span class=\"_ _3bd\"> </span>NORI<span class=\"_ _1\"></span>A<span class=\"ff1\"> <span class=\"_ _2\"></span></span>2021-1<span class=\"_ _0\"></span>EU<span class=\"_ _0\"></span>R <span class=\"_ _fd\"> </span>17<span class=\"_ _0\"></span>.729<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>PR<span class=\"_ _0\"></span>ESTIT<span class=\"_ _0\"></span>I<span class=\"ff1\"> </span>AL<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">CON<span class=\"_ _0\"></span>SUMO </span></span>A.<span class=\"_ _1\"></span>27<span class=\"_ _3bd\"> </span>PRADO<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">8<span class=\"ff1\"> </span>A<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">SR<span class=\"ff1\"> </span>SEQ<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">FLT<span class=\"ff1\"> </span></span></span></span></span></span></span>MUTUI<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">IPOTECARI<span class=\"ff1\"> </span></span></span>RESI<span class=\"_ _1\"></span>DENZIA<span class=\"_ _0\"></span>LI 26.<span class=\"_ _0\"></span>176<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>A.<span class=\"_ _1\"></span>28<span class=\"_ _3bd\"> </span>PRADO<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">9<span class=\"ff1\"> </span>A<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">SR<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">SEQ<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">FLT<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>MUTUI<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">IPOTECARI<span class=\"_ _2\"></span> </span></span>RESI<span class=\"_ _1\"></span>DENZIA<span class=\"_ _0\"></span>LI 27.<span class=\"_ _0\"></span>035<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>A.<span class=\"_ _1\"></span>29<span class=\"_ _3bd\"> </span>PRADO<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">X<span class=\"ff1\"> </span>A<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">SR<span class=\"ff1\"> </span>SEQ<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">FLT<span class=\"ff1\"> </span></span></span></span></span></span></span>MUTUI<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">IPOTECARI<span class=\"ff1\"> </span></span></span>RESI<span class=\"_ _1\"></span>DENZIA<span class=\"_ _0\"></span>LI 18<span class=\"_ _0\"></span>.943<span class=\"_ _3bd\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1a8\"> </span><span class=\"ff3\">2<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>A.<span class=\"_ _1\"></span>30<span class=\"_ _3bd\"> </span>PROGQ<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">1<span class=\"ff1\"> </span>A<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">EU<span class=\"_ _0\"></span>R <span class=\"_ _cb\"> </span>11<span class=\"_ _0\"></span>.933<span class=\"_ _3bd\"> </span></span></span></span></span>1<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>PR<span class=\"_ _0\"></span>ESTIT<span class=\"_ _0\"></span>I<span class=\"ff1\"> </span>AL<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">CON<span class=\"_ _0\"></span>SUMO </span></span>A.<span class=\"_ _1\"></span>31<span class=\"_ _3bd\"> </span>R&amp;B<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">A<span class=\"_ _0\"></span>UTO<span class=\"ff1\"> </span>L<span class=\"_ _0\"></span>2GER1<span class=\"_ _0\"></span>1/28 <span class=\"_ _2e\"> </span>7.719<span class=\"_ _3bd\"> </span></span></span>1<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>PR<span class=\"_ _0\"></span>ESTIT<span class=\"_ _0\"></span>I<span class=\"ff1\"> </span>AL<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">CON<span class=\"_ _0\"></span>SUMO </span></span>A.<span class=\"_ _1\"></span>32<span class=\"_ _3bd\"> </span>R&amp;B<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">A<span class=\"_ _0\"></span>UTO<span class=\"ff1\"> </span>L<span class=\"_ _0\"></span>9GER2<span class=\"_ _0\"></span>2/31 <span class=\"_ _a5\"> </span>20.<span class=\"_ _0\"></span>349<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1a8\"> </span><span class=\"ff3\">2<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>PR<span class=\"_ _0\"></span>ESTIT<span class=\"_ _0\"></span>I<span class=\"ff1\"> </span>AL<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">CON<span class=\"_ _0\"></span>SUMO </span></span>A.<span class=\"_ _1\"></span>33<span class=\"_ _3bd\"> </span>SC<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">GERMA<span class=\"_ _0\"></span>N<span class=\"ff1\"> </span>CONS<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">21-1<span class=\"_ _0\"></span>A <span class=\"_ _129\"> </span>45.95<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>PR<span class=\"_ _0\"></span>ESTIT<span class=\"_ _0\"></span>I<span class=\"ff1\"> </span>AL<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">CON<span class=\"_ _0\"></span>SUMO </span></span>A.<span class=\"_ _1\"></span>34<span class=\"_ _3bd\"> </span>SI<span class=\"_ _0\"></span>LVER<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">A<span class=\"ff1\"> </span>AP31<span class=\"ff1\"> </span>F<span class=\"_ _1\"></span>RN <span class=\"_ _1cf\"> </span>31.5<span class=\"_ _0\"></span>72<span class=\"_ _3bd\"> </span></span></span>1<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>PR<span class=\"_ _0\"></span>ESTIT<span class=\"_ _0\"></span>I<span class=\"ff1\"> </span>AL<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">CON<span class=\"_ _0\"></span>SUMO </span></span>A.<span class=\"_ _1\"></span>35<span class=\"_ _3bd\"> </span>SI<span class=\"_ _0\"></span>LVER<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">A<span class=\"ff1\"> <span class=\"_ _2\"></span></span>GN<span class=\"_ _0\"></span>29<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">FR<span class=\"_ _0\"></span>N <span class=\"_ _3b\"> </span>17.<span class=\"_ _0\"></span>805<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1a8\"> </span><span class=\"ff3\">2<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>PR<span class=\"_ _0\"></span>ESTIT<span class=\"_ _0\"></span>I<span class=\"ff1\"> </span>AL<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">CON<span class=\"_ _0\"></span>SUMO </span></span>A.<span class=\"_ _1\"></span>36<span class=\"_ _3bd\"> </span>SILVER<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">A<span class=\"ff1\"> </span>ST27<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">FR<span class=\"_ _1\"></span>N <span class=\"_ _6a\"> </span>7<span class=\"_ _0\"></span>.38<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span></span></span></span></span>1<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>PR<span class=\"_ _0\"></span>EST<span class=\"_ _3bd\"> </span>C.<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>Co<span class=\"_ _0\"></span>nso<span class=\"_ _1\"></span>lida<span class=\"_ _0\"></span>to<span class=\"_ _3bd\"> </span>pru<span class=\"_ _1\"></span>denz<span class=\"_ _1\"></span>iale<span class=\"_ _3bd\"> </span>\u2013<span class=\"_ _3bd\"> </span>In<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>nze<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>so<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>et\u00e0<span class=\"_ _3bd\"> </span>ve<span class=\"_ _0\"></span>ico<span class=\"_ _1\"></span>lo<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>la<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>rto<span class=\"_ _1\"></span>lar<span class=\"_ _0\"></span>izza<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>Come<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gi\u00e0<span class=\"ff1\"> </span>esposto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nelle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">informazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">natura<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>alitativa,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Gruppo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">presente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un\u2019unica<span class=\"ff1\"> </span>societ\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">veicolo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>la<span class=\"ff1\"> </span>cartolarizzazione,<span class=\"ff1\"> </span>Emilia<span class=\"ff1\"> </span>Spv,<span class=\"ff1\"> </span>partecipata<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>10%<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>Credito<span class=\"ff1\"> </span>Emiliano;<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>societ\u00e0<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>stata<span class=\"ff1\"> </span>consolidata.<span class=\"_ _3bd\"> </span>D.<span class=\"_ _0\"></span><span class=\"ff5\"> <span class=\"_ _1\"></span><span class=\"ff3\">Opera<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cess<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"fc0\"> </span></span></span></span></span></span></span>A.Attivit\u00e0<span class=\"_ _3bd\"> </span>fina<span class=\"_ _0\"></span>nziarie<span class=\"_ _3bd\"> </span>cedut<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>non<span class=\"_ _3bd\"> </span>cance<span class=\"_ _0\"></span>llate<span class=\"_ _3bd\"> </span>integra<span class=\"_ _0\"></span>lmente<span class=\"_ _3bd\"> </span>Inform<span class=\"_ _0\"></span>azion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>natu<span class=\"_ _0\"></span>ra<span class=\"_ _3bd\"> </span>qua<span class=\"_ _0\"></span>litativa Op<span class=\"_ _0\"></span>era<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ce<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>Nel<span class=\"ff1\"> </span>corso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019e<span class=\"_ _0\"></span>sercizio<span class=\"ff1\"> </span>20<span class=\"_ _2\"></span>15<span class=\"ff1\"> </span>Credem<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ha<span class=\"ff1\"> </span>perfezionato<span class=\"ff1\"> </span>un\u2019operazi<span class=\"_ _2\"></span>one<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cartolarizzazione<span class=\"ff1\"> </span>revolving,<span class=\"ff1\"> </span>relativa<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>mutui<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>ipotecari<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>residenziali<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>bonis<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>eleggibili<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>ai<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>fini<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>dell\u2019utilizzo<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>programma<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>emissioni<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"ff1\"> </span>\u201cObbligazioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Bancarie<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Garantite\u201d<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dalla<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>societ\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>veicolo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Credem<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>CB<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>S.r.l.,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>erogati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>alla<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>pro<span class=\"_ _2\"></span>pria<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>clientela<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> </span>selezionati<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>criteri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">predefiniti<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>modo<span class=\"ff1\"> </span>tale<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>costituire<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>\u201cblocco\u201d<span class=\"ff1\"> </span>ai<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sensi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>effetti<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span></span></span></span></span>legge<span class=\"ff1\"> </span>applicabile<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>materia<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cartolarizzazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>crediti. A<span class=\"ff1\"> <span class=\"_ _21\"></span></span>segu<span class=\"_ _0\"></span>ito<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prima<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cessione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>attivi,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>perfezionata<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quarto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span></span>t<span class=\"_ _0\"></span>rimestre<span class=\"ff1\"> <span class=\"_ _21\"></span></span>2014<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _21\"></span></span>un<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prezzo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>pari<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Euro<span class=\"ff1\"> </span>1.0<span class=\"_ _0\"></span>02.<span class=\"_ _0\"></span>811.<span class=\"_ _0\"></span>119<span class=\"_ _0\"></span>,07,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">so<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>tate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>rfezi<span class=\"_ _0\"></span>ona<span class=\"_ _0\"></span>te,<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">201<span class=\"_ _0\"></span>5<span class=\"ff1\"> </span>all<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>fin<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>2<span class=\"_ _0\"></span>022,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">peri<span class=\"_ _0\"></span>odi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">segu<span class=\"_ _0\"></span>ito<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ind<span class=\"_ _0\"></span>icat<span class=\"_ _0\"></span>i,<span class=\"ff1\"> </span>otto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cessi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> </span>altrettanti<span class=\"ff1\"> </span>portafogli<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>crediti<span class=\"ff1\"> </span>idonei<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>societ\u00e0<span class=\"ff1\"> </span>veicolo<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>prezzo<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>a: -<span class=\"_ _3bd\"> </span>Qu<span class=\"_ _0\"></span>arto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">trime<span class=\"_ _0\"></span>stre<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">201<span class=\"_ _0\"></span>5:<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Eur<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>2<span class=\"_ _0\"></span>85.3<span class=\"_ _0\"></span>92.<span class=\"_ _0\"></span>481,<span class=\"_ _0\"></span>54 </span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Qu<span class=\"_ _0\"></span>arto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">trime<span class=\"_ _0\"></span>stre<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">201<span class=\"_ _0\"></span>6:<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Eu<span class=\"_ _0\"></span>ro<span class=\"ff1\"> </span>29<span class=\"_ _0\"></span>3.707<span class=\"_ _0\"></span>.64<span class=\"_ _0\"></span>0,58<span class=\"_ _0\"></span> </span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Qu<span class=\"_ _0\"></span>arto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">trime<span class=\"_ _0\"></span>stre<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">201<span class=\"_ _0\"></span>7:<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Eur<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>2<span class=\"_ _0\"></span>45.7<span class=\"_ _0\"></span>10.9<span class=\"_ _0\"></span>26,<span class=\"_ _0\"></span>70 </span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Qu<span class=\"_ _0\"></span>arto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">trime<span class=\"_ _0\"></span>stre<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">201<span class=\"_ _0\"></span>8:<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Eur<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>5<span class=\"_ _0\"></span>2.<span class=\"_ _0\"></span>416.7<span class=\"_ _0\"></span>89,<span class=\"_ _0\"></span>64 </span></span></span></span></span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1fa\"> </span><span class=\"ff3\">Se<span class=\"_ _0\"></span>cond<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>tri<span class=\"_ _0\"></span>mes<span class=\"_ _0\"></span>tre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">202<span class=\"_ _0\"></span>1:<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Euro<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">1.<span class=\"_ _0\"></span>304.<span class=\"_ _0\"></span>130.<span class=\"_ _0\"></span>865,<span class=\"_ _0\"></span>63 </span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Qu<span class=\"_ _0\"></span>arto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">trime<span class=\"_ _0\"></span>stre<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">202<span class=\"_ _0\"></span>1:<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Eu<span class=\"_ _0\"></span>ro<span class=\"ff1\"> </span>353<span class=\"_ _0\"></span>.874.<span class=\"_ _0\"></span>864<span class=\"_ _0\"></span>,16<span class=\"_ _0\"></span> </span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Se<span class=\"_ _0\"></span>cond<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>tri<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>stre<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">20<span class=\"_ _0\"></span>22:<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Eur<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>274.<span class=\"_ _0\"></span>726<span class=\"_ _0\"></span>.75<span class=\"_ _0\"></span>1,1<span class=\"_ _0\"></span>2 </span></span></span></span>-<span class=\"_ _3bd\"> </span>Qu<span class=\"_ _0\"></span>arto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">trime<span class=\"_ _0\"></span>stre<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">202<span class=\"_ _0\"></span>2:<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Eu<span class=\"_ _0\"></span>ro<span class=\"ff1\"> </span>19<span class=\"_ _0\"></span>0.056<span class=\"_ _0\"></span>.44<span class=\"_ _0\"></span>3,89<span class=\"_ _0\"></span> </span></span></span></span></span></span>I<span class=\"ff1\"> <span class=\"_ _2\"></span></span>crediti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>stat<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>a<span class=\"_ _2\"></span>cquistati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u201cpro<span class=\"ff1\"> <span class=\"_ _2\"></span></span>soluto\u201d,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ossia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>senza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>garanzia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>solvenza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>debitori<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>lor<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>eventuali<span class=\"ff1\"> </span>garanti,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dalla<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>societ\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>EMILIA<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>SPV<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>S.r.l<span class=\"_ _2\"></span>.,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>societ\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>veicolo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>appositamente<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>costit<span class=\"_ _2\"></span>uita<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>partecipata<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>10<span class=\"_ _2\"></span>%<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>da<span class=\"ff1\"> </span>Credem,<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>oggetto<span class=\"ff1\"> </span>esclusivo<span class=\"ff1\"> </span>consist<span class=\"_ _2\"></span>ente<span class=\"ff1\"> </span>nel<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>realizzazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>pi\u00f9<span class=\"ff1\"> </span>operazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cartolarizzazione<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>sensi<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>Legge<span class=\"ff1\"> </span>n.<span class=\"ff1\"> </span>130<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>30<span class=\"ff1\"> </span>aprile<span class=\"ff1\"> </span>1999. La<span class=\"ff1\"> </span>societ\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>veicolo<span class=\"ff1\"> </span>ha<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019operazione<span class=\"ff1\"> </span>attravers<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>l\u2019emissione,<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>cor<span class=\"_ _2\"></span>so<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>mese<span class=\"_ _2\"></span><span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>april<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>2015,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>obbligazionari<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u201cRMBS\u201d<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>diversa<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>classe<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>(senior<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>junior).<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>I<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>titoli<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>senior<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>so<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dotati<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rating<span class=\"ff1\"> <span class=\"_ _21\"></span></span>uffici<span class=\"_ _0\"></span>ale<span class=\"ff1\"> </span>assegnato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dalle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>agenzie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ac<span class=\"_ _2\"></span>creditate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>DBRS<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Moody\u2019s<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Investor<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Services<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fine<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dicembre<span class=\"ff1\"> <span class=\"_ _20\"></span></span>2022,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>giudizio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u201cA\u201d<span class=\"ff1\"> </span>assegnato<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>DBRS<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>\u201cA1\u201d<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>Moody\u2019s).<span class=\"ff1\"> </span>I<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> </span>junior<span class=\"ff1\"> </span>sono,<span class=\"ff1\"> </span>invece,<span class=\"ff1\"> </span>sprovvisti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rat<span class=\"_ _2\"></span>ing. Le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">note<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>ipo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u201cs<span class=\"_ _2\"></span>enior\u201d<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pagano<span class=\"_ _2\"></span>,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tr<span class=\"_ _2\"></span>imestralmente,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">interessi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">variabili<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pari<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tasso<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">EURIBOR<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">3<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mesi<span class=\"_ _2\"></span>,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">aumentato<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">7<span class=\"_ _2\"></span>5bps,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mentre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">note<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u201cjunior\u201d<span class=\"ff1\"> </span>pagano<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tasso<span class=\"_ _2\"></span><span class=\"ff1\"> </span>E<span class=\"_ _0\"></span>URIBOR<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">3<span class=\"ff1\"> </span>mesi,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">aumentato<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">200bps.<span class=\"ff1\"> </span>I<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">detentori</span> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>itoli<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>junior<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>hanno<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>inoltre<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>diritto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">ri<span class=\"_ _0\"></span>cevere<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ciascuna<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>data<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>pagamento<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>base<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"_ _2\"></span>ll\u2019ordine<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>priorit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dei<span class=\"ff1\"> </span></span></span>pagamenti<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>fondi<span class=\"ff1\"> </span>disponibili,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anche<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>premio<span class=\"ff1\"> </span>determinato<span class=\"_ _2\"></span><span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>via<span class=\"ff1\"> </span>residu<span class=\"_ _0\"></span>ale,<span class=\"ff1\"> </span>dopo<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>siano<span class=\"ff1\"> </span>stati<span class=\"ff1\"> </span>corrisposti<span class=\"ff1\"> </span></span></span>tutti<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>altri<span class=\"ff1\"> </span>importi<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>corrispondersi<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>priorit\u00e0. I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">titol<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>so<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>st<span class=\"_ _0\"></span>rutt<span class=\"_ _0\"></span>ura<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">form<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">par<span class=\"_ _0\"></span>tly<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>aid<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">note<span class=\"_ _0\"></span>s<span class=\"ff1\"> </span>(\u201cPP<span class=\"_ _0\"></span>N\u201d)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">in<span class=\"_ _0\"></span>tera<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>em<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>oro<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>lore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nom<span class=\"_ _0\"></span>inal<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>al<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>da<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>d\u2019e<span class=\"_ _0\"></span>mis<span class=\"_ _0\"></span>sion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>(Eu<span class=\"_ _0\"></span>ro<span class=\"ff1\"> </span>3.<span class=\"_ _0\"></span>000.00<span class=\"_ _0\"></span>0.00<span class=\"_ _0\"></span>0<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">note</span> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>en<span class=\"_ _0\"></span>ior<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ed</span> <span class=\"ff3\">Eu<span class=\"_ _0\"></span>ro<span class=\"ff1\"> </span>9<span class=\"_ _0\"></span>00.0<span class=\"_ _0\"></span>00.0<span class=\"_ _0\"></span>00<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>ote<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">juni<span class=\"_ _0\"></span>or).<span class=\"ff1\"> </span>I<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>pre<span class=\"_ _0\"></span>zzo<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span>delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">note<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">st<span class=\"_ _2\"></span>ato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">corrisposto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dai<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sott<span class=\"_ _2\"></span>oscrittori<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">solo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">parte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">data<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">emissione,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mentre<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">restanti<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uote<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>prezzo<span class=\"ff1\">  </span>possono<span class=\"ff1\">  </span>essere<span class=\"ff1\">  </span>pagate<span class=\"ff1\">  </span>in<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">pi\u00f9</span>  <span class=\"ff3\">rate</span>  <span class=\"ff3\">successive</span>  <span class=\"ff3\">differite</span>  <span class=\"ff3\">nel</span>  <span class=\"ff3\">tempo</span>  <span class=\"ff3\">sec<span class=\"_ _0\"></span>ondo<span class=\"ff1\">  </span>la<span class=\"ff1\">  </span>logica<span class=\"ff1\">  </span>revolving<span class=\"ff1\"> </span></span></span>del<span class=\"_ _0\"></span>l\u2019o<span class=\"_ _0\"></span>pera<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e. La<span class=\"ff1\"> </span>struttura<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">revolving<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ermette<span class=\"ff1\"> </span>alla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Banca,<span class=\"ff1\"> </span>durante<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> </span>periodo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cosiddetto<span class=\"ff1\"> </span>replenishment<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> </span>potr\u00e0<span class=\"ff1\"> </span>durare<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>fino<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">5<span class=\"ff1\"> </span>anni<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cedere<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nuovi<span class=\"ff1\"> </span>portafogli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>cred<span class=\"_ _0\"></span>iti<span class=\"ff1\"> </span>idone<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>alla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">societ\u00e0<span class=\"ff1\"> </span>veicolo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che<span class=\"ff1\"> </span>utilizza,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>loro<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pagamento,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>i<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>roventi<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>portafoglio<span class=\"ff1\"> </span>esistente<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>/o<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>proventi<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pagamento<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>parte<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">noteholder<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>ulteriori<span class=\"ff1\"> </span>quote<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span></span></span></span></span></span></span>prezzo<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>t<span class=\"_ _2\"></span>itoli<span class=\"ff1\"> </span>emess<span class=\"_ _2\"></span>i.<span class=\"ff1\"> </span>Una<span class=\"ff1\"> <span class=\"_ _2\"></span></span>volta<span class=\"ff1\"> <span class=\"_ _2\"></span></span>concluso<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>periodo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>replenishment,<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>note<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rimborsate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>durante<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>periodo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ammor<span class=\"_ _2\"></span>tamento<span class=\"ff1\"> </span>definito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sede<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>emissione.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Il<span class=\"ff1\"> </span>p<span class=\"_ _2\"></span>eriodo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>replenishment<span class=\"ff1\"> <span class=\"_ _2\"></span></span>si<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>concluso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> </span>maggio<span class=\"ff1\"> </span>2020<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>23<span class=\"ff1\"> </span>marzo<span class=\"ff1\"> </span>2021<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>stato<span class=\"ff1\"> </span>rinnovato<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>ulteriori<span class=\"ff1\"> </span>5<span class=\"_ _2\"></span><span class=\"ff1\"> </span>anni. Al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">31<span class=\"ff1\"> </span>dicembre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">2022<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">circolante<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> </span>tranche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">senior<span class=\"ff1\"> </span>risulta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pari<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ad<span class=\"ff1\"> </span>Eu<span class=\"_ _0\"></span>ro<span class=\"ff1\"> </span>1.973.512.000,89<span class=\"ff1\"> </span>mentre<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">q<span class=\"_ _0\"></span>uello<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>tranche<span class=\"ff1\"> </span>junior<span class=\"ff1\"> </span>risulta<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>Euro<span class=\"ff1\"> </span>599.025<span class=\"_ _2\"></span>.731,69. I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">titoli<span class=\"ff1\"> </span>senior<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>quotati<span class=\"ff1\"> </span>all\u2019Irish<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Stock<span class=\"ff1\"> </span>Exchange.<span class=\"ff1\"> </span>Entrambe<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>tranches<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>state<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">acquistate<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>Crede<span class=\"_ _0\"></span>m.<span class=\"ff1\"> </span>I<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>titoli<span class=\"ff1\"> </span>senior<span class=\"ff1\"> </span>possono<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>utilizzati<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>operazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rifinanziamento<span class=\"_ _2\"></span><span class=\"ff1\"> </span>presso<span class=\"ff1\"> </span>l\u2019Eurosistema. L\u2019operazione<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finalizzata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>costit<span class=\"_ _2\"></span>uire<span class=\"ff1\"> </span>una<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riserva<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>liquidit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>ientra<span class=\"ff1\"> </span>fr<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> </span>complessive<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gestione<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>liquidit\u00e0<span class=\"ff1\"> </span>poste<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>Credem. A<span class=\"ff1\"> </span>Cred<span class=\"_ _0\"></span>em<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stat<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riconosciute<span class=\"ff1\"> </span>inoltre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dalla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">societ\u00e0<span class=\"ff1\"> </span>veicolo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>seguenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">opzioni:<span class=\"ff1\"> </span>riacquisto<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>singoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">crediti<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>entro<span class=\"ff1\"> </span>determinati<span class=\"ff1\"> </span>parametri,<span class=\"ff1\"> </span>riacquisto<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>blocco<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>crediti<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>dovessero<span class=\"ff1\"> <span class=\"_ _2\"></span></span>diventare<span class=\"ff1\"> </span>eleggibili<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>l\u2019utilizzo<span class=\"ff1\"> </span>nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">programma<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Obbligazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Bancarie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Garantite<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Credem<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">CB<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">S.r.l.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riacquisto<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tutto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">portafoglio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">crediti<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>in<span class=\"ff1\"> </span>essere,<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>blocco<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>pro<span class=\"ff1\"> </span>soluto<span class=\"ff1\"> </span>(nel<span class=\"ff1\"> </span>rispetto<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>vincoli<span class=\"ff1\"> </span>contrattuali<span class=\"ff1\"> </span>previsti).<span class=\"_ _3bd\"> </span>Nel<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>orso<span class=\"_ _2\"></span><span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span>2<span class=\"_ _0\"></span>022<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>state<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perfezionate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">due<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nuove<span class=\"ff1\"> </span>cessione<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">attivi</span> <span class=\"_ _0\"></span><span class=\"ff3\">relativa<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mutui<span class=\"ff1\"> </span>ipotecari<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">residenziali<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">bon<span class=\"_ _0\"></span>is<span class=\"ff1\"> </span>non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">id<span class=\"_ _0\"></span>onei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">all<span class=\"_ _0\"></span>\u2019uti<span class=\"_ _0\"></span>liz<span class=\"_ _0\"></span>zo<span class=\"ff1\"> </span>nei<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rog<span class=\"_ _0\"></span>ramm<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">emi<span class=\"_ _0\"></span>ssio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>Obb<span class=\"_ _0\"></span>liga<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>Ba<span class=\"_ _0\"></span>ncar<span class=\"_ _0\"></span>ie<span class=\"ff1\"> </span>G<span class=\"_ _0\"></span>aran<span class=\"_ _0\"></span>tit<span class=\"_ _0\"></span>e,<span class=\"ff1\"> </span>me<span class=\"_ _0\"></span>ntre<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">no<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>so<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>state<span class=\"ff1\"> </span>effettuate<span class=\"ff1\"> </span>operazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>riacquisti<span class=\"ff1\"> </span>parziali<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>blocco<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>crediti<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>societ\u00e0<span class=\"ff1\"> </span>veicolo. Inf<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>maz<span class=\"_ _1\"></span>ion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>na<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>ra<span class=\"_ _3bd\"> </span>qu<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>tit<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>D.<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>Co<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>ida<span class=\"_ _0\"></span>to<span class=\"_ _3bd\"> </span>pr<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>\u2013<span class=\"_ _3bd\"> </span>Att<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nzia<span class=\"_ _1\"></span>rie<span class=\"_ _3bd\"> </span>ce<span class=\"_ _0\"></span>du<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span>ril<span class=\"_ _0\"></span>ev<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>per<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>ro<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>pa<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>as<span class=\"_ _1\"></span>soci<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e:<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>ri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>bi<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>o<span class=\"fc0 sc1\"> </span>Att<span class=\"_ _1\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>rie<span class=\"_ _3bd\"> </span>ce<span class=\"_ _0\"></span>dut<span class=\"_ _1\"></span>e<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>vat<span class=\"_ _1\"></span>e<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _33f\"> </span><span class=\"fc4 sc2\">Pa<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span></span></span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>rie<span class=\"_ _3bd\"> </span>as<span class=\"_ _0\"></span>so<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>Va<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>bi<span class=\"_ _0\"></span>lan<span class=\"_ _1\"></span>cio<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>di<span class=\"_ _3bd\"> </span>cui:<span class=\"_ _3bd\"> </span>ogg<span class=\"_ _0\"></span>etto<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>opera<span class=\"_ _0\"></span>zioni<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>ola<span class=\"_ _1\"></span>rizz<span class=\"_ _0\"></span>az<span class=\"_ _1\"></span>ion<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>di<span class=\"_ _3bd\"> </span>cui:<span class=\"_ _3bd\"> </span>ogg<span class=\"_ _0\"></span>etto<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cont<span class=\"_ _0\"></span>ratti<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ve<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span>patt<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>di<span class=\"fc0 sc1\"> </span>ri<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>st<span class=\"_ _1\"></span>o<span class=\"fc0 sc1\"> </span>di<span class=\"_ _3bd\"> </span>cui<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ora<span class=\"_ _0\"></span>te<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Va<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>bi<span class=\"_ _0\"></span>lan<span class=\"_ _1\"></span>cio<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>di<span class=\"_ _3bd\"> </span>cui:<span class=\"_ _3bd\"> </span>ogg<span class=\"_ _0\"></span>etto<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>opera<span class=\"_ _0\"></span>zionidi<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>ola<span class=\"_ _1\"></span>rizz<span class=\"_ _0\"></span>az<span class=\"_ _1\"></span>ion<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>di<span class=\"_ _3bd\"> </span>cui:<span class=\"_ _3bd\"> </span>ogg<span class=\"_ _0\"></span>etto<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cont<span class=\"_ _0\"></span>ratti<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>vendi<span class=\"_ _0\"></span>ta<span class=\"_ _3bd\"> </span>con<span class=\"_ _3bd\"> </span>patt<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>di<span class=\"fc0 sc1\"> </span>ri<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>st<span class=\"_ _1\"></span>o<span class=\"fc0 sc1\"> </span>A.Att<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>\u00e0fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>deten<span class=\"_ _1\"></span>ute<span class=\"_ _3bd\"> </span>per<span class=\"_ _3bd\"> </span>la<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>g<span class=\"_ _0\"></span>ozi<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>ion<span class=\"_ _1\"></span>e -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>X<span class=\"_ _1\"></span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _1\"></span> 1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">debi<span class=\"_ _0\"></span>to <span class=\"_ _ad\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20a\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _138\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff8\"> <span class=\"_ _121\"> </span><span class=\"ff3\">X<span class=\"_ _1\"></span> <span class=\"_ _af\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _20a\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _6f\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>2.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">capit<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span> <span class=\"_ _fd\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20a\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1bc\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff8\"> <span class=\"_ _1ac\"> </span><span class=\"ff3\">X<span class=\"_ _0\"></span> <span class=\"_ _11e\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20a\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _6f\"> </span><span class=\"ff3\">-<span class=\"_ _1c\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>3.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Finan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span> <span class=\"_ _11e\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _20a\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1bc\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff8\"> <span class=\"_ _1ac\"> </span><span class=\"ff3\">X<span class=\"_ _1\"></span> <span class=\"_ _af\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _20a\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _6f\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span></span></span>4.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Deriv<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span> <span class=\"_ _f5\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20a\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1bc\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff8\"> <span class=\"_ _1ac\"> </span><span class=\"ff3\">X<span class=\"_ _0\"></span> <span class=\"_ _af\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _20a\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _6f\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span></span></span>B.Altr<span class=\"_ _0\"></span>eat<span class=\"_ _0\"></span>tiv<span class=\"_ _1\"></span>it\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>nan<span class=\"_ _1\"></span>zia<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>ob<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>ori<span class=\"_ _0\"></span>am<span class=\"_ _1\"></span>ent<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>val<span class=\"_ _0\"></span>utate<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>fair<span class=\"_ _3bd\"> </span>value<span class=\"_ _0\"></span> -------1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">debi<span class=\"_ _0\"></span>to <span class=\"_ _ad\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20a\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _138\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> <span class=\"_ _2f\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2e\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _208\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _6f\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>2.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">capit<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span> <span class=\"_ _fd\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20a\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1bc\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff8\"> <span class=\"_ _1ac\"> </span><span class=\"ff3\">X<span class=\"_ _0\"></span> <span class=\"_ _11e\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20a\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _6f\"> </span><span class=\"ff3\">-<span class=\"_ _1c\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>3.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Finan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span> <span class=\"_ _11e\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _20a\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1bc\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> <span class=\"_ _eb\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2e\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _20a\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _6f\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span></span></span>C.<span class=\"_ _3bd\"> </span>Attiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span>finan<span class=\"_ _0\"></span>ziarie<span class=\"_ _3bd\"> </span>desig<span class=\"_ _0\"></span>nat<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>fair<span class=\"_ _3bd\"> </span>val<span class=\"_ _0\"></span>ue -------1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">debi<span class=\"_ _0\"></span>to <span class=\"_ _cb\"> </span>- <span class=\"_ _330\"> </span>- <span class=\"_ _138\"> </span>- <span class=\"_ _3b\"> </span>- <span class=\"_ _31\"> </span>- <span class=\"_ _330\"> </span>- <span class=\"_ _6f\"> </span>- </span></span></span></span></span></span>2.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Fina<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span> <span class=\"_ _af\"> </span>- <span class=\"_ _330\"> </span>- <span class=\"_ _138\"> </span>- <span class=\"_ _3b\"> </span>- <span class=\"_ _31\"> </span>- <span class=\"_ _330\"> </span>- <span class=\"_ _6f\"> </span>- </span></span>D.<span class=\"_ _3bd\"> </span>Attiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span>finan<span class=\"_ _0\"></span>ziarie<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>tat<span class=\"_ _1\"></span>e<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>fa<span class=\"_ _1\"></span>ir<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>c<span class=\"_ _0\"></span>on<span class=\"_ _1\"></span> im<span class=\"_ _1\"></span>patt<span class=\"_ _1\"></span>o<span class=\"_ _3bd\"> </span>su<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>\u00e0 2.<span class=\"_ _0\"></span>46<span class=\"_ _0\"></span>4.6<span class=\"_ _1\"></span>39 -2.<span class=\"_ _0\"></span>46<span class=\"_ _0\"></span>4.6<span class=\"_ _1\"></span>39 -2.<span class=\"_ _0\"></span>45<span class=\"_ _0\"></span>1.3<span class=\"_ _0\"></span>73<span class=\"_ _1\"></span> -2.<span class=\"_ _0\"></span>45<span class=\"_ _0\"></span>1.3<span class=\"_ _0\"></span>73<span class=\"_ _1\"></span> co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">debi<span class=\"_ _0\"></span>to <span class=\"_ _81\"> </span>2.4<span class=\"_ _0\"></span>64.<span class=\"_ _0\"></span>639 <span class=\"_ _1f8\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _63\"> </span><span class=\"ff3\">2.<span class=\"_ _0\"></span>464<span class=\"_ _0\"></span>.63<span class=\"_ _0\"></span>9 </span></span></span></span></span></span></span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _55\"> </span><span class=\"ff3\">2.4<span class=\"_ _0\"></span>51.<span class=\"_ _0\"></span>373 <span class=\"_ _208\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _224\"> </span><span class=\"ff3\">2.<span class=\"_ _0\"></span>451.<span class=\"_ _0\"></span>373<span class=\"_ _0\"></span> </span></span></span></span>2.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">capit<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span> <span class=\"_ _fd\"> </span>- <span class=\"_ _20a\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1bc\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> <span class=\"_ _121\"> </span>X <span class=\"_ _33a\"> </span>- <span class=\"_ _330\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _6f\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span>3.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Finan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span> <span class=\"_ _11e\"> </span>- <span class=\"_ _330\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _138\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2e\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> <span class=\"_ _208\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _6f\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span>E.<span class=\"_ _3bd\"> </span>Atti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _3bd\"> </span>finan<span class=\"_ _0\"></span>ziarie<span class=\"_ _3bd\"> </span>val<span class=\"_ _0\"></span>utate<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>cost<span class=\"_ _0\"></span>o 2.<span class=\"_ _0\"></span>35<span class=\"_ _0\"></span>6.<span class=\"_ _0\"></span>09<span class=\"_ _0\"></span>9 -<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>35<span class=\"_ _0\"></span>6.<span class=\"_ _0\"></span>09<span class=\"_ _0\"></span>9 -<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>32<span class=\"_ _0\"></span>4.7<span class=\"_ _1\"></span>37 -<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>32<span class=\"_ _0\"></span>4.7<span class=\"_ _1\"></span>37 am<span class=\"_ _1\"></span>mor<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>zza<span class=\"_ _1\"></span>to<span class=\"_ _3bd\"> </span>1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">debi<span class=\"_ _0\"></span>to <span class=\"_ _81\"> </span>2.356<span class=\"_ _0\"></span>.09<span class=\"_ _0\"></span>9 <span class=\"_ _1f8\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _63\"> </span><span class=\"ff3\">2.3<span class=\"_ _0\"></span>56.0<span class=\"_ _0\"></span>99 </span></span></span></span></span></span></span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1ec\"> </span><span class=\"ff3\">2.<span class=\"_ _0\"></span>324<span class=\"_ _0\"></span>.73<span class=\"_ _0\"></span>7 <span class=\"_ _8c\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _200\"> </span><span class=\"ff3\">2.<span class=\"_ _0\"></span>324<span class=\"_ _0\"></span>.73<span class=\"_ _0\"></span>7 </span></span></span></span>2.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Fina<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span> <span class=\"_ _af\"> </span>- <span class=\"_ _330\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1bc\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2e\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> <span class=\"_ _208\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _6f\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span> <span class=\"_ _55\"> </span>4.<span class=\"_ _0\"></span>82<span class=\"_ _0\"></span>0.<span class=\"_ _0\"></span>73<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span> <span class=\"_ _330\"> </span>-<span class=\"_ _3bd\"> </span>4.<span class=\"_ _0\"></span>82<span class=\"_ _0\"></span>0.<span class=\"_ _0\"></span>73<span class=\"_ _0\"></span>8 -<span class=\"_ _3bd\"> </span>4.<span class=\"_ _0\"></span>77<span class=\"_ _0\"></span>6.<span class=\"_ _0\"></span>110<span class=\"_ _1\"></span> <span class=\"_ _1a6\"> </span>-<span class=\"_ _3bd\"> </span>4.<span class=\"_ _0\"></span>77<span class=\"_ _0\"></span>6.<span class=\"_ _0\"></span>110<span class=\"_ _1\"></span> To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span> <span class=\"_ _328\"> </span>7.<span class=\"_ _0\"></span>185<span class=\"_ _0\"></span>.6<span class=\"_ _1\"></span>35 <span class=\"_ _1f8\"> </span>-<span class=\"_ _3bd\"> </span>7.<span class=\"_ _0\"></span>18<span class=\"_ _0\"></span>5.<span class=\"_ _0\"></span>63<span class=\"_ _0\"></span>5 -<span class=\"_ _3bd\"> </span>7.<span class=\"_ _0\"></span>25<span class=\"_ _0\"></span>1.<span class=\"_ _0\"></span>882<span class=\"_ _1\"></span> <span class=\"_ _8c\"> </span>-<span class=\"_ _3bd\"> </span>7.<span class=\"_ _0\"></span>25<span class=\"_ _0\"></span>1.<span class=\"_ _0\"></span>882<span class=\"_ _1\"></span> Le<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>nda<span class=\"_ _1\"></span>:<span class=\"fc0 sc1\"> </span>A=<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ttiv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inanz<span class=\"_ _0\"></span>iarie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ced<span class=\"_ _0\"></span>ute<span class=\"ff1\"> </span>ril<span class=\"_ _0\"></span>evat<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>int<span class=\"_ _0\"></span>ero<span class=\"ff1\"> </span>(va<span class=\"_ _0\"></span>lore<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">bi<span class=\"_ _0\"></span>lanc<span class=\"_ _0\"></span>io) </span></span></span></span>B=<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">atti<span class=\"_ _2\"></span>vit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cedute<span class=\"ff1\"> </span>rilevate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">parzialmente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(valore<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">bilanci<span class=\"_ _2\"></span>o)<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>C=<span class=\"ff1\"> </span>attivit<span class=\"_ _2\"></span>\u00e0<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>cedu<span class=\"_ _2\"></span>te<span class=\"ff1\"> </span>rilevate<span class=\"ff1\"> </span>parzialment<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>(intero<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valore) L\u2019<span class=\"_ _0\"></span>ope<span class=\"_ _0\"></span>rativ<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u00e8</span> <span class=\"_ _0\"></span><span class=\"ff3\">rife<span class=\"_ _0\"></span>ribil<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">all\u2019<span class=\"_ _0\"></span>uti<span class=\"_ _0\"></span>lizz<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tit<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in</span> <span class=\"_ _0\"></span><span class=\"ff3\">port<span class=\"_ _0\"></span>afo<span class=\"_ _0\"></span>gli<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>ope<span class=\"_ _0\"></span>razi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pro<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span>tro<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>ermi<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"ff3\">b<span class=\"_ _0\"></span>reve<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">te<span class=\"_ _0\"></span>rmin<span class=\"_ _0\"></span>e.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>D.3<span class=\"_ _3bd\"> </span>Conso<span class=\"_ _0\"></span>lidato<span class=\"_ _3bd\"> </span>prude<span class=\"_ _0\"></span>nziale<span class=\"_ _3bd\"> </span>\u2013<span class=\"_ _3bd\"> </span>Oper<span class=\"_ _0\"></span>azioni<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>cessi<span class=\"_ _0\"></span>one<span class=\"_ _3bd\"> </span>con<span class=\"_ _3bd\"> </span>pass<span class=\"_ _0\"></span>ivit\u00e0<span class=\"_ _3bd\"> </span>avent<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>riva<span class=\"_ _0\"></span>lsa<span class=\"_ _3bd\"> </span>esclus<span class=\"_ _0\"></span>ivame<span class=\"_ _0\"></span>nte<span class=\"_ _3bd\"> </span>sulle<span class=\"_ _3bd\"> </span>atti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _3bd\"> </span>cedute<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>non<span class=\"_ _3bd\"> </span>cancel<span class=\"_ _0\"></span>late<span class=\"_ _3bd\"> </span>integr<span class=\"_ _0\"></span>alme<span class=\"_ _0\"></span>nte:<span class=\"_ _3bd\"> </span>fair<span class=\"_ _3bd\"> </span>value<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Rilev<span class=\"_ _0\"></span>ate<span class=\"_ _3bd\"> </span>per<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Ril<span class=\"_ _1\"></span>eva<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span>pa<span class=\"_ _0\"></span>rz<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>lm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _1fb\"> </span><span class=\"fc4 sc2\">31/1<span class=\"_ _0\"></span>2/<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></span></span>A.<span class=\"_ _3bd\"> </span>Att<span class=\"_ _1\"></span>ivit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>rie<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>la<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>g<span class=\"_ _0\"></span>ozi<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>ion<span class=\"_ _1\"></span>e <span class=\"_ _22d\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _1\"></span> 1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">debit<span class=\"_ _0\"></span>o <span class=\"_ _88\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _138\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _ca\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _6a\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span></span></span>2.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">capit<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span> <span class=\"_ _128\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _138\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _ca\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _6a\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span></span></span>3.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Finan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span> <span class=\"_ _166\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1bc\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _ca\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _3f\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span>4.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Deriv<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span> <span class=\"_ _259\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _138\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _ca\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _6a\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span>B.<span class=\"_ _3bd\"> </span>Alt<span class=\"_ _1\"></span>re<span class=\"_ _3bd\"> </span>at<span class=\"_ _0\"></span>tiv<span class=\"_ _1\"></span>it\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>rie<span class=\"_ _3bd\"> </span>ob<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>ori<span class=\"_ _0\"></span>am<span class=\"_ _1\"></span>ent<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>tat<span class=\"_ _1\"></span>e<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>fa<span class=\"_ _0\"></span>ir<span class=\"_ _3bd\"> </span>va<span class=\"_ _1\"></span>lue<span class=\"_ _0\"></span> <span class=\"_ _20c\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _1\"></span> 1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">debi<span class=\"_ _0\"></span>to <span class=\"_ _88\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _138\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _ca\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _3f\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span>2.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">capit<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span> <span class=\"_ _128\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _138\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _ca\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _6a\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span></span></span>3.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Finan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span> <span class=\"_ _166\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1bc\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _ca\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _3f\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span>C.<span class=\"_ _3bd\"> </span>At<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _1\"></span>\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>fa<span class=\"_ _0\"></span>ir<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e <span class=\"_ _341\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _1\"></span> 1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">debi<span class=\"_ _0\"></span>to <span class=\"_ _88\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _138\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _ca\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _3f\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span>2.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Fina<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span> <span class=\"_ _166\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1bc\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _ca\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _6a\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span>D.Attiv<span class=\"_ _0\"></span>it\u00e0finan<span class=\"_ _0\"></span>ziar<span class=\"_ _0\"></span>ieval<span class=\"_ _0\"></span>utatealfairval<span class=\"_ _0\"></span>ueconimpa<span class=\"_ _0\"></span>ttosull<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span>dditivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>a 2.<span class=\"_ _0\"></span>46<span class=\"_ _0\"></span>4.6<span class=\"_ _1\"></span>39 - <span class=\"_ _216\"> </span>2.<span class=\"_ _0\"></span>46<span class=\"_ _0\"></span>4.6<span class=\"_ _1\"></span>39 <span class=\"_ _210\"> </span>3<span class=\"_ _0\"></span>.73<span class=\"_ _0\"></span>9.<span class=\"_ _0\"></span>22<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span> 1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">debi<span class=\"_ _0\"></span>to <span class=\"_ _9a\"> </span>2.4<span class=\"_ _0\"></span>64.<span class=\"_ _0\"></span>639 <span class=\"_ _6f\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1fb\"> </span><span class=\"ff3\">2.4<span class=\"_ _0\"></span>64.<span class=\"_ _0\"></span>639 <span class=\"_ _1ee\"> </span>3<span class=\"_ _0\"></span>.73<span class=\"_ _0\"></span>9.2<span class=\"_ _0\"></span>29 </span></span></span></span></span></span></span></span>2.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">capit<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span> <span class=\"_ _17a\"> </span>- <span class=\"_ _6f\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _ca\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> <span class=\"_ _ca\"> </span>- </span></span></span></span></span></span></span></span>3.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Finan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span> <span class=\"_ _127\"> </span>- <span class=\"_ _6f\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _ca\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> <span class=\"_ _ca\"> </span>- </span></span></span></span>E.<span class=\"_ _3bd\"> </span>Att<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>rie<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>tat<span class=\"_ _1\"></span>e<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>am<span class=\"_ _1\"></span>mo<span class=\"_ _0\"></span>rti<span class=\"_ _0\"></span>zz<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>(f<span class=\"_ _0\"></span>air<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e)<span class=\"_ _0\"></span> <span class=\"_ _12\"> </span>2<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>56<span class=\"_ _0\"></span>.09<span class=\"_ _1\"></span>9 <span class=\"_ _6f\"> </span>-<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>35<span class=\"_ _0\"></span>6.<span class=\"_ _0\"></span>09<span class=\"_ _0\"></span>9 <span class=\"_ _335\"> </span>3.<span class=\"_ _0\"></span>446<span class=\"_ _1\"></span>.406<span class=\"_ _1\"></span> 1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Titoli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">debi<span class=\"_ _0\"></span>to <span class=\"_ _9a\"> </span>2.356<span class=\"_ _0\"></span>.09<span class=\"_ _0\"></span>9 <span class=\"_ _6f\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _216\"> </span><span class=\"ff3\">2.<span class=\"_ _0\"></span>356.<span class=\"_ _0\"></span>09<span class=\"_ _0\"></span>9 <span class=\"_ _296\"> </span>3.4<span class=\"_ _0\"></span>46.<span class=\"_ _0\"></span>40<span class=\"_ _0\"></span>6 </span></span></span></span></span></span></span></span>2.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Fina<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span> <span class=\"_ _127\"> </span>- <span class=\"_ _138\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _ca\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> <span class=\"_ _ca\"> </span>- </span></span></span></span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>at<span class=\"_ _0\"></span>tiv<span class=\"_ _1\"></span>it\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span> <span class=\"_ _218\"> </span>4.8<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>38<span class=\"_ _1\"></span> <span class=\"_ _138\"> </span>-<span class=\"_ _3bd\"> </span>4.<span class=\"_ _0\"></span>82<span class=\"_ _0\"></span>0.<span class=\"_ _0\"></span>73<span class=\"_ _0\"></span>8 <span class=\"_ _1ff\"> </span>7.1<span class=\"_ _0\"></span>85<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>35<span class=\"_ _0\"></span> To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>pa<span class=\"_ _0\"></span>ss<span class=\"_ _1\"></span>ivit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>rie<span class=\"_ _3bd\"> </span>as<span class=\"_ _0\"></span>so<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e <span class=\"_ _224\"> </span>4<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>76.<span class=\"_ _0\"></span>11<span class=\"_ _0\"></span>0 <span class=\"_ _6f\"> </span>-<span class=\"_ _3bd\"> </span>X<span class=\"_ _1\"></span> XVa<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span> <span class=\"_ _81\"> </span>4<span class=\"_ _0\"></span>4.6<span class=\"_ _1\"></span>28 <span class=\"_ _6f\"> </span>-<span class=\"_ _3bd\"> </span>4.<span class=\"_ _0\"></span>82<span class=\"_ _0\"></span>0.<span class=\"_ _0\"></span>73<span class=\"_ _0\"></span>8 XVa<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span> <span class=\"_ _11c\"> </span>(<span class=\"_ _0\"></span>66<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>47<span class=\"_ _0\"></span>) <span class=\"_ _6f\"> </span>-<span class=\"_ _3bd\"> </span>X<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>7<span class=\"_ _0\"></span>.1<span class=\"_ _0\"></span>85<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>35<span class=\"_ _0\"></span> Le<span class=\"ff1\"> </span>passivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fronte<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziarie<span class=\"ff1\"> </span>cedute<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>non<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cancellate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(riportate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nelle<span class=\"ff1\"> </span>colonne<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Debiti<span class=\"ff1\"> </span>verso<span class=\"ff1\"> </span>Cli<span class=\"_ _0\"></span>entela<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>Debiti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">verso<span class=\"ff1\"> </span>Banche)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> </span>relative<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ad<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">operazioni<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pronti</span> <span class=\"_ _0\"></span><span class=\"ff3\">contro<span class=\"ff1\"> </span>termine<span class=\"ff1\"> </span>passive<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"_ _0\"></span><span class=\"ff3\">fronte<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>titoli<span class=\"ff1\"> </span>iscritti<span class=\"ff1\"> </span>nell\u2019attivo. La<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mancata<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u201cderecognition\u201d<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>operazioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>carto<span class=\"_ _2\"></span>larizzazione,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gi\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ampiam<span class=\"_ _2\"></span>ente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>descritte<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _2\"></span></span>paragr<span class=\"_ _2\"></span>afo<span class=\"ff1\"> </span>\u201cC.1<span class=\"ff1\"> </span>Ope<span class=\"_ _0\"></span>razioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">car<span class=\"_ _2\"></span>tolarizzazione\u201d,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>diretta<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conseguenza<span class=\"ff1\"> </span>della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sottos<span class=\"_ _2\"></span>crizione<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">parte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Gruppo,<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>elle<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>tranche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>titoli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Junior<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>esposizioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>imilari,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>comportano,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>capo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>allo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>stesso,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prime<span class=\"ff1\"> </span>perdite<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>analogamente,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ben<span class=\"_ _2\"></span>eficio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>connesso<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rendimento<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>portafoglio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>t<span class=\"_ _2\"></span>rasferite.<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Tali<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>oggetto<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cessione<span class=\"ff1\"> </span>pro<span class=\"ff1\"> </span>soluto<span class=\"ff1\"> </span>mediante<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>contratto<span class=\"_ _2\"></span><span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">servicer,<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>Grup<span class=\"_ _0\"></span>po<span class=\"ff1\"> </span>mantiene<span class=\"ff1\"> </span>l\u2019impegno<span class=\"ff1\"> </span></span></span></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>volgere<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>servizio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>gestione,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>amministrazione,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>incasso,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>riscoss<span class=\"_ _2\"></span>ione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>recupero<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>crediti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>p<span class=\"_ _2\"></span>er<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cont<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> </span>vei<span class=\"_ _0\"></span>col<span class=\"_ _0\"></span>o. A<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>ron<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tra<span class=\"_ _0\"></span>sfe<span class=\"_ _0\"></span>rime<span class=\"_ _0\"></span>nto<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>rris<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ttivo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">inca<span class=\"_ _0\"></span>ssat<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>iene<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ril<span class=\"_ _0\"></span>eva<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>ntrop<span class=\"_ _1\"></span>artita<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>ril<span class=\"_ _0\"></span>evaz<span class=\"_ _0\"></span>ione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un</span> <span class=\"ff3\">d<span class=\"_ _0\"></span>ebi<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>verso<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>societ\u00e0<span class=\"ff1\"> </span>veicolo,<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>netto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> </span>tr<span class=\"_ _2\"></span>anche<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sottoscritti.<span class=\"ff1\"> </span>Il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>debito<span class=\"ff1\"> </span>iscrit<span class=\"_ _2\"></span>to<span class=\"ff1\"> </span>verso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> </span>societ\u00e0<span class=\"ff1\"> </span>veicolo<span class=\"ff1\"> </span>\u00e8<span class=\"_ _2\"></span><span class=\"ff1\"> </span>destinato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ridursi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>effetto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>somme<span class=\"ff1\"> <span class=\"_ _2\"></span></span>incassate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall\u2019originator<span class=\"_ _2\"></span>,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>qualit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u201cservicer\u201d,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riversate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>allo<span class=\"ff1\"> </span>stesso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">veicolo. </span></span>D.<span class=\"_ _0\"></span>4<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">Cons<span class=\"_ _0\"></span>olid<span class=\"_ _0\"></span>ato<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">pru<span class=\"_ _0\"></span>den<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">-<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">oper<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cove<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>d<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">bo<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>d<span class=\"fc0\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Pro<span class=\"_ _1\"></span>gra<span class=\"_ _0\"></span>mm<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>em<span class=\"_ _3bd\"> </span>C<span class=\"_ _1\"></span>B<span class=\"fc0 sc1\"> </span>Il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">C<span class=\"_ _0\"></span>onsi<span class=\"_ _0\"></span>glio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Amm<span class=\"_ _0\"></span>ini<span class=\"_ _0\"></span>straz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>red<span class=\"_ _0\"></span>ito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Emil<span class=\"_ _0\"></span>ian<span class=\"_ _0\"></span>o,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nell<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sedu<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>2<span class=\"_ _0\"></span>6<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">magg<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>2<span class=\"_ _0\"></span>010<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">25<span class=\"ff1\"> </span>giug<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>2010,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ha<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>deliberato<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>avviare<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>strutturazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>pr<span class=\"_ _2\"></span>ogramma<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>emissione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>obbligazioni<span class=\"ff1\"> </span>bancarie<span class=\"ff1\"> </span>garantite<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>ammontare<span class=\"ff1\"> </span>massimo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Euro<span class=\"ff1\"> </span>5<span class=\"ff1\"> </span>miliardi. In<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">data<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">22<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"_ _2\"></span>ttobre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2010,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Consiglio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Amm<span class=\"_ _2\"></span>inistrazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">approvato<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">prima<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cessione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">parte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Credem<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">portafoglio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>crediti<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>massimo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">E<span class=\"_ _2\"></span>uro<span class=\"ff1\"> </span>2,4<span class=\"ff1\"> </span>miliardi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>favore<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Credem<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>CB<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>S.r.l.,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Societ\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Veicolo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>(Special<span class=\"_ _3bd\"> </span>Purpos<span class=\"_ _2\"></span>e<span class=\"_ _3bd\"> </span>Vehicle,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>SPV)<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>elezionata<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _0\"></span>artecipazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>al<span class=\"ff1\"> </span>Programma<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>partecipata<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>70%<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>Credem. Il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quadro<span class=\"ff1\"> </span>normativo<span class=\"ff1\"> </span>italiano<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in</span> <span class=\"_ _0\"></span><span class=\"ff3\">materia<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">emissione<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Obbligazioni<span class=\"ff1\"> </span>B<span class=\"_ _0\"></span>ancarie<span class=\"ff1\"> </span>Garantite<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>di<span class=\"ff1\"> </span>seg<span class=\"_ _0\"></span>uito,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>anche<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>\u201cNormativa\u201d)<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>costituito,<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>part<span class=\"_ _2\"></span>icolare: -<span class=\"_ _3bd\"> </span>dalla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">deliberazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">CICR<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>2<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">agosto<span class=\"ff1\"> </span>1996,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>materia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">organizzazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">amministrativa<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>contabile<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>controlli<span class=\"ff1\"> <span class=\"_ _21\"></span></span>interni,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>come<span class=\"ff1\"> <span class=\"_ _21\"></span></span>modificata<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>integrata<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dalla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>deliberazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>23<span class=\"ff1\"> <span class=\"_ _21\"></span></span>marzo<span class=\"ff1\"> </span>2004<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>stesso<span class=\"ff1\"> </span>Comitato; -<span class=\"_ _3bd\"> </span>dall\u2019art.7-bis<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>legge<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>n.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>130<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>30<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"_ _2\"></span>prile<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>1999,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>come<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>uccessivamente<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>modificato<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ed<span class=\"ff1\"> </span>integrato<span class=\"ff1\"> </span>(la<span class=\"ff1\"> </span>\u201cLegge<span class=\"ff1\"> </span>130\u201d); -<span class=\"_ _3bd\"> </span>dal<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>D<span class=\"_ _2\"></span>ecreto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Ministero<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dell\u2019Economia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>F<span class=\"_ _2\"></span>inanze<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>n<span class=\"_ _0\"></span>.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>310<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>14<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dicembre<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>20<span class=\"_ _2\"></span>06<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>\u201cDecreto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">MEF\u201d); </span></span>-<span class=\"_ _3bd\"> </span>dal<span class=\"ff1\"> </span>Decreto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span>Ministro<span class=\"ff1\"> </span>dell\u2019Economia<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>Finanze,<span class=\"ff1\"> </span>Presidente<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>CICR,<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>27<span class=\"ff1\"> </span>dicembre<span class=\"ff1\"> </span></span></span>2006,<span class=\"ff1\"> </span>n.<span class=\"ff1\"> </span>933; -<span class=\"_ _3bd\"> </span>da<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">De<span class=\"_ _0\"></span>creto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Mi<span class=\"_ _0\"></span>nist<span class=\"_ _0\"></span>ro<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span>l\u2019Ec<span class=\"_ _0\"></span>onom<span class=\"_ _0\"></span>ia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">F<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>ze,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Pre<span class=\"_ _0\"></span>side<span class=\"_ _0\"></span>nte<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">C<span class=\"_ _0\"></span>ICR<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">12<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">aprile<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">2<span class=\"_ _1\"></span>007<span class=\"_ _0\"></span>, </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>n.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">21<span class=\"_ _0\"></span>3;<span class=\"_ _0\"></span> </span></span>-<span class=\"_ _3bd\"> </span>dalle<span class=\"ff1\"> </span>disposizioni<span class=\"ff1\"> </span>emanate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dalla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Banca<span class=\"ff1\"> </span>d\u2019Italia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>tema<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>Obbligazioni<span class=\"ff1\"> </span>Bancarie<span class=\"ff1\"> </span>G<span class=\"_ _2\"></span>arantite,<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>sensi<span class=\"ff1\"> </span>dell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>Parte<span class=\"ff1\"> </span>Terza,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Capitolo<span class=\"ff1\"> </span>3,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> </span>Circolare<span class=\"ff1\"> </span>n.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">285<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>17<span class=\"ff1\"> </span>dicembre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2013,<span class=\"ff1\"> </span>contenente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>\u201cDisposizioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>vigilanza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>banche\u201d,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>come<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>volta<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>volta<span class=\"ff1\"> <span class=\"_ _20\"></span></span>modificate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>aggiornat<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(le<span class=\"ff1\"> </span>\u201cIs<span class=\"_ _0\"></span>truz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i\u201d)<span class=\"_ _0\"></span>; -<span class=\"_ _3bd\"> </span>dalle<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ul<span class=\"_ _0\"></span>teriori<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>fonti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>normative,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>c<span class=\"_ _2\"></span>omunitarie<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>domestiche,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>espressamente<span class=\"ff1\"> <span class=\"_ _21\"></span></span>richiamate<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nelle<span class=\"ff1\"> </span>Istruzioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> </span>Paragr<span class=\"_ _2\"></span>afo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>2,<span class=\"ff1\"> </span>Sezione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>1,<span class=\"ff1\"> </span>Capitolo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>3,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Parte<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Terza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(ivi<span class=\"ff1\"> </span>i<span class=\"_ _2\"></span>ncluso<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Regolamento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>UE<span class=\"ff1\"> <span class=\"_ _2\"></span></span>N.<span class=\"ff1\"> </span>575/<span class=\"_ _0\"></span>2013<span class=\"_ _0\"></span>).<span class=\"_ _0\"></span> L\u2019e<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>ssio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Obb<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">Ban<span class=\"_ _0\"></span>cari<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>Gar<span class=\"_ _0\"></span>anti<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>part<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Cre<span class=\"_ _0\"></span>dem<span class=\"ff1\"> </span>si<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">in<span class=\"_ _0\"></span>ser<span class=\"_ _0\"></span>isc<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">piano<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">strate<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>co<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>del<span class=\"ff1\"> </span>Gruppo,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finalizzato,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tra<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019altro,<span class=\"ff1\"> </span>all\u2019ott<span class=\"_ _2\"></span>enimento<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alcuni<span class=\"ff1\"> </span>bene<span class=\"_ _2\"></span>fici<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>termini<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>funding,<span class=\"ff1\"> </span>quali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> </span>diversificazione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fonti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>racc<span class=\"_ _0\"></span>olta,<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>ridu<span class=\"_ _0\"></span>zione<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">relativo<span class=\"ff1\"> </span>costo,<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>onch\u00e9<span class=\"ff1\"> </span>l\u2019<span class=\"_ _0\"></span>allungamento<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span></span></span></span></span>scadenze<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>passivo. In<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">linea<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">generale,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>struttura<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">base<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un\u2019emissione<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">obbligazioni<span class=\"ff1\"> </span>ban<span class=\"_ _0\"></span>carie<span class=\"ff1\"> </span>garantite<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u2013<span class=\"_ _2\"></span><span class=\"ff1\"> </span>second<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>lo<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>schema<span class=\"ff1\"> </span>delineato<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>normativa<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> </span>prevede<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>vengano<span class=\"ff1\"> </span>realizzat<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>seguenti<span class=\"ff1\"> </span>attivit\u00e0: -<span class=\"_ _3bd\"> </span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>banca<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(Banca<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Cre<span class=\"_ _2\"></span>dente,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Credem)<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>trasferisce<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>i<span class=\"_ _2\"></span>nsieme<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> </span>asset <span class=\"_ _1f\"> </span><span class=\"ff3 fs5\">aventi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>eterminate<span class=\"ff1\"> </span></span>caratteristiche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(il<span class=\"ff1\"> </span>\u201cPort<span class=\"_ _2\"></span>afoglio\u201d)<span class=\"ff1\"> </span>ad<span class=\"ff1\"> <span class=\"_ _2\"></span></span>una<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Societ\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Veicolo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(Credem<span class=\"ff1\"> <span class=\"_ _2\"></span></span>CB<span class=\"ff1\"> <span class=\"_ _2\"></span></span>srl).<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Gli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ceduti<span class=\"ff1\"> </span>alla<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Soc<span class=\"_ _0\"></span>iet<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>Veic<span class=\"_ _0\"></span>olo<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>stitu<span class=\"_ _0\"></span>isc<span class=\"_ _0\"></span>ono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">un</span> <span class=\"ff3\">pa<span class=\"_ _0\"></span>trim<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>separa<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>da<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">qu<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>So<span class=\"_ _0\"></span>ciet\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Veic<span class=\"_ _0\"></span>olo<span class=\"ff1\"> </span>ste<span class=\"_ _0\"></span>ssa<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span></span></span></span></span></span></span>beneficio<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">portato<span class=\"_ _2\"></span>ri<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>elle<span class=\"ff1\"> </span>obbligazi<span class=\"_ _0\"></span>oni<span class=\"ff1\"> </span>bancarie<span class=\"ff1\"> </span>garantite<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>egli<span class=\"ff1\"> </span>altri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">soggetti<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>fav<span class=\"_ _0\"></span>ore<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span></span></span></span></span>quali<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\">  </span>garanzia<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u00e8<span class=\"ff1\">  </span>rilasciata.<span class=\"ff1\">  </span>La<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Banca<span class=\"ff1\">  </span>Cedente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>eroga<span class=\"ff1\">  </span>alla<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Societ\u00e0<span class=\"ff1\">  </span>Veicolo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>un<span class=\"ff1\">  </span>prestito<span class=\"ff1\"> </span>subordinato<span class=\"ff1\"> </span>finalizzato<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>finanziare<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>pagamento<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rezzo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>acquisto<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>asset <span class=\"ff3 fs5\">da<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>arte<span class=\"ff1\"> </span></span>della<span class=\"ff1\"> </span>Societ\u00e0<span class=\"ff1\"> </span>Veicolo<span class=\"ff1\"> </span>stessa; -<span class=\"_ _3bd\"> </span>Credem<span class=\"ff1\"> <span class=\"_ _21\"></span></span>emette<span class=\"ff1\"> <span class=\"_ _21\"></span></span>titoli<span class=\"ff1\"> <span class=\"_ _21\"></span></span>obbli<span class=\"_ _0\"></span>gazionari.<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>La<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Societ\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Veicolo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rilascia<span class=\"ff1\"> <span class=\"_ _21\"></span></span>una<span class=\"ff1\"> <span class=\"_ _20\"></span></span>gar<span class=\"_ _2\"></span>anzia<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>favor<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dei<span class=\"ff1\"> </span>portatori<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> </span>obbligazionari<span class=\"ff1\"> </span>emessi<span class=\"ff1\"> </span>dall\u2019Emittente. Come<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conseguenza<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ci\u00f2,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>rimbor<span class=\"_ _2\"></span>so<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>o<span class=\"_ _2\"></span>bbligazioni<span class=\"ff1\"> </span>bancari<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>gar<span class=\"_ _2\"></span>antite<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> </span>sara<span class=\"_ _2\"></span>nno<span class=\"ff1\"> </span>emesse<span class=\"ff1\"> </span>nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dell\u2019operazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>garant<span class=\"_ _2\"></span>ito,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>oltre<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dall\u2019emittente,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>anche<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>garanzia<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>non<span class=\"ff1\"> </span>condizionata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ed<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">irr<span class=\"_ _2\"></span>evocabile<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ilasciata<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>alla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Societ\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Veicolo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ad<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esclusivo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">beneficio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>egli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">investitori<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sott<span class=\"_ _2\"></span>oscriveranno<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Obbligazioni<span class=\"ff1\"> </span>Bancarie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Garantite<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contr<span class=\"_ _2\"></span>oparti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">terze,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ivi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"_ _2\"></span>ncluse<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quelle<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> </span>hedg<span class=\"_ _0\"></span>ing, <span class=\"_ _0\"></span><span class=\"ff3 fs5\">coinv<span class=\"_ _1\"></span>olte<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nell\u2019<span class=\"_ _0\"></span>opera<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Ta<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ult<span class=\"_ _0\"></span>ima<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ga<span class=\"_ _0\"></span>ranzi<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">r<span class=\"_ _0\"></span>ila<span class=\"_ _0\"></span>scia<span class=\"_ _0\"></span>ta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dal<span class=\"_ _0\"></span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Soci<span class=\"_ _0\"></span>et\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Ve<span class=\"_ _0\"></span>icol<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>aler<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>sul<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Portafoglio. </span></span>Da<span class=\"ff1\"> </span>quanto<span class=\"ff1\"> </span>riportato<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>ev<span class=\"_ _0\"></span>ince<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>l\u2019operazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>covered<span class=\"ff1\"> </span>bond<span class=\"ff1\"> </span>illustrata<span class=\"ff1\"> </span>rientra<span class=\"ff1\"> </span>nel<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>\u201cfatt<span class=\"_ _2\"></span>ispecie<span class=\"ff1\"> </span>semplice\u201d,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>in<span class=\"ff1\">  </span>q<span class=\"_ _2\"></span>uanto<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>figura<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>banca<span class=\"ff1\"> </span>originator,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>banca<span class=\"ff1\">  </span>f<span class=\"_ _2\"></span>inanziatrice<span class=\"ff1\">  </span>e<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>banca<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>emittente<span class=\"ff1\"> </span>coincidono<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>unico<span class=\"ff1\"> </span>soggetto,<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>appresentato<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>Credem. Il<span class=\"_ _3bd\"> </span>Po<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>af<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>lio<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ce<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>Il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>portafo<span class=\"_ _2\"></span>glio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tempo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>empo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>viene<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ceduto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Societ\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Veicolo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>deve<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rispecchiare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alcun<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>caratteristiche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">comuni. </span></span><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3c1c\">I<span class=\"ff1\"> <span class=\"_ _21\"></span></span>principali<span class=\"ff1\"> <span class=\"_ _21\"></span></span>criteri<span class=\"ff1\"> <span class=\"_ _21\"></span></span>comuni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>identificazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>selezione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>mutui,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>da<span class=\"ff1\"> <span class=\"_ _21\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _20\"></span></span>der<span class=\"_ _2\"></span>ivano<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>crediti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3c1d\">costituiscono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span></span></span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs3c1e\">Cover<span class=\"_ _3bd\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs3c1f\">Pool</div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3c20\">,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">so<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">individ<span class=\"_ _0\"></span>uati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">previa<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cond<span class=\"_ _2\"></span>ivisione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">agenzie<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ating,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3c21\">stat<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>ric<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>esta<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l\u2019a<span class=\"_ _0\"></span>sseg<span class=\"_ _0\"></span>nazi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ratin<span class=\"_ _0\"></span>g<span class=\"ff1\"> </span>all<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>Obbli<span class=\"_ _0\"></span>gaz<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Banc<span class=\"_ _0\"></span>arie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Garan<span class=\"_ _0\"></span>tite<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">che</span> <span class=\"ff3\">Cre<span class=\"_ _0\"></span>dem<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>mette<span class=\"_ _0\"></span>r\u00e0<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3c22\">nel<span class=\"ff1\"> </span>contesto<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Programma. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3c23\">A<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>ottobre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2010,<span class=\"ff1\"> </span>settembre<span class=\"ff1\"> </span>2011,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">febbraio<span class=\"ff1\"> </span>2012,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">aprile<span class=\"ff1\"> </span>2014,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ottobre<span class=\"ff1\"> </span>2014,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ottobre<span class=\"ff1\"> </span>2015,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">apr<span class=\"_ _0\"></span>ile </span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3c24\">201<span class=\"_ _0\"></span>6,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ottob<span class=\"_ _1\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">201<span class=\"_ _0\"></span>6,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">apri<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">201<span class=\"_ _0\"></span>7,<span class=\"ff1\"> </span>no<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>mbre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">2017,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mag<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>201<span class=\"_ _0\"></span>8,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ottob<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">201<span class=\"_ _0\"></span>8,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">magg<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>2<span class=\"_ _0\"></span>019,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">no<span class=\"_ _0\"></span>vemb<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3c25\">2020,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nove<span class=\"_ _0\"></span>mbre<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>2021<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>novembre<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>2022<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>stati<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>selezionati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>crediti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ipotecari<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>de<span class=\"_ _0\"></span>rivanti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>da<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3c26\">contratti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>mu<span class=\"_ _0\"></span>tuo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"_ _2\"></span>lle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>re<span class=\"_ _2\"></span>lative<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>date<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs3c27\">cut-off</div><div class=\"t m0 h9 ff1 fs4 fc0 sc0 ls0 ws0 gs3c28\"> <span class=\"_ _27\"> </span><span class=\"ff3 fs5\">so<span class=\"_ _2\"></span>ddisfacevano,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>titolo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>esaustivo,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>i<span class=\"ff1\"> </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3c29\">seguenti<span class=\"ff1\"> </span>principali<span class=\"ff1\"> </span>criteri<span class=\"ff1\"> </span>cumulativi: </div><div class=\"t m4 h2c ff4 fs5 fc0 sc0 ls0 ws0 gs3c2a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3c2b\">crediti<span class=\"ff1\">  </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\">  </span>derivanti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>da<span class=\"ff1\">  </span>contratti<span class=\"ff1\">  </span>di<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">mutuo</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">che</span>  <span class=\"ff3\">be<span class=\"_ _0\"></span>neficiano<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>forme<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>agevolazione<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3c2c\">fi<span class=\"_ _0\"></span>nanz<span class=\"_ _0\"></span>iari<span class=\"_ _0\"></span>a; </div><div class=\"t m4 h2c ff4 fs5 fc0 sc0 ls0 ws0 gs3c2d\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3c2e\">crediti<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>classificati<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>\"sofferenze\",<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>sensi<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>vigenti<span class=\"ff1\"> </span>\"Istruzioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Vigilanza<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3c2f\">banche\"<span class=\"ff1\"> </span>emanate<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>Banca<span class=\"ff1\"> </span>d\u2019Italia; </div><div class=\"t m4 h2c ff4 fs5 fc0 sc0 ls0 ws0 gs3c30\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3c31\">crediti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>erogati<span class=\"ff1\"> </span>(neanche<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>co-intestazione)<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"ff1\"> </span>di<span class=\"_ _2\"></span>pendenti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>amministratori<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Credito<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3c32\">Emiliano<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>sue<span class=\"ff1\"> </span>controllate<span class=\"ff1\"> </span>facenti<span class=\"ff1\"> </span>parte<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Gruppo<span class=\"ff1\"> </span>Bancario<span class=\"ff1\"> </span>Credem. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3c33\">Il<span class=\"ff1\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs3c34\">Cover<span class=\"_ _3bd\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs3c35\">Pool,</div><div class=\"t m0 h9 ff1 fs4 fc0 sc0 ls0 ws0 gs3c36\"> <span class=\"_ _2\"></span><span class=\"ff3 fs5\">alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conta<span class=\"_ _2\"></span>bile<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>31<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dicembre<span class=\"ff1\"> <span class=\"_ _2\"></span></span>2022,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>consiste<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>crediti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>derivanti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"ff1\"> </span>n<span class=\"_ _2\"></span>.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>58.726<span class=\"ff1\"> </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3c37\">mutui<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ipotecari,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>debito<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>esiduo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>complessivo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>circa<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>4.562,82<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>milioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Euro,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>come<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3c38\">seguito<span class=\"ff1\"> </span>meglio<span class=\"ff1\"> </span>specificato. </div><div class=\"t m41 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3c39\">R<span class=\"_ _2\"></span>e<span class=\"_ _20\"></span>g<span class=\"_ _20\"></span>i<span class=\"_ _20\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _20\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m41 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3c3a\">M<span class=\"_ _20\"></span>u<span class=\"_ _20\"></span>t<span class=\"_ _2\"></span>u<span class=\"_ _20\"></span>a<span class=\"_ _3bd\"> </span></div><div class=\"t m41 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3c3b\">t<span class=\"_ _2\"></span>a<span class=\"_ _3bd\"> </span></div><div class=\"t m41 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3c3c\">r<span class=\"_ _3bd\"> </span></div><div class=\"t m41 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3c3d\">i<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m41 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3c3e\">D<span class=\"_ _2\"></span>e<span class=\"_ _20\"></span>b<span class=\"_ _2\"></span>i<span class=\"_ _20\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m41 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3c3f\">R<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>s<span class=\"_ _20\"></span>i<span class=\"_ _20\"></span>d<span class=\"_ _2\"></span>u<span class=\"_ _20\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m41 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3c40\">(<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>a<span class=\"_ _3bd\"> </span></div><div class=\"t m41 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3c41\">ia<span class=\"_ _3bd\"> </span></div><div class=\"t m41 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3c42\">E<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>)<span class=\"_ _3bd\"> </span></div><div class=\"t m41 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3c43\">%<span class=\"_ _3bd\"> </span></div><div class=\"t m41 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3c44\">D<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>b<span class=\"_ _20\"></span>i<span class=\"_ _2\"></span>t<span class=\"_ _20\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m41 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3c45\">Re<span class=\"_ _3bd\"> </span></div><div class=\"t m41 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3c46\">s<span class=\"_ _2\"></span>id<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m41 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3c47\">N\u00b0<span class=\"_ _3bd\"> </span></div><div class=\"t m41 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3c48\">M<span class=\"_ _2\"></span>u<span class=\"_ _20\"></span>t<span class=\"_ _2\"></span>u<span class=\"_ _20\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m41 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3c49\">%<span class=\"_ _3bd\"> </span></div><div class=\"t m41 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3c4a\">N\u00b0<span class=\"_ _3bd\"> </span></div><div class=\"t m41 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3c4b\">M<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>u<span class=\"_ _20\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c4c\">Abr<span class=\"_ _0\"></span>uzz<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c4d\">36<span class=\"_ _0\"></span>.491<span class=\"_ _0\"></span>,92<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c4e\">0,<span class=\"_ _0\"></span>01<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c4f\">53<span class=\"_ _1\"></span>3<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c50\">0,<span class=\"_ _0\"></span>01<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c51\">Bas<span class=\"_ _0\"></span>ilic<span class=\"_ _0\"></span>ata<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c52\">9.1<span class=\"_ _0\"></span>90,<span class=\"_ _0\"></span>68<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c53\">0,<span class=\"_ _0\"></span>00<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c54\">12<span class=\"_ _1\"></span>6<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c55\">0,<span class=\"_ _0\"></span>00<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c56\">Ca<span class=\"_ _0\"></span>labr<span class=\"_ _0\"></span>ia<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c57\">12<span class=\"_ _0\"></span>5.87<span class=\"_ _0\"></span>6,52<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c58\">0,<span class=\"_ _0\"></span>03<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c59\">2<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>23<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c5a\">0,<span class=\"_ _0\"></span>04<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c5b\">Ca<span class=\"_ _0\"></span>mpan<span class=\"_ _0\"></span>ia<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c5c\">468<span class=\"_ _0\"></span>.19<span class=\"_ _0\"></span>3,3<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c5d\">0,<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c5e\">5.7<span class=\"_ _0\"></span>11<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c5f\">0,<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span></div><div class=\"t ma h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c60\">Emi<span class=\"_ _0\"></span>lia</div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c61\">Rom<span class=\"_ _0\"></span>agn<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c62\">732<span class=\"_ _0\"></span>.34<span class=\"_ _0\"></span>4,44<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c63\">0,<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c64\">10.<span class=\"_ _0\"></span>444<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c65\">0,<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c66\">Friuli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Venezia<span class=\"ff1\">  </span>Gi<span class=\"_ _0\"></span>ul<span class=\"_ _0\"></span>ia </div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c67\">44.1<span class=\"_ _0\"></span>44,<span class=\"_ _0\"></span>70<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c68\">0,<span class=\"_ _0\"></span>01<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c69\">65<span class=\"_ _1\"></span>2<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c6a\">0,<span class=\"_ _0\"></span>01<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c6b\">Laz<span class=\"_ _0\"></span>io<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c6c\">526<span class=\"_ _0\"></span>.92<span class=\"_ _0\"></span>7,78<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c6d\">0,<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c6e\">5.<span class=\"_ _1\"></span>342<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c6f\">0,<span class=\"_ _0\"></span>09<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c70\">Lig<span class=\"_ _0\"></span>uria<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c71\">105<span class=\"_ _0\"></span>.407<span class=\"_ _0\"></span>,56<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c72\">0,<span class=\"_ _0\"></span>02<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c73\">1.3<span class=\"_ _0\"></span>75<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c74\">0,<span class=\"_ _0\"></span>02<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c75\">Lomb<span class=\"_ _0\"></span>ardi<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c76\">769<span class=\"_ _0\"></span>.38<span class=\"_ _0\"></span>7,79<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c77\">0,<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c78\">8.4<span class=\"_ _0\"></span>56<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c79\">0,<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c7a\">Ma<span class=\"_ _0\"></span>rche<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c7b\">85.<span class=\"_ _0\"></span>450,3<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c7c\">0,<span class=\"_ _0\"></span>02<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c7d\">1.0<span class=\"_ _0\"></span>90<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c7e\">0,<span class=\"_ _0\"></span>02<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c7f\">Mol<span class=\"_ _0\"></span>ise<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c80\">8.5<span class=\"_ _0\"></span>87,0<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c81\">0,<span class=\"_ _0\"></span>00<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c82\">13<span class=\"_ _1\"></span>5<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c83\">0,<span class=\"_ _0\"></span>00<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c84\">Piem<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c85\">147<span class=\"_ _0\"></span>.31<span class=\"_ _0\"></span>5,57<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c86\">0,<span class=\"_ _0\"></span>03<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c87\">1.<span class=\"_ _1\"></span>911<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c88\">0,<span class=\"_ _0\"></span>03<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c89\">Pug<span class=\"_ _0\"></span>lia<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c8a\">255<span class=\"_ _0\"></span>.90<span class=\"_ _0\"></span>7,49<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c8b\">0,<span class=\"_ _0\"></span>06<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c8c\">4.<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>80<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c8d\">0,<span class=\"_ _0\"></span>07<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c8e\">Sa<span class=\"_ _0\"></span>rdeg<span class=\"_ _0\"></span>na<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c8f\">172<span class=\"_ _0\"></span>.78<span class=\"_ _0\"></span>7,22<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c90\">0,<span class=\"_ _0\"></span>04<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c91\">1.9<span class=\"_ _0\"></span>16<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c92\">0,<span class=\"_ _0\"></span>03<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c93\">Si<span class=\"_ _0\"></span>cilia<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c94\">411<span class=\"_ _0\"></span>.46<span class=\"_ _0\"></span>7,6<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c95\">0,<span class=\"_ _0\"></span>09<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c96\">6.5<span class=\"_ _0\"></span>28<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c97\">0,<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c98\">Tos<span class=\"_ _0\"></span>can<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c99\">344<span class=\"_ _0\"></span>.877<span class=\"_ _0\"></span>,20<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c9a\">0,<span class=\"_ _0\"></span>08<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c9b\">4.<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>07<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c9c\">0,<span class=\"_ _0\"></span>07<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c9d\">Trentino<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c9e\">Alto<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3c9f\">Ad<span class=\"_ _1\"></span>ige<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3ca0\">21<span class=\"_ _0\"></span>.695<span class=\"_ _0\"></span>,01<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3ca1\">0,<span class=\"_ _0\"></span>00<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3ca2\">2<span class=\"_ _0\"></span>34<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3ca3\">0,<span class=\"_ _0\"></span>00<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3ca4\">Umb<span class=\"_ _0\"></span>ria<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3ca5\">19<span class=\"_ _0\"></span>.488<span class=\"_ _0\"></span>,54<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3ca6\">0,<span class=\"_ _0\"></span>00<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3ca7\">30<span class=\"_ _1\"></span>4<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3ca8\">0,<span class=\"_ _0\"></span>01<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3ca9\">Val<span class=\"ff1\"> </span>D'Aos<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span> </div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3caa\">1.6<span class=\"_ _0\"></span>55,<span class=\"_ _0\"></span>80<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3cab\">0,<span class=\"_ _0\"></span>00<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3cac\">12<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3cad\">0,<span class=\"_ _0\"></span>00<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3cae\">Ven<span class=\"_ _0\"></span>eto<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3caf\">27<span class=\"_ _0\"></span>5.62<span class=\"_ _0\"></span>2,72<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3cb0\">0,<span class=\"_ _0\"></span>06<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3cb1\">3.1<span class=\"_ _0\"></span>47<span class=\"_ _3bd\"> </span></div><div class=\"t m43 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3cb2\">0,<span class=\"_ _0\"></span>05<span class=\"_ _3bd\"> </span></div><div class=\"t m41 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3cb3\">T<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>t<span class=\"_ _20\"></span>a<span class=\"_ _3bd\"> </span></div><div class=\"t m41 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3cb4\">le<span class=\"_ _3bd\"> </span></div><div class=\"t m41 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3cb5\">P<span class=\"_ _20\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _20\"></span>t<span class=\"_ _20\"></span>a<span class=\"_ _3bd\"> </span></div><div class=\"t m41 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3cb6\">f<span class=\"_ _3bd\"> </span></div><div class=\"t m41 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3cb7\">o<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>io<span class=\"_ _3bd\"> </span></div><div class=\"t m41 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3cb8\">4<span class=\"_ _3bd\"> </span></div><div class=\"t m41 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3cb9\">.<span class=\"_ _3bd\"> </span></div><div class=\"t m41 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3cba\">5<span class=\"_ _3bd\"> </span></div><div class=\"t m41 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3cbb\">62<span class=\"_ _3bd\"> </span></div><div class=\"t m41 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3cbc\">.<span class=\"_ _3bd\"> </span></div><div class=\"t m41 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3cbd\">8<span class=\"_ _2\"></span>1<span class=\"_ _20\"></span>9<span class=\"_ _3bd\"> </span></div><div class=\"t m41 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3cbe\">,<span class=\"_ _3bd\"> </span></div><div class=\"t m41 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3cbf\">3<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span></div><div class=\"t m41 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3cc0\">10<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>%<span class=\"_ _3bd\"> </span></div><div class=\"t m41 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3cc1\">5<span class=\"_ _2\"></span>8<span class=\"_ _20\"></span>.<span class=\"_ _3bd\"> </span></div><div class=\"t m41 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3cc2\">72<span class=\"_ _3bd\"> </span></div><div class=\"t m41 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3cc3\">6<span class=\"_ _3bd\"> </span></div><div class=\"t m41 h1c ff3 fsc fc4 sc2 ls0 ws0 gs3cc4\">10<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>%<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3cc5\">Fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>am<span class=\"_ _1\"></span>ento<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3cc6\">Su<span class=\"_ _0\"></span>bo<span class=\"_ _0\"></span>rd<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3cc7\">In<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">occasione<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>cessione<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>Portafoglio<span class=\"ff1\"> </span>iniziale,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>29<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ott<span class=\"_ _2\"></span>obre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2010,<span class=\"ff1\"> </span>Credem<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Credem<span class=\"ff1\"> </span>CB<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3cc8\">hanno<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sottoscritto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>contratto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>finan<span class=\"_ _2\"></span>ziamento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>subordinato,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>mediante<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>quale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Cr<span class=\"_ _2\"></span>edem<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ha<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3cc9\">concesso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Credem<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>CB<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fin<span class=\"_ _2\"></span>anziamento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>subordinato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>pagamento<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>corrispettivo<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3cca\">acquisto<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Port<span class=\"_ _2\"></span>afoglio<span class=\"ff1\"> </span>iniziale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>obb<span class=\"_ _2\"></span>ligata<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>co<span class=\"_ _2\"></span>ncedere<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>C<span class=\"_ _2\"></span>redem<span class=\"ff1\"> </span>CB<span class=\"ff1\"> </span>ulteriori<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziamenti<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3ccb\">subordinati,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ciascuno<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>importo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>par<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>all\u2019ammontare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cor<span class=\"_ _2\"></span>rispondere<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"ff1\"> <span class=\"_ _2\"></span></span>part<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Credem<span class=\"ff1\"> <span class=\"_ _2\"></span></span>C<span class=\"_ _2\"></span>B<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3ccc\">relazione<span class=\"ff1\"> </span>all\u2019acquisto<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>succe<span class=\"_ _2\"></span>ssivi<span class=\"ff1\"> </span>portafogli<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>crediti,<span class=\"ff1\"> </span>c<span class=\"_ _2\"></span>eduti<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>Cr<span class=\"_ _2\"></span>edem<span class=\"ff1\"> </span>secondo<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>t<span class=\"_ _2\"></span>ermini<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3ccd\">condizioni<span class=\"ff1\"> </span>previste<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>contratto<span class=\"ff1\"> </span>quadro<span class=\"ff1\"> </span>disciplinante<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>cessione<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>attivi.<span class=\"_ _3bd\"> </span> </div>Un<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ulteriore<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>finanziamento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>subordinato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>pertanto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>stato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>concesso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sede<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ogni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>cession<span class=\"_ _3bd\"> </span>e<span class=\"ff1\"> </span>successiva,<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>importo<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>relativi<span class=\"ff1\"> </span>prezzi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cessione.<span class=\"_ _3bd\"> </span> As<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>t<span class=\"_ _3bd\"> </span>Sw<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Tra<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>Societ\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Veicolo<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Credem<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>stati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stipulati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">contr<span class=\"_ _2\"></span>atti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">swap,<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ammontar<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fino<span class=\"ff1\"> </span>all<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>copertura<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span></span></span>Cover<span class=\"_ _3bd\"> </span>Pool,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fine<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">garantire<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>lla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Societ\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Veicolo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">protezione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cont<span class=\"_ _2\"></span>ro<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">d<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>tass<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>e<span class=\"_ _1\"></span>/o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">base,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">do<span class=\"_ _0\"></span>vuto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pr<span class=\"_ _0\"></span>esen<span class=\"_ _0\"></span>za<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>ttivi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">div<span class=\"_ _0\"></span>ers<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>ndic<span class=\"_ _0\"></span>izza<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mese<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">giu<span class=\"_ _0\"></span>gno<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">2<span class=\"_ _0\"></span>013<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fase<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rinnovo<span class=\"ff1\"> </span>annuale<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">programma<span class=\"_ _2\"></span>,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span>stata<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ivista<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>struttura<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>meccanismi<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>copertur<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>dell\u2019operazione<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>e,<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>previo<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>parere<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>favorevole<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>Ag<span class=\"_ _2\"></span>enzie<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>rat<span class=\"_ _2\"></span>ing,<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>stati<span class=\"ff1\"> <span class=\"_ _2a\"> </span></span>chius<span class=\"_ _3bd\"> </span>i<span class=\"ff1\"> </span>anticipatamente<span class=\"ff1\"> </span>tutti<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>contratti<span class=\"ff1\"> </span>swap<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>suo<span class=\"ff1\"> </span>tempo<span class=\"ff1\"> </span>stipulati<span class=\"ff1\"> </span>tra<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>Societ\u00e0<span class=\"ff1\"> </span>Veicolo<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>Credem.<span class=\"_ _3bd\"> </span> Al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">31<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span>cemb<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">2022,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">n<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pre<span class=\"_ _0\"></span>sen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>tratt<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Asse<span class=\"_ _0\"></span>t<span class=\"ff1\"> </span>S<span class=\"_ _0\"></span>wap<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tra<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Soc<span class=\"_ _0\"></span>iet<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>V<span class=\"_ _0\"></span>eic<span class=\"_ _0\"></span>olo<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">C<span class=\"_ _0\"></span>rede<span class=\"_ _0\"></span>m.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Co<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>d<span class=\"_ _3bd\"> </span>Bo<span class=\"_ _0\"></span>nd<span class=\"_ _3bd\"> </span>Sw<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>p<span class=\"_ _3bd\"> </span>(o<span class=\"_ _3bd\"> </span>Lia<span class=\"_ _1\"></span>bili<span class=\"_ _0\"></span>ty<span class=\"_ _3bd\"> </span>S<span class=\"_ _0\"></span>wa<span class=\"_ _0\"></span>p)<span class=\"fc0 sc1\"> </span>In<span class=\"ff1\"> <span class=\"_ _20\"></span></span>occasione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>ll\u2019emissione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>ul<span class=\"ff1\"> <span class=\"_ _20\"></span></span>mercat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Covered<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">Bond<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>t<span class=\"_ _2\"></span>ra<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Socie<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Veic<span class=\"_ _0\"></span>olo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Credem<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pu<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\">\u00f2<span class=\"ff1\"> </span></span></span>essere<span class=\"ff1\"> <span class=\"_ _20\"></span></span>stipulato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contratto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>swap<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fine<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>mitigare<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tasso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tra<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>flussi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ricevuti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall<span class=\"_ _3bd\"> </span>a<span class=\"ff1\"> </span>Societ\u00e0<span class=\"ff1\"> </span>Veicolo<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>quanto<span class=\"ff1\"> </span>dovuto<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>stessa<span class=\"ff1\"> </span>agli<span class=\"ff1\"> </span>investitori<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>caso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>defau<span class=\"_ _0\"></span>lt<span class=\"ff1\"> </span>dell\u2019emitt<span class=\"_ _2\"></span>ente.<span class=\"_ _3bd\"> </span> Attualmente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>essere<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contratt<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>swap<span class=\"ff1\"> </span>stipulato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fase<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>emissione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Covered<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Bond<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> </span>durata<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">3<span class=\"_ _2\"></span>0/08/2013-2028.<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>Co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Il<span class=\"ff1\"> </span>Programma<span class=\"ff1\"> </span>prevede<span class=\"ff1\"> </span>un\u2019articolata<span class=\"ff1\"> </span>struttura<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">conti</span> <span class=\"ff3\">correnti</span> <span class=\"ff3\">sui</span> <span class=\"ff3\">quali</span> <span class=\"ff3\">p<span class=\"_ _0\"></span>oggiano<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> </span>finanziar<span class=\"_ _2\"></span>i<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"> </span></span></span>dell\u2019operazione.<span class=\"ff1\"> </span>Alla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>str<span class=\"_ _2\"></span>utturazione<span class=\"ff1\"> </span>dell\u2019operazione,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>stati<span class=\"ff1\"> </span>attivati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>una<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>erie<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>intestat<span class=\"_ _3bd\"> </span>i<span class=\"ff1\"> </span>alla<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>S<span class=\"_ _0\"></span>ociet\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Veicolo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ed<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>particolare,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sco<span class=\"_ _2\"></span>po<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>esaustivo:<span class=\"ff1\"> </span>Collection<span class=\"_ _3bd\"> </span>Accounts,<span class=\"ff1\"> </span>Reserv<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>Account,<span class=\"ff1\"> </span>Payments<span class=\"_ _3bd\"> </span>Account,<span class=\"ff1\"> </span>Eligible<span class=\"_ _3bd\"> </span>Investment<span class=\"_ _3bd\"> </span>Account <span class=\"_ _21\"> </span><span class=\"ff3 fs5\">e<span class=\"ff1\"> </span></span>Expenses<span class=\"_ _3bd\"> </span>Account.<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>In<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>seguito<span class=\"ff1\"> </span>all\u2019upgrade<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rating<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>arte<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Fitch<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mese<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">D<span class=\"_ _2\"></span>icembre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2021,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Credem<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tornata<span class=\"ff1\"> </span>ad<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">assumer<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ruolo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Account<span class=\"ff1\"> </span>Bank<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tali<span class=\"ff1\"> </span>rapporti<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cont<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">corrente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">intestati<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Credem<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">CB<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stat<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tr<span class=\"_ _2\"></span>asferit<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>da<span class=\"_ _0\"></span>lla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">soci<span class=\"_ _0\"></span>et\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">BNP<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Pa<span class=\"_ _0\"></span>riba<span class=\"_ _0\"></span>s<span class=\"ff1\"> </span>Secu<span class=\"_ _0\"></span>rit<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>s<span class=\"ff1\"> </span>Serv<span class=\"_ _0\"></span>ice<span class=\"_ _0\"></span>s<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> </span>Mil<span class=\"_ _0\"></span>an<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Bran<span class=\"_ _0\"></span>ch<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>Cred<span class=\"_ _1\"></span>em<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">occa<span class=\"_ _0\"></span>sione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>inno<span class=\"_ _0\"></span>vo<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Programma<span class=\"ff1\"> </span>OBG<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>Aprile<span class=\"ff1\"> </span>2022.<span class=\"_ _3bd\"> </span> So<span class=\"_ _0\"></span>gg<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>vo<span class=\"_ _0\"></span>lti<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span>Pro<span class=\"_ _1\"></span>gra<span class=\"_ _0\"></span>mm<span class=\"_ _1\"></span>a<span class=\"fc0 sc1\"> </span>Con<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>r<span class=\"_ _2\"></span>iferimento<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>tale<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>sezione<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>s<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>riass<span class=\"_ _2\"></span>umono<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>principali<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>ruoli<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>controparti<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>coinvolte<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>ll\u2019<span class=\"_ _0\"></span>opera<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne:<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>Servicer:<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>uolo<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>volto<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Credem<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che,<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>qualit\u00e0,<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>stat<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>incaricato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Credem<span class=\"ff1\"> </span>CB<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell<span class=\"_ _3bd\"> </span>e<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">incasso</span> <span class=\"_ _20\"></span><span class=\"ff3\">e</span> <span class=\"_ _20\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ecupero</span> <span class=\"_ _20\"></span><span class=\"ff3\">dei</span> <span class=\"_ _20\"></span><span class=\"ff3\">credit<span class=\"_ _2\"></span>i</span> <span class=\"_ _20\"></span><span class=\"ff3\">inclusi</span> <span class=\"_ _21\"></span><span class=\"ff3\">nel</span> <span class=\"_ _20\"></span><span class=\"ff3\">Portafoglio</span> <span class=\"_ _21\"></span><span class=\"ff3\">In<span class=\"_ _0\"></span>iziale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>nei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>por<span class=\"_ _2\"></span>tafogli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> </span></span></span>Credem<span class=\"ff1\"> </span>stessa<span class=\"ff1\"> </span>cede<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>Credem<span class=\"ff1\"> </span>CB<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>sensi<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Contratto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Quadro<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Cessione;<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>-<span class=\"_ _3bd\"> </span>Back-Up<span class=\"_ _3bd\"> </span>Servicer:<span class=\"ff1\"> <span class=\"_ _2\"></span></span>entit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>verificarsi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>determinati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>eventi,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>disciplinati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>de<span class=\"_ _3bd\"> </span>l<span class=\"ff1\"> </span>Programma,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pu\u00f2<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">subentrare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Credem<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ruolo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Servic<span class=\"_ _2\"></span>er<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sopra<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>escritto.<span class=\"ff1\"> </span>A<span class=\"_ _0\"></span>ttualmente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tale<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ruolo<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>viene<span class=\"ff1\"> </span>agito<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>alcun<span class=\"ff1\"> </span>soggetto;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>Inv<span class=\"_ _0\"></span>estm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t<span class=\"_ _3bd\"> </span>Man<span class=\"_ _0\"></span>ager:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ruol<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">svolt<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">C<span class=\"_ _0\"></span>red<span class=\"_ _0\"></span>em<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">quali<span class=\"_ _0\"></span>t\u00e0,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stato<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">inc<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>cato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">inve<span class=\"_ _0\"></span>stir<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">liquidit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">disponibile<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sui<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cont<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">corr<span class=\"_ _2\"></span>enti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">aperti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Cre<span class=\"_ _2\"></span>dem<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">CB<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>edige<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">inviare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">part<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>tale<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>contratto<span class=\"ff1\">  </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>c.d.<span class=\"ff1\"> </span>Investment<span class=\"_ _3bd\"> </span>Manager<span class=\"_ _3bd\"> </span>Report,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>contenente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>l\u2019indicazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>risultati<span class=\"ff1\"> </span>dell\u2019attivit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>investimento;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>Account<span class=\"_ _3bd\"> </span>Bank:<span class=\"ff1\"> </span>ruolo<span class=\"ff1\"> </span>attualmente<span class=\"ff1\"> </span>svolto<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>Credem<span class=\"ff1\"> </span>che,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>tale<span class=\"ff1\"> </span>qualit\u00e0,<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stat<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>incaricato<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></span></span></span></span>investire<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>liquidit\u00e0<span class=\"ff1\"> </span>disponibile<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sui<span class=\"ff1\"> </span>conti<span class=\"ff1\"> </span>correnti<span class=\"ff1\"> </span>aperti<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>Credem<span class=\"ff1\"> </span>CB<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>redigere<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>inviar<span class=\"_ _2\"></span>e<span class=\"_ _3bd\"> </span><span class=\"ff1\"> </span>alle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>parti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tal<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contratt<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>c.d.<span class=\"ff1\"> </span>Investment<span class=\"_ _3bd\"> </span>Manager<span class=\"_ _3bd\"> </span>Report,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contenente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019indicazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d<span class=\"_ _2\"></span>ei<span class=\"ff1\"> </span>risultati<span class=\"ff1\"> </span>dell\u2019attivit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>investimento;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>Principal<span class=\"_ _3bd\"> </span>Paying<span class=\"_ _3bd\"> </span>Agent:<span class=\"ff1\"> </span>ruolo<span class=\"ff1\"> </span>svolto<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>BNP<span class=\"ff1\"> </span>Paribas<span class=\"ff1\"> </span>Securities<span class=\"ff1\"> </span>Services,<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>ha<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>principal<span class=\"_ _3bd\"> </span>e<span class=\"ff1\"> </span>compito<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">determinare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ed<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">effettuare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(sia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>conto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Credem<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Credem<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">CB)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>pa<span class=\"_ _0\"></span>game<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dovu<span class=\"_ _0\"></span>ti,<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>line<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>capi<span class=\"_ _0\"></span>tale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">line<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>inte<span class=\"_ _0\"></span>ress<span class=\"_ _0\"></span>i,<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">favor<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">por<span class=\"_ _0\"></span>tator<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Obbl<span class=\"_ _0\"></span>igazi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>Bancarie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Garantite;<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>-<span class=\"_ _3bd\"> </span>Calculation<span class=\"_ _3bd\"> </span>Agent:<span class=\"ff1\"> </span>ruolo<span class=\"ff1\"> </span>svolto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> </span>BNP<span class=\"ff1\"> </span>Paribas<span class=\"ff1\"> </span>Securities<span class=\"ff1\"> </span>Se<span class=\"_ _0\"></span>rvices<span class=\"ff1\"> </span>che,<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>ale<span class=\"ff1\"> </span>qualit\u00e0,<span class=\"ff1\"> </span>ha<span class=\"ff1\"> </span>i<span class=\"_ _1\"></span>l<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span>principale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>compito<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">redi<span class=\"_ _0\"></span>gere<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>inv<span class=\"_ _0\"></span>iare<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>part<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>contr<span class=\"_ _2\"></span>atto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>c.d.<span class=\"ff1\"> </span></span></span>Payments<span class=\"_ _3bd\"> </span>Report,<span class=\"ff1\"> </span>contenente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019indicazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fondi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span><span class=\"ff3\">disponibili</span> <span class=\"_ _20\"></span><span class=\"ff3\">di</span> <span class=\"_ _20\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>itolarit\u00e0</span> <span class=\"_ _20\"></span><span class=\"ff3\">di</span> <span class=\"_ _20\"></span><span class=\"ff3\">Credem</span> <span class=\"_ _2\"></span><span class=\"ff3\">CB</span> <span class=\"_ _20\"></span><span class=\"ff3\">e</span> <span class=\"_ _20\"></span><span class=\"ff3\">dei</span> <span class=\"_ _20\"></span><span class=\"ff3\">pagamenti</span> <span class=\"_ _20\"></span><span class=\"ff3\">da</span> </span>effettuarsi,<span class=\"ff1\"> </span>sec<span class=\"_ _0\"></span>ondo<span class=\"ff1\"> </span>l\u2019ordine<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>priorit\u00e0<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pagamenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">determinato<span class=\"_ _2\"></span><span class=\"ff1\"> </span>ai<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sensi</span> <span class=\"_ _0\"></span><span class=\"ff3\">dell\u2019</span></span></span></span></span></span>Intercredito<span class=\"_ _3bd\"> </span>r<span class=\"_ _3bd\"> </span>Agr<span class=\"_ _0\"></span>eem<span class=\"_ _0\"></span>ent;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>Asset<span class=\"_ _3bd\"> </span>Monitor:<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ruolo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>svolto<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>BDO<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Italia<span class=\"ff1\"> <span class=\"_ _21\"></span></span>S.p.A.<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"></span></span>tale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>qualit\u00e0,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>effettua<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>calcoli<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>le<span class=\"ff1\"> </span>verifiche<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>sui<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Test<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>Obbligatori<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>sull\u2019Amortisation<span class=\"_ _3bd\"> </span>Test <span class=\"_ _1e\"> </span><span class=\"ff3 fs5\">svolti<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>ai<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>sensi<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>del<span class=\"ff1\"> </span></span>Cover<span class=\"_ _3bd\"> </span>Po<span class=\"_ _3bd\"> </span>ol<span class=\"_ _3bd\"> </span>Management<span class=\"_ _3bd\"> </span>Agreement,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>verificando<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>l\u2019accura<span class=\"_ _2\"></span>tezza<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>calcol<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>effettuati<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dal<span class=\"ff1\"> </span>Calculation<span class=\"_ _3bd\"> </span>Agent.<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>incarico<span class=\"ff1\"> <span class=\"_ _21\"></span></span>separato,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>att<span class=\"_ _2\"></span>ualmente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>previsto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">l\u2019</span></span>Asset<span class=\"_ _3bd\"> </span>Monitor <span class=\"_ _21\"></span><span class=\"ff3 fs5\">svolga<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ulteriori<span class=\"ff1\"> </span></span>verifiche<span class=\"ff1\">  </span>aventi<span class=\"ff1\">  </span>ad<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>oggetto<span class=\"_ _2\"></span><span class=\"ff1\">  </span>in<span class=\"ff1\">  </span>particolare<span class=\"ff1\">  </span>la<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>confor<span class=\"_ _2\"></span>mit\u00e0<span class=\"ff1\">  </span>de<span class=\"_ _0\"></span>gli<span class=\"ff1\">  </span>attivi<span class=\"ff1\">  </span>idonei<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">costituenti</span>  <span class=\"ff3\">il</span> </span>Portafoglio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ai<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>requisiti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _0\"></span>revisti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dalla<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Normativa<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>l\u2019i<span class=\"_ _0\"></span>ntegrit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>garanzia<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>favore<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>degli<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>vest<span class=\"_ _0\"></span>itor<span class=\"_ _0\"></span>i; -<span class=\"_ _3bd\"> </span>Represe<span class=\"_ _2\"></span>ntativeoftheBondholders:<span class=\"ff1\"> </span>ruolo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">svolto</span> <span class=\"ff3\">da</span> <span class=\"_ _0\"></span><span class=\"ff3\">BNP<span class=\"ff1\"> </span>P<span class=\"_ _0\"></span>aribas<span class=\"ff1\"> </span>Securities<span class=\"ff1\"> </span>Service<span class=\"_ _0\"></span>s<span class=\"ff1\"> </span>che,<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span></span></span>tal<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uali<span class=\"_ _0\"></span>t\u00e0,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ese<span class=\"_ _0\"></span>rcit<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>nfr<span class=\"_ _0\"></span>onti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Cred<span class=\"_ _0\"></span>em<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">Cred<span class=\"_ _0\"></span>em<span class=\"ff1\"> </span>CB<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i</span> <span class=\"ff3\">d<span class=\"_ _0\"></span>iri<span class=\"_ _0\"></span>tti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>rop<span class=\"_ _0\"></span>arti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">coi<span class=\"_ _0\"></span>nvol<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ne<span class=\"_ _0\"></span>ll\u2019<span class=\"_ _0\"></span>opera<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne; -<span class=\"_ _3bd\"> </span>Listing<span class=\"_ _3bd\"> </span>Agent:<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ruolo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>svolto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>BNP<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Paribas<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Secu<span class=\"_ _0\"></span>rities<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Services<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tale<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>qualit\u00e0,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ha<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> </span>pri<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>pale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">com<span class=\"_ _0\"></span>pito<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gesti<span class=\"_ _0\"></span>re,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Cre<span class=\"_ _0\"></span>dem<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">C<span class=\"_ _0\"></span>rede<span class=\"_ _0\"></span>m<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">CB,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rapp<span class=\"_ _0\"></span>orti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ade<span class=\"_ _0\"></span>mpime<span class=\"_ _0\"></span>nti<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>con<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>Borsa<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>quotazione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>Obbligazioni<span class=\"ff1\"> </span>Bancarie<span class=\"ff1\"> </span>Garantite. Si<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">spec<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ca,<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>nfin<span class=\"_ _0\"></span>e,<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>he<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span>cuni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dei</span> <span class=\"ff3\">co<span class=\"_ _0\"></span>ntra<span class=\"_ _0\"></span>tti<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Prog<span class=\"_ _0\"></span>ram<span class=\"_ _0\"></span>ma<span class=\"ff1\"> </span>pre<span class=\"_ _0\"></span>vedo<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>ch<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sogg<span class=\"_ _0\"></span>etti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span>car<span class=\"_ _0\"></span>icat<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>llo<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>svolgimento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alcune<span class=\"ff1\"> <span class=\"_ _20\"></span></span>att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alcuni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ruoli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>so<span class=\"_ _2\"></span>pra<span class=\"ff1\"> <span class=\"_ _20\"></span></span>indicati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>siano<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span></span>dotati,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fini<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span><span class=\"ff3\">tali</span> <span class=\"_ _21\"></span><span class=\"ff3\">incarichi,</span> <span class=\"_ _20\"></span><span class=\"ff3\">di</span> </span>de<span class=\"_ _0\"></span>termi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>live<span class=\"_ _0\"></span>lli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rating<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>Pe<span class=\"_ _0\"></span>rtan<span class=\"_ _0\"></span>to,<span class=\"ff1\"> </span>se<span class=\"_ _0\"></span>ppu<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>alcu<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>ru<span class=\"_ _0\"></span>oli<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>sul<span class=\"_ _0\"></span>tino<span class=\"ff1\"> </span>attu<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>coper<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>da<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">Cre<span class=\"_ _1\"></span>dem<span class=\"ff1\"> </span></span></span></span></span></span></span>(ovvero<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">soggetti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">terzi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Gr<span class=\"_ _2\"></span>uppo),<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">possibile<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ch<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">futuro<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>tessi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">possano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">essere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">assegnati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>soggetti<span class=\"ff1\"> </span>esterni<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>Gruppo<span class=\"ff1\"> </span>(ovvero<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Crede<span class=\"_ _0\"></span>m). I<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>hi<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>nn<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>si<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span>l\u2019<span class=\"_ _0\"></span>op<span class=\"_ _0\"></span>era<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>I<span class=\"_ _3bd\"> </span>l<span class=\"ff1\"> </span>Programma<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>emissioni<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>Obbligazioni<span class=\"ff1\"> </span>Bancarie<span class=\"ff1\"> </span>Garantite<span class=\"ff1\"> </span>comporta<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">seguenti<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziari<span class=\"ff1\"> </span></span></span></span></span>rispetto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ai<span class=\"ff1\"> </span>quali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> </span>st<span class=\"_ _2\"></span>ate<span class=\"ff1\"> </span>adottate<span class=\"ff1\"> </span>varie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>misure<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mitigazione:<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019e<span class=\"_ _0\"></span>mittente,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>tasso,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>cred<span class=\"_ _0\"></span>ito,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">liquidit\u00e0,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rifinanziam<span class=\"_ _2\"></span>ento,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">contropar<span class=\"_ _2\"></span>te,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischi<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>legali<span class=\"ff1\"> </span>legati<span class=\"ff1\"> </span>all\u2019operazione. La<span class=\"ff1\"> </span>funzione<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>revisione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>interna<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Credem<span class=\"ff1\"> </span>(<span class=\"_ _2\"></span>Servizio<span class=\"ff1\"> </span>Auditing)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>effettua,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>almeno<span class=\"ff1\"> </span>ogni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>12<span class=\"ff1\"> </span>mesi,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>una<span class=\"ff1\"> </span>completa<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>verifica<span class=\"ff1\">  </span>dei<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>contr<span class=\"_ _2\"></span>olli<span class=\"ff1\">  </span>svolt<span class=\"_ _2\"></span>i,<span class=\"ff1\">  </span>anche<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>avvalendosi<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>delle<span class=\"ff1\">  </span>inform<span class=\"_ _2\"></span>azioni<span class=\"ff1\">  </span>r<span class=\"_ _2\"></span>icevute<span class=\"ff1\">  </span>e<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>delle<span class=\"ff1\"> </span>valutazioni<span class=\"ff1\"> </span>espresse<span class=\"ff1\"> </span>dall\u2019Asset<span class=\"ff1\"> </span>Monitor.<span class=\"ff1\"> </span>I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risu<span class=\"_ _2\"></span>ltati<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tali<span class=\"ff1\"> </span>ve<span class=\"_ _0\"></span>rifiche<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>por<span class=\"_ _2\"></span>tati<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>conoscenza<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span></span></span>organi<span class=\"ff1\"> </span>aziendali<span class=\"ff1\"> </span>competenti. Ca<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>ch<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>pri<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>ip<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span>Pr<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>mm<span class=\"_ _0\"></span>a<span class=\"fc0 sc1\"> </span>La<span class=\"ff1\"> <span class=\"_ _20\"></span></span>st<span class=\"_ _2\"></span>ruttura<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziaria<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Programma<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prevede<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Credem<span class=\"ff1\"> <span class=\"_ _21\"></span></span>proceda<span class=\"ff1\"> <span class=\"_ _20\"></span></span>all\u2019emissione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"_ _2\"></span>n<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pi\u00f9<span class=\"ff1\"> <span class=\"_ _21\"></span></span>serie<span class=\"ff1\"> </span>successive<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Obbl<span class=\"_ _0\"></span>igazioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>B<span class=\"_ _0\"></span>an<span class=\"_ _2\"></span>carie<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Gar<span class=\"_ _2\"></span>antite<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>r<span class=\"_ _2\"></span>ating,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dic<span class=\"_ _0\"></span>embre<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>2022,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>pari<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Aa3<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>AA,<span class=\"ff1\"> </span>assegnati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rispettivamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dalle<span class=\"ff1\"> </span>segu<span class=\"_ _0\"></span>enti<span class=\"ff1\"> </span>societ\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rat<span class=\"_ _2\"></span>ing:<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Moody\u2019s<span class=\"ff1\"> </span>Investors<span class=\"ff1\"> </span>Servi<span class=\"_ _0\"></span>ces<span class=\"ff1\"> </span>Inc.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>Fitch<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>Rating<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Limited. </span></span>Ta<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">obbl<span class=\"_ _0\"></span>igaz<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">so<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>tate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>olloc<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>d<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>nve<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>tori<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ist<span class=\"_ _0\"></span>itu<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>ali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>sup<span class=\"_ _0\"></span>por<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Deal<span class=\"_ _0\"></span>ers<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tempo<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>in<span class=\"ff1\"> </span>tempo<span class=\"ff1\"> </span>selezionati.<span class=\"ff1\"> </span>In<span class=\"ff1\"> </span>fase<span class=\"ff1\"> </span>iniziale<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>Arrangers<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Programma<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>stati<span class=\"ff1\"> </span>Barclays<span class=\"ff1\"> </span>Bank<span class=\"ff1\"> </span>PL<span class=\"_ _0\"></span>C<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>Soci\u00e9t\u00e9<span class=\"ff1\"> </span>G\u00e9n\u00e9rale;<span class=\"ff1\"> </span>attualmente<span class=\"ff1\"> </span>tale<span class=\"ff1\"> </span>ruolo<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>unico<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>svolto<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>Barclays. Credem<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pu\u00f2<span class=\"ff1\"> <span class=\"_ _20\"></span></span>emettere,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valere<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sul<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Pro<span class=\"_ _2\"></span>gramma,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Obbligazioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Bancar<span class=\"_ _2\"></span>ie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Garantit<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>importo<span class=\"ff1\"> </span>complessivo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>tempo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>tempo<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">essere<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> </span>superiore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ad<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Euro<span class=\"ff1\"> </span>5<span class=\"ff1\"> </span>mil<span class=\"_ _0\"></span>iardi.<span class=\"ff1\"> </span>Tale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">importo<span class=\"ff1\"> </span>massimo<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>potr\u00e0<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>inc<span class=\"_ _0\"></span>rementato<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>formit\u00e0<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>quanto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">previsto<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">documentazione<span class=\"ff1\"> </span>contrattuale<span class=\"ff1\"> </span></span></span></span></span>del<span class=\"ff1\"> </span>Programma.<span class=\"ff1\"> </span>Nell\u2019ambito<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Programma,<span class=\"ff1\"> </span>Credem<span class=\"ff1\"> </span>pu\u00f2<span class=\"ff1\"> </span>emettere<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>ampio<span class=\"ff1\"> </span>spettro<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tipologie<span class=\"_ _0\"></span><span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>t<span class=\"_ _2\"></span>itoli;<span class=\"ff1\"> <span class=\"_ _20\"></span></span>t<span class=\"_ _2\"></span>uttavia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>tipologie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>attualmente<span class=\"ff1\"> <span class=\"_ _21\"></span></span>pi\u00f9<span class=\"ff1\"> <span class=\"_ _20\"></span></span>diffuse<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sul<span class=\"ff1\"> <span class=\"_ _21\"></span></span>mercato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>titoli<span class=\"ff1\"> <span class=\"_ _21\"></span></span>c.d<span class=\"_ _0\"></span>.<span class=\"ff1\"> <span class=\"_ _21\"></span></span>soft<span class=\"ff1\"> <span class=\"_ _20\"></span></span>bullet<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"ff1\"> </span>prevedono<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>pagamento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">periodico<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">interessi,<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rimborso<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un\u2019unica<span class=\"ff1\"> </span>soluzione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>lla<span class=\"ff1\"> </span>scade<span class=\"_ _0\"></span>nza<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>possibilit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Societ\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Veicol<span class=\"_ _2\"></span>o,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>caso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>inadempimento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Cr<span class=\"_ _2\"></span>edem,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>posticipare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>data<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> </span>scadenza<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>periodo<span class=\"ff1\"> </span>aggiuntivo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tempo<span class=\"ff1\"> </span>(di<span class=\"ff1\"> </span>prassi,<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>anno). Son<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">state<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">effe<span class=\"_ _0\"></span>ttu<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">emi<span class=\"_ _0\"></span>ssio<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ne<span class=\"_ _1\"></span>l<span class=\"ff1\"> </span>201<span class=\"_ _0\"></span>0,<span class=\"ff1\"> </span>2<span class=\"_ _0\"></span>011<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2012,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">2<span class=\"_ _0\"></span>013<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>2<span class=\"_ _0\"></span>014,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">20<span class=\"_ _0\"></span>19<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">202<span class=\"_ _0\"></span>1,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ment<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>ono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stat<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>effettuate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nuove<span class=\"ff1\"> <span class=\"_ _2\"></span></span>emiss<span class=\"_ _2\"></span>ioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Covered<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Bond<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _2\"></span></span>2015<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>2018<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _2\"></span></span>2020.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Nel<span class=\"ff1\"> <span class=\"_ _20\"></span></span>corso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>2022<span class=\"ff1\"> <span class=\"_ _2\"></span></span>p<span class=\"_ _2\"></span>er<span class=\"ff1\"> </span>valuta<span class=\"ff1\"> </span>31<span class=\"ff1\"> </span>maggio<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>stata<span class=\"ff1\"> </span>effettuata<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>dodicesima<span class=\"ff1\"> </span>emissione<span class=\"ff1\"> </span>Covered<span class=\"ff1\"> </span>Bond<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>ammontare<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>500<span class=\"ff1\"> </span>milioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">euro,<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>rtant<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">v<span class=\"_ _0\"></span>alore<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>ominale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">complessivo<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">C<span class=\"_ _2\"></span>overed<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Bond<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">circolazione<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">31<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>dicembre<span class=\"ff1\"> </span>2022,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">emessi<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>valere<span class=\"ff1\"> </span>sul<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">programma<span class=\"ff1\"> </span>garantito<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>Credem<span class=\"ff1\"> </span>CB<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">S.r.l.,<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2,1<span class=\"ff1\"> </span>miliardi<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Euro. </span></span>E.<span class=\"ff5\"> <span class=\"_ _1c\"></span><span class=\"ff3\">Con<span class=\"_ _0\"></span>soli<span class=\"_ _0\"></span>dato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">prud<span class=\"_ _0\"></span>enz<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mod<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mi<span class=\"_ _0\"></span>su<span class=\"_ _0\"></span>raz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">credi<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span><span class=\"fc0\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Il<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>23<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>Febbraio<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>2022<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>l\u2019Autor<span class=\"_ _2\"></span>it\u00e0<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>Vigilanza<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>ha<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>confermato<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>apposita<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>comunicazione<span class=\"ff1\"> </span>l\u2019autorizzazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Gr<span class=\"_ _2\"></span>uppo<span class=\"ff1\"> </span>a<span class=\"_ _2\"></span>ll\u2019uso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> </span>m<span class=\"_ _2\"></span>odelli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>AIRB<span class=\"ff1\"> <span class=\"_ _2\"></span></span>((parametri<span class=\"ff1\"> <span class=\"_ _20\"></span></span>PD,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>LGD,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>EAD)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>Credito<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>eguito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">domande<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>au<span class=\"_ _0\"></span>torizzazione<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>modifi<span class=\"_ _0\"></span>ch<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">modelli<span class=\"ff1\"> </span>AIRB<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _1\"></span><span class=\"ff3\">Mar<span class=\"_ _2\"></span>zo<span class=\"ff1\"> </span>2020<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>(modifiche<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>i<span class=\"_ _2\"></span>n<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>relazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>alla<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Tar<span class=\"_ _2\"></span>geted<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>R<span class=\"_ _2\"></span>eview<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>of<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Internal<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Mod<span class=\"_ _2\"></span>els)<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Marzo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>2021<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(<span class=\"_ _0\"></span>adeguamento<span class=\"ff1\"> </span>secondo<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>Nuov<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>Definizione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Default<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Art.<span class=\"ff1\"> </span>500<span class=\"ff1\"> </span>CRR)<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>sottoposti<span class=\"ff1\"> </span>successivamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ad<span class=\"ff1\"> </span>accesso<span class=\"ff1\"> </span></span></span></span></span>ispettivo<span class=\"ff1\"> </span>nello<span class=\"ff1\"> </span>stesso<span class=\"ff1\"> </span>anno.<span class=\"_ _3bd\"> </span>Periodicamente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>effettuate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"_ _2\"></span>ttivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>convalida<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sui<span class=\"ff1\"> <span class=\"_ _2\"></span></span>diversi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>parametri<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>termini<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>pre<span class=\"_ _0\"></span>sid<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">moni<span class=\"_ _0\"></span>tora<span class=\"_ _0\"></span>ggio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al</span> <span class=\"_ _0\"></span><span class=\"ff3\">fine<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">va<span class=\"_ _0\"></span>luta<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>ge<span class=\"_ _0\"></span>nera<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>ade<span class=\"_ _0\"></span>gua<span class=\"_ _0\"></span>tezz<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pro<span class=\"_ _0\"></span>ces<span class=\"_ _0\"></span>so<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">misu<span class=\"_ _0\"></span>razi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del</span> </span></span></span></span></span></span></span></span></span></span></span>rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">credito.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Modelli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">m<span class=\"_ _2\"></span>etodologie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>isultano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">adeguate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">p<span class=\"_ _2\"></span>erformance<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sistema<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rat<span class=\"_ _2\"></span>ing<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>si<span class=\"ff1\"> </span>confermano<span class=\"ff1\"> </span>elevate<span class=\"ff1\"> </span>indicando<span class=\"ff1\"> </span>quindi<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>buona<span class=\"ff1\"> </span>capacit\u00e0<span class=\"ff1\"> </span>discriminante<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>modelli<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>ra<span class=\"_ _2\"></span>ting.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-826": {
   "value": "A.<span class=\"_ _0\"></span>1.2<span class=\"_ _3bd\"> </span>Di<span class=\"_ _0\"></span>str<span class=\"_ _0\"></span>ib<span class=\"_ _0\"></span>uz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"_ _3bd\"> </span>at<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>po<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>af<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ap<span class=\"_ _0\"></span>pa<span class=\"_ _1\"></span>rten<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>za<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>per<span class=\"_ _3bd\"> </span>qu<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span>cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>izia<span class=\"_ _3bd\"> </span>(v<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>lor<span class=\"_ _1\"></span>di<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>net<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>)<span class=\"fc0 sc1\"> </span>Po<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>af<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>/q<span class=\"_ _0\"></span>ua<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>\u00e0<span class=\"fc0 sc1\"> </span>De<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ora<span class=\"_ _1\"></span>te<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _b1\"> </span><span class=\"fc4 sc2\">Non<span class=\"_ _3bd\"> </span></span></span>de<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>(e<span class=\"_ _0\"></span>sp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>iz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>a)<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Es<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>si<span class=\"_ _1\"></span>zion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>lo<span class=\"_ _1\"></span>rd<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Rettif<span class=\"_ _0\"></span>iche<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>siv<span class=\"_ _1\"></span>e<span class=\"_ _3bd\"> </span>Es<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>si<span class=\"_ _1\"></span>zion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>a<span class=\"fc0 sc1\"> </span>Wr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>e-<span class=\"_ _0\"></span>off<span class=\"_ _0\"></span>*<span class=\"_ _3bd\"> </span>pa<span class=\"_ _0\"></span>rz<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>li<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>siv<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>Es<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>si<span class=\"_ _1\"></span>zion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>lo<span class=\"_ _1\"></span>rd<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Rettif<span class=\"_ _0\"></span>iche<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>siv<span class=\"_ _1\"></span>e<span class=\"_ _3bd\"> </span>Es<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>si<span class=\"_ _1\"></span>zion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>a<span class=\"fc0 sc1\"> </span>1.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> </span></span></span></span></span>valutate<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>sto<span class=\"ff1\"> </span>amm<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>tizz<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>735<span class=\"_ _0\"></span>.65<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span>411<span class=\"_ _0\"></span>.62<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>324<span class=\"_ _0\"></span>.03<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>17.<span class=\"_ _0\"></span>353<span class=\"_ _3bd\"> </span>43.<span class=\"_ _0\"></span>598<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>61<span class=\"_ _3bd\"> </span>91.<span class=\"_ _0\"></span>386<span class=\"_ _3bd\"> </span>43.<span class=\"_ _0\"></span>50<span class=\"_ _0\"></span>7.1<span class=\"_ _0\"></span>75<span class=\"_ _3bd\"> </span>43.<span class=\"_ _0\"></span>831<span class=\"_ _0\"></span>.20<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>2.<span class=\"ff1\"> </span>Attivit\u00e0<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>nanziarie<span class=\"ff1\"> </span>valutate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fair<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">value<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>impatto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sulla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">redditivit\u00e0<span class=\"ff1\"> </span></span></span></span></span>co<span class=\"_ _0\"></span>mple<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>6.1<span class=\"_ _0\"></span>61.<span class=\"_ _0\"></span>049<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>577<span class=\"_ _3bd\"> </span>6.1<span class=\"_ _0\"></span>59.<span class=\"_ _0\"></span>47<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>6.1<span class=\"_ _0\"></span>59.<span class=\"_ _0\"></span>47<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>3.<span class=\"_ _3bd\"> </span>Attivit\u00e0<span class=\"_ _3bd\"> </span>finan<span class=\"_ _0\"></span>ziarie<span class=\"_ _3bd\"> </span>designate<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>fair<span class=\"_ _3bd\"> </span>value<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>X <span class=\"_ _31\"> </span>X <span class=\"_ _235\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>4.<span class=\"ff1\"> </span>Altre<span class=\"ff1\"> </span>attivit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> </span>fin<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie<span class=\"ff1\"> </span>ob<span class=\"_ _0\"></span>blig<span class=\"_ _0\"></span>ato<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span><span class=\"ff1\"> </span>valutate<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>fair<span class=\"_ _3bd\"> </span>value<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>X<span class=\"_ _3bd\"> </span>43.<span class=\"_ _0\"></span>960<span class=\"_ _3bd\"> </span>43.<span class=\"_ _0\"></span>960<span class=\"_ _3bd\"> </span>5.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finan<span class=\"_ _0\"></span>ziarie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span></span></span></span></span></span></span>corso<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>dismi<span class=\"_ _0\"></span>ssione<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Tota<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _0\"></span>02<span class=\"_ _1\"></span>2 <span class=\"_ _177\"> </span>73<span class=\"_ _0\"></span>5.<span class=\"_ _0\"></span>65<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span>41<span class=\"_ _0\"></span>1.6<span class=\"_ _1\"></span>26<span class=\"_ _3bd\"> </span>32<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>03<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>17<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>53<span class=\"_ _3bd\"> </span>49<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>59<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>10<span class=\"_ _3bd\"> </span>92<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>63<span class=\"_ _3bd\"> </span>49<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>10<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>07<span class=\"_ _3bd\"> </span>50<span class=\"_ _0\"></span>.0<span class=\"_ _1\"></span>34.6<span class=\"_ _1\"></span>40<span class=\"_ _3bd\"> </span>Tota<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>81<span class=\"_ _0\"></span>9.<span class=\"_ _0\"></span>04<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>44<span class=\"_ _0\"></span>0.<span class=\"_ _0\"></span>19<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>37<span class=\"_ _0\"></span>8.<span class=\"_ _0\"></span>84<span class=\"_ _1\"></span>5<span class=\"_ _3bd\"> </span>11.04<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>55<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>06<span class=\"_ _1\"></span>.46<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>89<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>30<span class=\"_ _3bd\"> </span>55<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>31<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>60<span class=\"_ _3bd\"> </span>55<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>10<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>05<span class=\"_ _0\"></span> t<span class=\"_ _3bd\"> </span>Po<span class=\"_ _0\"></span>rta<span class=\"_ _1\"></span>fog<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>/qu<span class=\"_ _0\"></span>al<span class=\"_ _1\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Att<span class=\"_ _1\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ev<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span>sc<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>sa<span class=\"_ _3bd\"> </span>qu<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _3bd\"> </span>cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>a<span class=\"fc0 sc1\"> <span class=\"_ _cb\"> </span></span>A<span class=\"_ _0\"></span>ltr<span class=\"_ _1\"></span>e<span class=\"_ _3bd\"> </span>at<span class=\"_ _0\"></span>tiv<span class=\"_ _1\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Mi<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>sv<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ze<span class=\"_ _3bd\"> </span>cu<span class=\"_ _0\"></span>mu<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _75\"> </span><span class=\"fc4 sc2\">Esp<span class=\"_ _0\"></span>os<span class=\"_ _1\"></span>izi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></span></span>ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>a<span class=\"fc0 sc1\"> <span class=\"_ _2a0\"> </span></span>Espo<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>izi<span class=\"_ _1\"></span>one<span class=\"_ _3bd\"> </span>ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>a<span class=\"fc0 sc1\"> </span>1.<span class=\"ff5\"> <span class=\"_ _1\"></span><span class=\"ff3\">Attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziarie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">de<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>ne<span class=\"_ _0\"></span>gozi<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span> 2.<span class=\"ff5\"> <span class=\"_ _1\"></span><span class=\"ff3\">Derivati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cop<span class=\"_ _0\"></span>ert<span class=\"_ _0\"></span>ura<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>en<span class=\"_ _0\"></span>ute<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span> </span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _20d\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _20d\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span>52.<span class=\"_ _0\"></span>264<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>090<span class=\"_ _0\"></span>.23<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span>Tot<span class=\"_ _0\"></span>ale<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span> <span class=\"_ _2c0\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>142<span class=\"_ _0\"></span>.5<span class=\"_ _1\"></span>03<span class=\"_ _3bd\"> </span>Tot<span class=\"_ _0\"></span>ale<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span> <span class=\"_ _223\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>26<span class=\"_ _0\"></span>8.<span class=\"_ _0\"></span>61<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-827": {
   "value": "A.<span class=\"_ _0\"></span>3Di<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>rib<span class=\"_ _0\"></span>uz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>esp<span class=\"_ _1\"></span>osiz<span class=\"_ _1\"></span>ioni<span class=\"_ _3bd\"> </span>cr<span class=\"_ _0\"></span>edi<span class=\"_ _0\"></span>tiz<span class=\"_ _1\"></span>ie<span class=\"_ _3bd\"> </span>ga<span class=\"_ _1\"></span>rant<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>tip<span class=\"_ _0\"></span>olo<span class=\"_ _1\"></span>gia<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ga<span class=\"_ _1\"></span>ranz<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span> A.<span class=\"_ _0\"></span>3.<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>Co<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>ida<span class=\"_ _1\"></span>to<span class=\"_ _3bd\"> </span>pr<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>zia<span class=\"_ _1\"></span>le<span class=\"_ _3bd\"> </span>\u2013<span class=\"_ _3bd\"> </span>Es<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>siz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>cre<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>fuo<span class=\"_ _1\"></span>ri<span class=\"_ _3bd\"> </span>bi<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>ver<span class=\"_ _1\"></span>so<span class=\"_ _3bd\"> </span>ba<span class=\"_ _0\"></span>nch<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>ga<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>Esposizione<span class=\"_ _3bd\"> </span>lord<span class=\"_ _3bd\"> </span>Esposizione<span class=\"_ _3bd\"> </span>ne<span class=\"_ _3bd\"> </span>Ga<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>Ga<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>on<span class=\"_ _1\"></span>ali<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>(1<span class=\"_ _0\"></span>)+(<span class=\"_ _1\"></span>2)<span class=\"fc0 sc1\"> </span>(2<span class=\"_ _1\"></span>)<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>De<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>vat<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span>su<span class=\"_ _3bd\"> </span>cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>iti<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _ff\"> </span><span class=\"fc4 sc2\">Crediti<span class=\"_ _3bd\"> </span></span></span>di<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>a<span class=\"fc0 sc1\"> </span>Immobili<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>ipo<span class=\"_ _3bd\"> </span>Immobili<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Finanziamenti<span class=\"_ _3bd\"> </span>per<span class=\"_ _3bd\"> </span>leasing<span class=\"_ _3bd\"> </span>Tit<span class=\"_ _3bd\"> </span>Altre<span class=\"_ _3bd\"> </span>garanzie<span class=\"_ _3bd\"> </span>re<span class=\"_ _3bd\"> </span>C<span class=\"_ _3bd\"> </span>Altri<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Amm<span class=\"_ _3bd\"> </span>pub<span class=\"_ _3bd\"> </span>Ban<span class=\"_ _3bd\"> </span>Altre<span class=\"_ _3bd\"> </span>societ\u00e0<span class=\"_ _3bd\"> </span>fina<span class=\"_ _3bd\"> </span>Altri<span class=\"_ _3bd\"> </span>sog<span class=\"_ _3bd\"> </span>Controparti<span class=\"_ _3bd\"> </span>cen<span class=\"_ _3bd\"> </span>Ban<span class=\"_ _3bd\"> </span>Altre<span class=\"_ _3bd\"> </span>societ\u00e0<span class=\"_ _3bd\"> </span>fina<span class=\"_ _3bd\"> </span>Altri<span class=\"_ _3bd\"> </span>sog<span class=\"_ _3bd\"> </span>1.<span class=\"_ _3bd\"> </span>Es<span class=\"_ _1\"></span>pos<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>on<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span>cre<span class=\"_ _1\"></span>dit<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>ga<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>e:<span class=\"_ _0\"></span> <span class=\"_ _338\"> </span>33<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>27<span class=\"_ _0\"></span> <span class=\"_ _1ff\"> </span>33<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>18<span class=\"_ _0\"></span> - <span class=\"_ _218\"> </span>20<span class=\"_ _1\"></span>6<span class=\"_ _0\"></span> -------- <span class=\"_ _216\"> </span>11<span class=\"_ _0\"></span>.00<span class=\"_ _1\"></span>0-- <span class=\"_ _335\"> </span>11.2<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>1.<span class=\"ff1\"> </span>tot<span class=\"_ _0\"></span>alm<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>gar<span class=\"_ _0\"></span>anti<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span> <span class=\"_ _17f\"> </span>2<span class=\"_ _0\"></span>07<span class=\"_ _1\"></span> <span class=\"_ _75\"> </span>2<span class=\"_ _0\"></span>06<span class=\"_ _1\"></span> <span class=\"_ _196\"> </span>- <span class=\"_ _296\"> </span>2<span class=\"_ _0\"></span>06<span class=\"_ _1\"></span> <span class=\"_ _196\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _7f\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _1ac\"> </span>20<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>ior<span class=\"_ _0\"></span>ate<span class=\"_ _1\"></span> <span class=\"_ _80\"> </span>- <span class=\"_ _83\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _207\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _224\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _7f\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _b7\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>1.<span class=\"_ _0\"></span>2.<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>arzi<span class=\"_ _0\"></span>alm<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>garan<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>te <span class=\"_ _2a3\"> </span>32.8<span class=\"_ _0\"></span>20 <span class=\"_ _1ff\"> </span>32.<span class=\"_ _0\"></span>81<span class=\"_ _0\"></span>2 <span class=\"_ _196\"> </span>- <span class=\"_ _a1\"> </span>- <span class=\"_ _a2\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _224\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _200\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _1fb\"> </span>11<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>00 <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _216\"> </span>11<span class=\"_ _0\"></span>.00<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>ior<span class=\"_ _0\"></span>ate<span class=\"_ _1\"></span> <span class=\"_ _80\"> </span>- <span class=\"_ _83\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _207\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _224\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _7f\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _b7\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>2.<span class=\"_ _3bd\"> </span>Es<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>cre<span class=\"_ _1\"></span>dit<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>fu<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>bi<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>io<span class=\"_ _3bd\"> </span>ga<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>e:<span class=\"_ _0\"></span> ----------------2.<span class=\"_ _0\"></span>1.<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>otal<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>ga<span class=\"_ _0\"></span>ran<span class=\"_ _0\"></span>tite<span class=\"_ _0\"></span> <span class=\"_ _2f9\"> </span>- <span class=\"_ _83\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _207\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _224\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _200\"> </span>- <span class=\"_ _70\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _b7\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>ior<span class=\"_ _0\"></span>ate<span class=\"_ _1\"></span> <span class=\"_ _80\"> </span>- <span class=\"_ _83\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _207\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _224\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _7f\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _b7\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>2.<span class=\"_ _0\"></span>2.<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>arz<span class=\"_ _0\"></span>ialm<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>gara<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>te <span class=\"_ _173\"> </span>- <span class=\"_ _83\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _207\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _224\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _200\"> </span>- <span class=\"_ _70\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _200\"> </span>- <span class=\"_ _7f\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>ior<span class=\"_ _0\"></span>ate<span class=\"_ _1\"></span> <span class=\"_ _80\"> </span>- <span class=\"_ _83\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _207\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _224\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _196\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _7f\"> </span>- <span class=\"_ _63\"> </span>- <span class=\"_ _63\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\">- <span class=\"_ _b7\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>A.<span class=\"_ _0\"></span>3.2<span class=\"_ _3bd\"> </span>Co<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>ida<span class=\"_ _1\"></span>to<span class=\"_ _3bd\"> </span>pr<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>zia<span class=\"_ _1\"></span>le<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Es<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>cre<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>fu<span class=\"_ _0\"></span>ori<span class=\"_ _3bd\"> </span>bi<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>ve<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>cl<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>nte<span class=\"_ _1\"></span>la<span class=\"_ _3bd\"> </span>ga<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>Esposizione<span class=\"_ _3bd\"> </span>lord<span class=\"_ _3bd\"> </span>Esposizione<span class=\"_ _3bd\"> </span>ne<span class=\"_ _3bd\"> </span>Ga<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>(1<span class=\"_ _1\"></span>)<span class=\"fc0 sc1\"> </span>Ga<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>ie<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>ali<span class=\"_ _3bd\"> </span>(2<span class=\"_ _1\"></span>)<span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>(1<span class=\"_ _0\"></span>)+(<span class=\"_ _1\"></span>2)<span class=\"fc0 sc1\"> </span>De<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>vat<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span>su<span class=\"_ _3bd\"> </span>cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>iti<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _14a\"> </span><span class=\"fc4 sc2\">Cr<span class=\"_ _0\"></span>editi<span class=\"_ _3bd\"> </span></span></span>di<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>a<span class=\"fc0 sc1\"> </span>Immobili<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Ipo<span class=\"_ _3bd\"> </span>Immobili<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>leasing<span class=\"_ _3bd\"> </span>fina<span class=\"_ _3bd\"> </span>Tit<span class=\"_ _3bd\"> </span>Altre<span class=\"_ _3bd\"> </span>garanzie<span class=\"_ _3bd\"> </span>re<span class=\"_ _3bd\"> </span>C<span class=\"_ _3bd\"> </span>Alt<span class=\"_ _1\"></span>ri<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span>ti<span class=\"fc0 sc1\"> </span>Altri<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Amm<span class=\"_ _3bd\"> </span>pub<span class=\"_ _3bd\"> </span>Ban<span class=\"_ _3bd\"> </span>Altre<span class=\"_ _3bd\"> </span>societ\u00e0<span class=\"_ _3bd\"> </span>fina<span class=\"_ _3bd\"> </span>Altri<span class=\"_ _3bd\"> </span>sog<span class=\"_ _3bd\"> </span>Con<span class=\"_ _3bd\"> </span>cen<span class=\"_ _3bd\"> </span>Ban<span class=\"_ _3bd\"> </span>Altre<span class=\"_ _3bd\"> </span>societ\u00e0<span class=\"_ _3bd\"> </span>f<span class=\"_ _3bd\"> </span>Altri<span class=\"_ _3bd\"> </span>sog<span class=\"_ _3bd\"> </span>1.<span class=\"_ _3bd\"> </span>Espo<span class=\"_ _0\"></span>sizio<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>credi<span class=\"_ _0\"></span>tizie<span class=\"_ _3bd\"> </span>per<span class=\"_ _3bd\"> </span>cass<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>ga<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>e:<span class=\"_ _0\"></span> 23<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>50.<span class=\"_ _1\"></span>643<span class=\"_ _1\"></span> <span class=\"_ _1eb\"> </span>22<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>78<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>65<span class=\"_ _0\"></span> <span class=\"_ _1ec\"> </span>11.<span class=\"_ _0\"></span>521<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>96<span class=\"_ _1\"></span> <span class=\"_ _1ef\"> </span>1.<span class=\"_ _0\"></span>72<span class=\"_ _0\"></span>1.<span class=\"_ _0\"></span>71<span class=\"_ _0\"></span>3 <span class=\"_ _1fa\"> </span>1.2<span class=\"_ _0\"></span>76<span class=\"_ _0\"></span>.1<span class=\"_ _0\"></span>54<span class=\"_ _0\"></span> <span class=\"_ _1fa\"> </span>2.1<span class=\"_ _0\"></span>64<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>21<span class=\"_ _0\"></span> ----- <span class=\"_ _1f5\"> </span>2.4<span class=\"_ _0\"></span>93<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>44<span class=\"_ _3bd\"> </span>92<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>44<span class=\"_ _0\"></span> <span class=\"_ _1eb\"> </span>42.<span class=\"_ _0\"></span>04<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>027<span class=\"_ _1\"></span>.63<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>21<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>39<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>51<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>1.<span class=\"ff1\"> </span>tot<span class=\"_ _0\"></span>alm<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>gar<span class=\"_ _0\"></span>anti<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span> <span class=\"_ _198\"> </span>19.0<span class=\"_ _0\"></span>45.<span class=\"_ _0\"></span>813 <span class=\"_ _329\"> </span>18<span class=\"_ _0\"></span>.80<span class=\"_ _0\"></span>2.2<span class=\"_ _0\"></span>71 <span class=\"_ _1f5\"> </span>11.<span class=\"_ _0\"></span>519<span class=\"_ _0\"></span>.93<span class=\"_ _0\"></span>0 <span class=\"_ _22\"> </span>1.72<span class=\"_ _0\"></span>1.<span class=\"_ _0\"></span>713 <span class=\"_ _22\"> </span>1.2<span class=\"_ _0\"></span>02.4<span class=\"_ _0\"></span>68 <span class=\"_ _22\"> </span>2.<span class=\"_ _0\"></span>139.<span class=\"_ _0\"></span>48<span class=\"_ _0\"></span>5 <span class=\"_ _1f2\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>- <span class=\"_ _219\"> </span>-<span class=\"_ _3bd\"> </span>- <span class=\"_ _1f2\"> </span>655.6<span class=\"_ _0\"></span>60<span class=\"_ _3bd\"> </span>28<span class=\"_ _0\"></span>.44<span class=\"_ _0\"></span>4 <span class=\"_ _22\"> </span>30.1<span class=\"_ _0\"></span>89<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>581<span class=\"_ _0\"></span>.570<span class=\"_ _3bd\"> </span>18<span class=\"_ _0\"></span>.87<span class=\"_ _0\"></span>9.4<span class=\"_ _0\"></span>59<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>ior<span class=\"_ _0\"></span>ate<span class=\"_ _1\"></span> <span class=\"_ _2f0\"> </span>431.<span class=\"_ _0\"></span>587<span class=\"_ _0\"></span> <span class=\"_ _218\"> </span>24<span class=\"_ _0\"></span>2.2<span class=\"_ _0\"></span>82 <span class=\"_ _1af\"> </span>169.<span class=\"_ _0\"></span>442 <span class=\"_ _1f0\"> </span>28.<span class=\"_ _0\"></span>155 <span class=\"_ _1a2\"> </span>4.<span class=\"_ _0\"></span>10<span class=\"_ _0\"></span>2 <span class=\"_ _210\"> </span>1<span class=\"_ _0\"></span>7.0<span class=\"_ _0\"></span>32 <span class=\"_ _327\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>- <span class=\"_ _219\"> </span>-<span class=\"_ _3bd\"> </span>- <span class=\"_ _224\"> </span>14.<span class=\"_ _0\"></span>156<span class=\"_ _3bd\"> </span>- <span class=\"_ _296\"> </span>268<span class=\"_ _1\"></span> <span class=\"_ _177\"> </span>8.<span class=\"_ _1\"></span>772<span class=\"_ _3bd\"> </span>24<span class=\"_ _0\"></span>1.9<span class=\"_ _0\"></span>27<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>2.<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>arzi<span class=\"_ _0\"></span>alm<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>garan<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>te <span class=\"_ _68\"> </span>4.2<span class=\"_ _0\"></span>04<span class=\"_ _0\"></span>.830<span class=\"_ _0\"></span> <span class=\"_ _1f1\"> </span>4.1<span class=\"_ _0\"></span>76.<span class=\"_ _0\"></span>294 <span class=\"_ _178\"> </span>1.3<span class=\"_ _0\"></span>66 <span class=\"_ _52\"> </span>- <span class=\"_ _216\"> </span>73.68<span class=\"_ _0\"></span>6 <span class=\"_ _1fb\"> </span>25.0<span class=\"_ _0\"></span>36 <span class=\"_ _1f2\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>- <span class=\"_ _219\"> </span>-<span class=\"_ _3bd\"> </span>- <span class=\"_ _1ec\"> </span>1<span class=\"_ _0\"></span>.83<span class=\"_ _0\"></span>7.8<span class=\"_ _0\"></span>84 <span class=\"_ _2a8\"> </span>64.0<span class=\"_ _0\"></span>00 <span class=\"_ _1ed\"> </span>11.<span class=\"_ _0\"></span>852 <span class=\"_ _328\"> </span>446<span class=\"_ _0\"></span>.06<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>459<span class=\"_ _0\"></span>.89<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>ior<span class=\"_ _0\"></span>ate<span class=\"_ _1\"></span> <span class=\"_ _115\"> </span>50.4<span class=\"_ _0\"></span>50 <span class=\"_ _196\"> </span>2<span class=\"_ _0\"></span>7.3<span class=\"_ _0\"></span>86 <span class=\"_ _176\"> </span>1<span class=\"_ _1\"></span>53<span class=\"_ _0\"></span> <span class=\"_ _52\"> </span>- <span class=\"_ _20b\"> </span>3<span class=\"_ _0\"></span>07<span class=\"_ _1\"></span> <span class=\"_ _a5\"> </span>6<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span> <span class=\"_ _1f0\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>- <span class=\"_ _219\"> </span>-<span class=\"_ _3bd\"> </span>- <span class=\"_ _210\"> </span>2<span class=\"_ _0\"></span>0.9<span class=\"_ _0\"></span>77 <span class=\"_ _20b\"> </span>- <span class=\"_ _177\"> </span>21<span class=\"_ _0\"></span> <span class=\"_ _196\"> </span>3.<span class=\"_ _0\"></span>063<span class=\"_ _3bd\"> </span>24<span class=\"_ _0\"></span>.58<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>2.<span class=\"_ _3bd\"> </span>Espo<span class=\"_ _0\"></span>sizio<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>credi<span class=\"_ _0\"></span>tizie<span class=\"_ _3bd\"> </span>\u201cfuor<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>bila<span class=\"_ _0\"></span>ncio\u201d<span class=\"_ _3bd\"> </span>gara<span class=\"_ _0\"></span>ntite:<span class=\"_ _1\"></span> 85<span class=\"_ _0\"></span>7.<span class=\"_ _0\"></span>46<span class=\"_ _0\"></span>5 <span class=\"_ _216\"> </span>854<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>06<span class=\"_ _1\"></span> <span class=\"_ _1ee\"> </span>43<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>89<span class=\"_ _1\"></span> - <span class=\"_ _1fb\"> </span>193<span class=\"_ _1\"></span>.13<span class=\"_ _0\"></span>3 <span class=\"_ _1ee\"> </span>8<span class=\"_ _0\"></span>9.<span class=\"_ _0\"></span>41<span class=\"_ _0\"></span>6----- <span class=\"_ _1ae\"> </span>91<span class=\"_ _1\"></span>5<span class=\"_ _3bd\"> </span>20<span class=\"_ _0\"></span>.18<span class=\"_ _1\"></span>8 <span class=\"_ _1f1\"> </span>3<span class=\"_ _0\"></span>.12<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>33<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>.64<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>68<span class=\"_ _0\"></span>6.<span class=\"_ _0\"></span>71<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>1.<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>otal<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>ga<span class=\"_ _0\"></span>ran<span class=\"_ _0\"></span>tite<span class=\"_ _0\"></span> <span class=\"_ _c4\"> </span>627.<span class=\"_ _0\"></span>159<span class=\"_ _0\"></span> <span class=\"_ _335\"> </span>624<span class=\"_ _0\"></span>.57<span class=\"_ _0\"></span>0 <span class=\"_ _218\"> </span>43.2<span class=\"_ _0\"></span>89 <span class=\"_ _52\"> </span>- <span class=\"_ _1fc\"> </span>167.<span class=\"_ _0\"></span>598<span class=\"_ _0\"></span> <span class=\"_ _1ee\"> </span>68.1<span class=\"_ _0\"></span>52 <span class=\"_ _327\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>- <span class=\"_ _219\"> </span>-<span class=\"_ _3bd\"> </span>- <span class=\"_ _77\"> </span>45<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>20<span class=\"_ _0\"></span>.17<span class=\"_ _0\"></span>0 <span class=\"_ _20f\"> </span>3.12<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>314<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>51<span class=\"_ _3bd\"> </span>617<span class=\"_ _0\"></span>.53<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>ior<span class=\"_ _0\"></span>ate<span class=\"_ _1\"></span> <span class=\"_ _208\"> </span>4.<span class=\"_ _1\"></span>38<span class=\"_ _0\"></span>3 <span class=\"_ _207\"> </span>1.88<span class=\"_ _0\"></span>5 <span class=\"_ _129\"> </span>52<span class=\"_ _1\"></span>6 <span class=\"_ _52\"> </span>- <span class=\"_ _1a8\"> </span>508<span class=\"_ _1\"></span> <span class=\"_ _6e\"> </span>8<span class=\"_ _0\"></span>5 <span class=\"_ _327\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>- <span class=\"_ _219\"> </span>-<span class=\"_ _3bd\"> </span>- <span class=\"_ _47\"> </span>- <span class=\"_ _20b\"> </span>- <span class=\"_ _1fd\"> </span>- <span class=\"_ _21a\"> </span>76<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>883<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>2.<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>arz<span class=\"_ _0\"></span>ialm<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>gara<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>te <span class=\"_ _4a\"> </span>230.<span class=\"_ _0\"></span>306 <span class=\"_ _1fb\"> </span>230.<span class=\"_ _1\"></span>036 <span class=\"_ _68\"> </span>- <span class=\"_ _52\"> </span>- <span class=\"_ _335\"> </span>25.<span class=\"_ _0\"></span>535<span class=\"_ _0\"></span> <span class=\"_ _1ee\"> </span>21.<span class=\"_ _0\"></span>264<span class=\"_ _0\"></span> <span class=\"_ _1f0\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>- <span class=\"_ _219\"> </span>-<span class=\"_ _3bd\"> </span>- <span class=\"_ _77\"> </span>46<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span> <span class=\"_ _1ac\"> </span>1<span class=\"_ _0\"></span>8 <span class=\"_ _207\"> </span>- <span class=\"_ _63\"> </span>2<span class=\"_ _0\"></span>1.8<span class=\"_ _0\"></span>97<span class=\"_ _3bd\"> </span>69.<span class=\"_ _0\"></span>176<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>ior<span class=\"_ _0\"></span>ate<span class=\"_ _1\"></span> <span class=\"_ _8b\"> </span>3.<span class=\"_ _0\"></span>01<span class=\"_ _0\"></span>1 <span class=\"_ _1fd\"> </span>2<span class=\"_ _0\"></span>.752<span class=\"_ _0\"></span> <span class=\"_ _68\"> </span>- <span class=\"_ _52\"> </span>- <span class=\"_ _20b\"> </span>2<span class=\"_ _0\"></span>26<span class=\"_ _1\"></span> <span class=\"_ _7c\"> </span>6<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>- <span class=\"_ _73\"> </span>- <span class=\"_ _2f\"> </span>- <span class=\"_ _a2\"> </span>2.50<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>2.<span class=\"_ _0\"></span>735<span class=\"_ _3bd\"> </span>Nel<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cors<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dell\u2019esercizio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>state<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>escusse<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>garanzie<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ipotecarie<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>10,3<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>milioni<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>euro,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>incassi<span class=\"ff1\"> </span>presumibilmente<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1e\"> </span><span class=\"ff3\">avverranno</span>  <span class=\"ff3\">nei</span>  <span class=\"ff3\">prossimi</span>  <span class=\"ff3\">anni,</span>  <span class=\"ff3\">m<span class=\"_ _2\"></span>entre</span>  <span class=\"ff3\">a</span>  <span class=\"ff3\">fronte</span>  <span class=\"ff3\">delle</span>  <span class=\"ff3\">escussioni</span>  <span class=\"ff3\">di</span> <span class=\"_ _1e\"> </span><span class=\"ff3\">pegni,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1e\"> </span><span class=\"ff3\">poliz<span class=\"_ _0\"></span>ze<span class=\"ff1\"> </span></span></span></span></span>assicurative<span class=\"ff1\">  </span>e<span class=\"ff1\">  </span>fideiussioni<span class=\"ff1\">  </span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\">  </span>stati<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>incassati<span class=\"ff1\">  </span>5,2<span class=\"ff1\">  </span>milioni<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>eur<span class=\"_ _0\"></span>o.<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Nell<span class=\"_ _0\"></span>\u2019esercizio<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>sono<span class=\"ff1\">  </span>stati<span class=\"ff1\">  </span>anche<span class=\"ff1\"> </span>incassati<span class=\"ff1\"> </span>25<span class=\"_ _2\"></span>,7<span class=\"ff1\"> </span>milioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>euro,<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>fronte<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>escussione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>garanzie<span class=\"ff1\"> </span>ipotecarie<span class=\"ff1\"> </span>avviate<span class=\"ff1\"> </span>negli<span class=\"ff1\"> </span>anni<span class=\"ff1\"> </span>precedenti.<span class=\"ff1\"> </span>Nel<span class=\"ff1\"> </span>corso<span class=\"_ _2\"></span><span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>2022<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> </span>state<span class=\"ff1\"> <span class=\"_ _2\"></span></span>poste<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>essere<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l'attivit\u00e0<span class=\"ff1\"> </span>giudiziale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>escussione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> </span>garanzie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mediante<span class=\"ff1\"> </span>pignoramento<span class=\"ff1\">  </span>immobiliare<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">nei</span>  <span class=\"ff3\">casi</span>  <span class=\"ff3\">in</span>  <span class=\"ff3\">cu<span class=\"_ _0\"></span>i<span class=\"ff1\">  </span>non<span class=\"ff1\">  </span>sia<span class=\"ff1\">  </span>stato<span class=\"ff1\">  </span>pos<span class=\"_ _0\"></span>sibile<span class=\"ff1\">  </span>raggiungere<span class=\"ff1\">  </span>soluzi<span class=\"_ _0\"></span>oni<span class=\"ff1\">  </span>transattive<span class=\"ff1\"> </span></span></span>soddisfacenti.<span class=\"ff1\"> </span>Le<span class=\"ff1\"> </span>posizioni<span class=\"ff1\"> </span>affidate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">alle</span> <span class=\"ff3\">societ\u00e0</span> <span class=\"ff3\">di</span> <span class=\"ff3\">outsourcing,</span> <span class=\"ff3\">costituite<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">da</span> <span class=\"ff3\">esposizioni&gt;75</span> <span class=\"ff3\">\u20ack</span> <span class=\"ff3\">e</span> <span class=\"ff3\">&lt;300 </span></span></span></span>\u20ack<span class=\"ff1\"> <span class=\"_ _2\"></span></span>der<span class=\"_ _2\"></span>ivanti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"ff1\"> <span class=\"_ _21\"></span></span>mutui<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">ipote<span class=\"_ _0\"></span>cari<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>state<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valutate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ed<span class=\"ff1\"> <span class=\"_ _20\"></span></span>azionate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>secondo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>medesimo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>criterio;<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l'attiv<span class=\"_ _2\"></span>it\u00e0<span class=\"ff1\"> </span></span></span>delle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>so<span class=\"_ _2\"></span>ciet\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>esterne,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"_ _0\"></span>nfatti,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nei<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>pr<span class=\"_ _0\"></span>imi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>mesi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>gestione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pr<span class=\"_ _2\"></span>atiche<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>concentra<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sul<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tentativo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> </span>contatto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>clienti,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sondare<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pos<span class=\"_ _2\"></span>sibilit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>addivenire<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>soluzioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>transattive<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>aldo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>stralcio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>piani<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rientro<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>contenuti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>nel<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">te<span class=\"_ _0\"></span>mpo).<span class=\"ff1\">  </span>Anche<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>durant<span class=\"_ _0\"></span>e<span class=\"ff1\">  </span>l<span class=\"_ _0\"></span>o<span class=\"ff1\">  </span>s<span class=\"_ _0\"></span>volgimento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>azione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>esecutiva,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> </span></span></span>societ\u00e0<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>outsourcing<span class=\"ff1\">  </span>prosegue<span class=\"ff1\">  </span>con<span class=\"ff1\">  </span>l'attivit\u00e0<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>contatto<span class=\"ff1\">  </span>per<span class=\"ff1\">  </span>sondare<span class=\"ff1\">  </span>la<span class=\"ff1\">  </span>possibilit\u00e0<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>definizione<span class=\"ff1\"> </span>transattiva<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>posizioni.<span class=\"_ _3bd\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCollateralExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-800": {
   "value": "1.<span class=\"_ _0\"></span>2.<span class=\"_ _0\"></span><span class=\"ff5\"> <span class=\"_ _0\"></span><span class=\"ff3\">Ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">me<span class=\"_ _0\"></span>rcat<span class=\"_ _0\"></span>o<span class=\"fc0\"> </span></span></span></span></span></span></span>1.2.<span class=\"_ _0\"></span>1Rischio<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>tasso<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>interes<span class=\"_ _0\"></span>se<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>rischio<span class=\"_ _3bd\"> </span>prezz<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>\u2013<span class=\"_ _3bd\"> </span>portaf<span class=\"_ _0\"></span>oglio<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>negoz<span class=\"_ _0\"></span>iazione<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>vigilanz<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>Inform<span class=\"_ _0\"></span>azion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>natu<span class=\"_ _0\"></span>ra<span class=\"_ _3bd\"> </span>qua<span class=\"_ _0\"></span>litativa<span class=\"_ _3bd\"> </span>Il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">m<span class=\"_ _2\"></span>odello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">organizzativo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>residio<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischi<span class=\"ff1\"> </span>ha<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">lo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">scopo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">favorire<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">raggiungimento<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>una<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">serie<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">obiettivi:<span class=\"_ _3bd\"> </span></span></span>ruo<span class=\"_ _0\"></span>lo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gove<span class=\"_ _0\"></span>rno<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>ndi<span class=\"_ _0\"></span>rizz<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Ca<span class=\"_ _0\"></span>pog<span class=\"_ _0\"></span>rupp<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pre<span class=\"_ _0\"></span>sidi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risch<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sin<span class=\"_ _0\"></span>gol<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Socie<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>e<span class=\"_ _1c\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">loro<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">impatto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ui<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Gruppo,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ottemperanza<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vigenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">disposizioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Vigilanza<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>e<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>Risk<span class=\"ff1\"> </span>Appetite<span class=\"ff1\"> </span>Framework<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Gruppo;<span class=\"_ _3bd\"> </span>con<span class=\"_ _0\"></span>trol<span class=\"_ _0\"></span>lo<span class=\"ff1\"> </span>ge<span class=\"_ _1\"></span>stiona<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>sen<span class=\"_ _0\"></span>so<span class=\"ff1\"> </span>dell<span class=\"_ _0\"></span>'ott<span class=\"_ _0\"></span>imi<span class=\"_ _0\"></span>zzaz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>profi<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>o-re<span class=\"_ _0\"></span>ndim<span class=\"_ _0\"></span>ento<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a</span> <span class=\"ff3\">live<span class=\"_ _0\"></span>llo<span class=\"_ _3bd\"> </span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Grup<span class=\"_ _0\"></span>po;<span class=\"_ _3bd\"> </span></span></span>un<span class=\"_ _0\"></span>ifor<span class=\"_ _0\"></span>mit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">me<span class=\"_ _0\"></span>todol<span class=\"_ _0\"></span>ogi<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ana<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\"li<span class=\"_ _0\"></span>nguag<span class=\"_ _0\"></span>gio<span class=\"_ _0\"></span>\"<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>tili<span class=\"_ _0\"></span>zzat<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>utte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>S<span class=\"_ _0\"></span>ocie<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>gru<span class=\"_ _0\"></span>ppo<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span>In<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>que<span class=\"_ _0\"></span>sto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ambito<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Rischio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>mercato,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>inteso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>come<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>perdite<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>causate<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>variazion<span class=\"_ _3bd\"> </span>sfavorevoli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fattor<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(tasso,<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rezzo,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cam<span class=\"_ _2\"></span>bio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ed<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">altri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fattori<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mercato),<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">viene<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">misurat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>monitorato<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riferimento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> <span class=\"_ _21\"></span></span>bank<span class=\"_ _0\"></span>ing<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>book<span class=\"ff1\"> <span class=\"_ _21\"></span></span>(poste<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>vista<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>scadenz<span class=\"_ _0\"></span>a)<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sia<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>t<span class=\"_ _2\"></span>rading<span class=\"ff1\"> <span class=\"_ _21\"></span></span>boo<span class=\"_ _3bd\"> </span>(strumenti<span class=\"ff1\"> </span>finanziari<span class=\"ff1\"> </span>negoziati<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>finalit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>positioning,<span class=\"ff1\"> </span>trading<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>negoziazione).<span class=\"_ _3bd\"> </span>St<span class=\"_ _0\"></span>rut<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>ra<span class=\"_ _3bd\"> </span>or<span class=\"_ _0\"></span>ga<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>zza<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Di<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">seg<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ve<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>on<span class=\"_ _1\"></span>o<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>ri<span class=\"_ _1\"></span>tti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i</span> <span class=\"ff3\">p<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>ip<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>c<span class=\"_ _1\"></span>ompi<span class=\"_ _1\"></span>ti<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"_ _1\"></span>le<span class=\"ff1\"> </span>st<span class=\"_ _1\"></span>rut<span class=\"_ _1\"></span>tur<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>o<span class=\"_ _0\"></span>rg<span class=\"_ _1\"></span>ani<span class=\"_ _0\"></span>z<span class=\"_ _0\"></span>za<span class=\"_ _0\"></span>tiv<span class=\"_ _1\"></span>e<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>oin<span class=\"_ _1\"></span>vol<span class=\"_ _1\"></span>te<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pr<span class=\"_ _0\"></span>oce<span class=\"_ _1\"></span>ss<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>d<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>controllo<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>g<span class=\"_ _0\"></span>estione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ris<span class=\"_ _2\"></span>chi<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mercato.<span class=\"_ _3bd\"> </span></span></span></span></span>Il<span class=\"ff1\"> </span>Consiglio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>Amministr<span class=\"_ _2\"></span>azione<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Capogruppo,<span class=\"ff1\"> </span>CA,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> </span>responsabile<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> </span>definizione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> </span>line<span class=\"_ _3bd\"> </span>ge<span class=\"_ _0\"></span>nera<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gove<span class=\"_ _0\"></span>rno<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">risc<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>er<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ci<span class=\"_ _0\"></span>asc<span class=\"_ _0\"></span>una<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">are<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">bus<span class=\"_ _0\"></span>ine<span class=\"_ _0\"></span>ss;<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">delibe<span class=\"_ _0\"></span>ra<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">poteri<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ricon<span class=\"_ _0\"></span>osci<span class=\"_ _0\"></span>uti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">meri<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>stra<span class=\"_ _0\"></span>teg<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ope<span class=\"_ _0\"></span>rativ<span class=\"_ _0\"></span>e,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">assu<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">risc<span class=\"_ _0\"></span>hi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">azioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">co<span class=\"_ _0\"></span>rrett<span class=\"_ _0\"></span>ive;<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ind<span class=\"_ _0\"></span>ividu<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019i<span class=\"_ _0\"></span>nsie<span class=\"_ _0\"></span>me<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">degli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ind<span class=\"_ _0\"></span>icat<span class=\"_ _0\"></span>ori<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Ris<span class=\"_ _0\"></span>k<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Appetite<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>elle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>relative<span class=\"ff1\"> <span class=\"_ _2\"></span></span>met<span class=\"_ _2\"></span>riche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>calcolo,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>q<span class=\"_ _2\"></span>uest\u2019ultime<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prop<span class=\"_ _2\"></span>oste<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dal<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Comitato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Esecutivo,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>CE<span class=\"_ _3bd\"> </span>definisce<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>approva<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>gli<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>obiettivi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>l<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>soglie<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tolleranza<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>valutando<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>periodi<span class=\"_ _0\"></span>cament<span class=\"_ _3bd\"> </span>l\u2019adeguatezza<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Risk<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Appetite<span class=\"ff1\"> </span>Framework<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(RAF)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>om<span class=\"_ _2\"></span>patibilit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>ra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">obiettivi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">effettivo<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>ap<span class=\"_ _0\"></span>prov<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stru<span class=\"_ _0\"></span>ttu<span class=\"_ _0\"></span>ra<span class=\"ff1\"> </span>ge<span class=\"_ _0\"></span>ner<span class=\"_ _0\"></span>ale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">limi<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ope<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>vi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dell<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>eleg<span class=\"_ _0\"></span>he,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nonch\u00e9<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">li<span class=\"_ _0\"></span>nee<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">resp<span class=\"_ _0\"></span>onsab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>e<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>autorit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">merito<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">processo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gest<span class=\"_ _2\"></span>ione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischi.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>I<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Consigli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Amministrazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>singole<span class=\"ff1\"> <span class=\"_ _2\"></span></span>societ\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>recepiscono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019appetito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>soglia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d<span class=\"_ _3bd\"> </span>to<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nz<span class=\"_ _1\"></span>a<span class=\"ff1\"> </span>def<span class=\"_ _1\"></span>ini<span class=\"_ _0\"></span>ti<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>am<span class=\"_ _0\"></span>bi<span class=\"_ _1\"></span>to<span class=\"ff1\"> </span>R<span class=\"_ _0\"></span>AF<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">da<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>ap<span class=\"_ _0\"></span>og<span class=\"_ _1\"></span>rup<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>;<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>pp<span class=\"_ _1\"></span>rov<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>g<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ind<span class=\"_ _1\"></span>iri<span class=\"_ _0\"></span>z<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">st<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">le<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">li<span class=\"_ _1\"></span>nee<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">gu<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>g<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ri<span class=\"_ _1\"></span>sch<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>fo<span class=\"_ _1\"></span>rmu<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>ati<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">da<span class=\"_ _0\"></span>ll<span class=\"_ _1\"></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>C<span class=\"_ _0\"></span>ap<span class=\"_ _0\"></span>og<span class=\"_ _1\"></span>rupp<span class=\"_ _1\"></span>o<span class=\"ff1\"> </span>non<span class=\"_ _1\"></span>ch\u00e9<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">str<span class=\"_ _0\"></span>ut<span class=\"_ _1\"></span>tur<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">li<span class=\"_ _0\"></span>mi<span class=\"_ _1\"></span>ti<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>ll<span class=\"_ _1\"></span>e<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>eg<span class=\"_ _0\"></span>he<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">op<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>rat<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>in<span class=\"_ _0\"></span>terne<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">ne<span class=\"_ _1\"></span>ll\u2019amb<span class=\"_ _0\"></span>ito<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">quant<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>ssa<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dal<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Consi<span class=\"_ _0\"></span>glio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ammini<span class=\"_ _0\"></span>stra<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span>la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Capog<span class=\"_ _0\"></span>rupp<span class=\"_ _0\"></span>o.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Direzioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">singole<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">societ\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">realizzano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>bu<span class=\"_ _0\"></span>siness<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">competenza<span class=\"ff1\"> </span>nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rispetto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dell<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>del<span class=\"_ _0\"></span>eghe<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">limit<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ope<span class=\"_ _0\"></span>rativ<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">risch<span class=\"_ _0\"></span>io<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">asse<span class=\"_ _0\"></span>gnat<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dai<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">risp<span class=\"_ _0\"></span>etti<span class=\"_ _0\"></span>vi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Con<span class=\"_ _0\"></span>sigl<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">A<span class=\"_ _0\"></span>mmin<span class=\"_ _0\"></span>istra<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Il<span class=\"ff1\"> </span>CE<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> </span>Capogruppo,<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>ale<span class=\"ff1\"> </span>organo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gestio<span class=\"_ _2\"></span>ne,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cura<span class=\"ff1\"> </span>l\u2019attuazione<span class=\"ff1\"> </span>degli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">indirizzi<span class=\"ff1\"> </span>strategici<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dell<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>p<span class=\"_ _1\"></span>oli<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">g<span class=\"_ _0\"></span>ov<span class=\"_ _1\"></span>e<span class=\"_ _0\"></span>rn<span class=\"_ _1\"></span>o<span class=\"ff1\"> </span>de<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>sc<span class=\"_ _1\"></span>hi<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>in<span class=\"_ _1\"></span>i<span class=\"_ _0\"></span>ti<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">da<span class=\"_ _1\"></span>l<span class=\"ff1\"> </span>CA<span class=\"_ _1\"></span>,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">e<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">i<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pa<span class=\"_ _1\"></span>rt<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>co<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">de<span class=\"_ _1\"></span>f<span class=\"_ _0\"></span>in<span class=\"_ _1\"></span>is<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cu<span class=\"_ _1\"></span>ra<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">l<span class=\"_ _0\"></span>\u2019<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>u<span class=\"_ _1\"></span>az<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">de<span class=\"_ _1\"></span>l<span class=\"ff1\"> </span>p<span class=\"_ _1\"></span>ro<span class=\"_ _0\"></span>ce<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> </span>gestione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>rischi.<span class=\"ff1\"> </span>Al<span class=\"ff1\"> </span>CE<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">compete<span class=\"ff1\"> </span>inoltre<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>propos<span class=\"_ _2\"></span>ta<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>CA<span class=\"ff1\"> </span>delle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">metodologie</span> <span class=\"ff3\">di</span> <span class=\"ff3\">misurazione</span> <span class=\"ff3\">e<span class=\"_ _3bd\"> </span></span></span></span></span>con<span class=\"_ _0\"></span>trol<span class=\"_ _0\"></span>lo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">defin<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l<span class=\"_ _0\"></span>imi<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">oper<span class=\"_ _0\"></span>ativ<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">coere<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pro<span class=\"_ _0\"></span>pen<span class=\"_ _0\"></span>sion<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">risch<span class=\"_ _0\"></span>io.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>I<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Co<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>ti<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Cap<span class=\"_ _1\"></span>ogr<span class=\"_ _0\"></span>up<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">co<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>vo<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">am<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>to<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">RA<span class=\"_ _1\"></span>F<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"_ _0\"></span>nn<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">se<span class=\"_ _0\"></span>gu<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">re<span class=\"_ _1\"></span>spo<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>sab<span class=\"_ _0\"></span>il<span class=\"_ _1\"></span>it\u00e0<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Comitato<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Cons<span class=\"_ _2\"></span>iliare<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Rischi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Sostenibi<span class=\"_ _0\"></span>lit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Gr<span class=\"_ _2\"></span>uppo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>svolge<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>l\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valutativa<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pro<span class=\"_ _2\"></span>positiv<span class=\"_ _3bd\"> </span>necessaria<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>affinch\u00e9<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>CA<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pos<span class=\"_ _2\"></span>sa<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>approvare<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>obiettivi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>so<span class=\"_ _2\"></span>glie<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tolleranza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valutar<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>riod<span class=\"_ _0\"></span>icam<span class=\"_ _0\"></span>ente<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">l\u2019<span class=\"_ _0\"></span>adeg<span class=\"_ _0\"></span>uate<span class=\"_ _0\"></span>zza<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">R<span class=\"_ _0\"></span>AF<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">compat<span class=\"_ _0\"></span>ibi<span class=\"_ _0\"></span>lit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">t<span class=\"_ _0\"></span>ra<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">obie<span class=\"_ _0\"></span>tti<span class=\"_ _0\"></span>vi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischi<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">effe<span class=\"_ _0\"></span>ttiv<span class=\"_ _0\"></span>o.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Esprime<span class=\"ff1\"> <span class=\"_ _2\"></span></span>inoltre<span class=\"ff1\"> <span class=\"_ _2\"></span></span>parere<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>CA<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>ulle<span class=\"ff1\"> </span>propos<span class=\"_ _2\"></span>te<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>CE<span class=\"ff1\"> <span class=\"_ _2\"></span></span>relative<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>metodologi<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>misurazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"_ _3bd\"> </span>con<span class=\"_ _0\"></span>trol<span class=\"_ _0\"></span>lo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">anal<span class=\"_ _0\"></span>isi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rilev<span class=\"_ _0\"></span>anza<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risc<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>nch<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ai<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fin<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">calc<span class=\"_ _0\"></span>olo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">capi<span class=\"_ _0\"></span>tale<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span>tern<span class=\"_ _0\"></span>o;<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">suppo<span class=\"_ _0\"></span>rta<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">inf<span class=\"_ _0\"></span>ine<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>CA<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ap<span class=\"_ _0\"></span>ogrup<span class=\"_ _0\"></span>po<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pro<span class=\"_ _0\"></span>posi<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dell<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">strate<span class=\"_ _0\"></span>gie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gene<span class=\"_ _0\"></span>rali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gove<span class=\"_ _0\"></span>rno<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">risch<span class=\"_ _0\"></span>i.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Il<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>Comitat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>Risk<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>Management,<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>istituito<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>fine<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>infor<span class=\"_ _2\"></span>mare<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>CE<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>presidio<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>rischi<span class=\"_ _3bd\"> </span>c<span class=\"_ _0\"></span>omp<span class=\"_ _1\"></span>le<span class=\"_ _0\"></span>ssi<span class=\"_ _1\"></span>vam<span class=\"_ _0\"></span>en<span class=\"_ _1\"></span>te<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">de<span class=\"_ _1\"></span>l<span class=\"ff1\"> </span>su<span class=\"_ _1\"></span>o<span class=\"ff1\"> </span>mo<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>gg<span class=\"_ _1\"></span>io<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>l\u2019<span class=\"_ _1\"></span>amb<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>de<span class=\"_ _1\"></span>lle<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">str<span class=\"_ _0\"></span>ate<span class=\"_ _1\"></span>gie<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">me<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>do<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">def<span class=\"_ _0\"></span>in<span class=\"_ _1\"></span>it<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>dalla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Capogruppo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">RAF,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">effettua<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">segu<span class=\"_ _2\"></span>enti<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">o<span class=\"_ _2\"></span>perazioni:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>p<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>le<span class=\"_ _1\"></span>ssi<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>am<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>te<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">assu<span class=\"_ _1\"></span>nt<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>da<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g<span class=\"_ _0\"></span>ole<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">soc<span class=\"_ _0\"></span>ie<span class=\"_ _1\"></span>t\u00e0<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>su<span class=\"_ _1\"></span>o<span class=\"ff1\"> </span>mon<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>gg<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span> </span></span></span></span></span></span>nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>strat<span class=\"_ _2\"></span>egie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>met<span class=\"_ _2\"></span>odologie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>definite<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dalla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Capogrup<span class=\"_ _0\"></span>po<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ne<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Risk<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Appetite<span class=\"ff1\"> </span>Fra<span class=\"_ _0\"></span>mew<span class=\"_ _0\"></span>ork<span class=\"_ _3bd\"> </span>periodicamente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>valuta<span class=\"ff1\">  </span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>livello<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>complessivamente<span class=\"ff1\">  </span>assunto,<span class=\"ff1\">  </span>attraverso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"_ _1\"></span> mon<span class=\"_ _0\"></span>ito<span class=\"_ _0\"></span>ragg<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>egl<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>ndic<span class=\"_ _0\"></span>atori<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">R<span class=\"_ _0\"></span>AF<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>tip<span class=\"_ _0\"></span>olo<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>o;<span class=\"_ _3bd\"> </span></span></span></span></span>analizza<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>inoltre<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>eventuali<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>eventi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>interni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>esterni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>poss<span class=\"_ _2\"></span>ano<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>modificare<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>manier<span class=\"_ _3bd\"> </span>ril<span class=\"_ _0\"></span>eva<span class=\"_ _0\"></span>nte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">prof<span class=\"_ _0\"></span>ilo<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>isch<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">richi<span class=\"_ _0\"></span>ede<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">qui<span class=\"_ _0\"></span>ndi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">agl<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>or<span class=\"_ _0\"></span>gani<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>mpe<span class=\"_ _0\"></span>tenti,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tra<span class=\"_ _0\"></span>mite<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Ri<span class=\"_ _0\"></span>s<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Officer,<span class=\"ff1\"> </span>revisioni<span class=\"ff1\"> </span>addizionali<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>RAF<span class=\"_ _3bd\"> </span>.<span class=\"_ _3bd\"> </span>BIL<span class=\"_ _0\"></span>AN<span class=\"_ _0\"></span>CIO<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">C<span class=\"_ _0\"></span>ONSO<span class=\"_ _0\"></span>LID<span class=\"_ _0\"></span>ATO<span class=\"ff1\"> </span>\u2013<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">N<span class=\"_ _0\"></span>OTA<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">IN<span class=\"_ _0\"></span>TEG<span class=\"_ _0\"></span>RAT<span class=\"_ _0\"></span>IVA<span class=\"_ _0\"></span> </span></span></span></span></span></span><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d1e\">La<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fu<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Risk<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">M<span class=\"_ _0\"></span>anage<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>t<span class=\"ff1\"> </span>su<span class=\"_ _0\"></span>ppor<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Com<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>onsi<span class=\"_ _0\"></span>lia<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">So<span class=\"_ _0\"></span>sten<span class=\"_ _0\"></span>ibil<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">G<span class=\"_ _0\"></span>ruppo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ed<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d1f\">effettua<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>seguito<span class=\"ff1\"> </span>descritt<span class=\"_ _2\"></span>e.<span class=\"ff1\"> </span>In<span class=\"ff1\"> </span>ambito<span class=\"ff1\"> </span>RAF: </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d20\">verifica<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>almeno<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>ann<span class=\"_ _2\"></span>ualmente<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>bont\u00e0<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>metr<span class=\"_ _2\"></span>iche<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>utilizzate<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>sottoponend<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>a<span class=\"_ _1\"></span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d21\">backtesting<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">modelli<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>stima<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>rischio,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riporta<span class=\"_ _2\"></span>ndo<span class=\"ff1\"> </span>nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">RAF<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>esiti,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">eventuali<span class=\"ff1\"> </span>carenze<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d22\">ed<span class=\"ff1\"> </span>eventuali<span class=\"ff1\"> </span>necessit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>sviluppo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>nuove<span class=\"ff1\"> </span>metodologie; </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d23\">ren<span class=\"_ _0\"></span>dic<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"_ _0\"></span>meno<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">t<span class=\"_ _0\"></span>rime<span class=\"_ _0\"></span>stral<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Comi<span class=\"_ _0\"></span>tato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">meri<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">all\u2019<span class=\"_ _0\"></span>anda<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pro<span class=\"_ _0\"></span>fil<span class=\"_ _0\"></span>o </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d24\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ssun<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>mple<span class=\"_ _0\"></span>sso<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>isp<span class=\"_ _0\"></span>ett<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>ag<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">obi<span class=\"_ _0\"></span>etti<span class=\"_ _0\"></span>vi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Ri<span class=\"_ _0\"></span>sk<span class=\"ff1\"> </span>Ap<span class=\"_ _0\"></span>peti<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rel<span class=\"_ _0\"></span>ativ<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>nte<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d25\">a<span class=\"ff1\"> </span>tutti<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>indicatori,<span class=\"ff1\"> </span>compresi<span class=\"ff1\"> </span>quelli<span class=\"ff1\"> </span>ineriti<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>mercato. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d26\">S<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">oc<span class=\"_ _0\"></span>cu<span class=\"_ _0\"></span>pa<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _1\"></span>nol<span class=\"_ _1\"></span>tre<span class=\"_ _0\"></span>: </span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d27\">della<span class=\"ff1\"> </span>misurazione<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>rendicontazione<span class=\"ff1\"> </span>dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rischi</span> <span class=\"ff3\">finanziari</span> <span class=\"ff3\">per</span> <span class=\"ff3\">s<span class=\"_ _2\"></span>ingola</span> <span class=\"ff3\">societ\u00e0</span> <span class=\"ff3\">e</span> <span class=\"ff3\">a</span> <span class=\"ff3\">l<span class=\"_ _0\"></span>ivello<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d28\">Gru<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>o,<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>tiliz<span class=\"_ _0\"></span>zan<span class=\"_ _0\"></span>do<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uest<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pri<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>palme<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mis<span class=\"_ _0\"></span>ure<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>isc<span class=\"_ _0\"></span>hio<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>te<span class=\"_ _1\"></span>rmini<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sen<span class=\"_ _0\"></span>sitiv<span class=\"_ _0\"></span>ity,<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d29\">volte<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>verificare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rispetto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>limiti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>assegnati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>coerenza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>gli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>obiettivi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischio<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d2a\">rendimento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">assegnati; </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d2b\">del<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">svi<span class=\"_ _0\"></span>lup<span class=\"_ _0\"></span>po<span class=\"ff1\"> </span>e<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">dell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>ge<span class=\"_ _1\"></span>stione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sist<span class=\"_ _0\"></span>emi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">m<span class=\"_ _0\"></span>isu<span class=\"_ _0\"></span>razi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tra<span class=\"_ _0\"></span>mit<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019acq<span class=\"_ _0\"></span>uis<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>one </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d2c\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">me<span class=\"_ _0\"></span>rca<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>ssa<span class=\"_ _0\"></span>ri<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cal<span class=\"_ _0\"></span>col<span class=\"_ _0\"></span>o; </span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d2d\">del<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">def<span class=\"_ _0\"></span>ini<span class=\"_ _0\"></span>zione<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">del</span> <span class=\"ff3\">p<span class=\"_ _0\"></span>rof<span class=\"_ _0\"></span>ilo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _1\"></span><span class=\"ff3\">rischi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nuov<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prod<span class=\"_ _0\"></span>otti<span class=\"_ _0\"></span>. </span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d2e\">Le<span class=\"ff1\"> <span class=\"_ _21\"></span></span>risultanze<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dell\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>funzione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>R<span class=\"_ _2\"></span>isk<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Management<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>riport<span class=\"_ _2\"></span>ate<span class=\"ff1\"> <span class=\"_ _21\"></span></span>periodicamente<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d2f\">Comitato<span class=\"ff1\"> </span>Consiliare<span class=\"ff1\"> </span>Rischi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>Sostenibilit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Gruppo. </div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3d30\">A.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3d31\">Aspe<span class=\"_ _0\"></span>tti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3d32\">ge<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>li<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3d33\">Rischio<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3d34\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3d35\">tasso<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3d36\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3d37\">in<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3d38\">Cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ba<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>a<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d39\">Il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pres<span class=\"_ _0\"></span>idi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>fina<span class=\"_ _0\"></span>nzi<span class=\"_ _0\"></span>ari<span class=\"ff1\"> </span>avv<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>tram<span class=\"_ _0\"></span>ite<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">la</span> <span class=\"ff3\">defi<span class=\"_ _0\"></span>niz<span class=\"_ _0\"></span>ione<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">di</span> <span class=\"ff3\">un<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>struttu<span class=\"_ _1\"></span>ra<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>li<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>che<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">cost<span class=\"_ _0\"></span>itu<span class=\"_ _0\"></span>isce<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d3a\">l\u2019espressione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>diretta<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>livello<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischiosit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ritenuto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>acce<span class=\"_ _0\"></span>ttabile<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>riferimento<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>alle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>singol<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d3b\">aree/linee<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>business,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>coerenza<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Risk<span class=\"ff1\"> </span>Appetite<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Framework<span class=\"ff1\"> <span class=\"_ _2\"></span></span>defini<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>livello<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gruppo.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>In<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d3c\">particolare<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>mercato<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>generano<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>seguito<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>seguenti<span class=\"ff1\"> </span>operat<span class=\"_ _2\"></span>ivit\u00e0: </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs3d3d\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d3e\">at<span class=\"_ _1\"></span>tiv<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tra<span class=\"_ _1\"></span>di<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ra<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>lt<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"_ _0\"></span>d<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">imp<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>eg<span class=\"_ _0\"></span>o; </span></span></span></span></span></span></span></span></span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs3d3f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d40\">at<span class=\"_ _1\"></span>tiv<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">su<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">m<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ca<span class=\"_ _1\"></span>ti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">f<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">co<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fin<span class=\"_ _1\"></span>ali<span class=\"_ _1\"></span>t\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _0\"></span>rad<span class=\"_ _1\"></span>ing<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"_ _0\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>; </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs3d41\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d42\">at<span class=\"_ _1\"></span>tiv<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">neg<span class=\"_ _1\"></span>ozi<span class=\"_ _1\"></span>azi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">st<span class=\"_ _0\"></span>ru<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">f<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>ri<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>pa<span class=\"_ _1\"></span>rti<span class=\"_ _0\"></span>ta<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">c<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cl<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>tel<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>. </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d43\">I<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ris<span class=\"_ _0\"></span>ch<span class=\"_ _1\"></span>io<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ta<span class=\"_ _0\"></span>ss<span class=\"_ _1\"></span>o<span class=\"ff1\"> </span>d<span class=\"_ _1\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"_ _1\"></span>tere<span class=\"_ _1\"></span>ss<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ne<span class=\"_ _1\"></span>l<span class=\"ff1\"> </span>p<span class=\"_ _1\"></span>ort<span class=\"_ _0\"></span>af<span class=\"_ _1\"></span>ogl<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">ne<span class=\"_ _0\"></span>g<span class=\"_ _0\"></span>oz<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>zi<span class=\"_ _1\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _1\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vi<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">g<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>rat<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>\u2019a<span class=\"_ _1\"></span>tti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _1\"></span>vo<span class=\"_ _0\"></span>lta<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">su<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d44\">mercati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>obbligazionari<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d<span class=\"_ _2\"></span>erivati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>su<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tasso.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tass<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>generato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>ale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gest<span class=\"_ _2\"></span>ito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d45\">controllato<span class=\"ff1\"> </span>tramite<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>imiti<span class=\"ff1\"> </span>complessivi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>termini<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>delta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(ovvero<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sensitivit\u00e0</span> <span class=\"ff3\">rispetto</span> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>movimenti<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d46\">pa<span class=\"_ _0\"></span>rall<span class=\"_ _0\"></span>eli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">curva<span class=\"_ _0\"></span>),<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">spre<span class=\"_ _0\"></span>ad<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>cu<span class=\"_ _0\"></span>rv<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>(ovve<span class=\"_ _0\"></span>ro<span class=\"ff1\"> </span>d<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span>se<span class=\"_ _0\"></span>nsiti<span class=\"_ _0\"></span>vity<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>spett<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">movi<span class=\"_ _0\"></span>menti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pa<span class=\"_ _0\"></span>rall<span class=\"_ _0\"></span>eli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d47\">curva)<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>vega. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d48\">Il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>spe<span class=\"_ _0\"></span>cifico<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">emittente<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>iene<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">monitorat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>ramite<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">appositi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">massimali<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">concentrazione<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d49\">se<span class=\"_ _1\"></span>tto<span class=\"_ _0\"></span>re<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rat<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">si<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">t<span class=\"_ _1\"></span>erm<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>ov<span class=\"_ _1\"></span>alo<span class=\"_ _1\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ch<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sen<span class=\"_ _1\"></span>sit<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ty.<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">I<span class=\"_ _0\"></span>no<span class=\"_ _0\"></span>lt<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">m<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>el<span class=\"_ _1\"></span>lo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">V<span class=\"_ _0\"></span>aR<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">u<span class=\"_ _0\"></span>so<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d4a\">esclusivamente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fini<span class=\"ff1\"> <span class=\"_ _2\"></span></span>g<span class=\"_ _2\"></span>estionali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>include<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>emittente,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>m<span class=\"_ _2\"></span>ediante<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019utilizzo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>serie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>stor<span class=\"_ _2\"></span>iche<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d4b\">specifiche<span class=\"ff1\"> </span>sugli<span class=\"ff1\"> </span>spread<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>mercato. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d4c\">La<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">f<span class=\"_ _0\"></span>unz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Risk<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Manag<span class=\"_ _0\"></span>eme<span class=\"_ _0\"></span>nt<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pro<span class=\"_ _0\"></span>duc<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rep<span class=\"_ _0\"></span>orts<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischi<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fre<span class=\"_ _0\"></span>que<span class=\"_ _0\"></span>nza<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">giorn<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>era,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sett<span class=\"_ _0\"></span>ima<span class=\"_ _0\"></span>nale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d4d\">tr<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>me<span class=\"_ _1\"></span>str<span class=\"_ _0\"></span>ale<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">se<span class=\"_ _1\"></span>co<span class=\"_ _0\"></span>nda<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _1\"></span>lla<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">fu<span class=\"_ _1\"></span>nzi<span class=\"_ _1\"></span>one<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _1\"></span>sti<span class=\"_ _0\"></span>na<span class=\"_ _1\"></span>tar<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ind<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gli<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">ev<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>ntu<span class=\"_ _1\"></span>al<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sc<span class=\"_ _1\"></span>onf<span class=\"_ _1\"></span>ini<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">r<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>sp<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _1\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ma<span class=\"_ _0\"></span>ss<span class=\"_ _1\"></span>imal<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d4e\">assegnati<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Regolamento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _21\"></span></span>materia<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>assunzione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>ischi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>finanziari<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>misura<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rischio<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d4f\">gestionale<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>termini<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>VaR. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d50\">Eventuali<span class=\"ff1\"> </span>modifiche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>Regolamento<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>massimali<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esso<span class=\"ff1\"> </span>espressi<span class=\"ff1\"> </span>possono<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ottoposte<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d51\">a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>delibera<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Consig<span class=\"_ _2\"></span>lio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Amministrazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Com<span class=\"_ _2\"></span>itato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Esecutivo,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>compentenza,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>u<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d52\">proposta<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Business<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Unit<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Finanza,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sentito<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>preventivamente<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>parere<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>funzione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Risk<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d53\">Ma<span class=\"_ _0\"></span>nage<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>t. </div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3d54\">Cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>em<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3d55\">Eu<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>mo<span class=\"_ _1\"></span>bili<span class=\"_ _0\"></span>are<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3d56\">Pri<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs3d57\">Ba<span class=\"_ _0\"></span>nki<span class=\"_ _0\"></span>ng<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d58\">I<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>mercato<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span></span>legati<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ris<span class=\"_ _2\"></span>chio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tass<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>gestititi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tr<span class=\"_ _2\"></span>amite<span class=\"ff1\"> <span class=\"_ _21\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>definizione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ma<span class=\"_ _2\"></span>ssimale<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d59\">operativo<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">termini<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sensitivity</span> <span class=\"ff3\">comple<span class=\"_ _0\"></span>ssiva<span class=\"ff1\"> </span>rispetto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">movimento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tass<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">1<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">bp. </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d5a\">La<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>funzione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Risk<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Management<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>capogruppo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>verifica<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ri<span class=\"_ _2\"></span>spetto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tale<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>limite<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>monito<span class=\"_ _2\"></span>ra<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d5b\">l\u2019andamento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>requisito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>patrimoniale<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fro<span class=\"_ _2\"></span>nte<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>ei<span class=\"ff1\"> </span>ris<span class=\"_ _2\"></span>chi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>m<span class=\"_ _2\"></span>ercato,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>calcolato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>secondo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019approccio<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3d5c\">stan<span class=\"_ _0\"></span>da<span class=\"_ _0\"></span>rd. </div>Rischio<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>pr<span class=\"_ _0\"></span>ez<span class=\"_ _0\"></span>zo<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Nell\u2019ambito<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>\u201c<span class=\"_ _2\"></span>portafoglio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>negoziazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>vigilanza\u201d<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>principale<span class=\"ff1\"> </span>fonte<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>prez<span class=\"_ _2\"></span>zo<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>costituita<span class=\"ff1\"> </span>dai<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> </span>azionari,<span class=\"ff1\"> </span>fondi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>dai<span class=\"ff1\"> </span>relativi<span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> </span>derivati. Cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ba<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>a<span class=\"fc0 sc1\"> </span>I<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>azionari<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>assunti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>t<span class=\"_ _2\"></span>rading.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Tale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>svolta<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sui<span class=\"ff1\"> <span class=\"_ _20\"></span></span>mercati<span class=\"ff1\"> </span>azionari<span class=\"ff1\"> <span class=\"_ _21\"></span></span>prevede<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">l\u2019assunzione</span> <span class=\"_ _21\"></span><span class=\"ff3\">di</span> <span class=\"_ _21\"></span><span class=\"ff3\">posizioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">direzionali</span> <span class=\"_ _21\"></span><span class=\"ff3\">gestite</span> <span class=\"_ _20\"></span><span class=\"ff3\">e</span> <span class=\"_ _21\"> </span><span class=\"ff3\">controllate</span> <span class=\"_ _21\"> </span><span class=\"ff3\">tramite</span> <span class=\"_ _21\"></span><span class=\"ff3\">massimali</span> <span class=\"_ _20\"></span><span class=\"ff3\">di</span> </span></span></span>posizione,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sia<span class=\"ff1\">  </span>l<span class=\"_ _0\"></span>orda<span class=\"ff1\">  </span>sia<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>netta,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>limiti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\">  </span>termini<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>greche<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\">  </span>massimali<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>concentrazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>per<span class=\"ff1\"> </span>sott<span class=\"_ _0\"></span>ost<span class=\"_ _0\"></span>ante<span class=\"_ _0\"></span>. Cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>em<span class=\"_ _3bd\"> </span>Eu<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>mo<span class=\"_ _1\"></span>bili<span class=\"_ _0\"></span>are<span class=\"_ _3bd\"> </span>Pri<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span>Ba<span class=\"_ _0\"></span>nki<span class=\"_ _0\"></span>ng<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>R<span class=\"_ _2\"></span>egolamento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>mat<span class=\"_ _2\"></span>eria<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">assunzione</span> <span class=\"_ _21\"></span><span class=\"ff3\">dei</span> <span class=\"_ _21\"></span><span class=\"ff3\">rischi</span> <span class=\"_ _20\"></span><span class=\"ff3\">finanziari,</span> <span class=\"_ _21\"> </span><span class=\"ff3\">monitor<span class=\"_ _2\"></span>ato</span> <span class=\"_ _20\"></span><span class=\"ff3\">dalla</span> <span class=\"_ _21\"></span><span class=\"ff3\">funzione</span> <span class=\"_ _21\"></span><span class=\"ff3\">di</span> <span class=\"_ _20\"></span><span class=\"ff3\">Ri<span class=\"_ _2\"></span>sk</span> </span>Management,<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>prevede<span class=\"ff1\"> </span>massimali<span class=\"ff1\"> </span>ordinari<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>l\u2019operativit\u00e0<span class=\"ff1\"> </span>sul<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>azionar<span class=\"_ _2\"></span>io. Su<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Cr<span class=\"_ _2\"></span>edem<span class=\"ff1\"> </span>H<span class=\"_ _0\"></span>olding<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inoltre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">presenti<span class=\"ff1\"> </span>posizioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ETF<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">OICR<span class=\"ff1\"> </span>monitorate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">att<span class=\"_ _2\"></span>raverso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">requisito<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>regolamentare<span class=\"ff1\"> </span>sul<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>mercato,<span class=\"ff1\"> </span>calcolato<span class=\"ff1\"> </span>secondo<span class=\"ff1\"> </span>l\u2019approccio<span class=\"ff1\"> </span>standard. Rischi<span class=\"_ _3bd\"> </span>climatici<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>am<span class=\"_ _1\"></span>bien<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>li<span class=\"fc0 sc1\"> </span>I<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>cli<span class=\"_ _0\"></span>matici-ambi<span class=\"_ _2\"></span>entali<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>(fisi<span class=\"_ _2\"></span>ci<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tr<span class=\"_ _2\"></span>ansizione),<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>st<span class=\"_ _2\"></span>ati<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>integrati<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nell'analisi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rilevanza<span class=\"ff1\"> </span>tramite<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Gr<span class=\"_ _2\"></span>uppo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Credem<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valuta<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>periodicamente<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>materialit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tutti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"ff1\"> </span>esposto.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>In<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>particolare,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Gr<span class=\"_ _2\"></span>uppo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ha<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>viluppato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>metodolo<span class=\"_ _2\"></span>gia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quantitat<span class=\"_ _2\"></span>iva<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>p<span class=\"_ _2\"></span>er<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>misurare<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> </span>li<span class=\"_ _0\"></span>vell<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>conce<span class=\"_ _0\"></span>ntra<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">portaf<span class=\"_ _0\"></span>ogl<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>inv<span class=\"_ _0\"></span>est<span class=\"_ _0\"></span>imen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>ve<span class=\"_ _0\"></span>rso<span class=\"ff1\"> </span>que<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">imp<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">la</span> <span class=\"ff3\">cui</span> <span class=\"ff3\">a<span class=\"_ _0\"></span>ttiv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span>ec<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>omica<span class=\"ff1\"> </span></span></span></span></span></span></span>\u00e8<span class=\"ff1\"> </span>ritenuta<span class=\"ff1\"> <span class=\"_ _2\"></span></span>particolarmente<span class=\"ff1\"> </span>sensibile<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">transizione.<span class=\"ff1\"> </span>N<span class=\"_ _2\"></span>ello<span class=\"ff1\"> <span class=\"_ _2\"></span></span>specifico,<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>valutare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019impatto<span class=\"ff1\"> </span></span></span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>climatico-ambientale<span class=\"ff1\"> </span>sul<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">portafoglio<span class=\"ff1\"> </span>Investimenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">propr<span class=\"_ _2\"></span>iet\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(trading<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>bank<span class=\"_ _0\"></span>ing<span class=\"ff1\"> </span>book)<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Gruppo,<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stata<span class=\"ff1\"> </span>adottata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> </span>matrice<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">settoriale<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>he<span class=\"ff1\"> </span>restituisce<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sintesi<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>rischiosit\u00e0<span class=\"ff1\"> </span>(alta,<span class=\"ff1\"> </span>media,<span class=\"ff1\"> </span>bassa)<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>ogni<span class=\"ff1\"> </span>settore<span class=\"ff1\"> </span>economico<span class=\"ff1\"> </span>distinta<span class=\"_ _2\"></span><span class=\"ff1\"> </span>sul<span class=\"ff1\"> </span>Pillar<span class=\"ff1\"> </span>Environmental. Im<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>tti<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>da<span class=\"_ _1\"></span>lla<span class=\"_ _3bd\"> </span>pa<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ia<span class=\"_ _3bd\"> </span>Co<span class=\"_ _0\"></span>vid<span class=\"_ _1\"></span>-19<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>quan<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>rig<span class=\"_ _0\"></span>ua<span class=\"_ _0\"></span>rda<span class=\"ff1\"> </span>l\u2019e<span class=\"_ _0\"></span>spo<span class=\"_ _0\"></span>sizi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ai</span> <span class=\"ff3\">risc<span class=\"_ _0\"></span>hi<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">merc<span class=\"_ _0\"></span>ato<span class=\"ff1\"> </span>ne<span class=\"_ _1\"></span>l<span class=\"ff1\"> </span>2022<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">si</span> <span class=\"ff3\">ravv<span class=\"_ _0\"></span>isa<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>si<span class=\"_ _0\"></span>gnif<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span>tivi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">imp<span class=\"_ _0\"></span>atti<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>diretti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dal<span class=\"ff1\">  </span>Covid-19.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _2\"></span>erdurare<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\">  </span>conflitto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Russia-Ucraina<span class=\"ff1\">  </span>ha<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>contribuito<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>all\u2019accelerazione<span class=\"ff1\"> </span>dell\u2019inflazione<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>all\u2019aumento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>assi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>conseguente<span class=\"ff1\"> </span>volatilit<span class=\"_ _2\"></span>\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sui<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mercati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ed<span class=\"ff1\"> <span class=\"_ _2\"></span></span>effetti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sui<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>ischi.<span class=\"ff1\"> </span>Tuttavia<span class=\"ff1\"> <span class=\"_ _21\"></span></span>non<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>state<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>necessarie<span class=\"ff1\"> <span class=\"_ _21\"></span></span>variazioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>degli<span class=\"ff1\"> <span class=\"_ _21\"></span></span>obiettivi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ris<span class=\"_ _2\"></span>chio.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>In<span class=\"ff1\"> <span class=\"_ _21\"></span></span>tale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>co<span class=\"_ _2\"></span>ntesto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>st<span class=\"_ _2\"></span>ata<span class=\"ff1\"> </span>mantenuta<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>maggior<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">frequenza</span> <span class=\"ff3\">del</span> <span class=\"_ _0\"></span><span class=\"ff3\">monitor<span class=\"_ _2\"></span>aggio<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>Risk<span class=\"ff1\"> </span>Ap<span class=\"_ _0\"></span>petite<span class=\"ff1\"> </span>Framework,<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>rimestrale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span></span></span></span></span>mensile,<span class=\"ff1\"> </span>introdotta<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>partire<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>pandemia<span class=\"ff1\"> </span>Covid-19. B.<span class=\"_ _3bd\"> </span>Proc<span class=\"_ _0\"></span>essi<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ges<span class=\"_ _0\"></span>tion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>metodi<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>misu<span class=\"_ _0\"></span>razi<span class=\"_ _0\"></span>one<span class=\"_ _3bd\"> </span>del<span class=\"_ _3bd\"> </span>ris<span class=\"_ _0\"></span>chio<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>tass<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>int<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span>sse<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>del<span class=\"_ _3bd\"> </span>ris<span class=\"_ _0\"></span>chio<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>prezzo Ri<span class=\"_ _1\"></span>sc<span class=\"_ _0\"></span>hi<span class=\"_ _1\"></span>o<span class=\"_ _3bd\"> </span>d<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>t<span class=\"_ _0\"></span>as<span class=\"_ _1\"></span>so<span class=\"_ _3bd\"> </span>d<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>in<span class=\"_ _1\"></span>te<span class=\"_ _0\"></span>re<span class=\"_ _1\"></span>ss<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>m<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>do<span class=\"_ _1\"></span>lo<span class=\"_ _0\"></span>gi<span class=\"_ _1\"></span>e<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>m<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ic<span class=\"_ _1\"></span>he<span class=\"_ _3bd\"> </span>d<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>m<span class=\"_ _0\"></span>is<span class=\"_ _1\"></span>ur<span class=\"_ _0\"></span>az<span class=\"_ _1\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Il<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>tasso<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>interesse<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>viene<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>ca<span class=\"_ _2\"></span>lcolato<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>giornalmente<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>tramite<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>m<span class=\"_ _2\"></span>etodologia<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>VaR<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>per<span class=\"ff1\"> </span>Credembanca;<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>misurazione<span class=\"ff1\"> </span>ha<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finalit\u00e0<span class=\"ff1\"> </span>gestionali,<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vi<span class=\"_ _2\"></span>ene<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">utilizzata<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>calcolo<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>equisito<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>patrimoniale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mercato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">quale<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Gruppo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Credem<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">adott<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019approccio<span class=\"ff1\"> </span>standard.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Va<span class=\"_ _2\"></span>R<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>misura<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mass<span class=\"_ _2\"></span>ima<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">perdita<span class=\"ff1\"> </span>potenziale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nella<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pu\u00f2<span class=\"ff1\"> </span>inc<span class=\"_ _0\"></span>orr<span class=\"_ _2\"></span>ere<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>portafoglio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">base<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">all'evoluzione<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fattor<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mercato,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dato<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>certo<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>livello<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>confi<span class=\"_ _2\"></span>denza,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cor<span class=\"_ _2\"></span>so<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>un<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d<span class=\"_ _2\"></span>eterminato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>orizzonte<span class=\"ff1\"> </span>tem<span class=\"_ _0\"></span>por<span class=\"_ _0\"></span>ale.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">L<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>me<span class=\"_ _0\"></span>todo<span class=\"_ _0\"></span>logi<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>ap<span class=\"_ _0\"></span>plic<span class=\"_ _0\"></span>ata<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nel<span class=\"_ _0\"></span>l\u2019a<span class=\"_ _0\"></span>mbit<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Grup<span class=\"_ _0\"></span>po<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>red<span class=\"_ _0\"></span>em<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">preve<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i</span> <span class=\"_ _0\"></span><span class=\"ff3\">segue<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>aram<span class=\"_ _0\"></span>etri<span class=\"_ _0\"></span>: </span></span></span></span></span></span></span></span></span></span></span></span>li<span class=\"_ _0\"></span>vell<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>nfi<span class=\"_ _0\"></span>denz<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>9<span class=\"_ _0\"></span>9%<span class=\"_ _0\"></span>; </span></span>ori<span class=\"_ _0\"></span>zzo<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">temp<span class=\"_ _1\"></span>orale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">1<span class=\"ff1\"> </span>gi<span class=\"_ _0\"></span>orno; </span></span></span></span>volatilit\u00e0<span class=\"ff1\"> </span>calcolata<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">2<span class=\"ff1\"> </span>anni<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">osservazioni<span class=\"ff1\"> </span>giornaliere,<span class=\"ff1\"> </span>dando<span class=\"ff1\"> </span>maggior<span class=\"ff1\"> </span>peso<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span></span></span></span></span>dati<span class=\"ff1\"> </span>pi\u00f9<span class=\"ff1\"> </span>recenti<span class=\"ff1\"> </span>(decay<span class=\"ff1\"> </span>factor<span class=\"ff1\"> <span class=\"ff6\"> </span></span>=0,94). Per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">calcolo<span class=\"ff1\"> </span>dell\u2019assorbimento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"_ _2\"></span>n<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">termini<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>capitale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">inter<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">procede<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">inoltr<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">convertire<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ato<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>in<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>VaR<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>10gg,<span class=\"ff1\"> </span>applicando<span class=\"ff1\"> </span>prudenzialmente<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>coefficiente<span class=\"ff1\"> </span>moltiplicativo<span class=\"ff1\"> </span>3. Il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dato<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sott<span class=\"_ _2\"></span>oposto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ad<span class=\"ff1\"> </span>analisi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">str<span class=\"_ _2\"></span>ess<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>esting<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nell\u2019ambito<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">processo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">verifica<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>del<span class=\"_ _0\"></span>l\u2019a<span class=\"_ _0\"></span>degu<span class=\"_ _0\"></span>atez<span class=\"_ _0\"></span>za<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">pat<span class=\"_ _0\"></span>rimo<span class=\"_ _0\"></span>nial<span class=\"_ _0\"></span>e,<span class=\"ff1\"> </span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mira</span> <span class=\"ff3\">a</span> <span class=\"ff3\">veri<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>are<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>var<span class=\"_ _0\"></span>iazi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span>cap<span class=\"_ _0\"></span>ital<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>(sti<span class=\"_ _0\"></span>mato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in</span> <span class=\"ff3\">termi<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span>Va<span class=\"_ _0\"></span>R)<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cas<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fort<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">turbo<span class=\"_ _0\"></span>lenz<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>me<span class=\"_ _0\"></span>rca<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>ri.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">L\u2019an<span class=\"_ _0\"></span>alis<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>b<span class=\"_ _0\"></span>asat<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ull<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>det<span class=\"_ _0\"></span>ermi<span class=\"_ _0\"></span>nazi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">u<span class=\"_ _0\"></span>na<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>mat<span class=\"_ _0\"></span>ric<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>aria<span class=\"_ _0\"></span>nza<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cov<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fat<span class=\"_ _0\"></span>tori<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>ip<span class=\"_ _0\"></span>ote<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ond<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">stre<span class=\"_ _0\"></span>ss<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>merc<span class=\"_ _0\"></span>ati<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>he<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>innalzi<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>volatilit\u00e0<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>variabili<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>alteri<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>str<span class=\"_ _2\"></span>uttura<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>relazioni<span class=\"ff1\"> </span>fra<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>esse.<span class=\"_ _3bd\"> </span>La<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">deter<span class=\"_ _0\"></span>min<span class=\"_ _0\"></span>azion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tale</span> <span class=\"ff3\">mat<span class=\"_ _0\"></span>ric<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>stat<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>ef<span class=\"_ _0\"></span>fet<span class=\"_ _0\"></span>tua<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>med<span class=\"_ _0\"></span>esi<span class=\"_ _0\"></span>ma<span class=\"ff1\"> </span>met<span class=\"_ _0\"></span>odo<span class=\"_ _0\"></span>logi<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>util<span class=\"_ _0\"></span>izz<span class=\"_ _0\"></span>ata<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span></span></span></span></span>stima<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Va<span class=\"_ _2\"></span>R.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">In<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">part<span class=\"_ _2\"></span>icolare<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">c<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">si<span class=\"_ _2\"></span><span class=\"ff1\"> </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">avvalsi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">possibilit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">impost<span class=\"_ _2\"></span>are<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">periodo<span class=\"ff1\"> </span>storico<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">utilizzato<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>come<span class=\"ff1\"> </span>cam<span class=\"_ _2\"></span>pione<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>analisi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>calcolo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>volatilit\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>corr<span class=\"_ _2\"></span>elazioni,<span class=\"ff1\"> </span>selezionando<span class=\"ff1\"> <span class=\"_ _2\"></span></span>intervalli<span class=\"ff1\"> </span>tem<span class=\"_ _0\"></span>por<span class=\"_ _0\"></span>ali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cri<span class=\"_ _0\"></span>tici<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">(di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">eleva<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>ola<span class=\"_ _0\"></span>tilit\u00e0<span class=\"_ _0\"></span>)<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ui<span class=\"ff1\"> </span>me<span class=\"_ _0\"></span>rca<span class=\"_ _0\"></span>ti,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>oe<span class=\"_ _0\"></span>renza<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con</span> <span class=\"ff3\">l<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>sce<span class=\"_ _0\"></span>nar<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>omple<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>vo<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">str<span class=\"_ _0\"></span>ess<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>in<span class=\"_ _0\"></span>divi<span class=\"_ _0\"></span>dua<span class=\"_ _0\"></span>to. In<span class=\"ff1\">  </span>r<span class=\"_ _2\"></span>elazione<span class=\"ff1\">  </span>a<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Credem<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Euromobiliare<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Private<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Banking<span class=\"ff1\">  </span>il<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>tasso<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>interesse<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>viene<span class=\"ff1\"> </span>monitorato<span class=\"ff1\">  </span>attraverso<span class=\"ff1\">  </span>il<span class=\"ff1\">  </span>requisito<span class=\"ff1\">  </span>patrimoniale<span class=\"ff1\">  </span>sui<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">rischi</span>  <span class=\"ff3\">di</span>  <span class=\"ff3\">mercato,</span>  <span class=\"ff3\">che</span>  <span class=\"ff3\">segue</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">l\u2019appro<span class=\"_ _2\"></span>ccio</span> </span>stan<span class=\"_ _0\"></span>da<span class=\"_ _0\"></span>rd. Im<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>tti<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>da<span class=\"_ _1\"></span>lla<span class=\"_ _3bd\"> </span>pa<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ia<span class=\"_ _3bd\"> </span>Co<span class=\"_ _0\"></span>vid<span class=\"_ _1\"></span>-19<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cors<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2022<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">registrat<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">impatti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">significativi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ui<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ischi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mercat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">portafoglio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>negoziazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>t<span class=\"_ _2\"></span>asso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>por<span class=\"_ _2\"></span>tafoglio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>bancario<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dovuti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>direttamente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pandemia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Covid-19.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>La<span class=\"ff1\"> </span>crisi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Russ<span class=\"_ _2\"></span>ia-Ucraina<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ha<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alimentato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dinamica<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rialzo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dell\u2019inflazione,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contras<span class=\"_ _2\"></span>tata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall\u2019aumento<span class=\"ff1\"> </span>dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">t<span class=\"_ _0\"></span>assi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>arte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>lle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Ban<span class=\"_ _0\"></span>che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Cen<span class=\"_ _0\"></span>tral<span class=\"_ _0\"></span>i.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">La<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>ola<span class=\"_ _0\"></span>tili<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">reg<span class=\"_ _0\"></span>istr<span class=\"_ _0\"></span>ata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">su<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">merc<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ha<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>vuto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">imp<span class=\"_ _0\"></span>atti<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tutt<span class=\"_ _0\"></span>avia<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>contenuti,<span class=\"ff1\"> </span>sui<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>mercato.<span class=\"ff1\"> </span>Il<span class=\"ff1\"> </span>monitoraggio<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>indicatori<span class=\"ff1\"> </span>RAF<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>mantiene<span class=\"ff1\"> </span>mensile. Inf<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>maz<span class=\"_ _1\"></span>ion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>na<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>ra<span class=\"_ _3bd\"> </span>qu<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>tit<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>1.<span class=\"_ _3bd\"> </span>Port<span class=\"_ _0\"></span>afoglio<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>nego<span class=\"_ _0\"></span>ziazio<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>vigi<span class=\"_ _0\"></span>lanza:<span class=\"_ _3bd\"> </span>distr<span class=\"_ _0\"></span>ibuzione<span class=\"_ _3bd\"> </span>per<span class=\"_ _3bd\"> </span>dura<span class=\"_ _0\"></span>ta<span class=\"_ _3bd\"> </span>resid<span class=\"_ _0\"></span>ua<span class=\"_ _3bd\"> </span>(data<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ripre<span class=\"_ _0\"></span>zzament<span class=\"_ _0\"></span>o)<span class=\"_ _3bd\"> </span>delle<span class=\"_ _3bd\"> </span>atti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>delle<span class=\"_ _3bd\"> </span>pass<span class=\"_ _0\"></span>ivit\u00e0<span class=\"_ _3bd\"> </span>finanzi<span class=\"_ _0\"></span>arie<span class=\"_ _3bd\"> </span>per<span class=\"_ _3bd\"> </span>cassa<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>deriva<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>finan<span class=\"_ _0\"></span>ziari<span class=\"fc0 sc1\"> </span>L<span class=\"_ _3bd\"> </span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pre<span class=\"_ _0\"></span>sen<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tav<span class=\"_ _0\"></span>ola<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">n<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sta<span class=\"_ _0\"></span>ta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">reda<span class=\"_ _0\"></span>tta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">po<span class=\"_ _0\"></span>ich\u00e9<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">vie<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>egui<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">forni<span class=\"_ _0\"></span>ta<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">l\u2019ana<span class=\"_ _0\"></span>lisi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sen<span class=\"_ _0\"></span>sitiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risc<span class=\"_ _0\"></span>hio<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>tasso<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>interesse<span class=\"ff1\"> </span>basata<span class=\"ff1\"> </span>sui<span class=\"ff1\"> </span>modelli<span class=\"ff1\"> </span>interni<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>altre<span class=\"ff1\"> </span>metodologie. 2.<span class=\"_ _3bd\"> </span>Port<span class=\"_ _0\"></span>afoglio<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>nego<span class=\"_ _0\"></span>ziazio<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>vigi<span class=\"_ _0\"></span>lanza:<span class=\"_ _3bd\"> </span>distr<span class=\"_ _0\"></span>ibuzione<span class=\"_ _3bd\"> </span>delle<span class=\"_ _3bd\"> </span>espo<span class=\"_ _0\"></span>sizioni<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>titol<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>capit<span class=\"_ _0\"></span>ale<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>indici<span class=\"_ _3bd\"> </span>az<span class=\"_ _0\"></span>ionari<span class=\"_ _3bd\"> </span>per<span class=\"_ _3bd\"> </span>i<span class=\"_ _3bd\"> </span>princip<span class=\"_ _0\"></span>ali<span class=\"_ _3bd\"> </span>Paes<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>del<span class=\"_ _3bd\"> </span>merca<span class=\"_ _0\"></span>to<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>quota<span class=\"_ _0\"></span>zione<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Ti<span class=\"_ _0\"></span>pol<span class=\"_ _1\"></span>ogia<span class=\"_ _3bd\"> </span>op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>/In<span class=\"_ _1\"></span>dic<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>qu<span class=\"_ _0\"></span>ot<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Qu<span class=\"_ _0\"></span>ot<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>N<span class=\"_ _0\"></span>on<span class=\"_ _3bd\"> </span>qu<span class=\"_ _0\"></span>ot<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>IT<span class=\"_ _0\"></span>ALI<span class=\"_ _1\"></span>A<span class=\"fc0 sc1\"> <span class=\"_ _1ee\"> </span></span>U.S<span class=\"_ _1\"></span>.A.<span class=\"fc0 sc1\"> </span>UN<span class=\"_ _0\"></span>IT<span class=\"_ _0\"></span>ED<span class=\"_ _3bd\"> </span>KI<span class=\"_ _0\"></span>NG<span class=\"_ _0\"></span>DO<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>FR<span class=\"_ _0\"></span>AN<span class=\"_ _0\"></span>CE<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _1ef\"> </span><span class=\"fc4 sc2\">GE<span class=\"_ _0\"></span>RM<span class=\"_ _0\"></span>AN<span class=\"_ _0\"></span>Y<span class=\"_ _3bd\"> </span></span></span>AL<span class=\"_ _0\"></span>TR<span class=\"_ _0\"></span>I<span class=\"_ _3bd\"> </span>PA<span class=\"_ _0\"></span>ES<span class=\"_ _0\"></span>I<span class=\"fc0 sc1\"> </span>A.Titol<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>pi<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span> -<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">p</span></span>osizioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">lung<span class=\"_ _0\"></span>he <span class=\"_ _b8\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _175\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _175\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _224\"> </span><span class=\"ff3\">1.<span class=\"_ _0\"></span>69<span class=\"_ _1\"></span>5 <span class=\"_ _72\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _175\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _72\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">posizioni<span class=\"ff1\"> </span>c<span class=\"_ _1\"></span>orte<span class=\"_ _0\"></span> <span class=\"_ _333\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _175\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _175\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _175\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span> <span class=\"_ _72\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _175\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _72\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>B.Comp<span class=\"_ _0\"></span>raven<span class=\"_ _1\"></span>dite<span class=\"_ _3bd\"> </span>non<span class=\"_ _3bd\"> </span>anco<span class=\"_ _0\"></span>ra<span class=\"_ _3bd\"> </span>rego<span class=\"_ _0\"></span>late<span class=\"_ _3bd\"> </span>su<span class=\"_ _3bd\"> </span>titol<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>capit<span class=\"_ _0\"></span>ale -<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">posizioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">lun<span class=\"_ _0\"></span>ghe<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _5e\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _175\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _175\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _175\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _72\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _175\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _175\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">posizioni<span class=\"ff1\"> </span>c<span class=\"_ _1\"></span>orte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _3e\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _175\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _175\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _175\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _175\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _175\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _175\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>C.Alt<span class=\"_ _1\"></span>ri<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>riv<span class=\"_ _1\"></span>ati<span class=\"_ _3bd\"> </span>su<span class=\"_ _3bd\"> </span>ti<span class=\"_ _0\"></span>tol<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>pit<span class=\"_ _1\"></span>ale<span class=\"_ _0\"></span> -<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">posizioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">lun<span class=\"_ _0\"></span>ghe<span class=\"_ _0\"></span> <span class=\"_ _2cb\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _175\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _175\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _175\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _6c\"> </span><span class=\"ff3\">2<span class=\"_ _0\"></span>5 <span class=\"_ _72\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _175\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">posizioni<span class=\"ff1\"> </span>c<span class=\"_ _1\"></span>orte<span class=\"_ _0\"></span> <span class=\"_ _333\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _175\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _175\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _175\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _175\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> <span class=\"_ _50\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _175\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>D.De<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>vat<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span>su<span class=\"_ _3bd\"> </span>in<span class=\"_ _1\"></span>dici<span class=\"_ _3bd\"> </span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span> -<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">posizioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">lun<span class=\"_ _0\"></span>ghe<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _5e\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _175\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _175\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _175\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _72\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _175\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _175\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">posizioni<span class=\"ff1\"> </span>c<span class=\"_ _1\"></span>orte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _3e\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _175\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _175\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _175\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _175\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _175\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _175\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Nella<span class=\"ff1\"> <span class=\"_ _2\"></span></span>presente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sezione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>vengono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sinteticamente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>espost<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>risultati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>analisi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tasso<span class=\"ff1\"> </span>nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>por<span class=\"_ _2\"></span>tafoglio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>negoziazione.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>In<span class=\"ff1\"> <span class=\"_ _20\"></span></span>particolare<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>seg<span class=\"_ _2\"></span>uito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riportati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valori<span class=\"ff1\"> <span class=\"_ _20\"></span></span>medi,<span class=\"ff1\"> </span>massimi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>minimi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff3\">VaR</span> <span class=\"_ _21\"> </span><span class=\"ff3\">generato</span> <span class=\"_ _21\"> </span><span class=\"ff3\">dal</span> <span class=\"_ _21\"> </span><span class=\"ff3\">fattore</span> <span class=\"_ _21\"> </span><span class=\"ff3\">di</span> <span class=\"_ _21\"> </span><span class=\"ff3\">rischio</span> <span class=\"_ _21\"> </span><span class=\"ff3\">tasso</span> <span class=\"_ _21\"></span><span class=\"ff3\">di</span> <span class=\"_ _21\"></span><span class=\"ff3\">interesse</span> <span class=\"_ _21\"></span><span class=\"ff3\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Credembanca<span class=\"ff1\"> </span></span></span>relativi<span class=\"ff1\"> </span>agli<span class=\"ff1\"> </span>esercizi<span class=\"ff1\"> </span>2020,<span class=\"ff1\"> </span>2021<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>2022. Tabe<span class=\"_ _0\"></span>lla1.DatidiRisch<span class=\"_ _0\"></span>iodita<span class=\"_ _1\"></span>sso<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>02<span class=\"_ _1\"></span>2 <span class=\"_ _4a\"> </span>20<span class=\"_ _1\"></span>21<span class=\"_ _0\"></span> <span class=\"_ _83\"> </span>20<span class=\"_ _0\"></span>20<span class=\"_ _1\"></span> Cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>em<span class=\"_ _1\"></span> InterestRateVaR-m<span class=\"_ _0\"></span>ed<span class=\"_ _1\"></span>io<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>,3<span class=\"_ _3bd\"> </span>3,<span class=\"_ _1\"></span>5<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>,9<span class=\"_ _3bd\"> </span>m<span class=\"_ _0\"></span>in<span class=\"_ _1\"></span> 0<span class=\"_ _0\"></span>,3<span class=\"_ _1\"></span> <span class=\"_ _6a\"> </span>0<span class=\"_ _1\"></span>,1<span class=\"_ _0\"></span> <span class=\"_ _32\"> </span>0,<span class=\"_ _1\"></span>3 m<span class=\"_ _0\"></span>ax<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>2,<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>3,<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>5,<span class=\"_ _1\"></span>6<span class=\"_ _3bd\"> </span>l<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">confronto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019esercizio<span class=\"ff1\"> </span>precede<span class=\"_ _0\"></span>nte<span class=\"ff1\"> </span>mostra<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un<span class=\"ff1\"> </span>val<span class=\"_ _0\"></span>ore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fat<span class=\"_ _2\"></span>tore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>asso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">interesse<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">su<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Credem<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>lieve<span class=\"ff1\"> </span>calo,<span class=\"ff1\"> </span>sempre<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>livelli<span class=\"ff1\"> </span>contenuti. Nel<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">figu<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sotto<span class=\"_ _0\"></span>stan<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rip<span class=\"_ _0\"></span>orta<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>\u2019a<span class=\"_ _0\"></span>ndame<span class=\"_ _0\"></span>nto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">tal<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">V<span class=\"_ _0\"></span>aR<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Crede<span class=\"_ _0\"></span>m<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>ell\u2019<span class=\"_ _0\"></span>arc<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span>. </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Figur<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>1.<span class=\"_ _3bd\"> </span>Anda<span class=\"_ _0\"></span>mento<span class=\"_ _3bd\"> </span>Intere<span class=\"_ _0\"></span>st<span class=\"_ _3bd\"> </span>Rate<span class=\"_ _3bd\"> </span>VaR<span class=\"_ _3bd\"> </span>Crede<span class=\"_ _0\"></span>m<span class=\"_ _3bd\"> </span>(99%,<span class=\"_ _3bd\"> </span>10gg*<span class=\"_ _0\"></span>coeff<span class=\"_ _3bd\"> </span>molt<span class=\"_ _0\"></span>iplicati<span class=\"_ _0\"></span>vo).<span class=\"_ _3bd\"> </span>Dati<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>milio<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>e<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quanto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riguarda<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>shift<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sensitivity<span class=\"ff1\"> <span class=\"_ _2\"></span></span>analysis<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>limitat<span class=\"_ _2\"></span>amente<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>portafoglio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>negoziazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>vigilanza,<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>tabella<span class=\"ff1\"> </span>sotto<span class=\"ff1\"> </span>riport<span class=\"_ _2\"></span>ata<span class=\"ff1\"> </span>mostra<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>dati<span class=\"ff1\"> </span>relativi<span class=\"ff1\"> </span>all\u2019impatto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sul<span class=\"ff1\"> </span>margine<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">interesse</span> <span class=\"ff3\">su</span> <span class=\"ff3\">u<span class=\"_ _2\"></span>n</span> </span>orizzonte<span class=\"ff1\"> </span>temporale<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>12<span class=\"ff1\"> </span>mesi,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nell\u2019ipotesi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>variazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>parallela<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>tas<span class=\"_ _2\"></span>si<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>interesse<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>+/<span class=\"_ _2\"></span>-<span class=\"ff1\"> </span>100<span class=\"ff1\"> </span>punti<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>(dato<span class=\"ff1\"> </span>riferito<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>Gruppo). L\u2019analisi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>condotta<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>coerentemente<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>metodologia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>utilizzata<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ai<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fini<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>misurazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tasso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>portafoglio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>bancario<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ambito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Risk<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Appetite<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Framework<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>segnalazioni<span class=\"ff1\"> </span>Short<span class=\"ff1\"> </span>Term<span class=\"ff1\"> </span>Exercise<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> </span>STE<span class=\"ff1\"> </span>rischi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tasso,<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>linea<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>linee<span class=\"ff1\"> </span>guida<span class=\"ff1\"> </span>europee<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>riferimento. Ipo<span class=\"_ _0\"></span>tes<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>shi<span class=\"_ _0\"></span>ft<span class=\"_ _3bd\"> </span>par<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>lelo<span class=\"_ _3bd\"> </span>(d<span class=\"_ _0\"></span>ati<span class=\"_ _3bd\"> </span>ml<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>\u20ac<span class=\"_ _1\"></span>) Sho<span class=\"_ _0\"></span>ck<span class=\"_ _3bd\"> </span>-1<span class=\"_ _0\"></span>00<span class=\"_ _3bd\"> </span>b<span class=\"_ _0\"></span>.p<span class=\"_ _0\"></span>. <span class=\"_ _17b\"> </span>Shoc<span class=\"_ _0\"></span>k<span class=\"_ _3bd\"> </span>+1<span class=\"_ _0\"></span>00<span class=\"_ _3bd\"> </span>b<span class=\"_ _0\"></span>.p<span class=\"_ _0\"></span>. Da<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>1<span class=\"_ _0\"></span>2/202<span class=\"_ _0\"></span>2 <span class=\"_ _7\"> </span>-1,<span class=\"_ _1\"></span>2 <span class=\"_ _1a9\"> </span>1,<span class=\"_ _0\"></span>2 Ri<span class=\"_ _1\"></span>sc<span class=\"_ _0\"></span>hi<span class=\"_ _1\"></span>o<span class=\"_ _3bd\"> </span>d<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>p<span class=\"_ _0\"></span>re<span class=\"_ _1\"></span>zz<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>m<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>do<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>gie<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>m<span class=\"_ _0\"></span>et<span class=\"_ _1\"></span>ric<span class=\"_ _1\"></span>he<span class=\"_ _3bd\"> </span>d<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>m<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>ra<span class=\"_ _1\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _1\"></span>e<span class=\"fc0 sc1\"> </span>Il<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mercato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>equity<span class=\"ff1\"> <span class=\"_ _2\"></span></span>viene<span class=\"ff1\"> </span>calcolato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>stesse<span class=\"ff1\"> </span>fr<span class=\"_ _2\"></span>equenze<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>metodologie<span class=\"ff1\"> </span>indicata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tasso. </span></span>Inf<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>maz<span class=\"_ _1\"></span>ion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>na<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>ra<span class=\"_ _3bd\"> </span>qu<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>tit<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Nella<span class=\"ff1\"> </span>presente<span class=\"ff1\"> </span>sezione<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sinteticamente<span class=\"ff1\"> </span>esposti<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>risultati<span class=\"ff1\"> </span>delle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">analisi</span> <span class=\"ff3\">di</span> <span class=\"ff3\">rischio</span> <span class=\"_ _2\"></span><span class=\"ff3\">di</span> <span class=\"ff3\">prezzo</span> </span>nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>por<span class=\"_ _2\"></span>tafoglio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>negoziazione.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>In<span class=\"ff1\"> <span class=\"_ _20\"></span></span>particolare<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>seguito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>iportati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valori<span class=\"ff1\"> <span class=\"_ _20\"></span></span>medi,<span class=\"ff1\"> </span>massimi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">minimi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">VaR<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">generato<span class=\"ff1\"> </span>dal<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fattore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tas<span class=\"_ _2\"></span>so<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">interesse<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>redem<span class=\"ff1\"> </span>relativi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">agli<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>esercizi<span class=\"ff1\"> </span>2020,<span class=\"ff1\"> </span>2021<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>2022.<span class=\"_ _3bd\"> </span>abell<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>2.<span class=\"_ _3bd\"> </span>Dati<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>Rischi<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>pr<span class=\"_ _0\"></span>ezz<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>em<span class=\"_ _3bd\"> </span>EquityVaR-med<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span> 0<span class=\"_ _0\"></span>,9<span class=\"_ _0\"></span> <span class=\"_ _6a\"> </span>0<span class=\"_ _1\"></span>,9<span class=\"_ _0\"></span> <span class=\"_ _6a\"> </span>1<span class=\"_ _1\"></span>,2<span class=\"_ _0\"></span> mi<span class=\"_ _1\"></span>n 0<span class=\"_ _0\"></span>,2<span class=\"_ _1\"></span> <span class=\"_ _ca\"> </span>0<span class=\"_ _1\"></span>,4<span class=\"_ _0\"></span> <span class=\"_ _3a\"> </span>0,<span class=\"_ _1\"></span>4 m<span class=\"_ _0\"></span>ax<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>,4<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>,7<span class=\"_ _3bd\"> </span>3,<span class=\"_ _1\"></span>2<span class=\"_ _3bd\"> </span>da<span class=\"_ _1\"></span>ti<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>ml<span class=\"_ _1\"></span>n<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>\u20ac,<span class=\"_ _3bd\"> </span>Va<span class=\"_ _1\"></span>R<span class=\"_ _3bd\"> </span>99<span class=\"_ _1\"></span>%<span class=\"_ _3bd\"> </span>10<span class=\"_ _1\"></span>gg<span class=\"_ _3bd\"> </span>*<span class=\"_ _3bd\"> </span>C<span class=\"_ _0\"></span>oe<span class=\"_ _1\"></span>ff<span class=\"_ _3bd\"> </span>mo<span class=\"_ _1\"></span>lt<span class=\"_ _0\"></span>ip<span class=\"_ _0\"></span>li<span class=\"_ _1\"></span>ca<span class=\"_ _0\"></span>ti<span class=\"_ _1\"></span>vo Il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dato<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Credem,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stabile<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rispetto<span class=\"ff1\"> </span>alla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rilevazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">precedente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sempre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>u<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">li<span class=\"_ _2\"></span>velli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">molto<span class=\"ff1\"> </span>contenu<span class=\"_ _0\"></span>ti,<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>determinato<span class=\"ff1\"> </span>sost<span class=\"_ _2\"></span>anzialmente<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>osizione<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>hedge<span class=\"ff1\"> </span>fund<span class=\"ff1\"> </span>(chiusi<span class=\"ff1\"> </span>durante<span class=\"ff1\"> </span>l\u2019anno)<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>posizioni<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>azioni.<span class=\"ff1\"> </span>Nelle<span class=\"ff1\"> </span>figure<span class=\"ff1\"> </span>sottostanti<span class=\"ff1\"> </span>\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">riportato</span> <span class=\"ff3\">l\u2019andamento</span> <span class=\"ff3\">del</span> <span class=\"ff3\">VaR</span> <span class=\"ff3\">per</span> <span class=\"ff3\">Credem</span> <span class=\"ff3\">nell\u2019arco</span> <span class=\"ff3\">del</span> <span class=\"ff3\">2022. </span></span>Fi<span class=\"_ _0\"></span>gu<span class=\"_ _0\"></span>ra<span class=\"_ _3bd\"> </span>2.<span class=\"_ _3bd\"> </span>An<span class=\"_ _0\"></span>da<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>Eq<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>ty<span class=\"_ _3bd\"> </span>Va<span class=\"_ _0\"></span>R<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>em<span class=\"_ _3bd\"> </span>(9<span class=\"_ _0\"></span>9%<span class=\"_ _0\"></span>,<span class=\"_ _3bd\"> </span>10<span class=\"_ _0\"></span>gg<span class=\"_ _0\"></span>*c<span class=\"_ _0\"></span>oe<span class=\"_ _0\"></span>ff<span class=\"_ _3bd\"> </span>mo<span class=\"_ _1\"></span>lti<span class=\"_ _0\"></span>plic<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>o)<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span>Da<span class=\"_ _1\"></span>ti<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>mi<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>e<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risu<span class=\"_ _0\"></span>lta<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>\u2019at<span class=\"_ _0\"></span>tivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">b<span class=\"_ _0\"></span>ackte<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>ng<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rip<span class=\"_ _0\"></span>orta<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pa<span class=\"_ _0\"></span>ragra<span class=\"_ _0\"></span>fo<span class=\"ff1\"> </span>1.<span class=\"_ _0\"></span>2.3<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u201cRi<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ca<span class=\"_ _0\"></span>mbio<span class=\"_ _0\"></span>\u201d. </span></span></span></span></span></span></span></span></span></span></span></span></span></span>RI<span class=\"_ _0\"></span>SC<span class=\"_ _0\"></span>HI<span class=\"_ _0\"></span>O<span class=\"_ _3bd\"> </span>SP<span class=\"_ _0\"></span>EC<span class=\"_ _0\"></span>IF<span class=\"_ _0\"></span>ICO<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>INF<span class=\"_ _1\"></span>ORM<span class=\"_ _1\"></span>AZIO<span class=\"_ _0\"></span>NI<span class=\"_ _3bd\"> </span>DI<span class=\"_ _3bd\"> </span>NA<span class=\"_ _0\"></span>TU<span class=\"_ _0\"></span>RA<span class=\"_ _3bd\"> </span>QU<span class=\"_ _0\"></span>AN<span class=\"_ _0\"></span>TI<span class=\"_ _0\"></span>TAT<span class=\"_ _0\"></span>IV<span class=\"_ _0\"></span>A<span class=\"fc0 sc1\"> </span>Il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>specifico<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span></span>perdite<span class=\"ff1\"> <span class=\"_ _20\"></span></span>causate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>da<span class=\"ff1\"> <span class=\"_ _21\"></span></span>una<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sfavor<span class=\"_ _2\"></span>evole<span class=\"ff1\"> <span class=\"_ _20\"></span></span>variazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>prezzo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>deg<span class=\"_ _2\"></span>li<span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> </span>finanziari<span class=\"ff1\"> </span>negoziati<span class=\"ff1\"> </span>dovuta<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>fattori<span class=\"ff1\"> </span>co<span class=\"_ _2\"></span>nnessi<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>situazione<span class=\"ff1\"> </span>dell\u2019emittente. Di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>seguito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>so<span class=\"_ _2\"></span>no<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>iportati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valori<span class=\"ff1\"> <span class=\"_ _2\"></span></span>medi,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>massimi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>minimi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>milioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>euro)<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>specifico,<span class=\"ff1\"> </span>calcolati<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>base<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> </span>ponderazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>vig<span class=\"_ _0\"></span>ilanza,<span class=\"ff1\"> </span>relativamente<span class=\"ff1\"> </span>agli<span class=\"ff1\"> </span>esercizi<span class=\"ff1\"> </span>2020,<span class=\"ff1\"> </span>2021<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>2022. </span></span>Tabell<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>3.<span class=\"_ _3bd\"> </span>Dat<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>r<span class=\"_ _2\"></span>i<span class=\"_ _20\"></span>s<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>h<span class=\"_ _2\"></span>i<span class=\"_ _20\"></span>o<span class=\"_ _3bd\"> </span>s<span class=\"_ _2\"></span>pe<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>02<span class=\"_ _1\"></span>2<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>02<span class=\"_ _1\"></span>1<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>02<span class=\"_ _1\"></span>0<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>em<span class=\"_ _1\"></span> Rischiospecifico-med<span class=\"_ _0\"></span>io <span class=\"_ _106\"> </span>0<span class=\"_ _1\"></span>,6<span class=\"_ _0\"></span> <span class=\"_ _35\"> </span>0<span class=\"_ _0\"></span>,4<span class=\"_ _0\"></span> <span class=\"_ _201\"> </span>0<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>1 mi<span class=\"_ _1\"></span>n 0<span class=\"_ _0\"></span>,5<span class=\"_ _0\"></span> <span class=\"_ _201\"> </span>0<span class=\"_ _0\"></span>,1<span class=\"_ _0\"></span> <span class=\"_ _37\"> </span>0,<span class=\"_ _0\"></span>0 ma<span class=\"_ _1\"></span>x0<span class=\"_ _0\"></span>,8<span class=\"_ _3bd\"> </span>0<span class=\"_ _0\"></span>,9<span class=\"_ _3bd\"> </span>0<span class=\"_ _0\"></span>,1<span class=\"_ _3bd\"> </span>dati<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>mln<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>\u20ac<span class=\"_ _3bd\"> </span>Per<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Credem<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Euromobiliare<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Pr<span class=\"_ _2\"></span>ivate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Banking<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>requisito<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">patrimoniale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sui<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ischi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mercato,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">generico<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>e<span class=\"ff1\"> </span>specifico,<span class=\"ff1\"> </span>risulta<span class=\"ff1\"> </span>sostanzialmente<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>rilevante.<span class=\"_ _3bd\"> </span><div class=\"t m45 h10 ff3 fs9 fc4 sc0 ls0 ws0 gs3e4d\">1.2.2<span class=\"_ _3bd\"> </span></div><div class=\"t m45 h10 ff3 fs9 fc4 sc0 ls0 ws0 gs3e4e\">Risc<span class=\"_ _0\"></span>hio<span class=\"_ _3bd\"> </span></div><div class=\"t m45 h10 ff3 fs9 fc4 sc0 ls0 ws0 gs3e4f\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m45 h10 ff3 fs9 fc4 sc0 ls0 ws0 gs3e50\">tasso<span class=\"_ _3bd\"> </span></div><div class=\"t m45 h10 ff3 fs9 fc4 sc0 ls0 ws0 gs3e51\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m45 h10 ff3 fs9 fc4 sc0 ls0 ws0 gs3e52\">int<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span>sse<span class=\"_ _3bd\"> </span></div><div class=\"t m45 h10 ff3 fs9 fc4 sc0 ls0 ws0 gs3e53\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m45 h10 ff3 fs9 fc4 sc0 ls0 ws0 gs3e54\">ris<span class=\"_ _0\"></span>chio<span class=\"_ _3bd\"> </span></div><div class=\"t m45 h10 ff3 fs9 fc4 sc0 ls0 ws0 gs3e55\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m45 h10 ff3 fs9 fc4 sc0 ls0 ws0 gs3e56\">prez<span class=\"_ _0\"></span>zo<span class=\"_ _3bd\"> </span></div><div class=\"t m45 h10 ff3 fs9 fc4 sc0 ls0 ws0 gs3e57\">\u2013<span class=\"_ _3bd\"> </span></div><div class=\"t m45 h10 ff3 fs9 fc4 sc0 ls0 ws0 gs3e58\">port<span class=\"_ _0\"></span>afogl<span class=\"_ _0\"></span>io<span class=\"_ _3bd\"> </span></div><div class=\"t m45 h10 ff3 fs9 fc4 sc0 ls0 ws0 gs3e59\">banc<span class=\"_ _0\"></span>ario<span class=\"_ _0\"></span> </div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3e5a\">Inf<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>maz<span class=\"_ _1\"></span>ion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3e5b\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3e5c\">na<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>ra<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3e5d\">qu<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>a<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3e5e\">A.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3e5f\">Aspe<span class=\"_ _0\"></span>tti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3e60\">gene<span class=\"_ _0\"></span>rali,<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3e61\">proce<span class=\"_ _0\"></span>ssi<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3e62\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3e63\">gestio<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3e64\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3e65\">meto<span class=\"_ _0\"></span>di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3e66\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3e67\">misura<span class=\"_ _0\"></span>zione<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3e68\">del<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3e69\">rischio<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3e6a\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3e6b\">tasso<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3e6c\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3e6d\">inte<span class=\"_ _0\"></span>resse<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3e6e\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3e6f\">del<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3e70\">rischio<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3e71\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3e72\">prezzo<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3e73\">Rischio<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3e74\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs3e75\">ta<span class=\"_ _1\"></span>ss<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3e76\">Credem<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">adott<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">definizione<span class=\"ff1\"> </span>normativa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tasso<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>nteresse<span class=\"ff1\"> </span>sul<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">banking</span> <span class=\"_ _0\"></span><span class=\"ff3\">book,<span class=\"ff1\"> </span>secondo<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3e77\">cui<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ris<span class=\"_ _2\"></span>chio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>o<span class=\"_ _2\"></span>ggetto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u00e8:<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>\u201cil<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tasso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>interesse<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>derivante<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>diverse<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dalla<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3e78\">negoziazione:<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>derivante<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>variazioni<span class=\"ff1\"> </span>potenziali<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>tass<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>interesse\u201d. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3e79\">L\u2019e<span class=\"_ _0\"></span>spo<span class=\"_ _0\"></span>sizi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">t<span class=\"_ _0\"></span>asso<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>resse<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>u\u00f2<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ecl<span class=\"_ _0\"></span>inat<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>: </span></span></span></span></span></span></span></span></span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs3e7a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs3e7b\">ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs3e7c\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs3e7d\">redd<span class=\"_ _0\"></span>ito</div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3e7e\">,<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>eriv<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>alla<span class=\"ff1\"> </span>po<span class=\"_ _0\"></span>ssib<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>he<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">vari<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inat<span class=\"_ _0\"></span>tesa<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ne<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tassi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>tere<span class=\"_ _0\"></span>sse<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3e7f\">produca<span class=\"ff1\"> </span>una<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riduzione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>margine<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>interesse<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>di<span class=\"_ _2\"></span>pende<span class=\"ff1\"> </span>dallo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sfasam<span class=\"_ _2\"></span>ento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nella<span class=\"ff1\"> </span>str<span class=\"_ _2\"></span>uttura<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3e80\">temporale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">scadenze<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">periodi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ridefinizione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">condizioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tasso<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">interesse<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">degli<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3e81\">impieghi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>raccolta; </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs3e82\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs3e83\">rischio<span class=\"_ _3bd\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs3e84\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs3e85\">investimento,</div><div class=\"t m0 h9 ff1 fs4 fc0 sc0 ls0 ws0 gs3e86\"> <span class=\"_ _21\"> </span><span class=\"ff3 fs5\">os<span class=\"_ _2\"></span>sia<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>subire<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>variazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>negative<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nei<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valori<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tut<span class=\"_ _2\"></span>te<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>attivit\u00e0,<span class=\"ff1\"> </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3e87\">passivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>strumenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fuori<span class=\"ff1\"> <span class=\"_ _21\"></span></span>bilancio,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>seguito<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>mutamenti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tassi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>interesse,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>un<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3e88\">conseguente<span class=\"ff1\"> </span>impatto<span class=\"ff1\"> </span>destabilizzante<span class=\"ff1\"> </span>sull\u2019equilibrio<span class=\"ff1\"> </span>patrimo<span class=\"_ _2\"></span>niale. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3e89\">La<span class=\"ff1\"> </span>politica<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gestione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tasso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d\u2019interesse<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sul<span class=\"ff1\"> <span class=\"_ _2\"></span></span>banking<span class=\"ff1\"> </span>book<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>Gr<span class=\"_ _2\"></span>uppo<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _2\"></span></span>volta<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ad<span class=\"ff1\"> <span class=\"_ _2\"></span></span>una<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3e8a\">sana<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>prud<span class=\"_ _2\"></span>ente<span class=\"ff1\"> </span>g<span class=\"_ _2\"></span>estione<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>el<span class=\"ff1\"> </span>ri<span class=\"_ _2\"></span>schio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>livello<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>Gr<span class=\"_ _2\"></span>uppo,<span class=\"ff1\"> </span>t<span class=\"_ _2\"></span>ale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"ff1\"> </span>ass<span class=\"_ _2\"></span>icurare<span class=\"ff1\"> </span>l\u2019ot<span class=\"_ _2\"></span>timizzazione<span class=\"ff1\"> </span>degli<span class=\"_ _2\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3e8b\">obiettivi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rischio/r<span class=\"_ _2\"></span>endimento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>coerenza<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Risk<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>App<span class=\"_ _2\"></span>etite<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Framework<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>definito<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>livello<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3e8c\">Gruppo.<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Tali<span class=\"ff1\"> <span class=\"_ _21\"></span></span>obie<span class=\"_ _0\"></span>ttivi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>perseguiti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>mantenendo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>uno<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sbilancio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>tendenzialmente<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contenuto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3e8d\">all\u2019interno<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>massimali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>definiti,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>seconda<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rilevanza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>el<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nelle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>singole<span class=\"ff1\"> <span class=\"_ _21\"></span></span>societ\u00e0,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nei<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3e8e\">Regolamenti<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>materia<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>assunzione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>finanziari. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3e8f\">Il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Grup<span class=\"_ _0\"></span>po<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dota<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">regol<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>tazi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">inte<span class=\"_ _0\"></span>rna<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ded<span class=\"_ _0\"></span>icat<span class=\"_ _0\"></span>a,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs3e90\">Poli<span class=\"_ _0\"></span>cy<span class=\"_ _3bd\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs3e91\">Ges<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs3e92\">del<span class=\"_ _3bd\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs3e93\">ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>io<span class=\"_ _3bd\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs3e94\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs3e95\">tas<span class=\"_ _0\"></span>so<span class=\"_ _3bd\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs3e96\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs3e97\">in<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>ess<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs3e98\">de<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs3e99\">ba<span class=\"_ _0\"></span>nk<span class=\"_ _1\"></span>ing<span class=\"_ _3bd\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs3e9a\">bo<span class=\"_ _1\"></span>ok<span class=\"_ _3bd\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs3e9b\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs3e9c\">G<span class=\"_ _0\"></span>ru<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>o,</div><div class=\"t m0 h9 ff1 fs4 fc0 sc0 ls0 ws0 gs3e9d\"> <span class=\"_ _0\"></span><span class=\"ff3 fs5\">co<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">f<span class=\"_ _0\"></span>in<span class=\"_ _1\"></span>ali<span class=\"_ _1\"></span>t\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>ef<span class=\"_ _0\"></span>in<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">le<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">li<span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gu<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _1\"></span>rin<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>pi<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">g<span class=\"_ _1\"></span>ove<span class=\"_ _0\"></span>rn<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3e9e\">e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gestione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>risch<span class=\"_ _2\"></span>io<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tass<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>interesse<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>banking<span class=\"ff1\"> <span class=\"_ _2\"></span></span>book<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(<span class=\"_ _2\"></span>IRRBB),<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delineando<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019insieme<span class=\"ff1\"> <span class=\"_ _20\"></span></span>delle<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3e9f\">norme<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>processi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>controllo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>finali<span class=\"_ _0\"></span>zzati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>stabilizzare<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>margine<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>interesse<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sul<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">portafoglio</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3ea0\">bancario<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>Gruppo<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>singole<span class=\"ff1\"> </span>societ\u00e0. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3ea1\">Le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>linee<span class=\"ff1\"> <span class=\"_ _21\"></span></span>guida<span class=\"ff1\"> <span class=\"_ _20\"></span></span>contenute<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ne<span class=\"_ _2\"></span>lla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Policy<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fanno<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riferimento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>disposizioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>emanate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dalle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>autor<span class=\"_ _2\"></span>it\u00e0<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3ea2\">nazionali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ed<span class=\"ff1\"> <span class=\"_ _20\"></span></span>europee<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>elativamente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ist<span class=\"_ _2\"></span>ruzioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>termini<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>governo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>gestione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3ea3\">tasso<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>interesse<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>banking<span class=\"ff1\"> </span>book. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3ea4\">La<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Policy,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>coerentemente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>no<span class=\"_ _2\"></span>rmativa<span class=\"ff1\"> <span class=\"_ _20\"></span></span>europea,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prevede<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>due<span class=\"ff1\"> <span class=\"_ _20\"></span></span>metriche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riferimento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3ea5\">misurazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tasso,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Sensitivity<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Valore<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Economic<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Sensitivity<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Margine<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3ea6\">Interesse<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>all\u2019interno<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>Risk<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>Appetite<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>Framework<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>nonch\u00e9<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>nei<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>processi<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>Adeguatezza<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3ea7\">Patrimoniale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(ICAAP). </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3ea8\">Tali<span class=\"ff1\">  </span>metriche,<span class=\"ff1\">  </span>calcolate<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dalla<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>funzione<span class=\"ff1\">  </span>Risk<span class=\"ff1\">  </span>Management<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>e<span class=\"ff1\">  </span>r<span class=\"_ _2\"></span>endicontate<span class=\"ff1\">  </span>periodicamente<span class=\"ff1\">  </span>ai<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3ea9\">comitati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riferimento<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1d ff3 fsd fc0 sc0 ls0 ws0 gs3eaa\">3<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3eab\">,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>affiancate<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"ff1\"> <span class=\"_ _20\"></span></span>indicatori<span class=\"ff1\"> <span class=\"_ _20\"></span></span>operativi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>disciplinati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>regolam<span class=\"_ _2\"></span>enti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3eac\">societ\u00e0<span class=\"ff1\"> </span>esistenti<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>materia<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>assunzione<span class=\"ff1\"> </span>Rischi<span class=\"ff1\"> </span>Finanziari. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3ead\">Le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>principali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>funzioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _20\"></span></span>si<span class=\"ff1\"> <span class=\"_ _2\"></span></span>avvalgono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>CA<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Capogruppo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>virt\u00f9<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>propria<span class=\"ff1\"> <span class=\"_ _2\"></span></span>funzione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3eae\">supervisione<span class=\"ff1\"> </span>St<span class=\"_ _2\"></span>rategica<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>CE<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>qualit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>organo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> </span>funzione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>gestione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3eaf\">banking<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>book,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\">  </span>Comitato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Consiliare<span class=\"ff1\">  </span>Rischi<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">e<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">Sostenibilit\u00e0</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">di</span>  <span class=\"ff3\">Grupp<span class=\"_ _0\"></span>o,<span class=\"ff1\">  </span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Comitato<span class=\"ff1\">  </span>Risk<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3eb0\">Ma<span class=\"_ _0\"></span>nage<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>t<span class=\"ff1\"> </span>(con<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">re<span class=\"_ _0\"></span>spon<span class=\"_ _0\"></span>sabi<span class=\"_ _0\"></span>lit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">para<span class=\"_ _0\"></span>gra<span class=\"_ _0\"></span>fo<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs3eb1\">2.1<span class=\"_ _3bd\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs3eb2\">Risch<span class=\"_ _0\"></span>io<span class=\"_ _3bd\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs3eb3\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs3eb4\">tas<span class=\"_ _0\"></span>so<span class=\"_ _3bd\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs3eb5\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs3eb6\">int<span class=\"_ _0\"></span>eress<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs3eb7\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs3eb8\">ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>io<span class=\"_ _3bd\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs3eb9\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs3eba\">pr<span class=\"_ _1\"></span>ezz<span class=\"_ _1\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs3ebb\">\u2013<span class=\"_ _3bd\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs3ebc\">po<span class=\"_ _0\"></span>rt<span class=\"_ _1\"></span>afo<span class=\"_ _0\"></span>gl<span class=\"_ _0\"></span>io<span class=\"_ _3bd\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs3ebd\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs3ebe\">n<span class=\"_ _0\"></span>eg<span class=\"_ _0\"></span>oz<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _1\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs3ebf\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs3ec0\">v<span class=\"_ _0\"></span>igi<span class=\"_ _1\"></span>lan<span class=\"_ _1\"></span>za</div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3ec1\">)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">il<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">com<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Ass<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>t<span class=\"ff1\"> </span>&amp;<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Li<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y<span class=\"ff1\"> </span>M<span class=\"_ _1\"></span>ana<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>t<span class=\"ff1\"> </span>(A<span class=\"_ _0\"></span>LM<span class=\"_ _1\"></span>)<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3ec2\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">quale,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nell\u2019at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">propos<span class=\"_ _2\"></span>itiva<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">CA,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">esamina<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">profilo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Gruppo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">monitora<span class=\"_ _2\"></span>ndo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">limiti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3ec3\">rischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rispetto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>agli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>obiettivi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fissati<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ambito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>RAF<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>individua<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>linee<span class=\"ff1\"> <span class=\"_ _20\"></span></span>guida<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>strategie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3ec4\">gestione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>interesse. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3ec5\">La<span class=\"ff1\"> </span>gestione<span class=\"ff1\"> </span>operat<span class=\"_ _2\"></span>iva<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tas<span class=\"_ _2\"></span>so<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>interesse<span class=\"ff1\"> </span>sul<span class=\"ff1\"> </span>banking<span class=\"ff1\"> </span>book<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>att<span class=\"_ _2\"></span>ribuita<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>B<span class=\"_ _2\"></span>usiness<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3ec6\">Unit<span class=\"ff1\"> </span>Finanza<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>quale<span class=\"ff1\"> </span>competono: </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs3ec7\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3ec8\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">proposizione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Comitato<span class=\"ff1\"> </span>ALM<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">lin<span class=\"_ _2\"></span>ee<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">guida<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gestione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tasso<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">banking<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3ec9\">book<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">la</span> <span class=\"_ _0\"></span><span class=\"ff3\">formulazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>proposte<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Risk</span> <span class=\"_ _0\"></span><span class=\"ff3\">Management,<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>suc<span class=\"_ _0\"></span>cessiva<span class=\"ff1\"> </span>approvazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3eca\">Comitato<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Consiliare<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Rischi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Sostenibilit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Gruppo,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>indirizzo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>strategico<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>profilo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3ecb\">rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>interesse<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>banking<span class=\"ff1\"> </span>book; </div><div class=\"t m0 h59 ff3 fs23 fc0 sc0 ls0 ws0 gs3ecc\">3<span class=\"ff1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs3ecd\">Comitato<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Risk<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Management<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">comitat<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Asset<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Liability<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Management<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(AL<span class=\"_ _0\"></span>M)</span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3ecf\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gestione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ris<span class=\"_ _2\"></span>chio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>asso<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>apogruppo<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">delle<span class=\"ff1\"> </span>S<span class=\"_ _0\"></span>ociet\u00e0<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Gr<span class=\"_ _2\"></span>uppo,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>coe<span class=\"_ _0\"></span>renza<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3ed0\">il<span class=\"ff1\"> </span>pro<span class=\"_ _2\"></span>filo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>complessivo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>definito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>linee<span class=\"ff1\"> <span class=\"_ _2\"></span></span>guida<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>icevute<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"ff1\"> <span class=\"_ _2\"></span></span>parte<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>Comitat<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3ed1\">ALM,<span class=\"ff1\"> </span>nonch\u00e9<span class=\"ff1\"> </span>nell\u2019ambito<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>massimali<span class=\"ff1\"> </span>as<span class=\"_ _2\"></span>segnati;<span class=\"_ _3bd\"> </span> </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs3ed2\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3ed3\">la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>finizione,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>congiuntamente<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Risk<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Manage<span class=\"_ _0\"></span>ment,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _21\"></span></span>struttura<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">limiti</span> <span class=\"_ _20\"></span><span class=\"ff3\">operat<span class=\"_ _2\"></span>ivi</span> <span class=\"_ _20\"></span><span class=\"ff3\">da</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3ed4\">sott<span class=\"_ _0\"></span>opo<span class=\"_ _0\"></span>rre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">CE,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">coeren<span class=\"_ _0\"></span>za<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">R<span class=\"_ _0\"></span>AF<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">condi<span class=\"_ _0\"></span>vis<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">m<span class=\"_ _0\"></span>odel<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">misu<span class=\"_ _1\"></span>razione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">r<span class=\"_ _0\"></span>isc<span class=\"_ _0\"></span>hio<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3ed5\">di<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>banking<span class=\"ff1\"> </span>book<span class=\"ff1\"> </span>definiti<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>Risk<span class=\"ff1\"> </span>Management.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3ed6\">Nell\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>gestione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ope<span class=\"_ _0\"></span>rativa<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Business<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Un<span class=\"_ _0\"></span>it<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Finanza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>basa<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>su<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>analisi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>interest<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rate<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3ed7\">sen<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>tivi<span class=\"_ _0\"></span>ty<span class=\"ff1\"> </span>comp<span class=\"_ _1\"></span>lessi<span class=\"_ _0\"></span>va<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">buck<span class=\"_ _0\"></span>etti<span class=\"_ _0\"></span>zza<span class=\"_ _0\"></span>ta,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fine<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ev<span class=\"_ _0\"></span>iden<span class=\"_ _0\"></span>ziar<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">gra<span class=\"_ _0\"></span>do<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>es<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">asse<span class=\"_ _0\"></span>t<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>lia<span class=\"_ _0\"></span>bil<span class=\"_ _0\"></span>ity<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3ed8\">sensitive<span class=\"ff1\"> </span>sui<span class=\"ff1\"> </span>singoli<span class=\"ff1\"> </span>tratti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>curva.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3ed9\">La<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Business<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Unit<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Finanza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>occupa<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>inoltre<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>propor<span class=\"_ _2\"></span>re<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Comitato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ALM<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff3\">gli</span> <span class=\"_ _27\"> </span><span class=\"ff3\">interventi</span> <span class=\"_ _27\"> </span><span class=\"ff3\">ritenuti</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3eda\">necessari<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">migliorar<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>profilo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">complessivo<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>ermini<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rischio</span> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">tasso<span class=\"ff1\"> </span>(e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>liquidit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">strutturale)<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3edb\">e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>realizzare<span class=\"ff1\"> </span>operativamente<span class=\"ff1\"> </span>tali<span class=\"ff1\"> </span>interventi.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3edc\">Nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>process<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>gestione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>ischi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valutazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dell\u2019adeguatezza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>patr<span class=\"_ _2\"></span>imoniale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3edd\">prospettica,<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>funzione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Risk<span class=\"ff1\"> </span>Management:<span class=\"_ _3bd\"> </span> </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs3ede\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3edf\">sup<span class=\"_ _0\"></span>port<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>A<span class=\"ff1\"> </span>nel<span class=\"_ _0\"></span>l\u2019a<span class=\"_ _0\"></span>ttiv<span class=\"_ _1\"></span>it\u00e0<span class=\"ff1\"> </span>valu<span class=\"_ _1\"></span>tativ<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>vol<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lib<span class=\"_ _0\"></span>erare<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">obi<span class=\"_ _0\"></span>etti<span class=\"_ _0\"></span>vi<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>so<span class=\"_ _0\"></span>glie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tolle<span class=\"_ _0\"></span>ranz<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3ee0\">nell\u2019ambito<span class=\"ff1\"> </span>RAF,<span class=\"ff1\"> </span>nonch\u00e9<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>verifica<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>continuo<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>sua<span class=\"ff1\"> </span>attuazione;<span class=\"_ _3bd\"> </span> </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs3ee1\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3ee2\">propone<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>omitato<span class=\"ff1\"> </span>Rischi,<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">concerto<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">funzione<span class=\"ff1\"> </span>Finanza<span class=\"ff1\"> </span>nell\u2019<span class=\"_ _0\"></span>ambito<span class=\"_ _2\"></span><span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">processo</span> <span class=\"ff3\">di</span> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3ee3\">RAF,<span class=\"ff1\"> </span>l\u2019indirizzo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">str<span class=\"_ _2\"></span>ategico<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">merito<span class=\"_ _2\"></span><span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rofilo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>banking<span class=\"ff1\"> </span>book<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ai<span class=\"ff1\"> </span>livelli<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">soglia</span> <span class=\"ff3\">di</span> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3ee4\">tolleranza<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">adot<span class=\"_ _2\"></span>tabili;<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs3ee5\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3ee6\">definisce<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>model<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">misurazione<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rischio</span> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span>ban<span class=\"_ _0\"></span>king<span class=\"ff1\"> </span>book,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">supporto<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3ee7\">Business<span class=\"ff1\"> </span>Unit<span class=\"ff1\"> </span>Finanza,<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>sottoporre<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>CE;<span class=\"_ _3bd\"> </span> </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs3ee8\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3ee9\">valida<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>m<span class=\"_ _2\"></span>odelli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ut<span class=\"_ _2\"></span>ilizzati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quantificare<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tasso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valutazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>congruit\u00e0<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3eea\">delle<span class=\"ff1\"> </span>ipotesi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>stress<span class=\"ff1\"> </span>sottostanti;<span class=\"_ _3bd\"> </span> </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs3eeb\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3eec\">definisce,<span class=\"ff1\"> </span>co<span class=\"_ _2\"></span>ngiuntamente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Finanza,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>s<span class=\"_ _2\"></span>truttura<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>limiti,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>deleghe<span class=\"ff1\"> <span class=\"_ _2\"></span></span>operative<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3eed\">prove<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>stress<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>sottoporre<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">CE,<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>coerenza<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>soglia<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tolleranza<span class=\"ff1\"> </span>stabilita<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>CA;<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs3eee\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3eef\">predispone<span class=\"ff1\"> <span class=\"_ _20\"></span></span>report<span class=\"_ _2\"></span>ing<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>gestione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mo<span class=\"_ _2\"></span>nitoraggio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>asso<span class=\"ff1\"> <span class=\"_ _21\"></span></span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Comitati<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3ef0\">rif<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>to;<span class=\"_ _3bd\"> </span> </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs3ef1\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3ef2\">monitora<span class=\"ff1\"> </span>giornalmente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>rispetto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span>limiti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">operativi<span class=\"ff1\"> </span>esplicitati<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>ei<span class=\"ff1\"> </span>Re<span class=\"_ _0\"></span>golamenti<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>materia<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3ef3\">ass<span class=\"_ _0\"></span>unz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>schi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fin<span class=\"_ _0\"></span>anzi<span class=\"_ _0\"></span>ari,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">iv<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>mpre<span class=\"_ _0\"></span>so<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pre<span class=\"_ _0\"></span>sid<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>ient<span class=\"_ _0\"></span>ro<span class=\"ff1\"> </span>dag<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">scon<span class=\"_ _0\"></span>fini<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>spet<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tali<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3ef4\">li<span class=\"_ _0\"></span>miti<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3ef5\">Il<span class=\"ff1\"> </span>Report<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Giornaliero<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>sintesi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>rispetto<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>mass<span class=\"_ _2\"></span>imali<span class=\"ff1\"> </span>operativi<span class=\"ff1\"> </span>presenta,<span class=\"ff1\"> </span>fra<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> </span>altre,<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>seguent<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3ef6\">in<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ni:<span class=\"_ _3bd\"> </span> </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs3ef7\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3ef8\">mas<span class=\"_ _0\"></span>sima<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>tas<span class=\"_ _0\"></span>so<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">term<span class=\"_ _0\"></span>ini<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">In<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>est<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>ate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sen<span class=\"_ _0\"></span>siti<span class=\"_ _0\"></span>vity<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>siv<span class=\"_ _0\"></span>a;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs3ef9\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3efa\">mas<span class=\"_ _0\"></span>sima<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">te<span class=\"_ _0\"></span>rmini<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>I<span class=\"_ _0\"></span>nter<span class=\"_ _0\"></span>est<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">se<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>tivi<span class=\"_ _0\"></span>ty<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>b<span class=\"_ _0\"></span>ucke<span class=\"_ _0\"></span>t;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs3efb\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3efc\">li<span class=\"_ _0\"></span>mite<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">In<span class=\"_ _0\"></span>tere<span class=\"_ _0\"></span>st<span class=\"ff1\"> </span>ra<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>sitiv<span class=\"_ _0\"></span>ity<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>elle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>osizi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">div<span class=\"_ _0\"></span>isa<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dive<span class=\"_ _1\"></span>rsa<span class=\"ff1\"> </span>dal<span class=\"_ _0\"></span>l\u2019Eu<span class=\"_ _1\"></span>ro.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3efd\">Per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quanto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>riguarda<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>poste<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>vista,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Gr<span class=\"_ _2\"></span>uppo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>adotta<span class=\"ff1\"> <span class=\"_ _21\"></span></span>un<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">modell<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valutazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ch<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>permette<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3efe\">quantificarne<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gli<span class=\"ff1\"> </span>ef<span class=\"_ _0\"></span>fett<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>rsist<span class=\"_ _2\"></span>enza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tempo<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>imp<span class=\"_ _0\"></span>erfett<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">elasticit\u00e0<span class=\"ff1\"> </span>alla<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">variazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tassi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3eff\">mercato<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>(effetto<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>vischiosit\u00e0).<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>La<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>modellizzazione<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>basat<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>sulle<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>serie<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>storiche<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>interne<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>dei<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3f00\">comportamenti<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>clientela,<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>costituisce<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>due<span class=\"ff1\"> </span>componenti:<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>stima<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>relazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>tassi<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3f01\">delle<span class=\"ff1\"> </span>poste<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>vista<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>tassi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>me<span class=\"_ _0\"></span>rcato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>ulteriori<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">regressori<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>consentono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>separare<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>risc<span class=\"_ _0\"></span>hio<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3f02\">di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>t<span class=\"_ _2\"></span>asso<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>interesse<span class=\"ff1\">  </span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>s<span class=\"_ _2\"></span>enso<span class=\"ff1\">  </span>proprio<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>a<span class=\"ff1\">  </span>altri<span class=\"ff1\">  </span>fe<span class=\"_ _0\"></span>nomeni<span class=\"ff1\">  </span>(es.<span class=\"ff1\">  </span>credi<span class=\"_ _0\"></span>to)<span class=\"ff1\">  </span>in<span class=\"ff1\">  </span>base<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ad<span class=\"ff1\">  </span>un<span class=\"ff1\">  </span>modello<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3f03\">econometrico;<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stima<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ella<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">persistenza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">volumi,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">collegata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">concetto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mean<span class=\"ff1\"> </span>life<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">co<span class=\"_ _2\"></span>nsente<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3f04\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">leg<span class=\"_ _0\"></span>are<span class=\"ff1\"> </span>mag<span class=\"_ _0\"></span>gior<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>l\u2019hold<span class=\"_ _1\"></span>ing<span class=\"ff1\"> </span>peri<span class=\"_ _0\"></span>od<span class=\"ff1\"> </span>degl<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>aggreg<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">all<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>vo<span class=\"_ _0\"></span>lati<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>storic<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>delle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">masse<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>attrav<span class=\"_ _0\"></span>erso<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3f05\">la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l\u2019ammontar<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>post<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>vista<span class=\"ff1\"> <span class=\"_ _20\"></span></span>viene<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tradotto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un<span class=\"ff1\"> <span class=\"_ _20\"></span></span>portafoglio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>poste<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>asso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fisso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3f06\">scadenza<span class=\"ff1\"> </span>(replicating<span class=\"ff1\"> </span>portfolio).<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3f07\">Il<span class=\"ff1\"> </span>Gruppo<span class=\"ff1\"> </span>utilizza<span class=\"ff1\"> </span>inoltre<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>modello<span class=\"ff1\"> </span>comportam<span class=\"_ _2\"></span>entale<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>prep<span class=\"_ _0\"></span>ayment<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ui<span class=\"ff1\"> </span>mutui<span class=\"ff1\"> </span>La<span class=\"ff1\"> </span>mode<span class=\"_ _0\"></span>llizzazione<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3f08\">adottata<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tipo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>comportamentale,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>basata<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>ull\u2019analisi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>serie<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>storica<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>degli<span class=\"ff1\"> <span class=\"_ _21\"></span></span>eventi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>estinzione<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3f09\">anticipata<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>rinegoziazione<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>tass<span class=\"_ _2\"></span>o.<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>A<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>differenza<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>modelli<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>mercato,<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>nei<span class=\"ff1\"> <span class=\"_ _118\"> </span></span>model<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3f0a\">comportamentali<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fattori<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>predominanti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ch<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>concorrono<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>determinare<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dell\u2019<span class=\"_ _0\"></span>opzione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3f0b\">rimborso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>anticipato<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>esclu<span class=\"_ _0\"></span>sivamente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tipo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>finanziario,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ma<span class=\"ff1\"> </span>includono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>variabili<span class=\"ff1\"> </span>espl<span class=\"_ _2\"></span>icative<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3f0c\">dipendenti<span class=\"ff1\"> </span>dalle<span class=\"ff1\"> </span>caratteristiche<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>mutuo<span class=\"ff1\"> </span>(es.<span class=\"ff1\"> </span>loan<span class=\"ff1\"> </span>to<span class=\"ff1\"> <span class=\"_ _2\"></span></span>value)<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _2\"></span>el</span> <span class=\"ff3\">mutuatario</span> <span class=\"ff3\">(es.</span> <span class=\"ff3\">et\u00e0).<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3f0d\">Prosegue<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019attivit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">presid<span class=\"_ _2\"></span>io<span class=\"ff1\"> </span>dell<span class=\"_ _0\"></span>\u2019evoluzione<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quadro<span class=\"ff1\"> </span>regolamentare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">europeo<span class=\"ff1\"> </span>sul<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>asso<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3f0e\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">interesse<span class=\"ff1\"> </span>nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">banking<span class=\"ff1\"> </span>book<span class=\"ff1\"> </span>(IRRBB)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>adeguamento,<span class=\"ff1\"> </span>tene<span class=\"_ _0\"></span>ndo<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">indicazioni<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>JST<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3f0f\">ambito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">SREP.<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3f10\">Il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Gruppo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">corso<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>el<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">2022<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ha<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">continuato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">segnalare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">trimestralmente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">BCE<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">propria<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">esposizione<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs3f11\">al<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> </span>attraverso<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>segnalazioni<span class=\"ff1\"> </span>Short<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Term<span class=\"ff1\"> </span>Exercise<span class=\"ff1\"> </span>(STE-IRRBB). </div>Inf<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>maz<span class=\"_ _1\"></span>ion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>na<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>ra<span class=\"_ _3bd\"> </span>qu<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>tit<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>1.<span class=\"_ _3bd\"> </span>Port<span class=\"_ _0\"></span>afoglio<span class=\"_ _3bd\"> </span>banca<span class=\"_ _0\"></span>rio:<span class=\"_ _3bd\"> </span>distr<span class=\"_ _0\"></span>ibuzione<span class=\"_ _3bd\"> </span>per<span class=\"_ _3bd\"> </span>dura<span class=\"_ _0\"></span>ta<span class=\"_ _3bd\"> </span>resid<span class=\"_ _0\"></span>ua<span class=\"_ _3bd\"> </span>(data<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ripre<span class=\"_ _0\"></span>zzame<span class=\"_ _0\"></span>nto)<span class=\"_ _3bd\"> </span>delle<span class=\"_ _3bd\"> </span>atti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>dell<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>pass<span class=\"_ _0\"></span>ivit\u00e0<span class=\"_ _3bd\"> </span>finanzi<span class=\"_ _0\"></span>arie<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>La<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">presente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tavola<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stat<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">redatta<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">poich\u00e9<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">viene<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">seguito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fornita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019analisi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sensitivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>tasso<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>interesse<span class=\"ff1\"> </span>basata<span class=\"ff1\"> </span>sui<span class=\"ff1\"> </span>modelli<span class=\"ff1\"> </span>interni<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>altre<span class=\"ff1\"> </span>metodologie. 2.<span class=\"_ _3bd\"> </span>Po<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>af<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>lio<span class=\"_ _3bd\"> </span>ba<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>o:<span class=\"_ _3bd\"> </span>mo<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>lli<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>rni<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>al<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>me<span class=\"_ _0\"></span>to<span class=\"_ _1\"></span>dolo<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>per<span class=\"_ _3bd\"> </span>le<span class=\"_ _3bd\"> </span>an<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>isi<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>se<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Nella<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">presente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sezione<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sinteticamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esposti<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">risultati<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"ff1\"> </span>analisi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tass<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>interesse,<span class=\"ff1\"> </span>limitatamente<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>portafogli<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>bancario.<span class=\"ff1\"> </span>In<span class=\"ff1\"> </span>particolare,<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>tabella<span class=\"ff1\"> </span>sotto<span class=\"ff1\"> </span>riportata,<span class=\"ff1\"> </span>mostra<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> </span>dati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>relativi<span class=\"ff1\">  </span>all<span class=\"_ _0\"></span>\u2019impatto<span class=\"ff1\">  </span>sul<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>margine<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\">  </span>i<span class=\"_ _0\"></span>nteresse<span class=\"ff1\">  </span>(</span></span>shift<span class=\"_ _3bd\"> </span>sensitivity<span class=\"_ _3bd\"> </span>analysis),<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>su<span class=\"ff1\">  </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>orizzonte<span class=\"ff1\"> </span>temporale<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>12<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mesi,<span class=\"ff1\"> </span>nell\u2019ipotesi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>una<span class=\"ff1\"> <span class=\"_ _2\"></span></span>variazione<span class=\"ff1\"> </span>parallela<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> </span>tass<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>interesse<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>+<span class=\"_ _2\"></span>/-<span class=\"ff1\"> </span>100<span class=\"ff1\"> <span class=\"_ _2\"></span></span>punti<span class=\"ff1\"> </span>base.<span class=\"ff1\"> <span class=\"_ _21\"></span></span>La<span class=\"ff1\"> <span class=\"_ _21\"></span></span>misura<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>basat<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sulle<span class=\"ff1\"> <span class=\"_ _21\"></span></span>posizioni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fine<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff3\">anno,</span> <span class=\"_ _21\"></span><span class=\"ff3\">senza</span> <span class=\"_ _21\"> </span><span class=\"ff3\">includere</span> <span class=\"_ _21\"></span><span class=\"ff3\">dunque</span> <span class=\"_ _21\"></span><span class=\"ff3\">ipotesi</span> <span class=\"_ _21\"> </span><span class=\"ff3\">su</span> <span class=\"_ _21\"></span><span class=\"ff3\">futuri</span> </span>cambiamenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">della<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>omposizione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pass<span class=\"_ _2\"></span>ivit\u00e0.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Ai<span class=\"ff1\"> </span>fini<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>ell\u2019analisi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">impostato<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">floor<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">zero<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>sul<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> </span>cliente<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>poste<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>clientela. L\u2019analisi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>condotta<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>coerentemente<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>metodologia<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>utilizzata<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ai<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fini<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>misurazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tasso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>portafoglio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>bancario<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ambito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Risk<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Appetite<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Fr<span class=\"_ _2\"></span>amework<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> <span class=\"_ _21\"></span></span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span><span class=\"ff3\">segnalazioni</span> </span>Short<span class=\"ff1\"> </span>Term<span class=\"ff1\"> </span>Exercise<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> </span>STE<span class=\"ff1\"> </span>rischi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tasso,<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>linea<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>linee<span class=\"ff1\"> </span>guida<span class=\"ff1\"> </span>europee<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>riferimento. Ipo<span class=\"_ _1\"></span>tes<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>sh<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>t<span class=\"_ _3bd\"> </span>pa<span class=\"_ _0\"></span>ral<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>lo<span class=\"_ _3bd\"> </span>(d<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>mi<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>e<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>)<span class=\"_ _0\"></span> Sho<span class=\"_ _0\"></span>ck<span class=\"_ _3bd\"> </span>-1<span class=\"_ _0\"></span>00<span class=\"_ _3bd\"> </span>b<span class=\"_ _0\"></span>.p<span class=\"_ _0\"></span>. <span class=\"_ _115\"> </span>Sh<span class=\"_ _0\"></span>ock<span class=\"_ _3bd\"> </span>+1<span class=\"_ _0\"></span>00<span class=\"_ _3bd\"> </span>b.<span class=\"_ _1\"></span>p.<span class=\"_ _0\"></span> Da<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">12/20<span class=\"_ _0\"></span>22 <span class=\"_ _1d7\"> </span>-62<span class=\"_ _0\"></span>,3 <span class=\"_ _10\"> </span>+91,<span class=\"_ _0\"></span>0 </span></span>L\u2019esposizione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a</span></span>l<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ris<span class=\"_ _2\"></span>chio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tasso<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">interesse<span class=\"ff1\"> </span>dal<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">punto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vist<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pat<span class=\"_ _2\"></span>rimoniale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">viene<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">misurata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">li<span class=\"_ _2\"></span>vello<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>consolidato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dalla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>sensitivity<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>val<span class=\"_ _0\"></span>ore<span class=\"ff1\"> <span class=\"_ _21\"></span></span>economico<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(variazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>fair<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span></span>value<span class=\"ff1\"> <span class=\"_ _21\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>poste<span class=\"ff1\"> <span class=\"_ _20\"></span></span>at<span class=\"_ _2\"></span>tive<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>ssiv<span class=\"_ _0\"></span>e),<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">se<span class=\"_ _0\"></span>cond<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">approc<span class=\"_ _0\"></span>cio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">full<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span>valu<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>se<span class=\"_ _0\"></span>gui<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>sh<span class=\"_ _0\"></span>ock<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">paral<span class=\"_ _0\"></span>lel<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>sul<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">curv<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>t<span class=\"_ _0\"></span>assi<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>spot<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">+/-200<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">basis<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">points.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2022<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>ariazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">media<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>valore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">economico<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rapport<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ai<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mez<span class=\"_ _2\"></span>zi<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>propri<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>risultata<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>4,5%. Oltre<span class=\"ff1\"> <span class=\"_ _20\"></span></span>all\u2019impatto<span class=\"ff1\"> <span class=\"_ _21\"></span></span>degli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">shock</span> <span class=\"_ _20\"></span><span class=\"ff3\">paralleli</span> <span class=\"_ _20\"></span><span class=\"ff3\">dei</span> <span class=\"_ _20\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>assi</span> <span class=\"_ _20\"></span><span class=\"ff3\">internamente</span> <span class=\"_ _21\"></span><span class=\"ff3\">vengono</span> <span class=\"_ _20\"></span><span class=\"ff3\">periodicamente</span> <span class=\"_ _20\"></span><span class=\"ff3\">condotte</span> </span>analisi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">st<span class=\"_ _2\"></span>ress<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ipotizzando<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sho<span class=\"_ _2\"></span>ck<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">par<span class=\"_ _2\"></span>alleli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">basati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ull\u2019andamento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">st<span class=\"_ _2\"></span>orico<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">curva<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>ei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tassi.<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">metodologie<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>tilizzate<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>l\u2019analisi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>sensitivi<span class=\"_ _0\"></span>ty<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tas<span class=\"_ _2\"></span>so<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">interesse<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"_ _2\"></span>ncludono<span class=\"ff1\"> </span>anche<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>la<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>modellizzazione<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>d<span class=\"_ _2\"></span>elle<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>poste<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>vista<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>pre<span class=\"_ _2\"></span>payment<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>sui<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>mutui<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>s<span class=\"_ _2\"></span>econdo<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>modelli<span class=\"ff1\"> </span>comportamentali<span class=\"ff1\"> </span>sopra<span class=\"ff1\"> </span>descritti. Per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tass<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span>portafogli<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>bancario<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span>riportano<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">medesime<span class=\"ff1\"> </span>an<span class=\"_ _0\"></span>alisi<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">VaR<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>escritte<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>paragrafo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sul<span class=\"ff1\"> <span class=\"_ _2\"></span></span>portafoglio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Negoziazione,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _2\"></span></span>si<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rimanda<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>descrizione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>metodologia.<span class=\"ff1\"> </span>Nelle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>f<span class=\"_ _2\"></span>igure<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sott<span class=\"_ _2\"></span>ostanti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>iportato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l\u2019andamento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>VaR<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ba<span class=\"_ _2\"></span>nking<span class=\"ff1\"> <span class=\"_ _20\"></span></span>book<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Credem<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nell\u2019ar<span class=\"_ _2\"></span>co<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> </span>2<span class=\"_ _0\"></span>022<span class=\"_ _1\"></span>. I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risu<span class=\"_ _0\"></span>lta<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>\u2019at<span class=\"_ _0\"></span>tivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">b<span class=\"_ _0\"></span>ackte<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>ng<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rip<span class=\"_ _0\"></span>orta<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pa<span class=\"_ _0\"></span>ragra<span class=\"_ _0\"></span>fo<span class=\"ff1\"> </span>1.<span class=\"_ _0\"></span>2.3<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u201cRi<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ca<span class=\"_ _0\"></span>mbio<span class=\"_ _0\"></span>\u201d.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Fi<span class=\"_ _0\"></span>gu<span class=\"_ _0\"></span>ra<span class=\"_ _3bd\"> </span>5.<span class=\"_ _3bd\"> </span>An<span class=\"_ _0\"></span>da<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>In<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>t<span class=\"_ _3bd\"> </span>Ra<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span>Va<span class=\"_ _0\"></span>R<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>em<span class=\"_ _3bd\"> </span>\u2013<span class=\"_ _3bd\"> </span>ba<span class=\"_ _0\"></span>nk<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g<span class=\"_ _3bd\"> </span>bo<span class=\"_ _0\"></span>ok<span class=\"_ _3bd\"> </span>(9<span class=\"_ _1\"></span>9%,<span class=\"_ _3bd\"> </span>10<span class=\"_ _0\"></span>gg<span class=\"_ _0\"></span>*c<span class=\"_ _0\"></span>oe<span class=\"_ _0\"></span>ff<span class=\"_ _3bd\"> </span>mo<span class=\"_ _1\"></span>ltip<span class=\"_ _0\"></span>lic<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>o).<span class=\"_ _3bd\"> </span>Da<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>mi<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>eu<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>.<span class=\"fc0 sc1\"> </span>L\u2019aumento<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>VaR<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nel<span class=\"ff1\"> </span>corso<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>20<span class=\"_ _2\"></span>22<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>principalmente<span class=\"ff1\"> </span>riferibile<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>volatilit\u00e0<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>t<span class=\"_ _2\"></span>assi<span class=\"ff1\"> </span>registrata<span class=\"ff1\"> </span>sui<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mercati. </span></span>Rischio<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>pr<span class=\"_ _0\"></span>ez<span class=\"_ _0\"></span>zo<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Nell\u2019ambito<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>portafoglio<span class=\"ff1\"> </span>bancario<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>Gruppo<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>ha<span class=\"ff1\"> </span>posizioni<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>azioni<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>partecipazioni<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>otate.<span class=\"ff1\"> </span>Sono<span class=\"ff1\"> </span>presen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>3,5<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">milioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u20ac<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">un<span class=\"ff1\"> </span>fondo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">private<span class=\"ff1\"> </span>equity<span class=\"ff1\"> </span>g<span class=\"_ _0\"></span>estito<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">societ\u00e0<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">grup<span class=\"_ _2\"></span>po<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>quote<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>non<span class=\"ff1\"> </span>rile<span class=\"_ _0\"></span>vanti<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fondi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ri<span class=\"_ _2\"></span>venienti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dalla<span class=\"ff1\"> </span>fusione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con</span> <span class=\"_ _0\"></span><span class=\"ff3\">Cassa<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Risparmio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Cento,<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cui<span class=\"ff1\"> </span>1,2<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">milioni</span> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>\u20ac<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>in<span class=\"ff1\"> </span>fondi<span class=\"ff1\"> </span>immobiliari. At<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rtu<span class=\"_ _0\"></span>ra<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>io<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>pre<span class=\"_ _1\"></span>zzo<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">g<span class=\"_ _0\"></span>rupp<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>no<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ha<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">posto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span>ssere<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ope<span class=\"_ _0\"></span>razi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cope<span class=\"_ _0\"></span>rtu<span class=\"_ _0\"></span>ra. </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>1.2.3<span class=\"_ _3bd\"> </span>Risc<span class=\"_ _0\"></span>hio<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>camb<span class=\"_ _0\"></span>io<span class=\"_ _3bd\"> </span> Inf<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>maz<span class=\"_ _1\"></span>ion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>na<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>ra<span class=\"_ _3bd\"> </span>qu<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>a<span class=\"fc0 sc1\"> </span>A.As<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>tti<span class=\"_ _3bd\"> </span>ge<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>ral<span class=\"_ _0\"></span>i,<span class=\"_ _3bd\"> </span>pro<span class=\"_ _1\"></span>ces<span class=\"_ _0\"></span>si<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ge<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>me<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>di<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>mi<span class=\"_ _0\"></span>su<span class=\"_ _0\"></span>raz<span class=\"_ _1\"></span>ione<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>io<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>L\u2019<span class=\"_ _0\"></span>atti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>vol<span class=\"_ _0\"></span>ta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sui<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">merca<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cambi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pr<span class=\"_ _0\"></span>evede<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019as<span class=\"_ _0\"></span>sunz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>osiz<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ge<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ontr<span class=\"_ _0\"></span>oll<span class=\"_ _0\"></span>ate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tramit<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>mas<span class=\"_ _0\"></span>sima<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">posiz<span class=\"_ _0\"></span>ione,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sia<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">lord<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sia<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">n<span class=\"_ _0\"></span>etta<span class=\"_ _0\"></span>,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">massi<span class=\"_ _0\"></span>mali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conce<span class=\"_ _0\"></span>ntra<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">div<span class=\"_ _0\"></span>isa<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mercato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">currency<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">viene<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">calcolato<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">st<span class=\"_ _2\"></span>essa<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fr<span class=\"_ _2\"></span>equenza<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">metodologia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"_ _2\"></span>dicata<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>rischio<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>equity.<span class=\"_ _3bd\"> </span> B.At<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rtu<span class=\"_ _0\"></span>ra<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>io<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Non<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">so<span class=\"_ _0\"></span>no<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pr<span class=\"_ _0\"></span>esen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ope<span class=\"_ _0\"></span>raz<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>per<span class=\"_ _0\"></span>tura<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>Inf<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>maz<span class=\"_ _1\"></span>ion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>na<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>ra<span class=\"_ _3bd\"> </span>qu<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>tit<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>1.<span class=\"_ _3bd\"> </span>Di<span class=\"_ _0\"></span>str<span class=\"_ _0\"></span>ib<span class=\"_ _0\"></span>uz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>lut<span class=\"_ _1\"></span>a<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>no<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>at<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>pa<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>dei<span class=\"_ _3bd\"> </span>der<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>V<span class=\"_ _0\"></span>oc<span class=\"_ _1\"></span>i<span class=\"fc0 sc1\"> </span>Va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>U<span class=\"_ _0\"></span>S<span class=\"_ _0\"></span>D<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _1fe\"> </span><span class=\"fc4 sc2\">GB<span class=\"_ _1\"></span>P<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _7e\"> </span><span class=\"fc4 sc2\">JP<span class=\"_ _0\"></span>Y<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _20b\"> </span><span class=\"fc4 sc2\">C<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>D<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _70\"> </span><span class=\"fc4 sc2\">C<span class=\"_ _1\"></span>HF<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _81\"> </span><span class=\"fc4 sc2\">ALTRE<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span>VA<span class=\"_ _1\"></span>LUT<span class=\"_ _0\"></span>E<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>A.<span class=\"_ _3bd\"> </span>Attiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span>fin<span class=\"_ _1\"></span>anz<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>rie<span class=\"_ _1\"></span> <span class=\"_ _2c0\"> </span>2.2<span class=\"_ _0\"></span>16<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>55<span class=\"_ _1\"></span> <span class=\"_ _1a2\"> </span>13<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>83<span class=\"_ _0\"></span> <span class=\"_ _209\"> </span>11<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>98<span class=\"_ _0\"></span> <span class=\"_ _196\"> </span>2<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>32<span class=\"_ _0\"></span> <span class=\"_ _1fe\"> </span>8.<span class=\"_ _0\"></span>49<span class=\"_ _0\"></span>3 <span class=\"_ _3b\"> </span>24<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>21<span class=\"_ _0\"></span> A.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Titoli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ebi<span class=\"_ _0\"></span>to <span class=\"_ _344\"> </span>2.<span class=\"_ _0\"></span>104<span class=\"_ _0\"></span>.21<span class=\"_ _0\"></span>8 <span class=\"_ _176\"> </span>62<span class=\"_ _0\"></span>9 <span class=\"_ _47\"> </span>2 <span class=\"_ _222\"> </span>- <span class=\"_ _201\"> </span>-<span class=\"_ _2\"></span> <span class=\"_ _6d\"> </span>25<span class=\"_ _1\"></span>0<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span>A.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Titoli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>api<span class=\"_ _0\"></span>tal<span class=\"_ _0\"></span>e <span class=\"_ _278\"> </span>7.<span class=\"_ _0\"></span>630<span class=\"_ _0\"></span> <span class=\"_ _2e\"> </span>- <span class=\"_ _2e\"> </span>- <span class=\"_ _222\"> </span>- <span class=\"_ _a3\"> </span>- <span class=\"_ _332\"> </span>-<span class=\"_ _2\"></span> </span></span></span></span>A.<span class=\"_ _0\"></span>3<span class=\"ff1\"> </span>Fin<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>iam<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ban<span class=\"_ _0\"></span>che<span class=\"_ _1\"></span> <span class=\"_ _206\"> </span>38.67<span class=\"_ _0\"></span>4 <span class=\"_ _1ac\"> </span>11.<span class=\"_ _0\"></span>413<span class=\"_ _0\"></span> <span class=\"_ _a1\"> </span>9.19<span class=\"_ _0\"></span>6 <span class=\"_ _1a2\"> </span>2<span class=\"_ _0\"></span>.631<span class=\"_ _1\"></span> <span class=\"_ _7c\"> </span>3.5<span class=\"_ _0\"></span>79 <span class=\"_ _4b\"> </span>23.<span class=\"_ _0\"></span>437<span class=\"_ _1\"></span> </span></span>A.<span class=\"_ _0\"></span>4<span class=\"ff1\"> </span>Fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>cl<span class=\"_ _1\"></span>ient<span class=\"_ _0\"></span>ela<span class=\"_ _0\"></span> <span class=\"_ _2b9\"> </span>65<span class=\"_ _0\"></span>.73<span class=\"_ _0\"></span>3 <span class=\"_ _20b\"> </span>1.<span class=\"_ _0\"></span>74<span class=\"_ _1\"></span>1 <span class=\"_ _f2\"> </span>2.<span class=\"_ _0\"></span>400 <span class=\"_ _222\"> </span>1 <span class=\"_ _72\"> </span>4.<span class=\"_ _0\"></span>914 <span class=\"_ _1b9\"> </span>334<span class=\"_ _1\"></span> A.5<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"_ _2\"></span>ttivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fin<span class=\"_ _1\"></span>anzia<span class=\"_ _0\"></span>rie<span class=\"_ _1\"></span> <span class=\"_ _204\"> </span>- <span class=\"_ _2e\"> </span>- <span class=\"_ _2e\"> </span>- <span class=\"_ _222\"> </span>- <span class=\"_ _a3\"> </span>- <span class=\"_ _fc\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span>B.<span class=\"_ _3bd\"> </span>Altr<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>at<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _0\"></span> <span class=\"_ _1b7\"> </span>6.8<span class=\"_ _0\"></span>49<span class=\"_ _1\"></span> <span class=\"_ _6c\"> </span>58<span class=\"_ _1\"></span>9<span class=\"_ _0\"></span> <span class=\"_ _a5\"> </span>18<span class=\"_ _1\"></span>2 <span class=\"_ _1a8\"> </span>4<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span> <span class=\"_ _72\"> </span>1.<span class=\"_ _0\"></span>00<span class=\"_ _1\"></span>9 <span class=\"_ _6d\"> </span>70<span class=\"_ _1\"></span>8<span class=\"_ _0\"></span> C.<span class=\"_ _3bd\"> </span>Pa<span class=\"_ _1\"></span>ssiv<span class=\"_ _1\"></span>it\u00e0<span class=\"_ _3bd\"> </span>fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>e <span class=\"_ _1a4\"> </span>2.<span class=\"_ _0\"></span>31<span class=\"_ _0\"></span>3.<span class=\"_ _0\"></span>57<span class=\"_ _0\"></span>9 <span class=\"_ _224\"> </span>3<span class=\"_ _0\"></span>7.<span class=\"_ _0\"></span>65<span class=\"_ _0\"></span>0 <span class=\"_ _a1\"> </span>5.4<span class=\"_ _0\"></span>31<span class=\"_ _0\"></span> <span class=\"_ _224\"> </span>6.94<span class=\"_ _1\"></span>2 <span class=\"_ _73\"> </span>10.<span class=\"_ _0\"></span>76<span class=\"_ _0\"></span>3 <span class=\"_ _eb\"> </span>17.<span class=\"_ _0\"></span>35<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span> C.<span class=\"_ _0\"></span>1<span class=\"ff1\"> </span>De<span class=\"_ _0\"></span>bit<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>ver<span class=\"_ _1\"></span>so<span class=\"ff1\"> </span>ban<span class=\"_ _0\"></span>che<span class=\"_ _1\"></span> <span class=\"_ _8b\"> </span>2.03<span class=\"_ _0\"></span>3.0<span class=\"_ _0\"></span>30 <span class=\"_ _1ac\"> </span>4.5<span class=\"_ _1\"></span>75 <span class=\"_ _73\"> </span>2<span class=\"_ _0\"></span>15<span class=\"_ _1\"></span> <span class=\"_ _52\"> </span>10<span class=\"_ _0\"></span> <span class=\"_ _194\"> </span>2.0<span class=\"_ _0\"></span>57 <span class=\"_ _6d\"> </span>79<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span> C.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Debiti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">verso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cli<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>ela<span class=\"_ _1\"></span> <span class=\"_ _24f\"> </span>28<span class=\"_ _0\"></span>0.5<span class=\"_ _1\"></span>49 <span class=\"_ _69\"> </span>33.07<span class=\"_ _0\"></span>5 <span class=\"_ _a1\"> </span>5.2<span class=\"_ _0\"></span>16 <span class=\"_ _69\"> </span>6.932<span class=\"_ _1\"></span> <span class=\"_ _1fe\"> </span>8.70<span class=\"_ _0\"></span>6 <span class=\"_ _19c\"> </span>16.5<span class=\"_ _0\"></span>61<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span>C.3<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Titoli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">debi<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span> <span class=\"_ _195\"> </span>- <span class=\"_ _2e\"> </span>- <span class=\"_ _2e\"> </span>-<span class=\"_ _2\"></span> <span class=\"_ _7c\"> </span>- <span class=\"_ _a3\"> </span>- <span class=\"_ _fc\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span>C.<span class=\"_ _0\"></span>4<span class=\"ff1\"> </span>Alt<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pas<span class=\"_ _0\"></span>sivi<span class=\"_ _0\"></span>t\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">finan<span class=\"_ _1\"></span>ziari<span class=\"_ _0\"></span>e <span class=\"_ _202\"> </span>- <span class=\"_ _2e\"> </span>- <span class=\"_ _1ab\"> </span>- <span class=\"_ _7c\"> </span>- <span class=\"_ _a3\"> </span>- <span class=\"_ _fc\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span>D.<span class=\"_ _3bd\"> </span>Altr<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>pa<span class=\"_ _1\"></span>ssiv<span class=\"_ _1\"></span>it\u00e0<span class=\"_ _0\"></span> <span class=\"_ _2bb\"> </span>3.5<span class=\"_ _0\"></span>28<span class=\"_ _0\"></span> <span class=\"_ _32b\"> </span>2.9<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span> 7 <span class=\"_ _70\"> </span>7<span class=\"_ _1\"></span>1 <span class=\"_ _65\"> </span>2<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span> <span class=\"_ _2b6\"> </span>10<span class=\"_ _1\"></span>0<span class=\"_ _0\"></span> E.<span class=\"_ _3bd\"> </span>De<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>fin<span class=\"_ _1\"></span>anz<span class=\"_ _1\"></span>iari<span class=\"_ _1\"></span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Opz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i <span class=\"_ _180\"> </span>- <span class=\"_ _2e\"> </span>- <span class=\"_ _2e\"> </span>- <span class=\"_ _222\"> </span>- <span class=\"_ _201\"> </span>-<span class=\"_ _2\"></span> <span class=\"_ _332\"> </span>-<span class=\"_ _2\"></span> </span></span>+<span class=\"ff1\"> </span>P<span class=\"_ _0\"></span>osi<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">lun<span class=\"_ _0\"></span>ghe<span class=\"_ _1\"></span> <span class=\"_ _e4\"> </span>- <span class=\"_ _2e\"> </span>- <span class=\"_ _2e\"> </span>- <span class=\"_ _222\"> </span>- <span class=\"_ _a3\"> </span>- <span class=\"_ _fc\"> </span>-<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>+<span class=\"ff1\"> </span>Po<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>e <span class=\"_ _29f\"> </span>- <span class=\"_ _2e\"> </span>- <span class=\"_ _1ab\"> </span>- <span class=\"_ _7c\"> </span>- <span class=\"_ _201\"> </span>-<span class=\"_ _2\"></span> <span class=\"_ _332\"> </span>-<span class=\"_ _2\"></span> -<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">A<span class=\"_ _2\"></span>ltri<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">der<span class=\"_ _0\"></span>ivat<span class=\"_ _0\"></span>i <span class=\"_ _13\"> </span>- <span class=\"_ _2e\"> </span>- <span class=\"_ _2e\"> </span>- <span class=\"_ _222\"> </span>- <span class=\"_ _a3\"> </span>- <span class=\"_ _fc\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span>+<span class=\"ff1\"> </span>P<span class=\"_ _0\"></span>osi<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">lun<span class=\"_ _0\"></span>ghe<span class=\"_ _1\"></span> <span class=\"_ _345\"> </span>434<span class=\"_ _0\"></span>.03<span class=\"_ _0\"></span>6 <span class=\"_ _63\"> </span>171.<span class=\"_ _0\"></span>448<span class=\"_ _0\"></span> <span class=\"_ _1f3\"> </span>100<span class=\"_ _0\"></span>.378<span class=\"_ _1\"></span> <span class=\"_ _210\"> </span>24<span class=\"_ _0\"></span>.15<span class=\"_ _0\"></span>3 <span class=\"_ _7f\"> </span>19.<span class=\"_ _0\"></span>190<span class=\"_ _1\"></span> <span class=\"_ _90\"> </span>38.2<span class=\"_ _0\"></span>88<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>+<span class=\"ff1\"> </span>Po<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>e <span class=\"_ _32f\"> </span>507<span class=\"_ _0\"></span>.64<span class=\"_ _0\"></span>4 <span class=\"_ _1f3\"> </span>145<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>09 <span class=\"_ _346\"> </span>106<span class=\"_ _0\"></span>.67<span class=\"_ _0\"></span>9 <span class=\"_ _216\"> </span>20.0<span class=\"_ _0\"></span>70 <span class=\"_ _52\"> </span>17.<span class=\"_ _0\"></span>660<span class=\"_ _0\"></span> <span class=\"_ _39\"> </span>45.2<span class=\"_ _0\"></span>58<span class=\"_ _3bd\"> </span> Tota<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>at<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _0\"></span> <span class=\"_ _213\"> </span>2.<span class=\"_ _0\"></span>65<span class=\"_ _0\"></span>7.<span class=\"_ _0\"></span>14<span class=\"_ _0\"></span>0 <span class=\"_ _1f3\"> </span>185<span class=\"_ _0\"></span>.8<span class=\"_ _1\"></span>20 <span class=\"_ _196\"> </span>11<span class=\"_ _0\"></span>2.<span class=\"_ _0\"></span>15<span class=\"_ _0\"></span>8 <span class=\"_ _1f3\"> </span>27<span class=\"_ _1\"></span>.233<span class=\"_ _1\"></span> <span class=\"_ _6e\"> </span>28<span class=\"_ _1\"></span>.69<span class=\"_ _0\"></span>2 <span class=\"_ _3b\"> </span>6<span class=\"_ _0\"></span>3.<span class=\"_ _0\"></span>01<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span> Tota<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>pa<span class=\"_ _0\"></span>ss<span class=\"_ _1\"></span>ivi<span class=\"_ _0\"></span>t\u00e0 <span class=\"_ _59\"> </span>2<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>24<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>51 <span class=\"_ _1f3\"> </span>18<span class=\"_ _0\"></span>5.<span class=\"_ _0\"></span>83<span class=\"_ _0\"></span>6 <span class=\"_ _178\"> </span>112<span class=\"_ _0\"></span>.11<span class=\"_ _1\"></span>7 <span class=\"_ _335\"> </span>27.<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>83<span class=\"_ _0\"></span> <span class=\"_ _6e\"> </span>2<span class=\"_ _0\"></span>8.<span class=\"_ _0\"></span>63<span class=\"_ _0\"></span>5 <span class=\"_ _eb\"> </span>62<span class=\"_ _0\"></span>.71<span class=\"_ _1\"></span>3<span class=\"_ _3bd\"> </span> Sb<span class=\"_ _0\"></span>ila<span class=\"_ _1\"></span>nci<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>(+<span class=\"_ _0\"></span>/-<span class=\"_ _0\"></span>)<span class=\"_ _1\"></span> <span class=\"_ _f4\"> </span>(16<span class=\"_ _0\"></span>7.6<span class=\"_ _1\"></span>11)<span class=\"_ _0\"></span> <span class=\"_ _52\"> </span>(<span class=\"_ _0\"></span>16<span class=\"_ _1\"></span>) <span class=\"_ _222\"> </span>41<span class=\"_ _1\"></span> <span class=\"_ _129\"> </span>1<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>0 <span class=\"_ _198\"> </span>57<span class=\"_ _1\"></span> <span class=\"_ _fd\"> </span>30<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span> Mo<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>al<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>me<span class=\"_ _0\"></span>to<span class=\"_ _1\"></span>dolo<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"_ _3bd\"> </span>l\u2019a<span class=\"_ _1\"></span>nal<span class=\"_ _0\"></span>isi<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>se<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>t\u00e0<span class=\"fc0 sc1\"> </span>Nel<span class=\"_ _0\"></span>la<span class=\"ff1\"> </span>pre<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>en<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>sezi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ven<span class=\"_ _0\"></span>gon<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>sinte<span class=\"_ _0\"></span>tic<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>esp<span class=\"_ _0\"></span>osti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i</span> <span class=\"ff3\">risul<span class=\"_ _0\"></span>tati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">delle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">anal<span class=\"_ _0\"></span>isi<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>camb<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>por<span class=\"_ _2\"></span>tafoglio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>negoziazione.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>In<span class=\"ff1\"> <span class=\"_ _20\"></span></span>particolare<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>seg<span class=\"_ _2\"></span>uito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riportati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valori<span class=\"ff1\"> <span class=\"_ _20\"></span></span>medi,<span class=\"ff1\"> </span>massimi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>minimi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>VaR<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>milioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>euro)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>generato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dal<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fattore<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>currency<span class=\"ff1\"> <span class=\"_ _2\"></span></span>relativi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>agli<span class=\"ff1\"> </span>esercizi<span class=\"ff1\"> </span>2020,<span class=\"ff1\"> </span>2021<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>2022.<span class=\"_ _3bd\"> </span> Tabell<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>4.<span class=\"_ _3bd\"> </span>Dat<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>Curr<span class=\"_ _0\"></span>ency<span class=\"_ _3bd\"> </span>V<span class=\"_ _0\"></span>aR<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>02<span class=\"_ _1\"></span>2 <span class=\"_ _65\"> </span>2<span class=\"_ _0\"></span>02<span class=\"_ _1\"></span>1 <span class=\"_ _41\"> </span>20<span class=\"_ _1\"></span>20<span class=\"_ _1\"></span> Cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>em<span class=\"_ _1\"></span> VaR-me<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>io<span class=\"_ _3bd\"> </span>0<span class=\"_ _0\"></span>,3<span class=\"_ _3bd\"> </span>0<span class=\"_ _0\"></span>,0<span class=\"_ _3bd\"> </span>0<span class=\"_ _0\"></span>,0<span class=\"_ _3bd\"> </span>mi<span class=\"_ _1\"></span>n0<span class=\"_ _0\"></span>,0<span class=\"_ _0\"></span> <span class=\"_ _35\"> </span>0<span class=\"_ _1\"></span>,0 <span class=\"_ _ca\"> </span>0,<span class=\"_ _0\"></span>0 ma<span class=\"_ _1\"></span>x1<span class=\"_ _0\"></span>,9<span class=\"_ _3bd\"> </span>0<span class=\"_ _0\"></span>,4<span class=\"_ _3bd\"> </span>0<span class=\"_ _0\"></span>,2<span class=\"_ _3bd\"> </span>dati<span class=\"_ _3bd\"> </span>in<span class=\"_ _3bd\"> </span>mln<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>\u20ac,<span class=\"_ _3bd\"> </span>VaR<span class=\"_ _3bd\"> </span>99%<span class=\"_ _3bd\"> </span>10gg<span class=\"_ _3bd\"> </span>*<span class=\"_ _3bd\"> </span>Coeff<span class=\"_ _3bd\"> </span>molt<span class=\"_ _0\"></span>ip<span class=\"_ _0\"></span>licat<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>Nel<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">figu<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sotto<span class=\"_ _0\"></span>stan<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rip<span class=\"_ _0\"></span>orta<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>\u2019a<span class=\"_ _0\"></span>ndame<span class=\"_ _0\"></span>nto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">tal<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">V<span class=\"_ _0\"></span>aR<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Crede<span class=\"_ _0\"></span>m<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>ell\u2019<span class=\"_ _0\"></span>arc<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>La<span class=\"ff1\"> </span>tabella<span class=\"ff1\"> </span>sottostante<span class=\"ff1\"> </span>ev<span class=\"_ _0\"></span>idenzia<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>contributi<span class=\"ff1\"> </span>medi<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>equity<span class=\"_ _2\"></span>,<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cambio<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></span></span></span></span>tasso<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>corso<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>2022<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>VaR<span class=\"ff1\"> </span>complessivo<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>diversificato. Tab<span class=\"_ _0\"></span>ella<span class=\"_ _3bd\"> </span>5.<span class=\"_ _3bd\"> </span>Contri<span class=\"_ _0\"></span>but<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>medi<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>%<span class=\"_ _3bd\"> </span>dei<span class=\"_ _3bd\"> </span>fatto<span class=\"_ _0\"></span>ri<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>rischi<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>al<span class=\"_ _3bd\"> </span>VaR<span class=\"_ _3bd\"> </span>com<span class=\"_ _0\"></span>ples<span class=\"_ _0\"></span>sivo<span class=\"_ _3bd\"> </span>non<span class=\"_ _3bd\"> </span>di<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>ifi<span class=\"_ _1\"></span>cat<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>Equi<span class=\"_ _0\"></span>tyR<span class=\"_ _0\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _3bd\"> </span>FXRi<span class=\"_ _1\"></span>sk<span class=\"_ _3bd\"> </span>Inter<span class=\"_ _0\"></span>estRat<span class=\"_ _0\"></span>eR<span class=\"_ _0\"></span>is<span class=\"_ _1\"></span>k<span class=\"_ _3bd\"> </span>Cred<span class=\"_ _0\"></span>em<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>02<span class=\"_ _1\"></span>2 1,<span class=\"_ _1\"></span>7% 0,<span class=\"_ _1\"></span>2%<span class=\"_ _0\"></span> 98,<span class=\"_ _0\"></span>1%<span class=\"_ _0\"></span> Nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>de<span class=\"_ _2\"></span>lla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pi\u00f9<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>complessiva<span class=\"ff1\"> <span class=\"_ _21\"></span></span>analisi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>annuale<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>backtesting<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>modelli,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>viene<span class=\"ff1\"> <span class=\"_ _20\"></span></span>effettuato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> </span>confronto<span class=\"ff1\"> </span>tr<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>dato<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>VaR<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>P&amp;L<span class=\"ff1\"> </span>effett<span class=\"_ _2\"></span>ivamente<span class=\"ff1\"> </span>conseguito.<span class=\"ff1\"> </span>Le<span class=\"ff1\"> </span>linee<span class=\"ff1\"> </span>guida<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>lo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>svolgimento<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>test<span class=\"ff1\"> </span>retrospettivi<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>descritte<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>documento<span class=\"ff1\"> </span>Rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Mercato,<span class=\"ff1\"> </span>Metodologia<span class=\"ff1\"> </span>backtesting,<span class=\"ff1\"> </span>VaR<span class=\"ff1\"> </span>Portafoglio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Propriet\u00e0,<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>ne<span class=\"ff1\"> </span>espone<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>finalit\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>metodologia. Il<span class=\"ff1\"> </span>back<span class=\"_ _0\"></span>testing<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>eseguito<span class=\"ff1\"> </span>mettendo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>confronto<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dati<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Va<span class=\"_ _2\"></span>R<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"ff1\"> </span>dati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>P&amp;L<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gestionali<span class=\"ff1\"> </span>giornalieri<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>(o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>set<span class=\"_ _2\"></span>timanali,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>portafogli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quali<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>calcolo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>re<span class=\"_ _2\"></span>dditivit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>u<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>base<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>weekly),<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>bas<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>sull\u2019analisi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u201ceccezioni\u201d,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ovvero<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">casi</span> <span class=\"_ _20\"></span><span class=\"ff3\">in</span> <span class=\"_ _21\"></span><span class=\"ff3\">cui</span> <span class=\"_ _20\"></span><span class=\"ff3\">la</span> <span class=\"_ _21\"></span><span class=\"ff3\">pe<span class=\"_ _0\"></span>rdit<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>registr<span class=\"_ _2\"></span>ata<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>isulta<span class=\"ff1\"> <span class=\"_ _20\"></span></span>superiore<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _21\"></span></span>VaR<span class=\"ff1\"> </span></span></span>stimato<span class=\"ff1\">  </span>per<span class=\"ff1\">  </span>lo<span class=\"ff1\">  </span>stesso<span class=\"ff1\">  </span>periodo<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\">  </span>riferimento,<span class=\"ff1\">  </span>sia<span class=\"ff1\">  </span>in<span class=\"ff1\">  </span>termini<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>num<span class=\"_ _2\"></span>erosit\u00e0<span class=\"ff1\">  </span>sia<span class=\"ff1\">  </span>in<span class=\"ff1\">  </span>termini<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> </span>distribuzione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">temporale. </span></span>Il<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>perimetro<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>dell\u2019analisi<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>bac<span class=\"_ _2\"></span>ktest<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>sono<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>portafogli<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>R<span class=\"_ _2\"></span>egolamento<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>F<span class=\"_ _2\"></span>inanza,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>l\u2019orizzonte<span class=\"ff1\"> </span>temporale<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>VaR<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">\u00e8</span> <span class=\"ff3\">coerente</span> <span class=\"ff3\">con</span> <span class=\"ff3\">quello</span> <span class=\"ff3\">di</span> <span class=\"ff3\">calcolo</span> <span class=\"ff3\">del</span> <span class=\"ff3\">P&amp;L.</span> <span class=\"ff3\">L\u2019esercizio</span> <span class=\"ff3\">si</span> <span class=\"_ _0\"></span><span class=\"ff3\">basa<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>12<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mesi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>dati.<span class=\"ff1\"> </span></span></span></span></span>Le<span class=\"ff1\"> </span>ipotesi<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>state<span class=\"ff1\"> </span>verificate<span class=\"ff1\"> </span>attraverso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>una<span class=\"ff1\"> </span>serie<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>test: Fre<span class=\"_ _0\"></span>que<span class=\"_ _0\"></span>ncy<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Te<span class=\"_ _0\"></span>st:<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Bas<span class=\"_ _0\"></span>ile<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Kup<span class=\"_ _0\"></span>iec<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(o<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">PO<span class=\"_ _0\"></span>F,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Pro<span class=\"_ _0\"></span>port<span class=\"_ _0\"></span>ion<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">of<span class=\"ff1\"> </span>Fa<span class=\"_ _0\"></span>ilu<span class=\"_ _0\"></span>re)<span class=\"_ _0\"></span>; </span></span></span></span></span></span></span></span></span></span></span></span></span></span>Ind<span class=\"_ _0\"></span>ipen<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>nce<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Test<span class=\"_ _0\"></span>:<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>hri<span class=\"_ _0\"></span>stof<span class=\"_ _0\"></span>ferse<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Mi<span class=\"_ _0\"></span>xed<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Kup<span class=\"_ _0\"></span>iec; </span></span></span></span></span></span>Joi<span class=\"_ _0\"></span>nt<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Te<span class=\"_ _0\"></span>st:<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">PO<span class=\"_ _0\"></span>F<span class=\"ff1\"> </span>+<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Chri<span class=\"_ _0\"></span>stof<span class=\"_ _0\"></span>fers<span class=\"_ _0\"></span>en,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">P<span class=\"_ _0\"></span>OF<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">+<span class=\"ff1\"> </span>Mi<span class=\"_ _0\"></span>xed<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">K<span class=\"_ _0\"></span>upie<span class=\"_ _0\"></span>c. </span></span></span></span></span></span></span></span></span></span></span></span>Nell\u2019ambito<span class=\"ff1\"> </span>dell\u2019analisi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">annuale<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">backtesting<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>test<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>ffettuati<span class=\"ff1\"> </span>confermano<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tenuta<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">modello<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>V<span class=\"_ _0\"></span>aR<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span>Rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">lapse,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rappresenta<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>rivante<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dall\u2019esercizio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">opzioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> </span>parte<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">degli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">assicurati<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>eventualmente<span class=\"ff1\"> <span class=\"_ _21\"></span></span>contenute<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>c<span class=\"_ _2\"></span>ontratti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>non-life,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>qu<span class=\"_ _0\"></span>ali<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ad<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>esempio<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>l\u2019opzione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rescindere<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>trat<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rim<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">scade<span class=\"_ _0\"></span>nza<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>ttu<span class=\"_ _0\"></span>ita<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>l\u2019o<span class=\"_ _0\"></span>pzi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">ri<span class=\"_ _0\"></span>nno<span class=\"_ _0\"></span>vo<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>ntra<span class=\"_ _0\"></span>tto<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>eco<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>cond<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span>oni<span class=\"ff1\"> </span></span></span></span></span></span></span>precedentemente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">stabilite.<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span>Da<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>pun<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">vi<span class=\"_ _0\"></span>sta<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>distri<span class=\"_ _0\"></span>bu<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">risch<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sotto<span class=\"_ _0\"></span>scri<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Cre<span class=\"_ _0\"></span>dema<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>cura<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>sec<span class=\"_ _0\"></span>ondo<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>i<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>dettami<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>normat<span class=\"_ _2\"></span>ivi<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>Solvency<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>II<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>r<span class=\"_ _2\"></span>iporta<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>nella<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>tabella<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>seguito<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>m<span class=\"_ _2\"></span>iglior<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>stima<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>della<span class=\"ff1\"> </span>rappresentazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(si<span class=\"ff1\"> </span>precisa<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>peso<span class=\"ff1\"> </span>complessivo<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischi<span class=\"ff1\"> </span></span></span></span></span></span></span>life<span class=\"ff1\"> </span>underwriting<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>82,5%).<span class=\"_ _3bd\"> </span> Non<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Life<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">risk<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">risk/sum<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">of<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ri<span class=\"_ _2\"></span>sk<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">components<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">relativo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>com<span class=\"_ _0\"></span>ple<span class=\"_ _0\"></span>ssiv<span class=\"_ _1\"></span>o<span class=\"_ _3bd\"> </span> 31/<span class=\"_ _0\"></span>12<span class=\"_ _0\"></span>/20<span class=\"_ _0\"></span>22<span class=\"_ _3bd\"> </span> %Re<span class=\"_ _0\"></span>lat<span class=\"_ _0\"></span>ivo<span class=\"_ _0\"></span> <span class=\"_ _2e\"> </span>%Co<span class=\"_ _0\"></span>mpl<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>ivo<span class=\"_ _0\"></span> Non-<span class=\"_ _0\"></span>Lif<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rem<span class=\"_ _0\"></span>ium<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">and<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rese<span class=\"_ _0\"></span>rve<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>sk<span class=\"_ _1\"></span> </span></span></span></span></span></span>55<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>5%<span class=\"_ _1\"></span> <span class=\"_ _c2\"> </span>29,<span class=\"_ _0\"></span>8%<span class=\"_ _3bd\"> </span> Non-<span class=\"_ _0\"></span>Lif<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>la<span class=\"_ _0\"></span>pse<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ris<span class=\"_ _0\"></span>k<span class=\"_ _0\"></span> </span></span>32,<span class=\"_ _0\"></span>0% <span class=\"_ _c2\"> </span>17,<span class=\"_ _0\"></span>2%<span class=\"_ _3bd\"> </span> Non-life<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">CAT<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ri<span class=\"_ _0\"></span>sk<span class=\"_ _1\"></span> </span></span></span></span>12<span class=\"_ _0\"></span>,5% <span class=\"_ _2b7\"> </span>6,<span class=\"_ _1\"></span>7%<span class=\"_ _3bd\"> </span> Health<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">risk<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>isk/sum<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">of<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">risk<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">comp<span class=\"_ _0\"></span>onents<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">relativo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>com<span class=\"_ _0\"></span>ple<span class=\"_ _0\"></span>ssiv<span class=\"_ _1\"></span>o<span class=\"_ _3bd\"> </span> 31/<span class=\"_ _0\"></span>12<span class=\"_ _0\"></span>/20<span class=\"_ _0\"></span>22<span class=\"_ _3bd\"> </span> %Re<span class=\"_ _0\"></span>lat<span class=\"_ _0\"></span>ivo<span class=\"_ _0\"></span> <span class=\"_ _2e\"> </span>%Co<span class=\"_ _0\"></span>mpl<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>ivo<span class=\"_ _0\"></span> He<span class=\"_ _0\"></span>alth<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pre<span class=\"_ _0\"></span>miu<span class=\"_ _0\"></span>m<span class=\"ff1\"> </span>and<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">rese<span class=\"_ _0\"></span>rve<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>sk<span class=\"_ _1\"></span> </span></span></span></span></span></span>72,<span class=\"_ _0\"></span>6% <span class=\"_ _26b\"> </span>20,<span class=\"_ _0\"></span>9%<span class=\"_ _3bd\"> </span> Health<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Lapse<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ri<span class=\"_ _0\"></span>sk<span class=\"_ _1\"></span> </span></span></span></span>24<span class=\"_ _0\"></span>,0% <span class=\"_ _2f0\"> </span>6,<span class=\"_ _0\"></span>9%<span class=\"_ _0\"></span> Health<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">C<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>T<span class=\"_ _0\"></span> </span></span>3,<span class=\"_ _1\"></span>4% <span class=\"_ _106\"> </span>1,<span class=\"_ _0\"></span>0%<span class=\"_ _0\"></span> He<span class=\"_ _0\"></span>alth<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">SLT<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Mort<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>ty<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>sk<span class=\"_ _1\"></span> </span></span></span></span>0<span class=\"_ _0\"></span>,0<span class=\"_ _1\"></span>% <span class=\"_ _12d\"> </span>0<span class=\"_ _0\"></span>,0<span class=\"_ _1\"></span>%<span class=\"_ _3bd\"> </span> Health<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">SLT<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Longevity<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ris<span class=\"_ _1\"></span>k<span class=\"_ _3bd\"> </span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span>0<span class=\"_ _0\"></span>,0<span class=\"_ _1\"></span>% <span class=\"_ _12d\"> </span>0<span class=\"_ _0\"></span>,0<span class=\"_ _1\"></span>%<span class=\"_ _3bd\"> </span> He<span class=\"_ _0\"></span>alth<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">SLT<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Disab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>ty<span class=\"ff1\"> </span>mo<span class=\"_ _0\"></span>rbid<span class=\"_ _0\"></span>ity<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">r<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>k<span class=\"_ _0\"></span> </span></span></span></span></span></span>0<span class=\"_ _0\"></span>,0<span class=\"_ _1\"></span>% <span class=\"_ _12d\"> </span>0<span class=\"_ _0\"></span>,0<span class=\"_ _1\"></span>%<span class=\"_ _3bd\"> </span> Health<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">SLT<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Lapse<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ri<span class=\"_ _0\"></span>sk<span class=\"_ _1\"></span> </span></span></span></span></span></span>0<span class=\"_ _0\"></span>,0<span class=\"_ _1\"></span>% <span class=\"_ _12d\"> </span>0<span class=\"_ _0\"></span>,0<span class=\"_ _1\"></span>%<span class=\"_ _3bd\"> </span> Health<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">SLT<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">E<span class=\"_ _2\"></span>xpense<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ri<span class=\"_ _0\"></span>sk<span class=\"_ _1\"></span> </span></span></span></span></span></span>0<span class=\"_ _0\"></span>,0<span class=\"_ _1\"></span>% <span class=\"_ _12d\"> </span>0<span class=\"_ _0\"></span>,0<span class=\"_ _1\"></span>%<span class=\"_ _3bd\"> </span> Health<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">SLT<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Revision<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ris<span class=\"_ _0\"></span>k<span class=\"_ _0\"></span> </span></span></span></span></span></span>0<span class=\"_ _0\"></span>,0<span class=\"_ _1\"></span>% <span class=\"_ _12d\"> </span>0<span class=\"_ _0\"></span>,0<span class=\"_ _1\"></span>%<span class=\"_ _3bd\"> </span> La<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Com<span class=\"_ _0\"></span>pag<span class=\"_ _0\"></span>nia<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ado<span class=\"_ _0\"></span>tta,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>onf<span class=\"_ _0\"></span>ronti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>ine<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>gu<span class=\"_ _0\"></span>ida<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>il<span class=\"_ _0\"></span>lust<span class=\"_ _0\"></span>rano<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i</span> <span class=\"_ _0\"></span><span class=\"ff3\">tip<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">r<span class=\"_ _0\"></span>isch<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ssic<span class=\"_ _0\"></span>urat<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span>ten<span class=\"_ _0\"></span>de<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ssu<span class=\"_ _0\"></span>mere<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>evidenziano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>carat<span class=\"_ _2\"></span>teristiche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dell\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>assicurazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(prodotti,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>canali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dist<span class=\"_ _2\"></span>ributivi,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischi<span class=\"ff1\"> </span>esc<span class=\"_ _0\"></span>lus<span class=\"_ _0\"></span>i);<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>descrivono<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>modalit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>volte<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>g<span class=\"_ _2\"></span>arantire<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>raccolta<span class=\"ff1\"> </span>premi<span class=\"ff1\"> </span>sia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>adeguata<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>co<span class=\"_ _2\"></span>prire<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>sinistri<span class=\"ff1\"> </span>previsti<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>relative<span class=\"ff1\"> </span>spese;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>illustrano<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>modalit\u00e0<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>c<span class=\"_ _2\"></span>ui<span class=\"ff1\"> </span>l\u2019impresa<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tiene<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>riass<span class=\"_ _2\"></span>icurazione<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>altre<span class=\"ff1\"> </span>tecniche<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>mitigazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nel<span class=\"ff1\"> </span>processo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>progettazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>nuovo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prodotto<span class=\"ff1\"> </span>assicurativo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>calcolo<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>relativo<span class=\"ff1\"> </span>premio;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>illustrano<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>modalit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>l<span class=\"_ _2\"></span>\u2019impresa<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tiene<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>conto<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>lim<span class=\"_ _2\"></span>itazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>degli<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>i<span class=\"_ _2\"></span>nvestimenti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nel<span class=\"ff1\"> </span>processo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">progettazione<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">u<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nuovo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prodotto<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ssicurativo<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">calcolo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">relativo<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>remio.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>La<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Compagnia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">misura<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">monitora<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pro<span class=\"_ _2\"></span>pria<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esposizione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sot<span class=\"_ _2\"></span>toscrizione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cons<span class=\"_ _2\"></span>iderando<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>il<span class=\"ff1\"> </span>portafoglio<span class=\"ff1\"> </span>complessivo,<span class=\"ff1\"> </span>oltre<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>verificare<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>conformit\u00e0<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>limiti<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>politiche<span class=\"ff1\"> </span>definite.<span class=\"_ _3bd\"> </span> L\u2019identificazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>viene<span class=\"ff1\"> </span>effettuata<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>iferimento<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>nuovi<span class=\"ff1\"> </span>prodotti<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>portafoglio<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>ess<span class=\"_ _0\"></span>ere:<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>Nuo<span class=\"_ _0\"></span>vi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">p<span class=\"_ _0\"></span>rodo<span class=\"_ _0\"></span>tti:<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">coer<span class=\"_ _0\"></span>ente<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Pi<span class=\"_ _0\"></span>ano<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Stra<span class=\"_ _0\"></span>teg<span class=\"_ _0\"></span>ico,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rile<span class=\"_ _0\"></span>vaz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>isc<span class=\"_ _0\"></span>hi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>nes<span class=\"_ _0\"></span>si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ai<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nu<span class=\"_ _0\"></span>ov<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>pro<span class=\"_ _0\"></span>dot<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>viene<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">effe<span class=\"_ _0\"></span>ttua<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>sull<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>loro<span class=\"ff1\"> </span>car<span class=\"_ _0\"></span>atte<span class=\"_ _0\"></span>rist<span class=\"_ _0\"></span>ich<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>tecn<span class=\"_ _0\"></span>ich<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>nell\u2019<span class=\"_ _0\"></span>ambi<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">pro<span class=\"_ _0\"></span>cesso<span class=\"_ _1\"></span><span class=\"ff1\"> </span></span></span></span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ORSA.<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>Inoltre,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>coere<span class=\"_ _2\"></span>nza<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>process<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>finalizzato<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>alla<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>creazione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff3\">lancio</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">dei</span> <span class=\"_ _21\"> </span><span class=\"ff3\">nuovi</span> </span></span></span>prodotti<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>definito<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>pi\u00f9<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>generale<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>pr<span class=\"_ _2\"></span>ocesso<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>POG<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>(Product<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>Oversight<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>and<span class=\"ff1\"> </span>Governance),<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>funzione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>R<span class=\"_ _2\"></span>isk<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Management<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>chiamata<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>redigere<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>specifica<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>analisi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> </span>rischiosit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(c.d.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>scheda<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischi<span class=\"_ _2\"></span>)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d<span class=\"_ _2\"></span>el<span class=\"ff1\"> <span class=\"_ _20\"></span></span>singolo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prodot<span class=\"_ _2\"></span>to<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _20\"></span></span>esiti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>trasmessi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Comitato<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> </span>Direzione<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>Product<span class=\"ff1\"> </span>Governance.<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>Portafoglio<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>essere:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">co<span class=\"_ _2\"></span>n<span class=\"ff1\"> </span>riferimento<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">portafoglio<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>essere,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019<span class=\"_ _2\"></span>identificazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischi<span class=\"ff1\"> </span>viene<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>effettuata<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>b<span class=\"_ _0\"></span>ase<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ati<span class=\"ff1\"> </span>tecnici<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>portafoglio<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">misure<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>assorbimento<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>capitale<span class=\"ff1\"> </span></span></span></span></span>determinate<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>attr<span class=\"_ _2\"></span>averso<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>lo<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>strumento<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>utilizzato<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>dalla<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Compagnia<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>calcolo<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>SCR<span class=\"ff1\"> </span>(Standard<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Formula).<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Le<span class=\"ff1\"> </span>informazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">relative<span class=\"ff1\"> </span>all\u2019<span class=\"_ _0\"></span>andamento<span class=\"ff1\"> </span>tecnico<span class=\"ff1\"> </span>complessivo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rispecchiano<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>sinteticamente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>risultati<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tecnici<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>singoli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Rami<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>quindi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d<span class=\"_ _2\"></span>ei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>prodott<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>presenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>portafo<span class=\"_ _2\"></span>glio<span class=\"ff1\"> </span>(che<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>generale<span class=\"ff1\"> </span>possono<span class=\"ff1\"> </span>comprendere<span class=\"ff1\"> </span>pi\u00f9<span class=\"ff1\"> </span>Rami).<span class=\"_ _3bd\"> </span> Si<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rip<span class=\"_ _1\"></span>ortano<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">si<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>tica<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>seg<span class=\"_ _0\"></span>uito<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pri<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>pal<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>mi<span class=\"_ _0\"></span>sure<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ris<span class=\"_ _0\"></span>chio<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>til<span class=\"_ _0\"></span>izz<span class=\"_ _0\"></span>ate<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>Rischi<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>me<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>o<span class=\"fc0 sc1\"> </span>Si<span class=\"ff1\"> <span class=\"_ _21\"></span></span>definisce<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>mercato,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>perdita<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>variazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sfavorevole<span class=\"ff1\"> <span class=\"_ _21\"></span></span>della<span class=\"ff1\"> <span class=\"_ _21\"></span></span>situazione<span class=\"ff1\"> </span>finanziaria<span class=\"ff1\"> </span>derivante,<span class=\"ff1\"> </span>direttamente<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>indirettamente,<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>oscillazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span>livello<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>volatilit\u00e0<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span></span></span>prezzi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mercato<span class=\"ff1\"> </span>dell<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivit\u00e0,<span class=\"ff1\"> </span>delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">passivit\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">degli<span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziari<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>cfr.<span class=\"ff1\"> </span>articolo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">1,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">comma<span class=\"ff1\"> </span>1,<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>lettera<span class=\"ff1\"> </span>vv-bis<span class=\"ff1\"> </span>3<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>CAP).<span class=\"_ _3bd\"> </span> I<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>r<span class=\"_ _2\"></span>ischi<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>mercato<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>r<span class=\"_ _2\"></span>isentono<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dell\u2019andamento<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>congiunturale<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>ciclo<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>economico,<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>pu\u00f2<span class=\"ff1\"> </span>amplificarne<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>eventualmente<span class=\"ff1\"> </span>diminuirne<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>significativit\u00e0,<span class=\"ff1\"> </span>sopratt<span class=\"_ _2\"></span>utto<span class=\"ff1\"> </span>se<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>portafoglio<span class=\"ff1\"> </span>t<span class=\"_ _2\"></span>itoli<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>Compagnia<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>particolarmente<span class=\"ff1\"> </span>concentrato<span class=\"_ _2\"></span><span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>determinati<span class=\"ff1\"> </span>settori,<span class=\"ff1\"> </span>valute<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>aree<span class=\"ff1\"> </span>geografiche.<span class=\"_ _3bd\"> </span> Ta<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risc<span class=\"_ _0\"></span>hio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pu\u00f2<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">esse<span class=\"_ _1\"></span>re<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span>stin<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">se<span class=\"_ _0\"></span>guen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fatt<span class=\"_ _0\"></span>ori<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risch<span class=\"_ _0\"></span>io:<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Rischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tasso<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>interesse:<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valor<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>degli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>att<span class=\"_ _2\"></span>ivi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>una<span class=\"ff1\"> <span class=\"_ _20\"></span></span>impresa<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>assicurazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sensibile<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> </span>variazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tassi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>interess<span class=\"_ _2\"></span>e.<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Inoltr<span class=\"_ _2\"></span>e,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fl<span class=\"_ _0\"></span>ussi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>finanziari<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>g<span class=\"_ _0\"></span>enerati<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dalle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>quelli<span class=\"ff1\"> </span>generati<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>dalle<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>passivit\u00e0<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>un\u2019impresa<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>perfettamente<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>allineati<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>scaden<span class=\"_ _0\"></span>za,<span class=\"ff1\"> </span>periodicit\u00e0<span class=\"ff1\">  </span>de<span class=\"_ _0\"></span>gli<span class=\"ff1\">  </span>eventuali<span class=\"ff1\">  </span>pagamenti<span class=\"ff1\">  </span>e<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">per</span>  <span class=\"ff3\">natura</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">dei</span>  <span class=\"ff3\">tassi</span>  <span class=\"ff3\">degli</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">investimenti</span>  <span class=\"ff3\">(maturity</span> </span>mismatching,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>interest<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rat<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>mismatching,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>reset<span class=\"ff1\"> <span class=\"_ _21\"></span></span>date<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mismat<span class=\"_ _2\"></span>ching,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>basic<span class=\"ff1\"> <span class=\"_ _21\"></span></span>mismatching),<span class=\"ff1\"> <span class=\"_ _2\"></span></span>uno<span class=\"_ _2\"></span><span class=\"ff1\"> </span>shock<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>positivo<span class=\"ff1\"> </span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">negativo)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> </span>tassi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">interesse<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>u\u00f2<span class=\"ff1\"> </span>produrre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">variazioni<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>sincronizzate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nel<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>va<span class=\"_ _0\"></span>lore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">delle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">attiv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>elle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">passiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>Sost<span class=\"_ _0\"></span>anzi<span class=\"_ _0\"></span>alme<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l'esp<span class=\"_ _0\"></span>osiz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al</span> <span class=\"ff3\">risc<span class=\"_ _0\"></span>hio<span class=\"ff1\"> </span>ta<span class=\"_ _0\"></span>sso<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">inte<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>se<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>si<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>riferisce<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tutte<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>passivit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u201csensibile\u201d<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ai<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cambiamenti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nella<span class=\"_ _2\"></span><span class=\"ff1\"> </span>struttura<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>termine<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>tassi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>interesse<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>volatilit\u00e0<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>tassi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>interesse;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>Rischio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>azionario:<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>valor<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>mer<span class=\"_ _2\"></span>cato<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>posizioni<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>assunte<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dall\u2019impresa<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>possono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>essere<span class=\"ff1\"> </span>sen<span class=\"_ _0\"></span>sib<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">all\u2019<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>me<span class=\"_ _0\"></span>rcati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">azi<span class=\"_ _0\"></span>ona<span class=\"_ _0\"></span>ri<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>per<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">es<span class=\"_ _0\"></span>empi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>ca<span class=\"_ _0\"></span>so<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cont<span class=\"_ _0\"></span>ratti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cui<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pre<span class=\"_ _0\"></span>sta<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>sono<span class=\"ff1\"> </span>collegate<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>titolo<span class=\"ff1\"> </span>azionario);<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>Rischio<span class=\"ff1\"> </span>t<span class=\"_ _2\"></span>asso<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cambio:<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valore<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mercato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>posizioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>assunte<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall\u2019impresa<span class=\"ff1\"> </span>p<span class=\"_ _2\"></span>u\u00f2<span class=\"ff1\"> <span class=\"_ _2\"></span></span>essere<span class=\"ff1\"> </span>sen<span class=\"_ _0\"></span>sib<span class=\"_ _0\"></span>ile<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>va<span class=\"_ _0\"></span>riazi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dei</span> <span class=\"ff3\">t<span class=\"_ _0\"></span>assi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ambi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>(pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>esem<span class=\"_ _0\"></span>pio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nel</span> <span class=\"ff3\">c<span class=\"_ _0\"></span>aso<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>tito<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">azio<span class=\"_ _0\"></span>nari<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o</span> <span class=\"ff3\">obbl<span class=\"_ _0\"></span>iga<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>den<span class=\"_ _0\"></span>omi<span class=\"_ _0\"></span>nati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in</span> <span class=\"ff3\">valu<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>este<span class=\"_ _0\"></span>ra).<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Quest<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>fatto<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">risch<span class=\"_ _0\"></span>io,<span class=\"ff1\"> </span>qui<span class=\"_ _0\"></span>ndi<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>assum<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>parti<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>lare<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rileva<span class=\"_ _0\"></span>nza<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>le<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>imprese<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>a<span class=\"_ _2\"></span>ssicurazione<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>presenza<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>copertura<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>de<span class=\"_ _0\"></span>lle<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>ris<span class=\"_ _2\"></span>erve<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>tecniche<span class=\"ff1\"> </span>denominate<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>valuta<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>diversa<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>quella<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>corr<span class=\"_ _2\"></span>ispondenti<span class=\"ff1\">  </span>imp<span class=\"_ _2\"></span>egni<span class=\"ff1\">  </span>t<span class=\"_ _2\"></span>ecnici<span class=\"ff1\">  </span>as<span class=\"_ _2\"></span>sunti<span class=\"ff1\"> </span>contrattualmente.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Infatti,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>poich\u00e9<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>conversione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valute<span class=\"ff1\"> <span class=\"_ _2\"></span></span>avvie<span class=\"_ _2\"></span>ne<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>chiusura<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d\u2019esercizio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> </span>cambio<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>orrente,<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">corrispondenza<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">detta</span> <span class=\"_ _0\"></span><span class=\"ff3\">data<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ossono<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">realizzarsi<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>elle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">plus/minusvalenze<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>a<span class=\"ff1\"> </span>causa<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>variazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>tassi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cambio;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>Rischio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">immobiliare:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">q<span class=\"_ _2\"></span>ualora<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gli<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attivi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un\u2019impresa<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">as<span class=\"_ _2\"></span>sicurazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>iano<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">investit<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">immobili,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>i<span class=\"ff1\"> </span>valori<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tali<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>sensibili<span class=\"ff1\"> </span>all\u2019andamento<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>prezzi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>mercat<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>stessi;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>Rischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>credito:<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ogni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>volta<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ch<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un\u2019impresa<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>as<span class=\"_ _2\"></span>sicurazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sott<span class=\"_ _2\"></span>oscrive<span class=\"ff1\"> <span class=\"_ _20\"></span></span>strumenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziari,<span class=\"ff1\"> </span>pu<span class=\"_ _0\"></span>\u00f2<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>nco<span class=\"_ _0\"></span>rrere<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"_ _0\"></span>solve<span class=\"_ _0\"></span>nz<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pro<span class=\"_ _0\"></span>pri<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ebi<span class=\"_ _0\"></span>tore<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">qua<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>otre<span class=\"_ _0\"></span>bbe<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">n<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">es<span class=\"_ _0\"></span>sere<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">i<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">grad<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>sia<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _0\"></span>demp<span class=\"_ _0\"></span>ier<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>rop<span class=\"_ _0\"></span>rie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">obbli<span class=\"_ _0\"></span>gazi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">si<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>nco<span class=\"_ _0\"></span>rrere<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pegg<span class=\"_ _0\"></span>ior<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">meri<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>creditizio,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>conseguente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rid<span class=\"_ _2\"></span>uzione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valor<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>titolo.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>L\u2019esposizione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>credito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>si<span class=\"ff1\"> </span>riferisce<span class=\"ff1\">  </span>ad<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">attivit\u00e0,</span>  <span class=\"ff3\">pas<span class=\"_ _0\"></span>sivit\u00e0<span class=\"ff1\">  </span>e<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">strumenti</span>  <span class=\"ff3\">fin<span class=\"_ _0\"></span>anziari<span class=\"ff1\">  </span>sensibili<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>alla<span class=\"ff1\">  </span>variazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>degli<span class=\"ff1\">  </span>spread<span class=\"ff1\"> </span></span></span></span></span>cre<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>izi;<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>Rischio<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>conc<span class=\"_ _0\"></span>entr<span class=\"_ _2\"></span>azione:<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>l\u2019espo<span class=\"_ _2\"></span>sizione<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>conce<span class=\"_ _0\"></span>ntrazione,<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>d<span class=\"_ _2\"></span>eriva<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>d<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>una<span class=\"ff1\"> </span>variazione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>i<span class=\"_ _2\"></span>nattesa<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>prezzi,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valore<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>d<span class=\"_ _2\"></span>elle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>esposizioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>verso<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span></span>emittenti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>su<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cui<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ha<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>un<span class=\"ff1\"> </span>accumulo<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esposizione<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>stessa<span class=\"ff1\"> </span>controparte,<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>rife<span class=\"_ _0\"></span>risce<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>soggette<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span></span></span></span></span>azionario,<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>interesse<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">spread<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>immobiliare<span class=\"ff1\"> </span>inclusi<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>mercato,<span class=\"ff1\"> </span></span></span></span></span>ed<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">escl<span class=\"_ _0\"></span>ude<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le</span> <span class=\"ff3\">att<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span>sog<span class=\"_ _0\"></span>get<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">risc<span class=\"_ _0\"></span>hio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">in<span class=\"_ _0\"></span>ademp<span class=\"_ _0\"></span>ime<span class=\"_ _0\"></span>nto<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>trop<span class=\"_ _0\"></span>arte<span class=\"_ _0\"></span>.<span class=\"ff1\"> </span>Al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mom<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>liv<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>regolamentare<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>esclusi<span class=\"ff1\"> </span>anche<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>stato<span class=\"_ _2\"></span>;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>Altre<span class=\"ff1\"> <span class=\"_ _2\"></span></span>esposizioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ass<span class=\"_ _2\"></span>ets:<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Tale<span class=\"ff1\"> </span>fat<span class=\"_ _2\"></span>tore<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>si<span class=\"ff1\"> <span class=\"_ _2\"></span></span>concretizza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>m<span class=\"_ _2\"></span>ercato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>legato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> </span>private<span class=\"ff1\"> </span>equity,<span class=\"ff1\"> </span>strumenti<span class=\"ff1\"> </span>alternativi,<span class=\"ff1\"> </span>infrastruttur<span class=\"_ _2\"></span>e,<span class=\"ff1\"> </span>prodotti<span class=\"ff1\"> </span>legati<span class=\"ff1\"> </span>all\u2019in<span class=\"_ _0\"></span>flazion<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>ibridi.<span class=\"_ _3bd\"> </span> I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fattori<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>mercato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">vengono<span class=\"ff1\"> </span>princip<span class=\"_ _0\"></span>almente<span class=\"ff1\"> </span>individuati<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">classi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>b<span class=\"_ _0\"></span>ilancio<span class=\"ff1\"> </span>specifiche<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>del<span class=\"ff1\"> </span>Portafoglio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Propriet\u00e0.<span class=\"_ _3bd\"> </span> Da<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un<span class=\"ff1\"> <span class=\"_ _21\"></span></span>punto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>vista<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>distr<span class=\"_ _2\"></span>ibuzione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mercat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Crede<span class=\"_ _0\"></span>massicurazioni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>secondo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> </span>dettami<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>normativi<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>Solvency<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>II<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _24\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>r<span class=\"_ _2\"></span>iporta<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>nella<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>tabella<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>seguito<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>mi<span class=\"_ _2\"></span>glior<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>st<span class=\"_ _2\"></span>ima<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>de<span class=\"_ _1\"></span>lla<span class=\"_ _3bd\"> </span>rappresentazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(si<span class=\"ff1\"> </span>precisa<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>peso<span class=\"ff1\"> </span>complessivo<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischi<span class=\"ff1\"> </span></span></span></span></span></span></span>market<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>10,1%). Market<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">risk<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">risk/sum<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"_ _2\"></span>f<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">risk<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">components<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>elativo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>com<span class=\"_ _0\"></span>ple<span class=\"_ _0\"></span>ssiv<span class=\"_ _1\"></span>o 31/<span class=\"_ _0\"></span>12<span class=\"_ _0\"></span>/20<span class=\"_ _0\"></span>22<span class=\"_ _3bd\"> </span> %Re<span class=\"_ _0\"></span>lat<span class=\"_ _0\"></span>ivo<span class=\"_ _0\"></span> <span class=\"_ _67\"> </span>%Co<span class=\"_ _0\"></span>mpl<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>ivo<span class=\"_ _0\"></span> Interest<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">r<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>k<span class=\"_ _0\"></span> </span></span></span></span>63<span class=\"_ _1\"></span>,5%<span class=\"_ _1\"></span> <span class=\"_ _12d\"> </span>6<span class=\"_ _0\"></span>,4<span class=\"_ _1\"></span>%<span class=\"_ _3bd\"> </span> Equity<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ris<span class=\"_ _1\"></span>k </span></span>12<span class=\"_ _0\"></span>,3% <span class=\"_ _193\"> </span>1,<span class=\"_ _1\"></span>2%<span class=\"_ _3bd\"> </span> Property<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ri<span class=\"_ _0\"></span>sk<span class=\"_ _1\"></span> </span></span>0<span class=\"_ _0\"></span>,0<span class=\"_ _1\"></span>% <span class=\"_ _33c\"> </span>0<span class=\"_ _0\"></span>,0<span class=\"_ _1\"></span>%<span class=\"_ _3bd\"> </span> Spread<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ri<span class=\"_ _0\"></span>sk<span class=\"_ _1\"></span> </span></span>15,<span class=\"_ _0\"></span>9% <span class=\"_ _193\"> </span>1,<span class=\"_ _1\"></span>6%<span class=\"_ _3bd\"> </span> Cu<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>ncy<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ris<span class=\"_ _1\"></span>k </span></span>8<span class=\"_ _0\"></span>,4<span class=\"_ _1\"></span>% <span class=\"_ _33c\"> </span>0<span class=\"_ _0\"></span>,8<span class=\"_ _1\"></span>%<span class=\"_ _3bd\"> </span> Con<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>ntra<span class=\"_ _0\"></span>tion<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span><span class=\"ff3\">ri<span class=\"_ _0\"></span>sk<span class=\"_ _1\"></span> </span></span>0<span class=\"_ _0\"></span>,0<span class=\"_ _1\"></span>% <span class=\"_ _33c\"> </span>0<span class=\"_ _0\"></span>,0<span class=\"_ _1\"></span>%<span class=\"_ _3bd\"> </span> La<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Compagnia<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>adott<span class=\"_ _2\"></span>a,<span class=\"ff1\">  </span>nei<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>confronti<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>fattor<span class=\"_ _2\"></span>i<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>sopra<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>enunciati,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>linee<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>guida<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>che<span class=\"ff1\"> </span>definiscono<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>principi<span class=\"ff1\"> </span>generali<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>l\u2019att<span class=\"_ _2\"></span>ivit\u00e0<span class=\"ff1\"> </span>dell\u2019Area<span class=\"ff1\"> </span>Finanza,<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>periodicit\u00e0<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>controlli<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>azioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ripristino<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>caso<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>superamento<span class=\"ff1\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>limiti.<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Nella<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>composizione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>complessiva<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>portafoglio<span class=\"ff1\"> </span>d\u2019investimento<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>tiene<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cont<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dell\u2019esposizione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rischio,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>vincoli<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>l<span class=\"_ _0\"></span>egati<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>a<span class=\"_ _2\"></span>lla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cop<span class=\"_ _2\"></span>ertura<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"ff1\"> </span>riserve<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>ecniche<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span><span class=\"ff3\">e</span> <span class=\"_ _20\"></span><span class=\"ff3\">degli</span> <span class=\"_ _2\"></span><span class=\"ff3\">effett<span class=\"_ _2\"></span>i</span> <span class=\"_ _2\"></span><span class=\"ff3\">sul</span> <span class=\"_ _2\"></span><span class=\"ff3\">S</span><span class=\"ff3\">olvency</span> <span class=\"_ _20\"></span><span class=\"ff3\">Ratio.</span> <span class=\"_ _20\"></span><span class=\"ff3\">I</span> <span class=\"_ _2\"></span><span class=\"ff3\">limiti</span> <span class=\"_ _20\"></span><span class=\"ff3\">e</span> <span class=\"_ _20\"></span><span class=\"ff3\">gli</span> <span class=\"_ _2\"></span><span class=\"ff3\">indicator<span class=\"_ _2\"></span>i</span> <span class=\"_ _2\"></span><span class=\"ff3\">relativi</span> <span class=\"_ _20\"></span><span class=\"ff3\">agli</span> <span class=\"_ _2\"></span><span class=\"ff3\">investimenti</span> </span>sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">oggetto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">verifica<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">controllo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">su<span class=\"ff1\"> </span>base<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">continuativa<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">parte<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">f<span class=\"_ _2\"></span>unzioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">az<span class=\"_ _2\"></span>iendali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">preposte<span class=\"_ _2\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>e,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _21\"></span></span>frequenza<span class=\"ff1\"> <span class=\"_ _20\"></span></span>periodica,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>risultati<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cont<span class=\"_ _2\"></span>rolli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>portati<span class=\"ff1\"> <span class=\"_ _21\"></span></span>all\u2019attenzione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">del</span> <span class=\"_ _20\"></span><span class=\"ff3\">Consiglio</span> <span class=\"_ _21\"> </span><span class=\"ff3\">di</span> </span>Amministrazione.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Il<span class=\"ff1\"> <span class=\"_ _21\"></span></span>processo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>prevede<span class=\"ff1\"> <span class=\"_ _21\"></span></span>inoltre<span class=\"ff1\"> <span class=\"_ _20\"></span></span>una<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fase<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>evisione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _21\"></span></span>suddetti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>limiti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>realizzata<span class=\"ff1\"> </span>mediante<span class=\"ff1\"> </span>analisi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>sensitivit\u00e0<span class=\"ff1\"> </span>condotte<span class=\"ff1\"> </span>sui<span class=\"ff1\"> </span>port<span class=\"_ _2\"></span>afogli<span class=\"ff1\"> </span>attivi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>passivi.<span class=\"_ _3bd\"> </span> La<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valutazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d<span class=\"_ _2\"></span>ei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>ischi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>m<span class=\"_ _2\"></span>ercato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>viene<span class=\"ff1\"> <span class=\"_ _2\"></span></span>eff<span class=\"_ _2\"></span>ettuata<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riferimento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>portafoglio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>investimenti<span class=\"ff1\"> </span>mobiliare<span class=\"ff1\"> </span>gi\u00e0<span class=\"ff1\"> </span>ac<span class=\"_ _2\"></span>quisito<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>agli<span class=\"ff1\"> </span>scenari<span class=\"ff1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>inv<span class=\"_ _2\"></span>estimento<span class=\"ff1\"> </span>futuro.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Tale<span class=\"ff1\"> </span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> </span>viene<span class=\"ff1\"> </span>realizzata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sia<span class=\"ff1\"> </span>co<span class=\"_ _2\"></span>n<span class=\"ff1\"> </span>logiche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Asset-Liability<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Management,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fine<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cogliere<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">interr<span class=\"_ _2\"></span>elazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">esist<span class=\"_ _2\"></span>enti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dinamiche<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pass<span class=\"_ _2\"></span>ivi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dinamiche<span class=\"ff1\"> <span class=\"_ _20\"></span></span>degli<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span></span>attivi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>copertura<span class=\"ff1\"> <span class=\"_ _21\"></span></span>de<span class=\"_ _0\"></span>lle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riserve<span class=\"ff1\"> <span class=\"_ _20\"></span></span>t<span class=\"_ _2\"></span>ecniche,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>eguendo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>princ<span class=\"_ _2\"></span>ipi<span class=\"ff1\"> </span>Solvency<span class=\"ff1\"> <span class=\"_ _2\"></span></span>II<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fine<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>cogl<span class=\"_ _2\"></span>iere<span class=\"ff1\"> </span>l\u2019<span class=\"_ _2\"></span>eventuale<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>equisito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>capitale<span class=\"ff1\"> <span class=\"_ _2\"></span></span>assorbito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>da<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ogni<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>ingolo<span class=\"ff1\"> </span>mo<span class=\"_ _2\"></span>dulo<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>sottomodulo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio. L\u2019identificazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>mercat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>vita<span class=\"ff1\"> <span class=\"_ _20\"></span></span>viene<span class=\"ff1\"> <span class=\"_ _20\"></span></span>effettuata<span class=\"ff1\"> <span class=\"_ _20\"></span></span>con<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riferimento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ai<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nuovi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"_ _2\"></span>nvestimenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> </span>asset<span class=\"ff1\"> </span>allocation<span class=\"ff1\"> </span>target,<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>portafoglio<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>essere:<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>Nuovi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>investimenti:<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>riferimento<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ai<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>nuovi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>investimenti,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>processo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>OR<span class=\"_ _0\"></span>SA<span class=\"_ _0\"></span> vengono<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>effe<span class=\"_ _0\"></span>ttuate<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>analisi<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>r<span class=\"_ _2\"></span>elative<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>a<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>scenari<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>investimento<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>futuro<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>l\u2019obiettivo<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>identificare<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>connessi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tali<span class=\"ff1\"> </span>scelte<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>investimento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>valutarne<span class=\"ff1\"> </span>l\u2019impatto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sul<span class=\"ff1\"> <span class=\"_ _2\"></span></span>profilo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>term<span class=\"_ _2\"></span>ini<span class=\"ff1\"> </span>quantitativi.<span class=\"ff1\"> </span>Inoltre,<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span>investimenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>\u201cnatura<span class=\"ff1\"> </span>occasionale\u201d<span class=\"ff1\"> </span>(secondo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> </span>definizione<span class=\"ff1\">  </span>data<span class=\"ff1\">  </span>nella<span class=\"ff1\">  </span>Policy<span class=\"ff1\">  </span>Investimenti)<span class=\"ff1\">  </span>sulla<span class=\"ff1\">  </span>base<span class=\"ff1\">  </span>delle<span class=\"ff1\">  </span>informazioni<span class=\"ff1\">  </span>fornite<span class=\"ff1\">  </span>dal<span class=\"_ _0\"></span>l\u2019Area<span class=\"ff1\"> </span>Finanza<span class=\"ff1\"> <span class=\"_ _21\"></span></span>(a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>titolo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>esemplificativo:<span class=\"ff1\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"_ _2\"></span>biettivo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dell\u2019investimento,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>portafoglio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>riferimento,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>size<span class=\"ff1\"> </span>dell\u2019operazione)<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>v<span class=\"_ _2\"></span>iene<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>eff<span class=\"_ _2\"></span>ettuata<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>dalla<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>funzione<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>Risk<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>Ma<span class=\"_ _2\"></span>nagement<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>valutazione<span class=\"ff1\"> </span>quali/quantitativa<span class=\"ff1\">  </span>ex-ante<span class=\"ff1\">  </span>basata<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>s<span class=\"_ _2\"></span>ia<span class=\"ff1\">  </span>su<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>logiche<span class=\"ff1\">  </span>gestionali<span class=\"ff1\">  </span>che<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>regolamentari.<span class=\"ff1\">  </span>Un<span class=\"ff1\">  </span>iter<span class=\"ff1\">  </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> </span>valutazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ex-ante<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>iene<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">effettuata<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Funzione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>Risk<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Management<span class=\"ff1\"> </span>anche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>tutti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gli<span class=\"ff1\"> </span>OICR<span class=\"ff1\"> <span class=\"_ _2\"></span></span>non<span class=\"ff1\"> <span class=\"_ _2\"></span></span>UCITs<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sulla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>base<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Due<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Diligence<span class=\"ff1\"> <span class=\"_ _2\"></span></span>predispost<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Area<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Finanza<span class=\"ff1\"> <span class=\"_ _2\"></span></span>secondo<span class=\"ff1\"> </span>quanto<span class=\"ff1\"> </span>disciplinato<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>Policy<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>OICR/ETF.<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>Portafoglio<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">essere:<span class=\"ff1\"> </span>Con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">riferimento<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">portafoglio<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>ssere,<span class=\"ff1\"> </span>l\u2019identificazione<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>vie<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span></span></span></span></span></span></span>ef<span class=\"_ _0\"></span>fett<span class=\"_ _0\"></span>uata<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sull<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>b<span class=\"_ _0\"></span>ase<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tecn<span class=\"_ _0\"></span>ici<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>po<span class=\"_ _0\"></span>rtaf<span class=\"_ _0\"></span>ogli<span class=\"_ _0\"></span>o,<span class=\"ff1\"> </span>de<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span>dati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">merc<span class=\"_ _0\"></span>ato<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>mi<span class=\"_ _0\"></span>sur<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ris<span class=\"_ _0\"></span>chio<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>determinate<span class=\"ff1\"> </span>attraverso<span class=\"ff1\"> </span>lo<span class=\"ff1\"> </span>strumento<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>calcolo<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>SCR<span class=\"ff1\"> </span>adottato.<span class=\"_ _3bd\"> </span> Si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riport<span class=\"_ _2\"></span>ano<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">seguito<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">macro-indicatori<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">analizzati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">valutazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">monitoraggio<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>me<span class=\"_ _0\"></span>rcat<span class=\"_ _0\"></span>o: -<span class=\"_ _3bd\"> </span>SCR<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Interest<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span></span>Rate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u2013<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Based:<span class=\"ff1\"> <span class=\"_ _20\"></span></span>indicatori<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>hanno<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>lo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>scopo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>individuare<span class=\"ff1\"> <span class=\"_ _21\"></span></span>l\u2019<span class=\"_ _0\"></span>assor<span class=\"_ _2\"></span>bimento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>d<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span> capitale,<span class=\"ff1\"> </span>sec<span class=\"_ _0\"></span>ondo<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>metriche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Solvency<span class=\"ff1\"> </span>II,<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">interesse</span> <span class=\"_ _0\"></span><span class=\"ff3\">secondo<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">approccio<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>sia<span class=\"ff1\"> </span>regolamentare<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>gestionale;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>Con<span class=\"_ _0\"></span>cen<span class=\"_ _0\"></span>traz<span class=\"_ _0\"></span>ione<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">relat<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">su</span> <span class=\"_ _0\"></span><span class=\"ff3\">sing<span class=\"_ _0\"></span>ola<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ontr<span class=\"_ _0\"></span>opa<span class=\"_ _0\"></span>rte;<span class=\"_ _0\"></span> </span></span></span></span>-<span class=\"_ _3bd\"> </span>Ra<span class=\"_ _0\"></span>ting<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">su<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>ola<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>trop<span class=\"_ _0\"></span>arte<span class=\"_ _0\"></span>; </span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Esp<span class=\"_ _0\"></span>osi<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ssol<span class=\"_ _0\"></span>uta<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Equ<span class=\"_ _0\"></span>ity; </span></span></span></span>-<span class=\"_ _3bd\"> </span>Esp<span class=\"_ _0\"></span>osi<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>lati<span class=\"_ _0\"></span>va<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>Obb<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>orp<span class=\"_ _0\"></span>orate<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>Esp<span class=\"_ _0\"></span>osi<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>ssol<span class=\"_ _0\"></span>uta<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">valu<span class=\"_ _0\"></span>ta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">este<span class=\"_ _0\"></span>ra;<span class=\"_ _3bd\"> </span> </span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Dur<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n; -<span class=\"_ _3bd\"> </span>Sensitivities<span class=\"ff1\"> </span>Spread<span class=\"ff1\"> </span>Goverantivo<span class=\"ff1\"> </span>Italia<span class=\"ff1\"> </span>(al<span class=\"ff1\"> </span>fine<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>catturar<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>fattore<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>spread<span class=\"ff1\"> </span>sui<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> </span>governativi<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>incluso<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>formula<span class=\"ff1\"> </span>standard);<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>Se<span class=\"_ _0\"></span>nsit<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>ty<span class=\"ff1\"> </span>su<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>atto<span class=\"_ _0\"></span>ri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risc<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>merc<span class=\"_ _0\"></span>ato<span class=\"ff1\"> </span>(<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tasso<span class=\"_ _0\"></span>).<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>Ri<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>hi<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>me<span class=\"_ _0\"></span>rca<span class=\"_ _1\"></span>to<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>A<span class=\"_ _0\"></span>L<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ALM<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">u<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>strettamente<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>correlato<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ai<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>disalline<span class=\"_ _0\"></span>amenti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tra<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>pas<span class=\"_ _0\"></span>sivit\u00e0.<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>I<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span></span></span></span></span>processo<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>ALM<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _23\"> </span><span class=\"ff3\">in<span class=\"_ _0\"></span>clude<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>suo<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>inter<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>dinamiche<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>con<span class=\"_ _2\"></span>nesse<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>a<span class=\"_ _2\"></span>lla<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>gestione<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>de<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>rischi<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>alla<span class=\"ff1\"> </span></span></span>pianificazione<span class=\"ff1\">  </span>strategica.<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">Si</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">focalizza</span>  <span class=\"ff3\">sul</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">medio</span>  <span class=\"ff3\">-</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">lungo</span>  <span class=\"ff3\">termine</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">anzich\u00e9</span>  <span class=\"ff3\">offrire</span>  <span class=\"ff3\">soluzi<span class=\"_ _0\"></span>oni<span class=\"ff1\">  </span>di<span class=\"ff1\"> </span></span></span>mit<span class=\"_ _0\"></span>iga<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>cop<span class=\"_ _0\"></span>ertu<span class=\"_ _0\"></span>ra<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>risc<span class=\"_ _0\"></span>hio.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">L\u2019o<span class=\"_ _0\"></span>biett<span class=\"_ _0\"></span>ivo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">tale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">gest<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del</span> <span class=\"ff3\">risc<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>que<span class=\"_ _0\"></span>llo<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">massi<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>zzare<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>le<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>soddisfare<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>passivit\u00e0<span class=\"ff1\"> </span>complesse<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>possono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>aumentare<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>redditivit\u00e0.<span class=\"_ _3bd\"> </span> Al<span class=\"_ _0\"></span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sotto<span class=\"_ _0\"></span>cate<span class=\"_ _0\"></span>go<span class=\"_ _0\"></span>ria<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ALM<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ap<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>rteng<span class=\"_ _0\"></span>ono<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">se<span class=\"_ _0\"></span>gue<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fa<span class=\"_ _0\"></span>ttori<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>schi<span class=\"_ _0\"></span>o:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>Asset<span class=\"ff1\"> <span class=\"_ _1f0\"> </span></span>Allocation<span class=\"ff1\"> <span class=\"_ _1f2\"> </span></span>Strategica<span class=\"ff1\"> <span class=\"_ _1f0\"> </span></span>(AAT):<span class=\"ff1\"> <span class=\"_ _1f2\"> </span></span>consist<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1f2\"> </span></span>nel<span class=\"ff1\"> <span class=\"_ _1f0\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _1f2\"> </span></span>r<span class=\"_ _2\"></span>isultante<span class=\"_ _0\"></span><span class=\"ff1\"> </span>dall\u2019inadeguatezza/incoerenza<span class=\"ff1\"> </span>dell\u2019asset<span class=\"ff1\"> </span>allocation<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>fare<span class=\"ff1\"> </span>fronte<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>passivit\u00e0.<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>Ass<span class=\"_ _0\"></span>et<span class=\"ff1\"> </span>&amp;<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Liab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>ty<span class=\"ff1\"> </span>mis<span class=\"_ _0\"></span>matc<span class=\"_ _0\"></span>h:<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">corr<span class=\"_ _0\"></span>ispo<span class=\"_ _0\"></span>nde<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al</span> <span class=\"ff3\">r<span class=\"_ _0\"></span>isch<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>isa<span class=\"_ _0\"></span>llin<span class=\"_ _0\"></span>eame<span class=\"_ _0\"></span>nto<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">atti<span class=\"_ _0\"></span>vi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>ssivi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pu<span class=\"_ _0\"></span>\u00f2<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>comportare<span class=\"ff1\"> <span class=\"_ _2c\"> </span></span>un\u2019esposizione<span class=\"ff1\"> <span class=\"_ _2c\"> </span></span>dell\u2019impresa<span class=\"ff1\"> <span class=\"_ _2c\"> </span></span>o<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2c\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _2c\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _2c\"> </span></span>disinvestimento<span class=\"ff1\"> <span class=\"_ _2c\"> </span></span>o<span class=\"ff1\"> <span class=\"_ _bf\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _2c\"> </span></span>rischio<span class=\"ff1\"> </span>rei<span class=\"_ _0\"></span>nve<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>o.<span class=\"_ _3bd\"> </span> La<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Compagnia<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>adott<span class=\"_ _2\"></span>a,<span class=\"ff1\">  </span>nei<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>confronti<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>fattor<span class=\"_ _2\"></span>i<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>rischio<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>sopra<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>enunciati,<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>linee<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>guida<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>che<span class=\"ff1\"> </span>definiscono<span class=\"ff1\">  </span>i<span class=\"ff1\">  </span>princi<span class=\"_ _0\"></span>pi<span class=\"ff1\">  </span>generali,<span class=\"ff1\">  </span>la<span class=\"ff1\">  </span>periodic<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\">  </span>dei<span class=\"ff1\">  </span>controlli<span class=\"ff1\">  </span>e<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">le</span>  <span class=\"ff3\">azioni</span>  <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\">  </span>ripristino<span class=\"ff1\">  </span>in<span class=\"ff1\">  </span>caso<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span>superamento<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>limiti.<span class=\"_ _3bd\"> </span> Valutazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rischi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>AL<span class=\"_ _2\"></span>M<span class=\"ff1\"> <span class=\"_ _2\"></span></span>viene<span class=\"ff1\"> <span class=\"_ _2\"></span></span>effett<span class=\"_ _2\"></span>uata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riferimento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>portafoglio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>investimenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>m<span class=\"_ _2\"></span>obiliare<span class=\"ff1\"> </span>gi\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>acquisito<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>agli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>cenari<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>investimento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>futuro.<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Tale<span class=\"ff1\"> <span class=\"_ _21\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>viene<span class=\"ff1\"> <span class=\"_ _21\"></span></span>realizzata<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>logiche<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> </span>Ass<span class=\"_ _0\"></span>et-<span class=\"_ _0\"></span>Liab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>ty<span class=\"ff1\"> </span>Ma<span class=\"_ _0\"></span>nagem<span class=\"_ _0\"></span>ent,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fine</span> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ogli<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">le</span> <span class=\"ff3\">i<span class=\"_ _0\"></span>nter<span class=\"_ _0\"></span>rel<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>esis<span class=\"_ _0\"></span>ten<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>ra<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>inam<span class=\"_ _0\"></span>iche<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pass<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>e<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>dinamiche<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>attivi<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>copertura<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>riserve<span class=\"ff1\"> </span>tecniche.<span class=\"_ _3bd\"> </span> Pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>qua<span class=\"_ _0\"></span>nto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rigu<span class=\"_ _1\"></span>arda<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">m<span class=\"_ _0\"></span>acro-<span class=\"_ _0\"></span>ind<span class=\"_ _0\"></span>icat<span class=\"_ _0\"></span>ori<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ana<span class=\"_ _0\"></span>liz<span class=\"_ _0\"></span>zati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">va<span class=\"_ _0\"></span>luta<span class=\"_ _0\"></span>zione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mo<span class=\"_ _0\"></span>nito<span class=\"_ _0\"></span>ragg<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risc<span class=\"_ _0\"></span>hi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">AL<span class=\"_ _0\"></span>M:<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>SCR<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Interest<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Rate<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u2013<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Based:<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>indicatori<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>hanno<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>lo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>copo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>individuare<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>l\u2019assor<span class=\"_ _2\"></span>bimento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> </span>capitale,<span class=\"ff1\"> </span>sec<span class=\"_ _0\"></span>ondo<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>metriche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Solvency<span class=\"ff1\"> </span>II,<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rischio<span class=\"ff1\"> </span>tasso<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">interesse</span> <span class=\"_ _0\"></span><span class=\"ff3\">secondo<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">approccio<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>sia<span class=\"ff1\"> </span>regolamentare<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>gestionale;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>Cash<span class=\"ff1\"> </span>Flow<span class=\"ff1\"> </span>Matching:<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l\u2019indicatore</span> <span class=\"ff3\">descrive</span> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>disallineamento,<span class=\"ff1\"> </span>tempo<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>tempo,<span class=\"ff1\"> </span>tra<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>Cashflow<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span>degli<span class=\"ff1\"> </span>attivi<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>Cashflow<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>passivo;<span class=\"_ _3bd\"> </span> -<span class=\"_ _3bd\"> </span>Duration<span class=\"ff1\">  </span>Matching:<span class=\"ff1\">  </span>disallineamento<span class=\"ff1\">  </span>tra<span class=\"ff1\">  </span>la<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>uration<span class=\"ff1\">  </span>dei<span class=\"ff1\">  </span>Cashflow<span class=\"ff1\">  </span>Attivi<span class=\"ff1\">  </span>e<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">la</span>  <span class=\"ff3\">duration</span>  <span class=\"ff3\">dei</span> </span>Cashflow<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Pass<span class=\"_ _2\"></span>ivi<span class=\"_ _3bd\"> </span></span></span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-801": {
   "value": "<div class=\"t m45 h10 ff3 fs9 fc4 sc0 ls0 ws0 gs45e0\">1.4<span class=\"_ _3bd\"> </span></div><div class=\"t m45 h10 ff3 fs9 fc4 sc0 ls0 ws0 gs45e1\">Gru<span class=\"_ _0\"></span>ppo<span class=\"_ _3bd\"> </span></div><div class=\"t m45 h10 ff3 fs9 fc4 sc0 ls0 ws0 gs45e2\">banc<span class=\"_ _0\"></span>ario<span class=\"_ _3bd\"> </span></div><div class=\"t m45 h10 ff3 fs9 fc4 sc0 ls0 ws0 gs45e3\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m45 h10 ff3 fs9 fc4 sc0 ls0 ws0 gs45e4\">ris<span class=\"_ _0\"></span>chio<span class=\"_ _3bd\"> </span></div><div class=\"t m45 h10 ff3 fs9 fc4 sc0 ls0 ws0 gs45e5\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m45 h10 ff3 fs9 fc4 sc0 ls0 ws0 gs45e6\">liqu<span class=\"_ _0\"></span>idit<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs45e7\">Inf<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>maz<span class=\"_ _1\"></span>ion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs45e8\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs45e9\">na<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>ra<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs45ea\">qu<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>a<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs45eb\">A.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs45ec\">As<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>tti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs45ed\">ge<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>li,<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs45ee\">pr<span class=\"_ _0\"></span>oc<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>si<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs45ef\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs45f0\">ge<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs45f1\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs45f2\">me<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs45f3\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs45f4\">mi<span class=\"_ _0\"></span>su<span class=\"_ _0\"></span>raz<span class=\"_ _1\"></span>ione<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs45f5\">de<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs45f6\">ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>io<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs45f7\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs45f8\">liq<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>\u00e0<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs45f9\">Si<span class=\"ff1\"> <span class=\"_ _20\"></span></span>definisce<span class=\"ff1\"> <span class=\"_ _2\"></span></span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>liquidit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>l\u2019eventualit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Gruppo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>possa<span class=\"ff1\"> <span class=\"_ _20\"></span></span>t<span class=\"_ _2\"></span>rovarsi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nella<span class=\"ff1\"> <span class=\"_ _2\"></span></span>condizione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>non<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs45fa\">riuscire<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">far<span class=\"ff1\"> </span>fronte<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>propri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">impegni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>pagamen<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>natura<span class=\"ff1\"> </span>ordinaria<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>straordinaria,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quando<span class=\"ff1\"> </span>gli<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs45fb\">stessi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dive<span class=\"_ _0\"></span>ntino<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>esigibili,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>senza<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>incorrere<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>perdite<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tali<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>pregiudicare<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>propria<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>operativit\u00e0<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs45fc\">quotidiana<span class=\"ff1\"> <span class=\"_ _2\"></span></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cond<span class=\"_ _2\"></span>izioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziarie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>complessive<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Gr<span class=\"_ _2\"></span>uppo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>stesso.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>La<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ge<span class=\"_ _0\"></span>stione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs45fd\">liquidit\u00e0<span class=\"ff1\"> </span>pu\u00f2<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>suddivisa<span class=\"ff1\"> </span>fra:<span class=\"_ _3bd\"> </span> </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs45fe\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs45ff\">gestione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>liquidit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>breve<span class=\"ff1\"> <span class=\"_ _2\"></span></span>t<span class=\"_ _2\"></span>ermine,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ivi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>compresa<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _20\"></span></span>liquidit\u00e0<span class=\"ff1\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs4600\">intra-day</div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4601\">,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _2\"></span></span>obiettivo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4602\">quello<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>gar<span class=\"_ _2\"></span>antire<span class=\"ff1\"> <span class=\"_ _21\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>capac<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>far<span class=\"ff1\"> <span class=\"_ _21\"></span></span>fronte<span class=\"ff1\"> <span class=\"_ _21\"></span></span>agli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"> </span><span class=\"ff3\">impegni</span> <span class=\"_ _21\"></span><span class=\"ff3\">di</span> <span class=\"_ _20\"></span><span class=\"ff3\">pagamento</span> <span class=\"_ _21\"> </span><span class=\"ff3\">per</span> <span class=\"_ _21\"> </span><span class=\"ff3\">cassa</span> <span class=\"_ _21\"> </span><span class=\"ff3\">previsti</span> <span class=\"_ _21\"></span><span class=\"ff3\">e<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4603\">imprevisti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tr<span class=\"_ _2\"></span>amite<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mantenimento<span class=\"_ _2\"></span><span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rappor<span class=\"_ _2\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sostenibile<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tra<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">flussi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">liquidit\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">entrata<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4604\">quelli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>uscita;<span class=\"ff1\"> <span class=\"_ _21\"></span></span>tale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>gestione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>c<span class=\"_ _2\"></span>ostituisce<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>condizione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">essenziale</span> <span class=\"_ _2\"></span><span class=\"ff3\">per</span> <span class=\"_ _21\"></span><span class=\"ff3\">la</span> <span class=\"_ _20\"></span><span class=\"ff3\">normale</span> <span class=\"_ _21\"></span><span class=\"ff3\">continuit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4605\">operativa<span class=\"ff1\"> </span>dell\u2019attivit\u00e0<span class=\"ff1\"> </span>bancaria;<span class=\"_ _3bd\"> </span> </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4606\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4607\">gestione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> </span>liquidit\u00e0<span class=\"ff1\"> </span>strutturale<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>cui<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">obiettivo</span> <span class=\"ff3\">\u00e8</span> <span class=\"_ _0\"></span><span class=\"ff3\">quello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>mantenere<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> </span>ade<span class=\"_ _0\"></span>guato<span class=\"ff1\"> </span>rapporto<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4608\">tra<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ass<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>ed<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">attiv<span class=\"_ _1\"></span>it\u00e0<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>mple<span class=\"_ _0\"></span>ssive<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>fin<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>zzat<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>ev<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>pre<span class=\"_ _0\"></span>ssion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>sul<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>fo<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">a</span> <span class=\"ff3\">b<span class=\"_ _0\"></span>rev<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>ter<span class=\"_ _0\"></span>mine<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4609\">attuali<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>prospettiche.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs460a\">Il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Grup<span class=\"_ _0\"></span>po<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>redi<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>E<span class=\"_ _0\"></span>mili<span class=\"_ _0\"></span>ano<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">si</span> <span class=\"ff3\">\u00e8<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">da</span> <span class=\"ff3\">tem<span class=\"_ _0\"></span>po<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dota<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>na<span class=\"ff1\"> </span>Po<span class=\"_ _0\"></span>lic<span class=\"_ _0\"></span>y<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>Ge<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ris<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>liqu<span class=\"_ _0\"></span>idi<span class=\"_ _0\"></span>t\u00e0.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">La<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs460b\">Policy<span class=\"ff1\"> </span>approvata<span class=\"ff1\"> </span>disciplina:<span class=\"_ _3bd\"> </span> </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs460c\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs460d\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pri<span class=\"_ _0\"></span>ncip<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>g<span class=\"_ _0\"></span>ove<span class=\"_ _0\"></span>rno<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">g<span class=\"_ _0\"></span>esti<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>li<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>idit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>dott<span class=\"_ _0\"></span>ati<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dal<span class=\"ff1\"> </span>G<span class=\"_ _0\"></span>rup<span class=\"_ _0\"></span>po,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs460e\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs460f\">l\u2019insieme<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"ff1\"> </span>norme<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>processi<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">controllo<span class=\"ff1\"> </span>finalizzati<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prevenire<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019insorgere<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>situazioni<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4610\">di<span class=\"ff1\"> </span>crisi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>liquidit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>Gr<span class=\"_ _2\"></span>uppo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _2\"></span></span>singole<span class=\"ff1\"> <span class=\"_ _2\"></span></span>societ\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Gruppo,<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019obiettivo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ispirare<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4611\">una<span class=\"ff1\"> </span>sana<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">prudente</span> <span class=\"ff3\">gestione</span> <span class=\"ff3\">del</span> <span class=\"ff3\">rischio</span> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>liquidit\u00e0<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>livello<span class=\"ff1\"> </span>consolidato,<span class=\"ff1\"> </span>tale<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">assicurare<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4612\">stabilit\u00e0,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>sicurez<span class=\"_ _0\"></span>za<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>elle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">operazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">aziendali,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>solidi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>finanziaria<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">conseguentemente,<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4613\">solvibilit\u00e0<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Gruppo.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4614\">I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pri<span class=\"_ _0\"></span>ncip<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esse<span class=\"_ _0\"></span>nzia<span class=\"_ _0\"></span>li<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ui<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">si<span class=\"ff1\"> </span>is<span class=\"_ _0\"></span>pir<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>la<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">po<span class=\"_ _0\"></span>liti<span class=\"_ _0\"></span>ca<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>g<span class=\"_ _0\"></span>est<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>li<span class=\"_ _0\"></span>quid<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sono<span class=\"_ _0\"></span>:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4615\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4616\">definizione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>Risk<span class=\"ff1\"> </span>Appetite<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>Risk<span class=\"ff1\"> </span>Tolerance<span class=\"ff1\"> </span>(o<span class=\"ff1\"> </span>soglia<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>tolleranza)<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>contesto<span class=\"_ _2\"></span><span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4617\">normale<span class=\"ff1\"> </span>corso<span class=\"ff1\"> </span>degli<span class=\"ff1\"> </span>affari<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>scenari<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>stress;<span class=\"_ _3bd\"> </span> </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4618\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4619\">definizione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">for<span class=\"_ _2\"></span>malizzazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ruoli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">f<span class=\"_ _2\"></span>unzioni,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">coerentemente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">prin<span class=\"_ _2\"></span>cipio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>eparatezza<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs461a\">delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">funzioni<span class=\"ff1\"> </span>operative<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>quelle<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>controllo<span class=\"ff1\"> </span>(c.d.<span class=\"ff1\"> </span></span></span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs461b\">segregatio<span class=\"_ _2\"></span>n<span class=\"_ _3bd\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs461c\">of<span class=\"_ _3bd\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs461d\">duties</div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs461e\">);<span class=\"_ _3bd\"> </span> </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs461f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4620\">ac<span class=\"_ _0\"></span>cent<span class=\"_ _0\"></span>rame<span class=\"_ _0\"></span>nto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">funz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>gov<span class=\"_ _0\"></span>ern<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risc<span class=\"_ _0\"></span>hio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">liq<span class=\"_ _0\"></span>uidi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ull<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>apo<span class=\"_ _0\"></span>grupp<span class=\"_ _0\"></span>o;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4621\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4622\">attuazione<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> </span>politica<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">trasformazione<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>scade<span class=\"_ _0\"></span>nze<span class=\"ff1\"> </span>gestita<span class=\"ff1\"> </span>nell\u2019ambito<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> </span>massimali<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4623\">ass<span class=\"_ _0\"></span>egn<span class=\"_ _0\"></span>ati;<span class=\"_ _3bd\"> </span> </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4624\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4625\">adozione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>politica<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs4626\">funding</div><div class=\"t m0 h9 ff1 fs4 fc0 sc0 ls0 ws0 gs4627\"> <span class=\"_ _27\"> </span><span class=\"ff3 fs5\">diversificata<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>termini<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fonti,<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>durata<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>tipologi<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4628\">strumenti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>raccolta;<span class=\"_ _3bd\"> </span> </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4629\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs462a\">definizione<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>formalizzazione<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>principi<span class=\"ff1\"> </span>relativi<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>definizione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>sistema<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>prezzi<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs462b\">trasferimento<span class=\"ff1\"> </span>interno<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>fondi;<span class=\"_ _3bd\"> </span> </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs462c\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs462d\">def<span class=\"_ _0\"></span>ini<span class=\"_ _0\"></span>zione<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"_ _1\"></span><span class=\"ff3\">forma<span class=\"_ _0\"></span>liz<span class=\"_ _0\"></span>zazi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>un<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>iano<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">eme<span class=\"_ _0\"></span>rgenz<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attiv<span class=\"_ _0\"></span>are<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>aso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>tres<span class=\"_ _0\"></span>s<span class=\"ff1\"> </span>e<span class=\"_ _1\"></span>/o<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>risi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _1\"></span>i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs462e\">mercati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">o<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">caso<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">situazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">specifiche<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Gruppo<span class=\"ff1\"> </span>(</span></span></span></span></span></span></span></span></span></span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs462f\">Contingency<span class=\"_ _3bd\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs4630\">Funding<span class=\"_ _3bd\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs4631\">Plan</div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4632\">);<span class=\"_ _3bd\"> </span> </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4633\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4634\">ad<span class=\"_ _0\"></span>ozi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">un<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">si<span class=\"_ _0\"></span>stem<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">contr<span class=\"_ _0\"></span>oll<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inte<span class=\"_ _0\"></span>rni.<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4635\">Su<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">base<span class=\"ff1\"> </span>g<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>rnal<span class=\"_ _0\"></span>iera<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>me<span class=\"_ _0\"></span>dia<span class=\"_ _0\"></span>nte<span class=\"ff1\"> </span>u<span class=\"_ _1\"></span>n<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mod<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span></span></span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs4636\">liqu<span class=\"_ _0\"></span>idi<span class=\"_ _0\"></span>ty<span class=\"_ _3bd\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs4637\">ga<span class=\"_ _0\"></span>p</div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4638\">,<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>iene<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">esp<span class=\"_ _0\"></span>osta<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">l\u2019e<span class=\"_ _1\"></span>voluzi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">te<span class=\"_ _0\"></span>mpo<span class=\"_ _0\"></span>rale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4639\">flussi<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cassa<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>consentire<span class=\"ff1\"> </span>l\u2019attivazione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">operazioni</span> <span class=\"_ _0\"></span><span class=\"ff3\">finalizzate<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>determinare<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">equilibrio<span class=\"ff1\"> </span>fra<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs463a\">entrate<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>uscite<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>cassa.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs463b\">Al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Comitato<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Asset<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Liability<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>&amp;<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Management<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Gruppo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>so<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>assegnati<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>poteri<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>decisionali<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs463c\">declinazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>strategie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>merito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>politiche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs463d\">funding</div><div class=\"t m0 h9 ff1 fs4 fc0 sc0 ls0 ws0 gs463e\"> <span class=\"_ _2\"></span><span class=\"ff3 fs5\">del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Gruppo.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Periodicament<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>sono<span class=\"ff1\"> </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs463f\">analizzate,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ede<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Comitato<span class=\"_ _2\"></span>,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">condizioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">equilibrio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziario<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">orientare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">decisioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">circ<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4640\">le<span class=\"ff1\">  </span>strategie<span class=\"ff1\">  </span>di<span class=\"ff1\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs4641\">funding</div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4642\">.<span class=\"ff1\">  </span>Sempre<span class=\"ff1\">  </span>in<span class=\"ff1\">  </span>sede<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Comitat<span class=\"_ _2\"></span>o,<span class=\"ff1\">  </span>sono<span class=\"ff1\">  </span>analizzati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>intervent<span class=\"_ _2\"></span>i<span class=\"ff1\">  </span>straordinari<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4643\">eventualmente<span class=\"ff1\"> </span>richiesti<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>contingenti<span class=\"ff1\"> </span>situazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>mercato.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4644\">Nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">processo<span class=\"ff1\"> </span>R<span class=\"_ _0\"></span>AF<span class=\"ff1\"> </span>vengono,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">inoltre,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">definite<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">soglie<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Risk<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">A<span class=\"_ _2\"></span>ppetite<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Risk<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Tolerance,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4645\">le<span class=\"ff1\"> </span>metriche<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>modalit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>controllo<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>seguenti<span class=\"ff1\"> </span>indicatori<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>liquidit\u00e0:<span class=\"_ _3bd\"> </span> </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4646\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m7 h32 ff3 fs17 fc0 sc0 ls0 ws0 gs4647\">Liquidit<span class=\"_ _0\"></span>y<span class=\"_ _3bd\"> </span></div><div class=\"t m7 h32 ff3 fs17 fc0 sc0 ls0 ws0 gs4648\">Coverage<span class=\"_ _3bd\"> </span></div><div class=\"t m7 h32 ff3 fs17 fc0 sc0 ls0 ws0 gs4649\">Ratio<span class=\"_ _3bd\"> </span></div><div class=\"t m13 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs464a\">(LC<span class=\"_ _0\"></span>R);<span class=\"_ _3bd\"> </span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs464b\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m7 h32 ff3 fs17 fc0 sc0 ls0 ws0 gs464c\">Asset<span class=\"_ _3bd\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs464d\">En<span class=\"_ _0\"></span>cum<span class=\"_ _0\"></span>bran<span class=\"_ _0\"></span>ce</div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs464e\">;<span class=\"_ _3bd\"> </span> </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs464f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m7 h32 ff3 fs17 fc0 sc0 ls0 ws0 gs4650\">Net<span class=\"_ _3bd\"> </span></div><div class=\"t m7 h32 ff3 fs17 fc0 sc0 ls0 ws0 gs4651\">Stable<span class=\"_ _3bd\"> </span></div><div class=\"t m7 h32 ff3 fs17 fc0 sc0 ls0 ws0 gs4652\">Funding<span class=\"_ _3bd\"> </span></div><div class=\"t m7 h32 ff3 fs17 fc0 sc0 ls0 ws0 gs4653\">Ratio<span class=\"_ _3bd\"> </span></div><div class=\"t m13 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4654\">(N<span class=\"_ _0\"></span>SFR<span class=\"_ _0\"></span>).<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4655\">Le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>egole<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u201cLiquidity<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Management\u201d<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>adott<span class=\"_ _2\"></span>ate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>prevedono<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>limi<span class=\"_ _2\"></span>ti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>liquidit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>risp<span class=\"_ _2\"></span>ettarsi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>ulle<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4656\">scadenze<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>br<span class=\"_ _2\"></span>eve<span class=\"ff1\">  </span>termine<span class=\"ff1\">  </span>ed<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>altri<span class=\"ff1\">  </span>indicatori<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>per<span class=\"ff1\">  </span>monitorare<span class=\"ff1\">  </span>quotidianamente<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>la<span class=\"ff1\">  </span>posizione<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4657\">com<span class=\"_ _0\"></span>ple<span class=\"_ _0\"></span>ssiv<span class=\"_ _0\"></span>a.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4659\">Relativamente<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>liquidit\u00e0<span class=\"ff1\"> </span>strutturale<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>previsti<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>imiti<span class=\"ff1\"> </span>finalizzat<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ontro<span class=\"_ _2\"></span>llare<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">gestire<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs465a\">derivanti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dal<span class=\"ff1\"> </span></span></span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs465b\">mismatch</div><div class=\"t m0 h9 ff1 fs4 fc0 sc0 ls0 ws0 gs465c\"> <span class=\"_ _0\"></span><span class=\"ff3 fs5\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">scad<span class=\"_ _2\"></span>enze<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>me<span class=\"_ _0\"></span>dio-lungo<span class=\"ff1\"> </span>termine<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dell\u2019<span class=\"_ _2\"></span>attivo<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">passivo.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">previsti<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs465d\">dei<span class=\"ff1\"> </span>gap<span class=\"ff1\"> </span>ratio<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>1,<span class=\"ff1\"> </span>2<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>5<span class=\"ff1\"> </span>anni.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs465e\">Questi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>limiti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>consentono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>evitar<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019operativit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>medio-lungo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>termine<span class=\"ff1\"> <span class=\"_ _2\"></span></span>poss<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>luogo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"_ _2\"></span>d<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs465f\">eccessivi<span class=\"ff1\"> </span>squilibri<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>finanziare<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>breve<span class=\"ff1\"> </span>termine.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4660\">Gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sce<span class=\"_ _0\"></span>nari<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs4661\">str<span class=\"_ _0\"></span>ess<span class=\"_ _3bd\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs4662\">test</div><div class=\"t m0 h9 ff1 fs4 fc0 sc0 ls0 ws0 gs4663\"> <span class=\"_ _0\"></span><span class=\"ff3 fs5\">pre<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>sti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dal<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Reg<span class=\"_ _0\"></span>olam<span class=\"_ _0\"></span>ento<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">disti<span class=\"_ _0\"></span>ngu<span class=\"_ _0\"></span>ono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">i<span class=\"_ _0\"></span>n:<span class=\"_ _1\"></span> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4664\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4665\">stress<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>si<span class=\"_ _0\"></span>stemico<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs4666\">severity</div><div class=\"t m0 h9 ff1 fs4 fc0 sc0 ls0 ws0 gs4667\"> <span class=\"_ _27\"> </span><span class=\"ff3 fs5\">lieve:<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>crisi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">li<span class=\"_ _0\"></span>quidit\u00e0<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sistemica<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>consistente<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>un\u2019i<span class=\"_ _0\"></span>mprovvisa<span class=\"ff1\"> </span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4668\">in<span class=\"_ _0\"></span>stab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>sui<span class=\"ff1\"> </span>me<span class=\"_ _0\"></span>rca<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>mone<span class=\"_ _0\"></span>tar<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>cap<span class=\"_ _0\"></span>ital<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>e/o<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">in</span> <span class=\"ff3\">tens<span class=\"_ _0\"></span>ioni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">cara<span class=\"_ _0\"></span>tter<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>pol<span class=\"_ _0\"></span>itic<span class=\"_ _0\"></span>o,<span class=\"ff1\"> </span>acc<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>agn<span class=\"_ _0\"></span>ati<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4669\">da<span class=\"ff1\"> </span>alti<span class=\"ff1\"> </span>livelli<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>intensit\u00e0<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>impatti<span class=\"ff1\"> </span>globali;<span class=\"_ _3bd\"> </span> </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs466a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs466b\">stress<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>idiosincratico<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs466c\">severity</div><div class=\"t m0 h9 ff1 fs4 fc0 sc0 ls0 ws0 gs466d\"> <span class=\"_ _21\"> </span><span class=\"ff3 fs5\">media:<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>crisi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>liquidit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>causat<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>eventi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>part<span class=\"_ _2\"></span>icolarmente<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs466e\">negativi<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>Gruppo;<span class=\"_ _3bd\"> </span> </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs466f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4670\">stre<span class=\"_ _0\"></span>ss<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">comb<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs4671\">sev<span class=\"_ _0\"></span>erity</div><div class=\"t m0 h9 ff1 fs4 fc0 sc0 ls0 ws0 gs4672\"> <span class=\"_ _0\"></span><span class=\"ff3 fs5\">gra<span class=\"_ _0\"></span>ve:<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u00e8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">co<span class=\"_ _0\"></span>mbin<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">de<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">due<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">preced<span class=\"_ _1\"></span>enti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">scen<span class=\"_ _0\"></span>ari.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pro<span class=\"_ _0\"></span>cedu<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4673\">di<span class=\"ff1\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs4674\">Contingency<span class=\"_ _3bd\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs4675\">Funding<span class=\"_ _3bd\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs4676\">Plan</div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4677\">,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">recentemente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rivist<span class=\"_ _2\"></span>e,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pongono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019obiettivo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">salvaguardare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4678\">stabilit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _21\"></span></span>grupp<span class=\"_ _0\"></span>o<span class=\"ff1\"> <span class=\"_ _21\"></span></span>durante<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>f<span class=\"_ _2\"></span>asi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>iniziali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>uno<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>tato<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>tensione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>liquidit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>garantire<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4679\">continuit\u00e0<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>gruppo<span class=\"ff1\"> </span>stesso<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>caso<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>gravi<span class=\"ff1\"> </span>crisi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>liquidit\u00e0.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs467a\">L\u2019attivit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>gestione<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>liquidit\u00e0<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>breve<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs467b\">funding</div><div class=\"t m0 h9 ff1 fs4 fc0 sc0 ls0 ws0 gs467c\"> <span class=\"ff3 fs5\">strutturale<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>svolta<span class=\"ff1\"> </span>dalla<span class=\"ff1\"> </span>Business<span class=\"ff1\"> </span>Unit<span class=\"ff1\"> </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs467d\">Finanza<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>Capogruppo<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>complessivamente:<span class=\"_ _3bd\"> </span> </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs467e\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs467f\">gestisce<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>lussi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>liquidit\u00e0<span class=\"ff1\"> </span>infragruppo<span class=\"ff1\"> </span>riven<span class=\"_ _0\"></span>ienti<span class=\"ff1\"> </span>dai<span class=\"ff1\"> </span>fabbisogni/surplus<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>liquidit\u00e0<span class=\"ff1\"> </span>netti<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4680\">Societ\u00e0<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Gruppo;<span class=\"_ _3bd\"> </span> </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4681\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4682\">mis<span class=\"_ _0\"></span>ura<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">m<span class=\"_ _0\"></span>onito<span class=\"_ _0\"></span>ra<span class=\"ff1\"> </span>l<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>osi<span class=\"_ _0\"></span>zione<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _0\"></span><span class=\"ff3\">liqu<span class=\"_ _1\"></span>idit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">G<span class=\"_ _0\"></span>rupp<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">del<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">singol<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>S<span class=\"_ _0\"></span>ocie<span class=\"_ _1\"></span>t\u00e0<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">G<span class=\"_ _0\"></span>rupp<span class=\"_ _1\"></span>o<span class=\"_ _2\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4683\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4684\">coordina<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>effettua<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>raccolta<span class=\"ff1\"> </span>accedendo<span class=\"ff1\"> </span>direttamente<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>mercat<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>interbancario<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>fine<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4685\">mantenere<span class=\"ff1\"> </span>condizioni<span class=\"ff1\"> </span>adeguate<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>liquidit\u00e0<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>Gruppo;<span class=\"_ _3bd\"> </span> </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4686\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4687\">determina<span class=\"ff1\"> </span>periodicamente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">g<span class=\"_ _2\"></span>li<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>nter<span class=\"_ _2\"></span>venti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziari<span class=\"ff1\"> </span>utili<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">per</span> <span class=\"ff3\">conseguire</span> <span class=\"_ _0\"></span><span class=\"ff3\">gli<span class=\"ff1\"> </span>equilibri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> </span>medio<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4688\">lungo<span class=\"ff1\"> </span>termine,<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>sostenibilit\u00e0<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>crescita<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>maggior<span class=\"ff1\"> </span>efficienza<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>provvista;<span class=\"_ _3bd\"> </span> </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4689\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs468a\">gestisce<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>rapporti<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>BCE<span class=\"ff1\"> </span>(gestione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>conto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>gestione<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>ogni<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>impiego<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs468b\">provvista<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>fondi)<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>accede<span class=\"ff1\"> </span>alle<span class=\"ff1\"> </span>operazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rifinanziamento<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>BCE.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs468c\">Questa<span class=\"ff1\">  </span>impostazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>consente<span class=\"ff1\">  </span>di<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>supportare<span class=\"ff1\">  </span>adeguatamente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"ff1\">  </span>fabbi<span class=\"_ _0\"></span>sogni<span class=\"ff1\">  </span>finanziari<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ed<span class=\"ff1\">  </span>\u00e8<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs468d\">finalizzata<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a:<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs468e\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs468f\">rid<span class=\"_ _0\"></span>urr<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fab<span class=\"_ _0\"></span>bis<span class=\"_ _0\"></span>ogni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>mple<span class=\"_ _0\"></span>ssiv<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>zia<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>p<span class=\"_ _1\"></span>arte<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ontro<span class=\"_ _0\"></span>par<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>ste<span class=\"_ _0\"></span>rne<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Gru<span class=\"_ _0\"></span>ppo<span class=\"_ _0\"></span>;<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs4690\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4691\">ottimizzare<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>l\u2019accesso<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ai<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>mercati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>conseguentemente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>mini<span class=\"_ _0\"></span>mizzare<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>costi<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>complessivi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4692\">raccolta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esterna.<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4693\">Nel<span class=\"ff1\"> </span>corso<span class=\"_ _2\"></span><span class=\"ff1\"> </span>dell\u2019e<span class=\"_ _0\"></span>sercizio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>2022<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _2\"></span></span>si<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>registrate<span class=\"ff1\"> </span>novit\u00e0<span class=\"ff1\"> </span>dal<span class=\"ff1\"> </span>punto<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>vista<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>segnalazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4694\">vigilanza.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>L<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>s<span class=\"_ _2\"></span>egnalazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>r<span class=\"_ _2\"></span>elative<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>agl<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"_ _0\"></span>ndicator<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs4695\">Liquidity<span class=\"_ _3bd\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs4696\">Coverage<span class=\"_ _3bd\"> </span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs4697\">Ratio</div><div class=\"t m0 h9 ff1 fs4 fc0 sc0 ls0 ws0 gs4698\"> <span class=\"_ _1f\"> </span><span class=\"ff3 fs5\">(L<span class=\"_ _0\"></span>CR)<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Additional<span class=\"ff1\"> </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4699\">Liquidity<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>Monitoring<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>Metrics<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>(ALMM)<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>hanno<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>s<span class=\"_ _2\"></span>ubito<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>aggiornamenti<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>sono<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _24\"> </span></span>effettuate<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs469a\">mensilmente,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sulla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">base<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">degli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>chemi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">conform<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ai<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Regolamenti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">UE<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>\u2019esecuzione,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rispettivamente<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs469b\">n.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">322/<span class=\"_ _0\"></span>2016<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"_ _1\"></span><span class=\"ff3\">n.<span class=\"ff1\"> </span>2<span class=\"_ _0\"></span>114/<span class=\"_ _0\"></span>2017<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs469c\">Il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>G<span class=\"_ _2\"></span>ruppo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pros<span class=\"_ _2\"></span>egue<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>partecipazione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>al<span class=\"ff1\"> <span class=\"_ _20\"></span></span>monitor<span class=\"_ _2\"></span>aggio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>emestrale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Basilea<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>III,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>trimest<span class=\"_ _2\"></span>ralmente<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs469d\">invia<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>segnalazioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>li<span class=\"_ _2\"></span>quidit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Net<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Stable<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Funding<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Ratio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(c.d.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00abNSFR<span class=\"ff1\"> <span class=\"_ _20\"></span></span>CRR2\u00bb)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>come<span class=\"ff1\"> <span class=\"_ _20\"></span></span>previsto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dal<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs469e\">Regolamento<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>(UE)<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>2019/87<span class=\"_ _2\"></span>6<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>(c.d.<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>\u00abCRR2\u00bb).<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>Si<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>segnala<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>tale<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>indicat<span class=\"_ _2\"></span>ore<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>ha<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>s<span class=\"_ _2\"></span>ostituito<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>la<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs469f\">segnalazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">li<span class=\"_ _2\"></span>quidit\u00e0<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>revista<span class=\"ff1\"> </span>dal<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Regolamento<span class=\"ff1\"> </span>UE<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">n.575<span class=\"_ _2\"></span>/2013<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(CRR)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>otto<span class=\"ff1\"> </span>forma<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _1\"></span><span class=\"ff3\">requisito<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs46a0\">materia<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>finanziamento<span class=\"ff1\"> </span>stabile<span class=\"ff1\"> </span>(SF)<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>partire<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>Giugno<span class=\"ff1\"> </span>2021.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs46a1\">A<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Se<span class=\"_ _0\"></span>ttemb<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">202<span class=\"_ _0\"></span>2<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Grupp<span class=\"_ _1\"></span>o<span class=\"ff1\"> </span>ha<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">parte<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>pato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">SSM<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Liqu<span class=\"_ _0\"></span>idi<span class=\"_ _0\"></span>ty<span class=\"ff1\"> </span>E<span class=\"_ _0\"></span>xerc<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">B<span class=\"_ _0\"></span>CE<span class=\"_ _0\"></span>.<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs46a2\">L\u2019importo<span class=\"ff1\">  </span>c<span class=\"_ _0\"></span>omplessivo<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\">  </span>fin<span class=\"_ _0\"></span>anziamento<span class=\"ff1\">  </span>con<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>BCE<span class=\"ff1\">  </span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>fine<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dic<span class=\"_ _2\"></span>embre<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>2022<span class=\"ff1\">  </span>\u00e8<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>riconducibile<span class=\"ff1\">  </span>ad<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs46a3\">op<span class=\"_ _0\"></span>eraz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>TL<span class=\"_ _0\"></span>TRO<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">III<span class=\"_ _0\"></span>,<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>un<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">impo<span class=\"_ _0\"></span>rto<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>mpl<span class=\"_ _0\"></span>essi<span class=\"_ _0\"></span>vo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">5,<span class=\"_ _0\"></span>69<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">milia<span class=\"_ _0\"></span>rdi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">euro.<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Ne<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>cor<span class=\"_ _0\"></span>so<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>ll\u2019<span class=\"_ _0\"></span>ann<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs46a4\">sono<span class=\"ff1\"> </span>state<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">effettuate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nuove<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ope<span class=\"_ _2\"></span>razioni.<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Nel<span class=\"ff1\"> </span>mese<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>dicembre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>B<span class=\"_ _0\"></span>anca<span class=\"ff1\"> </span>ha<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">effettuato<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rimborso<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs46a5\">volontario<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anticipato<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">1,2<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">miliardi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">euro<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">della<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">tranche<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">LTRO<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">III.3<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">scadenza<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mese<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">marzo<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs46a6\">2023.<span class=\"ff1\"> </span>Nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mese</span> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>dicembre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2022<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stat<span class=\"_ _2\"></span>a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">anche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>imborsata<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tranche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">T<span class=\"_ _2\"></span>LTRO<span class=\"ff1\"> </span>II<span class=\"_ _0\"></span>I.2<span class=\"ff1\"> </span>da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">1,4<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">miliardi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs46a7\">euro,<span class=\"ff1\"> </span>giunta<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>sua<span class=\"ff1\"> </span>naturale<span class=\"ff1\"> </span>scadenza.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs46a8\">Al<span class=\"ff1\"> </span>31<span class=\"ff1\"> </span>dicembre<span class=\"ff1\"> </span>2022<span class=\"ff1\"> <span class=\"_ _2\"></span></span>l\u2019importo<span class=\"ff1\"> </span>totale<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>riserve<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>liquidit\u00e0<span class=\"ff1\"> </span>libere,<span class=\"ff1\"> </span>intese<span class=\"ff1\"> </span>come<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>liquide<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs46a9\">elevata<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">qualit\u00e0<span class=\"ff1\"> </span>calcolate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ai<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fini<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ca<span class=\"_ _2\"></span>lcolo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dell\u2019indicatore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">LCR,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">attestato<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">10,73<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">miliardi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Euro<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs46aa\">(m<span class=\"_ _0\"></span>arke<span class=\"_ _0\"></span>t<span class=\"ff1\"> </span>val<span class=\"_ _0\"></span>ue).<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">95%<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">t<span class=\"_ _0\"></span>ali<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rise<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>ve<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u00e8</span> <span class=\"ff3\">d<span class=\"_ _0\"></span>eten<span class=\"_ _0\"></span>uto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dalla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Cap<span class=\"_ _0\"></span>ogrup<span class=\"_ _1\"></span>po<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ed<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">re<span class=\"_ _0\"></span>stan<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>5%<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dal<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>rolla<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs46ab\">do<span class=\"_ _0\"></span>mest<span class=\"_ _0\"></span>iche<span class=\"_ _0\"></span>. </div>Pro<span class=\"_ _1\"></span>gra<span class=\"_ _0\"></span>mm<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span>Ob<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>iga<span class=\"_ _1\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>Ba<span class=\"_ _0\"></span>nca<span class=\"_ _1\"></span>rie<span class=\"_ _3bd\"> </span>Ga<span class=\"_ _0\"></span>ran<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>te<span class=\"_ _3bd\"> </span>Nel<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mese<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">maggio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2022<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span>stata<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">collocata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">una<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">n<span class=\"_ _2\"></span>uova<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">emiss<span class=\"_ _2\"></span>ione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">da<span class=\"ff1\"> </span>500<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">milioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">euro<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nell\u2019ambito<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>programma<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Ob<span class=\"_ _2\"></span>bligazioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Bancarie<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Garantite<span class=\"ff1\"> <span class=\"_ _20\"></span></span>da<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Cr<span class=\"_ _2\"></span>edem<span class=\"ff1\"> <span class=\"_ _20\"></span></span>CB.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>In<span class=\"ff1\"> <span class=\"_ _20\"></span></span>data<span class=\"ff1\"> <span class=\"_ _21\"></span></span>6<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"_ _2\"></span>prile<span class=\"ff1\"> <span class=\"_ _20\"></span></span>2022<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>stat<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>rinnovato<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>Base<span class=\"ff1\"> </span>Prospectus<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Programma<span class=\"_ _2\"></span><span class=\"ff1\"> </span>OBG. Al<span class=\"ff1\"> </span>31<span class=\"ff1\"> </span>dicembre<span class=\"ff1\"> </span>2022<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>n<span class=\"_ _0\"></span>o<span class=\"_ _2\"></span>minale<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>emi<span class=\"_ _0\"></span>ssioni<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>circolazione<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>risultato<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>2,1<span class=\"ff1\"> </span>miliardi<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Euro. </span></span>Em<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>sio<span class=\"_ _1\"></span>ni<span class=\"_ _3bd\"> </span>Un<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>cur<span class=\"_ _1\"></span>ed<span class=\"_ _3bd\"> </span>St<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d<span class=\"_ _3bd\"> </span>Al<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>Per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>valuta<span class=\"ff1\"> <span class=\"_ _20\"></span></span>19<span class=\"ff1\"> <span class=\"_ _20\"></span></span>gennaio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>2022<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nell\u2019ambito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Gre<span class=\"_ _2\"></span>en,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Social<span class=\"ff1\"> <span class=\"_ _20\"></span></span>and<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Sust<span class=\"_ _2\"></span>ainability<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Bond<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _20\"></span></span>Framework<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>Gruppo<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"></span></span>stata<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>effettuata<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>un\u2019emissione<span class=\"ff1\"> <span class=\"_ _21\"></span></span>inau<span class=\"_ _0\"></span>gurale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>prestito<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span></span>obbligazi<span class=\"_ _0\"></span>onario<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Green<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Senior<span class=\"ff1\"> </span>Preferred,<span class=\"ff1\"> </span>destinato<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>mercato<span class=\"ff1\"> </span>wholesale,<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>nominali<span class=\"ff1\"> </span>600<span class=\"ff1\"> </span>milioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>euro. In<span class=\"ff1\"> </span>data<span class=\"ff1\"> </span>5<span class=\"ff1\"> </span>luglio<span class=\"ff1\"> </span>2022<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>tata<span class=\"ff1\"> </span>collocata<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>part<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>CredemHolding<span class=\"ff1\"> </span>S.p.A.,<span class=\"ff1\"> </span>destinata<span class=\"ff1\"> </span>agli<span class=\"ff1\"> </span>investitori<span class=\"ff1\"> </span>istituzionali<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>professionali,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>l\u2019emissione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>tand<span class=\"ff1\"> <span class=\"_ _21\"></span></span>alone<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>un<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>prestito<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>obbligazionario<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>subordinato<span class=\"ff1\"> </span>Social<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Tier<span class=\"ff1\"> <span class=\"_ _20\"></span></span>2<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nominali<span class=\"ff1\"> <span class=\"_ _20\"></span></span>200<span class=\"ff1\"> <span class=\"_ _20\"></span></span>milioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Euro.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Contestualmente,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>stat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _2\"></span></span>emesso<span class=\"ff1\"> <span class=\"_ _21\"></span></span>da<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Credem<span class=\"ff1\"> <span class=\"_ _20\"></span></span>un<span class=\"ff1\"> </span>prestito<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>obbligazionario<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>subordinato<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>Tier<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>2<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>medesim<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>caratteristiche,<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>sottoscritto<span class=\"ff1\"> </span>interamente<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>CredemHolding<span class=\"ff1\"> </span>S.p.A. Nel<span class=\"ff1\"> </span>corso<span class=\"ff1\"> </span>dello<span class=\"ff1\"> </span>stesso<span class=\"ff1\"> </span>mese,<span class=\"ff1\"> </span>C<span class=\"_ _0\"></span>redem<span class=\"ff1\"> </span>ha<span class=\"ff1\"> </span>esercitato<span class=\"ff1\"> </span>l\u2019opzione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>rimborso<span class=\"ff1\"> </span>anticipato<span class=\"ff1\"> </span>prevista<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>prestito<span class=\"ff1\"> </span>obbligazionario<span class=\"ff1\"> </span>subordinato<span class=\"ff1\"> </span>Tier<span class=\"ff1\"> </span>2<span class=\"ff1\"> </span>emesso<span class=\"ff1\"> </span>nel<span class=\"ff1\"> </span>2017<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> </span>100<span class=\"ff1\"> </span>milioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>uro. Op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>rto<span class=\"_ _1\"></span>lari<span class=\"_ _0\"></span>zz<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>iferimento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">all\u2019operazione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">car<span class=\"_ _2\"></span>tolarizzazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">avente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">come<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">veicolo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Emilia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">SPV<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">S<span class=\"_ _2\"></span>.r.l.,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">corso<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>del<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">2022<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stat<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">effettuate<span class=\"ff1\"> </span>du<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nuove<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cessioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivi<span class=\"ff1\"> </span>relative<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>mutui<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ipotecari<span class=\"ff1\"> </span>residenzi<span class=\"_ _0\"></span>ali<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>bonis<span class=\"ff1\"> </span>no<span class=\"_ _2\"></span>n<span class=\"ff1\"> </span>idon<span class=\"_ _2\"></span>ei<span class=\"ff1\"> </span>all\u2019utilizzo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>n<span class=\"_ _2\"></span>ei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>programmi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>emiss<span class=\"_ _2\"></span>ione<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Obbl<span class=\"_ _2\"></span>igazioni<span class=\"ff1\"> </span>Bancarie<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Garantit<span class=\"_ _2\"></span>e.<span class=\"ff1\"> </span>Al<span class=\"ff1\"> <span class=\"_ _2\"></span></span>31<span class=\"ff1\"> </span>dicembre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">2022,<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">circolante<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span></span></span></span></span>tranchesenior <span class=\"ff3 fs5\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pari<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">c<span class=\"_ _2\"></span>irca<span class=\"ff1\"> </span>1,97<span class=\"ff1\"> </span>mili<span class=\"_ _0\"></span>ardi<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">E<span class=\"_ _2\"></span>uro,<span class=\"ff1\"> </span>mentre<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quello<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span>della<span class=\"ff1\"> </span>tranchejunior <span class=\"ff3 fs5\">\u00e8<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>circa<span class=\"ff1\"> </span>0,60<span class=\"ff1\"> </span>miliardi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>euro. </span>Im<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>riv<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>da<span class=\"_ _0\"></span>lla<span class=\"_ _3bd\"> </span>pa<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ia<span class=\"_ _3bd\"> </span>Co<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>d-<span class=\"_ _0\"></span>19<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Nell\u2019esercizio<span class=\"ff1\"> <span class=\"_ _21\"></span></span>2022<span class=\"ff1\"> <span class=\"_ _21\"></span></span>non<span class=\"ff1\"> <span class=\"_ _21\"></span></span>si<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ravvisano<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>sulla<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>liquidit\u00e0<span class=\"ff1\"> <span class=\"_ _21\"></span></span>impatti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>signif<span class=\"_ _0\"></span>icativi<span class=\"ff1\"> <span class=\"_ _21\"></span></span>derivanti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>dalla<span class=\"ff1\"> <span class=\"_ _21\"></span></span>pandemia<span class=\"ff1\"> </span>CO<span class=\"_ _0\"></span>VID-<span class=\"_ _0\"></span>19. <div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs46d6\">1.<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs46d7\">Distr<span class=\"_ _0\"></span>ibuzione<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs46d8\">temp<span class=\"_ _0\"></span>orale<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs46d9\">per<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs46da\">dur<span class=\"_ _0\"></span>ata<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs46db\">resid<span class=\"_ _0\"></span>ua<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs46dc\">contra<span class=\"_ _0\"></span>ttua<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs46dd\">delle<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs46de\">atti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs46df\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs46e0\">pass<span class=\"_ _0\"></span>ivit\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs46e1\">finanzi<span class=\"_ _0\"></span>arie<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs46e2\">E<span class=\"_ _0\"></span>UR<span class=\"_ _1\"></span>O<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs46e3\">Voc<span class=\"_ _0\"></span>i/<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs46e4\">Sc<span class=\"_ _0\"></span>agl<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs46e5\">te<span class=\"_ _0\"></span>mpor<span class=\"_ _1\"></span>ali<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs46e6\">A<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs46e7\">vi<span class=\"_ _0\"></span>st<span class=\"_ _1\"></span>a<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs46e8\">Da<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs46e9\">oltre<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs46ea\">1<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs46eb\">giorno<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs46ec\">a<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs46ed\">7<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs46ee\">gio<span class=\"_ _0\"></span>rn<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs46ef\">Da<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs46f0\">olt<span class=\"_ _0\"></span>re<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs46f1\">7<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs46f2\">gio<span class=\"_ _0\"></span>rni<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs46f3\">a<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs46f4\">15<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs46f5\">gio<span class=\"_ _0\"></span>rn<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs46f6\">Da<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs46f7\">oltre<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs46f8\">15<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs46f9\">gio<span class=\"_ _0\"></span>rn<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs46fa\">a<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs46fb\">1<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs46fc\">m<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs46fd\">Da<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs46fe\">oltre<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs46ff\">1<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs4700\">me<span class=\"_ _0\"></span>se<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs4701\">fi<span class=\"_ _0\"></span>no<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs4702\">3<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs4703\">mesi<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs4704\">Da<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs4705\">oltre<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs4706\">3<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs4707\">mesi<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs4708\">fino<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs4709\">a<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs470a\">6<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs470b\">mesi<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs470c\">Da<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs470d\">ol<span class=\"_ _0\"></span>tre<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs470e\">6<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs470f\">mesi<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs4710\">fino<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs4711\">a<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs4712\">1<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs4713\">anno<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs4714\">Da<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs4715\">oltre<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs4716\">1<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs4717\">an<span class=\"_ _0\"></span>no<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs4718\">fi<span class=\"_ _0\"></span>no<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs4719\">a<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs471a\">5<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs471b\">anni<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs471c\">Oltr<span class=\"_ _1\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs471d\">5<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs471e\">a<span class=\"_ _0\"></span>nn<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs471f\">Dur<span class=\"_ _1\"></span>ata<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc4 sc2 ls0 ws0 gs4720\">Ind<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>erm<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>ta<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4721\">cor<span class=\"_ _0\"></span>rent<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4722\">Ope<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4723\">\"fu<span class=\"_ _0\"></span>ori<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs4724\">bil<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>io\"<span class=\"_ _0\"></span> </div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4725\">C.<span class=\"_ _0\"></span>1<span class=\"ff1\"> </span>De<span class=\"_ _0\"></span>riva<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fina<span class=\"_ _0\"></span>nzia<span class=\"_ _0\"></span>ri<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4726\">con<span class=\"ff1\"> </span>scambio<span class=\"_ _2\"></span><span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4727\">cap<span class=\"_ _0\"></span>ital<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4728\">-<span class=\"ff1\"> </span>Pos<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>lung<span class=\"_ _0\"></span>he<span class=\"_ _3bd\"> </span> </div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4729\">-</div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs472a\"> <span class=\"_ _1ef\"> </span>394.<span class=\"_ _0\"></span>284 <span class=\"_ _2a8\"> </span>105.<span class=\"_ _0\"></span>513 <span class=\"_ _328\"> </span>23.8<span class=\"_ _0\"></span>67 <span class=\"_ _1fa\"> </span>275.<span class=\"_ _0\"></span>373 <span class=\"_ _20e\"> </span>136<span class=\"_ _0\"></span>.526 <span class=\"_ _20e\"> </span>115.<span class=\"_ _0\"></span>237 <span class=\"_ _296\"> </span>15.60<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span> </div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs472b\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs472c\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs472d\">-<span class=\"ff1\"> </span>Pos<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>rte<span class=\"_ _3bd\"> </span> </div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs472e\">4</div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs472f\"> <span class=\"_ _1ef\"> </span>508.<span class=\"_ _0\"></span>540 <span class=\"_ _1f5\"> </span>76.04<span class=\"_ _0\"></span>0 <span class=\"_ _326\"> </span>81.1<span class=\"_ _0\"></span>83 <span class=\"_ _327\"> </span>78.<span class=\"_ _0\"></span>328 <span class=\"_ _1fc\"> </span>35.<span class=\"_ _0\"></span>792 <span class=\"_ _1f4\"> </span>42.<span class=\"_ _0\"></span>374 <span class=\"_ _1f4\"> </span>359<span class=\"_ _0\"></span>.089 <span class=\"_ _1ee\"> </span>5.70<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span> </div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4730\">-<span class=\"_ _3bd\"> </span></div><div class=\"c w24 h75 gs4731\"><div class=\"t m0 x1f9 h2f yd86 ff3 fs16 fc0 sc0 ls0 ws0\">C.<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></div></div><div class=\"c w157 h75 gs4732\"><div class=\"t m0 x1f9 h2f yd86 ff3 fs16 fc0 sc0 ls0 ws0\">Der<span class=\"_ _0\"></span>ivati<span class=\"_ _3bd\"> </span></div></div><div class=\"c w74 h75 gs4733\"><div class=\"t m0 x1f9 h2f yd86 ff3 fs16 fc0 sc0 ls0 ws0\">fin<span class=\"_ _0\"></span>anzi<span class=\"_ _0\"></span>ari<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4734\">sen<span class=\"_ _0\"></span>za<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sca<span class=\"_ _0\"></span>mbio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4735\">cap<span class=\"_ _0\"></span>ital<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4736\">-<span class=\"ff1\"> </span>Pos<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>lung<span class=\"_ _0\"></span>he <span class=\"_ _11c\"> </span>27.4<span class=\"_ _0\"></span>36 <span class=\"_ _32b\"> </span>62<span class=\"_ _0\"></span> </div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4737\">8<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4738\">-</div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4739\"> <span class=\"_ _f2\"> </span>16<span class=\"_ _1\"></span>7 <span class=\"_ _1ac\"> </span>23<span class=\"_ _0\"></span>1 <span class=\"_ _62\"> </span>44<span class=\"_ _0\"></span>2 <span class=\"_ _70\"> </span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _a5\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _3b\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span> </span></span></span></span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs473a\">-<span class=\"ff1\"> </span>Pos<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>rte <span class=\"_ _20b\"> </span>82.<span class=\"_ _0\"></span>379 <span class=\"_ _32b\"> </span>35<span class=\"_ _3bd\"> </span> </div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs473b\">2<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs473c\">-</div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs473d\"> <span class=\"_ _207\"> </span>74 <span class=\"_ _209\"> </span>10<span class=\"_ _1\"></span>2 <span class=\"_ _1a2\"> </span>19<span class=\"_ _1\"></span>3 <span class=\"_ _70\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _a5\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _3b\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span> </span></span></span></span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs473e\">C.3<span class=\"ff1\"> </span>Depositi<span class=\"_ _2\"></span><span class=\"ff1\"> </span>e<span class=\"ff1\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs473f\">fin<span class=\"_ _0\"></span>anzi<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4740\">rice<span class=\"_ _0\"></span>vere<span class=\"_ _0\"></span> </div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4741\">-<span class=\"ff1\"> </span>Pos<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>lung<span class=\"_ _0\"></span>he<span class=\"ff1\"> <span class=\"_ _3d\"> </span></span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _176\"> </span><span class=\"ff3\">-</span> <span class=\"_ _122\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _7e\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1ae\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _6c\"> </span><span class=\"ff3\">-</span> <span class=\"_ _129\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _70\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _a5\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _3b\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4742\">-<span class=\"ff1\"> </span>Pos<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>rte<span class=\"ff1\"> <span class=\"_ _42\"> </span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1ae\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _a1\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _7e\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1ae\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _6e\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _75\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _70\"> </span><span class=\"ff3\">-</span> <span class=\"_ _6e\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _3b\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4743\">C.4<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Im<span class=\"_ _2\"></span>pegni<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4744\">irre<span class=\"_ _0\"></span>voca<span class=\"_ _0\"></span>bil<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e<span class=\"_ _0\"></span>rogar<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4745\">fon<span class=\"_ _0\"></span>di<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4746\">fin<span class=\"_ _0\"></span>anzi<span class=\"_ _0\"></span>arie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">rilas<span class=\"_ _0\"></span>ciate<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4747\">fin<span class=\"_ _0\"></span>anzi<span class=\"_ _0\"></span>arie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ricev<span class=\"_ _0\"></span>ute<span class=\"_ _3bd\"> </span></span></span><span class=\"ff1\"><span class=\"ff3\"> </span></span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4748\">C.<span class=\"_ _0\"></span>7<span class=\"ff1\"> </span>D<span class=\"_ _0\"></span>eriv<span class=\"_ _0\"></span>ati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cred<span class=\"_ _0\"></span>itiz<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4749\">con<span class=\"ff1\"> </span>scambio<span class=\"_ _2\"></span><span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs474a\">cap<span class=\"_ _0\"></span>ital<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs474b\">-<span class=\"ff1\"> </span>Pos<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>lung<span class=\"_ _0\"></span>he<span class=\"ff1\"> <span class=\"_ _3d\"> </span></span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _176\"> </span><span class=\"ff3\">-</span> <span class=\"_ _122\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _7e\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1ae\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _6c\"> </span><span class=\"ff3\">-</span> <span class=\"_ _129\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _70\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _a5\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _3b\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs474c\">-<span class=\"ff1\"> </span>Pos<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>rte<span class=\"ff1\"> <span class=\"_ _42\"> </span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1ae\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _a1\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _7e\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1ae\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _6e\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _75\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _70\"> </span><span class=\"ff3\">-</span> <span class=\"_ _6e\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _3b\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs474d\">C.8<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">D<span class=\"_ _0\"></span>eriva<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>red<span class=\"_ _0\"></span>itiz<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs474e\">senza<span class=\"ff1\"> </span>scambio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs474f\">cap<span class=\"_ _0\"></span>ital<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4750\">-<span class=\"ff1\"> </span>Pos<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>lung<span class=\"_ _0\"></span>he<span class=\"ff1\"> <span class=\"_ _3d\"> </span></span>-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _176\"> </span><span class=\"ff3\">-</span> <span class=\"_ _122\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _7e\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1ae\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _6c\"> </span><span class=\"ff3\">-</span> <span class=\"_ _129\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _70\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _a5\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _3b\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4751\">-<span class=\"ff1\"> </span>Pos<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>rte<span class=\"ff1\"> <span class=\"_ _42\"> </span></span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1ae\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _a1\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _7e\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1ae\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _6e\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _75\"> </span><span class=\"ff3\">-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _70\"> </span><span class=\"ff3\">-</span> <span class=\"_ _6e\"> </span><span class=\"ff3\">-<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _3b\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"c w116 h3f gs4752\"><div class=\"t m0 x1f9 h2f yc7b ff3 fs16 fc0 sc1 ls0 ws0\">Att<span class=\"_ _0\"></span>ivit<span class=\"_ _1\"></span>\u00e0<span class=\"_ _3bd\"> </span></div></div><div class=\"c wc5 h3f gs4753\"><div class=\"t m0 x1f9 h2f yc7b ff3 fs16 fc0 sc1 ls0 ws0\">per<span class=\"_ _3bd\"> </span></div></div><div class=\"c w4f h3f gs4754\"><div class=\"t m0 x1f9 h2f yc7b ff3 fs16 fc0 sc1 ls0 ws0\">cas<span class=\"_ _1\"></span>sa<span class=\"_ _3bd\"> </span></div></div><div class=\"c w97 h3f gs4755\"><div class=\"t m0 x1f9 h2f yc7b ff3 fs16 fc0 sc1 ls0 ws0\">3.4<span class=\"_ _0\"></span>30<span class=\"_ _0\"></span>.37<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span></div></div><div class=\"c web h3f gs4756\"><div class=\"t m0 x1f9 h2f yc7b ff3 fs16 fc0 sc1 ls0 ws0\">1.<span class=\"_ _0\"></span>019<span class=\"_ _0\"></span>.16<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span></div></div><div class=\"c wef h3f gs4757\"><div class=\"t m0 x1f9 h2f yc7b ff3 fs16 fc0 sc1 ls0 ws0\">564<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>80<span class=\"_ _3bd\"> </span></div></div><div class=\"c wfd h3f gs4758\"><div class=\"t m0 x1f9 h2f yc7b ff3 fs16 fc0 sc1 ls0 ws0\">1.<span class=\"_ _0\"></span>048.<span class=\"_ _0\"></span>52<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span></div></div><div class=\"c w189 h3f gs4759\"><div class=\"t m0 x1f9 h2f yc7b ff3 fs16 fc0 sc1 ls0 ws0\">3.2<span class=\"_ _1\"></span>64.3<span class=\"_ _0\"></span>67<span class=\"_ _3bd\"> </span></div></div><div class=\"c wa8 h3f gs475a\"><div class=\"t m0 x1f9 h2f yc7b ff3 fs16 fc0 sc1 ls0 ws0\">2.7<span class=\"_ _0\"></span>19<span class=\"_ _0\"></span>.83<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span></div></div><div class=\"c w119 h3f gs475b\"><div class=\"t m0 x1f9 h2f yc7b ff3 fs16 fc0 sc1 ls0 ws0\">3.5<span class=\"_ _0\"></span>17<span class=\"_ _0\"></span>.92<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span></div></div><div class=\"c w118 h3f gs475c\"><div class=\"t m0 x1f9 h2f yc7b ff3 fs16 fc0 sc1 ls0 ws0\">17.<span class=\"_ _0\"></span>94<span class=\"_ _0\"></span>1.1<span class=\"_ _0\"></span>21<span class=\"_ _3bd\"> </span></div></div><div class=\"c wec h3f gs475d\"><div class=\"t m0 x1f9 h2f yc7b ff3 fs16 fc0 sc1 ls0 ws0\">14<span class=\"_ _0\"></span>.462<span class=\"_ _1\"></span>.215<span class=\"_ _3bd\"> </span></div></div><div class=\"c w79 h3f gs475e\"><div class=\"t m0 x1f9 h2f yc7b ff3 fs16 fc0 sc1 ls0 ws0\">28<span class=\"_ _0\"></span>0.6<span class=\"_ _0\"></span>69<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs475f\">A.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Ti<span class=\"_ _2\"></span>toli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>S<span class=\"_ _0\"></span>tat<span class=\"_ _0\"></span>o <span class=\"_ _47\"> </span>1.94<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4760\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4761\">8<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4762\">1</div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4763\"> <span class=\"_ _1fb\"> </span>11<span class=\"_ _0\"></span>.074<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4764\">205<span class=\"_ _0\"></span>.342<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4765\">294<span class=\"_ _0\"></span>.918<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4766\">5.2<span class=\"_ _0\"></span>02.3<span class=\"_ _0\"></span>73<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4767\">2.7<span class=\"_ _0\"></span>82.<span class=\"_ _0\"></span>263<span class=\"_ _3bd\"> </span> </div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4768\">-<span class=\"_ _3bd\"> </span></div><div class=\"c wc5 h75 gs4769\"><div class=\"t m0 x1f9 h2f ydd6 ff3 fs16 fc0 sc0 ls0 ws0\">A.2<span class=\"_ _3bd\"> </span></div></div><div class=\"c w9d h75 gs476a\"><div class=\"t m0 x1f9 h2f ydd6 ff3 fs16 fc0 sc0 ls0 ws0\">Altri<span class=\"_ _3bd\"> </span></div></div><div class=\"c w124 h75 gs476b\"><div class=\"t m0 x1f9 h2f ydd6 ff3 fs16 fc0 sc0 ls0 ws0\">titoli<span class=\"_ _3bd\"> </span></div></div><div class=\"c w33 h75 gs476c\"><div class=\"t m0 x1f9 h2f ydd6 ff3 fs16 fc0 sc0 ls0 ws0\">d<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs476d\">deb<span class=\"_ _0\"></span>ito<span class=\"_ _3bd\"> </span> </div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs476e\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs476f\">25<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4770\">36.4<span class=\"_ _0\"></span>64<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4771\">2.5<span class=\"_ _0\"></span>51 <span class=\"_ _1f2\"> </span>42.9<span class=\"_ _0\"></span>72<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4772\">66.<span class=\"_ _0\"></span>247<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4773\">95.<span class=\"_ _0\"></span>345<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4774\">1.<span class=\"_ _0\"></span>759.2<span class=\"_ _0\"></span>13<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4775\">2.3<span class=\"_ _0\"></span>69.4<span class=\"_ _0\"></span>20<span class=\"_ _3bd\"> </span> </div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4776\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4777\">A.3<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Quote<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">OI<span class=\"_ _1\"></span>CR <span class=\"_ _4b\"> </span>9.1<span class=\"_ _0\"></span>35<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4778\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4779\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs477a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs477b\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs477c\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs477d\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs477e\">51<span class=\"_ _1\"></span>3<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs477f\">1.<span class=\"_ _0\"></span>216<span class=\"_ _3bd\"> </span> </div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4780\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4781\">A.4<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">F<span class=\"_ _0\"></span>inanz<span class=\"_ _0\"></span>iamen<span class=\"_ _0\"></span>ti <span class=\"_ _200\"> </span>3.41<span class=\"_ _0\"></span>9.29<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4782\">1.<span class=\"_ _0\"></span>019.14<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4783\">528<span class=\"_ _0\"></span>.431<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4784\">1.<span class=\"_ _0\"></span>045.9<span class=\"_ _0\"></span>69 <span class=\"_ _2a8\"> </span>3.2<span class=\"_ _0\"></span>10.3<span class=\"_ _0\"></span>21<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4785\">2.44<span class=\"_ _0\"></span>8.2<span class=\"_ _0\"></span>41<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4786\">3.1<span class=\"_ _0\"></span>27.6<span class=\"_ _0\"></span>61<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4787\">10<span class=\"_ _0\"></span>.979.0<span class=\"_ _0\"></span>22<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4788\">9.<span class=\"_ _0\"></span>309.<span class=\"_ _0\"></span>316 <span class=\"_ _a2\"> </span>280.6<span class=\"_ _0\"></span>69<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4789\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Banc<span class=\"_ _0\"></span>he <span class=\"_ _ca\"> </span>431.<span class=\"_ _0\"></span>130<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs478a\">244<span class=\"_ _0\"></span>.479<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs478b\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs478c\">1<span class=\"_ _0\"></span>3 <span class=\"_ _1fc\"> </span>34.1<span class=\"_ _0\"></span>66<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs478d\">8<span class=\"_ _0\"></span>58<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs478e\">21<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs478f\">1<span class=\"_ _0\"></span>67<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4790\">-</div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4791\"> <span class=\"_ _a2\"> </span>280<span class=\"_ _0\"></span>.669<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4792\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Clie<span class=\"_ _0\"></span>ntel<span class=\"_ _0\"></span>a <span class=\"_ _2a0\"> </span>2.98<span class=\"_ _0\"></span>8.16<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4793\">774<span class=\"_ _0\"></span>.665<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4794\">528<span class=\"_ _0\"></span>.431<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4795\">1.<span class=\"_ _0\"></span>045.9<span class=\"_ _0\"></span>56 <span class=\"_ _22\"> </span>3.1<span class=\"_ _0\"></span>76.1<span class=\"_ _0\"></span>55<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4796\">2.44<span class=\"_ _0\"></span>7.38<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4797\">3.1<span class=\"_ _0\"></span>27.6<span class=\"_ _0\"></span>40<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4798\">10<span class=\"_ _0\"></span>.978.<span class=\"_ _0\"></span>855<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs4799\">9.<span class=\"_ _0\"></span>309.<span class=\"_ _0\"></span>316<span class=\"_ _3bd\"> </span> </div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs479a\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs479b\">Pa<span class=\"_ _0\"></span>ssiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs479c\">per<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs479d\">ca<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>a <span class=\"_ _62\"> </span>35.3<span class=\"_ _0\"></span>50<span class=\"_ _0\"></span>.32<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs479e\">2.3<span class=\"_ _0\"></span>74<span class=\"_ _0\"></span>.93<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs479f\">233<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>00<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs47a0\">485<span class=\"_ _1\"></span>.586<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs47a1\">692<span class=\"_ _1\"></span>.386<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs47a2\">4.<span class=\"_ _0\"></span>835<span class=\"_ _0\"></span>.29<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs47a3\">583<span class=\"_ _0\"></span>.1<span class=\"_ _0\"></span>87<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs47a4\">2.1<span class=\"_ _0\"></span>35<span class=\"_ _0\"></span>.88<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc1 ls0 ws0 gs47a5\">2.4<span class=\"_ _0\"></span>34<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>16 <span class=\"_ _1ae\"> </span>2.6<span class=\"_ _1\"></span>22<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs47a6\">B.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">De<span class=\"_ _2\"></span>positi<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs47a7\">35.<span class=\"_ _0\"></span>043.<span class=\"_ _0\"></span>651<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs47a8\">24.<span class=\"_ _0\"></span>215<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs47a9\">23.<span class=\"_ _0\"></span>649<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs47aa\">78.<span class=\"_ _0\"></span>010 <span class=\"_ _1ed\"> </span>457.4<span class=\"_ _0\"></span>94<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs47ab\">254<span class=\"_ _0\"></span>.961<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs47ac\">355<span class=\"_ _0\"></span>.937<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs47ad\">66.<span class=\"_ _0\"></span>773<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs47ae\">8<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span> </div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs47af\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs47b0\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Banc<span class=\"_ _0\"></span>he <span class=\"_ _3a\"> </span>579.2<span class=\"_ _0\"></span>25<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs47b1\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs47b2\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs47b3\">-</div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs47b4\"> <span class=\"_ _218\"> </span>5.<span class=\"_ _1\"></span>699<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs47b5\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs47b6\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs47b7\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs47b8\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs47b9\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs47ba\">-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Clie<span class=\"_ _0\"></span>ntel<span class=\"_ _0\"></span>a <span class=\"_ _70\"> </span>3<span class=\"_ _0\"></span>4.464<span class=\"_ _0\"></span>.42<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs47bb\">24.<span class=\"_ _0\"></span>215<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs47bc\">23.<span class=\"_ _0\"></span>649<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs47bd\">78.<span class=\"_ _0\"></span>010 <span class=\"_ _20e\"> </span>451.<span class=\"_ _0\"></span>795<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs47be\">254<span class=\"_ _0\"></span>.961<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs47bf\">355<span class=\"_ _0\"></span>.937<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs47c0\">66.<span class=\"_ _0\"></span>773<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs47c1\">8<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span> </div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs47c2\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs47c3\">B.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Ti<span class=\"_ _2\"></span>toli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ebi<span class=\"_ _0\"></span>to <span class=\"_ _31\"> </span>13<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs47c4\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs47c5\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs47c6\">15.<span class=\"_ _0\"></span>188<span class=\"_ _3bd\"> </span> </div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs47c7\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs47c8\">8.<span class=\"_ _0\"></span>750<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs47c9\">11<span class=\"_ _0\"></span>.725<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs47ca\">1.<span class=\"_ _0\"></span>250.00<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs47cb\">2.3<span class=\"_ _0\"></span>50.00<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span> </div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs47cc\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs47cd\">B.<span class=\"_ _0\"></span>3<span class=\"ff1\"> </span>Altr<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>ssivi<span class=\"_ _0\"></span>t\u00e0 <span class=\"_ _11c\"> </span>306.5<span class=\"_ _0\"></span>37<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs47ce\">2.3<span class=\"_ _0\"></span>50.7<span class=\"_ _0\"></span>17<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs47cf\">209<span class=\"_ _0\"></span>.551<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs47d0\">392<span class=\"_ _0\"></span>.388 <span class=\"_ _1ed\"> </span>2<span class=\"_ _0\"></span>34.8<span class=\"_ _0\"></span>92<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs47d1\">4.<span class=\"_ _0\"></span>571.<span class=\"_ _0\"></span>587<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs47d2\">215<span class=\"_ _0\"></span>.52<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs47d3\">81<span class=\"_ _0\"></span>9.109<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs47d4\">84.<span class=\"_ _0\"></span>433 <span class=\"_ _1ae\"> </span>2.<span class=\"_ _0\"></span>62<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs47d5\">-<span class=\"ff1\"> </span>Pos<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>lung<span class=\"_ _0\"></span>he<span class=\"ff8\"> <span class=\"_ _50\"> </span></span>7<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span> </div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs47d6\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs47d7\">-</div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs47d8\"> <span class=\"_ _a2\"> </span>74<span class=\"_ _0\"></span>5 <span class=\"_ _66\"> </span>236<span class=\"_ _1\"></span> <span class=\"_ _178\"> </span>20<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span> <span class=\"_ _1a2\"> </span>5<span class=\"_ _0\"></span>61<span class=\"_ _1\"></span> <span class=\"_ _1fc\"> </span>179.<span class=\"_ _0\"></span>259 <span class=\"_ _1f4\"> </span>195<span class=\"_ _0\"></span>.950<span class=\"_ _3bd\"> </span> </div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs47d9\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs47da\">-<span class=\"ff1\"> </span>Pos<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>rte<span class=\"ff8\"> <span class=\"_ _1ac\"> </span></span>377.0<span class=\"_ _0\"></span>27<span class=\"_ _3bd\"> </span> </div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs47db\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs47dc\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs47dd\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs47de\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs47df\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs47e0\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs47e1\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs47e2\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs47e3\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs47e4\">C.<span class=\"_ _0\"></span>5<span class=\"ff1\"> </span>Ga<span class=\"_ _0\"></span>ranz<span class=\"_ _0\"></span>ie<span class=\"ff8\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs47e5\">55.<span class=\"_ _0\"></span>574<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs47e6\">4.<span class=\"_ _0\"></span>595 <span class=\"_ _29d\"> </span>6.<span class=\"_ _0\"></span>828 <span class=\"_ _1f1\"> </span>27.7<span class=\"_ _0\"></span>60 <span class=\"_ _327\"> </span>52.26<span class=\"_ _0\"></span>0 <span class=\"_ _327\"> </span>68.43<span class=\"_ _0\"></span>3 <span class=\"_ _20e\"> </span>18<span class=\"_ _0\"></span>7.155 <span class=\"_ _1af\"> </span>191.2<span class=\"_ _0\"></span>35 <span class=\"_ _1f1\"> </span>116.0<span class=\"_ _0\"></span>99<span class=\"_ _3bd\"> </span> </div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs47e7\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs47e8\">C.6<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Ga<span class=\"_ _0\"></span>ranzi<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h2f ff3 fs16 fc0 sc0 ls0 ws0 gs47e9\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs47ea\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs47eb\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs47ec\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs47ed\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs47ee\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs47ef\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs47f0\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs47f1\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m1e h2f ff3 fs16 fc0 sc0 ls0 ws0 gs47f2\">-<span class=\"_ _3bd\"> </span></div> <span class=\"_ _1af\"> </span>3.3<span class=\"_ _0\"></span>40 <span class=\"_ _33e\"> </span>4.658<span class=\"_ _0\"></span> <span class=\"_ _216\"> </span>4.93<span class=\"_ _0\"></span>7 <span class=\"_ _328\"> </span>12.86<span class=\"_ _0\"></span>4 <span class=\"_ _64\"> </span>45<span class=\"_ _0\"></span>.087<span class=\"_ _3bd\"> </span>2.1<span class=\"_ _0\"></span>00.<span class=\"_ _0\"></span>306 -<span class=\"_ _3bd\"> </span>A.2<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Altri<span class=\"ff1\"> </span>titoli<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">deb<span class=\"_ _0\"></span>ito<span class=\"ff1\"> <span class=\"_ _246\"> </span></span>-<span class=\"_ _0\"></span> </span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>49<span class=\"_ _0\"></span> <span class=\"_ _207\"> </span>3<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span> <span class=\"_ _1f3\"> </span>1.79<span class=\"_ _0\"></span>7 <span class=\"_ _33e\"> </span>10.<span class=\"_ _0\"></span>316 <span class=\"_ _1f0\"> </span>3.060 <span class=\"_ _64\"> </span>96.<span class=\"_ _0\"></span>327<span class=\"_ _3bd\"> </span>210<span class=\"_ _0\"></span>.18<span class=\"_ _0\"></span>3 -<span class=\"_ _3bd\"> </span>A.3<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Quote<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">OI<span class=\"_ _1\"></span>CR<span class=\"ff8\"> <span class=\"_ _208\"> </span></span>2<span class=\"_ _0\"></span>3 </span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>A.4<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">F<span class=\"_ _0\"></span>inanz<span class=\"_ _0\"></span>iamen<span class=\"_ _0\"></span>ti<span class=\"ff8\"> <span class=\"_ _a3\"> </span></span>61.8<span class=\"_ _0\"></span>93 <span class=\"_ _216\"> </span>6.108 <span class=\"_ _20e\"> </span>3.24<span class=\"_ _0\"></span>2 <span class=\"_ _64\"> </span>8.<span class=\"_ _0\"></span>674 <span class=\"_ _29d\"> </span>44.<span class=\"_ _0\"></span>440 <span class=\"_ _335\"> </span>4.<span class=\"_ _1\"></span>257 </span></span>- <span class=\"_ _81\"> </span>46 -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Banc<span class=\"_ _0\"></span>he<span class=\"ff8\"> <span class=\"_ _208\"> </span></span>59.01<span class=\"_ _0\"></span>9 </span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Clie<span class=\"_ _0\"></span>ntel<span class=\"_ _0\"></span>a<span class=\"ff8\"> <span class=\"_ _20a\"> </span></span>2.874 <span class=\"_ _216\"> </span>6.<span class=\"_ _0\"></span>108 <span class=\"_ _20e\"> </span>3.242 <span class=\"_ _1af\"> </span>8.674 <span class=\"_ _29d\"> </span>44<span class=\"_ _0\"></span>.440 <span class=\"_ _335\"> </span>4<span class=\"_ _0\"></span>.25<span class=\"_ _1\"></span>7 </span></span>- <span class=\"_ _81\"> </span>46 -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Pa<span class=\"_ _0\"></span>ssiv<span class=\"_ _0\"></span>it\u00e0<span class=\"_ _3bd\"> </span>per<span class=\"_ _3bd\"> </span>ca<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>463<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>97 <span class=\"_ _1ed\"> </span>27<span class=\"_ _0\"></span>2.<span class=\"_ _0\"></span>953<span class=\"_ _3bd\"> </span>285<span class=\"_ _1\"></span>.191<span class=\"_ _0\"></span> <span class=\"_ _1ed\"> </span>509.<span class=\"_ _0\"></span>152<span class=\"_ _0\"></span> <span class=\"_ _1ef\"> </span>786<span class=\"_ _0\"></span>.83<span class=\"_ _0\"></span>8 <span class=\"_ _1f1\"> </span>28.8<span class=\"_ _0\"></span>05<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>B.1<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Depos<span class=\"_ _0\"></span>iti<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">cont<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>corr<span class=\"_ _0\"></span>enti<span class=\"_ _0\"></span><span class=\"ff8\"> <span class=\"_ _210\"> </span><span class=\"ff3\">4<span class=\"_ _0\"></span>63.6<span class=\"_ _0\"></span>18 <span class=\"_ _216\"> </span>3.188 <span class=\"_ _328\"> </span>1.<span class=\"_ _0\"></span>500 <span class=\"_ _64\"> </span>2.<span class=\"_ _0\"></span>389 <span class=\"_ _1fb\"> </span>6.773 <span class=\"_ _1af\"> </span>28.<span class=\"_ _0\"></span>771 </span></span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Banc<span class=\"_ _0\"></span>he<span class=\"ff8\"> <span class=\"_ _193\"> </span></span>156<span class=\"_ _0\"></span>.305 </span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Clie<span class=\"_ _0\"></span>ntel<span class=\"_ _0\"></span>a<span class=\"ff8\"> <span class=\"_ _ed\"> </span></span>307.31<span class=\"_ _0\"></span>3 <span class=\"_ _296\"> </span>3.<span class=\"_ _0\"></span>188 <span class=\"_ _328\"> </span>1.50<span class=\"_ _0\"></span>0 <span class=\"_ _64\"> </span>2.3<span class=\"_ _0\"></span>89 <span class=\"_ _216\"> </span>6.<span class=\"_ _0\"></span>773 <span class=\"_ _1af\"> </span>28.77<span class=\"_ _0\"></span>1 </span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>B.2<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Ti<span class=\"_ _2\"></span>toli<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ebi<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _106\"> </span></span>-<span class=\"_ _0\"></span> </span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>B.<span class=\"_ _0\"></span>3<span class=\"ff1\"> </span>Altr<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>pa<span class=\"_ _0\"></span>ssivi<span class=\"_ _0\"></span>t\u00e0<span class=\"ff8\"> <span class=\"_ _125\"> </span></span>27<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span> <span class=\"_ _1ec\"> </span>269<span class=\"_ _0\"></span>.765<span class=\"_ _3bd\"> </span>283<span class=\"_ _0\"></span>.691 <span class=\"_ _22\"> </span>506.<span class=\"_ _0\"></span>763 <span class=\"_ _1ef\"> </span>78<span class=\"_ _0\"></span>0.06<span class=\"_ _0\"></span>5 <span class=\"_ _a1\"> </span>34<span class=\"_ _1\"></span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>Ope<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>zio<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>\"fu<span class=\"_ _1\"></span>ori<span class=\"_ _3bd\"> </span>bil<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>io\"<span class=\"_ _0\"></span> C.1<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Deri<span class=\"_ _2\"></span>vati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziari<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> </span></span></span></span></span></span></span>scambio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>capitale -<span class=\"ff1\"> </span>Pos<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>lung<span class=\"_ _0\"></span>he<span class=\"ff8\"> <span class=\"_ _2ce\"> </span></span>4<span class=\"_ _0\"></span> <span class=\"_ _1ec\"> </span>477<span class=\"_ _0\"></span>.369 <span class=\"_ _1ef\"> </span>75.272<span class=\"_ _0\"></span> <span class=\"_ _29d\"> </span>78<span class=\"_ _0\"></span>.682 <span class=\"_ _1f0\"> </span>72.16<span class=\"_ _0\"></span>2 <span class=\"_ _1fc\"> </span>32.341<span class=\"_ _0\"></span> <span class=\"_ _31c\"> </span>37.6<span class=\"_ _0\"></span>04 <span class=\"_ _296\"> </span>13.5<span class=\"_ _0\"></span>75<span class=\"_ _3bd\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _65\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"ff1\"> </span>Pos<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>rte<span class=\"ff1\"> <span class=\"_ _115\"> </span></span>-<span class=\"_ _1\"></span> <span class=\"_ _1eb\"> </span>546.9<span class=\"_ _0\"></span>38<span class=\"_ _3bd\"> </span>104<span class=\"_ _0\"></span>.839 <span class=\"_ _20e\"> </span>22.450 <span class=\"_ _64\"> </span>4<span class=\"_ _0\"></span>4.117<span class=\"_ _0\"></span> <span class=\"_ _1f1\"> </span>39.<span class=\"_ _0\"></span>629 <span class=\"_ _31c\"> </span>69<span class=\"_ _0\"></span>.569 <span class=\"_ _219\"> </span>14.3<span class=\"_ _0\"></span>82 <span class=\"_ _1ae\"> </span>-<span class=\"ff1\"> <span class=\"_ _41\"> </span></span>-<span class=\"_ _3bd\"> </span>C.2<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Derivati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziari<span class=\"ff1\"> </span>senza<span class=\"ff1\"> </span></span></span></span></span>scambio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>capitale -<span class=\"ff1\"> </span>Pos<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>lung<span class=\"_ _0\"></span>he<span class=\"ff8\"> <span class=\"_ _af\"> </span></span>14<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _65\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"ff1\"> </span>Pos<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>rte<span class=\"ff8\"> <span class=\"_ _1a5\"> </span></span>26<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _65\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span>C.3<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Depos<span class=\"_ _2\"></span>iti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziamenti<span class=\"ff1\"> </span></span></span></span></span></span></span>da<span class=\"_ _3bd\"> </span>ricever<span class=\"_ _2\"></span>e -<span class=\"ff1\"> </span>Pos<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>lung<span class=\"_ _0\"></span>he<span class=\"ff1\"> <span class=\"_ _fc\"> </span></span>-<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _65\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"ff1\"> </span>Pos<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>rte<span class=\"ff1\"> <span class=\"_ _115\"> </span></span>-<span class=\"_ _1\"></span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _65\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span>C.4<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Im<span class=\"_ _2\"></span>pegni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"_ _2\"></span>rrevocabili<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span></span></span></span></span></span></span>erogare<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">fondi </span></span>-<span class=\"ff1\"> </span>Pos<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>lung<span class=\"_ _0\"></span>he<span class=\"ff1\"> <span class=\"_ _fc\"> </span></span>-<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _65\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"ff1\"> </span>Pos<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>rte<span class=\"ff1\"> <span class=\"_ _115\"> </span></span>-<span class=\"_ _1\"></span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _65\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span>C.<span class=\"_ _0\"></span>5<span class=\"ff1\"> </span>Gara<span class=\"_ _0\"></span>nzie<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>nanz<span class=\"_ _0\"></span>iari<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _65\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span>C.<span class=\"_ _0\"></span>6<span class=\"ff1\"> </span>Garan<span class=\"_ _0\"></span>zie<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>ziari<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _65\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span>C.7<span class=\"_ _3bd\"> </span>Derivati<span class=\"_ _3bd\"> </span>creditizi<span class=\"_ _3bd\"> </span>con<span class=\"_ _3bd\"> </span>scambio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>capitale -<span class=\"ff1\"> </span>Pos<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>lung<span class=\"_ _0\"></span>he<span class=\"ff1\"> <span class=\"_ _fc\"> </span></span>-<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _65\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"ff1\"> </span>Pos<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>rte<span class=\"ff1\"> <span class=\"_ _115\"> </span></span>-<span class=\"_ _1\"></span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _65\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span>C.8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Deri<span class=\"_ _2\"></span>vati<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">creditizi<span class=\"ff1\"> </span>senza<span class=\"ff1\"> </span></span></span></span></span>scambio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>capitale -<span class=\"ff1\"> </span>Pos<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>lung<span class=\"_ _0\"></span>he<span class=\"ff1\"> <span class=\"_ _fc\"> </span></span>-<span class=\"_ _0\"></span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _65\"> </span><span class=\"ff3\">-<span class=\"_ _3bd\"> </span></span></span>-<span class=\"ff1\"> </span>Pos<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>rte<span class=\"ff1\"> <span class=\"_ _115\"> </span></span>-<span class=\"_ _1\"></span> -<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span><span class=\"_ _1\"></span><span class=\"ff1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-763": {
   "value": "Sezi<span class=\"_ _0\"></span>one<span class=\"_ _3bd\"> </span>1<span class=\"_ _3bd\"> </span>\u2013<span class=\"_ _3bd\"> </span>Il<span class=\"_ _3bd\"> </span>patr<span class=\"_ _0\"></span>imoni<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>consol<span class=\"_ _0\"></span>idato<span class=\"_ _0\"></span><span class=\"fc0\"> </span>A.Inf<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>maz<span class=\"_ _1\"></span>ion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _3bd\"> </span>na<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>ra<span class=\"_ _3bd\"> </span>qu<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>a<span class=\"fc0 sc1\"> </span>Dal<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">1\u00b0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">gen<span class=\"_ _0\"></span>nai<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>201<span class=\"_ _0\"></span>4<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>ato<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>vi<span class=\"_ _0\"></span>go<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">re<span class=\"_ _0\"></span>gol<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>(U<span class=\"_ _0\"></span>E)<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">n.<span class=\"ff1\"> </span>5<span class=\"_ _0\"></span>75/2<span class=\"_ _0\"></span>013<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(\u201cC<span class=\"_ _0\"></span>RR\u201d)<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">il</span> <span class=\"_ _0\"></span><span class=\"ff3\">qua<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>engo<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>introdotte<span class=\"ff1\"> </span>nell\u2019Unione<span class=\"ff1\"> </span>Europea<span class=\"ff1\"> <span class=\"_ _2\"></span></span>le<span class=\"ff1\"> </span>regole<span class=\"ff1\"> </span>definite<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dal<span class=\"ff1\"> </span>Comitato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>Basilea<span class=\"ff1\"> </span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> </span>vigilanza<span class=\"ff1\"> </span>ban<span class=\"_ _2\"></span>caria<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>l\u2019articolato<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>insieme<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>documenti<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>unitariamente<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>denominato<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>\u201c<span class=\"_ _2\"></span>Basilea<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>3\u201d<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>materia<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> </span>adeguatezza<span class=\"ff1\"> </span>patrimoniale<span class=\"ff1\"> </span>(Primo<span class=\"ff1\"> </span>pilastro)<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>informativa<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>pubblico<span class=\"ff1\"> </span>(Terzo<span class=\"ff1\"> </span>pilast<span class=\"_ _2\"></span>ro). Il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>regolamento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(UE)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>n.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>575/2013<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dirett<span class=\"_ _2\"></span>iva<span class=\"ff1\"> <span class=\"_ _2\"></span></span>2013/36/UE<span class=\"ff1\"> <span class=\"_ _20\"></span></span>(\u201cCRD<span class=\"ff1\"> <span class=\"_ _2\"></span></span>IV\u201d)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>definiscono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>nuovo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quadro<span class=\"ff1\"> </span>nor<span class=\"_ _0\"></span>mati<span class=\"_ _0\"></span>vo<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>rife<span class=\"_ _0\"></span>rime<span class=\"_ _0\"></span>nto<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>ll\u2019U<span class=\"_ _0\"></span>nion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>Eu<span class=\"_ _0\"></span>rope<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>ba<span class=\"_ _0\"></span>nche<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">impr<span class=\"_ _0\"></span>ese<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">inve<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>o.<span class=\"ff1\"> </span>Dal<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">1\u00b0</span> <span class=\"ff3\">ge<span class=\"_ _0\"></span>nnaio<span class=\"_ _1\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span>2014.<span class=\"ff1\">  </span>CRR<span class=\"ff1\">  </span>e<span class=\"ff1\">  </span>CRDIV<span class=\"ff1\">  </span>sono<span class=\"ff1\">  </span>integrati<span class=\"ff1\">  </span>da<span class=\"ff1\">  </span>norme<span class=\"ff1\">  </span>tecni<span class=\"_ _0\"></span>che<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>regolamentazione<span class=\"ff1\">  </span>o<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>attuazione<span class=\"ff1\"> </span>ap<span class=\"_ _0\"></span>prov<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">dall<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>Comm<span class=\"_ _0\"></span>issi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">Euro<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>su<span class=\"ff1\"> <span class=\"_ _2\"></span></span>pr<span class=\"_ _0\"></span>opo<span class=\"_ _0\"></span>sta<span class=\"ff1\"> </span>dell<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>Auto<span class=\"_ _0\"></span>rit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">europ<span class=\"_ _0\"></span>ee<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>supe<span class=\"_ _0\"></span>rvi<span class=\"_ _0\"></span>sion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>(\u201cESA<span class=\"_ _0\"></span>\u201d),<span class=\"ff1\"> </span></span></span></span></span></span></span>che<span class=\"ff1\"> </span>danno<span class=\"ff1\"> </span>attuazione<span class=\"ff1\"> </span>alla<span class=\"ff1\"> </span>normativa<span class=\"ff1\"> </span>primaria. Con<span class=\"ff1\"> </span>l\u2019adozione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>regolamento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> </span>esecuzione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>(UE)<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>n.<span class=\"ff1\"> </span>680/2014<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>so<span class=\"_ _2\"></span>no<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>state<span class=\"ff1\"> </span>stabilite<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>norme<span class=\"ff1\"> </span>tecniche<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>attuazione<span class=\"ff1\"> </span>(Implementing<span class=\"ff1\"> </span>Technical<span class=\"ff1\"> </span>Standards)<span class=\"ff1\"> </span>vincolanti<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>mat<span class=\"_ _2\"></span>eria<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>segnalazioni<span class=\"ff1\"> </span>prudenziali<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>armonizzate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>banche<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"></span></span>imprese<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>investimento<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>relative<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>a:<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>fondi<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>propr<span class=\"_ _2\"></span>i,<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>credito<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>controparte,<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>mercato,<span class=\"ff1\"> </span>rischio<span class=\"ff1\"> </span>o<span class=\"_ _2\"></span>perativo,<span class=\"ff1\"> </span>grandi<span class=\"ff1\"> </span>rischi,<span class=\"ff1\"> </span>rilevazione<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>perdite<span class=\"ff1\"> </span>ipotecarie,<span class=\"ff1\"> </span>posizione<span class=\"ff1\"> </span>patrimoniale<span class=\"ff1\"> </span>complessiva,<span class=\"ff1\"> </span>monitoraggio<span class=\"ff1\"> </span>liquidit\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>leva<span class=\"ff1\"> </span>finanziaria.<span class=\"ff1\"> </span>Inoltre,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>B<span class=\"_ _0\"></span>anca<span class=\"ff1\"> </span>d\u2019Italia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ha<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>manat<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">C<span class=\"_ _0\"></span>ircolari<span class=\"ff1\"> </span>n.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">286<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">n.<span class=\"ff1\"> </span>154<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">t<span class=\"_ _2\"></span>raducono<span class=\"ff1\"> </span>second<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>lo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>chema<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>matriciale,<span class=\"ff1\"> </span>attualmente<span class=\"ff1\"> </span>adottato<span class=\"ff1\"> </span>nelle<span class=\"ff1\"> </span>segnalazioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>vigilanza,<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>cita<span class=\"_ _2\"></span>ti<span class=\"ff1\"> </span>ITS Il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Gruppo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ritiene<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>priorita<span class=\"_ _2\"></span>rio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>valutare<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>propria<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>str<span class=\"_ _2\"></span>uttura<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>patrimoniale<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _27\"> </span><span class=\"ff3\">e</span> <span class=\"_ _27\"> </span><span class=\"ff3\">ta<span class=\"_ _2\"></span>li</span> <span class=\"_ _21\"> </span><span class=\"ff3\">anal<span class=\"_ _2\"></span>isi</span> <span class=\"_ _27\"> </span><span class=\"ff3\">sono</span> <span class=\"_ _27\"> </span><span class=\"ff3\">svolt<span class=\"_ _2\"></span>e</span> </span>al<span class=\"_ _0\"></span>l\u2019in<span class=\"_ _0\"></span>tern<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>deg<span class=\"_ _0\"></span>li<span class=\"ff1\"> </span>spec<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ci<span class=\"ff1\"> </span>Com<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Gov<span class=\"_ _0\"></span>ern<span class=\"_ _0\"></span>ance<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Grupp<span class=\"_ _0\"></span>o.<span class=\"ff1\"> </span>In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">tale</span> <span class=\"ff3\">sed<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>veng<span class=\"_ _0\"></span>ono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">anche<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ev<span class=\"_ _0\"></span>ide<span class=\"_ _0\"></span>nziat<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>p<span class=\"_ _0\"></span>rincipali<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>impatti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"_ _2\"></span>gati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>all<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>normative<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>via<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>definizione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>(es.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>potenziali<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>impatti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>legati<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>alla<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>nali<span class=\"_ _0\"></span>zza<span class=\"_ _0\"></span>zione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>lla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rifo<span class=\"_ _0\"></span>rma<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Basi<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>II<span class=\"_ _0\"></span>I<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>me<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>cent<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>ac<span class=\"_ _0\"></span>cord<span class=\"_ _1\"></span>o<span class=\"_ _2\"></span><span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sede<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Comi<span class=\"_ _0\"></span>tato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Ba<span class=\"_ _0\"></span>sile<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>14<span class=\"ff1\"> </span>gennaio<span class=\"ff1\"> </span>2019)<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uelle<span class=\"ff1\"> </span>gi\u00e0<span class=\"ff1\"> </span>approvate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ma<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>attualmen<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>applicabili<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">(es.<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">regolamento<span class=\"ff1\"> </span>(UE) </span></span></span></span></span></span></span></span>n.<span class=\"ff1\"> </span>8<span class=\"_ _2\"></span>76/2019<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>direttiva<span class=\"ff1\"> </span>(UE)<span class=\"ff1\"> </span>n.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>787/2019<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>modificano<span class=\"ff1\"> </span>rispettivamente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>regolamento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(UE)<span class=\"ff1\"> </span>n.<span class=\"ff1\"> </span>575/2013<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>direttiva<span class=\"ff1\"> <span class=\"_ _2\"></span></span>2013/3<span class=\"_ _2\"></span>6/UE<span class=\"ff1\"> <span class=\"_ _2\"></span></span>/876,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cos\u00ec<span class=\"ff1\"> <span class=\"_ _20\"></span></span>come<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>re<span class=\"_ _2\"></span>golamento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(UE)<span class=\"ff1\"> <span class=\"_ _2\"></span></span>n.<span class=\"ff1\"> <span class=\"_ _20\"></span></span>877/2019<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>direttiva<span class=\"ff1\"> </span>(UE)<span class=\"ff1\"> </span>n.<span class=\"ff1\"> </span>879/2019). I<span class=\"ff1\">  </span>Comitati<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>Governance<span class=\"_ _0\"></span><span class=\"ff1\">  <span class=\"ff3\">di</span>  <span class=\"ff3\">Gruppo</span>  <span class=\"ff3\">presen<span class=\"_ _0\"></span>tano<span class=\"ff1\">  </span>sempre<span class=\"ff1\">  </span>dei<span class=\"ff1\">  </span>membri<span class=\"ff1\">  </span>nominati<span class=\"ff1\">  </span>dal<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Consiglio<span class=\"ff1\"> </span></span></span>d\u2019Amministrazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>de<span class=\"_ _2\"></span>lla<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Capog<span class=\"_ _2\"></span>ruppo,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>scelti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>tra<span class=\"ff1\"> <span class=\"_ _21\"></span></span>i<span class=\"ff1\"> <span class=\"_ _21\"></span></span>componen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Cons<span class=\"_ _2\"></span>iglio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>st<span class=\"_ _2\"></span>esso,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>ispettive<span class=\"ff1\"> </span>analisi<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> </span>successivamente<span class=\"ff1\"> </span>prodot<span class=\"_ _2\"></span>te<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>Consiglio<span class=\"ff1\"> </span>d\u2019Amministrazione<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>Capogruppo. Sotto<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pro<span class=\"_ _2\"></span>filo<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Vigil<span class=\"_ _0\"></span>anza<span class=\"ff1\"> </span>l\u2019assorbimento<span class=\"ff1\"> </span>viene<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>eterminato<span class=\"ff1\"> </span>tenendo<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">considerazione</span> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>attuali<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>\u201cregole\u201d<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>segnalazione. Sot<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">prof<span class=\"_ _0\"></span>ilo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ge<span class=\"_ _0\"></span>stio<span class=\"_ _0\"></span>nale<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">l\u2019a<span class=\"_ _0\"></span>ssorb<span class=\"_ _0\"></span>ime<span class=\"_ _0\"></span>nto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">viene<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ca<span class=\"_ _0\"></span>lc<span class=\"_ _0\"></span>olato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">c<span class=\"_ _0\"></span>on<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">l\u2019u<span class=\"_ _0\"></span>tili<span class=\"_ _0\"></span>zzo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">m<span class=\"_ _0\"></span>odell<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">int<span class=\"_ _0\"></span>erni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>er<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">risc<span class=\"_ _0\"></span>hio<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>di<span class=\"ff1\"> </span>credito<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>mercato<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>l\u2019utilizzo<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>metodo<span class=\"ff1\"> </span>standard<span class=\"ff1\"> </span>\u201c<span class=\"_ _2\"></span>gestionale\u201d. I<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ris<span class=\"_ _0\"></span>chi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">vengo<span class=\"_ _0\"></span>no<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>sami<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">comp<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>siv<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>ttag<span class=\"_ _0\"></span>lia<span class=\"_ _0\"></span>tame<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span>l\u2019in<span class=\"_ _0\"></span>tern<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">so<span class=\"_ _0\"></span>cie<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Gruppo<span class=\"ff1\"> </span>(analisi<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>portafogli<span class=\"ff1\"> </span>specifici). Al<span class=\"ff1\"> </span>31<span class=\"ff1\"> </span>dicembre<span class=\"ff1\"> </span>2022<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>Fondi<span class=\"ff1\"> </span>Propri<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>stat<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>determinati<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>alle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">disposizioni</span> <span class=\"ff3\">contenut<span class=\"_ _2\"></span>e</span> <span class=\"ff3\">nel</span> </span>Regolamento<span class=\"ff1\"> </span>(UE)<span class=\"ff1\"> </span>n.575/2013<span class=\"ff1\"> </span>(CRR)",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-828": {
   "value": "<div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs4f70\">1<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs4f71\">In<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs4f72\">su<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs4f73\">co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>si<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs4f74\">de<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs4f75\">di<span class=\"_ _0\"></span>rig<span class=\"_ _1\"></span>enti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs4f76\">co<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs4f77\">re<span class=\"_ _0\"></span>spo<span class=\"_ _1\"></span>nsa<span class=\"_ _0\"></span>bil<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs4f78\">st<span class=\"_ _0\"></span>rat<span class=\"_ _0\"></span>eg<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4f79\">Di<span class=\"ff1\"> </span>seguito<span class=\"ff1\"> </span>ve<span class=\"_ _0\"></span>ngono<span class=\"ff1\"> </span>fornite<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>nfor<span class=\"_ _2\"></span>mazioni<span class=\"ff1\"> </span>sui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">compensi<span class=\"ff1\"> </span>corrisposti<span class=\"ff1\"> </span>ai<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dirigenti</span> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> </span>responsabilit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4f7a\">strategiche,<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>coerenza<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>quanto<span class=\"ff1\"> </span>pr<span class=\"_ _2\"></span>evisto<span class=\"ff1\"> </span>dallo<span class=\"ff1\"> </span>IAS<span class=\"ff1\"> </span>24. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4f7b\">I<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dirigenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>co<span class=\"_ _2\"></span>n<span class=\"ff1\"> <span class=\"_ _2\"></span></span>responsabilit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>strategiche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Cr<span class=\"_ _2\"></span>edito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Emiliano<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>soggetti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>aventi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>potere<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4f7c\">responsabilit\u00e0,<span class=\"ff1\"> </span>direttamente<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>indirettamente,<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>pianificazione,<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>direzione<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>controllo<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4f7d\">delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Credito<span class=\"ff1\"> </span>Emiliano. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4f7e\">In<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tale<span class=\"ff1\"> </span>contesto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rientrano<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">p<span class=\"_ _2\"></span>erimetro<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dirig<span class=\"_ _2\"></span>enti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> </span>responsabil<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span>strategiche:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Consiglieri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4f7f\">Amministrazione,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Sindaci,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Dir<span class=\"_ _2\"></span>ettore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Generale,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Condirett<span class=\"_ _2\"></span>ori<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Generali,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Vice<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">D<span class=\"_ _2\"></span>irettori<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Generali,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gli<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4f80\">altri<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>componenti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dell<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Direzione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Centrale,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Dirigente<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Pre<span class=\"_ _2\"></span>posto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>alla<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>redazione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">dei</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">documenti</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4f81\">contabili<span class=\"ff1\"> </span>societari,<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>Responsabili<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>Funzioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Contr<span class=\"_ _2\"></span>ollo<span class=\"ff1\"> </span>Interno<span class=\"ff1\"> </span>(Responsabile<span class=\"ff1\"> </span>Servizio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Audit,<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4f82\">Re<span class=\"_ _0\"></span>spon<span class=\"_ _0\"></span>sabi<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>Fu<span class=\"_ _0\"></span>nzio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>A<span class=\"_ _0\"></span>ntiri<span class=\"_ _0\"></span>cic<span class=\"_ _0\"></span>lagg<span class=\"_ _0\"></span>io,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Compl<span class=\"_ _0\"></span>iance<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">Off<span class=\"_ _0\"></span>ice<span class=\"_ _0\"></span>r<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>Ri<span class=\"_ _0\"></span>sk<span class=\"ff1\"> </span>Off<span class=\"_ _0\"></span>ice<span class=\"_ _0\"></span>r),<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">il</span> <span class=\"ff3\">Respo<span class=\"_ _0\"></span>nsab<span class=\"_ _0\"></span>ile<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Busi<span class=\"_ _0\"></span>ness<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4f83\">Unit<span class=\"ff1\"> </span>Commerciale,<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Responsabile<span class=\"ff1\"> </span>Business<span class=\"ff1\"> </span>Unit<span class=\"ff1\"> </span>Private,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>Responsabile<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Business</span> <span class=\"ff3\">Unit</span> <span class=\"ff3\">Finanza,</span> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4f84\">Dirigente<span class=\"ff1\"> </span>Coo<span class=\"_ _2\"></span>rdinatore<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> </span>aree<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Amministrazione,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Corporat<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>Governance<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>R<span class=\"_ _2\"></span>elazioni<span class=\"ff1\"> </span>Est<span class=\"_ _2\"></span>erne<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4f85\">Governo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Valore,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Capo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Servizio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>preposto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>all\u2019area<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Crediti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Capo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Servizio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>preposto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>all\u2019area<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4f86\">Org<span class=\"_ _0\"></span>ani<span class=\"_ _0\"></span>zzaz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span>. </div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4f87\">Ri<span class=\"_ _0\"></span>ep<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>ogo<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4f88\">co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>si<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _12c\"> </span><span class=\"fc4 sc2\">Tot<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4f89\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4f8a\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4f8b\">31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4f8c\">Am<span class=\"_ _0\"></span>mini<span class=\"_ _0\"></span>stra<span class=\"_ _0\"></span>tor<span class=\"_ _0\"></span>i <span class=\"_ _356\"> </span>1.<span class=\"_ _0\"></span>664<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4f8d\">1.<span class=\"_ _0\"></span>566<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4f8e\">Sin<span class=\"_ _0\"></span>dac<span class=\"_ _0\"></span>i <span class=\"_ _26a\"> </span>4<span class=\"_ _0\"></span>80<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4f8f\">4<span class=\"_ _0\"></span>33<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4f90\">Diri<span class=\"_ _0\"></span>gen<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span> <span class=\"_ _357\"> </span>10<span class=\"_ _0\"></span>.14<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs4f91\">7.<span class=\"_ _0\"></span>370<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4f92\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4f93\">12<span class=\"_ _0\"></span>.28<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4f94\">9.<span class=\"_ _0\"></span>36<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4f95\">I<span class=\"ff1\"> <span class=\"_ _2\"></span></span>compensi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dirigenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>comprendono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>benefici<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>breve<span class=\"ff1\"> <span class=\"_ _20\"></span></span>termine,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>benefici<span class=\"ff1\"> <span class=\"_ _2\"></span></span>successivi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fine<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4f96\">rapporto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>lav<span class=\"_ _0\"></span>oro,<span class=\"ff1\"> </span>altri<span class=\"ff1\"> </span>benefici<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>lun<span class=\"_ _0\"></span>go<span class=\"ff1\"> </span>termine,<span class=\"ff1\"> </span>benefici<span class=\"ff1\"> </span>dovuti<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cessazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>rapporto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4f97\">lavoro<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>pagamenti<span class=\"ff1\"> </span>basati<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>azioni. </div><div class=\"t m4f h6 ff3 fs2 fc4 sc0 ls0 ws0 gs4f98\">2.<span class=\"_ _3bd\"> </span></div><div class=\"t m4f h6 ff3 fs2 fc4 sc0 ls0 ws0 gs4f99\">In<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>orm<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span></div><div class=\"t m4f h6 ff3 fs2 fc4 sc0 ls0 ws0 gs4f9a\">su<span class=\"_ _0\"></span>lle<span class=\"_ _3bd\"> </span></div><div class=\"t m4f h6 ff3 fs2 fc4 sc0 ls0 ws0 gs4f9b\">tr<span class=\"_ _1\"></span>ansaz<span class=\"_ _0\"></span>io<span class=\"_ _1\"></span>ni<span class=\"_ _3bd\"> </span></div><div class=\"t m4f h6 ff3 fs2 fc4 sc0 ls0 ws0 gs4f9c\">co<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span></div><div class=\"t m4f h6 ff3 fs2 fc4 sc0 ls0 ws0 gs4f9d\">pa<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m4f h6 ff3 fs2 fc4 sc0 ls0 ws0 gs4f9e\">cor<span class=\"_ _1\"></span>rel<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4f9f\">In<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ott<span class=\"_ _2\"></span>emperanza<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">all<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">disposizioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nor<span class=\"_ _2\"></span>mative<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riguar<span class=\"_ _2\"></span>danti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">operaz<span class=\"_ _2\"></span>ioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>arti<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>orr<span class=\"_ _2\"></span>elate,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>Grupp<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4fa0\">Credito<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>Emili<span class=\"_ _0\"></span>ano<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>ha<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>ad<span class=\"_ _0\"></span>ottato<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>specifiche<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>procedure<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>disciplinare<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>siffatta<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>ope<span class=\"_ _0\"></span>rativit\u00e0<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>e<span class=\"_ _0\"></span>d<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4fa1\">assicurare<span class=\"ff1\"> </span>idonei<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> </span>informativi. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4fa2\">In<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>attuazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>all<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>de<span class=\"_ _0\"></span>libera<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Consob<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>n.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>17221<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>12<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>marzo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>2010<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"_ _0\"></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Cir<span class=\"_ _2\"></span>colare<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Banca<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>d\u2019Italia<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4fa3\">285/2013,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Cr<span class=\"_ _2\"></span>edito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Emiliano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ha<span class=\"ff1\"> <span class=\"_ _2\"></span></span>adot<span class=\"_ _2\"></span>tato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>apposite<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Procedure<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gestione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>operazioni<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4fa4\">parti<span class=\"ff1\"> </span>correlate<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>operazioni<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>soggetti<span class=\"ff1\"> </span>collegati. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4fa5\">Il<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>regolamento<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>disponibile<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>consultazione<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>s<span class=\"_ _2\"></span>ul<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>sito<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>internet<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>Credito<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>Emiliano<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc3 sc0 ls0 ws0 gs4fa6\">ww<span class=\"_ _0\"></span>w.cre<span class=\"_ _1\"></span>dem.i<span class=\"_ _0\"></span>t<span class=\"fc0\">. </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4fa7\">I<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rapporti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>operazioni<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>perfe<span class=\"_ _2\"></span>zionate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>parti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>correlate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>oggetti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>collegati<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>pr<span class=\"_ _2\"></span>esentano<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4fa8\">criticit\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>no<span class=\"ff1\"> </span>riconducibili<span class=\"ff1\"> </span>all\u2019ordinaria<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>servizio<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>credito.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Le<span class=\"ff1\"> </span>condizioni<span class=\"ff1\"> </span>applicate<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4fa9\">singoli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>apporti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ed<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _21\"></span></span>operazioni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _21\"></span></span>parti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>corr<span class=\"_ _2\"></span>elate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>soggetti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>collegati<span class=\"ff1\"> <span class=\"_ _21\"></span></span>non<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>iscostano<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>da<span class=\"_ _0\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4faa\">quelle<span class=\"ff1\"> </span>correnti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>mercato. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4fab\">Nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">corso<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dell\u2019<span class=\"_ _0\"></span>ese<span class=\"_ _0\"></span>rciz<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>202<span class=\"_ _0\"></span>2<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>stata<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>ffet<span class=\"_ _0\"></span>tua<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>un\u2019<span class=\"_ _0\"></span>oper<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>qual<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>cabi<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">maggio<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>rile<span class=\"_ _0\"></span>vanz<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4fac\">sensi<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>richiamate<span class=\"ff1\"> </span>procedure. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4fad\">Nello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stesso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">periodo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Consiglio<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Amministrazione<span class=\"ff1\"> </span>ha<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">adottato<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>na<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u201cdelibera<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quadro\u201d.<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4fae\">In<span class=\"ff1\"> </span>particolare<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>delibera<span class=\"ff1\"> </span>ha<span class=\"ff1\"> </span>riguardato: </div><div class=\"t m0 h9 ff1 fs5 fc0 sc0 ls0 ws0 gs4faf\">- <span class=\"_ _25\"> </span><span class=\"ff3\">concessione</span> <span class=\"_ _24\"> </span><span class=\"ff3\">di</span> <span class=\"_ _23\"> </span><span class=\"ff3\">affidam<span class=\"_ _2\"></span>enti</span> <span class=\"_ _23\"> </span><span class=\"ff3\">a</span> <span class=\"_ _24\"> </span><span class=\"ff3\">parti</span> <span class=\"_ _24\"> </span><span class=\"ff3\">correlate</span> <span class=\"_ _23\"> </span><span class=\"ff3\">e</span> <span class=\"_ _24\"> </span><span class=\"ff3\">soggetti</span> <span class=\"_ _23\"> </span><span class=\"ff3\">collegati</span> <span class=\"_ _24\"> </span><span class=\"ff3\">riconducibili</span> <span class=\"_ _23\"> </span><span class=\"ff3\">al</span> <span class=\"_ _24\"> </span><span class=\"ff3\">Vice</span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4fb0\">Presidente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Luigi<span class=\"ff1\">  </span>M<span class=\"_ _0\"></span>aramot<span class=\"_ _2\"></span>ti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"ff1\">  </span>Consiglie<span class=\"_ _0\"></span>re<span class=\"ff1\">  </span>Edoardo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Prezioso<span class=\"ff1\">  </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\">  </span>un<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>importo<span class=\"ff1\">  </span>mas<span class=\"_ _0\"></span>simo<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4fb1\">complessivo<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">superiore<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>100<span class=\"ff1\"> </span>milioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>euro<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">comunque</span> <span class=\"ff3\">entro</span> <span class=\"ff3\">il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">limite</span> <span class=\"_ _0\"></span><span class=\"ff3\">normativo<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>5%<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4fb2\">del<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>patrimonio<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>vi<span class=\"_ _2\"></span>gilanza<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>consolidato,<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>erogabile<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>Gr<span class=\"_ _2\"></span>uppo<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>Credito<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>Emil<span class=\"_ _0\"></span>iano<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>pi\u00f9<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4fb3\">operazioni,<span class=\"ff1\"> </span>anche<span class=\"ff1\"> </span>rotative. </div>Da<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>pa<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>on<span class=\"_ _1\"></span>iali<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>iti<span class=\"_ _3bd\"> </span>Debit<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>Gara<span class=\"_ _0\"></span>nzie<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>im<span class=\"_ _1\"></span>peg<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>0<span class=\"_ _0\"></span>,1<span class=\"_ _3bd\"> </span>0<span class=\"_ _0\"></span>,5<span class=\"_ _3bd\"> </span>0<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>Ra<span class=\"_ _1\"></span>ccol<span class=\"_ _1\"></span>ta<span class=\"_ _3bd\"> </span>am<span class=\"_ _1\"></span>min<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>tra<span class=\"_ _0\"></span>ta<span class=\"_ _3bd\"> </span>0<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>Ra<span class=\"_ _1\"></span>ccol<span class=\"_ _1\"></span>ta<span class=\"_ _3bd\"> </span>ge<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>0<span class=\"_ _0\"></span>,5<span class=\"_ _3bd\"> </span>Da<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>ec<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>om<span class=\"_ _1\"></span>ici<span class=\"_ _3bd\"> </span>In<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>si<span class=\"_ _3bd\"> </span>at<span class=\"_ _0\"></span>tiv<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span>Inter<span class=\"_ _0\"></span>essi<span class=\"_ _3bd\"> </span>pass<span class=\"_ _0\"></span>ivi<span class=\"_ _3bd\"> </span>Comm<span class=\"_ _0\"></span>iss<span class=\"_ _0\"></span>ioni<span class=\"_ _3bd\"> </span>attiv<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>ed<span class=\"_ _3bd\"> </span>al<span class=\"_ _0\"></span>tri<span class=\"_ _3bd\"> </span>Co<span class=\"_ _0\"></span>mm<span class=\"_ _1\"></span>iss<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>pa<span class=\"_ _0\"></span>ss<span class=\"_ _1\"></span>ive<span class=\"_ _3bd\"> </span>e<span class=\"_ _0\"></span>d<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>vi<span class=\"_ _3bd\"> </span>altre<span class=\"_ _3bd\"> </span>sp<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>0<span class=\"_ _0\"></span>,1<span class=\"_ _3bd\"> </span>0<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>0<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>0<span class=\"_ _0\"></span>,1<span class=\"_ _3bd\"> </span>Da<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>pa<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>on<span class=\"_ _1\"></span>iali<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>iti<span class=\"_ _3bd\"> </span>Debit<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>Gara<span class=\"_ _0\"></span>nzie<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>im<span class=\"_ _1\"></span>peg<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>Ra<span class=\"_ _1\"></span>ccol<span class=\"_ _1\"></span>ta<span class=\"_ _3bd\"> </span>Ra<span class=\"_ _1\"></span>ccol<span class=\"_ _1\"></span>ta<span class=\"_ _3bd\"> </span>ge<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>am<span class=\"_ _1\"></span>min<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>tra<span class=\"_ _0\"></span>ta<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>4.<span class=\"_ _0\"></span>91<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span>6.<span class=\"_ _0\"></span>62<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>13<span class=\"_ _0\"></span>6.<span class=\"_ _0\"></span>27<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>-Nel<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cors<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dell\u2019esercizio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>2022<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>tate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>poste<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>essere<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>operazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>infragruppo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e/o<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>parti<span class=\"ff1\"> </span>correlate/soggetti<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>collegati,<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>italiani<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>ed<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>est<span class=\"_ _2\"></span>eri,<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>rientrant<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>nell\u2019ordinario<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>esercizio<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>dell\u2019attivit\u00e0<span class=\"ff1\"> </span>operativa<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _21\"></span></span>connessa<span class=\"ff1\"> <span class=\"_ _21\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziaria,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>perfezionate,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>norma,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>condizioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>analogh<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> </span>quelle<span class=\"ff1\"> </span>applicate<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>operazioni<span class=\"ff1\"> </span>concluse<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>terzi<span class=\"ff1\"> </span>indipendenti.<span class=\"_ _3bd\"> </span>Le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"_ _2\"></span>perazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">infragruppo<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sta<span class=\"_ _2\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">effettuate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sulla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">base<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>valutazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>reciproca<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">convenienza<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>economica<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>definizione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dell<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>cond<span class=\"_ _0\"></span>izioni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>da<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ap<span class=\"_ _2\"></span>plicare<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>avvenuta<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rispetto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">correttezza</span> </span>sostanziale,<span class=\"ff1\"> </span>presente<span class=\"ff1\"> </span>l\u2019obiettivo<span class=\"ff1\"> </span>comune<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>creare<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>l\u2019intero<span class=\"ff1\"> </span>Gruppo<span class=\"ff1\"> </span>Credem.<span class=\"_ _3bd\"> </span>Uguale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">principio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">applicato<span class=\"ff1\"> </span>anche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">caso<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">prestazioni<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">servizi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">infragruppo,<span class=\"ff1\"> </span>unitamente<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>a<span class=\"ff1\"> </span>quello<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>regolare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tali<span class=\"ff1\"> </span>prestazi<span class=\"_ _2\"></span>oni<span class=\"ff1\"> </span>su<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>base<span class=\"ff1\"> <span class=\"_ _2\"></span></span>minimale<span class=\"ff1\"> </span>co<span class=\"_ _2\"></span>mmisurata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> </span>recupero<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>relativi<span class=\"ff1\"> </span>costi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>produzione.<span class=\"_ _3bd\"> </span>Inf<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>maz<span class=\"_ _1\"></span>ion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>su<span class=\"_ _0\"></span>lle<span class=\"_ _3bd\"> </span>tra<span class=\"_ _1\"></span>nsaz<span class=\"_ _1\"></span>ioni<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span>pa<span class=\"_ _1\"></span>rti<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>lat<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>Cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>iti<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _198\"> </span><span class=\"fc4 sc2\">Deb<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _212\"> </span><span class=\"fc4 sc2\">Ga<span class=\"_ _0\"></span>ran<span class=\"_ _1\"></span>zie<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></span></span></span></span>Ra<span class=\"_ _1\"></span>ccol<span class=\"_ _1\"></span>ta<span class=\"_ _3bd\"> </span>am<span class=\"_ _1\"></span>min<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>tra<span class=\"_ _0\"></span>ta<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Ra<span class=\"_ _1\"></span>ccol<span class=\"_ _1\"></span>ta<span class=\"_ _3bd\"> </span>ge<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>a<span class=\"fc0 sc1\"> </span>Amministratori,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sindaci<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span></span></span></span></span>dir<span class=\"_ _0\"></span>ige<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span> 2.<span class=\"_ _0\"></span>856<span class=\"_ _3bd\"> </span>5.5<span class=\"_ _0\"></span>74<span class=\"_ _3bd\"> </span>56<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>16.<span class=\"_ _0\"></span>732<span class=\"_ _3bd\"> </span>11<span class=\"_ _0\"></span>.956<span class=\"_ _3bd\"> </span>Str<span class=\"_ _0\"></span>ett<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>fami<span class=\"_ _0\"></span>lia<span class=\"_ _0\"></span>ri <span class=\"_ _1a1\"> </span>2.91<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>12<span class=\"_ _0\"></span>.637<span class=\"_ _3bd\"> </span>62<span class=\"_ _1\"></span>8<span class=\"_ _3bd\"> </span>161<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>52<span class=\"_ _3bd\"> </span>9.<span class=\"_ _0\"></span>131<span class=\"_ _3bd\"> </span>Soc<span class=\"_ _0\"></span>iet<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>tro<span class=\"_ _0\"></span>llate<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">e</span> <span class=\"ff3\">co<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span>gate<span class=\"_ _1\"></span> <span class=\"_ _201\"> </span>38.<span class=\"_ _0\"></span>07<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></span></span>270<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>94<span class=\"_ _3bd\"> </span>87.<span class=\"_ _1\"></span>447<span class=\"_ _3bd\"> </span>18<span class=\"_ _0\"></span>.31<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>14<span class=\"_ _0\"></span>1.3<span class=\"_ _0\"></span>96<span class=\"_ _3bd\"> </span>Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">parti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">co<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>late<span class=\"_ _1\"></span> <span class=\"_ _191\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>43<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>40<span class=\"_ _3bd\"> </span>28<span class=\"_ _0\"></span>9.<span class=\"_ _0\"></span>00<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>88<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>39<span class=\"_ _3bd\"> </span>19<span class=\"_ _0\"></span>6.9<span class=\"_ _1\"></span>97<span class=\"_ _3bd\"> </span>16<span class=\"_ _0\"></span>2.<span class=\"_ _0\"></span>483<span class=\"_ _3bd\"> </span>Inf<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>maz<span class=\"_ _1\"></span>ion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>su<span class=\"_ _0\"></span>lle<span class=\"_ _3bd\"> </span>tra<span class=\"_ _1\"></span>nsaz<span class=\"_ _1\"></span>ioni<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span>pa<span class=\"_ _1\"></span>rti<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>lat<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span>In<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>si<span class=\"_ _3bd\"> </span>at<span class=\"_ _0\"></span>tiv<span class=\"_ _1\"></span>i<span class=\"fc0 sc1\"> <span class=\"_ _a5\"> </span></span>In<span class=\"_ _0\"></span>ter<span class=\"_ _1\"></span>ess<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>pa<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>Comm<span class=\"_ _0\"></span>iss<span class=\"_ _0\"></span>ioni<span class=\"_ _3bd\"> </span>attiv<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>altri<span class=\"_ _3bd\"> </span>rica<span class=\"_ _0\"></span>vi<span class=\"fc0 sc1\"> </span>Comm<span class=\"_ _0\"></span>iss<span class=\"_ _0\"></span>ioni<span class=\"_ _3bd\"> </span>pass<span class=\"_ _0\"></span>ive<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>altri<span class=\"_ _3bd\"> </span>oner<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>Amministratori,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sindaci<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span></span></span></span></span>dir<span class=\"_ _0\"></span>ige<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span> 1<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>9<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>04<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>Str<span class=\"_ _0\"></span>ett<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>fami<span class=\"_ _0\"></span>lia<span class=\"_ _0\"></span>ri <span class=\"_ _358\"> </span>5<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>1<span class=\"_ _0\"></span>98<span class=\"_ _3bd\"> </span>60<span class=\"_ _3bd\"> </span>Soc<span class=\"_ _0\"></span>iet<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>tro<span class=\"_ _0\"></span>llate<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">e</span> <span class=\"ff3\">co<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span>gate<span class=\"_ _1\"></span> <span class=\"_ _2dc\"> </span>99<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></span></span>57<span class=\"_ _1\"></span>7<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>392<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>79<span class=\"_ _3bd\"> </span>Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">parti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">co<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>late<span class=\"_ _1\"></span> <span class=\"_ _5e\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>1<span class=\"_ _0\"></span>.0<span class=\"_ _1\"></span>14<span class=\"_ _3bd\"> </span>5<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>794<span class=\"_ _3bd\"> </span>3<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span>L\u2019incidenza<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>volumi,<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>operazioni<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>controparti<span class=\"ff1\"> </span>correlate<span class=\"ff1\"> </span>sopra<span class=\"ff1\"> </span>indicate,<span class=\"ff1\"> </span>sul<span class=\"ff1\"> </span>totale<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Gruppo<span class=\"ff1\"> </span>risulta<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>(%):<span class=\"_ _3bd\"> </span>Si<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pr<span class=\"_ _0\"></span>ovved<span class=\"_ _1\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">seg<span class=\"_ _0\"></span>uito<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">forn<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">detta<span class=\"_ _0\"></span>gl<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mig<span class=\"_ _0\"></span>lia<span class=\"_ _0\"></span>ia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">euro)<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rapp<span class=\"_ _1\"></span>orti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ver<span class=\"_ _0\"></span>so<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">im<span class=\"_ _0\"></span>pres<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">coll<span class=\"_ _0\"></span>egat<span class=\"_ _0\"></span>e:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Da<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>ec<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>om<span class=\"_ _1\"></span>ici<span class=\"_ _3bd\"> </span>In<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>si<span class=\"_ _3bd\"> </span>at<span class=\"_ _0\"></span>tiv<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span>Inter<span class=\"_ _0\"></span>essi<span class=\"_ _3bd\"> </span>pass<span class=\"_ _0\"></span>ivi<span class=\"_ _3bd\"> </span>Comm<span class=\"_ _0\"></span>iss<span class=\"_ _0\"></span>ioni<span class=\"_ _3bd\"> </span>attiv<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>ed<span class=\"_ _3bd\"> </span>al<span class=\"_ _0\"></span>tri<span class=\"_ _3bd\"> </span>Co<span class=\"_ _0\"></span>mm<span class=\"_ _1\"></span>iss<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>pa<span class=\"_ _0\"></span>ss<span class=\"_ _1\"></span>ive<span class=\"_ _3bd\"> </span>e<span class=\"_ _0\"></span>d<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>vi<span class=\"_ _3bd\"> </span>altre<span class=\"_ _3bd\"> </span>sp<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>--1<span class=\"_ _0\"></span>,9<span class=\"_ _3bd\"> </span>-L\u2019incidenza<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>volumi,<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>operazioni<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>imprese<span class=\"ff1\"> </span>collegate,<span class=\"ff1\"> </span>sul<span class=\"ff1\"> </span>totale<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Gruppo<span class=\"ff1\"> </span>risulta<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>(%):<span class=\"_ _3bd\"> </span>Da<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>ec<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>om<span class=\"_ _1\"></span>ici<span class=\"_ _3bd\"> </span>In<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>si<span class=\"_ _3bd\"> </span>at<span class=\"_ _0\"></span>tiv<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span>Inter<span class=\"_ _0\"></span>essi<span class=\"_ _3bd\"> </span>pass<span class=\"_ _0\"></span>ivi<span class=\"_ _3bd\"> </span>Comm<span class=\"_ _0\"></span>iss<span class=\"_ _0\"></span>ioni<span class=\"_ _3bd\"> </span>attiv<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>ed<span class=\"_ _3bd\"> </span>al<span class=\"_ _0\"></span>tri<span class=\"_ _3bd\"> </span>Co<span class=\"_ _0\"></span>mm<span class=\"_ _1\"></span>iss<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>pa<span class=\"_ _0\"></span>ss<span class=\"_ _1\"></span>ive<span class=\"_ _3bd\"> </span>e<span class=\"_ _0\"></span>d<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>vi<span class=\"_ _3bd\"> </span>altre<span class=\"_ _3bd\"> </span>sp<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>9<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span>617<span class=\"_ _0\"></span>.97<span class=\"_ _1\"></span>0<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>96<span class=\"_ _3bd\"> </span>Da<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span>pa<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>on<span class=\"_ _1\"></span>iali<span class=\"_ _3bd\"> </span>Cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>iti<span class=\"_ _3bd\"> </span>Debit<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>Gara<span class=\"_ _0\"></span>nzie<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>im<span class=\"_ _1\"></span>peg<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>Ra<span class=\"_ _1\"></span>ccol<span class=\"_ _1\"></span>ta<span class=\"_ _3bd\"> </span>Ra<span class=\"_ _1\"></span>ccol<span class=\"_ _1\"></span>ta<span class=\"_ _3bd\"> </span>ge<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>am<span class=\"_ _1\"></span>min<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>tra<span class=\"_ _0\"></span>ta<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>0<span class=\"_ _0\"></span>,6<span class=\"_ _3bd\"> </span>-",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-802": {
   "value": "1 Informazioni sui compensi dei dirigenti con responsabilit\u00e0 strategica Di seguito vengono fornite le informazioni sui compensi corrisposti ai dirigenti con responsabilit\u00e0 strategiche, in coerenza con quanto previsto dallo IAS 24. I dirigenti con responsabilit\u00e0 strategiche di Credito Emiliano sono i soggetti aventi il potere e la responsabilit\u00e0, direttamente o indirettamente, della pianificazione, della direzione e del controllo delle attivit\u00e0 di Credito Emiliano. In tale contesto rientrano nel perimetro dei dirigenti con responsabilit\u00e0 strategiche: i Consiglieri di Amministrazione, i Sindaci, il Direttore Generale, i Condirettori Generali, i Vice Direttori Generali, gli altri  componenti  della  Direzione  Centrale,  il  Dirigente  Preposto  alla  redazione  dei  documenti contabili societari, i Responsabili delle Funzioni di Controllo Interno (Responsabile Servizio Audit, Responsabile Funzione Antiriciclaggio, Compliance Officer e Risk Officer), il Responsabile Business Unit Commerciale, il Responsabile Business Unit Private, il Responsabile Business Unit Finanza, il Dirigente Coordinatore delle aree Amministrazione, Corporate Governance e Relazioni Esterne e Governo del Valore, il Capo Servizio preposto all\u2019area Crediti e il Capo Servizio preposto all\u2019area Organizzazione. Riepilogo compensi  Totale 31/12/2022 Totale 31/12/2021 Amministratori  1.664 1.566 Sindaci  480 433 Dirigenti  10.142 7.370 Totale 12.286 9.369 I compensi dei dirigenti comprendono benefici a breve termine, benefici successivi alla fine del rapporto di lavoro, altri benefici a lungo termine, benefici dovuti per la cessazione del rapporto di lavoro e pagamenti basati su azioni. 2. Informazioni sulle transazioni con parti correlate In ottemperanza alle disposizioni normative riguardanti le operazioni con parti correlate, il Gruppo Credito  Emiliano  ha  adottato  specifiche  procedure  per  disciplinare  siffatta  operativit\u00e0  ed assicurare idonei flussi informativi. In  attuazione  alla  delibera  Consob  n.  17221  del  12  marzo  2010  e  della  Circolare  Banca  d\u2019Italia 285/2013, Credito Emiliano ha adottato apposite Procedure per la gestione delle operazioni con parti correlate e per le operazioni con soggetti collegati. Il  regolamento  \u00e8  disponibile  per  la  consultazione  sul  sito  internet  di  Credito  Emiliano www.credem.it. I  rapporti  e  le  operazioni  perfezionate  con  parti  correlate  e  soggetti  collegati  non  presentano criticit\u00e0 e sono riconducibili all\u2019ordinaria attivit\u00e0 di servizio e di credito. Le condizioni applicate ai singoli rapporti ed alle operazioni con parti correlate e  soggetti  collegati non si discostano  da quelle correnti di mercato. Nel corso dell\u2019esercizio 2022 \u00e8 stata effettuata un\u2019operazione qualificabile di maggiore rilevanza ai sensi delle richiamate procedure. Nello stesso periodo il Consiglio di Amministrazione ha adottato una \u201cdelibera quadro\u201d. In particolare la delibera ha riguardato: -  concessione  di  affidamenti  a  parti  correlate  e  soggetti  collegati  riconducibili  al  Vice Presidente  Luigi  Maramotti  e  al  Consigliere  Edoardo  Prezioso  per  un  importo  massimo complessivo non superiore a 100 milioni di euro e comunque entro il limite normativo del 5% del  patrimonio  di  vigilanza  consolidato,  erogabile  dal  Gruppo  Credito  Emiliano  in  pi\u00f9 operazioni, anche rotative. Dati patrimoniali Crediti Debiti Garanzie e impegni Totale 0,1 0,5 0,8 Raccolta amministrata 0,8 Raccolta gestita 0,5 Dati economici Interessi attivi Interessi passivi Commissioni attive ed altri Commissioni passive ed ricavi altre spese Totale 0,1 0,4 0,2 0,1 Dati patrimoniali Crediti Debiti Garanzie e impegni Raccolta Raccolta gestita amministrata Totale 4.919 6.623 1.020 136.277 -Nel  corso  dell\u2019esercizio  2022  sono  state  poste  in  essere  operazioni  infragruppo  e/o  con  parti correlate/soggetti  collegati,  italiani  ed  esteri,  rientranti  nell\u2019ordinario  esercizio  dell\u2019attivit\u00e0 operativa e della connessa attivit\u00e0 finanziaria,  perfezionate, di norma, a  condizioni analoghe a quelle applicate per operazioni concluse con terzi indipendenti. Le operazioni infragruppo sono state effettuate sulla base di valutazioni di reciproca convenienza economica e  la definizione delle condizioni da applicare \u00e8 avvenuta nel rispetto di correttezza sostanziale, presente l\u2019obiettivo comune di creare valore per l\u2019intero Gruppo Credem. Uguale principio \u00e8 stato applicato anche nel caso di prestazioni di servizi infragruppo, unitamente a quello di regolare tali prestazioni su di una base minimale commisurata al recupero dei relativi costi di produzione. Informazioni sulle transazioni con parti correlate Crediti  Debiti  Garanzie Raccolta amministrata Raccolta gestita Amministratori, sindaci e dirigenti 2.856 5.574 564 16.732 11.956 Stretti familiari  2.912 12.637 628 161.952 9.131 Societ\u00e0 controllate e collegate  38.072 270.794 87.447 18.313 141.396 Altre parti correlate  - - - - - Totale 43.840 289.005 88.639 196.997 162.483 Informazioni sulle transazioni con parti correlate Interessi attivi  Interessi passivi Commissioni attive e altri ricavi Commissioni passive e altri oneri Amministratori, sindaci e dirigenti 17 9 204 20 Stretti familiari  5 13 198 60 Societ\u00e0 controllate e collegate  992 577 1.392 279 Altre parti correlate  - - - - Totale 1.014 599 1.794 359 L\u2019incidenza dei volumi, delle operazioni con le controparti correlate sopra indicate, sul totale del Gruppo risulta essere pari (%): Si provvede di seguito a fornire i dettagli (in migliaia di euro) dei rapporti verso le imprese collegate: Dati economici Interessi attivi Interessi passivi Commissioni attive ed altri Commissioni passive ed ricavi altre spese Totale --1,9 -L\u2019incidenza dei volumi, delle operazioni con le imprese collegate, sul totale del Gruppo risulta essere pari (%): Dati economici Interessi attivi Interessi passivi Commissioni attive ed altri Commissioni passive ed ricavi altre spese Totale 95 617.970 296 Dati patrimoniali Crediti Debiti Garanzie e impegni Raccolta Raccolta gestita amministrata Totale - - - 0,6 -",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-764": {
   "value": "1<span class=\"_ _3bd\"> </span>In<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>su<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>si<span class=\"_ _3bd\"> </span>de<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>di<span class=\"_ _0\"></span>rig<span class=\"_ _1\"></span>enti<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span>re<span class=\"_ _0\"></span>spo<span class=\"_ _1\"></span>nsa<span class=\"_ _0\"></span>bil<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>\u00e0<span class=\"_ _3bd\"> </span>st<span class=\"_ _0\"></span>rat<span class=\"_ _0\"></span>eg<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Di<span class=\"ff1\"> </span>seguito<span class=\"ff1\"> </span>ve<span class=\"_ _0\"></span>ngono<span class=\"ff1\"> </span>fornite<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>nfor<span class=\"_ _2\"></span>mazioni<span class=\"ff1\"> </span>sui<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">compensi<span class=\"ff1\"> </span>corrisposti<span class=\"ff1\"> </span>ai<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dirigenti</span> <span class=\"_ _0\"></span><span class=\"ff3\">con<span class=\"ff1\"> </span>responsabilit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span>strategiche,<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>coerenza<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>quanto<span class=\"ff1\"> </span>pr<span class=\"_ _2\"></span>evisto<span class=\"ff1\"> </span>dallo<span class=\"ff1\"> </span>IAS<span class=\"ff1\"> </span>24. I<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dirigenti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>co<span class=\"_ _2\"></span>n<span class=\"ff1\"> <span class=\"_ _2\"></span></span>responsabilit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>strategiche<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Cr<span class=\"_ _2\"></span>edito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Emiliano<span class=\"ff1\"> <span class=\"_ _20\"></span></span>sono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>soggetti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>aventi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>potere<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> </span>responsabilit\u00e0,<span class=\"ff1\"> </span>direttamente<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>indirettamente,<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>pianificazione,<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>direzione<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>controllo<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>attivit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Credito<span class=\"ff1\"> </span>Emiliano. In<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tale<span class=\"ff1\"> </span>contesto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rientrano<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">p<span class=\"_ _2\"></span>erimetro<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">dirig<span class=\"_ _2\"></span>enti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> </span>responsabil<span class=\"_ _0\"></span>it\u00e0<span class=\"ff1\"> </span>strategiche:<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Consiglieri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Amministrazione,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Sindaci,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Dir<span class=\"_ _2\"></span>ettore<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Generale,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Condirett<span class=\"_ _2\"></span>ori<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Generali,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Vice<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">D<span class=\"_ _2\"></span>irettori<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Generali,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">gli<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>altri<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>componenti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dell<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Direzione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Centrale,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Dirigente<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Pre<span class=\"_ _2\"></span>posto<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>alla<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>redazione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1f\"> </span><span class=\"ff3\">dei</span> <span class=\"_ _1f\"> </span><span class=\"ff3\">documenti</span> </span>contabili<span class=\"ff1\"> </span>societari,<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>Responsabili<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>Funzioni<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Contr<span class=\"_ _2\"></span>ollo<span class=\"ff1\"> </span>Interno<span class=\"ff1\"> </span>(Responsabile<span class=\"ff1\"> </span>Servizio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Audit,<span class=\"ff1\"> </span>Re<span class=\"_ _0\"></span>spon<span class=\"_ _0\"></span>sabi<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>Fu<span class=\"_ _0\"></span>nzio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>A<span class=\"_ _0\"></span>ntiri<span class=\"_ _0\"></span>cic<span class=\"_ _0\"></span>lagg<span class=\"_ _0\"></span>io,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Compl<span class=\"_ _0\"></span>iance<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">Off<span class=\"_ _0\"></span>ice<span class=\"_ _0\"></span>r<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>Ri<span class=\"_ _0\"></span>sk<span class=\"ff1\"> </span>Off<span class=\"_ _0\"></span>ice<span class=\"_ _0\"></span>r),<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">il</span> <span class=\"ff3\">Respo<span class=\"_ _0\"></span>nsab<span class=\"_ _0\"></span>ile<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Busi<span class=\"_ _0\"></span>ness<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>Unit<span class=\"ff1\"> </span>Commerciale,<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Responsabile<span class=\"ff1\"> </span>Business<span class=\"ff1\"> </span>Unit<span class=\"ff1\"> </span>Private,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>Responsabile<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Business</span> <span class=\"ff3\">Unit</span> <span class=\"ff3\">Finanza,</span> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span></span></span></span></span></span></span>Dirigente<span class=\"ff1\"> </span>Coo<span class=\"_ _2\"></span>rdinatore<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> </span>aree<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Amministrazione,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Corporat<span class=\"_ _2\"></span>e<span class=\"ff1\"> </span>Governance<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> </span>R<span class=\"_ _2\"></span>elazioni<span class=\"ff1\"> </span>Est<span class=\"_ _2\"></span>erne<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>Governo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Valore,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Capo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Servizio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>preposto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>all\u2019area<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Crediti<span class=\"ff1\"> <span class=\"_ _2\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Capo<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Servizio<span class=\"ff1\"> <span class=\"_ _20\"></span></span>preposto<span class=\"ff1\"> <span class=\"_ _20\"></span></span>all\u2019area<span class=\"ff1\"> </span>Org<span class=\"_ _0\"></span>ani<span class=\"_ _0\"></span>zzaz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span>. Ri<span class=\"_ _0\"></span>ep<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>ogo<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>si<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _12c\"> </span><span class=\"fc4 sc2\">Tot<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></span></span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>022<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>31<span class=\"_ _0\"></span>/12<span class=\"_ _0\"></span>/2<span class=\"_ _1\"></span>021<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span>Am<span class=\"_ _0\"></span>mini<span class=\"_ _0\"></span>stra<span class=\"_ _0\"></span>tor<span class=\"_ _0\"></span>i <span class=\"_ _356\"> </span>1.<span class=\"_ _0\"></span>664<span class=\"_ _3bd\"> </span>1.<span class=\"_ _0\"></span>566<span class=\"_ _3bd\"> </span>Sin<span class=\"_ _0\"></span>dac<span class=\"_ _0\"></span>i <span class=\"_ _26a\"> </span>4<span class=\"_ _0\"></span>80<span class=\"_ _3bd\"> </span>4<span class=\"_ _0\"></span>33<span class=\"_ _3bd\"> </span>Diri<span class=\"_ _0\"></span>gen<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span> <span class=\"_ _357\"> </span>10<span class=\"_ _0\"></span>.14<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>7.<span class=\"_ _0\"></span>370<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span>12<span class=\"_ _0\"></span>.28<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>9.<span class=\"_ _0\"></span>36<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span>I<span class=\"ff1\"> <span class=\"_ _2\"></span></span>compensi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dirigenti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>comprendono<span class=\"ff1\"> <span class=\"_ _20\"></span></span>benefici<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _20\"></span></span>breve<span class=\"ff1\"> <span class=\"_ _20\"></span></span>termine,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>benefici<span class=\"ff1\"> <span class=\"_ _2\"></span></span>successivi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alla<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fine<span class=\"ff1\"> <span class=\"_ _20\"></span></span>del<span class=\"ff1\"> </span>rapporto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>lav<span class=\"_ _0\"></span>oro,<span class=\"ff1\"> </span>altri<span class=\"ff1\"> </span>benefici<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>lun<span class=\"_ _0\"></span>go<span class=\"ff1\"> </span>termine,<span class=\"ff1\"> </span>benefici<span class=\"ff1\"> </span>dovuti<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cessazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>rapporto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span></span></span>lavoro<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>pagamenti<span class=\"ff1\"> </span>basati<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>azioni. 2.<span class=\"_ _3bd\"> </span>In<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>orm<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>su<span class=\"_ _0\"></span>lle<span class=\"_ _3bd\"> </span>tr<span class=\"_ _1\"></span>ansaz<span class=\"_ _0\"></span>io<span class=\"_ _1\"></span>ni<span class=\"_ _3bd\"> </span>co<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span>pa<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>cor<span class=\"_ _1\"></span>rel<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span> In<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ott<span class=\"_ _2\"></span>emperanza<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">all<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">disposizioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nor<span class=\"_ _2\"></span>mative<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">riguar<span class=\"_ _2\"></span>danti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">operaz<span class=\"_ _2\"></span>ioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>arti<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>orr<span class=\"_ _2\"></span>elate,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>Grupp<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Credito<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>Emili<span class=\"_ _0\"></span>ano<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>ha<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>ad<span class=\"_ _0\"></span>ottato<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>specifiche<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>procedure<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>disciplinare<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>siffatta<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>ope<span class=\"_ _0\"></span>rativit\u00e0<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>e<span class=\"_ _0\"></span>d<span class=\"ff1\"> </span>assicurare<span class=\"ff1\"> </span>idonei<span class=\"ff1\"> </span>flussi<span class=\"ff1\"> </span>informativi. In<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>attuazione<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>all<span class=\"_ _0\"></span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>de<span class=\"_ _0\"></span>libera<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Consob<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>n.<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>17221<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>12<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>marzo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>2010<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>del<span class=\"_ _0\"></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Cir<span class=\"_ _2\"></span>colare<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Banca<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>d\u2019Italia<span class=\"ff1\"> </span>285/2013,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Cr<span class=\"_ _2\"></span>edito<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Emiliano<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ha<span class=\"ff1\"> <span class=\"_ _2\"></span></span>adot<span class=\"_ _2\"></span>tato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>apposite<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Procedure<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _2\"></span></span>la<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gestione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>operazioni<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span></span>con<span class=\"ff1\"> </span>parti<span class=\"ff1\"> </span>correlate<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>operazioni<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>soggetti<span class=\"ff1\"> </span>collegati. Il<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>regolamento<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>disponibile<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>consultazione<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>s<span class=\"_ _2\"></span>ul<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>sito<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>internet<span class=\"ff1\"> <span class=\"_ _4d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>Credito<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>Emiliano<span class=\"ff1\"> </span>ww<span class=\"_ _0\"></span>w.cre<span class=\"_ _1\"></span>dem.i<span class=\"_ _0\"></span>t<span class=\"fc0\">. </span>I<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rapporti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>operazioni<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>perfe<span class=\"_ _2\"></span>zionate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>parti<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>correlate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>oggetti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>collegati<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>non<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>pr<span class=\"_ _2\"></span>esentano<span class=\"ff1\"> </span>criticit\u00e0<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>so<span class=\"_ _2\"></span>no<span class=\"ff1\"> </span>riconducibili<span class=\"ff1\"> </span>all\u2019ordinaria<span class=\"ff1\"> <span class=\"_ _2\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>servizio<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>credito.<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Le<span class=\"ff1\"> </span>condizioni<span class=\"ff1\"> </span>applicate<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>singoli<span class=\"ff1\"> <span class=\"_ _20\"></span></span>r<span class=\"_ _2\"></span>apporti<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ed<span class=\"ff1\"> <span class=\"_ _20\"></span></span>alle<span class=\"ff1\"> <span class=\"_ _21\"></span></span>operazioni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>con<span class=\"ff1\"> <span class=\"_ _21\"></span></span>parti<span class=\"ff1\"> <span class=\"_ _20\"></span></span>corr<span class=\"_ _2\"></span>elate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>soggetti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>collegati<span class=\"ff1\"> <span class=\"_ _21\"></span></span>non<span class=\"ff1\"> <span class=\"_ _20\"></span></span>s<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>d<span class=\"_ _2\"></span>iscostano<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>da<span class=\"_ _0\"></span><span class=\"ff1\"> </span>quelle<span class=\"ff1\"> </span>correnti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>mercato. Nel<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">corso<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dell\u2019<span class=\"_ _0\"></span>ese<span class=\"_ _0\"></span>rciz<span class=\"_ _0\"></span>io<span class=\"ff1\"> </span>202<span class=\"_ _0\"></span>2<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>stata<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>ffet<span class=\"_ _0\"></span>tua<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>un\u2019<span class=\"_ _0\"></span>oper<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> </span>qual<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>cabi<span class=\"_ _0\"></span>le<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">maggio<span class=\"_ _0\"></span>re<span class=\"ff1\"> </span>rile<span class=\"_ _0\"></span>vanz<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span></span></span></span></span></span></span>sensi<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>richiamate<span class=\"ff1\"> </span>procedure. Nello<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stesso<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">periodo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Consiglio<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Amministrazione<span class=\"ff1\"> </span>ha<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">adottato<span class=\"ff1\"> </span>u<span class=\"_ _0\"></span>na<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u201cdelibera<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quadro\u201d.<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>In<span class=\"ff1\"> </span>particolare<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>delibera<span class=\"ff1\"> </span>ha<span class=\"ff1\"> </span>riguardato: - <span class=\"_ _25\"> </span><span class=\"ff3\">concessione</span> <span class=\"_ _24\"> </span><span class=\"ff3\">di</span> <span class=\"_ _23\"> </span><span class=\"ff3\">affidam<span class=\"_ _2\"></span>enti</span> <span class=\"_ _23\"> </span><span class=\"ff3\">a</span> <span class=\"_ _24\"> </span><span class=\"ff3\">parti</span> <span class=\"_ _24\"> </span><span class=\"ff3\">correlate</span> <span class=\"_ _23\"> </span><span class=\"ff3\">e</span> <span class=\"_ _24\"> </span><span class=\"ff3\">soggetti</span> <span class=\"_ _23\"> </span><span class=\"ff3\">collegati</span> <span class=\"_ _24\"> </span><span class=\"ff3\">riconducibili</span> <span class=\"_ _23\"> </span><span class=\"ff3\">al</span> <span class=\"_ _24\"> </span><span class=\"ff3\">Vice</span> Presidente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Luigi<span class=\"ff1\">  </span>M<span class=\"_ _0\"></span>aramot<span class=\"_ _2\"></span>ti<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>al<span class=\"ff1\">  </span>Consiglie<span class=\"_ _0\"></span>re<span class=\"ff1\">  </span>Edoardo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Prezioso<span class=\"ff1\">  </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\">  </span>un<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>importo<span class=\"ff1\">  </span>mas<span class=\"_ _0\"></span>simo<span class=\"ff1\"> </span>complessivo<span class=\"ff1\"> </span>non<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">superiore<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>100<span class=\"ff1\"> </span>milioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>euro<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">comunque</span> <span class=\"ff3\">entro</span> <span class=\"ff3\">il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">limite</span> <span class=\"_ _0\"></span><span class=\"ff3\">normativo<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>5%<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>del<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>patrimonio<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>vi<span class=\"_ _2\"></span>gilanza<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>consolidato,<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>erogabile<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>dal<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>Gr<span class=\"_ _2\"></span>uppo<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>Credito<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>Emil<span class=\"_ _0\"></span>iano<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>pi\u00f9<span class=\"ff1\"> </span>operazioni,<span class=\"ff1\"> </span>anche<span class=\"ff1\"> </span>rotative<div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4fb5\">Da<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4fb6\">pa<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>on<span class=\"_ _1\"></span>iali<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4fb7\">Cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>iti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4fb8\">Debit<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4fb9\">Gara<span class=\"_ _0\"></span>nzie<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4fba\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4fbb\">im<span class=\"_ _1\"></span>peg<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4fbc\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4fbd\">0<span class=\"_ _0\"></span>,1<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4fbe\">0<span class=\"_ _0\"></span>,5<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4fbf\">0<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4fc0\">Ra<span class=\"_ _1\"></span>ccol<span class=\"_ _1\"></span>ta<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4fc1\">am<span class=\"_ _1\"></span>min<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>tra<span class=\"_ _0\"></span>ta<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4fc2\">0<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4fc3\">Ra<span class=\"_ _1\"></span>ccol<span class=\"_ _1\"></span>ta<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4fc4\">ge<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4fc5\">0<span class=\"_ _0\"></span>,5<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4fc6\">Da<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4fc7\">ec<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>om<span class=\"_ _1\"></span>ici<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4fc8\">In<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>si<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4fc9\">at<span class=\"_ _0\"></span>tiv<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4fca\">Inter<span class=\"_ _0\"></span>essi<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4fcb\">pass<span class=\"_ _0\"></span>ivi<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4fcc\">Comm<span class=\"_ _0\"></span>iss<span class=\"_ _0\"></span>ioni<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4fcd\">attiv<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4fce\">ed<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4fcf\">al<span class=\"_ _0\"></span>tri<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4fd0\">Co<span class=\"_ _0\"></span>mm<span class=\"_ _1\"></span>iss<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4fd1\">pa<span class=\"_ _0\"></span>ss<span class=\"_ _1\"></span>ive<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4fd2\">e<span class=\"_ _0\"></span>d<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4fd3\">ri<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>vi<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4fd4\">altre<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4fd5\">sp<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4fd6\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4fd7\">0<span class=\"_ _0\"></span>,1<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4fd8\">0<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4fd9\">0<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4fda\">0<span class=\"_ _0\"></span>,1<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4fdb\">Da<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4fdc\">pa<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>on<span class=\"_ _1\"></span>iali<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4fdd\">Cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>iti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4fde\">Debit<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4fdf\">Gara<span class=\"_ _0\"></span>nzie<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4fe0\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4fe1\">im<span class=\"_ _1\"></span>peg<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4fe2\">Ra<span class=\"_ _1\"></span>ccol<span class=\"_ _1\"></span>ta<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4fe3\">Ra<span class=\"_ _1\"></span>ccol<span class=\"_ _1\"></span>ta<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4fe4\">ge<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4fe5\">am<span class=\"_ _1\"></span>min<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>tra<span class=\"_ _0\"></span>ta<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4fe6\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4fe7\">4.<span class=\"_ _0\"></span>91<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4fe8\">6.<span class=\"_ _0\"></span>62<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4fe9\">1.<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs4fea\">13<span class=\"_ _0\"></span>6.<span class=\"_ _0\"></span>27<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span></div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs4feb\">-</div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4fec\">Nel<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>cors<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>dell\u2019esercizio<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>2022<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>ono<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>s<span class=\"_ _2\"></span>tate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>poste<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>essere<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>operazioni<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>infragruppo<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e/o<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>parti<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4fed\">correlate/soggetti<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>collegati,<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>italiani<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>ed<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>est<span class=\"_ _2\"></span>eri,<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>rientrant<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>nell\u2019ordinario<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>esercizio<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>dell\u2019attivit\u00e0<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4fee\">operativa<span class=\"ff1\"> <span class=\"_ _21\"></span></span>e<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _21\"></span></span>connessa<span class=\"ff1\"> <span class=\"_ _21\"></span></span>attivit\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>finanziaria,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>perfezionate,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>norma,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>a<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>condizioni<span class=\"ff1\"> <span class=\"_ _20\"></span></span>analogh<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>a<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4fef\">quelle<span class=\"ff1\"> </span>applicate<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>operazioni<span class=\"ff1\"> </span>concluse<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>terzi<span class=\"ff1\"> </span>indipendenti.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ff0\">Le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">o<span class=\"_ _2\"></span>perazioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">infragruppo<span class=\"ff1\"> </span>sono<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sta<span class=\"_ _2\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">effettuate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sulla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">base<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>valutazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>reciproca<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">convenienza<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ff1\">economica<span class=\"ff1\"> <span class=\"_ _20\"></span></span>e<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _21\"></span></span>definizione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dell<span class=\"_ _2\"></span>e<span class=\"ff1\"> <span class=\"_ _21\"></span></span>cond<span class=\"_ _0\"></span>izioni<span class=\"ff1\"> <span class=\"_ _21\"></span></span>da<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ap<span class=\"_ _2\"></span>plicare<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>avvenuta<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rispetto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">correttezza</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ff2\">sostanziale,<span class=\"ff1\"> </span>presente<span class=\"ff1\"> </span>l\u2019obiettivo<span class=\"ff1\"> </span>comune<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>creare<span class=\"ff1\"> </span>valore<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>l\u2019intero<span class=\"ff1\"> </span>Gruppo<span class=\"ff1\"> </span>Credem.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ff3\">Uguale<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">principio<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stat<span class=\"_ _2\"></span>o<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">applicato<span class=\"ff1\"> </span>anche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">nel<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">caso<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">prestazioni<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">servizi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">infragruppo,<span class=\"ff1\"> </span>unitamente<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ff4\">a<span class=\"ff1\"> </span>quello<span class=\"ff1\"> </span>d<span class=\"_ _2\"></span>i<span class=\"ff1\"> </span>regolare<span class=\"ff1\"> <span class=\"_ _2\"></span></span>tali<span class=\"ff1\"> </span>prestazi<span class=\"_ _2\"></span>oni<span class=\"ff1\"> </span>su<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>base<span class=\"ff1\"> <span class=\"_ _2\"></span></span>minimale<span class=\"ff1\"> </span>co<span class=\"_ _2\"></span>mmisurata<span class=\"ff1\"> <span class=\"_ _2\"></span></span>al<span class=\"ff1\"> </span>recupero<span class=\"ff1\"> </span>dei<span class=\"ff1\"> <span class=\"_ _2\"></span></span>relativi<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs4ff5\">costi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>produzione.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs4ff6\">Inf<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>maz<span class=\"_ _1\"></span>ion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs4ff7\">su<span class=\"_ _0\"></span>lle<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs4ff8\">tra<span class=\"_ _1\"></span>nsaz<span class=\"_ _1\"></span>ioni<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs4ff9\">co<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs4ffa\">pa<span class=\"_ _1\"></span>rti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs4ffb\">co<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>lat<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4ffc\">Cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>iti<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> <span class=\"_ _198\"> </span><span class=\"fc4 sc2\">Deb<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> <span class=\"_ _212\"> </span><span class=\"fc4 sc2\">Ga<span class=\"_ _0\"></span>ran<span class=\"_ _1\"></span>zie<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4ffd\">Ra<span class=\"_ _1\"></span>ccol<span class=\"_ _1\"></span>ta<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4ffe\">am<span class=\"_ _1\"></span>min<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>tra<span class=\"_ _0\"></span>ta<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs4fff\">Ra<span class=\"_ _1\"></span>ccol<span class=\"_ _1\"></span>ta<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs5000\">ge<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>a<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs5001\">Amministratori,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sindaci<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs5002\">dir<span class=\"_ _0\"></span>ige<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs5003\">2.<span class=\"_ _0\"></span>856<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs5004\">5.5<span class=\"_ _0\"></span>74<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs5005\">56<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs5006\">16.<span class=\"_ _0\"></span>732<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs5007\">11<span class=\"_ _0\"></span>.956<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs5008\">Str<span class=\"_ _0\"></span>ett<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>fami<span class=\"_ _0\"></span>lia<span class=\"_ _0\"></span>ri <span class=\"_ _1a1\"> </span>2.91<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs5009\">12<span class=\"_ _0\"></span>.637<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs500a\">62<span class=\"_ _1\"></span>8<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs500b\">161<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>52<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs500c\">9.<span class=\"_ _0\"></span>131<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs500d\">Soc<span class=\"_ _0\"></span>iet<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>tro<span class=\"_ _0\"></span>llate<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">e</span> <span class=\"ff3\">co<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span>gate<span class=\"_ _1\"></span> <span class=\"_ _201\"> </span>38.<span class=\"_ _0\"></span>07<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs500e\">270<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>94<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs500f\">87.<span class=\"_ _1\"></span>447<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs5010\">18<span class=\"_ _0\"></span>.31<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs5011\">14<span class=\"_ _0\"></span>1.3<span class=\"_ _0\"></span>96<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs5012\">Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">parti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">co<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>late<span class=\"_ _1\"></span> <span class=\"_ _191\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs5013\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs5014\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs5015\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs5016\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs5017\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs5018\">43<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>40<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs5019\">28<span class=\"_ _0\"></span>9.<span class=\"_ _0\"></span>00<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs501a\">88<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>39<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs501b\">19<span class=\"_ _0\"></span>6.9<span class=\"_ _1\"></span>97<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs501c\">16<span class=\"_ _0\"></span>2.<span class=\"_ _0\"></span>483<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs501d\">Inf<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>maz<span class=\"_ _1\"></span>ion<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs501e\">su<span class=\"_ _0\"></span>lle<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs501f\">tra<span class=\"_ _1\"></span>nsaz<span class=\"_ _1\"></span>ioni<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs5020\">co<span class=\"_ _0\"></span>n<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs5021\">pa<span class=\"_ _1\"></span>rti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs5022\">co<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>lat<span class=\"_ _0\"></span>e<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs5023\">In<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>si<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs5024\">at<span class=\"_ _0\"></span>tiv<span class=\"_ _1\"></span>i<span class=\"fc0 sc1\"> <span class=\"_ _a5\"> </span></span>In<span class=\"_ _0\"></span>ter<span class=\"_ _1\"></span>ess<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs5025\">pa<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs5026\">Comm<span class=\"_ _0\"></span>iss<span class=\"_ _0\"></span>ioni<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs5027\">attiv<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs5028\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs5029\">altri<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs502a\">rica<span class=\"_ _0\"></span>vi<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs502b\">Comm<span class=\"_ _0\"></span>iss<span class=\"_ _0\"></span>ioni<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs502c\">pass<span class=\"_ _0\"></span>ive<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs502d\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs502e\">altri<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs502f\">oner<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs5030\">Amministratori,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">sindaci<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs5031\">dir<span class=\"_ _0\"></span>ige<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span> </div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs5032\">1<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs5033\">9<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs5034\">2<span class=\"_ _0\"></span>04<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs5035\">2<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs5036\">Str<span class=\"_ _0\"></span>ett<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>fami<span class=\"_ _0\"></span>lia<span class=\"_ _0\"></span>ri <span class=\"_ _358\"> </span>5<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs5037\">1<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs5038\">1<span class=\"_ _0\"></span>98<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs5039\">60<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs503a\">Soc<span class=\"_ _0\"></span>iet<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>tro<span class=\"_ _0\"></span>llate<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">e</span> <span class=\"ff3\">co<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span>gate<span class=\"_ _1\"></span> <span class=\"_ _2dc\"> </span>99<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs503b\">57<span class=\"_ _1\"></span>7<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs503c\">1.<span class=\"_ _0\"></span>392<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs503d\">2<span class=\"_ _0\"></span>79<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs503e\">Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">parti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">co<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>late<span class=\"_ _1\"></span> <span class=\"_ _5e\"> </span>-<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs503f\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs5040\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs5041\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs5042\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs5043\">1<span class=\"_ _0\"></span>.0<span class=\"_ _1\"></span>14<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs5044\">5<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs5045\">1.<span class=\"_ _0\"></span>794<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs5046\">3<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5047\">L\u2019incidenza<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>volumi,<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>operazioni<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>controparti<span class=\"ff1\"> </span>correlate<span class=\"ff1\"> </span>sopra<span class=\"ff1\"> </span>indicate,<span class=\"ff1\"> </span>sul<span class=\"ff1\"> </span>totale<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5048\">Gruppo<span class=\"ff1\"> </span>risulta<span class=\"ff1\"> </span>essere<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>(%):<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5049\">Si<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pr<span class=\"_ _0\"></span>ovved<span class=\"_ _1\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">seg<span class=\"_ _0\"></span>uito<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">forn<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">detta<span class=\"_ _0\"></span>gl<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">(in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mig<span class=\"_ _0\"></span>lia<span class=\"_ _0\"></span>ia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">euro)<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rapp<span class=\"_ _1\"></span>orti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ver<span class=\"_ _0\"></span>so<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">im<span class=\"_ _0\"></span>pres<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">coll<span class=\"_ _0\"></span>egat<span class=\"_ _0\"></span>e:<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs504b\">Da<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs504c\">ec<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>om<span class=\"_ _1\"></span>ici<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs504d\">In<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>si<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs504e\">at<span class=\"_ _0\"></span>tiv<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs504f\">Inter<span class=\"_ _0\"></span>essi<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs5050\">pass<span class=\"_ _0\"></span>ivi<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs5051\">Comm<span class=\"_ _0\"></span>iss<span class=\"_ _0\"></span>ioni<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs5052\">attiv<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs5053\">ed<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs5054\">al<span class=\"_ _0\"></span>tri<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs5055\">Co<span class=\"_ _0\"></span>mm<span class=\"_ _1\"></span>iss<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs5056\">pa<span class=\"_ _0\"></span>ss<span class=\"_ _1\"></span>ive<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs5057\">e<span class=\"_ _0\"></span>d<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs5058\">ri<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>vi<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs5059\">altre<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs505a\">sp<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs505b\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs505c\">-</div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs505d\">-</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs505e\">1<span class=\"_ _0\"></span>,9<span class=\"_ _3bd\"> </span></div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs505f\">-</div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5060\">L\u2019incidenza<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>volumi,<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>operazioni<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>imprese<span class=\"ff1\"> </span>collegate,<span class=\"ff1\"> </span>sul<span class=\"ff1\"> </span>totale<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>Gruppo<span class=\"ff1\"> </span>risulta<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5061\">essere<span class=\"ff1\"> </span>pari<span class=\"ff1\"> </span>(%):<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs5062\">Da<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs5063\">ec<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>om<span class=\"_ _1\"></span>ici<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs5064\">In<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>si<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs5065\">at<span class=\"_ _0\"></span>tiv<span class=\"_ _1\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs5066\">Inter<span class=\"_ _0\"></span>essi<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs5067\">pass<span class=\"_ _0\"></span>ivi<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs5068\">Comm<span class=\"_ _0\"></span>iss<span class=\"_ _0\"></span>ioni<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs5069\">attiv<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs506a\">ed<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs506b\">al<span class=\"_ _0\"></span>tri<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs506c\">Co<span class=\"_ _0\"></span>mm<span class=\"_ _1\"></span>iss<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs506d\">pa<span class=\"_ _0\"></span>ss<span class=\"_ _1\"></span>ive<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs506e\">e<span class=\"_ _0\"></span>d<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs506f\">ri<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>vi<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs5070\">altre<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs5071\">sp<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs5072\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs5073\">9<span class=\"_ _0\"></span>5<span class=\"_ _3bd\"> </span></div><div class=\"t ma h1c ff3 fsc fc0 sc1 ls0 ws0 gs5074\">6</div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs5075\">17<span class=\"_ _0\"></span>.97<span class=\"_ _1\"></span>0<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc1 ls0 ws0 gs5076\">2<span class=\"_ _0\"></span>96<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs5077\">Da<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs5078\">pa<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>on<span class=\"_ _1\"></span>iali<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs5079\">Cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>iti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs507a\">Debit<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs507b\">Gara<span class=\"_ _0\"></span>nzie<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs507c\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs507d\">im<span class=\"_ _1\"></span>peg<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs507e\">Ra<span class=\"_ _1\"></span>ccol<span class=\"_ _1\"></span>ta<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs507f\">Ra<span class=\"_ _1\"></span>ccol<span class=\"_ _1\"></span>ta<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs5080\">ge<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs5081\">am<span class=\"_ _1\"></span>min<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>tra<span class=\"_ _0\"></span>ta<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"c w115 h28 gs5082\"><div class=\"t m0 x1f9 h1c y1c9f ff3 fsc fc0 sc1 ls0 ws0\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>le<span class=\"_ _3bd\"> </span></div></div><div class=\"c w19 h28 gs5083\"><div class=\"t m2d x1f9 h1c y1c9f ff3 fsc fc0 sc1 ls0 ws0\">-<span class=\"_ _3bd\"> </span></div></div><div class=\"c w19 h28 gs5084\"><div class=\"t m2d x1f9 h1c y1c9f ff3 fsc fc0 sc1 ls0 ws0\">-<span class=\"_ _3bd\"> </span></div></div><div class=\"c w19 h28 gs5085\"><div class=\"t m2d x1f9 h1c y1c9f ff3 fsc fc0 sc1 ls0 ws0\">-<span class=\"_ _3bd\"> </span></div></div><div class=\"c w73 h28 gs5086\"><div class=\"t m0 x1f9 h1c y1c9f ff3 fsc fc0 sc1 ls0 ws0\">0<span class=\"_ _0\"></span>,6<span class=\"_ _3bd\"> </span></div></div><div class=\"c w19 h28 gs5087\"><div class=\"t m2d x1f9 h1c y1c9f ff3 fsc fc0 sc1 ls0 ws0\">-</div></div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-765": {
   "value": "<div class=\"t mb h5 ff3 fs0 fc4 sc2 ls0 ws0 gs5089\">1.</div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs508a\">De<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>riz<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ne<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs508b\">de<span class=\"_ _0\"></span>gl<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs508c\">ac<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>rd<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs508d\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs508e\">pa<span class=\"_ _0\"></span>ga<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nto<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs508f\">ba<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>ti<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs5090\">su<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs5091\">pr<span class=\"_ _0\"></span>op<span class=\"_ _0\"></span>ri<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs5092\">st<span class=\"_ _0\"></span>ru<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h5 ff3 fs0 fc4 sc2 ls0 ws0 gs5093\">pa<span class=\"_ _0\"></span>tri<span class=\"_ _0\"></span>mo<span class=\"_ _1\"></span>nial<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5094\">Coerentemente<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>con<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>politiche<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>retributive<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>app<span class=\"_ _0\"></span>rovate<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>dall\u2019Ass<span class=\"_ _2\"></span>emblea<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>ne<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>rispetto<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _23\"> </span></span>delle<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5095\">disposizioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">materia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">remunerazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span>centivazione<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">della<span class=\"ff1\"> </span>B<span class=\"_ _0\"></span>anca<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">d\u2019Italia<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span>proceduto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5096\">definizione<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span>s<span class=\"_ _2\"></span>istema<span class=\"ff1\"> </span>retributivo<span class=\"ff1\"> </span>var<span class=\"_ _2\"></span>iabile<span class=\"ff1\"> </span>basato<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> </span>parte<span class=\"ff1\"> </span>su<span class=\"ff1\"> </span>pagamenti<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>cont<span class=\"_ _2\"></span>anti<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>par<span class=\"_ _2\"></span>te<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5097\">attraverso<span class=\"ff1\"> </span>l\u2019assegnazione<span class=\"ff1\"> </span>gratuita<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>azioni.<span class=\"ff1\"> </span>Il<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sistema</span> <span class=\"ff3\">incentivante</span> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span>correlato<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">raggiungimento<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5098\">di<span class=\"ff1\"> </span>obiettivi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>rform<span class=\"_ _2\"></span>ance<span class=\"ff1\"> </span>misurati<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>tto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>ed<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">alla<span class=\"ff1\"> </span>suss<span class=\"_ _2\"></span>istenza<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>un<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">a<span class=\"_ _2\"></span>deguato</span> <span class=\"ff3\">livello</span> <span class=\"ff3\">di</span> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5099\">patrimonializzazione<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>liquidit\u00e0<span class=\"ff1\"> </span>dell\u2019Azienda. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs509a\">Il<span class=\"ff1\"> </span>sistema<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">volto<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>motivare<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>f<span class=\"_ _0\"></span>idelizzare<span class=\"ff1\"> </span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">perso<span class=\"_ _2\"></span>ne<span class=\"ff1\"> </span>che<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">occupano</span> <span class=\"ff3\">posizioni</span> <span class=\"ff3\">chiave</span> <span class=\"_ _0\"></span><span class=\"ff3\">in<span class=\"ff1\"> </span>azienda<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs509b\">\u00e8<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>destinato<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ai<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>top<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>manager<span class=\"ff1\"> <span class=\"_ _21\"></span></span>rientranti<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>nella<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>categoria<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Personale<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>pi\u00f9<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>rilevante.<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>La<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>quota<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs509c\">premio<span class=\"ff1\"> </span>complessivo<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">assegnata<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>destinatari<span class=\"ff1\"> </span>in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">azioni<span class=\"ff1\"> </span>\u00e8,<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>l\u2019anno<span class=\"ff1\"> </span>2022,<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ari<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span>superiore<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">al<span class=\"ff1\"> </span>50%,<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs509d\">subordinatamente<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>alla<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>verifica<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _23\"> </span></span>r<span class=\"_ _2\"></span>aggiungimento<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>degli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _29\"> </span><span class=\"ff3\">obiettivi</span> <span class=\"_ _24\"> </span><span class=\"ff3\">fissat<span class=\"_ _2\"></span>i</span> <span class=\"_ _24\"> </span><span class=\"ff3\">dal</span> <span class=\"_ _29\"> </span><span class=\"ff3\">Consiglio</span> <span class=\"_ _24\"> </span><span class=\"ff3\">di</span> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs509e\">Amministrazione<span class=\"ff1\">  </span>sentito<span class=\"ff1\">  </span>il<span class=\"ff1\">  </span>pare<span class=\"_ _0\"></span>re<span class=\"ff1\">  </span>del<span class=\"ff1\">  </span>Comitato<span class=\"ff1\">  </span>Remunerazioni.<span class=\"ff1\">  </span>Pi\u00f9<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>in<span class=\"ff1\">  </span>particolare,<span class=\"ff1\">  </span>i<span class=\"ff1\">  </span>piani<span class=\"ff1\">  </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs509f\">remunerazione<span class=\"ff1\"> </span>riservati<span class=\"ff1\"> </span>al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Personale<span class=\"ff1\"> </span>pi\u00f9<span class=\"ff1\"> </span>rilevante<span class=\"ff1\"> </span>del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Gruppo<span class=\"ff1\"> </span>che<span class=\"ff1\"> </span>prevedono<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>pagamento<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>una<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs50a0\">parte<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>premio<span class=\"ff1\"> </span>mediante<span class=\"ff1\"> </span>l\u2019assegnazione<span class=\"ff1\"> </span>gratuita<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>azioni<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>seguenti: </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs50a1\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs50a2\">Si<span class=\"_ _0\"></span>stem<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>remi<span class=\"_ _0\"></span>ante<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">20<span class=\"_ _0\"></span>22; </span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs50a3\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs50a4\">Sistemi<span class=\"ff1\"> </span>premianti<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>altre<span class=\"ff1\"> </span>forme<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>remunerazione<span class=\"ff1\"> </span>variabile<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>breve<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>medio<span class=\"ff1\"> </span>periodo<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>elativi<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs50a5\">agli<span class=\"ff1\"> </span>anni<span class=\"ff1\"> </span>precedenti. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs50a6\">Il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">numer<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">azi<span class=\"_ _0\"></span>oni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> </span>dete<span class=\"_ _0\"></span>rmin<span class=\"_ _0\"></span>ato<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>ulla<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">b<span class=\"_ _0\"></span>ase<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>qu<span class=\"_ _0\"></span>otaz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">titol<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">mome<span class=\"_ _0\"></span>nto<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>n<span class=\"ff1\"> </span>cu<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>remi<span class=\"_ _1\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs50a7\">\u00e8<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">assegnato. </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs50a8\">Sono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>previsti<span class=\"ff1\"> </span>meccanis<span class=\"_ _2\"></span>mi<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>correzione,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>durante<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> <span class=\"_ _2\"></span></span>periodo<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>differimento,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> </span>ef<span class=\"_ _2\"></span>fetto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> </span>quali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs50a9\">premi<span class=\"ff1\"> </span>maturati<span class=\"ff1\"> </span>potranno<span class=\"ff1\"> </span>ridursi<span class=\"ff1\"> </span>ovvero<span class=\"ff1\"> </span>azzerarsi. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs50aa\">In<span class=\"ff1\"> <span class=\"_ _2\"></span></span>particolare,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>le<span class=\"ff1\"> <span class=\"_ _20\"></span></span>singole<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quote<span class=\"ff1\"> <span class=\"_ _20\"></span></span>differite<span class=\"ff1\"> <span class=\"_ _2\"></span></span>gi\u00e0<span class=\"ff1\"> <span class=\"_ _20\"></span></span>assegnate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>pot<span class=\"_ _2\"></span>ranno<span class=\"ff1\"> <span class=\"_ _2\"></span></span>non<span class=\"ff1\"> <span class=\"_ _20\"></span></span>essere<span class=\"ff1\"> <span class=\"_ _20\"></span></span>erogate<span class=\"ff1\"> <span class=\"_ _20\"></span></span>o<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ridotte<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs50ab\">presenza<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">d<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">determinate<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">condizioni<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">utile,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>edditivit\u00e0<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>orr<span class=\"_ _2\"></span>etta<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> </span>il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rischio,<span class=\"ff1\"> </span>li<span class=\"_ _0\"></span>velli<span class=\"ff1\"> </span>patrimoniali<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs50ac\">liquidit\u00e0<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>linea.<span class=\"ff1\"> </span>Il<span class=\"ff1\"> </span>premio<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>altres\u00ec<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>erogato<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>caso<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>risoluzione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>rapporto<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>lavoro<span class=\"ff1\"> </span>o<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs50ad\">prestazioni<span class=\"ff1\"> </span>professionali<span class=\"ff1\"> </span>contrarie<span class=\"ff1\"> </span>agli<span class=\"ff1\"> </span>obblighi<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>buona<span class=\"ff1\"> </span>fede<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>corr<span class=\"_ _2\"></span>ettezza. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs50ae\">Ai<span class=\"ff1\"> <span class=\"_ _2\"></span></span>fini<span class=\"ff1\"> <span class=\"_ _20\"></span></span>della<span class=\"ff1\"> <span class=\"_ _20\"></span></span>rappresentazione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>in<span class=\"ff1\"> <span class=\"_ _20\"></span></span>bilancio,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>per<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tener<span class=\"ff1\"> <span class=\"_ _2\"></span></span>co<span class=\"_ _2\"></span>nto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>d<span class=\"_ _2\"></span>elle<span class=\"ff1\"> <span class=\"_ _20\"></span></span>condizioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>ass<span class=\"_ _2\"></span>egnazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs50af\">varie<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quote<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>bonus<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stata<span class=\"ff1\"> </span>utilizzata<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> </span>simulazi<span class=\"_ _0\"></span>one<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs50b0\">Metod<span class=\"_ _2\"></span>o</div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs50b1\">Monte</div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs50b2\">Carlo</div><div class=\"t m0 h9 ff1 fs4 fc0 sc0 ls0 ws0 gs50b3\"> <span class=\"_ _1\"></span><span class=\"ff3 fs5\">che,<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">base<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs50b4\">opportune<span class=\"ff1\"> </span>ipotesi,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ha<span class=\"ff1\"> </span>consentito<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>finire<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">consistente<span class=\"ff1\"> </span>numero<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>scenari<span class=\"ff1\"> </span>alternativi<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nell\u2019arco<span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs50b5\">temporale<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">considerato<span class=\"_ _2\"></span>.<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">In<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">particolare,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ogni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>cenario<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">la<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">proiezione<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">dei<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">par<span class=\"_ _2\"></span>ametri<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">che<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">definiscono<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs50b6\">gli<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>obi<span class=\"_ _2\"></span>ettivi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>di<span class=\"ff1\">  </span>performance<span class=\"ff1\">  </span>viene<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>effettuata<span class=\"ff1\">  </span>di<span class=\"ff1\">  </span>ann<span class=\"_ _0\"></span>o<span class=\"ff1\">  </span>in<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>ann<span class=\"_ _2\"></span>o,<span class=\"ff1\">  </span>a<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>partire<span class=\"ff1\">  </span>dall\u2019ultimo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>valore<span class=\"ff1\">  </span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs50b7\">rendiconto,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">secondo<span class=\"ff1\"> </span>un<span class=\"ff1\"> </span></span></span></div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs50b8\">moto</div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs50b9\">geometrico</div><div class=\"t m1 h7 ff3 fs3 fc0 sc0 ls0 ws0 gs50ba\">Browniano. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs50bb\">La<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">me<span class=\"_ _0\"></span>todo<span class=\"_ _0\"></span>logi<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">calc<span class=\"_ _0\"></span>olo<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>u\u00f2<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">esse<span class=\"_ _0\"></span>re<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">sch<span class=\"_ _0\"></span>ema<span class=\"_ _0\"></span>tizz<span class=\"_ _0\"></span>ata<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nell<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">segue<span class=\"_ _0\"></span>nti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fasi:<span class=\"_ _0\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs50bc\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs50bd\">proiezione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>parametri<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>bilancio<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>prezzo<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dell\u2019azione<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>nell\u2019orizzonte<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>temporale<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs50be\">pre<span class=\"_ _0\"></span>sce<span class=\"_ _0\"></span>lto;<span class=\"_ _0\"></span> </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs50bf\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs50c0\">ve<span class=\"_ _0\"></span>rifi<span class=\"_ _0\"></span>ca<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">par<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>tri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>p<span class=\"_ _1\"></span>erfor<span class=\"_ _0\"></span>manc<span class=\"_ _0\"></span>e; </span></span></span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs50c1\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs50c2\">calcolo<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>bonus<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>ogni<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>part<span class=\"_ _2\"></span>ecipante<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>piano<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>proiezione<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>t<span class=\"_ _2\"></span>raiettorie<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>individuali<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs50c3\">verificando<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>raggiungimento<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>performance<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>individuali<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ogni<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>anno<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>la<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>continuit\u00e0<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs50c4\">dell\u2019attivit\u00e0<span class=\"ff1\"> </span>lavorativa<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>sopravvivenza; </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs50c5\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs50c6\">ca<span class=\"_ _0\"></span>lcol<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>del<span class=\"_ _0\"></span>le<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">qu<span class=\"_ _0\"></span>ote<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>ndiv<span class=\"_ _0\"></span>idu<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sec<span class=\"_ _0\"></span>ond<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">mod<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>aga<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>indi<span class=\"_ _0\"></span>vidu<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">de<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>b<span class=\"_ _0\"></span>onus; </span></span></span></span></span></span></span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs50c7\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs50c8\">determinazione<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>funzione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>prezzo<span class=\"ff1\"> </span>stimato<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>titolo<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>numero<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>azioni<span class=\"ff1\"> </span>necessarie<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs50c9\">corrispondere<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>parte<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>bonus<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>azioni<span class=\"ff1\"> </span>(laddove<span class=\"ff1\"> </span>non<span class=\"ff1\"> </span>gi\u00e0<span class=\"ff1\"> </span>determinato); </div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs50ca\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs50cb\">imp<span class=\"_ _0\"></span>uta<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>rop<span class=\"_ _0\"></span>orzi<span class=\"_ _0\"></span>onal<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>in<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">base<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">v<span class=\"_ _0\"></span>estin<span class=\"_ _0\"></span>g<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">peri<span class=\"_ _0\"></span>od<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"ff3\">azi<span class=\"_ _0\"></span>oni<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>gna<span class=\"_ _0\"></span>te; </span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m2f h13 ff1 fs5 fc0 sc0 ls0 ws0 gs50cc\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs50cd\">rei<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>razio<span class=\"_ _0\"></span>ne<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">p<span class=\"_ _0\"></span>roce<span class=\"_ _0\"></span>dimen<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>er<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nume<span class=\"_ _0\"></span>ro<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>epl<span class=\"_ _0\"></span>iche<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">st<span class=\"_ _0\"></span>abil<span class=\"_ _0\"></span>ite<span class=\"_ _0\"></span>.</span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"><span class=\"ff1\"><span class=\"ff3\"> </span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs50cf\">Pi<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs50d0\">quota<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs50d1\">di<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs50d2\">com<span class=\"_ _0\"></span>peten<span class=\"_ _0\"></span>za<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs50d3\">de<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>'es<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>o<span class=\"fc0 sc1\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs50d4\">impa<span class=\"_ _0\"></span>tto<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs50d5\">a<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc4 sc2 ls0 ws0 gs50d6\">pa<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>io<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs50d7\">Gru<span class=\"_ _0\"></span>ppo<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs50d8\">-<span class=\"ff5\"> <span class=\"_ _1\"></span><span class=\"ff3\">Sist<span class=\"_ _0\"></span>ema<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">pre<span class=\"_ _0\"></span>mia<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>20<span class=\"_ _1\"></span>22 </span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs50d9\">-<span class=\"ff5\"> <span class=\"_ _1\"></span><span class=\"ff3\">Sistemi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">premianti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">forme<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>emunerazione<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs50da\">variabile<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>b<span class=\"_ _0\"></span>reve<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">medio<span class=\"ff1\"> </span>periodo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">relativi</span> <span class=\"ff3\">a<span class=\"_ _0\"></span>gli<span class=\"ff1\"> </span>anni<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m0 h1c ff3 fsc fc0 sc0 ls0 ws0 gs50db\">pre<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>nti </div><div class=\"c w199 h28 gs50dc\"><div class=\"t m0 x1f9 h1c y430 ff3 fsc fc0 sc0 ls0 ws0\">3.9<span class=\"_ _0\"></span>34,<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span></div></div><div class=\"c wa8 h28 gs50dd\"><div class=\"t m0 x1f9 h1c y430 ff3 fsc fc0 sc0 ls0 ws0\">23.<span class=\"_ _0\"></span>701<span class=\"_ _0\"></span>,3</div></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-766": {
   "value": "<div class=\"t m0 h29 ff3 fs13 fc4 sc0 ls0 ws0 gs50df\">I<span class=\"_ _0\"></span>NF<span class=\"_ _0\"></span>OR<span class=\"_ _1\"></span>MAT<span class=\"_ _1\"></span>IVA<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">DI<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">SE<span class=\"_ _0\"></span>TT<span class=\"_ _1\"></span>OR<span class=\"_ _0\"></span>E<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u2013<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>ri<span class=\"_ _1\"></span>bu<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pe<span class=\"_ _1\"></span>r<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">se<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o<span class=\"_ _1\"></span>pe<span class=\"_ _0\"></span>rat<span class=\"_ _1\"></span>ivi<span class=\"_ _0\"></span><span class=\"fc0\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs50e0\">Gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u201c<span class=\"_ _0\"></span>ope<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>ng<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">seg<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ts\u201d<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>ndiv<span class=\"_ _0\"></span>idua<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>live<span class=\"_ _0\"></span>llo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Grup<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">seg<span class=\"_ _0\"></span>uenti<span class=\"_ _0\"></span>: </span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc1 ls0 ws0 gs50e1\">Comm<span class=\"_ _0\"></span>ercia<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc1 ls0 ws0 gs50e2\">Banki<span class=\"_ _0\"></span>ng</div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs50e3\">,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ne<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _21\"></span></span>quale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>confluiscono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cor<span class=\"_ _2\"></span>rispondente<span class=\"ff1\"> <span class=\"_ _21\"></span></span>segmento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Credito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Emiliano<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e,<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs50e4\">integralmente,<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>bilanci<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Credemleasing,<span class=\"ff1\"> </span>Credemfactor,<span class=\"ff1\"> </span>Banca<span class=\"ff1\"> </span>Eurom<span class=\"_ _2\"></span>obiliare<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>Avvera; </div><div class=\"t m0 h9 ff3 fs5 fc0 sc1 ls0 ws0 gs50e5\">Asset<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc1 ls0 ws0 gs50e6\">Mana<span class=\"_ _0\"></span>geme<span class=\"_ _0\"></span>nt</div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs50e7\">,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>recepisce<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>bilanci<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Euromobiliare<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Asset<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Management<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>SGR,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Credem<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs50e8\">Private<span class=\"ff1\"> </span>Equity<span class=\"ff1\"> </span>SGR,<span class=\"ff1\"> </span>Euromobiliare<span class=\"ff1\"> </span>Fiduciaria<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>Euromobiliare<span class=\"ff1\"> </span>Advisory<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Sim </div><div class=\"t m0 h9 ff3 fs5 fc0 sc1 ls0 ws0 gs50e9\">Banca<span class=\"_ _0\"></span>ssura<span class=\"_ _0\"></span>nce</div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs50ea\">,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i</div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs50eb\">nteramente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rappresentato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Credemvita<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dalla<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>interessenza<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>pro-quota<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs50ec\">Cre<span class=\"_ _0\"></span>dem<span class=\"_ _0\"></span>assi<span class=\"_ _0\"></span>cur<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ni; </div><div class=\"t m0 h9 ff3 fs5 fc0 sc1 ls0 ws0 gs50ed\">Fina<span class=\"_ _0\"></span>nza</div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs50ee\">,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _21\"></span></span>quale<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"></span></span>confluito<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>corrispondente<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>segmento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Cr<span class=\"_ _2\"></span>edito<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Emiliano<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>comprende<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs50ef\">l\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>gestione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> </span>tass<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cambio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>banking<span class=\"ff1\"> </span>boo<span class=\"_ _2\"></span>k,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>port<span class=\"_ _2\"></span>afoglio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>investimento<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs50f0\">l\u2019attivit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>trading; </div><div class=\"t m0 h9 ff3 fs5 fc0 sc1 ls0 ws0 gs50f1\">Trea<span class=\"_ _0\"></span>sury</div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs50f2\">,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>n</div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs50f3\">el<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quale<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>confluito<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cor<span class=\"_ _2\"></span>risponden<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _21\"></span></span>segmento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">Credito</span> <span class=\"_ _21\"></span><span class=\"ff3\">Emil<span class=\"_ _0\"></span>iano<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>comprende<span class=\"ff1\"> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs50f4\">l\u2019attivit\u00e0<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>tesoreria </div><div class=\"t m0 h9 ff3 fs5 fc0 sc1 ls0 ws0 gs50f5\">Corpo<span class=\"_ _0\"></span>rate<span class=\"_ _3bd\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc1 ls0 ws0 gs50f6\">Center</div><div class=\"t m0 h9 ff1 fs5 fc0 sc0 ls0 ws0 gs50f7\"> <span class=\"_ _21\"></span><span class=\"ff3\">che</span> <span class=\"_ _20\"></span><span class=\"ff3\">comprende,</span> <span class=\"_ _20\"></span><span class=\"ff3\">relativamente</span> <span class=\"_ _21\"></span><span class=\"ff3\">a</span> <span class=\"_ _21\"></span><span class=\"ff3\">Credi<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Emiliano,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tutt<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>centri<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>svolgono<span class=\"ff1\"> </span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs50f8\">un\u2019attivit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>supporto<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>segmenti<span class=\"ff1\"> </span>Banking<span class=\"ff1\"> </span>Commerciale<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>Finanza. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc1 ls0 ws0 gs50f9\">Altro</div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs50fa\">,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _2\"></span></span>confluiscono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>integr<span class=\"_ _2\"></span>almente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>bilanci<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Magazzini<span class=\"ff1\"> <span class=\"_ _2\"></span></span>G<span class=\"_ _2\"></span>enerali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Tagliate,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Cre<span class=\"_ _2\"></span>demtel,<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs50fb\">Sata<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Blue<span class=\"ff1\">  </span>Eye<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Solutions;<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>questo<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>\u201co<span class=\"_ _2\"></span>perating<span class=\"ff1\">  </span>s<span class=\"_ _2\"></span>egment\u201d<span class=\"ff1\">  </span>comprende<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>inoltre<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>le<span class=\"ff1\">  </span>r<span class=\"_ _2\"></span>ettifiche<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs50fc\">con<span class=\"_ _0\"></span>sol<span class=\"_ _0\"></span>ida<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>o. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs50fd\">Con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>iferimento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Credito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Emiliano,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quanto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>iguarda<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">segmenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">relativi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Commercial<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Ban<span class=\"_ _2\"></span>king,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs50fe\">Finanza,<span class=\"ff1\"> </span>Tresury<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>Corporate<span class=\"ff1\"> </span>Center<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>utilizzati<span class=\"ff1\"> </span>dati<span class=\"ff1\"> </span>gestionali. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs50ff\">Al<span class=\"ff1\"> </span>fine<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>garantire<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>coerenza<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>margini<span class=\"ff1\"> </span>rendicontati<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>gli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>utili<span class=\"ff1\"> </span>effettivamente<span class=\"ff1\"> </span>prodotti,<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>dati<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5100\">gestionali<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> </span>periodicamente<span class=\"ff1\"> </span>\u201criconciliati\u201d<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>dati<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>bilancio. </div><div class=\"t m0 h29 ff3 fs13 fc4 sc0 ls0 ws0 gs5101\">Cri<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cos<span class=\"_ _0\"></span>truz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">conto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">eco<span class=\"_ _0\"></span>nom<span class=\"_ _0\"></span>ico<span class=\"ff1\"> <span class=\"_ _2df\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">oper<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ng<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">seg<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ts<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">Cre<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h29 ff3 fs13 fc4 sc0 ls0 ws0 gs5102\">Em<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>ano<span class=\"fc0\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5103\">I<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>sul<span class=\"_ _0\"></span>tati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">eco<span class=\"_ _0\"></span>nomi<span class=\"_ _0\"></span>ci<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u201coper<span class=\"_ _0\"></span>atin<span class=\"_ _0\"></span>g<span class=\"ff1\"> </span>seg<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>s\u201d<span class=\"ff1\"> </span>sono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dete<span class=\"_ _0\"></span>rmi<span class=\"_ _0\"></span>nati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sull<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>base<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dei</span> <span class=\"ff3\">s<span class=\"_ _0\"></span>egue<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">princ<span class=\"_ _0\"></span>ipal<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5104\">cri<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>i: </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5105\">il<span class=\"ff1\"> </span>margine<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>interesse<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ottenuto<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>all\u2019applicazione<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>tassi<span class=\"ff1\"> </span>interni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">trasferimento</span> <span class=\"_ _0\"></span><span class=\"ff3\">coerenti<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5106\">caratteristiche<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>prodotti; </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5107\">le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>commissioni<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>nette<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>attribu<span class=\"_ _0\"></span>ite<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>puntualmente<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cliente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ha<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>generate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>quindi,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>all\u2019<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5108\">operating<span class=\"ff1\"> </span>segment<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>pertinenza; </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5109\">le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>isorse<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>utilizzate<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dagli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u201co<span class=\"_ _2\"></span>perating<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>segments\u201d<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>lo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>svolgimento<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>propria<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sono<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs510a\">pagate<span class=\"ff1\"> </span>dagli<span class=\"ff1\"> </span>stessi<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>prezzi<span class=\"ff1\"> </span>rappresentativi<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>costi<span class=\"ff1\"> </span>effettivi; </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs510b\">vengono<span class=\"ff1\"> </span>attribuiti<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">costi</span> <span class=\"ff3\">d<span class=\"_ _0\"></span>irettamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">imputabili<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>unto<span class=\"ff1\"> </span>vendita,<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uali<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>sempio<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>rsonale<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs510c\">le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">spe<span class=\"_ _0\"></span>se<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>lati<span class=\"_ _0\"></span>ve<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">all\u2019u<span class=\"_ _0\"></span>til<span class=\"_ _0\"></span>izzo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ed</span> <span class=\"ff3\">al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">funz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>loc<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>;<span class=\"ff1\"> </span>gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span>tri<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>sti,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>mpre<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uell<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>tivi<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs510d\">alla<span class=\"ff1\"> </span>struttura<span class=\"ff1\"> </span>centrale<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">centro</span> <span class=\"ff3\">servizi,</span> <span class=\"ff3\">veng<span class=\"_ _0\"></span>ono<span class=\"ff1\"> </span>convenzionalmente<span class=\"ff1\"> </span>attr<span class=\"_ _2\"></span>ibuiti<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">segmento</span> </span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs510e\">\u201cCorporate<span class=\"ff1\"> </span>Center<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>altro\u201d; </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs510f\">le<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>spese<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>generali<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>relative<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>alle<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>singole<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>s<span class=\"_ _2\"></span>ociet\u00e0<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>confluiscono<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>integralmente<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>negli<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>\u201coperating<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5110\">segments\u201d<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>appartengono<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>rispettive<span class=\"ff1\"> </span>societ\u00e0. </div><div class=\"t m0 h29 ff3 fs13 fc4 sc0 ls0 ws0 gs5111\">I<span class=\"_ _0\"></span>NF<span class=\"_ _0\"></span>OR<span class=\"_ _1\"></span>MAT<span class=\"_ _1\"></span>IVA<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">DI<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">SE<span class=\"_ _0\"></span>TT<span class=\"_ _1\"></span>OR<span class=\"_ _0\"></span>E<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">co<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>o<span class=\"fc0\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5112\">Si<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fa</span> <span class=\"ff3\">preli<span class=\"_ _0\"></span>min<span class=\"_ _0\"></span>armen<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>rif<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>qu<span class=\"_ _0\"></span>anto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ampia<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>ripo<span class=\"_ _0\"></span>rtato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>rela<span class=\"_ _0\"></span>zione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sull<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>gesti<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _2\"></span>ui<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5113\">va<span class=\"_ _0\"></span>ri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">set<span class=\"_ _0\"></span>tori<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">atti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sin<span class=\"_ _0\"></span>gole<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>ocie<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">grupp<span class=\"_ _0\"></span>o;<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ad<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inte<span class=\"_ _0\"></span>gra<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rip<span class=\"_ _1\"></span>ortano<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _1\"></span><span class=\"ff3\">segui<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>lcu<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5114\">brevi<span class=\"ff1\"> </span>note<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>commento. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5115\">Il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Commercial<span class=\"ff1\"> </span>B<span class=\"_ _0\"></span>anking<span class=\"ff1\"> </span>evide<span class=\"_ _0\"></span>nzia<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">una<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>inamica<span class=\"ff1\"> </span>particolarmente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">favor<span class=\"_ _2\"></span>evole<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">margine<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziario<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5116\">generata<span class=\"ff1\"> </span>all\u2019andamento<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>forbice<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>clientela. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5117\">Positivo<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>l\u2019andamento<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>c<span class=\"_ _2\"></span>ommissioni<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>co<span class=\"_ _2\"></span>s\u00ec<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>come<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>quello<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>componente<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>legata<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>alla<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5118\">negoziazione;<span class=\"ff1\"> </span>positivo<span class=\"ff1\"> </span>anche<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>contributo<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>altre<span class=\"ff1\"> </span>componenti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>ricavo<span class=\"ff1\"> </span>legate<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>servizi.<span class=\"_ _3bd\"> </span> </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs511a\">In<span class=\"ff1\"> <span class=\"_ _20\"></span></span>leggera<span class=\"ff1\"> <span class=\"_ _20\"></span></span>crescita<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>costi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>operativi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tuttavia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nella<span class=\"ff1\"> <span class=\"_ _20\"></span></span>loro<span class=\"ff1\"> <span class=\"_ _21\"></span></span>comp<span class=\"_ _0\"></span>osizione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>evidenziano<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dinamiche<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs511b\">diverse:<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">lato<span class=\"ff1\"> </span>si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rileva<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ignificativo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">increm<span class=\"_ _2\"></span>ento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">spese<span class=\"ff1\"> </span>informatiche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mentre<span class=\"ff1\"> </span>quelle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs511c\">personale<span class=\"ff1\"> </span>crescono<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>misura<span class=\"ff1\"> </span>pi\u00f9<span class=\"ff1\"> </span>contenuta. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs511d\">In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">leg<span class=\"_ _0\"></span>ger<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ontr<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>etti<span class=\"_ _0\"></span>fi<span class=\"_ _0\"></span>che<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>u<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cred<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>. </span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs511e\">Pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>qua<span class=\"_ _0\"></span>nto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rigu<span class=\"_ _1\"></span>arda<span class=\"ff1\"> </span>l\u2019<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">volu<span class=\"_ _1\"></span>m<span class=\"_ _2\"></span>i,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>To<span class=\"_ _0\"></span>tal<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Bus<span class=\"_ _0\"></span>ine<span class=\"_ _0\"></span>ss<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>mane<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">so<span class=\"_ _0\"></span>stan<span class=\"_ _0\"></span>zial<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stab<span class=\"_ _0\"></span>ile<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>128<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs511f\">miliardi<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>una<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ricomposizione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> </span>vede<span class=\"ff1\"> </span>l\u2019<span class=\"_ _2\"></span>incremento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>degli<span class=\"ff1\"> </span>impieghi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>clientela<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>accolta<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5120\">diretta<span class=\"ff1\"> </span>bancaria<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>contrazione<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>raccolta<span class=\"ff1\"> </span>indiretta<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>clientela<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>particolare<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>que<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5121\">ge<span class=\"_ _0\"></span>stit<span class=\"_ _0\"></span>a. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5122\">L\u2019Asset<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Management<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>evidenzia<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>cont<span class=\"_ _2\"></span>razione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>ricavi<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>operativi<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>ed<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>particolare<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dalle<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5123\">commissioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rispetto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _2\"></span></span>precedente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>esercizio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>si<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riducono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>4<span class=\"_ _2\"></span>0%<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mentre<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>costi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>hanno<span class=\"ff1\"> <span class=\"_ _2\"></span></span>una<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5124\">dinamica<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contenuta;<span class=\"ff1\"> </span>i<span class=\"_ _2\"></span>n<span class=\"ff1\"> </span>co<span class=\"_ _2\"></span>ntrazione<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>volumi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(-10%)<span class=\"ff1\"> </span>n<span class=\"_ _2\"></span>egativamente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>impattati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall\u2019andamento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5125\">me<span class=\"_ _0\"></span>rcat<span class=\"_ _0\"></span>i. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5126\">L\u2019andamento<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Bancassurance<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>presenta<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>complessivamente<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>l<span class=\"_ _2\"></span>eggera<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>contrazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>c<span class=\"_ _2\"></span>on<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5127\">ricavi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>operativi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sostanzialmente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>stabili<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>cost<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>operativi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>registrano<span class=\"ff1\">  </span>u<span class=\"_ _0\"></span>na<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>crescita<span class=\"ff1\">  </span>l<span class=\"_ _0\"></span>egata<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5128\">principalmente<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>investimenti<span class=\"ff1\"> </span>IT. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5129\">Sta<span class=\"_ _0\"></span>bil<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>ribu<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>eg<span class=\"_ _0\"></span>mento<span class=\"ff1\"> </span>F<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nza<span class=\"_ _0\"></span>. </div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs512a\">La<span class=\"ff1\"> </span>co<span class=\"_ _2\"></span>ntrazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>segmento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Treasury<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> </span>imputabile<span class=\"ff1\"> </span>principalmente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> </span>contrazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>margine<span class=\"ff1\"> </span></div><div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs512b\">fi<span class=\"_ _0\"></span>nanz<span class=\"_ _0\"></span>iari<span class=\"_ _0\"></span>o. </div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs512d\">ce<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>r&amp;<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>tro<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs512e\">SE<span class=\"_ _0\"></span>GM<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>T<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs512f\">RE<span class=\"_ _0\"></span>PO<span class=\"_ _0\"></span>RT<span class=\"_ _0\"></span>IN<span class=\"_ _0\"></span>G<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs5130\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs5131\">DI<span class=\"_ _0\"></span>CE<span class=\"_ _0\"></span>MB<span class=\"_ _0\"></span>R<span class=\"_ _0\"></span>E<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs5132\">2<span class=\"_ _0\"></span>02<span class=\"_ _1\"></span>1<span class=\"fc0 sc1\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs5133\">Co<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs5134\">Ba<span class=\"_ _0\"></span>nk<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g </div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs5135\">A<span class=\"_ _0\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs5136\">Ma<span class=\"_ _1\"></span>nag<span class=\"_ _0\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _0\"></span> </div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs5137\">Ba<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>as<span class=\"_ _1\"></span>sura<span class=\"_ _1\"></span>nce<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs5138\">ALM<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs5139\">Tr<span class=\"_ _1\"></span>eas<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>y<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs513a\">Co<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs513b\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>l </div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs513c\">IM<span class=\"_ _0\"></span>PI<span class=\"_ _0\"></span>EG<span class=\"_ _0\"></span>HI<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs513d\">A<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs513e\">CL<span class=\"_ _0\"></span>IE<span class=\"_ _0\"></span>NT<span class=\"_ _0\"></span>EL<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span> <span class=\"_ _343\"> </span>37<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>51<span class=\"_ _0\"></span> <span class=\"_ _1fb\"> </span><span class=\"ff1 sc0\"> <span class=\"_ _c8\"> </span> <span class=\"_ _c2\"> </span> <span class=\"_ _1a7\"> </span></span>-4.7<span class=\"_ _0\"></span>95<span class=\"_ _0\"></span> <span class=\"_ _47\"> </span>33.<span class=\"_ _0\"></span>15<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs513f\">Rac<span class=\"_ _0\"></span>colt<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>ASS<span class=\"_ _1\"></span>ICURA<span class=\"_ _0\"></span>TIV<span class=\"_ _0\"></span>A </div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs5140\">8<span class=\"_ _0\"></span>.6<span class=\"_ _1\"></span>65 </div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs5141\">8<span class=\"_ _0\"></span>.6<span class=\"_ _1\"></span>65<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs5142\">Rac<span class=\"_ _0\"></span>colt<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>DI<span class=\"_ _0\"></span>RETT<span class=\"_ _0\"></span>A<span class=\"ff1\"> </span>BA<span class=\"_ _0\"></span>NC<span class=\"_ _0\"></span>ARIA<span class=\"_ _1\"></span> <span class=\"_ _1d7\"> </span>35.1<span class=\"_ _0\"></span>65 </div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs5143\">2.<span class=\"_ _0\"></span>534 <span class=\"_ _50\"> </span>-5<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span> <span class=\"_ _1ab\"> </span>37.<span class=\"_ _0\"></span>110<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs5144\">TOTA<span class=\"_ _0\"></span>LE<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs5145\">RAC<span class=\"_ _0\"></span>COLT<span class=\"_ _0\"></span>A<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs5146\">DI<span class=\"_ _0\"></span>RE<span class=\"_ _1\"></span>TTA<span class=\"_ _0\"></span> <span class=\"_ _7\"> </span>3<span class=\"_ _0\"></span>5.1<span class=\"_ _0\"></span>65<span class=\"_ _1\"></span> </div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs5147\">8.<span class=\"_ _0\"></span>66<span class=\"_ _0\"></span>5 <span class=\"_ _212\"> </span>2.<span class=\"_ _0\"></span>53<span class=\"_ _0\"></span>4 <span class=\"_ _50\"> </span>-58<span class=\"_ _1\"></span>9 <span class=\"_ _34\"> </span>45<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>75<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs5148\">Rac<span class=\"_ _0\"></span>colt<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>GE<span class=\"_ _0\"></span>STI<span class=\"_ _0\"></span>TA <span class=\"_ _f4\"> </span>43.57<span class=\"_ _0\"></span>4 <span class=\"_ _72\"> </span>15.<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>3 </div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs5149\">-2<span class=\"_ _0\"></span>3.2<span class=\"_ _0\"></span>60 <span class=\"_ _175\"> </span>35.337<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs514a\">Rac<span class=\"_ _0\"></span>colt<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>AMM<span class=\"_ _0\"></span>INIS<span class=\"_ _1\"></span>TRATA<span class=\"_ _1\"></span> <span class=\"_ _205\"> </span>11.<span class=\"_ _0\"></span>780 </div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs514b\">12<span class=\"_ _0\"></span>.01<span class=\"_ _0\"></span>9 <span class=\"_ _72\"> </span>23.7<span class=\"_ _0\"></span>99<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs514c\">TOTA<span class=\"_ _0\"></span>LE<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs514d\">RAC<span class=\"_ _0\"></span>COLT<span class=\"_ _0\"></span>A<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs514e\">IN<span class=\"_ _0\"></span>DI<span class=\"_ _1\"></span>RET<span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>A <span class=\"_ _354\"> </span>55.<span class=\"_ _0\"></span>35<span class=\"_ _0\"></span>4 <span class=\"_ _50\"> </span>15<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>23<span class=\"_ _0\"></span> </div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs514f\">-11<span class=\"_ _0\"></span>.24<span class=\"_ _1\"></span>1 <span class=\"_ _47\"> </span>59.<span class=\"_ _0\"></span>13<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs5150\">TOTA<span class=\"_ _0\"></span>LE<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs5151\">RA<span class=\"_ _1\"></span>CCO<span class=\"_ _0\"></span>LT<span class=\"_ _1\"></span>A <span class=\"_ _195\"> </span>90.<span class=\"_ _0\"></span>51<span class=\"_ _0\"></span>9 <span class=\"_ _72\"> </span>15.<span class=\"_ _0\"></span>023<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>8.6<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>5 <span class=\"_ _212\"> </span>2.5<span class=\"_ _0\"></span>34<span class=\"_ _1\"></span> <span class=\"_ _75\"> </span>-11.<span class=\"_ _1\"></span>830<span class=\"_ _0\"></span> <span class=\"_ _50\"> </span>10<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>91<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs5152\">TOTA<span class=\"_ _0\"></span>L<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs5153\">BU<span class=\"_ _0\"></span>SI<span class=\"_ _1\"></span>NES<span class=\"_ _1\"></span>S <span class=\"_ _297\"> </span>12<span class=\"_ _0\"></span>8.<span class=\"_ _0\"></span>47<span class=\"_ _1\"></span>0 <span class=\"_ _50\"> </span>15.<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>3 <span class=\"_ _3f\"> </span>8<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>65<span class=\"_ _1\"></span> <span class=\"_ _67\"> </span>2.5<span class=\"_ _0\"></span>34<span class=\"_ _1\"></span> <span class=\"_ _77\"> </span>-16<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>25<span class=\"_ _0\"></span> <span class=\"_ _7f\"> </span>13<span class=\"_ _0\"></span>8.<span class=\"_ _0\"></span>06<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs5154\">SE<span class=\"_ _0\"></span>GM<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>T<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs5155\">RE<span class=\"_ _0\"></span>PO<span class=\"_ _0\"></span>RT<span class=\"_ _0\"></span>IN<span class=\"_ _0\"></span>G<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs5156\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs5157\">DI<span class=\"_ _0\"></span>CE<span class=\"_ _0\"></span>MB<span class=\"_ _0\"></span>R<span class=\"_ _0\"></span>E<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs5158\">2<span class=\"_ _0\"></span>02<span class=\"_ _1\"></span>2<span class=\"fc0 sc1\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs5159\">Co<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs515a\">Ba<span class=\"_ _0\"></span>nk<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g </div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs515b\">A<span class=\"_ _0\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs515c\">Ma<span class=\"_ _1\"></span>nag<span class=\"_ _0\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _0\"></span> </div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs515d\">Ba<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>as<span class=\"_ _1\"></span>sura<span class=\"_ _1\"></span>nce<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs515e\">ALM<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs515f\">Tr<span class=\"_ _1\"></span>eas<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>y<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs5160\">Co<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs5161\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>l </div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs5162\">IM<span class=\"_ _0\"></span>PI<span class=\"_ _0\"></span>EG<span class=\"_ _0\"></span>HI<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs5163\">A<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs5164\">CL<span class=\"_ _0\"></span>IE<span class=\"_ _0\"></span>NT<span class=\"_ _0\"></span>EL<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span> <span class=\"_ _e4\"> </span>40<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>85<span class=\"_ _1\"></span> <span class=\"_ _1fb\"> </span><span class=\"ff1 sc0\"> <span class=\"_ _45\"> </span> <span class=\"_ _c8\"> </span> <span class=\"_ _ff\"> </span></span>-5<span class=\"_ _0\"></span>.9<span class=\"_ _1\"></span>02<span class=\"_ _0\"></span> <span class=\"_ _222\"> </span>34<span class=\"_ _0\"></span>.48<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs5165\">Rac<span class=\"_ _0\"></span>colt<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>ASS<span class=\"_ _1\"></span>ICURA<span class=\"_ _0\"></span>TIV<span class=\"_ _0\"></span>A </div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs5166\">8.<span class=\"_ _0\"></span>260 </div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs5167\">8.<span class=\"_ _0\"></span>260<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs5168\">Rac<span class=\"_ _0\"></span>colt<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>DI<span class=\"_ _0\"></span>RETT<span class=\"_ _0\"></span>A<span class=\"ff1\"> </span>BA<span class=\"_ _0\"></span>NC<span class=\"_ _0\"></span>ARIA<span class=\"_ _1\"></span> <span class=\"_ _242\"> </span>36.8<span class=\"_ _0\"></span>49 </div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs5169\">3.<span class=\"_ _1\"></span>44<span class=\"_ _0\"></span>1 <span class=\"_ _31\"> </span>-5<span class=\"_ _0\"></span>19<span class=\"_ _1\"></span> <span class=\"_ _83\"> </span>39.<span class=\"_ _0\"></span>771<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs516a\">TOTA<span class=\"_ _0\"></span>LE<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs516b\">RAC<span class=\"_ _0\"></span>COLT<span class=\"_ _0\"></span>A<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs516c\">DI<span class=\"_ _0\"></span>RE<span class=\"_ _1\"></span>TTA<span class=\"_ _0\"></span> <span class=\"_ _112\"> </span>3<span class=\"_ _1\"></span>6.8<span class=\"_ _0\"></span>49<span class=\"_ _0\"></span> </div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs516d\">8.<span class=\"_ _0\"></span>26<span class=\"_ _0\"></span>0 <span class=\"_ _39\"> </span>3.<span class=\"_ _0\"></span>441<span class=\"_ _1\"></span> <span class=\"_ _2e\"> </span>-51<span class=\"_ _0\"></span>9<span class=\"_ _1\"></span> <span class=\"_ _34\"> </span>48.0<span class=\"_ _0\"></span>31<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs516e\">Rac<span class=\"_ _0\"></span>colt<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>GE<span class=\"_ _0\"></span>STI<span class=\"_ _0\"></span>TA <span class=\"_ _f0\"> </span>38.9<span class=\"_ _0\"></span>53 <span class=\"_ _50\"> </span>13.<span class=\"_ _0\"></span>524<span class=\"_ _0\"></span> </div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs516f\">-2<span class=\"_ _0\"></span>1.5<span class=\"_ _0\"></span>01 <span class=\"_ _222\"> </span>30.9<span class=\"_ _0\"></span>76<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs5170\">Rac<span class=\"_ _0\"></span>colt<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>AMM<span class=\"_ _0\"></span>INIS<span class=\"_ _1\"></span>TRATA<span class=\"_ _1\"></span> <span class=\"_ _205\"> </span>11.<span class=\"_ _0\"></span>533 </div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs5171\">11<span class=\"_ _0\"></span>.40<span class=\"_ _0\"></span>6 <span class=\"_ _175\"> </span>22.<span class=\"_ _0\"></span>939<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs5172\">TOTA<span class=\"_ _0\"></span>LE<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs5173\">RAC<span class=\"_ _0\"></span>COLT<span class=\"_ _0\"></span>A<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs5174\">IN<span class=\"_ _0\"></span>DI<span class=\"_ _1\"></span>RET<span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>A <span class=\"_ _22e\"> </span>50.4<span class=\"_ _0\"></span>86<span class=\"_ _1\"></span> <span class=\"_ _68\"> </span>1<span class=\"_ _0\"></span>3.<span class=\"_ _0\"></span>52<span class=\"_ _0\"></span>4 </div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs5175\">-10<span class=\"_ _0\"></span>.09<span class=\"_ _1\"></span>5 <span class=\"_ _47\"> </span>53<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>15<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs5176\">TOTA<span class=\"_ _0\"></span>LE<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs5177\">RA<span class=\"_ _1\"></span>CCO<span class=\"_ _0\"></span>LT<span class=\"_ _1\"></span>A <span class=\"_ _b1\"> </span>87.<span class=\"_ _0\"></span>33<span class=\"_ _0\"></span>5 <span class=\"_ _50\"> </span>13.<span class=\"_ _0\"></span>524<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>8.<span class=\"_ _0\"></span>26<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span> <span class=\"_ _4b\"> </span>3.<span class=\"_ _0\"></span>44<span class=\"_ _0\"></span>1 <span class=\"_ _75\"> </span>-1<span class=\"_ _0\"></span>0.6<span class=\"_ _1\"></span>14 <span class=\"_ _1fe\"> </span>101<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>46<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs5178\">TOTA<span class=\"_ _0\"></span>L<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs5179\">BU<span class=\"_ _0\"></span>SI<span class=\"_ _1\"></span>NES<span class=\"_ _1\"></span>S <span class=\"_ _243\"> </span>127<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span> <span class=\"_ _34\"> </span>13.<span class=\"_ _0\"></span>52<span class=\"_ _0\"></span>4 <span class=\"_ _ef\"> </span>8.2<span class=\"_ _0\"></span>60<span class=\"_ _1\"></span> <span class=\"_ _4b\"> </span>3.<span class=\"_ _0\"></span>441<span class=\"_ _1\"></span> <span class=\"_ _176\"> </span>-16<span class=\"_ _1\"></span>.51<span class=\"_ _0\"></span>6 <span class=\"_ _70\"> </span>136<span class=\"_ _1\"></span>.42<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs517b\">SE<span class=\"_ _0\"></span>GM<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>T<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs517c\">RE<span class=\"_ _0\"></span>PO<span class=\"_ _0\"></span>R<span class=\"_ _0\"></span>TI<span class=\"_ _0\"></span>NG<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs517d\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs517e\">va<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs517f\">%<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs5180\">Co<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs5181\">Ba<span class=\"_ _0\"></span>nk<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g </div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs5182\">A<span class=\"_ _0\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs5183\">Ma<span class=\"_ _1\"></span>nag<span class=\"_ _0\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _0\"></span> </div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs5184\">Ba<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>as<span class=\"_ _1\"></span>sura<span class=\"_ _1\"></span>nce<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs5185\">ALM<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs5186\">Tr<span class=\"_ _1\"></span>eas<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>y<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs5187\">Co<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs5188\">To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>l </div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs5189\">IM<span class=\"_ _0\"></span>PI<span class=\"_ _0\"></span>EG<span class=\"_ _0\"></span>HI<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs518a\">A<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs518b\">CL<span class=\"_ _0\"></span>IE<span class=\"_ _0\"></span>NT<span class=\"_ _0\"></span>EL<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span> <span class=\"_ _2bb\"> </span>6,<span class=\"_ _1\"></span>4 <span class=\"_ _1ee\"> </span><span class=\"ff1 sc0\"> <span class=\"_ _231\"> </span> <span class=\"_ _1a5\"> </span> <span class=\"_ _40\"> </span></span>4,<span class=\"_ _1\"></span>0<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs518c\">Rac<span class=\"_ _0\"></span>colt<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>ASS<span class=\"_ _1\"></span>ICURA<span class=\"_ _0\"></span>TIV<span class=\"_ _0\"></span>A </div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs518d\">-4<span class=\"_ _1\"></span>,7<span class=\"_ _0\"></span> </div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs518e\">-4<span class=\"_ _1\"></span>,7<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs518f\">Rac<span class=\"_ _0\"></span>colt<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>DI<span class=\"_ _0\"></span>RETT<span class=\"_ _0\"></span>A<span class=\"ff1\"> </span>BA<span class=\"_ _0\"></span>NC<span class=\"_ _0\"></span>ARIA<span class=\"_ _1\"></span> <span class=\"_ _140\"> </span>4,<span class=\"_ _1\"></span>8 </div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs5190\">35<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>8 <span class=\"_ _e4\"> </span>7,<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs5191\">TOTA<span class=\"_ _0\"></span>LE<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs5192\">RAC<span class=\"_ _0\"></span>COLT<span class=\"_ _0\"></span>A<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs5193\">DI<span class=\"_ _0\"></span>RE<span class=\"_ _1\"></span>TTA<span class=\"_ _0\"></span> <span class=\"_ _223\"> </span>4,<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span> </div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs5194\">-4<span class=\"_ _0\"></span>,7<span class=\"_ _1\"></span> <span class=\"_ _3b\"> </span>3<span class=\"_ _0\"></span>5,<span class=\"_ _1\"></span>8 <span class=\"_ _e4\"> </span>4,<span class=\"_ _1\"></span>9<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs5195\">Rac<span class=\"_ _0\"></span>colt<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>GE<span class=\"_ _0\"></span>STI<span class=\"_ _0\"></span>TA <span class=\"_ _2a9\"> </span>-1<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>,6<span class=\"_ _0\"></span> <span class=\"_ _4b\"> </span>-1<span class=\"_ _0\"></span>0,<span class=\"_ _0\"></span>0 </div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs5196\">-1<span class=\"_ _0\"></span>2,<span class=\"_ _1\"></span>3<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs5197\">Rac<span class=\"_ _0\"></span>colt<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>AMM<span class=\"_ _0\"></span>INIS<span class=\"_ _1\"></span>TRATA<span class=\"_ _1\"></span> <span class=\"_ _343\"> </span>-2,<span class=\"_ _1\"></span>1 </div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs5198\">-3<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs5199\">TOTA<span class=\"_ _0\"></span>LE<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs519a\">RAC<span class=\"_ _0\"></span>COLT<span class=\"_ _0\"></span>A<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs519b\">IN<span class=\"_ _0\"></span>DI<span class=\"_ _1\"></span>RET<span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>A <span class=\"_ _32f\"> </span>-8,<span class=\"_ _1\"></span>8<span class=\"_ _0\"></span> <span class=\"_ _4b\"> </span>-1<span class=\"_ _0\"></span>0,<span class=\"_ _1\"></span>0 </div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs519c\">-8<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs519d\">TOTA<span class=\"_ _0\"></span>LE<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs519e\">RA<span class=\"_ _1\"></span>CCO<span class=\"_ _0\"></span>LT<span class=\"_ _1\"></span>A <span class=\"_ _29a\"> </span>-3<span class=\"_ _0\"></span>,5<span class=\"_ _1\"></span> <span class=\"_ _4b\"> </span>-1<span class=\"_ _0\"></span>0,<span class=\"_ _1\"></span>0 <span class=\"_ _2b6\"> </span>-4,<span class=\"_ _1\"></span>7 <span class=\"_ _3b\"> </span>3<span class=\"_ _1\"></span>5,<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span> <span class=\"_ _133\"> </span>-2<span class=\"_ _1\"></span>,8<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs519f\">TOTA<span class=\"_ _0\"></span>L<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs51a0\">BU<span class=\"_ _0\"></span>SI<span class=\"_ _1\"></span>NES<span class=\"_ _1\"></span>S <span class=\"_ _19e\"> </span>-0<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span> <span class=\"_ _4b\"> </span>-1<span class=\"_ _0\"></span>0,<span class=\"_ _1\"></span>0 <span class=\"_ _2b6\"> </span>-4,<span class=\"_ _1\"></span>7 <span class=\"_ _3b\"> </span>3<span class=\"_ _1\"></span>5,<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span> <span class=\"_ _1e8\"> </span>-1<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs51a2\">Ce<span class=\"_ _0\"></span>nt<span class=\"_ _1\"></span>er<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs51a3\">SE<span class=\"_ _0\"></span>GM<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>T<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs51a4\">RE<span class=\"_ _0\"></span>PO<span class=\"_ _0\"></span>RT<span class=\"_ _0\"></span>IN<span class=\"_ _0\"></span>G<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs51a5\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs51a6\">DI<span class=\"_ _0\"></span>CE<span class=\"_ _0\"></span>MB<span class=\"_ _0\"></span>R<span class=\"_ _0\"></span>E<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs51a7\">2<span class=\"_ _0\"></span>02<span class=\"_ _1\"></span>1<span class=\"fc0 sc1\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs51a8\">Co<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs51a9\">Ba<span class=\"_ _0\"></span>nk<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g </div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs51aa\">A<span class=\"_ _0\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs51ab\">Ma<span class=\"_ _1\"></span>nag<span class=\"_ _0\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _0\"></span> </div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs51ac\">Ba<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>as<span class=\"_ _1\"></span>sura<span class=\"_ _1\"></span>nce<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs51ad\">Fin<span class=\"_ _1\"></span>an<span class=\"_ _0\"></span>za<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs51ae\">Tr<span class=\"_ _0\"></span>ea<span class=\"_ _0\"></span>su<span class=\"_ _0\"></span>ry<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs51af\">Co<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs51b0\">A<span class=\"_ _0\"></span>lt<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs51b1\">T<span class=\"_ _0\"></span>ot<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span> </div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs51b2\">Int<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ne<span class=\"_ _1\"></span>tti<span class=\"_ _0\"></span> <span class=\"_ _35a\"> </span>293<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>96 <span class=\"_ _2b6\"> </span>69<span class=\"_ _0\"></span> </span></span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs51b3\">11<span class=\"_ _0\"></span>2.7<span class=\"_ _0\"></span>70 <span class=\"_ _224\"> </span>81.<span class=\"_ _0\"></span>81<span class=\"_ _0\"></span>7 <span class=\"_ _90\"> </span>-2.<span class=\"_ _0\"></span>80<span class=\"_ _0\"></span>1 <span class=\"_ _83\"> </span>4.27<span class=\"_ _0\"></span>8 <span class=\"_ _69\"> </span>489<span class=\"_ _0\"></span>.63<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs51b4\">Com<span class=\"_ _0\"></span>mis<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>oni<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>tt<span class=\"_ _1\"></span>e <span class=\"_ _2c2\"> </span>587.<span class=\"_ _0\"></span>057<span class=\"_ _0\"></span> <span class=\"_ _222\"> </span>12<span class=\"_ _0\"></span>2.8<span class=\"_ _0\"></span>05 <span class=\"_ _212\"> </span>-52<span class=\"_ _0\"></span>.58<span class=\"_ _0\"></span>0 <span class=\"_ _41\"> </span>8.<span class=\"_ _1\"></span>424<span class=\"_ _0\"></span> <span class=\"_ _63\"> </span>10<span class=\"_ _0\"></span>.28<span class=\"_ _0\"></span>3 </div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs51b5\">-4<span class=\"_ _0\"></span>1.0<span class=\"_ _0\"></span>48 <span class=\"_ _1a2\"> </span>634<span class=\"_ _0\"></span>.94<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs51b6\">Neg<span class=\"_ _0\"></span>ozi<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">al<span class=\"_ _0\"></span>tri<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ricav<span class=\"_ _1\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ne<span class=\"_ _1\"></span>tt<span class=\"_ _0\"></span>i <span class=\"_ _341\"> </span>10.3<span class=\"_ _0\"></span>60 <span class=\"_ _2f\"> </span>1.73<span class=\"_ _0\"></span>6 <span class=\"_ _4b\"> </span>117.<span class=\"_ _0\"></span>844<span class=\"_ _0\"></span> <span class=\"_ _31\"> </span>45.3<span class=\"_ _0\"></span>07 </span></span></span></span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs51b7\">14<span class=\"_ _0\"></span>4.4<span class=\"_ _0\"></span>29 <span class=\"_ _178\"> </span>319<span class=\"_ _0\"></span>.67<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs51b8\">Ri<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>vi<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs51b9\">Op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>i <span class=\"_ _144\"> </span>8<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>0.9<span class=\"_ _1\"></span>14 <span class=\"_ _68\"> </span>12<span class=\"_ _0\"></span>4.6<span class=\"_ _1\"></span>10 <span class=\"_ _3b\"> </span>6<span class=\"_ _0\"></span>5.<span class=\"_ _0\"></span>26<span class=\"_ _0\"></span>4 <span class=\"_ _68\"> </span>166<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>01<span class=\"_ _0\"></span> <span class=\"_ _200\"> </span>92<span class=\"_ _0\"></span>.10<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span> <span class=\"_ _39\"> </span>-2<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>01<span class=\"_ _0\"></span> <span class=\"_ _52\"> </span>10<span class=\"_ _0\"></span>7.<span class=\"_ _0\"></span>65<span class=\"_ _1\"></span>9 <span class=\"_ _335\"> </span>1.44<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>24<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs51ba\">Mar<span class=\"_ _0\"></span>gine<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>rela<span class=\"_ _1\"></span>tivo<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>d<span class=\"ff1\"> </span>ac<span class=\"_ _0\"></span>cor<span class=\"_ _0\"></span>di<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">se<span class=\"_ _0\"></span>rvi<span class=\"_ _0\"></span>zio<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>a<span class=\"_ _1\"></span>ltri<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">seg<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ti <span class=\"_ _c1\"> </span>-3.2<span class=\"_ _0\"></span>61<span class=\"_ _0\"></span> <span class=\"_ _65\"> </span>3.<span class=\"_ _1\"></span>934<span class=\"_ _0\"></span> <span class=\"_ _1b9\"> </span>-67<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span> </span></span></span></span></span></span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs51bb\">Mar<span class=\"_ _0\"></span>gine<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>lati<span class=\"_ _0\"></span>vo<span class=\"ff1\"> </span>ad<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">acc<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>di<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>erv<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con</span> <span class=\"ff3\">c<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>ro<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>erv<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span> <span class=\"_ _33c\"> </span>-22<span class=\"_ _0\"></span>1.<span class=\"_ _0\"></span>732 </span></span></span></span></span></span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs51bc\">-1<span class=\"_ _0\"></span>0.0<span class=\"_ _0\"></span>78 <span class=\"_ _210\"> </span>-4.<span class=\"_ _1\"></span>038<span class=\"_ _0\"></span> <span class=\"_ _11b\"> </span>224<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>78 <span class=\"_ _47\"> </span>11.<span class=\"_ _0\"></span>770 </div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs51bd\">Rica<span class=\"_ _0\"></span>vi<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs51be\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs51bf\">cost<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs51c0\">in<span class=\"_ _0\"></span>ter<span class=\"_ _1\"></span>ni <span class=\"_ _2eb\"> </span>-22<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>99<span class=\"_ _1\"></span>3 <span class=\"_ _41\"> </span>3.9<span class=\"_ _1\"></span>34 <span class=\"_ _fd\"> </span>-6<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>3<span class=\"_ _1\"></span> <span class=\"_ _68\"> </span>-10.0<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span> <span class=\"_ _63\"> </span>-4<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>8 <span class=\"_ _1fe\"> </span>224<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>07<span class=\"_ _0\"></span>8 <span class=\"_ _2a0\"> </span>11.<span class=\"_ _0\"></span>77<span class=\"_ _1\"></span>0 </div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs51c1\">Sva<span class=\"_ _0\"></span>lut<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">att<span class=\"_ _0\"></span>ivit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>fi<span class=\"_ _1\"></span>nanz<span class=\"_ _0\"></span>iarie<span class=\"_ _1\"></span> <span class=\"_ _b6\"> </span>-5<span class=\"_ _0\"></span>5.0<span class=\"_ _0\"></span>08 <span class=\"_ _32\"> </span>-30<span class=\"_ _1\"></span>8 <span class=\"_ _235\"> </span>28<span class=\"_ _0\"></span> <span class=\"_ _3f\"> </span>-<span class=\"_ _0\"></span>25<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span> <span class=\"_ _20b\"> </span>-<span class=\"_ _0\"></span>16<span class=\"_ _1\"></span>7 </span></span></span></span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs51c2\">26.<span class=\"_ _1\"></span>656 <span class=\"_ _a2\"> </span>-29.<span class=\"_ _0\"></span>049<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs51c3\">Alt<span class=\"_ _0\"></span>ri<span class=\"ff1\"> </span>acc<span class=\"_ _0\"></span>ant<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>nti<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>i <span class=\"_ _35b\"> </span>-3.<span class=\"_ _0\"></span>630<span class=\"_ _0\"></span> </div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs51c4\">-9.<span class=\"_ _1\"></span>391 <span class=\"_ _122\"> </span>-13.<span class=\"_ _0\"></span>021<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs51c5\">Spese<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pe<span class=\"_ _0\"></span>rso<span class=\"_ _0\"></span>nale<span class=\"_ _1\"></span> <span class=\"_ _e1\"> </span>-384<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>71 <span class=\"_ _2a0\"> </span>-15.<span class=\"_ _0\"></span>108 <span class=\"_ _32\"> </span>-5.<span class=\"_ _1\"></span>778<span class=\"_ _0\"></span> <span class=\"_ _1ab\"> </span>-3<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>48 <span class=\"_ _32b\"> </span>-94<span class=\"_ _1\"></span>9 <span class=\"_ _70\"> </span>-1<span class=\"_ _0\"></span>27<span class=\"_ _0\"></span>.58<span class=\"_ _0\"></span>4 <span class=\"_ _70\"> </span>-<span class=\"_ _0\"></span>13.<span class=\"_ _0\"></span>743<span class=\"_ _0\"></span> <span class=\"_ _1ee\"> </span>-550<span class=\"_ _0\"></span>.68<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs51c6\">Costi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">info<span class=\"_ _0\"></span>rmat<span class=\"_ _1\"></span>ici <span class=\"_ _251\"> </span>-13<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>53 <span class=\"_ _212\"> </span>-4<span class=\"_ _0\"></span>.2<span class=\"_ _1\"></span>67 <span class=\"_ _3a\"> </span>-3.1<span class=\"_ _0\"></span>65 </span></span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs51c7\">-1<span class=\"_ _0\"></span>15.<span class=\"_ _0\"></span>570 </div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs51c8\">-1<span class=\"_ _0\"></span>36.<span class=\"_ _0\"></span>455<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs51c9\">Costi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">immob<span class=\"_ _1\"></span>ilia<span class=\"_ _0\"></span>ri <span class=\"_ _2e5\"> </span>-4<span class=\"_ _0\"></span>0.<span class=\"_ _0\"></span>655 <span class=\"_ _3f\"> </span>-<span class=\"_ _0\"></span>74<span class=\"_ _1\"></span>9 <span class=\"_ _c4\"> </span>-<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>77<span class=\"_ _1\"></span> <span class=\"_ _138\"> </span>-29<span class=\"_ _1\"></span> <span class=\"_ _176\"> </span>-2<span class=\"_ _1\"></span>3 <span class=\"_ _2e\"> </span>-8.<span class=\"_ _0\"></span>634 </span></span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs51ca\">-50<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>68<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs51cb\">Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">spes<span class=\"_ _0\"></span>e <span class=\"_ _172\"> </span>-11<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>134 <span class=\"_ _1ab\"> </span>-<span class=\"_ _0\"></span>9.4<span class=\"_ _0\"></span>29 <span class=\"_ _19c\"> </span>-6.<span class=\"_ _1\"></span>49<span class=\"_ _0\"></span>6 <span class=\"_ _212\"> </span>-3.4<span class=\"_ _0\"></span>77 <span class=\"_ _69\"> </span>-2.<span class=\"_ _0\"></span>412 <span class=\"_ _7c\"> </span>-70<span class=\"_ _0\"></span>.66<span class=\"_ _0\"></span>4 <span class=\"_ _1ae\"> </span>-99<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>94 <span class=\"_ _346\"> </span>-305.<span class=\"_ _0\"></span>705<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs51cc\">Co<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs51cd\">Op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>i <span class=\"_ _12b\"> </span>-611<span class=\"_ _0\"></span>.1<span class=\"_ _0\"></span>51<span class=\"_ _0\"></span> <span class=\"_ _34\"> </span>-29.<span class=\"_ _0\"></span>86<span class=\"_ _0\"></span>1 <span class=\"_ _39\"> </span>-15.<span class=\"_ _0\"></span>58<span class=\"_ _0\"></span>8 <span class=\"_ _3d\"> </span>-7.<span class=\"_ _0\"></span>00<span class=\"_ _0\"></span>5 <span class=\"_ _224\"> </span>-3<span class=\"_ _0\"></span>.55<span class=\"_ _1\"></span>1 <span class=\"_ _52\"> </span>-3<span class=\"_ _0\"></span>22<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>52<span class=\"_ _0\"></span> <span class=\"_ _52\"> </span>-9<span class=\"_ _0\"></span>5.<span class=\"_ _0\"></span>57<span class=\"_ _0\"></span>2 <span class=\"_ _1af\"> </span>-1.08<span class=\"_ _0\"></span>5.<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>80<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs51ce\">Altri<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs51cf\">cost<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs51d0\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs51d1\">rica<span class=\"_ _0\"></span>vi<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs51d2\">non<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs51d3\">ri<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span> <span class=\"_ _35c\"> </span>-16<span class=\"_ _0\"></span>.9<span class=\"_ _1\"></span>24 </div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs51d4\">-1.<span class=\"_ _0\"></span>50<span class=\"_ _0\"></span>8 <span class=\"_ _2e\"> </span>27.<span class=\"_ _0\"></span>25<span class=\"_ _0\"></span>8 <span class=\"_ _7f\"> </span>98<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>88<span class=\"_ _0\"></span> <span class=\"_ _1fd\"> </span>10<span class=\"_ _0\"></span>7.<span class=\"_ _0\"></span>11<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs51d5\">Util<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs51d6\">prim<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs51d7\">delle<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs51d8\">im<span class=\"_ _1\"></span>pos<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span> </div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs51d9\">37<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>46<span class=\"_ _0\"></span> <span class=\"_ _2a0\"> </span>98<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>83<span class=\"_ _0\"></span> <span class=\"_ _65\"> </span>49.<span class=\"_ _0\"></span>00<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span> <span class=\"_ _68\"> </span>149<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>18<span class=\"_ _0\"></span> <span class=\"_ _1f3\"> </span>83<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>03<span class=\"_ _0\"></span> <span class=\"_ _47\"> </span>-7<span class=\"_ _0\"></span>3.<span class=\"_ _0\"></span>91<span class=\"_ _0\"></span>6 <span class=\"_ _7f\"> </span>12<span class=\"_ _0\"></span>2.1<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>5 <span class=\"_ _f2\"> </span>46<span class=\"_ _0\"></span>6.<span class=\"_ _0\"></span>181<span class=\"_ _3bd\"> </span></div>Ce<span class=\"_ _0\"></span>nt<span class=\"_ _1\"></span>er<span class=\"_ _3bd\"> </span>SE<span class=\"_ _0\"></span>GM<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>T<span class=\"_ _3bd\"> </span>RE<span class=\"_ _0\"></span>PO<span class=\"_ _0\"></span>RT<span class=\"_ _0\"></span>IN<span class=\"_ _0\"></span>G<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>DI<span class=\"_ _0\"></span>CE<span class=\"_ _0\"></span>MB<span class=\"_ _0\"></span>R<span class=\"_ _0\"></span>E<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>02<span class=\"_ _1\"></span>2<span class=\"fc0 sc1\"> </span>Co<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span>Ba<span class=\"_ _0\"></span>nk<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g A<span class=\"_ _0\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _3bd\"> </span>Ma<span class=\"_ _1\"></span>nag<span class=\"_ _0\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _0\"></span> Ba<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>as<span class=\"_ _1\"></span>sura<span class=\"_ _1\"></span>nce<span class=\"_ _3bd\"> </span>Fin<span class=\"_ _1\"></span>an<span class=\"_ _0\"></span>za<span class=\"_ _3bd\"> </span>Tr<span class=\"_ _0\"></span>ea<span class=\"_ _0\"></span>su<span class=\"_ _0\"></span>ry<span class=\"_ _3bd\"> </span>Co<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>A<span class=\"_ _0\"></span>lt<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>T<span class=\"_ _0\"></span>ot<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span> Int<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ne<span class=\"_ _1\"></span>tti<span class=\"_ _0\"></span> <span class=\"_ _318\"> </span>458.<span class=\"_ _0\"></span>710<span class=\"_ _0\"></span> <span class=\"_ _37\"> </span>998<span class=\"_ _1\"></span> </span></span>11<span class=\"_ _0\"></span>9.9<span class=\"_ _0\"></span>14 <span class=\"_ _1ee\"> </span>73.<span class=\"_ _0\"></span>290<span class=\"_ _0\"></span> <span class=\"_ _67\"> </span>-2<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>69<span class=\"_ _0\"></span>7 <span class=\"_ _1ab\"> </span>3.<span class=\"_ _0\"></span>77<span class=\"_ _1\"></span>2 <span class=\"_ _224\"> </span>653.<span class=\"_ _0\"></span>986<span class=\"_ _3bd\"> </span>Com<span class=\"_ _0\"></span>mis<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>oni<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>tt<span class=\"_ _1\"></span>e <span class=\"_ _10b\"> </span>640<span class=\"_ _0\"></span>.71<span class=\"_ _0\"></span>7 <span class=\"_ _31\"> </span>74.<span class=\"_ _0\"></span>052<span class=\"_ _0\"></span> <span class=\"_ _39\"> </span>-53.1<span class=\"_ _0\"></span>83<span class=\"_ _0\"></span> <span class=\"_ _212\"> </span>10.<span class=\"_ _0\"></span>375 <span class=\"_ _177\"> </span>3.577<span class=\"_ _0\"></span> <span class=\"_ _af\"> </span>2 <span class=\"_ _11b\"> </span>-75.0<span class=\"_ _0\"></span>11<span class=\"_ _0\"></span> <span class=\"_ _224\"> </span>600.<span class=\"_ _1\"></span>529<span class=\"_ _3bd\"> </span>Neg<span class=\"_ _0\"></span>ozi<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">al<span class=\"_ _0\"></span>tri<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ricav<span class=\"_ _1\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ne<span class=\"_ _1\"></span>tt<span class=\"_ _0\"></span>i <span class=\"_ _80\"> </span>12.6<span class=\"_ _0\"></span>78 <span class=\"_ _2f\"> </span>1.<span class=\"_ _0\"></span>447 <span class=\"_ _41\"> </span>117.<span class=\"_ _0\"></span>992<span class=\"_ _0\"></span> <span class=\"_ _212\"> </span>4<span class=\"_ _0\"></span>9.7<span class=\"_ _0\"></span>14 </span></span></span></span>152<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>51 <span class=\"_ _224\"> </span>334<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>82<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>vi<span class=\"_ _3bd\"> </span>Op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>i <span class=\"_ _2b4\"> </span>1<span class=\"_ _0\"></span>.1<span class=\"_ _0\"></span>12.<span class=\"_ _0\"></span>10<span class=\"_ _0\"></span>5 <span class=\"_ _2e\"> </span>76<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>97<span class=\"_ _1\"></span> <span class=\"_ _3b\"> </span>64<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>09<span class=\"_ _1\"></span> <span class=\"_ _222\"> </span>180<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>03<span class=\"_ _1\"></span> <span class=\"_ _210\"> </span>76.<span class=\"_ _0\"></span>86<span class=\"_ _0\"></span>7 <span class=\"_ _3d\"> </span>-2.<span class=\"_ _0\"></span>69<span class=\"_ _1\"></span>5 <span class=\"_ _2e\"> </span>81.<span class=\"_ _0\"></span>61<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span> <span class=\"_ _63\"> </span>1.<span class=\"_ _0\"></span>589<span class=\"_ _1\"></span>.19<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>Mar<span class=\"_ _0\"></span>gine<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>rela<span class=\"_ _1\"></span>tivo<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>d<span class=\"ff1\"> </span>ac<span class=\"_ _0\"></span>cor<span class=\"_ _0\"></span>di<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">se<span class=\"_ _0\"></span>rvi<span class=\"_ _0\"></span>zio<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>a<span class=\"_ _1\"></span>ltri<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">seg<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ti <span class=\"_ _ff\"> </span>-6.<span class=\"_ _0\"></span>339<span class=\"_ _0\"></span> <span class=\"_ _198\"> </span>7.75<span class=\"_ _0\"></span>1 <span class=\"_ _ca\"> </span>-<span class=\"_ _0\"></span>1.4<span class=\"_ _0\"></span>12 </span></span></span></span></span></span>Mar<span class=\"_ _0\"></span>gine<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>lati<span class=\"_ _0\"></span>vo<span class=\"ff1\"> </span>ad<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">acc<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>di<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>erv<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con</span> <span class=\"ff3\">c<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>ro<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>erv<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span> <span class=\"_ _2b7\"> </span>-2<span class=\"_ _0\"></span>28.<span class=\"_ _0\"></span>00<span class=\"_ _0\"></span>3 </span></span></span></span></span></span>-6<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>45<span class=\"_ _0\"></span>4 <span class=\"_ _210\"> </span>-3.<span class=\"_ _1\"></span>204 <span class=\"_ _b7\"> </span>232.<span class=\"_ _0\"></span>00<span class=\"_ _0\"></span>5 <span class=\"_ _83\"> </span>5.65<span class=\"_ _0\"></span>6 Rica<span class=\"_ _0\"></span>vi<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>cost<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>ter<span class=\"_ _1\"></span>ni <span class=\"_ _2eb\"> </span>-234<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>2 <span class=\"_ _198\"> </span>7<span class=\"_ _0\"></span>.75<span class=\"_ _0\"></span>1 <span class=\"_ _ca\"> </span>-1.<span class=\"_ _0\"></span>412<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>-6.4<span class=\"_ _0\"></span>54<span class=\"_ _1\"></span> <span class=\"_ _200\"> </span>-3<span class=\"_ _0\"></span>.20<span class=\"_ _1\"></span>4 <span class=\"_ _11b\"> </span>232<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>05<span class=\"_ _1\"></span> <span class=\"_ _2e\"> </span>5<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>56<span class=\"_ _0\"></span> Sva<span class=\"_ _0\"></span>lut<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">att<span class=\"_ _0\"></span>ivit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>fi<span class=\"_ _1\"></span>nanz<span class=\"_ _0\"></span>iarie<span class=\"_ _1\"></span> <span class=\"_ _1bb\"> </span>-53.<span class=\"_ _1\"></span>826 <span class=\"_ _6a\"> </span>-1<span class=\"_ _0\"></span>20<span class=\"_ _1\"></span> </span></span></span></span>-1<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>4 <span class=\"_ _178\"> </span>1.3<span class=\"_ _0\"></span>00 -2<span class=\"_ _0\"></span>.72<span class=\"_ _0\"></span>3 <span class=\"_ _178\"> </span>-55<span class=\"_ _0\"></span>.552<span class=\"_ _3bd\"> </span>Alt<span class=\"_ _0\"></span>ri<span class=\"ff1\"> </span>acc<span class=\"_ _0\"></span>ant<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>nti<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>i <span class=\"_ _2e4\"> </span>-<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>89<span class=\"_ _1\"></span> -1<span class=\"_ _0\"></span>3.9<span class=\"_ _0\"></span>42 <span class=\"_ _1a8\"> </span>-14<span class=\"_ _0\"></span>.13<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>Spese<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pe<span class=\"_ _0\"></span>rso<span class=\"_ _0\"></span>nale<span class=\"_ _1\"></span> <span class=\"_ _15b\"> </span>-390<span class=\"_ _0\"></span>.61<span class=\"_ _0\"></span>2 <span class=\"_ _72\"> </span>-14<span class=\"_ _0\"></span>.20<span class=\"_ _0\"></span>3 <span class=\"_ _198\"> </span>-6.<span class=\"_ _1\"></span>292<span class=\"_ _0\"></span> <span class=\"_ _3d\"> </span>-3.<span class=\"_ _0\"></span>524<span class=\"_ _0\"></span> <span class=\"_ _122\"> </span>-8<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>8 <span class=\"_ _52\"> </span>-133.<span class=\"_ _0\"></span>44<span class=\"_ _0\"></span>5 <span class=\"_ _73\"> </span>-14<span class=\"_ _0\"></span>.52<span class=\"_ _0\"></span>4 <span class=\"_ _346\"> </span>-56<span class=\"_ _0\"></span>3.4<span class=\"_ _0\"></span>48<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>Costi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">info<span class=\"_ _0\"></span>rmat<span class=\"_ _1\"></span>ici <span class=\"_ _82\"> </span>-15.<span class=\"_ _0\"></span>510<span class=\"_ _0\"></span> <span class=\"_ _1ab\"> </span>-4.<span class=\"_ _0\"></span>947 <span class=\"_ _198\"> </span>-3<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>27 </span></span>-1<span class=\"_ _0\"></span>13.<span class=\"_ _0\"></span>771<span class=\"_ _0\"></span> -1<span class=\"_ _0\"></span>37.<span class=\"_ _0\"></span>655<span class=\"_ _3bd\"> </span>Costi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">immob<span class=\"_ _1\"></span>ilia<span class=\"_ _0\"></span>ri <span class=\"_ _2e5\"> </span>-<span class=\"_ _0\"></span>45.<span class=\"_ _0\"></span>308<span class=\"_ _0\"></span> <span class=\"_ _37\"> </span>-7<span class=\"_ _0\"></span>71<span class=\"_ _1\"></span> <span class=\"_ _6b\"> </span>-1<span class=\"_ _0\"></span>95<span class=\"_ _1\"></span> <span class=\"_ _138\"> </span>-3<span class=\"_ _1\"></span>8 <span class=\"_ _6e\"> </span>-1<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span> <span class=\"_ _1ab\"> </span>-8.<span class=\"_ _1\"></span>369 </span></span>-54<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>93<span class=\"_ _3bd\"> </span>Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">spes<span class=\"_ _0\"></span>e <span class=\"_ _28f\"> </span>-14<span class=\"_ _0\"></span>5.7<span class=\"_ _0\"></span>55 <span class=\"_ _72\"> </span>-1<span class=\"_ _0\"></span>0.<span class=\"_ _0\"></span>964 <span class=\"_ _6a\"> </span>-<span class=\"_ _0\"></span>7.<span class=\"_ _1\"></span>451<span class=\"_ _0\"></span> <span class=\"_ _68\"> </span>-1<span class=\"_ _0\"></span>0.<span class=\"_ _0\"></span>507 <span class=\"_ _346\"> </span>-2.<span class=\"_ _0\"></span>888 <span class=\"_ _72\"> </span>-72<span class=\"_ _0\"></span>.73<span class=\"_ _0\"></span>9 <span class=\"_ _35d\"> </span>-65<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>45 <span class=\"_ _200\"> </span>-315<span class=\"_ _0\"></span>.54<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span></span></span>Co<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>Op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>i <span class=\"_ _144\"> </span>-6<span class=\"_ _0\"></span>51<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>00<span class=\"_ _1\"></span> <span class=\"_ _68\"> </span>-3<span class=\"_ _0\"></span>1.<span class=\"_ _0\"></span>00<span class=\"_ _0\"></span>5 <span class=\"_ _4a\"> </span>-17<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>65<span class=\"_ _0\"></span> <span class=\"_ _47\"> </span>-14.<span class=\"_ _0\"></span>25<span class=\"_ _1\"></span>2 <span class=\"_ _1ff\"> </span>-2.<span class=\"_ _0\"></span>44<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span> <span class=\"_ _6e\"> </span>-32<span class=\"_ _0\"></span>8.<span class=\"_ _0\"></span>32<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span> <span class=\"_ _35d\"> </span>-96<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>34<span class=\"_ _0\"></span> <span class=\"_ _1f3\"> </span>-1.1<span class=\"_ _0\"></span>41<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>27<span class=\"_ _3bd\"> </span>Altri<span class=\"_ _3bd\"> </span>cost<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>rica<span class=\"_ _0\"></span>vi<span class=\"_ _3bd\"> </span>non<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span> <span class=\"_ _dc\"> </span>-12.<span class=\"_ _0\"></span>58<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span> -6<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span> <span class=\"_ _83\"> </span>20<span class=\"_ _0\"></span>.03<span class=\"_ _1\"></span>4 <span class=\"_ _31\"> </span>6.57<span class=\"_ _1\"></span>4 <span class=\"_ _129\"> </span>13.<span class=\"_ _0\"></span>42<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>Util<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>prim<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>delle<span class=\"_ _3bd\"> </span>im<span class=\"_ _1\"></span>pos<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span> <span class=\"_ _130\"> </span>21<span class=\"_ _0\"></span>3.<span class=\"_ _0\"></span>98<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span> <span class=\"_ _2e\"> </span>5<span class=\"_ _0\"></span>3.<span class=\"_ _0\"></span>243<span class=\"_ _1\"></span> <span class=\"_ _3b\"> </span>46<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>32<span class=\"_ _0\"></span> <span class=\"_ _34\"> </span>159<span class=\"_ _1\"></span>.29<span class=\"_ _0\"></span>7 <span class=\"_ _346\"> </span>70<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>09<span class=\"_ _0\"></span> <span class=\"_ _68\"> </span>-7<span class=\"_ _0\"></span>8.<span class=\"_ _0\"></span>98<span class=\"_ _0\"></span>1 <span class=\"_ _72\"> </span>-2<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>92<span class=\"_ _1\"></span> <span class=\"_ _121\"> </span>46<span class=\"_ _0\"></span>1.5<span class=\"_ _1\"></span>9<span class=\"_ _3bd\"> </span>SE<span class=\"_ _0\"></span>GM<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>T<span class=\"_ _3bd\"> </span>RE<span class=\"_ _0\"></span>PO<span class=\"_ _0\"></span>R<span class=\"_ _0\"></span>TI<span class=\"_ _0\"></span>NG<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span>Type<span class=\"_ _3bd\"> </span>of<span class=\"_ _3bd\"> </span>bu<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>ss<span class=\"_ _3bd\"> </span>Co<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span>A<span class=\"_ _0\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _3bd\"> </span>Ma<span class=\"_ _1\"></span>nag<span class=\"_ _0\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _0\"></span> Ba<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>as<span class=\"_ _1\"></span>sura<span class=\"_ _1\"></span>nce<span class=\"_ _3bd\"> </span>Fin<span class=\"_ _1\"></span>an<span class=\"_ _0\"></span>za<span class=\"_ _3bd\"> </span>Tr<span class=\"_ _0\"></span>ea<span class=\"_ _0\"></span>su<span class=\"_ _0\"></span>ry<span class=\"_ _3bd\"> </span>Co<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>A<span class=\"_ _0\"></span>lt<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>T<span class=\"_ _0\"></span>ot<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span> Int<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ne<span class=\"_ _1\"></span>tti<span class=\"_ _0\"></span> <span class=\"_ _25d\"> </span>56,<span class=\"_ _1\"></span>3 </span></span>6,<span class=\"_ _1\"></span>3 <span class=\"_ _121\"> </span>-1<span class=\"_ _1\"></span>0,4<span class=\"_ _0\"></span> <span class=\"_ _35\"> </span>-3,<span class=\"_ _1\"></span>7 <span class=\"_ _3b\"> </span>-1<span class=\"_ _1\"></span>1,8<span class=\"_ _0\"></span> <span class=\"_ _11b\"> </span>3<span class=\"_ _0\"></span>3,<span class=\"_ _1\"></span>6<span class=\"_ _3bd\"> </span>Com<span class=\"_ _0\"></span>mis<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>oni<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>tt<span class=\"_ _1\"></span>e <span class=\"_ _318\"> </span>9,<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span> <span class=\"_ _42\"> </span>-3<span class=\"_ _0\"></span>9,<span class=\"_ _1\"></span>7 <span class=\"_ _a6\"> </span>1,<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span> <span class=\"_ _ca\"> </span>23<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>2 <span class=\"_ _209\"> </span>-65<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>2 8<span class=\"_ _0\"></span>2,<span class=\"_ _1\"></span>7 <span class=\"_ _222\"> </span>-5,<span class=\"_ _1\"></span>4<span class=\"_ _3bd\"> </span>Neg<span class=\"_ _0\"></span>ozi<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">al<span class=\"_ _0\"></span>tri<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ricav<span class=\"_ _1\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ne<span class=\"_ _1\"></span>tt<span class=\"_ _0\"></span>i <span class=\"_ _21e\"> </span>2<span class=\"_ _0\"></span>2,<span class=\"_ _0\"></span>4 <span class=\"_ _1cf\"> </span>-1<span class=\"_ _0\"></span>6,<span class=\"_ _1\"></span>6 <span class=\"_ _235\"> </span>0,<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span> <span class=\"_ _a9\"> </span>9,<span class=\"_ _1\"></span>7 </span></span></span></span>5,<span class=\"_ _1\"></span>8 <span class=\"_ _31\"> </span>4,<span class=\"_ _1\"></span>7<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>vi<span class=\"_ _3bd\"> </span>Op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>i <span class=\"_ _3\"> </span>24<span class=\"_ _1\"></span>,8<span class=\"_ _0\"></span> <span class=\"_ _2f\"> </span>-38<span class=\"_ _1\"></span>,6<span class=\"_ _1\"></span> <span class=\"_ _c4\"> </span>-0,<span class=\"_ _0\"></span>7<span class=\"_ _1\"></span> <span class=\"_ _c4\"> </span>8<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span> <span class=\"_ _a1\"> </span>-16<span class=\"_ _1\"></span>,5<span class=\"_ _1\"></span> <span class=\"_ _ca\"> </span>-3,<span class=\"_ _1\"></span>8 <span class=\"_ _67\"> </span>-24<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span> <span class=\"_ _222\"> </span>10<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>Margine<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">netto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">relativo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ad<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">accordi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">servizio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altri<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">segmenti<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Mar<span class=\"_ _0\"></span>gine<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>lati<span class=\"_ _0\"></span>vo<span class=\"ff1\"> </span>ad<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">acc<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>di<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>erv<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con</span> <span class=\"ff3\">c<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>ro<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>erv<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span> </span></span></span></span></span></span>Rica<span class=\"_ _0\"></span>vi<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>cost<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>ter<span class=\"_ _1\"></span>ni <span class=\"_ _144\"> </span>4,<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span> <span class=\"_ _ca\"> </span>9<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>,0<span class=\"_ _1\"></span> <span class=\"_ _126\"> </span>109<span class=\"_ _1\"></span>,8 <span class=\"_ _2f\"> </span>-3<span class=\"_ _1\"></span>6,<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span> <span class=\"_ _209\"> </span>-20<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>6 <span class=\"_ _1bc\"> </span>3<span class=\"_ _0\"></span>,5<span class=\"_ _1\"></span> <span class=\"_ _41\"> </span>-51<span class=\"_ _1\"></span>,9<span class=\"_ _1\"></span> Svalutazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziarie<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span>Altri<span class=\"ff1\"> </span>accantonamen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span>Spese<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>pers<span class=\"_ _0\"></span>onale 1<span class=\"_ _0\"></span>,7<span class=\"_ _0\"></span> -6<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>0 8<span class=\"_ _0\"></span>,9<span class=\"_ _1\"></span> 8<span class=\"_ _0\"></span>,5<span class=\"_ _1\"></span> -1<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>,7<span class=\"_ _0\"></span> 4<span class=\"_ _0\"></span>,6<span class=\"_ _1\"></span> 5,<span class=\"_ _1\"></span>7 2<span class=\"_ _0\"></span>,3<span class=\"_ _3bd\"> </span>Costi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">info<span class=\"_ _0\"></span>rmat<span class=\"_ _1\"></span>ici <span class=\"_ _2b2\"> </span>15<span class=\"_ _0\"></span>,3<span class=\"_ _1\"></span> <span class=\"_ _126\"> </span>15<span class=\"_ _0\"></span>,9<span class=\"_ _0\"></span> <span class=\"_ _a8\"> </span>8<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>3 </span></span>-1<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>6 0<span class=\"_ _0\"></span>,9<span class=\"_ _3bd\"> </span>Costi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">immob<span class=\"_ _1\"></span>ilia<span class=\"_ _0\"></span>ri <span class=\"_ _25b\"> </span>1<span class=\"_ _0\"></span>1,<span class=\"_ _0\"></span>4 <span class=\"_ _fd\"> </span>2,<span class=\"_ _1\"></span>9 <span class=\"_ _c4\"> </span>10<span class=\"_ _1\"></span>,2 <span class=\"_ _6a\"> </span>2<span class=\"_ _1\"></span>8,<span class=\"_ _0\"></span>4 <span class=\"_ _209\"> </span>-49<span class=\"_ _1\"></span>,7 <span class=\"_ _201\"> </span>-3<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>1 </span></span>8<span class=\"_ _0\"></span>,8<span class=\"_ _3bd\"> </span>Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">spes<span class=\"_ _0\"></span>e <span class=\"_ _8a\"> </span>27<span class=\"_ _1\"></span>,7 <span class=\"_ _37\"> </span>1<span class=\"_ _0\"></span>6,<span class=\"_ _1\"></span>3 <span class=\"_ _246\"> </span>14<span class=\"_ _0\"></span>,7<span class=\"_ _0\"></span> <span class=\"_ _65\"> </span>202,<span class=\"_ _0\"></span>2 <span class=\"_ _20b\"> </span>19<span class=\"_ _0\"></span>,8<span class=\"_ _0\"></span> <span class=\"_ _1b9\"> </span>2,<span class=\"_ _1\"></span>9 <span class=\"_ _212\"> </span>-34<span class=\"_ _1\"></span>,2 <span class=\"_ _31\"> </span>3,<span class=\"_ _1\"></span>2<span class=\"_ _3bd\"> </span></span></span>Co<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>Op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>i <span class=\"_ _258\"> </span>6<span class=\"_ _1\"></span>,6<span class=\"_ _1\"></span> <span class=\"_ _fd\"> </span>3,<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span> <span class=\"_ _33b\"> </span>11<span class=\"_ _1\"></span>,4<span class=\"_ _0\"></span> <span class=\"_ _198\"> </span>10<span class=\"_ _1\"></span>3,<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span> <span class=\"_ _81\"> </span>-3<span class=\"_ _1\"></span>1,<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span> <span class=\"_ _6b\"> </span>1<span class=\"_ _1\"></span>,8<span class=\"_ _1\"></span> <span class=\"_ _349\"> </span>0,<span class=\"_ _1\"></span>9<span class=\"_ _0\"></span> <span class=\"_ _212\"> </span>5,<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>Altri<span class=\"_ _3bd\"> </span>cost<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>rica<span class=\"_ _0\"></span>vi<span class=\"_ _3bd\"> </span>non<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span> Util<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>prim<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>delle<span class=\"_ _3bd\"> </span>im<span class=\"_ _1\"></span>pos<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span> <span class=\"_ _24a\"> </span>46<span class=\"_ _0\"></span>5,<span class=\"_ _0\"></span>4 <span class=\"_ _eb\"> </span>-46<span class=\"_ _1\"></span>,0<span class=\"_ _0\"></span> <span class=\"_ _b5\"> </span>-6<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span> <span class=\"_ _6d\"> </span>6<span class=\"_ _0\"></span>,6<span class=\"_ _1\"></span> <span class=\"_ _a1\"> </span>-1<span class=\"_ _0\"></span>4,<span class=\"_ _1\"></span>9 <span class=\"_ _ca\"> </span>-6<span class=\"_ _1\"></span>,9<span class=\"_ _1\"></span> <span class=\"_ _1ab\"> </span>-10<span class=\"_ _0\"></span>2,<span class=\"_ _0\"></span>1 <span class=\"_ _34\"> </span>-1,<span class=\"_ _1\"></span>0<span class=\"_ _3bd\"> </span><div class=\"t m20 h10 ff3 fs9 fc0 sc0 ls0 ws0 gs524f\">BIL<span class=\"_ _0\"></span>AN<span class=\"_ _0\"></span>CIO<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">C<span class=\"_ _0\"></span>ONS<span class=\"_ _0\"></span>OLI<span class=\"_ _0\"></span>DAT<span class=\"_ _0\"></span>O<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">NOT<span class=\"_ _0\"></span>A<span class=\"ff1\"> </span>I<span class=\"_ _0\"></span>NT<span class=\"_ _0\"></span>EGR<span class=\"_ _0\"></span>ATI<span class=\"_ _0\"></span>VA<span class=\"_ _3bd\"> </span></span></span></span></span></div><div class=\"t m20 h10 ff3 fs9 fc0 sc0 ls0 ws0 gs5250\">40<span class=\"_ _1\"></span>2<span class=\"_ _3bd\"> </span></div>Com<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>rcia<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span>Ba<span class=\"_ _0\"></span>nkin<span class=\"_ _0\"></span>g A<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>et<span class=\"_ _3bd\"> </span>Ma<span class=\"_ _0\"></span>nage<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>t Banc<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ass<span class=\"_ _0\"></span>ura<span class=\"_ _0\"></span>nce </span></span>Fin<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>a Tre<span class=\"_ _0\"></span>asu<span class=\"_ _0\"></span>ry Cor<span class=\"_ _0\"></span>por<span class=\"_ _0\"></span>ate<span class=\"_ _3bd\"> </span>ce<span class=\"_ _0\"></span>ntre<span class=\"_ _0\"></span> Al<span class=\"_ _0\"></span>tro Tot<span class=\"_ _0\"></span>al Collocamento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tito<span class=\"_ _2\"></span>li<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">raccolta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">or<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ni <span class=\"_ _278\"> </span>330<span class=\"_ _0\"></span>.046<span class=\"_ _0\"></span> <span class=\"_ _2f\"> </span>6.<span class=\"_ _0\"></span>592<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>10.<span class=\"_ _0\"></span>375 <span class=\"_ _32\"> </span>3.<span class=\"_ _1\"></span>577 -15<span class=\"_ _0\"></span>0.3<span class=\"_ _0\"></span>11 <span class=\"_ _b7\"> </span>200<span class=\"_ _0\"></span>.28<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>Corporate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Fin<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>e <span class=\"_ _bc\"> </span>1.96<span class=\"_ _0\"></span>9 </span></span>1.9<span class=\"_ _0\"></span>69<span class=\"_ _3bd\"> </span>Consulenza<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">materia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inv<span class=\"_ _0\"></span>est<span class=\"_ _0\"></span>ime<span class=\"_ _0\"></span>nti <span class=\"_ _19f\"> </span>12<span class=\"_ _0\"></span>.76<span class=\"_ _0\"></span>4 <span class=\"_ _19c\"> </span>8.<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>05<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span>-8<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>16<span class=\"_ _0\"></span>3 <span class=\"_ _67\"> </span>12.8<span class=\"_ _0\"></span>06<span class=\"_ _3bd\"> </span>Ge<span class=\"_ _0\"></span>stio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>oll<span class=\"_ _0\"></span>ettiv<span class=\"_ _1\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">porta<span class=\"_ _0\"></span>fogl<span class=\"_ _0\"></span>i </span></span>208<span class=\"_ _0\"></span>.76<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>-3<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>9 <span class=\"_ _b7\"> </span>208.<span class=\"_ _0\"></span>36<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span>Custodia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ammi<span class=\"_ _0\"></span>nis<span class=\"_ _0\"></span>traz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span> <span class=\"_ _17\"> </span>3<span class=\"_ _0\"></span>.9<span class=\"_ _1\"></span>47 </span></span></span></span>-4<span class=\"_ _1\"></span> <span class=\"_ _19c\"> </span>3<span class=\"_ _0\"></span>.9<span class=\"_ _1\"></span>43<span class=\"_ _3bd\"> </span>Servizi<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>to <span class=\"_ _18f\"> </span>22<span class=\"_ _0\"></span>1.3<span class=\"_ _0\"></span>53 </span></span>-3<span class=\"_ _0\"></span>35<span class=\"_ _1\"></span> <span class=\"_ _83\"> </span>22<span class=\"_ _0\"></span>1.0<span class=\"_ _0\"></span>18<span class=\"_ _3bd\"> </span>Dis<span class=\"_ _0\"></span>trib<span class=\"_ _0\"></span>uzi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">prod<span class=\"_ _0\"></span>otti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">terz<span class=\"_ _0\"></span>i <span class=\"_ _27a\"> </span>150.5<span class=\"_ _0\"></span>54 </span></span></span></span>13.<span class=\"_ _0\"></span>576<span class=\"_ _0\"></span> -10<span class=\"_ _0\"></span>2.<span class=\"_ _0\"></span>561 <span class=\"_ _90\"> </span>61.<span class=\"_ _0\"></span>569<span class=\"_ _3bd\"> </span>Garanzie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ril<span class=\"_ _0\"></span>asc<span class=\"_ _0\"></span>iate <span class=\"_ _35e\"> </span>4.7<span class=\"_ _0\"></span>36 </span></span>-1<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span> <span class=\"_ _19c\"> </span>4.720<span class=\"_ _3bd\"> </span>Operazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fina<span class=\"_ _0\"></span>nzia<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>to <span class=\"_ _11f\"> </span>16.<span class=\"_ _0\"></span>410 </span></span></span></span>16.<span class=\"_ _0\"></span>410<span class=\"_ _3bd\"> </span>Ne<span class=\"_ _0\"></span>gozi<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">valu<span class=\"_ _0\"></span>te <span class=\"_ _168\"> </span>3.86<span class=\"_ _0\"></span>5 </span></span>-6<span class=\"_ _1\"></span> <span class=\"_ _eb\"> </span>3.859<span class=\"_ _3bd\"> </span>Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">commi<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span> <span class=\"_ _164\"> </span>26.<span class=\"_ _0\"></span>853 <span class=\"_ _3a\"> </span>1.2<span class=\"_ _0\"></span>78<span class=\"_ _3bd\"> </span></span></span>-4<span class=\"_ _0\"></span>30<span class=\"_ _1\"></span> <span class=\"_ _4a\"> </span>27.<span class=\"_ _0\"></span>701<span class=\"_ _3bd\"> </span>772<span class=\"_ _0\"></span>.49<span class=\"_ _0\"></span>7 <span class=\"_ _11b\"> </span>22<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>843<span class=\"_ _3bd\"> </span>13.<span class=\"_ _0\"></span>576<span class=\"_ _0\"></span> <span class=\"_ _90\"> </span>10.37<span class=\"_ _0\"></span>5 <span class=\"_ _1cf\"> </span>3.<span class=\"_ _1\"></span>577<span class=\"_ _0\"></span> -2<span class=\"_ _0\"></span>62.<span class=\"_ _0\"></span>225 <span class=\"_ _194\"> </span>762<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>44",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-829": {
   "value": "I<span class=\"_ _0\"></span>NF<span class=\"_ _0\"></span>OR<span class=\"_ _1\"></span>MAT<span class=\"_ _1\"></span>IVA<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">DI<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">SE<span class=\"_ _0\"></span>TT<span class=\"_ _1\"></span>OR<span class=\"_ _0\"></span>E<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">\u2013<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>ri<span class=\"_ _1\"></span>bu<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">pe<span class=\"_ _1\"></span>r<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">se<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">o<span class=\"_ _1\"></span>pe<span class=\"_ _0\"></span>rat<span class=\"_ _1\"></span>ivi<span class=\"_ _0\"></span><span class=\"fc0\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u201c<span class=\"_ _0\"></span>ope<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>ng<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">seg<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ts\u201d<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>ndiv<span class=\"_ _0\"></span>idua<span class=\"_ _0\"></span>ti<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>live<span class=\"_ _0\"></span>llo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Grup<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">son<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">seg<span class=\"_ _0\"></span>uenti<span class=\"_ _0\"></span>: </span></span></span></span></span></span></span></span></span></span></span></span>Comm<span class=\"_ _0\"></span>ercia<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span>Banki<span class=\"_ _0\"></span>ng,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>ne<span class=\"_ _0\"></span>l<span class=\"ff1\"> <span class=\"_ _21\"></span></span>quale<span class=\"ff1\"> <span class=\"_ _20\"></span></span>confluiscono<span class=\"ff1\"> <span class=\"_ _21\"></span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cor<span class=\"_ _2\"></span>rispondente<span class=\"ff1\"> <span class=\"_ _21\"></span></span>segmento<span class=\"ff1\"> <span class=\"_ _20\"></span></span>di<span class=\"ff1\"> <span class=\"_ _21\"></span></span>Credito<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Emiliano<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e,<span class=\"ff1\"> </span>integralmente,<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>bilanci<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>Credemleasing,<span class=\"ff1\"> </span>Credemfactor,<span class=\"ff1\"> </span>Banca<span class=\"ff1\"> </span>Eurom<span class=\"_ _2\"></span>obiliare<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>Avvera; Asset<span class=\"_ _3bd\"> </span>Mana<span class=\"_ _0\"></span>geme<span class=\"_ _0\"></span>nt,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>recepisce<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>bilanci<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Euromobiliare<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Asset<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Management<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>SGR,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Credem<span class=\"ff1\"> </span>Private<span class=\"ff1\"> </span>Equity<span class=\"ff1\"> </span>SGR,<span class=\"ff1\"> </span>Euromobiliare<span class=\"ff1\"> </span>Fiduciaria<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>Euromobiliare<span class=\"ff1\"> </span>Advisory<span class=\"_ _2\"></span><span class=\"ff1\"> </span>Sim Banca<span class=\"_ _0\"></span>ssura<span class=\"_ _0\"></span>nce,<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>interamente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>rappresentato<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>da<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>Credemvita<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>dalla<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>interessenza<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>pro-quota<span class=\"ff1\">  </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>Cre<span class=\"_ _0\"></span>dem<span class=\"_ _0\"></span>assi<span class=\"_ _0\"></span>cur<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ni; Fina<span class=\"_ _0\"></span>nza,<span class=\"ff1\"> <span class=\"_ _21\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _21\"></span></span>quale<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _21\"></span></span>confluito<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>corrispondente<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>segmento<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>di<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Cr<span class=\"_ _2\"></span>edito<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Emiliano<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>comprende<span class=\"ff1\"> </span>l\u2019attivit\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> </span>gestione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>ischio<span class=\"ff1\"> </span>tass<span class=\"_ _2\"></span>o<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cambio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>banking<span class=\"ff1\"> </span>boo<span class=\"_ _2\"></span>k,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>il<span class=\"ff1\"> </span>port<span class=\"_ _2\"></span>afoglio<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _2\"></span></span>investimento<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>l\u2019attivit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>trading; Trea<span class=\"_ _0\"></span>sury,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nel<span class=\"ff1\"> <span class=\"_ _20\"></span></span>quale<span class=\"ff1\"> <span class=\"_ _21\"></span></span>\u00e8<span class=\"ff1\"> <span class=\"_ _20\"></span></span>confluito<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>il<span class=\"ff1\"> <span class=\"_ _20\"></span></span>cor<span class=\"_ _2\"></span>risponden<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _21\"></span></span>segmento<span class=\"ff1\"> <span class=\"_ _21\"></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _21\"></span><span class=\"ff3\">Credito</span> <span class=\"_ _21\"></span><span class=\"ff3\">Emil<span class=\"_ _0\"></span>iano<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>comprende<span class=\"ff1\"> </span></span></span>l\u2019attivit\u00e0<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>tesoreria Corpo<span class=\"_ _0\"></span>rate<span class=\"_ _3bd\"> </span>Center <span class=\"_ _21\"></span><span class=\"ff3\">che</span> <span class=\"_ _20\"></span><span class=\"ff3\">comprende,</span> <span class=\"_ _20\"></span><span class=\"ff3\">relativamente</span> <span class=\"_ _21\"></span><span class=\"ff3\">a</span> <span class=\"_ _21\"></span><span class=\"ff3\">Credi<span class=\"_ _0\"></span>to<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>Emiliano,<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tutt<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>centri<span class=\"ff1\"> <span class=\"_ _21\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>svolgono<span class=\"ff1\"> </span></span>un\u2019attivit\u00e0<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>supporto<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>segmenti<span class=\"ff1\"> </span>Banking<span class=\"ff1\"> </span>Commerciale<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>Finanza. Altro,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>in<span class=\"ff1\"> <span class=\"_ _2\"></span></span>cui<span class=\"ff1\"> <span class=\"_ _2\"></span></span>confluiscono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>integr<span class=\"_ _2\"></span>almente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>bilanci<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"ff1\"> <span class=\"_ _20\"></span></span>Magazzini<span class=\"ff1\"> <span class=\"_ _2\"></span></span>G<span class=\"_ _2\"></span>enerali<span class=\"ff1\"> <span class=\"_ _2\"></span></span>delle<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Tagliate,<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Cre<span class=\"_ _2\"></span>demtel,<span class=\"ff1\"> </span>Sata<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Blue<span class=\"ff1\">  </span>Eye<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Solutions;<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>questo<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>\u201co<span class=\"_ _2\"></span>perating<span class=\"ff1\">  </span>s<span class=\"_ _2\"></span>egment\u201d<span class=\"ff1\">  </span>comprende<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>inoltre<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>le<span class=\"ff1\">  </span>r<span class=\"_ _2\"></span>ettifiche<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>di<span class=\"ff1\"> </span>con<span class=\"_ _0\"></span>sol<span class=\"_ _0\"></span>ida<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>o. Con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>iferimento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">a<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Credito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Emiliano,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">quanto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">r<span class=\"_ _2\"></span>iguarda<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">segmenti<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">relativi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">al<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Commercial<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Ban<span class=\"_ _2\"></span>king,<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Finanza,<span class=\"ff1\"> </span>Tresury<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>Corporate<span class=\"ff1\"> </span>Center<span class=\"ff1\"> </span>si<span class=\"ff1\"> </span>sono<span class=\"ff1\"> </span>utilizzati<span class=\"ff1\"> </span>dati<span class=\"ff1\"> </span>gestionali. Al<span class=\"ff1\"> </span>fine<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>garantire<span class=\"ff1\"> </span>la<span class=\"ff1\"> </span>coerenza<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>margini<span class=\"ff1\"> </span>rendicontati<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>gli<span class=\"ff1\"> <span class=\"_ _2\"></span></span>utili<span class=\"ff1\"> </span>effettivamente<span class=\"ff1\"> </span>prodotti,<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>dati<span class=\"ff1\"> </span>gestionali<span class=\"ff1\"> </span>vengono<span class=\"ff1\"> </span>periodicamente<span class=\"ff1\"> </span>\u201criconciliati\u201d<span class=\"ff1\"> </span>con<span class=\"ff1\"> </span>i<span class=\"ff1\"> </span>dati<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>bilancio. Cri<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">cos<span class=\"_ _0\"></span>truz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">del<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">conto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">eco<span class=\"_ _0\"></span>nom<span class=\"_ _0\"></span>ico<span class=\"ff1\"> <span class=\"_ _2df\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">oper<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ng<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">seg<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ts<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">Cre<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Em<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>ano<span class=\"fc0\"> </span>I<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>sul<span class=\"_ _0\"></span>tati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">eco<span class=\"_ _0\"></span>nomi<span class=\"_ _0\"></span>ci<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">\u201coper<span class=\"_ _0\"></span>atin<span class=\"_ _0\"></span>g<span class=\"ff1\"> </span>seg<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>s\u201d<span class=\"ff1\"> </span>sono<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dete<span class=\"_ _0\"></span>rmi<span class=\"_ _0\"></span>nati<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sull<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>base<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dei</span> <span class=\"ff3\">s<span class=\"_ _0\"></span>egue<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">princ<span class=\"_ _0\"></span>ipal<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>cri<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>i: il<span class=\"ff1\"> </span>margine<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>interesse<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ottenuto<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>all\u2019applicazione<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>tassi<span class=\"ff1\"> </span>interni<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">trasferimento</span> <span class=\"_ _0\"></span><span class=\"ff3\">coerenti<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span>caratteristiche<span class=\"ff1\"> </span>finanziarie<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>prodotti; le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>commissioni<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>nette<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sono<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>attribu<span class=\"_ _0\"></span>ite<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>puntualmente<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>al<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>cliente<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>ha<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>generate<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>e,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>quindi,<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>all\u2019<span class=\"ff1\"> </span>operating<span class=\"ff1\"> </span>segment<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>pertinenza; le<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>r<span class=\"_ _2\"></span>isorse<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>utilizzate<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>dagli<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>\u201co<span class=\"_ _2\"></span>perating<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>segments\u201d<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>per<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>lo<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>svolgimento<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>propria<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>at<span class=\"_ _2\"></span>tivit\u00e0<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>sono<span class=\"ff1\"> </span>pagate<span class=\"ff1\"> </span>dagli<span class=\"ff1\"> </span>stessi<span class=\"ff1\"> </span>sulla<span class=\"ff1\"> </span>base<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>prezzi<span class=\"ff1\"> </span>rappresentativi<span class=\"ff1\"> </span>dei<span class=\"ff1\"> </span>costi<span class=\"ff1\"> </span>effettivi; vengono<span class=\"ff1\"> </span>attribuiti<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">costi</span> <span class=\"ff3\">d<span class=\"_ _0\"></span>irettamente<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">imputabili<span class=\"ff1\"> </span>al<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>unto<span class=\"ff1\"> </span>vendita,<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uali<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>e<span class=\"_ _0\"></span>sempio<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>rsonale<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span></span></span></span></span>le<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">spe<span class=\"_ _0\"></span>se<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>lati<span class=\"_ _0\"></span>ve<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">all\u2019u<span class=\"_ _0\"></span>til<span class=\"_ _0\"></span>izzo<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ed</span> <span class=\"ff3\">al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">funz<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>loc<span class=\"_ _0\"></span>ali<span class=\"_ _0\"></span>;<span class=\"ff1\"> </span>gli<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">al<span class=\"_ _0\"></span>tri<span class=\"ff1\"> </span>co<span class=\"_ _0\"></span>sti,<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">co<span class=\"_ _0\"></span>mpre<span class=\"_ _0\"></span>si<span class=\"ff1\"> </span>q<span class=\"_ _0\"></span>uell<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>tivi<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>alla<span class=\"ff1\"> </span>struttura<span class=\"ff1\"> </span>centrale<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">centro</span> <span class=\"ff3\">servizi,</span> <span class=\"ff3\">veng<span class=\"_ _0\"></span>ono<span class=\"ff1\"> </span>convenzionalmente<span class=\"ff1\"> </span>attr<span class=\"_ _2\"></span>ibuiti<span class=\"ff1\"> </span>al<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">segmento</span> </span></span></span>\u201cCorporate<span class=\"ff1\"> </span>Center<span class=\"ff1\"> </span>e<span class=\"ff1\"> </span>altro\u201d; le<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>spese<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>generali<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>relative<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>alle<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>singole<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>s<span class=\"_ _2\"></span>ociet\u00e0<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>confluiscono<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>integralmente<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>negli<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>\u201coperating<span class=\"ff1\"> </span>segments\u201d<span class=\"ff1\"> </span>a<span class=\"ff1\"> </span>cui<span class=\"ff1\"> </span>appartengono<span class=\"ff1\"> </span>le<span class=\"ff1\"> </span>rispettive<span class=\"ff1\"> </span>societ\u00e0. I<span class=\"_ _0\"></span>NF<span class=\"_ _0\"></span>OR<span class=\"_ _1\"></span>MAT<span class=\"_ _1\"></span>IVA<span class=\"_ _1\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">DI<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">SE<span class=\"_ _0\"></span>TT<span class=\"_ _1\"></span>OR<span class=\"_ _0\"></span>E<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">co<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>o<span class=\"fc0\"> </span></span></span></span></span></span></span></span></span>Si<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">fa</span> <span class=\"ff3\">preli<span class=\"_ _0\"></span>min<span class=\"_ _0\"></span>armen<span class=\"_ _0\"></span>te<span class=\"ff1\"> </span>rif<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>qu<span class=\"_ _0\"></span>anto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ampia<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>ripo<span class=\"_ _0\"></span>rtato<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">nell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>rela<span class=\"_ _0\"></span>zione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sull<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>gesti<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _2\"></span>ui<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span>va<span class=\"_ _0\"></span>ri<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">set<span class=\"_ _0\"></span>tori<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">d<span class=\"_ _0\"></span>i<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">atti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">e<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">sin<span class=\"_ _0\"></span>gole<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">s<span class=\"_ _0\"></span>ocie<span class=\"_ _0\"></span>t\u00e0<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">grupp<span class=\"_ _0\"></span>o;<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">ad<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inte<span class=\"_ _0\"></span>gra<span class=\"_ _0\"></span>zion<span class=\"_ _0\"></span>e<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">si<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">rip<span class=\"_ _1\"></span>ortano<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"_ _1\"></span><span class=\"ff3\">segui<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>lcu<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>brevi<span class=\"ff1\"> </span>note<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>commento. Il<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Commercial<span class=\"ff1\"> </span>B<span class=\"_ _0\"></span>anking<span class=\"ff1\"> </span>evide<span class=\"_ _0\"></span>nzia<span class=\"_ _2\"></span><span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">una<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>inamica<span class=\"ff1\"> </span>particolarmente<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">favor<span class=\"_ _2\"></span>evole<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">margine<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">finanziario<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span>generata<span class=\"ff1\"> </span>all\u2019andamento<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>forbice<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>clientela. Positivo<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>l\u2019andamento<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>delle<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>c<span class=\"_ _2\"></span>ommissioni<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>co<span class=\"_ _2\"></span>s\u00ec<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>come<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>quello<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>della<span class=\"ff1\"> <span class=\"_ _24\"> </span></span>componente<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>legata<span class=\"ff1\"> <span class=\"_ _29\"> </span></span>alla<span class=\"ff1\"> </span>negoziazione;<span class=\"ff1\"> </span>positivo<span class=\"ff1\"> </span>anche<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>contributo<span class=\"ff1\"> </span>delle<span class=\"ff1\"> </span>altre<span class=\"ff1\"> </span>componenti<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>ricavo<span class=\"ff1\"> </span>legate<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>servizi.<span class=\"_ _3bd\"> </span>In<span class=\"ff1\"> <span class=\"_ _20\"></span></span>leggera<span class=\"ff1\"> <span class=\"_ _20\"></span></span>crescita<span class=\"ff1\"> <span class=\"_ _20\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>costi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>operativi<span class=\"ff1\"> <span class=\"_ _20\"></span></span>che<span class=\"ff1\"> <span class=\"_ _20\"></span></span>tuttavia<span class=\"ff1\"> <span class=\"_ _20\"></span></span>nella<span class=\"ff1\"> <span class=\"_ _20\"></span></span>loro<span class=\"ff1\"> <span class=\"_ _21\"></span></span>comp<span class=\"_ _0\"></span>osizione<span class=\"ff1\"> <span class=\"_ _20\"></span></span>evidenziano<span class=\"ff1\"> <span class=\"_ _20\"></span></span>dinamiche<span class=\"ff1\"> </span>diverse:<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">da<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">un<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">lato<span class=\"ff1\"> </span>si<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">rileva<span class=\"ff1\"> </span>un<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">s<span class=\"_ _2\"></span>ignificativo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">increm<span class=\"_ _2\"></span>ento<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">delle<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">spese<span class=\"ff1\"> </span>informatiche<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">mentre<span class=\"ff1\"> </span>quelle<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">del<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>personale<span class=\"ff1\"> </span>crescono<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>misura<span class=\"ff1\"> </span>pi\u00f9<span class=\"ff1\"> </span>contenuta. In<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">leg<span class=\"_ _0\"></span>ger<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ontr<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">le<span class=\"ff1\"> </span>r<span class=\"_ _0\"></span>etti<span class=\"_ _0\"></span>fi<span class=\"_ _0\"></span>che<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>u<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">cred<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>. </span></span></span></span></span></span>Pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>qua<span class=\"_ _0\"></span>nto<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rigu<span class=\"_ _1\"></span>arda<span class=\"ff1\"> </span>l\u2019<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>ei<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">volu<span class=\"_ _1\"></span>m<span class=\"_ _2\"></span>i,<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">il<span class=\"ff1\"> </span>To<span class=\"_ _0\"></span>tal<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Bus<span class=\"_ _0\"></span>ine<span class=\"_ _0\"></span>ss<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>mane<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">so<span class=\"_ _0\"></span>stan<span class=\"_ _0\"></span>zial<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>te<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">stab<span class=\"_ _0\"></span>ile<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">a<span class=\"ff1\"> </span>128<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>miliardi<span class=\"ff1\"> </span>con<span class=\"ff1\"> <span class=\"_ _2\"></span></span>una<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ricomposizione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> </span>vede<span class=\"ff1\"> </span>l\u2019<span class=\"_ _2\"></span>incremento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>degli<span class=\"ff1\"> </span>impieghi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"ff1\"> <span class=\"_ _2\"></span></span>clientela<span class=\"ff1\"> </span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>della<span class=\"ff1\"> </span>r<span class=\"_ _2\"></span>accolta<span class=\"ff1\"> </span>diretta<span class=\"ff1\"> </span>bancaria<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>una<span class=\"ff1\"> </span>contrazione<span class=\"ff1\"> </span>della<span class=\"ff1\"> </span>raccolta<span class=\"ff1\"> </span>indiretta<span class=\"ff1\"> </span>da<span class=\"ff1\"> </span>clientela<span class=\"ff1\"> </span>ed<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>particolare<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>que<span class=\"_ _0\"></span>lla<span class=\"ff1\"> </span>ge<span class=\"_ _0\"></span>stit<span class=\"_ _0\"></span>a. L\u2019Asset<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>Management<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>evidenzia<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>cont<span class=\"_ _2\"></span>razione<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dei<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>ricavi<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>operativi<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>ed<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>in<span class=\"ff1\"> <span class=\"_ _1d\"> </span></span>particolare<span class=\"ff1\"> <span class=\"_ _1e\"> </span></span>dalle<span class=\"ff1\"> </span>commissioni<span class=\"ff1\"> <span class=\"_ _2\"></span></span>che<span class=\"ff1\"> <span class=\"_ _2\"></span></span>rispetto<span class=\"ff1\"> <span class=\"_ _2\"></span></span>a<span class=\"_ _2\"></span>l<span class=\"ff1\"> <span class=\"_ _2\"></span></span>precedente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>esercizio<span class=\"ff1\"> <span class=\"_ _2\"></span></span>si<span class=\"ff1\"> <span class=\"_ _2\"></span></span>riducono<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> <span class=\"_ _2\"></span></span>4<span class=\"_ _2\"></span>0%<span class=\"ff1\"> <span class=\"_ _2\"></span></span>mentre<span class=\"ff1\"> <span class=\"_ _2\"></span></span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>costi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>hanno<span class=\"ff1\"> <span class=\"_ _2\"></span></span>una<span class=\"ff1\"> </span>dinamica<span class=\"ff1\"> <span class=\"_ _2\"></span></span>contenuta;<span class=\"ff1\"> </span>i<span class=\"_ _2\"></span>n<span class=\"ff1\"> </span>co<span class=\"_ _2\"></span>ntrazione<span class=\"ff1\"> </span>i<span class=\"ff1\"> <span class=\"_ _20\"></span></span>volumi<span class=\"ff1\"> <span class=\"_ _2\"></span></span>(-10%)<span class=\"ff1\"> </span>n<span class=\"_ _2\"></span>egativamente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>impattati<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dall\u2019andamento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>dei<span class=\"ff1\"> </span>me<span class=\"_ _0\"></span>rcat<span class=\"_ _0\"></span>i. L\u2019andamento<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>del<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>Bancassurance<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>si<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>presenta<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>complessivamente<span class=\"ff1\"> <span class=\"_ _21\"> </span></span>una<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>l<span class=\"_ _2\"></span>eggera<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>contrazione<span class=\"ff1\"> <span class=\"_ _27\"> </span></span>c<span class=\"_ _2\"></span>on<span class=\"ff1\"> </span>ricavi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>operativi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>sostanzialmente<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>stabili<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>e<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>cost<span class=\"_ _2\"></span>i<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>operativi<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>che<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>registrano<span class=\"ff1\">  </span>u<span class=\"_ _0\"></span>na<span class=\"ff1\"> <span class=\"_ _1f\"> </span></span>crescita<span class=\"ff1\">  </span>l<span class=\"_ _0\"></span>egata<span class=\"ff1\"> </span>principalmente<span class=\"ff1\"> </span>ad<span class=\"ff1\"> </span>investimenti<span class=\"ff1\"> </span>IT. Sta<span class=\"_ _0\"></span>bil<span class=\"_ _0\"></span>e<span class=\"ff1\"> </span>i<span class=\"_ _0\"></span>l<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>ribu<span class=\"_ _0\"></span>to<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>el<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>eg<span class=\"_ _0\"></span>mento<span class=\"ff1\"> </span>F<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nza<span class=\"_ _0\"></span>. La<span class=\"ff1\"> </span>co<span class=\"_ _2\"></span>ntrazione<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span>segmento<span class=\"ff1\"> <span class=\"_ _2\"></span></span>Treasury<span class=\"ff1\"> <span class=\"_ _2\"></span></span>\u00e8<span class=\"ff1\"> </span>imputabile<span class=\"ff1\"> </span>principalmente<span class=\"ff1\"> <span class=\"_ _2\"></span></span>alla<span class=\"ff1\"> </span>contrazione<span class=\"ff1\"> <span class=\"_ _2\"></span></span>del<span class=\"ff1\"> </span>margine<span class=\"ff1\"> </span>fi<span class=\"_ _0\"></span>nanz<span class=\"_ _0\"></span>iari<span class=\"_ _0\"></span>o. ce<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>r&amp;<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>tro<span class=\"_ _3bd\"> </span>SE<span class=\"_ _0\"></span>GM<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>T<span class=\"_ _3bd\"> </span>RE<span class=\"_ _0\"></span>PO<span class=\"_ _0\"></span>RT<span class=\"_ _0\"></span>IN<span class=\"_ _0\"></span>G<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>DI<span class=\"_ _0\"></span>CE<span class=\"_ _0\"></span>MB<span class=\"_ _0\"></span>R<span class=\"_ _0\"></span>E<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>02<span class=\"_ _1\"></span>1<span class=\"fc0 sc1\"> </span>Co<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span>Ba<span class=\"_ _0\"></span>nk<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g A<span class=\"_ _0\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _3bd\"> </span>Ma<span class=\"_ _1\"></span>nag<span class=\"_ _0\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _0\"></span> Ba<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>as<span class=\"_ _1\"></span>sura<span class=\"_ _1\"></span>nce<span class=\"_ _3bd\"> </span>ALM<span class=\"_ _3bd\"> </span>Tr<span class=\"_ _1\"></span>eas<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>y<span class=\"_ _3bd\"> </span>Co<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>l IM<span class=\"_ _0\"></span>PI<span class=\"_ _0\"></span>EG<span class=\"_ _0\"></span>HI<span class=\"_ _3bd\"> </span>A<span class=\"_ _3bd\"> </span>CL<span class=\"_ _0\"></span>IE<span class=\"_ _0\"></span>NT<span class=\"_ _0\"></span>EL<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span> <span class=\"_ _343\"> </span>37<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>51<span class=\"_ _0\"></span> <span class=\"_ _1fb\"> </span><span class=\"ff1 sc0\"> <span class=\"_ _c8\"> </span> <span class=\"_ _c2\"> </span> <span class=\"_ _1a7\"> </span></span>-4.7<span class=\"_ _0\"></span>95<span class=\"_ _0\"></span> <span class=\"_ _47\"> </span>33.<span class=\"_ _0\"></span>15<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>Rac<span class=\"_ _0\"></span>colt<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>ASS<span class=\"_ _1\"></span>ICURA<span class=\"_ _0\"></span>TIV<span class=\"_ _0\"></span>A 8<span class=\"_ _0\"></span>.6<span class=\"_ _1\"></span>65 8<span class=\"_ _0\"></span>.6<span class=\"_ _1\"></span>65<span class=\"_ _3bd\"> </span>Rac<span class=\"_ _0\"></span>colt<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>DI<span class=\"_ _0\"></span>RETT<span class=\"_ _0\"></span>A<span class=\"ff1\"> </span>BA<span class=\"_ _0\"></span>NC<span class=\"_ _0\"></span>ARIA<span class=\"_ _1\"></span> <span class=\"_ _1d7\"> </span>35.1<span class=\"_ _0\"></span>65 2.<span class=\"_ _0\"></span>534 <span class=\"_ _50\"> </span>-5<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span> <span class=\"_ _1ab\"> </span>37.<span class=\"_ _0\"></span>110<span class=\"_ _3bd\"> </span>TOTA<span class=\"_ _0\"></span>LE<span class=\"_ _3bd\"> </span>RAC<span class=\"_ _0\"></span>COLT<span class=\"_ _0\"></span>A<span class=\"_ _3bd\"> </span>DI<span class=\"_ _0\"></span>RE<span class=\"_ _1\"></span>TTA<span class=\"_ _0\"></span> <span class=\"_ _7\"> </span>3<span class=\"_ _0\"></span>5.1<span class=\"_ _0\"></span>65<span class=\"_ _1\"></span> 8.<span class=\"_ _0\"></span>66<span class=\"_ _0\"></span>5 <span class=\"_ _212\"> </span>2.<span class=\"_ _0\"></span>53<span class=\"_ _0\"></span>4 <span class=\"_ _50\"> </span>-58<span class=\"_ _1\"></span>9 <span class=\"_ _34\"> </span>45<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>75<span class=\"_ _3bd\"> </span>Rac<span class=\"_ _0\"></span>colt<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>GE<span class=\"_ _0\"></span>STI<span class=\"_ _0\"></span>TA <span class=\"_ _f4\"> </span>43.57<span class=\"_ _0\"></span>4 <span class=\"_ _72\"> </span>15.<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>3 -2<span class=\"_ _0\"></span>3.2<span class=\"_ _0\"></span>60 <span class=\"_ _175\"> </span>35.337<span class=\"_ _3bd\"> </span>Rac<span class=\"_ _0\"></span>colt<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>AMM<span class=\"_ _0\"></span>INIS<span class=\"_ _1\"></span>TRATA<span class=\"_ _1\"></span> <span class=\"_ _205\"> </span>11.<span class=\"_ _0\"></span>780 12<span class=\"_ _0\"></span>.01<span class=\"_ _0\"></span>9 <span class=\"_ _72\"> </span>23.7<span class=\"_ _0\"></span>99<span class=\"_ _3bd\"> </span>TOTA<span class=\"_ _0\"></span>LE<span class=\"_ _3bd\"> </span>RAC<span class=\"_ _0\"></span>COLT<span class=\"_ _0\"></span>A<span class=\"_ _3bd\"> </span>IN<span class=\"_ _0\"></span>DI<span class=\"_ _1\"></span>RET<span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>A <span class=\"_ _354\"> </span>55.<span class=\"_ _0\"></span>35<span class=\"_ _0\"></span>4 <span class=\"_ _50\"> </span>15<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>23<span class=\"_ _0\"></span> -11<span class=\"_ _0\"></span>.24<span class=\"_ _1\"></span>1 <span class=\"_ _47\"> </span>59.<span class=\"_ _0\"></span>13<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>TOTA<span class=\"_ _0\"></span>LE<span class=\"_ _3bd\"> </span>RA<span class=\"_ _1\"></span>CCO<span class=\"_ _0\"></span>LT<span class=\"_ _1\"></span>A <span class=\"_ _195\"> </span>90.<span class=\"_ _0\"></span>51<span class=\"_ _0\"></span>9 <span class=\"_ _72\"> </span>15.<span class=\"_ _0\"></span>023<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>8.6<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>5 <span class=\"_ _212\"> </span>2.5<span class=\"_ _0\"></span>34<span class=\"_ _1\"></span> <span class=\"_ _75\"> </span>-11.<span class=\"_ _1\"></span>830<span class=\"_ _0\"></span> <span class=\"_ _50\"> </span>10<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>91<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>TOTA<span class=\"_ _0\"></span>L<span class=\"_ _3bd\"> </span>BU<span class=\"_ _0\"></span>SI<span class=\"_ _1\"></span>NES<span class=\"_ _1\"></span>S <span class=\"_ _297\"> </span>12<span class=\"_ _0\"></span>8.<span class=\"_ _0\"></span>47<span class=\"_ _1\"></span>0 <span class=\"_ _50\"> </span>15.<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>3 <span class=\"_ _3f\"> </span>8<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>65<span class=\"_ _1\"></span> <span class=\"_ _67\"> </span>2.5<span class=\"_ _0\"></span>34<span class=\"_ _1\"></span> <span class=\"_ _77\"> </span>-16<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>25<span class=\"_ _0\"></span> <span class=\"_ _7f\"> </span>13<span class=\"_ _0\"></span>8.<span class=\"_ _0\"></span>06<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>SE<span class=\"_ _0\"></span>GM<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>T<span class=\"_ _3bd\"> </span>RE<span class=\"_ _0\"></span>PO<span class=\"_ _0\"></span>RT<span class=\"_ _0\"></span>IN<span class=\"_ _0\"></span>G<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>DI<span class=\"_ _0\"></span>CE<span class=\"_ _0\"></span>MB<span class=\"_ _0\"></span>R<span class=\"_ _0\"></span>E<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>02<span class=\"_ _1\"></span>2<span class=\"fc0 sc1\"> </span>Co<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span>Ba<span class=\"_ _0\"></span>nk<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g A<span class=\"_ _0\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _3bd\"> </span>Ma<span class=\"_ _1\"></span>nag<span class=\"_ _0\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _0\"></span> Ba<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>as<span class=\"_ _1\"></span>sura<span class=\"_ _1\"></span>nce<span class=\"_ _3bd\"> </span>ALM<span class=\"_ _3bd\"> </span>Tr<span class=\"_ _1\"></span>eas<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>y<span class=\"_ _3bd\"> </span>Co<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>l IM<span class=\"_ _0\"></span>PI<span class=\"_ _0\"></span>EG<span class=\"_ _0\"></span>HI<span class=\"_ _3bd\"> </span>A<span class=\"_ _3bd\"> </span>CL<span class=\"_ _0\"></span>IE<span class=\"_ _0\"></span>NT<span class=\"_ _0\"></span>EL<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span> <span class=\"_ _e4\"> </span>40<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>85<span class=\"_ _1\"></span> <span class=\"_ _1fb\"> </span><span class=\"ff1 sc0\"> <span class=\"_ _45\"> </span> <span class=\"_ _c8\"> </span> <span class=\"_ _ff\"> </span></span>-5<span class=\"_ _0\"></span>.9<span class=\"_ _1\"></span>02<span class=\"_ _0\"></span> <span class=\"_ _222\"> </span>34<span class=\"_ _0\"></span>.48<span class=\"_ _0\"></span>3<span class=\"_ _3bd\"> </span>Rac<span class=\"_ _0\"></span>colt<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>ASS<span class=\"_ _1\"></span>ICURA<span class=\"_ _0\"></span>TIV<span class=\"_ _0\"></span>A 8.<span class=\"_ _0\"></span>260 8.<span class=\"_ _0\"></span>260<span class=\"_ _3bd\"> </span>Rac<span class=\"_ _0\"></span>colt<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>DI<span class=\"_ _0\"></span>RETT<span class=\"_ _0\"></span>A<span class=\"ff1\"> </span>BA<span class=\"_ _0\"></span>NC<span class=\"_ _0\"></span>ARIA<span class=\"_ _1\"></span> <span class=\"_ _242\"> </span>36.8<span class=\"_ _0\"></span>49 3.<span class=\"_ _1\"></span>44<span class=\"_ _0\"></span>1 <span class=\"_ _31\"> </span>-5<span class=\"_ _0\"></span>19<span class=\"_ _1\"></span> <span class=\"_ _83\"> </span>39.<span class=\"_ _0\"></span>771<span class=\"_ _3bd\"> </span>TOTA<span class=\"_ _0\"></span>LE<span class=\"_ _3bd\"> </span>RAC<span class=\"_ _0\"></span>COLT<span class=\"_ _0\"></span>A<span class=\"_ _3bd\"> </span>DI<span class=\"_ _0\"></span>RE<span class=\"_ _1\"></span>TTA<span class=\"_ _0\"></span> <span class=\"_ _112\"> </span>3<span class=\"_ _1\"></span>6.8<span class=\"_ _0\"></span>49<span class=\"_ _0\"></span> 8.<span class=\"_ _0\"></span>26<span class=\"_ _0\"></span>0 <span class=\"_ _39\"> </span>3.<span class=\"_ _0\"></span>441<span class=\"_ _1\"></span> <span class=\"_ _2e\"> </span>-51<span class=\"_ _0\"></span>9<span class=\"_ _1\"></span> <span class=\"_ _34\"> </span>48.0<span class=\"_ _0\"></span>31<span class=\"_ _3bd\"> </span>Rac<span class=\"_ _0\"></span>colt<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>GE<span class=\"_ _0\"></span>STI<span class=\"_ _0\"></span>TA <span class=\"_ _f0\"> </span>38.9<span class=\"_ _0\"></span>53 <span class=\"_ _50\"> </span>13.<span class=\"_ _0\"></span>524<span class=\"_ _0\"></span> -2<span class=\"_ _0\"></span>1.5<span class=\"_ _0\"></span>01 <span class=\"_ _222\"> </span>30.9<span class=\"_ _0\"></span>76<span class=\"_ _3bd\"> </span>Rac<span class=\"_ _0\"></span>colt<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>AMM<span class=\"_ _0\"></span>INIS<span class=\"_ _1\"></span>TRATA<span class=\"_ _1\"></span> <span class=\"_ _205\"> </span>11.<span class=\"_ _0\"></span>533 11<span class=\"_ _0\"></span>.40<span class=\"_ _0\"></span>6 <span class=\"_ _175\"> </span>22.<span class=\"_ _0\"></span>939<span class=\"_ _3bd\"> </span>TOTA<span class=\"_ _0\"></span>LE<span class=\"_ _3bd\"> </span>RAC<span class=\"_ _0\"></span>COLT<span class=\"_ _0\"></span>A<span class=\"_ _3bd\"> </span>IN<span class=\"_ _0\"></span>DI<span class=\"_ _1\"></span>RET<span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>A <span class=\"_ _22e\"> </span>50.4<span class=\"_ _0\"></span>86<span class=\"_ _1\"></span> <span class=\"_ _68\"> </span>1<span class=\"_ _0\"></span>3.<span class=\"_ _0\"></span>52<span class=\"_ _0\"></span>4 -10<span class=\"_ _0\"></span>.09<span class=\"_ _1\"></span>5 <span class=\"_ _47\"> </span>53<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>15<span class=\"_ _3bd\"> </span>TOTA<span class=\"_ _0\"></span>LE<span class=\"_ _3bd\"> </span>RA<span class=\"_ _1\"></span>CCO<span class=\"_ _0\"></span>LT<span class=\"_ _1\"></span>A <span class=\"_ _b1\"> </span>87.<span class=\"_ _0\"></span>33<span class=\"_ _0\"></span>5 <span class=\"_ _50\"> </span>13.<span class=\"_ _0\"></span>524<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>8.<span class=\"_ _0\"></span>26<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span> <span class=\"_ _4b\"> </span>3.<span class=\"_ _0\"></span>44<span class=\"_ _0\"></span>1 <span class=\"_ _75\"> </span>-1<span class=\"_ _0\"></span>0.6<span class=\"_ _1\"></span>14 <span class=\"_ _1fe\"> </span>101<span class=\"_ _0\"></span>.9<span class=\"_ _0\"></span>46<span class=\"_ _3bd\"> </span>TOTA<span class=\"_ _0\"></span>L<span class=\"_ _3bd\"> </span>BU<span class=\"_ _0\"></span>SI<span class=\"_ _1\"></span>NES<span class=\"_ _1\"></span>S <span class=\"_ _243\"> </span>127<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span> <span class=\"_ _34\"> </span>13.<span class=\"_ _0\"></span>52<span class=\"_ _0\"></span>4 <span class=\"_ _ef\"> </span>8.2<span class=\"_ _0\"></span>60<span class=\"_ _1\"></span> <span class=\"_ _4b\"> </span>3.<span class=\"_ _0\"></span>441<span class=\"_ _1\"></span> <span class=\"_ _176\"> </span>-16<span class=\"_ _1\"></span>.51<span class=\"_ _0\"></span>6 <span class=\"_ _70\"> </span>136<span class=\"_ _1\"></span>.42<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span>SE<span class=\"_ _0\"></span>GM<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>T<span class=\"_ _3bd\"> </span>RE<span class=\"_ _0\"></span>PO<span class=\"_ _0\"></span>R<span class=\"_ _0\"></span>TI<span class=\"_ _0\"></span>NG<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>va<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>az<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ni<span class=\"_ _3bd\"> </span>%<span class=\"_ _1\"></span><span class=\"fc0 sc1\"> </span>Co<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span>Ba<span class=\"_ _0\"></span>nk<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g A<span class=\"_ _0\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _3bd\"> </span>Ma<span class=\"_ _1\"></span>nag<span class=\"_ _0\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _0\"></span> Ba<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>as<span class=\"_ _1\"></span>sura<span class=\"_ _1\"></span>nce<span class=\"_ _3bd\"> </span>ALM<span class=\"_ _3bd\"> </span>Tr<span class=\"_ _1\"></span>eas<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>y<span class=\"_ _3bd\"> </span>Co<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>To<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>l IM<span class=\"_ _0\"></span>PI<span class=\"_ _0\"></span>EG<span class=\"_ _0\"></span>HI<span class=\"_ _3bd\"> </span>A<span class=\"_ _3bd\"> </span>CL<span class=\"_ _0\"></span>IE<span class=\"_ _0\"></span>NT<span class=\"_ _0\"></span>EL<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span> <span class=\"_ _2bb\"> </span>6,<span class=\"_ _1\"></span>4 <span class=\"_ _1ee\"> </span><span class=\"ff1 sc0\"> <span class=\"_ _231\"> </span> <span class=\"_ _1a5\"> </span> <span class=\"_ _40\"> </span></span>4,<span class=\"_ _1\"></span>0<span class=\"_ _3bd\"> </span>Rac<span class=\"_ _0\"></span>colt<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>ASS<span class=\"_ _1\"></span>ICURA<span class=\"_ _0\"></span>TIV<span class=\"_ _0\"></span>A -4<span class=\"_ _1\"></span>,7<span class=\"_ _0\"></span> -4<span class=\"_ _1\"></span>,7<span class=\"_ _3bd\"> </span>Rac<span class=\"_ _0\"></span>colt<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>DI<span class=\"_ _0\"></span>RETT<span class=\"_ _0\"></span>A<span class=\"ff1\"> </span>BA<span class=\"_ _0\"></span>NC<span class=\"_ _0\"></span>ARIA<span class=\"_ _1\"></span> <span class=\"_ _140\"> </span>4,<span class=\"_ _1\"></span>8 35<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>8 <span class=\"_ _e4\"> </span>7,<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>TOTA<span class=\"_ _0\"></span>LE<span class=\"_ _3bd\"> </span>RAC<span class=\"_ _0\"></span>COLT<span class=\"_ _0\"></span>A<span class=\"_ _3bd\"> </span>DI<span class=\"_ _0\"></span>RE<span class=\"_ _1\"></span>TTA<span class=\"_ _0\"></span> <span class=\"_ _223\"> </span>4,<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span> -4<span class=\"_ _0\"></span>,7<span class=\"_ _1\"></span> <span class=\"_ _3b\"> </span>3<span class=\"_ _0\"></span>5,<span class=\"_ _1\"></span>8 <span class=\"_ _e4\"> </span>4,<span class=\"_ _1\"></span>9<span class=\"_ _3bd\"> </span>Rac<span class=\"_ _0\"></span>colt<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>GE<span class=\"_ _0\"></span>STI<span class=\"_ _0\"></span>TA <span class=\"_ _2a9\"> </span>-1<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>,6<span class=\"_ _0\"></span> <span class=\"_ _4b\"> </span>-1<span class=\"_ _0\"></span>0,<span class=\"_ _0\"></span>0 -1<span class=\"_ _0\"></span>2,<span class=\"_ _1\"></span>3<span class=\"_ _3bd\"> </span>Rac<span class=\"_ _0\"></span>colt<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>AMM<span class=\"_ _0\"></span>INIS<span class=\"_ _1\"></span>TRATA<span class=\"_ _1\"></span> <span class=\"_ _343\"> </span>-2,<span class=\"_ _1\"></span>1 -3<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>TOTA<span class=\"_ _0\"></span>LE<span class=\"_ _3bd\"> </span>RAC<span class=\"_ _0\"></span>COLT<span class=\"_ _0\"></span>A<span class=\"_ _3bd\"> </span>IN<span class=\"_ _0\"></span>DI<span class=\"_ _1\"></span>RET<span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>A <span class=\"_ _32f\"> </span>-8,<span class=\"_ _1\"></span>8<span class=\"_ _0\"></span> <span class=\"_ _4b\"> </span>-1<span class=\"_ _0\"></span>0,<span class=\"_ _1\"></span>0 -8<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span>TOTA<span class=\"_ _0\"></span>LE<span class=\"_ _3bd\"> </span>RA<span class=\"_ _1\"></span>CCO<span class=\"_ _0\"></span>LT<span class=\"_ _1\"></span>A <span class=\"_ _29a\"> </span>-3<span class=\"_ _0\"></span>,5<span class=\"_ _1\"></span> <span class=\"_ _4b\"> </span>-1<span class=\"_ _0\"></span>0,<span class=\"_ _1\"></span>0 <span class=\"_ _2b6\"> </span>-4,<span class=\"_ _1\"></span>7 <span class=\"_ _3b\"> </span>3<span class=\"_ _1\"></span>5,<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span> <span class=\"_ _133\"> </span>-2<span class=\"_ _1\"></span>,8<span class=\"_ _3bd\"> </span>TOTA<span class=\"_ _0\"></span>L<span class=\"_ _3bd\"> </span>BU<span class=\"_ _0\"></span>SI<span class=\"_ _1\"></span>NES<span class=\"_ _1\"></span>S <span class=\"_ _19e\"> </span>-0<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span> <span class=\"_ _4b\"> </span>-1<span class=\"_ _0\"></span>0,<span class=\"_ _1\"></span>0 <span class=\"_ _2b6\"> </span>-4,<span class=\"_ _1\"></span>7 <span class=\"_ _3b\"> </span>3<span class=\"_ _1\"></span>5,<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span> <span class=\"_ _1e8\"> </span>-1<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span>Ce<span class=\"_ _0\"></span>nt<span class=\"_ _1\"></span>er<span class=\"_ _3bd\"> </span>SE<span class=\"_ _0\"></span>GM<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>T<span class=\"_ _3bd\"> </span>RE<span class=\"_ _0\"></span>PO<span class=\"_ _0\"></span>RT<span class=\"_ _0\"></span>IN<span class=\"_ _0\"></span>G<span class=\"_ _3bd\"> </span>-<span class=\"_ _3bd\"> </span>DI<span class=\"_ _0\"></span>CE<span class=\"_ _0\"></span>MB<span class=\"_ _0\"></span>R<span class=\"_ _0\"></span>E<span class=\"_ _3bd\"> </span>2<span class=\"_ _0\"></span>02<span class=\"_ _1\"></span>1<span class=\"fc0 sc1\"> </span>Co<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span>Ba<span class=\"_ _0\"></span>nk<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g A<span class=\"_ _0\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _3bd\"> </span>Ma<span class=\"_ _1\"></span>nag<span class=\"_ _0\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _0\"></span> Ba<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>as<span class=\"_ _1\"></span>sura<span class=\"_ _1\"></span>nce<span class=\"_ _3bd\"> </span>Fin<span class=\"_ _1\"></span>an<span class=\"_ _0\"></span>za<span class=\"_ _3bd\"> </span>Tr<span class=\"_ _0\"></span>ea<span class=\"_ _0\"></span>su<span class=\"_ _0\"></span>ry<span class=\"_ _3bd\"> </span>Co<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>A<span class=\"_ _0\"></span>lt<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span>T<span class=\"_ _0\"></span>ot<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span> Int<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ne<span class=\"_ _1\"></span>tti<span class=\"_ _0\"></span> <span class=\"_ _35a\"> </span>293<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>96 <span class=\"_ _2b6\"> </span>69<span class=\"_ _0\"></span> </span></span>11<span class=\"_ _0\"></span>2.7<span class=\"_ _0\"></span>70 <span class=\"_ _224\"> </span>81.<span class=\"_ _0\"></span>81<span class=\"_ _0\"></span>7 <span class=\"_ _90\"> </span>-2.<span class=\"_ _0\"></span>80<span class=\"_ _0\"></span>1 <span class=\"_ _83\"> </span>4.27<span class=\"_ _0\"></span>8 <span class=\"_ _69\"> </span>489<span class=\"_ _0\"></span>.63<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span>Com<span class=\"_ _0\"></span>mis<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>oni<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>tt<span class=\"_ _1\"></span>e <span class=\"_ _2c2\"> </span>587.<span class=\"_ _0\"></span>057<span class=\"_ _0\"></span> <span class=\"_ _222\"> </span>12<span class=\"_ _0\"></span>2.8<span class=\"_ _0\"></span>05 <span class=\"_ _212\"> </span>-52<span class=\"_ _0\"></span>.58<span class=\"_ _0\"></span>0 <span class=\"_ _41\"> </span>8.<span class=\"_ _1\"></span>424<span class=\"_ _0\"></span> <span class=\"_ _63\"> </span>10<span class=\"_ _0\"></span>.28<span class=\"_ _0\"></span>3 -4<span class=\"_ _0\"></span>1.0<span class=\"_ _0\"></span>48 <span class=\"_ _1a2\"> </span>634<span class=\"_ _0\"></span>.94<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span>Neg<span class=\"_ _0\"></span>ozi<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">al<span class=\"_ _0\"></span>tri<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ricav<span class=\"_ _1\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ne<span class=\"_ _1\"></span>tt<span class=\"_ _0\"></span>i <span class=\"_ _341\"> </span>10.3<span class=\"_ _0\"></span>60 <span class=\"_ _2f\"> </span>1.73<span class=\"_ _0\"></span>6 <span class=\"_ _4b\"> </span>117.<span class=\"_ _0\"></span>844<span class=\"_ _0\"></span> <span class=\"_ _31\"> </span>45.3<span class=\"_ _0\"></span>07 </span></span></span></span>14<span class=\"_ _0\"></span>4.4<span class=\"_ _0\"></span>29 <span class=\"_ _178\"> </span>319<span class=\"_ _0\"></span>.67<span class=\"_ _0\"></span>6<span class=\"_ _3bd\"> </span>Ri<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>vi<span class=\"_ _3bd\"> </span>Op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>i <span class=\"_ _144\"> </span>8<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>0.9<span class=\"_ _1\"></span>14 <span class=\"_ _68\"> </span>12<span class=\"_ _0\"></span>4.6<span class=\"_ _1\"></span>10 <span class=\"_ _3b\"> </span>6<span class=\"_ _0\"></span>5.<span class=\"_ _0\"></span>26<span class=\"_ _0\"></span>4 <span class=\"_ _68\"> </span>166<span class=\"_ _0\"></span>.5<span class=\"_ _0\"></span>01<span class=\"_ _0\"></span> <span class=\"_ _200\"> </span>92<span class=\"_ _0\"></span>.10<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span> <span class=\"_ _39\"> </span>-2<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>01<span class=\"_ _0\"></span> <span class=\"_ _52\"> </span>10<span class=\"_ _0\"></span>7.<span class=\"_ _0\"></span>65<span class=\"_ _1\"></span>9 <span class=\"_ _335\"> </span>1.44<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>24<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span>Mar<span class=\"_ _0\"></span>gine<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>rela<span class=\"_ _1\"></span>tivo<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>d<span class=\"ff1\"> </span>ac<span class=\"_ _0\"></span>cor<span class=\"_ _0\"></span>di<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">se<span class=\"_ _0\"></span>rvi<span class=\"_ _0\"></span>zio<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>a<span class=\"_ _1\"></span>ltri<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">seg<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ti <span class=\"_ _c1\"> </span>-3.2<span class=\"_ _0\"></span>61<span class=\"_ _0\"></span> <span class=\"_ _65\"> </span>3.<span class=\"_ _1\"></span>934<span class=\"_ _0\"></span> <span class=\"_ _1b9\"> </span>-67<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span> </span></span></span></span></span></span>Mar<span class=\"_ _0\"></span>gine<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>lati<span class=\"_ _0\"></span>vo<span class=\"ff1\"> </span>ad<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">acc<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>di<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>erv<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con</span> <span class=\"ff3\">c<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>ro<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>erv<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span> <span class=\"_ _33c\"> </span>-22<span class=\"_ _0\"></span>1.<span class=\"_ _0\"></span>732 </span></span></span></span></span></span>-1<span class=\"_ _0\"></span>0.0<span class=\"_ _0\"></span>78 <span class=\"_ _210\"> </span>-4.<span class=\"_ _1\"></span>038<span class=\"_ _0\"></span> <span class=\"_ _11b\"> </span>224<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>78 <span class=\"_ _47\"> </span>11.<span class=\"_ _0\"></span>770 Rica<span class=\"_ _0\"></span>vi<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>cost<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>in<span class=\"_ _0\"></span>ter<span class=\"_ _1\"></span>ni <span class=\"_ _2eb\"> </span>-22<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>99<span class=\"_ _1\"></span>3 <span class=\"_ _41\"> </span>3.9<span class=\"_ _1\"></span>34 <span class=\"_ _fd\"> </span>-6<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>3<span class=\"_ _1\"></span> <span class=\"_ _68\"> </span>-10.0<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span> <span class=\"_ _63\"> </span>-4<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>8 <span class=\"_ _1fe\"> </span>224<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>07<span class=\"_ _0\"></span>8 <span class=\"_ _2a0\"> </span>11.<span class=\"_ _0\"></span>77<span class=\"_ _1\"></span>0 Sva<span class=\"_ _0\"></span>lut<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">att<span class=\"_ _0\"></span>ivit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>fi<span class=\"_ _1\"></span>nanz<span class=\"_ _0\"></span>iarie<span class=\"_ _1\"></span> <span class=\"_ _b6\"> </span>-5<span class=\"_ _0\"></span>5.0<span class=\"_ _0\"></span>08 <span class=\"_ _32\"> </span>-30<span class=\"_ _1\"></span>8 <span class=\"_ _235\"> </span>28<span class=\"_ _0\"></span> <span class=\"_ _3f\"> </span>-<span class=\"_ _0\"></span>25<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span> <span class=\"_ _20b\"> </span>-<span class=\"_ _0\"></span>16<span class=\"_ _1\"></span>7 </span></span></span></span>26.<span class=\"_ _1\"></span>656 <span class=\"_ _a2\"> </span>-29.<span class=\"_ _0\"></span>049<span class=\"_ _3bd\"> </span>Alt<span class=\"_ _0\"></span>ri<span class=\"ff1\"> </span>acc<span class=\"_ _0\"></span>ant<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>nti<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>i <span class=\"_ _35b\"> </span>-3.<span class=\"_ _0\"></span>630<span class=\"_ _0\"></span> -9.<span class=\"_ _1\"></span>391 <span class=\"_ _122\"> </span>-13.<span class=\"_ _0\"></span>021<span class=\"_ _3bd\"> </span>Spese<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pe<span class=\"_ _0\"></span>rso<span class=\"_ _0\"></span>nale<span class=\"_ _1\"></span> <span class=\"_ _e1\"> </span>-384<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>71 <span class=\"_ _2a0\"> </span>-15.<span class=\"_ _0\"></span>108 <span class=\"_ _32\"> </span>-5.<span class=\"_ _1\"></span>778<span class=\"_ _0\"></span> <span class=\"_ _1ab\"> </span>-3<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>48 <span class=\"_ _32b\"> </span>-94<span class=\"_ _1\"></span>9 <span class=\"_ _70\"> </span>-1<span class=\"_ _0\"></span>27<span class=\"_ _0\"></span>.58<span class=\"_ _0\"></span>4 <span class=\"_ _70\"> </span>-<span class=\"_ _0\"></span>13.<span class=\"_ _0\"></span>743<span class=\"_ _0\"></span> <span class=\"_ _1ee\"> </span>-550<span class=\"_ _0\"></span>.68<span class=\"_ _0\"></span>2<span class=\"_ _3bd\"> </span></span></span></span></span></span></span>Costi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">info<span class=\"_ _0\"></span>rmat<span class=\"_ _1\"></span>ici <span class=\"_ _251\"> </span>-13<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>53 <span class=\"_ _212\"> </span>-4<span class=\"_ _0\"></span>.2<span class=\"_ _1\"></span>67 <span class=\"_ _3a\"> </span>-3.1<span class=\"_ _0\"></span>65 </span></span>-1<span class=\"_ _0\"></span>15.<span class=\"_ _0\"></span>570 -1<span class=\"_ _0\"></span>36.<span class=\"_ _0\"></span>455<span class=\"_ _3bd\"> </span>Costi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">immob<span class=\"_ _1\"></span>ilia<span class=\"_ _0\"></span>ri <span class=\"_ _2e5\"> </span>-4<span class=\"_ _0\"></span>0.<span class=\"_ _0\"></span>655 <span class=\"_ _3f\"> </span>-<span class=\"_ _0\"></span>74<span class=\"_ _1\"></span>9 <span class=\"_ _c4\"> </span>-<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>77<span class=\"_ _1\"></span> <span class=\"_ _138\"> </span>-29<span class=\"_ _1\"></span> <span class=\"_ _176\"> </span>-2<span class=\"_ _1\"></span>3 <span class=\"_ _2e\"> </span>-8.<span class=\"_ _0\"></span>634 </span></span>-50<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>68<span class=\"_ _3bd\"> </span>Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">spes<span class=\"_ _0\"></span>e <span class=\"_ _172\"> </span>-11<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>134 <span class=\"_ _1ab\"> </span>-<span class=\"_ _0\"></span>9.4<span class=\"_ _0\"></span>29 <span class=\"_ _19c\"> </span>-6.<span class=\"_ _1\"></span>49<span class=\"_ _0\"></span>6 <span class=\"_ _212\"> </span>-3.4<span class=\"_ _0\"></span>77 <span class=\"_ _69\"> </span>-2.<span class=\"_ _0\"></span>412 <span class=\"_ _7c\"> </span>-70<span class=\"_ _0\"></span>.66<span class=\"_ _0\"></span>4 <span class=\"_ _1ae\"> </span>-99<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>94 <span class=\"_ _346\"> </span>-305.<span class=\"_ _0\"></span>705<span class=\"_ _3bd\"> </span></span></span>Co<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>Op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>i <span class=\"_ _12b\"> </span>-611<span class=\"_ _0\"></span>.1<span class=\"_ _0\"></span>51<span class=\"_ _0\"></span> <span class=\"_ _34\"> </span>-29.<span class=\"_ _0\"></span>86<span class=\"_ _0\"></span>1 <span class=\"_ _39\"> </span>-15.<span class=\"_ _0\"></span>58<span class=\"_ _0\"></span>8 <span class=\"_ _3d\"> </span>-7.<span class=\"_ _0\"></span>00<span class=\"_ _0\"></span>5 <span class=\"_ _224\"> </span>-3<span class=\"_ _0\"></span>.55<span class=\"_ _1\"></span>1 <span class=\"_ _52\"> </span>-3<span class=\"_ _0\"></span>22<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>52<span class=\"_ _0\"></span> <span class=\"_ _52\"> </span>-9<span class=\"_ _0\"></span>5.<span class=\"_ _0\"></span>57<span class=\"_ _0\"></span>2 <span class=\"_ _1af\"> </span>-1.08<span class=\"_ _0\"></span>5.<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>80<span class=\"_ _3bd\"> </span>Altri<span class=\"_ _3bd\"> </span>cost<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span>e<span class=\"_ _3bd\"> </span>rica<span class=\"_ _0\"></span>vi<span class=\"_ _3bd\"> </span>non<span class=\"_ _3bd\"> </span>ri<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span> <span class=\"_ _35c\"> </span>-16<span class=\"_ _0\"></span>.9<span class=\"_ _1\"></span>24 -1.<span class=\"_ _0\"></span>50<span class=\"_ _0\"></span>8 <span class=\"_ _2e\"> </span>27.<span class=\"_ _0\"></span>25<span class=\"_ _0\"></span>8 <span class=\"_ _7f\"> </span>98<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>88<span class=\"_ _0\"></span> <span class=\"_ _1fd\"> </span>10<span class=\"_ _0\"></span>7.<span class=\"_ _0\"></span>11<span class=\"_ _0\"></span>4<span class=\"_ _3bd\"> </span>Util<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span>prim<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span>delle<span class=\"_ _3bd\"> </span>im<span class=\"_ _1\"></span>pos<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span> 37<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>46<span class=\"_ _0\"></span> <span class=\"_ _2a0\"> </span>98<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>83<span class=\"_ _0\"></span> <span class=\"_ _65\"> </span>49.<span class=\"_ _0\"></span>00<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span> <span class=\"_ _68\"> </span>149<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>18<span class=\"_ _0\"></span> <span class=\"_ _1f3\"> </span>83<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>03<span class=\"_ _0\"></span> <span class=\"_ _47\"> </span>-7<span class=\"_ _0\"></span>3.<span class=\"_ _0\"></span>91<span class=\"_ _0\"></span>6 <span class=\"_ _7f\"> </span>12<span class=\"_ _0\"></span>2.1<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>5 <span class=\"_ _f2\"> </span>46<span class=\"_ _0\"></span>6.<span class=\"_ _0\"></span>181<span class=\"_ _3bd\"> </span><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs51db\">Ce<span class=\"_ _0\"></span>nt<span class=\"_ _1\"></span>er<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs51dc\">SE<span class=\"_ _0\"></span>GM<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>T<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs51dd\">RE<span class=\"_ _0\"></span>PO<span class=\"_ _0\"></span>RT<span class=\"_ _0\"></span>IN<span class=\"_ _0\"></span>G<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs51de\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs51df\">DI<span class=\"_ _0\"></span>CE<span class=\"_ _0\"></span>MB<span class=\"_ _0\"></span>R<span class=\"_ _0\"></span>E<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs51e0\">2<span class=\"_ _0\"></span>02<span class=\"_ _1\"></span>2<span class=\"fc0 sc1\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs51e1\">Co<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs51e2\">Ba<span class=\"_ _0\"></span>nk<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g </div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs51e3\">A<span class=\"_ _0\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs51e4\">Ma<span class=\"_ _1\"></span>nag<span class=\"_ _0\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _0\"></span> </div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs51e5\">Ba<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>as<span class=\"_ _1\"></span>sura<span class=\"_ _1\"></span>nce<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs51e6\">Fin<span class=\"_ _1\"></span>an<span class=\"_ _0\"></span>za<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs51e7\">Tr<span class=\"_ _0\"></span>ea<span class=\"_ _0\"></span>su<span class=\"_ _0\"></span>ry<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs51e8\">Co<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs51e9\">A<span class=\"_ _0\"></span>lt<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs51ea\">T<span class=\"_ _0\"></span>ot<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span> </div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs51eb\">Int<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ne<span class=\"_ _1\"></span>tti<span class=\"_ _0\"></span> <span class=\"_ _318\"> </span>458.<span class=\"_ _0\"></span>710<span class=\"_ _0\"></span> <span class=\"_ _37\"> </span>998<span class=\"_ _1\"></span> </span></span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs51ec\">11<span class=\"_ _0\"></span>9.9<span class=\"_ _0\"></span>14 <span class=\"_ _1ee\"> </span>73.<span class=\"_ _0\"></span>290<span class=\"_ _0\"></span> <span class=\"_ _67\"> </span>-2<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>69<span class=\"_ _0\"></span>7 <span class=\"_ _1ab\"> </span>3.<span class=\"_ _0\"></span>77<span class=\"_ _1\"></span>2 <span class=\"_ _224\"> </span>653.<span class=\"_ _0\"></span>986<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs51ed\">Com<span class=\"_ _0\"></span>mis<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>oni<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>tt<span class=\"_ _1\"></span>e <span class=\"_ _10b\"> </span>640<span class=\"_ _0\"></span>.71<span class=\"_ _0\"></span>7 <span class=\"_ _31\"> </span>74.<span class=\"_ _0\"></span>052<span class=\"_ _0\"></span> <span class=\"_ _39\"> </span>-53.1<span class=\"_ _0\"></span>83<span class=\"_ _0\"></span> <span class=\"_ _212\"> </span>10.<span class=\"_ _0\"></span>375 <span class=\"_ _177\"> </span>3.577<span class=\"_ _0\"></span> <span class=\"_ _af\"> </span>2 <span class=\"_ _11b\"> </span>-75.0<span class=\"_ _0\"></span>11<span class=\"_ _0\"></span> <span class=\"_ _224\"> </span>600.<span class=\"_ _1\"></span>529<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs51ee\">Neg<span class=\"_ _0\"></span>ozi<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">al<span class=\"_ _0\"></span>tri<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ricav<span class=\"_ _1\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ne<span class=\"_ _1\"></span>tt<span class=\"_ _0\"></span>i <span class=\"_ _80\"> </span>12.6<span class=\"_ _0\"></span>78 <span class=\"_ _2f\"> </span>1.<span class=\"_ _0\"></span>447 <span class=\"_ _41\"> </span>117.<span class=\"_ _0\"></span>992<span class=\"_ _0\"></span> <span class=\"_ _212\"> </span>4<span class=\"_ _0\"></span>9.7<span class=\"_ _0\"></span>14 </span></span></span></span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs51ef\">152<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>51 <span class=\"_ _224\"> </span>334<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>82<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs51f0\">Ri<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>vi<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs51f1\">Op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>i <span class=\"_ _2b4\"> </span>1<span class=\"_ _0\"></span>.1<span class=\"_ _0\"></span>12.<span class=\"_ _0\"></span>10<span class=\"_ _0\"></span>5 <span class=\"_ _2e\"> </span>76<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>97<span class=\"_ _1\"></span> <span class=\"_ _3b\"> </span>64<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>09<span class=\"_ _1\"></span> <span class=\"_ _222\"> </span>180<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>03<span class=\"_ _1\"></span> <span class=\"_ _210\"> </span>76.<span class=\"_ _0\"></span>86<span class=\"_ _0\"></span>7 <span class=\"_ _3d\"> </span>-2.<span class=\"_ _0\"></span>69<span class=\"_ _1\"></span>5 <span class=\"_ _2e\"> </span>81.<span class=\"_ _0\"></span>61<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span> <span class=\"_ _63\"> </span>1.<span class=\"_ _0\"></span>589<span class=\"_ _1\"></span>.19<span class=\"_ _0\"></span>7<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs51f2\">Mar<span class=\"_ _0\"></span>gine<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>rela<span class=\"_ _1\"></span>tivo<span class=\"ff1\"> </span>a<span class=\"_ _0\"></span>d<span class=\"ff1\"> </span>ac<span class=\"_ _0\"></span>cor<span class=\"_ _0\"></span>di<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">se<span class=\"_ _0\"></span>rvi<span class=\"_ _0\"></span>zio<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>on<span class=\"ff1\"> </span>a<span class=\"_ _1\"></span>ltri<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">seg<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ti <span class=\"_ _ff\"> </span>-6.<span class=\"_ _0\"></span>339<span class=\"_ _0\"></span> <span class=\"_ _198\"> </span>7.75<span class=\"_ _0\"></span>1 <span class=\"_ _ca\"> </span>-<span class=\"_ _0\"></span>1.4<span class=\"_ _0\"></span>12 </span></span></span></span></span></span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs51f3\">Mar<span class=\"_ _0\"></span>gine<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>lati<span class=\"_ _0\"></span>vo<span class=\"ff1\"> </span>ad<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">acc<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>di<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>erv<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con</span> <span class=\"ff3\">c<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>ro<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>erv<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span> <span class=\"_ _2b7\"> </span>-2<span class=\"_ _0\"></span>28.<span class=\"_ _0\"></span>00<span class=\"_ _0\"></span>3 </span></span></span></span></span></span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs51f4\">-6<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>45<span class=\"_ _0\"></span>4 <span class=\"_ _210\"> </span>-3.<span class=\"_ _1\"></span>204 <span class=\"_ _b7\"> </span>232.<span class=\"_ _0\"></span>00<span class=\"_ _0\"></span>5 <span class=\"_ _83\"> </span>5.65<span class=\"_ _0\"></span>6 </div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs51f5\">Rica<span class=\"_ _0\"></span>vi<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs51f6\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs51f7\">cost<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs51f8\">in<span class=\"_ _0\"></span>ter<span class=\"_ _1\"></span>ni <span class=\"_ _2eb\"> </span>-234<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>2 <span class=\"_ _198\"> </span>7<span class=\"_ _0\"></span>.75<span class=\"_ _0\"></span>1 <span class=\"_ _ca\"> </span>-1.<span class=\"_ _0\"></span>412<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>-6.4<span class=\"_ _0\"></span>54<span class=\"_ _1\"></span> <span class=\"_ _200\"> </span>-3<span class=\"_ _0\"></span>.20<span class=\"_ _1\"></span>4 <span class=\"_ _11b\"> </span>232<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>05<span class=\"_ _1\"></span> <span class=\"_ _2e\"> </span>5<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>56<span class=\"_ _0\"></span> </div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs51f9\">Sva<span class=\"_ _0\"></span>lut<span class=\"_ _0\"></span>azio<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">att<span class=\"_ _0\"></span>ivit<span class=\"_ _0\"></span>\u00e0<span class=\"ff1\"> </span>fi<span class=\"_ _1\"></span>nanz<span class=\"_ _0\"></span>iarie<span class=\"_ _1\"></span> <span class=\"_ _1bb\"> </span>-53.<span class=\"_ _1\"></span>826 <span class=\"_ _6a\"> </span>-1<span class=\"_ _0\"></span>20<span class=\"_ _1\"></span> </span></span></span></span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs51fa\">-1<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>4 <span class=\"_ _178\"> </span>1.3<span class=\"_ _0\"></span>00 </div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs51fb\">-2<span class=\"_ _0\"></span>.72<span class=\"_ _0\"></span>3 <span class=\"_ _178\"> </span>-55<span class=\"_ _0\"></span>.552<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs51fc\">Alt<span class=\"_ _0\"></span>ri<span class=\"ff1\"> </span>acc<span class=\"_ _0\"></span>ant<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span>nti<span class=\"ff1\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"ff1\"> </span>ri<span class=\"_ _0\"></span>sch<span class=\"_ _0\"></span>i <span class=\"_ _2e4\"> </span>-<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>89<span class=\"_ _1\"></span> </div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs51fd\">-1<span class=\"_ _0\"></span>3.9<span class=\"_ _0\"></span>42 <span class=\"_ _1a8\"> </span>-14<span class=\"_ _0\"></span>.13<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs51fe\">Spese<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">per<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">il<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">pe<span class=\"_ _0\"></span>rso<span class=\"_ _0\"></span>nale<span class=\"_ _1\"></span> <span class=\"_ _15b\"> </span>-390<span class=\"_ _0\"></span>.61<span class=\"_ _0\"></span>2 <span class=\"_ _72\"> </span>-14<span class=\"_ _0\"></span>.20<span class=\"_ _0\"></span>3 <span class=\"_ _198\"> </span>-6.<span class=\"_ _1\"></span>292<span class=\"_ _0\"></span> <span class=\"_ _3d\"> </span>-3.<span class=\"_ _0\"></span>524<span class=\"_ _0\"></span> <span class=\"_ _122\"> </span>-8<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>8 <span class=\"_ _52\"> </span>-133.<span class=\"_ _0\"></span>44<span class=\"_ _0\"></span>5 <span class=\"_ _73\"> </span>-14<span class=\"_ _0\"></span>.52<span class=\"_ _0\"></span>4 <span class=\"_ _346\"> </span>-56<span class=\"_ _0\"></span>3.4<span class=\"_ _0\"></span>48<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs51ff\">Costi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">info<span class=\"_ _0\"></span>rmat<span class=\"_ _1\"></span>ici <span class=\"_ _82\"> </span>-15.<span class=\"_ _0\"></span>510<span class=\"_ _0\"></span> <span class=\"_ _1ab\"> </span>-4.<span class=\"_ _0\"></span>947 <span class=\"_ _198\"> </span>-3<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>27 </span></span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs5200\">-1<span class=\"_ _0\"></span>13.<span class=\"_ _0\"></span>771<span class=\"_ _0\"></span> </div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs5201\">-1<span class=\"_ _0\"></span>37.<span class=\"_ _0\"></span>655<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs5202\">Costi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">immob<span class=\"_ _1\"></span>ilia<span class=\"_ _0\"></span>ri <span class=\"_ _2e5\"> </span>-<span class=\"_ _0\"></span>45.<span class=\"_ _0\"></span>308<span class=\"_ _0\"></span> <span class=\"_ _37\"> </span>-7<span class=\"_ _0\"></span>71<span class=\"_ _1\"></span> <span class=\"_ _6b\"> </span>-1<span class=\"_ _0\"></span>95<span class=\"_ _1\"></span> <span class=\"_ _138\"> </span>-3<span class=\"_ _1\"></span>8 <span class=\"_ _6e\"> </span>-1<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span> <span class=\"_ _1ab\"> </span>-8.<span class=\"_ _1\"></span>369 </span></span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs5203\">-54<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>93<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs5204\">Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">spes<span class=\"_ _0\"></span>e <span class=\"_ _28f\"> </span>-14<span class=\"_ _0\"></span>5.7<span class=\"_ _0\"></span>55 <span class=\"_ _72\"> </span>-1<span class=\"_ _0\"></span>0.<span class=\"_ _0\"></span>964 <span class=\"_ _6a\"> </span>-<span class=\"_ _0\"></span>7.<span class=\"_ _1\"></span>451<span class=\"_ _0\"></span> <span class=\"_ _68\"> </span>-1<span class=\"_ _0\"></span>0.<span class=\"_ _0\"></span>507 <span class=\"_ _346\"> </span>-2.<span class=\"_ _0\"></span>888 <span class=\"_ _72\"> </span>-72<span class=\"_ _0\"></span>.73<span class=\"_ _0\"></span>9 <span class=\"_ _35d\"> </span>-65<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>45 <span class=\"_ _200\"> </span>-315<span class=\"_ _0\"></span>.54<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs5205\">Co<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs5206\">Op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>i <span class=\"_ _144\"> </span>-6<span class=\"_ _0\"></span>51<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>00<span class=\"_ _1\"></span> <span class=\"_ _68\"> </span>-3<span class=\"_ _0\"></span>1.<span class=\"_ _0\"></span>00<span class=\"_ _0\"></span>5 <span class=\"_ _4a\"> </span>-17<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>65<span class=\"_ _0\"></span> <span class=\"_ _47\"> </span>-14.<span class=\"_ _0\"></span>25<span class=\"_ _1\"></span>2 <span class=\"_ _1ff\"> </span>-2.<span class=\"_ _0\"></span>44<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span> <span class=\"_ _6e\"> </span>-32<span class=\"_ _0\"></span>8.<span class=\"_ _0\"></span>32<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span> <span class=\"_ _35d\"> </span>-96<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>34<span class=\"_ _0\"></span> <span class=\"_ _1f3\"> </span>-1.1<span class=\"_ _0\"></span>41<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>27<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs5207\">Altri<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs5208\">cost<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs5209\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs520a\">rica<span class=\"_ _0\"></span>vi<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs520b\">non<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs520c\">ri<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span> <span class=\"_ _dc\"> </span>-12.<span class=\"_ _0\"></span>58<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span> </div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs520d\">-6<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span> <span class=\"_ _83\"> </span>20<span class=\"_ _0\"></span>.03<span class=\"_ _1\"></span>4 <span class=\"_ _31\"> </span>6.57<span class=\"_ _1\"></span>4 <span class=\"_ _129\"> </span>13.<span class=\"_ _0\"></span>42<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs520e\">Util<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs520f\">prim<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs5210\">delle<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs5211\">im<span class=\"_ _1\"></span>pos<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span> <span class=\"_ _130\"> </span>21<span class=\"_ _0\"></span>3.<span class=\"_ _0\"></span>98<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span> <span class=\"_ _2e\"> </span>5<span class=\"_ _0\"></span>3.<span class=\"_ _0\"></span>243<span class=\"_ _1\"></span> <span class=\"_ _3b\"> </span>46<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>32<span class=\"_ _0\"></span> <span class=\"_ _34\"> </span>159<span class=\"_ _1\"></span>.29<span class=\"_ _0\"></span>7 <span class=\"_ _346\"> </span>70<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>09<span class=\"_ _0\"></span> <span class=\"_ _68\"> </span>-7<span class=\"_ _0\"></span>8.<span class=\"_ _0\"></span>98<span class=\"_ _0\"></span>1 <span class=\"_ _72\"> </span>-2<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>92<span class=\"_ _1\"></span> <span class=\"_ _121\"> </span>46<span class=\"_ _0\"></span>1.5<span class=\"_ _1\"></span>9<span class=\"_ _3bd\"> </span>1<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs5213\">SE<span class=\"_ _0\"></span>GM<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>T<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs5214\">RE<span class=\"_ _0\"></span>PO<span class=\"_ _0\"></span>R<span class=\"_ _0\"></span>TI<span class=\"_ _0\"></span>NG<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs5215\">-<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc4 sc2 ls0 ws0 gs5216\">va<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>zi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>i<span class=\"fc0 sc1\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs5217\">Type<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs5218\">of<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs5219\">bu<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>ss<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs521a\">Co<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs521b\">A<span class=\"_ _0\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs521c\">Ma<span class=\"_ _1\"></span>nag<span class=\"_ _0\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _0\"></span> </div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs521d\">Ba<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>as<span class=\"_ _1\"></span>sura<span class=\"_ _1\"></span>nce<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs521e\">Fin<span class=\"_ _1\"></span>an<span class=\"_ _0\"></span>za<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs521f\">Tr<span class=\"_ _0\"></span>ea<span class=\"_ _0\"></span>su<span class=\"_ _0\"></span>ry<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs5220\">Co<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs5221\">A<span class=\"_ _0\"></span>lt<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>o<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs5222\">T<span class=\"_ _0\"></span>ot<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span> </div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs5223\">Int<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">ne<span class=\"_ _1\"></span>tti<span class=\"_ _0\"></span> <span class=\"_ _25d\"> </span>56,<span class=\"_ _1\"></span>3 </span></span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs5224\">6,<span class=\"_ _1\"></span>3 <span class=\"_ _121\"> </span>-1<span class=\"_ _1\"></span>0,4<span class=\"_ _0\"></span> <span class=\"_ _35\"> </span>-3,<span class=\"_ _1\"></span>7 <span class=\"_ _3b\"> </span>-1<span class=\"_ _1\"></span>1,8<span class=\"_ _0\"></span> <span class=\"_ _11b\"> </span>3<span class=\"_ _0\"></span>3,<span class=\"_ _1\"></span>6<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs5225\">Com<span class=\"_ _0\"></span>mis<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>oni<span class=\"ff1\"> </span>ne<span class=\"_ _0\"></span>tt<span class=\"_ _1\"></span>e <span class=\"_ _318\"> </span>9,<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span> <span class=\"_ _42\"> </span>-3<span class=\"_ _0\"></span>9,<span class=\"_ _1\"></span>7 <span class=\"_ _a6\"> </span>1,<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span> <span class=\"_ _ca\"> </span>23<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>2 <span class=\"_ _209\"> </span>-65<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>2 </div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs5226\">8<span class=\"_ _0\"></span>2,<span class=\"_ _1\"></span>7 <span class=\"_ _222\"> </span>-5,<span class=\"_ _1\"></span>4<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs5227\">Neg<span class=\"_ _0\"></span>ozi<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">e</span> <span class=\"ff3\">al<span class=\"_ _0\"></span>tri<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ricav<span class=\"_ _1\"></span>i<span class=\"ff1\"> <span class=\"_ _2\"></span></span>ne<span class=\"_ _1\"></span>tt<span class=\"_ _0\"></span>i <span class=\"_ _21e\"> </span>2<span class=\"_ _0\"></span>2,<span class=\"_ _0\"></span>4 <span class=\"_ _1cf\"> </span>-1<span class=\"_ _0\"></span>6,<span class=\"_ _1\"></span>6 <span class=\"_ _235\"> </span>0,<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span> <span class=\"_ _a9\"> </span>9,<span class=\"_ _1\"></span>7 </span></span></span></span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs5228\">5,<span class=\"_ _1\"></span>8 <span class=\"_ _31\"> </span>4,<span class=\"_ _1\"></span>7<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs5229\">Ri<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>vi<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs522a\">Op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>i <span class=\"_ _3\"> </span>24<span class=\"_ _1\"></span>,8<span class=\"_ _0\"></span> <span class=\"_ _2f\"> </span>-38<span class=\"_ _1\"></span>,6<span class=\"_ _1\"></span> <span class=\"_ _c4\"> </span>-0,<span class=\"_ _0\"></span>7<span class=\"_ _1\"></span> <span class=\"_ _c4\"> </span>8<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span> <span class=\"_ _a1\"> </span>-16<span class=\"_ _1\"></span>,5<span class=\"_ _1\"></span> <span class=\"_ _ca\"> </span>-3,<span class=\"_ _1\"></span>8 <span class=\"_ _67\"> </span>-24<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span> <span class=\"_ _222\"> </span>10<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs522b\">Margine<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">netto<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">relativo<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ad<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">accordi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">servizio<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">con<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">altri<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">segmenti<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs522c\">Mar<span class=\"_ _0\"></span>gine<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">ne<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>o<span class=\"ff1\"> </span>re<span class=\"_ _0\"></span>lati<span class=\"_ _0\"></span>vo<span class=\"ff1\"> </span>ad<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">acc<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>di<span class=\"ff1\"> </span>d<span class=\"_ _0\"></span>i<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>erv<span class=\"_ _0\"></span>izio<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">con</span> <span class=\"ff3\">c<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>ro<span class=\"ff1\"> </span>s<span class=\"_ _0\"></span>erv<span class=\"_ _0\"></span>izi<span class=\"_ _0\"></span> </span></span></span></span></span></span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs522d\">Rica<span class=\"_ _0\"></span>vi<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs522e\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs522f\">cost<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs5230\">in<span class=\"_ _0\"></span>ter<span class=\"_ _1\"></span>ni <span class=\"_ _144\"> </span>4,<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span> <span class=\"_ _ca\"> </span>9<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>,0<span class=\"_ _1\"></span> <span class=\"_ _126\"> </span>109<span class=\"_ _1\"></span>,8 <span class=\"_ _2f\"> </span>-3<span class=\"_ _1\"></span>6,<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span> <span class=\"_ _209\"> </span>-20<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>6 <span class=\"_ _1bc\"> </span>3<span class=\"_ _0\"></span>,5<span class=\"_ _1\"></span> <span class=\"_ _41\"> </span>-51<span class=\"_ _1\"></span>,9<span class=\"_ _1\"></span> </div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs5231\">Svalutazione<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">attivit\u00e0<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">finanziarie<span class=\"_ _0\"></span><span class=\"ff1\"> </span></span></span></span></span></span></span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs5232\">Altri<span class=\"ff1\"> </span>accantonamen<span class=\"_ _0\"></span>ti<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>rischi<span class=\"ff1\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs5233\">Spese<span class=\"ff1\"> </span>per<span class=\"ff1\"> </span>il<span class=\"ff1\"> </span>pers<span class=\"_ _0\"></span>onale </div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs5234\">1<span class=\"_ _0\"></span>,7<span class=\"_ _0\"></span> </div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs5235\">-6<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>0 </div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs5236\">8<span class=\"_ _0\"></span>,9<span class=\"_ _1\"></span> </div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs5237\">8<span class=\"_ _0\"></span>,5<span class=\"_ _1\"></span> </div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs5238\">-1<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>,7<span class=\"_ _0\"></span> </div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs5239\">4<span class=\"_ _0\"></span>,6<span class=\"_ _1\"></span> </div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs523a\">5,<span class=\"_ _1\"></span>7 </div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs523b\">2<span class=\"_ _0\"></span>,3<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs523c\">Costi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">info<span class=\"_ _0\"></span>rmat<span class=\"_ _1\"></span>ici <span class=\"_ _2b2\"> </span>15<span class=\"_ _0\"></span>,3<span class=\"_ _1\"></span> <span class=\"_ _126\"> </span>15<span class=\"_ _0\"></span>,9<span class=\"_ _0\"></span> <span class=\"_ _a8\"> </span>8<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>3 </span></span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs523d\">-1<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>6 </div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs523e\">0<span class=\"_ _0\"></span>,9<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs523f\">Costi<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">immob<span class=\"_ _1\"></span>ilia<span class=\"_ _0\"></span>ri <span class=\"_ _25b\"> </span>1<span class=\"_ _0\"></span>1,<span class=\"_ _0\"></span>4 <span class=\"_ _fd\"> </span>2,<span class=\"_ _1\"></span>9 <span class=\"_ _c4\"> </span>10<span class=\"_ _1\"></span>,2 <span class=\"_ _6a\"> </span>2<span class=\"_ _1\"></span>8,<span class=\"_ _0\"></span>4 <span class=\"_ _209\"> </span>-49<span class=\"_ _1\"></span>,7 <span class=\"_ _201\"> </span>-3<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>1 </span></span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs5240\">8<span class=\"_ _0\"></span>,8<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc0 ls0 ws0 gs5241\">Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">spes<span class=\"_ _0\"></span>e <span class=\"_ _8a\"> </span>27<span class=\"_ _1\"></span>,7 <span class=\"_ _37\"> </span>1<span class=\"_ _0\"></span>6,<span class=\"_ _1\"></span>3 <span class=\"_ _246\"> </span>14<span class=\"_ _0\"></span>,7<span class=\"_ _0\"></span> <span class=\"_ _65\"> </span>202,<span class=\"_ _0\"></span>2 <span class=\"_ _20b\"> </span>19<span class=\"_ _0\"></span>,8<span class=\"_ _0\"></span> <span class=\"_ _1b9\"> </span>2,<span class=\"_ _1\"></span>9 <span class=\"_ _212\"> </span>-34<span class=\"_ _1\"></span>,2 <span class=\"_ _31\"> </span>3,<span class=\"_ _1\"></span>2<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs5242\">Co<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs5243\">Op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>i <span class=\"_ _258\"> </span>6<span class=\"_ _1\"></span>,6<span class=\"_ _1\"></span> <span class=\"_ _fd\"> </span>3,<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span> <span class=\"_ _33b\"> </span>11<span class=\"_ _1\"></span>,4<span class=\"_ _0\"></span> <span class=\"_ _198\"> </span>10<span class=\"_ _1\"></span>3,<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span> <span class=\"_ _81\"> </span>-3<span class=\"_ _1\"></span>1,<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span> <span class=\"_ _6b\"> </span>1<span class=\"_ _1\"></span>,8<span class=\"_ _1\"></span> <span class=\"_ _349\"> </span>0,<span class=\"_ _1\"></span>9<span class=\"_ _0\"></span> <span class=\"_ _212\"> </span>5,<span class=\"_ _0\"></span>1<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs5244\">Altri<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs5245\">cost<span class=\"_ _0\"></span>i<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs5246\">e<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs5247\">rica<span class=\"_ _0\"></span>vi<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs5248\">non<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs5249\">ri<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span> </div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs524a\">Util<span class=\"_ _0\"></span>e<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs524b\">prim<span class=\"_ _0\"></span>a<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs524c\">delle<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h1c ff3 fsc fc0 sc1 ls0 ws0 gs524d\">im<span class=\"_ _1\"></span>pos<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span> <span class=\"_ _24a\"> </span>46<span class=\"_ _0\"></span>5,<span class=\"_ _0\"></span>4 <span class=\"_ _eb\"> </span>-46<span class=\"_ _1\"></span>,0<span class=\"_ _0\"></span> <span class=\"_ _b5\"> </span>-6<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span> <span class=\"_ _6d\"> </span>6<span class=\"_ _0\"></span>,6<span class=\"_ _1\"></span> <span class=\"_ _a1\"> </span>-1<span class=\"_ _0\"></span>4,<span class=\"_ _1\"></span>9 <span class=\"_ _ca\"> </span>-6<span class=\"_ _1\"></span>,9<span class=\"_ _1\"></span> <span class=\"_ _1ab\"> </span>-10<span class=\"_ _0\"></span>2,<span class=\"_ _0\"></span>1 <span class=\"_ _34\"> </span>-1,<span class=\"_ _1\"></span>0<span class=\"_ _3bd\"> </span></div>BIL<span class=\"_ _0\"></span>AN<span class=\"_ _0\"></span>CIO<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">C<span class=\"_ _0\"></span>ONS<span class=\"_ _0\"></span>OLI<span class=\"_ _0\"></span>DAT<span class=\"_ _0\"></span>O<span class=\"ff1\"> </span>\u2013<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">NOT<span class=\"_ _0\"></span>A<span class=\"ff1\"> </span>I<span class=\"_ _0\"></span>NT<span class=\"_ _0\"></span>EGR<span class=\"_ _0\"></span>ATI<span class=\"_ _0\"></span>VA<span class=\"_ _3bd\"> </span></span></span></span></span>40<span class=\"_ _1\"></span>2<span class=\"_ _3bd\"> </span><div class=\"c w1a6 h123 gs5252\"><div class=\"t m20 x1f9 h9 y1ac2 ff3 fs5 fc0 sc0 ls0 ws0\">Com<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>rcia<span class=\"_ _0\"></span>l<span class=\"_ _3bd\"> </span></div></div><div class=\"t m20 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5253\">Ba<span class=\"_ _0\"></span>nkin<span class=\"_ _0\"></span>g </div><div class=\"c w5a h123 gs5254\"><div class=\"t m20 x1f9 h9 y1ac2 ff3 fs5 fc0 sc0 ls0 ws0\">A<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>et<span class=\"_ _3bd\"> </span></div></div><div class=\"t m20 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5255\">Ma<span class=\"_ _0\"></span>nage<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>t </div><div class=\"t m20 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5256\">Banc<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ass<span class=\"_ _0\"></span>ura<span class=\"_ _0\"></span>nce </span></span></div><div class=\"t m20 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5257\">Fin<span class=\"_ _0\"></span>anz<span class=\"_ _0\"></span>a </div><div class=\"t m20 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5258\">Tre<span class=\"_ _0\"></span>asu<span class=\"_ _0\"></span>ry </div><div class=\"c w121 h123 gs5259\"><div class=\"t m20 x1f9 h9 y1ac2 ff3 fs5 fc0 sc0 ls0 ws0\">Cor<span class=\"_ _0\"></span>por<span class=\"_ _0\"></span>ate<span class=\"_ _3bd\"> </span></div></div><div class=\"t m20 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs525a\">ce<span class=\"_ _0\"></span>ntre<span class=\"_ _0\"></span> </div><div class=\"t m20 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs525b\">Al<span class=\"_ _0\"></span>tro </div><div class=\"t m20 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs525c\">Tot<span class=\"_ _0\"></span>al </div><div class=\"t m20 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs525d\">Collocamento<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">tito<span class=\"_ _2\"></span>li<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">raccolta<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">or<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ni <span class=\"_ _278\"> </span>330<span class=\"_ _0\"></span>.046<span class=\"_ _0\"></span> <span class=\"_ _2f\"> </span>6.<span class=\"_ _0\"></span>592<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m20 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs525e\">10.<span class=\"_ _0\"></span>375 <span class=\"_ _32\"> </span>3.<span class=\"_ _1\"></span>577 </div><div class=\"t m20 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs525f\">-15<span class=\"_ _0\"></span>0.3<span class=\"_ _0\"></span>11 <span class=\"_ _b7\"> </span>200<span class=\"_ _0\"></span>.28<span class=\"_ _0\"></span>0<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5260\">Corporate<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">Fin<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>e <span class=\"_ _bc\"> </span>1.96<span class=\"_ _0\"></span>9 </span></span></div><div class=\"t m20 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5261\">1.9<span class=\"_ _0\"></span>69<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5262\">Consulenza<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">in<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">materia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">inv<span class=\"_ _0\"></span>est<span class=\"_ _0\"></span>ime<span class=\"_ _0\"></span>nti <span class=\"_ _19f\"> </span>12<span class=\"_ _0\"></span>.76<span class=\"_ _0\"></span>4 <span class=\"_ _19c\"> </span>8.<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>05<span class=\"_ _3bd\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m20 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5263\">-8<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>16<span class=\"_ _0\"></span>3 <span class=\"_ _67\"> </span>12.8<span class=\"_ _0\"></span>06<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5264\">Ge<span class=\"_ _0\"></span>stio<span class=\"_ _0\"></span>ni<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>oll<span class=\"_ _0\"></span>ettiv<span class=\"_ _1\"></span>e<span class=\"ff1\"> <span class=\"_ _2\"></span></span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">porta<span class=\"_ _0\"></span>fogl<span class=\"_ _0\"></span>i </span></span></div><div class=\"t m20 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5265\">208<span class=\"_ _0\"></span>.76<span class=\"_ _0\"></span>8<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5266\">-3<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>9 <span class=\"_ _b7\"> </span>208.<span class=\"_ _0\"></span>36<span class=\"_ _0\"></span>9<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5267\">Custodia<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">e<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ammi<span class=\"_ _0\"></span>nis<span class=\"_ _0\"></span>traz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span> <span class=\"_ _17\"> </span>3<span class=\"_ _0\"></span>.9<span class=\"_ _1\"></span>47 </span></span></span></span></div><div class=\"t m20 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5268\">-4<span class=\"_ _1\"></span> <span class=\"_ _19c\"> </span>3<span class=\"_ _0\"></span>.9<span class=\"_ _1\"></span>43<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5269\">Servizi<span class=\"ff1\"> <span class=\"_ _1c\"></span><span class=\"ff3\">di<span class=\"ff1\"> </span>p<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>amen<span class=\"_ _0\"></span>to <span class=\"_ _18f\"> </span>22<span class=\"_ _0\"></span>1.3<span class=\"_ _0\"></span>53 </span></span></div><div class=\"t m20 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs526a\">-3<span class=\"_ _0\"></span>35<span class=\"_ _1\"></span> <span class=\"_ _83\"> </span>22<span class=\"_ _0\"></span>1.0<span class=\"_ _0\"></span>18<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs526b\">Dis<span class=\"_ _0\"></span>trib<span class=\"_ _0\"></span>uzi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">prod<span class=\"_ _0\"></span>otti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di</span> <span class=\"ff3\">terz<span class=\"_ _0\"></span>i <span class=\"_ _27a\"> </span>150.5<span class=\"_ _0\"></span>54 </span></span></span></span></div><div class=\"t m20 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs526c\">13.<span class=\"_ _0\"></span>576<span class=\"_ _0\"></span> </div><div class=\"t m20 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs526d\">-10<span class=\"_ _0\"></span>2.<span class=\"_ _0\"></span>561 <span class=\"_ _90\"> </span>61.<span class=\"_ _0\"></span>569<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs526e\">Garanzie<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">ril<span class=\"_ _0\"></span>asc<span class=\"_ _0\"></span>iate <span class=\"_ _35e\"> </span>4.7<span class=\"_ _0\"></span>36 </span></span></div><div class=\"t m20 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs526f\">-1<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span> <span class=\"_ _19c\"> </span>4.720<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5270\">Operazioni<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">di<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">fina<span class=\"_ _0\"></span>nzia<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>to <span class=\"_ _11f\"> </span>16.<span class=\"_ _0\"></span>410 </span></span></span></span></div><div class=\"t m20 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5271\">16.<span class=\"_ _0\"></span>410<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5272\">Ne<span class=\"_ _0\"></span>gozi<span class=\"_ _0\"></span>azi<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"_ _2\"></span><span class=\"ff3\">valu<span class=\"_ _0\"></span>te <span class=\"_ _168\"> </span>3.86<span class=\"_ _0\"></span>5 </span></span></div><div class=\"t m20 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5273\">-6<span class=\"_ _1\"></span> <span class=\"_ _eb\"> </span>3.859<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5274\">Altre<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">commi<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span> <span class=\"_ _164\"> </span>26.<span class=\"_ _0\"></span>853 <span class=\"_ _3a\"> </span>1.2<span class=\"_ _0\"></span>78<span class=\"_ _3bd\"> </span></span></span></div><div class=\"t m20 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5275\">-4<span class=\"_ _0\"></span>30<span class=\"_ _1\"></span> <span class=\"_ _4a\"> </span>27.<span class=\"_ _0\"></span>701<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5276\">772<span class=\"_ _0\"></span>.49<span class=\"_ _0\"></span>7 <span class=\"_ _11b\"> </span>22<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>843<span class=\"_ _3bd\"> </span></div><div class=\"t m20 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5277\">13.<span class=\"_ _0\"></span>576<span class=\"_ _0\"></span> <span class=\"_ _90\"> </span>10.37<span class=\"_ _0\"></span>5 <span class=\"_ _1cf\"> </span>3.<span class=\"_ _1\"></span>577<span class=\"_ _0\"></span> </div><div class=\"t m20 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5278\">-2<span class=\"_ _0\"></span>62.<span class=\"_ _0\"></span>225 <span class=\"_ _194\"> </span>762<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>44</div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-3": {
   "value": "Credito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Emiliano<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">S.p.A.</span></span></span></span>",
   "dimensions": {
    "concept": "ifrs-full:NameOfUltimateParentOfGroup",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-4": {
   "value": "Credito<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">Emiliano<span class=\"ff1\"> </span>-<span class=\"ff1\"> <span class=\"_ _1\"></span><span class=\"ff3\">CREDEM</span></span></span></span>",
   "dimensions": {
    "concept": "ifrs-full:NameOfParentEntity",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-739": {
   "value": "<div class=\"t m0 h9 ff3 fs5 fc0 sc0 ls0 ws0 gs5368\">Credito<span class=\"ff1\"> </span>Emiliano<span class=\"ff1\"> </span>S.p.A.<span class=\"ff1\"> </span>(Credem)<span class=\"ff1\"> </span>\u00e8<span class=\"ff1\"> </span>costituita<span class=\"ff1\"> </span>in<span class=\"ff1\"> </span>Italia<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>form<span class=\"_ _2\"></span>a<span class=\"ff1\"> </span>di<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">societ\u00e0<span class=\"ff1\"> <span class=\"_ _2\"></span></span>per<span class=\"ff1\"> </span>azioni<span class=\"ff1\"> </span>ai<span class=\"ff1\"> </span>sensi<span class=\"ff1\"> </span>del<span class=\"ff1\"> </span></span></span></div>",
   "dimensions": {
    "concept": "ifrs-full:CountryOfIncorporation",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-5": {
   "value": "Italia",
   "dimensions": {
    "concept": "ifrs-full:DomicileOfEntity",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-6": {
   "value": "L\u2019<span class=\"_ _0\"></span>atti<span class=\"_ _0\"></span>vit\u00e0<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">Cred<span class=\"_ _0\"></span>em<span class=\"ff1\"> </span>c<span class=\"_ _0\"></span>onsi<span class=\"_ _0\"></span>ste<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nella<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">rac<span class=\"_ _0\"></span>col<span class=\"_ _0\"></span>ta<span class=\"ff1\"> </span>di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">dep<span class=\"_ _0\"></span>osi<span class=\"_ _0\"></span>ti,<span class=\"ff1\"> <span class=\"_ _0\"></span><span class=\"ff3\">nell<span class=\"_ _0\"></span>a<span class=\"ff1\"> </span>ero<span class=\"_ _0\"></span>gaz<span class=\"_ _0\"></span>ione<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">di<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">pre<span class=\"_ _0\"></span>stiti<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">so<span class=\"_ _0\"></span>tto<span class=\"ff1\"> </span>v<span class=\"_ _0\"></span>arie<span class=\"_ _0\"></span><span class=\"ff1\"> <span class=\"ff3\">f<span class=\"_ _0\"></span>orme<span class=\"ff1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>e<span class=\"ff1\"> </span>nella<span class=\"ff1\"> </span>offerta<span class=\"ff1\"> </span>di<span class=\"ff1\"> </span>servizi<span class=\"ff1\"> </span>finanziari<span class=\"ff1\"> </span>t<span class=\"_ _2\"></span>ipici<span class=\"ff1\"> </span>de<span class=\"_ _0\"></span>ll\u2019attivit\u00e0<span class=\"ff1\"> </span>bancaria.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  }
 }
}